Gulf Business January 2021

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Gulf Business Awards 2020: Winners’ dinner images

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Power Letters 2021: Predictions from the top BD 2.10 KD 1.70 RO 2.10 SR 20 DHS 20

JA N U A RY 2 02 1

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Gulf Business

CONTENTS / JANUARY 2021

07

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

34

Predictions 2021 Regional business leaders discuss the year that was and reveal their future plans

43

Special Report: Gitex 2020

22

From inside the biggest tech event to be held live, in-person in 2020

Micro Focus’ Anas Jwaied on how regional companies can embark on a successful digital journey

gulfbusiness.com

Cover Story: Tech focus

January 2021

3

ABU DHABI HSBC CHAMPIONSHIP Abu Dhabi Golf Club 21-24 JAN, 2021

THE CHALLENGERS Rory McIlroy and Justin Thomas @adgolfchamps abudhabichampionship.com #ADGOLFCHAMPS #RolexSeries

CONTENTS / JANUARY 2021

59

Lifestyle

Patek’s new Ref 6301P p.60

The Estée Lauder story p.64

Cars of 2021 p.68

“We are so honoured to accept the Nobel Peace Prize. At the same time, it is my tragic duty to tell you that famine is at humanity’s doorstep.

The silver lining is that we can stop this together” – David Beasley, executive director of the World Food Programme, which won the 2020 Nobel Peace Prize

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 Acting editor Aarti Nagraj aartin@motivate.ae aartinagraj Deputy editor Varun Godinho varun.godinho@motivate.ae varungodinh Tech editor David Ndichu david.ndichu@motivate.ae Contributor Zainab Mansoor editorial.freelancer@motivate.ae Senior art director Olga Petroff olga.petroff@motivate.ae Art director Ángel Monroy angel.monroy@motivate.ae angel__monroy Photographers Jitendra Jangir 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 9. January 2021 Printed by Emirates Printing Press, Dubai

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

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: Office 508, 5th Floor, Building 8, 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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January 2021

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The money chain

The Brief 8 9 13 15 16

2020E -25

-20

-15

-10

-5

Europe and Central Asia

+3.6

Sub-Saharan Africa

+3.1

South Asia

+4.5

JAN

21

2021E

0

The Middle East and North Africa

+1.3

Latin America and the Caribbean

+4.8 +6.5

East Asia and the Pacific

SOURCE: AL FARDAN EXCHANGE, OXFORD BUSINESS GROUP

ILLUSTRATION: GETTY IMAGES/JORG GREUEL

Banking Media Social Future Economy

Although remittances fell in 2020, they will recover across all regions in 2021

Time to buy a new house?

Once the dust clears and optimism returns, real estate prices tend to bounce back to where they were p. 11 gulfbusiness.com

January 2021

7

The Brief / Banking

ILLUSTRATION: GETTY IMAGES/AMY DEVOOGD

technologies – may emerge as a key differentiator for banks, who seek to leverage data to secure their foothold and unlock new revenue streams.

The benefits of the open banking initiative – which facilitates the secure sharing of a bank’s customer data with third­party providers – are extensive; data sharing will enable and accelerate innovation and bring differentiated experiences to customers.

Essentially, it will foster banks and fintechs to co­ exist and create new products and services. It will also generate additional revenue for financial insti­ tutions in the form of commission or access fees.

Open banking conducted via application program­ ming interfaces will also consolidate the position of forward­looking banks who – via data aggregation – can create detailed customer profiles and offer rel­ evant products to clients for greater engagement.

“The open banking movement is powered by appli­ cation programming interfaces (APIs) that allow banks and their clients to integrate their applica­ tions at a far deeper level. It is a fast moving, global phenomenon, which will – eventually – transform the way we do business,” observes Noor Adhami, regional head of Global Liquidity and Cash Manage­ ment, MENA and Turkey at HSBC. VARIED ACCEPTANCE

A N A LY S I S

Greater access

Open banking offers potential for better customer experience and additional revenue streams, writes Zainab Mansoor

I

n a world that is adopting disruptive technol­ ogies such as digital cash, automation and artificial intelligence at incredible speed, it is incumbent upon companies to digitise and keep up with the pace of change.

Financial institutions are no exception.

As financial technology (fintech) and digital transformation continue to infiltrate the banking landscape, service providers must recalibrate their offerings to grow and retain an increasingly tech­ savvy customer base. Open banking – among newer 8

January 2021

Banks regionally and globally are warming up to the concept, on the back of regulatory compliance, revenue potential and long­standing benefits.

However, depending on the country and the type of regulations, financial institutions may or may not be obligated to implement it. Therefore, open banking initiatives can either be unregulated, organic, or mandatory, a report by Moneythor suggests.

Regionally, several banks have started adapting the concept for greater viability. The National Bank of Bahrain partnered with open banking platform Tarabut Gateway to deliver open banking services to its customers. Tarabut Gateway also made its way into the UAE late last year. Meanwhile, local lender Emirates NBD launched its API sandbox in 2018, to enable open banking collaboration.

“Across the world, there are various combinations of products and services that fall within open banking, as well as differing timelines for implementation.

HSBC has an active programme related to APIs and open banking, with a key focus on corporate and treasury APIs to provide both single and batch payments, as well as payment tracking and real­ time account balance information,” notes Adhami.

As open banking becomes a potential revenue­ generating source, enabling banks to monetise pre­ viously unexplored areas of business, it could set into motion a new wave of innovation that could forever reboot the global banking ecosystem. gulfbusiness.com

The Brief / Media

ILLUSTRATION: GETTY IMAGES/BOBMADBOB

AWESOME!

A N A LY S I S

The good news you might have missed in 2020 Here’s a rundown of some bright spots in 2020 and what we could look forward to this year

D

eath. Suffering. Economic devastation. Political turmoil.

The pandemic triggered a torrent of daily negative news.

But throughout the worst health crisis in almost a century, there were also moments that brought relief and joy, or at least cautious optimism.

Off like a shot. Drugs that protect against Covid-19 were developed, tested and rolled out in less than a year – a speed unmatched in the history of vaccine science. Scientists at Pfizer and partner BioNTech SE, Moderna, AstraZeneca and the University of Oxford, as well as China’s Sinopharm Group went into overdrive to create vaccines for billions of people. Moreover, Pfizer and Moderna’s success in using the genetic material mRNA to transform the body’s cells into vaccine factories offers hope for developing other life-saving treatments in the future, including for cancer and heart disease. gulfbusiness.com

The great WFH experiment. While it was not all smooth sailing – with childcare challenges, longer working hours, unequal access to technology or fast internet, and psychological stress – hundreds of millions of people managed to power through and work remotely for almost a year, keeping banks, schools, government agencies, businesses and even doctors’ offices running. The radical shift is also forcing a global rethink of what work could look like when the pandemic subsides.

Trillions in stimulus. Unlike the response to the 2008 global financial crisis, governments and central banks unleashed support for workers and economies like never before: more than $20 trillion in support and counting. In some countries like France and the UK, that has helped reduce jobless rates as well as keep the housing market and businesses afloat. Optimists also look to China’s steady economic recovery as a guide on where the rest of the world is headed in the months ahead.

Nature (briefly) healed. The crash in tourism and manufacturing came at an economic cost, but also brought a muchneeded pause for the environment. Air pollution dramatically fell, as much as 65 per cent, in a number of cities — if only for a few months. Turtles and whales returned to Thailand’s now-quiet beaches, prompting the government to consider closing down nature reserves for several months a year. At the height of lockdowns in April, animals emerged in the streets of Spain, Chile and the UAE, suggesting ecosystems can quickly rebound when human presence is minimal.

Supercharged clean power. Covid-19 accelerated trends transforming how we power our world as shutdowns grounded flights, idled cars and kept people indoors.

Crude demand plunged, and shutdowns curbed power demand, prompting some grid operators to switch to less expensive renewable energy such as wind and solar.

Going green. The world’s top-polluting nation, China, vowed to cut carbon emissions to zero by 2060, prompting similar pledges from Japan and South Korea.

Dozens of cities, states and countries have set targets to phase out new sales of fossilfuel cars. Major US banks have promised to stop financing oil-exploration projects in the Arctic Circle.

Tech united us. Imagine a life in lockdown without technology to keep us connected virtually. Generations brushed up on their home-cooking skills, and showed them off on platforms like Instagram and YouTube. Internet users embarked on virtual safaris or converged on a tropical island in the multiplayer game “Animal Crossing.” While humans were indoors, drones and autonomous robots were also deployed to deliver urgent medical supplies and groceries.

A year of discoveries. It’s not just vaccines that caused excitement in the scientific world this year. Researchers found an antibiotic that can treat both acne in humans and chlamydia in koalas, evidence of rainforests in prehistoric Antarctica, a 2,500-year-old Egyptian tomb containing mummies and treasures, a way to use algorithms to potentially solve how diseases invade cells, and even signs of life in the acid-laced clouds of planet Venus.

Bloomberg

January 2021

9

The Brief / Q&A INTERVIEW

Ayman Elsayes Director of Medical Sciences, Gilead Sciences

Explainer: Covid-19 treatment options in the GCC Pharma firm Gilead Sciences is in the process of receiving authorisations for its drug remdesivir across all the Gulf states With your drug remdesivir receiving FDA approval for Covid-19 treatment, what is the process for getting approval for its usage in the GCC?

The US Food and Drug Administration approval for remdesivir was granted on October 22, 2020. In the GCC, we initiated discussions with national regulatory authorities in May 2020 to identify the most appropriate regulatory pathways for the registration of remdesivir. The current authorisations are at the federal level in each of the GCC countries, with approval already received in the UAE and emergency use authorisation in place in other GCC countries including Saudi Arabia, where the process for a full marketing authorisation approval by the Saudi Food and Drug Authority is in its final step.

While Covid-19 vaccines are receiving heightened attention, are there also several treatment options undergoing trials worldwide?

1.5 million

Vials of remdesivir has been donated

by Gilead to facilitate rapid access to patients

national submission procedure or through a GCC centralised procedure. Launch and supply to the market depend on securing the appropriate regulatory approvals.

The pandemic has pushed pharma companies to accelerate research and production at unprecedented rates. How have they coped?

The biopharmaceutical industry is working around the clock to research and develop new vaccines and treatments, while testing the feasibility of existing medicines to help those infected with the virus.

The investments by biopharmaceutical companies over the past many years within new technologies, research and treatments have prepared the industry to act swiftly to respond to the pandemic. The industry has deep scientific knowledge gained from

ILLUSTRATION: GETTY IMAGES/FILO

There are a number of treatments under investigation for Covid-19, but only one antiviral treatment is currently FDA-approved and that is remdesivir. The investigational treatments being explored include antiviral medications which work by interfering with the creation of new viruses, resulting in slowing or stopping the coronavirus from multiplying in cells. The others are immune enhancers with antibodies, either from convalescent plasma, which is filtered plasma from the blood of recovered Covid-19 patients rich with antibodies, or the direct use of monoclonal antibodies to help the patient immune system.

Anti-inflammatory and immune-suppressant medications to manage the most severe symptoms of Covid-19 due to immune system overreaction are among the other options. Supportive treatments that help Covid-19 patients include anticoagulants, respiratory support devices, vitamins and minerals.

In the GCC region, what is the process like for pharma firms to roll out new medications?

The first step in rolling out a new medication is to secure a “marketing authorisation� from the respective national regulatory agency. Pharma companies must submit applications through a 10

January 2021

gulfbusiness.com

The Brief / Real Estate Where are the greatest bubble risks?

Munich and Frankfurt topped the list in 2020, with risk also high in Toronto, Hong Kong and Paris SCORE

decades of experience with similar viruses such as Ebola, Zika, MERS and SARS. Since last January, Gilead has taken multiple steps in the research field to identify a potential antiviral treatment for Covid-19, initiating or supporting many clinical trials to assess remdesivir’s efficacy and safety. Additionally, Gilead took measures to ramp up remdesivir’s production with an upfront investment of over $1bn to rapidly build supply for potential global demand.

THE PHARMACEUTICAL INDUSTRY IS WORKING AROUND THE CLOCK TO RESEARCH AND DEVELOP NEW VACCINES This inhibitor is being developed as a component of a long-acting regimen in combination with other antiretroviral agents for the treatment of HIV-1. In May 2019, the FDA granted breakthrough therapy designation for the drug.

gulfbusiness.com

Bubble risk

2.35 2.26

Frankfurt 1.96

Toronto

1.79

Hong Kong

1.68

Paris 1.26

London 0.56

New York

0.48

Singapore -0.40

Dubai -1

0

1

2

3

SOURCE: UBS GLOBAL REAL ESTATE BUBBLE INDEX 2020

A N A LY S I S

PNC Menon Founder and chairman, Sobha Group

Is now a good time to invest in property?

The simple, fundamental principle of investing dictates that you should buy low and sell high

I

Looking ahead, how has the pandemic impacted the future of the pharma industry?

The biopharmaceutical industry is working closely with governments and insurers to make sure potential Covid-19 treatments and vaccines are affordable and accessible to patients. Over the past few months, Gilead has donated the entire existing supply of remdesivir, totaling 1.5 million vials globally, to the majority of the countries in the Middle East to facilitate rapid access to patients.

Additionally, newly introduced regulatory flexibilities are fast-tracking the development of treatments and vaccines for the virus, with companies expanding manufacturing capabilities and even sharing available capacity to ramp up production once successful medicines or vaccines are developed and approved.

Governments should continue to institute and strengthen policies that incentivise the development of treatments and vaccines.

Overvalued

Munich

Along with Covid-19, you are also developing treatments for HIV and HCV – can you elaborate?

To support HIV patients, we are currently launching in the Middle East a treatment based on a single tablet regimen, already being considered among the preferred treatment options in the majority of reference international treatment guidelines.

Gilead is developing treatments based on longacting inhibitors to support patients who have developed multidrug resistant HIV-1 infection.

Fair valued

7%

Gross rental returns on average offered in Dubai

t’s been months since the Covid-19 outbreak began, and many of us are still grappling with the whiplash speed at which our lives have been disrupted. The present is grim, and the future looks bleak and all we can do is brace for a new normal.

World economies are struggling with unemployment and every asset class has gone through several rounds of violent and volatile re-pricing. The World Bank mid-year baseline forecast envisions a 5.2 per cent contraction in global GDP in 2020, despite the extraordinary efforts of governments to counter the downturn with fiscal and monetary policy support.

But amidst all the doom and gloom is the silverlining of opportunity. The simple, fundamental principle of investing dictates that you should buy low and sell high. It makes intuitive sense to sell when stocks are dropping and to buy when January 2021

11

ILLUSTRATION: GETTY IMAGES/FANATIC STUDIO

The Brief / Real Estate

things are turning around. Investing is all about not pushing that panic button and holding off for long term.

So should you then look at healthcare bonds, invest in gold, begin exploring alternatives such as cryptocurrencies?

Historically, real estate has demonstrated an enduring appeal. When calamity strikes, markets fear the worst. But once the dust clears and optimism returns, real estate prices have bounced back to where they were.

The 2008 global financial downturn saw property prices plummet 60 per cent in Dubai with many projects being put on hold or shelved. The real estate sector’s contribution to real GDP had slumped to Dhs92.7bn in 2009, but with factors such as continued government spending on infrastructure, and visitor numbers increasing, it rebounded to Dhs95.1bn in 2010. During a crisis, you can expect panic selling by those who need to raise liquidity in a hurry. But you must rely on rational analysis, not 12

January 2021

A transparent market

The Index scores on a scale of 1 to 5 (with 1.00 being the highest possible score RANK

1 2 3 4 5 36 37 43 48

COUNTRY

INDEX

UK 1.31 US 1.35 Australia 1.39 France 1.44 Canada 1.51 UAE - Dubai 2.75 Israel 2.80 Turkey 2.91 UAE - Abu Dhabi 3.10 SOURCE: GLOBAL REAL ESTATE TRANSPARENCY INDEX 2020

emotions, to guide your investment decisions.

Dubai’s long-term fundamentals have always been strong, with a growing population, excellent infrastructure, world class healthcare and education as well as an attractive tax base.

Affordability within Dubai compared to similar global cities is excellent and it should be noted that the UBS Global Real Estate Bubble Index marked Dubai as “fair valued” compared to cities like New York, London and Paris.

Real estate can play a major role in the region’s recovery even during a crisis. There is pent up demand in Dubai’s property market and real estate rebounded last summer with buyers looking to capitalise on record low prices. There has never been a better time to take advantage of the market. Investors need to be smart and identify specific assets, predominantly villas in prime locations, that are currently undersupplied.

As per JLL’s Global Real Estate Transparency Index, Dubai is one of the ‘global top improvers’, with a host of government initiatives, enhanced regulatory procedures and an increasingly dynamic proptech sector. It is also among the world’s most lucrative locations for investment, offering over 7 per cent gross rental returns on average.

Initiatives such as the introduction of online property transfers from Dubai Land Department, the UAE Central Bank’s economic stimulus package and favourable payment options from developers have supported the market during the crisis.

We have also seen the announcement of the retirement visa programme that has created a strong case for the UAE to become a new luxury retirement destination, opening up the country to a new kind of investor. The UAE’s bilateral agreement with Israel has also opened the door to new partnerships and potential investment opportunities across all market segments.

As we push through the pandemic, there is definitely light at the end of the tunnel. Strong fundamentals will sustain the demand for real estate in the UAE. They have always supported the market even during volatile periods, and will continue to support price levels going forward. gulfbusiness.com

The Brief / Social Zaib Shadani PR consultant and media trainer at Shadani Consulting

COMMENT

inspiration and a road map for success. Take some time to study your competitors and the industry leaders to see what they are doing right, to emulate their strengths and avoid their weaknesses.

2. Create a mobile friendly website With smartphones being the first thing most of us reach for in the morning, as well as the last thing we see at night, having a mobile-optimised website needs to be a top priority within your online business strategy. The majority of people use their handheld device to browse websites, so it is a critical step to customise your visitors’ mobile experience and ensure that you have stunning images, enlarged buttons and tabs and most importantly, easy navigation. People take notice of websites that provide a great visitor experience and with users preferring to visit websites through handheld devices, this is an area that a brand cannot ignore.

