Gulf Business - April 2021

REVEALED: OUR ANNUAL RANKING OF THE WORLD’S MOST POWERFUL ARABS

A I A ll-S cene p.11 Photography Ep.64 xper t Expo 2020: Discussing the advent of the Experience Age

Class apart: Exploring the world’s largest art canvas

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APRIL 2021

BD 2.10 KD 1.70 RO 2.10 SR 20 DHS 20

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REVEALED: OUR ANNUAL RANKING OF THE WORLD’S MOST POWERFUL ARABS

APRIL 2021

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Expo 2020: Discussing the advent of the Experience Age

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Class apart: Exploring the world’s largest art canvas

BD 2.10 KD 1.70 RO 2.10 SR 20 DHS 20

Taking you from the classroom to the boardroom.

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Students will receive a personality profile to evaluate whether their choice of degree matches their personality type.

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Gulf Business

CONTENTS / APRIL 2021

07

The Brief An insight into the news and trends shaping the region with perceptive commentary and analysis

“We dedicate our Mars achievement to the people of the UAE and the rest of the Arab world. Our success proves that Arabs are capable of reviving the region’s legacy and status in the scientific sphere” - Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai

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Cover Story: Arab Power List 2021 The complete list of the top 100 Arab movers and shakers in the latest edition of our annual list

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April 2021

3

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Corporate uniforms Industrial uniforms Hospital uniforms Hotel uniforms School uniforms Accessories

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CONTENTS / APRIL 2021

59

Lifestyle

Talking time: Hublot p.60

Making a splash p.64

Playing for keeps p.67

70

The SME Story Interviews with entrepreneurs and insights from experts on how the regional SME ecosystem is evolving

Editor-in-chief Obaid Humaid Al Tayer Managing partner and group editor Ian Fairservice Group director Andrew Wingrove andrew.wingrove@motivate.ae Editor Aarti Nagraj aartin@motivate.ae aartinagraj Deputy editor Varun Godinho varun.godinho@motivate.ae varungodinho Tech editor David Ndichu david.ndichu@motivate.ae Contributor Zainab Mansoor editorial.freelancer@motivate.ae zzainabmansoor Senior art director Olga Petroff olga.petroff@motivate.ae Art director Ángel Monroy angel.monroy@motivate.ae theangelmonroy Photographers Joachim Guay Cover: Ángel Monroy

General manager – production S Sunil Kumar Assistant production manager Binu Purandaran Production supervisor Venita Pinto Chief commercial officer Anthony Milne anthony@motivate.ae Group sales manager Manish Chopra manish.chopra@motivate.ae Senior advertising manager Ravi Dutt ravi.dutt@motivate.ae Group marketing manager Dominic Clerici dominic.clerici@motivate.ae Group marketing manager Anusha Azees anusha.azees@motivate.ae Vol. 25. Issue 11. April 2021 Printed by Emirates Printing Press, Dubai

Follow us on social media: Linkedin: Gulf Business; Facebook: GulfBusiness; Twitter: @GulfBusiness; Instagram: @GulfBusiness

HEAD OFFICE: Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE, Tel: +971 4 427 3000, Fax: +971 4 428 2260, motivate@motivate.ae DUBAI MEDIA CITY: SD 2-94, 2nd Floor, Building 2, Dubai, UAE, Tel: +971 4 390 3550, Fax: +971 4 390 4845 ABU DHABI: PO Box 43072, UAE, Tel: +971 2 677 2005, Fax: +971 2 677 0124, motivate-adh@motivate.ae LONDON: Acre House, 11/15 William Road, London NW1 3ER, UK, motivateuk@motivate.ae

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April 2021

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THE MIDDLE EAST’S LEADING ARABIC TECHNOLOGY & BUSINESS MEDIA PLATFORM TECHNOLOGY | ENTERPRISE | BUSINESS

www.mena-tech.com MenaTechMedia

Women at the helm

The Brief 8 9 11 14 15

% (2019)

62

Jordan

57.3

Saint Lucia

54.5

Botswana Honduras

50.9

APR

Philippines

50.5

21

Seychelles

47.7

Panama

47.4

Belarus

49.1

SOURCE: ILO

ILLUSTRATION: GETTY IMAGES/FANATIC STUDIO

Sustainability Future Travel Startups Social

Countries with the highest share of managers who are female

Finding your North Star That is what makes global brands so successful and iconic within their own industries p. 13 gulfbusiness.com

April 2021

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The Brief / Sustainability

ILLUSTRATION: GETTY IMAGES/MALTE MUELLER

ranking of the world’s sources of greenhouse gases, after China and the US. Among the most effective climate solutions, nonprofit Project Drawdown ranks cutting food waste ahead of moving to electric cars and switching to plant-based diets.

The UNEP report suggests the amount of food wasted by consumers could be about double the previous estimate. The analysis conducted by the UN’s Food and Agriculture Organization in 2011 relied on data from fewer countries.

The methodology has advanced, and now there’s data for 54 countries. This has revealed that the problem isn’t limited to the richest countries. The report nevertheless indicated varying degrees of confidence in national inputs, and there are still only 14 countries that have household food-waste data that is compatible with UNEP’s index.

The findings should still help countries set foodwaste reduction targets and create ways to track progress. So far, few have included reducing waste in their planned submissions under the Paris climate agreement. Ensuring progress in tackling this source of carbon emissions will depend in part on nations adopting a common methodology.

A N A LY S I S

Want to stop climate change?

Don’t waste food

Food waste and loss are responsible for as much as 10 per cent of global emissions

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here is something that the average person can do to slow down climate change, and it can be accomplished without leaving the house. Don’t waste food.

Some 931 million tons of it went to waste in 2019, according to the United Nations Environment Programme (UNEP). Individual households were responsible for more than half of that, with the rest coming from retailers and the food service industry.

New estimates show that about 17 per cent of food available to consumers worldwide that year ended up being wasted. The matter is even more urgent when considered alongside another UN analysis that tracks the problem further up the supply chain, and shows 14 per cent of food production is lost before it reaches stores.

Waste is happening at every point, from the field to the dinner table.

Food waste and loss are responsible for as much as 10 per cent of global emissions, according to the Intergovernmental Panel on Climate Change. If it were a country, this discard would rank third in the 8

April 2021

Wasteful habits Household food waste is prevalent across the GCC region KG/CAPITA

KSA 105 Kuwait 95

Qatar 95

UAE 95

Bahrain 132

Oman 95

AMONG THE MOST EFFECTIVE CLIMATE SOLUTIONS, CUTTING FOOD WASTE RANKS AHEAD OF MOVING TO ELECTRIC CARS AND SWITCHING TO PLANTBASED DIETS “It comes down to straight measurement,” said Martina Otto, who leads UNEP’s cities unit. “If you can’t measure it, you can’t take the right action.”

Some governments are putting in nudges and incentives to change behaviour, and this goes beyond creating awareness campaigns. For example, in South Korea, rubbish collectors charge homes based on the weight of their food waste.

“Food waste is really an area where individuals can impact their personal carbon footprint,” said Clementine O’Connor, who spearheaded the UNEP research.

“With the food that you buy, with how you take care of it and consume it, it’s a daily chance to affect your own impact.”

Bloomberg gulfbusiness.com

The Brief / Future COMMENT

Rehan Khan Principal consultant for BT, educator and novelist

Why are we in a digital disarray?

It’s about time all of us seriously reflect on how we break this addiction

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ILLUSTRATION: GETTY IMAGES/BOBMADBOB

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started working in the telecoms sector back in 1993, when electronic distractions in the office were controlled by turning off the antiquated greenscreen computer connected to a squeaky dial-up modem. Today, my working time feels like it is incessantly shattered into a thousand shards of digital distractions, pulling me from one thought to the next, never allowing me to settle, reflect and find deeper meaning. Instead, I find myself programming my mind to think in a browsing mode, jumping from one thing to the next.

I didn’t sign up to this kind of digital future.

Did you? Probably not, but this present-day distraction crisis is upon us and here is why.

When the late Steve Jobs launched the first Apple iPhone in 2007, like millions of others I purchased it with great awe.

We were on our way to a general-purpose mobile computer, the likes of which we had seen the crew of Star Trek using. Paid wifi was being actively rolled out in many public places, enabling emails to be accessed from any location, but back then there was no app store and no social media notifications.

In fact, if you watch Jobs’ keynote address when launching the original iPhone, he said: “The killer app is making calls”.

Now remember back then we used to have mobile phones from companies such as Nokia, Ericsson and Motorola. There were those who had BlackBerry phones and were addicted to them. People also walked around with an iPod, for listening to music. The result was we had two devices in our pockets. Now along comes the iPhone which enabled your iPod to make calls. That was the “killer app”. In the keynote, it’s not until 33 minutes into the presentation that Jobs gets around to highlighting features like improved text messaging and mobile internet access.

If you told me in 2007 that in the near future the average iPhone user would obsessively check their device 80 times a day, I would have dismissed the notion.

Nowadays, Apple even has an app on the phone called ‘ScreenTime’, to show how often you are using the phone. They know how addictive it is.

I am not really sure this is the type of digital world we wanted, but it is the one we got. Sometimes you arrive at a place and time not where you intended to be, but where you need to be. Maybe this is one of those moments, when upon seeing this great tsunami of distraction, we finally wake up, and do something about it.

The obvious follow up question is: Did we arrive in this digital miasma by accident or by design? Unfortunately, many of the digital tools and platforms which tech companies have us hooked onto are not as innocent as they appear. Equally people are not addicted to their screens because human nature is inherently idle or sluggish. The primary reasons why we are in the present digital disarray is because a handful

of technology investors have funneled billions of dollars into making this a reality.

During an episode of the CNN talk show 60 Minutes, in a segment titled Brain Hacking, host Anderson Cooper interviewed Tristan Harris, a former Google engineer and whistle-blower. Harris called the smartphone a slot machine. He said: “Well, every time I check my phone, I’m playing the slot machine to see ‘What did I get?”. He said there is a whole playbook of techniques to get users using the product for as long as possible. His conclusion: “They are programming people…because that’s how they make their money.”

It’s about time all of us seriously reflect on how we break this addiction, as this is not the digital future we deserve for ourselves, our families and the coming generations, nor should we be persuaded into believing there is nothing we can do about it.

April 2021

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BRAND VIEW

Micro Focus introduces OPTIC to streamline IT at lower cost New IT platform aims to unify the business user experience while improving operational efficiency

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i c ro Fo c u s h a s announced the release of a new platform, OPTIC, designed to simplify the complexity that organisations face when embarking on their digital transformation journeys.

Micro Focus says OPTIC, which stands for Operations Platform for Transformation, Intelligence and Cloud, is designed with a “built-in, unlimited-use intelligence at the core and the ability to optimise the cloud as a full partner.”

The launch comes as companies navigate the shifting demands of the digital economy while improving productivity for a dispersed workforce, accelerated by the Covid pandemic.

“The need to digitally transform is universal. However, obstacles remain particularly in managing multiple platforms across cloud, hybrid and on-prem. A new IT paradigm is essential to cut through these complexities while building out AI and machine learning at scale,” said Toufic Derbass, managing director for Middle East and Africa for Micro Focus.

ELIMINATING COMPLEXITY WITH A UNIFIED IT PLATFORM Key capabilities of Micro Focus OPTIC include delivering unified process automation with embedded ‘best-practice’

content that improves productivity without requiring brittle custom code.

OPTIC also offers discovery and topology mapping for both cloud and on-premises environments that enable efficient management based on current configurations.

Customers also benefit from a single interface for user selfservice, backed by smart virtual agents, that reduces user frustration while improving response times and staff efficiency.

Micro Focus OPTIC users can choose whichever deployment option fits them best, whether in the cloud, in containers, as a service, or on-premises, coupled with and the ability to switch as needed.

Finally, OPTIC is built on modular building blocks and flexible licensing. This helps meet the need for on-demand functionality without any unexpected costs.

Toufic Derbass, managing director for Middle East and Africa for Micro Focus

OPTIC also offers discovery and topology mapping for both cloud and on-premises environments that enable efficient management based on current configurations 10

April 2021

BUILT-IN INTELLIGENCE The embedded intelligence at the core of Micro Focus OPTIC provides broad analysis as it normalises, stores and makes sense of all data produced by the variety of solutions found across IT environments – including most third-party monitoring tools.

With the cloud as a full partner, OPTIC customers can unify performance and availability management while staying flexible with multi-cloud deployment options.

OPTIC components are licensed and installed with Micro Focus ITOM products, providing incremental value to customers as they expand their use.

As digital transformation continues to drive strategic business change, Micro Focus OPTIC is one of the ways Micro Focus helps customers build on what already works while fulfilling its promise of a ‘high tech, low drama’ approach to transformation.

“Now IT teams no longer need to choose between IT best practices and cloud transformation thanks to the embedded intelligence in the Micro Focus OPTIC platform which streamlines digitisation with low drama,” Derbass said.

gulfbusiness.com

ILLUSTRATION: GETTY IMAGES/ALICEMOI

The Brief / Travel

COMMENT

Iman Al-Omrani Deputy chief technology officer, Expo 2020 Dubai

Navigating the Experience Age We have an opportunity to transform and redefine travel by exploring how virtual and real experiences might complement one another

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he challenges and opportunities presented by technologies, transport and travel in this current period – an era dubbed ‘The Experience Age’ – provided the focus of the recent Expo Talks: Travel and Connectivity, during which experts probed how continued advances in the speed, reliability and convergence of technologies have helped rewrite the world that relies on them.

The Information Age’s portfolio of lifechanging technologies is substantial. For example, the smartphone – a computer that can be plucked out of our pockets – revolutionised how we communicate, listen, watch and interact, with an everpresent internet connection that has made

gulfbusiness.com

us constantly available, accompanied by a camera that never leaves our side.

Social media, another outcome of multiple technologies brought together, has further defined the way we communicate, creating a new era of hyper-connectedness while also profoundly re-shaping the internet.

Meanwhile, video and game streaming exploded in popularity, allowing us to access, watch and engage with our favourite content live from the comfort of our homes. And, in case video was not engaging enough, virtual and augmented reality experiences found new avenues into our lives, entering mainstream adoption.

If you’ve ever played Pokémon Go, you’ll

know it was designed to make you move and to take you outside, into the real world.

So it was particularly fascinating when the game was recently changed to better facilitate exploration of the digital environment, during a time when the physical world wasn’t as available. Today, we have a similar and promising opportunity to transform and redefine experiences by exploring how virtual and real experiences might co-exist and complement one another – converging to inform, inspire and entertain, expanding our horizons like never before.

In the near future, such converged experiences or ‘unified worlds’ will increasingly become both an outlet and a tool. The opportunities offered by such a convergence of the digital and physical worlds, and the impact it will create, are significant, making borders and personal finances less restrictive. Digital experiences will be the ultimate destination for those who may not be able to travel in person, allowing them to experience places and spaces virtually. On the other hand, these engaging digital experiences will complement physical spaces by becoming the first port of call of any journey.

As we plan for this reimagined future, we expect travellers and adventure seekers to morph into gamers and internet-globetrotters – embracing this long-term behavioural shift to a digital-first engagement.

From mobile devices, headsets and contact lenses to wearable bands and digital signs, this change will come in forms we have yet to even imagine.

Whether through virtual tours and virtual shopping at a market on the other side of the world, or gaming through physical and digital worlds, these newly-defined experiences are expected to resonate as much as our real-life experiences. And with the potential and agility of such converged technologies to adapt and cater to different purposes, age groups, geographies and languages, and overcome other potentially restrictive factors, The Experience Age is clearly here to stay.

Expo 2020 Dubai will bring together the world to seek and deliver real-life solutions to real-life challenges, and our virtual component is an essential part of this, leveraging technologies to create entirely new experiences. We want to ensure that every visit is special, be it physical or virtual.

April 2021

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The Brief / Finance

they focus on customer lifestyle options with an affordable payment model.

How does it work for vendors and banks?

It offers a disruptive business model for SMEs by connecting customers, banks, and vendors on a unified digital platform. The digital marketplace model enables valU to offer other lifestyle goods and services for customers; allows vendors to on-board and manage their listing and inventory; and facilitates e-commerce with instant lending options for customers.

Based on the analytics of the credit behaviour, the associated banks can set dynamic limits and provide instant credit at the Point of Sale (PoS) to the end customer, whenever and wherever needed.

This enables SMEs to sell smarter, attain better operational efficiency, improve their margins, and boost their business growth.

INTERVIEW

Future lending Mohammed El-Shabrawy El-Feky, CEO of Egyptian fintech valU, backed by EFG-Hermes Finance and supported by JMR Infotech, reveals more details about the company and its plans

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ive us more details about valU. What led you to launch it?

Egypt’s cash-based society is still facing a rough road towards adoption of new technologies that allow financial inclusion. Consumer finance is primarily paper-based, and customers have a card- limit while purchasing goods or services, with limited options for installments.

ValU is seeking to revolutionise the consumer finance segment by offering instant, paperless and more convenient installment options.

The platform offers contextual and real-time engagement with options for the customer to buy online and offline. It combines home-grown algorithms with JMR’s dynamic digital platform, that supports e-commerce and lending. Together, 12

April 2021

VALU IS SEEKING TO REVOLUTIONISE THE CONSUMER FINANCE SEGMENT BY OFFERING INSTANT, PAPERLESS INSTALLMENT OPTIONS ValU acts as an effective growth engine for SME businesses across diverse sectors like automobile, real estate, white goods, manufacturing, education, as well as travel and tourism, in turn contributing to the growth story of the national economy.

How is the platform different from other e-commerce sites?

ValU is a lifestyle enabling solution based on a B2C model that offers customers an ultra-fast loan approval process and focuses on customer-centric sectors.

The instant purchasing power it offers and the option of allowing consumers to purchase online or at a PoS is a key differentiator.

How have your partners – such as JMR Infotech – supported you?

JMR Infotech played a vital role in the journey of valU and has provided complete support in this endeavour, with end-to-end design and implementation of the platform.

While there were challenges during the implementation, these were efficiently handled by the team at JMR, who ensured that the project was completed to our satisfaction, within reasonable timelines. gulfbusiness.com

The Brief / Alan’s Corner

Alan’s Corner Alan O’Neill Change consultant and speaker

Find your North Star

An organisation’s vision and mission statements must provide context for all its decisions and actions

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ailors on the open seas who have no other fixed points for reference, use the stars for navigation. They can find Polaris, one of the brightest stars in the universe, because it neither rises nor sets. The fixed position of this North Star directly above the North Pole is a permanent nightly beacon from dusk to dawn.

What is it that makes global brands so successful and iconic within their own industries? I believe they all have at least one thing in common and it’s not that difficult. With a North Star that is clearly defined and communicated, everyone can navigate from where they are to where they need to be.

At a micro or individual level, that is shaped by a job description and possibly a set of objectives. At an organisational level, it is influenced by annual strategies and tactics. But the overarching long-term compass is the vision and mission of the business.

Many organisations already have vision and mission statements. But how many times have you seen such statements on a website, clearly not being lived in practice? Can you narrate yours without checking it? If not, can you truly say it is being lived? Remember Enron, one of the most famous and biggest corporate collapses in history? Its mission statement declared, “We treat others as we would like to be treated ourselves. Ruthlessness, callousness and arrogance don’t belong here.”

Your vision and mission statements remove ambiguity and provide context for all decisions and actions. These statements also have to be consistent with your proposition and should not just be taglines and logos. Jim Collins in his book Good to Great talks about the Hedgehog Principle. “Regardless of what clever antics the fox gets up to in trying to catch the hedgehog – the ‘stupid hedgehog’ just rolls up into a ball every single time. It never deviates from its core ‘modus operandi’ despite the myriad of different challenges and opportunities it faces.”

Tips on aligning ambition

ILLUSTRATION: GETTY IMAGES/CARGO

Organisations regularly mix and confuse their vision and mission statements. To simplify it, see the vision as an inward target and aspiration that you want to aim for in the future. The mission statement is your external purpose and how you intend to deliver your vision. Both are important and should be linked.

Here are some thoughts to help you shape or revisit your vision and mission.

1. What words would you like your key stakeholders (owner, team, customers, competitors, suppliers, media) to be saying about you in five years’ time?

2. What perception do you want to create in your employees and customers?

3. What is your brand promise? gulfbusiness.com

April 2021

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The Brief / Startups COMMENT

4. What are the core values of your brand that

guide your behaviour and business practices?

5. What are your brand’s distinctive advantages, i.e. your USP? 6. What compelling reasons will your customers have to buy from you?

7. What compelling reasons are there for your own people to be passionate about your brand and really get behind it?

8. What standards of performance excellence will you demand from your people, your processes and your financials?

9. Can you be the best in your market segment?

10. Can you make money from it; is it commercially viable?

When you have listed key words and phrases, craft statements that are unique to you. This is a

WITH A NORTH STAR THAT IS CLEARLY DEFINED AND CONVEYED, EVERYONE CAN NAVIGATE FROM WHERE THEY ARE TO WHERE THEY NEED TO BE

wordsmithing exercise that you may need help with.

Try to keep them short and punchy.

The last word The vision for Selfridges department store in the UK is: “To be the destination for the most extraordinary customer experiences.” And its mission is: “We are here to surprise, amaze and amuse our customers – and everyone is welcome.”

I worked with the Selfridges executive team in developing this. We did it by drawing on its heritage, the ambitions of its current owners and its desired position in the UK marketplace. Refreshing the culture and shaping a strategy (more on those topics in the next issues) fell into place quite easily thereafter.

Check back in here over the next few months and I’ll go into more detail for each of my 7-Steps to Profit.

A N A LY S I S

On wheels

Micro-mobility is stepping up to serve as an essential tool for shorter distances, writes Zainab Mansoor

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ot owning a car in the UAE wasn’t always a viable option some years ago. But as public transportation channels grew steadily, it offered people an alternative to car ownership. This trend has gathered steam in the face of service providers introducing micromobility to the mix.

Micro-mobility offers a host of advantages: Residents can hop onto a singlepassenger vehicle to cover a shorter route in lieu of more crowded transport systems; it can help alleviate the pressure on public transport infrastructures; and attend to a growing pool of people

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April 2021

who require mobility access.

