THE MIDDLE EAST’S TOP 5 RICHEST HEDGE-FUND MANAGERS TOP 10 3 MULTI-BILLION-DOLLAR DONORS
THE MIDEAST’S SHIFT TO SUSTAINABLE INVESTMENT BANKS ARAB INVESTMENTS INTO SOCIAL MEDIA GIANTS
JULY 2021 ISSUE 106
KARIM AWAD Group CEO of EFG Hermes Holding “WE’RE VERY BULLISH ABOUT THE STARTUP SCENE. SOME VERY BRIGHT PEOPLE ARE COMING UP THE MIDDLE EAST’S WITH EXTREMELY DISRUPTIVE IDEAS.”
UAE...... AED 30 30 SAUDI ARABIA...... SAR 30 BAHRAIN...... BHD 3 KUWAIT...... KWD 2.5 OMAN...... OMR 3 BIGGEST ASSET QATAR...... QAR 30 OTHERS...... $8 JULY 2021 ISSUE 106 MANAGERS 2021 MEET THE MONEY EXPERTS LEADING INVESTMENT IN THE MIDDLE EAST, WITH $258.2 BILLION IN ASSETS UNDER MANAGEMENT. 95
FORBESMIDDLEEAST.COM JULY 2021 6 I Sidelines Venturing Into The Unknown By Claudine Coletti
LEADERBOARDS
INVESTMENT
1 10 I Arab Investments Into Social Media Giants Here’s a look at some prominent investments in social media giants made by Arab individuals and corporates. By Layan Abo Shkier
PHILANTHROPY
CONTENTS 12 I 3 Multi-Billion-Dollar Donors While many billionaires have signed the Giving Pledge—a commitment to give at least half of their wealth to charity during their lifetime or in their wills—critics argue that too much time passes while this wealth is accrued. Dedicated to using their money to solve world problems now, here are three generous individuals pioneering the idea of “giving while living.” By Jamila Gandhi
SUSTAINABILITY 30 14 I The Mideast’s Shift To Sustainable Investment Middle Eastern countries are preparing to invest billions into ESG projects. By Jamila Gandhi 88
BILLIONAIRES
16 I Top 5 Richest Hedge-Fund Managers The five members of this all-boys club are Americans with a self-made score of eight by Forbes. Figures are as of June 10, 2021. By Jamila Gandhi
INVESTING
18 I World’s Top 5 Female Venture Capitalists There were 12 female venture capitalists on Forbes’ 2021 Midas List, which ranks the world’s top 100 venture capital tech investors. This year’s number is up from 11 last year and ties 2019’s record. Here’s a look at the leading five women. By Jamila Gandhi 30 I Inclusive Capitalism Ensuring that everyone has a fair shot at the American BANKING Dream. By Kamala Harris Plus: How much is President Biden’s cabinet worth? 20 I Top 10 Banks In The Middle East As of June 6, 2021, the banks on Forbes Middle East’s list of the “Top 50 Banks In The Middle East” had a total value of $513.6 billion and THE 50 OVER 50 assets worth $2.5 trillion. Here’s a look at the top 10. 86 I Screen Queen By Layan Abo Shkier Shonda Rhimes spent the first 12 years of her TV career FRONTRUNNER contributing to Disney’s empire. Now she’s building her own. By Madeline Berg 24 I Reboot Melinda French Gates becomes a billionaire in her own right. HOTEL REVIEW By Rachel Sandler 88 I Waldorf Astoria Maldives Ithaafushi For any couples looking for a memorable honeymoon in a 26 I The World's Ten Highest-Paid Athletes magical world of natural beauty, the Maldives is a fantasy destination. By Brett Knight and Justin Birnbaum By Sheera Hamed Al Shobaki
FORBESMIDDLEEAST.COM JULY 2021 THE MIDDLE EAST’S 60
2 CONTENTS BIGGEST ASSET MANAGERS30
42 Tuning Into Tech A key U.A.E. investor, SHUAA Capital’s Group CEO Jassim Alseddiqi is doubling down on technology as he seeks to build a regional financial powerhouse. By Samuel Wendel
FORBESMIDDLEEAST.COM JULY 2021 3
FORBESMIDDLEEAST.COM JULY 2021 July 2021 Issue 106
4 • • INSIDE COVER STORY CONTENTS 36 New Directions Karim Awad, Group CEO of EFG Hermes Holding, has seen the company evolve over more than two decades from being an Egyptian investment bank to becoming a global financial services corporation. Now he’s leading a new era of diversification. By Claudine Coletti
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FORBESMIDDLEEAST.COM JULY 2021
10X_Perfect10_210x275_Forbes_uk.indd 1 28/05/2021 11:05 SIDELINES
6
Venturing Into The Unknown
The saying goes that money makes money; you need to spend it to accumulate it. But deciding where to plant your hard-earned cash—or someone else’s—is not an easy one unless you’re well-versed in the world of finance. It’s risky and complex and not for the faint-hearted,
FORBES MIDDLE EAST FORBES especially if, like me, you’re pretty risk-averse. Understanding all the options takes a solid understanding of constantly-changing markets, whether you’re investing as an individual, an organization, or a government entity. Thankfully, experts are around to help and, as technology takes over, it’s becoming easier to access advice, control your investments, and keep an eye on your stash. These days you don’t have to be a millionaire or money guru to be an investor, and traditional assets are far from the only path to profit. If the last year has taught us anything, it’s to hedge your bets. Asset managers are the shrewd specialists in the business of foreseeing opportunities and growing wealth for paying clients, and they are playing with some serious numbers. The biggest asset manager in the world, according to ADV Ratings, is Black Rock, which had assets under management worth over $9 trillion in Q1 2021, followed by the Vanguard Group with $7.2 trillion, and the UBS Group with $1.1 trillion. The biggest Arab counterpart is Saudi Arabia’s NCB Capital, with $50.4 billion under management. But although the companies on our new regional ranking may seem small in comparison to their global competitors, their investments are making big waves in the Middle East. The 30 companies have a total of $258.2 billion in assets under management. This sizable chunk of capital is invested across a wide variety of different asset classes of course, but for our featured leaders this month at least—Karim Awad of EFG Hermes and Jassim Alseddiqi of SHUAA Capital—technology and startups seem to be key areas of focus. But then, it seems these are themes for many investors, with various sectors now having “tech” specific branches, such as Fintech, foodtech, proptech, edtech, and healthtech. Just looking at a couple of big announcements from June shows the extent of investors’ appetite for online platforms. Saudi’s Watheeq Financial launched a $26.7 million Venture Capital Fund purely to invest in proptech startups. Egypt’s celebrity video request platform, Minly, raised a $3.6 million seed round. U.A.E.-based IoT startup iWire secured $34 million in a Series A. And Kuwait’s flowers and gifts e-commerce platform Floward announced a $27.5 million Series B. In Fintech alone, we estimated that by June startups in this space in MENA had raised more than $243 million from 32 deals since the beginning of the year, the biggest of which was for Saudi’s Tamara, which secured a $116 million investment. Whether you’re placing your bets on startups and stocks, securing safe assets in real estate, or bravely venturing into crypto, investing is about calculating risk and taking a chance. Stay as informed as possible, and enjoy this month’s issue.
—Claudine Coletti, Managing Editor
FORBESMIDDLEEAST.COM JULY 2021 7
FORBESMIDDLEEAST.COM JULY 2021 INNOVATING SINCE 2010
JULY 2021 ISSUE 106 Dr. Nasser Bin Aqeel Al Tayyar President & Publisher 8 [email protected] Khuloud Al Omian Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House [email protected]
Claudine Coletti ManagingEditorial Editor [email protected] Ruth PulkuryBusiness Senior Vice PresidentDevelopment - Business Development Laurice Constantine Digital Managing Editor [email protected] [email protected] Fouzia Azzab Senior Arabic Editor [email protected] Joseph Chidiac [email protected] [email protected] Jamila Gandhi Senior Reporter [email protected] Fiona Pereira Arif Abdul [email protected] Samar Khouri Online Editor [email protected] FORBES MIDDLE EAST FORBES Ahmed Gohar [email protected] Amany Zaher Quality Editor [email protected] Karl Noujaim [email protected] Cherry Aisne Trinidad Online Editor [email protected] Natalie Ghazaley [email protected] Nermeen Abbas Senior Reporter [email protected] Elena Hayek [email protected] Juweyria Hersi Editorial and Marketing Executive [email protected] Sarine Nemchehirlian [email protected] Upeksha Udayangani Client Relations Executive [email protected] Jason Lasrado Head ofResearch Research [email protected] Tayyab Riaz Mohammed Financial Controller [email protected]
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FORBESMIDDLEEAST.COM JULY 2021 Investment Arab Investments Into Social Media Giants Here’s a look at some prominent investments in social media giants made 10 by Arab individuals and corporates.
More than half of the world’s Alwaleed Bin Talal & population (53.6%) use social media Kingdom Holding Company platforms, according to a report by PLATFORM: Twitter We Are Social. In the U.A.E. alone, AMOUNT OF INVESTMENT: $1 billion 99% of the population use Twitter, LEADERBOARD Facebook, and Snapchat among Kingdom Holding Company (KHC), others. As such, social networking the investment holding owned by platforms have received global Alwaleed Bin Talal, announced in attention from investors pledging December 2011 that both KHC and millions to secure shares of this the Saudi Prince had invested $300 irresistible monetization opportunity. million in the social media platform. The initial investment came two years Mubadala Investment before Twitter went public in 2013. A few years later, in 2015, both KHC Company Alwaleed Bin Talal and Bin Talal increased their stakes PLATFORM: Telegram in Twitter to a total of 34.9 million AMOUNT OF INVESTMENT: $75 million Mubadala’s investment. The platform shares. This represented 5% of the is climbing in popularity, with the In March of this year, Abu Dhabi’s platform’s common stock at a market number of active users growing from sovereign wealth fund Mubadala value of $1 billion, recorded in zero to 500 million over the past Investment Company announced that October 2015, making the Prince and seven years. Telegram is reportedly it had invested $75 million in the cloud- KHC the second-largest stakeholder planning to establish an office in Abu based messaging platform Telegram. of Twitter at the time. Dhabi Global Market, the financial- Mubadala said its investment is a free zone of the city. five-year pre-IPO convertible bond of Mansour Family the app, founded in 2013 by Pavel and Nikolai Durov as a secure messaging Alwaleed Bin Talal & Man Capital platform using end-to-end encryption. PLATFORM: Snapchat PLATFORM: Twitter & Facebook This investment comes as part of Abu AMOUNT OF INVESTMENT: $250 million AMOUNT OF INVESTMENT: Unknown Dhabi’s plan to further expand its In 2018, Saudi Prince Alwaleed Bin Egyptian billionaire Mohamed technology ecosystem, according to Talal Bin Abdulaziz Alsaud tweeted Mansour has revealed that he and the fund. Telegram’s co-founder Pavel a video of him with Snapchat CEO his family were early investors in Durov is the U.A.E.’s richest resident, Evan Spiegel stating that he has Facebook before the social network’s with a real-time net worth of $17.2 invested $250 million in exchange for IPO in 2012. The serial investor billion as of June 2, 2021. 2.3% of Snapchat’s shares. The Saudi began backing tech companies around businessman bought the shares with 15 years ago, according to Bloomberg. Abu Dhabi Catalyst no voting rights or direct influence on His family-owned investing arm, Man the company’s decisions, according Partners (ADCP) Capital, which was established in to TechCrunch. The announcement 2010, is also an investor in Facebook PLATFORM: Telegram came just hours before the social and Twitter, along with other Silicon AMOUNT OF INVESTMENT: $75 million media platform had released its Q2 Valley giants such as Spotify and ADCP, a joint venture between earnings. At the time, the company Uber. The three Mansour brothers, IMAGE FROM ALWALEED PHILANTHROPIES FOUNDATION PHILANTHROPIES ALWALEED FROM IMAGE Mubadala Investment Company and was not performing well, as its share Yasseen, Mohamed, and Yousseff, New York-based Falcon Edge Capital, price was dropping, closing at $12.3 are billionaires with a combined net also invested another $75 million on the day of the announcement and worth of $5.1 billion as of June 2, in Telegram on the same day as at $5.5 by the end of 2018. 2021. BY LAYAN ABO SHKIER; LAYAN BY
FORBESMIDDLEEAST.COM JULY 2021 11 LEADERBOARD
We connect you to the world outside your world.
You know your business and your family better than anyone else. We help you access local expertise and global insights that bring future opportunities to light.
Together we thrive FORBESMIDDLEEAST.COM JULY 2021 Philanthropy 3 Multi-Billion-Dollar Donors 12 While many billionaires have signed the Giving Pledge—a commitment to give at least half of their wealth to charity during their lifetime or in their wills—critics argue that too much time passes while this wealth is accrued. Dedicated to using their money to solve world problems now, here are three generous individuals pioneering the idea of “giving while living.”
Chuck Feeney LEADERBOARD AGE: 90 CITIZENSHIP: U.S. On September 14, 2020, Feeney closed his charitable business Atlantic Philanthropies as he hit his four-decade goal to give away all his money. Over the last 40 years, the former billionaire cofounder of airport retailer Duty-Free Shoppers has donated over $8 billion to global charities, universities, and institutes through his foundation, Atlantic Philanthropies, which he established in 1982. Some of
the causes include bringing On September 14, 2020, Chuck Feeney—with wife Helga Feeney— peace to Northern Ireland, signed documents in San Francisco marking the close of the Atlantic Philanthropies after four decades of global giving modernizing Vietnam’s healthcare system, and spending $350 million June 2021, bringing the ranked the frugal billionaire made him Asia’s biggest to turn New York’s long- total value of his Berkshire as the most generous philanthropist. But, Premji neglected Roosevelt Island Hathaway stock donations philanthropist in the U.S. also topped Forbes’ list into a technology hub. to $41 billion. The move on its Top 50 Givers list in of The Biggest Billionaire In 2012, Forbes named puts him halfway through 2019. Losers of 2019. By him the James Bond of his commitment to the transferring more than 60% Philanthropy. Feeney Giving Pledge to donate all of his stake, the generous estimated he had set aside Azim Premji of the 474,998 shares he multi-million-dollar around $2 million for his controlled in June 2006. In AGE: 75 donation caused Premji and his wife’s retirement. 2010, the “Oracle of Omaha” CITIZENSHIP: India to lose $14.1 billion in net Warren Buffett cofounded the Giving Pledge In March 2019, tech titan worth, from $22.6 billion to with Bill and Melinda Gates Premji announced that he $7.2 billion. Along with his AGE: 90 to set a global standard had shifted a $7.6 billion family, he now owns a 7% CITIZENSHIP: U.S.
of generosity among the stake in his IT outsourcing stake in Wipro. The first PHILANTHROPIES THE ATLANTIC Investing legend Warren ultra-wealthy. As of June company, Wipro Limited, Indian to sign the Giving Buffett announced a new 2021, there are 222 signees to his charitable foundation. Pledge, his lifetime giving $4.1 billion donation in from 25 countries. Forbes The benevolent gesture now stands at $21 billion. BY JAMILA GANDHI; JAMILA BY
FORBESMIDDLEEAST.COM JULY 2021 13 LEADERBOARD
FORBESMIDDLEEAST.COM JULY 2021 Sustainability
14 The Mideast’s Shift To Sustainable Investment Middle Eastern countries are preparing to invest billions into ESG projects.
Last year witnessed the Mohammed bin Rashid Al Mohammed bin Rashid Al Maktoum Solar Park historic issuance of Egypt’s Maktoum Solar Park, Noor U.S. dollar sovereign green Abu Dhabi solar power LEADERBOARD bond, making it the first in project, and Masdar’s both Africa and the Middle Shams Solar Power Plant East and the first sovereign are a few instances of bond to list on the London capitalizing the climate Stock Exchange. efficiently in the U.A.E. Besides helping The country was also the strengthen the country’s first in the Middle East to Environmental, Social, sign the Paris Agreement and Governance (ESG) and has committed to credentials, the move reducing emissions across has opened Egypt up for all economic sectors within those seeking to support NDCs Now, it’s exploring FDIs, private equity, the possibility of producing and sustainable lending, green and blue hydrogen amongst other goals. through the Abu Dhabi Egypt’s landmark the significance of moral Saudi Arabia has been at Hydrogen Alliance and has climate-focused investment values in the region. In the the forefront of renewable also launched a bid to host represents the remarkable U.A.E. specifically, 70% of energy in the region. From the COP 28 in the capital growth in the Middle East’s issuers agreed. Similarly, the $500 billion NEOM in 2023. socially investing market in another 2020 survey smart city to establishing To meet the UN over the past decade. conducted by the CFA the Saudi Industrial Sustainable Development The region is home to Institute, 74% of U.A.E. Development Fund’s Goals by 2030, regulators some critical sustainable investors with a values Mtujadeda, the kingdom is and government authorities development opportunities, objective said they are strategically trying to move are calling on investors with an estimated annual willing to give up some away from its dependence to put ESG practices at financing gap of more return in exchange for on oil towards other the heart of their business than $100 billion in the meeting their investment diversified energy sources. strategies and connect Middle East, according to goals. Meanwhile, 94% of Due to the year-round capital to promote data by the Arab Forum U.A.E. retail investors were sunshine and comparatively sustainable infrastructure for Environment and interested in or are using lower financing costs, solar development. And this Development. ESG in 2020, up from 90% power has been deemed the transition to a low-carbon, A 2020 HSBC study in 2018. “new oil” for the region. sustainable approach to found that 62% of Middle Since 2015, Bahrain, Since Masdar growth is forecasted to lead East issuers and 47% of Egypt, Jordan, Kuwait, inaugurated the Shams to an economic boost of $26 investors say “we believe it’s Oman, Qatar, Saudi Solar Power Plant in trillion up to 2030, with the right” when asked why they Arabia, and the U.A.E. 2013, the world’s largest possibility to create more
care about environmental have all revised their concentrated solar power than 65 million new jobs, as WAM IMAGE CREDIT: and social issues. These corporate governance (CSP) plant, solar energy per the Global Commission rates were also the strongest codes, incorporating efforts use has seen continued on the Economy and level globally, underpinning towards diversification. momentum. Dubai’s Climate. BY JAMILA GANDHI; JAMILA BY
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Abu Dhabi – Ajman Al Ain – Dubai Fujairah – Sharjah Ras Al Khaimah patchi.com
FORBESMIDDLEEAST.COM JULY 2021 Billionaires Top 5 Richest Hedge-Fund Managers
16 The five members of this all-boys club are Americans with a self-made score of eight by Forbes. Figures are as of June 10, 2021.
The unusually strong performance buyer, snapping up high-priced homes in of hedge funds in 2020 marked a London, New York, and Palm Beach for significant reversal. A report by Citco millions. He has donated over $1 billion Funds Services found that all hedge in his lifetime, including more than fund strategies and assets under $300 million to nonprofits in Chicago.
LEADERBOARD administration categories delivered positive returns last year, and the Steve Cohen momentum has spilled over to 2021. Founder, Point72 Asset In the first quarter, 73.4% of funds delivered a positive annual return. Management NET WORTH: $16 billion Jim Simons Cohen leads Point72 Asset Management, Founder, Renaissance a $16 billion hedge fund firm that begun managing outside capital in 2018. He Technologies Corp. previously ran SAC Capital, which was NET WORTH: $24.6 billion forced to close after the firm pleaded Simons, one of the most famous Steve Cohen guilty to insider trading charges. The quantitative traders ever, founded penalty cost Cohen $1.8 billion. In 2014, Renaissance Technologies in 1982 turned the company into a partnership SAC converted its investment operations and still plays an important role and offered employees more of a stake to Point72. Earlier this year, Cohen even though he retired from day-to- in the firm. Bridgewater is known helped bail out Melvin Capital after its day operations in 2010. Today, the for its transparent culture, including sizable and disastrous short of GameStop. esteemed quantitative trading hedge encouraging dissent, openly airing The 64-year-old has given $715 million fund manages about $55 billion. The disagreements, and recording all to philanthropic causes over his lifetime, firm is well-known for its flagship meetings. The 71-year-old has donated including causes related to veterans and Medallion Fund, a $10 billion black-box more than $850 million to charitable children’s health. strategy exclusively open to Renaissance causes. His Dalio foundation has owners and employees. Last year, the supported microfinance and inner-city David Tepper Medallion Fund returned 76%, earning education. Simons $2.6 billion in compensation. Founder and President, Appaloosa The 83-year-old has donated $2.7 Ken Griffin Management billion to causes, including autism NET WORTH: $14.5 billion Founder and CEO, Citadel research. His foundation is the primary Tepper founded Appaloosa Management funder of Math For America. NET WORTH: $16.1 billion in 1993 after getting passed over for a Griffin sits at the helm of Citadel, a partner when he led the junk-bond desk Ray Dalio Chicago-based hedge fund firm he at Goldman Sachs. Today, the hedge fund founded in 1990. However, he first firm manages nearly $13 billion, down Founder and Co-CIO, Bridgewater began trading from his Harvard from a peak of $20 billion. The hedge Associates dorm room in 1987. Today, Citadel fund manager grew up in Pittsburgh, NET WORTH: $20.3 billion manages approximately $34 billion in went to Carnegie Mellon University, and Dalio is the founder of the world’s assets. Griffin also established Citadel is a minority investor in the Pittsburgh biggest hedge fund firm, Bridgewater Securities, one of Wall Street’s biggest Steelers. The 63-year-old gifted $67 market-making firms, responsible for million to Carnegie Mellon University, Associates, which manages roughly POINT72 CREDIT: IMAGE $150 billion. He launched the company one of the five stock trades in the U.S. sponsoring the David Tepper Quadrangle, in 1975 after earning an MBA from The 52-year-old—and the youngest a building to create a collaborative Harvard Business School. In 2018, he person on this list—is an avid property learning environment. BY JAMILA GANDHI; JAMILA BY
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION Reach For The Clouds Lana Khalaf, Microsoft’s country manager for Qatar, explains how
the tech giant’s cloud infrastructure is helping the country to 17 accelerate its digital transformation.
