Forbes Middle East - July 2023 - English by Forbes Middle East

LUXURY BRAND BILLIONAIRE HEIRESSES THE WORLD’S RICHEST SELF-MADE WOMAN

WOMEN WHO CHANGED THE WORLD

SNAPSHOT: MENA’S GAMING MARKET ARAB AMBASSADORS BEHIND GLOBAL BRANDS

JULY 2023 ISSUE 130

HIND SEBTI

Cofounder and Chief Growth Officer of Waldencast

50 JULY 2023 ISSUE 130

WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

PLUS: 20 WOMEN BEHIND MIDDLE EASTERN TECH BRANDS

“DON'T BE AFRAID TO DREAM BIG AND WORK HARD TO MAKE THOSE DREAMS A REALITY.”

Stay connected with our latest business news. UAE............................................... AED 15 SAUDI ARABIA...........................SAR 15 BAHRAIN...................................BHD 1.5 KUWAIT...................................KWD 1.25 OMAN......................................... OMR 1.5 QATAR.......................................... QAR 15 OTHERS................................................$4

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JULY 2023

8 I Sidelines

32 I Team Player International England Hockey player turned fashion designer, Nadine Merabi, Cofounder and Creative Director of her namesake luxury ready-towear brand, is empowering women through fashion while celebrating her Lebanese heritage. By Rawan Hassan

LEADERBOARDS

RETAIL

10 I Arab Women Ambassadors Behind

Global Brands

International luxury brands are paying increasing attention to the Middle East. These Arab women have become brand ambassadors for top global fashion and beauty brands. By Julian Nabil BILLIONAIRES

38 I More Than

11 I Meet Rafaela Aponte-Diamant, The

Skin Deep

World’s Richest Self-Made Woman

Salama Mohamed, Founder and CEO of Peacefull, launched her brand two years ago on a mission to give residents of the Middle East skincare products tailored to their climate. She’s since done that and much more, recently giving refugee women a means by which to earn income and find hope. By Claudine Coletti

With a net worth of $28.6 billion as of June 2023, Rafaela AponteDiamant is the world’s wealthiest self-made woman, according to Forbes’ 2023 Billionaires list. Here’s a glance into the life of the richest of the world’s 96 self-made women billionaires.

By Jamila Gandhi

12 I The Billionaire Heiresses Of Luxury

Beauty And Fashion Brands

Women have been climbing up the billionaires’ lists, with 337 women billionaires in 2023 compared to 327 in 2022, according to Forbes. Here are the billionaire women who inherited their fortunes in luxury beauty and fashion empires. Some are leading their companies, while others control sizable shares. Net worths are as of June 13, 2023. By Rawan Hassan

46 I Power

Dressing

WOMEN LEADERS

13 I Women Who Changed The World

From accounting to runway, Egyptian entrepreneur Sara Onsi has taken an unconventional path to success in the fashion industry. After reconnecting with her purpose, the risktaker is now designing for inclusivity and empowerment. By Jamila Gandhi

Here are five notable women whose inventions made huge contributions throughout history.

By Joyce Abaño CONSUMER TECHNOLOGY

14 I Snapshot: The Promising Future Of

MENA’s Gaming Market

Gaming is on the rise in the Middle East, leading to boosted investment in developers and publishing companies.

By Muhammad Addam RETAIL

15 I 5 Global Retail Acquisitions In H1 2023 Here are five notable global acquisitions made by retail leaders in the first half of 2023 as they navigated a competitive landscape. By Jamila Gandhi CONTRARIAN

16 I A Winning Formula TOTO WOLFF built Mercedes’ F1 team into an auto racing dynasty. Their championship days may be behind them, but the billionaire racing boss is more successful than ever. By Justin Birnbaum F O R B E S M I D D L E E A S T.C O M

20 I Playing the Fields SAL GILBERTIE sells down-to-earth inflation hedges: funds that hold futures contracts on crops like corn and soybeans. By William Baldwin

22 I Canadian Cool Everyone thought Covid was the final coffin nail for brickand-mortar retail. For ARITZIA, a nearly 40-year-old Vancouver-based fashion outlet, it proved quite the opposite. By Jemima McEvoy

80 I Thoughts On Passion JULY 2023

1 CONTENTS

Girl Power By Claudine Coletti

50 WOMEN BEHIND MIDDLE EASTERN BRANDS 2023 CONTENTS

20 WOMEN BEHIND MIDDLE EASTERN TECH BRANDS 2023

F O R B E S M I D D L E E A S T.C O M

JULY 2023

F O R B E S M I D D L E E A S T.C O M

JULY 2023

July 2023

Issue 130

•

CONTENTS

INSIDE •

COVER STORY

Beauty From Both Sides Hind Sebti, Cofounder and Chief Growth Officer of Waldencast, is both leading a Nasdaq-listed company and developing her own beauty startups. While pursuing her own life-long love of the industry, she’s now focused on mentoring others. By Nancy Bahmad

F O R B E S M I D D L E E A S T.C O M

JULY 2023

F O R B E S M I D D L E E A S T.C O M

JULY 2023

SIDELINES

FORBES MIDDLE EAST

Girl Power This month we once again throw our support behind female founders in the Middle East. These entrepreneurs are the brains and vision behind many well-known and up-and-coming fashion, beauty, jewelry, and technology-based brands – and most have built their businesses from scratch, relying on their own funding, their own strength, and their own belief that they can create something special and unique. Their grit is admirable and necessary. Women still face numerous barriers to setting up and running their own businesses in the Middle East. Only 5% of businesses in MENA are women-owned compared to a global average of 26%, according to the Atlantic Council. A 2022 forum co-hosted by the Union for the Mediterranean and the United Nations Industrial Development Organization found that gender bias is still an issue when it comes to finding funding in the region, with venture capital in MENA 92% controlled by men. However, this issue is packed with female founders that are pushing the boundaries and setting up businesses despite the barriers to entry. The U.A.E., Egypt, and Lebanon remain the most active markets for these entrepreneurs. Last year, our list of 30 Women Behind Middle Eastern Brands featured 13 headquartered in the U.A.E., eight in Egypt, and five in Lebanon. This year, we have expanded our list to 50 brands, but the U.A.E. still leads with 20 entries, followed by 10 from Egypt and seven from Lebanon. When it comes to the 20 Women Behind Tech Brands, the U.A.E. and Egypt also remain the top two markets, with Saudi Arabia coming in third. Fintechs also dominate this list with five entries, followed by e-commerce and logistics with three each, and two crypto exchanges. Saudi Arabia appears to be making moves to increase opportunities for new entrepreneurs. According to U.K.-based Global Entrepreneurship Monitor’s global report for 2022/2023, the percentage of adults seeing good local opportunities to start a business fell in some established economies, including the U.S., post-pandemic, but increased in others, including Saudi Arabia, with government support being cited as one of the potential reasons for the rise. It also found that in 2022, there were only four out of 49 economies where the level of new entrepreneurial activity among women exceeded men: Togo, Indonesia, Qatar, and Poland. The GEM 2022 National Entrepreneurship Context Index named the top five economies in which to start a new business as the U.A.E., Saudi Arabia, Taiwan, India, and the Netherlands. This month we speak to four female founders from a variety of different angles. Moroccan Hind Sebti established her skincare brand whind in 2021, two years after cofounding beauty and wellness holding company Waldencast, which is today listed on Nasdaq. Egyptian Sara Onsi and BritishLebanese Nadine Merabi are both heading eponymous fashion brands, established in Egypt in 2016 and in the U.K. in 2010, respectively, with collections now regularly appearing at global fashion weeks. And Emirati influencer Salama Mohamed established her skincare brand with the Middle Eastern climate in mind in 2021, which she is now using to help refugee women earn their own income. I hope you find inspiration in their stories and among the many resilient women business owners in this issue. —Claudine Coletti, Managing Editor

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FORBES MIDDLE EAST

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INNOVATING SINCE 2010 JULY 2023 ISSUE 130

Dr. Nasser Bin Aqeel Al Tayyar President & Publisher nasser@forbesmiddleeast.com

Khuloud Al Omian

FORBES MIDDLE EAST

Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House

khuloud@forbesmiddleeast.com

Editorial

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Claudine Coletti Managing Editor claudine@forbesmiddleeast.com

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Research

Jason Lasrado Head of Research jason@forbesmiddleeast.com Nermeen Abbas Senior Researcher nermeen@forbesmiddleeast.com Elena Hayek Researcher elena@forbesmiddleeast.com Layan Abo Shkier Research Reporter layan@forbesmiddleeast.com

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Retail

International luxury brands are paying increasing attention to the Middle East. These Arab women have become brand ambassadors for top global fashion and beauty brands.

Salma Abu Deif

and beauty. This came after the French luxury fashion label chose Emad to be the first Egyptian and Middle Eastern model to feature in its advertising in 2022. Having started her career at 14 as a model, Emad started acting with the TV series Al Jamia’a (2011). This was followed by Saheb El Saa’da (2014), Torab El Mas (2018), and El Feel-el Azra’a 2 (2020).

Brand: Valentino Egyptian actress Salma Abu Deif first collaborated with the Italian luxury fashion house Maison Valentino in 2020 and then again in mid2021 to promote the brand’s launch of the Rockstud Alcove bag. In 2021, the actress was featured in the fashion house’s #ValentinoDiVas campaign. Abu Deif, who is also a UN Aid Ambassador, started her career aged 20 as a model before making her first TV appearance in 2017, starring in the Ramadan series “Halawet EL Donia” and “Lah Totfea EL Shams.” She was nominated for the Nickelodeon Kids’ Choice award for favorite female newcomer in 2019. She has also worked with L’Oréal, Chaumet, MAC Cosmetics, Bulgari, and Tiffany & Co.

Nancy Ajram Brand: Tiffany & Co. In February 2023, Lebanese superstar singer Nancy Ajram was named Tiffany & Co.’s new brand ambassador. Ajram follows in the footsteps of Hollywood stars Beyonce, Anya Taylor-Joy, Gal Gadot, and Tracee Ellis Ross. She is also a Goodwill Ambassador for UNICEF. Throughout her career, she has won multiple awards, including the 2008 World Music Award for bestselling Middle Eastern artist for her album Betfakar Fi F O R B E S M I D D L E E A S T.C O M

Imaan Hammam Brand: Estée Lauder

Tara Emad

Eih, making her the youngest Arab World Music Award winner.

Mila Al Zahrani Brand: Boucheron French luxury jewelry and watch house Boucheron, part of the French fashion multinational corporation Kering, announced in November 2022 that Riyadhborn actress Mila Al Zahrani was the French label’s new local ambassador. Al Zahrani is known for her roles in Boxing Girls (2018), The

Fate Hotel (2021), and Cello (2022). The Saudi actress was nominated for an award at the Venice International Film Festival for her role in “The Perfect Candidate,” which was directed by Saudi director Haifa Al Mansour and debuted in 2019.

Tara Emad Brand: CHANEL In May 2023, EgyptianMontenegrin actress Tara Emad was named CHANEL’s first Middle East brand ambassador for fragrances

Supermodel Imaan Hammam’s first campaign with Estée Lauder debuted in July 2023. Of Moroccan and Egyptian descent, Hammam started her modeling career in 2013 for brands such as Givenchy, Hermes, CHANEL, and Valentino. She has featured in campaigns for Tiffany & Co, CHANEL, Versace, Fendi, Moschino, and Calvin Klein and is a global ambassador for the nonprofit She’s the First. In 2020, she won the Harper’s Bazaar Women Of The Year award for her advocacy for young women.

Razane Jammal Brand: Dior Lebanese-British actress Razane Jammal was Dior’s ambassador for its womenswear line in the Middle East in October 2022. The brand released images featuring the actress dressed JULY 2023

BY JULIAN NABIL; AFP PHOTO / RED SEA FILM FESTIVAL

LEADERBOARD

Arab Women Ambassadors Behind Global Brands

Billionaires

Meet Rafaela AponteDiamant, The World’s Richest Self-Made Woman With a net worth of $28.6 billion as of June 2023, Rafaela Aponte-Diamant is the world’s wealthiest self-made woman, according to Forbes’ 2023 Billionaires list. Here’s a glance into the life of the richest of the world’s 96 self-made women billionaires. ship bought was named after Rafaela.

Yasmine Sabri

With the acquisition of the line Monterey in 1988, they expanded into cruises.

Brand: Cartier Egyptian actress Yasmine Sabri was named the latest ambassador for French luxury jeweler Cartier and its Panthère de Cartier collection in 2020. The film Into The Wild featured Sabri as part of a community of muses, including the Italian model Mariacarla Boscono, actresses Annabelle Wallis, Ella Balinska, and Chang Chen, and singer Karen Mok. Sabri started her acting career in 2013 when she appeared in the Egyptian program “Khatawat El Shaytan.” She later joined the cast of TV series “Gabel El Helal” (2014), then “Tariqi” (2015).

Today, MSC has 675 offices across 155 countries with 150,000 employees. MSC’s shipping line sails on over 260 trade routes, calling at more than 520 ports. The privately-owned company also operates in holiday cruises (MSC Cruises), inland logistics (Medlog), and port operations (Terminal Investment Limited). She has two children with Gianluigi— Alexa and Diego. Diego serves as group president of the family business.

Mona Zaki

BY JAMILA GANDHI ; PHOTO BY FRANK PERRY / AFP

Brand: L’Oréal Paris In February 2021, French personal care company L’Oréal Paris announced that Mona Zaki was its new spokesperson for MENA and would appear in ads for the brand’s range of beauty, skincare, and hair care products. Zaki, who has also been a UNICEF ambassador since 2017, has won multiple awards, including the Faten Hamama Award of Excellence during the 42nd Edition of the Cairo International Film Festival and Murex D’Or 2017. She is known for her roles in female empowerment productions, including Dam El Ghazal (2005), Ehky Ya Sharhazad (2009), and Taht El Wesaya (2023). F O R B E S M I D D L E E A S T.C O M

Rafaela Aponte-Diamant’s fortune is attributed to her 50% stake in the Mediterranean Shipping Company (MSC) Group, the world’s largest shipping line. The other half is owned by her husband, Gianluigi. The 78-year-old is the world’s 43rd richest person as per Forbes’ 2023 Billionaires ranking. The Swiss entrepreneur first met Gianluigi on a trip to the Italian island of Capri in the 1960s, when Gianluigi was a ship captain. The duo entered the shipping industry together in 1970 when they purchased a ship with a $200,000 loan. Their second

Rafaela now focuses on the cruise ships’ interiors and serves on the board of the MSC Foundation. The Swiss couple both hold Italian citizenship yet reside in Geneva, Switzerland. The Aponte family established the MSC Foundation in 2018 to lead and coordinate conservation and humanitarian commitments globally. As of 2022, the MSC Foundation’s total donations had touched $12.9 million. In December 2022, MSC purchased Bolloré Africa Logistics, the African transport and logistics arm of the Bolloré Group, for $6 billion. JULY 2023

11 LEADERBOARD

in designs by Maria Grazia Chiuri for its ready-to-wear line. Jammal, who grew up in Lebanon, began her career in advertising in her mid-teens before making her foray into acting. Her feature debut came in 2010 in Olivier Assayas’ Golden Globe-winning “Carlos,” which premiered at the Cannes Film Festival. She is best known for her role in Netflix’s Paranormal or Ma Waraa Al-Tabi’a (2020) and Shahid’s Pan-Arab series Al Thaman (2023). Jammal was also the former face of Chanel in the Middle East.

Billionaires

Francoise Bettencourt Meyers & family

in cash from the sale, after deducting estimated taxes, minting a new billionaire. Estée Lauder Companies’ net sales declined by 12%, with a total of $3.75 billion for its third quarter ended March 2023, compared to $4.25 billion the year before.

Net worth: $87.1 billion Brand: L’Oréal The richest woman on the planet for the third year in a row, L’Oréal heiress Françoise Bettencourt Meyers is the granddaughter of the founder of L’Oréal. She owns around 33% of L’Oréal stock with her family. She has served on L’Oréal’s board since 1997 and is chairwoman of the family holding company. In 2022, L’Oréal was the leading beauty manufacturer in the world, with revenues amounting to $40.8 billion, covering 14% of the global market share, according to Statista. L’Oréal Group recorded $11.3 billion in sales in Q1 2023, recording a 13% annual increase like-for-like.

Miuccia Prada Net worth: $5.3 billion Brand: Prada Miuccia Prada inherited the handbag and fashion empire in 1977, along with her siblings Alberto and Marina. Her grandfather founded Prada in 1913, and she and her husband, fellow billionaire Patrizio Bertelli, led the brand as co-CEOs until stepping down in December 2022. In 2022, Prada Group generated global net sales of more F O R B E S M I D D L E E A S T.C O M

Marisa Del Vecchio, Paola Del Vecchio, Nicoletta Zampillo Net worth: $3.7 billion each Brand: EssilorLuxottica

Jane Lauder, Aerin Lauder

than $4.4 billion. The group recorded double-digit growth in the first quarter of 2023, with retail sales of more than $1 billion, up 23% year-on-year at constant exchange rate.

