I International Brands With Arab Roots

Reem Acra

Brand: Reem Acra Category: Fashion Establishment: 1997 Nationality: LebaneseAmerican Headquarters: U.S. Acra’s talent was first discovered by a fashion editor at a party while she was still a student at the American University of Beirut. She debuted her designs at her first fashion show only ten days later. In 1997, Acra’s first bridal design was worn by a high-profile socialite. She established her eponymous line, Reem Acra New York, in the same year. Acra launched her first ready-to-wear collection in 2001. Her designs have been seen on celebrities such as Angelina Jolie, Taylor Swift, Jennifer Lopez, Beyonce, Halle Berry and Selena Gomez at events like the Oscars, Grammys, and Golden Globes.

Amina Muaddi

Brand: Amina Muaddi Category: Footwear Establishment: 2018 Nationality: JordanianRomanian Headquarters: France Muaddi first launched her footwear label in August 2018, after leaving her role as cofounder and creative director of luxury footwear brand Oscar Tiye in Milan. Her designs of architectural-heeled shoes have attracted the attention of some of celebrities such as Kim Kardashian, Gigi Hadid, Dua Lipa, and Lady Gaga. Muaddi’ co-designed shoes for Rihanna’s multi-million Fenty brand in 2020, and collaborated with A$AP Rocky’s creative agency, AWGE, in the same year.

Nour Hammour

Brand: Nour Hammour Category: Fashion Establishment: 2013 Nationality: Lebanese Headquarters: France Hammour is best known for her Brands

International Brands With Arab Roots

These seven designers with Arab roots have established international fashion brands based outside MENA.

Reem Acra

leather jackets and other leather goods. The brand claims to be a “no waste” business under an initiative called “Recut” by Nour Hammour, which commits to using any post-production scraps to create a small leather goods collection. Hammour’s designs have been seen on celebrities such as Kendall Jenner, Hailey Bieber, Gigi Hadid, Bella Hadid, Beyonce, Kourtney Kardashian, Rita Ora, Blake Lively, Irina Shayk, and Kaia Gerber. Lebanese actress Nadine Nassib Njeim wore a jacket by Nour Hammour on the cover of Vogue Arabia in January 2020.

Sara Al-Saud

Brand: Death By Dolls Category: Fashion Establishment: 2008 Nationality: Saudi Headquarters: U.S. Born and raised in London, Al-Saud established Death By Dolls with her sister in 2008. She put the project on hold when she moved to the U.S. to study clinical psychology, but restarted after graduation in 2014. Her designs have been seen on celebrities such as Beyoncé, Jennifer Lopez, Kylie Jenner, Kendall Jenner, Hailey Bieber, Niki Minaj, Cardi B, Doja Cat, and Migos. In March 2022, Niki Minaj wore a Death By Dolls denim puffer jacket to promote her new single, Blick Blick. Al-Saud plans to expand into the Middle East, and held her first fashion show in Dubai in March 2022 as part of Arab Fashion Week.

Abeer Al Otaiba

Brand: SemSem Category: Fashion Establishment: 2015 Nationality: Emirati Headquarters: U.S. Born and raised in Egypt, Al Otaiba moved to the U.A.E. to begin her career as a civil engineer, before moving to the U.S. and establishing her brand. SemSem was inspired by Al Otaiba’s daughter, Samia. The brand creates complementary designs for mothers and daughters. The label has been seen on celebrities including Katy Perry, Blake Lively, Nicky Hilton, Kourtney Kardashian, Gigi Hadid, Cynthia Erivo, Drew Barrymore, and Chrissy Teigen.

Ayah Mufleh

Brand: Ishimmer Category: Beauty Establishment: 2014 Nationality: Jordanian Headquarters: U.K. Mufleh initially established her fake eyelashes label, Ishimmer, in Jordan, working alone on the branding, packaging, online selling, and all aspects of the brand. In 2019, she relaunched Ishimmer in the U.K. Ishimmer’s eyelashes have been seen on celebrities such as Gigi Hadid, Bella Hadid, Lucy Hale, Winnie Harlow, Gemma Chan and Nicola Coughlan, Sophie Turner, Adriana Lima, Phoebe Deynevor, and Lucy Hale. In 2021, the brand launched its Virtual Lash tool, whereby customers can virtually try the lashes before they buy them.

Bouchra Ezzahraoui Darwazah

Brand: Aurate New York Category: Jewelry Establishment: 2017 Nationality: MoroccanAmerican Headquarters: U.S. Darwazah founded Aurate with her Dutch cofounder Sophie Kahn. Aurate New York’s pieces have been seen on international celebrities such as Julia Roberts, Anne Hathaway, Gabrielle Union, Kerry Washington, Priyanka Chopra, and Lucy Hale. The sustainable jewelry label uses 100% recycled gold that is developed from pre-existing gold material. According to Aurate, its diamonds and pearls are also sourced and harvested in a sustainable way. Bouchra is also an angel investor, a member of the Visionary Committee of Friends of Hudson River Park in New York, and a founding member of the Moroccan Children Parliament, an initiative started by UNESCO in 1999.

• COVER STORY •

THE MONEY CLASSROOM

With her financial comparison website and accompanying education program now acquired by SHUAA Capital, Ambareen Musa, Founder and CEO of Souqalmal, is onto her next challenge. She’s on a mission to revolutionize regional financial literacy by building a multipurpose on-demand platform.

BY JAMILA GANDHI

This

year marks the 10th anniversary of financial comparison website Souqalmal.com, a U.A.E.-headquartered financial comparison website that has become a homegrown success story in the region’s technology space.

But founder and CEO Ambareen Musa has more cause for celebration against the backdrop of a significant milestone for her company—getting acquired. On March 21, 2022, asset manager SHUAA Capital announced the majority acquisition of Souqalmal, in a deal that had been in the making for over six months.

“The funniest moment during the exit process came from my kids. Their reaction was such an innocent one! They were worried that they would take all my awards and change the name on the accolades,” laughs Musa. In reality, she feels more empowered with the sale and SHUAA’s vote of confidence in her decision-making. “SHUAA approached us with a vision to digitize personal financial services in the U.A.E., and our alignment in strategy instantly clicked.”

The deal’s value remains confidential, but since it was established in 2012, Souqalmal has secured over $15.2 million in funding from investors, including Riyad Capital and U.K. comparison website GoCompare, who will remain shareholders in the Fintech company. Envisioned as a highly transparent marketplace, Souqalmal—or “money market” in Arabic—allows users to compare over 3,200 personal finance products such as credit cards, loans, bank accounts, and insurance offered by providers in the U.A.E. and Saudi Arabia. The company’s sales hit $7 million in the 2018 financial year and $14 million in 2019, and the platform recorded about 600,000 subscribers as of 2021.

“In the last few years, SHUAA has been actively looking for added-value investments in the technology space as part of our long-term strategy to increase our digital offerings,” explains Fawad Tariq Khan, Managing Director and Head of Investment Banking at SHUAA Capital. “We recognized that Souqalmal is ready to move into the next phase of its growth, and that’s where we come to play, providing them with access to new pools of capital, products, and, most importantly, knowledge, especially at a time when the company is looking to become an interactive finance management platform.”

With the funds and infrastructure backing by SHUAA, Souqalmal will now prioritize accelerating its financial education arm, MoneyDoctor, into a financial education platform with tools to help with one’s personal finance management. The next step on Musa’s agenda is getting her house in order and building up. “For the next 12 months, I’m focusing my efforts on product build,” the Mauritanian reveals. “At which point, we will launch our first version of the platform in the U.A.E.”

In May 2021, the company launched the Middle East’s first corporate financial education program for employees through its MoneyDoctor online program. Designed to alleviate financial stress and increase productivity, the course consists of 10 self-paced modules that can be accessed per the learner’s needs. The program is a mix of short videos, tools, and presentations covering budgeting and saving to managing payments. Businesses pay an annual license fee depending on the number of users, which allows all employees to access the platform free for a

“SHUAA approached us with a vision to digitize personal financial services in the U.A.E., and our alignment in strategy instantly clicked.”

year. Companies including Majid Al Futtaim, Careem, and Emirates Catering offer the MoneyDoctor program to their staff, ensuring that financial health is central to their employee wellness. Meanwhile, individuals are charged around $55 for a yearly subscription.

There’s certainly a gap in the regional market for Musa’s innovation-driven solution. “Financial literacy is generally very low around the globe,” says Andrea Hasler, Deputy Academic Director and Assistant Research Professor at the Global Financial Literacy Excellence Centre at George Washington University in the U.S. “Looking at some of the countries in the Middle East, I find that on average, only one in three adults are financially literate, which is consistent with the global findings.” Research from the 2014 S&P Global FinLit Survey defined being financially literate as correctly answering at least three out of four questions covering fundamental financial concepts on numeracy, compound interest, inflation, and risk diversification.

According to Dirk Vater, EMEA Head of Financial Services at Bain & Company, in the Middle East, most countries have already embarked on financial education programs. Still, he says, significant efforts are required to foster financial wellness with better management of day-to-day finances, debts, and credits while building sound individual investments and savings plans. In the U.A.E., the Abu Dhabi Department of Community Development has identified financial literacy as a key social priority through its 2019 Quality of Life survey. As a result, in 2021, the Authority of Social Contribution—Ma’an— rolled out its third cohort of the Ghaya financial literacy program, aimed to empower Emiratis with smart money skills. And in 2019, the Central Bank of the U.A.E. signed an agreement with the Emirates Foundation to develop a financial literacy program for youth.

Efforts in this space from the private nonbanking sector are far and few in between and primarily for the youth. The U.A.E.based startup Edfundo launched a learning lab in February 2022 to support children in their financial education journey. Targeting young people and teenagers, Dubai-based financial literacy mobile app Verity closed an $800,000 pre-seed sound in November 2021. Similarly, global payments company Visa runs educational workshops on practical money skills as well as online games such as Financial Football and Cash Puzzler aimed at strengthening students’ financial literacy. Helping individuals with investing and growing their personal wealth is another part of the problem. “From the supply side, multiple players offer investments and savings products, but the access, the convenience, and

the clarity of the proposed solutions remain very difficult and limited to a subset of the market,” adds Vater. “From the demand side, the awareness about available products and providers remains restricted to a small portion of the personal banking segments.”

Nonetheless, Souqalmal is catering to an untouched demographic—adults and expats. “Most of us understand how to bank in our home countries, but as the banking system differs in this region, many expats, even the financially savvy ones, require a certain level of awareness of how it all works,” says Musa. As an expat herself, the entrepreneur would know.

Musa grew up in Mauritius before moving to Australia when she was 18 years old to study. She spent the next six years there and began her corporate career with GE, assisting

“You cannot have FOMO or herd mentality when managing your money as the attitude can easily lead to irrational and short-term focused decisions.”

the CEO. In 2004 she transferred to the London office, where she helped build one of the country’s first financial education platforms, moneybasics. co.uk, before working on launching GE Money. In 2007, she left GE and acquired an MBA from INSEAD before taking a role at Goldman Sachs. She began looking for her next step and found herself drawn to a consultancy position at Bain & Company in Dubai. Packing her bags once again, she relocated to the Middle East. After two years of working 18-hour days assisting regional banks with Bain & Company, Musa moved to Mastercard for a consultancy position with a better work-life balance. However, it was on maternity leave from this role when she was inspired by the Money Supermarket model and pivoted to start Souqalmal as her side hustle, with $1,800 of funding from her salary. Within six months, she had raised a round of angel investment worth $300,000. Encouraged, Musa quit her job at Mastercard and became a full-time business owner.

A decade down the line, and financial issues are amongst the highest causes of stress and decreased productivity in the workplace, and as the world emerges from the global pandemic of the last two years, financial health has taken on greater importance for employees and is a crucial factor for CEOs to consider in terms of employee retention and wellness. “There’s a huge lack of understanding and awareness in the region about financial health, which to me is just as important as our physical and mental health,” adds the entrepreneur. “Exactly how without an understanding of nutrition, it is hard to control our weight; the same applies to understanding your finances. Without understanding your credit score or how to manage your income, it is hard to know what changes to introduce to improve changes to your financial health.”

Another challenge is that people are ashamed to ask questions and not know things, especially at the middle management level. Low-to-middle management employees, typically in their 20s to 30s, constitute the primary userbase on MoneyDoctor. As of March 2022, 91% of all learners who accessed the website watched the budgeting module. The most-viewed videos were budgeting, followed by the credit score module and buying a house in the U.A.E. “ None of us learnt how to take a car loan, how credit works, or how to read your credit report at school, and it’s not taught at work either. I think by the time we are in the middle of our careers, it is almost considered taboo or shameful not to be financially savvy. The MoneyDoctor program gives U.A.E. residents the tools required to better understand their finances without having to feel ashamed of asking someone for help,” explains Musa.

On the content front, it seems MoneyDoctor has also mastered its course delivery and attention retention strategy. Education programs are most effective when they are engaging, the content is highly relevant to the target audience, and delivered in a form that is easily accessible with limited effort, according to Hasler. “Fintech has the unique opportunity to deliver resources and educational material in a new way that complements the classroom-type of delivery,” adds the academic. Musa conducts a live session with new companies as they join MoneyDoctor to explain the program and its benefits to users.

