Gulf Business - December 2021 by Motivate Media Group

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BD 2.10 KD 1.70 RO 2.10 SR 20 DHS 20

REVEALED: WINNERS OF THE 2021 GULF BUSINESS AWARDS

Y E A R S

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gulfbusiness.com / D E C E M B E R 2 0 2 1

P.38

THE JOURNEY TO ACCESS AMERIC

US LAWYER SHAI ZAMANIAN IS ON A MISSION TO HELP PEOPLE MIGRATE TO AMERICA. HERE’S WHY...

EY MENA chairman and CEO on plans ahead

P.40

UAE at 50: What comes next?

Gulf Business

CONTENTS / DECEMBER 2021

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

30 Gulf Business Awards 2021 All the winners from the ninth edition of the Gulf Business Awards revealed

40 A golden period The UAE has transformed into a global hub in the last 50 years. Here’s how it is preparing for the next 50...

gulfbusiness.com

26 The American dream

Shai Zamanian, founder of The American Legal Center, reveals how investors from the region can make the US their home

December 2021

BOUNDLESS FINANCIAL OPPORTUNITIES EFG Hermes, the first universal bank in Egypt with a market-leading investment banking platform in Frontier Emerging Markets (FEM), offers a diversified suite of services and products, tailored to meet clients' financing and investment needs. The Firm's services range from securities brokerages, advisory, asset management, private equity and award-winning research, to non-bank financial solutions such as leasing, factoring, microfinance, buy-now pay-later fintech solution, insurance and mortgage finance, as well as commercial banking.

C O R P - S O LU T IO N S

TAKAFUL

CONTENTS / DECEMBER 2021

67 Lifestyle

Stellantis: Mega merger p.68

Celebrating UAE’s 50th p.72

CEO Talk: Montblanc p.74

“Omicron’s very emergence is another reminder that although many of us might think we are done with Covid-19, it is not done with us” – Dr Tedros Adhanom Ghebreyesus, WHO director-general

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

Editor-in-chief Obaid Humaid Al Tayer Managing partner and group editor Ian Fairservice Group director Andrew Wingrove andrew.wingrove@motivate.ae Editor Aarti Nagraj aartin@motivate.ae aartinagraj Deputy editor Varun Godinho varun.godinho@motivate.ae varungodinho Tech editor Divsha Bhat divsha.bhat@motivate.ae Contributor Zainab Mansoor editorial.freelancer@motivate.ae zzainabmansoor Senior art director Olga Petroff olga.petroff@motivate.ae Art director Freddie N. Colinares freddie@motivate.ae Photographer Joachim Guay

General manager – production S Sunil Kumar Assistant production manager Binu Purandaran Production supervisor Venita Pinto Chief commercial officer Anthony Milne anthony@motivate.ae Group sales manager Manish Chopra manish.chopra@motivate.ae Senior advertising manager Ravi Dutt ravi.dutt@motivate.ae Sales executive Sonal Sawant Sonal.Sawant@motivate.ae Group marketing manager Joelle AlBeaino joelle.albeaino@motivate.ae Group marketing manager Dominic Clerici dominic.clerici@motivate.ae

Cover: Freddie N. Colinares

Printed by Emirates Printing Press, Dubai

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

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

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December 2021

MOTIVATE MEDIA GROUP CONGRATULATES THE WINNERS

BUSINESSWOMAN OF THE YEAR

DISRUPTOR OF THE YEAR

BANKING BUSINESS LEADER OF THE YEAR

Khadija Al Bastaki, Executive Director, Dubai Design District

Anghami

Rola Abu Manneh, CEO, Standard Chartered UAE

LIFETIME ACHIEVEMENT AWARD

TOURISM AND HOSPITALITY COMPANY OF THE YEAR

Colm McLoughlin

Nidal Abou-Ltaif, President – Avaya International (EMEA and APAC)

Millennium Hotels and Resorts

BANKING COMPANY OF THE YEAR

Abu Dhabi Commercial Bank

ENERGY COMPANY OF THE YEAR

Masdar

HEALTHCARE COMPANY OF THE YEAR

Paddy Padmanathan, CEO and President, ACWA Power

Dr Shamsheer Vayalil, Chairman and Managing Director, VPS Healthcare

INVESTMENT COMPANY OF THE YEAR

Yas Holding

INVESTMENT BUSINESS LEADER OF THE YEAR

REAL ESTATE COMPANY OF THE YEAR

Bal Krishen, Chairman, Century Financial

Aldar Properties

RETAIL COMPANY OF THE YEAR

Noon.com

TECHNOLOGY COMPANY OF THE YEAR

Huawei Middle East

TRANSPORT AND LOGISTICS COMPANY OF THE YEAR

DP World

ASSOCIATE SPONSOR

ENERGY BUSINESS LEADER OF THE YEAR

HEALTHCARE BUSINESS LEADER OF THE YEAR

G42 Healthcare

HEADLINE SPONSOR

TECHNOLOGY BUSINESS LEADER OF THE YEAR

ASSOCIATE & AFTER PARTY SPONSOR

TRANSPORT AND LOGISTICS BUSINESS LEADER OF THE YEAR

Captain Mohamed Juma Al Shamisi, Chairman of the Hope Consortium Executive Committee, Group CEO, Abu Dhabi Ports TOURISM AND HOSPITALITY BUSINESS LEADER OF THE YEAR

Issam Kazim, CEO, Dubai Corporation for Tourism and Commerce Marketing SUSTAINABILITY COMPANY OF THE YEAR

PepsiCo AMESA

REAL ESTATE BUSINESS LEADER OF THE YEAR

INSPIRING ENTREPRENEUR

Hussain Sajwani, Founder, DAMAC Properties

SME OF THE YEAR

Dariush Soudi Dubizzle

RETAIL BUSINESS LEADER OF THE YEAR

YOUNG BUSINESS LEADER

Mohammad A Baker, Deputy Chairman and CEO, GMG

PROMISING NEWCOMER

ACTIVATION SPONSOR

VENUE PARTNER

Adel Sajan

Atif Rahman

FOOD & BEVERAGE PARTNER

PARTNER

PRESENTED BY

Going public

The GCC region has seen a strong spike in the numbers of companies launching IPOs

The Brief

GCC IPOs 2,000 1,600

8 9 11 16 17

Confectionery Social Leadership Future Real Estate

DEC

800 400

Q3 18

Proceeds $m

4 3

270

2 1

116

Q3 19

Q3 20

Number of IPOs

1,200

1,836

$1.8BN

Raised by four MENA IPOs in Q3 2021

1 Q3 21

Number of IPOs Source: Refinitiv Eikon, S&P Capital IQ

Lost in crypto space The metaverse is a place where for every interesting financial innovation, there’s a hack or wipeout just around the corner p. 13 gulfbusiness.com

December 2021

The Brief / Q&A INTERVIEW

Tyrone Reid CEO, Alabbar Enterprises

Explainer: Where is the GCC’s confectionery market headed?

Even though wellness is on the rise, there will always be a place in the market for confectionery

ILLUSTRATION: GETTY IMAGES/MALTE MUELLER

sweets is further aiding the region’s chocolate business. Rising tourist footfall and an expanding expatriate population (which is increasing the influence of western culture), the higher disposable income of the middle-class population, and growing awareness about health benefits of [certain types of] chocolate are further expected to propel growth in the market through 2023. However, the confectionery industry covers more than chocolate; it includes sugar confectionery, gum and mints as well. It is evident that in the past decade, supermarkets in the region – particularly in the UAE and Saudi Arabia – have been upgrading their confectionery space and offerings with great varieties, especially from US and Europe. More and more franchised confectionery concepts continue to enter the region while numerous local artisan brands have mushroomed, bringing the confectionery industry steady growth.

What is the current size of the confectionery industry in the GCC region?

The GCC chocolate market alone stood at $1.3bn in 2017 and is projected to grow at a CAGR of over 12 per cent to reach $2.6bn by 2023. Anticipated growth in the market can be attributed to rising consumption of chocolate among the young population within the age group of 5-24 years coupled with growing urbanisation across the GCC region. Moreover, the growing trend of gifting premium chocolates as a substitute for dried fruits and traditional 8

December 2021

“IN A MARKET LIKE THE GCC THAT IS CONSTANTLY GROWING, SHIFTING AND PROGRESSING, IT IS HARD TO KEEP UP AND STAND OUT FROM THE REST. PROVIDING AN AMAZING CUSTOMER JOURNEY IS KEY AND SO IS HAVING A STRONG, BELIEVABLE AND RELATABLE BRAND”

GR CA

$2.6bn While most international brands are present here, do you believe the local market is growing as well?

$1.3bn 2017

2023

GCC chocolate market size

Yes, very much so. The community based in the GCC (including the media) are heavily invested in homegrown brands and love to support where they can. As they are homegrown, they are normally gulfbusiness.com

The Brief / Social

unique to the market and cater specifically to the region, which always plays in our favour. Additionally, homegrown brands are increasingly looking to enter developed markets such as the US and Europe in search of greater economies of scale at a time when Western multinationals are cutting back their own expansion plans in emerging markets. How can retailers distinguish themselves in an oversaturated market?

ILLUSTRATION: GETTY IMAGES/JUTTA KUSS

In a market like the GCC that is constantly growing, shifting and progressing, it is hard to keep up and stand out from the rest. Providing an amazing customer journey is key and so is having a strong, believable and relatable brand. Authenticity is what resonates and has staying power. It is also critical to create distinct products, assets and messaging, and build a loyal customer base around that. Looking at the GCC, what do consumers expect from confectioners?

The evidence shows that this trend of purchasing chocolate, confectionery and dessert products online will not subside following the Covid-19 pandemic. Therefore, quick and efficient delivery is key in this market, to satisfy customer cravings at short notice. When customers are going into a store, they are looking to engage in interactive experiences – they want to enjoy the visit and make the most of the time they are spending with their friends and family. Customers are also looking for products that are in trend and/or nostalgic items that are unique – again, this is heavily influenced by the US, Europe and lately Japan and Korea. Lastly, what is the future of the industry? Where do you see it headed?

The confectionery industry will remain on the rise despite the pandemic and economic crisis; it has proven time and again that it is an industry that has stayed resilient. Confectionery provides affordable comfort and indulgence. It taps into our youth, creating nostalgia for all those who enjoy it. Even though wellness is on the rise, there will always be a place in the market for confectionery. It also satisfies cravings (which we all know we have) – it doesn’t need to be seen as unhealthy and can very easily fit into a healthy, balanced diet. Additionally, rising disposable income and steady growth of the GCC are some major factors eliciting demand for varied sweets in the marketplace. Higher acceptance of westernised food and consumer’s daily routine will continue to create great opportunities for the confectionery industry. Online confectionery businesses will also continue to grow alongside with brick-and-mortar. gulfbusiness.com

Zaib Shadani Founder and MD of PR and video production agency Shadani Consulting

COMMENT

Trends for 2022 The social media do’s and don’ts that you need to watch out for next year

key determinant for success in 2022 is going to be an understanding of what to expect, the trends to look out for and ultimately, where to focus marketing efforts and ad-spend. Here are my top five tips on how to maintain a leadership position in 2022.

TIP 1: DON’T UNDERESTIMATE THE POWER OF TIKTOK FOR MARKETING

In September 2021, TikTok passed the one billion user mark, making it the fourth most popular social media network in the world (excluding messaging networks). This number is all the more impressive

TIKTOK

1 BILLION user mark December 2021

The Brief / Social

45%

TikTok’s whopping increase of users in less than a year

when we take into account the fact that in January 2021, it only had 689 million users – meaning a whopping increase of 45 per cent in less than a year. And this trend is expected to continue in 2022, pushing TikTok up the ranks of social media networks. However, what’s interesting to note is that many businesses continue to have trepidations and are very cautious when it comes to using TikTok as a marketing tool, opting for Instagram and Facebook instead. My advice for businesses looking to make a mark in 2022? Definitely jump on the TikTok bandwagon, because it’s going places.

70%

of consumers look to Instagram to discover a new product

reality is that post boosting and targeting audiences is the only way to get eyeballs on your content. There is no point having beautifully curated content, if no one gets to see it. If you want to reach a larger audience, then consider targeting your ideal customer and boosting your content with paid social media.

TIP 2: ORGANIC REACH IS DEAD – YOU HAVE TO EMBRACE THE ‘PAY FOR PLAY’ MODEL

Social media platforms may be free to join, but at their heart they are advertising mediums and that’s the primary way they make money. Most social media platforms operate on a ‘pay for play’ model, where the average number of people who see organic posts, that aren’t pushed by advertising spend, is very low – for example, the average organic reach for a Facebook post is usually 5 per cent. While businesses definitely need to incorporate elements that will increase their chances of organic reach (like writing great captions, using correct hashtags etc), the

December 2021

TIP 4: DEPLOY AUGMENTED REALITY AS AN IMMERSIVE BRAND EXPERIENCE

More and more brands are pursuing augmented reality (AR) as a way to connect directly with users and bring the store directly to the consumer – no matter where they are located. The most popular way is through virtual trials of things such as accessories, makeup, sunglasses etc., which are quite popular on Facebook and Instagram. But the potential of AR for brands is limitless as a way for creative and fun immersive experiences that allow users to get up-close and personal with products, without having to leave their homes.

TIP 5: TIP 3: SOCIAL MEDIA IS BECOMING SYNONYMOUS WITH SHOPPING

All major social media channels are now shopping-enabled, whereby physical store windows have essentially been swapped with digital windows as the first point of contact. Increasingly, consumers are opting to shop on social media platforms such as Facebook, Instagram or Pinterest with the simple click of a button. In fact, studies indicate that up to 70 per cent of consumers look to Instagram to discover a new product. With users being able to not only discover, but also indulge in instant gratification and instantaneous shopping experiences, it’s no surprise that the latest evolving trend is ‘livestream shopping’. Already popular in China, it offers an interactive shopping experience where a host presents products and audiences can ask questions and interact via chat. As consumers increasingly gravitate towards social commerce, brands will need to embrace new ways of selling.

THE DEMISE OF LONG-FORM VIDEO

The success of TikTok and Instagram reels has changed the way we consume video content and made it apparent that ‘shorter is better’ is a winning mantra for video content on social media. Of course, the content needs to be entertaining, but the reality is that marketers need to re-calibrate their efforts into packing their messages into short bite-sized videos. Even YouTube, the king of long-form content, has taken note with its ‘YouTube Shorts’, in an attempt to go head to head with TikTok and generate short-form video content.

gulfbusiness.com

The Brief / Leadership

ILLUSTRATION: GETTY IMAGES/FANATIC STUDIO/GARY WATERS/SCIENCE PHOTO LIBRARY

DOING THINGS DIFFERENTLY

COMMENT

Arash Dara Group CEO, Lootah Holding

Purpose and people It’s time for businesses to reset and develop a strategic business plan for 2022 and beyond

hen Covid-19 hit in early 2020, the disruption to businesses was immediate, widespread and significant. For many, after the initial shock and cash related survival considerations, the biggest and most pressing challenge was to use technology that could enable staff to work securely from home. This was soon followed by the challenge of replicating the real-world interactions – formal and informal, work-related and social – that are fundamental to the successful operation of any organisation.

gulfbusiness.com

With the new year fast approaching, it’s time for businesses to reset and develop a strategic business plan for 2022 and beyond. The pandemic and the pressure to change has taught us many lessons about resilience, adaptability and flexibility. However, now that the pandemic panic has subsided, organisations of all kinds are looking more strategically towards a future that will be very different from the one they were seeing two years ago. A proactive strategic plan for 2022 is paramount now to address key areas for organisational growth.

In business, CEOs must make bold decisions. Being bold can mean to pick up what works and double down on it. Reframe what winning means and make that bold move early, even if it means that you’ll be the only one, or one of few in the market doing things in a particular way. If you believe it’s the right decision for your business, do it. Fear of making mistakes is what prevents many from going outside of the box. In this dynamic world, it’s better for a CEO to act rather than make no choice at all. Keep trying and be flexible; adaptability is crucial now for both companies and individuals to survive and thrive. Every leader needs to remember that a bolder approach must be applied within the entire organisation. Ensure you paint the vision clearly, lead from the front and develop a strong product /service to present to the market. Organisations that lead with purpose and build their strategy around it can achieve continued growth and loyalty from customers and their workforce. Those organisations that understand their purpose and value recognise that 10 per cent of companies create 90 per cent of the total economic profit and that only one in 12 companies move from being an average performer to a top-quintile performer over a 10-year period. When you know your purpose, you understand where you bring value as a business and move in that direction quickly. Purpose-driven companies experience higher market share gains and are likely to grow three times faster than their competitors, according to research by Deloitte. PEOPLE MATTER

To attract the right talent, mainly look for people with the same values and aspirations – the rest can be taught. With the right people on board, the ultimate goals can be reached regardless of process maturity. The right people will actually develop and implement those processes for routine success. Focus on upskilling or reskilling. Crossfunction or adaptability training will also help organisations adapt to new market scenarios fast while using people across departments if needed. December 2021

The Brief / Leadership

To retain talent, leaders should move away from an authoritative stance and take the mentorship and coaching approach. It’s important to set up performance metrics based on current market specifics rather than traditional targets. ORGANISATIONAL AGILITY

The pandemic has also brought renewed focus on resilience: accepting the inevitability of an adverse event and putting in place measures to respond, minimise its impact and recover as rapidly as possible. Digital technology, of course, was essential to enable the creation of a distributed workforce to be achieved successfully, and it is generally recognised that those organisations with well-established digital transformation strategies were the best placed to make the required changes. However, the speed at which decisions had to be taken and acted upon required

December 2021

a radically different approach, one that focused on producing very specific outcomes in the shortest possible time. Companies need to be more agile, break down barriers and make a massive mindset shift from a big, corporate machine to a dynamic, project-based ecosystem. Transitioning tasks to a project, with cross-functional teams formed within an organisation to best fulfil that project, will be the secret solution to a better performance. This type of approach is paramount as we move into 2022 and beyond. REFRESHED STRATEGY

Organisations need to both take a longterm and short-term view. They need to plan and prepare to remain viable and successful long-term. They need to be cognisant of short-term issues, such as cash flow, supply and demand. And they need to anticipate and build resilience against

possible immediate adverse events. It is incredibly important to be able to forecast for 2-12 weeks, particularly on cash. The winners and losers will be differentiated in this world based on who is utilising their capital effectively. On the other hand, many organisations often find it challenging to think beyond just the current year. One danger of this mindset is that the current business model will eventually run empty, resulting in declining growth without a solid backup strategy or plan with capital. Another danger is the risk of colliding with a crisis, a technology disruption or a new competitor that can make the current business model obsolete. Making sure the ‘north star’ is clear and oft reminding the organisation of the destination, while being open to getting there via different paths than originally charted, is vital.