Jane Lauder, Aerin Lauder Net worth: $3.8 billion; $2.5 billion Brand: Estée Lauder Estée Lauder was cofounded by the Lauders’ grandmother in 1946 and today has over 20 brands, with net sales

of $17.7 billion for the fiscal year ended June 2022. Jane joined the company in 1996, she is the executive vice president, enterprise marketing and chief data officer at the company and has served on the company’s board since 2009. Aerin is the company’s style and image director. In November 2022, Estée Lauder Companies signed an agreement to acquire fashion firm Tom Ford for $2.3 billion in cash and debt, plus $300 million in deferred payments. Forbes estimates that Tom Ford will receive $1.1 billion

The world’s largest eyeglasses firm was established by Del Vecchio’s father, Leonardo Del Vecchio. Marisa and her sister Paola each inherited a 12.5% stake in their father’s Luxembourg-based holding company Delfin after his death, along with their stepmother, Nicoletta Zampillo, and five other siblings, according to Forbes. Delfin has shares in the French-Italian eyewear group EssilorLuxottica, as well as insurer Generali, banks Mediobanca and UniCredit, and real estate developer Covivio. In 2022, EssilorLuxottica recorded more than $26 billion in global revenue. The company posted an 8.6% year-on-year revenue increase to $6.7 billion for the first three months of 2023 at constant exchange rates, compared to Q1 2022. JULY 2023

BY RAWAN HASSAN; PHOTO BY DIMITRIOS KAMBOURIS / GETTY IMAGES NORTH AMERICA / AFP

LEADERBOARD

The Billionaire Heiresses Of Luxury Beauty And Fashion Brands

Women Who Changed The World Here are five notable women whose inventions made huge contributions throughout history.

Evelyn Berezin (1925-2018) When Evelyn Berezin, an American expert in logic design, developed the first computerized word processor, it paved the way for Microsoft to introduce Word and Google to create Google Docs. Berezin introduced to the world the Data Secretary, the first electronic word processor for secretarial use, and founded a company to manufacture and sell it. The Data Secretary, which debuted in 1971, included advanced features like the ability to record and play back what users typed so it could be edited or printed. It also included features like delete and cut and paste.

Marie Curie

(1867-1934)

Two-time Nobel Prize winner Marie Curie, born in Warsaw, Poland, is known for her significant discoveries of the elements radium and polonium and her huge contribution to finding treatments for cancer. During World War I, the physicist developed the portable X-ray machine. Curie also innovated the X-ray machine discovered by German scientist Wilhelm Röentgen in 1895 and used radium as its gamma-ray source, resulting in more accurate and stronger X-rays. She was the first woman to win a Nobel Prize and the only woman to win two.

BY JOYCE ABAÑO; PHOTO BY ARCHIVES P. ET M. CURIE / AFP, IMAGES FROM SOURCE

Two-time Nobel Prize winner Marie Curie.

Virginia Apgar

Gertrude Belle Elion

(1909-1974)

(1918-1999)

American anaesthesiologist Virginia Apgar designed and introduced the “Apgar Score,” a newborn scoring system in 1952. The first standardized method for assessing and evaluating a newborn’s transition to life outside the womb reduced infant mortality and laid the foundations of neonatology. The scoring system evaluates newborns’ health status based on their heart rate, respiration, movement, irritability, and color initially one minute after their birth. Eventually, the one-minute and five-minute Apgar Scores became standard.

Nobel prize winner Gertrude Belle Elion developed the first immunosuppressant, making organ transplants possible. Elion was granted the patent for the drug Azathioprine or Imuran in 1962, which made it possible for people with compromised immune systems to receive organ transplants without their bodies rejecting them. She also invented Zyloprim, which fights gout, and Zovirax for herpes infections. The American biochemist and pharmacologist was named on 45 patents.

F O R B E S M I D D L E E A S T.C O M

Hedy Lamarr (1914-2000) Born Hedwig Kiesler, Austrian-American actress Hedy Lamarr devised a coded form of radio communication to securely guide torpedoes for the Allied coalition, a group of countries that opposed the Axis powers in World War II, to reach their targets. She called her invention “frequency hopping,” a way of switching between radio frequencies in order to avoid a signal being jammed. She submitted a patent for it in June 1941 along with George Antheil. “Frequency hopping” is the technology that is today being widely used in WiFi, GPS, and Bluetooth. JULY 2023

13 LEADERBOARD

Women Leaders

Consumer Technology

Gaming is on the rise in the Middle East, leading to boosted investment in developers and publishing companies.

Wynn Resorts said it would establish a $3.9 billion gaming resort in partnership with Marjan and RAK Hospitability Holding in Ras Al Khaimah by 2027.

MENA’s gaming market is expected to reach an unprecedented $5.4 billion in revenue by 2027, a 51.7% surge from 2022, according to a Statista report. This is mainly driven by the region’s increasing income per capita, growing interest in gaming, and the rising number of dual-income households. According to the research firm, Saudi Arabia dominates the region’s gaming market with a 58% share of its total revenue in 2022, followed by the U.A.E. with 30.7% and Egypt with 10.6%. Additionally, a Konvoy report released in Q1 2023 found that the gamer population in MENA—including on PC, console, and mobile—reached 488 million in 2022, representing 15% of total world gamers. E-sports, in particular, is witnessing an explosion in MENA, driving overall market demand with solid growth potential over the coming years. In January 2023, Saudi Arabia-based gaming investor, Sandsoft Games, injected $3.25 million into The Tiny Digital Factory, a France and F O R B E S M I D D L E E A S T.C O M

Canada-based independent mobile racing and motorsport game developer. Then, in April, Savvy Games Group, a games and e-sport company owned by Saudi Arabia’s Public Investment Fund, acquired American game publisher Scopely for $4.9 billion to

Expected Digital Gaming Revenue In MENA By 2027 Year

Revenue

2023

$4.06 billion

2024

$4.5 billion

2025

$4.86 billion

2026

$5.14 billion

2027

$5.4 billion Source: Statista

further expand Saudi Arabia’s footprint in the global gaming industry. Seeing the potential for spiraling market demand, Savvy announced a $37.9 billion investment strategy in late 2022 to establish itself as a key regional player, including an allocation of $18.7 billion to invest in game development companies. It plans to establish 250 game companies in Saudi Arabia and raise the sector’s GDP contribution to $13.3 billion by 2030. Meanwhile, the U.A.E. gaming market is attracting huge global investments. In late April 2023, the U.S.-based casinos and resorts operator Wynn Resorts said it would establish a $3.9 billion gaming resort in partnership with local partners Marjan and RAK Hospitability Holding in Ras Al Khaimah by 2027, which will include 1,500 lavishly styled rooms, suites, and villas. Egypt is also weighing in with relatively large gaming investments. In January 2023, the Cairo-based e-sports platform GBarena acquired Tunisian gaming startup Galactech in a share swap deal worth around $15 million in a bid to leverage the 200,000 active users and capabilities that Galactech has in Riyadh, Dubai, and Tunis. GBarena, valued at $45 million, has nearly 700,000 users across 27 countries, with a presence in Saudi Arabia, Egypt, and the U.A.E. The MENA gaming market has a large number of global and regional players who are focusing on nurturing their market share and growing their regional and global client base through research and development efforts, strategic partnerships, and other organic and inorganic growth hacks, making it one of the world’s most vibrant and promising gaming markets. JULY 2023

BY MUHAMMAD ADDAM ; IMAGE FROM SOURCE

LEADERBOARD

Snapshot: The Promising Future Of MENA’s Gaming Market

Retail

5 Global Retail Acquisitions In H1 2023 Here are five notable global acquisitions made by retail leaders in the first half of 2023 as they navigated a competitive landscape. between Chimera Abu Dhabi and Haeras Capital, which will aim to deploy its capital towards the acquisition and build-up of high-growth potential aspirational luxury and lifestyle brands in Europe, focusing initially on Italy, France, Switzerland, and the U.K. It is registered in Abu Dhabi Global Market (ADGM) with operating entities in Milan, Italy and Geneva, Switzerland. Vionnet was founded in 1912 by couturier Madeleine Vionnet, while the storied fashion hosiery label Fogal was established in 1921 by Léon Fogal.

Acquired: Boardriders In March, Authentic Brands Group made a binding offer to purchase action sports and lifestyle company Boardriders, then signed a definitive agreement to purchase the company in April. The full portfolio— featuring Quiksilver, Billabong, Roxy, RVCA, DC Shoes, VonZipper, Honolua, and Element—will join Authentic’s roster of iconic brands. As a global brand development, marketing, and entertainment platform, New York-based Authentic represents over 40 brands, including Reebok, Ted Baker, and Aéropostale. The acquisition will accelerate the expansion of Boardriders’ shop-in-shops, branded retail stores, and global wholesale and e-commerce. The deal is expected to be finalized in Q3 2023 and is forecast to boost systemwide annual retail sales to over $27.6 billion.

NEXT BY JAMILA GANDHI ; JHVEPHOTO / SHUTTERSTOCK.COM

Acquired: Cath Kidston London-headquartered home furnishing and lifestyle brand Cath Kidston and its intellectual property of CK Acquisitions Limited was bought by NEXT plc in March for $10.5 million from the administrators. Established in 1993, Cath Kidston is known for its quintessentially British handicraft and vintage-themed items. In 2020, the company went into F O R B E S M I D D L E E A S T.C O M

eBay Acquired: Certilogo eBay declared its definitive agreement to Certilogo, a provider of AI-powered apparel and fashion goods digital IDs and authentication, in May 2023 and is expected to close in Q3 2023.

administration, leading to the closure of most of its U.K. stores, and was then bought by a private investment business, Baring Private Equity Asia. In 2022, the business was again sold to Hilco Capital.

FullBeauty Brands

in a new FullBeauty digital mall featuring brands championing plus-size apparel. Since its inception in 1901, FullBeauty Brands has served size-inclusive fashion for plus-size women and big and tall men seeking fashion inspiration, style advice, and clothing tailored to their individual needs.

Acquired: ELOQUII In a bid to improve margins by narrowing focus and developing alternative revenue streams, Walmart Inc offloaded American fashion brand ELOQUII Inc in April. Walmart acquired the digitally native vertical brand ELOQUII in 2018. For FullBeauty Brands, ELOQUII will join as an anchor tenant

ChimHaeres Acquired: Fogal and Vionnet In April, ChimHaeres Investment Holding acquired French haute couture label Vionnet and a majority stake in Swiss brand Fogal. The investment vehicle is the creation of a joint venture

Global commerce titan eBay declared its definitive agreement to Certilogo, a provider of AI-powered apparel and fashion goods digital IDs and authentication, in May 2023 and is expected to close in Q3 2023. As a destination to shop for pre-loved apparel and fashion, eBay’s investment will leverage Certilogo’s platform to offer consumers a seamless way to confirm authenticity. Established in 2006, the Milan-based company also uses digital technology to enable brands and designers to manage the lifecycle of their goods, access reliable data on branded items, and activate circular services. Diesel, Off-White, Versace, and Emporio Armani are some of the brands that Certilogo represents. JULY 2023

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CONTRARIAN • ENTREPRENEURS

ENTREPRENEURS

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By Justin Birnbaum

Photograph by Levon Biss for Forbes

A Winning Formula

TOTO WOLFF built Mercedes’ F1 team into an auto racing dynasty. Their championship days may be behind them, but the billionaire racing boss is more successful than ever.

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As Toto Wolff surveys a large room at the Mercedes-AMG Petronas headquarters in Brackley, England, his eyes are drawn to the rear axle of a silver car. The right wheel is broken, and it bothers him, prompting him to call for repairs immediately. But the billionaire co-owner and team principal of Mercedes’ F1 team is not inside his factory, and this isn’t a full-scale $8 million Formula 1 car he’s assessing. Rather, Wolff is dissatisfied with a decorative model of a classic Mercedes, only a few inches long. “It just jumps into my eyes,” he explains. “In my normal life, it’s actually an annoyance for my environment because I just can’t stop trying to eliminate imperfection.” That obsessive pursuit of perfection may be a burden for most people, but in Formula 1 racing, where success can be defined by less than a tenth of a second, it has consistently kept Wolff’s team on the podium. Over the past decade, the 51-yearold Austrian has collected eight Constructors’ Championships, seven Drivers’ titles and an astonishing 115 Grand Prix victories—thanks to his flawless machines and Mercedes’ marquee driver, Lewis Hamilton. It’s an unprecedented run in the sport, befitting other legendary franchises like the New York Yankees and Boston Celtics. Except Mercedes isn’t winning anymore. The team scratched its way to third place last year, taking the checkered flag at just one Grand Prix. Returning to the top looks unlikely in 2023, as Red Bull Racing currently possesses a stranglehold on first place. A financial overhaul of F1 rules in 2021 that limits spending—the cost cap—has stifled Wolff’s perfectionist approach, allowing fewer chances to rebound from mistakes. While the cost cap has presented its greatest challenge on the grid, it’s had a strikingly positive effect away from the track. In 2021, the last year Mercedes won the Constructors’ title, the team posted its best results ever under Wolff, with F O R B E S M I D D L E E A S T.C O M

By John Dobosz

It’s hard to deny the upward trajectory of fan attendance and financial performance of Formula 1 racing. More than 5.7 million people attended F1 races in 2022, up 36% since 2019, the last year without Covid restrictions. Revenue in 2022 rose 20% to $2.6 billion from $2.1 billion; operating income jumped 260% from $92 million to $239 million. If you want to get a piece of the action, the most focused way is owning Liberty Formula One Group, the voting shares of the Formula 1 group owned by Liberty Global, the company headed by cable TV billionaire John Malone. You could also buy Liberty Global and get exposure to the Atlanta Braves Major League Baseball franchise and Sirius XM satellite radio along with Formula 1. John Dobosz is editor of Forbes Billionaire Investor, Forbes Dividend Investor and Forbes Premium Income Report.

JULY 2023

17 CONTRARIAN • ENTREPRENEURS

HOW TO PLAY IT

revenue of $529 million and Ebidta of $128 million. Although the organization has yet to release its 2022 figures, Forbes estimates it will exceed those marks by roughly 10% and 30%, respectively. Such turbocharged revenue has translated directly into team value. Forbes valued the Mercedes team in 2019 at $1 billion and estimates it has at least doubled since. Wolff owns 33% of the team—most of which he purchased in 2013 for an estimated $50 million— constituting the cornerstone of his $1 billion fortune. In essence, he has built a brand akin to the Dallas Cowboys, which remains the world’s most valuable sports franchise at $8 billion despite a 27-year Super Bowl drought. “I would give up every single penny of the profits to win,” he says. “So choosing between financial success or sporting success, every day of the week, every day of the year, I’ll go for the sporting success.” That monomaniacal desire to win is hardwired into Wolff. Born in Vienna, he dreamed of becoming a race car driver since childhood. He came up short chasing his passion—in part because he is too tall at six-foot-five—and soon shifted to business. He founded Vienna-based tech incubator Marchfifteen in 1998, spending his days cold calling potential investors. Two years later, at 28, Wolff notched a profit of more than $30 million, almost entirely from the sales of text-messaging outfit UCP and video game publisher JoWooD. Flush with cash, he wound down his company and returned to his first love, auto racing, and started managing junior drivers. That led him to engine maker HWA AG, which supplied Mercedes’ lower-level racing teams. He bought 49% of HWA in 2006 and later helped take it public in a $175 million IPO, netting himself an additional $85 million. Wolff invested in the Williams F1 racing team a few years later and helped deliver a stunning Spanish Grand Prix victory in 2012. That same year Mercedes was struggling and invited Wolff to Stuttgart to tap his expertise. He bluntly told them they were vastly under-budgeting the team, and Mercedes replied by offering him the top job. “He’s not a bullshitter,” says René Berger, Wolff’s longtime friend and a Mercedes F1 board member. “Toto will never tell you something he believes is not really true, and that’s why he’s so persuasive.” Wolff agreed, but only under the stipulation that he could buy in as a co-owner. In 2013, he departed Williams and took a 30% ownership

Déjà View

OFF TO THE RACES

Race Course Wolff begins a teaching fellowship at Harvard Business School in 2024. “Everything else I do is to become better in Formula 1,” he says.

Modern F1 cars zip around at more than 200 miles per hour thanks to cutting-edge 1,000-horsepower engines, but humans have long been rushing from point A to point B. A brief history of racing through the centuries: to English mares. It spreads to America, too, with the three legs of the Triple Crown— the Kentucky Derby, the Preakness and the Belmont Stakes—all established by the late 1800s.

776 B.C. | The Olympics begin with a single event: a 600-foot sprint won by Coroebus, a cook from the Greek city of Elis. 46 B.C. | Chariot racing is the most popular sport in Caesar’s time. Romans flock to the city’s Circus

Maximus stadium to watch twoand four-horse teams square off on as many as 60 race days a year. 1700s | Thoroughbred racing takes over England after three speedy Arabian horses are imported from the Middle East and bred

1920s | Southern moonshiners who souped up their cars to evade the G-men soon begin racing one another at local fairgrounds and tracks. Later on, a driver named Bill France convenes the leading motorists in Daytona Beach, Florida, in 1947 and establishes the National Association for Stock Car Racing—Nascar.

new F1 stars, including the charismatic Wolff with his militaristic metaphors, fiery competitiveness and oddly specific breakfast order. (“Ham and eggs. With a little bacon and two pumpernickels, really toasted so they break.”) And F1 will only get bigger this year when it adds a third U.S. Grand Prix in Las Vegas in November. (Miami and Austin, Texas, already host events.) “The sport’s growing,” Wolff says, “but you must not take it for granted.” He’s not taking Mercedes’ good fortune lightly, either, securing a lucrative future even without being world champion. Sponsorships remain the most important revenue stream; Mercedes counts Ritz-Carlton, Monster Energy drinks and watch brand IWC among its partners. It also sells equipment to other teams, including gearboxes to Aston Martin. That doesn’t mean Wolff has any plans to slow his push for wins. “As long as we are competing at the front, racing for victories, being among the top teams,” he says. “Nobody can expect us to win every single year.”

