Gulf Business - September 2024

CAPITALISING ON EXPANSION

P.08 M&A MOMENTUM: Strategic shifts and sovereign wealth drove record deals in the region in the first half of the year

P.52 TIME REIMAGINED: How Breitling CEO Georges Kern has revved up the brand’s profile and fortunes

REAL ESTATE MOVES: A NEW MARKET SEGMENT IS GRABBING ATTENTION - LEARN MORE P.56

AIX INVESTMENT GROUP ON THE UAE’S RISE AS A FINANCIAL POWERHOUSE AND WHAT IT MEANS FOR INVESTORS IN THE REGION

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

Spotlight on hospitality

To new heights

Delve into the latest industry insights, featuring exclusive interviews with leading experts who are shaping the future of dining and hospitality

From navigating market fluctuations to seizing new avenues for growth, AIX Investment Group has successfully positioned itself for sustained growth

Tough operator: We put the Quartermaster to test in South Africa p.46

Extreme experiences: We chat with Kuwaiti adventurer Yousef AlRefaie p.49

Time to change: Breitling’s Georges Kern on evolving trends in watchmaking p.52

“We indicated at the beginning of 2023 that it would be a record economic year. The UAE has established new bridges of cooperation through comprehensive partnership agreements. Thus, our foreign trade with the top ten trading partners jumped by 26 per cent, with Turkey by more than 103 per cent, with Hong Kong-China by 47 per cent, and with the US by 20 per cent.”

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai

Editor-in-chief Obaid Humaid Al Tayer

Managing partner and group editor Ian Fairservice

Chief commercial officer Anthony Milne anthony@motivate.ae

Publisher Manish Chopra manish.chopra@motivate.ae

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

Editor Neesha Salian neesha.salian@motivate.ae

Digital editor Marisha Singh marisha.singh@motivate.ae

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

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

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

58

The SME Story

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

General manager – production S Sunil Kumar

Production manager Binu Purandaran

Production supervisor Venita Pinto

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

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

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

Cover: Freddie N Colinares

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Would you be open to getting paid your salary in cryptocurrency, such as Bitcoin or Ether?

It’s a provocative question, one that might spark lively debate at a dinner party. But in the UAE, it’s also becoming a serious consideration, especially after a recent court ruling.

Last month, the Dubai Court of First Instance addressed a dispute where an undisclosed company failed to pay an employee a promised amount of EcoWatt tokens, a lesserknown cryptocurrency, in addition to their salary in dirhams. The court ruled in favour of the employee, ordering the employer to compensate both the unpaid fiat amount and the missing tokens.

This ruling marks a departure from a very similar case in 2023, where the court ruled against such claims owing to the lack of precise valuation for EcoWatt tokens. This

A COURT RULING PERTAINING TO REMUNERATING AN EMPLOYEE IN THE UAE IN CRYPTOCURRENCY HAS SPARKED DEBATE AMONG LEGAL EXPERTS

time, however, the valuation test was met. However, the ruling has ignited debate among legal experts in the region: Will it open the door for employees to earn their salaries in crypto? Some experts believe so, while others remain sceptical. Realistically, it’s unlikely that businesses will rush to make this jump. With the advent of corporate taxes in the GCC, companies may prefer the security of traditional banking channels, especially when managing payrolls.

Moreover, the practical question remains: which cryptocurrency would be viable for salaries? With thousands to choose from, this alone could hinder adoption.

In theory, crypto salaries might sound appealing, but the persistence of fiat currencies underscores their enduring stability over digital alternatives.

Gareth van Zyl, group editor

The Brief

Driven by innovation

M&As: A blueprint for sustainable growth

While the timing of a full-throttle M&A market recovery is not entirely clear, dealmaking activity in the Gulf region gathered steam in H1 2024, with 152 deals valued at $9.8bn

BY KUDAKWASHE MUZORIWA

The Middle East’s mergers and acquisitions (M&A) market is poised for robust growth this year after a downbeat 2023, supported by national visions such as Vision 2030, government initiatives and growing strategic interest from regional and global players alike.

The GCC, especially the UAE and Saudi Arabia, led the Middle East in dealmaking, both in terms of volume and valuation, underscoring their significant role in the region’s M&A landscape. Global consultancy firm EY said that the two GCC countries were the preferred destinations for investors in the January-June period, with 152 deals valued at $9.8bn.

The Gulf region, once known primarily for its vast oil reserves, is charting a new course guided by the leadership’s continuity and commitment to accelerate economic reforms.

GCC countries’ trillion-dollar makeover, fuelled by the financial strength of their sovereign wealth funds, is driving a surge in both domestic and cross-border M&A activities.

Sovereign funds, such as Abu Dhabi Investment Authority (ADIA) and Mubadala from the UAE and Saudi Arabia’s Public Investment Fund, continue to lead the deal activity globally to support the GCC countries’ economic strategies.

Building on last year’s momentum, the GCC’s M&A landscape in 2024 exudes optimism. With ample capital at their disposal, sovereign wealth funds, family offices and corporations are eager to invest and deploy resources.

INVESTING IN THE FUTURE

The GCC’s M&A landscape is more vibrant than ever, driven by a confluence of factors that have

positioned the region as a hotspot for transformative business activities.

For decades, the GCC economies have been closely linked to the oil and gas industry, but in recent years, a clear shift has occurred as regional governments are steering towards a future less reliant on oil revenues.

The resilience of GCC economies has strengthened regional stability and investor confidence, leading to an active deal market as sovereign funds from the region are supporting government-led economic diversification initiatives.

The Gulf region’s deep-pocketed sovereign funds are deploying billions of dollars to expand their global reach and deepen their foray into global markets through diversified sectoral buys. With a combined $4.1tn in assets under management, GCC wealth funds have increased both foreign and domestic investments to support local economies while creating wealth for future generations.

Global data provider GlobalSWF said in June that GCC wealth funds reached their highest levels of global dealmaking in about 15 years, deploying $38.2bn across 58 different deals in the first half of 2024.

Saudi Arabia’s PIF has been weighing options to bolster equity offerings in its portfolio companies as it seeks to create new sources of cash to help fund the kingdom’s economic transformation agenda under Vision 2030.

The fund agreed to buy a majority stake in stc Group’s tower unit TAWAL for $2.3bn (SAR8.7bn) in April and plans to merge it with other local assets to create a new mobile tower giant. It completed the acquisition of a 40 per cent stake in Zamil Offshore in February, an investment that is expected to bolster the company’s capital base.

PIF injected $1.5bn in cash in Lucid Group as the electric vehicle maker looks to ramp up production

PIF INJECTED $1.5BN IN CASH IN LUCID GROUP AS THE ELECTRIC VEHICLE MAKER LOOKS TO RAMP UP PRODUCTION OF ITS MUCH-AWAITED GRAVITY SUV, BRINGING THE STATE INVESTOR’S INVESTMENT IN THE AUTOMAKER TO A TOTAL OF ABOUT $8BN. THE FUND INVESTED $10.2BN IN THE JANUARY-JUNE PERIOD, ACCORDING TO GLOBAL SWF.

of its much-awaited Gravity SUV, bringing the state investor’s investment in the automaker to a total of about $8bn. The fund invested $10.2bn in the January-June period, according to GlobalSWF.

ADQ, the smallest of Abu Dhabi’s three main sovereign wealth funds, has emerged as one of the region’s most active dealmakers.

The strategic state investor agreed to buy a minority interest in Sotheby’s, a fine art and secondary market luxury auction house, in August. It also acquired a 49 per cent stake in Alpha Dhabi’s construction subsidiary, Alpha Dhabi Construction Holding.

Abu Dhabi’s Mubadala and ADIA joined a PAGled consortium in March to buy a 60 per cent stake in the Chinese shopping mall company Zhuhai Wanda Commercial Management Group for $8.3bn. Mubadala, together with Clayton Dubilier & Rice and Stone Point Capital, also acquired Truist Insurance Holdings for $12.4bn in February – the largest transaction in the first half of 2024.

Sovereign funds from the Gulf region are leveraging recent oil revenue surpluses to strengthen their domestic investment pipeline and expand globally through strategic, diversified acquisitions across various sectors.

CAPITALISING ON DIVERSIFICATION

The GCC’s deal market is a promising landscape, as the broader MENA region registered a slight increase in M&A activity in the January-June period, with 321 deals amounting to $49.2bn compared to the corresponding period a year ago.

“Dealmaking got off to a promising start in 2024 despite oil price fluctuations. We saw a surge in

The Brief / Mergers and Acquisitions

ANALYSIS

cross-border M&A value as companies made investments to further build synergies, expand market presence, and gain strategic advantages on a global scale,” said Brad Watson, EY MENA Strategy and Transactions leader.

“The first half of the year found the UAE to be a favoured investment destination due to its business-friendly regulations and efficient legislative framework.”

Masdar, also known as Abu Dhabi Future Energy Company, is hunting more opportunities in Europe following the acquisition of a 49.99 per cent stake in 48 solar plants controlled by Endesa for $887m (EUR817m) in July. The renewable energy firm also agreed to buy a 67 per cent stake in Greece’s Terna Energy.

Abu Dhabi investor Lunate and Saudi conglomerate Olayan Group agreed to acquire a 49 per cent stake in ICD Brookfield Place, a major commercial property in Dubai’s financial hub, in April.

Furthermore, Saudi Arabian media giant MBC, through its MBC Ventures arm, acquired nearly a 14 per cent stake in Anghami, the largest streaming service provider in the Middle East, in March.

Abu Dhabi National Insurance Company (ADNIC) expanded its regional footprint in April by acquiring a 51 per cent shareholding in Saudi Arabia’s Allianz Saudi Fransi Cooperative Insurance Company. The deal gives the insurer active field operations in the two largest and fastest-growing markets in the Middle East region.

Going forward, the surge in dealmaking in the first half of the year, coupled with a positive economic outlook, positions the GCC region as a major player in the Middle East region’s M&A landscape. The region’s M&A momentum transcends traditional sectors, with robust deal flow seen in established sectors such as real estate, hospitality and infrastructure, as well as emerging sectors in line with global trends such as technology, renewable energy, and healthcare.

From panic to profit

Here’s how to overcome emotional triggers when you are trading

Unlike investing, trading is an active pursuit that demands rapid decision-making and often comes with high stress. While investing typically aims for long-term gains through steady, diversified approaches, trading involves more frequent transactions to capitalise on short-term market movements.

This active nature can lead to intense emotional experiences. Common emotional triggers in trading include fear of loss, greed, overconfidence, and regret. These triggers can significantly impact decision-making, making it crucial for traders to understand and manage them effectively.

IDENTIFYING PERSONAL TRIGGERS

Recognising individual emotional triggers is the first step toward managing them. Each trader has unique psychological responses to market conditions, which can be identified through self-reflection and analysis. Keeping a trading journal can help track these emotional patterns and their impact on trading decisions.

By reviewing past trades and noting emotional states during those trades, traders can begin to identify recurring triggers and develop strategies to address them. This self-awareness is essential for adapting trading strategies to mitigate the adverse effects of these triggers.

Peter Siks, investment trainer, Saxo Bank

STRATEGIES TO OVERCOME EMOTIONAL TRIGGERS

Developing a comprehensive trading plan is crucial for managing emotional triggers. A well-structured plan should detail trade sizes, stop-loss points, profittaking strategies, and risk-reward ratios. This plan serves as a guide, helping traders stay disciplined even when emotions run high.

Setting clear stop-loss orders is crucial for managing risk in trading by automating exit points and preventing significant losses due to emotional decisions. By implementing stop-loss strategies, traders can maintain better control over their investments and reduce the impact of emotional volatility.

Diversification is another effective strategy for managing emotions. A diversified portfolio reduces the impact of a single asset’s volatility, helping to stabilise overall performance and minimise emotional reactions to market fluctuations.

Building a support system is equally important. Engaging with a mentor or joining a trading community provides valuable insights and emotional support. Seeking professional guidance from financial advisors, listening to relevant podcasts, and taking online courses can further enhance a trader’s ability to handle emotional triggers.

MAINTAINING EMOTIONAL BALANCE

Sustaining emotional wellbeing in trading requires continuous effort. Traders should regularly review and adjust their trading plans, stay educated about market changes, and embrace the inherent uncertainties of trading. Long-term success in trading comes from managing emotions effectively and ongoing personal development and adaptation to market dynamics.

Overcoming emotional triggers is not a onetime fix but a continuous process. By understanding and addressing personal triggers, developing a structured trading plan, and employing strategies like diversification and mindfulness, traders can improve their decision-making and overall trading success. Implementing these strategies will help manage emotions and contribute to a more disciplined and satisfying trading experience.

SEEKING PROFESSIONAL GUIDANCE FROM FINANCIAL ADVISORS, LISTENING

TO RELEVANT PODCASTS, AND TAKING ONLINE COURSES CAN FURTHER

ENHANCE

A TRADER’S ABILITY TO HANDLE EMOTIONAL

TRIGGERS.

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UAE: Innovation nation

In today’s fast-paced, dynamic world, integrating innovation into development strategies is crucial for nations. We look at how the UAE is adopting this approach

As the global economy becomes increasingly interdependent, research, development and innovation (RDI) have become critical cornerstones of economic advancement. Most countries and communities today realise the vital role of RDI in securing their future.

With its strategic focus on multiple focus areas including healthcare, food and agriculture, security and defence, sustainability and energy, aerospace and space, and transport, the UAE has emerged as a pioneer in this arena.

By making RDI one of the key pillars of its national strategy, the UAE has underscored the catalytical role of research and innovation as the country transforms into a globally competitive knowledge economy.

Towards this end, the UAE launched the Emirates Research and Development Council and the Research and Development Governance Policy in September 2021 to strengthen its performance

and effectiveness across the science and technology sectors, aligning with its efforts to achieve a knowledge-based economy. This was also superseded by the creation of the Advanced Technology Research Council consolidating efforts across the national technology ecosystem and overseeing three subsidiaries: Technology Innovation Institute, Venture One, and Aspire.

FOSTERING AN AGILE RDI ECOSYSTEM

Some of its key objectives and pillars are to promote an agile, robust ecosystem for R&D, set national standards to improve the quality of research, promote the UAE’s human intellectual capital as well as enhance the global competitiveness of its future industries.

The country has also consistently launched initiatives to benefit an array of RDI projects. The UAE Research Program for Rain Enhancement

THESE INITIATIVES REFLECT THE SIGNIFICANT GROWTH OF RDI

EXPENDITURE IN THE UAE,

GROWING FROM 0.68 PER CENT OF THE GDP IN 2014 TO 1.5 PER CENT OF THE GDP IN 2021

The Brief / Research and Development

AS RDI INITIATIVES BECOME CENTRAL TO SHAPING NATIONAL STRATEGIES AND DEVELOPMENT, GOVERNMENTS NEED TO IMPLEMENT BEST PRACTICES AND DEVISE COMPREHENSIVE FRAMEWORKS. WHILE IT IS COMMONLY KNOWN THAT INVESTING IN RDI HAS SIGNIFICANT LONG-TERM IMPACTS ON ECONOMIC GROWTH AND PROSPERITY, THE KEY WORD HERE IS ‘LONG-TERM.’

Science, for example, o ers grants to international researchers working on innovative rain enhancement technologies, while innovation hubs and incubators support R&D and the commercialisation of research outcomes such as HUB71 and Dubai Future Accelerators provide resources, mentorship, and networking opportunities for researchers and entrepreneurs.

These initiatives reflect the significant growth of RDI expenditure in the UAE, growing from 0.68 per cent of the GDP in 2014 to 1.5 per cent of the GDP in 2021, moving a step closer to leading innovative economies.

SHAPING NATIONAL DEVELOPMENT STRATEGIES

As RDI initiatives become central to shaping national strategies and development, governments need to implement best practices and devise comprehensive frameworks. While it is commonly known that investing in RDI has significant long-term impacts on economic growth and prosperity, the key word here is ‘long-term.’ The true benefits of such an investment can only be realised a ter at least 5-10 years, depending on factors like development and testing timelines, market adoption and relevance, regulatory approvals and production capabilities.

However, the real impact of RDI investments goes beyond direct economic benefits. With relevant strategy and planning as well as proper

Antoine Nasr, senior MD and EMEA public sector practice lead, Georges Assy, senior MD and Raif Abla, principal at FTI Consulting

implementation, they can address some of society’s biggest challenges such as education, healthcare and the environment. RDI helps diversify a nation’s economy, reducing its reliance on external entities, particularly for critical resources like clean water, renewable energy and defense technology – it’s not a coincidence that countries leading in RDI dominate the upper ranks of the Global So t Power Index.

It is therefore essential for the GCC to build on the momentum of innovation seen in countries like the UAE, to support the journey to a knowledge-based economy in the region.

COMPREHENSIVE BEST-IN-CLASS FUNDING MODELS

One of the key areas for improvement in GCC countries when it comes to RDI has been funding. Historically, it has been relatively low and primarily institutional, with a significant reliance on government support. Much of the research has been basic, focused on areas with limited commercialisation, and sometimes not fully aligned with national strategies and objectives. The UAE, however, has been notably more reliant on business-financed RDI with potential room for increased government spending on RDI.

EFFECTIVE DATA MANAGEMENT

In an increasingly complex and interconnected world, e ective data management is vital, particularly in the world of RDI. This has been an area where the GCC region has faced challenges. In fact, many global metrics and indices have underestimated the region’s innovation e orts simply because of the lack of reliable data.

The inability to accurately assess the success of implemented initiatives as well as the relevance of future ones is a major hindrance.

RDI EXEMPLAR FOR THE REGION

IT IS THEREFORE ESSENTIAL FOR THE GCC TO BUILD ON THE MOMENTUM OF INNOVATION SEEN IN COUNTRIES LIKE THE UAE, TO SUPPORT THE JOURNEY TO A KNOWLEDGE-BASED ECONOMY IN THE REGION

The progress made by the UAE in RDI is a testament to its smart planning, pioneering approach and the institutional changes it has implemented. In specific, the orchestrated e orts of the Emirates Research and Development Council (ERDC), the Ministry of Industry and Advanced Technology (MoIAT), the Advanced Technology Research Council (ATRC), and the Dubai Future Foundation, have made the UAE a model example for other countries to follow.

In today’s fast-paced, dynamic world, integrating innovation into development strategies is crucial for nations, and the UAE is an exemplar of this approach.  By implementing a flexible, agile RDI governance and nurturing an ecosystem that fosters innovation and excellence, the nation is well-poised to realise its bold developmental ambitions for the future.

