Economy Middle East - February 2023

Huawei's ICT and Cloud Power

Exclusive interview with Steven Yi, President of Huawei Middle East and Central Asia

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We don't want to lose the battle against climate change

The global economy could shed 10% of its total economic value by 2050

We all know that climate change is the greatest threat facing humanity today with the deaths of 13 million people annually as estimated by The World Health Organization, due to environmental factors. The global economy could lose 10% of its total economic value by 2050 due to climate change, according to new research.

Factoring in the fact that the UAE recently announced 2023 as ‘Sustainability Year’, our group is making this a priority moving forward.

A June 2022 report by Deloitte’s Global Turning Point Report finds that unchecked climate change could cost the global economy $178 trillion over the next 50 years.

Climate change is expected to cause an additional 250,000 deaths each year due to factors such as extreme weather, heat-related diseases, poor air quality, food insecurity, and forced displacement.

United Nations Secretary-General Antonio Guterres has issued numerous escalating warnings about the dire consequences of climate change, stating that “our planet is burning” and that “we are heading towards a climate hell.” “We are losing the battle”, he declared at the World Economic Forum held in Davos, Switzerland, “and each week brings new climate-related disasters.”

Climate change is truly a matter of “life or death” for the entire world, and it is imperative that all voices, including politicians, international organizations and the private sector, come together to address this crisis.

One of the key conclusions of last November’s 27th United Nations Climate Change Conference (COP27), held in the Egyptian city of Sharm el-Sheikh, was that all stakeholders must work together to tackle the crisis of climate change.

This year, the conference will be held in the United Arab Emirates, a country that places strong emphasis on the relationship between humanity and nature. UAE’s success in hosting this international event is due to its adoption of promising strategies in areas such as climate change, the environment, the green economy, food diversity and more. The UAE has also launched a strategic initiative to achieve climate neutrality by 2050 as a means of achieving sustainable economic growth. Similarly, Saudi Arabia has demonstrated a strong commitment to combating climate change by appointing Minister of State for Foreign Affairs Adel Al-Jubeir as its envoy for climate affairs. The Kingdom has also launched the Saudi Green Initiative and the Middle East Green Initiative, which include some of the world’s largest afforestation projects to capture carbon from the air, improve soil quality and enhance quality of life. In addition, the Kingdom is expanding clean energy projects, including hydrogen production and solar and wind energy, and has entered into agreements to accelerate its goal of achieving carbon neutrality.

Other Gulf countries, such as Qatar, have also approved plans to achieve carbon neutrality through significant investments in the green economy and reducing emissions from oil and gas facilities.

As we begin the preparations for COP28 with the start of 2023, it is crucial for all entities to maintain their commitment to climate goals and redirect investments toward effective, sustainable solutions that will preserve the health of our planet and the well-being of all its peoples.

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UAE's Sustainability Year declaration shows country's serious intent on issue

As country gears up for COP 28

The UAE is already in full swing towards organizing this year’s global climate summit COP 28, set to be held at Expo City Dubai this year from November 30 to December 12, while appointing Sultan al-Jaber, Managing Director and ADNOC Group CEO, as the event’s president-designate. “Sustainability has been a fundamental principle in the UAE since its unification.

The nation continues to serve as an exceptional model for environmental conservation and resource management, “said UAE President Sheikh Mohamed bin Zayed Al Nahyan, in a statement.

The “Year of Sustainability” will include several initiatives, activities, and events that focus on raising awareness

about environmental sustainability and providing support to related national strategies. The UAE has committed to fostering global collaboration in addressing solutions to energy challenges and climate change, among others.

“Effective climate action requires a shared vision and collective will,” said the UAE President.

“By working, making efforts, and initiating actions today, we are ensuring that we leave behind a legacy of stewardship for future generations, just as our ancestors did for us.”

The announcement came following the successful conclusion of Abu Dhabi Sustainability Week (ADSW) 2023, which saw the participation of numerous state leaders and officials worldwide. This further strengthened the UAE’s position as a leader in promoting sustainability awareness both domestically and internationally.

The upcoming COP 28 focuses on implementing climate commitments and pledges, inclusion principles, working together to take concrete action and identifying solutions that contribute to overcoming challenges and seizing opportunities to ensure a sustainable future for present and future generations.

Saudi invests hundreds of billions to lead in clean energy exports

Saudi Arabia will invest one trillion riyals ($266 billion) to generate “cleaner energy” and expand transportation and distribution networks, according to the country’s Energy Minister Prince Abdulaziz bin Salman.

He went on to say that the ultimate goal is to export energy to the rest of the world while also producing clean hydrogen.

“We are determined to be the leading hydrogen exporter as well as to provide clean hydrogen for local uses in heavy industries to produce green products such as green steel,

Investments also aim to add transport lines and distribution networks green aluminum, fertilizers, and others at competitive prices,” he said. The minister also emphasized the ongoing efforts to significantly increase oil and gas supplies. Furthermore, the work of liquids-to-chemicals conversion facilities is being accelerated in order to increase raw materials for petrochemicals.

In November 2022, during his speech at the Green Saudi Initiative 2022 Forum in Sharm El-Sheikh, Egypt, on the sidelines of the COP27 climate summit, Prince Abdulaziz highlighted that renewable investments in Saudi are valued at 34 billion riyals ($9 billion), noting that the Kingdom plans to soon submit 10 new renewable energy projects.

“We are committed to reducing carbon emissions by 278 million tons, and I am confident that we will be able to meet that. I mentioned a long time ago that we plan and aim to generate 50 percent of electricity from renewable energy, and this has already been achieved by producing 400 megawatts of clean energy and reducing carbon emissions by approximately 1 million tons,” Prince Abdulaziz said.

Enabling the platform’s investment community to thrive

Investopia, the global investment platform launched by the UAE Government in September 2021, announced a new partnership with iConnections, a fintech platform for alternative investors. This happened during iConnections Global Alts 2023 annual event, which took place in Miami, US. The agreement was signed by Mohamed Naser Al Zaabi, CEO of Investopia, and Ron Biscardi, CEO of iConnections, in a ceremony held during Investopia’s session. Essentially, this partnership will enable, and for the first time, Investopia’s investment community such as asset allocators, investment managers, private equity, hedge funds, and family offices, to leverage iConnections’ digital capability to seamlessly connect and thrive.

Investopia’s session discussed its role in channeling global investment opportunities in the new economies, and was attended by global investors and business leaders interested in exploring Investopia’s work globally.

Al Zaabi said: “Investopia is working to connect the global investment community by convening them together to discuss and capitalize on growth opportunities in the new economies.” Investopia is one of the strategic initiatives under the “Projects of the 50” announced by the UAE government in September 2021 and aims to enhance the exchange of global investment flows, in support of sectors of the new economy. Investopia announced the second edition of its annual conference, which will be hosted in Abu Dhabi on the 2nd and 3rd of March 2023, under the theme “Envisioning Opportunities in Times of Change”.

Healthcare spending in GCC could reach USD99.6 bn in 2023

UAE, Saudi to command 80% of the total

Healthcare spending in the GCC will grow at a CAGR of 4.9% to $99.6 billion in 2023 from $86.2 billion in 2020, with the UAE and Saudi Arabia commanding approximately 80% of the total spending, according to a study from the Dubai Healthcare City Authority (DHCA).

Titled ‘Emerging Opportunities in Middle East Healthcare’, the white paper reveals in-depth insights into the regional healthcare sector, with a special focus on the GCC. The study, the latest initiative in DHCA’s mission to contribute to the development of the healthcare sector in line with Dubai’s goal to become one of the world’s top 10

healthcare destinations, underlines the growth of the GCC and wider MENA healthcare landscape over the past decade and shines a light on the opportunities for investors.

Commenting on the whitepaper launch, Salim Dahman, Marketing and Communication Director, DHCA, said: “To be able to address market demand, it is vital to understand its realities.”

Additional key findings demonstrate the resilience of Dubai’s healthcare sector. Research shows that despite pandemicrelated restrictions on global travel, Dubai doubled the number of health tourists in 2021, wherein spending by international patients during the year reached nearly $198 million. The paper revealed that the free zone contributed 2.8 billion dirhams to Dubai’s GDP in 2021, a figure expected to reach 3.4 billion dirhams by 2030. As a catalyst for the healthcare job market, it has now facilitated the creation of 15,760 jobs in Dubai.

Investopia partners with fintech platform iConnections

Davos: Saudi transformation 'a beacon of optimism'

Kingdom “becoming a bright spot for the world economy”

The rapid economic transformation of Saudi Arabia and its global role in bringing near-term stability while driving long-term transformation was the subject of a high-level panel on the third day of the World Economic Forum (WEF) at Davos.

The session, titled “Saudi Arabia’s Transformation in a Changing Global Context”, offered insights into how Saudi’s strategic investments and industrialization are transforming Saudi into a beacon of economic optimism.

Mohammed bin Abdullah Al Jadaan, Saudi’s Minister of Finance, heralded the economic reforms ushered in by Saudi Vision 2030, in providing a pathway for the region. “Because we invested heavily in technology, we were able to

seamlessly move from ‘actual’ to ‘virtual’ in sectors such as health and education,” Al Jadaan said.

Abdullah bin Amer Alswaha, Saudi’s Minister of Communications and Information Technology, highlighted what the Kingdom has done to “connect the unconnected” with the Non-Terrestrial Network Program exploring how space can deliver the internet to the 2.7 billion people who don’t have access.

For his part, Bandar Alkhorayef, Saudi’s Minister of Industry and Mineral Resources pointed to the investment in the nation’s industrial sector and the focus on new sources of national wealth.

The Saudi panelists were joined by Kristalina Georgieva, Managing Director of the International Monetary Fund, and Jane Fraser, CEO of Citi.

Georgieva said: “When I visited Saudi Arabia, I was incredibly impressed by the progress that the country has made in implementing Vision 2030 and becoming a bright spot for the world economy.”

Davos: Global governance key for crypto industry in UAE

During an interview in Davos, Switzerland, Thani Al Zeyoudi, the UAE minister of state for foreign trade, said that “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” He shared that one area the UAE is looking to expand is cryptocurrencies, adding that crypto will play a major role in the UAE trade going forward.

“We started attracting some of the companies to the country with the aim that we’ll build together the right governance and legal system, which are needed,” the official noted.

Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, also talked about cryptocurrency regulation in a World Economic Forum session titled “Finding the right balance for crypto” in Davos. He confirmed that no crypto exchanges have been licensed in the UAE, emphasizing that the regulatory frameworks for cryptocurrencies in the UAE are “not light.”

The Dubai Virtual Assets Regulatory Authority (VARA), which was established in March last year, also states on its website that no operating permits have been granted to date. Under UAE law, VARA is in charge of licensing and regulating the crypto sector in Dubai and its free zone territories (excluding DIFC).

However, VARA has granted a provisional license to a number of cryptocurrency exchanges, including Binance, FTX, Okx, Bitoasis, and CoinMENA.

There is also a relatively high degree of cryptocurrency-related innovation taking place in the UAE. In October 2022, the Dubai-based cryptocurrency platform BitOasis announced a crypto-backed payment card.

“Crypto will play a major role in the UAE trade going forward”

Cybercriminals using ChatGPT to launch spear-phishing attacks

Tech might allow attackers to generate personalized phishing emails

ChatGPT is primarily an AI language model that creates convincing texts which are difficult to distinguish from those written by humans. Hence, according to Kaspersky, cybercriminals are already trying to apply this technology to spear-phishing attacks.

The cybersecurity firm is exploring how the appearance of ChatGPT in the hands of the general public could change the established rules of the cybersecurity world. The move comes a few months after OpenAI released ChatGPT – one of the most powerful AI models to date.

Previously, the main hurdle stopping them from mass spear-phishing campaigns was that it is quite expensive

to write each targeted email. ChatGPT is set to drastically alter the balance of power because it might allow attackers to generate persuasive and personalized phishing e-mails on an industrial scale. It can even stylize correspondence, creating convincing fake e-mails seemingly from one employee to another. Unfortunately, this means that the number of successful phishing attacks may grow.

Many users have already found that ChatGPT is capable of generating code, but unfortunately, this includes the malicious type. Creating a simple info stealer will be possible without having any programming skills at all, Kaspersky observed. However, straight-arrow users have nothing to fear. If code written by a bot is actually used, security solutions will detect and neutralize it as quickly as it does with all past malware created by humans. While some analysts voice concern that ChatGPT can even create unique malware for each particular victim, these samples would still exhibit malicious behavior that most probably will be noticed by a security solution.

Arab Health 2023: Are we near an HIV cure?

38.4 million people with HIV, 1.5 million new infections

Promising new breakthrough treatments and potential cures for human immunodeficiency virus (HIV), including non-pill antiretroviral therapy (ART), broadly neutralizing antibodies, immunotherapy, and gene therapy were discussed at the Healthcare Transformation Talks in Arab Health 2023, Dubai. With 38.4 million people living with HIV and 1.5 million new infections in 2021, the HIV pandemic remains a major global problem. Although a 2022 UNAIDS report shows a 30% decline in infections in the decade since 2010, regions including the Middle East & North Africa, Eastern Europe, and Central Asia have seen infection rates rising due to limited access to prevention services and limited access to ART.

With 70% of people with HIV globally receiving effective ART in 2021, the advances in treatment modalities have been remarkable. Today, patients only take a single daily tablet, and last year saw the introduction of the first non-pill long-acting treatment where patients receive just six injections a year to stop the transmission of the virus.

According to Professor Sharon Lewin, Director, Doherty Institute, Melbourne, Australia, and President of the International AIDS Society (IAS), who addressed the audience at the Healthcare Transformation Talks: “With Single Cell Technologies transforming our understanding of HIV latency, the current strategies for achieving an HIV cure include latency reversal, immunotherapy, and gene therapy.”

Lewin added: “While we are unsure when a cure will be available, we expect that the first approach to achieve HIV remission will be with combination immune therapy and an ex vivo cure with gene or cellular therapy.”

Huawei lifts enterprises to stratospheric heights

President Middle East & Central Asia Steven Yi shares how company is connecting global economy with EaaS cloud, ICT power

Steven Yi, Huawei Midde East & Central Asia President

A leading global provider of information and communications technology (ICT) infrastructure and smart devices, Huawei operates in over 170 countries and regions, serving more than 3 billion people around the world. Its work toward ubiquitous connectivity and inclusive network access is laying the foundation for an intelligent world, providing diversified computing power where and when needed, and bringing its robust cloud to the globe. The digital platforms Huawei builds not only help industries and organizations become more agile and dynamic, but also redefine user experience with AI, making it smarter and more personalized.

In an exclusive interview with Steven Yi, president of Huawei Middle East and Central Asia, Economy Middle East explores detailed aspects of the company’s operations, the needs of enterprises in this region and globally, as well as the vast and advanced services at Huawei’s disposal.

Having a long experience in ICT in MEA and other parts of the world, could you share your views on the digitalization journey of the Middle East region?

industries, especially when integrated with technologies such as cloud and AI. They can build on this foundation to pioneer the next generation of ICT technologies, including 5.5G, cloud, AI and more.

Huawei first proposed an outline for 5.5G in 2020, and 3GPP (3rd Generation Partnership Project) officially named the concept “5G-Advanced” in 2021. As an upgraded version of 5G, 5.5G features will power future industry scenarios such as the IoV, IoT, robotics, and manufacturing and serve as a key driving force of the digital economy. 5.5G will upgrade network capabilities by 10X, support 10 Gbps experience, and enable 100 billion connections and native intelligence for numerous services. In short, 5.5G is necessary to build an intelligent world.

Huawei has helped millions of enterprises with digital transformation

ICT presents an opportunity for Middle Eastern countries to leapfrog legacy economic models and drive new and sustainable growth. Combined with a renewed focus on innovation backed by significant investment in research and development (R&D), it provides a clear path toward progress and future development for regional economies. ICT also enables industry digitalization, sparks innovation and makes other industries green. Investing in digital infrastructure is the cornerstone of accelerating digital transformation and promoting digital economy development. Accordingly, Huawei believes that regional countries are on the right track of public-private partnerships to leverage the advantages of professional companies to forge a sustainable national digital infrastructure operations mode through market-oriented services. Governments can utilize digital infrastructure for local ICT ecosystem aggregation and open technology platforms and service scenarios to drive the growth of local ICT enterprises. Countries in the region are investing in enhancing their digital strategies, revamping their socio-economic development plans and national visions focused on digital transformation and racing to be the first to deploy the latest technological innovations. Huawei maintains long-standing partnerships targeted at integrating digital and sustainability for a better, greener future. Huawei has helped millions of enterprises with digital transformation by building more than 1,500 networks in partnership with carriers worldwide and connecting over 3 billion people worldwide.

