Gulf Business BBG Edition- March 2023

P.38 LEAPING INTO THE FUTURE: How Saudi Arabia is looking to dominate the regional tech landscape

P.60 PRIDE AND JOY: We explore the exclusive Musée Atelier Audemars Piguet in Switzerland

P.66 TOP TECH: Eight cool gadgets that made it to our must-have list

SPECIAL REPORT

AIMING

RAWABI HOLDING AND MAGNOM PROPERTIE S ’

RAWABI HOLDING AND MAGNOM PROPERTIE S ’

OTHMAN A IBRAHIM IS KEEN TO BE A PART OF THE SOLUTION ON CLIMATE CHANGE

OTHMAN A IBRAHIM IS KEEN TO BE A PART OF THE SOLUTION ON CLIMATE CHANGE

WOMEN IN BUSINESS: SHINING THE SPOTLIGHT ON THE REGION’S RISING

STARS AND BUDDING ENTREPRENEURS

PARTNER WITH THE ONLY

HYPER-REALISTIC METAVERSE EXPERIENCE

EVERDOME.IO/CONTACT-US

Gulf Business

07

The brief

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

28

High ideals

Othman A Ibrahim, CEO of Saudi conglomerate Rawabi Holding and vice chairman of its real estate arm, Magnom Properties, tells us about the company’s net-zero commercial tower and how it aims to set the global paradigm for sustainable buildings

43 Special Report

Women in business: We look at some of the region’s rising female leaders and entrepreneurs who are breaking free from stereotypes

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59 Lifestyle

Watching history unfold: We travel to Audemars Piguet’s museum p.60

Toxic tags: What are the chemicals hiding in your clothing’s labels? p.64

Gadgets we love: Cool tech gizmos that made it to our list p.66

“The road to net zero represents the biggest market transformation with the greatest economic promise since the First Industrial Revolution. A low carbon pathway to a high growth destination with inclusive progress for all”

Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, President-Designate COP28, UAE Special Envoy for Climate Change, MD and group CEO of ADNOC, and chairman of Masdar

70 The SME Story

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

Editor-in-chief Obaid Humaid Al Tayer

Managing partner and group editor Ian Fairservice

Chief commercial o cer Anthony Milne anthony@motivate.ae

Editor Neesha Salian neesha.salian@motivate.ae

Tech editor Divsha Bhat divsha.bhat@motivate.ae

Contributing editor Zainab Mansoor editorial.freelancer@motivate.ae

Senior art director Olga Petro olga.petro @motivate.ae

Art director Freddie N. Colinares freddie@motivate.ae

Cover: Freddie N. Colinares

General manager – production S Sunil Kumar

Production manager Binu Purandaran

Production supervisor Venita Pinto

Publisher Manish Chopra manish.chopra@motivate.ae

Digital sales director Gurjeet Kaur Gurjeet.Kaur@motivate.ae

Sales executive Sonam Sharma sonam.sharma@motivate.ae

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

EXCLUSIVE PAINTINGS,

SCULPTURES,

PHOTOGRAPHY AND TIMEPIECES FROM AWARD-WINNING INTERNATIONAL ARTISTS

The Arabian Falcon Navigator Timepiece by David Galbraith

Photograph by Wilfred Thesiger

The Brief

EVOLUTION

The mix of real growth and inflation slightly worsens at a global level, but today’s burst of inflation is set to cool over the longer run

The quest to stay competitive

Milestones that make a difference

Clean

Last year was a double milestone for decarbonising the world’s energy system. It was the first year when investment in the energy transition equalled global investment in fossil fuels, according to the latest data release from clean energy research group BloombergNEF.

The money flowing into the upstream, midstream and downstream segments of oil and gas, and into fossil fuel-fired power generation without emissions reduction technology, was $1.1tn last year. Likewise, annual investment in renewable energy, electrified transport and heat, energy storage and other technologies reached $1.1tn.

But 2022 was also a milestone in another sense –as the first year when investment in decarbonising energy surpassed $1tn. The year-on-year increase of more than $250bn from 2021 was the largest jump yet.

Renewable energy and electrified transport reaped most of those dollars. Those sectors were buoyed by soaring installations of wind and solar – with more than 350 gigawatts of assets built – and sales of 10-million-plus electric vehicles globally.

Although renewable energy saw record investment in 2022, electrified transport is growing at a faster rate. Passenger EVs account for the bulk of the transport dollars invested ($380bn) but by no means all of that sector’s capital flow last year.

PUBLIC CHARGING INFRASTRUCTURE SAW AN INFLUX OF $24BN

WHILE NEARLY $23BN WAS SPENT ON ELECTRIC TWO - AND THREE-WHEELERS

ELECTRIC BUSES GOT $15BN, AND COMMERCIAL ELECTRIC VEHICLES SUCH AS TRUCKS RECEIVED $8BN

DECARBONISATION IS A GAME OF DECADES AND A GAME OF DOLLARS. SINCE 2004, THE WORLD HAS INVESTED $6.7TN IN THE ENERGY TRANSITION

Public charging infrastructure saw an influx of $24bn, while nearly $23bn was spent on electric two- and three-wheelers. Electric buses got $15bn, and commercial electric vehicles such as trucks received $8bn.

TRACKING SIX SECTORS

BNEF tracks six other sectors in the energy transition, and all but one of them (nuclear) also set annual investment records last year.

The two smallest sectors for investment, shown below, are also worth noting. Carbon capture received $6.3bn in 2022 and hydrogen a little over $1bn. However, both grew significantly in relative terms: Carbon capture investment almost tripled while hydrogen investment more than tripled. Both technologies have made big promises in the past halfdecade, and investment is now following. But there will need to be orders of magnitude more use of them to have a substantial climate impact.

Inflation did play a role in the increase in invested dollars last year – but not that much of a role, given that inflation in the range of 8 per cent is less than a third of the total year-on-year dollar increase. Inflation drove up costs of components, construction and financing for energy across the board. Yet expansion in nearly every sector increased total dollars invested much more.

TRIPLING THE SPEND

A trillion dollars invested in a year is something. It is also short of what is needed. In order to get on track for net zero emissions in 2050, the world would need to immediately triple this $1.1tn spend — and add hundreds of billions of dollars more for the global power grid. Decarbonisation is a game of decades and a game of dollars. Since 2004, the world has invested $6.7tn in the energy transition. It took eight years, from 2004 through 2011, to reach the first $1tn. It took less than four years to reach the next trillion, and a little less than one more year to reach the latest trillion. One dollar out of every six invested over the last 18 years flowed in 2022.

To paraphrase the late energy investor T Boone Pickens, the first trillion was the hardest. The most recent trillion was the fastest — but if we are to achieve the deepest decarbonisation possible, it will also be slower than every trillion that comes a ter it. Bloomberg

energy sets a $1.1tn record that’s bound to be broken

Ready to deliver

The potential for drone deliveries has been talked about for years. But now, with advances in drone technology and a growing demand for faster delivery services, it looks like 2023 could be the year that we finally see drones delivering packages to our doorsteps.

What does this mean for the UAE, and Middle East and North Africa (MENA)?

THE POTENTIAL: With drones, delivery times can be cut down dramatically. This would revolutionise how we order and receive goods and services, improving convenience and satisfaction, and making it possible to deliver in hard-to-reach areas. Airborne deliveries also allow for improved access to essential services such as healthcare and basic supplies.

Moreover, drone delivery services have environmental advantages compared to traditional methods. They require fewer resources and emit less carbon dioxide than vehicles powered by gasoline or diesel engines. Since drones are lighter and have a smaller footprint than cars and trucks, they don’t cause traffic congestion or noise pollution in populated areas. Reduction in traffic on the roads leads to fewer accidents.

In addition to improved convenience, safety, and environmental benefits, there are economic benefits as well. According to research by Bain & Company, drone deliveries could provide up to $100bn in savings through lower costs associated with labour and fuel. In other words, drone deliveries offer an efficient solution that provides both immediate and long-term cost savings.

The technology is a revolutionary force for companies, especially highly diversified

businesses such as Al Masaood to help manage retail distribution or provide personal and consumer services.

IMPLEMENTATION CHALLENGES:

However, before we can reap these benefits from drone delivery services, there are still some challenges to overcome. The most pressing issue is regulations. Although some countries such as Singapore have already begun allowing commercial use of drones for deliveries, many countries including the UAE are still figuring out the laws around drones. Without clear regulations in place, it’s difficult for companies to launch their own commercial drone programmes.

Additionally, while technological advancements have made drones much more reliable than they used to be, there is still work to be done before they can become an everyday part of life. For example, many existing systems rely on GPS systems, which are not always reliable or available due to weather conditions or tall buildings blocking signals. Furthermore, existing batteries cannot yet handle long flights without recharging, which limits range significantly. Solutions must be found if drones are going to become a viable method of delivering goods over long distances reliably.

INDUSTRIAL DRONES: Industrial drones are unlocking strategic opportunities in a diverse range of sectors, from energy and infrastructure to shipping and construction. This cutting-edge technology can quickly map terrain, survey sites or inspect machinery – not just for conventional purposes like agriculture but across an everexpanding spectrum of uses.

Rasso Bartenschlager, general manager of Al Masaood Power Division

MARITIME DRONES: A smart technology that facilitates deep-sea exploration, maritime drones have surged in popularity. For instance, these unmanned planes provide a safe and efficient way to conduct inspections, search and rescue missions, and environmental monitoring, all while helping cut operational costs for commercial vessel operations, boat building or yacht chartering.

GOING SOLAR TO POWER DRONES: By utilising solar energy, we could open up a world of possibilities for drones –from creating environmentally friendly transport to enabling new research in aerial technology. Full-fledged charging solutions are becoming increasingly available on the market today for all types of vehicles including drones.

The UAE is rapidly emerging as a key player in the innovation of drone delivery services. The nation has made substantial investments into the development of cutting-edge technologies that support the seamless integration of unmanned aerial vehicles into society. Elsewhere in the region, government regulations are still in the early stages of development, making it difficult for companies and individuals to take advantage of drone technology.

Although there may still be some hesitancy from certain governments when it comes to allowing private companies access to airspace for commercial use of drones— as well as ensuring tight security measures against misuse – it seems clear that with continued progress – towards improving safety protocols and regulations, more MENA countries will soon be able join the list of those who offer drone-based transportation systems in the near future.

While there is still work to be done before we can see a widespread adoption of drone delivery services in the region, it’s looking increasingly likely that 2023 could finally be the year when these services take off in earnest.

With continued investment into research and development, coupled with strong government support, it looks like this might just be one dream that becomes a reality soon enough, ushering in a brave new era of fast, efficient delivery services for all kinds of goods.

Will 2023 be the year drone deliveries take off in the region? We explore the possibilities

FOCUSED ON EXPANSION

Guy Hutchinson, president and CEO, Rotana Hotel Management Corporation, and recipient of the Gulf Business Hospitality Leader of the Year 2022 award, caught up with Ian Fairservice, managing partner and group editor-in-chief of Motivate Media Group, to discuss the region’s vibrant hospitality industry and the company’s growth plans

Dubai welcomed 14.36 million tourists in 2022, with hotels averaging an occupancy rate of 73 per cent. Do you see the momentum continuing in 2023?  Dubai continues to lead the way in terms of global recovery. Last year, the city recorded a 97 per cent year-on-year increase in visitor numbers, marking one of the world’s highest average occupancy rates. These numbers further validate Dubai’s popularity as the number one choice for leisure travellers, which we’ve seen in the recent ranking by TripAdvisor readers. Guided by visionary leadership, Dubai truly presents an excellent model for global cities to follow, as it continues to provide a fantastic hub for business and leisure travel. I am positive we will continue to see stellar performance across the travel and tourism sectors in the emirate this year.

With 36 hotels in operation across the UAE, we have seen tremendous performance across the Rotana properties with hotels’ occupancy levels exceeding 80 per cent in the last quarter of 2022 alone. We are confident the momentum will continue in

2023 and we are looking forward to further expanding our o erings in the country.

Tell us about Rotana’s key brands and their brand personalities.  Rotana currently manages a portfolio of more than 100 properties throughout the Middle East, Africa, Eastern Europe and Türkiye, with an aggressive expansion plan in place. Our portfolio of brands presents a wide array of products to suit the various needs of guests, each reflecting its distinct flavour whilst staying true to the essence of the brand.

Rotana Hotels & Resorts is the company’s flagship brand and encompasses a wide range of hotels and resorts across the MENA region, offering a luxurious and contemporary stay, with a focus on providing guests with memorable and highend experiences.

With a keen understanding of the local market’s culture, Rayhaan Hotels & Resorts is the first alcohol-free hospitality brand in the region, providing guests with an oasis of elegance and luxury. Arjaan by

Rotana o ers modern, premium serviced apartments that provide our business and leisure travellers with the comfort and convenience of a home away from home. The Residences by Rotana provides luxurious serviced apartments that combine sophistication and exclusivity with the highest level of comfort and personalised service. Centro by Rotana is the lifestyle brand for today’s savvy business traveller looking for convenience, a ordability and connectivity across prime locations.

Our most recent brand, Edge by Rotana, is a collection of independent properties that maintain their individuality, while capitalising on access to Rotana’s extensive network and systems. Each of Rotana’s hotel brands reflects its unique personality and provides guests with a range of services and amenities designed to meet their specific needs and expectations.

The company plans to operate around 30 Edge by Rotana properties across the region by 2027. Is Rotana on track to achieving its target?

I am thrilled to say that Rotana is well on its way to achieving its target of operating around 30 Edge by Rotana properties across the region by 2027. Since launching in May 2022, we have successfully opened two Edge by Rotana-managed hotels in the UAE. We have signed an agreement for an Edge by Rotana hotel in Istanbul and are in negotiations for several new properties, which will be announced soon.

With a proven track record of delivering high-quality hotels and our keen understanding of the market, we are on track to further develop the Edge by Rotana brand and expect exponential growth in the next five years, with planned hotel signings across the world.

Which regional markets does Rotana plan to launch in this year?

Building on the success of a remarkable year of outstanding performance across our properties, we are gearing up for further expansion across the region. Three new hotels are scheduled to open in Saudi Arabia across three major cities in addition to one property in Doha under our Rayhaan brand.

Africa remains a key market for Rotana and we look forward to making our foray into Algeria with the launch of Azure

HOSPITALITY INTERVIEW

Is there a strong investor appetite for hospitality development?

The industry has always been an attractive sector for investors due to its growth potential and high returns on investment in the long run.

Rotana Resort & Spa in the port city of Oran, set to open in Q2 2023. We also recently signed an initial deal for a fivestar resort in the West African nation of Benin. In Egypt, we have a strong pipeline in place, including the much-anticipated luxury resort Luxor Rotana that is scheduled to open by the end of 2023. We are set to launch five new hotels, with properties planned for New Cairo and the popular North Coast in 2024.

Today, Rotana operates 72 hotels in 25 cities, managing 19,090 keys across the Middle East, North Africa and Turkey, with plans to develop 50 new properties spanning 29 cities.

As one of the most popular destinations globally, the UAE in particular presents an attractive opportunity for investors, thanks to strong government backing and diverse market offerings. Similarly, Saudi Arabia is another market witnessing exponential growth that is expected to further accelerate in the coming years.

Rotana is thus planning on developing seven new hotels in the kingdom, which will almost triple the number of rooms it runs in Saudi Arabia to 6,000 over the next four years.

Two new Edge by Rotana hotels opened in the UAE last year. How has the feedback been so far?

Arabian Park Dubai is our first Edge by

Rotana-managed hotel that opened in Q4 2022, conveniently located in the vibrant Al Jaddaf district. The modern, three-star hotel is the perfect choice for business and leisure travellers looking for convenience and modernity in one place.

We have so far received tremendous feedback on the services and amenities provided at the hotel, and this is a testament to the incredible Rotana team who work tirelessly to ensure guests enjoy their stays and create memorable experiences. The hotel has quickly established itself as an ideal stay for travellers and we are confident that it will continue to receive strong support from guests in the years to come.

We recently opened Damac Hills 2 Hotel, our second Edge by Rotana-managed property, in February 2023 and we look forward to continuing to deliver our brand promise of ‘Treasured Times’ across all our hotels.

Adapting to change

Here’s how retailers can remain competitive amidst market volatility and shifting consumer sentiment

The last decade has put the retail sector through its paces. Online and mobile shopping was already on the rise prepandemic, with demand for such solutions skyrocketing at its onset. ‘Omnichannel’ then quickly became a buzzword, closely followed by ‘experiential’, forcing retailers to adapt their strategies to match the ever-evolving expectations of consumers. Those who didn’t struggled to survive. Those who did – and got it right – thrived. Shortly after overcoming this hurdle, the world entered an economic slowdown, with some economists arguing that we are on the cusp of a global recession.

The GCC region has long been known for its affluent consumer markets, with its population having strong spending power due to high per capita income. However, with market inflation on the rise, how has this impacted consumer sentiment and spending?

WHAT THE TRENDS SHOW

Kearney Middle East has been regularly monitoring purchasing habits in these markets since 2020. It is no doubt that inflation is currently a prominent issue in buyers’ minds. In fact, our most recent research reveals that 84 per cent of those surveyed highlighted concerns about global market volatility and rising inflation.

Despite these concerns and notable price increases across both essential and non-essential items, half (51 per cent) plan on making a major household purchase in the next six months with no sign of planned expenditure slowing down. This speaks volumes about the confidence consumers have in their purchasing power regardless of the macroeconomic environment, driven by the strong economic foundations and continued favourable policy changes towards business and individuals in the two countries.

On si ting through the research data, the two categories that emerged as the most popular among consumers were food and beverage –including groceries, as well as apparel, footwear, and accessories. A closer look at these categories, as well as recent and emerging trends provides critical insights which will be key for retailers to keep in mind when planning ahead:

STRATEGIC ONLINE PROMOTION WILL BE KEY TO ATTRACTING AND RETAINING CUSTOMERS

One area which benefitted from the e ects of the pandemic and continues to reap the rewards of the shi t in consumer behaviour is online shopping. Historically, online channels used to have a price premium compared to o ine stores, however, they are now considered as an address for a ordability and convenience, which will continue to gain more importance given the current market conditions. To remain competitive, retailers should focus more on online exclusives, with the correct product and promotion type selection.

KNOW YOUR CUSTOMER WELL TO BETTER PLAN SUPPLY CHAIN OPERATIONS

As consumer spending returned to pre-pandemic levels, there was an increasing number of items in warehouses and shelves that quickly became less

HISTORICALLY,

CHANNELS

desirable (and those that were suddenly in high demand). This forced many international retailers to aggressively mark these down, clearing the way for incoming stock. By monitoring the signals of shi ts in consumer spending closely, retailers can e ectively plan their supply chain operations and avoid overstocked shelves.

MATURE CONSUMERS REQUIRE MORE CHOIC E

The demographics of consumers in the UAE and KSA continue to evolve and mature, with more power and knowledge at their fingertips. This has made them more demanding and expectant of retailers to provide them with a greater availability of assortment of brands and products.

