Gulf Business - June 2024

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

25 GCC trailblazers

The region’s top leaders in aviation, tourism and holding companies share how they are shaping the economic landscape, overcoming challenges and setting new standards for excellence

Visionary leaders not only redefine traditional business models but also foster inclusive growth and sustainability. Our list of inspiring entrepreneurs, executives in finance and influential leaders tell us how they are doing things di erently

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59 Lifestyle

Sustainability is in: Andreu Marco, COO at Chalhoub Group, talks about the burgeoning luxury re-commerce market in the GCC p.60

Blending heritage with technical expertise: Jean-Marc Pontroué, CEO of luxury watch brand Panerai, shares the brand’s approach to watchmaking and its focus on the Middle East p.63

“Our nation’s skilled workforce and companies are now vying for success on both regional and global stages. This is a testament to the capabilities of our people and the high quality of our products. Furthermore, the initiatives, encompassing legislation, support structures, financial benefits, and cuttingedge infrastructure provided by the state, coupled with a welcoming business environment, are all instrumental in attracting investments and talented individuals from around the world.”

Sheikh Mansour bin Zayed Al Nahyan, Vice President and Deputy Prime Minister of the UAE and Chairman of the Presidential Court

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

65

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

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

Cover: Freddie N Colinares

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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

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Leadership is a core theme in this month’s edition as we have interviews with several high profile GCC CEOs, along with a feature on the region’s key women leaders.

Paul Griffiths, CEO of Dubai Airports, tells us more about the stellar growth at DXB International (page 28). He further reveals more about the plan to fully move operations to Al Maktoum International, creating what will ultimately be the world’s biggest airport in a decade’s time.

This month we’ve also spoken to Tony Douglas, CEO of Riyadh Air (page 36). This new airline is setting its sights on fully taking off next year, with the aim of becoming a powerhouse in the regional aviation sector.

WE HAVE INTERVIEWS WITH SEVERAL HIGH PROFILE GCC CEOS THIS MONTH.”

Then there is an interview with Syed Basar Shueb, CEO of mega Abu Dhabi conglomerate, International Holdings Company (IHC) on page 25. Earlier this year, IHC made waves when it announced the establishment of 2PointZero, a new holding company with more than Dhs100bn ($27bn) in assets.

Finally, there is our women in leadership feature, which highlights the contribution that several top individuals are making in this space (page 41). This includes the likes of Hana Al Rostamani (Group CEO of First Abu Dhabi Bank), and Rola Abu Manneh (CEO of Standard Chartered UAE). Enjoy the read!

Gareth van Zyl, Group editor

The Middle East’s Crypto Boom

Banking on sturdy operating ground

Banks in the GCC region will continue to stand out as being well-capitalised, profitable, well-provisioned, and liquid among emerging markets

BY KUDAKWASHE MUZORIWA

Banks in the GCC region have enjoyed steady growth over the years, supported by diversified business models and domestic economic conditions. The higher-forlonger interest rate environment, together with a healthy pipeline of local and regional infrastructure projects, has boosted the profitability of the oil-rich region’s biggest banks.

The top five biggest banks in the Gulf region – Qatar National Bank (QNB Group), First Abu Dhabi Bank (FAB), Al Rajhi Bank, Saudi National Bank (SNB) and Kuwait Financial House (KFH) – reported a combined quarterly net profit of $5.3bn in the first three months of the year.

“GCC banks are benefitting from strong operating conditions supported by high oil prices, contained inflation and rising interest rates, but bank performance varies between markets,” Fitch Ratings said earlier

this year while noting that UAE banks’ profitability has improved significantly in contrast to their counterparts in Saudi Arabia and Qatar.

However, Saudi Arabia’s banking system is expected to benefit from the accelerated implementation of the economic diversification agenda under Vision 2030. “Demand for credit for government-backed projects will remain high and translate into improving loan performance and strong profit for the banks,” Moody’s said in a report in March.

The rating agency changed the outlook of the UAE’s banking system to positive from stable in March and maintained a positive outlook on Saudi Arabia’s banking system, while outlooks for banking systems in Bahrain, Kuwait, Oman and Qatar remain stable.

“Our banking outlooks across the GCC region reflect continued growth in the

non-oil economy and supportive operating conditions,” says Nitish Bhojnagarwala, senior vice president/manager at Moody’s.

“We also take into account considerations such as banks’ capital and liquidity buffers, and the probability of government support in cases of need,” adds Bhojnagarwala.

Industrial experts expect the improvement in profitability to be overall sustained, as the GCC banks will continue to stand out as being well capitalised, well provisioned, and (for the most part) liquid. The GCC region’s banking sector continues to stand on firm financial ground and is poised to navigate through the broader macroeconomic landscape amid heightened geopolitical risk.

As the industry is set to announce Q2 2024 earnings results in July, here’s a look at the performance of the five biggest banks in the GCC region with a combined market cap of over $246bn as of May 27, 2024.

AL RAJHI BANK

Country: Saudi Arabia

Net profit: SAR4.4bn

Assets: SAR836bn

Market cap: $83.2bn

Al Rajhi Bank’s Q1 2024 net profit jumped 6.3 per cent rise to $1.17bn (SAR4.4bn), fuelled by a jump in net financing for customers, and higher investment income and fees from banking services.

Saudi Arabia’s second-biggest lender by assets reported an operating income of SAR7.2bn for the first quarter ended March 31, a 6.6 per cent increase compared to SAR6.8bn in the same period a year earlier.

Al Rajhi’s assets edged up to SAR836bn in Q1 2024, up 7.8 per cent from SAR776bn

for the same period a year ago and a 3.5 per cent increase compared to the previous quarter.

The Shariah-compliant lender raised $1bn from the sale of 5-year sustainable sukuk or Islamic bonds in March. The spread for the US dollar-denominated Islamic bonds was narrowed to 90 basis points (bps) over US Treasuries from 120 bps earlier after orders topped $2.8bn.

QATAR NATIONAL BANK

Country: Qatar

Net profit: QAR4.1bn

Assets: QAR1.24tn

Market cap: $32.9bn

QNB Group, the GCC region’s biggest bank by assets, reported a quarterly net profit of $1.1bn (QAR4.1bn) in Q1 2024, a 7 per cent increase compared to the same period a year earlier, driven by a boost from increased net interest income.

The group’s net interest income – the difference between what banks earn on loans and pay out on deposits – rose by around 12 per cent to QAR8.08bn while operating income rose 11 per cent to QAR10.4bn.

QNB had QAR1.24tn in total assets in the three months to March 31, a 5 per cent year-on-year increase, driven by growth in loans and advances by 7 per cent to reach QAR867bn.

Earlier this year, the banking behemoth raised $1bn through its euro medium-term note programme. The bond was sold at a coupon rate of 4.875 per cent per annum and matures in January 2029.

FIRST ABU DHABI BANK

Country: UAE

Net profit: Dhs4.2bn

Assets: Dhs1.24tn

Market cap: $35.7bn

FAB, the UAE’s biggest bank by assets, reported a 6 per cent year-on-year (YoY) increase in net profit to $1.14bn (Dhs4.2bn), despite the impact of the recently implemented UAE corporate tax on the lender’s earnings.

The banking group posted an operating income of nearly Dhs8bn, up 18 per cent compared to the same period last year, driven by high interest rates, strong business volumes and improved margins coupled with strength in fee-based businesses.

The company’s total assets rose by 4 per cent YoY to Dhs1.24tn in the three months to March 31. FAB facilitated Dhs29bn in sustainable finance in the first quarter of 2024 – 30 per cent of the 2030 target of Dhs500bn.

FAB is reportedly studying potential acquisition targets in Turkey, including Yapi Ve Kredi Bankasi. Over the years, the Abu Dhabi-listed lender has made several acquisition attempts including Britain’s Standard Chartered and Egypt’s EFG Holding.

SAUDI NATIONAL BANK

Country: Saudi Arabia

Net profit: SAR5bn

Assets: SAR1.07tn

Market cap: $52.8bn

Saudi Arabia’s biggest lender SNB reported a net profit of $1.34bn (SAR5.04bn) in the three months to March 31, up 0.4 per cent from SAR5.02bn for the same period a year earlier.

The bank posted a 10.4 per cent increase in loans and advances to SAR625.2bn in the January-to-March period, while customer deposits surged by 7.4 per cent

to SAR656.3bn. SNB’s total assets edged up to SAR1.07tn, a 9.8 per cent increase from SAR976bn the same period a year ago, supported by growth in financing and investments.

SNB issued a five-year sukuk worth $850m in February, and it was listed on the London Stock Exchange. It appointed a new CEO Tareq Abdulrahman Al Sadhan in March. Al Sadhan joined the banking behemoth from Riyad Bank where he was a CEO until December 2023.

KUWAIT FINANCE HOUSE

Country: Kuwait

Net profit: KWD162.8m

Assets: KWD19.8bn

Market cap: $41.5bn

KFH’s quarterly net profit rose marginally by 0.5 per cent to $529.6m (KWD162.8m) compared to KWD162.1m for the same quarter a year ago, driven by an increase in income generated from the main activities of the banking group.

Operating revenue for the first three months of the year came in at KWD392.4m, up 3.5 per cent from KWD379.1m in the same period of 2023. KFH’s total assets rose by 0.5 per cent to KWD37bn.

KFH completed its merger with Ahli United Bank – Kuwait in February, following the bank’s $11.6bn cross-border acquisition of Ahli United Bank – Bahrain in July 2022.

An oasis of crypto growth

Cryptocurrency is more than just a new asset class, it represents a fundamental change in how assets are managed and verified

BY KUDAKWASHE MUZORIWA

The Middle East region is one of the fastestgrowing cryptocurrency markets in the world, valued at a projected $389.8bn between July 2022 and June 2023, blockchain researcher Chainalysis said in a report last September.

Though the region’s crypto footprint is relatively small in global terms, according to crypto exchange platform Bitget, adoption has skyrocketed with around 500,000 daily traders. The adoption of digital assets in the Middle East is being accelerated by young, tech-savvy adopters with relatively high disposable incomes who are already confident of the value of cryptocurrencies.

Considering these adoption trends and robust regulatory landscapes, the region has emerged as the Wall Street of the crypto market.

GCC countries, especially the UAE and Bahrain, have significantly invested time and resources to burnish their image as emerging crypto-friendly

hubs – efforts that have attracted some of the top names in the industry to the region including Binance and OKX.

“The UAE has turned itself into a global crypto hub by passing innovation-friendly regulatory frameworks that allow groundbreaking crypto platforms to develop with oversight that keeps consumers safe,” according to Chainalysis.

Industry experts say the UAE is a valuable example of how regulatory clarity and rules designed to allow innovation can enable countries to establish themselves as crypto hubs, bolstering the local economy.

With a market value of $2.53tn as of May 17, 2024, cryptocurrency is more than just a new asset class, it represents a fundamental change in how assets are managed and verified. Blockchain technology, a decentralised ledger system of all transactions across a peer-to-peer network that enables participants to confirm transactions, has made verifiable digital ownership a reality, a feat that was unattainable before its inception.

STAYING AHEAD OF THE CURVE

The fall of crypto titans – Binance’s Changpeng ‘CZ’ Zhao and FTX’s Sam Bankman-Fried (SBF) - sent shockwaves through the industry, exposing systemic vulnerabilities and challenging the stability and reputability of the ecosystem at large.

The failures underscored why stronger financial regulation and supervision can help address many concerns about crypto assets – a trend that is on full display in the Middle East region where governments are building regulatory architecture around the sector.

“Providing clarity to the industry on risk parameters with defined guardrails for permissible operations, the Virtual Assets Regulatory Authority’s (VARA) approach has been to engage with and enable the convergence of TradFi and DeFi, has so far been effective in enhancing business confidence and investment security,” says Deepa Raja Carbon, the managing director and vice chairperson of VARA.

The UAE and Bahrain have emerged as the world’s crypto hubs, thanks to the innovation-friendly

regulatory frameworks that allow crypto platforms to develop with oversight that keeps consumers safe, according to blockchain analytics firm Chainalysis.

The implementation of crypto-friendly regulations has attracted several crypto entrepreneurs and enthusiasts to the GCC, which explains the increased usage of decentralised finance (DeFi) in the region. Over the years, regulators have issued more than 30 licences and passed a raft of laws for crypto exchanges to operate in their respective financial centres.

Vijay Valecha, Chief Investment Officer of Century Financial, believes that the UAE has emerged as a major cryptocurrency hotspot due to a combination of factors. He explains these factors include the country’s rational and industry-friendly regulations and the unfavourable state of cryptocurrency regulations in other markets.

Dubai’s crypto regulator, VARA awarded 19 regulated virtual asset service provider (VASP) licences – of which 11 are already operational – positioning the city as a responsible hub for digital assets.

Binance, the world’s largest crypto exchange by trading volume, reportedly received its full crypto licence from VARA in April. The cryptocurrency platform also holds Bahrain’s Category 4 licence, allowing the crypto exchange platform to operate as a crypto-asset exchange and custody services provider.

Carbon notes that VARA adopts a proactive and agile regulatory posture, often referred to as “living regulations.”

“VARA’s regulatory guidelines are dynamically updated to keep pace with technological advancements and market evolutions within the VA space,” she explains.

Other exchange platforms that have moved to take advantage of the GCC region’s crypto-friendly regulatory environment include Bybit, Rain and Crypto.com.

Meanwhile, Saudi Arabia declared bitcoin illegal in 2018 but the country’s central bank appointed

THOUGH THE REGION’S CRYPTO FOOTPRINT IS RELATIVELY SMALL IN GLOBAL TERMS, ACCORDING TO CRYPTO EXCHANGE PLATFORM BITGET, ADOPTION HAS SKYROCKETED WITH AROUND 500,000 DAILY TRADERS

A STUDY BY FINANCIAL SERVICES FIRM HOLBORN ASSETS FOUND THAT INTEREST IN CRYPTOCURRENCIES IS INCREASING IN THE UAE. A TOTAL OF 29 PER CENT OF USERS VIEW CRYPTOCURRENCIES AS A MORE CONVENIENT WAY TO HOLD ASSETS, 34 PER CENT ARE CRYPTOCURRENCY TRADERS, AND 22 PER CENT USE CRYPTO FOR DAILY PAYMENTS.

WITH A MARKET VALUE OF CRYPTOCURRENCY IS MORE THAN JUST A NEW ASSET CLASS $2.53TN

Mohsen Al Zahrani to lead its virtual assets and central bank digital currency programme in 2022, signaling the kingdom’s potential crypto ambitions.

With financial regulators around the world deliberating over how to align cryptocurrency with existing frameworks, VARA, the Abu Dhabi Global Market and the Central Bank of Bahrain seek to stay ahead of the curve providing clarity to companies, investors and finance professionals in the crypto space.

GROWTH POTENTIAL

The GCC region has set the global pace with its crypto initiatives, but the race is only just beginning. The entry of global players into the local market has created a thriving ecosystem that contributes to the government’s vision of increasing the nation’s GDP driven by the digital economy.

A study by financial services firm Holborn Assets found that interest in cryptocurrencies is increasing in the UAE. A total of 29 per cent of users view cryptocurrencies as a more convenient way to hold assets, 34 per cent are cryptocurrency traders, and 22 per cent use crypto for daily payments.

Similarly, Saudi Arabia registered a 12 per cent increase in cryptocurrency trading volume from 2022 to 2023, according to a Chainalysis report. Saudi users invest in core cryptocurrencies such as bitcoin and ethereum in spot markets to further diversify their assets and institutional users in the country are also increasingly interested in investing in cryptocurrencies.

On the macro front, the move by the US Securities and Exchange Commission to approve spot bitcoin exchange-traded products (ETFs) and the London Stock Exchange to accept applications for bitcoin and ethereum exchange-traded notes (ETNs) will open the digital assets investment landscape to institutional investors.

Moving forward, GCC regulators seek to foster innovation and market growth while being cautious about the potential misuse of cryptocurrencies for sanctions evasion, fraud, terror financing and money laundering. Industry experts say a facilitative regulatory environment will provide a platform for innovation and healthy competition.

Driven by a culture of innovation

IS

THERE A SECRET FORMULA FOR AUTOMOTIVE COMPANIES TO THRIVE IN A CHANGING MARKET? WE FIND OUT MORE

The automotive industry – much like several other sectors – is going through unprecedented evolution. Driven by technological disruption and changing consumer behaviour, this creates an undeniable need for innovation, expanding portfolios, and personalisation. So, how does an automotive business in today’s industry maintain its competitive edge?

THE POWER OF INNOVATION

As essential as innovation is to the growth and sustainability of a business, companies often encounter internal barriers such as cultural factors or infrastructure issues that can pose challenges. Cultivating an environment that supports and rewards out-of-the-box

thinking is how the best ideas come about. Asking your employees to do as you say is an immediate innovation-killer. Encouraging them to think for themselves and come up with creative solutions is what fuels innovation. A culture of innovation is not inherent – it is fostered through instilling free thought and allowing failure to happen. For Al Masaood Automobiles, allocating resources and budgets, and providing the correct environment to encourage innovation is a core component in our strategy.

DIVERSIFICATION

In today’s highly competitive automotive industry, expansion of product and service o erings is key. Companies are focusing on more than just traditional sales, integrating services such as finance and insurance, leasing options, and multibrand service centres. Moves like these not only provide customers with more comprehensive choices but also open new revenue streams for businesses.

At Al Masaood Automobiles, we’ve focused on new retail formats –e-commerce, digital platforms, virtual and pop-up showrooms. Al Masaood Automobiles was the first dealer to provide a Nissan e-commerce platform back in 2017, a long way before the strike of the pandemic. Partnerships with multi-modal platforms have also been

instrumental, as have fleet contracts in both the private and public sectors.

As they say, data is the new oil. No business strategy is complete without comprehensive data analytics. When deciding on new areas to expand into, it is imperative to collect and analyse the market size, growth trends, the competitive landscape, and consumer behaviour. Of course, examining regulatory frameworks and conducting financial and risk planning is a given.

