Business Leaders
Editor’sNote
Celebra ng Visionary Leadership in the Middle East
As we unveil the latest issue of The Tycoon, we are thrilled to spotlight "The Most Impac ul Business Leaders in the Middle East 2024." This edi on celebrates those who have not only demonstrated remarkable business acumen but have also pioneered innova ons that are reshaping the region's economic landscape. Our cover story features an extraordinary leader whose vision and determina on have made a profound impact: Abdulbaset Alsharafi, Co-Founder and CEO of WeCash and Jawali E-Wallet.
In an era where digital transforma on is paramount, Abdulbaset Alsharafi stands out as a beacon of innova on and leadership. His ventures, WeCash and Jawali E-Wallet, are revolu onizing the financial technology sector in the Middle East, offering accessible, secure, and efficient digital payment solu ons to millions. Under his leadership, these pla orms have not only enhanced financial inclusivity but have also set new standards for customer-centric financial services.
Abdulbaset's journey is a testament to the power of visionary thinking and relentless perseverance. With a keen eye on the future, he iden fied the need for a robust digital financial ecosystem long before it became a buzzword. His foresight in recognizing the poten al of digital wallets in a predominantly cash-based economy has posi oned WeCash and Jawali E-Wallet as leaders in the fintech revolu on.
Beyond business success, Abdulbaset's story is one of inspiring leadership. He has fostered a culture of innova on within his teams, encouraging crea vity and adaptability in a rapidly changing market. His commitment to empowering his employees and nurturing local talent has been instrumental in building resilient, forwardthinking organiza ons that are capable of driving sustained growth.
Moreover, Abdulbaset's impact extends beyond his companies. As an advocate for financial literacy and
inclusion, he has launched numerous ini a ves aimed at educa ng and empowering underbanked communi es. His efforts have not only democra zed access to financial services but have also paved the way for economic empowerment and social upli ment across the region.
In this issue, we delve into the stories of other transforma ve leaders who, like Abdulbaset, are driving change and crea ng las ng impacts in their respec ve fields. From technology and healthcare to real estate and renewable energy, these leaders exemplify the innova on and dynamism that define the Middle East's burgeoning business landscape.
As you explore the pages of this special edi on, we hope you find inspira on in the journeys and achievements of these remarkable individuals. Their stories serve as a powerful reminder that visionary leadership, combined with a commitment to excellence and social responsibility, can indeed change the world.
We are honored to celebrate Abdulbaset Alsharafi and all the excep onal leaders featured in this issue. Their contribu ons not only highlight the incredible poten al of the Middle East but also inspire us to envision a future where innova on, inclusivity, and sustainability drive progress.
Kevin Williams KevinWilliams
A Digital-First Financial Services Aggregator Offering Cutting-edge Solutions Neeraj Gupta
Policy Bazaar
Affordablefinancialservicesarepivotalforensuring financialinclusionandstabilityincommunities world-wide.Theseservicescatertoindividualsand businesseswithaccesstoessentialfinancialtoolssuchas savingsaccounts,loans,andinsurance,regardlessoftheir economicstatus.Bymakingfinanceaccessibleand affordable,peoplecanbettermanagetheirfinances,invest ineducationandhealthcare,andstartorexpandbusinesses.
Sharingthesesentiments,AbdulbasetAlsharafi(CoFounderandCEO)madethedecisiontoestablish WeCash,toempowerindividualsandstimulateeconomic growth.Today,hestandsoutasthemostimpactfulbusiness leaderinhisdomain.Hisstrategicacumen,coupledwitha visionaryapproach,haspropelledhimtotheforefrontof theindustry
Abdulbasetstartedhiscareerin2000asacomputer programmer,consistentlydeliveringstrongresults.In2004, hemovedintoamanagerialrolewithinthesame organization,holdingthatpositionuntil2009.Afterthat,the mostimpactfulbusinessleaderbecametheChief TechnologyOfficer(CTO)atatopITcompany,focusingon advancementsininformationtechnologyuntil2014.Later, heshiftedtoseniormanagementinacompanyspecializing inelectronicpaymentsandcards,gainingextensive experienceinthepaymentsindustryandbroaderfinancial bankingsector.
