Forbes Middle East - November 2022 - English

CÉSAR HABIB Regional Director of Rolls-Royce Motor Cars for the Middle East and Africa

6 I Sidelines

A Milestone Month

By Claudine Coletti LEADERBOARDS

BILLIONAIRES

10 I

3 Green Investment Initiatives Launched By

Billionaires In 2022

Billionaires such as Bill Gates, Mackenzie Scott, and Warren Buffett are well known for their philanthropic and environmental initiatives, but they are not the only ultra-rich people supporting the climate change cause. Here are three green impact investment initiatives announced by billionaires in 2022. Net worths are as of October 14, 2022.

By Hagar Omran

GLOBAL 2000

12 I

Top 5 Companies On Global 2000

Companies on the Forbes Global 2000 ranking this year recorded a total of $47.6 trillion in revenues and $76.5 trillion in market cap as of April 22, 2022. Here are the top five companies from the list.

By Rawan Hassan MONEY

14 I The Arab World’s Top 5 Financial Centers

Financial centers are gateways to global markets. Here are the top five Arab financial centers for 2022, according to September’s Global Financial Centers Index 32.

By Cherry Aisne Trinidad

SPORT

16 I

Roger Federer And Serena Williams: Business Beyond Tennis

Tennis legends Roger Federer and Serena Williams have plenty to keep themselves busy off-court.

By Samar Khouri

18 I In Numbers: Qatar’s World Cup Journey

When Qatar hosts the 2022 FIFA World Cup from November 20 to December 18, it will make history as the first Middle East country to ever host the tournament. Here are some key facts and figures so far.

By Joyce Abano

SUSTAINABILITY

20 I COP27: Facts, Figures, And Key Issues

COP27 begins this month, with the 27th edition of the UN’s Climate Change Conference due to be held in Sharm El Sheikh, Egypt, in November 2022. Here’s what you should know.

By Julian Nabil ENERGY

22 I 5 Leaders In Solar Energy Production

According to GlobalData, the global solar PV inverter market reached 123.10 gigawatts in 2020 and could grow at a compound annual growth rate of over 4% between 2021 to 2025 as demand accelerates. Here are the five countries and regions taking the lead in solar energy production.

By Joyce Abano

FEATURE

24 I Access For All

Alfred F. Kelly, Jr., CEO and Chairman of Visa Inc., is eyeing opportunities in MENA while putting programs in place to improve financial literacy and access and empower female entrepreneurs.

By Jamila Gandhi

I Thoughts On Climate Change

GLOBAL MEETS LOCAL 2022

46

Taking Care

Ayman Mokhtar, Regional President for the Middle East, Türkiye, and the Levant at Viatris, is working to increase awareness of mental health and noncommunicable diseases in the Arab world. As we come out of the shadow of a global pandemic, he believes these issues are more important than ever.

By Jason Lasrado

52

Big Business, Bigger Impact

In the three years since he became PepsiCo’s CEO for Africa, the Middle East, and South Asia, Eugene Willemsen has seen revenues rise at the same time as implementing a wide-ranging sustainability agenda. While profits are all well and good, protecting the planet is safeguarding the company’s future.

By Claudine Coletti

58

From The Edge To The Cloud

Taha Khalifa, General Manager for the GCC and CCG Sales Director for the EMEA Territory at the Intel Corporation, is leading the global semiconductor giant towards uncharted territory as it expands into new-era software and regional R&D.

By Hannah Stewart

ALPINE EAGLE

With its pure and sophisticated lines, Alpine Eagle offers a contemporary reinterpretation of one of our iconic creations. Its 41 mm case houses an automatic, chronometer-certified movement, the Chopard 01.01-C. Forged in Lucent Steel A223, an exclusive ultra-resistant metal resulting from four years of research and development, this exceptional timepiece, proudly developed and handcrafted by our artisans, showcases the full range of watchmaking skills cultivated within our Manufacture.

COVER STORY

By

Under regional director César Habib, Rolls-Royce Motor Cars is boosting its relationship with Middle East clients as the luxury carmaker prepares for a new era.

Samuel Wendel

Electric Appeal40

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A Milestone Month

This month is a big one for us and MENA. In this issue, we reveal the tenth edition of our annual Global Meets Local list, which means we at Forbes Middle East have spent a decade celebrating the most senior regional executives in the Middle East offices of the world’s biggest companies according to the Forbes Global 2000 list. A number of these heads have been in post for several years and are familiar faces, but every year also offers some new companies and names to look out for. Over the last ten years, territories have expanded, investments have increased, and priorities have evolved. This year, it’s been clear that many have a common set of goals, with sustainability and CSR at the top of business leaders’ minds regionally and globally.

How businesses can work in collaboration with governments and partners to reduce their impact on the environment and combat climate change will also be at the top of the agenda for world leaders and thousands of other participants at the COP27 summit, which is being held at Sharm El Sheikh in Egypt in the first half of the month. It’s the first time the event has been held in Africa since COP22 in Morocco, and conversations will cover how the developed world can continue to work towards reducing carbon emissions, scaling up the adaption of climatepositive actions, and enhancing the flow of finance to support commitments. Many of the region’s most influential business leaders will be attending and taking part in the discussions. People around the world will be collectively hoping that attendees are able to find common ground and agree on the changes needed to meet the commitments in the Paris Agreement, which was signed during COP21.

And football fans from around the world will have their eyes firmly focused on Qatar at the end of the month as the FIFA World Cup Qatar kicks off in Doha—the first time ever that the tournament has been held in the Middle East. There’s already been a lot of noise in the build-up to the event, with a reported $6.5 billion invested in the event by Qatar—which has been used to build seven new stadiums, among other things—and $17 billion invested in doubling the number of hotel rooms and guest apartments available for visitors. Still, Qatar is not the only country expecting to benefit from the influx of football-focused tourists, with Dubai also getting ready to cater to the overspill from Doha and working with airlines to put on additional daily flights between the two hubs to ferry fans to and from games.

All-in-all it’s going to be an interesting month. Enjoy the issue, and if you’re a football fan, good luck.

—Claudine Coletti, Managing Editor

INNOVATING SINCE 2010

NOVEMBER 2022 ISSUE 122

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Editorial

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Research

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Business Development

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FORBES

Billionaires

3 Green Investment Initiatives Launched By Billionaires In 2022

Billionaires such as Bill Gates, Mackenzie Scott, and Warren Buffett are well known for their philanthropic and environmental initiatives, but they are not the only ultra-rich people supporting the climate change cause. Here are three green impact investment initiatives announced by billionaires in 2022. Net worths are as of October 14, 2022.

Barnard Cofounder, Chairman and CEO of GoodLeap

• Gautam Adani

Founder and Chairman of Adani Group

Net worth: $128 billion

Initiative: Energy Transition

Adani plans to invest over $100 billion in the next decade, with 70% of this investment allocated to the energy transition. In addition to the Adani Group’s current 20 GW renewables portfolio, the new business will be boosted by another 45 GW of hybrid renewable power generation spread over 100,000 hectares of land—an area 1.4 times that of Singapore. It also plans to commercialize three million metric tons of green hydrogen. In June 2022, the group—which owns Abbot Point Terminal, a controversial coal mining project in Australia—agreed with TotalEnergies to jointly create the world’s largest green hydrogen ecosystem.

• Mukesh Ambani

Founder and Chairman of Reliance Industries

Net worth: $85 billion

Initiative: Reliance’s Green Transformation Ambani plans to develop end-to-end green energy solutions that can be exported to other countries. In the 2021/22 financial year, Ambani founded the Reliance New Energy Council and announced a $10 billion commitment over three years to clean energy investment. Reliance Industries is also investing in creating an ecosystem of small and medium-scale project consultants and installers pan-India to set up Green Energy generation projects. In January 2022, the group signed an MoU with the government of Gujarat state to invest nearly $80 billion in green projects and other projects in the state over 10 to 15 years.

• Hayes Barnard

Cofounder, Chairman and CEO of GoodLeap

Net worth: $4 billion

Initiative: Bring Solar Power To U.S. Homeowners Barnard is facilitating financing solar installations for ordinary homeowners, enabling them to pay the cost over 25 years with their monthly utility bill savings. In September 2022, GoodLeap announced that $493 million in loans had been securitized, with an average yield of 5.4% and riskier tranches as high as 8.8%. The overall default rate so far is below 0.8%—less than half the 2% default rate on mortgages. GoodLeap has transacted over $18 billion in loans on its platform since 2018.

Hayes

1

Global 2000

Top 5 Companies On Global 2000

Companies on the Forbes Global 2000 ranking this year recorded a total of $47.6 trillion in revenues and $76.5 trillion in market cap as of April 22, 2022. Here are the top five companies from the list.

Company Sales Profit Assets Market Value Country

Berkshire Hathaway

$276.09 B $89.8 B $958.78 B $741.48 B U.S.

2 ICBC $208.13 B $54.03 B $5,518.51 B $214.43 B China

3 Saudi Aramco $400.38 B $105.36 B $576.04 B $2,292.08 B Saudi Arabia

4 JPMorgan Chase $124.54 B $42.12 B $3,954.69 B $374.45 B U.S.

5 China Construction Bank $202.07 B $46.89 B $4,746.95 B $181.32 B China

1. Berkshire Hathaway

Berkshire Hathaway topped this year’s list—for the first time since Forbes started publishing the Global 2000 list in 2003—to become the largest American public company, a position previously held by JPMorgan Chase for three consecutive years. Berkshire Hathaway is led by Billionaire partners, 92-year-old Warren Buffett, who was worth $97 billion as of September 2022, and 98-year-old Charlie Munger, who was worth $2.1 billion. The company recorded nearly $90 billion in profits attributed to the company’s shareholders in 2021, up 111% from 2020. The company recorded operating earnings of $16.3 billion in H1 2022, with total revenues increasing 9.9% to $147 billion, compared to 2021. However, it also posted a loss of $38.3 billion in H1 2022,

compared to a profit of $39.8 billion in the same period in 2021.

2. Industrial and Commercial Bank of China (ICBC)

Beijing-based ICBC is the world’s largest bank, with $5.5 trillion in assets. Founded in 1984, the bank has expanded its operations outside of China through mergers and acquisitions, as well as registering branch offices in foreign countries, with offices in Russia,

Dubai, Doha, Sydney, and New York. The bank recorded net profits of $24 billion in H1 2022, an increase of 4.9% compared to the same period in 2021.

3. Saudi Aramco

Saudi Arabian Oil Company (Saudi Aramco) became the world’s largest company by market value on May 11, 2022, when it hit a market cap of $2.43 trillion, dethroning Apple, which recorded a valuation of $2.37 trillion on the same day. Apple has since retrieved its

title and was worth $2.3 trillion as of October 13, 2022. Saudi Aramco recorded net income of $87.9 billion in H1 2022, compared to $47.2 billion for the same period in 2021, driven by higher crude oil prices and volumes sold and higher refining margins.

4. JPMorgan Chase

Having held the title of America’s largest public company for three years, billionaire Jamie Dimon’s JPMorgan Chase now

ranks second among U.S. companies and fourth in the world, with almost $4 trillion in assets. Dimon was worth $1.5 billion as of October 18, 2022. In H1 2022, the bank recorded net income of $16.9 billion, a decrease of 35.5% compared to the year before.

5. China Construction Bank (CCB)

CCB is the world’s third-largest bank, with $4.7 trillion in assets as of June 2022. Stateowned Central Huijin Investment owns a 57% stake in the bank. CCB has operations in MENA, with its regional headquarters located in Dubai’s DIFC. In H1 2022, CCB recorded net profit of $22.5 billion, a 4.95% increase compared to 2021. The net value of its loans and advance payments and its financial investments also grew by 8.38% and 10.26%, respectively.

China Construction Bank (CCB)

Money

The Arab World’s Top 5 Financial Centers

Financial centers are gateways to global markets. Here are the top five Arab financial centers for 2022, according to September’s Global Financial Centers Index 32.

1. Dubai

Global rank: 17 (No change)

GFCI rating: 712

Dubai held the top spot in the region and is ahead of other major European hubs, including Frankfurt, Amsterdam, and Geneva. It is home to the Dubai International Financial Center (DIFC), a financial hub founded in 2004 and governed by private laws and an independent judicial system. DIFC witnessed a 22% annual increase in the number of financial and innovation-related companies operating in the center, totaling 1,252 by the end of June 2022. It also has one of the region’s largest and most diverse financial ecosystems, consisting of over 29,700 professionals. The listed companies on the Dubai Financial Market (DFM) had a total market cap of $158.5 billion as of October 18, 2022.

2. Abu Dhabi

Global rank: 32 (↓1)

GFCI rating: 697

Despite dropping one place globally, the U.A.E. capital has remained one of the region’s top financial centers. The Abu Dhabi Global Market (ADGM) attracted several global companies to the capital in 2022, including virtual asset exchanges Kraken and Binance, as well as trading platform eToro. In March 2022, ADGM launched the world’s first fully regulated carbon trading exchange and carbon clearing house in partnership with Singapore’s

AirCarbon Exchange. The Abu Dhabi Securities Exchange (ADX) was valued at $627.2 billion as of October 18, 2022.

3. Casablanca

Global rank: 54 (No change)

GFCI rating: 674

Morocco’s Casablanca is Africa’s leading financial center. The companies registered at the city’s financial and business hub, Casablanca Finance City (CFC), represent 50 African countries. To maintain its status in the region, the CFC has introduced several reforms, including a new tax framework of 15% corporate tax levied to all CFC companies, with the exception of banks and insurance companies, starting in 2023. As of October 18, 2022, the local bourse’s market capitalization stood at $53.5 billion.

4. Doha

Global rank: 57 (↑8)

GFCI rating: 671

Qatar’s capital city made the most leaps among these five centers, climbing eight places globally. This could be the result of government reforms in recent years, including permitting up to 100% foreign ownership of businesses in most sectors. Qatar Financial Center recorded a 16% jump in new finance companies operating at the center in H1 2022, with over 1,500 registered firms in total. The Qatar Stock Exchange (QSE) was valued at $195.1 billion as of October 18, 2022. In April, QSE and the London Stock Exchange Group (LSEG) teamed up to launch a new trading system that would equip the bourse with the same technology used by LSEG and enable it to offer derivatives trading in the future.

5. Bahrain

Global rank: 81 (↑3) GFCI rating: 606

Bahrain’s business friendliness stems from its competitive offerings to investors, such as zero corporate tax, free movement of capital, and 100% foreign ownership of assets in most business sectors. Its finance industry accounted for 14.42% of its GDP in current prices in Q2 2022, the second largest contributor from non-oil sectors. The Central Bank of Bahrain launched FinHub 973 in October 2020 to facilitate cross-border collaborations between local financial institutions and Fintech platforms globally. Bahrain Financial Harbour, the country’s financial hub in the capital city of Manama, is home to the Bahrain Bourse, which had a market cap of $70.6 billion as of October 11, 2022.

The Abu Dhabi Global Market (ADGM)

Sport

Roger Federer And Serena Williams: Business Beyond Tennis

Tennis legends Roger Federer and Serena Williams have plenty to keep themselves busy off-court.

Federer is one of six all-time earnings leaders in sport, becoming the only professional tennis player to make at least $1 billion before taxes, agents’ fees, and other expenses in his career, according to Forbes.

Despite injuries recently holding him back in competitive matches, the world’s highestpaid tennis player banked more offcourt earnings than any other athlete.

He made $90 million promoting brands between May 2021 and May 2022 alone. Federer’s biggest endorsement deal so far has been his reported 10-year $300 million partnership with Japanese retailer Uniqlo, which he signed in 2018 after leaving long-time endorser Nike. He also has an undisclosed but sizable investment in the publiclytraded Swiss running shoe brand On, which went public in September 2021.

The Roger Federer Foundation has been focusing on educating children living in poverty in Africa and Switzerland since it was founded in 2003.

One of America’s richest self-made women, Williams financially changed the landscape for women’s sport. With more than a dozen corporate deals that include Gatorade, Nike, and Gucci up her sleeve, Williams has made more than $45 million in annual off-court earnings. According to Forbes’ estimates, she has made over $340 million before taxes and agents’ fees from appearances, endorsements, and other business endeavors.

As an entrepreneur and investor, Williams launched her own clothing line, S by Serena, in 2018 and an eponymous jewelry line a year later. She is also the managing partner of venture capital firm Serena Ventures, which has investments in over 60 startups. Serena Ventures raised an inaugural fund of $111 million in March 2022, and recently backed Wondermind, a new mental health wellness startup cofounded by Selena Gomez.

In 2020, Williams, who owns a small stake in the NFL’s Miami Dolphins, invested in the National Women’s Soccer League expansion club Angel City FC. And she is a board advisor with the blockchain-based fantasy soccer game Sorare and a board member at SurveyMonkey. The 23-time Grand Slam champion also recently released her first children’s book, “The Adventures of Qai Qai.”

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Sport

In Numbers: Qatar’s World Cup Journey

When Qatar hosts the 2022 FIFA World Cup from November 20 to December 18, it will make history as the first Middle East country to ever host the tournament. Here are some key facts and figures so far.

Big numbers

• $6.5 billion •

Qatar has spent $6.5 billion preparing for the event, according to FIFA World Cup Qatar. This covered the construction or renovation of eight stadiums to be used during the event and other sports infrastructure.

• $70 billion

•

Qatar pledged $70 billion “to build and expand a world-class infrastructure network,” according to the Qatar government. It also committed $20 billion to expand the country’s road network.

• $17 billion

•

Qatar has invested $17 billion in doubling the number of hotel rooms and guest apartments available for the tournament.

• 2.88 million •

Over 2.88 million tickets have already been sold for the event, as of October 17, 2022, according to the FIFA World Cup’s media team, adding that the final sales phase is underway. A total of 3.1 million tickets have gone on sale.

• $1,607

•

Prime seats for the final are expected to be sold for around $1,607. Reduced prices for residents and migrant workers could go for as little as $206 for the final and $11 for the group matches.

What to expect

The 2022 FIFA World Cup Qatar will host 64 games and have 129 official referees. More than 20,000 volunteers have been recruited to assist visitors across a number of areas from health and safety to medical and language services.

Eight venues

The games during the World Cup will take place in eight stadiums, of which seven are new. The venues are less than an hour’s drive apart from each other, which will allow fans to watch different games in different venues in the afternoon and in the evening.

km west from central Doha, the Ahmad bin Ali Stadium can accommodate 40,000 fans.

Al Bayt Stadium

Capacity: 60,000

Located in Al Khor, 35 kms north of Doha, the massive tent-like Al Bayt Stadium has a capacity of 60,000. The stadium’s name comes from “bayt al sha’ar,” which were tents historically used by Bedouins or nomadic people in Qatar and the Gulf.