“Through both building up the MoneyDoctor program and customer feedback, I realized there was an under-penetrated market in the financial education space. We needed to be more than just about financial awareness,” she says. “Our concept is to build a platform where users can educate themselves, get instant pre-approval on their credit, track their spend and grow their wealth.”

Like MoneyDoctor, it’s imperative for content on the PFM platform to be localized, bringing geography-relevant information to consumers. “In the U.A.E., for example, MoneyDoctor offers a mortgage calculator and a printable list of questions to ask when visiting real estate agents. This regulatory guidance and content cannot be replicated to other countries as each

nation operates differently,” she explains. For now, the PFM system will start with just the U.A.E., but Musa has eyes on expanding to Saudi next and eventually capitalizing on the needs of the entire Middle East.

The tech founder promises innovation will be at the forefront of her product vision. One way she plans to stay relevant is by offering modules on topical subjects, namely cryptocurrency. “We have been asked numerous times to launch a module on investing in cryptocurrency,” she says. “Our job is to try and educate customers on the topic and make them confident to decide on their own if it’s a suitable investment.”

“Many people have FOMO [fear of missing out] hearing about the money that is being made in crypto. Most people wonder if they should invest in crypto while they haven’t figured out the basics of their financial health yet, their credit score,” Musa adds. “You cannot have FOMO or herd mentality when managing your money as the attitude can easily lead to irrational and short-term focused decisions.” Before delving into markethot trends, the ex-consultant suggests evaluating your risks and priorities. For instance, build a six-month emergency cash fund and calculate if you can pay the mortgage or school fees in the case of a job loss.

While the path ahead to educate the masses will be a long and uphill one for Musa, her excitement for the platform’s impact and its market significance is unparalleled. “I like to say as individuals, we should think of ourselves as investors and not traders,” says the optimistic CEO. “It’s all about the long-term gains.”

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Finance And Investment Billionaires

In April 2022, Forbes released its latest ranking of the world’s richest people. Here are the top five billionaires in Finance & Investment. Net worths are as of March 11, 2022.

Global ranking Net worth Age Country Source

1. Warren Buffett 5 $118 billion 91 U.S. Berkshire Hathaway

2. Changpeng Zhao 19 $65 billion 44 Canada Cryptocurrency exchange

3. Stephen Schwarzman

37 $34.8 billion 75 U.S. Investments

4. Jim Simons 48 $28.6 billion 83 U.S. Hedge funds

5. Ken Griffin 53 $27.2 billion 53 U.S. Hedge funds

• WOMEN BEHIND MIDDLE EASTERN BRANDS •

BUILDING ON MEMORIES

Mouna Abbassy is on a mission to make her skincare brand IZIL the number one name in science-led natural beauty, inspired by the heritage of her Moroccan home. She’s redefining the sector by relying on more than good marketing.

BY HANNAH STEWART

IMAGE FROM IZIL FORBESMIDDLEEAST.COM

MOUNA ABBASSY Sitting in a newly acquired office in Dubai’s Al Barsha neighborhood, Mouna Abbassy has come a long way—3,000 miles, give or take. Born in rural Morocco, the 39-year-old grew up surrounded by the aromas of medicinal herbs, precious oils, and ghassoul clay drying in the sun; a treasure trove of ingredients that her mother would use to craft her own beauty products by hand. Today, the U.A.E. offers an entirely different assault on the senses, but as the founder of natural skincare brand, IZIL, Abbassy is never far from the scents of home. And as her company celebrates its 10th anniversary, its products are coming full circle: Morocco wants them back.

“We have a lot of Moroccan customers asking for our products. We are going to open to the market there very soon,” says the entrepreneur, who sells both online and in-store at the IZIL shop and spa in The Dubai Mall. From hammam experiences to creams infused with argan oil and damask rose, selling Moroccan beauty to Moroccans may sound like a fool’s errand, but Abbassy is business savvy. It took six years of selling from kiosks and exhibition stands for IZIL to turn a profit, but now it employs 100-plus staff and generates more than $10 million in annual revenue, according to the founder. Not bad for a company that started life as a three-person family business built on $50,000 in savings.

More importantly for the skincare aficionado, what the brand has to offer is unique—even in her home country. IZIL, or “pure” in North Africa’s Amazigh language, is not another artisanal beauty brand, insists Abbassy, it is a science-driven company that combines serious laboratory work with high-quality ingredients. Most of its raw materials are sourced directly from farms and cooperatives in Morocco, but the company tests, develops, and manufactures all products in the U.A.E at its facility in Ras Al Khaimah. “More than 90% of our products—serums, creams, oils, masks, shampoos—are our own formulas developed from scratch and they are not available in Morocco with this kind of quality,” says the owner.

Success on home soil would undoubtedly be a welcome win. But that alone was never the vision for IZIL. Quite the opposite. Since Abbassy founded the business in 2012 alongside her husband Mohamed and brother Ziad, the company goal has remained unchanged. That is, to be the global number one natural and organic beauty brand inspired by Moroccan heritage.

Sanae Ouomar is an independent leadership coach and strategy and management consultant who advises Abbassy on her business. According to her, the IZIL founder has what it takes to achieve the company’s lofty goal. “She knows her mission,” says Ouomar. “I believe IZIL is on the right path to succeed and be the world’s number one.”

To achieve such status, Abbassy has a plan that involves both online growth and the opening of new stores. But she is careful about every step she takes. Prior to IZIL, the mother-of-one worked as a marketing professional at L’Oreal in Dubai, and if there was one thing she learned, it was that commercial strategy is not something you mess with.

Determined to preserve brand integrity, IZIL’s founder has channeled her online business solely through the company website. Until now, that is. Starting this year, the brand plans to increase its reach through other e-tailers such as Lookfantastic.com in a move that promises to expand the company’s customer base across the GCC and other international markets, including the U.S. and the U.K.

Abbassy sees e-commerce as integral to the brand’s future, but with a business in skincare, the option to physically experience her products and hammam is irreplaceable. IZIL’s flagship concept store and spa in Dubai was only finalized in 2020, but Abbassy is already looking to the next opportunity, with locations in Saudi Arabia, Kuwait, and Qatar all up for consideration.

Ouomar attests to the founder’s determined character. “Mouna, as a leader, believes that in the race of excellence there is no finish line,” says the consultant. “The next milestone is to expand the growth to other regions and be the coming unicorn in the beauty industry.”

Despite her global ambitions, Abbassy’s key markets are unmistakably Middle Eastern, and her focus is well founded. According to Euromonitor International, skincare was worth $4.5 billion in the Middle East and Africa (MEA) last year. The figure represents

just 3% of the $155 billion global market, but the region’s appetite is growing fast, with skincare in MEA recording 12% growth in 2021, compared to 8% globally. “MEA is expected to see many growth opportunities as consumers look at maintaining skin as part of holistic, long-term health and wellness,” says Euromonitor research consultant, Amna Abbas.

IZIL’s natural and organic identity resonates with consumer preferences too. “Beauty and personal care brands continue to develop their products with natural and less chemical ingredients to address consumers’ growing demand,” continues Abbass, pointing to IZIL, along with Peacefull by Salama, Camel Soap Factory, and Shiffa as examples of local brands making waves in the market.

There may be other natural skincare competitors emerging on the regional scene and of course global heavyweights to contend with, but Abbassy is sure of her place in the market. “When it comes to brands from a certain origin, such as Korean brands and L’Occitane, which is based in the south of France, yes, you could say we have competition. But brands which are really offering the same kind of products mix and natural? No.”

Abbassy is confident in her brand’s credibility on the ingredients front too. “Every single one of our products is natural and we list exactly the percentage of natural [ingredients] in each,” she assures. According to the founder, these are far from givens on the skincare circuit.

Still, despite IZIL’s USP and a raft of healthy growth projections, Abbassy is under no illusions about how tough it is to make it in a market where global giants reign supreme. But she has an advantage: she worked for one of the biggest, and the former marketeer knows a thing or two about brand positioning. “There are other brands that don’t have the same richness yet have success worldwide because of the way they communicate and the story they have created,” she says. “For us, the Moroccan beauty story is already there, we just need to properly communicate it and elevate it to compete.”

For the marketing and communications graduate, that task boils down to three “Ps”: packaging, products, and promises. On the latter, IZIL pledges to use only potent, high-quality ingredients that deliver tried and tested results. As Abbassy points out, not only are IZIL’s products subject to rigorous lab testing, but many current beauty trends have been part of Moroccan culture for generations. “We have been putting clay on our skin and hair for centuries,” she asserts, reeling off a list of other examples, from scrubbing your way to rejuvenated skin, to a preference for oils over creams in the quest for hydration.

As she speaks, Abbassy’s mind wanders to her childhood and the beauty rituals that were integral to family life. “My mother, her sisters, and her friends would bring their own natural recipes prepared at home. It was a social affair; a time of joy, sharing, and the celebration of femininity,” she recalls. It was her exposure to this sacred element of Moroccan culture that nurtured her passion for natural and organic skincare, but it was something else entirely that led her down the entrepreneurial path.

At the age of 10, Abbassy suffered from a rare autoimmune disease, which resulted in total paralysis for months—she couldn’t even breathe without a

machine. Regaining control of her body was akin to being born all over again. She started by crawling, then walking, before gradually emerging with a determination that has never left her. “When you want to do something and you can’t, it’s so hard. So, once you have the ability, you really go for it,” she explains.

It was that determination, along with a yearning for her mother’s homemade remedies, that set Abbassy on the startup trail after arriving in Dubai in 2005. Noticing the absence of natural and organic products in the market, the idea of creating her own brand started to grow, and the more she learned about the industry, the more confident she became.

Joining L’Oreal in 2008, Abbassy quickly came to realize that big-brand success was less about what was inside the jar, and more about how you presented it. At work one day, she enquired about the difference between a mass-market product and a luxury equivalent, 10-times the price. “No-one wanted to answer me clearly, but the truth was, the only

difference was about the positioning,” she says. “That made me realize, ‘Oh my god, we’ve got some rich ingredients that are underestimated. All we have to do is elevate them to the right place.’”

In 2012, the entrepreneur’s dream of launching her own skincare brand started to come to life. She and her family sold a house and pooled savings to get the business off the ground. Next came two injections of funding: $250,000 from equity crowdfunding platform, Eureeca, and a further $250,000, also crowdsourced.

Starting out with nine products, Abbassy began selling IZIL through Facebook before progressing to trade exhibitions, where she would stand from morning until midnight to promote her brand and make a sale. Then, in 2014, she took a leap and rented a kiosk in Dubai’s Festival City. It was her first real taste of life as a retailer and as demand for her products increased, she began hiring sales staff to support the growth of her business.

In the space of a few short years, IZIL outgrew the kiosk; it was time for a more permanent premises where Abbassy could offer customers not just a product, but an experience. “We wanted to offer more,” she explains. “The design,

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with our latest business news. the atmosphere, the music, the smells—all of this cannot be done through a kiosk.” As luck would have it, a unit became available at The Dubai Mall, and in July 2020, IZIL’s flagship store was born.

IZIL’s grand opening was a proud moment, but it wasn’t long before puzzled customers began asking the same question: where is the Moroccan hammam? Running one had always been a personal goal of Abbassy’s, but with the brand just finding its feet, she didn’t feel it was the right time. Then came an opportunity that was too good to pass up. The store next door was suddenly vacated—the perfect space for a spa. “Now we have unique Moroccan spa and hammams using only our natural IZIL products, and I can say that the concept is done.”

But Abbassy’s work is far from over. To become the top natural and organic beauty brand with a Moroccan twist, IZIL has a long way to go and a multi-billion-dollar market to crack. Yet, for the entrepreneur, lifechanging illness and a childhood played out against a backdrop of essential oils and aromatic herbs have taught her two things: nothing is impossible, and a little Moroccan magic can go a long way.

Fashion And Retail Billionaires

In April 2022, Forbes released its latest ranking of the world’s richest people. Here are the top five billionaires in Fashion & Retail. Net worths are as of March 11, 2022.

1. Bernard Arnault & family

2. Francoise Bettencourt Meyers & family

3. Jim Walton

Global ranking Net worth Age Country Source

3 $158 billion 73 France LVMH

14

16

$74.8 billion 68 France L’Oréal

$66.2 billion 73 U.S. Walmart

4. Alice Walton

5. Rob Walton

18

19 $65.3 billion 72 U.S. Walmart

$65 billion 77 U.S. Walmart

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Changing The Game

Haydn Snape, founder and CEO of the Decentralised Investment Group (DIG), has embraced crypto technology and invested in startups across the world to revolutionise the blockchain industry.

What was your vision when you decided to create DIG? I wanted to eliminate barriers to wealth creation for the average person. The advent of new technology is allowing people to conduct financial transactions that are anonymous, validated, can be trusted, have a system of accounting, all through a distributed ledger system that has become known as blockchain. I created DIG as a virtual gaming studio to produce blockchain games. These play-to-earn games can give power to smaller communities that are autonomous, so that they can run themselves, and maximise value. This soon developed and today we are using this new technology to pursue decentralisation, financial independence, and individual liberty.