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ILLUSTRATION: GETTY IMAGES/GEORGEPETERS

The Brief / Finance

COMMENT

The metaverse reality It’s all too easy to lose in the crypto metaverse, opines Bloomberg columnist Lionel Laurent

acebook and Microsoft’s stuffy corporate idea of the metaverse – think virtual offices packed with creepy Dorian Gray-like avatars – is nowhere near as dystopian as the cryptocurrency-fuelled metaverse that already exists today. This latter realm is the real head-spinner. It’s a place that runs on decentralised finance (DeFi), a high-octane $100bn web of largely unregulated platforms that lend and exchange crypto for fees. It’s a place where parents fret as their kids pocket real money on blockchain games like Axie Infinity; a place where virtual museums display art sold by real auction houses for eight-figure sums; a place rife with inflated prices, insider front-running and myriad frauds and forgeries. It’s a place where, for every interesting financial innovation, there’s a hack, rugpull or wipeout just around the corner – the Squid Game token is only the most recent example. The question now is how much longer this place, where real and virtual fortunes are made and lost, will stay a Wild West. Probably not very long. We know from history that speculative frenzies have a habit of eventually fading, while rules and standards are never too far away from fast-growing financial technology. There was a time when peer-topeer lending and instant online payments weren’t as

gulfbusiness.com

THE MORE BANK-LIKE THE DEFI PROJECT, THE MORE LIKELY IT IS THAT BANKLIKE RULES, AND COSTS, WILL FOLLOW

supervised as they are today, for example. Regulators are already taking a closer look at DeFi. In supervisors’ sights are crypto assets like stablecoins, which are managed algorithmically to avoid wild fluctuations in price. These serve as the fuel for some of DeFi’s raciest projects, like locking up crypto in trading pools offering ludicrous (and short-lived) 1,000 per cent-plus annual yields, but also some of its most bank-like ones. These might involve an issuer buying real-world loans and bonds, backed by consumer debt or real estate, and securitising them as tokens on the blockchain offering 5-10 per cent yield. (The issuer gets more crypto in return.) You can glimpse the opportunity for old-school finance here: More automated and transparent processes, with fewer middlemen, might save money and help avoid the kind of shenanigans that led to the collapse of financial services company Greensill Capital. But the reality today is that even these DeFi projects still come with significant risks. Sift through the fine print and it’s clear that a lot of things could go wrong. The counterparty chain is complex – one offering, for instance, features an India-based entity, connected to a Delaware-based entity, connected to a pool of crypto assets managed by another entity. There also appears to be limited legal recourse for investors, and little power over issuers, who earmark the proceeds for general funding of “business operations”. If something goes wrong with the algorithmic management of an event like a loan default, there don’t seem to be many answers. The more bank-like the DeFi project, the more likely it is that bank-like rules, and costs, will follow. On top of regulation, regular banks – so-called “TradFi” – are wading in. French bank Societe Generale is proposing to refinance a tokenised portfolio of covered bonds by borrowing from a DeFi platform. It would be the first such move by a major lender, and a sign the financial sector would rather co-opt than be disrupted by crypto-anarchy. Whether directly or indirectly, sheriffs are moving into town. Now, to be sure, the cavalry is still playing catchup, and the ingenuity of fraudsters is still very much on display; the philosophy driving today’s dabblers should remain “buyer beware”. This is the Wild West phase of DeFi after all, fintech consultant Peter Lugli says. “I wouldn’t bet the farm; maybe the sickly horse.” In the meantime, the corporate world’s interest has been piqued. Even Facebook, which is in the regulatory spotlight, is chasing its own stablecoin ambitions with a pilot digital-payments project in the US and Guatemala. Maybe the irony is that, in the future, those stuffy Metaverse offices envisioned by Mark Zuckerberg will end up being backed by metaverse money – half-real, half-virtual, but fully regulated. December 2021

ILLUSTRATION: GETTY IMAGES/DICKCRAFT

The Brief / Future

Rehan Khan Principal consultant for BT and a novelist

COMMENT

Analysing the layers of a coconut When we have a sense of clarity as to our purpose in life, then we institute the correct practices and habits around us, and set realistic and achievable results

any years ago, when I was involved in grassroots community work, I knew a raucous, rowdy and unruly preacher who liked to make himself known at every gathering, was opinionated about everything and everyone, and – it seemed to me – his character was focused on condemning others and informing them how terrible they were. He was not a person you would invite to your house for a genial conversation over tea and scones. In fact, over time, I learned to avoid him, particularly at communal gatherings. As the years passed, and I moved for work to other countries, I forgot about him, but again stumbled across him a decade later. While I recognised him as a person, his character had completely transformed. Gone was the firebrand hatemonger, and in his place was a gentle soul, utterly humble, modest, devoted to the service of others, displaying love

December 2021

and compassion. He was an absolute joy to be with and someone you would certainly invite over for a convivial conversation. Hate was a part of his former life, his former character; love was a part of his current one, his current character. In an age of digital distractions and the hijacking of our attention, it becomes increasingly difficult to define the type of character we want to become. However, it may help if we imagine the three layers of a coconut when addressing this question – the outer layer (exocarp), the fleshy middle layer (mesocarp), and the woody layer surrounding the seed (endocarp). Our results and achievements in life are like the outer layer, our practices and habits like the middle layer, and our character like the seed layer. To take this analogy a bit further, our results (outer layer) are the consequence of what we desire. Perhaps you want to cycle from Vietnam to Cambodia, or learn

to play the flamenco guitar, or trek across the Sahara Desert. Generally, the targets and ambitions we have in life are aligned with this layer, they are tangible, and often measurable and recordable. Our practices and habits (middle layer) are all about the methods, routines and procedures we build around ourselves. If you are going to cycle from Vietnam to Cambodia, you will need to instigate a fitness routine to prepare. If you want to learn to play the flamenco guitar, you will need to understand sheet music or study with a master. If you are going to trek across the Sahara, you will need to learn how to survive and forage for yourself in a harsh, arid climate. Overall, the habits we build in life are associated with this layer. Then there is character (inner layer, the seed), the most profound level. Here, we get to the heart of who we really are. What do we believe? How do we react in times of crisis? The attitudes, dogmas and convictions we hold are associated with this level. I must believe I am a cyclist if I am to complete the trip from Vietnam to Cambodia. I must believe I am a musician to learn the flamenco guitar. I must believe I am an explorer and adventurer to survive the Sahara Desert. When we have a sense of clarity as to our purpose in life, in other words, if our character is defined, then we institute the correct practices and habits around us, and we set realistic and achievable results. Taking one example from above: if I believe I am a musician and this is part of my character, then my daily practices will involve playing the flamenco guitar for at least one hour a day, and the result might be that I perform at a family gathering after three months. When we have this clear sense of clarity about our character (the inner layer), then trivial digital distractions simply fade away from our horizons. We are only going to be able to do this when we also possess the belief that we can do a task, and this, in turn, starts with practices and habits, as these define what becomes routine in our lives. If you want to remove distractions from your life and find your purpose and a deeper meaning to your existence, then you will need to first think about altering your practices and habits. gulfbusiness.com

The Brief / Real Estate A N A LY S I S

Building strong International investors are boosting Dubai’s residential property market, which has rebounded strongly from the Covid crisis, writes Aarti Nagraj

t Dubai’s biggest real estate exhibition, Cityscape Global, the mood was extremely upbeat. Industry players across the board have seen strong market performance this year, with the rebound clearly visible from the Covid crisis. Interestingly, one of the key trends that most developers say helped boost the market has been the growing presence of international investors in Dubai’s property landscape. The emirate’s handling of the Covid-19 pandemic, with limited lockdowns and strict enforcement of precautionary guidelines, has attracted several investors from across the world, which in turn has led to strong demand in the market, developers participating at Cityscape Global said. The numbers back up the trend: During the first nine months of the year, a total of 43,299 property sales transactions worth Dhs104.3bn were recorded in Dubai, with the values up 45.15 per cent compared to 2020 as a whole. “Yes, there has been pent-up demand. That’s one thing. But cities that have been doing well during Covid times are going to have strong foreign investment coming in. And Dubai has been doing that. What we see is that there are new buyers from countries which were not necessarily seeing Dubai as a place to live and bring their families [in the past],” explains Farhad Azizi, CEO of Azizi Developments. gulfbusiness.com

A TOTAL OF 43,299 PROPERTY SALES TRANSACTIONS WORTH DHS104.3BN WERE RECORDED IN DUBAI

“There are a lot of Chinese buyers. They were always there, but their numbers have increased a lot. They also buy a lot of luxurious products. And then we have investors from India, Pakistan and Bangladesh. We also have a lot more Saudi nationals buying properties in Dubai, despite travel restrictions.” The emirate’s property market has also seen increased interest from Europe, especially from those looking to purchase second homes, adds Nasser Amer, vice president – Sales at Deyaar. “The majority of the sales is happening from overseas. Basically the pandemic has changed the way investors are looking at real estate. Customers have started to appreciate the way the UAE government has handled the pandemic. And we’ve seen that the lockdowns in most of Europe lasted a long time. In Dubai and the UAE, the lockdown period was very brief. [Investors felt] they should have another home somewhere in a place like this, and hence this started the flow of investments into Dubai. We have seen buyers from Europe, specifically from France, Russia, and the UK increase. And they are looking at luxury, upmarket apartments,” he says. Meanwhile several UAE residents have also started to buy properties in the country, adds PNC Menon, chairman of Sobha Realty, which launched a new 440-unit residential project called Waves Grande at Cityscape. “The market has definitely picked up post Covid and is doing very well. We have seen even employees have started investing. Many of them are buying properties – Dubai’s market has changed now,” he states. With several mortgage options available in the market at better interest rates, end-users are now opting to invest in property. According to Niall McLoughlin, senior vice president at Damac Properties, demand has also intensified for certain segments within the residential space. “We’ve seen a lot of people wanting to move to horizontal living rather than vertical living. So we’ve seen a big uptake in villa communities, and we have also migrated from being a vertical developer i.e. towers into communities. We’ve seen a lot of interest, whether it’s ready product you can move into today or offplan. We’ve seen a strong market comeback,” he says. Looking ahead, the outlook looks promising, says Menon. “According to me, the market will continue to grow. This is a very cyclical business. Maybe it will continue for another two or three years, because people have started rushing to the UAE since they feel that this is one of the safest countries. You can do your business, you can live peacefully, and nobody disturbs you. I think the government here is also extremely supportive.” December 2021

ILLUSTRATION: GETTY IMAGES/JOANNA MACKAY

The Brief / Alan’s Corner

Alan’s Corner Alan O’Neill Managing director of Kara, change consultant and speaker

Put your people first The biggest challenge for organisations is achieving consistency

o try to differentiate your business with product alone is just not enough anymore. Excellence in customer experience is the new battleground, and this applies to businesses in almost every sector. I see this right across the board in every country I work in, whether it’s in B2B or B2C. What excellence means will of course vary. In my experience, the biggest challenge for organisations is achieving consistency. That means that every one of your customers, in every location, should get the same level of service – every single time. In your organisation, you should have an agreed approach for your team when looking after your customers. PEOPLE MANAGEMENT TIPS

To achieve consistency, consider these steps in getting the most from your people. 18

December 2021

WHEN YOU TRAIN YOUR TEAM, IT ENSURES THAT THEY HAVE THE KNOWLEDGE AND SKILLS TO DO THE JOB EFFECTIVELY

Be clear on what is expected. Too often we assume that our people know what they have to do, how and when they should do it. But that’s simply not fair as ambiguity is often the cause of stress and confusion. We have a duty as managers to be concise with our people, to communicate our expectations and to outline exactly the standards we’re aiming for. Train and re-train. When you train your team, it ensures that they have the knowledge and skills to do the job effectively. However, training is not a one-off activity. For example, although I was trained to drive a car many years ago, I’d possibly fail my driving test today. It doesn’t mean I’m a bad driver but undoubtedly, I have developed bad habits over the years. And another thing is that your business has been adapting to a changing world, and that most likely requires new knowledge and skills. Give your people the tools and the resources to do the job. This means enabling them to do what you expect. For example, if we don’t allow sufficient time or provide appropriate IT support, how can they do their job effectively? Give feedback. I truly believe that most people go to work wanting to do a good job. Personal pride and satisfaction matters to most of us. I’m sure you’d much prefer to know if your manager is unhappy with some element of how you do your job, rather than them building up resentment towards you. Managers should tell their people how they are doing, whether it’s good or bad and in need of some improvement. Reward and recognise contribution. Financial reward that is appropriate for the job is one part of this. The other is to let your people know that they are appreciated for their contribution. Yes, I know they’re being paid a salary to do it. But financial reward is what is known as a hygiene factor. It’s a basic quid pro quo for doing the work. However, great leaders know that they can get much more loyalty, commitment and productivity from their people when they treat them with respect. THE LAST WORD

While product and place are of course important in the overall customer experience mix, it should be relatively straightforward to achieve consistency in these two. However, the people element is a common denominator across most industries and it probably deserves a heavier weighting. For that reason, I think it is worth taking the time to agree on a consistent approach for how your people interact with your customers. Now I’m not suggesting that you create robots without personality. But if you use the steps shown here, you’ll move closer to achieving consistency. And that’s good for business. gulfbusiness.com

BRAND VIEW

A spotlight on retail Here’s what to expect at FUTR World which will take place from December 9-11 at Abu Dhabi’s Manarat Al Saadiyat

UTR World which has been built as a collaboration between Retail Abu Dhabi, the retail platform of the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), MP Singapore and FUTR Group, will be held at Abu Dhabi’s Manarat Al Saadiyat from December 9-11. The three-day event will focus on innovation and entertainment across three distinct spaces – FUTR Live, FUTR Festival and FUTR Summit.

marketing will be Rob Bullough, director of Global Brand Marketing at Electronic Arts, and Kingsley Wheaton, chief marketing officer at British American Tobacco. For those who want to understand the businesses that have truly impacted the way we work during the pandemic, Zoom’s global deputy CIO Gary Sorrentino will be discussing the company’s learning during the pandemic, including handling 40 per cent company growth in a year and reaching $3.7bn in revenue.

FUTR SUMMIT FUTR Summit is a B2B focused day, held on December 9, bringing together leaders from major brands, retailers, corporates and e-commerce who will discuss ideas and concepts. It includes the likes of Michael Ward, CEO and managing director of Harrods, who will discuss the future of retail with Edward Sabbagh, managing director EMEA of Farfetch. Another key discussion to look forward to is the one titled “The new normal of e-commerce, m-commerce and marketplaces – the future of online” where Roy Wentzel, head of e-commerce MENA at PUMA will discuss the subject with Neetan Chopra, CTO at Dubai Holding. Also discussing the power of analyticsbased decisions and the future of

FUTR FESTIVAL Day 2 will include a lineup of progressive music artists across multiple genres with a focus on up-and-coming talents. Headliners for it include afrobeat icon, WizKid. His hits include Holla at Your Boy, Tease Me/Bad Guys, Don’t Dull, Love My Baby, Pakurumo, and Oluwa Lo Ni. He’ll be joined by singer/songwriter Alicai Harley aka ‘Hot Shot’ who with her dance-hall, pop, R’n’B and UK grime sounds has been listed as #OneToWatch by BBC 1Xtra and Capital Xtra. She will be making her first appearance in the UAE at FUTR Festival.

gulfbusiness.com

FUTR LIVE FUTR Live will span across day 2 and 3 of the event, joining both big and small brands in an immersive ‘future

of’ showcase giving visitors a peek into the technology, artistry, creativity and innovations that industries are planning towards including beauty, fashion, wellness, travel, fitness and retail. Expect VR, AR and AI experiences as well as inspiring panel discussions and networking opportunities. It will also include performances by professional athletes, influencer meet and greets, and mindfulness workshops, among other activations. Among the different activities planned, the Museum of Ice Cream immersive experience from New York will be making its Abu Dhabi debut at the event. Another experience will include a VR gaming experience hosted by Benefit Cosmetics Style. It will give players a chance to play against their friends and to try exclusive products as well. Other beauty experiences include Abby Roberts taking to the stage, showcasing her behind the scenes tips on her makeover looks. For space fans, a media and soundscape experience full of photographs, video and animations from launches, missions, space stations and Mars will be on display at FUTR Live, courtesy of NASA’s Goddard Space Flight Center. Never seen before, you can even download the experience via a QR code on site. Looking to the future of travel and Auto at FUTR Space, it will allow participants to partake in an immersive 360 audio-visual experience created by artists Jo-Ho and Intriguant. Looking into the future of wellness, FUTR Void is an experience curated by music producer Planeswalker. While UK food media company and cooking crew MOB Kitchen will be at FUTR Live serving some of its unique dishes, you can also experience the future of food through the FUTR tastebud activation where attendees will learn how food will taste and where will it come from in the future. For brands and retailers, register for FUTR Summit for free at all Virgin Megastores or tickets.virginmegastore.me/ae/festival. Each Summit ticket comes with free access to FUTR Live too.

December 2021

BRAND VIEW

a healthier lifestyle. Abu Dhabi, Ajman and the other emirates have also seen similar trends and we have seen an increase in fitness wearables, gyms, sports events and all aspects relating to a healthier lifestyle. That said, the fact still remains that the GCC has among the highest obesity rates in the world. While up to 31 per cent of women in the UAE and 25 per cent of men are in the obese category, the obesity figures stand at 31 per cent of men and 42 per cent of women in Saudi Arabia, according to data compiled and released by the World Obesity Federation (WOF) last year. Poor diets and fast-food consumption are the leading causes of the year-on-year increase in obesity rates and unhealthy diets are a significant risk factor for depression and anxiety. Mealzap is taking on the challenge of making a change, starting with Dubai, with plans to expand across the GCC in our first year of operations.

Mahmoud Bartawi

Healthy prospects UAE-based startup Mealzap is on a mission to reach all those embarking on the journey towards a healthier lifestyle, says its CEO and co-founder Mahmoud Bartawi You started Mealzap earlier this year – can you tell us more about the platform and why you decided to set it up? Since I previously owned and operated a basket of healthy food brands – including Under500 – in Saudi Arabia, Kuwait and the UAE, the experience gave me an insight into the challenges faced by healthy food brands. As a healthy food brand on other aggregators, visibility is low and you always feel outnumbered by the ‘non-healthy’ food brands. On the flip side, healthy eaters are constantly looking for food that tastes good and so we created a platform that focuses purely on healthy food restaurants. We

20 June 2020

wanted a place for discerning consumers to find a wide variety of healthy food options and meal plans and that’s how Mealzap was born. On Mealzap, you can choose from a pre-set plan or customise your own meal plan. Have eating habits among consumers in the UAE changed significantly in recent years? Dubai is forging the trend towards a healthier lifestyle with a strong focus on wellness gaining traction among residents. The Dubai 30x30 fitness challenge happens every year in November and is a testament to the leadership and their vision towards

The term ‘healthy’ is often thrown around extensively. In your opinion, what constitutes healthy food? I completely agree that the term ‘healthy’ can be used in many ways that seem to contradict one another and there seems to be a new kind of fad popping up every day. However, there is a common understanding and agreement on the scientific approach – counting calories. Using this method, you can accurately calculate how much your intake is and how much energy you are burning off. Mealzap bridges the gap between healthy eaters and their meals, allowing them to choose dishes in a few simple steps . Our technology will empower consumers to make better choices and ultimately lead a healthier lifestyle. Also, ‘healthy food’ is often subjective – based on an individual’s requirements. Does your platform offer customised options? Customisation is at the core of our offering; we empower users with the ability to filter dishes by allergies and preferences such as vegan, low-carb and keto. In the backend, our machine learning AI-based platform studies user choices and creates algorithms that support customised options. You decided to establish Mealzap even as the region is still looking to recover

gulfbusiness.com

BRAND VIEW

“I completely agree that the term ‘healthy’ can be used in many ways that seem to contradict one another and there seems to be a new kind of fad popping up every day. However, there is a common understanding and agreement on the scientific approach – counting calories” completely from the Covid crisis. Why? I understand that Covid-19 has had a negative impact on many sectors, however deliveries have gone up – particularly when it comes to food. The ‘unboxing experience’ has moved from a differentiator to a must-have – brands that did well were the ones that caught on to this trend early and focused on better communication and packaging. Covid has managed to convince people to become more health conscious and we witnessed the growth of many healthy food brands to cater to the sharp rise in such consumers. We believe that the number of healthy consumers will continue to rise and they will also constantly look for better variety. Mealzap is the platform that connects a community of healthy eaters with a community of healthy restaurants. What are the main challenges you faced in setting up the business? Finding the right co-founders. I believe in teamwork and you need to be working extremely hard towards your vision for you to attract talent that is also just as passionate and ambitious as you are to join you on the journey.

gulfbusiness.com

Looking ahead, do you see strong potential for the healthy food segment to grow further in the UAE? We studied different user personas and found the gym to be a starting point for most healthy consumers. Most people walk into a gym and the typical question they ask a personal trainer is “How do I look like you?”, to which the general answer is “Food is 70 per cent of the way you look , get on a meal plan”. While economically developed, the UAE, Saudi Arabia and Kuwait are still considered developing markets for gyms and fitness. When compared with Western countries such as Sweden, the US and the UK, GCC countries have room to grow and can potentially double their number of registered gym members in the next five years. This potential of growth for gym members means that there will also be a growth in demand for healthier food options as residents transition to a healthier lifestyle. Another contributing factor is the growth in healthy food restaurants which are springing up in major cities all over the world. Education is also on the rise and is also a key factor that is directly correlated to the growth in healthy eating habits and a healthier lifestyle. Also, what is your vision for Mealzap? Where do you hope it will reach? Mealzap’s vision is to empower people looking to lead a healthier lifestyle. In the next five years, we are looking to connect healthy consumers with a platform for the entire ‘healthy’ ecosystem in Saudi Arabia, Kuwait and the UAE . Our mission is to connect the world on a healthier level and we want to reach every individual that is on that journey.

10%

15%

20%

25% 22.00%

Sweden United States

21.20%

16.67%

Canada United Kingdom

15.60%

14.00%

Germany

8.82%

Kuwait

5.58%

UAE

KSA

3.71%

Gym members/ population

Source: 2020 IHRSA Global Report

GROWTH POTENTIAL While economically developed, the UAE, Saudi and Kuwait are still considered developing markets for gyms and fitness businesses. When compared with Western countries such as Sweden, the US, Canada and the UK, GCC countries have room to grow and can potentially double their number of registered gym members. This potential of growth for gym members means that there will also be a growth in demand for healthier food options as residents transition to a healthier lifestyle.

Source: 2020 IHRSA Global Report

GYM MEMBERS 1,251,555

1,400,000 1,200,000 1,000,000 800,000

537,313

600,000 400,000

192,224 KUWAIT

200,000 UAE

KSA

June 2020 21

THE YEAR OF THE 50TH COMMEMORATES 50 YEARS SINCE THE NATION’S FOUNDING IN 1971 AND CELEBRATES OUR REMARKABLE JOURNEY FROM THE PAST TO TODAY, AND TOWARDS THE TRANSFORMATIVE CHANGE THAT LIES AHEAD IN THE NEXT 50 YEARS

1973

EASE OF DOING BUSINESS RANKING UNITED ARAB EMIRATES

On July 18, 1971, the rulers of six of the seven emirates that made up the Trucial States decided to form a union

31 26 22

2020

2019

2018

2017

The launch of our new economic campaign aims to secure the UAE’s position as one of the strongest global economies over the next 50 years. Our nation will build on its entrepreneurial achievements to reinforce its status as a prime destination for talent, expertise and investments” —Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces

GLOBAL FOOD SECURITY INDEX 2021

GLOBAL RANKING

OVERALL SCORE

AFFORDABILITY

AVAILABILITY

UNITED ARAB EMIRATES

35th

71.0

75.9

71.3

UAE flag designed in 1971 by Abdullah Mohammed Al Maainah

“Ishy Bilady” became the national anthem of the UAE in 1971

Dubai Police on their patrol motorcycles

INTRODUCTION OF THE UAE DIRHAM

Replacing the Bahraini Dinar and the Qatari and Dubai Riyal currencies

1979 Credits: Hana Al Daham

NEW DIRHAM WAS EQUIVALENT TO

0.1

BAHRAINI DINARS

22 December 2021

SOURCE: THE WORLD BANK / DOINGBUSINESS.ORG

2016

5 0

UAE DECLARED A SOVEREIGN AND FEDERAL STATE

2015

THE YEAR OF THE

1971

ONE OF DUBAI POLICE’S FIRST PATROL CARS INTRODUCED IN 1979

gulfbusiness.com

WHAT’S NEXT...