Several companies are leveraging the urban potential in the local and regional transportation space to introduce micromobility services. Berlin-headquartered Tier began its e-scooter service in Dubai last year, following its earlier launch in Abu Dhabi. E-scooters, featuring swappable battery technology, can be accessed via its mobile app. Riders can either use ‘pay-as-you-go’ offered at Dhs1 per minute of usage or opt for a subscription model. The micro-mobility provider expanded to Doha, Qatar earlier this year, servicing a network of more than 90 cities across 11 countries.

Meanwhile, micro-mobility operator Fenix launched in Abu Dhabi in November last year.

Every ride is insured, with personal accident, third-party liability and product liability insurance. Fenix has also introduced a private e-scooter subscription service in the UAE capital starting at Dhs100 per week or Dhs200 per month. It also offers a lease-to-own product – those subscribing to the service for 24 months will own the scooter after that.

Since its launch, the brand has grown across the region and is currently operational in five cities including Abu Dhabi, Ras Al Khaimah and Fujairah in the UAE, Doha in Qatar and Manama in Bahrain.

WHAT NEXT?

By 2050, the world’s population is expected to grow to nearly 10 billion. In the face of escalating growth and aging transport systems, mobility across urban settlements will be tested. Technologies that help introduce innovative mobility solutions will accelerate the adoption of sustainable, alternative transportation methods, and help lead global communities to a cleaner, safer future.

gulfbusiness.com

The Brief / Social Zaib Shadani Managing director of Shadani Consulting

COMMENT

pictures, videos, music, or anything else that can be digitally represented. In a nutshell, they are “oneof-a-kind” assets that only exist in the digital world and have no tangible form of their own. However, they can be freely bought and sold, like any other piece of property, with the NFT acting as a digital certificate of authenticity.

Can I make an NFT (and get rich overnight)?

Painting new horizons

Would you spend $69m on ‘NFT’ art that only exists digitally?

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orld history was made on March 11, 2021 when digital artist Mike Winkelmann aka Beeple, sold a nonfungible token (NFT) artwork for $69m at a Christie’s auction. No painting, print or sculpture exchanged hands; instead, it was a GIF that was sold via a digital transaction that consisted of getting an NFT digital token, also known as ‘bitcoin for art’. While digital art has been around for a while, NFTs have suddenly skyrocketed into mainstream attention, as the hottest new tech must-have.

In theory, absolutely – anyone can tokenise their work to sell it as an NFT. While NFT technology prevents it from being duplicated, there’s nothing that controls who can make an NFT in the first place.

After the success of Beeple at Christie’s, that particular image has already been copied and shared countless times. Moreover, Beeple isn’t the only one to profit from NFTs – Canadian musician Grimes recently sold $6m worth of NFTs; the ‘Nyan cat meme’ sold for $590,000; and a video of a LeBron James slam dunk sold for $208,000. While people cannot hang their purchase over the mantle, it does come with huge ‘bragging rights’, touted as one of the main drivers behind investing in NFTs. If a relatively unknown artist called Beeple can become one of the most important and valuable living artists due to blockchain technology (and the aid of a prominent auction house), what’s stopping us from trying our luck too?

Are NFTs the future of art?

At the moment there is the novelty factor coupled with a sense of scarcity that is making NFTs popular and desirable. However, with major auction houses like Christie’s beginning to take notice and setting global records with their inaugural NFT auction, the question is: Will the rest of the art market follow suit, or wait for the proverbial bubble to burst?

What is an NFT? If bitcoin is a ‘digital currency’, then NFTs are the equivalent when it comes to ‘digital collectables’, especially art. An NFT allows buyers to purchase ownership of a digital good, for example, an artwork, as a unique digital token living on a blockchain. One of the main USP’s of NFTs is that once created, it cannot be duplicated, giving it a similar value proposition as an original artwork.

But it’s not limited to that – NFTs can encompass gulfbusiness.com

‘Everydays: The First 5,000 Days’, by Beeple April 2021

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BRAND VIEW

Calling the right numbers Standing apart and making a mark in the regional telecom industry has been challenging and yet rewarding, states Mountasser Hachem, founder and CEO of Monty Mobile

Can you tell us about Monty Mobile and how it has evolved?

Founded in 1998, Monty Mobile is a leading VAS (value added services) provider and an international SMS wholesale intermediary hub. Headquartered in the UK, in addition to 13 offices operating around the world, Monty Mobile has taken bold steps to drive ahead in a competitive industry.

Despite the fact that mobile network operators (MNOs) are usually inclined towards Western companies in favour of Middle Eastern alternatives, Monty Mobile was able to break this cycle and compete vigorously through its qualified portfolio of products and customised services. Monty Mobile products are not only developed to fulfil industry needs, but also improve MNOs’ performance, help them find new prospects and positively impact the end-customer experience.

Can you elaborate on some of your products and services?

In the last few years, the telecom sector entered a slow period of decline with the wave of digitisation that reshaped the industry landscape. Traditional communication

the industry. The product was released at a critical inflection period, when traditional means of communication were fading out in favour of OTT applications. At the time, mobile operators struggled to keep up with the dynamic market of growing communication channels. Their businesses were being tested from the inside out. Despite utilising their infrastructure network systems to the fullest, revenues were heavily impacted. In other words, this situation created a loophole that was taken advantage of at the cost of mobile operators’ lifespan.

Monty Mobile’s SMS A2P facilitated a major change in the industry by binding the digital OTT world to a mobile operator’s business. Whenever an installed app requires a verification code, the SMS received on a mobile number passes through an operator’s official network routes. This service became possible by integrating the SMS A2P into mobile operators’ systems. OTT applications’ survival became tied to operators’ networks, which is a win-win outcome for both sides.

The application’s intention to reach billions of global users will be fulfilled at a small cost while also adding value for mobile operators.

As a result, SMS A2P ensured this segment a consistent stream of revenue over time.

In addition, our product paved the way to broaden our customer base and reach OTTs and institutional clients.

Also, to deal with rising eSIM-equipped consumer devices and the need to manage the new technology, Monty Mobile launched its Instant Connectivity platform, which enables mobile operators to remotely and effectively supervise their eSIM users. This product enhances their ability to provide subscribers with a wide range of automated and remote services.

Monty Mobile is also the first among our peers to embed artificial intelligence and

The rise of digital communication over the top (OTT) applications prompted Monty Mobile to seek opportunities to address this challenge

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April 2021

services experienced a fundamental shift and systematic regime change in favour of digital omnichannel systems. The rise of digital communication over the top (OTT) applications prompted Monty Mobile to seek opportunities to address this challenge.

We launched our SMS A2P (Application to Peer), which was a key product to help mobile operators monetise their revenues.

It highlighted our ability in discovering new opportunities amidst a stressed phase within

gulfbusiness.com

Left: Mountasser Hachem, founder and CEO of Monty Mobile Opposite page: Mobile operators at Monty Mobile’s RVS8 event in Dubai in November 2019

machine learning in our products.

What kind of security do you offer to your customers against threats and leakages?

Monty Mobile has developed SmartWall, an SMS firewall solution that complements SMS A2P. It protects against any leakages that usually occur in the system.

Firstly, implementing this product reduces

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excessive useless loads on the network and improves its security. Secondly, it stops unauthorised sources and spam threats from reaching the overall structure. As a result, this enhances a network’s performance with zero waste in resources and an increase in revenue for mobile operators, in addition to full protection from messaging abuses at the

subscribers’ level.

How do you deal with competition?

Competition and ensuring differentiation from rivals is challenging in any market. By far, the most dynamic and ruthless is the telecoms industry. What sets Monty Mobile apart from its competitors is the focus on developing our products in-house to serve the clients.

Flexibility – in terms of support, fast integration and customisation of product development – was the first key vehicle that opened the way towards building value in the market. That remains one of our main characteristics. Tailoring our products to meet clients’ needs has also raised long-lasting and trusting relationships with clients internationally. Also, Monty Mobile has never treated mobile operators as clients; instead, they’re served as partners and we treat all of them similarly. Our dedicated professional team, available at all times, is ready to provide any kind of support.

We have established ourselves as a pioneer provider of mobile services globally and our customers can attest the positive experience and the unique service they receive from us.

Looking ahead, what are the future plans for the company?

Monty Mobile was – and continues to be – on the lookout for new opportunities. Telecommunication remains a vital industry that will continue to shape the evolution and growth of mankind. There is a huge potential for future capabilities with a focus on building the future with technology. This has inspired Monty Mobile to also acquire a financial institution to extend our activities in the direction of the growing world of fintech. Fintech services are anticipated to accelerate significantly in the future.

Moving forward, we will continue to look at expanding into new markets and strengthening our position in the existing ones, while also offering our clients great service.

My attitude has always been ‘Never stop dreaming big’.

April 2021

17

The Brief / Q&A INTERVIEW

Reena Vivek Senior executive officer, Zurich Workplace Solution

Explainer: Have workplace savings plans taken off in the GCC? Having a pension solution ensures that the employer sets aside a defined amount on a periodic basis for end of service benefits How popular are workplace savings schemes in the GCC?

Workplace savings schemes aren’t very prevalent in the GCC for expatriate workers. While there are existing labour laws that require employers to pay an end-of-service-gratuity to employees, as companies are not legally obliged to provide this in the form of a pension or workplace savings scheme, a large number of them choose not to put one in place.

In many countries in the GCC, it is mandatory for companies to pay employees an end of service gratuity when they leave employment. This is therefore an ongoing liability for employers, and companies are required to account for this in their books. In a 2019 survey done by Willis Towers Watson, 96 per cent of respondents indicated that they account for end of service benefits (EoSBs) in local books.

However, since there is no legal obligation to fund this liability, a majority (88 per cent) of the organisations indicated that they do not set money aside to pay for EoSBs but settle employees’ benefits as they become due from company assets. This approach can result in: 1. The company being exposed to an unfunded, open-ended liability 2. Non-payment of end of service gratuity to employees – as employers are not legally obliged to provide this in the form of a pension – in situations where an employer is in financial difficulties and/or becomes insolvent 3. Unpredictable cash flows, as payments would need to be made whenever an employee leaves the company Having a workplace savings plan or a pension solution ensures that the employer sets aside a defined amount on a periodic basis towards their EoSB liabilities.

This approach eliminates the risks associated with lack of funding, and where such a plan is held in trust, the end of service gratuity amount is 18

April 2021

ILLUSTRATION: GETTY IMAGES/FILO

How exactly do they work and how do they benefit businesses?

protected from creditors, in the event of insolvency or bankruptcy of the employer.

The existence of such plans within an organisation also provides clarity, increases transparency and builds employee confidence, and this is often considered a tool for attracting and retaining talent in a competitive environment.

In this region, which has a huge influx of expatriates, would they prove more or less favourable?

Schemes of this nature are particularly favoured by expatriates as they align with global best practices.

We have seen that an increasing number of expats gulfbusiness.com

The Brief / Q&A INTERVIEW

tend to remain longer than they might initially plan to in this region, and in conjunction with the recent measures to encourage expats to stay longer, we can expect a change in the attitude towards long-term savings and a stronger culture of financial preparedness. When this happens, it is critical that they can get easy and quick access to savings solutions that are suitable for their needs.

An employer that provides such a facility, through a workplace savings scheme, is providing them with a regulated and credible means to save for their retirement.

In companies where such schemes don’t exist, employees are exposed to the risk of non-payment with limited remedial options, especially if they do not have the financial means to take a legal route in instances where an employer fails to fulfill its end of service gratuity obligations.

Dubai’s DIFC DEWS plan was launched last year – how has it worked so far?

As DEWS, the region’s first fully-regulated employee savings plan, celebrates its first anniversary, the

WITH THE MEASURES TO ENCOURAGE EXPATS TO STAY LONGER, WE CAN EXPECT A CHANGE IN THE ATTITUDE TOWARDS LONG-TERM SAVINGS

plan has enrolled 19,182 members from 1,187 of DIFC’s firms and now has $127m of assets under management. The scheme has successfully turned an unfunded liability into a recognisable and secure benefit.

The success of the initiative can be attributed largely to the simplicity of the plan and digital enablement, ultimately reducing the administrative burden on employers and empowering members to secure their financial future.

The growing number of employees making voluntary contributions into the plan is a clear sign of the positive impact DEWS has had in encouraging regular savings.

Looking ahead, do you expect more pension plans or workplace savings schemes to be set up in the GCC?

The success of DEWS and the overwhelmingly positive feedback indicates that this is a welcome change and one that should now be considered as a bestpractice and extended beyond the DIFC. We are confident that it will encourage more employers to consider similar solutions for their employees.

BRAND VIEW

Primed for growth Abu Dhabi-based Yas Holding is rapidly expanding its portfolio across key sectors such as healthcare, education and technology. Group CEO Murshed Al Redaini reveals how the company has tackled the Covid crisis and its ambitious plans for the future

H

ow has the year started off for Yas Holding?

It has been a hectic start to the year. At Yas Holding, 2021 is critical for us to be well-positioned for growth in the coming years. Our team has been busy activating strategic initiatives, including acquisitions and expansion.

Thankfully, we seem to be on course for succeeding in our goals for the year.

While we are yet to exit the Covid crisis, have you seen the situation improve as compared to 2020?

Although the improvement has not been pronounced, there is enhanced optimism triggered by the advent of vaccines. The UAE’s pioneering role in this area has given our country a competitive edge in the regional business landscape. We are already sensing substantial traction in priority industries such as healthcare, education and technology.

Yas Holding was at the forefront, contributing actively to the UAE’s rapid response, most notably across our food, healthcare, education, agriculture and distribution capabilities. And, since the Covid-19 outbreak began, we have been adapting our operations and our services to better cater to the changing needs of our customers.

By scaling up our operations, developing new solutions and platforms, in addition to adjusting to regulatory directives, we responded to the challenges we faced with speed and agility. We are proud of our team that accomplished

this under difficult circumstances.

Last month, you completed the acquisition of a majority stake in the Dubai-based manufacturing facility of Geltec Healthcare. What are your expectations from the deal?

This is an important acquisition that provides us with the unique capability to manufacture up to 1.5 billion units per annum of soft gelatine capsules and gelatine enrobed tablets.

We expect the Dubai-based manufacturing facility of Geltec Healthcare to complement the Global One Healthcare portfolio, bringing further strength and value chain potential to the fore through our capability. Geltec Healthcare’s Dubai facility is also one of the largest soft gelatine capsule manufacturing and packaging facilities in the region, and most importantly has the scope to expand into various other dosage forms. Through this facility, we aim to produce several products locally that would substitute imports into the UAE, making us a leading regional supplier in this segment.

You also invested in biopharma Alvotech in November 2019. Do you see strong prospects within the sector?

Yes, it’s the main growth driver in the generic space, given the cost containment measures adopted by payers worldwide.

We are quite optimistic about the prospects of these innovative products and are keenly seeking further strategic investments in this area. Alvotech was an initiative in this direction that gave Yas Holding

“Given the inherent strengths of the UAE and its able leadership, we are hopeful that the recovery here will be quicker than in other economies” 20

April 2021

access to biosimilars aimed at treating severe immune and inflammatory conditions. The biosimilars will improve both access to treatments and the quality of life for patients in our region. Alvotech’s fully integrated vertical platform can support new products each year, which will create a substantial portfolio of high-quality, high-value products.

Which are your other focus sectors at present?

Our other focus sectors include agriculture, food, FMCG, education and technology.

We are also holding firm on our strategy of identifying and incubating new investment initiatives, as part of our broader mission to be a leader in the investment and innovation enterprise space.

The group is investing in both local and international markets and is focused firmly on opportunities that will help us to grow, diversify and build knowledge, skills, and technology.

For instance, in the food sector, our products are fresh, safe and trusted – including our home-grown UAE-operated ultra-fresh dairy Marmum and Elite Fresh, the market-leading local producer of fresh vegetables and fruits.

We are also particularly proud of our full-solution online education suite that is provided to thousands of teachers and students through Nebras Education’s SAAS platform – that transforms the way education is delivered in an ever-changing hightech environment.

Further, Yas Holding is working on an impressive pipeline of acquisitions that would complement our present business portfolio.

With operations globally, any regions that you are more bullish about when it comes to acquisitions?

Our strategy is to focus on expanding our footprint within the countries that we operate in to create scale and diversity, with gulfbusiness.com

Murshed Al Redaini, Group CEO, Yas Holding

pool of talent to achieve our aspirations.

Looking ahead, what are your expectations about the local economy?

When will it recover from the crisis?

Given the inherent strengths of the UAE and its able leadership, we are hopeful that the recovery here will be quicker than in other economies. Our close alignment with the country’s goals provides us with the opportunity to invest in its future with confidence.

While it is difficult to predict the timing, at Yas Holding we tend to focus on the longerterm when we make investment calls. Our aim is to emerge strong and capable from the crisis and be an exemplary leader in the identified sectors.

Lastly, what are the longer-term plans for the company?

the UAE – and the wider region – being our first priority. That said, we continue to be open to attractive opportunities that have a strong strategic fit with our ambitions.

In the past few years, for example, Yas Holding has invested across the Middle East and internationally – including in Europe, Africa and Asia.

Yas Holding currently has over 60 companies in its portfolio with 7,500 employees – is that likely to change substantially in the near future?

We are completing a portfolio review to gulfbusiness.com

explore the optimal way to operate our businesses. Our goal is to build upon our industry sector priorities and our expertise while also driving efficiencies across similar industries. As part of this, we are taking a customer-first perspective and reviewing how our customers want to do business with us, across multiple sectors.

At Yas Holding, we also have a highly skilled and experienced leadership team who are driving the organisation towards its ambitious goals. We are also focused on retention and recruiting a highly-skilled

Yas Holding seeks to be at the forefront of the UAE’s industrial strategy, supporting Operation 300bn, led by the UAE’s Ministry of Industry and Advanced Technology.

We strive to create a portfolio of thriving and sustainable businesses and be recognised as a successful investment company known for its innovation and pursuit of quality. As I said earlier, our sector focus at Yas Holding is on healthcare, education, agriculture and technology, all of which align with the industrial, self-sufficiency and sustainability aspirations of the UAE. April 2021

21

The Brief / Infographics

Securing a meal

Top food-secure countries Performance of countries based on their 2020 food security score

Access to safe, adequate and nutritious food for people is imperative to eradicating malnutrition

85.3

2. Ireland

83.8

3. Netherlands

79.9

4. Austria

79.4

5. Czech Republic

78.6

IN THE GCC

Food access Prevalence of food insecurity – both moderate and severe – has increased across the world

1. Finland

33. Kuwait

70.7

34. Oman

70.2

37. Qatar

69.6

38. Saudi Arabia

69.5

42. UAE

68.3 SOURCE: THE ECONOMIST GLOBAL FOOD SECURITY INDEX

1.03bn 51.34%

ASIA

674.5m 33.7%

SOURCE: FAO THE STATE OF FOOD SECURITY AND NUTRITION IN THE WORLD 2020

AFRICA

2 billion

people across the world were affected by moderate or severe food insecurity in 2019, with no regular access to safe and healthy food 25.9% of the global population

FOOD INSECURITY BREAKDOWN BY REGION Severe

32.6%

Moderate

Food secure

22.1%

13.1%

19%

9.2%

9.6%

AFRICA

ASIA

48.4%

77.7%

LATIN AMERICA AND THE CARIBBEAN

68.3%

6.8% 9.7% 4.2%

5.9m

NORTH AMERICA AND EUROPE

OCEANIA

86.1%

1.1%

92.1%

0.29%

OCEANIA

88.1m 4.4%

NORTH AMERICA AND EUROPE 22

April 2021

205.3m 10.26%

LATIN AMERICA AND THE CARIBBEAN gulfbusiness.com

Millions in hunger

Bleak outlook The hunger scale will tip substantially towards Africa going forward

Prevalence of undernourishment in the world (2019)

687.8 million

Undernourished people globally

Africa

Latin America and the Caribbean

Asia

Rest of the world

ASIA

381.1 million

36.4%

6.9%

2019

AFRICA

250.3 million

55.4% OCEANIA

2.4 million

LATIN AMERICA AND THE CARIBBEAN

51.5%

47.7 million

NOTE. North America and Europe are not reported as the prevalence is less than 2.5%

2030** 7.9%

REGIONS WITH THE MOST NUMBER OF UNDERNOURISHED PEOPLE 2019*

2030**

117.9m 257.3m

Eastern Africa

64.7m

Southern Asia

191.6m

Southeast Asia

203.6

Eastern Africa

118.8m

Southern Asia

39.1%

Western Africa

*Projected values. **The projections up to 2030 do not reflect the potential impact of the Covid-19 pandemic

Children in the balance

The pandemic effect Prevalence of undernourishment in three scenarios

Seven subregions out of 17 had high or very high prevalence of stunting in 2019 >30% (very high)

20 – <30% (high)

10 – <20% (medium)

2.5 – <10% (low)

<2.5% (very low)

No data

Pre-Covid scenario Scenario 1: World economic growth of -4.9% in 2020 and +5.4% in 2021 Scenario 2: World economic growth of -7% in 2020 and +3.3% in 2021 Scenario 3: World economic growth of -10% in 2020 and +0.3% in 2021

Northern America 2.6%

Central America 12.6%

Western Asia Northern 12.7% Africa 17.6%

Western Africa 27.7%

of children under 5 years of age were stunted in 2019

South America 7.3%

Eastern Africa 34.5%

MILLIONS

Eastern Asia 4.5%

909

900

879

Caribbean 8.1%

Middle Africa 31.5%

21.3%

Central Asia 9.9%

Southern Asia 31.7%

Southeastern Asia 24.7%

800

765.5

798.4 778.3

739.5 721.7

Oceania 38.4%

Southern Africa 29% *Eastern Asia excluding Japan. Oceania excluding Australia and New Zealand. Northern America subregional average based on US data. There is no estimate available for the subregions of Europe or Australia and New Zealand due to insufficient population coverage

700

687.8

659.7

704.3

600

2019

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860.3 841.4

827.9

2020

2021

2030

April 2021

23

The Brief / Lightbox

An aerial image taken on March 27, 2021 shows stranded ships waiting in queue to cross the Suez Canal, which was blocked by container ship Ever Given. The ship got wedged sideways on March 23 and was released on March 29. The crisis caused huge backlogs and forced some companies to re-route services 24

April 2021

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April 2021

25

PHOTO: MAHMOUD KHALED/AFP VIA GETTY IMAGES

BRAND VIEW

Doors wide open Elie Milky, vice president - Business Development, Radisson Hotel Group, Middle East, Cyprus, Greece and Pakistan, charts the expansion plans for the group within the region

G

ive us an overview of Radisson’s development plans within the Middle East?