EMBRACING TECHNOLOGICAL DISRUPTION

Artificial intelligence (AI), data analytics, and automation are revolutionising the way businesses today interact with customers and streamlining operations. These technologies enable a shift from traditional transactional relationships to more personalised and e cient ones. AI-driven personalisation uses algorithms to tailor services and marketing to individual preferences, enhancing the customer experience by predicting needs based on past interactions. Meanwhile, predictive analytics use patterns within data to forecast future customer behaviours, allowing companies to proactively o er solutions and services.

At Al Masaood Automobiles, we’ve designed a dedicated customer experience (CX) platform to analyse customer interactions and behaviour both online and o ine, tailoring our services and recommendations based on their individual preferences. The platform also automates personalised marketing campaigns based on customer data – extending communications relevant to their specific interests through channels of their choice. Our AI-powered proactive chatbots also engage with customers in real time, providing personalised assistance. The future of the automotive industry strongly depends on our ability to keep adapting, transforming, and innovating. There’s no one-size-fits-all recipe for success in this quickly changing market. However, the best approach includes solid planning, a supportive environment that encourages the team’s innovative problem-solving, and keeping the customer at the heart of everything you do - always.

Irfan Tansel, CEO, Al Masaood Automobiles

POWERING THE FUTURE

The energy transition presents the GCC region with opportunities for climate change mitigation and adaptation as well as economic diversification

BY KUDAKWASHE MUZORIWA

GCC countries made a seismic shi t by unveiling a ra t of measures to eliminate planetwarming emissions within their borders in 2021, despite the region’s heavy reliance on oil and gas, which accounts for 70 per cent of the six-nation bloc’s total goods exports and revenues.

Global ratings agency Fitch Ratings said GCC countries have implemented plans to increase the share of renewable energy in their power mixes in the recent past. The UAE is targeting 44 per cent renewable energy by 2050 and Saudi Arabia is aiming for 50 per cent by 2030.

The initiatives, which include investments in solar and wind energy, and hydrogen, are part of the region’s transition towards low-carbon economies with a strong focus on sustainability.

Saudi Arabia, the world’s top oil exporter, said in October 2021 that it would invest more than $186bn (SAR700bn) into a green economy as it aims to reach net-zero carbon emissions by 2060 while the UAE unveiled plans to invest $163bn (Dhs600bn) in renewable energy as part of its strategy to achieve net-zero emissions by 2050.

Similarly, Oman is vastly investing in clean hydrogen and the Gulf state is poised

to become a leading exporter of ‘green’ hydrogen by the end of the decade as Qatar is setting itself up to control as much as a quarter of the world’s liquefied natural gas (LNG) supply by 2030.

The GCC has several factors that make rapid deployment of renewables an attractive opportunity. Here are some of the biggest renewable energy projects in the region.

UAE

The UAE is extensively investing in nuclear energy, solar plants and sustainable transport. The Emirates is home to the first

nuclear power plant in the Arab world and the three biggest solar plants in the world – the 1.2 gigawatts (GW) Noor Abu Dhabi Solar Park, the Mohammed bin Rashid Al Maktoum Solar Park which will produce 5,000 megawatts (MW) of power by 2030 and Masdar City’s 17,500MWh solar plant.

The country connected unit 4 of the Barakah nuclear power plant to the national power grid in March, adding another 1,400MW of clean electricity capacity to its energy mix. The Barakah plant will generate 40 terawatt-hours (TWh) of electricity per year while preventing the release of 22.4 million tonnes of carbon emissions.

“The Barakah plant will play a key role in the UAE’s 2050 ‘net zero’ strategy, which aims to drastically increase the country’s production of clean energy,” according to the International Atomic Energy Agency.

Last October, the UAE inaugurated its first wind programme and built 103.5MW of wind capacity across four sites – a 45MW wind farm on Sir Bani Yas Island, Delma Island (27MW), Al Sila (27MW) and Al Halah in Fujairah (4.5MW).

The UAE also joined forces with the US in November 2022 to invest $100bn in clean energy projects to produce 100 GW by 2035.

SAUDI ARABIA

Saudi Arabia has been going all out to commit itself to sustainable development and the country plans to rely on renewables for 50 per cent of its electricity generation by 2030. The National Renewable Energy Program, which is part of the kingdom’s ambition to secure a comfortable energy mix for producing electricity using sustainable means, will see ACWA Power producing 11.8 GW by 2025.

Bolstering the country’s renewable energy pipeline, the Saudi Energy Procurement Company launched the 1.5 GW Sudair solar park while ACWA Power partnered with Badeel, a unit of the Public Investment Fund, to build the

PIC: DEWA

Mohammed bin Rashid Al Maktoum Solar Park

Barakah Nuclear Energy Plant

Middle East region’s largest single-site solar power plant in Al Shuaibah with a generation capacity of 2,060 MW.

Meanwhile, the Saudi Ministry of Energy granted power purchase agreements to two solar energy projects – Al Rass and Saad – in 2022. The two solar energy projects have a combined capacity of 1,000 MW.

Saudi Arabia also launched five new projects in September 2022 to produce electricity using renewable energy with a planned total capacity of 3,300 MW. Similarly, wind farms in Yanbu, Al-Ghat and Waad Al Shamal have a total production capacity of 1800 MW while two solar plants in Al Hinakiyah and Tabarjal will have a total production capacity of 1500 MW.

OMAN

The GCC is synonymous with oil and natural gas, but Oman is championing clean ‘green’ hydrogen as a sustainable fuel of the future. The Sultanate seeks to hike renewable energy-based hydrogen production to at least one million tonnes per year (mtpa) by 2030, rising to at least 3.25 mtpa by 2040 and 7.5 mtpa by 2050.

Hydrogen Oman (Hydrom), a unit of Energy Development Oman, signed six investment agreements, worth more than $38bn with partners in 2023. The company signed contracts worth $11bn to develop two new green hydrogen production projects with an Electricité de France-led consortium and Actis and Fortescue in March.

Fitch Ratings projected that in-country value-added requirements for these foreign direct investments will support existing GDP and ancillary sectors.

Since its inception in 2022, it has secured investment commitments worth

$49bn, as part of Oman’s broader strategy to deliver sustainable energy and drive economic growth.

Other GCC states – Saudi Arabia and the UAE – are working on hydrogen projects including the kingdom’s green-hydrogen plant in NEOM, which has a projected capacity of 600 tonnes of green hydrogen by 2026, using 4 GW of solar energy.

NEOM Green Hydrogen Company secured $8.4bn for a green hydrogen production facility. The company also concluded a $6.7bn agreement with Air Products for the plant’s engineering, procurement and construction (EPC).

Meanwhile, the UAE plans to invest around $54.5bn (Dhs200bn) as part of the country’s updated national energy strategy that seeks to triple the contribution of renewable energy over the next seven years.

Hydrogen is an energy carrier that creates no carbon dioxide (CO2) when used. As a result, no carbon is released into the atmosphere from production to end-use.

QATAR

With a wide range of applications, including electricity generation, natural gas is expected to play a pivotal role in the energy transition, with global demand expected to grow by a record 50 per cent by 2040.

Goldman Sachs said the GCC region is home to 11 per cent of the world’s natural gas production and 25 per cent of the world’s LNG exports.

Qatar, one of the world’s top LNG exporters, plans an 85 per cent expansion in LNG output from its

North Field’s current 77 mtpa to 142 mtpa by 2030. The planned expansion is expected to give Qatar control over nearly 25 per cent of the global LNG market by 2030.

State-owned QatarEnergy has inked more than 20 long-term LNG deals, with more customers expected to emerge as countries move away from oil or coal but struggle to go all in on renewables.

“Replacing coal and liquid fuels with natural gas for power generation is the fastest way to reduce emissions, as demonstrated by advanced economies like the US and UK,” says Majid Jafar, CEO of Crescent Petroleum and managing director of the board of Dana Gas.

“GCC countries are recognising the vital role that natural gas will play for power generation and industrial growth.”

Elsewhere across the GCC region, Saudi Aramco forayed into the global LNG market with the acquisition of a minority stake in EIG Partners’ MidOcean Energy in a deal that is valued at $500m. The state energy giant plans to increase natural gas by 60 per cent by the end of the decade.

UAE’s ADNOC Group is also a major player in the LNG market. The firm’s gas business, ADNOC Gas, invested $3.6bn (Dhs13.1bn) last August to boost its gas processing capabilities. The company has long-term LNG supply agreements with several global energy companies including GAIL India, TotalEnergies and Japex.

The transition from fossil fuels toward more sustainable energy sources is fundamental to the global goal of achieving net zero by 2050. The use of LNG as a “bridge fuel” could make the switch easier, making natural gas a promising lever for accelerating the global energy transition.

/ Telecom and Technology

From telcos to techcos

Top GCC telcos are looking for new ways to expand their businesses and diversify revenue streams as they reinvent themselves as techcos

GCC telcos are looking for new ways to expand their businesses and diversify revenue streams, considering moderate growth prospects for core telecom operations in their domestic markets.

The GCC telcos we rate are typically major local players, operate in a relatively favorable and stable regulatory environments, and benefit from their leading market positions and well-invested asset base. Yet, they suffer from a decline in some core telecom services, including fixed voice telephone and messaging services.

MATURE MARKETS

The GCC region’s mature telecom markets, with mobile penetration rates of 130-210 per cent, offer limited organic growth prospects for telcos. We expect core telecom revenues in domestic GCC markets will grow by 1-3 per cent per year over 2024-2025 for our portfolio of rated GCC telcos.

The growth rates of GCC telcos’ international subsidiaries in developing countries with large customer bases and fast-growing populations are higher in local currencies than those in the GCC region.

The latter have smaller subscriber bases, except in Saudi Arabia, which is the largest telecom market in the GCC and whose relatively lower mobile penetration rate in the peer group provides stronger upside potential. Geographical diversification risks include currency depreciation, higher cost inflation, competitive pressures, and higher country risks.

Rated GCC telcos – including Beyon, e&, Ooredoo, and stc – aim to enhance their techco services and have already expanded their non-telecom businesses over the past few years. Additional impetus was instigated by recent strategy announcements, for example stc’s DARE strategy, which the company announced in 2018. Rated GCC telcos reorganised their company structures to expand their offerings beyond traditional telecom services. For instance, Etisalat separated its telecom operations from its other tech businesses in 2022. It became e& but retained the Etisalat brand for telecom operations in its domestic UAE market.

Telcos provide a plethora of non-telecom services, with cybersecurity, cloud services, internet of things, artificial intelligence, and data centers primarily targeting business-to-business (B2B) customers.

MERGERS AND ACQUISITIONS

To scale up their non-telecom revenues, GCC telcos announced several small to midsize acquisitions, which exceed $1bn, over the past two years. We believe mergers and acquisitions (M&As) in the region will continue because of GCC telcos’ healthy balance sheets and growth ambitions, as well as the fragmented IT market in the GCC region. This

TO SCALE UP THEIR NON-TELECOM REVENUES, GCC TELCOS ANNOUNCED SEVERAL SMALL TO MIDSIZE ACQUISITIONS, WHICH EXCEED $1BN, OVER THE PAST TWO YEARS

is regardless of relatively high acquisition multiples and some targets’ limited profits.

GCC governments’ digitalisation and economic development agendas will support digital businesses and boost GCC telcos’ consolidated revenues. We estimate non-telecom operations currently contribute about 15 -16 per cent to rated GCC telcos’ combined revenues.

Digital businesses generate higher revenues in the case of more advanced telcos, including stc and e&, compared with Ooredoo and Beyon. While core telecom services will continue to account for most revenues and remain the overwhelming profit generators in the short term, we expect digital businesses will grow at a significantly faster pace.

Based on our latest forecast, we expect investment grade-rated global software and services companies will expand by 8-10 per cent over 2024-2025, compared with 1.5-3 per cent for investment grade-rated global telcos.

THE IMPACT OF DIGITISATION

Considering GCC governments’ strong digitalisation push, we think GCC telcos’ growth rates could be higher than elsewhere since the development of

GRADE-RATED GLOBAL SOFTWARE AND SERVICES COMPANIES WILL EXPAND BY 8-10 PER CENT OVER 2024-2025

BY CONTRAST, TECHCOS OPERATE IN A HIGHLY COMPETITIVE, SIGNIFICANTLY MORE FRAGMENTED

Tatjana Lescova , associate director S&P Global Ratings

We estimate non-telecom operations currently contribute about 15 -16 per cent to rated GCC telcos’ combined revenues

a digital economy will spur e-commerce, fintech, streaming, and gaming.

Digitalisation will increase private and public spending in information and communication technology (ICT), which will benefit rated GCC telcos because of their leading market shares and close ties with various governments.

GCC telcos’ increasingly diversified business mix is positive, but competitive challenges and higher margin volatility are key risks. GCC telcos benefit from utility-type characteristics and a resilient performance, even during cyclical troughs, as well as high margins, especially in the post-paid segment. This is because of relatively favorable regulatory environments, with two-operator markets in the UAE and Qatar and thee-operator markets in Saudi Arabia and Bahrain.

By contrast, techcos operate in a highly competitive, significantly more fragmented and volatile environment, which could expose GCC telcos to competition from small to midsize regional players, major global tech groups, and hyperscalers.

That said, we think GCC telcos benefit from a competitive advantage when dealing with governmentrelated customers, given their local presence and well-established relations and reputations. Global techcos and hyperscalers generally collaborate with local partners in the region, which creates opportunities for GCC telcos to act as technology integrators or build data centers to cater to hyperscalers.

Additionally, regional regulations may require that certain data remain in the domestic cloud, which could represent another protective barrier for GCC telcos.

AI for planning and decision-making

The seamless integration of AI into organisational workflows holds immense potential to transform how businesses plan, measure and take decisions

Artificial intelligence (AI) is increasingly driving decisionmaking in industries as varied as retail, manufacturing, and healthcare, and in companies from Walmart to JP Morgan and Nestle. This is not because human intelligence is deficient but because AI enhances it. In the digital age, businesses face a constant challenge: staying ahead of the curve when data is all around and ever-increasing in frequency and volume.

To enhance planning, measurement, and decision-making processes, enterprises

need tools to be more accurate and timely. By harnessing AI technologies, businesses can unlock insights, streamline operations, and make more informed choices.

Take, for instance, the challenge faced by Netflix. It was very challenging for their customers to discover the right content from a humongous archive. Browsing through a vast library or relying on generic recommendations often led to frustration and missed opportunities for viewers. Netflix tackled this challenge by developing a sophisticated AI-powered recommendation engine. This engine leverages various

data points to personalise content suggestions for each user. Here’s a breakdown of the data and decision-making process:

USER DATA

The company looked at viewer history, ratings and reviews, and search queries. What shows and movies a viewer has watched, how much they watched, and when they stopped watching. What about the feedback from viewers on the content they watched? What types of content queries are people actively seeking out?

CONTENT DATA

This included genre, cast, director, and other metadata associated with movies and shows. It also included viewing trends for specific content across different user segments.

AI ALGORITHMS

Machine learning algorithms analyse the vast amount of user and content data to identify patterns and correlations. These patterns help predict which content a user is most likely to enjoy based on their past viewing behaviour and preferences.

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

Organisations are seamlessly integrating AI into their workflows. Here’s how:

DATA-DRIVEN DECISION MAKING

At the heart of AI integration lies data. Organisations are tapping into vast pools of data generated by their operations, customers, and markets. AI algorithms can si t through this data to identify patterns, trends, and anomalies that normally elude human analysis. By utilising predictive analytics, businesses can anticipate market shi ts, customer preferences, and even potential risks. One retail chain has been analysing historical sales data using AI-powered forecasting models to predict demand for various products and brands across di erent locations. This has enabled them to optimise inventory levels, reduce stockouts, and ultimately enhance customer satisfaction.

ENHANCED PLANNING AND FORECASTING

Traditional planning processes mostly rely on static models and manual inputs, making them vulnerable to inaccuracies

and unforeseen disruptions. AI revolutionises planning by offering dynamic, real-time insights based on continuously evolving data inputs. Whether it’s resource allocation, production scheduling, or budget forecasting, AI-driven planning tools empower enterprises to adapt swi tly to changing circumstances. An energy company has recently employed AI algorithms to optimise its power generation schedule by considering factors such as weather forecasts, energy demand patterns, and equipment maintenance requirements. This ensured e cient utilisation of resources while minimising downtime and costs.

PERSONALISED INSIGHTS AND RECOMMENDATIONS

AI excels at personalisation by analysing big data to understand individual preferences and behaviours. By tailoring recommendations and content to specific users, many businesses have enhanced customer engagement and loyalty. Moreover, personalised insights also empower employees by delivering relevant information and guidance tailored to their roles and responsibilities. The Netflix example outlined earlier is a case in point.

RISK MANAGEMENT AND MITIGATION

This is the biggest challenge in today’s business environment. Managing risks e ectively is paramount. AI-powered risk management solutions can identify potential threats, vulnerabilities, and compliance issues in real-time, enabling timely or proactive intervention and mitigation strategies. By leveraging machine learning and predictive analytics, businesses can anticipate and address risks before they escalate

AI EXCELS AT PERSONALISATION BY ANALYSING BIG DATA TO UNDERSTAND INDIVIDUAL PREFERENCES AND BEHAVIOURS

into crises. A financial services company has embraced AI-driven fraud detection systems to monitor transactions in realtime and identify suspicious activities indicative of fraudulent behaviour – much needed for the rapidly digitalising Indian financial services. This has helped swi t interventions to prevent financial losses and protect customer assets.

HOW TO START

Clearly, it is time for AI integration into many business aspects. Start with clear objectives. Define specific goals and outcomes you aim to achieve with AI integration – whether it is improving e ciency, enhancing customer experience, or mitigating risks.

Next, invest in data quality. Ensure data accuracy, completeness, and relevance to maximise the e ectiveness of AI algorithms. Implement data governance frameworks and quality assurance processes to maintain data integrity.

