Gulf Business - July 2024 by Motivate Media Group

GOLDEN OPPORTUNITY

CONTENTS / JULY 2024

The brief

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

Building on a legacy

Karim Merchant is leveraging the Pure Gold Group’s 35-year legacy to carve out a unique niche in Dubai’s booming real estate market with new projects in Al Furjan and Meydan

Web Services, shares insights into the company’s recent expansion, GenAI, sustainability and emerging opportunities in the MENAT region

Brick by brick: LEGOLAND Dubai Resort’s GM on why play is good for business p.50

A dream drive: Maserati’s GranTurismo is back, and it packs a punch p.53

Put wellbeing first: Longevity Wellness Hub’s CEO on living and ageing well p.56

“The appointment of the new chief AI officers in the Dubai government marks the initial phase toward realising our vision for the future of government work, in line with the Dubai Universal Blueprint for Artificial Intelligence. We are confident that these officers will intensify their efforts and go the extra mile in translating our vision into reality.”

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai

Editor-in-chief Obaid Humaid Al Tayer

Managing partner and group editor Ian Fairservice

Chief commercial officer Anthony Milne anthony@motivate.ae

Publisher Manish Chopra manish.chopra@motivate.ae

Group editor Gareth van Zyl Gareth.Vanzyl@motivate.ae

Editor Neesha Salian neesha.salian@motivate.ae

Digital editor Marisha Singh marisha.singh@motivate.ae

Senior feature writer Kudakwashe Muzoriwa Kudakwashe.Muzoriwa@motivate.ae

Senior art director Freddie N. Colinares freddie@motivate.ae

Senior art director Olga Petroff olga.petroff@motivate.ae

58 The SME Story

Insights on how the region’s dynamic SME ecosystem is evolving

General manager – production S Sunil Kumar

Production manager Binu Purandaran

Production supervisor Venita Pinto

Senior sales manager Sangeetha J S Sangeetha.js@motivate.ae

Digital sales director Mario Saaiby mario.saaiby@motivate.ae

Group marketing manager Joelle AlBeaino joelle.albeaino@motivate.ae

Cover: Freddie N Colinares

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

HEAD OFFICE: Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE, Tel: +971 4 427 3000, Fax: +971 4 428 2260, motivate@motivate.ae DUBAI MEDIA CITY: SD 2-94, 2nd Floor, Building 2, Dubai, UAE, Tel: +971 4 390 3550, Fax: +971 4 390 4845 ABU DHABI: PO Box 43072, UAE, Tel: +971 2 677 2005, Fax: +971 2 677 0124, motivate-adh@motivate.ae SAUDI ARABIA: Regus Offices No. 455 - 456, 4th Floor, Hamad Tower, King Fahad Road, Al Olaya, Riyadh, KSA, Tel: +966 11 834 3595 / +966 11 834 3596, motivate@motivate.ae LONDON: Acre House, 11/15 William Road, London NW1 3ER, UK, motivateuk@motivate.ae

Gulf Business recently hosted its first ever Breakfast Briefing event on 12 June 2024 at the Grand Plaza Mövenpick Hotel in Dubai Media City on the topic of ‘Tech Trends impacting Business and Real Estate’.

It was a huge success as the room was packed with over 70 attendees who had the opportunity to listen to three excellent keynote speeches. In addition, there were two engaging panel discussions on the topics of the latest tech trends as well as proptech.

All the videos of the panels and speeches are available to watch on our website as well as our YouTube channel. If you prefer listening to the content, you can also follow us on Spotify where you can find podcasts of the day’s events.

In this month’s magazine, we also feature several photos of the day’s events, so please turn to page 24 to see more.

OUR DEBUT BREAKFAST BRIEFING PANEL EVENT WAS A HUGE SUCCESS.”

I want to give a special word of thanks to our panelists Mohamed Taha Benssiba from Oracle; Vishal Kapil of GMG; John Casey from TaxReady.ae (Virtuzone), Sunil Kumar Peer of Huawei and Mohit Pandey from Seagate Technology. I’d also like to thank Atif Rahman from ORO24 who moderated the second lively proptech panel. Here, a special mention goes to the panelists in this session who included Fibha Ahmed of Bayut & dubizzle; Firas Al Msaddi of fäm Properties, Alex Zagrebelny from R.Evolution Group and Louai Khzam of Prosper Real Estate.

Most importantly, thank you to our attendees who made the time and effort to come through — we truly appreciate your support and we will be hosting many more Gulf Business Breakfast Briefings in future.

Gareth van Zyl, group editor

Islamic finance reimagined

The push to use blockchain in Islamic finance is logical as the industry ploughs ahead with the adoption of the innovative technology to address long-standing challenges

BY KUDAKWASHE MUZORIWA

The $3tn Islamic finance industry is projected to grow by as much as 10 per cent in 2023-24, as higher digitalisation and fintech collaboration are expected to strengthen the industry’s resilience while creating new avenues for growth, according to S&P Global Ratings.

Despite the industry’s slow digitalisation compared to conventional financial services, a new wave of digital pioneers is reshaping how Islamic finance is evolving.

A study by the Islamic Development Bank and the UNDP revealed that Islamic financial institutions are embracing digital currencies and blockchain technologies amid a wave of digitalisation in the industry. Islamic finance operates on principles that prohibit interest, uncertainty, and involvement in speculative activities. Blockchain technology aligns well with

Shariah principles by promoting transparency, reducing fraud, and facilitating decentralised transactions.

“Blockchain technology is becoming increasingly popular in the finance industry because of its ability to improve transaction efficiency, transparency, and security. It is used for tasks such as simplifying payments and money transfers and enhancing clearing and settlement systems,” says Bashar Al-Natoor, global head of Islamic Finance at Fitch Ratings.

Al-Natoor notes that the innovative technology is also used in trade finance for record-keeping, identity verification, and digital securities issuance.

The lack of standardisation in Islamic finance is a significant constraint on the industry’s growth. To attract interest from non-Islamic finance markets and drive growth, the industry is capitalising on technological opportunities and re-evaluating the issuance process while standardising Islamic bondrelated standards.

Industry experts anticipate that blockchain technology will enhance transparency and security in financial transactions, while smart contracts can automate Shariah-compliant agreements and ensure adherence to Islamic principles.

HARMONISING ISLAMIC FINANCE

Islamic finance has been on the rise for many years across markets in the Middle East and Southeast Asia (MEASA). However, the industry remains fragmented, with uneven rule implementation across jurisdictions, curtailing its growth beyond core markets in the MEASA region.

Standardisation in Islamic finance and the adoption of global best practices have enabled the industry to evolve from being a niche offering to being recognised by the International Monetary Fund and offered by more than 300 financial institutions across 60 countries.

In its 2024 edition of Islamic Finance Outlook, S&P Global said that Islamic finance faces interrelated challenges, including the high complexity of structures and transactions that limit its appeal beyond the industry’s original turf.

The efforts of industry bodies, including the Dubai International Financial Centre, have largely reduced differences in the interpretation and practice of Shariah principles to ensure soundness, stability and integrity of the Islamic finance industry.

Digitalisation is a central theme in finance, and there has been speculation about what innovative

BLOCKCHAIN CAN ALSO IMPROVE THE ACCOUNTABILITY AND AUDITABILITY OF ZAKAT FUNDS, PROVIDING REAL-TIME VISIBILITY INTO THEIR USE AND IMPACT

technologies such as blockchain, also known as distributed ledger technology, could mean for Islamic finance and its potential to accelerate industry-wide growth.

Blockchain technology promises to modernise Shariah compliance through embedded smart contracts, updated and transparent management of obligatory charitable giving (Zakat) and a more efficient platform for Islamic bond issuance.

Moody’s said in an April report that the innovative technology’s core feature would likely improve Islamic transactions by streamlining processes, increasing transparency, automating enforcement of Shariah-compliant rules, reducing the risk of human error, and facilitating real-time settlements.

With embedded Shariah-compliant terms and conditions, smart contracts could foster adherence to Islamic finance principles, such as profit-sharing (Mudarabah) and cost-plus financing (Murabahah), while mitigating the risk of fraud and reducing transaction costs. Blockchain can also improve the accountability and auditability of Zakat funds, providing real-time visibility into their use and impact. The innovative technology presents a promising avenue for obligatory charitable giving in Islam that would modernise its collection and distribution processes. Harmonising standards presents a significant opportunity for Islamic finance. The adoption of blockchain in the industry is expected to streamline and strengthen processes and practices, enhancing the appeal of Shariah-compliant products.

DIGITAL SUKUK ISSUANCE

S&P Global projected that sukuk issuance would reach $160-$170bn in 2024, down from $168.4bn the previous year and just below $179.4bn in 2022. However, the industry faces numerous challenges, including the high complexity of structures and transactions, which limits the appeal of Islamic bonds beyond their original market.

“Over the past 18 months, we rated around $1.6bn of digital bonds issued by sovereigns, multilaterals, local and regional governments, corporations, and financial institutions. The bonds were mostly issued on private blockchains, with payments made offchain and via traditional rails,” says Mohamed Damak, managing director at S&P Global Ratings.

Damak explains that though S&P Global has not yet rated any digital sukuk, the Islamic bond market can significantly benefit from the adoption of blockchain. Furthermore, sukuk issuance is linked with high

THE TOKENISATION OF ISLAMIC BONDS USING BLOCKCHAIN TECHNOLOGY IS EXPECTED TO REDUCE COSTS ASSOCIATED WITH THE ISSUANCE PROCESS, POTENTIALLY ALLOWING STARTUPS AND SMES TO ENTER THE FIELD.

costs and the risk of human error due to multiple intermediaries involved in the issuance process. But whenever there is a challenge, there is an opportunity, and the advancement in innovative technologies provides opportunities to unlock future growth.

The tokenisation of Islamic bonds using blockchain technology is expected to reduce costs associated with the issuance process, potentially allowing startups and SMEs to enter the field. Moody’s stated that blockchain could provide a more inclusive and efficient platform for capital market transactions in line with Shariah principles.

Damak notes that blockchain can simplify the tracking of underlying assets, offer visibility into the asset, make financial and Shariah audits easier, and, as an innovative technology, simplify the decisionmaking process. Prioritising risk management and customer education is crucial for the successful adoption of blockchain and digital assets in Islamic finance, Moody’s cautioned in a report in April, while noting that Shariah-compliant financial institutions must identify and mitigate potential risks such as cybersecurity threats.

OVER THE PAST 18 MONTHS, WE RATED AROUND $1.6BN OF DIGITAL BONDS ISSUED BY SOVEREIGNS, MULTILATERALS, LOCAL AND REGIONAL GOVERNMENTS, CORPORATIONS, AND FINANCIAL INSTITUTIONS

Al-Natoor explains that establishing a regulatory framework that encompasses the financial and technological nuances of blockchain is vital, but it remains underdeveloped in many core Islamic finance markets. “This creates additional legal risks, such as the enforcement of smart contracts or the definition of the status of digital assets,” he says. By leveraging blockchain, sukuk issuance would become more transparent, as all transaction data would be recorded on a tamper-proof and immutable ledger. This would foster trust among investors and ensure Shariah compliance.

The technology also enables fractional ownership and secondary market trading, democratising access to sukuk investments and expanding their reach globally. Going forward, industry experts say that blockchain frameworks for Islamic finance, regulators, and innovation will be essential.

Embracing the digital ‘O&M’ revolution

Digital operations and management platforms provide real-time insights into asset performance by harnessing the power of data from connected assets

In the age of digital transformation, operations and management (O&M) is in the middle of unprecedented change. Today, advanced sensors enable assets to ‘speak’, informing operators when they need maintenance, how to optimise their performance, and how to reduce customers’ carbon footprint. These advances herald the advent of digital O&M, a novel facility management (FM) approach that embraces data-driven decision-making.

Digital O&M caters to modern demands for exceptional customer experience while simultaneously reducing costs and minimising their environmental impact in a fast-paced and competitive business landscape. Simply put, traditional approaches to operation and maintenance (O&M) of assets are no longer sufficient to meet modern challenges. The need of the hour is a paradigm shift in managing and maintaining physical assets. This is where digital O&M excels.

The technology leverages advanced data management technologies, such as cloud computing, Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML), to transform the way organisations operate and maintain their assets.

Digital O&M platforms provide realtime insights into asset performance by harnessing the power of data from connected assets, enabling proactive maintenance, optimised resource allocation, and data-driven decision-making.

KEY FOCUS

One of the pivotal aspects of digital O&M is its ability to support an industrialized operating model and enable new innovative solutions offerings. Through the utilisation of fault detection and diagnostics (FDD), AI-driven predictive maintenance algorithms, and service management modules, digital O&M empowers organisations to transition from reactive, break-fix maintenance approaches to predictive and proactive strategies. This shift reduces downtime, extends asset lifespans, and optimises maintenance hours and human resources, resulting in significant cost savings.

Moreover, digital O&M platforms offer a comprehensive suite of capabilities that address various facets of asset management. Equipment and space monitoring provides real-time visibility into the health and performance of technical assets, enabling proactive maintenance and efficient control of processes. Additionally, energy performance modules deliver granular insights into energy consumption and production, facilitating energy performance analysis and optimisation. Meanwhile, service management functionalities streamline service requests and on-site operations, acting as a centralised hub for efficient maintenance management.

ORGANISATIONS THAT EMBRACE CAFM AS AN INTEGRAL PART OF THEIR DIGITAL O&M STRATEGY CAN UNLOCK REMARKABLE IMPROVEMENTS IN EFFICIENCY, SUSTAINABILITY, AND COST SAVINGS, CEMENTING THEIR POSITION AS TRAILBLAZERS IN THEIR RESPECTIVE INDUSTRIES.

The beneﬁts of embracing digital O&M are farreaching and compelling. Organisations can expect 5-15 per cent guaranteed energy savings by implementing asset analytics and energy optimisation strategies.

Deploying condition-based maintenance and optimising maintenance schedules based on real-time data leads to signiﬁcant operational savings. Furthermore, digital O&M enables organisations to reduce their carbon footprint, enhance operational eciency, and improve service quality, all while requiring no upfront capital expenditure.

In a world increasingly focused on sustainability and environmental responsibility, intelligent O&M approaches o er a path forward for organisations to align their asset management practices with these goals. By leveraging data-driven insights and innovative technologies, companies can reduce their energy consumption and carbon emissions and contribute to the global e ort to combat climate change.

A crucial component of digital O&M is computeraided facilities management (CAFM).

THE BENEFITS OF EMBRACING DIGITAL O&M ARE FAR-REACHING AND COMPELLING. ORGANISATIONS CAN EXPECT 5-15 PER CENT GUARANTEED ENERGY SAVINGS BY IMPLEMENTING ASSET ANALYTICS AND ENERGY OPTIMISATION STRATEGIES

Graham Easton , UAE general manager, ENGIE Solutions

TODAY, ADVANCED SENSORS ENABLE ASSETS TO ‘SPEAK’, INFORMING OPERATORS WHEN THEY NEED MAINTENANCE, HOW TO OPTIMISE THEIR PERFORMANCE, AND HOW TO REDUCE CUSTOMERS’ CARBON FOOTPRINT

HARNESSING TECH TOOLS

CAFM systems harness the power of sophisticated so tware and tools to revolutionise the management of various facets of a facility, including space utilisation, maintenance schedules, and asset lifecycle management.

By implementing CAFM, organisations gain unparalleled, real-time insights into their facilities’ operations, empowering them to make informed, data-driven decisions and proactively tackle potential challenges before they escalate. This not only optimises operational e ciency but also contributes to signiﬁcant reductions in energy consumption and associated costs.

Consequently, organisations that embrace CAFM as an integral part of their digital O&M strategy can unlock remarkable improvements in e ciency, sustainability, and cost savings, cementing their position as trailblazers in their respective industries.

However, embracing digital O&M is not without its challenges. Organisations must navigate the complexities of data integration, cybersecurity, and change management. It requires a strategic approach, a clear roadmap, and a commitment to digital transformation.

But the rewards are well worth the e ort. By investing in digital O&M, organisations can futureproof their asset management practices, unlock new growth opportunities, and position themselves as leaders in their respective industries.

Adopting digital O&M is not just a trend but a necessity for organisations seeking to remain competitive and thrive in the future. As the industrial landscape continues to evolve and customer expectations rise, the ability to harness the power of data and technology will be a key di erentiator.

Digital O&M provides a proven, scalable, and sustainable solution that enables organisations to optimise their asset operations, reduce costs, and drive continuous improvement.

An invaluable asset

By

adopting a balanced

approach, governments can ensure data security and privacy while fostering innovation and economic growth

In today’s fast-paced global digital economy, data has become an invaluable resource, driving advancements, and enabling digital trade. Governments worldwide face the challenge of maintaining data sovereignty while fostering economic growth and technological innovation.

Achieving this balance requires a nuanced approach to managing data flows across borders, ensuring security, privacy, and accessibility for law enforcement, without stifling economic and technological progress.

THE ECONOMIC IMPACT OF DATA SOVEREIGNTY

Data sovereignty, defined as a nation’s ability to exercise jurisdiction over its data within and beyond its borders, significantly impacts economic growth. Countries typically adopt one of two models: free data flow or restricted data flow. Each model offers distinct economic implications.

Free data flow model: Countries such as Japan and those in the European Union embrace the free data flow model, allowing data to move across borders under certain conditions. This model fosters international collaboration, innovation, and competitive pricing.