As such, we expect new brands that play across the price spectrum (luxury and value) to enter the market in the coming year. With spending showing no sign of slowing down, we expect growth in both luxury and mid-tier level retail driven by the growing middle-class demographic, particularly in Saudi Arabia.

FOCUS ON SUSTAINABILITY TO TARGET THE GREEN CONSUMER

Our past surveys have indicated that younger customers are more inclined to take sustainability into account in their purchasing decisions. We have also seen a willingness to pay more for ‘greener’ products.

While we certainly see that not all consumers may pay more in the coming environment, we remain confident that purpose driven brands that associate themselves with sustainable practices will enjoy greater customer loyalty.

Overall, while consumers are wary of the global macroeconomic environment, the sentiment remains positive with spending power continuing to be strong. By closely monitoring the evolving face of retail and adapting strategies in response to consumer demands, key stakeholders in the retail sector can capitalise on this positive, local sentiment. This will ensure that they stay relevant and engaged with consumer needs to remain competitive.

Debashish Mukherjee and Mohammed Dhedhi, partners at Kearney Middle East and Africa

“THE DEMOGRAPHICS OF CONSUMERS IN THE UAE AND SAUDI ARABIA CONTINUE TO EVOLVE AND MATURE, WITH MORE POWER AND KNOWLEDGE AT THEIR FINGERTIPS. THIS HAS MADE THEM MORE DEMANDING AND EXPECTANT OF RETAILERS TO PROVIDE THEM WITH A GREATER AVAILABILITY OF ASSORTMENT OF BRANDS AND PRODUCTS”

ONLINE

USED TO HAVE A PRICE PREMIUM COMPARED TO OFFLINE STORES, HOWEVER, THEY ARE NOW CONSIDERED AS AN ADDRESS FOR AFFORDABILITY AND CONVENIENCE

Debashish Mukherjee Mohammed Dhedhi

Enabling food security

The Middle East can feed the world sustainably. Here’s how...

The Middle East was the birthplace of farming and agricultural settlements, the site of the first agricultural revolution. Today, as the world struggles to feed a rapidly growing population while cutting farming emissions, the region can lead another revolution by pioneering a type of precision fermentation that converts energy and a few ingredients into food. Middle East countries, particularly in the GCC, are well positioned to make this energy-to-food precision fermentation an industry of the future.

The world urgently needs a better way to feed itself. The global population is projected to reach 9.7 billion by 2050, 1.8 billion people more than today. Global agricultural production would have to grow by over 60 per cent by 2050 to feed everyone, which is daunting. That would require cultivating an additional six million square kilometres of agricultural land – roughly the size of the Amazon –land which is not available. The planet is also short of freshwater. Agriculture’s carbon emissions, already some 25-33 per cent of global greenhouse gas emissions, would increase. Farming would remain vulnerable to geopolitical risks and economic disruption. Worryingly, much of the food that would be produced, as today, would likely be low quality. Already, close to 40 per cent of the world’s population cannot afford a healthy diet, with many people subsisting on a diet of starchy foods.

RESPONDING TO THE CHALLENGE

The Middle East, especially the GCC, can answer this challenge, and produce healthy, low-emission foods. GCC countries are rich in low-cost renewables and capital, and possess the necessary inputs to make energy-to-food precision fermentation commercially viable.

Energy-to-food uses energy, nitrogen, carbon, oxygen and organisms (or biochemically active substances derived from such organisms) to make proteins and other food substitutes. The energy-to-food process occurs in a bioreactor, which provides the uniform environment for the energy intensive chemical reaction.

The eventual gains from energy-to-food will be considerable. We estimate that each kilogramme of protein from an energy-to-food bioreactor would create just 3 per cent of the emissions of a kilogramme of animal protein, use 0.5 per cent of the land needed for the same amount of animal protein, and require just 0.008 per cent of the water required for a kilogramme of animal protein.

ALREADY, CLOSE TO 40 PER CENT OF THE WORLD’S POPULATION CANNOT AFFORD A HEALTHY DIET

GCC countries could produce food cheaply and efficiently from bioreactors because their renewable energy costs can be around 40 per cent lower than the global average. Cheap renewables are vital as energy accounts for on average half the expense of energy-to-food proteins. GCC countries could therefore compete in the growing global alternative proteins market, which Credit Suisse estimates could be worth$1.4tn. They could also reduce food imports, which currently fill 85 per cent of GCC domestic food needs.

SURMOUNTING OBSTACLES

To lead in this sector, GCC countries must surmount the three related obstacles of cost, consumer acceptance, and scale. The technology is in its infancy and so expensive. Food is emotive and highly regulated, which makes consumer acceptance vital. Building scale quickly is critical to meeting demand and reducing the cost per kilogramme of proteins produced by precision fermentation.

They can overcome these challenges through action in six areas: research and development (R&D), investment in infrastructure, value chain development, talent, regulation and policy, and consumer awareness.

First, governments should invest in R&D so the technology matures and energy-to-food proteins become cost competitive. That means more funds for early stage and often high risk innovations. The

FOR THE WORLD TO BE ABLE TO PRODUCE

2.5 PER CENT OF ALL PROTEINS THROUGH PRECISION FERMENTATION BY 2030 WOULD REQUIRE

4 BILLION LITRES OF BIOREACTOR CAPACITY, WHICH WOULD COST $2TN AT CURRENT PRICES

private sector can then commit its money and help the technology proliferate.

Second, there should be joint public and private sector investment in expensive infrastructure. For example, a commercial bioreactor with 1 million litres capacity can cost up to $500m. There is just 60 million litres of bioreactor capacity available at present. For the world to be able to produce 2.5 per cent of all proteins through precision fermentation by 2030 would require 4 billion litres of bioreactor capacity, which would cost $2tn at current prices (although the unit cost could drop as the technology improves).

Third, governments should develop the complete energy-to-food value chain. That means ensuring private sector producers have access to the necessary raw materials and feedstock.

Fourth, energy-to-food demands a deep talent pool for R&D and commercialisation. That means leading experts in molecular biology, chemical engineering, strain engineering, data science, product development, and plant design – along with clinicians, nutritionists, and policy experts. Some talent will come from outside the region, some can be developed regionally.

Fifth, regulation and policy should promote energy-to-food proteins and safeguard quality. Incentives can assist companies with the cost of investment in R&D and renewables.

Sixth, the public and private sectors should gain consumer acceptance through education and standards. Consumers will need to know that energy-to-food proteins are environmentally sound, healthy, nutritionally beneficial, halal (permissible) for Muslims, and acceptable in other cultural and religious contexts.

Creating food from energy and a small number of other ingredients will be a new agricultural revolution. GCC can be in the vanguard, feeding the world in a healthy and sustainable manner.

“THE WORLD URGENTLY NEEDS A BETTER WAY TO FEED ITSELF. THE GLOBAL POPULATION IS PROJECTED TO REACH 9.7 BILLION BY 2050, 1.8 BILLION PEOPLE MORE THAN TODAY. GLOBAL AGRICULTURAL PRODUCTION WOULD HAVE TO GROW BY OVER 60 PER CENT BY 2050 TO FEED EVERYONE, WHICH IS DAUNTING”

Dr Yahya Anouti, Dr Shihab Elborai, partners, Samer Al Chikhani, principal, and Hammad Nawaz, manager, with Strategy& Middle East

Dr Yahya Anouti

Dr Shihab Elborai

Samer Al Chikhani

Hammad Nawaz

Alan’s Corner

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

Innovation through collaboration

and new product development. You can innovate how you recruit and retain good talent for example. You can reimagine your inbound and outbound supply chain, your route to market and some of your internal processes.

Innovation is a concept that is all about trying new things and not being complacent or resisting change. The word originates in the Latin word ‘innovare’ meaning to introduce something new.

As part of the workshops mentioned at the start, we did some ‘root cause analysis’ of problem areas. I listened to people blaming colleagues from other departments, that were not in the room at that time. So for phase two we changed the groups. We ran the workshops, this time with mixed groups from di erent departments. While there was some tension at first in those meetings, very quickly we moved to problem resolution. The atmosphere changed from one of conflict and negativity to one of collaboration and positivity.

COLLABORATION

While working with a recent client on a culture and strategy development programme, I facilitated a series of workshops in each department where each group was made up of members of just that department. To ensure that the meetings had a practical and commercial focus, we discussed reallife business challenges. In doing that we built plans for developing new markets, sales, customer service, etc.

A key element was missing, which was innovation. I didn’t get any sense that participants were thinking outside the box. They were trying to fix things within an existing mindset and business model. With some poking and prodding from me, they started to change.

In this fast changing world where barriers to entry for new players are coming down, new competitors can crop up quickly. They can disrupt an industry due to not having any legacy systems or other baggage. We know how Netflix, Uber, Air BnB and others have fared in a short few years. Where is Nokia now a ter Apple’s colossal market growth in the last twenty years?

A key cultural trait that is essential therefore in all legacy businesses, is innovation. Don’t get confused thinking that this is only about technology

PEOPLE OFTEN DESCRIBE A ‘EUREKA’ MOMENT WHERE THE IDEA JUST CAME TO THEM. IN ACTUAL FACT, YOU WILL MOST LIKELY FIND THAT THEY HAVE BEEN INCUBATING THE PROBLEM AREA FOR A WHILE AND PROBABLY DISCUSSED IT WITH OTHERS

The need for innovation through collaboration is more prevalent than ever. The complexity of problems in the world and indeed in organisations demands it. Globalisation now enables incredible access to education, information and the connection of talent and ideas. Also, increased specialisation means that experts now have a depth of knowledge in increasingly specific and focused areas. The various startup hubs in the GCC are an example, with many startup niche businesses bouncing o one another daily.

We need to find ways and means to connect that specialised knowledge. Picture a spider’s web with each strand going out from the centre as a specialist discipline. Picture too how much stronger and robust the web is – because of the strands that link across those verticals. This is relevant for all of us, whether the collaboration is internal within our own organisation or if it’s external.

We love the notion of the lone genius, but very o ten ‘breakthroughs’ are the result of collaboration.  People o ten describe a ‘eureka’ moment where the idea just came to them. In actual fact, you will most likely find that they have been incubating the problem area for a while and probably discussed it with others.

TYPICAL CHALLENGES

Real collaboration within organisations goes far beyond mere ‘cross-party talks’ and can be impeded by obstacles such as di erent profit centres, internal politics, defensiveness and competing agendas.  These obstacles are less likely when collaborating

The question is no longer whether you are open or not to the idea of collaboration, because survival demands it

with outsiders. Instead, the challenges with external partners might be more about lack of trust, potentially differing worldviews and a time-intensive learning curve.

I have experienced real obstacles to collaboration in companies of all sizes. I have also seen it with entrepreneurs who believes they can do most things themselves. And that’s a pity.

TIPS ON HOW TO CREATE THROUGH COLLABORATION

To start with, collaboration requires an opening of the mind to the possibility of working differently and progressing your innovation in potentially different ways. The real shift that is required is about mindset

“THE NEED FOR INNOVATION THROUGH COLLABORATION IS MORE PREVALENT THAN EVER. THE COMPLEXITY OF PROBLEMS IN THE WORLD AND INDEED IN ORGANISATIONS DEMANDS IT. GLOBALISATION NOW ENABLES INCREDIBLE ACCESS TO EDUCATION, INFORMATION AND THE CONNECTION OF TALENT AND IDEAS”

and evolving from a proprietary position to a collaborative one. The question is no longer whether you are open or not to the idea of collaboration, because survival demands that. The question now is, where in your organisation is collaboration appropriate for you?

To make collaboration work for you…

01. Have the right people in the room. Select the best people who have both the talent and openness to others. Exclude those that have no desire to collaborate.

02. Create the right conditions. Consider carefully the appropriate physical space and place for a specific group of experts to engage and build trust.

03. Engage a skilled facilitator to ensure the process is structured and focused on a result. The facilitator should ensure a good balance between the level of order and free-flowing of ideas.

04. Agree ground-rules such as active listening, to understand and not to find fault. Pay respect by writing down every idea.

05. Agree actions that are specific, measurable, achievable, relevant and timely (SMART).

TO SUM IT UP

Small organisations have typically been more open to collaboration than larger ones. But the message for all of us is that there are many benefits to collaborating and shared innovation.

Collaborating externally with third parties, or by forming clusters or getting involved with open innovation networks can facilitate…

Development of new relationships

Shared tackling of problems and resolutions

Access to knowledge and insights

Avoidance of duplication of effort by collaborating on common, non-competing areas

Opportunities to form partnerships that can fasttrack your innovation agenda

Reinventing the wheel

Fintech is improving access to pensions in the Middle East

Ageing is a simple fact of life. Those of us who work a regular job will at some point need to take a step back, retire and enjoy our older years in peace. In order to do so comfortably, retirees need savings to live on, to provide financial security and stability.

As universal as this need may be, the world also faces equally universal challenges. Not enough working people are saving for their retirement globally. People are living longer, and the number of people working is falling while the number of individuals in retirement is going up.

“AGREE GROUNDRULES SUCH AS ACTIVE LISTENING, TO UNDERSTAND AND NOT TO FIND FAULT. PAY RESPECT BY WRITING DOWN EVERY IDEA”

ILLUSTRATION: GETTY IMAGES/SESAME

Tim Phillips, managing director of Smart Middle East

The Middle East is no exception. People in the region work hard, but many don’t have adequate savings for when they want to finish working. In the UAE, 45 per cent of residents say they have not started saving for retirement, yet 63 per cent say they want to retire before they turn 60, according to Friends Provident International Fund. At the same time, the size of the working-age population in Arab countries is expected to fall by over 25 per cent by 2060.

This means governments and public pension funds have started to urgently think about how they need to adapt and modernise to provide better systems for workers. And financial institutions are looking at how they could launch compelling new solutions for workplace saving products.

Some areas of the Middle East are increasingly looking at how they can learn from the successful savings reforms that have been implemented in territories like the UK, Australia and Hong Kong.

ENABLING ENGAGEMENT

A big part of this challenge is getting savers engaged with their pensions and workplace savings: getting them to be aware of what they own, protecting the funds they are growing, how they can manage their savings, and what their employer can do. This should be straightforward. For some, a pension could be the biggest investment they make in their lifetime. However, it is often fraught with difficulties.

For example: How do you make sure you can choose your own investments in a way that is intuitive and responsive? How can you view your pension at a glance, across multiple devices, in a way that combines cast-iron security features with ease of use? How do you change key details – addresses, contact information, bank accounts, and beneficiaries – in as simple a way possible? And – importantly – how can this all be administered without great cost?

Twenty years ago, these problems did not have easy solutions. Too often, they were bureaucratic nightmares involving multiple companies and authorities, with little interest in cooperating to serve the retirement saver in a way that made sense. This meant overburdened corporate HR teams and frustrated savers.

CHANGE IS AFOOT

Thanks to new financial technology, however, this is now changing.

We, as a fintech company, are part of this change. New technology has been put towards pension reform around the world, including in the Middle East. A new generation of fintech firms can make pensions easier and cheaper for organisations everywhere to provide, enabling the digital transformation of workplace savings systems. They are using the very latest in technology to give retirement savers the experience they’ve come to expect from best-in-class ecommerce sites and online banking.

For example, apps are now emerging, which significantly simplify retirement saving for everyone, capable of running natively in either Arabic or English. Once logged in, they provide userfriendly dashboards giving an overview of existing investments, and clearly signposting the different products and options available to the saver should they wish to adjust their retirement strategy.

It’s also easy for employers. A company with thousands of employees means many workplace pension schemes, all processing different sums from different salaries, as well as signing up and sending off new and old employees.

Without good pensions technology, keeping track of all of this can be a huge administrative burden. Freeing this up means more capacity for HR and finance teams, with huge savings as a result.

This level of user-friendliness is a must. If we want savers to have a stake in their retirement outcomes, their savings cannot simply be siloed units on a hard-to-navigate Web 1.0 platform, designed for people in a different country speaking a different language.

If you marry a high-quality user experience with the capability to enrol millions of members into schemes at virtually no added cost, itself enabled by technology, you have the chance to completely change the retirement landscape and bring about a genuine savings culture.

“A new generation of fintech firms can make pensions easier and cheaper for organisations everywhere to provide, enabling the digital transformation of workplace savings systems. They are using the very latest in technology to give retirement savers the experience they’ve come to expect from best-in-class ecommerce sites and online banking”

IN THE UAE, 45 PER CENT OF RESIDENTS SAY THEY HAVE NOT STARTED SAVING FOR RETIREMENT

Taking the tougher road

Io ten find my mind wandering and need to work hard to draw it back to the present. Mind wandering works well for me when I’m writing novels, as it unleashes my imagination and creative juices, but in my corporate day job, it’s probably not the best way to achieve a positive performance review.

Imagine my manager walking past whilst I was having one of these mind-wandering episodes, staring out the window watching the leaves on a willow tree billow in the wind, and him asking me: “Hey Rehan, you busy?” And I reply: “Well actually no, I’m just ‘mind wandering’ at this time, but perhaps you can come back in about ten minutes when I’m done.” I don’t think that would go down too well, do you?

WORRY MAKES YOUR MIND WANDER

Research shows that our minds wander more when we feel worried or weary. We’ve all been there. You are tired from the previous day, or you have some family matters that are a ecting your performance at work, or you start thinking about your purpose in life and feel that your present job just doesn’t attune to it.

TAKE ON COMPLEX TASKS

One way to reduce the amount of time we aimlessly

mind wander is to deliberately make our tasks more complex and take on more complex ones.

In his book Flow, Mihaly Csikszentmihalyi suggests we are most likely to enter into a flow state when the challenge of completing a task is roughly equal to our ability to do so, and we become totally immersed in the task.

When our skills greatly exceed the demands of a task, such as doing data input for half a day, we end up feeling bored. When the demands of a task exceed our skills, such as having to give a presentation we are not prepared for, we feel anxious. However, when the demands of a task are roughly equal to our ability to do that task – reading a pleasurable book, playing a sport we have a high level of proficiency at, strumming an instrument, painting on a canvas – we are a lot more likely to be fully engaged in what we are doing.

One of the tell-tale signs I encountered that encouraged me to move jobs in the past was when I found my mind o ten wandering o the tasks I was doing, as the tasks were not di cult enough to consume my attention. In other words, I could do a lot more, and was being underutilised. I’ve also had the opposite experience, when I felt anxious at work because I realised that my skills at the time were not

WITH PRACTICE, TRAINING, AND ABOVE ALL, METHOD, WE MANAGE TO INCREASE OUR ATTENTION, OUR MEMORY, OUR JUDGMENT AND LITERALLY TO BECOME MORE INTELLIGENT THAN WE WERE BEFORE

Our mind tends to wander more when we perform mundane tasks that we are used to doing, compared to when we perform novel and challenging tasks

a good match for the tasks I had to do as part of the job. In both cases, I sought out new opportunities where I had a better match with the skills I had to offer and the difficulty of the tasks.