Al Janoub Stadium

Capacity: 40,000

Located at Al Wakrah, 22 km east from Doha, the Al Janoub Stadium can accommodate 40,000 fans.

steel elements that echo the nearby port, showcasing Doha’s long maritime history. It is located on Doha’s waterfront, 10 km east from the city center. It is also known as the Ras Abu Aboud Stadium and can accommodate 40,000 fans.

Lusail Stadium

Capacity: 80,000

The 80,000-seat Lusail Stadium is located in Lusail City, which is about 20 km north from the center of Doha. According to the organizers, once the event is done, most of the stadium’s seats will be removed and donated to sporting projects across the globe.

Education City Stadium

Capacity: 40,000

Located in Al Rayyan, 13 km north-west from Doha, the Education City Stadium can accommodate 40,000 fans. Education City is a 12 sqkm campus that houses the Qatar Foundation and other educational and research institutes.

Khalifa International Stadium

Capacity: 40,000

The Khalifa International Stadium is located in the Baaya district of Doha, 5 km west from Doha. It originally opened in 1976 and was reopened in 2017. The venue has a capacity of 40,000.

Ahmad bin Ali Stadium

Capacity: 40,000

Located in Umm Al Afaei, 20

Stadium 974

Capacity: 40,000

Stadium 974 was constructed using 974 certified shipping containers and modular

Al Thumama Stadium

Capacity: 40,000

The Al Thumama Stadium is located 12 km south of Doha and can accommodate 40,000 fans. Once the event is completed, the stadium’s capacity will be reduced to 20,000 to meet local needs. The smaller arena will be used for football and other sporting events. A branch of the Aspetar Sports Clinic will open on site, while a boutique hotel will be built to replace the stadium’s upper stands.

Innovate, Adapt, Advance

MohamedNaser

Al-Hajery and Sons Ltd. (MNH) started out as one of Kuwait’s first pharmacies back in 1946. Today, the company is a thriving, diversified family conglomerate that prides itself on its longstanding partnerships with international brands and on its status as a homegrown business, committed to adding value to the lives of the people it serves.

With a reputation built over 75 years, MNH is a household name in Kuwait and the Gulf region. The conglomerate carries a portfolio of more than 100 brands across sectors, including pharmaceuticals, consumer healthcare, medical equipment, FMCG, food and beverage, and perfumes and cosmetics. Over time, MNH has also innovated proprietary brands, some of which now count as leaders in the local market.

The story of MNH starts in the pharmaceutical sector. In fact, it was the first company to make penicillin available to the local market. This was the beginning of Al-Hajery’s expansion, which involved entering into partnerships with world-class organizations and representing them in Kuwait.

Alongside a growth strategy shaped by partnerships, the key

to MNH’s continued success is an inherited commitment to ethical business, laser focus on innovation, and determination to be at the forefront of change and development in various sectors. Adapting to changes in consumer behavior has been critical too.

The company’s mission across its operations and ventures is to build a leadership position. To achieve that, it looks for the need, the quality, the value and the differentiation of the product or service it plans to invest in. This is the mindset that has contributed to MNH’s expansion from a family business to a private conglomerate.

As a family business, MNH is both an investor and an operator of brands. Therefore, the diversification of its business lines

The thoughts expressed in this advertorial are those of the client.

is crucial to maintaining growth. However, what is more important is the way the conglomerate conducts its business with integrity. It works as a family, it sets challenging targets, and it invests in technological advancements to achieve efficiency in its operating systems and infrastructure. The business also strives to ensure that it stays ahead of the game in serving its customers.

On the talent front, MNH believes that people are its greatest asset. The company invests significantly in its team and has an organizational structure that rewards innovation and creativity. In addition, MNH has developed an encouraging environment that centers on training, development, and wellbeing. As a result, employee retention is high.

Investing to advance is what enables a family conglomerate to maintain its competitive edge and continue to add value to its customers, partners, and suppliers. This is the approach that has helped MNH to grow and that continues to underpin the company’s success today.

As Mohamed Naser Al-Hajery and Sons marks its 75th anniversary, chairman Naser Mohamed Al-Hajery explains how the diversified family business has evolved—and grown—with each passing decade.

Naser Mohamed Al-Hajery, Chairman, Mohamed Naser Al-Hajery & Sons

Sustainability

COP27: Facts, Figures, And Key Issues

COP27 begins this month, with the 27th edition of the UN’s Climate Change Conference due to be held in Sharm El Sheikh, Egypt, in November 2022. Here’s what you should know.

according to Deloitte’s Global Turning Point Report. However, the global economy could gain $43 trillion over the same period by rapidly speeding up the transition to net zero.

Some important past decisions

• What is COP?

The Conference of the Parties (COP) is the main decision-making body of the UN Framework Convention on Climate Change. It meets annually to assess progress in tackling climate change and aims to deliver action on several issues, from cutting greenhouse gas emissions and adapting to climate change to delivering on commitments to finance climate change mitigation in developing countries.

The event brings together heads of state, and government and negotiators, along with climate activists, civil society representatives, and CEOs. Its presidency and venue rotate among five UN regions: Africa, Asia, Latin America and the Caribbean, Central and Eastern Europe, and Western Europe and others. The first UN Climate Change Conference was held in 1995 in Berlin, Germany. This year’s summit will be the first in Africa since COP22 was held in Morocco in 2016.

• What to expect

COP27 will kick off with a world leader’s summit for two days, followed by eight days of discussions: finance day, science day, youth and future generations day, decarbonization day, adaptation and agriculture day, gender day, water day, ace and civil society day, energy day, biodiversity day, and solutions day.

The conference is expected to set the overall tone on what is needed to meet the goals of the 2015 Paris Agreement and keep the 1.5°C global warming temperature limitation within reach, as well as make progress on climate finance. The UN is set to present an action plan to ensure that all countries are protected by early warning systems within five years.

• Climate change in numbers

Over the next 50 years, unchecked climate change could cost the global economy $178 trillion unless countries unite in a systemic net-zero transition,

The number of people affected by environmental disasters has almost doubled, from an average of 1,147 per 100,000 per year between 2005 and 2014 to 2,066 from 2012 to 2021, according to a UNDRRWMO joint report. Annual clean energy investment needs to more than triple by 2030 to over $4 trillion to put the world on a net zero trajectory by 2050, according to a 2021 report by the International Energy Agency.

• Key investment commitments

In 2021, 137 countries committed to halting forest loss and land degradation by 2030, a pledge that is backed by $12 billion in public and $7.2 billion in private funding. Leaders from South Africa, the EU, the U.S., France, Germany, and the U.K. vowed in the same year to support South Africa—the most carbonintensive electricity producer— with $8.5 billion over the next three-five years to push for a transition away from coal to a low-carbon economy.

On the corporate level, 130 banks holding $47 trillion in assets made commitments to climate action and sustainability in 2019. In 2021, 22 asset owners with $1.2 trillion in assets pledged to cut the carbon emissions of their portfolios to net zero by 2050 or earlier, taking the total to 37 investors, managing a total of $8.5 trillion in assets.

1997

COP3 saw the establishment of the Kyoto Protocol, a treaty to reduce greenhouse gas emissions in industrialized countries. The protocol entered into force on February 16, 2005.

2009

At COP15, developed countries committed to mobilizing $100 billion per year by 2020 for climate mitigation and adaptation in developing countries.

2015

COP21 delivered the Paris Agreement, a legally binding global treaty on climate change, committing 196 parties to keep global warming to well below 2°C, preferably to 1.5°C, compared to preindustrial levels. COP21 also extended the goal of jointly mobilizing $100 billion through 2025.

2021

At COP26, countries agreed for the first time to end new global finance for fossil fuel projects by the end of 2022 and steer spending into clean energy instead. This could shift more than $24 billion of public funds per year away from fossil fuels and into clean energy.

Girls Belong Here

WhenI was a young girl in Izmir, I never thought that I would someday become the area vice president of a multinational pharmaceutical company, leading a team of more than 2,500 colleagues who are making health happen for hundreds of millions of people.

I loved science and eagerly pursued my medical degree, qualifying as a psychiatrist. But it was only after I joined AstraZeneca in 2000 that I realized what women could achieve in the boardroom. Back then, the pharmaceutical industry was male-dominated and I was the first Turkish woman to become an AstraZeneca country president in Türkiye in 2014 – a glass ceiling I was proud to break.

Twenty years on, and AstraZeneca is a very different place. More than 50% of our global workforce are women. Women now make up 38% of our board of directors, 42% of our senior executive team, and 48.1% of senior middle management roles and above. We are on track to achieving gender parity at all levels across the organization by 2025.

These figures are industry leading but there is still so much more that needs to be done to make girls and women feel that

they belong in science, technology, engineering, and mathematics (STEM) careers.

Despite the fact that girls generally achieve better grades in STEM subjects than boys, less than 30% of STEM researchers are women. We know that women and girls are not held back by their abilities, but rather by social attitudes and inequitable access to education – a situation made worse by the coronavirus pandemic.

To mark the International Day of the Girl on October 11, AstraZeneca proudly joined the global #GirlsBelongHere campaign, developed by Plan International, our partner in the Young Health Programme. The #GirlsBelongHere annual call to action was launched to tear down barriers of

The thoughts expressed in this advertorial are those of the client.

discrimination and prejudice that continue to hold girls back. It brings young women and girls into the boardrooms of companies around the world and provides them with a platform for their voices to be heard.

Over the first two weeks of October, girls and young women stepped into senior leadership roles at AstraZeneca offices across the Middle East and Africa and spent time engaging with our leadership team. They participated in meetings, manufacturing site visits, mentoring sessions, and workshops, experiencing what it’s like to work at AstraZeneca.

As a science-led company, supporting the next generation of women and girls in STEM is a responsibility we are proud to carry. More than 500 colleagues across MEA have already enrolled in the AstraZeneca Women in Leadership Programme, which helps to build the capabilities of the next generation of female leaders and supports careers with lasting impact. Through initiatives like these, I hope we can inspire more young women to pursue STEM careers, making the field all the richer for it.

Pelin Incesu, Area Vice President, Middle East and Africa, AstraZeneca, explains why gender equality is close to her heart, and how her company is nurturing a new generation of female leaders.

Pelin Incesu, Area Vice President, MEA, AstraZeneca

5 Leaders In Solar Energy Production

According to GlobalData, the global solar PV inverter market reached 123.10 gigawatts in 2020 and could grow at a compound annual growth rate of over 4% between 2021 to 2025 as demand accelerates. Here are the five countries and regions taking the lead in solar energy production.

• China

China has now become a leader in solar energy production, investing over $50 billion in new PV supply capacity since 2011, according to the International Energy Agency (IEA). This is 10 times more than Europe. China’s share in all the manufacturing stages of solar panels now exceeds 80%. China’s solar PV exports in 2021 reached more than $30 billion. China is home to the world’s 10 top suppliers of solar PV manufacturing equipment according to IEA China’s JinkoSolar was ranked by GlobalData as the leading company in terms of global solar PV module shipments in 2018 and 2019.

In H1 2022, the company shipped 18.92 GW of PV modules globally.

•

Europe

Countries in Europe and North America have significant modulemanufacturing capability, but they depend almost entirely

• $50 billion •

China has invested over $50 billion in new PV supply capacity since 2011. That’s 10 times more

for solar cells on China and the rest of Southeast Asia. The EU has a high solar PV demand and remains one of the large importers. In the last five years, the EU has imported 84% of its installed solar PV modules, according to an IEA report. In Europe, following the 2011-2013 PV installation boom in Europe, the value of the solar PV trade remained relatively stable at around $25 billion until 2021. Last year, higher polysilicon and module prices, together with rising demand, helped boost PV trade to a record value of almost $40 billion.

• North America

In the last five years, the U.S. has imported 77% of its installed solar PV modules, according to data from the IEA. To boost its domestic solar industry, U.S. President Joe Biden signed into law in August the sweeping Inflation Reduction Act, which includes tax incentives for the development of a

more robust solar industry. The largest climate and energy spending package in U.S. history includes the $369 billion to be dedicated to supporting renewable energy and climate resilience. According to a White House statement, the country aims to triple domestic solar manufacturing capacity by 2024.

• Asia Pacific (excluding India)

China may have very little competition for wafers—a thin ice of a crystalline silicon, a semiconductor, used to create photovoltaic cells—but when it comes to cells and modules, Southeast Asia has considerable manufacturing capacity, mostly in Vietnam, Malaysia, and Thailand. Japan also possesses significant capacity but focuses its production on semiconductor-grade products. According to GlobalData, installations in Japan, China, India, and Vietnam have led to Asia

Pacific increasing its share to over half of the rooftop solar PV cumulative capacity in 2020. The research agency added that the region will continue to dominate the market by 2030.

• India

In the last few years, solar energy has had a visible impact on Indian energy, according to the country’s Ministry of New and Renewable Energy, adding that solar energy-based decentralized and distributed applications have benefited millions of people in Indian villages. Solar PV can easily be harnessed in the country, with about 5,000 trillion kWh per year energy occurring over India’s land area with most parts receiving 4-7 kWh per square meters per day. According to an assessment of the country’s National Institute of Solar Energy, India has solar potential of about 748 GW assuming 3% of the wasteland area to be covered by Solar PV modules.

• $369 billion •

The U.S. has dedicated $369 billion to supporting renewable energy and climate silience.

• 84% •

In the last five years, the EU has imported 84% of its installed solar PV modules.

• 748 GW •

India has solar potential of about 748 GW if 3% of its wasteland area were covered by Solar PV

Scan

Building Futures

Withthe current support of the Saudi education minister, and in line with Saudi Arabia’s Vision 2030 goals, we are on a trajectory to become a leading country in education. The focused ambition of our leadership will guide us towards a world-class future, and I truly believe that what we achieve will set the standard for many others.

We are seeing a methodical evolution of school premises all over the country–especially smaller ones–and schools that do not follow the set standards are asked to close down. School facilities must be properly equipped for the safety of our learners, and they must provide leading educational environments.

The Saudi population is growing more aware of the importance of quality education. Hence, we are seeing more international schools establish themselves in Saudi Arabia and they are welcomed with open arms. This development aligns closely with Vision 2030’s emphasis on embracing global differences and various educational systems.

As we move forward, in line with Saudi Arabia’s Vision Realization Program for education, I believe we should concentrate on ensuring the right to quality, life-long learning, and provide an environment that encourages creativity. It is also important to make teaching more attractive as a profession, and to

Al Marzouki, owner and director of Al Faris International School

elevate the quality of teachers and teaching methodology.

Technology has a crucial role to play in the future of our education system too. It is a tool that can be used in various ways to enhance the learning journey, and by default, it is part of every sector, including education. We are witnessing the evolution of virtual classes, the transformation of school management systems, and the revamping of online learning platforms. More recently, we have also seen the evolution of virtual and augmented reality that provide immersive learning opportunities.

Nevertheless, I truly believe that in-person education will continue to be the most effective means of educating our younger learners. Virtual aids will further enhance

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learning but will not substitute the role of teachers and schools.

Another important aspect of education is inclusion, and at Al Faris International School, we focus particularly on orphaned children. About 30% of the school’s revenue goes to addressing the needs of orphans and their families, and we induct any learner who loses their supporting parent to our full scholarship program.

Further reflecting our commitment to the people and communities that surround us, we built a social responsibility program in the school several years ago with the help of UNESCO, and part of our curriculum involves participation in social responsibility activities. As one example, we send volunteers from grades 11 and 12 to help in refugee camps. There, some of our volunteers teach underprivileged children how to read and write, some choose to help rebuild houses, and others help in securing food and clean water. In addition to helping others, volunteering in this way is a valuable, life-changing experience for our learners and future leaders.

Sahar Al Marzouki, owner and director of Al Faris International School, explains how the education provider is fostering intellectual capital in Saudi Arabia.

Sahar

By Jamila Gandhi

Access For All

FFrom building skyscrapers and motorways to leasing luxury cruise liners, Qatar is leaving no investment untouched as the small Gulf nation prepares to receive an estimated 1.2 million visitors for the highly anticipated FIFA World Cup 2022. With projections suggesting that it could add $17 billion to Qatar’s economy, the November event in Doha marks the first time the world’s biggest football tournament will be hosted in the Middle East, and the first time it will be held at the end of the calendar year.

For Alfred F. Kelly, Jr., this is an exhilarating time to bet on the region for many reasons. “If I can be so bold to say, the FIFA World Cup in Doha will be the first post-pandemic event on a global stage that will be well-attended and receive international attention,” says the CEO and Chairman of Visa Inc. “We are reimagining fan experiences and have some exciting things lined up for customers, clients, and the general public.”

As the exclusive payment services partner of the FIFA World Cup since 2007, Visa has already partnered with

ALFRED F. KELLY

Alfred F. Kelly, Jr., CEO and Chairman of Visa Inc.

Alfred F. Kelly, Jr., CEO and Chairman of Visa Inc., is eyeing opportunities in MENA while putting programs in place to improve financial literacy and access and empower female entrepreneurs.

regional banks to facilitate curated experiences that bring fans closer to the games in Qatar, including introducing an action-packed virtual game—Visa Financial Football. The tournament will occur between November 20 and December 18, 2022, at eight stateof-the-art stadiums, with 32 football teams playing for the dream of lifting the FIFA World Cup Trophy.

Still, Kelly’s attention to the region is not fleeting, and the digital payments provider has been strategizing to expand its expertise beyond the global sporting event. In November 2021, Visa opened its new Central Europe, Middle East, and Africa (CEMEA) headquarters in Dubai, an investment that was complimented by a record of strong regional activity and potential, according to Kelly. “The CEMEA region has been one of our higher performing regions in the last few years,” he reveals. “In terms of payment volume, revenues and profits, we have seen exceptional growth in multiple industry categories, from consumers and small businesses to large multinational companies, all spending via their Visa credentials.” For the 12 months ended June 2022, Visa enabled 255.4 billion total transactions and $14 trillion in total volume globally. In total, the payments technology provider facilitates global commerce and money movement across more than 200 countries and territories.

Kelly credits the return of travel as a major factor in booming business. “Particularly in the Middle East, we have seen faster return to travel than other parts of the world, which has driven transactions and our performance,” the CEO and chairman explains. As the world looks to emulate Dubai’s successful post-pandemic tourism recovery strategy, the city welcomed a record 3.97 million overnight international visitors

Visa’s She’s Next initiative was introduced in the U.A.E. and Saudi Arabia in 2022. Under the global advocacy program, five women-led businesses in each country received a $10,000 grant and one year of business coaching from IFundWomen.

in the first quarter of 2022, up 214% from the same period a year ago. Dubai also ranked first globally in hotel occupancy in the first quarter of 2022, with 82%.

Higher consumer appetite for digital spending has also been advantageous for Visa. “Our biggest competitor is cash,” adds Kelly. “But it works to our benefit that cash is simply not an option with ecommerce.”

