HOW MUCH WEALTH DO WOMEN CONTROL? 5 MOST VALUABLE UNICORN STARTUPS
WOMEN BEHIND TECH BRANDS
RICHEST SELF-MADE FEMALE BILLIONAIRES TOP FINANCIAL DONORS TO THE WHO
AUGUST 2020 ISSUE 96
Azza Fahmy Jewellery Founder
AZZA FAHMY “My dreams were always bigger than what I had in my pocket at that time.”
WOMEN BEHIND MIDDLE EASTERN
AUGUST 2020 ISSUE 96
BRANDS
THE FEMALE ENTREPRENEURS BEHIND THE MIDDLE EAST’S MOST SUCCESSFUL BRANDS. OMAN................................ OMR 3 OTHERS..................................... $8
BAHRAIN............................BHD 3 KUWAIT..........................KWD 2.5
UAE.....................................AED 30 SAUDI ARABIA.................. SAR 30
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6 I Sidelines By Claudine Coletti
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I LEADERBOARD 10 12 13 14 16 18
I Richest Self-Made Female Billionaires I Top 10 Power Businesswomen I 5 Most Valuable Unicorn Startups I Top Financial Donors To The WHO I How Much Wealth Do Women Control? I How Do The Rich Give In A Crisis? I Rihanna Recruits Romanian-Jordanian Shoe
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Designer Amina Muaddi For Her New Limited-Edition Fenty Footwear Collection 20
I Lebanon’s Sandra Mansour Becomes The First-Ever
Arab To Collaborate With H&M 76
I WOMEN BEHIND MIDDLE EASTERN BRANDS 2020 64 I Capturing Culture A pioneer in Dubai’s jewelry scene thanks to her use of Arabic calligraphy in her designs, Bil Arabi founder Nadine Kanso is finding new ways to explore her signature style in changing times. By Samuel Wendel
76 I Eye Opener Already a bankable social media influencer, Lebanon’s Karen Wazen Bakhazi has her sights set on becoming a global fashion entrepreneur with her own eyewear brand. By Samuel Wendel
84 I Signed, Sealed, Delivered Ioanna Angelidaki, co-founder and CMO of marketplace app InstaShop, has seen numbers soar in 2020. But as the business rides the wave of an e-commerce boom, she’s still the one talking to customers. By Claudine Coletti
I THOUGHT LEADERS 24 I Big Data: The Powerhouse Behind MENA’s E-Commerce Explosion By Sina Fak
56 I How To Extract Value And Have A Positive Impact When Leading Remote Teams By Emma El-Karout
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Will India Become The Next China?
By Arun Clulani F O R B E S M I D D L E E A S T.CO M
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TOP 10 SAUDI WOMEN
WOMEN BEHIND TECH BRANDS
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ISSUE 96
2020
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C O N T E N T S
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INSIDE
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COVER STORY
50 I Crafting History As Azza Fahmy Jewellery looks to the future, the family-owned Egyptian luxury brand is evolving while staying true to its founder’s vision.
Photo by Mohamed Gabr for Azza Fahmy Jewellery
By Samuel Wendel
Azza Fahmy cover photo by Nour El Refai F O R B E S M I D D L E E A S T.CO M
AUGUST 2020
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AUGUST 2020
5
Sidelines
FORBES MIDDLE EAST
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Brand Building
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hat turns a business into a successful brand? Is it the scope of its reach, the uniqueness of its product, the success of its sales and marketing? Or does it run deeper to the strength of its connections, the relevance of its communications, and the loyalty it inspires in its consumers? It’s arguably a culmination of these and many other factors, but once a brand has been created and taken into the heart of its users, it becomes a lot more than a service or a product, it becomes part of a lifestyle. In our second annual ranking of the most successful Women Behind Middle Eastern Brands, we highlight the creative entrepreneurs behind many of the region’s most recognized and loved brands. The list largely features fashion, beauty and design as these sectors are where women seem to shine the most, creating styles and signature offerings that manage to tap into the collective psyche and buying power of Middle East consumers while also being unique and recognizable in their own right. Building a brand is no easy feat, but these guys have done it, scaled it, and survived to tell the tale. All of these companies, and the women behind them, have faced a tough year as they are intrinsically tied to the struggling retail sector, but most have responded swiftly and positively. Those that didn’t previously have a strong online presence are now building up their digital offerings and diving into e-commerce—although many don’t believe that brick-and-mortar is dead yet. This is true of two of our features this month, jewelry designers Azza Fahmy and Nadine Kanso. Both are moving to online but still heavily reliant on and committed to stores. Read their stories to find out how they are striking a balance and still evolving. This year we have also created a separate top 10 of the female brains behind some of the region’s biggest and most widely-adopted tech brands, bringing to life new ideas across a variety of sectors that have appeared to seamlessly become a part of our day-to-day existence. Some of these tech entrepreneurs have faced a tough year for a different reason—their workloads sky-rocketed. Ioanna Angelidaki of InstaShop saw demand for the marketplace app practically double almost overnight, and even though consumers are back in the shops, it seems our buying behaviors could now be irreversibility focused online. If you can order anything you want on an easy-to-use app and have it delivered straight to your door, why not? It’s no surprise that in Forbes list of the world’s Most Valuable Brands for 2020, the top spots are reserved for technology, with Apple, Google, Microsoft, Facebook and Amazon making up the top 5. Aside from their eye-watering market values and continuously growing revenues, these companies have reached almost legendary levels in terms of their brand status—everyone knows them, probably everyone uses at least one of them, and certainly everyone has an opinion on them. That’s when you know you’ve built a brand with staying power—when consumers aren’t just using you; they’re talking about you. I hope the innovative brands and inspiring women in this month’s issue give you something to talk about—enjoy, and keep staying safe. —Claudine Coletti, Managing Editor
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AUGUST 2020
AUGUST 2020 ISSUE 96 7
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LEADERBOARD • BILLIONAIRES
Richest Self-Made Female Billionaires While many female billionaires have successfully taken over family businesses and scaled them, some have started from scratch to build their own business empires. These 10 women are the richest selfmade female billionaires in the world. Chinese women dominate the list with five entries, followed by three entries from the U.S. and one each from Hong Kong and Switzerland.
Zhong Huijuan
Zhong Huijuan
Net worth: $14.6 billion Residence: China Zhong Huijuan chairs Chinese drugmaker, Hansoh Pharmaceutical, which produces oncology, psychoactive, antidiabetic and other drugs. She owns over three quarters of Hansoh Pharmaceutical with daughter, Sun Yuan. Headquartered in the Chinese coastal city of Lianyungang, Hansoh went public on the Hong Kong Stock Exchange in June 2019. Huijan’s husband, Sun Piaoyang, is also a pharmaceuticals billionaire and leads Shanghai-listed Jiangsu Hengrui Medicine.
Wu Yajun
Wu Yajun is co-founder and chairperson of Hong Konglisted real estate developer Longfor Properties. She and her ex-husband Cai Kui, who cofounded Longfor with her in 1993, divorced in 2012. He no longer has a role in the company. Wu, who got a degree in engineering, worked as a journalist before entering the real estate business. As of 2017, 300 million people had visited Longfor’s shopping malls. F O R B E S M I D D L E E A S T.CO M
AUGUST 2020
China News Service / Visual China Group via Getty Images
Net worth: $12 billion Residence: China
By Jamila Gandhi
LEADERBOARD •
BILLIONAIRES
8
Judy Love
Net worth: $9 billion Residence: U.S.
Net worth: $6.5 billion Residence: U.S.
From almonds and oranges in California’s Central Valley to grapefruits in South Texas, Lynda Resnick and husband Stewart owe their billions to nature’s bounties. A marketing expert, Lynda dropped out of college at 19 to start her own ad agency. In September 2019, the couple pledged $750 million to the California Institute of Technology for climate change crisis research.
Judy and Tom Love are the founders of convenience store chain Love’s Travel Stops and Country Stores. They started their company in 1964, leasing a gas station in Watonga, Oklahoma for $5,000. Love’s is a national chain with more than 490 locations in 41 states and estimated annual revenues of $20 billion. The couple gave $5 million to the University of Oklahoma’s business college in January 2018.
Lu Zhongfang
Fan Hongwei & family
Net worth: $8.2 billion Residence: China Lu Zhongfang retired from a pesticide’s factory in northern China’s Jilin Province in 1993 and invested in test preparation firm Offcn in 1999. Offcn Education Technology completed a backdoor listing at the Shenzhen Stock Exchange in 2019. Lu’s son Liu Yongxin chairs Offcn and is also a billionaire.
Diane Hendricks
Charley Gallay / Getty Images via AFP
Net worth: $6.9 billion Residence: U.S. Diane Hendricks chairs ABC Supply, one of the largest wholesale distributors of roofing, siding, and windows in America. Hendricks cofounded the business with her late husband, Ken, in Wisconsin, in 1982. She has run it since his death in 2007 and led ABC to make the two biggest acquisitions in its history. The company has 780 branch locations and over $10 billion in sales. F O R B E S M I D D L E E A S T.CO M
Net worth: $6 billion Residence: China
Zhou Qunfei
Rafaela Aponte
Net worth: $6.9 billion Residence: Hong Kong
Net worth: $6.5 billion Residence: Switzerland
Zhou Qunfei chairs Lens Technology, a smartphone screen supplier whose customers include Samsung, LG, Microsoft, and Nokia. Lens Technology went public on the Shenzhen Stock Exchange in March 2015, 22 years after she founded the company. Her consumer electronics supplier also laminates display panels for Tesla. Zhou first took the plunge as an entrepreneur in 1993 when she set up a watch parts company with relatives in an apartment in Shenzhen.
Rafaela Aponte entered the shipping industry in 1970 with her husband Gianluigi. Their company MSC has become the second-largest shipping line in the world by vessel capacity, just behind global leader AP Møller Maersk. MSC also operates in holiday cruises (MSC Cruises) and port operations (Terminal Investment Ltd). In 2019, MSC took delivery of the largest container ship in the world, the MSC Gulsun, which is more than 1,300 feet long and 200 feet wide.
Fan Hongwei chairs Hengli Petrochemical, a chemical fiber supplier. She is the wife of Chen Jianhua, the chairman of Hengli’s holding company; he is also a billionaire. Hengli Petrochemical, established in 2002, has manufacturing sites in the Chinese cities of Suzhou, Suqian and Nantong. Fan’s daughter is a director of family-controlled, China OTC-traded Suzhou Wujijang Tongli Lake Travel.
Chan Laiwa & family Net worth: $5.8 billion Residence: China Chan Laiwa’s Fu Wah International Group is one of the largest real estate developers headquartered in Beijing. Fu Wah is best known for its Jinbao Street development with Jinbao Tower, the Regent Building and the Beijing Hong Kong Jockey Club. Fu Wah has also been expanding outside of China in recent years, investing in hotels in Australia and New Zealand. AUGUST 2020
9 BILLIONAIRES
Lynda Resnick
LEADERBOARD •
Lynda Resnick
LEADERBOARD • BUSINESSWOMEN
Top 10 Power Businesswomen 1. Raja Easa Al Gurg Title: Managing Director Company: Easa Saleh Al Gurg Group Nationality: Emirati Diversified Al Gurg is the managing director and vice chairperson of the Easa Saleh Al Gurg Group, which is one of the biggest conglomerates in the Middle East. The group consists of 27 companies ranging from retail to construction to a metal foundry. Al Gurg is also president of the Dubai Business Women Council and works to improve female entrepreneurship in the U.A.E. She also serves as a board member at the Dubai Chamber of Commerce and Industry, Dubai Women’s Association and HSBC Middle East. She was the first Emirati woman to be appointed to the board of HSBC Bank Middle East Limited.
2. Renuka Jagtiani Title: CEO Company: Landmark Group Nationality: Indian Retail Jagtiani is the chairwoman and CEO of the Landmark Group, a multinational retail and consumer conglomerate based in Dubai and founded by her husband, billionaire Micky Jagtiani. For more than 20 years, she has led the company’s corporate strategy and expansion into new markets. As head of the company, Jagtiani oversees more than 50,000 employees. Currently, the group operates over 2,300 F O R B E S M I D D L E E A S T.CO M
outlets, encompassing over 30 million square feet across 22 countries. Jagtiani has initiated the e-commerce platform and driven the group’s CSR initiatives. She was number 96 on the Forbes Power Woman list in 2019.
3. Rania Nashar Title: CEO Company: Samba Financial Group Nationality: Saudi Banking and Financial Services Nashar is the first female CEO of Saudi commercial bank, Samba Financial Group. She became CEO in 2017, at a time when Saudi Arabia was just beginning to implement reforms to promote gender equality as part of its Vision 2030. Samba Financial Group is Saudi Arabia’s fourth-largest bank, with $63 billion in assets as of September 2019. Nashar previously served as a board member for Samba’s global markets subsidiary and has over 20 years of experience in the commercial banking sector. In 2019, Nashar was ranked as the 97th most powerful woman in the world by Forbes.
4. Sarah Al Suhaimi Title: CEO Company: NCB Capital Nationality: Saudi Banking and Financial Services Al Suhaimi is the chairperson of Tadawul, the Middle East’s largest
stock exchange. Last year the exchange saw the listing of the world’s largest company, Saudi Aramco at a value of $1.7 trillion. Al Suhaimi has also been the CEO of NCB Capital since March 2014 and a member of the company’s Board of Directors. Since then she has played a pivotal role in restructuring NCB Capital, leading to growth, product development and major technological advances for the company and its clients. She is a graduate of Harvard University and the King Saud University.
5. Lubna Olayan Title: Chairperson Company: SABB Nationality: Saudi Diversified Olayan became the first Saudi woman to serve on the board of a publicly-traded company in 2004 for the Saudi Holandi bank. Although that bank no longer exists, Olayan remains one of Saudi Arabia’s most accomplished businesswomen. In April last year she retired as CEO of the Olayan Financing Company (OFC) after 33 years at its helm. The OFC is her family business— the Olayan Group’s—Riyadh-based investment arm. Olayan is still a member of the group’s Corporate Board of Directors, the Shareholders’ Board, and the Olayan Family Council. As of June 2019.she became the chairperson of the third largest bank in the Kingdom, the Saudi British Bank (SABB). The Olayan Group is the second largest shareholder in SABB— whose market value is about 18 billion.The group’s 18% is worth in the region of $3 billion. AUGUST 2020
Images from source
LEADERBOARD •
BUSINESSWOMEN
10
Our annual list of the Middle East’s Power Businesswomen features the female titans from across the region that have reached the top of their professions. These are the top 10 from our 2020 ranking.
Harmgart is the Managing Director for the Southern and Eastern Mediterranean region at the European Bank for Reconstruction and Development (EBRD). Based in Cairo, she is responsible for the formulation and delivery of EBRD’s strategy and business plan for her region, which currently includes Egypt, Jordan, Morocco, Tunisia, Lebanon, the West Bank and Gaza. She manages a team of 150 staff with cumulative investment in the region over $11.1 billion. Before joining EBRD, Harmgart worked for the Economist Intelligence Unit and the Institute for Fiscal Studies.
7. Nezha Hayat
Images from source
Title: CEO Company: Morocco’s Capital Market Authority Nationality: Moroccan Banking and Financial Services Hayat has been the President of Morocco's Capital Markets Authority since 2016. The Moroccan Markets have a market capitalization of about $65 billion, and most companies that drive the economy of the country are listed on the exchange. Hayat started her career in Spain at the international division of Banco Atlantico, responsible for international risks and restructured debt portfolio. As an advocate of women’s rights, she is one of the founding members and president of Club des Femmes Administrateurs d‘entreprises in Morocco (CFA Maroc), a non-profit F O R B E S M I D D L E E A S T.CO M
Styrene Company during the fiscal year of 2018/19, and she has been chairperson for the Kuwait Paraxylene Production Company since May 2019.
8. Wadha Ahmed Al-Khateeb
9. Mona Yousuf Almoayyed
Title: CEO Company: Kuwait National Petroleum Company Nationality: Kuwaiti Oil and Gas
Title: Managing Director Company: Y.K. Almoayyed & Sons Nationality: Bahraini Diversified
Al-Khateeb is the deputy CEO of the Kuwait National Petroleum Company, which earned $30 billion in revenues last year. She is in charge of the Mina Refinery, which refines a third of the company’s oil. Al Khateeb has been with the company for 24 years and has held several positions, including Senior Processing Engineer in 2003, Environment Team Leader in 2005, and Technical Services Manager for the Mina Al-Ahmadi Refinery in 2013. She moved into her current position as deputy CEO in 2019. She was the first woman to head the “Gas Processors Association” GCC Chapter. She was a board member for the Kuwait
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Almoayyed is the Managing Director of Y.K. Almoayyed & Sons—a diversified group established in 1940, with divisions specializing in trading, contracting, concrete products, air-conditioning, telecom services and property development. The group employs over 2,000 people. Almoayyed is a big advocate of an environmentally friendly world and is a gardening enthusiast. She won the King Cup for Big Gardens in 2007. She supports a number of non-profits, including the Migrant Workers Protection Society, the Bahrain Business Women’s Society, Al Muntada and the MWPS Shelter for Domestic Abuse.
10. Aisha Bin Bishr Title: Director General Company: Smart Dubai Nationality: Emirati Technology Bin Bishr is the Director General of the Smart Dubai Office— the government entity entrusted with Dubai’s city-wide smart transformation. Bin Bishr is also the chairperson of the Sustainable Development Goals 11 Global Council, and serves as a member of the World Economic Forum’s Global Future Councils, and The Fourth Industrial Revolution’s Smart Cities Readiness Index Team. Before taking up her current role, Bin Bishr served as the Assistant Director General of the Dubai Executive Office, and worked as the Assistant Undersecretary of the U.A.E. Ministry of Labor. AUGUST 2020
BUSINESSWOMEN
Title: Managing Director Southern & Eastern Mediterranean Region Company: European Bank for Reconstruction and Development Nationality: German Banking and Financial Services
organization that works to promote the participation of women on the boards of directors of public and private companies.
LEADERBOARD •
6. Heike Harmgart
LEADERBOARD • TECHNOLOGY By Jamila Gandhi
5 Most Valuable Unicorn Startups Technology leads as the main sector for the world’s most valuable startups this year. These are the five most valuable unicorn startups—a private company with a valuation of over $1 billion—according to CBInsights. All entrants were founded by now-billionaires either in the U.S. or China. Figures are as of July 2020.
Toutiao (ByteDance)
Patrick Collison
Valuation: $36 billion Industry: Fintech Country: U.S.
Valuation: $75 billion Industry: Artificial intelligence Country: China Chinese tech behemoth ByteDance Ltd reportedly generated revenues of around $5.64 billion in the first quarter of 2020. In 2019, ByteDance reported over $3 billion in net profits on more than $17 billion in revenue in 2019. The group draws in approximately 1.5 billion monthly active users for a family of apps, which includes Douyin, TikTok’s Chinese twin, and news platform Toutiao. The tech firm raised $4.4 billion in its last funding round in March 2020. Investors in the Chinese company include Sequoia Capital China, SIG Asia Investments, Sina Weibo, and Softbank Group. ByteDance is owned by billionaire Zhang Yiming, who established the company in 2012. Forbes estimates his net worth to be $16.2 billion as of July 26. Zhang was featured on the 2013 Forbes China 30 Under 30 list. F O R B E S M I D D L E E A S T.CO M
Stripe
Didi Chuxing Valuation: $56 billion Industry: Auto and transportation Country: China Chinese ride-hailing service, Didi Chuxing, has been working on autonomous vehicle technology since 2016 and has been operating test vehicles in the Chinese cities of Beijing, Shanghai, and Suzhou, and in the state of California in the U.S. In May, the company said it raised $500 million from Japanese conglomerate SoftBank’s investment group. Didi is owned by Cheng Wei, who is valued at $1.2 billion as of July 26 by Forbes. Didi was formed in 2015 when Cheng’s company Didi Dache merged with Alibaba-backed competitor Kuaidi Dache. Didi acquired Uber China in 2016.
Software platform Stripe lets businesses accept online payments, with customers ranging from small websites to Amazon and Facebook. In 2019, Stripe launched a new corporate credit card and small business loans, which are automatically repaid from payments processed for borrowers. In April 2020, Stripe raised $600 million in fresh funding. Stripe's big-name investors include Elon Musk, Peter Thiel, Khosla Ventures, LowercaseCapital, and capitalG. Stripe was founded by billionaire brothers Patrick and John Collison in 2010. Forbes pegged their net worth to be $3.2 billion each as of July 16. The American company ranked first in Forbes’ 2019 Cloud 100 list.