Third, collaborate across functions. Drive collaboration between IT, data science, operations, and strategic business units (SBUs) to ensure alignment and synergy in AI initiatives. Cross-functional teams can bring diverse perspectives and expertise to ensure that all relevant factors are considered.

Fourth, iterate and adapt. Just like strategy execution tools, AI is not a onetime solution but an ongoing journey of continuous improvement. Embrace an iterative approach, leveraging feedback and insights to refine AI models and algorithms over time.

Lastly, do not neglect to address ethical and regulatory considerations such as data privacy, bias mitigation, and algorithm transparency.

Data collaboration: The way ahead

In competitive industries where businesses are perched on a knife edge, collaboration has the potential to remove uncertainty and allow innovation and privacy to coexist

The secret sauce of human success is collaboration. In the UAE’s commercial space, businesses have much to gain from data collaboration, but many of these enterprises have understandable reservations when it comes to letting third parties have access to that most precious of assets. Even if they are willing, organisations that share data may be in breach of federal decrees on privacy, or of international regulations such as the European Union’s GDPR. But we mustn’t consider these challenges as unscalable walls. Modern endeavours such as the Open-Source Movement — which made possible much of our current

global technology ecosystem — demonstrate the prospective benefits of sharing what we know with others.

We even see cooperation in legacy industries. Airlines share data to optimise routes and banks join forces with fintech startups to bring new value to consumers. There is a catalogue of success stories out there that do not involve lone innovators but rather partners strategising together to achieve something of benefit to both of them.

TUG OF WAR

In the UAE, as elsewhere, data collaboration is a challenging prospect. One pandemic-era study on the surge in trust between the nation’s consumers and its online commercial entities showed 53 per cent of private individuals were willing to share their data. But recent findings in Cisco’s App Attention Index series included the fact that 74 per cent of UAE consumers expect exceptional digital experiences as standard, and similar numbers (in the 65-80 per cent range) said they would treat anything less as “disrespectful” and would likely delete the associated app. It is this gap between the willingness to share data and the expectation of quality (which relies on shared data) that presents the greatest challenge. Consumers are served by laws passed to protect them, but they still demand individualised services. How do app producers handle this ‘tug-of-war’?

The first step I would recommend is to realise that regulations, far from being a burden to enterprises, are merely a reflection of current consumer tastes. Even if the laws had never been passed, companies would still have to face the “soft” regulation of private citizens who want to keep their private data private. Any brand that failed to act appropriately where customer data was concerned would be subject to a market backlash.

However, acting appropriately need not rule out the prospect of data sharing. In a region known for fierce competition in B2C markets, many businesses have an understandable fear of what their user-level data will be used for once it leaves their control

53 PER CENT OF PRIVATE INDIVIDUALS WERE WILLING TO SHARE THEIR DATA

A PANDEMIC-ERA STUDY ON THE SURGE IN TRUST BETWEEN THE NATION’S CONSUMERS AND ITS ONLINE COMMERCIAL ENTITIES

space. Are they handing over a competitive advantage? A means of enticing customers away from their brand? Are they revealing the inner workings of their business? These concerns raise many flags around security and ethics and signal the need for strategy when sharing data.

AN ECONOMIC INTERLUDE

But despite its challenges, data sharing is worth pursuing because of its potential for tangible economic value. There are reasons that data has become the new gold. Personally identifiable information (PII) data has an unlimited shelf-life. While the usefulness of some transactional and behavioural data may diminish over time, it does not do so through use and reuse. It can be replicated at a very low cost. Retail conglomerates such as Alshaya and Majid Al Futtaim are sitting on potential goldmines as are airlines such as Etihad Airways and Emirates, and ride-sharing apps such as Careem or property-finding services such as Bayut.

To hammer the economic point home, let’s compare the minimal costs of data with those of

ANY BRAND THAT FAILED TO ACT APPROPRIATELY WHERE CUSTOMER DATA WAS CONCERNED WOULD BE SUBJECT TO A MARKET BACKLASH

Paul Wright, General Manager Western Europe and MENAT, AppsFlyer

TRUST IS HARD WON, AND CONSUMER MARKETS ARE A SAVAGE TESTING GROUND FOR COMPANIES THAT WANT TO PROVIDE PEERLESS

EXPERIENCES WHILE STILL RESPECTING THE PRIVACY

PREFERENCES OF USERS.

high-overhead businesses like traditional retailers. Now we can look upon data collaboration not as a potential boardroom leak but as a high-margin service stream that could positively affect the bottom line.

None of this is to say that data collaboration should be undertaken lightly. A privacy-first data collaboration platform must be the foundation of any strategy as it will allow for management and analysis, as much as for the responsible sharing of data. These platforms also include governance frameworks and the means for users to manage their consent. Further — and critical in a region known for its attentive regulators — these platforms provide auditing capabilities.

LET’S JOIN HANDS

In the data collaboration world, strategic partnerships will take you far. Some organisations not only value privacy and innovation but have built entire business models around solving the tug of war between the two concepts. They can help app providers amplify the benefits of shared data and point the way to monetisation.

Trust is hard won, and consumer markets are a savage testing ground for companies that want to provide peerless experiences while still respecting the privacy preferences of users. Data collaboration is the answer to the dilemma. While it has its challenges, it is an approach that has enormous potential for competitiveness and profitability. Enterprises that take this route will come to rely on their privacy-first data collaboration platforms to help them balance the pull of two consumer-demand forces — privacy and experience. Yes, market insights can be thought of as the secret sauce, but they also offer a competitive edge when collaborating with the right partners.

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INTERNATIONAL HOLDING COMPANY

Firmly focused on the future

INTERNATIONAL HOLDING COMPANY CEO SYED BASAR SHUEB SAYS THE STRONG PIPELINE OF PROJECTS WITH THE GROUP’S PORTFOLIO COMPANIES WILL CONTINUE TO DRIVE GROWTH AS IT ANTICIPATES SUBSTANTIAL VALUE GENERATION FROM BUSINESS ECOSYSTEMS

BY KUDAKWASHE MUZORIWA

Abu Dhabi’s International Holding Company (IHC) has grown exponentially over the years from a $200m firm with interests in fish farms and real estate into a conglomerate with more than 900 subsidiaries and a market capitalisation of $239bn (Dhs877bn) as of May 27, 2024 – bigger than Walt Disney, McDonald’s or L’Oréal. With investments ranging from Elon Musk’s SpaceX to Zambia’s Mopani Copper Mines and Abu Dhabi’s biggest property developer Aldar Properties, IHC is at the forefront of a drive to diversify the UAE’s economy of UAE while developing non-oil business sectors.

Here, the holding firm’s CEO talks about the company’s buyback programmeme, its mining businesses and investments in Zambia and plans to list subsidiaries including the newly established holding firm 2PointZero.

QIHC’s net profit soared by a record 87.6 per cent in Q1 2024. Which sectors/verticals contributed to the growth and how do you see this pan out throughout the year?

Our net profit in the three months to March 31 surged by a record 87.6 per cent to $2.2bn (Dhs8.02bn), almost double the Dhs4.27bn for the corresponding period a year ago, while our revenue reached Dhs19.29bn, up 22.5 per cent from Dhs15.74bn.

The growth in the previous quarter was driven by strong performances in core divisions including real estate and construction, marine and dredging, technology, and our contracting business. Earlier in 2024, we consolidated our assets into a new holding company 2PointZero and merged Modon Properties, Abu Dhabi National Exhibitions Company (ADNEC), Miza Investments and other real estate assets, contributing to Q1 2024 earnings growth.

Syed Basar Shueb

IHC will perform well throughout the year. The strong pipeline of projects with our portfolio companies, be it in the real estate and construction vertical, healthcare, technology sector or marine and dredging will continue to drive growth.

INTERNATIONAL HOLDING COMPANY

IHC announced a Dhs5bn buyback programme in May. What does this mean for IHC and how is this aligned with your growth strategy?

We initiated a Dhs5bn buyback programme in May, supported by the company’s strong financial position, including significant cash flow and a healthy balance sheet.

We believe that there is significant value in multiple sectors that will be important in the future. This also applies to the specific areas we are focusing on, some of which are already contributing to the overall ecosystem in the various sectors we are involved in.

IHC has developed ecosystems across various industries over the years, and we anticipate substantial value generation from these businesses in the future. For instance, in our food and agriculture sector, we are involved in farm operations, processing facilities, distribution networks, retail, and last-mile delivery.

This buyback programme also presents an opportunity for our shareholders who wish to sell their stock.

IHC consolidated six companies under 2PointZero in Q1 2024. What was the vision behind the creation of the holding firm and what can be expected going forward?

2PointZero is the newest holding company in our portfolio, with assets across various sectors including financial services

and mining. Its portfolio includes the asset management firm Lunate, International Resources Holding, private investment firm Chimera, Egypt’s Beltone Financial, crypto mining firm Citadel Technologies, and the Middle East-focused Sagasse Investments.

We are very bullish on mining, which is one of the verticals that we built within the IHC group, building it from scratch. Previously, we invested in several different mining projects until we reached a point where we decided to set up International Resources Holding.

WE INITIATED A DHS5BN BUYBACK PROGRAM IN MAY, SUPPORTED BY THE COMPANY’S STRONG FINANCIAL POSITION, INCLUDING SIGNIFICANT CASH FLOW AND A HEALTHY BALANCE SHEET

IHC will allocate 20 per cent of around $16 to $17bn it will invest per year towards the development of the new business or acquisitions. We completed the acquisition of Zambia’s Mopani Copper Mines in March, and again I am not investing in mining for the sake of investing but the company is focusing on energy transition materials including copper cobalt and nickel.

We are considering different strategies, but currently, our focus is on these particular resources. In terms of markets, we are investing in Africa, Australia and soon South America.

The company has listed several subsidiaries and is preparing more listings in the medium term. How are these plans shaping up?

IHC has a healthy number of direct listings in the pipeline over the next 12 months including Sirius International Holding (Sirius), 2PointZero and International Technology Holding. Our subsidiaries are going to list other assets as well.

Technology and sustainability rank among GCC companies’ growth strategy priorities in 2023. Please tell us briefly what IHC is doing in this space. On the tech side, we opened the year by unveiling ‘Aiden Insight’, the world’s first AI-powered board observer. We introduced the initiative at the group level to advance corporate governance and

IHC HAS DEVELOPED ECOSYSTEMS ACROSS VARIOUS INDUSTRIES OVER THE YEARS, AND WE ANTICIPATE SUBSTANTIAL VALUE GENERATION FROM THESE BUSINESSES IN THE FUTURE.”

decision-making, with plans to introduce it across all our verticals and subsidiaries.

On sustainability, the hosting of COP28 in the UAE was an eye-opener that accelerated sustainable practices across the corporate world in the Middle East region. Our subsidiary, Sirius, launched Smart Sustainability Solutions (S3) during last year’s climate conference and is the pioneering climate company offering end-to-end industrial scale solutions to support the transition to a net-zero economy.

S3 is investing in four critical segments of the new climate economy including

methane, carbon, circularity (circular economy), and water efficiency.

We also have ALTÉRRA, a Lunatebacked climate fund, that is designed to bridge the climate finance gap and aims to stimulate $250bn of investment by the end of the decade. The fund will allocate $25bn towards climate strategies and $5bn specifically to incentivise investment flows into the Global South.

IHC is the first company in the world to appoint an AI-powered board member. Tell us the vision behind Aiden Insight and

how will it revolutionise how the group navigates the complexities of the global investment landscape.

We are 90 days ahead of our strategic planning, thanks to Aiden Insight. Aiden confers a multitude of benefits to us ranging from bolstering decision-making through enhanced data analysis and the promotion of a culture of innovation.

As humans, we have limitations but Aiden contributes to operational efficiency and helping discover synergies between group companies while navigating the complexities of the global investment landscape to help us when we make acquisitions.

Aiden continuously processes and instantly analyses decades of business data, financial information, market trends, and global economic indicators, helping the board formulate a strategy for resource management and advanced risk management.

Airport of the future

DUBAI AIRPORTS CEO PAUL GRIFFITHS SAYS THE AIRPORT OPERATOR WILL ACTIVELY COLLABORATE WITH AIRLINE CUSTOMERS, STRATEGIC PARTNERS, THE GOVERNMENT, AND STAKEHOLDERS TO BRING THE AL MAKTOUM INTERNATIONAL AIRPORT PROJECT TO FRUITION

BY KUDAKWASHE MUZORIWA

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved plans for a new $34.85bn (Dhs128bn) passenger terminal at Dubai World Central (DWC), also known as Al Maktoum International Airport, part of a broader strategy to alleviate pressure on the city’s main airport as passenger numbers have skyrocketed.

The emirate’s main international airport, Dubai International (DXB), is expected to receive 90 million passengers this year, and the authorities plan to relocate operations to DWC once the airport’s capacity hits 120 million.

With plans to become the world’s biggest passenger handler in the next 10 years, Dubai’s Al Maktoum International Airport will be the largest travel hub in the world with a projected annual capacity of as many as 260 million passengers and 12 million tonnes of cargo.

On completion, Al Maktoum International Airport will be five times the size of the current DXB, covering 70 square km (27 square miles). The airport will include 400 terminal gates and five runways and will be the new home of flagship carrier Emirates and its sister low-cost airline flydubai along with all airline partners connecting the world to and from Dubai.

Here, Griffiths talks about the future demand for air travel via Dubai, future travel experiences, the emirate’s economic growth and the rise of its aviation sector.

Dubai recently unveiled phase two of DWC’s expansion. How do you expect this to revolutionise the aviation sector, both in the Middle East region and globally?

Al Maktoum International Airport’s expansion plan represents a significant leap forward for the Middle East’s aviation sector and offers a transformative opportunity to make a profound impact on the global aviation industry. With upgraded infrastructure and expanded capacity, DWC is poised to address the future needs of the aviation sector in terms of scale, scope, and evolution.

We are confident that air travel through Dubai will continue to thrive and, as the industry evolves over the next decade and beyond, we are prepared to adapt to the changes. DWC will solidify Dubai’s position as a vital gateway to the world, fostering increased connectivity, trade, tourism,

WITH DWC SLATED TO BE FIVE TIMES LARGER THAN DXB, ITS CUTTING-EDGE TECHNOLOGY WILL REDEFINE THE AIRPORT EXPERIENCE AND IT WILL BE THE AIRPORT OF THE FUTURE”

and economic growth, within the region and globally.

Give us insight into Dubai Airports’ preparations to start the construction of the new passenger terminal.

The expansion project at DWC represents an unprecedented undertaking, marked by its vast scale, intricate complexities, and multifaceted objectives.

With DWC slated to be five times larger than DXB, its cutting-edge technology will redefine the airport experience and it will be the airport of the future. Initially designed to accommodate 150 million passengers annually, the eventual capacity expansion of DWC to cater to up to 260 million passengers per year underscores its monumental significance.

To realise this ambitious vision, flexibility, creativity, and collaboration are key. We will need to continue to work closely with all our stakeholders, including airlines, commercial partners, government agencies, and control authorities, to address every aspect of the project’s operational philosophy, from ground transport relationships to refining the end-to-end customer experience.

The aviation sector has evolved significantly over the years. How do you plan to incorporate sustainability and technology into the new hub to ensure its future readiness?

As the aviation sector continues to evolve rapidly, sustainability and technology are at the forefront of our vision for the new hub. Despite the ten-year timeline, we are committed to anticipating and embracing innovations that may not yet exist.

We aim to pioneer a departure from legacy processes, setting a new standard for the industry. This strategic decision will not only enhance Dubai’s position as the world’s preferred aviation hub but also reinforce our leadership in the sector.

From artificial intelligence to new aircra t technology, DWC’s operating model will embrace cutting-edge technology,

transforming the guest experience. Significant investments in automation will elevate our customer service standards and overall e ciency.

Sustainable practices will be integrated into the terminal design, aligning with our commitment to environmental responsibility. We’re dedicated to continuing to invest in initiatives such as solar power, waste treatment, and biofuels, recognising the importance of addressing climate change and ensuring a sustainable future.

Tell us more about the design philosophy, and how will it advance customer experience and make passengers’ journeys as seamless and pleasant as possible.

Our approach to airport design at DWC is rooted in rethinking the essence of airports – ensuring smooth transitions from ground to air. This means creating a stateof-the-art facility that not only meets the evolving needs of air travel but also exceeds customer expectations.

As we progress, collaboration with airlines, partners, and stakeholders will refine our design philosophy, ensuring the airport delivers a quick, convenient, and highquality 21st-century experience. Seamless integration of transportation modes will be prioritised, facilitating e cient transitions between ground and air travel for all our guests.

What does the future hold for DXB within the next decade?

DXB remains firmly positioned as a global leader, setting the standard for exceptional guest experiences and international aviation excellence, and we will work to ensure we continue to play that role until the new airport is open and the move to DWC is complete.

Over the next decade, it’s important that DXB is refreshed to continue to provide our guests with a consistently seamless airport experience. We have several projects in the pipeline to spruce up parts of the facility and expand DXB’s capacity from 90 million

CEO Paul Griffiths

plus now to about 120 million passengers per annum in the coming years. This will be done through process optimisation and the use of technology instead of building new facilities, which is not possible anymore due to space constraints.

DXB registered a 31.7 per cent increase in passenger tra c to 86.9 million in 2023. What is your passenger’s forecast for 2024?

2023 was an exceptional year for DXB and is a testament to our unwavering commitment to operational excellence, e ciency, innovation and delivering exemplary guest experience. In 2024, we expect the tra c to hit 90 million for the year, surpassing our previous all-time high record of 89.1 million guests set in 2018.

The aviation sector is a major contributor to the UAE’s economy. How do you expect the new travel hub to contribute to the country’s economic diversification strategy?