The sustainable way forward

A tech-forward,

renewable-first approach

is key to a sustainable

transportation

and logistics Sector, says Hani Tannir, CEO, Masaood Group Industrial

The transportation and logistics sector has come out of the pandemic with both optimism for a resurgence and a new host of challenges. The well-noted resurgence is a result of the growing demand for goods and services in many regions, especially the Arabian Gulf, which continues to build and develop its infrastructure through serious investments in manufacturing and industry.

Of the many challenges, however, is one of sustainability, and how to cement operational growth while addressing the real issue of the need for green and less environmentally damaging practices.

In the transport sector, one immediate direction is a strategic adoption of alternative, cleaner fuels to reduce emissions in commercial fleet operations. We know well that the transition to electricity, hydrogen, or biofuels can significantly reduce carbon emissions. At Al Masaood, for instance, we introduced electric counterbalanced forklifts, drastically cutting emissions in material handling operations. We also

Back to the economics of the present challenges, the discussion is incomplete without acknowledging the potential of AI and digitalisation. AI-driven systems can be used to optimise vehicle routing, driver behaviour, reduce fuel consumption and aerodynamic drag, and minimise emissions by e ciently managing fleets.

Predictive maintenance systems enhance vehicle reliability, as we have seen firsthand through our adoption of advanced emissions control technology in UD Trucks Croner PKE, for instance. The real-time monitoring and analysis capabilities that are available today, allow companies to identify ine ciencies and take corrective measures to reduce environmental impact.

worked with our global brand partners to introduce electric small, medium and heavy-duty trucks.

TRANSITION TO ‘CLEAN’ TRANSPORT

This migration to cleaner transport is an evolution, not an overnight process. Economics of Capex is very important, of course, but so is the need for investment in infrastructure for electric commercial vehicles and hydrogen refuelling stations, including fast turnaround time to prevent hampering of operations. For Al Masaood, that looks like investing in the creation of technologies like SHAMS+, a smart plugand-play solar charging system, aiding transportation and industrial operations in reducing their carbon footprint.

REFURBISHMENT HOLDS THE KEY

measures to reduce just

A related ‘good’ practice is the refurbishment of existing equipment - not just equipment used in the transport and logistics sector, but across all industry. That is yet another direction in which we at Al Masaood Industrial have taken real steps in, placing such services at the heart of our operations.

This behavioural evolution will no doubt be encouraged by a developing regulatory framework that mandates renewable energy usage, sets emission reduction targets, or implement carbon pricing mechanisms. The authorities have led the way and continue to set ambitious targets that pushes the entire industry towards greater sustainability.

The transportation sector today stands at a critical juncture where sustainability and innovation are irreversibly inter-linked. By embracing alternative fuels, optimising logistics, and investing in ecofriendly infrastructure, we can and must begin to achieve a more neutral industry.

The real-time monitoring and analysis capabilities that are available today, allow companies to identify ine ciencies and take corrective measures to reduce environmental impact.”

Leading the ‘AI’ pack

We explore how the GCC can spearhead the global AI wave

From San Francisco to Singapore, cities and nations are racing to dominate the artificial intelligence (AI) landscape. According to the Stanford AI Report, private investments in AI reached $91bn in 2022, and Goldman Sachs projects this figure to soar to $160bn by next year – an astounding doubling in just three years.

Currently, the US leads the charge, with nearly 60 per cent of top-tier AI researchers and over $31bn in funding. China is quickly catching up, and with the UK, Israel, and Canada rounding out the top five, India remains a distant seventh with just over $3bn in investments. If Israel can secure a spot in the top 10, the GCC can certainly break into this elite list with a concerted effort.

Silicon Valley is the epicentre of breakthrough AI technologies and prominent ventures. Giants like OpenAI, Google, Meta, and Anthropic are pioneering globally leading AI offerings – GPT-4, Gemini, DALL·E-3, Claude 3, and Llama 2, respectively. GPT-4 alone boasts over 100 million active users weekly. In 2023, the US closed 1,150 AI-related deals, while China, its closest competitor, completed only 232 deals. Moreover, the US government has actively supported AI research with over $3bn in grants in

GPT-4 ALONE BOASTS OVER 100 MILLION

2022, a strategy that has solidified its leadership position. In response, China is committing significant resources, with an expected $40bn investment by 2027. If Saudi Arabia is reportedly investing $40bn in AI initiatives, the GCC has a promising opportunity to excel with the right strategy.

To lead this race, GCC nations must do more than just allocate funds. Countries that effectively harness AI will achieve transformative growth and significant competitive advantages, ranging from productivity and innovation to economic expansion. Attaining a competitive edge in AI necessitates strategic investments and policies.

STRENGTHENING EDUCATION AND TALENT DEVELOPMENT

GCC countries must allocate sufficient funds for direct and indirect investments in education and talent development. Strengthening STEM education and curbing brain drain is crucial. China has effectively implemented this by funding students to study abroad and encouraging them to return and innovate domestically.

Implementing a robust STEM programme from early education through higher education is essential. Many GCC institutions lag behind top-tier

DEVELOPING AND ENFORCING ETHICAL GUIDELINES IS PARAMOUNT.

JAPAN’S “SOCIETY 5.0”

FRAMEWORK EMPHASISES

HUMAN-CENTRIC AI AND ETHICAL CONSIDERATIONS IN TECHNOLOGY DEPLOYMENT.

universities like MIT, Stanford, and CMU in terms of pedagogy and curricula. Countries like Finland and Singapore have strong STEM curricula that emphasise critical thinking, problem-solving, and technical skills.

Promoting AI specialisation is also vital. Although a few institutions o er AI courses and degrees, this is o ten despite, rather than because of, government policies. The US, through institutions like Carnegie Mellon and Stanford, provides comprehensive AI programs and research, producing top-tier talent. Additionally, fostering lifelong learning and providing opportunities for current professionals to upskill in AI technologies is essential. For instance, Dubai could allocate part of its Dubai Next budget toward such initiatives.

BOOSTING R&D EFFORTS

Increasing public and private funding for AI research and development is imperative. China’s significant investment in AI R&D has led to rapid advancements and a surge in AI-related patents. The GCC should establish AI research centres, including dedicated innovation hubs. Canada, one of the top five countries in AI leadership, has the Vector Institute for Artificial Intelligence, which conducts cutting-edge research and collaborates with industry leaders. Collaboration between academia, industry, and government is crucial for driving innovation. Germany’s Cyber Valley initiative, which brings together universities, research institutes, and companies to work on AI projects, is a model worth emulating.

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

CREATING A SUPPORTIVE REGULATORY ENVIRONMENT

Developing an AI-friendly regulatory framework that supports innovation while addressing ethical and societal concerns is essential. The European Union’s regulatory framework balances AI advancement with privacy and ethical considerations. Ensuring robust intellectual property rights to protect AI innovations is necessary for attracting private investments in startups. This, coupled with a data-sharing and privacy mindset, has been pivotal in attracting significant investments in the US.

BUILDING AN AI ECOSYSTEM

Establishing AI innovation hubs and ecosystems that bring together startups, investors, and researchers is crucial, much like Silicon Valley. Extending fi nancial incentives planned for the manufacturing sector to AI, o ering grants, tax incentives, and funding opportunities for AI startups and research projects, is vital. Israel’s startup ecosystem benefits from government grants and a supportive venture capital environment, which has propelled it into the top 10. Additionally, promoting public-private partnerships (PPPs) to foster AI development is essential. The AI Singapore programme is a national initiative that brings together government agencies, universities, and industry partners.

ENSURING ETHICAL AI DEVELOPMENT

Developing and enforcing ethical guidelines is paramount. Japan’s “Society 5.0” framework emphasises human-centric AI and ethical considerations in technology deployment. Governments must ensure AI systems are transparent, explainable, and accountable. The EU AI strategy provides a good model to emulate. Implementing measures to reduce bias in AI systems and promoting inclusivity is critical for global AI leadership.

LEVERAGING AI FOR ECONOMIC AND SOCIAL BENEFITS

Utilising AI to improve public services like healthcare, education, and transportation can yield significant benefits. Estonia’s use of AI to streamline government services is a notable example. GCC governments must also encourage industries to adopt AI to enhance competitiveness, akin to Germany’s Industry 4.0 initiative.

– GPT-4, GEMINI, DALL·E-3, CLAUDE 3, AND LLAMA 2, RESPECTIVELY.

In conclusion, by strategically investing in education, R&D, regulatory frameworks, and ecosystem development, the GCC can position itself as a leader in the global AI wave, driving transformative growth and innovation for the region.

Payments to progress: Mastercard’s role in industry-wide digital transformation

Amnah Ajmal, executive vice president, Market Development, EEMEA, Mastercard, shares insights on the role of technology in transforming the region’s retail landscape and the brand’s latest partnership and initiatives

How does a technology company like Mastercard collaborate with partners in di erent sectors and industries?

Through our technology, we enable organisations across sectors – including fintech companies, telecommunications operators, retailers and e-tailers, digital service providers, mobility platforms, food delivery companies, and travel websites – to get closer to their customers, o er more diverse services, and digitalise supply chains. Our portfolio of integrated services and solutions is generating new business, deepening customer engagement, driving loyalty, protecting digital systems, enhancing decisionmaking, providing insights, and creating new opportunities beyond payments.

Technology is giving consumers more choice, more personalised o ers, and

seamless interaction. By listening to pain points, applying our expertise and technology, tapping into the scale and reach of our network, we’ve been developing strategic digital transformation plans that are adding value to multiple stakeholders.

Mastercard’s strategic partnership with e& is a great example of how the company’s technology and expertise can take consumer engagement to new heights. e& is forging an ambitious digital transformation journey, and we are supporting them by integrating digital payment services in a way that adds value and enhances user-friendliness.

Additionally, opportunities around new smart technologies now o er unparalleled levels of customer service and elevate the user experience to new heights – in both

physical, virtual and phygital worlds.

AI and 5G are advancing our problemsolving skills on a daily basis – and we are innovating on a daily basis to build these advances into our industryproven solutions.

What is the state of retail in the Middle East and which trends are emerging that you anticipate will shape this sector?

The region’s retail industry continues to thrive on the back of increased consumer

IN THE UAE FOR EXAMPLE, RETAIL SPENDING ROSE 14 PER CENT OVER A 12-MONTH PERIOD LAST YEAR, DRIVEN BY FASHION, WHICH GREW 31 PER CENT

partnership with Alshaya Group and to help expand Aura, its loyalty programme. One of the ways we’ll do this is by launching an Aura co-branded credit card in multiple markets over the next two years including Kuwait, Saudi Arabia, the UAE and Qatar. And what that will do is help drive growth of the retail sector across the GCC region, and also bring additional benefits to the 8.3 million Aura members, spanning over 70 brands ranging from dining to fashion, beauty and homeware.

spending, favorable demographics, improving macroeconomic factors and an ongoing tourism boom. In the UAE for example, retail spending rose 14 per cent over a 12-month period last year, driven by fashion, which grew 31 per cent year on year). Omnichannel payments are an essential part of o ering choice and digitisation remains an integral part of success in retail. E-commerce is projected to be the fastest growing retail channel worldwide, in position to account for approximately 24 percent of retail sales by 2027. Over the past decade we’ve seen acceleration in technology adoption in retail, from digital, virtual and social commerce to contactless and even biometric checkout. In tandem with this technological surge, consumer expectations for personalisation and engaging retail experiences continue to evolve dramatically. In this respect, generative AI tools have played a key role especially around product discovery, search functions and overall user experience.

Value hacking is another trend that is emerging as a major financial mindset, with consumers hunting for the best deals, o ers, experience and service, going beyond the price tag or mere rising cost of living concerns. Essentially it’s about executing a smart approach to maximise budgets without sacrificing quality and things they want.

You recently announced a new partnership with Alshaya Group, one of the leading international retail franchise operators. Tell us about your collaboration. We’re very excited about our multi-market

How does Mastercard technology and solutions support customers in retail?

We know that retailers today need to understand how the ever-changing shopping experience impacts today’s consumers. Collating data is a key part of

this given how important data-driven insights are to making decisions. One of the e cient tools to help drive data-driven decisions is, Mastercard’s ‘SpendingPulse’, a platform that blends historical and real-time spending patterns, providing insights and forecasts. Through visualised data, it empowers retailers to make decisions with market intelligence that measures in-store and online retail sales across all payment forms.

The innovative solution tracks channels and provides insights on sales data, and also identifies key sales days and how to capitalise on them. Furthermore, it highlights trends a ecting the retail industry, and spotlights outlets, areas and markets that are outperforming or underperforming. This can be valuable for multiple operational functions within retail such as when to invest in additional marketing, plan for expansion, or provide consumer incentives.

Over the past decade we’ve seen acceleration in technology adoption in retail, from digital, virtual and social commerce to contactless and even biometric checkout. In tandem with this technological surge, consumer expectations for personalisation and engaging retail experiences continue to evolve dramatically.”

You mentioned the growing role that AI is playing in retail now and in future. Is this true for other sectors too?

Absolutely. As more companies outside of traditional finance turn their attention to payments as a way to drive engagement and loyalty, the principal challenge is building new experiences that feature a range of personalised and contextualised services within the platforms to consumers. It’s also essential that we build trust in digital payments through advanced cybersecurity solutions and innovation. AI is great at identifying patterns and combatting financial crime.

At Mastercard, we continue to tap into new technologies like AI to develop new value propositions that are personalised and contextual, shaping the future of commerce, solving real problems for businesses, and making people’s lives easier.

E-COMMERCE IS PROJECTED TO BE THE FASTEST GROWING RETAIL CHANNEL WORLDWIDE, IN POSITION TO ACCOUNT FOR APPROXIMATELY 24 PER CENT OF RETAIL SALES BY 2027

goals. This allows you to focus on giving honest advice.

Habib Bank AG Zurich: Ensuring continuity

Tim Denton TEP, the head of Wealth Structuring Private Bank at Habib Bank AG Zurich, says understanding the significance of succession planning and implementing effective strategies is key to safeguarding family assets

With $10.6tn in wealth expected to change hands by 2030, what unique opportunities and challenges do family-owned enterprises face in generational wealth transfer?

The key opportunity is that you can plan within the family and are not beholden to the listed shareholders or other external owners. However, that flexibility can also come with significant challenges. Unifying all of the family behind the succession plan can be a huge task, which takes skill and forethought to achieve and maintain. Finding a purpose for the next generation and beyond to maintain their motivation to continue the family’s success is an everpresent challenge.

What emerging trends are shaping estate and succession planning in the region? How are you preparing to meet the needs of the next generation of wealth owners?

A key one has been the emergence of regional succession structures in the form of DIFC and ADGM Foundations, which have a rapidly growing recognition and use. They not only enable succession planning for assets in the UAE but can also be a viable alternative to the more established choices, such as trusts. Another emerging trend is the increasing recognition of the vital role that family governance can play in complementing

It is also key to keep the advisor in the picture on an ongoing basis and not to focus on other new structuring opportunities as soon as the structure has been created. Be open with the client about where you can help and where you cannot. Be comfortable bringing in other suitable specialists to enable the best outcome for the client. Regularly review plans to keep them ‘fit for purpose’.

the legal structuring to help achieve a smooth succession. In addition, within the region, we are also seeing a growing acceptance by regional patriarchs that daughters as well as sons have a role to play and that automatically putting the eldest son in charge of things is often not the best solution.

Holding carefully curated workshops for the next-gen members of client families is an excellent way to start helping the next generation of wealth owners. Not only can you help them to understand the opportunities and the challenges, but you can also hear firsthand from them what they are looking for and what motivates them.

How do you build and maintain long-term relationships with families to support ongoing succession planning needs?

To gain the family’s trust, you must be the epitome of discretion. Your advice must be timely and uncluttered by the demands of sales targets or your institution’s financial

What distinguishes Habib Bank AG

Zurich’s Wealth Structuring services from those of other institutions in the region?

At Habib Bank AG Zurich, a significant percentage of our clients are at least the third generation of their family banking with us. This long-standing trust makes generational wealth transfer an integral part of our services. We set up HBZ Wealth Structuring to be uniquely positioned to give the best advice to our clients.

For most HNW and UHNW individuals seeking wealth structuring assistance, the options are limited: independent advice from a top-tier law firm or advice from a bank-owned or independent trust company, where advisors may be incentivised to sell in-house solutions to meet internal sales targets. Neither option is ideal.

With Habib Bank AG Zurich, advice is provided by a qualified and experienced advisor who can consider all available options without the distraction of internal targets. Implementation is done via trusted third parties on a fully transparent basis, ensuring that our clients benefit from the best solutions available.

Many of our clients have seen the value that this brings, having someone knowledgeable on their side of the table, both during the establishment and continuing with them for ongoing reviews and other queries.

We are also seeing a growing acceptance by regional patriarchs that daughters as well as sons have a role to play and that automatically putting the eldest son in charge of things is often not the best solution.”

Inclusive, resilient and sustainable

SIOBHAN BYRON, EVP UNIVERSAL BANKING AT FINASTRA, HIGHLIGHTS THE ROLE OF OPEN ECOSYSTEMS, CLOUD, SAAS AND AI IN ACCELERATING INNOVATION AND PROVIDING VALUABLE INSIGHTS THROUGH BIG DATA ANALYTICS

BY NEESHA SALIAN

In this exclusive interview with GulfBusiness, Siobhan Byron, EVP Universal Banking at Finastra delves into how the global fintech company is leveraging its open finance DNA to build a more inclusive, resilient, and sustainable global financial system. She discusses the evolving consumer demands for personalised services, especially in regions like the Middle East, where a young, tech-savvy population is driving significant changes.

Byron also sheds light on how Finastra navigates the rapidly changing technological landscape, particularly in the UAE, to help banks quickly adapt and thrive.

Tell us how Finastra leverages its ‘Finance is Open’ DNA to address the pressing issues of financial exclusion, enhance financial resilience, and foster sustainability initiatives.

When it comes to building a global financial system that is inclusive, resilient, and sustainable, challenges remain. For

example, we still have large un/underbanked populations around the world. Black swan events, including extreme weather in the Middle East and elsewhere, have become more frequent. Plus, trillions of dollars continue to be poured into fossil fuels, and institutions face increasing pressures to reduce their environmental footprint while helping their customers do the same.

