Egor Maslennikov is not just building homes, he’s reimagining what urban living can and should look like in one of the world’s most competitive and fast-evolving real estate markets.

As the visionary chairman and founder of Object 1, Maslennikov has quickly made a name for himself in Dubai’s premium property sector by delivering developments that blend smart design, technological innovation, and sustainable living.

Since the company’s launch in 2022, Object 1 has grown at a staggering pace, completing over 15 distinctive projects and recording more than 1000 per cent year-on-year growth in sales volume—a rare feat in an industry defined by scale and speed. From pioneering concepts like EVERGR1N HOUSE, designed to meet the surging demand in the short-term rental market, to unveiling architectural landmarks such as ALTA V1EW, the tallest residential tower in Jumeirah Village Circle, Object 1 is carving out a new standard for aspirational, future-ready living in Dubai.

But for Maslennikov, this is just the beginning. His vision extends far beyond bricks and mortar. With a deep focus on community, sustainability, and lifestyle integration, he sees Object 1 evolving into a transformative force in the Gulf’s real estate landscape—one that defines how people connect with their homes, their neighborhoods, and the broader urban fabric. In this exclusive interview with Gulf Business, Maslennikov reflects on the founding vision that shaped Object 1, the strategic decisions behind its explosive growth, and what lies ahead for a developer that’s not only responding to the demands of today’s market, but actively shaping the cities of tomorrow.

Gulf Business sat down with Egor Maslennikov, Chairman and Founder of Object 1, to discuss the company’s rapid rise in Dubai’s real estate market, their vision for reimagining urban living, and what’s next for one of the fastest-growing developers in the region.

1-Egor, take us back to the founding vision behind Object 1. What gap in the market were you aiming to address when you launched in Dubai?

When we founded Object 1 in 2022, our goal was to address the growing demand for premium yet sustainable housing that meets the evolving lifestyle needs of residents in Dubai. We saw a gap in the market for developments that seamlessly combine innovation, quality, and eco-conscious design, all tailored to create communities that enhance well-being and provide long-term value. Our focus was not just on building houses but on crafting smarter, greener living spaces that align with Dubai’s broader vision for sustainable urban growth as outlined in the Dubai 2040 Urban Master Plan.

2-Object 1 achieved over 1000 per cent growth in sales volume year-on-year, how did strategic thinking and market timing play into that achievement?

Our growth has been driven by a strategic blend of innovation, market insight, and a strong commitment to quality and sustainability. Timing was critical, we entered the market at a moment when demand for eco-friendly, technology-enabled living spaces was accelerating. By integrating smart home technologies, using durable and sustainable materials, and maintaining a meticulous focus on quality, we built trust with buyers. Our ability to deliver projects that resonate with both investors and end-users, combined with favorable government initiatives and attractive payment plans, positioned us to capture significant market share quickly.

3-Do you foresee Object 1 evolving into a lifestyle brand, given your emphasis on design, community, and customer experience?

Yes, that is certainly part of our vision. We are not just building properties; we’re creating communities that foster connection, comfort, and long-term satisfaction. Our emphasis on sophistication, sustainability, and tailored customer solutions positions us to become more than a developer, we aim to evolve into a lifestyle brand that defines how people experience urban living. Our focus on customer-centricity, transparency, and innovation will continue to deepen this connection with our residents and investors.

4-If you were to look five years ahead, what role do you want Object 1 to play in the transformation of urban living across the Gulf?

Looking ahead five years, I envision Object 1 as a key driver in transforming urban living across the Gulf by setting new standards for sustainable, tech-enabled communities. Guided by this vision, we approach real estate as a form of contemporary art, where every building is a masterpiece—not only in its striking exterior but also in the emotions it inspires the moment you step inside. Our goal is to lead the shift toward future-ready urban living by blending design, innovation, and sustainability to create vibrant, resilient cities that truly enhance residents’ quality of life.

5-Dubai’s real estate market is highly competitive. How does Object 1 differentiate itself to attract both investors and residents?

Our strategy is grounded in understanding market needs and delivering developments with real, lasting value. At Object 1, we focus on creating projects that align with Dubai’s demand for smart, sustainable, and investment-friendly living spaces.

For example, EVERGR1N HOUSE was designed for the thriving short-term rental market — blending modern architecture with smart technologies to attract both residents and tourists. Meanwhile, V1STARA HOUSE in Al Furjan caters to families, offering spacious layouts, premium finishes, and practical amenities for long-term living.