The UAE and Saudi Arabia remain to be key development areas as we continue to grow our portfolio in relevant locations within those mega markets. Dubai and Abu Dhabi lead the investment and branding activities in the UAE, while Saudi Arabia thrives with opportunities in Riyadh, Jeddah, the holy cities of Maakah and Madinah, and its giga-developments. The recent launch of the Saudi Tourism Development fund, unlocking $43bn in financing support for tourism projects across the kingdom, will be a catalyst for further growth in the country.

Above: Elie Milky, vice president - Business Development, Radisson Hotel Group, Middle East, Cyprus, Greece and Pakistan

Is the region oversupplied and is there still scope for new hotels to open?

We need to remember that the Middle East is an emerging market. Whilst there are markets such as the UAE, which are heading up the development, there are also many sub areas which are only starting. Looking at the UAE, there is still an under-supply for more affordable resorts or budget hotels, as well as branded serviced apartments. But if we compare Dubai to Saudi Arabia, the entire market of Saudi Arabia has fewer rooms than Dubai alone. Qatar, for example, still lacks supply in more affordable branded supply and the list continues.

What is the new Radisson Individuals brand all about?

Radisson Individuals is our response to a market that is becoming relatively mature and as a conversion solution for unique, independent hotels and serviced apartments looking to benefit from a brand affiliation. It is also for owners looking to brand their properties under one of our core brands, where they could benefit from our affiliation while they undergo a renovation. We continue to work towards becoming more relevant to changing owner needs and to remaining one of the best conversion-friendly partners in the industry.

How severely has the pandemic affected Radisson’s business?

The pandemic propelled parties into unprecedented dialogue with owners as the market

26 June 2020

Left: Park Inn by Radisson, Jeddah Madinah Road

struggled to react to airport closures, quarantines and lockdowns. We tried to tackle cash flow issues, conduct stringent cost exercises and launch hygiene initiatives. For us at Radisson Hotel Group, our focus remains on adjusting our short- and long-term plans to cope with the rapid changes. With that one of our highest priorities will remain to be the continued health, safety, and security of our guests, team members and business partners, and ensuring that the recently launched Radisson Hotels Safety Protocol is implemented across all our hotels.

Should investors continue actively looking at the hospitality industry?

I believe in hospitality real estate. It’s a unique asset class that can be dissected into different types of investment models for investors to choose from. Investing in a luxury hotel in Dubai or in Doha or even in Muscat, for instance, may be risky due to oversupply within that category. Investors should be able to identify gaps within the hospitality investment landscape such as affordable lifestyle

hotels in most markets of the region, a scale of budget and midscale hotels across major cities, affordable beach resorts in saturated markets, branded serviced apartments in most countries, and the list goes on.

What are some of the plans you have for 2021? Will you focus more on serviced apartments as compared to hotels this year?

Serviced apartments remain at the heart of our expansion drive, not only in the Middle East, but across EMEA. That’s our group strategy since we recently launched and formalised this proposition for our investors, a product we have had in our portfolio for 20 years. Our competitive value proposition, which offers an attractive development cost, real estate efficiency, state-of-the-art design, strategic positioning, and high profitability margins, is already starting to gain interest from investors in the market. This, along with resorts and conversion/branding opportunities, leads our development drive for 2021 and beyond.

gulfbusiness.com

ARAB POWER LIST

I

t’s hard to describe the year we have faced. The Covid19 pandemic has shattered economies and livelihoods on one hand and yet, on the other, it has also transformed and revolutionised technologies and ways of living and working.

Accordingly, since the 2020 list was published, we have seen huge shifts in the fortunes of several business stalwarts on the Gulf Business Arab Power List.

While some leaders have managed to steer their companies to not just survive the tough year, but also emerge successful, others have played a key role in driving philanthropic efforts to support the vulnerable during the crisis. Yet others have innovated to take a leap out of this world – quite literally.

This year’s list also welcomes 28 new entrants, including eight from Qatar. We also lead the list this year commemorating a certain group for the enormous power they have yielded.

Receiving the special mention – ahead of number one – are the countless number of frontline heroes who saved and protected lives – sometimes at the cost of their own.

METHODOLOGY Gulf Business looked at the events of 2020 and judged each individual case on the basis of four criteria: financial capital, human capital, expansion plans and personal fame levels.

In general, Gulf Business has excluded politicians and royalty, unless the contenders have a strong leaning towards business activity. We have included Arabs from across the world.

Covid-19 frontline heroes

A tiny virus has dominated our lives in the past year in a way we never deemed plausible. From a nondescript market in China, the coronavirus proliferated rapidly, jumping from one host to another, wreaking havoc from one continent to the next. For humanity, the warriors and superheroes this time came in the form of healthcare workers and vital sector operators, who risked their lives to protect and support us.

While recognition has come to them in many ways, words simply do not suffice to acknowledge the power they have wielded in this crisis.

To all the frontline workers who lost their lives, those who have sacrificed precious time with their families, those who have gone above and beyond what was required of them purely in the name of humanity, we salute you.

28

01

Origin: KSA Residence: KSA Sector: Diversified 2020 rank: 1

Yasir Al-Rumayyan Chairman, Aramco/Governor, PIF

In what has been an incredibly tough year, one person who has been keenly investigating opportunities – backed by a massive pool of resources – is Yasir AlRumayyan, the governor and board member of the Saudi Public Investment Fund (PIF). The kingdom’s sovereign wealth fund – among the world’s largest with roughly $400bn in assets – has been frequently making headlines as it snaps up investments in diverse sectors including video games and fintech. Al-Rumayyan has also pledged that the fund will invest $40bn annually in the kingdom to boost the economy.

Also chairman of the world’s biggest oil producer Saudi Aramco, Al-Rumayyan confirmed last month that the company still intends to sell more shares following its historic IPO in 2019, when it sold less than 2 per cent of its shares and raised $29.4bn.

A close aide of Saudi Crown Prince Mohammed bin Salman, Al-Rumayyan also serves on the boards of SoftBank Group and Uber and chairs Sanabil Investments.

As Saudi Arabia embarks further on its ambitious Vision 2030 agenda, Al-Rumayyan will play a significant role in making that vision a reality.

ARAB POWER LIST

02

03

Origin: UAE Residence: UAE 2020 rank: 7

Sector: Energy

Dr Sultan Al Jaber CEO and managing director, ADNOC Group

In a climate where international oil companies are slashing their spending plans, state-owned Abu Dhabi National Oil Company (ADNOC) announced in November that it aims to spend $122bn between 2021 and 2025 on growth projects, including ramping up production capacity to 5 million bpd by 2030. From creating regional and international partnerships to diversifying its product and service portfolio and exploring opportunities in hydrogen and ammonia production – ADNOC’s CEO and MD Dr Sultan Al Jaber has notably risen on our list this year for driving the company’s impressive strategy. Along with expansion, he is also driving its sustainability agenda, with ADNOC set to lower its carbon intensity by 25 per cent by 2030. The UAE’s Minister of Industry and Advanced Technology and a Cabinet member, Al Jaber also chairs clean energy company Masdar, the National Media Council and the Abu Dhabi Media Company.

Origin: UAE Residence: UAE 2020 rank: 2

Sector: Diversified

HH Sheikh Ahmed bin Saeed Al Maktoum Chairman, Emirates Group/Emirates NBD

The aviation industry was among the hardest hit by the crisis and yet Dubai flagship carrier Emirates played the critical role of transporting stranded citizens while also seeking to gradually reopen routes. At the helm, Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Group, has been instrumental in ensuring the airline’s return to the skies.

As the chairman of Dubai Airports, Dubai’s biggest bank Emirates NBD and conglomerate Dubai Holding, Sheikh Ahmed has also been key in ensuring Dubai’s economic revival following the Covid-19 lockdown last year. In his role as the chairman of the Dubai Expo 2020 Higher Committee, he is supervising the preparations for the mega six-month event set to begin in October.

04

Origin: Lebanon/ Mexico Residence: Mexico Sector: Telecoms 2020 rank: 3

Carlos Slim Helú Honorary chairman, America Movil

Having recovered from Covid-19 earlier this year, Carlos Slim Helú, 81, through his foundation, has been playing a key role in helping the rollout of the coronavirus vaccination in Latin America.

Helú’s foundation said in August that it would fund production of the AstraZeneca/Oxford University vaccine in Mexico and Argentina for distribution in Latin America. Mexico’s richest man, worth an estimated $62bn, Helú owns America Movil, the biggest mobile telecom firm in Latin America. He also owns stakes in construction, banking and mining businesses and continues to exert significant power and influence.

05

NEW

Origin: Qatar Residence: Qatar Sector: Diversified

Saad Sherida Al-Kaabi President and CEO, Qatar Petroleum/ Chairman and MD, Industries Qatar

As the head of two of Qatar’s most important business assets, Qatar Petroleum (QP) – the world’s top liquefied natural gas (LNG) producer, and Industries Qatar, Al-Kaabi has a huge role to play in shaping the growth of the Gulf state’s economy. Having joined QP in 1986 as a student, he eventually climbed the ladder to lead the company in 2014. In November 2018, he was also appointed Minister of State for Energy Affairs and QP’s deputy chairman. He is currently leading QP’s mega $28.75bn North Field East (NFE) project, said to be the world’s largest LNG project ever.

29

ARAB POWER LIST

06

Origin: UAE Residence: UAE Sector: Diversified 2020 rank: 8

Khaldoon Khalifa Al Mubarak CEO and managing director, Mubadala Investment

Leading Abu Dhabi’s diversification agenda is sovereign wealth fund Mubadala Investment, headed by Al Mubarak, which manages more than an estimated $232bn in assets. He also chairs the Emirates Nuclear Energy Corporation, Emirates Global Aluminium and Abu Dhabi Commercial Bank. Al Mubarak’s also made a big impact as the chair of Manchester City FC. As the club’s former star Pablo Zabaleta told Daily Mirror: “Khaldoon makes every player feel part of the family. He’s a great man who has played the most important role in City’s success.”

08

Origin: UAE Residence: UAE Sector: Science and Technology

2020 rank: 26

Sarah bint Yousif Al Amiri Minister of State for Advanced Technology/ Chairwoman, UAE Space Agency

Fulfilling the ambitions of the UAE and the entire Arab region, the UAE’s Hope Probe, which successfully entered into the Mars orbit on February 9, was a celebration of the region’s abilities and aspirations. And leading from the front was the UAE’s Minister of State for Advanced Technology and the chairwoman of the UAE Space Agency, Al Amiri, who also secured a spot in the 2021 Time100 Next list. Overseeing the agency’s mandate of guiding the space sector and its future missions, Al Amiri will be instrumental in the country’s technological developments on Earth and beyond.

07

Origin: KSA Residence: KSA Sector: Energy 2020 rank: 10

Amin Nasser President and CEO, Aramco

Calling the pandemic the “biggest crisis in a century” for the oil industry at a recent conference, Amin Nasser, CEO of the world’s biggest oil producer, however stressed that he was optimistic about demand recovering this year. He is also leading Saudi Aramco’s diversification into hydrogen and ammonia – it made the world’s first blue ammonia shipment from Saudi Arabia to Japan for use in power generation in 2020. In April last year, Aramco also achieved the highest single day crude oil production in its history, reaching up to 12.1 million barrels per day.

30

09

Origin: UAE Residence: UAE Sector: Energy 2020 rank: 56

Mohamed Al Hammadi CEO, Emirates Nuclear Energy Corporation

ENEC, led by Al Hammadi, announced in March 2020 that the Barakah nuclear power plant had become operational, making the UAE the first country in the Arab world to become a nuclear power. Once all four reactors are operational, the 5.6GW of power generated will meet 25 per cent of the UAE’s electricity needs. Significantly, the UAE was also re-elected to the board of governors of the International Atomic Energy Agency (IAEA) in September. Tasked with developing plans for a peaceful nuclear energy programme and non-regulatory infrastructure in the country, Al Hammadi will continue to play a big role in growing this sector.

ARAB POWER LIST

10 Origin: KSA

Residence: KSA S: Finance

2020 rank: 9

HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud Chairman, Kingdom Holding Company

While the Saudi businessman’s Kingdom Holding has not been much in the news, the humanitarian organisation he chairs, Alwaleed Philanthropies has taken several initiatives in the past year including the allocation of up to $30m on various projects to combat the Covid-19 pandemic. It has also taken up educational and housing projects in Yemen. Meanwhile his independent record label, Rotana Music, also announced in February that it had received an undisclosed amount of investment from Warner Music Group (WMG). The deal will see Rotana’s music released outside the region to a global audience.

11

12

13

Mohamed Alabbar

Sultan Ahmed bin Sulayem

Hassan Al Thawadi

Origin: UAE Residence: UAE Sector: Real Estate/ Retail 2020 rank: 6

Founder, Emaar/Noon.com

The Covid-19 pandemic gave an unexpected impetus to the e-commerce industry and regional online retailer noon.com rose up to the occasion. From launching grocery platform noon Daily and on-demand app nownow during the lockdown in 2020 to opening a massive new customer fulfilment facility in EZDubai this year, Alabbar has driven the platform’s growth. In line with adapting to the changing times, Alabbar’s Emaar announced plans earlier this year to merge its properties and malls divisions to improve liquidity and maximise earnings. In July, Emaar also suspended the use of all job titles as part of measures aimed at focusing on ‘talent not titles’.

Origin: UAE Residence: UAE Sector: Logistics 2020 rank: 12

Chairman and CEO, DP World / Chairman, Virgin Hyperloop One

“Humanity will only defeat coronavirus if vaccines can be distributed everywhere,” Sultan Ahmed bin Sulayem said following the formation of the Dubai Vaccines Logistics Alliance – of which DP World is a member – to speed up the global distribution of Covid-19 vaccines. Sulayem has also led DP World’s rapid growth in the past year – from signing a $1.2bn agreement with Maspion Group for a port and logistics park in Indonesia, to partnering with Israel’s Leumi Bank. Sulayem also chairs Virgin Hyperloop One; Dubai’s Ports, Customs and Free Zone Corporation; and the Dubai Chamber of International Trade.

NEW

Origin: Qatar Residence: Qatar Sector: Sports

Chairman, Qatar 2022 FIFA World Cup

Al Thawadi, who was instrumental in bringing the 2022 FIFA World Cup to Qatar, is now overseeing all the preparations for its successful delivery. Set to be the first World Cup ever to be held in the Arab world, the tournament hopes to attract about a million fans to Qatar.

Along with his roles as the secretary general of the Supreme Committee for Delivery and Legacy and the chairman of Qatar 2022 FIFA World Cup – the joint venture between FIFA and the SC responsible for organising and staging the event – Al Thawadi also serves on boards at Katara Hospitality and Qatar International Islamic Bank, among others.

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ARAB POWER LIST

14

Origin: UAE Residence: UAE Sector: Diversified 2020 rank: 14

Reem Al Hashimy Director general, Expo 2020 Dubai

Leading the preparations to host Expo 2020 Dubai – ‘the world’s greatest show’ later this year is director general Reem Al Hashimy, following a postponement from last year due to the Covid19 crisis. By the time the event opens in October, there will be an even greater interest in challenges around sustainability, mobility and innovation – all of which the six-month event seeks to explore and address. Away from the Expo, Hashimy also serves as the UAE Minister of State for International Cooperation and chairs the UAE National Committee on Sustainable Development Goals and philanthropic association Dubai Cares.

15

16

17

Yousef Abdullah Al Benyan

Lubna Suliman Olayan

Mansoor Ebrahim Al-Mahmoud

Origin: KSA Residence: KSA Sector: Industry 2020 rank: 17

Vice chairman and CEO, SABIC

Serving as the chair of the Business Twenty (B20) Saudi Arabia, Yousef Al Benyan led the two-day talks in the kingdom in October as global business leaders discussed and made policy recommendations to the G20 to reinvigorate the global economy and ensure inclusive growth. Meanwhile he also led petrochemicals heavyweight SABIC to post a profit in 2020, beating analyst expectations of a loss.

SABIC is “cautiously optimistic” for a gradual recovery in the year ahead, he said. Al Benyan also chairs Yansab, Nusaned and the Gulf Petrochemicals and Chemicals Association (GPCA).

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Origin: KSA Residence: KSA Sector: Finance 2020 rank: 11

Chairperson, Saudi British Bank

Lubna Olayan, one of the region’s most influential businesswomen and the chairperson of Saudi British Bank (SABB) led the bank’s successful integration with Alawwal Bank, following their merger in 2018. Olayan became the first woman to chair a Saudi-listed company when she took on the role in 2018 and was reappointed for a threeyear term in January 2020. A strong propagator for women empowerment in the kingdom, Olayan served as CEO of Olayan Financing Company for over 35 years, and presently chairs its executive committee and the Olayan Saudi Holding Company. She also serves as a board member of Schlumberger.

NEW

Origin: Qatar Residence: Qatar Sector: Finance

CEO, Qatar Investment Authority

Al-Mahmoud assumed the CEO role of Qatar Investment Authority in 2018.

He was previously the head of risk management at QIA and is now helping navigate one of the world’s largest sovereign wealth funds, which manages around $300bn in assets and ranks as the world’s 11th largest by total assets, according to the Sovereign Wealth Fund Institute. The fund is looking at deals in Asia to diversify its investment portfolio, according to a Bloomberg report in January this year.

Al-Mahmoud is also a board member at Qatar National Bank.

ARAB POWER LIST

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19

Abdul Aziz Al Ghurair

Abdulla Mubarak Al-Khalifa

Mohammed Ibrahim Al Shaibani

Chairman, Mashreq

Group CEO, Qatar National Bank

Executive director and CEO, Investment Corporation of Dubai

NEW

Origin: Qatar Residence: Qatar Sector: Finance

Origin: UAE Residence: UAE Sector: Finance 2020 rank: 13

Origin: UAE Residence: UAE Sector: Finance 2020 rank: 15

The pandemic saw many philanthropists undertake major initiatives to support those most in need, and Abdul Aziz Al Ghurair was no exception.

In April 2020, he launched the Abdul Aziz Al Ghurair Covid19 Online Learning Fund for Refugee Education to support the education of refugees severely affected by the pandemic. A prominent player in the UAE’s banking industry, Al Ghurair serves as the chairman of Mashreq bank, the UAE Banks Federation and was also appointed in March as the chairman of Dubai Chamber.

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The biggest lender in the GCC, Qatar National Bank surpassed QAR1 trillion in total assets for the first time in its history, while its net profit for 2020 equalled QAR12bn. In H2 2020, the bank issued its first green bond at the London Stock Exchange. Al-Khalifa, who rose through the ranks to become the bank’s group CEO, also serves as a board member for telecoms company Ooredoo. As the regional banking sector continues to reinvent itself, the CEO will play a lead role in positioning the lender for future growth opportunities.

While the Investment Corporation of Dubai (ICD), which has holdings in major Dubai entities including Emirates, Emirates NBD and Emaar Properties, posted a first half loss for the fiscal year 2020-2021 due to the Covid crisis, Shaibani, at the helm, stressed that its portfolio of companies have adapted operations to reduce costs. Outside ICD, Al Shaibani also serves as the director general of the Dubai Ruler’s Court, chairman of Meydan, Nakheel and Dubai Islamic Bank and as the deputy chairman of Expo 2020 Dubai.

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NEW

Origin: UAE Residence: UAE Sector: Finance

Origin: UAE Residence: UAE Sector: Finance 2020 rank: 22

Hana Al Rostamani

Essa Kazim

Group CEO, First Abu Dhabi Bank

Governor, DIFC/Chairman, DFM

Appointed recently to head the GCC’s second biggest lender, First Abu Dhabi Bank, Hana Al Rostamani is the bank’s first female CEO. The bank recently approved cash dividends worth Dhs8.08bn for 2020, while reporting a full year net profit of Dhs10.6bn despite economic headwinds. Tucking more than two decades of banking and financial services’ experience under her belt, Al Rostamani is also a board member of the AW Rostamani Group. As the local and regional banking sector continues to reinvent itself, Al Rostamani will build on the momentum and steer the country’ largest bank forward.

In a tough year, the Dubai International Financial Centre managed to record its best-ever performance in 2020, noting a 20 per cent increase in the number of new firms to 2,919. Its governor Essa Kazim stressed that the centre will continue to see growth this year despite the pandemic. The chairman of the Dubai Financial Market also recently announced that the bourse’s net profit for 2020 rose by 14 per cent on the back of increased trading. Kazim, who also serves as the deputy chairman of the Supreme Legislation Committee in Dubai, is playing a key role in positioning Dubai as a global financial hub.

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ARAB POWER LIST

23

Origin: KSA Residence: KSA Sector: Finance 2020 rank: 24

Saeed bin Mohammed Al Ghamdi Managing director and Group CEO, Saudi National Bank

Leading the merger of Saudi banks National Commercial Bank (NCB) and Samba to form the kingdom’s biggest lender, Saudi National Bank, Al Ghamdi who was the chairman of NCB, will now serve as the MD and group CEO of the new entity, which will have total assets of over $220bn.

The merger will create a “clear national champion that will transform the local banking sector”, Al Ghamdi said. A veteran in the kingdom’s banking and finance space, he also previously served as an advisor to the governor of the Saudi Arabian Monetary Authority (SAMA).

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Origin: KSA Residence: KSA Sector: Tourism 2020 rank: 20

Ahmed Aqeel Al-Khateeb Chairman, Saudi Tourism Authority

Stunning images of Saudi Arabia’s AlUla have now started to become a big allure for visitors – although the pandemic did stop international tourists from visiting it. As the Minister of Tourism and chairman of the Saudi Tourism Authority, Al Khateeb is leading the kingdom’s ambitious tourism agenda. His work also spans Saudi Arabia’s other critical sectors including military, foreign direct investment and commerce, through his positions as the chairman of the Saudi Arabian Military Industries (SAMI) and the Saudi Fund for Development (SFD). He is also a board member of the kingdom’s Public Investment Fund (PIF).