At Finastra, we believe that finance is open, and this enables us to help tackle these challenges. A good example is Finastra Essence, our digital banking platform, which combines rich, broad, and deep banking functionality with advanced technology, and supports seamless integrations with our vast fintech ecosystem through open APIs. Through this holistic offering, we’re helping institutions to equalise finance, enabling more people to access banking services, whether in the poorer sections of society or those with unique needs not served by traditional, monolithic banking. Additionally, banks can increase agility, make more informed

decisions, effectively manage risks, and evolve quickly with change.

We’re also supporting sustainability initiatives. With our solutions, banks can, for example, extend their lending practices to cover items such as electric vehicles or solar panels and offer personalised suggestions about the best products, for which grants are available and recommended installers. By enabling BaaS and embedded finance, we can also help banks embed these loans at the point of sale to create seamless user journeys.

What changes are we seeing in consumer demands, in terms of access to instant and personalised services?

We live in an age where everything is on demand. Whether finding a film to watch, ordering food to our doorsteps, connecting with others via social media or ordering transport, we have access to a range of services and content at our fingertips. When combined with increasing time pressures in our daily lives, the result is a much lower tolerance for friction in user journeys, which permeates banking too. In fact, consumer demand for instant, technologydriven, and personalised financial services has never been greater.

This is evident around the world particularly in the Middle East, which has a young population and one of the highest rates of smartphone penetration worldwide. The appetite for on-demand, digital services is reflected in recent payment trends. In the UAE, for example, noncash payments were estimated to account for 73 per cent of the total transaction volume in 2023, up from just 39 per cent in 2018.

Consumers also expect services that are tailored for them, factoring in individual values or needs related to their financial situation or education. Importantly, they expect them to be delivered via the channels that they prefer, whether that’s through an app or embedded within another user journey that the bank does not own.

Additionally, how does Finastra navigate the rapidly changing technological landscape in the UAE to assist banks in adapting to personalised financial services quickly?

The UAE is home to a thriving technology and fintech environment, fueled

IN THE UAE, NONCASH PAYMENTS WERE ESTIMATED TO ACCOUNT FOR 73 PER CENT OF THE TOTAL TRANSACTION VOLUME IN 2023, UP FROM JUST 39 PER CENT IN 2018.”

by initiatives such as Dubai Vision 2030. In fact, the UAE fintech assets under management value is expected to grow from $3.16bn in 2024 to $5.71bn by 2029, at a CAGR of 12.56 per cent.

While technology has always been a major component of financial services, the pace of innovation and change that we’re seeing today is both a big opportunity for banks and a major challenge. If they move too quickly or use the wrong strategy, they could be faced with increased operational risks and decreased customer retention.

As banking is sophisticated and evolving rapidly, institutions need a core banking solution that combines rich, broad, and deep banking functionality with advanced technology. A solution that has the banking capabilities built-in, is ready to deploy immediately and has the architecture needed for a digital world. A solution that can rapidly plug and unplug apps from ecosystem partners, bringing new capabilities online fast. And this is what we’re providing to banks. Whether it’s cashless payments, delivering services on the platforms or channels consumers prefer, or providing services that align with values – such as sustainability or Islamic Finance – our solutions and open ecosystem ensure that banks can adapt quickly and securely, meaning they can continue to offer the personalised services that matter most to their customers.

Could you elaborate on the advantages of the ‘symbiosis’ approach in banking transformation?

Costly, complex, unwieldy, fragile systems can hinder rather than propel progress. What’s more, these systems can prevent banks from being able to adapt quickly to new demands, whether from their customers, the industry, regulators or because of a turbulent macroeconomic environment.

Historically, retail banks have employed a “rip and replace” strategy – a highprofile, high-stakes digital transformation approach. This involves replacing existing core banking systems with new, cuttingedge solutions. While the intent is to enable innovation and enhance customer

experiences, the execution can be risky due to high costs, prolonged timelines, and the potential to disrupt critical banking operations. It can and does work, especially when executed by experts, but it is risky.

A much better way to adapt, which is increasingly favored by our customers, is an approach called Symbiosis. In this strategy, a next-generation core banking system is deployed alongside an institution’s existing infrastructure, allowing them to retain the benefits of their established systems while strategically embracing the future. While minimising disruption, banks can rapidly introduce new capabilities without disturbing the intricate web of legacy systems. This approach aligns with the ethos of being agile, responsive and adaptive.

Tell us about the role of open ecosystems, partnerships, and cutting-edge technologies such as cloud, SaaS and AI in accelerating innovation.

For any institution, understanding where your expertise lies versus where third parties can add value is critical, because it is often not viable to embrace change while managing risks alone. By tapping into open ecosystems and securing the right partnerships, banks can seamlessly implement the latest technologies, launch new offerings, and strengthen their products and services to quickly evolve with customer demands.

Cloud-first solutions enable seamless ecosystem participation, while also

strengthening agility and scalability for banks. SaaS can bring further benefits in these areas, while also reducing costs and time to market. However, it’s important to note that choice is key. Finastra operates cloud-first, but if a customer wants to stay on premises, or the regulator prefers it, we support that too.

Another technology that is driving innovation is AI, and particularly Generative AI (Gen AI) which is showing enormous potential in several areas. For example, it is being used to better detect fraud, including creating scenarios for new types of fraud we haven’t seen before. It is being used to provide 24/7 chatbots or in-app capabilities that give consumers advice on the services best suited for them. It’s also enabling banks to provide their customers with intuitive suggestions on how they can optimise their finances based on their current situation.

With the increasing importance of data analytics in decision-making, how is Finastra leveraging big data and advanced analytics to provide valuable insights to its clients and improve their operational efficiency?

Data and advanced analytics play a critical role in helping institutions understand their customers’ needs, what’s working well and where improvements need to be made to make business and product decisions. They can also analyse a customer’s idata to provide them with greater insights into their financial situation and the best actions they should take. However, while banks are sitting on vast amounts of data, being able to use that data in a meaningful way can be challenging.

With built-in analytics and technologies such as machine learning and artificial intelligence (AI), our solutions and wider ecosystem enable banks to unlock this data, analyse it and both receive and provide actionable insights to make more informed decisions. They can, for example, analyse performance, enhance customer experiences, reveal where opportunities lie or see where they can reduce costs. With data and technologies such as Gen AI, banks can also implement 24/7 assistants that assess a person’s financial situation and provide guidance on the best savings, loan or investment products for them.

Siobhan Byron

All charged up

HASAN NERGIZ, MD OF AL-FUTTAIM ELECTRIC MOBILITY COMPANY, SHARES THE FACTORS DRIVING BYD’S RISING POPULARITY IN THE UAE AND SAUDI ARABIA

BY NEESHA SALIAN

In an interview with  Gulf Business, Hasan Nergiz, MD of Al-Futtaim Electric Mobility Company, shares valuable insights into the evolving electric vehicle (EV) market dynamics in the UAE and Saudi Arabia.

With a focus on BYD’s strategic initiatives and market performance, Nergiz discusses key trends, consumer demand shifts, technological innovations, and future growth prospects within the region’s burgeoning EV sector.

What are the current trends in the electric vehicle (EV) market in the UAE and Saudi Arabia? Any future trends we should keep an eye out for?

The EV market in the UAE and the kingdom has been growing at a robust pace, and this comes as no surprise given the increasing awareness of environmental sustainability in the UAE, as well as a

multitude of government initiatives and campaigns promoting the green transition.

Improvements to the charging infrastructure and the introduction of more affordable models are leading to a significant uptick in the adoption of EVs. If we look at BYD alone, we launched in the UAE last year and have already sold over 1,000 cars.

Looking ahead, we can anticipate the continued expansion of public charging networks across the region and potentially more government initiatives to encourage the electrification of public transportation as well as government fleets.

Today, we also see more and more EV models becoming available in each country, across diverse price points and performance capabilities, from sedans to SUVs, making electric vehicles a more practical and possibly preferable choice for diverse customers.

We also foresee a faster, stronger adoption of plug-in hybrid vehicles within the region, as the infrastructure for electric

charging continues to evolve and customers slowly get accustomed to the charging habits and EV mindset. This is one of the prime reasons that we’ve opted to add two plug-in hybrids to the BYD line-up in the UAE and Saudi Arabia.

Plug-in hybrids are not only an easy-todigest green mobility experience but also the perfect springboard to accelerate intent toward an all-out electric shift.

On the technology front, we are seeing enhanced battery efficiencies with extended ranges and faster charging capability coming into play. The advancement of technology not only helps manufacturers but also benefits customers as technology becomes cheaper over time and easier to roll out across diverse model options.

How has consumer demand for electric vehicles changed in the UAE and Saudi Arabia recently? What factors are driving this demand?

Consumer demand for EVs in the UAE and Saudi Arabia has seen a substantial increase in recent years.

This change is driven by several factors, including rising environmental consciousness, government policies incentivising EV purchases, improvements in charging infrastructure, and the entry of high-quality EV models that cater to diverse consumer preferences.

Additionally, the decreasing total cost of ownership for EVs compared to traditional vehicles has made them more attractive.

To put it in context, the 2024 International Electric Vehicle Consumer-Sentiment Survey found that 71 per cent of Saudi Arabian drivers are either “very” or “moderately” likely to purchase a BEV this year. This figure is expected to rise to 85 per cent by 2035, far outpacing the current

Hasan Nergiz

WHILE WE SEE A STRONG PUSH FOR DEVELOPING THE CHARGING INFRASTRUCTURE WITHIN THE REGION, IT REMAINS THE MAIN FACTOR IN CONVINCING CUSTOMERS TO MAKE THE SWITCH.”

BEV purchase intentions in the US and Europe, which stand between 35 per cent and 43 per cent

What differentiates BYD’s EVs from those of its competitors?

Broadly speaking, BYD cars offer the complete package – sleek modern design, high build quality and reliability, top-spec features and long-range batteries – all at an incredibly attractive price point.

But if I had to specify two things that separate BYD from its competitors, it would be its superior ‘innovation capabilities’ and  ‘vertical integration’. These enable the brand to maintain quality and cost-effectiveness across the entire production process.

BYD has invested a lot in its R&D, they have nearly 100,000 R&D engineers and 11 institutes looking at the complete design and production, everything is managed in-house as compared to other manufacturers that source a lot of the components and batteries from third-party vendors. BYD’s Blade Battery technology is one of the most advanced in the market, renowned for its superior safety, longevity, and efficiency.

At Al-Futtaim Electric Mobility, we complement this excellent product line-up with an equally superior service and customer ownership experience.

We’ve also made sure that there are unbeatable finance options and comprehensive after-sales support.

Globally they have over 25,000 patents for their technology innovation which positions it as not just an automotive company, but also as one of the most innovationdriven tech companies.

Could you share insights into BYD’s sales performance in the UAE and Saudi Arabia over the past year?

Over the past year, BYD has achieved remarkable sales growth in both the UAE and Saudi Arabia. In the UAE, BYD has become a very popular marque with more than 1,000 sales of BYD cars since the launch last year.

This year, BYD expects to sell even more in the region and achieve its global sales target of more than four million NEVs, surpassing last year’s sales of nearly three million.

Our sales have been bolstered by successful collaborations with local partners, increasing brand recognition through activities like the global EURO 2024 sponsorship, and the introduction of models that resonate well with the preferences of consumers in these markets.

Which BYD models are the most popular among consumers?

The BYD SEAL, SONG PLUS, and HAN models have been particularly popular among car owners in the UAE and Saudi Arabia. The SEAL, with its sleek design and advanced features, appeals to professionals and enthusiasts looking for a

premium electric vehicle. The SONG PLUS is a plug-in hybrid known for its versatility and spacious interior. This particular model is being favoured by families and individuals seeking a reliable and comfortable ride.

The HAN, renowned for its high performance and luxury, attracts consumers who prioritise both elegance and cutting-edge technology in a sedan.

What are the main challenges BYD faces in promoting and selling EVs in the UAE and Saudi Arabia?

Improving the charger-to-vehicle ratios will be key to driving mass adoption of electric vehicles in the region. While we see a strong push for developing the charging infrastructure within the region, it remains the main factor in convincing customers to make the switch.

Additionally, consumer perceptions and awareness about EVs need continuous enhancement. Educating the market about the benefits of EVs, addressing concerns about range anxiety, and ensuring robust after-sales service are crucial to overcoming these challenges.

What opportunities do you see for growth and expansion in these two markets?

The UAE and Saudi Arabia’s governments are committed to sustainability and reducing carbon emissions, which aligns perfectly with our mission. On a group level, at Al-Futtaim, we are also committed to increasing the share of new energy vehicle sales to 50 per cent by 2030.

Additionally, we are striving to advance sustainable transportation infrastructure by installing 10 per cent of the UAE’s electric vehicle charging stations within the same timeframe. Our pledge represents significant strides toward achieving netzero carbon emissions in the UAE by 2050.

In Saudi Arabia, we hope to establish 10 per cent of the kingdom’s charging stations by 2030. Our collaboration with e& surely marked a significant milestone in the move towards electrification and promoting green mobility across the region. These initiatives highlight our shared commitment to sustainable growth and offer substantial opportunities for further expansion in these markets.

GMG’S SUSTAINABILITY FRAMEWORK: MAKE A DIFFERENCE

‘Sustainability is our responsibility’

In an exclusive interview with Gulf Business, Razan Akrouk, GMG’s chief people officer, shares the retail giant’s sustainability journey and vision for a greener future.

GMG, a global wellbeing company, recently released its first sustainability report, highlighting achievements such as 89 per cent green energy usage in logistics and the prevention of over 2,000 tonnes of CO2 emissions. In this interview, Razan Akrouk, the company’s chief people o cer, discusses the company’s sustainability journey and vision for a greener future.

GMG’s sustainability report demonstrates significant progress in reducing environmental impact. What motivated this initiative?

At GMG, we firmly believe that sustainability is our fundamental responsibility. This conviction, deeply rooted in our commitment to the wellbeing of our planet and future generations, fuels our drive to be a leader in responsible business practices.

Aligned with the UAE’s sustainability agenda, our sustainability strategy framework, ‘Make a Di erence,’ deeply embedded in environmental, social, and governance (ESG) principles, demonstrates our dedication to redefining corporate social responsibility and

sustainable development standards through our strategic pillars: Planet Forward, Inspire People and Own Change.

How did you achieve 89 per cent green energy usage in your logistics operations?

This accomplishment is a testament to our team’s dedication and the successful implementation of a multi-pronged approach. Through efficiency route mapping, our logistics fleet achieved a 13 per cent reduction in fuel usage, with 7.5 per cent of its energy mix now coming from clean energy sources. Our logistics operations utilised 89 per cent green energy through rooftop solar installation at its Dubai warehouse – avoiding over 2,000 tonnes of CO2 emissions, underscoring its commitment to embedding sustainability into its core business strategy and operations.

We also successfully treated and repurposed over 685,000 gallons of wastewater and, reduced our paper usage by over 85,000 papers or 428kg and replaced 35,000 sqm of plastic tape.

The diversity, equity, and inclusion (DE&I) landscape is rapidly evolving. How is

GMG fostering a diverse and inclusive workplace to bring about meaningful change in the realm of sustainability?

GMG recognises that a diverse and inclusive workforce is essential for driving innovation and progress in sustainability. We recently introduced a comprehensive DE&I policy for our 10,000 plus workforce, aiming to create a workplace where everyone feels welcome, respected and empowered. GMG is actively working towards gender balance, achieving near pay parity at executive and senior levels with a 47:53 female-to-male pay ratio. We also launched the ‘EmpowHer’ programme to support and uplift women across all levels of the organisation.

Local sourcing is a growing trend in pursuing sustainable business practices. Can you elaborate on GMG’s commitment to responsible sourcing and supporting local businesses?

GMG recognises the importance of responsible sourcing and its positive impact on the environment and local communities.

The ‘Own Change’ pillar of our ‘Make A Di erence’ sustainability strategy reflects this commitment. In the reporting year, GMG partnered with over 1,100 UAE farms to provide consumers with fresh, locallysourced produce. This initiative not only reduces the carbon footprint associated with transportation but also strengthens the local economy.

GMG is actively developing a comprehensive supplier assessment process to further integrate sustainability into its supply chain.

ELEVATE TO NEW HEIGHTS AIX INVESTMENT GROUP:

WORDS KUDAKWASHE MUZORIWA | PHOTOS SUPPLIED FROM NAVIGATING MARKET FLUCTUATIONS TO SEIZING NEW AVENUES FOR GROWTH, AIX INVESTMENT GROUP HAS DEMONSTRATED RESILIENCE AND AGILITY AT EVERY TURN

COVERSTORY INVESTMENT

The global economy has continued to display remarkable resilience in the face of historic higher for longer interest rates and sticky inflation, with the International Monetary Fund projecting a 3.2 percent expansion in 2024 and 3.3 percent next year. The robust growth being forecasted benefits GCC economies, especially the UAE. It is supported by continued diversification and economic resilience as the government pursues national visions such as ‘We the Emirates 2031’.

“The UAE o ers a unique investment climate distinguished by its political stability, robust regulatory framework, and strategic location as a global business hub,” says Fadi Dabbagh, president of the board at AIX Investment Group.

“Unlike many emerging markets, the UAE has a diversified economy with vital sectors such as real estate, technology, finance, and renewable energy, reducing reliance on any single industry. This diversification provides resilience against global economic fluctuations.”

Dabbagh’s optimism is not misplaced; numbers back it. The UAE’s robust business environment and policy reforms have strengthened its position as a key player in the global economy. Last year, the country attracted 45.4 percent of all foreign direct investment that flowed into Arab countries, totaling Dhs248.3bn, according to UNCTAD’s World Investment Report 2024. Henley & Partners’ Private Wealth Migration Report, released in June, shows that the UAE is also set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024.

With a record-breaking 128,000 millionaires with a liquid investable wealth of $1m or more expected to relocate worldwide in 2024, Harish Prithvi, the COO of AIX Investment Group, asserts that the advisory firm understands that every client has distinct financial objectives, risk tolerance, and investment timeframes.