In the past three years, ecommerce has grown faster in the Middle East and North Africa (MENA) region than anywhere else in the world, with an estimated 209 million consumers transitioning to online shopping during the height of the pandemic, as per Checkout.com’s Digital Transformation in MENA 2022 report. Now, 70% of consumers across MENA prefer to use a digital payment method—up from 60% in 2021 and 40% in 2020, representing a 75% increase in 24 months. The figure is even higher in the GCC region, which has a much higher digital penetration, with 80% of GCC consumers now favoring digital payment methods.

“Ecommerce is the gateway to a global market,” says Remo Giovanni Abbondandolo, Senior Vice President for MENA at Checkout. com. “Across the MENA region, consumers are hungry to purchase across borders— both within the region and across the globe. Shoppers here look to brands in China, Europe, and the U.S., as well as those closer to home. From a merchant perspective, the opportunity is vast in this economicallyresilient region.”

Nonetheless, financial convenience can only go so far if it’s not accessible to everyone. “A high percentage of rural populations in the MENA region, outside of the GCC, still lack access to smartphones, computers, the internet, and basic financial knowledge,”

ALFRED F. KELLY

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clarifies Evangelos Kaldelis, MENA CEO of 3S Money. Visa estimates that as many as 1.8 billion people out of the 8.8 billion globally are outside the financial mainstream. In some cases, that could mean they don’t have enough money to open a bank account or a credit card or understand borrowing terms. According to Kaldelis, financial inclusion removes barriers to accessing credit, which ultimately helps small and medium enterprises (SMEs) grow and subsequently contribute to a stronger economic system.

For Visa, this “acceptance footprint” is a crucial gap to close. “Our goal is consistent with our corporate purpose to uplift everyone everywhere,” states Kelly. “As a business owner, I’d want to have the widest access to payments or the right products so customers would have a choice and ensure I won’t miss on valuable business. We need to ensure that this acceptance footprint is strong for countries like Egypt, for example, which is among a handful of countries with 100 million people.”

Prioritizing financial literacy globally, Visa has enabled 16 million small and micro businesses (SMBs) globally as part of its multi-year goal to help empower 50 million SMBs. More locally, Visa’s She’s Next initiative was introduced in the U.A.E. and Saudi Arabia in 2022. Under the global advocacy program, nine womenled businesses across both countries received a $10,000 grant and one year of business coaching from IFundWomen to help their businesses grow and expand, alongside media exposure and networking opportunities.

Findings in a 2022 Visa study indicated that 54% of Saudi women admitted they would like to know from other entrepreneurs how they solved business challenges and developed online sales. Meanwhile, 86% of U.A.E.-based female business owners find it challenging to get the right level of financing for their business. “The capital investment is critical because our global findings have indicated that, more often than not, the woman is the person who starts a small business,” says Kelly. “And if we equip her and help her achieve success, it consequently helps uplift her family and her community.”

MENA E-Commerce

Here are some key figures according to checkout com’s “Digital Transformation in MENA 2022” report.

Since 2020, Visa has invested over $2.2 million in over 200 grants and coaching for women small business owners through the She’s Next grant program globally.

Kelly joined Visa in October 2016 as CEO and was elected Chairman of the Board in April 2019. Before joining Visa he spent 23 years with American Express and held roles at PepsiCo, Intersection, the Super Bowl Host Company, and the White House. Currently, he serves on the boards of Visa and Catalyst, as well as several entities in the Archdiocese of New York. He is Chairman of the Board of the Mother Cabrini Health Foundation, and he is a Trustee of New York Presbyterian Hospital and Boston College.

209 million

MENA consumers transitioned to online shopping during the height of the pandemic.

70% of consumers across MENA prefer to use a digital payment method—up from 60% in 2021 and 40% in 2020, representing a 75% increase in 24 months.

The seasoned CEO is confident this is just the beginning of unlocking more growth opportunities in the MENA Fintech ecosystem. “Some initially think of Fintech as a disruptor. We find them incredible partners that help provide distribution and reach for our products, and we, in turn, increase their reach in terms of customers with our extended network reach,” explains Kelly.

One such collaboration is with Dubaibased technology firm Careem. Since 2020, Careem’s Super Pay App has partnered with Visa to offer Careem Captains a digital wallet through which they can access their earnings, withdraw money to their bank accounts, and pay bills. “The MENAP region is significantly underbanked, and there is a massive opportunity to make it much easier for people to move money safely, efficiently, and at a low cost,” says Madiha Sattar, Vice President at Careem Pay. The app will serve a broader consumer segment in the coming months by enabling money transfers via an international remittance service.

80% of GCC consumers now favor digital payment methods.

While Kelly is bullish on developing more solutions for such challenges of the Middle East, he’s also looking at relatively smaller markets for their opportunity size. “We’re planting lots of flags in Africa; the last seven offices Visa has opened have been in the continent,” reveals the optimist. “We see this entire region as fertile ground for growth for decades to come.”

Family Business

The Deeper The Roots, The Stronger The Tree

INVESTING IN TOMORROW

H.E. Hussain J. Al Nowais, Chairman of Al Nowais Investments, explains how his company is helping to build a bright and sustainable future for company and country alike.

A HEAVYWEIGHT WITH HERITAGE

H.E. Masaood Ahmed Al Masaood, Chairman of Al Masaood Group, explains how the business has evolved over the course of 50 years, and how it plans to continue making an impact for decades to come.

A BENCHMARK IN BUSINESS

Zaid S. Al Khayyat, Managing Director of Al Khayyat Investments (AKI), explains how his company is preparing for future success through diversification, expansion, and family values.

TWO DECADES AND COUNTING

Moustafa El Chiati, CEO of EFG Hermes U.A.E., explains why the regional financial player is committed to the Emirates and what the future holds.

Inside

Family Business Report

Fordecades—even centuries— family business has been the backbone of economies across MENA, and today, its significance is greater than ever. Family offices account for more than half of the region’s GDP and the lion’s share of the workforce, but their influence is far more than economic. As their response to the pandemic has reminded us, family enterprises offer a masterclass in resilience, agility, and resourcefulness. Now, family firms across the Middle East are preparing for a future shaped by sustainability, digital technology, and new growth.

Invaluable Impact

It is hard to overstate the significance of family-run enterprises in the region. They are the lifeblood of economies and key contributors to societal life, employing vast swathes of the working population, leading philanthropic efforts, and creating

entire ecosystems across industries. And just as it is hard to overstate the impact of family businesses, it is also difficult to quantify, though multiple studies and research projects offer some indication. According to the Family Business Index 2021 from EY and the University of St. Gallen, the 500 largest family businesses in the world collectively generated $7.28 trillion in revenue and employed 24.1 million people last year, with Europe, Middle East, India, and Africa (EMEIA) accounting for 52% of the list.

More broadly, PwC estimates that family businesses contribute 60% to GDP in MENA and employ 80% of the workforce, while Harvard Business Review reports that families control 65% to 75% of businesses in the Middle East valued at $1 billion or more. Looking ahead, the trend looks set to continue, with approximately $1 trillion expected to pass to the next generation of MENA businesses within a decade.

A Show Of Strength: Saudi Arabia And The U.A.E.

The Arab world’s two largest economies, Saudi Arabia and the U.A.E., both dominated the Forbes Middle East Top 100 Arab Family Businesses list this year, with 25 and 37 entries, respectively. It is little surprise; family businesses account for around 90% of private companies in both countries, and their governments see their impact as central to realizing national ambitions for private sector growth.

In Saudi Arabia, the government recently passed a new corporate law that is likely to play a pivotal role in stimulating investment in family businesses. Under the new law, founders, partners, or shareholders can create agreements that regulate the relationship between themselves and their companies and that outline how other family members can join.

More generally, the Saudi

National Center for Family Enterprises explains how the kingdom’s new corporate system is expected to increase the sustainability of more than half a million family businesses. According to the center, familyowned businesses constitute 63% of the total number of establishments operating in the kingdom and contribute approximately $216 billion to the national GDP.

and continuity that have been fostered over the course of many years. What’s more, as a company passes down the family line, new leaders strive to succeed and leave the business in even better shape for the generation to come.

According to PwC, commitment to values and long-term thinking that supports recovery are the hallmarks of family enterprise in tough times. After the financial crisis in 2009, family

in 10 are handed down to a third. Meanwhile, research from the Conway Center for Family Business indicates that 24 years is the average life span of a successful family business. This surprisingly short timeframe coincides with the average duration that the founder is associated with the company. Thereafter, companies are either sold or wound up.

In addition to dealing with the issue of generational change, family businesses face a number of other challenges, such as maintaining growth, boosting innovation, and handling the rising cost of operations. While common to all types of businesses, these challenges can be particularly tough to manage in family businesses, especially as they reach critical stages of succession.

Across the border in the U.A.E., the Ministry of Economy has recently launched an initiative to turn 200 family businesses—with a market value exceeding $41 billion and annual revenues of $5 billion—into major companies by 2030. Known as “Thabat,” the government program is designed to help companies turn ideas into viable business projects and help them enter new sectors and embrace advanced technologies.

Resilience And Values

With Saudi Arabia and the Emirates as cases in point, size matters when it comes to economic impact, but it is not everything. Resilience and values are important too, and family businesses region-wide have demonstrated both in the face of adversity, time and again. The family dimension means that family businesses are typically driven by more than profit, and they often enjoy a certain amount of stability

businesses rebounded and rebuilt opportunities while the global economy reeled from the shock. Now, the same is happening again as the world recovers from the pandemic. The Edleman Trust Barometer puts this down to two main reasons: family businesses are more flexible than other institutions, and in most sectors, they are more trusted. Among the respondents included in Edelman’s research, 67% said they trusted family businesses, compared to 58% for public companies.

Clouds And Silver Linings

Family businesses might be a cornerstone of stability and economic growth, but they face a set of unique and complex challenges, with succession prime among them. According to statistics cited by Harvard Business Review, only three in 10 family businesses survive into the second generation, and only one

A study by the Saudi Chamber of Commerce highlights family disputes as essential hurdles to overcome and points to the importance of succession planning to ensure future sustainability.

In the same study, a significant proportion of businesses cited the lack of separation between ownership and management and the absence of clear structuring in relation to estate distribution as weaknesses in their organizations. However, the most prominent weaknesses reported include the overlap of powers, the failure to create a system that protects the rights of owners, and the absence of adequate governance structures and family constitutions. In fact, only around 30% of family businesses globally have a robust succession plan in place, according to PwC.In the Middle East Family Business Survey 2021 from PwC, only 47% of respondents said that their families were aligned on the direction of their companies, and less than half agreed that relevant information

The U.A.E. Ministry of Economy has recently launched an initiative to turn 200 family businesses—with a market value exceeding $41 billion and annual revenues of $5 billion—into major companies by 2030

was shared in a transparent and timely way among family members. Meanwhile, 42% of family businesses in the Middle East admitted that conflict did occur from time to time, compared to 33% globally, with 15% claiming that conflict was a regular occurrence.

The consensus among experts is that family harmony requires work and planning and that it should be approached with the same level of professionalism that is applied to operational decisions and business strategy. On this front, the Middle East is making clear progress, with 84% of family businesses in the region having some form of governance policy in place. However, as in all types of organizations, policies are not always fully implemented, leaving significant gaps.

For businesses grappling with the issues of governance and succession planning, taking their companies public while retaining the majority of shares within the family can prove an attractive option, and it is a path that many well-known businesses have followed. By separating owners from external management, families can bring greater scrutiny and transparency to decisionmaking, while IPOs can create new sources of capital, accelerate growth, and help to reward and retain top talent—including family members. Crucially, for founders, taking a company public can secure the family legacy for generations to come, which is something that money cannot buy.

In fact, whatever the ownership structure or future direction, preserving and building on a hard-earned legacy is an ambition common to all family-owned enterprises and a factor behind the success of the Middle East’s thriving family business landscape.

The Legacy Lives On

Despite the challenges, families still dominate the region’s business scene, and all indications suggest that will remain the case for many years to come. With solid foundations and long legacies upon which to build, Middle Eastern family businesses are planning for a future of growth and expansion,

with 89% expecting revenue growth this year and 58% looking to expand into new markets in the next two years, according to PwC research. Most importantly of all, perhaps, nearly two-thirds of firms in the region have up-and-coming family members working in the business, paving the way for a new generation of family-led success.

Investing in Tomorrow

How would you describe Al Nowais Investments?

I founded Al Nowais Investments (ANI) in the late ‘70s and the group has evolved from a local business to a broad-based investment company in multiple markets and sectors. With close to $1 billion in revenues and 6,000 employees, it is one of the largest private diversified groups in the Middle East.

As a private renewable energy developer in the U.A.E., what is your take on the current energy market and what role is ANI playing within it?

The world is facing a shortage of energy and even some developed economies in Europe are feeling the stress. On the other hand, there is an increasing carbon footprint causing climate change. Via its energy arm, AMEA Power, ANI is focusing on energy transition. Our energy portfolio is approaching 3,000 MW and we have a presence in 15 countries in the Middle East and Africa. We invest in solar,

wind, green hydrogen, and water through desalination projects. Notably, we are investing $1 billion in two renewable energy plants in Egypt. The first project is for a solar plant in Aswan and the second is for a wind farm on the Red Sea.

What new technologies is ANI focusing on?

Data is the new oil, and the security of data is critical. As more and more business move to cloud computing, data centers will gain increasing importance. Through our subsidiary, EMIRCOM, we have increased the footprint of our data centers in the U.A.E. and we are expanding to other countries in the region. Data centers offer the highest levels of availability and operational sustainability to our customers, with almost 100% uptime and 24/7 security.

Encouraging and developing local industries is a key focus of the U.A.E. government’s strategy. What is Al Nowais Investments doing to align itself with this goal?

On the local industrialization front, we have increased our investments in our electrical and control instruments industries.

The thoughts expressed in this advertorial are those of the client.

ANI’s electrical power distribution and control business unit caters to the building utility, industrial, infrastructure, and oil and gas markets. This business unit provides engineering solutions and products for electrical power distribution, automation, control, and low current systems.

How is ANI inducting the next generation of the family into the business?

Family members who wish to join the business are encouraged to get work experience in other renowned organizations. Many of them have also spent years in different positions in other reputable firms, both abroad and in the U.A.E. before being inducted into the organization. At ANI, they join the group in different departments and businesses, depending on their aptitude and interests. I am a member of the Family Business Council, which works to facilitate the continuity of GCC family businesses across generations, and we hope that the new generation will carry the torch and continue the march.

H.E. Hussain J. Al Nowais, Chairman of Al Nowais Investments, explains how his company is helping to build a bright and sustainable future for company and country alike.

A Heavyweight With Heritage

Al Masaood was formed over 50 years ago, concurrently with the unification of the United Arab Emirates. Can you tell us a bit about the history of the group?

Al Masaood is a privately held and highly diversified group, based in Abu Dhabi. Its companies and partnerships span activities and expertise in 18 different market segments. Its primary goal is growth through a deep understanding of its marketplace, the quality of its products and

services, and an uncompromising quest for customer satisfaction.

Al Masaood started as a small trading house over 50 years ago and, at the time of its formation, it held the Abu Dhabi Chamber of Commerce registration number one.

Since the inception of the U.A.E., Al Masaood has been moving in synergy with our nation to serve its various economic sectors. We started by venturing into the field of engineering, bringing the

The thoughts expressed in this advertorial are those of the client.

first gas turbine to Abu Dhabi in partnership with John Brown Engineering, and constructing the capital’s first desalination plant with Weir Westgarth.

From that point, the group embarked on an expansion journey into the automotive, power, marine, real estate, business services, and retail industries.

As the U.A.E. continues to develop its key sectors, Al Masaood stands as a supporter of this growth by bringing home a portfolio

H.E. Masaood Ahmed Al Masaood, Chairman of Al Masaood Group, explains how the business has evolved over the course of 50 years, and how it plans to continue making an impact for decades to come.

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of leading global brands and thriving network of international partnerships. Today, Al Masaood is the official dealer for brands like Nissan, INFINITI, Renault, Volvo Penta, MTU, Leroy Somer, UD Trucks, Renault Trucks, ARB, and many others.

Al Masaood is considered one of the leading players in the local automotive and logistics market. How has the group grown and evolved its automotive and logistics business over the years? Our automotive activities started back in 1972, when Datsun, the Japanese car brand, joined Al Masaood’s portfolio. This marked the birth of our flagship company –Al Masaood Automobiles.

Throughout the past five decades, Al Masaood has readily worked on elevating the automotive sector by acquiring the official dealership of global auto brands like Nissan, INFINITI, and Renault. Al Masaood Automobiles currently operates 10 showrooms for new cars, and three showrooms

for used cars in Abu Dhabi, Al Ain, and the Western Region – including the flagship showroom complex at Musaffah with a dedicated new vehicle delivery center, five service centers, and six spare parts outlets. Keeping pace with the times, Al Masaood Automobiles places innovation and digitization at the helm. In efforts to digitally elevate the business, Al Masaood Automobiles launched Nissan’s first-ever e-commerce platform in the region. It created the Al Masaood Auto App to allow customers to digitally manage their car services, and introduced a virtual experience called (CLIX), to allow customers to enjoy a fully interactive live showroom experience straight from the comfort of their homes.

As a customer-centric company, Al Masaood Automobiles has rolled out an all-encompassing customer experience approach that places customer convenience and satisfaction front and center. It has also introduced multiple programs and initiatives to create the best

value for customers during their car purchase and ownership journeys with the company.

Al Masaood’s significant efforts have been recognized by our principals Nissan, INFINITI, and Renault on multiple occasions over the years. The company was awarded the 2019 Nissan Global Award, the 2020 Nissan Award of Excellence, the 2020 Nissan Global Aftersales Award, the 2020 INFINITI Outstanding Performance Award, the 2020 Renault Global Partners Award, and the 2021 Nissan Middle East Recognition Award, to name a few.

On the logistics front, our Commercial Vehicles and Equipment division is the authorized distributor of Renualt Trucks, UD Trucks, UniCarrier Forklifts, and TCM, together with other well-known brands of heavy equipment and ancillary products. Over the decades, the division has formed partnerships with clients from government departments, civil defense, armed services, and oil companies, through to industrial and commercial organizations. The division has also lately introduced a customized manufacturing unit that constructs various products designed to meet the needs of the oil and gas industry. The department designs and manufactures a wide range of efficient and safe oilfield servicing equipment, including blending equipment, centrifugal pumps, high pressure pumps, and servicing stimulation equipment.

How active is Al Masaood in the rapid industrialization that the U.A.E. is witnessing?

With business operations weighing heavily on the B2B side, our industrial arm, Al Masaood – Group Industrial, has been growing rapidly and diversifying. Al Masaood

PROMOTION

– Group Industrial caters to the needs of major industries such as oil and gas, utilities, marine, heavy equipment and machinery, logistics, modular construction, automotive and accessories, and many more. Under its umbrella are the Al Masaood Power division, Al Masaood Commercial Vehicles and Equipment (CV&E), the Projects and Engineering Services division (PESD), Al Masaood Bergum LLC, the Al Masaood Tyres, Batteries, and Accessories division (TBA), and ARB Emirates.

