Forbes Middle East - English - October 2021 by Forbes Middle East

BILLIONAIRES BEHIND CLEANTECH VC FUNDS SHIFTING GEARS: SUSTAINABLE MOBILITY IN THE GCC

SUSTAINABILITY MOBILITY OPPORTUNITY

SNAPSHOT: EXPO 2020 DUBAI 5 MOST VALUABLE ELECTRIC CAR BRANDS 2021

OCTOBER 2021 ISSUE 109

CEO of agritech startup Pure Harvest Smart Farms

SKY KURTZ

“WE’VE DECOUPLED FOOD PRODUCTION FROM CLIMATE.”

OCTOBER 2021 ISSUE 109

RIPE FOR EXPANSION

Stay connected with our latest business news.

WITH $116.4 MILLION IN RAISED CAPITAL, PURE HARVEST SMART FARMS IS CHANGING THE WAY THE MIDDLE EAST FEEDS ITSELF BY USING TECHNOLOGY TO TURN THE DESERT INTO FERTILE GROUND FOR FOOD PRODUCTION. OTHERS...................................$8

OMAN...............................OMR 3

BAHRAIN........................ BHD 3

UAE..................................AED 30

QATAR............................ QAR 30

KUWAIT....................... KWD 2.5

SAUDI ARABIA............. SAR 30

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8 I Sidelines

So It Begins By Claudine Coletti LEADERBOARDS

CONTENTS

INNOVATION

10 I

First Seen At Expo Here are some of the landmarks, inventions, and attractions that were born out of World Expos.

By Jamila Gandhi

12 I

Shifting Gears: Sustainable Mobility In The GCC

100

Over the next two decades, sustainable mobility adoption and deployment could generate socio-economic value worth $400 million in the GCC, according to PwC’s consulting business unit Strategy&. However, the six oil-dependent Arab states that make up the GCC bloc—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the U.A.E.—still have a long road ahead.

By Cherry Aisne Trinidad ECONOMY

14 I

Snapshot: Expo 2020 Dubai

Here’s a glance at some of Expo 2020’s big numbers.

By Jamila Gandhi BILLIONAIRES

16 I Billionaires Behind Cleantech VC Funds While some billionaires spend their wealth on real estate and art, a growing population of the world’s richest 1% are putting their money towards solving critical global issues.

By Jamila Gandhi WHEELS

18 I

5 Most Valuable Electric Car Brands 2021

Excluding automotive powerhouses that have launched EV lineups, the top five EV brands had a combined market value of $923 billion as of September 17, 2021.

By Cherry Aisne Trinidad WOMEN LEADERS

24 I

The Sustainability Agendas Of The World’s 5 Most Powerful Women Here’s a look at how the world’s five most powerful women, according to Forbes, are driving the sustainability agenda. By Jamila Gandhi BUSINESS

100 I

A New Chapter

Samah Abdulaziz Algosaibi, Executive Board Member for prominent Saudi family group Ahmad Hamad Algosaibi & Bros, reveals details of its $1.9 billion resolution of a 12-year-long battle with its creditors and sets out its latest plans for the future. By Nermeen Abbas

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

HOTEL REVIEW

118 I

Anantara Kihavah Maldives Villas

Even for a short vacation, you can still find time to relax and have an adventure on an island paradise in the Maldives. By Nermeen Abbas and Amany Zaher

OCTOBER 2021

ALPINE EAGLE XL CHRONO The pure yet bold Alpine Eagle XL Chrono is a column-wheel chronograph equipped with a flyback function. Its 44 mm case houses the Chopard 03.05-C chronometer-certified automatic movement, for which three patents have been registered. This exceptional timepiece is made of Lucent Steel A223, an exclusive ultra-resistant metal based on four years of research and development. Proudly handcrafted by our artisans, it represents the expertise and innovation cultivated in our Manufacture.

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

OCTOBER 2021

Sustainability, Mobility, Opportunity CONTENTS

60 I 10 Sustainable Companies In MENA 64 I 10 Sustainable Projects And Initiatives

In MENA

70 I MENA’s 10 Biggest Airlines 74 I MENA’s 10 Biggest Logistics Companies 78 I 10 Sustainable Startups In MENA

48 I Sustaining Power Ahmed Zahran, CEO of Egypt’s KarmSolar, is powering the country’s transition to renewable energy amid a global shift away from fossil fuels. With an IPO on the horizon, the company could soon be helping to share Egypt’s solar power with the world.

By Nermeen Abbas

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

OCTOBER 2021

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

OCTOBER 2021

October 2021

•

COVER STORY

Ripe For Expansion

INSIDE

•

Sky Kurtz, CEO of rising Abu Dhabi agritech company Pure Harvest Smart Farms, is in fundraising mode as the startup looks to expand its high-tech greenhouses from the U.A.E. to Saudi Arabia and Kuwait. By Samuel Wendel

IMAGE BY GARAGE STUDIO FOR FORBES MIDDLE EAST

CONTENTS

Issue 109

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

OCTOBER 2021

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

OCTOBER 2021

SIDELINES

FORBES MIDDLE EAST

So It Begins It’s finally here! Eight years, millions of dollars, and one global pandemic later, Dubai’s Expo 2020 opened its doors to the public on October 1 to long-awaited fanfare. For those of us that have been wondering what an Expo is anyway, it’s time to find out. Having managed to head down to the Expo site already a few days after the launch, I can tell you it’s vast. As soon as you step off the metro, you are very much in the midst of it, and in the couple of hours I spent there, I barely scratched the surface. Once you are through the ticket gates and security, don’t be surprised if you are welcomed by a robot or two as you step into the park —it’s not unusual to spot them throughout. While I was wandering around Al Fozan, a Talabat robot sped by me cheerfully announcing that it was carrying a “delicious meal” to someone. You’ll also see the odd drone flying overhead and be serenaded by music and birdsong throughout. While there is a calendar of daily events and plenty of places to sit, relax, and take it all in, for my first trip I had one goal in mind: I wanted to see some country pavilions. I’d heard the rumors, watched the construction, imagined what might be getting planned—it was time to see the results. You can get around by bike or jump on a people shuttle, but I decide to get some steps in and walk. I headed to the nearest pavilions pretty much in the order they stood out to me, and I managed to get through four in two hours. What struck me was how each country interpreted the theme in a completely unique way—and having visited each country for real, I thought their pavilion designs reflected their cultures pretty accurately. Saudi Arabia’s immersive journey through time was slick and state-of-the-art. The U.S.’s conveyor belt through pioneering American invention was bold and patriotic. India’s multiple floors mixing heritage and commerce were vibrant and busy. And Italy’s open-air saunter encompassing art and nature was relaxed and creative. Having experienced four, I have about 188 pavilions left to see between now and the end of March next year. It’s going to be an active winter. Wherever you’re from and however engaged you’ve been with the journey of Expo 2020 so far, what we have now is an opportunity to explore something new, connect in a different way, and learn a bit more about the world. The event itself is a first for the Middle East and the grand finale of an extraordinary journey for the U.A.E. and Dubai specifically. Whatever the next six months hold, you know it’s bound to be spectacular. We decided to do our bit this month by exploring the themes of sustainability, mobility, and opportunity across growing startups, established businesses, and wider projects. I hope you enjoy the issue. —Claudine Coletti, Managing Editor

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

OCTOBER 2021

INNOVATING SINCE 2010 OCTOBER 2021 ISSUE 109

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

Khuloud Al Omian khuloud@forbesmiddleeast.com

Editorial

Business Development

Claudine Coletti Managing Editor claudine@forbesmiddleeast.com

Ruth Pulkury Senior Vice President - Business Development ruth@forbesmiddleeast.com

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Fouzia Azzab Senior Arabic Editor fouzia@forbesmiddleeast.com

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Jamila Gandhi Senior Reporter jamila@forbesmiddleeast.com

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Nermeen Abbas Senior Reporter nermeen@forbesmiddleeast.com Juweyria Hersi Editorial and Marketing Executive editorial@forbesmiddleeast.com

Research

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Innovation

First Seen At Expo

Here are some of the landmarks, inventions, and attractions that were born out of World Expos. The world’s first Expo took place in London in 1851, after which the concept became repeated globally. In 1928, the Bureau International des Expositions was established to regulate and oversee these megaevents. Throughout their 170-year history, World Expos have debuted life-changing ideas that highlight scientific, technological, economic, and social progress.

Columbus 1888 Monument

Phonograph 1878 Paris, France Thomas Edison introduced his phonograph invention at the 1878 Paris Expo, which was one of his first creations to bring him global recognition. The device was capable of recording and playing back sound, enabling conversations to be recorded. It was composed of a rotating brass cylinder that recorded sound through a needle and tinfoil.

Barcelona, Spain

The 60-metre Columbus Monument (Monument a Colom) was built by Gaietà Buïgas for the 1888 Barcelona Expo in honor of Christopher Columbus and his first voyage to the Americas. The seven-meter tall bronze statue of Columbus points with its index finger towards America. The structure was erected at the lower end of Las Ramblas and still stands today.

1889

Eiffel Tower

Paris, France Gustave Eiffel built the Eiffel Tower for the 1889 Paris Expo in just two years, two months, and five days. Considered a feat of French engineering at the time, the iconic Parisian attraction was constructed to celebrate the 100th anniversary of the French Revolution. The 300-meter tower was only intended to last 20 years but stands to this day.

Ferris Wheel 1893 Chicago, U.S. Designed and named after structural engineer George Washington Gale Ferris Jr., the Ferris wheel was unveiled at the 1893 Chicago Expo. The metal wheel stood 264 feet tall and was meant to rival the Eiffel Tower in height. In 1906, a demolition company destroyed the wheel, and its remnants were sold for scrap metal. Inspired by the original Ferris Wheel, a 200 feet Centennial Wheel debuted in 2016 and stands as an iconic part of Chicago’s skyline. F O R B E S M I D D L E E A S T.C O M

OCTOBER 2021

BY JAMILA GANDHI ; OSCAR ESPINOSA / SHUTTERSTOCK.COM; EIFFEL TOWER FROM WIKIMEDIA.ORG; PHONOGRAPH AND FERRIS WHEEL FROM WIKIPEDIA

LEADERBOARD

Simplon Tunnel 1906 Milan, Italy

1937 Paris, France

WIKIPEDIA; CHROMOPRISME / SHUTTERSTOCK.COM; PHOTO BY JOHN THYS / AFP; FELIX MIZIOZNIKOV / SHUTTERSTOCK.COM; IMAGE FROM SOURCE

Palais de Chaillot and the Palais de Tokyo

Located in the 16th arrondissement of Paris are two iconic buildings constructed for the 1937 Paris Expo—Palais de Chaillot and the Palais de Tokyo. Today, the popular sites house the Musée de l’Homme anthropology museum and the Musée d’Art Moderne de la Ville de Paris, respectively. Following its renovation, Palais de Tokyo became the largest center of contemporary art in Europe in 2012.

Atomium 1958 Brussels, Belgium The Atomium, a giant model of a unit cell of an iron crystal, was created for the 1958 Brussels Expo. The modern-day tourist spot was built by engineerarchitect Andre Waterkeyn. Upon completion, it held a series of records. The Atomium had the fastest lift in Europe in 1958 with capacity to carry 500 people an hour at a speed of 18km/h. Standing at 102 meters high, at the time the attraction ranked as the sixth largest built metal structure globally. F O R B E S M I D D L E E A S T.C O M

1962

Space Needle

Seattle, U.S.

Seattle’s famous Space Needle was a central structure for the 1962 Expo. It took around 400 days to build and cost $4.5 million. The structure’s idea was originally sketched on a napkin in a coffee house by Edward E Carlson, the president of Western International Hotels, during a visit to Stuttgart, Germany in 1959. The Needle was designated an official Seattle landmark in 1999.

IMAX film 1970 Osaka, Japan The 1970 Osaka Expo saw the premiere of the first-ever IMAX film: the Canadian-produced Tiger Child. Its technology was developed by three filmmakers: Graeme Ferguson, Roman Kroitor, and Robert Kerr. The 17-minute short documentary required the audience to move through the viewing space on a large rotating platform, each one viewing the endless film from a different starting point. In 1994, IMAX Corporation went public. OCTOBER 2021

LEADERBOARD

The Simplon Tunnel’s opening was the highlight of the 1906 Milan Expo, inaugurated by Italian king Victor Emmanuel III and the Swiss President Ludwig Forrer. The tunnel connects Lausanne in Switzerland and Domodossola in Italy, via Brig. At 19.8kms, the Simplon was the world’s longest railway tunnel for 75 years until 1982, when the Daishimizu Tunnel opened in Japan.

Innovation

Shifting Gears: Sustainable Mobility In The GCC

To better analyze how countries are faring in sustainable mobility, an initiative, Sustainable Mobility for All (SuM4All), housed by the World Bank was established in 2017 to set quantifiable goals around the transport sector. By calculating each country’s average scores on universal access, efficiency, safety, and green mobility, Sum4All’s 2020 data showed the low sustainable mobility performance of GCC countries (all classified by the World Bank as highincome based on their GDP per capita), with a collective median score of 40 out of 100 in the Sustainable Mobility Index. Out of 183 countries, Saudi Arabia and Kuwait ranked among the lowest performers in the world and the GCC in terms of sustainable mobility, with respective scores of 23.3 and 34.1. The U.A.E. had the highest mark in the bloc, followed by Qatar, Bahrain, and Oman—all notching scores between 40 and 50. However, compared to other high-income countries, these scores are significantly low. Germany ranked first with the highest score in the world at 85.3 while the U.S. received a 67.9 index score. So, what’s causing the slow progress in the Gulf’s sustainable mobility? Strategy& found the region’s extensive reliance on private transport as one of the key constraints in the full implementation of sustainable transport. Owning a car in the GCC is relatively easier and cheaper than in other countries due to subsidized gasoline. Privately-owned vehicles account for 91% of transport in GCC cities. This is in contrast to the 15% private transport share seen in Barcelona, Spain (where walking and cycling are more dominant F O R B E S M I D D L E E A S T.C O M

The $22.5 billion Riyadh Metro Project, one of the world’s largest mass transit projects.

GCC countries’ sustainable mobility index score in 2020 Country

Sustainable Global rank mobility index (out of 183 score (out of 100) countries)

U.A.E.

49.9

Qatar

46.8

Bahrain

45.3

Oman

40.8

109

Kuwait

34.1

142

Saudi Arabia

23.3

177

Source: World Bank

modes of transport at 55%) and 28% in Singapore (where public transport is more prevalent at 59%). In the GCC, public transport is evidently scarce, representing just 2% of all travel while walking and cycling constitutes the remaining 7%. Apart from the GCC’s car-centric infrastructure, the analysis suggests that the lack of solid sustainable strategies as well as limited fiscal incentives for people to switch to electric

vehicles (EVs) are contributing factors to the region’s sluggish advancements in transportation. Against these findings, Strategy& underscored a framework to address the large gaps between transport modes in the GCC. For example, large investments in mass transit like trains and buses could substantially reduce the use of privately-owned fleets. And the Gulf region has already been mobilizing projects and initiatives that support a sustainable transition. In addition to increasing the size of shared mobility, EVs, and autonomous vehicles on the road, GCC countries have been heavily investing in rail network projects, especially in capital cities, where traffic congestion is a common obstacle caused by urbanization. In Saudi Arabia, the construction of one of the world’s largest mass transit projects, the $22.5 billion Riyadh Metro Project, is near completion. The rail network will have six lines, with a total length of 176 kilometers and 85 stations. The U.A.E. is also executing a 1,200km national rail network project, Etihad Rail, which aims to connect the seven emirates to each other and to the rest of the GCC once completed. Qatar’s $36 billion Doha metro, consisting of three lines at a length of 76km, has also been fully operational since last year. Metro projects in Bahrain and Kuwait are also underway. A study conducted by Boston Consulting Group found that over 80% of surveyed GCC consumers are willing to embrace a more sustainable way of living, but some barriers remain, which consumers expect governments to eliminate by making sustainable options more accessible. OCTOBER 2021

BY CHERRY AISNE TRINIDAD; IMAGE FROM RIYADHMETRO.SA

LEADERBOARD

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

OCTOBER 2021

• 30,000 •

Economy

Snapshot: Expo 2020 Dubai Here’s a glance at some of Expo 2020’s big numbers. After a one-year pandemic setback, Expo 2020 Dubai finally kicks off its six-month stint this month in the U.A.E., inviting millions to experience groundbreaking inventions and celebrate human excellence.

• 300,000 •

The Expo 2020 site will be able to accommodate up to 300,000 people per day, more than three times the capacity of London’s Wembley Stadium.

• 16 •

Expo 2020 expects to attract approximately 16 times the number of spectators who attended the 2018 FIFA World Cup in Russia.

• 200 •

Over 200 participants will partake in Expo 2020, including nations, multilateral organizations, businesses, and educational institutions.

• Nov 27, 2013 •

The U.A.E. was elected as the host country of World Expo 2020 on November 27, 2013, during the 154th General Assembly of the Bureau International des Expositions, with a record number of votes.

• 20% •

Expo 2020 has committed 20% of direct and indirect spending to small and medium-sized enterprises (SMEs).

• 50th •

Expo 2020 coincides with the U.A.E.’s 50th anniversary in 2021. F O R B E S M I D D L E E A S T.C O M

• 4.38 sq km • The Expo 2020 site covers 4.38 square kilometers, or 600 football pitches.

•3•

Sustainability, mobility, and opportunity make up the three thematic districts central to the design of the six-month event.

• 192 •

Expo 2020’s three thematic districts will feature 192 country pavilions, showcasing architecture,

culture, and exhibits worldwide.

• 25 •

Al Wasl Plaza’s steel dome weighs as much as 25 blue whales . The 360-degree dome is the world’s largest projection surface.

• 25 million •

Expo 2020 expects to welcome 25 million visits over the course of six-month international fair, equivalent to welcoming about five times the population of Ireland.

• 85% •

Expo 2020’s goal is for 85% of all waste—including municipal solid waste, construction waste, and decommissioning waste—to be segregated, treated, and diverted from landfills.

• 80% •

Post-Expo, the site will be transformed into District 2020, a world-class integrated community that will reuse at least 80% of Expo’s built environment.

• 2025 •

The next World Expo will be in Japan in 2025. OCTOBER 2021

BY JAMILA GANDHI; IMAGE FROM EXPO2020DUBAI.COM

LEADERBOARD

The number of U.A.E. nationals and expat volunteers that will be the “face” of Expo 2020.

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TogetherOCTOBER we 2021 thrive

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Billionaires Behind Cleantech VC Funds While some billionaires spend their wealth on real estate and art, a growing population of the world’s richest 1% are putting their money towards solving critical global issues.

Bill Gates

Abigail Johnson

Jeff Bezos

Michael Bloomberg

Tom Steyer

Breakthrough Energy Billionaire investors: Bill Gates, Jeff Bezos, Michael Bloomberg, Mukesh Ambani, Richard Branson, Abigail Johnson, among other billionaires Breakthrough Energy was set up in 2015 by Microsoft co-founder Bill Gates and a coalition of private investors to support innovations that could lead the world to netzero emissions. The network comprises investment funds, nonprofit and philanthropic programs, and policy efforts to achieve a path to netzero emissions by 2050. The Breakthrough Energy Ventures investor-led fund has raised over $2 billion in committed capital to support F O R B E S M I D D L E E A S T.C O M

Marc Benioff

Mukesh Ambani

Laurene Powell Jobs

Richard Branson

Chris Sacca

entrepreneurs and ideas to reduce emissions from agriculture, construction, energy, manufacturing, and transportation. QuantumScape, Boston Metal, Pachama, and Zeroavia are some of the startups in the fund’s portfolio. In February, Gates told Forbes that he would add at least another $2 billion towards zero-carbon technologies over the next five years. The billionaire’s fortune was estimated at $132 billion as of September 16, 2021.

Amazon Climate Pledge Fund, Bezos Earth Fund Billionaire Investors: Jeff Bezos In February 2020, Amazon founder and chairman Jeff

Bezos announced a $10 billion commitment to a new fund to tackle climate change, separate from the Amazon fund. In an Instagram post, he said the Bezos Earth Fund would “fund scientists, activists, NGOs—any effort that offers a real possibility to help preserve and protect the natural world.” In September, the billionaire pledged to donate $203.7 million in grants by yearend. Amazon launched a $2 billion Climate Pledge Fund in June 2020 to invest in decarbonizing technologies and services to enable the e-commerce giant to meet the goals set by The Climate Pledge. The fund has invested in startups such as CarbonCure Technologies, Rivian, and Turntide Technologies. By 2024, Amazon expects 80% of its energy use to come from renewable energy sources. Bezos’ fortune was estimated at $200.8 billion as of September 16, 2021.

Galvanize Climate Solutions Billionaire Investors: Tom Steyer, Marc Benioff, Laurene Powell Jobs 2020 U.S. presidential candidate and hedge fund manager Tom Steyer co-founded a climate investment fund in September 2021 called Galvanize Climate Solutions. Established alongside investor Katie Hall, the firm was established to invest in companies and organizations working to reduce global carbon emissions. According to Steyer, the global

community needs to invest close to $4 trillion annually in energy transition technologies. Current investments stand at $800 billion per year, leaving a $3 trillion gap annually, which the fund aims to help close. Galvanize’s initial funding target will be decarbonization efforts, and its initial backers include Emerson Collective, founded by Laurene Powell Jobs, and Marc Benioff’s Time Ventures. Steyer’s fortune was estimated at $1.4 billion as of September 16, 2021.

Lowercarbon Capital Billionaire Investors: Chris Sacca Venture capitalist Chris Sacca co-founded Lowercarbon Capital with his wife Crystal to invest in technologies that aim to reduce carbon emissions in the atmosphere. In August, Lowercarbon announced that it had closed on $800 million in capital. The fund’s portfolio is geographically diverse, covering companies in the U.S., Europe, sub-Saharan Africa, and India. Linear Labs, Zap Energy, Dendra, Mootral, and Yard Stick are a handful of companies Lowercarbon has backed. Serial investor and ex-Googler, Sacca is known for his investments in very early-stage tech companies like Twitter, Uber, and Stripe through Lowercase Capital. In 2015, Sacca ranked third on Forbes’ Midas List. The billionaire’s fortune was estimated at $1.1 billion as of September 16, 2021. OCTOBER 2021

BY JAMILA GANDHI ; IMAGES FROM FORBES.COM

Billionaires

BY JAMILA GANDHI

LEADERBOARD

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

OCTOBER 2021

Wheels

5 Most Valuable Electric Car Brands 2021 Excluding automotive powerhouses that have launched EV lineups, the top five EV brands had a combined market value of $923 billion as of September 17, 2021.

Global car sales witnessed a 16% decline last year, according to the International Energy Agency, but on the sustainable front, 2020 was a record-setting year for electric vehicle sales, which recorded a year-onyear growth of 40%. As mainstream automakers join the electric car race, the brands exclusively producing allelectric vehicles are catching up, with some EV companies ranking among the world’s most valuable car firms. Here are the world’s top five.

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

Tesla Country: U.S.

Market value: $760.8 billion

EV deliveries in H1 2021: 386,181 EV deliveries in 2020: 499,550 Cofounded by billionaire Elon Musk in 2003, Tesla continues to dominate the global EV market with a 15% market share as of H1 2021, according to Canalys. The Silicon Valley firm’s net income breached the $1 billion-mark for the first time in its history during the second quarter of 2021. The company’s Shanghai Gigafactory in China now serves as Tesla’s primary vehicle export hub. Despite its Berlin Gigafactory facing environmental concerns and strict German regulations, Tesla says it remains on track to begin building its bestselling Model Y vehicles in its European plant in 2021.

OCTOBER 2021

BY CHERRY AISNE TRINIDAD; VANDERWOLF IMAGES / SHUTTERSTOCK.COM

LEADERBOARD

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

OCTOBER 2021

NIO Country: China

Market value: $61.5 billion

EV deliveries in H1 2021: 41,956 EV deliveries in 2020: 43,728

Lucid Motors Country: U.S.

Market value: $37.2 billion EV deliveries in H1 2021: N/A EV deliveries in 2020: N/A

Country: China

Market value: $33.4 billion

EV deliveries in H1 2021: 30,738 EV deliveries in 2020: 27,041 Founded by Chinese billionaire He Xiaopeng in 2014, EV maker XPeng was listed on the New York Stock Exchange last year and raised $1.5 billion in its IPO. The Guangzhou-headquartered company exceeded its 2020 deliveries after hitting record highs during the first six months of the year. It further forecasts up to 22,500 more deliveries in Q3 2021. XPeng ended H1 with its successful debut on the Hong Kong Stock Exchange for its second listing, and raised $1.8 billion. The company is set to begin deliveries of its P5 smart family sedan model in Q4 2021, which the company claims is the world’s first mass-produced light detection and ranging (LIDAR) equipped Smart EV.

Although its first luxury electric car is yet to hit the market, Lucid Motors’ valuation already far exceeds those of other mainstream automakers, following its $4.4 billion IPO through a merger with blank-check company Churchill Capital in July. Saudi Arabia’s Public Investment Fund is one of Lucid’s early backers, having injected $1 billion into the company in 2018, and owns about two thirds of the California-based firm. CEO Peter Rawlinson, a former staffer of Tesla, revealed to Forbes in a May 2021 interview that Lucid plans to build its cars at its first manufacturing plant in Saudi. Lucid Air, its first EV offering and a vying rival to Tesla, has a price tag of $169,000. The company said it has over 11,000 paid reservations for its Lucid Air.

Li Auto

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As China’s pioneer in smart electric vehicles, NIO has now started tapping new markets far from home. In July, NIO shipped a batch of its EVs to Norway for the first time, starting with the ES8 model, its flagship smart electric SUV. NIO went public on the New York Stock Exchange in September 2018, and raised $1 billion in its IPO less than a year since it began accepting EV orders in December 2017. Its billionaire founder William Li, dubbed the “Elon Musk of China,” holds nearly 14% stake in the Shanghai-based company. In March 2021, the company filed for a second listing in Hong Kong.