2021

TOGETHER TOWARDS 2071

The Brief / The year of the 50th

UAE LAUNCHES ‘OPERATION 300BN’ STRATEGY

INDUSTRIAL Dhs300 THE SECTOR’S TARGET GDP BY 2031

UAE LAUNCHES PLAN TO ACHIEVE NET ZERO EMISSIONS BY 2050

2020

UAE LAUNCHES SPACE MISSION TO EXPLORE VENUS

“

AJMAN WAS THE FIRST EMIRATE IN THE UAE TO

We want to develop our plans, our projects, our way of thinking. Fifty years ago, UAE founders designed our lives today... Today, we want to design the next fifty years for the new generations”

OFFER

100%

FREEHOLD TO GLOBAL INVESTORS IN 2004

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

QUALITY AND SAFETY

NATURAL RESOURCES AND RESILIENCE

88.8

43.6 A 1971 postage stamp of Dubai International Airport

1985

2019

& KEARNEY FDI CONFIDENCE INDEX UNITED ARAB EMIRATES

2021

2020

2017

2014

2013

2012

2010

SOURCE: THE ECONOMIST GROUP / IMPACT.ECONOMIST.COM

An aerial view of Abu Dhabi International Airport in 1971

BARAKAH NUCLEAR POWER PLANT RECEIVES OPERATING LICENCE UAE LAUNCHES GOLDEN VISA/GOLDEN CARD

RANK

1989

SHARJAH NAMED WORLD BOOK CAPITAL CITY

SOURCE: GLOBAL BUSINESS POLICY COUNCIL / KEARNEY.COM

BILLION

2018 UAE INTRODUCES VAT

2017 UAE LAUNCHES FIRST ASTRONAUT PROGRAMME

305,000 KWH

2015

OF ELECTRICITY ANNUALLY produced by 1,000 m2 solar photovoltaic rooftop system

THE INTERNATIONAL RENEWABLE ENERGY AGENCY (IRENA) MOVED TO ITS MASDAR CITY HEADQUARTERS

EMIRATES OPERATES FIRST FLIGHT

BOEING 737

AIRBUS 300

FLIGHTS FROM DUBAI TO KARACHI AND MUMBAI

B4 WET-LEASED FROM PAKISTAN INTERNATIONAL AIRLINES

gulfbusiness.com

THE FIRST DUBAI AIRSHOW WAS HELD

1997

UAE DIRHAM PEGGED TO THE DOLLAR

2010 DUBAI LAUNCHES BURJ KHALIFA DUBAI METRO LAUNCHED

2009

December 2021 23

The Brief / Lightbox

An electronic flight notice board displays cancelled flights at OR Tambo International Airport in Johannesburg on November 27, 2021, after several countries banned flights from South Africa following the discovery of the new Covid-19 variant Omicron 24

December 2021

gulfbusiness.com

December 2021

PHOTO: PHOTO BY PHILL MAGAKOE VIA GETTY IMAGES

FEATURES / COVER STORY

FOR SHAI ZAMANIAN, THE US IS A LAND OF LIMITLESS POSSIBILITIES, AN AVENUE HE AIMS TO OPEN FOR FAMILIES WORLDWIDE VIA IMMIGRATION. HERE’S HOW HE IS BRINGING HIS GOAL TO FRUITION WORDS: ZAINAB MANSOOR

December 2021

gulfbusiness.com

FEATURES / COVER STORY

he decision to move away from home and live and work in a different continent to follow his dream wasn’t a difficult one for Shai Zamanian. That’s because the legal director and founder of The American Legal Center in Dubai was keen to pursue a vision he held dear. “In 2012, I made the choice to immigrate far away from home, to follow my passion of assisting families build better lives through immigration. My vision was to educate the Middle Eastern market about the EB-5 Immigrant Investor programme and to use my knowledge and expertise in assisting families start their migration journey to America,” he explains. It wasn’t the first time Zamanian was leaving home. “Many years ago, I had immigrated [to America] with my parents from a war-torn nation in the hopes of a better and more secure future. Living in the US gave my younger brother and I the opportunity to receive quality education and to build a life that had not been possible for our parents,” he reminisces. His company, The American Legal Center, is now the perfect combination of his most fervent passions – immigration and real estate. “My first passion – immigration – is the reason why I am here today. My second passion – real estate – grew out of my experience at Rialto Capital, the financial arm of USbased housing developer Lennar. When I completed my doctorate in law at the University of Miami, the world was going through the 2008 recession. The financial markets had collapsed with banks being undercapitalised, and with the failure to obtain traditional loans from banks, Lennar was amongst the first to discuss alternative forms of financing. This is where I learned about the US EB-5 Immigrant Investor programme.” gulfbusiness.com

December 2021

FEATURES / COVER STORY

The EB-5 Immigrant Investor programme was launched in 1990 to promote economic growth by injecting foreign capital into the US economy. Under the programme, an investor and his qualifying dependents, comprising of the investor’s spouse and unmarried children under the age of 21, have the opportunity to obtain US green cards and subsequent citizenship by way of making an investment of $500,000 in a new commercial enterprise in the country. An EB-5 advisor plays a crucial role in the process, Zamanian notes, as he/she acts as a single point of contact between the client, the regional centre in which the client would invest, and the attorney of record. An experienced advisor also presents a number of well-vetted projects to the applicant. “The most common forms of investment that we see are either in residential complexes or in hotels across the US. We were part of the NYC RitzCarlton project in New York which had approximately 250 investors and successfully raised $125m. We have also been part of other hotel projects in the US, such as the SF Gateway Marriott in San Francisco, California.” 28

December 2021

UNDERSTANDING THAT PRICE HAD A TREMENDOUS IMPACT ON OUR CLIENTS – MOST OF WHOM WERE FROM UPPER MIDDLECLASS FAMILIES – WE DEVISED A STRATEGY TO EASE THEIR BURDEN. WE NEGOTIATED WITH REGIONAL CENTRES TO ALLOW OUR APPLICANTS TO INVEST THROUGH INSTALLMENT PLANS RATHER THAN HAVING TO INVEST THE ENTIRE $900,000 ALL AT THE SAME TIME”

However, the pandemic has changed the appetite of investors – especially when it comes to sectors such as hospitality, he notes. “In 2020, we witnessed the effects of the Covid-19 pandemic on the tourism industry. Global travel restrictions lowered demand for hotel projects. During this time, we saw an increase in demand for residential projects, especially as people around the world and in the United States placed more emphasis on their place of living.”

Land of opportunity

The US is one of the world’s most soughtafter countries for immigration due to its

political and economic stability as well as the high standard of living it offers, says Zamanian. “Most people wishing to relocate to the US are keen on creating a better future for themselves and their families. Relocation to the US offers access to the world’s best healthcare system, top-notch academic institutions and excellent career opportunities as well as economic stability and the ability to travel to and enjoy diverse locations, with 50 different states in the country.” People from across the Middle East also opt for this scheme because of the ease with which they can file their applications under the EB-5 programme, stresses Zamanian. His company, which gulfbusiness.com

FEATURES / COVER STORY

includes a team of US licensed lawyers and professionals, offers services to applicants of all nationalities. Most of his regional clients are either Indian, Pakistani, Egyptian and/or Iranian nationals, he confirms. “The reason the EB-5 programme is more popular as compared to other immigration schemes is because it offers a fast-tracked route to obtaining the US green card, which offers a path to obtaining US citizenship. There are other schemes, such as the E-2 Investor Treaty visa, which allows an applicant to obtain a US investor visa to live and work there; however, this scheme is not permanent as it only offers a renewable visa, not a green card. Additionally, investors are also interested in the EB-5 programme because it neither requires any professional experience nor holds any language level requirements. The only pre-requisites are that an investor’s source and path of funds must be lawful.”

Going gets tough

However, the programme has seen its fair share of challenges. In 2017, Donald Trump, the then US President, signed the controversial Executive Orders 13769 and 13780 - Protecting the Nation from Foreign Terrorist Entry into the United States, popularly referred to as the Muslim travel ban, which prohibited the entry of certain individuals based on their nationality. “At the time, the United States Citizenship and Immigration Services (USCIS) still processed and approved all applications for the EB-5 programme, as the main criteria was the source of funds analysis rather than nationality. However, the

challenge posed by the Muslim ban came after USCIS had approved an investor’s I-526 petition, at which time the file was transferred to the National Visa Center, an entirely different government agency in charge of providing consular processing,” explains Zamanian. The solutions Zamanian and his team had structured for clients who were at the receiving end of the ban included either obtaining a second passport from commonwealth countries; obtaining a waiver from the executive order; or applying for a student visa so that the client would go through the ‘adjustment of status’ process rather than consular processing. Another challenge posed by the Trump administration was spiking the minimum investment amount for the programme from $500,000 to $900,000 in November 2019. “Understanding that price had a tremendous impact on our clients – most of whom were from upper middle-class families – we devised a strategy to ease their burden. We negotiated with regional centres to allow our applicants to invest through installment plans rather than having to invest the entire $900,000 all at the same time. This allowed our clients flexibility in gathering the required funds to participate in the EB-5 programme.”

Entering tomorrow

With the EB-5 programme expected to be reauthorised early this month, Zamanian is convinced they do not gulfbusiness.com

require a new strategy to handle the torrent of potential applications. “Our success in the June 2021 rush was because we had prepared our clients’ files long before the price decrease was announced on June 22 this year. We were advising and urging interested families to work with the right EB-5 advisors to put together their applications in anticipation of the upcoming rush. We were also continuously hosting seminars across the GCC region to disseminate this information. For those of our clients that are ready to file post reauthorisation, we have already prepared their files; the only step left is the submission as soon as the programme is renewed.” Given the opportunities that the world’s largest economy presents, will citizenship by investment schemes continue to grow? Zamanian strongly believes so. “As it is instinctive for families to always look for a better future for their children and to improve their standard of living, immigration will always be in demand. Citizenship by investment schemes have seen greater traction in recent years and the trend is set to continue because of the dual benefits these programmes offer to the migrating families as well as the country receiving the investment. Reports from the US State Department show that the number of approved visas for the EB-5 programme tripled between the fiscal year 2008 and 2009, from 1,443 visas in 2008 to 4,218 visas in 2009. According to the Department of Commerce, approximately 16 job opportunities are created by each EB-5 investor.” His centre filed 6 per cent of all global EB-5 petitions this June with the aim to capture a greater slice of the applications pie going forward. “Our growth will stem from opportunities in new and uncharted territories. We will visit these towns and educate populations on how to gain access to the US. From another angle, we will continue to develop alternative forms of financing products for US-based real estate developers,” Zamanian emphasises. And what is his definitive vision? “Our ultimate goal is to help as many families as we can to gain access to the US for their children and generations to come.” December 2021

CELEBRATING SUCCESS THE 2021 EDITION OF THE GULF BUSINESS AWARDS HONOURED THE INDIVIDUALS AND

BUSINESSES WHO HAVE SPEARHEADED THE GROWTH OF THE REGION’S BUSINESS ECOSYSTEM AMIDST A GLOBAL PANDEMIC. THE GLITTERING CEREMONY ALSO CELEBRATED GULF BUSINESS’ SILVER JUBILEE t has been an eventful 2021, to say the least, after we had to very quickly learn to adapt to a global pandemic. But it’s safe to say that we have now emerged with new strategies in place and lessons learnt for life. It is to recognise the work of the individuals and companies who played a key role in making this transition happen that Gulf Business – which is celebrating its 25th anniversary this year – hosted the ninth edition of the Gulf Business Awards on Tuesday, November 23 at Central Park Towers in DIFC, Dubai.

December 2021

The gala ceremony, which boasted more than 250 of the region’s top business leaders in attendance, saw 26 trophies presented to distinguished business leaders and companies across multiple industrial verticals, including energy, tourism and hospitality, transport and logistics, technology, investment, real estate, banking, healthcare and retail. Trophies were also handed out to individuals and organisations across select categories including Sustainability Company of the Year, SME of the Year, Disruptor of the Year and Businesswoman of the Year, as well as gulfbusiness.com

‘Inspiring Entrepreneur’, ‘Young Business Leader’ and ‘Promising Newcomer’. Gulf Business also presented the coveted Lifetime Achievement award to Colm McLoughlin, executive vice chairman and CEO of Dubai Duty Free, for his outstanding contribution to the region’s business landscape over several years. The event also celebrated the silver jubilee of the Gulf Business brand, which was founded in 1996 by Ian Fairservice,

founder and managing partner, Motivate Media Group. In his opening address at the event, Fairservice reminisced about launching the magazine during a very different era and highlighted how the entire Motivate Media Group has evolved rapidly and diversified into a regional multimedia group with operations across digital, print and events. He also stressed about the UAE’s extraordinary growth as the country celebrates its golden jubilee in December.

LIFETIME ACHIEVEMENT AWARD COLM MCLOUGHLIN

hen Colm McLoughlin landed in Dubai from Ireland, the city neither had the world’s busiest international airport nor one of the most visited malls. But he started a retail revolution in the aviation space, building from scratch what is arguably one of the biggest duty-free operations in the world. Dubai Duty Free, which was set up in 1983 and recorded sales of $20m in its first year, has since become a travel retail behemoth, with turnover reaching over $2bn in 2019 – pre-pandemic, with

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The award winners were chosen by an independent judging panel of esteemed industry and business leaders, which included Thomas Kuruvilla, managing partner, Arthur D. Little Middle East; Dr Sonia Ben Jaafar, CEO, Abdulla Al Ghurair Foundation for Education; Neil Petch, founder and chairman, Virtugroup; Ian Fairservice, founder and managing partner, Motivate Media Group; and Andrew Wingrove, group director, Motivate Media Group.

Salah Tahlak receving the award from Ian Fairservice on behalf of Colm McLoughlin

sales also hitting $697m in 2020 despite the Covid crisis. As Dubai Duty Free’s executive vice chairman and CEO, McLoughlin – who has won multiple awards including the Irish Presidential Distinguished Service Award – has led its phenomenal growth, while also diversifying operations into hospitality via The Irish Village, The Century Village, the Dubai Duty Free Tennis Stadium and Jumeirah Creekside Hotel. The Irish Village – just like Gulf Business – is also celebrating its silver jubilee this year.

A keen philanthropist, McLoughlin also established the Dubai Duty Free Foundation in 2004 and since then has supported numerous local and overseas charities including Al Jalila Foundation, The Al Noor Training Centre for Children with Special Needs, Hand in Hand for Haiti and the construction of 32 houses in the DDF GK Village, located in the province of Leyte in Philippines – among others. The award was accepted on his behalf by Salah Tahlak, Dubai Duty Free’s executive vice president.

December 2021

COMPANIES OF THE YEAR

BANKING: Abu Dhabi Commercial Bank HEALTHCARE: G42 Healthcare

ENERGY: Masdar

INVESTMENT: Yas Holding

TRANSPORT AND LOGISTICS: DP World

HEADLINE SPONSOR

ASSOCIATE SPONSOR HEADLINE SPONSOR

ASSOCIATE SPONSOR

RETAIL: Noon.com

REAL ESTATE: Aldar Properties

ASSOCIATE & AFTER PARTY SPONSOR

HEADLINE SPONSOR

ASSOCIATE & AFTER

HEADLINE SPONSOR HEADLINE SPONSOR

ASSOCIATE AND AFTER PARTY SPONSOR PARTY SPONSOR

A SSOCIATE SPONSOR SPONSOR ASSOCIATE

ACTIVATION SPONSOR

ASSOCIATE & AFTER PARTY SPONSOR

ASSOCIATE SPONSOR 32

December 2021

ACTIVATION SPONSOR ACTIVATION SPONSOR

VENUE PARTNER gulfbusiness.com

TECHNOLOGY: Huawei Middle East

TOURISM AND HOSPITALITY: Millennium Hotels and Resorts

HEADLINE SPONSOR

BUSINESS LEADERS OF THE YEAR

ASSOCIATE SPONSOR HEADLINE SPONSOR

TECHNOLOGY: Nidal Abou-Ltaif, president – Avaya International (EMEA & APAC)

HEADLINE SPONSOR

ASSOCIATE SPONSOR

ASSOCIATE & AFTER PARTY SPONSOR

BANKING: Rola Abu Manneh, CEO, Standard Chartered UAE

HEADLINE SPONSOR

ASSOCIATE SPONSOR

ASSOCIATE & AFTER PARTY SPONSOR ACTIVATION SPONSOR

ASSOCIATE SPONSOR

ASSOCIATE & AFTER PARTY SPONSOR ACTIVATION SPONSOR

INVESTMENT: BalASSOCIATE Krishen, & AFTER PARTY SPONSOR chairman, Century Financial

RETAIL: VENUE PARTNER Mohammad A Baker, deputy chairman and CEO, GMG

FOOD & BEVERAGE PARTNER

ACTIVATION SPONSOR

VENUE PARTNER

FOOD & BEVERAGE PARTNER

VENUE PARTNER VENUE PARTNER

FOOD & BEVERAGE PARTNER

PARTNER PARTNER

FOOD & BEVERAGE PARTNER

PARTNER

PRESENTED BY

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VENUE PARTNER

PARTNER

PRESENTED PRESENTEDBY BY

December 2021

REAL ESTATE: Hussain Sajwani, founder, DAMAC Properties (received on his behalf)

TRANSPORT AND LOGISTICS: Captain Mohamed Juma Al Shamisi, chairman of the Hope Consortium Executive Committee and group CEO, Abu Dhabi Ports (received on his behalf)

HEALTHCARE: Dr Shamsheer Vayalil, chairman and managing director, VPS Healthcare (received on his behalf)

TOURISM AND HOSPITALITY: Issam Kazim, CEO, Dubai Corporation for Tourism and Commerce Marketing

ENERGY: Paddy Padmanathan, CEO and president, ACWA Power

SPECIAL CATEGORIES BUSINESSWOMAN OF THE YEAR: Khadija Al Bastaki, executive director, Dubai Design District

DISRUPTOR OF THE YEAR: Anghami

December 2021

gulfbusiness.com

INSPIRING ENTREPRENEUR OF THE YEAR: Dariush Soudi, founder, Be Unique Group

SUSTAINABILITY COMPANY OF THE YEAR: PepsiCo AMESA (Africa, Middle East and South Asia)

PROMISING NEWCOMER OF THE YEAR: Atif Rahman, founder, ORO24

YOUNG BUSINESS LEADER OF THE YEAR: Adel Sajan, managing director, Danube Group

SME OF THE YEAR: Dubizzle

gulfbusiness.com

December 2021

Central Park Towers, DIFC

Entertainment: About Last Night

Anne Louise Halliday and HE Ian Halliday

Thomas Kuruvilla and Hala Akiki Dr Sonia Ben Jaafar

Tom Urquhart

December 2021

One Global activation

Lubna Naeem and Ghada Sawalmah

gulfbusiness.com

Amanda Turnbull and Vivienne Davidson

Dubai Duty Free team

Jarrett Beaulieu and Guy Hutchinson HH Sheikha Intisar AlSabah

OPPO activation

Eddy Maroun, Joelle Albeaino and Elie Habib

Jocelyn and Ashley Jacob and Shaju Mathews

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Dale and Jane Ashford

Ameer Ismail and Mahmoud Bartawi

Nemo Stojanovic, Stuart Norbury and Muhammad Baniahmad

Basel Joudah and Manish Chopra

Emily Donovan and Andrew Wingrove

December 2021

BRAND VIEW

Abdulaziz Al-Sowailim

Purpose through corporate responsibility Every organisation must deeply reflect about whether they are leaving behind a legacy or a liability, says Abdulaziz AlSowailim, EY MENA chairman and CEO

any businesses and individuals have been reflecting on their purpose – who they are meant to be and what impact they are making with their families – in the workplace and the wider world. This has shifted conversations away from the ‘what’ to the ‘why’ of how things are done and the motivation behind them. Personally, I have also been reflecting on my purpose as a leader at EY, as a Saudi national, and as a contributor to the community I live and work in. It has become even more important to me to truly make a difference – not only at the company I

38 June 2020

steer, but also as a citizen of my country. I strongly believe that the prosperity of our world and economy will be driven by efforts around sustainability. In my view, sustainability is not limited to the tangible climate change occurring globally, but about how willing corporations are to invest in people ahead of profits, how responsible they will be for pursuing that change and seeing it through. Corporate responsibility is no longer a ‘nice to have’ component of running a company, but a requirement to remain competitive. Societies are holding organisations accountable for the

contributions they make – locally and regionally. We have seen that both current and potential employees are more empowered as they choose to work with firms that reflect their personal beliefs. During the pandemic, many operations reduced their corporate responsibility activities to save on time and costs. At EY, we ramped up our efforts. The EY Ripples programme allows us to look at how we run our business and ensure that we are operating responsibly and consciously within our local environments. It is aimed at promoting positive change in the lives of millions by mobilising and inspiring EY people and networks. To further our purpose of building a better working world, EY Ripples aims to positively impact the lives of one billion people globally by 2030, focusing on

gulfbusiness.com

BRAND VIEW

three distinct areas: supporting the next generation workforce, working with impact entrepreneurs, and accelerating environmental sustainability. The versatility of the programme, combined with our technology solutions, allowed us to continue our knowledge sharing seminars online, actually expanding the number of youth and entrepreneurs we were able to engage. Over the past two years, our initiatives have included a collaboration with Monshaat and another with Saudi Arabia’s Ministry of Communications and Information Technology to coach and mentor impact entrepreneurs. In addition, EY supported the Mohammed bin Salman Foundation (MiSK Foundation) with their flagship programme, the MiSK Fellowship, by advising on the participant selection and holding interactive discussions with those who were appointed. The MiSK participants are part of a network of leaders who will work together to address Saudi Arabia’s greatest challenges and accelerate the country’s growth. EY Ripples has also overseen the mentorship of UAE youth who were chosen to be members of the boards of government institutions, and an INJAZ MENA programme where students were

Furthermore, EY reached its carbon negative target during this time, a major milestone in our four-step carbon ambition. We will continue to focus on reducing absolute emissions in line with our science-based target and are on track to reach net zero in 2025. This insistence from citizens to address climate change has also been reflected in the endeavours of local governments, with Saudi Arabia announcing their Green Initiative target of net zero by the year 2060. Moreover, the MENA region will be hosting two successive UN Climate Change Conferences, the first being COP27 in Egypt in 2022, and COP28 in the UAE the following year. Addressing climate change is tightly linked to future economic growth, and entities that recognise the value of investing in green solutions will find that they and their people will be better prepared for the challenges of tomorrow. It is a shift in corporate culture that has to be guided by a leadership team that truly wants to safeguard the opportunities of the generations to come. I am also proud to see EY assist in building the pipeline of prospective leaders from the GCC youth and ready them for circumstances that may not even

“We recognised the need for youth to see more of themselves in leadership role models, especially in the private sector. As part of our EY purpose and values, we want to strengthen the representation of GCC nationals in the EY MENA partnership track, and assemble high performing teams that are reflective of the communities we live in” given the opportunity to sharpen their skills for the working world. Other activities also include a joint effort with the Dubai Institute of Design and Innovation to challenge the next generation to use blockchain to solve issues around trust, in line with the UN Sustainable Development Goals, as well as Zooniverse, a weather modeling research project aimed at mitigating climate change.