How is Microsoft working with (SMEs) have a profound impact on Qatar and what is the aim of the economic growth, representing partnership? up to 90% of businesses and Qatar’s forward-looking approach more than 50% of employment and the ambitions expressed worldwide. Some 600 million jobs LEADERBOARD through the Qatar National Vision will be needed by 2030 to absorb 2030 speak to the ideology of the growing global workforce, transformation by design and not making SME development a by chance. In partnership with the priority for governments. State of Qatar, we have brought Microsoft is committed to Microsoft Cloud to the country, empowering startups in Qatar by enabling enterprises to innovate offering them the technology and and accelerate their digital resources to scale their businesses transformation, while transforming in the cloud. We work with Qatari the country into a digital hub for the entities such as Fintech Hub, QDB, region and the world. TASMU, Ooredoo, Tawteen, and Nautica 360 to empower a diverse Can you elaborate on the benefits range of startups spanning sectors of the new Microsoft data center? How has Microsoft already from fintech to sports. The new Microsoft cloud region will supported Qatar’s digital ambitions? deliver unprecedented opportunity During the coronavirus pandemic, How is Microsoft helping Qatar to for public and private enterprises in Qatar leveraged Microsoft’s cloud prepare the current generation for a Qatar to enhance their competitive services to achieve agility, resilience, digital future? edge and contribute to the nation’s security, and business continuity. Our mission is to empower every digital transformation goals. Through joint efforts, more than individual and organization across Enterprises of all sizes and in all 140,000 employees in Qatar were the world to achieve more, and we sectors, will have access to the latest, able to work remotely, and more are dedicated to supporting Qatar as largest, and most advanced cloud than 400,000 students and teachers it works towards its visionary agenda. services in the region, including were equipped to learn online using Through new, locally delivered artificial intelligence, machine Microsoft Teams. Within a matter services, we aim to help the current learning, and the Internet of Things. of days, Microsoft technology was workforce to harness the power of According to a study from also enabling Qatar’s doctors, the cloud and we are partnering with IDC, Microsoft’s cloud investment emergency responders, and the Qatari government to deliver in Qatar will lead to a $3.4 billion caregivers to work remotely. These core digital skills to more than 50,000 opportunity over the next five things were only possible because people by 2025. years and create more than 24,000 Qatar had already embarked on its new jobs. There is a sustainability digital transformation journey. advantage too; Microsoft cloud services are up to 93% more energy How important is the SME efficient and up to 98% more carbon ecosystem and how is Microsoft efficient than those of traditional supporting it? www.microsoft.com/mea/ enterprise data centers. Small and medium enterprises qatar-datacenters/
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 Investing
World’s Top 5 Female Venture Capitalists 18 There were 12 female venture capitalists on Forbes’ 2021 Midas List, which ranks the world’s top 100 venture capital tech investors. This year’s number is up from 11 last year and ties 2019’s record. Here’s a look at the leading five women.
Mary Meeker and has backed whimsical moonshots like China’s first FIRM: Bond Capital flying taxi, eHang 184, to HQ: Woodside, U.S.
LEADERBOARD Kingsoft WPS, which has Meeker serves as a general posted an 81x return. Most partner of VC firm Bond recently, portfolio company Capital. Her new growth and ed-tech platform fund raised $1.25 billion Huohua hit unicorn status in capital commitments in by raising funds at a $1.5 2019. Previously, she was a billion valuation in January partner at VC giant Kleiner 2021. The Singaporean Perkins. Meeker was behind joined California-based the bets on Instacart, Slack, GGV Capital in 2005, the Square, Airbnb, Facebook, same year she opened its and Twitter. The internet first office in China. analyst releases her famous Internet Trends report each spring, which details Jing Hong her tech predictions in Anna Fang FIRM: Gaocheng Capital 200 data-laden slides. The COUNTRY: Beijing, China 61-year-old was also among Nice Tuan. She began her University in 1999, she Hong, a founding partner Forbes’ 2020 list of the career as an investment developed a technique for at Gaocheng Capital, is World’s 100 Most Powerful banker at JPMorgan’s optimizing the design of another newcomer to the Women. New York office, covering analog semiconductors. Midas list in 2021. With consumer and retail firms. Hershenson also founded nearly two decades of Anna Fang three startups and taught experience in growth-stage engineering at Stanford private equity investment, FIRM: ZhenFund Mar Hershenson for nearly a decade. The the 47-year-old has led COUNTRY: Beijing, China FIRM: Pear VC 49-year-old managing bets on e-commerce giant COUNTRY: Los Altos, U.S. Fang has been partner and partner has registered 14 Alibaba, online-to-offline CEO of early-stage venture A newcomer to the Midas patents. business Meituan, and fund ZhenFund since list in 2021, Hershenson vehicle-for-hire outfit 2011, where she oversees made her debut thanks Didi. The growth-stage Jenny Lee a portfolio backed by well to Pear VC’s early bet on investment firm also has over 600 startup companies. DoorDash. Pear VC also FIRM: GGV Capital an investment in Youzan, The 38-year-old has led has a stake in Guardant COUNTRY: Shanghai, China the largest provider of investments of billion- Health, which went public Thanks to her focus on WeChat stores in mainland dollar firms including in December. The Spain- edtech, robotics, and China. In 2020, the Xiaohongshu (the lifestyle born venture capitalist artificial intelligence, Lee Harvard grad helped and shopping site also started Pear VC with former has gained widespread close a $300 million fund.
known as Red), Horizon rug dealer Pejman Nozad recognition in the Chinese Previously, Hong was a FANG ANNA OF COURTESY IMAGE Robotics, Mia, VIPKid, in 2013. After earning VC space. The 49-year- partner at Hillhouse, and Good Driver, Perfect Diary, a Ph.D. in Electrical old serves as managing before that, a managing and fresh produce platform Engineering from Stanford partner at GGV Capital director at General Atlantic. BY JAMILA GANDHI; JAMILA BY
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
beverage practices look like. Already, as Expo 2020 Dubai’s Official Beverage and Snack Partner, the company has launched Aquafina® water in fully and infinitely recyclable aluminum cans. It also plans to work with waste management partners at 19 the event to ensure PepsiCo waste is collected and recycled, supporting Expo 2020 Dubai’s goal of diverting at least 85% of waste from landfill and boosting recycling efforts. The industry giant has some surprises up its sleeve too, with LEADERBOARD regional firsts due to be revealed in line with Expo 2020. “Through product, packaging, technological innovations, and partnerships with Together We Can country pavilions, we promise to entertain, educate, surprise, and delight,” says Willemsen. For visitors, Change the World that means entertainment and memorable brand experiences, all Expo 2020 Dubai is on a mission to make designed to connect PepsiCo with consumers, and consumers with the the world a better place, and in PepsiCo it global themes that matter. has found the perfect partner. With a climate emergency looming and global inequality as he countdown has begun; they call home. PepsiCo has been acute as ever, opportunity, mobility, Expo 2020 Dubai will open present in the Middle East since and sustainability are what will drive its doors to the world on 1962, making its involvement in Expo positive change. For PepsiCo, this October 1, 2021, for six 2020 Dubai a natural extension of its international effort is a priority—a unforgettableT months. After a year commitment to the region. “collective, critical effort,” says of unprecedented challenge, the And the synergies don’t end Willemsen, “one that cannot afford timing couldn’t be better. Expo there. Expo 2020 Dubai’s themes to wait.” 2020 will serve as a launchpad of opportunity, mobility, and Thanks to Expo 2020 Dubai and for collaboration at a time when sustainability align perfectly with its partners, it won’t have to. In less the world needs it the most. It is PepsiCo’s global vision of winning than four months, the event will a chance for humanity to work with purpose—and winning is bring together the world’s brightest together to tackle global problems something that Dubai does well. minds for the global good and and to build meaningful partnerships “The UAE has always brought offer some long-overdue fun in an —one of which is already firmly in bigger, better, and bolder ideas environment set to inspire all who place. As an official premier partner, to the world,” says PepsiCo’s CEO visit in person or virtually. global F&B leader PepsiCo is working for Africa, Middle East, and South closely with the Expo 2020 Dubai Asia, Eugene Willemsen. Now, Expo team, with connections that run far 2020 Dubai promises to continue deeper than refreshments. that legacy, pushing the limits of PepsiCo and Expo 2020 Dubai creativity and innovation. share a vision. Both are on a mission PepsiCo is not holding back, to create a fun and sustainable preparing to show the world what future, and advance the region innovative and sustainable food and www.pepsico.com
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 2. First Abu Dhabi Bank (FAB) Group CEO: Hana Al Rostamani Banking Country: U.A.E. Sales: $7.6 billion • Profits: $2.9 billion 20 Assets: $250.2 billion • Market value: $50.2 billion Top 10 Banks FAB, the U.A.E.’s largest bank, was formed in 2017 by the merger of the First Gulf Bank and the National Bank of Abu Dhabi. Mubadala is the largest shareholder in the company through In The Middle East the Abu Dhabi Investment Council. In January 2021, FAB agreed to buy the Egyptian business As of June 6, 2021, the banks on Forbes of Lebanon’s Bank Audi, making it one of the
LEADERBOARD Middle East’s list of the “Top 50 Banks largest foreign banks in Egypt with total assets of more In The Middle East” had a total value than $8.1 billion post-acquisition. That same month, Hana Al of $513.6 billion and assets worth $2.5 Rostamani was named Group CEO of FAB. She was the top- ranked woman on Forbes Middle East’s list of the Top CEOs In trillion. Here’s a look at the top 10. The Middle East 2021 at #19.
Banking and finance is a vital sector for global 3. The Saudi National Bank economies. It is through banks that governments control monetary policy and inflation, and inject Group CEO and Managing Director: Saeed Alghamdi stimulus into the markets. When the pandemic hit last Country: Saudi Arabia year, banks made sure that economies stayed afloat Sales: $6.6 billion • Profits: $3.1 billion by using measures like postponing loan payments, Assets: $159.9 billion • Market value: $64.1 billion restructuring debt, and lending to key sectors. SNB was formed on April 1, 2021, by the merger Here are the top 10 banks in the Middle East. We of the National Commercial Bank, which collected data from the listed stock exchanges in the was Saudi’s biggest bank in terms of assets, Arab world and ranked companies based on market and the Samba Financial Group, which value (calculated as of June 6, 2021), sales, assets, and evolved from Citibank. It is now the largest profits. Check out our website for the full Top 50 Banks commercial bank in Saudi and the most In The Middle East 2021 list. valuable bank in the Middle East in terms of market cap. It also owns both NCB Capital and Samba Capital & Investment Management, which together form 1. QNB Group the biggest asset manager, brokerage, and investment bank in Group CEO: Abdulla Mubarak Al-Khalifa Saudi Arabia. Country: Qatar Sales: $13.5 billion • Profits: $3.3 billion 4. Emirates NBD Assets: $281.6 billion • Market value: $45.2 billion Group CEO: Shayne Nelson The QNB Group is the Middle East Country: U.A.E. and Africa’s biggest bank in terms $9.7 billion $1.9 billion of assets. When it was established Sales: • Profits: in 1964, it was Qatar’s first locally- Assets: $190.1 billion • Market value: $23.5 billion owned commercial bank. The Emirates NBD was formed in 2007 by the merger Qatar Investment Authority owns of the National Bank of Dubai and Emirates more than 50% of QNB’s shares. Bank International. Today it is Dubai’s largest The bank operates in 31 countries bank by assets, employing more than 25,000 either directly or through its subsidiaries. Over the last people. Chairman, Sheikh Ahmed Bin Saeed Al year, the bank’s assets grew by 9%, but net profit fell Maktoum, is also the chairman and CEO of the NBD EMIRATES FACEBOOK); / ALAHLINCB (@ALAHLINCB - BANK COMMERCIAL THE NATIONAL ABU DHABI BANK; FIRST QNB GROUP; 16%. Abdulla Mubarak Al-Khalifa became acting CEO Emirates Group. Shayne Nelson has been CEO of in November 2018 and CEO in 2019. He is also a board the bank since 2013. Before joining Emirates NBD, Nelson served member at Ooredoo. in Singapore as the CEO of Standard Chartered Private Bank. BY LAYAN ABO SHKIER; LAYAN BY
FORBESMIDDLEEAST.COM JULY 2021 4. Al Rajhi Bank 8. National Bank Of Kuwait (NBK) CEO: Waleed A. Al-Mogbel Group CEO: Isam J. Al-Sager Country: Saudi Arabia Country: Kuwait Sales: $5.6 billion • Profits: $2.8 billion Sales: $3.9 billion • Profits: $859 million Assets: $125 billion • Market value: $69.0 billion Assets: $98.7 billion • Market value: $20 billion Al Rajhi Bank was originally established in 1957 When NBK was founded in 1952, it was the as an exchange house by the Al Rajhi family. first indigenous bank in Kuwait and the 21 It became the Al Rajhi Banking Corporation first shareholding company in the Gulf in 1988 and changed its name to Al Rajhi region. The bank reported a net profit Bank in 2006. In 2020, the bank’s active of $295.8 million in Q1 2021—an users for digital transactions increased 39% 8.5% year-on-year increase compared to 7.9 million. The bank’s subsidiaries include to Q1 2020. During the pandemic, NBK investment bank Al Rajhi Capital, insurance launched mobile bank branches—a fleet broker Al Rajhi Takaful Agency, and microfinance company of vehicles that provided services to customers at their
Emkan Finance. Waleed Abdullah Al-Mogbel became CEO of Al doorsteps, such as ATM transactions, withdrawals, and LEADERBOARD Rajhi bank in 2020. He has a PhD in accounting and auditing, deposits. Isam J. Al-Sager also serves on the boards of and 23 years of experience in the banking and finance sector. Watani Wealth Management (KSA) and MasterCard.
6. ADCB Group 9. Kuwait Finance House (KFH) Group CEO: Ala’a Eraiqat Acting Group CEO: Abdulwahab Iesa Alrushood Country: U.A.E. Country: Kuwait Sales: $4.6 billion • Profits: $1 billion Sales: $3.6 billion • Profits: $612 million Assets: $111.9 billion • Market value: $13.3 billion Assets: $71.5 billion • Market value: $21 billion The ADCB Group was formed in 2020 by the KFH was the first Islamic bank to be merger of the Abu Dhabi Commercial Bank established in Kuwait in 1977. Today its and the Union National Bank, and the largest shareholders include the Kuwait acquisition of the Al Hilal Bank. It is the Investment Authority and the Kuwait third biggest bank in the U.A.E... with more Awqaf Public Foundation. It employs than a million customers. It follows a U.A.E.- around 15,000 people. The bank has centric growth strategy and has not expanded now surpassed the National Bank of aggressively overseas. Ala’a Eraiqat has been CEO Kuwait to become the most valuable company of the bank since 2009. He is also chairman of its subsidiaries, in Kuwait. In May 2021, KFH launched a digital wallet Al Hilal Bank and Abu Dhabi Commercial Properties. Mubadala service enabling payments to be made through electronic is the bank’s largest shareholder, and its CEO, Khaldoon Al devices and wearables. Mubarak, is also chairman of ADCB Group.
6. Riyad Bank 10. Dubai Islamic Bank (DIB) CEO: Tareq A. Al Sadhan Group CEO: Adnan Chilwan Country: Saudi Arabia Country: U.A.E. Sales: $3.6 billion • Profits: $1.3 billion Sales: $3.6 billion • Profits: $860 million Assets: $82.7 billion • Market value: $21.1 billion Assets: $78.8 billion • Market value: $9.7 billion Riyad Bank has a network of 341 branches in DIB acquired Noor Bank in 2020 to become one of the Saudi Arabia, as well as a branch in the U.K, world’s largest Islamic banks. In April 2021, an agency in the U.S., and a representative DIB listed its $500 million Sukuk on office in Singapore. The bank employs 5,200 Nasdaq Dubai, with a total value of people. In April 2021, the bank bought $6.3 billion. Group CEO, Adnan a 53-floor office tower in Saudi’s King Chilwan, also serves as the president Abdullah Financial District that will serve as commissioner at Panin Dubai Syariah its new headquarters. In May 2021, Riyad Bank Bank, and as chairman at DIB Bank signed a memorandum of understanding with Bab al-Khair Kenya Ltd. Medical Services, which aims to establish the kingdom’s first non-profit hospital. For the full list, please see www.forbesmiddleeast.com AL RAJHI BANK; ADCB GROUP; RIYAD BANK; NBK; KFH; DIB BANK; RIYAD ADCB GROUP; BANK; RAJHI AL
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What are the latest developments in the field of dermatology? Let me divide my answer into two parts: medical and cosmetic. In Skin Deep terms of medical dermatology, we are witnessing major developments 22 Dr Roy Moutran, Head of Dermatology relating to many diseases. For at Mount Lebanon Hospital, shares the latest example, advancements have been made in the treatment of psoriasis medical advancements and cosmetic trends and atopic dermatitis, and there that are shaping the way we take care of our are new biological treatments that we now use in our practice, with body’s largest organ: the skin. excellent results. The advantage of these treatments is that they are targeted therapies that works specifically on the disease itself, with fewer side effects. As for cosmetic dermatology, the industry is becoming even more advanced. Threads are now integrated frequently in our practice, and when it comes to restructuring the face, the new trend is to inject fillers, which gives results without giving volume. For example, it is now possible to do a non-surgical nose job this way. This is all possible because fillers are now available in different concentrations and with different properties that allow us to perform major work.
How can people with busy work lives have treatments without too much down time afterwards? These days, the majority of cosmetic procedures are very safe, non- invasive, and without side effects such as swelling or bruising. This allows people to undergo procedures and then go straight home or back to work. This is due to the new products we are using and the use of cannulas, which greatly reduce the risk of bruising.
What are the best treatments for professionals who want to minimize the signs of ageing? This is a very important question because what I have been talking
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about for years is creating a natural look. Keeping some wrinkles actually makes people look better, and it can be done in a smart and natural way, without changing the structure of the face. Using different concentrations of fillers, we simply enhance some 23 features and reduce wrinkles without removing them altogether. This is very important, especially for businesspeople who do not wish to have major changes to their faces.
Stress can take its toll on the skin. How can people reduce stress and enjoy a radiant appearance for longer? Having good skin is a relief in itself. The first and most striking thing that other people see is our skin and our faces, so when we have good “When it comes to restructuring the face, the skin and we treat it well, we feel new trend is to inject fillers, which gives results more confident in public settings. without giving volume.” Many people who get cosmetic treatments look better and feel more treatments. Also, it’s very important I have witnessed a lot of suffering confident in both their personal and to treat every patient differently and even death as a consequence professional lives. according to their faces, according of the pandemic, and I am happy to their expressions, and according to say that I have also seen a lot of There has been some suggestion to their natural structures. people recover, although lasting that people should not undergo health issues are common. As for treatments involving Botox or Where are you currently based and our beauty, we have seen a big fillers for six months after having which other locations do you cover? reduction in maintenance because a COVID-19 vaccine. What is your I am based in Lebanon where many people could not visit a doctor advice? I have three clinics: Hazmieh, for cosmetic procedures during the Concerning the COVID-19 vaccine, Jounieh, and Beirut. I am also a pandemic and couldn’t maintain there is no contraindication of visiting doctor in Qatar, Saudi their treatments in the usual way. having Botox of fillers. There have Arabia, Kuwait, Bahrain, and Egypt, However, thanks to the vaccination been a few cases of swelling after and I recently started to visit some rollout, things will get better and such treatments in people who have counties in Sub-Saharan Africa, hopefully we will get back to normal had the Moderna vaccine, but the including Ivory Coast, Nigeria, soon. With this in mind, I strongly side effects are easily treatable with and Senegal. I don’t really believe advise everyone to take the vaccine; a little bit of anti-allergic medication. in online or digital consultation. I this is probably the only way that we To be clear: there is no warning think a doctor, and especially a can return to normal life. against having fillers or Botox and dermatologist, needs to see the getting vaccinated at the same time. skin, and sometimes touch it, to be able to offer the right treatment. What is your top beauty tip? One of the most important beauty What impact has the pandemic had secrets is to always feminize the on our beauty and our health? woman and masculinize a man, and The COVID-19 pandemic has we bear this in mind with all of our significantly affected our health. www.drroymoutran.com
FORBESMIDDLEEAST.COM JULY 2021 Déjà View BIG-DIGIT DIVORCES Bill and Melinda French Gates aren’t the only members of The Forbes 400 to learn that yachtloads of money can’t buy a 24 happy marriage. The 50 current richest Americans have gotten hitched 72 times in all, with 35 unions (49%) ending in divorce. Some billionaire marriages end amicably. Others, well . . . FRONTRUNNER
BILL GROSS The bond king’s 2016 split from his wife of three decades devolved into dueling restraining orders and a fake Picasso. Sue Gross reportedly got the 1932 painting “Le Repos”—except she allegedly already had it, having swapped it on Bill’s wall with a copy she painted herself. New Billionaire REBOOT On May 3, Bill Gates and Melinda French Gates announced they were divorcing after 27 years of marriage. That same day, Gates’ Cascade Investment arm TED TURNER transferred $2.4 billion worth of stock in four companies (Canadian National His decade-long marriage to Jane Railway; car-dealership group AutoNation; Mexican Coke bottler Coca-Cola Fonda broke up in 2001, yet the Oscar- Femsa; and Mexican broadcaster Grupo Televisa) to French Gates; he also winning actress still calls Turner her “favorite ex-husband.” The media transferred $851 million in John Deere shares to her in mid-May. One of three mogul speaks fondly of her, too. “When living American women, as best as Forbes can determine, to attain billionaire status you love somebody, and you really love via divorce (Jeff Bezos’ ex, MacKenzie Scott, and Sue Gross, who was married to them,” Turner said in 2012, “you never Pimco’s Bill Gross, are the others), French Gates stands to get more—potentially stop loving them no matter how hard much more. The couple have asked a judge in Washington (a community property you try.” state in which most divorces are settled with a 50/50 split) to follow a separation agreement to split up Gates’ $126 billion fortune, which encompasses stakes in more than a dozen companies, including an estimated 1% stake in Microsoft, U.S. farmland, a $131 million home near Seattle and private planes. French Gates reportedly began consulting divorce lawyers in 2019 after her husband’s meetings with the late financier Jeffrey Epstein became public. Days after the divorce HAROLD HAMM
announcement, a spokeswoman for Gates acknowledged he had an affair with a The fracking tycoon wrote his ex-wife IMAGES GALELLA/GETTY JIM SMEAL/RON TURNER: AUGSTEIN/AP; FRANK GROSS: ARCHIVE; KARLSSON/TRUNK FREDWALL JONAS GATES: MELINDA Microsoft employee “20 years ago.” French Gates cofounded the $50 billion (assets) an astronomical $974,790,317.77 check Bill and Melinda Gates Foundation in 2000 before establishing Pivotal Ventures in from his Morgan Stanley account after their 2014 split. She pocketed 2015 to invest in social progress for women and people of color. “I tell my daughters her zillions, unsuccessfully tried to to have their voice in this world, and it became clear I needed to role-model that,” get more—and then funded a political she told Forbes at the time. Last year, with support from MacKenzie Scott, French action committee that helped unseat Gates launched Equality Can’t Wait, an initiative offering $40 million in grants to the judge who oversaw the divorce. women’s organizations throughout the U.S. NEW BILLIONAIRE BY RACHEL SANDLER. SANDLER. RACHEL BILLIONAIRE BY NEW
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION Retail Reimagined 25 There’s no going back: retail is heading towards a digital future and Microsoft is leading the way. LEADERBOARD How are Microsoft solutions months, hitting penetration levels means the company can guarantee supporting retailers to digitally forecasted for 10 years from now. product quality, availability, and transform their operations? This growth requires retailers and delivery on a continuous basis. We are in the era of digital CPG companies to humanize their transformation, where businesses are digital experience, re-creating the Supply chains, logistics, and embracing emerging technologies magic of physical stores. This can delivery were heavily impacted to revolutionize the way they work. be achieved through livestreaming during the pandemic. How can Today, AI and machine learning are and virtual ‘clienteleing’, as well retailers utilize technology to creating more intelligent businesses, as delivering more personalized, remain resilient and profitable, the Internet of Things is offering targeted marketing. even during challenging times? companies new data points, and Most of these activities can be Supply chains need to be re- blockchain is delivering a new level enabled via AI, machine learning, imagined and re-designed of security and transparency across and advanced learning capabilities, on the principles of flexibility, stakeholder networks. all of which are facilitated by our transparency, and resilience, rather These new tools and capabilities intelligent cloud. In one example, than cost and speed. We have seen have been democratized by U.A.E.-based retail conglomerate, retailers further localizing their Microsoft Cloud. Now, retailers AL Futtaim, leveraged the power supply chains and accelerating and consumer packed goods of AI and advanced analytics to partnerships with logistics players (CPG) companies can leverage accelerate its hyper-personalization to improve their last mile delivery our intelligent cloud to create strategy to boost customer and meet customer needs. data-driven organizations, boost satisfaction and accelerate growth. As for technology, AI and efficiency, enhance customer robotic process automation play personalization, and achieve greater How can brick-and-mortar retailers fundamental roles in supply chain revenue growth. Furthermore, we use technology to become more transformation. Starbucks is recently announced Microsoft Cloud competitive? leveraging AI to create an integrated for Retail, which offers a range of Stores are going to play a more digital planning capability across targeted solutions for the sector. vital and diverse role, as customers the business, to reduce costs and increasingly demand a wider increase the productivity. Using There was an e-commerce boom variety of services: buy online, click blockchain, the company has also during the pandemic. What and collect, the list goes on. These enabled transparency across the challenges did this create for your services require a “phygital” world, supply chain, from bean to cup. retail clients and how can AI help to that combines the best of physical overcome them? and digital retail. For example, The COVID-19 pandemic is the new Switzerland’s largest retail company, chief innovation officer for the retail Migros, is harnessing advanced industry. We witnessed years of technology to detect product www.microsoft.com/
SURASAK_CH SHUTTERSTOCK.COM / e-commerce growth in just a few freshness, quality, and stock. Doing so mea/industry
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 SportsMoney BILLION-DOLLAR CLUB 26 THE WORLD’S TEN HIGHEST-PAID ATHLETES. Empty stadiums. Curtailed seasons. Playoff bubbles. And a year of record paydays as four athletes each earned more than $100 million, helping boost the combined earnings of the top ten to $1.05 billion.