Our portfolio of industrial products and services is provided through partnerships with major international brands, as well as through locally developed manufacturing solutions. Some of

the top global brands associated with the company include Volvo Penta, MTU, UD Trucks, Renault Trucks, KSB, BBV, MAN Energy, Bridgestone, Total, ARB, Leroy Somer, and TCM. Through our power, engineering, and industrial units, Al Masaood has built some of the largest repair and maintenance, remanufacturing, and operation facilities in the U.A.E. to service the country and the region as a whole.

To support the industrial identity of the U.A.E., Al Masaood has also been engaged in in-country public-private partnerships and has focused on offering a wide array of innovative and sustainable industrial solutions, including ecofriendly modular buildings, mobile

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solar applications, EV charging units based on solar energy, and hydrogen system development. Al Masaood – Group Industrial also has a steel fabrication arm, and a network of automotive service centers.

How is Al Masaood contributing to regional and global sustainability efforts?

Our industrial divisions have adopted sustainability as a core component of their business agenda. The Al Masaood Power division, for instance, has revamped its product offerings to embrace sustainability, echoing the global movement of offering climate-conscious products and solutions.

Being one of the early players in the U.A.E.’s power industry, Al Masaood has witnessed the country’s transition to clean energy that does not compromise energy security and cost. To support this vital industry, we introduced various energy solutions in the market to help with the evolution to sustainable and green energy in line with the U.A.E. Net Zero 2050 strategic initiative. For example, Al Masaood Power recently launched SHAMS+, a smart solar charging solution, offering easy installation in various urban and rural locations, including marine ports and hubs. It runs on solar energy and doesn’t require any grid connection. It is a smart solar-powered solution that will not only help decarbonize the transport industry, but will

the construction process easier and products stronger. Used in residential and commercial building structures, the hybrid modular solutions are recyclable, time efficient, and easily transported and installed, with minimal requirement for manpower on site.

Al Masaood Bergum also uses cross-laminated timber (CLT), which is a prefabricated, solid engineered wood panel made by a highly sustainable carbon capturing material. It provides solid structural capabilities, thermal and acoustic properties, and other benefits, including 40% faster construction and 30% better manpower utilization.

All the new products and services that we are now

All the new products and services that we are now introducing are aimed at sustainability

also foster EV adoption in the agriculture, industrial, construction, and marine sectors.

Similarly, the division recently partnered with Sunstream International to create a wide and sustainable range of plug and play, flexible, and movable solar solutions. These solutions can be employed across various sectors such as agriculture, oil and gas, mining, and defence and security in the GCC region. By making such technology available, we aim to promote the use of renewable energy in place of fossil fuels.

On the other hand, Al Masaood Bergum, our modular and prefabricated building solutions provider, is currently utilizing hybrid modular solutions (HMS), which are rapidly growing cold formed materials used to make

introducing are aimed at sustainability, whether in power and utilities, oil and gas, or construction. We are also updating our strategies and partnerships to be in line with the U.A.E.’s sustainability targets.

What are the group’s plans for the coming 50 years?

At Al Masaood, we see diversification as a strategic mindset to safeguard the company against market challenges, and help it grow its revenue and profits. By offering diverse products and services, we can positively drive business growth, continuity, sustainability, and more importantly stability – so we can optimally plan and execute investments in resources and development.

Scan PROMOTION www.masaood.com/en

this QR code to open the website

As I highlighted earlier, moving into our next 50 years, Al Masaood is diversifying into the manufacturing side of operations to create products and solutions that are tailormade to serve each of our customers’ specific needs. This move also supports the U.A.E.’s industrialization strategy and the ‘Make it in the Emirates’ campaign to offer more sustainable options that serve the country’s manufacturing industry.

Our plans currently encompass local manufacturing and the assembly of products and solutions, the local manufacturing of steel products for oil and gas, and the creation of industrial applications. We are also moving towards the provision of onsite services. Locally manufactured products and solutions will serve our expansion in the region and beyond for our various brands.

A Benchmark in Business

AKI is soon celebrating its 40th anniversary. Can you take us back to the early days of the business, and how AKI set its roots in the region?

It has been an incredible journey these past four decades. AKI was founded in the U.A.E. in 1982 by Dr. Saad F. Al Khayyat, who remains our chairman. At the time, the company was licensed under Alphamed General Trading. With a staff of four and a firstyear turnover of less than $100,000, Alphamed would go on to be a pioneer in its field. It continues to operate as an entity within the modern AKI portfolio, focusing on the sale and distribution of many of the world’s leading brands of pharmaceutical and medical products.

Through our achievements with Alphamed, new doors began opening for us. We also capitalized on untapped distribution and retail opportunities that we saw in other sectors. Our philosophy to forge progressive, profitable, and healthy partnerships caught the attention of those inside and outside of the pharma business.

From FMCG (food and nonfood) to fashion and lifestyle, automotive, and more, AKI brands are regarded as leaders in their categories today. Our operations span across eight core business units within four business lines: retail, distribution, contracting, and automotive.

This has been a year of geographical expansion for AKI. Why have you made the decision to look beyond U.A.E. borders, and what is your strategy in this regard?

We have had many organic opportunities to expand beyond the U.A.E. We’ve actually been present in other GCC countries and markets like Iraq for a number of years, but our strategy has always been to lead the categories that we operate in. We do not enter a market if we do not wholeheartedly believe that we can create impact at scale over the long term.

This year, we’ve identified many opportunities to create this impact. We have entered Saudi Arabia and Egypt in the last 12 months, for example. We have also expanded our presence in countries like Oman. These investments all play a role in a wider expansion plan across the MENA region.

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Diversification has also been a hallmark of AKI’s evolution. What verticals do you place your focus on today?

We recognize that different industries have distinct needs. Each AKI business unit thus brings specialized industry expertise to the table. In that sense, we see unique opportunities in every industry we operate in, and we are looking to new frontiers as well. This is why we’re continuing to invest heavily in our shared infrastructure, including a new fulfillment center located in Dubai Industrial City that will support all our business units in their growth plans.

AKI has been quite aggressive in investing in digital infrastructure. What spurred this strategy, and what value does it create for your people and partners?

The AKI board firmly believes in the benefits of technology to enhance our competitive edge and to bring efficiency in all aspects of our operations, while providing excellent customer experiences. Our technology platforms helped us navigate the early challenges posed by the Covid-19 pandemic. Today, automation and stringent system controls allow us to track and deliver inventory with high levels of accuracy, with over 2.5 million items picked in our warehouses monthly. Our larger customers have direct system interface with us

Zaid S. Al Khayyat, Managing Director of Al Khayyat Investments (AKI), explains how his company is preparing for future success through diversification, expansion, and family values.

Zaid S. Al Khayyat, Managing Director Al Khayyat Investments (AKI)

too, allowing efficiencies for both parties. Real-time data for inventory levels and sales volumes also makes us a partner of choice. The use of automation, AI tools, and other state-of-the-art systems allows us to run a highly efficient operation and deliver on our business priorities.

AKI operates in fields where competition for talent is immense. What do you think is the key to finding and retaining the best people in the market?

People come first at AKI. A company is only as good as its people. This is true across all our business units and is a shared belief amongst our management teams. One of the characteristics that I think keeps people engaged at AKI is a genuine sense of cooperation and belonging. At AKI, we invest in people development as well as the resources to deepen

collaboration with both internal and external stakeholders. This fosters engagement across AKI, and ultimately, better talent retention that goes beyond simple financial motivation.

Do you believe that being a family business has contributed significantly to AKI’s success? Absolutely. Our “family” mentality remains an integral part of our corporate culture and extends to how we view people as the key source of our success. Having Al Khayyat family members play a guiding role in the business also helps us to connect our past with our future; the lessons we’ve learned and the relationships we have cultivated.

Moreover, I think being an independent private business has enabled AKI to stay agile and dynamic. We can make smart decisions quickly but can also

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adopt long-term strategies in our investments. By combining our family values with strong corporate governance, I believe AKI represents the benchmark of family business success in the U.A.E. and the wider region.

In the last decade alone, AKI’s annual turnover has quadrupled. Our operation is now powered by more than 5,500 employees across eight countries. What ultimately keeps us moving from strength to strength are investments in our people and infrastructure. Our people lead with their expertise and experience in delivering success. We all share a cooperation mindset and an entrepreneurial spirit. Together, we plan to not just retain our leading position in the market, but to expand our footprint. We constantly want to innovate and look for greater value for our partners and stakeholders. We want to be first. So, while we look at our size and profitability like any other business, we also consider opportunities that will add equity to AKI and our partners.

Having already achieved so much in terms of growth, what is your vision for the company moving forward?

We recognize that different industries have distinct needs. Each AKI business unit thus brings specialized industry expertise to the table

Two Decades And Counting

What is special about the U.A.E. and why has EFG Hermes remained dedicated to the country over the years?

We have been committed to the U.A.E. for 20 years. During that time, we have weathered a lot of storms, from the global financial crisis to the recent Covid-19 pandemic, and the United Arab Emirates has always acted as a safe, stable, and prosperous hub, not just for our operations, but for the MENA region as a whole.

The U.A.E is our biggest office outside of our HQ in Egypt, based on number of employees and business lines. The country is home for us, and we are here to stay.

How important has the national leadership been in encouraging local and international organizations to operate in the U.A.E.?

We have always believed in the fundamentals of the U.A.E. and the role the country plays in the business world. The vision of the U.A.E.’s leaders and the sound strategies and policies developed by the government have been vital in creating a stable and thriving business environment that attracts companies from across the globe.

Under its proactive leadership, the U.A.E. has proven time and time again that it has the resilience and strength to overcome any obstacles and it is currently on a path to growth, with a whole range of exciting opportunities for organizations across sectors. From an investment banking and financial services perspective, the latest market announcements are solid proof of what the country is looking to achieve, and we are very enthusiastic to be right at the core of that growth plan for the U.A.E. and its financial markets.

What have been EFG Hermes’ most significant transactions in the U.A.E. and how do you see the future of your business in the country?

We are very proud to have played a part in almost all the significant capital market transactions that have taken place across the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM). We have been fortunate in recent years to participate in notable IPOs such as Borouge

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plc’s IPO worth $2 billion; ADNOC Drilling’s IPO, the largest ever ADX listing; Dewa’s IPO, the largest ever in Dubai at a value of $6.1 billion; and Salik’s IPO, one of Dubai’s most attractive infrastructure plays. In addition, we have been involved in many complex and significant merger and acquisition transactions.

Building on these achievements, we plan to continue developing a robust transaction pipeline for EFG Hermes’ largest regional office. We have scaled up our investment banking platform with great success, and we are now looking forward to growing our business even more. With long-term plans for our U.A.E. operations, we will continue to deepen our commitment to the United Arab Emirates and cement our status as a leading player in the financial services arena.

Moustafa El Chiati, CEO of EFG Hermes U.A.E., explains why the regional financial player is committed to the Emirates and what the future holds.

ELECTRIC APPEAL

Under regional director César Habib, Rolls-Royce Motor Cars is boosting its relationship with Middle East clients as the luxury carmaker prepares for a new era.

BY SAMUEL WENDEL

César Habib, Regional Director, Rolls-Royce Motor Cars.

Few things say luxury like riding in a Rolls-Royce. That’s made the iconic British brand an enduring favorite in the Middle East, with its Phantom, Cullinan, and Ghost models a normal sight on the streets of Dubai, Doha, Riyadh, and beyond. That popularity hasn’t been lost on the company, leading it to make moves to boost its local footprint: in July 2022, the luxury automaker unveiled a new private office in Dubai, the first such outpost opened by Rolls-Royce Motor Cars outside the U.K.

Historically, a client looking to design and commission a highly bespoke Rolls-Royce generally had to visit company headquarters at Goodwood in southern England. Now the petrolhead pilgrimage can be done in the heart of Dubai, which is no small thing for regional clients. “Time is luxury for them,” says César Habib, Rolls-Royce’s regional director for the Middle East and Africa. “Why not bring Goodwood to Dubai?” It was a natural move, as the Middle East is one of its leading regions for bespoke orders. At this new office, clients can book private consultations to explore color palettes, ergonomic needs, personalized design motifs, and more. The goal is to help clients produce their dream car. “We’ve got 44,000 colors,” says Habib. “If you have a very specific paint that you want, we’ll produce it for you.”

Ultimately, the company plans to open similar offices in luxury hot spots around the world, but the decision to begin with Dubai is notable. “The Middle East has always been a very special market to us as Rolls-Royce Motor Cars,” says Habib. The brand has long been associated with royalty in the Middle East, with stately Rolls-Royces guided by chauffeurs serving as a preferred ride of luminaries in regional capitals, but in recent years that relationship has been changing.

With the Middle East—particularly Dubai—becoming renowned globally for its surplus of supercars and love of all things luxury, Rolls-Royce has worked to cater to a new generation of clients. Those efforts appear to be working. “It has a unique position within Dubai car culture,” says Hanan Sobati, founder of Arabian Gazelles, an all-female supercar club in Dubai. “It is considered to be a cut above any other carmaker in terms of artisanship.”

This comes as the brand, which is today owned by BMW Group, has been enjoying record results in recent years. In 2021, Rolls-Royce Motor Cars recorded the highest-ever annual sales in its 117-year history, delivering 5,586 cars worldwide, up 49% over the year before and seeing all-time record sales in most regions. Although the company doesn’t break down numbers for the Middle East specifically, Habib says 2021 was a record year in the region. Results in 2022 have been strong so far too, and the executive reports that order banks are well-filled into 2023. BMW Group had a market cap of $55.98 billion as of April 2022, according to Forbes.

Already 2023 is shaping up to be a transformational year for the company, with Rolls-Royce gearing up to launch Spectre, its first fully electric vehicle. Deliveries of the ultra-luxury electric super coupé are slated to begin by Q4 of 2023, ushering in a new era for a brand known for its powerful gas-guzzling engines. Habib reports regional orders for the new model have gone beyond their expectations, with Spectre sold out for 2023 and 2024. This highly anticipated move hasn’t gone unnoticed within Dubai’s car culture. “The buzz is real,” says Sobati, who reports putting a deposit down on a Spectre. While this is a groundbreaking development for the carmaker, Habib cautions that going electric won’t change the essence of the brand. “Spectre is going to be a Rolls-Royce first and then an electric vehicle,” he says. Still, it’s an important sign of the times, as the company has publicly committed to having a fully electric product portfolio by 2030. Plus, Spectre—with an estimated starting price tag of

“The Middle East has always been a very special market to us as Rolls-Royce Motor Cars.”

$400,000—will also arrive years before rival Bentley brings its first fully electric vehicle to market.

Going electric serves as the latest evolution for a company that has undergone significant changes since current CEO Torsten MüllerÖtvös was appointed in 2010. That year Rolls-Royce sold 2,711 cars, a total it has since smashed resoundingly. That comes as the company has introduced several new models and a new brand identity, among other moves. That includes rolling out its first SUV, the Cullinan, and other models that appeal to clients who like driving themselves rather than using a chauffeur.

As Rolls-Royce glides into this new era, its appeal is shifting in the Middle East too. In the past, RollsRoyce was synonymous with a more traditional type of opulence in the region. “There was a lot of gold,” says Habib. “This you don’t see anymore.”

Instead, he describes the brand today as evoking “cool modern luxury,” a subtler type of luxury that appeals to the sensibilities of younger high-networth individuals who call glittering Gulf cities home. “We are in the postopulence phase,” says Habib. “The younger generation does not want to show that opulence anymore.” But they still want to stand out, evidenced by regional demand for bespoke designs. The beauty about this region, says Habib, is that clients are bold when it comes to colors. That’s readily apparent when you walk down the production line at Goodwood: alongside the classic silver and black designs, you can now spot an array of colorfully customized cars. “You know exactly to which region they’re going,” says Habib.

Catering to these changing tastes and the demand for customized designs has been a focus for Habib, who took over as regional director in 2018. Hailing from Lebanon and educated in Germany, the executive has been with the BMW Group since 2000, when he started out as a parts business consultant. He went on to occupy roles in sales, business development, and more, and spent five years in BMW’s Dubai office. In 2015 he became RollsRoyce’s Head of Bespoke in Goodwood, where

he helped deliver record sales for this area of the company’s business. Upon moving to Dubai to oversee the region, he put that experience to use by working to position Rolls-Royce as a more bespoke brand delivering unique vehicles.

At that time, the carmaker’s dealership partners in the Middle East still stocked some vehicles, but Habib wasn’t a fan of this approach. “I said let us build the car specific to our clients,” he says. As a result, the company has reduced its stock in the region to almost zero in recent years, although showrooms

Already 2023 is shaping up to be a transformational year for the company, with Rolls-Royce gearing up to launch Spectre, its first fully electric vehicle.

might still have models on hand as an example. Underlining the strategy is a focus on using a “high touch approach” to connect to clients. “We invite them for dinner; it’s not about selling cars,” says Habib. Another element of this is promoting Rolls-Royce’s private communication app called Whispers, which the executive compares to a LinkedIn for RollsRoyce owners.

Still, the pandemic did no favors for his high-touch approach, forcing the regional team to work remotely. That experience only underscored Habib’s convictions about customer engagement. “Face to face, human to human, cannot be replaced,” he says. That’s where the new private office comes into play. It’s staffed by a pair of company veterans, including Bespoke Lead Designer Michelle Lusby, who arrived in Dubai after eight years with the brand, and Bespoke Client Experience Manager Chris Hardy, who previously spent five years in Goodwood.

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That said, the private office is still designed to operate alongside its established network of dealership partners, who run seven showrooms spread across the U.A.E, Kuwait, Saudi Arabia, Lebanon, and beyond. These partners are making moves too. In 2022 Rolls-Royce Motor Cars Doha launched a new flagship premises that’s also the first showroom in the Middle East to be remodeled with the new RollsRoyce visual identity, which was officially unveiled in London and Shanghai in 2021.

On Habib’s watch, the carmaker has also looked to the region for innovative opportunities to promote the brand. About two years ago, Rolls-Royce approached Dubai-based contemporary artist Sacha Jafri with a proposal to collaborate on a project with their chief designers in Goodwood. The opportunity to work with such an iconic— and protective—brand piqued the British artist’s interest. “They don’t really collaborate with anyone,” says Jafri. That led to a co-branded project between Jafri and RollsRoyce with the aim of raising $1 million for charity by creating six one-of-one Phantom Series II cars. Each one is designed around the theme of nature’s essential elements: earth, fire, wind, water, and air, alongside a

sixth element of “humanity,” a subject that Jafri focuses his work around. That saw the artist hand paint artwork for each Phantom’s gallery (essentially the dashboard). “We actually designed the entire car around that gallery, down to every single little detail, the leather work, the colorings,” says Jafri. The collaboration also included embedding an NFT into the glove compartment of each car; if the NFT is traded in the future, a royalty of 20% will be donated to charity. Currently under production, the six Phantoms will be delivered to customers in Dubai once finished.