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exist at present. In Saudi Arabia, we are approaching 60 per cent nationalisation across all of our offices, and it is exciting to see our people grow and become the faces of organisations that we later work with on groundbreaking projects. I can vividly recall every single time I met with a former EY colleague in their new role and have been delighted to hear about how

their experience with us shaped their personal and professional success. Yet we felt that we could do more for the career progression of talented individuals, particularly in light of the shortage in niche skillsets that establishments were facing due to the pandemic. EY launched the MENA Falcon programme in March 2020, at the start of the pandemic, as a way to accelerate the career journey of the most determined GCC nationals across the region. We recognised the need for youth to see more of themselves in leadership role models, especially in the private sector. As part of our EY purpose and values, we want to strengthen the representation of GCC nationals in the EY MENA partnership track, and assemble high performing teams that are reflective of the communities we live in. The Falcon programme will change the nationalisation landscape in the GCC among professional services firms by fasttracking the careers of EY people and providing them with the experience and capabilities to become the next legacy builders for their respective countries. By working with us, GCC nationals will take part in key MENA accounts that will help drive business relations and mould solutions for their own governments and local organisations. In addition, EY provides the training courses and hands-on developmental opportunities to facilitate the accelerated learning process of programme participants to help them emerge fully prepared for the next stage of their careers. It has become incredibly clear over the past two years that no company can function in a silo anymore – we all must understand and take charge of the ripple effect of the work that we do to create a sustainable and environmentally friendly future. But truly, the biggest impact for the MENA region will come from growing the local talent of the countries that we operate in and empowering them to become the business leaders of tomorrow. My purpose at EY is to lead the effort of corporate responsibility through sustainability. To encourage my peers, colleagues, and network to invest in their people today to generate long-term value for their businesses and their countrymen. That is the legacy I am working towards. What legacy will you leave behind?

June 2020 39

FEATURES / UAE AT 50

DUNES TO DOMINION

WORDS: ZAINAB MANSOOR

FOR A COUNTRY RICH IN TRADITION AND DRIVEN BY AMBITION, THE UAE’S JOURNEY DURING THE PAST 50 YEARS HAS BEEN UNPRECEDENTED. WHAT’S IN STORE FOR THE NEXT 50? 40

December 2021

gulfbusiness.com

FEATURES / UAE AT 50

raditional homes. Fishing villages. Old cinemas. White taxis. The UAE of many years ago that once stood at the far end of a long transformational journey and served best as a desert backdrop is a stark contrast to the one we live in today – a multicultural microcosm of progression, technological superiority, and most importantly, a long-term vision. The key to understanding the journey of the UAE – which marked its 50th year as a sovereign and federal state on December 2, lies in its ambition and strategic depth. From aviation to telecom, constructing the world’s tallest building to designing the world’s longest driverless metro project, the country’s growth chart has been staggering, even unprecedented. To anthropomorphise it, imagine an athlete with an insatiable appetite for success, eager to pull off one exploit after another. One that simply refuses to bask in the glory of his achievements. One who is always on a quest for something bigger, better, braver. “The founding of the UAE represented a bold act of institutional innovation that has since become one of the country’s defining characteristics. From its creation and annual hosting of the World Government Summit to the establishment of Abu Dhabi’s Sustainability Week, and the creation of the Museum of the Future, to Dubai’s Expo 2020, the UAE is now arguably the world’s leading laboratory of new approaches to whole-of-nation and global governance,” notes Rudolph Lohmeyer, partner of the National Transformations Institute at Kearney Middle East.

BARRELING FORWARD The rapid global rise of the UAE arguably began with the discovery of oil. The country’s first commercial oil discovery was made in 1958 – onshore in the Bab-2 well and offshore at Umm Shaif, according to the Organization of the Petroleum Exporting Countries (OPEC) – of which the UAE has been a member since 1967. Towards the end of last year, the country beefed up its resource repertoire when the Supreme Petroleum Council announced the discovery of an estimated 22 billion stock tank barrels (STB) of substantial recoverable unconventional oil resources located onshore, as well as an increase in conventional oil reserves of two billion STB in Abu Dhabi, which scaled the UAE’s conventional oil reserves base to 107 billion STB of recoverable oil. However, notwithstanding its stature among oil producing giants, the country very quickly prioritised its non-oil economy as a bailiwick and has unveiled a series of diversification initiatives across different sectors. Ranging from extraterrestrial endeavours and technological innovations to sustainability efforts, the UAE is well underway on a journey to build a futuristic tomorrow. gulfbusiness.com

Mobility

The UAE has been advancing at a rapid pace, deploying technologies and unveiling strategies that cover terrestrial, aerial, electric and autonomous modes of travel, effectively altering the conversation around mobility. Dubai launched its metro system in September 2009, billed as the longest driverless metro project worldwide. Since the start of its passenger services in 2009 up until the end of August 2021, Dubai Metro operated over three million trips, transporting about 1.706 billion users. Its cumulative benefits from 2009 up until the end of 2020 equated to Dhs115bn, compared to the cumulative capital and operational costs of Dhs45bn. Meanwhile, Etihad Rail is also developing the country’s first national railway network, set to connect all the emirates, with plans to eventually also extend to Saudi Arabia as part of the proposed GCC Railway. However, the UAE is also building for the future – it approved a temporary licence to test autonomous vehicles, making it the first country in the Middle East and the second globally to test selfdriving vehicles. Meanwhile, the Dubai Autonomous Transportation Strategy aims for 25 per cent of all transportation in the emirate to be smart and

Dhs115bn Dubai Metro’s cumulative benefits from 2009 until the Aug 2021

driverless by 2030, an initiative that will help reduce transportation costs by 44 per cent, resulting in savings of up to Dhs900m a year. The Dubai programme to enable drone transportation was also launched last month to explore the use of drones in multiple sectors including health, security, shipping and food.

Aviation

When it comes to mobility, it is impossible not to bring up the country’s – and specifically Dubai’s – aviation story. It was October 25, 1985. A day that marked the start of a new era for Dubai’s economy. The emirate’s airline Emirates operated its first flights that day, from Dubai to the Pakistani city of Karachi and the Indian city of Mumbai. More than three decades later, the airline is a veritable aviation powerhouse having become the world’s largest international airline (it carried over 15.8 million passengers in 2020, according to IATA) and occupying a dominant seat at the echelon of global airlines. Joining it are Abu Dhabi’s Etihad Airways – which carried one million passengers in H1 2021, and Sharjah’s Air Arabia, which reported a net profit of Dhs44m for H1 2021, marking a year-on-year increase of 126 per cent. December 2021

FEATURES / UAE AT 50

On the back of Emirates’ success, Dubai International – which reclaimed its position as the world’s busiest airport for international passenger traffic in October – welcomed 20.7 million passengers in the first 10 months of 2021, with the number of flight movements recorded between January and September equaling 155,706. Meanwhile, Abu Dhabi International Airport also completed 39 years of operations this year.

THE YEAR OF PREPARATION FOR THE NEXT FIFTY REQUIRES COMMUNITY COLLABORATION TO ADVANCE OUR DEVELOPMENT DRIVE AND ITS SUSTAINABILITY, AND FULFILL OUR ASPIRATIONS TO A BETTER FUTURE FOR OUR UAE” —SheikhMohamedbinZayedAlNahyan,Crown PrinceofAbuDhabiandDeputySupreme CommanderoftheUAEArmedForces

Space

As far as extraterrestrial ambitions go, the UAE has literally taken flight. In 2017, the country launched its first astronaut programme with four Emiratis – including one woman – chosen as part of it since then. The country also launched the Arab world’s first mission to Mars with the Hope Probe, a fully autonomous spacecraft, which completed orbit insertion earlier this year, making the UAE only the fifth country to reach the red planet. “The UAE has shown to the world that its plan when it comes to space and the space sector here is very strategic. We have taken up a lot of projects that are varying in terms of complexity, definition, and applications – from Earth observation to communication to supporting the academic sector, new initiatives and new startups towards space exploration, understanding the Martian atmosphere and even beyond that,” explains Amer Al Sayegh Al Ghafri, senior director of the Space Engineering Department and project manager of MBZ-SAT, Mohammed Bin Rashid Space Centre. Besides unveiling a mission to land on the moon and a new project to explore Venus, the country also harbours an ambition of establishing human colonies on Mars by 2117. “I believe, in general, space is challenging. To go into space projects, develop space missions, and localising the technology here in the

THE COUNTRY’S ASTRONAUT PROGRAMME HAS FOUR EMIRATIS, INCLUDING ONE WOMAN

December 2021

UAE is challenging and then eventually also reaching the orbit of Mars with the Hope Probe [was challenging]. In the end, we believe that space represents the challenge that the UAE needs to take for it to become a leading nation when it comes to science and technology,” adds Al Ghafri.

Technology

For a country that had set a roadmap and a timeframe for its digital initiatives and strategies way before the Covid-19 pandemic hit (the UAE’s Fourth Industrial Revolution Strategy was launched in 2017), the UAE adapted to the new world order with admirable ease, reflecting its strategic and tactical depth. More so, the UAE continues to march ahead with its smart initiatives which are in lockstep with its sustainable ones. The Dubai Paperless Strategy has met 98.86 per cent of its digitalisation goals, with 43 government agencies going completely paperless. On December 12, the Dubai government will issue its last paper transaction. However, the country has not just laid out a blueprint of a smart economy, it is preparing an entire workforce to back it. In 2019, Abu Dhabi launched the Mohamed bin Zayed University of Artificial Intelligence, the world’s first

98.86%

THE RATE OF ITS DIGITALISATION GOALS ACHIEVED BY THE DUBAI PAPERLESS STRATEGY

graduate-level AI university, which, in January this year, welcomed its first cohort of students. Earlier this year, the UAE also launched a new programme to develop talent and expertise in the field of coding in partnership with top tech firms.

Tourism

Shopping haven. Culinary smorgasbord. Sprawling hotels. The UAE has effectively – and successfully – altered the conversation around tourism. The country stands as one of the premier destinations for regional and international visitors with icons such as the world’s tallest building (Burj Khalifa), one of the world’s most visited malls (The Dubai Mall), and a Ferrari inspired theme park (Ferrari World Abu Dhabi) furthering its cause. The country’s efforts to gain traction have borne fruit. Dubai received 2.85 million international overnight visitors from January-July 2021, while hotels across the emirate enjoyed occupancy levels of 61 per cent overall during the same period. According to the Department of Culture and Tourism – Abu Dhabi figures, the UAE capital also welcomed 11.35 million international visitors in 2019. Meanwhile, Ras Al Khaimah aims to attract 2.9 million visitors per year by 2025.

Sustainability focus

Besides being a frontrunner in carving out a technology-driven future, the UAE is equally zealous in ushering in a clean one. From ratifying the Vienna Convention for the Protection of the Ozone Layer and its Montreal Protocol in 1989 to being selected to host the 28th Conference of gulfbusiness.com

FEATURES / UAE AT 50 OUR VISION LIES IN THE FUTURE. OUR RESOLUTIONS MUST BE AS BIG AS OUR PLANS TO BE AT THE HEART OF GLOBAL BUSINESS. THE FUTURE LOOKS PROMISING ONCE WE HAVE THE DETERMINATION AND OPTIMISM FOR IT” —Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai

the Parties (COP28) in 2023, the UAE has come a long way in its commitment to sustainability and climate action. Construction of the Arab world’s first multi-unit operating nuclear energy plant in the Al Dhafra region of Abu Dhabi began in 2012. Unit 1 of the Barakah Nuclear Energy Plant is fully operational, Unit 2 is connected to the UAE grid, while construction of Unit 3 is complete. When fully operational, the plant will produce 5.6 gigawatts of electricity, while preventing the release of more than 21 million tonnes of carbon emissions every year. Meanwhile, the International Renewable Energy Agency’s move to its Masdar City headquarters in 2015 also marked a significant milestone in the country’s sustainability journey. “The UAE has of course been blessed with abundant natural resources in oil and gas. This bounty has underpinned our nation’s remarkable growth over the past 50 years and has laid the foundations for the development of industries including aviation and shipping, and our finance and services sectors,” notes Mohamed Jameel Al Ramahi, CEO of Masdar. “Today, we are witnessing a major change in our own energy sector, with more and more clean power coming on stream throughout the UAE.” Besides investing close to $17bn in wind, solar and battery storage projects across six continents, the UAE became the first country in the Middle East and North Africa region to announce a Net Zero 2050 strategy. gulfbusiness.com

20.7 MILLION

Dubai airport’s visitor numbers between Jan-Oct

Market cap of the Abu Dhabi Securities Exchange recently hit

DHS1.5 TRILLION

“If we look to 2050, then wind and solar technologies, which are relatively mature and cost-effective, will capture the highest share in global power generation spend with predicted cumulative investments of a combined $10 trillion,” says Al Ramahi. “We see significant opportunity to decarbonise mobility, through the electrification of passenger and light commercial vehicles. Energy efficiency will play a role as well, especially in our built environments. The sustainable technology utilised at Masdar City – where buildings consume 40 per cent less water and electricity than conventional ones – will have a big role to play in making our cities cleaner and greener. Also, emerging energy sources such as green hydrogen can be expected to flourish in the decades ahead.”

HELLO, TOMORROW It is not only its past endeavours that the UAE is keen on building upon, but the future that it is creating for generations to come, that offer a glimpse of what the country’s vision is. In September, the UAE announced plans to launch massive new projects for the next 50 years. The ‘Projects of the 50’ include schemes such as the ‘green visa’ for expatriates, enabling them to sponsor themselves, a federal freelancers visa as well as other work permit reforms. It also entails a new Dhs5bn ‘Tech Drive’ programme to support advanced technology adoption in the industrial sector and a new data law that will ensure privacy of individuals and international companies across the country.

“Built upon the solid foundations of this nation’s past 50 years, I believe that remarkable technological innovations and the speed at which they are being developed present tremendous growth opportunities for companies and the broader UAE economy in the next five decades,” says Hani Weiss, CEO, Majid Al Futtaim Retail. “The forward-thinking nature of the UAE’s open and modern economy creates the perfect location to pilot different ideas and gather insights into disruptive new opportunities. Those innovations that succeed here are then exported across the region. As we progress in the pursuit of greater convenience and automation, I believe technology will present a seismic shift in the retail landscape and the broader economy.” But a technologically advanced economy is not all that the Gulf nation is eyeing; it is also keen to establish a thriving economic ecosystem. The market capitalisation of the Abu Dhabi Securities Exchange recently crossed Dhs1.5 trillion on the back of listings and greater investment. The value of shares traded on the exchange at the end of the first 10 months of 2021 equalled Dhs284bn and a new Dhs5bn Abu Dhabi IPO fund was also recently launched to strengthen financial markets. Meanwhile, Dubai aims to increase the total volume of its stock markets to Dhs3 trillion. The emirate recently announced the listing of 10 government and state-owned companies on the Dubai Financial Market, the first regional exchange to have become publicly listed itself. As regards to the UAE, it is neither a case of ambition gone unchecked nor punching above one’s weight. It is just an odyssey of a nation that has always harboured a tomorrow-first approach backed by a futuristic plan and an iron will – all the essentials required to chalk out a promising future. December 2021

Almost. Some sectors are performing better than others, such as the real estate sector, which has seen an increase in the number of transactions and the recovery of the lost value of properties. This growth has been led by the UAE’s immigration reforms, reduction of fees and charges and the decision to eliminate the requirement to mandatorily have an Emirati sponsor for local companies. We have seen a lot of wealthy people from different countries relocate to the UAE. Some sectors will take time to fully recover – maybe in 2022 or 2023. But the mood is upbeat and investor confidence is back. Foreign investors are setting up companies and relocating their families to the UAE due to the safety, security, quality of life, world-class infrastructure and connectivity and ease of doing business that it offers. This is creating employment. The retail sector is picking up and so is tourism and hospitality. I think by the first quarter of 2022, most industries will recover substantially. However, the full recovery will depend on how the Covid-19 situation changes in other countries as well as the spread of new and deadly variants – that might put things in jeopardy.

Bullish outlook The UAE’s economy has received a strong boost from Expo 2020 Dubai and is on its way back to growth, states Danube Group founder and chairman Rizwan Sajan How has 2021 been for Danube Group? It was a year of recovery for all our businesses following the impact from the Covid-19 pandemic. The global pandemic created the biggest challenge that we have ever seen in our lifetime. The complete lockdown of the business was unprecedented. On top of that, the high level of uncertainty and insecurity – with the rising death toll – had an impact on the mental health of people working at various businesses within the organisation. So this year, we focused on the recovery of our business from the pandemic and it has been good so far mainly due to the UAE

government’s leadership and its success in containing the pandemic. We have made great strides in retaining our employees and our clients. We have accelerated our drive towards our e-commerce business, which is delivering good results. The future is digital, and we have taken a new direction towards that space. Also, Expo 2020 Dubai, which began in October this year, has worked like a tonic for our businesses and has helped us to gain new ground. Have businesses in the UAE completely recovered from the pandemic, in your opinion?

What are the biggest changes you have seen in the economy post the Covid crisis? The biggest change has been the growing adoption of digital channels, the spread of e-commerce and a general reluctance for physical meetings. Due to the focus on digital and e-commerce, we are seeing a sea change in consumer behaviour while retailers are opting for omnichannel distribution. We have also re-worked our strategy to strengthen our omnichannel distribution. Overall, we see that people have become more cautious. Expo 2020 is currently underway in Dubai – what kind of an impact is it having/and will it have on the economy? Expo 2020 has revived the UAE economy from the effects of the Covid-19 pandemic. When the government planned for the event, nobody anticipated a global pandemic, which would bring the world to a standstill. However, Expo 2020 actually jump-started the UAE economy. In a matter of months, we have seen flights starting to operate at almost full capacity and hotels running at a very high occupancy. We have seen retail

BRAND VIEW

“Some sectors will take time to fully recover – maybe in 2022 or 2023. But the mood is upbeat and investor confidence is back. Foreign investors are setting up companies and relocating their families to the UAE due to the safety, security, quality of life, world-class infrastructure and connectivity and ease of doing business that it offers. This is creating employment” activities pick up, restaurants have started to receive guests and orders. So, there is a buzz in the air. In some parts of the UAE, things look pretty normal – almost the same as prepandemic, except for face masks and other precautionary measures being followed. Which are the sectors offering the strongest potential for growth at the moment? Industries offering the biggest potential include IT and e-commerce, among others. Retail, tourism, F&B, education, healthcare and hospitality will also continue to grow. Also, what are the challenges that local UAE businesses are facing right now? Bank financing is a problem. I think the banks should restart lending to small and medium enterprises, especially those who survived the Covid-19 pandemic and are solid businesses. They need finance to expand

their businesses. Banks can help them grow, hire new people and this way, the overall economy will expand. Another challenge for businesses is the seamless transformation of the brick-andmortar operations to digital e-commerce – without compromising on the quality of service and customer experience. Looking ahead, do you have any expansion plans in the pipeline – both in terms of verticals and geographies? Yes. During the pandemic, we launched our hospitality division that is going well. We are also taking Danube Home – our retail and home furnishing brand – to different countries, including Uzbekistan, Nepal, Bangladesh, and the CIS and African countries. My son Adel Sajan, who looks after Danube Home, plans to take the brand to more than 50 countries – in fact, we are eyeing all the countries that Emirates Airline flies to.

Lastly, what are Danube’s plans for 2022 and beyond? We are focused on doing what we do best – make our customers happy. The year 2022 will be a year of growth and expansion. This year we have hired more people despite the pandemic, we have added two new brands and it has made us stronger in every area of operation. Our strength comes from our teamwork. So, instead of firing people, we retained them and hired more during this crisis. The pandemic helped us focus on our core strength – our vision and our great team – and today we look at our future with more confidence. Since we have overcome the crisis with a carefully planned strategy that worked well and helped us to navigate our way out of the crisis, we are now consolidating our operations and preparing for the next phase of growth.