What key technology currently plays a critical role in digitalization and building the digital economy?

Innovations in 5G, cloud, AI and other new fields are pushing the digital economy into a new development phase. The Middle East is ahead of many other regions in many of these domains. Because of the fast roll-out of 5G, some regional countries are a reference point for how technology can help to advance the development of all

The cloud is the foundation of digital transformation and provides the building blocks for other advanced technologies driving our digital world, such as AI, IoT, and more. Huawei’s cloud strategy is built around Everything-as-a-Service. In the future, all devices, sensors and all things will be connected, and all infrastructure and applications will be cloud-based. We believe all applications we can run on the cloud should be migrated to the cloud. Additionally, we need to embrace AI and let data play its part in supporting operational decisionmaking. When facing the intelligent world, the right strategy should be all-digital, all-cloud, AI-driven, and everything as a service, including Infrastructure as a Service, Technology as a Service, and Expertise as a Service.

HUAWEI CLOUD continues to evolve with an ever-increasing number of services. Since launch, we have released 6,100 Marketplace products, attracting 2.6 million developers, 28,000 consulting partners, and 9,000 technical partners. In the Middle East, HUAWEI CLOUD offers more than 220 cloud services, 210 solutions, 19 data centers, over 200 local partners and a growing list of more than 80 marketplace offerings.

AI is a major driving force enabling businesses to unleash their full potential. AI will be the foundation of unprecedented digital transformation and business innovation in the industrial sector. It offers new paths toward growth for manufacturing, service and other industries, reshaping the world economy and bringing new opportunities for societal development.

How important is it to maintain the highest level of cyber security in line with international standards when handling accelerated technologies deployments such as 5G, AI, cloud and big data?

The world’s data and networks must be secure to amplify the benefits of the digital economy. This is a challenge as the vast amount of personal and corporate data produced

daily has exponentially expanded the attack surface that cybercriminals could effectively exploit.

Huawei believes that cyber security is a shared responsibility. Cybersecurity challenges must be addressed through technological innovation, knowledge sharing, standards development, verification and other internationally credited measures. Huawei has a proven track record in cyber security globally. Over 70 cyber security certifications were awarded to Huawei, providing customers with internationally recognized security assurances.

We work with regional partners to build a robust cybersecurity foundation for the region. Our collaborative approach to cybersecurity is demonstrated by our membership in the Organization of the Islamic Cooperation – Computer Emergency Response Team (OIC-CERT).

Huawei was part of the OIC-CERT 5G Security Framework Working Group to support delivering a robust 5G security and demonstrate our vision of open collaboration to tackle security challenges.

The industry recognizes Huawei’s cybersecurity excellence. We were recently awarded the “Best Cybersecurity Assurance” award during the Gulf Cyber Security Conference & Exhibition, while Huawei Qatar was awarded the OIC-CERT Global Cybersecurity Award 2022 during the Arab Regional Cybersecurity Week 2022 in Muscat. Huawei was also granted the Cybersecurity Company of the Year and the Best Enterprise Security Solution of the Year during the third edition of the Cybersecurity Innovation Series.

development and carbon neutrality when planning to achieve more milestones in digital transformation? How about telecom network sustainability?

The explosion of data in the digital era is straining the industry’s commitment to reducing its carbon footprint. According to third-party research, data traffic generated by digital services is expected to grow 13-fold over 2020 by 2030. Unless energy efficiency improvements are made, the ICT industry’s energy consumption and carbon emissions will see a 2.3-fold increase.

The core of carbon neutrality is low carbon at the production end, electrification at the consumption end and intelligence at the management end. Huawei is working with regional partners to increase the proportion of electricity generated with green energy, improve the power consumption efficiency of various sectors, support the development of green energy, and achieve energy conservation, emission reduction and OPEX savings.

Huawei Digital Power looks at five areas of business globally: Smart PV, data center facilities, mPower for electric vehicles, site power and integrated energy solutions. By June 2022, Huawei Digital Power solutions have helped customers generate 588.5 billion kWh of green power and save 17 billion kWh of electricity. These efforts have offset 290 million tons of CO2 emissions, equivalent to planting 390 million trees.

Apart from enabling industry digitalization and innovation, ICT can help other industries go green. Recently at COP27, Huawei spotlighted the “enabling effect” of ICT, which is “making other industries greener.” We noted that 5G, AI, data analytics and cloud computing would improve industrial processes in a way that cuts energy use and lowers carbon emissions. In the same way ICT enables a smart streetlight to turn itself off when no one is around, 5G wireless base stations can automatically shut down when there is no data traffic, saving energy.

To this end, members of the ITU-T, including Huawei, have proposed a standard for measuring network energy use. Known as the Network Carbon Intensity energy metric, the standard was approved by ITU-T on October 19.

ICT talent is a cornerstone in the digital era. How important is nurturing local talent in realizing the ambitious targets of the ME countries’ national plans and visions?

The importance of an effective talent development strategy for the region’s digital transformation cannot be overemphasized. While regional universities have expanded their ICT offerings, the demand for ICT skills is rising exponentially while new technologies are emerging daily. Therefore, enabling solid capacity-building for the youth in ICT is a prerequisite in today’s digital world, as is upgrading and upskilling for experienced hires or anyone considering a mid-career switch.

Huawei has a long and proud history of collaboration with governments, academia and industry to enrich the region’s IC talent ecosystem. CSR initiatives such as Seeds for the Future, the annual Huawei ICT Competition, Huawei ICT Academy, joint innovation centers, labs and other CSR initiatives empower thousands of Arab youth annually to supercharge their ICT careers. In the Middle East, Huawei has set up 167 Huawei ICT Academies, and more than 3,500 students have participated in the flagship program Seeds for the

Future, while over 40,000 people have obtained Huawei certification. We also have trained over 120,000 ICT talents for the Middle East and we are committed to achieve more on that front in collaboration with our partners.

With all the challenges Huawei is going through, there is still high confidence in maintaining your customercentricity approach and your ability to continue delivering innovations up to your customers’ expectations.Can you tell us where this confidence comes from and how you see Huawei’s future in the region?

Huawei’s success has traditionally relied on its strong R&D foundation. Every year, Huawei invests over 10 percent of its sales revenue into R&D. The company’s R&D investment reached about $22.38 billion in 2021, representing 22.4 percent of total revenue and bringing the total R&D expenditure over the past 10 years to over $132.5 billion. By the end of 2021, Huawei held 110,000+ active patents across 45,000+ patent families. Regarding the number of patents granted in 2021, Huawei ranked No. 1 at the China National Intellectual Property Administration and the European Patent Office and No. 5 at the United States Patent and Trademark Office. Huawei also ranked second in the 2021 EU Industrial R&D Investment Scoreboard. Patent panorama reports published by independent third parties show that Huawei is an industry leader in 5G, Wi-Fi 6, and H.266. This same commitment to innovation will help Huawei face its challenges while continuing to deliver value to customers, partners and the communities we serve.

Demand for ICT skills is rising exponentially while new technologies are emerging daily

Huawei Datacom Named a Leader in the 2022 Gartner® Magic Quadrant™ for Enterprise Wired and Wireless LAN Infrastructure

Huawei announced that it was named a Leader in the 2022 Gartner® Magic Quadrant™ for Enterprise Wired and Wireless LAN Infrastructure, the only non-North American vendor positioned in the Leaders Quadrant. Huawei’s wide range of solutions include the CloudCampus 3.0 Solution, CloudEngine series switches, AirEngine Wi-Fi Access Points (APs), and iMaster NCE automatic and intelligent network management platform.

Huawei has a holistic set of enterprise wired and wireless LAN infrastructure offerings. Featured products and solutions include the end-to-end CloudCampus Solution across LANs, WLANs, and WANs, feature-rich CloudEngine series switches, award-winning AirEngine Wi-Fi APs, and field-proven iMaster NCE automatic and intelligent network management platform.

Huawei simplifies the campus network architecture from three layers to two with its solution consisting of the central switch and Remote Units (RUs). Keeping hardware innovation in mind, Huawei has unveiled innovative thirdgeneration Wi-Fi 6 smart antennas and a range of brand-new CloudEngine switches and AirEngine APs.

With regard to software innovation, Huawei stands out with the powerful iMaster NCE automatic and intelligent network management platform that underpins the industry’s first L3 autonomous driving network for campuses. When it comes to innovative business models, Huawei differentiates itself from other vendors by launching a leasable and salable cloud management platform model, as well as flexible deployment options, including onpremises, Huawei public cloud, and MSP-owned cloud.

The Saudi Ministry of Communications and Information Technology (MCIT) and Huawei signed late last December an MOU to enhance cooperation in the field of ICT on the sidelines of the historic visit of President of China Xi Jinping to the Kingdom.

The ministry and Huawei will work hand in hand to realize a “10Gbps Society,” seeking to build a superfast broadband infrastructure to support the digital transformation goals of Saudi Vision 2030 which recognizes ICT talent development as a key pillar of its vision.

These improvements will also improve the competitiveness of Saudi ICT infrastructure globally. Huawei will leverage its global expertise to lend support to MCIT in finalizing the business case and designing the required regulations to accelerate the 10Gbps society goal. An initial 10GB district pilot will be launched in 2023. Huawei will work with the ministry to shore up support for digital entrepreneurs working on smart cities, IoT, AI, gaming, fintech, e-commerce, and blockchain projects. The two entities will also jointly promote the HUAWEI CLOUD startups program, a support program for empowering SMEs to develop their cloud capabilities. The ministry promised to provide Huawei with support to build a cloud computing region in the Kingdom based on the fact that cloud adoption is accelerating in Saudi Arabia. Huawei will, for its part, work to strengthen partnerships with local data center service providers. The MoU establishes a joint framework to launch a Huawei scholarship training program to train university students, including visits to Huawei headquarters to experience the company’s technology first-hand. This initiative extends existing Huawei skills development programs in Saudi Arabia, including the ICT Academy and Seeds for the Future. The ministry and Huawei will also collaborate to build a nationwide Unified Government Network Infrastructure standard to serve all government entities. Steven Yi, the president of Huawei Middle East and Central Asia Region, said, “This partnership aligns with Saudi Vision 2030 and the ministry’s continuous efforts to advance digital transformation, enhance ICT skills and foster a culture of innovation. As a long-term partner of Saudi Arabia’s service providers and enterprises, this MoU reflects our continued commitment to supporting the Kingdom’s efforts to become a global leader in ICT, leveraging our global expertise and technologies.”

Saudi MCIT and Huawei sign ICT MOU

Tianjin Port Group and Huawei deepen cooperation to build a digital twin of the world's first smart, driverless, zero-carbon port terminal

Tianjin Port Group and Huawei announced that the two companies would deepen cooperation to build a digital twin of the world’s first smart, driverless, zero-carbon port terminal, making it more automated and intelligent. Yang Jiemin, vice president of Tianjin Port Group, explained that this plan consisted of three parts: construction of new automated terminals, upgrading traditional terminals and comprehensive digital transformation.

The Section C Terminal in the Beijiang Port Area of the Port of Tianjin was the world’s first smart, driverless zero-carbon port terminal. It entered large-scale commercial operations in October 2021 and has been operating stably ever since. Using 5G and L4 autonomous driving technologies at the terminal makes operations safer and more efficient. At the terminal, remotely controlled quay cranes lift loaded containers from cargo ships and put them onto intelligent robots for horizontal transportation. Supported by the BeiDou Navigation Satellite System, these robots are guided to automatic locking/unlocking stations to load/unload containers and then to the container yard along optimal driving routes that are calculated in real-time. The entire process runs with clockwork precision.

Jiemin explained how the new solution, which combines 5G and L4 autonomous driving technologies, has been put into large-scale commercial application in a partially public scenario at the Section C Terminal for the first time. This has provided a new model for upgrading and transforming traditional container terminals worldwide. “These innovations being used at the Port of Tianjin are having a huge impact on the port industry, creating new value for ports by improving operating environments, driving green and low-carbon development, and increasing operational efficiency. We believe that these practices will promote the intelligent development of the global port industry,” Yang said.

Shunli Wang, vice president of Huawei Middle East and Central Asia, said, “Ports in the Middle East are set for revolutionary, smart, zero-carbon fully automated digitalized operations that leverage 5G, AI and cloud and other advanced digital capabilities. We are keen to utilize our expertise to enable ports in the region to be safer, more efficient, smart, green and more intelligent.”

Yue Kun, CTO of Huawei’s Smart Road, Waterway & Port BU, stated, “Ports are a vital link in the international supply chain, connecting trade and supply markets across the globe. Building more efficient smart ports is becoming an increasingly pressing requirement for the global supply chain. Section C Terminal of the Port of Tianjin has been operating stably for over one year, proving that 5G and L4 autonomous driving have already been successfully adopted by industries in China and are creating true commercial and social value.” Kun believes this progress will benefit various industries with next-generation digital technologies such as 5G and AI, combined to solve industry problems, promote digital industry transformation and upgrading and generate social value. As a major modern port, the Port of Tianjin boasts 300,000-ton-class terminals with a channel depth of 22m. It has 213 berths of various types. In 2022, its container throughput exceeded 21 million TEUs, ranking among the top 10 ports worldwide.

Remarkable Arab presence in Davos heightens regional role in addressing climate change

Kairouz: Gulf countries are a global economic guarantee

sessions was dedicated to climate change, highlighting the growing importance of this dilemma and its centrality in the agendas of international forums and conferences.

The mood at Davos shifted from anxious at the start to cautious optimism by the end, with a more positive outlook for the global economy in 2024 than initially feared.

The head of the International Monetary Fund, Kristalina Georgieva, offered a “glimmer of hope” by announcing that the days of downgraded global growth forecasts by the IMF may be coming to an end. The Fund was forced to cut its global growth forecast multiple times in October 2022 due to the acceleration of negative events and their repercussions on global economies.

ECB President Christine Lagarde offered good news for the eurozone, which had been worried that the winter would be precarious amid the energy crisis. Moderate weather conditions in Europe helped ease energy supply disruptions and curb rising energy prices, leading Lagarde to predict from Davos that 2023 would be “much better” 2023 than many had feared. Davos took place without Russian participation as a result of the country’s actions in Ukraine and was marked by a strong presence from the Gulf region.

Countries face major challenges this year as the specter of a new cold war threatens to fragment the world into competing economic blocs. The issues range from the global economic slowdown and climate change to the cost-of-living crisis and rising debt levels. There is no easy and quick way to overcome all these challenges, which when added to the geopolitical tensions, have made addressing global issues more difficult.

Climate change was a major focus of discussions at the World Economic Forum held in Davos, Switzerland under the theme “Cooperation in a Fragmented World.” A significant portion of the annual meeting’s

Maroun Kairouz, head of the Middle East and North Africa Division at the World Economic Forum, spoke to Economy Middle East about the significance of the Gulf’s presence at Davos. The world’s attention has once again been directed toward the Middle East and the Gulf in particular due to current global circumstances, after a period of distancing from the region by first world countries. This shift in focus came about due to the region’s significance in the energy sector, which emerged after the conflict in Ukraine. The importance of the Middle East in addressing global climate change was emphasized through two consecutive summits on the subject, hosted by two Arab countries. The first was held in Egypt last November as part of COP 27, and the next will be organized in November for COP 28. This highlights the region’s crucial role in global efforts to tackle climate change. The following is a transcript of the interview with Kairouz.

Maroun Kairouz, Head of MENA Division at the World Economic Forum

Do you believe that, post this forum, the world will witness progress in combating climate change?

The theme of the Annual Meeting of the World Economic Forum this year was “Cooperation in a Fragmented World,” which reflects the current state of the world marked by increased polarization among the major powers. especially after the war in Ukraine began. However, the World Economic Forum believes that there are “oases” within which cooperation and coordination remain possible, as everyone has an interest in addressing common challenges such as inflation and the ensuing decline in purchasing power, climate change, food security, energy stability, sustainable production chains, avoiding a global economic crisis, and addressing the repercussions of the Coronavirus pandemic on healthcare systems. These were the topics that garnered the most attention at our annual meeting. The UAE is expected to play a significant role in the fight against climate change as the host of the COP28 climate summit. The UAE and the Middle East region are directly involved in addressing this great challenge facing humanity, as this region is heavily impacted by rising temperatures, which are expected to be twice as high as the global average. That is, if temperatures rise by 2 degrees globally, the rise will be more than 4 degrees in the Middle East. Climate change could also have a more significant impact on the region’s economy than wars or financial crises, as it could lead to a 14 percent decrease in the region’s GDP due to water scarcity.