From foraying into digital assets and artist collaborations to embracing electric vehicles, this clearly isn’t the Rolls-Royce of old. Looking ahead, Habib still sees room for Rolls-Royce to grow in the Middle East and Africa, as it isn’t yet present in all markets, but ultimately the executive says it’s about quality over quantity, with the goal of delivering more bespoke cars that are “spoken of.” So far, it appears that clients in the Middle East are a perfect fit for the next chapter of this storied automaker. “It’s a luxury brand,” says Habib. “We’re not a car brand anymore.”

Building A Gaming Empire on Blockchain

Henry Chang, CEO of WEMADE, explains how Korea’s billion-dollar videogame developer and publisher is leveraging blockchain technology to position itself at the forefront of gaming.

In your opinion, why has WEMADE grown so successfully over the last two decades?

Founded in 2000, WEMADE was one of the early starters in the Korean gaming industry. Our success comes from many factors but mostly fostering a loyal community of fans around the world who have been playing our flagship IP “Legend of Mir” series for decades. We have always been at the forefront of innovation through an ever-growing lineup of creative PC and mobile games. When I joined WEMADE nine years ago, it was still a traditional gaming company. Then, four-and-a-half years ago, we led a paradigm shift and expanded our main business by creating our blockchain gaming company and launched the WEMIX platform. We aim to be the go-to blockchain gaming platform in the near future.

What is WEMIX Coin and how is it changing the game, literally?

WEMIX Coin is a cryptocurrency that can be used as a medium of exchange for the various ingame tokens and NFTs on WEMIX PLAY. Previously, in-game items were trapped within the game, however once Web2.0 games are embedded with blockchain technology, gamers can exchange in-game items both inside and outside of the games, with the

WEMIX platform connecting to the real economy. Through the launch of our own mainnet (EVM compatible) WEMIX3.0, we are now providing additional services such as NFT trading, WEMIX stablecoin, DeFi services, and more.

WEMADE has been listed on the South Korean stock exchange since 2009. How has the company evolved since then?

Being a publicly traded company puts us in an advantageous situation, where we can differentiate ourselves from other blockchain gaming platforms through regulatory compliance, transparency, and our legacy. When cryptocurrency prices dipped in February 2018, many people lost interest in digital currencies and blockchain technology. By contrast, we started

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in January 2018, and we didn’t give up. As a result, we became the first and most successful blockchain game developer. Every year, 50,000 new games are released globally, and I believe they will all use blockchain within three years. We plan to become the dominant platform for developers looking to embrace blockchain by providing them with tokenomics, SDK, and onboarding solutions. With 17 games currently on WEMIX PLAY, we aim to service 100 games by the end of this year.

How do you see the Middle East market and what is your strategy for the region?

The Middle East has huge potential, especially in terms of finance and software, and I believe that the Middle East and Asia could be the center for blockchain technology. Currently the United States and South Korea are the faster movers, but the blockchain industry is still in its infancy. We are in the process of applying for a crypto license in the region, after which we will concretize our plans of developing a state-of-the-art blockchain platform and crypto hub.

www.wemade.com/IrEn

Henry Chang, CEO of WEMADE

TAKING CARE

Ayman Mokhtar, Regional President for the Middle East, Türkiye, and the Levant at Viatris, is working to increase awareness of mental health and non-communicable diseases in the Arab world. As we come out of the shadow of a global pandemic, he believes these issues are more important than ever.

BY JASON LASRADO

Ayman Mokhtar, Regional President for the Middle East, Türkiye, and the Levant at Viatris.

According to the World Health Organization (WHO), in 2019 one in every eight people, or 970 million people around the world, were living with a mental disorder, with anxiety and depressive disorders being the most common. In 2020, the number of people living with anxiety and depressive disorders rose significantly as they struggled to cope with the disruption of the Covid-19 pandemic. Initial estimates show a 26% and 28% increase globally for anxiety and major depressive disorders, respectively, in just one year. And while effective prevention and treatment options exist, many people with mental disorders lack access to effective care and experience stigma and discrimination.

“Despite years of work to bring mental health conditions out from the shadows, stigma remains an enormous barrier to treatment,” says Ayman Mokhtar, Regional President for the Middle East, Türkiye, and the Levant at Viatris. “Surveys have revealed 80% to 90% of people with depression experience the discrimination and isolation of stigma, resulting in less than 20% of people seeking help. For the sake of millions of people who are struggling, this must change.”

U.S.-based pharmaceutical company Viatris was formed in November 2020 by the combining of Mylan and Upjohn, which was formerly a division of Pfizer. In 2021, the company had total revenues of $17.9 billion, up 50% from the previous year. Its emerging markets segment, of which the Middle East is a part, earned $3.1 billion in revenues in 2021, a 70% increase. The company employs over 37,000 people, and its products reach patients in 165 countries and territories. It operates approximately 40 manufacturing sites worldwide and was valued at $12.1 billion as of October 27, 2022.

Mokhtar is currently working with various non-profit associations and policymakers to begin conversations around mental health in the Middle East in an effort to destigmatize the topic. Policymakers have a major role to play. “When we come to talk about mental health in the region there's definitely a shift in behaviour around the perception of mental health, but we still are needing to see a lot of work in infrastructure within HR departments to adopt services because, while the stigma is defiantly decreasing there is still resistance to the adaptation of services within organizations,” says Ally Salama, Founder and CEO of EMPWR. “We need a lot more effort by the public sector to push the agenda and drive the private sectors.” Through his roles in various non-profits, Mokhtar is trying to bring these issues to the forefront of policymakers’ agendas. He serves on the board of the U.S.-U.A.E. Business Council and is also the co-chair of the healthcare sector committee in AmCham Abu Dhabi and the U.S.- Kuwait Business Council, where he routinely brings up discussions with key stakeholders about mental health issues.

According to the WHO, mental health conditions cover mental disorders, psychosocial disabilities,

and other mental states associated with significant distress, impairment in functioning, or risk of selfharm. Data indicates that the Middle East has high rates of mental health disorders, and the numbers are predicted to increase. Large community-based studies by the Handbook of Healthcare in the Arab World have reported that the prevalence of mental illness in the Arab world ranges from 15.6% to 35.5%, with the higher rates being in nations with complex states of emergency such as war and famines.

High energy prices, inflation, and a global economic slowdown are adding to the world’s mental health woes. Rates of anxiety, depression, social isolation, job burnout, and insecurity related to food, housing, and income rose between March 2020 and mid-2022, according to the U.S. Surgeon General’s Framework for Workplace Mental Health & Well-Being. And the consequences of mental health problems going untreated can be severe, causing personal suffering and

“The work we do is critical for a better world. Healthier people lead to a healthier, betterfunctioning world in numerous ways—this is my aspiration.”

impacting society as a whole. According to Mokhtar, two of the most common mental health disorders— depression and anxiety—cost the global economy $1 trillion every year.

“Another key challenge related to access to care is related to funding and the disparity in the access to treatment in a holistic approach,” explains Mokhtar. “The global median government health expenditure addressing mental health is less than 2% of total healthcare expenditure. To change the reality, mental health should be prioritized from an investment perspective and holistic access to care throughout treatment so that we can change the reality on all fronts.”

To increase awareness, in December 2020, Viatris partnered with Sesame Workshop, the makers of Sesame Street, to support the social and emotional needs of families and help young children and their parents to recognize and manage “big feelings.” This was launched in the Middle East through two campaigns and new resources in 2021 and 2022.

Mokhtar has spent over two decades in the pharmaceutical industry, holding various roles within multinational companies across the Middle East and Africa. In 2016, he joined Pfizer before moving to Upjohn—a division of Pfizer. In 2020, following the creation of Viatris, he became the regional president for the Middle East, Türkiye, and the Levant. As well as his current focus on mental health, another priority high on Mokhtar’s agenda is to improve the quality of life for people in the region through the treatment of non-communicable diseases (NCDs). “Non-communicable diseases affect individuals and families, slow down productivity, and when untreated and uncontrolled, shorten and end lives. And it’s been around for centuries,” he stresses.

While communicable diseases have received a lot of attention recently, NCDs also have a significant impact. According to the WHO, NCDs lead to 41 million deaths each year, equivalent to 74% of all deaths globally. Each year, 17 million people die from an NCD before the age of 70, with 86% of these premature deaths occurring in low and middle-income countries.

Cardiovascular diseases account for most NCD deaths, or 17.9 million people annually, followed by cancers with 9.3 million deaths, chronic respiratory diseases with 4.1 million deaths, and diabetes resulting in two million deaths, including kidney disease deaths caused by diabetes. These four groups of diseases account for over 80% of all premature NCD deaths.

And, as with mental health issues, the impact of NCDs is high in the Middle East. According to the Population Reference Bureau, the likelihood of dying prematurely from the four main NCDs in MENA is 19%, compared to 12% in high-income countries globally. These deaths often occur at the peak of an individual’s economic productivity, imposing a significant burden on families and health systems, as well as challenging economic growth and sustainable development. “In the hospital environment we see 70-80% of deaths are because of this problem,” says Raza Siddiqui, CEO of the Arabian Healthcare Group. “Medical treatment is one thing, but the thing is we have to look at holistic management of this situation, because all of us in the healthcare ecosystem have a responsibility towards the community and society to create consciousness and awareness about NCDs.”

Mokhtar also believes that increasing awareness of healthcare is crucial in the region. “With the youth population aged between 15 and 29 representing over 108 million in the Middle East, people who live in these regions have a significant impact on global health and prosperity and accelerate global progress in numerous ways,” says the advocate.

However, the treatment of NCDs requires a multi-pronged approach, with various stakeholders like healthcare providers, pharma companies, governments, various associations, and the general public all having roles to play in creating awareness. “NCDs are far too complex and connected with behavioral and environmental factors that make them multifactorial,” adds Mokhtar. “Therefore, they necessitate the strongest partnerships and collaborations between healthcare professionals,

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authorities, the healthcare industry but also the media, the public, and the broader community.”

Mokhtar played a key role in sponsoring the launch of the “NCD Academy” in the U.A.E. in February 2021, which is a first-of-its-kind collaboration between major actors in the healthcare ecosystem to equip frontline health workers with integrated, mobile-first education on NCD care as they take on a more prominent role in prevention. Supported by Viatris, the initiative is led by the American College of Cardiology in collaboration with the World Heart Federation and NCD Alliance. NCD Academy has courses on cardiovascular disease and stroke prevention, cancer care, and mental health.

As governments are the backbone of healthcare systems, Mokhtar is also working on empowering creative public-private partnerships with governments across the region to increase capability building, awareness and education. In the future, the sector should see more investments in innovative approaches towards NCD prevention and treatment. “I strongly advocate for the importance of collective efforts to optimize healthcare services and healthcare delivery in the region,” says Mokhtar.

He is also the sponsor of a memorandum of understanding with the Minister of Health in the U.A.E., which aims to decrease the number of deaths caused by NCDs. And he launched the #Keep_On_Beating campaign in 2021 in partnership with the U.A.E. Ministry of Health & Prevention. The campaign helps people recognize when they might be at

risk of suffering from unrecognized and untreated cardiovascular disease, driving people to assess the level of their cardiovascular risk and optimally control their risk factors, ultimately reducing mortality caused by these diseases.

Viatris has several partnerships within the public and private sectors across the Middle East, including one with Emirates Airline for “Health Matters with Dr. Adam”—an educational animated series of videos on diverse health documents for its infotainment channel. In October 2022, Viatris announced a partnership with the Ministry of Health and Prevention to support efforts, initiatives, and research aimed at reducing the burden of NCDs in line with the UAE National Strategy for Wellbeing 2031. The company is also supporting a New York University Abu Dhabi initiative for the capability enhancement of real-world data and insights on NCDs through the U.A.E. Healthy Future study, a long-term study that explores the genetic and lifestyle determinants of chronic diseases among Emiratis.

As he works to improve the region’s healthcare, Mokhtar says he feels privileged to be in his position. “As a business leader who has been dedicated to the healthcare industry, I have this passion for making a real difference, and my work gives me the opportunity to put this passion into action,” he explains. “The work we do is critical for a better world. Healthier people lead to a healthier, better-functioning world in numerous ways—this is my aspiration.”

Stay connected with our latest business news.

Tell us more about Venom Foundation. What is your main focus here in the Middle East?

Venom Foundation is a non-profit organization that aims to create a robust and scalable blockchain infrastructure and promote the development of a self-sufficient ecosystem on top of it—a goal that has already produced notable outcomes. One of its key functions is to collaborate with ecosystem members to ensure that items are supplied in a compliant way inside the dependable and wellregulated environment of the Abu Dhabi Global Market (ADGM), subject to the necessary regulatory clearances.

As a reminder, ADGM was inaugurated in October 2015 to bolster Abu Dhabi’s position as a worldwide hub for business and finance. It also acts as a vital connection between the Middle East, Africa, South Asia and the rest of the globe. Through its institutional and unique approach, Venom Foundation aims to assert its expertise and extensive knowledge of the industry to ultimately offer much-needed leadership.

As part of our strategy to consolidate our position in the industry, we identified a large opportunity to capture a share of

Building An Ecosystem, Block By Block

Peter Knez was formerly the Global Chief Investment Officer at BlackRock. Now Chair of the Foundation Council at Venom Foundation, he explains how the nonprofit organization is building blockchain infrastructure and making an impact on MENA and beyond.

the relatively untouched market here in the Middle East early on. Today, we are in a strategic and competitively advantageous position due to our demonstrated experience in various industries in this region. In the long term, Venom Foundation aims to boost the growth of our existing infrastructure in the region through blockchain technology.

How did you position Venom as a leading company in a highly competitive industry?

Venom blockchain is an innovative technology that has achieved a worldwide leap by offering the industry limitless scalability and more robust security assurances with decentralization. It is a pioneer in three key areas, including infrastructure, support for inbound projects, and developer-friendly platforms, each of which provides fresh approaches to resolving longstanding problems across many industries that require next-level technological infrastructure.

What is Venom Foundation’s main priority in the region?

Today’s entrepreneurs in the MENA region are regarded as the forerunners in adopting global crypto trends. Thus, enterprises

The thoughts expressed in this advertorial are those of the client.

must explore decentralization for commercial, governmental, and social initiatives. At Venom Foundation, we aim to target all these sectors and develop and deploy our technology as part of our contribution to the growth of the industry, while ensuring that we raise our standards of service delivery and innovation.

What are Venom’s future plans? The involvement of renowned market professionals and industry leaders in blockchain will bring many interesting and noteworthy announcements. We plan to build an infrastructure and all required tools for the development and implementation of central bank digital currency (CBDC) and traditional finance products by governments and businesses in the MENA region and worldwide. The introduction of these products will have a far-reaching impact on the regional blockchain industry, including its overall competitiveness and growth.

BIG BUSINESS, BIGGER IMPACT

In the three years since he became PepsiCo’s CEO for Africa, the Middle East, and South Asia, Eugene Willemsen has seen revenues rise at the same time as implementing a wide-ranging sustainability agenda. While profits are all well and good, protecting the planet is safeguarding the company’s future.

BY CLAUDINE COLETTI

Eugene Willemsen, PepsiCo, CEO—Africa, Middle East, and South Asia.

Farming may not be what first comes to mind when you hear the name PepsiCo, but in fact, the brand’s impact on the world goes a lot further than the fizzy drinks and snacks that it has become known for. PepsiCo actually has a major agricultural footprint globally. The world’s second-largest food and beverage company, according to Forbes, has approximately seven million acres of farming land across the globe, which are used to grow 26 different crops that it uses in its various products—from potatoes to corn, grains, fruits, and pulses, among others. The conglomerate works with thousands of farmers, directly and indirectly, and it’s now working towards what it believes are some fundamental environmental responsibilities.

The highly-anticipated COP27 summit, held in Egypt’s Sharm El Sheikh resort in November 2022, will see thousands of business chiefs, as well as world leaders and heads of state, gather to discuss the most pressing issues facing the human race today in regard to topics such as climate change, sustainability, and equality. Among them will be Eugene Willemsen, CEO for Africa, the Middle East, and South Asia (AMESA) at PepsiCo. And Willemsen has a lot to say on the subject. “One of the things that we need to work on at COP27 is ensuring that there is the appropriate financing to really pull off projects within the agriculture sector because it is a critical sector most vulnerable to climate change and building resilience will be even more critical than it was before—in ensuring food security,” says the Netherlands-born CEO.

In 2021, PepsiCo reported nearly $79.5 billion in total revenues, an increase of $9.1 billion compared to 2020. The AMESA region brought in $6.1 billion of that,

Fin part thanks to its $1.7 billion acquisition of South Africa’s Pioneer Foods. In the same year, PepsiCo also launched its PepsiCo Positive (pep+) initiative, which lays out a number of environment and people-focused goals designed to transform its business.

Pep+ covers three key pillars: positive agriculture, positive value chain, and positive choices. Overall, PepsiCo plans to be net zero by 2040, and the AMESA head says there have already been some landmark achievements made in the last year. “ESG is now firmly on the agenda of businesses in the Middle East,” says Waleed Rasromani, Corporate Partner in the Middle East at Linklaters law firm. “There is a general recognition that participating in the global economy, and attracting international investment, requires the adoption of meaningful sustainability and wider ESG policies. The extent of that adoption, and its impact, will likely vary by sector.”

By 2030, PepsiCo plans to be using regenerative practices to restore the earth across land equal to the seven million acres it uses for its crops, as well as sustainably source 100% of its crops and improve the

livelihoods of 250,000 farmers in its agricultural supply chain. In AMESA, much of this business is based in South Africa, Egypt, Ethiopia, Saudi Arabia, Pakistan, and India, with around 23,000 small-scale farmers in India alone working in collaboration with PepsiCo.

Within the same time scale, the conglomerate— which had a market cap of $238.4 billion as of October 21, 2022—aims to become a net water-positive company, meaning it will be putting the same amount or more water back into the environment than it is taking. According to Willemsen, it will do this by implementing water-saving technologies across its farming communities, and it has already seen some success. “In addition to our sites in Cape Town, we most recently became net water positive in our Riyadh site, where we have a big manufacturing plant,” he explains. “We’ve reduced water usage in that plant through the implementation of water recycling technologies and best practice replication. We will be

“At the end of the day, we really believe that ultimately we cannot be successful until we create a truly sustainable business that can hopefully continue to prosper for many more decades.”

replenishing around 75% of our water usage in high water risk sites by year end.”