SpaceX Valuation: $36 billion Industry: Aerospace and defense Country: U.S. Established in 2002, aerospace company SpaceX is primarily focused on AUGUST 2020
Matt Winkelmeyer / Getty Images via AFP
LEADERBOARD •
TECHNOLOGY
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LEADERBOARD • HEALTHCARE
Palantir Technologies
ocphoto / Shutterstock.com
Valuation: $20 billion Industry: Data analytics Country: U.S. Software and services firm Palantir Technologies specializes in big data analysis. The company does contract work for government agencies like the NYPD and is reportedly the largest holder of real estate in Palo Alto. In 2015, Palantir raised $880 million in venture funding that, in turn, valued the company at $20 billion. In April, Palantir was handed a $17.3 million contract with one of the leading health bodies leading the charge against COVID-19. Palantir Technologies was founded by owners Alexander Karp and Peter Thiel in 2004. Forbes estimated their net worths to be $1.3 billion and $2 billion, respectively, as of July 26. The tech firm’s roster of investors includes RRE Ventures, Founders Fund, and In-Q-Tel. F O R B E S M I D D L E E A S T.CO M
As the U.S. prepares to withdraw funding, who else supports the WHO? On April 14, 2020, President Donald Trump announced that the U.S. would suspend funding to the World Health Organization (WHO), accusing the WHO of mismanaging its response to the spread of the COVID-19 pandemic. According to the NPR, the U.S. was already nearly $200 million behind on payments to the WHO when Trump declared he would halt future contributions. The world’s largest economy will be officially withdrawing completely effective July 6, 2021, at a time when the WHO is notoriously cash-strapped. The annual dues that member companies pay to support its annual budget have been frozen for over a decade. Outside of the coronavirus pandemic, Trump’s actions threaten the WHO’s efforts to Here are the top provide expertise and coordination on health five financial issues, including polio, tuberculosis, HIV, and malaria. Not participating in WHO decision contributors to making would also ensure the U.S. loses its the WHO for “seat at the table in shaping global practices 2020, according and guidelines, crisis response operations, to Statista. and partnerships,” said the Center For Global Development, a think tank focusing on reducing United States global inequality. “Halting funding for the WHO during a world $115.8 million health crisis is as dangerous as it sounds. The world needs WHO now more than ever,” tweeted China tech billionaire and philanthropist Bill Gates. $57.4 million The Swiss-headquartered agency is funded by fees from 194 member states, as well as voluntary Japan contributions. Historically, the U.S. has been $41 million the WHO’s largest benefactor, accounting for more than 14% of the WHO’s annual budget, Germany financing at around $400 million in 2019. In July, the WHO commenced an $29.1 million independent review to evaluate the global response to the global pandemic, which will be United Kingdom presented in May 2021 and will help the world $21.9 million understand how to prevent crises in the future. AUGUST 2020
13 HEALTHCARE
Top Financial Donors To The WHO
LEADERBOARD •
manufacturing and launching rockets and spaceships. On top of satellite launches and space station supply flights, SpaceX also serves as a contractor for U.S. government scientific and national security missions. It is expected to launch about 15 commercial missions this year. At an estimated average revenue of $80 million per launch, this amounts to about $1.2 billion in launch revenues for 2020. SpaceX is owned by Tesla’s Elon Musk, who was valued at $70.5 billion as of July 28 by Forbes. He owns 21% of Tesla but has pledged more than half his stake as collateral for loans; Forbes has discounted his stake to take the loans into account. The American manufacturer has received financial backing from the Founder Fund, Draper Fisher Jurvetson, and Rothenberg Ventures.
LEADERBOARD • WEALTH By Jamila Gandhi
Despite the economic downturn, women’s financial influence is on the rise.
LEADERBOARD •
WEALTH
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How Much Wealth Do Women Control?
Western Europe Women hold
Asia Women hold
30.9% North America Women hold
32.2%
of wealth
of wealth
37.3% of wealth
According to survey data by Boston Consulting Group, women control 32% of the world’s wealth and are adding $5 trillion to the wealth pool globally every year—faster than in previous years. In 2019, women in North America held the largest share of wealth (37.3%), followed by Western Europe (30.9%), and Asia (32.2%). Women in the Middle East and Africa control a 20.4% share of global women’s wealth, contributing to up to $786 billion. Specifically, in the U.A.E. and Saudi Arabia, women’s wealth amounts to $103 billion and $224 billion, respectively, with women’s fortunes expected to grow at a CAGR of 8.3% and 5.1% in the lead up to 2023. Female rates of primary and secondary education participation are now similar to those of males, and women outnumber men at the university level in 15 out of 22 Arab countries. The number of women in F O R B E S M I D D L E E A S T.CO M
Saudi Arabia Women hold
U.A.E. Women hold
$224 billion
$103 billion
leadership positions has been increasing by 2.4% in the U.A.E., while the numbers of women participating in entrepreneurial activities and the labor force in Saudi have climbed by 1% and 0.5%, respectively. On wealth management, the research indicates that women manage to do it differently than men. By associating their wealth goals to specific life stages and targets, women are more likely to anticipate and plan for significant life events. Around 64% of women admitted they factor environmental, social and governance concerns into their investment decisions. “Women do not just want to boost the bottom line; they also want to help develop the communities we live in, by investing in education, health care, and our planet,” says Tracey Woon, Vice Chairman of UBS Wealth Management for the Asia-Pacific region.
32%
Share of wealth controlled by women
$5 trillion
Estimated wealth women add annually
$786 billion
Middle East women’s wealth share
15
Arab countries where women outnumber men at university
64%
Women prioritize ESG factors in investment decision-making
AUGUST 2020
P RO M OT I O N
ease of tapping with cards, phones, or watches. Now they are seeing safety benefits too, with up to 80% of people increasing preference for contactless during the crisis.
M
any of us marked the final hours of 2019 by saying farewell to a decade of economic expansion, and looking optimistically forward. In such a short time, so much has changed. The effect on commerce has cut deep. We’ve listened to small businesses across CEMEA and heard that up to 93% have seen a significant negative impact as a result of COVID-19, and up to 89% have seen a drop in consumer spend. E-commerce has become a vital way to buy—and sell—and consumers have moved online faster than ever. Online shopping has surged in many countries, and in grocery stores and the few other outlets that have remained open more shoppers are choosing no-touch, contactless payments, increasingly on mobile devices. Here are some perspectives on how merchants can navigate the current complexity, and get back to business.
Embrace the transformation Everyone is looking for safer and easier commerce. We already see that consumers are demanding ways to pay that avoid unnecessary physical contact, such as via contactless. People love the F O R B E S M I D D L E E A S T.CO M
Support the small guys The pandemic is dramatically impacting smaller businesses, with up to 82% of merchants anxious about the future and seeing a major or severe impact. eCommerce provides a huge opportunity, but as small businesses define new business models, we need to support that journey together. Visa has introduced a number of small business hubs to provide tools to get online. Where we shop—and sell—has never mattered more.
Experience matters Consumers may have first moved to online and contactless payments due to necessity, but it is critical to focus on experience for them to remain there. That starts with making payments seamless and entirely secure, but also demands innovation. New innovations, such as card-on-file payments and click-to-pay technology, help ensure that the experience is flawless, faster, and more convenient even for those first-time online.
in the past, but to anticipate consumer trends to seize opportunities ahead. In a rapidly changing and dynamic environment, deep data insights can better reveal consumer preferences and enable more informed and agile decision-making. Beyond these trends, it is vital that business, government, and society work together to get everyone back to business, and help build stronger small businesses. Our Visa Foundation has pledged $210 million to support small businesses over the next five years. As a company, we have also made a global commitment to digitally enable 50 million SMBs over three years, to support our mission of helping communities not only recover, but thrive. COVID-19 will have a lasting impact on how people go about their daily lives, and how businesses operate. We’re already seeing this in the payment’s world with the shift to contactless, e-commerce and new money movements, and businesses are transforming to entirely new business models. While we will look back on 2020 as a year of turmoil and challenges, it can still be our response that defines us, not the pandemic itself.
Make smarter decisions These are uncertain times, but data and insight can be a powerful tool to understand not just what has happened
ae.visamiddleeast.com AUGUST 2020
BILLIONAIRES
Andrew Torre, Visa’s regional president for Central & Eastern Europe, Middle East and Africa, reflects on COVID-19’s impact and how to ignite recovery in a post-pandemic world.
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LEADERBOARD •
Back To Business: How COVID-19 Payment Trends Are Reshaping Commerce
LEADERBOARD • BILLIONAIRES By Jamila Gandhi
How Do The Rich Give In A Crisis?
Twitter billionaire Jack Dorsey pledged to donate $1 billion.
Philanthropy under normal circumstances is crucial, but during a global pandemic, contributions from the world’s richest become that much more significant to survival and progress. The wealthy are expected to step up in times of crisis. In the period between January and May this year, more than 10% of billionaires made a pledge in the fight against COVID19, according to a report by Wealth-X. Billionaires who committed to this cause were found to be younger, wealthier, and more likely to have created their own wealth—largely a reflection of a significantly greater proportion with technology as their primary industry. F O R B E S M I D D L E E A S T.CO M
Some of these individuals’ contributions to the COVID-19 cause have received a large amount of media attention, including that of Jack Dorsey. The Twitter billionaire pledged to donate $1 billion to coronavirus relief efforts using his shares in Square. Marking the single most substantial contribution by a billionaire to the cause, Dorsey says the funds will be used to support women’s health, education, and universal basic income after the COVID-19 pandemic. In comparison, major billionaire philanthropists— those who have made at least one philanthropic donation of a minimum $1 million—tend to be older and are more likely to be
attached to the banking and finance sector. Donations of this scale to a single cause often denote a focus on philanthropy, which tends to occur as billionaires grow older and step back from running their businesses to focus on more personal and emotive ambitions, such as creating a legacy and giving back to society. The high representation of the banking and finance sector is partially explained by greater levels of liquidity, given the sector’s high use of annual bonuses. Data also revealed that the small share of billionaires who inherited their fortunes (12.4%) tend to have a greater interest in philanthropy. According to research, philanthropy is a favored
interest of billionaires with more than half (50.9%) known to be actively involved in philanthropic giving, whether through their own charitable organizations or other means. Some billionaires who didn’t make a donation or a pledge towards fighting COVID19, have instead committed to non-monetary contributions, such as the provision of personal protective equipment supplies. For example, co-CEOs of fashion titan Prada, Patrizio Bertelli, and Miuccia Prada, announced they had donated two intensive care and resuscitation units each to three hospitals in Milan.
10% Share of billionaires who pledged to fight against COVID-19
$1 billion COVID-19 relief aid by Jack Dorsey
50.9% Philanthropy favored as a hobby by billionaires
12.4% Share of billionaire heirs AUGUST 2020
Phillip Faraone / Getty Images via AFP
LEADERBOARD •
BILLIONAIRES
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P RO M OT I O N
Building On Opportunity Hamid Kerayechian, CEO of Ayana Holding, discusses how he is leading the business through economic uncertainty. are you positioning Ayana Holding to benefit from new openings? We’re always looking to expand our services, with a keen eye on up-and-coming trends within all sectors. We are currently structuring a real estate investment fund. Our operational model will be different than any other as our core focus is cash yield, which is backed up by highperforming assets. Property development, adaptive reuse of commercial and retail assets, as well as artificial intelligence will be a focus in our future agenda.
What have been your guiding principles to navigate the current economic climate successfully? I believe that every crisis has created a new opportunity, enabling us to leap ahead. It’s the ultimate time to innovate. At Ayana we focus our attention on the right data—local economies, consumer behaviors, market trends—to innovate and improve our service offering and scout good investment opportunities. The second guiding principle is to continuously question our value and contribution now and in the future. It’s an important exercise to make sure we remain relevant in the industry post crisis, and that we are solving problems and enhancing productivity and efficiency. Where do you see the next big investment opportunity and how F O R B E S M I D D L E E A S T.CO M
What does “leadership” mean to you? Our leadership style is one that empowers rather than micromanages. We have invested heavily in the talent we partner with and employ. Every single manager working under the Ayana Holding umbrella is ambitious, determined and comes with the relevant industry expertise. We encourage creative thinking and give our team the freedom to explore new ideas. Meanwhile they have a solid infrastructure to rely on with a diverse network of contacts to tap into, enabling them to materialize their ambitions. What have been the key leadership traits that have helped you to meet today’s business challenges? It’s the drive and the integrity. Very quickly, I discussed the situation with all employees and laid out the potential dangers. I also discussed action plans
and set up several brainstorming sessions to figure out how to turn the situation around and be productive. Drive also means commitment and availability. I have been the most productive and been present on all virtual meetings with my team, partners, clients, and prospects. During this time, you need to pick up the pace of communications and continuously align the team to help everyone stay focused. What are the priorities now to ensure a rapid return to ‘business as usual’? The priorities are simple: adaptability, agility, and people. You need to make decisions and execute faster. It is important to use the relevant data, which will guide the business and lead you to pivot and (re)build quickly. Agility is also important from a financial perspective. The priority is to find ways to lower costs of operations and/or secure additional capital. Businesses need to maintain a lean infrastructure and try to avoid losing sight of the cash for as long as it is needed. Lastly, business has always been about relationships. Having the right team and leveraging the right relationships to create win-win situations is essential to surviving a crisis. Internally, you need to make sure that the right people are doing the right thing and externally tap into existing and new networks with an open mind to see how you can create lucrative collaboration opportunities.
www.ayanaholding.com AUGUST 2020
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LEADERBOARD • LIFESTYLE By Samar Khouri
Amina Muaddi announced back in December that she had been approached by Rihanna to co-design shoes for her multi-million Fenty brand, which generated around $570 million in revenue last year, according to Forbes estimates. The brand saw a 50% spike in searches on Lyst within that month. Known for pushing the boundaries with her architectural-heeled shoes and pop colour selection, the Paris-based, Italian-raised designer has worked closely with the Fenty team to create “footwear that represents the muse and the brand: strong, refined and feminine,” according to the Fenty website. The new collection comprises of four sculptural shoe styles, featuring lace-ups sandals and mesh mules, where “strength is interpreted literally in the new heel” and the “the head of the nail forms the base of the heel, while the point appears hammered into the sole.” Although the thin tapered heels seem to be quite a F O R B E S M I D D L E E A S T.CO M
departure from her own signature geometric flared design, Muaddi was able to tap into the Fenty spirit while adding her own personal creative expression as a designer. After being made available online from July 15, styles such as the bright fuchsia and white “Caged In” sandals were sold out, as seen on the LVMH-owned brand’s website. “At work with @badgalriri on our first ever drop for @ fenty. Some of the styles sold out in a few minutes and the drop is almost entirely sold out. Thank you for your incredible support!” Muaddi said in an Instagram post. Her eponymous brand is in-demand thanks to her statement-making, geometric heels—garnering a celebrity following that includes Kendall Jenner, Gigi Hadid, Dua Lipa, and Rosie Huntington-Whiteley. Her Gilda glitter crystal sandal was crowned the hottest shoe of the closing quarter of 2019 and was the second most popular fashion product for women, according to The Lyst Index Q4 report. The heels reached an average of 60,500 monthly searches between October and December, while the brand saw a 73% increase in viewership. During the pandemic, Muaddi’s 10-piece capsule collection for German retailer MyTheresa dropped at the end of March and reportedly sold out within hours. Rihanna has been a long-time follower of the designer’s work. The star is frequently photographed sporting her signature shoes and featuring them in her empowering Savage x Fenty lingerie show during New York Fashion Week last year. Muaddi is the first Arab shoe designer to work with the nine-time Grammy award winning artist. She has also previously collaborated with Alexandre Vauthier on the launch of his namesake shoe line, which she still designs. The European Institute of Design graduate first launched Muaddi’s footwear label in August 2018, after departing from her role as co-founder and creative director of luxury footwear brand Oscar Tiye in Milan. Since then, she has been challenging the limits with her fashion-forward, upside-down stiletto heels. AUGUST 2020
Photo by Kirstin Sinclair / Getty Images
The millionaire beauty mogul, philanthropist, and musician’s Fenty brand and Muaddi staged coordinated teasers on their respective Instagram accounts, dropping the release date of the muchawaited debut shoe capsule two days before it was made available on Fenty’s website.
LEADERBOARD •
LIFESTYLE
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Rihanna Recruits Romanian-Jordanian Shoe Designer Amina Muaddi For Her New Limited-Edition Fenty Footwear Collection
P RO M OT I O N
Golden Opportunity Hassan Nasser, CEO at BTC and group board member at Egypt Gold, reveals his predictions for gold and silver prices and what investors should consider now to make healthy returns in the future. What makes gold such a unique asset and a prudent long-term investment? Gold has always been a reliable store of value, as it usually retains and increases its value over time. If you examine the performance of gold over the past 20 years, you will find out that gold price has increased by 590%, i.e. gold price reached $1,930/Ounce in 2020 from $280/Ounce in 2000. This explains why gold is considered the safe haven of investors. Even countries hold considerable amounts of gold reserves to support their economies. Gold could always stand tall against economic turbulences, as was the case with the COVID-19 outbreak.
What is your assessment of the current price and what are your predictions for the coming months and 2021? COVID-19 has made gold price volatile, and it has increased by 26% since the year started. The factors behind this increase are mainly an unprecedented level of global debt, the recent geopolitical uncertainties, and the low real interest yield. Investors loped towards gold, escaping from underperforming investment assets and aiming to minimize the incurred losses. Gold is now traded above $1,940/ ounce, which is not far from the $2,000 predictions. The global economy is hit aggressively by Coronavirus, and it’s unlikely to recover before 2021. F O R B E S M I D D L E E A S T.CO M
passed down to you that have facilitated the longevity of Egypt Gold?
What has been the impact of COVID-19 on gold and silver and how is BTC positioned to maintain and grow its market share? With consumer behavior changing towards online shopping, being the sole provider of a bullion e-commerce service helped us deliver to our customers safely and on time. BTC Egypt Gold has achieved a monthly increase of 140% in sales in June 2020. The wholesale sector sales alone increased by 260% between January and May 2020 compared to 2019. Corporate sales increased by 39% in the same period compared to 2019. And our e-commerce channel has outperformed by 570% growth rate in the same period compared with 2019.
What are the key leadership and management traits that have been
We set the bar high enough so we can sustain this pioneering position, dominating 40% of the gold market. Throughout three generations, Egypt Gold group offers full-fledged services, including gold and diamond designing and manufacturing, bullion trading and management, and visual merchandising. Today, we are proudly working on digitalizing the Egyptian gold market, introducing real-time gold trading apps in EGP, along with our e-commerce platforms. We are eagerly working on the launch of BTC emblem, the first of its kind in Egypt and the Middle East. We are also planning to launch training programs to empower investors into more informed trading, in line with our educational plan that started with Egypt Gold’s vocational jewellery school.
What advice would you give to young investors? High risk, high return. COVID-19 has proved that even in a no-uncertainty environment, precious metal investment will yield higher return. I recommend increasing the proportion of gold in investment portfolios. Also, the ROI on silver is booming, and the upcoming trend will include silver too.
www.btcegyptgold.ae AUGUST 2020
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LEADERBOARD • LIFESTYLE By Shifali Singh
Beirut-based designer Sandra Mansour has become the first Arab designer to collaborate with Swedish high-street retailer, H&M. Sandra Mansour has launched a womenswear collection named "Fleur du Soleil" that is due to be displayed in selected H&M outlets worldwide from August 6, 2020.
LEADERBOARD •
Crucial Quote "The inspiration for the H&M collaboration was nature and natural elements. Especially the sunflower, which represents the cycle of life, and its dependency on sun and light. Poetry and painters inspired the selection of fabric – the dark laces, jacquards, and embroidered organza. With the Fleur du Soleil collection, I want to talk to women around the world by sending a message of hope, something we really need right now,” says Mansour.
Key Background Mansour took to Instagram to share the landmark moment for her company, adding a message of appreciation for her team who helped her collection come to life. She briefly mentions her journey that began in October 2019 when she decided to take her talent from Lebanon to New York. KEY FACTS
• Inspired by strong female artists and
nature, Mansour’s collection will feature fit-and-flare shapes and ruffled hems. The designs will combine volume and statement details in an earthy color palette of mushroom greys, ivory, and black.
• Toyen, Dorothea Tanning, Lena Leclercq
and Bibi Zogbé are some of the many muses of Mansour.
• The Arab designer wishes to connect
with women across the world, by sending a message of hope through her designs.
F O R B E S M I D D L E E A S T.CO M
AUGUST 2020
Image from Source
LIFESTYLE
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Lebanon’s Sandra Mansour Becomes The First-Ever Arab To Collaborate With H&M
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F O R B E S M I D D L E E A S T.CO M
AUGUST 2020
P RO M OT I O N
Strength In The Storm 22
Sheikh Khalid Abdullah Ali Al Khalili, Chairman at Bank Nizwa explains how the bank is surviving the current economic climate and still growing. What has been Bank Nizwa’s contribution to the Islamic banking industry in the Sultanate? Islamic banking in Oman has expanded rapidly since its introduction in 2013. It has experienced a cumulative annual growth rate of 28% in the last five years and 11% growth in 2019. The pace of growth has been ranked among the fastest globally by prestigious institutions including the International Monetary Fund (IMF). The Sultanate’s total Islamic banking assets stood at $12.7 billion as at April 2020, which is 14% of total banking assets. The sector is now entering into the next phase of growth. Initially, there were challenges as it was a new sector and concept, and market players especially Bank Nizwa, being the first Islamic Bank, made significant efforts and investments in creating market awareness. The Central Bank of Oman and the Capital Market Authority have also made a significant contribution in Islamic banking’s growth journey. Currently, the Sultanate has multiple issues of Sukuk by the government and corporates to support their need for capital and funding requirements, which is a testament of the growing sector in the country. Bank Nizwa’s direct contribution is through the business of both intermediation and participation that would lead to the economic, social and ethical wellbeing of society. The bank’s overall service proposition is divided into personal banking, corporate and commercial banking, and financial F O R B E S M I D D L E E A S T.CO M
“Since the beginning of 2020 as the COVID-19 outbreak started, the business environment has become challenging for the financial services industry. Against this backdrop, Bank Nizwa has turned in a commendable financial performance by registering the highest net profit growth in the industry and cleared accumulated losses.” AUGUST 2020
P RO M OT I O N
markets, with customers being served through multiple channels including branches, direct sales, call center, ATM/ CCDMs, mobile applications, and internet banking. Constituting the largest segment of the business, the retail banking division serves the financial needs of individuals across the country, whereas the wholesale banking division serves the needs of the government sector, government-owned entities, corporate and commercial clients as well as smalland-medium-enterprises (SMEs).