UP, UP

AND AWAY

AS THE FIRST IN-PERSON AIRSHOW TO TAKE PLACE SINCE THE OUTBREAK OF THE PANDEMIC, THE EVENT SAW SEVERAL DEALS ANNOUNCED

WORDS: AARTI NAGRAJ

tanding at the tarmac of the Dubai Airshow, watching a military jet perform extremely complex feats in the sky – going up and down in twisting patterns, it appeared to be sketching the state of the entire aviation industry in the last two years. The Covid-19 pandemic took the industry on a rollercoaster ride – with the downward spiral quite sharp and long. Yet, at the Airshow, it was clear that the ride has started to go upwards now, with all those on the front seats clearly relieved to be heading in the right direction – albeit gradually. 46

December 2021

In a state of the industry report released at the Airshow, Embraer announced that due to the effects of the pandemic, global traffic recovery – measured in revenue passenger kilometres (RPK) – is forecast to grow 3.3 per cent annually to 2040. “Although slightly more optimistic than our previous forecast which only covered 10 years, the rate is still a notable deceleration compared to pre-Covid growth rates for the next two decades. We expect global RPKs to return to 2019 levels in 2024, a result of an extended pandemic recovery period and from expected changes in industry dynamics,” the report stated. Looking at the Middle East, the growth rate is expected to be 3.8 per cent – ahead of Europe and North America.

Airlines operating in the Middle East region will require 3,020 new passenger and freight aircraft deliveries by 2040, Airbus said in its Global Market Forecast launched at the Dubai Airshow. This will bring the total fleet to 3,210 from a 2019 fleet baseline of 1,300 aircraft. gulfbusiness.com

FEATURES / DUBAI AIRSHOW

Airbus forecasts that air traffic in the Middle East will achieve full recovery to 2019 levels between late 2022 and mid 2024. Globally, cargo is already operating today at 9 per cent above pre-crisis levels, and in the Middle East, at 18 per cent. Growth is driven by the forecast 2.3 per cent CAGR increase in GDP between now and 2040. “This strong recovery is due to the region’s strategic location which is a vital economic, business and cultural connector between the East and the West. Government vision and strategic investment plans position aviation at the forefront of long-term planning in the Middle East. All of these factors will empower a return to the skies,” it said. Speaking to journalists at the event, Sheikh Ahmed Bin Saeed Al Maktoum, chairman and CEO of Emirates Airline and Group, said the Dubai carrier has had a strong year so far, with expectations of further growth going forward. “Some countries – they are slow with how many people they can accept on flights in and how they can deal with the situation. I think from our side, Dubai Concourse A is open – everything is ready. We are talking to other countries, we are constantly in dialogue with them and pushing them to take our [the UAE’s] example, to do what we are doing,” he said. Sheikh Ahmed also confirmed that the company is planning to deploy more of its Airbus A380 jumbo jets as demand hikes. “Currently we have 47 A380s in operation and by the end of the year, we plan to deploy roughly 60,” he said.

gulfbusiness.com

Talking deals

As the first in-person airshow to take place since the outbreak of the pandemic, the event saw several deals announced, including both commercial and defence contracts. European aircraft manufacturer Airbus dominated the list with 408 aircraft orders – with 269 firm and 139 commitments, including a mega order for 255 of its narrow-body A321neo and A321XLR jets from American private equity firm Indigo Partners, as well as an order for 111 aircraft from Air Lease Corp and an order for 28 jets from Kuwaiti carrier Jazeera Airways. Meanwhile USbased Boeing also announced 101 orders, including a mega Dhs33bn deal for 72 jets from India’s Akasa Air. Among the most active at the airshow was the UAE’s Ministry of Defence, which announced a total of 23 deals worth over Dhs22.52bn – up from the Dhs18bn worth of deals signed during the 2019 edition of the Dubai Airshow.

New direction

Participating for the first time at the Dubai Airshow was a strong Israeli delegation, including aerospace and defence company Israel Aerospace Industries (IAI), whose products include satellites, UAVs, missiles, intelligence solutions, weapon systems, air defence systems, robotic systems, radars, business jets and aerostructures. At the Dubai Airshow, the company showcased its Barak MX air and missile defence system, unmanned aircraft systems (with vertical take-off and landing capabilities), special-mission aircraft, the Zibar UGV, satellites, and VR showing avionics upgrades. “The Dubai Airshow provides excellent opportunities for new business ventures and partnerships in the region.

It serves as an open door for us to find new partners and strengthen existing collaborations, and as an exciting platform for bringing new business endeavours to fruition,” says Boaz Levy, CEO and president of IAI. Since the signing of the Abraham Accords last year, IAI has partnered with Etihad Engineering to create the first and largest cargo conversion site in Abu Dhabi to convert B777 aircraft. During Dubai Airshow, IAI also signed an MoU with Emirates to convert four B777 aircraft in the new Etihad conversion facilities (these will be the first planes converted there), with potential for more aircraft conversions in the future. The company also signed a deal with UAE’s Edge to establish a maintenance centre for a selection of IAI’s systems in the UAE.

“The UAE and Gulf region have a strong market for defence systems and products, and we look forward to sharing resources and working together with customers in the region,” says Levy. “We are a startup nation, and we have found a partner in the UAE – or the startup Emirates – in our shared innovative and entrepreneurial spirit. “Collaboration on research and investment in the technology sector to develop and produce cutting-edge technologies is driving the industry forward. We can propel the industry further by bringing together experts in these fields from all over the world, and by investing in the future generation which will learn to develop and build advanced solutions with new partners. As more countries join the Abraham Accords, IAI is excited to share resources and work together to enhance the technology sector in the region and in the world,” he adds. December 2021

BRAND VIEW

All about the right people If you find yourself spending time motivating individuals in your organisation, then they are the wrong hires for your company, writes Dariush Soudi, CEO of Be Unique Group

aving the right people is the backbone to any business. However, very little time is spent in making sure that recruiting is done in the correct way. Have you ever seen an advertisement for a vacancy and

thought to yourself that such a person cannot possibly exist? The requirements in terms of qualifications, the years of experience etc. seem unrealistic. The fact is that most job candidates think the same way and they simply glide to the next vacancy ad.

So how does one attract the right calibre of people into their organisation? And above all, how does one retain those superstars? After all, no matter what business you are in, you need to have people who others like and get on well with. You must have people who are optimists and care about their colleagues, their customers and the standard of work they produce. These are not values which you can train anyone to possess. People either have these qualities or they don’t. So how is your interview process structured to ensure you are picking out the performers rather than the non-performers? How about the culture you have in your organisation? What promises are you making to your team? What commitments are you making to them? What is it like to work for your organisation? What are your values? In return for their loyalty and hard work, what are you doing for your employees? Not too long ago, people were expected to work for one or two companies throughout their lifetime, but now, the new generation is expected to work for at least seven to 10 companies during their careers. Often employers think that salaries are the key driving force for retaining staff and they believe people will leave at the drop of a hat if they were given a better compensation offer. But this is far from the truth. When you dig deep enough, you will see that salaries come further down on the list when it comes to what today’s employees seek and desire. They need to be heard, valued and respected. They need flexibility from their employers and above all, they need to be part of a cause, a vision, a movement. So what is your story? What are your values? When I ask your employees why they work for you, what would they say? If you are struggling for the answer maybe it’s time to reflect and implement some positive change. There are two guarantees in life – time passes and changes happen. What are

BRAND VIEW

Dariush Soudi won Gulf Business’ 2021 Inspiring Entrepreneur award

Motivated people tend to be generally happy, they work for a cause, a goal, they have a desire to want more – more growth, more money, higher standards and they take full responsibility for their actions instead of blaming everything and everyone around them. Motivated individuals always see the cup as half full unlike demotivated people, who not only drain their cups, but also dampen the outlook for those around them you doing to keep up with this change? Now back to the employees. If you find yourself spending time motivating your team or individuals in your organisation, then they are the wrong hires for your company. What you require are selfmotivated people. What do I mean by that? Motivated people tend to be generally happy, they work for a cause, a goal, they have a desire to want more – more growth, more money, higher standards and they take full responsibility for their

actions instead of blaming everything and everyone around them. Motivated individuals always see the cup as half full unlike demotivated people, who not only drain their cups, but also dampen the outlook for those around them. When we recruit people based on qualifications, we seldom – if ever – find out the core values of the person we are interviewing. How can we tell the person’s character from reading their CV? Personally, I have never seen a

CV where the person admitted they have been fired or they were caught with their hand in the till. Unfortunately, most CVs tend to hide the whole truth. At Be Unique Group, the company I started 12 years back, I was very clear with the values of the people I wanted to work with. They must be honest, selfmotivated, happy, caring, great communicators, fast problem solvers and hard workers. In return, we provide a safe environment where mistakes are celebrated unless they are made twice. We promise to provide a culture where people never have to worry about politics or backstabbing. If anyone has an issue with another member of staff, they must express it to the other person directly. We have fun, we laugh but take work seriously. I take a bullet for my team and treat them like my family and hope they do the same (most do). It’s easy to teach and train motivated people. A motivated staff member has a desire for knowledge and appreciates learning. They put their egos aside and soak up all that you have to teach them, they take notes, and they go through them repeatedly until the information sinks in. In our organisation, we have a sevenstep recruitment process. The first six steps are based on finding the values and the character of the candidate. Only the seventh step is the part where we go through qualifications and skills. After all, what’s the point of having all the skills but the wrong attitude. Many of our clients decide to work with us while waiting at our reception area. Our accountant pleasantly greets them at the door, they see that our receptionist is happy, and the office assistant serves them tea with a smile. The energy in our office makes it a wonderful place to work. We spend more time at the office than we do with our family members. Life is far too short to spend it with people who do not share the same values as you do. We all like to be inspired and there is nothing more rewarding than a culture where all the family (and office) members have each other’s back and support one another. United we are far more powerful than individuals.

FEATURES / AGRICULTURE

WITH FOOD SECURITY GAINING INCREASED FOCUS DURING THE PANDEMIC, THE UAE IS FOCUSING ON THE ADOPTION OF NEW TECHNOLOGIES TO YIELD GREATER RESULTS. HERE’S HOW ABU DHABI CONGLOMERATE YAS HOLDING’S ELITE AGRO DIVISION IS PLAYING A KEY ROLE IN ENSURING A STEADY SUPPLY OF FRESH LOCAL PRODUCE

December 2021

gulfbusiness.com

FEATURES / AGRICULTURE

HOW HAS THE YEAR BEEN FOR ELITE AGRO?

Dr Abdulmonem Almarzooqi Executive director and board member

Ian Summerfield Division CEO, Elite Agro

Dr Abdulmonem Almarzooqi: It has been a challenging year. This time last year we were all hoping that 2021 would be a Covid-consequence free year, and even though the UAE has led the way in its Covid response, we operate in a global business environment and as such have been exposed to a number of external headwinds. In other territories in which we operate we have also seen this at play in varying degrees. Our challenges have been threefold: At the outset of Covid, our employees, the business and our customers’ safety were paramount to us alongside ensuring the UAE as a nation had plentiful availability of high-quality, safe and healthy food at fair prices. The second challenge we faced was disruption to the supply chain, and thirdly, it was cost pressure across the board, from power to people and from raw materials to equipment. Despite the challenges, Elite Agro has ensured a continued supply of healthy food while delivering on our business objectives. IS THE UAE NOW BETTER POSITIONED TO MEET ANY FUTURE EVENTUALITIES IN TERMS OF FOOD SECURITY?

Ian Summerfield: The UAE has focused on food security for a significant period of time prior to the pandemic. What became clear very early on was that our advanced preparations as a nation ensured we were able to meet the challenges of Covid-19 with no disruption to food availability. Tariq Alwahedi Managing director - Food

We recently invested in

250,000 blueberry plants

in our orchard in Morocco, and have launched new packaging for our ‘Elite Berry’ blueberries – both for our local and international variants

HOW HAS CONSUMER DEMAND FOR LOCAL PRODUCE CHANGED? DO YOU SEE THESE TRENDS CONTINUING IN THE FUTURE?

Tariq Alwahedi: Consumer macro trends we are responding to include the shift towards ultra-fresh, locally produced high-quality food that can also be delivered direct to consumers’ homes. As part of this, we have accelerated investment in our farm-to-table e-commerce concept Farmbox, in addition to increasing the ranges we provide on the platform including a variety of fresh, organic and premium produce as well as gluten and preservative-free products. We also deliver dairy products produced by Marmum in the UAE and our recently launched chicken range sourced by Reef Emirates. Hence we are able to offer produce from our own farms to their tables. WITHIN THE AGRICULTURE SPACE, WHERE DO YOU SEE MOST POTENTIAL FOR GROWTH?

Ian Summerfield:The agriculture industry should be focused on optimising efficiency of our use of limited resources, in particular water and high-quality land. If we focus on these

gulfbusiness.com

December 2021

FEATURES / AGRICULTURE

simple but vitally important areas of opportunity, we will continue to produce high-quality food sustainably. To produce food and at the same time minimise our impact, I believe we need to combine traditional and emerging technologies such as precision fertiliser applications, smart water systems and satellite controlled tractors. At Marmum we monitor our Holstein cows’ individual health, nutrition and life needs through an individual ear identifier which collects data at multiple points throughout the farm, allowing us to ensure each cow is healthy. HAVE YOU SEEN INCREASED DEMAND FOR AGRICULTURE INFRASTRUCTURE PROJECTS? AND IF SO, WHAT ARE INVESTORS SEEKING?

Ian Summerfield: As food security gained focus during the recent pandemic, the demand for our construction services through Elite Agro Projects has tripled, including for traditional net houses and environment farming facilities with smart systems and retractable roofs. YOU ARE ALSO VERY ACTIVE IN FRESH FOOD AND FMCG. ANY NEW DEALS OR LAUNCHES THAT YOU ARE PLANNING WITHIN THIS SPACE?

Tariq Alwahedi: We invest to operate. In terms of agriculture and food, we continue to pursue growth across a range of fresh produce and food categories, in addition to developing, acquiring and deploying technologies and techniques designed to enhance the availability of high-quality fresh produce while minimising resource utilisation.

December 2021

Our investments include Marmum, one of the oldest dairy farms in the UAE. We also recently invested in 250,000 blueberry plants in our orchard in Morocco, and have launched new packaging for our ‘Elite Berry’ blueberries – both for our local and international variants. We also operate over 30 farms, specialise in the construction of farms, and also produce a variety of fresh produce including capsicums, potatoes and local pumpkins – which proved to be popular this winter season. We have also recently brought to market a new chicken brand called Reef Emirates. Our investment in food and agriculture, in particular on the back of our focus on the role of technology in fresh supply chains, has resulted in great demand for our produce. WHAT ARE THE MAIN CHALLENGES FACING THE AGRICULTURE, FRESH PRODUCE AND DAIRY INDUSTRIES?

Ian Summerfield: In the short term, we expect demand to remain high with a significant challenge posed to all companies as a result of supply chain disruption and high energy prices. Across our operations, we are working hard to ensure stability and affordability. Looking at agriculture, the transient disruption in supply chains, logistics and commodity costs caused by the pandemic, coupled with the need of having an effective contribution to R&D has expedited our investment decisions in this sector, such as accelerating our focus on precision agriculture.

HOW MUCH OF A ROLE DOES TECHNOLOGY PLAY IN THE WAY A TRADITIONAL SECTOR SUCH AS AGRICULTURE OPERATES?

Dr Abdulmonem Almarzooqi: Technology is challenging the current status quo in every part of the agricultural value chain. It has – and will continue to play – a transformative role in the way we do business. We have deployed technology to improve and enhance food production efficiency, save water and control costs. We see technology playing an important role in helping us reduce resource consumption to drive sustainability, which importantly also offers the mutual benefit of reducing our costs. Our focus as a company is on ensuring future food security, while also keeping in mind the important aspects of saving water and overcoming the challenges of climate change. We’re also investing in farming machinery and agro-infrastructure to bring further efficiencies along the complete value chain. LOOKING AHEAD, WHAT ARE YOUR PLANS FOR 2022? ANY MAJOR ACQUISITIONS IN THE PIPELINE?

Ian Summerfield: Elite Agro is confident about the future. Yas Holding, our parent company, is a growth company and will always be looking for opportunities to acquire new businesses while pursuing prospects for further investment through our existing enterprises across international territories. Across our agriculture division, we will continue to invest in existing companies to expand production, while using new technologies to advance efficiency. Further investments and initiatives on Yas Holding’s horizon span bio-pharmaceuticals, licencing, technology and manufacturing. gulfbusiness.com

BRAND VIEW

Stocking up for the future Tech stocks are here to stay for the long-term, opines entrepreneur and investor Shailesh Dash, who shares his perspective in this monthly column

he Covid-19 pandemic has accelerated the adoption of digital and cloud technologies across all major economic sectors. Experts believe this trend is likely to accentuate as innovations are taking place at a breakneck speed. As the implementation of advanced technology becomes more pervasive, long-term investors should continue to accumulate such stocks to participate in their growth trajectory and build a well-diversified portfolio. Occupying over 15 per cent of the S&P 500 and with a market cap of over $2 trillion each for Apple, Alphabet and Microsoft, the clout held by top technology companies, collectively known as FAANGM (Facebook, Amazon, Apple, Netflix, Google and Microsoft) is obvious. However, the technology giants even widely beat analyst expectations when they released their Q3 2021 earnings in October. Google’s parent Alphabet posted

per cent, Amazon jumped 79.1 per cent, Netflix rose 46.1 per cent, and Alphabet (Google) gained 19.4 per cent. Looking at this exuberant rally in technology stocks, it is only natural for investors to question the sustainability of such growth, and for those who missed out on this rally, to consider making these stocks a part of their portfolios now. To answer this, it is necessary to understand the rationale behind a long-term investment in the sector. Pandemic-induced lockdowns in 2020

Looking at this exuberant rally in technology stocks, it is only natural for investors to question the sustainability of such growth its largest-ever quarterly profit of roughly $19bn, up 68 per cent year-on-year; Apple set a record with a 62 per cent rise in net income to $20.6bn; while Facebook (now Meta) posted roughly $9.2bn, up 17 per cent y-o-y. These companies continue to surpass growth expectations and stand resilient in the face of economic downturns despite concerns over inflation, supply chain constraints and regulatory/privacy changes. Even during the pandemic, when the global economies came to a standstill, FAANG significantly outperformed the S&P 500 index. While the index only achieved 14.1 per cent growth between March and September 2020, Facebook grew 49.3 per cent, Apple surged 79.6

forced companies worldwide to work remotely, made consumers shift to online shopping, and required students to move to online education. Digital streaming reached an all-time high as people were confined to their homes and services by FAANG rose in demand significantly. The rise in demand was believed to be temporary as global economies were expected to go back to the pre-Covid era with virusdriven fears continuing to fade. However, it is important to remember that technology was a big theme much before Covid-19, and was the underlying cause of the dot-com bubble in 2000. The theory of technology transforming the way the world operates still stands true, and companies connected to

disruptive innovations are likely to boom or will eventually become global industry giants. As we gradually enter the post-Covid phase, it is safe to say that several aspects of our everyday lives might never go back to the way they were. Technology has allowed us to live, work, connect, shop and find entertainment remotely. The industry is leading this change and it is here to stay. While this change has helped several technology companies grow in popularity, success and growth are not limited to actual performance but also future potential and profitability. These two factors of perception are paramount to technology companies enjoying climbing share prices, as is evident by unicorns such as Netflix, Uber and WeWork – all yet to offer profits. For investment in the sector, there are several promising areas including enterprise technology, which generally has greater barriers to entry and exit, longer and more predictable product cycles and lower regulatory risk. Another area is software, which can be further classified into cloud computing, e-commerce and digital marketing. Cloud computing is possibly the largest and the fastest growing segment, rising at 20-25 per cent per annum with the potential to reach 70 per cent penetration by 2030. E-commerce and digital advertising also offer strong potential. Furthermore, attractive opportunities lie outside the traditional sector-classification standards: Sectors such as healthcare and education as well as the industrial economy offer potential, specifically in regards to robotics and automation. As we move through the next decade, attractive returns will be found in specific technology segments and industry verticals that offer unique value propositions. The investment rationale should focus on intrinsic value and long-term growth potential, and not just an indefinite extension of the recent price momentum. Therefore, investors should remain cognisant of the innovation taking place, and those who want to build exposure to disruptive companies should continue doing so in a systematic manner. Disclaimer: This column is purely for academic and educational purposes. Nothing mentioned here should be taken as solicitation to trade or a recommendation of a specific trade

FEATURES / TRIBUTE OBITUARY

OBITUARY:

JOCELYN HENDERSON (1921-2021) THE GRANDE DAME OF ABU DHABI – THE WIFE OF A FORMER DIPLOMAT – PASSED AWAY IN THE UAE CAPITAL AGED 100 WORDS: PETER HELLYER

n writing an appreciation of a longlived member of the community who has passed away, it is almost a convention to note that: “We will not see their like again”. In the case of Jocelyn Henderson, a prominent member of Abu Dhabi’s expatriate British community for 45 years, that is not just a fair judgement; it is also a matter of great regret. Jocelyn, who first came to live in Abu Dhabi in 1976 with her late husband, Edward Henderson, died on November 13, three months after reaching the venerable age of 100. Among those sending her birthday greetings was the ‘Mother of the Nation’, Sheikha Fatima bint Mubarak, highlighting the respect in which she was held. Born in Britain on August 21, 1921 to a Dutch father and an English mother, Jocelyn Henderson packed a lot into life before she married in 1961. Training as a secretary, she worked first in a hospital during the Second World War, and then in a film company and a theatre company, before going to work with Sarah Churchill, daughter of Britain’s wartime Prime Minister, Winston Churchill. After the war, she moved to Germany to work with the British forces, before returning to Britain in 1957, where she met her husband. Life was then, perhaps, lived at a slower pace, and a four year courtship followed before Jocelyn and Edward married, shortly before he took up a post at the British Consulate in Jerusalem. A posting in Bahrain followed, introducing Jocelyn to the Gulf, and then one in Qatar, where Edward served – in 1971 – as the last British political agent and the first British ambassador. By 1976, he had retired from the Foreign Office and the Hendersons moved to Abu Dhabi, at the invitation of the late Sheikh Zayed bin Sultan Al Nahyan. He had become a close friend of Edward’s during earlier 54