XPeng

Country: China

Market value: $30 billion

EV deliveries in H1 2021: 30,154 EV deliveries in 2020: 32,624 Beijing-based Li Auto was founded by Chinese billionaire Li Xiang in 2015. In November 2019, Li Auto began volume production of its first model Li ONE, a six-seat premium electric SUV. Thanks to the release of its 2021 Li One in May, the company’s second quarter deliveries peaked to a record 17,575. Li Auto has also joined its other EV rivals for a dual listing in Hong Kong this year after a successful $1.1 billion IPO in the U.S. in 2020.

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OCTOBER 2021

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The Customer, Front and Center For Noha Mokhtar, Head of Customer Service at DHL Express MENA, a customer-centric approach is essential to gaining competitive advantage and achieving business goals.

Noha Mokhtar, Head of Customer Service

n a world of globalization, digitization, fierce competition, and a pandemic that has caused epic disruption, customer-centricity has taken prime spot on business agendas. Companies have come to realize how critical it is to shift to a more customer-centric approach as a means of differentiation and to build competitive advantage. Today, with a plethora of knowledge and endless options available at the touch of a button, customer-centricity dictates brand loyalty and profit margins. But how do you go about creating a truly customer-centric business? Well, as obvious as it may seem, you need to start with the customer. To reach your goals, you must make it your mission to help your customers reach theirs. This means thinking less about how much you are selling and more about how a product or service helps customers thrive. It is important to focus on what your customers want to achieve and to evolve your organization around their needs, so that you become an

integral and indispensable ally in their growth journey. This requires a complete change in mindset; you need to shift away from operational thinking and instead place the customer at the heart of the process. The most important task in developing a customer-centric business is aligning all teams and motivating them to prioritize customer success. To this end, every single person working in a customer-centric organization should be made to feel they have a valuable role to play in the process. This comes down to culture and training to both of which are equally important to cultivating a customer-first mindset and inspiring people to exceed customer expectations. Commitment from the top is also important and goes beyond simply discussing customer matters in the boardroom. Senior management has to be just as involved in driving customer success as frontline employees. Leaders are responsible for building that culture and driving that momentum internally, while setting an example for all teams to follow. Today, customers demand tailored solutions and constant innovation. These are not easy demands to meet, and they require

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continuous client consultation, agility, flexibility, and monitoring of trends. They also require organizations to involve customers in the innovation journey. Lastly, capturing customer feedback and converting it into tangible improvements is paramount. Customer surveys are very common across businesses, but while they are valuable tools, they are a very static and impersonal way of capturing feedback. Customer-centric companies go one step further: they engage in frequent, direct dialogue, facilitating the exchange of ideas and views because they know that sharing insights and knowledge leads to natural improvements. Customer centricity requires a fundamental shift in the way a company thinks and operates, but it needs to be approached as an ever-evolving journey, not an end destination. What’s more, companies need to be committed to this route – a route that is no longer an option, but a necessity for business survival.

www.dhl.com OCTOBER 2021

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Electric Meets Luxury LEADERBOARD

For Martin Schulz, President & CEO of Mercedes-Benz Cars Middle East, the future is progressive luxury, with electric vehicles taking center stage.

How would you describe the electric car market currently and what role do you see Mercedes playing in its evolution? The electric car market is at an exciting stage, with public interest increasing as knowledge of the benefits and capabilities of electric vehicles (EVs) expands and grows. Mercedes-Benz is at the forefront of this new chapter in mobility. Mercedes-EQ, home to the EQS and EQA, is pioneering the progressive luxury concept that will define the market, with these models driving the evolution of EVs in the region. Regional consumers are in the early stages of electric car adoption. How important do you feel government intervention is in driving this change, and how does Mercedes’ experience from European markets help to address the challenges? Regional governments and the U.A.E. government in particular are supportive of EVs and have moved ahead with plans to increase their numbers through a network of charging stations at key locations, including government departments and malls. In Dubai, legislation has been passed to increase the percentage of electric vehicles operated by government

Martin Schulz, Middle East President & CEO

departments to at least 10% by the end of 2024, rising to 30% from 2030. This aligns with Mercedes’ plan to be electric-only by the end of the decade. How did the COVID-19 pandemic affect Mercedes sales in the region? Car sales in the region, much like every other sector, were impacted by COVID-19. As consumers were not able to visit showrooms, digitalization was accelerated, making it possible to make a purchase from home. MercedesBenz witnessed a strong recovery after a difficult year and demand for our products and services is strong. What are the main aims of Mercedes’ Ambition 2039 and how do you plan to achieve them?

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Ambition 2039 is our path to sustainable mobility. At its core are plans for an electric-only fleet of vehicles by the decade’s end and to be CO2-neutral by 2039. MercedesBenz will have battery electric vehicles in all segments from 2025. To facilitate this, we are significantly accelerating R&D, with investment in battery electric vehicles between 2022 and 2030 amounting to over €40 billion (US$47 billion). What is the thinking behind launching the EQ range in the compact and the luxury class simultaneously? Mercedes-EQ offers a broad appeal to modern motorists. The EQS is the definition of progressive luxury while the EQA offers customers an entry point into the EV market.

OCTOBER 2021

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Each demonstrates the flexibility and diverse appeal of the EQ brand. The proven performance, great styling, and advanced features of the EQS, along with the EQA, invite customers to make the switch to EV mobility. Both models boast exceptional Mercedes-EQ functions, such as MBUX, while the EQS features the visually impressive, easy to operate, and immersive MBUX Hyperscreen. This represents the pinnacle of emotional intelligence and style within the EQ range, with the large, curved screen stretching from the left to the right A pillar and allowing access to a host of entertainment and driver assist functions. The EQS’s unrivalled position within the EV sector and its standing as the premium choice for motorists seeking electric excellence is defined by its huge range. According to the Worldwide Harmonised Light Vehicle Test Procedure (WLTP), the EQS has a range of up to 770km, that guarantees ease of use, comfort, and confidence on any journey. Mercedes-EQ has recently become a sub-brand like the AMG or Maybach series. Does this reflect the increased focus on electromobility at Mercedes? Mercedes-EQ and the EQS represent a surge in innovation and technology

“The EQ will evolve to become the dominant vehicle sub-brand in line with Mercedes’ EV ambitions.” that position the sub-brand and its premium model as the top choice for EV mobility. Just as AMG is synonymous with motorsports, power, and design, Mercedes-EQ and the EQS will be defined by excellence in electromobility. The EQ will evolve to become the dominant vehicle sub-brand in line with Mercedes’ EV ambitions; models like the EQS and EQA are already positioned as market leaders in this vibrant and growing segment. With increased focus on Mercedes-EQ, the EQS will redefine performance within the electric segment with an all-wheel drive system that delivers 516hp, accelerating from zero to 100km/ hour in 5.5 seconds.

Mercedes has focused on topend line-ups this year, including Maybach, AMG, and G-Class. Is this focus in response to growing demand for high-end luxury? The Maybach represents extravagant comfort, sophisticated luxury, and ultimate exclusivity. AMG thrills with high-performance, bold styling, and racing heritage. The G-Class remains an icon in the region as a luxury 4x4 that dominates the urban landscape. These models share a rich history and attract discerning clients who demand only the best from their vehicle of choice, with premium features, incredible looks, and unique attributes required as standard. The concept of EV versions of these models will solidify their appeal for a new generation of customers and help with Mercedes’ ambitions to be electric-only by 2030.

www.mercedes-benz-mena.com

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

OCTOBER 2021

Women Leaders

Here’s a look at how the world’s five most powerful women, according to Forbes, are driving the sustainability agenda.

1. Angela Merkel

Angela Merkel

Former Chancellor, Germany Country: Germany

Germany’s first female chancellor, Merkel was dubbed the “Climate Chancellor” for her decades-long international engagement calling for sustainable climate solutions. In May 2021, Merkel’s government announced new climate targets for 2030 and 2040, along with a goal to reach greenhouse neutrality by 2045. At the G7 summit in June, Germany pledged to raise global climate financing from $4.6 billion to $6.9 billion annually by 2025.

2. Christine Lagarde President, European Central Bank (ECB) Country: France

Under Lagarde, the ECB has become a financial forerunner in the Global Reset and “net zero emissions by 2050” agendas. In July 2021, Europe’s most powerful financial authority committed to a greater account of climate change in its core policy decisions. This includes a detailed plan from 2022 to require climate change-related disclosures for eligibility F O R B E S M I D D L E E A S T.C O M

economies in fighting climate change, the EU has proposed an additional $4.6 billion for climate finance for 2021-2027. The EU already contributes $25 billion annually in climate funding. Von der Leyen has mentioned that the EU will also double its undisclosed international funding to protect biodiversity.

5. Melinda French Gates as collateral and asset purchases, development of new indicators, and climate stress tests of the Eurosystem’s balance sheet.

3. Kamala Harris Vice President, U.S. Country: U.S.

Harris has spearheaded multiple environmental and climate legislation, including introducing the 2019 Climate Equity Act with Rep. Alexandria Ocasio-Cortez and co-sponsoring a 2017 resolution opposing Trump’s efforts to withdraw the U.S. from the Paris Agreement. In April 2021, the Biden administration announced a new target to achieve a 50-52% reduction in economy-wide net greenhouse gas pollution

from 2005 levels in 2030. In September, the U.S. committed to double funds by 2024 to $11.4 billion annually to help developing nations address climate change.

4. Ursula von der Leyen President, European Commission, EU Country: Germany

In July 2021, the European Commission launched a Sustainable Finance Strategy outlining initiatives to tackle climate change, and other environmental challenges, while increasing investment in the EU’s transition towards a sustainable economy. In a pledge to raise financial support to aid poorer

Co-chair, Bill & Melinda Gates Foundation Country: U.S.

In February 2020, French Gates and her former husband announced in a letter their foundation’s commitment to climate change issues. Established in 2000 by the couple, the foundation plans to capitalize on technological solutions to drive zeroemission energy supply to low-income countries. As per the foundation, within decades climate change could kill nearly three times as many people per year as COVID-19 did in 2020. To address the UN’s Zero Hunger target, in September 2021, the foundation pledged $922 million over the next five years to curb global malnutrition. OCTOBER 2021

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LEADERBOARD

The Sustainability Agendas Of The World’s 5 Most Powerful Women

From The Global Pandemic

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HEALTHCARE REPORT

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

OCTOBER 2021

LEADERBOARD

Positive Growth Results

H E A LTH CA R E R EP O RT

The coronavirus pandemic has forced the global healthcare sector to accelerate its digital transformation. This is radically changing the delivery of healthcare by speeding up telemedicine trends, converging artificial intelligence (AI) with clinical services, and developing a wide range of front-end technology. F O R B E S M I D D L E E A S T.C O M

OCTOBER 2021

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New Investments And Technology Are Evolving Middle Eastern Healthcare

he opportunity for growth in the healthcare industry in the Middle East is substantial. A recent report by Fitch Solutions suggests that MENA’s healthcare market is projected to grow from $185.5 billion in 2019 to $243.6 billion in 2023, with an 11.7% CAGR at a constant exchange rate. However, according to a World Bank 2020 report, MENA has some of the lowest levels of hospital capacity, medical doctors, nurses, and midwives per capita. On average, MENA countries spend just 7% of their government budgets on health, with almost half of all health spending financed directly by households at the point of care. A typical MENA country also has 65% of its workforce in the informal sector, with little or no access to safety nets including health insurance.

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The private sector plays an integral role, but these services are often inaccessible due to high costs and their concentration in urban areas. Investment in medical and protective equipment is essential to protect health workers in rural and hard-to-reach areas. The World Bank also suggests that MENA countries need more investment to improve healthcare services, contain the coronavirus pandemic, and ensure the continuity of essential services. The Middle East has already kickstarted this transformation by pouring in investment, digitizing the industry, and moving towards preventative rather than curative healthcare. Private investments When it comes to the private sector, this past year was marked by a major boom in healthcare merger and acquisition activity. For example, Egypt has been a target for investment due to its large population and prevalence of chronic diseases such as high blood pressure and diabetes. The Egyptian government’s efforts towards the rollout of its Universal Healthcare Plan and the launch of other national initiatives and megaprojects have also made it an attractive market. In the GCC, one of the biggest deals of the past 12 months was Abu Dhabi Holding Company’s (ADQ’s) announcement that it would buy Canadian drugmaker Bausch Health Companies Inc.’s entire equity interests in Egyptian drug developer Amoun Pharmaceutical for $740 million, including debt. The company also acquired Swiss-based Acino, a leading provider of highquality pharmaceuticals focused on growth-leading markets across the Middle East, Africa, Latin America, Russia, Ukraine and the CIS region. Mubadala Health acquired a 60% controlling stake in F O R B E S M I D D L E E A S T.C O M

United Eastern Medical Services (UEMedical) to raise its healthcare services in the U.A.E. and grow its operations in Saudi Arabia for the first time. And Dubai’s Foundation Holdings Co. acquired a 51% stake in Saudi-based primary health chain, Shifa Al Munthaza Polyclinic, which is its second investment into the kingdom’s fast-growing market for medical care. It said it plans to list the firm in the next two years. Dubai Foundation Holdings plans to invest about $67 million into Saudi Arabia’s primary healthcare sector, almost half of which was spent on the Shifa deal. Other major private sector deals include Bahrain-based Investcorp’s acquisition of the Sanos Group, a global contract research organization (CRO) based in Denmark, as well as the restructuring of NMC Healthcare in the U.A.E. Government expenditure and initiatives On a government-level, a number of MENA countries have taken on various initiatives to improve their healthcare sectors. Egypt is transforming its healthcare system through several initiatives. Most notably, the “100 million Seha” initiative aims to eliminate the virus C and detect non-communicable diseases. As of 2021, it had saved the lives of 2.2 million people. The Sovereign Fund of Egypt is set to establish a diversified healthcare fund, in collaboration with Concord International Investments. Meanwhile, the U.A.E.’s healthcare expenditure is set to surpass $21 billion by 2021, as per projections by the U.S.U.A.E. Business Council. Sheikh Mohammed bin Rashid Al Maktoum launched the Vaccine Logistics Alliance as part of the emirates’ efforts to support the WHO’s

COVAX initiative. The U.A.E.’s Frontline Heroes Office is also deploying a new initiative that will cover additional medical insurance expenses of the nation’s underprivileged frontline workers and their immediate families. In Saudi Arabia, the Ministry of Investment and Roche Products Saudi Arabia signed an MoU to collaborate on multiple initiatives for developing the healthcare and life sciences sectors in the kingdom. Moreover, the Kingdom’s Projects Support Fund Initiative signed an agreement with the Saudi Stock Exchange Company (Tadawul) that aims to expand the lending capabilities of private companies functioning in the healthcare, education, and large real estate development sectors. Digitization and connectivity The digitization of the healthcare industry can help advance the sector in many ways. It improves the patient experience, enhances health outcomes, makes health information more accessible to patients, and could lower the cost of care. Prior to COVID-19, Accenture Strategy had predicted that 50% of healthcare services would be provided virtually by 2030, and that in the next 10 years, four out of 10 healthcare jobs would have at least 30% of tasks completed by robots, such as chatbots, automation, and AI. During the pandemic, demand for telemedicine in the U.S. jumped from 11% to 46%. In China, Bain reports exponential growth in online healthcare platforms Ping An Good Doctor, which saw a 900% user increase due to COVID-19. In MENA, the pre-COVID telemedicine market was projected to increase by 50%, from $3.4 billion in 2019 to $5.2 billion in 2024. That figure is expected to be revised up by quite a few notches. OCTOBER 2021

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means that it has a responsibility to not only meet its customers’ expectations, but also to exceed them at every opportunity. The hospital is committed to delivering comprehensive management of healthcare, encompassing not just patients, but all those who come to its main premises and its satellite clinics.

Building Tomorrow’s Healthcare Solutions American Hospital Dubai is providing outstanding patient services while helping to shape the future of healthcare.

he American Hospital Dubai, established in 1996, is a flagship healthcare brand of the Mohammad & Obaid Almulla Group. The 252bed hospital is located in the heart of Dubai at Oud Metha, and is recognized as a premier healthcare institution. It offers world-class primary, secondary, and selected tertiary medical services to the people of the U.A.E., the region, and the world. A Mayo Clinic Network Member with international accreditations to its name, American Hospital Dubai attracts the very best talent and places the highest value on innovation and research in medical sciences. What’s more, the hospital’s investment in artificial intelligence (AI) for enhanced healthcare solutions has placed it in the vanguard of pioneering healthcare institutions in the region.

In partnership with global healthcare company, Cerner, American Hospital Dubai launched the region’s first AI research center in 2020. The partnership reflects a commitment to the U.A.E.’s vision to fully integrate AI into medical services, and reiterates the hospital’s fundamental objective: to continuously improve patient care outcomes and empower individuals to proactively manage their health. Service Excellence Program The Service Excellence Program underlines American Hospital Dubai’s objective of choosing the right professionals for the job who, as a team, uphold the highest standards of care, comfort, and communication for its patients, visitors, colleagues, and stakeholders. American Hospital Dubai’s reputation as a world-class healthcare services provider

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International benchmarks of excellence International accreditations attest to a healthcare provider’s successful efforts in delivering patient safety and quality of care in accordance with international standards. American Hospital Dubai is the first hospital in the Middle East to be awarded the prestigious Joint Commission International (JCI) accreditation and its laboratory is the first in the region’s private sector to be accredited by the College of American Pathologists (CAP). All physicians at American Hospital Dubai are either accredited by North American Board Certification or equivalent Western training programs, such as those in Canada, Germany, and the United Kingdom. American Hospital Dubai is also the first to be certified as an American Heart Association training center. Furthermore, it is the first medical facility outside the U.S. to receive ultrasound practice accreditation in areas of abdomen/ general, breast–diagnostic, and breast-interventional treatment from the Ultrasound Practice Accreditation Council of the American Institute of Ultrasound in Medicine (AIUM).

www.ahdubai.com

OCTOBER 2021

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OCTOBER 2021

PRO M OTI O N

Building on a Hundred Years Of Good Health Fayad Aldandashi, CEO of Saudi Arabia’s Tamer Healthcare, talks trends, sustainability, and digital technology as the healthcare sector continues its journey of transformation. You have been involved in healthcare for almost two decades. How has the sector changed during that time? Global healthcare systems are rapidly evolving. Locally in Saudi Arabia, the primary focus in the 2000 era was on fostering infrastructures such as tertiary and quaternary care centers, and specialty secondary hospitals. Since then, system metrics have improved. The number of beds per capita has reached 2.2 per 1,000, and more focus has been given to eradicating communicable diseases and controlling the epidemic of non-communicable diseases. More broadly, healthcare systems globally have witnessed major scientific breakthroughs in diagnostics and new modalities of treatment. Today, we are witnessing the birth of revolutionary advancements relating to human genome and DNA sequencing, cellular therapy, and biopharma and biological treatments. Saudi Arabia is pursuing numerous local healthcare transformation initiatives. What role is Tamer

Fayad Aldandashi, CEO

Healthcare playing in this journey of transformation? Tamer Healthcare is perhaps the oldest healthcare company in Saudi Arabia. We proudly claim that the founder of the company was the first to introduce medicine in the Arabian Peninsula in early 1922, and we continue to sense our obligation towards the country and the society. Therefore, we strive to bridge healthcare gaps that exist between developed nations and the region.

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As an integral and pivotal provider of essential goods, products, and services, Tamer Healthcare is revitalizing its business model to cope with an utterly revamped healthcare system. Furthermore, rapidly advancing digital technologies, private sector participation, and the ample outsourcing programs among various governmental bodies, all hold great potential for the future development the healthcare sector.

OCTOBER 2021

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Tamer Healthcare is an industry leader in Saudi Arabia where digitalization is concerned. Why is digitalization so important and what are the key challenges to digital adoption? The digital space is enormously promising; it solves many systemlevel challenges like the scarcity of resources, talent, and professionals, as well as the rising healthcare cost, and the access limitations in many remote areas. Digital solutions will democratize access to healthcare, improve quality, and reduce healthcare costs. The regulatory framework remains a challenge and technology is moving at a high pace. However, COVID has accelerated the legislator’s response, and digital adoption is rising among consumers.

but a journey. We must always look at building a sustainable business, living sustainable lives, and having a sustainable outlook. In other words, what we want to do for the future is something that should make a positive, long-term impact. That is sustainability. At Tamer Healthcare, we take the issue of sustainability seriously and we aim to make a positive impact on society at large. That is why we are incorporating the ESG goals and their metrics into the Tamer Group purpose. How do you ensure that your business operates in a socially and environmentally conscious way? We have adopted practices that help to make us a socially and environmentally conscious

“Tamer Healthcare is revitalizing its business model to cope with an utterly revamped healthcare system.” What have been your biggest digitalization achievements to date, and what digital initiatives can we expect from Tamer Healthcare moving forward? There have been many achievements, but most importantly, digitalization has enabled us to identify strong market opportunities and develop a deep understanding of the global and local landscapes. The group made a bold move in acquiring the largest mother, child, and baby e-commerce vertical player in the region. Tamer will penetrate the segment quite extensively and will ensure our market position among the top players in the space. How seriously does Tamer Healthcare take the issue of sustainability? Sustainability is not a destination

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business, and we improve those practices continuously. Our social consciousness revolves around our employees, our stakeholders, and our communities. We consider employee wellbeing, including health and safety, as embedded principles in our standard business practices. In this regard, we formally track and monitor several metrics including diversity and inclusion, with specific emphasis on Saudization and gender inclusion. We have taken a proactive approach to environmental considerations in our business as well, and have already achieved LEED certification on some of our main operating facilities. Overall, we consider ESG as a core pillar of our future business strategy and will continue to implement leading practices on an informed and objective basis.

What can the healthcare sector do to become more sustainable? The healthcare sector has significant opportunities to adopt more sustainable business practices whilst maintaining a paramount focus on the safety of patients and consumers. I believe that safety and sustainability can be considered complementary, rather than competitive. In this regard, there are several untapped opportunities for innovation in using sustainable yet safe packaging for pharmaceuticals, improving end of life considerations for medical equipment, and embracing the concept of resource circularity on an overall basis. I also believe that this is an opportunity for the regulators to take a leading role in embracing and pushing the industry towards “sustainable safety” across the healthcare value chain. Looking to the future, what is your vision for Tamer Healthcare? Tamer Group will be celebrating its 100-year anniversary next year. The healthcare industry is undergoing a major transformation as a provision because of disruption and technology. We are currently embracing this transformation with the aim of surviving the next 100 years. We plan to expand our activities from B2B business and increase our digital capabilities, we intend to add more services and products to our B2C business, and finally, we hope to have a long partnership with the Saudi public bodies to pursue the achievement of Vision 2030.

www.tamergroup.com OCTOBER 2021

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Dr. Reem Osman, Regional CEO

The Picture Of Health Dr. Reem Osman started out as an ophthalmologist. Now she is Regional CEO of Saudi German Health. Here, the medical practitioner-turned-business leader explains how she has grown both her career and her company in a competitive market.

You are now Regional CEO of Saudi German Health (SGH). What career path did you follow to reach this position of leadership? Passion, determination, and hard work is my mantra for success. I started my career as a practising ophthalmologist and then became the CEO of Saudi German Hospital Dubai in 2012. From there, I progressed to the position of Group CEO of Saudi German

Hospitals U.A.E., managing three hospitals and one clinic. Today, in my current position as the regional CEO of the group, I am responsible for the U.A.E., Pakistan, Oman, Qatar, Kuwait, Syria, Lebanon Jordan, and Iraq. What aspects of your personality have assisted you in your journey to becoming a healthcare leader and a role model for women in business?

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I would say that being myself has been very important in my career. I am a strong, family-oriented and jovial person. I am also down to earth – I am someone who loves to live a normal life. These character traits have all shaped who I am and where I am today. What impact have you made so far as regional CEO, and what is your vision for the future?

OCTOBER 2021

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Under my leadership, I have led the organization and my team through the COVID-19 crisis and helped to restore a sense of normality after a year that was anything but normal. My team and I ensured the safety and security of all our employees, and from the organization’s standpoint, we ensured that expansion plans continued with minimal disruption. These plans include the creation of centers of excellence and Batterjee Medical College. Looking ahead, in my new role as the regional CEO, my vision is to spearhead the expansion of the group in the region, deliver excellence in quality of care to patients, and create value for all stakeholders. What sets Saudi German Health apart from the competition in the MENA market? Saudi German Health is a unique healthcare player in the region and aspires to be a global player with the capability to design, build, construct, and operate hospitals, all at the same time. The group mainly focuses on green field projects, which gives the flexibility, competitive advantage, and ability to expand horizontally and vertically as per the demand. What drives you to further your success as a group? While working in a competitive industry like healthcare in the U.A.E., I am always in search of new ideas, new ways to improve healthcare and patient experience, and new solutions to reduce industry costs, which is the global target for the healthcare industry worldwide. I am passionate about all pillars of healthcare, whether its patient care, value-based healthcare,

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precision medicine, care delivery transformation, or digitalizing healthcare. Embracing digital technology, in particular, is important to maintaining the strong reputation and leadership position of the group. How much importance do you place on gender equality, both as an organization and in your capacity as a female leader? I am a strong believer in, and advocate of, gender equality and women’s empowerment, especially in the workplace. In my view, merit – not gender – should be the tool to evaluate performance, and

to be absolutely detail-oriented when it comes to the delivery of care? I believe in macro-management and decentralization of authority. However, when it comes to patient care, I micromanage. We strive every day to raise the bar in terms of the care and support we provide to our patients, our community, and our staff of caregivers. Transparency is also vital. When you visit any SGH hospital, you can see the names and mobile numbers of the group president and management team. The idea behind providing personal details is twofold: First is that I want to

“My vision is to spearhead the expansion of the group in the region, deliver excellence in quality of care to patients, and create value for all stakeholders.” women and men should be offered equal opportunities to progress in their careers. With this in mind, Dubai provides fertile ground to pursue equality and empowerment. Whether you are a man or a woman, Dubai offers you the chance to flourish and prove yourself. The city is open to everyone, and that’s really important. Now, because of the example set by Dubai, many other cities are following suit. Across the GCC, women are occupying executive positions and proving their worth in the business world. At Saudi German Health, we welcome women in leadership positions and their empowerment in the workplace. As CEO, how do you balance the need to empower your teams to work independently with the need

demonstrate that I am available 24/7 to respond to issues instantly. Second it makes staff members more responsible and accountable for their actions. With this level of transparency and availability, it is no longer possible to be unfair to patients. Staff members must be more responsible, more attentive, and more hands-on. Working at SGH requires passion, dedication, and commitment. We treat every patient like a family member and the rewards are reaped when we realize just how much we help the larger community.

www.sghdubai.ae

OCTOBER 2021

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The Gulf country is developing the region’s first virtual hospital, expanding beyond telemedicine to advanced services such as remote surgery. The country is also considered a key emerging market for autonomous AI healthcare solutions after Digital Diagnostics, a global healthcare autonomous AI firm recently acquired Boston’s 3Derm Systems Inc.