Bank Nizwa has written off its long-standing accumulated losses from the balance sheet in the first half of the year. What is the significance of this for the company, investors and other stakeholders? This is a major milestone that the bank has achieved despite the most challenging times. This year will be remembered for the successful completion of phase 1 of our vision. These achievements are a reflection of our position as the largest and fastest-growing full-fledged Islamic bank in the Sultanate. With clearing of accumulated losses from the balance sheet through our operating profits, the bank is geared towards another phase of growth. This is an important point for our investors as the book value of their investment is above the par value. They are more confident than before on the bank’s performance and on its management. This will also be a positive for the bank as the support of shareholders will be more.
Bank Nizwa has seen a growth in profitability this year despite the COVID-19 pandemic. What factors have contributed to this? Since the beginning of 2020 as the COVID-19 outbreak started, the business environment has become challenging for the financial services industry. Against this backdrop, Bank Nizwa has F O R B E S M I D D L E E A S T.CO M
turned in a commendable financial performance by registering the highest net profit growth in the industry and cleared accumulated losses. This is the result of our ability to adapt to the economic realities, including the competitive environment in which we operate and a resilient balance sheet. This milestone was achieved while focusing on our commitment to provide unsurpassed customer experience and adhering to the core values that formed our institution. This is also due to the successful execution of our strategy 2020, with continuous focus on growing the balance sheet in a controlled manner, diversifying revenue streams, controlling expenses, improving margins, enhancing our digital capabilities, and expanding products and client base.
What steps have you taken to diversify your portfolio?
Your non-performing financing was just 0.06% last year. How do you manage to maintain such low NPAs while also increasing assets at the same time?
Like other GCC economies, Oman has also been impacted by the COVID-19 pandemic. However, Oman’s government has been proactively making efforts to bolster the economy. for example, the newly announced privatization law, commercial company law and bankruptcy law will give muchneeded stimulus to grow foreign direct investment (FDI). This will bring opportunities to Islamic banks, specifically for Bank Nizwa, to capitalize on its key competitive advantages to show further resilience in a volatile global economic backdrop. We are confident that the bank’s unchanged strategic pillars and resilient balance sheet makes us well-placed to manage any economic headwinds, whilst continuing to deliver good value for our customers and improved returns for our shareholders.
Our success has been based on our strict compliance with the principles of Islamic finance. We don’t invest in speculative economy and before any asset booking there are a set of rules and policies that are followed to ensure our asset quality remains at acceptable level. The bank has a robust risk management governance mechanism in place that has some basic requirements, driven by Oman’s Islamic Banking Regulatory Framework (IBRF) issued by the Central Bank of Oman wherein the bank does a strict credit screening and after credit approval, regular monitoring of credit is also part of the process. In addition to this, the bank follows well established global regulatory standards from the Islamic Financial Services Board (IFSB), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and the best industry practices.
As a policy, the bank does not concentrate its investment into any specific or few sectors. Bank Nizwa is well-positioned to spearhead the growth of Islamic finance and solidify our leadership in the sector, leading the market share towards new heights. We will continue to compete in the sector, expand the client franchise organically by deepening client relationships, train and retain talents, and invest in products and services.
While all global economies are being affected by the COVID-19 pandemic, the Middle East has to bear the additional shock of the crash in oil prices and reduced tourism. What will be the impact of this on the banking sector in Oman?
www.banknizwa.om AUGUST 2020
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• THOUGHT LEADERS • By Sina Fak, Data Scientist and Business Intelligence Consultant at Conversions Advocates
THOUGHT LEADERS
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Big Data: The Powerhouse Behind MENA’s E-Commerce Explosion It’s no surprise that in this COVID-19 era, e-commerce has exploded in a big way. In MENA, even before brick and mortar stores were forced to close their doors, the region was seeing unprecedented and unpredicted levels of e-commerce growth. How can businesses prepare and plan ahead in times of explosive growth? When it comes to e-commerce, the answer lies in big data. Big data refers to extremely large data sets that can be analyzed using advanced data science algorithms and machine learning to reveal patterns and associations. It’s particularly useful for spotting and predicting trends in human behavior. For e-commerce then, it’s an invaluable tool. In an industry where human behavior is happening exclusively online, there is virtually unlimited potential for analysis and predictions. It’s been said for years that consumer data is the new global currency; with big data, this currency is put into action to foster expansive business growth across e-commerce sectors. E-commerce around the world is catching on—it’s easier, more accessible, and often cheaper. And with COVID precautions of frequent sanitization and social distancing made mandatory everywhere, shopping has ceased to be fun. So, more people across the world are moving online every day. This paradigm shift has given a bigger boost to the online bazaar in MENA than in other parts of the world. The e-commerce market in MENA has surpassed any other, with annual growth rates of 25% in comparison to 14.9% in the US. Saudi Arabia leads the group, with an estimated $6.6 billion market size increase since 2015, according to Statista. The UAE is close behind with an estimated $5.2 billion market size increase. These two high-growth markets have surpassed any other regions’ growth stats from the past. The late arrival of MENA into the e-commerce arena could be playing in its favor. The groundwork and digital infrastructure have already been laid by Asia, Europe,
F O R B E S M I D D L E E A S T.CO M
and North America for how e-commerce can be put into action by businesses. But as the MENA e-commerce markets catch up and outpace others around the world, it’s time to look ahead and begin making new predictions. This is where big data comes into play for e-commerce businesses. In brick and mortar stores, a good shop manager will know the patterns and behaviors of shoppers. Extensive buyer-psychology studies inform where items are placed, how stores are laid out, and even how they might smell. E-commerce businesses have just as much, if not more, work to do when it comes to setting up an online store. In gathering and analyzing the huge amounts of available data on online consumer habits—from where their cursor moves on a page to how long they stay on any given site—e-commerce vendors can create personalized offers to entice uncertain buyers. They can build purchase intent models using demographic data, website engagement, past purchase information, and marketing interaction behaviors to better understand and appeal to their target markets. In a world where all buying habits are conducted online, all of these habits are able to be analyzed and all of the variables are able to be optimized. The benefit, put simply: increasing revenue. When businesses can understand their customers better and identify key demographic groups within the masses, it only serves to boost revenue and fund wider business growth. Hence, this ability to use predictive analytics to make data-driven informed decisions means that MENA e-businesses now can tread new paths based on their advance learnings about this sector. Instead of following the same trajectory as e-commerce markets in other areas of the world, MENA can forge new paths and take advantage of the explosive growth that has marked the rise of e-commerce. With the UAE and Saudi Arabia leading the charge with large, deeppocketed markets, the future is only looking brighter for e-commerce in the MENA region.
AUGUST 2020
P RO M OT I O N
Gulnora Mukhedinova, founder of Baravia beauty and fashion group, has built her Dubai-based brand from scratch. Having just launched her new collection “Space Star” during Arab Fashion Week, Mukhedinova reveals the motivation that lies behind her passion. What has been the key motivation behind your success? The secret to my success and my motivation has always been my family. Pride in my heritage and family ties back in my home country always ran deep in my heart and mind, and this has just kept on growing with the unlimited support of my husband. My family have believed in my talent from day one, and provided me with all the encouragement I needed to build my confidence and shine, and this has motivated me to achieve more success. It is extremely difficult to balance professional needs and success with family duties, but this inspiration has kept me focused on overcoming the obstacles I have faced in both life and business. I was always determined to set an example to my kids, and to show them that life won’t always be easy, and success doesn’t come overnight. Instilling this moto has helped one of my daughters to become a champion in sports—I honestly believe she could reach the Olympics one day.
How have you faced the challenges of the global pandemic? I continued to build on my ambitions and work hard in these exceptional circumstances. While many others took it as an excuse to slow down, I used the challenge to enhance the ideology behind my brand. I used the time to start work on my latest collection of haute couture for the 2020 season. F O R B E S M I D D L E E A S T.CO M
To stay strong for your family and help inspire your kids to become better people inside, you have to be a successful person outside. It only takes one moment of weakness, and your competitors will take the chance to absorb your market share, which you have worked hard to earn over the years. The market has a very short memory. When your customers look at you as a public figure, and see your brand as a business leader, you can’t slow down or take a break. Your customers’ attention can easily be drawn elsewhere, and it could take you a long time to get it back.
What advice would you give to other female entrepreneurs? Believe in yourself because no other person will do unless you start doing so. Your success in your professional life will reflect your family and personal life. Don’t give up because you can find harmony, and a great deal of balance and peace of mind while doing so.
www.baraviafashion.com AUGUST 2020
25 WOMEN BEHIND MIDDLE EASTERN BRANDS
Balancing Brand Strength With Family Ties
WOMEN BEHIND MIDDLE EASTERN BRANDS
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WOMEN BEHIND MIDDLE EASTERN BRANDS 2020
L
ast year, we launched our first “Women Behind Middle Eastern Brands” list, which featured female entrepreneurs that have played a key role in creating brands and startups that have captured the interest of users while evolving into a profitable and sustainable business in the Middle East. This year, the ripples from the impact of the COVID-19 pandemic have pushed business leaders across the world to change their way of doing business. While large conglomerates were forced to lay-off thousands of employees, small and mid-size businesses focused on survival as the world went into lockdown. It is within this context that we release our list of “Women Behind Middle Eastern Brands 2020” featuring the female trailblazers that have managed to sustain their successful brands and push the boundaries despite the pandemic. The women on this list either have Middle Eastern roots, or created brands that are based in the Middle East. Iraqi-American Huda Kattan, who was named amongst America’s Richest Self-Made Women 2019 by Forbes with a fortune estimated at $610 million, tops our list again this year. Her brand Huda Beauty has approximately 46 million followers on Instagram. The fashion sector represents 42% of the list with 17 entries. These are led by designer Reem Acra, who found fame in Hollywood by dressing celebrities such as Halle Berry and Beyoncé. The jewelry sector came in second with nine entries, led by Azza Fahmy and her daughters Amina and Fatma Ghali with their eponymous brand Azza Fahmy Jewellery. Their designs have also been seen on some big names during awards season, including Julia Roberts, Naomi Watts, Kerry Washington, Vanessa Williams, and Shailene Woodley. We also created a “Women Behind Middle Eastern Tech Brands 2020” list, which features 10 women behind successful tech-based brands in
the Middle East that have succeeded in gathering millions in funding. Mona Ataya and Leena Abi Khalil top the list with their brand Mumzworld, which has gathered a total of $50 million in funding from notable investors. Women of Lebanese origin top our lists with 14 entries, followed by Saudi origin with 10 entries, Egyptian origin with 10, and Jordanian origin with five. Some of these entrepreneurs have managed to achieve milestones during the past year. Arwa Al Banawi collaborated with Pepsi, Amina Muaddi collaborated with Rihanna’s brand Fenty, Jihan Alama launched an affordable silverwear line called J.Rock, in January Mumzworld secured new capital worth $10 million, and in March supermodel Kendall Jenner wore Jude Benhalim’s designs.
Methodology Our team circulated a questionnaire for the most notable women-led brands in the region to acquire the relevant and authentic information needed for our list. In creating the rankings, we considered the following factors: • Celebrities who endorsed the brand. • Social media followers. • Revenues / growth rate. • Number of countries the brand is present in. • Media coverage. • Years of experience. • Editorial points. • For tech-brands: the amount of external funding received.
To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com F O R B E S M I D D L E E A S T.CO M
AUGUST 2020
A SAFE Journey & ENJOYABLE
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EID ADHA MUBARAK www.nileair.com F O R B E S M I D D L E E A S T.CO M
We can’t wait WELCOMING YOU
ONBOARD! AUGUST 2020
2 Reem Acra
WOMEN BEHIND MIDDLE EASTERN BRANDS
Brand: Reem Acra Category: Fashion Establishment: 1997 Nationality: Lebanese-American Headquarters: United States Reem Acra was first discovered by a fashion editor at a party she attended wearing one of her own creations. The then student of the American University in Beirut went on to pursue her studies at the Fashion Institute of Technology in New York and École Supérieure des Arts et techniques de la Mode in Paris. She established Reem Acra New York in 1997. Today, her brand signature carries ready-to-wear, bridal and haute couture collections. Acra’s creations have appeared on the red carpet many times, worn by Hollywood A-listers including Angelina Jolie, Taylor Swift, Jennifer Lopez, and Beyoncé.
1 Huda Kattan Brand: Huda Beauty
Amy Sussman / Getty Images via AFP; Reem Acra, Image from Source
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WOMEN BEHIND MIDDLE EASTERN BRANDS 2020
Category: Beauty Establishment: 2013 Nationality: Iraqi-American Headquarters: U.A.E. Self-made entrepreneur Huda Kattan became a make-up artist after quitting her finance job in 2009. She launched a beauty blog in 2010 and in 2013, together with her two sisters Mona and Alya, Kattan established her Huda Beauty brand, which began with a collection of false eyelashes. She later launched Instagram and YouTube channels, which today have a following of over 46 million and four million subscribers, respectively. Kattan ranked #36 in Forbes 2019 America's Richest Self-Made Women list, with a net worth of $610 million as of June 3, 2019. F O R B E S M I D D L E E A S T.CO M
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3 Azza Fahmy, Amina & Fatma Ghali Brand: Azza Fahmy Jewellery Category: Jewelry Establishment: 1969 Nationality: Egyptians
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Photo by Mohamed Gabr for Azza Fahmy Jewellery; Dima Rashid, Image from Source
WOMEN BEHIND MIDDLE EASTERN BRANDS
Headquarters: Egypt
Azza Fahmy’s passion for jewelry design started over 50 years ago when she discovered a German art book on medieval European jewelry at an Egyptian book fair. Fahmy has been mastering her craft since the 1970s, studying in London and undertaking apprenticeships in Egypt to eventually become one of the Middle East’s most renowned jewelry designers. Pieces by Azza Fahmy Jewellery have been worn by Hollywood stars including Julia Roberts, Naomi Watts, and Shailene Woodley. Fahmy’s two daughters, Fatma and Amina Ghali, are the company’s Chief Executive Officer and Head of Design, respectively.
4 Dima Rashid Brand: Dima Jewellery Category: Jewelry Establishment: 2002 Nationality: Palestinian Headquarters: Egypt Dima Rashid established Dima Jewellery in 2002. Her pieces are a fusion of bespoke gemstones and gold, and have been worn by Queen Rania of Jordan, Vanessa Willams, Adriana Lima, and Eva Mendes. In 2019, Dima Jewellery increased its revenues by 34% and units sold by 57%. Rashid also promotes female empowerment and sponsors the Banati Foundation in Egypt, which shelters children who are at risk and deprived of family care. F O R B E S M I D D L E E A S T.CO M
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5 Nada Ghazal Brand: Nada Ghazal Fine Jewelry 30
Category: Jewelry Headquarters: Lebanon Nada Ghazal founded her brand in 2003, and has since launched two boutiques and eight points of sales between Lebanon, the U.S. and the U.K, including stores such as Broken English, Dover Street Market, and Egan Day. In 2019, Ghazal rebranded from “Nada G” to “Nada Ghazal Fine Jewelry” and began to focus on expanding globally. Her customers include global and regional celebrities such as Olivia Palermo, Miley Cyrus, Jada Pinkett Smith, Nancy Ajram, and Wael Kfoury.
6 Salwa Idrissi Akhannouch Brand: Yan&One Category: Beauty Establishment: 2017 Nationality: Moroccan Headquarters: Morocco Salwa Akhannouch launched her cosmetics brand Yan&One in 2017, which counts a handful of regional and global celebrities as fans. Her clients include Maître Gims, Nora Fatehi, RedOne, Youssra, and Maya Diab. She is also the founder and CEO of the Aksal Group, which is the sole franchisee for several leading brands in Morocco, including Fendi, Gucci, Ralph Lauren, Zara, Banana Republic, Massimo Dutti, Pull & Bear and Gap. She is married to Moroccan billionaire Aziz Akhannouch. F O R B E S M I D D L E E A S T.CO M
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WOMEN BEHIND MIDDLE EASTERN BRANDS
Establishment: 2003 Nationality: Lebanese
Brand: Razan Alazzouni Category: Fashion Establishment: 2008 Nationality: Saudi Arabian Headquarters: Saudi Arabia Razan Alazzouni established her eponymous fashion brand more than a decade ago and her designs have since been on stars such as Elizabeth Banks and Kendall Jenner. She has more than half a million followers on Instagram.
7 Gemy Maalouf Brand: Gemy Maalouf Category: Fashion Establishment: 1996
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Nationality: Lebanese Headquarters: Lebanon Gemy Maalouf opened her atelier in Beirut in 1996, which now has a presence in top fashion capitals like Milan, Paris, and New York. Maalouf’s father owned a fabric factory and she developed a fascination for textiles at an early age. Today, some of her famed creations have been worn by Lady Gaga, Kesha, Helene Segara, and Carmen Electra. Today Maalouf’s designs are distributed in 48 different countries worldwide and more than 150 brand boutiques.
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31 WOMEN BEHIND MIDDLE EASTERN BRANDS
8 Razan Alazzouni
9 Andrea Wazen
32 WOMEN BEHIND MIDDLE EASTERN BRANDS
Brand: Andrea Wazen Category: Footwear Establishment: 2013 Nationality: Lebanese Headquarters: Lebanon Shoe designer Andrea Wazen trained under the tutelage of Rupert Sanderson and Christian Louboutin after relocating to London in 2010. She then launched her brand in 2013. Celebrity fans include Kylie Jenner, Jennifer Lopez, Catherine Zeta Jones, Hailey Bieber, Emilia Clarke, Demi Lovato, and Demi Moore. Designed and produced in Beirut, the Andrea Wazen brand supports local livelihood and artisans.
10 Jude Benhalim Brand: Jude Benhalim Category: Jewelry Establishment: 2011 Nationality: Egyptian Headquarters: Egypt
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Jude Benhalim founded her namesake jewelry brand in 2011, when she was just 17 years old. Since then her pieces have been worn by some of the biggest names in Hollywood, from supermodels Kendall Jenner and Adriana Lima to actress Joey King. Benhalim’s pieces are inspired by her Middle Eastern roots, where she sources and produces all of her designs. She now aims to expand the brand’s international presence even further by shifting its retail to online post-COVID-19. She is also planning on designing a 100% sustainable product. AUGUST 2020
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TOP 10 SAUDI WOMEN BEHIND MIDDLE EASTERN BRANDS
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1 Razan
Alazzouni Brand: Razan Alazzouni Category: Fashion Establishment: 2008 Headquarters: Saudi Arabia Razan Alazzouni established her eponymous fashion brand more than a decade ago, after studying at TUFTS University’s School of Fine Arts in the U.S. Her designs have since been seen on stars such as Elizabeth Banks, Emma Roberts, and Kendall Jenner. Alazzouni’s influence on the Saudi fashion industry was recently highlighted when she was invited to take part in Prince Mohammed bin Salman’s Saudi Vision 2030 campaign. Alazzouni has been the art director for the Saudi Cancer Foundation and was a guest speaker at the Ted X Alfaisal University’s first event in Riyadh in 2011. She has more than 500,000 followers on Instagram.
2 Arwa Al Banawi Brand: Arwa Al Banawi Category: Fashion Establishment: 2015 Headquarters: KSA & U.A.E. Arwa Al Banawi established her namesake ready-towear brand in 2015, which celebrates the woman on the go. Her high-end streetwear designs have since been worn by celebrities including Jaden Smith, Jessie J, and Kris Jenner. Al Banawi has collaborated with global brands such as Pepsi, Adidas, and Levi’s to create designs that bridge the gap between western and Arab culture. Arwa Al Banawi is based in Dubai, and her items can be found at high-end department stores across the Middle East.
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3 Honayda Serafi Brand: Honayda Category: Fashion Establishment: 2016 Headquarters: Lebanon Since launching her ready-towear clothing brand in 2016, Honayda Serafi has dressed international celebrities including Lupita Nyong’o, Priyanka Chopra, Shay Mitchell, Dove Cameron, and Angham, with her creations sold in nine boutiques across the Middle East, Europe, and the Americas. In response to the COVID-19 pandemic, Serafi launched a “Sketch&Give” initiative in May, which donated an outfit for each sketch shared on social media. In just 12 days, it recorded 2,152 sketches, 11,180 outfit donations, and raised $340,500 in funds. The mother-of-seven is a Parsons School of Design graduate, and is also an accomplished sculptor and poet.
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4 Nora Al Shaikh Brand: Nora Al Shaikh Category: Fashion Establishment: 2012 Headquarters: Saudi Arabia Nora Al Shaikh launched her first luxury ready-to-wear line in 2012. Since then, her clothes have been showcased at trunk shows and retail events in New York and LA. She now plans to build an e-commerce platform that will allow her to sell directly to consumers. Her designs have been worn by celebrities including Fergie, Dove Cameron, and Julia Michaels. Her collections featured in Arab Fashion Week in 2019, and international media publications, such as the LA Times.F O R B E S M I D D L E E A S T.CO M
5 Dana Alalami Brand: Dana Alalami Jewelry & Auctions Category: Jewelry Establishment: 2015 Headquarters: Saudi Arabia & U.A.E. Dana Mohamad Al Alami is the co-founder and chairwoman of Dana Alalami Jewelry, which was established in 2015. The brand has been worn by Saudi royals such as Princess Ameerah Al-Taweel. Al Alami is also the co-founder and chairwoman of Dubai-based Dana Alalami Auctions, which is currently collaborating with Russia’s Alrosa to launch an auction of $100 million worth of large rare diamonds. Al Alami is also a board member of the Council of Saudi Chambers, as well as the Jeddah Chamber of Commerce’s committee of precious metals and gems traders, and the young businesswomen committee. In 2019, Al Alami offered a 425 carat “legacy” diamond at the Future Investment Forum. AUGUST 2020
6 Nourah Al Faisal
Brand: Nuun Jewels Category: Jewelry Establishment: 2014
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Headquarters: France Nourah Al Faisal worked as a jewelry designer for 15 years before opening her own boutique, Nuun Jewels, in Paris luxurious shopping district Rue du Faubourg Saint-Honoré in 2014. She completed an apprenticeship in a workshop in Paris, and her designs now combine French designs with Arab culture. Al Faisal has since launched the ADHLAL platform in Riyadh to support the local design industry in Saudi Arabia.