Five strategies to grow your online business From creating a mobile friendly platform to leveraging the power of social media, an online business can use several means to boost its presence 1. Model success – but don’t be a copy-cat Creating compelling content is crucial for all businesses online – it doesn’t matter what type of content you’re delivering, as long as it answers your customers’ questions and engages their curiosity and interest. The more connected your audience is with your content, the easier it becomes to build trust and encourage them to take action towards your brand. If you want to captivate your audience’s attention in the long run, then you need to create authentic and ‘real’ content. However, this does not mean that you need to reinvent the wheel. There are hundreds of entrepreneurs and businesses with successful social media accounts that can act as gulfbusiness.com

THE MORE CONNECTED YOUR AUDIENCE IS WITH YOUR CONTENT, THE EASIER IT BECOMES TO BUILD TRUST AND ENCOURAGE THEM TO TAKE ACTION TOWARDS YOUR BRAND 3. Add value on social media Having a presence on social media allows you to have a global ‘shop window’ that is accessible from anywhere and at anytime – it’s where you can exhibit a brand’s personality, sell products and services and build relationships with customers. Being on social media gives one the opportunity to boost storytelling by posting and sharing a variety of visual content. However, ensuring that your presence on social media is generating a positive impact on your business and adding growth to it will depend on different factors such as the consistency of posting, delivering fresh content on a daily basis, the quality of the visuals and remembering to add a call to action – like including your website page link – to ensure audiences can find out more details.

4. Don’t focus on everyone – know your target audience Determining and understanding one’s intended audience is key to any online business’ prosperity.

January 2021

13

The Brief / Social INTERVIEW

Sometimes the idea of reaching the highest number of people is so strong that we see brands buying followers, but this is detrimental in the long run.

While gaining the admiration of a bigger crowd can be tempting, the focus should be on the people who are going to add actual tangible value to a business.

Being precise and pinpointing your core demographic will help in the development and improvement of your content marketing strategy. Once you have an in-depth knowledge of who your customers are, you’ll be able to deliver the best online/digital experience to them. There are a multitude of tools that can help in this process, the most noteworthy and easily accessible being Google analytics and social media insights, like Facebook insights.

5. Have a dedicated email marketing strategy A powerful and cost-beneficial way to grow an online business is through the use of email marketing. Creating an email list based on subscribers who visit your website is the first step towards building

80%

of marketing professionals believe that email marketing increases customer retention, according to HubSpot retention

CREATING AN EMAIL LIST BASED ON SUBSCRIBERS WHO VISIT YOUR WEBSITE IS THE FIRST STEP TOWARDS BUILDING A CONNECTION WITH POTENTIAL CUSTOMERS a connection with potential customers. Considering the low investment required, there are several advantages to using email marketing, spanning product promotion, customer education, building customer loyalty and last but not least, enhancing brand image and credibility. According to HubSpot, 80 per cent of marketing professionals believe that email marketing increases customer retention, and there are a plethora of free and paid services to choose from.

ILLUSTRATION: GETTY IMAGES/JDAWNINK

The Brief / Future

Rehan Khan Principal consultant for BT, educator and novelist

COMMENT

The art of managing remote working

It is vital for business leaders to model the kind of behaviour that they want to see in their staff

E

ven before the impact of Covid-19, 92 per cent of companies surveyed by McKinsey thought their business models would change because of digitisation. In other studies on flexible working, 67 per cent of business leaders associated an increase of at least 20 per cent in productivity to flexible working practices. CFOs were also getting excited, with 74 per cent planning to shift some employees (up to one-fifth) to permanent home working, to reduce costs.

However, the thorny problem remains – how do leaders manage a dispersed workforce?

There are after all considerable trials when the workforce is remote. One rubric relates to the people; in recent times these have been well-documented, but to recap some of these are: Anxiety

gulfbusiness.com

MACHO MANAGEMENT STYLES TEND TO BACKFIRE AT THE BEST OF TIMES, LET ALONE NOW

caused by isolation from the team and the potential impact on motivation; domestic distractions due to school closures; and in some severe cases increased domestic violence, particularly faced by women, who might be spending more time at home. Hyper connectivity, an always-on culture, video meeting fatigue and the knock-on effect of digital burnout could also lead to bad health outcomes, caused by poor eating and sleeping habits.

As a leader, there are a couple of levers you can pull to help employees with these personal challenges.

First and foremost, model the right kind of behaviour you want to see in your employees. This means providing a sense of purpose, whether that’s related to their work, or – I would argue – even to their domestic and family situation. In troubled times, people need to feel anchored, as this offers a sense of stability and safety. For the majority, this is when they can do their best work.

Admitting you don’t have all the answers is one way to be transparent and build trust amongst your employees. Macho management styles tend to backfire at the best of times, let alone now, when care and consideration is needed. Perhaps establish certain personal standards for yourself, talk about these with your team and stick to them. For example: avoid multi-tasking; bring full attention to meetings; focus on the necessary; don’t overuse digital tools like Reply All on email; and keep time for reflection.

Wherever possible, enable employees to fit their tasks and deliverables around their lifestyles. If needed, give them the flexibility to do the school drop off and collection or let them destress with a lunchtime run or cycle ride.

Equally you may want to condition yourself to managing remotely. Before checking your emails, write down the three most important things you need to do today – throughout the day orient yourself back to these. Time zones permitting, make an informal connection with team members before you get down to the business of the day – this will really help with ingraining culture. Structure your diary for periods of deep work – where you can focus on a difficult task in an uninterrupted manner. Depth will create value.

Also set realistic expectations as to how long a task will take and ensure the team operates in a focused way to achieve this. Make the connection between what they do and the wider corporate goals.

Coach and mentor – coaching is about improving performance and personal development. Don’t dilute these conversations with a focus on tasks.

If your company has set itself on an inexorable path of digitalisation and remote working, and it looks like there’s no turning back, then your people management skills are going to be severely tested and stretched. Hope you are ready.

January 2021

15

The Brief / Economy COMMENT

Yves Bonzon Group CIO, Julius Baer

Five macro trends set to shape the next decade

From the end of the neoliberal era to policy intervention, Yves Bonzon, group chief investment officer of Swiss wealth manager Julius Baer reveals the macro economic trends expected to mark the biggest future shifts in the economy

T

he coronavirus pandemic has been a tremendous accelerator of the secular trends we predicted back in December 2019. One thing is clear – 2020 marks the end of the neoliberal era, exemplified by extreme monetarism and austerity. In advanced economies, the coming decade will be about fiscal dominance and unprecedented policy intervention in the real economy and financial markets, blurring traditional market signals and thereby reinforcing the importance of a robust strategic asset allocation based on established macro economic trends.

more generally, is a hub of growth and innovation, with ever-growing and deepening financial markets, and is set to become the largest global economy this decade.

UNORTHODOX MACROECONOMIC POLICIES

Yves Bonzon Group CIO, Julius Baer

BIPOLAR SINO-US WORLD

The divide between the US and China continues to grow. While trade issues seem to have been put on the backburner, there are continued hostilities between the two countries on other fronts. The most notable subject is the coronavirus, as China is being blamed for the pandemic getting out of hand. With Joe Biden in the White House as of January 20, Democrats might tackle the conflict in a more diplomatic manner and give a greater importance to human rights issues, but the overall hawkish strategy should remain unchanged, if not strengthened.

As China ploughs ahead with the aim of restoring the nation to its previous glory, this 21st century cold war over economic, technological, and military supremacy will usher in a new dual world order, with separate economic and financial cycles and technological ecosystems. In this context, the benefits of international diversification are revived after having been significantly undermined by globalisation, giving investors reason to own both US and Chinese assets in their portfolios.

The emergence of a bipolar Sino-US world and the rise of China are of special interest to investors from the Gulf region – in a world with declining interest rates and scarce growth, it is more important than ever to have exposure to regions and sectors which can still deliver positive real returns. China, and Asia 16

January 2021

THE EMERGENCE OF A BIPOLAR SINO-US WORLD AND THE RISE OF CHINA ARE OF SPECIAL INTEREST TO INVESTORS FROM THE GULF REGION

With the end of the neoliberal era comes the inevitable end of the policy toolbox dominated by monetary instruments. This policy template, which was in fact designed to solve problems that predated this period of extreme globalisation and financialisation, is dead, and the coronavirus crisis has buried it.

There are four major aspects to the new policy landscape. First, with the credit channel out of commission, there will be much more emphasis on fiscal stimulus. As long as developed economies are subject to structural demand deficits and the private sector is unable to sustain growth on its own, the public sector must intervene and spend the savings glut accumulated by households and corporates.

Second, in line with Modern Monetary Theory, central banks will cooperate much more closely with governments to finance (i.e. monetise) the accumulated deficits from these fiscal interventions.

Higher debt-to-GDP ratios will be more widely accepted, and the fear of resulting runaway inflation should diminish as deflationary pressures are acknowledged as being much stronger.

Third, stimulus will be implemented more directly. With the merger of the fiscal and monetary arms, central banks could deliver funds directly to households, a tool that could be further supported by the introduction of central bank e-currencies. Policy will thus become more efficient, as it could easily reach all sections of the population, including the most modest households with the highest propensity to consume. In that way, authorities could tackle the income inequality problem as well. We expect that governments will move to reduce inequalities through tools like symmetric taxation (eg. negative taxes for lower-income households, which is a much gulfbusiness.com

The Brief / Economy

ILLUSTRATION: GETTY IMAGES/Z WEI

Traditional utilities are losing their customer base, as clean energy and new business models are breaking market barriers. From power trading to infrastructure finance, new players are altering the playing field.

Meanwhile, the Covid crisis is accelerating the competitive dynamics in the oil business. Private oil companies have to venture to other areas, such as clean energy, to deliver growth and satisfy investors.

Yet providing oil will still offer the opportunity to produce valuable cash flows for years to come. Ultimately, this is a shift from resources to technology and from producers to users, bearing broader geopolitical impact and raising the risks of related tremors.

The major transition currently experienced by energy markets is of particular importance to GCC investors. Investors heavily-tilted towards oil companies will need to internalise these structural shifts and turn their attention to renewables and companies that embrace these changes.

STAKEHOLDER ECONOMY

The benefits of extreme financialisation and globalisation have not been equally distributed across all social and economic groups. Worker compensation has lagged, while corporate profit margins in the developed world have soared, increasing both wealth and income inequality to levels not seen since the 1930s.

Meanwhile, climate change and social equality issues have taken centrestage, especially in the eyes of younger generations. These pressure points are pushing the corporate sector to rethink their role in society. Increasingly, corporates are expected to assume ownership of their entire value chain and take active measures to promote sustainability and social responsibility, going beyond the satisfaction of regulatory rules and codes of ethics. This constitutes a major pivot point and a complete rejection of the shareholder-focused model.

better option than universal income for all).

Lastly, the unconventional monetary policies that emerged following the 2008 financial crisis will remain, as the main objective of developed-market central banks has by now become financial stability.

In fact, it has already been at least a decade since monetary authorities have been practising ‘asset price targeting’, that is, supplying liquidity when necessary in order to avoid a negative wealth shock that could in turn derail the real economy. Eventually, these policies should reflate the economy, which is when they would really be put to the test.

We are not at that stage yet. We believe, in any case, that the conditions for hyperinflation in developed countries are not even close to being met.

ENERGY ABUNDANCE

World energy markets and related industries are undergoing profound structural changes. The dependence on fossil fuels, the past decades’ high prices, climate change, and environmental pollution are only some of the many challenges that have spurred investments and nourished innovation. We believe that we are in the midst of a transition, where new technologies satisfy our growing energy needs without further depleting fossil resources.

The transition to renewables is accelerating thanks to affordability, scalability, and access to infinite resources. Electric cars, air conditioning, and heat pumps mark the next phase of electrification, underpinning the energy carriers’ future dominance. gulfbusiness.com

INVESTORS HEAVILYTILTED TOWARDS OIL COMPANIES WILL NEED TO TURN THEIR ATTENTION TO RENEWABLES

LIFE SCIENCE DISRUPTIONS

Healthcare areas that are related to digital health, genomics, and extended longevity should see further upside potential over the longer term, given political tailwinds, momentous demographic shifts around the world, the emergence of chronic diseases associated with ageing, and ever-rising medical costs.

The Covid-19 pandemic may very well be a watershed moment for the healthcare industry, as it has certainly laid bare the weakness of the entire healthcare value chain. At the same time, the pandemic has given greater impetus to strengthen our resilience for present and future health threats, through greater adoption of digital health technologies and other innovative solutions.

January 2021

17

The Brief / Infographics

Keeping safe

Mapping safety Latin America and Africa stand out as regions in which residents feel least safe 43

87

Peaceful and inclusive societies are essential for sustainable development as well as to build and operate accountable institutions

Where do people feel safe?

Countries/areas with the highest and lowest Law and Order Index scores

Best

Worst

100

97

97 94

93

93

92

92

92

92

92

WORLD SCORE

WORLD SCORE

82

82

80

60

61

61

60

59

58

57 54

54

52

43

40

20

18

January 2021

Afghanistan

Gabon

Venezuela

Liberia

South Africa

Gambia

Uganda

Sierra Leone

Botswana

Mexico

UAE

Uzbekistan

Switzerland

Austria

Norway

Kuwait

Iceland

China

Turkmenistan

Singapore

0

gulfbusiness.com

Subtle changes Communities in Latin America and the Caribbean continued to face security concerns over the years, while residents in East Asia and Western Europe feel most secure 50

60

70

80

2017

2019

2018

90

East Asia

87

Western Europe

85 86

Southeast Asia

85 86

US and Canada

83

90

100

92

85

80 81

Middle East and North Africa

81

Eastern Europe South Asia

79 80

Commonwealth of Independent States

83

76 77

74 67 68

Sub-Saharan Africa Latin America and the Caribbean

66

62 63

Take a stroll

Confidence in local police

Countries/areas where people feel the safest and the least safe walking alone PERCENTAGE FEELING SAFE 100

The results varied significantly, ranging from low figures in Latin America and the Caribbean to promising high numbers in East Asia PERCENTAGE

East Asia 83 Western Europe 81

GLOBAL AVERAGE

80

Southeast Asia

75

80 US and Canada 73 60

Middle East and North Africa 71 Eastern Europe 71

40

South Asia 71 Commonwealth of Independent States 60

20

Sub-Saharan Africa 53 Latin America and the Caribbean Gabon

Afghanistan

Venezuela

Liberia

South Africa

Lesotho

Namibia

Botswana

Brazil

Dominican Republic

Denmark

Saudi Arabia

Tajikistan

Kuwait

Slovenia

UAE

China

Norway

Singapore

49 Turkmenistan

0

WORLD AVERAGE 69%

of adults worldwide have confidence in their local police

SOURCE: GALLUP’S 2020 GLOBAL LAW AND ORDER REPORT

gulfbusiness.com

January 2021

19

The Brief / Lightbox

Santa waves to passing pedestrians on December 6, 2020 in Seattle, Washington. Known as the Seattle Santa, he is usually booked for private events but is set up this time in a socially-distanced snow globe for public visits during the Covid-19 pandemic 20

January 2021

gulfbusiness.com

gulfbusiness.com

January 2021

21

PHOTO: DAVID RYDER/GETTY IMAGES

COVER STORY / MICRO FOCUS

MICRO FOCUS, MACRO IMPACT

BY AARTI NAGRAJ

Digital transformation has now become ubiquitous – not just for IT teams, but for executives across all organisations. How can companies do it right and ensure they embark on a successful digital journey? Anas Jwaied, vice president and general manager for Emerging Markets at Micro Focus, has some answers

22

January 2021

COVER STORY / MICRO FOCUS

If 2020 was the year of adapting, 2021 will be one of renewal.

24

January 2021

After what has arguably been one of the toughest years ever, there is hope and optimism, buoyed by the rollout of the Covid-19 vaccination globally.

As we embark on preparations to get ready for the post-pandemic era, the lessons and learnings from the crisis will play a big role in determining the way we live and work in the future – whether that means policy shifts in organisations or adopting new strategies that better align with the so-called ‘new normal’.

But one major area that has received unparalleled attention across all organisations and entities during the crisis, which will take even greater precedence in the year (and years) to come, is technological transformation.

Digital transformation (DX), which was already on the agenda for most companies regionally and globally, will only accelerate – according to a recent report by IDC, despite the global pandemic, direct DX investment will continue to grow at a compound annual growth rate (CAGR) of 15.5 per cent from 2020 to 2023 and is expected to approach $6.8 trillion globally as companies build on existing strategies and investments, becoming digital-at-scale future enterprises.

The report also predicts that by 2023, 75 per cent of organisations will have comprehensive DX implementation roadmaps, up from 27 per cent at present.

Regionally as well, enhancing customer experience through DX is the top business priority for organisations across all industries, a survey by IDC found. However, the key is to understand that companies will have to adapt to all these changes while simultaneously ensuring business continuity.

“In today’s enterprise, the reality is that organisations need to run the business while transforming it at the same time – there’s no pause button or clean slate,” explains Anas Jwaied, vice president and general manager for Emerging Markets at Micro Focus.

“Similarly, most companies are not starting fresh when it comes to the technology stack that supports the customer journey. The majority of companies have made previous IT investments creating layers of technology that have built up over the years, from traditional mainframes to modern-day cloud and container-based infrastructure,” he states.

According to the IDC report, while DX spending will grow to represent more than 50 per cent of all IT investments by 2023, only 5.1 per cent of enterprises consider themselves to be excellent with respect to DX. “Most DX initiatives consist of a series of projects driven by separate business teams and executives – each dependent on IT’s ability to deliver. By digitising front-end experiences and streamlining back-end operations, organisations can move faster, with greater agility, and secure what matters most in a digital-first world,” says Jwaied.

“With the recent shift in business conditions, including the rise in remote workers and remote customer contact, the role that IT plays in DX progress is more vital than ever. That means IT teams must add DX to their lengthy list of daily challenges, namely, prioritising demand, improving operational efficiency, accelerating new service delivery, securing the enterprise, and staying aligned with business objectives. Unleashing the power of technology to supercharge innovation is what digital transformation is all about. Now what’s needed is a faster, more agile way to get it done. That’s where cloud transformation comes in,” he adds. gulfbusiness.com

COVER STORY / MICRO FOCUS

Increasingly digital By 2023, most organisations will have comprehensive digital transformation (DX) implementation roadmaps

With a DX roadmap 75%

SOURCE: IDC

Micro Focus has developed its own methodology called ‘smart’ digital transformation

Making the cloud connection The role of cloud in digital transformation has been well-established.

A study by McKinsey found that several companies launching digital transformations struggle to achieve the results envisioned primarily because “technology execution capabilities are often not up to the task; outdated technology environments make change expensive; quarterly release cycles make it hard to tune digital capabilities to changing market demands; and rigid and brittle infrastructures choke on the data required for sophisticated analytics”.

“Operating in the cloud can reduce or eliminate many of these issues,” the report added.

However, it also stressed that exploiting cloud services requires change across all of IT and many business functions, calling for a different business-technology model.