1. Conor McGregor 7. Roger Federer 9. Tom Brady FRONTRUNNER $180 million $90 million $76 million ON THE FIELD: $22 million ON THE FIELD: $35,000 ON THE FIELD: $45 million OFF THE FIELD: $158 million OFF THE FIELD: $90 million OFF THE FIELD: $31 million The brawler was knocked out in Deals with brands including Uniqlo, The ageless 43-year-old is making more than his UFC return but won big selling Rolex and Credit Suisse help the Swiss ever, inking deals with apparel seller Fanatics his beverage brand. tennis titan cash in even while injured. and Danish eyewear maker Christopher Cloos. 2. Lionel Messi 8. Lewis Hamilton 10. Kevin Durant $130 million $82 million $75 million ON THE FIELD: $97 million ON THE FIELD: $70 million ON THE FIELD: $31 million OFF THE FIELD: $33 million OFF THE FIELD: $12 million OFF THE FIELD: $44 million A leak of his contract showed the The Mercedes driver piled up bonus Durant scored with Postmates’ sale to Barcelona soccer icon was earning payments en route to a seventh Uber (he was an investor) and produced much more than previously thought. Formula 1 title. a short fi lm that won an Oscar. 3. Cristiano Ronaldo $120 million ON THE FIELD: $70 million OFF THE FIELD: $50 million The Juventus soccer star has more than 500 million social media followers to pitch his CR7 clothing brand to. 4. Dak Prescott $107.5 million ON THE FIELD: $97.5 million OFF THE FIELD: $10 million A $66 million signing bonus pushes the Dallas Cowboys quarterback to an NFL earnings record. 5. LeBron James $96.5 million ON THE FIELD: $31.5 million OFF THE FIELD: $65 million A new deal with PepsiCo helps lift the Lakers’ King above the rim to a record high for an NBA player. 6. Neymar $95 million ON THE FIELD: $76 million OFF THE FIELD: $19 million The Brazilian added Puma, Epic Games, PokerStars and Triller to his sponsor list. BY BRETT KNIGHT AND JUSTIN BIRNBAUM JUSTIN AND KNIGHT BRETT BY FORBESMIDDLEEAST.COM JULY 2021 PROMOTION Lift Your People Up 27 With the support of Microsoft Viva, organizations can unlock employee potential and build business fit for the future.
How can companies help employees More broadly, managers need to will help organizations and their to reach their potential? create a culture where social capital people to thrive. Organizations need to continuously thrives, underpinned by kindness, look at how best to support their fun, and collaboration. Organizations are now discovering employees to protect productivity, the power of data. How can cloud encourage creativity, and promote How can managers empower and AI-powered tools help extract engagement. Microsofts “Work employees to make decisions and insights for smarter decision- Reworked” survey found that for promote an innovative culture? making? many companies in the Middle East Remote work has its benefits, but it Tools such as MyAnalytics and and Africa (MEA), productivity either has encouraged some habits that Microsoft Viva Insights offer workers increased or remained the same last are detrimental to innovation. One private, personalized insights that year. However, as we’ve seen in the example is the increase in work being help them take control of their week. Work Trend Index, these productivity done in silos. The Work Trend Index For example, they can identify the levels could be hiding an exhausted found that interactions with our close best time for focused work, catching workforce with many employees networks at work increased, but that up on email, and connecting with experiencing “digital overload.” they dropped with distant networks. people. In addition, Microsoft Viva With this in mind, companies We are, however, seeing an increase Insights gives employees the tools to need to protect their employees’ in interactions among networks when recognize when and how they might wellbeing and optimal workflow—the lockdowns are eased. This offers need to switch off. state in which people are able to us a glimpse of the hybrid future Our research also highlighted give focused attention to a single as companies learn to balance the that finding the right information is a task for superior output. Some benefits of remote work and in- big timewaster for employees. Here, simple measures include scheduling person interactions. tools like Microsoft Viva Topics can meetings outside of workflow sessions As for decision-making, prove indispensable. Topics identifies during the day and encouraging the business leaders should encourage and organizes new and existing use of tools like scheduled Focus employees to act with confidence information, arming employees with Time in Microsoft Teams. and speak their minds. The ‘Work the knowledge they need to make As for creativity and Reworked’ research demonstrates informed decisions. engagement, rebuilding social that managers in innovative capital is of great importance companies facilitate regular, open because it is linked to successful dialogue, and allow people freedom business outcomes. This involves in how they approach their roles. reconnecting distant networks, Furthermore, the last year has put www.microsoft.com/ encouraging teams to expand their a lot of pressure on people, so mea/newcultureofwork/ interactions, and sharing knowledge. exercising empathy and flexibility Collaboration.aspx
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION A Feat Of Engineering After sailing through the COVID-19 storm, Fares Nassif, Founder 28 and CEO at DEP Partners, is bullish about the future as the world of engineering and construction continues to bounce back.
What key decisions and strategies have shaped DEP’s journey to success? The engineering consultancy business is full of competition, so in order to really distinguish ourselves we developed several strategies that have become determining factors in our success. In addition, we took the decision to involve our engineers not only the technical side of the business, but in financial incentive plans too. Furthermore, we rose above traditional methods by investing in advanced engineering technologies and simulations. Last but not least, we embarked on a challenging marketing plan that enabled us to win airport projects that are, in fact, the most complex in engineering. Combined, all these factors have contributed to the success of DEP, as it is known today.
How did COVID-19 impact your business? The impact of COVID-19 was hardly felt within the company’s operations because our research and development department had already created engineering solutions that enabled us to work remotely, without losing any sense have learned that we are able to social, and economic parameters, of coordination or unity amongst generate business in challenging and is nowadays a key factor in ourselves. Most of our clients are international circumstances. investors receiving a fast return on from overseas, and while they were investment. Our sustainable design all impacted by the pandemic in How do you use and promote solutions seek to reduce negative some form, they were each affected sustainable design practices in impacts on the environment and at different times, so we remained your projects? enhance the health and comfort of operational and busy throughout. Sustainable design involves the building occupants, by improving From the COVID-19 experience, we consideration of all environmental, technical performance and reducing
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
bill ratios. We strive to provide the most economical solutions to our clients. These solutions include project orientation vis-à-vis prevailing wind and solar exposure, and we carefully consider building 29 materials, water consumption, and used water recycling. We also focus on renewable energies, air conditioning and noise cancellation, and smart systems that eliminate energy waste. With lifestyle and wellbeing in mind, our research has led to the best use of wind currents and landscape effects, by enriching systems, passenger registrations, How do you see the future of the useful space with oxygen and and baggage into big data; we engineering and construction? And good smells. introduced a design performance how can young engineers develop script that formulated this data, successful careers in the sector? What business trends do you foresee and we came up with a total airport Knowledge and perseverance in your sector post-COVID-19? management solution that saved are vital to success. School and At DEP, we believe all economic a lot of money and time. Today, 15 university diplomas are necessary sectors will shift back to normal years later, the philosophy of our but not sufficient; the earlier very soon. In fact, some have solution has been complemented by engineers get involved in real already done so. Our business is the Internet of Business (IOB). engineering processes, the easier correlated to worldwide operations and growth, particularly in the “The most iconic project that we ever produced was sectors of energy, industry, health, the airport operational management center in 2006.” infrastructure, travel, and others, which make up most of our What advice would you give to the their entry into the industry will everyday interests. From now on, in new generation of professionals in be. Engineers need to assimilate order to mitigate future disruption your field? What is the recipe for revolutionary software and simulators, within this growing business, the success? get acquainted with standards engineering industry will integrate My advice to young engineers and codes, and gain a deep smart operational solutions and technicians today is to shift understanding of design concepts. based on the acquisition and their studies towards aviation, With skilled workers in place, implementation of intelligent data. since transportation has grown the future of the sector is bright: steadily throughout the years engineering and construction What is the most iconic or and has always been a winning are essential to everyday life, memorable project that DEP has financial investment. Global opportunities are plentiful, and delivered? industry forecasts indicate that the threats are minimal. That said, The most iconic project that we the six billion passengers who fly competition will always exist, so ever produced was the airport around the world today will grow to industry players must continue to operational management center 13 billion in 2035, while airport and innovate and work hard to stay in 2006. That project was based air traffic volumes are expected ahead of the curve. on integrating aircraft, passenger, to double in 10 years. Against this and baggage operations, and while backdrop of growth, the world has there were already some advanced a shortage in airport engineering, systems available at the time, and that shortage will remain for we were able to add great value. the next decade, as demand is We integrated flight information much higher than supply. www.deppartners.com
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INCLUSIVE CAPITALISM The pandemic has prompted a surge in entrepreneurship, voluntary and involuntary. How do we leverage this moment to ensure that everyone who wants to pursue the American Dream can do so? The United States’ first female, Black and Asian- American vice president weighs in on this opportunity. By Kamala Harris JAMEL TOPPIN FOR FORBES FOR TOPPIN JAMEL
FORBESMIDDLEEAST.COM JULY 2021 31 FRONTRUNNER
was in Oakland when the Loma Prieta earthquake hit in 1989, and brought a section of the Bay Bridge Icrashing down. Leaders then had a choice—to restore the bridge to how it was, or to reevaluate and strengthen its support system to withstand future shocks. They chose the latter. As we emerge from the pandemic, our nation has the same choice to make — for our economy and for our businesses, specifically small businesses and start-ups. The pandemic has exposed the flaws and the fissures in our economy. One in three small Halls of Power seen the vision of women entrepreneurs and businesses have closed. Nearly two million Vice President those of color. Community lenders, on the Kamala Harris women have been forced out of the workforce. photographed outside other hand, were founded to see that vision. And millions of families have struggled to buy her ceremonial office Community lenders understand the value in in the Eisenhower groceries and cover rent. Executive Office providing access to capital in communities Building, May 18. In this moment, more than repair, we must of color and low-income communities—and reimagine. And after providing $60 billion because they do, they add value to those in relief to small businesses, we must work to communities and our country. broaden access to capital and remove other When I was in the United States Senate, I barriers to success for entrepreneurs across the worked to secure an additional $12 billion for country. community lenders. Now, we are working to First, capital. I recently met Lorena build on that investment. Together, we must Cantarovici, the owner of an artisan empanada help every American entrepreneur get the business in Colorado. She started her business, capital they need to realize their vision. as so many do, in her own kitchen. When she There are other barriers to success. Danielle sought out a loan to expand, the banks she Romanetti owns a small yarn shop in Virginia. approached told her she was, in their words, I visited with her and several of her employees “not bankable.” Through hard work, she a few months ago. They spoke about how proved them wrong. Her business has since hard it was, during the pandemic, for women expanded to multiple locations, and she has business owners to go without childcare. Some employed many people. have had to make deliveries to customers with This is a familiar story. Traditional banks children in the car. Others have had to bring and venture capital firms have not always their children to work. JAMEL TOPPIN FOR FORBES FOR TOPPIN JAMEL
FORBESMIDDLEEAST.COM JULY 2021 For women entrepreneurs—and all businesses. Stores — like Danielle’s — have had to entrepreneurs—the pandemic has highlighted the quickly pivot online to retain customers, tapping importance of our nation’s care infrastructure. into a demand likely here to stay. Restaurants — like For so many, care is the bridge to building a Lorena’s — have had to create outdoor dining to do business. That is why, as we work to improve roads to the same. Meanwhile, innovators of all types have transport goods, improve transit for consumers, and created new products for the moment. ensure affordable and accessible high-speed Internet, Today, our nation must reimagine our economy, 32 President Joe Biden and I are also working to ensure so that every American entrepreneur can launch affordable and accessible child and family care. and grow an enterprise. It is in this reimagining that In the face of the unimaginable, America’s we will remain competitive—and come out of this entrepreneurs made the choice to reimagine their pandemic stronger than before.
FRONTRUNNER Politics JOE BIDEN’S CABINET looks rather different than Donald Trump’s, Merrick Garland 68 with more women, more people of color, more liberals—and a Attorney General whole lot less money. It’s not that Biden’s bunch is poor, exactly. Net worth: $20 million The president himself accumulated an $8 million net worth, mostly Janet Yellen 74 JOE’S Secretary of the Treasury by writing a book and giving speeches since he departed the vice $20 million presidency in 2017. Vice President Kamala Harris is worth about $7 million, thanks in part to big earnings from her husband, a highly paid Antony Blinken 59 REGULAR JOES Secretary of State lawyer. All but two of the 15 officials alongside them are millionaires, $10 million THE TOTAL NET WORTH OF and the group is worth $118 million overall. That’s comfortable, sure, Gina Raimondo 50 PRESIDENT BIDEN’S CABINET but it’s the length of the Acela corridor (and then some) from the $6.2 Secretary of Commerce IS A FRACTION OF DONALD billion combined net worth of Trump’s crew or the $2.8 billion fortune $10 million TRUMP’S—AND BARACK OBAMA’S. of Barack Obama’s second-term team. Joe Biden 78 President $8 million Jennifer Granholm 62 Secretary of Energy $8 million Alejandro Mayorkas 61 Secretary of Homeland Security $8 million Lloyd Austin 67 Secretary of Defense $7 million Xavier Becerra 63 Janet Yellen • Treasury Merrick Garland • Justice Tom Vilsack • Agriculture Secretary of Health and Human Services After leaving her post as Federal Obama’s final, and unsuccessful, Obama’s former ag secretary $7 million Reserve chair in 2018, Yellen earned Supreme Court nominee owns New left the White House during the 56 over $7 million giving speeches to York City real estate, apparently Trump era but made plenty of Kamala Harris Vice President big banks and other businesses. Her inherited from his in-laws, bolstering money while he was gone. He won $7 million assets include a stamp collection the small fortune he accumulated $150,000 in the Iowa state lott ery worth more than $15,000. after working as a partner at the last year and used his farm to Tom Vilsack 70 prestigious law firm Arnold & Porter. cash in on USDA programs. Secretary of Agriculture $4 million Denis McDonough 51 Secretary of Veterans Affairs $3 million Marty Walsh 54 Secretary of Labor $2.5 million Marcia Fudge 68 Secretary of Housing and Urban Development $2 million Marty Walsh • Labor Pete Buttigieg • Transportation Deb Haaland • Interior Miguel Cardona 45 Secretary of Education The former Boston mayor Relatively broke before he ran The first Native American cabinet $1 million took offi ce with three pensions for president, Mayor Pete earned secretary, who won a New Mexico Pete Buttigieg 39 worth about $800,000 total, more than $1 million in 2019 and congressional seat in 2018, reportedly Secretary of Transportation including two from a labor 2020, according to our estimates, overcame homelessness earlier in $750,000 union he once led. most of it from book sales. life. Her financial report disclosed Deb Haaland 60 just a $175 annual tribal payment Secretary of the Interior and $15,000-plus in student loans. $0 BIDEN CABINET BY DAN ALEXANDER AND MICHELA TINDERA AND MICHELA ALEXANDER DAN BY BIDEN CABINET BRODNER STEVE BY ILLUSTRATIONS
FORBESMIDDLEEAST.COM JULY 2021 OPTIMISM, RESILIENCE, AND RENEWED PRIORITIES 33
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FORBESMIDDLEEAST.COMFor more information visit www.forbesmiddleeastevents.com JULY 2021 PROMOTION The Healthy Choice Faddy Zouki explains 34 how his namesake hospitality enterprise rose to success, and how a health-first philosophy is driving the business forward.
With over 30 years of experience, Zouki is a top name in the international hospitality and catering industry. How would you describe the company and what are the key factors behind its success? Zouki has over 30 years’ experience in the hospitality industry, including more than 20 years operating in public health settings. We work to the highest standards of quality and management, and our companies have become industry leaders, with our cafe and retail developments, along with our function catering, providing benchmarks for other businesses across Australia and the wider world. Since the mid-2000s, Zouki has focused on healthcare environments, delivering the very best quality in food, coffee, retail products, provide our customers with a as an important example of service, outlet design, and fit out. comfortable, enjoyable experience, multiculturalism at work on the From a small café, Zouki has gone and are the perfect place to catch Australian and worldwide business on to revolutionize hospital food up with friends for a bite to eat. We landscape. and retail, providing spaces where also pride ourselves on our ongoing workers and visitors can find refuge commitment to sustainability and How have you been managing from the emotional challenges of a eco-friendly practices. For example, to operate and keep people safe hospital environment. Zouki has also our customers can enjoy fully during the pandemic? influenced and lobbied governments recyclable coffee cups made from We have over 200 cafes and retail to introduce healthy eating policies compostable packaging. outlets within healthcare, and and options that were predominately Zouki operates on a shared the health and wellbeing of our outlined by Zouki Group. partnership basis, with a mutually customers, team members, and the Our modern, architecturally profitable exchange of skills hospital communities we operate in, designed cafes and restaurants and opportunity. We also serve remain our top priority.
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
We are following the advice of offering the variety of foods required wages are sufficient to enable the Australian government, state for a healthy immune system. people to purchase healthy foods government, and the World Health Specifically, we ensure that our and enjoy an adequate standard Organization when it comes to foods contain plenty of vegetables, of living. Subsidies for fresh and recommendations for minimizing fruits, and wholegrains, as well as a nutritious foods in rural and remote the spread of the virus. We have also variety of healthy protein sources areas, where food prices are 35 been able to work with governments such as fish, seafood, and legumes much higher, are also necessary. to implement a tracking system and such as beans. We also offer small Crucially, we need regular practice strict policies to identify quantities of egg and lean poultry monitoring of food insecurity too. and prevent the transmission of the as part of a heart-healthy diet. In Current data is underestimating virus. Furthermore, while cleanliness terms of dairy, we favor unflavored the magnitude of the problem has always been a priority for us, milk, yoghurt, and cheese, though and its economic burden on our our very high standards of cleaning we recommend reduced fat government. practices have been increased varieties for those with high blood Zouki sees food insecurity to include more regular cleaning cholesterol. As for healthy fats, as a symptom of social system and disinfecting during the day we opt for nuts, seeds, avocados, failure, and we are discussing all and increased end-of-day deep olives, and their respective oils for aspects of food, food systems, food cleans. Our team members have cooking. And of course, we choose production, and food access, as all been retrained on strict hygiene great herbs and spices over salt to well as the cost of living, across the practices too. add flavor. whole community. In times such as these, we believe it is our responsibility to do “Zouki has gone on to revolutionize hospital our best to provide uninterrupted access to the services people need, food and retail, providing spaces where while doing everything we can to workers and visitors can find refuge.” keep our customers and our team safe and healthy. What are your thoughts on solving How can hospitality and catering food security issues across the businesses grow and remain How has COVID-19 affected your world? competitive? business? While there are several well- Mainstream retail and hospitality Zouki’s business within healthcare established programs providing will always be subjected to heavy has fared much better than essential services for struggling competition, hence, it is a question mainstream retail and hospitality, families, they are not able to address of survival of the fittest. A good but we have seen a significant the root causes of food insecurity. operator will always maintain increase in online ordering and Zouki advocates for access to innovation, creativity, quality, deliveries. COVID-19 made us nutritious food to be viewed as and affordability. Those are the create an online application an essential human right, and we traditional elements that will and ordering system that would believe that decision-makers need to sustain a business in the hospitality cater to that change in consumer prioritize action to ensure that those sector. In addition, it is also behavior, and at the moment, Zouki who most need access to healthy important to consider underlying is servicing 30% online and 70% food, are able to get it. commercial terms, such as the direct contact sales. Food insecurity is deeply cost of occupancy and general entrenched in poverty and operational costs. How does Zouki encourage therefore has complex causes. customers to eat healthily? Effective solutions must be multi- Now, more than ever, it’s important pronged and will take time and a to stay as healthy as possible, and coordinated approach. We can eating nutritious food is a great start this approach and begin starting point. With this in mind, to really tackle this problem by Zouki encourages healthy eating by ensuring that welfare benefits and www.zoukilawyers.com.au
FORBESMIDDLEEAST.COM JULY 2021 • COVER STORY •
36 EFG HERMES HOLDING EFG • KARIM AWAD KARIM AWAD NEW
DIRECTIONSKarim Awad, Group CEO of EFG Hermes Holding, has seen the company evolve over more than two decades from being an Egyptian investment bank to becoming a global financial services corporation. Now he’s leading a new era of diversification.