When we cognitively stretch our minds and our tasks are complex enough to consume our attentional space, we have greater scope to grow our intelligence. Alfred Binet, the inventor of the IQ test, believed that children’s intelligence was changeable. We’re often led to believe otherwise.

Binet, a Frenchman working in Paris in the early 20th century, designed the IQ test to identify children who were not profiting from the Paris public schools, so that new educational programmes could be designed to get them back on track. Without denying individual differences in children’s intellects, he believed that education and practice could bring about fundamental changes in intelligence. Here is a quote from one of his major books, Modern Ideas About Children, in which he summarises his work with hundreds of children with learning difficulties:

SUSTAINING A COMPETITIVE ENVIRONMENT

“A few modern philosophers assert that an individual’s intelligence is a fixed quantity, a quantity which cannot be increased. We must protest and react against this brutal pessimism … With practice, training, and above all, method, we manage to increase our attention, our memory, our judgment and literally to become more intelligent than we were before.”

Binet is arguing against the belief our intelligence is fixed and is offering a hopeful message that, with practice, training, and method, we can increase our attention, our memory, our judgment and literally become more intelligent than we were before.

The financial services sector is a primary driver of Bahrain’s economy. Today, it stands as the largest non-oil contributor to our economy, making up around 17 per cent of the GDP. Over the years, the kingdom has built a financial services sector comprising of more than 360 local, regional and global institutions. The sector is also a great employer of Bahrainis. The total workforce is around 13,600 – of which around 70 per cent are Bahraini, and most are high-value jobs.

COMPETITIVE OPERATING COSTS

Part of the reason why Bahrain was able to build a foundation for a vibrant financial ecosystem is its competitive operating costs, which

“Research shows that our minds wander more when: We feel worried or weary. We operate in a messy environment. We are dealing with several personal concerns. We question whether our tasks are meaningful. We are not fully using our attention”

We look at factors that have helped Bahrain retain a competitive position in the GCC’s financial sector

ILLUSTRATION: GETTY IMAGES/C.J. BURTON

Dalal Buhejji, executive director – Business Development (Financial Services), Bahrain Economic Development Board

Rehan Khan, principal consultant for BT and a novelist

have always made it an attractive investment destination for financial companies and has contributed to creating sustainable economic development in the kingdom.

In KPMG’s Cost of Doing Business report, Bahrain once again topped the GCC region as the most cost-competitive region for financial services institutions. The report’s findings show that, compared to the GCC region, Bahrain enjoys a cost advantage of up to 27 per cent in terms of annual operating costs in the financial services sector. It is also the most competitive GCC country in terms of the annual cost of living, 23 per cent below the regional average.

BUSINESS-FRIENDLY ENVIRONMENT

Cost-competitiveness is not something new for the kingdom. For years, Bahrain has been recognised for its business-friendly environment, where companies, particularly financial institutions, have been able to grow their operations and flourish.

The findings in the report goes back to multiple points. Companies in the kingdom enjoy various cost advantages, including zero corporate tax and 100 per cent foreign ownership for most sectors. Bahrain also has no free zone restrictions, which makes it easier for companies to operate out of anywhere and to easily lease office spaces, which brings the costs down.

Another key advantage that the companies benefit from is the kingdom’s regulations. We have a track record in adopting new technologies and innovation. Bahrain was the first in the GCC to fully liberalise the telecoms market, and the first in the MENA to adopt the ‘cloud-first policy.’

Bahrain has also built the region’s first onshore fintech regulatory sandbox, and established the region’s first and still largest fintech hub, which provides a supportive space for new fintechs to innovate.

The kingdom has been a pioneer in creating forward-looking regulations related to crypto and digital assets. Bahrain’s central bank is a highly regarded regulator which has always strived to be competitive by embracing innovation, and that is why it has played a vital role in supporting financial technologies, from crypto to open banking,

through the introduction of pioneering regulation.

POOL OF TALENT

Complementing the kingdom’s established and trusted business environment to support the financial services sector, is a young, enthusiastic, well educated and talented workforce –with skills ready made for the jobs of the future. Adding to that, the cost of employment is much more competitive than neighbouring countries, which reflects the quality in what we have to offer. When it comes to talent, international financial institutions can benefit from the support of governmental bodies such as Tamkeen, the kingdom’s labour fund, which can support in upskilling Bahrainis employed at their organisation.

Our digital-friendly regulations need to be continuously developed and refined in order for us to keep attracting fast-growing companies in fintech. We also need to keep investing in our talent, and ensure they’re equipped with the right skills to future-proof their careers. That way, Bahrain is always ready to embrace the next wave of innovation – not only in financial services but across all sectors.

ECONOMIC RECOVERY PLAN

Today, government reforms and the national Economic Recovery Plan, which was launched in October 2021, are creating an environment in which businesses and talent will thrive, in a truly diversified economy.

Through the Economic Recovery Plan, Bahrain aims to grow the financial services sector’s contribution to GDP to 20 per cent by 2026, and then increasing the contribution to 25 per cent. The financial services sector development strategy focuses on five main priorities: creating job opportunities, developing capital markets, strengthening legislation and regulatory policies, growing the insurance sector, and developing financial services and fintech.

The plan also aims to provide 3,000 training opportunities annually in key areas of the financial sector by the end of 2024, to provide the workforce with skills that can future-proof their careers.

The MENA region’s economic growth in the coming years represents a great opportunity for international investors, and Bahrain is an attractive great gateway for them to enter this region.

“Companies in the kingdom enjoy various cost advantages, including zero corporate tax and 100 per cent foreign ownership for most sectors. Bahrain also has no free zone restrictions, which makes it easier for companies to operate out of anywhere and to easily lease office spaces, which brings the costs down”

BAHRAIN AIMS TO GROW THE FINANCIAL SERVICES SECTOR’S CONTRIBUTION TO GDP TO 20 PER CENT BY 2026

Taking off

The year 2022 was one of hope, and of recovery, for the aviation sector.

With more people keen to take to the skies and most of the travel restrictions scrapped, air travel gained considerable momentum. Carriers also displayed strong rebound, in the form of restoring links, launching new routes and forging alliances.

Numbers shared the optimism – according to the International Air Transport Association (IATA), total passenger traffic rose 64.4 per cent yearon-year in 2022, reflecting recovery in air travel.

International passenger tra c more than doubled last year, growing 152.7 per cent compared to 2021, and reaching 62.2 per cent of 2019 levels.

On the other hand, domestic passenger demand in 2022 also rose 10.9 per cent over its previous year and stood at 79.6 per cent of 2019 levels.

“The industry le t 2022 in far stronger shape than it entered, as most governments li ted Covid19 travel restrictions during the year and people took advantage of the restoration of their freedom to travel. This momentum is expected to continue in the new year,” said Willie Walsh, IATA’s director general.

DUBAI-BASED EMIRATES CARRIED 20 MILLION PASSENGERS

BETWEEN APRIL 1 AND SEPTEMBER 30, 2022

CLOSER TO HOME

Looking regionally, Middle Eastern airlines reported a 157.4 per cent year-on-year rise in passenger tra c in 2022. Capacity increased 73.8 per cent, while the load factor climbed 24.6 percentage points to reach 75.8 per cent, according to IATA.

Carriers across the UAE and the GCC fared well too. Dubai-based Emirates carried 20 million passengers between April 1 and September 30, 2022, up 228 per cent from a year-earlier period. It ramped up operations to several destinations – including the UK, Algeria and Mexico – as well as unveiled its premium economy cabin on select routes last year. Additionally, the airline launched codeshare and interline agreements with 12 airlines in the first six months of 2022-23. Dubai carrier flydubai also launched services to Samarkand in Uzbekistan, Pisa in central Italy, and Osh in Kyrgyzstan last year.

Meanwhile, Abu Dhabi’s Etihad Airways carried a minimum of 10 million passengers last year, launched a service to Guangzhou (China), stepped up flights to locations such as Manila (Philippines) and New York (US), as well as unveiled a new partnership with Armani/Casa. Sharjah-headquartered Air Arabia recorded Dhs1.2bn in net profit for 2022 and served more than 12.8 million passengers from its seven hubs, compared to 6.8 million carried in 2021.

Reviewing the GCC, Qatar Airways Group reported a record net profit of $1.54bn during the fiscal year 2021/22. Saudi Arabia’s national carrier Saudia welcomed 25 million passengers onboard its fleet last year, while Kuwait’s Jazeera Airways added 15 new routes to its network as well as carried 3.6 million passengers in 2022. Oman Air also launched services to Trabzon in Turkey as well as Thailand’s Phuket last year.

Key events such as the FIFA World Cup held in Qatar also propelled travel last year. Qatar Airways operated nearly 14,000 flights during the tournament, Saudia ran shuttle flights from multiple cities to Doha, while flydubai operated 1,290 flights between Dubai and the Qatari capital from November 21 until December 19, 2022, carrying more than 130,000 football enthusiasts.

THIS YEAR IN FOCUS

With last year ending on a positive note, the aviation industry will expect to build on the momentum.

“Let us hope that 2022 becomes known as the year in which governments locked away forever the regulatory shackles that kept their citizens earthbound for so long,” said Walsh.

We hope so, too!

With a rebound in passenger traffic, air travel received a significant boost last year, discovers Zainab Mansoor

QATAR AIRWAYS GROUP REPORTED A RECORD NET PROFIT OF $1.54BN DURING THE FISCAL YEAR 2021/22

BULLISH OUTLOOK

BUSINESS LEADERS IN THE MIDDLE EAST REMAIN CONSIDERABLY OPTIMISTIC ABOUT REGIONAL GROWTH PROSPECTS FOR 2023

KEY THEMES FOR THE REGION FOR 2023

Question: How do you believe economic growth will change, if at all, over the next 12 months in the territory?

MIDDLE EAST CEOS ARE FAR MORE CONFIDENT ABOUT ECONOMIC GROWTH IN THEIR OWN REGION THAN GLOBAL PEERS ARE ABOUT THEIRS

STAYING CONFIDENT 61% of CEOs in the Middle East remain upbeat about the region’s growth prospects for 2023

MIDDLE EAST CEOS ARE OUTLIERS... THEY ARE FAR MORE CONFIDENT THAN CEOS IN TERRITORIES ELSEWHERE ABOUT THEIR OWN PROSPECTS – BOTH ON THE REGIONAL ECONOMY AND THEIR OWN BUSINESSES”

HANI ASHKAR, senior partner, PwC Middle East

DOUBLING DOWN ON TRANSFORMATION

Over half of regional CEOs have already diversified products and services – and a further 37% say they are considering doing so in the next 12 months

Only TWO in FIVE CEOs in the region cited the transition to new energy sources as likely to have a significant impact on their industry over the next decade

TURBO-CHARGING DIGITAL

84%

ACTING ON CLIMATE

About 50% of Middle East CEOs have either taken steps to mitigate climate risk or are in the process of doing so, both innovating new products and processes to lower carbon footprint and cut emissions

MIDDLE

EAST CEOS ARE MOSTLY IMPLEMENTING INITIATIVES TO REDUCE EMISSIONS AND TO INNOVATE NEW, CLIMATE-FRIENDLY PRODUCTS

Question: Which statement best characterises your company’s level of progress on these actions?

Almost two-thirds of CEOs in the Middle East are either extremely confident or very confident about prospects for revenue growth over the next 12 months

THE MAJORITY OF INVESTMENTS ARE GEARED TOWARDS TECHNOLOGY AND UPSKILLING PEOPLE IN SUPPORT OF TECH

Question: Which of the following investments, if any, is your company making in the next 12 months?

84%

74%

A woman and young man, carrying a child, walk through a street in quake-ravaged, Hatay in Turkey.

Turkey and Syria experienced the most severe earthquakes to hit the region in almost a century, in February.

The first quake measuring 7.8 on the Richter scale rocked southeast Turkey on February 6, with a second 7.7 magnitude earthquake impacting northern Syria. It is reported that more than 46,000 people lost their lives due to the earthquakes and aftershocks.

PHOTO B: MURAT KOCABAS/SOPA IMAGES/LIGHTROCKET VIA GETTY IMAGES)

BLAZING THE TRAIL

MAGNOM PROPERTIES, THE REAL ESTATE VERTICAL OF SAUDI CONGLOMERATE RAWABI HOLDING, IS KEEN TO BE A PART OF THE SOLUTION ON CLIMATE CHANGE

WORDS: ZAINAB MANSOOR PHOTOS: AHMED ABDELWAHAB

THE TOWER IS NOT ONLY MAGNOM’S DEBUT VENTURE BUT ALSO MARKS THE FIRST TIME FORBES HAS BRANDED A COMMERCIAL BUILDING

One of the most unique factors behind a diversification strategy is the core reason for its pursuit. For Saudi-based conglomerate Rawabi Holding, the intent to diversify into real estate was pegged to a broader vision – creating dynamic environments that would cater to the evolving needs of businesses and individuals in the years to come.

This goal drove the company to establish its real estate arm, Magnom Properties, last year. The newly established business was mandated to oversee the construction of a roster of innovative, yet sustainable, real estate projects across Saudi Arabia, Egypt and the Middle East and North Africa (MENA) region.

Less than a year into its inception, Magnom Properties announced its inaugural endeavour – a zero-carbon commercial tower, nestled in the Egyptian capital of Cairo, in collaboration with media brand Forbes. The plan was unveiled to the international community at the World Economic Forum 2023 meeting in the Swiss town of Davos.

The planned Forbes International Tower will be located in the northern central business district of Cairo’s new administrative capital, and would host 50 floors of o ce space, complemented by two storeys of retail o erings upon completion. “Egypt’s new administrative capital is a growth hub for future generations and is integral to achieving the long-term strategic goals of sustainable development in line with the country’s Vision 2030. The mega projects in this new capital are specifically designed to meet the needs of the people, and are flexible enough to adapt to future changes,” explains Othman A Ibrahim,

chief executive officer of Rawabi Holding and vice chairman of Magnom Properties. Construction timelines and financial details of the project would be revealed in due course, he added.

The company has roped in design firm Adrian Smith + Gordon Gill Architecture for its inaugural venture, famed for designing the Jeddah Tower, the Al Wasl Plaza’s dome, Astana World Expo 2017, Dubai’s Burj Vista and New York City’s Central Park Tower.

Magnom has also partnered with French contemporary artist Richard Orlinksi, whose collection

Photo: supplied

Strong economic fundamentals are driving robust growth in the MENA region, including in Egypt, where urbanisation needs are continuing to drive project decisions. Egypt’s construction sector looks set for another year of growth and there are increased opportunities for real estate developers to find and deliver long-term projects in the country"

of animal-inspired resin sculptures will debut at the tower. “This collaboration reflects our shared belief in the power of art to build bridges between cultures and unite communities,” adds Ibrahim.

The tower is not only Magnom’s debut venture, but also marks the first time Forbes has branded a commercial building. The media company forayed into the property space in 2020, when it established its first real estate brokerage business – Forbes Global Properties. Other than real estate, its brand extensions include education and financial services licence agreements.

As a company, Forbes is committed to creating impact around the world, Ibrahim says. “Together with our partner, we are exploring low-carbon pathways and putting the spotlight on the need for embracing sustainability as a key consideration in urban design.”

Broader view

Rawabi Holdings’ foray into real estate is not without good reason. The sector has been a key facilitator of the region’s non-oil economy, and with business activities rebounding from the throes of the Covid-19 pandemic, the region's real estate and construction landscape has

displaced a steady momentum. Government initiatives have also propelled the industry. According to services firm JLL, across the Middle East, vision programmes are contributing to growing construction activity and generating a busy projects market.

That said, global challenges continue to exist, with economic and geopolitical headwinds expected to weigh on overall economic activity. Global growth is projected to dip to 2.9 per cent in 2023, from an estimated 3.4 per cent last year, the International Monetary Fund said in the January 2023 World Economic Outlook Update. However, growth in the Middle East and Central Asia region is projected at 3.2 per cent in 2023, outpacing global numbers.

“Strong economic fundamentals are driving robust growth in the MENA region, including in Egypt, where urbanisation needs are continuing to drive project decisions. Egypt’s construction sector looks set for another year of growth and there are increased opportunities for real estate developers to find and deliver long-term projects in the country,” explains Ibrahim.

“The new administrative capital – the site of the upcoming Forbes International Tower – is shaping up to be the largest urban community in the world. We believe that investing in such mega projects is critical to further catalyse the economy, enhance opportunities for job creation and support ancillary sectors,” he adds.

Tall order

While the construction sector is key to economic development, related activities propel energy demand as well as contribute to greenhouse gas emissions. The buildings and construction industry accounted for around 37 per cent of energy and process-related CO2 emissions in 2021, a report by Global Alliance for Buildings and Construction, revealed. Though investment in energy e ciency within the global buildings sector rose 16 per

MAGNOM PROPERTIES HAS ROPED IN DESIGN FIRM ADRIAN SMITH + GORDON GILL ARCHITECTURE FOR ITS INAUGURAL VENTURE, FAMED FOR DESIGNING THE JEDDAH TOWER, THE AL WASL PLAZA’S DOME, ASTANA WORLD EXPO 2017, DUBAI’S BURJ VISTA AND NEW YORK CITY’S CENTRAL PARK TOWER

THE PROJECT WILL DEPLOY A SOLAR PANEL ROOFTOP, AUTOMATED HVAC (HEATING, VENTILATION, AND AIR CONDITIONING) FIELD DEVICES AND A HOST OF INTELLIGENT BUILDING TECHNOLOGICAL SOLUTIONS

cent year-on-year to reach $237bn in 2021, growth in floor space topped e orts on energy e ciency. Furthermore, operational energy-related carbon dioxide emissions from buildings grew by around 5 per cent in 2021 compared to the previous year, the 2022 Global Status Report for Buildings and Construction report further identified.

The planet is expected to add 230 billion square metres in new buildings by 2060, according to estimates. For scale, that is adding the equivalent of Paris to the world every week. With urbanisation set to rise and cities expected to become dense in the coming years, the construction sector has no time to spare in adopting environmentally sustainable solutions. These not only include new eco-friendly structures and e ective management to ensure environmental governance but also warrant an increase in investments to improve the energy e ciency of existing buildings.

“Research has shown that buildings consume more energy than any other sector. Investing in greener buildings will not only be a stimulus for the economy and benefit employees, bottom lines and investors, but will also play a critical role in our transition to a lower-carbon future. With rapid urbanisation in the region and to build cities of the future, prioritising a sustainable construction sector is pivotal to drive long-term impact for the people and the planet,” adds Ibrahim.

Thinking green

Magnom Properties is developing the zero-carbon tower to be part of the solution on climate change. The project will deploy a solar panel roo top, automated HVAC (heating, ventilation, and air conditioning) field devices and a host of intelligent building technological solutions. The use of biophilic designs will not only beckon nature but assist in air circulation and elevate

holistic workforce wellbeing. “The tower is an innovative example of responsible, energy efficient, carbon reduction design that will lay the sustainable framework for tall buildings in the future. It is people-centric and pushes the boundaries of modern construction to pursue a zero-carbon strategy,” says Ibrahim.