In 2020, the U.A.E.’s Ministry of Health and Prevention (MoHAP) launched a first-of-its-kind advanced digital platform for pharmaceutical public and private facilities and health practitioners to store their data. The data storage resource promises to deliver a competitive security infrastructure and boost all health records’ privacy. To streamline pharmaceutical operations and eliminate human error, the Dubai Health Authority is currently testing an automated solution by Mekapharm, a French firm, to transport medicines from their point of origin directly into patients’ hands. In Saudi Arabia, the Ministry of Health, in collaboration with Royal Philips, has recently implemented a nationwide virtual cardiology network, connecting specialists across eight hospitals with the goal of improving patient care. In addition, Philips is partnering

with Mouwasat Hospital Group to implement its first eICU platform in Saudi Arabia. The solution will provide critical care for patients, independent of their hospital location. And Morocco has rolled out mobile medical units to deliver care to rural communities, with almost 500,000 outpatient visits in 2018. Preventative rather than curative The digitization trend has also been heavily influenced by a general move towards a preventative rather than a curative healthcare sector. Besides the influence of the COVID-19 pandemic, modern disease rates are increasing. The WHO projects that the total number of diabetes cases in the Middle East is set to rise from 20 million in 2000 to nearly 52.8 million in 2030, making it the region with the highest number of people with diabetes globally. The earlier the disease is identified, the easier it is to treat, hence, the move towards preventative care. Advancements in medical innovations such as telemedicine, wearables, precision medicine, and AI, will lead to a more efficient and effective way of delivering healthcare outcomes. For example, in 10 years, there could be a piece of software to enable the full control and storage of our own healthcare data. Furthermore, the design of all future healthcare facilities will change. Hospitals for instance, will be smaller and more efficient, especially around the outpatient setting, which could also evolve into a wellness setting. In Saudi Arabia, the first wellness village in Jeddah was designed and built in 2019, with a special focus on preventative medicine. OCTOBER 2021

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Startups globally have spearheaded the movement to digitize the industry, with global digital health startups already raising $14.7 billion in the first half of 2021, surpassing total 2020 funding, according to venture firm Rock Health. U.A.E.-based digital health insurance startup Sehteq raised $23 million from 971 Capital last year. Established in 2017, the firm has since amassed around 650,000 consumers and created a network of more than 2,200 providers. In April 2020, Dubai-based online doctor appointment booking platform Okadoc launched its new telemedicine service for patients in the U.A.E. months earlier than planned, offering access to video consultation, online chats, and document exchanges. A few months earlier, the startup secured $10 million in a Series A round in February 2020 from backers, including Abu Dhabi Investment Office and Ithmar Capital Partners. It has also entered into a strategic partnership with Dubai Healthcare City and has further on-boarded several U.A.E. healthcare providers such as Medcare, Aster Hospitals, and Emirates Healthcare Group. Other notable healthcare startups include digital healthcare booking platform Vezeeta, with $63 million in funding under its belt, as well as AI-based medical data platform Medicus AI, healthcare video consultation platform Health at Hand, and doctor booking platform Meddy. Governments have also hopped on the digitization trend. For example, the U.A.E. is at the forefront of the Middle East and Africa’s smart hospitals market, which is estimated to top $2 billion by 2023, according to forecasts by Kenneth Research.

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60 Years Of Changing Patients’ Lives Patrick van der Loo, Regional President, Pfizer Africa and the Middle East (AfME)

How would you describe your professional journey so far? I am thrilled to move to our AfME headquarters after being appointed Regional President of AfME in 2020. I started my Pfizer journey at our global headquarters in New York. Since then, I have experienced cultures across Hong Kong, Thailand, and Japan, overseeing India, Pakistan, Australia, New Zealand, and Korea. I was also fortunate to move across departments gaining valuable insights into our organization. Now, I look forward to delivering meaningful breakthroughs that change patients’ lives across AfME. What are your plans for Pfizer across the AfME region? We have been operating across AfME for 60 years. Today, we are focused on increasing our local research and development capabilities, and on bringing innovative products to market to cover unmet patient needs. We recently launched products in the U.A.E just three months after their global launch in the U.S. or E.U., and we will continue partnering with local authorities to facilitate this speed. How is Pfizer helping to change the region’s healthcare landscape?

Patrick van der Loo, Regional President, Pfizer Africa and the Middle East (AfME), is focused on delivering breakthroughs that change patients’ lives through innovations and partnerships. We serve as a trusted partner to governments, patients, and other stakeholders to deliver world-class healthcare, which is essential to sustainable economic growth. We can only achieve our commitment to empower, energize, and elevate billions of people through medical breakthroughs by working with our partners. Our results include many initiatives, such as supplying the Pfizer pneumococcal conjugate vaccine to 15 countries, helping vaccinate around four million babies every year. What is Pfizer’s purpose across the AfME region? We remain steadfast in our mission to deliver breakthroughs that change lives and improve healthcare access and affordability. Our patient access programs, which run in 11 countries across AfME, have supported over 4,500 patients to date. We are currently working with several countries to implement health outcome-based models that could help facilities reduce their expenditure. In light of COVID-19, how do you see Pfizer’s future role in helping to strengthen healthcare systems? As we continue to battle the pandemic, we remain focused on where and how we can make

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the most significant impact. Our work in delivering the COVID-19 vaccine to more than 120 countries is a testament to our commitment, and we believe that science will ultimately win. Aside from the pandemic, our focus lies in strengthening healthcare systems with the support of our many partners. Public-private partnerships are critical to our work. Pfizer AfME joined hands with Wellcome to launch the Surveillance Partnership to Improve Data for Action on Antimicrobial Resistance (SPIDAAR). This is a research collaboration with the governments of Ghana, Kenya, Malawi, and Uganda to track resistance patterns and better understand the burden of antimicrobial resistance on patients in low- and middleincome countries. We will continue investing in our people, market, and technology to ensure that our healthcare systems are strong enough to serve the most vulnerable patients.

www.pfizer.com OCTOBER 2021

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Towards A Smoke-Free Future:

Lessons From Japan

According to Philip Morris International, the decrease in cigarette sales in Japan observed in recent years holds valuable lessons for public health.

igarette smoking is known to cause a variety of serious illnesses, such as heart disease and cancer. It has been estimated that around eight million deaths happen each year globally. Efforts to prevent people from smoking and support those who are trying to stop are key to reducing the harm caused by tobacco use. The best option for a smoker is to quit but, unfortunately, many people still choose to smoke. For those who still continue to smoke, the opportunity to switch to scientifically substantiated, better alternatives may be the key to accelerating the decline in the number of people who smoke. According to the WHO, there are more than one billion smokers in the world today, and this number is expected to stay steady until 2025. Many people believe that nicotine is the main issue when it comes to the harms of smoking, but the evidence tells us this is not correct.

Although nicotine is addictive and not without risk, it is not the main cause of smoking-related diseases. In fact, the toxic chemicals in the smoke that is generated when tobacco is burned is the main problem. In some countries, such as the U.K. and New Zealand, the use of regulated novel tobacco and nicotine products is seen as an appropriate alternative for smokers who do not quit, and their use is encouraged by public health bodies. A country that merits attention is Japan, where, despite the lack of formal harm reduction policies to encourage switching, many smokers have switched to novel nicotine products such as e-cigarettes and heated tobacco. In just six years since the introduction of heated tobacco products in 2014, tobacco heating system IQOS has grown year on year, achieving more than a 20% share of the market. A study conducted by researchers from the American Cancer Society revealed that the

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decline in cigarette sales in Japan followed the introduction of heated tobacco products in the country. The researchers applied multiple alternative causation models to the sales figures, including pricing and legislation, but found it difficult to explain the decline in cigarette sales without factoring in the introduction of heated tobacco products. The study concluded that heated tobacco products ‘likely reduced cigarette sales in Japan’. A second, independent study by the International Journal of Environmental Research and Public Health reported that between 2015 and 2019, total cigarette sales dropped by 34% in Japan, while the sales of heated tobacco products increased from 5.1 billion sticks to 37.1 billion. The study concluded that, “the accelerated decline in cigaretteonly sales since 2016 corresponds to the introduction and growth in the sales of heated tobacco products.” The decline in cigarette sales in Japan can serve as inspiration for other countries to pursue similar goals. With the right regulatory encouragement, societal support, and innovative, science-based reduced harm alternatives, a future without cigarettes is entirely possible.

www.pmi.com OCTOBER 2021

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OCTOBER 2021

PRO M OTI O N

The Greatest Investment Dr. Mohamad Hamade, Chief Executive Officer of Amanat Holdings PJSC, offers an expert take on MENA’s healthcare investment landscape.

Macro-economic landscape: liquidity and increased M&A activity The inflows into capital markets in 2021 are attracting attention. Global equity markets are witnessing a significant spike in retail investor activity, accounting for $1 trillion of annualized inflows at the end of August 2021 – notably higher than the cumulative inflows over the last 20 years. Confidence from encouraging vaccine statistics and a strong economic rebound from the woes of COVID-19 have stimulated growth in M&A activity and the allocation of liquidity into equity capital markets (ECMs). Equities are seemingly the asset class of choice in the medium term, with debt capital markets less favorable given the low interest rate environment. That said, investors will likely be quite selective and target investment opportunities with robust margins and resilient growth profiles in select sectors. Still, emerging

markets (EMs) seem ripe for the taking having lagged developed counterparts with a mere 4% incline in total returns compared to 18% in developed equity markets as of August this year. Why healthcare is at the forefront of investor strategies Healthcare has long been at the top of national agendas globally. However, the crisis brought on by COVID-19 tested the industry’s infrastructure and resilience, making healthcare even more of a priority. In response to the pandemic, the healthcare industry proved to be resilient and attractive on a riskadjusted basis, having adapted and adjusted to permanent changes that improve and enhance outcomes for all stakeholders. Since the onset of COVID-19, one of the drivers shaping healthcare budgets is the shortage of various specialized healthcare services,

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including post-acute care and rehabilitation, that facilitate a more bespoke model of care for long-term patients and free ICU and acute care beds. Additionally, there has been a push towards patient-centric models with a more value-based approach towards the provision of healthcare primarily geared towards strengthening chronic care management and improving preventative care. The focus on preventative care and outcomeoriented models through AI, big data, and cost-containment systems will ultimately lead to more sustainable and favorable outcomes. These healthcare verticals are adapting and growing, and will act as enablers to strengthen and empower the healthcare sector with HealthTech and MedTech aimed at making care more accessible, agile, and personalized. These technologies include electronic medical records, chronic disease

OCTOBER 2021

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management, remote patient monitoring, and e-pharmacy solutions. Combined, these techdriven solutions help create a more efficient healthcare system. MENA healthcare: the favored opportunity for investors Looking more closely at MENA, and according to industry reports, the current healthcare expenditure in the region is nearly half that of other EMs and a third of the spending in developed countries such as the U.S. and U.K. Key demographics such as the rapidly increasing population – specifically in the 50+ age bracket – have been shaping regional government budgets.

Economic Vision 2030, and Egypt’s Sustainable Development Strategy for Vision 2030. These agendas require stakeholder engagement and collaborative effort to ensure the best outcomes. That is the exact reason why public-private partnerships (PPPs) have become an important advocate of national agendas. Legislative reboot: the evolution of PPPs The legislative and regulatory landscape has evolved in MENA during the pandemic, enabling significant change in the delivery of care and further enabling foreign direct investment. There is already an evolving landscape to empower

“Amanat’s value proposition lies in the unique offering of a diversified platform with focus on specialized healthcare.” The prevalence of lifestyle and noncommunicable diseases and the shortfall in healthcare provision in the MENA region compared with other EMs or developed markets also have an impact. These factors have been the drivers of demand over the last decade and the pandemic only intensified the need for change and increased healthcare expenditure. However, change is not possible without the support of legislative agendas. That is why MENA represents a pyramid of success. At the top of the chain, healthcare is a government priority and its importance trickles down to providers, payors, and consumers. This pyramid, alongside supportive governance frameworks and regulative infrastructure, allows for a more coherent adoption of change. Healthcare is vital to economic success and its transformation is at the core of the U.A.E. Vision 2071, Saudi Vision 2030, Abu Dhabi

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the creation of PPPs in the region, primarily driven by more established participants including the U.A.E. and K.S.A. Essentially, the success model revolves around stakeholders including governments, regulators, and providers, collaborating on key pillars to reshape the healthcare system. These pillars include policy, governance, PPPs, financing, and technology, collectively forming the foundation of a modern healthcare system. Amanat’s unique positioning to capture growth in MENA healthcare Amanat is well-positioned to capture demand-led growth across the region through its healthcare platform. Today, the platform consists of the region’s largest post-acute care and rehabilitation platform across four cities in the U.A.E. and K.S.A., with the potential to develop its existing Royal Hospital for Women & Children in Bahrain into a specialized platform.

As the only listed investment company in MENA with an integrated focus on healthcare and education, it provides investors with a more favorable asset class given the recent macro-economic backdrop globally, as well as access to some of the leading private healthcare providers in the region. Amanat is proud to work within best practice governance frameworks and has a strong track record of investing and divesting at attractive multiples, having transacted nearly $500 million in M&As since the beginning of 2021. Even after its share price doubled from the lows in 2020, Amanat still offers investors a safe haven amidst single operators in the region with higher risk at a much lower price to earnings multiple. Amanat’s value proposition lies in the unique offering of a diversified platform with focus on specialized healthcare supported by strong demographics and proactive management teams. Today, investors are looking to develop platforms that can build scale, benefit from synergies, attract talent, and ultimately create more attractive and asset-light models that are built for premium exits in the future. These are the platform models that Amanat is building, providing global partners and investors with the opportunity to tap into MENA healthcare equities with unrealized upside potential.

www.amanat.com

OCTOBER 2021

• COVER STORY •

SKY KURTZ

RIPE FOR EXPANSION Sky Kurtz, CEO of rising Abu Dhabi agritech company Pure Harvest Smart Farms, is in fundraising mode as the startup looks to expand its high-tech greenhouses from the U.A.E. to Saudi Arabia and Kuwait.

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

OCTOBER 2021

Sky Kurtz, CEO of Pure Harvest Smart Farms

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OCTOBER 2021

IMAGE BY GARAGE STUDIO FOR FORBES MIDDLE EAST

SKY KURTZ

The U.A.E.’s vibrant dining scene has restaurants to suit many tastes, from Brazilian barbecue to contemporary Cantonese. But, like these international cuisines, much of the food served is imported. Not so for Boca, a Spanish restaurant in Dubai’s financial district. It didn’t look to Europe to find quality tomatoes. Instead, it struck a deal in August 2021 with Pure Harvest Smart Farms, an Abu Dhabi-based agriculture tech, or agritech, startup. “The tomatoes are grown just down the road from us,” says Omar Shihab, general manager of Boca. Founded in 2016 by Sky Kurtz, Robert Kupstas, and Mahmoud Adi—a trio of Stanford grads who met in the U.A.E.—Pure Harvest uses controlled environment agriculture technology to overcome the challenges of growing high-quality produce in places where heat, humidity, and water scarcity affect year-round food production. The U.A.E. has been Pure Harvest’s proving ground. Using hightech greenhouses, it now has the ability to grow four million kilograms of produce in the emirates annually, which can be found at supermarkets such as Waitrose, Spinneys, and Carrefour. That’s helped bring investors to the table. Pure Harvest has raised $116.4 million in funded capital to date, with another $100 million committed to future expansion. In 2021 alone, it secured a $10 million investment led by Sancta Capital and $50 million from an Islamic bond sale arranged by Shuaa Capital, which saw participation from Franklin Templeton. “The company has proven that the Gulf can serve as an excellent agricultural base,” says Gus Chehayeb, Sancta’s CIO. Growing premium produce in the desert all year round is no easy feat. The Gulf’s scorching hot climate and scarce freshwater pose significant challenges for F O R B E S M I D D L E E A S T.C O M

sustainable commercial agriculture. The GCC imports about 85% of its food sources, according to Strategy&. CEO of Pure Harvest Smart Farms, Kurtz, points to commonly-cited statistics: the Earth’s population is projected to reach roughly 9.5 billion by 2050, requiring a 70% increase in food production. This isn’t an equally distributed problem, says Kurtz, as growth is coming in places like the Middle East, Asia, and Africa, regions that feature plenty of net importdependent nations. Globally, money is pouring into agritech at the moment, highlighted by significant investments into U.S.-based players like Plenty, an indoor vertical farming company (meaning it grows produce in stacked layers), which raised $140 million in a round led by Softbank in 2020. Proponents are banking on the sector providing solutions to numerous agricultural issues, from arable land scarcity to pesticide use. GCC governments also appear keen to support the sector and address food security, including by giving startups a boost. In 2020, the state-run Abu Dhabi Investment Office (ADIO) devoted $141 million into agriculture companies to incentivize projects and solutions that help the emirate expand its agritech sector. Pure Harvest was a recipient alongside a mix of local and foreign companies, another being AeroFarms, a major U.S. indoor vertical farming firm. Pure Harvest’s approach relies on a hydroponic growing system based around precise environmental controls, allowing it to manipulate temperature and humidity to create ideal growing conditions. Sensors, automation, and bees keep things humming. “We’ve decoupled food production from climate,” says Kurtz, who describes Pure Harvest’s system as a hybrid of a high-tech greenhouse and a vertical farm. The result is colorful rows of tomatoes growing as if they were in Tuscany, yet only meters from the desert. Alongside harnessing solar energy, the system is pesticide-free and designed to reduce water usage and boost productivity. It claims its technology is seven to ten times more water-efficient than typical desert greenhouses and produces yields more than 15 times higher, while performing more than 35 times better than traditional field farming. Thanks to the recent funding, Pure Harvest has been adding to its capabilities in 2021. It launched two facilities in Al Ain totaling over 45,000 square meters of effective production capacity. It’s now producing over 30 tomato varieties. It’s also begun selling strawberries in the U.A.E. and started production on leafy greens. The company is already exporting to Saudi Arabia and Kuwait and is now expanding OCTOBER 2021

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for everyone (a 290-gram pack of its vine cherry tomatoes at Spinneys costs about $3.50). The goal is to drive down costs and eventually become friendly to all budgets. Achieving that and making a noticeable impact on food security across markets will require them to successfully scale up operations in a big way. The business first found its roots thanks to co-founder Kupstas. With a background in policy and consulting, he’d worked at Abu Dhabi’s International Renewable Energy Agency studying water-saving solutions for the Middle East. “There was a real problem in terms of the market, the food import dependence, inefficiency in the supply chain, high transport costs,” says Kupstas. But he also saw a

compelling opportunity: the region’s abundant sunlight could be harnessed to power controlled environment agriculture. By then, companies like AeroFarms, founded in 2004, were already exploring innovative farming approaches, but they were mostly operating in the U.S. or Europe. It was a contrarian idea to pursue in the Middle East, says Kupstas. People didn’t believe local agriculture could be profitable and felt it was easier to fly in produce from Egypt. Yet, it was equally clear that importing the vast majority of food was not a sustainable approach. After forming the idea, Kupstas turned to Stanford’s alumni network. Kurtz came on board with experience in private equity and management. The pair then pitched their idea to Adi. Growing up in the U.A.E., Adi witnessed the government subsidies that propped up local seasonal OCTOBER 2021

43 SKY KURTZ

operations outside the U.A.E. too. It expects to commission a large facility in Saudi Arabia by yearend, developed in partnership with local agribusiness firm NADEC. Locally grown products should hit shelves there by Q1 2022. Meanwhile, in Kuwait, it forged a project partnership in 2020 to begin producing for The Sultan Center, a large local retailer. As the business grows, co-founders Kupstas and Adi have taken a step back from operations, while Kurtz leads as CEO. He’s eying moves in Asia in the next year, with the company in discussions with potential partners in Korea, Singapore, the Philippines, and Malaysia. However, Kurtz’s plans are dependent on securing further investment. Pure Harvest is actively pursuing additional funds and Kurtz says they’ve been approached by blank check companies, or SPACs. The CEO reveals that he’s currently evaluating either a potential SPAC listing in 2022 or raising another sizable private equity financing. Ultimately, these are still early days for the GCC’s agritech industry. Significant government infrastructure investments will be needed to enable the industry to flourish, according to Adi (who is also a founding partner of Abu Dhabi venture capital firm Shorooq, one of Pure Harvest’s first backers). But he’s optimistic it can be done. “We have all the right ingredients as a region to actually make it happen,” he says. Others are targeting regional agritech opportunities too, such as Saudi Arabia’s Red Sea Farms, a startup founded in 2018 creating saltwaterbased agriculture solutions. The company announced a $16 million funding round in August 2021. However, indoor farming and vertical farming companies in general still need to prove they can make a significant impact at scale globally. There’s no shortage of hype with industry players making big promises, but most companies have yet to produce more than leafy greens. Pure Harvest is no exception. Although priced at a discount compared to European imports, Kurtz admits its products still aren’t affordable

SKY KURTZ

agriculture and was well aware there was a problem with the status quo. That had inspired him to take an agriculture class at Stanford. After graduating, Adi started Shorooq and also worked at Abu Dhabi’s wealth fund Mubadala. Over meetings at a Starbucks near Mubadala offices, the three co-founders hashed out the details. Kurtz was absolutely certain the technology would work, but he wasn’t sure customers would embrace the concept. “There was an element of a Field of Dreams: we had to just build it and hope they would come,” he says. They began assembling the pieces in 2016, helped by a $1.1 million pre-seed round led by Shorooq. That went towards design and engineering costs, conducting studies and testing, and securing real estate needed for its first facility. They worked with Dutch companies Certhon, which builds greenhouses, and Priva, which provides climate management computer systems. The business proved to be more complex than simply running a farm. It was also a technology company, a manufacturing operation, a consumer packaged goods firm, and a real estate developer. “You need all of those capabilities in one company to be an effective player,” explains Kurtz. Pure Harvest raised a further $4.5 million in 2017 to fund construction on its first facility, a 6,200 square meter greenhouse. But the project almost died on the vine. One of its investors ran into issues and took a long-time to transfer their funds. That put the startup in a difficult position, with construction already underway. Fortunately, other existing investors eventually stepped in and bridged the gap, helping them F O R B E S M I D D L E E A S T.C O M

survive until the delayed funding arrived. The greenhouse was ready by the summer of 2018 and within two months had produced its first tomato crop. That first growing season validated the tech, yielding 20% more tomatoes than targeted. Still, the startup had to win over customers skeptical of locally grown produce. “Local was scary,” says Kurtz. They were essentially introducing a new category of premium homegrown tomatoes that didn’t exist before. But they managed to secure customers from the beginning, including early adopters such as Spinneys and the Four Seasons. Pure Harvest then prepared to raise a larger chunk of capital in 2019 to fund expansion in the U.A.E. and Saudi Arabia. Those developments would take time to emerge. The burden of proof for an agritech player in emerging markets is high, according to Kurtz, who had to watch as counterparts in the U.S. raised big ticket rounds that were difficult to access in the Middle East. Their efforts began to bear fruit by early 2020 when Pure Harvest raised a $29.3 million Series A from Kuwait’s Wafra. That came as part of a multi-stage investment commitment valued at $110 million. Since then, the company hasn’t looked back. Now, after demonstrating that tech-enabled farming can take root in the U.A.E., Pure Harvest hopes it can plant its seeds across the GCC and beyond. “We understand what it takes to be successful to do this,” says Kurtz. “We’re in the business of filling bellies.”

Stay connected with our latest business news.

MONEY MAKERS Pure Harvest were number one on Forbes Middle East’s list of the region’s most-funded startups in 2020. Here’s another look at the top 10 from that year. Figures are as of September 25, 2020.