BY CLAUDINE COLETTI
FORBESMIDDLEEAST.COM JULY 2021 Karim Awad, Group CEO of EFG Hermes Holding
37 IMAGE FROM SOURCE FROM IMAGE
FORBESMIDDLEEAST.COM JULY 2021 the 2020 financial year, a growth of 12% compared to the previous year. And 2021 is already looking promising. In Q1, revenues hit $80 million, a 30% increase compared to the same period in 2020, and net profits shot up by 223% to $18.6 million. With its shares trading on both the Egypt and London stock exchanges, EFG Hermes’ market value stood at $665.2 38 million as of June 13, 2021, making it one of the Middle East’s biggest asset managers. In May 2021, the bank announced its latest move, partnering with The Sovereign Fund of Egypt (TSFE) to acquire a 76% stake in Egypt’s Arab Investment Bank (AIB), with the current major shareholder, the National Investment Bank, retaining 24%. Owning a bank in its home market means the company can further expand its services. “The priority is to create a digital banking strategy as well as a focus on retail lending and small and medium enterprises,” said EFG HERMES HOLDING EFG
• Awad at the time. The cost of the deal is estimated One of the region’s leading financial services to be $242.6 million, with EFG Hermes gaining 423 corporations, EFG Hermes Holding, has been through million newly-issued shares and 51% ownership for a Olot in its 37-year history. So when the board first $162.8 million, and TSFE gaining 207 million shares offered Karim Awad the Group CEO role in 2013, and 25% ownership for $79.8 million. The acquisition he thought carefully before accepting. At the time, is currently awaiting approval from the Central Bank KARIM AWAD KARIM AWAD Egypt was reeling from a political crisis, and the of Egypt and is expected to be completed in Q3 2021. company itself was considering significant changes. The big-picture goal is to offer a full suite of “I was actually quite worried about taking the job,” he financial services to retail, institutional, and corporate confesses. “It was a very tough time for us.” clients. Awad even hopes to one day launch a super- Of course, he accepted the role. And since taking app for customers. “I hope that we will be able to turn the helm, he has set a course of diversification for EFG around the bank in the next two to three years to give Hermes that has seen it greatly expand the breadth us another sustainable source of income going forward of financial services that it offers and markets that it that is not as volatile as the capital markets we operate covers. While the investment banking arm still makes in,” he explains. This volatility has been particularly up the majority of its business, over the last six years choppy recently, with global markets recovering from the company has also established a non-bank financial the impact of the pandemic. Despite being the leading services (NBFI) platform and begun busily investing securities broker in Egypt, holding 36.4% of market in areas such as microfinance and Fintech. It has also share in 2020, EFG Hermes’ securities brokerage added several new frontier markets to its portfolio. business witnessed a 17% year-on-year decrease in While headquartered in Egypt, and previously present 2020—recording $64.3 million in revenues compared in Kuwait, the U.A.E., Saudi Arabia, Oman, and to 2019’s $77.1 million. However, experts still see Jordan, it now also covers Pakistan, Nigeria, Kenya, opportunities in some sectors. Bangladesh, and Vietnam, with offices in London “Given that most central banks are starting to and New York. “All of this diversification, whether consider tightening monetary policy, or at least geographically or via products, has helped make our withdrawing the additional aid provided during the business model more sustainable,” says Awad. pandemic, the days of the ‘everything rally’ is likely As a result, the company has proven resilient to be over,” says Hussein Sayed, Chief Marketing through the toughest of years. In 2020, it had a total Strategist at Exinity. “At this stage, investors need to of $3.5 billion in group assets under management, protect their portfolios against this risk. Materials, compared to $3.4 billion in 2019, and it completed energy, miners, and financials are the sectors where 24 investment banking transactions worth a total of you should be overweight in the short to medium $1.7 billion. The company managed to achieve group term. Tangible assets should also be considered, such operating revenues worth around $349 million in as real estate and commodities.”
FORBESMIDDLEEAST.COM JULY 2021 Globally, markets seem to be showing evidence the company in 2003. “I worked with the senior of more positive sentiment, with the S&P 500 and management on what was then a $40 million capital Nasdaq rallying in June. And in the Middle East, increase into the company that effectively saved it Awad is finding opportunities among the region’s and restructured it completely,” he shares. “It wasn’t biggest business hubs and most populated countries. my idea; I was just there to help out.” It did not go “When it comes to the stock market, we are bullish unnoticed. The next decade saw the company grow on Egypt and the U.A.E. given where the valuations through recessions, revolutions, and economic cycles, 39 are at and the gross prospects that the companies while Awad climbed the ranks. have there,” reveals Awad. “And we are always bullish However, by 2012, EFG Hermes was facing some on Saudi Arabia given the size of their market and the difficulties. Its joint CEOs at the time, Hassan Heikal depth of the industries that are there.” This is largely and Yasser El-Mallawany, found themselves subject thanks to core sectors and ongoing development. to accusations of illegal share dealings, of which they Whereas the U.A.E. is hopeful that tourism will soon witness a post-pandemic boom as vaccine rollouts continue worldwide, Saudi Arabia is also moving ahead with plans EFG HERMES HOLDING EFG
to open up to international • visitors and investors through a number of megaprojects and industry reforms. And in his home market, Awad thinks recent changes will lead to KARIM AWAD KARIM AWAD positive outcomes. “In Egypt, we feel that the government has taken massive steps in terms of economic reform, a very tough program, and we hope that with the pandemic hopefully coming to an end sooner rather than later, the economy will start to show some massive signs of growth,” he adds. All in all, Awad appears calm in the face of some lingering uncertainty—but were later acquitted. Meanwhile, external troubles then, this is not the first challenging period he has were also affecting the firm, as Egypt bore the weight been through with EFG Hermes. Having been with of an ongoing political crisis and uprising. the company for more than two decades, he has In 2013, Awad stepped up to help steer the witnessed his fair share of ups and downs. company to new ground. “When I was presented He first joined the bank as a fresh graduate in 1998 with the challenge, I felt I had a responsibility after a friend pointed him in the direction of EFG towards the company,” he explains. “It was either Hermes. At the time, the company was in a transition you jump ship because things are really bad, or you of its own, having been newly-formed by the 1996 take responsibility and try with the management merger of the 12-year-old Egyptian Financial Group team to rectify things. And I decided the latter.” As (EFG) and its competitor, Hermes Financial. Starting part of an intense restructuring plan, the company out as an analyst, Awad found the pace demanding. undertook a non-cash goodwill impairment charge “It was very hard work, very long hours, not really as in excess of $38.2 million to help clean up its balance glamourous as I thought when coming in,” he recalls. sheet. As a result, in that financial year EFG Hermes It didn’t take long for him to get stuck in. He recorded losses of over $21.3 million. The new remembers playing a role in helping restructure management team also cut expenses, reduced the IMAGE FROM SOURCE FROM IMAGE
FORBESMIDDLEEAST.COM JULY 2021 employee cost-to-revenue base, and opportunity,” reveals Abdulaziz Al sold some non-core assets before Jouf, CEO and Founder of PayTabs. plotting a new path. “We started to “It’s a two-way portfolio expansion. think, what is EFG 2.0? And this is Our collaboration with valU on buy EGYPT’S when we started approving our new now pay later schemes, for example, strategy for a non-bank financial has definitely broadened the market 3 BIGGEST ASSET platform,” Awad recalls. scope and widened horizons for 40 EFG Hermes launched its NBFI PayTabs Egypt, making this a long- MANAGERS platform in 2015 and acquired its term, win-win partnership.” Egypt’s three biggest microfinance player, Tanmeyah, On the other side of the business, asset managers in 2016. To help it refocus, as well the company has also been active recorded assets under as release funds, the company in taking successful firms public. management (AUM) decided to sell off its shares in In August 2019, EFG Hermes was worth a combined Lebanese bank, Credit Libanais. the sole bookrunner for the IPO $6.9 billion “We felt that this bank did not have of Egyptian e-payments platform, in 2020. many synergies with our existing Fawry, which was founded in 2008. businesses,” says Awad. Having The IPO was over-subscribed by bought a 65% stake in 2010 for $542 over 30 times, according to Reuters. EFG HERMES HOLDING EFG
• million, EFG Hermes announced in EFG Hermes also acted as a joint March 2016 that it would be exiting bookrunner for Saudi Aramco’s IPO— by selling 40% of its shares at $33 the biggest IPO in history—which was each to a group of Lebanese and executed in 2019. In July 2020, the Arab investors in a deal valued at company concluded an advisory role $492 million at the time. on the follow-on sale of $50 million KARIM AWAD KARIM AWAD With fresh capital and a new worth of Fawry shares, and it was a direction, in 2017 EFG Hermes joint bookrunner on the $700 million launched EFG EV Fintech in Egypt, IPO of Saudi healthcare company a Fintech-focused startup accelerator the Dr. Sulaiman Al Habib Group. In and early-stage venture capital March 2021, it concluded the $144 EFG Hermes fund, as a joint venture with Egypt million IPO of Saudi’s Alkhorayef Holding Ventures, a government-backed VC Water & Power Technologies as a fund. In December that year, the bookrunner and underwriter. Founded: 1984 AUM 2020: company launched its buy-now-pay- As he continues full-steam ahead later Fintech app, valU, which allows with expansion plans, Awad predicts $3.5 billion customers to pay for products and more investment in the region’s services through installments over up startup ecosystem in the future. Misr to 60 months. Last year, the app had “We’re very bullish about the startup Capital more than 898 partner merchants, scene. Some very bright people are Founded: 2010 170,000 users, and 265,000 total coming up with extremely disruptive AUM 2020: transactions worth more than ideas,” he muses. In the meantime, $93 million. valU’s net operating he’s following a disruptive path of his $2 billion revenues hit $7.1 million in 2020, up own. Luckily for EFG Hermes, after from $1.6 million in 2019. It plans to a 23-year evolution, the Group CEO Al Ahly launch in Saudi Arabia next. seems steadfast. Financial EFG Hermes has since made “Even when we were analysts, Investments other big bets on Fintech, including and we didn’t own shares in the Management partnering with Saudi payments company, we always felt a sense of startup PayTabs in 2020 to launch belonging to it. A sense of pride in (AFIM) PayTabs Egypt. “The PayTabs seeing it do better,” he smiles. “One Founded: 1994 business development and day, the right thing to do will be for a AUM 2020: expansion team had been scouting younger generation to take over, but $1.4 billion North Africa for a suitable market currently, we’re committed.” JACKKPHOTO / / SHUTTERSTOCK.COM JACKKPHOTO
FORBESMIDDLEEAST.COM JULY 2021 41
BUILDINGEnvisioningNovember The 2021 Cities • DubaiTHE Of Exhibition Tomorrow, FUTURE Center Today DUMMY TEXT TEXT DUMMY DUMMY
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FORBESMIDDLEEAST.COM JULY 2021 • 30 BIGGEST ASSET MANAGERS •
42 SHUAA CAPITAL SHUAA •
JASSIM ALSEDDIQI JASSIM TUNING
INTOA key U.A.E. investor, SHUAA TECH Capital’s Group CEO Jassim Alseddiqi is doubling down on technology as he seeks to build a regional financial powerhouse.
BY SAMUEL WENDEL IMAGE BY FORBES MIDDLE EAST FORBES BY IMAGE FORBESMIDDLEEAST.COM JULY 2021 Jassim Alseddiqi, Group CEO of SHUAA Capital
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FORBESMIDDLEEAST.COM JULY 2021 quarter in Q1. Net profits reached $6.8 million, and its asset management business enjoyed record results. That’s after a net loss of $71 million in Q1 of 2020 in the face of the pandemic. Alseddiqi sees the combined entity having few regional peers offering similar capabilities—although it does look up at a few bigger players, such as 44 Bahrain’s Investcorp, which has roughly $35 billion under management, and Saudi’s NCB Capital with assets under management worth over $50 billion. Still, this new version of SHUAA is just getting started. After finishing the integration process in 2020, Alseddiqi is making a slew of moves as SHUAA looks to the future. Technology is a big focus. SHUAA started 2021 by
SHUAA CAPITAL SHUAA As the future of finance takes shape in the Middle announcing that it will pursue more tech investments. • East, a face consistently at the forefront of change is Alongside backing Anghami, SHUAA structured Jassim Alseddiqi, Group CEO of Dubai-based asset and placed a $50 million sukuk this year for U.A.E. managementA and investment banking firm SHUAA agri-tech company Pure Harvest. That marked the Capital. first time an early-stage business in the region secured Consider one of the most hyped local deals this venture debt funding from capital markets, according year: the move to take Abu Dhabi-based streaming to SHUAA, and saw investors such as Franklin platform Anghami public. The nine-year-old company Templeton come aboard.
JASSIM ALSEDDIQI JASSIM is set to become the first Arab tech player to list on Pure Harvest’s business is capital intensive Nasdaq in New York after agreeing to merge with a currently, says CEO Sky Kurtz, but securing private special purpose acquisition company. Alseddiqi played equity to fund infrastructure is extremely expensive a key role in setting up the deal, which is expected to and time-consuming. The company is also establishing close this year and gave Anghami an enterprise value the viability of a new tech-enabled sector in the region, of roughly $220 million. complicating matters. “The financial markets and SHUAA acted as financial advisor for the deal institutions to support our industry remain nascent,” and provided $30 million in funding through private says Kurtz. But when Pure Harvest turned to SHUAA, investment in a public equity, or PIPE, deal. That came it stepped up with an innovative solution. after SHUAA invested an undisclosed amount into Alseddiqi is eying more tech investments too. Anghami in December 2020. The entire arrangement, “We’re looking at many, many transactions right now, says Alseddiqi, shows what SHUAA brings to the but as you know, it’s quality over quantity,” he says. table. “We don’t only buy an investment and flip it,” Simultaneously, SHUAA is also doubling down on he explains. “We add value to it, and we maximize the developing digital offerings. In June 2021, it unveiled return for shareholders.” plans to launch a digital wealth platform intended to Moves like this have helped Alseddiqi chart an serve existing clients and attract the next generation ambitious rise in the U.A.E.’s financial world. Since of affluent investors. The platform is meant to elevate starting the asset manager Abu Dhabi Financial Group the traditional wealth management and advisory (ADFG) in 2011, he’s built a reputation for introducing experience using technologies such as AI. new investment concepts, making distressed The platform is a sign of things to come at SHUAA. investments, and orchestrating company turnarounds. Alseddiqi believes the firm’s future growth will come In 2019, Alseddiqi merged ADFG with Dubai from digitization and acquiring clients digitally. He investment bank SHUAA to create a new financial says ten years from now, there won’t be a SHUAA; services platform that manages around $14 billion in instead there will be a technology company that focuses assets. “This is a powerhouse,” says Alseddiqi. Listed on financial services. “I believe that every company will in Dubai, the firm posted net profits of $34 million in become a technology company globally,” he says. 2020, a rise of 168%, and paid its first dividend post- To spearhead this drive, SHUAA recently brought merger. SHUAA has delivered promising earnings in Hadi Raad, a Visa and Google alum, as chief to start 2021, recording its fourth straight profitable digital officer. It’s a new role for the firm and part of
FORBESMIDDLEEAST.COM JULY 2021 a hiring spree that includes a new CEO for its sizable He then started ADFG in 2011 as an asset manager real estate business. More hiring is coming too, with serving an investor base including institutions, high Alseddiqi reporting plans to boost headcount by over net worth individuals, and family offices. Against the 30% this year. backdrop of economic turmoil unfolding during the The days ahead should be active for players like Arab Spring, the new firm adopted an opportunistic SHUAA. The pandemic obviously increased pressure approach that saw it target value in distressed assets. on businesses, setting the stage for consolidation From the beginning, Alseddiqi introduced new 45 and macro adjustments, says Saurabh Verma, a investment concepts to the region. His firm’s first fund senior director with consultancy Frost & Sullivan. was a secondary private equity fund, which focused That should afford opportunities for asset managers on acquiring stakes in distressed private equity funds and investment bankers in the region, with sectors primarily run by GCC managers. That made it the first from energy to retail and beyond considering heavy of its kind in the Middle East, says Alseddiqi. The $45 investment to fast-track digital strategies. “These will million fund invested in more than 10 private equity be interesting and busy times for investment bankers funds in the coming years and proved to be a success. and asset managers,” says Verma.
As COVID-19 recedes, Alseddiqi CAPITAL SHUAA • is bullish on regional prospects. He sees the low-interest rate environment, government spending initiatives, and changing regulations all pushing economies towards expansion across many sectors. Simultaneously, Alseddiqi believes
SHUAA is poised for profit growth ALSEDDIQI JASSIM in 2021. The firm reports a healthy deal pipeline and new fund launches aimed at improving recurring revenues (one of Alseddiqi’s key short-term goals). More head- turning moves like Anghami seem possible too. “The conventional SHUAA structured and placed a $50 million sukuk this year for U.A.E. agri-tech transactions will always be there, company Pure Harvest. but we always like to sprinkle in the new, sexy, exciting, exotic transactions and initiatives,” ADFG quickly branched out, becoming particularly he says. “This is what really makes us excited about active in real estate. By 2013, it was targeting prime what we do.” London real estate and it took a majority stake in Before becoming a key financier in the U.A.E., luxury residence developer Northacre. Simultaneously, Alseddiqi was an engineer. He studied electrical in the U.A.E. it invested in properties such as the engineering at the University of Wisconsin-Madison Marina 101 tower. By 2013, the firm’s assets under and later pursued a master’s in electrical and management reached $748 million, up from $97 computer engineering at Cornell. Following that, he million the year before. joined gas processing firm Gasco in Abu Dhabi as an Alseddiqi continued introducing unique investment electrical engineer in 2005. He also served briefly as concepts too. A prominent example came in 2015 a lecturer for electrical engineering courses at The with the launch of the activist Goldilocks fund. An Petroleum Institute in Abu Dhabi. open-ended fund, it invests in GCC-listed equities and But Alseddiqi soon turned his attention to undervalued assets, with an eye on turnarounds. The engineering financial deals. In 2006, he joined the first of its kind locally, it has taken stakes in embattled Abu Dhabi Capital Group, a private institutional firms like GFH Financial Group and Dana Gas. Since investment house, serving as a business development its inception, it has outperformed regional and global and structuring manager. Only two years later, he indices, delivering a 92% return. became the firm’s CEO. Still, Alseddiqi doesn’t see his approach as that IMAGE FROM SOURCE FROM IMAGE
FORBESMIDDLEEAST.COM JULY 2021 innovative. “We look at what’s working Complicating matters, COVID-19 best in the U.S. or in Europe, and we reared up barely six months after the copy it with pride,” he says. He points to merger. With lockdowns looming, ADFG’s first fund: it was a carbon copy THE U.A.E.’S Alseddiqi called an emergency meeting of secondary private equity funds in the with his team in early March. As a U.S. Meanwhile, Goldilocks mirrors 5 BIGGEST ASSET firm exposed to real estate, equities, activist funds globally. Alseddiqi freely and financial services, the threat of 46 MANAGERS admits the strategy is “plain vanilla.” Yet, the pandemic required them to adapt it helped ADFG quickly become a notable The U.A.E.’s five quickly. player in the U.A.E. financial scene. biggest asset To strengthen its balance sheet and A key turnaround engineered by managers recorded liquidity, SHUAA issued a high-yield Alseddiqi has proved to be the SHUAA assets under $150 million bond last year, which management (AUM) brand. ADFG took a controlling interest helped deleverage its business. It worth a combined in the firm in 2016 after acquiring accelerated the disposal of non-core Dubai Banking Group’s 48.4% stake for $23.9 billion units, shedding over half of those
SHUAA CAPITAL SHUAA an undisclosed amount. SHUAA was in 2020. assets over the past 18 months. It also • already a well-known U.A.E. institution, introduced new products intended to tracing its roots to 1979, however it had build recurring revenues, including struggled after the global financial crisis. SHUAA launching three Shariah-compliant At the time of the deal, Alseddiqi Capital funds last year. noted the potential for SHUAA to Founded: 1979 True to form, SHUAA pulled off a evolve and become a big name in AUM 2020: distressed investment in 2020, leading Middle East financial services. SHUAA $14 billion a consortium that bought out $308
JASSIM ALSEDDIQI JASSIM offered a broad range of investment million of debt held by offshore services banking services, as well as a foothold company Stanford Marine Group. in Saudi Arabia. Following the deal, Emirates “The culture of distressed investing SHUAA made progress by expanding in NBD Asset or opportunistic investing is still Kuwait and Turkey and by refocusing Management there with us,” says Alseddiqi. Still, he on investment banking and capital Founded: 2006 stresses that SHUAA is also focused markets. In 2017, SHUAA recorded its AUM 2020: on growth stories. That saw him get best financial results in a decade. $4.7 billion in touch with Anghami’s CEO Eddy Meanwhile, Alseddiqi also targeted Maroun at the height of the pandemic technology opportunities. In 2018, ADCB Asset in June 2020 to discuss a deal. ADFG made a strategic investment into Looking ahead, Alseddiqi should global venture capital firm 500 Startups Management keep people on their toes. He plans for an undisclosed amount that netted it Founded: 2018 to continue localizing innovative a board seat. AUM 2020: investment products—as he is with By 2019, Alseddiqi saw a compelling $2 billion SHUAA’s digital wealth platform, opportunity to merge ADFG and which he reports is 90% similar to SHUAA. The region’s banking industry Mashreq existing global counterparts. was experiencing consolidations, and Capital And while some people may sniff Alseddiqi believed financial services at copycat approaches or think that overall could benefit from the same Founded: 2006 certain investment concepts won’t work process. The combined firm—eventually AUM 2020: well in the Middle East due to local rebranded under the SHUAA name— $1.8 billion challenges, Alseddiqi’s track record initially managed $12.8 billion and demonstrates a basic truth: localization began narrowing its focus to asset Waha Capital works. “It’s a very simple strategy; management and investment banking Founded: 1997 there’s no rocket science behind it,” while exiting non-core areas. “We want AUM 2020: he says. “What I can say is we have to double down on the activities that $1.4 billion the ambition to do it. That’s what we do. We will not expand into other differentiates us; we take the first step activities,” says Alseddiqi. all the time.”