According to Jwaied, the cloud plays a lead role in most DX initiatives because by pursuing hybrid IT and multi-cloud strategies, organisations can gain the delivery speed and agility they need to provision and run innovative application services instantaneously.

However, while there are advantages to cloud computing, there are also significant challenges.

“Every IT ops team has an evolving set of management tools for automating actions across platforms and cloud domains. But as complexity grows, process automation stumbles. Also, cyber threats are escalating. Ageing apps and processes, along with new services, gulfbusiness.com

contain unforeseen risks. Privacy and compliance requirements are mounting. And point security solutions do not offer the scope, vision, or cross silo analytics needed to address company-wide issues in a cloud-enabled world,” elaborates Jwaied.

“Also, there is the need for speed – software and the cloud are key to a competitive edge in the digital economy. Organisations need to govern, secure, and take advantage of cloud speed without restricting development team freedom and while keeping costs in check throughout the development life cycle.”

With cloud and digital transformation initiatives clearly overlapping, organisations must look for enterprise software providers that offer broad-based solutions, advises Jwaied.

“Micro Focus software provides the critical tools needed to build, operate, and secure cloud-based enterprise. By design, these tools bridge the gap between existing and emerging technologies, enabling faster innovation with less risk. Micro Focus has moved to the cloud, using our own tools and applying insights gained to our products and services. Our product services delivery centre provides internal R&D environments and production operations for our offerings. The lessons we have learned from taking a ‘software factory’ approach to evolving our product support teams are available to our customers – most of whom are evolving to a similar model as they run and transform,” he adds.

Micro Focus has also developed a methodology called ‘smart’ January 2021

25

COVER STORY / MICRO FOCUS

digital transformation, which calls for a thoughtful and pragmatic approach to balance risk and reward. As Jwaied explains, smart digital transformation comes down to four key outcomes: • Speed: Deliver at high speed with low risk • Agility: Leverage hybrid technology to simplify your IT transformation • Security: Secure what matters most • Insights: Lean on data and analyse in time to act “It’s important for the business to prioritise which of these initiatives yield the highest return right now. That focus will show success and quickly enable them to move onto the next challenge rather than trying to do everything and failing,” adds Jwaied.

Ensuring business continuity The Covid-19 pandemic has wreaked havoc on the economic landscape globally, with many businesses forced to close down permanently – according to a survey by Yelp, in the US alone, nearly 100,000 businesses have closed down since March. While the GCC – and specifically the UAE – has managed to weather the crisis far better, for the businesses that have survived the pandemic, it is key to ensure that they succeed.

For Micro Focus, the focus during this period has been on learning and adapting so that it can help employees and customers adjust to the new way of life – whether that means remote working or creating operational efficiencies.

“As businesses transition to allow their employees to work remotely, Micro Focus would like to help by making it easy for organisations to ensure continuity of service to their customers. To that end, we have offerings including Adoption Readiness Tools and Training; a 90-day trial of Voltage SecureMail that provides internal and external email encryption from the originator to the intended recipient; an online community for sharing ideas on supporting the surge in remote work; and access to a Covid- 19 ‘Premium Support Lite’ until April 30, 2021 at no additional cost in mission critical industries,” states Jwaied.

In November, Micro Focus also announced the launch of CyberResilient.com, a new digital resource to support CISOs and board members. Using the platform, cybersecurity leaders can assess their current status and identify strategy gaps so that they can take the necessary actions to protect their business 26

January 2021

He cites the example of a government agency in Saudi Arabia who wanted to immediately launch an app, but wanted to first test it to make sure there were no issues after the launch due to emergencies related to Covid-19. “We offered them the LoadRunner trial for application testing, after which they agreed and requested for concurrent users’ licences. Given the urgency of the crisis, they needed it to be delivered in less than 12 hours, which we were able to fulfil,” he states.

In another instance, using its ITOM Network Operations Management tool, Micro Focus responded to an urgent request by a major power supplier to quickly build a Covid-19 network dashboard to stress test their remote network connectivity to prepare for largescale employee homeworking.

“Our customer success and support team, in partnership with product engineering and other teams, also created a critical response support model called SWARM. This model, based on how healthcare trauma response units operate, helps support our customers who are on the frontline of essential services such as healthcare, pharmaceutical, government, and telecommunications. This ensures these customers get a rapid response escalation path to ensure their case is handled with priority,” adds Jwaied.

To further support its customers through the new normal, Micro Focus has also launched enhancements and on-demand delivery of solutions and signed strategic agreements with partners such as Amazon Web Services (AWS).

“AWS’s position in the cloud marketplace is significant, and we have provided support for developing and deploying modernised core applications into AWS for some time. This competency programme illustrates our advanced position as a partner to many in this space – and in particular, within the AWS ecosystem,” says Jwaied.

“As we have with other cloud providers, Micro Focus supports our customers’ choice for modernising their applications, process and infrastructure so they can exploit the cloud for development, deployment and the testing of mainframe applications.”

In November, Micro Focus also announced the launch of CyberResilient.com, a new digital resource to support CISOs and board members. Using the platform, cybersecurity leaders can assess their current status and identify strategy gaps so that they can take the necessary actions to protect their business, detect the changing risk surface, and evolve their competencies in line with changing threats.

The company also announced the release of NetIQ Risk Service 2.0, an authentication and secure access solution for organisations seeking a higher level of risk intelligence. It provides a constant analysis of behaviour that assesses when secured resources need a higher level of protection.

Looking ahead, as organisations in the region embark on their digital transformation journeys, they must ensure that they keep steady as they handle the delicate balancing act of evolving IT practices without jeopardising the critical business systems and processes developed over decades. Jwaied urges companies to adopt “open, integrated, and backwards-compatible” software options – such as those offered by Micro Focus – which remove the need for “risky rip-and-replace strategies”.

It is essential to depend on technology that bridges existing and emerging technologies. “That way you can run and transform at the same time,” he says. It’s certainly the time to run now. gulfbusiness.com

FEATURES / GULF BUSINESS AWARDS

Time to celebrate

At an exclusive gala, trophies were presented to all the winners of the 2020 Gulf Business Awards

B

Gulf Business 2020 Business Leader of the Year and Healthcare Business Leader of the Year

usiness leaders from across the UAE gathered at the exclusive and intimate event organised to honour all the winners of the 2020 Gulf Business Awards on December 9 at La Cantine Du Faubourg, Emirates Towers Hotel in Dubai. The event, held with all the Covid-19 precautions in place, followed the virtual Gulf Business Awards ceremony held in November, where the winners – including companies and business leaders from numerous sectors – were announced. Gulf Business once again congratulates all the winners and also extends its thanks to our sponsors and judges who helped us to stage the event.

Gulf Business 2020 Company of the Year and Disruptor of the Year Cafu

ONSORS

Gulf Business SME of the Year Bayzat

GOLD SPONSOR

28

David Hadley, CEO, Mediclinic Middle East

January 2021

SPONSORS SPONSORS SPONSORS VOTE PROCESSING PARTNER POWERED BY SPONSORS

gulfbusiness.com

Businesswoman of the Year

Nayla Al Khaja, CEO, Nayla Al Khaja Films

Energy Business Leader of the Year

Mohamed Jameel Al Ramahi, Masdar

Social distancing was maintained at the venue

COVID-19 HEROES OF THE YEAR

Mohammed bin Rashid Al Maktoum Global Initiatives

NSORS RS SPONSORS

gulfbusiness.com

VOTE PROCESSING PARTNER

LIFESTYLE PARTNER

Ma’an

Abdulla Al Ghurair Foundation for Education VOTE VOTE PROCESSING PROCESSING PARTNER PARTNER

POWERED BY

POWERED POWERED

BY BY BY POWEREDPOWERED BY

VOTE PROCESSING VOTE PROCESSING PARTNER PARTNER

January 2021

29

FEATURES / GULF BUSINESS AWARDS

Real Estate Business Leader of the Year

Consumer Tech Company of the Year

Energy Company of the Year

Investment Company of the Year

Arif Mubarak, Dubai Asset Management

GE

Real Estate Company of the Year Danube Properties

30

January 2021

OPPO

Emerging Tech Company of the Year Micro Focus

Century Financial

Transport And Logistics Company of the Year Emirates SkyCargo

gulfbusiness.com

FEATURES / GULF BUSINESS AWARDS

Retail Company of the Year

John Martin St.Valery, one of the judges of the awards

Ahmed Seddiqi & Sons

The Gulf Business team briefly addressed the attendees

Left: Anil and Bhavika Ramchandani from Kachins

Right: Soheil Zali and Maham Siddique from Tradewind Finance

gulfbusiness.com

January 2021

31

BRAND VIEW

Phi Trends: The standout performers in the stock market The 26 stocks recommended over the past five months have seen stellar returns, states entrepreneur and investor Shailesh Dash, who shares his market perspective in this monthly column

2

020 has witnessed extreme volawitnessed an increase in portfolio value to recommended stocks in Healthtech and medtility in global equities, especially $125,898 as of December 15, 2020. tech have recorded above-par performances, during the past six to eight months.

Below, we have analysed each sub-secreturning an average of 129.6 per cent since However, investors who have been tor within the broader technology space March and nearly 50 per cent since Sepprudent and remained invested with long-term to understand the reasons for their strong tember. Twist Bioscience has recorded a objectives are clearly reaping the benefits. performance. particularly standout performance, rising Additionally, investors that were more forHealthtech and medtech: The healthmore than 6x from its March lows. ward-looking and identified sectors likely to care industry witnessed a mixed year in 2020, Fintech: Fintech acceptance has reached benefit from the pandemic enjoyed supeas investors weighed in the impact of reduced unparalleled highs since the onset of the panrior returns during this period. Sectors such doctor visits and delayed elective surgeries demic, buoyed in parts by the rising demand as e-commerce, fintech, cloud computing, and procedures, against an uptick in demand for online and mobile services like payments healthtech and medtech, as well as online for digital healthcare and optimism around processing, budgeting, lending and tradgaming and streaming emerged as game a vaccine. With the latter’s premise posing ing platforms. While several new fintechs changers. the only way to return to normalcy, markets have emerged, major banks deploying techStocks within these verticals witnessed are shoring up investment in healthcare and nological upgrades and digitised solutions continued buoyancy, supported by strong pharmaceutical companies. Notably, the key have further amplified the sector’s appeal. fundamentals, proven resilience Performance of select healthtech and medtech stocks in 2020 and attractive growth prospects.

STOCK PRICE PERFORMANCE VALUATION MULTIPLES Company Stock Price YTD Since Since 52-Week Market Cap EPS P/E P/B P/S EV/ EV/ During the past five Name (USD) March September High Low (USD bn) (USD) Ratio Ratio Ratio Sales EBITDA months, a total of 26 Teladoc Health 196.11 134.2% 56.9% -9.1% 253.0 75.5 28.4 -1.0 7.4 17.5 33.1 stocks were recommended to capitalise Phreesia 56.04 110.4% 80.5% 77.7% 59.7 16.0 2.5 -0.6 3.3 9.2 15.0 16.7 -346.1 on strong fundamenLemonade Inc. 90.80 54.7% 111.7 44.1 4.3 -9.8 9.1 15.0 47.4 tals and expected Health Catalyst 38.38 10.6% 26.3% 23.1% 40.5 17.5 1.6 -2.1 5.4 8.1 9.0 -25.6 earnings over the next Twist Bioscience Corp. 139.20 562.9% 354.6% 99.1% 152.7 18.5 6.7 -3.2 18.7 61.3 73.0 -49.8 three to four years.

Average Growth 204.5% 129.6% 49.1% C u m u l a t i v e l y, SOURCE: BLOOMBERG, YAHOO FINANCE. DATA AS OF DECEMBER 15, 2020; A LISTED ON JULY 2, 2020, ROSE 130.82% SINCE LISTING these 26 stocks have risen by 25.9 per cent between SeptemPerformance of select fintech stocks in 2020 ber to mid December STOCK PRICE PERFORMANCE VALUATION MULTIPLES (annualised return of Company Stock Price YTD Since Since 52-Week Market Cap EPS P/E P/B P/S EV/ EV/ 135.6 per cent) comName (USD) March September High Low (USD bn) (USD) Ratio Ratio Ratio Sales EBITDA pared to a 7.7 per cent PayPal 221.60 104.9% 105.2% 8.6% 223.2 82.1 259.6 2.3 97.2 14.1 12.8 12.1 45.8 and 7 per cent rise in Square 219.99 251.6% 164.0% 37.9% 222.2 32.3 99.2 -0.2 323.3 47.7 12.6 12.5 the MSCI World index Shift4 Payments 62.78 24.6% 66.2 30.0 5.0 16.2 6.6 6.7 281.6 and Nasdaq, respecStoneCo 78.08 95.7% 95.7% 53.1% 80.0 17.7 24.1 2.9 137.5 18.4 42.7 7.2 12.2 tively. For example, PagSeguro Digital 52.74 54.4% 68.

1 % 25.2% 53.0 13.6 17.3 4.0 67.5 9.9 14.0 2.4 6.9 someone investing a Average Growth 126.7% 108.3% 29.9% total of $100,000 with SOURCE: BLOOMBERG, YAHOO FINANCE. DATA AS OF DECEMBER 15, 2020; A LISTED ON JUNE 5, 2020, ROSE 173.57% SINCE LISTING equal allocation in the 26 stocks would have

Performance of select 5G stocks in 2020 STOCK PRICE PERFORMANCE

Company Name

Stock Price (USD)

YTD

Since March

VALUATION MULTIPLES

Since 52-Week Market Cap EPS P/E P/B P/S EV/ EV/ September High Low (USD bn) (USD) Ratio Ratio Ratio Sales EBITDA

Teradyne

120.44

76.6% 105.0%

41.7%

120.8 42.9

Cerence

91.02

302.2% 319.3%

71.1%

94.9

11.4

96.7

59.1

20.0

4.0

30.5 10.0

6.6

6.1

18.8

3.4

0.2

433.2 3.5

10.1

10.7

132.4

Lumentum

93.98

18.5%

20.8%

9.3%

7.1

3.0

31.6

3.9

4.2

3.7

13.4

Xilinx

152.11

55.6%

82.2%

46.0%

154.1 67.7

37.3

2.8

54.7 15.2

12.6

11.5

36.2

Apple

127.88

74.2%

87.1%

-0.9%

138.0 53.2

2,174.0

3.3

39.3 33.2

8.1

7.7

26.0

Average Growth

105.4% 122.9%

Shailesh Dash

33.4% SOURCE: BLOOMBERG, YAHOO FINANCE. DATA AS OF DECEMBER 15, 2020

Performance of select gaming stocks in 2020 STOCK PRICE PERFORMANCE

Company Name

Stock Price (USD)

YTD

Since March

VALUATION MULTIPLES

Since 52-Week Market Cap EPS P/E P/B P/S EV/ EV/ September High Low (USD bn) (USD) Ratio Ratio Ratio Sales EBITDA

solutions globally, which has only been intensifying as the Nintendo 74.21 48.7% 76.8% 10.2% 75.9 35.8 70.3 1.4 18.4 4.5 4.6 0.0 0.1 pandemic drags on.

NetEase 85.58 39.5% 34.3% -12.2% 103.5 53.2 58.8 21.2 26.4 4.5 5.3 0.7 2.8 IT companies have Take-Two Interactive 194.70 59.0% 81.1% 13.7% 203.7 100.0 22.4 4.2 46.1 7.7 6.6 6.0 25.5 shown heightened Nvidia 534.42 127.1% 97.9% -0.1% 589.1 180.7 330.8 7.1 75.3 21.6 22.3 21.6 63.8 interest to deploy Average Growth 62.2% 64.5% 3.8% allied services within SOURCE: BLOOMBERG, YAHOO FINANCE. DATA AS OF DECEMBER 15, 2020 cloud computing and big data analytics, across industry verPerformance of select cloud computing stocks in 2020 ticals. Consequently, STOCK PRICE PERFORMANCE VALUATION MULTIPLES the domain has Company Stock Price YTD Since Since 52-Week Market Cap EPS P/E P/B P/S EV/ EV/ amassed significant Name (USD) March September High Low (USD bn) (USD) Ratio Ratio Ratio Sales EBITDA investor interest in Alteryx Inc. 119.77 19.7% -14.2% -0.9% 185.8 75.2 8.0 -0.3 18.3 16.0 16.1 224.5 recent months. The Splunk Inc. 161.80 8.0% 9.8% -26.2% 225.9 93.9 26.2 -5.0 16.3 11.2 11.3 -43.8 recommended cloud The Trade Desk Inc. 933.13 259.2% 224.8% 93.9% 947.8 136.0 43.8 2.9 319.6 52.6 58.4 59.1 367.7 computing stocks Coupa Software Inc. 321.01 119.5% 114.4% -2.1% 353.6 99.0 23.2 -2.1 - 54.2 43.7 47.7 -791.3 rose by an average Atlassian Corporation 237.70 97.5% 64.0% 24.0% 240.7 110.0 59.2 -0.5 - 86.0 34.2 33.2 -189.2 100.8 per cent YTD, Average Growth 100.8% 79.8% 17.7% with a 17.7 per cent SOURCE: BLOOMBERG, YAHOO FINANCE. DATA AS OF DECEMBER 15, 2020 spike since September, dwarfing the returns on each of the Accordingly, the recommended fintech both the index and the ETF to rise by 105.4 per Nasdaq Computer Index (4 per cent), S&P 500 stocks have witnessed a strong surge over cent in 2020. Cerence recorded a particularly Telecom & IT Index (2.6 per cent), and S&P 500 the last three months, registering an average strong performance, rising by 302.2 per cent IT Services Industry Index (2.7 per cent) during price rise of 126.7 per cent on a YTD basis, and YTD and nearly 7x from its March lows. the same period. The Trade Desk has been the 108.3 per cent since March, clearly indicating Gaming: The online video and mobile forerunner and has surged 259.2 per cent YTD their rising appeal. gaming industry has garnered critical mass and 93.9 per cent since September.