The World Economic Forum has signed a collaboration agreement with the UAE to support its efforts on COP 28 by facilitating private sector participation in assuming its responsibility toward future generations. Just as we say that the private sector must be the main engine of economic growth and job creation, it must also be at the forefront of addressing the negative effects of this growth. For example, the emissions of the top 20 companies in the region were found to be equivalent to those of Canada, highlighting the importance of private sector responsibility toward future generations. Due to its diplomatic experience, strategic location, embrace of innovation and expertise in renewable and conventional energy, the UAE has the potential to play a crucial role in this area by acting as a connector between Western and Middle Eastern countries, as well as between developed and developing countries.

Are you optimistic about the global economy? In your opinion, what are the reasons for post Davos optimism?

The optimism surrounding the global economy is contingent on the maintenance of its current positive trajectory and the ability to mitigate potential risks that may impede growth. Among these risks, we can draw attention to the outcomes of the war in Ukraine and its impact on the energy and food sectors in particular, the direction of economic growth in China and the speed of its recovery from the recent COVID wave. There is also the growing internal divisions in a number of large countries such as the United States, Britain,

France and Brazil, for example, and the resulting paralysis in policymaking, as well as the course of disagreement between the United States and Europe against the background of the U.S. “Inflation Reduction Act” and the escalation of protectionism in general.

The public debt crisis in developing countries is a matter that cannot be overlooked and its potential impact on sustainability due to the US Federal Reserve’s interest rate hike policy is a concern. All of these issues could topple the current positive trend if not contained.

Despite the challenges posed by the public debt crisis, there is reason to be optimistic. The pandemic has taught us that governments have the capability to provide protection to vulnerable groups that may be impacted by any deterioration in their economic situation, and that international cooperation is crucial in ensuring their economic well-being. However, these policies must be deliberate, and focus on supporting citizens and not on subsidizing goods or using protectionist means that lead to a decline in international trade and threaten global production supply chains. There is also the growing internal divisions in a number of .

What does this year’s remarkable Gulf presence at the World Economic Forum indicate? What are some key points of the vision put forward by Gulf countries about the future of the global economy?

Following a period of time when great powers sought to distance themselves from the region, current global circumstances have redirected the world’s attention to the

Middle East, and the Gulf in particular. This region’s primary role in the energy sector first emerged soon after the war in Ukraine broke out.

The importance of the Middle East in addressing global climate change was emphasized through two consecutive summits on the subject, hosted by two Arab countries. The first was held in Egypt last November as part of COP 27, and the next will be organized in November for COP 28. This highlights the region’s crucial role in global efforts to tackle climate change.

Last year, the Gulf countries experienced some of the most impressive economic growth rates, largely due to their “patient” use of capital and long-term perspective. This approach was further reinforced by the crucial role played by their sovereign wealth funds in ensuring liquidity in global markets during the 2008-2009 financial crisis. In addition, in the cultural field, the Dubai Expo and the World Cup in Qatar were milestones that attracted the attention of the entire world.

Finally, politically speaking, we are observing renewed interest from the great powers to build strategic partnerships with and in the region. This interest is illustrated by U.S. President Joe Biden’s visit to Saudi Arabia, the Arab-Chinese summit and the European Union’s announcement of a strategic partnership with the Gulf. For all these reasons, it was natural to see Gulf countries at the center of Davos’ deliberations on all these issues, when influential government delegations participated in addition to engaging nearly 60 of the region’s largest companies.

There is no doubt that Gulf states play a pivotal role in the transition to clean energy. Do you think what they are doing is enough? What is lacking?

The shift towards environmental sustainability through the adoption of clean energy must consider both the stability and affordability of energy sources. The fact that 2022 saw an increase in the number of individuals disconnected from the electricity grid serves as a reminder that the transition to clean energy should not hinder economic growth, particularly in developing nations.

Gulf states are making a significant impact in ensuring this transition. They have the most cost-efficient and environmentally friendly methods of production globally. Companies such as ADNOC and Aramco boast the lowest emissions per barrel of oil, while Qatar has a strong presence in the global gas markets, with gas expected to play a crucial role in energy production as it is considered the cleanest hydrocarbon source.

Gulf countries hold a unique advantage in the clean energy sector, with key components that position them as leaders in the industry. Companies like Masdar and Aqua Power are among the most competitive in the sector, and the region’s geographical location offers the lowest cost for solar energy production. Furthermore, these countries boast significant financial resources and a long-term perspective that facilitates investments. With a history of successful partnerships with international firms, a highly developed infrastructure, and strong alliances with energy-consuming countries in Europe and East Asia, the Gulf region is well equipped to continue leading the way in clean energy innovation.

Although the steps taken by Gulf states are heading in the

right direction, the magnitude of the impact of climate change on the region requires additional steps. These include accelerating investment in renewable energy sources, thereby freeing up more oil and gas for export, fostering interconnectivity of electricity networks between regional countries, and adopting a cooperative approach toward technological development. Additionally, it is crucial to shift away from policies of subsidizing pollutants and providing direct subsidies to citizens, as some countries have already initiated. Furthermore, it is essential to establish cooperation and coordination in the realm of alternative energy at the regional level, specifically regarding clean hydrogen.

Gulf countries are moving toward diversifying their economies in a robust manner. Do you consider those efforts to be sufficient?

Indeed, the economic performance of Gulf states today is a result of the economic strategies and reforms they have implemented over time. The UAE was the first to diversify its economy and over a span of 29 years succeeded in reducing its dependence on oil and gas from 90 percent to 30 percent of its GDP.

To enhance these efforts, it is important to further institutionalize regional economic integration as currently only 18 percent of Arab countries engage in trade among themselves compared to around 35 percent among Southeast Asian countries, for example. Additionally, it is crucial to balance agility in decision making with providing a state of certainty regarding stability in economic policies to support the private sector’s investment needs.

Reasons why the Gulf will play a major role globally Gulf countries positioned to

play key global energy transition role

Most forecasts indicate that in 2023, a third of the world’s economies will face a recession. However, these projections do not include the GCC, as the region has demonstrated strong economic performance in 2022. Despite rising inflation, the GCC successfully navigated these headwinds, in stark contrast to many developed countries. International financial institutions were impressed by the GCC’s impressive economic recovery in 2022, which was largely driven by stability in energy production during the global energy crisis. The IMF predicts that the GCC’s GDP growth will double to 6.5 percent in 2022.

The World Bank’s report on the economic prospects for the Middle East revealed that Gulf countries recorded a 5.7 percent growth rate by the end of December 2022, the highest annual rate in a decade. This growth was attributed to elevated energy prices and increased production.

The GCC, led by Saudi Arabia, the UAE, and Kuwait, has managed to rapidly increase production and export volumes, while maintaining inflation rates below the global average. Despite ongoing inflation crises and the war in Ukraine, the Gulf region remains a relatively bright spot for the global economy.

With a focus on openness and economic diversification, the GCC is well-positioned to play a strategically crucial role in the evolving global economic landscape.

Why is That?

The World Economic Forum recently published a paper that highlights the impressive recovery of the Gulf region post-COVID-19. The authorities there demonstrated effective crisis management by tracking infections, managing risk and rolling out vaccine inoculations, leading to a robust economic recovery.

The Gulf region is well positioned to play a crucial role in the global energy transition, showcasing leadership in areas such as the circular carbon economy while improving efficiency across oil and gas value chains. The region is committed to transitioning to clean energy and meeting net-zero targets.

The Gulf has witnessed unprecedented investments in solar power and energy efficiency has become a key factor in driving productivity.

Green hydrogen offers significant export potential, allowing the Gulf to take advantage of its vast geography and abundance of solar footprint to tackle the global war against carbon emissions.

Greater integration of energy markets within and outside the Gulf region would make the export of clean energy possible, allowing the region to emulate its strategic supply role in the oil and gas sector.

Economic Diversification

Growth momentum in the GCC is underpinned by a strategic vision that continues to drive the diversification of regional economies into new sectors.

To this end, and for many years, significant investments have been made in areas ranging from education and research to technology adoption and innovative entrepreneurship. And this is accelerating even more.

Significant progress has been made in exports of services such as logistics, finance and tourism, while value chains are also expanding non-oil exports to create new opportunities.

Foreign Companies

The Gulf’s advanced infrastructure is coupled with openness to trade through region-wide adherence to low tariffs, supported by continued progress in developing favorable commerce arrangements using various pathways. This is demonstrated by the region’s membership in the Arab Free Trade Area and various bilateral trade agreements with countries such as New Zealand, Singapore, and China.

Several other free trade agreements are also being negotiated. For example, the agreement between China and the GCC is in its final stages. Each GCC country also has made several additional trade agreements.

In addition to trade agreements, over the years the Gulf has strengthened its external ties through significant investments overseas, while also assisting in development processes. Deposits made by Gulf central banks in counterpart countries that were heavily impacted by the pandemic or disruptions associated with the RussianUkrainian war, proved useful in protecting macroeconomic stability in important regional economies such as Egypt. However, according to the World Bank report, the focus is

increasingly shifting toward commercial investments. Saudi Arabia’s Public Investment Fund (PIF), for example, announced the creation of five companies to drive billions of dollars in investments in Bahrain, Iraq, Jordan, Oman and Sudan. One of the many benefits of this increased regional focus on capital mobilization is the creation of value chains that can tap into the resources of multiple economies, delivering broader economic benefits.

Investments Toward Improving Production Capacity

Investments are generally central to the future ambitions of Gulf states. One of the most significant initiatives in this regard is Saudi Arabia’s National Investment Strategy, which aims to inject over 27 trillion Saudi riyals ($7.1 trillion) into the country’s economy by 2030, thereby boosting the contribution of GDP to investment from 22 percent in 2019 to 30 percent by 2030.

The UAE’s “Projects of the 50” and Bahrain’s $30 billion economic recovery plan are just two examples of the ambitious investment programs in the region. All Gulf states are also focused on attracting foreign direct investment (FDI), which has been growing in recent years. Despite global economic difficulties, FDI in the region increased from $14.5 billion in 2017 to $44.4 billion in 2021. Bahrain, in particular, attracted $921 million in FDI in Q1 2022.

Capital Markets Activity

Additionally, the Gulf region experienced a significant rise in capital market activity in 2022, with a substantial increase in the number of Initial Public Offerings (IPOs). The Middle East and North Africa (MENA) region as a whole raised $23.9 billion from IPOs in 2022, compared to $11.1 billion in 2021, as per Ernst & Young data. This is the highest total since Saudi Aramco went public in 2019 with a billion offering. In terms of

transaction volume, 2022 was the best year since 2008 with 46 IPOs in the region.

However, worldwide IPOs raised $179.5 billion in 2022, a 61 percent decrease compared to 2021. The largest deal in terms of value was the Dubai Electricity and Water Authority (DEWA) IPO in April 2022, which raised over $6 billion and had 9 billion shares available, representing 18 percent of the of the company’s capital. The Petrochemical company Borouj also launched an IPO that raised $2 billion during its listing on the Dubai Financial Market.

In Saudi Arabia, the number of IPOs in 2022 reached 17, an 89 percent increase from nine in 2021. Americana International Restaurants Company’s dual listing in the Saudi market was the first of its kind and represented the largest offerings with 2.53 billion shares, accounting for 87 percent of the total offering volume in the market in 2022. Nahdi Medical Company’s second-largest IPO raised the largest proceeds among listed companies, with a total of 5.1 billion riyals ($1.36 billion).

Looking ahead to 2023, strong government support and economic stability are expected to boost investor confidence and accelerate capital market activity in the region.

Young Educated Workforce

The youthful demographic in the Gulf region gives it a competitive edge, as the average age of the population is still below 30 years. Huge investments in education remain a priority in the Gulf, with institutions such as the King Abdullah University of Technology in Saudi Arabia, one of the fastest growing research institutions in the world.

In an effort to retain top talent, Gulf countries are revamping their visa regulations to acknowledge the importance of human capital in driving economic growth.

COP28 Conference

The UAE is attracting global attention as the host country for COP28 later in the year. The conference will center on

conducting a “Global Assessment,” aimed at evaluating countries’ collective advancements toward fulfilling the goals set by the Paris Agreement, which took effect in 2016. Several GCC nations have declared their intentions to achieve net-zero emissions and have introduced measures to track their progress towards these objectives. These targets examine the changes in carbon intensity in their economies, which is the amount of carbon dioxide released per dollar of GDP.

PriceWaterhouseCoopers reports that the GCC is taking significant steps toward making their economy more environmentally friendly and highlights some of the changes they have implemented in this area:

. Accelerated investment in renewable energy: Saudi Arabia has ambitious plans to develop 58.7 GW of renewable energy sources by 2030.

. Reduction in energy consumption, especially from homes, to reduce energy intensity levels. PwC expects further reforms to energy tariffs and subsidies to incentivize energy reduction in the region, with the UAE Strategy 2050 aiming to increase the contribution of clean energy to the overall energy mix to 50 percent by 2050 and reduce oil use. The goal is also to increase the consumption efficiency of individuals and businesses by 40 percent.

. Sustainable finance is an important enabler of the energy transition and the UAE aims to become a hub for sustainable finance. The Abu Dhabi Global Market (ADGM) is the world’s first “carbon neutral” international financial center and has partnered with AirCarbon Exchange, a Singapore-based global carbon exchange, to launch the world’s first fully regulated carbon exchange and clearing houses.

Thanks to financing and a focus on climate change, 2023 should be the year that Gulf states strategize with their regional counterparts to chart the MENA region’s path toward net zero.

Powering a green falcon economy

Emmanuel Givanakis: “Climate Transition Funds pivotal for UAE”

Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) advocates a progressive financial services environment by managing any potential risk exposure and undesirable impacts. The FSRA welcomes financial services firms and institutions that wish to establish their presence in Abu Dhabi’s financial free zone.

Given the vital role the FSRA plays in the emirate and beyond, Economy Middle East held the following interview with Emmanuel Givanakis, CEO of ADGM FSRA.

What initiatives is ADGM taking to build a sustainable finance hub in Abu Dhabi and the UAE?

Positioning Abu Dhabi and the UAE as a sustainable finance hub is a strategic priority of ADGM, with sustainability rightly being of critical importance both nationally and globally. Given this, ADGM and FSRA have taken substantive measures to advance the sustainability agenda. The ADGM Sustainable Finance Agenda was announced in 2019 and aligns with Abu Dhabi’s and the UAE’s efforts to become a global hub and forward its efforts toward becoming a successful model of a green economy. This was followed by several initiatives including the Abu Dhabi Sustainable Finance Declaration and the establishment of the Sustainable Finance Working Group (SFWG). ADGM also chairs SFWG, composed of UAE financial regulators, federal ministries and UAE exchanges, working in partnership to drive forward the sustainability agenda among its constituent members. In November 2022, the SFWG published its Second Public Statement, focusing on measures to advance ESG disclosure across the UAE, to direct firms to take account of climate change in their risk management and corporate governance practices and to help advance the UAE Green Taxonomy. Further, and in keeping with our agenda, ADGM announced in January 2022 the achievement of carbon neutrality by offsetting its carbon emissions, becoming the first international financial center in the world to do so. Credibility is an essential component of a carbon offsets market, and in 2022 ADGM implemented changes to its regulatory framework to regulate carbon offsets as their own class of financial instrument by way of Environmental

Instruments. This measure helped facilitate the establishment of Air Carbon Exchange (ACX), the world’s first regulated voluntary carbon trading exchange and clearing house here at ADGM. Our recent publication of a consultation paper on a comprehensive sustainable regulatory finance framework has been another key milestone in our journey toward becoming a center of sustainable finance. Our proposals cover rules on sustainability-orientated investment funds, managed portfolios and bonds as well as a framework on environmental disclosures by companies based in ADGM. These measures complement our efforts to support the emirate of Abu Dhabi and the broader UAE, to not just help promote a falcon economy (the concept of a thriving, ascending economy) but a ‘green’ falcon economy that is essential to UAE’s sustainable future.

How does a comprehensive regulatory framework developed for sustainable finance and ESG disclosures help with UAE’s net zero by 2050 target?

Achieving the UAE’s net zero by 2050 target will require investment from both the public and private sectors. A regulatory framework is critical to facilitate the flow of capital into projects and activities which will help achieve this target. This is because investors will not commit their capital towards sustainable investment unless they are confident that it is going to be invested into genuinely sustainable projects, in other words, that the risk of ‘greenwashing’ has been mitigated. Ensuring the credibility of sustainable investment products and services is therefore a core component of our proposed regulatory framework.