How quickly have things grown since you established the company? We’ve grown exponentially. Today we have offices worldwide and a team of over 250 innovators and engineers developing GameFi and DeFi products while backing the latest developments in disruptive blockchain-based innovations. Decentralised technology is set to revolutionise the digital world and DIG is at the forefront. We set up GameFi company XYZZY in Miami, which is developing groundbreaking play-to-earn games like Kart Racing League and Realms of Ethernity, and NFT collections like 44 Club and Original Myths. We also set up DeFi subsidiary Green Arrow in Mauritius, which has developed products like the StackCoin app. Other startups under DIG Capital include game development studio Avalor in India, ROOK Digital in the Philippines, and the Wild Thunder Game Studio in Vietnam, which is home to 140 designers crafting world-class gaming experiences powered by blockchain.

Why did you decide to establish your headquarters in Dubai? Dubai has become a leader when it comes to innovation and forwardthinking. It is unquestionably the crypto hub of the Middle East, where a multinational blockchain technology conglomerate like DIG and its subsidiaries can create global, long term partnerships with industry kingpins. Our latest partnership is with Crypto Oasis, a Middle East-focused blockchain network based out of the Dubai Multi Commodities Centre inspired by the successful Swiss Crypto Valley environment. The ecosystem in the U.A.E. builds on the foundations set into motion back in 2016 by the Dubai Blockchain Strategy, with growth in the sector supported by the Dubai Virtual Asset Regulation Law, which will regulate virtual assets, protect investors and promote responsible business growth within a virtual asset industry governance.

What are your plans for the future? My approach with DIG has been twofold: invest in people and their ideas, and educate everyone else so they are not missing out. Businesses need to understand how blockchain technology can catapult them into the future, so they aren’t left behind. As an investment company, DIG’s dogma is “invest in the people.” It’s not just about handing over money; it’s about coaching, mentoring, incubating, accelerating and advising—all components of a successful venture capital firm.

Haydn Snape, Founder and CEO, DIG

decentralisedinvestment.group

• WOMEN BEHIND MIDDLE EASTERN BRANDS •

BOTTOM LINE

Hannah Curran, Founder of U.A.E. nappy and wipes brand PureBorn, is building a global business by tapping into demand for eco-friendly baby products.

BY SAMUEL WENDEL

HANNAH CURRAN

Any parent with a newborn knows that most supermarket trips aren’t complete without visiting the aisle stocking nappies. There they’ll find products from international names such as Pampers, Huggies, Bambi, and Fine—but more recently in the Middle East a new name has emerged on shelves alongside those big brands: PureBorn.

Founded in Dubai in 2016 by British expat Hannah Curran, PureBorn sells a range of baby products— most notably nappies and wipes—online and in stores, and is working to make a name for itself as an eco-friendly brand. The company says that its nappies are made with organic bamboo pulp and come in biodegradable packaging, positioning PureBorn as a greener option compared to regular disposable nappies at a time when there’s rising demand for more sustainable products overall. “We were doing eco before it was a trend,” says Curran.

So far, that formula appears to be working. PureBorn has gained shelf space at major retailers such as Carrefour, Spinneys, Lulu, and Waitrose, and it’s also available through e-commerce platforms, including Mumzworld and Amazon. That’s seen it build a footprint spanning 16 countries, which in the Middle East includes the U.A.E, Qatar, Kuwait, Bahrain and Saudi Arabia. Outside the region its products reach the U.K., India and beyond. Curran reports her company is profitable and growing: according to the founder, it brought in $5 million in revenue in 2021, and by the second quarter of 2022 it expects to have already delivered more orders than it did all of last year.

Curran, 29, established the brand six years ago after seeing an opportunity in the U.A.E. to offer an alternative to traditional disposable nappies, which have a significant environmental impact. Although far more popular than their reusable cloth counterparts, disposable nappies—which are made of a variety of components such as wood pulp and plastics—take at least 500 years to fully decompose. That said, PureBorn’s disposable nappies are still destined for the landfill too. “You’ll see a lot of nappies claiming biodegradability for the actual product,” says Curran. “It’s just quite frankly not true. There’s no fully biodegradable nappy in the world right now.” But she says the brand is doing what it can to help combat footprint and waste by focusing on sourcing organic and natural materials alongside moves like using biodegradable packaging. PureBorn’s products have also received a number of approvals to help position it in the natural category: some examples include a certification from the Forest Stewardship Council that it uses 100% bamboo, a V-Label license from the European Vegetarian Union that recognizes it as a vegan product, and a designation from PETA that it doesn’t test on animals.

However, PureBorn is also far from the only disposable nappy brand that’s focused on promoting sustainability. There are a variety of players taking on eco-friendly baby products, including Kudos, Dyper, and Bambo Nature, which are all based in the U.S. Meanwhile, global giants have made moves too. Pampers, owned by Procter & Gamble, has launched Pampers Pure, a new line positioned as being more natural.

Still, alongside embracing eco-friendly products, Curran has also demonstrated social media smarts and an eye for playful designs. PureBorn has rolled out a range of unique prints for its nappies: patterns include pineapples, camels, jungle leaves, and leopard stripes, which Curran says helps market the brand on social media. Part of PureBorn’s mission is also offering its products at an affordable price-point. For instance, a pack of 96 PureBorn nappies costs about $32 on Amazon, while a similarly-sized pack of regular Pampers is about $27.

That’s all helping this homegrown brand gain a foothold, which has been no easy feat. As founder and CEO of a small company squaring off against multinationals, Curran has juggled everything from operations and product development to fundraising. PureBorn currently only has a team of 11, but Curran has looked to bring in industry vets to give the brand a boost. That saw her hire Avneet Chaudhary, who spent 16 years at P&G. “We are fully invested in the belief that Pureborn is a global player,” says Chaudhary, now a director at PureBorn. “Our U.A.E. and regional success have shown us what’s possible if we focus on the right elements.”

One element Curran is focused on now is targeting

growth through online sales, which increased during the Covid-19 pandemic and now represent 15% of PureBorn’s total business. The company is making moves here, with Curran reporting PureBorn recently signed up to start selling through Africa’s e-commerce giant Jumia. “We’re up against some massive brands and gaining that shelf space, it’s real estate,” says Curran. “Online we don’t have those challenges.” Simultaneously, the company is focused on growing a direct to consumer subscription service, which delivers monthly.

PureBorn is also looking to expand its product offering, with plans to introduce baby skincare and home cleaning products in 2022. From a footprint perspective, Curran is focusing on growth within PureBorn’s existing markets, as it can take time to build interest for the brand in new territories. A key goal in 2022 is successfully launching new products in core markets, with the U.A.E. remaining an important one—it represents a sizable chunk of sales and Curran claims PureBorn now has a 3% share of the overall nappy category in the country. “We’re able to do lots of events, we’re on the ground, we’re speaking directly to consumers,” she says.

Still, growing the business won’t come without challenges. PureBorn reached profitability by year three of business, according to the founder, but the arrival of Covid-19 brought ongoing shipping and logistics challenges. Going into new product ranges should help deliver better margins, says Curran, but funding expansion hasn’t proven easy. To date, PureBorn’s journey has largely been bootstrapped, although last year it raised $2 million to fund the exit of an early stage partner.

Curran is currently working on additional fundraising. To help she’s enlisted Richard Clarke, a Dubai-based managing director with global consulting firm Kroll. “PureBorn is a market disruptor and has taken a large market share and a larger mind share in a very short period of time,” says Clarke, who reports seeing local investors and international family offices interested in the company. PureBorn, he adds, ticks all the boxes at a time when there’s increasing investor focus on companies that are environmental, social and governance (or ESG) friendly.

Looking back, Curran says that PureBorn’s creation was greatly inspired by her mother, who ran her own nursery in the U.K. while her daughter was growing up. For her part, Curran decided to try her luck abroad, moving to Dubai when she was only 17. She harbored dreams of pursuing a lucrative career in the U.A.E., despite not having a degree. “I ended up doing a lot of hopping from business to business,” she recalls.

By her early twenties, she was working at an organization that did restaurant franchising, which gave Curran an idea: what if she could expand her mother’s nursery business to the U.A.E. under a franchise model? So with help from her mother, Curran did just that in 2012. They sold the business to a local buyer

who planned to open multiple nursery outlets. Curran was responsible for setting up the first location, but the buyer ended up exiting the U.A.E. in 2014, putting an end to the venture.

But Curran had acquired funds from selling the franchise, which she put to use developing another idea. When compared to the U.K., she felt that the U.A.E. didn’t have the same product offerings for eco-friendly nappies. In that gap she saw an opportunity to launch her own brand.

It took six months to perfect the product. She chose bamboo as the key ingredient and looked to China for manufacturing. Her first employee was a graphic designer she enlisted based in Serbia. At the time, Curran didn’t have a child (although she has since become a mother), so she tested the nappy

“ I consider PureBorn as my baby, it’s grown up, It can walk, it can talk but now it just needs a bit of guidance to get it to run.”

with friends and family to get feedback. By 2017 PureBorn’s nappies were ready to hit the market, but there were plenty of obstacles. One arose after ordering her first batch of products: when the container arrived at customs she couldn’t afford to clear the entire shipment. As for reaching consumers, she figured that with all the hype around e-commerce she could simply create a website and start selling. That was easier said than done, forcing Curran to pivot to traditional retail.

The founder went door knocking to find a distributor, but before finding one she got her foot in the door with a buyer. Babyshop, a regional retailer, agreed to purchase three pallets of nappies, becoming the nascent brand’s first customer. From there Curran signed with a local distributor, giving PureBorn access to more retailers.

As a company looking to promote an eco-friendly product, PureBorn also needed appropriate qualifications to back

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with our latest business news. it up. Although its nappies were made with organic bamboo from China, initially PureBorn didn’t have a certification. Getting that required Curran to travel to China and meet with the government. In the meantime, PureBorn’s nappies were on shelves for about a year before they successfully got certified as organic. “That’s when the brand really took off,” says Curran. After launching with nappies as its core product, PureBorn also began adding new products into the mix, starting with wet wipes and then pull-ups and swim pants.

Meanwhile, the arrival of COVID-19 saw e-commerce take on more importance for PureBorn—inadvertently realizing Curran’s original goal of selling directly to customers online. Now, PureBorn’s founder is keen to leverage that momentum to help grow the brand even further. “I consider PureBorn as my baby, it’s grown up,” says Curran. “It can walk, it can talk but now it just needs a bit of guidance to get it to run.”

30 30UNDER

E-commerce

Hannah Curran also made Forbes Middle East’s 30 Under 30 list in 2021 as one of four entrepreneurs in the e-commerce category. Here’s a reminder of who the other three were. Ages are as of December 31, 2020.

Ahmed Gaber 29

CTO and co-founder of Bosta Nationality: Egyptian Residence: Egypt Gaber co-founded Egyptian courier service Bosta six years ago after dropping out from college. Before setting up Bosta, Gaber co-founded a P2P file-sharing application for smartphones called “Join.” Aboudy Farkh 27

CEO and founder of Blue Terra Nationality: Lebanese Residence: U.A.E. Farkh founded the Blue Terra marketplace for sustainable products in the U.A.E. and Saudi Arabia after a short career as a professional basketball player in the Lebanese league. The company is part of Enhance Ventures, one of the biggest startup studios in the region. Elias Tsikhlakis 28

COO of eyewa Nationality: Jordanian Residence: U.A.E. Tsikhlakis is one of the founding members of eyewear e-commerce platform eyewa, joining the founders as the company’s first team member in 2017. Tsikhlakis oversees the e-commerce operations of the firm and manages eyewa’s retail expansion in the U.A.E.

The High Life

Co-founder, Paul Eden, explains how Regal London is delivering top-quality living in the English capital—and why Dubai is integral to the company’s plans.

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What is Regal London and how it has grown over the years? We founded Regal London over 20 years ago. Two decades on, we are one of London’s leading privately owned mixed-use developers. We seek to deliver beautiful, highquality homes in undiscovered urban pockets, creating spaces to live, play, and work. Having completed our first development in Hampstead in North West London in 1999, we have since delivered over 2,000 new homes across some of the capital’s most soughtafter locations from Kensington to King’s Cross and from Clapham to Shoreditch.

Originally a team of two, we are now a fully integrated business of more than 140 experts, but we are still close-knit and continue to deliver world-class customer service.

London enjoys international appeal. How important is it for you to develop and maintain a global presence? One of our unique qualities is our global presence. We span four international regions with dedicated offices and teams in each, including an office in Downtown, Dubai.

Following the success of our inaugural property showcase at the Four Seasons Jumeriah Dubai last year, we are excited to be returning with what will now be an annual fixture for the Ramadan season, this year continuing until 8th June. The event heralds the start of our exciting new project with Al Jalila Foundation, a charity dedicated to transforming lives through medical research, education, and treatment in the U.A.E. What makes you different to other real estate developers? Our global on-site presence in Dubai, which is a rarity for U.K. developers, allows us to fully understand our U.A.E. buyer demographic. Unlike many other developers, we have our own in-house construction team, and are in complete control of the quality and design of our homes and wider spaces that we create. We put the customer at the center of everything we do, ensuring outstanding quality and service at every stage of the process. We take real joy in ensuring that our buildings are not only beautiful but that they also complement and enhance the wider area.