5G: The 5G era is widely touted as the appeal since the pandemic and is arguably In the current environment, investing in ‘next big wave’ and the driving force behind one of 2020’s major trendsetters. The global the right companies is of utmost importance, global communication once fully deployed. gaming industry is estimated to have grown and the aforementioned stocks display the The global 5G services market is estimated nearly 20 per cent in 2020 and in tandem, credibility and potential that position them as to have reached $41.5bn in 2020 and expand the recommended gaming stocks have witattractive buys for investors who wish to capiat a CAGR of 43.9 per cent between 2021 nessed extraordinary growth during the talise on disruptive opportunities. and 2027. Evidently, investing in 5G stocks pandemic, rising by an average of 62.2 per is a lucrative strategy. For instance, the Deficent YTD, 64.5 per cent since March, and 3.8 ance Next Gen Connectivity ETF (comprising per cent since September. NVIDIA has been Disclaimer: This column is purely for acaa cohort of semiconductor stocks, network a standout performer in 2020, rising 127.1 per demic and educational purposes. Nothing equipment manufacturers, and 5G providcent YTD, nearly doubling since March. mentioned here should be taken as soliciCloud computing: The cloud computers) is up by 26.7 per cent in 2020, nearly 2x tation to trade or a recommendation of a ing domain has gained massive impetus from the 14.4 per cent return for the S&P 500. The specific trade. The author has direct exposure the burgeoning need for remote and digital recommended 5G stocks have outperformed in recommended stocks.

Activision Blizzard

86.92

46.3%

49.5%

4.1%

87.7 50.5

67.2

2.8

31.1

4.7

8.7

8.3

20.9

Tencent

73.12

52.3%

47.3%

7.0%

81.4 40.8

705.4

1.4

37.3 8.0

10.0

1.7

5.7

POWER LETTERS 2 0 2 1 A year ago, we had high expectations from 2020. However, a tiny virus had different plans and instead upended life as we knew it. As we look to emerge out of the Covid crisis this year, what comes next?

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January 2021

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FEATURE / POWER LETTERS

NAJEEB MOHAMMED AL-ALI Executive director, Commissioner General Office, Expo 2020 Dubai

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s we emerge from the shadows of the Covid-19 pandemic, the need for a World Expo has never been greater. Expo 2020 Dubai will be a vital, timely platform to bring the world together, in a spirit of hope and optimism and a unified purpose to inspire solutions towards some of our biggest challenges – from climate change to equal access to education, digitalisation and healthcare, to enabling meaningful, long-term business and economic growth in our region and beyond.

While the pandemic may have forced us to delay our megaevent by a year, our work continues unabated. The sustained commitment of Expo’s international participants – as evidenced by their contribution to virtual meetings and events, and through furthering partnerships that are already adding value to the UAE and the world – is not only humbling, but it also highlights how important it is for us all to come together to share new ideas for a better world.

To that end, we have announced significant collaborations in 2020. These include joining forces with DP World and the Zoological Society of London (ZSL) to spur worldwide animal and habitat conservation; participation in Mastercard’s Priceless Planet Coalition, a climate action and five-year forestation plan; and, together with DP World, becoming a Global Alliance founding partner of Prince William’s Earthshot Prize.

In the UAE, we have always embraced challenges and achieved the seemingly impossible while maintaining our values of tolerance, inclusivity, generosity and togetherness.

Our World Expo, running from October 1, 2021 until March 31, 2022, is a reflection of these principles, and will play a crucial role in welcoming a more resilient and better future for everyone.

Hosted in one of the world’s most dynamic and future-focused economies, located at an international gateway, Expo 2020 will attract millions of visitors and more than 200 participants

– including countries, multilateral organisations, educational establishments and companies – on a collaborative platform that is committed to pursuing tangible opportunities for international trade and investment.

It will offer a world of connections, inspiring multi-cultural exchanges and business partnerships that will help reinvigorate the economy of the UAE, the region and the world.

Our mega-event’s carefully curated programming calendar will make use of a purpose-built 4.38 sqkm site with cutting-edge smart-city technology, including ultra-fast 5G connectivity, robotics, and next-generation urban environment transportation and management services. This will help drive new meaning to conversations, over both the physical and digital worlds.

Expo 2020 is a long-term investment for the future, with 80 per cent of its infrastructure living on as part of District 2020, a smart mixed-use urban environment designed to promote an innovation-driven business ecosystem and balanced lifestyle.

Ultimately, our World Expo will deliver a meaningful legacy by contributing to both domestic and international economies, by bringing the world together in a spirit of optimism and providing a catalyst to a more stable, sustainable and diversified economy. It will also unlock solutions to the most pressing challenges of our time and, as a result, drive a positive impact for people and the planet.

Coinciding with the 50th anniversary of the UAE’s founding, Expo 2020 will continue the ambitious vision of the UAE, showcasing Dubai as a world-leading city of the future.

“In the UAE, we have always embraced challenges and achieved the seemingly impossible while maintaining our values”

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January 2021

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FEATURE / POWER LETTERS

FLEUR HASSAN-NAHOUM Deputy mayor of Jerusalem and co-founder, UAE-Israel Business Council

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or the Middle East, 2020 has been a year of both upheaval and great opportunity. One highly contagious microscopic virus has turned the world upside down. It has brought world economies to their knees and has challenged health infrastructures globally.

Some optimists see this as a much needed reset, bringing back the desire for human contact that had seemed threatened by the era of digital connectivity. Others see this as a catapult to the digital age where borders are no longer relevant and the workplace is no longer about real estate. In a year where I would have travelled across the globe almost every month to speak to various audiences, I instead speak on Zoom to Australia in the morning and the US in the same afternoon.

I stress “match” because Israel and the UAE are a perfect match. The most advanced economies currently in the Middle East, which just a few decades ago were struggling to build a modern economy. Today, both thrive as beacons of free market ingenuity and good old-fashioned grit. Israel built itself as the ‘startup nation’ and the UAE as the infrastructural and financial gateway to the Gulf and everything to its east.

We are both multicultural modern societies deeply rooted in tradition that live side by side with liberal values.

It was this potential that my partner Dorian Barak and I envisioned back in June when we set up the UAE-Israel Business Council. Yes, we started it two months before the Abraham Accords were announced because by June, we could already see a shift of tides in the business community in both countries. Emiratis and Israelis were already reaching out and expressing interest in working together.

Two months later, our national leaders put their stamp of approval on these newfound relationships through the announcement of the accords.

In 2021, we expect to see business partnerships and joint ventures between our two great nations continue to grow. Specific areas of growth include tourism, technology, biotech, healthcare, education, R&D and many others. The intellectual capital and human capital in our region are enormous and with proper planning, the UAE, Bahrain and Israel’s new partnership will make us the leader on the world stage. Businesses in the UAE and Bahrain now have access to the Israeli market, and Israeli businesses now have access to the Emirati and Bahraini markets. What better way to rebound from the economic impact of the pandemic than by opening up new markets.

“Israel and the UAE are a perfect match.

The most advanced economies currently in the Middle East, which just a few decades ago were struggling to build a modern economy.

Today, both thrive as beacons of free market ingenuity and good old-fashioned grit” In a year filled with game-changing events, August 13 will still be the date that remains top of mind for all of us in the United Arab Emirates and Israel. It’s the day when our lives changed for the better. It’s the day when our national leaders said that it was time to lay out a bold new vision for the Middle East – one that focuses on economic prosperity and providing a better future for our children. It was then that the silver lining in the dark clouds of 2020 finally appeared and most people celebrated this very timely and appropriate “match”.

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FEATURE / POWER LETTERS

TONY DOUGLAS CEO, Etihad Aviation Group

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tihad started 2020 strong and we recorded encouraging results as part of our ongoing transformation programme. This left us in a robust position, allowing us to act with agility as we dealt with a series of events at the outset of the year, from riots in Hong Kong and volcanic ash clouds in the Philippines, to the biggest bushfires in Australian history and the terrible tragedy with Ukrainian Airlines that resulted in the closure of airspace.

We were fitter than ever but could not have imagined what was to come next.

As the effects of Covid-19 rapidly deepened, airspace around the world began to close, and from March 24, 2020, this included the UAE. I can remember that moment, and it will stay with me for the rest of my life. It was heart-breaking to see our aircraft returning to Abu Dhabi International Airport. Having to ground your entire fleet – like we did – is almost unheard of, except of course during geopolitical events or natural disasters.

The immediate thing that was going through my mind was how to turn a massive negative into an opportunity, so we established four work streams: ‘Project Restart’ focused on getting the airline back up and running; ‘Project Cargo’, which saw us building our freighter capability significantly by turning our passenger aircraft into mini-freighters using bellyhold cargo; embarking on the most extensive aircraft maintenance programme in our history with ‘Project Cabin’; and finally, ‘Project Vision’, which gave us the opportunity to refocus our efforts on what our passengers’ priorities would be moving forward, and saw the development of our extensive wellness programme.

As part of Etihad Wellness, we

introduced Covid-19 global wellness insurance for all our guests – no exceptions. Guests who are diagnosed with the virus during their trip won’t have to worry about medical expenses or quarantine costs when they fly with us. We hope this cover not only instils confidence to travel, but also reassures our guests we are doing all we can to protect them.

Ultimately, a widely adopted vaccine or the introduction of health visas will allow the aviation industry to recover from this crisis and we’re already seeing significant steps being made in this direction. At Etihad, we’re playing our own part by working with Abu Dhabi and global entities to form the Hope Consortium, to distribute the Covid-19 vaccine around the world.

In the Middle East, according to IATA, airlines will lose $7.1bn in 2020, and 1.8 million jobs within the industry are at risk. Prolonged travel restrictions could also eliminate $115bn worth of GDP. These forecasts are eye-watering; however we can’t afford to fixate on them.

We have to concentrate on the road to recovery. The future airline is a sustainable one. Here’s the deal – we need to fly, but we have to do it responsibly. Regardless of the current crisis, sustainability and responsible climate action remain the most significant long-term challenges facing the aviation industry.

You can position sustainability as an either/or proposition but frankly that doesn’t work. Those that don’t adapt, won’t survive.

Post-Covid, sustainability will be back on top of the agenda.

While I can’t comment for other airlines, at Etihad, sustainability remains a key priority for us and even through the current crisis and the operational challenges we are facing, we’ve never lost sight of our commitment to sustainable aviation.

“Regardless of the current crisis, sustainability and responsible climate action remain the most significant long-term challenges facing the aviation industry”

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January 2021

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FEATURE / POWER LETTERS

MURSHED AL REDAINI Group CEO, Yas Holding

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he unsolicited onset of the Covid-19 pandemic has impacted all aspects of our lives. On behalf of Yas Holding, I would like to express our most sincere appreciation to the brave frontline warriors and their families for their noble service.

We are also grateful to the UAE leadership that has been widely applauded for its unmatched response to the crisis – creating a haven of safety and stability for its citizens and residents.

2020 was a hectic year for us at Yas Holding. Our team responded quickly to the multiple challenges posed by the pandemic, particularly our companies that operate in critical sectors of the economy, each maintaining their contracted standards of performance with our clients.

The global pandemic, coupled with a seventh consecutive year of lower oil revenues, has further stressed the economic environment in the region; however the diversity of our business portfolio provided us with both challenges and opportunities.

We had to contend with adverse circumstances in certain sectors that demanded extensive cost optimisation and restructuring exercises, while simultaneously continuing to expand with optimism in other businesses. As an organisation with a long-term vision, Yas Holding continues to invest with conviction in the UAE – closely aligned to the goals and objectives of the country.

We also embarked on several strategic investments internationally across our key domains. Today, Yas Holding is organised into nine divisions operating across 12 sectors.

The group consists of over 60 companies operating in the

UAE, MENA and Europe, in sectors as diverse as agriculture and food, aviation, education, construction, technology and healthcare.

Many of our companies played an integral role in the UAE’s Covid-19 response, particularly in the areas of healthcare, education services and food security.

Notably, our agriculture and food division mobilised global food products on a timely basis, supplementing our fresh local produce, and ensuring a stable supply of food throughout the pandemic. Yas Holding’s education division companies also deployed technology-based remote learning solutions for private and public sectors.

As an agile investment group, we believe in prosperity through collaboration and business excellence. Our activities are centred on fostering relationships with our principals, customers, partners and stakeholders.

Looking ahead to 2021, Yas Holding will continue to progress on the growth made within our target sectors. We aim to achieve scale through imminent acquisitions and business expansion with a view to be well-positioned to benefit from the post-pandemic recovery. In this direction, our teams are also engaged in several initiatives to increase internal governance, efficiency, agility and productivity. Our focus will further be on identifying and deploying innovative technologies within our ecosystems.

With several transactions in the pipeline, we look forward to an eventful 2021 – a year that could be critical for most businesses in determining sustainable business models.

We are hopeful that economic activity will gain traction in the New Year and beyond.

“We had to contend with adverse circumstances in certain sectors that demanded extensive cost optimisation and restructuring” 38

January 2021

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FEATURE / POWER LETTERS

DR. AZAD MOOPEN Founder chairman and MD, Aster DM Healthcare

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s the Covid-19 pandemic brought the entire world to a standstill in 2020, infecting hundreds of millions of people around the globe and killing more than a million, the healthcare sector has been at the forefront, functioning non-stop to help as many people as possible and bring the surge under control. Yet healthcare has also been one of the hardest-hit sectors business wise. For Aster DM Healthcare, the challenge was multifold with issues being faced across clinical operations, business and HR functions, while we also remained at the epicentre of managing the pandemic in the countries where we operate.

The pandemic and ensuing lockdown reduced footfalls at our facilities with patients avoiding physical visits due to fear of contracting the disease and deferring elective procedures, yet the rising number of positive cases put a tremendous pressure on the available infrastructure leading to a shortage of critical care staff and resources as staff got infected due to exposure to positive patients. Limited knowledge of the disease and long-term prognosis for patients, no established medication or vaccine, and the need to manage all non-clinical operations virtually to safeguard our employees added to the unpredictability of the situation. While as a large and established organisation we could still sustain and push through, the smaller players were hit hard.

Even though Covid produced havoc in the whole world – especially in the healthcare domain, Aster adopted proactive measures which helped us tide over the problems fairly smoothly. We have screened over 260,164 cases in the GCC with a case fatality rate of less than 1 per cent, which is far below the world statistics.

At Aster, we have always prioritised the needs of our patients and our mission has been to serve them with affordable quality care which is easily accessible. In this scenario, accessibility meant shifting the healthcare delivery model to the homes of our patients where they feel safe and comfortable. Through use of technology, we could digitise the entire

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process of booking an appointment, doctor teleconsultation, issuance of prescription, follow-up, lab-test or nursing care at home as well as arrange the door-step delivery of prescription medicines. Similarly, we prioritised diversifying our business model through homecare services, diagnostics and focused heavily on improving efficiencies across functions which helped in reducing expenses.

Covid-19 helped us expedite our journey towards digitalisation with most of the back-office operations being performed through digital means. This has increased the speed at which we conduct business and has helped us in taking bold decisions and percolating them downward to the operational level very quickly. I hope that this benefit will continue even in the postCovid period, which will increase efficiency and reduce cost.

The year 2020 was also remarkable in uniting the world on a common mission – to fight against Covid-19, bringing governments and private players to function side by side.

We are thankful to the UAE government and Dubai Health Authority for the opportunity to closely collaborate with them to flatten the curve in the country. In addition to our hospitals treating positive cases, our CSR arm Aster Volunteers worked closely with DHA to conduct mass screenings, isolating and transferring positive cases, managing quarantine facilities for blue-collared workers and providing aid to the needy who were left financially distressed, impacting almost 850,415 lives.

We expect 2021 to be a year of hope, recovery and building upon the new foundations that the world has set in 2020.

“The year 2020 was also remarkable in uniting the world on a common mission – to fight against Covid-19” January 2021

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FEATURE / POWER LETTERS

DR. HABIB AL MULLA Executive chairman, Baker & McKenzie Habib Al Mulla

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he outbreak of Covid-19 dawned upon us, causing a major disruption to our health system as well as causing a severe impact on our economy. Every aspect of one’s life came to a standstill and suddenly the play button of our lives was put on pause and then an abrupt STOP. It was not like any other crisis that we had experienced before. As a result of it, most of my acquaintances and friends had a pessimistic approach towards life in general and the recovery of the economy. The vast majority of the commentators either drew a U-shaped recovery scenario with some even drawing a W-shaped road map to recovery. This was ‘the plan’ and no one forecasted an immediate recovery in any field, industry or any aspect during the current year.

One needs to review the situation today and assess to what extent were those observers and commentators correct. I will not venture to review the global economy as this may have different parameters and different geopolitical factors that influence its outcome. However, I will present my expectations based on my personal observations on the economy of the UAE. The UAE, similar to any other economy, was hit by the pandemic. The impact was felt more during the lockdown where businesses came to a complete halt. Dubai in particular, because of its heavy reliance on tourism, experienced the severe impact of the coronavirus crisis. Both the UAE federal government and the Dubai government announced several measures to try and rescue the businesses which were hit by the pandemic and thereby rescue the economy. Among them was the Dhs100bn stimulus package which was rolled out to banks in order to pass it to their customers. Many fees were either reduced or deferred in order to support the businesses and in particular, SMEs. However, the government did not stop there. To the surprise of many observers, the UAE government embarked on a courageous legislative journey that dealt with many of the difficult issues that were pending for many years. For example, the longstanding difficult issue of bounced cheques was finally dealt with – issuing a bounced cheque will not be a criminal offence

40

January 2021

as of 2022. This long grace period was necessary to deal with the existing cheques that are floating in the market. The laws dealing with personal life were relaxed and many acts which were criminal offences in the past are not so any longer. Nevertheless, the most interesting and forward-thinking legislation was the abolishment of the rule that required any business outside the freezones to have a local ownership of at least 51 per cent. No one expected this rule to be changed, and definitely not so soon.

“One needs to only look around to see that the UAE economy is indeed in a recovery mode” So the question now is whether these measures influenced the recovery of the economy. While it may be too early to measure the impact of these actions, one needs to only look around to see that the UAE economy is indeed in a recovery mode. For example, the price of real estate in certain areas like the Palm has significantly increased from the date since the pandemic outbreak began. I know of some investors who made an almost 50 per cent return on their investment in a period of four months. The hotels, particularly the beach hotels, are operating at almost 100 per cent occupancy and at rates which are higher than this month last year. Oil prices have also recovered and this will definitely have an impact on the government budget and expenditure. The pandemic did not deter the UAE from forging forward and joining forces with various organisations to maintain a positive attitude and think of ways to recover from this pandemic and bring the economy back to some normalcy.

So my expectation for the UAE’s economy is that it’s going to see a V-shaped recovery.

I am fully optimistic for 2021.

gulfbusiness.com

FEATURE / POWER LETTERS

ERIK DUDMAN NIELSEN Group CEO, Virgin Mobile Middle East and Africa

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hile telecoms operators have historically been more resilient to economic uncertainties, the current pandemic is unprecedented in the impact it is having, especially with regards to changing consumer behaviour. With the world looking more and more to digital solutions, customer demand and experiences are being reshaped at a rapid pace as exciting digital experiences become the new normal, and it is imperative for telecommunications operators to become digitally agile and responsive.

