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AUGUST 2020

Individuals redefining the economic landscape in the Gulf region INDIAN LEADERS IN THE GCC

ISLAMIC ECONOMY BOOM: HOW THE GCC IS LEADING THE CHARGE

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24 Welcome back With Dubai having reopened to tourists, is the hospitality industry witnessing a turnaround?

43 Cover story: Influential Indians in the GCC The businessmen and visionaries who have made a mark in this region

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32 Growing influence The Islamic economy is expanding its reach

“Beyond the sky is where our dreams start” - Sheikh Mohammed bin Rashid Al Maktoum, after the launch of the UAE’s Hope Probe to Mars

63 Lifestyle

Nissan 2.0 p.64 Raising the stakes p.72 South Asia beckons p.76

Editor-in-chief Obaid Humaid Al Tayer General manager – production S Sunil Kumar Managing partner and group editor Ian Fairservice Assistant production manager Binu Purandaran Production supervisor Venita Pinto Group director Andrew Wingrove [email protected] Chief commercial officer Anthony Milne [email protected] Acting editor Aarti Nagraj [email protected] aartinagraj Group sales manager Manish Chopra [email protected] Deputy editor Varun Godinho [email protected] varungodinh Senior advertising manager Ravi Dutt [email protected] Senior art director Olga Petroff [email protected] Group marketing manager Dominic Clerici [email protected] Art director Ángel Monroy [email protected] angel__monroy Group marketing manager - digital Anusha Azees Photographers Mustufa Abidi, Jitendra Jangir [email protected] Vol. 25. Issue 4. August 2020 Cover: Ángel Monroy. Photo: Getty Images Printed by Emirates Printing Press, Dubai

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123456789 The Brief 7.7m 123456 23.2m Future 8 1111111 3.1m Startups 11 AUG password qwerty Social 13 3.6m 3.8m Education 15 Aviation 18 20 SOURCE: NATIONAL CYBERSECURITY CENTRE 2019 ILLUSTRATION: GETTY IMAGES/MALTE MUELLER GETTY IMAGES/MALTE ILLUSTRATION: Unhealthy trends Here’s why undernutrition and obesity are directly impacting business in low- and middle-income countries p.12

gulfbusiness.com August 2020 7

07-19 Front Section.indd 7 7/29/20 5:10 PM The Brief / Future

COMMENT Rehan Khan Managing consultant for BT and a writer of historical fiction Remaining connected to lockdown habits Employees should retain some of the positive habits they’ve acquired during the lockdown by creating a chain reaction of connections

he chief editor and co-founder of the the next, connecting in a spiral of consumption. Encyclopédie in the eighteenth cen- In fact this phenomenon, where obtaining a new tury was the French philosopher Denis possession oten creates a spiral of consumption Diderot (1713–1784). Disowned by his that leads to additional purchases, is known as the Tfather ater he gave up a career in law to become a ‘Diderot E ect’. We recognise this, because we’ve all writer, he lived a bohemian poverty-soaked exist- done it. You buy a new armchair and then ques- ence for most of his life. When it came time for his tion the compatibility of the sofa you already have daughter to marry, he couldn’t a ord to pay for her in the living room. Or you buy a new dress and wedding. must acquire new shoes and earrings to go with it. Upon hearing of his tribulations, Russian empress In other words, there is a chain reaction of connec- Catherine the Great, a long-time admirer of the Ency- tions, with one leading to another. clopédie, offered to buy Diderot’s personal library for 50,000 francs and asked Diderot to become her personal librarian. He took up the o er and undertook the journey to Russia, although he didn’t like to travel. The new earnings not only enabled Diderot to finance his daughter’s wedding, but also pur- chase a scarlet robe for himself. He greatly loved this robe and soon realised that his other belongings, such as his chair, desk, rug, and other household items, looked out of place beside the lavish robe. He swapped his rug with one from Damascus. He decorated his home with expensive sculptures. He purchased a mirror to place above the mantel, and a superior kitchen table. He threw away his spartan straw chair for a plush Moroccan leather

one. One purchase led to GETTY IMAGES/PEACEFOO ILLUSTRATION:

8 August 2020 gulfbusiness.com

07-19 Front Section.indd 8 7/29/20 5:10 PM The Brief / Economy

Challenging future Real GDP growth forecasts for 2020 (% change) IMF (Apr-20) World Bank (Apr-20) Average change vs Oct-19 forecasts

GCC Saudi Non-GCC Egypt The same is true of habits and ways of working. It 3.7 takes about one month for new work habits and rou- tines to bed in. As many of us have been working at 2 home for much longer, we’ve in that time acquired 0.2 new habits, sometimes really positive ones. Perhaps we’ve taken to going for a quick walk during the -0.4 day or doing a 15-minute-high-intensity workout -1.8 -2.3 between conference calls, or taking time to reflect -2.8 -2.9 in solitude as we have our morning cup of coffee. As -3.9 -3.9 we start to drag ourselves back into the office, many -4.8 will be anxious not to lose some of these positive -7 habits they’ve acquired during the lockdown. SOURCE: IMF, WORLD BANK, PWC ANALYSIS

AS WE START TO DRAG Arnab Das ANALYSIS OURSELVES BACK INTO Global market strategist, THE OFFICE, MANY EMEA, Invesco WILL BE ANXIOUS NOT TO LOSE SOME OF THESE POSITIVE HABITS Tracing the pandemic’s THEY’VE ACQUIRED DURING THE LOCKDOWN economic pathway Recovering from the ‘great compression’ caused Business leaders need to be mindful of this if by Covid-19 is going to be a slow and uncertain they want employees to be physically and mentally process, led by epidemiological factors engaged upon returning to the office. One way in which employees themselves can take the lead in ensuring they don’t lose sight nor track of the good habits they’ve introduced into their rou- he key epidemiological data about the pan- tine, is to connect them together to existing habits, demic points to important, shared trends where one habit creates a chain reaction leading to across countries, amid major differences another good habit. A sort of Diderot Effect, but a in national experiences. The pandemic has positive one. Emerging Tfollowed an exponential trajectory – although at very In a method developed by BJ Fogg as part of his problem different rates around the world. It is also clear that Tiny Habits programme, he calls this idea of connect- Eight of the 10 most lockdowns have ‘flattened the curve’ of infections ing one habit to the next ‘habit stacking’. It operates affected countries and fatalities in most major economies. So far, then, on a pretty straightforward premise – “After [cur- by the Covid-19 it seems a bad situation has improved. However, it rent habit] I will do [new habit]”. pandemic are seems unlikely that the pandemic’s steep rise will be For example, an employee who returns to the office emerging markets followed by a peak and then a sudden and exponen- can decide: “After I buy my cup of coffee each morn- 1. US tial decline in most countries. Indeed, while China’s ing, I will sit quietly and reflect for five minutes.” 2. Brazil data shows a sharp fall in cases and deaths, every Another habit stack might be: “After I complete my 3. India other country seems to have experienced a plateau, recurring two-hour video call on Tuesday, I will go to 4. Russia then a gradual declining trend with ups and downs. the gym for 30 minutes”; or “When I see a flight of 5. South Africa Several Asian countries have even experienced sec- stairs in my office, I will take them rather than using 6. Mexico ondary waves. Such epidemiological factors in turn the lift”; or “When I next take a flight, I will offset my 7. Peru may well slow the economic recovery. carbon by organising for a tree to be planted”. 8. Chile The good news is that the available information Obviously, you can tie more than two habits 9. UK all suggests that most developed markets (DMs) together. Ultimately, you are trying to estab - 10. Iran should be able to withstand moderate secondary lish a chain reaction of rules to guide your future waves – assuming the virus does not mutate signifi- SOURCE: JOHNS behaviour. HOPKINS UNIVERSITY cantly and that other major new facts do not come

gulfbusiness.com August 2020 9

07-19 Front Section.indd 9 7/29/20 5:10 PM The Brief / Economy

ANALYSIS

to light. Now that the fi rst wave seems to be pass- THE NOT›SO› partial lockdowns in case of second waves. Compet- ing, there are reasons to think that capacity has GOOD NEWS ing models, based on earlier start dates, wider spread been improved for personal protective equipment, and lower fatality rates, suggest isolating vulnerable testing, hospitals, and ventilators. All these factors IS THAT THE groups while allowing for general normalisation. suggest that a secondary wave should be lower and SITUATION more manageable than the fi rst. IN MANY THE ‘GREAT COMPRESSION’ The not-so-good news is that the situation in many The lockdowns have precipitated a global ‘great com- emerging markets (EMs) remains much more chal- EMERGING pression’ of economic activity – a deliberate public lenging. Testing, hospitalisation, and fi scal capacity MARKETS policy choice to sacrifi ce growth, national income, pri- are all signifi cantly more constrained in most EMs REMAINS vate wealth and public debt ratios for public health, as compared to DMs, and the buildup of surge capac- MUCH MORE a large, upfront, societal life insurance premium. This ity for potential secondary waves is also more con- compression is thus very di erent from the reces- strained. With greater congestion in urban areas and CHALLENGING sion, precipitated by a fi nancial crisis and contained large extended-family households in rural areas, by fi scal and monetary easing; it is also very di erent public health policy, social distancing and fi scal from the great depression – the result of the opposite support are unlikely to improve these factors in any policy choices, to allow fi nancial crises to cascade, not timeframe to help deal with the pandemic. to loosen policy, even to tighten it at times. That said, some EMs, such as India, South Africa Were these extraordinary measures worth it? and most of Africa and South Asia, have much Probably too early to say. But we have made progress younger average age structures and smaller cohorts in testing, treatment and capacity, which should of the elderly vulnerable. Fatality rates should prove help us absorb future waves much better than the signifi cantly lower than in many DM countries. fi rst wave of Covid-19. This progress suggests that Epidemiological ‘scenario uncertainty’ persists. future, ‘adaptive lockdowns’ will very probably not Di erent models argue for di erent policies: those need to be nearly as severe as the fi rst e ort. predicated on rapid spread and potentially high fatal- Lockdown stringency has diverged across coun- ities, called for very strict lockdowns initially and for tries. The more stringent the lockdowns, the steeper the decline in activity over the course of Q1 – con- fi rming the nature of the downturn as a great com- pression. As the lockdowns are released, some, but not all, of this e ect is likely to reverse. Scientifi c understanding and the containment of Covid-19 seems to have progressed enough for lock- down relaxation despite clear and present risks and incomplete information. Implications and uncer- tainties rising from variations in testing rates and results may weigh on the speed and extent of the recovery as lockdowns are relaxed. Looking forward, then, based on our central expec- tation of gradual, partial, sectoral and regional reo- pening with downside risks of moderate secondary waves, we would expect the path of GDP to look like what we call a ‘square-root’ recovery – a sharp down- turn, almost freefall in activity, stabilised by fi scal and monetary support and the need to sustain basic needs; a limited release in pent-up demand; and a levelling o given the constraints to complete or syn- chronised reopening. While the widely shared public health policy of lockdowns caused a rapid, deliberate and largely synchronised compression in economic activity starting in Q1 into Q2, the reopening will not be like fl ipping a switch back “on” – it will be grad- ual and uneven, taking time to gain traction (all the more so if there are di erentiated second waves). We expect continued di erentiated performance across

ILLUSTRATION: GETTY IMAGES/DIDGASON ILLUSTRATION: economies and asset classes during the recovery.

10 August 2020 gulfbusiness.com

07-19 Front Section.indd 10 7/29/20 5:10 PM The Brief / Startups

Thriving sectors MENA’s top 5 industries by share of total funding in H1 2020

Real Estate 24%

E-commerce 22%

Food & beverage 14%

Delivery & transport 9%

Healthcare 9%

0 10 20

SOURCE: MAGNITT’S H1 2020 MENA VENTURE INVESTMENT REPORT

to try new products and services put for- IMAGE: GETTY IMAGES/ZOFF IMAGE: ward by innovators. Also, getting funds for R&D will get tougher in the face of compe- Mana Al Suwaidi INTERVIEW tition, as more ideas and innovations flow Executive chairman, from jobless employees looking to set up Startegi Advisors their ventures.