However, constructing green buildings does come with its own set of challenges. “The initial upfront costs of a high-performance building and the lack of reliable models to understand the real costs and benefits of sustainable projects are key challenges that are barriers to a more widespread adoption of sustainable practices in the construction sector,” asserts Ibrahim.

That said, the benefits of eco-friendly structures are enduring and make long-term business sense. “Green buildings are both environmentally sustainable and bring tremendous economic savings for developers and end users. Studies estimate that sustainably constructed buildings can achieve at least 25 per cent energy savings, 34 per cent lower CO2 emissions, 11 per cent or more of water-savings compared to conventional buildings and divert more than 80 million tonnes of waste from landfills. While initial construction costs may be more expensive when compared to standard o erings, green buildings reduce day-to-day costs year-over-year, thus delivering better returns on investment through lower operating and energy costs in the long-term and significantly improving asset value,” he adds.

SUSTAINABLY CONSTRUCTED BUILDINGS CAN ACHIEVE AT LEAST 25 PER CENT ENERGY SAVINGS, 34 PER CENT LOWER CO2 EMISSIONS, 11 PER CENT OR MORE OF WATER-SAVINGS COMPARED TO CONVENTIONAL BUILDINGS AND DIVERT MORE THAN

80 MILLION TONNES OF WASTE FROM LANDFILLS

Photo: supplied

Future-focused

Despite the company’s inherent focus on its new undertaking, Magnom Properties aims to chalk out a roadmap for its future endeavours, which include launching its next commercial real estate project in Saudi, followed by Dubai, in the UAE. The company is also exploring other Gulf countries for relevant opportunities.

“Irrespective of where our projects are located, we will seek solutions to climate change and our design approach will adhere to certain key features, which include humancentricity, resilience and future readiness, low carbon emissions, e ciency and value,” notes Ibrahim.

However, operationally, the company’s bailiwick for the present and imminent future is slightly lean.

“Although we aim to build high-value commercial, residential and lifestyle projects in line with our vision, our current focus is only on commercial and retail sectors. When the opportunity arises and with the right partners, we may explore residential developments at a later stage,” he adds.

Magnom Properties is also pursuing initiatives outside its business purview, but ones that are in lockstep with

RAWABI HOLDING HAS ONLY GROWN IN ITS COMMITMENT, WITH 45 PER CENT OF ITS CURRENT BOARD SEATS OCCUPIED BY WOMEN, AND FEMALES MAKING UP 40 PER CENT OF ITS CORPORATE STAFF

its holistic vision of creating better societies. To advance local communities in Egypt, it recently entered into a partnership with UNICEF.

“Our new partnership with UNICEF aims to improve the lives of young people in Egypt and bridge the digital divide and gender gap by providing a wide range of skills development opportunities for both young girls and boys. This is in line with Egypt’s Vision 2030, which aims to provide internet access to less connected communities across the country and empower them with the tools needed to build and thrive in a 21st century workplace,” elaborates Ibrahim.

“Our collaboration will help facilitate access to information and digital training to young people, especially girls, to equip them with the necessary skills for better career opportunities and prospects of their choice,” adds.

In terms of empowering women and encouraging gender equality, Magnom Properties has been handed down a strong legacy – its parent company started recruiting female employees in the mid-nineties, an outlier move at the time. Rawabi Holding has only grown in its commitment, with 45 per cent of its current board seats occupied by women, and females making up 40 per cent of its corporate sta . “This sends out a strong message that we take women empowerment seriously, and it is a legacy we aim to continue at Magnom,” states Ibrahim

From sustainable business endeavours to communitycentric initiatives, Magnom Properties aspires for a better future. And is focused on investing in it.

OUR NEW PARTNERSHIP WITH UNICEF AIMS TO IMPROVE THE LIVES OF YOUNG PEOPLE IN EGYPT AND BRIDGE THE DIGITAL DIVIDE AND GENDER GAP BY PROVIDING A WIDE RANGE OF SKILLS DEVELOPMENT OPPORTUNITIES

Research has shown that buildings consume more energy than any other sector. Investing in greener buildings will not only be a stimulus for the economy and benefit employees, bottom lines and investors, but will also play a critical role in our transition to a lower-carbon future"

Photo: Getty

WHO ARE OPENAI’S COMPETITORS?

STRONGEST

WE LOOK AT SOME OF THE MOST SIGNIFICANT COMPANIES IN THE RUNNING TO BE THE NEXT BIG AI SUCCESS STORY

OpenAI has stunned the world of techies and investors with its viral artificial intelligence products and its jaw-dropping $10bn in backing from Microso t. Now, a growing number of large and small companies are racing to try to overtake the startup in the suddenly hot world of AI services.

“There’s obviously a whole crew of startups that are trying to chase a ter them – or leapfrog them,” said Guido Appenzeller, a former Intel Corp artifical intelligence (AI) executive and an Andreessen Horowitz adviser. Artificial intelligence is a rare bright spot in the contracting, job-cutting tech industry. Generative AI companies – so named for their ability to generate new content from digital troves of text, photos and art – are attracting vast sums of venture capital dollars. In 2022, they raised about $920m in the US, according to PitchBook data, up 35 per cent from the year before.

Three months into 2023, multiple generative AI companies have raised or are in talks to raise upwards of $700m cumulatively, according to reports of funding rounds – not including OpenAI’s Microso t backing. A running list maintained by the Homebrew AI Club, a group intended as a meeting place for AI workers, counts more than 150 startups in the sector.

“If there is a single shining star in the sea of gloom, it is generative AI,” said Venky Ganesan, a partner at Menlo Ventures. “That’s why it’s also hyped up the way it is. You cannot go to a co ee shop in Palo Alto, or the Village Pub in Woodside, without overhearing three di erent conversations about generative AI.”

Within the tech industry, OpenAI is famous for its large-language models, and massive AI systems that process text from the whole of the internet and use it to generate language. The startup’s sprawling, general models are intended to serve as the foundation for many uses rather than focusing on a single set of narrower applications. Its technology is called GPT, which stands for Generative Pre-trained

Transformer. And it’s expected to get radically better with the release of GPT-4, which could debut in the coming months.

OpenAI has drawn wide admiration for the products it has built with GPT so far. Dall-E, a text-to-image AI programme, lets users create an image of virtually any scenario in any art style, based on just a few words of prompting. In November, it released the chatbot ChatGPT for wide testing. Soon, the programme was spitting out elegant poetry and passed sections of the bar exam. There’s also Codex, a product for computer programmers that uses GPT to suggest the next few lines of code while the programmer types – Microso t uses it as the basis for its GitHub Copilot programming tool.

But OpenAI is far from the only game in town. Some of the earliest work on large-language models came from Alphabet’s Google, for example. Google, as well as a host of startups, are currently working on other similar projects.

“OpenAI has had the lead with a number of large-language models but there’s a lot more coming online this year,” said Niko Bonatsos, managing

director at General Catalyst. “There’s going to be more competition.”

THE COMPETITORS

Here are some of the most significant companies in the running to be the next big AI success story:

Stability AI

When OpenAI released Dall-E last year, Stability AI wasn’t far behind. The startup quickly released its own AI image generator called Stable Di usion, which became Dall-E’s main competition. While the two companies’ products are similar, a key di erence is that Stability is open source, which means companies can analyse, tweak and build on its models. At OpenAI, the dataset and other technology that make up Dall-E are proprietary and confidential, although companies can integrate Dall-E into their own products as well.

Stability is planning more products for later this year. The startup plans

“IF THERE IS A SINGLE SHINING STAR IN THE SEA OF GLOOM, IT IS GENERATIVE AI”

to release a ChatGPT rival, said Chief Technology O cer Tom Mason. It’s also aiming to debut systems for AI-generated video and is focusing heavily on serving companies in the film industry. “We’re working on video models this year, which is my passion,” Mason said.

While the company’s products are open source, it’s planning to make money from o erings such as helping customers through the process of curating and preparing their data to be used with Stability AI’s systems. “You need engineers who know what they’re doing to handhold you through that process,” Mason said. “Our commerce strategy is to help big companies.”

In October 2022, Stability raised $101m in a seed round led by Coatue Management and Lightspeed Venture Partners at a $1bn valuation. It’s also working with Amazon to help with the massive cloud infrastructure costs required to power its systems.

But even as investors swoon, the company is being assailed by legal challenges. In January, Getty Images sued Stability AI in a London court alleging the artificial intelligence so tware illegally copied and processed vast amounts of copyrightprotected photos.

Anthropic

Founded in 2021 by former OpenAI leaders, including siblings Daniela and Dario

Amodei, Anthropic in January released a limited test of a new chatbot to rival to ChatGPT. Its name is Claude.

Claude puts a particular emphasis on ethics. Co-founder Daniela was OpenAI’s vice president of safety. And Dario worked at OpenAI variously overseeing safety at the company and as the vice president of research, leading work on both GPT-2 and GPT-3. “We first built Claude as a test bed for AI safety, seeking to develop insights into how to make AI systems that are helpful, honest, and harmless,” Dario said.

While Claude is less capable than ChatGPT at coding, a spokesman for Anthropic said that it’s harder to get Claude to say something o ensive. The company has gone through extensive testing in which humans attempt to

a modern astronaut riding a horse in an oil painting in outerspace - centered

make the programme bend the rules. Scale AI, a startup that helps companies build AI applications, was given access to Claude to test it and concluded, “Claude is not only more inclined to refuse inappropriate requests, but is also more fun than ChatGPT.”

Anthropic’s backers include Facebook co-founder Dustin Moskovitz, former Google Chief Executive O cer Eric Schmidt and now-disgraced FTX co-founder Sam Bankman-Fried. In February, Google invested almost $400m in Anthropic and inked a deal in which the startup will use Google’s cloud.

AI21 Labs

Israeli startup AI21 Labs has developed a GPT-3 rival called Jurassic and tools that use AI to help customers write. “Our focus has been to change how we read and write,” said co-founder Yoav Shoham, a former director of the AI lab at Stanford University. The company’s first large-language model was about the same size as GPT-3, even slightly bigger, but more recently AI21 has put out a much smaller version. The performance has been impressive, Shoham said. About 25,000 developers have signed up to use Jurassic and in November the company made it available through Amazon’s cloud AI service.

AI21 raised $64m in July, a deal that valued the company at $664m, according to reports. The startup is likely to raise more soon, Shoham said.

Character.AI

Want to talk to Joe Biden? How about God? Character.AI’s technology allows users to create chatbots that simulate both, along with other celebrities. The company was founded in 2021 by Noam Shazeer, a former Google Brain researcher and one of the inventors of the transformer – a key component of new language models. It launched its beta product less than a year later.

“Our goal is to put this in users’ hands,” Shazeer said. “We’ve done this so far –train the site and launch Character.AI, where users can instantly define their own use cases.”

Right now, the company is seeking to raise a massive $250m funding round. So far, its investors include Gmail creator Paul Buchheit and former GitHub CEO Nat Friedman.

Cohere

Aidan Gomez, co-founder of Cohere, describes his company as similar to OpenAI in that it’s also developing large-language models that can carry out conversations. But the audience for Cohere is not consumers. “What we’re really focused on is bringing this technology to enterprises, developers and startup founders,” Gomez said. That means a heightened focus on strong data privacy protections, which are o ten demanded by corporate customers.

Gomez used to work at Google Brain, and his startup has a deal to run its systems on Google’s cloud. The Wall Street Journal reported last year that Google was also considering investing $200 million in the startup.

In a twist that sets Cohere apart from other AI competitors, Gomez said, “We definitely do have revenue.”

Google

In some ways, it’s surprising that Google isn’t already the dominant name in the conversation about artificial intelligence. The company was a pioneer in the field of large-language models with BERT (Bidirectional Encoder Representations from Transformers), a system used to fuel the company’s market-dominating search engine.

But lately Google’s vaunted AI research operation seems mired in dilemmas over whether to release its work and how to innovate without imperiling the company’s core search engine and ad business.

In December, Google employees asked CEO Sundar Pichai and AI research chief Je Dean about competition from ChatGPT. According to CNBC, the executives responded that while startups can release new tools to the public fast, Google faces vast reputational risk from any mistakes or errors.

Pichai and the company’s management have since mobilised teams of researchers to respond to ChatGPT, declaring the situation a “code red” threat. The company is also testing rivals to ChatGPT internally, according to reports last week. One is called Apprentice Bard and is based on LaMDA, Google’s Language Model for Dialogue Applications system. Additionally, at Google’s DeepMind AI lab in London, researchers have published work on a conversational AI agent called Sparrow.

In February, on a conference call about Alphabet’s earnings, Pichai said Google will make artificial intelligence-based large-language models like LaMDA available “in the coming weeks and months.”

He added that users will soon be able to use language models “as a companion to search.”

We have long been focused on developing and deploying AI to improve people’s lives,” said Google spokesperson Lily Lin, noting that the company also aims to consider its societal impacts. “We continue to test our AI technology internally to make sure it’s helpful and safe, and we look forward to sharing more experiences externally soon.”

Amazon Web Services

Amazon’s cloud unit is using partnerships with companies like Stability and AI21 to supplement its in-house AI expertise, said Bratin Saha, vice president of machine learning and AI services, in an interview. The company also has a service called CodeWhisperer, which suggests code to computer programmers as they type, competing with OpenAI’s Codex and Microso t’s GitHub Copilot, which is built on Codex.

“A lot of our roadmap is driven by what customers tell us, and this is such a vast space that we think our partners play a big role,” Saha said. “There’s a lot of innovation yet to be done here and we will be partnering with a lot of companies to enable that innovation for our customers.”

Baidu

The Chinese search giant is planning to roll out an artificial intelligence chatbot service similar to ChatGPT, a person familiar with the matter told Bloomberg last week. It could debut in March, initially being embedded into Baidu Inc.’s main search services. The tool, whose name hasn’t been decided, will allow users to get conversation-style search results. Baidu has spent billions of dollars researching AI. Its Ernie system – a large-scale language model that’s been trained on data over several years – will be the foundation of the project, the person said.

“WHAT WE’RE REALLY FOCUSED ON IS BRINGING THIS TECHNOLOGY TO ENTERPRISES, DEVELOPERS AND STARTUP FOUNDERS”

SAUDI ARABIA IS ALL SET TO BE THE TECH HUB OF THE FUTURE

FUTURE-FOCUSED PUBLIC AND PRIVATE SECTOR ENTERPRISES ARE SETTING THE STANDARD FOR DIGITAL EXCELLENCE WITH THE SUPPORT OF EVENTS SUCH AS LEAP 2023, LEADING THE WAY IN DELIVERING INNOVATIVE PRODUCTS, SOLUTIONS AND SERVICES

WORDS DIVSHA BHAT

To boost the economy of Saudi Arabia, the government is redeveloping the digital infrastructure of the country. Future-focused public and private sector organisations are setting the standard for digital excellence with the support of events such as LEAP 2023, leading the way in delivering innovative products, solutions and services.

LEAP 23

LEAP23, the technology event in Saudi Arabia, kicked off its four-day run in Riyadh from February 6-9. With 172,000 attendees this year, the event set new benchmarks, becoming the world’s largest technology event by attendance, according to its organisers.

Powered by Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) in conjunction with Tahaluf – a strategic joint venture co-owned by Informa and Saudi Federation for Cyber Security and Programming (SAFCSP) – LEAP23 presented an exhibitor line-up with advanced technology capabilities as well as entrepreneurs, business magnate, sports icon and musical icon turned futurist and financier.

More than 300,000 visitors from over 100 countries registered for the event. It also welcomed a high-profile faculty of 1,000 global investors.

LATEST ANNOUNCEMENTS

With on-event transactions exceeding $9bn - a 32 per cent year-on-year increase on the $6.8bn in deals announced in 2022 - LEAP23 injected fresh foreign direct

investment impetus into Saudi Arabia’s rapidly evolving digital ecosystems and startup economy. This year’s major announcements included mega infrastructure investments, multiple new data centres nationwide and new academies to foster and upskill homegrown talent. The investments were revealed by Engineer Abdullah bin Amer Alswaha, Minister of Communications and Information Technology (MCIT), during his keynote speech on day one.

The investments include Microso t’s $2.1bn in a global super-scaler cloud, Oracle’s $1.5bn expansion of its MENA business through the launch of a new cloud region, Huawei’s $400m investment in cloud infrastructure and Zoom’s partnership with Aramco to launch a Zoom cloud area in the kingdom. An additional $4.5bn has been invested in global and local assets across multiple sectors. Another series of announcements, which equate to $580m, were also announced on day three.

Ignite – a programme under Saudi’s Digital Content Council – launched several initiatives and investments amounting to $170m.

Technology consulting services company Wipro announced $110m in investment towards expanding its cloud studio service, developing digital healthcare solutions and fostering local talent.

WITH 172,000 ATTENDEES THIS YEAR, THE EVENT SET NEW BENCHMARKS, BECOMING THE WORLD’S LARGEST TECHNOLOGY EVENT BY ATTENDANCE

MORE THAN 300,000 VISITORS FROM OVER 100 COUNTRIES REGISTERED FOR THE EVENT

together the global artificial intelligence ecosystem’s leaders to unveil multi-sector initiatives via a thoughtleadership conference and sector-specific tracks, training, live demonstrations, startup pitches, as well as a showcase of companies transforming the world around them.

Themed ‘AI Beyond Imagination’, DeepFest witnessed thought leaders, change-makers, data scientists, innovators, enterprises, academia, startups and business entrepreneurs unveil government AI initiatives and multi-sector innovations. In addition, the conference programme focused on tracks for cleantech, the metaverse and women in technology, while the DeepFest exhibition featured some of the top tech companies.

At the event, roboticist Hiroshi Ishiguro delivered a session titled ‘Avatar and the Future Society’. Ishiguro, the

BY 2050, WE WANT TO REALISE A SOCIETY IN WHICH PEOPLE ARE FREE FROM THE CONSTRAINTS OF THE BODY”

TECH-DRIVEN FUTURE VISION

LEAP23 witnessed a stellar line-up of more than 700 speakers across 11 conferences. Tech entrepreneur, futurist,

AM3E – A GLOBAL INITIATIVE

In line with its mission to empower entrepreneurs, ignite innovation and progress into new worlds, LEAP23 launched the Alliance for Metaverse and Web3 Empowerment (AM3E).

The initiative’s core objective is to establish a set of principles that digital builders can use to ensure their products and services are safe and fair. It will seek to identify, address and resolve challenges which spawned from the evolution and devolution of the Web2 world.

Comprising pioneers, innovators and industry champions, AM3E assembled individuals, companies and organisations accelerating the metaverse. The founding

THERE ARE 380,000 TECHNOLOGY PROFESSIONALS CURRENTLY WORKING IN SILICON VALLEY – THE WORLD’S TECH CAPITALAND THERE ARE 340,000 EMPLOYED IN SAUDI’S TECHNOLOGY INDUSTRY”

Michael Champion

SPECIAL REPORT: WOMEN IN BUSINESS

SHINING THE SPOTLIGHT ON THE REGION’S RISING STARS AND BUDDING ENTREPRENEURS

EQUITY IS GOOD FOR BUSINESS

GENDER PARITY IS A MUST FOR BETTER BUSINESS PERFORMANCE, EMPHASISES

DR M MUNEER

The evidence is overwhelming: Accelerating the gender equity in employment has massive upside for economic development. World Economic Fund and International Monetary Fund reports estimate a rise of 9 per cent in GDP for the US and Japan, 13 per cent for Euro Zone and a sizeable 27 per cent for India with gender parity in labour.