Paul Eden, Co-founder, Regal London London’s latest collection, which includes some of our finest work to date such as One St John’s Wood, which offers luxury living in the green heart of North West London. The collection also includes The Clarendon, Watford, which provides an exclusive opportunity for investors and those looking for a base within easy reach of London, as the scheme is just 15 minutes from Euston by train. What’s more, we’re launching two new developments in east central London – one in the heart of trendy London Fields, and one in the City of London, both of which are within close proximity to the employment centres of Canary Wharf and Bank.

What’s on the horizon for Regal London? We are excited to share Regal www.regal-london.co.uk

• WOMEN BEHIND MIDDLE EASTERN BRANDS •

TURNING DOWN THE HEAT

Doaa Gawish, Founder of The Hair Addict, has built a thriving community as well as a successful business. As she expands her products across the GCC, she’s also educating consumers on how to love and embrace their natural and curly hair.

BY LAYAN ABO SHKIER

Egyptian engineer Doaa Gawish has always had naturally thick, vibrant, curly hair, but before founding her “The Hair Addict” community six years ago, she spent much of her time and money on hiding it. “I planned my entire week around my trips to the hairdresser. We did not think much about the label that was put on us. We did not think much about fighting it,” she remembers, speaking on behalf of the thousands of women in the community that used to do the same. “You just had to do something about your hair. You had to iron it.”

Today, The Hair Addict is a thriving small business selling products for all types of natural hair that focus on embracing and nourishing curly and textured hair rather than heating and straightening it. Having been totally self-funded so far, it has two branches in Egypt and the U.A.E., 24 employees, and an online community on Facebook and Instagram connecting to over 570,000 people.

The online push that came as a result of the global pandemic has helped accelerate growth. As consumers spent more time online browsing social media in 2020, The Hair Addict increased its online presence, promoted its products, and began shipping internationally. Gawish opened the second branch of The Hair Addict in Dubai in 2020 in response to increasing demand. As lockdowns and other restrictions eased, she also collaborated with major retailers and pharmacies in Egypt, including Samir William and the El Ezaby Pharmacy. Her products could be found in 80 outlets across Egypt as of April 2022; the founder has plans to reach 500 by the end of the year. “Offline sales are essential in Egypt because people turned online only during the pandemic, and although they are still doing online orders, the Egyptian consumer likes to see the product on the shelf,” says Gawish. “We have witnessed a boom in our sales ever since we launched the offline channel, in the online sales as well.”

As she expands her business, Gawish is also finding a new sense of purpose—something she found lacking in her previous occupation. Before 2016, Gawish worked in the corporate world, where she spent around 11 years at Procter & Gamble (P&G), climbing the rankings to become the supply network operations senior director of P&G Near East. Yet, despite building a successful career, Gawish was not happy with what she was doing. “I wasn’t very happy, but I thought that you did not need to like your work. You just need to do your best, and if it’s a good job giving you a good status in society with a good salary, this is all you need. I never questioned that,” Gawish recalls. “I felt I needed a hobby, and I saw a lot of women around me starting those Facebook communities talking about everything that they liked and sharing it with other women and interacting,” she adds.

Inspired, Gawish established her own Facebook group, “The Hair Addict,” in February 2016 and started sharing remedies for protecting natural hair from heat damage. “I always liked my hair,” she explains. “So, I used to explore natural hair care remedies to protect it from all the damage I was doing to it.”

To begin with, Gawish used her Facebook group to share advice and tricks to maintain healthy hair. Her tips were based on her own research, as well as consultations with pharmacists. “Pharmacists are mostly the ones who formulate products in Egypt, not chemists,” she explains. “People actually got very engaged, and they interacted with me because they felt that what I was saying was based on science.”

A few months after establishing the group, Gawish was sent by P&G to the U.K. to do an economics course at Oxford University over the summer. For the first time, she did not have easy access to a hairdresser, which meant she had to wear her hair naturally, unstraightened. This sparked an idea. “I thought that the thing that is most damaging to the hair is heat. So why not encourage people to leave their hair natural for summer?” she says. At that time, the majority of women in The Hair Addict community were suffering from and complaining about hair fall. This is a common problem for treated hair. “More than 50% of women will experience hair loss or Alopecia at some point in their life, says Dr. Jobeetha Yoosuf, Specialist Dermatologist and Head of the Department at Medcare Hospital, Sharjah & Medcare Women and Children Hospital, Dubai.

Working with her niece, Gawish created the hashtag #The_Heat_Free_Challenge, calling on women to

wear their hair naturally for summer to prevent hair loss. She says the reactions were “aggressive.” Gawish realized that most women were not blow-drying their hair for their own preferences; they were doing it because of the pressure they felt from society.

Gawish decided it was time to fight this norm. She invited women that wore their curly hair naturally to the group to share their journeys, including the benefits of “going natural” and, most importantly, the transformation that they saw in their hair as a result. Over summer 2016, The Hair Addict community grew from 5,000 to 80,000 people organically, according to Gawish. She and the group members started to explore their natural hair journey together, each posting their experiences and sharing tips on how to bring their curls back to life.

Meanwhile, Gawish found out about the Curly Girl Method, a book by British author Lorraine Massey, on how to take care of wavy and curly hair. She reached out to Massey and invited her to join a live video discussion to share her thoughts and advice. One of Massey’s most important tips was to use hair products that contained good chemicals. “We consider anything that is water-soluble as a good chemical. Anything that stays in the hair, even though you are washing it with water, is a bad chemical,” Gawish explains. “With time, bad chemicals accumulate and prevent the water from reaching the hair shaft, so the hair becomes very dry.”

However, it was 2018, and the Egyptian market at that time had very few products suitable for naturally curly hair. Meanwhile, The Hair Addict Facebook group had expanded to around 120,000 people, and Gawish was receiving requests from people asking if the recipes she shared on the group were available as products to buy, as well as from haircare companies in Egypt asking to advertise for them. Recognizing an opportunity, she resigned from her corporate job to establish her own brand. The Hair Addict’s first product was a remedy for hair fall, The Indian Recipe, which is still a best-seller today. This was followed by The Swim-Proof Recipe. Orders came in through WhatsApp via the Facebook page in the beginning, until the website went live in November 2018. Today, the company sells 17 products, and it plans to expand its portfolio to 30 products before the end of 2022. Consumables are currently formulated locally and produced in Egypt to serve the Egyptian market, but the U.A.E. and Italy are being considered for production to serve the wider Gulf.

She’s not the only retailer in the market recognizing and responding to growing demand, with large conglomerates also getting in on the action. “Carrefour introduced new families in the shampoo category in 2019 across the U.A.E., Qatar, Oman, and Egypt, including moisturizing shampoo, natural and organic shampoo, and curl-defining shampoo,” says a spokesperson from Majid Al Futtaim. “This category of products has been seeing a 100% growth in sales since 2020.”

But for Gawish, the business is not just about revenue; it’s about raising awareness. Other initiatives from The Hair Addict have followed #The_Heat_Free_Challenge, including “Naturally Beautiful In Special Occasions,” “The Natural Hair Fest,” “Haircare is gender-neutral,” and the #Teach_Them_Self_Love_School_Tour, which reaches out to children and teenagers and teaches them how to love and take care of their natural hair from a young age. These initiatives were further supported by the launch of The Hair Addict’s first line of products for children, the “Bubble Trouble” collection, in August 2021. The heat-free challenge also became a heat-free tour, with the company giving one-on-one sessions and face-to-face consultations with customers at selling points.

Gawish now plans to follow the same steps across the GCC market, starting with online sales, shipping directly from its newlyopened branch in Dubai, to put The Hair Addict products on GCC shelves by the end of 2022. A line of products for men is also under development.

And as she grows her business, the founder remains committed to educating the community on loving and taking of your hair naturally. “Eradicating the stigma around natural hair means targeting the root of the issue,” says Gawish.

“We have witnessed a boom in our sales ever since we launched the offline channel, in the online sales as well.”

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Banking: The Drive for Digitalization

Sami Abutaleb, Group Head of Information Technology at Ahli United Bank, explains why digitalization is a must in the world of finance – and how banks can get it right.

For the banking industry, how critical a step is digitalization? In my observation of the evolution of banking technology over the past two decades, I see a consistent pattern of how industry winners have, without fail, been early adopters of digitalization. Digital allows leapfrogging competition in ways that traditional business practices cannot match, and in the pandemic-induced new normal, digital advancement has been placed in the fast lane.

What are the main factors to consider when embarking on the digitalization journey? I consider five factors as critical when prioritizing digitalization. The first factor is business velocity. It is important to consider prioritizing areas where digital impact creation can happen in a matter of weeks or months. Short-tail use cases are essential in putting the wind under nascent digital programs.

The second factor to consider is customer-centricity. Digitalization

programs must keep customers at the heart of what they have set out to achieve and customers should be the ultimate metric for measuring impact. Programs should produce significant, meaningful change in customer experience and exceed their expectations. The third factor consists of taking stock of strategic opportunities. This means carefully considering future growth areas for the business, the evolution of the regulatory environment, the macroeconomy, and trends in competition. This analysis often provides meaningful Sami Abutaleb, Group Head clues on areas that of Information Technology at need greater digital Ahli United Bank focus. The fourth factor is pushing end-to-end straight-through-processing (STP). This is essential to truly realize gains in terms of returns on investment and to unleash scale in digital channels.

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The fifth and final factor is investing in data and analytics capability. As we advance, the ability to rapidly mine data to generate user insights will enable banks to create profoundly more meaningful products and experiences for their customers. This capability, in my view, will develop as the new core competitiveness for the banking industry in the coming decade.

Business and digital transformation are your specialties. Regarding the banking sector, what approach do you think is the most efficient when choosing to go digital? As a leader, I have found it helpful to take a bird’s eye view of the entire landscape, given the multitude of moving pieces that are part of any large transformation program. This could include designing digital channels with customercentric product experiences, the reengineering and automation back-office processes, creating high-impact go-to-market campaigns, or—most importantly— building organizational self-belief. The latter involves energizing employees to embrace and champion digital transformation. be: mobile-first, customized, and fully digital. Across segments, our customers want the ability to achieve most, if not all, of their banking and financial tasks using only their mobile devices. Customers also expect us to deliver services that recognize and satisfy their unique needs and create hyper-personal experiences. What’s more, they expect banking services to be fully digital, with no queues, no paper, no physical visits to branches, and 24/7 availability. While realizing this is still a work in progress, this is my ‘North Star’ vision of what digital transformation needs to deliver for customers.

The banking industry’s responsiveness to technological change can be somewhat slow. What are the main limitations and challenges that could hinder digitalization efforts, and how can they be overcome? I feel that the rate of technology adoption is non-uniform within the industry, making it seem that the overall industry is moving slowly. However, most serious regional players are accelerating their digital programs, in my reading. While a few years back, boardroom strategy

Digital allows leapfrogging competition in ways that traditional business practices cannot match industry winners have, without fail, been early adopters of digitalization

What does digital transformation mean to a bank’s corporate clients and retail customers? It may seem surprising, but the expectation is quite similar for both segments. If I were to summarize these expectations, they would was seen to drive digital, I now get the impression that it is digital and technology that are giving direction to corporate strategy.

This is how an organization struggling with hindrances to digital may want to break out: by having digital leadership build a solid and clear vision of strategy outcomes to be achieved via digital transformation and building consensus amongst the board and higher management. This needs to be backed with periodic leaps in customer service and capability through diligent program delivery.

Under your leadership, what steps has Ahli United Bank (AUB) taken so far on its digitalization journey, and how does it plan to continue advancing into the future? At AUB, we continue working with a forward-looking view to developing technologies and experiences that will be industry firsts in the region. We are actively working on creating a best-in-class API architecture that helps us seamlessly connect with fintech and service providers from the region and across the world so that our customers can experience newer and better services. As part of our digital transformation, Gulf Business Machines (GBM) has been a partner that has helped us realize our vision by bringing their regional expertise and global access to cutting-edge technologies. They have helped us optimize and acquire the right technologies while maintaining our cost targets. We are also looking at digital as the pivot that helps us penetrate further and expand into our existing overseas markets. It is an exciting time for us, and we are confident of emerging ahead of the pack in our strategic focus areas.

www.ahliunited.com

50 WOMEN

BEHIND MIDDLE EASTERN BRANDS 2022

Women in MENA are increasingly taking on leading roles within the region’s largest enterprises, but they are also establishing their own successful businesses in rising numbers, with operations in all sectors of the economy. Some of these businesses are garnering international attention, with some arguably shaping the sectors they perform in.

Forbes Middle East’s list of 30 Women Behind Middle Eastern Brands features brands across six countries in MENA. The U.A.E. is home to 13 of these successful businesses, followed by Egypt with eight and Lebanon with five. The list also represents 18 different nationalities, with Egyptians dominating the list with 11 entries, followed by Lebanese with four entries. Some of these brands are now international labels appearing at the world’s most anticipated events, such Rayan Al Sulaimani’s Atelier Zuhra, who dressed Paris Hilton at the 2022 Grammys. Huda Kattan was also recognized on Forbes’ list of America’s Self-Made Women 2021.