Also, has the stigma associated with fail - ure among startups now diminished as the market has matured? Explainer: What is the In the past, investors were hesitant to sup- port new ideas, but startups with no prod- current state of the UAE’s ucts to their name have used technology to offer convenience to both consumers and businesses, and have become multi- startup ecosystem? million dollar powerhouses. The market hence is more welcoming to new SMEs and Despite the Covid-19 crisis, here’s why this is a good startups today than ever before.

time to start a business in the UAE Which are the segments you see most opportunity in for startups? Is now a good time to set up a business in the UAE? How has the Covid-19 pandemic affected the innovators successfully obtaining fund- For people who have lost jobs or have UAE’s startup ecosystem? ing and getting noticed on the world stage always wanted to be their own boss, there It has encouraged more innovators and as reflected in global investors coming is no better time. It is cheaper to set up entrepreneurs to step forward and take forward. Following the pandemic, even and get started now, as business licence advantage of various government funds more local and regional entities such as fees have been slashed, rents have gone and incentives to nurture and grow new The Sharjah Entrepreneurship Centre down and manpower is easier to come by businesses. The UAE has announced spe- (Sheraa), Dubai Future Foundation and during this time. cial stimulus packages specifically for the the Abu Dhabi Executive Council, as well startup ecosystem to help entrepreneurs as InspireU and Social Development Bank Lastly, what is the outlook for the future? plan for the post Covid-19 environment in Saudi are stepping forward to offer stim- How do you expect the UAE’s startup eco- and new business opportunities. ulus packages to help entrepreneurs. system to evolve? We will see a surge in the number of start- In the past, funding was the biggest chal- What are the main hurdles that startups now ups as people get more innovative and lenge that local entrepreneurs faced. Has face? use technology to support businesses that that changed in recent years? Growth prospects during a pandemic can have faced turbulence from unforeseen Yes. Our region has seen some of the best be challenging as consumers are hesitant forces such as Covid-19.

gulfbusiness.com August 2020 11

07-19 Front Section.indd 11 7/29/20 5:10 PM The Brief / Wellbeing

should include policies that support breastfeeding mothers, offer regular health checks, and provide nutritious and subsidised food at work, the London- based think tank said. “Business has a significant role to play,” Laura Wellesley, a senior research fellow at Chatham House, said in an interview. “Aside from productivity losses, there is a signif- icant reputational risk for companies who have a large footprint in low- and middle-income countries and who aren’t doing anything on nutrition.” Obesity has been on the rise in poorer coun- tries, which were already grappling with high rates of undernourishment. The pandemic has further highlighted the importance of nutrition, with stud- ies showing that obese people are more likely to die from Covid-19. The United Nations predicts the virus could push another 10 million children into acute malnutrition. “We can expect the pandemic to worsen the costs, because economic insecurity is so closely associated with nutrition insecurity,” Wellesley said. “We can expect that more households will struggle to access

ILLUSTRATION: GETTY IMAGES/MALTE MUELLER GETTY IMAGES/MALTE ILLUSTRATION: a nutritious diet.” The Chatham House study examined the impact of ANALYSIS poor nutrition on 13 business sectors – from mining and agriculture to construction and retail – in 19 countries. It then scaled up the findings to estimate the annual productivity losses due to obesity and undernutrition across developing nations. The greatest productivity losses from being under- Poor diets undermine nourished were in agriculture, mining and construc- tion, with Ethiopia and India facing the highest burden. The biggest impact from obesity was felt in corporate health the mining, education and health sectors. The direct productivity losses are estimated at The Covid-19 pandemic is exacerbating pre- $130bn to $850bn. That range reflects a number existing issues such as malnutrition and obesity of variables and the way Vivid Economics’s model extrapolates the findings from the 19 countries, that could hamper employee productivity according to Chatham House. Still, the impact of poor nutrition could be even larger. The model doesn’t include the costs of oor diets in developing countries are cost- impaired cognitive development and low educational ing businesses as much as $850bn a year in attainment resulting from undernutrition in child- lost productivity, underlining the need for hood, nor does it capture indirect costs such as paid companies to play a bigger role in tackling sick leave for malnutrition-related illness. Pa problem that’s being compounded by the corona- “The toll on human health is enormous, but the virus pandemic. economic impact is so huge as well,” Sarah Rawson, a Those are the findings of a study by Chatham nutrition and health lead at Olam International, said House and Vivid Economics, the first to analyse the in an interview. “If we’re going to face up to future impact of undernutrition and obesity on business in pandemics, we need the whole population to be as low- and middle-income countries. Both conditions $850bn well-nourished as possible so they’re resilient to it.” make it difficult for employees to reach their potential the maximum Olam, an agribusiness giant, is one of the compa- and lead to ill-health, which leads to more sick leave. estimated direct nies backing the Power of Nutrition foundation that Multinational companies need to do more to fight productivity losses funded the study. malnutrition, according to Chatham House. That due to poor diets Bloomberg

12 August 2020 gulfbusiness.com

07-19 Front Section.indd 12 7/29/20 5:10 PM The Brief / Social

Zaib Shadani COMMENT Founder and managing director of PR and social media agencies Shadani Consulting and The Comms Room capture their interest. It is estimated that by 2022, 82 per cent of all online content will be video con- tent, so if you’re not already creating videos, it’s time to make them an integral part of your content strategy. Social media videos can generate up to 1,200 per cent more shares than posts or ads with text or images. Whether it is short-form videos like those on TikTok or Stories or long-form content on YouTube, the future will be video-led. Rise of social media commerce Brands have been using platforms like Instagram and Facebook to market products for a long time, but social commerce (the act of buying and selling on social media networks) as an avenue for retail

IT MAY NOT BE LONG NOW BEFORE SOCIAL COMMERCE TAKES MAINSTREAM RETAIL CHANNELS HEAD-ON, AS SHOPPABLE POSTS Top five social media BECOME THE NORM trends for 2020 has gained tremendous prominence over the last Here’s how brands can break through the noise few months. It may not be long now before social and be heard on social media commerce takes mainstream retail channels head- on, as shoppable posts become the norm. With Facebook, Instagram and Pinterest all allow- ing for shoppable posts and 87 per cent of e-com- ocial media has really come to the fore- merce shoppers believing that social media helps front in the last few months, as we deal them make a shopping decision, it’s no surprise that with the reality of living in a Covid-19 era. we see social networks quickly evolving to become With social distancing and self-isolation in retail platforms. Seffect, many have switched to social media to con- sume news, get entertained and most importantly, ‘Live’ and ‘Story’ formats gain more connect with others. Concurrently, we have also popularity seen a sharp rise in both marketers and businesses 2020 is the year of ‘live’ broadcasts and stories. revving up their presence on social media platforms With social distancing and home quarantine in and competing for eyeballs. effect for millions of people, stories and being ‘live’ As a result of this mass influx of content on social has replaced our ‘real’ life connections as we spend media, we are now experiencing ‘content overload’ hours lying on the couch, watching friends’ and where it’s tough for brands to break through the brand stories on Instagram, Snapchat, and Face- noise and be heard. Thus, staying updated on the book. It has enabled people to share their thoughts, latest social media trends is vital. Here are the top 87% voice their opinions online, get others involved and trends that are sure to get you noticed: of e-commerce communicate in an intimate, authentic and per- shoppers believe sonal way – while still being physically apart. With Video, video, video that social media LinkedIn being the latest to jump in with the Stories Video is among the most-shared content on social helps them in function, we are all set to see the trend continue, as

ILLUSTRATION: GETTY IMAGES/CENKERDEM ILLUSTRATION: media and an easy way to hook your audience and making a decision others follow suit.

gulfbusiness.com August 2020 13

07-19 Front Section.indd 13 7/29/20 5:10 PM The Brief / Space

ANALYSIS

User generated content will be key It is an incredibly effective intelligence gathering User generated content (UGC) is an incredibly cost tool, as it enables insight into what makes your cus- effective way to not only build brand relationships, tomers tick. but also ensure a steady pipeline of quality content. Rather than making assumptions about what Certain brands mastered this early on and have built your customers are thinking, it allows brands to a tremendous portfolio of images and content – at understand exactly what they are saying. no cost, to fuel their social media pages. With a plethora of sophisticated social listen- No matter how you want to leverage UGC, it will ing tools now readily available, brands are realis- become an integral part of your content strategy in ing its enormous potential in gaining insight into 2020. what cannot be found anywhere else. Social listen- ing is critical for the effectiveness of a social media Social listening strategy and as the tools get more advanced and Social listening is the process of monitoring and the insights more specific, we will see an increas- evaluating what is being said about a brand across ing dependence of brands upon the process of active various social media channels. social listening.

ANALYSIS functionality of atmospheres and aid in finding solutions to the challenges faced on earth. Data sent back by the probe will be analysed and shared for free with the international Mars science community To Mars and beyond for greater benefit. Implemented by the Mohammed Along with the Hope Probe, the UAE’s bin Rashid Space Centre, with the UAE Space Agency funding and supervis- space ambitions and its endeavours towards ing procedures, the probe will also a knowledge-based economy have also lend ‘hope’ to the UAE’s ambitious pro- gramme of establishing human colonies taken flight, writes Zainab Mansoor on the red planet by the year 2117. However, that project will only be possible if a methodical approach is n July 20, space enthusiasts The mission’s completion will also adopted, a senior NASA scientist noted. watched with bated breath coincide with the golden jubilee of the “I think we’ll get there,” Dr. Lori as the Hope Probe lifted UAE next year. Glaze, planetary science division direc- off from the Tanegashima The Emirates Mars Mission’s Hope tor at NASA said, prior to the launch. OIsland in Japan on a 493.5 million km Probe will orbit the red planet for a full The first step in that direction will be long journey, in what is the UAE’s – and Martian year of 687 days to provide a to return samples from Mars to dem- the Arab world’s – first mission to Mars. complete picture of its atmosphere and onstrate that humans can go to the red The culmination of a six-year effort of layers, examining the reasons for Mars’ planet and actually come back – then 200 Emirati engineers and researchers surface corrosion and what led to the proving the ability to bring in heavier – who constructed the Arab world’s first planet losing its upper atmosphere. spacecraft on Mars in order to return spacecraft – the Hope probe is antici- Exploring the connect between the people, the scientist explained. pated to enter the red planet’s orbit in current Martian weather and its ancient “I think we need to have realistic February 2021. climate will also offer insights into the expectations and take it one step at a As part of its journey, the rocket will potential of life on Mars and other dis- time and keep moving to that next step initially be put into the Earth’s orbit and tant planets. and that next level of capability so that will stay there until the exact alignment Additionally, climatic insights will we can eventually realise that dream,” with Mars is achieved. foster a renewed understanding of the she said.

14 August 2020 gulfbusiness.com

07-19 Front Section.indd 14 7/29/20 5:10 PM The Brief / Education

Dr Paul Hopkinson, COMMENT Associate head of Edinburgh Business School at Heriot-Watt University Dubai Building resilience Executive education can help professionals and business leaders stay resilient and beat sudden disruptions

It may not be intrinsic to all, but one plat- form that helps build resilience among mid- and senior-level executives, business owners and emerging leaders across all sectors is executive education. Executive education has tradition- ally been viewed as the big ticket to the next promotion and an accelerated career growth. It is also, from an HR perspective, one of the most e ective tools for recog- nising and retaining key talent. However, employee training and development is among the fi rst to go during an economic downturn. Although some might see this as a non-essential cost, especially due to budget constraints, it is during these times that it becomes more crucial to invest in top-level and high-performing employees who will help the organisation in riding out the storm. While we continue to navigate the pandemic, there is a steady rise in the appetite for executive learning in the UAE among those looking to hedge against job and career uncertainties by upskilling and reskilling. Here’s how executive education pro- vides the skills needed to survive and thrive in an uncertain world:

HEIGHTENED PERCEPTION TO TACKLE DISRUPTIONS Critical thinking, problem-solving, crea- tivity and innovation are required to take

ILLUSTRATION: GETTY IMAGES/WITT UDOMSILP GETTY IMAGES/WITT ILLUSTRATION: on the challenges of a rapidly changing environment and a fast-evolving business few months into the pandemic, lead- model. Executive learning programmes simulate ers and organisations that have man- real-life business environments that require par- aged to endure the unforeseen storm ticipants to grapple with complex scenarios and to are now looking ahead to fi nd the best respond with creative solutions. Simulations, group Away forward. The pandemic has brought many exercises, and case-studies help develop the strate- shining examples of such leaders to the forefront, gic foresight and cognitive skills that in turn enable all of whom have one trait in common: resiliency. executives to deal with sudden disruptions. Agile Resiliency is the ability to recover from setbacks or fi rms use executive development to help critical thrive despite sudden disruptions. Developing resil- employees address immediate challenges and build ience means to become more perceptive in manag- the organisational capabilities needed for securing ing your personal thoughts, attitude, and emotions. the fi rm’s future.

gulfbusiness.com August 2020 15

07-19 Front Section.indd 15 USD 7/29/20 5:10 PM The Brief / Startups

Attractive buys Top five funding rounds in MENA-based startups in Q1 2020

In USD

TRANSFORMED LEADERSHIP TO DRIVE CHANGE 3. Vezeeta In times of crisis, leaders are evaluated for their (Doctor booking) ability to strategise and drive their organisation on Egypt the road to recovery. As such, they need advanced 5. SellAnyCar 40m (Online car 1. EMPG interpersonal skills to initiate change and empower trade) (Real estate) Saudi Arabia their employees. Executive education allows partic- UAE 35m ipants to improve team dynamics, build relation- 150m 2. Kitopi ships and grow their network through collaboration (Cloud kitchen) with peers. 4. Jahez UAE (Food delivery) Moreover, leaders need to know how to manage Saudi Arabia 60m employees belonging to a diverse set of cultures, 36.5m backgrounds and experiences. The diversity of the student cohorts at executive programmes enrich the participant’s perspective by introducing new SOURCE: MAGNITT’S H1 2020 MENA VENTURE INVESTMENT REPORT thoughts and ideas that can in turn benefit the way an executive receives new, and sometimes, oppos- ing ideas at work. ANALYSIS HARNESSING FEEDBACK TO INCREASE PRODUCTIVITY Employees benefit the most with prompt feedback, as it helps nip key issues in the bud and improve productivity. Changing dynamics THE WAY EXECUTIVES While the pandemic may have rattled industries, RECEIVE, PROCESS AND the regional startup ecosystem remains RESPOND TO FEEDBACK resilient, writes Zainab Mansoor IS CRUCIAL, AS IT PROPORTIONATELY AFFECTS THE WAY he year 2020 has been one of tumultuous change so far. THEY EVALUATE AND While the Covid-19 virus has tested SHARE FEEDBACK most business sectors, challenging the Tresilience of individuals and institutions as they WITH THEIR TEAMS grapple with the changes brought about by the pan- AT WORK demic, the crisis has also accelerated the ubiquity of the digital era, with technology transformation and digitisation redefining our economies. For the regional startup ecosystem, the corona- However, this is not the case in most jobs, where virus has acted as an impetus for supporting and they usually receive feedback on a periodic basis backing new ventures which could potentially lead such as the annual performance review. In a learning the region’s digital transformation and its evolution environment, executives receive rapid and objective in the ‘new normal’. feedback on their performance from faculty, peers, Startups based in the Middle East and North and assessors. Exercises conducted during the pro- Africa (MENA) region attracted investments of gramme provide executives with insights on how $659m in the first half of 2020 – equaling 95 per essential feedback should be imparted to others. cent of 2019 funding – as investors shifted their The way executives receive, process and respond focus towards later-stage deals, startup data plat- to feedback is crucial, as it proportionately affects $659m form MAGNiTT’s new report revealed. the way they evaluate and share feedback with in funding was A total of 251 startup investment deals were their teams at work. The ultimate goal is to har- invested in MENA- recorded in the first half of the year across the ness the power of feedback for improving employee based startups in MENA region, with the UAE receiving the highest productivity. the first half of 2020 share of funding (59 per cent) and Egypt securing