In order to keep up in this experience economy, telcos must now create compelling digital propositions that meet customer needs by simplifying and improving the experience and relationship that customers have with their brand.

For example, one of the key USPs for Virgin Mobile is our unique home delivery service, whereby customers can order their SIM to be delivered directly to their door via our app. In the UAE, SIM activations at the peak of the Covid-19 pandemic reached 85 per cent of the total activations across all channels and we are rolling out more e-commerce and delivery options at a rapid pace to meet this demand.

We are also experiencing a need to provide more digital propositions for our customers. We have expanded our fully-digital proposition in Saudi Arabia even further with the launch of some new services in partnership with Absher, aimed at promoting the use of eSIM to give a 100 per cent endto-end digital service. The activation and verification process can now be done completely remotely, with no need to visit a physical location or be verified in person. We are also shortly launching an exciting new proposition in the UAE to meet the needs of this digital modern age.

Another major change we have experienced is the shifting attitude towards digital payments. Cash has traditionally reigned supreme in the Middle East, however the onset of the Covid-19 pandemic has turned this on its head, and we are now seeing an increasing demand for electronic credit card

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“The future of the telcommunications industry is about being current to the needs of consumers, and those needs are – and will be evermore increasingly – digital”

payments. To meet this demand, we have recently introduced this function for our Friendi customers in Oman and Saudi Arabia. We have also set up the first recurring payment option in the region with Apple Pay in the UAE. The future of the telcommunications industry is about being current to the needs of consumers, and those needs are – and will be ever-more increasingly – digital, as consumers become more and more used to doing things digitally. This shift in consumer behaviour is unlikely to be undone post Covid-19.

Going forward into 2021, mobile operators should now take charge as digital navigators moving to an agile digital business model. At Virgin Mobile, digital has always been the core of our business proposition and we are proud to carry out our day-to-day processes through our digital infrastructure and offerings. This puts us in a perfect place to expand our presence in the MENA region in 2021 with new launches and partnerships as we move into the post-Covid world.

January 2021

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FEATURE / POWER LETTERS

ETHAN XUE President, OPPO MEA

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hallenging. Fruitful. Inspiring. That’s how I would describe 2020 for OPPO. Nobody was prepared for a ‘force majeure’ like Covid-19. In addition to the distressing humanitarian impact, the commercial turmoil that it caused continues to affect the business world. For OPPO, the pandemic forced a revitalisation of our capabilities. Unprecedented changes in the business and consumer environment called for new ways of working and upgraded skill sets. It also encouraged us to explore untapped or under-utilised potential – in local operations, global cooperation and even management competencies, in order to adapt to the new normal.

Almost overnight, we had to pivot to a digital-only reality, working with key e-commerce partners to ensure that products were readily available online to help consumers at a time when technology was all-important. We made sure to be easily accessible through digital touchpoints so that we stayed close to our customers and staff, while prioritising their safety.

High-touch events were replaced by equally engaging virtual launch events to reveal three smartphone series – Reno3, our flagship Find X2 and Reno4. We also created online campaigns to keep our customers engaged.

By facing the year’s challenges head-on with a compassionate, flexible and committed approach, our market performance remained strong. This would not have been possible without the support of our employees and customers. Our gratitude goes out to all those who accompanied us on ‘journey 2020’.

Their spirit and tenacity during the initial chaos of the pandemic inspired us and continues to inspire our success.

“Technology innovation is only meaningful when it is designed for people” 42

January 2021

On the same note, 2020 has strengthened our belief that the purpose of corporate innovation is people. Towards the end of last year, we unveiled our new technology development strategy titled 3+N+X that is founded on the theme ‘Technology for Mankind, Kindness for the World’.

The ‘3’ refers to the three underlying technologies – hardware, software and services, which help OPPO to bring an integrated smart life to users worldwide. ‘N’ represents a number of OPPO’s essential capabilities, including AI, security and privacy, multimedia and interconnectivity. Lastly, ‘X’, refers to the differentiated technologies and strategic resources that foster innovation and improve the user experience. 3+N+X will be the key priority of our R&D moving forward in 2021.

The key to sustainable corporate development is being able to offer products that elevate life; technology that people can employ; and an ecosystem that brings more value to the community. OPPO’s portfolio has expanded from simply offering smartphones to now include wireless headphones, wearables and other intelligent devices that are oriented towards the 5G era. Continuous R&D and innovation will retain its importance in 2021. Moving forward, increasing our international presence remains an important strategy for OPPO. We will work hard to deepen our roots in markets where we are currently operating and strengthen local operations in different regions.

All the while, we remain responsible to local users, employees, and customers. In the UAE in particular, we support the nation’s drive towards a more intelligent society through the use of innovations and initiatives. OPPO is open to collaborations in the fields of healthcare and transportation as well as e-learning – where smartphones have become an integral part of a smart and connected lifestyle.

Our theme, ‘Technology for Mankind, Kindness for the World’ urges us to create a world of kindness through virtuous innovation. We will continue to collaborate with partners and offer personalised technology that is appropriate and relevant to consumers.

gulfbusiness.com

S P E C I A L R E P O RT

GITEX

PHOTO: KARIM SAHIB/AFP VIA GETTY IMAGES

SPECIAL REPORT

Taking stock Gitex Technology Week 2020 previewed a tech-led post-Covid future B Y DAV I D N D I C H U

I

t was the best of times; it was the worst of times.

Held under a dark cloud of Covid-19, Gitex Technology Week 2020 nonetheless proved the power of technology in helping to overcome challenges brought on by the pandemic.

The usually large global contingent was kept at bay by widespread travel restrictions. In response, organisers, the Dubai World Trade Centre, teamed up with Avaya to host hybrid physical/virtual conferences beamed to audiences in 150 countries. A lot of participants also held physical and cloud demos for the benefit of the thousands locked out.

The success of the hybrid model of the event should provide a template for a post-Covid world. “This is akin to an elastic band that has stretched so far, it’s not going to get back to the original shape,” says Savio Tovar Dias, senior director, Sales Engineering, Avaya International.

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“Virtual is going to be a key part of any event moving forward with the potential to boost the reach tenfold,” he adds.

Gitex also provided an ideal, if sombre, platform to evaluate the impact of Covid-19 and the lessons learned.

These past nine months have demonstrated to every business leader the need to prepare for the unexpected. “To be ready for the unknown, you need agile architectures, flexible business models, and the ability to flex up and down as your business demands,” says Dias.

Omar Akar, regional vice president and managing director of Cloud and AI Business Group at Huawei Middle East says Covid-19 delivered a clear message that organisations need to accelerate digital transformation. “Any organisation today that fails to transform and deliver digital services, effective immediately, will lose their market value. And that’s going to happen extremely fast.”

PHOTO: KARIM SAHIB/AFP VIA GETTY IMAGES

SPECIAL REPORT

Akar gives the example of fintechs that are threatening large banks because they’re able to deliver new digital services to an eager consumer base. “Being agile and investing in technologies that accelerate the transformation, primarily AI, intelligent vision, and analytics should be key,” he says.

The pandemic brought to the fore the importance of remote communication tools such as chatbots as well as customer relationship management, with employees hindered from client meetings, observes Sunil Paul, co-founder and managing director at Finesse Global.

Additionally, technologies that until then seemed niche were quickly elevated into the mainstream. Paul cites the example of blockchain-based contracts that negate the need for physical signatures. And because budgets are under pressure, managed services are the need of the hour. “Many businesses have had to reduce staff numbers including in-house IT teams.”

Public services

The pandemic proved particularly disruptive to public organisations, who still needed to deliver critical public services to residents and citizens.

Hammad Abdullah Al Hammadi, director of Digital Channels at Abu Dhabi Digital Authority (ADDA) says Covid-19 helped accelerate the delivery of digital government services. “Our customers needed to have services available digitally across all channels to minimise the number of visits to service centres.”

ADDA’s digital platform TAMM brings together 33 government entities in Abu Dhabi to offer unified services.

Hammadi says TAMM’s strategy did not necessarily shift as the original plan was to digitise all public services and deliver them via a single platform.

“However, the pandemic was a push for us to accelerate the onboarding of services onto the platform. Covid-19 allowed us

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SPECIAL REPORT to be more productive since we started to meet virtually; it minimised the time and effort it would usually take to coordinate meetings with other government entities by eliminating face-to-face meetings,” Hammadi says.

Many organisations are reconsidering their workplace strategy, with permanent work-from-home policies now popular.

“I strongly believe that widespread remote collaboration will be one of the most important trends to emerge from the pandemic,” says Akar.

Fadi Kanafani, managing director for NetApp in the Middle East says one of the biggest developments of 2020 is the shift towards pay-as-you-go models, which better align expenses with usage and cash flow. “Whatever the industry, public or private, responding to today’s rapid changes in work and social norms demands a new level of flexibility, which the cloud offers – be it private, public, hybrid or a consumption-based model.”

Experts agree that Covid-19 is a wake-up call for businesses to embrace speed and agility in the face of unprecedented disruption. “Undeniably, cloud has played a crucial role in helping businesses gain that flexibility and agility that enable large remote workforces and maintain business continuity. We’ve seen how data and access to this data have helped businesses continue operations even as offices shut,” says Kanafani.

“Businesses must invest now in a cloud-based model to suit their business needs and prepare a path for a sustainable future,” he adds.

Productivity has become imperative in remote working environments. “I have never seen such a focus on productivity before the pandemic. Unified communications and collaboration tools were ‘nice to have’. But today, managing employees’ workloads defining their performance based on outcomes and not monitoring tasks, while automating mundane tasks, have emerged as business imperatives,” says Dias.

Artificial intelligence Artificial intelligence was a recurring theme at Gitex 2020.

AI has been leveraged for research in Covid-19 vaccine development, to speed up diagnosis, to predict the spread of the disease, and more. “2020 has proven the remarkable benefits of AI applied in sectors such as healthcare and pharmaceuticals, IT and telecoms, energy and logistics by enabling new tools that yield remarkable insights,” says Dr. Mohammed Yaqub, assistant professor at Mohamed bin Zayed University of Artificial Intelligence (MBZUAI).

Dr. Yaqub says that while AI has been and will continue to be instrumental in current times as countries work to curb the spread of the novel coronavirus, it will also be inherently useful in accelerating solutions for future healthcare, as well as in aiding in the research, diagnosis, and treatment of cancer, heart diseases and other ailments.

“As an exceptionally flexible technology, AI can be developed in ways that will augment all industries and propel socio-economic development. It is the driving force behind the fourth industrial revolution, serving as a key component for intelligent solutions that increase productivity, efficiency,

and sustainability, and leading to more proficient industrial outcomes – which, of course, contributes towards the growth of the economy,” Dr. Yaqub says.

MBZUAI is the world’s first graduate-level, research-based AI university. The institution aims to develop AI expertise not only in terms of education for graduate students to become leaders in the field, but by also offering research facilities for experts from around the world.

Kanafani of NetApp says although AI is set to impact various sectors in the future, its applications can already be seen in everyday scenarios in sectors such as healthcare, research, financial services fraud detection, retail purchase predictions, and online customer support interactions.

NetApp’s own AI-powered ONTAP AI platform is helping researchers and healthcare institutions across the region in the fight against the pandemic. “We believe organisations must look also at integrating AI to speed up data movement, get faster and better results, and eliminate bottlenecks at each source – from the edge, core and the cloud,” Kanafani says.

Cloud Cloud saved numerous businesses from going under during lockdowns. Most participating brands at Gitex were keen to highlight their cloud credentials.

Avaya’s vast product portfolio allows the company to offer on-premise, subscription pay-as-you-go models, managed services, hybrid cloud or even pure cloud play.

Dias highlighted how the company’s technology has moved about 2.5 million users to work from home in the last eight months or so, translating to a massive 2500-3,000 per cent growth in Avaya’s cloud collaboration platforms. “In such a

“As an exceptionally flexible technology, AI can be developed in ways that will augment all industries and propel socio-economic development. It is the driving force behind the fourth industrial revolution” 47

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critical time, we seamlessly enabled our customers to deliver business and experiences to their customers.”

Akar says Huawei is aligned with the cloud-first policy numerous organisations are adopting. “We have one of the strongest cloud platforms worldwide,” he says. “Today, we’re the fastest-growing cloud provider in the world, expanding by triple digits year over year.” Huawei today maintains 45 cloud availability zones that deliver cloud services across the globe as well as more than 2,500 content delivery nodes. Akar says Huawei already has over one million customers on its cloud, including more than 200 financial institutions and 350 government institutions. “While we are a solid cloud provider with a mature cloud offering, the real value proposition for Huawei is our ability to deliver the end-to-end capability.

“Cloud without next-generation connectivity might not be meaningful, while cloud without edge capability is inadequate.

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And so being able to couple modern infrastructure, nextgeneration interconnectivity with cloud digital capabilities is what adds value to our customers,” says Akar.

NetApp showcased a new serverless and storageless solution for containers from Spot by NetApp – which is a new autonomous hybrid cloud volume platform – as well as cloudbased virtual desktop solutions. The platform helps simplify and optimise multicloud management, combining high performance at low cost, says Kanafani.

Challenges Regulated industries such as financial services and the public sector face compliance issues when storing data on the cloud.

This limitation is now partly being addressed by cloud providers such as AWS and Microsoft who have set up local data

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PHOTO: KARIM SAHIB/AFP VIA GETTY IMAGES

“Cloud without nextgeneration connectivity might not be meaningful, while cloud without edge capability is inadequate”

Top: Visitors stand next to a concept flying car at the Gitex 2020 summit on December 8, 2020 Below: Visitors at the Dubai Internet City stand

centres. Although these were set up pre-Covid, they should help accelerate digital transformation post-pandemic, says Paul of Finesse.

The other major challenge is securing cloud workloads.

“Cloud transformation means suddenly exposing relatively secure on-prem data to public cloud platforms where you have no control,” he observes.

“Secondly, remote access to corporate assets using mobile devices from anywhere greatly expands the threat landscape. This is why we coined this new term ‘securing digital transformation’.”

Traditional cybersecurity methodologies that protect the endpoint, network or the perimetre will fail in this new environment, says Paul. “Newer approaches such as zero-trust, micro-segmentation, privileged access management and multi-factor authentication are now the more crucial security parameters,” he adds.

Technology companies have been driven to accelerate innovation in areas such as AI, automation, and cloud to better serve their customers, Dias observes.

Partnerships will be key moving forward. Dias says Avaya has started to significantly open up platforms with APIs and SDKs “to make sure that we are not the only ones innovating and creating, but we are using our partners and our customers to help co-create and innovate with us on those.”

Akar of Huawei says remote collaboration will not only remain a constant fixture in many organisations’ operations, but that the space will see continuous innovation in the cloud.

“You’re going to see a lot of AI infusion into collaboration, virtual assistants, transcription, translation, and analytics.

Several years down the line, AR, VR and even holograms will take precedence, driven by 5G. The collaboration will also evolve beyond human-to-human to include things,” Akar adds.

Hammadi of ADDA says proactive public services will be readily available in the future. “For example, if the customer is eligible for a certain service, they will be able to acquire the service in the future without actually requesting it.”

Despite obvious challenges, Gitex presented showgoers, both physical and virtual, with a vision of a tech-driven and promising post-Covid future.

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A startup app that stimulates and develops child cognitive functions is the winner of the 2020 Gitex Future Stars’ Supernova Challenge, taking home the top prize of $50,000.

Jade Autism beat 73 other startups from 30 countries across 12 different categories. Other finalists came from France, India, Israel, Slovakia, South Korea and the United Kingdom.

Gitex Future Stars was held alongside Gitex Technology Week 2020 at the Dubai World Trade Centre from December 6-7, providing a much-needed boost to the startup ecosystem after a year of disruption caused by Covid-19.

Jade Autism is a platform that develops gamified therapeutic solutions for children and adolescents with cognitive disabilities. Originally from Brazil, the startup now operates out of Abu Dhabi’s Hub71.

One Moto from the UAE, which specialises in electric vehicle last-mile solutions, and Radix Technologies from Israel, which focuses on classroom management solutions, won the runnerup prizes of $10,000 each.

BeeFree Agro from Israel, a drone-based autonomous herding system capable of moving large herds over expansive pastures, was the bonus runner-up winner taking home $10,000.

This year’s edition of the Supernova Challenge introduced four new vertical prizes, including Best Innovative Covid-19 solution, Best Martech Startup, Best Social and Environmental Impact and Best Fintech Startup – alongside returning categories Emirati Startup, Ai Startup, International Startup, Youth, and Female-led Startup.

Radix Technologies was awarded the title of the Best Innovative Covid-19 solution. French startup Switchy, a platform for social media link optimisation, was named as the Best Martech Startup, while Jade Autism bagged the title of the Best Social and Environmental Impact. BC Labs from South Korea was adjudged as the Best Fintech Startup.

“Gitex Future Stars has provided a critical and opportune live, in-person event for startups that has allowed them to reconnect with the funding ecosystem after the hiatus inflicted by the pandemic,” said Trixie LohMirmand, executive vice president, Events Management, Dubai World Trade Centre.

“It is a privilege to support startups by reconnecting them to vital stakeholders and industry influencers who are looking for newfound opportunities created by the disruption of the pandemic,” she added.

Opposite page from top: Gitex Future Stars provided a much-needed boost to the startup ecosystem after a year of disruption; Gitex 2020 was the only major tech event held this year

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Future of Work Cisco’s Workforce of the Future survey offers enlightening insights The WFH revolution Employees see working from home during the pandemic lockdown as a watershed moment, challenging cultural norms around how and where work is accomplished Working from home most of the time before the lockdown Want choice – blending between the office and working remotely

UK

6%

Germany

6%

Spain

4%

Russia

5%

UAE

4% 0

88% 86% 90% 79% 80% 20

40

60

80

100

Employees in the UAE want 2021 budgeting to be prioritised on:

1

2

TECHNOLOGY INNOVATION

TECHNOLOGY THAT CREATES SAFER WORKSPACES

The benefits workers want to keep Greater autonomy 63% Working well as a dispersed team 63% Faster decision-making as seen during the pandemic 61% Commuting less and using that time 58%

If they were the CEO...

79%

78%

76%

Would ensure effective communication & collaboration tools

Would provide staff with similar tech at home as in office

Think more tech training is key to business success

SOURCE: CISCO WORKFORCE OF THE FUTURE SURVEY 2020

PHOTO : KARIM SAHIB/AFP VIA GETTY IMAGES

Jade Autism is Gitex Future Stars 2020 winner

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Top: A BMW concept car at the Etisalat stand at Gitex

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Bottom: The Huawei stand highlighted the company’s cloud focus

F E AT U R E

Powering smart cities Abu Dhabi has teamed up with several tech firms to power its smart city ambitions

RELIABLE POWER FOR SMART HOMES Integral to any smart city, smart homes directly impact the daily lives of residents, allowing them to experience the benefits of technology intelligence.