Our list of 20 Women Behind Middle Eastern Tech Brands highlights the female founders and cofounders of some of the region’s most successful tech-enabled platforms and apps. This year’s ranking highlights a diverse group of people from 17 different nationalities working in 13 sectors, whose businesses are predominantly based in the U.A.E. with 13 entries, followed by Egypt and Saudi Arabia, each being home to two of these companies. Some of these companies are leading the startup ecosystem in MENA, such as Rita Huang Zhen’s iMile for delivery services, whose company was also the ninth most-funded startup in the region in 2021. Others, such as Mona Ataya and Leena Khalil of Mumzworld and Anuscha Ahmed Iqbal of Spotii, have successfully led some of MENA’s most significant exit deals in 2021.

Methodology To create this ranking, companies and brands had to be based in MENA. We took into consideration the following criteria: • Celebrities that have endorsed the brand. • Number of countries the brand is present in. • Number of social media followers. • Media coverage. • Years of experience. • For tech brands, the amount of external funding received and revenues. • Editorial points.

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

30 WOMEN BEHIND MIDDLE EASTERN BRANDS 2022

1. Huda Kattan

Brand: Huda Beauty; WISHFUL Category: Beauty Establishment: 2013;2020 Nationality: Iraqi-American Headquarters: U.A.E.

Kattan is the CEO of her namesake makeup brand Huda Beauty, which she first launched as a beauty blog in 2010. She worked with her sisters Mona and Alya to transform it into a cosmetic brand three years later when they started selling false eyelashes in Sephora. Today, Huda Beauty produces a range of products, including moisturizers, makeup, serums, and fragrances. The brand is used by celebrities such as Serena Williams, Lucy Hale, and Alexandria Ocasio-Cortez. Kattan was recognized as a top beauty influencer by Forbes in 2017, and as one of America’s Self-Made Women in 2021, with a net worth of $490 million as of April 8, 2021. In the same year, Kattan launched the GloWish line of makeup as a sub-brand of Huda Beauty.

2. Azza Fahmy, Amina and Fatma Ghali

Brand: Azza Fahmy Jewellery Category: Jewelry Establishment: 1969 Nationality: Egyptian Headquarters: Egypt

Artist, chairwoman, and creative director Fahmy began her career in 1969, making jewelry pieces and selling them to her friends. She built her brand to become a reflection of Arab heritage. The brand sells its designs online and in 18 stores across the Middle East and in Washington and London. Fahmy’s designs have been worn by celebrities, including Yousra, Julia Roberts, Joss Stone, Amy Adams, Rihanna, and Raya Abirached. Fahmy’s two daughters, Fatma and Amina, are the company’s Managing Director and Head Designer, respectively. In 2015, Fahmy established her teaching institute, the Design Studio by Azza Fahmy. In 2021, she published her autobiography, “Ahlam La Tantahi.”

3. Mona Kattan

Brand: KAYALI; Huda Beauty Category: Perfumes; Beauty Establishment: 2018; 2013 Nationality: Iraqi-American Headquarters: U.A.E. Kattan first entered the cosmetics industry as a cofounder of Huda Beauty, alongside her sisters Huda and Alya in 2013. Five years later, she launched her own perfume brand, KAYALI. Her products have since been used by celebrities such as Eva Longoria, Adriana Lima, Jen Atkin, Megan Pormer, Jackie Aina, Elnaz Golrokh, and Jacqueline Fernandez. In 2021, Kayali released two new fragrances. According to the company, it has increased its global distribution by 20% year on year.

4. Rayan Al Sulaimani

Brand: Atelier Zuhra Category: Fashion Establishment: 2015 Nationality: Omani Headquarters: U.A.E./Oman

Al Sulaimani is the CEO and designer of Atelier Zuhra, a couture house founded by her mother, Mouza Al Awfi. Its designs have been spotted on celebrities such as Nicki Minaj, Alicia Keys, Christina Aguilera, Kareena Kapoor, Sonam Kapoor, and Aishwarya Rai. Paris Hilton wore a design by Atelier Zuhra at the Grammys in 2022. In 2021, Zuhra launched a 50-piece Ramadan Eid collection, which reportedly sold out in four hours.

5. Andrea Wazen

Brand: Andrea Wazen Category: Footwear Establishment: 2013 Nationality: Lebanese Headquarters: Lebanon Lebanese shoe designer Wazen trained under Rupert Sanderson and Christian Louboutin after relocating to the U.K. in 2010. Wazen’s shoes have been spotted on the likes of Beyonce, Kylie Jenner, and Dua Lipa. The brand has a wide presence across Europe online and in stores and is available at Saks Fifth Avenue across 10 stores in the U.S. Wazen also works to support young local artisans in Beirut.

6. Aya & Mounaz Abdelraouf

Brand: OKHTEIN Category: Accessories Establishment: 2014 Nationality: Egyptian Headquarters: Egypt OKHTEIN designs have been seen on celebrities such as Beyonce, Gigi Hadid, Alessandra Ambrosio, Kylie Jenner, and Queen Rania. The company launched its own mobile application in December 2021. In the same year, sisters Aya and Mounaz shifted production to Italy and announced a partnership with the Bidayat Group.

7. Farida Temraz

Brand: Temraza Category: Fashion Establishment: 2012 Nationality: Egyptian Headquarters: Egypt Temraza creates customized couture and ready-to-wear items, which have been seen on celebrities such as Carrie Underwood, Camila Cabello, Tyra Banks, Haifa Wehbe, and Carole Samaha. Temraz participated in London Fashion Week in 2013 and has since taken part in fashion weeks in Milan, New York, Paris, Beirut, and Dubai. In 2021, she released her first book, “Fashion Branding and Social Media: A Practical Guide.” Temraz is also a fashion ambassador for Egypt, a North African Director at the Council of International Fashion Designers, and a North African Ambassador at the Fashion Business Association of America.

8. Gemy Maalouf

Brand: Gemy Maalouf Category: Fashion Establishment: 1996 Nationality: Lebanese Headquarters: Lebanon Maalouf opened her prime atelier in Beirut in 1996. Today, her namesake brand is present in 48 countries, with 150 brand boutiques. In 2021, Egyptian actresses Arwa Gouda, Yousra, Asmaa Galal, and others wore her dresses to the El Gouna Film Festival. That same year, the company launched an outlet e-shop to sell or transform older pieces. Its designs have been spotted on celebrities such as Lady Gaga, Haifa Wehbe, Yousra, Iggy Azalea, Kelly Clarkson, Kesha, and Gwen Stefani.

9. Dima Rashid Al-Sarraj

Brand: Dima Jewellery Category: Jewelry Establishment: 2003 Nationality: Palestinian Headquarters: Egypt Dima Jewellery sells high-end jewelry featuring 18-carat gold, diamonds, and hand-picked precious and semiprecious stones. Dima Jewelry today is sold across Egypt, Saudi Arabia, and the U.A.E. Queen Rania of Jordan, Yousra, Naomi Campbell, Gigi Hadid, Adriana Lima, Ahlam, Eva Mendez, Mona Zaki, and Oprah Winfrey are some of the celebrities that have been seen wearing the brand. Al-Sarraj also created the “Treasurly by Dima” line for fine antique, vintage and diamond jewelry. Dima Jewellery had 202,700 Facebook followers as of April 4, 2022.

10. Mouna Abbassy

Brand: IZIL Category: Beauty Establishment: 2012 Nationality: Moroccan Headquarters: U.A.E. Abbassy created her all-natural skincare line 10 years ago, influenced by ancient Moroccan recipes. Today, the brand offers skin, hair and body products. The U.S. and U.K. are the brand's largest markets outside the GCC, recording growth of 40% and 50% in e-commerce sales in 2021, respectively. In 2021, IZIL opened new offices in Dubai and launched a Moroccan Hammam and Spa in the Dubai Mall. IZIL had 341,000 followers on Instagram as of April 4, 2022.

11. Yasmine Yeya

Brand: Maison Yeya Category: Fashion Establishment: 2007 Nationality: French-Egyptian Headquarters: U.A.E. Maison Yeya is a French-Egyptian fashion house that offers couture, ready-to-wear, bridal, couture privée, and accessories. According to the company, its operations nearly doubled in 2021, and in the same year it expanded into the GCC, Mexico, and Nigeria. The brand has dressed celebrities such as Jennifer Lopez, Nicole Scherzinger, and Mona Zaki. It had 282,000 followers on Instagram as of April 4, 2022.

12. Sara Onsi

Brand: Sara Onsi Category: Fashion Establishment: 2016 Nationality: Egyptian Headquarters: Egypt Onsi debuted on the runway at Milan Fashion Week in February 2020, having previously participated in fashion weeks in London, Paris, and New York. Her designs were seen on celebrities during the El Gouna Film Festival 2021, including Yousra, Amina Khalil, Dorra, Hend Sabry, Nelly Karim, Mahira Abdel Aziz, and Mona Zaki. In December 2021, she was named as one of Egypt’s women of the year by the Minister of Culture, and in 2022, she was recognized in L’Oreal Paris’ Women of Worth campaign.

13. Hannah Curran

Brand: PureBorn Category: Babycare Establishment: 2016 Nationality: British Headquarters: U.A.E. PureBorn produces sustainable and organic products for babies, including organic bamboo nappies, wipes, and ecobags that all are vegan, animal cruelty-free, hypoallergenic, dermatologist-approved, and ECOCERT certified. It has an online and offline presence in 16 countries. Product packaging uses sugarcane and cornstarch, enabling it to use 40% less plastic. In December 2021, the company raised $2 million in its first funding round.

14. Marmar Halim

Brand: Marmar Halim Category: Fashion Establishment: 2012 Nationality: Egyptian Headquarters: U.A.E. Halim is the founder and creative director of Dubai-based fashion house Marmar Halim, which creates evening and bridal gowns, readyto-wear, and high-end kaftans. The brand has 13 branches across the world and two PR houses in Los Angeles and India. Its designs have been seen on celebrities such as Yuh-Jung Youn, Carole Samaha, Assala, and Deepika Padukone. In 2019, Marmar Halim opened its showroom in Dubai and launched its bridal collection in the Netherlands, Hong Kong & South Korea. Halim is currently planning to open four new stores in South Korea and Singapore, as well as launch a bridal shoe line. The brand had 209,000 followers on Instagram as of April 4, 2022.

15. Sandra Mansour

Brand: Sandra Mansour Category: Fashion Establishment: 2010 Nationality: French-Lebanese Headquarters: Lebanon Sandra Mansour creates ready-to-wear, bridal wear, and hand-embroidered items, which are present in nine countries: Lebanon, the U.A.E., Qatar, Saudi Arabia, the U.S., Switzerland, the U.K., Italy, and China. Its designs have been seen on international celebrities such as Gigi Hadid, Sarah Jessica Parker, Alexandra De Hanovre, Anya Taylor Joy, Princess Ekaterina, Ellie Goulding, and Lady Gaga.

16. Jude Benhalim and Rana Al-Azm

Brand: Jude Benhalim Jewelry Category: Jewelry Establishment: 2011 Nationality: Egyptian; Jordanian Headquarters: Egypt Benhalim cofounded her jewelry brand in 2011 with her mother, Rana Al-Azm, when she was 17 years old. Celebrities including Nicole Ari Parker, Hend Sabry, and Sawsan Badr have been spotted wearing her designs. The brand opened its third branch in Egypt in 2021.

17. Nadine Kanso

Brand: Bil Arabi Category: Jewelry Establishment: 2006 Nationality: Candian Headquarters: U.A.E. Bil Arabi designs incorporate Arabic calligraphy with a contemporary twist. Her jewelry was worn by Lebanese Actress Nadine Nassib Njeim, AmericanIraqi businesswoman Huda Kattan, and Jordanian-Armenian shoe designer Amina Muaddi, when the three featured on Vogue Arabia’s February 2022 issue. Kanso has previously collaborated with international brands such as Gucci and Louis Vuitton for commissioned artistic projects. She is also a photographer, with her collections shown at the Cuadro Gallery in Dubai’s International Financial Center.

18. Maha Morley-Kirk

Brand: Fifteen Make Up & Beauty (Sub-brands: Pinky Goat & Eyecha) Category: Beauty Establishment: 2015 Nationality: Lebanese Headquarters: U.A.E. Fifteen Make Up & Beauty develops two ecofriendly eyelash brands: vegan eyelashes Pinky Goat and recycled Eyecha Lashes. Pinky Goat lashes are sold at over 3,000 points of sale worldwide, including Superdrug, Lifestyle, Faces, Boots, Nahdi, and Clicks, as well as online platforms such as Sephora, iHerb, Douglas, Namshi, and Noon. Eyecha Lashes were launched in 2021 and are now sold at over 2,000 points of sale. Both brands plan to expand to 10,000 locations by the end of 2023.