F I N A L T H O U GH T

“AUTO RACING BEGAN FIVE MINUTES AFTER THE SECOND CAR WAS BUILT.” —Henry Ford

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stake in Mercedes at a $165 million valuation, Forbes estimates. The timing of the move also worked well for Mercedes, given rule changes that expanded hybrid engine use in F1—which the German automaker had already spent more than $100 million developing. The titles followed quickly, with Mercedes collecting both the Constructors’ and Drivers’ Championships in 2014, the first in its dynastic eight-year run. “It was the perfect move from Mercedes at this stage,” says Scuderia Ferrari team principal Frédéric Vasseur, “and they took a real lead on the engine.” That type of strategic spending is now more difficult. Under the cost cap in 2023, teams can spend only roughly $150 million to cover equipment, engineering and staffing. Driver salaries, such as Hamilton’s estimated $55 million, are excluded for now. In years past, big-budget teams like Mercedes, Ferrari and Red Bull would spend hundreds of millions annually, justifying the cost as global marketing. Lower-end teams would slip into financial ruin trying to keep pace with the F1 elite. Much to the credit of the Liberty Media Corporation, which in 2017 bought Formula 1 for $4.7 billion in cash and stock, and the FIA, racing’s governing body, the cost cap has created greater parity among teams. F1 is also getting a huge boost—especially in America, where the sport has lagged in popularity— from Netflix. Debuting in 2019, the Drive to Survive docuseries, which chronicles each F1 season, tapped into a younger, digital-first audience. It also created

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CONTRARIAN • MONEY & INVESTING

By William Baldwin

CONTRARIAN • MONEY & INVESTING

Photograph by Franco Vogt for Forbes

Playing the Fields SAL GILBERTIE sells down-to-earth inflation hedges: funds that hold futures contracts on crops like corn and soybeans.

The dollar is weak, the world is hungry and the Russians are making a mess of the grain markets. Would you be interested in a foodbased inflation hedge? Sal Gilbertie, farm-family scion turned money manager, has just the thing. His Teucrium Trading offers pure-play exchange-traded funds that hold futures positions in corn, wheat, soybeans and sugar. When the conditions are right, these things add quite some spice to your portfolio. In the space of four weeks beginning just before the invasion of Ukraine last year, Teucrium Wheat zoomed up 65%. Over the past three years the soybean ETF is up 92%, the sugar fund 162%. Of course, agricultural commodities can sink just as easily. Wheat has given up all last year’s gain. Beans and sugar fared very poorly over the decade of low inflation that preceded the pandemic. Why subject yourself to such uncertainty? To get diversification. Farmer-Financier At his greenhouse-adjacent office in Easton, Connecticut, commodities trader Sal Gilbertie keeps an eye on crop production—and on ethanol demand, which has a lot to do with corn prices in the U.S. and sugar prices in Brazil.

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HOW TO PLAY IT By William Baldwin If you want a lot of action in a short time, any of the four single-malt ag funds from Teucrium would be tempting, despite their stiff expense ratios (in the vicinity of 1.75% a year). Buyand-hold investors, though, will gravitate to a more diversified portfolio. For taxdeferred accounts I recommend GraniteShares Bloomberg Commodity Broad Strategy No K-1 (expenses 0.25%), which mixes farm commodities with fossil fuels and base and precious metals. The K-1-free format, however, can be deadly to taxable investors. They should get the Invesco DB Commodity Index Tracking Fund (expenses 0.85%), whose partnership structure makes some of the return a capital gain. William Baldwin is Forbes’ Investment Strategies columnist.

equity—other owners include a former employee and the bond trading firm Cantor Fitzgerald— and has voting control. The Teucrium lineup includes the four singlegrain funds, two ag-commodity blends and a bitcoin futures fund. Recently germinated: two ETFs using artificial intelligence to time futures contracts in farm commodities and in metals. Some of these products have tiny assets and might die off. Funds are as chancy as crops. The whole operation was at risk of withering away when, in 2014, Russia snatched Crimea and drove grain markets into a tizzy. Last year’s invasion of Ukraine was even more powerful, bringing a fickle crowd of speculators into the wheat fund and sending Teucrium’s assets, momentarily, above $1 billion. Here’s the deal with grain prices, per Gilbertie. For years they lie sluggishly at just above the cost of production. Then something happens—a flood in China, a drought in Nebraska, a war—to send prices on dramatic trajectories. As he puts it: “Supply is erratic, demand is steady. Nobody is going to let themselves or their families get cold or go hungry.” At a sponsor of commodity ETFs, revenue is erratic and the costs of paperwork are steady. Even if a fund consists of nothing but three or four futures positions (as in the corn ETF), Teucrium has to put a “mine safety” statement and 248 pages of additional argle-bargle into the annual report. Gilbertie: “An ETF sponsor is a legal, compliance and accounting company that happens to have some funds.” He will make what he can of these bitter herbs. A recently introduced Teucrium venture is a “white label” fund service. For a fee, it handles the worst of the paperwork for some other sponsor’s fund. There is one customer so far, a vendor of funds that make risky bets on stock market volatility. Futures trading and securities law have taken Gilbertie far afield from his roots. But he still has one foot planted on the farm. Teucrium is the name of an ornamental herb in his father’s catalog. Not far from his office he is using a patch of soil to experiment with an heirloom corn variety. “I’m a trader,” he says, “but I’d much rather be out there scratching dirt.” F I N A L T H O U GH T

“THE EXCHANGEABLE VALUE OF ALL COMMODITIES RISES AS THE DIFFICULTIES OF THEIR PRODUCTION INCREASE.” —David Ricardo

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21 CONTRARIAN • MONEY & INVESTING

The low correlation between grains and stocks means that a blend ought to be less volatile than either asset alone. In 10 of the 11 stock market corrections of 10% or more since 1998, Gilbertie says, the S&P grains index has beaten stocks. As a commodities trader, Gilbertie, 63, has spent his entire career in finance. But he has farming in his blood. You get a taste of that when you visit his office in rural Easton, Connecticut. His desk is in a tiny room cluttered with sacks of seeds and housed in a ramshackle building alongside 36 acres of fields and greenhouses. Teucrium’s nine other employees are scattered to the winds, in Vermont, Minnesota and other states. What’s the chief executive doing in Connecticut? The nearby farm operation is a family business called Gilbertie’s Organics. A century ago, Gilbertie’s great-grandfather came to the U.S. from Italy to grow for the cut-flower market. Handed down from generation to generation, the flower business survived for a long while—Gilbertie remembers helping, as a child, to deliver bouquets to funeral parlors— but it was doomed. Air freight brought in a bumper crop of import competition. To survive, Gilbertie’s entrepreneurial father pivoted into supplying cut greens and potted herbs to home gardeners and restaurant chefs; at 86, Sal Gilbertie Sr. remains the hands-on manager of a multimillion-dollar operation that employs 62 workers. It would be in the natural order of family businesses for the reins to be handed on by now. But the younger Gilbertie wanted to break away and, apart from taking advantage of some low-rent office space, he has largely succeeded in doing that. Fresh out of Fairfield University, Sal Jr. headed to Minnesota to learn how to be a trader at Cargill. That giant firm is best known for handling farm commodities, but it gets involved in energy trading, too—no surprise given that food and energy intersect in the ethanol business. At 23, Gilbertie was buying diesel oil from Russia and reselling into the European market. The job responsibility included regular debriefings from a Russia watcher at the Central Intelligence Agency. Gilbertie went from Cargill to Merrill Lynch to Bear Stearns to Société Générale to out on his own, juggling contracts for oil, natural gas, gasoline, ethanol and even orange juice. In 2009 he created Teucrium Trading. It has $440 million under management, enough, with a 1% management fee on most of the funds, to cover the bills but not enough to make anyone rich just yet. Gilbertie owns a fourth of the

By Jemima McEvoy

Canadian Cool

Everyone thought Covid was the final coffin nail for brick-and-mortar retail. For ARITZIA, a nearly 40-year-old Vancouver-based fashion outlet, it proved quite the opposite.

Dressed in a stylish navy suit and matching cravat, Brian Hill settles down in his usual seat in the corner of the vast 12,000-squarefoot commissary in Aritzia’s downtown Vancouver headquarters. In front of him baristas pour custom drinks for his staffers. To the side, a master sushi chef slices fresh king salmon and bluefin tuna. Behind him are floor-to-ceiling windows framing a breathtaking view of British Columbia’s snow-capped North Shore Mountains. The space was personally designed by Hill, 62, as part of his grand vision for Aritzia, his fashion brand. For 39 years, the Canadian entrepreneur has been obsessing over every detail of his company, from the minimalist silhouettes of his Divinity Kick Flair jumpsuits to the cash register setup at his sleek retail stores. There are now 115 Aritzia “boutiques” (Hill dislikes calling them stores) scattered across Canada and the lower 48, peddling Retail ABCs Brian Hill, then 23, picked the name Aritzia for his new store in part because it began with the letter A and would appear at the top of listings.

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COURTESY OF ARITZIA

C O N T R A R I A N • S T R AT EG I E S

CONTRARIAN • STRATEGIES

PATRICK WELSH FOR FORBES

F O R B E S M I D D L E E A S T.C O M

HOW TO PLAY IT By William Baldwin How fickle are tastes in apparel, whether in stores or on labels. There were times when Dressbarn, Forever 21, Limited and Wet Seal were in fashion. And then they weren’t. Lesson: Hesitate to buy into a clothing brand when it looks like it will never go out of style. Aritzia and Lululemon Athletica, hot at the moment, trade at high multiples. You’re better off in a company that is enduring but no longer hot. Put on your shopping list outfits like Ralph Lauren, PVH (formerly PhilipsVan Heusen) and VF (owner of North Face and Timberland). These are trading, respectively, at 13, nine and ten times what Value Line expects for earnings. William Baldwin is Forbes’ Investment Strategies columnist.

brick-and-mortar bias. His grandfather, an Irish immigrant, was an exec at Hudson Bay Company, Canada’s largest and oldest retailer, before he bought a dry-goods store in Vancouver in 1945. He passed that business on to Brian’s father, James, who later opened his own department store, Hill’s of Kerrisdale, with his brother Forbes. Brian and his brother and sister spent many hours working at the store. “I used to sweep the streets and take the garbage out and do everything,” Hill recalls. After graduating from Queen’s University of Ontario in 1982 with a degree in economics, Hill spent about a year traveling and three months working as a garbageman in Vancouver, trying to figure out his next move. His big break came when a local mall reached out to his father in search of new store concepts. Hill came up with the idea for Aritzia with the help of his father and brother Ross. For the first decade, his stores were filled with other brands’ apparel. Then, around 1995, Hill decided to take control, a move he describes as crucial, both in terms of boosting margins and shaping the luxury experience for customers. Today, Aritzia designs almost all its own clothes, including more than a dozen in-house brands, tailored to different prices and demographics. Babaton is focused on “minimalist designs for the modern woman,” while TNA is a street- and sportswear brand. Some lines get their own stores: Since the winter of 2020, Aritzia has operated seasonal “Super World” pop-ups in New York and Los Angeles, which sell only its popular rainbow-hued goose-down puffer jacket, known as the “Super Puff.” “When you go to shop at an Aritzia store, you’re not going to buy a product with an Aritzia tag. That’s a bit unique,” says Martin Landry, a Montreal-based retail analyst at Stifel Financial Corp. “They’re able to offer you something for work, something to wear when you go out at night and then something to wear when you’re lounging on a Sunday afternoon at home.” While Covid wreaked havoc on plenty of retailers, it was a boon for Aritzia. Social media helped: Its $148 vegan leather Melina pants went viral on TikTok (35 million views and counting). But behind the scenes, Aritzia made other changes, including reassigning sidelined retail workers to help run the website and moving quickly to offer more comfortable stayat-home clothes. (It says it didn’t lay off a single employee.) Aritzia started to see unprecedented traffic on its e-commerce site in what Hill thought would be a permanent change. “I wouldn’t suggest I thought retail was going to JULY 2023

23 C O N T R A R I A N • S T R AT EG I E S

$148 “expertly tailored” Program Pants and a $328 cocoon wool coat once worn by Meghan Markle. The mission? “Everyday luxury” at an “attainable price.” After each location is hand-selected, a small army of architects and designers maps out the interior. That includes an in-house carpenter who works on all the displays. Once open, every boutique has a personal stylist with whom customers are pushed to interact. There are intentionally no mirrors in nearly all of the dressing rooms, which forces shoppers to head into a communal space. (For those folks requiring additional privacy, they do provide at least one dressing room with either a permanent or roll-in mirror.) Some locations have complimentary coffee bars. Others serve alcohol. “I think we have to understand that the retail stores aren’t just for selling clothes. The e-commerce site is for that,” says Hill, who is Aritzia’s executive chairman. “It has to be an experience. There’s an option now, so you have to give people a reason to come back to your stores. It’s not easy, but if we can continue to do that, we’ll be successful.” Aritzia, which was founded in 1984, is a “40year overnight success,” as Hill calls it, though due to a sudden acceleration of its business in the U.S., things have sped up lately. Not until 2007 did Hill open his first American stores (in Santa Clara, California, and Seattle); now there are 47 U.S. outposts, most of them opening in the last five years. America now accounts for more than half of Hill’s business for the first time. Whether Canadian or American, bricks still beat clicks at Aritzia, which waited until 2012 to launch a website. Sales at its boutiques jumped 53% overall in the fiscal year ending February 2023 and now account for 65% of Aritzia’s $1.6 billion in revenue. Although it’s not Hill’s passion, e-commerce is doing well too, growing by 36% last year and projected to account for about 45% of total sales within a few years, up from 35% today. Hill himself is worth an estimated $950 million, both from his 19% equity stake in the company and the cash he got from selling shares since the IPO. “What’s ironic is our market position and our approach to business hasn’t really changed since the day we opened our first store,” says Hill, who last year handed over the CEO reins to Jennifer Wong, his longtime COO, who joined the firm in 1987 as a sales associate in one of his first stores. But Hill, who owns 70% of the voting shares, retains ultimate control. It’s not hard to figure out the source of Hill’s

The Vault

MAIL-ORDER MILLIONS Long before Aritzia began bringing “everyday luxury” to the masses, Leonard Leonwood Bean was peddling tents, blankets and boots to a worldwide audience of fishermen, hunters and hikers from his hometown of Freeport, Maine. Business at L.L. Bean—founded in 1912, it’s now a $1.8 billion (2022 sales) American icon helmed by Leonard’s greatgrandson—was already booming when Forbes peeked inside the outdoorsman’s mail-order operation in 1941.

C O N T R A R I A N • S T R AT EG I E S

Today his catalog brings in 98¾% of his sales. How? By being quaint. He keeps it that way by writing all the copy himself. He even keeps some bad grammar in. He knows it’s wrong, but it’s been there for years helping along the catalog’s quaintness, so why change it? Last year his bill for postage stamps was $54,540, his cash balance at the bank one day recently $130,000. Sales last year went to $920,642, and this year will top over a million. So many sportsmen wait to buy at “Bean’s” that he now has to give 24-hour service, holidays and Sundays, all year. His celebrity customers run from [author] Kenneth Roberts dropping in for fishing tackle to get his mind off [his character] Oliver Wiswell to Mrs. [Eleanor] Roosevelt taking away a pair of khaki shorts, waist thirty. He ships to Iraq, to Chile, to a maharaja in India. —Forbes, June 1, 1941

F O R B E S M I D D L E E A S T.C O M

Remarkable Rise CEO Jennifer Wong, then a high school student, was turned down by Hill for a sales job at the first Aritzia, so she drove to another store and got hired. “It was a parttime job while I went to school,” she says. “The rest is history.”

years on Michigan Avenue, the city’s premier shopping stretch. Five more locations are in the immediate pipeline—and the company has scouted 100 more. Overall, Aritzia plans to open eight to ten American boutiques every year for the next four years. “There’s still a lot of white space,” Wong says. The obvious danger is overexpansion. But Hill isn’t worried. “We’ve been through 2008. We’ve been through other recessions as well,” he says. “We know that usually the thing that affects our business is ourselves. If we execute really well, we’re fine.” F I N A L T H O U GH T

“PEOPLE WANT ECONOMY, AND THEY WILL PAY ANY PRICE TO GET IT.” —Lee Iacocca

JULY 2023

COURTESY OF ARITZIA

die, but we thought it would become a lot less relevant,” he says. Instead, when his boutiques reopened, he was surprised to see an influx of customers showing up in person. People who had discovered the brand online sought it out offline too. Another silver lining: Prime commercial real estate was suddenly extraordinarily cheap. “The so-called ‘retail apocalypse’ coupled with the pandemic has opened real estate opportunities I’ve never seen in my lifetime, and we’re taking advantage of those,” says Hill, whose company signed one of the largest retail leases in Manhattan last year. It plans to relocate its Midtown flagship (it also has one in SoHo) to a 33,000-square-foot space at Fifth Avenue and 49th Street, whose most recent tenant, Topshop, vacated in 2019. It also inked Chicago’s largest lease (46,000 square feet) in seven

C O N T R A R I A N • S T R AT EG I E S

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• COVER STORY •

HIND SEBTI

BEAUTY FROM BOTH SIDES Hind Sebti, Cofounder and Chief Growth Officer of Waldencast, is both leading a Nasdaq-listed company and developing her own beauty startups. While pursuing her own life-long love of the industry, she’s now focused on mentoring others.