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Origin: KSA Residence: Austria/ UK Sector: Diversified 2020 rank: 18

Mohamed bin Issa Al Jaber

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Chairman and CEO, MBI International Origin: Egypt Residence: UK 2020 rank: 19

Sector: Sports

Mohamed Salah Footballer, Liverpool FC

Nicknamed the ‘Egyptian king’, Mohamed Salah had his country cheering last July as he became the first Egyptian to collect an English Premier League winner medal – draped in the country’s flag – after his team Liverpool won the title following a 30-year hiatus. While the club’s current season has not been stellar so far and there has been speculation that he might leave the club, Salah has firmly established himself as the face of Arab football. Salah is also a huge benefactor for his hometown of Nagrig in Egypt, having donated a new ambulance centre in July and oxygen cylinders to the main hospital in January.

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Mohamed Al Jaber oversees the diversified MBI International Holding Group with a combined asset value of an estimated $9bn, which includes JJW Hotels and Resorts, oil company Continentoil, Jadawel International Construction, and food processing group Ajwa. Al Jaber is also the chairman of the MBI Al Jaber Foundation, which in April 2020 announced a “significant donation” towards the construction of a research facility at the London School of Hygiene and Tropical Medicine focusing on epidemiology and infectious diseases.

ARAB POWER LIST

27

Origin: UAE Residence: UAE Sector: Diversified 2020 rank: 27

Mohamed Khalifa Al Mubarak Chairman, Department of Culture and Tourism – Abu Dhabi/ Aldar Properties

A man with several hats, Al Mubarak fulfills multiple responsibilities with aplomb – besides being a member of the Executive Council of Abu Dhabi, he leads Aldar Properties as chairman, which reported a net profit of Dhs1.93bn in 2020. Aldar also unveiled its new group operating model in January this year, to drive its next phase of growth.

Meanwhile, as chairman of the Department of Culture and Tourism - Abu Dhabi, Al Mubarak oversees the emirate’s development as a cultural and tourist hotspot.

He also serves as the chairman of twofour54 and Miral Asset Management.

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Origin: UAE Residence: UAE Sector: Diversified 2020 rank: 29

Majid Al Futtaim Founder, Majid Al Futtaim

The UAE-based businessman and founder of Majid Al Futtaim, the behemoth group that owns and operates 27 shopping malls, 13 hotels and four mixed-use communities, is one of the wealthiest people in the region. While the founder maintains a low profile, the company has been working on aggressively growing its reach. The group accelerated its digital transformation with the launch of new online platforms, expanded into Uzbekistan and remains committed to its pledge to phase out single-use plastics from its operations by 2025.

Majid Al Futtaim also launched its circular economy strategy last year, reinforcing its commitment to sustainable development.

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Origin: UAE Residence: UAE Sector: Diversified 2020 rank: 28

Dr Raja Easa Al Gurg Vice chairperson and managing director, Easa Saleh Al Gurg Group

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NEW

Origin: KSA

Residence: KSA Sector: Finance

Sarah Al Suhaimi Chairperson, Tadawul

Helming the GCC’s largest stock exchange, Saudi Arabia’s Tadawul, since 2017, chairperson Sarah Al Suhaimi became the first woman to ever hold the role.

Reappointed to the position for a new three-year term last February, Al Suhaimi oversaw Tadawul’s inclusion into the MSCI. The bourse was also the MENA region’s top listing venue for 2020 with four IPOs totaling $1.45bn, according to EY. Al Suhaimi also serves as the CEO and board member of NCB Capital, the investment banking arm of the National Commercial Bank and the largest asset manager in the Middle East.

In March 2020, National Bank of Fujairah appointed Dr Raja Easa Al Gurg as the deputy chairperson of its board, a testament to her contributions to the business landscape.

Al Gurg also serves as the president of Dubai Business Women Council and a member of the executive committee at Dubai Chamber of Commerce. Last year, her Easa Saleh Al Gurg group, which has 27 companies in its portfolio, donated Dhs13m to support preventive measures against the Covid-19 pandemic and distance learning initiatives in Dubai.

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ARAB POWER LIST

31

NEW

Origin: UAE Residence: UAE Sector: Science and Technology

Omran Sharaf Project director, Emirates Mars Mission

One of the year’s most transformative events in the Arab region was the entry of the Hope Probe – the Arab World’s first interplanetary mission – into Mars’ orbit on February 9. The announcement was made by project director Omran Sharaf, leading from the front a young team of Emirati engineers and scientists, all of whom were under the age of 35. Sharaf and his team are now focused on gathering as much data as possible from the probe over the next two years – enough time for this former director of the Programmes Management Department at Mohammed bin Rashid Space Centre to plot his country’s next big otherworldly conquest.

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NEW

Origin: UAE Residence: UAE Sector: Diplomacy

Mohamed Mahmoud Al Khaja UAE Ambassador to Israel

In a historic move, Mohamed Mahmoud Al Khaja was appointed as the UAE’s first-ever ambassador to Israel earlier this year. With Israel and the UAE moving rapidly to build economic, scientific and cultural ties following the signing of the Abraham Accords, the veteran diplomat, who was the former chief of staff to the UAE’s Minister of Foreign Affairs, will now play a key role in building bridges between the two countries. His past roles varyingly dealt with disarmament, international security, energy management and business development – all crucial in his latest appointment.

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Origin: UAE Residence: UAE Sector: Real Estate 2020 rank: 33

Khalaf Al Habtoor Founding chairman, Al Habtoor Group

Shortly after the signing of the historic Abraham Accords, Dubai businessman Khalaf Al Habtoor revealed plans to open a representative office in Israel.

The Al Habtoor Group (AHG) also introduced kosher cuisine to its portfolio. The chairman has also been active on the philanthropic front, with his support to Lebanon alone exceeding $20m.

AHG, which celebrated its 50th anniversary in 2020, also announced plans last year to open an office in Cairo, making it the group’s sixth destination outside the UAE, besides the US, Austria, Hungary, the United Kingdom and Lebanon.

NEW

Origin: Qatar Residence: Qatar Sector: Culture and Society

Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani Chairperson, Qatar Museums

One of the most influential personalities in the global art scene, Sheikha Al Mayassa serves as the chairperson of Qatar Museums, a role in which she reportedly has an annual budget of $1bn to spend. She has been instrumental in bringing some of the world’s leading artists to the region by way of exhibitions and artwork purchases. Sheikha Mayassa also serves as the chairperson of Doha Film Institute – which she founded to boost appreciation, financing and education of films in Qatar, as well as educationfocused NGO Reach Out to Asia (ROTA).

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ARAB POWER LIST

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Origin: KSA Residence: KSA Sector: Diversified 2020 rank: 31

Mohammed Abdul Latif Jameel Chairman and CEO, Abdul Latif Jameel

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NEW

Origin: KSA

Residence: KSA Sector: Finance

Fahad Al Mubarak Governor, Saudi Central Bank

It’s the second stint for Al Mubarak at the top banking job within the world’s largest Arab economy – he was previously appointed governor of SAMA between 2011-2016. Not only has the central bank played an anchoring role with a SAR50bn stimulus package last year to stabilise the kingdom amidst the Covid19 pandemic, but it has also transferred $40bn to the country’s sovereign wealth fund. This former chairman of the Saudi stock exchange Tadawul will play a pivotal role in shaping the kingdom’s fiscal policies and solidifying its place within the world economy as it diversifies its own.

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Origin: Kuwait Residence: Kuwait Sector: Retail 2020 rank: 30

Mohammed Alshaya Executive chairman, Alshaya Group

In 2020, the Alshaya group gained exclusive rights in the Middle East to open Disney store ‘shop-in-shop’ locations, a testament to its evolving portfolio, which consists of brands such as Starbucks, H&M, Mothercare, Debenhams and American Eagle Outfitters. Leading the growth is Mohammed Alshaya, who continues to be a driving force behind the company, having become the executive chairman in 1993. He also steered its philanthropic efforts, with the company donating $2m of clothing to the Kuwait Red Crescent Society last year and partnering with the World Economic Forum to support a sustainable future across the MENA region.

Saudi businessman Mohammed Abdul Latif Jameel leads the diversified conglomerate founded by his father in 1945 and whose interests now cover automotive distribution, manufacturing, financial services, renewable energy, real estate, logistics, electronics and media services. Last year, the group’s investment arm also piled funds into US-based startup Joby Aviation, which is pioneering electric air taxis. A noted philanthropist, the chairman founded Community Jameel, the group’s social enterprise organisation, which aims to leverage science, technology and learning to secure breakthroughs in education, health and climate.

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Origin: KSA Residence: KSA Sector: Finance 2020 rank: 38

Sheikh Sulaiman bin Abdulaziz Al Rajhi Co-founder, Al Rajhi Bank

Al Rajhi had humble beginnings – the once porter and cook came together with his brothers to form Al Rajhi Bank, which reported a net profit of SAR10.59bn for 2020, up 4.3 per cent from 2019. At 92, his focus has now shifted towards his philanthropic efforts. He funded the Sulaiman Al Rajhi University, a research-based non-profit institution, and transferred a considerable portion of his stake in the bank to his namesake charitable foundation.

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ARAB POWER LIST

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Origin: Egypt Residence: UK Sector: Diversified 2020 rank: 39

Mohamed Mansour Co-chair, Mansour Group

Mohamed Mansour’s journey has been anything but uneventful – from recovering from a car accident as a young boy that almost cost him a leg, to having served pizza slices in his teens and churning out $200 in monthly income. Mansour, who previously served in the government, has been leading his family conglomerate since 1976, which now employs over 60,000 people, maintains a presence in more than 100 countries and claims to have average annual total revenues of $7.5bn. The group contributed $11m in aid to fight the pandemic last year.

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NEW

Origin: KSA Residence: KSA Sector: FMCG

HH Prince Naif bin Sultan bin Mohammed bin Saud Al Kabeer Chairman, Almarai

Appointed as the chairman of the Middle East’s largest dairy foods company in March last year, succeeding his father in the role, Prince Naif led the Saudi firm to record SAR1.98bn in net profit for 2020, marking an increase of 9.5 per cent compared to SAR1.81bn in 2019. Almarai was also ranked among 2020’s top 10 listed companies in the kingdom’s non-financial corporate governance index. Prince Naif also serves as the chairman for Zain KSA, Arabian Shield and Global Downstream Industries, among others.

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NEW

Origin: Kuwait

Residence: Kuwait

Sector: Diversified

Kutayba Yusuf Alghanim Executive chairman, Alghanim Industries

Despite economic challenges, Alghanim Industries opened its 100th Costa Coffee store in Kuwait in November last year. At the forefront of one of the largest privately owned companies in the Gulf region is Kutayba Yusuf Alghanim, who was first brought into the business by his father. In December 2020, Alghanim was honoured by the Kuwait Red Crescent Society for his company’s donations towards the Covid-19 relief efforts. He founded DIYA, a non-profit in Lebanon in 2003. He also launched the Kutayba Alghanim Architecture Prize to support young Kuwaiti architects and designers last year.

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Origin: Kuwait Residence: Kuwait Sector: Finance 2020 rank: 42

Mohammad Saud Al-Osaimi CEO, Boursa Kuwait

In a tough year, Boursa Kuwait reported profits of KD28m for the 2020 fiscal year, a stellar increase of over 190 per cent compared to 2019, while the total number of securities traded during 2020 also reached over 52 billion shares, a 33 per cent year-on-year increase. Its CEO Al-Osaimi has played a significant role in its steady growth, from the bourse’s privatisation and listing process in 2019, to institutionalising capital market reforms and ensuring its inclusion into the MSCI Emerging Market Indices last year.

As Boursa continues to work on enhancements to its infrastructure and operational models, Al-Osaimi will be a key figure to watch out for.

ARAB POWER LIST

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Origin: Kuwait Residence: Kuwait Sector: Telecoms 2020 rank: 41

Bader Nasser Al-Kharafi Vice chairman and CEO, Zain Group

Although regional telecom giant Zain Group posted a drop in net profit for 2020 due to the Covid crisis, AlKharafi stressed that the company is now focusing on monetising its 4G and 5G networks.

He is currently spearheading the operator’s ‘4Sight’ strategy which seeks to find new revenue streams in the digital arena and make Zain an ‘ICT and digital lifestyle provider’.

A strong voice for gender diversity, Al Kharafi continues to advocate the cause of increasing women’s role in technology.

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Origin: Bahrain Residence: Bahrain Sector: Finance 2020 rank: 44

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NEW

Origin: KSA Residence: KSA Sector: Telecoms

Origin: KSA Residence: KSA Sector: Diplomacy 2020 rank: 16

HH Reema bint Bandar Al Saud

Olayan Mohammed Alwetaid

Saudi ambassador to the US/ Member of IOC Committee

Group CEO, Saudi Telecom Company

Continuing to use her influential voice to embolden women in Saudi Arabia and globally – especially in sport through her role in the International Olympic Committee to which she was appointed as a member in July 2020, Princess Reema has played a big role in changing the narrative about female empowerment in the kingdom. Appointed as the first female ambassador to the US in 2019, she also serves as the chairperson of the Saudi Federation for Mass Participation and a board member of the Saudi Arabian Olympic Committee. She also founded Alf Khair, which aims to improve the professional capital of Saudi women.

In line with its objective to transform the kingdom’s network architecture, Saudi telecom operator STC launched three data centres across the country towards the end of last year, investing SAR1bn in the process. It also launched the largest digital operations control centre in the MENA region last month.

STC’s aspirations to improve operational efficiencies and scalability will be led by its new group CEO Alwetaid, who took the reins of the company in March this year. Prior to joining STC, Alwetaid worked at Saudi Aramco.

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Origin: Egypt Residence: Egypt Sector: Industry/ Sport 2020 rank: 47

Khalid Al Rumaihi

Nassef Sawiris

CEO, Mumtalakat

Executive chairman, OCI/Co-owner and chairman, Aston Villa FC

The head of Bahrain’s sovereign wealth fund has been seeking new prospects for growth and is now exploring investment opportunities and potential joint projects with Israel. Mumtalakat’s portfolio since its establishment has expanded from 29 companies – primarily in Bahrain – to over 60 companies across several markets, while its total assets value tallied $18.9bn in 2019.

Prior to joining Mumtalakat, Al Rumaihi served as the CEO of Bahrain Economic Development Board (EDB), preceded by over a decade at Investcorp as managing director. Al Rumaihi is also chairman of the board at Bahrain Development Bank.

Egyptian billionaire Nassef Sawiris assumed the role of executive chairman of OCI’s board in August last year.

Sawiris, who ranked second in Forbes Billionaires’ list of Africa’s richest people 2021 with a net worth of $8.5bn, has remained active in the investments space. Sawiris, who is also co-owner and chairman of football club Aston Villa, led his investment vehicle NNS to acquire a stake in Madison Square Garden Sports – owner of New York Knicks and Rangers last year. Earlier this year, it was also reported that NNS is looking to sell its 7.42 per cent stake in Signature Aviation for $4.7bn.

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ARAB POWER LIST

Mapping the power The movers and shakers in the Arab Power List: Where do they reside and which sectors do they operate in?

Ranks

NEW

23 12 28 37

Residence Egypt 4

Gender Tunisia 1

Bahrain 2

Female

UK 3 Palestine 1

Lebanon 1

UAE 40

Designation

Sectors

Politics 1

40 Chairman/ Chairperson/ Vice-Chairperson

Media 1 2

Mexico 1

Morocco 3

2 2

3 27 CEO

US 4

4 4 4

3 President 23 Others

Austria 1

Oman 4

5

Qatar 8

5 6 10

22 23

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Logistics FMCG

Industry

Science and Technology 4

KSA 20

Switzerland 1

Tourism

Diplomacy 2

Kuwait 6

2

7 Founder

Male

Retail Real Estate Aviation Telecoms Energy Sports

Culture and Society Finance Diversified

ARAB POWER LIST

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49

50

Faisal Al Bannai

Nayla Hayek

CEO and managing director, Edge

Chairperson, Swatch Group/ CEO, Harry Winston

Mohammed bin Mahfoodh Alardhi

Origin: UAE Residence: UAE Sector: Science and Technology 2020 rank: 48

Origin: Lebanon/ Switzerland Res: Switzerland Sector: Retail 2020 rank: 45

Origin: Oman Residence: Oman Sector: Finance 2020 rank: 50

Executive chairman, Investcorp

In an attempt to counter modern threats, Halcon, a subsidiary of Abu Dhabi-based Edge – the advanced technology group for defence – unveiled the UAE’s first designed and manufactured counter-rocket, artillery and mortar missile system earlier this year. Edge CEO and managing director, Al Bannai, cited it as one of several achievements announced as part of the ‘nation’s aim to establish sovereign defence capabilities’. At the helm of an entity that ranks among the top 25 military suppliers in the world, Al Bannai is well-placed to protect the country against a full spectrum of threats.

A renowned name in the global horological space, Nayla Hayek has kept her company ticking during the pandemic. Last year, Swatch introduced a collection of timepieces cased in materials sourced from nature, marking the first time a watchmaker succeeded in replacing all conventional components by bio-sourced materials in a series production environment. Hayek also led the group to acquire Harry Winston in 2013, which earlier this year unveiled its ‘Winston Pink Legacy’ ring hosting a rare 18.96-carat vivid pink diamond to laud the jeweller’s 125 birthday.

Bahrain-based Investcorp has been prolific in terms of deals in the past year, and recently posted $63m in net profit during the first six months of its 2020/2021 fiscal year, marking a year-on-year rise of 31 per cent. It also maintains a robust footprint in the US property market, with more than 15,000 residential units across over 40 properties. Leading its growth is Alardhi, who previously served as the chief of the Omani Air Force and is the author of three books discussing the Arab region. He also serves as the chairman of Sohar International Bank.

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NEW

Origin: Egypt Residence: UAE Sector: Telecoms

NEW

Origin: Egypt Residence: Egypt Sector: Culture and Society

Origin: Egypt Residence: Egypt Sector: Diversified 2020 rank: 53

Hatem Dowidar

Nadeen Ashraf

Naguib Sawiris

CEO, Etisalat group

Activist

Chairman and CEO, Orascom Investment Holding

Despite economic headwinds, UAE telecom operator Etisalat Group posted Dhs9bn in net profit for 2020, while its subscriber base across the group reached 154 million. In January, the operator also increased its cap on foreign ownership from 20 per cent to 49 per cent. Leading the company as it digitally transforms operations is recently appointed CEO Hatem Dowidar, who brings three decades of multinational corporate experience to the table including more than 24 years in the telecoms industry. Dowidar also sits on the boards of Etisalat’s subsidiaries in Morocco, Egypt and Pakistan.

Credited with providing a huge boost to Egypt’s #MeToo movement, Nadeen Ashraf started an Instagram account called Assault Police in July 2020 as a platform for women to speak out about sexual harassment and assault.

The account helped publicise several harassment cases and even spurred the Egyptian government to amend its legislation to protect victim’s identities.

The 23-year-old has since become a noted feminist activist, receiving the changemaker award at the Equality Now global gala and featuring in the 2021 Time100 Next list as well as on the BBC’s 100 Influential Women of 2020 list.

In May 2020, weeks after oil prices turned negative for the first time ever, Egyptian billionaire Naguib Sawiris made a boldfaced prediction that oil will hit $100 per barrel within 18 months (it’s more than halfway there).

He’s also made similar recommendations to investors to acquire stakes in distressed airlines, hotels and tourism amid the pandemic. But the biggest current bet of this telecom magnate with an estimated net worth of $3.2bn is gold.

Earlier this year, through his subsidiaries, he invested millions in supporting Egypt’s gold exploration efforts.

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ARAB POWER LIST

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Origin: Mauritania Residence: UAE Sector: Culture and Society 2020 rank: 54

NEW

Origin: Qatar Residence: Qatar Sector: Aviation

Sheikh Abdullah bin Bayyah

Akbar Al Baker Group CEO, Qatar Airways

Chairman, UAE Fatwa Council

Piloting Qatar Airways to rank as one of the world’s top international cargo operators during the pandemic, Akbar Al Baker remains bullish about its capability to bounce back post-Covid. Al Baker, who has led its aggressive investments in LATAM, Cathay and IAG, is also confident about continuing with the phase II expansion of Doha’s Hamad Airport.

In 2019, Al Baker was also appointed as the secretary-general of Qatar’s National Tourism Council and will be instrumental in welcoming a global audience for the upcoming 2022 Qatar FIFA World Cup.

In December, the UAE Fatwa Council issued a significant ruling permitting the use of Covid-19 vaccines even if they contained “non-halal ingredients”.

Leading by example, the 86-year-old Sheikh Abdullah chose to receive the jab in January. In February, when the UN observed its first ‘International Day of Human Fraternity’, Sheikh Abdullah, who is also president of the Forum for Promoting Peace in Muslim Communities, highlighted that the UAE had embarked on that path two years ago with the visit of Pope Francis.

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57

58

Hamad Buamim

Mohammed Al Barwani

Aziz Aluthman Fakhroo

President and CEO, Dubai Chamber of Commerce and Industry

Chairman, MB Holding/Oman Air

Chairman, Ooredoo

Origin: UAE Residence: UAE Sector: Diversified 2020 rank: 59

Dubai Chamber is the largest organisation representing the interests of the emirate’s vibrant private sector – and its influence only grew through 2020. Over 16,000 companies joined the organisation last year – encouraged in no small part by the leadership of Hamad Buamim, who has been the CEO for over a decade. The economic strength of the body is evident when you consider that the value of exports and re-exports of its member companies in 2020 amounted to Dhs185bn.

Buamim’s big focus this year is the SME sector, with a focus on Emirati startups.

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Origin: Oman Residence: Oman Sector: Diversified 2020 rank: 55

The veteran Omani businessman, who made a fortune with the MB Holding conglomerate he launched in 1982, was appointed as the chairman of Oman Air in July 2020 amid a period that is the bleakest on record for the global aviation industry. Al Barwani has moved to right-size the airline and reduce its fleet size from 50 to 36 and will also focus on code-sharing agreements to cut costs.

Looking ahead, Oman’s aviation sector will play an important role in helping the sultanate narrow its $5.7bn estimated budget deficit for 2021.

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Origin: Qatar Residence: Qatar Sector: Telecoms

Expansion is on the cards for Qatar’s biggest listed telecom company, Ooredoo, according to managing director Fakhroo, with the company in the process of finalising a merger with CK Hutchison Holdings in Indonesia to combine their wireless phone business.

Ooredoo also plans to expand its digital payments segment further, according to Fakhroo. Outside Ooredoo, the veteran businessman also serves as the deputy undersecretary for Financial Affairs at the Ministry of Finance and represents Qatar Holding on the boards of United Arab Shipping Company, Canary Wharf Group and Chelsfield.