By enabling access to large, diverse datasets, it supports the development of artificial intelligence (AI) and other advanced technologies.

Benefits of the free data flow model include:

Innovation and customisation: Companies can leverage aggregated data from foreign markets to develop new, targeted services for international customers.

Collaboration: Relaxing restrictions on data flow facilitates cross-border collaboration among innovators and researchers, driving the development of new products.

Affordability: Reducing data restrictiveness can open markets to competition, leading to lower prices in relevant sectors.

Service quality: The free flow of data enhances service quality by increasing competition and access to higher-quality services from local and foreign providers.

Service availability: Reducing regulatory hurdles makes markets more attractive for businesses, increasing the number and diversity of services offered.

Despite these benefits, the free data flow model requires robust data security measures to protect sensitive

information from cyber threats and breaches. Countries must weigh these advantages against the potential costs and ensure they invest in effective security mechanisms.

Restricted data flow model: Conversely, countries such as China and Russia adopt a more restricted data flow model, imposing rather stringent regulations on data transfer. While this model aims to protect national interests, it may incur significant economic costs.

Drawbacks of the restricted data flow model include:

Economic contraction: A restricted model can lead to a 1.7 per cent contraction in GDP per year and a decrease in employment rates.

Reduced investment: Foreign direct investment may decrease by 1.7 per cent to 3.4 per cent, and sectors relying on cross-border data transfers can shrink by 3.5 per cent.

Service access and affordability: Localisation measures increase costs and reduce service availability, raising prices and limiting market competition. Innovation: Restricting data flow hinders companies’ ability to innovate and expand, as additional resources are required to build local capabilities.

Despite these challenges, countries with large populations and mature technology markets may mitigate some negative impacts by reducing reliance on foreign data flows and fostering domestic innovation.

BALANCING DATA SOVEREIGNTY AND AI DEVELOPMENT

AI development relies on access to diverse and large datasets, which can be hindered by stringent data localisation measures. Governments must find a balance that ensures data security and privacy without stifling innovation.

Options to mitigate the stifling effects of data localisation measures include:

Cross-border data agreements: Countries can establish agreements that facilitate data flow while ensuring adequate protection. Bilateral or multilateral agreements can set conditions for data transfer, safeguarding privacy and security.

Rob Van Dale, partner and lead - Digital and Analytics Practice, Elias Abi Aad, consultant and Africa and Carl Ghanem, consultant at Kearney Middle East and Africa

DATA SOVEREIGNTY, DEFINED AS A NATION’S ABILITY TO EXERCISE JURISDICTION OVER ITS DATA WITHIN AND BEYOND ITS BORDERS, SIGNIFICANTLY IMPACTS ECONOMIC GROWTH.

Robust data protection laws: Implementing comprehensive data protection laws, like the EU’s General Data Protection Regulation (GDPR), can protect personal data while permitting cross-border transfers.

International cooperation: Engaging in international frameworks, such as the Budapest Convention on Cybercrime, can enhance regulatory interoperability and address challenges in investigating crimes involving cross-border data.

ACHIEVING EFFECTIVE DATA

SOVEREIGNTY

To balance data sovereignty with economic and technological advancements, governments should consider the following actions:

Enable free data flow with trust: Limit cross-border data transfer restrictions to safeguard national security interests or serve specific national objectives.

Elevate personal data protection: Adopt robust personal data protection laws that align with global standards, ensuring that the data of citizens and residents is protected.

Protect intellectual property: Enact necessary legislation, improve enforcement mechanisms, and ratify international treaties to safeguard intellectual property within and outside borders.

Enforce cybersecurity standards: Implement best-in-class cybersecurity measures to protect data from cyberattacks and ensure resilience against natural or man-made disasters.

Establish international frameworks: Enhance international cooperation with like-minded countries to build trust and address challenges in crossborder data management (For example, Budapest Convention, US CLOUD Act).

In conclusion, data sovereignty is a complex and evolving issue that requires careful consideration of economic, technological, and political factors. By adopting a balanced approach, governments can ensure data security and privacy while fostering innovation and economic growth, ultimately benefiting their digital economies and societies.

Rob Van Dale

Raising the game with AI

We explore how artificial intelligence is driving enhanced customer satisfaction, improved efficiency, and cost savings

Although the jury is still out on the impact of artificial intelligence (AI) on customer experience, the global market for AI in the customer care industry is projected to grow from $1.7bn to $4.2bn by 2027. Some researchers predict that AI will power almost 95 per cent of customer interactions by 2025. According to another study, businesses that utilise AI in customer service experience revenue growth 5-8 per cent faster.

Customer service has evolved from traditional call centres to sophisticated AI-driven systems. Marketers appreciate the impact and measurability of technology, but it is uncertain if they have fully considered all aspects before migrating.

The integration of AI in customer service offers numerous benefits, including enhanced customer satisfaction, efficiency, and cost-effectiveness. AI can transform any call centre into a 24/7 operation, unlike the limited hours typical of traditional call centres.

FROM BOTS TO VIRTUAL ASSISTANTS

AI-powered chatbots and virtual assistants provide round-the-clock support, ensuring customers can receive assistance anytime. This all-time availability helps businesses serve global customers across different time zones without additional staffing. For instance, fashion retailer H&M uses an AI chatbot on its website and mobile app to handle queries about product availability, order status, and returns, providing instant responses that enhance the shopping experience. AI systems can handle

multiple customer inquiries simultaneously, significantly reducing wait times. By addressing routine questions quickly, AI allows human agents to focus on more complex issues. Bank of America’s virtual assistant, Erica, helps customers with tasks such as checking account balances, transferring money, o ering financial advice, improving response times and customer satisfaction. Indian lender HDFC is trying to replicate this success but has not yet matched Erica’s capabilities. AI can analyse customer data to o er personalised recommendations and solutions, a tailored approach that enhances the overall customer experience. Amazon’s AI-driven recommendation engine, for example, suggests products based on a customer’s browsing and purchase history. Their customer service chatbots use past interaction data to provide personalised assistance, making support experiences more fulfilling. Implementing AI in customer service reduces operational costs by automating routine tasks and minimising the need for a large support sta . Businesses can reallocate resources to other critical areas, enhancing overall productivity and ROI. Sephora uses a chatbot on Facebook Messenger to provide product recommendations and beauty tips, reducing the load on human agents and lowering operational costs while maintaining high service standards. GenAI delivers consistent service quality by providing accurate and uniform responses to routine queries. Unlike human agents, who may vary in expertise and performance, AI systems o er reliable information and solutions every time. KLM Royal Dutch Airlines employs an AI chatbot named BlueBot to assist customers with booking flights, providing travel information, and handling FAQs, ensuring consistent and precise information that has significantly improved service quality.

Dr M Muneer, Fortune-500 advisor, startup investor and co-founder of the nonproﬁt Medici Institute for Innovation

KLM ROYAL DUTCH AIRLINES EMPLOYS AN AI CHATBOT NAMED BLUEBOT TO ASSIST CUSTOMERS WITH BOOKING FLIGHTS, PROVIDING TRAVEL INFORMATION, AND HANDLING FAQS

A KEY ADVANTAGE

AI’s scalability is another advantage, allowing businesses to handle increasing volumes of customer interactions without compromising service quality. This is especially beneﬁcial during peak times or business growth phases. Uber, for instance, uses AI to manage customer support, handling vast numbers of inquiries related to rides, payments, and account issues, scaling seamlessly during peak hours and busy seasons.

Retailer Zara uses AI to analyse customer feedback and buying patterns, enabling them to tailor inventory and marketing strategies to meet customer expectations promptly. AI systems collect and analyse vast amounts of customer data, providing valuable insights into customer behaviour and preferences, which can improve product o erings, services, and the overall customer experience.

PROACTIVE SOLUTIONS

Finally, AI can anticipate customer needs and issues before they arise, o ering proactive solutions. This proactive approach prevents problems and enhances customer satisfaction by addressing potential concerns early. Spotify, for example, uses AI to monitor user activity and detect potential issues with the app, proactively reaching out to users and o ering solutions to ensure a smoother and more enjoyable user experience.

A recent survey found that 64 per cent of business owners believe AI will improve customer relationships and increase average order value by up to 47 per cent. However, marketers should remember that GCC consumers, having been exposed to global brands, do not appreciate basic AI customer care. Introducing a chatbot that cannot perform e ectively o ers no novelty. Additionally, 73 per cent of customers expect to start on one communication channel and continue on another without restarting. Indeed, the old saying in customer care that “a smile is a curve that sets things straight” is no longer applicable in call centre interactions. Let AI solve real customer pain points and set things straight for all.

On the token bandwagon

We

look at how tokenisation is making realworld assets more appealing and accessible to the UAE’s Gen Z Investors

Among the UAE’s Gen Z population, crypto is (increasingly) king. A recent International Financial Group report found one in 10 UAE residents aged 18 to 24 now favour cryptocurrencies as an inflationproof investment vehicle. Not only is crypto’s inherent digital nature more likely to appeal to digital natives, but given its accessibility, it is the ideal playground for those with a greater risk appetite. These young people, and the generations that follow them, will represent larger proportions of the investor community as the years roll by, so now is the time to create investment products that appeal to such investors. Tokenisation is the way to do this

and so, to remain relevant, financial institutions must take note. Some already have.

In May, Emirates NBD’s Liv (the UAE’s first digital bank), announced a partnership with real-world asset (RWA) tokenisation company Ctrl Alt, allowing the bank to compete in the tokenisation segment. More recently, the Central Bank of the United Arab Emirates (CBUAE) approved the issuance of a new system to oversee and licence stablecoins.

These fiat currency-pegged digital assets have already proved to be tokenisation’s ‘first killer app’ with our analysis showing that stablecoin purchases topped $40bn in March alone.

It is easy to see the appeal of tokenisation among the modern youth. It democratises access to investment opportunities while never compromising on security. Asset classes such as commercial real estate and fine art, traditionally the province of wealthy or institutional investors, can be broken down into ownable chunks allowing fractional investment in the underlying property. Before tokenisation, if a particular asset class was performing well in an economic slump, only the highly resourced investor could afford to seize the advantage. Today, through tokenised fractionalisation, the only barrier to entry is the “shrewdness” of the investor.

WORD GETS AROUND

Fractionalisation has a knock-on advantage in that it can increase market liquidity. There is a significant difference between trying to sell a real estate or fine art asset and trying to sell a fractional token of ownership in such assets. Blockchain-based smart contracts can further streamline the transaction process and cut out intermediaries, which slims times and costs.

Once word gets around about this slick, secure, 24-7 global market, its attractiveness to Gen-Z investors will create a recursive effect that increases demand, which increases the value of the underlying assets, which increases demand.

The Gen-Z population takes security and privacy seriously but also takes a dim view of opaqueness. Blockchain technology is known for balancing security and transparency. Its decentralised nature protects it from tampering and fraud, which will further appeal to younger investors.

FRACTIONALISATION HAS A KNOCK-ON ADVANTAGE IN THAT IT CAN INCREASE MARKET LIQUIDITY. THERE IS A SIGNIFICANT DIFFERENCE BETWEEN TRYING TO SELL A REAL ESTATE OR FINE ART ASSET AND TRYING TO SELL A FRACTIONAL TOKEN OF OWNERSHIP IN SUCH ASSETS.

That said, as with any new technology, some risks need to be addressed in the field of real-world asset tokenisation. Crypto theft globally peaked in 2022 at $3.7bn, but the following year this figure had plummeted to $1.7bn — a 54.1 per cent drop, even though the number of incidents had risen slightly. Tokenisation systems need not fall prey to such problems if they use tools such as smart contract audits or permissioned blockchains. While the latter may be the subject of controversy because of its drift from decentralisation, it would likely be more resistant to malicious activity.

PERMISSION GRANTED

Permissioned blockchains depart from traditional consensus models for transaction verification, instead opting for models like Practical Byzantine Fault Tolerance (PBFT), federated and round-robin methods. PBFT relies on a required minimum percentage of network nodes behaving functionally and legitimately.

In a federated consensus, a group of validators trusted by each node use a single block generator to receive transactions and then hold each of them in limbo until a predefined minimum number of validators agree on the validity of the transaction. Round-robin consensus nominates nodes to create blocks for a specific cycle after which that node must wait for several cycles before receiving permission to create new blocks.

As we can see, there are many ways of overcoming security concerns and building trust among young investors for tokenisation. And as trust spreads, so will the number of viable use cases. This is especially true of real-world assets. We have already discussed fine art and real estate. The latter is one of the most promising and frequently discussed examples of tokenised RWAs because of how much the game is changed by tokenisation. Traditional purchases require up-front investments and hefty debt

Nicola Buonanno, area VP Southern EMEA at Chainalysis

but if investors are allowed to buy or sell fractional shares without middle-party involvement, a lucrative new market could emerge. Imagine retail investors taking stakes in high-value commercial real estate, for example. The liquidity spikes alone make this an enticing prospect.

The list of prospective RWA-tokenisation use cases goes on. The aforementioned stablecoins, pegged to global central bank currencies, have proved incredibly popular. Currencies that are tokenised as stablecoins can facilitate easier, faster, and more secure transactions while maintaining price stability. The bond market is another example where tokenisation has already gathered steam.

Tokenised US Treasuries, for example, grew by 641 per cent in 2023. This is an exciting area for investors because tokenisation can streamline the issuance process and automate several aspects of bond management, such as interest payments and maturity settlements. Other benefits include tokenisation’s trademark reduction in transaction costs and the number of intermediaries.

THE SKY’S THE LIMIT

Having been introduced to these RWA examples, the imagination starts to wander into new asset classes. If physical things such as paintings and premises are ripe for tokenisation, then the sky’s the limit. If there is a market for it, then it can be tokenised. Intellectual property, held in the form of patents and copyrights, could be tokenised, opening the door to new ways of monetising creativity for budding inventors and struggling artists. Classic cars, luxury yachts, rare artworks – all are opportunities for tokenisation. Crypto and the blockchain are for the exchange of value, much like the internet was for the exchange of information. Democratisation of access; enhanced transparency; larger, more liquid markets – asset tokenisation carries a range of selling points that make it one of the most exciting areas of blockchain technology, and one from which we can expect great things. Challenges persist but are not insurmountable if crypto can merge harmoniously with traditional finance. With the right will, we can bring more people more opportunities to invest in more assets. And that is a future worth pursuing.

THESE FIAT CURRENC-PEGGED DIGITAL ASSETS HAVE ALREADY PROVED TO BE TOKENISATION’S ‘FIRST KILLER APP’ WITH OUR ANALYSIS SHOWING THAT STABLECOIN PURCHASES TOPPED $40BN IN MARCH ALONE

Greening the desert

We should take our lead from the regenerative

farmers

who have started reversing soil damage by

understanding exactly

what’s needed for each complex landscape and ecosystem under their guardianship

There’s an old saying among conservationists and traditionalists in farming and other rural industries that suggests farmers and land managers should act as if they were going to live for 1,000 years. If they did so, they’d be forced to confront the consequences of their environmental actions within their lifetimes.

While this may not be wholly practicable for an industry on which the world depends for its continued existence, there’s a grain of truth in the idea, at least insofar as looking after and improving the world’s soil quality is concerned. But are all the stories of doom in the industrial agricultural sector true? And do we only have a handful of harvests left in the soil before it finally gives up and dies?

WAKE-UP CALL

One small farm at a time, the farming industry is waking up to the need to revert to old, sometimes ancient, farming practices to reverse previous damages.

Very slowly, rural areas in developed economies are beginning to revert to the mixed, regenerative, rotational arable and livestock farming that prevailed before the Haber-Bosch invention of mass-market ammonium-nitrate fertiliser after World War II.

This method uses organic fertilisers, allows productive arable land to rest on a rotational basis, avoids monoculture farming, and feeds cattle exclusively on grass, not human grain.

The world’s press regularly seize upon and amplify scare stories about soil health that have little or no basis in science, yet there is still much to worry about when it comes to soil health. And as with any complex, multi-factor problem, the reality is more nuanced and complex than press headlines would have us believe. Claims that we only have 30 harvests left in the soil before it becomes permanently infertile are based on scaremongering rather than science.

Soil erosion rates across the world fall into five different orders of magnitude.

According to data based on extensive research, around 15 per cent of productive soil is thought to have an estimated remaining lifespan of less than 100 years if we continue with business as usual. Around 50 per cent of soils have a remaining lifespan of more than 1,000 years, and around one-third are thought to be in good enough shape as things stand to remain productive for more than 5,000 years.

It’s crucial to remember that the soil health problem is fixable.

As celebrated British author and farmer James Rebanks spells out: “It sometimes feels like this is a lousy age to be a farmer because whatever we do we are subject to endless criticisms. But in the past few years, I’ve come to believe that this is also one of the most exciting times in history to be a farmer – because the problems we face are solvable”.

REGENERATIVE FARMING TO THE RESCUE

So, what exactly is regenerative farming, and is it economically viable? In short, it’s a practice by which farmers grow healthy, nutrient-dense and often organic food – including leafy greens, livestock, fowl, poultry, grains, cereals and legumes – without synthetic fertilisers, while reversing the damage done to our soils by building up soil layers with organic material and waste, restoring native habitats and natural processes, and once again filling rural landscapes with insects, birds and wildlife so that nature cannot just survive but thrive alongside farming.