To develop smart homes within their precincts, several smart city project operators in Abu Dhabi have teamed up with technology providers to achieve their goals.

As a provider of smart home solutions and smart centralised Building Management Systems (BMS), Ubiquitous Telecommunications Technology (UTT) is currently working on numerous projects within the UAE capital. One of the most ambitious projects it is working on is the AI Reem Island project – spanning six towers

ILLUSTRATION: GETTY IMAGES/DR AFTER123

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bu Dhabi was once heavily oil dependent. The city has, however, transformed itself and today stands as a leading tourist destination, offering a high standard of living with a well-developed transportation network and a focus on developing science and technology. And to remain on the cutting-edge, the city has now shifted its priority to smart city development.

One such smart city initiative – Masdar City – was launched 10 years ago. Just a short drive from Abu Dhabi International Airport, the goal is to develop the area into a high-tech hub for companies across the world. Indeed, on the 2019 Smart City Index, published by the Institute for Management Development (IMD), Abu Dhabi ranks second in the Middle East, only slightly behind its neighbour Dubai. Globally, Abu Dhabi sits at number 56, ahead of international metropolises such as Tokyo and Osaka.

In 2019, the first Abu Dhabi Smart City Summit was held. A milestone in the city’s development, it served as a launch pad for smart city construction that had real impact on people’s lives, delivering higher standards in terms of reliability and energy efficiency.

and 1,272 apartments. Developed to cater to middle-class investors, the project was divided into two phases and, in each phase, two sets of physically isolated security access control networks and closed-circuit television (CCTV) networks were required. The project also needed a range of ICT devices to support data communication, data storage, and data processing. To ensure constant power supply for all these devices, UTT required a reliable uninterruptible power supply (UPS) system. It also wanted to have both local and remote management access that is easy to use as well as a UPS system that offers low environmental impact and high efficiency.

BUILDING A RELIABLE ENERGY BASE To help realise the UAE government’s goal and vision of delivering smart services

and experiences through technologies, accelerating smart city construction, and building a ‘smart’ Abu Dhabi — UTT turned to Huawei’s UPS2000-G solution.

The UPS2000-G is a carrier-class UPS system which ensures zero interruptions of power supply for key devices with an efficiency rate of 95 per cent – a figure that reaches 98 per cent in eco mode – combined with low power consumption. In terms of online and remote management, all UPS systems are connected to a unified management platform, significantly simplifying user interface operations as well as device maintenance.

As more and more smart city projects are implemented in Abu Dhabi and across the wider UAE region, there will an increased focus on working with technology providers who offer products and services with higher efficiencies that deliver greater value.

PA R T N E R C O N T E N T

Joining hands The Seed Group and JMR Infotech partner to enhance the journey of banks and financial institutions in MEA

J

MR Infotech, a global software solutions and services provider, and the Seed Group, a company of the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, have signed an agreement to develop a joint venture (JV) in the region.

Hisham Al Gurg, CEO of the Seed Group and the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, and Jayafar Moidu, founder and CEO of JMR Infotech, talk about the objectives of this partnership and outline the impact it will have on the digital transformation journey of banks, financial institutions and other businesses in the UAE and the wider Middle East and Africa (MEA) region.

What are the key objectives of the joint venture?

Hisham Al Gurg: The strategic partnership with JMR seeks to enable value-based offerings for banks and the financial institutions in the UAE and beyond, to empower them to contribute to the overarching digital transformation journey that we are witnessing.

The association as per the joint venture is designed to bring together JMR’s bouquet of solution offerings along with the Seed Group’s local and regional understanding to create a unique vantage proposition leveraging insights and assets that will hugely benefit banks and large financial groups in the region.

Given changing priorities due to the Covid-19 pandemic and owing to the evolving business landscape in the banking space, how will this JV benefit organisations in the MENA region?

Jayafar Moidu: JMR understands the Covid-19 impact on the economy and acknowledges the need to enhance business – both in terms of speed of economic activity and responsiveness to changing customer needs. Digital-led business models and ecosystems are a key solution and the partnership will bring relevant offerings. JMR’s Genie de Banca, an innovative digital platform, will enable banks and financial institutions to shape ingenious solutions, automate and digitise their lending departments end-to-end, develop

From left, Jayafar Moidu, founder and CEO of JMR Infotech and Hisham Al Gurg, CEO of Seed Group and the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum new revenue channels, and present their customers with new products and services.

Genie de Banca is an agile platform that can also be adopted to create digital ecosystems to support business organisations across diverse industries like real estate, automobile, consumer goods, education, and tour and travel, among other business verticals.

What opportunities for business does this JV see in the region?

Hisham Al Gurg: Digital adoption within and across businesses and the society at large in the UAE and MEA presents

We believe that this period presents the biggest opportunity for us to help banks and financial institutions realign their business strategies

multiple opportunities for companies like JMR Infotech. The Seed Group will work to jointly explore, position, and secure mandates for the partnership. Solution offerings could include developing market ecosystems, financial systems transformation, and learning enablement amongst others.

Currently, financial institutions in the region are going through a massive transformative phase. It requires them to significantly develop their back-end technology to enable them to enhance their customer offerings. These institutions will benefit immensely from the proven expertise and cost-effective value-based services and solutions of JMR Infotech.

What are the biggest challenges that you foresee for this JV in and how do you plan to overcome them?

Jayafar Moidu: The current economic scenario has adversely impacted the revenue growth for banks and financial institutions globally, leading to reduced budgets for investments on technology and digital transformation.

But we believe that this period presents the biggest opportunity for us to help banks and financial institutions realign their business strategies by creating digital ecosystems to become more customer-centric.

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Breaking new ground Israeli tech companies make debut at Gitex Technology Week 2020 B Y DAV I D N D I C H U

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itex Technology Week 2020 marked a major milestone for the regional tech sector.

Israeli companies participated for the first time, officially introducing technology from the ‘startup nation’ to the GCC market.

The involvement follows the Abraham Accords agreement between the UAE and Israel signed in September 2020 to normalise ties. Trade, travel and even telephone communication between the two countries were restricted before this.

One of the Israeli companies attracted to Dubai was Kramer Electronics, which manufactures professional audio/video

(AV) products. Kramer’s range includes input and output devices like screens, video walls, microphones, and cameras, as well as the connecting products, from cable connectors extenders, routers, switches, amplifiers, converters, signal processors, and others.

On top of that, the company has added layers of applications such as wireless collaboration and presentation, control, network management, group scheduling, and more. Headquartered in Jerusalem, the company maintains 20 offices around the world and employs 500 people, half in Israel and half scattered across its global offices.

“The UAE was a market where we were unable to operate despite many local companies in the UAE being eager to work with Kramer based on interactions at industry events like IFC and InfoComm,” says Samuel Bonomo, executive VP at Kramer.

“Everything happened very quickly once the normalisation of the relationship between Israel and the UAE was announced. In less than three months, we received a wave of inquiries from companies that wanted to sell, buy and integrate our products here,” Bonomo explains.

Within that time, Bonomo says the company managed to open discussions with over 10 companies. Two weeks later, Kramer signed an exclusive distributorship deal with Abcom Distribution, part of a UAE-based technology company called Almoe. Kramer exhibited at the Almoe stand at Gitex.

“The UAE and Israel were very keen to work together; we just needed opening up to allow the current state of cooperation to take place,” says Bonomo.

“I am very impressed in the way technology has been driving the development of both industry and services in this country.

The UAE is very keen to attain even more technology, and hopefully, Israel will be able to provide some of that,” he adds.

BuiltUp Ventures is a venture capital firm that invests in innovative early-stage Israeli real-estate tech startups.

The UAE, with its mercurial real estate developers, was a natural destination for the company soon after the peace accord was in place, according to BuiltUp Ventures managing partner Oded Eliashiv.

BuiltUp Ventures was formed in 2019, bringing together experts in both real estate and technology from Israel and the US. “Israel is a place where technology thrives, whether it’s big data, AI or blockchain. For us, it’s all about wrapping these technologies and providing a solution to the real estate sector, which has traditionally been very conservative. As pioneers of proptech in Israel, it only made sense that we come to Dubai and the UAE, where real estate is a major industry,” Eliashiv says.

The next stage for BuiltUp Ventures is to build a hub in the UAE with partners and use that as a launching pad for the rest of the Middle East and Africa, he adds.

Digitisation The real estate industry has almost been impervious to digital technology. Not anymore, says Eliashiv. “Real estate

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ICONS: THE NOUN PROJECT

PHOTO: KARIM SAHIB/AFP VIA GETTY IMAGES

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A visitor sits in the Israeli stand at the Gitex 2020 summit on December 8, 2020

developers and other stakeholders within the real estate understand there is a place for innovation.”

However, this doesn’t mean that all the people and processes will immediately be replaced by robots, analytics and AI. “There must be some level of balance in how you introduce innovation. You can’t force technology; it has to be adopted at all levels of the organisation. Ultimately, it’s about understanding the organisation and its needs, the issues it faces, and at the end of the day, you need to find the area where you bring better ROI,” says Eliashiv.

The real estate sector is comprised of a myriad of stakeholders, each with their own processes. Breaking down these siloes is key to digitising the industry.

MyTower, backed by BuiltUp Ventures, is an example of a platform designed to break down these barriers. “There are properties with 20 different software solutions and dashboards.

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That is not something that can be managed easily. MyTower brings all these components together to provide a single point of reference, where developers can manage resident affairs, IoT, consumer services as well generate new revenue streams,” Eliashiv says.

“This is why localisation is key – you have to work side by side with regulators to understand who the service providers are, communicate with utilities, etc,” he adds.

Other industries such as fintech and healthcare offer a ready template of how technology can streamline entire industries, Eliashiv observes.

The AV industry is also embracing digitisation. Audio and video are steadily becoming an application in IP networks.

Kramer has developed the products that enable the use of applications for signal management that’s currently done with hardware. “However, this is a process that takes time and is

SPECIAL REPORT not always economically viable, depending on the configuration of the system and its size,” Bonomo explains.

Kramer has also added other applications to its systems, in areas such as wireless presentation and collaboration. For instance, in a classroom or boardroom setting, all the participants connected to the wifi essentially turn into a collaborative team. They can share files, presentations, and can each take turns being the presenter, as well as download and upload chats, Bonomo explains.

A typical AV system will contain multiple devices, all of which have to be controlled. “We have developed an application that enables control through a simple touch panel or even a mobile device,” he says.

Another digital application is the integration of meetings with room booking and scheduling so that users can integrate video platforms and systems with their Outlook or calendar, turning meetings, scheduling and booking of the rooms as part of that same integrated system, explains Bonomo.

Because of Covid-19 restrictions, Kramer has also developed technology that enables lecturers to present classes for both students present physically in the classroom as well as integrate apps such as Zoom to teach remote students.

The application is delivered in such a way that the lecturer simply connects their laptop and pushes a button, with connections to the projector, the audio system and wifi done automatically. This type of automation has become necessary because teachers are not necessarily tech-savvy but need to deliver education in the era of distance learning, Bonomo says.

Israel tech With over 6,000 active startups and an economy dominated by industrial high-tech and entrepreneurship, Israel is, for good reason, referred to as the ‘startup nation’. In 2019, Israel was ranked the world’s fifth most innovative country by the Bloomberg Innovation Index. It ranks 13th in the world for scientific output as measured by the number of scientific publications per million citizens.

Of these startups, 300 are in automotive. One of them is REE Automotive, which develops and manufactures modular electric vehicle (EV) platforms.

“This is a very interesting segment to be in,” says Keren Shemesh, CMO at Ree Automotive. “Israel is not an automotive nation; we don’t have any vehicle OEMs here. So, it’s amazing we are building the next generation of electric mobility here,” she adds.

Back in 2013, the founders of Ree could foresee where mobility was headed. They decided to focus on platforms for last-mile and mid-mile delivery as well as EV shuttles.

“There’s an irreversible decline in car ownership in favour of shared mobility or mobility as a service,” says Shemesh.

As a part of Dubai’s Smart City strategy, the emirate has stated that “by 2030, 25 per cent of all transportation trips in Dubai will be smart and driverless.”

“We met officials from Dubai’s RTA and learned their vision of mobility driven by AI and data capabilities,’ says Shemesh.

With over 6,000 active startups and an economy dominated by industrial high-tech and entrepreneurship, Israel is, for good reason, referred to as ‘The Startup Nation’ Ree’s technology evolution is the ability to install the drivetrain, powertrain, the steering, the motor, the data unit sensors and AI into the arch of the wheel, which the company refers to as “corners”.

This approach enables a fully flat chassis from end to end, offering more space for batteries. There is also no mechanical connection between those wheels. The modular approach means the dimension of the chassis can be changed.

“We can build any type of platform for any type of usage on top of the modular flat platform,” Shemesh explains.

For example, the smallest platform, the 2-tonne P2 is the size of a smart car, which ordinarily carries two seats. But integrating all the components in the wheel creates extra space, which allows the P2 to accommodate four seats.

Ree also makes the P1 platform for last-mile delivery vehicles idea for narrow streets in busy cities onto which OEMs can build any type of capsule or any type of body.

The vehicles can be controlled by a human driver or a computer, Shemesh says.

The P1, the P2 and the P6 are all sitting on the same corner specification. “This becomes very efficient in terms of manufacturing and integration,” she explains.

Ree has already announced partnerships with Japanese Hino and India’s Mahindra to use the company’s platforms in various specifications.

Covid-19 and the resultant digital push has shifted consumer demand towards autonomous, greener vehicles. Governments worldwide are also actively pushing zero-emission regulations, Shemesh observes.

“Research shows a consistent decline in the internal combustion engines (ICE) while EVs show a steady rise in demand over the next decade,” she adds.

It is still early days in the UAE-Israel relations, with both sides exploring the prospects. However, Gitex 2020 showed how these two nations can mutually benefit from opportunities that the new economy is bringing.

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“GITEX TECHNOLOGY WEEK 2020 HAS PROVIDED THE TECHNOLOGY INDUSTRY WITH THE CHANCE TO FINALLY RECONNECT IN-PERSON TO EXPLORE THE LATEST DEVELOPMENTS IN GLOBAL INNOVATION”

T R I X I E L O H M I R M A N D, E V P, E V E N T S M A N A G E M E N T, D U B A I WO R L D T R A D E C E N T R E

JAN

Lifestyle

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Sound check

Patek Philippe launched an all-new Ref 6301P Grande Sonnerie timepiece which will sit among its most exclusive collection of watches p.60

“Growing up with a mother like Estée Lauder, how could I not respect and seek out smart, tough women?”

– Leonard Lauder

gulfbusiness.com

HarleyDavidson Serial 1 E-Bike Harley is building a separate company for its ebikes – and going by the looks of this retro-inspired creation, it’s already off to a strong start January 2021

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Lifestyle / Horology

Striking time Patek Philippe recently unveiled its new Ref 6301P Grande Sonnerie wristwatch, which is as much a testament to the technical superiority of the brand as it is a revealing statement of intent for its future path

BY VARUN GODINHO

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he Grandmaster Chime Ref 5175R, which was launched in 2014, was a breakthrough timepiece – and not by some narrow, inward, company-defined metric, but on a universal watchmaking standard. Need proof? The two-sided wristwatch, which was released to commemorate Patek’s 175th anniversary, featured a staggering 20 complications.

Among those many complications, the Grandmaster Chime carried a grande sonnerie for the very first time in a Patek wristwatch. In fact, it went further. It also had a total of four other strikework complications apart from the grande sonnerie (which strikes the hours and quarter hours), including a petite sonnerie (which strikes the hours), an alarm, a date repeater and a minute repeater (which chimes the time on demand). An approximately $2.5m price tag placed it in the rarified company of multi-million dollar timepieces.

By 2016, Patek decided to launch the Grandmaster Chime as part of the regular collection and the Ref 6300G was the result – a statement piece that is the watch of choice for moguls like Jay-Z who wore one to Diddy’s 50th birthday party in 2019.

A few weeks ago in November, Patek launched this new 6301P Grande Sonnerie which is a further evolution of the Grandmaster Chime and the Ref 6300. It is fitted with a new Patek calibre GS 36-750 PS IRM that is modelled on that of the Grandmaster Chime. However, the chiming mechanism hasn’t just been lifted from Grandmaster and placed into the 6301P. As Patek’s Philip Barat, head of watch development explained to us, there were adaptations made over the course of crafting the 6301P. “When we conceived this movement, we had to decide how many gongs we were 60

January 2021

going to include – two, three, four or even five. We wanted to have a melody, and for a melody, the minimum is three gongs,” explains Barat.

He adds that the company’s president, Thierry Stern, is always closely associated with the development of all of the brand’s creations and asked the design team whether they could integrate four or even five gongs.

However, adding more gongs would mean reducing each of their size to fit within the

“We are prepared to go through difficult times, it’s not the first or the last crisis. This is a part of business”

wristwatch. Smaller gongs would result in a weaker sound and so the team decided to stick with the three-gong arrangement that would ensure a louder chime.

Barat says that it was Stern who decided to include a small seconds indication on this wristwatch which can be found at 6 o’clock.

For this mechanism, the team turned to another Patek watch that was also unveiled in 2014 alongside the Grandmaster Chime, the Chiming Jump Hour Ref 5275P. “In 2014 we launched the Ref 5275 where the seconds and minutes used a jumping mechanism.

We used this same patented mechanism on the 6301P. It’s not a sweeping seconds, but rather a jumping seconds,” says Barat.

The design team did push back though on certain design elements. “Initially, Thierry didn’t want the power indication, he didn’t like these two hands,” says Barat of the sonnerie power reserve indicated at 3 o’clock and a separate going train power reserve at 9 o’clock. “For him, it wasn’t well balanced with the hour and minutes. We had to convince him to keep the two power reserve indicators. We told Thierry that this is a manual winding movement, so it’s important for a customer to know if there is power or not in the movement. That’s when he said we can keep them.”

The main movement has a power reserve of 72 hours while the strikework has a power reserve of 24 hours, each powered by its own set of twin barrels arranged in series.

There are three patents from previous Patek timepieces that have been employed in the 6301P. The first, borrowed from the Grandmaster Chime, is the mechanical isolation of the grand sonnerie from the main movement when the silent mode is selected so that the main movement’s power reserve is conserved.