What is true of countries is true for companies too. Data from various research show that even for business this growth factor holds good. Companies with strong female leadership generated an ROE (return on equity) of 10.1 per cent per annum, as against 7.4 per cent for those without women in leadership roles.

WHAT STUDIES SHOW…

Numerous studies have been undertaken to find out why there are so very few women in the C-suite.

For long it was believed that women chose to be less ambitious due to raising kids and building a family, and that they lack the confidence and line expertise needed for the C-level job. But a study commissioned by Sheryl Sandberg (former COO of Meta) busted this myth and found a totally di erent perspective: Women are not abandoning their careers across the board for raising kids, but are keen on promotion and higher pay. There is also no statistical or scientific evidence for them being less ambitious or confident than men counterparts. However, when given a hypothetical choice to grab the top role in their companies, a majority of the women executives hesitated to take up the task.

With only 5 per cent of CEOs and 19 per cent of C-suite positions occupied by women even in the US, the path to the top indeed looks very steep and troublesome for women. More than 85 per cent of listed companies do not have any female board member. Interestingly, women in senior positions stick to their companies more than the men, yet they don’t get to break the glass ceiling.

Women, on an average, compared to men, are 16 per cent less likely to be promoted to the next level, which incidentally means gender parity at the top, will not become a reality until 2120 at the current rate of change.

STEPS CORPORATES CAN TAKE

Given the positive correlation gender parity has with economic growth and business performance, enterprises must take serious steps this year to drive healthy growth. It should start at the very top in order to nurture more female leaders. How women are treated at work depends on the tone set by the executive office. Here are a few steps that companies in GCC can take to make 2023 a year for women leadership.

The first is to ensure that you attract and include adequate number of women candidates in the pool when evaluating and interviewing candidates not just for internal promotions but also for entry-level recruitment. HR policy should be tweaked to attract and retain the right women talent. Research indicates that bias against women in certain job positions still exists in many companies. The 2018 film Molly’s Game captures this bias in a stunning manner.

The second is related to what Time magazine had talked about. The publication had coined two words that never got popular for obvious reasons. Companies should ban what these two words represent. “Manterrupting”, which means unnecessary interruption of a woman by a man at meetings, and “Bropropriating” that means taking a woman’s idea and taking credit for it by a man. Enterprises must roll out programmes to educate employees on this.

The third one is what most business publications feature religiously every year: Gender pay parity. Yes, this cannot be resolved in the immediate future, but here’s a different proposition: Do not seek previous salary details while negotiating the remuneration package for women. It will be better to offer a compensation package

based on the role she would be taking and what value it is to the organisation. Of course, women will put up with this lower pay issue for some more time but it is in the best interests of the company performance that they should start the changes now.

Fourth, enterprises should make promoting and advancing eligible women a KPI for managers, and link this to their compensation in order to make them work on it hard. Good companies will have KPIs aligned to business goals and this idea of women in key roles should have a business rationale such as revenue or value growth.

For instance, sales teams that are selling to female decision-makers in clients’ organisations must reflect the composition of the client’s teams. Or in businesses that cater to women, the team can have more women members. The direct selling industry, for example, is bucking the trend with women far outnumbering men three times over.

Fifth, start giving more line jobs to women in senior positions. It is seen that most women tend to occupy staff roles as they reach VP level, which is the typical first rung of C-suite. Women fall short in showcasing tangible value creation because of this. So, here’s the action agenda: Don’t categorise women disproportionately into the “R” jobs (HR, IR, PR, etc). Make sure that they have opportunities for line roles.

Finally, adopt a “blind” evaluation and selection policy while recruiting for senior roles and for internal promotions. Globally, more women got selected into orchestra when they were auditioned behind a curtain and in carpeted rooms so no high heel sounds would be heard.

Such a selection was found to be more favourable to get more women representation. This was found to be true even in coding where women coders were found to be better as long as their gender identity was unknown. When the gender is unknown, women found more acceptances and better pay. So, to the extent possible, hide gender.

DEFY DEFINITIONS

If you are a woman on the rise, it will be a good idea to remember Jessica Chastain’s (the lead actress from Molly’sGame actress) words: “Don’t let men to define you.” Instead, just learn to talk really loud to be heard.

The writer is an author, startup investor and the co-founder of the non-profit Medici Institute

MORE THAN 85 PER CENT OF LISTED COMPANIES DO NOT HAVE ANY FEMALE BOARD MEMBER INTERESTINGLY, WOMEN IN SENIOR POSITIONS STICK TO THEIR COMPANIES MORE THAN THE MEN YET THEY DON’T GET TO BREAK THE GLASS CEILING

“ADOPT A ‘BLIND’ EVALUATION AND SELECTION POLICY WHILE RECRUITING FOR SENIOR ROLES AND FOR INTERNAL PROMOTIONS. GLOBALLY, MORE WOMEN GOT SELECTED INTO ORCHESTRA WHEN THEY WERE AUDITIONED BEHIND A CURTAIN AND IN CARPETED ROOMS SO NO HIGH HEEL SOUNDS WOULD BE HEARD”

PAVING THE WAY

AHEAD OF INTERNATIONAL WOMEN’S DAY, WE SHINE THE SPOTLIGHT ON A GROUP OF INSPIRATIONAL TRAILBLAZERS WHO ARE FORGING AHEAD IN THEIR SUCCESSFUL CAREERS, WHILE INSPIRING OTHERS WITH THEIR PROFESSIONALISM, SPIRIT AND SKILLS

Fazeela Gopalani

Head of the Association of Chartered Certified Accountants (ACCA)

As head of ACCA in the region, Gopalani is responsible for leading the operations in 11 countries and representing more than 20,000 students, affiliates and members across the region, who work in all sectors and all levels of business across the Middle East.

A resident of the UAE for more than 15 years, Gopalani has contributed her expertise to several of the country’s key government agendas in her capacity as a leader, supporting the advancement of accountancy professionals in the region. She is behind several ground-breaking industry initiatives.

“At ACCA, we launched the Women in Finance initiative to give women access to networks, resources, and information to help support and advance their careers. One of the speakers at our inaugural event in Dubai was Jazla Hamad, the first-ever female Emirati partner at Deloitte. She spoke very passionately about the importance of having a solid mentor, crediting her incredible career trajectory to having strong mentors. She was emphatic that every woman should have a mentor, I have mentors, and I also mentor in turn,” says Gopalani.

Dr Leila Hoteit Managing director and senior partner, Boston Consulting Group, Dubai

Dr Hoteit, managing director and senior partner at Boston Consulting Group (BCG), started displaying leadership qualities from a young age. Dr Hoteit, who is the global lead of the consulting firm’s education, employment and welfare sector, also holds extensive experience in social development and culture. She is a member of the Public Sector practice, with over two decades of strategy and operations experience.

A Lebanese national, Dr Hoteit holds a bachelor’s degree and a PhD from Imperial College London, as well as an MBA from INSEAD. Dr Hoteit was selected as a Young Global Leader by the World Economic Forum in 2014.

A specialist in human capital topics, she also sits on the leadership team of BCG’s global Social Impact practice.

At ACCA, we launched the Women in Finance initiative to give women access to networks, resources, and information to help support and advance their careers”

in the Middle East

Benedetta Ghione

Ghione is responsible for the strategic direction and delivery of the Middle East’s leading international art fair, Art Dubai. She joined the Art Dubai Group in 2015 and has more than 15 years of experience across a range of art businesses, including auction houses, commercial galleries and large-scale events. Among her responsibilities is leading the company’s institutional and public engagement, guiding collaboration between public and private institutions, advocating for corporate support of the arts and increased community participation in art initiatives.

Ghione is the appointed government liaison and works with the Dubai Culture & Arts Authority on a number of strategic initiatives. This includes the Dubai Collection – the first institutional collection of modern and contemporary art for

Dr Dina A Al-Tayeb

the city of Dubai, and the inaugural Dubai Public Art commission that is part of the emirate’s multi-year strategy that will develop and deliver several major public art commissions across the city.

Ghione says, “I am proud to be a part of an inspiring movement that celebrates the power of creativity in our communities. At Art Dubai, we aim to develop sustainable cultural ecosystems – through a dedicated programme of activities designed to stimulate patronage, meaningful partnerships, and resource-merging between public and private entities –so that everyone is equipped with the tools needed to nurture creative mindsets. It’s humbling to know how art can bring people together from diverse backgrounds whilst also helping promote innovative thinking and cultivating creative spirits.”

Owner

and dental practitioner, Dentalia Clinics

Dr Al-Tayeb runs one of the largest chains of dental clinics in Saudi Arabia. She is also an assistant professor at Jeddah’s King Abdulaziz University in the dentistry faculty (periodontal department).

Alongside her dentistry business, Dr Al-Tayeb is one of Saudi Arabia’s leading figureheads in sport, representing Saudi Arabia as an accomplished triathlete. Competing in triathlons since 2002, she was the first Saudi national to complete an Ironman distance race in 2005. She has completed 18 full Ironman races, 45 half-Ironman races, and over 100 races in 20 years. She was also the first Arab

female and Saudi national to qualify and complete the world championship Ironman race in Kona, Hawaii in 2018, 2019, 2022.

A high-profile figure, Dr AlTayeb is also a brand ambassador for ASICS in the Middle East, a role that sees her actively encouraging others, especially young women in Saudi Arabia, to embrace the benefits of movement and ‘a sound mind in a sound body’.

Tayeb is also a brand ambassador embrace fits role

A true trailblazer in sport, many of the women for whom she is a role model are taking up sports in earnest for the first time in generations, representing a seismic shi t in opportunities for young women in the kingdom. More recently, Dr Al-Tayeb became an ambassador for Breitling in the Middle East.

I am proud to be a part of an inspiring movement that celebrates the power of creativity in our communities”

Executive director, Art Dubai

Dawn Ward

Nila Pendarovski

Hotel manager, Rove Expo 2020

Pendarovski was fascinated by hotels as a child. A process as simple as assigning rooms to guests enthralled her and laid the foundation for what has been a thriving career in the hospitality industry. Born and raised in Germany, Pendarovski arrived in the Middle East in 2012 and joined Rove Hotels in 2016. She was appointed hotel manager for Rove Dubai Marina in 2018, before joining Rove Expo 2020, the only hotel inside Expo City Dubai.

Dubai

Despite over three decades of experience across the hospitality space, Pendarovski’s passion for her work remains undiminished. A strong believer in sustainability, she has promoted several green initiatives to propel the brand to secure eco-certifications.

Entrepreneur and founder of Arista International

Ward runs Arista International, a high-end interior design company, which recently completed the interior design of Britain’s most expensive private residence, a GPB250m mansion in Mayfair, and oversees projects, from luxurious international private residences to commercial properties such as hotels and restaurants, in Europe, Australia and the Middle East.

With over 20 years of experience in the industry, Ward, who lives in Dubai and whose company is currently working on several high-profile private client projects in the emirate, is an influential and respected figure in the world of design. Her work has been featured in international publications and TV shows.

“I am passionate about working closely with my clients to create one-of-a-kind interior spaces. Being granted personal

Pratima Arora

Chief product officer, Chainalysis

As a child, Arora began coding when she was in middle school. Through the art of creativity, she was able to continue to progress in this field. Over the course of her career, she has delivered strategic products that add value to customers at companies such as SAP, Salesforce and Atlassian. Her passion for solving di cult customer problems with intuitive solutions led her to manage Chainalysis’ R&D department.

Chainalysis is a blockchain analytics company that helps both public and private sector entities to safely interact with

privilege and my determination

access to some of the world’s most successful and discerning men and women is a privilege and my determination to help them express their values and style in their home has driven my business since inception,” says Ward, who also works closely with several charities and philanthropic organisations.

In addition to her work with Arista International, Ward is also a successful businesswoman and TV personality. She has appeared on a number of popular reality TV shows, including The Real Housewives of Cheshire, and is known for her entrepreneurial spirit and ability to balance her professional and personal life.

blockchain. Arora’s personal biggest achieve-

create new products every day, and develop-

blockchain. Arora’s personal biggest achievements at the company include building a team of more than 200 technologists, who create new products every day, and developing a vision and strategy to drive innovation.

Arora believes that embracing equity is critically important within the tech industry, and even more so within the Web3 space. “As women in Web3, we should lead the way in building diverse teams and driving equality of opportunity in the workplace. Not only because it will increase the amount of women in the industry, but because only by having women in Web3 will the promise of this technology be achieved.”

Arora’s piece of advice for other women is to have a ‘growth’ mindset. “Keep your mind open to learning and don’t let a fear of not knowing every answer discourage you from pursuing leadership.”

Claire Roper-Browning

Regional director of Marketing, Recruitment, Admissions and Communications (MRAC) for Heriot-Watt University’s Dubai campus

Roper-Browning oversees the overall functioning of the MRAC team comprising approximately 50 people, and with satellite teams in India, Kazakhstan, and Nigeria. The Dubai campus attracts approximately 2,000 students across the MENA region annually. Prior to joining Heriot-Watt University Dubai, Roper-Browning led the Marketing, Recruitment and Admissions Department at Durham Business School in the UK.

Previously, she worked with the Guardian Media Group, where she managed relationships with national media agencies. She has also led marketing campaigns for major sponsors including Nike, Vodafone, and Ladbrokes during her role at Manchester United football club. When Heriot-Watt University Dubai posted a vacancy for a regional director to lead MRAC, she was attracted to the new challenge as she was to the ethos and values of the university. She relocated with her family almost five years ago and there has been no looking back. Since then, Roper-Browning has achieved much and contributed hugely to education in the UAE.

Roper-Browning provides strategic leadership and delivery across all areas of marketing, communications, and student recruitment and all levels of study including undergraduate and postgraduate programmes. Her role spans the UAE as well as the broader MENA region, connecting prospective students with their preferred study destination across HeriotWatt’s global campuses. She also works closely with schools in the UAE and internationally to engage students with a range of programmes o ered by Heriot-Watt University that can help shape their future.

ENABLING TRANSFORMATION

One of Roper-Browning’s biggest achievements is that she has been part of the core team responsible for the transformational change at the Dubai campus. In April 2021, Heriot-Watt University Dubai launched a brand new digitally enabled campus in the heart of the city. Located in Dubai Knowledge Park, the neighbourhood is home to more than 500 businesses and has established itself as a centre of excellence for higher education and professional development. RoperBrowning was instrumental in the launch and transition

to the new facilities as she set up an Admissions and Recruitment team from scratch and led the recruitment of thousands of students.

Under her stewardship, Heriot-Watt University Dubai also became the first university in the region to light up the world’s tallest building – the Burj Khalifa in 2019. The celebration was in support of the many milestones the Dubai campus has achieved.

As part of the university’s involvement in Expo 2020, Roper-Browning led project groups in charge of several Expo-themed activities. Notable amongst these was WATTXPO, the university’s tribute to Expo 2020. Inaugurated by Manal AlBayat, chief engagement o cer, at Expo 2020, the entire campus was transformed into multiple pavilions, each hosting exciting activities and o ering opportunities for prospective students to meet with academics, admissions, and student service sta .

Roper-Browning’s role spans the UAE as well as the broader MENA region, connecting prospective students with their preferred study destination across HeriotWatt’s global campuses

She oversaw the university’s foray into new markets for prospective students such as the Commonwealth of Independent States (CIS), including Russia, Kazakhstan, Uzbekistan, and Azerbaijan. Today, her team of Russian and Kazakh speaking student recruitment o cers play a role in reaching out to students from these countries considering higher education in the UAE.

What Roper-Browning loves the most about HeriotWatt University Dubai is that there is always something new to do and to learn. There is never a dull moment, not to mention the real impact she is making on students dreaming big and aiming to shape their future.

PIECE OF THE FUNDING PIE

WOMEN-LED STARTUPS ARE PITCHING FOR A BIGGER SLICE OF SCARCE FUNDING

Adaora Oramah has been looking forward to this moment for years, as she adjusts her blazer and prepares to pitch in front of international investors.

The 26-year-old has already secured around $700,000 for her startup Amaka Studio, a digital media venture that seeks to connect women globally through Pan-African stories. She is now looking to raise $1.6m to help creators make money through the platform, including in local currencies, and to accelerate advertising capabilities.

But in this economy, fundraising is a challenge. “I know that’s particularly harder for women; typically harder for black woman as well,” the London-based founder says.

A SELECT FEW

Oramah’s Amaka Studio is one of 10 tech-related enterprises that made it to Morgan Stanley’s demo day for startups at its Canary Wharf offices in east London in the first week of February, an event that followed five months of coaching. Five firms from Europe, the Middle East and Africa were selected from 1,200 submissions, in an expansion of a programme that Morgan Stanley has run in the US since 2017.

THE 26-YEAR-OLD HAS ALREADY SECURED AROUND $700,000 FOR HER STARTUP AMAKA STUDIO, A DIGITAL MEDIA VENTURE THAT SEEKS TO CONNECT WOMEN GLOBALLY THROUGH PAN-AFRICAN STORIES

ABOUT 87 PER CENT OF ALL VENTURE CAPITAL FUNDING IN EUROPE WAS RAISED BY MALE-ONLY FOUNDING TEAMS LAST YEAR, ACCORDING TO A REPORT BY INVESTMENT FIRM ATOMICO. THE PROPORTION OF FUNDING RAISED BY WOMENONLY TEAMS HAS DROPPED EVEN FURTHER, FROM 3 PER CENT IN 2020 TO 1 PER CENT

One founder walks the room through slides with Tamagotchi-style pixel art, another uses golden tickets taped under chairs offering lucky winners treats from her online artisanal food store, and one reveals her startup secured an investment that gives it 30 months of runway. Pitches from the cohort in New York are fed through a livestream.

The entrepreneurs were told there would be investors from Atomico, Silicon Valley Bank, Google for Start Ups, Black Seed Ventures, Lakestar and Cornerstone Partners in the room. Rather than committing to funding on the spot, they’re given time to hold conversations after the presentations.

“It was exhilarating,” Oramah says as she stepped out of the auditorium. “It’s been great being able to connect and learn more from the investor community as well as the startup ecosystem as well.”

Dora Palfi says her company imagi, which teaches school girls to code, had gone through a pivot during her time in the programme to focus more on school partnerships. “It just felt like a big moment to also celebrate where we have gotten over the past few months.”

FUNDING GAP

The past year was difficult for almost anyone looking to raise money, as rising inflation, recession fears and the crypto winter led investors of all sizes to press pause. But it was already

MORGAN STANLEY’S PROGRAMME HAS INVESTED IN MORE THAN 69 STARTUPS THAT HAVE GONE ON TO RAISE OVER $670M IN FURTHER FUNDING

almost impossible for small companies founded by women.