As we’ll touch on below, there’s a strong business case for moving to a regenerative model, backed up by extensive research that shows that, despite an initial drop in yields, the crucial KPI of any business, your net margins, actually improves.

IF WE CONTINUE WITH BUSINESS AS USUAL AROUND 15 PER CENT OF PRODUCTIVE SOIL IS THOUGHT TO HAVE AN ESTIMATED REMAINING LIFESPAN OF

LESS THAN 100 YEARS

The way the world has produced food since 1945 has damaged entire landscapes, as wild land has been taken over by monocultures and ammonium-nitrate fertilisers and pesticides to maximise crop yields.

This pattern has banished nature from land that had successfully been farmed in harmony with the ecosystem for many centuries. What’s more, nitrate runoff from arable land treated with ammonium nitrate fertilisers causes loss of biodiversity and habitat in and along many of the water courses into which that runoff flows.

Many critics of regenerative farming will often say it simply cannot meet the nutrient demands of the world’s nearly eight billion people. But as many farmers, including James Rebanks, have amply demonstrated, farmers know how to produce enough calories to feed everyone alive now, and the couple of billion yet to be born. They can do so using a variety of methods that are far kinder to humans and nature than the practices followed since the middle of the 20th century. To achieve this change, reboot, revival – call it what you will – it’s necessary to re-invent farming, ditch the damaging chemical and industrial methods, and take our lead from the regenerative farmers who have started reversing soil damage by understanding exactly what’s needed for each complex landscape and ecosystem under their guardianship.

‘OLD’ FARMING WITH NEW TECHNOLOGY

Innovative technology and practices are being deployed in the UAE desert as the regenerative market establishes desert greening and the production of a wide variety of food.

When greening the Arabian desert for nutrient-rich food, it’s crucial to sow crop varieties that suit diverse cropping systems, local topographical or geographical features, and the demands of the UAE’s consumer market.

In addition, with minimal human intervention in the form of non-chemical organic fertilisers and additives such as microbiological concentrated powder or liquid clay that introduce vital organic matter into the soil and help retain water, a diversity of food crops have already had successful harvests in the desert.

From cereals such as corn, wheat and barley to soft fruits and leafy greens, a diverse multi-culture is thriving.

Cover crops such as millet, alfalfa and legumes also flourish in these conditions, as do fig, lemon and nut

IN SHARJAH, THE UAE’S THIRD-LARGEST EMIRATE, DESALINATED WATER HAS TURNED THE DESERT INTO FIELDS OF WHEAT, WITH AROUND 400 ACRES CURRENTLY UNDER PRODUCTION

Thomas Puskas, CEO of Premium Food, an agriculture and

biotech

company, and EcoWatt Energy

trees, which provide cover, help restore ecosystems and allow wildlife more opportunity to thrive.

In the UAE, around 80 per cent of the land is desert, a figure that has been slowly rising over the years as desertification marches on. A meagre 5 per cent of the land is farmed, so the UAE has to import 90 per cent of the food needed to sustain its 9.5 million inhabitants.

In this corner of the world, where soil health and water shortages represent a constant risk to food security and quality, regenerative agriculture is gaining traction because of its impressive successes, sustainability, resilience to climate change and ability to improve soil health. Farmers get by with minimal or no tillage and make use of cover crops (legumes, pulses) to protect soil from erosion and capture carbon dioxide and nitrogen in the soil through natural means, a process known as nitrogen fixation.

GREENING THE DESERT

The UAE regenerative agriculture market is still in its infancy, but it represents a huge opportunity for farmers, agribusinesses, sustainable-agriculture practitioners, climate-change advocates and investors to work together towards more nature-friendly, sustainable and resilient production systems.

As regenerative farming success stories begin to show the world how it can be done, the issue of soil health and the notion of putting nature back into the heart of land management is gaining momentum. And in the Gulf region, where limited arable land is under constant threat from desertification, the urgent need to green the desert and work to improve soil quality is particularly acute.

In Sharjah, the UAE’s third-largest emirate, desalinated water has turned the desert into fields of wheat, with around 400 acres currently under production. Aside from the absence of chemical pesticides, the wheat farm deploys modern technology such as advanced on-site weather stations, satellite imagery that offers farmers thermal imaging capabilities and highly controllable sensors to optimise irrigation. The UAE’s regenerative agriculture market enjoys government support through policy initiatives that promote sustainable and regenerative farming practices.

This has helped boost the local market, not least because its capacity for CO2 sequestration, nitrogenfixing and reducing our reliance on ammoniumnitrate fertilisers and chemical pesticides appeals to a broad swathe of society, from consumers and farmers to governments and those tasked with reducing agriculture’s huge carbon footprint (which, for example, currently accounts for 10 per cent of all greenhouse gas emissions in the US, the second biggest emitter of CO2 after China).

COMMENT

THE LONG-TERM APPROACH

Short-termism and a blinkered approach to progress are obstacles that need to be challenged up front. Yes, extensive research in developed economies has shown that the transition from industrial to regenerative farming can lead to lower yields and margins in the short term. However, with the help of new biotech solutions, yields can be maintained and even increased due to higher nutritional values. If farmers do it right, and by the specific needs of their landscapes, many adopters will see input costs going down and profits increasing. For example, in chicken farm pilot projects in Hungary and Serbia, the introduction of new biotech solutions has seen egg production increase by 15 per cent while hen mortality has dropped by 50 per cent. In the UK, seeds, sprays and fertiliser bills have fallen by GBP80 per acre after a 50 per cent reduction in ammonium-nitrate fertiliser use due to the focus on soil improvement and the integration of livestock into the field rotation.

IN HUNGARY AND SERBIA, THE INTRODUCTION OF NEW BIOTECH SOLUTIONS HAS SEEN EGG PRODUCTION INCREASE BY 15 PER CENT

Results from the same research suggest an eventual increase in profitability of 80 per cent, despite simultaneously experiencing a 30 per cent drop in yields.

Regenerative agriculture also helps improve soil structure and reduces exposure to volatile global commodity prices of items such as fertiliser and potash. It allows farms to develop greater resilience to severe weather, including droughts and floods, as local ecosystems begin to sequester more water and CO2.

Nobody ever said this was going to be easy, but the soil-health case, the business case and the consumer demand for better-quality natural food that’s rich in essential nutrients and grown in soil that is constantly improving in quality are driving the growing move into regenerative practices. The upshot of concentrating on improving soil health and producing healthier food for consumers is that it will ultimately deliver higher net margins for producers and provide an attractive business case for investors.

Binod Shankar, executive coach, keynote speaker and author of Let’s

What’s good about great?

So then what makes a great leader? This is where it gets more complicated.

Let’s look at a well-known framework — five levels of leadership (below) — advocated by author and researcher Jim Collins (Built to Last, Good to Great). It’s based on more than 25 years of research by Collins on what makes great companies and leaders tick.

Acoaching client asked me the other day what was the difference between a “good” leader and a “great” leader.

This made me think hard. The CambridgeDictionarydefines a leader as “a person in control of a group, country, or situation’. That frankly is too narrow a definition, even for an erstwhile control freak like me.

So, then what makes a good leader?

Let’s set aside charisma, since it can’t be learned and also because charismatic leaders don’t necessarily make effective ones.

I can think of three crucial points when it comes to good leaders. A leader...

Always goes first. They speak when others stay silent and take bold initiatives despite the risks

Is consistently optimistic

Focuses on people and knows how to deal with people. They develop people, mobilise them and earn their trust

Good Leaders also have the traits of courage, integrity, resilience, generosity and concern. And they all get the job done.

The leaders we know whether professional or political are mostly at Level 4. They communicate effectively, set a strategy for the firm, encourage employees to excel and make smart decisions. These are good leaders. But they are not great ones.

The reason is Level 4 leaders lead in an egotistical and self-fulfilling way. These leaders are task- focused, transactional, develop others (but not themselves), top down and talk more than listen. You’ll see them featured on magazine covers, in the news and interviews, taking all the credit. They will have a large and loyal cult following. They overshadow everyone around them and they are larger than life: the likes of Jack Welch, Elon Musk, Jeff Bezos, Bob Iger, Tim Cook and Mark Zuckerberg.

So, are we stuck? Perhaps not.

Because Collins talks of the final level: the Level 5 ‘executive’. He is all of Level 4 without the ego and with lots of will and self-awareness, someone who places the interests of the company higher than his personal interests.

But that’s not enough. Sure, it’s important that you are not there just to (to paraphrase a former CEO

SINGAPORE STILL IS, 34 YEARS AFTER FOUNDER LEE KUAN YEW STEPPED DOWN, A MODEL OF GOOD GOVERNANCE

THE TATA GROUP IN INDIA IS A GOOD EXAMPLE IN BUSINESS

of mine) “enhance my personal net worth”, but that trait, even with superb navigation of the company, doesn’t make you a great leader. To prove my point, of the 11 companies selected as “great” by Collins, Circuit City and Fannie Mae have since fallen from grace, with Abbott Labs and Wells Fargo doing okay.

I think what marks a great leader is that they: Build institutions or cultures long after they are gone

Create other leaders

These are critical factors. One big reason any company becomes successful is its “unique” culture. That’s also the way to stay successful for generations. And if you are a CEO who is paranoid enough to eliminate any contenders then there will be no leadership

ONE BIG REASON ANY COMPANY BECOMES SUCCESSFUL IS ITS “UNIQUE” CULTURE. THAT’S ALSO THE WAY TO STAY SUCCESSFUL FOR GENERATIONS. AND IF YOU ARE A CEO WHO IS PARANOID ENOUGH TO ELIMINATE ANY CONTENDERS THEN THERE WILL BE NO

LEADERSHIP BENCH AND THE COMPANY WILL PAY A HEFTY PRICE POST YOUR DEPARTURE.

bench and the company will pay a hefty price post your departure.

This means that whether you are a great leader or not will only be known well after you leave the organisation.

If you look at it from this perspective, most highprofile business leaders don’t make the cut.

The issues created by Jack Welch at GE (19812001) were discovered by his handpicked successor Jeff Immelt (2001-2017), who also oversaw the downfall of this mainstay of American industry. Or take IBM for that matter. After enjoying spectacular success under Thomas Watson and Thomas Watson Jr, this technology icon went into decline for the next 50 years under multiple CEOs such as John Opel, John Akers, Louis Gerstner and Sam Palmisano. There are more such examples.

Can I think of examples of great leaders? Yes, in fact, closer to home than I imagined. Sheikh Zayed Bin Sultan Al Nahyan united the trucial states in 1971 and is the founding father of the UAE, a nation that has grown tremendously in every possible way in the last 50 years and is an oasis of peace and prosperity in an otherwise volatile region thanks to leaders groomed by him. The late Sheikh Rashid Bin Saeed Al Maktoum was responsible for the transformation of Dubai from a small cluster of settlements to a modern port city and commercial hub. Thirty-four years after his death in 1990, Dubai has only grown bigger and better because he created a culture and legacy for the leaders who have followed him. Singapore still is, 34 years after founder Lee Kuan Yew stepped down, a model of good governance. The Tata Group in India is a good example of excellence in business.

You may ask why we need great leaders. Aren’t they a luxury? I say we need great leaders because only then will institutions live long, continue to deliver important products and services, employ millions, and inspire us.

Innovation through collaboration

How

American University of Sharjah (AUS) is contributing to the community through academic and industrial partnerships

Recognising its role as a signiﬁcant contributor to the development and progress of communities both locally and globally, American University of Sharjah (AUS) has prioritised connecting education with industry to beneﬁt the communities it serves.

This commitment is evident in its efforts to disseminate knowledge and develop leadership among students, equipping them with the skills needed to succeed in their careers, become leaders of tomorrow and influence public policy. It also emphasises research and innovation, leading to technological advancements, scientific discoveries and solutions to complex societal problems. Further, the university contributes to social, cultural and economic development by fostering critical thinking, ethical reasoning and cultural awareness, and by promoting diversity, inclusivity and intercultural understanding to enrich the social fabric of communities. AUS also engages with local, national and global communities through public service initiatives to address social issues and contribute to societal well-being.

Central to achieving these e orts are academic and industrial partnerships, which are essential in driving forward the university’s mission and vision, ensuring its contributions have a lasting and meaningful impact.

These partnerships facilitate student and faculty exchange programmes, training, curriculum

development and research collaborations, promoting global citizenship and connecting people and ideas across borders.

PRODUCTIVE ALLIANCES

In the academic year 2023–24, AUS forged 13 academic collaborations and 212 industry-based partnerships across diverse sectors. Some partners include Korea Advanced Institute of Science and Technology, AGH University of Krakow, Chinese Academy of Sciences’ Shenzhen Institute of Advanced Technology, the Balsillie School of International Affairs, University of Sharjah, Anwar Gargash Diplomatic Academy and many others.

The university also partnered with the Sharjah Social Services Department to cultivate a culture of volunteerism among students, encouraging civic engagement.

Through collaborations with industries and academic institutions, AUS provides students access to internships and real-world projects that bridge the gap between classroom learning and

industry demands. One prime example is the AUS Engineering Al Nukhba Program, which this academic year signed eight partnership agreements with industry leaders such as Nokia, Petrofac, Starlink Corporation, Dubai Police Academy and others.

These collaborations focus on research, development, training programmes, internships, information exchange, joint supervision of students’ capstone projects and immersive ﬁeld trip experiences.

HANDS-ON APPROACH TO LEARNING

The symbiotic relationship between industry and AUS has also shaped the curriculum by integrating real-world insights and industry-relevant skills. For example, the AUS School of Business Administration maintains the currency of its curriculum by connecting the private and public sectors with students.

Similarly, the award-winning Design Build Initiative at the College of Architecture, Art and Design o ers a collective approach to hands-on education that is integrated into all levels of its curriculum. The initiative cultivates graduates who are adept designers and skilled builders and engaged citizens.

With the establishment of the Center for Entrepreneurship, Innovation and Sustainable Development; the Energy, Water and Sustainable Environment Research Center; and the Materials Research Center at AUS, the university focuses on driving transformative and innovative solutions across various disciplines. Academic and industrial partnerships are integral to these efforts, providing access to cuttingedge technologies, industry expertise and collaborative opportunities.

Academic and industry partnerships are a cornerstone of AUS’ mission, ensuring its contributions resonate beyond academia into the wider society. By forging alliances with leading industries and prestigious academic institutions, AUS empowers students to bridge theory with practice and prepares them for the challenges of tomorrow.

To learn more about AUS, visit www.aus.edu

LEVERAGING GOLDEN OPPORTUNITIES

KARIM MERCHANT , THE MANAGING DIRECTOR AND CEO OF PURE GOLD GROUP, EXPLAINS HOW HE IS LEVERAGING THE GROUP’S 35-YEAR LEGACY TO CARVE OUT A UNIQUE NICHE IN DUBAI’S BOOMING REAL ESTATE MARKET WITH NEW PROJECTS IN AL FURJAN AND MEYDAN

WORDS KUDAKWASHE MUZORIWA | PHOTOS AHMED ABDELWAHAB

Exactly a year ago, Pure Gold Living delivered its ﬁrst project to customers in Dubai.

The property developer delivered its first project, the Dhs100m PG Upper House, ahead of schedule in June 2023, setting a new standard of dependability, commitment and excellence. These values have marked over 30 years of success for the company’s parent ﬁrm – Pure Gold Jewellers.

“Our focus was and will continue to be solely on delivering on our promises,” says Karim Merchant, managing director and CEO of Pure Gold Group.

As a scion of one of the biggest family-owned businesses in Dubai, Merchant is all about looking at the long-term vision rather than using gimmicks to make a mark. “Our goal was to di erentiate ourselves right from the beginning.”

“Our buildings have character and soul - they are more than just concrete, sand, and steel. It may take time for our target customers to recognise and appreciate this, but we are in it for the long run, so there is no rush,” he emphasises.

Merchant acknowledges that several property developers have set up shop in Dubai, eager to ride the wave of the city’s thriving real estate sector. Building massive developments where unit owners become just members is not in Pure Gold Living’s longterm plans; instead, the company seeks to construct boutique developments that give residents a sense of belonging.

“Whether we build a small apartment building with ﬁve residential units or a boutique vertical tower with 300 units, our commitment is to transparency, timely delivery, and fulﬁlling our promises,” he says.

Dubai’s property market shattered a decade-long record for home sales in the ﬁrst quarter of the year, with rental rates soaring to unprecedented levels. The latest data from Property

THE EMIRATE’S RESIDENTIAL MARKET HAS SUSTAINED AN UPWARD TRAJECTORY, MARKED BY A 53 PER CENT YEAR-ON-YEAR

INCREASE IN TRANSACTION VOLUME

Finder shows that the emirate’s residential market has sustained an upward trajectory, marked by a 53 per cent year-on-year increase in transaction volume and a 38 per cent growth in transaction value to 17,713 and Dhs46.5bn, respectively.

The impressive comeback from a sevenyear slump is emboldening developers to capitalise on the robust demand, driving them to launch new projects and expand existing ones. Pure Gold Living, one of the fastest-growing developers in Dubai, has beneﬁtted from these developments.

Dubai’s real estate market presents a wealth of enticing investment opportunities, catering to diverse preferences. From residential properties to commercial spaces to hospitality, the diverse and dynamic market offers a variety of investment opportunities, catering to a wide range of choices and objectives.