BY NANCY BAHMAD F O R B E S M I D D L E E A S T.C O M

JULY 2023

Hind Sebti, Cofounder and Chief Growth Officer of Waldencast

IMAGE FROM SOURCE

F O R B E S M I D D L E E A S T.C O M

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HIND SEBTI

While many female founders of beauty brands are well-versed in the challenges and rewards of becoming entrepreneurs in an industry they love, few are also able to view the journey from the perspective of an investor and head of a listed company. This cannot be said of Hind Sebti, Moroccan Cofounder and Chief Growth Officer of Waldencast, a Nasdaq-listed holding company that aims to build a global best-inclass beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth, purpose-driven brands. “Understanding the problem, envisioning different solutions, and executing flawlessly are key elements of achieving success in the beauty industry. It’s not just about having a great idea; it’s about bringing that idea to life,” says Sebti. Having been established in 2019, with offices in New York and London, Waldencast had a market cap of over $1 billion as of June 16, 2023. whind, one of Waldencast’s brands, was also established by Sebti in the U.K. in 2021, creating skincare products that marry highly-effective science-led formulas with natural ingredients and sensorial textures inspired by Sebti’s Moroccan Heritage. In 2023, the brand launched a new line of fragrances featuring six distinct scents, each crafted to suit a wide range of tastes and moods. One of these fragrances, Rose Saffron, which captures the essence of Moroccan rose, hot Kashmiri saffron, and the invigorating aroma of freshly-milled coffee using fragrance oils, has already become a sensation among celebrities like Halima Aden and Olivia Palermo. “What I like the most about whind is the sensorial experience associated with each of its products. The textures and the scents really have a surprising way of transporting us into their universe that is inspired by Moroccan landscapes,” says Maya F O R B E S M I D D L E E A S T.C O M

Ahmed, Beauty Vlogger and Content Creator. “Consumers today are looking for something more than just product benefits and performance, they are looking for brands that are able to bring a bit of emotion into their beauty routine, and whind has been successfully able to do that.” Born and raised in Morrocco, Sebti was captivated by the beauty industry from a young age, but she began her journey on a different path. After completing her scientific baccalaureate in Morocco, she went on to study industrial engineering at the Institut National Des Sciences Appliquées (INSA Lyon) in France, which gave her a foundation in technical and strategic skills. However, she never stopped dreaming of going into the beauty sector. “After finishing my scientific baccalaureate, I knew that my calling was in the beauty industry. I was captivated by its power to connect people and evoke emotions,” she remembers.

“Don’t be afraid to dream big and work hard to make those dreams a reality.” Sebti worked at Procter & Gamble (P&G) from 2002 to 2013, honing her skills and understanding of the industry’s dynamics, before joining L’Oréal for five years, where she learned about brand positioning and scaling. “Working in logistics and supply chain at P&G allowed me to understand the inner workings of the industry. But it was my transition into marketing that truly ignited my passion for brand building and business leadership,” she explains. In 2019, Sebti joined forces with Michel Brousset, a fellow former P&G and L'Oréal alumni, to establish Waldencast Ventures in the U.K. The company began work on its growth strategy immediately. In February 2021, Waldencast Acquisition—a blank check company (SPAC) formed in 2020 by Waldencast Ventures and the former CFO of Anheuser-Busch InBev—filed its intentions with the SEC to raise $250 million through an IPO. On March 16, 2021, the SPAC began offering 30 million units at a price of $10 per unit on Nasdaq—the upsized IPO closed two days later, having raised up to $678 million in cash proceeds and forward share agreements. By November 2021, the company was looking JULY 2023

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channels, and consumer touchpoints, has made her a force to be reckoned with. “My career has been a continuous journey of learning and growth within the beauty industry. I’ve had the opportunity to explore various aspects of the business, gaining valuable insights into consumer behavior and trends,” she admits. Her professional success can be attributed to her strategic approach to overcoming obstacles and achieving her goals. She believes in fully understanding the problem at hand, envisioning alternative

Following a $1.2 billion three-way business combination with Obagi Skin Care and Milk Makeup, the combined company began trading on NASDAQ in July 2022.

outcomes, and keeping a steadfast focus on the ultimate objective. However, she emphasizes that execution is paramount. In the beauty industry, where consumers judge success based on the final product, flawless execution is a testament to the thorough thinking behind it. Balancing personal and professional responsibilities, Sebti’s love for the beauty industry extends beyond her work. She views her career as a constant source of growth and personal gratification and is a strong advocate for empowering women in the business world. As a mentor and sponsor, she is dedicated to guiding women and helping them navigate the challenges they face in their careers, saying, “Mentorship and sponsorship are crucial in empowering women to achieve success. By guiding and supporting them, JULY 2023

29 HIND SEBTI

to grow further and announced a $1.2 billion three-way business combination with skincare company Obagi Skin Care and cosmetics and skincare company Milk Makeup. Having been approved by the SEC, the combined company was finalized in July 2022 and began trading on Nasdaq, led by Brousset and Sebti. In April 2023, the company announced that it had acquired 60% of its South-East Asia distributor and was delaying the release of its 2022 Annual Report pending an independent review of the sale of Obagi products in the Vietnam market. The company recorded $78.9 million in net sales in Q3 2022, with $256.3 million forecast in net sales for the 2022 fiscal year. As consumers seek products that align with their values, Waldencast’s portfolio of purpose-driven brands aims to offer a fresh perspective on beauty, challenging conventional norms and empowering individuals worldwide. Other well-known brands under its umbrella include Glaze, which was also founded by Sebti and offers products that covet shiny, healthy, and salon-worthy hair, and organic luxury makeup brand Kjaer Weis. “I believe there is a big need to identify, invest, and grow the brands that have the potential to become the new super brands of the future. Waldencast understands that to give these brands a chance to succeed, they need to offer undivided attention and expertise. This would be very hard for the other established players to do when all their resources are already dedicated to the super brands of today,” says Rania El Khatib, Founder of design consultancy, The RMK Collective. “Hind comes with the eye, the expertise, and the vision to make Waldencast a player to watch for in the beauty sector.” Sebti’s deep understanding of the industry, spanning various categories,

we can break down barriers and create opportunities for future generations.” Looking to the future, Sebti’s goals and aspirations revolve around building Waldencast into a global powerhouse in the beauty and wellness industry. With plans to grow its portfolio and acquire new, high-growth, purposedriven brands, the team’s vision aligns with values of inclusivity, diversity, sustainability, and transparency, ensuring that Waldencast remains a driving force in the industry. The CGO also plans to establish a Waldencast Foundation to support female entrepreneurship in developing countries, providing both financial assistance and educational opportunities. “For me, mentorship is a reciprocal gift,”

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she adds. “While I strive to empower and guide aspiring entrepreneurs, I also gain valuable insights and inspiration from the individuals I mentor.” For women aspiring to start their own businesses or pursue leadership roles, Sebti’s advice is clear. Finding the right balance between pursuing personal aspirations and leveraging existing structures can lead to fulfilling careers. “Never be afraid to ask for what you want, and don’t limit yourself based on preconceived notions. Entrepreneurship may not be the path for everyone, but there are countless ways to achieve success and make a meaningful impact,” she stresses. “Don’t be afraid to dream big and work hard to make those dreams a reality.”

Most Powerful Moroccan Businesswomen In our list of the Middle East’s 100 Most Powerful Businesswomen 2023, released in February, these were the three highest-ranking Moroccans. Name and rank in list

Company

Title

Salwa Idrissi Akhannouch

AKSAL Group

Founder & CEO

Akhannouch founded AKSAL Group in 2004. In 2017, she launched her cosmetics and beauty brand Yan&One. The group also created the AKSAL Academy and the AKSAL Social Initiative.

Miriem Bensalah Chaqroun

Les Eaux Minérales d’Oulmes; Holmarcom Group

ViceChairwoman & CEO; Director & Administrator

Chaqroun joined her family business, the Holmarcom Group, in 1989. Les Eaux Minerales d’Oulmes is listed on the Casablanca Stock Exchange.

Rita Maria Zniber

Diana Holding

Chairman & CEO

Zniber first joined Diana Holding in 1988, which encompasses soft drinks, plastics, agriculture, olive growing, beverages, poultry, sea products, distribution, and retail.

F O R B E S M I D D L E E A S T.C O M

JULY 2023

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HIND SEBTI

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• WOMEN BEHIND MIDDLE EASTERN BRANDS •

NADINE MERABI

TEAM PLAYER

International England Hockey player turned fashion designer, Nadine Merabi, Cofounder and Creative Director of her namesake luxury ready-to-wear brand, is empowering women through fashion while celebrating her Lebanese heritage.

BY RAWAN HASSAN F O R B E S M I D D L E E A S T.C O M

JULY 2023

Nadine Merabi, Cofounder and Creative Director of NADINE MERABI.

IMAGE FROM SOURCE

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JULY 2023

NADINE MERABI

Direct-to-consumer glam fashion brand, NADINE MERABI, marked another milestone in its journey on June 14, 2023, releasing its first official resort collection following the success of its main line partywear, bridal, and recently-launched SS23 collections. With the resort collection, the brand is branching out from occasion wear to make it more wearable and inclusive. “In autumn and winter, you’ve got Christmas parties, you’ve got nice meals out with the girls where you can wear MERABIs; but in the summer, unless you were going to a wedding or a day event or a brunch, you didn’t really have an occasion,” says Nadine Merabi, Cofounder and Creative Director of her eponymous brand. “I wanted more people to experience the brand. So, the idea is to have a wider range of options.” Trying to build stories for women, by women, to celebrate women while thinking about different prints, fabrics, and countries, the self-taught seamstress built the new multi-drop model collection piece by piece, starting with the now-released 13 styles in the Drop 2 Sol de Aqua collection. Further drops will launch across July and August 2023, while a second resort collection will be released in January 2024. “It just started and escalated to the point I had to cut the resort collection down. I had to split it, so half of it is launching next January as well because there was just too much,” says Merabi. She is also testing swimwear as well as other summer pieces. “It was about a year and a half in the making, which is a lot longer than a normal design process, but I wanted to get it right.” A high percentage of the brand’s client base is from the U.S. and the Middle East, according to the cofounder. In 2022, international sales grew 100% to $10 million. Global sales are split 45% from the U.K., 45% from the U.S., and 10% from the wider world (mainly the Middle East). They also have customers of Middle Eastern heritage in the U.K. and the U.S. “I definitely want to explore other regions, and I think the U.S. and the Middle East are our biggest-growing markets,” says Merabi. F O R B E S M I D D L E E A S T.C O M

Over the last few years, the Middle East has been steadily leaving its mark on the global fashion scene. “The region has seen significant growth and development in its fashion industry, with a rise in influential designers, fashion events, and luxury retail destinations,” says Mohammed Aqra, Chief Strategy Officer at Arab Fashion Council “The official Dubai Fashion Week, exemplifies the expansion of the Middle East's participation in global fashion by now sharing the stage with the world's top five most significant fashion events: New York, London, Milan, and Paris Fashion Weeks.” Having founded the brand with fellow cofounder Blue Wilson in 2010, Merabi says the business has recently grown from $2.5 million in revenues in 2020 to $20.4 million in 2021. It had over 1.2 million followers on Instagram as of June 2023. The cofounders aim to at least triple the business in the next three years.

“I’m sure there are other people in the world that go through a journey not necessarily through choice but because it was what they were good at.” Merabi’s journey to fashion wasn’t the most conventional. Born to a Lebanese father and a British mother, Merabi explains that her father was her biggest inspiration. “I used to look at photos of him, and he had the flared trousers and the structured tailored blazer and the flamboyant shirt, and he was quite an extrovert but in a really cool way,” she remembers. “I think people felt more confident back in the 70s to experiment with styles. They took more pride in what they were wearing.” Despite being born in the U.K. in 1982, Merabi grew up in the shadow of war-stricken Lebanon. She was about three years old when she first went to Lebanon before returning to the U.K. due to the civil war and her father’s illness, after which she only visited the Arab country during the summer holidays. It was while she was at secondary school in the U.K. that she first discovered a talent for hockey. Her prowess at the sport won her a scholarship to the University of Bath. She was made captain and put into the North of England trials, and within two years, she was playing for England. She played for the national team until 2007. “I’m sure there are other people in the world that go through a journey not necessarily through choice but because it was what JULY 2023

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NADINE MERABI

they were good at,” Merabi muses. “I never stopped long enough to think about what it is I wanted to do and what else I could be good at.” While trying out career paths away from sports, Merabi began running and hosting events. Being on a budget and not wanting to buy the same clothes that everyone was wearing from the high street while hosting these events, she thought it couldn’t be that hard to make a dress and put the fabric together. She started experimenting with designing and making clothes, taking inspiration from her Lebanese roots. “I definitely think my heritage allows me to be more creative and think through a wider lens beyond fashion in the U.K.,” she explains. “I had my laptop on one side where I had YouTube teaching me how to do it, and I had my little sewing machine on the other side. It felt for the first time that I was doing something I really enjoyed and wanted to do.” Her unique, glamorous designs quickly caught people’s attention, and by 2010, at the age of 29, she decided to pursue her new passion seriously, showcasing her clothes in a boutique in Manchester City Center. “I was in shock at how they just sold and how people wanted them. It was then that I realized that people wanted something different; they wanted to feel glamorous,” recalls Merabi. She set out to fill a gap for herself and other women in a world of fast fashion and repetitive designs, making bespoke one-of-a-kind designs for the women she knew, flattering the insecurities each one had. “I would create a lot of different designs for individual women, and so I got to really understand what women F O R B E S M I D D L E E A S T.C O M

liked and what they didn’t like about themselves,” says Merabi. “I’m always trying to design and create something for all different body shapes. The designs have definitely changed in that everything’s not as skin-tight, with a lot of structure and boning involved discreetly in the pieces. It’s just to try and make people feel their absolute best when they wear MERABI.” Working alone for over six years, the brand witnessed some growth with wholesale, as well as selling to Selfridges department stores. However, Merabi needed help in pushing her brand forward. That’s where Wilson, an international business graduate with over 10 years of experience building global DTC brands, came in. She joined Merabi as a cofounder, officially establishing the NADINE MERABI brand in 2016. “We were like chalk and cheese,” admits Merabi. “We just worked really well as founders and business partners. She leaves me to be the creative director, and I leave her to be the managing director.” Merabi has faced some challenges along the way. NADINE MERABI was hit hard by the global pandemic in 2020 as an occasion-wear brand when every occasion in the world was canceled. However, the designer quickly pivoted, releasing a selection of luxury pyjamas for women. “People still wanted to have dinners and get dressed up, but everyone was locked up in their houses, so we came up with these silk satin pyjamas with feather trims,” explains Merabi. “And now, people are going out again, they are still wearing them out in the evenings to go for dinners.” In 2022, the brand was given the opportunity JULY 2023

NADINE MERABI

to showcase its FW22 Collection during London report on The State of Fashion 2023. “The rise of Fashion Week. However, London Fashion Week brands known for their glamorous yet sustainable was postponed in the wake of Queen Elizabeth II’s designs exemplifies the growing demand for fashion death in September, followed by a 10-day mourning that is both stylish and environmentally responsible,” period. NADINE MERABI was one of the first brands says the Arab Fashion Council’s Aqra. “As the luxury to announce its move from the traditional London sector continues to grow, incorporating sustainable Fashion Week calendar, with the support of the British practices and embracing slow fashion will be crucial Fashion Council, to join the London Fashion Week for brands to stay relevant and meet the evolving City Wide Celebration four weeks later. demands of conscious consumers.” “Some people read my story or look at my journey This sentiment is echoed by Maya Azzi, Chief Brand and think, ‘Oh well, she was lucky, or she’s done a good Officer at The Luxury Closet. “In the shift from fast thing,’ but I would describe it all as blood, sweat, and fashion to slow fashion, we're seeing a rise in luxury tears,” says Merabi. “People will try and put you down. brands entering the resale environment along with I just think it’s such a shame that there are so many the reemergence of vintage pieces. More and more young women out there that have this dream and do designer brands are turning towards resale and want to create something but get held back without finding a fresh way to build connectivity and loyalty having the chance to achieve that.” with customers,” she says. Noting the shift in the industry post-pandemic, and Proudly a slow fashion brand, the NADINE the dying fever of fast fashion, driven by the increasing MERABI team is now supplying pieces to a rental popularity of e-commerce, Merabi points to the new service called HURR to try and circulate its designs, generations and how they are pushing away from as well as developing and working on sustainable buying cheap throw-away items to luxury items. fabrics which can be recycled, according to the “I think it’ll be interesting to see what happens cofounder. Looking ahead, Merabi is also open Stay connected in the next two years to fast fashion,” she says. to branching out into the Middle East, with with our latest business news. “If you have a MERABI in your wardrobe, it’s a hopes of collaborations with designers in the classic design and a memorable piece that you region. “I think it will open up new avenues,” can keep wearing for years to come.” says Merabi, “My whole point in design is to The luxury sector is expected to grow from have as many women as possible being able to 5% to 10% in 2023, according to McKinsey’s wear MERABI around the world.”

Most Powerful Lebanese Businesswomen In our list of the Middle East’s 100 Most Powerful Businesswomen 2023, released in February, these were the three highest-ranking Lebanese women. Name and rank in list

Company

Title

Samia Bouazza

Multiply Group

Group CEO & Managing

Leila Serhan

Olfat Sami Berro

F O R B E S M I D D L E E A S T.C O M

Visa

Roche

Director

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

Area Head Middle East

Nationality

Lebanese

Bouazza founded Multiply Group as the Multiply Marketing Consultancy in 2003. The Multiply Group debuted on the Abu Dhabi Securities Exchange in December 2021.

Emirati; Lebanese

Serhan joined Visa in 2021. The company launched its global initiative “She’s Next” in MENA in 2022 to empower women entrepreneurs in the U.A.E, Saudi Arabia, Egypt, and Morocco.

Lebanese

Berro joined Roche in 2003 and assumed her current position in 2019. In September 2022, Berro helped to launch RISE, a talent development program.

JULY 2023

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JULY 2023

• WOMEN BEHIND MIDDLE EASTERN BRANDS •

SALAMA MOHAMED

MORE THAN SKIN DEEP

BY CLAUDINE COLETTI F O R B E S M I D D L E E A S T.C O M

JULY 2023

Salama Mohamed, Founder and CEO of Peacefull.