Another area that has seen significant progress is in reducing and recycling packaging, specifically PET, which is commonly used for plastic water bottles and other food packaging. In 2021, PepsiCo partnered with Bee’ah, a Sharjah-based holding company focused on sustainability goals, to help collect and recycle Aquafina waters bottles produced in the U.A.E. While today the AMESA region is still behind other markets when it comes to recycling in general, it is now showing strong signs of improvement. “We will have launched recycled PET bottles in six markets by year end, coming from a situation where two years ago it was zero,” says Willemsen. PepsiCo has already introduced recycled plastic in some beverage brands in South Africa and Bangladesh, and by the end of 2022, the company plans to introduce recycled plastic bottles in Egypt, Qatar, Kuwait, and Pakistan.

These are all big wins for the CEO. Willemsen is a self-confessed sports fanatic, and sports-themed analogies pepper his descriptions of his leadership style. “Ultimately, we want to achieve the same as the best teams in whatever sport you can think of,” he says. “We want to win, we want to win every match, we want to win the league, and we want to win the league multiple times.” Having been with PepsiCo for over 27 years, he’s in a good position to know how to make that happen.

Willemsen started his career in 1990, working with Dutch dairy company FrieslandCampina for five years before moving to PepsiCo in the Netherlands in 1995. Starting in sales, he went on to travel across the world as he worked his way up the ladder. He took on increasingly senior roles in Belgium, the Netherlands, and Geneva before moving to Istanbul to become president of PepsiCo’s southeast European business. After that, he had a stint back in Geneva as Global CEO for Lipton, a joint venture between PepsiCo and Unilever. In 2015, he moved to the corporate headquarters in New York, where he was global marketing and commercial lead and

PepsiCo has approximately seven million acres of farming land across the globe, which are used to grow 26 different crops that it uses in its various products.

executive vice president for PepsiCo for four years. He was getting ready to move to South Africa to head up a new African region when he got a call to say that the geographies had been reshuffled. In 2019, he headed to Dubai to oversee 75 markets across Africa, the Middle East, and South Asia.

As a new leader of a relatively new division, Willemsen and his team first spent eight to 10 weeks defining what it was they wanted to achieve and the vision they wanted to aspire to. “That became the contract between us as a

team. I think we really nailed it,” says the CEO and football fan. “It comes down to having clarity on what the role is of individual players within the team. And then just making sure that it’s not just individual star players, but that they can work together as a team.”

In the last three years, the AMESA division has seen its net revenues rise considerably, from nearly $3.6 billion in 2019 to $4.6 billion in 2020 and over $6 billion in 2021. However, this was in some way helped by the acquisition of Pioneer Foods—one of South Africa’s biggest food and beverage companies—in March 2020. The merger was one of PepsiCo’s largest ever outside of the U.S., and its completion included a number of public interest commitments, including an agreement that the merged company would commit $100 million to the implementation of an employee ownership plan and a development fund, which would include ZAR 600 million (the equivalent of $32.8 million as of November 2, 2022) to assist emerging farmers, fund scholarships, and support

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South African entrepreneurs. “The fund is supporting farmers that would not have access to funding in normal commercial banking. This enables farmers to continue producing,” says Diale Tilo, Executive Director of the Kgodiso Development Fund. “We hope to raise more capital that will enable us to make more impact. Further, we anticipate that the fund will be evergreen and sustainable. This will come through prudent management of the loan book.” The independently-managed Kgodiso Development Fund was launched in March 2022 and is now up and running, with one of its first projects supporting female farmers underway. “This is a great example of how, as a big company, you can play a meaningful role in driving a much more inclusive society,” stresses Willemsen. Almost immediately after the merger was complete, the global pandemic began. PepsiCo saw its in-home food sales boom while its away-from-home channels shut down. But one of the main takeaways has not just been in how people consume its products, but in what they consume. Willemsen describes how consumers have been trying out new flavors, sometimes to the surprise of the team. “‘Flaming Hot’ is just one example that has taken off across the entire division,” he explains. “What is interesting is that some people said, ‘I’m not sure that will work in

my market’… Well, guess what, this has been a homerun everywhere we’ve launched it, so there’s this sense of experimenting.”

This trend could be here to stay. The pep+ positive choices pillar focuses on growing and introducing new healthier ingredients for an expanding food product portfolio with less sugar, saturated fat, and sodium. But on the beverage side, the U.A.E. specifically may soon see more choices put into the hands of consumers, with customizable drinks stations being piloted in the country. At Expo 2020 Dubai, visitors that came across PepsiCo’s Aquafina water stations were able to use their own reusable bottles and a touch screen to choose between still or sparking and a selection of natural flavors such as lemon or orange, as well as the intensity of flavor and whether or not to go sugar-free. These stations are now in the process of being expanded across the city as part of the Dubai Can sustainability initiative.

“At the end of the day, we really believe that ultimately we cannot be successful until we create a truly sustainable business that can hopefully continue to prosper for many more decades,” says Willemsen. “I feel really proud of what we’ve accomplished so far, and we’re very committed to further double down on this.

“We are all in.”

Service With Sea Views

What is the key to successfully managing two international hotels: Sheraton Jumeirah Beach and Aloft Palm Jumeirah?

Managing two different brands and categories—Sheraton being a five-star premium hotel with full service, and Aloft a fourstar hotel with select service—is indeed a challenge. However, my 28 years of experience in the hospitality industry and in-depth understanding of the competitive Dubai market give me the edge.

Teamwork, time management, multi-tasking, and prioritizing high effort tasks are essential to balancing operations and delivering results for both hotels. Above all,

staying calm helps me to focus, especially when confronted with challenging situations.

What can you tell us about the offerings of both hotels? What makes each of them special?

Both hotels, the Sheraton and Aloft, are special in their own ways. The Sheraton hotel is located on the well-known Jumeirah Beach Residence (JBR) beach. The property features one of the largest private white sand beaches in the area and its F&B offering is one of the best in Jumeirah. In addition to a variety of specialty restaurants and bars, the hotel’s open area offers a fantastic view of the Dubai Eye.

The thoughts expressed in this advertorial are those of the client.

Scan this QR code to open the website www.marriott.com/DXBJS

Meanwhile, our Aloft hotel is located on the luxurious and wellknown Palm Jumeirah and is the first Aloft hotel worldwide with beach access. It offers an array of water sports activities for guests to enjoy and it is also home to one of Dubai’s most famous Mexican restaurants, Luchador Cantina & Lounge. The restaurant serves authentic Mexican food with a modern touch and is known for its flamboyant mixology as well as its themed entertainment and great views over the Arabian Gulf.

Where do the Sheraton and Aloft brands fit within the Marriott International portfolio and who are their target clientele?

The Sheraton brand has been in the market since 1937 and is the oldest brand of Marriott International. A timeless and pioneering brand in hospitality, it now boasts over 450 hotels in more than 70 countries. In line with this legacy, the Sheraton JBR is the longest standing hotel in the area. Over the years, it has earned a base of very loyal guests who regularly return to the hotel. For me personally, Sheraton holds a special place in my heart, as I have spent majority of my 28 years in the industry with the brand.

As for Aloft, the brand is the DNA of W hotels and caters to energetic, sassy, and savvy guests who love simplicity. While Aloft Palm Jumeirah is categorized as a select service hotel, we provide top-notch service and amenities that make us distinct and on a par with fivestar neighboring hotels on Palm Jumeirah.

Mohamed El Aghoury, Cluster General Manager of Sheraton Jumeirah Beach Resort and Aloft Palm Jumeirah, explains what makes both hotels special in a thriving and competitive market.

FROM THE EDGE TO THE CLOUD

Taha Khalifa, General Manager for the GCC and CCG Sales Director for the EMEA Territory at the Intel Corporation, is leading the global semiconductor giant towards uncharted territory as it expands into new-era software and regional R&D.

BY HANNAH STEWART

Taha Khalifa, General Manager for the GCC and CCG Sales Director for the EMEA Territory.

In the ranking of big mistakes, Intel’s Taha Khalifa points straight to what he believes is the number one danger in his industry: inertia. As he puts it, “If you stay still in the technology world, you won’t last long.” The tech giant’s general manager for the GCC is proof personified: the Egyptian has switched jobs at Intel 14 times during his 25 years at the firm. Personality is undoubtedly an ingredient in the making of an executive with staying power, but for Khalifa, there’s something else: the Middle East is brimming with potential, and Intel is not just moving forward; it’s evolving.

“This is a journey,” insists Khalifa. Indeed, Intel’s history has been marked by milestone changes. The company, which employs 120,000 people worldwide, is renowned as a leader on the semiconductor scene, but over the course of more than five decades, it has progressed from a memory enterprise to a PC business to what Khalifa now calls a “software-defined, hardware-enabled” organization. The way he sees it, Intel is now responsible for building the blocks of everything from edge computing to the cloud.

It is a big responsibility and one that requires resources. Intel does not disclose regional figures, but the Nasdaq-listed company generated more than $79 billion in global revenue last year, up from $77.87 billion in 2020. Company assets also grew to almost $168.4 billion, a 10% increase on the previous year. However, net income just shy of $19.9 billion represents a 5% decline year-on-year for Intel. It is a dip that Fitch Ratings attributes to “competitive pressures and execution issues” on top of declines in PC and server shipments. The credit rating agency expects little change next year but predicts a return to growth in 2024.

Whatever the short-term forecast, Khalifa is unfazed; for him, Intel is playing the long game. Hardware manufacturing accounts for the lion’s share of global revenues, but as the company diversifies, there will soon be little—if anything—that Intel doesn’t touch. “A lot of people think we are just hardware semiconductor manufacturers, but it’s everything from across the spectrum,” he says. That means assembly and packaging, hardware elements, and software ingredients, all the way to the application layer.

In the Middle East, Intel’s plans for diversification coincide with government strategies to diversify their economies and accelerate the shift away from

oil dependency. The result is a region with a rapidly growing reputation as a digital hub, and Intel is right in the thick of it.

In 2019, the company launched an initiative called Oil to Data, or “Project Mustakbal,” designed to align Intel with the digital transformation occurring across MENA. As part of the initiative, Intel created an innovation center in the U.A.E., and Khalifa used 2022’s GITEX event as a platform to announce the launch of an AI software R&D center in Dubai Internet City (DIC). “The center will develop critical ingredients of AI software solutions for Intel worldwide, and it will also give us an opportunity to collaborate more with the ecosystem,” he explains.

Commenting on the development, Ammar Al Malik, Executive Vice President of Commercial Leasing at TECOM—the group that oversees DIC—says Dubai’s tech-centric business district is “delighted that an industry leader like Intel is inaugurating an AI software R&D Center in our community, cementing Dubai’s position as a tech hub.”

For Khalifa, Dubai is the place to be as the emirate realizes its ambition to become a global center for digital technology, but he stresses that Intel’s operations extend beyond Emirati borders. “Innovation happens everywhere,” says the veteran who started his Intel career in software development. “We have more resources in some countries than others, but we have a few legal entities in the region, including Saudi Arabia and Egypt.”

Reeling off examples, he highlights memorandums of understanding signed in September 2022 with the Saudi government as well as with key research institutions in the kingdom, focused on AI, edgeto-the-cloud solutions, and capacity building as the country builds digital readiness. Next stop: Cairo ICT, a trade fair and forum where Khalifa plans to identify new areas for collaboration with the government and wider ecosystem.

As the Middle East manager looks to expand Intel’s reach, the company finds itself in an unusual

“A lot of people think we are just hardware semiconductor manufacturers, but it’s everything from across the spectrum.”

position where competition is concerned. With a portfolio that now leaves almost no technological stone unturned, the global business counts as a leader in some areas and an incumbent in others. Khalifa openly admits that Intel is still building its presence in areas such as AI and the Internet of Things, but he takes a matter-of-fact view: “There are multiple, and will be multiple, competitors in each segment. We just need to make sure that we are the technology leader… and that we move with a rapid pace of innovation.”

If Intel gets it right, then it could grow its slice of an increasingly valuable pie. PwC estimates that the Middle East will accrue 2% of the total global benefits of AI in 2030, equating to $320 billion. Meanwhile, a report from Markets and Markets indicates that cloud computing could be worth $31.4 billion by 2026 in the Middle East and Africa, and Gartner predicts that spending on software in MENA will hit $9.63 billion this year.

The opportunity is clear, and for Shinichi Akayama from global management consulting firm Arthur D. Little, Intel’s expansion into the software space is indicative of an evolving tech landscape where startups and global giants are shifting focus. “Intel is working with the telco industry on software-defined networks, and startups are working on AI semiconductors,” says the Japan-based partner.

In the Middle East, Akayama explains that while semiconductor giants and leading chip manufacturers already have a presence, there is more to come from the region. “There will be lots of opportunities for MENA in the future, as the software industry doesn’t rely on location,” says the industry expert. “Rather, having enough software engineers will be a key differentiator.” On that front, Intel is already in the game, with 19,000 software engineers globally.

But as it explores new avenues, Intel has no plans to scale back its core business— quite the opposite. After all, semiconductors are the chips that run almost every digital electronic device on Earth. According to Kanishka Chauhan, Principal Analyst in the Gartner Semiconductors and Electronics

Intel created an innovation center in the U.A.E., and Khalifa used 2022’s GITEX event as a platform to announce the launch of an AI software R&D center in Dubai Internet City (DIC). Stay connected with our latest business news.

group, demand has declined of late in line with the global economic slowdown, but he expects it to return.

“With megatrends such as the metaverse and electric vehicles waiting around the corner to revolutionize the way we interact, transact, and commute, the demand for semiconductors is expected to climb up aggressively,” he says. “Tech companies such as Intel are striving hard to fulfill this demand and are making big investments in capacity expansions.”

Chauhan isn’t wrong. Intel is pouring billions of dollars of investment into new manufacturing facilities worldwide, with around $40 billion earmarked for new factories in Arizona and Ohio in the U.S., and $36 billion worth of investment heading to Europe.

Intel’s strategic investment sits within the context of a $500 billion semiconductor market dominated overwhelmingly by Asia. Taiwan alone accounts for around half of the global market, with South Korea, Japan, and China also central to chip production. For Khalifa, ramping up capabilities in the U.S. and Europe is not just about business growth; it is about responsibility. “We want to make sure that our supply chain is resilient and that the global semiconductor supply chain is resilient,” he says. “Semiconductors are the backbone of technology.”

If it wasn’t evident before, the importance of semiconductors really came into view during the Covid-19 pandemic, where a

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chip shortage impacted industries across the board. Now, just as the pandemic is beginning to fade into the background, new forces are adding pressure to an already strained chip supply, with conflict in Ukraine and tensions between the U.S. and China prime among them. Both Russia and Ukraine are significant producers of chip components, while the rivalry between the U.S. and China continues to spill over into the tech domain, with the former imposing semiconductor export restrictions aimed at limiting China’s capabilities.

Chauhan confirms that geopolitics can affect the semiconductor supply chain deeply, but he stresses that the impact can vary. For instance, new laws in the U.S. intended to expand manufacturing capacity are, in fact, “positively impacting companies like Intel,” says the Gartner analyst. In all cases, “small incidents will continue to create ripples in the supply chain, and manufacturers will continue to adapt to the market conditions accordingly,” he concludes.

Far from the rhetoric of a chip war between old rivals, the Middle East is busy building on an impressive digital infrastructure that was put to the test during the pandemic. “The response in the Gulf region, especially in the U.A.E., was one of the best in the world,” says Khalifa. “All of the work-from-home, learn-from-home technologies were implemented seamlessly in the region, and measures to keep the public safe were executed in a very advanced way, in some cases exceeding parts of Europe and U.S.”

But while infrastructure is advancing fast, digital literacy still lags, and it is here that Khalifa sees his

biggest challenge. At the corporate level, populating the workforce with the right talent remains a significant problem, and not just for Intel. The World Economic Forum estimates that closing the skills gap could equate to $11.5 trillion in global GDP by 2028.

Addressing the talent gap is a priority for Intel and for Khalifa personally. For a man with an MBA, a master’s in computer science, and an undergraduate degree in computer engineering, education matters. To narrow the void in the industry, he intends to boost digital literacy by collaborating with academia, industry, and the wider ecosystem. “It’s something critical we need to work on, and we need to approach it as a collective challenge globally,” says the country manager.

As he looks to the future, Khalifa is as ambitious as he was when he started out at Intel back in 1995. “In five years from now, I want to literally triple the software development efforts that are happening here in Dubai,” he says with excitement. To do that, he plans to create more innovation centers to strengthen ties with customers and partners in the region, all the while building digital readiness programs to prepare the youth of today for the jobs of tomorrow.

Exactly what job Taha Khalifa will be doing a few years down the line is anybody’s guess, but one thing is for sure: he will still be at Intel. For a man who has averaged a new role every two years, standing still is not an option. Fortunately for him, the same goes for his company. Intel is evolving, and like the tech world it inhabits, the pace of change is fast.

Success Driven By Nature

Entrepreneur Salima El Kasmi explains how she brought her Berber-inspired beauty brand, Deverda, to life, and how she is planning for future success.

What is Deverda and where did the idea come from?

Deverda is a beauty brand that connects with nature. Rooted in tradition, it is a celebration of the Argan tree and of Morocco’s Berber women who, for thousands of years, have painstakingly turned its precious fruits into one of the world’s rarest and most coveted oils. From the outset, my vision has been inspired by the saying that “all that’s natural is made to repair and do us nothing but good.” At Deverda, that means creating products that work in harmony with our skin, not against it.

Salima El Kasmi Founder of DEVERDA

Before launching the company, I had always been fascinated by the beauty traditions that Berber women had followed for millennia. I was inspired by their love for nature and all that’s natural, as well as their captivating beauty and resilience. So, one day I asked myself, “Why not share their beauty secret with the world?”

What products does Deverda offer?

Our lines, which I’m super proud of, are inspired by Mother Earth; they were made to create a healthier and more natural beauty routine. We currently have two main

collections: Golden Argan and CBD Green Power, both of which are free from harmful chemicals and toxic ingredients. The Golden Argan collection provides hair and skin with an all-over hydrating and restorative treatment, while our Green Power products deliver antioxidants and vitamins that moisturize and reduce the signs of ageing. We also have a surprise coming very soon in the form of a new and rare cosmetic technology in the Middle East.

What has shaped your success to date?

Believing in everything I do and in everything I want to achieve is the core of it all to me. And of course, having a good team that helps and supports me on every step of

The thoughts expressed in this advertorial are those of the client.

the journey is essential. In particular, my father has been very supportive. He is my idol and greatest inspiration; he built himself from nothing, and that alone got me motivated to dream big and be whatever I aspire to be.

You launched Deverda in the United States and have expanded into new geographies from there. What shapes your strategy and what is next for you as a brand?