A PROMISING FUTURE

Merchant is confident that Dubai’s real estate market has a promising future. Following the delivery of PG Upper House, Pure Gold Living plans to launch three more projects in the next six months.

PG Upper House comprises one-bedroom and one-bedroom plus study apartment options built to modern standards. “PG

Upper House is probably the residential property with the highest per square feet price in the secondary market at the moment, indicating strong demand and customer satisfaction,” says a proud Merchant.

He notes that the development is a testament to Pure Gold Living’s strategy as “tenants and owners living there are seeing the value of the property”.

Sustaining the momentum, Merchant emphasises that Pure Gold Living’s two new residential projects in Al Furjan and Meydan further advance the company’s strategy of creating a user-centric community that delivers on its promises.

“PG One Al Furjan, the first plot in this exciting community, hence the name, is currently under construction and is scheduled to be handed over before the end of next year,” he shares, adding that the project was sold out in less than four weeks.

The residential tower will feature studios, one-, two- and three-bedroom duplex apartments, each with its own pool. The building itself is also set to house the largest infinity pool in that part of Dubai, along with several other unique amenities that the developer plans to unveil in the future.

IN DIAMONDS AND GOLD, HAS THRIVED ON TRUST.”

Merchant says Pure Gold Living’s pipeline includes PG Meydan, the developer’s most ambitious project that is set to be the pinnacle of affordable, PG Maison, the developer’s upcoming real estate development that is set to be one of the tallest residences in Al Furjan, and PG Avenue, a commercial complex that is in close proximity to Mirdif City Centre and the Dubai International Airport (DXB).

Pure Gold Living is scheduled to deliver PG Maison by December 2026. Nestled in Dubai’s prestigious commuter hub, the development offers seamless access to the city’s bustling commercial hubs, pristine beaches, and upscale retail and dining districts.

PG Maison embodies a lifestyle of luxury, comfort, and active living within a vibrant community. It is conveniently situated 20 minutes from Al Maktoum International Airport and 30 minutes from DXB.

SUSTAINING A LEGACY

With a commitment to customised spaces, transparency, and integrity, Pure Gold Living is fundamentally transforming Dubai’s property market, making it attractive to home seekers and investors.

“Transparency and integrity are fundamental to our business ethos, originating from our roots in jewellery trading. For 35 years, our jewellery business, dealing in diamonds and gold, has thrived on trust,” Merchant emphasises, adding that customers rely on Pure Gold Jewellers to provide high-quality jewellery without physically inspecting the authenticity of rings, earrings, watches or necklaces.

Pure Gold Group is applying the same principles to its real estate business. Merchant says the property developer prioritises transparency in all its dealings and is committed to delivering “only the best to its customers”.

Going forward, Pure Gold Living sees significant opportunities to customise and personalise living spaces. “When home seekers and investors buy property, they are often limited to predefined layouts offered by developers,” Merchant says, adding that

PG Maison

this lack of ﬂexibility is frustrating for customers who want to design homes to suit their unique needs and preferences.

However, he notes that the company’s approach is di erent. “We sell space and involve the customer early in the process, asking them how they would like to customise it. Our goal is to accommodate customers’ preferences as much as possible, ensuring that the property truly feels like their own.”

Merchant says that by advancing personalisation, “we believe we can drive the next growth phase in our real estate business.”

With the advancement in innovative technologies such as virtual and augmented reality, Merchant says artificial intelligence creates immersive, interactive tours that allow home seekers and investors to conduct virtual tours and customise units before signing the contract.

“Customers now desire a more immersive virtual experience, allowing them to visualise their future homes with all the details, including furniture, ﬁnishes, and even curtain colours. This digital experience is becoming a strong emerging trend,” he adds.

Dubai’s property market continues to evolve, driven by shi ting consumer preferences and changing lifestyle trends. Real estate investors want to actively design their apartments from the outset rather than furnish them at the end.

Merchant says sustainability and green spaces continue to be vital considerations in Dubai’s real estate market, as does the overall wellness aspect of living environments. “The integration of digital experiences, early customer involvement in design, and a balanced focus on sustainability and wellness are pivotal in shaping the future of real estate development,” he stresses.

ROBUST STRATEGY

Merchant has been with Pure Gold Group for 24 years. His father, Firoz Merchant, founded the business in 1989 in the bustling Murshid Bazaar in Dubai’s Deira area. The company was initially focused on gold trading, later expanding into retail and now venturing into real estate.

He believes the group’s jewellery and real estate businesses are grounded in history. “Jewellery has been cherished for centuries, and real estate has been a cornerstone of human life for just as long. While they may evolve over time, I believe they will continue to be integral parts of our lives for the next hundreds of years.”

Merchant’s conﬁdence is not misplaced. Dubai, along with other emirates that make up the UAE, has excelled in maintaining a thriving real estate sector, thanks to its security, connectivity, and robust infrastructure. The city’s real estate sector continues to buck global trends and has witnessed a surge in demand for property over the years, supported by an inﬂux of people from around the world.

PG Avenue

PG Upper House

“Real estate, much like jewellery, holds intrinsic value. It is a hedge against inﬂation, as we have seen time and again,” says Merchant.

He stresses that private property developers in the UAE have a responsibility to contribute to the government’s overarching vision of driving sustainable economic growth. “We aim to be part of that vision, even in a small way, to help leave a legacy aligned with the leaders of this country by making home seekers and investors feel secure when making the most important decision of their lifetime.”

Merchant, who has a profound passion for building, whether designing jewellery or property development, says Pure Gold Living is a signiﬁcant contributor to the group’s overall ﬁnancial success, and “the vertical’s importance is only expected to grow going forward”.

“From the beginning, I have strived to understand how I can di erentiate myself by recognising my strengths and weaknesses,” Merchant shares while noting that identifying and addressing his weaknesses has been instrumental in his development as a leader and the group’s agility.

Looking ahead, Merchant expects Dubai to evolve into a city with multiple centres rather than having a single central area. “Given the development in areas such as Al Furjan, Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Dubai Maritime City, the concept of a single central location in Dubai is becoming irrelevant,” he says in closing, adding that infrastructure development in the emirate will support this multi-centre growth.

PURE GOLD LIVING’S PORTFOLIO

PG MAISON

TOP FEATURES:

Smart homes with automated systems

Rooftop padel court,

Infinity swimming pool, gym and yoga studio,

Outdoor seating and BBQ area

All apartments are 2BHK + study

PG UPPER HOUSE

TOP FEATURES:

Infinity swimming pool

BBQ area and outdoor seating

Garden home floor

Gym and yoga studio

Apartments are 1 BHK and 1 BHK + study

Smart homes with automated systems

PG ONE

TOP FEATURES:

Two mins from Discovery Gardens metro station

Duplex apartments on ground floor

Infinity swimming pool

Gym and yoga studio

Outdoor BBQ and kids play area

Smart Homes- home automation

PG AVENUE

TOP FEATURES:

Fully furnished office spaces

Five mins from Mirdif City Centre

15 minutes from Dubai

International Airport

Large retail spaces

Karim Merchant

GULF BUSINESS DEBUTS BUSINESS BREAKFAST SERIES

THE EVENT EXPLORED TECH TRENDS AND THE UAE’S REAL ESTATE BOOM

Gulf Business launched its highly anticipated ‘Business Breakfast’ series, hosting nearly 100 industry leaders at the Grand Plaza Movenpick Media City. The inaugural event, held against the backdrop of Dubai’s dynamic business landscape, focused on the intersection of technology and industry and showcased real estate and proptech innovations.

Dubai’s real estate surge, and insights into sustainability from Alex Zagrebelny founder and CEO of R.Evolution Group. Firas Al Msaddi, CEO of äm Properties also shared highlights of the sector in his address.

PANEL DISCUSSIONS

Kicking o the morning, Gareth van Zyl, group editor, and Manish Chopra, publisher, of Gulf Business welcomed attendees to a platform designed for insightful panel discussions and networking opportunities. The event also marked a milestone in Motivate Media Group’s 45-year journey, celebrating visionary leadership under its founder Ian Fairservice.

The event featured keynote addresses from industry stalwarts Atif Rahman of ORO24 Developments, who praised

The tech panel featured insights from panelists including Mohamed Taha Benssiba, head of AI for Europe South, Middle East and Africa at Oracle; Vishal Kapil, CIO of GMG; John Casey, MD at TaxReady.ae (Virtuzone); Sunil Kumar Peer, director of Industry Sections at Huawei, and Mohit Pandey, head of Sales, META region at Seagate Technology. The proptech panel featured a discussion led by industry luminaries. Al Msaddi, and Zagrebelny were joined by Fibha Ahmed, vice president of Property Sales at Bayut & dubizzle,

and Louai Abou Khzam, cofounder of Prosper Real Estate, who contributed perspectives on market dynamics and technological advancements reshaping the sector.

The panel highlighted strategies for navigating the evolving real estate landscape and fostering sustainable growth in Dubai.

Concluding the event, van Zyl expressed optimism about future Business Breakfasts and Gulf Business Awards, slated for September.

ON A POSITIVE NOTE

PWC’S 27TH ANNUAL CEO SURVEY SHOWED THAT A MAJORITY OF THE EXECUTIVES IN SAUDI ARABIA EXPRESSED CONFIDENCE IN THE KINGDOM’S ECONOMIC GROWTH POTENTIAL, WITH GENAI AND STRATEGIC PARTNERSHIPS SEEN AS KEY FACTORS ENABLING GROWTH

Increase e ciencies in their own time at work

Findings from the survey revealed a renewed determination from regional leaders, with 15% (compared to 12% globally) identifying climate change as a major concern. Interestingly, this ﬁgure is higher in the Saudi Arabia at 29%, indicating a particularly strong focus on climate issues within the kingdom. CEOs in Saudi Arabia are leading the charge, with 60% keen to improve energy e ciency of their businesses, and more than half innovating new climate friendly products, services or technologies. Around 43% were incorporating climate risk into ﬁnancial planning 2022 and 2023

GLOBAL AND SAUDI CEOS SURVEYED BELIEVE GENAI WILL IMPACT THE FOLLOWING FACTORS IN THEIR COMPANY IN THE NEXT 12 MONTHS Net increase (by 5% or more)

Saudi Arabia is one of the world’s fastest growing economies. See current and forecasted GDP values on the right

Increase e ciencies in employees’ time at work Increase revenue

HOW DO CEOS BELIEVE ECONOMIC GROWTH (GROSS DOMESTIC PRODUCT) WILL CHANGE, IF AT ALL, OVER THE NEXT 12 MONTHS IN THEIR TERRITORIES?

TO WHAT EXTEND ARE SAUDI CEOS CONFIDENT ABOUT THEIR COMPANY’S PROSPECTS FOR REVENUE GROWTH?

There is no doubt that CEOs in Saudi Arabia have conﬁ dence in Vision 2030. It has brought about a massive and fast transformation in the country, leading to strong economic growth. The reforms are aimed at reducing oil dependency, diversifying the economy and increasing competitiveness. Moving ahead, we expect business leaders to continue reinventing their businesses to remain agile and sustainable in the long-term.”

RIYADH AL NAJJAR

PwC Middle East chairman of the board and senior partner - Saudi Arabia

TO WHAT EXTENT DO CEOS AGREE THAT GENERATIVE AI IS LIKELY TO INCREASE CYBERSECURITY RISK IN THEIR COMPANY IN THE NEXT 12 MONTHS?

Saudi Arabia

TO CREATE AND ADD VALUE MORE THAN HALF OF THE CEOS IN SAUDI ARABIA (OVER LAST FIVE YEARS) HAVE FORMED STRATEGIC PARTNERSHIPS. AROUND... 46% have developed new products and services

have embraced new technologies

WHICH KEY THREATS DO CEOS BELIEVE THEIR COMPANY TO BE EXTREMELY OR HIGHLY EXPOSED TO?

Making hardware AI-ready

The head of sales for the Middle East, Türkiye and Africa region at Seagate Technology, Mohit Pandey, explains why his company is eyeing building 50-terabyte storage in an age where artiﬁcial intelligence is gaining prominence

The rise of artiﬁcial intelligence (AI) is having a huge impact on all sectors, sparking o a new wave of disruption and innovation.

But one area that is crucial for AI systems is the server and hardware technology that it runs on.

Without this solid backbone infrastructure, the instant feedback that we get from tools such as ChatGPT and other AI tools that rely on an array of large language models simply wouldn’t be possible.

Here, companies such as Seagate are playing a critical role, heralding in a new generation of hardware that can take on these demands.

Mohit Pandey – who is the Head of Sales for the META region at Seagate Technology – recently explained the signiﬁcance of this at the Gulf Business Breakfast Brieﬁng on June 12, hosted in Dubai.

Pandey highlighted how Seagate is aggressively moving towards a world where 50 terabytes of storage capacity hard disk drives for servers and cloud centres will become a reality, bolstering the capacity of hard drives on the market.

“We changed the game by bringing 30 terabyte drives to the market, and we’re not stopping there. This innovation, which we call Mozaic 3+, sets a new standard in storage capacity,” Pandey told the audience.

Mozaic-enabled hard drives are the world’s most efficient hard drive storage, capable of lowering acquisition and operational costs while increasing productivity. With Mozaic’s increased areal density, customers can store more data without increasing consumption of space, power or natural resources.

Seagate launched Mozaic 3+ earlier this year with the aim of

We changed the game by bringing 30 terabyte drives to the market, and we’re not stopping there. This innovation, which we call Mozaic 3+, sets a new standard in storage capacity.”

giving enterprises more room to scale for emerging applications and explosive data growth.

The hardware further allows data centres to more a ordably retain and leverage more data for analytics, archiving, content delivery, and disaster recovery — and begin to close the current gap between data created and data stored.

Pandey said the roadmap intends to scale up this hardware tech in the months and years to come.

“Plus, it will evolve into Mozaic 4, 5, and much more. We have a roadmap that extends to 50 terabytes of storage capacity,” he added.

WHY 50 TERABYTES IS A KEY MILESTONE

As Pandey explains, this ultimate pivot towards a 50-terabyte world will have major beneﬁts for technologies such as AI.

“All the data generated by new technologies like AI, machine learning, and internet of things (IoT) needs to be stored somewhere, and ultimately, that’s on a hard drive,” said Pandey.

“At Seagate, we are increasing the areal density of our drives, which means that we can store more data in the same physical space. This innovation signiﬁcantly reduces the total cost of ownership,” he added.

In practical terms, Pandey explained that this means businesses and consumers can store more data at a lower cost per terabyte. This reduction in storage costs makes it more a ordable to handle the vast amounts of data generated daily, enabling greater use of advanced technologies in our everyday applications and business transformations.

“Ultimately, it allows for greater innovation and e ciency across various industries,” Pandey concluded.

Discover the Honor 200 Pro: An ‘AI-empowered’ device

With the Honor 200 Pro, the smartphone brand unveils an AI-ﬁrst, future-ready device for its consumers

Honor has introduced its latest lineup of AI-powered smartphones, bringing cutting-edge artiﬁcial intelligence (AI) technology to the midrange market with the launch of the Honor 200, Honor 200 Pro, and Honor 200 Lite.

The new lineup aims to set a new standard for smartphones in their category by combining powerful AI features with eye-catching exteriors.

FIRST IMPRESSIONS

The Honor 200 Pro differentiates itself by promising flagship-level performance and looks in the mid-market segment. It features a striking curved screen, great battery life, rapid charging capabilities, and a sophisticated AI-powered camera system.

The device’s 6.78-inch display is particularly eye-catching, complemented by a cameo brooch-shaped camera module inspired by Gaudi’s “Casa Milá” and a mother-of-pearl ﬁnish on the back panel.

Overall, the Honor 200 Pro presents a compelling package, both inside and out.

CAMERA: HONOR TIES UP WITH STUDIO HARCOURT

Among the standout features of the Honor 200 Pro is its camera system. It is equipped with a triple 50MP studio-quality lens combination that includes a main portrait camera with an f/1.3 aperture, a telephoto camera o ering 50X digital zoom, and an ultra-wide 12MP macro camera.

This setup is ideal for capturing a variety of scenes with clarity and DSLR-level detail.

The main camera is optimised for lowlight conditions, o ering a 105 per cent improvement in noise reduction, making it perfect for capturing live music and concert photography.

Additionally, the camera system includes the advanced Harcourt Portrait modes, developed in collaboration with the renowned Studio Harcourt in Paris. These modes allow users to take celebrity-quality portraits by leveraging AI to enhance image quality and settings automatically.

Users can choose between three modes — vibrant, colour or classic black-andwhite styles for portraits.

The Honor 200 Pro also excels in dark conditions due to the ‘AI-enhanced Night Portrait mode’, capturing clear and detailed photos even in dim lighting.

It supports 8K video recording, enabling users to create high-resolution videos with stunning detail.

AI-POWERED PERFORMANCE

Earlier this year, Honor introduced a groundbreaking ‘Four-Layer AI’ that focuses ‘On Device-AI’. It starts with Cross-device and Cross-OS AI, creating an open ecosystem for sharing computing power. The Platform-level AI layer personalises the operating system for intent-based interactions.

Next, App-level AI drives innovative applications, enhancing user experiences.

At the top, interface to cloud-AI services provides access to extensive cloud services with a focus on privacy protection.