PHOTOGRAPHY BY JON COTTAM

F O R B E S M I D D L E E A S T.C O M

JULY 2023

SALAMA MOHAMED

On the evening of June 20, 2023—World Refugee Day—Salama Mohamed, Founder of skincare brand Peacefull, was on stage in Abu Dhabi introducing a very special limited-edition line to the market. In partnership with the United Nations High Commissioner for Refugees (UNCHR) and its MADE51 initiative, Mohamed launched 1,400 t-shirt towels onto Peacefull’s range, each one made from 60% recycled plastic and hand-dyed by artisan refugee women in Nairobi, Kenya. The refugees were paid for their work, and a percentage of profits from sales will go back to them to help them in their lives. At the same time, the Emirati entrepreneur released a documentary at a special screening following the brand’s experience in Kenya and documenting the creation of the t-shirt towels. “She And Her Dignity” is available to view on Mohamed’s official YouTube channel. “Livelihood opportunities, such as UNHCR’s MADE51 initiative, equip displaced refugee communities to become increasingly self-reliant and support their capacity to participate in incomegenerating activities,” explains Mohamed. “We saw a space where we could restore dignity to women. Women do not want handouts; they don’t want to be labeled refugees. They want to work, they want to stand on their own two feet, and they want to support their families.” By June 21, two of the six styles of t-shirt towels available to buy on the Peacefull website had sold out, and it had already placed an order for more. It’s the latest move in a unique journey for the founder, who launched Peacefull in June 2021. The “Hya, Centella” line of five skincare products— comprising cleanser, toner, moisturizer, eye cream, and oil-like essence—is suitable for both women and men and all skin types and tones, and has been specifically designed to be effective in extreme heat, making it ideal for anyone living in Middle Eastern climates. Having first launched online and offline in three Sephora stores and on its own website, F O R B E S M I D D L E E A S T.C O M

Peacefull is today available online and offline in five Sephora stores and in Tryano, YAS Mall, and it plans to launch with a global retail partner by the end of 2023. Work is also underway on a new product line that will launch at the end of the year. “It’s a tribute to the GCC and my country. The active ingredients are sourced from the U.A.E., Saudi, Oman, and the Levant, and we have exclusivity over these active ingredients,” says Mohamed. “It’s kind of a thank you, I want to give something back. I want to give thanks.” While the brand has proven popular with consumers, Mohamed is taking a controlled approach to growth. Rather than expanding fast and wide to great fanfare, she is keen to ensure that Peacefull is adopted as a way of life through word of mouth, with each product given time to be tried and embraced by users. Having struggled her whole life with skin care, Mohamed’s brand means a lot more to her than a source of revenue.

“Women need to understand that it’s not a competition; we’re not competing. I’m cheering for you.” Since the age of five, Mohamed has had the skin condition Vitiligo—a chronic autoimmune disorder that causes patches of skin to lose pigment or color— which makes her skin extremely sensitive to weather, skincare products, and makeup. Growing up with this condition, she remembers being bullied and describes feeling like an outsider, “a minority within a minority.” At the age of 20, she married her husband, blogger and content creator Khalid Al Ameri, and had two children before moving to the U.S., where they lived for 10 years before moving back to the U.A.E. in 2014. An avid traveler, Mohamed found that being outside of her home region provided some relief. Whereas in the U.A.E., skincare products failed to live up to expectations, when she was outside of the Middle Eastern climate, her experience was completely different. “I love to travel in the summer. Let’s say I take the kids and we go to Thailand or California, or Europe; when I use skincare in that climate, it works, and it’s effective. My hair is not falling out; my skin looks radiant,” she explains. “When I come back to the U.A.E., the Middle East, nothing seems to work.” Growing increasingly exasperated, she came up JULY 2023

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their skin rather than hiding it. The brand was due to launch in September 2020 but was set back nine months due to pandemic restrictions. However, when it eventually launched in June 2021, demand proved to be way beyond expectations. “I had the most expensive problem ever,” recalls Mohamed. “We sold out in nine days. And because we make Peacefull from scratch, I was out of stock for four months.” Powerless to do anything but hold on for more products to be manufactured, Mohamed waited and

Peacefull and the UNCHR worked with women refugees in Kenya to create 1,400 unique handdyed t-shirt towels.

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hoped her new customers would do the same. “Everyone wants the sell-out moment, but they don’t understand that it is really expensive when you’re out of stock; it’s heavy on the company. You have to pay for rent, you have to pay for salaries, and you don’t have products to sell,” she explains. “I’ve mentally blocked that time from my head.” However, the pause proved to come with some benefits, according to the founder. When it first launched, the brand was known as Salama Mohamed’s new product. When it came back to the market four months later, it was Peacefull. Aside from launching her career as an entrepreneur, Mohamed and her husband are well-known social media sensations. As of June 2023, Mohamed had 1.5 million followers on Instagram and over 54,800 subscribers on YouTube, having just JULY 2023

41 SALAMA MOHAMED

with an idea. “We have a culture where we don’t complain, and we don’t return products, but I discovered that there is nothing for us, we don’t have tailored-made skincare for the region, and I felt really frustrated. I took it really personally,” she remembers. “This is where the idea for Peacefull came from. I was tired of everyone looking at us as a dollar sign. If you’re not going to make it, I will.” She spent eight months researching formulators, scientists, and manufacturers and eventually found a facility in Korea that seemed to have the specialist capabilities that she was looking for. In 2018, keen to get started, she sent an email to let them know she was on her way and booked her flight. “I’m a doorknocker. I did not leave room for anyone to say no,” she admits. It took three years to formulate each product from scratch, with tests conducted in heat chambers set to 50 degrees for three months at a time to ensure that the final formulas would continue to perform perfectly in the height of a Middle Eastern summer. The aroma alone took a year to be finalized, with a blend of 10 natural flowers used in production. Even the packaging was tailormade and tested to extreme limits. The final formulas, which each use no more than two or three active ingredients, have all been patented and are exclusive to Peacefull. To this day, Peacefull remains entirely selffunded by Mohamed. Each product in the “Hya, Centella” line has been created using Korean methods and skincare technologies, using essence as a core ingredient in hybrid formulas for an effective, less time-consuming skincare routine. This includes the first-of-its-kind essence-enriched toner and the oil-like essence, which is designed to have all the benefits of an oil with a water-like texture that can be effective in one drop. With a focus on restoring your natural skin barrier, Mohamed describes the range as “skinvestment,” enabling people to embrace

SALAMA MOHAMED

launched her first vlog in November 2022. Their content regularly covers social issues, and it was through this passion for philanthropy and raising awareness that Mohamed first connected with the UNCHR in 2017 as a high-profile supporter. “Our first collaboration included digital support of UNHCR’s campaigns and grew to include visits to different field operations to raise awareness and much-needed funds for those forcibly displaced,” says Houssam Chahine, the UNHCR’s Chief of Private Sector Partnerships in MENA, describing how the UN first met Mohamed. “She has visited our operations in Uganda, Lebanon, Nigeria, Kenya, and Bangladesh, and the collaboration has expanded in the past year to her brand Peacefull.” In 2021, Mohamed launched a t-shirt towel that quickly sold out. Recognizing the demand but not wanting to go down the route of merchandise, she decided to take a “purchase with a purpose” approach. In 2022, the UNCHR agreed to collaborate with Peacefull on a co-branded product through MADE51, which is a market-based model that promotes the economic inclusion of refugees in global value chains. In early 2023, Mohamed took a production team to Kenya to document the stories of four refugee women. “We went there and handdyed these t-shirt towels with them. We paid for the labor costs; we paid for their time; we paid for their dyes; we paid for everything. There is no one towel

similar to the other. It’s very special, and it’s very personal,” she explains. “You almost feel like it’s not a pattern; it’s their map and life story in that t-shirt. The way it vibrates, it’s almost like it has an entity itself; you see its heart and soul. They’re hoping their way out of the darkness.” Chahine is in no doubt that the private sector has a role to play in providing those forcibly displaced with livelihood opportunities. “These initiatives are very important in providing refugees and particularly women, with opportunities to provide for themselves and their families. Refugees need hope and opportunities. Hope is not an idle wish. It’s a sense of becoming that is rooted in action. We give refugees hope when we empower them to take greater command of their daily lives,” he stresses. Looking ahead, Mohamed hopes that Peacefull x MADE51 (UNCHR) will be one CSR project of many to inspire others. And as well as preparing for her new line and global expansion, she is also hoping to see more women founders supporting each other as business grows. She has spoken openly on her platform about finding the entrepreneurial journey quite lonely, especially for women. “I’ve talked about that because I want people to know that if you’re going through that, you’re not alone because I’m going through it too,” admits the founder. “Women need to understand that it’s not a competition; we’re not competing. I’m cheering for you.”

Most Powerful Emirati Businesswomen In our list of the Middle East’s 100 Most Powerful Businesswomen 2023, released in February, these were the three highest-ranking Emiratis.

Name and rank in list

Company

Title

Hana Al Rostamani

First Abu Dhabi Bank (FAB)

Group CEO

Al Rostamani became the first female CEO of FAB in 2021. The bank is the U.A.E.’s largest, with total assets of $312.4 billion as of September 2022.

Raja Easa Al Gurg

Easa Saleh Al Gurg Group (ESAG)

Chairperson & Managing Director

ESAG has been operating for more than 60 years, and Al Gurg has been with the company for more than 30 years.

Maryam Al Suwaidi

The Securities and Commodities Authority (SCA)

CEO

Al Suwaidi was appointed CEO of SCA by a federal decree on October 10, 2021, becoming the first woman to occupy this position in the GCC.

F O R B E S M I D D L E E A S T.C O M

JULY 2023

Our sustainability Sustainability strategy emphasise our emphasises ourprogressive progressive eﬀorts towards meeting our ESG targets across our value-chain. We believe that environmental protection is not a choice but a responsibility. It is what we do today collectively that will impact the future of our generations to come.

F O R B E S M I D D L E E A S T.C O M

JULY 2023

PRO M OTI O N

Beyond Education

For owner and director, Sahar Al Marzouki, Al Faris International School is doing much more than delivering formal education, it is giving back to local communities and nurturing the young leaders of the future. How do you envision the future of education in Saudi Arabia and the role that Al Faris International School will continue to play in shaping it? I believe future education in the kingdom will need to focus on successfully integrating emerging educational technology and developing school curricula that prepare young people to be leaders in a competitive global world. Al Faris has been at the forefront of both areas since its beginning, with my goal to offer the breadth of an American curriculum to Saudi youth and our later progression to a fully accredited International Baccalaureate (IB) World School. We were among the first schools to introduce educational technology (Ed tech) into our classrooms, including smart boards, tablets, and the Edmodo Connected classroom. We will continue to forge the path in both of these areas, ensuring that our students have the exposure and opportunities that will help them realize their potential. What philanthropic endeavors have you been engaged in and how do they create a positive impact in the community? Al Faris International School gives back to the community in many ways, with 30% of the school’s income used for scholarships, to support current and former employees, and to assist less

Sahar Al Marzouki, Owner and Director of Al Faris International School

fortunate families inside and outside Riyadh. I have also personally sponsored the school for the refugee community in Azzraq, Jordan, and involved our students in taking supplies and assisting with projects as part of their community service requirements. I have been involved with various health initiatives too, including cancer awareness, for which the school hosts fundraisers. In particular, we support the Your

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Health Matters program at King Fahad Center, and the Sanad Cancer Support Association. I am proud to have involved my students in these initiatives, developing a sense of compassion and responsibility in them. In what ways does Al Faris International School actively encourage and empower students to pursue careers in the business world?

JULY 2023

PRO M OTI O N Scan this QR code to open the website

Approaches to learning (ATL) skills are the cornerstone of all levels of the IB program. These skills broadly develop independent learning and encourage the application of knowledge and skills in new contexts. ATL skills include communication, social (collaboration), selfmanagement (organization), research (acquiring information and media literacy), and thinking (critical, creative, and reflective). The IB primary years program (PYP) is currently hosting a PYP exhibition, which is the first opportunity for young students to demonstrate these skills in a group project. As for the middle years program (MYP), students are required to work on a MYP personal project, which involves exploring an area of personal interest, documenting their journey to complete a project, and presenting it in an exhibition. Several students choose to pursue projects that they could one day develop into a business such as architecture, clothing, or jewelry design. Hence, the MYP personal project is an opportunity to present ATL skills in a way that reflects their desires and careers ambitions. Through this experience, they realize the possibilities and gain the confidence to achieve their goals. Another opportunity to demonstrate ATL skills is through the IB diploma program (DP), which involves extended essay writing on a topic of the student’s choice. Last but not least, our business management course focuses on skills for decisionmaking in a rapidly changing global marketplace, including exciting opportunities for women in Saudi Arabia. Through this course, students explore concepts such as creativity, change, ethics, and responsibility within the business context.

F O R B E S M I D D L E E A S T.C O M

What is Model United Nations and how does Al Faris International School get involved? Model United Nations (MUN) is an extraordinary extracurricular activity that enables students to simulate United Nations debates. Students assume the roles of delegates and present the perspectives and policies of their assigned countries as they discuss real-world problems. MUN develops essential skills in research, organization, presentation, public speaking, and debate. It also allows students

young people, allowing them to lead in developing their country and promoting it globally. At Al Faris, we will continue to develop our curriculum constantly with that goal in mind, paying close attention to our evolving educational needs. With the emphasis on global outreach, a key component of our program is developing a sense of shared responsibility to address both community and global issues through innovation, knowledge sharing, and respect for diverse opinions and ways of life.

“Al Faris International School gives back to the community in many ways, with 30% of the school’s income used for scholarships, to support current and former employees, and to assist less fortunate families inside and outside Riyadh.” to develop an openness to other points of view and to see the value of collaboration in solving problems. The focus of MUN synchronizes with the international vision of the kingdom and its evolving global position. Our students participate in local, regional, and global conferences, and FARISMUN has in fact hosted three successful conferences, including one online in 2020, and our most recent in May 2023: ‘Blast into the Past/ Glimpse into the Future’. Through these conferences, our students gain essential transferable skills for higher education, the workplace, and beyond. How does Al Faris International School align with Saudi Arabia’s Vision 2030, and what specific initiatives or programs are in place to support this alignment? Vision 2030 is about creating a vibrant future for the kingdom’s

Our ultimate goal is not simply to impart facts to our students, but to develop a love of learning through curiosity, discussion, and exploration, and to show them the methods and tools to discover their own answers as life-long learners after their formal education has ended. In doing so, we do not leave behind our own cherished culture and heritage. Indeed, it acts as a launch pad for our students to be active and ethical global citizens, ready to contribute their unique perspectives to addressing the issues of our time.

alfarisschool.edu.sa JULY 2023

• WOMEN BEHIND MIDDLE EASTERN BRANDS •

SARA ONSI

POWER DRESSING

From accounting to runway, Egyptian entrepreneur Sara Onsi has taken an unconventional path to success in the fashion industry. After reconnecting with her purpose, the risk-taker is now designing for inclusivity and empowerment.

BY JAMILA GANDHI F O R B E S M I D D L E E A S T.C O M

JULY 2023

Sara Onsi, founder and creative director of the SARA ONSI brand.

PHOTO BY AHMED HAYMAN

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SARA ONSI

While it is a common dream for young girls to live out their fantasy wedding in their perfect wedding gown, few take the opportunity to treat every day as a grand fashion show. For bridal and fashion designer Sara Onsi, life is about embracing the power of self-expression and creating a tapestry of diverse stories and journeys through her avant-garde designs, irrespective of the occasion. “We strive to ensure that the SARA ONSI woman feels confident and empowered in her sartorial choices,” says the founder and creative director of her namesake brand. The 35-year-old Egyptian couturier has been inspired by the beauty of human connections for her upcoming debut of the Prêt-à-Porter collection, due in September 2023. From high couture to elegant event dresses, this collection will showcase a range of meticulously crafted pieces, starting at a price point of $600. “Inclusivity is at the forefront of the collection. We want to address critical gaps in the market, particularly in terms of larger sizing and modest choices,” she explains. Combining aesthetics with functionality, Onsi’s designs offer bold and fresh manipulations that redefine fashion. In the seven years since its inception, the brand has already made waves on the global stage. With 15 collections spanning couture, Prêt-à-Porter, and bridal couture, Onsi has showcased her designs at the four major global fashion weeks; London, Milan, New York, and Paris. Her creations have graced red carpets and adorned the wardrobes of over 50 celebrities, including renowned names such as Yousra, Amina Khalil, Dorra, Fagun Thakrar, Hend Sabry, Lady Victoria Hervey, Nelly Karim, Mahira Abdel Aziz, and Mona Zaki. Driven by self-discovery and a newfound connection with her inner voice, Onsi views fashion as a powerful medium for storytelling. “This new collection will weave narratives of growth and empowerment, marking the brand’s transition into a platform for individuals seeking personal evolution,” the designer adds. The collection will be available both online and in leading department F O R B E S M I D D L E E A S T.C O M

stores across the Gulf region, catering to the discerning tastes of her Middle Eastern clientele. In 2022, Onsi ventured into the world of ready-towear, unveiling her collection at Paris Fashion Week. Encouraged by its success and client response, she decided to expand its reach to the public, marking the brand’s first foray into e-commerce. This strategic move was a direct result of consumers’ evolving purchasing habits and priorities. “In the aftermath of the pandemic, we witnessed a significant shift in our clients’ desires for affordable everyday luxury pieces that can be enjoyed and worn repeatedly,” she shares. “This shift reflects a broader movement towards embracing sustainability in fashion.” This newfound consumer preference presented a unique opportunity for Onsi, particularly in her home country of Egypt. Operating from her Cairo-based studio, Onsi leads a team of 35 full-time employees. In her quest for innovation, the brand manufactures its designs in Cairo, Beirut, and Dubai. “Luxury materials that meet our standards are often scarce in the Egyptian market,” she explains. “As a result, we import materials consistently to ensure the quality of our products

“I’m dedicated to empowering women to share their journeys and embrace their identities through my designs.” remains uncompromised.” Despite challenging economic circumstances, Egypt’s fashion industry continues to display a promising trajectory. According to Statista, the total revenue of Egypt’s luxury apparel market is projected to hit $139.4 million in 2023. The North African country’s rich heritage and burgeoning textile industry have garnered international attention. Notably, the iconic Pyramids of Giza served as a backdrop for Dior’s men’s pre-fall collection show in December 2022, marking the first-ever fashion runway held at this historic location. “My interest in ancient Egypt is about the stars and the sky,” said Kim Jones, Dior Men’s creative director, in a statement. “It’s that fascination with the ancient world and the parallels with what we look at today, what we inherited from them, and what we are still learning about the past.” Cairo further solidified its position as a fashion-forward destination by JULY 2023