December 2021

expatriate community, playing an active role in the local Anglican Church, St. Andrew’s, and helping to create and run the Daly Community Library, which was for many years a central feature of expatriate community life. In those early days in Abu Dhabi, so different from today, Jocelyn never wasted time on what perhaps she felt were trivial pursuits. “I tended to shun women who played golf or bridge,” she wrote in her memoir, Gulf Wife, published in 2014. These she said, were “expatriate pastimes that I had little or no time for”. After Edward died in 1995, she decided to continue living in Abu Dhabi. She wrote: “My home, even without my husband, who first brought me here, is Abu Dhabi, thousands of miles away from my birthplace”. A biographical summary, however, does little to explain the way in which Jocelyn Henderson emerged quietly as one of the most highly-respected Ian Fairservice presenting Jocelyn members of the capital’s British Henderson the Emirates Woman community. Until relatively recently, Lifetime Achievement Award in 2014 when she appeared at events such as the annual Remembrance Sunday services at St. Andrew’s, or receptions at the British Embassy, there was always a steady flow of people coming to pay court IN THE YEARS TO COME,” to her. At home, in the company of her SHE WROTE IN GULF beloved dogs, Jocelyn conversed with younger friends about life in Abu Dhabi WIFE, “I HOPE TO BE and comments on British politics, interCONSIDERED, LIKE MY spersed with shrewd, but never unkind, comments on prominent members of HUSBAND BEFORE ME, the local expatriate society. She always AMONG THOSE WHO lent a sympathetic ear, offering wise advice to many. The deep affection felt MADE A DIFFERENCE so widely for her was well-earned and TO LIFE HERE well-deserved. “In the years to come,” she wrote in Gulf Wife, “I hope to be considered, like postings, as an oil company representamy husband before me, among those tive and then as a diplomat in the late who made a difference to life here… I 1940s and 1950s. hope I left a small footprint on the sands While Edward continued to work with of Abu Dhabi, of which I am so fond.” Sheikh Zayed, Jocelyn began to carve out That footprint is still fresh. We will, her own place in Abu Dhabi’s growing indeed, not see the likes of her again. gulfbusiness.com

ILLUSTRATION: GETTY IMAGES/PISHIT

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

VOICES FROM THE TOP: WOMEN BUSINESS LEADERS

SPECIAL REPORT

A changing world BY AARTI NAGRAJ

s we approach the end of 2021, a lot of things have changed dramatically – the way we live and work has been transformed by the pandemic, with individuals and businesses forced to introspect at processes and mindsets to ensure priorities are in place. In that context, it is vital that we relook at the issue of female participation in the workforce and in leadership positions, and focus on how that can be boosted. Globally, women’s labour force participation rates have moved closer to men’s over the past few decades, but much of the recent progress on women’s advancement could be at risk of collapse due to the pandemic, with women one of the hardest hit categories by the crisis, according to the UN. Even pre-crisis, women – in every country – were less likely than men to engage in paid work, a 2019 report by the OECD found. “Women in the MENA region remain an untapped resource for the economy. While women represent around 49 per cent of the region’s total population, their participation in the labour force and corporate leadership positions is significantly lower,” the OECD report stated. It also found that when women do work, they are more likely to work part-time, are less likely to become managers or board members, and on average earn less than men. The average representation of women on the boards of the largest 142 public companies in MENA stood at 4.8 per cent of

total voting board seats (60 of 1,258 seats), the report found, with 31 per cent of companies having at least one woman board member, 24.6 per cent having at least two and only 7 per cent having three or more women board members. “Women’s economic empowerment underpinned by sound corporate governance is a critical policy area that supports economic growth and competitiveness. Policies to increase women’s access and participation on corporate boards and in senior management positions can be driven by governments, regulators and companies themselves, with measures adapted to specific contexts. Policies can include quotas; reporting requirements; targets; voluntary disclosure by companies of gender composition or gender equality policies; increasing the size of a board; and actively recruiting qualified women to replace outgoing male board members,” it advised. On the brighter side, things are changing – especially in most of the GCC countries, where policies have been announced to support stronger participation of women. In March, the UAE announced that all listed companies will be required to have at least one female director on their board. The move is aimed at empowering Emirati women and encouraging them to play a greater role on the boards of listed companies, the Securities and Commodities Authority said in a statement at the time. That same month, the UAE Central Bank also partnered with Aurora50, a social enterprise focusing on achieving gender-balanced boardrooms to “advance female representation on public and private sector boards”. Over the last three years, the UAE has passed more than 20 legislative reforms to enhance women’s economic participation, according to the UAE Gender Balance Council. Thanks to these reforms, the country was ranked first in the MENA region this year in the World Bank’s 2021 Women, Business and the Law report. Neighbouring Saudi Arabia has also announced a slew of measures aimed at addressing gender diversity in the workplace. Among the roughly 74,000 Saudi nationals who joined the kingdom’s employment market in 2020, more than 51,000 were women, according to local media reports, with the representation of women in the labour force rising from 25.9 per cent in the first quarter of 2020 to 31.4 per cent in Q2. The country also aims to create one million jobs for women as part of its ambitious Vision 2030. Bahrain has also made progress towards gender balance in business ownership, with 42 per cent of all commercial registrations in the kingdom female-owned. The country also has the highest share of female founders in the world, with 18 per cent of homegrown startups founded by women, compared to 15 per cent in London and 16 per cent in Silicon Valley, according to the country’s Supreme Council for Women. Perhaps one of the key drivers that will further encourage this momentum is hearing from women who have broken barriers and lead from the front. In our special report this month, we hear from some of them on the challenges they faced, how their organisations have dealt with the Covid crisis and their expectations for 2022.

SPECIAL REPORT

The trick for me was to remain focused, no matter what. Always remind yourself of your objectives and never give up. You’ll face a lot of challenges and you’ll fail at several tasks; just don’t allow distractions to derail you from your objectives”

ROLA ABU MANNEH CEO, Standard Chartered UAE

espite the challenges that accompanied the pandemic, 2021 was a good year for both the organisation and myself. On a personal level, I had the opportunity to engage in person with clients and friends especially after a long time of virtual correspondence. This encouraged me and provided me with the much-needed hope that humanity can succeed in overcoming Covid-19. On an organisational level, we recently announced our Q3 results which demonstrated a return to top-line growth, in addition to achieving further progress against Standard Chartered’s strategic priorities. As for the global industry, the prolonged low interest rate environment, which emerged as a result of the global pandemic, weighed-in on the financial industry’s performance mainly on banks’ net interest margins. However, financial institutions were able to adjust to this environment and align their portfolios to accommodate for the low interest rates. Our team of experts at Standard Chartered believe that central bank bond purchase tapering and rising expectations of policy rate hikes across developed economies are signs of growing confidence in the economic recovery. As such, I believe that the economic recovery witnessed post the Covid-19 pandemic will continue throughout 2022, however, at a slower pace. The hawkish stand taken by central banks across the world on actively managing

the recovery is expected to continue, therefore supporting industries despite the uneven economic recovery and the supply-chain disruptions currently witnessed across the globe. Like any other leader, I faced several challenges throughout my career. Some of these challenges were mainly due to the male dominant nature of banking – a phenomenon that exists globally within the financial industry. Overcoming these challenges was not easy at all, especially with the distractions life throws at you during your career path. The trick for me was to remain focused, no matter what. Always remind yourself of your objectives and never give up. You’ll face a lot of challenges and you’ll fail at several tasks; just don’t allow distractions to derail you from your objectives. Never get discouraged and learn from your mistakes while moving forward; in my belief, the only direction towards success is forward. My advice to aspiring women leaders and entrepreneurs is to concentrate on business outcomes, maintain open communication, and always be confident. This has led me to effectively oversee a massive workforce of an international bank in the UAE, a responsibility I am more than happy to have undertaken. Furthermore, they need to stay motivated and invest the time and effort needed to expand their network. This would support their business, while expanding their circle of influence, which reflects positively on their company as well as their professional growth.

SPECIAL REPORT

SHEIKHA INTISAR ALSABAH Kuwaiti social entrepreneur

2021

has been a year full of challenges and opportunities, and definitely full of changes. Nothing has been steady, everything has been flowing. In 2020, we were taken by surprise and had to react and adapt quickly. For instance, my Intisar Foundation team had to pivot overnight to start offering our drama therapy sessions online when the Covid-19 lockdowns were announced. In 2021, however, the world has been slowly but hesitantly coming back to life, and therefore, I believe that we have all had a choice of either going with the flow or staying stagnant. My teams at Intisars, Ebbarra, Alnowair, Bareec, and Intisar Foundation have focused on the latter and continued working hard. I expect that all the plans that we have made in 2021 will come to fruition in 2022, but I do not expect the challenges to be as many as they have been in 2021. I am looking forward to seeing my teams at Alnowair and Bareec doing their programmes in schools and offices and the Intisar Foundation team resuming its in-person drama therapy sessions in refugee camps across Lebanon and Jordan. However, I also hope that we will preserve the good lessons from 2020, such as occasionally working from home and having online

I am looking forward to seeing my teams at Alnowair and Bareec doing their programmes in schools and offices and the Intisar Foundation team resuming its inperson drama therapy sessions in refugee camps across Lebanon and Jordan”

conversations instead of running from one in-person meeting to another. Therefore, I do not expect the flow in 2022 to be as fast as it has been throughout 2021. I expect 2022 to be more steady and calm, because 2021 has been so explosive. On a personal level, the only challenge I have ever had to overcome has been my own perception of who I am, where I should be, what my mission is, and what my goal in life is/or should be. So, the challenge used to be about learning that I could allow myself to be more, do more, and grow more. Everything that was outside of me has only been aligned with what I thought of myself first. For that reason, my social enterprises Intisars and Ebbarra Jewelry equip women with daily reminders and tools for self-empowerment, because we need to work on ourselves daily. So, I have always been working on me and the rest then followed. Honestly, my main advice for women leaders is to work on their inner beliefs and on themselves, because the outside world is just a reflection of what we have inside. Therefore, the more we feel deserving, the more we will get from the world. I find that every time I grow more internally, the world simply explodes with the opportunities that it has for me.

SPECIAL REPORT

DR DALYA AL MUTHANNA President - GE, UAE and global chief of Strategy and Operations, GE International Markets

verall, [2021 was] a positive year, a year of demonstrating what it means to be resilient, to transform the way we operate and the way we approach culture change, particularly as we are navigating ourselves out of the pandemic. At GE, we doubled down on ‘Lean’ as an operating philosophy, one that is rooted in continuous improvement with accountability and ownership; we executed our commitments and honoured our partnerships. This year has seen great momentum on the sustainability and climate change agenda; we witnessed so many countries taking bold ownership in this regard. The UAE’s announcement of Net Zero by 2050 and its recent win to host COP28, is a clear testimony to the level of commitment the UAE leadership is giving to the energy transition dialogue. A dialogue that GE is

Whatever goal you put upon yourself, whatever you want to be, be sincere, be kind and give it your 100 per cent. Hence, it may take time to find your passion, understand that it is a journey, that your everyday experiences chisel your character and skills, so make it worthwhile”

actively supporting and dedicating its engineers to advance its suite of complementary technology and create innovate solutions needed for energy transformation. This year has also brought accelerated actions around inclusion and diversity. At GE, we adopted the global mindset approach to build a more diverse workforce and a more inclusive workplace. We created chief diversity officer roles within each business, we expanded our diversity strategy to include mitigating bias in our talent processes and we transparently report our diversity data globally. The biggest challenge I would say has been myself, always striving to improve what’s around me, to do better, whether on a work or personal level. Having a desire to learn and to be humble around it is key to grow and develop as a leader – the more you learn the more you realise how little you know. Whatever goal you put upon yourself, whatever you want to be, be sincere, be kind and give it your 100 per cent. Hence, it may take time to find your passion, understand that it is a journey, that your everyday experiences chisel your character and skills, so make it worthwhile. I am excited about 2022 and I look forward to the global economy as it reboots and returns to a new normal. Our outlook for the region is robust, we continue to focus on three strategic themes – energy transition, precision healthcare and future of flight. Integrating the power of digitisation and led by a resolve to cut emissions, several path-breaking innovations are being developed and are aimed at solving problems from across diverse sectors, whether aerospace, healthcare, or power. We have learned in the past two years the importance of working together, across boundaries and across geographies, for the sake of global goals. We know we can only succeed if we work together, through private and public sector partnerships, through supportive government policies and through diverse and cross functional talents. [The year] 2022 I hope will strengthen and foster partnerships, will build more inclusive communities and workplaces and accelerate technology for a sustainable, healthier, and more beautiful environment.

SPECIAL REPORT

Female talent will also play a major role moving into 2022. Presently, d3 is home to nearly 100 Emirati businesses, many of which are led by women, and we hope to see this number grow”

KHADIJA AL BASTAKI Executive director, Dubai Design District (d3)

or all of us, 2020 was a challenging year and much of the past year has been dedicated to reconciling ourselves with what we value and how we do things. It has been a period of considerable adversity and learnings and as we look to 2022, we continue to adapt to our new normality and the unpredictability around us. For us at Dubai Design District (d3), the last 18 months has seen our community show incredible resilience and collaboration – and I’m so proud of this. As the heart of the region’s design and creative scene, we have absorbed learnings from the pandemic and continued to rethink the ‘regular’ by embracing the inevitability of change and becoming active architects of the future creative landscape. Our community at d3 is closer knit than ever today. We tested and expanded our ecosystem’s potential for collaboration and innovation. Organising Dubai Design Week at d3 last year (which at the time was the first cultural event held globally in the pandemic setting) and the launch of Arab Fashion Week this summer in strategic partnership with Arab Fashion Council, are a testament to our resilience. And to organise both these events – in full physical format – and with the most extensive programme to date for Dubai Design Week, feel like considerable achievements and highlight the desire of our community to be back together in person – learning, supporting, exchanging ideas and inspiring one another. We have maintained d3’s growth momentum over the last 18 months and have continued to attract businesses ranging from multinational luxury design firms to promising local and regional startups. Our creative community has grown to over 10,000 and our business partners to more than 600. Many Emirati-owned companies are among the companies to have joined the d3 community in the last year-and-a-half. We have seen remarkable talent and ideas over the last 18 months too, from international studios and designers to emerging entrepreneurs and independent creatives.

If we are to thrive in the future world, we must ensure that the strategic partnerships built in the past two years, in particular, continue to nurture and evolve – and we must develop more. We already have a packed calendar of events for 2022 to highlight landmark achievements in interiors, architecture, fashion, product and visual design disciplines. We hope to attract more notable companies to our network with competitive benefits, opportunities for expansion and access to a remarkable talent pool. To that effect, we must continue investing in emerging talent and providing them a launching platform. While large corporations set a high bar for excellence, it is students, freelancers, startups and SMEs that inject fresh ideas and independent thinking into the industry. Female talent will also play a major role moving into 2022. Presently, d3 is home to nearly 100 Emirati businesses, many of which are led by women, and we hope to see this number grow. We are fortunate to live in a country that prioritises equality, however it is up to us to continue clearing the path for the generations following us. The pandemic may have shown us how little control we have over the future, but that should be more freeing than frightening. Chaos inspires creativity, requiring us to unite and develop innovative solutions to unprecedented problems. Creativity in all its forms allows us to test the limits of our imagination indefinitely, and perhaps the new normal will inspire us in ways unimaginable.

SPECIAL REPORT

SOPHIE DOIREAU CEO – Middle East, India and Africa, Cartier

or many, 2021 represented a year of hope and it also shed new light on the importance of resilience – for countries, businesses and individuals. This proved especially true in the UAE, which continued to manage the unprecedented set of circumstances with exceptional measures, ensuring a safe reopening of the country and the economy, with health and safety remaining the utmost priority. The same applies to the luxury industry, which adapted to the new normal and showcased its ability to navigate the uncertainty. For Cartier in the region, this was a very anticipated year not least as we were looking forward to the inauguration of the Women’s Pavilion at Expo 2020 Dubai. Born out of a unique collaboration between Cartier and Expo 2020 three years ago, the Women’s Pavilion highlights the voices and actions of inspirational women from around the world who have contributed to women’s empowerment and gender equality. Seeing the tremendous interest in this unique project speaks to the importance and relevance of the cause. The inauguration in October allowed us to share an important message – when women thrive, humanity thrives – and was a true moment of pride for the maison and for me personally. The Women’s Pavilion will continue to host daily engaging talks and visitors until the end of Expo in March 2022. In 2021, we also unveiled our renovated flagship boutique in Dubai Mall and relaunched the Pasha watch in a night that lit up the sky of Riyadh. The momentum never stops and looking ahead to 2022, much more is on the horizon. We will continue to build on the longstanding relationship between Cartier and the Middle East. And we are also in the process of expanding our presence in markets where we see great growth potential, such as India and Turkey, with many exciting initiatives to come in 2022 and beyond.

On a personal level, this has been a significant year for me as I was appointed the chief executive officer for Cartier’s Middle East, India and Africa region. I am very fortunate to have been supported over the past 12 years of my career at Cartier, which is an organisation that places great emphasis on developing and rewarding talent. The maison truly embodies its commitment to women and walks the talk of gender equality; today at Cartier, more than 50 per cent of managers globally are women, and our UAE operation was recently certified as having achieved fully equal pay for equal work across male and female employees. I have also been extremely lucky to meet very inspiring women along the way as I believe it is crucial to be surrounded by a community of supportive, ambitious and forward-looking leaders. And so, to all the aspiring young women out there, I would say dare to think big and outside the box, make sure you have a seat at the table and use it to voice your big ideas that can change the world.

The momentum never stops and looking ahead to 2022, much more is on the horizon. We will continue to build on the longstanding relationship between Cartier and the Middle East. And we are also in the process of expanding our presence in markets where we see great growth potential, such as India and Turkey”

SPECIAL REPORT

Industry dynamics were shuffled which created opportunities for disruption and transformation, being agile and open to change enabled individuals and corporations to step out of their comfort zone, tap into new opportunities and experiment with new market dynamics”

RAJA AL MAZROUEI Executive vice president, DIFC FinTech Hive

he year 2021 was transformational and an eye opener on the importance of disrupting oneself and recreating the unique contribution of oneself within the organisation and the industry. I believe 2021 was a great comeback, with results responding to the pandemic and how DIFC managed the business through these difficult times and showcased the resilience of the organisation, the commitment to clients and the industry and the agile response to the market. Industry dynamics were shuffled which created opportunities for disruption and transformation, being agile and open to change enabled individuals and corporations to step out of their comfort zone, tap into new opportunities and experiment with new market dynamics. 2022 will build on the roots of opportunities created in 2021 as post pandemic, it will bring the world closer through technology, and families

closer through hybrid work structures that evolved as a result of the pandemic. As a [woman] leader, I look at the opportunity rather than the challenge, as opportunities are always results of challenges. Reaching the top is neither easy for men nor women – it requires clarity of purpose and focus on the ultimate objective, and staying true to oneself and the organisation throughout the journey. There will always be opportunities for growth and it’s important to stay aware and engaged to make the best out of these possibilities. Hence, aspiring entrepreneurs should always identify their purpose in the journey and stay aligned to their purpose. They should remain focused on deliverables and contributions, understand their industry and their competition and always under promise and over deliver. For female entrepreneurs, in particular, I would say trust your gut, reach out to your network for support and guidance, and remember there are no limits to success.

SPECIAL REPORT

JOSETTE RIZK Director of Institutional Clients MEA, Invesco

he thing about unconscious bias is that it is unconscious: it is not a deliberate strategy to prevent women from succeeding. This is an important distinction. Gender bias is one of the most common forms of unconscious bias in the workplace, and women in the financial sector are particularly vulnerable to its implications. Men rarely set out to impede a woman’s success – because when it comes to performance, we are equal. If of course, we choose to be. Diversity within the workplace has been proven to be beneficial for the long-term success of a company. In a world facing more complicated challenges similar to what was brought on by the Covid-19 pandemic, the way we pull together and face the challenges in an immensely difficult operating environment is what makes us successful – there is simply no more room for gender politics. At Invesco, our client-centric approach enabled our EMEA business to grow in assets under management. We have been able to achieve this success by delivering for our clients through collaborative thinking, a unified structure and by recognising that clients wish to consolidate their service providers.