Emmanuel Givanakis, CEO, ADGM FSRA

It is an important reason why we believe investors will be attracted to the sustainability-focused products and services established under ADGM’s framework. The more investment channelled towards sustainability-focused products and services in ADGM, the more capital can be channelled towards projects which will help meet both the UAE’s and global net zero targets. It is not just the robust nature of the framework, but also the breadth and depth of our proposals which we believe will make a significant contribution to the national net zero target. The framework covers a wide range of investment products and services, covering sustainabilityfocused investment funds, discretionary managed portfolios, bonds and sukuks. Given the transition to net zero will need to be financed through a wide range of investment vehicles and financial instruments, a comprehensive regulatory framework is essential. Critically, all stakeholders across the UAE economy will need to take action towards becoming carbon neutral for the national net zero targets to become reality. We have taken the first step towards enabling companies incorporated in ADGM to demonstrate their commitment to the net zero target with our proposals for ESG disclosures by all large ADGM companies. This framework, combined with firms’ ability to offset their carbon emissions on our regulated voluntary carbon exchange, is a powerful measure to help encourage ADGM companies to follow our lead in becoming carbon neutral and contributing to the UAE’s net zero goal.

Can you elaborate on one of the investment products – the Climate Transition Fund – created by ADGM FSRA’s regulatory framework and describe its potential significance in creating a green economy in the UAE?

Both globally and in the UAE specifically, the transition to net zero depends on providing capital to assets which are not currently green to help them on their decarbonization evolution. To assist in this, we created a new category of sustainable investment vehicle, one which invests in economic activities that are not yet green and require capital to help fund their transition to becoming so. We call these investment vehicles “Climate Transition Funds,” and they are separate investment types to those which invest in assets that are already green (Green Funds). We believe Climate Transition Funds are pivotal for an economy such as the UAE’s, where the majority of assets require capital to order to help them on their journey to becoming green. Our framework also includes robust measures to ensure the underlying assets are genuinely greening themselves in order to maintain investor trust. We believe the creation of a Climate Transition Fund as a standalone category of investment vehicle demonstrates our status as a progressive and innovative regulator, and that it will make a tangible contribution toward facilitating investment into transitioning economies, both within this region and beyond.

How do dedicated events for sustainable finance and ESG such as the Abu Dhabi Sustainable Finance Forum (ADSFF) and the R.A.C.E summit (part of Abu Dhabi Finance Week) help in advancing the sustainability agendas and strategies of the UAE and Abu Dhabi?

Creating awareness and facilitating the discussion are the key first steps in achieving net zero targets. It is incumbent upon all of us to deliver concrete actions that will deliver both the UAE’s and global net zero targets. Both the ADSFF and the R.A.C.E (Regulation, Awareness, Collaboration, Ecosystem) sustainable finance summit serve as extremely effective enablers for the concrete action that is now required.

Abu Dhabi Sustainable Finance Forum is an important platform for gathering both regional and global industry experts and thought leaders to share the tangible actions they have been taking, interchange ideas and start the process of collaborating on new projects. At this year’s event, we showcased companies that have launched successful investment vehicles investing in the green transition, and we also awarded companies which have demonstrably contributed to the transition to net zero. This year we also used the event to help focus minds toward delivering measurable change ahead of COP28. However, it is the projects that will arise from having those drivers of sustainability together in one forum that is the real value-add of ADSFF. It is one of the reasons why ADSFF is an extremely successful event, now having completed its fifth edition.

The R.A.C.E summit was launched during Abu Dhabi Finance Week (ADFW) last November. Workshops included discussions on financing the transition to net zero and creating regulatory frameworks to facilitate the green transition. However, again it is the network effect of having

decision-makers from some of the world’s largest investors in the same room as representatives from companies that are driving the transition to net zero which is the true value-add of the R.A.C.E summit at ADFW. Asset owners are searching hard for opportunities to invest in the green transition, and ADGM facilitates the meeting of asset owners with sustainability-focused companies. The feedback regarding both events has been excellent and demonstrated the value they provide.

We have COP28 in UAE later this year. How will this global gathering impact ADGM’s efforts to become a center for sustainable finance?

It is an extremely important year for the sustainability agenda, both globally and in the UAE. COP28 is certainly helping to focus minds as all national stakeholders, be they regulatory authorities, government ministries, or commercial stakeholders, are taking tangible measures to help deliver a successful COP. This includes making progress on initiatives which will help forward the UAE’s net zero target. COP28 will also serve to highlight the significant measures the UAE has already taken, from sizeable investment in domestic renewable energy and developing its carbon offsets market to building a hub for sustainable finance, as ADGM is aiming to do. However, the true impact of COP28 on ADGM will be how it catalyzes investment in the green transition going forward, which is how we are ultimately going to deliver on the promises made at previous COPs. ADGM’s sizeable efforts in this space mean we stand prepared to host the sustainability-focused products, services and companies that will deliver a transition to a dynamic and soaring green falcon economy.

Adapt and Adopt: Shifts facing incumbent regional banks

Mehryar Ghazali: “Corporate banking on a slower pace of innovation”

The PwC Network envisions being the most trusted and relevant professional services business globally, one that attracts top talent and combines the most innovative technologies, to help organizations build trust and deliver sustained outcomes.

PWC understands the urgency to successfully act in the face of the major shifts shaping the world. One important trend is the change taking place in the financial sector, leaving incumbent banks needing to adapt to and adopt new technologies.

In an exclusive interview with Economy Middle East, Mehryar Ghazali, financial services leader at PwC Middle East, elaborated on this trend.

Is traditional banking, as an industry, transitioning smoothly with fintech into a more digital-heavy and hybrid or virtual future?

The third-largest financial services corporation in the world today, surpassing the market capitalization of traditional banks like Goldman Sachs and Morgan Stanley, is the technology giant Ant Group. It has created the world’s largest money-market fund with over 588 million users contributing to it.

Growth, profitability, operating cost and customer acquisition cost are all significantly leaner than traditional banks. And with this technologyfirst approach over 98% of customer inquiries are handled by AI, making the system more efficient.

Media describes Goldman Sachs and JP Morgan as having “giant plans to avoid disruption,” but the traditional banking industry has already been disrupted, with further changes to come. Incumbent businesses are being challenged and overtaken in nearly

every major industry. Major banks, like Goldman Sachs and JP Morgan, are creating dedicated venture teams to identify fintechs and invest in new technology capabilities. On top of partnerships, a funnel of investments is being created with large capital allocations. JP Morgan alone invests $12 billion a year in technology, with 802 investments made.

Traditional banks have made a clear play to partner and invest in a digital and technology-first era. However, breaking away from legacy systems and shifting the focus to customer centricity and innovation rather than P&L and product centricity is crucial for their success.

There was a rapid acceleration in digital financial services caused by COVID-19. Are regional all-inone “super apps” the next trend to dominate e-financial services?

Two key trends are being observed in the global markets and among our clients. These are the rise of Super

Apps and Super Platforms. While platforms like Revolut, Monzo, Alipay, and Webank have seen success with Super Apps globally, the Middle East is yet to see a true Super App by a bank due to more complex regulatory infrastructure. Banks in the region are trying to address this by launching Speedboats, digital banking spin-offs that operate outside the traditional banking structure and have the freedom to evolve and compete like fintechs. Speedboats can seize new opportunities without disrupting current operations.

Super Platforms are a way for banks to provide Banking-as-a-Service (BaaS), allowing non-bank players to leverage existing infrastructure to launch financial services with a faster speedto-market. This service is becoming an increasingly profitable source of revenue for banks.

For banks looking to launch a Super App, the challenge will be to engage customers regularly enough for the app to become a natural hub for other services.

Mehryar Ghazali, Financial Services Leader at PwC Middle East

The average WeChat user spends 82 minutes a day on the app, and banks need to consider the way they use this app real estate to engage and create stickiness. This is a naturally obvious route for apps such as Careem Pay or Uber, which already have daily engaged users utilizing a significant part of their lifestyle services value chain.

Arguably these technology-first companies will be in a better position to offer the super app. The key for banks is to partner with these companies first, offering access to the payment infrastructure that only licensed institutions can provide and reducing operating costs to reach new customer segments.

What new products and services can banks in our region introduce to

customers and how will it affect their revenue streams?

An interesting trend we are seeing is the accelerated product innovation in retail. Banks in the region understand they have a young digital savvy population with mobile penetration at over 185 percent (two mobile subscriptions for each person in the UAE), an internet penetration of 99 percent and, in the majority, a youthful demographic.

Banks are acquiring fintech companies that cater to the teen segment through fun and loyalty-discount-driven pre-paid cards, enabling them to tap into financial inclusion and reach a younger audience. The retail banking sector is also exploring technologies such as Ecolytiq, a PwC investment,

which informs customers of their environmental impact based on their spending habits. These tools aim to increase financial inclusion and promote conscious spending – both key trends in the big success we have seen behind Ant Group’s growth. Although the pace of innovation in corporate banking has been slower, it is now changing. PwC is launching several corporate venture capital units, venture building activities, and corporate innovation exercises for clients in the region. The shift towards the WeBank ‘ABCD’ model (AI, Blockchain, Cloud Computing, and Data) is also underway to optimize efficiency and scale.

One major challenge in introducing new products in retail and corporate banking is the current regulatory

structure around cloud services. Current regulations require cloud service providers to be based in the country in which they offer services. Once this constraint is resolved, it has the potential to tremendously expand the scope of financial services in the region.

Open Banking is assumed to be a game changer for the industry. Are banks opening up to this idea?

The distinct immediacy with which our digitally savvy population wishes to engage with services is driving banks to rapidly develop capabilities for Open banking.

Over the course of our GCC Horizons leadership meeting, we took some of these hypotheses one step further, such as the integration of business accounting platforms into banking. A practical example of this integration is seen with Xero and Starling Bank. Xero is a New Zealand-based technology company that provides cloud-based accounting software for small and medium-sized businesses. Starling is a British licensed and regulated digital challenger bank that provides current and business accounts. Without paperwork, users can now seamlessly link their bank account to both platforms instantly from the bank’s marketplace. This integration manages business finances in real time, allowing predictive cashflows and generating new revenue streams with higher conversion rates and quicker approvals. The integration of open AI also opens up endless opportunities for growth.

With respect to Crypto- and blockchain-based transactions, are regulators confident in the shift to digital assets?

The Crypto winter was a seismic event within the industry. However, crypto bankruptcies have not had the expected repercussions across the wider financial services that we saw during the 2008 financial crisis. People tend to believe that with the fall of a couple of currencies or tokens, that could spell the end of virtual assets. However, without that technology, how can you ever operate

a smart contract platform? This is where leveraging CBDCs will become critical as fiat currencies are not enabled for smart contracts. By 2050, half of trade will be done by AI and that will all be tokenized in ways we can’t even visualize yet. According to The Economist, 47 percent of work currently done by humans will have been replaced by robots by 2037. The shift to digital assets, as you put it, is inevitable.

What do you believe will be the next big disruption in FS that we need to be prepared for?

The growth of open banking will certainly be game changing. Our two Supers – Super App and Super Platform – together create a new FS we hadn’t previously imagined. Artificial intelligence would be equally game changing, and then, over the next few years, head mounted displays, augmented reality and others. Other major disruptions that are necessary are based on cultural change. According to Henry Ma, a very important part of the WeBank culture is the idea of letting employees understand that they’re the owners of the business. It’s meant to encourage a lot of bottom-up decision making from their teams. This includes a “fail fast” mentality where teams can try out new things, and fail with low cost.

WeBank’s CFO says WeBank is built on failures rather than on successes. You need to have a strategy to manage the failures, to be able to fail fast and fail smartly.

Finally, WeBank was able to move from ideation to implementation in 14 days on average. During 2021, with the lockdown period still in place, WeBank was able to go from product initiation to production in just 10 days. That ability is crucial. Now, with our clients, the real challenge is the manner in which we collaborate and bring this vision to life in our region to make it a reality. We do this through two channels: Either we’re working with our clients’ biggest problems, or we’re making them market leaders in their chosen areas. If that’s not happening, it could mean that the transformation agenda does not have the right ambition.

ChatGPT: Entertaining for now, but dangerously witty for many Threat, opportunity, or both?

OpenAI, an American artificial intelligence research laboratory, has released a couple of smart bots, including ChatGPT, which has taken the world by storm. Another bot, DALL-E 2, allows users to create digital images simply by describing them with text. ChatGPT is a versatile tool, capable of answering questions, fixing bugs in code, writing cover letters, creating musical pieces and even extract data from scientific paper abstracts to help identify important information across thousands of articles. Despite its many uses and the fun it provides, it also has the potential to put certain jobs at risk. Those in media and research may be particularly vulnerable. Some even argue that schools and universities may become obsolete as a result of the technology. One major company that is closely monitoring the developments in this technology is Google. Known for its search engine, the company and its employees feel greatly threatened by the emergence of ChatGPT, especially with competitors such as Microsoft also exploring the possibilities of AI.

Microsoft: Billions spent financing ChatGPT

Everyone seems to be eager to get their hands on the still free (but not for long) generative AI ‘ChatGPT,’ a smart technology that could potentially compete with online search engines like Google and digital assistants like Alexa and Siri. However, OpenAI CEO Sam Altman, who is the company’s top executive, downplayed the anxiety the AI chatbot is causing in Silicon Valley. He tweeted last December that ChatGPT is «incredibly limited, but good enough at some things to create a misleading impression of greatness.»

Despite Altman’s downplaying of the technology, Microsoft looks confident in challenging big tech companies like Google, Amazon and Apple. In addition to the $1 billion in seed investments from Microsoft, the company has quietly invested an additional $2 billion and now $10 billion more in

OpenAI, raising its valuation to nearly $30 billion. Moving forward, Microsoft is reportedly seeking 75% of OpenAI’s profits until it recoups its investments. OpenAI, which is estimated to have generated $35 million in revenue in 2022 and is forecasted to rise to $1 billion by 2024, has agreed to build its technologies on the Microsoft Azure cloud platform. According to investment bank D.A. Davidson, as much as 10 percent of all data could be AI-generated in just three years, which could generate up to $7 billion in revenue for Azure.

Microsoft has not hidden its intention to use the tech behind ChatGPT for its Bing search engine and its suite of software tools, including Microsoft Word and Outlook. Together, Microsoft and OpenAI have built a supercomputer specifically for ChatGPT, allowing them to readily offer AI generative services and systems to their customers.

Competition is apprehensive

Google currently dominates the search market with over 90% share, which has prompted the US Justice Department to take legal action against the company for its alleged monopolistic practices in the online ad space. However, the emergence of ChatGPT has reportedly caused Google to issue a «code red» as they fear an incoming threat to their search engine. Investors are also concerned that the general slowdown in the economy will negatively impact Alphabet, the parent company of Google, and that ChatGPT has the potential to disrupt Google’s search engine business, according to Peter Garnry, head of Equity Strategy at Saxo Bank, who shared his comment with Economy Middle East. Alphabet’s AI subsidiary, DeepMind, has announced plans to release its own competitor to ChatGPT. The company has been allocated spending of nearly $4 billion between 2017 and 2021 to develop the technology. Meanwhile, Facebook is choosing its words carefully when describing

ChatGPT. Meta’s chief AI scientist, Yann LeCun, stated during a Zoom meeting with reporters and executives that «ChatGPT is ‘not particularly innovative’.» He went on to say that «it’s nothing revolutionary, although that’s the way it’s perceived in the public. It’s just that i’s well put together, it’s nicely done.» Meta has made two previous attempts at entering the AI chatbot market with Blenderbot 3 and Galactica, both of which received poor reviews. However, the company stated that these experiments helped «generate feedback that will improve outputs moving forward.»

Experimental path toward a paid ChatGPT Pro

OpenAI has recently introduced an «experimental» paid version of its popular platform, known as ChatGPT Professional. As the company looks for ways to monetize and sustain its development in the long term, it has launched a waitlist form for those interested in this new version. The response has been positive, with the

form receiving double the amount of searches each day compared to the free version.

Great for companies, a disaster for job applicants

Cloud Computing and IT Security

Expert Michael Gibbs, CEO of Go Cloud Careers, recently spoke with Economy Middle East about the positive impact of ChatGPT on businesses and educational institutions. He emphasized the importance of leveraging cloud technology for competitive advantage, stating that it can greatly enhance “marketing collateral development, reduce software development costs and aid in technology management.” Gibbs also highlighted the need for educational institutions to teach students how to use cloud technology to stay competitive in the modern world. In addition, Gibbs discussed the potential repercussions of artificial intelligence on large tech companies. He believes that AI will be used “to develop next generation software, improve internet search abilities and create chatbots that can deliver exceptional support and customer service.”