ARAB POWER LIST

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Origin: Bahrain Residence: UAE Sector: Aviation 2020 rank: 67

Adel Ali Group CEO, Air Arabia

Last year, in a major expansion of its operations, Air Arabia Abu Dhabi began flights from the UAE capital. A joint venture between Air Arabia and Etihad Airways, it is the country’s fifth national carrier. Ali has championed the low-cost carrier model in the region for nearly two decades. Following a $14bn deal it reached with Airbus in November 2019, there are 120 aircraft set to be added to its fleet over the next few years. Ali has chosen to take a long-term view instead of a knee-jerk reaction to the pandemic, and has reiterated that there are no plans to adjust that order.

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Origin: Lebanon Residence: Lebanon S: Culture and Society 2020 rank: 60

Elie Saab Fashion designer

Paralysing lockdowns and a devastating explosion that ripped a gaping hole through the social fabric of his hometown in Beirut wasn’t enough to sap Saab of his creative energy.

His spring 2021 couture which was recently unveiled was built around the theme of Le Théâtre du Rêve (Theater of the Dream), an escapist fantasy that invites participants to fleetingly escape their personal hardships. Grounded in reality though is also his own line of Swiss-made luxury watches which he launched this year, which includes gold-plated bracelets, mother-ofpearl dials, and diamond-studded bezels – signature Saab.

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Origin: UAE Residence: UAE Sector: Finance 2020 rank: 72

Jassim Alseddiqi Group CEO, Shuaa Capital

Under Alseddiqi’s steady hand, Shuaa, which has around $14bn assets under management, went from recording a Q2 2019 loss of $8.6m to a staggering 166 per cent year-on-year growth in net profits for 2020 at Dhs125m. He also led Shuaa’s historic PIPE (private investment in public equity) deal for Anghami’s merger with Vistas Media Acquisition Company this year, which made Anghami the first Arab technology company to list on the Nasdaq New York. Apart from being the chairman of GFH Financial Group and Eshraq Investments, Alseddiqi is also a member of the board management committee at First Abu Dhabi Bank.

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Origin: KSA Residence: KSA Sector: Sports 2020 rank: 57

Reema Juffali Racing driver

Juffali, Saudi’s first female race driver to compete within the kingdom in 2019, has since participated in two British F4 seasons and one F4 championship in the UAE. This year, the 29-year-old trailblazer has moved up the ranks and will compete in the 2021 British F3 Championship, with ambitions to compete at Le Mans someday.

Her inspiration to get into racing, she says, was a meeting with British professional racing driver Susie Wolff.

With Wolff as a benchmark, Juffali has a bright motorsports career ahead of her – Le Mans and beyond.

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ARAB POWER LIST

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Hesham Al Qassim

Badr Jafar

Abdulla Jassem Kalban

CEO, Wasl Asset Management

CEO, Crescent Enterprises

Managing director, Emirates Global Aluminium

Origin: UAE Residence: UAE Sector: Real estate 2020 rank: 63

Origin: UAE/Iraq Residence: UAE Sector: Diversified 2020 rank: 64

Origin: UAE Residence: UAE Sector: Industry 2020 rank: 79

Hesham Al Qassim once claimed that he never took a sick day off in his life. Given the staggering number of businesses of which he is a board member, it isn’t difficult to believe.

A sample: he is the board member of Etisalat, DIFC Investments, International Humanitarian City and National General Insurance, to name a few. While he is also vice chairman and managing director of Emirates NBD, it’s in his current primary role as CEO of wasl Asset Management Group, where he will draw on his vast experience to help stabilise the local property market.

The Emirati billionaire alumni of Eton, Cambridge and Harvard is the CEO of diversified conglomerate Crescent Enterprises and also the chairman of Gulftainer, the world’s largest privately-owned container port operator.

While still actively involved in his businesses, Jafar has turned his attention to building a legacy. The Giving Pledge signee launched the Centre for Strategic Philanthropy initiative of Cambridge University last year to ensure targeted and high-impact distribution of charitable donations worldwide, as part of efforts to meet the UN’s Sustainable Development Goals.

Abdulla Jassem Kalban joined Dubai aluminium firm Dubal as a trainee in 1985, rising through the ranks to become CEO in 2005, and later the CEO and MD of Emirates Global Aluminium (EGA). In late December, he stepped aside from the CEO role, but as MD continues to oversee EGA – the biggest industrial company in the UAE outside oil and gas. Earlier this year, following an agreement signed by EGA with the Dubai Electricity and Water Authority, the UAE became the world’s first country to produce aluminium using solar power.

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68

Ala’a Eraiqat

DJ Khaled

Mishal Kanoo

Group CEO, ADCB

Musician

Chairman, Kanoo Group

Origin: UAE Residence: UAE Sector: Finance 2020 rank: 66

With an exposure of nearly $1bn to NMC, the impairment charges resulted in a 27 per cent decline in net profit for ADCB to Dhs3.81bn in 2020. While it has had to move rapidly to limit losses from the NMC saga, Eraiqat – who was appointed as CEO of the bank in 2009 – has an eye on the future and has pushed forward a transformative digital agenda for the bank. Not only has it ramped up investments in fintech over the last few months, but it also recorded 60 digital launches in the first three quarters of 2020, double that of the previous year.

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Origin: Palestine/US Residence: US Sector: Culture and Society 2020 rank: 62

Following his first Grammy award in 2020, the musician and producer continued his winning streak with the announcement of his 12th studio album Khaled Khaled, expected to debut imminently. With music royalty including Beyoncé, Justin Bieber, John Legend, Jay-Z and Kanye West collaborating on previous albums, he’s believed to have made $36.5m through music and commercial endorsement deals in 2020. In November, he teamed up with Swizz Beatz to release a Saudi celebratory song The Biggest Shela inspired by Khaleeji beats. It may not be long before he compiles another.

Origin: Bahrain/UAE Residence: UAE Sector: Diversified 2020 rank: 68

The Dubai-headquartered Kanoo Group positions itself as a familyowned business. But chairman Mishal Kanoo is dead against the idea of “wastas” or nepotism, having been known to remove family members from prominent positions and replace them with external professionals. The only thing that matters in his books is experience – something that he has carefully honed during his own leadership over his three-decade career and one that holds him in good stead as he manages the diverse conglomerate with interests in oil and gas, shipping, travel and chemicals, among others.

ARAB POWER LIST

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Origin: Kuwait Residence: Kuwait Sector: Logistics 2020 rank: 71

Tarek Sultan CEO and vice chairman, Agility

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Origin: Qatar

Residence: Qatar

Sector: Diversified

Sheikh Thani Bin Abdullah Al-Thani Founder, Ezdan Holding/Philanthropist

A prolific philanthropist, the Qatari businessman channeled more than $43m in 2020 through his Thani Bin Abdullah Bin Thani Al-Thani Humanitarian Fund to support UN refugee agency UNHCR’s work in Yemen, Lebanon, Bangladesh and Chad, making it the largest ever individual contribution to the agency.

Appointed as UNHCR’s eminent advocate in 2019, he also previously made the first major Zakat contribution to the agency, donating $35m in 2019.

Sheikh Thani is the founder of diversified Qatari conglomerate Ezdan Holding Group that focuses on real estate, which recently announced a 12.5 per cent growth in net profit for 2020.

Tarek Sultan has held the reins of logistics company Agility for nearly 25 years, during which it has grown to 26,000 employees in over 100 countries and turned into a juggernaut producing $5.2bn in revenues. Agility is also among the Middle East’s largest developers of industrial real estate and is listed on the exchanges of both Kuwait and Dubai. The next big foray for Sultan and team is alternative technology, with Agility pledging to invest $65.5m into it. Over a quarter of executives in the global logistics sector polled by Agility said that sustainable practices remains a priority despite the pandemic.

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Origin: Oman Residence: Oman Sector: Energy

Haifa Al Khaifi CEO, Energy Development Oman

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Origin: Oman Residence: Oman Sector: Finance 2020 rank: 70

Sayyida Rawan Ahmed Al Said CEO, Takaful Oman

A former deputy CEO of investments at the State General Reserve Fund of Oman who also served as the chairwoman of the National Bank of Oman, Sayyida Al Said’s three decades within the finance industry has had many highs. In her most recent role as CEO of Takaful Oman – she is the first female CEO of a publicly-listed company in the sultanate – she oversaw the listing of an OMR6m perpetual sukuk in February. With mandatory health insurance being rolled out across the country over the next few years, the insurance market is expected to mushroom – and Al Said will not let a ripe opportunity slip by.

Haifa Al Khaifi, the CFO at Petroleum Development Oman (PDO), was additionally appointed in January as the CEO of Energy Development Oman (EDO), a newly formed holding company that will represent the Omani government’s stake in PDO. Besides being the chairperson of the board of State Street Saudi Arabia, Al Khaifi also recently oversaw the transfer of the Omani government’s 60 per cent stake in Block 6 from PDO to EDO, the latter of which is expected to issue approximately $3bn of bonds in 2021. Al Khaifi will no doubt play a significant role in helping Oman diversify its economy.

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ARAB POWER LIST

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Origin: Syria Residence: UAE Sector: Retail 2020 rank: 76

Ronaldo Mouchawar Co-founder, Souq.com/Vice president, Amazon MENA

The pandemic propelled the regional e-commerce sector to a new level and as the regional head of Amazon, Mouchawar ensured that the platform rose to the requirement. In 2020, Amazon.ae began delivering items to customers in Bahrain, Kuwait, and Oman from the UAE. A regional pioneer in the industry, Mouchawar founded Souq.com in 2005 and steadily grew it before it was acquired by Amazon for an estimated $580m. Mouchawar was also one of the team to develop Maktoob – the Arabic/ English email service provider that was sold to Yahoo for $164m in 2009.

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Origin: UAE Residence: UAE Sector: Aviation 2020 rank: 75

Ghaith Al Ghaith CEO, Flydubai

While the aviation industry charts a cautious comeback, Dubai carrier flydubai has been rapidly expanding its connectivity.

In January, it announced flights to four European destinations, with more cities added since that announcement. Among CEO Al Ghaith’s pressing priorities this year would be to cut losses at the airline and also to ensure a seamless reintegration of its 11 Boeing 737 MAX 8 and three Boeing 737 MAX 9 aircraft back into its active fleet. The airline’s cargo division meanwhile joined the World Logistics Passport initiative this year, which will likely spur revenues for its freighter division.

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Origin: UAE Residence: UAE Sector: Diversified 2020 rank: 74

Dr Amina Al Rostamani COO, AW Rostamani Group

As the chief operating officer and board member of one of the largest privately-owned family businesses in the region, Amina Al Rostamani has much on her plate as she guides the conglomerate with interests in auto, real estate, logistics and travel, among others. Al Rostamani, who is also the CEO of AWR Properties, pressed on to open a 23-storey 327-key hotel – the DoubleTree by Hilton M Square – in December 2020. Previously CEO of Tecom Group, Al Rostamani continues to hold positions on the boards of HSBC Bank Middle East as well as Sandooq Al Watan and Al Jalila Foundation.

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NEW

Origin: Palestine/US

Residence: US

Sector: Politics

Rashida Tlaib US Congresswoman

A ‘mother working for justice for all’ – as she puts it in her own words, American politician Rashida Tlaib is on our list primarily because of the role she has played in raising the profile of Arab women in the US and globally. Daughter to Palestinian immigrant parents and the oldest of 14 children, she made history in 2008 by becoming the first Muslim woman to ever serve in the Michigan legislature. Part of the so-called ‘Squad’ which includes other outspoken women representatives from her party, Tlaib has been advocating system changes.

ARAB POWER LIST

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Murshed Al Redaini

Othman Benjelloun

Fadi Ghandour

Group CEO, Yas Holding

Chairman and CEO, Bank of Africa

Executive chairman, Wamda/ Co-founder, Aramex

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Origin: UAE Residence: UAE Sector: Diversified

Origin: Morocco Residence: Morocco Sector: Finance 2020 rank: 78

Origin: Jordan Residence: UAE Sector: Finance 2020 rank: 43

From signing a deal worth Dhs2.96bn at Naval Defence Exhibition 2021 in Abu Dhabi in February via its defence technology division, to completing the acquisition of a majority stake in pharma group Geltec Healthcare’s Dubai facility last month, Abu Dhabibased conglomerate Yas Holding has started the year running. Driving that pace has been group CEO Murshed Al Redaini. Having joined the group in 2006, Al Redaini has spearheaded several successful divestments and acquisitions with its current portfolio now spanning over 60 companies employing 7,500 people.

Chairman and CEO of BMCE Bank – rebranded as Bank of Africa in 2020, Othman Benjelloun is one of the most successful figures in the finance industry across North Africa.

Benjelloun launched the lender as an expansion of the insurance company he bought in the 1980s. In June 2019, British development finance agency CDC Group acquired a stake of nearly 5 per cent in the lender after a $200m capital injection to help the bank expand across Africa. Benjelloun, who has a net worth of $1.3bn, according to Forbes, is also the president of holding group FinanceCom.

One of the region’s success stories, Fadi Ghandour has been instrumental in revamping and nurturing the startup and entrepreneurial ecosystem. He co-founded logistics and transportation company Aramex in 1982, which he took public on Nasdaq in 1997, making it the first Arab-based company to be listed on a US exchange.

He stepped down as the CEO of the logistics group in 2012, ending a long tenure at the helm.

He was also a founding investor of Maktoob, which was later acquired by Yahoo.

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Mohammad Abu Ghazaleh

Fahad bin Hussein Al Sudairi

Hussain Sajwani

Chairman and CEO, Fresh Del Monte

CEO, Saudi Electricity Company

Origin: Palestine/US Residence: US Sector: FMCG 2020 rank: 80

In 2020, Fresh Del Monte announced that it had completed 40 per cent of its $100m asset sale optimisation programme as the company continued to make progress on its transformation initiatives. At the helm is Mohammed Abu Ghazaleh, who purchased Fresh Del Monte in 1996, riddled with $300m of debt and since then, transformed it into a global business spanning multiple countries. In line with the company’s commitment to protecting the environment, 74 per cent of its product volume was certified as sustainably grown in 2020.

Origin: KSA Residence: KSA Sector: Energy 2020 rank: 81

Having joined state-owned Saudi Electricity Company (SEC) in 1994 as a senior accountant, Al Sudairi worked his way up the ranks to become the CEO and president. Under his leadership, the utility – the biggest in the region – has commenced several initiatives to enhance localisation in electrical industries and is also ramping up its sustainability efforts. Last year, SEC successfully issued a $1.3bn green sukuk to seek sustainable financing.

With Saudi now focusing on diversifying its power generation, Sudairi will be at the forefront of this change.

Origin: UAE Residence: UAE Sector: Real Estate 2020 rank: 82

Chairman, Damac Properties

Hussain Sajwani’s Damac Properties announced earlier this year that it has raised its stake in its overseas subsidiary to 45 per cent from 20 per cent to bolster its international operations, as it seeks to stabilise operations at its home base in Dubai. Damac International indirectly owns 75 per cent of Nine Elms real estate project in London and is working on a resort project in Maldives. Sajwani, who maintains a net worth of around $2.2bn according to Forbes, has been fairly vocal in urging a moratorium on new real estate developments in the UAE to reduce oversupply in the market.

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ARAB POWER LIST

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85

Munib Al Masri

Issam Kazim

Mona Almoayyed

Chairman and founder, Edgo Group

CEO, Dubai Corporation for Tourism and Commerce Marketing

Managing director, YK Almoayyed & Sons/Chairperson, Edbaa Bank

Origin: Palestine Residence: Palestine Sector: Diversified 2020 rank: 83

Palestinian industrialist and activist, Masri commands unrivalled respect and influence in Palestine and has long worked to advance the economic and social fortunes of the state. Masri donated $1m to aid the Palestinians’ battle against the Covid-19 pandemic in 2020 and also contributed over $1.4m to a pandemic fund in Jordan. On the business front, Masri’s conglomerate Edgo Group, which he founded with his wife Angela in 1956, continues to grow along with his other ventures including infrastructure group Palestine Development and Investment Company (PADICO).

Origin: UAE Residence: UAE Sector: Tourism 2020 rank: 84

Despite the Covid-19 pandemic hammering the tourism industry, resulting in border closures around the world, Dubai welcomed international visitors from July 7, prior to which it was recognised by the World Travel and Tourism Council as a safe destination. However, this year will be a significant one for Issam Kazim and his team as the emirate prepares to host the six-month long rescheduled Expo 2020 Dubai.

Appointed to the role in 2014, Kazim is set to play a vital role in the emirate’s tourism drive going forward.

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Origin: Egypt/US Residence: US Sector: Culture and Society 2020 rank: 65

Origin: Bahrain Residence: Bahrain Sector: Diversified

Many entries on this list are credited with breaking the glass ceiling and Bahrain’s Mona Almoayyed serves as another example. The Bahraini businesswoman, who serves as the managing director of diversified family conglomerate YK Almoayyed & Sons, became the first woman to be elected to the board of a publicly traded company in the country. She also serves as the chairperson of Edbaa Bank, established in 2009 as the first microfinance bank in Bahrain to support low-income families in the country.

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Origin: Tunisia Residence: Tunisia Sector: Sports 2020 rank: 87

Rami Malek

Ons Jabeur

Actor

Tennis player

While Bond film No Time to Die will premier later this year, it isn’t entirely presumptuous to assume that Malek will be in contention for a ‘Best Supporting Actor’ Oscar for his role as villain-inchief Lyustier Safin. The method actor, who bagged an Academy Award for Best Actor for Bohemian Rhapsody, has proved repeatedly that he isn’t a one-hit wonder.

His performance in his first film premier of 2021, The Little Things, has opened to critical acclaim. While several studios are competing to sign Malek, he is reportedly working independently on a film that he will produce, write and direct himself.

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Slicing like a boss, Ons Jabeur started playing tennis at age three and rose to win the junior Roland Garros in 2011 as a teenager.

At the 2020 Australian Open, Jabeur became the first Arab woman to make the quarterfinals of a Grand Slam tournament. Jabeur has a career-high Women’s Tennis Association (WTA) ranking of 30, the highest-ranked Arab player in WTA history. In December 2020, Jabeur tied a sponsorship deal to become brand ambassador for Qatar Airways, while Tunisie Telecom also announced its partnership with the tennis champion.

ARAB POWER LIST

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Origin: KSA/ Ethiopia Residence: KSA Sector: Diversified 2020 rank: 88

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Origin: Morocco Residence: Morocco Sector: Finance

Mohammed Al Amoudi Owner, MIDROC

With an estimated net worth of $7.65bn, businessman Mohammed Al Amoudi owns industrial giant MIDROC. He also owns Preem, Sweden’s largest fuel company. A prolific philanthropist, his efforts have been focused on education, training and healthcare in Ethiopia.

Last year, Al Amoudi announced a donation of $3.6m to the Addis Ababa city administration to help combat the pandemic, while $1.1m was pledged for the construction of a school building.

At the beginning of 2020, MIDROC allocated $125m to construct an edible oils factory in the Ethiopian capital.

Nezha Hayat Chairperson and CEO, Moroccan Capital Market Authority

Elected in March 2020 to chair of the Africa-Middle-East regional committee of the International Organization of Securities Commissions – which brings together the financial market regulators of the region – Nezha Hayat brings years of experience and knowledge to the table. Appointed the chairperson and CEO of the Moroccan Capital Market Authority in 2016, she previously worked at Société Générale Morocco group where she became the first woman to join the management board of a bank in the country in 2007. Hayat, who started her career in Spain, has also been decorated by Morocco’s King Mohammed VI and by Spain’s King Felipe VI.

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Origin: Kuwait Residence: Kuwait Sector: Finance 2020 rank: 89

Shaikha Al Bahar Deputy group CEO, National Bank of Kuwait

Shaikha Al Bahar maintains a prominent position in Kuwait’s banking space, holding extensive experience in institutional finance including privatisations, project finance, bond issues, advisory services, and IPOs. National Bank of Kuwait, where she serves as deputy group CEO, reported a net profit of $812.3m for 2020, while its total assets grew by 1.5 per cent annually to reach $98bn by year-end. Al Bahar, who has played an important role in the country’s five-year Kuwait Development Plan, also serves as the chairperson of NBK Capital.

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Origin: UAE Residence: UAE Sector: Culture and Society 2020 rank: 91

Khalid Al Ameri Social media influencer

From tackling social issues such as vitiligo to discussing the aspects of raising a child of determination, social media star Khalid Al Ameri – along with his wife Salama Mohamed – has opened up about his life on social media and gained a huge following in the process, with 1.2 million followers on Instagram and over six million fans on Facebook. An MBA graduate from Stanford Graduate School of Business, he previously worked in the investment space before changing career paths to become a motivational speaker, a driver with car-sharing app Careem, and a writer for local newspapers.

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ARAB POWER LIST

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Origin: KSA Residence: KSA Sector: Aviation

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Origin: KSA Residence: KSA Sector: Science and Technology

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Origin: Egypt Residence: Egypt Sector: Sports

Ibrahim Al-Omar

Dr Hayat Sindi

Nour El Sherbini

Director general, Saudia

Scientist

Squash player

In October, Ibrahim Al-Omar was named the new director general of Saudi Arabian Airlines (Saudia), replacing Sami Sind. Weeks after landing the top job at Saudia, Al-Omar – who was the former governor of the Saudi Arabian General Investment Authority – was also elected to the IATA board of governors for three years, giving him a leading voice into the future path of the aviation sector. With Middle Eastern airlines seeing an 82 per cent year-on-year drop in passenger traffic in January this year, Al-Omar has his work cut out for him.

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Origin: Iraq/US Residence: UAE Sector: Culture and Society 2020 rank: 34

In August, Dr Hayat Sindi, the first Saudi and Muslim woman from the GCC to obtain a PhD in biotechnology from the University of Cambridge, saw her role as a UNESCO Goodwill ambassador extended for another two years.

The move came in recognition of her efforts to support scientists, technologists and engineers in the Middle East.

Sindi, who serves as the senior advisor to the president of the Islamic Development Bank, was one of the first women to be appointed to Saudi Arabia’s Shura Council in 2013. She also co-founded non-profit Diagnostics for All.

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Origin: UAE Residence: UAE Sector: Culture and Society 2020 rank: 96

Huda Kattan

Sultan Sooud Al Qassemi

Founder, Huda Beauty

Founder, Burjeel Art Foundation

Beauty mogul Kattan announced her decision to step down as CEO of her brand Huda Beauty in September 2020.