“ “
Thischangemarkedasignificantturningpointin hiscareer,leadingtohisappointmentasGeneral Managerofacompanyspecializinginelectronic paymentsandcards,aroleAbdulbasethelduntil 2021.Duringthistime,healsoservedasthe ExecutiveDirectoroftheelectronicservices developmentprojectatamajorYemenibank,as bothentitieswerepartofthesamecommercial group.
Later,theresoluteleadercollaboratedwithleading YemenifinancialinstitutionstoestablishWeCashJawaliE-Wallet.
TheRiseofWeCashandJawaliE-WalletinYemen'sFinancial Landscape
Yemenhasalowrateoffinancialinclusion.Statisticsfrom2020show thatlessthan20%ofitspopulation,whichexceeds30millionpeople, doesn'thaveaccesstobankingservices.Thisismainlybecausemany peopleinYemendon'thaveenoughknowledgeaboutfinance,andthe countryfacesongoingpoliticalandeconomicchallenges.
Toaddressthisimportantissue,WeCashwasfoundedin2021asa financialcompanyandelectronicpaymentserviceprovider.Itis committedtopromotingfinancialinclusionbyofferinginnovative, easy-to-use,andaffordablefinancialsolutionsdesignedtomeetthe diverseneedsofindividualsandbusinesses.
InJune2022,WeCashlauncheditsmainservice,Jawalielectronic wallet,despitestiffcompetitioninYemen'sbankingsectorfor electronicfinancialservices.Jawaliwasfoundedwithavisionto revolutionizeYemen'sfinancialandbankingsectorthroughinnovative FinTechsolutions.Itsdistinctbusinessmodelandunwavering dedicationtoexcellencehaveledtotangibletransformationswithin theindustryinjusttwoyears.Itisthefirste-wallettointroducea uniqueandinnovativebusinessmodel,demonstrablyimpactingthe financialandbankinglandscapeinYemen.
UnderthewiseleadershipofAbdulbaset,WeCashaimstolead Yemen'sjourneytowardsfinancialinclusionbyexpandingitsservices strategicallyandintroducinggroundbreakingfinancialsolutionsthat meetthechangingneedsofallpartsofsociety
OvercomingObstaclesandRevolutionizingFinance
WhenbuildingJawali,Abdulbasetfacedsometoughchallenges. Problemslikepoorinfrastructure,lotsofcompetition,notmanypeople knowingmuchaboutmoney,peopletrustingbanksless,andnoclear plantoincludeeveryoneinfinancewereallbighurdlesforhim.
Butevenwithalltheseissues,hemanagedtodosomethingamazing. Jawali,theelectronicwallet,becamethefirstinYementogetovera millioncustomersinjusttwoyears.ThissuccesscamefromWeCash's strongdedicationtomakingpeopletrustbanksagain.Themost impactfulbusinessleaderandhisteamworkedhardtoteachpeople moreaboutmoneythrougheventsandactivitiesfordifferentgroupsin society.Plus,theymadeiteasierforpeopletousetheirservicesby settingupmoreplaceswheretheycouldsignup.
CommitmenttoFinancialInclusionandSDGs
“Our vision for financial inclusion centers on actively contributing to the achievement of Yemen's Sustainable Development Goals (SDGs) by delivering accessible and affordable financial services across diverse societal segments. This approach positions us as a key player in driving a qualitative transformation within the Middle Eastern electronic financial services landscape,”statesAbdulbaset.
HefurtherstatesthatYemenisspecial becauseit'saplacewherenewideas cangrow,especiallywhenitcomesto makingdifferentfinancialservicesfor peopleandbusinesses.Thispresentsa significantopportunitytomakea lastingimpactonfinancialinclusion withintheregion.
ExpansionBlueprint:Buildinga CooperativeEconomy
UnderAbdulbaset'sreign,WeCashhas laidoutadetailedplanforgrowthin thenextfiveyears,focusingon expandingbothlocallyandregionally Itsgoalistocreateacooperative economywithinYemen,partnering withvarioussectorslikefinancial institutions,commercialentities,and eventhepublicsector.Thecompany believesinwin-wincollaborationsthat benefiteveryoneinvolved.Itisalso consideringacquiringothercompanies toenhanceitsservices.
Ontheregionallevel,WeCashaimsto enternearbymarkets.Theleading companymightuseitsexistingJawali serviceordevelopnewfinancial solutionstailoredtoeachmarket's needs.“To achieve this ambitious vision, WeCash is actively implementing a meticulously crafted and adaptable business plan, ensuring timely execution on the ground,”says Abdulbaset.