This focused, market-driven approach is reflected in our performance — in Q1 alone, we recorded a 913 per cent year-on-year growth in sales value and a 1059 per cent increase in sales volume, with over 860 units sold. These results show that both investors and residents recognise the value and potential of Object 1 developments. We believe that by combining thoughtful design, smart technology, and a deep understanding of market trends, we continue to stand out in Dubai’s dynamic real estate sector.

6-Are there any exciting new launches we should look out for this year?

Yes, we’re proud to introduce ALTA V1EW, our latest project and set to become one of the tallest towers in Jumeirah Village Circle. Rooted in the concept of “Life Above It All,” ALTA V1EW redefines modern living with intentional design, panoramic views, and a deep connection to light, nature, and space.

Set in District 10 of Jumeirah Village Circle, this striking 54-storey residential tower is designed to offer resort-style living paired with skyline-defining architecture. Featuring floor-to-ceiling windows, smart layouts, and contemporary finishes, the residences create bright, functional spaces. Residents can also enjoy a wide range of amenities — from a lagoon-style pool and landscaped gardens to a gym, clubhouse, tennis courts, and convenient retail outlets.

One of the standout features is the Sky Leisure Deck, which includes a Sky Infinity Pool and the Sky Infinity Terrace, offering uninterrupted views of Dubai’s skyline and greenery — a true sanctuary above the city.

Crowning the development is the Sky Leisure Deck, complete with a Sky Infinity Pool, sunken lounges, and our standout Sky Infinity Terrace — a panoramic viewing deck offering sweeping views of Dubai’s skyline and surrounding greenery, creating a true sanctuary above the city.

With ALTA V1EW, we continue building on our vision to deliver future-ready, aspirational living spaces that reflect the evolving expectations of Dubai’s urban community.

Oil prices fell on Thursday after gaining 3 per cent in the previous session as investors are wary higher US tariffs may be reinstated, which could cause lower fuel demand, and as major producers are expected to announce an output hike.

Brent crude futures LCOc1 fell 53 cents, or 0.77 per cent, to $68.58 a barrel by 0536 GMT. US West Texas Intermediate crude CLc1 declined 51 cents, or 0.76 per cent, to $66.94 a barrel

Both contracts rose to their highest in one week on Wednesday as Iran suspended cooperation with the U.N. nuclear watchdog, raising concerns the lingering dispute over the Middle East producer’s nuclear program may again devolve into armed conflict, and the US and Vietnam reached a preliminary trade deal.

Still, there is increasing uncertainty around US trade policy as the 90-day pause on the implementation of higher tariffs will end on July 9 without any new trade deals with several large trading partners such as the European Union and Japan.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) and its allies such as Russia, known as OPEC+ will likely agreed to raise their output by 411,000 barrels per day (bpd) at their meeting this weekend.

With the uncertainty around both events, and the upcoming July Fourth Independence Day holiday in the US, “market participants will probably not want to carry too much risk into the long US weekend,” ING analysts said in a note on Thursday.

Adding to the negative sentiment, a private-sector survey showed on Thursday service activity in China, the world’s biggest oil importer, expanded at the slowest pace in nine months in June as demand weakened and new export orders declined.

Demand concerns

A surprise build in US crude inventories also highlighted demand concerns in the world’s biggest crude consumer.

The US Energy Information Administration said on Wednesday domestic crude inventories rose by 3.8 million barrels to 419 million barrels last week. Analysts in a Reuters poll had expected a drawdown of 1.8 million barrels.

Gasoline demand on a weekly basis dropped to 8.6 million barrels per day, prompting concerns about consumption in the peak US summer driving season. EIA/S

The market will be watching the release of the key US monthly employment report on Thursday to shape expectations around the depth and timing of interest rate cuts by the Federal Reserve in the second half of this year, analysts said.

Lower interest rates could spur economic activity, which would in turn boost oil demand.

A private payrolls report on Wednesday showed a contraction for the first time in two year though analysts cautioned there is no correlation between it and the government data.

Archer Aviation has successfully completed the first test flight of its Midnight electric vertical take-off and landing (eVTOL) aircraft at Al Bateen Executive Airport in Abu Dhabi, marking a major milestone in the company’s plan to launch commercial air taxi operations in the UAE.

The flight test focused on evaluating the aircraft’s vertical take-off and landing performance under UAE-specific conditions — high temperatures, humidity, and dust exposure — as part of Archer’s preparations for regional certification and deployment.

The company said it will continue expanding its flight testing programme in the region to gather additional data to support its certification and commercialisation efforts in both the UAE and other key markets.

