Dubai’s real estate sector scaled new heights last year, recording 226,000 transactions totalling AED761bn (US$207bn). Fuelled by a rising population and limited supply of new homes, the figure represents 36% year-on-year growth in volume and a 20% rise in value.
In this market, helping house hunters is a challenge – but it is one that James Evans FCCA was excited to take on when in 2024 he became the first-ever CFO at Holo, a fast-growing property technology company based in Dubai.
Evans views the city’s building boom as a natural evolution. ‘If you look back 10 years, Dubai was very concentrated,’ he says. ‘Now, we have a more defined central area with developing outskirts like suburbs. Apartments were previously tailored to singles or couples but we’re seeing people who grew up in Dubai or moved here when they were younger hitting their late 20s and starting to think about families.
‘Dubai is a city built on innovation and a can-do mindset’
‘The city has reacted well to that, building more townhouses with parks and play areas. I think we’re transitioning from Dubai being viewed as a place to work for a while to somewhere you can build a life for 20, 30 years or more.’
Career-shaper
British by birth, Evans grew up in Dubai, where he has lived since the age of nine. He credits it with shaping his career trajectory. ‘It’s a city built on innovation and a can-do mindset, where success stories unfold every day,’ he says. ‘Being surrounded by that energy pushed me to move fast, seize opportunities and think beyond traditional career paths.’
A degree in accounting and finance from the UK’s Middlesex University Dubai campus, followed by an MSc in finance from the University of Aberdeen, led Evans to PwC, where he built strong foundations in audit, financial modelling and data analytics. A passion for helping tech startups thrive and scale has seen him leave his mark on a succession of nascent companies. As CFO at tech-enabled short-term staffing startup Ogram, he initiated a funding round for expansion into Saudi Arabia, while as head of finance at open banking startup Tarabut, he raised US$12m in pre-series A and US$33m in series A funding.
‘Digitisation streamlines transaction processes for both buyers and investors’
Holo’s story
Based in Dubai, Holo launched its digital home buying platform in 2020. The platform enables homebuyers to compare 500 products from 20 lenders, while an accompanying ‘concierge’ service speeds up the property search and buying process. Processing over US$1bn in loans annually, Holo employs 120 people, made up of developers, sales and support staff. Expansion has been rapid, with revenue more than tripling for three straight years (2022–24).
At Holo, Evans oversees everything from financial strategy to investor relations. ‘For me as CFO, the big concentration has been on raising the company’s upcoming series A funding round [following the closing of a positive pre-series A in May 2024], along with strategic direction in both company and geographic expansion.
‘We’re laser-focused on making the experience smoother, faster and more transparent. We focus exclusively on the buyers’ side, helping them secure their mortgage. Traditionally, this means multiple bank visits, tons of paperwork and a slow approval process. We bring as much of the process online as possible, reducing admin and allowing buyers to focus on the excitement of purchasing their home.’
Power of digital
Evans views current conditions as a ‘sustained boom’, citing month-over-month transaction increases stretching back since before the pandemic. With properties selling fast, good proptech, he says, can help buyers.
‘The task for our team is ensuring clients gain access to properties, have visibility to the seller and hold a mortgage offer presented in the best possible way,’ Evans says. ‘Digitisation streamlines transaction processes for both buyers and investors. In these conditions efficiency becomes a key differentiator.’
‘Strategic business concepts have been incredibly useful as I’ve moved into leadership roles’
Paying it forward
Evans credits a number of events with shaping his career. Gaining the ACCA qualification was, he says, a ‘game-changer’. ‘Beyond accountancy, the qualification covers strategic business concepts, which have been incredibly useful as I’ve moved into leadership roles,’ he says.
He also looks back gratefully on a mentorship which turbocharged his career. ‘I worked for a CFO who asked me on my first day where I wanted to be in five years’ time. I knew he was a CFO at 34, so I said I wanted to achieve that one year younger than him!’
He adds: ‘One of the many things he did was walk me through his approach to decision-making. And there was a nice full-circle moment recently when he called to ask me for advice.
‘I’ve always said if I can’t pay it back to the people who work for and with me, then I’m doing a disservice to that mentor. In future, when I look back on my career and ask myself what my biggest accomplishment was, the measure will be how many CFOs I have created.’
Today, Evans is focused on helping Holo become the go-to homebuying platform in the MENA region, expanding product offerings and geographic reach. Saudi Arabia is the first step in regional expansion following the opening of a Riyadh office last year. ‘While the Saudi market is complex, strict regulations and licensing requirements do ensure that the right companies are able to enter it without flooding it,’ he says.
‘I’ve always believed this region has the potential to lead on the global stage. At my core, I’m driven by the desire to build businesses. Helping startups scale and succeed isn’t just a job for me – it’s a passion.’