About 87 per cent of all venture capital funding in Europe was raised by male-only founding teams last year, according to a report by investment firm Atomico. The proportion of funding raised by women-only teams has dropped even further, from 3 per cent in 2020 to 1 per cent.

“VC, fundamentally, is a game of network. And because it’s a game of network, there are certain patterns that investors expect founders to match,” says Precious Oyelade, the programme lead for Google for Startups UK. “Disadvantaged, underrepresented founders are less likely to get funding” in today’s tougher environment, she added.

Morgan Stanley’s programme has invested in more than 69 startups that have gone on to raise over $670m in further funding, according to the Wall Street bank. Next year’s lab will expand to 15 companies in the US and 10 companies in EMEA.

For Oramah, the pitch day was a long time coming. “Sometimes you hear people say, ‘Oh, I raised this amount in three weeks.’ But for me, I don’t have any shame saying it has taken me about a year to to raise this. But it has also made me really value the importance of sustainable revenue growth.” She’s also learned that fundraising is not the only mark of achievement for a new business, and knowing how to bootstrap is valuable.

“But at the same time, it also would be really great to have somebody that can back us as well,” she says, and gets up to network some more.

Bloomberg

“SOMETIMES YOU HEAR PEOPLE SAY, ‘OH, I RAISED THIS AMOUNT IN THREE WEEKS.’ BUT FOR ME, I DON’T HAVE ANY SHAME SAYING IT HAS TAKEN ME ABOUT A YEAR TO TO RAISE THIS. BUT ALSO HAS MADE ME REALLY VALUE THE IMPORTANCE OF SUSTAINABLE REVENUE GROWTH”

COOL MOVES

we have seen an uptick of international and regional arts and entertainment events taking place in the UAE. This has opened up a wealth of opportunities for aspiring entrepreneurs and given them a platform to express their voice, hone their talent and contribute to the local arts and culture ecosystem.

How

can aspiring entrepreneurs establish their careers in the UAE’s music and arts industry?

I believe there are three key things needed to be successful – passion, perseverance, and a clear vision. This is something I discovered firsthand, having established The Fridge 15 years ago when I made the simple decision to respond to the need for a self-sustaining cultural hub for the performing arts in the UAE. With this focus, I created a business model that incorporated an ecosystem that both supported and invested in independent musicians and regional talent at its core. Even though we now book mostly festivals, A-listers and large-scale productions, this focus is still at the heart of the business.

Recently there is a renewed focus on fostering and upli ting the music and arts industry and tapping into its economic potential in the country. So much so, that the UAE government has launched the UAE Culture Agenda 2031, with the aim of unifying the national culture sector and empowering creative young, emerging art entrepreneurs through diverse grants, exhibitions, university programmes and collaborations with international artists.

The government and private sectors’ joint efforts have paid off, and in recent years,

Tell us about the company and its operations in the UAE.

I originally came to the UAE 25 years ago as a musician, playing the harp in some of the most amazing venues and opening most of the landmark venues over the ensuing decade, including Burj Al Arab, Emirates Towers, DIFC and the original Atlantis. As my career as a musician developed, so did my awareness of the need for an agency that not only knowledgeably looked a ter musicians in terms of bookings but also supported the growing talent in the region.

The Fridge was born 15 years ago with the mission of advancing the UAE’s arts and culture industry and it has grown from a small talent agency to become an award winning, live events partner of choice for leading festivals, concerts and world-class talent in the region.

SHELLEY FROST, FOUNDER AND DIRECTORTHE FRIDGE TELLS GULF BUSINESS HOW THE COMPANY IS SUPPORTING AND INVESTING IN REGIONAL TALENT

Shelley Frost

FOUNDER AND DIRECTOR, THE FRIDGE

I am incredibly proud of the impact we’ve had not only on local talent, but also the contribution we’ve made to the development of a thriving music and arts industry in the UAE and wider region”

Our work is inspired by creativity, collaboration, reinvention and evolving traditions, and through that we have spearheaded many high-profile events from conception through to production, including the recent ‘Carols by Candlelight’ at the Al Wasl Dome, Expo City.

Our team also successfully managed and delivered the live entertainment programme for Expo 2020 – for which we won ‘Best Entertainment Production’ at the Middle East Event Awards. We programme the ‘Mother of the Nation’ festival annually and have founded the Arabian Philharmonic Orchestra as well as the renowned Festival Chorus, delivering the choir and orchestra for the historic Papal Mass.

We’ve made it our mission to foster local talent and empower up-and-coming artists to establish successful careers, as well as bring much-loved international artists to the region. I am incredibly proud of the impact we’ve had not only on local talent, but also the contribution we’ve made to the development of a thriving music and arts industry in the UAE and wider region.

Tell us about the challenges and opportunities you’ve encountered along the way. Culture is the soul of a city and a nation, and each citizen plays a vital role in feeding into and creating that culture. As leaders within the cultural sector, our choices define the landscape not only of today, but also most importantly tomorrow. With that knowledge I feel very fortunate to have been able to start and grow my own culturally focused business here in the UAE.

The main challenges to a business focused on the performing arts is funding however, as there is not an organised grant system from the government yet that supports up-and-coming artists. So, this role is one assimilated by the private sector, with companies such as ours investing heavily in creating a vital environment for artists to thrive.

Last summer, I was honoured to be awarded the Event Industry Icon Award at the Middle East Events Awards. The UAE has opened up so many possibilities and opportunities that I could have only dreamed about when I first started my business back in 2007. Other challenges have been the impact of the pandemic, which was devastating for our industry, wiping out our business for nearly a year. But together with my incredible team we managed to sustain, and I am proud to have built a thriving business that continues to challenge, surprise, and serve the cultural scene every single day.

What’s next for the company?

The last six months have seen us cement our presence and grow in key markets such as Saudi Arabia where we’ve been responsible for the programming of iconic events including Red Sea Film Festival, Diriyah Season, Ithra and curating unique orchestral performances in Neom and Al Ula.

We will continue to nurture talent, having established the careers of some of the region’s most promising local talent, including Shebani, Aleksandra Krstic, NOON, Layla May, Hadi, Esther Eden, Carl & The Reda Mafia and ABRI, to name but a few.

We’ve also had the privilege of being able to create our own events that have helped to support the community at a grassroots level, such as The Fridge Concert Series and ChoirFest Middle East – the region’s largest choral festival that provides a platform for musicians and vocalists from all backgrounds, cultures, and traditions to showcase their talent.

This year, the Fridge is collaborating with the Ministry of Education to extend ChoirFestME to schools right across the UAE. This partnership will enable us to bring the joy of singing to more children across the country for the first time ever.

OUR WORK IS INSPIRED BY CREATIVITY, COLLABORATION, REINVENTION AND EVOLVING TRADITIONS, AND THROUGH THAT WE HAVE SPEARHEADED MANY HIGHPROFILE EVENTS FROM CONCEPTION THROUGH TO PRODUCTION

LIHT-ING IT UP

Tell us about Liht and your growing presence in this region.

LIHT meaning ‘Living In Her Time’, is a luxe organic makeup brand established in March 2019 – right before the unexpected global pandemic. We have always aimed to be more than just a beauty brand, and hope to empower women to shine through their greatest potential. We o er organic makeup that is not just safe and beneficial for your skin and body, but can also heal and improve your complexion with regular use. Our products are made with up to 90 per cent USDA-certified organic ingredients with 100 per cent natural formulations that are also vegan, cruelty-free and gluten free, and devoid of any nanoparticles and harmful chemicals.

The UAE was on our radar for international expansion because it is stringent about applying high health standards and follows strict rules and regulations when it comes to allowing products to be sold in the region. Needless to say, the beauty industry is thriving here and women are thoroughly aware of the importance of having a more natural approach towards their skin and lifestyle in general. Oher factors such as the ease of doing business in the region led us to set up a base for our Middle East operations in the UAE.

How di cult was it to break into the cosmetic market in the UAE?

It was di cult, no doubt, but we have strong

RECENT

unique selling propositions that set us apart. With Liht, I’ve created safe yet high-performing alternatives for beauty products. There isn’t a single competitor in the region that can confidently hold the claim of having beauty products that are “safe enough to eat.”

As an SME that launched a year before the pandemic, how did you manage to stay afloat during this crisis?

We managed to keep the business risk contained because of decisions we intuitively made even before we were hit by the pandemic. We had to think out of the box and pivot quickly in order to adapt to the multiple changes that were happening and to be on our toes to change our strategies in a blink of an eye. We definitely didn’t run the company in a typical fashion, and we had to think of strategic ways to fundraise in a pandemic as a startup with not much of a track record to show. We are very blessed to have the full support of our investors who truly believe in the mission and vision of the company and this not only allowed us to survive the pandemic, but also to expand the business the moment the opportunity arose.

Your products are made out of 100 per cent natural ingredients. How does it a ect the longevity of the product?

25.5% FROM 2022 TO 2027

To ensure that the products stay fresh, we use only natural preservatives and airless pump technology whenever we can to minimise bacteria introduction even a ter the products are opened. While our products have a shelf life of three years, products like lip glosses, mascara and liquid liners are prone to bacteria being introduced with the pumping motion when used – these should be replaced regularly from three to six months

NERISSA LOW, FOUNDER OF MAKEUP LINE, LIHT, IS CREATING A NICHE FOR HERSELF AND HER PRODUCTS IN THE REGION’S BEAUTY INDUSTRY

Nerissa Low

FOUNDER OF MAKEUP LINE, LIHT

MARKET ANALYSIS REVEALS THAT THE GLOBAL AUGMENTED & VIRTUAL REALITY IN THE COSMETIC & BEAUTY MARKET IS PROJECTED TO GROW AT A CAGR VALUE OF

a ter they are opened. This is recommended for chemical-based products too.

How do you ensure that your range of cosmetics are sustainable and eco-friendly?

As mentioned, we are vegan and cruelty-free. In fact, it is my dream to start a foundation for animal conservation and empower people through education in conscious and sustainable living. Only what’s good for the planet is good for us and we have all experienced it lately with the pandemic. All that the planet required was time to heal and it did it all by itself with us confined to our homes. We must not forget these learnings that came to us the hard way.

Secondly, our compact cases are refillable to cut down on plastic usage and to also provide cost e ective options for our customers. We are looking at collaborations with partners to help us recycle plastic waste for the bottles that are not refillable due to the structure of the product. We also use FSC-certified paper for our boxes, which are made of sustainably grown wood fibres.

Lastly, we support environment causes such as Seven Clean Seas to clean the ocean of plastic. We are proud to say that we have since cleared out more than 15,000 plastic bottles till date.

How easy is it to get the right natural ingredients for your product?

It is definitely a challenge sourcing for ingredients that are safe yet effective to provide the performance that a makeup product requires. Our products are made in the US, and while being in the UAE does not have an impact on the ingredients in production per se, the encouragement of the UAE for cruelty-free, clean, sustainable products definitely helps with the imports on the regulatory front.

How is technology impacting the cosmetics industry?

For us, the future is here already as we launch the region’s first VR-backed makeup podium to allow consumers to experiment with di erent looks on their avatars and help users make personalised product choices from Liht Organics’ expansive portfolio. Recent market analysis reveals that the global augmented and virtual reality market [in the cosmetic and beauty industry] is projected to grow at a CAGR value of 25.5 per cent from 2022 to 2027. The industry is experiencing a huge shi t towards digitalisation, which incorporates elements such as virtual try-on capabilities. This has been a key di erentiator for beauty retail, as it substitutes in-store testers that have now become outdated as a result of the pandemic. Such tech-enabled engines will continue to be at the forefront of digital acceleration and makeup experience in the coming years.

What are the key cosmetic trends that will shape the Middle East market in 2023?

The pandemic has definitely shi ted the way consumers see makeup. Apart from the stark shi t towards clean beauty because of the emphasis on health, they are now looking for simplicity in application with hybrid products that have multiple functions. When I created the line, I wanted to debunk the myth that makeup is “bad” for your skin. So it was a deliberate move to include skin nourishing active ingredients in our makeup with skincare benefits. Not only is Liht’s makeup beneficial for your skin, it is also safe enough to be used for di erent purposes. For example, our blush can be used to mattify lips, our lip products can be used as blush and our concealers can be used to neutralise the colour of lips.

Consumers are also looking for real stories behind brands and are increasingly inclined towards authentic brands that stand for a cause. It is heart-warming to know that more and more people want to support brands that they can relate to and feel like they are doing something good for the planet with the purchases they make.

I’ve created safe yet high-performing alternatives for beauty products. There isn’t a single competitor in the region that can confidently hold the claim of having beauty products that are safe enough to eat!”

A SHINING EXAMPLE

equal, if not better quality, thanks to the reduced presence of impurities and nitrogen in a lab environment. Greater clarity without a yellowish tint is achieved with the help of the latest technology. Through ongoing innovation, human-made diamonds have evolved to be chemically, physically and visually identical to natural ones while reaching only 0-4.8 per cent of the mining process’ carbon emissions. Our clients, especially in the UAE, which is our focus market, appreciate these advantages, gradually opting for more sustainable luxury.

Tell us about your business model and operations.

We are a digital brand focusing on sustainability, innovation and valuefor-money luxury. Technology is key to our business. We source top-quality lab-grown diamonds and turn them into 18K hand-made jewellery pieces. Our designs instantly upgrade a woman’s everyday looks.

What are some of the key milestones of your brand?

We launched in 2021, and by the end of the year, our first milestone was the redesign of our packaging, now exclusively made of recycled, sustainable and cruelty-free materials, including our vegan leather jewellery boxes. In May 2022, we updated our website to o er a seamless end-user experience. And quite recently, in January, we added a diamond alternative that is extra sustainable with a zero carbon footprint to our o erings.

Any challenges faced during your journey?

Tell us about your journey as a jeweller and the inspiration behind Etika Jewels.

My interest in jewellery started in 2015 a ter I watched a documentary on the diamond mining industry. It inspired me to start researching lab-grown diamonds, the eco-friendly and ethical alternative to mined diamonds. The industry was at an early stage back then, but the idea of creating an innovative jewellery business started to grow.

A ter 12 years in the online travel industry, I decided to become a certified IGI diamond grader and launched Etika Jewels, a lab-grown diamond jewellery brand that o ers the market a new responsible luxury alternative with a positive impact.

How are you aiming to reinvent the jewellery industry in the UAE?

By using lab-grown diamonds in timeless fine jewellery designs, we o er the UAE market a sustainable alternative to natural diamonds that comes at an

As part of our strategy to bring these items closer to every woman, we put a great e ort into having a strong online presence.

Across channels, we aim at highly responsive customer service with strong personalisation elements. We involve our clients in every step and continue to innovate in response to their needs. In collaboration with the Diamond Foundry, we recently added the option of diamonds with zero carbon emissions to our o erings.

What are the emerging trends in jewellery for the season?

Timeless, minimalist pieces that give any look a glamorous touch are popular. Simple designs, classic cuts, and high-quality gemstones are trending. Examples of this minimalist approach are our extremely popular tennis necklaces and bracelets. On the other hand, statement pieces such as our dazzling hoop earrings and bold diamond rings or necklaces are the showstoppers that transform a casual outfit into an eveningwear option.

Breaking into the fine jewellery industry was not an easy job in the fi rst place. It is mostly a male-dominated industry with families who have prevailed in this market for many generations. Still, with strong brand values, innovation and partners that share the same vision, newcomers can find their place in a growing market, contributing to a responsible perception of luxury, which appeals more to millennials and Gen Z.

How did you fund your business?

I funded my business through personal savings, investing in a vision and mission that meant a lot to me and, hopefully, many others.

Do you have any advice for female entrepreneurs?

From conception to realisation, maintain a clear vision of where you wish to be heading and what your goals are. Stick to things you do well and delegate the rest. Surround yourself with talented people that share the same vision. Putting in the hard work and staying consistent will pay o . Don’t compare yourself to others, and focus on your own progress. And in anything you undertake, enjoy the ride.

BASMA CHAIERI, FOUNDER OF ETIKA JEWELS, ON THE JOYS AND CHALLENGES OF BRINGING TO MARKET A NEW LUXURY ALTERNATIVE WITH A POSITIVE IMPACT

Basma Chaieri

FOUNDER OF ETIKA JEWELS

MOVING WITH MAEYA

Tell us about your journey as a sportswoman and the inspiration behind Maeya.

Maeya is inspired by the idea of empowering women to pursue their passion and stay active with confidence and comfort. We focus on functionality, using clean fabrics and stretchable, comfortable materials. Our stylish designs, featuring bold colours and unique patterns, promote self-expression and elevate selfesteem. We strive to create activewear that blends performance and fashion, helping customers look and feel their best while achieving their fitness goals and living life to the fullest.

How is Maeya redefining women’s wear, particularly activewear in UAE?

One of our key di erentiators is the focus on inclusivity and body positivity, as we o er size-inclusive ranges and adaptive designs that cater to a wide range of body types and abilities. We believe that all women deserve to feel beautiful and confident, and our activewear is designed to promote that feeling.

Tell us about your business model and operations.

Our business model is a direct-to-consumer (D2C) and business-to-consumer (B2C) multichannel retail model, with products sold through our online store

and through select retail partners. This strategy increases customer loyalty and lifetime value, as customers can purchase Maeya through multiple touchpoints. The revenue model is based on the sales of our products through these channels.

Are you planning to expand beyond the UAE?

Our future plans include expanding our online presence, opening physical stores in Dubai, adding men’s and children’s athletic wear, and entering the GCC and Saudi markets. We’re seeking a US retail partner, e-commerce partnerships, and an online retail partner in the UAE. We’re also looking to collaborate with luxury department store chains such as Bloomingdales.

What are the emerging trends in activewear for the season?

We are seeing a preference for sustainable and eco-friendly materials, bold and vibrant prints and colours, versatile and functional designs that can be worn both in and out of the gym, and an increased focus on size-inclusive ranges and adaptive designs. Additionally, there is a growing emphasis on technology and innovation, with the integration of smart fabrics and features such as moisture-wicking and temperature-regulating properties.

Any challenges faced during your journey?

During our launch amidst Covid-19, we struggled to gain traction on our social media, specifically Instagram. However, we’ve gained our customers’ trust through transparency, honesty and exceptional customer service. Word-ofmouth helped market our brand, and feedback from customers was used to develop the business. Despite challenges, such as shipping delays and supply chain disruptions, our focus on customer service and attention to customer feedback allowed us to overcome them.

How have you funded your business?

I have been fortunate enough to finance my business through my personal savings. By being careful with my finances, I was able to accumulate a substantial amount that I could put towards my entrepreneurial aspirations. In addition to my own savings, I was fortunate to have the support of my fiancé, who also invested a portion of his personal savings into our venture. This joint e ort has allowed us to not only strengthen our personal relationship, but also establish a solid financial foundation for Maeya.

Do you have any advice for female business owners?