This AI architecture, combined with the Snapdragon 8s Gen 3 mobile processor and operating on the AI-enhanced MagicOS 8.0, ensures an extremely smooth performance and intuitive, e cient multitasking capabilities.

AI-EMPOWERED MAGIC PORTAL

Another key AI feature introduced in the Honor 200 Pro is the AI-empowered Magic Portal. Honor promises intuitive identiﬁcation and understanding of a user’s needs and presents the required services without any prompts.

For example, Magic Portal can recognise addresses in text messages and direct users to Google Maps for easy navigation. It also simpliﬁes interactions on social media platforms, as well as brings to fore the possibilities of AI-enabled experience with image-based shopping experiences.

DISPLAY AND BUILD QUALITY

The Honor 200 Pro features a 6.78-inch AMOLED quad-curved ﬂoating display, housed in an ultra-thin 82mm body, and weighs just 199 grams. This makes it extremely handy and easy to navigate.

The display o ers a sharp 2,700 x 1,224pixel resolution with a 120 Hz refresh rate, and it provides excellent brightness, making it readable even in bright outdoor conditions. The device also includes the AI Circadian Night Display, which adjusts the screen’s colour temperature based on the user’s environment and habits, reducing blue light exposure to promote better sleep.

Additionally, the AI Natural Tone 2.0 feature automatically adjusts the screen’s colour temperature and brightness according to the surrounding ambient light.

BATTERY AND CHARGING

The Honor 200 Pro is equipped with a powerful 5200mAh silicon-carbon battery that supports 100W wired charging, 66W wireless charging, and reverse charging capabilities.

Thus, in the crowded device market, the Honor 200 Pro stands out with its elegant design, powerful performance, and advanced AI capabilities.

AGENCY

NEW: Brand Experience Agency

Creative Agency

Digital Agency

Events, Experiential and Engagement Agency

Independent Agency of the Year

NEW: Independent Creative Agency of the Year

NEW: Independent Media Agency of the Year

NEW: Independent PR Agency of the Year

Inﬂuencer Marketing Agency

Integrated Marketing Agency

Media Agency

Performance Marketing Agency

PR /Communications Agency

Production House of the Year

Social Media Agency of the Year

Start Up Agency

GEOGRAPHY

Best Agency – Egypt

Best Agency – Iraq

Best Agency – Jordan

Best Agency – Lebanon

Best Agency – Oman

Best Agency – Qatar

Best Agency – Saudi Arabia

Best Agency – UAE

PEOPLE, TEAMS & CULTURE

Account Person

Agency/Producer or Team

Arabic Copywriter of the Year

NEW: Best Place to Work

Corporate Comms & Marketing Team or Individual

Creative Leader

Creative Team

Head of Agency

Inﬂuencer Management Team

Investments /Trading /Media Buyer of the Year & Team of the Year

Outstanding Woman in Advertising

Strategy Leader

Strategic Planner & Strategic Planning Team of the Year

New Business Development Person of the Year & Team of the Year

Talent Management Individual & Team

ST. JAMES’S PLACE

‘Prioritise the fundamentals’

FROM EXPLORING KEY SECTORS LIKE RENEWABLE ENERGY AND DIGITAL TRANSFORMATION TO ASSESSING THE ECONOMIC CONDITIONS ACROSS DIFFERENT REGIONS, ST. JAMES’S PLACE’S MARTIN HENNECKE OFFERS A STRATEGIC PERSPECTIVE ON INVESTMENTS, THE IMPORTANCE OF DIVERSIFICATION AND THE FIRM’S FORAY INTO DUBAI

BY NEESHA SALIAN

In an ever-changing global economic environment, staying ahead of investment trends and identifying opportunities is crucial for financial success. Martin Hennecke, head of Asia and Middle East Investment Advisory at St. James’s Place (SJP), one of the UK’s largest wealth management firms, provides insights into the investment landscape for the year, with a particular focus on the Gulf Cooperation Council (GCC) region.

Given the evolving global economic landscape, what are the key investment trends and opportunities you foresee for 2024, particularly in the GCC region?

In 2024, the GCC region presents several promising investment trends and opportunities driven by economic diversification efforts, technological advancements, and sustainability initiatives. Key sectors in focus include renewable energy, driven by

ambitious national projects like Saudi Arabia’s Vision 2030; digital transformation, with increasing investments in fintech, AI, and e-commerce; and real estate, buoyed by urbanisation and infrastructure development. Additionally, the healthcare sector is expanding due to growing populations and increased government spending. However, it is crucial to avoid simply equating macro trends with equity market opportunities. One of the most common investment pitfalls we have observed is that investors often focus too much on what is currently popular and exhibit ‘recency bias’, assuming that assets, markets or sectors that performed well in the recent past will continue to do so, and vice versa that areas which are depressed, neglected by the media in the absence of trendy storylines will continue to underperform. Instead, investors should prioritise the fundamentals – earnings, growth prospects, risks, and pricing – of individual investments. These

fundamentals, along with diversification, are the cornerstones of a balanced and sound investment strategy that allows investors to mitigate risks while tapping into key investment trends.

How do you assess the current economic conditions in the Middle East, Asia, Europe, and the US, and what impact do you anticipate these conditions will have on investment strategies?

The current economic landscape is characterised by slowing global growth due to restrictive financial conditions, tight monetary policies, and relatively weak global trade and investment. Ongoing inflation, trade fragmentation, and geopolitical conflicts further contribute to market volatility, compelling investors to adopt a more cautious and selective approach.

Despite these challenges, it is essential to recognise that slowing GDP does not necessarily equate to underperforming markets. Historical analysis by Dimson, Marsh, and Staunton at the London Business School (2013) demonstrates a slightly negative correlation between GDP and equity market returns, highlighting the anticipatory nature of stock markets and the significant impact of valuation on forward-looking returns. Given the concentration risks present in major US indices such as S&P 500, driven by high valuations of key tech firms or the Magnificent Seven (Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla, and META), investors should prioritise diversification. While the US market may appear robust, emerging markets and underperforming regions might offer compelling opportunities that have been overlooked. By considering global diversification and focusing on valuation, investors can navigate the current economic conditions more effectively and potentially enhance their long-term returns.

St. James’s Place entered the UAE market last year. Could you elaborate on the strategic importance of this move? The UAE has long established its position as a strategic wealth corridor between Asia and Europe, with immense growth potential. The nation’s political stability, international connectivity, favourable business, regulatory tax, and visa policies attract a rapidly growing population of high-net-worth individuals and corporate expatriates, which in

TECHNOLOGY, PARTICULARLY AI, REMAINS VERY PROMISING AS A SECTOR, BUT HIGH VALUATIONS BOLSTERED BY STRONG MARKET ATTENTION MAY LIMIT CURRENT OPPORTUNITIES.”

turn drives demand for private banking, investment advisory, and other wealth management services. At a time when there are challenges such as geopolitical realignments and rising economic uncertainty, clients are looking for experts with knowledge across global wealth jurisdictions that can provide tailored and holistic investment advice.

We established our first Middle East office in Dubai to bridge the gap in the region for quality, personalised financial advice backed by specialist investment services. Our clients are increasingly transient, with globalised assets and often a financial foothold in multiple jurisdictions across the world, so this expansion into the Middle East well complements our global business in the UK, Singapore and Hong Kong.

How do you see the global investment landscape changing in the coming years?

Transformative forces such as technological advancements, geopolitical shifts, and sustainability considerations are poised to significantly reshape the global investment landscape in the coming years. For instance, the recent US tariffs on Chinese electric vehicles, and potential similar measures in the EU, highlight how geopolitical tensions might overshadow sustainability goals. This could have immediate impacts on industries and companies involved, potentially escalating into a trade war, which would raise inflationary risks by making goods more expensive for consumers. Consequently, investors must prioritise diversification to mitigate volatility while also carefully taking into account inflationary risks in asset allocation decisions, noting that persistent negative real interest rates could erode the purchasing power of holdings such as cash and deposits in the medium to long term.

How does SJP incorporate ESG factors into its investment approach?

We see responsible investing as a means to shape a better world and foster sustainability. We are a signatory to the UN-backed Principles of Responsible Investment (PRI),

with an A+ rating, and our investment management approach includes monitoring and mandating our fund managers, fund ranges and companies to integrate ESG principles into their investment process.

As an FTSE100 company with significant funds under management, how does SJP mitigate risk for its clients?

Sound risk management lies at the core of our investment ethos. We focus on working with our clients to understand their unique financial needs – investment goals, timeframe and drawdown tolerance – and co-creating sound, diversified portfolios tailored to their needs. To mitigate risks, we typically look to diversify money at three levels: security selection, the mix of fund managers and how we combine these funds into the portfolios. The result is a product with improved diversification across managers and strategies. In time, this smooths out volatility and delivers more consistent performance in a simplified structure. We believe that ensuring clients remain diversified at every level, will help to minimise risk and volatility, without sacrificing long term returns.

Having said that, it’s important to understand that low volatility doesn’t always mean an asset is safe. Explore and understand the different risks and features of various asset classes, not just volatility, and design a well-rounded portfolio to address all these factors.

Share your outlook on specific asset classes. How do you believe they will perform in the current economic environment?

Considerations for asset classes depend on unique factors such as the investment objectives, timeframe, risk tolerance and overall financial planning profile of each client. For investors with short-term monetary obligations, sitting out market investment may be prudent as time correction risks apply when investing in markets for short periods. For longer-term investors, equities are favoured for long-term growth and inflation protection, with careful mitigation plans around volatility.

Currently, we see that equities tend to be more popular than fixed interest, following the sharp drawdowns of fixed interest we have seen in 2022. By the same token though, this drawdown has brought up bond yields, and we might see bonds re-assume again more of the stabiliser role they have traditionally played in portfolios.

Alternative investments vary largely in risk and return, and it can be difficult to identify consistent performers in this space that do not come with liquidity or other unique risks. In this asset class, direct property ownership can be good choice for diversification and a good way to complement investment portfolios.

What sectors do you see as particularly promising for investors?

We focus on balanced portfolios across investment styles, including value, quality, and growth, with diverse sector exposure. Pre-2022, we adjusted our portfolio, taking partial profits in growth and increasing exposure to value due to concerns about correction risks. We’re cautious about chasing trends blindly and seeking compelling opportunities overlooked by others.

Our fund managers prioritise individual company evaluation based on thorough due diligence, considering prospects versus valuation. Technology, particularly AI, remains very promising as a sector, but high valuations bolstered by strong market attention may limit current opportunities. Investors with strong positive views on allocating to such areas should look to global diversification to soften downside risks, particularly in emerging markets with lower-priced firms benefitting from the sector.

Martin Hennecke

Fostering growth, driving innovation

KEVIN

MILLER, VP OF GLOBAL DATA CENTERS AT AWS, SHARES DETAILS ON THE COMPANY’S STRATEGIC EXPANSION AND INNOVATION IN THE MENAT REGION

BY NEESHA SALIAN

In an interview with Gulf Business, Kevin Miller, VP - Global Data Centres at Amazon Web Services (AWS), delves into the company’s significant expansions and strategic initiatives in the MENAT region. With new data centres and substantial investments, AWS is poised to support the region’s digital transformation and economic diversification goals. Here, Miller discusses the strategic importance of these expansions, the unique challenges and opportunities in MENAT, and how AWS’s cutting-edge technologies, like generative AI, are transforming industries. Additionally, he sheds light on AWS’s sustainability commitments and their alignment with regional goals.

AWS has recently announced significant expansions, including new data centres in various regions. Tell us the strategic importance of these expansions, particularly in the MENAT (Middle East, North Africa and Türkiye) region. Our infrastructure serves 245 countries

from 33 primary locations. We call these locations AWS Regions, and the Regions include 105 Availability Zones (one or more discrete data centres with redundant power, networking, and connectivity in an AWS Region). In the Middle East, we have Regions in Bahrain and the UAE. In addition to Regions, we have one Local Zone, five AWS Direct Connect locations (two each in UAE and Bahrain, and one in Oman), and six CloudFront edge locations (Muscat, UAE 1, UAE 2, Bahrain, Türkiye, and Egypt) in the Middle East.

Our upcoming AWS infrastructure Region in Saudi Arabia is a key part of our strategy. This new Region, expected to be operational by 2026, represents a planned $5.3bn investment and will consist of three Availability Zones. Our expansion supports Saudi Arabia’s Vision 2030, aiming to diversify the economy and promote technological innovation and entrepreneurship. The new Region will enable organisations within the area to run workloads and store data locally, providing lower latency and enhancing performance and security.

What unique challenges and opportunities does the MENAT region present for the company?

According to a recent study by Telecom Advisory Services, accelerated adoption of cloud services could unlock $733.1bn of additional economic value in the Middle East and North Africa (MENA) by 2033, representing 1.14 per cent of MENA’s cumulative gross domestic product (GDP).

As countries in the region strive to diversify their economies, AWS helps foster innovation and entrepreneurship across various sectors, including healthcare, education, and finance. We are seeing growing interest in AI, ML, and the internet of things (IoT) from organisations in the region, and AWS offers many specialised services that can meet the evolving needs of business and organisations.

AWS has achieved a number of internationally-recognised certifications and accreditations, demonstrating compliance with third-party assurance frameworks. AWS supports 143 security standards and compliance certifications, helping satisfy compliance requirements for virtually every regulatory agency around the globe. This is backed by a deep set of cloud security tools, with over 300 security, compliance, and governance services and key features — more than any other cloud provider.

AWS recently concluded a $4bn investment in Anthropic to advance generative AI. Can you share how this partnership is expected to benefit your customers?

Together, Amazon and Anthropic are helping global organisations deploy generative artificial intelligence. Anthropic’s visionary work with generative AI, most recently the introduction of its state-of-the-art Claude 3 family of models, combined with AWS’s best-in-class infrastructure and managed services like Amazon Bedrock, gives customers opportunities to quickly, securely, and responsibly innovate with generative AI.

This strategic collaboration is designed to bring together our respective industryleading technology and expertise in safer generative AI to accelerate the development of Anthropic’s future foundation models and make them widely accessible to AWS customers. Global organisations of all sizes, across virtually every industry,

AWS HAS BEEN INNOVATING WITH CHIP DEVELOPMENT FOR A DECADE NOW, DELIVERING SEVERAL GENERATIONS OF CHIPS AND INFRASTRUCTURE TO RUN AI WORKLOADS AND ACCELERATE THE PRODUCTION OF AI.”

are already using Amazon Bedrock to build their generative AI applications with Anthropic’s Claude AI.

What role does AWS’s infrastructure, such as Trainium and Inferentia chips, play in supporting generative AI advancements such as those being developed by Anthropic?

AWS has been innovating with chip development for a decade now, delivering several generations of chips and infrastructure to run AI workloads and accelerate the production of AI. AWS provides the broadest and deepest choice of Amazon EC2 instances featuring AI chips, including the latest NVIDIA GPUs, Trainium, and Inferentia2.

With each successive generation of chip, AWS delivers better price performance and energy efficiency. AWS Trainium is a high-performance machine learning chip designed to reduce the time and cost of training generative AI models—cutting training time for some models from months to hours. This means building new models requires less money and power, with potential cost savings of up to 50 per cent and energy-consumption reductions of up to 29 per cent, versus comparable instances.

Our second-generation Trainium2 chips are designed to deliver up to four times faster training than first-generation Trainium chips while improving energy efficiency up to two times. AWS Inferentia is

our most power-efficient AI inference chip. Our Inferentia2 AI accelerator delivers up to 50 per cent higher performance per watt and can reduce costs by up to 40 per cent against comparable instances.

Tell us how generative AI, particularly through AWS’s services like Amazon Bedrock, is transforming industries. Over 100,000 global customers across industries – including Adidas, New York Stock Exchange, Pfizer, Ryanair and Toyota – are using AWS AI and ML services to reinvent experiences for their customers.

In the UAE, GEMS Education is one of the largest private K–12 operators in the world. Using AWS AI and ML services, GEMS developed an all-in-one integrated educational technology platform called LearnOS. This platform supports teachers and creates personalised learning experiences.

Using Amazon Rekognition, they reduced 93 per cent of the time spent on marking attendance. They also developed an automated quiz generation and assessment platform using Amazon EC2 and Amazon SageMaker. In addition, GEMS’s algorithms can predict student yearend performance with up to 95 per cent accuracy and recommend personalised reading materials.

ACCELERATED ADOPTION OF CLOUD SERVICES COULD UNLOCK $733.1BN OF ADDITIONAL ECONOMIC VALUE IN THE MIDDLE EAST AND NORTH AFRICA (MENA) BY 2033

AWS has made substantial commitments to sustainability, including integrating renewable energy into its operations. Can you outline AWS’s current sustainability initiatives? How do these initiatives align with the sustainability goals of local and national governments in regions like the UAE? We are on a path to powering our operations with 100 per cent renewable energy by 2025, as part of our commitment to reaching net-zero carbon emissions by 2040. To support this, we have invested in numerous renewable energy projects, including solar and wind farms, around the world. AWS has over 500 renewable energy projects globally, which represents 28 gigawatts (GW) of clean energy capacity,

Kevin Miller

enough to power millions of homes annually. In 2023, Amazon was the world’s largest corporate purchaser of renewable energy for the fourth year in a row.