FORBESMIDDLEEAST.COM JULY 2021 47 Innovation,
A Click Away CAPITAL SHUAA • JASSIM ALSEDDIQI JASSIM
CORPORATE MARKETING REPORT
FORBESMIDDLEEAST.COM JULY 2021 METAMORWORKS / SHUTTERSTOCK.COM / METAMORWORKS PROMOTION
48 Dare To Deliver stc is delivering a digital future through innovation, investment, and adventure.
tc is the leading provider improving speed and availability. architecture, digital offerings, and of telecommunications These investments are facilitated customer experience. As part of its services in the Kingdom of by a healthy balance sheet and strategy, stc is also on course to Saudi Arabia and is among strong cash inflows, that give the achieve its ambitions to cultivate theS largest operators in the Middle company the option to access a digital mindset, maximize the East. The company offers landline debt to fund growth. potential of digital and analytics and fixed infrastructure, as well Staying ahead, thinking ahead, capabilities, and transform into an as mobile and data services, to and delivering what’s next, are all agile technology company. Going consumers and businesses. part of stc’s brand story. Together even further, the company strives On April 21, 1998, stc was with its values and visual identity, to embrace new ways of working, established as a Saudi joint stock the brand wants to inspire its own maximize shareholder returns by company by royal decree, and by people to break boundaries and transforming costs and monetizing the following month, it had begun explore new digital opportunities. assets, and serve as a role model providing telecommunications This innovative approach has when it comes to sustainability and services across Saudi Arabia. earned the stc brand the highest corporate governance. On June 29 of the same year, growth in its existence as well as When stc is envisioned as stc acquired its commercial the title of pioneer provider of a personality, the “explorer” is registration, and remained solely under state ownership until the government sold 30% of its shares “This innovative approach in September 2002. Today, the Saudi government has a 70% has earned the stc brand the controlling stake in stc, through its Public Investment Fund. highest growth in its existence.” With the recent interest in mobile, broadband, and cloud telecommunications services in the archetype that most fits the computing services, stc generates Saudi Arabia. These achievements brand. With the determination to most of its sales in Saudi Arabia, are down, in part, to the company’s chart new horizons and discover but it is actively expanding in unwavering vision to “be a digital new elements, the company is key regional markets, using its and telco leader, enabling the a voyager in search of a better telecom expertise to tap a wealth society and economy to thrive, in future. It is on a mission to of growth opportunities. Currently, Saudi Arabia and beyond.” humanize its brand presence and the company is investing in next- The current stc strategy is make it more relevant to clients generation networks, upgrading to based on the theme of “dare,” and end consumers. Adventurous a packet-based architecture where which involves creating value with in spirit, it pursues opportunity information, services, and media greater efficiencies for a better and goes where others dare not, can be carried across the network future. In particular, the theme bringing the entire tribe along for to reduce operating costs while focuses on agility, next-generation the ride.
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 FP1.pdf 1 20/06/2021 10:57 AM
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Staying Ahead, Thinking Ahead, And Delivering What’s Next Olayan M. Alwetaid, stc Group CEO, explains how the telecom giant is doing its part to shape the future as Saudi Arabia pursues a vision of opportunity, empowerment, and advanced technology.
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
How will stc’s emerging become the Middle East’s latest While a lot of our success in technology strategy enable unicorn, valued at $1.3 billion coping with this increased traffic Saudi Arabia’s digital in November 2020. stcpay will was due to our investment in transformation and its Vision help the government achieve its hardware, I think the biggest 2030 reforms? goal of a cashless society as it reason we were successful—and 51 I’m truly proud of the work we are modernizes the economy. It has why our customers were satisfied doing at stc, which has made been so successful we’re already —was because of our investment us such a big part of the rapid looking to roll out the service in strategic programs. These transformation of Saudi Arabia. in other countries, including programs helped us better serve Vision 2030 at its core is a bold Bahrain, Kuwait, and the U.A.E. our customers through digital expression of the future of Saudi. Our customers are enjoying channels. The kingdom’s leadership is using digital technology more Don’t forget, we too were diversifying the economy away than ever before thanks to huge affected by the pandemic. I am from oil dependence, growing technology advances. We are proud of the way we handled other sectors, and opening providing products and services COVID-19. As a digital enabler up employment opportunities that enrich people’s lives. we were able to react quickly for young Saudis. In doing so, it is laying the foundation for the future. So much of this is “Our new fintech service, dependent upon the digitization of industries, enterprises, public stcpay, has become the Middle services, and consumer retail. To achieve this, the kingdom needs East’s latest unicorn, valued at robust underlying technology infrastructure and well- $1.3 billion in November 2020.” developed digital services that are among the best in the world. Due to the pandemic, and efficiently, ensuring that Here, all technology-based many aspects of business our customers received digital sectors in Saudi have stepped up and education have been services at the level they and are playing their part. transformed to operate online. needed them to be. We were stc and other telecom What did stc do to facilitate ready for the sudden increase companies are emerging as key this in Saudi Arabia? in demand thanks to our enablers of digital economies Saudi Arabia took intensive forward planning. and are essential to transforming precautionary measures to Demand for online education industries, businesses, and combat COVID-19, which was up 1,000%, and demand lifestyles quickly. This shift became a global pandemic in a for remote health services is up in the economy, from being short time. The kingdom’s efforts 177%. This, plus the drastic rise oil-dependent to being driven to control this pandemic were in e-commerce, exponentially by digital transformation, is a not limited to the local level, but increased traffic on our network strategic advantage for stc. also expanded to a global one. infrastructure. This meant I think the most important of The shift to remote working, challenges related to network these emerging technologies online education, remote health capacity, quality of service, are 5G, IoT, cloud, AI, robotics, services, and e-commerce remote operations, and the need and data analytics. We are exponentially increased traffic to provide customer services investing heavily in these areas on our network. We faced and customer care via digital and have plans to continue well challenges related to network channels. stc provided access to into the future. capacity, quality of service, education and health platforms For example, our new continuity of operations, and to customers for free during this fintech service stcpay, has access to customer services. difficult period.
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
all the latest news and goings on in the gaming world. Gaming and e-sport is one sector that continues to grow and grow so we’re delighted to be a part of 52 it, and in fact we’re playing a huge role in transforming the Middle East’s gaming industry by connecting gaming service providers with gamers to ensure they have the best possible gaming experience. Our vision is to lead the gaming community in MENA. I think stcplay is well on the way to delivering that.
Cybersecurity is a challenge for telecom companies across the world. What is your approach to ensuring a transparent and safe digital environment? “We are proud to be among stc has made large investments in technology and talent within its the top 44 digital companies data privacy and cybersecurity businesses. The key focus is to in the world and the most clearly understand the threats and risks faced by all our stakeholders powerful telecommunications and customer demographics, from confidentiality, integrity, company in the Middle East.” availability, privacy, security, and stc provides many different reducing cash transactions. The resilience perspectives. Every services beyond telecom. Can you launch was a real milestone for customer and stakeholder group tell us more about these services our company and I was delighted faces a specific set of unique and how they support your overall with the way in which it was cybersecurity threats, and risks. goal of being a leader in digital developed and delivered to our Our cybersecurity teams transformation? customers. stcpay achieved work diligently to identify these stc redefined itself in 2017 through unicorn status and Western Union threats, risks, and vulnerabilities. its “dare” strategy. The company is now a shareholder with a 15% They use cutting edge 24/7 doesn’t see itself as a telecom stake in the business, taking its cyber defense monitoring, operator but as a digital enabler total valuation over $1 billion. The vulnerability and penetration providing digital services in various deal also means that our users testing, and threat hunting, as verticals. It’s been great to see how can send money to over 200 well as governance, risk, and our customers have received our countries around the world. compliance practices, involving ventures into other areas. The two stcplay is our dedicated the support of specialist teams. main launches have been stcpay e-sports and gaming platform. Earlier this year, stc launched and stcplay. Here, both professional gamers its cybersecurity arm, SIRAR. This stcpay is a digital wallet, which and casual players can compete will help secure businesses against not only is of great convenience in tournaments, interact with threats and will be particularly to our customers but is also in- other players, keep an eye on the useful as demand grows for digital line with the Vision 2030 goal of leaderboards, and generally find services. Many businesses have
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
turned to digital services following and platforms to our customers Though our continued efforts the pandemic. A cybersecurity while enabling the digital to improve digital connectivity in company can offer a wide range transformation of Saudi Arabia Saudi Arabia and help the country of solutions that defend against and the markets we operate in. achieve Vision 2030, stc has no attacks and detect vulnerabilities stc’s ambition to help plans to slow down when it comes to before they become a threat. facilitate the kingdom’s providing advancements in digital 53 digital transformation technology. We feel we have a key stc was recently named one of the program also motivated us role to play in the success of the most influential brands in Saudi to transform ourselves from a future of the countries we operate in Arabia. How did stc achieve this telecommunications provider to by providing services that can help success, and how does this reflect an advanced digital player. Today, businesses and individuals thrive in your business strategy? we have many success stories in the coming years. We are proud to be among the digital transformation, application top 44 digital companies in the programing interface (API) What opportunities are there world and the most powerful management, big data, cloud to empower women in Saudi telecommunications company services and cybersecurity. We are Arabia through communication in the Middle East. The best way positioned to collaborate with the technologies? to understand how we became government and the private sector Women’s empowerment has one of the most influential brands to successfully achieve the three become an essential part of our in Saudi Arabia is to look to the key pillars of Vision 2030: a vibrant strategy. There are many ways that essence of who we are. Our vision society, a thriving economy, and we have translated those words is to provide innovative services an ambitious nation. into tangible results. For example, during the last five years, we’ve been taking bold steps toward “We are also working hard attracting and recruiting more women in all subsidiaries and all to ensure that our female levels across the stc group. Today, we have more than 3,000 employees are getting the female employees, representing 22.6% of the group’s workforce, training they need to become and we have established an stc women’s council. We are also our future leaders.” working hard to ensure that our female employees are getting the training they need to become our future leaders and future specialists in different critical fields like cloud computing, cybersecurity, and infrastructure. We believe in the importance of investing in our employees and giving them the best opportunities to develop their skills and knowledge.
www.stc.com.sa
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Ready For A 5G Future 54 For Haithem Mohammed Alfaraj, Senior VP of Technology and Operations Unit at stc, 5G is a vital part of a globally accessible digital future. Here he explains how stc is at the forefront of the new technology.
What are stc’s future plans in terms of rolling out 5G in Saudi Arabia? We plan to ensure that everyone in Saudi has access to 5G connectivity, no matter where they are located in the kingdom. Our technology will be among the most advanced in the world. Currently, stc has over 6,000 5G sites across 75 cities in the kingdom, giving us the widest 5G coverage in Saudi Arabia—equal to 37% of the population coverage. We are planning to invest even further in 5G in order to expand the network’s capability to handle future traffic demands. We are very excited about the future; we know we are going to deliver results for our customers that they have not seen before. The world has changed in a very short space of time, with the global pandemic altering the way we think, behave, and interact. We are now living in a transitional phase that has seen digital demand increase heavily. Restrictions around the world have meant that now, more than ever, people are relying on technology in their everyday lives. Thanks to lockdowns and social distancing, demand for mobile and internet gaming has risen considerably, and online streaming services have At stc, we have been busy make 5G accessible to previously surged, which means that we have changing the face of the Middle remote and rural areas that have to be ready to meet the needs and East, turning it into one of the leading never before seen the types of demands of our customers. We are digital hubs by pioneering the digital internet speeds we can offer. We preparing for a digital future where transformation of the region. 5G have a vital role in improving the internet speeds will need to be will be crucial to Saudi achieving future of Saudi, and we take that faster and more reliable. its Vision 2030 goals. We plan to responsibility very seriously.
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
We have recently opened our even bigger player in the digital 5G technology is not just good Digital Operations Control Center, communications sphere than it for gaming and entertainment. which is the largest in MENA and already is. Sectors such as agriculture, can accommodate up to 2,300 manufacturing, and logistics employees. The facility includes a How are both consumers will all benefit from 5G as well as highly advanced system made up and businesses adopting 5G businesses, schools, and homes. 55 of various digital processes, such technology? What are its benefits, Working from home could become as simulation, digital infrastructure and how can businesses leverage the norm. Homeschooling will be management, digital crises 5G deployment? more successful with no lags in management, and reinvention We already have over a million video calls. Augmented and virtual within a range of digital solutions. people using 5G in Saudi so we reality will also offer new solutions. It lays the foundation for stc know it has been well received by We are working on 5G use to become a regional hub, our customers. So far we have seen cases. For example, for one offering unparalleled digital services while operating the biggest international gateways “We have recently opened our in MENA. The facility has the Digital Operations Control Center, latest protection and distribution systems, used for the first time which is the largest in MENA and can in the region. These systems secure the company’s service accommodate up to 2,300 employees.” system and the data transmission 160% growth in 5G traffic—it made customer we have a Secure 5G and voice circuits system for all up 10% of our overall mobile traffic Campus Network that provides customers. It will be a vital space in Q1 2021. People are experiencing ultra fast, low latency, and secure in years to come. digital connectivity like never connectivity to its employees. We have also launched before. For example, people are We are developing hologram- three mega data centers in using our fintech platform, stcpay, based video communication and Riyadh, Jeddah, and Al-Madina, to make transactions from their conferencing solutions. We have funded with a $266.6 million digital wallets instead of using developed our IoT platform to investment. The facilities include cash, and gamers are using accelerate the fourth industrial over 150 prefabricated modules stcplay to play and interact with revolution in industry. And we fully equipped with power, incredible connectivity. are providing infrastructure to thermal management, and IT 5G has also enabled us to serve the communication needs infrastructure. They provide 10.8 partner with businesses like of pilgrims during Hajj, helping MW of critical IT power (white Dizmo, with whom we are going authorities with crowd movement space ready) expandable to to be launching a new smart analysis and management. 16.8 MW. Phase 1 of the project is home platform in the future city We know that the world is complete with new data centers of Neom. This new metropolis always changing, and we’re in Jeddah and Madinah already will be filled with digital science delighted to be playing such an online. Phase 2, which is already powered by renewable energy important role in shaping the under construction, will deliver on a scale unlike any other city future of Saudi Arabia and the four additional data centers in in the world. It’s thanks to 5G wider MENA region. strategic locations throughout that the city is able to put such the kingdom, bringing the total ambitious plans in place, which critical IT power to 40.8 MW. will change the face of digital. These are huge steps, which not A partnership between Dizmo only give us great confidence in and Fitbit will enable a real-time what we’re doing but also show digital relationship, with doctors customers and shareholders that ensuring the person’s health is stc is en route to becoming an constantly monitored. www.stc.com.sa
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION Thinking Of 56 Tomorrow, Now People are at the heart of sustainable success for businesses. Abdullah Abdulrahman Alkanhl, Senior VP of Corporate Affairs at stc, knows this all too well and reveals how the company maintains its standards.
With such rapid expansion, how are you ensuring that stc is providing digital solutions sustainably? We are committed to providing a service that is as environmentally friendly as possible, which is why we integrate sustainable practices into every aspect of our business. As a large digital provider, we have a duty to our country and to our customers to ensure we are operating in a sustainable manner. We have a sustainability framework, which focuses on seven key areas: doing business with integrity; enhancing economic impacts; enriching people’s lives and experiences; expanding access to technology and connectivity; advancing innovative digital opportunities; empowering our people; and caring for the environment. We are executing our strategy over the course of three years by elevating the regional standards of transparency. It’s important for us to build on the trust of our current and potential customers so that we can need to be responsible in our Of course, we are committed to continue to thrive. economic activities. providing for our customers, and We want to ensure we are the that is an important aspect of our leading company when it comes The company has achieved so immediate future. We continue to sustainability and performance. much in a short space of time. to protect our customers and Saudi’s economy will only continue What other goals has stc set itself? provide them with first-class digital to thrive, with the support of our Our journey has only just begun services that are simple and easy telecoms and digital infrastructure, and, while we have grown rapidly, to use yet offer an experience like so we’re all too aware that we this is just the start of our story. no other.
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
We are also committed to of our decision-making across the Saudi Arabia has one of the world’s promoting the responsible use of entire organization. In developing youngest populations, with many Thinking Of technology. We have a responsibility the sustainability framework, we people interested in the digital to ensure our customers are using took account of the interests of sphere and keen to learn and be part our services sensibly and responsibly. our key stakeholders, national and of the digital revolution happening One thing we are very keen on regional strategic visions, and the throughout the kingdom. If we want 57 is being able to provide optimal UN Sustainable Development Goals. to be one of the world’s leading Tomorrow, Now digital services to everyone at We use the framework to improve our digital hubs for generations to come, affordable prices. We believe the operations and performance. we have to nurture and develop the future is extremely bright in Saudi, In 2020, we also established next wave of digital specialists. At and we want to contribute to that a sustainability management stc, we’re all about bringing through future by ensuring people can committee, which informs the emerging talent, and we do that with access technology from anywhere board about sustainability the stc academy program, which has in the country, and that there are issues and helps demonstrate been in place since 2018. packages and offerings for all. a corporate commitment to We’ve seen over the last year We want stc to be recognized sustainability at the highest level. just how quickly things can change throughout the region, not only as It monitors environmental, social, and how we have to be ready to a highly successful enabler but also and governance (ESG) risks and adapt, which is why we put a lot of as the number one digital platform opportunities and oversees stc’s emphasis on upskilling our staff. for services such as online learning, conduct and corporate reputation. No economy can thrive without investment in people, and we believe that human talent will drive “Our journey has only just begun the digital revolution. and, while we have grown rapidly, One way we encourage young people to think outside the box is this is just the start of our story.” through stc’s InspireU—a place for governmental activity, and energy- What can you tell us about stc’s young entrepreneurs and startups saving solutions. involvement in the new smart city to come for support so they can see Internally stc is dedicated to of Neom? their ideas become a reality. The providing an excellent working Neom is one of the most exciting program has helped 28 startups and environment for our staff, which projects that Saudi has underway. created over 160,000 jobs so far. enables them to work as efficiently We are delighted to be involved in stc’s strong relationships with as possible while maintaining high such an incredible project. It will rely leading universities in Saudi, along levels of employee satisfaction. Our heavily on smart technology and with highly respected international company has faith in its people, will be one of the most advanced institutions, has also helped unearth and we have invested heavily in cities in the world. In terms of stc’s talent and inspire young people. our workforce to ensure they are involvement, we will be developing Furthermore, we offer an internship highly skilled and among the best in the infrastructure that provides for those looking to get real-world the industry. We also have a heavy Neom with the technologies it experience in the field. Ultimately emphasis on gender equality and needs. Crucially, this includes the we believe in people, and we believe ensure our workforce is equally split implementation of our 5G network. in building the next batch of digital between male and female staff. The city will be fully connected groundbreakers, ready to become with technology, including IoT, the leaders of Saudi’s future. stc has a sustainable framework data analytics, virtual reality, for its business. Can you elaborate augmented reality, smart homes, on how this framework is applied and autonomous vehicles, along with and what other measures the Neom’s security services. company takes internally to do its bit for the environment? What is stc doing to develop the Sustainability considerations are part next generation of digital pioneers? www.stc.com.sa
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
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The Show Must Go On Shady Fayad and Nathalie Rahal, co-founders of companies including ICE Events, discuss some of their biggest events, their attachment to Lebanon, and how their adventure began.
How did you meet each other and management and client aspects. Where did the inspiration come what were you both doing at that Nathalie: Since then, we have from to set up an events business time? successfully created several other and step away from your former Nathalie: We met around 16 years companies. One is an events space careers? ago while we were working as called The Legend Venue, which is Nathalie: Several things played volunteers at the NGO, Enfants located on an historical site and an important role in this decision. de Lumiere. We shared the same considered one of the top event At that time, the events market passion for social work and became venues in Lebanon. Another is an was almost non-existent, and close friends directly. 18,000 square-meter production we saw clear potential to create Shady: At that time Nathalie company that offers everything outstanding things. And we were had already created Amareyn, a required to set up an event, from right, because today these events company specialized in designing grandstands and stages, to wood are key drivers of tourism across and creating outstanding weddings. and steel factories. the region. I was a senior art director at Team Shady: And today our newest Shady: We had a vision and a Yong and Rubicam. We started addition is H Hookah, a factory passion for creating beautiful our partnership a year later with based in Georgia that produces events from scratch, so we wanted ICE Events. I handled the creative high-quality shisha tobacco to pursue that dream and bring it side and Nathalie handled the molasses and shisha products. to life.