TrailblazinginFinance
Thenear-termgoalsofAbdulbaset centeraroundspearheadinga qualitativeshiftinthefinancial bankingsector.Heaimstoaccomplish thisbynurturinganatmosphereof innovationandcreatingnewfinancial productsusingadvancedtechnologies. Moreover,heisdedicatedto establishinghimselfasaleaderin spearheadingpositivechange throughoutthefinancialbanking sector.
Decision-MakingPhilosophy
Abdulbasetemphasizescarefulteam selectionashistoppriority,followed
bydelegation,empowerment, energizing,andfosteringinitiative.He believesthateffectivecommunication iscrucialforthisapproach.When makingdecisions,hisguiding principlesprioritizethenational interestbeforethecompany'ssuccess, ensuringalignmentwiththegreater good.Intermsofleadershipqualities, hevaluestheabilitytospearhead changethrougheffectivestrategic thinking,alongwithessential foundationalleadershipskills.
FromLocalTrailblazerstoGlobal Leaders
AsCo-FounderandCEO,Abdulbaset statesthattheyareembarkingona transformativejourney.Eventhough theyhaveaccomplishedalotalready, therearestillplentyofopportunities forgrowth.Heandhisteamtake immenseprideintheirpioneeringrole inreshapingYemen'sfinancialand bankingsectors.Buttheyarenot stoppingthere.Theywanttobea majorplayerintheregionand, eventually,agloballeaderinthe FinTechindustry.
ValuableAdviceforFinTech Entrepreneurs
Abdulbasetgivesadviceforaspiring FinTechentrepreneurs,“My advice is to cultivate a spirit of creativity and embrace innovation. The FinTech landscape is still in its nascent stages, presenting a wealth of opportunities for those who can develop groundbreaking solutions.”Hefurther adds,“However, success in this dynamic field also requires patience. Building a sustainable and impactful FinTech venture necessitates a longterm vision and the perseverance to navigate the complexities of the financial industry ”
TheEconomicPotentialofYemenin theFinTechEra
AccordingtoAbdulbaset,theMiddle Eaststandsattheprecipiceofa FinTechrevolution,poisedto fundamentallyreshapethefinancial
andbankinglandscape.Thiscould changehowbanksandmoneywork. It'sabigdealthatwillbringinnew andcreativewaystodobusiness.
Yemenisaninterestingpartofthis change.Ithasalotofskilledworkers whoknowalotabouttechnology.Plus, theycostlessthanotherplacesinthe region.ThismakesYemenagood candidatetobeimportantinthe FinTechrevolution.
Lookingforward,ArtificialIntelligence (AI)willbesuperimportantin transformingthefinancialservices industry AIhasestablisheditselfas oneofthemostcriticaltoolswithinthe FinTecharsenal.
Policybazaar.ae
Neeraj Gupta CEO
Emerging Trends Innovation and Growth
TheMiddleEastiswitnessingaprofoundtransformation initsbusinesslandscape,markedbyrapid advancements,innovativestrategies,andashifttowards sustainablegrowth.Astheregioncontinuestoevolve,several keytrendsareemergingthatarereshapingitseconomicfuture andpositioningitasaglobalpowerhouse.
1.DigitalTransformationandTechnologyIntegration
OneofthemostsignificanttrendsintheMiddleEastisthe widespreadadoptionofdigitaltechnologies.Governmentsand businessesalikeareinvestingheavilyindigitalinfrastructure, withafocusonintegratingartificialintelligence(AI), blockchain,andtheInternetofThings(IoT)intovarioussectors.
TheUAE,forinstance,haslaunchedseveralinitiativesaimedat fosteringadigitaleconomy,includingDubai'sBlockchain StrategyandtheEmiratesBlockchainStrategy2021.These initiativesaimtostreamlinegovernmentprocesses,enhance transparency,andcreatearobustecosystemfortechstartups.
SaudiArabia'sVision2030alsoemphasizesdigital transformation,withsignificantinvestmentsinsmartcities,egovernmentservices,andtech-drivenindustries.TheNEOM project,a$500billionmega-city,epitomizesthisvision, promisingatechnologicallyadvanced,sustainableurban environment.
2.RenewableEnergyandSustainability
Asglobalconcernsaboutclimatechangeintensify,the MiddleEastismakingnotablestridesinrenewableenergy andsustainability Theregion,traditionallyknownforitsoil wealth,isnowpivotingtowardsgreenenergysolutions.