COMPELLING GROWTH

OPPORTUNITIES IN THE UAE INCLUDE THE TECHNOLOGY AND FINTECH

SECTORS,

DRIVEN BY DIGITAL TRANSFORMATION

INITIATIVES, AND SUSTAINABLE ENERGY PROJECTS

“To address clients’ diverse needs, we offer a personalised approach to financial planning. Our strategies are carefully tailored based on a thorough understanding of each client’s specific circumstances, market outlook, and long-term objectives,” adds Prithvi. The UAE’s thriving economy and buoyant investment landscape dovetail with AIX Investment Group’s dedication to o ering cutting-edge investment solutions that cater to individual client needs. By continually exploring new investment avenues, the advisory firm strives to exceed clients’ expectations and consistently deliver exceptional investment returns. “Compelling growth opportunities in the UAE include the technology and fintech sectors, driven by digital transformation initiatives, and sustainable energy projects aligned with the country’s vision for a green economy. Similarly, initiatives such as the Dubai 2040 Urban Master Plan present significant opportunities in real estate and infrastructure development,” notes Dabbagh.

FROM DUBAI TO THE WORLD

From the 2008/09 global financial meltdown to the economic shocks of the COVID-19 pandemic to the current higher interest rate environment, the global economy has indeed demonstrated remarkable resilience in the face of significant challenges. Undeterred by these transformative forces that have reshaped the investment landscape, AIX Investment Group’s unwavering determination propelled the investment advisory firm forward until it reached the top, the pinnacle of human engineering: the Burj Khalifa. The advisory firm has called the 144th and 146th floors of the Burj Khalifa home for several years. The unparalleled vantage point provides not only a panoramic view of Dubai, the Middle East’s business and tourism hub but a deep understanding of the region’s distinct markets and investment landscape. “AIX Investment Group’s expansion into diverse asset classes, including sports investments, is guided by a strategic framework that aligns with our long-term growth objectives. We ensure this alignment by rigorously evaluating each new investment against our core values and growth strategy,” says Prithvi. He emphasizes that the group’s focus remains on innovation, diversification, and value creation.

“Sports investments, for example, o er unique opportunities for global brand exposure and engagement with new demographics, which support our broader goals of expanding our market presence and enhancing brand equity,” explains Prithvi. While AIX Investment Group has no immediate plans to expand its physical presence in other markets, the investment advisory firm is looking beyond borders to connect with equally driven partners across sports, innovation, and global impact, which o ers it an extended reach and influence worldwide.

Through its ‘We Are The Future’ vertical, the financial services firm seeks to be a catalyst for positive change, bridging what they call the gap between innovation and impact through strategic investments and philanthropic investments.

INVESTING WITH PURPOSE

AIX Investment Group fully acquired the PHM AIX Formula 2 and Formula 3 teams in May and rebranded the team as AIX

UNLIKE MANY EMERGING MARKETS,

THE

UAE HAS

A

DIVERSIFIED ECONOMY WITH VITAL SECTORS SUCH AS REAL ESTATE, TECHNOLOGY, FINANCE, AND RENEWABLE ENERGY, REDUCING RELIANCE ON

ANY

SINGLE INDUSTRY. THIS DIVERSIFICATION PROVIDES RESILIENCE AGAINST GLOBAL ECONOMIC FLUCTUATIONS

.”

Racing – a strategic acquisition that opened an exciting chapter for the investment advisory firm.

“The acquisition of Formula 2 and Formula 3 teams, now called AIX Racing, was driven by our vision to enter a dynamic and globally recognised industry that o ers both financial returns and strategic brand positioning,” says Morne Reinecke, the CEO of We Are The Future. Reinecke believes that motorsport is not only a high-profile arena but also a sector with significant growth potential, particularly in terms of sponsorship, media rights, and global fan engagement. The racing team combines the advisory firm’s financial strength with Formula 2 and Formula 3 teams’ racing expertise to become a motorsport powerhouse. “This investment aligns with our strategy to diversify into alternative asset classes that o er growth opportunities beyond traditional markets. We expect it to contribute to portfolio growth by capitalising on the increasing commercial appeal of motor-sport, particularly in emerging markets where the fanbase is expanding rapidly,” adds Reinecke. Meanwhile, AIX’s ambitions for cross-industry collaborations haven’t halted at the racetrack – in fact, they took flight with Emirates Airline to showcase its partnerships under its ‘We Are The Future’ vertical.

Fadi Dabbagh, President of the Board of AIX

AIX INVESTMENT GROUP’S EXPANSION INTO DIVERSE ASSET CLASSES, INCLUDING SPORTS INVESTMENTS, IS GUIDED BY A STRATEGIC FRAMEWORK THAT ALIGNS WITH OUR LONGTERM GROWTH OBJECTIVES. WE ENSURE THIS ALIGNMENT BY RIGOROUSLY EVALUATING

Reinecke emphasised that ‘We Are The Future’ has had a profound impact since its inception, serving as a cornerstone of AIX Investment Group’s commitment to innovation and social responsibility. He explains that though the initiative has always been a key part of the investment advisory firm’s strategy. “It was recently named and formally recognised as We Are The Future,” he adds.

“This initiative has driven investments in critical sectors such as technology, education, and sustainability, which are essential to shaping a better future,” he adds. The group’s captivating commercial on Emirates’ inflight entertainment brings together figures, including legendary Real Madrid player Michel Salgado, esteemed partner Rashid Al Habtoor, and AIX Racing team.

We recently hosted the Dubai Intercontinental Football Cup U13 2024, a prestigious tournament that showcased the future stars of international football. The event, which drew teams

from around the world, including renowned clubs like Barcelona, Real Madrid, AlNasar, and ShababAlAhli, underscored the advisory firm’s commitment to nurturing young talent and promoting sport on a global scale. Reinecke says AIX Investment Group’s milestones include strategic partnerships with Fursan Hispania FC by Salgado and the Al Jalila Foundation, as well as supporting the careers of upcoming motorsport drivers like Charlie Wurz and Brad Benavides and the AIX Racing Formula 2 and 3 teams.

“Through these initiatives, ‘We Are The Future’ is not only advancing our longterm objectives but also making a tangible impact on the communities and industries we serve,” says a proud Reinecke.

Harish Prithvi, COO, AIX

A COMPELLING INVESTMENT CASE

While market volatility is common knowledge, AIX Investment Group offers personalised and goal-orientated hedging services and financial solutions that are designed to boostreturnoninvestment(ROI)while allowing clients to explore the full possibilities their wealth creates. Dabbagh notes that geopolitical tensions, fluctuating interest rates, and a decelerating global economy are shaping a challenging environment for investors.

“These factors contribute to increased market volatility, currency fluctuations, and potential disruptions in global supply chains. The risks for investors include reduced returns on traditional assets, heightened uncertainty in emerging markets, and potential liquidity constraints,” he says while emphasising the importance of portfolio diversification to mitigate risks. “By spreading investments across various asset classes, investors can better navigate uncertainty.”

The investment advisory firm has adopted a streamlined approach, focusing on just two core investment solutions. AIX Bond, a 60-month fixed-income security, o ers a 12 percent annual yield with quarterly coupons of 3 percent.

“AIX Bond 2 is designed to o er investors an attractive return in a volatile market. What sets it apart is its strong foundation in high-quality assets, strategic allocation across various sectors, and an emphasis on fixed, income-generating investments,” says Prithvi. He emphasises that in the current market conditions, where uncertainty is prevalent due to geopolitical tensions and fluctuating interest rates, AIX Bond 2 is tailored to meet the needs of investors seeking yield, making it a compelling choice for those looking to safeguard their portfolios while still achieving growth. The debt instrument not only resonates with current investors but also attracts potential clients who show interest in similar financial products. It o ers fixed returns while minimising risk and helping investors invest in a relatively safe way. Fixedincome coupon bonds ensure investors steady interest income throughout the life of the bond while reducing the overall risk in an investment portfolio. The second investment solution, a marquee o ering known as AIX Property Secure, promises rental returns of between 14-20 percent at predetermined intervals, paid directly to investor accounts. The real estate market o ers diversity, catering to a spectrum of investment preferences. From luxury apartments to commercial spaces, the range ensures that

THE ACQUISITION OF THE FORMULA 2 AND FORMULA 3 TEAMS , NOW CALLED AIX RACING, WAS DRIVEN BY OUR VISION TO ENTER A DYNAMIC AND GLOBALLY RECOGNISED INDUSTRY THAT OFFERS BOTH FINANCIAL RETURNS AND STRATEGIC BRAND POSITIONING.”

potential investors can align their choices with their investment objectives.

Dubai’s multifaceted real estate market demands more than just financial capital; it requires insights and strategies from trustworthy and established experts. AIX o ers a diverse range of investment solutions in addition to ‘Property Secure’, catering to diverse investor preferences while providing innovative avenues to diversify investment portfolios.

Going forward, Dabbagh believes that Dubai’s robust economy and supportive regulations, especially in the real estate sector, will continue to draw substantial investments from high-net-worth individuals.

Morne Reinecke, CEO, We Are The Future

RE-IMAGINING THE CUSTOMER EXPERIENCE

AS TECH-SAVVY, SUSTAINABILITY-MINDED TRAVELLERS SEEK DEEPER CONNECTIONS AND PERSONALISED EXPERIENCES, THE REGION’S HOSPITALITY SECTOR IS STEPPING UP, OFFERING A VISION OF THE FUTURE THAT IS INCLUSIVE, INNOVATIVE, AND DEEPLY ATTUNED TO THE EVOLVING NEEDS OF THE NEXT GENERATION, SAYS ZOHA ZOYA

In times of polycrisis and ongoing change, innovation is crucial for introducing new ways of thinking and unveiling fresh opportunities for businesses to meet emerging customer expectations. Historically, the hospitality industry has demonstrated remarkable resilience and creativity, continuously bouncing back with innovative experiences that balance technological advancements without losing the human touch. Today’s tech-savvy generation of travellers, with their unique mindsets and expectations, are seeking novel experiences.

The Middle East is at the forefront of reimagining this sector’s possibilities, envisioning guest experiences that are more human-centric and future-forward than ever before.

THE NEXT GEN TRAVELLER

The younger generation of travellers are seeking balanced duality in their travel experiences. With holistic health being a priority, they are drawn to destinations that promote wellbeing while delivering cultural moments. They favour spontaneous leisure travel, increasing their frequency away from home, and desire choices without feeling overwhelmed, discovering unique destinations like locals. They seek to explore new local brands while cherishing memories with their favourites, prioritising luxurious travel experiences that are also planet-friendly.

With a vision rooted in digital transformation, ecofriendliness, and resource diversification, the Middle East is pioneering more inclusive and personalised travel experiences. It’s becoming a central hub for travel by bringing blended cultural uniqueness with high tech services.”

Despite the cost-of-living crisis, consumers globally are prepared to pay 10 per cent more for sustainable travel features.

Personalised experiences with an element of surprise are highly coveted. Technology should facilitate their journeys without sacrificing the human touch. With one in six people worldwide having a disability, this segment contributes $58bn per year to the travel industry and demands holistic, inclusive travel experiences that go beyond mere compliance. This diverse generation knows what they want and is willing to pay more to achieve it. In fact, 63 per cent of travellers are willing to invest in transformational or extraordinary experiences. They seek empathetic and authentic brands that understand their diverse travel needs and can deliver intimate, inclusive experiences that extend beyond check-in and check-out. These are the brands to which they will commit their money, time and emotions.

THE MIDDLE EAST LEADING THE WAY

With a vision rooted in digital transformation, eco-friendliness, and resource diversification, the Middle East is pioneering more inclusive and personalised travel experiences. It’s becoming a central hub for travel by bringing blended cultural uniqueness with high tech services. According to the World Tourism Organization (WTO), the Middle East is the only region that achieved tourism growth beyond pre-pandemic levels in 2023, receiving 122 per cent more tourists last year than in 2019.

From the initial inspiration and booking phase, travellers are increasingly turning to AI-driven platforms for personalised recommendations. As a result, startups from the region like TravelGenius, have found an opportunity in utilising machine learning algorithms in order to deliver more holistic travel recommendations. TravelGenius studies users’ travel histories, preferences, and contextual data to offer tailored recommendations for destinations, accommodations, activities, and dining experiences.

In line with the region’s vision to enhance accessible travel, new digital experiences are opening doors to limitless travel for people with various needs. Amsaan Accessible Tours, for instance, offers a website

accessible to the hearing impaired, featuring British and International Sign Language, sign language tours, excursions with hearing-impaired tour guides, hearing impaired -friendly accommodations, accessible transport options, and an exclusive mobile app designed specifically for hearing-impaired travellers. The app includes useful travel information, detailed tour programmes, and an accessibility map, all interpreted in sign language to ensure accessibility.

As convenience, speed, and personalised experiences became a priority when selecting places to stay, the Jumeirah Group has launched the Jumeirah Mobile Check-In, an industry-first biometric and digital technology solution that reduces check-in time by 10 minutes. This initiative encourages guests to book directly through their platforms, streamlining check-in documentation before arrival. By utilising AI, Jumeirah tracks guest preferences across their properties, ensuring a personalised experience that fosters loyalty and emotional connection.

With the rising importance of managing climate change, the region has been prioritising building from the ground up infrastructure that focuses on sustaining local resources efficiently. Winnow, a visual AI and data analytics technology that empowers chefs in kitchens to reduce food waste, has partnered with Ne’ma on its mission to change consumption behaviour and halve food waste by 2030.

To deliver a more seamless and inclusive experience, restaurants are offering multilingual services that can remove language barriers and make services enjoyable for everyone. Visual AI provides ingredient and nutritional information through apps and smartphone cameras, enhancing the culinary journey with interactive layers. Such technology can help in connecting with guests’ dietary preferences and special occasions, crafting meaningful and personalised experiences for their entire trip and beyond.

INNOVATE TO ELEVATE

In our increasingly interconnected world, technology will play a crucial role in enriching our real-life experiences by creating intimate, personalised moments throughout the travel journey. To truly stand out, brands should aim to build an emotional connection with their customers by showcasing how they can deliver beyond their expectations.

The Middle East’s commitment to digital transformation, inclusivity, and personalisation sets a powerful example for the world, demonstrating that the future of hospitality lies in blending cutting-edge technology with genuine human connection. By embracing these advancements, the hospitality industry can thrive, offering unparalleled experiences that resonate deeply with the next generation of travellers. This fusion of innovation and empathy will define the future of travel, making it more enriching, accessible, planet friendly and memorable.

The writer is the group creative director at R/GA EMEA.

LUXURY REDEFINED

IN THIS EXCLUSIVE INTERVIEW WITH GULF BUSINESS, LUCY WERNER, CCO OF ROSEWOOD HOTEL GROUP, SHARES INSIGHTS INTO THE GROUP’S STRATEGIC VISION FOR THE MIDDLE EAST, THE ATTRIBUTES OF THEIR NEW PROPERTIES, AND HOW ROSEWOOD EXEMPLIFIES LUXURY HOSPITALITY

BY NEESHA SALIAN

In recent years, Rosewood Hotel Group has solidified its status as a global luxury lifestyle brand, particularly among “affluential” travellers, while expanding its footprint across some of the world’s most iconic destinations.

The group’s four brands –Rosewood Hotels & Resorts, New World Hotels & Resorts, Asaya, and Carlyle & Co – and its residential business, Rosewood Residences – are known for their elegance and exclusive offerings. Over the past five years, the group has seen significant growth, particularly with its ultra-luxury Rosewood Hotels & Resorts brand, which introduced new properties in Germany, Hawaii and New Zealand in 2023. The group’s portfolio now includes 48 hotels, resorts, and residences across 23 countries, with 35 more in development.

The Middle East and Asia Pacific are also targeted for expansion, with new hotels in Qatar, Saudi Arabia, Japan and China. Rosewood Residences, the group’s residential arm, is growing rapidly, with 14 properties across ten countries and several new projects in development. The

brand’s standalone properties, like those in Florida and Texas, reflect increasing demand for luxury living. In 2023, Rosewood Residences saw a 135 per cent sales increase, totalling $434m.

Asaya, Rosewood’s wellness concept, is set to expand significantly in 2024, with seven new locations, including its first in the Middle East and Japan. Asaya’s offerings are tailored to each location, featuring exclusive treatments from top wellness brands.

In retail, Rosewood expanded its e-commerce presence and partnered with luxury retailer The Webster for exclusive pop-ups and collections, further cementing its status as a luxury lifestyle brand.

ROSEWOOD HOTELS & RESORTS IN THE MIDDLE EAST

Building on its established presence in Abu Dhabi and Jeddah, the group is poised to significantly enhance its regional portfolio. The upcoming opening of Rosewood Doha in Qatar, along with future projects such as Rosewood Diriyah, Rosewood Red Sea, and Rosewood Amaala in Saudi Arabia, underscores the region’s relevance to Rosewood’s expansion strategy.

As the group continues to thrive, its presence in the Middle East will undoubtedly play a pivotal role in the brand’s global strategy, offering guests unparalleled experiences that resonate with the unique cultural landscapes of the region.

In this interview, we sit down with Lucy Werner, chief commercial officer of Rosewood Hotel Group, to delve into the group’s strategic vision for the Middle East, the unique attributes of their new properties, and how Rosewood is redefining luxury in the region.

The group has significant female representation in its management. Tell us more about that.

I’m incredibly proud to be part of a company with such a rich history of female leadership. This legacy began with our founder, Caroline Hunt, in Dallas, and has been powerfully carried forward by our current CEO, Sonia Cheng. Sonia’s vision and dedication since acquiring Rosewood in 2011 have not only expanded our global footprint but also set a remarkable standard for women in leadership.

She expanded the footprint from 11 hotels to 33 today, with properties in 18 different countries. We’re growing rapidly, and in the next three to five years, we’ll have around 60 hotels.

Today, we have a strong female presence at the executive level, including our chief brand officer, Joanna Gunn; our chief design and project services officer, Trish Luyckx; and our vice president of social impact, Mehvesh Mumtaz Ahmed. This diverse leadership team, guided by Sonia’s example, has fostered a culture of inclusion and empowerment that has been key to our success. I truly admire Sonia’s leadership, and it’s an honour to work alongside such talented women who are shaping the future of Rosewood.

LUCY WERNER Chief commercial officer, Rosewood Hotel Group

Speaking of expansion, tell us about the group’s portfolio in the Middle East.

Currently, we have properties in Abu Dhabi and Jeddah, and we’re about to open in Doha in Q1 2025. The Doha property will include a hotel and town residences. We’re also expanding in Saudi Arabia with properties in Amala, Red Sea, Riyadh and Diriyah Gate.

How does Rosewood differentiate itself from other luxury properties?