8 Muneera Al Tamimi Brand: Tamashee Category: Footwear Establishment: 2013 Headquarters: U.A.E. Muneera Al Tamimi co-founded high-end footwear brand Tamashee, in Dubai. The brand’s signature Arabian Gulf sandals have since been seen on local celebrities such as Ahlam Al Shamsi, and Bollywood stars such as Abhishek Bachchan. Tamashee’s first flagship store is set to open in Dubai later this year. According to Al Tamimi, the brand has ranked as the number one selling footwear brand in the Level Shoe District in Dubai Mall in 2014 and 2015. As part of the brand’s mission to support heritage, Muneera and her work partner Mohammed Kazim have introduced cultural trips around the Middle East in order to educate clients, as well as create a sustainable income for locals.
7 Shahd AlShehail Brand: Abadia Category: Fashion Establishment: 2017 Headquarters: Saudi Arabia Shahd AlShehail, a Johns Hopkins University alum, and her aunt Naeema launched ethical luxury fashion label Abadia in 2017. It has since become known for its iconic Farwa—a menswear winter coat reimagined for the modern woman. Queen Rania of Jordan was spotted wearing the coat at her daughter’s graduation. AlShehail has promoted sustainability in the local fashion industry by launching Project JUST, an NGO challenging exploitative practices of fashion. The brand has had a consistent presence at Paris Fashion Week. Last year, AlShehail was also chosen to dress the Saudi delegation to the UN. F O R B E S M I D D L E E A S T.CO M
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10 Fatima Batook
Brand: Studio55 & TIMA Category: Fitness Establishment: 2015 & 2012 Headquarters: Saudi Arabia With over 15 years’ experience in the fitness industry, Fatima Batook launched fitness studio Studio55 in 2015, becoming the first licensed female fitness instructor in Saudi Arabia, following a two-year effort. She opened her first branch in Alkhobar, with a second branch in Jeddah opening two years later. In 2012, she also launched fitness and sports apparel brand TIMA, selling her products across Saudi Arabia, the U.A.E, Bahrain, and Kuwait, as well as global markets in Russia, Singapore, and Europe through online retail. Batook is also a board member of the Asharqia Young Business Woman’s Executive Council, where she actively promotes entrepreneurship among young Saudi women.
9 Nour AlTamimi Brand: The Nou Project Category: Footwear Establishment: 2017 Headquarters: U.A.E. / U.K. Nour AlTamimi’s Nou Project is an online store that showcases art from contemporary artists on limited edition sneakers. She launched the brand at Level Shoes in Dubai in 2017, and in 2019 moved it to the U.K. to target a new market. She presented the sneakers in the U.S. through a booth at Untitled Art Fair in Miami during Art Basel in 2017, as well as at The Face store in Nolita, New York. The Nou Project plans to expand its product range to include both sportswear and athleisure, and will focus more on sustainability, with AlTamimi recently introducing a new line of vegan sneakers. AlTamimi is a Tufts University Graduate and holds a master’s degree from Claremont Graduate University’s Drucker School of Management. F O R B E S M I D D L E E A S T.CO M
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11 Aya & Mounaz Abdelraouf Brand: Okhtein
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Category: Accessories
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Establishment: 2014 Nationality: Egyptians Headquarters: Egypt Aya and Mounaz Abdel Raouf established Okhtein in Cairo in 2014, a luxury fashion accessories company. Okhtein has celebrity fans including Beyoncé, Kourtney Kardashian, Cardi B., Kris Jenner, and Gigi Hadid. Okhtein aims to support slow fashion in the Middle East to encourage sustainable living. Aya and Mounaz appeared on Forbes Middle East’s 30 Under 30 list in 2019.
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Yasmine Yeya Brand: Maison Yeya Category: Fashion Establishment: 2007 Nationality: Egyptian Headquarters: U.A.E.
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Yasmine Yeya set up her couture and bridal fashion brand in Cairo more than ten years ago, and has since opened two branches and dressed many people from the Arab world’s royal families. She gained international media attention last year when Jennifer Lopez chose a Maison Yeya look for the BAFTAs. She recently moved her brand’s headquarters to Dubai, and is now focused on more sustainable fashion. Yeya is also launching a new concept "La Maison Verte" where Maison Yeya clients will be offered the option to recycle their wedding dresses in an effort to promote sustainability. F O R B E S M I D D L E E A S T.CO M
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13 Abeer Al Otaiba Brand: SemSem Category: Fashion Establishment: 2014 Nationality: Egyptian Headquarters: U.S.
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Abeer Al Otaiba founded her New York-based fashion brand, SemSem, in 2014 after starting her career as a civil engineer. Her designs have since caught the eye of celebrities including Gigi Hadid, Drew Barrymore, and Kourtney Kardashian. In 2019, the brand launched at Net-a-Porter and Moda Operandi. It gave $40,000 in donations and masks to support COVID-19 relief efforts.
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14 Marmar Halim
35 WOMEN BEHIND MIDDLE EASTERN BRANDS
Brand: Marmar Halim Category: Fashion Establishment: 2012 Nationality: Egyptian Headquarters: U.A.E. Marmar Halim launched her Dubai-based namesake brand in 2012 after graduating from the Fashion Design Center in Egypt and the Istituto di Moda Burgo, Milan in Italy. Halim has since partnered with high-end department stores in the GCC such as Saks Fifth Avenue, Harvey Nichols, Galeries Lafayette, and Robinson’s. She has dressed celebrities including Becky G, Kimmy Gatewood, Carrie Underwood, Amina Khalil, Arwa Gouda, and Hind Sabry. Marmar opened her showroom in Dubai’s Design District in 2019.
Marmar Halim, Image from Source; Arwa Al Banawi, Photo by Stuart C. Wilson / Getty Images for FFWD
15 Sandra Mansour Brand: Sandra Mansour Category: Fashion Establishment: 2010 Nationality: French-Lebanese Headquarters: Lebanon After a brief stint at Elie Saab, Sandra Mansour decided to launch her own brand and founded her ready-to-wear fashion house in Beirut in 2010. She has since expanded, with her pieces being sold globally at Moda Operandi in the U.S. and Harrod’s in the U.K. The brand has also caught the attention of Hollywood, with Lady Gaga and Gigi Hadid seen wearing the designs.
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16 Nadine Kanso Brand: Bil Arabi Category: Jewelry Establishment: 2006 Nationality: Lebanese Headquarters: U.A.E.
Photo by Saad Wadiwala for Forbes Middle East
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Nadine Kanso created her jewelry line, Bil Arabi, in 2006, taking inspiration from the Arabic alphabet to craft rings, bracelets, pendants, and earrings. Kanso has collaborated with Gucci, Louis Vuitton, Christofle, Bernardaud, and Maserati on speciallycommissioned artistic projects. Her designs have been worn by celebrities including Zaha Hadid, Kim Kardashian, Youssra, Kylie Minogue, Lupe Fiasco, and Dita Von Teese.
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17 Amina Muaddi Brand: Amina Muaddi Category: Footwear Establishment: 2018 Nationality: Jordanian Romanian
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Headquarters: France
WOMEN BEHIND MIDDLE EASTERN BRANDS
After studying at the European Institute of Design in Milan and working as a stylist for L’Uomo Vogue and GQ U.S., Amina Muaddi co-founded her first shoe brand, Oscar Tiye, in Milan in 2013. Her designs have since been worn by celebrities and models such as Gigi Hadid, Kendall Jenner, and Miranda Kerr. She also collaborated with French couturier Alexandre Vauthier on the launch of his eponymous shoe line, which she designs to this day. At the end of 2019, Amina was commissioned by Rihanna to design footwear for her brand Fenty, which launched in July 2020.
18 Ayah Amina Muaddi, Kirstin Sinclair / Getty Images; Ayah Mufleh, Image from Source
Mufleh
Brand: Ishimmer Lashes Category: Beauty Establishment: 2014 Nationality: Jordanian Headquarters: U.K. Aya Mufleh founded her false lash brand in Amman in 2014 before officially re-launching it in 2019 in the U.K. The brand has since been worn by models including Bella and Gigi Hadid, Rosie Huntington, Winnie Harlow, Gemma Chan, Joan Smalls, Kaia Gerber, Cara Delevingne, Emily Ratajkowski, and Adriana Lima. It has also been recognized by Hollywood actresses and music artists such as Charlize Theron, Sophie Turner, Dua Lipa, and Michelle Williams.
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19 Madiyah Al Sharqi Brand: Madiyah Al Sharqi Category: Fashion Establishment: 2012 Nationality: Emirati Headquarters: U.A.E. Madiyah Al Sharqi launched her self-titled brand in 2012. Celebrities seen wearing Al Sharqi’s creations include Zendaya, Khloe and Kourtney Kardashian, Priyanka Chopra, Heidi Klum, Elsa Hosk, and Lorde.
21 Arwa
Al Banawi
20 Farida Temraz
Brand: Arwa Al Banawi
Brand: Temraza
Nationality: Saudi Arabian
Category: Fashion Establishment: 2015
Category: Fashion Establishment: 2015
Headquarters: KSA & U.A.E.
Nationality: Egyptian Headquarters: Egypt
Arwa Al Banawi established her namesake ready-to-wear brand in 2015. Her high-end streetwear designs have since been worn by celebrities including Jaden Smith, Jessie J and Kris Jenner. Al Banawi has collaborated with global brands such as Pepsi, Adidas, and Levi’s.
Farida Temraz launched her brand Temraza in 2015, specializing in women’s ready-to-wear, evening wear, and bridal dresses. Her creations have been worn by Carrie Underwood, Camila Cabello, Tyra Banks, and Mel B. F O R B E S M I D D L E E A S T.CO M
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Abbassy Brand: IZIL Beauty Category: Beauty
Establishment: 2012 Nationality: Moroccan Headquarters: U.A.E.
Image from Source
A year after launching IZIL Beauty in 2012, Mouna Abbassy took an executive course in cosmetology in London with a goal of developing her own products. This goal was realized when the construction of the company’s advanced cosmetics factory in Ras Al Khaimah was inaugurated in 2019.
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22 Mouna
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23 Mona Wahib Erian Brand: Nefertari Body Care Category: Beauty Establishment: 1998 Nationality: Egyptian Headquarters: Egypt Nefertari Body Care has been a pioneer in the natural cosmetics industry in the Middle East for more than 20 years. After starting her career as a pharmacist at major companies such as Hikma Pharmaceuticals, Dr. Mona Wahib Erian launched her own brand to raise awareness about the benefits of chemical-free products. In the past year, Erian has established a new factory in Egypt, which will allow it to expand and reach international markets. The brand has also kickstarted it's five-year plan to produce 100% organic products.
24 Emma Boutros Brand: Poise Design Category: Footwear Establishment: 2010 Nationality: Lebanese Headquarters: Lebanon Emma Boutros is the creative director behind Poise Design, a contemporary footwear label launched in 2010. Her signature designs, which include embroideries, handpatches and a mix of colors and fabrics, have been worn by global names like Cardi B, Coco Rocha, Karmen Kass, Maye Musk, Aishwarya Rai, Izabel Goulart, Kelly Rowland, and Madison Beer. In 2016, Boutros was chosen by Coca Cola to design a customized, limited edition of its iconic Coke Light can, as part of its “#LOVELIFE” campaign. The collaboration was extended to create a capsule collection of six exclusive footwear styles. F O R B E S M I D D L E E A S T.CO M
25 Maha
Morley-Kirk & Elle Hardy Brand: Pinky Goat Category: Beauty Establishment: 2015 Nationality: Lebanese-Australian Headquarters: U.A.E. With years of experience behind them in retail and beauty, Morley-Kirk and Hardy established U.A.E.-based vegan eyelashes brand Pinky Goat in 2015. The brand started out by selling six styles online, but in 2016 Pinky Goat products became available in some of the biggest stores globally. Today they can be found in over 2,500 stores, with over a million products sold. Pinky Goat’s lashes have been worn by international celebrities including Bebe Rexha and Rita Ora.
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26 Honayda
41 WOMEN BEHIND MIDDLE EASTERN BRANDS
Serafi
Brand: Honayda Category: Fashion Establishment: 2016 Nationality: Saudi Arabian Headquarters: Lebanon
Honayda Serafi, Image from Source; Karen Wazen, Photo by Saad Wadiwala for Forbes Middle East
Since launching her ready-to-wear clothing brand in 2016, Honayda Serafi has dressed international celebrities including Priyanka Chopra, Shay Mitchell, Dove Cameron, and Angham. In response to the COVID-19 pandemic, Serafi launched a “Sketch&Give” initiative in May, which donated an outfit for each sketch shared on social media. In just 12 days, it recorded 2,152 sketches, 11,180 outfit donations, and raised $340,500 in funds.
27 Karen Wazen Brand: Karen Wazen Eyewear Category: Accessories Establishment: 2018 Nationality: Lebanese-British Headquarters: U.A.E. Karen Wazen Bakhazi is one of the biggest social media influencers in the Middle East, with an Instagram following of over four million. Her impact was recently recognized by Harvard University, where she was invited to speak about social media in the Arab world. Bakhazi launched her eponymous eyewear brand in 2018, with her pieces seen on many celebrities such as Dua Lipa and Gabrielle Union. Her sunglasses are sold on major retail platforms, such as Farfetch, Harvey Nichols and Moda Operandi, with Bakhazi currently working on launching the brand’s own e-commerce website.
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28 Nora Al Shaikh Brand: Nora Al Shaikh Category: Fashion Establishment: 2012 42
Nationality: Saudi Arabian
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Headquarters: Saudi Arabia
Nora Al Shaikh launched her first luxury ready-to-wear line in 2012. Since then, her clothes have been showcased at trunk shows and retail events in New York and LA. She now plans to build an e-commerce platform that will allow her to sell directly to consumers. Her designs have been worn by celebrities including Fergie, Dove Cameron, and Julia Michaels.
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29 Dana Alalami
Brand: Dana Alalami Jewelry & Auctions Category: Jewelry
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Establishment: 2015
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Nationality: Saudi Arabian Headquarters: Saudi Arabia & U.A.E. Dana Mohamad Al Alami is the co-founder and chairwoman of Dana Alalami Jewelry, which was established in 2015. The brand has been worn by Saudi royals such as Princess Ameerah Al-Taweel. Al Alami is also the co-founder and chairwoman of Dubaibased Dana Alalami Auctions, which is currently collaborating with Russia’s Alrosa to launch an auction of $100 million worth of large rare diamonds. Alalami is also a board member of the Council of Saudi Chambers, as well as the Jeddah Chamber of Commerce’s committee of precious metals and gems traders, and the young businesswomen committee.
30 Jihan Alama Brand: Djihan Category: Jewelery Establishment: 2005 Nationality: Lebanese Headquarters: Lebanon
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Jihan Alama launched jewelry brand Djihan in 2005 with a boutique in downtown Beirut. It has since garnered international recognition with names like Katy Perry and Miranda Lambert sporting its designs. Alama recently launched an affordable silver collection called J.Rock. Jihan is married to Arab singer Ragheb Alama. F O R B E S M I D D L E E A S T.CO M
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31 Reema Al Banna Brand: Reemami Category: Fashion Establishment: 2010 Nationality: Palestinian Headquarters: U.A.E. Reema Al Banna’s contemporary ready-to-wear fashion line, Reemami, has been recognized internationally with celebrities and royals such as Queen Rania of Jordan and model Bella Hadid seen wearing her designs. Established in 2010, the brand is also committed to producing sustainable fashion, with Al Banna ensuring that her business production process is both ethical and waste-reducing.
32 Farah Al Asmar Brand: Farah Asmar Category: Accessories Establishment: 2011 Nationality: Jordanian Headquarters: Jordan/U.K. Handbag designer Farah Al Asmar found her niche in affordable luxury bags at a sales price point of between $400 and $1,000 when she launched her brand Farah Asmar in 2011. Since then, her bags have been seen on the arms of Queen Rania of Jordan, Joelle Mardinian, and Deema AlAsadi, among others. In 2016, the designer moved her production base from Turkey to Lebanon.
33 Nourah Al Faisal
Brand: Nuun Jewels Category: Jewelry Establishment: 2014 Nationality: Saudi Arabian Headquarters: France Nourah Al Faisal worked as a jewelry designer for 15 years before opening her own boutique, Nuun Jewels, in Paris luxurious shopping district Rue du Faubourg SaintHonorĂŠ in 2014. She completed an apprenticeship in a workshop in Paris, and her designs now combine French designs with Arab culture. Al Faisal has since launched the ADHLAL platform in Riyadh to support the local design industry in Saudi Arabia.
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34 Sarah Beydoun
35 Shahd AlShehail
Brand: Sarah’s Bag
Brand: Abadia
Category: Accessories
Category: Fashion
Establishment: 2000 Nationality: Lebanese
Establishment: 2017 Nationality: Saudi Arabian
Headquarters: Lebanon
Headquarters: Saudi Arabia
Sarah Beydoun founded Sarah’s Bag nearly 20 years ago. The brand garnered international attention when Beyoncé donned one of its designs to the Global Citizen Festival celebrating the 100th birthday of Nelson Mandela in 2018. The brand has more than 100,000 Instagram followers and serves not only as a fashion label but as a social enterprise. It employs female prisoners, ex-prisoners and underprivileged women in Lebanon.
Shahd AlShehail and her aunt Naeema launched ethical luxury fashion label Abadia in 2017. It has since become known for its iconic Farwa—a menswear winter coat reimagined for the modern woman. Queen Rania of Jordan was spotted wearing the coat at her daughter’s graduation. AlShehail has promoted sustainability in the local fashion industry by launching Project JUST, an NGO challenging exploitative practices of fashion.
36 Rayan Abdullah Al Sulaimani Brand: Atelier Zuhra Category: Fashion Establishment: 2015 Nationality: Omani
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Headquarters: U.A.E./Oman Rayan Al Sulaimani is the CEO of Atelier Zuhra, a couture house founded by her mother Mousa Al-Awfi in Dubai. The atelier’s creations have featured at London Fashion Week. Eva Longoria wore a piece from Zuhra at the Cannes Film Festival, and Bollywood celebrities Sonam Kapoor, Deepika Padukone, and Aishwarya Rai Bachchan have also been seen wearing Zuhra’s creation on the red carpet. Al Sulaimani now plans to diversify from haute couture to denim and a ready-to-wear line. F O R B E S M I D D L E E A S T.CO M
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37 Muneera Al Tamimi Brand: Tamashee Category: Footwear Establishment: 2013 Nationality: Saudi Arabian Headquarters: U.A.E. Muneera Al Tamimi co-founded high-end footwear brand Tamashee in Dubai in 2013. The brand’s signature Arabian Gulf sandals have since been seen on local celebrities such as Ahlam Al Shamsi, and Bollywood stars such as Abhishek Bachchan. Tamashee’s first flagship store is set to open in Dubai later this year.
38 Tarfa Itani Brand: Falamank by Tarfa Itani Category: Jewelry Establishment: 2006 Nationality: Lebanese Headquarters: Lebanon With a background in art and design, Tarfa Itani established Beirut-based jewelry design house Falamank in 2006, with its flagship store opening in the city in 2010. Today, the company has more than 10 regional and international points of sales. Falamank designs have been worn by Queen Rania of Jordan, Reem Acra, Ahlam Al Shamsi, Mahira Abdelaziz, Dima Sadek and Rym Saidi. F O R B E S M I D D L E E A S T.CO M
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Brand: Studio55 & TIMA Category: Fitness Establishment: 2015 & 2012 Nationality: Saudi Arabian Headquarters: Saudi Arabia With over 15 years’ experience in the fitness industry, Fatima Batook launched fitness studio Studio55 in 2015, becoming the first licensed female fitness instructor in Saudi Arabia. She opened her first branch in Alkhobar, with a second branch in Jeddah opening two years later. In 2012, she also launched fitness and sports apparel brand TIMA, selling her products across Saudi Arabia, the U.A.E., Bahrain and Kuwait.
39 Nour AlTamimi Brand: The Nou Project Category: Footwear Establishment: 2017 Nationality: Saudi Arabian
Images from Source
Headquarters: U.A.E. / U.K. Nour AlTamimi’s Nou Project is an online store that showcases art from contemporary artists on limited edition sneakers. She launched the brand at Level Shoes in Dubai in 2017, and in 2019 moved it to the U.K. to target a new market. She presented the sneakers in the U.S. through a booth at Untitled Art Fair in Miami during Art Basel in 2017, as well as at The Face store in Nolita, New York. F O R B E S M I D D L E E A S T.CO M
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40 Fatima Batook
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a medical clinic structure that never existed before took over. Introducing an unknown concept with no foreseen necessity in an absolutely virgin market and pioneering the latest and most advanced scientifically proven antiaging solutions became the mainstay of lifeyear clinic’s goals.