This ten-year plan underscores the direct relationship between the UAE’s economic growth and the rise of its aviation sector. As a cornerstone of the country’s economic diversification e orts and Dubai’s D33 economic agenda, the new travel hub at Al Maktoum International Airport is poised to significantly contribute to the country’s economic landscape. By attracting more visitors, businesses, and investments, DWC will drive job creation, innovation, and prosperity, aligning with the UAE and Dubai’s grand vision for a sustainable and diversified economy.

Building Brand Dubai

IN AN INTERVIEW WITH GULF BUSINESS, ISSAM KAZIM, CEO, DUBAI CORPORATION FOR TOURISM & COMMERCE MARKETING, SHARES THE STRATEGIES, INNOVATIONS, AND VISION THAT CONTINUE TO DRIVE DUBAI’S SUCCESS AS THE WORLD’S TOP TOURIST DESTINATION

BY NEESHA SALIAN

Dubai’s tourism sector has been on a remarkable trajectory, marking an 11 per cent increase in international overnight visitors in Q1 2024, with 5.18 million visitors gracing the emirate’s shores. This surge follows a record-breaking year in 2023, where Dubai welcomed an unprecedented 17.15 million international overnight visitors, firmly establishing itself as a global tourism powerhouse.

Dubai’s success story isn’t just confined to numbers; it’s a testament to the city’s diversified approach, tailored strategies, and activities across more than 80 markets. This approach has maintained Dubai’s status as the destination of choice for visitors worldwide, as evidenced by its recent recognition as the top spot in the Tripadvisor Travellers’ Choice Best of the Best 2024 awards for the third consecutive year.

The success story doesn’t end here; Dubai International Airport (DXB) has recorded its busiest quarter in history, with an impressive 23 million guests passing through its terminals.

We caught up with Issam Kazim, CEO, Dubai Corporation for Tourism & Commerce Marketing, at the recent ATM show, where he shared the strategies, innovations and vision that continue to drive Dubai’s success on the global stage.

Tell us about Dubai’s tourism achievements in 2023 and what has been driving them. Dubai’s success is driven by visionary leadership, which keeps us on track and punctual. Our ambitious targets and goals push us to create the foundation for our successes. When we launched our strategy in 2014, we focused on moving beyond

our traditionally strong markets to a more diversified approach.

We are in a dynamic environment influenced by socioeconomic and geopolitical factors beyond our control. Therefore, we ensure our trade and markets remain active worldwide. If one market slows down, we can quickly pivot to others to compensate. This market-to-market perspective is crucial.

We’ve transitioned from traditional marketing to a digital focus, becoming leaders in this space. Strong relationships with key global players help us leverage their knowhow and continue our growth. Our targets — such as increasing visitor numbers, length of stay, spending, GDP contribution, and repeat visitation — were challenging but exciting to achieve. Today, Dubai enjoys a 25 per cent repeat visitation rate within 12 months, which we’re very proud of.

This success is not just due to marketing campaigns but also the service delivered by both the private and public sectors. From the moment visitors board a flight to Dubai, through their stay, and until they leave, every touchpoint ensures a smooth, safe, and enjoyable experience.

We’ve launched initiatives to showcase not just luxury but also Dubai’s culture, tradition, and affordability. This diversified market approach allows us to create bespoke campaigns for different demographics, working with key opinion leaders, influencers, and celebrities from Bollywood, Hollywood, Nollywood, and more.

Are you exploring new markets?

Yes, indeed, we are consistently exploring new markets, and sometimes we’re even delving into different segments within existing markets. This level of customisation allows us to tap into various demographics and segments of the market.

For instance, some markets previously associated Dubai solely with luxury. However, there’s immense potential in showcasing the non-luxury aspects of Dubai. Even a three-star or four-star accommodation here can rival five-star experiences elsewhere in the world. We’ve been deliberate in incentivising investment in the three- and four-star sector, ensuring that while offering incentives, we maintain Dubai’s reputation for luxury and quality. Additionally, we keep a close eye on the

BY OFFERING TOURISTS THE OPPORTUNITY TO EXPLORE MULTIPLE DESTINATIONS WITHIN THE GCC REGION WITH A SINGLE VISA, DUBAI BECOMES A MORE COMPELLING CHOICE FOR TRAVELLERS SEEKING DIVERSE EXPERIENCES”

routes opened up by flydubai and Emirates, identifying potential growth markets and aligning our marketing efforts accordingly. If there’s a positive response from a market, we explore opportunities for scheduled or charter flights, collaborating with Dubai World Central (DWC) to facilitate increased air traffic.

Every step we take is meticulously planned and analysed, with a structured approach guiding our decisions. Collaboration between the public and private sectors ensures that we have the right visa policies and regulations in place to welcome visitors from diverse markets. Ultimately, our goal is to continue expanding Dubai’s reach and appeal to a global audience.

How are you pushing to achieve the D33 economic agenda targets?

Our tourism strategy now includes remote working opportunities and new visas, leading to more people relocating to Dubai. We’re the number one relocation destination and the top for remote working globally. We’ve also introduced a retirement visa. We’re attracting regional and global HQs to Dubai, leveraging our connectivity and visa policies. Free zones in the city make it easy for companies to operate here. We’re continuously meeting with the private sector to address their needs and implement new programmes, maintaining an entrepreneurial, startup spirit.

How is sustainability incorporated into your agenda?

Sustainability holds deep significance for us, rooted intrinsically in our cultural ethos. Originating from a desert landscape where resources were scarce, we’ve embraced a mindset of preservation, recognising the finite nature of our surroundings. This ethos permeates every facet of our endeavours, from tourism to urban development. Several initiatives underscore our commitment to sustainability. In the tourism sector, we’ve incentivised hotels to retrofit their properties to meet stringent

sustainability standards. Additionally, we’ve made tools like carbon calculators readily available on our website to empower individuals and businesses to track and reduce their environmental footprint.

On the regulatory front, we’re implementing stringent standards for new developments to ensure compliance with sustainability norms.

In collaboration with the hospitality industry, we’ve witnessed the swift adoption of sustainable practices, such as eliminating single-use plastics in hotel rooms and investing in on-site bottling plants to reduce carbon emissions associated with bottled water transportation.

Furthermore, our citywide infrastructure reflects our commitment to sustainability, with cooling stations and watering facilities installed in public spaces to promote sustainable living.

Looking ahead, we remain steadfast in our sustainability efforts. Recently, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, launched Dubai Reef, the latest endeavour under the Dubai Can initiative. This project aims to enhance marine biodiversity and promote eco-tourism by introducing coral reefs into our waters.

How do you see the GCC unified visa initiative boosting tourism?

We’re continually focused on streamlining visa processes to enhance the ease of travel for tourists. Simplifying visa procedures not only facilitates my role in attracting more visitors but also enriches the overall tourism experience in Dubai. While proximity markets and those familiar with Dubai may find visa procedures manageable, attracting tourists from farther regions presents a unique challenge.

For many potential visitors, Dubai may not rank as a top destination on their travel list due to limited awareness of the diverse offerings and experiences available here. The introduction of the GCC unified visa will play a pivotal role in changing this perception. By offering

tourists the opportunity to explore multiple destinations within the GCC region with a single visa, Dubai becomes a more compelling choice for travellers seeking diverse experiences.

This unified visa not only simplifies travel logistics but also highlights the interconnectedness of destinations within the GCC, making Dubai a gateway to a broader spectrum of experiences. As a result, tourists are more likely to view Dubai as a pivotal hub for their travels, encouraging repeat visits and extended stays.

However, with the implementation of the GCC unified visa, the onus is on us and our stakeholders to showcase Dubai’s unique attractions and experiences effectively.

What can we expect from Brand Dubai in terms of tourism?

Dubai is always innovating. We’ve introduced cycling and hiking tracks, a Real Madrid World theme park, new hotels like One&Only’s first city resort and Siro Hotel, and numerous gastronomy offerings. Our Michelin Guide has grown, highlighting our culinary excellence, including three Green Star restaurants for sustainability.

Hatta’s development, the new airport with a capacity of 260 million passengers, and the unified visa are all part of our efforts to enhance Dubai’s tourism. The unified visa will make it easier for tourists to explore the region, compelling them to visit Dubai and other nearby destinations.

What can the world learn from Dubai’s leadership?

Our leadership combines vision with commitment to delivery and execution. Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE, and Ruler of Dubai, sets ambitious targets and ensures we monitor and communicate our progress transparently. This approach helped us rebound quickly from Covid-19, achieving record-breaking growth in 2023 and continuing into 2024.

Our leadership’s accessibility and dedication to public service ensure we address stakeholders’ needs and work collaboratively. This mindset filters through every touchpoint of our organisation, fostering a culture of agility and responsiveness.

I can say we are startup at heart, always striving for what’s next.

The new frontier for tourism

RED SEA GLOBAL GROUP CEO JOHN PAGANO SAYS THE MOST VALUABLE ASSET ON THE COMPANY’S BALANCE SHEET AND ITS COMMITMENT TO SUSTAINABILITY DIFFERENTIATES IT FROM OTHER DESTINATIONS

BY KUDAKWASHE MUZORIWA

Saudi Arabia is diversifying and opening up its economy by developing productive sectors outside the oil and gas industry, with tourism occupying the centre stage of the country’s socio-economic transformation agenda under Vision 2030.

The kingdom welcomed 27 million international visitors in 2023, up 56 per cent compared to the pre-pandemic levels while the number of domestic tourists reached 79 million, also up 56 per cent from 2019. It is investing billions of dollars in sports and culture to lure tourists and recently won the rights to the 2030 World Expo and 2034 FIFA World Cup.

Red Sea Global, the developer behind a major tourism destination on Saudi Arabia’s Red Sea coast, is pulling out all stops to deliver on the kingdom’s new target of 150 million annual visitors by 2030.

Here, John Pagano, the CEO of Red Sea Global, talks about the company’s approach to regenerative development and ongoing work to deliver 8,000 hotel rooms by the end of the decade.

Tell us more about Red Sea Global and how the development is contributing to Saudi Arabia’s Vision 2030.

We initially started as the Red Sea Development Company when we launched in 2018 to drive the development of the Red Sea Project, as part of Saudi Arabia’s economic diversification strategy under Vision 2030. The project started with a beautiful archipelago of 90 pristine islands, and we set about trying to come up with something unique and globally significant. First and foremost, we

John Pagano

RED SEA GLOBAL INTERVIEW

RED SEA GLOBAL INTERVIEW

prioritised the environment and regenerative tourism.

Following the successful delivery of critical milestones at The Red Sea, our mandate was then expanded to include our second destination, Amaala, and today, we are developing more than a dozen projects along Saudi Arabia’s Red Sea coast. We welcomed our first guests in 2023 and we also unveiled our third destination, Thuwal Private Retreat.

The expanded mandate also includes the establishment of a series of subsidiary businesses to drive an uplift in the Saudi tourism sector and associated industries. Such RSG-owned businesses allow the organisation to maintain its stringent sustainability standards in development and operational phases, and span the creation of a seaplane company, through to hospitality and guest experience brands.

Our focus is to advance regenerative tourism in Saudi Arabia. The tourism sector is emerging as a thriving pillar of the kingdom’s economy that was previously underrepresented in terms of its contribution to the overall GDP at 3 per cent but is set to add 10 per cent and create one million jobs by the end of the decade.

As a company, we are aiding the kingdom’s efforts to create a high-potential tourism sector through the development of two of the world’s most ambitious regenerative tourism destinations – The Red Sea and Amaala.

These destinations are playing a key role in advancing the Kingdom’s tourism sector and will provide significant economic benefits, contributing a combined SAR33bn

($8.8bn) annually to the Saudi economy once completed. The destinations will create around 120,000 direct and indirect jobs for ambitious Saudis looking to join a booming industry.

We have awarded construction contracts worth $20bn and we have spent $10bn since the beginning of the development. Together with our partners, we are working to deliver 19 resorts – 11 at The Red Sea and eight at Amaala in 2025.

What are Red Sea Global’s investments and development projects?

Red Sea Global comprises The Red Sea, Amaala and Thuwal Private Retreat. Thuwal boasts a three-bedroom villa and three one-bedroom suites that can accommodate up to 12 guests. We also have new large-scale projects that we have not yet made public, some that are as big as the Red Sea project and Amaala.

We are also looking at opportunities outside Saudi Arabia – both regionally and

internationally. When these opportunities arise, we are considering developments that meet our values.

How are The Red Sea Project and Amaala revolutionising the tourism industry regionally and internationally?

We do not want to be compared with any other location which is why we are creating something exclusive to Saudi Arabia.

The company is creating destinations that have never been seen before, and I think we are accomplishing that objective, as seen from the imagery from our resorts that are now open to welcome guests and those that are coming.

The main thrust is the way we have approached it, regenerative tourism, which is revolutionising our industry. The most valuable asset on our balance sheet, putting people and planet first, differentiates us from other destinations.

With all the natural beauty that we have in terms of the size of the land, with both sites sitting on a combined area of over 32,000 square km, we are going to develop a very small proportion and we will limit the number of visitors to no more than a million annually.

The revolutionary approach that we are taking is how we are working in harmony with nature. We are using our platform to show the world that we can develop in harmony with the environment.

What is your approach to the concept of “regenerative tourism,” and how is it applied to the projects you oversee?

We are using the opportunity that we have here in Saudi Arabia to shine a positive light on doing things differently and putting

THE RENEWABLE SUPPLY SYSTEM AT AMAALA CAN GENERATE UP TO 410,000 MWH PER ANNUM, ENOUGH TO POWER 10,000 HOUSEHOLDS FOR AN ENTIRE YEAR, AND INCLUDES A 700 MWH BATTERY STORAGE FACILITY

RED SEA GLOBAL IS A CORNERSTONE OF SAUDI ARABIA’S VISION 2030 AND UPON COMPLETION THE RED SEA WILL COMPRISE 50 RESORTS , OFFERING UP TO 8,000 HOTEL ROOMS AND MORE THAN 1,000 RESIDENTIAL PROPERTIES ACROSS 22 ISLANDS AND SIX INLAND SITES

WE WERE GIVEN THE AMAALA PROJECT IN 2021 AND TODAY WE ARE DEVELOPING MORE THAN A DOZEN PROJECTS ALONG SAUDI ARABIA’S RED SEA COAST. WE WELCOMED OUR FIRST GUESTS IN 2023 AND WE ALSO UNVEILED OUR THIRD DESTINATION, THUWAL PRIVATE RETREAT.”

emphasis on protecting the planet. We built the largest tourism destination in the world powered 100 per cent by renewable energy.

The company entered into a 25-year concession agreement with France’s EDF and UAE’s Masdar to service Amaala. The renewable supply system can generate up to 410,000 MWh per annum, enough to power 10,000 households for an entire year, and includes a 700 MWh battery storage facility.

We built the world’s largest battery storage facility at 1,000 MWh as well as the biggest district cooling system in the world that is powered by renewable energy. We are saving between the Red Sea project and Amaala around a million metric tonnes of carbon dioxide that would otherwise have been released into the atmosphere.

Our resorts use electric vehicles (EVs) for guests that visit the destination and we also have the biggest charging network that is powered by renewable energy in Saudi Arabia. The company is also exploring the use of hydrogen fuel for heavy vehicles

such as trucks and even marine vessels. Last year, we planted one million mangroves and this year we are aiming to plant 2.5 million mangroves towards our overall commitment of 50 million plants by 2030.

Mangroves protect our islands against rising sea levels and erosion, and the most interesting part, at least for me, is that the plants sequester carbon at an advanced rate compared to trees on land.

The project will comprise 50 resorts, offering up to 8,000 hotel rooms and around 1,300 residential properties by 2030. Tell us about your collaborative partnerships with other players in the hospitality sector to achieve this target. Red Sea Global is a cornerstone of Saudi Arabia’s Vision 2030 and upon completion The Red Sea will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites.

Similarly, Amaala will be home to more than 3,000 keys across 29 hotels and

approximately 1,200 luxury residential villas, apartments and estate homes, supporting high-end retail, fine dining, wellness and recreational facilities.

We have received interest from all the major hotel operators globally including Hyatt Hotels & Resorts, InterContinental Hotels Group and Marriott International. I describe these multinational hospitality companies as “big box brands” because they have thousands of hotel brands globally and we are dealing with the upper echelons of their offerings.

Red Sea Global opened its doors to guests and unveiled its luxury hotel brand Shebara in 2023. Give us insight into your short-term targets and what is your priorities in 2024. Our medium-term priority is to continue to build on the successful openings of the hotels. We have opened two hotels so far and three will open soon. We are also building the company’s mobility system to transfer guests and it is a multimodal transport system.

Red Sea Global launched the first seaplane company in Saudi Arabia to transfer some of our guests who prefer to use seaplane from the airport to our islands. Last October, the first seaplane flight by Fly Red Sea took to the skies. Last month, we announced a twiceweekly route to The Red Sea for all our guests from Dubai, as we look to service one million guests a year at full capacity.

There is a lot more that goes into opening hotels and our short-term goal is to continue to scale and build excellence in all of those different facets that will ultimately contribute to the overall guest experience.

The company is considering a possible public market offering as soon as 2026. How are these plans shaping up?

Nothing is ruled out at this stage. There will likely be some kind of public event but do not think it will be in 2026. For hospitality assets, a company needs to open and stabilize, and it takes between three to four years for a hotel property to reach stabilisation, so it would be premature to go to the markets next year.

The exact timing will be dictated by when we stabilise income from the projects from the first phase. A public market is something that we are studying, but nothing is firmly set in stone as to the exact timing and the exact mechanism that we will use.

Sky-high ambitions

AS RIYADH AIR GEARS UP TO MAKE ITS MARK IN THE SKIES IN 2025, CEO TONY DOUGLAS OUTLINES THE SAUDI CARRIER’S MISSION TO DELIVER UNPARALLELED SERVICE AND GLOBAL CONNECTIVITY

BY NEESHA SALIAN

Riyadh Air, Saudi Arabia’s newest airline, recently celebrated its first anniversary under the stewardship of its charismatic CEO Tony Douglas. Since its launch in March 2023, the kingdom’s second national carrier, recognised by its unique ‘RX’ code, has marked its presence on the global aviation landscape.