As a woman in finance, a domain typically dominated by men, I have always thrived by directing my focus on ensuring that we are supporting our clients in achieving their objective and delivering a consultative service”

Consolidation is a dynamic that will continue into 2022, with clients likely to reduce the number of providers and focus on limited partnerships. The global macro-outlook will however continue to be a challenge, and asset managers will have to navigate volatility as the world moves past Covid. The volatility is tempered somewhat by a slow return to normality – many of us are now back in the office and that is very good news for face-to-face collaboration. It is refreshing to be back together as one unified team, bouncing ideas off each other and going the extra mile to deliver even more for our clients. As a woman in finance, a domain typically dominated by men, I have always thrived by directing my focus on ensuring that we are supporting our clients in achieving their objective and delivering a consultative service. The willingness to learn from my clients and peers is a key component to progressing my career and pushing myself forward – but of course, male or female, there are times when everybody faces challenges in reaching the top. When it comes to the ‘glass ceiling’ that women face, there may well be circumstances where unconscious bias means that a man might prefer working with another man. We’re all social beings. But I believe those instincts very quickly dissipate when a woman steps up and delivers on the job. When you give results, that glass ceiling will ultimately shatter. My advice to women who want to climb the ladder is to find an ally who can help them navigate things – and push them to challenge the status quo. They can also act as a role model to learn how to gain confidence in your ideas. It is true that women are generally more ‘agreeable’, but if we leverage it to secure good outcomes for ourselves, then we can achieve confidence in a different way. With confidence, the rest will follow – challenging yourself and those around you, working outside of your comfort zone and advocating for even greater diversity within the workplace. It’s all there for the taking; as women we just need to realise there is still a difficult and long journey ahead, but we should stay focused on achieving our ambitions.

SPECIAL REPORT

“JUST BECAUSE YOU ARE CEO, DON’T THINK YOU HAVE LANDED.YOU MUST CONTINUALLY INCREASE YOUR LEARNING, THE WAY YOU THINK, AND THE WAY YOU APPROACH THE ORGANISATION” I N D R A N O OY I , F O R M E R C H A I R P E R S O N AND CEO OF PEPSICO

DEC

Lifestyle

A time to celebrate To mark the UAE’s 50th founding anniversary, Dubai-headquartered Ahmed Seddiqi & Sons has unveiled over 35 limited-edition watch and jewellery pieces from some of the world’s biggest brands p.72

“I don’t know one country in the world that has a vision for 50 years. When you see what’s happening [in the UAE]...[it is] indeed is a market where we would invest” Nicolas Baretzki, CEO of Montblanc

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Omega UAE-based Rivoli Vision has unveiled a limited-edition Omega 50th Anniversary Edition Eyewear with the skylines of Dubai and Abu Dhabi engraved on its lenses

December 2021

Lifestyle / Auto

Green lights It hasn’t even been a full year that Stellantis, one of the world’s biggest auto companies, has been in existence. Still, its wheels are spinning furiously. Here’s what it has in store for the region BY VARUN GODINHO

n January this year, there was a gargantuan event within the auto industry, the scale and magnitude of which is rarely witnessed. Italian-American firm Fiat Chrysler Automobiles merged with the French PSA Group to create Stellantis, the world’s fourth largest automaker. Stellantis was formed on the promise of delivering EUR5bn of annual synergies to investors of the company which is listed on the Paris, Milan and New York exchanges. The entity has a

December 2021

formidable arsenal of 14 brands including Jeep, Maserati, Ram, Alfa Romeo and Fiat, among others. Leading the regional business is Dubaibased Markus Leithe, who was appointed as group managing director at Stellantis for the Middle East in February this year. “This is not a takeover, this is a merger of equals – so it wasn’t that FCA took over PSA. We pride ourselves on not being considered as a French, American or Italian brand, but more of a global brand,” says Leithe of the

company that deliberately looked beyond the three home countries of the merged entities and chose neutral Amsterdam in the Netherlands to base its new headquarters. He is directly overseeing GCC and Levant markets, as well as that of Iraq, with the possibility of Pakistan being added to his watch as well. And while it’s only been a few months into his role, apart from managing the administrative ground realities of effecting a merger, he’s had to keep an eye on the financials as well. In Q3 2021,

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Lifestyle / Auto

globally, Stellantis reported net revenues of EUR32.6bn, down 14 per cent compared to Q3 2020. In the Middle East and Africa market, it reported a 10 per cent dip in net revenue to EUR1.045bn in the third quarter of this year and consolidated shipments of 49,000 units, down 22 per cent over the corresponding period in 2020. Stellantis said that it had cut its quarterly production by 30 per cent, or around 600,000 vehicles, and it attributed that to the crippling semiconductor crisis. While the semiconductor shortage has affected all the world’s major auto players, Leithe finds the silver lining within it. “With this semiconductor crisis, we are focusing on higher margin vehicles and higher trims within the vehicle portfolio. You have more competition within the organisation where you are trying to distribute cars based on the margins that you can get. You might call it opportunistic, but you try to make the best profit that you can. We are also working very closely with the dealers and making sure that they keep their performance alive with lower stock. Dealers are competing with each other for getting supply from us. We also make it very clear [that] we can’t supply those many cars, but [they] need to make sure that we are going after higher profitability areas. “Also, [as for the] channel mix, we’ll be focusing much more on the retail side of the business and less on the big fleets or broker business.” The semiconductor crisis incidentally coincided with the global supply chain crisis, though the latter has had a limited impact on actual deliveries of vehicles and more on the delivery of production parts within factories. “We’ve worked a lot on a supply chain on our side to hit our targets with a much shorter supply, and [we] also hold our dealers accountable. So the time to push metal into the dealers while saying, ‘Okay, please now sell them off and try whatever [you can],’ has completely gone. It’s now the other way around.”

ne of the most pressing needs for any global auto manufacturer today is to make sure it has a clear, viable and robust electrification strategy. Stellantis plans to spend a whopping EUR30bn over the next five years to electrify 98 per cent of all its new models by 2025.

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BY 2030, BATTERY-ELECTRIC AND PLUG-IN HYBRID VEHICLES ARE EXPECTED TO ACCOUNT FOR A BIG SEGMENT OF STELLANTIS’ SALES

40%

North America

Europe

70%

It expects to have 55 electrified vehicles for sale in the US and Europe by 2025. The slew of EVs include the GMC Hummer EV (President Joe Biden recently got behind the wheel of one) and an all-electric Ram 1500 full-size pickup by 2024, the same year in which we will see an electric Dodge. Every Jeep model will offer a batteryelectric powertrain option by 2025, Opel will have fully electrified its fleet by 2024, the same year by which all Abarth vehicles will be electric and also by when every Fiat model will have a battery-electric option. Fiat has already begun to phase out its internal combustion engine (ICE) cars and will be an EV-only brand by 2030. December 2021

Lifestyle / Auto

have been a lot of announcements with regards to potential hydrogen manufacturing in Saudi Arabia. Is this something we could be interested in? Absolutely. But there’s nothing to announce at this point,” notes Leithe of a country that has stated its intentions of becoming the world’s largest hydrogen exporter.

L Stellantis plans to spend a whopping EUR30bn over the next five years to electrify 98 per cent of all the new models across its portfolio by 2025 By 2030, battery-electric and plug-in hybrid vehicles are expected to account for more than 40 per cent of Stellantis’ sales in North America and 70 per cent in Europe. But beyond focusing on product development, Stellantis is also looking at the underlying issue of the affordability of electric vehicles which is why it is aiming to make the total cost of owning one equal to that of a gasoline-powered model by 2026. “Affordability is actually the big question mark that you have, because electrical vehicles by definition will always be more expensive than ICE. The raw material that you need for electrical vehicles and the technology required will, at least in the foreseeable future, be more expensive than ICE. And that makes it particularly challenging for the low-end of the car market, and also for the not as mature markets where the population have different purchasing power,” says Leithe. “That’s something that we are trying to find the right solutions around.” Some of those solutions include developing four EV platforms – STLA Small, STLA Medium, STLA Large and STLA Frame – as well as three electric drive modules which can be used either for front-, rear- or all-wheel drive setups. Combined, the engineering prowess creates a flexible setup at Stellantis that allows it to offer a 70

December 2021

EV solution for anything ranging from a runabout to a full-sized SUV. Stellantis has planned five battery factories that will cumulatively deliver 260-gigawatt hours of battery capacity by 2030, half of which will be available by 2025. It also aims to have a solid state battery in place by 2026. In October, Stellantis announced a joint venture with LG Energy Solution to establish a battery manufacturing facility with an annual production capacity of 40 gigawatt hours by Q1 2024 in North America. It followed that up with the announcement of a deal with Samsung SDI to set up another battery plant in North America that is expected to be able to initially generate 23 gigawatt hours when it commences operations in 2025. However, will Stellantis battery manufacturing sites crop up within the Middle East as well? “I will say it’s possible. We have had some very initial exchange of opinions around that, but nothing beyond that. There is definitely an interest coming from governments around that.” Apart from pure battery technology, Stellantis will also soon showcase its hydrogen fuel cell van. Hydrogen is a subject that has found much favour with the region already. “We know that Saudi Arabia, for example, at the moment is very interested in hydrogen. I think there

eithe and his team will need to facilitate infrastructure to support its ecosystem of electric vehicles in the region in order to see the category flourish. As he explains, the onus will not necessarily lie with governments alone to build that infrastructure. “I don’t think that governments will necessarily develop the infrastructure, but they will look for partnerships to develop it. It’s similar to what you have with gas stations – nobody’s asking for a government-sponsored gas station out there. You have private entrepreneurs taking care of gas stations and I think the same will happen with electric infrastructure as well. And then of course, you will have the at-home infrastructure. If somebody is buying the car, they will get the infrastructure [to charge their vehicles at home]. We are also working with many of our importers to make sure that when there is a demand for infrastructure from a government entity, we can help them in providing that infrastructure.” As Stellantis nears its one-year anniversary, Leithe’s team is ironing out the administrative entanglements of the merger, mainly focusing on systems integration, creating a unified company culture, helping the brand find its identity and a common standard operating procedure that cherry picks the best practices from each of the merged entities to create a single global SOP. “I think when it comes to my vision personally for the Middle East, we need to achieve a fair market share. Given the fact that we are already number three in the region and number four globally, I think there’s room for improvement for us from a volume point of view to grow organically, with a strong customer experience around it. I look into profitability because it pays my bills today. And equally important is employee engagement and employee satisfaction.” Stellantis in many ways is an experiment of merging cultures, transnational ideas and ideals, and business fundamentals – and is in itself a thoroughly 21st century example of globalisation. gulfbusiness.com

BRAND VIEW

12th-floor Ginkgo Restaurante & Sky Bar with commanding views of the capital.

All eyes on Madrid

Spain has opened its doors to international tourists and especially welcomes visitors from the GCC region. Here’s what you can do in one of its most popular cities

n June, Spain opened up its borders to UAE travellers allowing nationals and residents from the Gulf country to travel to the European destination. The results of the country opening itself to tourism led to 4.69 million foreign tourists visiting it in September this year, a 311.9 per cent increase over the corresponding month in 2020. These international tourists spent EUR5.4bn, a six-fold rise over the same period last year. Pre-pandemic, according to Spain’s National Statistics Institute (INE), tourism contributed to 12.4 per cent of the country’s overall GDP. In an attempt to provide further impetus to travellers from the UAE and the Middle East, Spain added both the UAE and Bahrain to its travel safe list. In a move that facilitated a further flow of tourists between the two countries, Abu Dhabi added Spain to its green list of destinations – with all travellers arriving from green list destinations, irrespective of their vaccination status, exempt from quarantine measures upon landing in in the UAE capital. While the distribution of travellers to the different regions of Spain isn’t accounted for, Madrid has been among the chief destinations for visitors, evident from the direct non-stop flights of UAE-based carriers to Spain’s capital. For travellers planning a visit to Spain’s most populous, and arguably its most vibrant city, here are a few handy tips to bear in mind: STAY Madrid is home to some of the world’s most luxurious hotels, including the Four Seasons, which opened its doors in 2020 and the

Mandarin Oriental Ritz whose Belle-Époque building underwent extensive restoration work. These two new additions join Madrid’s extensive list of premium hotels which includes the historic Westin Palace and the Santo Mauro Autograph Collection. Other luxury hotels include upcoming openings of the Hardrock Hotel Madrid, Evok, JW Marriott and The Madrid Edition, as well as a boutique offering in the Metrópolis building, which will also feature restaurants, a private club and a spa. Another sought-after destination to stay in Madrid is the newly refurbished 154-room Rosewood Villa Magna Hotel located in the upscale neighbourhood of Salamanca. EAT There is no dearth of halal restaurants in Madrid. Apart from these, there are a number of top-tier culinary hotspots in the city. For a slice of history visit Botín, a restaurant that dates back to 1725 and which holds a Guinness record for the world’s oldest restaurant. To understand more about Madrid’s culinary history, ask for the Illustrated Map of Century-old Restaurants and Tabernas. For ultra-modern dining experiences, turn to Saddle, with chef Adolfo Santos at its helm. The restaurant collected its first Michelin star in December 2020. There are 19 other Michelin star resultants – including DiverXo, Coque and El Invernadero – shoring up the reputation of Madrid’s dining scene as among the best in the world. It’s also worth noting that on the top floor of many five-star establishments you’ll find the city’s fashionable rooftop bars, such as the VP Plaza de España Design and its

DO For the artistically curious, both the ThyssenBornemisza and the Reina Sofía museums offer private tours. Private tours are also now available for Liria Palace, the official residence of the house of Alba in Madrid and the main location of their art collection and historical archive, and the Royal Tapestry Factory. You can also arrange for a private tour of the El Prado Museum, which marked its 200th anniversary two years ago. Stroll through the Landscape of Light, located between the Paseo del Prado and El Retiro Park, which was recently named a UNESCO world heritage site. Culture, science and nature come together in this 190-hectare space, of which 75 per cent are green spaces. Visit the galleries of Madrid’s Golden Triangle of Art which includes three museums: Prado, Thyssen-Bornemisza and Reina Sofía museums. LIVE LOCAL The Santiago Bernabéu stadium – and the Real Madrid CF museum – is the third most popular tourist attraction in Madrid, after the Prado and Reina Sofía museums. Over 1.5 million tourists visit the stadium (which is currently being completely overhauled) every year, and special tours allow for dedicated access to the hospitality area, personalised service, premium catering, and private elevators. Atlético Madrid has a VIP offer too. If you visit its brand-new stadium, Wanda Metropolitano, you can go to a private box, avail of a buffet and view a game on the screen in the box. For those who want to switch sports with shopping, there are several luxury shopping routes to explore along Salesas and Salamanca district, which features Calle Serrano and Calle Ortega y Gasset. For a Made in Madrid shopping experience, don’t miss the faux taxidermy wall mounts by Javier Medina made from materials such as bamboo, and the necklaces and bracelets crafted by Andrés Gallardo at his studio in the Barrio de Las Letras. A map of the New and Old Artisans of Madrid features 34 businesses selling everything from handcrafted capes, gloves, hats, meninas dolls and dinnerware to fans, Manila shawls, tapestries and guitars.

Lifestyle / Horology Sarpaneva Year of the Fiftieth

Mohammed Abdulmagied Seddiqi, chief commercial officer at Ahmed Seddiqi & Sons

Happy 50th, UAE Ahmed Seddiqi & Sons has unveiled over 35 limitededition watch and jewellery creations designed specifically to mark the UAE’s golden jubilee. Several of these pieces were showcased at the recently concluded Dubai Watch Week. Here’s what went into building this impressive commemorative collection BY VARUN GODINHO

he UAE has leapfrogged from a fragile union of independent emirates back in 1971, to today becoming one of the world’s most developed countries. Several institutions which call the UAE home unveiled plans to celebrate the country’s golden jubilee. Among them is the Dubaiheadquartered Ahmed Seddiqi & Sons, one of the world’s largest luxury watch and jewellery retailers who recently organised the Dubai Watch Week. Ahmed Seddiqi & Sons has showcased a range of over 35 limited edition watches and jewellery pieces, purpose-designed for the UAE’s 50th anniversary. An internal think tank comprising 15 members from across the organisation, led by Mohammed Abdulmagied Seddiqi, chief commercial officer at Ahmed Seddiqi & Sons, brainstormed on ideas and the design of the pieces. “The ideation, designs, launches, 72

December 2021

De Bethune UAE Hawk

H. Moser & Cie Erythro

Bell & Ross BR03-92 UAE 50th Anniversary

and content were all led in-house by the think tank. The designs encapsulate the current trends in the industry, yet also include features and elements that are bound to drive the curiosity of avid collectors. We initiated the dialogue with brands and shared our vision with them for this initiative. A big priority for us was working with independent brands, in addition to others,” says Mohammed. Some of those who are featured as part of the collection include Greubel Forsey (Balancier S – The Ether), Frederique Constant (Highlife Perpetual Calendar Manufacture Year of the Fiftieth), Hublot (Classic Fusion Chronograph Concrete Sand), Ressence (Type I DX2) and De Bethune (UAE Hawk), among others. Mohammed was however clear that the focus of the entire exercise would be to celebrate the UAE and not just highlight Seddiqi’s long-standing partnership with dozens of top-tier brands. “We also wanted to work with brands that aren’t in the [Ahmed Seddiqi & Sons] portfolio such as Sarpaneva and others. The brands were instrumental to the process gulfbusiness.com

Lifestyle / Horology

Konstantin Chaykin Joker UAE 50th Anniversary Frederique Constant Highlife Perpetual Calendar Manufacture ‘Year of the Fiftieth’ Ressence Type 1 DX2

in terms of exploring unused materials, implementing intricate details, and creating pieces that would appeal to a wide range of watch collectors.” Among the dozens of brands that Seddiqi partnered with for this project, one hit closer to home than the rest – the West End Watch Co. “For Ahmed Seddiqi & Sons, the relationship [with West End] stemmed from my late grandfather and the [company’s] founder, Ahmed Qassim Seddiqi’s passion for watches. He used to receive watches from Kuwait and would show them to his friends and neighbours. This eventually led to people purchasing these watches from him and that’s how the relationship with the brand blossomed. Today, as the second-, third- and fourthgeneration family members have joined the business, we feel a connection to the brand as it symbolises the beginning of Ahmed

Gerald Charles 50th Anniversary

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Hublot Classic Fusion Chronograph Concrete Sand

Seddiqi & Sons and how the business developed over the years. This was one of the stepping stones to Ahmed Seddiqi & Sons becoming the leading watch and jewellery retailer in the UAE.” While a few of the pieces were revealed to coincide with the UAE’s National Day, others were released in the run up to the Seddiqi-organised Dubai Watch Week. The majority however were displayed at the Watch Week itself which took place from November 24-28. They were showcased in a special Collector’s Lounge that was set up for the event at DIFC. “Dubai Watch Week is considered to be one of the strongest platforms in the industry, one

Moritz Grossmann The Fifty

Laurent Ferrier Classic VII

that is non-commercial as well. It focuses on education and building relationships. As the founder of Dubai Watch Week, Ahmed Seddiqi & Sons has witnessed the importance of showcasing limited editions created via this platform.”