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Which medical services does lifeyear clinic offer?
Turn Back Time
Dr. Layla Lahoud, founder of lifeyear clinic, holds a degree in anti-aging, preventive and regenerative medicine from Dresden International University in Germany. Here she explains her fascination with genetics and anti-ageing medicine and the challenges she faced introducing her approach in Lebanon. Why focus on anti-aging medicine? While completing my two-year preventive medicine training in Germany, I became fond of the fascinating topics I studied, including epigenetics, regenerative medicine, and stem cell therapy. Epigenetics is a mechanism that allows us to adapt gene expression to environmental factors. Gaining insight into the mechanisms behind cellular aging helps in defining new therapeutic F O R B E S M I D D L E E A S T.CO M
approaches that could delay cellular aging and hence prevent disease. The demonstrable impact of active personalized prevention based on epigenetics embodies a factual implication on longevity and gives a unique outlook on where the future of healthcare is heading. The challenge in translating all the newly-discovered evidence-based and rapidly-advancing scientific data relating to anti-aging medicine into
Lifeyear clinic offers a comprehensive range of specialized and personalized programs, including: • Nutrition and fitness coaching, which includes weight control and fitness genetic tests. • Full anti-aging skin rejuvenation, which includes botulinum toxin and filler injections, stem cell scalp and face mesotherapy, fine thread contouring and the gold standard hair and skin genetic test to assess the risk of hair loss and skin disease and accordingly personalize treatment modalities. • Cancer prevention, anti-stress, and sleep hygiene programs. • Cardiovascular and diabetes prevention, which includes the special cardiovascular preventive genetic test. • A brain health program, which includes the preventive genetic test against Alzheimer’s disease, amyotrophic lateral sclerosis and Parkinson’s disease.
How does the patient care at lifeyear stand out from its competitors? Lifeyear clinic was a pioneer in the Middle East in anti-aging and preventive medicine and the first to introduce genetic testing to Lebanon on saliva samples. We are the most experienced in epigenetics and genetic test reporting and interpretation. We offer a highly scientific and evidence-based practice as opposed to alternative medicine. I also make sure that we play an active role in the community, such as through medical education and awareness initiatives that we either AUGUST 2020
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deliver direct live to the public or through social media channels. I execute all steps and procedures myself. There is an intimate, direct, and exclusive doctor- patient interaction throughout. Every treatment is thoroughly detailed. All patients are treated with utmost transparency, integrity, and a high ethical level. Patients are also invited to attend our regular seminars and workshops, where they get the chance to address all their questions directly to me. Besides being specialized in genetic testing, lifeyear clinic offers a holistic panel of medical services comprising special health coaching programs. Our mission is to help in disease prevention, promote a healthy lifestyle and raise medical education. Another differentiating characteristic is our constant effort to keep up with the latest in this rapidly emerging field through the ongoing additions to our diagnostic test list (evaluation of the actual biological age being the most recently added test).
What are some challenges you faced when pioneering preventative medical care in Lebanon? Introducing a new concept necessitated a very active and intense awareness campaign among the community.
The scientific community was skeptical in the beginning about whether the practice of preventive medicine has got enough scientific evidence. Demonstrating and keeping a highly scientific practice remains a challenge among a rapidly-rising commercialization and abuse of antiaging medicine. Also, the nature of the specialty necessitates a special kind of mindset readiness in the patient to absorb new scientific concepts, and some people prefer to stay in denial rather than know about the weak areas in their genetic constitution. But despite these challenges, lifeyear clinic managed to integrate itself into a major operating and progressive hospital in Beirut.
What are the frequent misconceptions and myths that people have about antiaging medicine and genetic test sampling? People think that a genetic test is able to precisely predict whether the patient is or is not going to get a certain disease. Understanding the concept of a high, medium or low probability and how in preventive medicine we help to shut down highrisk genes and boost the expression of “good genes” is key.
Other misconceptions include thinking that disease expression is just related to genetic constitution rather than being multifactorial and the result of the interplay between DNA, the environment and personal lifestyle. And expectations from regenerative therapies differ. Regenerative anti-aging modalities can help slow down aging (as documented by measuring the biological age) even if the patient does not feel it subjectively. Concerning genetic testing, the sampling procedure is so simple: the patient needs to submit a small saliva sample that is mixed with a stabilizing product in a special tube. The tube is sent to the lab and an elaborate scientific result report is ready in three to four weeks.
What areas of medicine do you find most interesting to learn about? Regenerative therapies (cell therapy, stem cell uses, nanopeptide therapy clinical applications), Alzheimer’s prevention, preservation of fertility and hormone therapy.
What made Lebanon the ideal location for you to establish lifeyear? Lebanon has always been a hub for medical tourism in the Middle East. It is geographically strategically situated, which makes it very convenient to visit for all neighboring countries. We have started in Beirut and we hope to expand abroad soon.
www.lifeyearclinic.com F O R B E S M I D D L E E A S T.CO M
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• COVER STORY •
AZZA FAHMY
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A
CRAFTING HISTORY
AS AZZA FAHMY JEWELLERY LOOKS TO THE FUTURE, THE FAMILY-OWNED EGYPTIAN LUXURY BRAND IS EVOLVING WHILE STAYING TRUE TO ITS FOUNDER’S VISION.
BY SAMUEL WENDEL
Photo by Mohamed Gabr for Azza Fahmy Jewellery
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History often plays a key role in the designs of famed Egyptian jeweler Azza Fahmy, leading to collections inspired by everything from the ancient pharaohs to the Mamluk dynasty. That’s also true of a new product range she is working on—but this time, the past Fahmy is exploring is her own. Her brand, Azza Fahmy Jewellery, is currently developing a variety of lifestyle products, in areas including home wear, fabrics and scarves, all based upon Fahmy’s F O R B E S M I D D L E E A S T.CO M
vintage designs. “I have a fantastic archive of different things,” says Fahmy. “Textiles, wood, jewelry, and all this.” With a body of work spanning more than 50 years, there are many designs to choose from, and Fahmy is currently working to develop the archive, which she plans to use in a variety of ways. “We felt like this should be shared, this should create products that are beyond jewelry,” says Fatma Ghali, the designer’s
Fahmy’s daughters, Fatma and Amina, are expanding on what their mother has built.
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eldest daughter, who serves as Azza Fahmy Jewellery’s CEO. Fahmy has branched out beyond fine jewelry before, but mining her own rich history for inspiration ended up being another perfect opportunity. They’re taking their time, but the hope is to introduce a couple of products by the end of 2020, with more to come. “The options are endless,” says Amina Ghali, Fahmy’s younger daughter and the luxury brand’s head designer. Other notable Egyptian designers agree. “I think there is definitely a growing appreciation on a global level for authentic, handcrafted and culture-infused products, especially with the rising awareness on sustainability,” says Jude Benhalim, founder of her own eponymous jewelry brand.
“The first time I saw a jewelry book, something exploded in my heart.” The brand’s recent move to expand serves as a sign of how Azza Fahmy Jewellery is evolving, while remaining firmly influenced by the vision of its founder. Although Fahmy still serves as chairwoman and creative director, her daughters now have large roles in running the company, which is arguably the Middle East’s best-known contemporary jewelry brand. Together they oversee a global company with an international following. It operates 17 shops across Egypt, the U.A.E, Jordan and the U.K., as well as an online store and seasonal pop-ups, where customers can find a range of handcrafted bracelets, necklaces, rings, earrings and cufflinks, ranging in price from $215 to nearly $20,000. The brand has collaborated with top designers, including Julien Macdonald and Matthew Williamson, while Fahmy’s pieces are popular with A-listers. Her designs have been worn by everyone from Naomi Campbell to Rihanna, and Raya Abirached, not to mention royals including Queen Rania of Jordan. It has few peers in the Middle East. There are certainly rising jewelry brands in Egypt, such as Jude Benhalim, or established players including Dima Jewellery, among others, but they are still looking up at Fahmy. “Azza Fahmy’s success story is truly legendary and F O R B E S M I D D L E E A S T.CO M
has been a huge source of inspiration to me, both on a personal and professional level,” says Benhalim. “Seeing how she started at such a young age and paved her way through the hardships of a patriarchal society is what motivates me to walk in her footsteps.” Fahmy’s daughters are now working to expand on what their mother has built in other ways too. Fatma has pushed international expansion, leading to a series of high-profile developments. In early 2019 the brand launched a pop-up boutique at the Waldorf Astoria in Los Angeles, just ahead of awards season in Hollywood. It marked a second foray into the U.S., after a retail partnership with an art gallery in Washington D.C. That followed the opening of its first store in Europe, back in 2018, a boutique in London’s Burlington Arcade. There’s further global and regional expansion in the works too, reports Fatma, although COVID-19 is complicating matters. “We’ve put a pause on some of our plans, but that remains a part of our strategy,” she says. And not surprisingly the specter of COVID-19 has impacted their business in many ways. Although its retail operation is active again, they’ve mostly worked remotely for months, while its workshop is staffed at 50% capacity. Fatma says it’s one of the most challenging situations she’s dealt with in her career, including the 2011 revolution in Egypt and the turmoil that followed. With the pandemic putting emphasis on e-commerce, the company’s online sales have grown. Although they currently amount to only about 5% of revenues, this could rise in the near future. “We believe that this period has fundamentally changed the way people shop and buy, and they are unlikely to go back to old habits,” says Emmanuel Durou, Partner and Technology, Media and Telecommunications Leader at Deloitte Middle East. “During the lockdown we have seen across many e-commerce platforms triple digital growth rates in the space of four to six weeks. Both frequency and basket size have seen a significant increase in the region combined with a rise in penetration.” Looking to adapt, Azza Fahmy Jewellery is working with customers to make shopping for fine jewelry pieces more appealing remotely. That led to the launch of a gift consultancy service, allowing clients to shop through WhatsApp. Customers message their requests, style preferences, budget and size and in return get images of pieces that reflect their needs. Pieces are then sent to them, so they can try it out and pay from home. “Definitely people are much more comfortable shopping online,” says Fatma. “For us that’s a direction AUGUST 2020
Photo by Mohamed Gabr for Azza Fahmy Jewellery
that we’re going to focus and push much further.” Still, she doesn’t see traditional retail going anywhere in the long run, and is interested in creating experiential shopping features to draw customers into stores. That began with a new concept store opened on Egypt’s North Coast, which opened in July 2020, and includes a collaboration with a café and an art gallery. “I’m one of the believers that brick and mortar stores will still exist, especially in the luxury industry,” says Fatma. COVID-19 also led them to reschedule the launch of 2020 collections. Usually, Azza Fahmy Jewellery introduces its high-end line in the late spring, followed by a less pricey line in July. With people stuck at home, says Amina, it didn’t make sense to release the high-end line as planned. So, they swapped the releases. “If you’re going to be rigid in how you do things, you’re not going to be able to survive,” she says. “You’re going to have to learn how to surf the wave.” As her daughters begin to leave their mark on the business, Fahmy remains as active as ever. She runs a design school and vocational training program, devoted to producing new talent and craftspeople in Egypt. The school provides students with the foundational pillars of jewelry making, according to Rachel Chiodo, an instructor at The Design Studio by Azza Fahmy. “To have truly high-end craft, you must have technical skills and design skills, one cannot exist without the other,” says Chiodo. “The school fosters each student’s unique styles and methods of making F O R B E S M I D D L E E A S T.CO M
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jewelry.” But developing the archives is a key focus, which in addition to helping the company could spawn projects such as a museum. “This is one of the things we must do, a museum,” says Fahmy. Then there’s writing books, with her third—an autobiography exploring her life’s work and journey—on the way. The journey so far has been an interesting one. Growing up in Egypt, Fahmy initially didn’t set out to design jewelry. Instead she took an interest in interior design, which she studied in school. She eventually took up work as an archivist for the government in Cairo. But one day she came upon a German art book about classical jewelry in Medieval Europe at a book fair, and found herself transfixed. “The first time I saw a jewelry book, something exploded in my heart,” says Fahmy. She then got her start as a jeweler the old-fashioned way. She headed down to Cairo’s famous Khan el-Khalili Souq, where she became an apprentice in 1969 to a master craftsman who toiled there in the jewelry quarter. That eventually gave her the footing to begin selling her own pieces. From there she started making pieces from silver and brass, unable to afford the materials like gold that would eventually become integral to her designs. “My dreams were always bigger than what I had in my pocket at that time,” says Fahmy. She later earned a scholarship from the British Council in the mid-1970s, allowing her to complete her jewelry craft education at the City of London Polytechnic. Back in Egypt, her brand was initially a one woman show, before morphing into a proper business with a structure and links to retail. As she found success, Fahmy incorporated new materials into her work. A key milestone, remembers Amina, was when her mother began mixing silver and gold and later precious stones. “It’s like a whole new brand started to be born,” says Amina. By 1979, Fahmy’s influence was growing—she began designing costumes and jewelry for Egyptian films, including Ali Badrakhan’s “Shafika wah
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A Journey
Through Time Azza Fahmy Jewellery draws on inspiration from Egypt’s history, taking art and styles from ancient civilizations and adding a modern twist.
released her first collection in 2008. As her daughters took on larger roles in the business, Fahmy began taking on new projects. Since young artists and aspiring designers in Egypt were still facing the same challenges she had, she focused on creating education opportunities. “They don’t have the money to go abroad for education,” says Fahmy. Using a grant from the European Union, in 2011 she brought in jewelry teachers from abroad to work with 45 young artists. The results were fantastic, says Fahmy, filling a gap that Cairo needed. “After that, I said, ‘I think we have to open our own school.’” She opened her design studio in 2013, as an independently funded educational training hub in Cairo for aspiring jewelry designers and students. She assembled a faculty of Egyptian and international instructors, intending to offer the highest quality education in design and jewelry-making possible. It was a fitting development—as the former apprentice was now a master of her craft. “I chose Azza Fahmy’s studio for her excellence in teaching design and jewelry and jewelry making in the Arab world,” says Moaz Mohamed, a student at the school. In the following years, the brand began to realize Fahmy’s goal of branching out beyond jewelry. That first emerged in 2017, with an architectural project in collaboration with the Egyptian solar company KarmSolar. That saw Fahmy design a building for its campus. Now, Azza Fahmy Jewellery is continuing in that direction, with its new range of lifestyle products on the way. But jewelry will remain the company’s domain, says Fahmy. Still, it’s an intriguing development—a chance to explore the indelible impact she has had on contemporary design in Egypt through a new lens. Her daughter puts it more bluntly. “When you master art,” says Amina. “You’re able to do things other than jewelry.” AUGUST 2020
Images from Azza Fahmy Jewellery
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Metwally” and Youssef Chahine's “El Mohager” and “El Massir.” Her daughters grew up watching this evolution, but it wasn’t necessarily a foregone conclusion that Azza Fahmy Jewellery would become a family business. “Most of the top jewelers in Cairo, their sons and daughters don’t go into the business,” says Fahmy. But from a young age her daughters would travel with her to exhibitions to serve as helpers. “We would just help set up the exhibition and put price tags and learn all about the jewelry and then go to many museums just to understand more about inspiration,” says Amina. And joining the family business was never in doubt, says her sister. Fatma studied at the University of Helwan’s Faculty of Fine Arts, expecting to get into design. She worked with her mother part-time while studying, where she soon found herself drawn to the marketing, PR and sales side of the business. From entry-level responsibilities she grew into management. “Even though I never thought that was the plan,” says Fatma. To help with that, she later pursued a master’s degree in luxury management from Bocconi University in Milan and Essec University in Paris. Meanwhile, Amina also remembers expecting from a young age that she would become a designer too. But with her the family decided it would be best to pursue studies internationally. “The education we have wasn’t enough for what we need and what we want,” says Fahmy. There just weren’t many options to study jewelry locally—unless you followed the path Fahmy took. Amina studied contemporary jewelry in Italy’s Alchimia School for a year, before earning degrees in jewelry design and silversmithing at the University of Central England. She joined the business in 2005 and spent several years designing and developing pieces for various collections. She
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Ali Homadi, CEO and Founder at Loyica, reveals how a technology that automates work processes including data analysis has transformed its partner businesses.
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here is an ongoing trend that needs to be noticed. Companies that have outpaced their competition have been using data to make business decisions. They have been observed to have adjusted their policies—the way they interact with their customers—based on the massive wealth of information they have gathered from their customer interactions. A report published by BARC seems to support this: companies that use a data-driven approach have been shown to increase their profit by 8% and reduce their overall cost by 10%. For Ali Homadi, CEO and Founder at Loyica, the future of businesses lies in their ability to capture and generate important data from customers. Businesses should be keen on gathering data. When used properly, it can boost loyalty, reduce customer churn, and increase revenue, which overall helps a company stay competitive. Companies that shape their culture around data tend to make better decisions. They are more likely to be more responsive to customer needs and preferences. In 2017, Loyica launched Saphyte, the first homegrown customer relationship management (CRM) F O R B E S M I D D L E E A S T.CO M
solution in the U.A.E. The cloud-based software has been developed by the company for data analytics and automation. The company believes that aggregating all types of data does not have to be costly and burdensome to businesses.
Automated collection of data We need to recognize that the traditional way of collecting data (which was manual) was expensive, tiring, and inefficient. Saphyte has been made to allow companies to maintain a personalized interaction with their customers using data generated from these customers themselves. Using the software’s features, all businesses have to do is leave a form for their leads and potential customers to fill out which serves as the starting point of the buyer’s journey. Saphyte reduces the need to do everything manually. This improves the work processes of clients which helps foster good relationships not only with their customers but also with their employees. Employees can do more beyond doing repetitive accomplishment of tasks.
it is responsible for the growth and development of every company in the marketplace. Without sales, businesses will not be able to sustain their operations and continue serving their customers. Organizations must look at ways to improve their workflows’ efficiency. This will not only cut costs and make things faster, but this will also help sales teams to focus on more important things such as strategizing or creating new ways to engage customers and increase sales. According to McKinsey, having organized data can improve productivity by 5% to 7%. Saphyte makes it easy to do this when tasks that usually require them days to finish can be done in just a few clicks. The software allows for the automatic creation of reports and automated sending of emails for engagement, for example. Because they’re automated, sales teams do not have to spend days assessing their performance and improving their engagement rates.
Enhanced sales implementation At the core of every business is sales,
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How Data And Automation Are The Future For Businesses
• THOUGHT LEADERS • By Emma El-Karout, founder of One Circle
THOUGHT LEADERS
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How To Extract Value And Have A Positive Impact When Leading Remote Teams Leaders of remote teams are scrambling to deal with the rapidly-imposed transition induced by the COVID-19 pandemic, just as much as their teams are. After an initial steep and bumpy takeoff, the working world seems to have reached cruising altitude, with seatbelt signs turned off. But the world we took off from is not the world we will land in. Initially, there was a general belief that things would return to normal. However, as the second half of 2020 is ushered in, there seems to be a broader realization that the mainstream has itself transformed. It is no surprise that the fast-moving big tech companies sent their workers home first, and are still keeping them there. Mark Zuckerberg has already said that Facebook could have 50% of its people working remotely over the next five to 10 years. Even leaders in longer-established industries like mining are also now acknowledging the permanency of the COVID-induced changes. Leaders of global gold mining companies and members of the International Council on Mining & Metals are acknowledging that the current global situation has activated changes that should have started years ago. For long-time proponents of workplace transformation, acceptance of practices like remote work may seem like vindication. However, even for them, the changes happened so quickly that proper preparations for a broad mainstreaming of remote work and distributed teams were not always possible. The question for leaders is no longer how to make this work, but rather, how to get maximum value since many of these work methods are going to stay in place as embedded features? Leaders must understand each of their team members’ fitness for remote work, while keeping in mind that the first phase of lockdown incorporated other emergency arrangements related to schooling, cleaning, and shopping, among others. These will most likely not be as severe when the doors open again. Judgement of fitness should not simply be based on this first stage but through
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genuine individual engagement and honest discussions. Some team members will need more support than others. Remote working for extended periods might require adjustments to be made by leaders and teams. Without this support, it can get lonely and potentially impact performance. Leaders must understand that physical loneliness is not as important in this instance as perceptions of being alone. While some team members will need chunks of “me time” to recharge their energy levels, others prefer to crack on by keeping as busy as possible, for as long as possible. Leadership approaches must be tailored to individual needs and circumstances. Respecting the boundaries of team members starts with defining what those boundaries are. While flexibility of accessibility is important, one of the major mindset shifts, a natural consequence of remote work, is working for results or output, and not simply working for the hours. Spare a thought for some leaders themselves. In the blink of an eye they have had to change their management style to accommodate the absence of physical cues to guide them. Again, while many leaders familiar with remote work will smoothly re-adjust, others will require deliberate recalibration and coaching. These should be done to achieve a measure of balance since any extreme shifts, towards either overly hands-off or micromanagement, will not serve the team best and could end up impacting productivity. Advice from neuroscience experts to leaders of remote teams include staying tuned in to how their team is doing emotionally and to check in with the human beings, not just the human doings. Almost every facet of working style carried over into the new mainstream requires a pause and the questions: How does this work for the new normal? Can an email replace a chat? Should this be a text instead, or a quick voice call? Taking the extra few seconds for this could have a positive impact and create the type of natural working style that best fits teams.
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adznano3 / Shutterstock.com
WOMEN BEHIND MIDDLE EASTERN BRANDS
VISION REPORT
F O R B E S M I D D L E E A S T.CO M
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T H E SAU D I V I S I O N R EP O RT
New buildings and a metro railway station being constructed in Riyadh, Saudi Arabia.