However, he also acknowledged the potential for job loss as a result of these advancements, stating that chatbots like ChatGPT have the ability to “program, create websites, write blogs, and even create social media posts.”

Colin Crowley, CX Advisor for Freshworks Inc., a software company, also weighed in on the topic of ChatGPT in an opinion piece. He believes that when combined with data on customers or prospects, ChatGPT has the potential to create chatbots that can autonomously engage with prospects and customers and manage an entire sales-related conversation from start to finish. Overall, it is clear that this technology is rapidly advancing and is expected to have a significant impact on various industries. For now, it’s only Microsoft with a razzle dazzle tech idea but what happens when big tech joins the race? Prepared or not, this thing is coming and there is no ducking it.

How far along are you in the conceptualization of the project by Merantix and have you decided on a free zone location for AI City?

We have developed the vision for AI City and are currently in the conceptualization phase of the project, securing buy-in from more critical stakeholders and partners in addition to aligning on setup and timelines as well as detailing the execution roadmap. The next immediate step is to raise more awareness, get additional partners on board and close further partnerships.

Building the Future of AI: AI City takes shape in

Dubai

Discover the vision and concept behind the groundbreaking project

In late December 2022, Sheikh Rashid Bin Ahmed Al Maktoum, owner of RAM Investment, announced a strategic partnership with European AI venture studio Merantix to bring AI City to conceptualize AI City in Dubai. This proposed free zone will serve as a hub for pioneering, implementing and developing robust AI solutions. The AI City project will be a major enabler for the UAE’s Artificial Intelligence Strategy 2031, with its smart city infrastructure connecting local and global players in the AI field including startups, corporations, investors and relevant research organizations’ talent.

In this interview with Sheikh Rashid, we dive deeper into the project and explain the business concept behind AI City.

AI City will be the largest physical hub of its kind in Dubai, and will include several office spaces and co-working hubs. However, it is not tied to only physical spaces as it will be complemented by a vibrant virtual community to foster interaction between leading experts, companies and institutions around the world.

As an example, we will commence drafting a regulatory framework with leading global experts in a series of roundtables and consultations, which will take place in virtual and physical meetups, before moving into a physical free zone in Dubai.

Sheikh Rashid Bin Ahmed Al Maktoum, Chairman of RAM Investment & Rasmus Rothe,Co-founder of Merantix

What impactful AI solutions will be pioneered, implemented and scaled at AI City? i.e. are there any specific macroeconomic AI needs that the concept will aim to tackle as priorities?

AI city will be a model city in a Dubai free zone where all institutions, regulations and infrastructure will be designed with an AI-first approach. This will include all aspects and critical infrastructure of urban life including healthcare, mobility, leisure & hospitality and energy.

AI City and all its developments will be accessible to the greater public. Our goal is to use AI City as a showroom for the public to experience AI, understand its potential and build trust in this technology.

In addition, AI City is looking to pioneer cutting-edge solutions to broader global issues such as climate change, sustainability, supply chain management and education. As an example, we’re looking to build an AI-first hospital where safety-critical health tech applications can be tested in a safe environment.

AI City is conceptualized in compliance with Sheikh Mohammed’s vision “Operation 300bn,” which aims to develop the UAE’s industrial sector, stimulating the national economy and establishing the UAE as a global hub for future industries.

How is this project funded? Will future HPC clusters and data centers contribute to growing the concept of AI City beyond being a beehive for testing concepts and moving into commercial implementation of them?

We believe AI adoption at scale can only be achieved through collaboration of all stakeholders in the ecosystem. We, therefore, want to partner with the leading companies and minds in our industry to make this project a reality. We are looking to work with stakeholders and fund projects in the form of joint ventures or other partnership arrangements.

AI City is designed to be a sandbox environment, but with the ultimate aim of commercializing and scaling AI solutions. HPC clusters and data centers will allow stakeholders without the necessary infrastructure to test solutions before investing into scaling their solution and infrastructure.

As an example, once safety-critical mobility & transport solutions have reached a high safety threshold and have proven to be commercially viable, we will work with partners to scale these into other urban areas in the UAE and beyond.

Can you name RAM Investment’s latest investments and partnership agreements and those planned for 2023?

RAM Investment has signed an agreement with Genevation Aircraft Ltd., an innovative NATO-certified European aerospace company. Genevation prides itself on its ground-breaking creativity, working alongside a strong engineering team, and using cutting-edge materials and advanced technology. Their team has already delivered many premium and unique solutions in Aerospace, Defense and the Lightweight composite market. In 2023 RAM Investment will continue to bring new investments, advanced technologies and companies for the food and medical sector in addition to bringing leading world-class competitions to Dubai.

What are your company’s major contributions to ‘Operation 300bn’ aimed at developing the UAE’s industrial sector?

RAM Investment is committed to investing in cutting-edge technologies globally. Companies seek a robust, stable, and secure environment for technology development, and the UAE serves as an ideal business hub for this industrial progression. We remain dedicated to supporting companies that wish to establish operations in the UAE.

Success in business is creating the life that makes you happy Serial entrepreneur, Sara Al Madani: “Driven to try new things”

One can say that serial entrepreneur Sara Al Madani, who today is running no less than nine enterprises, began blazing a business path at the age of 4, although she remembers none of it. “My parents would recount the days when I was 4 years old. I would buy candy and resell it to my cousins who were too lazy to buy it themselves,” Sara told Economy Middle East during an exclusive interview.

“I think some entrepreneurs are born that way. I’m 37 now, but I was 15 when I started my private enterprise journey at a time when access to social media wasn’t there to motivate or inspire me,” she added. Sara had a contagious energy about her and I wondered where that was coming from. Her mantra turned out to be simple: “I’m driven to try new things, and fail.”

Sara Al Madani, Entrepreneur

Youngest member at Sharjah Chamber of Commerce

Following a slew of businesses that she ran in the fields of fashion, hospitality and wedding planning, Sara became the youngest board member in Sharjah’s Chamber of Commerce, having been selected by his highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah.

“I was the youngest board member among 19 men, and only one other woman. I left in 2021, a total of seven years after I started working under this honorary title.

“Then the UAE Ministry of Economy followed where I became board member in the SME Council, creating incubators and helping youth, or whoever had a dream, to make it come true,” she said.

Sara describes her experience at the government level as “a beautiful journey” that allowed her to serve the country, create projects, learn and travel the world.

“I went on exchange programs in New York and learned things that the private sector cannot teach me, like how governments operate, solve problems and serve their communities,” Sara explained.

Existing businesses, launching new ones It took 20 years after Sara founded Rouge Couture, her first business, to realize that she didn’t have a passion for fashion, and even though it was a cash cow she ultimately sold the business.

“I was brainwashed that a woman should be in female industries. I was not made to be a fashion designer. I was just good at it, doing fashion shows all over the world. We can be good at so many things, but it doesn’t mean we have to pursue them,” Sara advised.

“I sold the company because I knew that the time I was spending there, I could be spending it elsewhere, doing something I love, which led to me to founding tech companies,” she said. Sara also exited a wedding events company as well as a restaurant business.

“I still have Social Fish, which is a marketing and social media consultancy, but I currently run nine

companies. Most of them are in tech, with my biggest right now being HalaHi,” Sara said.

HalaHi is an entertainment tech company offering personalized videos and exclusive merchandise from favorite celebrities.

“That’s what I live and breathe for because I love what I do there. This is my purpose. I make people happy. I give fans something they can access,” Sara said grinning.

“I love music, acting and movies. They touch us all in different ways. The business also allows me to donate to Smile Train, a nonprofit organization and charity providing corrective surgery for children worldwide with cleft lips and cleft palates.”

Services and product lines

Sara now leads a wealth management company called “We Do Business,” enlisting companies with an EBITDA of $2million-$4 million and taking them public, but through means other than IPOs.

“This company has experts in fields ranging from stock exchange listings, entrepreneurship, marketing and more, and we globally manage a lot of wealth for many athletes and people in the entertainment industry. We’ve so far taken 28 companies public. I’m proud of that journey because you don’t see a lot of women doing these things today,” Sara reflected.

Sara has her eye on the tech sector because it feeds into her need to create and innovate.

“Web 3.0 is very important to me. Tech is my passion because it’s where you can take something, whatever you dream of, and then you can turn it into a reality,” she said.

“I launched an NFT line in HalaHi but that’s a project that’s still in the pipeline. I invested in a fun company called the Root Candle, made for private consumption by people with quirky personalities. So, that’s something fun I’m doing,” Sara added. “Now we are launching a water brand with the help of a scientist. We’re mixing innovative ingredients that Kim Kardashian also uses in her products.”

Managing time and people

Following many years in the fashion

industry, Sara said she learned not to micromanage, because “it can kill you,” and became more of a leader than a manager, trusting the people she worked with.

“I was then able to found and manage nine companies because I’m the CEO of only one. Time doesn’t exist for me. Time is man-made so we can monitor things and organize life. And there’s no life-work balance. It doesn’t exist. You create the life that makes you happy.”

What inspires Sara

Sara wants to create and become financially independent. She said that as soon as she understood that death was part of life, it went from being her biggest fear to her prime inspiration. “Knowing I could be gone at any minute makes me want to go out there, try things, create, have fun, fail and learn, and this is what inspires me. Every day I wake up and I’m like, ‘I’m alive. I have a lot to do,’” she said. “People also inspire me. Whether they are an underdog or a celebrity, it doesn’t matter. I sit with random strangers who tell me their stories, and anyone who created something inspires me.”

Uncovering the Mysteries Behind the UAE's Looming Corporate Tax Exploring the Implications for Businesses, Investments and Employee Income

As the implementation of the UAE’s newly announced corporate tax (CT) fast approaches, set to take effect on June 1st, 2023 with a headline rate of 9%, the business community is left grappling with a multitude of questions and concerns. Despite the government’s assertion that the tax regime embodies “best practices in international taxation” and offers several exemptions, the reality of additional operational costs and the need for businesses to thoroughly assess their compliance still looms large. To shed light on the topic and delve deeper into what the tax really means, we spoke with Dr. Nabeel Ahmed, a Partner at DVS Management Consultancy. In a captivating interview, Dr. Ahmed offers insights into the implications of the CT for businesses and provides clarity on what the future may hold.

Dr. Nabeel Ahmed, Partner, DVS Management Consultancy

What are the positive implications of the tax on the UAE national economy?

One of the outcomes of CT is the UAE’s commitment to adhere to international best practices. With the coming of CT, the UAE will be able to shrug off the tax-haven status and demonstrate confidence among regulators across the world as a well-regulated Jurisdiction. The UAE has gradually brought in significant tax mechanisms, starting with the implementation of Value Added Tax (VAT) in January 2018 and now with the coming of CT, the UAE has taken concrete measures with a view to streamline its tax system, align itself with international markets and diversify its revenue streams. The introduction of economic substance rules (ESR), as well as Country-by-Country Reporting (CbCR) regulations in April 2019, were steps to acclimatize businesses to a possible tax regime which is now a reality.

Do you foresee an eventual lowering of the AED 375,000 amount where the 9% applies? Should MSMEs be prepared for that potential eventuality?

The reason why a threshold of AED 375,000 was decided by the UAE government was to keep the environment conducive for SMEs and start-ups. It is very unlikely for the threshold to be lowered.

Does this pave the way for applying an income tax on individual earnings salary and other employment income?

In fact, as recently as February 2022, the Minister of State for Foreign Trade, Thani Al Zeyoudi, made a statement that the UAE would not introduce employee income tax now. So, any speculation in this regard should be put to rest. There is no need to panic or fear. The UAE has been a consultative regime with respect to stakeholders. Sufficient time will be given, even if something is imposed in the future.

Should the UAE look at taxing bank deposits, savings schemes, dividends, capital gains, securities

and other investment returns in order to diversify tax revenues?

To answer the “should” question would be an exercise in speculation. Whether a government ought to maximize tax revenue is contingent upon other economic demands like spurring economic growth. As a case in point, consider Singapore, which is also a business hub where income from other sources is taxed while capital gains are not. If the UAE were to follow suit, then perhaps income from other sources could get taxed. Ergo, going by the UAE’s history of taxation, regulators have always balanced competing demands of tax buoyancy and economic growth pretty well and the same is expected to continue.

How about multinationals? Shouldn’t they have a different tax rate than 9%?

Currently, there isn’t a different slab for Multinational Enterprises (MNEs) as per the Corporate Tax law. However, the UAE is a member of the Inclusive Framework (IF) on Base Erosion and Profit Shifting (BEPS) and, as reports suggest, it is committed to addressing the challenges faced by tax jurisdictions internationally. The UAE was also among the signatories of the Two Pillar package driven by the Organization for Economic Cooperation and Development (OECD), where signatories to the deal agreed to either implement or increase the effective corporate tax to 15% from 2023, ensuring that MNEs would be subject to a minimum tax slab. This

would specifically apply to MNEs that have consolidated global revenues in excess of EUR750 million (AED3.15 billion) in at least two of the four fiscal years immediately preceding the financial year.

The introduction of a CT regime helps to provide the UAE with a framework to adopt the Pillar Two rules. Until adoption of such rules, businesses across the board in the UAE will be subject to the regular UAE CT regime. The Ministry of Finance (MOF) website should be watched for further information on the implementation of the Pillar Two rules in the tax regime.

The UAE CT looks too simplistic compared to their European or U.S. counterparts. When will we have an “Uncle Sam” tax version in the UAE, if ever?

The architecture of tax statutes varies depending upon the politicoeconomic goals of a country. It is unwise to have a one-size-fits-all model. Also, European and U.S. counterparts have a demography and tax base which is diversified in terms of business and the nature of businesses, which explains the nature of their tax regimes. Simplicity in terms of structure and procedure is a desirable virtue, which the UAE has incorporated. However, the UAE continues to leverage innovative strategies to boost economic growth and diversification, and with time changes in its tax regime could be expected to cater to the challenges posed by the digitization of economies.

Get up to speed and make the right call

Not yet aware of the damaging effects of inflation, the ongoing Ukraine war and recent talks of a recession, the International Data Corporation (IDC) forecasted in August 2022 that the smartphone market in 2023 would grow by 5.2 percent. IDC was also optimistic about the next five years, forecasting an average annual growth of 1.4 percent. It predicted a 6.2 percent increase in Android mobile shipments in 2023. However, the state of the global economy raises uncertainty about the accuracy of these projections. Nonetheless, the smartphone remains our constant companion, both at home and on the go, accompanying us to sleep and waking us up. It is our gateway to the world, and the bright, colorful squares on our screens never fail to captivate us. As such, it›s only fitting that we have the best date possible when brandnew purchase opportunity presents itself, for our beloved device deserves nothing less. The wide range of phones offered by various brands such as Apple, Huawei, Samsung and other manufacturers can overwhelm anyone and make the purchase decision a very hard one. From folding smartphones to affordable flagships, we can surely expect some exciting new launches in 2023. The HUAWEI Mate50 Pro, launched on January 26, was among the early releases this year. Samsung and OnePlus released early phones as well. The former has announced the Galaxy S23 on February 1, while the OnePlus 11 5G was set to be launched globally on February 7. The iPhone 15 lineup is expected to arrive in September and could include USB-C charging for the first time. If you run a business and provide mobile devices to your employees, consider investing in the latest top-of-

the-line smartphones that boast speedy processors, clear screens, and ample storage. Cost is a factor, but it should not compromise the quality that your employees require. The well-known phrase «need for speed» applies to more than just racing games. In the workplace, processing speed can be a major factor in determining the satisfaction and efficiency of employees. A smartphone with robust processing power, capable of running essential business applications, can elicit cheers from the entire office. If multitasking is a daily routine in your work environment, it›s wise to opt for a device with a high amount of GB RAM. Capturing special moments and selfies can be a fun experience with cameras, but for businesses, a smartphone equipped with a multi-lens camera system is a more effective and versatile solution for taking and sharing images and videos. Whether it›s for events, meetings, or photoshoots, businesses that strive for a sharp and professional image should invest in this technology. Improved photo and video clarity enhances collaboration between both remote and stationary teams, especially for challenging projects. Additionally, having a versatile camera is an advantage when sharing content on social media platforms. In compiling our list, we considered crucial specifications such as screen, design, display, camera, processor, battery, storage capacity and price. Additionally, we sought out innovative features and pricing strategies targeted towards attracting new mobile consumers in 2023.

Here is our list of the top 10 most popular mobile brands for 2023, in alphabetical order.