IMAGE FROM SOURCE

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her lack of formal training. Onsi was adamant about mastering her talent on a professional level and decided to pursue her passion in 2013. She enrolled in a twoyear fashion design diploma program at the Italian Fashion Academy and Art Square Academy, where she delved into the intricacies of fashion draping, design, sketching, pattern-making, and a host of other essential skills. In parallel, she embraced the joys and challenges of motherhood and worked part-time in marketing and operations for an international school. A combination of determination and entrepreneurial spirit drove change for the fashion designer in 2016. Onsi’s willingness to take daring leaps led her to boldly

apply her graduation collection to present at New York Fashion Week (NYFW), marking her first fashion show abroad. “I submitted my bridal couture sketches to numerous companies, and one showed genuine interest, requesting samples,” she recalls of the pivotal moment. “That was the push I needed to leave my 9-to-5 jobs behind and pursue my fashion full-time. It was a challenge to be on equal footing with other international designers.” By June, Onsi decided to conclude her operations at GUZEL, taking her couture and private clients to her newly established eponymous brand, SARA ONSI. Six months later, Onsi made her grand debut at NYFW, showcasing her inaugural collection of 12 exquisite couture pieces under the banner of SARA ONSI. “For my name to become a brand, I knew I had to be recognized as a fashion designer by profession,” she explains the transition. “After studying fashion and honing my skills, I felt it was the right time to rename the brand after myself.” Onsi channeled approximately $3,250 (EGP 100,000 at the time) into securing a JULY 2023

49 SARA ONSI

hosting the inaugural Egypt Fashion Week in May 2023. Over 70 Egyptian designers showcased their collections during the four-day event, blending tradition and contemporary aesthetics. Onsi’s journey into the world of fashion wasn’t a predictable one. With a commerce degree and accounting major from Cairo’s Ain Shams University, she initially worked as a sales executive after graduating in 2009, and a year later joined Commercial International Bank as a business banking relationship manager. Although her family supported her traditional education pursuits, Onsi’s true passion for creativity and fashion had always burned brightly within her. She credits her artistic flair and inspiration to the influential women in her life, particularly her aunts and grandmother, who nurtured her love for handmade items and cultivated her appreciation for aesthetics. “From interiors to painting, I saw the tactile artistry of the women in my family,” she shares. “I always knew I couldn’t confine myself to a conventional desk job.” An unassuming window of opportunity presented itself in 2011 when, at the age of 23, Onsi began designing her own bridal gown, despite having no formal training or professional experience. “I took my own measurements, designed my gown, and had it manufactured in a factory abroad, all without any technical know-how,” she reflects on those early days. “My goal was to have a modest, customized dress, not just another off-therack piece.” Her bold endeavor paid off, garnering widespread praise and unintentionally setting the wheels in motion for her future in fashion. Word quickly spread about Onsi’s craftmanship, initially attracting requests from close friends and family. As demand grew, she seized the opportunity and established a part-time atelier called GUZEL Bridal Studio, where she began to give shape to her ideas and fashion her first creations. Armed with a sewing machine, a birthday gift from her thenhusband, Onsi started her business from her home. “It all began through word of mouth, and before I knew it, I had a full-fledged business on my hands,” she fondly reminisces. With her business gaining momentum, the part-time entrepreneur invested $320 (approximately EGP 10,000 at the time) to rent a shared workspace. Despite successfully drawing clients, she couldn’t shake the feeling of insecurity that stemmed from

SARA ONSI

studio and kickstarting the operations of her new by others, I engaged in years of negative self-talk business, using funds she had saved during her time at at the beginning of my journey,” she confesses. GUZEL Bridal Studio. “Working on my personal growth and improving Having made a strong start in New York, the my mental well-being has been my most significant fashion designer embarked on an annual collection achievement, as it positively impacts both my cycle, aiming to showcase her creations at a fashion personal and professional life.” week each year. As her brand grew, she began The transformative perspective had a ripple effect adhering to international standards, transitioning on Onsi’s work ethic. Since recalibrating her priorities to two seasonal collections annually. In 2017, Onsi and learning to navigate her time more effectively, dressed her first celebrity client, Egyptian actress the mother of two has joined the 5 am early risers Amina Khalil, for the El Gouna Film Festival. In club, finding a newfound balance between work and 2021, the designer was named Egypt’s Women of personal life, aided by the proximity of her office the Year by the Minister of Culture, and in 2022, she and home. “Just three years ago, I was lucky if I left was recognized in L'Oréal Paris’ Women of Worth my office before 10 pm,” she says. “Now, I switch off campaign. at 6 pm. I have learned I can’t pour from an empty However, the smooth sail encountered turbulent cup.” Commenting on Onsi’s work ethic, client and waters with the onset of the global pandemic in 2020, Egyptian actress Nelly Karim adds, “With every bringing about a period of reflection. Three years project, Sara Onsi has always consistently been after launching her brand, Onsi faced burnout in available and never let my expectations down.” 2019, marking a turning point for her self-discovery As an advocate of personal development, Onsi journey. “Every working woman faces the struggles has learned to embrace the cutting-edge fashion of of being judged by the community to be a perfect the unknown, adorning herself with the fabric of mother, daughter, wife, friend, and entrepreneur,” opportunities. “Being self-employed, my business she states candidly. “I struggled to strike the perfect degree gave me the strategic tools to manage my balance and tried not to let people’s judgments brand from the outset and consider the business affect my emotions.” side of fashion,” she says. Still, at the root of Stay connected Through extensive introspection, meditation, her long-term vision lies a commitment to with our latest business news. reading, and grounding practices, Onsi began fostering meaningful human connections and reassessing her priorities. She recognized the conversations through her statement gowns. subtle influence of competition and the lack of “I’m dedicated to empowering women to share time devoted to creativity and brainstorming. their journeys and embrace their identities “Despite being seen as resilient and ambitious through my designs.”

Most Powerful Egyptian Businesswomen In our list of the Middle East’s 100 Most Powerful Businesswomen 2023, released in February, these were the three highest-ranking Egyptians. Name and rank in list

Company

Title

Dalia El Baz

National Bank of Egypt (NBE)

Executive Deputy Chairman

El Baz took on her current role in September 2017, becoming the first woman to serve in this position. She has been a member of the bank’s executive committee since 2016.

Pakinam Kafafi

TAQA Arabia

CEO

Kafafi has been with TAQA Arabia since 2006 and was appointed to her current role in 2013. Kafafi is also a board member of the British Egyptian Business Association.

Rawya Mansour

RAMSCO

Founder & Chairwoman

Mansour founded RAMSCO for Refined Architecture and Interior Design in 1999 and created RAMSCO for Trade and Distribution in 2007.

F O R B E S M I D D L E E A S T.C O M

JULY 2023

PRO M OTI O N Scan this QR code to open the website

The Power Of Communication Alaa Malki, Chief Technology Officer at Mobily

Mobily was recently awarded the Customer Experience Awards 2022 from the Saudi Communications, Space & Technology Commission. How does Mobily manage to consistently exceed customer expectations? First of all, we are very proud about winning that prize for the second consecutive year. The main reason for the achievement, I believe, is the human capital in our mobile technology department. We have a very strong spirit and incredible knowledge, and we take customer experience very seriously. But of course, it is not only about technology—collaboration between other units at Mobily is also vital and that is what enables us to deliver a full end-to-end customer experience. Mobile is also quite agile, and we use this agility to truly become a customer experiencecentric company. How important is digital transformation to Mobily? Customer experience and digital transformation play a major role in contributing to Mobily’s growth. Saudi Arabia is a highly competitive market, and we have very discerning customers who demand quality and experience.

Alaa Malki, Chief Technology Officer at Mobily, explains how the Saudi telco giant is embracing innovation and digitalization to create topnotch customer experience, spur company growth, and support Saudi Vision 2030. In this context, increasing the stickiness of your customer or developing a new product requires digital transformation. To do that, we have very strong AI, and we try to automate our day-to-day activities in order to create the best customer journey. How has Mobily approached the digital transformation process? When it comes to digital transformation, we have a very clear strategy underpinned by four Ds. The first D is digital infrastructure, the second is digital operation, the third is digital customer engagement, and the fourth is new digital services. In terms of infrastructure, we need to develop our digital capabilities to cater to future growth. Specifically, we need to develop standalone 5G and IoT and simplify telco cloudification. As for operations, we are embracing digital technology to help us develop intelligent, efficient, and agile operations to deliver the best possible customer experience. This leads us to the third D, which is customer engagement. By embracing data, we can really understand our customers’ needs and anticipate their requests in advance.

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Last but not least, these layers will help Mobily to develop and offer new digital services that will play a role in developing smart cities, help Mobily to grow, and support Saudi Vision 2030. How do you balance innovation with stability and reliability across Mobily’s network and operations? That is a very important balance. On the one hand, you need to have a culture of innovation, and on the other, you need to focus on customer experience. Here, optimization is critical, and we use digital twins to replicate our infrastructure, live traffic, and customers. We then work offline, trying to set all the parameters and test all the ideas, before rolling things out in the real world. Of course, this is highly skilled work and we need to focus on developing talent. But more importantly, it is essential to create a culture of change.

www.mobily.com.sa JULY 2023

50 WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

reaking the glass ceiling for women entrepreneurs in MENA is a much harder task compared to their counterparts in other parts of the world. Women-led businesses make up less than 5% of MENA’s total businesses, compared to a global average of 23% to 26%, according to the United Nations Industrial Development Organization. However, they are still establishing businesses, raising capital, and overcoming global crises. Forbes Middle East’s list of 50 Women Behind Middle Eastern Brands 2023 features six brand categories: fashion, beauty, jewelry, accessories, footwear, and perfumes. Fashion brands dominate the list with 30 entries, followed by eight beauty brands and five jewelry brands. The female founders hail from 21 different nationalities. Egyptian and Lebanese founders top the list with 14 entries each, followed by four Saudis. The majority of the brands are based in the U.A.E., with 20 entries, followed by ten Lebanon-based brands and seven based in Egypt. This year, we also wanted to shed light on the female founders of Arab roots who have established strong brands outside of the MENA region. Therefore, we have included three U.K.-based brands and one U.S.-based brand whose founders come from Arab origins. Our list of 20 Women Behind Middle Eastern Tech Brands 2023 sheds light on the female founders who have established strong tech-enabled platforms. They represent 12 of the industry’s most prominent and vital sub-sectors, including fintech, e-commerce, logistics, agri-tech, healthtech, proptech, and more. The U.A.E. tops the list as the preferred home for these companies with 11 entries, followed by Egypt and Saudi Arabia with three and two respectively. Jordanians dominate the list with four founders, followed by Egyptians, British, and Turkish, each with two founders. Some of these female trailblazers are leading some of the region’s most funded startups, such as Rita Huang Zhen of iMile, Derya Baran of RedSea, Nadine Mezher of Sarwa, and Fatma El Shenawy of Khazna Tech.

Methodology To create this ranking, we took into consideration the following criteria: • Creativity and the impact that the founders have had on their industry. • Innovations, initiatives, and latest achievements. • Celebrities that have endorsed the brand. • Media exposure and impact. • 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

F O R B E S M I D D L E E A S T.C O M

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Communications Is A Game-Changing Industry 50 WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

For 25 years, TRACCS has been inspiring, driving, and leading the evolution of communications in the Middle East and North Africa into a game-changing industry with the power to influence positive change and deliver present and future impact. TRACCS has built the largest network of offices across the region, each led by local market experts and Arabic-speaking communications professionals with decades of multi-industry experience.

F O R B E S M I D D L E E A S T.C O M

www.traccs.net

JULY 2023

50 WOMEN

BEHIND MIDDLE EASTERN

BRANDS 2023 1

Huda Kattan

• Brand: Huda Beauty

Category: Beauty Establishment: 2013 Nationality: Iraqi-American Headquarters: U.A.E. Kattan started her makeup brand, Huda Beauty, with her two sisters in 2013. She launched her brand with a collection of false lashes, then expanded into skincare and cosmetics, retailing direct-toconsumer and in stores like Sephora around the world. In 2021, she launched the GloWish line of makeup as a sub-brand of Huda Beauty. Today, Huda Beauty sells more than 140 products, bringing in about $200 million in annual sales. Forbes recognized Kattan as one of America’s Richest Self-Made Women in 2023, with an estimated net worth of $400 million as of May 12, 2023.

Rayan Al Sulaimani

• Brand: Atelier Zuhra

Category: Fashion Establishment: 2015 Nationality: Omani Headquarters: U.A.E. and Oman Atelier Zuhra was founded in the U.A.E. in 2015 by Rayan Al Sulaimani’s mother, Mouza Al Awfi. The brand creates haute couture pieces, bridal wear, abayas, and embellished work on upcycled denim. Global celebrities that have worn the brand include Beyoncé, Nicki Minaj, Naomi Campbell, Winnie Harlow, Madelaine Petsch, Nora Fatehi, and Paris Hilton. Beyoncé wore Atelier Zuhra at the opening of the Atlantis The Royal in January 2023.

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50 WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

Selma Benomar

• Brand: SELMA BENOMAR

Category: Fashion Establishment: 2012 Nationality: Moroccan-French Headquarters: U.A.E. Benomar established her brand of Moroccan kaftans in Dubai in 2012. Influencers and local celebrities have been spotted wearing her kaftans, including Assala Nasri, Aseel Omran, Salma Rachid, Lojain Omran, and Mayssa Maghrebi. The brand recently announced a sustainable practices initiative with ecofriendly manufacturing processes and materials sourced from sustainable suppliers.

50 WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

Hind Sebti

• Brand: whind

Category: Beauty Establishment: 2021 Nationality: Moroccan Headquarters: U.K.

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Sebti is the founder of the beauty and skincare brand whind and cofounder and CGO of Waldencast, a holding company and investment fund that incubates and accelerates early-stage beauty and wellness brands. The company was valued at $1.2 billion and listed on Nasdaq in 2022. Waldencast had a market cap of over $1 billion as of June 16, 2023. whind was the first beauty brand incubated as part of Waldencast.

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Mouna Abbassy

• Brand: Izil Beauty

Category: Beauty Establishment: 2012 Nationality: Moroccan Headquarters: U.A.E.

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. She is currently the Global President of Huda Beauty. In 2018, she launched her own perfume brand, Kayali, with a collection of four scents. Kattan has a global social media audience with more than 2.9 million Instagram followers as of June 2023.

Azza Fahmy, Amina, and Fatma Ghali 7

• Brand: Azza Fahmy Jewellery Category: Jewelry

Establishment: 1969 Nationality: Egyptian Headquarters: Egypt Fahmy runs her eponymous firm with her daughters, Fatma Ghali, who is CEO, and Amina Ghali, who is the head designer. Fahmy began her career in 1969, making jewelry pieces and selling them to her friends. Fahmy’s designs have been worn by celebrities, including Yousra, Julia Roberts, Joss Stone, Amy Adams, Rihanna, and Raya Abirached. In 2013, she independently funded and established the Design Studio by Azza Fahmy, a design training institute. In December 2022, she collaborated with French design house Balmain on a piece celebrating Ancient Egypt.

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50 WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

Abbassy created Izil Beauty to share her Moroccan beauty heritage, which was passed down to her by her mother. The brand offers natural skincare products using ancient Moroccan recipes. Today, the brand sells online with worldwide shipping and offers an in-store experience at the Izil Hammam and Spa in Dubai Mall. Izil Beauty had 371,000 followers on Instagram as of June 2023. The brand has been endorsed by various celebrities, including Nora Fatehi and Nadine Nassib Njeim.

JULY 2023

Reem Acra

• Brand: Reem Acra

Category: Fashion Establishment: 1997

Denise Soda

• Brand: BASIL SODA

Category: Fashion Establishment: 2000

Nationality: Lebanese-American Headquarters: U.S.

Nationality: Lebanese Headquarters: Lebanon

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 U.S. First Lady Jill Biden, Princess Beatrice of York, and Poorna Jagannathan.

Soda is the CEO of the BASIL SODA Fashion House, which was founded by her late husband, Basil Soda. She continues to manage the brand with the assistance of her son Jad. Soda graduated as an interior designer from the Lebanese University and sewed her own garments throughout her childhood. She later helped her husband with his haute couture shows across the globe. The fashion house’s designs have been worn by celebrities, including Katy Perry, Emily Blunt, Chanel Iman, Amanda Holden, and Jiang Yiyan. It had over 239,000 followers on Instagram as of June 2023.

Yasmine Yeya

• Brand: Maison Yeya Category: Fashion Establishment: 2007

Nationality: French - Egyptian Headquarters: U.A.E.

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Yeya founded her French Egyptian luxury fashion house in 2007 in Egypt and relocated its headquarters to Dubai in 2016. Maison Yeya has dressed renowned Arab and international figures, including Megan Fox, Halle Bailey, Taylor Hill, and Egypt’s First Lady Intissar El Sisi. In 2022, the brand launched a sustainability initiative, which makes couture dresses from crisp bags and recycles plastic bottles into couture embroideries. In 2023, the brand was selected to be showcased in the Cleveland Museum of Art for a year representing modern Egyptian art. Maison Yeya had 303,000 followers on Instagram as of June 2023.

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57 50 WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

Lilian Afshar

• Brand: L’AFSHAR

Category: Accessories Establishment: 2013 Nationality: British-Iranian Headquarters: U.A.E. L’AFSHAR’s bags have been worn by celebrities, including Beyoncé, Bella Hadid, Queen Rania, and Zara Martin. They have also been featured in the TV series Emily in Paris and Gossip Girl. In 2022, Afshar launched a homeware line at Selfridges. As of June 2023, L’AFSHAR had over 96,200 followers on Instagram.