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The Saudi Vision
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audi Arabia is the largest economy in the Middle East and, although it is currently still heavily dependent on oil, in recent years the country has taken several huge steps to diversify. This is the main economic objective in Saudi Arabia’s Vison 2030, which was unveiled in 2016. Since then the country has been on a transformative path. However, this has been a tough year for everyone. In the first quarter of this year, the Saudi non-oil sector grew by 1.6%, with the private sector growing at 1.4% and the government sector by 1.9%. But overall, the economy contracted by 1% in the first quarter of 2020, compared to F O R B E S M I D D L E E A S T.CO M
1.7% growth in the same quarter of the previous year—mainly due to a contraction of 4.6% in the oil sector. Overall, economic activity is likely to contract by 4.7% this year, due to curtailed oil production. Non-oil private-sector activity will likely also take a hit as COVID-19 weighs on the tourism sector and a more restrictive budget hinders the economy according to a report by FocusEconomics. Thanks to some timely measures taken by the Saudi government, the economy is set to go back to its growth track by next year, growing at 3.6%. Measures taken to stabilize the economy include increasing valueadded taxation from 5% to 15%,
which will have a positive effect on the country’s deficit. The government also announced a set of stimulus packages, estimated to be worth more than $48 billion, or nearly 8% of non-oil GDP. In an effort to stabilize oil prices Saudi, along with the rest of OPEC, struck a deal with Russia to cut oil production. This led to a partial recovery in crude prices. The country has also taken some austerity measures and hopes that the budget deficit will range from 7% to 9% by the end of 2020. There are a number of reasons for investors, SMEs, and business leaders to remain positive when looking to the kingdom’s future. AUGUST 2020
Ali Alawartani / Shutterstock.com
The Middle East’s largest economy is on the road to transformation.
T H E SAU D I V I S I O N R EP O RT
Image from King Abdulaziz Center for World Culture; Hyserb / Shutterstock.com
EASE OF DOING BUSINESS
The King Abdulaziz Center for World Culture (also known as Ithra) City of Dhahran, Saudi Arabia.
Traditionally, Saudi Arabia has not been known to be an easy place to do business, but that is changing. Over the last year Saudi Arabia has carried out a record number of business reforms, earning the country a spot in this year’s top 10 global business climate improvers, according to the World Bank Group’s Doing Business 2020 report. These reforms saw Saudi jump from 92nd position to 62nd out of 190 countries on the World Bank’s Ease of Doing Business. Among the various reforms that have contributed to this has been a reduction in the cost of starting a business. It now costs only 5.4% of income per capita for an entrepreneur to start a business, which is lower than MENA’s regional average of 16.7%. Saudi Arabia has made substantial reductions over time to minimum capital requirements, cutting them from over 1,000% of income per capita in 2004 to zero.
telecommunications, petrochemicals, and finance. The country could raise more than $13.3 billion over the next four to five years by privatizing assets in the education, healthcare, and water sectors.
PRIVATE SECTOR
MEGAPROJECTS
Saudi aims to increase the private sector’s contribution towards GDP from 40% to 65% by 2030. The region’s private sector GDP amounted to 40.7% in 2019. To achieve this goal the kingdom is giving benefits to entrepreneurs as well as launching a privatization program, which targets disinvestment in various sectors such as energy, transportation,
Several megaprojects are under construction in the kingdom, which if successful will be the main driving force behind economic diversification. The most prominent among these is NEOM, a 10,200-square-acre region on the westernmost border of Saudi Arabia, which the kingdom hopes will encourage the best talent to relocate there from around the world. The
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The Winter at Tantora Festival, an annual festival held in the old town of Al-Ula, Medina, Saudi Arabia
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nearby Red Sea Project encompasses an archipelago of more than 90 pristine islands. And the Diriyah Gate project plans to turn Diriyah into a tourism hub for cultural knowledgesharing activities and international events. Qiddiya, billed as an entertainment-based city, is expected to open in 2023 and employ 17,000 people. If successful, these projects will boost related sectors like tourism, entertainment, and technology.
TOURISM AND ENTERTAINMENT Tourism is one of the main sectors that the kingdom is eyeing as a prospective revenue generator and a vital part of its Vision 2030. With the aim of securing a 70:30 ratio of non-religious to religious foreign visitors by 2030, the kingdom has developed a tourism plan that is focused on leisure and relaxation. The plan hinges around developing beaches along the Red Sea where most of the new mega projects are located. The other focus has been to exploit the country’s cultural heritage as well as diverse geography. The country is in the process of doubling the list of heritage sites it has registered with UNESCO. AUGUST 2020
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were one of the few companies that had the local capability to respond. Now, we are ten times the company that we were in 1990. We are confident that the second phase of growth is forthcoming. As a company, we are getting ready to launch a new phase of innovation and development in-line with Vision 2030.
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How are you uniquely positioned to support the kingdom’s vision?
Planning Ahead Majed M. Sherbiny, Chief Commercial and Operations Officer at Sherbiny talks about how the company was born from an innovation mindset, and how it continues to evolve and adapt. How did Sherbiny start, and did you expect it to become such a large company? Sherbiny started back in 1986, possibly at the worst time for the oil and gas industry when the price per barrel was nearly $10. Most people said it was insane to start a company in the oil and gas sector during those times. However, my father created the F O R B E S M I D D L E E A S T.CO M
company with growth in mind. The company’s focus was to bring unique solutions to Saudi’s oil and gas market focused on sales support, services and adding value locally. This strategy was successful during the Gulf War in 1990. The GCC was declared a war zone, and most international companies banned their employees from traveling to our area. Hence, we
We decided to shift our business model to local added-value manufacturing. We have signed several manufacturing license agreements and joint ventures with global manufacturers to localize their products. We implemented this plan in two parallel routes. The first route is to utilize our existing facilities as interim facilities to carry the initial scope of localization for the products. The second route involves building a new 15,000 sqm state-of-the-art industrial complex to house the full spectrum of high technology manufacturing of electrical and instrumentation equipment, fluid handling systems, and more all “made in KSA”. It will also house training and R&D facilities. This realignment of strategy and structure will create hundreds of jobs and put us in-line with the country’s vision of increasing the localization in the oil and gas sector from the current 40% to 75% by 2030.
Do you think the pandemic might cause a delay in achieving Vision 2030? The pandemic has affected the global economy and specifically impacted oil demand, but from what I can see during the past few months, the majority of government projects are still on track such as Qiddiya, Red Sea Project, and NEOM. I believe that the government has managed the situation effectively. Budgets were allocated, and companies were given strict AUGUST 2020
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health guidelines to ensure safety. In regards to private sector support, the government introduced aid packages worth over $32 billion to mitigate risk.
Do you see Vision 2030 creating more opportunities to collaborate across different industries? Absolutely. One of the cornerstones of the government’s vision is to create new sectors where local companies collaborate with foreign partners. For example, in renewable energy, numerous consortiums between Saudi and foreign companies have been created to bridge the technical knowledge gaps and develop robust financial partnerships. Similar examples can be seen in the entertainment industry with true collaboration between local companies and global expertise. It is a validation for Vision 2030.
Are there specific challenges that you think might arise, and how do you plan to solve these challenges? On the country’s scale we see that the economy is developing at a rapid pace. This puts a huge demand on skilled people, which in my opinion is the biggest obstacle. We need more training and education opportunities for locals as well as more incentives for specialized expatriates to stay who are necessary for the economy. They help transfer the knowledge to the national workforce through training and mentoring. The good news is that Saudi Arabia will introduce a “Green Card” system in the near future to help stop this drain of talent and capital. At our company, we have created our in-house training facility “Sherbiny Knowledge Academy.” It’s an online platform dedicated to our employees where they will be assigned a number of courses ranging from general and soft skills all the way up to technical and speciality training. This will help transfer knowledge and ensure the sustainability of the company. F O R B E S M I D D L E E A S T.CO M
“I am a big believer in technology and its applications in our life. As we are living the fourth industrial revolution with a shift towards automation and artificial intelligence, I believe this is where we can realize the next boom in business.” What new opportunities do you think are going to present themselves? I am a big believer in technology and its applications in our life. As we are living the fourth industrial revolution with a shift towards automation and artificial intelligence, I believe this is where we can realize the next boom in business. To signify the importance, around 70% of Saudi Arabia’s Vision 2030 strategic objectives are associated with AI and Data. Technology has already been implemented in many airports, commerical facilities, and hospitals throughout Saudi Arabia. Other security and data analytics applications are going to present themselves soon. Saudi Arabia is aiming to be a pioneer in implementing AI and machine learning to boost efficiency and productivity in all sectors.
What are your plans beyond 2030? It is very challenging to answer this question with all the dynamics within the country and around us. Saudi is a growing nation, which gives us energy and hope beyond 2030. My plan beyond 2030 is to create a research and development center focused on industrial product development in collaboration with global universities and R&D centers to develop innovative 100% “Made in KSA” solutions for various industries.
beyond their traditional businesses and focus on adding value. I strongly recommend that business owners start thinking about changing their business model to suit the new market requirements. They need to become more innovative in their value proposition or shift towards adding value locally such as manufacturing. Doing so will guarantee compliance with overall government or customer objectives, such as Saudi Aramco’s IKTVA program.
What advice or insight would you like to give other business leaders at this time? Invest, invest, invest. This is the optimal time to start businesses or restructure existing companies and realign them with the current market expectations and gaps. Invest in implementing innovative solutions to increase your productivity. Invest in bringing new products that are being manufactured locally. Invest in training and educating your national workforce as they will be the pillars of any company and economy. Invest in going beyond the borders of the country and explore other markets for export opportunities. All of these above opportunities are the core of the country’s vision and an investment for a successful future.
How can organizations further help support the economy? Private sector and SMEs should look
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ATTRACTING GLOBAL INVESTMENT In February, the Saudi government elevated the Saudi Arabian General Investment Authority (SAGIA), by establishing the Saudi Arabian Ministry of Investment (MISA). SAGIA had been Saudi Arabia’s primary business licensing hub since 2000 and has F O R B E S M I D D L E E A S T.CO M
been responsible for the kingdom’s investment promotion activity under the “Invest Saudi” brand, established in 2018. Until the creation of MISA, SAGIA reported to the Ministry of Commerce & Investment. MISA will focus on regulating the business environment to ensure its attractiveness across risk, competitiveness, market opportunity, and the ease of doing business. The Ministry’s efforts are paying off. Q1 2020 represented the kingdom’s strongest period for inward investment since 2010, with significant increases quarter-to-quarter and from the same period last year. Nevertheless, monthto-month growth began to slow down in March, in line with the impact of COVID-19 on global investment trends. In Q1 2020, 348 new foreign investment projects were licensed—a 20% increase over the previous quarter and a 19% year-on-year increase. Of these 328 projects, 73% were fully owned by foreigners and 23 were joint ventures between foreign and local companies. MISA’s “Emerging Sectors,” which include education, financial services, and housing, saw the highest number
of new foreign investment projects, recording a 40% quarter-to-quarter increase, followed by the industrial, manufacturing and ICT sectors.
PIF LOOKING ABROAD Saudi’s Public Investment Fund has been increasing its scope over the years. It has grown from being a fund investing in domestic projects and companies to a global player. Investing billions globally, it is the lead investor in the $100 billion Softbank. In the first quarter of 2020 alone, PIF invested over $8 billion in global markets, and in June it invested another $1.5 billion in Jio Platforms. The fund is sitting on a fair amount of capital after it sold its 70% stake in Saudi’s second biggest company, SABIC, to Aramco for $69 billion. SAMA transferred an additional $40 billion to the fund to invest. Saudi Arabia is undertaking considerable reforms and a number of important projects. These are in the implementation stage. Looking ahead, it will be the speed, efficiency, and overall success of these reforms that will decide if Saudi becomes the diverse global player that it hopes to be. AUGUST 2020
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The tourism sector has been the biggest beneficiary of the reforms in Saudi Arabia. Visa rules have been relaxed for leisure travellers. When it comes to entertainment strict regulations regarding live concerts have been relaxed, and cinemas have been granted licences over the last two years. Being home to the two most holy places in Islam, Mecca and Madinah, Saudi attracts the highest number of pilgrims in the world. With its vision of doubling the list of heritage sites registered with UNESCO, Saudi is now exploring other tourism niches. The country aims to host 15 million Muslims from around the world for Umrah and Hajj, and it has invested into the expansion of facilities across Mecca and Madinah.
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Looking Ahead Talal Ibrahim Al Maiman, CEO of Kingdom Holding Company, reveals how it has coped with the pandemic and how it plans to support Vision 2030 going forward. What have been your guiding principles to navigate the current economic climate successfully? No one has been immune against these unprecedented events over the last few months. Nevertheless, we were and are very focused and alert to all signs of change, both negative and positive. We have made sure our staff are safe so they can function without being side tracked.
our employees is the top priority at this time. All employees are required to perform their duties and responsibilities while following safety best practice. Vision 2030 is here to stay and to be realized, and nothing will stop us from participating in accomplishing this great vision set by HRH Crown Prince Mohammed Bin Salman.
What are your key objectives for KHC for the remainder of 2020? Where do you see the next big We are hoping to keep looking for investment opportunities and opportunities while continuing to how are you positioning KHC to control our costs. Our objectives benefit from new openings? have not changed. We will continue Today KHC has already invested to look for the right entry price in 14 different sectors that covers for the investments we will be a big part of any economy and Today KHC has already invested doing, and our senior management we are looking to the possibility in 14 different sectors that covers will continue the search for new of increasing our stakes in the efficiencies at everything we do companies we are invested in while a big part of any economy and while maintaining high standards of looking for new opportunities. we are looking to the possibility corporate governance. of increasing our stakes in the I hope that we have all learned What does “leadership” mean companies we are invested in while something over the last few months. to you and what leadership looking for new opportunities. Going forward we all need to be traits are the most effective careful in how we conduct ourselves to achieve success in these to avoid health issues related to social challenging times? What are the priorities for business habits. And we should put work plans In general, leaders must be sharp and leaders in Saudi Arabia such as in place to be ready for any God forbid command a good level of emotional yourself to ensure a rapid return to similar events or pandemics in future. intelligence (EI) that allows them to “business as usual” so the economy guide the thinking and behavior of the stays on track for Vision 2030? organization. They also must be: We at KHC are already in “business as usual” mode. Everyone at the • Responsible and aware of what is next. organization is following the objectives • Able to pick the best of the talent set at the beginning of the year while available. trying to find ways to make up for • Ready to cope with stress and make lost time and performance during sure everyone is doing what they do the last three months. The safety of best without causing any panic. www.kingdom.com.sa F O R B E S M I D D L E E A S T.CO M
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• WOMEN BEHIND MIDDLE EASTERN BRANDS •
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CAPTURING CULTURE
A PIONEER IN DUBAI’S JEWELRY SCENE THANKS TO HER USE OF ARABIC CALLIGRAPHY IN HER DESIGNS, BIL ARABI FOUNDER NADINE KANSO IS FINDING NEW WAYS TO EXPLORE HER SIGNATURE STYLE IN CHANGING TIMES. BY SAMUEL WENDEL
Photo by Saad Wadiwala for Forbes Middle East
Lebanese jewelry designer Nadine Kanso has made a career from pursuing one-off projects. Look no further than a recent collaboration she did with the Italian watchmaker Gagà Milano. In May 2020 they released a limitededition watch, sold through the online retailer Ounass at a retail price of $1,500. Only 100 were made, with the unisex design featuring subtle hallmarks of Kanso’s design style—the numbers are rendered in bright green in Arabic, along with an intricate repetition of the word “life” in Arabic calligraphy at the dial’s center. The watch offers a glimpse of how the founder of the Dubai fine jewelry brand, Bil Arabi, is moving in new directions, with the goal of making her work more accessible. “Obviously I would like to reach a wider audience,” says Kanso. That means more collaborations and adding new twists to her signature style. As with the Gagà Milano collaboration, online sales should play a part in that. In addition to working with online retailers like Ounass, Bil Arabi also sells through its own website. And not surprisingly, the COVID-19 pandemic is demonstrating the importance of e-commerce—even for fine jewelry brands that retail pieces that can cost thousands of dollars. Bil Arabi has seen a 70% jump in online sales during the lockdown, according to the founder. Bil Arabi is not the only jewelry brand
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seeing a shift in consumer behavior. “With the current pandemic situation, the future of physical retail is dying,” says Dima Rashid, founder and lead designer for Dima Jewellery. “The online market is definitely on the rise, more so when the brand has established credibility in the market or when the client has experienced the brand beforehand,” agrees Nada Ghazal, founder of Nada Ghazal Fine Jewelry. “Customers are also a lot more discerning. When they purchase jewelry, they are looking at an experience that is curated specifically for them. Whether brick and mortar or online, jewelry designers need to ensure that they create that experience for their customers.” Still, online sales are a work in progress for Kanso. The e-commerce landscape for jewelry still strikes Kanso as being a bit of a mess—even as she recognizes its importance. She may be right—a 2017 PwC report found that when it comes to luxury goods such as jewelry and watches, 42% of consumers want to see and touch products before purchasing them—but still Kanso concedes that times are changing. “Maybe I’m an old-fashioned kind of person, but this is the way forward,” she says, adding that the brand still does well with direct retail. From a head office in the Dubai Design District, Bil Arabi today retails at physical locations including Bloomingdales in Dubai, several Jumeirah hotels and Sauce Rocks. Kanso is already known for designs that blend classic Arabic calligraphy with bold, colorful, contemporary designs. Her brand offers a range of gold rings, necklaces, bracelets, pendants, earrings, cufflinks, and other pieces, ranging in price from around $300 to north of $5,500. Her designs have become popular with customers and peers alike—not to mention worn by celebrities from Elissa to Kylie Minogue, Gigi Hadid and Selena Gomez. Gagà Milano is also far from the only collaboration under her belt. She has long worked with other designers and companies, from a special project for Christie’s Dubai to a collaboration on a black Tahitian pearl ring with Robert Wan. And it’s not limited
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to jewelry. In recent years Kanso has worked on a carpet with the Lebanese gallery, Iwan Maktabi, as well as a line of t-shirts with Dubai-based designer Dima Ayad. In 2016 Kanso linked up with Emirates Airlines to create a line of notepads, plates and mugs adorned with her handwriting. “Nadine has a signature element of quirk and edginess, which stands out,” says Zayan Ghandour, the co-founder of Sauce Rocks, a Dubai fine jewelry store that has worked with Kanso from the beginning. “She successfully managed to turn something as traditional as Arabic letters into a fashionable collectable item, making it very hard to replicate her style of design.” Of course, Kanso is far from the only contemporary jeweler who has made Arabic typography a central part of their designs. For one, there’s Shamsa Alabbar, whose Dubai-based fine jewelry brand uses traditional Arabic calligraphy in new and experimental ways.
“I’m a graphic designer, I’ve never thought of being an entrepreneur.” But Kanso established her own style back in 2006 with her first piece of jewelry—an oversized ring with an eye-catching design centered on the Arabic equivalent of the letter N. That was also supposed to be a one-off design, part of a larger art project exploring Arab identity. Instead it evolved into a brand. Bil Arabi is still rooted in the same vision today, says Kanso, but in recent years she has begun taking steps to make her designs accessible to a larger audience. She’s interested in markets outside the region, leading to pieces that are meant to be slightly more contemporary in their look, while featuring Arabic influences less overtly. And that comes with a broader approach to selling the designs. But with an eye on reaching a wider audience, she thinks now is a time for more collaborations, specifically with designers and brands outside the region—which she did with Gagà Milano. “To do that you need to have a product that’s a little more versatile,” says Kanso. She’s broadening her reach in other ways too. Kanso designs another line under her own name, Nadine K, producing limited edition lifestyle items F O R B E S M I D D L E E A S T.CO M
including home accessories, apparel and art pieces. Her designs here are not totally different from Bil Arabi’s style, but it gives her more room to explore products beyond jewelry. She has another Nadine K collection in the works, expected to drop in the fall of 2020. “I’m the designer, so it will definitely have my touch and similarities,” she says. But with COVID-19 upending daily life, Bil Arabi has had to adapt like brands everywhere. Kanso is trying to cut production costs, while reconsidering areas of the business that aren’t performing anymore, including certain stores and collaborations. Kanso doesn’t want to produce products for consignment or to be sitting on excess inventory. “We’ve always been very careful with the production, but now more than ever,” says Kanso. She also expresses relief that she hasn’t made big moves previously to expand her business. That has provided a better footing now to sustain her business in troubled times. That’s allowed her to keep her employees on their salaries and pay her office rent. And as a designer and an artist, the pandemic hasn’t proven to be all bad for Kanso. It’s giving her time to think and get back to projects she had pushed off for the last three years because she was too busy, including photography, collages and other art. “It’s also good to be reasonable and grounded and live day by day,” says Kanso. “Because you never know what the next stage will be.” It’s a statement that could apply to her entire life and career. Kanso grew up in Beirut, amid the civil war in Lebanon. She earned degrees in communication arts and advertising design from the Lebanese American University, before working in different fields including journalism. But she was drawn to art, in particular photography. She then lived abroad for years, including stints in Montreal and Prague. Eventually she landed in Dubai, where her husband was working with Johnson & Johnson. She expected they would be there for a couple of years, before moving on to the next place. That was roughly 20 years ago. “The city embraced me in so many ways,” says Kanso. The origins of Bil Arabi began to take shape when she was invited in 2006 to participate in a group exhibition at the Victoria and Albert Museum in London, entitled “Arabize Me.” The event celebrated contemporary music, dance, visual arts and film by young Arab artists. At that time Kanso found herself inspired to explore Arab identity through art, motivated by the turmoil AUGUST 2020
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Merging Art With The Written Word Bil Arabi draws on the beauty of written Arabic, using the shapes and patterns to create contemporary pieces of jewelry that also connect to the roots of the Middle East.