As a female entrepreneur, I advise other women to embrace fear as a natural emotion, o ten indicating growth and achievement. It’s crucial to acknowledge and challenge your fears, while focusing on the positive outcomes of taking a leap of faith, like personal and professional growth, financial stability, and making a positive impact. These outcomes can motivate and encourage you to move forward despite fear.

SOMAIAH AL DABBAGH, FORMER ATHLETE AND FOUNDER OF ACTIVEWEAR BRAND, MAEYA, SHARES HOW SHE IS EMPOWERING WOMEN WITH HER CLOTHING

Somaiah Al Dabbagh

FORMER ATHLETE AND FOUNDER OF ACTIVEWEAR BRAND, MAEYA

I am fortunate for being raised in a family that values women’s right to work, and for living in a country that empowers women through supportive legislation and initiatives”

HALA BADRI , DIRECTOR GENERAL - DUBAI CULTURE

Lifestyle 23

Watch the journey

We travel to the breathtaking glass-walled spiral Audemars Piguet museum in Le Brassus, Switzerland, to learn more about the luxury watch brand’s illustrious and long-standing history of watchmaking p.60

ROSA MYSTICA BY PARMIGIANI FLEURIER

This is the latest in a series of five unique pieces from the ‘Grand Feu Collection’, introduced in December 2022, with the Rosa Celeste and its blue Grand Feu enamel.

On this new creation signed by the maison, magistral red Grand Feu enamel adorns the dial with “Rose Carrée” engraved on the back of this exceptional watch. The timepiece is embellished with a natural garnet cabochon on an 18K white gold case.

“We should be making sure the products that people buy are not harmful to them or the environment and passing these laws helps ensure that that’s the case .”

Avinash Kar, senior attorney and senior director, Natural Resources Defense Council

In the beginning

WE TRAVELLED TO AUDEMARS PIGUET’S HQ IN SWITZERLAND TO GO HANDS-ON WITH SOME OF ITS BIGGEST LAUNCHES FOR THIS YEAR

BY VARUN GODINHO

Audemars Piguet (AP) had a breakout year in 2022. Its sales crossed the CHF2bn mark – its highest-ever on record – and it sold 50,000 watches. For context, consider that Swiss watch exports overall totalled CHF23.7bn last year.

That figure, an 11.6 per cent year-on-year increase, was also an all-time high for Switzerland, according to the Federation of the Swiss Watch Industry.

Universelle Universelle

Audemars Piguet is, evidently, a formidable force to reckon with in the Swiss watch industry. Headquartered in Le Brassus, in the Vallée de Joux, AP is enjoying an unprecedented moment of success. Last year, it celebrated the 50th anniversary of its iconic Gerald Genta-designed Royal Oak that changed the fortunes of the watchmaker. But it also hasn’t stuck to a formula, and instead deftly shifted the focus towards its Code 11.59 collection which was launched back in 2019 and has since then debuted in several stunning models (the Starwheel and Grande Sonnerie Supersonnerie are just two examples).

Last year, AP opened 99 doors worldwide. It shook off criticism that its watches were being sold mainly to repeat customers, with 65 per cent of its clients last year being brand-new to the brand. Interestingly, 23 per cent of its sales were to women in 2022, also summarily dismissing unfounded perceptions of the brand not having a diverse enough appeal.

Earlier this year, AP invited us to their HQ to explore some of their latest 2023 novelties. From a host of new Royal Oaks and Code 11.59s to a surprise Universelle model (AP’s most ultra-complicated automatic wristwatch ever), the brand is at the top of its game.

INTO THE CORE

Over two days in Switzerland, we went hands-on with the latest novelties from AP. On day one, we went through a series of workshops at the AP-owned Hôtel de Horlogers located a few doors down from its new museum (more on that later) that opened a few months ago.

We began with a demonstration of the first full-black ceramic Royal Oak Offshore timepiece. Unlike the Royal Oak, the Royal Oak Offshore which debuted at the

1993 Baselworld fair at twice the price of the Royal Oak, wasn’t an instant success. In fact, the Royal Oak’s designer Genta was nowhere near impressed with it. But gradually, as complications were added to the Royal Oak Offshore from 1997 onwards, it began to endear itself to a much larger

audience. This year’s RO Offshore Selfwinding Chronograph Ref 26238CE is powered by a slick column-wheel flyback chronograph Calibre 4404 movement.

Moving on, we were ushered to the next workshop where we got a quick history lesson on the Code 11.59 Starwheel that debuted last year and can trace its history back to the 1600s to the night clocks used by cardinals in the Vatican. The wandering hours pocketwatch which is over 300 years old inspired the wandering hours mechanism on the Starwheel. There is an article dedicated to the Starwheel that AP recently found in its archives, in the 1904 edition of the Swiss Watch Journal. AP resurrected the Starwheel back in 1991, introduced a double face Starwheel in 2000 and last year introduced the blue aventurine dial version that we have today.

Next, we were shown the new collection of steel-cased Code 11.59s, available in six variations. Four of these are full steel cased, while two come with a ceramic case middle. Each have stunning guilloche dials with concentric circles on it designed by Swiss craftsman Yann von Kaenel. There are the three-hand date-and-time models powered by the Calibre 4302, while the chorono variants are backed by the Calibre 4401.

From there, we were led to a display of special-edition Royal Oaks, primarily for the South East Asia market (Japan accounted for 19.5 per cent of all Swiss watch exports in 2022, and along with China, Hong Kong and Singapore, was among the four Asian regions to feature in the top 10 countries for Swiss watch exports in 2022). Our pick from the special-edition ROs which will first

AP resurrected the Starwheel back in 1991, introduced a double face Starwheel in 2000 and last year introduced the blue aventurine dial version that we have today

RO Jumbo Extra Thin

RO Offshore Self-winding Chrono

Concept

debut in Japan and then rolled out worldwide is the 41mm white gold chrono RO (Ref 26240BC) whose outer bezel is covered with 32 blue baguette-cut sapphires. Before we ended the day, we were shown one last set of watches. These included a 37mm yellow gold Royal Oak that had a bright turquoise dial, where the stone was sourced from Mexico. The stone had the natural veins on it and with a dull hue, it looked like it had just been pulled out from the rock. Due to these aesthetic characteristics, no two dials will ever be the same. We didn’t end the day before slipping onto our wrist one of our favourite pieces of day one – the new Royal Oak Jumbo Extra-Thin (Ref 16202BC) in a white gold case and a stunning blue PVD grained dial (our third favourite dial type from AP after the iconic tapisserie and more recently introduced dimple dial).

The new Jumbo is backed by the Calibre 7121 that was introduced last year and measures 3.2mm thick, with the entire watch with its case coming in at just 8.1mm.

The following day we drove to AP’s newly built 10,400 square-metre stateof-the-art single storey Manufacture des Saignoles in Le Locle, which opened in the spring of 2021 to discover AP’s next set of

novelties for the year. We began with the new Grande Sonnerie Carillon Supersonnerie. Back in 2015, the Royal Oak Concept RD1 was designed as a testing ground for its new Supersonnerie mechanism wherein the gongs were not attached to the mainplate, but to the case instead to achieve the desired tonal quality.

Today, all of AP’s minute repeaters are fitted with the Grande Sonnerie mechanism in them. This year’s Grande Sonnerie Carillon Supersonnerie have iterations of pink, yellow and white gold cases with a black smoked sapphire crystal. Minute repeaters are some of the most difficult watches to manufacture and each of these new pieces, we were told, takes around 18 months to manufacture from start to finish.

Next, we were shown the new Royal Oak Concept Split-Seconds Chronograph GMT that at 43mm is not only a physically commanding piece, but also one that is a bold statement from AP – it has no logo of the brand on the dial. Clearly, it’s a case of ‘if you know, you know’ – and the watch is unmistakably AP through and through. This piece was six years in the making and has eight complications including a flyback

and split-seconds chrono. Precision watchmaking comes into play in the construction of the axel in this chronograph – here, it is just 0.28mm, compared to the 0.1mm thickness of a strand of human hair.

From a large statement piece, it was time to shift our focus to a lightweight piece – all of 75 grams – which was the new limited-edition Royal Oak Perpetual Calendar Ultra-Thin. It has a 6.2mm case, as opposed to 9.5mm that you’ll find in typical Royal Oak pieces, and its perpetual calendar automatic calibre is just 2.9mm thick.

The day, and all the presentations, concluded with what was arguably the biggest release of the year from the brand – the Code 11.59 by AP Universelle wristwatch. It is a project which has been nearly seven years in the making, and is AP’s most ultracomplicated automatic wristwatch ever made.

The all-new AP Calibre 1000 comprises over 1,100 components and has 23 complications ranging from a Grande Supersonnerie, perpetual calendar and minute repeater to a flying tourbillon and split-seconds flyback chrono. The watch was presented to us by none other than Giulio Papi, technical director at AP, who said that the aim was to create a wearable grand complication wristwatch. “We believe that a ‘mechanical function with an ergonomic focus’ opens a new path for AP and the watch industry as a whole. This new ultra-complication is the culmination of several decades of research, design and manufacturing of many different types of complicated mechanisms that have put ergonomics at the forefront of the process,” said Papi.

There are 40 functions on this watch, and Papi’s team has attempted to make adjusting, viewing and setting them as intuitive

“The day, and all the presentations, concluded with what was arguably the biggest release of the year from the brand – the Code 11.59 by AP’s Universelle wristwatch. It is a project which has been nearly seven years in the making, and is AP’s most ultra-complicated automatic wristwatch ever made”

Grande Sonnerie Carillon Supersonnerie

Manufacture des Saignoles

and painless as possible. AP has rethought the construction of its chiming functions too by adding a double caseback, with the extra layer coming by way of a sapphire crystal on which the gongs are mounted in between the mainplate and the solid caseback. This is watchmaking at its finest and is a tribute to the 1899 L’Universelle pocketwatch which is regarded as among the world’s most complicated pieces in the ranks of Breguet’s Marie Antoinette, Patek Philippe Henry Graves Supercomplication or Vacheron Constantin’s Le Cabinotier. That AP pocketwatch is also now on display at the Audemars Piguet Musée Atelier back in Le Brassus, where we headed to as well.

REWIND, FAST-FORWARD

The breathtaking glass-walled spiral AP museum designed by the Bjarke Ingels Group is an extension of the house where Jules Louis Audemars and Edward Auguste Piguet established their watchmaking business back in 1875 in Le Brassus.

As we walked around the museum in a guided tour the day before we headed to

Le Locle we saw several of the around 300 pieces in the museum which chronicle the watchmaking history of AP. The museum includes historically significant jewels such as the AP’s oldest perpetual calendar which dates back to the 1880s and a Ti any dial watch that also dates back to the 19th century. The highlight of the museum is the L’Universelle pocketwatch, surrounded by a few of the brand’s other historic grand complication pieces.

Fittingly, along one side of the museum is a grand complication workshop where AP’s current cra tsmen work on the brand’s modern-day range of grand complications.

The entry price point of a new AP is, on average, $25,000. Many of this year’s novelties are priced at several times that amount (the new Universelle costs between CHF1.45m-CHF1.6m). To help make luxury watchmaking a little more accessible and

to bring in a firm sense of order into the secondary market, just as Rolex launched its Certified Pre Owned programme a few months ago, AP too is expected to announce its own CPO programme later this year. It further expects this vertical of its business to become bigger than its new-piece retail business too. It isn’t a tall ask when you consider that, according to LuxeConsult, the secondary market for luxury watches grew 20 per cent year-over-year in 2022, and will triple in value by 2033 thereby overtaking the new watch sale market.

While AP sold 50,000 watches last year, this year it’s going to increase its production by just 1,000 pieces. The demand for AP is already far outstripping supply. AP pieces hold their value, and many of its complicated timepieces rise significantly in value over time too. Raise your wrist now, or hold your peace later.

Musée Atelier

Audemars Piguet Musée Atelier

Royal Oak Selfwinding Perpetual Calendar Ultra-Thin

RO Self-winding Yellow gold

WHAT’S IN THE LABEL?

WE PROBE DEEPER INTO PFAS AND HOW THEY CAN IMPACT YOUR HEALTH

There’s a chance that some of the clothes hanging in your closet were made using toxic chemicals. There’s also a chance that this fact isn’t communicated clearly, or perhaps at all, on your clothing labels. Welcome to PFAS limbo.

For decades, apparel companies have turned to per- or polyfluorinated chemicals – also called PFAS, fluorochemicals, PFC chemicals or forever chemicals – to make raincoats, boots, backpacks and other items resistant to water and stains. But a growing body of research suggests

that this entire class of thousands of chemicals are harmful to human health and the environment. Companies are now racing to get them out of clothes ahead of statelevel bans in California, Maine and New York that will take e ect in the coming years. This week, the American Apparel & Footwear Association put PFAS on its restricted substance list.

FACING A DILEMMA

The great transition o of PFAS in clothing is o cially underway, but the earliest of the state bans takes e ect in 2025. Until then, consumers are le t to puzzle out on

their own whether the items they already have or want to buy have PFAS.

“I regularly get calls from friends and family wondering exactly this — how to navigate this landscape,” says Danielle Melgar, an activist with the nonprofit Public Interest Research Groups (PIRG). “There aren’t labeling requirements and so it’s kind of just up to companies to say whatever they want and in many cases the labels are intentionally misleading.”

Melgar says there are words consumers can look for in clothing descriptions to suss out whether PFAS might be present. “The typical functions of PFAS are things

like waterproofing, stain proofing and stain resistance,” she says. “Looking for those buzzwords can be helpful but that’s obviously not going to be helpful when you are looking for a rain jacket because any rain jacket would be waterproof.”

Some PFAS labels do exist. But as Melgar and other advocates from the Natural Resources Defense Council and Fashion FWD warn in their 2022 Going Out of Fashion report, those labels can be incomplete or misleading. For example, beware of labels that specify clothing made without a specific PFAS chemical, such as clothing that is PFOA-free or PFOS-free, warns NRDC scientist and senior project manager Yiliqi, who goes by one name. “That’s really a red alert,” she says. “It means they may be using other kinds of PFAS, right?”

READING BETWEEN THE LINES

Even the label “PFC-free” could be misleading if companies are using PFC to refer to only a subset of PFAS chemicals rather than all of them, according to the

report. Regardless of the label, activists recommend that consumers ask the manufacturer if a product contains any PFAs, including what’s called PFAS polymers. “If it does, avoid buying,” advises the report.

THE BEST WAY FORWARD

The ideal is to avoid PFAS clothing, but

it is generally okay to continue wearing clothing you already own while being mindful of the potential risks, according to Yiliqi. “It is possible for people to inhale or ingest PFAS shedded from PFAS-containing clothes,” she says. “This is especially important to note for small children, as they may be chewing their clothes or putting their hands in their mouths after touching PFAS containing products or surfaces.” One tip is to avoid having PFAS clothing directly touching skin for long periods of time.

AS OF THE SUMMER OF 2019, ALL JACK WOLFSKIN CLOTHES, PACKS AND BAGS ARE “100

VAUDE SPORT’S CLOTHES WERE PFC-FREE AS OF 2018, AND THEIR BACKPACKS AND FOOTWEAR AS OF 2020

Some companies aren’t just leading the transition away from PFAS; they’ve already finished. As of the summer of 2019, all Jack Wolfskin clothes, packs and bags are “100 per cent PFC-free.” Vaude Sport’s clothes were PFC-free as of 2018, and their backpacks and footwear as of 2020. Most Haglofs products are now PFC-free, excepting those containing Gore-Tex fabrics. Fjällräven’s product line will be entirely PFAS-free by this summer, with many items available online or in stores already there. Patagonia is aiming to be PFAS-free by the end of 2024, and already offers PFC-free durable water repellent or “PFC-free DWR” products.

For many other brands, though, consumers will have to wait until stricter regulations make PFAS-free options easier to find.

“Consumers should not have to buy their way out of the problem,” says Avinash Kar, a senior attorney and senior director at NRDC. “We should be making sure that the products that people buy are not harmful to them or the environment and passing these laws helps ensure that that’s the case.”

“For decades, apparel companies have turned to per- or polyfluorinated chemicals – also called PFAS, fluorochemicals, PFC chemicals or forever chemicals – to make raincoats, boots, backpacks and other items resistant to water and stains”

PER CENT PFC-FREE”

Lifestyle / Cool Gadgets

TRENDING TECH

EIGHT GADGETS THAT MADE IT TO OUR LIST OF MUST-HAVES

BY DIVSHA BHAT

ACER EKINEKT BIKE DESK

The Acer eKinekt BD 3 bike desk combines a desk with a stationary bike to empower healthier and sustainable lifestyles. By using the kinetic energy from your pedalling, the bike lets you exercise while you work.

As you pedal, the eKinekt converts kinetic energy into an electric charge. One hour of constant cycling at 60 RPM on the bike desk can generate 75 watts of self-generated power. This energy is then used to charge laptops and other devices, so you can work and stay active at the same time.

During exercise regimes or work periods, the LCD display and app will keep you updated on your progress. Whenever you’re working or training, you can adjust the bike resistance, seat and desk height to make it more comfortable.

It has two Type-A and one Type-C USB ports. Meanwhile, with its wide desk surface and adjustable table height and seat, the eKinekt gives you plenty of workspace, no matter what position you’re sitting in. There’s a bag hook and a designated drink holder for added convenience.

You can check riding duration, distance, speed and calories burned in real-time with the eKinekt’s companion app. Furthermore, you can also add your height, weight, gender and age in the app profiles for more accurate tracking.

AS YOU PEDAL, THE EKINEKT CONVERTS KINETIC ENERGY INTO AN ELECTRIC CHARGE ONE HOUR OF CONSTANT CYCLING AT 60 RPM ON THE BIKE DESK CAN GENERATE 75 WATTS OF SELFGENERATED POWER

APPLE WATCH ULTRA

The latest Apple Watch Ultra is 49mm and 61.3 grammes and is larger than any other Apple Watch. However, it doesn’t feel chunky or huge. The silver titanium casing makes it lighter, while the flat face and curves help offset the height.

Along with the regular digital crown and side button, the opposite side has an international orange action button, which can be customised to start and stop workouts, set a waypoint when hiking, retrace your steps if lost, start a dive, turn on the flashlight, or run shortcuts. It has water resistance to 330 feet, IP6X dust resistance, and it’s tested to MIL-STD 810H specifications.

With 2,000 nits at its peak, the ‘always on’ retina display is twice as bright as any other Apple Watch. For better viewing in low light, rotate the Digital Crown to activate Night mode.

With the new Action button, you can control a bunch of stuff quickly. It’s customisable and can do things like control a workout, mark a waypoint, and dive.

With a longer battery life than ever before, you can take on almost anything and have energy to spare. A normal use battery can last 36 hours, and a low power battery can last 60 hours.

The Apple Watch Ultra is equipped with a precision dual-frequency GPS system that provides amazing accuracy in even the most challenging environments.

If you get lost or hurt and need attention, you just need to hold the Action button to activate a siren that can be heard from 180 metres away.