Salama Mohamed

• Brand: Peacefull

Category: Beauty Establishment: 2021 Nationality: Emirati Headquarters: U.A.E. Mohamed launched her brand Peacefull in June 2021 in Dubai, offering skincare ingredients for different types of skin for Middle Eastern weather. The brand uses Korean skincare science and technology. Before launching Peacefull, Mohamed was a renowned influencer. She had 1.5 million followers on Instagram as of June 2023.

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 and established her brand in 2013. She has also lived in Paris and studied at the Istituto Marangoni Italian fashion school. Wazen’s shoes have been spotted on the likes of Beyoncé, Michelle Yeoh, Jennifer Lopez, Kylie Jenner, Winnie Harlow, and Dua Lipa. In 2023, Wazen opened a store in Printemps Doha, Qatar. The brand has a wide presence across Europe online and in stores and is available at Saks Fifth Avenue, LUISAVIAROMA, Neiman Marcus, Level Shoes, and Ounass, among others.

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Hadia Ghaleb

• Brand: Hadia Ghaleb Label

Category: Fashion Establishment: 2022 Nationality: Egyptian Headquarters: U.A.E.

Sara Onsi

• Brand: Sara Onsi

Category: Fashion Establishment: 2016 Nationality: Egyptian Headquarters: Egypt Onsi has dressed celebrities, including Yousra, Hend Sabry, Mona Zaki, and Amina Khalil. In 2022, her designs were seen on the red carpet at the Cannes Film Festival. She also dressed Sophia the Robot in 2020. Onsi’s designs have been showcased at fashion weeks in Paris, London, Milan, and New York.

Zeena Zaki

• Brand: Zeena Zaki Category: Fashion

Establishment: 2003 Nationality: Iraqi

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Headquarters: U.A.E. Zaki launched her brand in the U.A.E. in 2003. Zaki’s designs cover abayas, kaftans, and dresses. The brand has dressed celebrities, including Lana Del Rey, Kris Jenner, Ciara, Demi Lovato, Dorra Zarrouk, Khloé Kardashian, Tyra Banks, Karrueche Tran, Nancy Ajram, Balqees, and Sherine Abdel-Wahab. Zaki had 1.3 million followers on Instagram as of June 2023.

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Ghaleb launched her brand in April 2022 with the aim to empower women globally and cultivate social positivity around modest swimwear. By September 2022, the brand had sold out its entire collection. Hadia Ghaleb Brand had 316,000 followers on Instagram as of June 2023, while Ghaleb personally had 2.4 million followers. The brand is produced by Ghaleb Production House, which is owned by Ghaleb and her family.

Nadine Merabi

• Brand: OKHTEIN

Nationality: British-Lebanese Headquarters: U.K.

Nationality: Egyptian Headquarters: Egypt

Merabi is a fashion designer and the cofounder of her eponymous fashion label. She started as an international England hockey player and launched her eponymous brand in 2016. With over 1.2 million followers on Instagram as of June 2023, the brand has been worn by celebrities, including Alix Earle, Claire Rose, Sofia Vergara, Becky Hill, Portia Freeman, and Zara Martin. It has been showcased at fashion weeks in London, Milan, and New York.

Sisters Aya and Mounaz established OKHTEIN in 2014 and opened their first store in 2017, specializing in luxury fashion accessories. OKHTEIN’s designs have been spotted on celebrities, including Beyoncé, Kourtney Kardashian, and Gigi Hadid. The company launched a mobile app in December 2021. The brand also opened stores across the North Coast and Cairo in Egypt. In 2022, OKHTEIN collaborated with Naila Marei Studio on the Puffed Leather Oak in Red that was auctioned at the “Dinner From The Heart,” where proceeds were donated to the Magdi Yacoub Heart Foundation. In the same year, OKHTEIN also collaborated with Balmain during Paris Fashion Week.

Category: Accessories Establishment: 2014

Doaa Gawish

• Brand: The Hair Addict

Category: Beauty Establishment: 2018 Nationality: Egyptian Headquarters: Egypt The Hair Addict is an organic hair care brand that focuses on natural and curly hair. Since its launch, The Hair Addict has been endorsed by Middle Eastern actresses and influencers, including Mona Zaki, Hend Sabry, Yousra El Lozy, and Amina Khalil. In May 2022, the brand’s Frizz Off formula powered the Natural Hair Fest, which was attended by celebrities and dermatologists. The Hair Addict had over 383,000 followers on Instagram and Facebook as of June 2023.

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Aya & Mounaz Abdelraouf

• Brand: NADINE MERABI

Category: Fashion Establishment: 2016

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Margeri Ottis

• Brand: KimonoGirl

Category: Fashion Establishment: 2021 Nationality: Estonian Headquarters: U.A.E.

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Ottis founded KimonoGirl as an “energy fashion” brand. She claims to use high frequencies and mantras on garments to elevate the spirit of the wearer. The brand’s kimonos are woven in India and Dubai. KimonoGirl’s collections are inspired by vibrations and natural elements, such as water, air, earth, and fire.

Zeynab El-Helw

• Brand: Яeboяn

Category: Fashion Establishment: 2019

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Nationality: Turkish-Egyptian Headquarters: U.A.E. El-Helw is a fashion influencer, model, and founder of Reborn, a sustainable and ethically conscious clothing line launched in collaboration with UNHCR to support refugees worldwide. With over 10 years of experience in the fashion industry, she had over four million followers on Instagram as of June 2023. She began her career at Dior and rose to become a regional marketing manager for the Middle East, Africa, and Türkiye. Also known by her pseudonym, the “Fashion Pirate,” El-Helw has worked with brands such as Valentino, Dior, Prada, Fendi, Gucci, Prada, and Louis Vuitton.

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Myriam Keramane

• Brand: Myriam•K Paris

Category: Beauty Establishment: 2009 Nationality: French Headquarters: U.A.E. and France

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. Borhan’s designs have been worn by celebrities such as Salma Abu Deif, Jamila Awad, Mai Omar, and Mona Zaki. The brand is currently sold at FARFETCH. In 2022, Borhan participated in Arab Fashion Week 2022 and Cairo Design Week.

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Keramane is the founder of Myriam•K Paris. The beauty company has over 300 products and expanded its roots to the Middle East in 2020. Keramane has over 20 years of experience in the beauty industry. Nour Arida, Julia Hussein, The Hala, and Laila Abdallah are among the celebrities who use Keramane’s products. Keramane had more than 344,000 followers on Instagram as of June 2023.

Reema Dahbour

Marmar Halim

• Brand: REEMA DAHBOUR

• Brand: Marmar Halim

Nationality: Jordanian Headquarters: Jordan

Nationality: Egyptian Headquarters: U.A.E.

Dahbour’s creations come from a slow fashion, sustainability mindset, with a focus on the empowerment of the local community. Her designs range from ready-to-wear to bridal, where each piece is created by a group of local artisans ranging from embroidery to beading. Dahbour dressed Princess Iman of Jordan for her pre-wedding celebration in March 2023.

Marmar Halim designs have been worn by celebrities such as Georgina Rodríguez, Sabrina Dhowre Elba, Maya Williams, and Elizabeth Olsen. The brand took part in Dubai Fashion Week, formerly known as Arab Fashion Week, in 2023 and will participate in New York Bridal Week in 2023. The brand had over 236,000 followers on Instagram as of June 2023.

Category: Fashion Establishment: 2014

Category: Fashion Establishment: 2012

Farida Temraz

• Brand: Temraza

Category: Fashion Establishment: 2012 Nationality: Egyptian Headquarters: Egypt

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Temraza released its first collection in the autumn/winter of 2014 during Paris Fashion Week. It has dressed international celebrities such as Camila Cabello, Jennifer Lahmers, and Arden Cho. In 2021, Temraz wrote a book called “Fashion Branding and Social Media: A Practical Guide.” In June 2022, the brand released a documentary, “10 YEARS OF EVOLUTION,” featuring testimonials from more than 20 celebrities.

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Gemy Maalouf

• Brand: Gemy Maalouf

Category: Fashion Establishment: 1996 Nationality: Lebanese Headquarters: Lebanon Gemy Maalouf started in Beirut and launched the “Couture a Porter” concept in Lebanon. The brand has showcased its designs in fashion weeks in Paris, Milan, and New York and has been worn by celebrities at international events such as Cannes Film Festival and the Grammy’s. The fashion label had over 228,000 followers on Instagram as of June 2023. It has over 150 boutiques across 48 different countries.

• Brand: Lili Blanc

Category: Fashion Establishment: 2020 Nationality: Lebanese Headquarters: U.A.E. Mouhieddine started her career in the corporate world in Lebanon aged 18 and moved to Dubai at 24 in search of better opportunities. Today, her luxury ready-to-wear fashion brand Lili Blanc has been worn by celebrities, including Rahma Riad, Balqees, Yara, Loujain Adada, Samira Said, Kelly Rowland, and Radhi Devlukia Shetty. Mouhieddine has over 82,000 followers on Instagram, and Lili Blanc has around 83,000 as of June 2023.

Nadine Kanso

• Brand: Bil Arabi

Category: Jewelry Establishment: 2006 Nationality: Candian Headquarters: U.A.E. Kanso’s jewelry designs incorporate Arabic calligraphy with a modern overall look. Celebrity fans include Nadine Nassib Njeim, Huda Kattan, and Amina Muaddi. In 2023, Kanso collaborated with French perfume and beauty house Guerlain to create limited-edition perfume bottles encrusted with 24-karat gold crystals. Kanso is the first Arab designer the LVMH-owned perfume and beauty house has approached for a design collaboration.

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Sabrina Mouhieddine

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Dima Ayad

• Brand: Dima Ayad

Category: Fashion Establishment: 2010 Nationality: Lebanese Headquarters: U.A.E. Dubai-based Lebanese designer Ayad launched her namesake brand in 2010, offering dresses, kaftans, abayas, and jackets. Ayad dressed Melissa McCarthy for the premier of The Little Mermaid in 2023. Other celebrities that have worn the brand include Ashley Graham, Ghizlan Guenez Barnes, and Karen Wazen. The brand had 63,700 followers on Instagram as of June 2023. Ayad is also the CEO and founder of DAC Communications, a media, marketing, and PR agency.

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Alice Abdel Aziz

• Brand: Take Me To Wonder

Category: Beauty Establishment: 2018 Nationality: Lebanese Headquarters: Lebanon Abdel Aziz is the founder of skincare brand Take Me To Wonder, cofounder of NGO Bird Of Lyf, and digital influencer. Take Me To Wonder has been endorsed by celebrities, including Haifa Wehbe, Nadine Nassib Njeim, Karen Wazen, Zuhair Murad, Rami Kadi, and Stephane Rolland.

Dima & Tania Nawbar

• Brand: L’atelier Nawbar

Category: Jewelry Establishment: 2011 Nationality: British-Lebanese

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Headquarters: Lebanon Sisters Dima and Tania Nawbar are the first female and fourth-generation jewelers in the Nawbar dynasty. Tania is responsible for business development, and Dima takes care of client servicing of the L’atelier Nawbar jewelry brand. Celebrities such as Gigi Hadid, Joey King, Halle Berry, and Charlize Theron have been spotted wearing Nawbar designs. The brand’s “fragments of Beirut” jewelry collection uses glass from the destruction of the 2020 Beirut blast and was showcased during Paris Fashion Week 2021.

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Lama Jouni

• Brand: LAMA JOUNI

Category: Fashion Establishment: 2015 Nationality: Lebanese Headquarters: U.A.E.

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Joelle Moughalian

• Brand: J by Joëlle Fine Jewelry

Category: Jewelry Establishment: 2016 Nationality: Lebanese-Armenian Headquarters: Lebanon and Qatar J by Joëlle is a luxury jewelry brand specializing in earrings and ear styling, as well as watches and eyewear jewelry accessories. Moughalian studied jewelry design at the Gemological Institute of America in New York. Its designs and pieces have been worn by celebrities, including Aseel Hameem, Ola Al Fares, Dalida Khalil, Nabila Awad, Haneen Alsaify, and Cynthia Samuel.

Sarah Beydoun

• Brand: Sarah’s Bag

Category: Accessories Establishment: 2000 Nationality: Lebanese Headquarters: Lebanon Handbag and accessories brand Sarah’s Bag has been seen on celebrities, including Amal Clooney, Dorra Zarrouk, Mona Zaki, and Nancy Ajram. Sarah’s Bag has collaborated with Mastercard and with luxury brand Chloé to highlight the importance of social sustainability and the empowerment of women. Over 200 artisans work with the brand. It had over 143,000 followers on Instagram as of June 2023. F O R B E S M I D D L E E A S T.C O M

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Jouni has trained at well-established fashion houses such as Balmain, Rad Hourani, and Reed Krakoff. Sustainable fashion label LAMA JOUNI’s designs have been worn by celebrities, including Alexandra Pereira, Marta Ortiz, Bella Hadid, Rihanna, and Alessandra Ambrosio. Jouni has also collaborated with international brands such as Puma.

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Mariam Yeya

• Brand: Mrs. Keepa Category: Fashion

Establishment: 2016 Nationality: French-Egyptian Headquarters: U.A.E. Yeya cofounded the sustainable ready-to-wear brand Mrs. Keepa with her husband, Bassel Komaty, whose nickname is Keepa. Yeya worked in the corporate world for 12 years before launching her own clothing line. She has over 226,000 followers on Instagram, and Mrs. Keepa has over 43,000 as of June 2023. Mrs. Keepa’s designs have been worn by celebrities, including Nicole Scherzinger, Shanina Shaik, Gizele Oliveira, Kelly Wearstler, and Nour Arida.

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Honayda Serafi

• Brand: HONAYDA

Category: Fashion Establishment: 2016 Nationality: Saudi Headquarters: Lebanon

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Serafi is the Creative Director of the luxury ready-to-wear brand HONAYDA. The Jordanian Royal family requested Serafi to custom design Prince Hussein bin Abdullah’s wife, Princess Rajwa Al Hussein’s pre-wedding henna ceremony dress. Other celebrities that have chosen to wear the brand include Priyanka Chopra, Lupita Nyong’o, Shay Mitchell, Angham, Hend Sabri, and Dorra Zarrouk.

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Mariane Bechara

• Brand: MARIANE BECHARA

Category: Fashion Establishment: 2017 Nationality: Lebanese Headquarters: Lebanon Bechara’s designs have been worn by celebrities such as Codie Elaine, Paulina Rubio, Madison Cunningham, Raya Abirached, and Latifa. Haute couture brand MARIANE BECHARA had over 111,000 followers on Instagram as of June 2023.

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• Brand: Maison d’AngelAnn

Category: Fashion Establishment: 2014 Nationality: Ukrainian; Georgian Headquarters: U.A.E. Chybisova and Svyatash are the founders of Maison d’AngelAnn, a luxury fashion brand. Chybisova serves as the creative director of the brand, while Svytash is the CEO. The brand had over 270,000 followers on Instagram as of June 2023. It is sold in over 10 countries and has been worn by celebrities such as Sofia Nikitchuk, Eliane Khawand, Victoria Bonya, and Anna Kanyuk. In March 2023, Maison d’AngelAnn presented its collection in Paris for the first time.

Mashael Al Faris

• Brand: MASHAEL AL FARIS

Category: Fashion Establishment: 2010 Nationality: Saudi Headquarters: Saudi Arabia MASHAEL AL FARIS designs have been spotted on celebrities, including Ajwa Aljoudi, Sara Sampao, Yara Alnamla, Nojoud Alrumaihi, Farida Khelfa, Anna Dello Russo, and Mahlagha Jaberi.

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Maha Morley-Kirk

• Brand: Fifteen Make Up & Beauty (Sub-brands: Pinky Goat & Eyecha) Category: Beauty Establishment: 2015 Nationality: Lebanese

Fifteen Make Up & Beauty has two eyelash sub-brands: Pinky Goat and Eyecha. Celebrities including Leona Lewis, Maya Ahmad, and Gina Ghandour have used the vegan Pinky Goat eyelashes. In 2022, Fifteen Make Up & Beauty collaborated with European retailers Rossmann and Kruidvat. Pinky Goat is currently available in over 20 countries and more than 2,500 premium and fast-beauty stores. Eyecha is a recycled lash brand.

Nour Azazy

• Brand: Nazazy

Category: Fashion Establishment: 2016 Nationality: Egyptian Headquarters: Egypt Azazy started her fashion career in 2016. Her designs have been worn by celebrities such as Nelly Karim, Hend Sabry, Carmen Soliman, and Yousra. Her brand had over 253,000 followers on Instagram as of June 2023.

Sandy Nour

• Brand: SANDY NOUR

Category: Fashion Establishment: 2017 Nationality: Lebanese Headquarters: U.A.E. and Lebanon

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Nour launched her atelier and sample room in Beirut. Her bridal and eveningwear collections have been featured in major boutiques and retailers around Spain, Italy, France, the U.K., Bahrain, the U.A.E., Kuwait, Saudi Arabia, Azerbaijan, Brazil, and the U.S. Celebrities including Cyrine Abdelnour, Neha Dhupia, Carmen Bsaibes, Dima Sadek, and Jessica Kahawaty have been spotted wearing her designs. The brand had over 105,000 followers on Instagram as of June 2023.

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Headquarters: U.A.E.

May Orfy

• Brand: Aura Headpieces

Nationality: Egyptian Headquarters: U.A.E.

Nationality: Lebanese Headquarters: Lebanon

MAYKA is a contemporary womenswear brand with over 104,000 followers on Instagram as of June 2023. MAYKA has been worn by celebrities, including Dana Hourani, Tamara Farra, Hend Sabri, and Maram Zbaeda Maalouf. The brand’s debut collection was inspired by Orfy’s relationship with her identical twin sister, with each of the 20 designs named after the word “sister” in a different language.