16 August 2020 gulfbusiness.com

07-19 Front Section.indd 16 7/29/20 5:27 PM The Brief / Startups

ANALYSIS

the most number of deals (25 per cent). Fintech CASH- underpin the startup ecosystem. In July 2020, the ranked first by number of deals in H1 2020, account- RELATED Dubai Multi Commodities Centre (DMCC) freezone ing for 16 per cent, followed by e-commerce (14 per partnered with China’s Innoway to collaborate on cent) and delivery and transport (10 per cent), the ISSUES tech projects within the region. report added. PROVED TO However, businesses and industries in the mobil- In the aftermath of the virus outbreak, positively BE THE MOST ity and consumer touchpoints segments were badly impacted sectors as well as later-stage companies CHALLENGING affected by the pandemic and the related proto- garnered renewed investor interest, as a shift in cols that have since been issued. Traditional retail, funding mandate (27 per cent) was witnessed FOR TECH transportation and entertainment startups expe- towards industries that benefited from the current VENTURES rienced reduced valuations. More so, cash-related climate. issues proved to be the most challenging for tech Up to 18 per cent of startups across the MENA ventures, the report noted. region actually accelerated their fundraising in the first half of 2020, led by fintech ventures (20 per MOVING FORWARD cent), followed by education (11 per cent), ICT (11 As individuals and organisations adapt to new ways per cent) and healthcare (9 per cent), a joint report of operating, a shift to disruptive technologies and by MAGNiTT and INSEAD revealed. ventures is also underway. Fund masters are step- Locally, in the UAE, Dubai’s in5 startups raked in ping away from their original focus areas, driven more than Dhs65m ($17.7m) in direct investments by behavioural transition and evolving consumer during the first half of 2020. demands. Given that these trends are here to stay, Regional governments have also ramped up efforts the future of the regional startup ecosystem stands domestically and through cross-border alliances to on firm ground.

07-19 Front Section.indd 17 7/29/20 5:10 PM The Brief / Aviation

COMMENT Nasser Saidi Founder and president of Nasser Saidi & Associates Flying together Are mergers the way ahead for the GCC’s airline industry post pandemic?

ovid-19 has devastated the global avia- Wary will refrain from travelling abroad, with local desti- tion industry along with the tourism and travellers nations and road trips preferred. Social distancing hospitality industry. Even though domes- A third of will become the norm on flights, reducing available tic travel resumed in many nations (in respondents seat capacity by 33-50 per cent, reducing passenger CSaudi Arabia, US and China, among others) and suggested that they load factors and raising questions about economic flying restrictions eased (e.g. intra-Europe flights, would avoid travel efficiency and financial viability. UAE’s Etihad and Emirates are each flying to over to reduce the risk of The triple whammy of lockdowns, low oil prices 50 destinations), 42 per cent of all global commer- catching the virus and financial market turbulence has dealt a severe cial airlines fleets are still grounded, according to blow to the Middle East. The lockdown has directly research by Cirium [at the time of going to press]. It 33% impacted the UAE’s trade, tourism, transport and is little wonder that the International Air Transport Won’t travel logistics sectors, which lie at the core of its diver- Association (IATA) forecast a 55 per cent decline in sification strategy and its role as a global business traffic levels this year. According to IATA, airline hub. Similarly, Saudi Arabia may need to review its passenger revenues are expected to drop to $241bn development plans that include tourism as a key in 2020, a 50 per cent decline compared to 2019. diversification option. The travel and tourism sec- This is likely to be an underestimate. Covid-19 has tors have been critical to the GCC with the sector generated the deepest recession in advanced econo- contributing $245bn to GDP (roughly 8.6 per cent) mies since the great depression. Its deadly waves are in 2019, while supporting nearly seven million jobs, still unfolding in Africa and Latin America, destroy- according to the World Travel and Tourism Coun- ing demand for travel, with a second wave likely, cil. With more than half of the total GCC population according to epidemiologists. SOURCE: IATA SURVEY consisting of internationally networked and mobile Markets have reacted accordingly, with the expatriates, the spillover and multiplier effects to Refinitiv global airlines price return index down the overall economy from the post-Covid-19 world by almost half (as of July 13). By end-June, Zoom’s requires structural adjustment and revision of market capitalisation of $72.44bn was worth more diversification policies. than the combined $62bn value of AA, Southwest, The GCC countries – with five airlines each in Saudi Delta, United, IAG (BA), Air France-KLM and Luf- Arabia and the UAE, alongside Oman and Kuwait thansa. In May, Singapore Airlines reported its first with two airlines each – have rapidly expanded their loss in its 48-year history, while many airlines are international networks in recent years. With small under severe financial stress or have filed for bank- THE TRIPLE domestic markets and populations, the strategy has ruptcy (Latam, Avianca, South African and others), WHAMMY OF ended up subsidising foreign travellers. As interna- Chapter 11 protection, or are being restructured tional and regional travel remains highly restricted, (Thai). The US provided a massive $58bn to rescue LOCKDOWNS, the airlines’ revenue streams have all but evapo- its airline industry. LOW OIL rated. According to the latest estimates from IATA, To survive the post-Covid-19 world, the aviation PRICES AND wider Middle East and North Africa (MENA) traf- sector – including airlines, airports and aircraft man- fic is estimated to fall by 56.1 per cent year-on-year ufacturers – will have to be restructured. Despite FINANCIAL in 2020, resulting in a $37bn loss in net post-tax chatter about “travel bubbles” and “immunity pass- MARKET profit. This will risk over 1.2 million jobs (half of the ports”, experts question whether recovered patients TURBULENCE region’s 2.4 million aviation-related employment) are fully immune. About 33 per cent of respondents and cause a $66bn shortfall in contribution to the to an IATA survey (conducted in the first week of HAS DEALT region’s GDP. Saudi Arabia, Qatar and the UAE are June 2020) suggested that they would avoid travel in A SEVERE the most exposed. future as a continued measure to reduce the risk of BLOW TO How should GCC airlines adjust to the massive catching the virus. For now, one of the major deter- loss of revenue? Like other airlines globally, Emir- rents to travel is the quarantine period: only 17 per THE MIDDLE ates, which expects at least 18-months for a recov- cent of the survey respondents were willing to stay EAST ery of travel, has grounded much of its fleet, placed in quarantine. If no vaccine is discovered, people employees on unpaid leave, cut the salaries of its

18 August 2020 gulfbusiness.com

07-19 Front Section.indd 18 7/29/20 5:10 PM The Brief / Aviation

deficits. The GCC cannot afford a bailout of their air- lines, given the impact of Covid-19 and oil prices on budgets, with the IMF forecasting 2020 average defi- cits of 8.3 per cent for the region.

THE CASE FOR MERGERS The alternative and better policy for adjustment is through a combination of consolidation, downsiz- ing and mergers. The UAE, Saudi and other coun- tries should consider merging their airlines, which would achieve large cost savings and optimise rev- enue streams. Given that the governments fully-own or control the airlines, mergers and consolidation allows for a smoother and less costly adjustment process: no anti-trust considerations, labour dis- putes or having to realign cultural differences. The economic rationale behind mergers is multi- faceted: it allows for (a) economies of scale: given that the airlines’ functions and operations (includ- ing back office functions, maintenance and sup- port services etc) are largely identical, as are their Airbus and Boeing fleets; (b) cost reductions from the rationalisation of networks – Etihad and Emir- ates fly to more than 100 destinations in common, leading to cannibalisation and costly competition. A merger would reduce redundant flights and increase passenger load factors while optimising route plan-

ILLUSTRATION: GETTY IMAGES/FANATIC STUDIO GETTY IMAGES/FANATIC ILLUSTRATION: ning and reducing competition for other passenger and cargo services; (c) more effective and intensive workforce by up to a half, and initiated job cuts to utilisation of existing fleets and airports; (d) scal- reduce its operating costs of some $23bn. The CEO ing down to increase productivity; (e) phasing out of Qatar Airways disclosed an estimated 55 per cent airport expansion plans by avoiding duplication of drop in revenues from last year, and stated that services. about 20 per cent of its workforce would be cut. The bottom line is that a restructuring and merger Job losses in Saudia are also estimated to be very of the flagship carriers within the GCC nations and steep, with the Saudi government providing support their low-cost airlines would achieve substan- by suspending airport slot use rules for the summer tial overall cost savings, strengthen the combined season and extending licences and certifications for groups, make the merged airlines regionally and crew, trainers and examiners. However, the cost- internationally more competitive and avoid dupli- cutting measures by the airlines will not be suffi- cation of costly bailouts at a time when the region cient to stem the hemorrhage. lacks the fiscal space. The majority of GCC airlines are fully government The aviation industry, with its massive invest- owned. How can they support their airlines? Should ments in airports, airlines, transport and logistics, the governments consider a bailout? Already, in a bid has been at the core of the efforts of the GCC coun- to tackle the crisis, large stimulus packages amount- tries to diversify their economies through tourism, ing to some 18 per cent of GDP are being rolled out hospitality, trade and infrastructure services. Covid- across the GCC, including a combination of fiscal COST-CUTTING 19, low oil prices and the global recession are threat- measures along with central banks’ monetary and MEASURES ening the viability of these diversification strategies. credit packages. But with oil revenues accounting for Structural reforms (such as airline mergers and more than 55 per cent of total government revenues BY AIRLINES consolidation) and economic policy readjustment in the UAE and over 70 per cent in Saudi Arabia and WILL NOT will be required for a sustainable post-coronavirus Bahrain – according to the IMF – the drop in crude SUFFICE TO future. The current crisis poses an unprecedented prices is being felt strongly. And with the decline opportunity for consolidation and rationalising of in other revenues (including VAT, taxes and fees), STEM THE government spending, while also reviewing the a bailout for the airlines – while supportive of the HEMORRHAGE structure of state-owned enterprises and govern- sector – would imply a massive increase in budget ment-related entities.

gulfbusiness.com August 2020 19

07-19 Front Section.indd 19 7/29/20 5:10 PM The Brief / Infographics Indoor archives As consumers shift to digital for most of their entertainment experiences, companies are tailoring their offerings around personalised customer preferences

Bigger slices Revenues for the global entertainment and media (E&M) industry continue to rise steadily, specifi cally on the digital side

Digital revenues share

2014 2017 2020 2023 $1.7trn $2trn $2.3trn $2.6trn

40.7% 50.5% 57.3% 61.6%

Including books, cinema and out-of-home advertising

GLOBAL OVERˆTHEˆTOP ‹OTTŒ CHINA WILL ADD THE BIGGEST E&M BIG APPETITE VIDEO REVENUES REVENUE IN THE NEXT FIVE YEARS The volume of data consumption is spiking US$bn Absolute growth 2018-2023 (US$bn) Growth percentage 2018-2023 (CAGR)

80 Projected data

Global 60 26.4

40

20 71 US US UK 11.7 17.9 12.6 77.4 23.6 32.6 32.6 India India 83.9 44.9 40.9 China China Japan Rest of of Rest 0 Nigeria the world 2014 2017 2020 2023 Indonesia

20 August 2020 gulfbusiness.com gulfbusiness.com August 2020 21

20-21 Infographic.indd 20 7/29/20 5:10 PM Game on A signifi cant driver of this year’s growth is a heightened interest in gaming as a result of Covid-19 lockdown measures

GLOBAL MARKET PER SEGMENT ... PER REGION PLAYERS PER REGION US$

Browser PC Smartphone Middle East North games games & Africa Asia-Pacific America Asia-Pacific 3bn 63.6bn 5.4bn 78.4bn 210m 1,447m

159.4bn 159.4bn 2.7bn TOTAL Console TOTAL TOTAL games 45.2bn North America Europe Europe 386m Dowloaded/ 29.6bn 40bn Middle Boxed PC games East 33.9bn & Africa 377m Tablet games Latin America Latin America 13.7bn 6bn 266m

GLOBAL GAME REVENUE FORECAST Top public gaming GLOBAL PLAYERS 3.1bn GROWTH 3bn companies in 2019 2.7bn 2018 $138.5bn COUNTRY HQ US«M 2.4bn 1 Tencent CN 20,545 2.1bn 2 Sony JP 13,133 2019 $145.7bn 3 Apple US 10,832 4 Microsoft US 9,273 5 Google US 7,350 2020 $159.3bn 6 NetEase CN 6,759 7 Activision Blizzard US 5,841 8 EA US 5,388 2023 $200.8bn 9 Nintendo JP 4,954 10 Bandai Namco Ent. JP 2,968 2016 2018 2020 2022 2023

ESPORTS, THE MUSIC & NEW OLYMPICS Virtual reality sees real growth PODCASTS Revenues in 10 key markets* US$

$1bn 6bn $26.7bn the value that the esports the revenue of recorded market is set to cross in music globally in 2018, an 2020 4bn increase of 7.7% from 2017

COUNTRIES RANKED BY NUMBER OF 2bn 28.8% ACTIVE ESPORTS The share of digital music- COMPETITION PLAYERS streaming in the total 0 growth of music profi ts US 2016 2017 2018 2019 2020 2021 2022 2023 in 2018 5,163 *Including the US, Japan, China, Korea, UK, France, Germany, Russia, Italy, Spain China 82% 1,089 of China’s online population, Korea (661 million) listened to digital audio in 2018 1,083

France MENA’s video content ecosystem 1,060 $3.5bn Pure OTT players The value of the merger of Germany SiriusXM and Pandora, now • Amazon • Icflix • Netflix • Viu the world’s largest audio 1,009 (2019) • Cinemoz • Istikana • Starz Play • YouTube entertainment company • Google Play • iTunes • Telly • Yupp TV