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
In the early days, how did you start destination weddings, international “Events represent developing the business and grow artists at festivals, technology- hope, life, and joy. your client base? based events in corporate Shady: I can honestly say, we have companies, sports and martial arts It is an industry that rarely had one-time clients. Our events with federations, and so on. will never die.” clients are loyal and this loyalty This variety is what makes the sector 59 is due to our unique creative hub, so different and you always have to industry. We have an amazing where we present different ideas change your style to stay in style. team that supports us, we work and concepts every year, taking into Nathalie: Every country also some 20 hours a day, and it is a consideration our clients’ identities. has its own unique character combined effort between the 100 We work relentlessly and with high and preferences. We create our experienced people who work with professional standards—our events concepts and ideas around this, our group, sharing their positive are extremely well organized. taking into consideration not input and adding value to our Nathalie: We go into every single only local people’s needs, but success story. detail to ensure each attendee the impact requested from every Shady: We are proud to say that enjoys their experience and the client. So, if the target is to attract our core values are to work with event itself. We are also personally tourists from neighboring countries, integrity, with honesty, and with present at all of our events, then our strategy differs from the professionalism, while maintaining alongside our team, to make sure approach we would take to an a healthy work ambiance. everything runs smoothly. We have event with a local focus. Innovative ideas and creative built a trustworthy reputation work using the most up-to-date throughout the years, and when You have produced events for technologies are also at the top of you give your all to a client, you win many international artists. Who our check list. their loyalty. have you enjoyed working with and do you have any new star-studded Looking ahead, what are your How has the COVID-19 pandemic events in the pipeline? goals? affected the events industry? Shady: We have produced concerts Nathalie: To grow regionally in the Shady: In this industry, our aim is for international artists from around coming few years, making Lebanon to get people together, to produce the world, and we have loved proud of the events we create. And festivals with thousands of every single one of them: Andrea to succeed in launching our newest attendees, to organize gatherings. Bocelli, Shakira, Imagine Dragons, factory project, H Hookah. All this completely stopped when Kendji, Mikka, Jason Derulo, Zaz, Shady: To always set the standards the pandemic began. Events Johnny Hallyday, Chris de Burg, very high and try to help restore were organized on Zoom calls Michel Sardou, Magida, Jessy J, Lebanon’s status as a unique and countries worldwide banned The Voice, and so many more. destination in the Middle East. gatherings. The list is long, and we are looking Lebanon has so much potential, it Nathalie: Events represent hope, forward to producing several new just needs someone to give it the life, and joy. It is an industry that will concerts in the fourth quarter of proper chance. After the tragic never die. Today, as vaccine rollouts 2021 and throughout 2022 for great Beirut blast, we will strive to create increase, we see demand for events international stars and shows. We a blast of hope and culture in our re-surfacing and we promise our will be advising our followers of the beautiful country. clients and followers that we will get list and dates in due time. back to delivering unforgettable and impactful experiences. Why do you think ICE is a leader in events production in the Middle What are the current trends East? What are the core values shaping the events industry? that make it so successful? Shady: The trends in this sector Nathalie: We have worked change every couple of years. extremely hard to place ICE For example, we have handled among the main leaders in the www.icecorporate.com
FORBESMIDDLEEAST.COM JULY 2021 THE MIDDLE EAST’S 60 THE LIST THE LIST 30 BIGGEST In the Arab world, countries in the Levant and North Africa were way Methodology ahead of the GCC when it came to establishing their financial markets. We ranked the companies ForASSET example, Egypt formed the Alexandria MANAGERS and Cairo stock exchanges based on the value of in 1902 and 1904, respectively, and Morocco formed the Casablanca their total assets under Stock Exchange in 1929. Meanwhile, the Saudi stock exchange wasn’t management as of established until 2007, nearly 80 years later. However, today Saudi’s December 2020. Tadawul is the biggest stock market in the Arab world, with a market • We collected information cap worth more than all stocks on all other exchanges in the region. on the Middle East’s asset Over the past two decades, the GCC countries have made great management companies from questionnaires, publicly strides, and their financial sectors have undergone a significant disclosed data from websites transformation. Saudi Arabia established its Capital Markets and financial statements, and Authority in 2003, which has helped shape the investment banking capital market authorities. and asset management industry. And the U.A.E. and Qatar have both • We only considered companies established financial zones and world-class regulatory infrastructure. that are based in the Middle All of these were strong steps towards building a solid foundation for East. We excluded regional the capital markets. Additionally, Saudi Aramco’s IPO, which was the offices of international biggest IPO in the world, helped propel the region’s financial markets. companies. Asset management companies are the gateway for most individual • We also excluded sovereign investors to their savings. Asset managers invest customers’ capital in wealth funds, venture capital companies listed on stock exchanges, bonds, as well as real estate and funds, and family-owned private equity. They use their expertise to maximize returns for their investment companies. customers. Most of them also act as brokers for their clients to invest • We considered all fiduciary directly and offer investment banking and other advisory services. assets that the asset manager In our first list of the Middle East’s 30 Biggest Asset Managers, invested on behalf of its clients— including equity and debt Saudi Arabia dominates with 16 entries. It is followed by the U.A.E. mutual funds, discretionary with five, and Bahrain and Egypt with three each. Saudi’s NCB capital, portfolios, real estate funds, and with assets under management worth more than $50 billion, tops the private equity—as assets under list, followed by Bahrain’s Investcorp. management.
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FORBESMIDDLEEAST.COM JULY 2021 THE MIDDLE EAST’S
62 30 BIGGEST
ASSET MANAGERS 2.
THE LIST THE LIST Co-CEOsINVESTCORP : Rishi Kapoor & Hazem Ben-Gacem Country: Bahrain Established in: 1982 AUM: $35 billion Investcorp recorded $35 billion in total assets under management (AUM) in 2020. Its real estate AUM increased by 5% last year to $6.4 billion as of June 2020. Investcorp recorded net profits of $29 million in Q3 of the 2021 financial year ending March 2021, compared to losses of $2 million in the same period the previous year. The company contributed 25,000 face masks and 65,000 medical gowns and donated $1 million to the Royal Humanitarian Foundation in Bahrain to support its 1. COVID-19 combat campaign. CEO:NCB Rashed CAPITAL Sharif Country: Saudi Arabia Established in: 2007 AUM: $50.4 billion NCB Capital was founded in 2007 as the investment banking arm of the National Commercial Bank. The firm recorded $50.4 billion in assets under management in 2020. NCB Capital and Samba Capital & Investment Management Company will complete their merger in the third quarter of 2021, forming the biggest asset manager, brokerage, and investment bank in Saudi Arabia. CEO Rashed Sharif was the head of local holding investments at Saudi’s Public Investment Fund from 2017 to 2020.
3. CEOALINMA and Managing INVESTMENT Director: Mazin Baghdadi Country: Saudi Arabia Established in: 2009 AUM: $18 billion Alinma Investment is the investment arm of Alinma Bank. Its assets under management reached $18 billion in 2020, an increase of over 9% compared to 2019. The company also recorded profits of around $85.8 million and revenues of $128.4 million in 2020, both increasing by around 34% and 29% respectively, compared to 2019. In March 2021, Alinma Investment signed an agreement with the Retail Real Estate Company to develop an open commercial complex on an area of around 41,000 square meters in the city of Riyadh. IMAGES FROM SOURCE FROM IMAGES
FORBESMIDDLEEAST.COM JULY 2021 3. CEO:RIYAD Sabty Sulaiman CAPITAL Al Sabty Country: Saudi Arabia Established in: 2008 AUM: $18 billion
Riyad Capital is the investment arm of 63 Riyad Bank. It recorded assets under management of $18 billion in 2020, an increase of 35% compared to 2019. Assets under custody increased by 292%. In April 2021, Riyad Capital signed an agreement with BNP Paribas Securities Services to provide global custody, fund services, and THE LIST consolidated data management services in Saudi Arabia.
5. CEO:WAFA Reda Hilali GESTION Country: Morocco Established in: 1995 AUM: $14.4 billion Wafa Gestion is 66% owned by Attijariwafa 6. bank and 34% by French asset management company Amundi. The company’s total GroupSHUAA CEO: Jassim CAPITAL Alseddiqi asset under management reached $15.8 Country: U.A.E. Established in: 1979 billion as of April 23, 2021. Wafa Gestion operates through four distribution AUM: $14 billion networks. It has been considered the largest SHUAA Capital was initially established as the Arabian General Investment investment manager in Morocco for the last Corporation but changed its name in 2001. In 2016, around 48.4% of SHUAA five years, with a market share of 25% as of Capital was acquired by the Abu Dhabi Financial Group, making the latter the end of September 2020. In December a majority shareholder. SHUAA Capital recorded assets under management 2020, Fitch Ratings confirmed Wafa of $14 billion in 2020. The company’s total assets were worth $1.7 billion Gestion’s National Investment Management as of March 2021, an increase of around 2% compared to December 2020. Quality Rating as “Excellent(mar)” with a In January 2020, SHUAA led the issuance of a five-year sukuk for the GFH stable outlook. Financial Group at $300 million, which had orders of over $700 million. IMAGE FROM SOURCE; IMAGE BY FORBES MIDDLE EAST FORBES BY IMAGE SOURCE; FROM IMAGE
FORBESMIDDLEEAST.COM JULY 2021 7. 10. CEO:AL Waleed RAJHI AlRashed CAPITAL AlHumaid JADWA Saudi Arabia 2008 Country: Established in: INVESTMENTCEO and Managing Director: AUM: $13.3 billion Tariq Al Sudairy Saudi Arabia Al Rajhi Capital is the investment banking Country: arm of Al Rajhi Bank. By the end of 2020, Al Established in: 2006 64 Rajhi Capital had $13.3 billion in assets under management, an increase of 19% compared AUM: $8.6 billion to 2019. Its profits rose by 112% in 2020 to Jadwa recorded $8.6 billion in assets under $154 million, and its revenues rose by 81% to management in 2020, an increase of 39% $226.7 million. Al Rajhi Capital was a joint compared to 2019. In the same year, Jadwa local bookrunner and underwriter for Saudi launched 11 funds across asset classes
THE LIST THE LIST Aramco’s record IPO of three billion shares such as public equity, real estate, private worth $25.6 billion in late 2019. credit, and endowment funds. Tariq Al Suidairy joined Jadwa in 2011 as head of the private equity and investment banking division, before being appointed as CEO 8. and Managing Director in 2014. Before CEO:KAMCO Faisal Mansour INVESTMENT Sarkhou joining Jadwa, Al Suidairy was a senior vice Country: Kuwait Established in: 1998 president at Amwal AlKhaleej. AUM: $13 billion Kamco Invest is an independently managed subsidiary of KIPCO Group. It recorded $13 billion in total assets under management in 2020. It completed 11 transactions valued at $3.3 billion between April 2020 and April 2021. Last year it acted as the joint lead manager and joint bookrunner for the Arabian Centres Company senior unsecured sukuk 11. issuance of $650 million. Kamco Invest has been CEO:NBK Nabil Maroof CAPITAL listed on Boursa Kuwait Country: Kuwait since 2003. Established in: 2005 AUM: $6.5 billion 9. NBK Capital operates in Kuwait, Saudi Arabia, the U.A.E., Bahrain, Turkey, and GroupGFH CEO: FINANCIAL Hisham Alrayes GROUP Egypt. It is 5.6% owned by the Public Country: Bahrain Established in: 1999 Institution for Social Security, and it recorded $6.5 billion in assets under AUM: $12 billion management in 2020. Last year, NBK GFH Financial Group recorded profits of advised on the listing of Shamal Az Zour on $19.3 million in Q1 2021, an increase of Boursa Kuwait, making it the first power 185% compared to the same period in 2020. generation and water desalination company In February 2020, the group’s investment in Kuwait and the first PPP project to banking arm, GFH Capital, acquired a 70% list on the Kuwait stock exchange. In stake in the Dubai-based Fintech company, February 2021, Saudi’s Public Investment Marshal. It also invested around $250 million Fund became an anchor investor in a new into the U.S. hospitably sector by acquiring a $300 million sharia-compliant credit fund portfolio of 12 hotels in partnership with Arbor launched by NBK Capital Partners, the Lodging Partners. company’s alternative investments unit. AL RAJHI CAPITAL; IMAGES FROM SOURCE FROM IMAGES CAPITAL; RAJHI AL
FORBESMIDDLEEAST.COM JULY 2021 12. ActingSAMBA CEO: Naif Al-SaifCAPITAL Country: Saudi Arabia Established in: 2007 AUM: $5.9 billion
Samba Capital was 100% owned and directly 65 controlled by the Samba Financial Group, before the group’s merger with the National Commercial Bank (NCB), which formed the Saudi National Bank in April 2021. Samba Capital is currently in the process of merging with the NCB Capital Company in an integration that was approved by the Capital Market Authority in June 2021. THE LIST The company achieved a net income worth $78.4 million in 2020, an increase of 3% compared to $76.1 million in 2019.
14. CEO: SEDCOSamer Abu Aker CAPITAL Country: Saudi Arabia Established in: 1976 AUM: $5.2 billion SEDCO Capital has offices in Riyadh, Dubai, London, and Luxembourg. It recorded more than $5.2 billion in total assets under management in 2020. It was the first Saudi Sharia-compliant asset manager to be a signatory of the United Nations Principles of Responsible Investing. In February 2021, SEDCO completed its acquisition of 1899 Pennsylvania Avenue in Washington DC, an office building near the White House.
13. 15. ALISTITHMAR CEO: Khaled Alrayes EMIRATES NBD ASSET CAPITAL (ICAP) MANAGEMENTSenior Executive Officer:Steve Corrin Country: Saudi Arabia Country: U.A.E. Established in: 2006 Established in: 2007 AUM: $4.7 billion AUM: $5.5 billion Emirates NBD Asset Management is the 100%-owned subsidiary Alistithmar Capital is of Emirates NBD Bank, an investment bank offering both conventional and wholly-owned by the Sharia-compliant funds. The Saudi Investment company recorded assets under Bank (SAIB). In management of $4.7 billion in 2020, the firm had 2020. The funds managed by 3.1% of the market the company are also domiciled share of the total in Jersey, Luxembourg, and transactions in the the Cayman Islands. In 2021, Saudi stock market, it partnered with Masdar to which exceeded provide services for the U.A.E.’s $34.6 billion. In first “green” REIT. Senior 2017, ICAP was Executive Officer Steve Corrin the financial advisor for the IPOs of Raydan foods is a member of the Institute of and Baazeem. CEO Khaled Alrayes has nearly Directors, the London Institute 19 years of experience in the investment banking of Banking & Finance, and the sector. He holds an MBA from the University of Chartered Institute for Securities Denver, Colorado, and is a CFA charter holder. & Investments. IMAGES FROM SOURCE FROM IMAGES
FORBESMIDDLEEAST.COM JULY 2021 16. CEO: SAUDISalam Al-Khunaizi FRANSI CAPITAL Country: Saudi Arabia Established in: 2011 AUM: $4.3 billion In 1985, Banque Saudi Fransi offered securities brokerage in Saudi equities. Today, its investment arm, Saudi Fransi Capital, offers investment banking, asset management, 66 research, and local and international securities brokerage. Between 2020 and 2021, the firm issued sukuks for Banque Saudi Fransi, and the Saudi Real Estate Refinance Company as well as a rights issue for Zain Saudi. Before joining Saudi Fransi Capital, Salam Al-Khunaizi served as CEO of Samba Capital. Al-Khunaizi was among the leaders behind Saudi Aramco’s IPO in 2019, the biggest IPO in history. THE LIST THE LIST
17. GroupEFG CEO andHERMES Chairman HOLDINGof the Executive Committee:Karim Awad Country: Egypt Established in: 1984 AUM: $3.5 billion EFG Hermes’s asset management division recorded $3.5 billion in assets under management in 2020. Group revenues reached $350 million last year, an increase of 12% compared to 2019. In 2020, it also advised on the $700 million IPO of the Dr. Sulaiman Al Habib Group on Tadawul, as well as the sale of Pakistan’s United Bank Limited’s Tanzanian subsidiary. In 2021, EFG Hermes completed advisory on the $144 million IPO of Alkhorayef Water & Power Technologies and was appointed as sole financial adviser of FAB’s 100% acquisition of Bank Audi (Egypt). IMAGES FROM SOURCE FROM IMAGES
FORBESMIDDLEEAST.COM JULY 2021 18. 20. ALKHAIR CAPITAL CEO: ZaidALBILAD Almufarih CAPITAL Saudi Arabia 2008 SAUDICEO and Managing ARABIA Director: Country: Established in: Khalid Al Mulhim AUM: $2.4 billion Saudi Arabia Country: Established in Riyadh in 2008, Albilad Capital Established in: 2009 operates under Islamic Sharia principles offering investment and financial services to 67 AUM: $3 billion individuals, institutions, and corporates. In Alkhair Capital trades in three stock 2020, Albilad issued sukuks for Bank Albilad, exchange markets: the Saudi Stock Arabian Centers, and Rawabi Holding Company Exchange (Tadawul), the Abu Dhabi worth a total of $1.9 billion. It also introduced Securities Exchange (ADX); and the Sharia-compliant sovereign sukuk and gold
Dubai Financial Market (DFM). In 2020, ETFs. CEO Zaid Almufarih began his career THE LIST the firm was appointed by Ibn Roshd with the Saudi Central Bank before moving to Educational Holding Co. as financial the private financial services sector. advisor, lead manager, and underwriter for its IPO. Bahrain’s Bank Alkhair is a major shareholder in the company. CEO 21. and Managing Director Khalid Al Mulhim CEO: Najla Al Shirawi joined the company in 2009 and previously SICO BSC held roles at Arabian Capital and Samba Country: Bahrain Established in: 1995 Capital. AUM: $2.3 billion SICO is one of the leading regional fully-fledged asset managers, brokers, market makers, and investment banks. It recorded more than $4 billion in assets under management in April 2021. In March 2021, SICO completed the acquisition of 72.7% of Saudi-based Muscat Capital, worth $14.6 million, which will be rebranded as SICO Capital. Najla Al Shirawi has been with SICO for more than 24 years and became CEO in 2014. She is also a board member at the Bahrain Economic Development Board and the Bahrain Institute of Banking and Finance.
19. CEO:ALJAZIRA Naif bin Mesned CAPITAL Almesned Country: Saudi Arabia Established in: 2008 AUM: $2.9 billion Aljazira Capital is a Shariah-compliant company owned by Bank Al Jazira. By the end of last year, it had recorded a net income of $36.7 million, an increase of more than 434.7% compared to the $6.9 million it recorded in 2019. The company’s revenues also increased by 57.4% to $78.4 million in 2020. Being the IPO lead manager for the Alkhabeer Diversified Income Traded Fund, Aljazira Capital announced a 15-day IPO of the fund on the Saudi Stock Exchange (Tadawul) in December 2020. IMAGES FROM SOURCE FROM IMAGES
FORBESMIDDLEEAST.COM JULY 2021 68
THE LIST THE LIST 22. ARAB NATIONAL INVESTMENT COMPANY (CEO:ANB Khalid INVEST S. Al-Ghamdi) Country: Saudi Arabia Established in: 2007 AUM: $2 billion ANB Invest is a wholly-owned subsidiary of the 22. Arab National Bank acting as its investment arm. It CEO and Managing Director: Khalil El Bawab offers 12 mutual funds including Shariah-compliant MISR CAPITAL Country: Egypt Established in: 2010 and conventional funds such as: the Al-Arabi Balanced Fund, the Al-Mubarak Sovereign Sukuk; AUM: $2 billion and Al-Mubarak Saudi Equity among others. In Misr Capital is the investment arm of Banque Misr. It recorded 2020, it invested $86.7 million in the Sara Second nearly $2 billion in assets under management in 2020, with $800 Real Estate investment fund. Khalid Al-Ghamdi million worth of deals executed between April 2020 and April 2021. became CEO in May 2021. He started his career as Among its biggest deals were the $380 million launch of Nile Misr a stockbroker at Merrill Lynch in London in 1997. Healthcare, a $160 million sukuk issuance by Sarwa Capital, and Before joining ANB Invest Al-Ghamdi was CEO of the $172.5 million securitization issuance by CI Capital’s Corplease. Credit Suisse Saudi Arabia. CEO and Managing Director Khalil El Bawab has an MBA from the Maastricht school of management, and previously held positions at 22. Arab Bank and EFG Hermes. ADCB ASSET 25. Chief Investment Officer:Mark Friedenthal MANAGEMENT CEO and Head of Asset Management: Robert Hahm Country: U.A.E. Established in: 2018 MASHREQ CAPITAL Country: U.A.E. AUM: $2 billion Established in: 2006 ADCB Asset Management is AUM: $1.8 billion a wholly-owned Mashreq Capital subsidiary of is a wholly-owned the Abu Dhabi subsidiary of Mashreq Commercial Bank Bank. It recorded $1.8 (ADCB), which is billion in assets under the third largest management in 2020. bank in the UAE. In December 2020, The company is the firm launched a incorporated on the new conventional fixed Abu Dhabi Global income fund. CEO Market. It has assets and Head of Asset under management Management Robert of more than $2 billion. Its ADCB Arabian Index Hahm began his Fund and the ADCB MSCI UAE Index AED were banking career in 1999 among the region’s first index funds, founded in and joined Mashreq 2008 and 2007 respectively. Capital in 2011. IMAGES FROM SOURCE FROM IMAGES
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION Enhancing The Employee Experience 69 Microsoft is changing the way we work with an exciting range of THE LIST THE LIST solutions that puts people first.