From placing a significant order of Boeing 787-9 Dreamliners to power its fleet (with a rumoured narrow-body aircraft order in the offing) and unveiling stunning dual-livery designs at the Paris and Dubai air shows last year to signing strategic cooperation agreements with Saudia and Turkish Airlines and its much-awaited “cabin crew fashion” reveal at the Paris Fashion Week in June, Riyadh Air has showcased its commitment to redefining air travel.

Additionally, its collaborations with leading technology firms such as Lufthansa Systems, IBM Consulting, Sabre and Adobe demonstrate Riyadh Air’s positioning as a digitally-native airline, leveraging advanced

technology to enhance the passenger experience and operational efficiency.

The airline is also on target to launch flights in the summer of next year, with the aim to fly to 100 countries by 2030. Douglas recently told media that the airline had welcomed its first batch of pilots and was expected to start certification flights in September. The carrier also witnessed the arrival of its third batch of cabin crew and was poised to move into its new headquarters this summer.

We chatted with the Riyadh Air CEO at the recent Arabian Travel Market, to learn more about the airline’s plans, focus on

THE AIRLINE IS ON TARGET TO LAUNCH FLIGHTS IN THE SUMMER OF NEXT YEAR, WITH THE AIM TO FLY TO 100 COUNTRIES BY 2030

digital innovations and its vision for shaping the future of aviation. Here are excerpts from the discussion.

You signed a key MoU with the Saudi Tourism Authority at ATM 2024 in Dubai. Tell us more about its impact.

Saudi Arabia has emerged as the second “most searched” tourism destination, according to Google Analytics data from 2023. This highlights the growing interest and curiosity surrounding the country’s attractions and offerings, which include AlUla, Diriyah and Tabuk.

However, one of the common challenges faced by potential visitors is accessibility. Riyadh Air recognises this challenge and aims to address it by establishing comprehensive global, regional and national networks. This initiative will not only provide Saudi citizens with greater access to the world, but it will also facilitate easier travel for international tourists to explore the attractions of Saudi Arabia.

The MoU with the Saudi Tourism Authority outlines our commitment to collaborate closely with the tourism ministry to enhance connectivity and accessibility for travellers.

Tell us about the vision driving Riyadh Air. What are the innovations you are introducing?

QThe legacy we’re creating for Riyadh Air is monumental and comparable to the transformative impact that airlines such as

OBSESSIVE ATTENTION TO DETAIL WITH GUEST EXPERIENCE IS THE CORNERSTONE OF OUR LEGACY AS IS A DIGITALLY NATIVE APPROACH, WHERE CONNECTIVITY, INNOVATION AND PASSENGER EXPERIENCE TAKE CENTRE STAGE. WE ARE NOT ENCUMBERED BY OLD LEGACY SYSTEMS OR PRACTICES; WE ARE SETTING NEW BENCHMARKS.”

Emirates and Qatar Airways have had on their respective regions. As the largest commercial aviation startup in modern history, we’re setting the stage for a world-class carrier that not only connects Saudi Arabia to the world but also facilitates seamless global connectivity to the kingdom. Obsessive attention to detail with guest experience is the cornerstone of our legacy as is a digitally native approach, where connectivity, innovation and passenger experience take centre stage. We are not encumbered by old legacy systems or practices; we are setting new benchmarks.

For example, we are poised to revolutionise the airline industry with an innovative approach that leverages digitalisation and biometrics to create a seamless and personalised customer experience. This is similar to what you’d expect from companies such as Amazon or Uber. Imagine a user-friendly interface where you can plan your entire trip. For example, where you tell the system your budget, desired travel window, and preferences (hotel class or cabin class), and it curates personalised itineraries, adding hotels, attractions, and even restaurant recommendations to your trip basket.

Also, your face becomes your passport, boarding pass and payment method, eliminating queues and frustrations.

Facial recognition technology goes beyond security. It will allow us to personalise your experience even further. For example, if you are le t-handed, facial recognition ensures your cutlery is placed accordingly when you travel with us. Your profile also becomes your loyalty programme, o ering rewards and catering to your past preferences. Riyadh Air promises even more innovations when it comes to in-flight entertainment.

Imagine streaming your favourite shows and movies, just like you do on the ground, and more innovations.

Thanks to cutting-edge Wi-Fi technology, passengers will also enjoy lightningfast connectivity, enabling seamless access to an array of digital experiences.

Moreover, environmental sustainability is integral to our legacy. Unlike retrofitting sustainability into existing frameworks, it’s ingrained in our design philosophy from day one. We’re leading the way in implementing eco-friendly practices that minimise our carbon footprint and contribute to a greener future for aviation.

What can we expect from Riyadh Air in the coming months?

As we progress toward our inaugural flight in mid-next year, there are certainly some surprises in store for our passengers and the industry.

A major announcement in June is our cabin crew fashion reveal in Paris. Inspired by the glamour of yesteryears, particularly reminiscent of scenes from the movie Catch Me If You Can, our cabin crew attire epitomises sophistication and modern refinement. This fashion statement will redefine expectations in commercial aviation.

In October, we’ll unveil the details that will rival the historic launch of the iPhone. It will redefine the way passengers engage with our airline, transcending traditional cabin experiences.

Tell us about your style of leadership and the legacy you are building. I believe in creating a family where everybody’s equal, and I think we’ve done that at Riyadh Air. Every member of the team feels like they have an equal stake in our success. Our family’s got energy, it’s got alignment and it’s got passion because it’s connected to the brand, and the brand is ‘Riyadh’.

It’s not about hierarchies or titles; it’s about recognising that each member plays a crucial role in our collective success.

Ultimately, my legacy as a leader will be defined by the strength of our team, the success of our endeavours, and the positive impact we make on our industry. It’s about building a legacy of unity, excellence, and unwavering dedication to our shared vision.

Tony Douglas

PROMISING PROSPECTS

Why Saudi Arabia’s hospitality industry is poised for growth

THE KINGDOM IS POISED TO BECOME ONE OF THE WORLD’S MOST SIGNIFICANT TOURISM MARKETS, WITH GIGA AND MEGA PROJECTS LEADING THE HOTEL ROOM PIPELINE

Saudi Arabia surpassed its initial tourism target of 100 MILLION

ANNUAL VISITORS

seven years ahead of schedule, with 77 million domestic travellers and 27 million international tourists in 2023

Saudi Arabia is expected to deliver 320,000 new hotel rooms – with a development cost of $37.8bn by 2030

Tourism spending reached almost $40bn in 2023 – up nearly 43 per cent on 2022

VISITOR PROFILE

Key to this growth is the substantial influx of visitors from Muslim-majority nations, with Bahrain (2.2 million), Kuwait (1.9 million) and Egypt (1.5 million) emerging as the top three source markets, according to Knight Frank, which says that religious tourism remains the cornerstone of Saudi Arabia’s tourism strategy

150 MILLION

ANNUAL VISITORS BY 2030 THE KINGDOM’S NEW TARGET

80 MILLION from within the country

70 MILLION from abroad

The kingdom aims to more than triple its current number of hotel keys in line with Vision 2030, with a plethora of new hotels, resorts and tourist attractions scheduled to open in the next six years, says real estate consultancy and FHS sponsor Knight Frank

CLOSE TO 27 MILLION PILGRIMS

visited the country in 2023 – almost triple the pre-Covid number of 10 million

Marriott International is likely to emerge as the biggest hotel operator in Saudi Arabia, with around 26,200 hotel keys by 2030

ACCOR HOTEL GROUP, CURRENTLY THE LARGEST ROOM OPERATOR IN THE KINGDOM, WILL HAVE AROUND 25,400 KEYS BY 2030

66 PER CENT

BY 2030 , THIS SEGMENT OF THE MARKET WILL EXPAND TO 72 PER CENT , EQUATING TO AROUND 251,000 HOTEL ROOMS

KNIGHT FRANK’S ANALYSIS SHOWS THAT 66 PER CENT OF SAUDI ARABIA’S EXISTING HOTEL SUPPLY FALLS INTO THE LUXURY AND UPSCALE CATEGORIES

ACCORDING TO THE WORLD TRADE ORGANISATION, THESE HOTELS REQUIRE ONE TO TWO MEMBERS OF STAFF PER ROOM, WHICH MEANS THAT 232,000 TO 387,000 KEY WORKERS WILL NEED ACCOMMODATION

With a new target of welcoming 150 million visitors by 2030 – a 50 per cent increase from its previous goal – the Saudi Arabia government is actively exploring various strategies to attract international travellers, including the development of cultural and entertainment offerings nationwide, which complement existing attractions like the Jeddah F1 Grand Prix and numerous ‘Entertainment Seasons’. Noteworthy additions include theme parks such as Boulevard World in Riyadh, alongside the licensing of 24 additional theme parks by the Saudi General Entertainment Authority over the past year.”

TURAB SALEEM , partner and head of Hospitality, Tourism and Leisure Advisory, Knight Frank MENA

RIYADH’S WINNING OF THE BID TO HOST THE 2030 WORLD EXPO IS EXPECTED TO INJECT A SUBSTANTIAL ECONOMIC BOOST OF $94.6BN into the nation's capital, with an estimated 40 million visitors expected during the six-month exhibition, and the 2034 FIFA World Cup in Saudi Arabia promises further momentum for the country’s tourism goals

AIX Racing makes history with first Formula 2 win

AIX Investment Group announces full acquisition of F2, F3 motorsport teams

AIX Investment Group has announced the full acquisition of the PHM AIX Formula 2 and Formula 3 teams. Under the stewardship of AIX Investment Group, the team was launched as AIX Racing. AIX Investment Group says that this move aligns with its unwavering commitment to innovation, performance, and global impact. “This strategic move not only signifies a change in ownership but also represents a renewed dedication to setting new standards of achievement on the track and beyond,” said Morne Reinecke, CEO of We Are The Future at AIX Investment Group.

“The vision for AIX Racing transcends mere ownership, embodying a commitment to excellence, innovation, and success,” Reinecke added.

“As AIX Racing embarks on this new chapter, they invite fans, partners, and stakeholders to join them on their journey toward excellence, shaping the future of racing where passion, determination, and the relentless pursuit of greatness converge,” Reineke noted.

TOP TEAM

The first races under the AIX Racing banner took place at the iconic circuits of Imola and Monte Carlo, showcasing the team’s potential and

determination to excel in the highly competitive world of Formula racing.

At the Monte Carlo race weekend, AIX Racing showcased its impressive skills. Taylor Barnard delivered a dominant performance in the Sprint Race from the reverse grid pole, earning his and AIX Racing’s first victory in Formula 2.

In Imola, AIX Racing made significant strides with a new name and improved performance. Despite being the only team yet to score a point this season heading into Round 4, the squad achieved their most successful weekend in Formula 2 so far at the Autodromo Internazionale Enzo e Dino Ferrari.

The team displayed top form in Free Practice, which translated into

As AIX Racing embarks on this new chapter, they invite fans, partners, and stakeholders to join them on their journey toward excellence, shaping the future of racing where passion, determination, and the relentless pursuit of greatness converge.”

a strong Qualifying session where Joshua Duerksen set the fifth-best time. Duerksen’s recovery from an unfortunate crash in the Sprint was remarkable, culminating in a superb P3 finish in the Feature Race. This performance delivered his and the team’s first points and podium, highlighting the significant progress made following the in-season test. Imola’s success provides a solid foundation for the team to build on throughout the rest of the season.

AIX Racing’s recent achievements in Imola and Monte Carlo signal a promising future for the team. These milestones reflect their dedication to achieving excellence in motorsport and enhancing their global impact. As they move forward, AIX Racing is poised to continue making significant strides in Formula 2 and Formula 3.

AIX Racing further falls under AIX Investment Group’s ‘We Are The Future‘ initiative. This initiative is aimed at being a catalyst for positive change, bridging what AIX calls the gap between innovation and impact through strategic investments and philanthropic investments.

Meanwhile, AIX Investment Group is known globally for its ability to deliver investments with above-market returns for clients. With multiple offices across the globe, they can reach clients worldwide. They lead with a focus on helping investors make impactful investments and generate a positive impact with their capital for the greater good.

AIX Investment Group is one of the top associates and investment solution providers globally. With a dynamic team of superior professionals, they provide investment products. AIX offers innovative investment options for institutions and individuals far surpassing industry standards.

Morne Reinecke, CEO of We Are The Future

FORGING FORWARD WOMEN IN BUSINESS

In an era where innovation and impact are key drivers of success, women across the region are breaking barriers and reshaping the business landscape. From early-stage startups with profound social missions to top CEOs steering billion-dollar financial enterprises and luxury companies, women are at the forefront of transformative change. In the GCC region, trailblazing leaders are not only redefining traditional business models but also fostering inclusive growth and sustainability. We delve into the inspiring journeys of female entrepreneurs, top executives and influential CEOs who are leaving an indelible mark on the world of business

LEADING THE WAY

THE NUMBER OF WOMEN IN BANKING AND FINANCIAL SERVICES WHO REACH THE HIGHEST LEVELS OF LEADERSHIP – THE C-SUITE AND THE BOARD – IS RISING, DRIVEN BY THE GOVERNMENT’S STRONG SUPPORT FOR WOMEN’S EMPOWERMENT

BY KUDAKWASHE MUZORIWA

he UAE is ranked as the leading gender-equal country in the Middle East region, according to the World Economic Forum’s Global Gender Gap Report 2023 report, an achievement that comes from the fundamental belief that women and men are equal partners in society.

TThe country has made signifi cant progress in empowering women economically, politically, and socially, and considers women to be key partners in sustainable development.

It has notably increased women’s participation in the financial services sector through new government-led initiatives and policies, such as a mandate for publicly listed companies to include at least one woman on their boards.

More women have joined the highest levels of the banking and financial services industry leadership in the UAE, but progress has been slow.

Though the percentage remains low compared to other markets, meet the trailblazers making history:

HANA AL ROSTAMANI

Designation: Group CEO Company: First Abu Dhabi Bank

Hana Al Rostamani has been at the helm of First Abu Dhabi Bank (FAB), the UAE’s biggest bank by assets, since 2021. With more than 25 years of experience in banking and financial services, Al Rostamani is the first female CEO in FAB’s history.

She oversees the banking group’s global footprint, which spans 20 markets across five continents.

The bank’s net profit in the three months to March 31 rose by 6 per cent year-on-year to Dhs4.2bn, Dhs8bn in total income and Dhs1.24tn in assets, up 18 per cent and 4 per cent, respectively.

“FAB continues to deliver robust performance, reflected in doubledigit growth in revenue year-on-year,

supported by strong business momentum. We remain focused on accelerating our growth strategy, building e ciencies and delivering sustained shareholder value,” Al Rostamani said in the bank’s Q1 earnings report in May.

The bank facilitated Dhs26bn ($7bn) in sustainable finance in Q1 2024 and has availed Dhs150bn in green finance to date or around 30 per cent of its Dhs500bn target by 2030. In October 2021, FAB became the first UAE and Middle East bank to join the Net-Zero Banking Alliance.

Al Rostamani is also chair of the Global Council on Sustainable Development Goals and a board member of Buna and the Institute of International Finance.

entrepreneurship through di erent initiatives such as the Women in Tech accelerator programme. Under the Women in Tech programme, Standard Chartered UAE has accelerated four cohorts, comprising more than 20 startups, who have collectively raised $5m.

Standard Chartered UAE posted a pretax profit of $125m in the January-March quarter while its income came in at $237m.

Abu Manneh is a member of the board of directors of the Dubai International Chamber and prior to joining Standard Chartered UAE, she was senior managing director and head of the corporate and investment banking division for the Abu Dhabi region at FAB.

increase the number of initial public o erings in the country and boost the depth of domestic capital markets while promoting financial stability.

Al Suwaidi was accredited as an assessor expert in evaluating anti-money laundering and terrorism financing systems by the Financial Action Task Force in September 2019, the first Emirati woman to receive this recognition.

RAJA AL MAZROUEI

Designation: MD and CEO

Company: Etihad Credit Insurance

WROLA ABU MANNEH

Designation: CEO

Company: Standard Chartered UAE

Abu Manneh was appointed CEO of Standard Chartered UAE in August 2018, becoming the first Emirati woman to head a bank in the country. She is credited for transforming

Standard Chartered Group’s business in the UAE into one of the biggest five markets for the banking group.

In November 2022, Standard Chartered UAE unveiled an Islamic Sustainable Account, which is used to fund sustainable projects.

Over the years, Abu Manneh has championed women’s empowerment and female

MARYAM BUTI AL SUWAIDI

Designation: CEO

Company: Securities and Commodities Authority

Al Suwaidi was appointed CEO of the Securities and Commodities Authority (SCA) by a federal decree in October 2021, becoming the first woman to occupy the position in the history of the authority. Under her leadership, the UAE securities regulator said in April that it had extended the exemption of companies listing green and sustainability-linked bonds and sukuk from paying registration fees.

The SCA assumed the tasks of regulating, supervising and controlling virtual assets and related services in February as the country. The authority also partnered with the Abu Dhabi IPO Fund in March 2023 to

ith a career spanning nearly two decades, Al Mazrouei joined Etihad Credit Insurance (ECI) as a board member in January 2022 and became the export credit agency’s managing director and CEO in November 2022 and January 2023, respectively.

Al Mazrouei has been instrumental in driving ECI’s transformational strategy while enhancing its operational e ciencies. Under her stewardship, the agency continues to support the UAE’s economic diversification agenda and empower SMEs in both local and international markets.

She also sits on the boards of several companies including the Harvard Business School MENA Advisory Board, Mohammed Bin Rashid School of Government, Zand Digital Bank, Al Masraf Arab Bank, Al Ansari Financial Services and Ittihad International Investment. Previously, Al Mazrouei was executive vice president of DIFC FinTech Hive.