Rosewood is renowned for our “Sense of Place” philosophy. This means we deeply understand the specific geography of each property and curate the on-property experience to reflect that. This can be seen in the room design, guest experiences, and how we bring the destination to life. We’re constantly evolving this concept, exploring adjacent spaces like retail, residential, and new experiences both on and off the property. The goal is to elevate guest discovery, making each visit a unique journey.

Tell us about other brands under your group.

We have over 30 Rosewood properties and about 15 New World properties, mostly focused in Asia-Pacific. Carlyle & Co is our private members’ club, and it’s expanding as well. We also have Asaya, our wellness brand,

IN 2023, ROSEWOOD RESIDENCES SAW A

135 PER CENT SALES INCREASE, TOTALLING $434M

which is central to our offerings. Each of these brands has a strong identity, and we’re committed to understanding our customers to develop these offerings further.

Tell us more about the new property in Doha and what guests can expect when it opens in Q1 2025. Doha property, located in the Marina District of Lusail, is a large complex with two buildings, catering to different segments. One building has 276 residences for longterm stays (over a year), and the other has 155 hotel rooms and 162 serviced apartments for shorter stays (from a week to a year). The property also features a 3,600-square-metre Asaya Wellness Centre, event spaces and eight F&B outlets.

What trends do you see shaping the future of luxury hospitality, particularly in the Middle East?

Sustainability is a major trend, with a focus on living lightly on the land and having a positive impact on people and places.

We also see a rise in wellness travel, where guests want to disconnect and escape. For instance, some of our properties, like the ones in Hawaii, have rooms without televisions and offer the option to turn off Wi-Fi, allowing guests to be more present. Additionally, multi-generational travel is becoming more popular, especially postCovid, as families and groups seek to reconnect.

What distinguishes the preferences for luxury travel in the Middle East compared to other regions?

In the Middle East, we see a strong demand for domestic travel, like Saudis travelling within Saudi Arabia. The region recovered faster than others, largely due to airlines and new destinations like the Maldives gaining popularity. The US market, on the other hand, has been slower to recover. The Middle East remains dynamic, and the appetite for luxury is strong, with a preference for curated, once-in-a-lifetime experiences.

Rosewood is renowned for its “Sense of Place” philosophy. This means we deeply understand the specific geography of each property and curate the onproperty experience to reflect that.”

Tell us about Rosewood’s strategy and future in the region.

Rosewood’s distinguishing factor is its deep “Sense of Place”. We offer guests the opportunity to discover art, design, culture, food, and wellness unique to each destination. Our strategy is to continue evolving this concept, bringing new and enriched experiences to our guests in this region and beyond.

FOCUSED ON LIFESTYLE HOSPITALITY

JAIME

BUXO CLOS, CEO OF SUNSET HOTELS & RESORTS, SHARES INSIGHTS INTO THE BRAND’S VISION, MARKET STRATEGY AND THE TRENDS SHAPING THE FUTURE OF HOSPITALITY

BY NEESHA SALIAN

Sunset Hospitality Group (SHG), a Dubai-born lifestyle hospitality powerhouse, is making waves on the global stage. With a diverse portfolio that spans hotels, resorts, restaurants, beach clubs, nightclubs, and fitness centres, SHG is focused on redefining luxury and lifestyle hospitality across 22 countries. Founded in 2011, SHG’s journey from dining, daylife and nightlife to a comprehensive 360-degree hospitality group has been exciting.

Now with its Sunset Hotels & Resorts division, SHG is poised to disrupt the industry with its ambitious expansion plans. In this interview, Jaime Buxo Clos, CEO of Sunset Hotels & Resorts, shares insights into the brand’s vision, market strategy, and the trends shaping the future of hospitality.

What’s the vision for Sunset Hotels & Resorts?

Sunset Hospitality Group (SHG) is a homegrown lifestyle hospitality

group that has successfully expanded globally, now present in 22 countries with over 80 venues. SHG, founded in 2011 by Antonio Gonzalez and Nazih Hafez, boasts a diverse portfolio that includes hotels and resorts, restaurants, beach clubs and nightclubs, and fitness centres.

Building on its established reputation in the dining, daylife and nightlife segment, SHG aimed to become a 360-degree hospitality group, leading to the creation of the Hotels & Resorts division. By the end of 2023, this division became an independent entity –Sunset Hotels & Resorts – armed with an ambitious goal to have 20 hotels in operation or signed by 2026.

Our vision is clear: to grow exponentially by expanding our global network, bringing in new resources, and hiring the best talent. With five hotels already in operation, the division is set to reshape the industry by delivering exceptional experiences.

What markets or regions are you focusing on for future growth, and why are these areas critical for the brand’s success?

We are working on an exciting pipeline of hotels in the GCC, South Asia, Europe, and North Africa. These markets offer significant synergies, efficiencies, and benefits for SHG, as well as our stakeholders and investors.

Our focus is on three key regions:

GCC REGION: We have a strong presence here through our lifestyle divisions and are actively exploring new hotel opportunities.

SOUTH ASIA: We are expanding our footprint, having recently opened an office and Singapore’s first SUSHISAMBA restaurant. A new hotel announcement in Singapore is on the horizon.

EUROPE AND NORTH AFRICA: In Europe, we’re concentrating on prime locations like Marbella, Ibiza, Barcelona, Madrid, and the UK. We will open two new restaurants and a lounge in London’s historic Belgravia in Q3, and we’re discussing a potential METT Hotel in London with our investors. We have a successful operation at Palazzo Cordusio by Gran Meliá in Milan and are pursuing further openings. In North Africa, we operate in Morocco with Isola Ristorante and Folie Restaurant & Sea, and we’re exploring opportunities in Greece.

In the GCC, particularly Dubai, we’re leveraging our successes with venues like SUSHISAMBA, AURA Skypool, and Mott 32 to explore hotel opportunities, though

progress is more gradual due to the city’s high standards. We’re confident that our upcoming Dubai hotel will replicate the success we’ve seen in Bodrum and Marbella. We also see strong potential for our METT brand in Abu Dhabi, Bahrain and Oman, and are also exploring opportunities in Thailand, Indonesia, and the Maldives.

What key trends are you seeing in the global hospitality industry?

A major trend reshaping the industry is the rise of ‘lifestyle’ hotels. A decade ago, the market was dominated by classic brands, with only 5 per cent of hotels categorised as lifestyle brands. Today, modern travellers increasingly seek lifestyle hotels that offer more than just accommodation – they desire experiences defined by refined design and elevated culinary offerings. Even among the largest hotel groups, lifestyle brands are gaining prominence, driven by the evolving preferences and travel habits of the new generation.

Are there any regional hospitality trends you have noticed, and what’s the impact on the region?

The GCC region is experiencing the same lifestyle trend. It’s an exciting market, and I believe it stands out as a premier region for hospitality growth and innovation. The region’s commitment to pushing boundaries provides unmatched opportunities to create lifestyle hotels tailored for modern travellers.

What does it take to open a new hotel? What kind of challenges have you faced in the process?

JAIME BUXO CLOS CEO, Sunset Hotels & Resorts

Our process starts with identifying prime locations, followed by selecting hotels that align with the METT brand vision.”

We believe the best opportunities lie in transforming existing hotels into METT properties. This approach has proven successful in Bodrum, Marbella, and most recently, Gran Hotel La Florida in Barcelona. We enjoy revamping hotels from the 70s and 80s, enhancing their performance without increasing local inventory or capacity, which aligns with community interests.

Our process starts with identifying prime locations, followed by selecting hotels that align with the METT brand vision. We seek properties with a certain room inventory size to ensure we can offer an exclusive, tailored service. The hotel must also support our goals for food and beverage, and entertainment experiences.

For example, METT Bodrum and METT Marbella feature diverse SHG venues, including beach clubs, restaurants, and nightlife options, creating a complete lifestyle experience for our guests.

After securing a property, we collaborate with the hotel owners to determine the most suitable operational model – be it management, leasing, or a hybrid approach. With a focus on flexibility and an owner-centric mindset, we tailor each business model and agreement to meet the unique needs of every partnership. We then implement a detailed opening plan, involving a comprehensive task force from our legal, HR, design, marketing and operations teams, culminating in the grand opening of a new METT Hotel & Resort.

Branding is crucial, so we are focused on aesthetics, ambience and service to provide a multi-sensory experience that aligns with SHG’s dedication to exceptional hospitality and distinctive lifestyle experiences.

How is Sunset Hotels & Resorts leveraging technology to enhance the guest experience and operations?

Our top priority is delivering an exceptional guest experience. While we believe that the human touch remains irreplaceable, we use technology thoughtfully to enhance specific aspects of our service, such as personalisation. We continuously monitor emerging technologies and assess their compatibility with our brand values. We adopt only those that truly benefit our guests while staying true to our core principles.

How are technology and sustainability transforming the hospitality sector?

Sustainability and technology are leading the transformation in the hotel industry. As a result, hotels must adapt and integrate these advancements. The extent to which each hotel brand embraces and implements these changes varies, but Sunset Hotels & Resorts is committed to sustainability at multiple levels.

We are working towards different sustainability certifications, not only from a building perspective but also in operations, such as eliminating single-use plastics in amenities and rooms, and prioritising local produce as much as possible.

Regarding technology, we’ve noticed that as AI becomes more reliable, hotels will increasingly adopt technologydriven solutions to enhance the guest experience and streamline operations.

HOSPITALITY | GASTRONOMY

ENJOYING OF SUCCESS THE TASTE

BY NEESHA SALIAN

DCTCM’S ISSAM KAZIM, MICHELIN GUIDES’ GWENDAL POULLENNEC, AND DFRE’S SUHAILA

GHUBASH GIVE US INSIGHTS INTO DUBAI’S EMERGENCE AS A GLOBAL CULINARY HUB

Dubai’s emergence as a global culinary hub has been nothing short of remarkable, driven by its diverse gastronomy sector, world-class dining experiences, and a commitment to excellence. With the recognition from the MICHELIN Guide, Dubai’s food scene has taken centre stage, further solidifying the city’s status as a leading destination for both business and leisure, as envisioned by the Dubai Economic Agenda, D33. Here, we speak to Issam Kazim, CEO of Dubai Corporation for Tourism & Commerce Marketing (DCTCM), Gwendal Poullennec, international director of MICHELIN Guides, and Suhaila Ghubash, VP - Events and Festivals at Dubai Festivals and Retail Establishment (DFRE), who give us insights into Dubai’s emergence as a global gastronomy hub.

The credibility associated with MICHELIN stars has not only validated the culinary efforts in Dubai but has also incentivised chefs and restaurateurs to further invest in the city and open new restaurants.”

How has the MICHELIN recognition influenced the global perception of Dubai’s food scene?

Dubai’s diverse gastronomy sector has long been a cornerstone of its appeal to tourists, playing a pivotal role in attracting new visitors and fostering repeat visitation — objectives that align with the ambitious goals of the Dubai Economic Agenda, D33, to further consolidate Dubai’s position as a leading global city for business and leisure. As an internationally acclaimed brand, MICHELIN recognition has impacted Dubai’s global perception by serving as another stamp of excellence for the city’s culinary landscape, bolstering the credibility and momentum of the gastronomy sector. The introduction of MICHELIN Green Stars, recognising the exceptional efforts of various eateries in the city to adopt greener practices, further validates the commitment to sustainability within gastronomy, while the Bib Gourmands demonstrate the value for money that can be found in the city.

ISSAM KAZIM CEO, DCTCM

What has been the impact of having MICHELIN in the UAE on local chefs, restaurateurs, and the culinary community as a whole?

The MICHELIN Guide Dubai highlights the city’s diverse culinary scene and provides a platform for both international and homegrown talents and brands to gain global recognition. The guide’s acknowledgement of sustainability also encourages the adoption of eco-friendly practices. Dubai’s growing popularity as a leading gastronomy hub has been enhanced by MICHELIN’s recognition, and its presence has fostered a competitive and dynamic culinary environment — motivating the community to strive for excellence, continuously innovate, and contribute to the city’s reputation as a global food capital.

The credibility associated with MICHELIN stars has not only validated the culinary efforts in Dubai but has also incentivised chefs and restaurateurs to further invest in the city and open new restaurants. This growth is reflected in the overall exceptional performance of the tourism sector, with Dubai being named the number one global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards 2024.

How do you envision the role of food tourism in Dubai’s broader tourism strategy in the coming years?

Culinary tourism is not only a trend in the UAE and the region but globally as well. An increasing number of travellers coming to Dubai are in pursuit of exclusive dining experiences, and the presence of MICHELIN-recognised

HOSPITALITY | GASTRONOMY

establishments definitely provides an extra incentive to visit.

Gastronomy is a key pillar of our tourism strategy, and we are leveraging Dubai’s position as one of the culinary capitals of the world — where diverse cuisines are drawn from the cultures of nearly 200 nationalities residing in the city — in our global marketing e orts.

As part of our gastronomy strategy, we will continue focusing on key areas to enhance the F&B sector, including diversity, authenticity, value for money, and experiential dining opportunities. We also continue to shine a light on Emirati cuisine and restaurants like Al Khayma and Al Fanar for authentic and cultural local experiences while upholding the highest and most advanced standards of sustainable practices through evolving technology. Additionally, Dubai’s hosting of major events such as the Dubai Food Festival, as well as Gulfood and other industry trade shows and conferences, is contributing to the development of the sector and showcasing it to global audiences.

Further to the continuous investment in the gastronomy sector, DET also ensures the talent leading the industry is provided with best-in-class training. At Dubai College of Tourism, part of DET, programmes such as Culinary Operations Apprenticeships are o ered to candidates, where they learn to develop valuable skills and prepare for entry-level (Commis III) positions.

Dubai’s strategic emphasis on food tourism not only enriches the visitor experience but also positions the city as a sustainable and culturally rich destination on the global stage.

Going a step further, and indicating the maturity, refinement, and creativity of the sector, we are seeing homegrown gastronomic concepts exported from Dubai to the rest of the world, with restaurants such as Kinoya, GAIA and The Maine becoming ambassadors for our culinary scene and making an impact in other major destinations.

What were the key highlights of the MICHELIN Guide Dubai 2024?

What a pleasure it is for my team of famously anonymous inspectors to witness the blossoming of Dubai as an international gastronomic destination, developing itself year a ter year. The growth has been impressive; from 69 restaurants in the first edition to 90 in the second, and now 106 in this third one.

Its appeal isn’t just with international travellers or local gourmets; talented chefs and restaurateurs from around the world are now also attracted by its vibrant dining scene and arrive keen to make their own mark in the city, and local talents continue to be forward-thinking, to adapt and develop their o erings.

With so many di erent styles of restaurants and types of cuisine, there really is something for everyone looking for an authentic sense of hospitality and memorable experiences. With no less than 35 di erent cuisine types highlighted in this 2024 Dubai selection, the territory demonstrates how welcoming it is, able to highlight flavours from all over the world with sophistication and modernism.

What are some notable examples of a ordable Michelin-starred or Bib Gourmand restaurants in Dubai, and what sets them apart?

The continued growth of the Bib Gourmands (six new ones in 2024) shows there is a demand for restaurants that o er great value for money; however, Dubai still o ers some seriously high-end dining options for a special big night out, o ering some real glamorous experiences.

With its great diversity of o ers to please all types of food lovers looking for their perfect gem, Dubai is now a complete destination in its own right – perfect for the avid gourmet traveller.

GWENDAL POULLENNEC

International director, MICHELIN Guides

SUHAILA GHUBASH

VP - Events and Festivals, DFRE

Are there any specific campaigns or initiatives that DFRE has launched to highlight Dubai’s culinary offerings?

DFRE is committed to solidifying the city’s standing as a trailblazing gastronomic destination through a variety of events and initiatives. This includes the annual Dubai Food Festival (DFF), the inaugural Ramadan Street Food Festival, several foodie experiences as part of the long-standing Dubai Summer Surprises (DSS), and our annual Gastronomy Industry Report – each one playing an integral role in showcasing our city’s vibrant culinary landscape.

DFF, the region’s largest culinary celebration, wrapped up its most successful edition to date earlier this year with a packed programme of citywide experiences highlighting the diversity, value-for-money, and experiential nature of Dubai’s food scene. Our inaugural Ramadan Street Food Festival welcomed thousands of visitors to enjoy a diverse selection of local cafes, restaurants, and street vendors throughout the Holy Month.

Currently, DSS 2024 is bringing together the city’s best eateries at pocket-friendly prices with programmes like the all-new Sizzling Summer Eats and the return of Summer Restaurant Week as part of the DSS 2024 programme of thousands of incredible offers and sensational things to do in Dubai this summer. Looking ahead, the UAE’s first-ever Gault&Millau Culinary Innovators showcase will bring together 12 of Dubai’s most acclaimed chefs for an exclusive three-night pop-up from October 24-26, promising one of the city’s most memorable culinary experiences.

Beyond festivals and events, our annual Gastronomy Industry Report is a key initiative that reflects the meteoric rise of Dubai’s culinary scene. The report’s key insights, current and future trends, and high-value data provide a roadmap for the industry’s development in line with broader efforts to deliver “Only in Dubai” experiences to visitors.

How does DFRE work with local chefs and restaurants to create these unique dining experiences?

Recognising the contributions of local chefs, homegrown culinary trailblazers, and Dubai-based gourmet influencers is a crucial factor in the city’s global gastronomy push. Through all our initiatives highlighted above, we celebrate the wealth of local F&B talent by inviting chefs and homegrown restaurants to curate special menus, experiences, and promotions that can showcase their innovation and creativity to Dubai residents and visitors. In addition, we continually raise the profile of Emirati cuisine as well as talented local chefs through our digital content series including ‘Made in Dubai’ and ‘Hidden Gems,’ which spotlight the city’s leading F&B talent, restaurant listings and reviews, food-tour itineraries, and video presentations.

These initiatives have proved immensely successful in cementing Dubai’s popularity as a leading hub for foodies, earning several accolades both at home and abroad. UK-based portal Compare the Market crowned Dubai as one of the world’s 10 cities for foodies in 2023. In addition, 106 homegrown restaurants have been featured in this year’s MICHELIN Guide Dubai.

Ultimately, we aim is to continue building on this momentum and foster a thriving gastronomic environment that highlights local talents and our diverse offerings.

Lifestyle

140 and counting...

As Breitling celebrates a milestone anniversary, CEO Georges Kern shares how the brand has revitalised its image p.52

“When it comes to stereotypes, especially in the Western world, people often categorise Kuwaitis in a certain way. In the GCC, there’s a perception that we all own Ferraris and flaunt our wealth in places like London. However, I believe I’m a good ambassador for changing those stereotypes.”