But that has not dented her popularity or deterred her from commanding a prodigious social media presence.

The makeup artist and blogger, who has 48 million followers on Instagram alone, started a skincare line in 2020 and continues to build her influence.

Kattan, whose job-loss in 2009 led to her beauty blog a year later, ranked 47th in the Forbes 2020 list of America’s richest self-made women, with a net worth of $510m.

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Emirati commentator and patron of the arts, Sultan Sooud Al Qassemi remained engaged with his community during the lockdown last year by hosting online cultural majlis events. Al Qassemi, who is also the founder of Sharjah-based Barjeel Art Foundation – a massive private collection of modern and contemporary Arab art – also plays a key role in discussions about regional art, architecture and culture on social media platforms like Twitter, where he has nearly half a million followers. He is also a leading advocate for greater representation of women in the art world.

Sherbini started playing when she was six years old, won the National Squash Championship at age eight and became the youngest-ever world junior champion in 2009 at just 13 years of age.

At the age of 14, she made it into the world’s top 50.

Although she suffered a setback due to a knee injury, she came back with full force, and now at age 25, Sherbini has four World Championship titles to her name and is an inspiration to young athletes. She tops the PSA World Women rankings (as of March 2021), with 15,875 points.

ARAB POWER LIST

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Origin: Morocco Residence: Morocco Sector: Retail/ Real Estate 2020 rank: 90

Salwa Idrissi Akhannouch Founder and CEO, Aksal Group

Glamorous Moroccan businesswoman Salwa Idrissi Akhannouch is the founder and CEO of Aksal Group, which owns a big part of Morocco Mall – the second largest shopping centre in Africa, with plans to open similar new major malls in Rabat and Marrakech. Akhannouch’s group also owns the sole franchise rights for several leading brands in Morocco, including Gucci, Ralph Lauren, Fendi, Zara, Banana Republic, Pull & Bear and Gap. Adding to her business ventures, she launched her cosmetics and beauty brand Yan&One in 2017.

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Origin: Palestinian/ British Residence: UK Sector: Culture and Society

Farah Nabulsi

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Origin: UAE

Residence: UAE

Sector: Sports

Amna Al Qubaisi Racing driver

Racing is in her genes – quite literally. Amna Al Qubaisi’s father Khaled was the first Emirati to compete at the legendary 24 Hours of Le Mans. But she isn’t allowing her family pedigree to overshadow her own accomplishments as a championship-beating driver. The 20-year-old Emirati became the first woman from the Middle East to take part in a Formula E test session after the Ad Diriyah ePrix in Saudi Arabia. She was also the first woman to win the GCC Drivers Academy competition in 2017 and claimed victory in the first Formula 4 UAE race in 2019. Collectively, those accomplishments mean she’s well on course to make an imminent appearance on Europe’s F3 circuit.

Filmmaker

Farah Nabulsi’s journey is an inspiring one – she began her career as an institutional equity stockbroker, built a children-focused business which she ran for a decade, started working in the film industry in 2015 and later founded a production company through which she writes, produces, and directs films.

Her Palestine-based short film The Present, which has debuted on streaming service Netflix, has been nominated for an Academy award in the Live Action Short Film category, having already bagged north of 25 audience and jury awards at numerous international film festivals.

100 Origin: KSA Residence: KSA Sector: Media 2020 rank: 100

Muna AbuSulayman Media personality

Muna AbuSulayman rose to prominence in 2002 as the host of the incredibly popular Kalam Nawaem Show, and then as the founding secretary-general of the Alwaleed Bin Talal Foundation. Last year, she joined fashion house Gucci’s board for Global Equity, following her earlier participation in their ‘Chime for Change’ campaign in 2013.

An activist and philanthropist, she also advises various foundations on youth, media, and female empowerment. AbuSulayman is also a co-founder of the CovidPass app, to help revive travel and tourism during the global pandemic.

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ARAB POWER LIST

Leaders for change Some of Arab business leaders featured by Gulf Business in recent months who are making an impact across industries

Professor Ammar Kaka

Youssef Al-Bahar

Provost and vice principal, Heriot-Watt University Dubai Sector: Education

Executive director, Al-Bahar Advocates and Legal Consultants Sector: Law

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ducation has been required to rapidly adapt in the last year and among those leading the change is Professor Ammar Kaka. Despite the pandemic, Heriot-Watt University Dubai, with a student population of 4,000, is set to open its new campus this year, which has been designed to enable a transformational and digital learning environment. Professor Kaka, also professor of Construction Economics and Management at the university, has contributed significantly to transnational education in Dubai. Having authored over 100 research papers, he has held numerous funded research grants and supervised more than 25 PhD students to completion. He is a fellow of the Royal Institution of Chartered Surveyors (RICS).

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alk cyber-crime and Dubai-based lawyer Youssef Al-Bahar will list out all the legalities surrounding the issue in the UAE and the practical application of the laws. Passionate about his profession, the Emirati is focused on growing Al Bahar Advocates and Legal Consultants, the firm founded by his father.

An internationally certified arbitrator and regular columnist in the local media, he describes his job as a “noble profession”, which supports the application of justice in society. The lawyer is also confident about the future of his firm, which specialises in all types of lawsuits and has strategic partners in more than 400 offices around the globe.

ARAB POWER LIST

“Innovation means possibilities are infinite. Innovation breaks moulds not limited by opinions or agendas” J O R DA N ’ S Q U E E N R A N I A A L A B D U L L A H

Professor Mohamed Salem President, University of Wollongong in Dubai Sector: Education

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ohamed Salem, a former IBM software engineer with a PhD in Computer Science, was previously the dean of faculty of Engineering and Information Sciences at the University of Wollongong in Dubai (UOWD). He was appointed as president of the oldest foreign university in the emirate in 2015. Last year, UOWD opened a sprawling 200,000-square-foot ‘Campus of the Future’ facility in Dubai Knowledge Park and also introduced new courses to prepare students for jobs of the future. To ensure that graduates are prepared for the post-pandemic job market, UOWD also recently introduced a free 12-month career readiness programme for first-year students.

Ismail Al Hammadi

Fadi Dabbagh

CEO and founder, Al Ruwad Real Estate/ Biznet Consulting Sector: Real estate/Consulting

Board advisor, AIX Investment Group Sector: Finance

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hile the Covid crisis may have caused some to pause, Al Hammadi has taken a different route; late last month, he launched a new PR agency in Dubai – Al Ruwad Public Relations – to add onto his growing portfolio of companies.

Meanwhile his Al Ruwad Real Estate also recorded sales transactions worth Dhs80m during the pandemic period. Having worked for several years with Tecom and Dubai Industrial City, Al Hammadi has the right connections with governmental entities. “Opportunities also come at a hard time, so grab them and convert a negative situation into a positive one to enhance your brand,” he advises.

A

nother company that has not braked its expansion plans is Dubai-based AIX Investment Group, which doubled in size last year and expanded its office space to include the 144th floor of Burj Khalifa, as it looks to manage its growing portfolio – currently in excess of Dhs1bn.

A seasoned business leader, Dabbagh has been instrumental in the corporate restructuring of the company to help it scale operations. “We have a resilient and balanced portfolio of products and we will continue to find new opportunities to grow our business,” he says. Dabbagh also sits on the boards of other organisations and was recently appointed member of the international advisory council of Eco Capacity Exchange.

55

BRAND VIEW

Phi Trends: Healthy growth for alternative therapies The market for alternative therapies such as gene-based solutions has garnered investor interest due to advancements in recent months, states entrepreneur and investor Shailesh Dash, who shares his perspective in this monthly column

A

lternative therapy subsets such including off-the-shelf tests or pop-up testThe market for alternative therapies, as gene-based solutions have ing centres. Researchers and scientists such as gene-based solutions has also been gathering momentum at are also turning to CRISPR’s applications garnered investor interest on the back a remarkable pace in recent as a possible therapeutic option to destroy of advancements witnessed in recent times. The potential applications of genome the Covid-19 genomic RNA and stop viral months and years. US-based Clear Labs engineering are poised to have a deeply replication. In March, Belgian researchraised funding to the tune of $18m in May significant impact on the future of medical ers identified host factors necessary for a 2020 over its prospects following its 2019 advancements and healthcare as we know Covid-19 infection by performing genomeOxford Nanopore Technologies distribuit. Initially facing a barrage of acceptance wide genetic screens. This breakthrough tion agreement. challenges in the form of approval from could allow the use of such factors in Equity markets have also acknowlgovernment bodies and other authorities, developing drugs to treat Covid-19 or edged the vast potential in this relatively gene therapy has evolved over the years to even potential future outbreaks of similar under-tapped and nascent segment, even include the potential to prevent hereditary coronaviruses. as companies employed in the manufacturdiseases such as hemophilia and cystic Evidently, the current pandemic has ing, research, development and provision of fibrosis, as well as presenting a possible accelerated development of CRISPR and gene-based therapeutics and solutions are cure for cancer, AIDS and heart disease. other gene-based diagnostics. The need witnessing rising active investor interest.

CRISPR-based diagnostics in particufor rapid and scalable solutions is fueling The advent of a market for such powerful lar, have evolved at a substantial pace over growth in genome-based diagnostics, new bioengineering tools is emphasised in the last couple of years. In 2020, the Covidthus opening up a barrage of new avenues the uptick of several standout companies.

19 situation only accelerated the advent of for gene therapy to achieve mainstream For instance, CRISPR Therapeutics, these gene editing tools and magnified their status. Fittingly in 2021, the global CRISPR which develops gene-based medicines for role within the industry. Many researchers gene editing market is forecast to grow serious diseases through its revolutionary moved to study the virus and brought gene substantially over the next decade, at a CRISPR/Cas9 platform, offers therapeutic editing and sequencing technologies to staggering 26.86 per cent CAGR from its programmes across a wide range of rare the forefront to meet the need of the hour. estimated valuation of $846.2m in 2019, to diseases, oncology, hemoglobinopathies CRISPR-based technology also served the reach $10.8bn by 2030. and regenerative medicine. With notable urgent need for faster and better testing Performance of top stocks affiliated with alternative therapies diagnostics through gene detection. It Company Market Cap Revenue EPS P/E P/B P/S EV/ EV/ Stock Price 52-Week was used successName (USD bn) (USD bn) (USD) Ratio Ratio Ratio Sales EBITDA (USD) High Low fully to develop rapid CRISPR Therapeutics 9.9 0.7 -5.27 5.8 12,371.2 11,432.3 -23.8 131.1 220.2 35 C ov i d -1 9 t e st i n g Fulgent Genetica 3.5 421.7 8.27 13.5 6.0 6.9 6.8 9.6 120.6 189.9 7.7 and attained its first 10x Genomics 18.5 298.8 -5.35 25.0 57.6 59.4 -299.8 170.2 201.7 48.78 US Food and Drug Administration (FDA) Twist Bioscience Corp.

7.0 90.1 -2.78 11.0 61.3 61.6 -56.6 144.7 214.1 19.5 approval. CRISPR Curaleaf 11.0 626.6 -0.11 7.8 15.4 17.2 65.3 15.8 18.4 2.54 technology further Compass Pathways 1.6 -51.4 7.8 -28.5 42.8 61.7 22.51 helped the shift from SOURCE: BLOOMBERG, YAHOO FINANCE *Note: Data as of March 17, 2021 physical facilities to point-of-care settings

Technological advances in medicine are now going beyond all previous norms

prior successes in treating hereditary retinal and blood disorders with gene therapy, CRISPR’s efforts to expand has now driven collaborations with leading firms such as Vertex Pharmaceuticals and Bayer, and in 2020, sent its stock up by over 150 per cent.

Genetic testing company Fulgent Genetica is another strong player, offering 18,000 single-gene tests, over 800 tests for rare diseases, as well as genome sequencing.

In 2020, its stock jumped a remarkable 304 per cent on the back of a surge in testing volumes post Covid-19, with the stock price multiplying more than 9x since the start of 2020 (as of March 17). The company’s recent Q4 earnings also beat estimates, with strong Y-o-Y improvements in both top and bottom-line figures (+3,400 per cent revenue growth), and 2021 guidance projecting 90 per cent revenue growth. The

$19bn biotech firm 10x Genomics is broadly engaged in gene sequencing, and deals in instruments, consumables and software for analysing biological systems. Its Q4 earnings beat estimates and showed a 49 per cent Y-o-Y growth in revenue, largely from higher sales of consumables used with its genomic analysis instruments. Its strong fundamentals pushed its stock up by roughly 86 per cent in 2020, and its expansion plans are likely to boost the company’s prospects over the coming year. Twist Bioscience Corp is yet another fast-growing synthetic biology and genomics company whose pioneering DNA synthesis platform is enabling manufacturing of a wide array of products such as synthetic genes and next-generation sequencing (NGS) preparation tools. The company’s plans to highlight genotyping by sequencing and its

new NGS Methylation Detection system, together with its exploring of long-term opportunities in DNA digital data storage and biologics drug discovery, are sparking keen investor interest in its growth prospects, marking its stock a ‘buy’ by multiple market analysts, even as it recorded a staggering 590 per cent stock surge since 2020 (as of March 17).

Apart from genome-based therapeutics, other alternative therapies are also emerging as niche segments.

Technological advances in medicine are now going beyond all previous norms, and powerful new technologies are emerging with potential to shake up medical sciences. Researchers across the world are continually seeking cures for a host of genetic, mutative, chronic, hereditary and mental diseases, through alternative therapies.

For example, gene therapies are finding uses to formulate products such as industrial materials and biofuels, apart from their medical applications. Investment into such domains is likely to pay off in the long term, as R&D begets medical discoveries, which offer new ways to optimise such tools for human benefit. The clinical market of the future will be driven by next-generation gene sequencing, robotic automation and more, with investment fostering continuous development and evolution.

Disclaimer: This column is purely for academic and educational purposes. Nothing mentioned here should be taken as solicitation to trade or a recommendation of a specific trade. The author has direct exposure in some of the recommended stocks.

ARAB POWER LIST

Gulf Business Arab Power List 2021 Position. Name (Company) 2020 position

1. Yasir Al-Rumayyan (Aramco/PIF) 1

33. Khalaf Al Habtoor (Al Habtoor Group) 33

67. DJ Khaled (Musician) 62

2. Dr Sultan Al Jaber (ADNOC) 7

34. Sheikha Mayassa (Qatar Museums/ Doha Film Institute)NEW

68. Mishal Kanoo (Kanoo Group) 68

3. HH Sheikh Ahmed bin Saeed Al Maktoum (Emirates Group/ Emirates NBD) 2

35. Fahad Al Mubarak (Saudi Central Bank) NEW

69. Sheikh Thani Bin Abdullah Al-Thani (Ezdan Holding/Philanthropist) NEW

4. Carlos Slim Helú (American Movil) 3

36. Mohammed Alshaya (Alshaya Group) 30

70. Sayyida Rawan Ahmed Al Said (Takaful Oman) 70

5. Saad Sherida Al-Kaabi (Qatar Petroleum/Industries Qatar) NEW

37. Mohammed Abdul Latif Jameel (Abdul Latif Jameel) 31

71. Tarek Sultan (Agility) 71

6. Khaldoon Khalifa Al Mubarak (Mubadala) 8

38. Sheikh Sulaiman bin Abdulaziz Al Rajhi (Al Rajhi Bank) 38

7. Amin Nasser (Aramco) 10

39. Mohamed Mansour (Mansour Group) 39

73. Ronaldo Mouchawar (Amazon MENA) 76

8. Sarah Al Amiri (UAE Space Agency/ Emirates Mars Mission) 26

40. Prince Naif bin Sultan bin Mohammad bin Saud Al Kabeer (Almarai) NEW

74. Dr Amina Al Rostamani (AW Rostamani) 74

9. Mohamed Al Hammadi (ENEC) 56

41. Kutayba Yusuf Alghanim (Alghanim Industries) NEW

75. Ghaith Al Ghaith (Flydubai) 75

42. Mohammad Saud Al Osaimi, (Boursa Kuwait) 42

77. Murshed Al Redaini (Yas Holding) NEW

10. HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud (Kingdom Holding) 9 11. Mohamed Alabbar (Emaar/Noon) 6 12. Sultan Ahmed bin Sulayem (DP World) 12 13. Hassan Al Thawadi (Qatar 2022) NEW 14. Reem Al Hashimy (Dubai Expo 2020) 14 15. Yousef Abdullah Al Benyan (SABIC) 17 16. Lubna Olayan (SABB) 11

72. Haifa Al Khaifi (Energy Development Oman) NEW

76. Rashida Tlaib (US politician) NEW

43. Bader Al Kharafi (MA Al Kharafi & Sons / Zain Kuwait) 41

78. Othman Benjelloun (Bank of Africa) 78

44. Khalid Al Rumaihi (Mumtalakat) 44

80. Mohammed Abu Ghazaleh (Fresh Del Monte) 80

45. HH Reema bint Bandar Al Saud (Saudi ambassdar to the US/IOC) 16 46. Olayan Mohammed Alwetaid (STC) NEW

79. Fadi Ghandour (Wamda) 43

81. Fahad bin Hussein Al Sudairi (Saudi Electricity Company) 81 82. Hussain Sajwani (Damac) 82

17. Mansoor Ebrahim Al-Mahmoud (Qatar Investment Authority) NEW

47. Nassef Sawiris (OCI) 47

83. Munib R Masri (Edgo Group) 83

48. Faisal Al Bannai (Edge) 48

18. Abdul Aziz Al Ghurair (Mashreq) 15

84. Issam Kazim (Dubai Tourism) 84

49. Nayla Hayek (Swatch Group) 45

19. Abdulla Mubarak Al-Khalifa (Qatar National Bank) NEW

50. Mohammed bin Mahfoodh Alardhi (Investcorp) 50

85. Mona Almoayyed (Y.K. Almoayyed & Sons/Ebdaa Bank) NEW

20. Mohammed Ibrahim Al Shaibani (ICD) 13

51. Hatem Dowidar (Etisalat) NEW

21. Hana Al Rostamani (First Abu Dhabi Bank) NEW

52. Nadeen Ashraf (Activist) NEW

22. Essa Kazim (Dubai Financial Market / DIFC) 22 23. Saeed bin Mohammed Al Ghamdi (Saudi National Bank) 24

86. Rami Malek (Actor) 65 87. Ons Jabeur (Tennis player) 87 88. Mohammed Al Amoudi (MIDROC) 88

53. Naguib Sawiris (Orascom) 53 54. Sheikh Abdullah bin Bayyah (Forum for Promoting Peace in Muslim Societies/ Emirates Fatwa Council) 54 55. Akbar Al Baker (Qatar Airways) NEW

89. Shaikha Al Bahar (National Bank of Kuwait) 89 90. Nezha Hayat (Morocco Capital Market Authority) NEW

56. Hamad Buamim (Dubai Chamber) 59

91. Khalid Al Ameri (Social media influencer) 91

57. Mohammed Al Barwani (MB Holding) 55

92. Ibrahim Al-Omar (Saudia) NEW

58. Aziz Aluthman Fakhroo (Ooredoo) NEW

93. Dr Hayat Sindi (Scientist) NEW

59. Adel Ali (Air Arabia) 67

94. Nour El Sherbini (Squash Player) NEW

60. Elie Saab (Fashion designer) 60

95. Huda Kattan (Huda Beauty) 34

28. Sarah Al Suhaimi (Tadawul) NEW

61. Jassim Alseddiqi (Abu Dhabi Financial Group) 72

96. Sultan Sooud Al Qassemi (Burjeel Art Foundation) 96

29. Majid Al Futtaim (Majid Al Futtaim) 29

62. Reema Juffali (Racing driver) 57

30. Dr Raja Easa Al Gurg (Easa Salah Al Gurg Group) 28

63. Hesham Al Qassim (Wasl Asset Management) 63

97. Salwa Idrissi Akhannouch (Aksal Group) 90

31. Omran Sharaf (Emirates Mars Mission) NEW

64. Badr Jafar (Crescent Enterprises) 64

24. Mohamed Salah (Liverpool FC) 19 25. Ahmad Al Khateeb (Saudi Tourism Authority) 20 26. Mohamed bin Issa Al Jaber (MBI International) 18 27. Mohamed Khalifa Al Mubarak (Abu Dhabi Tourism/Aldar) 27

32. Mohamed Mahmoud Al Khaja (UAE Ambassador to Israel) NEW

98. Farah Nabulsi (Filmmaker) NEW

65. Abdulla Jassem Kalban (Emirates Global Aluminium) 79 66. Ala’a Eraiqat (ADCB) 66

99. Amna Al Qubaisi (Emirati motor racing driver) NEW 100. Muna AbuSulayman (Media personality) 100

Leaders for change

58

• Professor Ammar Kaka (Heriot-Watt University Dubai)

• Youssef Al-Bahar (Al-Bahar Advocates and Legal Consultants)

• Professor Mohamed Salem (University of Wollongong in Dubai)

• Ismail Al Hammadi (Al Ruwad Real Estate/ Biznet Consulting)

• Fadi Dabbagh (AIX Investment Group)

APR

Lifestyle

21

A global canvas

The Journey of Humanity, created in Dubai, was recently auctioned for $62m.

The creator of this world record-setting painting, Sacha Jafri, hopes to shake up much more than just the art world with it p.64

“We’re working on an online project where you can buy your watch using cryptocurrency” -Ricardo Guadalupe, CEO of Hublot

gulfbusiness.com

Supreme x Sea-Doo Spark Trixx Jet Ski The lightweight jet ski has a Rotax900 Ace 90hp engine and a 50-watt sound system to thoroughly entertain while catching big waves April 2021

59

Lifestyle / Horology

Outsized ambitions Ricardo Guadalupe, CEO of Hublot, took a Swiss watchmaker that was only known among a select few and transformed it into a larger-than-life phenomenon. Here’s how he did it

BY VARUN GODINHO

A

ny conversations around Swiss luxury watchmaker Hublot must begin with its former CEO, watch industry stalwart Jean-Claude Biver. Biver was handed the keys to the company in 2004 from its founder, Carlo Crocco. At the time, it was a little-known watchmaker, but Biver was brought in specifically to change that. He quickly hired Ricardo Guadalupe, who he knew from a decade before that as the international head of sales and marketing at Blancpain, to turn tables at Hublot.