DR SAEEDA JAFFAR

Designation: Group country manager and SVP GCC Company: Visa

DMAY EL GAMMAL

Designation: Group chief marketing and communications o cer Company: EFG Holding

EFurthermore, she is actively involved in driving the marketing and communications activities of the commercial bank arm of EFG Holding, aiBANK, one of Egypt’s fastest-growing banks.

r Ja ar joined global digital payments company Visa in 2021 from Alvarez & Marsal ME, the world’s leading turnaround and restructuring firm, where she was the managing director. Under Dr Ja ar’s guidance, Visa introduced the Visa Installment Solution in the GCC region – in partnership with local issuers and acquirers – to cater to the growing demand for instalment payment options.

Visa launched She’s Next, its global advocacy program that aims to support women-owned small businesses through funding, training, and mentorship, for the first time in the Gulf region in 2022. Since 2020, the global payments has invested more than $3m in over 250 grants and coaching for women SMB owners through the She’s Next grant programme globally, including in Saudi Arabia, the UAE, Egypt, and Morocco.

With more than two decades of experience in the financial services sector, she previously held leadership positions in the Middle East for both Bain & Company and McKinsey & Company.

Dr Ja ar holds a Bachelor of Science in Biomedical Engineering from Boston University, and a Master of Science and a Doctorate in Chemical Engineering from Massachusetts Institute of Technology (MIT). Pic:

l Gammal is an accomplished executive serving as the group chief marketing and communications o cer at EFG Holding. She has extensive holistic experience in the financial industry and an unbridled passion for driving impact, she has established herself as a progressive marketing and communications leader.

Having joined the banking group in 2010, El Gammal witnessed and actively participated in the company’s evolution from a regional investment bank to a global financial services corporation with a presence across four continents, while shaping how the firm projects itself to its respective audience across its footprint.

El Gammal was pivotal in shaping EFG Holding’s growth strategy and executing successful marketing and communications campaigns.

Throughout her tenure, she has overseen the management of the entire brand portfolio, including the launch and management of renowned super brands such as Valu, MENA’s leading universal financial technology powerhouse, a brand she created and grew from its inception; Bedaya, EFG Holding’s mortgage finance brand; EFG Corp-Solutions, the leasing and factoring brand, and EFG Hermes One the group’s leading securities trading platform.

With a proven track record, El Gammal combines her expertise in marketing and communications with a deep understanding of the financial industry, enabling her to deliver impactful strategies that contribute to the continuous growth and success of EFG Holding as a listed company on the Egyptian Exchange with more than 40 years of rich history in creating impact.

El Gammal has more than two decades of experience. She possesses extensive expertise in developing compelling public relations strategies, orchestrating successful flagship conferences and events, driving growth marketing initiatives, and spearheading brand creation and management.

Notably, El Gammal played a pivotal role in establishing the sustainability practice at EFG Holding in 2014, underscoring her commitment to responsible marketing and sustainable development as vice chairman of the board of the EFG Foundation for Social Impact. She has actively championed sustainable marketing initiatives for over a decade to create meaningful impact, transform lives, and foster positive change in economies, societies, and the environment.

Before joining EFG Holding, El Gammal served as PR manager at BNP Paribas and marketing and business development manager at a prominent coatings company licenced by BASF. Her exceptional capabilities were recognised in 2003 when she garnered the prestigious Best IMC award from the International Advertising Association (IAA), securing first place in the Middle East and ranking third globally.

El Gammal holds a Bachelor’s degree from the American University in Cairo. She has also pursued professional development opportunities, earning a diploma in marketing from the International Advertising Association (IAA). She holds a certificate in ADP from the University of Chicago Booth School of Business and Digital Marketing Strategies and a certificate in Data, Automation, AI, and Analytics from Northwestern University Kellogg School of Management.

A

KEY TENET TO OUR GROWTH HAS BEEN TAPPING INTO THE MARKET’S NEEDS AND UNDERSTANDING WHERE THE REAL ESTATE SECTOR IS EVOLVING."

REDEFINING THE REAL ESTATE LANDSCAPE

IN THE DYNAMIC WORLD OF REAL ESTATE, AALIYA RAHMAN STANDS OUT AS ONE OF THE LEADING FEMALE LEADERS IN THIS FAST-GROWING SECTOR

BY GARETH VAN ZYL

s Managing Director at ORO24 Developments, Aaliya Rahman is tasked with driving growth, creating operational value, and improving economic performance within the business.

Under Rahman’s leadership, ORO24 has grown significantly. Her accounting and finance background has helped the company navigate the world of real estate complexities while making key strategic decisions.

Her insight and expertise has helped spark o some of ORO24’s most successful projects, including the likes of ALBERO, KYOTO, ELANO, LEVANTO, TORINO, as well as the company’s innovative mosque developments.

The ORO24 team has further credited Rahman for fostering a collaborative culture and a global mindset among. Meanwhile, her emphasis on client and end-user relationships has been a key ingredient for ORO24’s successes.

“I believe what sets ORO24 apart is the people centric approach embedded in every aspect of the business,” says Rahman.

“A key tenet to our growth has been tapping into the market’s needs and understanding where the real estate sector is evolving,” she adds.

GROWTH AND CUSTOMER-CENTRICITY

Based in Dubai, ORO24 Real Estate Developments represents a new age in real estate as it has built a reputation for offering luxurious real estate at competitive prices. This

I BELIEVE WHAT SETS ORO24 APART IS THE PEOPLE CENTRIC APPROACH EMBEDDED IN EVERY ASPECT OF THE BUSINESS.”

customer- centric approach further integrates leisure with state-of-the-art amenities, bringing greater value to the market.

Rahman also believes customer preference should guide projects, thereby helping to deliver unique lifestyle experiences.

“ORO24 aims to become a global real estate partner, using cutting-edge technology to meet buyer needs while adhering to budgets and deadlines without compromising quality,” Rahman says.

“Our high-end projects, like TORINO nearing completion in Q3 2024 with its modern living amenities and KYOTO as a Zeninspired sanctuary, exemplify their commitment to excellence. With a versatile and forward- thinking approach, ORO24 is setting new standards in real estate,” she adds.

ORO24 is quickly establishing itself as one of the top real estate companies in Dubai. In just over two years of being operational, it has launched an expansive portfolio comprising around 2,500 units spread across more than six projects. The company also has an ongoing project portfolio of more than Dhs1.75bn.

Rahman further strongly believes that selfless dedication is key to building a brand centred around people. ORO24’s headquarters along Dubai’s famous Sheikh Zayed Road reflect this philosophy with a wall at the developer’s headquarters featuring the organisation’s people-focused structure.

UAE’S STRONG GROWTH

A strong real estate sector in the UAE has also helped ORO24 boost its operations.

In 2023, the Dubai Land Department (DLD) marked its strongest performance ever with 1.6 million transactions (from real estate transactions to rental agreements), with 166,000 real estate deals worth Dhs634bn.

This represents a remarkable growth of 16.9 per cent compared to 2022, which accounted for approximately 1.368 million transactions.

Amid strong demand, the property market in Dubai is expected to continue to grow this year. Tens of thousands of new villas, townhouses, and apartments are also set to be completed and handed over to buyers this year, driving activity up further and helping ORO24 cement its position further.

EMPOWERING ENTREPRENEURS

THE BICESTER COLLECTION’S INAUGURAL 'UNLOCK HER FUTURE PRIZE' MENA EDITION CELEBRATES THE VISION, TENACITY AND INNOVATION OF WOMEN FROM THE REGION. HERE, WE SPEAK TO THE BICESTER COLLECTION’S CHANTAL KHOUEIRY AND THE WINNERS ON HOW THEY ARE DRIVING POSITIVE CHANGE AND CREATING SOCIAL IMPACT

BY NEESHA SALIAN

he Bicester Collection, a group of luxury retail destinations managed by London-based Value Retail Management, recently celebrated the achievements of the winners of its inaugural 'Unlock Her Future Prize' 2023 MENA Edition. The prize was conceived to identify and empower female social impact entrepreneurs from a di erent region of the world each year.

TOpen to women of any age with inspiring, early-stage startup ideas (less than three years in operation) that drive positive social, cultural, or environmental impact and aligned with the United Nations Sustainable Development Goals, the inaugural Unlock Her

Future Prize 2023 MENA Edition drew 850 applicants from around the Middle East and Africa.

From a pool of eight finalists representing Algeria, Egypt, Iraq, Lebanon, Palestine, Saudi Arabia and the UAE, four dynamic entrepreneurs were chosen by a panel of industry luminaries and experts who evaluated each finalist’s vision, impact, and potential for driving meaningful change.

Gulf Business spoke to Chantal Khoueiry, chief culture o cer at The Bicester Collection, about the vision driving the initiative, and the four winners to find more about how they are impacting social change in the region.

CHANTAL KHOUEIRY

Chief culture o cer at The Bicester Collection

How does The Bicester Collection envision the Unlock Her Future Prize making a di erence for female entrepreneurs in the long term?

With the Unlock Her Future Prize, we set out to launch an initiative that is pivotal in empowering women in social entrepreneurship on multiple fronts. By focusing on different geographical regions each year, by opening to women of any age and by accepting idea stage applications, the programme is designed to build a diverse and inclusive network, providing continued peer support, which will ultimately facilitate cross-regional collaborations, amplifying the social impact of the winners’ ventures across borders.

We are committed to nurturing our winner’s growth, and providing the tools, resources and networks needed for longterm success. Our MENA Edition winners benefitted from financial grants of up to $100,000 to launch and scale their startup together with a comprehensive education and mentorship programme facilitated by global experts and prestigious regional partners Ashoka Arab World and NYU Abu Dhabi.

This ensures highly tailored advice and training to hone their business acumen balanced with the development of so t leadership skills. This mentorship not only helps refine their business strategies, but also addresses the unique challenges of social entrepreneurship, from impact measurement to community engagement, ensuring the sustainable growth of

OUR MENA EDITION WINNERS BENEFITTED FROM FINANCIAL GRANTS OF UP TO $100,000 TO LAUNCH AND SCALE THEIR STARTUP TOGETHER WITH A COMPREHENSIVE EDUCATION AND MENTORSHIP PROGRAMME FACILITATED BY GLOBAL EXPERTS AND PRESTIGIOUS REGIONAL PARTNERS."

their startup. We want our alumni not only to launch successful ventures, but also to become catalysts for sustainable change in their communities and beyond, to become inspirational role models for future generations and, collectively, to contribute significantly to the United Nations Sustainable Development Goals.

Tell us about The Bicester Collection’s ‘DO GOOD’ platform and its mission to empower women.

At The Bicester Collection, our mission is to make the lives of others better. Through our global philanthropic programme, ‘DO GOOD’, we aim to play our part in driving sustainable social change by unlocking futures for women and children worldwide.  We work with 11 charity partners to empower women and children by providing access to quality education, healthcare and essential resources, upli ting communities locally and globally, and paving the way towards a more sustainable and inclusive future for all. We use the influence of our global platform to rally diverse communities, organisations, policymakers, and influential business leaders to bring women’s and children’s empowerment to the front of the agenda, and we develop innovative programmes, such as the Unlock Her Future Prize, to accelerate the empowerment of women in entrepreneurship.

Our e orts are strategically aligned to support the United Nations Sustainable Development Goals. This direction allows us to drive meaningful progress towards gender equality, economic empowerment, and social inclusion, creating ripple e ects of positive social change that extend far beyond the physical footprint of the Collection in Europe, China and North America.

What inspired the creation of the Unlock Her Future Prize specifically?

At The Bicester Collection, empowering women is the core of our identity; it’s been woven into our DNA since our beginning nearly 30 years ago. Sixty-six per cent of our employees are women, 52 per cent of management roles are held by women and we have equal representation at the board level.

However, as we emerged from the pandemic, we were confronted with a stark reality. The United Nations projected that it would take a staggering 286 years to achieve gender parity at the current rate of progress, while research from the Boston Consulting Group suggested that if men and women were equally represented in entrepreneurship, global GDP could rise by 3 to 6 per cent, equivalent to up to $5tn. Yet, according to Harvard Business School, fewer than 3 per cent of women-led businesses receive venture capital. These are not just statistics designed to trigger a reaction, they are our reality.

So, in 2022, we pledged to use our platform to empower women, ideas and innovation around the globe. We supported women’s initiatives and hosted and participated in various roundtables that championed women’s advancement, naturally giving rise to the launch of the Unlock Her Future Prize.

Inspired by the resilience women have faced during the preceding two years, we wanted to create a global community of change-makers, an authentic and powerful force for good that puts women on an equal standing because we know that when we invest in women, it goes beyond financial gain. Women invest in their communities and in their children and education, creating a ripple e ect of positive change worldwide.

THE ENTREPRENEURS

What inspired you to start this company? Tell us more about your business model.

I grew up in a conservative religious and ethnic community in Lebanon with limited access to SRHR (sexual and reproductive health and rights) information and services. I then worked as a public health expert in the region and spoke to Arab women across the region.

There was one thing we had in common: shame and stigma around our bodies and sexual and reproductive health. And I was adamant to do something about it. I also wanted to integrate technology into my work to explore the potential of technological advancements in changing women’s lives for the better. And this is where the idea was born. As I build Nawat now, I am pursuing further education as a certified sex counsellor.

Nawat utilises a B2C model, where women pay for consultations and educational

Noor Jaber Nawat (Lebanon)

programmes. We are also exploring a B2B2C model, where we o er our services to entities like universities, corporations, and NGOs to reach more women. Women can now access our website and register for our two brand courses: one on the basics

A strong network of individuals (especially women) who understand that your unique challenges as a female founder can be invaluable."

of sexuality and another on the basics of dating and relationships.

How is the company adding value to the community?

Nawat is dedicated to empowering Middle Eastern women to take control of their sexual and reproductive health

Pics:

by providing comprehensive support and information. Through our platform, women can access anonymous and discreet expert advice tailored to their needs, free from judgment or shame, with privacy being our utmost priority. By o ering ‘telehealth’ services, we break down barriers to access, particularly benefiting underserved communities and those in remote areas.

Our commitment extends to providing educational resources and promoting health literacy, fostering a culturally sensitive and inclusive community where women feel heard and respected. With a focus on multilingual support and culturally relevant content, we strive to ensure accessibility for all, contributing to the Sustainable Development Goals, mainly supporting women’s overall well-being and gender equality.

How have you used the prize?

The Unlock Her Future Prize grant has contributed to building our digital platform and hiring the right human resources team for the job. The programme has also supported us in organisational and institutional development, put us at the forefront and helped us gain credibility in the ecosystem – this has been invaluable.

Any lessons you’ve learned as a female entrepreneur that you’d like to share?

Confidence is key in entrepreneurship, but asserting yourself as a woman in a male-dominated field can sometimes be challenging. Trust your abilities and knowledge, and don’t be afraid to speak up and take risks. Surround yourself with mentors, advisors and peers who can provide guidance, support, and encouragement. A strong network of individuals (especially women) who understand that your unique challenges as a female founder can be invaluable.

As an entrepreneur, it’s vital to acknowledge and celebrate your successes, no matter how small. Recognising your achievements and milestones, and taking pride in your accomplishments, is a powerful way to boost your confidence and motivation as you continue to grow your business.

What inspired you to start this company? Tell us more about your business model.

During the Covid-19 lockdown, we were alarmed by the overwhelming waste generated from food delivery packaging due to interrupted garbage collection. Despite voicing concerns to delivery companies, no action was taken. Determined to tackle the issue, EcoCentric was born.

Innovatively, we adopted a circular economy model, charging vendors a commission for successful orders while providing them with reusable containers at no cost, slashing their overheads. Endusers are only charged for the container if they keep it, ensuring a ordability and reducing single-use waste. Our initiative promotes sustainability and aligns with familiar market practices, o ering a viable solution to a pressing environmental issue.

How is the company adding value to the community?

EcoCentric is significantly impacting sustainability by providing a platform for vendors to sell their products complemented with reusable packaging, thereby reducing the consumption of single-use packaging materials. By promoting the use of plastic-free food containers, EcoCentric minimises environmental pollution and o ers a healthier option for consumers. This initiative contributes to the community by raising awareness about sustainable practices and encouraging individuals to make eco-friendly choices.

How have you used the prize?

Thanks to the prize, we accomplished two critical milestones for EcoCentric. Firstly, we utilised the funds to complete the development of our mobile application, a crucial tool for facilitating seamless interactions between vendors and consumers within our sustainable marketplace. This application is a central hub for ordering, tracking, and managing transactions, enhancing the user experience. Secondly, we directed a portion of the prize towards designing and manufacturing our state-of-the-art branded containers. These containers embody our commitment to sustainability and serve as tangible representations of our mission to eliminate single-use packaging materials from the food delivery ecosystem. By investing in high-quality, reusable containers, we not only elevate our brand identity but also provide practical solutions for vendors and consumers alike.

Any lessons you’ve learned as a female entrepreneur that you’d like to share?  Advocate for yourself. In male-dominated industries or environments, you must assert your value confidently. Don’t be afraid to speak up, negotiate for what you deserve, assert your expertise and contributions, and never undersell yourself and your achievements.

EcoCentric is significantly impacting sustainability by providing a platform for vendors to sell their products complemented with reusable packaging."

Sara Llalla EcoCentric (Iraq/UAE)

What inspired you to start this company? Tell us more about your business model.

My passion for gardening, green designs and biodiversity inspired us to start this company. EcoTashira manufactures materials like slabs for creating vertical gardens, o ering a new approach to making green building practices a ordable, easy, and economical.

How is the company adding value to the community?

Ecotashira is adding significant value to the community by promoting sustainability in urban environments. Our vertical garden materials enhance the aesthetic appeal of buildings and contribute to improved air quality, reduced urban heat island e ect, and increased biodiversity in urban areas. By providing innovative solutions for green building practices, we are supporting sustainability e orts and helping communities create healthier, more vibrant spaces.

How have you used the prize?

The prize has served as our primary funding source, enabling us to purchase

Nuhayr Zein

Leukeather (U AE )

Interview / Women Entrepreneurs

production machinery, hire employees and managers, establish production and management o ces, and address marketing and branding needs. It was crucial in jumpstarting our operations and facilitating our growth trajectory.