1. Pure Harvest Smart Farms Technology-enabled agribusiness Country: U.A.E.

Funding: $135.8 million

2. Swvl Mass transit system Country: U.A.E.

Funding: $92 million

3. Kitopi Managed cloud kitchen platform Country: U.A.E.

Funding: $89 million

4. SellAnyCar.com Online marketplace for used cars Country: U.A.E.

Funding: $50 million

5. Traveazy Group Online Muslim-friendly travel agency Country: U.A.E.

Funding: $40 million

6. Bayzat Digital provider of insurance and HR solutions Country: U.A.E.

Funding: $31 million

7. TruKKer Digital freight platform Country: U.A.E.

Funding: $30 million

8. Nana e-Grocery Marketplace platform Country: Saudi Arabia

Funding: $28.9 million

9. PayTabs Payments solutions company Country: Saudi Arabia

Funding: $26 million

10. Halan Two and three-wheeler ride-hailing and ecommerce app Country: Egypt

Funding: $23.5 million

OCTOBER 2021

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The Dealmaker

Fakhreddin Minooeifar, Founder and Chairman of Mallorca Properties, has built a stellar reputation on trust, discretion, and determination. beachfront development. The new project will be launched in 2022 and is worth $680.6 million, according to Kareem Derbas, the founder and CEO of Palma Holding. Why do you think clients turn to Mallorca for such important transactions? We owe our success to the very special relationships we have developed with everyone in the industry, and everyone who deals with us knows they can trust us. Our reputation is based on three things: absolute Fakhreddin Minooeifar, Founder and Chairman discretion, complete honesty, and the will to tackle any issue, no matter how Mallorca isn’t just a boutique real difficult. To demonstrate what estate broker, it is multi-awardthis represents, we currently have winning and has just closed one close to $17.7 billion worth of assets of the biggest land deals in Dubai listed, including from Dubai’s history. What can you tell us about largest asset owners who choose the deal? to list exclusively with us. We have So far, 2021 has been a great year. also expanded our activity in We have just exceeded 1 billion Europe and the U.K. From there, we AED ($272.3 million) in transactions, source similar types of assets for with the latest counting as our customers. Dubai’s most expensive land plot transaction this year involving a From a real estate perspective, private investor. The investor was what attracts big names to invest Hassan H. Nia, founder and CEO in Dubai? of Banian, the owner of Serenia I always advise people to invest Residences. Mallorca advised where they can get what money Serenia Residences on the $138.3 can’t buy – and that’s Dubai. million purchase. The plot is What drives investors in the city is located at The Crescent, Palm a special combination of unique Jumeirah, and will be developed lifestyle, cultural diversity, and a by Palma Holding into a new

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true sense of safety. Everyone is welcome, no matter their origin or religion. Dubai leaders are not afraid to make bold moves to improve the situation in the country. Just look at how they dealt with the Covid crisis; everyone took notice and now investors increasingly see Dubai as a place to invest for the long term. What qualities and capabilities would you say a real estate company needs to operate successfully in Dubai? This is a very fast-paced city, and you need to be reactive. We do our homework and keep our finger on the pulse because, here, you won’t get away with not knowing what you are talking about. Good negotiations skills are another important element and you need to make sure you bring value to parties on both sides. However, probably the hardest part of the job is constantly building our reputation, which means building trust and putting clients first.

www.mallorca.ae

OCTOBER 2021

PRO M OTI O N

In Pursuit Of Digitization 46

Omar Akar, VP and Managing Director of the Cloud Business Unit at Huawei Middle East, explains how the tech giant is building local, reliable, and secure cloud services.

nvestments in the Middle East’s digital economy started to rebound in the first half of 2021 as many countries in the region began recovering from the challenges of the last year. Looking ahead, analysts expect spending on IT to rise across the board year on year, with investment in both public and private cloud services anticipated to experience doubledigit growth. Despite the significant challenges they have presented, the events of the past 12 months have shone an even brighter spotlight on the incredible potential of cloudbased solutions to spur employee productivity, business continuity, and new value creation. It has been a particularly exciting year for Huawei in the Middle East. We are now at an inflection point in our cloud business, and are doubling down on our efforts in the region to support organizations on their digital transformation journeys. Huawei’s ICT expertise, accumulated over more than 30 years, is now being directed at bringing digital to every person, home, and organization for a fully connected, intelligent world. As part of that mission, we believe that it is critical to provide the ultimate computing power to deliver ubiquitous cloud and tech-driven intelligence to the world. To that end, one of the changes that our customers and partners will have seen is how Huawei is positioned in the cloud market.

Omar Akar, VP and Managing Director of the Cloud Business Unit

This year in particular, we have evolved our cloud offering through a dedicated Cloud business unit within Huawei. As a group, we still bring to market the same innovative cloud solutions that organizations have always expected from Huawei, but we now do this through a more focused approach and service offering. This is often represented through the HUAWEI CLOUD brand, which

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originally debuted in 2017 as the umbrella for many of Huawei’s cloud services. In 2020, HUAWEI CLOUD joined the global fight against the COVID-19 pandemic. HUAWEI CLOUD services were provided in various regions across Asia, Europe, and Latin America, allowing us to work with partners and research institutes to weather these challenging times together.

OCTOBER 2021

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Today, a key element of our work is diversifying the cloud services ecosystem within the Middle East. This diversification enables the delivery of a rich catalog of industryspecific software as a service (SaaS) solutions that can accelerate the digital transformation of enterprises across the region. Through the HUAWEI CLOUD brand, we have already implemented the ecosystem strategy of ‘co-creation, sharing, and win-win’, using HUAWEI CLOUD as the foundation for creating a conducive environment for cloud ecosystem development. We are enhancing the synergies between cloud, AI, and connectivity to provide public cloud services and hybrid cloud solutions that deliver several layers of added value, especially in terms of stability, reliability, security, trustworthiness, and sustainability. In 2020, HUAWEI CLOUD ranked fifth in the global IaaS market, and being the fastest growing mainstream cloud vendor, it has become one of the top five clouds in the world. HUAWEI CLOUD has launched more than 220 cloud services and 210 solutions, and has earned over 80 industry recognized security certifications. HUAWEI CLOUD also works with more than 20,000 partners, including 14,000-plus consulting partners and more than 6,000 technology partners, and has brought together 1.8 million developers. To date, over 4,500 applications have been launched on the HUAWEI CLOUD Marketplace. In the Middle East specifically, in less than a year, we now have 66 SaaS partners working with us in the cloud realm, focusing on seven general enterprise solutions. These solutions cover office automation collaboration, customer service and call centers, traditional enterprise applications, security, AI

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“This is a region full of potential, with a deep-seated desire from governments and enterprises alike to leverage cloud services.” applications, audio and video, and professional services. We also work on industry-specific scenarios in finance, education, healthcare, and various other fields, and we continue to diversify this ecosystem and welcome more partners to hold hands with us. This expansion of the ecosystem coincides with expansion of our own availability zones (AZs) within the Middle East. This AZ development will enable us to offer customers more choice in the market and address their data locality requirements, as a single end-to-end partner. We have achieved similar goals rapidly and successfully in geographies such as Asia Pacific, Latin America, and Africa, and today we are only scratching the surface of the potential we see in the Middle East. That is, in short, where we see the Middle East’s cloud services market. This is a region full of potential, with a deep-seated desire from governments and enterprises alike to leverage cloud services to realize their ambitions. By applying a laser-like focus to diversifying and enriching the region’s cloud service market, there is no ceiling to what can be accomplished. Huawei has been in the Middle East region for more than 20 years and has a deep understanding of

enterprises and consumers. We are confident that we can help cloud-based customers to protect their data in the cloud and also help new customers to migrate there. In addition, Huawei’s global cloud services platform can help customers and partners to build success. HUAWEI CLOUD provides valuable business and technical support that can help customers to expand their business beyond the Middle East region and take a proactive and robust approach to internationalization. Cloud is another area where we’re pushing technology to its limits to bring the benefits of innovation to everyone. We want HUAWEI CLOUD to serve as fertile ground for the intelligent world to flourish. To make this happen, we provide stable, reliable, secure, trustworthy, and sustainable cloud services that enable our customers to develop applications more easily and do more with their data.

www.huawei.com OCTOBER 2021

• SUSTAINABILITY •

AHMED ZAHRAN

SUSTAINING POWER Ahmed Zahran, CEO of Egypt’s KarmSolar, is powering the country’s transition to renewable energy amid a global shift away from fossil fuels. With an IPO on the horizon, the company could soon be helping to share Egypt’s solar power with the world.

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

OCTOBER 2021

Ahmed Zahran, KarmSolar CEO

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AHMED ZAHRAN

Increasingly intense conversations on climate change have been hitting headlines worldwide in recent years, with governments and businesses putting environmental issues at the top of their agendas as new generations demand change. In the Middle East, the oil and gas-rich countries are setting ambitious plans to transform their economies from a reliance on fossil fuels to innovation in sustainable energy. Egypt, in particular, plans to increase the amount of electricity it generates using renewable energy from over 11% in 2021 to 20% in 2022 and 42% by 2035, with the private sector expected to deliver most of this capacity. Cairo-based solar energy company, KarmSolar, is already grabbing its market share as the nascent industry develops. “We are talking about a huge potential growth for renewable energies, especially with the launch of new major cities and projects,” says Ahmed Zahran, CEO and cofounder of KarmSolar. “Egypt is a big country. Electricity consumption has increased by 10% annually, and is expected to follow the same pattern.” Having been established in 2011 to enable farmers to power their water pumps with solar energy instead of diesel generators, KarmSolar has since begun investing in solar stations, selling electricity directly to consumers. “We believe this model is more realistic for everyone. Businesses prefer injecting capital into operational activities and handing over the mission of investing in electricity to energy companies,” Zahran explains. The strategy appears to be working. Having started operations a decade ago with $11,000 in funding, KarmSolar has since attracted over $48 million from a network of 61 investors. Today, it serves around 600 customers and has seen revenues jump four F O R B E S M I D D L E E A S T.C O M

times since January 2019, according to the CEO. KarmSolar’s portfolio includes 12 operational solar stations that vary in size from 100 kWp to 16.8 mWp. The company is now putting plans in place for an IPO. “We delayed our plans to go public due to the COVID19 pandemic, but we want to be a listed company by 2025,” insists Zahran, although he declines to reveal the company’s current valuation. Despite this growth trajectory, KarmSolar still only contributes marginally to the total energy generated in Egypt. The country relies on fossil fuels for around 88% of its energy, according to statistics by the Ministry of Electricity and Renewable Energy, followed by waterpower at over 7%, and 4.4% from wind and solar. “The energy market in Egypt is huge. Solar energy currently contributes a small part to that demand, and we are actively increasing that stake,” explains Zahran. But, as he looks for opportunities across the market, the CEO is finding innovative ways to expand the business. In September 2021, KarmSolar took steps towards becoming a multi-utility enterprise by launching its KarmWater division, which will design, build, and operate solar-powered water desalination plants, with its first project set to be located at Marsa Alam on the Red Sea. Desalination turns saline water—which contains a high level of dissolved salts—into freshwater, which can be used for agriculture. In October 2020, the Egyptian government announced an ambitious plan to invest $8.6 billion in building desalination plants by 2030, with a target to provide 6.4 million cubic meters a day of potable water by 2050. KarmSolar’s initial aim is to provide water for the tourism sector, while its eventual goal is to build a network that allows it to deliver water for agriculture. According to Zahran, the highest cost for desalination companies is producing enough energy required for the process. “Desalination companies focus solely on satisfying water demand. We are working on optimizing the process,” he clarifies. “By solving the energy problem of desalination, we can provide more sustainable water at cheaper prices.” The company is also exploring financial solutions, signing an agreement with leasing and factoring company EFG Hermes Corp-Solutions in September that will see it offering financing to its clients at Arkan Mall in Cairo. Under the agreement, KarmSolar will allow Arkan Mall’s tenants to access finance from EFG Hermes Corp-Solutions using a behavioral scoring system. The system will give each individual tenant a credit score based on their electricity consumption patterns. EFG will then recommend a tailored OCTOBER 2021

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in solar energy seems bright—something Zahran first spotted back in 2011. At that time, he was working in the renewable energy division of a local energy corporation, while around him, Egypt reeled from a revolution. He and three colleagues— Yumna Madi, Randa Fahmy, and Xavier Aucliar—were made redundant amid the fallout. Spotting an opportunity, the four colleagues decided it was time to branch out on their own. They had previously been on a retreat to the Karm Ecolodge in Egypt’s mountainous St. Catherine district. The experience inspired the idea, and the name, for KarmSolar. Deciding that solar-powered water pumping was a high-potential vertical, the team developed technology

that could convert diesel-powered pumps to solar and patented the designs. The CEO used $11,000 of his own personal savings to establish a joint-stock company. “We launched KarmSolar from a café in Zamalek, Cairo,” remembers Zahran. The cofounders used Google Earth to locate farmland and agri-developments in offgrid locations and personal connections to meet with farm owners and managers. KarmSolar entered the market constructing solar-powered pumping solutions for agri-developers in Wahat el Bahariya, Egypt. Within the first 12 months of operations, four investors had come onboard, contributing an initial total of $1 million. The company signed its first solar pumping project with Fridal in 2012, which was operational by 2013. That same year, it launched a KarmSolar R&D Campus in Wahat al Bahariya to support further development in the field. OCTOBER 2021

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financing program accordingly, while KarmSolar will facilitate collections. “Financial services have a direct and immediate impact on the growth of renewable energy companies and the market as a whole,” says Talal Elayat, CEO of EFG Hermes Corp-Solutions. “Since 2014, the Egyptian government has been very ambitious on increasing the energy mix.” However, growth requires capital, and renewable energy infrastructure comes with a high initial cost and capital expenditure, which can make investors hesitant. In Egypt, the market so far has been largely financed through international grants or development finance institutions, such as the European Bank For Reconstruction And Development and the International Finance Company, with a minimal portion financed through local financial institutions or banks. According to recent data from the country’s New and Renewable Energy Authority (NERA), Egypt’s investments into renewable energy are set to hit around $826 million in the 2021/22 fiscal year, including $508 million from NERA and nearly $318 million from the private sector. “The government’s ambitious renewables targets, high natural solar and wind potential, growing domestic component manufacturing capacity, and a competitive liberal power market will all make Egypt an attractive market for renewables investment,” says Omar Attia, an Equity Research Analyst at Al Ahly Pharos Securities Brokerage. Plans to develop high-voltage transmission interconnections with Europe could also see the market for renewable electricity exports grow significantly. “In the solar energy field, Egypt’s sun provides much more power generation capacity than regions in Europe and the U.S.,” Attia points out. “Egypt’s sun has an average yield factor that ranges between 2,000-2,300 kWh/kWp versus Europe’s 1300-1400 kWh/kWp.” Overall, Egypt’s future as a potential global leader

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the renewable energy market, it has not yet been activated.” According to Attia, incentives such as tax rebates, VAT exemptions, loan guarantees, and contracts for difference have historically proven to support profitability in renewables. “Given Egypt’s massive electricity generation capacity of 50GW and a consumption of 30-35GW, this has allowed some renewable energy providers to be viewed as competitors with both parties vying for sales generation,” adds the analyst. “A solution for this is that the authorities become more rigorous in their efforts to export some of Egypt’s excess capacity for electricity generation.” While his cofounders and investors, Madi, Fahmy, and Aucliar have since left the company to pursue personal endeavors, Zahran continues to expand KarmSolar as its markets grow. Although it currently focuses on the commercial, industrial, agricultural, and tourism sectors, looking ahead, the CEO is also taking residential customers into consideration, with plans to start supplying electricity to homes by 2023. The project is still in the study phase currently as the team works on the infrastructure, but Zahran has high hopes that within the next decade, most or all electricity will be generated from renewables. “The power utility business has seen little innovation over the past 60 years. We aim to disrupt the market,” he says confidently. “Our aim is to reach levels that no one has come close to before.”

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ENERGY SHIFT In June 2021, the International Renewable Energy Agency (IRENA) published a World Energy Transitions Outlook outlining options that could help bring CO2 emissions to net zero by 2050. Here are some key facts from the report.

Scientists say we must reduce global greenhouse gas emissions by 45% by 2030 from 2010 levels. Between 2014 and 2019, CO2 emissions increased by 1.3% annually on average. 260 gigawatts of renewablesbased energy generation capacity was added globally in 2020—more than four times that added from fossil fuels and nuclear. In 2019 there were 58 million energy jobs worldwide—20% were in the renewable sector. 80% of the world’s population live in countries that are net importers of fossil fuels. Electricity will be the main energy carrier by 2050, increasing from a 21% share in 2018 to over 50% in 2050. To achieve the 2050 goals of the Paris Agreement, planned investment in energy transition will have to increase by 30% to a total of $131 trillion between now and then

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AHMED ZAHRAN

A significant milestone came in 2016 when KarmSolar became the first company in Egypt to be licensed to sell solar energy to private customers through power purchase agreements (PPAs). Previously, only the government was allowed to distribute electricity through its national grid. This upped the game for the young company. It signed its first solar energy PPA with food manufacturer Juhayna Food Industries, inaugurating a 1MW solar station in Al-WahatAl-Bahareyah, which became operational in 2016. According to Juhayna’s website, the station now reduces its CO2 emissions by 1.6 tons and decreases its dependency on diesel by 600,000 liters per year. In 2017, KarmSolar joined the feed-in tariff program in Benban, Aswan, operating a station on its land in Sahl Hashish. The 37-square-kilometer Benban is one of the world’s largest solar parks, with a total investment of $2 billion. It will house 32 solar plants with 1.5GW of energyproducing capacity. However, as Egypt plows more investment into renewable energy, companies are still facing obstacles. One of the main challenges, according to Zahran, is the unsteadiness of the production, with solar energy output varying throughout the day. “That causes problems as the public networks depend on steadiness and predictability,” he admits. Necessary regulations can also be slow to implement. “As per the electricity law of 2015, there is a reference to the wheeling and banking scheme, which allows solar companies to generate energy and wheel it to a different location,” explains the CEO. “While this regulation will completely transform and elevate

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

Leading The Pack Abdul Jebbar P.B, Group Managing Director of U.A.E.-based manufacturer of disposable food packaging products, Hotpack Global, explains the trends affecting the industry and the company’s plans for the future. from branches all over the Middle East, we also have operations in the U.S., the U.K., Africa, Australia, Spain, and India. Furthermore, we are in the process of setting up new manufacturing and distribution bases in Europe and Asia. Hotpack is not just a manufacturer of packaging products anymore but a brand in itself. We have never looked at packaging as an additional cost to a product but as a value addition to the entire marketing process. For us, packaging is the product. Abdul Jebbar, Group Managing Director

Hotpack recently won the Dubai Smart Industry Award 2020 for quality in the manufacturing sector. What does this success mean to you? Starting out in 1995 as a manufacturer of packaging products, Hotpack has continually embraced state-of-the-art manufacturing technology at the core of its growth and operations. Hotpack packaging has developed impactful high-end packaging solutions at competitive prices by implementing a fully integrated system, which connects all business areas. We introduced a first-of-itskind exclusive e-commerce platform and launched retail showrooms dedicated to packaging products. We currently export our products to nearly 100 countries from our 12 manufacturing plants and direct operations across 13 countries. Apart

What are the major challenges you are facing in the industry, and how have you overcome them? The packaging industry is going through vast and significant changes causing a major shift in customer demands. While the demand for food packaging has increased, the product mix and priorities have changed drastically. These trends are continuously followed by Hotpack, and we respond with the latest packaging solutions. Further, soaring freight rates, port congestion and equipment shortage are some of the recent challenges the packaging industry is facing in the region. However, since Hotpack’s secret mantra lies in backward integration, we have reduced our dependency on these various factors and this has helped us become self-sufficient. Only those who can adapt to the new norms and invest in the latest trends can survive.

The inOthis F O Rthoughts B E S M I D expressed D L E E A S T.C M advertorial are those of the client.

How do you see the company and the packaging industry developing in the coming years? Globally, the packaging industry is expected to touch the $1 trillion mark by 2024. Hotpack is set to transform from a regional player to a global leader. In keeping with our vision, the company is determined to continue embracing digitalization and smart strategies that we initiated several years ago. Our smart use of technology, which combines robotics, big data, IoT, and artificial intelligence, forms the backbone of our operations, from raw material sourcing and production up to customer delivery and after-sales follow-up. What are your future goals for the company? Our research and development team is very active in identifying product categories that further minimize our ecological footprint. Sustainable packaging is the future and we are working hard to incorporate a circular economy to create opportunities in recyclable, compostable products that will help minimize our CO2 emissions and make our planet a better place to live for future generations.

www.hotpackglobal.com OCTOBER 2021

PRO M OTI O N

Solid Foundations, Bright Future Dr Anil Pillai, Founder and Chairman of Airolink, explains how his company has overcome the challenges of the pandemic, and how it plans to retain its position as one of the U.A.E.’s EPC contractors of choice.

Dr Anil Pillai, Founder and Chairman

How have market conditions changed over the past year and how have you continued to differentiate the Airolink brand throughout? COVID-19 and the resultant market conditions in construction and building contracting have reiterated the importance of sustainable business models for companies seeking to adapt and grow. Financial discipline and structured growth strategies are key to succeeding in such challenging times. However, despite the dip in the market and with the U.A.E.’s appeal and regulatory measures, we are all optimistic of a recovery. In fact, the

signs already indicate a positive upward trend. At Airolink, we are not just adapting to the changing market conditions, but also initiating measures to create viable opportunities to grow and evolve. Our proactive management, particularly in mitigating the impact of COVID-19, has gained us the trust of our esteemed clients, who have in turn supported us. The results of our approach and our valuable client relationships are showing, with Airolink poised to hand over more than 6.3 million square feet of built up area (BUA) by the end of the year – a remarkable achievement considering the challenges. You have recently secured a contract with Union Properties. What makes Airolink a partner of choice for developers? The Airolink brand has always been synonymous with quality and commitment, but the recent progress on all our projects has distinguished us as one of the prominent contractors of choice for our clients. We have proven our ability to effectively utilize our resources and models from construction contracts

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to engineering, procurement, construction, and finance (EPCF) contracts, as well as turnkey projects, public-private partnership (PPP) ventures, and design, build, operate, transfer (DBOT) projects. We have also successfully maintained our preferential position with the financial institutions and governmental entities. When a listed company such as Union Properties is placing their trust in Airolink for first phase contracts as part of AED 2.2 billion ($599 million) developments, this is reflective of the brand’s trust in the market to perform and in in their ability to outgrow the competition. What qualities and strengths will enable Airolink to achieve long-term sustainable growth? Our biggest asset is our people. They are hand-picked from the global pool of best talents in the industry. They are adept at managing not just projects, but also changing market conditions, to produce results that exceed the expectations of our clients. Of course, our systems and processes have been developed and optimized over the years to back them. We are also empowered by a specialist pool of subcontractors and trusted vendors who have been partnering with us for over a decade and who understand the stringent requirements of quality and timely delivery.

OCTOBER 2021

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

“Recent progress on all our projects has distinguished us as one of the prominent contractors of choice for our clients.” How is technology changing the dynamics in the construction market? With the emergence of technology and innovation in every sector, I have to admit that the construction sector has perhaps not embraced the true capabilities. However, the U.A.E. is particularly well positioned to adopt the latest advances in technology. It is worth noting that from smart sustainable cities to immersive user experiences, the country has always led the way, and with Expo 2020 Dubai now underway, focus is on the U.A.E. more than ever to lead by example. At the company level, main contractors such as Airolink are adopting innovative technologies including building information modelling (BIM) and enterprise resource planning (ERP), and the advantages are starting to show in terms of increased operational efficiency. More broadly, smart

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construction methodologies and sustainability-driven measures are bound to revolutionize the U.A.E. construction industry. At Airolink, we have embraced these advances; we have adopted smart solutions into our operations and we are constantly aligning ourselves to be at the forefront of change. Do you feel that a changing market environment, technological progress, and disruptive new entrants will trigger an industry overhaul? Change is imminent and adapting to these changes is vital, not just for growth, but more importantly for sustenance in the industry. As history has taught us, this applies to even the largest of firms. For companies and the wider industry to thrive, a delicate balance must be struck between legacy systems and innovative advances to ensure sustainable growth through the right adoption

of technology. Such a balance will also help firms like Airolink to beat the competition presented by new entrants in the industry. How important is sustainability and how are stakeholders working together to incorporate it into the sector? Sustainability is key to ensuring a balanced ecosystem in the future. From regulatory authorities all the way to project owners and contractors, there is a significant drive towards sustainability, as this is the path to guaranteeing a better tomorrow. Cost and time are concerns, but balanced approaches are yielding excellent results for the proactive adopters, and time will surely define their success and prominence in the sector.

www.airolinkgroup.com OCTOBER 2021

THE LIST

Sustainability, Mobility, Opportunity As Expo 2020 opens its doors to the world, we release five new lists to celebrate the global fair’s theme of “Connecting Minds, Connecting The Future” by exploring sustainability, mobility, and opportunity.

Sustainability As sustainability issues continue to hit headlines worldwide, businesses that are good for the environment are also good for the bottom line. Investors globally are today placing value in companies that have strong sustainability schemes. While not yet mandatory, reporting on your environmental, social, and governance initiatives is becoming more common, and investors are increasingly using reports as part of their analysis process to identify material risks and growth opportunities. Governments across MENA are looking to promote green technologies and good practices. For example, sustainability is a key part of Saudi’s Vision 2030, the U.A.E. has launched a Ministry of Climate Change and Environment, and Egypt has announced a sustainable development strategy. The sustainability scene in the region is very diverse. Large local and multinational companies with their core business in traditional industries are executing billion-dollar sustainability projects or spending millions on making their operations better for the environment. There are also many established companies whose core activities are already in environmental industries like renewable energy and waste management.

10 Sustainable Companies In MENA These companies’ core business activities create a positive impact on the environment. We considered: • Size of the business in terms of assets, revenues, project value, and production size. • Environmental impact in terms of carbon emissions, waste, and the consumption of resources. • Transparency in reporting sustainability figures. • Diversity in terms of geography as well as technology and subsectors. This is not a ranking. Companies are presented in alphabetical order.

10 Sustainable Projects And Initiatives In MENA We highlight projects and initiatives undertaken by companies whose core business is more traditional. They are either diversifying to include green businesses or have made changes to their operations or infrastructure to have a positive impact on the environment. We considered: • Size of the project. • Environmental impact in terms of carbon emissions, waste, and the consumption of resources. • Uniqueness and innovation. • Transparency in reporting sustainability figures. • Diversity in terms of geography as well as technology and subsectors. This is not a ranking. Companies are presented in alphabetical order. To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com

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THE LIST

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Mobility

MENA’s 10 Biggest Airlines When ranking MENA’s airlines, we used numbers from the 2019/20 financial year, as government regulations and other initiatives skewed 2020 numbers to a large extent. We considered: • Fleet size. • The number of passengers transported. • The number of locations the airline connects. • Date of establishment.