Miami. That all helped spread awareness. Collaborations became a part of the journey and her work sold at various auctions, including a specially commissioned piece during a jewels and watches sale held by Christie’s Dubai in 2010. Her brand had found an audience and became a favorite of the Middle East’s fashion press. “Her work resonates with contemporary Arab culture that is reinventing its identity and striving to break the stereotypes we see reinforced in the media and the film industry,” says Huda Smitshuijzen AbiFarès, the founding director of the KHATT Foundation, an Amsterdam-based research center devoted to Arabic typography and design from the Middle East and North Africa. AbiFarès came across Kanso’s work while living in Dubai and found her designs fresh and fun. That eventually led to a collaboration with Kanso, with the designer contributing a piece to an art exhibition entitled “Nomadic Traces: Journeys of Arabian Scripts,” which was curated by AbiFarès in 2019. “Her use of visual puns and vernacular or popular phrases, inspired by urban graffiti or handpainted messages, sets her work apart from other designers who use Arabic lettering or calligraphy in their work,” says AbiFarès. It’s that style that has made her a pioneering jeweler inside Dubai’s burgeoning fashion scene. Still, that hasn’t changed the way she sees herself. “I’m a graphic designer,” says Kanso. “I’ve never thought of being an entrepreneur.” Either way, it’s safe to say Bil Arabi is now far removed from a one-off art project. “When you have that distinct thing, I think you’ll be successful,” says Kanso. “Brands, designers, creators, they need to own their own DNA.” AUGUST 2020
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in the Middle East in the years after 9/11. She wanted to find a way to show another side of Arab culture, amidst the negativity and anxiety of the time. “We need to be proud of who we are, our culture,” she says. So Kanso showcased her photography as part of the show, displaying a series of portraits she had taken with people from different Arab countries. Each subject held up a card in the photos, inscribed with messages in Arabic calligraphy, statements like “My love is Arabic.” Later that year, she adapted her photos for a solo show at the B21 Gallery in Dubai. The show was called “Meen Ana,” or “Who I Am” in English. Still, she was interested in finding new ways to explore and promote that theme, with an emphasis on using Arabic script. “At that time not a lot of people were doing that,” says Kanso. That led her to create her first piece of jewelry. Kanso used 18-carat gold and a semi-precious stone to craft the ring, which she called “Noon.” The positive reaction inspired her to develop an entire collection. “From the first collection which Nadine launched at Sauce, her works of wearable art were an instant hit,” says Ghandour. Bil Arabi was born. From there the brand grew very organically, says Kanso. She wasn’t looking at it as a business venture. But within a year of beginning production she realized she needed to trademark her brand, and knew it was getting serious when she had to hire an accountant. Looking back, she doesn’t single out any turning points for the brand. “You’re talking to an artist,” says Kanso. “You’re not going to get points of reference of like ‘I did a million here, a million there.’” But as she developed Bil Arabi she was traveling frequently, dropping into Basel, Milan and beyond. In 2008 she showcased her jewelry at Design
• THOUGHT LEADERS • By Arun Clulani, Emerging Markets Analyst at First Water
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Will India Become The Next China? Since the end of the 20th Century, China has become Asia’s powerhouse. It has pulled ahead of India because of its savvy government and investment in infrastructure, and focused on industries that were both economic and employment multipliers. China was fast to develop Special Economic Zones with a focus on manufacturing and export-orientated industries. On the other hand, while India has succeeded on several fronts such as its IT/BPO industry, which surprisingly generates almost as much as Saudi Arabia’s crude exports. Its successes have been despite the unease of doing business. India is infamous for its red tape and confusing bureaucratic ways, and it has a habit of putting foreign investors to the sword such as Vodafone and POSCO. However, there is hope that India’s golden decade is about to come. China’s economy now is the world’s second-largest, having grown at a pace described by the World Bank as “the fastest sustained expansion by a major economy in history.” This growth has allowed China to double its GDP every eight years and has lifted 800 million people out of poverty. Its GDP per capita is roughly $10,000, having grown from $1,000 in 2000. However, as economies grow, their bulk can slow them down. In China’s case, rising wages have begun to make it less competitive. The country needs to think of upscaling its industry mix and think of other aspects beyond wealth creation, such as the environment and green belting of industrial zones. China is relinquishing its leadership in certain areas as its economy continues to evolve, which has allowed other developing countries to grab market share. In the current scenario, there is a growing need for companies to diversify their supply chains beyond China to ensure seamless production. The disruption caused by the pandemic saw 3,000 force majeure declared by Chinese companies earlier this year. Even China, which has over 50% of global steel production capacity, needed to import F O R B E S M I D D L E E A S T.CO M
steel due to logistical issues. Another reason to diversify has been the ongoing trade wars between the US and China. How does this bring about India’s “Golden Decade”? Well, in the middle of 2020, with the hope that science prevails, the wind is in India’s favor. For one, those looking to relocate world factories of scale, a key requirement will be strong local demand to offload production quickly. With a population of 1.3 billion people and an aspirational middle class of around 300 million, India surely has that potential. Also, there is growing buying power. The current nominal per capita GDP is $2,199, which is expected to increase to $5,625 by 2030. Even if we broadly assume that 75% is non-discretionary, then discretionary spending is predicted to increase by around 500%. Other favorable macros include falling oil prices. India imports 220 million tons of oil—80% of its needs. This, give or take, is a $100 billion spend. The fall in prices and its capping through shale and renewables will be a welcome relief. Interest rates and inflation have so far been kept under control. Is the world excited about India’s prospects? It appears so, as demonstrated by the frenzy of global bigwigs hopping-in to the Reliance Jio party. From Facebook to ADIA to KKR, many of the world’s mega names have all become part of Mukesh Ambani’s digital ambitions. Where does the government come into this? While it has taken hard decisions such as demonetization and uniform taxes, they have been deflationary in nature. And despite winning the majority in last year’s elections, the Narendra Modi government has yet to come up with any transformational policies—it somehow wishes for capitalistic growth with a socialist mind set. If lifting its people from poverty was truly its intention, it would do well to take a leaf out of China’s own playbook by improving the ease of business and taking advantage of the shifting geopolitical tides. And this is where the hope lies for India. AUGUST 2020
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REPORT
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Uncovering 5G Heralding the era of the fifth generation.
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G is the fifth-generation technology standard for data networks, which telecom companies began deploying worldwide and across the region in 2019. It has the capacity to completely change how people live, work and communicate—whole industries enabled by 5G are currently in the process of being transformed. Networks are becoming faster and more responsive. Artificial intelligence and machine learning are allowing systems to sense their environment and react instantaneously. Digitalization and automation are all going to be boosted by 5G telecom technology. New 5G technologies are set to F O R B E S M I D D L E E A S T.CO M
create an extra $1.4 trillion in GDP for worldwide economies over the next decade, according to a recent report by Huawei and STL Partners. In the next five years the value of 5G consumer services will increase to $238 billion, and over the same period the value of 5G industry digital transformation will exceed $600 billion. The market for 5G-enabled smartphones is already growing exponentially. Approximately 8.9% of smartphones shipped in 2020 are forecast to be 5G enabled, accounting for 123.5 million devices shipped. This is expected to grow to 28.1% of worldwide smartphone shipments by 2023, according to IDC.
How is 5G different from 4G? 5G networks are faster and more efficient than 4G. 5G speeds are even faster than most home broadband networks currently available to consumers. With speeds from 1Gbps up to 100 Gbps per second, 5G could be 10 times to 100 times faster than 4G. It also has much lower latency than 4G, and will deliver more instantaneous and real-time access.
How will 5G change the way we use our phones? Reduced latency means that the technology on mobile devices like smartphones will replace wi-fi connections. Users will be able to AUGUST 2020
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5G robots welcome visitors to a shopping mall in Bangkok as sectors of the economy reopen following restrictions to halt the spread of the COVID-19 novel coronavirus.
download and upload files quickly and easily, without having to worry about the network or phone suddenly crashing. They could watch a 4K video almost straight away without having to experience any buffering time. 5G will be able to fix bandwidth issues, whereas currently there are so many different devices connected to 3G and 4G networks, that they don’t have the infrastructure to cope effectively. With the efficiency of 5G, high speed connectivity can be maintained even in crowds.
How will 5G impact the future? Increased speeds will make all products and services that are constrained by network speed and latency possible. It will enable virtual reality and augmented reality, which will enable devices like smart glasses to feed users information about their surroundings on an ongoing basis. Large 3D videos that are too large for the current networks will become possible. Virtual tours, and artificial intelligence tour guides will be enabled by 5G technology. F O R B E S M I D D L E E A S T.CO M
Using artificial intelligence, video analytics can turn camera streams into actionable information. Only 5G can support the increasing density of cameras, with the uplink bandwidth. 5G can enable the analysis of millions of video streams by AI bots and this can have benefits in security, traffic management and other commercial applications. On the healthcare front, highdefinition video streams between connected ambulances and the hospital will help paramedics to treat patients in transit, and hospitals to prepare for their arrival. High-definition video can also be used for telemedicine, enabling communications between patients (especially in care homes) and doctors.
Smart devices 5G will enable the internet of things and allow self-driving cars to become reality. As 5G removes latency, connected vehicles will be able to communicate with each other and with roadside infrastructure, thus making traffic safer, less congested,
and more energy efficient. 5G service providers will have to work with automotive companies and other ecosystem partners, including the transportation authorities and government, to enable this technology. Also, glitches in cars can be detected on an ongoing basis, reducing breakdowns. By offering highly reliable and lowlatency networks, service providers can enable the robots of tomorrow, which can be controlled and re-programmed to assist everywhere from hospitals to factories. On production lines, robots can undertake multiple tasks with remote reconfiguration of the Programmable Logic Controllers. In industrial processes, automation systems can help with quality control, using vision processing and machine learning in the cloud. In hospitals, collaborative robots can guide patients or deliver medicines, and be managed centrally as a fleet. Some places are too dangerous for people to go, or too inaccessible. Using remote-controlled machines communicating over 5G, it’s possible for human operators to precisely steer drones, cranes and other equipment for industrial and rescue applications. Smart wearables and sensors will enable more complete and timely communications with doctors, meaning patients can be treated even before symptoms arise. Robotics and automation in hospital campuses, enabled by private 5G networks, can be used to deliver prescriptions and guide patients. However, many of these scenarios are still theoretical, and it will take a AUGUST 2020
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How Batelco Is Leading Bahrain’s Digital Transformation 5G technology is a breakthrough in the wireless communications industry, which is laden with possibilities such as more data transmission, faster and shorter response time.
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G technology is set to revolutionize communication, and the GCC countries are among the first in the world to embrace this pioneering enabler for socio-economic development. The industry has gone through rapid transformation in recent years, and there is an undeniably increasing demand for the latest digital technologies that can meet the current and future requirements of customers and the enterprise sector. Bahrain’s Batelco, the country’s leading digital solutions provider, was the first to deliver commercial 5G network services for its customers in Bahrain. Batelco expects the migration from 4G LTE to 5G to enhance mobile broadband for its subscribers F O R B E S M I D D L E E A S T.CO M
across the Kingdom of Bahrain. With tremendous speed and low-latency, the new technology will enhance their customers’ mobile user experiences such as streaming, downloading, gaming, infotainment, and interactivity. Other than the immediate benefit of faster speed to its customers, 5G will also enable Batelco to help openup opportunities in fields such as the Internet of Things (IoT) and machine communication on a global scale to enterprises as well as industries in Bahrain. It is collaborating with the government, regulators, and industry to explore the better uses of the technology, which in turn will support Bahrain’s digital growth. Fulfilling its mission to drive network leadership in Bahrain and
provide customers with next-generation mobile technologies, Batelco is investing heavily in related businesses. The global communications landscape is at a critical evolutionary juncture as the combination of 5G, virtual reality technologies, artificial intelligence, augmented reality, and machine learning is combined to put consumers on a path towards generational leaps in network capability, efficiency brought about by increasingly more complex functionality and adaptability. As of June 2020, Ericsson has delivered 322 5G sites with 100MHz capacity on the 3700GHz band and using state of the art Massive MIMO radio technology with the latest 5G functionalities, that can enable Batelco customers to achieve up to 2Gbps speed. As part of the latest 5G agreement, Batelco will be one of the first operators in the world to deploy its latest technology Ericsson Spectrum Sharing in the rest of its network.
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lot of investment by governments and mobile network operators to make them work. The security aspect is also still an issue that needs to be fully explored and controlled.
5G in MENA When it comes to 5G services offered by telecom service providers, MENA can be divided into two groups. First, the GGC countries that have been among the first in the world to begin commercial 5G operations through telecom operators such as Omantel in Oman, Batelco in Bahrain, du and Etisalat in the UAE, stc in Saudi Arabia, Zain in Kuwait, and Ooredoo in Qatar have already launched commercial operations. In the broader MENA region, countries like Morocco, Algeria, Egypt, Lebanon Jordan Syria and Iraq the service providers have not yet launched 5G operations. Over the next 10 years, 5G activities will become more widespread across F O R B E S M I D D L E E A S T.CO M
the region, with trials and commercial launches expected in non-GCC countries. By 2025, there will be 45 million 5G connections across the region, accounting for 6% of total mobile connections, according to a GSMA report, which also states that 5G will contribute $52 billion to MENA’s economy over the next 15 years. 5G will play a pivotal role in the development of smart cities. Governments across the region have launched several smart city initiatives. From purpose-built smart city projects, such as the NEOM mega-city in Saudi Arabia, to existing cities such as Dubai and Muscat, 5G is expected to enable the application of artificial intelligence, IoT and other transformative technologies in key verticals and public services.
The trade war and 5G 5G has been at the heart of the current trade war. Huawei is one
of the largest suppliers of 5G infrastructure, but the U.S. and some European governments have cut off the company, saying that its close ties to the Chinese government could be dangerous for the US and its allies. They fear that Huawei equipment could be used for espionage or to shut down critical communications networks during a future conflict. The U.K. has ordered its wireless carriers to stop buying Huawei 5G equipment by the end of 2020. The EU hasn’t banned Huawei, but in January released 5G cybersecurity recommendations that member states could voluntarily adopt to restrict Huawei’s presence in each country. It is expected to soon publish a report detailing how its 27 member states have adopted them. 5G is the key to several future technologies and will impact and disrupt the world. Data and bandwidth have become the new coal and oil. AUGUST 2020
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Telecommunication tower with 5G cellular network antenna
P RO M OT I O N
How Lenovo Is Conquering The 5G Ecosystem Whether integrated into PCs, smart devices, data center solutions, or mobiles, the cost-effective solution of 5G will be imperative in enabling vast data transfer. Lenovo is providing end-to-end 5G-enabled solutions.
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ccording to a recent forecast from the International Data Corporation (IDC), it is estimated that there will be 41.6 billion connected Internet of Things (IoT) devices by 2025, generating 79.4 zettabytes (ZB) of data. With speeds of up to 10 gigabits per second, 5G is set to be as much as 100 times faster than 4G. The speed of data generation at such an unprecedented velocity and volume over the next five years is indicative of the incoming proliferation of connected devices. Pioneering this high-growth global 5G consumer deployment scene is Lenovo. On the Data Centre side, Lenovo Data Centre Group’s ThinkSystem SE350 server offering acts as a cornerstone that will cater to all of Lenovo’s customers’ 5G infrastructure. The SE350 is the first in a range of servers specifically tailored to the Edge environment. Compact in size, it is adapted to be deployed in environments outside of the data center and has extensive capabilities to simplify its local and remote management while being highly secure. “Currently, the ThinkSystem SE350 is the only available solution that is 5G ready and able to compute 5G processes at the edge. This is backed by the fact that Lenovo owns its manufacturing and supply chain management which helps alleviate some of the concerns that CXOs have around security and reliability of the solution,” explains Dr. Chris Cooper, Director & General Manager, Lenovo DCG, Middle East and Africa. Lenovo is also working on the application of its Network Function Virtualization solutions that bridge the gap by taking data generated from 5G networks and converting into useful information ready to be used. In the mobile industry, Lenovo’s Mobile Business Group, under the Motorola brand, made history when it became the first OEM to have a smartphone on a 5G network, thanks to F O R B E S M I D D L E E A S T.CO M
its unique modular platform with moto z and moto mods. “Motorola has more real-world experience in 5G than any other smartphone manufacturer and we’ve consistently been a leader when it comes to 5G across the globe, setting industry benchmarks, leading the first 5G certifications with the FCC, and collaborating with carriers across different technologies to set the pace for innovation worldwide,” says Sharay Shams, General Manager, Middle East, Mobile Business Group at Lenovo. Ushering in a new era of mobile communications, the Motorola Edge + 5G, the latest flagship device from Motorola, delivers super-fast 5G performance, a dynamic and immersive display, a high resolution 108MP camera sensor, audio that’s completely unmatched, and the largest battery of any 5G phone on the market. At CES 2020, Lenovo unveiled the world’s first 5G PC, known as the Lenovo Yoga 5G. Designed for ultra-fast connectivity, reduced latency, and broader bandwidth, the revolutionary product offers a 5G network connectivity that is 70% faster than 4G, made possible by the PC’s Qualcomm Snapdragon 8cx 5G Compute Platform. As 5G’s growing presence lends to the frequently invoked Internet of Everything, Lenovo is striving to be at the forefront of building solution-oriented technology to benefit humanity and provide unrivaled experiences. “We know that to elevate this to the next stage, devices must not be designed or deployed in silos, without a thought for how technologies such as Wi-Fi and 5G can be integrated to enhance the overall experience. The scope of 5G application and demand cannot be overlooked, which is why this remains a key focus for Lenovo,” adds Mohammed Hilili, Lenovo General Manager Gulf & East Africa.
Dr. Christopher Cooper
Sharay Shams
Mohammed Hilili
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• WOMEN BEHIND MIDDLE EASTERN BRANDS •
EYE OPENER ALREADY A BANKABLE SOCIAL MEDIA INFLUENCER, LEBANON’S KAREN WAZEN BAKHAZI HAS HER SIGHTS SET ON BECOMING A GLOBAL FASHION ENTREPRENEUR WITH HER OWN EYEWEAR BRAND. Known for her glamorous lifestyle, tasteful fashion sense and warm personality, Lebanese social media influencer Karen Wazen Bakhazi is a regular at fashion capitals around the world, from New York to Milan. That’s what brought her to Paris in February 2020 for a Fashion Week event, just before COVID-19 forced shutdowns worldwide. There she treated her four million Instagram followers to a colorful journey around the city, which included showcasing products for brands the likes of Dior—as well as for a newcomer in the fashion world. “I’m used to visiting showrooms and working with brands,” says Wazen Bakhazi. “Now, I actually have my own brand present there.” That’s because in late 2018 she made the leap from influencer to fashion entrepreneur by launching Karen Wazen Eyewear. The
brand has since released four collections of sunglasses, with designs evoking a variety of styles, from the old-school charm of Wayfarers to the extra-skinny neon-tinted shades of the ‘80s. Wazen Bakhazi reported last year that her company was already profitable within the company’s first 12 months of launching, having pulled in revenues of $400,000 as of late 2019. It hasn’t disclosed updated revenues, but it’s currently moving an average of 350 sunglasses per month directly to consumers, compared to 275 per month late last year. And Wazen already has her sights set on developing her brand further. “It’s not just a little experiment,” says the 33-year-old, who now resides in Dubai with her husband and three children. For now, her company has an in-house team of seven. The Middle East is her
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Karen Wazen Bakhazi, “I absolutely did not imagine that one day it would turn into a business.�
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biggest market currently, with her regional Instagram following providing a ready-made customer base. But the U.S. is proving to be her second largest market and is closing in on the Middle East, according to her team. Her shades retail between $135 to $150—a price point she hopes will encourage customers to snag multiple pairs. Looking ahead, she’s already developing a fifth collection. “We know what people are liking, what people are buying,” says Wazen Bakhazi. Currently, she sells her collections directly to consumers through her company’s website or at her sister Andrea’s boutique in Beirut (fashion runs in the family, with Andrea’s footwear regularly worn by A-listers). But Wazen Bakhazi has also expanded her brand into wholesale, allowing her to sell through other websites and brick and mortar retailers.