TheUAE'sMasdarCity,ahubforcleantechnologyand renewableenergy,andSaudiArabia'sambitiousplanto generate50%ofitsenergyfromrenewablesourcesby 2030,areprimeexamples.Solarenergyprojects,suchas theMohammedbinRashidAlMaktoumSolarParkin DubaiandtheSakakasolarplantinSaudiArabia,highlight theregion'scommitmenttosustainableenergy.
Theseeffortsarenotjustenvironmentallydrivenbutalso economicallystrategic,aimingtodiversifyenergysources, reducedependencyonoil,andcreateneweconomic opportunitiesinthegreensector
3.DiversificationofEconomies
EconomicdiversificationisacrucialtrendasMiddle Easterncountriesseektoreducetheirrelianceonoil revenues.Thisdiversificationisevidentinsectorssuchas tourism,entertainment,healthcare,andfinance.
SaudiArabia'sVision2030outlinesplanstodevelopthe tourismsectorsignificantly,withprojectsliketheRedSea DevelopmentandtheAl-Ulaculturalheritagesite.The UAEcontinuestoenhanceitsstatusasaglobaltourismand businesshub,withDubaihostingExpo2020(nowextended to2021duetothepandemic),showcasinginnovationsand attractinginternationalinvestments.
Inthefinancialsector,fintechisgainingmomentum. Bahrainhaspositioneditselfasaregionalfintechhubwith itsregulatorysandbox,fosteringinnovationindigital banking,payments,andblockchaintechnologies.
4.
EntrepreneurshipandStartupEcosystems
TheMiddleEastisexperiencingaburgeoningstartup ecosystem,drivenbyayoung,tech-savvypopulationand supportivegovernmentpolicies.CountriesliketheUAE, SaudiArabia,andEgyptareemergingashotspotsfor entrepreneurship.
Incubators,accelerators,andventurecapitalfirmsare proliferating,providingstartupswiththenecessarysupport toscale.InitiativeslikeSaudiArabia'sMiSKFoundation andtheUAE'sHub71arepivotalinnurturingacultureof innovationandentrepreneurship.
Thee-commercesector,inparticular,hasseenexponential growth,acceleratedbytheCOVID-19pandemic. CompanieslikeNoonandSouq(acquiredbyAmazon) exemplifytheregion'spotentialinthedigitalretailspace.
5.FocusonInfrastructureandLogistics
Infrastructuredevelopmentremainsapriority,with substantialinvestmentsintransport,logistics,andurban development.ProjectsliketheEtihadRailintheUAEand theKingAbdullahEconomicCityinSaudiArabiaaimto enhanceconnectivityandsupporteconomicgrowth.
Theregion'sstrategiclocation,bridgingEurope,Asia,and Africa,makesitavitallogisticshub.InitiativeslikeDubai's DPWorldandSaudiArabia'sNationalIndustrial DevelopmentandLogisticsProgram(NIDLP)arefocused onleveragingthisgeographicaladvantagetoboosttrade andlogisticscapabilities.
6.EducationandWorkforceDevelopment
AstheMiddleEastmodernizesitseconomies,thereisa growingemphasisoneducationandworkforce development.Countriesareinvestingineducationsystems toequiptheirpopulationswithskillsrelevanttothedigital age.
TheUAE'sNationalStrategyforHigherEducation2030 andSaudiArabia'sHumanCapabilityDevelopment Programaimtocreateaknowledge-basedeconomy These initiativesfocusonenhancingSTEM(Science,Technology, Engineering,andMathematics)education,fostering innovation,andaligningeducationaloutcomeswithmarket needs.
TheMiddleEastisatapivotaljuncture,withemerging trendsdrivingsignificantchangesacrossitsbusiness landscape.Digitaltransformation,renewableenergy, economicdiversification,entrepreneurialgrowth, infrastructuredevelopment,andeducationareshapinga futurethatpromisesinnovationandsustainablegrowth. Asthesetrendsunfold,theregionisnotonlypoisedto becomeaglobaleconomicleaderbutalsotocreateamore inclusiveandsustainableeconomythatbenefitsallits citizens.TheMiddleEast'sjourneyisacompelling narrativeofresilience,adaptation,andvisionaryleadership, settingthestageforaneweraofprosperity