MENA’s 10 Biggest Logistics Companies The region’s biggest logistics businesses are ramping up again after a tough period. When compiling this ranking we considered: • Size of the company in terms of assets, revenues, and market value. • Percentage of trade enabled by the company, and therefore its importance to the economy. • Quantity of goods transported or stored.

Opportunity Regional startups are using technology to disrupt traditional business and make the Middle East a key player in global innovation. In doing so, they are creating opportunities by inspiring MENA’s youth and building new ecosystems for future growth.

10 Sustainable Startups In MENA While receiving millions in funding, green startups are having a lasting effect on the region, and we weighted this impact more than funding when compiling this list. We considered: • Current and potential environmental impact. • External funding. • Diversity in terms of geography as well as technology and subsectors. This is not a ranking. Companies are presented in alphabetical order.

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5 FACTS: EXPO 2020

192 countries are participating in Dubai’s Expo.

90% of the key materials used in building the Expo site were procured in accordance with the Sustainable Materials Guidelines.

50% of the landscaped plants used on the site come from native and adaptive species.

25 million visits are expected onsite during the six months of Expo 2020.

140 grantees from 76 countries are being supported by Expo Live’s Innovation Impact Grant Programme, which backs projects with creative solutions to pressing challenges.

OCTOBER 2021

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THE LIST

Despite a difficult period due to the pandemic, travel and tourism remains a vital sector for MENA. While tourism has always been important for the U.A.E., Egypt, and Jordan, now other GCC countries, including Saudi Arabia and Oman, are looking to attract more visitors. The region’s airlines are an important enabler of this industry, connecting MENA to the world. Logistics companies are also key enablers, moving goods and services across the globe. Many MENA countries are developing their port infrastructure as they compete for a bigger market share of global trade. While the U.A.E. is the market leader, Oman, Saudi Arabia, and Egypt have also announced large investments in this sector. The growth of e-commerce is also transforming the logistics industry, increasing the importance of sectors like warehousing and last-mile delivery.

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Sustainability

10 Sustainable Companies In MENA

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Bee’ah

Group CEO: Khaled Al Huraimel

Country: U.A.E. Established in: 2007

CEO: Malek Sukkar

Country: U.A.E. Established in: 1964 Waste management company Averda is spread across the U.A.E., Saudi Arabia, Oman, Morocco, the Republic of Congo, Gabon, South Africa, the U.K., and India. Its main business lines are cleaning and waste collection, processing and recycling, energy and disposal, and technical services. In 2018, the company reported $349.2 million in revenues, and 4.1 million annual tons of waste collected. The company currently employs more than 15,000 people.

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Averda

Bee’ah provides environmental innovations and smart solutions for municipalities, businesses, and residents across the Middle East. It currently operates in the U.A.E., Saudi Arabia, and Egypt across industries ranging from waste management to environmental consulting to renewable energy. The company’s construction and demolition waste recycling facility treats 2,300 tons of construction waste every day, with a recovery rate of 98%.

OCTOBER 2021

Cairo Solar

Managing Director: Hatem Tawfik

Country: Egypt Established in: 2014 Cairo Solar is a solar engineering, procurement, construction, and financing company. It helps corporate and government entities and homeowners to minimize the cost of solar systems by paying in installments. Since 2014, the company has designed, procured, and installed more than 55 projects. It co-managed the development plan of a $100 million 50MWp solar farm in Aswan, Egypt.

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Diamond Developers CEO and Co-founder: Faris Saeed

Country: U.A.E. Established in: 2003

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Diamond Developers was one of the first companies in Dubai to enter the freehold property and real estate development industry. They also claim to be the developer of the world’s first fully sustainable community, the Sustainable City. The company has developed over 490,000 square meters of total developed area, and is home to more than 5,000 residents. LG, Siemens, GE, and Shurooq are among the company’s partners.

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OCTOBER 2021

Egyptian Company for Solid Waste Recycling (ECARU) Chairman and CEO: Hisham Sherif

Country: Egypt Established in: 1997

KarmSolar

CEO: Ahmed Zahran

Country: Egypt Established in: 2011

Founded in 2011, KarmSolar was among the first private companies in Egypt to be licensed to distribute solar electricity. It also provides microgrid solutions, so remote destinations can set up off-grid solar power plants on site. The company claims to have installed 31.4 MW of renewable energy, offsetting 10,000 tons of CO2 and saving 2.3 million liters of diesel annually. In September 2021, it launched its water solutions division KarmWater with a solar-powered water desalination project in Marsa Alam.

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ECARU is part of Egyptian investment firm Qalaa Holdings and is the sister company to Engineering Tasks Group (ENTAG). The company specializes in recycling biomass and municipal solid waste (MSW). It currently receives 500,000 tons of MSW on its projects. ECARU collects and processes around 1.5 million tons of agricultural residues per year. The company has projects in Egypt, Libya, Cyprus, and Ethiopia.

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OCTOBER 2021

Oman Environmental Services Holding Company (be’ah) CEO: Tariq Al-Amri

Country: Oman Established in: 2007

Masdar

CEO: Mohamed Jameel Al Ramahi

Country: U.A.E. Established in: 2006 Masdar specializes in utility-scale renewable energy projects, community grid projects, and energy services. Active in more than 30 countries, Masdar is one of the largest developers of renewable energy projects in the Middle East. Its projects have an electricity generating capacity of 11GW. It displaces over 16 million tons of carbon dioxide per year. Since its inception, Masdar has invested in solar and wind power projects with a combined value of nearly $20 billion. Masdar’s share of this investment is in excess of $7 billion. The company is wholly-owned by the Abu Dhabi government’s Mubadala Investment Company.

Masen

CEO: Ziyad Mohammed AlShiha

Country: Morocco Established in: 2010

Country: Saudi Arabia Established in: 2017

Masen manages renewable energy in Morocco alongside the National Office of Electricity and Potable Water. The company leads development programs of integrated projects that aim to create an additional 6,000MW of clean electricity generation capacity and secure 52% of the country’s energy mix from renewable sources by 2030. Between 2010 and 2016, the company completed 70 initiatives and projects at an overall budget of $7.6 million, with 34,000 direct and indirect beneficiaries.

SIRC, which is wholly-owned by Saudi’s Public Investment Fund, advances waste management by promoting recycling, the conservation of natural resources, and the creation of a circular economy in the kingdom. The company aims to recycle 81% of total municipal solid waste by 2035. It also aims to upgrade waste management systems in an effort to reduce CO2 emissions and help the sector attract $13.3 billion in direct foreign investment and contribute $32 billion to GDP by 2035.

President: Mustapha Bakkoury

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Saudi Investment Recycling Company (SIRC)

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be’ah is is responsible for solid waste management in Oman, operating under the Oman Investment Authority. In 2020, be’ah achieved 100% municipal waste service coverage. The company’s waste diversion strategy aims to achieve 80% diversion of generated waste from landfills by 2030 and reduce the average daily waste generation per person from 1.2kg to below 1kg by 2040. The company operates 10 engineered landfills and 16 transfer stations.

Sustainability

Al Ain Plant-Based Bottle Company: Agthia Group

Country: U.A.E.

In February 2020, Abu Dhabi-based Agthia Group announced that it will be producing the region’s first plant-based water bottle for its Al Ain bottled water brand. The bottle, including the cap, is made of 100% environmentally friendly material from plant sources without using petroleum or its by-products, thereby lowering its CO2 footprint. The product will be biodegradable and compostable within 80 days. Agthia says that the manufacturing process consumes 60% less energy and achieves more than 50% savings on non-renewable energy.

Al Dhafra solar photovoltaic (PV) independent power producer (IPP)

Company: TAQA, Masdar, EDF Renewables, JinkoPower Country: U.A.E. With a capacity of two gigawatts and a cost of $1 billion, the Abu Dhabi-based Al Dhafra Solar PV IPP project will be one of the largest single-site solar power plants in the world once it is operational. It will use around four million solar panels to generate enough electricity for approximately 160,000 homes across the U.A.E., and it will supply power to the Emirates Water and Electricity Company. When fully operational, it is expected to reduce Abu Dhabi’s CO2 emissions by more than 2.4 million metric tons per year, which is equivalent to removing approximately 470,000 cars from the streets. TAQA will own 40% of the project, while Masdar, EDF Renewables, and JinkoPower will own 20% each.

Al Reyadah

Company: ADNOC Country: U.A.E.

Al Reyadah is the first commercial-scale Carbon Capture, Utilization, and Storage (CCUS) facility in the region and the first fully commercial CO2 facility for the iron and steel industry worldwide. It was founded as a joint venture between Masdar and ADNOC in 2016, with the latter taking full ownership in 2018. Al Reyadah aims to eliminate CO2 emissions equivalent to the amount produced by 170,000 automobiles. It captures up to 800,000 tons of CO2 from the emirates steel industries annually to inject into the Rumaitha and Bab onshore oil fields to boost oil recovery. ADNOC’s 2030 Sustainability Strategy aims to expand its CCUS scale to the equivalent of a forest area twice the size of the U.A.E. F O R B E S M I D D L E E A S T.C O M

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S U S TA I N A B L E P ROJ EC T S A N D I N I T I AT I V E S

10 Sustainable Projects And Initiatives In MENA

OCTOBER 2021

Converge

DataXion’s data center

Aramco’s converge polyols technology captures greenhouse gas CO2 and other gases and converts them into industrial products and manufacturing feedstocks. It combines CO2 with hydrocarbon feedstocks to create high-performing polyols to be used in everyday applications, such as coatings for household appliances, consumer and industrial adhesives, automotive and medical applications, and food packaging. Aramco says that its converge polyols have a third of the carbon footprint found in other conventional polyether and polyester polyols, as it only contains up to 40% CO2 by mass.

DataXion’s data center in Tunisia uses green technology and engineering solutions provided by Schneider Electric. It is one of the most energy-efficient and sustainable data centers in North Africa. The center is also one of the largest colocation facilities in the region. It provides services to banks, insurance firms, and public and financial institutions. Over the past four years, Schneider Electric’s technology has enabled the site to use 35% less energy, and lower its operational costs by 20%.

HSBC tower

Majid Al Futtaim’s Sustainability-Linked Loan (SLL)

Company: HSBC Country: U.A.E.

Company: Majid Al Futtaim

Country: Across the Middle East

In August 2021, MAF secured $1.5 billion in green financing via a five-year Sustainability-Linked Loan (SLL) to help it achieve its aim of becoming net positive in carbon and water across the company by 2040. This means it will produce more energy and water than it consumes. In 2020, its operational carbon emissions decreased by 9.2%, and water consumption by 17.5% compared to 2019. The SLL will finance the company’s operational and capital expenditures on ESG-related performance.

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The HSBC tower, which houses the company’s U.A.E. headquarters, was inaugurated in 2019. It is considered to be one of the most sustainable buildings in the world. Built at a cost of $250 million, the building has secured a LEED Gold Standard from the Green Building Council, meaning it uses 25% less energy and 40% less water than a normal building. As well as space for 3,000 employees, the building includes a gym, restaurants and cafés, a reflection room, and an outdoor terrace.

Company: Schneider Electric

Country: Tunisia

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Company: Saudi Aramco

Country: Saudi Arabia

Mohammed Bin Rashid Al Maktoum Solar Park

Company: Dubai Electricity & Water Authority (DEWA)

Country: U.A.E.

Nestlé solar PV panels and Dorna initiative

Company: Nestlé Middle East; Nestlé Egypt

Country: Across the Middle East; Egypt

Nestlé Middle East has installed around 28,000 solar PV panels at its manufacturing sites across the region. This has helped reduce CO2 emissions by over six million kgs annually. This is equivalent to removing the annual carbon emissions of around 1,500 cars or the annual energy consumption of 800 houses. In Egypt, the company is also focusing on recycling plastic packaging material. It launched the “Dorna” initiative in October 2020, whereby informal waste recyclers are employed to collect 50% of Cairo’s municipal waste, of which 80% is recovered and recycled. As of March 2021, over 1,200 informal waste recyclers had collected more than 12,000 tons of plastic.

Queen Alia International Airport Company: Airport International Group Country: Jordan In 2018, Queen Alia International Airport was awarded the highest level of the Airport Carbon Accreditation Program, Level 3+ Neutrality, making it the first carbonneutral airport in the Middle East. The airport was able to save $1.5 million by reducing power consumption between 2014 and 2017. It also reduced CO2 emissions by 7.8% per passenger, from 3.6kg in 20142016 to 3.4kg in 2017.

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The Mohammed Bin Rashid Al Maktoum Solar Park is expected to be the world’s largest single-site solar park based on the independent power producer model, with a planned production capacity of five gigawatts by 2030. With an investment of $13.6 billion, the project will save over 6.5 million tonnes of carbon emissions annually. The park will have the first solar-powered green hydrogen plant in the region, covering 10,000 square meters, the world’s tallest solar tower at 260 meters, and the world’s largest thermal energy storage capacity of 15 hours.

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THE LIST

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OCTOBER 2021

PRO M OTI O N

Hospitality’s Multifaceted Manager Klaus Assmann, Cluster General Manager for Accor, explains what it’s like managing some of Dubai’s hospitality hotspots – and what it takes to succeed in a competitive market.

You have built an impressive career in the hospitality industry. What steps led you to where you are today? In the beginning I was attracted to the sense of adventure, unpredictability, and excitement that a job in hospitality can provide, which I think is common for many of us who enter the industry. With every role I took on, my responsibilities grew and evolved. I very quickly discovered that I have an appetite for new challenges and enjoy how these experiences can help broaden my knowledge. My passion, combined with a drive to make things happen, has brought me to where I am today. I have learned to work in different countries and cultures with people from all over the world, and to face and overcome different kinds of challenges each day. I

truly enjoy putting together teams and achieving difficult goals. I am a person who is driven by action and hospitality keeps me extremely active in this regard! To sum it all up, it was my appetite for continuous growth that led me to this point in my career and life. As Cluster Manager for Accor, what does your role involve? I have the pleasure of managing a multifaceted portfolio of brands here in Dubai, including Fairmont the Palm, Movenpick JLT, RIVA Beach Club, and Th8 Palm, an all-suite luxury boutique hotel and resort that is due to open soon. My day involves a mix of meetings, discussions with management teams from each property, overseeing operations, and ensuring that we not only perform well financially, but that we always deliver the very best experiences to our guests.

TheF O thoughts this advertorial are those of the client. R B E S M expressed I D D L E E A Sin T.C OM

How has your experience influenced your management style? Living in different countries and handling teams of individuals who come from all over the world has certainly helped to shape the way I manage people and situations. There are several factors that you need to consider when managing people, such as culture, experience, and individual character traits. When you are dealing with people, there is no ‘one size fits all’ solution. People have different ways of approaching different challenges; they have different motivations, depending on where they are on their professional journeys. What has not changed is who I am – transparent, straightforward, and a firm believer in teamwork. I believe that certain aspects of who you are as a person come across when you manage people.

OCTOBER 2021

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In the context of a challenging year, how did your hotels perform in 2020? Despite the challenges, we did well in 2020. Our teams have worked smartly and worked hard. We have put in place not only cost saving measures, but also innovative and appealing campaigns like our U.A.E. Residents Staycation offer at Fairmont the Palm, that allows guests to redeem their full room rate on food and beverages during their stay. Challenging situations like the pandemic force you to be creative and to think about what clients want and what kind of service they would like to receive. For us, creative thinking and the smart allocation of our resources and budgets helped us to emerge from the worst of the pandemic in a strong position and lay the foundations for a successful period ahead. What are your thoughts on the current state of the Dubai hospitality market? Dubai is a destination that constantly evolves and challenges

from rooms to restaurants to bars – all of which are very appealing to guests from the U.A.E. and abroad. What will set a great hotel apart is top notch customer service, top quality F&B, and great marketing.

without being judged. Hospitality is a people’s business – it’s people serving people. It is important for a leader to show that they understand and respect people and nurture talent.

As an industry veteran, what do you think makes a great leader in hospitality? It is a combination of things. A great leader is one who leads by example. You cannot ask your team to work hard if you don’t put in the

With a multifaceted portfolio, how do you manage to organize your time and ensure you do justice to each brand or hotel under your umbrella? Trying to balance the focus and attention each business needs can be a challenging task. I try to keep a detailed list of all the things I need to be mindful of. I have daily briefings with all the teams, and I ensure that the executive team and I meet at least twice a week to discuss all the top-level items on our agenda. We have an amazing management team across all four properties made up of people who are driven to get the best results but who also foster a great team spirit.

“Dubai is a destination that constantly evolves and challenges the norms of the hospitality industry.” the norms of the hospitality industry. The effective and immediate way Dubai responded to COVID-19 has made it one of the few destinations to have successfully and safely emerged from the pandemic. Leading by example, all of us in the hospitality industry need to follow suit and work hard to maintain our recent achievements. Competition in Dubai’s hospitality industry is fierce and there are a lot of great properties with great offerings,

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hard work yourself. You cannot ask for honesty and transparency if you don’t display those qualities. People stand behind the person they believe in – the leader needs to be strong, have a clear vision and help his or her team to reach their goals. I am a firm believer in challenging the status quo, thinking out of the box, trying out new things, and not being afraid to fail. I believe in great teamwork and collaboration in a space where people feel safe to discuss openly

www.fairmont.com OCTOBER 2021

Mobility

1. Emirates

Chairman and CEO: Ahmed bin Saeed Al Maktoum Country: U.A.E. Established in: 1985 Emirates was established in 1985 with a seed fund of $10 million. In the first five years of its operations, it only flew to 14 destinations. Today, Emirates travels to 120 destinations with a fleet of 270 aircraft. More than 15.8 million passengers traveled with the Dubaibased airline in 2020, with 1.2 million customers flying with Emirates between July and August of 2021. In January 2021, it began to trial the International Air Transport Association’s (IATA’s) Travel Pass, which enables passengers to create a digital passport to verify their pre-travel test or vaccination requirements.

2. Qatar Airways

Group CEO: Akbar Al Baker

Country: Qatar Established in: 1997 Qatar Airways began operations in 1994 as a small regional carrier, but it was reestablished in 1997 as an international airline. Today, it flies to 130 destinations from Hamad International Airport in Doha. More than 10.6 million international passengers traveled with Qatar Airways in 2020. Qatar Airways is the official sponsor of FIFA World Cup Qatar 2022. In March 2021, the airline began trials of IATA’s Travel Pass mobile app.

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MENA’S BIGGEST AIRLINES

MENA’s 10 Biggest Airlines

3. Saudi Arabian Airlines (SAUDIA) CEO: Ibrahim Koshy

Country: Saudi Arabia Established in: 1945

Saudi Arabian Airlines (SAUDIA) began with a single aircraft given as a gift to King Abdul Aziz Al Saud by the President of the U.S. at the time, Franklin D. Roosevelt, in 1945. Today, it has a fleet of 144 aircraft, which flew over 11 million passengers in 2020. The national flag carrier plans to add 70 new airliners to its fleet and sought to raise $3 billion in March 2021. In April 2021, SAUDIA partnered with the IATA to begin trialing its Travel Pass mobile app.

Group CEO: Tony Douglas

Country: U.A.E. Established in: 2003 Owned by the government of Abu Dhabi, Etihad Airways is the U.A.E.’s second flag carrier. In 2020, more than 4.2 million passengers traveled with Etihad Airways. The carrier has a fleet of 64 aircraft, having downsized to a mid-sized carrier during the pandemic. Today, it flies to 68 passenger and cargo destinations in 46 countries. The airline employs over 12,000 people.

5. EGYPTAIR

Chairman and CEO: Amr Nabil

Country: Egypt Established in: 1932

EGYPTAIR was founded in 1932 as the state-owned flag carrier of Egypt. Today, it has a fleet of 70 aircraft. It operates passenger services to 78 cities (65 international and 13 domestic), with its annual passenger count surpassing one million in 2019. It also operates cargo services to 13 cities. EGYPTAIR set up a dedicated sustainability committee in 2019. By modernizing its fleet, it has reduced its fuel consumption and total CO2 emissions by 20%.

6. Air Arabia

Group CEO: Adel Abdullah Ali

Country: U.A.E. Established in: 2003

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Air Arabia is a low-cost carrier serving MENA. It is listed on the Dubai Financial Market (DFM). Founded in 2003, it was one of the first airlines in the region to introduce a low-cost concept. It flies to over 170 destinations across the world, operating via five hubs in the U.A.E., Morocco, and Egypt. In 2020, its turnover was $503.7 million, and it served a total of 4.4 million passengers from its five hubs.

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MENA’S BIGGEST AIRLINES

4. Etihad Airways

7. Air Algérie

9. Oman Air

Country: Algeria Established in: 1947

Oman Air commenced its operations in 1993 as a regional airline. Today, it has a fleet of 40 aircraft serving 3.5 million passengers annually across 48 destinations in the world. In July 2021, Oman Air announced that it had become the official airline partner of the International Congress and Convention Association for the Middle East.

Interim CEO: Amine Debaghine Mesroua

Country: Oman Established in: 1993

8. Royal Air Maroc

Chairman and CEO: Abdelhamid Addou Country: Morocco Established in: 1957 Founded in 1957, Royal Air Maroc is the national airline of Morocco. It serves around 99 destinations and carries nearly eight million passengers per year. It has a fleet of 52 aircraft. The company connects to more than 80 airports around the world. In 2019, it operated more than 2,300 scheduled flights per week. In 2020, the company became the first African company to become a full member of the Oneworld alliance. It introduced a Casablanca-Beijing line last year.

10. flynas

CEO and Managing Director: Bander Almohanna Country: Saudi Arabia Established in: 2007 Established in 2007, flynas is one of the leading low-cost airlines in the Middle East with a fleet of 30 aircraft, operating over 1,200 flights a week to 80 locations around the world. flynas carried around 7.6 million passengers in 2019. It has flown over 50 million passengers since its inception. In August 2021, flynas signed a partnership agreement with the Singaporean company, SATS, to expand and develop air cargo services.

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MENA’S BIGGEST AIRLINES

Established in 1947, Algeria’s national airline carries more than 6.1 million passengers across 75 destinations, including 35 domestic locations, annually with a fleet of 59 aircraft. In 2019, the airline had revenues of over $840 million and made a loss of $31 million.

CEO: Abdulaziz Al Raisi

THE LIST

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OCTOBER 2021

Mobility

2. Suez Canal Authority (SCA)

Chairman and Managing Director: Osama Mounier Mohamed Rabie Country: Egypt Established in: 1956

1. DP World

Group Chairman and CEO: Sultan Ahmed Bin Sulayem

Country: U.A.E. Established in: 1972 DP World is one of the largest operators of ports and cargo terminals in the world. Over 56,000 people work for the company across 181 operations globally. It recorded revenues of $4.9 billion in the six months to June 30, 2021—a 21.3% increase from the same period last year. In 2020, DP World signed a contract with the government of Senegal to build a port at Ndayane with an investment of $1.1 billion. In July 2021, it acquired Syncreon, which is located across 91 sites in 19 countries, for an enterprise value of $1.2 billion.

The Suez Canal is considered to be the shortest link between the east and the west due to its unique geographic location connecting the Mediterranean Sea to the Red Sea through Egypt. About 12% of the world’s trade passes through the 120mile man-made waterway each year. It is one of the most important sources of income for Egypt. The SCA recorded revenues of $3 billion in the first six months of 2021, an increase of 8.6% compared with $2.7 billion in the same period of 2020. During the first half of 2021, 9,763 vessels navigated through the waterway.

3. Saudi Ports Authority (Mawani) President: Omar bin Talal Hariri

Country: Saudi Arabia Established in: 1976

Mawani has a network of six commercial ports and three industrial ports with 232 platforms. Jeddah Islamic Port is the largest port in Saudi Arabia in terms of volume and cargo handling capacity. It covers an area of 12.5 square kms and handles more than 65% of all cargo imported through Saudi ports. In August 2021, Mawani announced a partnership with the private sector to develop and operate multipurpose terminals in eight Saudi ports.

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MENA’S BIGGEST LOGISTICS COMPANIES

MENA’s 10 Biggest Logistics Companies

OCTOBER 2021

4. Asyad Group

Group CEO: Abdulrahman Salim Al Hatmi

Country: Oman Established in: 2016 The Asyad Group is a $4 billion enterprise backed by $20 billion in government infrastructure spending. It is comprised of three deep ports and three free zones, supported by Oman’s five airports. Asyad operates one of the largest drydocks in the region with a diversified fleet of 60 vessels. Asyad is a driving force behind Oman’s national logistics strategy, which prioritizes logistics as a major part of its economic future. Oman hopes the sector can contribute roughly $36 billion to GDP by 2040, up from $2.6 billion in 2016, while also creating 300,000 jobs.

5. Agility

Vice-Chairman and CEO: Tarek Abdulaziz Sultan Al-Essa Country: Kuwait Established in: 1979 Agility has 16,000 employees working across more than 40 countries. Its businesses span supply chains, emerging markets trade, industrial and commercial real estate, and tech and ventures investing. In January 2021, it invested around $35 million into the IPO of SPAC Queen’s Gambit Growth Capital. In April 2021, Agility agreed to sell its logistics business, Global Integrated Logistics, to Danish logistics major DSV Panalpina for $4.1 billion in an all-share deal. In the first half of 2021, Agility recorded revenues of $732.5 million.

6. Nakilat

CEO: Abdullah Al-Sulaiti

Country: Qatar Established in: 2004

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Nakilat operates the world’s largest liquefied natural gas shipping fleet, comprising of 74 vessels. It also operates the Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City, providing ship repair and offshore fabrication services via joint ventures. Nakilat recorded revenues of $553.4 million in the first half of 2021. As of September 14, 2021, Nakilat’s market capitalization was $4.7 billion.