TAG HEUER CONNECTED CALIBRE E4 45MM X ORACLE RED BULL RACING EDITION

TAG Heuer and Oracle Red Bull Racing continue their collaboration with this new timepiece, which offers a tailored digital experience. At launch, users can choose between four specific watch faces. For example, the hero watch face, named “Season,” displays flags along the bezel, highlighting the current country where the racing team is competing over the weekend.

Kuwaiti explorer and creator of Earth’s Extremes Yousef AlRefaie

ADVENTURE-READY FROM THE FACTORY

THE

QUARTERMASTER TURNS HEADS, TACKLES ROUGH TERRAINS, AND EVEN HAULS SAMPLES OF PRECIOUS STONES IF UTILISED AS SUCH

BY KUDAKWASHE MUZORIWA

Sir Jim Ratcliffe’s Ineos Automotive made headlines early last year with the launch of the highly anticipated Ineos Grenadier 4×4. Before even the ink was dry, its second vehicle, the Grenadier Quartermaster, began rolling off the production lines in Hambach, France, at the end of 2023.

The brand’s second model is a rugged, go-anywhere, no-nonsense double-cab pickup truck (bakkie or ute) designed for off-road fanatics. Building on the foundation of the Grenadier sport utility

vehicle (SUV), the Quartermaster offers impressive off-road capability, a unique personality, and a touch of quirkiness, along with the added practicality of a truck bed for hauling cargo.

“The Quartermaster offers a unique driving experience both on and offroad,” Tim Abbott, the head of Region, South Africa and Sub-Saharan Africa at Ineos Automotive, says, emphasising that the pickup’s outstanding capability and drivability make it an ideal choice for offroad enthusiasts.

The workhorse, named after a British Army officer responsible for supplies, combines modern engineering with a retro aesthetic, offering a durable and functional vehicle for challenging terrains. Its robust ladder-frame chassis, solid axles, and impressive ground clearance make it highly capable off-road.

“For me, it’s about going back to the roots. Unlike other players that are bristling with electronics, which aren’t necessarily what you need in the Sahara or the deep deserts of Saudi Arabia, the Grenadier offers quality with simplicity,” says Abbott.

He adds, “It features a unique ladder chassis frame and solid beam axles, avoiding potentially problematic air suspension in favour of reliable coil springs.”

Combining the rugged appeal of classic off-roaders with the advanced engineering of modern vehicles, the Quartermaster is a testament to what can be achieved when tradition meets innovation.

The pickup is powered by two formidable engines sourced from BMW: a 3.0-litre inline-6 turbocharged petrol engine delivering approximately 281 horsepower and a

“Sir Ratcliffe’s journey to creating the Ineos Grenadier began with a safari in Africa. Dissatisfied with the available vehicles, he envisioned a modern successor to the classic Land Rover Defender.”

diesel variant producing around 246 horsepower — both paired with an eight-speed ZF automatic transmission. Abbott says that combined, these high-quality elements resulted in a truly special vehicle.

What’s more, the Quartermaster’s four-wheel drive, centre differential lock and two-speed transfer case for lowrange 4WD, as well as 36.2, 26.2 and 22.6 approaches, ensure that you will never find yourself stuck in the Empty Quarter or high up in the challenging Baviaanskloof mountain range. Its robust ladder-frame chassis, solid axles, and impressive ground clearance make it highly capable off-road.

THE ULTIMATE OFF-ROADER

Ineos is offering the Quartermaster in three trim levels, with the entry level starting at Dhs312,000. Then, there’s a Quartermaster Trailmaster edition and a Fieldmaster edition— both priced at Dhs349,000. The Trailmaster edition emphasises off-road capability, while the Fieldmaster edition focuses on more luxurious features.

The Grenadier Quartermaster is designed with practicality in mind. It measures approximately 5,000 mm in length, 1,930 mm in width, and 1,930 mm in height and has a wheelbase of 3,022 mm, offering ample space while maintaining excellent manoeuvrability both on and off-road.

With a ground clearance of 264 mm, an approach angle of 35.5°, a departure angle of 36.1° and a breakover angle of 28.2°, this

vehicle is engineered to conquer challenging landscapes.

The permanent four-wheel drive system, coupled with a two-speed transfer case, ensures optimal traction and stability across diverse terrains. Similarly, the Quartermaster can wade through water depths

of up to 800 mm, making it a reliable companion for adventurous journeys.

Jump into the cockpit; the Grenadier Quartermaster is designed to offer optimum comfort, practicality and convenience. Up front, the pickup features proper Recaro seats and a 12.3-inch touchscreen infotainment system, a familiar BMW shifter next to a chunky 4WD lever, and more buttons and switches that evoke pilot vibes. The Apple CarPlay and Android Auto-enabled touchscreen infotainment system includes navigation, Bluetooth, and smartphone integration, ensuring that drivers remain connected and entertained on the go.

BUILDING A LEGACY

I’ve been fascinated by Ineos Automotive’s progress since day one. Since its inception

in 2020, the British carmaker, born from Sir Ratcliffe’s vision to create an uncompromising 4x4 that meets modern-day standards for compliance and reliability, has quickly evolved into a formidable force in the off-roading market.

“Sir Ratcliffe’s journey to creating the Ineos Grenadier began with a safari in Africa. Dissatisfied with the available vehicles, he envisioned a modern successor to the classic Land Rover Defender,” notes Abbott. He adds, “The idea took shape in a London pub called The Grenadier, where Sir Ratcliffe and designer Toby Ecuyer sketched the initial concept on the back of a five-pound note.”

Abbott asserts that the Grenadier occupies a unique niche in the market, positioned between the high-end Mercedes-Benz G-Class and more utilitarian models such as Toyota Prado and Hilux.

Ineos Automotive’s production facility in Hambach, formerly owned by MercedesBenz, has the capacity to produce up to 26,000 vehicles per year, and the company is actively gearing up to meet this target.

The automaker gave a glimpse of potential future Grenadier variants at the Goodwood Festival of Speed earlier in July, with a series of prototypes underlining the versatility of the robust body-on-frame 4x4.

A big, bold, and beautiful portal-axled Quartermaster and SUV were shown alongside a short-bed Quartermaster pickup, a V8-powered SUV, an eight-seater Safari conversion, and the first FIA-approved rally-modified Grenadier.

The automotive brand shelved plans for its electric SUV, citing waning consumer demand for electric vehicles and uncertainty around tariffs. Production of the Fusilier, a smaller vehicle than the Grenadier 4x4 that the company started selling last year, had been expected to begin in 2027.

With its lineup of powerful performance, advanced off-road capabilities, practical design, and modern features, Ineos Automotive is setting a new standard in the off-roader market. Whether navigating urban environments or tackling the toughest terrains, the Quartermaster and Grenadier SUV delivers exceptional driving experiences, making them a worthy investment for those seeking top-tier vehicles.

EXPLORING EARTH’S EXTREMES WITH YOUSEF ALREFAIE

THE KUWAITI ADVENTURER TALKS ABOUT HIS EXPERIENCES AND HIS UPCOMING DOCUSERIES, PROVIDING INSIGHTS INTO THE GLOBAL WATER CRISIS AND HUMAN CONDITION

BY NEESHA SALIAN

Yousef AlRefaie, a Kuwaiti mountaineer and adventurer, has made headlines for his exploration of the world’s most extreme environments. From deserts to volcanic summits, his journeys are as much about personal achievement as they are about raising awareness on global issues like the water crisis. In 2022, AlRefaie achieved a Guinness World Record as the youngest person to climb seven volcanic summits,

reaching the highest volcanoes on each of the seven continents at 24 years and 119 days. He also completed the ‘volcanic seven summits’ challenge, becoming the 24th in the world to do so, reaching the highest point in every GCC country within six days.

In an engaging conversation with  Gulf Business, the adventurer talks about his experiences and his docu-series Earth’s Extremes, providing a deep dive into the life of a modern-day explorer.

Tell me a little bit about yourself, Yousef. I know that you’ve got a background in political science.

That’s right. I graduated from Kuwait University with a major in political science and public administration. But my love for the outdoors and mountaineering goes way back. Growing up, we had a large library at home, and my father had a subscription to National Geographic Although my English wasn’t great at the time, the visuals in those magazines fascinated me. I always wanted to explore like the adventurers I saw in those pictures.

A ter an initial stint in law school, which I didn’t enjoy, I took a gap year and stumbled upon an advertisement to climb Africa’s highest mountain. That trip sparked my passion for mountaineering.

From there to achieving a record, how has your journey been? How did you go from being a novice to climbing the summits?

It’s been quite a journey. A ter climbing Kilimanjaro (in Tanzania), I had a lot of learning experiences that led to my growth. For instance, I once attempted to climb Mount Baker (in the US) with minimal preparation and ended up in a crevasse. These experiences taught me valuable lessons about preparedness and resilience. Over time, I aimed higher, including climbing in the French Alps.

Each climb brought its own set of challenges and learning opportunities.

In terms of training, how did you prepare yourself physically and mentally for these adventures?

Training in Kuwait, a flat country, posed its challenges. I had to get creative, like using a treadmill at its highest incline with a backpack. Strength training is also crucial since climbing involves carrying heavy gear. However, mental preparation is equally important. It’s about having the inner drive to push through tough situations.

Mental fortitude o ten makes the difference in achieving your goals.

Which of the volcanic summits you’ve climbed was the easiest and which was the most di cult?

Each summit has its challenges. For instance, Kilimanjaro might seem easy now, but as an 18-year-old with no

experience, it was a huge challenge. Pico de Orizaba (in Mexico) was relatively straightforward because I was well-prepared. On the other hand, each climb has taught me something new, and even the so-called easy ones can present unexpected challenges.

How has mountaineering changed you?

Mountaineering has significantly changed me. I used to be short-tempered, but now I rarely get angry. Being out of my comfort zone has taught me patience and resilience. These experiences force you to adapt and grow, changing your personality and traits in the process.

As a Kuwaiti travelling with diverse groups or to di erent parts of the world, how have people responded to you and your culture?

When it comes to stereotypes, especially in the Western world, people o ten categorise Kuwaitis in a certain way. In the GCC, there’s a perception that we all own Ferraris and fl aunt our wealth in places like London. However, I believe I’m a good ambassador for changing

those stereotypes. Many of my friends, who once viewed me through a stereotypical lens, have since changed their perspectives. People o ten wonder why someone from Kuwait, Saudi Arabia, Qatar, or even the UAE would choose to pursue this sport. In the Western world, there’s still a sense of surprise, but it’s accompanied by curiosity and interest. Conversely, people from other regions are o ten pleased to meet me and learn about my culture. It was also fascinating to see how people in some communities were totally unaware of Kuwait. For example, when I visited Papua New Guinea, I had to explain where Kuwait is. I’d say, “If you know Dubai, we’re just an hour away by plane.” Some people had not even heard of the UAE, Saudi Arabia or Egypt but knew of London. So, I’d explain, saying, “Kuwait is six hours from London”. Exploring such remote locations and engaging in these sports can truly change stereotypes. It’s an opportunity for cultural exchange and learning, breaking down boundaries whether you’re climbing a mountain or crossing a desert.

“Growing up, we had a large library at home, and my father had a subscription to National Geographic. Although my English wasn’t great at the time, the visuals in those magazines fascinated me. I always wanted to explore like the adventurers I saw in those pictures.”

Tell us about your documentary Earth’s Extremes. What inspired it and what experiences have you had so far?

The idea for the documentary  Earth’s Extremes  came about quite by coincidence. I was scrolling through Instagram when I stumbled upon an image of large handmade umbrellas resembling turtle shells. This led me to Mawsynram in India, the wettest place on Earth, and sparked the idea for my next challenge. Initially, I wondered if just visiting these extreme places was enough. But then I realised it wouldn’t be meaningful without a purpose. So I called my friend Faisal Al-Karam, who is a director, and said, “Get ready, we’re going to the wettest place on Earth.” And that’s how it started.

We began with Mawsynram, located in the Indian state of Meghalaya, documenting the lives of people living there and exploring the meteorological extremes they face. These people live in such extreme conditions not because of war, but due to the destiny of being born there and their ability to cope with the situation.

Interestingly, despite being the rainiest spot on Earth, they have to buy water during the dry season. Our goal was to understand the science behind these extremes and bring attention to o ten unnoticed aspects of these places.

We interviewed the Indian Meteorological Department and conducted extensive research. This led us to the hottest place on Earth, which is actually in the US, but the record is very old. Now, Kuwait is considered one of the hottest places on Earth with records

spanning over 80 years. Next, we explored Dallol in Ethiopia, the hottest inhabited place year-round. We visited in December when temperatures were around 46°C, but in summer, they reached 51°C. The average temperature is about 38°C. We documented the incredible adaptability and community structure of the people there. Living alone is not an option; they rely heavily on each other for survival, which fosters an amazing bond. The people in these extreme locations are o ten misunderstood. They have a reputation for being unwelcoming to strangers, but given their harsh living conditions, it’s understandable. They are resilient, nomadic warriors who travel with camels, which are more common than cars in their region.

Recently, we visited the driest place, the Atacama Desert. It’s fascinating because, despite the era of information we live in, there are still places that remain unexplored. The expedition, which spanned from April 11 to May 7, was full of challenges. We meticulously researched and analysed maps, o ten finding that many locations were either mere names or ruins of abandoned towns. Despite these diculties, we went to Quillagua.

The expedition spanned 7,000 kilometres across harsh, unforgiving landscapes. From Caletas to remote mining regions and secluded communities, it was more than a climatic discovery; it was a profoundly human connection. Travelling through these areas, I found that each encounter revealed the profound simplicity of human existence in extreme conditions.

Where are you headed next?

Next, I’m heading to Oymyakon in Siberia, the coldest inhabited place on the planet, with a population of fewer than 500 people. The residents there live much as they did in the past, facing unique challenges. For example, they don’t have running water. Instead, they receive chunks of ice from the government, which they must melt for drinking, showering, and other daily needs.

Interestingly, despite the diverse extremes I’ve explored, one common crisis ties them all together: the water crisis. In Oymyakon, it’s about obtaining water in liquid form. In the driest places, like the Atacama Desert, there’s a severe lack of water. In Ethiopia, where drilling wells is incredibly challenging and expensive due to the rocky ground, water scarcity is a significant issue. Even in Mawsynram, the wettest place on Earth, residents face water shortages outside the monsoon season and rely on external sources. So, no matter the extreme, water remains a critical issue in all these places. It’s also interesting to see how people innovate and adapt to such challenging situations. One such innovation I recently discovered is a fog catcher, which is used in the Atacama. These are simple yet e ective devices made of nets strung between two poles. When fog passes through these nets, the water droplets are trapped, collected and channelled into pipes, providing water to communities.

This concept, invented in the 1990s, can generate up to 20 litres of water per hour. Despite being a Chilean invention, fog catchers are now widely used worldwide, with Morocco being the leading country in their implementation.

Based on what you are saying, the documentary will be a powerful medium to spread awareness about the global water crisis. Where can we watch it after it’s completed? We plan to air it on Kuwait Television. I recently met with Kuwait Airways to discuss featuring it on their fl ights as well. The documentary, which will consist of four episodes covering the wettest, hottest, driest, and coldest places on Earth, is scheduled for release in Q1 2025 a ter we complete fi lming in Siberia.

TICKING ALL THE RIGHT BOXES

BY REVITALISING ITS HERITAGE, MODERNISING DESIGNS AND FOCUSING ON A VIBRANT BRAND IMAGE, CEO GEORGES KERN HAS PROPELLED BREITLING TO THE FOREFRONT OF THE LUXURY WATCH MARKET. AS THE BRAND CELEBRATES ITS 140TH ANNIVERSARY, KERN REFLECTS ON THE BRAND’S RELEVANCE, LEGACY AND THE CHANGING LANDSCAPE OF THE WATCH INDUSTRY

BY NEESHA SALIAN

Since stepping into the role of CEO at Breitling in 2017, Georges Kern has led the luxury watch brand through a remarkable transformation coinciding with CVC Capital Partners’ acquisition of a majority stake in the company.

Kern streamlined the collection, leveraged Breitling’s rich heritage, and refined its distribution strategy, leading to a dramatic resurgence. His efforts helped propel Breitling into the top tier of Swiss watch brands.

In 2022, the brand’s success was further cemented when Partners Group acquired a majority share, solidifying Breitling’s position as a leader in the luxury watch industry. In December last year, the brand also acquired the historic watchmaking brand, Universal Genève, and is working on its “comeback”.

This year, as Breitling celebrates its 140th anniversary, Kern reflects on the brand’s renewed relevance, and how the “new” Breitling is setting itself apart in the luxury watch industry.

What key changes have you brought to Breitling since taking over as CEO in 2017?

We’ve reconnected with Breitling’s rich history while modernising the brand. As we celebrate our 140th anniversary, we’re showcasing our heritage through initiatives like the “140 of Firsts,” which highlights 140 key moments in our history. We’ve also modernised iconic lines like the Navitimer, making the collection more appealing while staying true to its roots. Our approach is similar to what other heritage brands have done — revitalising historical designs to create a fresh, contemporary look.

Georges Kern

What has kept Breitling so relevant in the luxury watch market?

Seven years ago, Breitling was becoming irrelevant — our designs were outdated, and our communication was out of touch. Today, we’re completely relevant and growing rapidly. We’ve rebuilt the brand’s esteem by emphasising our rich history and the quality of our products. As we increase awareness, particularly of our updated designs and brand identity, we expect even greater growth.

What defines the “new Breitling” in your view?

The “new Breitling” is defined by its tasteful, diverse, and cool brand image. We’re a generalist brand that caters to a wide range of styles, and our partnerships and product offerings reflect that. Breitling today is an “incredible, no-mistake brand,” much like owning a BMW, Mercedes, or Porsche — you are guaranteed quality and style.

How does Breitling maintain its dynamic and vibrant brand image, particularly with its use of colours?

Colours have always been a differentiating factor for Breitling. We embrace vibrant, bold colours, which help position us as a “happy days brand” in a sometimes gloomy environment. This playful, colourful approach will continue to be a key aspect of our brand identity.

How does Breitling appeal to different age groups, particularly the youth segment?

We don’t categorise our customers by age or gender. Instead, we focus on style. Our design language is modern retro, with a bit of an edge. Partnerships with brands like Triumph and our involvement in sports like surfing give us a distinctive style that appeals to generations. Our goal is to be the cool and relaxed alternative to more conservative Swiss watch brands.