“In 2004, he asked me to join Hublot. He would always tell me that when you are the first to have a unique idea, you will normally have success with it,” Hublot CEO Guadalupe tells Gulf Business.

Those ideas included the introduction of the now iconic Big Bang collection in 2005 and a doubling down on the Art of Fusion concept whereby the brand became a reference point in mixing seemingly incongruent materials in a timepiece – this was a brand that, after all, began life in 1980 by pairing a gold case with a rubber strap.

By the time Biver passed on the mantle to Guadalupe in 2012, Hublot had already been sold to luxury conglomerate LVMH, and had built a reputation for shocking marketing tactics.

For example, in 2010 former F1 supremo Bernie Ecclestone was savagely attacked by robbers who entered his home and stole, among other things, a Hublot F1 King Power. Ecclestone took an image of his 60

April 2021

Above: Ricardo Guadalupe, CEO of Hublot Opposite page: The Dubai Mall boutique was the single highest-selling boutique worldwide in 2020 for Hublot

badly bruised face and sent it to his friend Biver who quickly created an advertisement with it captioned “See what people will do for a Hublot” – suggesting that the then 81-year-old fought valiantly to protect his Hublot.

Then there was that time from a few years ago when Hublot managed to secure its logo branding on boxer Floyd Mayweather’s “The Money Fight” against Conor

McGregor, the returns on investment which Guadalupe says amounted to hundreds of millions when considering the visibility the fight had around the world.

Apart from boxing, another sport where it has dominated is football. Hublot became the first luxury watchmaker to enter football sponsorship with the Euro Cup in 2008.

Apart from being the official timekeeper for the FIFA World Cup, creating the referee board in the shape of the Hublot Big Bang for the 2014 and 2018 versions of the tournament was a major coup too. In September 2020, Hublot also became the official timekeeper of the Premier League – a sporting event with a viewership of 3.2 billion people.

The watchmaker even released a new Big Bang e Premier League digital watch earlier this year to mark that partnership. gulfbusiness.com

Lifestyle / Horology

Giving Hublot further visibility is its partnership with artists – the Classic Fusion Takashi Murakami All Black is one example, with the others being those created with Sang Bleu and Richard Orlinski.

Guadalupe says that bold marketing tactics and strategic partnerships are de rigueur for the industry in which he operates.

“Hublot, in order to succeed, had to be different compared to other traditional brands.

Why else would someone buy a classic Hublot from a 40-year-old brand when they can have beautiful watches from brands that have been in existence for over 100 years?”

But Hublot ensured that its marketing theatrics didn’t come at the expense of proper innovation at the Nyon-headquartered brand. A full-fledged R&D push began in 2010 with the acquisition of BNB Concept that led to the creation of a dedicated research department. It resulted in the creation of the “unscratchable” Magic Gold in 2012, obtained by injecting gold into ceramic; the Red Magic case meanwhile was made by fusing iron oxides into ceramic, heating it to 800 degrees Celsius and then subjecting it to a pressure of 600 tonnes per square centimetre.

Apart from ceramic, another material that Hublot has worked on consistently is sapphire. Hublot is now well-known for its colourful sapphire timepieces, the latest of which was the Big Bang Tourbillon Automatic Orange Sapphire released at the LVMH Watch Week 2021.

On a technical front, it has had several hits too including the Unico which debuted back in 2009 as its first 100 per cent inhouse movement; its Meca-10 day power reserve; and also the MP11 movement that has a 14-day power reserve thanks to the seven in-line arranged barrels. But it’s impossible not to mention the MP-05 LaFerrari timepiece from 2016 that had an incredible 50-day power reserve, which was at the time a world record power reserve for a manual-winding tourbillion wristwatch.

The partnership with Ferrari began in 2012 and resulted in several high-octane timepieces over the years. It came to an end this year though, with Ferrari choosing to team up with Richard Mille instead. “We have had success with Ferrari, but after a certain point, we didn’t find the right equilibrium to continue together. We also want to move on with our strategy of partnerships,” explains Guadalupe on Hublot’s decision to part ways with Ferrari. gulfbusiness.com

“Hublot, in order to succeed, had to be different compared to other traditional brands”

T

he day we speak in March, Guadalupe says, marks the one-year anniversary from when the Hublot offices and manufacture were completely shut for six weeks as the Covid-19 pandemic took root. Hublot’s manufacture was gradually reopened in stages and only reached 100 per cent last September, although he says that distribution was affected over a three-four month period in 2020.

Last year, overall Swiss watch exports plunged 21.8 per cent to CHF16.98bn.

According to data compiled by the Zurich based Vontobel private bank – a fairly accurate barometer of the watch industry – Hublot’s parent company LVMH saw its Swiss watch exports reduce around 23 per cent last year – almost as much as the other big players including Swatch Group and Richemont.

Guadalupe says that while the watch market will rebound in 2021, it won’t be at pre-Covid levels mainly because tourists are not yet returning. “In Switzerland, 50 per cent of [our] businesses is tourists.”

Hublot roughly manufactures around 60,000 watches annually. “We have 114 standalone boutiques and 600 points of sales. Our biggest market is Europe which represents more or less 30 per cent; the Americas are around 25-30 per cent; Japan is a very strong market at over 10 per cent; Greater China is at almost 15 per cent and the Middle accounts for close to 15 per cent [of our sales].”

The Middle East, and specifically the UAE, has proved to be a resurgent market for Hublot. Its Dubai Mall boutique, it says, was the single highest-selling boutique worldwide in 2020 in terms of the number of pieces sold and also the value of the sales.

“We work with a strong local partner Seddiqi & Sons. They were already Hublot representatives before we took over in 2004-2005, and we have been growing with them. The UAE is [our] number one [market within the region], followed by Saudi Arabia, Qatar, Kuwait and Bahrain which are more or less on the same level.”

Trust Guadalupe to always break out audacious ideas to maintain a constant buzz around the brand. In 2018, it showcased a Big Bang Meca-10 P2P timepiece that could only be purchased using bitcoins. Last year, it introduced a blockchain-based e-warranty platform to authenticate and store data regarding the entire lifecycle of a timepiece including its production, sale, and any resale to effectively combat the counterfeit market.

But now, weeks after Tesla boss announced plans for Teslas to be purchased using bitcoins, Guadalupe confirms that similar plans are afoot at Hublot. “We’re working on an online project where you can buy your watch using cryptocurrency. It’s a project we will launch this year.”

It would make Hublot the first Swiss high-end watchmaker to offer a dedicated mechanism to purchase watches using cryptocurrency. Guadalupe need not remind himself twice of what Biver once told him.

April 2021

61

BRAND VIEW

Hands-on review: OPPO Reno5 Pro 5G OPPO Reno5 Pro 5G combines great performance, ultra-fast charging and enhanced camera capabilities

M

ore often than not, smartphone manufac turers launch ‘new’ devices to suit the annual release cycle, with little to show in the way of innovation.

For OPPO, the story might be different with the brand’s recently-launched Reno5 Series.

Having reviewed the OPPO Reno4 Pro 5G last year and getting our hands on its successor the Reno5 Pro 5G, we can confirm that OPPO’s upgrades are more than skin deep.

Design Talking of skin, the Reno series exterior design is now becoming iconic in the marketplace. The upgraded Reno Glow 2.0 design process in the Reno5 Pro 5G features microscopic design techniques that create a shimmering, diamond-like look that is shinier and more translucent than the first generation. The pyramid crystal structure is hydrophobic, and water droplets simply bounce off rather than stick, repelling annoying fingerprints and grease. Colour-wise, the new Reno5 Pro 5G is offered in new unique colours - Starlight Black and Galactic Silver.

The Reno5 Pro 5G is sleek, at just 7.99mm in width and 184 gm in weight. The phone’s 6.5-inch Super AMOLED screen curves

Reno5 Pro 5G features an industry-first 50MP IMX766 sensor co-developed by OPPO and Sony

gently along the edges and has a refresh rate of 90Hz which yields sharp distortionfree images.

Functionality The Reno5 Pro 5G is powered by a Qualcomm Snapdragon 865 chipset, which, combined with the 12GB RAM + 256GB ROM configuration and multi-cooling system, adds serious punch to an already powerful platform.

If you buy the Reno5 Pro 5G and keep the default settings, you will be missing out on some cool customisation options with OPPO’s ColorOS 11.1 operating system.

Start with creating a new design or add personal touches to the text style and layout in the Always - On Display. Users can also adjust the contrast ratio with the three options available, Enhanced, Medium, and Gentle. The contrast levels can also be applied to third-party apps.

FlexDrop lets users multitask on Reno5 Pro 5G through resized windows. Apps can be kept in full-screen mode, or as a small floating window (interactive mode), or even a smaller mini-window (view-only mode).

Camera OPPO worked with Sony to co-create the

IMX766 sensor for the main camera in the Reno5 Pro 5G. Making its smartphone debut through the OPPO Reno5 Pro 5G, the IMX766 is one of the largest sensors in a smartphone whose large surface area allows for more light to hit the glass. This results in better clarity and brightness, even in low-lit, night-time scenes.

The camera architecture includes the 50MP main camera, a 16MP ultra wideangle camera, a 13MP telephoto camera (5x hybrid zoom) and a new 2MP macro camera. A new Color Temperature Sensor reduces shooting and imaging time with a more accurate white balance.

An amateur you may be, but you don’t have to accept mediocre photos and videos.

And thanks to the upgraded AI capabilities in the Reno5 Pro 5G, you don’t have to.

The AI platform in the Reno5 Pro 5G recognises objects such as faces, people, pets, flowers and other common video subjects and automatically locks the focus. The software can even remember the subjects to track as they move around the frame.

AI Highlight Video on the other hand uses algorithms to automatically adjust settings for various scenarios. In dim light, it uses the Ultra Night Video algorithm to optimise video quality, ensuring that even night-time shots look bright, sharp, and natural.

Battery The Reno5 Pro 5G comes with a large 4500mAh battery. This is coupled with the 65W SuperVOOC 2.0 Flash Charge which can charge the phone’s large battery to 100 per cent in just 35 minutes.

OPPO has turned power saving into an art form, enabling the Reno5 Pro 5G to last longer not only in everyday use but in extreme environments too. Charging the Reno5 Pro 5G for five minutes allows for four-hour video playback.

Now available across UAE retailers, the Reno5 Pro 5G is priced at Dhs2,799. For that, you get a large battery backed by 65W SuperVOOC 2.0 fast charging technology, a powerful 5G chipset, a class-leading camera architecture, enhanced gaming capabilities and OPPO’s latest design innovation.

Rounding up the Reno5 series of 5G devices are the Reno5 5G, now available in the UAE for Dhs1,999, as well as the Gen-Z, focused Reno5 Z 5G priced at Dhs1,499.

From vision to action How consumers inspire OPPO’s smartphone innovations

M

ost consumer technology brands have a decidedly top-down approach – they bring a device to the market, and customers decide on its merits with their wallets.

OPPO has taken a different path, pursuing a research-driven development process that is proving key to winning the hearts of consumers. Earlier this year, OPPO became the best-selling smartphone brand in China for the first time ever, capturing 21 per cent of market share, according to Counterpoint Research. Tarek Zaki, senior product manager for the Middle East and Africa for OPPO, says the company follows a glocalisation strategy, and its main route to developing products is market research at the local level across international markets.

“From this research, we identify major customer pain points such as slippery devices – especially in the hot conditions we live in, fingerprint smudges or annoying scratches on the surface. This customer feedback is injected into the design process,” says Zaki. Customers also struggle with taking photos and videos in either low light or very bright conditions. The Reno5 Pro 5G comes with the Sony IMX766 sensor

which OPPO co-developed with Sony. “The 50-megapixel sensor is one of the biggest sensors available today on a smartphone.

By allowing more light inside, the sensor delivers amazing photo and video quality even in low light conditions,” Zaki says.

But perhaps the biggest grievance from smartphone users is battery life, or the lack of it thereof.

The Reno5 Pro 5G comes with OPPO’s 65W SuperVOOC 2.0 fast charging technology, adding an extra kick to an already powerful 4500mAh battery. This safe and fast-charging technology takes your phone from 0 to 100 per cent in just 35 minutes.

“Five minutes of charging gives the equivalent of four hours of video playback. This alleviates low battery anxiety as users can simply charge their phones back rapidly when out of power,” Zaki says.

In control Serious gamers don’t appreciate being interrupted mid-game because a phone call or a text came through.

“Gamer Mode in the Reno5 Pro 5G allows users to control what notifications are allowed through when playing games, or they can alternatively opt for the bullet

Tarek Zaki: Customer feedback inspires our R&D

message feature, which floats texts harmlessly on top of the screen while the game continues uninterrupted underneath”, Zaki explains. Adding to the gaming bona-fides of the Reno5 series, PUBG Mobile’s publisher, Tencent Games, has named both the Reno5 Pro 5G and Reno5 5G smartphones as the official designated smartphones of 2021 edition of the MEA tournament for their immersive and fluid gaming experience.

Customisation

AI takes videos from drab to fab

On top of the latest Android 11 platform, OPPO has engineered ColorOS 11.1 which adds new customisation options for a differentiated user experience. “Users can choose a design of their choice for the Always-On display, so their screen does not look like every other one on the table,” says Zaki.

ColorOS 11.1 also introduces DropFlex which adds floating windows for multitaskers. “For example, you could be having a zoom call on the mini window while replying to an email at the same time,” Zaki adds.

“Ultimately, we want to keep our consumers happy by delivering the latest and greatest of our innovations and technology,” Zaki concludes.

Lifestyle / Art

Opposite page: The painting comprises of five sections: The Soul of the Earth; Nature; Arrival of Humanity; the Solar System; and the Child’s Portal 64

April 2021

gulfbusiness.com

Lifestyle / Art

The big picture The Journey of Humanity is the world’s largest canvas painting. Dubai-based artist Sacha Jafri raised $62m from the sale of it, all of which will now be given to charity. Here’s what it took to create one of the biggest artistic, social and philanthropic projects of its kind to date

BY VARUN GODINHO

S

acha Jafri’s mother thought he was clinically mad. His father was convinced he was a genius. One of them was right.

As a biracial child growing up on the margins in the UK, Jafri relied on a scholarship to enter Eton – never mind that the wealth generated by his great, great grandfather who was a maharaja in India somehow vanished within a few generations – where he studied with Prince William. As Jafri adds, he was severely dyslexic at the time. “The head of dyslexia for Europe chose three people around the world to conduct a case study, and I was one of them.” She found that his normal IQ was so low, it couldn’t be plotted. However, his social IQ was above 200 and also couldn’t be plotted on a chart.

“She said, ‘One of the wires in your brain is in the wrong place. You shouldn’t actually be able to exist in this world, because these two parts of the brain do not connect’.”

As a result of the dyslexia, Jafri says that he was bullied and couldn’t really fit in.

When the headmaster at Eton summoned his parents – which is when they presented two starkly different reactions to their son’s condition – he also offered Jafri the keys to a porter cabin which would be exclusively his and filled with paint, canvas and an easel.

He was allowed to do whatever he wanted there, provided he could make it to all his other classes. That sparked a real interest and the start of his work as an artist. “I then got into Oxford University and got an MA from Oxford, scoring a double first.”

manipulated, and things are hidden away so the value can grow. If you shock people, you get them talking about something for a bit.

You then put a high value on it and sell it.

People talk about it, but it doesn’t last long.

It lasts two months, three months – if you’re Damien Hirst you might get away with it for a couple of years,” says Jafri.

It’s the main reason why the Dubai-based artist has chosen to remain independent and has never signed with a gallery throughout his career. “I want to choose who owns my work. I say no to 90 per cent of the people who want to buy my work, because I don’t want it put in a vault and then sold five years later to make money. That’s everything I’m completely against.”

Tightly controlling the sale of his art hasn’t in any way stopped him from becoming a highly sought-after artist whose paintings regularly sell for millions, and whose collectors include Barack Obama, Madonna, Bill Gates and George Clooney. It was, in fact, a trip with Clooney to Darfur in 2004 during the filming of Clooney’s documentary Sand and Sorrow that set the artist on a mission to use the proceeds of his work for charity.

He visited over 42 refugee camps across the world, and has raised more than $60m for

charities over the last few years – though he’s now raised the stakes even higher with his latest artwork.

Over seven months from March through to September last year, when much of Dubai was at various stages of a lockdown due to the Covid-19 pandemic, Jafri took over the ballroom of the Atlantis – The Palm hotel in Dubai to paint the world’s largest canvas.

That painting, called The Journey of Humanity, spread across 17,600 square feet, was an idea that was crowdsourced from children around the world. Jafri’s team asked children to send their paintings around the themes of isolation and connection, which were then printed onto A3 size sheets and stuck all over the canvas, on top of which Jafri took his paintbrush. “We got millions of children from 140 countries to tell us how they felt in those moments of the Covid-19 [pandemic].”

The finished piece which required the use of 1,065 paint brushes and 6,300 litres of paint, officially entered the Guinness World Records in February recognised as ‘The Largest Art Canvas’. It comprises of five sections: The Soul of the Earth; Nature; Arrival of Humanity; the Solar System; and the Child’s Portal.

O

ver the last two-and-a-half decades, Jafri’s had a prolific career in the art world. But it’s also one that he’s tried to desperately get as far away from its traditional trappings as he can. “The art world is full of nonsense. It’s full of smoke and mirrors, manipulations, lies, dishonesty and corruption. Art is seen as this commodity, which is traded, heavily

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April 2021

65

Lifestyle / Art

Right: The Journey of Humanity is spread across 17,600 square feet

But singlehandedly creating a painting across the space nearly equivalent to a football field requires an extraordinary physical effort. Jafri explains that he would spend around 18 hours a day bent over – during which he was unaware of what was happening to his body as he was in a trance-like state when painting. It’s not an exaggeration, as scientists who have studied his brain while he’s at work noticed deep theta waves – triggered when the subconscious is operating at high intensity.

The Journey of Humanity and the physical toll it took resulted in a herniated disc where the cushioning between the vertebrae in two places along his spine disintegrated completely. He also dislocated his pelvis on both axes, which resulted in his heel disconnecting from his feet. Jafri had to have surgeries on his back and pelvis, and said that he would begin every morning with a pain injection. The desire though to finish the painting and then drive millions into charity is what, he says, kept him going through the excruciating pain.

I

n February, Sheikh Nahayan Mabarak Al Nahayan, the UAE’s Minister of Tolerance and Coexistence unveiled the project. Jafri says that rather than being a validation of his work as an artist, the minister’s decision to support this global philanthropic initiative “says more about him, than it does about us”.

After Jafri finished the painting, the plan was to cut it up into 70 framed canvasses and sell it at several auctions around the world to raise a staggering Dhs110m – at least – under an initiative titled ‘Humanity Inspired’.

There were plans to hold auctions at Davos, Paris, London and other destinations – besides an online auction on Facebook too.

However, at an auction held on March 22 at Atlantis in Dubai, French businessman Andre Abdoune successfully bid a whopping $62m – over double Jafri’s initial estimate – to secure the entire painting.

During that auction, two other related pieces were also sold. It included the Brushes Piece which comprised of the original brushes Jafri used when creating the record-breaking painting, and also a framed Clothing Worn by the Artist piece.

Jafri says that all the money raised by the

Jafri has partnered with Dubai Cares, UNICEF and UNESCO as well as Eva Longoria’s Global Gift Foundation to help fund children’s projects around the world 66

April 2021

painting will now be donated to charity. He has partnered with Dubai Cares, UNICEF and UNESCO as well as Eva Longoria’s Global Gift Foundation to help fund children’s projects around the world. The initial amount will help aid sanitation, education, food and healthcare needs of children from Brazil and India to the Philippines and Indonesia, and beyond. But Jafri’s got his eye on an even bigger picture – to use the $62m as a building block for the UN’s Giga project to provide internet access to children around the world. “A $2bn fund has been raised on the back of this project through the UN’s Giga project. That’s the aim here.”

The Humanity Inspired is reportedly the largest artistic, social and philanthropic project of its kind to date. But the artist is keen not to cast himself as bigger than the cause. “One man can’t do this on his own, but I can send ripple effects.” Jafri is, unwittingly, triggering a tsunami. gulfbusiness.com

Lifestyle / Gaming

Rising tide Abu Dhabi plots a path to gaming hub status

BY DAVID NDICHU

J

ust like competing in a popular online game, creating a world-class gaming and esports ecosystem requires a multi-faceted ground plan.

First, you need a launching pad.

Rising in Abu Dhabi is Yas Creative Hub, a state-of-the-art media and entertainment complex that opens its doors in Q4 2021.

Yas Creative Hub will include a purposebuilt Gaming Hub, which will provide a physical home for the gaming industry in Abu Dhabi in partnership with industry giant Unity Technologies.

To attract gaming companies to the hub, developers twofour54 Abu Dhabi launched a subsidy and support programme in the second half of last year. “The response has been phenomenal from companies that are looking to expand into and move their content production teams to Abu Dhabi,” says James Hartt, director, Strategy and Business Development for AD Gaming.

The Yas Creative Hub is attracting companies from the US, the UK, Brazil and also

“The government’s role is to support the growth of the industry so that creative talent can forge careers in the game development industry” gulfbusiness.com

The Yas Creative Hub will open its doors in Q4 2021

from parts of the Arab world such as Jordan and Lebanon, thus creating a healthy pool of talent and developers, says Hartt.

Second, you need a strategy.

Twofour54 has launched Abu Dhabi Gaming (AD Gaming), a new initiative to aggregate the emirate’s efforts to build a gaming and esports community. Supported

by Unity Technologies, Flash Entertainment, UAE Pro League, Emirates Esports Association and the Media Zone Authority, AD Gaming aims to provide a support system for game developers, players, consumers, and businesses in Abu Dhabi. “The government’s role is to support the growth of the industry so that creative talent can forge careers in the game development industry,” Hartt adds.

Third, you need to develop the talent.

AD Gaming’s partner Unity Technologies will be leading a “train-the-trainer” development programme, working with several educational institutions in the UAE, including Abu Dhabi University, NYU Abu Dhabi, Higher Colleges of Technology and the University of Sharjah. The programme aims to equip professors and teachers with the skills they can pass on to their students in AI, virtual reality, game development and coding.

The Unity qualification for game development will sit alongside their existing degrees, Hartt explains. “The programme gives the students the practical experience so they can hit the ground running when they move into the industry,” he adds.