These sustainability initiatives align closely with regional and national government goals. By integrating renewable energy into our operations and investing in new projects, AWS supports these national objectives, including the UAE’s vision of a sustainable future. Our renewable energy projects not only help AWS meet our sustainability goals but also foster local clean energy industries and create jobs in the renewable energy sector.

Additionally, AWS has launched several programs and tools to help our customers reduce their environmental impact. The AWS Customer Carbon Footprint Tool provides detailed insights into the carbon emissions associated with their AWS usage, enabling them to make informed decisions to optimise their workloads for sustainability.

The UAE has ambitious digital transformation goals. How is AWS positioning itself to support these ambitions?

AWS estimates that the AWS Middle East (UAE) Region will support nearly 6,000 full-time jobs annually at external vendors through investment of Dhs20.1bn ($5.47bn) with an estimated economic impact on the UAE’s GDP of Dhs41bn ($11.16bn) by 2037.

We are also committed to building local capacity and expertise in cloud computing. Our training and certification programmes, such as AWS Academy and AWS Educate, are designed to equip students, developers, and IT professionals in the UAE with the skills needed to thrive in a digital economy.

Key drivers behind Dubai’s growth

Founder and chairman of ORO24 Developments, Atif Rahman, took to the stage of Gulf Business’ ﬁrst-ever Business Breakfast and he inspired the crowd with his insight of Dubai’s real estate sector growth

Idon’t want to make you feel like you’ve just landed from Mars by talking about the real estate boom, which is all over the media. However, not mentioning it would make me feel out of touch, so let’s continue the conversation about

Dubai’s real estate boom, and I’ll share my perspective.

We have some amazing success stories here in the real estate industry. But ﬁrst, let’s look at some numbers. I reviewed data from 2017-2020, and compared it to

what’s happening in 2023 and 2024. Can anyone guess the growth percentage?

The actual growth in transaction value is 875 per cent. And if you look at the volume, it’s 576 per cent.

We need to understand what has led to Dubai’s success story. In my opinion, there are two key eras. First, the late HH Sheikh Rashid bin Saeed Al Maktoum, who laid the foundation for today’s growth, and then HH Mohammed bin Rashid Al Maktoum, Vice Presidentand Prime Minister of the UAE and Ruler of Dubai, whom I consider the finest leader ever born. His vision is so advanced that it might take us 100 years to fully grasp what he foresaw. We might think the current real estate boom is happening organically, but that’s not the case. I

remember preparing for a speech long ago and learning about the Harris Master Plan for Dubai. In the 1970s, a British architect named John Harris was hired by Sheikh Rashid. Harris was almost on his way out of Dubai but was called back to create this master plan. Dubai was built on this plan.

If you think the trade and luxury we see now is new, remember that landmarks like the Jebel Ali Free Zone, the Trade Center, and the Burj Al Arab were all built before 1999. Then, many of us arrived, the freehold era began, and the rest is history. Dubai experienced its share of ups and downs, but it all started with the Harris Master Plan.

Amid all this, we received the 2040 Master Plan, which shows how the

In terms of population, with 10 million people amidst a global population nearing 8 billion, the UAE’s population constitutes about 0.129 per cent. These figures highlight the relatively small scale of both land and population in the UAE context.”

government is thinking and planning ahead. This plan aims to grow the city beyond imagination. The 2040 Master Plan promises a more vibrant community, doubles the greenery, enhances business opportunities, and improves mobility in the city.

Dubai is truly the city of the future, and its growth story is phenomenal. This growth is especially remarkable considering the global economic turbulence, with economies like Japan, the UK, and Germany facing recessions. Despite this sunny outlook, we must also consider the risks and responsibilities as business people. In my opinion, the real estate boom is driving the economic boom, not the other way around. There are still opportunities to be tapped into, such as innovative real estate and redesigning the master plan for the city’s future. I anticipate a market correction

where the growth will plateau, and then undergo a soft correction before continuing its upward trajectory.

And let me explain why I hold this view. Dubai excels as a city where the government consistently leads ahead of the private sector, setting it apart globally. While elsewhere the private sector typically takes the lead, Dubai’s unique dynamic sees the government pioneering progress. Here’s another intriguing statistic for you: consider the UAE’s land mass compared to the entire world. The UAE spans 83,000 square kilometres, whereas the Earth totals approximately 510 million square kilometres. This means the UAE occupies a mere 0.016 per cent of the planet’s total area. In terms of population, with 10 million people amidst a global population nearing eight billion, the UAE’s population constitutes about 0.129 per cent. These figures highlight the relatively small scale of both land and population in the UAE context. And yet, if you were to conduct a global survey, you’d find that half of the world’s population wishes to visit Dubai. This widespread appeal is fuelled by government policies and the city’s resilient growth story, driven not just by sentiment but by a robust belief system and visionary governance. Dubai’s unique position as a leader rather than a follower in governance sets it apart.

As we navigate this landscape of necessity and opportunity, there’s ample room for all stakeholders to engage meaningfully in the real estate sector.

You can watch the full video below of his speech on gulfbusiness.com

A time-honoured tradition: Muslims perform the Eid al-Adha morning prayer around the Kaaba, Islam’s holiest shrine, at the Grand Mosque in Saudi Arabia’s holy city of Makkah, on the first day of the holiday marking the end of the hajj pilgrimage, on June 16.

PHOTO BY: AFP VIA GETTY IMAGES

Lifestyle

Maserati magic

The latest edition of the GranTurismo – with three powertrain options – drives like a dream p.52

“People are recognising that true health isn’t just about the absence of disease, it’s about achieving a balanced state of physical, mental, and emotional wellbeing. The body is constantly self-healing, and this comprehensive approach is essential for building resilience, managing stress, reducing inflammation, and enhancing overall quality of life.”

Dani Afiouni, founder and CEO, Longevity Wellness Hub

ASTON MARTIN’S VALIANT SPECIAL EDITION

Valiant was originally conceived after a commission from Aston Martin Aramco Formula One team driver, Fernando Alonso, for a race car inspired version of the Valour. Marking Aston Martin’s commitment to building pure driver’s cars, the Valiant is powered by a 745PS twin turbo 5.2-litre V12 engine mated to a six-speed manual transmission, Production is limited to just 38 cars globally.

BUILDING SUCCESS, LEGO BRICK BY BRICK

TIM HARRISON-JONES, GENERAL MANAGER, LEGOLAND DUBAI RESORT TELLS US WHY THE DESTINATION REMAINS A FAVOURITE WITH GUESTS OF ALL AGES FROM ACROSS THE WORLD

BY NEESHA SALIAN

From the clatter of colourful bricks in a child’s playroom to mind-boggling and intricate LEGO sculptures adults build, there’s no denying the universal love for LEGO. Here, in the UAE, that love is writ large at LEGOLAND Dubai Resort, the first of its kind in the entire region.

The destination opened in 2016, becoming an integral part of an expanding list of mega theme parks in the UAE that draw visitors from all over the world. To throw in an interesting statistic, the International Association of Amusement Parks and Attractions (IAAPA) recognised the UAE as the fastest-growing amusement park market within the Middle East and Africa (MENA) region in 2023.

This bodes well for the theme park considering consumer spending at theme parks and related destinations in the

MENA region is projected to grow at an annual rate of 10.9 per cent, according to IAAPA. By the end of this year, it is forecasted to reach $474m.

A family favourite, LEGOLAND Dubai Resort hosts six themed lands, including Factory, LEGO City, Kingdoms, Miniland, Adventure and Imagination, with 40 interactive rides, attractions and ‘building’ experiences.

Like a treasure trove, the goodies don’t stop; there’s the LEGOLAND Water Park with 20 slides and other fun attractions, and last but not least, the LEGOLAND Hotel. This wonderland features 250 LEGO-themed family rooms, 15 suites and 191 themed rooms, making it a great family destination for residents and visitors.

The resort consistently features activities and experiences to keep young fans entertained, says Tim Harrison-Jones, general

manager, LEGOLAND Dubai Resort. Harrison-Jones says he has enjoyed every day on the job since stepping into the role a little over a year ago (visualise yourself surrounded by 60 million LEGO bricks, 15,000 models and loads of happy children and adults – sounds like a lot of fun, doesn’t it?).

We caught up with him at the recent Arabian Travel Market to discover how the destination brings the magic of LEGO to life for families. Here are excerpts from the conversation.

It’s been over a year since you took over as general manager of LEGOLAND Dubai Resort. Tell us about the developments during the period that have strengthened the brand.

It’s been an incredibly interesting year with a lot to learn about the LEGOLAND brand and its ethos. We’ve strengthened our partnership with LEGO and LEGOLAND, leading to a deeper understanding of the core values that both brands represent. This has allowed us to focus more on enhancing the guest experience and embedding those brand values at the heart of everything we do.

We’ve also been collaborating closely with Merlin Entertainments, our park operator, which got a new CEO and executive team in 2022. Additionally, we have flourished as part of Dubai Holdings Entertainment. We’re looking ahead at the next five to 10 years, planning our investment strategy to ensure continued growth and innovation. Since LEGOLAND opened in 2016, we’ve faced challenges, including the impact of Covid-19. However, we’ve gained momentum thanks to the exciting developments at Dubai Parks and Resorts, such as Neon Galaxy and Real Madrid World, and we expect more positive developments in the coming 12 to 18 months.

How do you see the popularity of the resort growing?

We’re aiming to enhance our destination awareness campaigns, particularly as Dubai continues to grow. Projects like the expansion of Al Maktoum Airport and developments at Jebel Ali Palm and Dubai South are set to expand rapidly over the next five to ten years. This growth brings excitement and potential for new opportunities.

We’re hopeful for the addition of metro stations at Dubai Parks and Resorts, which would significantly improve accessibility and further establish us as a prime destination. These developments, along with ongoing investments, could be real gamechangers for us.

The Middle East is witnessing a tremendous growth trajectory in hospitality and leisure, with Dubai leading the way. We see a blend of creativity, innovation, and world-class projects across the region, making it an increasingly attractive destination for families. As Dubai continues to grow as a year-round tourist destination, with summer becoming as busy as winter, we are adapting our offerings to cater to this demand.

How has Q1 2024 been in terms of footfall?

This year’s first quarter started strong, but we faced challenges due to two significant rainstorms, especially the one on April 16. The storm caused disruptions, including difficulties for staff to commute, which led to temporary closures mandated by Dubai Municipality. Despite these challenges, our team worked hard to ensure guests staying at our hotel were well taken care of, and we reopened parts of the park as soon as possible.

FUN FACTS:

Did you know?

The first LEGOLAND Park opened in 1968 in Billund, Denmark

Nine more parks are located across five countries: UK, US, Germany, Malaysia, Korea, UAE and Japan

In Dubai, LEGOLAND Theme Park opened in 2016, LEGOLAND Water Park opened in 2017, and LEGOLAND Hotel opened in 2022

THE INDOOR ATTRACTION IS SET WITHIN MINILAND, HOME TO ICONIC BRICK-BUILT MODELS SUCH AS THE BURJ KHALIFA, DUBAI AIRPORT, AND SHEIKH ZAYED MOSQUE, ALL CRAFTED FROM AN ASTONISHING 20 MILLION LEGO BRICKS

Our hotel hosted guests from over 160 different nationalities, which is more than any other LEGOLAND Hotel worldwide. This diversity highlights the global appeal of our brand.

Understanding the impact of global events and targeting our marketing efforts accordingly is crucial. For instance, we’ve successfully tapped into the Chinese market, and in February, China was our largest source market for the hotel. We’re also focusing on other key markets such as CIS, India, and GCC countries, balancing our visitor demographics and ensuring steady growth.

The LEGO brand is globally recognised, and we are proud to be the custodians of such an iconic IP (intellectual property). The partnership between LEGO and Merlin Entertainments is strong, and we are committed to maintaining the integrity and purpose of the brand.

What can guests look forward to in the future at LEGOLAND Dubai Resort?

The LEGO Ever-changing Play Box opened its doors in April. The indoor attraction is set within MINILAND, home to iconic brick-built models such as the Burj Khalifa, Dubai Airport, and Sheikh Zayed Mosque, all crafted from 20 million LEGO bricks.

This six-part interactive experience invites guests to step into the LEGO world, sharing the story of how LEGO was created, offering build experiences and showcasing 3D-mapped creations. It’s a fantastic addition to our overall offering.

We’re also introducing new events at the water park, like our supercharged water park parties in July and August, tailored for young children. These events will be funfilled and perfect for summer.

Looking ahead, we’ll continue to evolve our offerings with seasonal events such as Halloween, Christmas, and National Day.

Our goal is to create unforgettable family memories, and when children leave saying, “that was the best holiday ever”, we know we’ve done our job well.

Athar Festival 2024: Saudi creativity ignites the global stage

Returning for its second edition, the Athar Festival celebrates Saudi Arabia’s burgeoning creative sector as a vital force behind economic transformation

Saudi creativity has evolved into a powerful brand in its own right, signifying a quantum leap in empowerment, engagement, and excellence that is resonating on the global stage.

Aligned with the creative economic growth goals of Saudi Vision 2030, the advertising industry is set to achieve ad spending of $2.266bn in 2024. With the non-oil sector projected to grow by an impressive 4.8 per cent in 2024, the kingdom is redefining itself from an oildependent nation to a thriving hub of innovation, culture, and creativity. This transition is bolstered by increasing global partnerships that enhance Saudi visibility and attract foreign investment, such as the visionary NEOM project and joint ventures with international hospitality groups changing the scene

Creativity lies at the heart of Saudi Arabia’s cultural identity, and the potential of our nation’s youth significantly bolsters the growth of the creative economy.”

of technology, sustainability, urban planning, and tourism in the kingdom.

In that promising light, the inaugural edition in 2023 of Athar - Saudi Festival of Creativity, the country’s largest gathering of the creative marketing industry, attracted over 1,400 decision-makers from agencies, brands, platforms, government, and young talent worldwide. Leveraging the notable success, the festival returns this year to Riyadh to not only celebrate homegrown innovation but also recognise it as a key driver of the kingdom’s economy.

“The Athar Festival champions the goals of Saudi Vision 2030 by fostering and celebrating creativity as a key driver of economic growth,” said Ian Fairservice, chairman of Athar Festival and managing partner and group editor of Motivate Media Group. “ As Saudi Arabia’s foremost and most prestigious creative industry recognition, the festival is a showstopping opportunity for the Gulf state’s marketers and creatives and an unprecedented platform to showcase the country’s efforts in using creativity and innovation to become a global powerhouse.”

WHAT TO EXPECT AT ATHAR 2024

Athar Festival 2024 will host over 100 speakers, across two stages that will showcase creativity in the kingdom and beyond. Attendees can look forward

to an array of programmes, including expert sessions led by distinguished regional and global speakers, industry roundtables, exclusive C-suite sessions, accelerator programs, and a 24-hour hack competition. Additionally, participants will gain valuable insights into the evolution and significant strides made by Saudi Arabia in the creative sphere.

Anticipating his participation as one of the headline speakers this year, Sir Martin Sorrell, founder and executive chairman of S4 Capital, a tech-led, new age digital advertising company, commented, “Through my involvement in Athar - Saudi’s own Festival of Creativity - I look forward to joining all the participants to celebrate the stories and campaigns coming out of a region with diverse cultures and dynamic growth.”

Mohamed Al Ayed, vice chairman of Athar Festival and CEO of TRACCS, added: “Creativity lies at the heart of Saudi Arabia’s cultural identity, and the potential of our nation’s youth, who are both creatively and technologically adept, significantly bolsters the growth of the creative economy, which is crucial in achieving the goals of Vision 2030. As the first of its kind to recognise and celebrate creative marketing excellence in the country, the Athar Awards 2024 are setting a new benchmark for progress.”

The festival will culminate in the Athar Awards 2024, which aim to promote and celebrate creativity as a driving force for economic growth. Twentyfour diverse categories will recognise campaigns, leaders and teams who are collectively shaping the future of Saudi Arabia’s creative economy.

Athar Festival 2024 is presented by Motivate Media Group and TRACCS.

For more information on registrations for the festival, visit the official website: www.atharfestival.com

Where timeless luxury meets cool customisation

KLAUS BUSSE, MASERATI’S HEAD OF DESIGN, GIVES US INSIGHTS INTO THE AUTOMAKER’S VISION FOR CAR CUSTOMISATION

BY SHIVAUM PUNJABI

Maserati has always been synonymous with timeless luxury and high performance. Now, as the brand enters the exciting world of electric vehicles with the Folgore, they are also embracing customisation at a new level.

Here, we speak with Klaus Busse, Maserati’s Head of Design, about the Folgore and the brand’s vision for the future of car customisation and design.

Maserati is known for its timeless design. How does that translate to the Folgore, the brand’s first electric vehicle?

At Maserati, design is more than just aesthetics; it’s about heritage, performance, and innovation. The Folgore represents the perfect blend of our timeless design language with cutting-edge electric technology. The car’s silhouette is unmistakably Maserati, with its long bonnet, flowing lines,

and athletic stance. Yet, there are subtle design cues that hint at its electric nature, such as the closed grille and the aerodynamic wheels.

You mentioned customisation. How can customers personalise their Folgore?

With the Folgore, we are taking our Fuoriserie customisation programme to a whole new level. We start with a beautiful car that is already a blank canvas for self-expression. The Folgore’s clean lines and uncluttered design provide the perfect foundation for customisation.

Can you elaborate on the Fuoriserie programme?