What is Microsoft Viva and how It’s through this holistic approach scheduling focus time with the help does it deliver a better working that organizations will be able to of Viva Insights and MyAnalytics. experience? ensure the sustainability of the hybrid Further personal recommendations Microsoft Viva is an employee workplace, while enabling people to include virtual commutes, experience platform that puts people bring their best selves to work. scheduled learning time, and at the center of an organization, prompts to connect with colleagues uniting employees through the process Getting to grips with digital or follow up on tasks. of sharing knowledge, skills, and resources can be daunting for To protect privacy and connections, no matter their location. employees. How does Viva security, recommendations and Powered by the capabilities of Learning help? insights are only visible to the Microsoft 365 and embedded in Viva Learning is a one-stop content user. For managers and business Microsoft Teams, Microsoft Viva library that brings together materials leaders, data is anonymized and helps to organize information in the from LinkedIn Learning, Microsoft aggregated with privacy protection most efficient and effective way Learn, third-party providers, every step of the way. possible so that employees can Learning Management Systems, optimize the way they work. and a company’s own content. Our How can people leverage Microsoft According to our research, research found that while employees Viva solutions to grow, upskill, and people spend an hour each day value learning opportunities, their become more productive? looking for or recreating information. engagement with materials is low Through the intuitive features of Viva Topics helps to address this by and they have limited time for Microsoft Viva, we’ve tried to remove automatically identifying, processing, upskilling. With that in mind, we the barriers that hinder people in and organizing information across a wanted to offer employees a way the hybrid workplace. Viva takes company’s systems. Meanwhile, Viva to do everything from daily tasks to on the task of organizing a person’s Connections helps to remove silos learning skills and managing goals, time, knowledge resources, and and make remote workers feel more through one easy-to-use interface. connections. By handling these connected by amplifying culture, routine tasks, it allows users to focus communication, and engagement How does Microsoft Viva Insights on what’s important such as learning among teams. cater to individual needs? a new skill, maintaining productivity, The employee experience By analyzing a user’s Microsoft 365 and protecting wellbeing. doesn’t stop here. Viva Insights helps data, Viva Insights adds structure to to promote a balance between their workday to enhance wellbeing productivity and wellbeing for and productivity. For example, Viva the hybrid workplace, while Viva Insights will analyze an employee’s Learning rounds off the employee calendar and suggest breaks such experience through the integration as guided meditation. In addition, www.microsoft.com/ of skills development and training employees can take proactive mea/newcultureofwork/ within the workday. steps to protect their workflow by EmployeeExperience.aspx
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 25. 28. ExecutiveALPHA Chairman: CAPITAL Fahad K. AlSaud CEO: AhmedALKHABEER Saud Ghouth CAPITAL Country: Saudi Arabia Country: Saudi Arabia Established in: 2004 Established in: 2018 AUM: $1.4 billion AUM: $1.8 billion Alkhabeer Capital is an asset management and investment bank 70 In 2020, the Alpha Capital Company achieved total revenues of $7 million, offering services for individuals, a 27.4% increase compared to the $5.5 corporations, and family groups. million recorded in 2019. The company’s It recorded $1.4 billion in assets total assets under management increased by undermanagement in 2020, a 400% in 2020 to $1.8 billion. Alpha Capital 30% increase compared to 2019. partnered with Four Principles, a lean The company has launched THE LIST THE LIST management consulting firm, in December 32 funds including Alkhabeer REIT, 2020 to support its new $100 million F&B the Alkhabeer Waqf Fund, and growth fund. CEO Fahad K. Alsaud was an the Alkhabeer Income Fund. Last advisor at Saudi’s Public Investment Fund year it established its brokerage (PIF) before establishing the Alpha Capital department. CEO Ahmed Company in 2018. Ghouth has over 20 years of experience in investment banking. 27. DERAYAH 28. FINANCIALCEO: Mohammed AlShammasi COMPANY AL AHLY FINANCIAL INVESTMENTS Country: Saudi Arabia MANAGEMENTExecutive Chairman: Mansour (AFIM Kelada) Established in: 2008 Country: Egypt Established in: 1994 AUM: $1.5 billion AUM: $1.4 billion Derayah recorded a net income of $27.9 Al Ahly Financial Investments is the asset management arm of the National million in 2020, a 305.5% increase Bank of Egypt. It recorded $1.4 billion in assets under management in 2020 compared to 2019. The value of the and currently manages seven mutual funds, including equity, fixed income, company’s total assets under management Islamic, balanced and money market funds. Executive chairman, Mansour had reached $1.5 billion by the end of 2020. Kelada, previously served as regional manager at IFC (World Bank Group) and Before becoming CEO in 2016, Mohammed has an MBA from Harvard. AlShammasi was the company’s Chief Investment Officer. 28. CEO: AhmedWAHA Khalifa CAPITAL Al Mehairi Country: U.A.E. Established in: 1997 AUM: $1.4 billion Waha Capital is listed on the Abu Dhabi stock exchange and invests in both local and international markets. In 2020, it reported total income of $243.6 million. Last year, it also launched the Waha Capital Islamic Income Fund, which invests in Shariah- compliant assets across the sukuk and equity markets. CEO Ahmed Khalifa Al Mehairi previously held roles on the Abu Dhabi Investment Council and at the Abu Dhabi Investment Authority. He is a board member at the Abu Dhabi National Hotels Company and previously served on the boards of Al Dar Properties PJSC, Etihad Airways, and the Abu Dhabi National Energy Company. DERAYAH FINANCES; IMAGES FROM SOURCE FROM FINANCES; IMAGES DERAYAH
FORBESMIDDLEEAST.COM JULY 2021 A Transforming Landscape For 71 Heads Of Business
LEADERSHIP SPECIAL REPORT
FORBESMIDDLEEAST.COM JULY 2021 LEADERSHIP REPORT
Corporate Leadership Post-COVID-19:
72 FIVE KEY TRENDS
While the pandemic has posed a humanitarian years, compared with only 11% who planned to do so in 2010. crisis worldwide, it has also posed a challenge Also, 75% of family businesses—a to economies and businesses. The agility and huge driver of economies in resilience of corporate leaders have been the Middle East—have said that digital, technology, and tested, with several companies falling victim innovation initiatives are going to the resulting economic downturn. to be a key priority in the next two years. any CEOs have been Digitization The pandemic has pushed able to successfully With billions of people shifting digitization strategies to also pivot during this difficult to remote working over the past include social responsibility time by revising their year, digitization has become considerations. For example, Mpriorities and rethinking their business one of the most urgent needs Etisalat Digital partnered with strategies. The lessons learnt from this for businesses. According to a American Hospital to launch period of uncertainty have caused a report by PwC, 59% of Middle telehealth services, and Abu transformation in corporate leadership East CEOs aim to increase their Dhabi Airport deployed a robot in the Middle East, with several key digitization investments by 10% to disinfect airport terminals,
trends emerging. or more over the next three limiting contamination risks. SHUTTERSTOCK.COM / PROSTOCK-STUDIO
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION Embracing A New World 73 Jean-Christophe Durand, CEO of the National Bank of Bahrain (NBB), discusses how the bank is embracing a digital world and supporting its customers and people through the pandemic.
What attributes have made NBB one have been building robust and state Some of our latest initiatives have of the top banks in the Middle East? of the art digital platforms in order focused on automating daily banking NBB prides itself on serving the to continuously improve the delivery processes like the nation-wide “Tap national economy across all of our banking services and enable & Go” contactless payments to segments and being at the forefront more customer convenience and encourage cashless transactions. of innovation in the financial sector accessibility. We have strengthened More recently, in a bid to further in line with Bahrain’s vision. This has our presence in the region’s financial simplify the customer journey, we resulted in significant investments in ecosystem and reinforced our unveiled our new one-stop-digital- our digital capabilities to facilitate our position as a banking partner of shop mobile application. clients’ transactions and access to choice for high-growth sectors and services in a fast-moving digitalizing for sectors which have a strong How is the bank focusing on economy. It is also illustrated by the impact on the local economies. monitoring, managing and curating leading role NBB plays in strategic a culture by design? transactions at the country level. A virtual environment requires We firmly believe that our progress We place the customers at the core different ways of building and is driven by our people. We invest of our business strategy, we listen maintaining customer relationships. in cultivating a strong NBB Team to their requirements and design What innovations has NBB brought spirit, which fuels a shared passion solutions that are relevant and fulfil in retail banking to help retain for business success. Our culture their current and future needs. customers? is founded on teamwork, mutual Our digital evolution has set new respect and appreciation, and Changes triggered or accelerated standards in digital banking services inspired by a strong sense of pride by the COVID-19 crisis are forcing with direct value to customers. and belonging. We continuously banks globally to reassess We have invested in state-of- monitor our performance in this traditional products, strategies, the-art technologies to upgrade respect through focus groups and and business models. What post- our conventional offerings, and periodic surveys. We have launched pandemic strategies has NBB put elevate the customer experience a series of training and development into place to address this? through improved accessibility and initiatives to empower our people The pandemic has definitely forced enhanced branch capability. and prepare and align them with the banks and other businesses to adjust We have invested in technologies fast-changing banking environment. their strategic approach across to make banking more accessible the region and beyond. At NBB this and convenient for our customers unprecedented situation further by empowering them with more accelerated one of our strategic transparency over their financial directions, which we had already standing and transactions while been working on for a few years, giving them complete control over namely digital transformation. We their data. www.nbbonline.com PROSTOCK-STUDIO / SHUTTERSTOCK.COM / PROSTOCK-STUDIO
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
Energizing The Middle East Dietmar Siersdorfer, Managing Director of Siemens Energy 74 Middle East, is continuing a 170-year legacy through collaboration, understanding, and cutting-edge technology.
Where is the energy sector heading in terms of digitalization? Digitalization is a vital tool in accelerating the decarbonization of the energy sector and we are seeing an increase in adoption of digital tools and in the ability of organizations to improve safety, productivity, and efficiency. However, digitalization is still in its infancy, and as we move forward in the energy transition, it will play an increasingly important role. The rich data gained through digitalization will enable better interconnectivity, process automation, monitoring, and analysis, to ensure that we can provide stable, efficient, and clean energy for society.
What does it take to win mega- projects in the Middle East? Partnership and trust are most important. We are building projects that will change the face of nations, creating pathways for economic growth, whilst decarbonizing estimated one-sixth of the electricity ambitious targets to switch our energy systems. Working together generated worldwide, and our global own power consumption to 100% to develop tailormade energy reach and strong local presence green electricity by 2023 and we are roadmaps for our customers is ensure we understand the countries aiming to make our own operations crucial. We are also building projects in which we operate. climate-neutral by 2030. that will operate for decades and Highlighting the importance generations, creating training What steps is Siemens Energy we place on ESG topics, our CEO, and job opportunities that benefit taking to create a positive impact Christian Bruch, is also our chief millions of people. on the environment? sustainability officer, and our CFO, Preparation is key too, and Environment, social, and Maria Ferraro, is our chief inclusion having strong capacities and governance (ESG) topics are a core and diversity officer. local knowledge cannot be part of our strategy to transform Furthermore, we have a zero- understated. Siemens has a legacy energy systems. Having a positive harm policy that reaches every facet stretching back over 170 years; impact on the environment starts of our business, from the boardroom our technologies are used in an at home. That’s why we have set to the engineers on site.
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
What challenges do you face in the region, undertaking projects like decarbonizing a country’s energy sector? Energy transformation requires new approaches to power system 75 planning, and market operations, on top of stable regulation and public policy. The right policies and regulations need to be in place to facilitate the large amounts of investment required to enable large-scale decarbonization. This will also facilitate the partnerships needed to develop the innovative projects that will accelerate the “We are building projects that will change the face energy transition. This is why we are of nations, creating pathways for economic growth, collaborating with organizations whilst decarbonizing energy systems.” such as the International Renewable Energy Agency (IRENA), to We believe that partnership is will produce synthetic aviation fuel, facilitate a free exchange of ideas, vital. In the energy transition, no stands out. This is a game-changing experience, and best practice, one company, or country can be innovation made possible by strong across countries and industries. successful alone. It’s primarily about collaboration. trust, creating value, and the ability How has your project in Egypt to execute. We need to be able to What milestones have influenced impacted lives? work closely together in the same your life and leadership style? Our involvement in Egypt has helped direction, understand our partners’ I think one of the key lessons I’ve reshape the national economy, requirements, and leverage each learned through my career is the enabling better access to energy for other’s strengths. Trust is built on importance of being bold. Taking industrial, economic, and societal delivering outstanding solutions every risk is definitely not advisable, growth, whilst setting the stage for that meet or exceed the customer’s so the trick is to find the right balance. the country to expand into renewable requirements and create lasting, The loss of friends has energy. Through our majority stake in local value. definitely taught me to value my Siemens Gamesa Renewable Energy, relationships more greatly, and to we are developing large-scale Over your 34 years at Siemens communicate more openly. It is very wind projects, supporting Egypt’s Energy, are there any projects that important to stay close to people ambitious renewable targets. stand out? and customers. Losing touch With the addition of three highly Some of my personal highlights dramatically increases the risk of efficient gas power plants, Egypt’s have been the Egypt megaproject, failure, especially for projects. total generation capacity increased our Siemens Energy Damam Hub The Covid pandemic has taught by almost 45%, with huge savings in (SEDH) in Saudi Arabia, and our green all of us a great deal. But one key terms of emissions and natural gas hydrogen project in Dubai. lesson for me has been how quickly costs. Additionally, Siemens Energy But it is not just about the large we can adapt, particularly in jointly developed facilities to provide projects, it’s about the partnerships adopting digitalization. better access to education, health, we have formed and the innovations and employment. we have made that are contributing to saving our planet. In this regard, Siemens Energy works with various our partnership with Masdar Clean partners world-wide. What is the key Energy and the development of our to a successful partnership? green hydrogen demonstrator, which www.siemens-energy.com
FORBESMIDDLEEAST.COM JULY 2021 LEADERSHIP REPORT
A crucial part of a company’s Commercial Bank to create Diversification digital transformation includes the Saudi National Bank, which As countries in the region faced the cybersecurity, with 43% of Middle had $239 billion in assets as of dual shock of the pandemic and East CEOs planning to increase December 2020. Saudi Aramco an oil price crash, diversification investment in cybersecurity and acquired a 70% stake in SABIC has been a key priority for Middle data privacy by 10% or more over for $69.1 billion in June 2020, as East economies and companies 76 the next three years, well ahead the company sought to build its alike. Entering a new market is of the global average of 31%, presence in the downstream and one of several key methods to according to PwC. chemicals segments. diversification, with 35% of Middle There have also been East CEOs telling PwC they are Mergers and acquisitions consolidation efforts within the planning to enter a new market in Mergers and acquisitions will hold public sector, as governments the next year, more than any other a more important role in business seek to increase efficiency. For region in the survey. Also, 58% of leaders’ strategies in the coming example, ASYAD consolidated three Middle East family businesses plan years, as companies worldwide of Oman’s ports and free zones to expand into new markets in the mull restructuring and repairing among other assets to maximize next two years. efforts. According to PwC, around the financial returns and economic Entering a new market is no easy 41% of Middle East CEOs hope to impact of government logistics task, but many big corporations form a new strategic alliance or investments. And ADNOC listed its and small companies have been joint venture in the next 12 months. distribution arm and raised funds successful. Egypt, which was one And 30% of Middle East family through divestment in stakes of of the few countries to grow in businesses surveyed by PwC are other assets like pipelines. 2020 and the only one in the Middle also pursuing strategic acquisitions and mergers. Mergers and acquisitions will hold a more In an effort to create stronger important role in business leaders’ strategies entities in Saudi Arabia’s banking sector, Samba Financial Group in the coming years, as companies worldwide merged with the National mull restructuring and repairing efforts.
ASYAD Port of Salalah IMAGE CREDIT: ASYAD
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION Digital Transformation, The Smart Way 77 As one of the world’s largest software companies, Micro Focus is helping organizations on their digital transformation journey as Gonzalo Usandizaga, the company’s President of Sales for EMEA and LATAM explains.
You have built an impressive career experience in cloud transformation, in the tech industry. What steps led we help customers bridge existing you to where you are today? How and evolving IT practices, without has your experience influenced your jeopardizing the critical systems and management style? processes developed over decades. Over the years I’ve realized that there The pandemic has also are four elements to my success underscored the need for simplicity. as a professional and as a leader: The more an IT transformation integrity, teamwork, respect, and is simplified, the more likely the finally, delivering results. organization is to continue running Experience always helps to and providing value to customers polish management style, and I’m when something unexpected no exception. Like most people, in The pandemic has shifted the happens. the early stages of my career I was technology ecosystem in myriad focused on moving up and moving ways and has highlighted the need to What key technologies enable your on to the next level. But, once you accelerate application delivery. For customers to operate and innovate feel established, your focus inevitably example, health providers needed at the same time? shifts to your own employees. Building to act quickly to meet a wave of Predictive analytics, utilizing AI and trust means your most important asset new demands. Currently, with machine learning, help teams to gain —your teams—are always protected. vaccinations and COVID passports valuable insights and rapidly identify coming into play, healthcare innovation drivers. How has the global pandemic institutions need to manage sensitive Earlier this year we partnered influenced the digital transformation data quickly and securely. with Jaguar Racing for the Formula E journeys of your customers? One of our healthcare customers World Championship. We leveraged The latest Micro Focus ‘Digital recently needed to handle citizen real-time analytics and machine Transformation Survey’ revealed that demands during a pandemic, while learning to deliver deep insights that nearly 30% of organizations have planning for secure management drove Team Jaguar to the win; both fast-tracked projects as a result of sensitive data in the future. We on and off the track. of the pandemic. This new-found helped them to scale up quickly and Organizations across the world urgency will likely persist, but without get new services to their users, while are struggling to re-balance their a strong digital transformation also planning to launch more web IT priorities. However, we believe strategy, organizations risk making applications. business can run and transform at costly mistakes. Often the best the same time. That’s what we call approach is to bridge existing and The cloud plays a lead role in most Smart Digital Transformation. emerging technologies—balancing digital transformation initiatives. what’s now with what’s next. What’s the best way to achieve cloud transformation instead of What role has Micro Focus played integration? in helping the digital world to run Every transformation journey smoothly during the pandemic? is unique. Guided by our own www.microfocus.com IMAGE CREDIT: ASYAD
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
Technology 78 That Delivers Nour Suliman, CEO of DHL Express MENA, explains how the company is harnessing advanced technology to grow the business, meet demands, and exceed expectations.
In spite of the pandemic, DHL Express Can you elaborate on the DHL Since the pandemic struck and MENA increased its revenues by 2.3% Africa eShop and how it has flights were grounded, DHL Express in 2020, reaching $1.3 billion. What benefited the region? MENA has had to rely heavily on contributed to this increase? This is a one-stop-shop platform its own air fleet to support the One of the biggest triggers was the that provides users with access to company’s activities. Despite the surge in e-commerce activity. Store over 150 U.S. brands. It is a shopping loss in commercial belly space, closures, social distancing, and gateway that offers a convenient, we capitalized on our dedicated lockdowns caused a mass switch safe, and fast way to purchase regional and international freighters to online shopping while traditional items directly from U.S. online to satisfy the increased demand for brick-and-mortar brands started stores and have them delivered to cross-border shipments. shifting their business to the digital your doorstep without concerns e-commerce in MENA is on an sphere to meet consumer demands. of payment, delivery, customs, or upward trend and we anticipate DHL’s global network saw a 35% returns, which are all handled by that it will continue on its double- spike in e-commerce volumes in 2020 DHL. It also enables hassle-free digit trajectory for the foreseeable and reached historical peaks in the payment which can be done in future. We have enhanced our air third quarter of the year as shipment your own currency, through your capabilities with seven new Boeing quantities jumped by more than 50% own bank, or through the electronic 767-300F freighters to better handle compared to the same period in 2019. payment system, SADAD. the anticipated demand for delivery Q3 revenues also saw a record high We have already launched eShop expertise in time-definite express of 14.6% y-o-y growth and time- in Egypt and Morocco where it has shipments. These modern, energy- definite international DHL Express proven very successful, and very soon efficient planes will improve our shipments rose by 15.8%. we will introduce it to Saudi Arabia load capacity by over 33%. They Similarly, in the region, DHL and the U.A.E., two of the GCC’s most will also enable us to maintain a Express witnessed a steep growth in dominant e-commerce markets. well-connected regional network cross-border e-commerce volumes led for high-demand lanes across the by Kuwait, which topped 157%. Oman DHL Express MENA is expanding Middle East, Africa, and the Indian followed with growth of 123% while the its regional aviation fleet. What subcontinent, which house some of U.A.E. experienced 115% growth. benefits will this bring? DHL’s key commercial partners.