Apple

Apple has a history of creating exceptional devices, starting with the launch of the iPhone series 15 years ago. Many of these phones have set industry standards and established Apple as a leader in the smartphone market. The eagerly anticipated iPhone 15 series is expected to be launched in mid to late September 2023, and will consist of four models, much like the iPhone 14 series. Though there may be some minor design changes, the major upgrades will be to the internal components rather than the exterior.

Screen and display

The iPhone 15 is rumored to have a 6.1-inch screen, while the iPhone 15 Plus is expected to have a larger, upgraded 6.7-inch screen, with a more powerful battery. The iPhone 15 Pro will feature improved cameras and advanced features. The largest and most advanced model, the iPhone 15 Ultra, is expected to have a 6.7-inch screen. It is believed that Apple will change the name from Pro Max to Ultra to indicate the significant upgrades in this model, along with the higher price. All four models will use OLED screens, with slight differences in peak brightness to give the Pro and Ultra models a slight advantage.

Design Apple will continue to use glass and metal frames for its iPhones. The glass is expected to be glossy with aluminum frames on the non-Pro models, and a frosted finish with stainless steel frames on the 15 Pro. It has been rumored that the Ultra may feature a titanium frame instead of stainless steel, which is a significant upgrade due to titanium’s lighter weight and better scratch resistance properties. It is speculated that all four models will include a USB-C type connector, replacing the decadeold Lightning Port. Additionally, it is rumored that Apple will replace the physical volume and power buttons with haptic buttons.

Camera Apple is expected to use Sony›s latest image sensors for the iPhone 15 models, which will improve saturation signals and allow for more light to be captured, reducing under and overexposure. The sensors will enhance images even in challenging backlit conditions.

Processor

The standard iPhone 15 models are expected to have a slower chip compared to the Pro models, which will use a faster Apple A17 Bionic chip. However, all four models will share the Qualcomm modem. Additionally, it is rumored that the Pro and Ultra models will have 8GB RAM, while the 15 and 15 Plus will continue to use 6GB RAM.

Battery

There are not expected to be any significant changes in the battery sizes for the iPhone 15 models. Based on the iPhone 14 battery sizes, projections are:

. Base model: 3,279mAh

. Plus: 4,345mAh

. Pro: 3,200mAh

. Ultra/Pro: 4,323mAh

All four iPhone 15 models are also expected to have MagSafe wireless charging.

Storage Capacity

. iPhone 15 / 15 Plus:

128GB - 256GB - 512GB

. iPhone 15 Pro/15 Ultra:

128GB - 256GB - 512GB - 1TB

Price

Experts predict that the price of most models will remain the same, but the Ultra may have a higher price. The estimated prices are:

. iPhone 15: 128GB $799, 256GB $899, 512GB $999

. iPhone 15 plus: 128GB 899$, 256GB

$999, 512GB $1,099

. iPhone 15 Pro: 128 GB $1099, 256GB

$1199, 512GB $1,399, 1TB $1,599

. iPhone 15 Ultra: 128GB $1199, 256GB

$1,299, 512GB $1,499, 1TB $1,699

Honor

The Honor smartphone offers a premium feel at an affordable price point. With a reputation for producing quality devices with excellent features at reasonable prices, Honor phones are a great value for money option. Despite being the more affordable option compared to Huawei phones, Honor phones do not compromise on performance and functionality. Equipped with a powerful processor, a reliable battery life, and a decent camera, the Honor smartphone offers impressive specs. The sleek design and high-end aesthetic of the device further add to its appeal. Honor has established partnerships with leading technology companies such as Microsoft, Intel, Samsung, and Qualcomm, ensuring the integration of top-notch components into their devices.

A relatively new smartphone brand, Honor has announced plans to unveil its latest innovations, the Honor Magic 5 and Magic 5 Vs, at the upcoming Mobile World Congress (MWC) in Barcelona on February 27. Furthermore, the Magic5-series devices will land alongside the global version of the OEM’s latest foldable smartphone, the premium Magic Vs. According to Honor, the Magic 5-series devices represent significant advancements in mobile technology. Honor recently announced the official availability of the new X9a smartphone in the Saudi market, boasting high performance with a 120 Hz AMOLED Curved Display, massive 5,100mAh battery and 256 GB large storage, all in a compact design and with Google mobile services.

The Honor Play 30M is set to launch in India on March 14, 2023, and promises to offer decent and satisfactory specifications.

Screen and display

The Honor Play 30M is rumored to feature a 6.5-inch (16.51-cm) display with a resolution of 720 x 1600 pixels.

Design

In terms of color options, the Honor Play 30M smartphone will likely be available in Aurora Blue, Magic Night Black, and Titanium Empty Silver.

Camera

Regarding camera specifications, the Honor Play 30M is rumored to feature a single camera setup on the rear. There might be a 13MP + 2MP so that you can capture vivid and lifelike images. The rear camera features are expected to include digital zoom, auto flash, face detection, and touch-to-focus. On the front, the device is rumored to have a 5MP camera for taking selfies and video conferencing

Processor

The mobile is likely to be equipped with a powerful Octa-core (2.2 GHz, Dualcore, Kryo 460 + 1.8 GHz, Hexa Core, Kryo 460) processor. Honor Play 30M is said to run the Android v12 operating system and to have 6 GB of RAM.

Battery

The new model might be packed with a 5000mAh battery that will let users enjoy playing games, listening to songs, watching movies and more, for far longer without worrying about battery drainage.

Storage Capacity

The Honor Play 30M is believed to come with 128 GB of internal storage.

Price

The Honor Play 30M price in India is expected to be roughly $180.

Huawei

Huawei has once more slung itself on the growth cycle in China’s smartphone market, and according to recent data compiled by Counterpoint research, Huawei managed a 15 percent year-on-year growth in the fourth quarter of 2022. This year, Huawei plans to introduce several new smartphones while resuming its dual flagship launch tradition. This means that both the P and Mate series will be released in the same year, which is expected to drive growth and improve market share. The return of the fan favorites HUAWEI Mate smartphones is reverberating across markets, especially directly following the launch of the HUAWEI Mate50 Pro on January 26 of this year. The eagerly awaited luxury flagship phone from HUAWEI arrived with an amazing new look, Ultra Aperture XMAGE Camera, all while setting a new bar for smartphone performance. The latest reports expect that Huawei will launch the Mate X3, the successor of Mate X2, as its latest foldable with satellite connectivity, ahead of the also-rumored P60 series of conventional flagship smartphones. The Huawei P60 and Mate 60 series are arriving soon. The company usually introduces the P series way before the Mate series. And although there’s no official word from Huawei about a release date, the latest reports suggested that the P60 range could make its debut in March 2023.

Screen and Display

The Huawei P60 is said to feature an OLED 6.7-inch touch screen (~91.2 percent screen-to-body ratio) with a screen resolution of 1236 x 2676 Pixels.

Design

The Huawei P60 series front design brings big bezels on all corners of the phone, especially on the top and the bottom. On the bottom side, Huawei P60 will get you a physical button, which could be used to return back to the home screen. Looking sideways, the Huawei P60 phone also has a power key but there’s no volume rocker.

Camera

The Huawei P60 is expected to use a 50-megapixel rear camera combination of IMX7 series + IMX8 series sensors, with the main camera sensor larger than in the previous generation. In addition, sensors are also the industry’s first launch.

Processor

The new phone is expected to feature the Harmony Operating System 3.0 along with the second-generation Snapdragon 8 flagship processor. The chip will support a 4G network only. CPU Exynos 1080; with 8/12 Giga RAM.

Battery

Battery specs for the Huawei P60 are as follows: 4000mAh, Li-polymer, non-removable with 100W fast charging

Up to 100 percent in 20 Minutes

Supports reverse charging

Storage Capacity

The Huawei P60 will come with 128GB / 256GB built-in storage. Reports also suggest it will pack a Universal Flash Storage (UFS). Smartphones these days come with Universal Flash Storage (UFS) that offers fast read and write speeds. It helps in the phone’s performance as it increases the loading speeds and transfer of data. Most budget smartphones still use Embedded Multi Media Card (eMMC) storage.

Price

The Huawei P60 price ranges between $700 to $800.

Motorola ThinkPhone

Motorola Mobility LLC, commonly known as Motorola, is an American consumer electronics company that specializes in producing smartphones and other mobile devices running on Android. It operates as a subsidiary of Lenovo, a Chinese multinational technology corporation.

Motorola has recently ventured into the flagship realm in late 2022 with the Edge 30 Ultra and is starting 2023 by focusing on budget-friendly options with the launch of five new affordable smartphones. Four of these phones are new entries into the Moto G range, with the G73 5G, G53 5G, G23, and G13 replacing various current family members, while the fifth model, the E13, slots into the brand’s ultra-budget E series of handsets.

Lenovo is soon to unveil its latest smartphone, the ThinkPhone by Motorola. The company sees this phone as the ideal companion for business users. After acquiring Motorola from Google in 2014, Lenovo has released some of its most powerful devices, including the Motorola Razr 2022 and Edge 30 Ultra, which are among the top Motorola phones available now. This has culminated in the development of the ThinkPhone. The new device is expected to be released on March 29, 2023, as per the most recent reports.

The new ThinkPhone is expected to offer seamless integration and a host of privacy, security and productivity features. It carries a similar layout of cameras and external components to the latest consumer-focused Motos, but boasts a hardier design, thanks to an aluminum frame.

Screen and Display

The new Lenovo ThinkPhone by Motorola is expected to feature a 6.6inch FHD+ pOLED screen.

Design

The Honor Play 30M is rumored to boast an aramid fiber back panel, an aircraft-grade aluminum frame, and Gorilla Glass Victus protection on the display. Additionally, it is expected to have an IP68 rating for dust and water resistance, as well as MIL-STD 810H certification for durability.

Camera

. Front Cam: 32MP f/2.45, AF

. Rear Cam: Primary: 50MP f/1.8, Omnidirectional PDAF, OIS

. Ultra-wide: 13MP f/2.2, 120-degree FoV Depth sensor

Processor

The phone is expected to be powered by the Snapdragon 8+ Gen 1 processor, and Adreno 730 graphics processor, with 8/12GB RAM.

To protect users› data, the ThinkPhone is expected to pack Moto KeySafe–a separate processor running on Android that adds an additional layer of security to protect sensitive data like passwords, PINs, and cryptographic keys. It isolates this data into a tamper-resistant environment, preventing loss in a data breach.

Battery

The device is anticipated to house a 5,000mAh battery. It will come with

68W Type-C wired fast charging support and could support 5W wireless fast charging.

Storage Capacity

The new phone is forecasted to feature storage capacities that could start from 128GB up to 512 GB.

Price

The Lenovo ThinkPhone by Motorola will go on sale in the U.S., Europe, Latin America, the Middle East, Australia and select countries in Asia in the coming months. Currently, no information is available on the exact pricing and availability details for the device, but Lenovo is expected to share more information closer to the launch.

Oppo

Last December 14, Chinese smartphone manufacturer OPPO held its fourth annual technology event, the OPPO INNO DAY 2022. The event showcased the company’s innovative advancements in underlying technologies, crucial capabilities, and device designs. During the event, OPPO made it clear that it aims to transform from a smartphone original equipment manufacturer (OEM) to a global technology leader.

Some of the innovative products and technologies that reflect the company’s best R&D capabilities include the MariSilicon Y Bluetooth audio SoC, AndesBrain platform, OPPO Air Glass 2, OPPO Find N2 and N2 Flip foldable smartphones. OPPO also plans to maximize its computing power and resources between device and cloud to upgrade the storage and AIpowered intelligent services for users.

OPPO’s non-smartphone operations remain relatively modest compared to those of Apple, Xiaomi, Huawei and others. However, it has shown intentions toward converting its smartphone users into multi-device users, thereby increasing the sales of its IoT and ecosystem products.

OPPO has built a global innovation system that bolsters the exploration of cutting-edge technologies. ColorOS, a mobile operating system created by Oppo Electronics based on the Android Open Source, now includes a full spectrum of system applications to create a free and frictionless user experience for 500 million users around the world.

The latest addition to Oppo’s line-up of smartphones is the Reno 9 Pro Plus. Soon after the Oppo Reno 9 series was introduced in November 2022, rumors and speculations about the Oppo Reno 8T started to circulate. Additionally, the Oppo A78 5G was launched to the public in Malaysia on January 9. The smartphone is a mid-range device that boasts a large LCD screen, a powerful MediaTek processor, and dual 50-megapixel cameras. Several sources indicated that the highly anticipated Oppo Reno 8T would be available in early February.

Screen and Display

Previous reports have suggested that the Oppo Reno 8T 5G may feature a 6.67-inch OLED display with a 120Hz refresh rate and 10-bit color depth. On the front, the display curves toward the edges, whereas the top and bottom bezels are slim.

Design

The Reno 8T 5G and Midnight Black varieties will both have the Oppo Glow design available, while the Sunset Orange variant appears to have a leather finish.

Camera

The company confirmed on Twitter that one of the device›s triple rear cameras is a 108-megapixel main portrait camera and a micro lens sensor. The front camera is housed in a hole-punch cutout located on the upper left side.

Processor

The phone will have a Snapdragon 695 SoC chipset, and it will support an Octa-core CPU.

Battery

Recent reports suggest the new phone is rumored to have 67W fast charging capability and a 4800mAh battery for the Reno 8T 5G.

Storage Capacity

The Oppo Reno 8 5G comes with 8GB RAM and a choice between 128GB and 256GB internal storage.

Price

Reports claim that the Reno 8T 5G will be priced between Rs30,000 ($368) and Rs32,000 ($393) for the 8GB RAM option, which will offer 256GB of internal storage.

realme

realme has launched with a vision to empower millions of youths around the world with access to advanced technologies at cheaper prices. realme is making major investments in its new Global Institute of Leap-forward Technology with over 60 tech experts and an R&D team that comprises 60 percent of the company. realme has its roots in OPPO and began operations in 2018 in China. It is considered the fastest-growing smartphone manufacturer, experiencing triple-digit growth in some months and maintaining a steady high level for multiple quarters. The brand is also diversifying its product portfolio, shifting focus from mass market sales to a full-fledged smartphone brand covering all price ranges.

It was recently announced that realme will join hands with the Coca-Cola company to release a limited-edition smartphone in India. The new limited realme 10 Pro Coca-Cola will likely be launched on February 10. The phone features the iconic red and black design of Coca-Cola and OPPO announced that only 6,000 units will be available globally. The realme 10 Pro is available in two variants. The variant with 6GB RAM and 128GB of internal storage is priced at $231. The variant with 8GB RAM and 128GB of internal storage is priced at $243. realme is focusing on the six major fields of charging, photography, display, gaming, chipset, and industrial design to create the future of leap-forward technology.

In 2022, realme’s Number and C series saw impressive success in the Middle East and Africa. Thanks to significant investments in R&D and a focus on product quality and long-term growth, realme closed the year with a remarkable 57 percent year-onyear growth rate.

realme is gearing now to launch the GT Neo 5. And although it has not been confirmed, many reports speculate that it will be released in February.

Screen and Display

The Realme GT Neo 5 is expected to sport a 6.74-inch 1240x2772 AMOLED screen.

Design

The new phone could feature a polycarbonate back. The top portion has a glossy rectangle-shaped block, which houses a slightly protruding camera island toward the left.

Camera

It is forecasted that the GT Neo 5 will come with a 50MP main camera flanked by an 8MP ultrawide and 2MP decorative sensor of some sort, a 16MP selfie snapper.

Processor

The new device is forecasted to be powered by Mediatek Dimensity 8200 Octa-core processor. The operating system runs on Android 13 + realme UI 4.0.

Battery

The new device is expected to feature a 4,600 mAh battery in the 240W version. Another iteration will apparently pair a 5,000 mAh cell with “just” 150W charging.

Storage Capacity

The smartphone is integrated with 128 GB, 256 GB, 512 GB and 1 TB internal storage with 8GB, 12GB, 16GB RAM.

Price

realme GT Neo 5 is expected to be priced in India at 34,999 Indian rupees (roughly $430).

Samsung

Samsung boasts a massive following among consumers, but the company aims to also make a mark in the enterprise sector by presenting its latest smartphones as tools to tackle critical business problems. With a diverse range of business devices and strategic partnerships with software developers, Samsung is well-positioned to drive innovation and overcome any challenge. By partnering with technology leaders such as Google, Dell, and HP Enterprise, Samsung has a distinct advantage in the business market.

Samsung Electronics is focusing more on the high-end and entry-level smartphone devices. It is certainly counting on demand for premium devices to drive double-digit growth.

The South Korean company is the first to release its new Galaxy S23 smartphone lineup with improved camera and enhanced gaming features, ready for pre-order as of February 2.