“I felt like I had to constantly prove myself.” That began in late 2019 through the global online fashion retailer Farfetch and London boutique Browns Fashion. Then in Paris in February 2020 came more agreements—ranging from the Hong Kong department store Lane Crawford to the Middle East online retailer Ounass. “We want to make it a brand that’s accessible to everyone in the world,” says Wazen Bakhazi. Global ambitions may seem like a natural progression for her brand, but looking back, she didn’t foresee herself becoming a fashion entrepreneur, let alone an Instagram influencer. The daughter of two architects, Wazen Bakhazi was born in London, but grew up in Lebanon. She went on to double major in business and psychology during her undergrad, then followed that up with a master’s in psychotherapy while living in London again. Yet, during her studies she already knew she wasn’t going to end up practicing therapy. “I really just went with the flow,” she says. She moved to Dubai with her husband Elias shortly after getting married in 2012. She began posting on Instagram as just a hobby, with no expectation that it would make her famous. “I absolutely did not imagine that one day it would turn into a business,” she says. But Instagram users soon latched on to her account, drawn to her fun and down-to-earth F O R B E S M I D D L E E A S T.CO M
personality and impeccable sense of style. And, as it turns out, her studies did eventually come in handy as she carved out a following online. “The part I liked the most about psychology and psychotherapy was really connecting to other humans and understanding what they liked and what they didn’t,” says Wazen Bakhazi. Still, it helped that Instagram was also surging in popularity, creating new opportunities to make money. Globally, celebrities and talented social media personalities everywhere were finding sponsorship opportunities. Brands are now pouring billions of marketing dollars into partnering with social media tastemakers in an effort to reach consumers online. Influencer marketing was a market worth an estimated $6.5 billion last year, up from $4.6 billion in 2018, according to a report by Influencer Marketing Hub. “The world changed. Instagram became a business tool,” says Wazen Bakhazi. “I was just lucky to be there at the right time.” It was 2015 when she realized that her hobby could become a career. That’s when a brand first reached out with an offer to collaborate. “I had no idea what that meant,” says Wazen Bakhazi. What it meant was the fashion brand Promod would pay her for five posts featuring their products. It was a wakeup call. At that point she was pregnant with twin girls after recently giving birth to her son. Their family was living in Dubai on a single income, and the opportunity to make money from home got her attention. Plus, it was a brand that she liked. Around then Wazen Bakhazi also launched a blog, called Karen’s Choice, which she used to document her day-to-day life as a mother, along with her fashion choices. Still, there are challenges to building a career as an influencer. It takes time, effort and creativity, as well as requiring Wazen Bakhazi to travel frequently—a tough situation when you have a young family. She’s also dealt with skepticism, with many people unconvinced that Instagram offers a legitimate career opportunity. “I felt like I had to constantly prove myself,” she says. “It’s definitely not something that I’m doing purely for fun, it’s a business.” Wazen Bakhazi has now worked with many brands over the years, such as Swiss watchmaker Breitling. “Karen stands out in this industry, not only by her high reach but by what she stands for,” says Nicolas Mauron, head of Influencer Marketing and Digital Partnerships at Breitling. “She is AUGUST 2020
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feminine, creative, empowered, selfsomething she was working on. made, strong and confident, which Yet, she says her website crashed is our idea of the modern Breitling almost immediately the first day Woman.” from the volume of web traffic. “It That said, her followers don’t just was crazy,” she says. The response get barraged with sponsored posts. clearly showed she was onto She estimates that around 15% of her something. content is sponsored. And her online Despite the attention, Wazen presence isn’t just about glamour Bakhazi hesitates to identify a shots in Paris; she deftly balances target market for her brand. Her posts from fashion events with dayfirst collection focused on eyewear to-day glimpses of her family life in that can be worn anywhere, at Dubai, through Instagram and more any time. You can see that in the recently TikTok. Simultaneously, brand’s marketing campaign, she interacts frequently with her which featured Wazen Bakhazi followers. “My Instagram is very wearing sunglasses while holding personal,” she says. an umbrella in a downpour, Case in point, a couple of years or going into a nightclub with ago Wazen Bakhazi was diagnosed shades on. Meanwhile, her second with vitiligo, a condition that causes collection focused on inclusivity. the loss of skin color in patches. “It’s a product that can really be She was initially afraid when she for women, for men, for young “The world changed. Instagram found out, but in 2018 she decided girls, older girls, all kinds of became a business tool.” to share the news with her followers. people,” she says. “The response that I got was so Now, her company must incredible. I literally just sat reading compete for attention with her the messages I was receiving and just crying,” she says. work as an influencer. These days, she’s as active as Mothers were sending her photos of their children ever on Instagram and her following continues to with vitiligo, thanking her for speaking out. grow. She can now be very selective about the brands Wazen Bakhazi’s success as an influencer eventually she works with. “If I find myself working with ten led her to consider launching her own brand. She brands that represent the same thing, it just doesn’t had always sported stylish eyewear, and her followers make sense,” she says. would frequently ask where her sunglasses came She feels comfortable turning down brands now, from. That’s because while growing up she had always even those with deep pockets. That’s because she’s no felt insecure about the size of her eyes. “I always felt longer satisfied with simply spotlighting products in more comfortable wearing sunglasses,” she says. her posts. “Before it was just posting photos for them, As she began documenting her life online, unique now it’s actually collaborating with them,” she says. eyewear became a hallmark of her style; she always Take Fendi. The Italian fashion brand got in touch chose glasses that were a little bit special—not really with her and suggested they collaborate on a shoe. something you could easily find in a store. Even though she’s not in the footwear business (that’s The attention from her followers got her thinking her sister’s domain), Wazen Bakhazi was excited by about creating her own eyewear brand, something her the idea. The “Colibri” shoe was launched in October sister Andrea encouraged her to explore. But Wazen 2019. “I choose the brands that I truly believe in,” Bakhazi was apprehensive. She didn’t have any formal she says. experience starting a business. Plus, she was concerned One of those is her own. She wants her eyewear such a venture could negatively impact her career as brand to be able to standalone, apart from her an influencer if it didn’t go well. “I really had a lot to Instagram following. “I really want to make sure that lose,” she says. my brand is not seen as a one-off influencer brand, Her sister advised her to start small, to go at but to really be seen and appreciated as a brand on its her own pace. Her brand went live in December own,” she says. 2018. She hadn’t advertised that she was launching No simple task, but Wazen Bakhazi has an eye for the company, only making oblique references to making things look easy.
Ambareen Musa Brand: Souqalmal Category: Financial Services
Establishment: 2012 Nationality: Mauritian Headquarters: U.A.E. Ambareen Musa founded the Souqalmal website in 2012 to compare products from leading banks and insurers in the Middle East. The U.A.E.-based company has since expanded to add comparison categories for products in education, telecom, and automotive. Souqalmal managed to raise its revenues during 2019 by more than 70% due to an increase in its customers insurance contracts by more than 50%. It has raised $15 million in funding to date. Last year, Musa was selected to be a member of “The Task Force on Digital Financing”—a UN-led global initiative, which focuses on the role of Fintech in sustainable development.
1Mona Ataya
& Leena Abi Khalil Brand: Mumzworld Category: E-commerce Establishment: 2011 Nationality: Palestinian Headquarters: U.A.E. Mumzworld founders Mona Ataya and Leena Abi Khalil established their e-commerce platform in 2011 and have since seen it become the Middle East’s largest online shopping site dedicated to mothers and children. Last year, Mumzworld built a 66,000 sq. ft. warehouse in Dubai Industrial Park, which is now the epicenter of the business and houses over 250,000 products. After raising $10 million in new capital in January this year, the company has now secured a total of $50 million in funding, making it the highest-funded women-led e-commerce business in the region.
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3 Sarah Jones Brand: Sprii Category: E-commerce Establishment: 2014 Nationality: British Sarah Jones founded Sprii.com, an e-commerce platform for mums, in Dubai in 2014. The startup quickly expanded to include toys, equipment, homeware, appliances, and fitness products from over 3,000 brands, including Pampers, Maxi Cosi, and Lego. Jones has closed $15 million in investment from three rounds of funding. She has also appeared at conferences such as the Middle East Retail Forum and the Arab E-Commerce Summit, speaking about global e-commerce trends and technology.
4 Dana Baki Brand: MUNCH:ON Category: Food delivery Establishment: 2015 Nationality: Lebanese-American Headquarters: U.A.E. Dana Baki established MUNCH:ON (formerly LUNCH:ON) in 2015. The startup has since raised a total of $15 million in investments from various sources including Wamda Capital, Global Ventures, B&Y Ventures, Derayah VC Fund, Mindshift Capital, Shorooq Investments, and Vision VC. The company recently expanded its offering, which was focused on corporate lunches, to include residential locations. It now works with 200 restaurants in Dubai and delivers to more than 500 offices across the U.A.E.
5 Ioanna Angelidaki Brand: Instashop Category: E-commerce Establishment: 2015 Nationality: Greek Headquarters: U.A.E.
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Ioanna Angelidaki co-founded InstaShop, an ondemand grocery service, in Dubai in 2015. Today it has a presence in the U.A.E., Bahrain, Egypt, Lebanon, and Qatar. The startup is part of the Jabbar Internet Group, which built Souq.com and later sold it to Amazon. InstaShop is backed by Venture Friends, Jabbar.com and Amazon.com, with more than 500,000 active users across five countries.
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Headquarters: U.A.E.
6 Nour
Al Hassan Brand: Tarjama Category: Digital Language Solutions Establishment: 2008 Nationality: Jordanian Headquarters: U.A.E. Since founding translation and linguistics services company Tarjama in 2008, Nour Al Hassan has also launched subsidiaries such as Tarjama Enterprise, Ureed.com, TarjamaMS, and AdvanceML. Al Hassan raised $5 million in a Series A funding round led by Anova Investments.
7 Priscilla
Elora Sharuk Brand: MYKI Category: Cyber Security Establishment: 2015 Nationality: Lebanese Headquarters: United States Priscilla Elora Sharuk co-founded Myki, a password management and authentication company, in 2015. Today, Myki serves more than 700,000 customers across 172 countries, and boasts global companies such as Barracuda, ConnectWise, and CB Insights among its clients. The company has raised $5.2 million in funding from venture capitalists including BECO Capital, B&Y Venture, and Leap Ventures. Sharuk was recently asked to join the virtual cabinet of the former Minister of Investment and Technology in Lebanon as a consultant on entrepreneurship in Lebanon. F O R B E S M I D D L E E A S T.CO M
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8 Abeer Elsisi Brand: Elves Category: Technology Establishment: 2017 Nationality: Egyptian / American Headquarters: United States
10 Ghada Eltanawy Brand: La Reina Category: E-Commerce / Fashion Establishment: 2017 Nationality: Egyptian
9 Ola Younis
Headquarters: Egypt Egyptian Ghada Eltanawy co-founded online dress rental service La Reina in 2017, in an effort to make expensive evening and wedding gowns more accessible to the everyday woman. Her Cairo-based company managed to raise over $1 million since its establishment, and amassed a community of over 100,000 users, including regional celebrities such as Amina Khalil and Salma Abu Deif. She currently serves as CEO of La Reina.
Doudin Brand: BitOasis
Category: Technology
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Establishment: 2015 Nationality: Jordanian Headquarters: U.A.E. Jordanian Ola Younis Doudin is the co-founder and CEO of BitOasis, a Dubai-based digital crypto asset exchange and wallet. The exchange is one of the first of its kind to win a preliminary license to operate in the U.A.E. from the Financial Services Regulatory Authority at the Abu Dhabi Global Market Authorities (ADGM). Their regulated platform is set to launch at the ADGM in 2020/21. So far, BitOasis has secured two rounds of funding from international and regional venture capital funds, with plans to expand in Saudi Arabia next year. Doudin has a degree in Electronic Engineering from the University of Birmingham. F O R B E S M I D D L E E A S T.CO M
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Abeer Elsisi co-founded Elves, a chat-based digital concierge service, with her husband Karim El Sahy in 2017. The Los Angeles-based company has raised $4 million in funding from various investors so far, with its latest investment consisting of $1.5 million from Cairo-based Sawari Ventures earlier this year. The company has recently seen a spike in its revenues during the COVID-19 pandemic, and plans to expand and raise larger sums in its next investment round. The Egyptian entrepreneur also spoke twice at the World Economic Forum, and saw her company endorsed by Facebook executive Sheryl Sandberg. She currently serves as Chief Experience Officer at the company.
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DELIVERED IOANNA ANGELIDAKI, CO-FOUNDER AND CMO OF MARKETPLACE APP INSTASHOP, HAS SEEN NUMBERS SOAR IN 2020. BUT AS THE BUSINESS RIDES THE WAVE OF AN E-COMMERCE BOOM, SHE’S STILL THE ONE TALKING TO CUSTOMERS.
BY CLAUDINE COLETTI
Ioanna Angelidaki, co-founder and CMO of marketplace app InstaShop.
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In March, businesses across the world both big and small were forced to put operations on hold as lockdowns, curfews and border closures brought life as we knew it to a standstill. However, for some tech startups it meant an acceleration in demand unlike anything they could have predicted. Rather than slowing down, Dubai-based online marketplace, InstaShop, found requests for grocery deliveries sky-rocketing. And for co-founder and Chief Marketing Officer, Ioanna Angelidaki, that meant ramping up communications. As her brand’s customer service needs doubled almost overnight, she worked for 12 to 15 hours a day to answer queries. “I created this from scratch, so customers were messaging me directly asking for their orders—it was heartbreaking,” she remembers. “Everyone was stressed. I F O R B E S M I D D L E E A S T.CO M
got to speak to people and they were telling me they were running out of food. You really get to understand the impact of the service.” The service, founded in 2015 by Greek entrepreneurs Angelidaki and her co-founder and CEO, John Tsioris, is a “hyper-local” marketplace app that connects users to nearby outlets for fast deliveries. Having started specializing in groceries only, today you can also order pharmaceutical products, pet supplies, flowers, make-up, organic produce, cakes, cleaners, coffee, and almost anything else. Over the last five years InstaShop has attracted around $10 million in outside investment from Venture Friends, Jabbar Internet Group, and Souq.com (now Amazon) through two public and two private funding rounds, and it has expanded operations into Qatar, Bahrain, Egypt, and Lebanon. As the impact of the 2020 pandemic hit, demand for AUGUST 2020
InstaShop boomed. According to the co-founder, since mid-February app downloads have increased by 70%, pre-existing users have increased their daily orders by 53%, and the average basket value has increased 61%. From a user base of approximately 350,000 at the end of 2019, the app today has around 500,000 users, and it onboarded at least 500 new retailers in just the first half of 2020, bringing the number of partners to more than 1,500. “For the past six months we have really felt more of a burning purpose for retailers to come on board. It feels like it’s a matter of survival these days,” reveals Angelidaki. “After the whole COVID-19 pandemic we made sure that this process was so fast. Today a shop can come on board in just a few days.” Online grocery shopping was previously a fairly slow market in the GCC. According to a 2019 study by Wamda Research Lab, the e-groceries market was worth around $200 million in the GCC and Egypt last year, but accounted for less than 1% of the e-commerce space. However, habits were already changing. Although 58% of the region’s shoppers still preferred to buy groceries instore, around 30% were turning to mobile or online channels. “Out of the overall e-commerce growth, online grocery shopping has probably experienced the largest increase. As an example, online grocery orders on Carrefour’s ecommerce platform in Saudi have seen an 800% jump,” says Emmanuel Durou, Partner and Technology, Media and Telecommunications Leader at Deloitte Middle East. “These new habits won’t die. F O R B E S M I D D L E E A S T.CO M
There is no way back from here.” Despite admitting seeing a decrease since mid-May as shops have reopened and curfews lifted, Angelidaki says numbers remain high and retention rates are more than 70%. “Things are normalizing, but they are normalizing at a much higher level than they were before. It feels like we’re going through a new reality where customer habits are actually switching to online,” she says. InstaShop has not been the only app to capitalize on changing consumer demand. While big regional retail players such as Carrefour, Spinneys, and LuLu have developed online shopping platforms as part of an omnichannel approach, online marketplaces such as InstaShop—which enable users to shop for a variety of products across a number of different retailers—have been attracting big investment. In March, Saudi-based online grocery platform Nana raised $18 million in a Series B round. And in April, digital B2B marketplace, Sary, bagged a Series A investment of $6.6 million. Both Nana and Sary currently remain focused on Saudi—a country InstaShop has yet to break into. Hungry investors have spotted a growing trend among retailers as well as shoppers. While some consumers may have a loyalty towards a particular retail brand, offering your products via an online marketplace may in many ways be beneficial to running your own service. She declines to reveal names, but Angelidaki recalls approaching a retailer in the early days to come on board, which refused saying it was building its own platform. “Maybe a year later they came to us,” she says. AUGUST 2020
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supermarket partnership, we did not have a functioning app,” says Angelidaki. Together with a small team, made up in some part of members of their original Vound staff and inhouse developers, they built a simple app—cash only at first and with no scheduling function. They sent out leaflets and at times delivered the orders themselves. Taking ownership of marketing and communication while Tsioris focused on business partnerships, the CMO says the identity was built as they worked, always putting the user first and bringing in elements of brand perception such as ease, comfort, convenience, swiftness, and friendliness. “I felt like the brand changed with me. The more I learned, the more information I got from the users, the brand was tweaked, the color maybe changed,” Angelidaki explains. “We make sure the office is full of energetic people. The brand becomes more interesting, more playful. InstaShop is becoming a spherical service. It started with groceries, a clear tone of voice, clear messaging, and a clear path.” Focusing on their hyper-local approach, business grew quickly. A seed round of $365,000 raised from Jabbar Internet Group and Venture friends enabled the co-founders to kickstart the business. In 2016, they secured a second round of funding from the same investors worth $750,000. That same year InstaShop reached over 50 partner supermarkets and more than 60,000 users, and a further undisclosed amount of funding came in from Souq.com (now Amazon). The co-founders used the capital to start expanding geographically. In 2017, InstaShop began operations in Qatar and Bahrain. The following year it entered Egypt and Lebanon. In 2019 it started expanding beyond groceries, based on user requests that regularly come in thickand-fast via the app and its social media platforms. Today the five-year-old startup has nearly 300 members of staff across the region. Looking back on the journey so far, Angelidaki says she can see where they first went wrong. “Vound was born from our need to start something up on our own, versus InstaShop, which was a venture that was created from a clear [consumer] need.” Looking ahead, and it’s a case of riding the wave. More geographical expansion is on the way, and the technical development of the app never stops. “I feel that we are a better company than what we were six months ago,” Angelidaki muses. “I’m quite confident that we are alert enough and we have our eyes open to understand our customers, wherever they may be.” AUGUST 2020
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“It might sound easy to build your own platform, but behind there’s a huge mechanism. Making an app to be as user-friendly as InstaShop is not an easy job. We know what we are doing.” Their expertise has grown over 17 years of training, trial, and error. Angelidaki met co-founder Tsioris in 2003, while she was studying for her diploma in mechanical engineering, followed by a master’s degree in marketing management from the Technical University of Crete at home in Greece. After graduating the two remained friends, with Tsioris following a corporate path and Angelidaki setting herself up as an online marketing freelancer. She admits that Tsioris is the “business brain,” and it was he that first reached out with an idea for them to branch out on their own. The Skype call came in 2013. Tsioris was working in Dubai but keen to start an entrepreneurial venture, and wanted Angelidaki to join him—she agreed. “Although we are possibly the exact opposite when it comes to our characters and soft skills, we are the perfect combination when put together in term of work chemistry and complimentary skillsets,” says Tsioris. “I knew I could count on Ioanna, firstly as a person, and a business partner.” After a number of conversations, the pair came up with an idea for a voice-based social platform, Vound. It enabled users to create 11-second clips using their voice, photos, special effects, and other sounds. They could then share these “vounds” with friends. Using their own money and some investment from family and friends, Angelidaki and Tsioris put together a detailed business plan and set about bringing their idea to life, including traveling to San Francisco to network, learn, and meet investors. Fast forward 17 months and they were still trying and nearly broke. On the verge of giving up, inspiration struck elsewhere. Tsioris had been struggling with ordering groceries over the phone, with communication difficult and often time-consuming. He called Angelidaki with a new idea—an easy way for people to order what they needed from their local shops, online and on-demand, which could be delivered to their doors within minutes. “It was a hard decision to make, as we were giving up our first startup,” remembers Tsioris. “But at the same time, we were both seeing the direct impact and value that a service such as InstaShop would give to people in Dubai and elsewhere.” They closed the book on Vound, took what little capital they had left, and started again. InstaShop began with a minimum viable product in May 2015, with a soft launch focused at first on two high-rises in Dubai Marina: The Torch and Princess Tower. “Basically, when we got our very first
• THOUGHTS ON •
Brand “Your premium brand had better be delivering something special, or it’s not going to get the business.” —Warren Buffett
“You don’t need a corporation or a marketing company to brand you now: you can do it yourself. You can establish who you are with a social media following.” —Ray Allen
“Brand is just a perception, and perception will match reality over time. Sometimes it will be ahead, other times it will be behind. But brand is simply a collective impression some have about a product.” —Elon Musk
“The love for the brand is immense. It gets a lot of affection from millions and millions of people.” —Rajeev Suri “Leverage your brand. You shouldn’t let two guys in a garage eat your shorts.” —Guy Kawasaki
“A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” —Jeff Bezos “You have to think of your brand as a kind of myth. A myth is a compelling story that is archetypal, if you know the teachings of Carl Jung. It has to have emotional content and all the themes of a great story: mystery, magic, adventure, intrigue, conflicts, contradiction, paradox.” —Deepak Chopra “It’s very important for a brand to have an identity through the years, but it’s very important as well to evolve because times change so fast.” —Donatella Versace F O R B E S M I D D L E E A S T.CO M
Donatella Versace
“All I can do is try to create my own brand and have people appreciate me for that.” —Kevin Hart “I don’t really like to call myself a brand, and I don’t like to think of myself as a brand. I’m a singer, a songwriter, a musician and a performer. And an actress, and all the other things that I do. When you add it all together, some might call it a brand, but that’s not my focus.” —Beyoncé Knowles
“Books are not brands. Some people are very willing to see themselves as a brand, but you can’t be a certain type of writer to a certain type of person all the time. It will kill you.” —Zadie Smith “I talk to younger actor types, and they bring up that word, ‘brand,’ and it’s like, ‘All right, if that’s the way you want to look at yourself.’ Diet Pepsi’s a brand; you’re a human being.” —Zach Galifianakis
FINAL THOUGHT “Your brand is the single most important investment you can make in your business.”
—Steve Forbes
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Ron Adar / Shutterstock.com
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