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MENA’S BIGGEST LOGISTICS COMPANIES

7. National Shipping Company of Saudi Arabia (Bahri) CEO: Abdullah Aldubaikhi

Country: Saudi Arabia Established in: 1978 Bahri’s operations span five business units: oil, chemicals, logistics, dry bulk, and ship management. It is one of the biggest shipping conglomerates in the world, with a fleet of at least 89 vessels. Saudi’s Public Investment Fund and Saudi Aramco are major shareholders in the company, with 22.5% and 20% ownership, respectively. Bahri recorded revenues of $662.3 million in the first half of 2021. It signed an agreement in 2020 to establish the National Grain Company, a joint venture with the Saudi Agricultural and Livestock Investment Company. As of September 14, 2021, Bahri was valued at $4 billion.

8. Qatar Navigation (Milaha)

CEO: Othman Aljeda

Country: U.A.E. Established in: 1982 Aramex has more than 600 offices in 65 countries delivering logistics services and transportation, making it among the largest courier companies in the Middle East. The company had revenues of $815.4 million in H1 2021 and $31 million in profit. The company was founded by entrepreneur Fadi Ghandour who later diluted his stake in the company. In September 2020, Alpha Oryx Limited, a company related to the Abu Dhabi Developmental Holding Company, acquired 22.2% of the company, making it the largest shareholder.

President and CEO: Abdulrahman Essa Al-Mannai

Country: Qatar Established in: 1957

Milaha has five business units: maritime and logistics, offshore marine, gas and petrochem, marine and technical services, and capital. The company recorded revenues of $377 million in the first half of 2021. The company was established in 1957 as the first shipping agent in Qatar. Milaha also owns 36.25% of Nakilat and 49% of Qterminals, which manages operations at Hamad Port.

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10. Gulf Warehousing Company (GWC) Group CEO: Ranjeev Menon

Country: Qatar Established in: 2004

GWC is the official host national logistics provider for World Cup 2022, which will be held in Qatar. With 19 logistics centers spread across strategic locations in the country, it will provide a range of services and manage access to venues, stadiums, fan festivals, fan zones, and IBCs. The company recorded total revenues of $171.3 million as of H1 2021. The company was valued at over $800 million as of September 14, 2021.

OCTOBER 2021

IMAGES FROM SOURCE

MENA’S BIGGEST LOGISTICS COMPANIES

9. Aramex

Envisioning The Cities Of Tomorrow, Today December 2021 • Dubai, U.A.E.

• Key Topics •

The Post Covid Future of Real Estate Business In The Region Hospitality & Tourism In The New Normal Sustainable Financing – The Way Forward? Smart And Connected Cities: The Need Of Time

For General Inquiries

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77 THE LIST

Building The Future

Opportunity

Badia Farms

Founders: Omar Al Jundi

Country: U.A.E. Established in: 2016 Badia Farms is one of the Middle East’s first commercial indoor vertical farms, using hydroponic technology to grow fruits and vegetables all year round. The farm uses 90% less water compared to open field farming. In 2020, the company announced plans to build a large-scale hightech vertical farm that will produce 3,500kg of high-quality fruits and vegetables per year. Since its inception in 2016, the company has raised $5 million in funding.

Algebra Intelligence Founders: Ahmad Altawafsheh, Ala’a Alghwiri

Country: Jordan Established in: 2020 Algebra Intelligence creates energy monitoring solutions. Its first product, TaQTaK, enables users to monitor the energy that is generated from their solar PV systems as well as their own electricity consumption. In May 2021, the startup closed a $310,000 pre-seed funding round led by Oasis500. It plans to use the funding to develop a mobile app, and a new data-based platform that uses AI and machine learning to create energy resources.

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10 Sustainable Startups In MENA

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OCTOBER 2021

Baramoda

Country: Egypt Established in: 2015

Bekia

Baramoda specializes in sustainable agricultural innovations. It develops biofertilizers from plantbased agricultural waste customized for different soil and crop types. The company produces compost that can reduce the water needed for soil by 30%. In four years, Baramoda has reduced costs for small farmers by 10%, recycled 129,000 tons of waste, reduced CO2 emissions by 42,000kg, saved 1.6 million liters of water, and contributed to the organic cultivation of 3,200 hectares of land. It has raised over $520,000 in funding. Founder and CEO, Mostafa Elnaby, is also the founder and CEO of Environeur, a waste management ecosystem.

Egypt-based Bekia is an online platform to exchange separated inorganic waste— such as cans, plastics, food, oil, and metal—for cash through a smart wallet or with goods and services. Since its inception in 2017, the startup has raised $200,000 in funding. It currently employs 14 people. The company is a graduate of Cairo accelerator Flat6Labs. In 2020, the company partnered with Cairo-based e-commerce platform Homzmart to exchange waste with new furniture from the platform.

Founders: Alaa Afifi Kamal

Country: Egypt Established in: 2017

Edama Soultions

Founders: Sabrina Vettori, Mitchell Morton, Rowan Jandu, Saud Alhagbani Country: Saudi Arabia

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Established in: 2017 Edama Solutions specializes in transforming organic waste into products for desert agriculture. By eliminating organic waste from landfills, the company has helped reduce carbon dioxide emissions. It also helps landscapers in the development of green areas by reducing water consumption by 50%. In farming, Edama’s soil improver products help increase yields by 40%. Since being established in 2017, the company has raised $116 million in funding.

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Founders: Mostafa Elnaby

Mawaad Environmental Services Founder: Ismail Fahmy

Country: U.A.E.

Established in: 2018 Mawaad Environmental Services processes materials and recovers resources using metal recovery technology to cut costs in heavy industries. In the first half of 2021, the startup processed and sold 300,000 tons of steel slag, enabling a more circular economy in the region. It operates in both the GCC and Egypt, and counts Emirates Steel and Ezz Steel as clients. The company has raised $7 million since its inception. Founder Ismail Fahmy has 15 years of experience in renewables.

Pawame

Founders: Alexandre Allegue, Majd Chaaya, Nick Sparks

Country: U.A.E. Established in: 2016 Solar startup Pawame provides energy access as a gateway to financial empowerment in Sub-Saharan Africa. It has electrified almost 25,000 households in Western Kenya, reaching almost 150,000 people. With a team of 80 employees and over 200 contract agents and technicians, the company plans to provide electricity to over a million people by 2025. The company has raised more than $12.6 million. It has secured $5 million in equity and, earlier this year, it announced the launch of a $5 million Series A funding round. It has also raised $5 million in debt so far, in addition to five grants totaling $1.7 million.

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Pure Harvest Smart Farms Country: U.A.E. Established in: 2016 Pure Harvest produces fresh fruits and vegetables in hightech greenhouse facilities. Since it was established in 2016, the company has raised $116.4 million in capital. The company’s technology is seven times more efficient than typical desert greenhouse farms and over 30 times more efficient than traditional field farming. The company produces over 20 varieties of tomatoes and six varieties of strawberries.

BY GARAGE STUDIO FOR FORBES MIDDLE EAST

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Founders: Sky Kurtz, Mahmoud Adi, Robert Kupstas

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Red Sea Farms 84

Country: Saudi Arabia Established in: 2018

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Founders: Ryan Lefers, Mark Tester, Derya Baran

Agri-tech startup Red Sea Farms helps commercial farming to produce food using primarily salt water and sunlight. The company’s system helps reduce freshwater consumption by up to 90%. In August 2021, the startup secured $6 million in funding, bringing its pre-Series A round to $16 million so far, and total funding to $18 million. It now plans to accelerate its expansion plans in Saudi Arabia, as well as exploring growth opportunities in North America.

The Concept

Founders: Muhammad Rijal Hikmathullah, Yadhushan Mahendran, Maria Sobh Country: U.A.E. Established in: 2017

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The Concept is a sustainable product development and design company. The company has raised over $450,000 in total from companies like Mubadala and ADQ. It launched its first product, a sustainable food tray, at the end of 2020 and is currently in tender with four airlines for a joint contract value of $10 million. It has also designed art and furniture for a large U.A.E. real estate developer. OCTOBER 2021

RZULEV / SHUTTERSTOCK.COM

Powering Tomorrow, Today CORPORATE REPORT

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OCTOBER 2021

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OCTOBER 2021

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A Historic Opportunity To Foster A Lasting Legacy Khalid Elgibali, Mastercard’s Division President for MENA, explains how the company is leveraging Expo 2020 Dubai as a platform to build an inclusive and connected future.

t Mastercard, innovation is part of our DNA. For more than 50 years, we have been harnessing the power of technology to expand financial inclusion and the digital economy in a way that helps society thrive. Partnering with Expo 2020 Dubai as its Official Payment Technology Partner provides us with exhilarating new possibilities as the world comes together to explore, collaborate, and innovate. It is an opportunity to share our vision, build a bridge to the future, and transport millions of visitors to a reality that is far closer than we imagine. The setting is important. Expo 2020 Dubai is where the game-changing technologies of tomorrow are explored and unveiled, and for us, it is a chance to showcase and explore the innovations defining tomorrow’s digital economy as well as the sustainable growth it can unlock. Through our partnership with Expo 2020 Dubai, we are demonstrating our vision for a connected tomorrow to millions of visitors. Inside the immersive Mastercard Cube, visitors get a first-hand glimpse of a future beyond payment cards, and a multi-sensory experience that demonstrates the power of technology to enable and connect them to the things that matter most.

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A meaningful legacy Expo 2020 Dubai is a unique opportunity for the public and private sectors to come together and make a lasting difference. The event will explore what the future of the human race and our planet looks like. It hosts a Sustainability District that shows how humans can enjoy harmony with nature in a high-tech future, a Mobility District that explores new possibilities for smarter movement, and an Opportunity District that seeks to unlock our potential. So much of Mastercard’s work revolves around these themes, and at the heart of our business is the ethos of “Doing Well by Doing Good”. We believe that by supporting our communities, our partners, and our planet, we are enabling a virtuous cycle that allows us to do well as a company. Environmental responsibility will take center stage at the mega event. Mastercard’s Priceless Planet Coalition is spearheading change on this front, and we’re honored that Expo 2020 Dubai has joined the coalition as a strategic partner. This global partnership activates joint efforts to address climate change with the pledge to restore 100 million trees by 2025. At the Expo 2020 Dubai site, we have built a Priceless Planet installation to bring sustainability to life and offer visitors a chance to play their part.

—not to mention inventors, innovators, and entrepreneurs. Mastercard is making it easier, faster, and more affordable to set up a business by creating innovative products and solutions designed to help SMEs scale and grow. At Expo 2020 Dubai, we will be amplifying this support for businesses through a program of knowledge sharing, access to digital tools, mentorships, partnership programs, and a deeper understanding of the value of digital payments. During the pandemic, Mastercard committed $250 million in support of SMEs around the world through digital tools and training—because when small and potentially vulnerable businesses survive and succeed during difficult times, we all benefit.

The economic legacy There is of course an economic legacy to consider too. Economic sustainability is critically important to achieving so many of the United Nation’s Sustainable Development Goals, and the importance of small businesses is rightly highlighted at Expo 2020 Dubai. After all, empowered SMEs are tomorrow’s job creators and wealth generators

21st century skills for all Unlocking economic opportunity through business success is only part of the story. A great deal of Mastercard’s strategy for inclusive growth revolves around youth, and widening access to STEM subjects at school and as careers. Our Girls4Tech initiative inspires and prepares young girls for careers in science and technology and equips

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“Inside the immersive Mastercard Cube, visitors get a first-hand glimpse of a future.” them with 21st-century workplace skills. Through the partnership between Mastercard and the Expo School Program team, we have committed to reaching 2,020 girls across the U.A.E. before the conclusion of Expo 2020 Dubai. Underscoring our commitment to creating a more equitable future, we have also teamed up with the region’s largest network for women-owned businesses, Female Fusion, to unlock opportunities for women entrepreneurs. Our shared legacy Over many decades, Mastercard has pioneered technologies and driven change through innovation and the exponential power of strategic partnerships. We invite everyone to join us in helping build a more open, inclusive, and connected world. Being a force for good and delivering positive, lasting change is an exciting prospect—and an opportunity we can all embrace.

www.mastercard.ae OCTOBER 2021

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The EXPO-nential Impact Of Partnership For Amnah Ajmal, Mastercard’s Executive Vice President for Market Development in the MEA region, partnerships pave the way to a bright future for all.

n 2013, when Dubai won the bid to host Expo 2020, the celebration and excitement in the air were palpable. Over the years, World Expos have provided a platform to showcase the greatest innovations that have shaped the world we live in today. Now, with Expo 2020 Dubai upon us, the element that really stands out for me, is partnership. The can-do collaborations. The co-creations. The inclusive solutions that are born from diverse perspectives. Ultimately, it is partnerships that are necessary to bring the wonder to life, the innovation to reality, and the ideas to fruition. And it is partnerships that will elevate the feeling that there really is a chance for an exponentially better tomorrow. Partnerships can bring real change and have far-reaching impact for consumers, businesses, and society as a whole. For many years, long before we became the Official Payment Technology Partner of Expo 2020 Dubai, Mastercard had been partnering across the public-private sector sphere. In partnerships that

Amnah Ajmal, Executive Vice President for Market Development in the MEA region

range in scale and size, we create connections, share insights, and develop solutions. Our goal is to include everyone in a sustainable economy, educate entrepreneurs, grow small businesses, identify consumer pain points, and activate the contributions of our entire network to secure a thriving world beyond cash. Powering partnerships with technology As a premier partner, we are doing all this and more as we invite

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millions of visitors on an expedition to explore the technology of the future. From virtual reality and face recognition to voice shopping, wearables, and artificial intelligence, this is where the most fascinating developments for the digital economy are happening. By showcasing the impact and potential scale of this exciting range of new payment technologies at Expo 2020 Dubai, Mastercard will enable millions of people to experience the future of payments. It

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represents the beginning of the next era of innovation, where new opportunities in technology are unlocking doors to a Priceless tomorrow. None of this can be done in isolation. It is through partnerships that the value of technology is often demonstrated best. Revolutionizing the snack shopping experience with PepsiCo Among many other things, Expo 2020 Dubai will be the place for a glimpse into the future of retail. Using the power of this global platform to forge strong partnerships, PepsiCo has partnered with Mastercard to develop realworld technology solutions that meet the growing consumer demand for more autonomy and for digital shopping experiences. The result of this collaboration is Pepsi Go: an AIpowered, unmanned store offering a seamless, contactless, invisible checkout. It will first open its doors at Expo 2020 Dubai. Powered by Mastercard’s industry-leading payment technology, customers start their journey by tapping, inserting, or swiping a valid payment card to open the kiosk’s doors. Once inside, the store uses artificial intelligence and computer recognition technology to track the PepsiCo snacks and beverages shoppers select. To check out, customers simply exit the gates, and the Mastercard Payment Gateway Services technology automatically initiates the payment, making checkout queues a thing of the past. Fueling growth for women entrepreneurs with Female Fusion Female Fusion is the region’s largest network for women-owned businesses and counts as another impactful collaboration at the world’s largest

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cultural gathering. Mastercard is partnering with Female Fusion to host a series of activities at Expo 2020 Dubai’s Women’s Pavilion. The series is designed to unlock opportunities for women entrepreneurs and to accelerate women’s impact in creating a better world. The focus will be on knowledgesharing workshops, networking sessions, and mentoring events. Each activity will be accessible exclusively to women-owned businesses and will empower and educate them to build, grow digitally, and scale

Among these partners are banks, Fintech companies, and mobile network operators, as well as digital marketplaces, food delivery services, and ridehailing apps. They include premier partners and official suppliers of Expo 2020 Dubai. To support our partners, we roll out dedicated, tailor-made solutions that are tapping into the possibilities of the many innovative new payment experiences that are actively changing the way people pay in a digital age.

“By the time Expo 2020 Dubai concludes, I’m convinced our horizons will be broader, our skies taller, and our connections deeper.” their businesses in an evolving digital economy. Inspiring guests will include Sarah Beydoun, owner of a social impact fashion business in Lebanon. Beydoun was also featured in FIVE, a Mastercard award-winning documentary tracking the stories of five women entrepreneurs. Last year, Mastercard committed to a direct focus in connecting 25 million women entrepreneurs globally with support and digital tools. Partnerships are crucial to reaching these women, activating their important contributions, and driving inclusive growth. Value-driven solutions for nontraditional partners Expanding connections, enhancing the value chain, solving pain points, optimizing efficiencies, growing as a business, advancing a frictionless user experience— these are all reasons why a diverse range of companies comes to Mastercard for its insights, global network, and technology.

In the process, as we are cocreating, we’re also looking with fresh eyes and from different perspectives at how we can solve some of the world’s most pressing problems related to financial inclusion and sustainability. These are challenges that cannot be fixed alone. Connecting minds By the time Expo 2020 Dubai concludes, I’m convinced our horizons will be broader, our skies taller, and our connections deeper. Partnerships are the key to a future that works for everyone. When we put our heads together, there are more minds that can develop ways to exponentially change the world for the better. It’s a wonderful thought, for a wonderful world.

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Unlocking A Priceless, Sustainable Future Beatrice Cornacchia, SVP of Marketing and Communications at Mastercard MEA, explains how the company is walking the talk on global sustainability.

ver since climate change appeared on our radar, environmentalists and policymakers have been urgently seeking ways to address the impact of this seemingly insurmountable challenge. Governments have enacted national strategies, the private sector has incorporated sustainability into their operations, consumers have started to adjust their behaviors – and still, there is so much more to do. When it comes to fighting climate change, there is only one way to make a tangible impact: by joining forces. Putting sustainability on the world stage When Expo 2020 Dubai announced sustainability as one of its core themes, it shone a global spotlight on this vital topic and gave us all a chance to look anew at how we can enact change to be a force for good. When Mastercard joined the mega event as Official Payment Technology Partner, it was because so much of Expo 2020 Dubai’s ethos aligned with our vision for the future. We are committed to embedding sustainability in everything we do, and we believe in the power of partnerships to drive collective environmental action.

Beatrice Cornacchia, SVP of Marketing and Communications

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Fighting climate change together Extreme weather events are a reminder that we must invest in innovative ways to to address the climate crisis. Climate change affects us all, but the people most acutely affected are those living in the most marginalized communities.

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The fight against climate change is an essential part of inclusive growth and, therefore, a key component of Mastercard’s efforts to do well by doing good. We know the quest for sustainability is a vision we share with many others, and Expo 2020 Dubai is a fantastic example where priority action is planned, executed, and scaled for reach and impact. Many businesses want to take positive action for the environment, but are paralyzed by the enormity of the challenge, or the fear of getting it wrong. Yet, the biggest risk comes from doing nothing at all. In order to make a difference, the public and private sectors need to invest in partnerships to meet these goals, and inspire stakeholders to be part of the solution.

as Emirates NBD, HSBC, and Network International, among our 70 global partners—all of which have committed to running initiatives to encourage climate action. Showcasing a Priceless future at Expo 2020 Dubai As the biggest event ever to be staged in the region, Expo 2020 Dubai is a fantastic platform to galvanize action for the environment. As Official Payments Technology Partner, we are giving visitors who buy tickets online the opportunity to donate to the coalition while planning their trip to the event. Mastercard also has a separate, interactive installation where Expo

“Every day, we are focused on building an inclusive, sustainable digital economy where everyone has the opportunity to reach their full potential.” Joining a global partnership Mastercard has a longstanding track record of applying technology and insights to create commercially sustainable social impact with our partners. Every day, we focus on building an inclusive, sustainable digital economy where everyone has the opportunity to reach their full potential. Building on this experience, we established the Priceless Planet Coalition last year—a platform that enables us to fight climate change with the help of our partners and consumers. The coalition unites cities, banks, merchants, and consumers as part of a global movement to restore 100 million trees by 2025. In this campaign, we are honored to count Expo 2020 Dubai, as well

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visitors can learn more about Mastercard’s efforts to combat climate change. More importantly, the installation will offer visitors an opportunity to join the movement and contribute towards a greener future. Walking the talk Mastercard is actively implementing best practices to reduce our own carbon footprint, and we are working closely with our suppliers on their decarbonization efforts as an important step to reaching our goal of Net Zero emissions by 2050. We have launched a sustainable card program with certified suppliers that can produce more eco-friendly cards, and we recently launched the Mastercard Carbon Calculator, which helps consumers to understand the environmental

impact of their spending choices. In September 2021, we also launched our Global Sustainability Innovation Lab in Sweden, which aims to spearhead the further development of our portfolio of environmentally conscious digital products and solutions. We are not doing this in isolation. Consumers are demonstrating passion for the environment at a heightened level, and it is up to us as brands to support them in making greener decisions. A greener tomorrow As Expo 2020 Dubai welcomes and encourages people from all over the world to be part of the solution for a greener tomorrow, I expect we’ll see even more thoughtful consideration in consumer spending and local business support. More companies tapping into the potential of a green economy. More governments investing in the technology that can shape a sustainable future. More people ready to Start Something Priceless—making their contribution to a future where everyone can reach their potential, on a planet that thrives.

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Secure Payments And Climate Action: Priceless

Mastercard is offering visitors to Expo 2020 a seamless payment experience and an opportunity to help protect the planet.

fter much anticipation, Expo 2020 Dubai is finally upon us and Mastercard has a central role to play as the global event kicks off. As the Official Payment Technology Partner, Mastercard will be powering the mega-event’s payments and ticketing platform, while offering visitors a unique opportunity to join the fight against climate change. When purchasing tickets, visitors to the Expo 2020 website will have the option to donate to Mastercard’s Priceless Planet Coalition as they check out. Supported by partners including Expo 2020 itself, along with Emirates NBD and Network International, the coalition aims to restore 100 million trees globally by 2025, and bring businesses, governments, and consumers together in meaningful climate action.

Within the U.A.E., donations made to the Priceless Planet Coalition will be allocated to restoring mangrove trees across the country’s natural ecosystems. Effective mangrove restoration can support the long-term resilience of coastal ecosystems that, in turn, provide numerous benefits to people. Such benefits include the recovery of declining fish stocks, improving water quality, conserving cultural identity, and offering opportunities for eco-tourism. In addition to shining a spotlight on the environment and sustainability, Mastercard will continue to bring forth some of the best and brightest innovations around the globe as the world’s biggest cultural gathering opens its doors. In the runup to Expo 2020, the company will also be unveiling its consumer-facing experiential exhibit, with endless opportunities and cutting-edge solutions. Throughout the event, as a global technology company in the payments industry, Mastercard will be offering visitors security and peace of mind when it comes to transacting online. Powered by Mastercard Payment Gateway Services, Expo 2020’s ticketing

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platform enables users to accept a wide range of digital payments easily and securely from all over the world, while offering innovative solutions for processing and fraud prevention. Using the latest proprietary artificial intelligence technology, Brighterion, Mastercard is ensuring fraud prevention for Expo 2020 Dubai’s website by offering seamless, secure, and personalized experiences that mark a new era of innovation. Further easing the payment journey for Expo guests, Mastercard is embedding Click to Pay, the next generation of e-commerce technology, to make it easy and safe for U.A.E. consumers to check out instantly, without the need to store sensitive information with different merchants, or enter their card details across various Click to Pay-enabled sites. With Expo 2020 Dubai well underway, Mastercard invites all visitors to discover a world without borders using the power of technology that creates a positive legacy for humanity and the planet we all share.

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A Formidable Coalition Mastercard, Emirates NBD Group, and Expo 2020 Dubai are introducing exclusive card programs to power the Expo experience.

s Expo 2020 Dubai gets underway, empowering visitors with fast, safe, and seamless payment options will be essential to delivering a customer experience like no other. Rising to the challenge, Premier Partner and the Official Banking Partner of Expo 2020 Dubai, Emirates NBD Group, has joined hands with Mastercard, the event’s Official Payment Technology Partner, to create two exclusive new card programs: Emirates NBD Expo Mastercard Prepaid Card and the Emirates Islamic Expo Mastercard Credit Card. For Khalid Elgibali, Mastercard’s Division President for MENA, the new

card programs open up a new world of possibilities for visitors to the long-awaited event. “The world’s biggest cultural gathering calls for world-class payment solutions,” says Elgibali, “We are delighted to bring innovative offerings to consumers from across the globe, and to connect cardholders to priceless experiences.” Indeed, with Emirates NBD Group a leading banking group in the MENAT region, and Mastercard a global technology company in the payment industry, the new card programs promise to deliver quality and innovation on every level. The limited-edition cards are designed to enhance the Expo

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2020 Dubai experience for residents and visitors from across the globe, elevating their time spent in the U.A.E. with memorable and priceless possibilities to discover year-round. Both cards are underpinned by Mastercard’s secure technology and will be equipped with contactless capabilities for touch-free and seamless transactions. Emirates NBD Expo Mastercard Prepaid Card The Emirates NBD Expo Mastercard Prepaid Card is a digital-first offering, issued via dedicated mobile app, Joyn, from Emirates NBD. The product is available to both U.A.E. residents and international visitors for use while in the U.A.E. and provides a fully digital payment experience. The benefits will comprise of a curated selection of offers from Emirates NBD’s Bon

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Appétit, LiveWell, and Good Times programs, as well as offers from Mastercard’s Priceless platform, creating a rewarding experience that opens unrivalled opportunities across the U.A.E. With 25 million visits expected at Expo 2020 Dubai, the Emirates NBD Expo Mastercard Prepaid Card will power Expo and the wider U.A.E. experience for tourists and residents alike. Through the new prepaid card, consumers will gain exclusive access to privileges, deals, and discounts of up to 50% at more than 2,000 shopping, dining, wellness, and entertainment touchpoints, as well as access to exclusive Expo-related offers. The reloadable card will provide an enhanced and personalized customer experience, while also enabling international visitors to spend in the local U.A.E. currency. Alongside an array of attractive benefits, the Emirates NBD Expo Mastercard Prepaid Card delivers a smooth and seamless experience. Cardholders will be able to use the card to make online purchases as well as contactless in-store payments by adding their card to their preferred digital wallet—Apple Pay, Google Pay, or Samsung Pay. They will also have the option to receive a linked physical card if needed. Suvo Sarkar, Senior Executive Vice President and Head of Retail Banking and Wealth Management at Emirates NBD, is excited about the card’s potential. “In addition to delivering a fast, intuitive, reliable and seamless payment process, the Emirates NBD Expo Mastercard Prepaid Card empowers cardholders to try new and exciting offerings,” he says, “That makes it a quintessential card to enjoy all that this first-of-its-kind event in our region has to offer.”