The Galaxy S23 smartphone lineup features three new models: the standard S23, a slightly more expensive S23+ and the topof-the-line S23 Ultra. These new models will hit the shelves on February 17. All three models use four Android OS upgrades (they launch with Android 13) and will get monthly security updates for five years, which is one of the best software policies in Android.

Screen and display

The smartphone measures 6.1 inches. Meanwhile, the Galaxy S23 Plus has a 6.6-inch screen, while the S23 Ultra features a 6.8-inch screen. The TENAA certificate revealed the Galaxy S23 Ultra also has a display measuring 6.8 inches diagonally, with a QHD+ resolution (3,088×1,440 pixels).

Design

Phone thickness remained unchanged, and other design elements didn’t diverge very far as well. The Galaxy S23 and Galaxy S23 Plus ditched the rear Contour Cut camera housing that their predecessors had, and are instead laid out as individual lenses like on the Samsung Galaxy S22 Ultra.

Camera

Galaxy S23 Ultra is equipped with 5 cameras: a 12MP selfie camera, a 12MP Ultra-Wide Camera, a 200MP Wideangle Camera, a 10MP telephoto camera with 10x optical zoom and a second 10MP telephoto camera for 3x optical zoom. Low light selfies are AI enhanced for crisp detail and accurate color.

Processor

The Samsung Galaxy S23, Galaxy S23 Plus, and Galaxy S23 Ultra all use the Qualcomm Snapdragon 8 Gen 2 processor. But it’s not just any Snapdragon 8 Gen 2 – it’s the Snapdragon 8 Gen 2 For Galaxy, and it’s a little different from the chip found in other, non-Samsung smartphones.

Battery

The S23 features a 3900mAh battery

– that’s up 200mAh compared to its predecessor.

On the other hand, the S23 Plus features a 4700mAh, while the S23 Ultra boasts a 5,000mAh battery. The phones have up to 15W Qi wireless charging, with 4.5W reverse wireless charging.

Storage Capacity

The Galaxy S23 comes with 8GB memory and 128GB/256GB/512GB

internal storage.

On the other hand, the S23 Plus only sports 8GB memory with 256GB and 512GB internal storage. Meanwhile, the S23 Ultra supports 8GB and 12GB memory with 256GB/512GB/1TB internal storage.

Price

The S23 and S23+ start at $799 and $999, respectively. The most advanced S23 Ultra retails at $1,199.

Transsion |Tecno, Itel, Infinix|

Transsion Holdings, a top-ranked Chinese phone manufacturer that owns the brands Tecno, Itel, and Infinix, has made its debut on the top 5 list of vendors in Central Latin America and Central Eastern Europe, according to market research firm Strategy Analytics.

The mobile phone maker is a leader in the African smartphone market but making progress in the aforementioned markets, largely dominated by major brands like Samsung, and Apple.

Transsion’s revenues achieved positive growth late last year due to a big increase in smartphone selling prices, with TECNO’s and Infinix’s average selling prices (ASPs) rising 26 percent and 28 percent YoY respectively.

Transsion was able to launch more sophisticated devices that have gathered popularity among aspiring switchers.

Transsion is spending heavily on R&D as the company aspires to move into higher-value smartphone segments and other smart device categories. Since the COVID-19 lockdowns, Transsion has moved decidedly more into the smartphone business, keeping inventory levels to a manageable 57-60 percent mark.

The firm produces reasonably priced mobile phones and occasionally delivers hardware specifications superior to any smartphone in a specific price range

In December 2022 Transsion, announced the Infinix Zero 5G 2023 as its new smartphone for the midrange market. The device is anticipated to launch in February 2023.

In comparison with the Infinix Hot 11 that became official earlier in 2022, the new device improves on the camera abilities and the processor.

Screen and Display

Infinix Zero 5G comes with a 6.78 inches IPS LCD type display featuring a screen resolution of 1080 x 2460 pixels. This is in addition to an FHD+ screen display – with a center punch-hole for the selfie camera – supporting a 120Hz refresh rate.

Design

For its design, the new Infinix Zero 5G 2023 comes with a uni-curve design, and its rear camera cutout is also better looking than that of its predecessor.

Camera

Infinix also updates the camera specification of this device, which now comes with a 50MP main camera sensor and two secondary cameras. The previous version comes with a 48MP main camera and two secondary lenses, but the 16MP selfie camera on both models stays the same.

Processor

Coming with this device is the new MediaTek 1080 5G processor that is also available on the realme 10 Pro+ and the Redmi Note 12 Pro+. Joining this new and powerful midrange processor is up to 8GB RAM, which is expandable to 13GB via virtual expansion. The device runs Android 12 on XOS 12 with a ton of customizations and animations to the user interface.

Storage Capacity

The Infinix Zero 5G comes with an internal storage of 128GB which can be extended further up to 256GB. Connectivity specs loaded within the smartphone include Wi-Fi 802.11, Mobile Hotspot, A-GPS, 5G, and Bluetooth v5.0. Moreover, the device supports 4G VoLTE connections for high-quality video and voice calls.

Battery

The battery capacity on this device is 5000mAh, and it supports 33W fast charging.

Price

All of this comes at a price just below $300.

Vivo

Vivo, a Chinese communication technology company, has established itself as a leading smartphone producer. With a presence in over 100 countries, its products are available for purchase worldwide.

The Vivo X90 5G is predicted to hit the Indian market in early February 2023, after the debut of the Vivo X80 Pro in May 2022. Vivo is also preparing to launch the new Y100 smartphone in the latter half of February, which boasts a sleek and lightweight design The estimated price for this new device is below $367. The X90 series has already been unveiled in China and will include the X90, the X90 Pro and the high-end Vivo X90 Pro+.

Screen and display

The Vivo X90 has a 6.78-inch curved OLED display with QHD resolution (1260 x 2800 pixels). The display supports a 120Hz refresh rate, HDR10+, and a peak brightness of 1300 nits.

Design

The phone is made of Glass front (Schott Xensation Up); glass back, ceramic back or eco-leather back; and aluminum frame. It is certified to be IP68 dust/water resistant (up to 1.5m for 30 mins). The front screen is curved on both sides and has a center punch hole on the top screen. This phone will be available in Red, Blue, and Black colors.

Camera

Vivo X90 features a triple rear camera system and a single front camera. On the rear, it has a 50MP primary camera that is supported by a 2x optical zoom 12MP telephoto lens and a 12MP ultra-wide lens with AutoFocus that also doubles as a macro lens. Upfront, it has a 32MP wide-angle camera that can record steady videos in 4K resolution. The 50MP primary camera is a Sony sensor and has Laser Autofocus and OIS features. The rear and front cameras can record videos in 4K resolution.

Processor

The Vivo X90 Pro+ will get the Snapdragon 8 Gen 2, while the Vivo X90 and X90 Pro will feature the equally powerful MediaTek Dimensity 9200 chipset. This is a 5G chipset built on TSMC’s 4nm process technology and features an Octa-core processor. The chipset has an Octa-core CPU with a maximum speed clocked at 3.05GHz. The CPU cores are made of one Cortex-X3 (performance core), three Cortex-A715 (prime cores), and three Cortex-A510 (efficiency cores).

Battery

A 4,810mAh battery powers the phone and it has support for 120W wired fast charging but has no wireless charging. It’ll take less than 20 minutes to charge the battery from 0 to 100 percent. The phone also supports reversewired charging.

Storage Capacity

The Vivo X90 comes in different storage configurations. It has 8GB + 128GB, 8GB + 256GB, 12GB + 256GB,

and 12GB + 512GB storage versions. There is no microSD card slot for users to expand storage, but users can always make use of cloud storage services when storage is full.

Price

The Vivo X90 Price is $599 for the model with 8GB of RAM and 128GB of internal storage. The models with 8GB + 256GB, 12GB + 256GB, and 12GB + 512GB storage are sold for $649, $749, and $799 respectively.

Xiaomi

Xiaomi is known for its bold declarations and decisive actions. Its founder, Lei Jun, has set a goal of becoming the world’s leading smartphone seller by 2024, beginning with a focus on boosting sales in China. Given that 70 percent of smartphone sales in China occur through physical stores, Xiaomi intends to increase the number of brick-and-mortar outlets to 30,000 within the next two years.

And now, after smartphones, televisions and vacuum cleaners, Chinese tech giant Xiaomi is ready to take the plunge into the world of electric cars with the MS 11 sedan.

While the success of this new venture is anyone’s guess in a very competitive EV market, Xiaomi’s smartphones pack some power of their own. The Redmi Note 12 Pro and Pro+ offer powerful specs, start at only $218 and can go up to $400. Not bad for these exciting new gadgets.

In addition to the recently announced Redmi Note 12 Series, including the Note 12, the Note 12 Pro, and the Pro Plus, in early 2023 Xiaomi will also be launching its flagship smartphone Xiaomi 13 outside of China, where it launched last December. Xiaomi will be launching as many as three phones under the “K” banner with some suggesting the Redmi K60, the Redmi K60 Pro, and the Redmi K60E. The K Series will also get the new MIUI 14 OS. The flagship foldable Xiaomi MIX Fold 2 released last August is available in only limited markets released last August and boasted a slimmer form factor than its foldable peers. Expect the Xiaomi MIX Fold 3 to be released by July/August next year.

Screen and display

The 6.77-inch Xiaomi 13S Ultra could come with an LTPO AMOLED display with a screen refresh rate of 144Hz and a resolution of 1440 x 3200 pixels, and an aspect ratio of 20:9. The screen occupies 91.4 percent of the phone body.

Design

The Xiaomi 13S Ultra would probably be available in three different colors which are green, silver, and black.

Camera

Based on the new info, Xiaomi 13 Ultra will feature a four-camera setup with the primary 1» sensor (Sony IMX989) from the Xiaomi 12S Ultra retained. The new bit is that the 13 Ultra might feature gimbal stabilization. Xiaomi 13 Ultra will most likely retain the 12S Ultra’s circular camera housing. However, there’s not much info on the remaining sensor

Processor

The new phone is expected to support Android 13 OS out of the box, with possibly a Snapdragon 8 Gen 2 SoC chipset and an Octa-core processor. It also features 12/16GB RAM.

Battery

Additionally, the Xiaomi 13S Ultra offers a 5000mAh, Li-Polymer, non-removable battery, with 10 W reverse wireless, 50 W wireless, and 67W fast charging.

Storage Capacity

Xiaomi 13S Ultra comes with 256GB and 512GB internal memory. It is believed that the new device will not support the installation of additional memory

Price

The price of the Xiaomi 13S Ultra mobile starts from $650.

By Lana Zailaa, Certified Dietician & Lifestyle Coach

Creating a healthier workplace: addressing physical, mental and environmental challenges

Health challenges in the workplace can have a significant impact on both employees and employers. From mental health challenges like stress and burnout, to physical challenges such as sedentary work and repetitive motions, to environmental challenges like poor air quality and lighting, these issues can lead to decreased productivity, increased absenteeism, and increased healthcare costs. It is important for employers to prioritize employee health and well-being in order to create a more productive and positive work environment.

One of the most common health challenges in the workplace is mental health. Stress and burnout are prevalent issues that can negatively impact employee well-being and productivity. Employers can take a proactive approach by promoting a culture of openness and support around mental health issues. This can be achieved by offering mental health support and resources, such as employee assistance programs and counseling services, to help employees cope with these challenges. Employers can also create a positive work-life balance by encouraging work-life integration, flexible schedules and encouraging employees to take paid time off.

Other prevalent physical challenges in the workplace are musculoskeletal disorders which are caused by prolonged sitting and repetitive motions. To address these challenges, employers can implement ergonomic office design, such as adjustable desks and chairs, to reduce strain on the body. They can also encourage the use of standing desks or provide the option to work remotely, which can help reduce the amount of time employees spend sitting. Additionally, employers can offer stretching and exercise breaks throughout the day, and provide information on proper posture and ergonomics. Environmental factors can also contribute to health challenges in the workplace. Poor air quality and lighting can lead to headaches, eye strain, and other health issues. Employers can improve air quality by ensuring proper ventilation and air filtration, and improve lighting by installing high-efficiency lighting and encouraging the use of natural light. They can also encourage employees to take regular breaks outside, where

they can get fresh air and natural light. Another important challenge in the workplace is lack of social support and isolation which can lead to mental and emotional distress, and can increase the risk of burnout. Employers can promote social support by encouraging team building activities, and fostering a positive work culture where employees feel valued and heard.

The impact of health challenges in the workplace can be significant. Increased absenteeism and presenteeism, as well as decreased productivity and job satisfaction, can all result from health challenges. Additionally, healthcare costs can rise as a result of these issues. By addressing health challenges in the workplace, employers can improve employee well-being and create a more productive and positive work environment.

In conclusion, health challenges in the workplace can have a significant impact on both employees and employers. By addressing physical, mental, and environmental challenges, employers can create a more productive and positive work environment. Employers should take action to address these health challenges by implementing ergonomic office design, promoting mental health support and resources, improving environmental factors, fostering positive work culture and encouraging social support. By prioritizing employee health and well-being, employers can create a healthier and more supportive work environment for all employees.

Employers can play a crucial role in preventing burnout by promoting a positive work culture

Lana Zailaa, Certified Dietician & Lifestyle Coach

Retooling retail: Malls here to stay with tech a constant Increasing focus on ESG practices of retailers

The rapid expansion of retail in Saudi Arabia development creates an opportunity for international and regional developers to invest in digitally enabled, immersive mall experiences to attract consumers and retain their loyalty. The integration of digital experiences with physical stores in the Kingdom will be a central theme at the 9th Retail Leaders Circle (RLC) MENA Summit, in Riyadh next month.

Upon completion, the Mall of Saudi will feature around 700 retail units, 100 F&B outlets, 182,000 sqm of office space, 1,800 homes, 2,000 hotel keys and 29,700 sqm of leisure & entertainment.

The Avenues – Riyadh, a project being developed on an area of 1.8 million sqm by Shomoul holding, a joint venture between Mabanee Company of Kuwait, Al Fozan Holding, and Alshaya Group, is expected to become one of the largest commercial malls in the Middle East with a gross leasable area of 400,000 sqm.

To talk more about this, as well as trends in retail and the sector’s growth, Economy Middle East spoke to Panos Linardos, chairman of Retail Leaders Circle.

Panos Linardos, Chairman of Retail Leaders Circle

What can you tell us talk about the Retail Leaders Circle and its role in the changing retail environment in the region? What’s changing in retail?

The Retail Leaders Circle summit is the most important strategic forum for the MENA retail sector, as regional and global thought leaders come together to examine regionally-significant emerging trends and discuss how to drive positive change in the industry. It was the first and is the largest forum dedicated to driving the growth of the regional retail sector.

At the 9th edition of the Summit in Riyadh on March 7 and 8, we will be joined by over 4,000 attendees including policymakers, industry leaders, innovators and influential decision-makers to debate and shape strategy among the companies that drive the modern retail sector in Saudi Arabia and the wider region. Some of the key areas for discussion this year will include how to design shopping journeys that spark joy through the most robust, feature-rich, personalized and scalable experiences; how to level the economic playing field to shape a better and more inclusive future for all; and a look at the growth of digital and how to reimagine commerce journeys, tap new markets and really unleash the industry’s potential. Sustainability will also play an important role in the discussions and we will look at how to turn the momentum around sustainability into tangible gains in the industry.

What are key trends to look for in 2023, from economic and technology standpoints?

There are three major trends for 2023: Integrating physical and digital retail

As consumer habits and expectations change, retailers are exploring new ways to bridge the physical/digital divide. While most major retailers today have incorporated digital technologies like e-commerce and app-based shopping and loyalty programs, few have designed the entire customer journey around digital integration. We expect to see emergent technologies like AI and Augmented Reality to play an increasingly central role in retail planning for 2023 and beyond.

Conscientious consumerism

As consumers become more aware of the impact their decisions have on the environment and on local

communities, we have already seen an increasing focus on ESG practices of retailers, especially those with multinational supply chains. We expect to see this trend continue as customers, regulators and investors pay closer attention to the retail industries public commitments to ESG and how those commitments are reflected in their actual operations. Transparent reporting and independent auditing of sustainability claims are going to become increasingly important to retailers hoping to protect and grow market share.

Evolution of physical stores

Retailers are increasingly seeking ways to make in-store shopping a richer experience by using store space to showcase key product lines and incorporating brand activations and in-store technologies to replace the traditional inventory-driven model. The retail sector is forecast to contribute $308 billion (SAR1.16 trillion) to the GCC economy in 2023. What top 3 retail sectors or types will contribute most to this and why?