Any lessons you’ve learned as a female entrepreneur that you’d like to share?

One valuable lesson I’ve learned as a female entrepreneur is to persevere and keep trying until you make it happen. Success o ten comes from unwavering faith in your idea, continuous improvement, and a commitment to learning. So, keep the faith, work on your idea, and never stop striving for your goals. You will achieve success.

By providing innovative solutions for green building practices, we are supporting sustainability efforts and helping communities create healthier, more vibrant spaces."

What inspired you to start this company? Tell us more about your business model. I wanted to create a material that is ethical, sustainable and, most importantly, authentic in its appearance and rooted in our region’s environment and flora. Leukeather is a B2B material innovation company targeting luxury interior furnishings, fashion and automotive markets.

How is the company adding value to the community?

By reusing a discarded resource and implementing our unique treatment technology, we can involve the agricultural community in our manufacturing process and create a material that is gentle to our planet. Leukeather is made of split discarded pods, where the seeds are taken out to grow more trees — this can make our material carbon-negative.

How have you used the prize?

The Unlock Her Future Prize helped us massively in production. We allocated 40 per cent of the prize to production and the rest to IP registration, small research and development e orts, and sales.

Any lessons you’ve learned as a female entrepreneur that you’d like to share?  Network, network, network, even if it’s something you’re uncomfortable with. Building the right network helps with sales and access to relevant events. This network can also help you with business advice and support appropriate to your startup. Another piece of advice I will give female entrepreneurs is to be assertive yet flexible when change is necessary.

Fella Bouti EcoTashira (Algeria)

WOMAN IN CHARGE

SABINA BELLI, A TRAILBLAZER IN THE WORLD OF LUXURY AND GROUP CEO OF POMELLATO, SHARES HER INSIGHTS ON EMPOWERMENT, CRAFTSMANSHIP, AND THE ENDURING LEGACY OF THE ITALIAN JEWELLERY HOUSE

BY NEESHA SALIAN

legance, individuality and empowerment

– these are the values that each piece of jewellery from Pomellato embodies. Set in Milan, the Italian maison has a rich heritage of superior craftsmanship and innovative design. Its goldsmiths meticulously blend traditional techniques with contemporary flair to create iconic collections, including Nudo, Tango, Capri and Sabbia.

EBut Pomellato is more than just exquisite jewellery; it’s a movement for change, encouraging women to embrace their authenticity and express their personal style with confidence and grace. Every Pomellato jewel and advertising campaign reflects the spirit of sisterhood, supporting women in many forms, from anti-violence projects to inclusivity awareness.

Sabina Belli, the group CEO of the brand since 2015, is the force driving this movement. One among the only 5 per cent of female CEOs in the world, Belli is a powerful voice for women’s emancipation. She spearheads initiatives such as PomellatoForWomen, a powerful platform amplifying the voices of diverse women across the globe. From launching inclusive campaigns to penning a heartfelt memoir, Belli’s dedication to fostering female leadership is well-known in the industry.

Gulf Business caught up with Belli when she was in Dubai to speak on a panel sponsored by the brand focusing on women in leadership and highlighting the achievements and contributions of women in different fields. Belli said on the occasion, “A common thread between women who lead is first our ability for making things happen and to make a difference, to each have the will to make dreams a realisation, to turn a constraint into an opportunity to look at the positive side and not to take ‘no’ for an answer. It’s important to discuss these topics and share our personal experiences as women to keep it as a conversation for now but also for the next generation, including all the women in this region, where entrepreneurship and leadership is a really strong reality.”

Here, she shares her insights on empowerment, craftsmanship, and the legacy of Pomellato.

You joined the Kering Group and took over as group CEO of Pomellato in 2015. Tell us more about it.

I’ve been given a remarkable opportunity to lead the company through a transformative journey since 2015. It marked

a significant shift in my career, transitioning from roles in large corporations to taking the helm of an Italian family-owned jewellery brand with the mission of elevating it into a global player. Early on, I recognised that beyond achieving business growth, Pomellato required a profound cultural transformation. Founded on the visionary insight of Pino Rabolini in 1967, Pomellato was crafted for the evolving needs of women, setting it apart from traditional jewellery brands. However, to propel the company forward, we needed to evolve in every aspect, from retail to innovation, to resonate with modern consumers while honouring our heritage.

Over nearly a decade, the most challenging aspect hasn’t been the business aspect but rather the cultural shift. Cultivating a

Sabina Belli

shared vision and fostering a culture of empowerment have been paramount to the company’s success.

What is the key to ensuring success in business?

As a business leader, the primary responsibility is to bring value to the company, focusing on profits and value for the shareholders. This requires a critical competency: having a strong grasp of business and financial acumen. Understanding the financial aspects of the business is essential because that’s what the shareholders and the management are looking for, regardless of gender.

While discussions about female leadership often emphasise additional qualities like empathy, the foundation must always be a solid financial understanding. Once this is established, it’s possible to incorporate other elements that foster a positive work environment. For me, the well-being of employees is paramount. I want people to be happy to wake up in the morning and come to the office. When work becomes a burden, it reflects a dual problem: dissatisfaction within the company and personal misalignment with one’s role. It’s important to continuously assess one’s place within the company and what the company offers in return. If this mutual benefit no longer exists, it might be time to move on.

Additionally, I am driven by achievement and tangible results. Seeing a visible change and celebrating those successes with the

team is incredibly gratifying. This is what motivates me: accomplishing tasks, seeing improvements, and sharing those moments of success with the team. It’s important to enjoy the journey and the quick wins that come with our work, making the process both satisfying and fun.

In essence, while financial acumen lays the groundwork for effective leadership, fostering a supportive and enjoyable work environment and focusing on achievements and visible results are crucial for driving a successful and motivated team.

Effective leadership, I’ve learned, starts with clear communication and instilling a collective desire to pursue a common goal. Despite the technicalities of running a company, the human factor remains the most complex, requiring attention to cultural, personal, and motivational dynamics.

Empowering women and overcoming fear have been central themes in this journey, reflecting the broader significance of embracing diversity and inclusion in leadership.

How have you retained the values of the brand and its original vision?

Our values and vision have always been deeply rooted in a higher purpose beyond just jewellery-making. Since our inception, our founder envisioned a brand that empowered women to express themselves freely and confidently in a rapidly changing society. This creative intention, to provide women with personalised and empowering jewellery, remains at the core of our identity.

Over the years, our commitment to this purpose has evolved to match the evolving needs of women in today’s world. While our primary focus remains on creating exquisite jewellery, we recognise the importance of using our platform to advocate for gender equality and women’s empowerment. Through our campaigns, advertising, and social media channels, we strive to

FOUNDED ON THE VISIONARY INSIGHT OF PINO RABOLONI IN 1967, POMELLATO WAS CRAFTED FOR THE EVOLVING NEEDS OF WOMEN, SETTING IT APART FROM TRADITIONAL JEWELLERY BRANDS."

address relevant issues such as work-life balance, equal opportunities in the workplace, and gender-based violence.

We want to articulate in a much more concrete and straightforward way to women that “we hear you, we see you, and we are here to help you reach your goals”. Our mission is not only to provide beautiful jewellery but also to support and upli t women in their journey towards empowerment and selfexpression. In doing so, we honor the vision of our founder while embracing a more inclusive and progressive approach to luxury.

What sets Pomellato apart from other jewellery brands?

What sets us apart and makes each piece we create stand out are three fundamental pillars. Firstly, our unwavering commitment to artisanal cra tsmanship distinguishes us. Every single Pomellato piece is meticulously handmade by our master goldsmiths, a tradition we’ve upheld for decades. With over 100 skilled artisans cra ting each creation, we ensure that every piece exudes a sense of uniqueness and unparalleled quality. This dedication to cra tsmanship is not just a tradition but also a signature of our brand.

Secondly, our design philosophy is deeply rooted in the rich artistic heritage of Milan, where Pomellato was born. Inspired by the city’s vibrant creativity and influenced by renowned industrial designers, architects, and artists, our pieces embody the essence of Italian style. Each design reflects a harmonious blend of elegance, innovation, and contemporary flair, making Pomellato jewellery instantly recognisable.

Lastly, Pomellato embraces the idea that jewellery should be worn and cherished every day, not just for special occasions. Our pieces are designed to be versatile and e ortlessly stylish, allowing individuals to express their unique personalities and celebrate their achievements, big or small. This inclusive approach to jewellery resonates with our customers, 86 per cent of whom purchase Pomellato pieces for themselves as a form of self-expression and self-reward.

This emotional connection between our customers and our brand creates a bond that transcends mere ownership, turning each piece into a cherished symbol of personal empowerment and individuality.

In your opinion, how has the concept of luxury changed since the pandemic?

Initially, right a ter the pandemic, I thought there would be a significant shi t in how people perceived luxury. My own behaviour and the global sentiment at the time suggested a move towards more sensible spending and a focus on essential values. However, two years later, I realised that the fundamental nature of luxury remains unchanged.

Luxury continues to captivate people by o ering an extraordinary and mesmerizing world where everything is unique and of pristine quality. It’s about beautiful creativity, aesthetics, and compelling storytelling. These elements create an emotional connection that elevates the luxury experience. The essence of luxury lies in its ability to make people dream and aspire towards something greater, a trait inherent in human nature. Human history is a testament to our desire to create and appreciate beauty, from the pyramids to the Taj Mahal and Versailles. This drive to achieve the extraordinary and leave behind remarkable legacies underscores the enduring appeal of luxury. As long as luxury brands uphold their commitment to exceptional quality and creativity, there will always be a place for luxury in the market. It fulfills a deep-seated human aspiration to reach for the unattainable and believe in a world more magnificent than our own.

What would you be doing if you weren’t helming Pomellato?

If I was not leading Pomellato, I’d likely pursue a path focused on improving lives, perhaps through humanitarian work, a childhood dream that still resonates deeply with me.

EMPOWERING SMES WITH AI SOLUTIONS

KETAKI BANGA, CEO AND CO-FOUNDER OF WEBIDOO MEA, SHARES HER JOURNEY AS A FEMALE LEADER IN THE TECH INDUSTRY AND HOW HER COMPANY IS LEVERAGING AI TO DRIVE INNOVATION AND SUPPORT SMES ACROSS THE REGION

As a female leader in a tech-driven company, tell us about your journey to become the CEO and co-founder of Webidoo MEA.

The pandemic, with its intense and steep learning curve, showed me the kind of leader I want to be. I am keenly aware of how technology will shape our future, and how our role isn’t just to drive innovation, but to ensure it serves as a force for good.

In 2021, I went back to school for an Executive MBA from London Business School, focusing on strategic agility, innovation, business transformation, and artificial intelligence (AI) and data for marketing. There was an opportunity for me to co-found Webidoo MEA and the time was right. I was excited to focus on innovation and building AI-driven solutions in the region that are cra ted with a profound appreciation for the human aspect they are designed to enhance.

What does Webidoo do? Why did you choose DIFC Innovation Hub as a partner to set up operations in the region?

Webidoo’s solutions for small and medium enterprises (SMEs)

include our flagship SaaS product Jooice, a patent-applied-for AI tool, which enables SMEs to meet all their marketing needs with one, easy-to-use and cost-e ective solution. Additionally, Webidoo o ers WebiExport, a platform empowering SMEs to connect with leading online marketplaces, such as Alibaba. com, to expand their international footprint. Our AI Lab provides in-house innovation programmes and solutions around AI, metaverse and blockchain. We also o er largescale, AI-powered content and media factories for high volume marketing requirements.

Establishing our MEA headquarters in the UAE, particularly in DIFC Innovation Hub, allows us to engage with this dynamic environment and thriving AI and Web3 ecosystem. Our strategic alliance with DIFC Innovation Hub, will include knowledge sharing and joint initiatives to support the adoption of AI and Web3 technologies in marketing across sectors.

What is your scale-up plan for MEA? Are you seeking funding to expand operations?

Webidoo plans to scale its operations in the Middle East and

Africa by leveraging an ecosystem of strategic partnerships with banks, telecommunications companies, governments, and economic trade bodies, focusing on SME development and national AI-readiness. This proven global approach is tailored to cater to hyper-local business needs, while boosting economic development and digital transformation in the region.

The expansion is supported financially through ongoing Series B funding efforts, building on a solid foundation of Series A funding from notable investors such as Banca Generali and TIM Ventures. The funds will facilitate the development of our regional solutions, enhance market reach, and enable the acquisition of complementary businesses, crucial for increasing Webidoo’s footprint in the MEA.

Our strong emphasis on data-driven decision making and user centric design principles ensure that future product updates align with the evolving needs of SMEs in MEA. By grounding product development in validated research, addressing pain points identified through meticulous market analysis, and leveraging the power of AI including collaborations with the

ESTABLISHING OUR MEA HEADQUARTERS IN THE UAE, PARTICULARLY IN DIFC INNOVATION HUB, ALLOWS US TO ENGAGE WITH THIS DYNAMIC ENVIRONMENT AND THRIVING AI AND WEB3 ECOSYSTEM."

regional AI and startup ecosystem, we are constantly evolving to meet regional SMEs’ requirements for tailor made products, instead of something designed for enterprises or other markets.

What challenges do organisations face in marketing communications in this region?

Organisations in the MEA encounter unique marketing communication challenges with the region’s diverse cultural landscapes, and varying levels of technological adoption and regulatory environments. The rich cultural diversity demands highly localised and adaptable marketing strategies to avoid insensitivity and effectively engage different audiences. Additionally, technological, and infrastructural disparities affect the reach and effectiveness of digital marketing and e-commerce efforts. Overcoming these challenges requires a strategic blend of local insights and advanced marketing technologies to ensure communications are both culturally appropriate and technologically adept, effectively connecting with diverse audiences and navigating complex markets.

How can AI and emerging technologies offer marketing support to SMEs and organisations that support SME growth?

AI can equalise access to opportunities, but most SMEs do not have the expertise to benefit from it. Many SMEs in the region are underserved when it comes to marketing technology, and we need to bridge this digital divide. Marketing isn’t just about promotion for them; it’s a vital engine for survival, growth, and competitive parity.

For our partners such as banks, telecommunication companies, governments, and incubators, Webidoo’s AI marketing solutions amplify their support for SMEs, leading to enhanced economic impact and job creation. Additionally, the integration of AI into marketing tools provides insights that can lead to improved decision-making and policy development. Ultimately, providing accessible AI and emerging technologies in marketing not only supports the growth of SMEs but also enhances customer retention, and contributes to a sustainable ecosystem that benefits all stakeholders.

A BRIGHT OUTLOOK

MAUREEN HALL, FOUNDER OF COÉGA SUNWEAR, SHARES HER 20-YEAR JOURNEY FROM A HOMEGROWN VENTURE TO AN INTERNATIONAL BRAND

BY NEESHA SALIAN

dentifying a gap in the market for fashionable, sun-protective garments in Dubai, Maureen’s love for sewing led her to design swimwear for her family. This modest start has grown into a recognised brand offering a wide range of UV-protected and sustainable swimwear for all ages and body types. Here, Maureen Hall tells us about her entrepreneurial journey.

ITell us a little bit about your business. How did you start your company?

Established in 2004, COÉGA Sunwear was launched with the introduction of COÉGA Pool Shoes, when I noticed a need for heat resistant and anti-slip safety around pools in and around Dubai as well as fashionable, sun-protective garments for my entire family.

Loving to sew, I took it upon myself to create swimwear for my children and me. COÉGA started with distribution to a single retail outlet in Dubai. What began with a unique pool shoe design has grown into a range of UV protected and sustainable swimwear for the whole family, including babies, kids, youth, ladies and men.

COÉGA takes pride in its unwavering commitment to inclusivity and modesty. Our diverse swimwear collection embraces all body types and preferences, ensuring that everyone feels comfortable and confident in our designs. From three-piece modest suits to full-coverage bottoms and plus sizes, we offer swimwear for every type of body.

We are celebrating our 20th anniversary this year. Our products are available in over 150 retail locations in 12 countries worldwide and we ship globally from our website.

How has online retail changed the game for your business?

The retail environment is everchanging and some of the trends that we have noticed in the recent times include a focus on sustainability, omnichannel retailing, social commerce, experiential shopping, and a shift towards direct-to-consumer models. Most of these changes are due to the digital transformation and online retail landscape.

Online retail has provided opportunities to scale the business efficiently, reach new markets and thrive in this digital age. For COÉGA, online retail has placed us on the global map by expanding our brand awareness internationally, so that a customer located thousands

of miles away could view and order our products as per their convenience.

More so, it has enabled us to provide 24x7 accessibility, data-driven insights, personalised shopping experiences, and seamless omni-channel integration.

Any advice for women on how to find a work-life balance?

Having a good work-life balance has always been vital to me, not only on a personal level but also for the well-being of my team. Women often neglect their mental and physical health when juggling between their professional and personal life.

However, it’s crucial to remember that a healthy mind and body is essential for effectively navigating challenges and achieving our goals. My advice would be to set priorities, manage boundaries, practise self-care, set realistic expectations, be flexible and seek support from your friends, family and community.

Any key takeaways on scaling a homegrown business and running a success venture as a woman?

I didn’t particularly face any challenges that I could attribute to being a female entrepreneur. All entrepreneurs face challenges, and it doesn’t matter, whether male or female.

My key takeaways on scaling and running a successful business would be to never give up. When you have a dream, don’t let anything stand in your way, take on the challenges and you will find ways to reach your goals. Finally, invest your time and resources in building a good and supportive team.

Lifestyle

Timeless innovation

From pioneering new materials to embracing the evolving tastes of collectors, Panerai remains a pioneer in the world of haute horology p.63

“The insights from our circularity report reveal a robust engagement with the re-commerce sector among GCC consumers, demonstrating a shi t towards more sustainable consumption practices. Notably, a third of consumers have already purchased pre-loved items, with another third expressing interest in doing so.”