19. Madiyah Al Sharqi

Brand: Madiyah Al Sharqi Category: Fashion Establishment: 2012 Nationality: Emirati Headquarters: U.A.E. Al Sharqi is the daughter of the Ruler of Fujairah, Sheikh Hamad bin Mohammed Al Sharqi. She founded her fashion brand in 2012, which operates online and offline in the U.A.E., Kuwait, and Saudi Arabia. Al Sharqi collaborated with Lebanese influencer and eyewear designer Karen Wazen in 2021. Their second collection was launched in spring 2022 and is available at Harvey Nichols and Bloomingdales, among other retailers. The brand’s designs have been worn by celebrities including Fan Bingbing, Zendaya, Khloe and Kourtney Kardashian, and Priyanka Chopra.

20. Dima and Tania Nawbar

Brand: L’Atelier Nawbar Category: Jewelry Establishment: 2011 Nationality: Lebanese-British Headquarters: Lebanon The Nawbar sisters are the fourth generation of jewelers in their family. Their collections are sold in the U.S., France, the U.K, Belgium, Switzerland, Monaco, Senegal, Kazakhstan, Hong Kong, Morocco, Kuwait, the U.A.E., Egypt, Saudi Arabia, and Lebanon through online and offline high-end stores, including Bloomingdale’s, Saks Fifth Avenue, the conservatory, and Madlords. Their designs have been spotted on celebrities, including Charlize Theron, Emily Blunt, Halle Berry, Carla Haddad, and Camila Cabello.

21. Sarah Beydoun

Brand: Sarah’s Bag Category: Accessories and Fashion Establishment: 2000 Nationality: Lebanese Headquarters: Lebanon Beydoun is the owner and creative director of Sarah’s Bag, and her handcrafted designs have been spotted on celebrities including Beyonce, Amal Clooney, Queen Rania of Jordan, and Nadine Labaki. In 2021, the brand collaborated with Mastercard in a project to support women-owned small businesses at Expo 2020. During the pandemic, Beydoun created a readyto-wear clothing collection, which now represents around 40% of the brand’s sales.

22. Razan Alazzouni

Brand: Razan Alazzouni Category: Fashion Establishment: 2008 Nationality: Saudi Headquarters: Saudi Arabia Razan Alazzouni specializes in using layering, beading, and embroidery across its dresses and kaftans. The brand’s designs have been spotted on celebrities such as Emma Roberts, Kendal Jenner, and Elizabeth Banks. It introduced its first kid’s capsule collection in July 2021. Razan Alazzouni had 501,000 followers on Instagram as of April 4, 2022.

23. Mina Al Sheikhly

Brand: By Mina Al Sheikhly Category: Beauty Establishment: 2020 Nationality: Iraqi Headquarters: U.A.E. Mina Al Sheikhly’s mascara line, comprising of two mascaras—elevated and tailored—is produced and packaged in Italy. According to the company in November 2021, the line reported more than $1 million in revenues since establishment, with Iraq, Saudi Arabia, the U.A.E., and the U.S. being its top-selling markets. Al Sheikhly is also the host of MBC’s Iraq Beit Beauty TV show, and her personal Instagram account had more than 3.2 million followers as of April 11, 2022.

24. Maram Borhan

Brand: Maram Borhan; Maram The Label Category: Fashion Establishment: 2017; 2020 Nationality: Egyptian Headquarters: Egypt Maram Borhan is a luxury couture house that creates a range of embroidered, sequin embellished, and pleated gowns inspired by nature. Its designs have been spotted on Arab celebrities such as Mona Zaki, Youssra, and Dina Dash. Borhan collaborated with ecommerce platform FarFetch in March 2022 to launch its exclusive Ramadan capsule collection. During the summer of 2020, Borhan founded Maram The Label, a ready-to-wear brand, in response to the pandemic’s impact on the demand for weddings and luxury couture gowns. Her brands, along with her retail store “The Boutique”, had a total of over 500,000 followers on their Instagram pages as of April 4, 2022.

25. Noha Nabil

Brand: Noha Nabil Beauty Category: Beauty Establishment: 2020 Nationality: Kuwaiti Headquarters: U.A.E. Nabil founded her namesake brand in late 2020. Before pursuing her fashion career, Nabil became a TV personality aged nine, presenting youth programs on Kuwait's AL Rai TV, Saudi Arabia's Rotana, the U.A.E.'s Dubai TV, and Kuwait’s Al Watan. Nabil is also a fashion blogger and influencer with 11.3 million followers on Instagram as of April 15, 2022.

26. Faiza Bouguessa

Brand: Bouguessa Category: Fashion Establishment: 2014 Nationality: French-Algerian Headquarters: U.A.E. Bouguessa founded her fashion brand in 2014 from a studio in Dubai Design District, where today she designs three collections a year. The Dubai-based brand is sold online and offline in Saudi Arabia, Kuwait, and Dubai through Pattern, Bloomingdale’s, Symphony, and Harvey Nichols. Bouguessa’s designs have been worn by celebrities including Beyoncé, Sonam Kapoor Ahuja, Priyanka Chopra, Melissa McCarthy, and Amina Muaddi.

27. Noor Rashid and Haya Mohammed Al Khalifa

Brand: Noon by Noor Category: Fashion Establishment: 2008 Nationality: Bahraini Headquarters: Bahrain The Al Khalifa cousins presented their Spring 2022 collection at London Fashion Week in September 2021 and their Fall 2022 collection in February 2022. Their designs have been spotted on celebrities, including Jenifer Lopez, Eva Longoria, Blake Lively, Bella Hadid, Anne Hathaway, and Queen Rania of Jordan. In October 2021, Noon by Noor partnered with Think Pink, a Bahrain non-profit Breast Cancer Society, to spread breast cancer awareness by donating 10% of its sales to the organization.

28. Doaa Gawish

Brand: The Hair Addict Category: Beauty Establishment: 2018 Nationality: Egyptian Headquarters: Egypt Gawish left her career in the supply chain industry in 2018 to establish the Hair Addict due to a lack of suitable products in the Egyptian market for curly and natural hair. The brand had a community of over 570,000 people on Facebook and Instagram as of April, 2022. It currently has two branches in Egypt and the U.A.E., selling 17 products, and it plans to expand its portfolio to 30 products before the end of 2022.

29. Arwa Alammari

Brand: ArAm Category: Fashion Establishment: 2014 Nationality: Saudi Headquarters: Saudi Arabia Alammari is known for incorporating Saudi heritage within her modern designs. Her label has been worn by Arab celebrities such Mai Selim and Mahira Abdelaziz, and Nojoud Alrumaihi. Alammari also dressed the Saudi opera singer Reemaz Oqbi and pianist Rowaida Raffa at Expo 2020 Dubai in January 2022. Alammari is also an ambassador and fashion consultant for the Saudi Fashion Council, and cofounder and vice chairwomen of the Saudi Fashion Association (Azyaona), which was launched in September 2021.

30. Balqees Fathi

Brand: BEX Beauty Category: Beauty Establishment: 2020 Nationality: Emirati Headquarters: U.A.E.

Fathi is a well-known Emirati singer with 13 million followers on Instagram, 1.4 million followers on Facebook, and 1.76 million subscribers on YouTube, as of April 2022. Her father, Ahmed Fathi, is also a Yemeni musician. BEX Beauty is sold at major retailers like Ounass.ae and FACES, and in the U.A.E. and Saudi Arabia, shipping to all over the world.

20 WOMEN BEHIND MIDDLE EASTERN TECH BRANDS 2022

1. Rita Huang Zhen

Brand: iMile Delivery Services Category: Logistics Establishment: 2017 Nationality: Chinese Headquarters: U.A.E. iMile’s CEO Huang cofounded the startup with Naveen Joseph, Gao Wenli, and Nancy Chen. The firm provides logistics and courier solutions to e-commerce companies, trying to resolve cash-on-delivery and lastmile delivery issues. Its services cover vendors in China, the U.A.E., Saudi Arabia, Mexico, Oman, and Morocco. Under Huang’s leadership, iMile secured $40 million in a Series A financing round in November 2021, reaching a valuation of $350 million and bringing its total funding to $50 million since inception. This made the company the ninth mostfunded startup in MENA in 2021. Before establishing her own firm, Huang worked with Chinese tech giants Huawei and Alibaba.

2. Mona Ataya; Leena Khalil

Brand: Mumzworld Category: E-commerce Establishment: 2011 Nationality: Palestinian; British Headquarters: U.A.E. Ataya and Khalil’s Mumzworld platform, which connects 2.5 million users across the Middle East, secured $50 million through six funding rounds before being acquired by Tamer Group in June 2021. The e-commerce site sells more than 300,000 products for parents and children. It recorded its highest sales in 2021, at the same time as widening its presence in Saudi Arabia and the GCC.

3. Nadine Mezher

Brand: Sarwa Category: Fintech Establishment: 2017 Nationality: Lebanese Headquarters: U.A.E. Mezher cofounded financial advisory platform Sarwa with Mark Chahwan and Jad Sayegh. The company serves more than 80,000 users. Sarwa Trade was released in March 2021 as a zero commission, zero transfer fee, trade podium. In the same year, it raised $15 million in funding from the Mubadala Investment Company, along with contributions by Hambro Perks Oryx Fund, HALA Ventures, and Middle East Venture Partners. The company has raised $25 million in total funding from investors such as KIPCO and California-based 500 Startups.

4. Ambareen Musa

Brand: Souqalmal Category: Fintech Establishment: 2012 Nationality: Mauritian Headquarters: U.A.E. Musa founded financial comparison website Souqalmal to allow users to better understand, manage, and grow their finances. The platform provides information to users in the U.A.E. and Saudi Arabia on over 3,200 products and services, including loans and accounts management, insurance proceeds, and financial education. GoCompare, Hummingbird, VentureSouq, U.A.E. Exchange, NNS Capital, and the Riyad Taqnia Fund have previously invested in Souqalmal, which has raised $15.2 million in funding. In March 2022, SHUAA Capital acquired a major stake in the company.

5. Fatma El Shenawy

Brand: Khazna Category: Fintech Establishment: 2019 Nationality: Egyptian Headquarters: Egypt El Shenawy cofounded Khazna with Omar Saleh, Ahmed Wagueeh, and Omar Salah in 2019, and they launched it in 2020. The app provides online financial inclusion solutions to more than 150,000 users. In March 2022, the startup raised $38 million in a funding round led by Quona Capital, with participation from Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, Arab Bank’s AB Accelerator, and CVentures. As of April 2022, it had raised a total of $47 million in funding. El Shenawy is Khazna’s Chief Strategy Officer. She previously worked at Arqaam Capital.

6. Ola Doudin

Brand: BitOasis Category: Crypto exchange Establishment: 2015 Nationality: Jordanian Headquarters: U.A.E.

Doudin is the CEO of the BitOasis crypto trading platform, which she cofounded with Daniel Robenek. The startup has raised a total of $30 million through six funding rounds, with the last one completed in October 2021. In the same year, it traded $1.7 billion. Doudin has previously worked for EY, Fadi Ghandour, and Aramex.

7. Ioanna Angelidaki

Brand: Instashop Category: E-commerce Establishment: 2015 Nationality: Greek Headquarters: U.A.E. Angelidaki cofounded InstaShop with John Tsioris. The e-shop provides scheduled and on-demand delivery services from supermarkets, restaurants, pharmacies, pet shops, among others. The service is available in the U.A.E., Oman, Qatar, Bahrain, Egypt, Lebanon, and Greece. InstaShop has secured $10 million in funding from Venture Friends, Jabbar Internet Group, and Souq. com since its launch. In August 2020, it was acquired by Germanybased Delivery Hero for $360 million. Angelidaki oversees the company’s marketing strategy in her role as CMO. She and Tsioris previously cofounded Vound in 2013.

8. Sophia Alj

Brand: Chari.co Category: E-commerce and Fintech Establishment: 2020 Nationality: Moroccan Headquarters: Morocco Alj cofounded e-shop Chari.co with her husband Ismael Belkhayat. The app connects retailers in French-speaking Africa to FMCG companies. The platform was valued at $100 million after its latest seed-round extension. In 2022, Chari.co acquired Axa Credit—the credit arm of Axa Assurance—for $22 million. It aims to finance 200,000 shop owners across Morocco, who can then lend to their consumers based on credit risk analysis.

9. Anuscha Ahmed Iqbal

Brand: Spotii Category: Fintech Establishment: 2020 Nationality: Pakistani Headquarters: U.A.E. Iqbal cofounded Spotii with Ziyaad Ahmed to provide a payment platform for fashion, beauty, and lifestyle brands, allowing users to buy now and pay later without extra fees or interest. In May 2021, Spotii was acquired by Australian company Zip for $16 million. Iqbal has been CEO of the company since its launch. She has over 15 years of investment banking and alternative asset management experience.

10. Katharine Budd

Brand: NOW Money Category: Fintech Establishment: 2016 Nationality: British Headquarters: U.A.E. Budd cofounded NOW Money with Ian Dillon, which uses mobile banking technology to create accounts and offer low-cost remittance facilities and other financial services for migrant workers. In March 2021, the startup secured $7 million in its latest round of funding, led by venture capital firm Anthemis Exponential Ventures, taking its total funding since inception to $11 million. The Fintech operates in the U.A.E. and Saudi Arabia, and it is eyeing expansion outside of the GCC region. Before establishing NOW Money, Budd worked as a data scientist in Nectar Card and Cardlytics.