SOURCES: PWC GLOBAL ENTERTAINMENT & MEDIA OUTLOOK ­€‚ƒ„­€­ ; NEWZOO ­€­€ GLOBAL GAMES MARKET; STATISTA; EY VIDEO CONTENT CONSUMPTION, PRODUCTION AND DISTRIBUTION IN THE MENA REGION

20 August 2020 gulfbusiness.com gulfbusiness.com August 2020 21

20-21 Infographic.indd 21 7/29/20 5:10 PM The Brief / Lightbox

A picture taken on July 19, 2020, shows a screen broadcasting the launch of the Hope Probe to Mars at the Mohammed Bin Rashid Space Centre in Dubai. The probe is expected to start orbiting Mars by February 2021, marking the 50th anniversary of the unification of the UAE

22 August 2020 gulfbusiness.com

22-23 Pic of the month.indd 22 8/3/20 2:09 PM PHOTO: GIUSEPPE CACACE/AFP VIA GETTY IMAGES VIA CACACE/AFP GIUSEPPE PHOTO:

gulfbusiness.com August 2020 23

22-23 Pic of the month.indd 23 8/3/20 2:09 PM FEATURES / TOURISM

Doors wide open: Tourism resumes in Dubai

Dubai officially reopened its doors to international tourists from July 7, even as the local economy has gradually returned to some level of normalcy. Covid-19 preventative measures remain, but the move will hopefully bolster the entire tourism ecosystem and aid its economic recovery. Have hospitality and leisure businesses in Dubai started to feel the impact? PHOTO: KARIM SAHIB/AFP VIA GETTY IMAGES VIA SAHIB/AFP KARIM PHOTO:

24 August 2020 gulfbusiness.com

24-28 Tourism back.indd 24 7/29/20 6:27 PM FEATURES / TOURISM

Mark Willis CEO, Middle East and Africa, Accor

ince the announcement of the border opening, we have seen an increase in search activities for our properties in Dubai. SThis has come from regional source mar- kets, such as Kuwait and Saudi Arabia and from international countries including Germany, France and the UK. We believe tourism will have a phased return in our region over the next 18-24 months. Phase 1: Local demand with staycation and local business drivers Phase 2: Regional demand for leisure and business driven stays Phase 3: International travel once confi - dence in long term travel returns

SAFETY MEASURES Accor is pioneering a new guest safety ini- tiative called ‘All Safe Oˆ cer’, as part of which every hotel will appoint a health and safety oˆ cer, who will ensure cleaning and hygiene protocols are implemented and handle guests’ questions and concerns. These specially trained oˆ cers are part of Accor’s ‘All Safe’ programme – which includes specifi c operating protocols and deploying cleaning products technology. Accor has also partnered with AXA insur- ance to provide guests with free medical support including consultations with med- ical professionals.

FUTURE OUTLOOK Our long-term development strategy remains unchanged; we are still signing new hotels despite the crisis and we will continue our expansion programme. Our An athlete performs MEA pipeline over the next 36 months stunts with a water includes 127 hotels with over 33,000 jet pack on the first rooms, including 29 hotels with over 7,800 day of the Dubai rooms in the UAE. watersport festival In 2020, we are scheduled to open the on June 25, 2020 Sofi tel Wafi Dubai in September, o˜ ering

August 2020 25

24-28 Tourism back.indd 25 7/29/20 5:28 PM FEATURES / TOURISM

498 rooms – making it the largest Sofi tel “Decisions about recommending or in the region, and we will also open the Grand Mercure Dubai Airport, which will requiring employees to work remotely are have 360 rooms. In regards to the future of the industry, made in coordination with local authorities” it holds changes and revised expectations which we need to incorporate in to our daily operations and procedures. next level of global hospitality cleanliness We can see that travellers still want to standards, norms and behaviours that go on holiday, especially ater being iso- are designed to minimise risk and also lated for such a long time, but safety has enhance safety. become a top priority. As a result, there has defi nitely been a staycation trend and FUTURE OUTLOOK it is expected to strengthen in the coming We remain confi dent in the long-term months. We believe the post Covid-19 prospects of the industry. For now, we are recovery will be driven by a rebound in taking a careful approach to recovery, with domestic tourism. Going forward, travel- a sharp focus on cleanliness while rebuild- lers around the globe will certainly be a ing our business. We are also confi dent lot more conscious and cautious, but they that we can leverage our global distribu- will want to reunite with their families and tion systems and Marriott Bonvoy – our friends and will consider pursuing inter- travel programme – to drive business into national travel. our hotels. As a company we will take on-board SAFETY MEASURES learnings from the current pandemic and There are many factors we’ve had to Guido de Wilde use them as we adapt to whatever the consider from an operational perspec- COO, Middle East, future holds. The one thing we know is tive, including repurposing some of our Marriott International that change is constant, and we will adapt hotels for essential service use, adapting to whatever the future brings. new strategies and approaches to secure e are delighted to see a strong reopening once tourism restarts, Dubai lit many restric- expanding hygiene, sanitation and precau- tions and open up to tionary measures such as social distancing receive the world. implementation. WIt is still early stages and the overall We recently launched the Radisson impact to our hotels in Dubai is hard to Hotels Safety protocol, a new programme predict with the situation still evolving for in-depth cleanliness and disinfec- and travel restrictions still in place in tion procedures in partnership with SGS. other parts of the world, including key These enhanced health and safety pro- source markets. However, we remain cau- cedures will be adapted based on local tiously optimistic about the future. requirements and recommendations from We are hopeful that recovery will happen check-in to check-out. sooner than we think in this market. The UAE is one of the countries that has been FUTURE OUTLOOK able to manage the pandemic quite e’ ec- I think the biggest priority for hospitality tively. The government initiatives, focus on brands is to ensure health and safety with- health and safety of residents and the coun- Tim Cordon out compromising the guest experience. try’s ability to reinvent itself, defi nitely Senior area vice president, Middle While location and experiences used to be puts it at the top of the list of countries that East and Africa, Radisson Hotels the main deciding factor, consumers also can switly emerge from this pandemic. want to be reassured that hotels are taking hile we all would like a their health and safety seriously. SAFETY MEASURES speedy recovery, I think While these have been challeng- Covid-19 has not only had a signifi cant the global hospitality ing times, we are pushing forward with impact on our business, but also on how industry will still face our development plans. Radisson Hotel we operate our hotels. The pandemic has Wuncertain times until medical innovations Group recently announced 15 new sign- required us to raise our exacting standards are able to mitigate some of the fl uctuating ings in EMEA in Q2, six of which fall in our to an even higher level with new protocols. circumstances. Based on previous crises, region. The travel industry has rebounded Marriott created the Global Cleanliness leisure travel is expected to recover quicker, from numerous past crises and we strongly Council to tackle the realities of the pan- particularly travel for visiting friends and believe we will all bounce back again, with demic at the hotel level and develop the relatives, rather than business travel. a fresh and innovative perspective.

26 August 2020 gulfbusiness.com

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SAFETY MEASURES thoroughly sanitised prior to guest arriv- All the clear directives from the author- als, shared spaces are regularly cleaned ities are being followed with great focus and we encourage our visitors to utilise to ensure the safety and wellbeing of our contactless payment methods. guests and team members. That includes Rove Hotels has also been named as social distancing, masks, hand sanitisers, the fi rst mid-scale brand in the emirate of gloves, cleaning procedures, schedules for Dubai to receive a safeguard label from cleaning, and temperature checks. Bureau Veritas.

FUTURE OUTLOOK FUTURE OUTLOOK We all know that until a permanent medical In the short term, we believe the local solution emerges in the form of a vaccine or market will continue to be our main otherwise, it would be a long journey ahead source of business as residents avail of for mankind to get things back to near staycations. As things get back to norma- Naim Maadad normal anytime soon. If all the stakehold- lity, the numbers of international tourists Co-founder, Middle East ers can take up the onus on themselves and will also steadily rise over the coming Restaurant Association (MERA) play their part well, the journey to recov- months. We are also optimistic because ery would be much more steady, painless Dubai is in a very good position to bounce he reopening of international and consistent. My outlook for the future back, being one of the top tourist destina- tourism in Dubai is a welcome is fi lled with cautious optimism. tions in the world. measure and we are hopeful that the turnaround for the Thospitality and related sectors would con- tribute well to kickstart the economy in the months ahead. The build-up to the Expo 2020, which will begin in October 2021, would also be a crucial revival highway. L We need to understand that people are coming out of a lockdown situation. There is still a hesitancy due to job losses and people are holding on to their purses a lot more stringently due to uncertainty over the future. There are positive signs. A revival of social confi dence is of prime importance to the speed of the recovery process. How soon this happens, is any- one’s guess. From whatever trend one Paul Bridger Vincent Miccolis is experiencing, the signs are certainly Corporate director, Regional general manager for positive and we are headed in the right Rove Hotels Middle East, Africa, Turkey and direction. India, The Ascott ince the local economy restarted, we have seen a he announcement of interna- “The GCC is the positive trend with more stay- tional tourism reopening in cations booked across our Dubai is positive news for the most resilient Shotels. We are also welcoming people back hospitality industry, which is to our hotels for the use of our co-work- Theavily interlinked with travel. We antici- region I’ve ever ing spaces, and we are witnessing more pate that the sector’s revival will still be residents coming in to dine at our F&B phased over the next six to 18 months, worked in. It has outlets. Our teams and hotels are ready. based on ongoing improved global market Fortunately, we have kept our hotels run- sentiment, staggered approaches to bring adapted over and ning at high occupancies throughout the back commercial demand, and genera- last few months, so we are fully prepared tion of appropriate stimuli for people to over again and I’m to welcome visitors to the city. resume international travel. confi dent that we The full recovery will depend on aspects SAFETY MEASURES such as global travel restrictions and full will overcome and Guests must wear a mask at all times resumption of airline activity. We have and will undergo quick, hassle-free tem- begun to witness early signs of recovery endure” perature checks. Our rooms are also mainly from the domestic market, and

gulfbusiness.com August 2020 27

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so have initially placed our eƒ orts on the “The hospitality industry will recover, local market with a family staycation oƒ er that can cater to the needs of our guests. however this will be gradual. The way Following the easing of restrictions for international travel to Dubai, we anticipate business was conducted will change” further recovery in the coming months.

SAFETY MEASURES much as we’d like to see things spring back We have launched ‘Ascott Cares’ as part of to normal right away, the fact of the matter the brand’s commitment to hygiene and is that the economy worldwide has been hit sanitisation. The protocols comply with hard, and because of that less people will be WHO standards, and have been rolled travelling for leisure over the coming year. out since June 2020. They include daily We are fortunate to have regular guests temperature checks and governmental who still frequent our restaurants. We are directives on leisure and health facilities, certainly not as busy as we were due to in addition to obligatory regulations of the social distancing of tables and limited face masks, gloves and sanitisers. Steri- seating, but we are very happy to be open lising eƒ orts continue to be ramped up and are seeing a slow recovery. across apartments, lobbies and utilities. SAFETY MEASURES FUTURE OUTLOOK When guests arrive in our restaurants, we We have no doubt that the hospitality take their temperature and hand sanitis- Gheed El Makkaoui industry will recover, however this will be ers have been placed at the entrance as General manager, Careem UAE gradual. The way business was conducted well as on every table. We have spaced will change as we adapt to the ‘new normal’ out our tables, with guests now seated two s international tourism reopens post Covid-19. We forecast the need from metres apart from one another to ensure in Dubai, we believe Careem select international markets for extended social distancing. We’ve also launched will defi nitely see an increase stays, as well as for project-related busi- our menus digitally through a QR code in ride-hailing trip numbers. nesses to resume as restrictions continue on every table so that there is less contact A to be relaxed. between server and guest. SAFETY MEASURES We also take temperature checks for To ensure safety, Careem has imple- staƒ members and they are required to mented a number of measures, including wear gloves and masks which are changed ensuring that drivers wear a mask, are in with every table. We have also pur- good health and regularly disinfect their chased visors for the culinary team that vehicles with the appropriate cleaning cover their entire face. We have brought supplies and ventilate them. Careem Kids on additional cleaning staƒ for daily and Cybex car seats are cleaned with disinfect- overnight sanitisation of the restaurant. ant wipes before each ride. All seats are professionally deep cleaned regularly by FUTURE OUTLOOK our partners at Champion Cleaners. Plas- I am very optimistic about the future – tic divider screens are also installed in all the UAE has been very diligent in making vehicles to aid with physical distancing. safety a priority and taking the measures needed so we can enjoy eating out and FUTURE OUTLOOK going to public areas. I believe with travel With social distancing becoming the norm slowly opening and Expo not far from now, in the foreseeable future, we can expect Ralph Homer we will see a slow but steady recovery. people’s lives to be more connected digi- CEO and co-founder, In market downturns, there is always tally, not just with family, colleagues and Lincoln Hospitality and opportunity. Lincoln Hospitality is taking friends, but with their commercial inter- Restaurant Secrets this time to penetrate new markets, includ- actions as well. ing Riyadh, London, and Monaco. We are The Careem super app is creating more do not think there will be an imme- also launching a Dark Kitchen model, with opportunities for customers and partners diate impact on operations with a facility set to launch in DIFC by Octo- and it is expected that the future will show international tourism reopening. I ber. Our expansion plan for 2021 includes an increase in people using our services. believe many people across the world a brand-new outlet in Dubai Marina. We Iare still very hesitant to travel and we’re have to be adaptable in business, and I also in the middle of summer, when tour- truly believe in pushing higher during dif- ism is typically slower here in Dubai. As fi cult times to achieve success.