The education component is split into two: the university angle and what is being offered at the gaming hub, says Sultan Al Riyami, associate manager at twofour54.

“AD Gaming will host workshops and activations for university students and graduates who want to pick up game development skills,” he adds. AD Gaming will also link students with gaming and esports partners to gain real industry experience. “It is not just about bringing in existing mature game development businesses; we aim to also find the local talent that has a passion for game development and provide them with support while they develop content,” says Riyami. Unity Technologies is providing this support free of charge. “It is only a matter of time before a blockbuster game comes out of Abu Dhabi,” he adds.

Fourth, you need to bring the rest of the populace on board.

Gaming has had a bad rap in the past, often seen as antisocial. This calls for a shift in the understanding of the gaming industry, says Hartt. On the economic side of things, gaming and esports are thriving industries that employ hundreds of thousands of people worldwide. The current global video game industry is approaching $200bn while the spend per capita in the UAE is one of the highest in the world.

Also, gamification in education is a budding field. “It has been proven that memory retention is higher, and you get more engagement from school children when they combine playing and learning,” says Hartt. Gaming has also emerged as the ultimate global movement. “Gaming bridges people from different communities, backgrounds, religions and regions like no other platform,” says Riyami.

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67

BRAND VIEW

Building a golfing legacy Indian businessman Sudesh Aggarwal will launch the inaugural Emirates Amateur Golf League – the world’s first franchise-based amateur golf league – this November in Dubai

I

ndian-origin Sudesh Aggarwal is a veteran businessman in the UAE. His biggest venture to date remains GRP Industries which he set up in the country back in 1988. He also established the first manufacturing facility for polyester enclosures in the MENA region back in the 1980s and has since then bagged several lucrative contracts with governments across the region, from the UAE and Oman to Saudi Arabia and Qatar. His diverse portfolio of investments spans real estate, food production, video gaming and home furnishings. But he’s now trained his sights on sports – specifically golf.

Aggarwal has been as familiar a face on the business circuit as he has been on the golfing one here in Dubai. “I started playing golf

68 June 2020

about 27 years ago when I became a founder member of Dubai Creek Golf & Yacht Club. I have won all kinds of club tournaments and Corporate Golf Days. I have also been the founding chairman of the Indian Golfers Society for 15 years,” says the golfer with a current index handicap of 14.

On January 20, Aggarwal launched the Emirates Amateur Golf League – the world’s first franchise-based amateur golf league.

Opposite page: Sudesh Aggarwal at the Dubai Creek Golf & Yacht Club Below: Aggarwal at the launch of the EAGL

Based out of the UAE, the league is backed by the Emirates Golf Federation as well as the Asia Pacific Golf Confederation (APGC).

The inaugural season of the EAGL, which is modelled on the rapid-fire IPL cricket format, will run from November to January. It will feature eight franchises in the first season on a first-purchased, first-served basis. The franchises up for sale are: Abu Dhabi Roars, Asian Jumbos, Dubai Tigers, Emirates Players, English Nicks, European Seves, Indian Singhs, Korean Chois and Pakistani Taimur.

The squad places are open to both men and women players, though all members of a team will have to play from the same tees.

Elaborating on the format, Aggarwal says that each franchise will consist of a pool of 24 players captained by two professional, non-playing coaches/captains. Each team will play one another in a round-robin – with 12 players selected for each match – before the semifinals leading to a grand final. The plan, he says, is for captains to be drawn from among UAE PGA members. The professionals will be coaches and act like captains. There will also be non-playing captains.

To participate, amateurs have to register online. This shall be checked by the franchiser and once approved, they will be included in a player pool. They will then have to sign a contract and pay the registration fee. Teams will have to choose players only from the players’ pool. They’ll have the choice to take two players of each group, with the rest selected by a draw. This mechanism is being worked out at the moment, Aggarwal says, to be fair to all team owners and safeguard the interests of the players as well. There will be four groups: 0-4, 5-8, 9-11 and 12-14 handicaps, with matches between each group’s players.

As for the visibility that this competition seeks to achieve, Aggarwal is still working on a deal with a network, but has promised 40 hours of live coverage online across EAGL’s social media networks in the first season as well as sponsorship, PR and networking opportunities for franchisees. Given the APGC’s backing, it is a format that could gain visibility in all 42 countries that the AGPC represents.

“The EAGL, for sure, will be a very costeffective and value-added proposition over the corporate golf days. It means nine golf days, plus launch and closing parties, and invitations. We estimate that the EAGL will give access to at least 6,000 well-to-do people in the society directly, apart from the media and

gulfbusiness.com

live broadcast exposure,” says Aggarwal.

Aggarwal is in the midst of finalising sponsors for the event. The cost of sponsoring one of the nine franchises, although not revealed, is believed to be in the six-figure bracket. “We anticipate a very healthy return on investment. There shall be a cash return from the

franchiser sharing the sponsorship fee with the team owners and an opportunity for team owners to have their own team sponsors.

Returns in marketing, branding, promotions, live broadcast, media coverage, developing and entertaining clients, PR etc. shall be manifold. Appreciation in teams’ valuation is

Aggarwal is still working on a deal with a network, but has promised 40 hours of live coverage online across EAGL’s social media networks in the first season gulfbusiness.com

another aspect. Above all, the pride of owning a sports team is an immense value addition,” says Aggarwal. He adds that initially, when the idea of promoting sports first came up, he considered cricket instead of golf. “We were to do a cricket league, but then realised it is a very saturated market and something new had to be created.

“I am a very keen amateur golfer and there is nothing exciting happening for players like us other than corporate golf days and club tournaments, so I came up with the idea to do the league for amateur golfers in the same style as leagues in other sports. A league in amateur sport is going to be very challenging, but I am sure we will overcome those challenges.”

That challenge will unfold this November, starting at the Dubai Creek Golf & Yacht Club.

June 2020 69

Lifestyle / Travel

A Swiss grand slam

Roger Federer announced a long-term deal with the Swiss national tourism board

Roger Federer inks multiyear deal with Swiss Tourism to become the official ambassador for the Alpine country

S

wiss tennis star Roger Federer is one of the sport’s most legendary players. The former world number one has won 20 Grand Slam men’s singles titles. However, the 39-year-old Basel-born Federer who is still active on the court isn’t done yet, and reportedly drew in around $100m in endorsement income in 2020 alone.

On March 29, Federer announced a long-term deal with the Swiss national tourism board, Switzerland Tourism (ST), to become the official ambassador and promote his native Alpine country, positioning it as a coveted destination.

The timing of this partnership is crucial, coming at a time that Swiss tourism is emerging from its biggest crisis since the Second World War. With travel restrictions still in place for several countries around the world, its impact on tourism in Europe and Switzerland has been crippling.

“I have always felt, whenever I step on the court, [that] I am representing Switzerland.

Whenever it says my name, there is a Swiss flag next to it” 70

April 2021

“Establishing this partnership is a unique opportunity and of great importance to us. Making a difference while recovering from the challenges of the past months and beyond will be a journey with numerous highlights,” says ST’s CEO Martin Nydegger.

The communication activities for the new partnership will begin in April with a focus on European cities followed by the US and subsequently countries located within the Asia Pacific region. The campaign will include visuals and short clips showcasing Federer across different locations within Switzerland.

On myswitzerland.com, guests will be able to discover the country through a few of Federer’s top picks across categories including hidden gems, city tours, mountain trips and nature trails. “I have always felt, whenever I step on the court, [that] I am representing Switzerland. Whenever it says my name, there is a Swiss flag next to it. I have been very proud to do that for the 22 years I have been on tour. To join forces

with ST now is a logical step for me,” says Federer.

Apart from Switzerland, he also calls Dubai his home. It’s a vital connection that will serve him well in his new role as he will play a pivotal role in driving increased tourism from the GCC. Gulf tourists have accounted for around one million overnight stays in Switzerland over the last few years. The daily expenditure of these tourists is around CHF420 per day, thereby generating around CHF420m turnover per year in Switzerland.

The two biggest source markets from the GCC are the UAE (35 per cent) and Saudi Arabia (35 per cent), with Kuwait and Qatar accounting for between 11-12 per cent each, and the remaining coming from Bahrain and Oman.

The tennis star who commands tens of millions of dollars each year as endorsement fees has chosen to partner with ST to promote his country for altruistic reasons, rather than to add to his personal net wealth. In fact, he says all the money he earns by way of his deal with ST will be given to charities around the world, including for purposes of building sports grounds for children in Switzerland. It wouldn’t be far-fetched to imagine Federer drop by on any one of those grounds for an impromptu training session with the neighbourhood’s children. gulfbusiness.com

APR

The SME Story

21

A dedicated hub for the regional startup and SME ecosystem

INTERVIEW

Leading the charge A new cryptocurrency trading exchange and a well-established speciality coffee operator in the region are key examples of startups that reaped the advantages of being the firstmovers in their respective fields

What is the concept behind Coinmena?

Within the Middle East and North Africa, there is a growing appetite from both retail and institutional investors to invest in crypto assets. The avenues from which to do so within the region are limited, and also they do not encompass investing via local currencies. Coinmena was founded on the vision of addressing this key need of unlocking access for crypto assets in the MENA region in a regulated, reliable, safe and convenient way.

Apart from Bahrain, have other GCC governments encouraged cryptocurrency trading?

Besides Bahrain, the UAE, through its different financial regulatory bodies, has also been looking closely at crypto assets. This would enable retail and institutional investors in both countries to invest in this industry. As more countries and regulators in the MENA region start embracing crypto assets, as Bahrain and UAE have, it will result in further acceptance and increased investments in the industry.

When was the first time you got involved with cryptocurrency?

Can you give us an overview of your operations?

Coinmena is headquartered in Bahrain, with a gulfbusiness.com

What is the market size of cryptocurrency trading within the GCC region?

Globally, the crypto assets market currently stands at around $1.8 trillion and this is anticipated to cross the $2.5 trillion mark by the end of 2021. The MENA region currently contributes around 2 per cent of the global total, equating to $36bn. Of this, the GCC represents around 60 per cent, equating to around $25bn. Based on current market dynamics for the MENA region, we anticipate it to contribute around 2.5 per cent of the global total by the end of the year.

Dina Sam’an Founder and managing director, Coinmena

From a young age, I have always been entrepreneurial. I started my career building and growing the family’s real estate business where I gained firsthand experience in scaling a venture. In 2015, I worked closely with the founding team of the first regional crypto assets exchange. Based on this experience, it was evident to me that the region needed a fully-regulated and well-governed exchange with stable banking relationships that allowed customers to transact in their local currency. It is on this premise that I established Coinmena.

secondary office in Jordan. It is a fully-regulated, onshore, and Sharia-compliant crypto assets exchange. We are licensed by the Central Bank of Bahrain as a Crypto Asset Services – Category 2 company making us one of few fully-regulated exchanges globally.

Catering to both beginners and experienced crypto traders, Coinmena is currently available to investors in Bahrain, Saudi Arabia, UAE, Kuwait, and Oman. Investors will be able to deposit, trade, and withdraw in their respective local currencies. At present, CoinMENA offers five leading crypto assets: Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash.

What are the expansion plans you have in mind for the business?

Dina Sam’an, founder and managing director, Coinmena

We will be growing our geographic market coverage by targeting new markets within the MENA region at an initial stage to ensure that the region can access crypto assets. Subsequently, we will expand outside of the region. Additionally, we will be widening our product offering through additional crypto assets that are globally proven and stable.

April 2021

71

The SME Story

We manage the majority of our deliveries in-house, and we have partnered with Quiqup for Dubai, Fetchr for the remaining emirates, and with DHL for all other GCC deliveries. We have made and continue to make improvements to our website and started paid digital advertising.

What are some of the expansion plans you have for Raw Coffee?

At the moment we roast and supply to other GCC countries from our roastery here in Dubai, and we are now looking at GCC expansion next. We have

Kim Thompson Co-owner and managing director, RAW Coffee Company

Above: Raw Coffee roasts and supplies its beans across the GCC region

Can you tell us about the scope of your operations?

Raw Coffee Company imports specialty-grade green beans, roasts and supplies them to cafés, restaurants, offices and home connoisseurs. We [also] support our customers with water treatment that is designed to give the perfect water chemistry for coffee; our barista training sessions are customised for each outlet; we partner with quality Italian espresso equipment; and we roll all this knowledge into a consultancy so that the operator can be financially viable. There are hundreds of cafés and more than 55 roasteries [in the UAE], all competing for a market share.

just finished establishing legal entities that will enable us to move into Saudi Arabia. We recently formed RAW Beverage Trading which offers cafés and restaurants beverage solutions for everything other than coffee – for example hot chocolate, iced teas, fruit pulps for smoothies and frappes. We are focusing on R&D, looking at products that will make good coffee available to anyone, while also concentrating on the environment – no single-use plastic, and no artificial additives.

What is the USP of Raw Coffee?

Raw’s USP is that it adds value to the speciality coffee industry – it adds value to the people it sources its green beans from at origin and also to the businesses it supplies to by being more than a supplier. As the first speciality roastery in the MENA region, we weren’t happy with the quality of the RO water units available here, so we built our own.

What was the impact of the Covid-19 pandemic on your business?

We have been incredibly fortunate as we had money in the bank and no debt. We had fresh green stock for the year that we had paid for. We paused elements of the business, we diversified, and we found logistics partners. We reached out to our customers and came up with revised payment schedules.

We ended some relationships with customers, who didn’t pay and who didn’t value what we gave them.

We made hard decisions for some and we made conciliatory decisions for others.

WE ARE FOCUSING ON R&D, LOOKING AT PRODUCTS THAT WILL MAKE GOOD COFFEE AVAILABLE TO ANYONE, WHILE ALSO CONCENTRATING ON THE ENVIRONMENT

Right: Raw Coffee Company imports specialty-grade green beans Below: Kim Thompson, coowner and managing director, RAW Coffee Company

How important will e-commerce be for the brand going forward?

Our online business is up 75 per cent year-on-year.

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April 2021

gulfbusiness.com

The SME Story

1. DO NOT LOSE FOCUS ON ‘CASH’

As an entrepreneur, although your focus will mostly stay on building your topline, do not lose focus on cash. ‘Cash is king’ is an old saying and will always hold good for any business. But this does not mean keeping idle cash in the bank; it means optimising the use of cash by managing one’s working capital and expenses in a smart way and ensuring you have some cushion for unforeseen situations.

2. CLOSELY MONITOR YOUR BOOKS

The only way you can become more familiar with the finances of your business is by regularly monitoring your books – even if you have a bookkeeper.

This is extremely important because it will enable you to identify any possible threats to your business as well as plug any loopholes. Create time to study your bank reconciliation as well as to review any outstanding receivables. Re-emphasising the need for focusing on cash, if you delay your bills collection, you will end up being a banker for your customers.

3. CONTROL YOUR SPENDING

Vikas Arora CFO, Action Group and co-founder, CXO Factor

COMMENT

10 tips for managing small business finances From keeping an eye on cash to controlled spending, it is key for entrepreneurs to keep their books in order to survive and thrive

O

ver 80 per cent of small businesses and startups fail largely because of cashflow problems. As shocking as this may seem, entrepreneurs should learn from these failed businesses and use these lessons to gain a deeper understanding of how to effectively manage their finances.

Here are 10 tips to help entrepreneurs: gulfbusiness.com

Spending your money without a plan is a recipe for disaster. Just because your competition has put up a glittering signboard doesn’t necessarily mean that you must also do the same.

There is always another cheaper and equally effective way to achieve the same result. Spending money prematurely can lead to cashflow issues in the long run and could cost you more to remedy the situation.

Especially in the early days of the business keep asking yourself – ‘is this expense a must-have or a nice-to-have’?

4. MANAGE YOUR INVENTORY

Avoid having too much inventory that will end up in storage gathering dust, or too little that you keep running out of stock, which causes you to turn away customers.

Always track how much inventory you have so as to avoid over-stocking or under-stocking. Keeping up-to-date sales records will help you to manage your inventory effectively.

5. LEASE VS OWN

While it is satisfying to own your office space or even a fleet of cars, leasing could be the best option for your business if you are tight on cash, or it’s your early days of starting the business.

Do a simple math of lease vs own and see for yourself what is better from a cashflow perspective.

6. HAVE ENOUGH CAPITAL

Most small businesses fail simply because they don’t have enough capital to get themselves through the April 2021

73

The SME Story Rising power startup period. Most entrepreneurs are under the notion that the business will start making huge profits from day one.

To counter this, make sure you have enough saved up to see you through at least the initial 8-12 months. In ascertaining how much cash you may need, do best-case and worst-case scenarios.

Despite challenges and inhibitions, entrepreneurialminded women are keen to shatter the glass ceiling and move ahead Entrepreneurial spirit The rising number of women participating in the startup ecosystem reflects the transformation in the economic and social landscapes Mastercard Index of Women Entrepreneurs (MIWE) 2020

7. GO EASY ON EXPANSION

Depending on how business is doing, you might be tempted to expand and grow your brand. While this is not a bad idea, make sure you do your homework.

Study the market and look at different scenarios. A hasty expansion exercise can negatively affect your business beyond recovery.

Upper Middle Income

High income

Lower Middle Income

Low Income

TOP 5 GLOBALLY Israel

74.7

US

74

Switzerland

71.5

New Zealand

8. DO NOT OVER-LEVERAGE

Although bank financing may be forthcoming (sometimes at unexplainable rates), do remember that debt needs to be serviced, and on time. There are some basic thumb-rules in terms of how much you should borrow for your business, such as debt/equity, debt/EBITDA and debt/service ratios. Ensure your accountant or financial consultant has put these KPIs in front of you before you leverage yourself.

Poland

68.9

TOP 5 IN THE MIDDLE EAST UAE

56.2

Turkey

49.7

Saudi Arabia

44.3

Tunisia

43

Iran

9. HIRE A FINANCE PROFESSIONAL

As an entrepreneur, you will find it difficult to balance your books and even keep up with invoices. To avoid this, hire a professional to handle such duties so that you can focus on growing your business.

Although hiring a senior finance professional may be a burden until you achieve scale, there is no harm in having one on your side for specific advice, or on a regular retainer/time-spent basis, which will not cost you much. This will help you focus on your business and also allow you to plan your future growth strategy. Since your aim should be to ‘get it right the first time’, it is important you have such a resource handy from the very start.

70.1

42.6

Local perspective This is how the UAE fares on each component of the MIWE score

31.9

86.4

52

6

7

Component A: Women’s Advancement Outcomes

Component B: Knowledge Assets and Financial Access

Component C: Entrepreneurial Supporting Conditions

Score Global rank

$160.2trn

77.9

The economic cost of gender inequality globally, according to the World Bank

10. USE TECHNOLOGY

As a small business owner, you might not have the financial muscle to deploy a fully-fledged finance department. However, you can still use readilyavailable technology to take care of some of your financial needs.

For instance, you can use cloud-based accounting software to access, track, and update data. Such solutions enable you to see your accounting records and create invoices with ease.

Managing small business finances is not easy, but with the right strategy and discipline, your business can perform as expected. The above tips are a good starting point to ensure that your business doesn’t become a statistic.

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April 2021

Empowered to change Top 5 countries with the highest share of women business owners % OF TOTAL

50 40

39.6

38.5

36.5

34.1

31.9

30 20

7.8

10 0

Uganda

Botswana

Ghana

US

New Zealand

UAE

SOURCE: THE MASTERCARD INDEX OF WOMEN ENTREPRENEURS 2020 REPORT

gulfbusiness.com

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‫ﺷﻬﻳّﺔ‬ ‫ﻋﺻﺎﺋﺭ ﻓﻭﺍﻛﻪ ُﻣﻣﺗﺎﺯﺓ ﻭ َ‬

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‫"ﺍﻟﻠﺟﻧﺔ ﺍﻷﻭﺭﻭﺑﻳﺔ ﻭﺍﻟﻭﻛﺎﻟﺔ ﺍﻟﺗﻧﻔﻳﺫﻳﺔ ﻟﺣﻣﺎﻳﺔ ﺍﻟﺻﺣﺔ ﺍﻟﻌﺎﻣﺔ ﻭﺍﻟ ُﻣﺳﺗﻬﻠﻛﻳﻥ‬ ‫ﻭﺍﻟﻣﻧﺗﺟﺎﺕ ﺍﻟﺯﺭﺍﻋﻳﺔ ﻭﺍﻟﻐﺫﺍﺋﻳﺔ" ﻫﻲ ﻏﻳﺭ َﻣﺳﺅﻭﻟﺔ ﻋﻥ ﺃﻱ ﺇﺳﺗﺧﺩﺍﻡ ﺃﻭ‬ ‫ﺇﺳﺗﻬﻼﻙ ﻳُﻣﻛﻥ ﺃﻥ ﻳﺗ ّﻡ ﻛﻧﺗﻳﺟﺔ ﺃﻭ ﺗﺑﻌﺎ ً ﻟﻠﻣﻌﻠﻭﻣﺎﺕ ﺍﻟ ُﻣﺣﺗﻭﻳﺔ ﻓﻲ ﺍﻟﺩﻋﺎﻳﺔ‪.‬‬

‫ﻫﻳﺋﺎﺕ ﺍﻹﺗﺣﺎﺩ ﺍﻷﻭﺭﻭﺑﻲ ﺗﺩﻋﻡ‬ ‫ﺣﻣﻼﺕ ﺍﻟﺗﺭﻭﻳﺞ ﺍﻟﺩﻋﺎﺋﻳﺔ ﺍﻟﺗﻲ‬ ‫ﺗﻬﺩﻑ ﺇﻟﻰ ﺗ َﺭﺷﻳﺩ ﺍﻟ ُﻣﺳﺗﻬﻠﻛﻳﻥ ﺇﻟﻰ‬ ‫ﺻﺣّﺔ‪.‬‬ ‫َﻧ َﻣﻁ َﻣﻌﻳﺷ ٍﺔ ﺃﻛﺛَﺭ ِ‬

‫ﻣﻭﻟﺔ ﺑﺩﻋﻡ‬ ‫ﺣﻣﻠﺔ ﺗﺭﻭﻳﺞ ﺩﻋﺎﺋﻳﺔ ُﻣ ّ‬ ‫ُﻣﻘﺩّﻡ ﻣﻥ ﺍﻹﺗﺣﺎﺩ ﺍﻷﻭﺭﻭﺑﻲ‪.‬‬