11. Yasmine Abdel Karim

Brand: Yalla Fel Sekka (YFS) Category: Logistics Establishment: 2020 Nationality: French-Egyptian Headquarters: Egypt CEO Abdel Karim cofounded YFS with Khashayar Mahdavi to offer on-demand logistics, specializing in instant delivery and dark store management. Today, the company delivers over 10,000 orders per day across five cities in Egypt, with a fleet of 1,000 drivers. In February 2022, the company raised $7 million in a Series A led by DisruptAD, with participation from the Kharafi Group and existing investors Flybridge Ventures and I Squared Capital. YFS recently expanded into e-commerce and pharmacies.

12. Nour Al Hassan

Brand: Tarjama; Ureed Category: Digital language solutions; Freelancers Establishment: 2008; 2017 Nationality: Jordanian Headquarters: U.A.E., Jordan, Saudi Arabia ; U.A.E.

Al Hassan is the founder and CEO of Tarjama, a smart language technology provider, which operates in 55 languages across seven locations. She also cofounded freelancer employment platform Ureed.com with Iyad Ahmad, Rakan Al Hassan, and Marwan Abdelaziz. Al Hassan leads over 300 employees. In November 2021, Tarjama announced that investment fund manager Amethis had acquired a minority stake in the company.

13. Dina Sam’an

Brand: CoinMENA Category: Crypto exchange Establishment: 2019 Nationality: Jordanian Headquarters: Bahrain Sam’an cofounded CoinMENA with Talal Tabbaa and Yazan Barghuthi. The company attracted 150,000 active users in less than a year. In November 2021, CoinMENA secured $9.5 million in seed funding from investors, including BECO Capital, Kenetic Capital, Arab Bank Switzerland, Bunat Ventures, Alameda Research, Rua Growth Fund, and Girnas Capital. Sam’an previously worked for BitOasis.

14. Julie Barbier-Leblan

Brand: Merit Incentives Category: Loyalty, Incentivization and Gift Cards Establishment: 2016 Nationality: French Headquarters: U.A.E. Barbier-Leblan is the founder and CEO of Merit Incentives, a B2B technology company with offices in the U.A.E., Saudi Arabia, Singapore, Egypt, and the U.K. Merit Incentives has a network of over 4,000 partner brands across 86 countries. Its clients include Riyad Bank, Vodafone, HSBC, Etihad Guest, and Amazon. In November 2021, the company announced a $5 million Series A funding round, led by Riyadh-based Impact46, alongside other investors, including Tech Invest Com, Arzan VC, and Hambro Perks Oryx. Barbier-Leblan is also a cofounder and member of the Women in Incentives Network.

15. Soumia Benturquia

Brand: FODEL Category: Logistics Establishment: 2017 Nationality: French-Algerian Headquarters: U.A.E. and Saudi Arabia Benturquia is the founder and CEO of FODEL, a parcel pick-up provider for online shoppers in the GCC with five branches across the U.A.E., Saudi Arabia, Kuwait, Bahrain, and Oman and a team of over 50 employees. The company has raised over $8 million in funding. It has partnerships with Amazon and Landmark. In 2021, the company announced it was partnering with DHL to expand from more than 200 currently active locations to over 2,500 locations in MENA.

16. Dana Baki

Brand: Munch: On Category: Food delivery Establishment: 2015 Nationality: Lebanese-American Headquarters: U.A.E. Baki launched food delivery app MUNCH:ON (formerly known as LUNCH:ON) in 2015. MUNCH:ON operates in the U.A.E. and Saudi Arabia. Since inception, the startup has raised $15 million in investments from sources including Wamda Capital, Global Ventures, B&Y Ventures, Derayah VC Fund, Mindshift Capital, Shorooq Investments, and Vision VC. It now works with more than 400 restaurants in Dubai and delivers to more than 500 offices across the U.A.E. Baki previously served as a senior manager at P&G, and she holds an MBA from Georgetown University, McDonough School of Business.

17. Noor Al Kamil

Brand: Sehteq Category: Healthtech Establishment: 2017 Nationality: Iraqi-American Headquarters: U.A.E. Al Kamil founded Sehteq with her husband Saif Aljaibeji, as an online platform that offers health insurance plans to individuals and SMEs in the U.A.E and Oman. It began operations in February 2018 with the acquisition of the first third-party administrator license. Today it serves more than 700,000 customers with a network of more than 2,000 providers. The healthtech firm had processed five million claims as of April 2022. Sehteq was acquired by Cloud Klair in late 2021.

18. Latifa Altamimi

Brand: Gathern Category: Real estate and rentals Establishment: 2017 Nationality: Saudi Headquarters: Saudi Arabia Altamimi is the cofounder and CEO of Gathern, a peerto-peer vacation rental marketplace. The company has over 26,500 properties in more than 175 cities and provinces around Saudi Arabia. The company secured $6 million in funding in May 2021. In April 2022, Gathern closed a pre-Series B round and announced a partnership with Mohammed & Musaab Abdullah Al-Ajlan Investment Company.

19. Melda Akin

Brand: D14.AI Category: AI Establishment: 2019 Nationality: Turkish Headquarters: U.A.E. Akin founded D14.AI to provide AI-driven software for healthcare clinics, gyms and logistics companies to help them manage their workforce and business operations. Akin collaborated with the Cyber Defense and Ministry of Communications and Information Technology of Saudi Arabia to provide AI and machine learning training for women in Riyadh. She also serves as a mentor for Nama as a female tech entrepreneur supporter.

20. Afnan Sherbeeni

Brand: Sabbar Category: Staffing platform Establishment: 2019 Nationality: Saudi Headquarters: Saudi Arabia Sherbeeni founded Sabbar with Mohamed Ibrahim and Abdulrahman AlMudaiheem. The on-demand staffing platform specializes in bluecollar jobs in the retail, hospitality, and entertainment industries in MENA. The platform provides services to 150 clients, including IKEA, Toys “R” Us, Domino’s Pizza, and Tamimi Markets. Sabbar has raised $5.6 million in total funding, including $4 million in a pre-Series A round led by STV. The startup graduated from the Google For Startups Accelerator in September 2021.

By Claudine Coletti

• HOTEL REVIEW •

Four Seasons Hotel George V

T

Springtime in Paris is a refreshing experience for a traveler from the Middle East. Bitingly cold at times but awash with blue skies and sunshine (apart from the odd, unexpected flurry of snow or sprinkling of showers), it’s a lovely time of year to explore the city’s bustling streets and famous cultural sites. The Four Seasons Hotel George V in central Paris, located moments from the famous Champs Elysees, is a classic and memorable hotel to base yourself at, with stunning fine dining options, beautiful rooms, an opulent spa, and a popular bar. While the experience undeniably doesn’t come cheap, it is impressive.

Accommodation As soon as you walk through the grand entrance into the lobby, you’re enveloped in art-deco luxury, from the towering blooms of fresh white flowers filling the foyer to the glittering chandelier overhead and elaborate artwork covering the walls behind the reception and concierge desks. The mix of grandeur and sophistication in its style carries throughout

the hotel. The team cannot do enough for you as they whisk away your cases and check you into your room. We arrive too early to claim our keys, so we’re shown to the La Galerie restaurant where à la carte breakfast is still being served, and in minutes we are enjoying some coffees and a selection of fresh pastries.

The wait was worth it. My deluxe room has a calming cream and light-blue décor, with a king-size bed, armchair, desk, TV, built-in wardrobe and a large well-stocked bathroom with a deep tub and separate rain shower. There are some unique and thoughtful elements throughout. The bookshelves surrounding the TV are filled with colour-coordinated French novels, and a copy of the Four Seasons periodical sits in a magazine rack by the chair. The desk drawer is stocked with adapter plugs, sanitisers and masks, and a remote sat on the blue marble vanity top in the bathroom switches on a small TV screen in the corner of the mirror. I have a Juliet balcony with a partial view of the busy street outside, but with the doors closed the room is peaceful.

Activities The hotel is in the heart of Paris, close to many of its well-known landmarks. The Eiffel Tower and Arc

de Triomphe are walking distance away, as are two of the city’s celebrated cabarets—Lido de Paris and Crazy Horse Paris. Lively restaurants and bars are scattered along the streets. If you want to venture further out, the George V and Champs Elysees metro stations are nearby, and taxis are abundant.

It’s also a great spot for one of the city’s most famed activities—shopping. Before you become weighed down with bags, you can easily walk among the high-end designer boutiques and high-street stores that sit within 5-15 minutes of the hotel. As popular a pastime as it is, you may find some stores have queues outside, so be sure to go early if you don’t want to wait.

Dining Fine dining is where Hotel George V truly excels. Aside from Le Galerie, it offers three restaurants with five Michelin stars between them. Le George, which focuses on Italian-Mediterranean cuisine created by Chef Simone Zanoni, has one star. L’Orangerie, which specialises in fish and plant-based menus by Chef Alan Taudon, also has one. And French gastronomical over-achiever, Le Cinq by Christian Le Squer, has three.

We are fortunate enough to get an early Friday-night table at Le Cinq, and it’s very much a unique offering well above and beyond dinner, refined throughout its 20-year legacy at the hotel. We choose the signature tasting menu to be able to try a variety of dishes, and the restaurant is happy to adapt it where necessary to suit our various dietary needs and time constraints (the show at Lido de Paris starts at 9 pm sharp). In the end, we have nine plates from a possible eleven, including three deserts. It is simply amazing. The team are friendly and attentive, explaining the concept, presenting each dish with flair, and recommending drink pairings throughout. While every dish is delicious, my favourites are the melt-in-the-mouth line-fished sea bass with caviar and buttermilk, and the mushroom and truffle spaghetti gratin, with its creamy sauce nestled inside a pasta casing that’s as impressive in its construction as it is in its flavour. While each creation is modestly-sized, it’s an extensive meal overall. I recommend going hungry and allowing more than a couple of hours to be able to comfortably enjoy the whole experience.

The following night, we secure a later sitting at Le George, which also offers à la carte options as well as three tasting menus—one vegetarian, one vegan, and one fish-based. The Italian staples feature in each, with the fresh tuna crudo and capers and comforting lobster spaghetti standing out particularly for my half-Italian pescatarian palate. The Mediterranean vibe is also clear in

the restaurant’s environment, with the large, lively room full of groups of friends and dates chatting and enjoying the relaxing and chic ambience.

Le Bar is another popular venue unique to the George V. Open daily from 5 pm until the early hours of the morning, the cosy room is decked in warm wood and furnished with soft, comfortable chairs, and each time we go, we are lucky enough to grab the last free table. As with everyone we encounter at the hotel, the team are warm and knowledgeable and happy to explain the menu in detail, making recommendations based on personal preferences. There is a variety of drinks, signature and classic cocktails on offer, as well as a selection of bar bites, ranging from cheese and fruit to caviar and pâté.

Final thoughts The Four Seasons Hotel George V offers an opulent yet relaxed setting from which to discover Paris, all while enjoying the unique spots under its own roof. Staying here, you may actually struggle to find the will to leave the building and explore the city. It’s well worth a visit, whether you’re staying at the hotel or just able to get a seat at one of its restaurants. I hope I’ll be back.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, meets with a group of entrepreneurs and innovators from the Forbes Under 30 community.

Forbes Under 30 Forum

In March, a global cohort from the Forbes’ Under 30 community gathered at the World Government Summit 2022 at Expo 2020 Dubai. Participating in a number of panels throughout the two-day event, the entrepreneurs gave their insights into tackling some of the world’s most pressing issues.

UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, His Excellency Omar Bin Sultan Al Olama, speaking at the opening of the Forbes Under 30 Forum.

Opening the Forbes Under 30 forum, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications for the U.A.E., spoke about how the emirates have become a hub for technology and industry solutions. “Two decades ago, we were an ambitious country,” he said. “There were a lot of naysayers, but we can see that this was achieved. Today, the U.A.E. is by far the technology leader of the region.”

How To Prevent The Next Pandemic Since the global pandemic first hit in March 2020, various businesses and startups alike have had to weather one of their toughest challenges and adjust to the worldwide economic disruption. “One of the big challenges that I’ve seen is how fragile supply chains really are and how important it is to own your supply chain, especially in a future where pandemics are probably going to continue happening for the foreseeable future,” said Arturo Elizondo, Founder and CEO of animal-free protein firm The EVERY Company, during the panel discussion “Preventing the Next Pandemic.”

Addressing the challenges, Chirag Kulkarni, Cofounder and CMO of Medly, explained that his same-day prescription delivery pharmacy partnered with local governments and insurance companies to be able to deliver prescriptions to patients at home. “We definitely couldn’t predict the

(R-L) Ariel Katz, Cofounder and CEO, H1 • Chirag Kulkarni, Cofounder and CMO, Medly • Arturo Elizondo, Founder and CEO, The EVERY Company • Eliot Brooks, Cofounder and COO, Thriva

Moderator: Samar Khouri, Online Editor, Forbes Middle East

(R-L) Meti Basiri, Cofounder and CMO, ApplyBoard • Joel Hellermark, Founder and CEO, Sana Labs •● Ankur Goyal, Founder

and CEO, Impira● • Moderator: Claudine Coletti, Managing Editor,

Forbes Middle East

pandemic, but I think what we knew very early on is, especially in the U.S. healthcare system, the pharmacy is the one thing that connects all the major stakeholders in healthcare,” said Kulkarni. Four months after the start of the pandemic, the digital pharmacy raised $100 million in a Series B funding round to democratize access to the pharmacy across the nation.