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“We are delighted to bring innovative offerings to consumers from across the globe, and to connect cardholders to priceless experiences.” Emirates Islamic Expo Mastercard Credit Card As part of the Emirates NBD Group, Emirates Islamic also has an exciting role to play. As the Official Islamic Banking Partner of Expo 2020 Dubai, the bank has partnered with Mastercard to unveil a co-branded Mastercard World Credit Card that rewards U.A.E. residents with exclusive privileges during the global event. The card is not just exclusive and limited-edition, it is free for life. The Emirates Islamic Expo Mastercard Credit Card offers exceptional value with a wide range of benefits across key Expo partners. Cardholders can earn Emirates Islamic SmartMiles as they spend, gain U By Emaar Gold Tier status, enjoy 50% cashback on their first Expo 2020 Dubai ticket transaction, and access many of the exclusive travel, hotel, and lifestyle privileges offered by Mastercard. Other benefits include 10% cashback on fuel, complimentary valet parking service at the Expo 2020 Dubai site, complimentary golf sessions, exclusive dining offers, and access to more than 1,000 airport lounges worldwide. What’s more, customers can enjoy the flexibility to instantly redeem their Emirates Islamic SmartMiles for flights, hotels, and retail transactions anywhere in the world —or exchange them with multiple partner loyalty programs. Additionally, to celebrate the launch, customers can earn

statement credit and Upoints as a welcome bonus when they apply for the card, and members will be able to add their credit cards to mobile wallets, enabling secure payments on the go. “We are proud to offer U.A.E. residents a limited-edition Expo 2020 Credit Card that not only brings them exceptional value but also pays tribute to this exciting and memorable event in our nation’s history,” says Wasim Saifi, Deputy CEO—Consumer Banking and Wealth Management, Emirates Islamic. Mukhtar Safi, Deputy CEO and CFO at Expo 2020 Dubai, is equally enthused about the potential of the new card programs. “Our global celebration is all about innovation, collaboration, and inspiration, so we are delighted that through our partnerships with Emirates NBD Group and Mastercard, more Expo 2020 visitors will be encouraged to try new and exciting curated offerings—seamlessly,” says Safi. Combined, the formidable strengths of Mastercard, Emirates NBD, and Expo 2020 Dubai, promise to take payment solutions and customer experience to a whole new level as the muchanticipated event opens its doors to the world.

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Revolutionizing The Shopping Experience Through a formidable partnership, Mastercard and PepsiCo are disrupting the retail space and the way people pay with the Middle East’s first unmanned store powered by AI technology.

he drive to change the way we snack and drink goes beyond the PepsiCo product portfolio and is channeled into the very future of retail. Using the power of the Expo 2020 Dubai platform to forge strong partnerships with technology and payment entities, PepsiCo has partnered with Mastercard to develop real-world solutions to meet the growing consumer demand for more autonomy and digital shopping experiences. The result of this collaboration is the Pepsi Go unattended store, an AI-powered, unmanned store that will first open its doors at Expo 2020 Dubai. Pepsi Go will allow visitors to experience the future of unmanned stores and seamless, invisible, checkouts. In partnership with Mastercard, the Pepsi Go experience was designed around shoppers’ needs and brought to life using industryleading technologies. Customers start their journey by tapping, inserting, or swiping a valid payment card to open the kiosk’s doors. Once inside, the store uses AI and computer recognition technology to track the PepsiCo snacks and beverages shoppers select. To

Gaurang Shah, Senior Vice President of Product Management, Digital Payments, and Labs for the Middle East and Africa

check out, customers simply exit the gates and the Mastercard Payment Gateway Services technology automatically initiates the payment, making checkout queues a thing of the past. The experience is designed to be secure, contactless, and seamless. Over the last 18 months, the world has seen the acceleration of digital payments, driven by realities of the pandemic, coupled with a consumer demand for more autonomy and more digital shopping experiences. Pepsi Go not only responds to this demand but it also offers a more efficient and seamless journey. For Gaurang Shah, Mastercard’s Senior Vice President of Product Management, Digital Payments, and Labs for the Middle East and Africa, Pepsi Go is an exciting development, and forms a part of Mastercard’s wider campaign to innovate the retail payment space. “As the Official Payment Technology Partner of Expo 2020 Dubai, we are excited to showcase the future of retail payments at the Pepsi Go store,” says Shah. Like all the best innovations, Pepsi Go is the result of intensive

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“For over two years, we have been developing this firstof-its-kind checkout experience for the region alongside our strategic partners PepsiCo.” research and development efforts, that were years in the making. “For over two years, we have been developing this first-of-its-kind checkout experience for the region alongside our strategic partner PepsiCo, and we are thrilled to see it come to life for Expo 2020 Dubai,” explains Mastercard’s senior VP. “The gold standard of retail shopping is here, and we welcome visitors to experience this innovation and Start Something Priceless at Expo 2020 Dubai.”

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OCTOBER 2021

• BUSINESS •

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A NEW CHAPTER Samah Abdulaziz Algosaibi, Executive Board Member for prominent Saudi family group Ahmad Hamad Algosaibi & Bros, reveals details of its $1.9 billion resolution of a 12-year-long battle with its creditors and sets out its latest plans for the future.

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

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Samah Abdulaziz Algosaibi, Executive Board Member at Ahmad Hamad Algosaibi & Bros.

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In September 2021, Saudi Arabia witnessed the end of a 12-year debt dispute between notable family business Ahmad Hamad Algosaibi & Bros (AHAB) and its creditors, with the latter agreeing to a $1.9 billion settlement offer. It was the final conclusion of a saga that began when AHAB, together with the Saad Group, defaulted on joint debts to banks worth $22 billion in 2009, with the Algosaibi family since engulfed in a drawn-out battle amid allegations of fraud. Executive Board Member for AHAB, Samah Abdulaziz Algosaibi, says the family is now looking forward to a return to normal life and regaining control over the business. “It was like a dream come true,” says Samah, who played a key role in the negotiations. “We were all together when the court announced that nearly 95% of creditors approved the deal. The whole family welcomed the news with joy and tears.” It’s a welcome close to a prolonged nightmare for the Algosaibi family. While restrictions had prevented the investment holding company from making new investments or raising finance for its owned assets for over a decade, it can now once again operate its business and focus on expansions. AHAB was first established in Saudi Arabia in the 1940s by founder Hamad Ahmad Algosaibi. Ownership of the business—which generates around $267 million in annual revenues and works across the construction, energy, manufacturing, hospitality, transport, and consumer sectors through its subsidiaries—is today divided equally between the families of the founder’s late sons, Abdulaziz, Ahmed, and Sulaiman Algosaibi. The recent dispute has centered around a conflict between the Algosaibi family and Maan Al-Sanea—a sonin-law of Abdulaziz Algosaibi and the owner of the Saad Group, a diversified holding company. Previous chairman of AHAB, Sulaiman Algosaibi, and Al-Sanea were both among Forbes’ billionaires in 2007, but two years later AHAB and the Saad Group defaulted on more than $22 billion in combined debt, which they owed to well over 100 regional and international banks. The Algosaibi and Al-Sanea families have been playing the blame game ever since their financial downfall, as creditors have continued to pursue the two Saudi conglomerates. The Algosaibi family claim to be victims of a $9 billion fraud orchestrated by Al-Sanea, who they say had complete control of the financial business of AHAB at the time. Al-Sanea was arrested and detained in 2017 for unpaid debts—at the time of writing, he had continued to deny all accusations against him and had not been sentenced in Saudi Arabia. Forbes Middle East tried to reach out to a representative of Al-Sanea but was unable to make contact. While the authorities in Saudi Arabia continue to detain Al-Sanea, the Algosaibi family has become one of the F O R B E S M I D D L E E A S T.C O M

first-ever to reach a deal with creditors under the umbrella of the bankruptcy law that the kingdom approved in 2018. The Saudi court approved 139 banks as AHAB’s creditors and, on September 7, 2021, they agreed to settle for $1.9 billion, which accounts for 26% of the total approved debt claims of $7.3 billion. The deal includes $1.25 billion in cash dividends and liquid shares that will be distributed almost immediately, followed by $667 million in the form of real estate assets in Saudi Arabia. AHAB will contribute $1.4 billion, while Algosaibi’s partners will personally provide another $533 million. While 25% of claims are from Saudi banks, the remaining 75% are split between international and GCC banks.

“We were the first company to file for a financial restructuring in the kingdom, and I think we paved the way for whoever comes after us.” “Part of the $1.9 billion settlement comes from the group, and the remaining amount is from the family. We gave up a large number of assets, but we had to put an end to this case to be able to rebuild and move forward,” explains Samah, who became the first woman to join the family business in 2011—two years after the case erupted. She reveals that the court approved the settlement on September 15, 2021, and provided a 14-day window for objections to be filed. That 14-day period expired on September 29, 2021, at which point the order became final with no appeals, and the process of lifting all restrictions that affected the company and shareholders could begin. The Algosaibi family will now start to pay the settlement, with the group making the first payment by selling its shares in public companies in Saudi Arabia. It will also create a fund owned by creditors to manage its real estate assets. “This is not a liquidation; we are not auctioning assets. It is an organized sale through a fund owned by creditors,” clarifies Samah. While AHAB, led by an executive team appointed in 2013, has relinquished the majority of its real estate assets OCTOBER 2021

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under the settlement According to the terms, Samah confirms Markaz report, AHAB’s that the company has money exchange division maintained most of its went on to borrow large operating assets and sums from global banks, several major properties. most of which were “The ability to continue routed through TIBC. In doing business was a 2009, amid the turmoil high priority to us, as of the global financial we are looking forward crisis, TIBC defaulted to rebuilding the on $2.2 billion in loan group, which embraces payments and, as a thousands of employees,” direct fallout, the money says Samah. According exchange division of to the executive board AHAB too defaulted. At member, the total assets the same time, according that remain in the group, to reports by Forbes, including properties Al-Sanea also defaulted and operational assets, on debt and announced are valued at around plans to restructure an $157.3 million, with its unspecified amount of employees and family debt at the Saad Group, Raef Elhassan, Chief Operating Officer at AHAB; Simon Charlton, Chief members numbering over Restructuring Officer at AHAB; and Brett Walter, General Counsel at AHAB. blaming turmoil in the 3,500. Bahraini banking sector It’s been a long and arduous journey for AHAB. and a “short-term liquidity squeeze.” “Algosaibi’s case was one of the largest and most The Algosaibi and Al-Sanea families became locked in complicated debt disputes in the Middle East,” says dispute, with the former filing claims that it was the victim Eyad Reda, Managing Partner of the Riyadh-based of a $9.2 billion fraud perpetrated by Sanea. According Eyad Reda Law Firm. “The settlement will affect the to the Wall Street Journal report, the Algosaibi family investment climate by restoring the financial stability of alleged that Al-Sanea forged family members’ signatures to the Algosaibi Group and will also achieve support for the receive loans, falsified the books of family companies, and creditors’ business by pumping cash into the market,” siphoned AHAB funds into his Saad Group companies. explains Yaseen Khalid Khayyat, lawyer & legal consultant Simon Charlton, Chief Restructuring Officer and Acting at Yaseen Khalid Khayyat Law Offices in Jeddah. He CEO of AHAB, says that Al Sanea claimed to leave TIBC considers the $1.9 billion settlement “a fair deal,” even if it in 2004 after establishing the Awal Bank in Bahrain. “Al does not achieve the creditors’ aspirations. “[It] may be fair Sanea purported to resign from TIBC and also AHAB’s at this time, given the seriousness of the partners in paying money exchange, but he continued to control the money part of the indebtedness amounts,” Khayyat adds. exchange and TIBC for many years, not two years, and Behind the scenes, the battle has been both personal and even when he claims he resigned he still retained firm professional for the Algosaibi family. The story began when control,” maintains Charlton. A spokesman for Al Sanea Al-Sanea married Samah’s elder sister in 1980. At the time, told Forbes in June 2009 that he had “no involvement according to a 2009 report by the Wall Street Journal, he whatsoever” in TIBC either personally or through Saad was a young fighter pilot from Kuwait and an “up-andGroup. comer” in the Gulf. Welcomed into the family, Al-Sanea Reaching a deal with its creditors proved difficult was put in charge of AHAB’s financial services businesses, from the beginning for the Algosaibi family. As it and in 1980 he established the Saad Group, with interests initially tried to negotiate with the banks involved, in banking, construction, healthcare, and education. Samah reveals that some encouraged the group to settle According to a 2019 report by the Kuwait Financial Centre with them individually and exclude the remaining “Markaz,” AHAB founded The International Banking creditors. “We refused as we have creditors from so many Corporation (TIBC) in Bahrain in 2003, with Al-Sanea countries around the world, and we wanted a final and as its managing director. And by 2007, Al-Sanea was the comprehensive settlement,” she insists. AHAB tried to largest non-institutional shareholder in HSBC. negotiate again in 2014 after appointing a restructuring

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team. A meeting was held in Dubai, and the negotiation progressed, with 60% of creditors supporting a settlement. However, a lack of regulations that would allow a “cram down” of dissenting creditors blocked the company’s way at that time. As time went on, AHAB lost some notable brand partnerships due to the business restrictions. “Pepsi was a major dealership that we lost during the dispute after a 50-year-old relationship,” reveals Samah. “It was a huge loss, as a long history left with it.” A lifeline surfaced when the Saudi government announced that it was working on a bankruptcy law. “The family members followed the news of the much-awaited law,” recalls Samah. “It played a key role in reaching a deal that guarantees the creditors’ rights and allows the company to continue operations.” Once the law was approved in 2018, the group submitted its application for a restructuring procedure. “We were one of the first companies to file for financial restructuring in the kingdom, and I think we paved the way for whoever comes after us,” says Samah. AHAB’s application for a financial restructuring settlement proposal was accepted in May 2019. Eyad Reda believes that Saudi’s new bankruptcy law, and the conclusion of the Algosaibi case, has opened a window for troubled companies to continue operations instead of being forced to close down, with 392 companies submitting requests under the bankruptcy law as of the end of 2020. “There are similar cases that the bankruptcy law could put an end to, such as Saad Hariri’s Saudi Oger, which became bankrupt following the fallout of the construction and real estate sector, resulting in over 60,000 claims and debts that are still being counted,” he adds. While AHAB has closed one chapter, it is still pursuing a case against Al-Sanea, claiming that his management led to the debt crisis. “He submitted a request for restructuring under the bankruptcy law and, like other creditors, we filed a lawsuit against him to reclaim our money,” Samah reveals. She also confirms that no business or commercial ties remain between the Algosaibi family and Al-Sanea. “The family has decided to take the responsibility and pay the debt, though it was a hard decision as we didn’t take this money,” says Samah. Despite this, the Algosaibi family can now look ahead. While the dispute greatly impacted the group’s ability to put long-term plans in place, Samah, whose roles include monitoring business performance, seems optimistic about the future. She says that management will now focus on the business’s main sectors, including oil and gas services, power, food, hospitality, shipping, logistics, and manufacturing. The group’s notable subsidiaries include Tecmo Arabia, Crown Arabia, The Arabian Pipecoating Company, IACC and Solar Arabia, among others. F O R B E S M I D D L E E A S T.C O M

AHAB is now looking to establish new companies, but despite a lack of liquidity hindering expansion plans that require capital, the family intends to keep the group private. “There is no final plan yet, but we are not considering an IPO. Instead, we will probably approach financing from banks,” says Samah. The current management will continue to lead the company, and new experts will be hired if needed. Samah explains that the group has been working on corporate governance with participation from what she described as an “elite group of young family members.”

“This is not a liquidation; we are not auctioning assets. It is an organized sale through a fund owned by creditors,” As the family enters a new era, the next generation has a lot to learn from Samah. She first joined the family group 10 years ago when it was uncommon for Saudi women to work in the private sector. “Things have changed since then,” she assures. “Today, we have a lot of female employees from inside and outside the family.” Samah remembers the moment when her cousin and the chairman Yusuf Algosaibi invited her to join the group. “He asked me if I wanted to work in the group, and I responded immediately: Are you serious? When do I start?” Although she didn’t know much about the group’s activities then, she spent her first few months in the business studying the files of subsidiaries. And, as time passed, she became central to the settlement negotiations. Learning fast, she soon took the lead in the negotiations with the creditors and acted as the link between the executive team and the family. Now, as the family gets back to business and eagerly waits for its travel ban to be lifted, Samah is steadfast in her commitment to AHAB’s future in the kingdom. “We have a lot of responsibilities and Stay plans here,” she connected admits. “But we will with our latest make up for the past business news. 12 years.” OCTOBER 2021

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OMANI LEADERS’ INSIGHTS

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HOTEL REVIEW

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The Omani Economy: Reforms And Challenges

020 was a year of major changes for Oman. In January 2020, Sultan Haitham bin Tariq Al Said succeeded Sultan Qaboos as the ruler of Oman. Just months later, Oman’s government took steps early to support the sultanate’s economic growth and contain the spread of the pandemic by closing nonessential businesses and introducing social distancing requirements and border restrictions. Fiscal measures included interestfree emergency loans, waiving or reducing selected taxes and fees, F O R B E S M I D D L E E A S T.C O M

giving the flexibility to pay taxes in installments, and establishing the Job Security Fund to support citizens who had lost their jobs. According to the IMF, the Central Bank of Oman also lowered interest rates and liquidity injections, deferred loan installment payments, and relaxed macro-prudential requirements on capital buffers and liquidity ratios. Furthermore, Sultan Haitham bin Tariq also announced $779.2 million worth of development projects. A tough year However, it was still a challenging

year for Oman, with more policies needed to target sustainable long-term growth. In May 2020, Fitch Ratings affirmed Oman’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB-’ with a negative outlook. The negative outlook reflected “risks to sustained enactment of fiscal consolidation plans given the challenging economic and social context.” Then, in October 2020, S&P Global Ratings downgraded Oman’s sovereign ratings for the second time that year to “B+” from “BB-” with a stable outlook. OCTOBER 2021

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The GCC countries have dually suffered from an economic downturn as a result of the pandemic and an oil price crash. While these have widened the budget deficits of most GCC states, different countries have had varying responses, with Oman implementing tough austerity measures.

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Versatility – The Hallmark Of Great Leadership

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Hon. Lujaina Mohsin Haider Darwish, Chairperson of Infrastructure, Technology, Industrial and Consumer Solutions at Mohsin Haider Darwish (MHD), is growing a business, contributing to Oman’s economy, and nurturing a new generation of female talent.

As MHD’s chairperson for Infrastructure, Technology, Industrial and Consumer Solutions (ITICS), how did you lead the cluster during the pandemic? As the pandemic unfolded, it became clear to me that urgent action was needed in three areas. The first was to reduce the risk to our employees and their families, the second was to ensure business continuity, and the third was to help support the community in mitigating the effects of the pandemic. To protect our people, we implemented essential safety precautions mandated by the health authorities in Oman, as well as those recommended by international agencies. As for

business continuity, we stepped up our efforts to service our customers. We worked out innovative distribution methods during the lockdown, ensured uninterrupted availability of working capital, and built trust with our suppliers and contractors by not reneging on any of our payment commitments. All this created immense goodwill and I am proud to say that we were one of the very few business entities that closed 2020 almost 100% on budget. With regards to supporting the community, we reaffirmed our CSR commitments and did not halt any activity due to the crisis. Also, in spite of the pandemic, we retained all our employees and continued

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recruitment in accordance with our manpower planning budget. MHD was recently split into two clusters. As chairperson of the ITICS cluster, how do you plan to contribute to the company’s growth moving forward? The primary reason for bifurcating the company’s operations into two business clusters was to enable accelerated growth. Over the last few months, my team and I have been working on numerous plans for expansion – organic and through acquisitions – some of which have already come to fruition. Several of our business units have added new product categories and brands, entered into new areas of business,

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and engaged with state-owned entities to work on projects through public-private-partnership models. We have also entered into negotiations to acquire businesses in overseas territories that have synergies with our present operations. We are constantly searching for new opportunities, and several projects are discussed every month. I believe these actions will contribute to the overall growth of the family business in the long run.

What does it take to be amongst the region’s most powerful businesswomen? I believe that the courage of your convictions is the primary requirement. The ability to chase your dreams with complete faith, despite constraints and setbacks, is the hallmark of a true business leader. Persistence and determination are also vital characteristics. By having a clearly defined plan and rigorously following their chosen paths, ignoring the

“I encourage women to enter domains dominated by men, so that they can go on to be role models for others.” How have you contributed to the growth and safety of Omani society since the start of the pandemic? Ensuring the safety of our employees and their families during the pandemic has also contributed to the safety of our suppliers, contractors, and society at large. In addition, our ongoing CSR activities, our training programs conducted by the MHD Training Institute, our recruitment of Omani nationals, and our involvement in critical projects, all contribute positively to the economy. As one of the seven female members of Oman’s consultative council and a member of the state council, how do you represent Omani women on the political and economic scene? This is something very close to my heart and a considerable part of my time is spent on promoting women’s causes and highlighting the achievements of women in Omani society. I work closely with people in both official and non-official circles to build an ecosystem that encourages women to be active in economic and political spheres.

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contrarian voices around them, women business leaders can establish themselves among the powerful leaders in the region. How do you keep inspiring women, both as a business leader and as a woman? In my opinion, women like me who are in the public eye have a moral obligation to guide and inspire the younger generation of women, and help them realize their dreams. I try to set an example for other women in everything I do, whether it’s speaking at public events, working for women’s causes, carrying out charitable activities, or promoting the achievements of other women in various fields. I also make myself available to young entrepreneurs for personal consultation, and I encourage women to enter domains dominated by men, so that they can go on to be role models for others. You have achieved so much over the years. Which of your recent personal achievements are you most proud of?

My late father, Mohsin Haider Darwish, always encouraged me to contribute to Oman and the larger community. It’s a great honor for me to be elected as a member of the Majlis A Shura and Majlis A’Dawla and to be bestowed with the wonderful opportunity to serve Oman. I have also been elected to the board of the Oman Football Association (OFA), which gives me a chance to help develop the game at the grassroots. I am committed to working with the board of directors under the able guidance of Salim bin Said Al Wahaibi, the Chairman of OFA, to help Oman football scale new heights. I am a strong believer in women’s empowerment too, which was fostered by the late His Majesty Sultan Qaboos bin Said, and which is now being taken forward by His Majesty Sultan Haitham bin Tariq. Working on the development of women’s football and a women’s trekking group are two of the initiatives that will help fulfil my dream of furthering women’s empowerment and building an inclusive society. I have also been involved in building awareness around the achievements of young Omani women. Besides the above, I am fortunate to have been involved with associations that aim to build friendly relations between Oman and other countries.

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Talal Said Al Mamari, CEO of Omantel, explains how the company is helping to shape Oman’s digital future. How is your latest initiative, Omantel Innovation Labs, contributing to Oman’s vision for the future? Omantel Innovation Labs are contributing to Oman’s Vision 2040 by promoting innovation and entrepreneurship in new and emerging technologies. For this initiative, Omantel is leveraging its expertise, partnerships, reach, and access to technology to accelerate the growth of relevant Oman-based technology start-ups across five technological verticals: 5G, Internet of Things (IoT), cybersecurity, customer experience technology, and big data. The initiative aims to speed up the development and deployment solutions to Oman- and Omantelcentric challenges. They also aim to put the company at the heart of Oman’s emerging culture of entrepreneurial growth through digitization. How is Omantel contributing to the start-up ecosystem in Oman? In addition to Omantel Innovation Labs, we are supporting nation-wide initiatives on start-ups by taking two broad approaches: support through training and capacity building, and support through services. In cooperation with a number of other organizations and government ministries, Omantel has launched Upgrade, a multi-sectoral initiative to transform graduating students’ class projects into financially viable ICT start-ups. Meanwhile, the Edlal program on entrepreneurship,

Talal Said Al Mamari, CEO

co-founded by Omantel, has been providing unique courses to startups, students, employees, and job seekers since 2017. What’s more, Omantel offers a suite of specialized telecommunications services to match the needs of small but growing businesses. How is Omantel enabling future industries like Fintech and the Internet of Things? Omantel’s digital wallet ‘eFloos’ is a great example of Fintech. The digital wallet enables its users to perform

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fund remittances with users of other digital wallets or banks in the sultanate. In addition, the company has introduced Teamway, a product that offers a smart point of sale (POS) service with integrated enterprise resource planning (ERP). The product automates financial processes for SMEs and enables the sector to embrace digital transformation. Furthermore, by partnering with global firms, Omantel and its IoT subsidiary company, mOmkin, are enhancing IoT and machineto-machine infrastructure, and delivering e-services, portal content

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management, and enhanced levels of network optimization and security. Meanwhile, on the capacitybuilding front, Omantel’s initiatives include the Internet of Things lab, a collaboration with Sultan Qaboos University and mOmkin. The company has also enabled Oman’s and the Middle East’s first artificial intelligence and IoTpowered e-Dukkan Store, introducing a cashless, grab-and-go shopping experience to the region. How is Omantel promoting digital inclusion? Digital experiences have become a way of life and digital inclusion is achieved by extending telecom services to every member of society. To this end, Omantel has close to 100% service coverage, with highspeed internet reaching even the most remote areas. In addition, Oman has a robust digital policy and legislation in place, which Omantel lends its support to. The company has also provided Fourth Industrial Revolution (4IR) technologies such as IoT, artificial intelligence, smart cities, block chain, and most recently, the 5G network. We partner with various world-leading firms, too, to make communications technology more achievable, accessible, and affordable. What has Oman’s approach been to 5G rollout? Oman has embraced 5G in all prominent sectors. The rollout began in 2019, starting with fixed home broadband before introducing it for mobile phones in the first quarter of 2021 – Oman’s first network operator to do so. This technology is supporting the sultanate’s digital transformation and will pave the way for achieving objectives of Oman Vision 2040.