Chammas started her career in the fashion industry as a brand manager for global brands, including Dolce & Gabbana, Roberto Cavalli, Elie Saab, and Marc Jacobs. She was also the fashion editor at ELLE Magazine, based in Dubai, before establishing her brand. In 2012, Chammas launched Aura Headpieces, which creates handmade head couture.

Arwa Alammari

• Brand: ArAm

Category: Fashion Establishment: 2015 Nationality: Saudi Headquarters: Saudi Arabia Alammari’s collections are seasonless and created to minimize fabric waste. The clothes are created in a limited range, and customers can order custom pieces. Alammari has also worked as a consultant and creative director for Expo 2020 Dubai, the Saudi Ministry of Culture, the Saudi Fashion Commission, Princess Nourah Bint Abdulrahman University, The Saudi Cup, the General Entertainment Authority, MBC, and the Red Sea International Film Festival. She is also an ambassador for the Arab Fashion Council.

Category: Jewelry Establishment: 2012

Karine Tawil

• Brand: MAISON KAROLINE LANG

Category: Fashion Establishment: 2012 Nationality: Lebanese Headquarters: Lebanon Fashion designer Tawil founded her label MAISON KAROLINE LANG with a flagship store in Avenue Montaigne, Paris. Today, she works from her studio in Beirut, Lebanon. MAISON KAROLINE LANG had nearly 50,000 followers on Instagram as of June 2023. The brand has been worn by celebrities such as Nancy Ajram, Nour Arida, Razane Jammal, and Nadine Labaki.

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Carolina Chammas

• Brand: MAYKA

Category: Fashion Establishment: 2019

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• Brand: KAF BY KAF Category: Fashion

Establishment: 2019 Nationality: Saudi Headquarters: Saudi Arabia

Jennifer Chamandi

• Brand: JENNIFER CHAMANDI

Category: Footwear Establishment: 2015 Nationality: Lebanese Headquarters: U.K. Chamandi incorporated her brand in 2015 but launched it in October 2016. She started her career as a senior banker and took courses in footwear at the London College of Fashion and Central Saint Martins before launching her own brand. Chamandi’s shoes have been worn by celebrities, including Kate Middleton, Meghan Markle, Amal Clooney, and Queen Rania.

Yasmin Mansour

• Brand: YASMIN MANSOUR

Category: Accessories & Fashion Establishment: 2014 Nationality: Egyptian Headquarters: Qatar

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Qatari Pret-a-Couture brand YASMIN MANSOUR began by creating unique made-to-order pieces. Mansour’s clothes are sourced sustainably. She uses upcycled materials and turns them into dresses and plans to infuse art into her designs.

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KAF BY KAF is sold in high-end department stores in Saudi Arabia, the U.A.E., and Bahrain. KAF BY KAF had over 46,500 followers on Instagram as of June 2023. Alhoriash’s designs have been worn by celebrities such as Alicia Keys, Nojoud Alrumaihi, and Maram Alharbi.

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Rita Huang Zhen

• Brand: iMile

Category: Logistics Establishment: 2017 Nationality: Chinese Headquarters: U.A.E. iMile provides logistics services to e-commerce players in China, GCC, Latin America, and Africa. Between 2018 and 2023, iMile has expanded its presence to 14 countries, with the most recent expansion being into Poland and Australia in 2023. Before founding iMile, she was chief technology officer at YVOLV, a joint venture between Alibaba and Meraas and held several roles at Huawei.

Mona Ataya, Leena Khalil

• Brand: Mumzworld

Category: E-commerce Establishment: 2011 Nationality: Palestinian; British Headquarters: U.A.E. Ataya and Khalil’s Mumzworld is an e-commerce platform for all things related to mother and child. Following an acquisition by Saudibased Tamer Group in 2021, Ataya became the Group CEO for all digital assets of the Tamer Solutions Group. Mumzworld operates across the GCC and Levant. In 2022, it expanded into Jordan and Lebanon. Ataya is currently the Founder & CEO of Mumzworld, and she is an elected board member of the Dubai Digital board and a UNCTAD advisory board member for the e-trade for women initiative. Khalil is currently Mumzworld’s Partner and Chief Commercial Officer.

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Derya Baran

• Brand: RedSea

Category: Agri-tech Establishment: 2018 Nationality: Turkish Headquarters: Saudi Arabia

Nour Sleiman

• Brand: Cartlow

Category: Recommerce Establishment: 2019 Nationality: Spanish Headquarters: U.A.E. Sleiman cofounded Cartlow with Mohammed Sleiman. The mobile app provides customers with a simple way to buy clearance, open-box, and refurbished stock. In June 2022, Cartlow raised an $18 million series A round, led by Saudi investment firm the Alsulaiman Group, raising its total funding to $23 million. In May 2023, it partnered with Ecity Electronics, a multi-brand electronics retail group, to launch a sustainable device subscription program across 16 stores in the U.A.E. Before cofounding Cartlow, Sleiman worked as a media production quality controller at almentor. net.

Ioanna Angelidaki

• Brand: InstaShop

Category: E-commerce Establishment: 2015 Nationality: Greek Headquarters: U.A.E. Angelidaki cofounded the online marketplace InstaShop alongside CEO John Tsioris in 2015. It was acquired by Germanybased Delivery Hero in 2020 for $360 million. InstaShop has over a million downloads on Google Play. It delivers from local supermarkets, pharmacies, restaurants, bakeries, butcheries, pet shops, and others in the U.A.E., Oman, Qatar, Bahrain, Egypt, Lebanon, and Greece. Angelidaki oversees the companies’ online marketing. She was previously the cofounder and CMO of Vound app.

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Baran cofounded RedSea, which uses technology to advance commercial farming in hot climates globally whilst saving fresh water and energy. In April 2022, the company raised $18.5 million in a funding round co-led by Saudi Aramco’s Wa’ed Ventures, Savola Group, KAUST Innovation Fund, and OlsonUbben. RedSea had raised a total of $36.5 million as of May 2023. The company is providing its technologies to sustainably feed guests at Saudi’s Red Sea Project and be a main supplier to the resort. Baran is also an associate professor in Material Science and Engineering at the King Abdullah University of Science and Technology.

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Nour Al Hassan

Melda Akin

• Brand: Tarjama

• Brand: D14.AI

Establishment: 2008

Nationality: Turkish Headquarters: U.A.E.

Nationality: Jordanian Headquarters: U.A.E.

D14.AI delivers “optimization as a service” to businesses globally using AI. In February 2023, it announced the launch of Dhealth, an AI-driven training platform aimed at improving patient treatment and education. Akin launched Sirius Lab in March 2023, an AI-driven training and mentorship app for women. She also serves as a UN mentor and works with the Nama Women Advancement Organization.

Category: Digital Language Solutions

Tarjama, meaning translation in Arabic, is a technology and language services provider. It offers services for 55 languages, including content and media services and has seven offices worldwide with 35,000 freelancers and 154 full-time employees as of 2022. It also acquired Screens in November 2022, one of the largest dubbing and subtitling companies in MENA. Al Hassan is also the Founder and Chairwoman of Ureed.com, a digital marketplace connecting global employers with over 55,000 certified freelancers. She manages the growth of her companies across eight markets and leads a team of over 300 people.

Category: AI Establishment: 2019

Nadine Mezher

• Brand: Sarwa

Category: Fintech Establishment: 2017 Nationality: Lebanese Headquarters: U.A.E.

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Sarwa is a financial platform and app founded by Nadine Mezher, Mark Chahwan, and Jad Sayegh. Through the platform, users can trade stocks and ETFs and buy and sell cryptocurrencies, as well as passively invest their money. Sarwa’s user base grew from 1,000 in 2018 to more than 180,000 in 2022. Since its inception, the company has raised $25 million through four funding rounds. It plans to raise a new funding round in 2024.

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Fatma El Shenawy

• Brand: Khazna Tech

Category: Fintech Establishment: 2020 Nationality: Egyptian Headquarters: Egypt

Sophia Alj

• Brand: Chari

Category: E-commerce Establishment: 2020 Nationality: Moroccan Headquarters: Morocco Alj cofounded Chari in 2020 alongside CEO Ismael Belkhayat and CSO Cyrille Jacques. Chari is an e-commerce platform for French-speaking African countries that allows users to benefit from financial services such as payments, micro-credit, and micro-insurance. Chari is available in Morocco, Tunisia, and Cote d’Ivoire. In 2022, it served over 20,000 customers and employed 187 people. As of May 2023, it had raised a total of $16.5 million in funding. Alj is also the cofounder of Mondentiste. ma and a co-managing partner at Wib.co. Before Chari, Alj worked at McKinsey & Company as a strategy consultant across Africa for four years.

Ola Doudin

• Brand: BitOasis

Category: Crypto exchange Establishment: 2015 Nationality: Jordanian Headquarters: U.A.E. Doudin cofounded BitOasis with Daniel Robenek and Tarek Kaylani in 2015. It is currently available in 15 countries across the GCC, and the Middle East and North Africa. BitOasis has processed more than $5 billion in trading volume and over 700,000 user signups since its inception. BitOasis became the first virtual assets trading platform to secure an Operational MVP License from Dubai’s Virtual Assets Regulatory Authority in 2023. Doudin previously worked for EY, Fadi Ghandour, and Aramex. F O R B E S M I D D L E E A S T.C O M

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El Shenawy cofounded Khazna with Omar Saleh, Ahmed Wagueeh and Omar Salah in 2020. It aims to improve the financial well-being of underbanked Egyptians. In 2022, Khazna recorded more than a million transactions and over 158,000 active users. In March 2022, Khazna raised $38 million in equity and debt, taking its total funding to $50 million. El Shenawy was previously a senior associate with Arqaam Capital’s investment banking team.

Yosra Badr

• Brand: Grinta

Category: Healthtech Establishment: 2021 Nationality: Egyptian Headquarters: Egypt Badr cofounded Grinta in 2021. The managed marketplace is modernizing the pharmaceutical supply chain by empowering independent pharmacies across Africa through AI and machine learning. Grinta provides services in seven governorates across Egypt and launched in Tanzania in May 2023. Badr is also partner and CTO at Seha Healthcare. She is an angel investor in several tech startups, including Taager, Lucky, Bulx, Seha Healthcare, Volo, and Sylndr.

Katharine Budd

• Brand: NOW Money

Category: Fintech Establishment: 2016 Nationality: British Headquarters: U.A.E. Budd cofounded NOW Money with Ian Dillon in 2016. It was established to provide inclusive access to banking in the GCC by working with banks and corporate companies to provide payroll and financial services such as mobile banking, money transfer, and international mobile recharge. NOW Money had over 165,000 app downloads in 2022. Budd was previously a lead analyst at Aimia Inc.

Yasmine Abdel Karim 14

• Brand: Yalla Fel Sekka (YFS) Category: Logistics

Establishment: 2019 Nationality: Egyptian-French

IMAGES FROM SOURCE

Headquarters: Egypt YFS provides near-instant deliveries for groceries, food, e-commerce and endto-end customer (C2C). As of May 2023, it had completed five million deliveries in Egypt since its launch in March 2020. The company operates in six cities— Cairo, Giza, Alexandria, Mansoura, Zagazig, and Tanta—delivering over 10,000 orders per day. YFS had raised a total of $10 million as of May 2023. Abdel Karim previously worked for Schlumberger in France.

F O R B E S M I D D L E E A S T.C O M

JULY 2023

WOMEN BEHIND MIDDLE EASTERN TECH BRANDS

Dina Sam’an

• Brand: Xare

Nationality: Jordanian Headquarters: Bahrain

Nationality: American Headquarters: U.A.E.

CoinMENA is a crypto-asset provider for the Middle East, which is regulated and licensed by the Central Bank of Bahrain. Investors can buy, sell, store, and receive digital assets and be able to deposit and withdraw in their local currency. The business has more than 800,000 app download on both Android and iOS. Sam’an was previously the regional clients’ operations director at BitOasis in Dubai.

Gupta founded Xare with Milind Singh and Mandeep Singh. Xare is a Fintech app that allows users to share their credit or debit cards with anyone, anywhere, instantly. The app has more than three million users across over 180 countries and recorded transactions worth over $2 billion in 2022. In January 2023, Xare acquired Bengalurubased “Rive” for an undisclosed amount to further build and enable UPI transactions on its app. Gupta is also a mentor and advisor to several startups and supports women entrepreneurs through her involvement with the Dubai Business Women Council and the Sharjah Entrepreneurship Center (Sheraa), among others. She also cofounded Rise in 2016.

Category: Fintech Establishment: 2021

Soumia Benturquia

• Brand: FODEL

Category: Logistics Establishment: 2017 Nationality: French-Algerian Headquarters: U.A.E. & Saudi Arabia

Julie Barbier-Leblan

• Brand: Merit Incentives

Category: Loyalty, Incentivization and Gift Cards Establishment: 2016 Nationality: French Headquarters: Saudi Arabia Merit is a global engagement technology and solutions company, which helps businesses to increase their customer and employee engagement using cloudbased SaaS platforms, enterprise solutions, applications, and software. Merit’s merchant network comprises more than 5,500 brands across over 150 countries. These include more than 800 retailers and merchants in the GCC alone. Barbier-Leblan was previously a solicitor, and currently she serves as CEO and founder of MyList, and CEO of Gifti Global. Both companies are now part of Merit.

F O R B E S M I D D L E E A S T.C O M

FODEL offers a network of over 3,000 pick-up and drop-off parcel locations as an alternative to home delivery. It operates in the U.A.E., Saudi Arabia, Kuwait, Bahrain, and Oman and plans to launch in Egypt. The company’s clients include Amazon, DHL, Chalhoub Group, and Landmark Group. It had raised over $8 million as of May 2023, with investors such as Saudi Aramco’s Wa’ed Ventures, Dubai Cultiv8 Holdings Limited (DCHL), and ArabInvest. Benturquia previously worked at Hewlett-Packard in France.

IMAGES FROM SOURCE

WOMEN BEHIND MIDDLE EASTERN TECH BRANDS

Padmini Gupta

• Brand: CoinMENA

Category: Crypto exchange Establishment: 2019

JULY 2023

Eman Hylooz

• Brand: Abjjad

Category: E-books & Digital Publishing Establishment: 2012 Nationality: Jordanian Headquarters: Jordan Abjjad is a subscription-based Arabic digital reading platform with a library of over 20,000 Arabic books and novels and over two million downloads on Google Play and the App Store. The platform has a community of over 3.5 million readers. Before establishing Abjjad, Hylooz worked as a senior II in marketing & knowledge management at KPMG.

WOMEN BEHIND MIDDLE EASTERN TECH BRANDS

Amira Sajwani

• Brand: PRYPCO

Category: Proptech Establishment: 2022 Nationality: Emirati Headquarters: U.A.E.

IMAGES FROM SOURCE

Sajwani is the founder and CEO of PRYPCO, which offers Rent Now Pay Later (RNPL) services that allow tenants to pay their rent in installments, as well as mortgage services and fractional ownership of real estate. Sajwani is also the managing director of sales and development at DAMAC Properties.

F O R B E S M I D D L E E A S T.C O M

JULY 2023

• THOUGHTS ON •

Passion “My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.”

“Be still when you have nothing to say; when genuine passion moves you, say what you’ve got to say, and say it hot.” —D. H. Lawrence

—Maya Angelou

“Once something is a passion, the motivation is there.”

“The beauty of a woman is not in a facial mode, but the true beauty in a woman is reflected in her soul. It is the caring that she lovingly gives the passion that she shows.”

—Michael Schumacher “Better pass boldly into that other world, in the full glory of some passion, than fade and wither dismally with age.”

—Audrey Hepburn

—James Joyce

“There is no passion to be found playing small—in settling for a life that is less than the one you are capable of living.”

“Think big; think disruptive. Execute with full passion.” —Masayoshi Son

—Nelson Mandela “Focus on what lights a fire inside of you and use that passion to fill a white space. Don’t be afraid of the challenges, the missteps, and the setbacks along the way. What matters is that you keep going.”

“When you have a passion for something then you tend not only to be better at it, but you work harder at it too.” —Vera Wang

“Passion is energy. Feel the power that comes from focusing on what excites you.”

“If you feel like there’s something out there that you’re supposed to be doing, if you have a passion for it, then stop wishing and just do it.”

“We all have a gift; we all have a passion - it’s just about finding it and going into it. Being an asset to your family and community.”

“When you have balance in your life, work becomes an entirely different experience. There is a passion that moves you to a whole new level of fulfillment and gratitude, and that’s when you can do your best... for yourself and for others.”

—Oprah Winfrey

—Wanda Sykes

—Angela Bassett

—Cara Delevingne

—Kendra Scott

F O R B E S M I D D L E E A S T.C O M

Audrey Hepburn

JULY 2023

IMAGE FROM WIKIPEDIA.ORG

THOUGHTS

SOON IN DUBAI HILLS MALL F O R B E S M I D D L E E A S T.C O M

Daze_uae #dazeUAE

JULY 2023

F O R B E S M I D D L E E A S T.C O M

JULY 2023

Forbes Middle East - July 2023 - English

Articles inside

Passion

50 WOMEN

WOMEN BEHIND MIDDLE EASTERN BRANDS 2023

The Power Of Communication

POWER DRESSING

Beyond Education

MORE THAN SKIN DEEP

Most Powerful Lebanese Businesswomen

TEAM PLAYER

BEAUTY FROM BOTH SIDES

The Vault

Canadian Cool

Playing the Fields

OFF TO THE RACES

A Winning Formula

Retail 5 Global Retail Acquisitions In H1 2023

Consumer Technology Snapshot: The Promising Future Of MENA’s Gaming Market

Women Who Changed The World

The Billionaire Heiresses Of Luxury Beauty And Fashion Brands

Meet Rafaela AponteDiamant, The World’s Richest Self-Made Woman

Retail Arab Women Ambassadors Behind Global Brands

Girl Power