“In our board meetings, we’re asking the question, what does globalization look like? And is the business continuity plan worth the risk? And it’s a serious question, which is a scary question, because globalization is better for the world, I believe,” said Ariel Katz, Cofounder and CEO of H1, which connects the global healthcare ecosystem through real-time data and clinical findings. “But I think a lot of companies in our ecosystem are starting to ask that question, which isn’t a good thing. I don’t think for the global markets.”

Eliot Brooks, Cofounder and COO of Thriva, which sells home-based blood testing kits for issues from thyroid function to iron levels, shared that there have been some positives in terms of accelerating trends, the biggest one for him in healthcare is the shift to remote, or remote consultations, which are far more efficient. “There’s lots of change happening. We’ve built up testing capacity across the world for COVID-19, and it’s about maintaining some of that. Some of it will have to go, it’s not going to be needed anymore, but some of it should be maintained because things can change really fast.”

Ethical AI: What Can It Do? The discussion on “Harnessing AI Responsibly” featured young business leaders that have created companies with AI at their core. The conversation explored capabilities, ethics, and risks to look out for. Something to remember is that AI is often used to describe a much bigger ecosystem, of which it is one element. “A lot of companies use more big data than AI, and a lot claim to be using AI, but it’s really big data,” says Meti Basiri, Cofounder and CMO of ApplyBoard, an AI-enabled recruitment platform that helps international students apply to post-secondary institutions. “I think it’s still too early for most businesses,” Basiri adds.

While businesses are still learning, the current generation of AI actually has limited capabilities. “AI can’t do things that humans can’t do,” says Ankur Goyal, Founder and CEO of asset intelligence platform Impira. “So if something is very difficult for humans to do, it’s very difficult or impossible for an AI model or a machine learning model to do it.” But what about the near future? Will AI intelligence soon be able to outperform human intelligence? “Based on the technology that we have today, there’s no chance,” insists Goyal. Technology may be learning how to do things faster but isn’t yet learning how to do new things much beyond what has been developed over the last five years, according to the entrepreneur. However, there is potential to move forward.

“We’re currently putting all eggs in the same basket when it comes to technology,” says Joel Hellermark, founder of Sana Labs, an AI-powered personalized workforce education platform. From his perspective, research has so far been largely based on two models: reinforcement learning and neuro-networks. “We’re at a point where we’re really exploiting those models rather than exploring other models,” adds Hellermark. “Over the next couple of years, we will have to place our bets in other architectures if we want to surpass human intelligence.”

Breaking Borders And Making Transformative Connections The panel “Breaking Borders, Making Transformative Connections” addressed the changing nature of how we move and meet and what that means for personal and professional development. Zoom has evidently emerged as one of the leading tools for keeping businesses up and running, and it seems hybrid environments are here to stay. “It’s completely changed

(R-L) Philipp Mintchin, Cofounder and CEO, Splyt • Xuan Jiang, Cofounder and CTO, Run the World • Jessica Scorpio, Cofounder and Board Member, Getaround • John Traver, Cofounder and

Creative Technologist, Frame.io • Moderator: Steven Bertoni, 30

Under 30 Editor, Forbes (R-L) Raunak Nirmal, Founder and CEO, Acquco • Benjamin Brook,

Cofounder and CEO, Transcend • Moderator: Steven Bertoni, 30

Under 30 Editor, Forbes

the landscape of fundraising as well for startups,” said Philipp Mintchin, Cofounder and CEO of Splyt. “A lot more things are possible over Zoom than we thought they would be.”

The pandemic has not only shifted the way we work, but it has also had an impact on workplace culture and employee engagement, especially when new recruits are fresh graduates from remote locations. “I did find it was a lot more inclusive when we started having online meetings for every single meeting,” said John Traver, Cofounder and Creative Technologist of cloudbased video collaboration platform Frame.io. “I felt just something as simple as the raise hand feature of Zoom allowed the people that might’ve been a little bit quieter in a meeting to actually present themselves and say, I have an opportunity to be heard.”

Xuan Jiang, Cofounder and CTO of virtual-events platform Run the World, believes that there was a gap in employee culture and tried to find creative ways to get people together. “What we found most productive or effective for bonding people is actually having this local hub where people can go and meet people in person. And then we also do all hands through online,” Jiang said, adding that her company’s most popular feature, the virtual cocktail party—in which attendees are matched for five-minute one-on-ones—spurred conversations and personal talk during the pandemic.

“I think a couple of benefits of the pandemic for startups and maybe even larger companies too is just having better onboarding documentation,” explained Jessica Scorpio, Cofounder and Board Member of peerto-peer carsharing community Getaround. “I know a lot of startup CEOs pride themselves on, and employees love access to, leadership and access to the CEOs.”

Protecting Your Data: Pay Attention To Corporate Tech The “Market Confidence Through Transparency” panel discussed how transparency can bolster market confidence at a time when the digital economy is taking the central stage. The panelists shed some insight on how they leverage data and financial security to help both small enterprises and corporates remain compliant in the digital age.

Benjamin Brook, Co-founder and CEO of Transcend, says that consumers should be concerned about large cooperates more than hackers and governments because these are the core infrastructures of data collection. Personal data is mostly collected by corporate technologies through different channels, including smartphones and web browsing history. “At the bedrock of data and security concerns is corporate technologies and a lot of private security controls have to start there for us to get protection from government surveillance or security breaches from hackers,” says Brook. Transcend was co-founded by Brook and Michael Farrell while they were still in college at Harvard in 2017 to help companies achieve compliance with digital privacy laws such as the EU’s GDPR, which aims to strengthen how corporates handle users’ data.

However, Raunak Nirmal, Founder and CEO of Acquco, weighed in on the discussion, saying large corporates, governments, and hackers play an enormous role in privacy and security, but hackers stand out as the biggest threat. “Hackers do not have to play by any rules unlike the government that has a lot of oversight; there is a lens and focus on what every government is doing,” Nirmal said, adding that the same applies to corporates who are held accountable by governments, regulators or civic organizations.

Food-Tech Pioneers Reveal Fundraising Misconceptions And Why Automation Is Necessary The panel “Feeding The Future, Sustaining The Earth and All Its Inhabitants” explored multiple dimensions and perspectives of sustainable food production. Implementing sustainability was identified as a non-negotiable for food-tech entrepreneurs. This encompasses many factors, including how food is produced, distributed, packaged, and consumed.

(R-L) Samuel Bertram, Cofounder and CEO, OnePointOne • Joshua Nixon, Cofounder, Prime Roots • Henry Hu, Cofounder and CEO, Cafe X • Michael Farid, VP of Automation, Sweetgreen

Moderator: Jamila Gandhi, Senior Reporter, Forbes Middle East

(R-L) Thilo Konzok, Cofounder and Chairman, Home • Derek Rice, Cofounder and Partner, Rice Energy & Rice Investment Group

Moderator: Claudine Coletti, Managing Editor, Forbes Middle East

“People need to recognize that food and sustainability are so synonymous,” says Michael Farid, VP of Automation at Sweetgreen, a salad restaurant chain. “Sweetgreen has pledged to become carbon neutral by 2027, and that largely will be driven by changes in our supply chain, like using regenerative farming, and by building restaurants sustainably.”

Elsewhere in the sector, Joshua Nixon’s alternative meat company Prime Roots, is problem-solving the impact of animal agriculture. “Over half of the agriculturally-related greenhouse gas emissions come from animal agriculture,” says the cofounder. “In the life cycle analysis of our products, we found that we use less than one-tenth of water and less than one-tenth of the land to produce the same amount of food.” Also concerned for humanity’s agricultural footprint, Samuel Bertram, cofounder and CEO of vertical farming solution OnePointOne, advocates for building farms next to where the product is. “The vast majority of land occupied by humans is agriculture, which consumes 70% of freshwater,” he explains. “Our system uses about 99% less water, about a hundred times less land, increases plant average shelf life by three times and has no pesticides.”

For Henry Hu, the cofounder and CEO of robotic coffee startup Café X, technology has acted as an enabler for the business to be more sustainable. And while drawbacks of deploying such varying degrees of automation within different business models are often linked to claims of robots taking human jobs, these experts are quick to shift focus onto its evidence-based positive results. “It’s very common for a coffee shop to have a 100% staff turnover every year, which calls for more hiring and training baristas, and automation fixes this problem,” says Hu.

Rethinking Energy: Creating More Sustainable Structures The discussion “Safe, Sustainable, Affordable Structures” explored the energy transition and how governments and entrepreneurs can create a more sustainable future. The global transition from a reliance on fossil fuels to greener solutions is a huge topic currently and one being explored by global leaders across several international forums—but are leaders and consumers having the right conversations? “The short answer is no,” says Derek Rice, Cofounder and Partner at Rice Energy & Rice Investment Group. “One of the biggest misunderstandings when it comes to the energy transition is how difficult this is going to be.”

At the moment, the world is focused on three main renewable energy solutions: wind, solar, and electric vehicles. However, according to the energy investor, these three things can only target less than half of the world’s emissions. “The world is focused on maybe 30% of the problem; there’s an extra 70% that nobody’s talking about,” says Rice. “The transition is going to take 30 to 40 years.”

On the other side of the sustainability equation are the users of energy, consumers and big business. Populations are continuing to grow, and as our demands for energy have increased, so has our demand for housing. The simple solution is to meet demand by building more housing, but not all cities have the space and vision of Dubai and its multiple high-rises. “It is very different to a city like Berlin,” says Thilo Konzok, Cofounder and Chairman at Home HT, and cofounder of Decapital, who is based in the capital of Germany. “We need more housing, but these are old cities, housing is complex problem. We need to be more radical. Cities like Dubai show people what is possible.”

From the energy perspective, while wind and solar are the cheapest forms of energy in the world, the speed to implement them is not going to be as fast as people hope. “The perception is that because we have the technology we can just press go—that’s not going to be the case. Everybody has to accept that it’s going to take time,” says Rice. “We are in a full blown energy crisis, but one of the biggest mistakes is taking oil away from citizens before there is something to replace it.”

• THOUGHTS ON •

“A very simple enlistment form will appear in many of tomorrow’s newspapers along with the symbol of this new mobilization, which I am wearing on my lapel. It bears the single word WIN. I think that tells it all.” —Gerald Ford

“The bloody uproar of the war is over; let’s enjoy the carnival of the infl ation. It’s loads of fun and paper, printed paper, fl imsy stuff . The Yankees are coming, but as peaceful tourists this time.” —Klaus Mann

“The more distant your financial target, the longer infl ation will gnaw at the purchasing power of your money.” —Suze Orman

“Mere infl ation may look like the creation of more demand. But in terms of the actual production and exchange of real things, it is not.” —Henry Hazlitt

“It is difficult to set bounds to the price unless you first set bounds to the wish.” —Cicero

“The infl ation that comes inevitably with government pumppriming soon catches up with the laborer [and] wipes away any real increase in his wages. . . . And so it is that the ‘long run’ is very soon a-coming.” —William F. Buckley Jr.

“I was reading in the paper today that Congress wants to replace the dollar bill with a coin. They’ve already done it. It’s called a nickel.” —Jay Leno

“Inflation is taxation without legislation.” — Milton Friedman “ There is only one topic on everyone’s lips in Berlin: the dollar, the mark and prices.” —Eugeni Xammar “Lenin was certainly right: There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.” —John Maynard Keynes

Inflation

Gerald Ford

“The millions one always wanted are suddenly there in one’s hand, but they are no longer millions in fact, but only in name.” —Elias Canetti

“Inflation consists of subsidizing expenditures that give no returns with money that does not exist.” —Jacques Rueff

SOURCES: ECONOMICS IN ONE LESSON, BY HENRY HAZLITT; GOD AND MAN AT YALE, BY WILLIAM F. BUCKLEY JR.; MONEY MISCHIEF, BY MILTON FRIEDMAN; THE ECONOMIC CONSEQUENCES OF THE PEACE, BY JOHN MAYNARD KEYNES; CROWDS AND POWER, BY ELIAS CANETTI; EXPECTING SOMEONE TALLER, BY TOM HOLT; THE BRIDGE ON THE DRINA, BY IVO ANDRIĆ. “ Pile up that gold around my head. I must take it with me to pay the ferryman.” —Tom Holt

“It was true that there was still money to be made and wages were high, but they were always at least 20% less than real needs. This was some mad and artful game.” —Ivo Andrić

“Your gold and silver have corroded, and their corrosion will be evidence against you and will eat your flesh like fire. You have hoarded wealth in the last days.” —James 5:3

FINAL THOUGHT

“So much is inflation our worst modern economic scourge that we have had to be careful in the past decade not to give the patient too much medicine.”

—Malcolm Forbes, July 1958