28 August 2020 gulfbusiness.com

24-28 Tourism back.indd 28 7/29/20 5:10 PM FEATURES / MEDIA SUPPORTING SMES Gulf Business’ parent company, Motivate Media Group, is offering $1m worth of free advertising and marketing to help small businesses in the UAE Ian Fairservice, managing partner and group editor, Motivate Media Group

mall businesses in the UAE – The first confirmed panelist is Dr. Amina fund in the form of advertising and mar- similar to their peers across Al Rostamani, former CEO of Tecom Group keting to support UAE SMEs across all the world – have been hit hard and now director of AW Rostamani Group. platforms, during what we are referring by the Covid-19 crisis. As they In addition to the advertising support, to as a period of business revival,” said Ian struggle to manage resources, the selected SMEs will also receive support Fairservice, managing partner of Motivate many have found them- in conceptualising digital marketing and Media Group. “This contribution forms part Sselves unable to allocate bud gets towards promotional plans, helping them to target of our overall support and we couldn’t do marketing and advertising. However, it is relevant audiences, and ensuring that better than to work with Sheraa to cover the imperative for companies – especially SMEs their multi-media campaigns meet their essential tech sector. MMG wants to help – to remain visible and market themselves expected targets. and encourage SMEs during this challeng- during this period. Some of the qualifying conditions include: ing period and see their businesses grow as In a bid to support such SMEs, Gulf • A home-grown UAE company founded we approach 2021 – the 50th anniversary of Business – as part of Motivate Media Group’s prior to January 2020 the UAE.” $1m SME Revival initiative – will offer home- • Between 10 and 200 full-time employees Najla Al Midfa, CEO of Sheraa, added: grown UAE small businesses free advertising • Needs to be prepared to create and “Sheraa is excited to partner with Motivate and marketing. supply print and digital collateral Media Group to provide media opportuni- As one of the oldest and most respected • Participating companies must agree to ties for our startups, particularly at a time business titles in the region with a monthly be featured editorially in the form of when exposure to wider markets can make magazine and a premier news website, Gulf case studies all the difference towards their survival. Business offers SMEs the perfect platform As part of the initiative, Motivate also Collaborations like these are a testament across mediums to reach out and be seen pledged $275,000 by way of in-kind services to the growing sense of community within in the business community. to support tech startups and SMEs in part- the entrepreneurship ecosystem.” The initiative, which has received nership with the Sharjah Entrepreneurship approval from the Dubai government’s Center (Sheraa). Department of Economic Development Startups selected by Sheraa will receive SMEs can nominate themselves for consid- (DED), will offer 20 SMEs upto $50,000 similar in-kind support by way of adverti- eration and find out more details about the free advertising space each across all of sing and marketing support from Motivate. initiative on this page: motivatemedia.com/ Motivate’s brands including What’s On, “Motivate is committing a substantial smerevival Emirates Woman, Identity, Campaign Middle East and Gulf Business. Motivate, with an expert panel of seven industry leaders, will evaluate the applica- “Collaborations like these are a testament tions and select recipients – not just on the basis of a business’ plan to survive the pan- to the growing sense of community demic – but on their proposal to contribute to the UAE post the pandemic. within the entrepreneurship ecosystem”

gulfbusiness.com August 2020 29

29 Motivate SMEs.indd 29 7/29/20 5:11 PM PARTNER CONTENT Here’s how Saudi is emerging as the tech hub of the future As it boosts the adoption of digital government and pilot technologies, the kingdom is also preparing to host a groundbreaking tech event that will catapult it further on the global technology stage

Saudi aims to become a technology hub

audi Arabia’s ambitions to emerge of the National Transformation Programme NEOM, announced in as a technology hub received a fur- (NTP) adopted by the kingdom and follows ther boost in July, after the kingdom the concerted efforts of many government 2017, aims to become climbed to the 43rd position on the agencies, the Saudi Press Agency (SPA) SUnited Nations E-Government Development quoted minister of Communications and a living laboratory Index (EGDI) in 2020, up from the 52nd spot Information Technology, Abdullah Al-Swaha when it is completed, in 2018. as saying. The launch of several new initia - The index, which ranks the 193 UN member tives has accelerated the government’s digital offering “a vision of states in terms of digital government, found transformation, as part of plans to achieve the that the kingdom had jumped into the ‘very goals of Vision 2030, he added. what a new future high EGDI group’ mainly due to a significant For instance, the kingdom’s ICT Strategy acceleration in its e-government services. 2023, released by the Ministry of Communi- might look like” “The pandemic has renewed and anchored cations and Information Technology (MCIT), the role of digital government – both in its con- aims to: plans to further develop its telecommunications ventional delivery of digital services as well as • Increase the ICT sector’s contribution to and IT infrastructure – especially high-speed new innovative efforts in managing the crisis,” the GDP by SAR50bn over five years broadband; create building standards to facil- said Liu Zhenmin, UN under secretary-gen- • Grow the level of Saudisation in the sector itate the extension of broadband networks; eral for Economic and Social Affairs. to reach 50 per cent establish an effective partnership with the pri- The report highlighted the adoption of • Increase women’s participation in the vate sector; support local investments in the emerging and frontier technologies such as sector by 50 per cent telecommunications and IT sectors; enable blockchain and AI for the delivery of govern- • Boost IT and emerging technologies smart government; and strengthen the gov- ment, financial and commercial services in market size by 50 per cent ernance of digital transformation. the region, citing the example of Saudi Arabia • Create more than 25,000 quality jobs in entering an agreement with IBM to implement the sector A GIANT LEAP blockchain applications for government and Beyond the initiatives taken to digitise the commercial services. The MCIT is also focused on developing a government, Saudi has also announced mass The achievement is a result of the outcome strong digital infrastructure, as part of which it scale projects that will see the pervasive use

30-31 Informa.indd 30 7/29/20 5:30 PM of new technology. global tech event – LEAP – in Riyadh, in asso- it is completed, offering “a vision of what a new The MCIT has identified the following ciation with event organiser Informa Tech. future might look like”. The $500bn mega-city, seven technologies as having a game-chang- The event, which will run from February 1-3, which is slated for completion in 2030, hopes ing impact on the transformation of the Saudi 2021 at the Riyadh Front Exhibition Centre, to emerge as a hub for innovation, and develop economy: will delve deep into how emerging technolo- new solutions to prominent global challenges • IoT and connected devices gies are set to revolutionise the world, while across strategic sectors including food, • Artificial intelligence also serving as a special marketplace for tech energy and water. • Big data analytics companies from across the globe. Other giga-projects in the kingdom, includ- • 3D printing The event expects to attract over 30,000 ing the Qiddiya Entertainment City – which will • Robotics and drones technologists to Riyadh and include over 500 focus on culture and the creative industries, • Distributed ledgers of the world’s thought leaders from enterprise, and the Red Sea and Amaala projects – which • AR/VR investment, government and academia. seek to redefine luxury tourism – are also being One of the goals of the event is to bring designed as smart destinations with technol- The market value for these technologies breakthrough pilot technology to Saudi ogy elements embedded in the masterplan. is forecast to reach SAR60bn by 2030, and Arabia, enabling the kingdom to invest in it With LEAP, the kingdom hopes to provide a then grow annually in double digits, accord- and adopt it first. greater understanding into how it is giving life ing to the ministry. The kingdom is already making strides in to its tech ambitions, while also offering a plat- As part of facilitating this vision, the MCIT this space: giga-project NEOM, announced in form for the best ideas from across the world is preparing to host a new groundbreaking 2017, aims to become a living laboratory when to take flight.

30-31 Informa.indd 31 7/29/20 5:31 PM STRONG BY ZAINAB MANSOOR FOUN- DATION With Muslim consumers across the world seeking out faith-based products and services, the Islamic economy is seeing robust growth among all its different verticals

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32-38 Islamic Economy.indd 32 8/3/20 2:16 PM FEATURES / ISLAMIC ECONOMY

32-38 Islamic Economy.indd 33 8/3/20 2:16 PM The Islamic economy has been at the helm of promising growth in recent years, developing a strong foothold across the global landscape.

As 1.8 billion Muslim consumers seek to The report revealed 10 core drivers key sectors for growth in 2020. fulfil their faith-inspired needs, creating spurring the growth of the Islamic econ- Locally, Dubai is seeking to establish a formidable consumer base, worldwide omy: growing population; increasing itself as the capital of the Islamic econ- spending across the Islamic economy is affluence; increasing religious affinity; omy and has taken several steps towards estimated to grow further. digital connectivity; ethical consumer- achieving that goal. Affinity and affluence among Mus- ism; multinational growth; economic The Dubai Islamic Economy Devel- lims worldwide, growing engagement diversification and development; halal opment Centre (DIEDC) launched its from eminent brands, increased investor trade; regulations and investor returns. renewed Islamic economy strategy focus, marketing campaigns and brand- Measuring the strength of the Islamic (2017-2021) three years ago to identify ing tied to faith-based needs are rallying economy across 73 countries based on new metrics to monitor the growth of the sector’s growth. supply and demand drivers and other three core sectors – Islamic finance, halal In 2018, Muslims spent $2.2 trillion considerations, Malaysia led the Global products and Islamic lifestyle (including across the food, pharmaceutical and life- Islamic Economy Indicator (GIEI) ranking culture, art, fashion and family tourism) style sectors, representing a 5.2 per cent with a score of 111, followed by the UAE and measure their contribution to the year-on-year growth. That figure is fore- (79), Bahrain (60), and Saudi Arabia country’s GDP. In 2018, the Islamic econ- cast to reach $3.2 trillion by 2024, the (50.2). In terms of business opportunity, omy contributed Dhs41.8bn – 9.9 per cent State of the Global Islamic Economy Report halal ingredients, Islamic fintech, and – to Dubai’s GDP, marking a 2.2 per cent found. luxury modest clothing were among the increase from Dhs40.95bn in 2017.

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ISLAMIC FINANCE The GCC’s banking landscape has, in recent years, taken substantial strides in terms of digitisation, product expansion and customer acquisition. Islamic banks in the UAE and regionally have also kept pace, garnering considerable attention. Earlier this year, Dubai Islamic Bank (DIB) completed the acquisition of rival Noor Bank to create a lender with total assets exceeding Dhs275bn, establishing it as one of the largest Islamic banks in the world. Meanwhile Malaysia’s biggest Islamic bank – Maybank Islamic – also launched operations in the Dubai Interna- tional Financial Centre (DIFC) in February – marking its first overseas office. The 2019 Islamic Banking Index by Emirates Islamic bank, which polled more than 900 respondents with a UAE bank Dubai is seeking to establish itself as the capital of the Islamic economy account and a minimum monthly income of Dhs5,000, revealed that 60 per cent had consumed at least one Shari’a-compliant product, up from 55 per cent in 2018. GCC Islamic finance markets #21 Meanwhile, interest of surveyed non- Four countries of the GCC are part of the Muslim customers in Islamic products top 10 Islamic finance markets also grew since 2018, including a 9 per #1 cent increase in Islamic current accounts, Ranking #41 and a 6 per cent hike in Islamic savings #61 accounts. #81 Saudi Arabia “Islamic finance is set to keep expand- $541bn ing through the 2020s and beyond as the UAE $238bn GCC countries, Malaysia and Indonesia Bahrain Kuwait $116bn help drive growth in Shariah-compliant $86bn financial products. If we look at Saudi Arabia, Moody’s expects Islamic finance SOURCE: DINARSTANDARD STATE OF THE GLOBAL ISLAMIC ECONOMY REPORT penetration in the kingdom to increase to 80 per cent of system-wide assets (including both conventional and Islamic financing assets) over the next 24 months, others could also facilitate the Islamic functions and increasing public awareness up from 77 per cent in 2018, driven by finance space by offering faster and trans- of Islamic products. By allowing easier increased demand from both corporate parent transactions, improving security comparison across Islamic finance prod- and retail clients,” says Philip King, global and governance. ucts in the areas of banking and takaful, it head of Retail Banking at ADIB. “Innovation, including the growth and has aided in greater market penetration.” “However, for the Islamic finance development of the fintech market seg- However, as the larger ecosystem con- industry to continue to grow to its full ment, has created unprecedented growth tinues to be impacted by the ongoing potential and reach the global target of opportunities for Islamic finance. Crowd- Covid-19 pandemic, the Islamic finance $3.8 trillion in assets by 2022, it will need funding and various innovative payment space has also been affected. In light of to appeal beyond a purely Muslim cus- services compatible with Shari’ah prin- lockdown protocols and ensuing reces- tomer base. This is a transformation that ciples (including tokenisation), have sions in Islamic finance’s core countries, ADIB has managed successfully and we allowed retail investors to access a wider the industry is expected to witness low- are seeing growth in our non-traditional variety of financial services and assets, to-mid-single-digit growth in 2020-2021, customer base,” King adds. while improving on transaction security,” after 11.4 per cent growth in 2019 backed Similar to conventional banking and Bryan Stirewalt, CEO, Dubai Financial by a strong sukuk market performance, several other industries, technological Services Authority notes. an S&P Global Ratings report suggests. advancements such as fintech, artificial “Technology has a big role to play in “Islamic finance is known for provid- intelligence (AI) and blockchain, among further improving the way the market ing socially responsible products as well

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32-38 Islamic Economy.indd 35 7/29/20 5:32 PM as sustainable finance and the Covid-19 “What is particularly compelling about by millions of Muslims donning modest environment could give an opportunity this juncture is that these opportunities outfits, several marquee brands have to leverage them. At ADIB, the relief pro- to grow market share are matched in the joined the bandwagon, including Nike, grammes and support measures that we UAE by a concerted effort on the part of which offers modest swimwear for female are offering to our personal and business the government to improve the regula- athletes. Similarly, British designer Hana customers have had strong take-up, and tory environment in which the Islamic Tajima collaborated with Japanese retail we remain responsive to their changing economy will operate. The innovative company Uniqlo to introduce a modest needs,” opines King at ADIB. legislative initiatives that have recently collection. Modest fashion has also made Matthew Escritt, partner, Banking and been launched by the Dubai Islamic its way into catalogues, campaigns, and Finance, Pinsent Masons Middle East Economy Development Centre are par- covers – Halima Aden was the first hijabi adds: “In today’s liquidity constrained ticularly opportune and it seems very model to grace the cover of British Vogue. environment and as all businesses grap- likely that this confluence of events will Meanwhile, events such as Modest ple with the complex commercial impact herald the start of a purple patch for the Fashion Weeks have brought cultural and of the pandemic, the opportunities for the entire industry.” ethnic inclusivity in the spotlight. Dedi- Islamic economy are clear. Well-capital- cated to the industry with more than 300 ised Islamic financial institutions are well MODEST FASHION designers and brands, and over 500 influ- placed to plug the anticipated liquidity gap Modest clothing is well on its way to be encers, the events were held across the and support sound businesses through a a part of the mainstream fashion roster, globe from 2016, including in Istanbul, period of profound economic uncertainty. whether in stores or on the ramp. Prodded London, Dubai, Jakarta and Amsterdam.