. Luxury continues to perform well and favors the in-store model, as consumers investing significantly in a product want to examine it physically before committing to a purchase.

. Domestic and regional retailers should perform well as rising costs and supply-chain disruptions in major European markets, stemming from

the post-pandemic readjustment and geo-political uncertainty, impede the delivery and cost-competitiveness of their export products, especially at the low-to-mid cost range of the market.

. E-commerce is growing fast as customers continue their buying habits from the pandemic. Spending power among younger digital buyers, who generally enjoy the convenience of online shopping, will also contribute significantly to the growth of retail in the GCC.

The Saudi retail sector is forecast to grow to $159 billion (SAR596 billion) in 2024. Is the mall still a major retail destination or is digital shopping garnering more market share, especially when the metaverse adds more fun choices to the mix?

Malls in the Middle East are more than just retail outlets, they are social and entertainment hubs. The climate in this part of the world significantly affects the ability of customers to enjoy the traditional “high street” retail model common in more temperate regions. Middle Eastern malls already incorporate high-end dining, entertainment areas and experiential activities into their mix. Mall investment, especially in Saudi Arabia, continues to expand. To enhance their competitive appeal, new retail spaces should be seeking to integrate more digitally enabled, immersive experiences into their offer to attract consumers and retain loyalty.

By Renata Messarra, Founder and Managing Director of Reborn Consultancy

Emerging F&B trends in the Middle East Demand growing for healthy and organic options

The Middle Eastern Food and Beverage (F&B) industry is dynamic and constantly evolving, with new trends and developments emerging in response to consumer preferences, needs and expectations, says Renata Messarra, managing director of Reborn Consultancy. With over a decade of experience in the region, Messarra has successfully created awareness for well-known Hotels and F&B brands in the UAE. These include, among others, The Dubai EDITION, Tonino Lamborghini Mare Nostrum Skypool Restaurant, Vision Club, Al Safadi, Inti, Terra Solis, TWG Tea, The Pit – House of Barbecue, Esco-bar Coctel y Cocina.

A destination like Dubai is no exception. The city has continuously and consistently adapted to the demands of consumers in terms of palates, trends and lifestyles. The industry is increasingly accommodating, creating choices for those seeking healthy food diets, as well as catering to foodies looking for unique and gourmet dining experiences. Reborn Consultancy, a company aiming to bring new ideas to life as well as deliver effective consultation and support to the region›s top restaurants and newest outlets, has witnessed notable trends. The first is increased demand for healthy and organic options. Consumers are seeking healthier alternatives to traditional fast food and processed meals, and this has led to growth in the number of restaurants and food outlets offering plant-based, vegetarian and gluten-free options, as well as meals made from locally sourced fresh ingredients. Another trend is the growth in food delivery and online ordering services. Having busy lifestyles and possessing an exponential need for convenience, many consumers are turning to online platforms to order food. This has led to increasing investments in food delivery and online ordering technology, allowing consumers to order meals easily and efficiently. The focus on unique and varied dining experiences is also a major trend in the Middle East. With diners seeking out cultural and gourmet cuisines, many restaurants are embracing the region’s rich cultural heritage and offering dishes that showcase traditional ingredients and techniques. Additionally, there has been a rise in the number of high-end dining options, such as Michelin-starred restaurants and Gault&Millau-listed venues that offer fine and unique dining experiences.

Sustainability in F&B

Sustainable and eco-friendly practices are becoming more popular. As people grow more aware of the environmental impact of food production and packaging, many restaurants are implementing sustainable practices such as reducing waste, using biodegradable packaging and sourcing ingredients from local and organic suppliers. A brand that comes to mind is Lucky Fish, which makes local produce sourcing not only a priority but also a key point of interest for repeat customers.

Onward and upward

We are in an extremely transformative time in the Middle East, and we expect the industry to continue developing and growing in the years to come. The focus on healthy and sustainable options and unique dining experiences, in addition to the use of technology and online mediums, will remain an industry staple, enabling it to become increasingly diverse and cater to all tastes and lifestyles.

These trends will continue to influence the overall wellbeing of the F&B industry in the Middle East, where investor vigilance is key to keeping top-tier dining establishments operating profitably.

Renata Messarra, Founder & MD, Reborn Consultancy

Queen B makes a splash as opening act for Atlantis The Royal Guest list includes who’s who in media and entertainment

The highly-anticipated weekend launch event for Atlantis The Royal took place in late January with an array of celebrities in attendance, including actors, singers, socialites and, of course, media influencers. The main attraction was undoubtedly the magnificently choreographed performance by Queen B, Beyoncé, who had not performed in public since her tribute for Kobe and Gianna Bryant in February 2020.

The guestlist at the event consisted of 1,200 carefully selected individuals, including Kendall Jenner, renowned chef Nobu Matsuhisa, and social media influencers. The crowd was wowed as Beyoncé was lifted into the sky with the accompaniment of massive fountain jets, fireworks, and flames lighting up the Dubai skyline at Palm Jumeirah island. Jay-Z managed to briefly blend into the crowd while wife Beyoncé’s

performance, which lasted just under an hour, earned her a reported eyewatering $24 million. The supporting dancers for her act included the Mayyas, the all-female Lebanese dance group which famously won America’s Got Talent in 2022, adding a Middle Eastern flair to the affair.

The event’s exclusivity meant a strict no-phones rule, which was largely upheld, until the fireworks started. The opening night’s party continued with the appearance of house music legends, Swedish House Mafia.

The spectacular and extraordinary structure of the building resembles blocks stacked unevenly, creating a singularly unique façade. The concept is based on a series of cascading “sky-courts” that open up to the water, with certain rooms and suites boasting pristine landscaped terraces and

infinity-edge pools along with city or sea views.

The mega resort boasts 795 rooms and suites, as well as 17 restaurants run by renowned chefs such as José Andrés from Spain, Gastón Acurio from Peru, Heston Bluemental from the U.K., and Chef Nobu Matsuhisa from Japan. While the hotel is impressive, it is only part of the magnificence of the resort. Atlantis The Royal Residences, which has already attracted huge interest globally, features 5-Star resort-style living in 231 apartments that are fully managed by Atlantis Hotels.

It seems Kerzner International, the company that operates the Atlantis Resorts and Residences, One&Only Resorts, Mazagan Beach & Golf Resort, and SIRO Hotels, has once again added a gem to its already gleaming portfolio.

Maserati Quattroporte Modena - Big bad wolf wrapped in silk satin Beauty with Performance, Power with Elegance

A four-door luxury sports sedan now in its sixth generation, the Maserati Quattroporte is essentially a trackbred engine lavishly wrapped in opulence. What else can we expect from the chaps in Italy’s Modena?

Racing heritage to luxury production

Bindo, Alfieri, Ettore and Ernesto. Four of the six Maserati boys were hands-on mechanics and pivotal in the development of the brand in the early 20th century. A fifth brother, Mario, designed the Trident logo that is now recognized worldwide as synonymous with the luxurious style and peak performance that Maserati represents.

From the inception of the company in 1914, the Maserati brothers wanted to build track cars for racing. After initially producing parts for other manufacturers, one of the first Maseratis ever built was driven by Alfieri Maserati and won the 1926 Targa Florio, a public road endurance race held in the mountains of Sicily.

However, tragedy struck in 1927 when Alfieri lost control of his Type 26 and was gravely injured at the Coppa Messina. Alfieri lost function of one of his kidneys among a host of other injuries, but returned to racing. Over the next five years, he would race and have multiple minor operations in the off seasons, but a botched attempt on his remaining kidney proved his undoing. In 1932, he unexpectedly died of complications at the age of 44.

By 1937, the remaining brothers, while dedicated to engineering works, felt lost without their entrepreneur leader and choose to sell their shares to Adolfo Orsi. The Maseratis were excellent mechanics and only wanted to concentrate on design and manufacturing while leaving the business side to Orsi. The entire enterprise moved from Bologna to Modena and racing success continued with four back-to-

back wins of the Targa Florio. Even during World War II, when the factory concentrated on the war effort, the Maserati brothers continued to design future models. Orsi, always the astute businessman, guided the brothers away from the racetrack. In 1947 the Maserati A6 grand tourer became the company’s first-ever production road car. Originally designed back in 1941, the straight-six engine was given the “A” designation in memory of Alfieri Maserati.

Power with elegance

Having only produced racetrack cars in their early history, the foray into the sports sedan was made in 1963. The first ever “Quattroporte,” literally four doors in Italian, boasted a powerful 4.1-liter V-8 engine with a top speed of 143 Mph and adorned in all the luxuries of its time. The target market then, as it is now, comprised of wealthy owners who preferred understated fine lines with uncompromised peak performance.

Performance focus

The new Quattroporte comes in three trim levels. The GT, the Modena (also available in Q4 version) and the Trofeo. The model we tested, the Modena Q4, would be considered the middle range option. Like all Quattroporte models that preceded it, as expected the current iterations expertly combine elegant design lines with sporty performance.

Under the hood is a twin-turbo direct-injection V6 producing 430-horsepower that will get you to 100 km/h in 4.8 seconds with a top speed of 288 km/h. The Trofeo trim, the more performance focused package with its 3.8L V8, will knock off another 0.3 seconds and get you there in 4.5 seconds, maxing out at an absolutely absurd 326 km/h.

Understated luxury as standard

The outer lines haven’t changed much from the previous years because they frankly don’t need to. The long and slender body, coupled with the self-proclaimed sharknose front, makes the Quattroporte look like it’s moving even while stationary. It’s evident, from just looking at it, that it’s a body built for performance but without the conspicuously showy excesses.

On the inside all the usual suspects are present. Soft and supple full grain leather, generous lashings of carbon fiber and chrome accents finished to a high standard match the discreet and refined look showcased by Maserati. One slight niggle might be the blending of these very highend materials with dashes of cheaper plastic. While not prevalent, they do take away from expectations at this price point.

A much-needed and welcome addition is the updated infotainment system. An Android Auto OS now runs on 10.1-inch HD touch-screen display in the mid-console and features a voice-activated virtual assistant. However, the presence of physical buttons for the essential controls is more important and celebrated, at least by this reviewer, more than any other feature in the cockpit. Well done, Maserati, for preventing any unintended taps and reducing the need for repetitive menu navigation during quick glances at the screen, simply to adjust the AC by half a degree.

Beauty with performance

The full motto of Maserati is “Beauty with Performance, Power with Elegance.” The Quattroporte embodies that maxim in many ways. While it may be argued that the Audi A-8 or the BMW 7-Series might pack more of a punch at this price point, they certainly don’t have the styling

flair or exotic looks of the Quattroporte. Maserati owners have always been ones that want something different from the mainstream, something intangible. The new Quattroporte still has it.

Three

tantalizing

ski

destinations within easy reach of GCC travelers Discover locations, slopes, hotels and extra tips

When it comes to the ski season, the range of options is significant. In the Alps, we have the worldfamous slopes of Switzerland, such as the gorgeous Gstaad with hundreds of kilometers of slopes, as well as St Moritz, the playground of European Royalty and socialites.

Just over the border in France sits the ever so popular “Les 3 Vallées,” where GCC travelers can discover and enjoy Courchevel, Méribel and

Belleville. One can even hop over the Atlantic to Aspen in U.S. or to the Hakuba Valley in Japan. However, while these resorts represent some of the most prestigious and sought-after destinations, we needn’t travel that far to enjoy the delights of winter ski sports.

Economy Middle East has shortlisted some of the most appealing ski spots within 4 hours or less of flight time from the GCC.

Mzaar Lebanon – The Levantine ski destination

The Middle East region is not known for its natural ski resorts due to its warm climate. Lebanon, however, offers a unique experience with the Mzaar Ski Resort. Located in the high peaks of the country, it is just a short four-hour flight from the UAE and an hour›s drive from Beirut.

Recently renamed Mzaar Kfardebian, the resort sits at an elevation of 1,850 meters above sea level and boasts peaks reaching up to 2,465 meters. The ski season runs from early December to early April, with snow of excellent quality that rivals the Alpine ski calendar.

The Slopes

Mzaar Ski Resort features approximately 40 kilometers of slopes and 20 ski lifts, offering a wide range of ski routes for visitors. The stunning views of the Bekaa Valley and even Beirut on clear mornings are just a bonus to the ski experience.

In addition to traditional Alpine skiing and snowboarding, winter sports enthusiasts can also enjoy Cross-Country Skiing, Raquette, Ski-doo, and even a thrilling Zipline ride. For those who prefer not to ski, the nearby towns offer a chance to immerse in the rich heritage of the area and visit mustsee hospitality outlets.

Where to Stay

For the ultimate ski experience, the InterContinental Mzaar Lebanon Mountain Resort & Spa is the resort of choice. Open all year round, this luxury hotel offers ski-in, ski-out facilities, as well as its own ski school and shop where skiers can find top-notch equipment.

With six restaurants and cafes, a pool, games room, sauna, and spa, there are plenty of dining and relaxation options for guests. And, as you would expect in Lebanon, the hospitality and Après-ski entertainment are second to none.

Top Tip: For those looking to immerse in Levantine culture, why not take a day trip to Jeita Grotto - Harissa and Byblos. This is a unique opportunity to experience the rich history and beauty of the region.

Kartalkaya - Hidden Turkish Ski Gem

Nestled in the heart of the Köroğlu Mountains in Bolu Province, Kartlakaya - meaning Eagle-Rock - has evolved from its humble beginnings in the 1970s into a mountain town surrounded by lush pine trees. Today, there are five hotels on the mountain, four of which offer ski-in/ski-out facilities.

The ski season at Kartalkaya lasts from late December to early April, with great snow and a variety of slopes for Alpine skiing and snowboarding. Other activities include cross-country skiing, ski-doo and sledding. The nearest city, Bolu, is 54 km away from the resort. To get to Kartalkaya, one can fly to either Esenboğa International Airport in Ankara or Sabiha Gökçen International Airport in Istanbul, which are a 2.5-hour and 3.5-hour drive away respectively.

The Slopes

The stunning mountain range surrounding Kartalkaya boasts over 20 km of immaculate slopes and exceptional off-track paths. During peak season, the resort is renowned for its snow thickness of more than 3 meters. With 15 lifts readily available for skiers, the resort minimizes wait time, making it one of the most sought-after destinations in Turkey.

Where to Stay

If you’re looking for the ultimate ski holiday experience, look no further than Kartal Otel. Nestled in the coveted location in the Koroglu mountains, this ski-in ski-out hotel boasts the charm of the 1970s with all the modern amenities. Recently renovated for the 2023 ski season, the hotel offers luxurious Alpine Chalet-style rooms and top-notch service. It also has its own ski school and ski room, where guests can rent equipment and hone their skills on the slopes. The indoor swimming pool, spa, Turkish Hamam, games rooms, mini club, and cozy lobby with an oversized fireplace provide endless opportunities for relaxation and enjoyment during a winter getaway.

Bolu is renowned for its talented chefs, and the hotel restaurant serves a diverse selection of both Turkish and international cuisine. Guests are sure to be satisfied with the extensive menu options offered at the hotel’s restaurant.

Top Tip: For those seeking a unique culinary experience, the nearby “Swiss Fondue” restaurant offers a taste of Alpine cuisine, just a 10-minute walk away.

Gudauri, Georgia - A Georgian Ski Paradise

The Gudauri Ski Resort, located in the Greater Caucasus Mountain Range, stands at an elevation of 2,200 meters and reaches up to 3,276 meters., Tbilisi International Airport provides easy access to the resort, which is only 120 km from the capital can be reached in just two hours by car. Thanks to Georgia’s winter climate, the ski season runs from December to April.

The Slopes

Gudauri is the largest and highest ski resort in Georgia, with 35 km of slopes certified by the International Ski Federation (FIS). These slopes cater to skiers and snowboarders of all levels, and the resort is also known for its exceptional offpiste and powder conditions. For adventurous winter sports enthusiasts, Gudauri is a leader in the region for Heli-skiing.

Where to Stay

The Gudauri Lodge offers a ski-in ski-out experience for guests. The hotel boasts luxury amenities, including a sun lounge, an open-air hot tub with breathtaking views, a spa and wellness center, and luxurious rooms and suites with floor-to-ceiling windows to take in those impressive mountain vistas. Guests can also rent winter sports equipment from the hotel and enjoy Chef Aleksandre Gelashvili’s imaginative menu – inspired by the mountainous regions of Georgia – as well as an impressive local and international Enoteca selection.

For those looking for a break from the slopes, a private tour of the Jinvali water reservoir, the Ananuri fortified castle, and the Gergeti Trinity church is highly recommended.