Tell us about Breitling’s involvement in the Climate Impulse project and your commitment to ESG principles. Our commitment to ESG (environmental, social and governance) principles is essential, especially for younger customers who expect meaningful actions from luxury brands. We’re actively involved in initiatives like fighting plastic pollution in the oceans, particularly through our surfer partnerships. However, we’re not activists — we focus on doing meaningful things within our sphere of influence, using our platform to promote environmental awareness without being overly preachy.

Breitling recently acquired Universal Genève. What drove this decision, and what are your plans for the brand?

“We don’t categorise our customers by age or gender. Instead, we focus on style. Our design language is modern retro, with a bit of an edge. Partnerships with brands like Triumph and our involvement in sports like surfing give us a distinctive style that appeals across generations.”

We acquired Universal Genève because of its incredible history and iconic designs. The brand holds significant heritage, particularly with iconic pieces designed by Gérald Genta. Instead of creating something new from scratch, we prefer reviving a dormant brand with a rich legacy. Universal Genève is a perfect example of a brand that we can “kiss back to life”.

We’re currently working on the necessary movements, and this process takes time because we are not just producing textiles; we are in the business of engineering high-quality watches. While you can expect

to see some activities related to Universal Genève this year, the full relaunch of the brand is planned for 2026. We believe Universal Genève will be an incredible hit once it’s reintroduced to the market.

Where do you see the watch industry today, especially given the current global environment?

The luxury industry, including the watch sector, has consistently grown since the 1980s, and this trend will continue. This growth is driven by an increasing number of wealthy individuals and broader access to luxury products, especially in markets such as China, India, and Indonesia, as well as in Europe and the US. Despite occasional economic or political challenges a ecting consumer sentiment, which may lead to postponed purchases, the overall trend for luxury remains positive. The recent dips in the secondary market are simply a normalisation a ter the abnormal post-Covid 19 surge.

What is your view on the current consumer sentiment towards luxury, particularly in the UAE?

The UAE, like the Middle East and Switzerland, operates in a kind of economic bubble, largely insulated from global issues. As a brand, our focus is on outperforming the competition, which allows us to gain

market share regardless of overall market conditions. While very expensive luxury items are still performing well, accessibly priced luxury is facing challenges due to factors like inflation and rising interest rates, particularly in the US and Europe.

What trends are you observing in the watch industry, and how is Breitling responding to them?

One noticeable trend is the shi t towards smaller watches, especially in Asia and other markets where tastes are evolving. Breitling is well-positioned to respond with upcoming collections that feature smaller models, such as our Premier and Top Time lines.

Additionally, we’ve seen significant growth in our female market segment, particularly in the Middle East, which now

“The UAE, like the Middle East and Switzerland, operates in a kind of economic bubble, largely insulated from global issues. As a brand, our focus is on outperforming the competition, which allows us to gain market share regardless of overall market conditions.”

accounts for about 25 per cent of our business in the region. Collaborations, such as our partnership with Victoria Beckham, have also played a key role in our success, with specific designs like yellow gold watches performing exceptionally well.

Finally, tell us how Breitling’s 140th anniversary is being celebrated. The 140th anniversary will be celebrated throughout the year with various products and events. We recently launched another Cosmonaut watch, commemorating John Carpenter’s famous watch that was the first chronograph in space. We’ll also have a pop-up museum in Zurich, a commemorative book, and several limited-edition series, including some very high-end pieces limited to 140 units each.

Our goal is to create a 360-degree celebration of Breitling’s legacy, showcasing our history and our positww ion as a leader in the luxury watch market.

Empowering Saudi talent

Athar – Saudi Festival of Creativity in Riyadh will turn the spotlight to the kingdom’s most valuable asset: it’s future leaders

Athar – Saudi Festival of Creativity in Riyadh will turn the spotlight to the kingdom’s most valuable asset: its future leaders. The time to upskill and rise above the rest has come. Athar – Saudi Festival of Creativity has opened registrations for its Young Talent Academies and seats are filling up fast. Demand for the initiative has been supercharged by the announcement that applications to the academies are completely free of charge.

Full-time university students between the ages of 18 and 25 as well as young professionals aged 30 or younger who are actively working in the fields of creative communications, advertising, or marketing have been encouraged to register. The initiative – which includes the Student Creative Academy in partnership with MCN, Student Marketers Academy, NextGen Creative Academy, and NextGen Marketers Academy – is geared to instruct, inform, and enable students and young professionals to take the next step in their careers.

ENABLING FUTURE LEADERS

The academies, hosted by Motivate Media Group and Saudi Arabia partners TRACCS, will feature keynote sessions from industry experts, workshops, and a 24-hour hackathon. Taking place alongside the Athar – Saudi Festival of Creativity, which is the kingdom’s largest get-together of the creative marketing industry, the academies offer a one-of-akind opportunity to meet and learn from high-profile speakers and leaders, network with delegates and attendees,

and carve out significant social capital. These leaders will not only share the strategic thought process behind the best practices of the past, but will also offer exclusive insights on key trends and technologies that are likely to shape up the industry in the months to come.

The academies also offer students and young professionals in Saudi Arabia the opportunity to present their hackathon submissions to a panel of judges, gain applause for their work, and be presented the highly anticipated Athar Awards. These awards will honour creatives for their effectiveness, marketers for their vision, and teams for delivering results through creative marketing. Highlighting the festival’s commitment to empowering the kingdom’s future leaders, Mohamed Al Ayed, vice chairman of Athar Festival and CEO of TRACCS, said, “Athar Festival 2024 serves as a unique national platform that enhances skills and fosters talent among Saudi Arabia’s greatest asset and wealth – its youth, preparing them to compete and lead globally and overcome imminent future challenges. Through our programme and initiatives, it is our aim is to spur an inspired future for our nation’s youth and its progress.”

MAHEERAH: AN ACCELERATOR FOR WOMEN IN MARCOMMS

Registrations are also open for the Maheerah Programme, powered by Publicis Groupe. This initiative empowers women in marcomms through learning, networking, mentorship, and personal developmental training opportunities Female participants, with mid- to

senior-level expertise, will be offered tailored coaching sessions, individualised workshops, and exclusive networking opportunities, all guided by esteemed industry leaders from around the world.

Commenting on these initiatives, Ian Fairservice, chairman of Athar Festival and managing partner of Motivate Media Group, said, “The Young Talent Academies and Maheerah Programme exemplify the festival’s focus on learning and development. These initiatives, both having debuted during the inaugural edition held last November, embody Athar Festival’s commitment as an enabler of Saudi Vision 2030 by nurturing future leaders, empowering women, and driving the creative marketing sector forward.”

Bassel Kakish, CEO, Publicis Groupe Middle East & Türkiye, added, “After the overwhelmingly positive response last year, we’re excited to support Maheerah in its second edition. Our goal is to create a meaningful experience where women can find inspiration, connect with peers, and engage with industry leaders. By enabling them with the tools, resources, and opportunities for career and personal development, Maheerah is designed to accelerate their growth and contribute to the broader transformation of the communications landscape in the kingdom. I’m looking forward to meeting this new wave of talents.”

The festival has already revealed an impressive lineup of speakers, including Prince Fahad bin Faisal Al Saud, founder of NA3AM; Sir Martin Sorrell, WPP founder and executive chairman of S4 Capital; Matt McKie, director of marketing at Manchester United; Najeeb Jarrar, CMO - Middle East and North Africa at Google; and Tim Miles, SVP Global Sync at Warner Music Group.

The 2024 iteration of the Athar – Saudi Festival of Creativity , presented by Motivate Media Group and TRACCS, will be held on November 5 and 6 at the Crowne Plaza Riyadh RDC Hotel & Convention Centre. To attend, participate, and find out more, visit atharfestival.com.

How HNWIs benefit from Dubai’s real estate development management

WITH REAL ESTATE DEVELOPMENT MANAGEMENT EMERGING AS A KEY INVESTMENT STRATEGY FOR HNWIS, FIRAS AL MSADDI, FOUNDER OF FÄM PROPERTIES, HIGHLIGHTS HOW THIS INNOVATIVE APPROACH OFFERS UNPRECEDENTED OPPORTUNITIES AND SUBSTANTIAL RETURNS IN DUBAI’S DYNAMIC MARKET

In the ever-evolving landscape of Dubai’s real estate market, a new segment is capturing the attention of high-net-worth individuals (HNWIs) and ultra-high-networth individuals (UHNWIs): real estate development management.

This innovative approach, already a staple in mature markets worldwide, is now offering unprecedented opportunities to savvy investors in Dubai. Leading

this emerging segment is fäm Development Management, renowned for its comprehensive in-house capabilities and a track record of over Dhs15bn worth of delivered and ongoing projects.

Dubai’s real estate market has long been defined by two primary segments: property buying and selling, accessible to all investors and managed by brokers, and real estate development, traditionally the domain of established development

companies. Both segments have matured with strong regulatory frameworks, best practices, and comprehensive legal structures.

However, the emergence of real estate development management is set to transform the investment landscape.

Managed by specialised real estate development managers, this new segment provides HNWIs and UHNWIs with direct access to high-return development projects. From single-home villas to entire compounds or towers, these projects offer investment tickets starting as low as Dhs10m.

Investors can now achieve profits that can double or even triple those from traditional property transactions, while also benefiting from a substantial buffer against market downturns. Real estate development managers offer more than just the development of new projects; they handle lucrative renovation projects that unlock significant value from existing assets. These professionals possess a deep understanding of sales, marketing, market research, trend analysis, contracting, and interior design, making them indispensable in this highstakes industry.

INVESTMENT OPPORTUNITIES AND RETURNS

Minimum and maximum investment: Investors can start with a minimum of Dhs10m, with no upper limit. Projects range from luxury villa developments to full buildings or towers, with sales revenue starting at Dhs60m. Each investor must invest at least Dhs10m. Unlike crowdfunding, which often incurs high acquisition costs due to multiple fees, fäm’s compensation model is straightforward: a 20 per cent success fee to the development manager and 80 per cent of the net profit to the investors.

Expected returns: For a Dhs10m investment, the least conservative ROI is no less than 60 per cent. On recent projects, fäm has managed to achieve a net ROI of 109 per cent after all costs, or an annual IRR of 20 per cent on incomegenerating projects.

Unique compensation structure: fäm Development Management charges a straightforward success fee of 20 per cent, with 80 per cent of net profit going to the investors, ensuring alignment of

interests. Unlike traditional real estate development agreements, which cap returns at 15 per cent per year without guarantees for profit or capital, fäm offers a more investor-friendly structure.

Fundraising goals: fäm aims to raise Dhs1bn over 2025. Their business model, which includes leveraging bank partnerships, has already garnered significant interest from major UAE banks. These banks consider it a far more attractive product than traditional real estate development offerings for passive investors.

Investment conditions: Investors can contribute land value, liquidity for construction, or both. The project owner(s) receive 80 per cent of the net profit, with fäm receiving a 20 per cent success fee, adjustable based on project size.

Security and guarantees: Investors directly own the actual assets, ensuring their capital is 100 per cent guaranteed by the asset. fäm only leads projects with a minimum of 60 per cent ROI feasibility,

providing a strong hedge against risks. This model has been tried and tested since 2014, with no investor losses even during market downturns like the Covid-19 pandemic.

Escrow and transparency: Depending on the project’s nature, fäm ensures full funding availability from day one through liquid cash or a bank guarantee from a reputable bank. The assets, including the land and construction funds, are proportionately owned by the equity investors, ensuring complete transparency and no hidden surprises.

Project focus: fäm specialises in luxury mansions and boutique residential and commercial buildings under the “Nordic by fäm” brand. Current projects include developments in Al Wasl and Meydan worth over Dhs1bn. The first mansion in Al Wasl, delivered earlier this year, sold immediately for Dhs61.5m, a record-breaking price for the area. More projects are due for delivery in 2025 and 2026.

Track record and expansion: With over $2bn worth of executed projects over the past 10 years, fäm has proven the efficacy of its business model.

market, with landmark transactions such as a six-bedroom villa on Jumeirah Bay Island fetching Dhs240.5m.

However, Al Msaddi advises caution: “The Dubai real estate market, like other mature markets, can experience fluctuations. The excitement of booms and the losses during slowdowns highlight the need for smarter investment strategies. With Dubai’s prices currently at a high, it’s crucial to rethink strategies to mitigate downside risks while maximising profits during prosperous times.”

Real Estate Development Management is poised to become a preferred strategy for institutional and high-networth investors, offering access to more attractive deals in Dubai.

“The most lucrative deals, including distressed portfolios and liquidated projects, require substantial capital and deep network connections,” explains Al Msaddi. “Prime opportunities are often exclusive to established developers, requiring specialised expertise and skills for successful development.”

“They say location, location, and location. I say developing the right property in the right location is the key. This is precisely what expert real estate development managers do,” explains Al Msaddi.

THEY SAY LOCATION, LOCATION, AND LOCATION. I SAY DEVELOPING THE RIGHT PROPERTY IN THE RIGHT LOCATION IS THE KEY. THIS IS PRECISELY WHAT EXPERT REAL ESTATE DEVELOPMENT MANAGERS DO.”

Geographical focus: fäm is currently studying a major, unique project in Dubai, details of which will be announced upon completion of land acquisition.

Conservative financial management: While bank funding may be used, fäm maintains a conservative approach with minimum leverage or no leverage at all, to ensure financial stability.

HNWIs and UHNWIs, often disillusioned with traditional wealth management’s modest returns of 5-7 per cent per year, can achieve significantly better results through property development profit margins. This year alone, global HNWIs are projected to invest over Dhs16bn in Dubai’s property

At the forefront of this emerging segment is fäm Development Management, leveraging a comprehensive in-house ecosystem and a track record of over Dhs15bn worth of delivered and ongoing projects. fäm Development Management provides a seamless experience, ensuring maximum returns and mitigating risks for its clients. With services spanning property sales, resale, rental, management, conveyancing, mortgage advisory, master agency, development, private equity, holiday homes, RenTech, PropTech, interior design, construction project management, engineered snagging and inspection, project handover, and training, fäm stands out as the go-to company for real estate development management deals.

As this segment continues to evolve, it offers a game-changing investment strategy for those looking to capitalise on Dubai’s dynamic real estate market. For investors ready to navigate this new terrain, the potential rewards are extraordinary.

Firas Al Msaddi

The SME Story

A dedicated hub for the regional startup and SME ecosystem

Exit strategy

Consider your exit strategy early because whatever path you choose – be it an IPO, buyout or acquisition – it will affect business development choices

It’s worth stating at the outset that although there’s nothing intrinsically wrong with building a business with the sole intention of a successful exit, it’s by no means a dead cert. First, your business idea and execution should be successful (most aren’t).

Second, even if your idea is successful, depending on your sector, you’ll have to convince a buyer of its value and growth potential in a fairly crowded marketplace.

Third, you’ll need to find a way to enjoy the process, even while focused on the ultimate prize. Whether you’re in the tech space, fintech, insurtech or any other sector, you’ll probably feel safer planning for an exit even if you have no intention of selling.

THE EXIT

As I mentioned above, to build a business that leads to an exit is not in itself a red

flag. But what of the long-time successful entrepreneurs who say that the exit will take care of itself, so long as founders focus exclusively on building a successful business? And are the veteran entrepreneurs who say entrepreneurship probably isn’t for you if you’re seeking a fast exit in four years, all wrong?

According to some, many business founders have to be dragged kicking and screaming to the mergers and acquisitions table, and few go willingly, eagerly holding their hands out for the cash. For many who’ve been around the startup scene for a long time, it’s a bit like marrying off your first daughter; you’re happy for her, but a part of you would rather it wasn’t happening.

FOUNDERS’ AMBITIONS VERSUS INVESTORS’ AMBITIONS

Entrepreneurs need to get their heads around the tension between the differing agendas of founders and investors. Investors will be looking for an exit as soon as possible, without much regard for your plans for the future. The truth is that investors don’t generally share the same agenda or objectives as most founders, and some, it could be argued, don’t necessarily prioritise a startup’s needs above their own. Investors’ agenda is focused on exit, which

Supplied

Lorenzo Jooris

isn’t always helpful when an entrepreneur is trying to build a business.

With such a laser focus on exit, investors can act as a major brake or distraction from the serious, important and engrossing work of building and developing your business. However, because only around 1 per cent of startups have any chance of attracting venture capital – something that may persuade initial investors to leave their cash in for a little longer – why do entrepreneurs waste time jumping the gun to consider an exit? Because it’s become de rigeur to get used to including an exit slide in every startup pitch to investors. After all, the exit is uppermost in investors’ minds. Sure, they almost certainly rate the product or service, or they wouldn’t have parted with their cash in the first place. They might even rate you as a competent or gifted entrepreneur, but their eye is on the exit. And entrepreneurs have become used to this. So much so that it’s become customary to include in an exit slide, if you choose to go down the acquisition route, examples of specific organisations that are likely to acquire your business, including details on the value of any recent acquisitions made by those potential buyers.

DON’T ALLOW A POTENTIAL BUYER TO SPOT THE HIDDEN VALUE IN YOUR COMPANY BEFORE YOU DO. WITHOUT IT, THERE’S A CHANCE THEY’LL BE ACQUIRING YOUR BUSINESS AT A CONSIDERABLE DISCOUNT.

REMEMBER: ULTIMATELY, THE VALUE OF YOUR BUSINESS IS YOUR CORE KEY PERFORMANCE INDICATOR.

WHETHER YOU’RE IN THE TECH SPACE, FINTECH, INSURTECH OR NO TECH...

Some argue that it’s important to consider your exit strategy early because whatever strategy you choose – whether it’s an initial public offering (IPO), management buyout or acquisition – it will affect business development choices.

There’s certainly some truth in that because well-planned exits established at an early date can positively affect strategic choices as your business grows and develops over its first four or five years.

Even if you have no current plans to sell your company, the other crucial reason to consider an exit plan is to cover and mitigate those terrifying unknowns. Events out of your control tend to come flying your way out of the blue. Health issues or personal crises can get in the way of running a business with 100 per cent focus, especially if you have no succession plan, while economic curve-balls like exchange-rate spikes, and inflationary geopolitical events – think crisis in Ukraine or uncertainty in the Straits of Hormuz – can have any number of negative impacts on plans for the future of your business.

And sometimes, an offer out of the blue to buy your company can leave you unprepared to take full advantage if it’s too good to resist.