I love challenges and succeeding in a competitive market was something I just had to do. That is what motivated me to launch the brand in the U.S. The U.A.E is also an important market for us. It is the center of our MENA operations and presents a new challenge from a marketing perspective, given its broad mix of nationalities and cultures. Dubai is growing day by day, and it’s gathering many young and motivated people. Based on that, I think that the growing approach of Deverda matches perfectly with the city’s ideology.

Looking ahead, our next step is southeast Asia.

www.deverda.com

GLOBAL MEETS LOCAL 2022

In all sectors, international companies are as important as their regional counterparts to the growth and prosperity of the economies in MENA. By setting up offices in the Middle East, they create thousands of jobs, as well as bring technological advancements and capital into the region. Their presence has become rooted in the economies they serve regionally.

Governments are continuously connecting and creating stronger ties with these multinationals. For example, in 2022 alone, IBM has signed partnerships with Saudi Arabia’s Ministry of Communications and Information Technology, the U.A.E.’s Ministry of Industry and Advanced Technology, and Egypt’s Ministry of Finance. SAP has signed deals with the U.A.E.’s Abu Dhabi Department of Economic Development and Qatar’s Ooredoo. Schneider Electric has partnered with the Ministry of Industry and Advanced Technology in the U.A.E. And Novartis has signed an MoU with the Ministry of Investment of Saudi Arabia.

This is the tenth year we are releasing our annual Global Meets Local ranking. This year, we recognize 51 executives from 50 companies. These are the top companies on the annual Forbes Global 2000 list that have significant regional offices in MENA. The technology sector dominates the list this year, with 13 entries, followed by banking, food and beverage, pharmaceuticals, and automotive, each with four entries.

The executives represent 27 nationalities. Britain and France lead with five executives each, followed by Germany and Türkiye with four each.

Methodology

To compile our Global Meets Local ranking, we first look at the most recent Forbes’ Global 2000 list of the world’s biggest companies and identify those with significant operations in MENA.

We then identify the top-ranking executive at the company’s regional headquarters and analyze their impact and achievements. Executives have to be living in MENA to be considered.

We ranked the executives based on the following criteria:

• The impact that the executive has had on the region and the markets that they serve.

• The achievements and performance of the executive in the last year.

• The number and extensiveness of the sustainability and CSR initiatives led by the executive.

• Their designation and the geographical area that they oversee.

• The size of the business in terms of the number of employees, revenues if given, project value, and product reach.

• The number of years of industry experience that the executive has and the time they have served in their current role.

• The rank of the global organization on the Forbes Global 2000 list.

To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com

LOCAL

MEETS

GLOBAL

GLOBAL MEETS LOCAL

1 Nabil Habayeb

Company: General Electric (GE)

Senior Vice President of GE, and President and CEO of GE International Markets

Nationality: Lebanese-American Global headquarters: U.S. Residence: U.A.E. Sector: Diversified Habayeb started his career with GE over 40 years ago as a field engineer in Iraq. He assumed his current role in June 2020, leading GE across all international markets except North America and Europe. GE’s revenue from the Middle East and Africa region reached $7.1 billion in 2021, while it hit $14.9 billion in Asia and China. In September 2022, the company signed an MoU with QatarEnergy to collaborate on developing a carbon capture roadmap for the energy sector in Qatar. Habayeb also serves on the boards of the Arab Gulf States Institute in Washington and the Arab Forum for Environment and Development.

2 Omar Channawi

Company: Procter & Gamble (P&G)

CEO of the Middle East, Global Entrepreneurial Markets and Sub Sahara Africa and Senior Vice President of Sales, Asia Pacific, Middle East & Africa

Nationality: Moroccan Global headquarters: U.S. Residence: U.A.E. Sector: Consumer goods Channawi started his career with P&G Morocco in 1993 and assumed his current role in 2019. P&G reported $80.2 billion in net sales in the 2021/22 financial year, with 14% coming from Asia Pacific, India, the Middle East, and Africa. P&G plans to spend $300 million working with women-owned and womenled businesses across the Asia Pacific, Middle East, and Africa between 2021 and 2025.

3 Eugene Willemsen

Company: PepsiCo

CEO—Africa, Middle East, and South Asia

Nationality: Dutch Global headquarters: U.S. Residence: U.A.E. Sector: Food and beverage Willemsen joined PepsiCo in 1995 and assumed his current role in 2019. In 2021, the company reported $6.1 billion in revenues in Africa, the Middle East, and South Asia. Willemsen is also a co-vice chairman of the U.S.-U.A.E. Business Council, an Advisory Board Member of the Dubai Chamber of Commerce International Division, and the chairman of the U.S.-Africa Business Center U.S. Chamber. He is also PepsiCo’s representative for the World Economic Forum’s Regional Action Group for Africa.

4 Stephen Moss

Company: HSBC Bank Middle East Limited

Group Managing Director, and Regional CEO for the Middle East, North Africa, and Türkiye (MENAT)

Nationality: British Global headquarters: U.K. Residence: U.A.E. Sector: Banking

Moss became regional CEO of HSBC Bank Middle East Limited in MENA and Türkiye (MENAT) in April 2021 and has been a Group Managing Director since December 2018. In the MENA region, HSBC had assets of $71 billion and achieved $2.6 billion in revenues as of December 31, 2021. HSBC’s MENAT region covers nine countries. Moss is also a member of the HSBC Group Executive Committee, a board member of the Dubai International Chamber, and an Advisory Board Member of the Hong Kong Red Cross.

5 Samer Abu-Ltaif

Company: Microsoft Corporate Vice President, and President of the Middle East and Africa (MEA)

Nationality: Lebanese Global headquarters: U.S. Residence: U.A.E. Sector: Technology Abu-Ltaif joined Microsoft in 2004 and has been President for the Middle East and Africa since 2017. He was promoted to his current role in 2021. He leads Microsoft’s MEA-based team, which covers over 60 offices and workspaces in 79 countries across three continents. In 2022, Microsoft launched a Microsoft Cloud Datacenter Region in Qatar and launched the Microsoft for Startups Founders Hub to help startups address common challenges. Before joining Microsoft, AbuLtaif was the regional general manager for the Financial Solutions Group at NCR.

Nationality Egyptian 3 Lebanese 3 Chinese 2 Indian 2 Italian 2

LOCAL

6 Dimitrios Dosis

Company: Mastercard

President—Eastern Europe, Middle East, and Africa (EEMEA) Nationality: German Global headquarters: U.S. Residence: U.A.E. Sector: Technology

Dosis assumed his current position in 2021. He currently oversees operations in Eastern Europe, the Middle East, and Africa, encompassing 1,000 people. In 2022, Dosis signed a strategic partnership with Saudi Arabia’s HyperPay and an MoU with the Saudi Esports Federation. Dosis also serves on the board of directors for the Athens Stock Exchange in Greece. He joined Mastercard in 2005 from Roland Berger Strategy Consultants, where he was leading the transaction banking practice. Previously, he worked for A.T. Kearney, covering its financial institutions business.

8 Ronaldo Mouchawar

Company: Amazon Vice President—MENA Nationality: Syrian-American Global headquarters: U.S. Residence: U.A.E. Sector: Technology

Mouchawar was one of the cofounders of Souq.com, serving as its CEO when it was founded in 2005. In 2017, Amazon acquired Souq.com for $580 million, and Mouchawar became Vice President of Amazon MENA. Amazon was launched in the U.A.E. in 2019, Saudi Arabia in 2020, and Egypt in 2021. In 2022, the company partnered with Mastercard to support the UN World Food Program. Mouchawar is also a member of the Dubai Future Academy board of trustees and the Dubai Future Council on Artificial Intelligence.

7 Jochem-Jan Sleiffer

Company: Hilton

President—Middle East, Africa, and Türkiye

Nationality: Dutch Global headquarters: U.S. Residence: U.A.E. Sector: Hotels and hospitality

Sleiffer has been with Hilton since 1990 and was appointed to his current position in January 2020. He oversees 30,000 people. In 2022, Hilton expanded its portfolio with several openings, including Hilton Bahrain, Waldorf Astoria Kuwait, and Hilton Dubai Palm Jumeirah. In 2021, it recorded $73.1 in revenue per available room (RevPAR) for the Middle East and Africa. Hilton plans to more than double its portfolio in the next five years, with more than 180 hotels in its pipeline, including Conrad Hotels & Resort in Morocco, Conrad Rabat Arzana, DoubleTree by Hilton Fujairah City, and Waldorf Astoria Tanger.

9 Yasser Abdul Malak

Company: Nestlé Middle East

Chairman and CEO—MENA

Nationality: Lebanese Global headquarters: Switzerland Residence: U.A.E. Sector: Food and beverage

Nestlé appointed Abdul Malak as Chairman and CEO of MENA in January 2022. In the MENA region, Nestlé Middle East employs more than 15,000 people across 19 countries and operates 25 factories. It has a portfolio of more than 60 product brands in the region. Abdul Malak previously served as CEO for Nestlé’s North East Africa region based in Egypt and was Dairy Category Head for Europe and MENA at the Nestlé headquarters in Switzerland. Prior to his current role, he was the CEO of Nestlé Türkiye. In the first half of 2022, sales in the Middle East and Africa were close to double-digit growth, thanks to strong momentum for affordable offerings in Central and West Africa.

10 John ‘Mick’

Nicholson

Company: Lockheed Martin

CEO—Middle East

Nationality: American Global headquarters: U.S. Residence: U.A.E. Sector: Aerospace Retired U.S. Army General Nicholson was appointed to his current position in December 2021. He currently oversees more than 500 people across the U.A.E., Bahrain, Kuwait, Qatar, Oman, Jordan, Lebanon, Iraq, and Pakistan. The company recorded revenues of $4.3 billion in 2021 in the Middle East. Before joining Lockheed Martin Middle East, Nicholson was the president of the Pentagon Federal Credit Union Foundation, supporting post 9-11 combat veterans, service members, caregivers, and their families.

11

Ufku Akaltan

Company: UPS

President—Indian Subcontinent, Middle East, and Africa (ISMEA)

Nationality: Turkish Global headquarters: U.S. Residence: U.A.E. Sector: Logistics

Akaltan joined UPS in 2001 and assumed his current position in January 2022. He currently oversees over 2,100 people. In May 2022, UPS and InterGlobe Enterprises launched MOVIN INDIA for the domestic B2B logistics market. By September, it was present in 28 cities in India, covering over 2000 pin codes. Akaltan is also a member of the Board of Directors at the U.S.-India Business Council. He was previously the president of the East Europe District at UPS and held roles in Türkiye, Belgium, the Netherlands, and Luxembourg.

13

Walid Sheta

Company: Schneider Electric

President—Middle East and Africa (MEA)

Nationality: French Global headquarters: France

Residence: U.A.E. Sector: Capital goods

Sheta began his career with Schneider Electric in 1994 and assumed his current role in November 2021, where he oversees six clusters serving 80 countries. In 2022, Schneider Electric partnered with the Ministry of Industry and Advanced Technology in the U.A.E. to support the objectives of the country’s Industry 4.0 program to raise industrial productivity by 30% and add about $6.8 billion to the national economy over the next decade. Before taking his current role, Sheta had served as the Cluster President of Schneider Electric North East Africa and Levant since 2016.

12 Patrick van der Loo

Company: Pfizer

Regional President—Middle East, Russia, and Africa (MERA)

Nationality: Dutch Global headquarters: U.S. Residence: U.A.E. Sector: Pharmaceuticals

Van der Loo joined Pfizer in 1997. He assumed leadership of the Middle East and Africa region in December 2020, and was promoted to his current role in September 2022 to also cover Russia, Belarus, Caucasus, and Central Asia. The company reported $81.3 billion in global revenues in 2021 and aims to launch 35 new products in 2023. In 2022, it launched its “An Accord for a Healthier World” program, which aims to make all of Pfizer’s patented medicines and vaccines in the U.S. and E.U. available to 1.2 billion people in 45 lower-income countries on a not-for-profit basis.

14 Luay Al Shurafa

Company: General Motors

President and Managing Director—Africa and Middle East

Nationality: Jordanian Global headquarters: U.S.

Residence: U.A.E. Sector: Automotive

Al Shurafa has led General Motors in Africa and the Middle East (GM AMEO) since September 2020. In 2021, the automaker’s sales in the Middle East and Africa grew by 9.4%, fueled by 26% growth in SUV sales. GM AMEO plans to launch 13 new electric vehicles across its Chevrolet, GMC, and Cadillac brands by 2025. In 2021, GM signed an MoU with Mansour Automotive to industrialize the electric vehicle industry in Egypt. In April 2021, the company announced a partnership with Dubai’s RTA to work towards launching selfdriving taxis and ride-hailing services in 2023.

DIFC is proud to partner with GEFI for COP28

DIFC and the Global Ethical Finance Initiative (GEFI) are pioneering the first finance focused initiative for COP28, a strategic partnership to advance the global finance community’s initiatives to address climate matters and advance ESG.

DIFC invites you to engage with the community and join the path to COP28

A partnership with:

15 Yu Tao

Company: China State Construction Engineering Corporation

Middle East (CSCEC ME)

President and CEO Nationality: Chinese Global headquarters: China Residence: U.A.E. Sector: Construction

Tao has been leading CSCEC Middle East’s operations since 2004. CSCEC Middle East employs 10,000 people. While doubling down on the potential in the U.A.E., the company is also exploring new markets, including Saudi Arabia, Kuwait, Bahrain, Iraq, and Eastern Europe. In June 2022, it was awarded a Joint Venture drill and blast tunneling contract in NEOM. Tao was previously deputy managing director at China Construction (South Pacific) Development Co Pte Ltd, a CSCEC subsidiary in Singapore covering operations in Southeast Asia.

17 Sunil Kaushal

Company: Standard Chartered

CEO—Africa and Middle East (AME)

Nationality: Singaporean-Indian Global headquarters: U.K. Residence: U.A.E. Sector: Banking

Kaushal has been the CEO of Standard Chartered Africa and the Middle East since 2015. In 2021, the bank recorded nearly $856 million in profits before tax in Africa and the Middle East, the highest since 2015. In 2021, Standard Chartered was among a group of banks to finance a $900 million loan for the Dubai Waste Management Company to build a waste-to-energy plant in Dubai. It also launched the third cohort of its Women in Tech program to help promote the development of women entrepreneurs in the U.A.E.

16 Nour Suliman

Company: DHL Express MENA

CEO

Nationality: Bahraini Global headquarters: Germany

Residence: Bahrain Sector: Logistics

Suliman joined DHL Express in 1977 and assumed his current position in 2011. He leads operations in 19 countries. In 2021, the company had over 5,700 people in MENA and recorded revenues of $1.5 billion in the Middle East and Africa. The company also established the DHL MEA Innovation Center, an interactive showroom, in 2021. Suliman was previously the country manager for DHL Express Saudi Arabia and DHL International in Bahrain.

18 Reem Asaad

Company: Cisco

Vice President—Middle East and Africa (MEA)

Nationality: Egyptian-American Global headquarters: U.S. Residence: U.A.E. Sector: Technology

Asaad assumed her current role in February 2020. Today, she oversees over 3,000 employees and contractors across 74 countries in the Middle East and Africa. Cisco’s global revenues grew from $49.8 billion in the 2021 financial year to $51.6 billion in the 2022 financial year, which ended in July. In 2021, Cisco partnered with the National Program for Coders, which aims to train 100,000 coders and establish 1,000 digital companies in the U.A.E. within five years. In April 2022, the company collaborated with the Gulf Organization for Research & Development to work towards accelerating climate solutions by developing sustainable solutions and green products. Asaad also co-chairs the Digital Transformation Committee at the American Chamber of Commerce in Egypt.

19 Ashraf ElAfifi

Company: Henkel

President of IMEA, and Corporate Senior Vice President for Henkel Consumer Brands (HCB)—High Growth Region

Nationality: Egyptian Global headquarters: Germany

Residence: U.A.E. Sector: Consumer goods

ElAfifi joined Henkel in 1992. In 2021, the company reported $1.4 billion in revenue in the Middle East and Africa and launched its international educational initiative Forscherwelt, or “Researchers’ World,” to introduce children to science. In the same year, Henkel and Plastic Bank established an ethical collection ecosystem by implementing Plastic Bank collection branches across Egypt. Henkel now has 27 collection centers, more than 1,660 registered collectors, and has collected almost seven million kgs of plastic waste.

20

Amr K. El Leithy

Company: Nokia

Senior Vice President—Middle East and Africa (MEA)

Nationality: French-Egyptian Global headquarters: Finland

Residence: U.A.E. Sector: Telecom

El Leithy was appointed Senior Vice President of Nokia Middle East and Africa in November 2015, following the merger of Nokia and Alcatel-Lucent. Today, Nokia Middle East and Africa employs around 3,200 people. In 2021, Nokia expanded its 5G networks to the U.A.E.’s du and e& and signed strategic 5G agreements with the Ooredoo Group. In 2021, Nokia recorded revenues of about $2.2 billion in the Middle East and Africa. Before joining Nokia and Alcatel-Lucent, El Leithy held several roles at IBM. He is also the chairman of Nokia Egypt S.A.E board of directors.

21 Jérôme Droesch

Company: Cigna

CEO—Domestic Health and Health Services, Cigna International Markets Nationality: French Global headquarters: U.S. Residence: U.A.E. Sector: Insurance

Droesch was promoted to his current role in August 2022 to oversee Cigna’s Domestic Health and Health Services portfolio in all international markets outside of the U.S. Droesch is a board member for Cigna’s operations in India and Türkiye, and he serves as a chairman of Cigna Insurance Management Services Board in the Dubai International Financial Center (DIFC). He is also an Advisory Board Member of the Dubai Chamber of Commerce and Industry. In January 2022, Cigna received a participating insurer license from the Dubai Health Insurance Corporation, which allows the company to offer health insurance solutions to a wider group of employees in the U.A.E. through Cigna’s Essential Benefits Plan.

22

Taha Khalifa

Company: Intel Corporation

General Manager GCC, and CCG Sales Director—EMEA Territory

Nationality: Egyptian Global headquarters: U.S. Residence: U.A.E. Sector: Technology

Khalifa began working with Intel Corporation in 1995. He became the Client Computing Group Sales Director of the EMEA Territory in 2017 and became general manager for the GCC in 2018. He has 30 years of industry experience. In October 2022, Intel launched its first AI software R&D center in the GCC region in Dubai’s Internet City. Intel launched its Project Mustakbal in the Middle East in 2019, which introduced cloud, AI, IoT, and 5G technology solutions to the oil and gas, telecommunication, education, and public sectors.