Andreu Marco, chief operating o cer at Chalhoub Group

BOUCHERON QUATRE

Quatre celebrates 20 years in 2024. The collection’s unique ring is formed of four distinct bands. From initial composition of the alloys until final assembly of the four bands, each element is precisely executed. The Quatre collection pushes the boundaries in more ways than one. The latest is Quatre Aluminium. The Quatre codes are reworked in resin and in aluminum – a material eight times lighter than gold –that’s then intricately paved with round diamonds.

COMING FULL CIRCLE

ANDREU MARCO , CHIEF OPERATING OFFICER AT CHALHOUB GROUP, TALKS ABOUT THE BURGEONING LUXURY RE-COMMERCE MARKET IN THE GCC AND THE TRANSFORMATIVE SHIFT TOWARDS SUSTAINABILITY WITHIN THE FASHION INDUSTRY

BY NEESHA SALIAN

Embracing sustainable business models while maintaining a focus on customer experience, the Chalhoub Group has expanded its efforts in the circular economy, culminating in the release of its report, Circular Fashion Potential in the GCC. This report not only provides invaluable insights into consumer attitudes and behaviours but also serves as a call to action for the industry to embrace a more sustainable future.

Here, we speak with Andreu Marco, chief operating officer at Chalhoub Group. He sheds light on the group’s net zero commitment, the burgeoning luxury re-commerce market in the GCC, and the transformative shift towards sustainability within the fashion industry.

Give us an overview of Chalhoub Group’s recent circularity report Circular Fashion Potential in the GCC, and its significance to the fashion industry.

Our report provides an in-depth analysis that delves deep into the intersection of luxury and sustainability in the region. The report is the first of its kind to map out the evolving landscape of circular fashion in the GCC, highlighting key consumer behaviours and purchasing trends and the substantial economic potential within the luxury re-commerce market. With the market valued between $480m and $500m in 2022 and expected growth to be between $760m and 780m by 2026, the report is a critical strategic tool for

our business and stakeholders who want to enter or expand their presence in this space. It provides key insights into which product categories are most desired and the driving factors behind these purchases, setting the stage for targeted initiatives.

Furthermore, the report aligns closely with our overarching goal to integrate ESG principles into every facet of our operations, aiming for a net zero status by 2040. This document signals a shift in how sustainability is integrated with luxury consumerism, affecting both consumer choices and industry norms. The report guides our strategic decisions and operational adjustments by highlighting these patterns and potential growth areas.

What were the key insights revealed in the report regarding consumer behaviours and trends in the luxury re-commerce sector in the GCC region?

The insights from our circularity report reveal a robust engagement with the recommerce sector among GCC consumers, demonstrating a shift towards more sustainable consumption practices. Notably, a third of consumers have already purchased pre-loved items, with another third expressing interest in doing so, driven by factors such as affordability and the unique value of limited editions.

This shift is not just about cost-saving but reflects a deeper awareness and appreciation for vintage fashion and sustainable luxury goods, particularly in categories like watches, jewellery, and handbags which lead to consumer purchases.

The report further highlights that 70 per cent of consumers engaged in reselling their luxury items over the past year, primarily motivated by the desire to finance new purchases. This behaviour underscores a growing consumer savvy around the circular economy’s benefits, both financial and environmental. Such insights are crucial for us as they inform our strategies around product offerings, marketing, and customer engagement, ensuring we cater to evolving consumer needs while promoting sustainability.

How does thr Chalhoub Group plan to integrate environmental, social, and governance (ESG) principles into its business model, particularly in light of the commitment to pave the way to net zero by 2040?

Chalhoub Group’s commitment to sustainability is evidenced by our proactive approach to embedding ESG principles across all levels of our operations. We have a three-pillar sustainability strategy

“With the market valued between $480m and $500m in 2022 and expected growth to be between $760m and 780m by 2026, the report is a critical strategic tool for our business and stakeholders who want to enter or expand their presence in this space.”

embracing people, the planet, and partners, and in recent years, our primary focus has been on paving the way towards being a net zero group by 2040, in line with our commitment to tackling climate change.

In 2022, for example, we reached a significant milestone by having our science-based targets approved by the Science Based Targets Initiative (SBTi), committing to a 50.4 per cent reduction in our carbon emissions across all scopes by 2032. This ambitious plan is part of a holistic strategy that goes beyond environmental actions to include social and governance aspects. It will ultimately enhance how we manage our resources, engage with our employees, and interact with communities.

Our sustainability efforts are particularly focused on transforming our business model to incorporate ESG factors as foundational elements. This includes adopting more sustainable materials in our product lines, enhancing the efficiency of our operations, and ensuring ethical practices throughout our supply

chain. By integrating these principles, we can enhance our operational performance while contributing to the global sustainability agenda, setting a benchmark for others in the luxury retail sector.

Elaborate on some of the circular initiatives undertaken by Chalhoub Group with brands such as Level Shoes, Tanagra, and L’Occitane, and how these initiatives contribute to embedding sustainability into the core of the business.

In line with our Chalhoub Impact framework, the circularity report marks a significant leap in integrating ESG principles into our business model. Our commitment to pave the way to net zero by 2040 reflects our dedication to combatting climate change.

Through circular initiatives with brands like pre-loved and buyback at Level Shoes, which was the first luxury retailer in the region to offer a buyback initiative, others such as rental at Tanagra, and refillable solutions at L’Occitane, were also actively embedding sustainability into our core.

With the luxury re-commerce market in the GCC expected to grow significantly by 2026, what role does Chalhoub Group envision for itself in leading consumer needs and guiding them towards a more circular and sustainable future?

As we look towards the projected growth of the GCC luxury re-commerce market, we are enhancing our capabilities in authentication and quality assurance to ensure that the brands we partner with share our commitment towards delivering the highest standards of luxury and sustainability.

Andreu Marco

This commitment will also help us tap into the growing market for pre-loved items, which aligns with our broader goals of reducing environmental impact and fostering a more sustainable consumption model.

Our vision involves cultivating a consumer base that values sustainability as much as luxury and leading with innovation and integrity to ensure that our customers have access to both premium and sustainable options.

How does Chalhoub Group plan to align its sustainability efforts with the broader industry trends and consumer expectations, particularly in the context of the Year of Sustainability?

In alignment with the UAE’s Year of Sustainability, Chalhoub Group is focused on syncing our sustainability initiatives with both industry trends and consumer expectations. Our strategies are centred on enhancing transparency and promoting consumer education which are pivotal in building trust and fostering a deeper understanding of sustainability practices.

Furthermore, we are continuously looking to adapt and enhance our business practices as needed to meet and exceed regulatory standards and consumer demands for sustainable products. This proactive approach involves constant dialogue with industry peers, participation in sustainability forums, and adoption of best practices.

By doing so, we maintain our leadership position in the luxury retail sector, driving the industry towards more sustainable practices and better alignment with global sustainability goals.

In what ways do you see the circular fashion movement reshaping consumer choices and industry norms, and how is Chalhoub Group positioning itself to capitalise on this transformative shift?

The circular fashion movement is significantly reshaping both consumer choices and industry norms, encouraging a shift towards more sustainable and ethical consumption patterns. This movement challenges the traditional ‘take-makedispose’ model of the fashion industry by promoting the reuse, repair, and recycling of products, thereby extending their lifecycle and reducing waste.

We see this as an opportunity to lead by example while working with brands that

prioritise incorporating circular principles across operations, from sourcing and manufacturing to packaging and end-of-life processing. By doing so, we not only meet the growing consumer demand for sustainable products but also drive innovation in our business practices.

Finally, how do you perceive the role of collaboration among policymakers, regulators, brands, retailers, and customers in driving sustainable practices within the fashion industry, and what steps is Chalhoub Group taking to foster such collaborations?

Collaboration is essential for driving sustainable practices within the fashion industry. Chalhoub Group strongly believes in the power of collective action and cross-sectoral collaboration involving policymakers, regulators, brands, retailers, and customers. By working together, we can create more impactful sustainability standards and foster a more responsible industry.

Our involvement in “Unity For Change - ,”, for example, alongside LVMH, Emaar Malls Management, Majid Al Futtaim Properties, and Aldar Properties, marks the first pioneering partnership of its kind in the Middle East, setting ambitious, unified sustainability targets across the retail sector. We will continue to actively engage in dialogues with policymakers to shape regulations that promote sustainability and work with our suppliers and partners to ensure that our sustainability standards are upheld across the supply chain. By collaborating across all levels of the industry, we can accelerate the shift towards sustainable practices and achieve greater impact for our collective sustainability efforts.

PANERAI: BLENDING HERITAGE WITH TECHNICAL EXPERTISE

JEAN-MARC PONTROUÉ, CEO OF LUXURY WATCH BRAND PANERAI, SHARES THE BRAND’S APPROACH TO WATCHMAKING, ITS NOVELTIES FOR THE YEAR AND FOCUS ON THE MIDDLE EAST

BY NEESHA SALIAN

With a nod to its rich heritage dating back to 1860, Panerai has continuously pushed boundaries, epitomising a fusion of Italian craftsmanship with Swiss precision.

Even today, Panerai remains at the forefront of horological innovation, adapting to the evolving tastes of discerning collectors worldwide. From supplying precision instruments to the Italian Navy to

captivating enthusiasts with its iconic designs, Panerai has cemented its position as a pioneer in the industry.

With a keen eye on the future, Panerai embraces experimentation, introducing wearable sizes and innovative case materials while staying true to its distinctive aesthetic across its collections, including its latest releases at the recent Watches and Wonders. Here, we delve into the world of Panerai with the brand’s CEO, exploring

the inspiration behind their latest releases and the enduring legacy that continues to shape the future of luxury watchmaking.

What sets Panerai apart from other haute horology brands?

Panerai distinguishes itself with its Italian design heritage and Swiss technical expertise, creating a unique brand identity. The combination of Italian creativity and Swiss precision results in a distinct proposition, with watches reflecting both form and function.

This approach, coupled with protected design trademarks and a dedication to innovation, underscores Panerai’s uniqueness derived from its history as an exclusive military supplier.

Tell us about Panerai’s novelties for the year.

This year, the focus is on Panerai’s Luna Rossa range, particularly the ‘Submersible’ series of timepieces. Five new timepieces, each with distinctive features, have been unveiled. The Submersible GMT Luna Rossa Titanio pays homage to the official America’s Cup races, which is taking place in Barcelona between August and October this year.

PAM01507 debuts during the Watches and Wonders 2024 week as the first watch

Jean-Marc Pontroué

to feature the new Super-LumiNova X2, ensuring a luminosity 10 per cent higher than its predecessor a ter 180 minutes in the dark. This watch features a 42mm case made from Grade 5 titanium, known for its remarkable lightness and strength.

The Submersible Tourbillon GMT Luna Rossa Experience Edition PAM01405, limited to 20 pieces, offers clients an exclusive opportunity to experience the America’s Cup finals in Barcelona. The Submersible Luna Rossa PAM01565, launched on the second day of Watches and Wonders 2024, features an intuitive interchangeability system for switching between straps e ortlessly.

Additionally, the Submersible QuarantaQuattro Luna Rossa Ti-CeramitechTM PAM01466 and PAM01543 showcase the new innovative material, Ti-CeramitechTM, reflecting the ethos of the Luna Rossa Prada Pirelli team and pushing the boundaries of innovation.

Can you discuss the brand’s approach to manufacturing?

Panerai captures know-how on strategic materials and products but doesn’t intend to do everything internally.

Cases and movements are produced internally, and watches are assembled and rigorously controlled according to strict standards procedures.

What key decisions have you made recently to support and enhance Panerai’s growth in the region?

To strengthen Panerai’s footprint in the region, our key decisions have focused on retail expansion and direct-to-consumer strategies.

In 2023, the physical presence was expanded with boutique openings in

“Panerai captures know-how on strategic materials and products but doesn’t intend to do everything internally. Cases and movements are produced internally, and watches are assembled and rigorously controlled according to strict standards procedures.”

Qatar and Kuwait and further expansions are planned, including a new boutique in Bahrain and a potential opening in Saudi Arabia, to increase the distribution network and elevate service levels.

How do you foresee market changes affecting Panerai, especially in the Middle East region?

The Middle East holds a key position for Panerai, with immense growth potential. Monitoring global trends allows customisation of o erings to align with evolving

preferences in dynamic markets like the Middle East.

Panerai’s strategy includes introducing new timepieces cra ted from precious materials and high-end complications to cater to the sophisticated preferences of Middle Eastern clientele.

What current trends do you anticipate impacting the Middle East market?

In the Middle East market, there’s an evolving relationship between younger consumers and luxury items, with an increased appreciation for timeless pieces that blend tradition with innovation. This trend is driven by a growing admiration for technicity and heritage, positioning luxury watches as statements of legacy and style with a timeless appeal.

IN 2023, THE PHYSICAL PRESENCE WAS EXPANDED WITH BOUTIQUE OPENINGS IN QATAR AND KUWAIT AND FURTHER EXPANSIONS ARE PLANNED

What novelties are you introducing to the region, and does the market impact the number released?

While there are no region-specific novelties at the moment, Panerai is attentive to new developments and aims to better serve the market with timepieces that strategically align with local demands and the brand’s DNA.

The SME Story

A dedicated hub for the regional startup and SME ecosystem

Cooking up a startup success

Emirati serial entrepreneur Mahmoud Bartawi knows a thing or two about starting and exiting a business. In 2016, Bartawi founded Under500, a brand that pioneered selling healthy meals consisting of less than 500 calories. Fast forward to 2021 and Under500 was acquired by dark kitchen outfit Kitopi after raising $700m through investors, including SoftBank’s Vision Fund 2. In a recent interview, Bartawi gives some tips to budding entrepreneurs in the GCC

BY GARETH VAN ZYL

Can you give us the backstory to how Under500 started?

Ten years ago, I was going to the gym, trying to be healthy, and looking for healthy food options, but there weren’t many around me. I approached a couple of healthy food brands, asking if they would franchise their location to me. Essentially,

I would pay a downpayment, and they would then provide me with the knowhow to replicate their existing brand.

I first approached Subway, but they rejected me. Then I tried another local healthy food brand, but they said I didn’t have the necessary experience. At that time, I was a corporate banker with about

five years of experience at major banks like Emirates NBD and FAB.

Facing the challenge of finding healthy food options and the rejections from these brands motivated me to start my own healthy food brand. That was the beginning of my startup journey with Under500. I found a great co-founder, and we grew the brand beyond Dubai and the UAE to include Saudi Arabia, Iraq, the US, the UK, and Kuwait.

Mahmoud Bartawi

Initially, we planned to franchise locations. We did franchise a few units in Iraq and Dubai, and we were on the verge of franchising in Saudi Arabia. However, we were interrupted by the emergence of cloud kitchens, which introduced the innovative concept of dark kitchens. We saw dark kitchens as the next step in franchising — Franchising 2.0 as I put it. They allowed us to enter new markets more easily by providing locations and the ability to sell our brand without committing to a physical branch upfront. That marked the evolution of our startup.

How did you go about getting your first customer?

I believe that for any business, whether it’s technology or food, you need proof of concept before investing significant resources. For us, it started with a food tasting at home. I invited my friends over and hired an Italian chef and nutritionist to prepare the food. I would then have my friends try it and see if anyone was interested in buying it.

My advice for anyone starting a business is to create something and give it out to your neighbours for free, along with a note saying, “This is my contact information if you want to buy this or get more.” If out of ten neighbours, three come back wanting to pay for it, then you know you have a viable product.

Once you have initial interest, that’s where sales and marketing come in. The next step is scaling: reducing costs and figuring out how to produce your product on a larger scale.

Creating a feedback loop is crucial.

The food and beverage sector has a lot of opportunities, but it is a crowded space. How did you find gaps in the market and still achieve scale?

The food business is indeed saturated.

To navigate this, you need to look at current trends and understand what’s working. If I were to start a food business today, I would approach an aggregator like Deliveroo or Uber Eats, who have insights into various brands and their demand. They can tell you whether there’s more demand for chicken, meat, fish, or vegan options, for example.

Based on this information, you can identify trends and opportunities. Differentiation is key. You need signature dishes that set your brand apart. If your o ering is something that anyone can make at home, it won’t stand out. So, create a few unique dishes that people will associate with your brand.

It’s also important to continuously iterate and improve. You should always strive to enhance your o erings. This could mean starting with a broad menu and refining it down to the most successful items. For instance, you might have 30 items initially, but through feedback and sales data, you might reduce it to the top-performing 10.

If you already have a brand on platforms like Deliveroo or Zomato, analyse what sells well and build a separate brand around those successful products.

If you don’t have a brand yet, approach these platforms to learn about current trends and popular items.

Sales and marketing are also crucial for any business. You need someone who understands the market and

DIFFERENTIATION IS KEY. YOU NEED SIGNATURE DISHES THAT SET YOUR BRAND APART

how to enter it successfully. Many businesses fail because they focus on operations first, rather than prioritising sales and marketing.

Do you think businesses and entrepreneurs in the UAE have the patience and resilience to test things out over time, as you’ve done?

I think patience and resilience are definitely there. However, what I see lacking is the time commitment. Many people here have full-time jobs and try to outsource the entire startup process. They don’t realise that a startup requires significant personal investment, including weekends and evenings. Doing a startup alongside a full-time job is like having two jobs, not just delegating tasks to someone else.

O ten, I see people hiring a chef and giving them money to create a brand, treating it more like a hobby. Competing with someone fully dedicated to their startup will be very challenging if you’re not equally invested. Running a home business for fun is one approach, but if you’re serious, you need to set aside time for learning and research. Understand your competitors, identify the best location, decide whether to focus on delivery or dine-in, and know your target customers. If you’re thinking of a unique concept, like a square pizza, gauge interest fi rst. If there’s demand, then you can develop the product.

Market research is essential. Use tools like Excel and Google to document and analyse your findings. For example, search for healthy food options or car workshops in your area. Identify patterns, such as location and pricing. No one will hand you this information, so you need to actively seek it out.

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