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“Omantel has close to 100% service coverage, with high-speed internet reaching even the most remote areas.” Omantel has piloted two major 5G projects in Oman’s transport and logistics sector that showcase the use of 5G infrastructure beyond network speed and efficiency, and it recently conducted a successful test of the 5G mmWave, which promises to help the company meet future demand for high quality connectivity. What community initiatives is Omantel focusing on? Omantel’s CSR strategy is defined by four focus areas: education, entrepreneurship, community wellbeing, and environment. On the topic of education, Omantel has always contributed towards a digitally competent society in which everyone has equitable access to quality education and technical and vocational training. For entrepreneurship, Omantel ensures sustainability of new funding and incubation programs in ICT and 4IR, and it offers access to state-ofthe-art technologies and services. It also supports women’s empowerment and engages in social partnerships that lead to opportunities for sustainable incomes and jobs. Meanwhile, as part of its responsibility towards the community,

Omantel has always contributed towards increasing awareness regarding health and lifestyle issues, and it recently played a vital role in supporting the community when COVID-19 hit. The company procured COVID-19 testing kits, launched virtual clinics in cooperation with Royal Hospital and introduced G Suite for Education for remote learning. These are just a few examples of its commitment to society. Last but not least, environmental initiatives are close to Omantel’s heart. These include supporting waste reduction and management initiatives, raising awareness on environmental issues, and enabling infrastructure that supports the environmentally friendly development of Oman. The Omantel HQ itself is an example of sustainable practices, and became the first building in Oman to obtain the LEED Platinum certification.

www.omantel.om

OCTOBER 2021

O M A N I LE A D ERS ' I N S I G HT S

Policies and plans To try to plug its widening budget deficit, the government of Oman has been raising money from different entities, with public debt expected to reach more than $56.4 billion in 2021. It has announced several bond issuances in the last year, with the latest issuance coming in January 2021. The issuance was its third in just three months, selling $3.2 billion in bonds. The Gulf nation has also withdrawn $1.5 billion from its sovereign wealth fund, the Oman F O R B E S M I D D L E E A S T.C O M

Central Bank of Oman

Investment Authority, and has reportedly received $1 billion in direct financial support from Qatar. Oman has also created a new state-owned energy company in an effort to use its largest oil block to raise debt. The new energy firm, Energy Development Oman, will own a stake in Petroleum Development Oman as well as an interest in Block 6. It will be headed by Haifa Al Khaifi as CEO. It’s reportedly in talks with banks to raise $1.5 billion. Oman has introduced a number of proactive policy measures to address its economic woes, with Oman’s Ministry of Economy publishing details for its tenth five-year development plan, 2021-2025, earlier this year. The plan seeks to boost the economy, develop a macroeconomy environment, upgrade the performance of general finance as well as rationalize public spending and promote disciplined financial policy that achieves sustainable growth. It will also form the base budget for the National Vision 2040. Oman is currently developing a unified financial system that will incorporate all associated financial transactions of government units and their budgets. The ministry said the system aims to enhance public spending management, promote

financial control, and integrate financial systems and processes in all government units. It is also developing an interactive platform that seeks to improve public finance and achieve its sustainability. This involves enhancing community participation and the national register of government assets. In an effort to address rare protests over unemployment, Sultan Haitham announced a plan to create more than 32,000 jobs for Omanis during 2021, with 12,000 in the government’s civil and military establishments. This comes in addition to earlier job creation efforts where it was announced that certain job categories in the private sector would be completely nationalized in Oman. Work permits for expats in these professions will not be renewed after their expiration. Major changes are also happening in the form of labor law reformations for expats. This includes the abolition of the requirement for expat workers to obtain a permit to transfer to a new employer, which was known as “the no-objection certificate system.” The country has seen an exodus of foreign workers with more than 270,000 expat workers in Oman leaving the country in the first 11 months of 2020. OCTOBER 2021

IMAGE CREDIT: CENTRAL BANK OF OMAN

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This comes as a result of Oman’s financial position, which was one of the weakest compared to its oil-rich Arabian Gulf allies. The country’s GDP contracted by 6.4% in 2020, with the construction, hospitality, and wholesale and retail trade sectors suffering the worst downturns. The non-hydrocarbon GDP is estimated to have contracted by 10%. The GDP at current prices was down by 2.5% in the first quarter of 2021, as oil activities declined 20.6%, while the non-oil sector was up by 5.7%, the ministry said, according to a Reuters report. Meanwhile, Oman’s budget deficit increased to 18% of GDP in 2020, with the nation’s 2021 budget deficit estimated at about 8% of GDP ($5.7 billion). The latest economic data shows that Oman’s budget deficit stood at $2.1 billion in the first four months of 2021, compared to a budget surplus of $348.6 million during the same period in 2020. It reached $2.3 billion in May. On the tourism and hospitality front, hotels in the three-to-five-star category in Oman recorded total revenues of $222.8 million by the end of December 2020, falling 62.9% compared to 2019’s $569.2 million revenue. The number of passengers traveling through the airports of the Sultanate of Oman declined by 74.3% in 2020, compared to the same period in the previous year.

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Mohsin Hani Al Bahrani, CEO of the Automotive, Construction Equipment and Renewable Energy (ACERE) cluster of Oman’s Mohsin Haider Darwish Group (MHD)

Fueling Growth “If the tide of the time is against you, keep marching on.” This was the motto of Mohsin Hani Al Bahrani when he took over as CEO of the Automotive, Construction Equipment and Renewable Energy (ACERE) cluster of Oman’s Mohsin Haider Darwish Group (MHD). Now, his resilience and judgment are paying off. What was the situation like when you assumed the role of CEO at MHD ACERE, and what changes have you overseen? I joined MHD as the Director of Automotive. After a year, I was promoted to CEO, at a time when the pandemic was challenging the economic health of Oman. However, drawing on my business acumen and resilience, I was able to bring in niche brands such as McLaren Automotive, ABB EV Chargers, Varta Batteries, XCMG, and Weir Trio. This

created much needed employment opportunities for the country and contributed to socio-economic development. Beyond the pandemic, I have also expanded the sales and aftersales network for MHD ACERE, setting up seven new sales facilities across Oman and increasing our aftersales facilities from three to 12 in the space of two years. I was also instrumental in merging together the Tyres and Batteries division with Automotive to ensure the growth and expansion of brands such

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as Michelin, BF Goodrich, Riken, and Eneos. Where automotive is concerned, I have also been active in promoting MG Motors in the sultanate. In 2019, the brand ranked 15th in terms of local sales volume, according to the MEAC Report. Now, it occupies third position, behind Toyota and Nissan. What role has e-commerce played in helping you navigate the challenges of the COVID-19 pandemic?

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My approach to handling business in the wake of the ongoing COVID-19 pandemic is to turn these challenging times into an opportunity to assess and restructure our approach to customer service. I have deployed a number of innovative ideas through which MHD ACERE has overcome challenges. One such initiative has been the launch of e-commerce operations for MG Motors, where consumers can purchase a car in just three clicks. This launch was intended to help MG reach a wider customer base and maintain a continuous relationship with current customers and partners. In addition, to provide a premium, personalized experience to our niche customers, I enhanced the e-commerce platform of Jaguar Land Rover. These moves have enabled MHD ACERE to achieve its goals of delivering utmost customer satisfaction and improving overall brand awareness. How have you helped your country during the pandemic, and how important is it to you that MHD ACERE supports Oman’s broader socio-economic development moving forward? It’s very important to me. After helping MHD ACERE regain leadership status in the commercial vehicles market with Ashok Leyland, I didn’t think twice about converting Ashok Leyland buses into mobile covid testing units to help curb the spread of the pandemic. Meanwhile, as a commitment to my country, I have also been a champion of Omanization within the organization and I have ensured that the target of 65% Omanization set by the Ministry of Labour is successfully adhered to within MHD ACERE. Last year alone, I was directly involved in hiring 107 Omani employees into the company.

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You have received numerous awards and accolades for your achievements to date. How do you feel about this recognition? I was awarded a certificate of appreciation by SAIC Motor Middle East for outstanding sales where MG is concerned, and I have received recognition and awards

and Sonosite, to bring some of the best medical equipment and practices to the sultanate. This HospiCare division of MHD ACERE also supplies intra-aortic balloon catheters, hernia repair meshes, and other vital equipment to top medical organizations and hospitals in the country.

“I didn’t think twice about converting Ashok Leyland buses into mobile covid testing units to help curb the spread of the pandemic.” from multiple publications and institutions in the region. I was also recognized amongst the top 50 prominent personalities in Oman who have contributed directly towards the growth of the nation, and I was the only person under the age of 30 to achieve this feat. I am proud of these achievements and feel like they are a testament to the immense amount of work I have put in to take the business to new heights. Looking ahead, I am committed to continuing that hard work for the benefit of the company and of Oman. Guiding my work is my belief that economic diversification and tourism promotion are extremely crucial for the economic progress of the nation. What is your strategy where business diversification is concerned? What sectors are currently of interest? I have diversified our business operations into new verticals by setting up MHD Leasing L.L.C, which caters to the tourism industry within the country. The newly formed Healthcare division is under my remit too, and we have partnered with some of the leading global brands in the medical sector such as Spark Meditech, Comen, Schrack Seconet AG, FUJIFILM,

Renewable energy also falls under the ACERE umbrella. What are you doing to drive innovation, promote renewable alternatives, and support the battle against climate change? To tackle the immediate threat of global warming and climate change, I have introduced sustainable business practices to MHD ACERE. I have also established the Renewable Energy and Electric Vehicle Chargers Division. The aim of the division is to drive technological innovation, powered by clean energy. In addition, I have signed a contract with ABB, a pioneering technology leader focused on digital industries, for the supply of high-power electric vehicle chargers that will be installed across the country. There is no doubt that e-mobility is growing across the globe and my aim is to be among the pioneers providing the best green and sustainable solutions in Oman.

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New taxes However, the biggest and perhaps toughest policy move would have to be the introduction of several taxes. Oman introduced VAT in April 2021, and is expected to become the first GCC country to introduce income tax on high income by 2022. The latter, which will target wealthy individuals, is expected to decrease the country’s deficit to 1.7% of GDP by 2024. Oman was the fourth country in the GCC to introduce VAT, joining Saudi Arabia, the U.A.E. and Bahrain. It expects to amass $1 billion from VAT every year. However, in an effort to protect its most vulnerable people, Oman also announced a Social Security Scheme worth $259.8 million. It has also started removing utility subsidies from January 2021, with the aim of redirecting state subsidies to groups who need it, rather than subsidizing all users. While the dual shocks took a heavy toll on Oman’s economy, its long-term policies aimed at sustainable growth, coupled with the roll-out of vaccinations and the easing of social distancing restrictions, are expected to ease its recovery process. The IMF expects Oman to experience a mild recovery of 1.5% in non-oil GDP growth in 2021, rising to 4% by 2026. Overall its real GDP is expected to grow by 1.8%, reaching a high of 7.4% in 2022, then 2% in 2026. F O R B E S M I D D L E E A S T.C O M

Vision 2040 Oman’s Vision 2040 is expected to be one of the main drivers of its recovery going forward. The vision focuses on creating a favorable environment to attract talent in the labor market, building a competitive business climate, and achieving comprehensive regional development through decentralization. With the aim of becoming a knowledge-based economy, the government will set about transforming several strategic sectors that will provide a competitive edge to Oman’s economy. First and foremost, Oman’s strategic position in the Arabian Gulf makes its trade and logistics sector a crucial driver for growth. Stateowned logistics company ASYAD has been spearheading this effort, with Oman hoping the sector can contribute roughly $36 billion to GDP by 2040, up from $2.6 billion in 2016, while also creating 300,000 jobs. The sultanate’s ports have already increased its direct connections to 86 counterparts. Ports saw growth in operational and commercial business in 2020, with more than 9,000 vessels calling on Oman. Local ports processed about 54 million tons of general cargo and witnessed rises in liquid bulk and container volumes, as well as a nearly 40% increase in livestock imports. Secondly, the country’s banking sector, specifically Islamic banking,

has seen one of the fastest growth rates in the world, according to the IMF. Oman introduced Islamic banking in 2013, making it the last country in the GCC to do so. Since then, it has managed to increase Islamic banking and Islamic windows’ market share to 14.3% at the end of 2020 from 13.6% in 2019. Islamic financing in Oman grew by 9.5% in 2020, compared with the conventional banks’ loan growth of 2.1%, according to Fitch Ratings. The credit ratings agency also expects growth to continue into 2021/22, as a result of Oman’s Muslim-majority demographics and low banking penetration. Only 56% of the adult population had a bank account in 2016. Finally, Oman is currently revamping its energy sector, with a renewed focus on regaining investors’ confidence. With the formation of Energy Development Oman, the Omani government will undertake hydrocarbon exploration and production operations, as well as invest abroad and deal in renewable energy. Oil-rich Gulf countries are diversifying their economies away from a heavy reliance on hydrocarbons by investing in renewable energy. Oman’s Vision 2040 has set a target that 20% of the country’s power generation should come from renewables by 2030, and almost 40% by 2040. Oman’s state-owned energy firm OQ, formerly Oman Oil Company, is currently developing a 25 gigawatt (GW) renewable energy project to produce 1.8 million tons of green hydrogen and up to 10 million tons of green ammonia per annum. This project is in partnership with Hong Kongbased renewable energy project developer InterContinental Energy and Kuwait Investment Authoritybacked clean energy investor and developer EnerTech. OCTOBER 2021

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By Nermeen Abbas and Amany Zaher

Anantara Kihavah Maldives Villas Even for a short vacation, you can still find time to relax and have an adventure on an island paradise in the Maldives.

As we hadn’t left our home country of Egypt for more than a year, we wanted our first trip abroad to be remarkable, and as a small group of two female friends, we had many choices. While we looked up destinations where we could relax as well as enjoy the sea and activities, images and recommendations F O R B E S M I D D L E E A S T.C O M

from the Maldives began to pop up. From hundreds of Islands, we chose the Anantara Kihavah Maldives Villas—a private island within the Baa Atoll in a UNESCO Biosphere Reserve—for a four-day getaway. Planning the trip The first thing that comes to mind when choosing a holiday destination in 2021, are the restrictions and procedures needed to get there. For the Maldives, we needed to secure a negative PCR test, proof of a hotel booking, and fill in an online application form. OCTOBER 2021

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Once we had our hotel and tickets booked, we packed our bags and embarked on the 10-hour trip from Cairo to the Maldives via Dubai. As we entered Maldives airspace, the charming turquoise islands surrounded by palm trees started to appear in the middle of the Indian Ocean. Someone from Anantara was waiting for us at Velana International Airport and gave us a warm welcome. Within a few minutes, he had our seaplane tickets booked and led us to a VIP room where we had access to the internet, cold and hot drinks, snacks, and a kids’ area for families. As we left the airport we could smell the ocean and saw boats and seaplanes lining up over the water. The adventure started on the seaplane. The weather was rainy and windy while islands extended like pearls in the ocean below. In August, the weather is very hot in Egypt, while the temperature was only 28 degrees in the Maldives. The rain prolonged our flight time from 35 minutes to an hour. Once the plane landed, a yacht from the resort picked us up to take us to the Anantara Kihavah Maldives Villas. F O R B E S M I D D L E E A S T.C O M

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Hospitality As our yacht approached the island, we saw the staff cheering and playing drums. We were served coconuts and given a very warm Maldivian welcome. We were driven to our sunset beach pool villa, where we had a private swimming pool overlooking the turquoise sea and white sands, private bicycles, swinging daybed, and al fresco bathroom with bathtub. Though it was still raining, we jumped into our pool and swam in the warm rain. After enjoying our private space, we had a lunch of seafood and some Italian cuisine in the Manzaru restaurant, overlooking the ocean and the resort’s pool—one of the largest in the Maldives. We were able to tour around the 15-acre island sanctuary from the comfort of a golf buggy. The island has 80 villas, with residences for families and water villas with glass-bottomed whirlpool bathtubs and overwater hammocks.

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Activities With its spa, sports center, cinema, gym, tennis court, and recreational gardens, the Anantara offered many activities for us to do during our short stay. The resort also has a kids’ club for children aged four to 12, and a medical center where we did the PCR test before leaving. The Anantara spa is an over water sanctuary ideal for reconnecting with your body and mind. Enveloped OCTOBER 2021

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by endless views of the Indian Ocean, the spa offers six over-water treatment suites, a Cocoon Medical Spa, a steam room, a relaxation deck with cold plunge pool, and a nail, hair and beauty salon. Just a few steps from the spa, we found a sports center where we booked a voyage with two kinds of snorkeling in the program. The first one near the shore where we saw tropical fish and coral, and the second further out into the ocean where we went looking for manta rays. Giant reef manta rays live in tropical, subtropical, and temperate oceans and can grow to up to 29 feet wide. Led by a guide from the sports center, we snorkeled for nearly 45 minutes at the world’s largest natural manta feeding region in Hanifaru Bay in the Baa Atoll. Dining In the afternoon, we enjoyed having jasmine tea at Nala Garden, surrounded by over 1,000 blooms along with intoxicating scents from 25 different orchid varieties. We had another unique experience waiting for us with dinner at Fire. The Japanese restaurant serves fresh lobster, sashimi, certified US Prime Angus beef tenderloin, and many dishes from Japan. The chefs put on a show for every guest each night, as the ocean breeze blows beneath the thatched roof. The next day we enjoyed spicy Indian cuisines with authentic tandoori and curries in Spice. However, having dinner in the underwater restaurant was one of the most exciting experiences during our trip. Located six meters under the ocean, we had our F O R B E S M I D D L E E A S T.C O M

meal as sharks, turtles and tropical fish swam by. We enjoyed some special dishes, including the lobster salad, the Scottish salmon, and the sea bass. For desert we had a delicious chocolate bomb explosion, a ganache and crunchy mascarpone parfait served with warm caramel sauce. Before packing our luggage to leave the resort, we also had to try the popular floating breakfast, which we had seen in reviews on Instagram. In our private pool, overlooking the sea, we enjoyed our last meal in Maldives with fresh juices, tropical fruit platter, and pastries. As we left the resort the staff waved us goodbye. We returned home with unforgettable memories, dreaming of another charming adventure. OCTOBER 2021

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Ihsan Anabtawi COO and CMO

Microsoft Gulf

STEM Takes Centre Stage As Perceptions Change Science plays an integral part in every aspect of daily life. Now, it is becoming a beacon of hope. With increased awareness of the importance of science, more people and organizations see it as a tool to build a better and equitable future.

orbes Middle East hosted a 3M State of Science Index 2021 virtual roundtable in September, ahead of the release of the annual State of Science Index—a third-party, independent research study commissioned by 3M. The conversation opened with an introductory speech by Laszlo Svinger, regional Vice-President and Managing Director for 3M F O R B E S M I D D L E E A S T.C O M

BY LIZAN MARI GRAY Middle East and Africa, who shared a glimpse of how the COVID-19 pandemic has reshaped life and key insights from the survey. The study explores global attitudes towards science and delves into how people think and feel about the field and its impact on the world. “Of all the arenas in life that COVID has upended, science is perhaps the field that has been transformed the most,” shared Svinger. “The

pandemic has created an entirely new research environment, one that is now structured for collaboration and communication above all else.” H.E. Dr. Amin Hussain Al Ameeri, Assistant Undersecretary of the Health Regulation Sector at the Ministry of Health, delivered a special address discussing the U.A.E.’s experience of science, technology, engineering, and mathematics (STEM) in healthcare. OCTOBER 2021

• 3M State if Science Index 2021 UAE •

This was followed by an in-depth panel discussion by science and technology leaders on the importance of STEM education, how the field is perceived, and how perception has changed. The speakers were: Camila Cruz Durlacher, Vice President of EMEA R&D Operations at 3M; Jad Bitar, Managing Director and Senior Partner at Boston Consulting Group; Dr. Patrick Noack, Executive Director of Future, Foresight and Imagination at the Dubai Future Foundation; and Ihsan Anabtawi, COO and CMO of Microsoft Gulf. The roundtable was moderated by Cara Nazari, Managing Director of AmCham Dubai. The leadership of the U.A.E. understood decades ago that technological changes would only increase, creating a vastly different world to the one they grew up in. The country has prioritized investment into STEM and is now reaping the rewards. “The stance for science, technology, engineering and mathematics is very important. The U.A.E. has been looking into the topic and how it can benefit the country for many years. Something that was set in place by the late Sheikh Zayed bin Sultan Al Nahyan to prepare future generations for a new era,” said H.E. Dr. Al Ameeri. Science and healthcare Science has been in the spotlight since the onset of the pandemic, and this has caused a significant shift in perception towards the field. The State of Science Index found that trust in science is at an all-time high in the U.A.E., with 90% of respondents stating they trust science today. “People are more aware of science and more openly discussing it. They are consuming scienceprovided data, looking for trusted information through reading, F O R B E S M I D D L E E A S T.C O M

listening or watching,” explained Durlacher. Increased awareness and knowledge of science have resulted in people realizing the vast opportunities this field presents. The Industrial Revolution 4.0 is rooted in science, affecting all industries from healthcare to agriculture. Science and technology have been critical components in all aspects of the societal ecosystem during the pandemic. Bitar explained: “The ability to detect a new form of virus played a critical role in implementing precautionary measures. The next step was to decode the virus and develop a vaccine and treatment, all driven by science.” Gathering data helped governments with scenario planning for the best course of action, the effect on the economy and society, and identifying what needs to be communicated to the public. Technology was key to creating awareness. Now, it is helping ensure the safety of U.A.E. citizens by enabling them to track test results, vaccination status, and scheduling remote medical consultations. Hospitals and clinics are placing a more considerable emphasis on telemedicine, with Omnia Health forecasting this market to grow from $73.5 million in 2020 to $280.7 million by 2025. Women in science Society in the Middle East is becoming more inclusive and understanding of the importance of diversity. According to the State of Science Index report, 82% of respondents agreed that it is essential to increase diversity in STEM. The U.A.E. is becoming a change agent by encouraging women to pursue roles previously dominated by men in the region. “I think it’s great that the U.A.E. now

has a female astronaut and female pilots. STEM is truly a place where women will have a home in the U.A.E.,” added Nazari. Developing STEM Investments in science and technology continue to grow, whether that be through infrastructure enhancement or research and development. The U.A.E. has invested millions of dollars into its space program, while firms like Microsoft are taking a more diverse perspective. “We have an industry approach to the R&D we do. We channel our R&D and resources towards the areas the world needs most like innovation in healthcare,” explained Anabtawi. There is a regional drive encouraging people to become involved in STEM. Many of the programs are being gamified to make them more appealing for children. Game developers are designing games that help to build abilities in critical thinking, problemsolving, and creativity—all important skills in the tech field. Addressing the problems in science and technology Technological advances will bring more positive changes in the future. However, many things still need to change or can be improved upon. Diversity in the developmental phases of technology will help ensure it is more accessible to everyone. “One of the ways to avoid unknowingly developing bias tech is to ensure there’s the right kind of diversity in the developers of these technologies,” said Dr. Noack. The pandemic sparked global collaboration, which led to numerous game changer solutions. Maintaining an open dialogue between countries and continuing to share knowledge will drive further breakthroughs. OCTOBER 2021

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• THOUGHTS ON •

The Future “You can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something - your gut, destiny, life, karma, whatever.”

“Our human compassion binds us the one to the other - not in pity or patronizingly, but as human beings who have learnt how to turn our common suffering into hope for the future.” —Nelson Mandela “For all of its uncertainty, we cannot flee the future.”

—Steve Jobs “It is not in the stars to hold our destiny but in ourselves.”

—Barbara Jordan “I do not want to foresee the future. I am concerned with taking care of the present. God has given me no control over the moment following.”

—William Shakespeare “The future belongs to those who believe in the beauty of their dreams.” —Eleanor Roosevelt “The future rewards those who press on. I don't have time to feel sorry for myself. I don't have time to complain. I'm going to press on.” —Barack Obama “You cannot escape the responsibility of tomorrow by evading it today.” —Abraham Lincoln “Never let the future disturb you. You will meet it, if you have to, with the same weapons of reason which today arm you against the present.” —Marcus Aurelius F O R B E S M I D D L E E A S T.C O M

—Mahatma Gandhi

Jeff Bezos

“What we need to do is always lean into the future; when the world changes around you and when it changes against you - what used to be a tail wind is now a head wind you have to lean into that and figure out what to do because complaining isn't a strategy.” —Jeff Bezos

“Sustainable development is the pathway to the future we want for all. It offers a framework to generate economic growth, achieve social justice, exercise environmental stewardship and strengthen governance.” —Ban Ki-moon

“When I look into the future, it's so bright it burns my eyes.”

“If you don't focus on the future generation, it means you are destroying your country.”

—Oprah Winfrey

—Malala Yousafzai

FINAL THOUGHT “When you cease to dream you cease to live.” — Malcolm Forbes

OCTOBER 2021

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Express Services • Time deﬁnite • B2B, B2C • Domestic: Within KSA • International: Gulf & Worldwide • Parcel, Pallet, FTL, LTL

e-Commerce Services • Involves on-line shopping • B2C & C2C • Domestic: Within KSA • International: to Middle East • Parcel less than 30 Kgs

Logistics Solutions • Industrial Solutions & Pharma • B2B: 3PL & 4 PL • Freight – Sea & Air • Warehousing • Parcel, Pallet, Container, FTL

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Forbes Middle East - English - October 2021

Articles inside

I Anantara Kihavah Maldives Villas

I A New Chapter

I 10 Sustainable Startups In MENA

I MENA’s 10 Biggest Logistics Companies

I MENA’s 10 Biggest Airlines

I 10 Sustainable Projects And Initiatives In MENA

I Sustaining Power

I 5 Most Valuable Electric Car Brands 2021

I Shifting Gears: Sustainable Mobility In The GCC

I 10 Sustainable Companies In MENA

I First Seen At Expo

I Sidelines