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“I think the concept of modest fashion has truly exploded in the last few decades. The industry is generating billions of dol- lars and is expected to rise in the coming years,” says Mosika Zeid, founder of modest fashion brand Desert Cove. “When I started Desert Cove, I felt there was a big gap. As someone who dresses modestly, I found the options were limited, espe- cially when it came to good quality and aesthetics. But it gladdens me to see that modest fashion is evolving. You see more brands coming in, influencers bringing more charm to the entire modest fashion industry and now Modest Fashion Weeks are also happening. So overall, modest fashion is in a good place.” Scaling demand for fashionable yet modest clothing to fight stereotypes and represent Muslim women has also seen growing investor interest. In 2019, Gold- man Sachs and Wamda Capital acquired Amara Halal Cosmetics’ a minority stake in Turkey-based modest supply chain as a burgeoning Muslim products cater to fashion retailer Modanisa. different age groups and consumer base expands along with retail. “The majority of my customers are ethnicities Global Muslim spend on food and bev- Muslims. I’d say about 30-40 per cent erage, valued at $1.4 trillion in 2018, is are non-Muslims, particularly in the east- forecast to reach $2 trillion by 2024, the ern regions where women work and live SGIE report reveals. Given its popularity, and like to dress modestly to respect the different age groups and ethnicities. This halal food is expected to become a matter culture. Modest fashion is definitely some- is a growing industry – very competitive of standard choice for Muslims and non- thing even non-Muslims are adopting. To and fast paced. If you can keep up with the Muslims, across several Islamic and be honest, having non-Muslims buy my product innovations then you are safe in non-Islamic economies. Regionally, in the clothes makes me very happy; I feel now the game,” Shamalia Mohamed, founder of UAE, the Emirates Standardisation and more and more people are willing to ques- US-based Amara Halal Cosmetics opines. Metrology Authority (ESMA) launched tion the trends laid down by the fashion Brand identity plays a major role in the ‘Halal National Mark’ to regulate moguls and are happy to follow their own attracting new customers and helping and certify halal products. Additionally, personal style,” Zeid opines. consumers differentiate between halal the Dubai Airport Freezone Authority and conventional brands. (DAFZA) launched the Halal Trade and HALAL COSMETICS “The use of the halal logo is a signifi- Marketing Center, to support global halal In line with fashion, the demand for halal cant marketing tool as it communicates product stakeholders and facilitate their cosmetics among Muslim consumers is and convinces consumers that the prod- growth. also rapidly growing. The halal cosmetics ucts have been manufactured according Technology is also facilitating the and personal care market size is poised to Islamic requirements,” Mohamed adds. growth of this sector; Singapore-based to grow by $28.34bn during 2020-2024, foodtech startup WhatsHalal aims to market research company Technavio HALAL FOOD benefit both F&B manufacturers and con- noted. The halal food market is expected to sumers with its halal traceability platform “The younger Muslim generation build momentum across the global that connects the entire supply chain. is becoming more conscious over the presence of chemicals and non-halal ingre- dients in their cosmetics and personal care products. Manufacturers of halal cos- Given its popularity, halal food is expected metics are now forced to introduce new technologies in the area of research and to become a matter of standard choice for development, formulation, and produc- tion. This is all due to the change in buying Muslims and non-Muslims, across several behaviour, as product lines must now include new halal products dedicated to Islamic and non-Islamic economies

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HALAL PHARMACEUTICALS it. I believe there is plenty to come from Malaysia, recognised as a global halal hub, Healthy growth the travel-tech sector when it comes to established the world’s first halal phar- The top 5 pharmaceutical delivering a great customer experience, maceutical standard, MS 2424:2012 Halal Muslim consumer markets however that’s for both faith-based and Pharmaceuticals as general guidelines. (2018) mainstream travel demands. With apps As of 2017, a total of 251 facilities were currently available to customers looking licenced by the Drug Control Authority Turkey for Qiblah finders or content rich destina- (DCA), part of the Ministry of Health in $11bn tion guides, these have helped in making Malaysia, according to official figures. Muslim travellers confident in exploring Meanwhile, in terms of business Saudi Arabia new destinations,” notes Nabeel Shariff, opportunity, the SGIE report has high- founder of halal holiday site Rihaala.com. $8bn lighted halal gelatin, halal vaccines, halal “Muslim travellers are as aspira- nutraceuticals, and holistic halal-based tional and adventurous as other lifestyle homeopathy as hot sectors for growth in United States segments, so the first key driver is deliv- 2020. The global halal nutraceuticals and $7bn ering exceptional experiences. Tailoring vaccines market hold substantial poten- those experiences to their faith require- tial for growth, estimated at $49.3bn in Indonesia ments adds a further layer of comfort 2019 and expected to reach $88.5bn by and confidence in the destination, hotel $5bn the end of 2027, global market intelligence or attraction they are investing their time firm Coherent Market Insights noted. and money into. The third key driver is Additionally, in 2015, the global gela- Algeria about making those requirements easily tin market was estimated at $2.7bn, with $4bn accessible and common place in a desti- the use of gelatin in pharmaceuticals nation,” Shariff adds. and nutraceuticals estimated at $1.3 bil- Meanwhile, halal media and recrea- SOURCE: DINARSTANDARD STATE OF lion, Saakh Pharma’s research suggests. THE GLOBAL ISLAMIC ECONOMY REPORT tion have a widening portfolio of content Pharmaceuticals and nutraceuticals are – movies and TV series – as well as apps the second and third largest application aimed at Muslim needs. Muslim spend on categories of gelatin after food, account- media and recreation was $220bn in 2018 ing for 26 per cent and 21 per cent of the and is forecast to reach $309bn by 2024, market respectively, the research added. the SGIE report reveals. While events such as the Mosquers Film Festival, MUSLIM TRAVEL, HALAL that aims to entertain and build bridges MEDIA AND RECREATION by presenting Muslim experiences, are The travel sector has also seen an uptick Prayer facilities inside emerging, faith-inspired content for in faith-inspired demands. A widening a room at the Gaia children such as cartoons are also gain- Muslim diaspora scouring for holistic Hotel near Taipei ing strength and prominence. travel packages that are not only condi- tioned to religious sensitivities but entail content-rich experiences, have led to the manifestation of specialised service providers. Travel-related, faith-inspired content generally entails privacy enhance- ments, alcohol-free environments, halal dining options, and prayer arrangements. The Mastercard-CrescentRating Halal Travel Frontier 2019 Report identified 17 trends that are expected to shape halal travel. Technology, environment, and social activism will greatly impact the halal travel industry while technologies such as augmented reality (AR), virtual reality (VR) and AI will also drive new trends, the report found. “There has certainly been an increase in the demand for faith-inspired travel and I think much of that is due to parts

of the industry reacting to the need for GETTY IMAGES PHOTOS:

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32-38 Islamic Economy.indd 38 7/29/20 6:32 PM FEATURES / GULF BUSINESS ACADEMY

Why company structure AFFECTS CUSTOMER SERVICE Rethinking the golden rules that every company must follow include: ownership model 1. Keep the customers that you have might pave the way for 2. Get them to spend more 3. Get them to come again (and bring improved customer their friends) People serve people, and in this busi- service, opines Gulf ness model, the entire organisation would Business Academy be concentrated on finding ways to stream- line the business, remove inefficient trainer Mark Dickinson processes, and deliver exceptional service to customers. While researching this article, I went out he reality is, in today’s situa- touring different kinds of businesses to see tion, many companies don’t how I would be served as a customer. I was really care about custom- unknown. One of the thousands of customer ers; they care only about transactions conducted by organisations. themselves. What was the outcome? I got processed. Executives who run com- Mark Dickinson In the current situation, customers are Tpanies are expected to make cuts during also dealing with physical boundaries. In hard times, yet, would they put themselves hotels, they have erected glass barriers in harm’s way to protect the service of cus- between the receptionist and the customer, tomers? I highly suspect not. With many with the same seen at fast-food restaurants job cuts affecting those in the front line and the supermarket cashier desks. In fine- and junior employees, there remain fewer functions, and there are loads of wonder- dining restaurants, the menu is now printed skilled customer service employees. ful outsourcing options that can service on single-use paper placemats while banks But if these roles were made redun- companies’ needs too. So why are compa- make you line up as far away as possible dant because there are ‘too many of them nies still relying on in-house employees for until they can attend to you. The mantra anyway’, then there should be a general these services? Why are they still hiring in – in line with the required precautionary inquiry into how business was being con- the old fashioned way? measures, is to reduce customer/employee ducted and how it was possible for the Ownership management must become interaction and avoid contact at every pos- company to be overstaffed in the first place. the model of the future. Every company sible step of the process. This would call into question the compe- has to consider the idea of giving away a As humans, we are gregarious. It is tency and performance of the management. share of their company to the people who innate. We function that way. People love This is a very important issue that must be run the business so that they are invested to talk to people. addressed. in the success of the company. Once we are out of the pandemic, compa- Cuts and reductions are very complex The final word on this: if a manager were nies should focus on creating unparalleled issues, and often emotional. A decision has an owner, I am pretty sure profits would levels of service where every person is to be taken to rethink how business is run. increase, because every individual’s earn- respected by those that serve them, where If we are to rethink a way of working ings would be exponential based upon the customers are embraced, they are called that requires less management and more success of the company. If the company was by name as often as possible and they are employee ingenuity, we can concentrate staffed solely by owners, meaning those treasured by those that serve them. our company’s efforts on delivering out- with a share in the company, then how Companies will do well to rethink their standing customer service rather than motivated would every single person be to model of ownership while also streamlin- building outrageous management empires. create a more successful business? ing costs and ensuring that their employees There is an abundance of technol - The issue of customer service would are concentrated on growing the business ogy available to manage several business occupy the minds of every individual. The by taking care of every customer.

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39 Mark GBA.indd 39 7/29/20 5:30 PM BRAND VIEW Phi Trends: The business implications of 5G Investors must keep a lookout for stocks with game-changing potential, which will inevitably tap into 5G and enable future growth prospects, opines entrepreneur and investor Shailesh Dash, who shares his market perspective in this monthly column

he world today is very different to the one a decade ago, as rapid devel- “The GCC is no stranger to innovation – opments have facilitated a shift towards a new and highly digitalised supported by government initiatives, Tecosystem. Constant innovation has further mobile operators in the UAE and Saudi propelled global trade and business to new heights. Notably, global wireless technology have been quick to deploy 5G technology” has played a significant role in aiding this pro- gress, specifically with the onset of mobiles using electromagnetic spectrums such as 2G, 3G, and then 4G. Now, the fifth generation of generation of 22.3 million jobs across the 5G have a critical role to play in autonomous driv- mobile networks (5G) is bound to set a new value chain, from OEMs, operators, content ing and connected logistics to support the standard in wireless technology, far beyond creators and app developers, to consumers. T&L sector and the concept of smart cities; anything one could have anticipated a few The business implications of 5G are also while healthcare enhancements could enable years ago. Its groundbreaking performance astounding. From an enterprise perspective, robotics, blockchain uses, wearable telem- improvements are likely to guide the world the technology holds the potential to signifi- etry, and remote diagnostics among others. economy through yet another potentially his- cantly improve productivity gains, operational Notably, 5G can help healthcare organisa- toric growth phase, as it has the potential to efficiency, and process automation to full tions in improving patient experience with permeate and transform nearly all industries. autonomy across the value chain. Specifically, personalised, preventative care while also The adoption of 5G technology is anticipated 5G can address shortcomings and enhance reducing the cost – a critical component in the to catapult us into Industry 4.0 with the pro- business models for the e-commerce, enter- current Covid-19 ravaged scenario. jected economic impact anticipated to be tainment, automotive, manufacturing, and The pandemic has severely dented the phenomenal. Research shows that once 5G logistics sectors. It could also improve Inter- hydrocarbons industry and broad economic is fully deployed, projected by 2035, it could net of Things (IoT) uses within the industrial, disruptions have adversely affected the facilitate $13.2 trillion in global sales (5 per consumer electronics, healthcare, retail, utili- GCC. Amid such catastrophic circumstances, cent of global real output), and result in the ties and energy sectors. For instance, it will transformation to a digital economy will be centric to the region’s successful economic revival. The Middle East, and particularly the Valuation Matrix of Recommended Stocks GCC, is no stranger to innovation – supported by proactive government initiatives, mobile Company Stock Market Cap Company Revenues PE Ratio* EV/Sales EV/EBITDA operators in the UAE and Saudi Arabia have Name Price* (in USD bn)* (in USD mn) (X) (X) (X) been quick to deploy 5G technology. Moving Teradyne 86.1 14.3 2,505.2 29.7 5.6 18.1 rapidly from trials to early commercialisa - tion, 5G advancements will play a particularly Cerence 36.3 1.3 324.5 11.0 4.7 21.1 decisive role in the GCC as its supply chain Lumentum 82.1 6.2 1,715.1 35.0 3.4 15.0 and logistics industries remain major GDP Xilinx 99.2 24.1 3,162.7 30.7 7.3 22.3 contributors. The technology could also con- tribute immensely to the digital transformation Apple 386.1 1,673.0 267,981.0 30.3 6.3 20.7 of industry vertical sectors and could be a crucial business driver amid the current pan- *Note: Data as of July 16, 2020 SOURCE: BLOOMBERG demic. Local authorities are working to deploy the full potential of 5G in a post-pandemic era,