The second is the use of a single slide switch, found here on the case at 6 o’clock, for engaging the three strike modes – also a legacy patent from the Grandmaster. The third patent meanwhile is the jumping second mechanism which traces its origins to the Ref 5275. “The components of the jumping second are in silicon for two reasons: they don’t need lubrication and also because they are lightweight,” says Barat.

Aesthetically, the new Ref 6301P is a triumph too. The 44.8mm platinum case with a satin finishing includes a diamond set between the lugs (all Patek platinumcased watches have a diamond set in the gulfbusiness.com

Lifestyle / Horology

The enamel dial has its hour markers and hands made from white gold Opposite page: Thierry Stern, president of Patek Philippe

Lifestyle / Horology

case) whose design distinctly resembles the Ref 5370.

The movement on the 6301P also features Geneva stripes and exceptional finishing. The enamel dial meanwhile has its hour markers and hands made from white gold. A persistent challenge among sonnerie timepieces is getting the thickness of the watch right – not too thin to compromise on tonal quality and not too thick to come across as unwieldy. “Thierry is like his father – he wants things as thin as possible. We are proud to have a grand sonnerie of this level that is only 12mm thick with the case,” says Barat.

T

o say that 2020 has been a challenging year for the luxury watch industry, and even posed an existential question for a few, is to state the obvious. The pandemic may not have caused as much of an upheaval among the seven biggest watch brands – Rolex, Omega, Longines, Cartier, Tissot, Audemars Piguet and of course, Patek Philippe – each of whose annual sales is believed to exceed a billion Swiss francs, but none can claim to have emerged unscathed.

“Of course 2020 will not be a record year and will not be at the same level as 2019, with the lockdown in production and many markets, retailers having to close and some [of them] still closed,” Thierry Stern tells Gulf Business. “We think that the sales will be affected by about 20-30 per cent, but most importantly we see that demand for Patek Philippe watches remains strong.”

Striking a positive note, he adds, “We are prepared to go through difficult times, it’s not the first or the last crisis. This is a part of business, sometimes it’s very good, sometimes it’s less so.”

Resiliently, Patek soldiered on with plans like opening up its CHF500m manufacture, five years in the making, in 2020. Like its peers though, it too had to step out of its comfort zone in other areas of its business in order to remain top of mind. For example, for the very first time last year, Patek allowed select retailers to sell its watches via e-commerce channels for a limited period.

But Stern adds that the measure was merely a stopgap arrangement and not indicative of a fundamental shift away from its brick-and-mortar business. “This option (e-commerce) was only a limitedtime solution proposed during the period of total lockdown to help our retailers, it 62

January 2021

Above: The movement on the 6301P also features Geneva stripes and exceptional finishing Below: Philip Barat, head of watch development at Patek Philippe

was open to all markets concerned by the lockdown. This experience proved once more that for the time being, our clients and partners prefer the experience of onsite retail, the relationship with the retailer, seeing, and trying the watch. The digital experience is of growing importance, but it does not replace the real-life experience, the emotion.”

This year, Patek will be looking to cover lost ground. After breaking away from Baselworld last year, it has said that it will participate in the 2021 edition of the Watches & Wonders exhibition which will be a fully-digital experience with the onground event cancelled as a result of the pandemic.

The million-dollar question though is what will Patek bring to the table this year?

Stern states: “We will have lots to share in 2021. We have new models and movement development plans ready. Just be patient.”

You can hardly fault us for blithely ignoring his advice when Patek caps 2020 with something like the Ref 6301P. gulfbusiness.com

Lifestyle / Tech

Review: Samsung Galaxy Z Fold2 5G Samsung’s second attempt at foldable technology for the Galaxy addresses problems that beset the initial effort

BY DAVID NDICHU

T

he first instinct when you snap open the Samsung Galaxy Z Fold2 is to watch something.

Anything. And that’s what I did, partaking of the third season of Ozark.

And the output does not disappoint.

Videos are vivid and colour reproduction superb. The main display is a 7.6” AMOLED screen, with a high 2208 x 1768 resolution screen. The only interruption to the display is a small cutout for the selfie camera. It boasts a 120Hz refresh rate so scrolling and response are a breeze.

The Fold2 is Samsung’s second attempt at foldable technology for the series, with the initial effort beset by problems upon release.

The display in the Fold2 is made using a flexible, plastic OLED screen rather than glass. Corning, which produces the Gorilla Glass used by most major smartphone brands, says it is working on a bendable cover glass. The large screen allows you to do a lot of things. You can launch up to three apps simultaneously for example. If you purchase the Fold2 for productivity, the ability to access three apps without going back and forth to your app tray is a relief.

If you were working on an app on the cover screen, you can pick up from where you left off on the main screen thanks to app continuity capabilities. Apps have been optimised for the larger screen and adjust automatically. A crease is noticeable where the display folds but disappears when you are watching videos.

When folded shut, Galaxy Z Fold2 5G is a typical smartphone with a 6.2-inch HD+ Super AMOLED screen, albeit with a somewhat unusual 2260 x 816 resolution (due to its tall build). The Cover Screen on Galaxy Z Fold2 5G is reinforced with the latest Corning Gorilla Glass Victus.

The second part of the foldable screen gulfbusiness.com

equation is the hinge. You probably don’t give much thought to the hinge on your door, but for a smartphone, a hinge is a whole different story. The hinge must be small enough to fit in a small device, sturdy enough to withstand thousands of opening and closing motions, and inconspicuous enough not to ruin the phone’s overall aesthetic. Additionally, it must hold its own so the phone can remain open at different angles.

The Hideaway Hinge uses a CAM mechanism to give the device fluid motion.

There’s a gap between the two sides of the phone when closed, although Samsung has done well to narrow it since the previous generation. The hinge uses sweeper technology to prevent dust and dirt from entering the phone.

Galaxy Z Fold2’s 5G Hideaway Hinge is the basis of the phone’s Flex mode which lets users lock the screen at a variety of angles.

Flex Mode gives this foldable phone a lot of versatility. You can have controls or settings on one side of the display and content on the other for example when making a video call.

Performance The Galaxy Z Fold2 5G is powered by a Qualcomm SM8250 Snapdragon 865+ chipset, paired with 12GB of RAM and 256 GB of storage. The rear camera setup is a 12MP three-camera configuration while the front camera is a 10MP sensor.

The dual-screen allows for some interesting photography. Unfolded, Galaxy Z Fold2 5G lets you use both screens to give your subjects a preview to adjust their pose before the camera snaps.

The battery is in two parts which combine into one 4500mAh power source. That sounds like a lot, but the large screen uses a lot of power, so carry your charger with you if you plan to watch a lot of videos.

The Galaxy Z Fold2 5G could appeal to gamers thanks to fast response times, the large HD display and the powerful chipset make this a formidable gaming machine.

The Galaxy Z Fold2 5G is pricey at Dhs7,599.

The justification for that is of course the technology behind the folding screen.

The display in the Fold2 is made using a flexible, plastic OLED screen rather than glass January 2021

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Lifestyle / Fashion

The story behind Estée Lauder’s $89bn success Billionaire beauty empire heir, Leonard Lauder, reveals key life – and business lessons – in his recently released memoir

I

n the midst of taking Estée Lauder public in 1995, Leonard Lauder, the company’s then-chairman and chief executive officer, fielded a question from an investment banker during the roadshow. “If your products are so good,” the banker asked Lauder, then in his 60s, “why do you have so many lines on your face?”

Fortunately, Lauder writes in his new book The Company I Keep: My Life In Beauty, “my wrinkles didn’t deter investors.” His comeback came in the stock’s debut. It opened at $26 a share and climbed to $34.50 on its first day of trading.

Lauder hasn’t quite written an autobiography; there isn’t much discussion of his personal life, friends, travels, or lifestyle.

Most of the names you’ll find in the book are hardworking employees whom Lauder singles out for praise, various industry competitors, and luminaries with whom Lauder has collaborated in various industries.

Aside from his mother, father, first wife Evelyn, and second wife Judy, even Lauder’s relatives don’t get much print.

Of his younger son Gary, who chose not to join the family business, Lauder writes that “Gary has a dedicated sense of philanthropy and doing his own thing” and leaves it at that.

But Lauder’s niceness, sphinx-like as it might read, doesn’t detract from one of the most dazzling corporate success stories in the history of the US. In that respect, My Life In Beauty is basically a business book. It details how Lauder’s mother Estée (actually, Josephine, until she changed her 64

January 2021

“Money has the potential to divide families and cause lasting rancour, resentment, and bitterness. Going public took the issue of money off the table”

Below: Estée Lauder counter in Houston, 1951.

name to match her company’s) started a cosmetics company with nothing but chutzpah and a “Super Rich All-Purpose Creme,” and how Lauder then built it into a roughly $89bn company with 25 brands and approximately 1,600 freestanding retail stores in around 150 countries.

Start at the Top When Estée Lauder started out, the American cosmetics industry was dominated

by Elizabeth Arden, Helena Rubinstein, Charles of the Ritz, and Revlon.

Estée managed to succeed in an already crowded field, Lauder writes, by combining a personal touch (literally – her signature move was to massage the lotion onto women’s faces) with a strategy to side-step, rather than confront, her larger competitors.

“My mother was determined to carve out her own niche and create a unique power base,” he writes. The niche she chose was luxury, and the power base would be select speciality stores such as Detroit’s Himelhoch’s department store, Sakowitz & Co. in Houston, and eventually, Saks Fifth Avenue in New York.

“Their customers had the means to buy premium-priced products,” Lauder explains, and “the stores provided a sophisticated setting that would immediately burnish my mother’s brand.”

It’s a strategy the company turned into a mantra: “Launch at the top, and stay at the top,” Lauder writes.

“If you launch at the top of the market, you have two ways to go: up or down,” he continues. “If you launch into the heart of the market, there’s always someone who will sell a similar product cheaper than you, and you have no way to go but down in what becomes a race to the bottom.”

The General Motors of cosmetics Lauder officially joined the company in 1958 after attending the Wharton School, followed by a stint in the Navy, and was named president in 1972. (His mother kept the title of chief executive officer).

While his father managed operations and his mother served as the face of the company, Lauder began to map out a business plan that mirrored what was then the largest gulfbusiness.com

Left: Leonard Lauder was named president of Estée Lauder in 1972

PHOTOS: THE ESTÉE LAUDER COMPANIES ARCHIVES

Going public

$24.6bn

company in the world. “My Starting in the mid-Nineties, dream was to make Estée Lauder began to acquire Leonard Lauder’s Lauder the General Motors outside brands, including estimated net worth of the beauty business,” Mac Cosmetics, Bobbi he writes, “with multiple Brown, Aveda, and La Mer. brands, multiple product lines, and multiThe strategy paid off. national distribution.”

In 1946, the company’s first official He conceived and launched Clinique in year in business, annual revenue stood at 1968, a skincare line that capitalised on $50,000. By 1960, annual sales were “just a the era’s nascent appreciation for “hypoalshade over $1.75m,” Lauder writes. By 1970, lergenic” skincare and beauty “regimens,” the figure hit $50m. By 1975, annual sales rather than “products.” surpassed $200m, and in 1986 topped $1bn.

“The Estée Lauder brand had an aura of By the mid-1990s they’d doubled, Lauder glamour; it embodied aspiration,” Lauder writes, to $2bn; by the late Nineties they’d writes. “Clinique was more democratic; it doubled again, to more than $4bn. was less about aspiration and more about Today, annual sales are roughly $14.3bn. everyday pragmatism.”

“Everyone imagines that I was heir to a Several more brands followed, including great family fortune,” Lauder writes. “They Prescriptives (1979) and Origins (1990). forget that I had to build the fortune first.” gulfbusiness.com

So, why take his wildly successful company public? Lauder notes the obvious: “To make a lot of money.” But he also suggests that the move was a form of succession planning.

“Money has the potential to divide families and cause lasting rancour, resentment, and bitterness,” he writes. “Going public took the issue of money off the table.”

(Left unmentioned was the fact that the initial public offering was structured to allow Lauder’s brother and mother to dodge a potential capital gains tax of $95m, which led to a revision in Federal tax law; the Lauders subsequently paid a reported $40m in taxes for the manoeuvre).

Lauder had been wealthy for decades; now, with an estimated net worth of $24.6bn, he’s become one of the richest people in the world. Understandably, when he stepped away from the company, he stepped up charitable giving.

The closing section of Lauder’s book is dedicated to his family’s philanthropy, including Wharton’s Lauder Institute of Management & International Studies, the Breast Cancer Research Foundation, Memorial Sloan Kettering hospital’s Evelyn H. Lauder Breast Center, the Alzheimer’s Drug Discovery Foundation, the Whitney Museum’s Leonard A. Lauder Building (Lauder says he didn’t know they were going to name it after him, “and I’m not being modest”), the Leonard A. Lauder Research Center for Modern Art at New York’s Metropolitan Museum of Art, and the $1bn Leonard A. Lauder Cubist collection, which he pledged to the Met in 2013.

Still, Lauder can’t help bring it back to his business.

In a final list of “leadership lessons,” he includes such entries as “Cut your losses” and “It’s my neck,” but the fourth, “Never make an important decision without a woman at the table,” rings as the most heartfelt.

“Growing up with a mother like Estée Lauder,” he writes, “how could I not respect and seek out smart, tough women?”

Bloomberg

The book The Company I Keep: My Life In Beauty is available now from Harper Business

January 2021

65

BRAND VIEW

Charging ahead on the e-lane From the new Taycan launch to Porsche’s massive electrification programme, Dr Manfred Bräunl, CEO of Porsche Middle East and Africa, discusses the way ahead for the brand

T

he Taycan launched in the UAE in the midst of the pandemic. What has been the response so far?

right investment plan to back this up, Porsche will continue to be a trendsetter with a clear direction – the future.

We’ve seen very positive first feedback from customers and enthusiasts demonstrated by a strong order bank. With its innovative design, the Taycan is a real eye catcher but even more so it is a Porsche, a true sports car, featuring high-end quality and comfort.

People adapt if they are convinced that a product meets their needs and expectations. Hence, following the recent launch of our first fully electric car, the Taycan, we are focusing extensively on providing test-drive opportunities. It’s the best way to showcase high-powered electric performance, instant torque, and multiple accelerations at full power.

Porsche increased its ownership share in Rimac a few months ago. What does it hope to achieve by way of that partnership and will that give rise to an electric Macan?

What are some of the near- to longterm goals for Porsche’s electrification programme?

Our E-Performance programme is a vital pillar of our company strategy, in line with our positioning as an emotive sports car with a focus on dynamic driving, design, quality and sustainability. Our product plan unites the brand’s tradition with the future, with a trio of drive systems comprising emotive, petrol-driven cars, dynamic plug-in hybrids and innovative, electrically powered sports cars.

We remain true to our pioneering role with product offensives such as the expansion of the Taycan range, our first fully electric product offer, and the growing hybrid range with our new Panamera. In addition, we are focusing on the expansion of the charging infrastructure. We also recently announced our participation in a pilot project in Chile that is expected to yield the world’s first integrated, commercial, industrial-scale plant for making synthetic climate-neutral fuels (efuels).

Based on our defined plan in line with the

66 June 2020

Two years ago, Porsche initiated a development partnership with Rimac, a Croatian-based organisation that develops and produces electromobility components. Our intent is to intensify our collaboration in the field of battery technology in line with our E-Performance programme.

And yes, our range of sustainable vehicles will grow. We have confirmed that the next generation of the Macan will include the first all-electric compact SUV from Porsche. It is due to roll off the assembly line in Leipzig (Germany), where a significant expansion of the production facility is underway.

What are some of the major hurdles that the company is facing in electrifying its fleet? Also, is the electric car infrastructure here in the region adequate to

facilitate a greater adoption of EVs? The UAE and the other GCC governments are doing a lot to increase sustainability and reduce CO2 emissions, especially by focusing on the charging infrastructure to make the use of battery-powered electric vehicles viable and encourage their sales by reducing owners’ range anxiety. Other governments are not yet that advanced and this is where automotive manufacturers need further support.

Our local investors are backing the drive to reduce CO2 emissions through our Porsche destination chargers to provide conveniently located charging points at popular locations, like hotels and malls.

It is important to note that most Taycan drivers can charge their car comfortably at home, thanks to the on-board AC charger with 11 kW using alternating current. And, with a range of up 463 km in the Taycan 4S, there is almost no difference to internal combustion vehicles with regards to everyday use.

Everybody is talking about EVs but we should not forget about hybrids. Do you see a future and why are they important?

Porsche has adapted its drive technologies to its core competencies: petrol-engine vehicles, hybrids and electric sports cars.

There is no plan to electrify all of our models.

For the 911, considerations include the development of a very sporty hybridisation known from motorsports. Already today, the fastest model in the Panamera and Cayenne range is the Turbo S E-Hybrid. Succeeding models will be designed with an even greater focus on performance as well as a longer electrical range of over 80 kilometres. Hybrid models remain important for the brand’s product line-up in the years to come.

What has been the impact of Covid-19 on Porsche’s sales globally and here within the region?

Globally, Porsche had very robust demand in the first nine months of 2020, with only a 5 per cent lower result when compared to the same period in 2019. Supported by the updated product portfolio, we see a continued increase in new car orders.

Regionally, we recorded a 5 per cent growth in new car deliveries in the first

gulfbusiness.com

quarter of 2020. Following the lockdown in the second quarter, which naturally affected our business, we had the best third quarter results over a five-year period. No doubt, Covid-19 has been difficult, but overall we have managed this challenging year very well, thanks to flexible business plans, fast support measures, creative ideas and the great support of our Porsche partners across the region.

What are your expansion and product introduction plans for key markets within the region?

We are looking forward to a busy 2021, with the continuation of the Taycan introduction in more markets, the arrival of the 911 Turbo, additions to the 718 range, the latest

Dr Manfred Bräunl, CEO of Porsche Middle East and Africa

generation Panamera and much more.

Our focus is to finalise a range of new projects in our key markets, such as the new Porsche Centre Shuwaikh in Kuwait, a stateof-the-art Porsche Centre in Riyadh as well as the first Porsche Studio in India. Furthermore, there are also several ongoing service centre developments, especially in Saudi Arabia.

What are some of the lessons that luxury automakers must learn and remember from 2020 as they chart out their plans for this year?

A high degree of flexibility and an innovative

Porsche has adapted its drive technologies to its core competencies: petrol-engine vehicles, hybrids and electric sports cars gulfbusiness.com

approach across all areas of business is the only way forward. Manifesting a corporate culture where change is accepted and trusting flexible working systems is equally important.

One should not forget that importers and customers are in the same situation. Hence, bestowing confidence in them is crucial to succeed. I firmly believe that relationships fostered during difficult times are stronger and will be remembered for a long time. This is why our top priority was to be close to our business partners through regular information exchange and proactive communication.