23 Tolga Cebe

Company: The Coca-Cola Company Vice President and General Manager— Middle East

Nationality: Turkish

Global headquarters: U.S. Residence: U.A.E. Sector: Food and beverage

Cebe has been with the Coca-Cola Company since 2004 and assumed his current position in 2019. He oversees more than 6,130 people in 13 countries across the region. In 2022, the company initiated several CSR initiatives encompassing climate change, gender balance, agriculture, and other environmentally-motivated solutions in Iraq, the U.A.E., and Saudi Arabia. Cebe has over 23 years of FMCG experience. He previously held roles at TCCC, Procter & Gamble, the Boston Consulting Group, and the Monitor Group.

24

Thierry Sabbagh

Company: Nissan Motor Corporation

President of Saudi Arabia, and INFINITI ME and Managing Director for Nissan Middle East Nationality: Italian Global headquarters: Japan Residence: U.A.E. Sector: Automotive Sabbagh has been leading Nissan Middle East since 2019 and became the President of Nissan Saudi Arabia in April 2022. He also became the President of INFINITI Middle East in July 2022, where he is advancing the Nissan NEXT transformation plan. He currently heads a team of nearly 250 people, and he has over 21 years of experience.

25 Anthony Nakache

Company: Google Managing Director—MENA Nationality: French Global headquarters: U.S. Residence: U.A.E. Sector: Technology Nakache joined Google in 2008 and assumed his current role in February 2022. In 2022, Google published its Impact Report, which looks at how Google products help people, local businesses, content creators, and developers in Egypt, Saudi Arabia, and the U.A.E. Google is currently partnering with regional organizations and national entities to expand activities related to sustainability ahead of COP27.

26 Melda Yasar Cebe

Company: The Kraft Heinz Company

Managing Director/General Manager—MEA and Türkiye Nationality: Turkish

Global headquarters: U.S. Residence: U.A.E. Sector: Food and beverage

Cebe joined the Kraft Heinz Company in 2016 and has been in her current role for four years overseeing more than 1,200 people. In October 2021, the company announced the completion of its acquisition of Assan Foods for a deal previously valued at $79 million. Cebe has 22 years of experience and worked at Procter & Gamble before joining Kraft Heinz.

27 Saad Toma

Company: IBM

General Manager—Middle East and Africa (MEA)

Nationality: British Global headquarters: U.S. Residence: U.A.E. Sector: Technology

Toma was appointed to his current position in 2021. In 2022, IBM launched IBM Client Engineering across the U.A.E., Saudi Arabia, Türkiye, and South Africa. It also signed partnerships with government, businesses, and educational institutions, including Saudi Arabia’s Ministry of Communications and Information Technology, the Mohamed Bin Zayed University of AI, King Saud University, the U.A.E.’s Ministry of Industry and Advanced Technology, Egypt’s Ministry of Finance, and the First Abu Dhabi Bank, among others.

Toma was previously general manager for IBM Asia Pacific’s Global Technology Services. He also served as Chief Operating Officer for GTS globally while based in the U.S.

28 Georg Schroeckenfuchs

Company: Novartis Pharma Services

Head of Gulf and Saudi Country Group, Innovative Medicines

Nationality: Austrian Global headquarters: Switzerland

Residence: U.A.E. Sector: Pharmaceuticals

Schroeckenfuchs became President of the Middle East and Head of the MENA Cluster at Novartis in 2018. He was appointed Head of GCC Innovative Medicines in 2022. The company collaborated with the Department of Health in Abu Dhabi in 2021 to launch a “Population Health Model” to address the rising rate of cardiovascular disease in the emirate. In 2022, Novartis signed an MoU with the Ministry of Investment of Saudi Arabia to improve the healthcare system in the kingdom through advances in cell and gene therapy, population health models, and expanding clinical trials.

29

Jean-Paul Scheuer

Company: Sanofi MCO Lead, General Manager

Greater Gulf Nationality: French Global headquarters: France

Residence: U.A.E. Sector: Pharmaceuticals

Scheuer joined Sanofi in 2008 as the general manager for Ukraine. Scheuer, who has more than 26 years of industry experience, is currently overseeing 800 people at Sanofi Genzyme at Greater Gulf, a newly-formed Multi-Country Organization (MCO). In 2021, the company launched three new patient programs, supporting more than 2000 patients across the region, and expanded its Ea’nah affordability program for medically eligible but economically challenged patients.

30

Sergio Maccotta

Company: SAP

Senior Vice President and General Manager—Middle East South

Nationality: Italian Global headquarters: Germany Residence: U.A.E. Sector: Technology

Maccotta started his career with SAP in 1996 and assumed his current position in 2020. He oversees more than 1,100 people across the southern Middle East region. In 2022, the company signed deals with the U.A.E.’s Abu Dhabi Department of Economic Development, Qatar’s Ooredoo, and Egypt’s Domty. In 2022, SAP collaborated with both ENOC and the Dubai Government Human Resources Department to deliver SAP training programs to Emiratis.

31 Arshad Ghafur

Company: Bank of America

President—MENA

Nationality: British Global headquarters: U.S. Residence: U.A.E. Sector: Banking

Ghafur has led some of the Bank of America’s largest transactions in the region, such as the IPOs of Saudi Aramco, ADNOC Distribution, ADNOC Drilling, the Al Yah Satellite Company, Emaar Malls, and Emaar Development. The Bank of America acted as the sole financial advisor to the Silk Road Fund on the $15.5 billion acquisition of a 49% stake in Aramco’s gas pipelines in a BlackRock and Hassana-led consortium, a deal that was first announced in December 2021 but closed in 2022. Before joining the Bank of America, Ghafur spent 15 years at Lehman Brothers/Nomura Holdings. Ghafur also supports initiatives in developing countries sponsored by NGOs and charitable foundations such as Education for Employment.

32 Alexis

Lecanuet

Company: Accenture

Regional Managing Director—Middle

East

Nationality: French Global headquarters: Ireland

Residence: U.A.E. Sector: Technology

Lecanuet has been with Accenture for 26 years and assumed his current role in 2018. Accenture employs 1,500 people in the Middle East. The company was Expo 2020’s official digital services provider alongside Etisalat Digital. In 2022, Accenture was selected by the Central Bank of the U.A.E. to lead a consortium of companies to help execute its National Payment Systems Strategy over the next five years. In 2020, the Louvre Abu Dhabi signed an agreement with Accenture to help in its digital program delivery and integration of the museum’s digital ecosystem.

Sectors Hotels and hospitality 2 Logistics 2 Telecom 2 Aerospace

33 Leopoldo Boado Lama

Company: Oracle

Senior Vice President, Business Applications—ECEMEA

Nationality: Spanish Global headquarters: U.S. Residence: U.A.E. Sector: Technology

Lama joined Oracle in 2006 and assumed his current role in June 2020. He oversees 650 people. In the 2022 financial year, the company recorded $42.4 billion in global revenues in constant currency. In 2021 the company launched Oracle’s second cloud data center region in Abu Dhabi and collaborated with Accenture and Etisalat to accelerate cloud adoption. Oracle’s clients include Qatar Airways, Ali & Sons, Emirates Post, and the Ajman Department of Finance. Lama was previously the country leader for Oracle in Spain. He also works with Oracle’s Women’s Leadership initiative.

34

László Svinger

Company: 3M

Regional Vice President and Managing Director—Middle East and Africa

Nationality: Hungarian Global headquarters: U.S.

Residence: U.A.E. Sector: Diversified

Svinger joined 3M Hungary in 2008 and was appointed country business leader for the healthcare business group in 2010. He assumed his current role in June 2021 and now oversees 650 people. In 2021, 3M generated $6.6 billion in revenues across Europe, the Middle East, and Asia. In April 2022, Svinger was appointed as a member of the Board of Directors for the Sustainability Committee Chair of the AmCham Dubai.

35 Leila Serhan and Saeeda Jaffar

Company: Visa

Leila: Senior Vice President and Group Country Manager—North Africa, Levant and Pakistan (NALP)

Saeeda: Senior Vice President and Group Country Manager—GCC Nationality: Leila: Lebanese / Saeeda: Emirati Global headquarters: U.S. Residence: U.A.E. Sector: Technology

Both Serhan and Jaffar joined Visa in 2021. Visa launched its global initiative “She’s Next” in MENA in July 2022, which granted 19 women entrepreneurs a total of $190,000 and one year of mentorship each. Jaffar also serves as a member of the Board of Trustees at Kuwait University, and Serhan is the founder and president of the Women in IT Association in Lebanon.

36 Mufazzal Kajiji

Company: Zurich International Life (Middle East)

CEO

Nationality: Indian Global headquarters: Switzerland

Residence: U.A.E. Sector: Insurance

Kajiji joined Zurich International Life (Middle East) in June 2022. He was previously head of Mashreq Bank’s wealth management practice, Mashreq Gold, and head of Retail Banking at Noor Bank.

37 Udo Huenger

Company: BASF

Vice President—Middle East and Egypt

Nationality: German Global headquarters: Germany Residence: U.A.E. Sector: Chemicals

Huenger started his career with BASF FZE in 2004 and assumed his current position in 2019. He currently oversees the company’s operations in the Middle East, Egypt, and Iran. In 2022, the company signed an agreement to implement a ChemCycling “plastic waste to pyrolysis oil” facility in Dubai and made a commitment to have 30% of leadership positions filled by women by 2025. Huenger is also a board member of the German Emirati Joint Council for Industry and Commerce and the Ghorfa ArabGerman Chamber.

38

Ayman Mokhtar

Company: Viatris

Regional President—Middle East, Türkiye, and Levant

Nationality: Egyptian

Global headquarters: U.S.

Residence: U.A.E. Sector: Healthcare

Mokhtar assumed his current role in 2020. The company generated $3.1 billion in revenues from emerging markets in 2021. In 2022, the company signed an MoU with the U.A.E. to decrease mortality from noncommunicable diseases. Mokhtar was previously regional strategy lead for the Middle East and Africa at Pfizer and general manager for the GCC countries for Upjohn, a division of Pfizer. Mokhtar is also co-chair of the healthcare committee AmCham Abu Dhabi and a board member of the U.S.U.A.E. Business Council.

LOCAL

39

Sandeep Walia

Company: Marriott International

COO—Middle East

Nationality: Indian Global headquarters: U.S. Residence: U.A.E.

Sector: Hotels and hospitality Walia has over 25 years of experience in the hotel industry. Before assuming his current role in 2021, Walia was the area vice president for the U.A.E., Marriott’s largest market in the Middle East. Marriott has over 190 operational properties in the Middle East. Walia is also a member of the Young Presidents Organization.

40 Hamid Haqparwar

Company: BMW Group Middle East

Managing Director

Nationality: German Global headquarters: Germany Residence: U.A.E. Sector: Automotive

Haqparwar joined the BMW Group as an intern in 2005 and was appointed to his current role in 2018. Today, he oversees 13 markets. The company also launched its “Museum of Sound” campaign in January 2022, which saw BMW release its first NFTs Collection. In 2022, the BMW Group Junior Campus roadshow offered a series of interactive workshops to more than 2,200 children in Saudi Arabia and the U.A.E., focusing on the future of mobility, the fundamentals of sustainability, and road safety. Haqparwar is also a member of the German Emirati Joint Council for Industry and Commerce.

41 Fadi Pharaon

Company: Ericsson

President—Middle East and Africa (MEA)

Nationality: Swedish Global headquarters: Sweden

Residence: U.A.E. Sector: Telecom

Pharaon joined Ericsson in 1996 and assumed his current role in 2019. He oversees sales, delivery, and operations in 70 countries, leading a team of over 5,000 people. In October 2021, Ericsson signed an MoU with du and Pure Harvest Smart Farms to deploy 5G smart farming solutions across agricultural sites in Al Ain in the U.A.E. and an MoU with stc to explore sustainable initiatives to power the stc network infrastructure with intelligent and renewable energy. In the same month, Mobily joined the Ericsson Product TakeBack Program, which disposes of and recycles electrical equipment.

42

Luciano Poli

Company: Dow Chemical

President—Middle East, Africa, and Türkiye

Nationality: Swiss Global headquarters: U.S. Residence: U.A.E. Sector: Chemicals

Poli joined Dow in 1989 and assumed his current position in 2017, leading a team of 50 people. In 2021, ENDURANCE, Dow’s insulation system for power cables, collaborated with the National Grid Saudi Arabia to upgrade its power grid infrastructure. In July 2022, Dow signed an MoU with the Al-Hejailan Group to form a joint venture to design, build, and operate a methyl diethanolamine plant in Saudi Arabia. Poli is also a board member for the EQUATE Petrochemical Company.

43 Fares Akkad

Company: Meta Regional Director—MENA

Nationality: Brazilian Global headquarters: U.S. Residence: U.A.E. Sector: Technology

Akkad joined Meta in 2017 and assumed his current role in March 2022, overseeing 200 employees. The company recorded $117.9 billion in global revenues in 2021. In September 2022, Meta partnered with the Dubai Metaverse Assembly and initiated several events, including the first global spark AR at the Museum of the Future. Akkad has 23 years of industry experience. He previously led digital business development and distribution for the MBC Group.

44 Thierry Delvaux

Company: JLL

CEO—Middle East, Africa, and Türkiye

Nationality: Belgian Global headquarters: U.S. Residence: U.A.E.

Sector: Real Estate

Delvaux joined JLL in 1998 and assumed his current role in 2018. The company recorded revenues of $19.4 billion globally in 2021. Today, he oversees 1,300 people. He is also a member of JLL’s European Strategy Board.

45 Gizem Akalin

Company: GlaxoSmithKline (GSK)

Vice President and Managing Director—Gulf Region

Nationality: Turkish Global headquarters: U.K. Residence: U.A.E. Sector: Pharmaceuticals

Akalin joined GSK in 2015 and assumed her current role in 2020. The company employs more than 250 people in the Gulf, including the U.A.E., Kuwait, Bahrain, Oman, and Qatar. Akalin has 23 years of experience in the pharmaceutical sector, and she has previously led GSK’s commercial operations teams in Russia, Brazil, India, Pakistan, China, Türkiye, GCC, Mexico, Argentina, and China.

46 Sam Tayan

Company: Zoom

Head of Middle East, Türkiye, and Africa (META)

Nationality: British Global headquarters: U.K.

Residence: U.A.E. Sector: Technology

Tayan joined Zoom as Head of Middle East, Türkiye, and Africa (META) in March 2020. As of 2022, the company had sold over four million Zoom Phone seats, including over 700,000 licenses to global organizations in the second fiscal quarter that ended July 2022. Zoom provided services to over 125,000 schools in 25 countries for free during the pandemic. Tayan has previously held roles at Sage, VMWare, Getronics, Veritas Software, and EMC.

47 Farah Hamdan

Company: Zimmer Biomet

General Manager—Middle East, North Africa, and Türkiye (MENAT)

Nationality: Jordanian Global headquarters: U.S. Residence: U.A.E. Sector: Healthcare

Hamdan joined Zimmer Biomet and assumed her current position in 2022. The company opened its regional headquarters in Dubai in January 2022 and plans to expand further in the Middle East in 2023. In 2022, the Zimmer Biomet Institute partnered with the American Hospital Dubai to provide advanced robotic-assisted training to orthopedic surgeons in the region. Before joining Zimmer Biomet, Hamdan held various senior roles in Becton Dickinson, Medtronic, Abbott, and Novartis Pharma.

48 César Habib

Company: Rolls-Royce Motor Cars Middle East & Africa

Regional Director

Nationality: German

Global headquarters: U.K. Residence: U.A.E. Sector: Automotive

Habib joined BMW Group, the parent company of Rolls-Royce, in 2000 and moved to Rolls-Royce in 2015, assuming his current position in 2018. He has over 23 years of industry experience. Under his leadership, Rolls Royce plans to introduce its first fully electric vehicle to MENA in 2023. In 2021, the company launched Rolls-Royce Apiary in Dubai, an educational initiative to create awareness around honey bees and sustainability. Before joining Rolls-Royce, Habib held several roles at BMW Group.

49 Luo Wei

Company: Industrial and Commercial Bank of China (ICBC) Dubai

General Manager

Nationality: Chinese Global headquarters: China Residence: U.A.E. Sector: Banking

Wei first joined the ICBC Group in 1990 and was appointed general manager of the ICBC Dubai (DIFC) Branch in July 2022, overseeing a team of 99 people. Wei previously led banking operations as vice president of the Chongqing Branch between 2015 and 2019 and was general manager of ICBC Sydney branch until he moved to Dubai.

50 Zainab Kufaishi

Company: Invesco Asset Management

Head of Middle East and Africa, and Senior Executive Officer for Invesco Dubai

Nationality: British Global headquarters: U.S. Residence: U.A.E. Sector: Investment Kufaishi has been with Invesco since 2009. She is responsible for developing and leading Invesco’s wholesale and institutional businesses across the Middle East and Africa. Kufaishi is also involved with Reach, a non-profit mentoring program in the GCC. Invesco became a signatory to the Abu Dhabi Sustainable Finance Declaration in 2021. Kufaishi was previously part of Fidelity International’s Middle East and U.K. institutional marketing and sales team in London.

THOUGHTS ON

Climate Change

“Saving our planet, lifting people out of poverty, advancing economic growth... these are one and the same fight. We must connect the dots between climate change, water scarcity, energy shortages, global health, food security and women’s empowerment. Solutions to one problem must be solutions for all.”

—Ban Ki-moon

“With our evolved busy hands and our evolved busy brains, in an extraordinarily short period of time we’ve managed to alter the earth with such geologic-forcing effects that we ourselves are forces of nature. Climate change, ocean acidification, the sixth mass extinction of species.”

—Kate Bernheimer

“Climate change is a terrible problem, and it absolutely needs to be solved. It deserves to be a huge priority.”

—Bill Gates

“Climate change is happening, humans are causing it, and I think this is perhaps the most serious environmental issue facing us.”

—Bill

Nye

“Climate change knows no borders. It will not stop before the Pacific islands and the whole of the international community here has to shoulder a responsibility to bring about a sustainable development.”

—Angela

Merkel

“Including women in climate policy and solutions can enhance the results, leading to more economic

growth and sustainable outcomes. However, we cannot take for granted that gender equality and women’s empowerment in the field of climate change and sustainable development will happen automatically.”

—Patricia

Espinosa

“I think there are more politicians in favor of electric cars than against. There are still some that

are against, and I think the reasoning for that varies depending on the person, but in some cases, they just don’t believe in climate change - they think oil will last forever.”

—Elon

Musk

“Our economic system, run for profit and waste and based primarily on the extractive industries, is the cause of climate change. We have wasted the earth’s treasure and we can no longer exploit it cheaply.”

—Vivienne

Westwood

“I play fictitious characters often solving fictitious problems. I believe mankind has looked at climate change in the same way, as if it were a fiction.”

—Leonardo

DiCaprio

“At first when I heard about climate change, I was a climate denier. I didn’t think it was happening. Because if there really was an existential crisis like that, that would threaten our civilization, we wouldn’t be focusing on anything else. That would be our first priority. So I didn’t understand how that added up.”

—Greta

Thunberg

Leonardo DiCaprio