40-41 ADV Dash.indd 40 7/29/20 4:15 PM 5G enabled sales by industry (2035, USD billion) Manufacturing 4,687

Information & Communication 1,569

Wholesale & Retail 1,198

Public Services 985

Construction 731 SOURCE: QUALCOMM

connected cars, and even smart cities, as 5G boosts prospects for these futuristic trends. Lumentum is another strong contender, having developed new XR optics networking devices using its in-house optical modules and processes to potentially lower data delivery costs across 5G, wireline, and cloud-based networks. Meanwhile, Xilinx’s FPGA chips are being used across numerous technologies from 5G infrastructure equipment, to cars, and consumer electronics, making it yet another undervalued growth stock. Lastly, Apple is expected to be one of the largest benefiters in the 5G era. Once Apple ventures big into 5G, rivals will likely be compelled to keep up with its 5G iPhones sales. Experts further believe that Apple has the potential to be the first com- pany with a $2 trillion valuation, backed by 5G in order to revive investment within the MENA Shailesh Dash and rising services momentum prospects. digital ecosystem. As governments support Amid the widespread impact of the pan- major efforts to contain Covid-19, the trans - demic, it has now become obvious that formative power of 5G solutions could enable technology implementation is crucial for both broader economic recovery. fairly certain for investors who pick up on health and economic recovery. For the GCC, Digital revolutions have traditionally led to a these trends at the right time, while still in their it is imperative that the region continues to boom in equity markets, particularly for com- infancy. The implementation of 5G networks create an environment that allows 5G to flour- panies that have proven to be pioneers in the are likely to cause a similar seismic impact ish while service providers can monetise it by field of innovation. For instance, Qualcomm’s on the stocks of companies that build on this opening up the opportunities for consumers. stock prices rose a whopping 13,891 per trend, some of which we believe to include the Leading from the front, the UAE can become cent in 1991 with the introduction of 2G, while likes of Teradyne, Cerence, Lumentum, Xilinx, the flagbearer of this technology revolution InterDigital’s stocks surged 1,459 per cent in and Apple. However, one should only con- for the other nations to follow. At the same 1998 as 3G brought the internet to mobiles. sider investing in proposed companies with a time, investors must watch out for stocks with A decade later, 4G-enabled smartphones medium to long-term time horizon. game-changing potential, which inevitably will proved a game-changer for Apple as its sales Teradyne’s RF semiconductor test solu- tap into 5G and enable future growth pros - soared by 736 per cent year-on-year in 2008, tions are providing optimised test coverage pects in an increasingly mobile world. inflating its stocks by 1,046 per cent. The onset within 5G networks. Their testing of data of 4G was revolutionary – not just for existing resources has nearly tripled from a year tech companies such as Microsoft, but also ago, and as 5G increases demand for higher Disclaimer: This column is purely for aca- because it resulted in the birth of companies capacity data storage, Teradyne remains a demic and educational purposes. Nothing such as Netflix (whose shares have returned relevant stock to eye. Cerence is another mentioned here should be taken as solici- an exponential 34,340 per cent since its list- stock meriting mention. As an automotive vir- tation to trade or a recommendation of a ing in 2002) on advances made due to HD tual assistant maker, it is playing a significant specific trade. The author has direct exposure streaming. Evidently, lucrative returns are role in the global shift to autonomous driving, in recommended stocks.

40-41 ADV Dash.indd 41 7/29/20 5:38 PM FEATURES / MARKETING EVOLVING TRENDS Sunita Hadani, managing Marketing has to director of the Hadani remain dynamic and Group of Companies adapt to the changing needs of the customers, opines Sunita Hadani, managing director of propositions, and depending upon the objectives that cus- the Hadani Group of tomers need to achieve, one can leverage the relevant platform. Companies For example, LinkedIn is very B2B centric and can be targeted Traditionally, marketing budgets are among for lead generation, lead con- the first to be axed in times of crisis. Have you version/progression and brand noticed the same during this pandemic? awareness. Twitter is great for With the pause on face-to-face events, mar- building conversations, engage- keting departments quickly transformed ment and conversion. The themselves to newer ways of opera- approach needs to be custom- tion. As a result, we experienced a surge in ised as per the requirement digital marketing with 360-degree market- and need. ing tactics implemented including social A big focus for you has been media, video, content marketing , google tech marketing. How has that ad words, and search engine marketing. the segment evolved? We have also witnessed a major shift to vir- Marketing tends to keep pace tual events, lead generation programmes, with the associated indus- account-based marketing and PR. If customers feel that they are being taken tries and as tech evolves at the speed of Has the crisis also led to a change in the way advantage of, the damage to an organisa- light, tech marketing has transformed in organisations are looking at marketing? tion’s brand could be irreparable. Goals need a similar pattern. We have observed that The pandemic has changed the way that to shift from sales to genuine support. This marketing organisations are starting to organisations look at marketing, because it is a moment for empathy, not pure finan- rely on data insights to build their strate- has fundamentally shifted priorities across cial gain. These difficult times are a perfect gies. We are working with our clients on the board. From messaging to format, mar- moment to offer limited free trials, consul- mining and analysing data to build robust keting efforts have to adapt in-step with the tations, and thought-leadership content that and agile marketing plans that speak to needs and concerns of customers. Organisa- addresses the myriad business concerns what their customers actually need, not just tions that ignore this global shift and use this that have come from the Covid-19 crisis. what new technology is on offer. crisis as an opportunity for a hard-sell will Moving away from the crisis, platforms for Lastly, what are your plans going ahead? inevitably come off as “tone-deaf” and risk marketing have exploded with the rise of How do you hope to thrive in the ‘new alienating potential clients. We are help- social media. So how can brands ensure they normal’? ing our customers establish themselves as have a good mix? We have been very fortunate to survive the thought-leaders in their industries through The opportunities provided by social media current market realities. We achieved this strong content marketing that creates dif- are immense. We are living in a time where by transforming ourselves to offer relevant ferentiation, elevates their brand value and customers are online a lot more, consum- services and we will continue to thrive by establishes long-term market leadership. ing all kinds of information and becoming building the right skills and teams. We Considering the current sensitivities, what more knowledgeable. Social media provides have been blessed to have great custom- are the do’s and don’ts when advertising in a fantastic model for the quick deployment ers and employees. Our motto has always this situation? of campaigns that can be optimised in real been to go the extra mile for our customers First and foremost, organisations must not time for faster results. – beyond the signed contract – and we plan look at this crisis as a sales opportunity. Every platform offers unique value to continue providing that value and care.

42 August 2020 gulfbusiness.com

42 Sunita.indd 42 7/29/20 5:12 PM 43-62 Indian PowerList.indd43 LEADERS INDIAN INDIAN 2020 7/29/20 8:27 PM

PHOTO: GETTY IMAGES/SOUVIK DAS COVER STORY Rich list Wealth isn’t everything, but it’s hard to ignore the fi nancial clout of these business fi gures. Along with being the wealthiest Indians in the Gulf, these illions of individuals are also among the most Indians call philanthropic

one of the SOURCE: Rich list figures taken from Forbes Billionaires list mid-July six Gulf countries home. Yusu Ali M.A. $4bn Some have LuLu Group established Indian businessman Yusu Ali M.A. has fi rmly estab- lished himself in the GCC – last year, he became the fi rst prominent global conglomerates to get the UAE’s ‘gold card’ permanent residency and Min the region, while others in March, he was chosen as the fi rst Indian to receive Saudi Arabia’s premium residency. One of the UAE’s have migrated here to lead richest and prominent businessmen, Yusu Ali’s LuLu Group is among the largest supermarket chains across international companies. The the GCC, Egypt, India and the Far East, with over 188 GCC has also attracted Indians stores worldwide. When he is not leading the business, which makes revenues of over $8.42bn, he is equally who are keen to tap into its active on the social front having been awarded the pres- booming startup ecosystem, tigious Padma Shri by the Indian government in 2008 while second-generation business for his contribution to business and society. leaders have now established strong roots in the region. Lauding the achievements of this diverse diaspora, we reveal the influential business tycoons, executives and entrepreneurs who have helped shape the GCC’s economic landscape

44

43-62 Indian Power List.indd 44 7/29/20 9:13 PM COVER STORY

Rvi Pilli Sunny Vrkey $2bn RP Group GEMS Education $3.1bn From humble beginnings and a single school, Sunny Varkey, the son of expat teachers, expanded UAE-based GEMS Education to become the largest K-12 private education provider in the world, operating more than 250 schools in 13 countries worldwide. Currently Another winner of the Padma Shri more focused on charitable causes award for his contributions to India a„ter establishing the Varkey Foun- is Ravi Pillai. The son of a farmer, he dation in 2010, he also pledged to migrated from Kerala to Saudi Arabia donate at least half of his wealth to a„ter his construction business was charity under the Giving Pledge in forced to stop operations. The com- 2018. Varkey also started the $1m pany he founded in 1978, RP Group, has Global Teacher Prize in 2014 and now become a diversifi ed conglomerate last year, joined the winner in meet- with 20 companies, that has executed ing US President Donald Trump at projects worth over $25bn. Expansion the White House. is also on the cards – late last year, Pillai revealed the group’s plans to invest up to $1.46bn in the hospitality business globally to grow its brand Raviz.

Micky Jgtini Sunil Vswni Shmsheer Vylil

Landmark Group: $2.2bn Stallion Group VPS Healthcare $2.2bn $1.6bn $1.3bn

Indian billionaire Micky Jagtiani is Vaswani’s Dubai-headquartered Stal- Having started his career as a radiologist famously said to have worked as a taxi lion Group, named a„ter his favourite in a hospital in Abu Dhabi, Sham- driver in London to make ends meet animal, marked its beginnings when sheer Vayalil went on to establish VPS before kickstarting a business selling as a young 21-year-old, he took over Healthcare with initial backing from baby products in Bahrain in 1973. Over a Nigerian trading business from his his father-in-law Yusu• Ali. Starting the years, that single Babyshop outlet father. The company has since grown with one hospital in 2007, the company led to the creation of retail and hospi- to become a major investor across the now manages 23 hospitals and over 125 tality conglomerate Landmark Group, African continent with interests in medical centres across the GCC, India which currently operates 2,100 outlets automobiles, commodities, food and and Europe. It also runs LifePharma, spanning 30 million square feet across manufacturing. Vaswani has also been one of the UAE’s largest pharmaceuti- India and the Middle East. Jagtiani has at the forefront of driving the compa- cal manufacturing companies. Vayalil also driven philanthropic activities, ny’s philanthropic e• orts, and earlier is also the vice chairman and manag- with Landmark and two of his foun- this year, pledged free rice and fi sh for ing director of investment fi rm Amanat dations recently announcing Covid-19 three months to all Covid-19 hospitals Holdings, which this year revealed that relief e• orts of over $4m. across Nigeria. it was mulling an acquisition in VPS. 45

43-62 Indian Power List.indd 45 7/29/20 9:13 PM COVER STORY Legends The company founders and veteran business leaders who have had an unquestionable impact on the Gulf’s economic and social landscape in recent decades

Dr. Zulekh Dud

Zulekha Healthcare Group The now 82-year-old Zulekha Daud, born Firoz Merchnt into the family of a construction worker, Pure Gold Group studied medicine and moved to the UAE in 1964. She became the fi rst female Indian doctor to practice in the UAE. Mama Zulekha, as she is aƒ ectionately known a„ter having delivered over 10,000 babies over the last 56 years, is the chair- person of the Zulekha Healthcare Group whose portfolio includes two multidisci- plinary hospitals in Dubai and Sharjah, three medical centres in the UAE, three pharmacies and a hospital in her home- town of Nagpur in India. The group’s medical facilities in the UAE treat over 550,000 people annually, positioning it among the largest private healthcare providers in the country, earning Daud a At the age of 22, Merchant, who grew UAE gold card permanent residency visa. up in poverty in Mumbai and was even forced to drop out of school as a result of it, visited Dubai for his honeymoon. He spent a signifi cant amount of time during that visit scouring the lanes Yogesh Meht and by-lanes of Dubai’s Gold Souq. He subsequently set up a gold trad- Petrochem Middle East ing business in Dubai’s Deira district Mehta, more than anyone else, knows in 1989 and scaled it into a business not to allow failure to be a deterrent. that today employs over 3,500 people, In 1990, at the age of 30, his chemical with manufacturing facilities in China distribution company went bankrupt and India, and which also has plans to in India. By 1995 though, he set up Pet- expand its retail store footprint to 250 rochem in Dubai in partnership with stores in the near-term. Petrochem UK. Today, Petrochem With annual revenues of around Middle East exports more than 700,000 Dhs1bn, between 70 to 80 per cent metric tonnes of products from its dis- of the company’s business comes not tribution terminal at Jebel Ali Free from gold, but diamonds. Zone and is the biggest chemical dis- In 2019, Merchant was also granted tributor in the Middle East. permanent residency in the UAE. 46

43-62 Indian Power List.indd 46 7/29/20 9:13 PM COVER STORY

“Beyond the technology, besides the specialists, there is something more – the care of a magic touch” DR. ZULEKHA DAUD