The flight was conducted with the support of the Smart and Autonomous Systems Council (SASC) and was attended by senior leadership from the UAE General Civil Aviation Authority (GCAA), the Abu Dhabi Investment Office (ADIO), the Integrated Transport Centre, Abu Dhabi Aviation, and Abu Dhabi Airports, as well as representatives from Archer’s regional partners.

Archer test flight marks key milestone for Abu Dhabi’s plans to drive urban air mobility

“This flight marks a significant step towards realising Abu Dhabi’s ambition to lead the world in advanced urban air mobility,” said Badr Al-Olama, director general of the Abu Dhabi Investment Office. “Through the Smart and Autonomous Vehicles Industry (SAVI) Cluster, we are enabling companies like Archer to test, certify and scale next-generation air mobility solutions, reinforcing our position as a global launchpad for innovation and a hub for transformative technologies.”

“Our initial test flight operations in the UAE represent a critical milestone as we prepare for our commercial deployment in Abu Dhabi,” said Adam Goldstein, CEO and founder of Archer Aviation. “Testing our aircraft in actual operating conditions in the middle of summer provides us with the data we need to progress our commercial and certification efforts both in the UAE and in the US.

The test flight supports Archer’s Launch Edition commercialisation programme with Abu Dhabi Aviation, which aims to establish electric air taxi services in Abu Dhabi.

The programme reflects Archer’s strategy to launch commercial operations in key early adopter markets.

The announcement follows recent progress by Archer in the UAE, including regulatory design approval for the country’s first hybrid heliport at Abu Dhabi Cruise Terminal and ongoing partnerships with leading regional operators.

Read: Archer secures approval for first hybrid heliport

Dubai Duty Free has reported record-breaking sales for the first half of 2025, with turnover reaching Dhs4.118bn ($1.128bn)—a 5.34 per cent year-on-year increase. The figure exceeds the previous first-half record by Dhs208.95m ($57.24m), reinforcing the airport retailer’s strong post-pandemic recovery.

Read-UAE: Dubai Duty Free introduces new way to shop

The robust performance was driven by a surge in travel during the Eid holidays and the early summer season, which significantly boosted passenger traffic and retail spending across the airport, a WAM report said.

“We are very pleased with our record performance for the first half of 2025,” said Ramesh Cidambi, Managing Director of Dubai Duty Free. “While we await final passenger numbers for June, the spend per passenger is likely to be better than June last year. This performance is a testament to our team’s hard work and the strength of Dubai as a global travel hub.”

Top performing categories and luxury expansion plans

Perfumes, liquor, cigarettes and tobacco, gold, and confectionery retained their positions as the top five product categories.

Perfume sales reached Dhs744.24m ($203.90m), accounting for 18 per cent of total revenue and reflecting a 5 per cent increase over the same period last year. Liquor followed closely with Dhs513.37m ($140.65m) in sales.

Sales of cigarettes and tobacco rose by 12.24 per cent year-on-year, totaling Dhs439.91m ($120.52m), while Gold sales grew by 6.14 per cent to Dhs416.90m ($114.22m), contributing just over 10 per cent to overall revenue.

Confectionery continued its strong upward trend, recording Dhs412.52m ($113.02m) in sales—a remarkable 62.70 per cent increase from the same period in 2024. Cosmetics also performed well, increasing 3.36 per cent to Dhs201.51m ($55.21m) and contributing nearly 5 per cent to total turnover.

Dubai Duty Free is preparing for further growth in the second half of 2025, with the launch of three luxury boutiques planned in Terminal 3’s Concourse A. The upcoming openings include Louis Vuitton, Chanel, and Cartier, marking a significant expansion in the retailer’s high-end offerings.

“We are looking forward to an equally busy second half of the year,” Cidambi said.

Passenger spend and terminal sales on the rise

Passenger spending across Dubai International Airport continued to grow during the first six months of 2025. Terminal 3, the largest and busiest terminal, recorded a 6.37 per cent rise in duty free sales, driven by both increased foot traffic and higher average spend per traveler. Terminal 1 also showed healthy growth, posting a 5.25 per cent sales increase over the same period last year.

Sales performance improved across all major passenger regions. European travelers led the way with a 16.89 per cent year-on-year increase in spending, followed by the Middle East with an 8.15 per cent rise. The Russian region saw a 4.41 per cent gain, while the Indian subcontinent showed steady growth of 1.02 per cent.

These trends highlight Dubai’s continued appeal as a global transit hub and signal strong consumer confidence among international travelers. Dubai Duty Free officials remain optimistic about sustained growth in the second half of the year, particularly during the upcoming peak travel months and traditionally busy final quarter.