We have embraced the pandemic period as an opportunity for innovative communication measures. We launched online roundtables with our business partners and held our first virtual importer conference and training modules via live stream with interactive features. We also piloted virtual sales consultations for our customers – a new platform that may stay for years to come.

For me personally, it’s a definite question of state of mind: a challenge is not a threat, it’s an opportunity to progress.

June 2020 67

Lifestyle / Auto

Take the wheel

Here are five cars that we look forward to driving this year

BY BENJAMIN BRANK

W

hile the auto sector was undoubtedly a casualty of the Covid-19 pandemic, this year it could possibly script a heroic comeback. As markets ease their way out of the economic fallout of the pandemic, there is pent up demand coupled with a positive sentiment arising from the roll-out of the vaccines which could further boost its prospects.

Helping the car industry to make an impression are these five new cars, which are expected to come to market this year.

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January 2021

Audi e-tron GT SPECS 0-100kph: 3.5 seconds Top speed: 240kph Range: Over 400km

The Audi e-tron GT is the first all-electric high-performance model from the German automaker, setting the bar for the rest of the RS model portfolio. Someone who has already test-driven it – Formula E driver, Lucas di Grassi – tested the prototype and was thoroughly impressed by its performance and handling (we’re unlikely to disagree with the verdict of an ex-F1 driver). Audi has been dabbling in the EV market since 1989 and before the announcement of its e-tron series, the company announced plans to create 20 new all-electric vehicles and 10 new plug-in hybrid vehicles by 2025. gulfbusiness.com

Lifestyle / Auto

BMW iX It’s been a long wait for a full electric model SPECS from BMW – the last one was the i3 that debuted back in 2013. Built to take on Audi’s 0-100kph: Under 5 e-tron, the BMW iX is based off the BMW seconds iNext, and will go into production from the Top Speed: n/a second half of 2021. It provides substantial Range: Over insight to the new portfolio of i-vehicles.

600km The iX uses a new aluminium spaceframe and has a body which is composed of carbon fibre reinforced plastic, aluminium and composite plastic.

There are several battery configurations which will be available with the iX, though the range-topping model is reported to feature a “100kWh plus” battery.

Tesla Cybertruck An electric vehicle, it went viral as soon as SPECS it was released. The cybertruck has already garnered over 600,000 preorders worldwide.

TRI MOTOR The sleek design made of ultra-hard stainless 0-100kph: 3 steel is backed by three different powertrains seconds which include either a single, double or Top speed: 210kph triple electric motor configuration. We’re Range: 750km inclined to the Tri Motor variant which has a staggering 6,350kg towing capacity – enough to haul a full-grown African elephant. Tesla’s gigafactory in Austin, Texas – where the Cybertruck will be built – is on schedule for completion in May 2021. It means that all those on the preorder list might receive their vehicles in 2021 itself.

Lamborghini Huracán STO Lamborghini has put together a car SPECS inspired by the Lamborghini Squadra Corse’s racing heritage, implementing 0-100kph: 3 technology from both the one-off Huracán seconds Super Trofeo EVO and the Huracán GT3 Top speed: 310kph EVO – which won the 24 Hours of Daytona Engine: V10 thrice and the 12 Hours of Sebring twice.

The aerodynamic Lamborghini Huracán STO (the abbreviation stands for Super Trofeo Omologata) is homologated and will be a street-legal version. With a 5.2-litre V10, the engine generates 631hp of power and 565Nm of torque – enough to properly intimidate the supercar next to it at the traffic lights.

Mercedes-Benz EQC With a potential range of over 450km, the SPECS electric compact SUV will have the longest range among all Mercedes to come to 0 -100kph: 5.1 market this year. The front electric motor seconds is optimised to deliver efficiency under Top speed: 180kph low-medium load range, while the rear Range: Over motor is for dynamic mode when the car is 450km being driven in a spirited manner. Daimler intends to electrify all the models within the Mercedes-Benz portfolio by 2022, besides introducing 10 new allelectric vehicles they hope to also bring into market by 2022. This would result in the brand having 50 different electrified vehicles.

gulfbusiness.com

January 2021

69

JAN

The SME Story

21

A dedicated hub for the regional startup and SME ecosystem

INTERVIEW

What gap did you see in the market that necessitated the need for such a company?

Inspiring innovation While Sirius Energy is batting for the implementation of sustainable clean energy initiatives in the UAE, fintech company Mambu is bringing a radical digital transformation into the banking sector Daniel Domingues and Tariq Said Co-founders, Sirius Energy

What are some of the biggest challenges that you’ve encountered as entrepreneurs?

What were you doing before you started Sirius?

January 2021

The market is fairly nascent compared to most G20 nations. However, the UAE is very ambitious in the introduction and implementation of supportive regulatory frameworks to allow renewables to rapidly flourish. We expect to see this trend continue robustly and expand across the borders to neighbouring markets.

Absolutely. It’s great for businesses and the planet.

The electricity tariffs are straightforward, affordable and 100 per cent sustainable. It’s also a major upgrade for businesses to do the transition to our service. The energy industry has been allergic to adopting new and innovative technologies. We’re blending tech into various touchpoints across our business, providing a seamless customer experience and maximising value. It’s an all-round win.

Our mission at Sirius Energy is to accelerate the world’s transition to sustainable energy. We plan on doing this by offering sustainable commercial and industrial market solutions that are good for our clients and good for the planet. Our solar subscriptions allow companies to save money by purchasing affordable electricity from us and reducing their carbon footprint in the process.

However, we realised that it’s not enough to simply be cheaper. We have to be better. So we are strengthening our value proposition with an ecosystem of software and hardware solutions that elevate our customers’ experience and enhance the value they get from our ecosystem.

70

How mature is the UAE market compared to Western markets with regards to renewable energy?

Can clean energy systems make good business sense too?

What is the core business model of Sirius Energy?

We worked together at a leading renewable energy company here in Dubai. We were tasked with building out a new business unit in the company, to develop fully financed solar solutions for commercial and industrial clients. We achieved modest success, but after hundreds of client meetings, carefully studying the competition and watching more mature markets in Europe and the US, we realised this customer segment was really underserved.

There was a general lack of quality service being rendered, and many incumbents were treating customers simply as buyers of electricity. We wanted to take that a step further, to transform units of electricity from a commodity into a service with a customer-centric approach. We are designing an ecosystem of services that revolve around energy-as-a-service model.

Daniel Domingues and Tariq Said, co-founders of Sirius Energy

Other than the usual soup of highs and lows that comes with the job, we found the banking system to be challenging. It’s clear that banks are used to dealing with traditional businesses, but are not prepared for the emerging startup movement in the region. Another challenge we face are the legacy business practices and systems that most commercial and industrial clients have. We’re working on creating a more tech-savvy approach to doing business, whether it’s in procurement and customer acquisition or basic communication methods.

What are your expansion plans?

We’re very excited about entering and developing the Saudi market. Regulatory headwinds are gulfbusiness.com

The SME Story

banking follows a best-for-purpose approach with no vendor lock-in.

How does Mambu work with legacy banks and financial institutions?

Traditional banks can leverage Mambu’s cloud-native banking platform to replace their costly and complex traditional core banking systems. With Mambu, they can migrate, launch and service a new digital challenger proposition, lending or deposit portfolio, and reduce their time-to-market from several months to just a few weeks or even days in some cases. turning into tailwinds, and the market is hungry for innovative, fresh change. We are also in talks with customers in several other neighbouring markets, and we’re happy to explore those too. The market is rapidly growing, and we look forward to pioneering its further development.

Above: Sirius Energy offers solar subscriptions that allow companies to save money

Miljan Stamenkovic General manager for MENA, Mambu What is composable banking?

Today, even the simplest banking service involves a complex orchestration of systems, transaction processing, decision-making, reporting, analytics, authentication, security and more. Instead of locking these functions together for dedicated applications and workflows, composable banking allows for separation of these functions so they can be combined and recombined in new ways to deliver new automated services and customer experiences.

Composable banking is an approach to the design and delivery of financial services based on the rapid and flexible assembly of independent, best-for-purpose systems. It helps banks create modern customer experiences to compete in the fintech era – and constantly evolve them to respond to change.

How does Mambu address cybersecurity within the context of financial institutions?

Cybersecurity policy is becoming business as usual for banks and their executives are more confident today than they were five years ago that cybersecurity policies are well-designed and well-executed.

And they need to be. At Mambu, security is embedded in all stages of the software development lifecycle (SDLC) – from requirements engineering, programming and quality assurance to deployment, monitoring, alerting and incident management. We perform continuous internal security tests. These are further backed by external penetration tests from security researchers multiple times per year.

How do you see fintech evolving in the region?

Miljan Stamenkovic, general manager for MENA of Mambu Below: Mambu’s composable banking is a flexible approach to the design and delivery of financial services

As the digital world is gaining momentum, we see the proliferation of new digital banks and digital challengers across the globe. For the vast majority of existing banks, this rapid change can be perceived as an existential threat. But for some banks, whether they are startups, spinoffs and incumbents, change isn’t a threat at all. In fact, they see change as a major opportunity to build new digital banking propositions. They also take a fresh approach to it – instead of coding, they are configuring and integrating and instead of on-prem workloads, they are deploying in the elastic cloud. Essentially, we see more digital banks and fintech firms alike working as tech companies, rather than as banks.

What is the difference between modular banking and composable banking?

Banking systems vendors have been touting modularity for years. What they really mean is a predefined suite of proprietary modules that extend the functionality of their core systems. They’re extensible but they’re not flexible or open. An apt metaphor is the jigsaw puzzle piece versus the Lego brick.

A modular approach, just like a jigsaw puzzle, combines different pieces into one pre-set picture. It is impossible to swap out pieces for better ones and the platform is locked into one vendor. On the other hand, composable banking combines independent components in any structure to create many different things. It is re-usable, and users can swap in or swap out any component. Additionally, composable gulfbusiness.com

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The SME Story

Panel discussion on SME financing

FEATURE

The SME Breakfast Featuring an expert panel discussion on alternative means of financing as well as motivational talks, the Gulf Business in-person event last month offered plenty of insights for SMEs

‘G

et a strong business plan, and ensure your fundamentals remain soild’. That was the main message that experts from the financial industry had to give to the small businesses that participated in Gulf Business’ The SME Breakfast session on December 13 at the One&Only Royal Mirage in Dubai.

The in-person event, held in association with Tradewind Finance, saw 15 small businesses in attendance. Starting off with a panel discussion on SME financing in the current environment, Peter Maerevoet, global CFO of Tradewind Finance and Gavin Kwas, senior manager – Platform Commercialisation at National Bank of Fujairah, elaborated on the liquidity challenges in the current environment and how regional entrepreneurs should approach funding.

“Liquidity is a challenge for everybody 72

January 2021

in the current environment. While you can still get funding, you have to go through more hurdles to prove substantively that your business is going to be able to repay the debt,” explained Kwas.

Discussing the importance of diversifying their financing options, Maerevoet said that unlike banks, which have tightened lending procedures and require some complex procedures, trade financing companies are more flexible and can offer bespoke credit solutions to small businesses – while also providing them cash-inbank without the associated debt.

“Non-traditional export financing provides specific solutions so that you can continue to grow,” he said. “For funding, look at all the opportunities that are out there. There are ways to improve your balance sheet – very easy ways – that will help you to use your funds more efficiently,” added Maerevoet.

Regulatory changes in the region will certainly support the growth of nontraditional lending platforms, helping the local financing ecosystem match what exists in several international markets.

“I do believe that a good regulatory environment will help bolster the business further because you don’t want to work in a market where there are no rules and there are more risks. So it’s always good to have a regulatory framework,” said Maerevoet.

While the situation has been tough, Kwas also pointed out that “SMEs are resilient and nimble”, with many businesses managing to grow and perform very well – especially in sectors such as e-commerce.

With growth slowly expected to pick up again this year, panelists urged small businesses to ensure that they had their financials in place before they approached financiers. “Set up a business early and correct from day one. Make sure your accounting is set up correctly and that your P&L balance-sheet is all smooth and correct. Your financials should be very solid and that’s the same with your paperwork. Also make sure that you have it all done in advance,” advised Kwas.

“I think the important thing is to keep your efficiencies as you go into next year,” he added.

Maerevoet meanwhile counselled entrepreneurs to diversify their product portfolios and client base. “Also always be positive and keep your spirits high and things will work out,” he concluded.

The panel discussion was followed by a motivational session on ‘Selling like SME Rockstars’, conducted by Motivate Academy head Mark Dickinson, who urged entrepreneurs to focus on sales to expand their brands.

The session ended with legendary actor and comedian John Cleese discussing the concept of creativity, and giving practical advice on how business owners can nurture creative thinking within their organisations to promote growth and inclusivity.

Drawing on his lifelong experience as a writer, Cleese deep-dived into the nature of creativity and how traditional education undervalues out-of-the-box thinking. He also explained what people need to do to get in the right frame of mind – including removing all distractions and creating a unique space to let the creative juices flow. gulfbusiness.com

The SME Story COMMENT

Anisha Sagar General manager, Business Incorporation Zone (BIZ)

Why failing is not the end One of the biggest problems with entrepreneurs is giving up. Here are some examples of some companies and individuals that persevered despite the odds

S

ometimes we tell ourselves that we failed, but the truth is often very different. We just gave up. The idea that the legendary entrepreneurs and companies we read about somehow arrived at success without hundreds of failures is not true. In fact, many entrepreneurs who built their startups into major corporations see their past failures as a mark of their tenacity.

Let’s look at five examples of those who failed but kept on going and made it big in the process.

THE UPS AND DOWNS OF APPLE

ILLUSTRATION: GETTY IMAGES/KLAUS VEDFELT

Apple is a great example of success and failure, and how a company can often toggle between the two.

It’s not always a case of failure first then fantastic non-stop success after. It can come and go.

After a strong start and the creation of some industry-changing products, Apple started to go downhill. A few key products were failures in the market. When Steve Jobs left the company, their fortunes fell even further. So after an amazing start, it all went wrong. By the time Jobs was re-hired in the

APPLE IS A GREAT EXAMPLE OF SUCCESS AND FAILURE, AND HOW A COMPANY CAN OFTEN TOGGLE BETWEEN THE TWO

late 90s, the company was operating at a loss and the future did not look good.

What Jobs was able to do was return to the company with fresh ideas and a new approach and pull it from this series of failures into a much stronger position. It was at this point that he rebranded the company, launched the iMac, and really looked into what consumers wanted. Or rather, thinking far enough ahead so he could imagine what a customer would want in the future. Then he delivered on it.

After a great start, then a decade of failures, Jobs led Apple to become one of the most successful brands in the world.

STAYING THE COURSE WITH AIRBNB

When we think of Airbnb, we think success. It was as though it came out of nowhere and went to immediate market domination. But in fact when Airbnb started, it didn’t make much of a splash, and struggled to find investors who were interested in the idea. In the early days, the founders had to come up with all kinds of ideas on the side in order to fund the company and keep it going.

By staying with their original concept, and not giving up, they eventually found an investor who was willing to give them a shot. But this investor was in the minority, with the rest turning them down or simply not responding at all.

The founders could have easily given up when their initial push to get investment didn’t work out. But by continuing to work on their idea, and look for other avenues for funding to keep them ticking over, they were ultimately able to find investment and build Airbnb into what it is today.

EMBRACING FAILURE WITH DYSON

For Dyson, failure is not just part of the process, but it’s integral to making any kind of progress. The company has had so many failures en route to producing their market-leading products, that their founder has even argued that gulfbusiness.com

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The SME Story Lending options in MENA they haven’t learned much from success, but have learned a lot from failure.

Seeing failure as simply a problem to solve, the company takes an engineer’s approach and goes step by step to try to achieve what is required, rather than giving up at the first (or 50th) hurdle. They just keep working on it. This is where creativity comes into play, coming up with new ways of tackling obstacles and creating solutions.

The key for Dyson, though, is to silence the criticism that comes when they decide to try a radically different approach to solving a problem. It may work or it may not, but being too afraid to try is not an option.

The proliferation of digital financial products, such as online payments, digital lending and equity crowdfunding, is helping SMEs secure funding Regulatory approaches Equity crowdfunding is more regulated than P2P/ marketplace lending in the MENA region Regulated

50%

Un- or self-regulated

36%

14%

14%

P2P LENDING

Other

Prohibited

50%

EQUITY CROWDFUNDING

OVERHAULING LIKE ORACLE

Only a few years after Oracle went public, it hit some major obstacles. One of the largest global software developers, the company found itself in a position where it had to lay off a number of employees.

Things were not looking good.

What followed was a complete overhaul of how the management was functioning (or rather, not functioning), looking carefully at where the problems had arisen in the sales team (which had caused the financial crisis in the company) and correcting them.

This approach has stayed with the company and remains today – to deal with each problem as it comes up, without resorting to panic. Just systematically figuring out each issue and then moving on.

It would have been easy, during the difficult times, for Oracle’s founder to jump ship or start a new venture. But by staying the course, the company is still a huge global name today.

LESSONS FROM HOGWARTS

It might be strange to think of an author as an entrepreneur, but essentially what JK Rowling did was build an entire enterprise from her original Harry Potter story. But her own story was not an easy one.

She initially started working on the idea but there was always something more important that got in the way. So progress was slow. After a series of personal setbacks, she found herself as a single mother and was struggling with depression.

Strangely, it was during this tough time that she found solace in returning to her writing, specifically the Harry Potter characters, famously writing much of it while sitting in cafés. When she submitted her finished manuscript, it did not set the world on fire.

She received rejection after rejection.

But she persisted, and eventually a publisher picked it up. Fast-forward and she is one of the most influential authors of all time, a multi-millionaire, and her original story is at the core of books, films and numerous off-shoots.

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22%

14%

Tech-savvy funding Digital lending volume by country in the MENA region IN 2017

UAE

$25.86m

Jordan

$6.64m

Lebanon

$5.28m

Palestine Egypt Yemen

$4.2m $0.48m $0.14m

$214m

the digital lending volume in MENA in 2017, an exponential jump from $17m in 2014

Follow the money Digital lending volume by country and customer type in the MENA region Consumer

IN 2017

SME

100 80 60 40 20 0

Egypt

Jordan

Lebanon

Palestine

UAE

Yemen

SOURCE: PROMOTING DIGITAL AND INNOVATIVE SME FINANCING REPORT

BY THE WORLD BANK GROUP FOR THE G20 GLOBAL PARTNERSHIP FOR FINANCIALINCLUSION UNDER THE KINGDOM OF SAUDI ARABIA’S G20 PRESIDENCY

gulfbusiness.com

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