Fuoriserie is a tiered programme that caters to different customer needs. For those who want some guidance, we offer pre-configured options developed by our Centro Stile design house. These options allow customers to personalise their Folgore with unique colour combinations, materials, and finishes. Clients who desire a truly one-of-a-kind creation can work directly with my team or even with me personally to design their dream car.

Is there a minimum spend required to participate in the Fuoriserie programme? No, participation in Fuoriserie is not about price; it’s about the complexity of the project. We recently created a one-of-a-kind car for a customer, a project we called “Opera d’Arte,” which took a year to complete. On the other hand, we also offer a variety of pre-configured options that are more accessible.

In conclusion, how do you see the future of car customisation at Maserati?

At Maserati, we believe that customisation is not just a trend; it’s the future. We will continue to develop innovative ways for our customers to express themselves through their cars. With the Folgore, we are entering a new era of customisation that combines timeless design with cuttingedge technology, allowing our customers to create Maseratis that are truly unique and special.

A GRAND RETURN

MASERATI’S GRANTURISMO IS BACK, BLENDING TIMELESS ELEGANCE WITH MODERN INNOVATION.

RETAINING THE CLASSIC PROPORTIONS OF ITS PREDECESSOR, THE NEW EDITION OFFERS THREE POWERTRAIN OPTIONS. WE ROAD TESTED THIS TIMELESS ICON AND IT DIDN’T DISAPPOINT

The Maserati GranTurismo makes a stunning comeback in 2024, boasting many unique features. Maserati has masterfully preserved the previous model’s exquisite proportions, capturing its timeless appeal and seamlessly integrating the essence of the prior version into the new iteration.

LOOKS

The GranTurismo epitomises the grand touring (GT) car aesthetic, with a long front end flowing into a short, well-sculpted rear. The design retains the timeless elegance of the previous generation, ensuring a perfect synchronisation between the old and new. Elegance is paramount here, and the

Maserati GranTurismo fits the bill perfectly. It exudes an unmistakably Italian charm, as expected.

PERFORMANCE

Significant changes define the new GranTurismo. The previous-generation V8s are gone, replaced by three distinct powertrain and performance options:

Modena: The base trim features the twinturbo V6 Nettuno engine producing 483 HP, capable of 0-100 kph in 3.9 seconds.

Trofeo: This is the highest-performing ICE powertrain currently available from Maserati. With the same twin-turbo V6 Nettuno engine as the Modena, the Trofeo is tuned to produce 542 HP and achieves 0-100 kph in 3.5 seconds.

Folgore: Maserati has introduced a completely electric version of the GranTurismo. With a tri-motor setup, the Folgore accelerates from 0 to 100 kph in 2.7 seconds. I have yet to drive the Folgore GranTurismo, but have extensively driven the Trofeo version.

The ICE models feature air suspension, adaptive damping, AWD (all-wheel drive), and a quick-shifting 8-speed ZF gearbox. The GranTurismo offers multiple drive modes, including Comfort, GT, Sport, and Corsa, each altering the car’s characteristics to match the driver’s expectations. In GT or Comfort mode, it behaves like a genuinely comfortable grand tourer, perfect for relaxed drives around town. However, I always preferred Sport

“I always preferred Sport mode, which instills a sense of urgency. The car responds more quickly to throttle and brake inputs, handles sharply, and takes corners like a proper sports car.”

mode, which instills a sense of urgency. The car responds more quickly to throttle and brake inputs, handles sharply, and takes corners like a proper sports car. Despite being an AWD vehicle, power is sent to the rear wheels, making it incredibly fun to drive. The GranTurismo truly lives up to its name and the Maserati badge.

INTERIORS

Maserati has excelled in crafting the GranTurismo’s interior. The quality of materials and build is top-notch, achieving a perfect blend of analogue and digital elements. The new infotainment system provides a much-needed digital upgrade and is userfriendly. The rest of the interior maintains

an analogue look and feel, which is a welcome touch. The centre clock, now digital, is a departure from the classic analogue clock, which I miss. However, the inclusion of the Sonus Faber audio system is a welcome addition.

THE VERDICT

In the grand scheme of things, the GranTurismo stands out as a statement car. Maserati has yet again succeeded in creating a beautiful machine.

However, the brand has a reputation for rapid depreciation and occasional temperamental behaviour. Only time will tell if Maserati can change this perception.

The Maserati GranTurismo starts from Dhs750,000.

AGEING WELL, LIVING BETTER

DANI AFIOUNI, FOUNDER AND CEO OF LONGEVITY WELLNESS HUB SHARES HOW THE COMPANY COMBINES CUTTING-EDGE TECHNOLOGY WITH ANCIENT PRACTICES AND EMPOWERS INDIVIDUALS TO TAKE CHARGE OF THEIR WELLBEING

BY NEESHA SALIAN

Tell us about the Longevity Wellness Hub. What inspired you to create this business?

The Longevity Wellness Hub is more than just a business for me; it’s a culmination of my lifelong passions for adventure and wellness.

Over the past 15 years, I’ve spent countless weeks scaling summits and exploring the Arctic region. These expeditions led me to develop a unique training method that eventually became the foundation of the hub.

The turning point came in 2018, during a perilous expedition to Antarctica’s summit.

My training and experience proved crucial in overcoming the challenges I faced. This experience made me realise that these techniques could benefit others seeking to improve their well-being and resilience.

Upon returning, I transformed my experiences into a wellness hub that empowers individuals to take control of their health. The Longevity Wellness Hub combines cutting-edge technology with holistic health practices to help people “Age Well and Live Better”.

Five years on, we continue to innovate and expand, staying true to our mission of promoting holistic wellness.

Why is holistic wellness more important today, and how do the company’s offerings support this concept?

Holistic wellness is increasingly important in our fast-paced and stressful world. We provide the knowledge, space, technology, data, and actionable insights that people need to take charge of their wellbeing.

People are recognising that true health isn’t just about the absence of disease; it’s about achieving a balanced state of physical, mental, and emotional wellbeing. The body is constantly self-healing, and this comprehensive approach is essential for building resilience, managing stress,

Pics: Supplied

“The Longevity Wellness Hub combines cutting-edge technology with holistic health practices.”

reducing inflammation, and enhancing overall quality of life.

At Longevity Wellness Hub, we support this by integrating advanced technologies such as red light therapy, ice bath therapy, hyperbaric oxygen therapy, and sound and light frequency therapy, alongside quantum scanning technology and other advanced protocols with time-tested health practices. This empowers individuals to take proactive steps towards their wellbeing.

Our goal is to equip people with the tools and knowledge they need to achieve optimal health, resilience and vitality.

You recently undertook a 150-kilometre run to support mental health. Tell us about it.

Mental health is a crucial yet often overlooked or stigmatised aspect of overall wellness. Through my experiences as an explorer and athlete, I’ve witnessed firsthand the power of mental resilience and a positive mindset in overcoming challenges. This has helped me cultivate compassion, inspiration, and hard work in everything I do.

The run aimed to highlight the importance of mental health and support the Emirates Society of Child Mental Health.

At the Longevity Wellness Hub, we believe that mental wellness is integral to holistic health. We incorporate various practices and treatments to support it. For example, sound and light frequency therapy reduces stress and anxiety, promoting calmness and relaxation, while cold water immersion stimulates the nervous system and enhances

endorphin release, boosting mood and mental resilience.

By integrating these practices, we offer a comprehensive approach to mental health. Our goal is to create an environment where individuals can focus on their mental and emotional health as part of their overall wellness journey.

Supporting mental health through the run and our daily practices at the hub reflects our commitment to helping people achieve a balanced and healthy life.

THE RUN AIMED TO HIGHLIGHT THE IMPORTANCE OF MENTAL HEALTH AND SUPPORT THE EMIRATES SOCIETY OF CHILD MENTAL HEALTH

The SME Story

A dedicated hub for the regional startup and SME ecosystem

INTERVIEW

Focused on innovation

From ﬁntech to agritech, we speak to a group of Middle East’s pioneering startups that are not only transforming the digital landscape but are making a lasting impact on communities

Uday Rathod, CEO and co-founder, TOTL

What inspired you to start TOTL, and what is the core concept of the company?

Not to dwell on the past, but the inception of TOTL stemmed from a crucial observation during the chaos caused by the Covid-19 pandemic. Preceding the pandemic, our focus lay in the FMCG sector, primarily centred around cashback initiatives. However, the onset of Covid brought about signiﬁcant disruptions, particularly impacting brick-andmortar stores. Witnessing the struggles of these establishments, many of which had heavily invested in their physical presence, prompted a realisation—a pivotal shi t was imperative.

In the face of chaos, we identiﬁed a pressing need to assist merchants in

navigating turbulent times and fortifying their relationships with consumers. This epiphany led to a substantial pivot in our product strategy, culminating in the birth of TOTL.

At its core, TOTL is dedicated to empowering businesses to survive and thrive by focusing on consumer retention. We facilitate this through a unique approach to payments and rewards. Our platform enables merchants to seamlessly collect payments while simultaneously issuing and managing cashback that can only be redeemed within the same establishment.

This innovative model serves a dual purpose: ﬁrstly, it incentivises customers to return to the same store, fostering loyalty and repeat business. Secondly, it ensures that consumers receive optimal value for their expenditures. In essence, TOTL endeavours to revolutionise the symbiotic relationship between merchants and consumers, recognising that the retention of existing clientele holds unparalleled signiﬁcance in both e cacy and cost-e ectiveness compared to the perpetual pursuit of new customers.

What were some of the biggest challenges you faced while starting the business?

One of our biggest challenges in launching TOTL was the dual task of educating both merchants and consumers about our unique B2B2C platform. In the initial stages, amidst the prevalence of mask-wearing due to the pandemic, we

had to physically engage with merchants to convey the beneﬁts of cashback and consumer retention, concepts relatively unfamiliar at the time. Unlike traditional marketing approaches, which focus on acquisition, our emphasis on retaining existing customers requires a paradigm shi t in mindset. We drew parallels with online marketing’s “re-targeting” strategy, emphasising how our platform enables businesses to re-engage with their clientele e ectively.

Securing meetings with merchants and making our approach clear required tangible demonstrations supported by screenshots and clear communication. Furthermore, on the consumer front, we encountered the challenge of introducing cashback through an app, a departure from the conventional credit card cashback model.

Navigating these hurdles demanded perseverance and a commitment to clear, concise communication. Despite the challenges, we persisted, recognising the invaluable partnerships forged in those formative days and the importance of transparently conveying our platform’s benefits to merchants and consumers alike.

ONE OF OUR KEY DIFFERENTIATORS IS OUR EMPHASIS ON REDEMPTION AT THE SAME STORE WHERE THE CASHBACK WAS EARNED

What key lessons did you learn in your career that have influenced your approach?

Two key lessons profoundly shaped our approach: Firstly, patience. Understanding that new products require time to develop and comprehend is crucial. Patience ensures emotions don’t overshadow objectives, keeping focus on the ultimate goal.

Secondly, the paramount importance of a cohesive team. A great product hinges on a great team. Additionally, honing problem-solving and decisionmaking skills has been pivotal. Whether personal or professional, daily challenges require adept solutions and decisive actions. As a leader, these skills are indispensable, as they impact both the company and its people, influencing the organisation’s trajectory.

What makes TOTL stand out among other companies that offer loyalty rewards?

What sets us apart from other companies offering loyalty rewards is our unwavering commitment to creating value for users and merchant partners. Unlike traditional loyalty programmes focusing solely on discounts or rewards, our model centres around value-driven cashback. This means that our incentives are meticulously designed to benefit users and merchants, creating a symbiotic relationship that fosters long-term success.

One of our key differentiators is our emphasis on redemption at the same store where the cashback was earned. By closing the value loop in this manner, we ensure that merchants see a direct return on their investment through increased customer loyalty and repeat business. This unique proposition resonates strongly with merchants, as it guarantees tangible benefits for their establishment. Additionally, our focus on providing cashback that can only be spent at the issuing store incentivises merchants to offer higher cashback rates, driving foot traffic and sales. This, in turn, enhances our platform’s appeal to users motivated to return to the store to redeem their cashback.

In a market saturated with loyalty programmes, TOTL stands out by offering a solution that delivers tangible benefits to users and merchants, fostering sustainable growth and setting a new standard for customer-centric loyalty rewards.

What are some of TOTL’s key achievements?

TOTL has achieved remarkable milestones, surpassing Dhs1.1m in transactions by 2023 and fostering a network of over 600 local businesses in the UAE. Its innovative cashback mechanism has revolutionised customer loyalty while pioneering features like QR code payments and NFC-based transactions push the boundaries of digital finance. As the UAE

“TIME-BASED OFFERS FURTHER ENHANCE SAVINGS, GRANTING HIGHER CASHBACK REWARDS DURING SPECIFIC HOURS. ADDITIONALLY, CUSTOMERS CAN OPT FOR E-VOUCHERS WITH ADDED VALUE, EXPANDING THEIR SAVING OPTIONS.”

transitions towards a cashless economy, TOTL leads the charge, aligning with initiatives such as AANI by Al Etihad Payments. With aspirations to exceed Dhs5m in transactions by 2024, TOTL’s unwavering dedication and ambition solidify its position as a trailblazer in the fintech industry.

How can consumers reap the best offers? How does the app work?

Consumers can maximise their savings with us through its key features. With smooth digital payments, customers can easily transact at partnered brands using QR codes or NFC payments. Each purchase earns cashback redeemable exclusively at the same store, incentivising multiple visits. Time-based offers further enhance savings, granting higher cashback rewards during specific hours. Additionally, customers can opt for e-vouchers with added value, expanding their saving options.

TOTL ensures a seamless payment experience, prioritising convenience for shoppers whether they use the app or not. These features collectively empower consumers to make the most out of their spending, enjoying both savings and convenience in their shopping endeavours.

Why should brands sign up on TOTL?

Brands benefit from signing up on TOTL for several reasons. Firstly, TOTL focuses on customer retention, crucial for a brand’s growth and sustainability. With a cashback system redeemable only at the same store, TOTL drives repeat purchases and also attracts new customers. Brands also gain targeted exposure through AI-driven capabilities which increases the likelihood of conversions, leading to tangible ROI. TOTL offers innovative features like QR codes and NFC payments, keeping brands ahead in digital transactions. Moreover, continuous improvement ensures TOTL evolves with consumer demands, offering personalised incentives benefiting customers and businesses. TOTL’s strategic approach creates a mutually beneficial proposition for both customers and businesses, ensuring a win-win scenario for all involved parties.

What inspired you to start the company?

I found there was an obvious gap in communication processes within the education sector between parents, learners, educators, and administrators – this motivated me to step in with an innovative solution that has the potential to help streamline this workﬂow. This is an issue that has posed a number of challenges within the current landscape, including delays in decision-making processes, inadequate communication channels, time-consuming manual records, outdated administration methods, lack of access to innovative tools, as well as the creation of so tware applications utilised within educational institutions.

I wanted to create a platform that addresses these di culties and has the potential to improve the educational level in Dubai aligned with government priorities. I developed ‘STARS AI’ in 2023 to o er a comprehensive solution

Mohammed Yousuf Ali Ahmed Alrais, CEO, Future Stars Education Management System

to seamlessly address these multifaceted issues e ciently, to revolutionise the education system and facilitate accessibility for all stakeholders. The platform

is equipped with various features, including those related to tracking and managing all educational activities, and another related to an exceptional communication channel that brings together all groups in the educational sector. For an optimal user experience, we are currently conducting a market evaluation and working internally on improving our features, monitoring any bugs or potential security risks, and upgrading the solution accordingly. We will start working with schools once we complete all internal tests and enhancements to ensure that we are providing our users with a quality platform.

What needs are you meeting in the market?

With STARS AI, we wanted to create a platform that is inclusive and covers as many aspects of the educational journey as possible, all while ensuring that it is easy to use, accessible, and a ordable. It is the ﬁrst application to provide smart

STARS AI USES A ‘SOFTWARE AS A SERVICE’ (SAAS) MODEL, WHICH IS A SOFTWARE DISTRIBUTION MODEL WHERE WE HAVE CREATED OUR CLOUD-BASED APPS, UTILISING USERFRIENDLY INTERFACES, CLEAR WORKFLOWS, OFFERING AN OPTIMISED EDUCATIONAL EXPERIENCE.

solutions to put parents at ease and keep them up to date with their children’s activities, starting from the first day of kindergarten until their graduation. Our platform provides effortless communication features for users across the board, such as mass notifications, classroom posts, one-on-one messaging, forms, and sign-ups, as well as real-time student monitoring, including academic scores tracking, behaviour reports, grades and even canteen purchases. We have also put in an option for parents and students to shop for school items such as uniforms, stationery, as well as near field communication (NFC) bracelets and cards. In case a child experiences an injury while at school, the nearest teacher can request medical assistance through the application, with an option to show the exact location of the student. Once the student has been treated and the nurse has filled out the necessary details in the medical file, it can also be saved. Parents would be immediately notified of the incident involving their child and provided assurances of the child’s health and safety and that

the child has been treated by the school’s medical team.

Additionally, STARS AI provides convenient administration tools such as online registration, appointments, admission, attendance, bus tracking, and payment. The platform is designed to give a dynamic and personalised learning experience through different offerings including hybrid classes, online meetings, assessments, quizzes and worksheets.