WITH 2,000 NITS AT ITS PEAK, THE ‘ALWAYS ON’ RETINA DISPLAY IS TWICE AS BRIGHT AS ANY OTHER APPLE WATCH. FOR BETTER VIEWING IN LOW LIGHT, ROTATE THE DIGITAL CROWN TO ACTIVATE NIGHT MODE

SAMSUNG S23 ULTRA

Samsung’s S23 Ultra is a top-of-the-line flagship smartphone with major upgrades. Its best new feature this year is the 200-megapixel main camera, which promises printworthy detail and much better night shots.

The screen is still a 6.8-inch 1440p LTPO OLED with a top refresh rate of 120Hz. Besides fast autofocus, it has a Super HDR selfie camera that shoots at 60 frames per second for noticeably better front-facing pics. The camera also gets better video stabilisation, and the phone’s design has new curves on the edges. Meanwhile, Expert RAW app, available exclusively on Samsung Galaxy, lets you shoot and edit pictures like a DSLR. You can experiment with multiple exposures or capture a clear shot of the Milky Way with Astrophoto settings.

For creators and gamers, Samsung and Qualcomm optimised the experience with the brand-new Snapdragon 8 Gen 2 Mobile Platform. A 5000mAh battery powers the smartphone.

The Galaxy S23 Ultra comes ready to support real-time ray tracing as it comes to the mobile gaming mainstream. Users will be able to see noticeably more lifelike renderings of scenes, thanks to technology that simulates and tracks every ray of light.

With the new device, Samsung has streamlined its storage tiers and colours. The flagship phone now comes with 8GB of RAM and 256GB of storage. Other options include 12GB RAM and 512GB storage and 12GB RAM and 1TB storage.

The Galaxy S23 series comes in four colours: Phantom Black, Cream, Green and Lavender, as well as additional exclusive colours that are only available to order on the brand’s website.

IT HAS A SUPER HDR SELFIE CAMERA THAT SHOOTS AT 60 FRAMES PER SECOND FOR NOTICEABLY BETTER FRONT-FACING PICS

CANON EOS R50

Content creators looking to step up from their smartphones can take advantage of this new launch – the Canon EOS R50. The EOS R50 is an ideal camera for anyone who is new to mirrorless technology and is looking for a camera they can learn to use at their own pace.

This versatile device has a large 24.3MP APS-C sensor that shoots 4K video and sharp stills with ease.

It is lightweight at 375 grammes and has a comfortable grip. Whether you’re vlogging or taking selfies, you can compose a shot at any angle with its variangle touch screen.

The creative bracketing feature provides multiple looks for each image based on the creative assist settings.

Meanwhile, the auto focus feature on the camera allows you to quickly focus on moving objects such as people, animals and vehicles. In addition, the EOS R50 consistently delivers artistic results from ultra-wide angle to super telephoto.

Vloggers can easily connect external accessories such as microphones to the camera’s multi-function hot shoe.

The camera also gives ambitious content creators the ability to break boundaries without interrupting the flow. With seamless wi-fi and bluetooth connectiv ity, you can share images and movies instantly. To achieve professional quality live streams and video conferencing, the EOS R50 can also be used as a webcam using UVC/UAC over a USB connection.

SONY FLOAT RUN

Sony’s new headphones are designed with runners in mind, and have a flexible neckband that doesn’t slip when in motion. The off-ear headphones ‘Float Run’ position the speaker close enough without touching the ear canal.

Runners won’t have to worry about pressure on their ears. For extended comfort, it sits on the ears of the wearer, so they can enjoy comfort for longer without any problems. It weighs approximately 33 grammes.

The 16mm drivers and precise tuning offer a more natural and wider sound. The Float Run headphones has an open-type design that eliminates echo of the sounds your body makes, like footsteps, chewing or heavy breathing and allows in ambient sound.

With an IPX4 water resistant rating, you don’t have to worry about damage from sweat or from getting caught out in the rain. With long battery life and up to 10 hours playtime when fully charged, the Float Run headphones will power long runs. In a hurry? A quick charge of 10 minutes will give an hour of play.

With a variety of controls built in, you can control playback and access your smartphone’s voice assistant without having to take it out of your pocket or bag. When your run is over and it’s time to get to work, the Float Run headphones have a high-quality built-in microphone to make them just as ideal for productivity tasks. Float Run headphones conveniently charge using USB-C.

Additionally, the headphones include a carrying pouch to keep the supplied charging cable and headphones together and protected.

THE AUTO FOCUS FEATURE ON THE CAMERA ALLOWS YOU TO QUICKLY FOCUS ON MOVING OBJECTS SUCH AS PEOPLE, ANIMALS AND VEHICLES

RING SPOTLIGHT CAM PLUS

If you are looking for a smart surveillance camera, you’ll quickly find various Ring models available in the market. One of its new launches is Spotlight Cam Plus that features a stylish design and dual power options. Besides having a wide-angle 1080p HD video, it also has LED spotlights that are built in, along with a security siren.

The cam comes in two colours (black and white), and has real-time notifications, two-way talk and live view. You can also keep an eye on your property day or night with colour night vision and two motion-activated LED spotlights. You can also pick between battery and plug-in power, depending on your home setup.

It is designed with security and privacy in mind, with ‘customisable motion zones’ and ‘privacy zones’, so you don’t have to worry about video being captured in certain areas. It also has ‘audio toggle’ which can turn o audio recording for added privacy.

LENOVO LEGION PRO 7I

The Lenovo Legion Pro 7i is a 16-inch gaming laptop with AItuned performance that gives gamers the edge they need. You can choose between the latest 13th Gen Intel Core processors or AMD Ryzen 7000 Series processors and up to the latest NVIDIA GeForce RTX 40 Series laptop GPUs.

Lenovo Legion’s ColdFront 5.0 with hybrid thermals lets these top-tier internals run harder for longer with an extra-wide vapour chamber that covers both CPU and GPU on NVIDIA GeForce RTX 4090 and RTX 4080 Laptop GPUs, or a separate CPU vapour chamber with hybrid heat piping on NVIDIA GeForce RTX 4070 Laptop GPUs. The CPUs are kept cool by liquid metal infusion, which means no throttling, while heat is expelled by massive exhaust vents on the sides and back of the chassis, totaling 235W. With Lenovo AI Engine+, performance is pushed even further, maximising frames-per-second for the most immersive gaming experience.

The Lenovo PureSight Gaming Display with 16:10 WQXGA 2560×1600 display supports up to a 240Hz variable refresh rate, so you can see every frame of your epic win streak in lightning-fast, crisp detail. It also features the brand’s Legion TrueStrike keyboard.

AMAZON ECHO DOT (5 TH GEN)

In Amazon’s latest Echo Dot smart speaker, the orb-like design is similar to that of its predecessor, but the sound quality is noticeably better. Its upgraded audio driver delivers a sonic experience with improved bass and clearer vocals.

Play your favorite music, audiobooks, and podcasts from Anghami, Spotify, and more via Bluetooth. With a massive wealth of Alexa skills, it caters to almost everything you could ever want or hope to do with a smart speaker. It also helps you with daily tasks like setting prayer alarms and hearing Hijri dates.

You can also ask Alexa for the weather forecast, set hands-free timers or ask questions. Need a few extra minutes in the morning? Just tap your Echo Dot to snooze your alarm. It has a larger 1.73-inch front-firing speaker that o ers more bass and better range than the previous Echo Dot.

Smart home devices can also be controlled with your voice and routines can be triggered by indoor temperature sensors. Set up routines to lower the blinds when the temperature inside goes above your comfort level.

Multiple layers of privacy protection and control are built in, including a Microphone O button that electronically disconnects the microphones. Since it’s not a portable speaker, you’ll need a power outlet. Yet it’s small enough to fit on your desk at home, kitchen cabinet, living room bookshelf, or even in the bathroom.

The Amazon Echo speaker is available in three colours: blue, charcoal, and white. Each product is cra ted using recycled plastic and polyester.

It has a 99.99Whr Super Rapid Charge battery, the largest battery allowed on a plane, and quick charging to keep you going. All components are enclosed between all-metal top and bottom covers, available in Onyx Grey.

The SME Story

A dedicated hub for the regional startup and SME ecosystem

Future-forward perspective

We speak to the founders of three innovative startups, which are leveraging artificial intelligence to disrupt sectors such as marcom, energy services and education, with the support of the Mohammed bin Rashid Innovation Fund (MBRIF)

What are some of the challenges you faced when starting o ?

Working with large industrial clients to transform the way they work requires a willingness to take risks and make changes from the stakeholder. The energy industry has been trained to have a riskaverse culture, so it has been challenging to convince new clients to take a leap of faith with a startup. However, as we built our reputation, trust and impact, it is becoming easier to find new partners.

we can accelerate that growth. We plan to spend our next funding to build out our tech to be faster plug-and-play, provide more aggressively priced proof of concepts (POCs) and further build our brand. We are seeking to raise $6m to grow our revenue by four times over the next 24 months.

What are some of the expansion plans you have in your pipeline?

Carsten Sonne-Schmidt, CEO of Digital Energy

What inspired you to start this business?

We started our business with the aim of making a positive di erence in the energy sector. We noticed that the supply chain of energy businesses is o ten overlooked when it comes to emissions reduction, despite being responsible for 80 per cent of emissions.

Our Environomics solution integrates sustainability and profit targets into an AI-augmented digital solution for industrial supply chains, benefiting both the environment and profitability. We are passionate about doing more with less and bringing positive change to the energy industry.

Tell us about your o ering, its USP and business model.

Our Environomics solution is a unique tool, integrating sustainability and profit targets into an AI-augmented digital solution for energy industrial supply chains. We work closely with a mix of energy and digital experts to ensure parity between the problem and the tech solution, making our business model unique. Our approach o ers our clients a more e cient and profitable way of doing business, while reducing their carbon footprint.

Give us an overview of your funding and how you plan to utilise it.

Our business has been customer and founder funded to date, with a strong focus on getting the right data and use cases to build and scale Environomics. In 2022, we managed to grow by 100 per cent, but we believe with capital support,

We are currently partnering with a selection of global industrial service and supply chain providers to disrupt decades-old business models in the energy sector. Through our partners’ existing agreements and networks, we plan to disrupt thousands of supply chain networks and thereby expanding our reach and impact.

How has MBRIF helped the business?

MBRIF has been instrumental in supporting our business in several ways. Firstly, they provided us with specialist knowledge support in areas outside our core domain, such as legal and marketing. Secondly, they invited us to numerous networking events where we were able to build our brand and connect with potential clients. Lastly, MBRIF has warmly introduced us to a selection of venture capital funds that could be a good match for our onward journey, providing us with valuable opportunities for growth.

Khaled Arwani, founder of MyUniPath

What inspired you to start this business?

As a former international student that grew up in the UAE, I realised there was a lack of quality services for those looking to pursue higher education. The university admission and application process can be very challenging and time-consuming and is quite fragmented, especially for students seeking to study abroad. This motivated me to develop something that would provide students with an easier path towards their educational goals.

What are some of the challenges you faced when starting o ?

Starting an enterprise in general can be a very challenging endeavour, the education space itself is very saturated with large players that mostly offer traditional student academic counselling and enrollment services –  however, these are becoming outdated and ine cient. These days, students want something more cutting-edge and techfocused that would facilitate the enrollment process to their desired university without di culty.

Tell us about your o ering. MyUniPath simplifi es the university application process by allowing students to submit one application in order to apply to any university in the world. Our AI and machine learning technologies are designed to streamline the search and discovery process. We’ve recently launched MyUni. ai, which is an AI chatbot, that allows

students to ask questions regarding universities or programmes to help them find the right match and submit their application.

What are some of the expansion plans you have in your pipeline?

We’ve recently joined forces with Student World recruitment conglomerate based out of Australia. This will provide us a rapid expansion into many countries and territories that Student World is already existing in the likes of India, Africa and many other countries in the MENA region.

How has MBRIF helped you with your business?

MBRIF has been a great help with connections and support. The team o ers mentorship and training workshops, events, as well as business services such as legal, regulatory and administrative support that can be quite helpful for an early stage startup.

What inspired you to start this business?

We have extensive experience working in sales and marketing for global enterprises. Throughout our careers, we noticed that traditional brands selling in multi-brand stores, struggled to connect with consumers and engage them e ectively. As a result, they faced challenges in driving trial, retention and advocacy. The channel held data, and two-way communication was not possible, which hindered the ability of consumers to learn more about product qualities, validate authenticity, and receive personalised recommendations and promotions. In such scenarios, brands had to resort to

buying costly market analysis reports, which came late and were based on small sample sizes, hindering accuracy. This problem became even more apparent when we compared the 25 per cent growth of direct-to-consumer brands with the struggles of incumbent brands to retain customers and grow.

In 2018, the emergence of blockchain and AI technology presented an opportunity to turn products on the shelf interactive, with the use of a unique weblink for direct-to-consumer communication and product validation. This led us to establish Verofax, with the goal of developing a direct marketing solution that would help brands turn their products into

Jamil Zablah, co-founder and COO of Verofax and Wassim Merheby, co-founder and CEO of Verofax

The SME Story

their best marketing and communication tool. We soon saw that such an interactive tool per product item would soon replace the outdated barcode technology from 1967 that serves only to recognise items in stores.

We quickly put together a business plan and secured pre-seed investors who shared our vision to disrupt the digital product marketing industry, which is estimated to be worth $300bn. Our goal was to o er an alternative tool that would delight customers and enable direct communication and marketing for brands.

What are some of the challenges you faced when starting o ?

Back in 2019, our startup faced numerous challenges in the GCC region. The infrastructure for startup support and banking facilities were lacking, and there were no so tware-as-a-service (SaaS) venture capitalists (VCs) available. Additionally, the UAE was not recognised as a so tware development hub, and it was challenging to attract tech talent due to the high cost of living and our limited budgets. The pool of experienced professionals in developing and promoting SaaS solutions was limited, making it di cult to find and retain the right team members

Our global clients and prospects had constant doubts and questions about the proprietary nature of our solution being developed in the UAE. Unfortunately, VCs did not have technical due diligence teams to assess our B2B SaaS startup, which made it di cult for us to secure investments, especially when compared to other consumer-facing “Me-too” applications that may have had lower chances of success.

Tell us about your o ering, its USP and business model.

Verofax is an award-winning AI powered product twinning service that helps enterprises increase supply chain transparency and auditability, reduce operational costs with analytics, and enhance customer acquisition and retention marketing. Brands can now turn every product interactive and a channel of direct communication. With computer vision, brands secure their supply chain and can validate purchase for release of rewards. With AI analytics, we can help brands digest real-time consumption data to improve their operational e ciency. By leveraging Verofax’s technology at low-cost and rapid deployment, businesses can accrue immediate benefits.

Tell us about your funding and how you plan to utilise it

Verofax has conducted to date three funding rounds (pre-seed, seed, and a bridge convertible round totaling $3.1m). Each round has been oversubscribed. We have some of the world leading VCs on our Cap table such as 500 startup, Dubai Angel Investors, Benson Oak Ventures,

Wami Capital, Trove Capital UK, Dubai Silicon Oasis, Privity and others.

We are currently raising a safe note round of $3m with several leading VCs such as Navig8 Group committing $2m to help scale our operations to the EU and North America and provide our services to global brands.

We are also expanding our operations to Saudi Arabia and across MENA region in partnership with Microso t as a digital native partner and with Saudi MCIT powered by Plug and Play.

Any expansion plans in the pipeline?

Verofax is currently at the scale-up stage, providing marketing core competency solutions to six of the world’s top 100 global brands. At present, we are working with 20 of the leading CPG brands in the world to help them implement our solution. Our goal is to onboard an additional 40 brands by Q4 2023, and simultaneously launch our A round fundraising. This will allow us to further expand our o erings to brands and retailers worldwide.

How has MBRIF helped you with your business?

At our stage of growth and expansion, MBRIF has been invaluable by providing us with expert advisors of the highest caliber, whose insights have added tremendous value to our operations. Moreover, the fund has facilitated opportunities for us to engage with government and corporate networks in the region, which has helped to expand our relationships and partnership opportunities. Finally, it has connected us with global and regional investors, which is critical for scaling our next phase of growth.

“Verofax is an award-winning AI powered product twinning service that helps enterprises increase supply chain transparency and auditability, reduce operational costs with analytics, and enhance customer acquisition and retention marketing”

scale EU brands.

powered by Plug and Play.

WISE WORDS

PLANNING TO START YOUR OWN ENTERPRISE OR STARTUP? HERE'S GOOD ADVICE FROM SUCCESSFUL ENTREPRENEURS WHO'VE WALKED DOWN THAT PATH

ESLAM

HUSSEIN, CEO and co-founder, invygo

As a founder, you soon realise that entrepreneurship isn’t an easy journey. You have a responsibility to your customers, employees, investors and other stakeholders. Founders don’t have a job description and must be more hands-on than everyone else, wear multiple hats, and be able to pivot fast. Entrepreneurs must also attract and retain exceptional talent.

NICOLÓ AUGUSTO MANICA, co-founder and CRO, uDroppy

Being an entrepreneur means there will be ups and downs. One day you are on the top of the world, the next you are questioning everything you did. Also, hope for the best, but be ready for the worst. I’ve realised that you should create a good team because it’s not an easy journey, and you’ll need smart people who buy into your vision. I’ve also understood the importance of networking.

My advice to someone starting: have a big vision, create a strong team and meet with as many people as possible.

KAMAL REGGAD, co-founder, RemotePass

Like most entrepreneurs, when I began building my fi rst startup, I wanted every decision to be perfect. In reality, the intrinsic quality of a decision accounts for maybe 15-20 per cent of the fi nal outcome. The remaining 80 per cent depends on the team’s ability to execute new ideas and the speed of that execution. I think building a framework of decision-making can help a lot in prioritising and identifying the opportunities and challenges to address.

BUNTY MONANI, founder and CEO, Zofeur

The biggest challenge, which would apply to any startup, is to find the right talent. I strongly believe, it’s your people who will help your company grow, so it’s of critical importance to find the best candidate for every role, and at a startup pay scale, which o ten is a challenge.

ABDULHAKIM ALBESHIR, co-founder and CEO, Lawazem

Don’t stop even if you feel challenged. Take action and do something to drive growth and results. You should always persevere and push through hurdles with all your e orts or any resource you have.

ARMIN MORADI, co-founder and CEO, Qashio

Planning and strategising for perfection will never deliver results. Making decisions and executing them while being disciplined is more impactful.

The moment I recognised the power of making a decision and then having the discipline to get it done – results began to manifest faster.

IAN OHAN, founder and CEO, Locale.ae

My most important advice is to be profitable. Whether you are self or externally funded, startups must focus on profitability. Relying on external funding for survival is not a great place to be and may encourage entrepreneurs to focus on the wrong metrics. I believe the days of vanity or growth metrics only are numbered. Investors want and should want profitable investments. The biggest mistake, I made early on was to not track or forecast cashflow. Being profitable is not enough – I learned the hard way to operate on a strict, forward-looking and rolling 365-day cashflow forecast.

EVERYTHING STARTS WITH A CONCEPT