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
How is DHL taking advantage of the We have spent quite a bit to boost How is DHL benefiting from ongoing surge in e-commerce? our air and road network and facilities advanced technologies such as E-commerce has been a key in order to accommodate growth, artificial intelligence, robotics, and driver for us and we are constantly especially in e-commerce hubs such big data analytics? developing new competitive B2C as Saudi Arabia, Egypt, and the Advanced technologies and data products and services to grow our U.A.E. We have also upgraded our analytics deliver significant gains market share and strengthen our regional aviation network, increasing in productivity and performance 79 e-commerce footing. There is great flight frequencies and doubling and can enhance the entire opportunity to increase activity our aviation touch points for better customer journey. We are using between Asia, the Middle East, and flexibility to adapt to volume spikes automation technologies, such as Africa and as we continue to add and swings. AI and robotics, for operational capacity and expand our reach tasks including picking and across key markets, we will benefit You have maintained operations packing goods within warehouses, from greater capability to enhance in several countries that have and for enhancing strategic transit times. experienced political instability planning and forecasting. Certain Now more than ever, our logistics in recent years. How have you technologies were specifically expertise is crucial in supporting managed your teams through such adopted during the pandemic to e-commerce players and helping challenging circumstances? help enforce social distancing them stay competitive. Innovation After operating in this region for in our warehouses, such as and customer service are where over 40 years, we have become very robotic goods-to-person (G2P). we excel, and we can add value well accustomed to overcoming Such technology is advanced and economical and improves productivity in warehouse management and storage density. Data analytics is also transforming the industry’s capabilities and efficiencies and has been crucial to making our supply chain more flexible and resilient. Enhanced data capabilities result in more efficient planning processes for complex operations, such as cross-border deliveries, because they enable full visibility of the “DHL’s global network saw a 35% spike in movement of goods. This means an unexpected change would no longer e-commerce volumes in 2020 and reached be a disaster for the delivery journey, historical peaks in the third quarter of the year.” but rather an opportunity to reroute the flow of goods and still arrive by helping online merchants reach business challenges related to its on time. A data-led approach also even more of the B2C market with geo-political temperament. We have gives customers a greater and more speed, flexibility, and at competitive a competitive edge in contingency flexible range of tracking options costs. We are always trying out new and continuity planning, which while advanced analytics offers solutions and technologies such as ensures our operations remain unlimited insights that can be turned AI, blockchain, and digitization, to unaffected by changing country into actionable opportunities. deliver faster and more conveniently. dynamics. The safety and security of We are also investing in innovative our people always take precedence systems to enhance the visibility while we capitalize on our extensive and traceability of shipments network, utilizing alternative land and as expectations for real-time air solutions, to ensure our operations information continue to rise. continue with minimal disruption. www.dhl.com
FORBESMIDDLEEAST.COM JULY 2021 LEADERSHIP REPORT
East, has become an increasingly support government efforts in using four million solar panels. attractive market due to its the fight against COVID-19, while Meanwhile, Emirates Global comprehensive reform program. the Landmark Group donated $4 Aluminium partnered with DEWA in Other M&A deals in the pipeline million. DP World partnered with January 2021 to produce aluminum include First Abu Dhabi Bank’s Emirates Skycargo, Dubai Airports, using solar power, making the 80 acquisition of the Egyptian unit of and the International Humanitarian U.A.E. the first country in the world Lebanon’s Bank Audi, as well as City to create the Vaccine Logistics to produce aluminum this way. Saudi Sharbatly Group’s $2.5 billion Alliance to distribute two billion investment in Egypt in the next five doses of COVID-19 vaccines Family businesses and family years. Startups like Foodics and around the world. values PayTabs have also recently entered On the environmental front, It’s hard to talk about the Middle the Egyptian Market. many companies have adopted East’s corporate landscape without mentioning the importance of family businesses, which are largely considered to be the backbone of Middle Eastern economies. Globally, they are considered to be one of the most trusted forms of business. Many of them are bringing in corporate governance, establishing clear structures, and putting professional managers in place. Some companies have separate family boards and corporate boards, and several have non-family members on their board. Most have a non-family member in the top management team. Many are still focused on traditional business and to a large extent have stayed clear of the tech industry, but while DP World partnered with Emirates Skycargo, currently successful they will need Dubai Airports, and the International to transform as tech begins to disrupt industries. Humanitarian City to create the Vaccine As younger generations take Logistics Alliance to distribute two billion over their family business, many have been mindful of potential doses of COVID-19 vaccines around the world. disputes, making family values and professionalism a top priority. Sustainability and social more eco-friendly processes According to PwC, 75% of family responsibility when conducting their business. businesses in the region claim to Middle Eastern companies have For example, TAQA completed have a clear set of values, with taken a strong position towards the financial closing of the 56% claiming to have written them CSR this year, with numerous world’s largest single-site solar down. Family businesses in the companies contributing hefty power plant, the AI Dhafra Solar Middle East (33%) are more likely donations in support of pandemic Photovoltaic Independent Power than global family businesses relief efforts. For example, family Producer project. The project (30%) to have “a robust, conglomerate Easa Saleh Al will supply power to the Emirates documented and communicated succession plan in place. Gurg, donated $3.5 million to Water and Electricity Company IMAGE CREDIT: EMIRATES GLOBAL ALUMINIUM
FORBESMIDDLEEAST.COM JULY 2021 PROMOTION Cutting Costs, Not Corners According to Tariq Chauhan, CEO of EFS Facilities Services Group, the growing pressure from clients to cut costs is not bad news, 81 it is an opportunity to transform.
he recent crisis and its faced. As a result of our approach, ensuing economic hardships we delivered considerable benefits have taught us many lessons in savings whilst providing the same in the art of resilience. One end-user satisfaction. suchT lesson for service providers In times of crisis, quick thinking across industries, is that cost- and fundamental change are cutting demands from clients are often required, accompanied by not always bad news, nor do they the necessary risk analysis. With necessarily have a detrimental this in mind, service providers impact on quality. In fact, they can need to move beyond their fixation lead to positive change for clients with status quos and pursue new and providers alike. avenues of innovation and change While concerns over quality management. Innovation is are not always misplaced, the particularly important in workforce- relationship between service centric contract engagements, quality and cost-cutting needs but change management will lead to be studied in more detail. Of companies to achieve the most course, when it comes to searching outstanding results. for ways to save money, key “Service providers need Most management principles expenses such as sufficient wages to move beyond their touch upon how to rise above and necessary materials should negativity and navigate through not be compromised. However, fixation with status quos crises or adverse conditions. But through collaboration, innovation, and pursue new avenues much of this is theory. The litmus and sound strategizing, it is of innovation and test lies in how to successfully possible to cut costs and transform change management.” manage real life situations. Here, organizations in the process. there is no better lesson than To set off on the right path, engage with their clients and experience. While the COVID-19 clients and service providers must walk them through relevant data, pandemic has wreaked havoc work as a partnership, with shared providing sensitivity analysis on the worldwide, it has also equipped goals and shared agreement on associated risks and rewards of any organizations with a whole new how to reach them. Both parties potential cost-cutting exercise. arsenal of skills and experience, need to cement a relationship As the crisis of COVID-19 was leaving them stronger and more with complete transparency and unfolding, EFS faced a situation that resilient as they look ahead to a shared vision. They should also demanded rapid action and close brighter days. carry out impact analyses on any collaboration with our partners. As proposed cost-cutting measures a service provider, we realized that and conduct in-depth research into we were in deep water, but rather the scale of any crisis, going the than stop and panic, we acted extra mile to help where possible. swiftly and worked closely with Confidence is key too. Here, it our clients to find joint solutions to is important that service providers the unprecedented challenges we www.efsme.com IMAGE CREDIT: EMIRATES GLOBAL ALUMINIUM
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 Because you promised to tick it off your bucket list
82 We keep our promises. So you can keep yours.
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The Future Of Work: The Time To Upskill Is Now 83 Lisa Campbell, Chief Marketing Officer at software company, Autodesk, believes automation creates opportunity for workers, but that seizing it relies on closing the skills gap.
he debate around the future Automation will create opportunity Building simple lifelong learning of work and the impact of if we are deliberate about three pathways automation on workers has things: Not only do we need governments raged for decades, but it 1. Building the right kind of to strategically invest in industries hasT been brought into sharp focus transferable skills among workers with quality job growth, but we by COVID-19. A recent study from 2. Stimulating investment in workers also need to ensure that workers in PwC indicated that almost 40% of by employers those industries are equipped with workers believed their job would 3. Facilitating partnerships between the right skills. Here, the private become obsolete in the next five all stakeholders to meet future sector has a role to play in helping years, while 60% were worried that workforce needs workers learn new skills and gain automation was putting jobs at risk. While collaboration between professional credentials on the job. Meanwhile, the World Economic multiple stakeholders is critical to Many companies have recognized Forum estimates that one billion embracing the future of work, the this need, launching or expanding people will need to be reskilled by private sector can lead the way. credentialing programs during the 2030, driven by the emergence of last 12 months. Initiatives like the automation in the workplace. So, are The role of private sector in Autodesk certification program offer robots coming for people’s jobs? Or supporting “Future Skills” dozens of online learning pathways will a new era of automation create The private sector needs to that empower professionals to build more opportunity? consider how it can support skills and achieve their goals. investment in transferable “future Narrowing the skills gap skills”. Our work with Factory_OS is What now? The skills gap is a very real problem, a good example of this. Factory_ Without active intervention in helping especially in manufacturing and OS is essentially constructing people prepare for an evolving work construction, where demand multi-family housing on a factory environment, some employees may for skilled workers dramatically production line. In doing so, it is be left behind. The future of work outweighs supply. Automation helping to address the housing is not a decade away anymore; helps to address that shortfall. crisis while opening the industry businesses are already transforming, However, as it becomes more to underrepresented workers, like and jobs are changing. To prepare widespread, the risk of the skills women. With a focus on digital for the future of work, workers need gap widening becomes more technologies, Factory_OS has to start upskilling today. acute. That’s why a world-wide also taught new skills to 60% of its focus on reskilling and upskilling workforce who were not previously is critical. The challenge is this: employed in construction and has how do we ensure that automation created new job types based on creates opportunity for workers? transferrable “future skills”. www.autodesk.com
The thoughts expressed in this advertorial are those of the client. FORBESMIDDLEEAST.COM JULY 2021 PROMOTION
Leading A Strategic Expansion Hassan N. Fawaz, CEO of financial 84 brokerage company, GIV Capital, reveals the vision that makes the company stand out and where its next focus lies.
We also provide trading tools. Advanced traders customized strategies for asset usually focus on portfolio building, management clients after ROI optimization, reliable sources thoroughly understanding of information, and adequate their objectives, risk tolerance, professional tools. Crypto traders and expected returns. We are always looking for educational have many lines with major sources and a secure way to fight the global banks, where funds are stigma around the crypto space. safely allocated. With regards to asset What plans do you have for future management we have been growth and expansion? able to provide consistent Over the last 15 years, the returns to our clients over the transformation in the financial past few years and we are services has been spectacular, keen to expand on our client triggered by technology and base in different jurisdictions. regulation. We believe that this What services does GIV Capital Our main goal is to build close trajectory of change will continue offer and what makes the firm stand relationships with our clients in the years to come, making it out amongst the competition? based on confidentiality, trust, and imperative for financial service GIV Capital offers a wide range of transparency, and to protect their providers to analyze their business financial services covering online accounts, whether big or small, models continuously. GIV Capital’s trading and asset management from risks. vision is to expand in promising to individuals and institutions. We pioneer markets such as Dubai have partnerships agreements What exciting projects is GIV and the U.S. So we have chosen with leading liquidity providers currently working on? the Dubai International Financial and global banks and our clients We are developing an online Center to strengthen our role as benefit from tight spreads, low platform and app that clients can a regional player in the financial commissions, no swap, fast and use to trade stocks, futures contracts, sector. We are also working on transparent execution, 24/5 exchange-traded funds, forex, getting registered with FINRA customer support, daily analysis, ETFs, options and cryptocurrency. in a broker dealer capacity. and market reports. This app will compete with top Our team assists clients with international ones like Robinhood, their top-notch experience of Webull, and Binance. online trading using the Meta Our platform will serve three main Trader 5 Online Platform and helps market categories. Both beginners them to achieve their investment and intermediate traders usually objectives. Our clients can securely opt for FX, CFDs, commodities and trade across a wide range of are less likely to indulge in complex GIV CAPITAL currencies and financial assets market analysis and rarely need with complete confidence. advanced indicators, research, and www.giv-capital.com
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FORBESMIDDLEEAST.COM JULY 2021 • THE 50 OVER 50 • By MADELINE BERG SCREEN QUEEN Shonda Rhimes spent the first 12 years of her TV career contributing to 86 Disney’s empire. Now she’s building her own. THE 50 OVER 50 THE 50 OVER
Shonda Rhimes “I’m very clear on my track record. . . . I’m no longer worried about negotiations in any way, shape or form.”
FORBESMIDDLEEAST.COM JULY 2021 How to Get Away with Murder, starring Viola Davis, who became the first Black woman to win a Best Lead Drama Actress Emmy for her role. Even so, Rhimes had to constantly fight for higher writing and producing salaries (she went from making about $30,000 per episode to $250,000 since Grey’s premiered in 2005, Forbes estimates) and a larger cut of the show’s profit. 87 Network executives would eventually step up, she says, but it was always a battle. “It’s really startling to realize how much money your work is earning for a place and then to discover how much they think that you’re worth versus that,” she adds of the years she Last Christmas, as millions of people spent wrangling with ABC. were watching Bridgerton for the first time, Shonda Rhimes When she began negotiations with Sarandos in 2017, was at home in Los Angeles with her three daughters, Rhimes dispensed with any pretense of modesty. “I was very unwrapping gifts. Her first hints of the mania her debut clear that everybody was going to make it happen in the 50 THE 50 OVER Netflix series was sparking were multiple gushing texts from way that I wanted,” she says. Sarandos concurs: “I’ve been the streaming giant’s CEO, Ted Sarandos. Then came an astonished by Shonda’s total clarity about what she wants in email from Hillary Clinton. this next chapter. . . . [She] is at the very top of her game.” “How does one cure oneself of a Duke obsession?” “Shonda Rhimes is a force like no other,” says Michelle Clinton asked, referring to the actor Regé-Jean Page and Obama, who first met Rhimes when the showrunner sat his beloved portrayal of aristocrat Simon Basset in the in the Obamas’ box at the 2013 Kennedy Center Honors. Regency-era drama. “All you have to do is look at the empire that keeps growing With her adaptation of the popular romance novels, year after year to see that her stories—her example—are Rhimes, 51, has done the seemingly impossible: created a something people are hungry for.” must-see sensation in a world overflowing with binge-worthy That empire, dubbed Shondaland, is now 50 staffers television. In the first 28 days it was available, 82 million strong and, like the casts of her series—some of the most households—40% of Netflix’s paying audience—watched the racially diverse on television—is “uncommonly inclusive,” eight-episode series, smashing the service’s previous viewing according to Rhimes. While half are engaged in creating records. Sarandos booked a second season within weeks, and television, the others are working in new areas. There’s in April he agreed to fund seasons three and four. A spinoff Shondaland Audio, a partnership with iHeartRadio, which is in the works. Rhimes, who is already making about $30 has a Bridgerton companion podcast, as well as shows hosted million a year to create exclusive content for the streamer, is by Laverne Cox and Scandal star Katie Lowes. Shondaland. expected to receive millions in bonus pay because of the series’ com, a partnership with Hearst, is a mix of articles meant to success—a rare feat in typically frontloaded streaming deals. empower women and update fans on Rhimes’ series. There’s “I never worried that I deserve the money,” Rhimes says. also an eight-week Peloton program based on her 2015 “I deserve every pennyL I make. . . . I always find these young inspirational book, Year of Yes, and a top-selling master class. women who have been conditioned to believe or to speak Forbes estimates Rhimes will earn close to $40 million of themselves in ways that make them smaller. It drives me from Netflix this year thanks to her Bridgerton bonuses, plus bonkers.” about $8 million in producing fees for Grey’s Anatomy and Bridgerton’s resounding success is proof that jumping Station 19, another $17 million for her share of the profits ship in 2017 from ABC, her home for more than a decade, from Grey’s, Scandal and How to Get Away with Murder, has paid off. “I don’t know how you do things without and a few million more from Shondaland ventures including betting on yourself,” the show creator says. “If I was going podcasts, web content, books and more. All told, Rhimes to play it safe, I would’ve stayed exactly where I was and should take home close to $70 million before taxes in 2021, kept doing exactly what I was doing. It wasn’t like a crazy her biggest payday yet. Since her television career began, she leap to believe in myself.” has already earned more than $350 million, pretax. Not after all her success. Rhimes has brought in more All that is just the beginning, too, as Rhimes looks decades than $2 billion to ABC’s parent company, Disney, with hits ahead. “We’re not working for anybody. . . . We do things the such as the medical drama Grey’s Anatomy; Scandal, which Shondaland way,” she says, adding: “In 30 years, somebody cast Kerry Washington as the first Black female lead in a should look around and not know there’s a Shonda to the network drama in almost 40 years; and Shondaland.” JAMEL TOPPIN FOR FORBES FOR TOPPIN JAMEL
FORBESMIDDLEEAST.COM JULY 2021 • HOTEL REVIEW • By Sheera Hamed Al Shobaki WALDORF ASTORIA 88 MALDIVES ITHAAFUSHI For any couples looking for a memorable honeymoon in a magical world of natural beauty, the Maldives is a fantasy destination. HOTEL REVIEW REVIEW HOTEL
honeymoon, you want to relax, unwind, and The Maldives are known for being a spend time together. premium romantic Among the wide variety of hotels on offer destination for couples. in the Maldives stands the Waldorf Astoria Choosing where to spend Maldives Ithaafushi, which my husband and your honeymoon is not an easy decision I were lucky enough to enjoy on our one-of-a- to make. Your first holiday together as a kind honeymoon. The entire hotel feels like a married couple comes after months spent fantasy land come true, with stunning views planning your wedding, hosting parties, and warm-hearted hospitality all around. and socializing with your guests, friends, Here’s why our 10-day retreat felt like getting and family. When the time comes for your lost in paradise. IMAGES FROM SHEERA HAMED AL SHOBAKI AL HAMED SHEERA FROM IMAGES FORBESMIDDLEEAST.COMC JULY 2021 89 HOTEL REVIEW HOTEL
Hospitality: Our journey began at Velana International Airport, the Maldives’ main international airport in the capital of Malé, where we landed after our flight from Dubai. Most large aircraft land here as access to the smaller remote islands is only possible via boat or seaplane. We were shown from the airport to a large yacht where hotel staff greeted us for our 45-minute ride. As we approached Ithaafushi Island, we could see more hotel staff on land waving at us from a distance, and once we had docked, they handed us welcome drinks, showed us to our beach villa, and gave us a tour of the beautiful surroundings. Ithaafushi Island is one of the biggest in the Maldives, at 32,000 square feet. The Waldorf Astoria covers the whole area, making it very much a private island experience, but there is still plenty of room for nature. Weaving throughout the resort, the contrast between
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the lively colors is almost unreal, with the combination of Nava is an American-cuisine beach club and tasting table lush green forestry, glistening blue ocean, and white sands. where we had breakfast, and Amber is where we had our We stayed at the beach villa for the first five days, where first sunset pre-dinner drinks. If you are more interested in we had access to a private beach. For the second half of traditional steak and barbeque, The Ledge is the restaurant our trip, we stayed in an over-water villa, with steps down for you. Whereas if you are a fan of organic food and to a secured open ocean area. It was very secluded and healthy eating, Glow is your best option, with its fruits and pleasantly peaceful. The water is accessible from every vegetables grown at the island’s very own farm. Li Long is room and room service is 24-hour. It feels as though you where you’ll find Chinese cuisine, and The Rock is where are living in the middle of the ocean. you can try the most expensive wines and champagnes for private dinners and events. Dining: Throughout our stay, we had the opportunity to dine at almost all of the restaurants located on the island. Spa: After all the exhaustion from wedding preparations Each one had its own unique spirit and theme. and parties, we really needed a relaxing massage, so we My favorite was Yasmeen, which specialized in Arabic were thrilled to find that the hotel we were staying in had cuisine. I found its ambiance particularly interesting as one of the best spas we had ever seen. We even had to fill the restaurant contained historical items from the Arab out a questionnaire about our personalities to decide how world dating back to the 1800s and 1900s, such as doors, our treatments should be carried out. Questions included: windows, iron ornaments, and ancient kitchen appliances. “What is your favorite color?” “Are you a morning or a night The food was also delicious and reminded me of my own person?” and “What is your favorite season?” The spa’s Middle Eastern roots and the places I have called home. On treatment rooms were separate from the main villa, and to the other hand, my husband’s favorite place to dine was a get to them we walked on glass floors so that we could see Japanese restaurant called Shimizu, which is open to the the ocean beneath us. As well as a massage we also had an ocean so you can enjoy your meal with a calm ocean breeze. “aqua-treatment.” For this, we spent time in a multi-level All the restaurants offer something different. For pool where each level used different jets to treat a specific example, Terra has been designed to represent a bird’s nest, part of the body. IMAGES FROM SHEERA HAMED AL SHOBAKI AL HAMED SHEERA FROM IMAGES
FORBESMIDDLEEAST.COM JULY 2021 Activities: If you can drag yourself away from your secluded private hideaway, the hotel also provides plenty of exciting and fun activities. The main mode of transport while on the island is bicycle, so we rode around the resort and saw the wildlife up-close. We also went snorkeling in the clear turquoise ocean and explored vibrant coral reefs. And above the water we went parasailing, which meant we could view the island 91 from a different perspective and see the neighboring islands and mountains. Later in the day, on a sunset cruise, we were excited to see dolphins and small sharks.
Nightlife: Despite how calm, relaxing, and quiet this hotel is, there is also a lively nightlife on offer. The hotel hosts parties every Tuesday and Thursday night for its guests at
a lounge that its staff set up on the beach. The dress code is REVIEW HOTEL simply “white,” and there is a DJ so people can enjoy music and dancing. To be allowed onto the island every visitor must have a negative PCR test, tables in communal areas and restaurants are well spaced out, and staff must wear masks at all times, so we felt safe socializing with other guests. If I had to pick one night that really stood out for us, it would be the evening of our destination dinner. The hotel staff led us to a private beach where a fairy-light monument spelled out the word “LOVE,” and on the ground flowers drew the shape of a heart. Even the table where we sat for our extraordinary meal of steak and grilled seafood was sculptured from the sand. It was an experience we will never forget.
FORBESMIDDLEEAST.COM JULY 2021 • THOUGHTS ON • Purpose 92
“The least of things with “To increase knowledge, a meaning is worth more to take burdens from in life than the greatest of the weak, to develop the things without it.” brain, to defend the right,
THOUGHTS —Carl Jung to make a palace for the soul: This is real religion. “He who has a why to live This is real worship.” for can bear almost any —Robert G. Ingersoll how.” —Friedrich Nietzsche “You told me once that we shall be judged by our intentions, not our “I don’t feel frightened accomplishments. I not knowing things, by thought it a grand remark. being lost in a mysterious But we must intend to universe without any accomplish—not sit purpose, which is the way it intending on a chair.” really is, as far as I can tell.” —E.M. Forster —Richard Feynman “The purposes of a person’s heart are deep waters, but “Obsessions are the only one who has insight draws things that matter.” Friedrich Nietzsche them out.” —Patricia Highsmith —Proverbs 20:5 “I like a good story, and “Here is a test to find out “The terrible pain of loss I also like staring at the whether your mission in life teaches humility to our sea. Do I have to choose is complete. If you’re alive, prideful kind.” it isn’t.” between the two?” —Dean Koontz —Lauren Bacall —David Byrne “The purpose of life, after “Different persons “What am I living for and have various modes of all, is to live it, to taste what am I dying for are excellence, and we must experience to the utmost, the same question.” have an eye to all.” to reach out eagerly and —Margaret Atwood —William Wilberforce without fear for newer and richer experience.” “The blind pursuit of profit “If there is a book that you —Eleanor Roosevelt at all costs is untenable. It want to read, but it hasn’t is essential that we make been written yet, you must FINAL THOUGHT “The most daring thing is to money the right way.” be the one to write it.” —Toni Morrison “Everybody has to be create stable communities —Indra Nooyi somebody to somebody in which the terrible disease to be anybody.” SOURCES: THE DARKEST EVENING OF THE YEAR, BY DEAN KOONTZ; PALM SUNDAY, of loneliness can be cured.” BY KURT VONNEGUT; HOW MUSIC WORKS, BY DAVID BYRNE; THE YEAR OF THE FLOOD, —Malcolm Forbes BY MARGARET ATWOOD; THE WORKS OF ROBERT G. INGERSOLL, VOL. IV; WHERE ANGELS —Kurt Vonnegut FEAR TO TREAD, BY E.M. FORSTER. IMAGE WIKIPEDIA IMAGE FROM
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