What is your business model?

infrastructures or deal with any aspect of the software management. In addition, the hardware component of the solution utilises NFC technology facilitating data reflection to the STARS AI portal NFC is what allows parents to monitor their children from the moment they board the school bus until they arrive home. We are implementing a unique framework for our education hub, apps and web portals powered by various technologies. We also have robust security protocols in place to ensure our users’ data is safe and secure. Our business model allows us to implement encryption, utilise strong authentication, access controls and regular backups to safeguard data from unauthorised access.

IN CASE A CHILD EXPERIENCES AN INJURY WHILE AT SCHOOL, THE NEAREST TEACHER CAN REQUEST MEDICAL ASSISTANCE THROUGH THE APPLICATION

STARS AI uses a ‘software as a service’ (SaaS) model, which is a software distribution model where we have created our cloud-based apps, utilising user-friendly interfaces, and clear workflows, offering an optimised educational experience. This model enables us to provide our users with the option to subscribe to our apps rather than purchasing it once and installing it. They don’t have to download software, manage any existing IT

“OUR PLATFORM PROVIDES EFFORTLESS COMMUNICATION FEATURES FOR USERS ACROSS THE BOARD, SUCH AS MASS NOTIFICATIONS, CLASSROOM POSTS, ONE-ON-ONE MESSAGING, FORMS, SIGN-UPS, AS WELL AS REAL-TIME STUDENT MONITORING, INCLUDING ACADEMIC SCORES TRACKING, BEHAVIOUR REPORTS, GRADES AND EVEN CANTEEN PURCHASES.”

Who has contributed to the success of your enterprise?

The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) has supported me throughout my journey to establish Future Stars and has granted me a partial exemption from trade license fees. Thanks to the Hamdan Innovation Incubator (HI2) in Dubai SME, I was provided with a virtual office and was able to bring my idea to life and empower parents, learners, educators, and administrators by providing cutting-edge solutions to help them navigate through their tasks. This allows us to be at the forefront of education trends and contribute to the enhancement of the sector in Dubai.

What are your future plans?

We seek to become a leader in the education sector and expand our offerings into the market in an effort to digitise, structure, and integrate communication, learning, and administration, enhancing work efficiency, productivity and the overall learning experience. We are currently working on a plan to deploy our cutting-edge software and advanced technologies in multiple schools to further facilitate communication processes.

What inspired the creation of the company? Tell us about its business model.

Our founders’ main driver was to deliver technologies that make it easier for farmers to grow fresh crops in di cult environments. Ryan Lefers, Mark Tester and Derya Baran each had an academic and commercial focus on innovating to mitigate the impact of climate change and help feed the world’s growing population, sustainably.

We operate a hybrid model, with direct sales to global clients which include some of the world’s leading growers, as well as strategic partnerships with renowned manufacturerdistributions in core markets.

At iyris, we intentionally set out to create a technology that is easy to adopt for farmers operating in low to mid tech cultivation, who are increasingly impacted by the risk of crop loss due to heat stress and the increased operational costs su ered in growing in hotter climates.

How did you identify the need for agriculture and climate tech in your target markets?

Agriculture is the largest consumer of the world’s freshwater resources. Food production and supply uses more than one-quarter of global energy production. We are focused on those markets

increasingly impacted by high heat conditions. In these markets, there is a critical need to bring more sustainable farming practices to feed their growing populations.

Last year was the warmest one on record, and our technology responds directly to this challenge. iyris’ technologies are already deployed in 11 countries, across ﬁve continents including Mexico, Southern Europe and across the Arabian Gulf. These markets alone serve a global recurring market of more than $6bn.

Tell us more about the company’s proprietary technology and how it signiﬁcantly reduces energy and water.

Our award-winning, flagship product SecondSky, and its range of infrared heat radiation blocking greenhouse covers, are available and accessible to the farming community through the same suppliers and purchasing channels they have used for decades.

What is unique about SecondSky by iyris is that it is focused at low- to mid-tech farmers. These farmers have been largely underserved by major agtech innovations despite representing

more than 70 per cent of global food production.

SecondSky – available in multiple greenhouse coverings and shade nets - minimises the stress and impact of near infrared heat radiation on plants while allowing the spectrum of light that plants need for photosynthesis. This is revolutionary in the agriculture industry delivering more resilient, productive and proﬁtable crops in regions where climate change and excessive heat limit sustainable and productive growth.

SecondSky polycarbonate, polyethylene, nets, and soon to be launched shade screens are deployed to customers growing fresh produce in the UAE, Saudi Arabia, Egypt, Morocco, Spain, Portugal, Mexico and North America.

While the proprietary technology is complex, we designed the application to be deployed as easily as possible. SecondSky covers are a one-for-one replacement of traditional plastic greenhouse rooﬁng. Additionally, iyris has developed plant genetics via a novel hybridisation process that has the potential to breed resiliency to salinity, heat and drought across a broad range of crops, ensuring stress resistant, dependable food production.

John Keppler, executive chairman at iyris

WITH THE GLOBAL POPULATION ESTIMATED TO GROW TO 10 BILLION BY 2050, FOOD SECURITY AND FARMING IN A SUSTAINABLE MANNER (BOTH ENVIRONMENTALLY AND FISCALLY) IS A WORLD-WIDE CHALLENGE.

IYRIS IS ASSEMBLING THE NECESSARY TOOLKIT TO HELP FARMERS IMPROVE CROP YIELDS WITH LESS RESOURCES

The technology is already demonstrating exciting results with some of the world’s largest tomato growers in large-scale open-field-trials.

Congratulations on raising $16m in your Series A round. Tell us about the key factors that attracted investors. We are very proud of this vote of confidence from the investment community in terms of continued support from existing investors and the new investors that participated in this funding round. The round was led by Ecosystem Integrity

“LAST YEAR WAS THE WARMEST ONE ON RECORD, AND OUR

TECHNOLOGY RESPONDS DIRECTLY TO

THIS

CHALLENGE. IYRIS’ TECHNOLOGIES ARE ALREADY DEPLOYED IN 11 COUNTRIES, ACROSS FIVE CONTINENTS INCLUDING MEXICO, SOUTHERN EUROPE AND ACROSS THE ARABIAN GULF. THESE MARKETS ALONE SERVE A GLOBAL RECURRING MARKET OF MORE THAN $6BN.”

Fund (EIF) – a San Francisco-based climate and sustainability fund supporting high-growth companies that drive a positive environmental impact.

They recognised that iyris technology solutions deliver tangible benefits to the farming community. Our investors also understand the wider potential of our technology. The investors appreciated that reducing input costs, extending growing seasons and increasing yield resonates with growers and is recognised as a driver of improved food security in those regions where our activities are targeted.

The EIF investment complemented the funding and resources provided by early-stage investors such as King Abdullah University of Science and Technology (KAUST), where our founders developed and spun out the technology. Saudi Aramco’s Wa’ed investment arm, Olson Ubben and Future Investment Initiative Institute enabled our early growth and remain important strategic investors in the company.

New investors such as Dubai Future District Fund (DFDF), Kanoo Ventures and Globivest acknowledge the progress we have made and future potential of the company.

The investment in iyris reaffirms our position as one of only a few companies that have tremendous potential to become a critical partner for a mass market of growers, as they seek to adapt their operations to withstand and mitigate climate change.

The proceeds from our funding will support increased sales coverage and delivery of iyris’ strong international sales pipeline for our SecondSky greenhouse covers and nets. It will also fund continued development of our innovative heat blocking products and resilient plant genetics, both of which have huge potential to improve yields further.

What makes the MENA region a significant focus for iyris?

The founders started the company’s journey at KAUST in Saudi Arabia. Our investor cohort has strong backing within the MENA region. The GCC is a region where high heat is a daily problem so was a natural proving ground for iyris’ technologies. Within the region, we have been able to develop important partnerships, with organisations such as Magrabi Agriculture, Egypt’s leading fresh produce provider; Silal and Pure Harvest Smart Farms.

We divested our Saudi Arabian farming operations in 2023 to Pure Harvest Smart Farms remaining their technology partner. We remain the anchor facility within the Silal Innovation Oasis in Al Ain in the UAE.

These partnerships are supercharging wider adoption of the technologies such as SecondSky across the Gulf region benefitting local growers and the agricultural ecosystem.

How does iyris manage its global operations?

From our origins in Saudi Arabia, we are proud of our expansion into a global company, working with clients across five continents. Our team is spread across various regional bases which ensures we can stay close to our current customers while exploring new markets and opportunities.

What is your long-term vision for iyris, and where do you see the company in the next five to 10 years?

In just a very short time, we have brought our products to market and proven their impact. We have a lot left to do. With the global population estimated to grow to 10 billion by 2050, food security and farming in a sustainable manner (both environmentally and fiscally) is a world-wide challenge. iyris is assembling the necessary toolkit to help farmers improve crop yields with less resources, which means there is a huge opportunity over the next decade. We will continue to expand our footprint and support sustainability in more countries, continuing to introduce new crops and new technologies.

What inspired you to start the ‘What I Did Next’ podcast, and what do you hope listeners take away from each episode?

I started my podcast company, A&T Media, in 2020 as a vehicle to launch shows aimed at the Middle East, providing high-quality content for professionals who are curious and engaged. Podcasting allowed me to bring together my journalism experience, honed over decades working in New York, London, and Cairo. It also allowed me to be self-employed, granting me autonomy over my schedule and the ability to be my own boss.

Your podcast covers a wide range of topics and guests. How do you select the individuals you feature, and what criteria do you consider when deciding on potential guests?

The goal of the show is to look at life’s pivotal moments, so every guest on the show has had pivots that have changed the course of their lives and provided them with learning experiences.

I’ve been very fortunate to speak to leaders across industries – from the worlds of art, culture, business, ﬁnance, sustainability, media, entertainment, and more. These are people who are eager to share their stories, and are articulate and attuned to the nuances of success and failure. The stories that resonate the most with my audiences are those where guests can be introspective with candour and humour. This includes conversations with 50 guests like actor Ramy

Youssef and amazing people who might be less prominent, such as ﬁtness coach Amina Naguib. Each conversation resonates with our audience in its unique way, and each guest brings their unique perspective and leaves an impact on me and our listeners.

I hope to continue to explore untapped stories from across the region, across industries, and from parts of the region that are still underrepresented in the conversation.

How do you balance o ering a platform for your guests to share their experiences authentically while ensuring that the podcast maintains its integrity and professionalism?

The show is designed to be conversational, relaxed, and intimate. Ahead of each interview, I learn about the guests’ pivot points – the conversation flows naturally but is centred around these moments. This allows my guests to be reflective and leads to authentic discussions about life’s big questions. Finally, this is an editorial show, and I carefully curate the conversations and the content to continue to reflect the ethos of the show.

In the competitive landscape of podcasting, how do you continue to innovate and adapt to keep your audience engaged?

The show has continued to evolve each season in terms of our guests, the types of journeys they’ve had, the industries they’re from, and our ability to showcase pioneers from across the region and explore their personal and professional pivots. In the current season, for example, we’re exploring the idea of legacy,

THE STORIES THAT RESONATE THE MOST WITH AUDIENCES ARE THOSE WHERE GUESTS CAN BE INTROSPECTIVE WITH CANDOUR AND HUMOUR

and how each of my guests is thinking about the impact they’re leaving behind for the next generation.

I’ve been very fortunate to speak to leaders across industries, and this breadth of narratives gives our audience insights into the movers and shakers of our incredible region.

We’ve also evolved our content model to complement our core episodes in podcast apps, with video clips on YouTube, shorts and teasers on social media, email newsletters, and ﬁnally a subscribers’ club with bonus content with each of our guests, so that we continue to engage with our community.

How did you fund the podcast? What I Did Next is funded primarily through sponsorship and supplemented by subscription. Podcasts are an incredibly economical tool in a brand’s marketing kit.

Compared to other forms of advertising, this medium is very cost-e ective and has the bonus of directly targeting a brand’s audience. Podcasts are ‘pulled’ by the listener, so as a brand, you know that you are reaching your exact demographic.

I have been fortunate to have partnered with companies such as EFG Holding, with long-term engagements that help share their message with a professional, multinational audience.

“AHEAD OF EACH INTERVIEW, I LEARN ABOUT THE GUESTS’ PIVOT POINTS – THE CONVERSATION FLOWS NATURALLY BUT IS CENTRED AROUND THESE MOMENTS.”

Malak Fouad, founder, A&T Media

Spurring on the UAE’s SME growth

Neil Petch is the founder and chairman of a company that many entrepreneurs in the UAE will be familiar with: Virtuzone

BY GARETH VAN ZYL

Ater seeing a gap in the market more than 15 years ago, Neil Petch and his cofounder Geo Rapp took a plunge with creating a business that would help other businesses register licences faster and more e ciently in the UAE.

Since then, Virtuzone has grown by incredible leaps and bounds, with it now helping at least 500 companies every month with securing their licences. In this regard, Virtuzone is playing a vital role in bolstering the SME sector in the Emirates, and helping the country expand its economy.

As Petch explains in this interview, the UAE is one of the best places in the world to start a business right now. With an economy that is set to grow by more than 4 per cent this year, according to World Bank forecasts, and a continuous liberalisation of business laws here; it’s easy to agree with Petch.

Tell us about the backstory of Virtuzone, how it started, and where it is today.

Actually, it’s a great example that can hopefully inspire a few people. I’ve been in the UAE for 30 years. I initially set up a publishing company, which did extremely well. A ter selling that business, I was considering my next move. I launched a radio station and several magazines. During this time, a very good friend of mine, who worked for the Executive O ce of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, wanted to set up a side business. He was involved in marketing initiatives, like wrapping the very ﬁrst building on Sheikh Zayed Road with an Emirates Airlines ad featuring the Statue of Liberty. He needed a company to handle such projects. He approached Media City for a licence, but they were full. He discovered

Neil Petch

“WE WANT TO CREATE A BUNDLE OF PRODUCTS THAT OUR CUSTOMERS NEED. FOR EXAMPLE, WE HAD A PROCESS THAT USED TO TAKE 48 HOURS TO PREPARE AN INVOICE, SEND IT, AND PROVIDE A PAYMENT LINK. NOW, THROUGH AUTOMATION, WE CAN DO IT IN THREE MINUTES.”

that the demand wasn’t for physical office space but for licences without the burden of maintaining large offices. Startups typically don’t want the weight of high costs and large office spaces. The idea was to create something with minimal costs to enable entrepreneurs to focus their spending on generating leads and hiring the best talent.

At that time, Dubai was heavily focused on real estate. The authorities didn’t see the potential in a business that didn’t have a direct real estate play. Fortunately, I saw an opportunity. I took the idea to the ruler of Fujairah, and we set up a joint venture. There was already a free zone in Fujairah, but our goal was to create a jurisdiction that was approachable, modern, and easy to navigate. This would allow entrepreneurs to get licences and visas quickly and affordably, helping them start their operations without incurring huge costs.

Talking about the process of registering a business: how has it changed over the years?

Well, we’ve learned a lot over the 15 years that we’ve been in operation. People who come to Dubai now can see the tremendous growth that has taken place. There’s no greater opportunity than there is at this moment. We’re witnessing a confluence of events that are creating amazing

business opportunities. To answer your question, what’s changed? One of the biggest changes is automation. When we started, I remember customers would come into our office and fill out forms by hand. We would then type the information into a computer, email it to Fujairah, where it would be printed and taken to the free zone office just 10 metres away. Throughout this process, human error was a significant issue, especially with variations in names like “Mohammad,” which can be spelled in multiple ways. A small error could result in a visa rejection after a month-long wait. We learned to automate and take control of the process. Now, if you walk into our office near Dubai Mall, you’ll see 220 people working to ensure smooth operations.

And in those 15 years, how many companies have you helped set up? We’re setting up about 500 a month now. So I would say we’re the startup capital of the world. At any given time, we’re talking to 300,000 customers who are either former customers, current customers, or prospects with whom we’re having ongoing conversations. Everything is about delivering content to people — ideally, content that is specific to them.

For example, someone setting up a trading company has very different needs from someone setting up a fintech company. If they’re setting up tomorrow and their challenge is to get a bank account quickly, that’s a very different objective from someone who is still in the research phase.

“VIRTUZONE IS SETTING UP ABOUT 500 COMPANIES A MONTH NOW. SO I WOULD SAY WE’RE THE STARTUP CAPITAL OF THE WORLD.

“AT ANY GIVEN TIME, THE COMPANY TALKING TO 300,000 CUSTOMERS WHO ARE EITHER FORMER CUSTOMERS, CURRENT CUSTOMERS, OR PROSPECTS WITH WHOM WE’RE HAVING ONGOING CONVERSATIONS.”

What is the next step for Virtuzone?

For 15 years, Virtuzone has been trying to solve our customers’ pain points and our own. We’re a business where process is incredibly important. From the beginning, we’ve had to be more efficient to compete against government entities. We want to create a bundle of products that our customers need. For example, we had a process that used to take 48 hours to prepare an invoice, send it, and provide a payment link. Now, through automation, we can do it in three minutes. This eliminates human error and gives customers more control, infinitely faster. That’s just for my own company, but why can’t we offer that to 6,000 of our customers tomorrow?

I see our role as enabling the world to set up in the UAE and providing a suite of services that increase their likelihood of success. Dubai’s entrepreneurial environment and our focus on efficiency and automation create a unique opportunity for businesses to thrive.