DIGITALISATION MAKES YOUR STARTUP MORE ATTRACTIVE

YOU’LL PROBABLY FEEL SAFER PLANNING FOR AN EXIT EVEN IF YOU HAVE NO INTENTION OF SELLING

Digitalisation offers business owners an extra dimension to data that can translate directly into revenue growth and a higher value for your business. Pinch points can be identified more readily, and workflows can be improved, leading to higher net margins and a more robust business valuation. In short, don’t allow a potential buyer to spot the hidden value in your company before you do. Without it, there’s a chance they’ll be acquiring your business at a considerable discount. Remember: ultimately, the value of your business is your core key performance indicator.

BUILDING AND SELLING: WHAT TO STEER CLEAR OF

Selling a business requires no small degree of perseverance, and that inevitably means time, too.

EVENTS OUT OF YOUR CONTROL TEND TO COME FLYING YOUR WAY OUT OF THE BLUE

Depending on the industry or sector, due diligence as well as the increasingly common forensic tech diligence may lead to price chipping and, in the worst cases, potential buyers could just be tempted to walk away. No buyer likes risk, especially if it’s hidden or wrapped up in historic agreements, actions or events that keep those risks secret or opaque.

If your business is not operating in the tech space, where digital platforms and quality data will already be the norm, it’s crucial to think about digitalising your business before a sale. Why? Many founders think they’re doing a great job servicing their most valuable customers and clients, but digitalisation lets business owners scrutinise and analyse data that can often reveal certain customers could be generating more revenue. And digital transformations don’t have to be expensive, now that many platforms like Microsoft Azure operate in the cloud on a subscription service.

To prepare for a successful sale, it’s important to mitigate or remove all risks, and crucially, to evidence the removal or mitigation of that risk through tech and data. That way, the process will be more transparent, leading to a much quicker sale agreement. Don’t skimp on legal costs; the right legal help to steer you through a potential sale – or a series of potential sales – means you’re less likely to get caught up in the hidden risk typically buried in tortuous legal contracts.

The reality is that potential buyers are keen to have full sight of risk factors in your business, but they’re unlikely to offer you the same luxury on a plate.

The writer is the CEO of Creative Zone.

The R&D advantage

With the right tools and assistance, SMEs can overcome barriers to international business and become formidable players on the world stage

Small and medium enterprises (SMEs) account for approximately 90 per cent of businesses and contribute to more than 50 per cent of employment globally, according to the World Bank.

Recognising their vital role in the economy, it is essential to understand how these enterprises expand internationally.

SMEs in emerging economies are steadily establishing their presence globally through outward foreign direct investment (OFDI). Particularly, those with a strong focus on research and development (R&D) demonstrate a unique prowess in navigating the complexities of international markets.

The latest UNCTAD Investment Policy Monitor reveals that 14 per cent of developing countries now support their firms in overseas investments.

These policies aim to help domestic companies internationalise and access new markets, resources, and technologies.

What do R&D-intensive SMEs need to succeed abroad?

So what are some of the practical techniques and capabilities that these R&Dintensive SMEs leverage to succeed abroad? And what measures can enhance their prospects in foreign investment?

Capabilities SMEs could leverage to foreign markets: SMEs in emerging markets

have distinct advantages that enable them to succeed in the competitive arena of global business.

Innovation and technological advancements: The core strength of R&D-intensive SMEs lies in their ability to innovate. Continually developing new products and technologies, these companies create firmspecific advantages that are not easily

Hayssam El Masri

replicable by competitors. For instance, these SMEs often possess specialised knowledge in cutting-edge technologies like AI, biotechnology, and renewable energy, which are highly valued on the global market.

According to the OECD SME and Entrepreneurship Outlook 2023, SMEs’ use of cloud computing services doubled in less than six years, reflecting their rapid adoption of new technologies to drive innovation.

Adaptability: In addition to innovation, their agility allows them to adapt quickly to new environments and market needs. Unlike larger corporations, SMEs can make swift decisions and pivot without extensive bureaucratic processes. This flexibility is crucial in responding to the fastchanging demands of international markets and in customising products to meet local tastes and regulatory requirements.

Expertise in niche markets: Many R&D-intensive SMEs develop specialised knowledge in niche markets, which are often overlooked by larger players. This expertise allows them to establish a strong presence in less competitive markets, facilitating significant growth opportunities. The companies’ ability to cater to specific market needs with tailored solutions makes them tough competitors on the global stage.

Measures that support foreign investment by SMEs: To further bolster the OFDI efforts of SMEs, several supportive measures can be implemented by both governments and large enterprises.

UNLIKE

SMALL AND MEDIUM ENTERPRISES ACCOUNT FOR APPROXIMATELY

90 PER CENT OF BUSINESSES

AND CONTRIBUTE TO MORE THAN 50 PER CENT OF EMPLOYMENT GLOBALLY

MANY R&D-INTENSIVE SMES DEVELOP SPECIALISED KNOWLEDGE IN NICHE MARKETS, WHICH ARE OFTEN OVERLOOKED BY LARGER PLAYERS

MEASURES TO SUPPORT COMPANIES

Financial support: Grants, low-interest loans, and tax incentives can alleviate the substantial costs associated with entering foreign markets. Such financial aid is essential for covering upfront expenses like market research, legal fees and the establishment of local operations.

Access to market intelligence: Providing SMEs with access to reliable market intelligence is also crucial. Detailed insights into foreign market dynamics, consumer behaviour, and competitive landscapes can guide companies in making informed decisions about where and how to invest.

LARGER CORPORATIONS,

SMES CAN MAKE SWIFT

WITHOUT

DECISIONS

EXTENSIVE

AND PIVOT

BUREAUCRATIC PROCESSES.

THIS

FLEXIBILITY IS CRUCIAL IN RESPONDING TO THE FAST-CHANGING DEMANDS OF INTERNATIONAL MARKETS AND IN CUSTOMISING PRODUCTS TO MEET LOCAL TASTES AND REGULATORY REQUIREMENTS.

Reducing administrative burdens: Simplifying the processes for obtaining necessary permits and licenses for overseas operations can significantly ease the path for companies looking to expand abroad. Additionally, international trade agreements that reduce tariffs and streamline regulatory processes can greatly benefit these enterprises.

Capacity building initiatives: Training programmes in international business management and cross-cultural communications can equip SME leaders and their teams with the necessary skills to navigate foreign markets effectively. These programmes not only enhance the operational competencies of these firms but also build resilience against global market volatility.

Networking opportunities: Connecting SMEs with potential overseas partners, customers, and mentors is vital. Strategic alliances and joint ventures fostered through these networks significantly enhance a company’s ability to penetrate new markets swiftly and effectively.

Risk mitigation: Insurance against political risk and exchange rate fluctuations can protect SMEs from some of the inherent uncertainties of operating in an international environment.

These tools enable businesses to plan more confidently and commit resources without fearing sudden financial losses due to unforeseen circumstances. Offering such protections can significantly lower the barrier to international expansion for riskaverse enterprises.

As SMEs continue to expand their global footprint, the role of tailored, strategic support mechanisms will be crucial in ensuring their growth and sustainability in foreign markets.

With the right tools and assistance, such companies can overcome barriers to international business and become formidable players on the world stage, contributing significantly to the global economy.

The writer is the senior executive officer at Ento Capital.

Leveraging loyalty

Dhruv Verma, founder and CEO of Thriwe, discusses the company’s journey, transformative trends in the loyalty space, and company’s strategic expansion into the GCC region, particularly Saudi Arabia

Tell us about your journey from inception to funding.

We founded Thriwe in 2011 with the goal of improving access to golfing facilities in India, the Middle East, and Southeast Asia. Originally named GolfLan, the company was a B2C platform connecting golfers with golf facilities, addressing the challenge I faced as an avid golfer in India. Over time,

we expanded beyond golf to include travel, wellness, lifestyle, sports, and dining, rebranding as Thriwe. Today, Thriwe is a leading technology-driven B2B benefits, rewards, and loyalty platform, helping businesses acquire, engage, and retain customers. Our first funding round occurred in 2015, and to date, Thriwe has raised approximately $5.53m over eight rounds.

How have loyalty-based programmes in the GCC region transformed over the years, and what unique challenges and opportunities have emerged?

Loyalty programmes in the GCC have significantly evolved, driven by changing consumer expectations, technological advancements, and regional initiatives like Saudi Vision 2030 and the UAE’s innovation focus. AI is now central to delivering personalised experiences, aligning with these national visions for a tech-driven future. With increased disposable incomes, consumers demand seamless digital experiences and instant rewards. The opportunities lie in geographical expansion and product diversification, while challenges include regulatory compliance and cultural sensitivity. Thriwe has successfully navigated these dynamics by expanding from India to Southeast Asia, the UAE, and Saudi Arabia, tailoring programmes to local traditions, offering diverse benefits, and leveraging AI for market insights.

In what ways are banks leveraging rewards and loyalty programmes to retain and engage customers?

Thriwe entered the UAE market in 2015 and now serves 1.5 million customers through 15 clients. Our platform provides an ecosystem that enhances premium customer acquisition, retention, and allegiance services. We enable businesses to set up rules for earning and redeeming points, tracking customer activity to automatically award points based on set criteria. This approach allows banks to not only retain but also deeply engage with their customers, fostering long-term loyalty.

Highlight the key trends currently dominating the loyalty and rewards space, and how they are reshaping customer expectations.

The loyalty and rewards landscape is being reshaped by key trends, including the shift towards an omnichannel customer experience. Customers now expect loyalty programmes to be integrated into their entire lifestyle, requiring companies to evolve their offerings to meet specific, in-the-moment needs. This strategy not only enhances customer satisfaction but

also contributes to a broader ‘bank ecosystem.’ Thriwe is implementing differentiated loyalty strategies tailored to various customer segments, using data analytics for personalisation, and ensuring regular feedback mechanisms to continuously improve our programs.

How is AI revolutionising the omnichannel retail experience, and what specific advancements are making the biggest impact?

Thriwe is embracing new technologies to enhance its loyalty solutions, including blockchain for secure transactions, AI and machine learning for personalisation, and big data analytics for consumer insights. We’re optimising for mobile usage, using AI for hyper-personalisation, and exploring integrations with everyday devices like wearables. This customer-centric, data-driven approach ensures that Thriwe stays at the forefront of loyalty solutions, responding effectively to global trends.

Thriwe has recently expanded into Saudi Arabia. Can you share the latest developments in the Saudi fintech sector and elaborate its role in supporting the kingdom’s objectives?

Saudi Arabia offers substantial opportunities for fintech growth, perfectly aligning with Vision 2030. At Thriwe, we’re curating ultra-luxury services for affluent travelers as Saudi Arabia emerges as a luxury tourism hub. Our tech platform allows easy access to premium clubs and fitness centers, enhancing lifestyle experiences and boosting brand loyalty. The market has shown significant demand and acceptance for these offerings.

What are the most significant opportunities and challenges facing the Saudi fintech sector today, and how is the sector balancing its strengths and weaknesses?

The Saudi fintech sector is ripe with opportunities, driven by government-led digitalisation efforts. The availability of public APIs and significant AI investments further strengthen the sector’s potential. However, understanding local consumer behaviour and cultural nuances is crucial for successful adoption. Balancing these strengths and addressing the cultural intricacies will be key to the sector’s continued growth.

Tell us about Thriwe’s new products and how you’ve tailored them to meet local needs and preferences in Saudi Arabia. How has localisation played a role in your strategy?

Thriwe is deeply committed to localisation in Saudi Arabia, ensuring our products meet the unique needs and preferences of the local market. We’ve established a robust network of partnerships, offering services such as gym and health services, bespoke travel, dining options, and QR code-based valet parking. We’re also

“The Saudi fintech sector is ripe with opportunities, driven by government-led digitalisation efforts. The availability of public APIs and significant AI investments further strengthen the sector’s potential.”

THRIWE ENTERED THE UAE MARKET IN 2015 AND NOW SERVES

1.5 MILLION CUSTOMERS THROUGH 15 CLIENTS

planning to introduce premium Umrah experiences, tailored to the cultural and religious practices in Saudi Arabia. Our QR Acquisition Program and valet parking services are designed to enhance user experiences, reflecting our focus on luxury and convenience.

What role do strategic partnerships play in Thriwe’s growth, and can you share any recent collaborations that have impacted the business?

We entered the Saudi Arabian market through a strategic partnership with Al Mutlaq, a prominent venture capitalist. This partnership has significantly impacted our business by supporting our regional launch and operations in Saudi Arabia, allowing us to enhance our loyalty and rewards ecosystem and strengthen our technology solutions to meet local requirements.

How are consumer expectations in the GCC region different from other markets, and how is Thriwe adapting its offerings to meet these expectations?

In the GCC region, Thriwe is capitalising on the growing fintech sector, high mobile usage rates, and accelerated e-commerce adoption. We’re focusing on local market research, forging partnerships with regional businesses, and enhancing our technological infrastructure to meet the varied needs and expectations of each marketplace. Our goal is to deliver tailored travel and lifestyle benefits for expats and tourists, ensuring our offerings resonate with the unique demands of the GCC market.

Dhruv Verma

Tracking trade

Mahmoud Talaat, co-founder and CEO of Cartona, shares how the startup is streamlining the distribution process by directly connecting retailers with wholesalers, suppliers, and FMCGs

What inspired you to launch Cartona?

Before I started Cartona, I was chief commercial officer at Lamar for eight years. During this period, I built the commercial, sales, and distribution departments. Throughout this journey, I recognised a significant gap in the market for an innovative platform to digitise the traditional trade market in Egypt.

Cartona is the leading B2B platform digitising and empowering stakeholders in Egypt’s traditional trade market, including mom-and-pop stores, hotels, restaurants, cafes, FMCG companies, and wholesalers. We enable the market to be more efficient by streamlining the distribution process – directly connecting retailers with wholesalers, suppliers, and FMCGs.

What key problems are you addressing and how is Cartona uniquely positioned to solve these issues?

We are addressing several key challenges in the traditional trade market. Retailers often lack visibility and access to a broad range of suppliers, which limits their options and causes them to purchase products at less competitive prices. Additionally, the market is fragmented, and retailers lack access to supplier credit, forcing them to purchase inventory with cash. Dependency on cash can hamper retailers’ ability to scale and grow their businesses effectively.

We offer embedded financing options and social, engaging features for small retailers, such as the ability to pool orders, providing the right fiscal solutions for businesses to grow. Our comprehensive digital platform connects the entire supply chain, empowering retailers through technology. With Cartona, retailers can better manage stock and working capital via cash or credit orders, improving profit margins. Cartona’s proprietary technology can be fully integrated with retailers and suppliers for ordering, inventory management, branding, embedded finance, ledger, and tax.

We also collaborate closely with the HORECA (hotels, restaurants, and cafes)

Mahmoud Talaat

“WE PARTNER WITH FINANCIAL GATEWAYS TO SUPPORT THE TRANSITION TO A CASHLESS SOCIETY, SIMPLIFYING TRANSACTIONS AND MAKING THE PROCESS MORE CONVENIENT FOR OUR PARTNERS. SUCH COLLABORATION HELPS STREAMLINE OPERATIONS AND ENHANCE THE OVERALL EXPERIENCE FOR RETAILERS AND SUPPLIERS.”

sector, offering tailored solutions that satisfy their unique needs and help them thrive in a competitive market.

Congratulations on raising $8.1m in your Series A extension round. Give us more details about the fundraising process and the key factors that attracted investors.

We are delighted to complete a Series A extension, which we have done from a position of strength. Our capital-efficient business model has enabled us to achieve strong and consistent growth; its asset-light nature creates scalable infrastructure rapidly adaptable for entry into new markets and business adjacencies.

In addition to providing an efficient solution to Egypt’s traditional trade market, we play a significant role in promoting financial inclusion in the retail sector, with more small merchants taking advantage of inventory financing options.

What role did Algebra Ventures, SANAD, and Silicon Badia play in this round? How do you plan to utilise the proceeds from this funding round?

Our investors have played a crucial role in Cartona – providing expertise, forwardlooking vision, and financial support. Their confidence in Cartona’s business and their strategic focus on investing in companies with strong growth prospects, like Cartona, highlights their commitment to fostering innovation and expansion in the region.

We also raised $2.5m in debt capital from leading providers as part of our strategy to have diversified capital sources. The debt was raised in local currency with competitive terms and will help fulfill working capital needs for local retailers for whom capital access would have been difficult otherwise.

We plan to use the proceeds to further accelerate growth in Cartona’s different verticals, including FMCG and HORECA; grow market share; establish firm foundations for regional expansion into new large markets in MENA; and explore exciting possible B2B2C opportunities.

How do you see the e-commerce landscape and trade market evolving in the MENA region?

There is increasing investor interest in technology-driven solutions in the e-commerce landscape that address regional pain points and have a resilient business model that can demonstrate sustainable growth and profitability. In July, e-commerce had the second highest number of investments

in MENA following fintech, further emphasising investor confidence. Opportunities are especially prevalent in sectors like fintech, e-commerce, logistics, and supply chain management.

Share any key partnerships or collaborations that have been crucial to your success.

We consistently partner with FMCG companies to boost sales and demand, with the goal of optimising costs and driving mutual growth. We also collaborate with leading enterprises such as Talabat, Amazon, and Noon in the e-commerce sector. By leveraging our extensive supplier network and offering access to over 40,000 FMCG products, we support their businesses by sourcing a wide range of products efficiently and effectively. We partner with financial gateways to support the transition to a cashless society, simplifying transactions and making the process more convenient for our partners. Such collaboration helps streamline operations and enhance the overall experience for retailers and suppliers.

What is your long-term vision for Cartona?

We plan to expand Cartona regionally and vertically, showing our commitment to becoming a dominant player in the B2B e-commerce sector across the region. Our recent funding success – with strong backing from reputable investors – is a milestone in our journey. With our strategic plan, robust platform, and clear vision for the future, we are ideally positioned in our mission to revolutionise the B2B e-commerce industry, driving efficiency and growth and supporting more retailers and suppliers across Egypt and the MENA region.

BY LEVERAGING ITS EXTENSIVE SUPPLIER NETWORK AND OFFERING ACCESS TO OVER 40,000 FMCG PRODUCTS , CARTONA SUPPORTS BUSINESSES BY SOURCING A WIDE RANGE OF PRODUCTS EFFICIENTLY AND EFFECTIVELY