West End Watch Co. The Formation

December 2021

Lifestyle / Luxury

Signed, sealed, delivered Nicolas Baretzki, CEO of Montblanc, partnered with one of the world’s most recognisable luxury brands, Ferrari, earlier this year. Here’s where the partnership, and the German company as well, is headed next BY VARUN GODINHO

s far as iconic personalities who shaped the 20th century’s auto industry go, Enzo Ferrari ranks at the very top alongside the likes of Henry Ford and Ferruccio Lamborghini. Ferrari became a larger-than-life personality, a brand unto himself, with an outsized aura in motorsports and by way of its production cars too which were always exotic, expensive and rare. It’s a marque that has managed to retain its positioning as one of the world’s most coveted and aspirational brands. This year, Hamburg-headquartered Montblanc, one of the world’s foremost manufacturers of luxury writing instruments, decided to partner with Ferrari on a new collection. “It’s a story that started many years ago,” explains Nicolas Baretzki, CEO of Montblanc, of the genesis of the collaboration between the Italian and German powerhouses. “We started to talk and understand, from a Montblanc point of view, how we can approach this so that we have a story to tell together. Obviously, going through the Great Characters [collection], [highlighting] the individual and the founder behind the carmaker, I thought was the best way to approach it.” The Great Characters Enzo Ferrari Special Edition has a cone engraved with two dates: 1898 and 1923. The former is Enzo’s birth year and the latter is the one in which 74

December 2021

Nicolas Baretzki, CEO of Montblanc

he won his first victory on a racetrack. The Great Characters Enzo Ferrari Limited Edition 1898 features metal used on the cap and barrel that resembles the grille of a Ferrari 125S engine, and is available as both a rollerball and fountain pen, with the Au750 solid gold rhodium-coated nib embellished with the wheel of a Ferrari 250 GTO. The Great Characters Enzo Ferrari Limited Edition 98 meanwhile, of which there are only 98 to be had, has design elements of the bodywork of the 1952 Ferrari 500 F2 which bagged the first F1 Championship win for Scuderia, replicated on the pen. As Baretzki says, the collaboration between Montblanc and Ferrari has seen feverish interest. He cites the example of an Italian client who couldn’t find the product in his home country and so travelled

to a boutique in Switzerland and put a EUR25,000 down payment to secure the pieces. He emailed Baretzki to tell him of it, only to hear back from the CEO that he was being returned his down payment as there were no more of those pieces to go around. The collaboration with Ferrari isn’t ending with this collection. The two brands have announced a multi-year partnership, although the scope of it and the products that will result from it are still under wraps. “I didn’t want to do just one collaboration. When I was talking to Flavio Manzoni, the head of design at Ferrari, he told me that for him as an Italian, as a lover of design, a lover of stories, he feels the same way about Montblanc as he does about Ferrari. It was really putting us at the exact same level.”

utside of the collaboration, business is starting to boom. “Covid is over from a business point of view, and pre-Covid is not even a reference anymore,” Baretzki declares triumphantly. Recent research by Bain & Company may bolster these claims. According to a Bain report released last month, the personal luxury goods industry has witnessed a V-shaped recovery this year. It grew 29 per cent to reach EUR283bn, increasing the size of the market by 1 per cent compared to 2019. And while Omicron could well throw a spanner in the works for Bain’s predictions made in the weeks before the new variant was identified, it nonetheless estimates that the gulfbusiness.com

Great Characters Enzo Ferrari LE1898

Lifestyle / Luxury

vocabulary, it’s a completely different understanding on what is the future,” he says.

personal luxury goods market could reach EUR360bn-380bn by 2025, with an annual growth of around 6-8 per cent. Montblanc’s parent, Richemont, doesn’t share individual performance figures of the brands within its portfolio, but a gauge of the robustness of its business can be ascertained from its overall levels of product rollouts and physical expansion. In April this year, for example, Montblanc opened a new flagship boutique in Madison Avenue – a stark contrast to the other luxury brands that were calling it quits at one of New York’s most coveted retail addresses. Baretzki’s decision to swim against the tide seemed prescient, as Bain in its most recent report noted that the Americas are now the largest global market for luxury representing EUR89bn or 31 per cent of the worldwide market, ahead of China which accounts for approximately EUR60bn or 21 per cent of the pie. More recently, Montblanc opened its first standalone boutique in Nigeria. “The success of Montblanc was built by very often being one of the first luxury maisons to enter a new market. We were the first one to enter India officially 25 years ago. We were one of the first maisons to enter the Brazilian market, we were also one of the first ones to enter the Chinese market with our own subsidiary that is more than 20 years old,” observes Baretzki. Regionally, last month, Montblanc opened its new boutique in Muscat’s Mall of Oman that will be managed by Rivoli Group, the 13th Montblanc boutique operated by Rivoli in the region over a partnership spanning 26 years. Here in the UAE, Montblanc unveiled a special limited-edition timepiece, the Star Legacy

Star Legacy Orbis Terrarum LE 71

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W Great Characters Enzo Ferrari LE98

Orbis Terrarum LE 71, to mark the 50th founding anniversary of the country. It also produced a short film titled, In my Time, which explored the relationship that six prominent Emiratis including Salah Tahlak, executive vice president of Dubai Duty Free as well as marine conservationist Mohammad Al Falasi, share with their home country. “I don’t know one country in the world that has a vision for 50 years. And when you can see what’s happening and why we can be confident, that indeed is a market where we usually invest,” says Baretzki of the UAE. On the day that we meet at the brand’s boutique in The Dubai Mall last month, he is keen to point out that the maison has relaunched its website, now with an Arabic version, and also revamped its e-commerce offering to offer same-day delivery. As Bain noted in its report, following a 50 per cent increase from 2019 to 2020, online channels continued growing by 27 per cent from 2020 to 2021, reaching an estimated EUR62bn in market value this year. Importantly, it finds that brand-controlled websites currently make up for around 40 per cent of the online segment, up from 30 per cent in 2019 which means brands have to make sure they double down on their own e-commerce efforts rather than rely on external e-commerce sites to turn the wheels for them. At Montblanc, Baretzki says e-commerce has significantly magnified its reach with the CEO citing the example of China. “In China, we have standalone boutiques in 70 cities. Last year, through our e-commerce in China, we delivered to 360 cities. [E-commerce] is a completely different

hile writing instruments and accessories remain core at Montblanc, its watchmaking is among one of the biggest components of its business too. Laurent Lecamp became the managing director of this division earlier this year. Montblanc will be back with a physical presence at Watches & Wonders exhibition in March next year. Baretzki sees an evolved model for watch fairs going forward. “We really need one moment in the year, a watch week. It’s a point where the world knows that there is a focus on watchmaking and it is where you bring together reference brands in watchmaking,” he says, dismissing the notion that watch fairs are no longer relevant, stressing though that strong digital content will be necessary to accompany the physical event on ground in Geneva. However, it is the format and positioning of the physical event that Baretzki now wants to be less transactional and more experiential. “It is not anymore a wholesale event, and not anymore a place to welcome all your retailers and sell products. It’s about talking about the maison and showing the novelties. You will still have a few rooms in the back to see some of the clients, but that’s not the main role anymore. If you enter the Montblanc booth, you’ll see 80 per cent of the space dedicated to showcasing the collections.” From a creative standpoint, the next few months at Montblanc will also be revelatory with Marco Tomasetta having taken the artistic reins of the brand only a few months ago and pushing forward at full throttle. “His whole first collection for Montblanc was done in six weeks, because he’s used to the speed of [working in] the fashion world,” says Baretzki of Tomasetta who was the former creative director at Givenchy. “The first thing I [look for in a creative director] is to have someone that I believe can have a real creative vision of what Montblanc is. And not his creative vision, but an understanding of Montblanc and translating that into products and a global plan. What was really amazing [of his new collection] is that he managed to define codes that can not only be used for this one collection, but are codes that can define meaningful elements for the Montblanc of tomorrow.” December 2021

Lifestyle / Horology

leap year cycle, day of the week, month, date, flyback chrono, minute repeater, sky chart, moon phases and orbit. The reverse dial reveals the angular progression of the stars and moon from the Northern Hemisphere and allows the wearer to observe the waxing and waning of the Earth’s satellite.

Picking the finest Christie’s Dubai watch specialist, Remy Julia, outlines his favourite models from the auction house’s sales conducted globally this year

PATEK PHILIPPE REF 1436 This piece is an extremely rare and historically important 18k gold split second chronograph wristwatch with Breguet numerals, sold to Henry Graves Jr. in 1947, manufactured in 1946. Ref 1436 holds a cherished position in the eyes of collectors as Patek Philippe’s first split seconds chronograph wristwatch produced in series. The first generation, of which this watch is a part, was made until the late 1940s. Since its introduction to the market in 1938 until it was discontinued in 1971, only 140 examples were made. 76

December 2021

PATEK PHILIPPE REF 5002 This timepiece was made between 2001 and 2012. The Sky Moon Tourbillon is one of the most important watches ever to have been made in modern history – reserved for Patek Philippe’s most important clients. Prospective owners would have to submit an application to qualify as a prospective buyer, followed by entering a waiting list before they got a chance to own this timepiece. Inspired by the Star Caliber 2000, a double-sided pocketwatch built to commemorate the new millennium, the Sky Moon Tourbillon boasts a whopping 12 complications and a movement made up of 686 parts. The complications include a tourbillon, perpetual calendar, moon age,

THE ROLEX “SNOW COMPAX” REF 6036 This watch is a rare steel triple calendar chronograph from the third generation of the celebrated “Dato Compax” Oyster triple calendar chronograph model presented by Rolex. Introduced in 1950, the bezel and the main case were carved out of one block of metal in what is referred to as a monobloc construction. It is known that only 500 pieces were made in stainless steel of the Ref. 6036 – with only 75 pieces identified in the market. This year’s offering had a Mk 3 dial with gilt pyramidal hour markers.

PATEK PHILIPPE REF 5102G CELESTIAL This Patek is a white gold astronomical wristwatch that was launched in 2002. The Ref 5102G borrows the principle of the celestial canopy from the most complicated wristwatch ever produced by Patek Philippe – the Ref 5002 Sky Moon Tourbillon. The nocturnal sky of the Northern Hemisphere rotates to show the apparent angular motion of the stars and moon as well as the progression of the phases of the moon. A delicate elliptical contour on the inside of the glass frames the portion of the sky that can be seen from all cities on the same latitude as the city of Geneva. gulfbusiness.com

Lifestyle / Fashion

Uninterrupted vision Rivoli Group recently established a dedicated eyewear retail division, Rivoli Vision, and also partnered with Zeiss to bring the latter’s technology to its stores in the region. Ramesh Prabhakar, vice chairman and managing partner of the Rivoli Group, outlines his plans for the regional eyewear market Which brands does Avanti by Rivoli concept retail and what is its USP?

Avanti sits at the top of the pyramid and is the group’s luxury eyewear concept, catering to the more discerning audience where a customer can find the perfect pair of bespoke prescription glasses or sunglasses of exclusive brands such as Masunaga, Brioni, Boucheron and Fred as well as Cartier, Gucci and Yves Saint Laurent, to name a few. The Avanti stores are also Zeiss Vision Expert centres delivering the ultimate vision care experience using cutting-edge Zeiss technology and contactless vision testing for any ophthalmic needs. Rivoli recently launched Rivoli Vision.

Tell us about the potential for the eyewear market in the region.

The eyewear market in this region is expected to grow exponentially over the coming years with the UAE eyewear segment rising at a prominent pace. This is attributed to the presence of a large crosssection of consumers with substantial spending capacity. Rivoli Vision aims to capture a significant portion of this market share and has been able to expand to 75 stores across the four key markets of the GCC – UAE, Bahrain, Qatar and Oman – within the last 18 months itself and this number is only set to grow with Rivoli Vision expecting 100 stores to be opened by early 2022 across its three eyewear retail concepts: Avanti, Rivoli EyeZone and Style 88.

and technologically advanced leader in the optics industry to help take our vision forward. The strategic partnership will have Rivoli Vision use the sophisticated Zeiss products and services in all its eyewear concept stores through a 360-degree offering. This partnership will also benefit the end-consumer through the state-of-theart vision care equipment and expertise offered by Zeiss across Avanti, Rivoli EyeZone and Style 88 stores – setting apart Rivoli Vision from other eyewear retailers in the region.

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The consumer eyewear market in this region is being driven by the rising count of people who need vision correction, especially with the increased exposure to digital devices during the pandemic when more adults have been working from home for extended hours and with the introduction of online schooling for kids. This has resulted in an increased occurrence in refractive errors along with a general lack of awareness on the need to get a routine eye check-up done. How will Rivoli’s Eyewear division mark the 50th anniversary of the UAE?

Rivoli has partnered with Zeiss. Why did it choose Zeiss and what is the scope of the partnership?

Zeiss is a leading technology enterprise globally operating in the field of optics and optoelectronics. At Rivoli Vision, being one of the largest eyewear retailers in this region, we’re enthused about associating ourselves with a credible

What are some of the key consumer trends that you have witnessed?

Ramesh Prabhakar with Baudouin Series, managing director of Zeiss Vision Care Middle East and Africa

Rivoli Vision will be retailing Omega eyewear’s special 50th Anniversary edition collection to honour and acknowledge the growth that this nation has achieved over half a century. It is a very special limited edition and has the skylines of both the marquee cities of the UAE – Abu Dhabi and Dubai – etched on the lenses through laser engraving. We will also be running a campaign called #EyeLoveUAE at 50 offering special benefits on sunglasses, optical frames and lenses to commemorate the 50th anniversary of the UAE. December 2021

BRAND VIEW

One. This club is quickly gaining a reputation of being one of the world’s longest hitting golf clubs.

The royal treatment From golf clubs to perfume to movie production, president of The Royal Lifestyle Corp, Jack Charles, tells Bill Welder why he’s bringing his multifaceted company to the UAE You have a rich career history that includes engineering, golfing and acting. How did this path prepare you to form The Royal Lifestyle Corp? I went to college and played golf, ran on the track team, and studied engineering and drama. I also acted in several stage plays while in college and had fun creating characters different from myself. I was interested how things were made, so after college I worked in engineering for four years and loved it. While working as an engineer, I played golf before and after work and on the weekends. This helped keep my body and golf game in very good shape. Eventually, I got tired of working indoors all the time and decided to try professional golf. This was fun, but ‘living out of a suitcase’ just wasn’t for me, so I decided to try and become an actor, writer and producer. So I went to Hollywood to see what would happen. Because of my acting and golfing abilities, I wrote and hosted several TV

commercials for various auto companies, and got invited to play golf as a celebrity in charity golf tournaments all over the US. Among your many business ventures, you have designed and launched a range of golf clubs. What makes your clubs different to those already in the market? I remembered from my engineering days that energy is magnified as it comes out through the surface of the ball bearing – like hitting a nail with a hammer. I named this line of clubs after a movie I wrote called John Jumano, and named the driver in this line of clubs JC1 – The Only

What are your future ambitions for The Royal Lifestyle Corp? What is your growth strategy for the coming months and years? With our promotional abilities, we expect both, our brands and products, to be in high demand worldwide, within a year or two. My wife, the Roman countess Donatella Pecci-Blunt, has developed a superb perfume fragrance called ‘Contessa’ which we expect will become a soughtafter top-seller worldwide. TV commercials and online social media campaign materials are already produced and ready to be launched in Europe, Asia and the United States. I would like very much to see The Royal Lifestyle become a a household name and a super profitable company. We have no debts and all our products have been developed and tested to make sure that people will love them. Furthermore, we currently have several movies in the pipeline ready to go into production, alongside tested golf clubs and perfume marketing ad campaigns ready to be rolled out on TV and social media. With all the major work done, and marketing campaigns ready to go, I am keen to speak with potential partners and investors that can help take the Royal Lifestyle brand to the next level. For more details, you can contact Royal Lifestyle on +33 680860281 or check out their website

“I would like very much to see The Royal Lifestyle become a a household name and a super profitable company. We have no debts and all our products have been developed and tested”

DEC

The SME Story

A dedicated hub for the regional startup and SME ecosystem

INTERVIEW

Payment highways Ibtissam Ouassif is the co-founder of buy now pay later platform Cashew Payments which has already received $13.5m of funding in its preseries A round

Buy now pay later (BNPL) has been a proven model in other regions. I felt there was no reason why consumers should not be offered quick, easy and transparent access to credit. Using Cashew is free to consumers, there is no sign-up fee and no interest fee, the merchants pay a commission but benefit from having alternative payment options. Give us a business overview of Cashew’s current operations.

What are your expansion plans for the business?

We currently have 42 employees who work either across our two offices in DIFC or remotely, with Cashew being active in the UAE and Saudi Arabia. Cashew is also expanding to other GCC markets. So far we have received $13.5m of funding in our pre-series A which primarily has gone into investing in technology and building our team. We have a real advantage that all our investment goes back into our business, unlike other BNPLs who also have to use this to balance their loan book. In the last year, we have built strong technology and product teams who are the drivers of our business.

The size and scale of the BNPL market in the Middle East is yet to catch up with other regions, 80

December 2021

When it comes to regulations, what are those that you are in favour of and those that you think should not be applied to the BNPL/ fintech space?

From our perspective, regulators should be providing a framework to share information regarding transactions that do not show in traditional financial reports. As the number of BNPLs in the region grows, the availability for consumers to have multiple repayments due grows, and we want to work with regulators to provide regulations to limit debt burdens for consumers. In terms of regulations that aren’t appropriate for fintech, the key thing to consider is whether those regulations could limit time to market and innovation.

What prompted you to start Cashew Payments?

What is the size and scale of the BNPL market in the Middle East and what are some of the innovations that you aim to bring to the space?

but the trajectory for growth is impressive and highlights a huge opportunity. The UAE and Saudi are the earliest adopters, but expanding across the Middle East is a key plan for Cashew in 2022. Purchases such as travel, health, insurance and education are all high-ticket size purchases that can be a pain point in people’s lives, and we built a product that can support paying for these in installments. We are moving into the space to offer instant, longer-term credit.

We are currently expanding in the UAE and Saudi Arabia markets and are looking forward to starting operations in Egypt in 2022, as well as Kuwait and Oman at the end of 2022.

What are your predictions for how the BNPL space will evolve going forward?

Ibtissam Ouassif, co-founder of Cashew Payments

Currently, BNPL providers in this region and others are all following a relatively similar path. We see the likes of Affirm, Klarna and now other Middle Eastern providers adopting cards and moving towards being marketplaces. I believe the majority of BNPLs will follow this trajectory, whereas at Cashew, we see there is a huge opportunity to focus on making different sectors and purchases more financially manageable as opposed to becoming a platform for improved shopping experiences in the retail space. gulfbusiness.com

The SME Story COMMENT

Michael Lane Managing director at Swiss International Legal Consultants, Swiss Group

MAINLAND COMPANIES

Often, the main concern for an investor is how much involvement the sponsor will have and whether the local sponsor could potentially interfere in business operations, request a percentage of profits or possibly make it difficult for the foreign investor to exit in future. While not all concerns can be eased, experienced business and legal partners can help set up the legal structure and corresponding agreements with reliable local partners, to minimise these risks. Since June 2021, around 1,000 of the listed business activities (mostly commercial, trading and industrial activities) can now be conducted under 100 per cent full foreign ownership. Professional licences, branches of foreign or freezone companies and sole proprietorship companies can be directly registered in the UAE without the need to appoint a local service agent, as previously required. In short, to penetrate the UAE mainland market and work with locally-based customers and/or governmental bodies, UAE mainland establishments are the only option.

The UAE Commercial Agencies law applies to most economic activities conducted in mainland UAE. Foreign companies intending to conduct business in mainland UAE can do so either through a limited liability company or a branch or representative office of a foreign entity. The main advantages of having an onshore mainland entity include fewer restrictions on how business activities can be undertaken and that the company can legally trade freely within the UAE. There are no restrictions for business premises location, provided it is located onshore and in the respective emirate from which the licence is issued. Federal law stipulates that UAE nationals must own at least 51 per cent of the company’s share capital (while the remaining 49 per cent may belong to foreigners) for the majority of company activities from an official government list of more than 2,000 business activities. Businesses that require a local sponsor, who owns at least 51 per cent of shares in the company, can become a challenging and daunting experience for foreign investors and finding a reliable local partner in a foreign country can be difficult.

As an alternative to setting up a mainland company, foreign investors can also establish a 100 per cent foreign-owned company with a corporate or individual shareholder, or a branch, in one of the various freezones across the UAE. The first UAE freezone opened in the 1980s, setting the framework for the many that followed. Today, there are around 45 freezones across the UAE. Most of the freezones are ‘themed’, for example Dubai Healthcare City and Dubai Internet City, and the activities permitted in the respective freezones were originally to be in line with the zone’s specific theme. While DIFC and ADGM are financial freezones also offering regulated financial activities, many other freezones, such as the Dubai Multi Commodities Centre (DMCC) and JAFZA are “generalist” freezones, offering a broad and comprehensive list of licenced trading and services activities. One of the main advantages of operating as a freezone company is that it offers complete control over your business, with 100 per cent foreign ownership. While this benefit may have been eroded by the June

A head start An investor guide to deciding whether to set up a freezone or mainland company in the UAE

re you planning on setting up a company in the UAE but feel unsure what type of company to incorporate? There are a number of challenges – as well as opportunities – to navigate first. The UAE is fully committed to maintaining a stable, proactive and business-friendly environment. A liberal, but sound regulatory framework, coupled with several business growth promotion initiatives and a favourable tax environment makes the country an extremely appealing choice for investors looking to set up a company. One of the most common questions we are asked is: “What are the advantages and disadvantages of setting up a freezone or mainland company in the UAE?” There is no simple answer regarding which option is best. Instead, the question requires a thorough assessment and understanding of client needs and requirements to offer the right solution. When considering freezone versus mainland companies, it depends on customer location (whether abroad or in the UAE), and the nature of the business activity to be carried out in, or from, the UAE. Here is our list of pros and cons for both mainland and freezone companies: gulfbusiness.com

FREEZONE COMPANIES

December 2021

The SME Story

2021 changes in mainland company ownership, the new mainland law is not universally applicable to all business types. A freezone, by its very nature, is a clearly defined tax-free zone. Each freezone, established by an act of the competent emirate, is administered and governed by its own regulatory authorities and operates under its own rules and regulations. Companies and individuals licenced in freezones are exempted from all taxes, including income tax, (depending on the freezone) for up to 50 years. Exemption from import duties is also a key benefit. Freezone licensees are allowed

to import goods or equipment into the freezone from a foreign country without payment of customs duties. While a freezone setup means you have complete freedom to repatriate capital and profits, a freezone licence is only given on the proviso of working out of the UAE or between the freezones, not for trading within the UAE. In case this would be required, freezone companies can work with locally appointed distributors. In other words, legally, you can only trade outside of the country or between freezones. There is substantially less red tape in freezone company formation. It is

easier and quicker to register a company in a freezone than to set up a mainland business. Most procedures are in English, while company documents are mostly bilingual (English/Arabic). If the speed of set up is important to you, many freezones can help you register your venture in just 10 days and certain freezones can do so even in one week, usually depending on the shareholding structure. MAINLAND VS FREEZONE

With that brief overview of the benefits, we’ve summarised the key criteria of each set up type:

CRITERIA

MAINLAND

FREEZONE

BUSINESS OWNERSHIP

Many mainland businesses require 51 per cent local ownership. Since June 2021, more than 1,000 activities can apply for full foreign ownership.

100 per cent full foreign ownership.

SCOPE OF BUSINESS

Includes inside and outside the UAE.

Only permits the company to conduct business within the jurisdiction of freezones or outside the UAE.

OFFICE SPACE

Minimum office space after one year of ownership only, size depends on the number of visas required.

Freezones offer a company setup with or without office space depending on the business activity and the number of employees.

RESIDENCE VISA

No restrictions on how many, but the number of visas you require is directly related to the office space you must rent.

Virtual office agreements, often called flexidesks, can include between one and six visas. Physical offices are available, linked to the number of visas that can be applied for.

FINANCIAL RECORDS / AUDIT

Financial auditing is mandatory.

While not all freezone entities are required to undertake a financial audit, it is highly recommended.

SHARE CAPITAL

No standard requirement of minimum share capital. It is determined by its legal structure.

Share capital deposit proof and amount varies between freezones.

INCORPORATION PROCESS

All in Arabic, the company founder(s) need to be present in the UAE to sign documentation – or a fully attested Power of Attorney needs to be in place to allow another signatory to take on the role.

The jurisdiction language is English and Arabic. Freezones usually offer digital, remote signing and payments. Certain freezones allow individual shareholders to virtually sign the incorporation documents.

December 2021

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