Rjen Kilchnd Azd Moopen Tony Jshnml

Dodsal Group Aster DM Healthcare Jashanmal Group

The Dubai-headquartered Dodsal Azad Moopen, a doctor and former The Jashanmal business association Group’s diverse fi elds of specialisations lecturer at the Calicut Medical Col- with the Middle East is over a century range from engineering, procurement lege, visited the UAE in 1987 to raise old. In 1919, Tony Jashanmal’s grand- and construction, to trading, manufac- funds for the renovation of a mosque father established a general store in turing and the food business. in his hometown of Kalpakanchery in Basra, Iraq, that sold items includ- With as much razor-focused busi- Kerala. Recognising that the health- ing stationery, newspapers, books and ness acumen that Kilachand applied care sector had yet to boom in the UAE, men’s clothing. International expansion to transform the fortunes of the com- he decided to set up his own medical began back in 1934 when his grandfa- pany ater taking over the reins from practice out of a two-bedroom apart- ther set up shop in Kuwait’s Safaat his father, the octogenarian has now ment in Bur Dubai near Port Rashid. Square, and later on in Dubai’s Al Nasr devoted himself full-time to phi- The Aster DM Healthcare group that Square in 1956. Three generations in, lanthropy projects across the globe he founded – which includes three that expansion hasn’t stopped. including education, community, brands: Aster, Medcare and Access – Jashanmal, who speaks seven lan- health and culture. Not only did he has since scaled exponentially to 388 guages and let a PhD mid-way to join donate a staggering $25m to his alma medical establishments in eight coun- the family business in 1971 ater his mater Boston University in 2011, here tries, with a combined workforce of father died, now serves as the current in the UAE, he has also donated to around 20,000 employees and rev- group director of an enormous retail Dubai Cares, an initiative by Sheikh enues of $1.07bn in 2018-2019. In and distribution empire. The group now Mohammed bin Rashid Al Maktoum to February, the company also received has over 150 retails stores in the UAE, educate children in several developing approvals to obtain 100 per cent own- Kuwait, Oman and Bahrain, and a dis- countries around the world. ership of its business within Dubai. tribution network of over 1,000 outlets. 47

43-62 Indian Power List.indd 47 7/29/20 9:13 PM COVER STORY

Joy Alukks

Joyalukkas Jewellery One of 18 children, Joy Alukkas dropped out of college to pick up the skills of the trade from his father who ran a jewellery busi- ness in their hometown of Thrissur in Kerala. The then 30-something decided to take those early lessons and ambitions international, opening his fi rst showroom in Abu Dhabi in 1987, followed by another one in Dubai and Sharjah. Today, that empire has spread to cover over 160 showrooms across 11 coun- Prs Shhddpuri tries, employing 8,000 people with annual revenues of around $2bn. Nikai Group The rapid expansion has never been at the cost of quality – Sheikh Mohammed Bin Rashid Al Mak- toum even awarded the busi- ness the Dubai Quality Awards certifi cation.

Shahdadpuri had a fl ourishing career as an Indian diplomat with interna- tional stints – regionally his postings included Saudi Arabia and Libya. But by the late eighties, he decided Adeeb Ahmed to leave the foreign service and instead A multifaceted professional, Ahamed LuLu Financial Group set up his own commodity trading serves as the managing director of LuLu business. Financial Group, Tablez and Twenty14 On a fl ight back from London in Holdings — which owns the prestigious 1987, he missed his connecting fl ight Great Scotland Yard Hotel in London, to India at Dubai airport, and ven- Waldorf Astoria Edinburgh - The Cal- tured out for a day visit to the emirate. edonian and others. He has led the Enamoured by its potential, he set up massive expansion of LuLu Financial Nikai Group in the emirate. Group from a one branch operation in Today, the company has interests in 2009 to a network of over 220 branches electronics, IT, home appliances, retail across 11 countries. Ahamed also serves food chains and FMCG, with an annual as a board member of the South Asia turnover reportedly close to Dhs2bn. Regional Strategy Group at the World Winner of the prestigious Bharat Shi- Economic Forum, and is a socially romani award, Shahdadpuri is also responsible philanthropist contribut- known for his philanthropic e™ orts. ing to education and elderly care. 48

43-62 Indian Power List.indd 48 7/29/20 9:13 PM COVER STORY

Dhnnjy Dtr Popularly known as the ‘Masala King’, Chairman and managing director Al Adil Trading Datar has spearheaded the growth of his Al Adil spices brand in the region. From a tiny store selling groceries in Bur Dubai in 1984, it has now expanded into a chain of 43 stores spread across the GCC, two spice factories, two fl our mills and an import-export company. The group also produces more than 700 products under its own brand, Peacock. Datar has also stood out for his phil- anthropic e orts, recently announcing that he would provide free tickets to those impacted by Covid-19 in Dubai, who were seeking to return to India. PNC Menon

Sobha Group Rizwn Sjn

Danube Group When Sajan moved from Kuwait to Dubai in 1993, the job he was o ered paid less than the one he let behind in Kuwait – prompting him to tap into his savings and start Danube in 1993. The building materials supplier has since diversified operations into several related verticals. Starting his business in the UAE shortly ater the Gulf War, he knows the importance of contingency The 71-year-old real estate tycoon has plans – he had one in place when the a track record of building billion-dol- recent Covid-19 pandemic struck. lar companies. His UAE-based Sobha Thanks to it, he has confi rmed Realty’s operation is scheduled to that none of the group’s over 3,600 become a billion-dollar operation employees will be laid o a result within the next 3-5 years – thanks of the crisis. largely to its 8-million-square-foot gated community in Dubai’s Moham- med Bin Rashid Al Maktoum City. The Indian division of Sobha Realty, man- aged by his son, is also on course to becoming a billion-dollar company within the same timeframe. Menon says his legacy real estate deal is a proposed 60-storey project on Sheikh Zayed Road. The Middle East veteran is also set to start up another venture that he hopes will scale to a $1bn business – but he won’t reveal the nature or location of that business just yet. 49

43-62 Indian Power List.indd 49 7/29/20 9:13 PM THE FIRST BOOK THAT EXPLORES THE DIGITAL TRANSFORMATION OF THE UAE BY SAEED K. ALDHAHERI AND RANJIT RAJAN

FEATURES INTERVIEWS WITH OVER 20 INDUSTRY EXPERTS

FIND THE BOOK AT ALL MAJOR RETAILERS ACROSS THE UAE AND ON BOOKSARABIA.COM

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DN_GB 270x196 - NEW.indd 1 12/24/19 4:06 PM COVER STORY

Sim Ved

Apparel Group While her husband Nilesh is the chairperson of the fashion and life- style retail conglomerate, it was Sima Ved who founded the busi- ness and is also currently its vice chairperson. Together, the duo grew the Dubai company from a single franchise of Nine West in 1999 to a juggernaut that now retails over 75 international brands, with a foot- print of over 1,750 stores across 14 countries. Besides, Ved also partici- pates in local theatre groups and has even hosted her own chat show Shji Ul Mulk Hi Tea with Sima Ved, whose guests have included Sheikh Nahyan bin Mulk Holdings Mubarak Al Nahyan.

As a young student, Mulk came to Dubai from India in 1982 to join his brother-in-law’s business and save up enough money to continue his educa- tion at an American business school. Rmesh Prbhkr He saved up $30,000 within a year of Ramesh Prabhakar started the Rivoli Rivoli Group landing in Dubai, but decided not to Group in 1988 while retailing just one accept the o™ er to study at Wharton’s watch brand. As vice chairman and Business school and instead pursued managing partner, he has expanded an entrepreneurship journey here in that luxury business to cover the the UAE. The Mulk Holdings group, Middle East with a footprint of over of which he is the chairman, now has 400 stores across the region and over diversified interests in aluminium 1,800 employees in countries includ- composite manufacturing, real estate, ing the UAE, Oman, and Bahrain. plastics, renewable energy and even Its jewellery, watches, eyewear and sports. But the most lucrative opportu- accessories retail business covers high- nity may have arisen last month, when end luxury brands such as Montblanc, its healthcare division announced that Zenith, Breitling and all the major it was setting up the Middle East’s fi rst Swatch Group brands such as Breguet, e-hospital which will comprise of a Blancpain, Jaquet Droz and Harry network of 2,000 doctors. Winston. 51

43-62 Indian Power List.indd 51 7/29/20 9:13 PM COVER STORY

Rm Buxni

ITL Cosmos Group In 1959, when Buxani set sail from Bombay to Dubai, he did so with 5 rupees in his pocket. Employed as an o— ce assistant in a small trading fi rm in Dubai, he began at a salary of 125 rupees per month. Three years later, he was o• ered either a salary raise to 400 rupees, or a hike to 300 rupees along with a profi t share in the company. He chose the latter and eventually became the prime shareholder in the company, that later diversifi ed into consumer elec- tronics, telecoms, manufacturing L.T. Pgrni and retail. The ITL Cosmos chair- man is also active in the community T. Choithram & Sons and has published his autobiogra- phy, Taking the High Road.

Pagarani would have continued work- ing in the UK healthcare sector had his father and founder of Choithram’s, Thakurdas, not instructed him to join the family business. At the age of 35, Surender Kndhri Pagarani took over Choithram’s hos- What began as an exploratory trip for Al Dobowi Group pitals and schools, and eventually Kandhari to Dubai in 1975 led to the became the chairman of the group, formation of a multinational company widely known for its supermarkets – Al Dobowi – in 1976. Today, Al Dobowi that have been present in the country is a systems and solutions provider for since 1974. the tyre management, power storage, He also leads Choithram Interna- industrial rubber, material handling tional Foundation, the philanthropic and fl uid management industries with arm of the supermarket chain, which a presence in over 10 countries. It is recently pledged Dhs100,000 to Al also the largest battery manufacturer Jalila Foundation for Covid-19 relief in the MENA region. A keen philan- e• orts. More recently, Pagarani has thropist, the gurudwara he set up in primed the privately-held business – Jebel Ali feeds more than 1,500 people that reportedly has a turnover of bil- everyday. Kandhari also published lions of dirhams in the UAE alone – for his autobiography, The Temple of My the next-gen of professionals. Dreams in 2018. 52

43-62 Indian Power List.indd 52 7/29/20 9:13 PM COVER STORY

Sohn Roy Roy has several feathers in his cap. As CEO and founder Aries Group the founder and CEO of Sharjah-based Aries Group – which includes 53 com- panies across 15 countries – Roy has overseen its growth into maritime research, events management, media, interiors and trading. Also a writer and film director, Roy’s movie DAM999 received three Oscar nominations, while his creation of the ‘world’s largest’ steel snake boat entered the Guinness Book of World Records. Roy has also developed a unique management system called EFFISM to measure the e– ciency of an individual. Vsu Shro

Regal Group of Companies Shym Bhti

Alam Steel Group Having arrived in Dubai by ship in 1965 at age 21, Bhatia brought his unwavering passion for cricket with him. He founded Alam Steel in 1979 as a small building materials trading fi rm and rebranded the company in 2002 a­ter deciding to specialise in the steel industry. On the cricket- ing front, he initiated the Cricket for Care foundation in 2007 which aims to bring the sport to less for- tunate children worldwide, and has Summoned by his father in 1952 to donated over $1m since its incep- join the family textile business while tion. Bhatia also curated his own still in college, Shro˜ took the oppor- cricket museum in the UAE which tunity and arrived in Dubai soon a­ter. has one of the largest collections of From a salesman and a Hindi teacher cricketing memorabilia on display. at the Indian High School Dubai to the incumbent chairman of Regal Group of Companies, his journey has been an inspiring one. His diversifi ed con- glomerate now has operations across textiles, technology – comprising high and low-voltage systems, sportswear and accessories, as well as investments and real estate. The former chairperson of nonprofi t group India Club Dubai, Shro˜ was also the co-founder of the Indian High School. His Regal group manages the main Hindu temple in Meena Bazaar. In 2019, Shro˜ was also awarded the 10-year UAE resident visa. 53

43-62 Indian Power List.indd 53 7/29/20 9:13 PM ARTNER NTENT

Where are regional sovereigns investing? Fixed income and gold have emerged as attractive asset classes for Middle East sovereigns, finds the Invesco Global Sovereign Asset Management study

iddle East sovereigns were well to boost returns,” says Zainab Kufaishi, prepared for the Covid-19 crisis, head of Middle East and Africa at Invesco. with a drop in valuations and “Emerging markets have become better plenty of excess cash o ering developed and more accessible, which is Mthem an unprecedented buying opportunity. driving increased interest.” That’s according to the eighth annual Global Sovereigns in the Middle East are also Sovereign Asset Management study con- likely to be looking to Europe for bargains, ducted by wealth management fi rm Invesco, with 38 per cent increasing exposure to Zainab Kufaishi, head of Middle East and which analysed the views of 139 chief invest- emerging Europe and 38 per cent to devel- Africa at Invesco ment o‚ cers, heads of asset classes and oped Europe. “The market turmoil in March senior portfolio strategists at 83 sovereign and April saw asset prices fall considerably, funds and 56 central banks, who together especially as some investors sold securities an infl ation hedge. While central banks often manage $19 trillion in assets. to ensure liquidity. This presented opportuni- approach gold with a pre-existing allocation, In 2019, 75 per cent of Middle East sov- ties to gain exposure to ‘blue chip’ companies the starting position for sovereigns is rarely ereigns reported outperforming their at very good prices,” says Kufaishi. the same, the report stated. For many sov- targets. However, even before Covid-19 ereigns, gold is seen as a powerful infl ation a ected markets, investors exhibited cau- and tail hedge, with positive correlations tion. Average equity allocations as an overall “We see investors in risk-on scenarios but barely correlated/ proportion of the portfolio at the end of 2019 looking at less negatively during a risk-o scenario. were 16 per cent, compared with 34 per “Last year’s study found gold to be grow- cent to illiquid alternatives and 32 per cent traditional credit ing in popularity, but Covid-19 has revealed to direct strategic investments. The move- it as an asset class now staking a claim to a ment away from equities was motivated in assets such as new role within sovereign portfolios,” says part by end-of-cycle concerns that led to Rod Ringrow, head of O‚ cial Institutions decreasing strategic allocations. Looking emerging market at Invesco. “We think the development of forward, 43 per cent of Middle East sov- debt as they look these alternative modes of investment ereigns expect to increase allocations to is likely to increase interest in gold in the equities over the next 12 months at lower for portfolio coming years.” valuations, with 29 per cent of sovereigns The study also revealed that 83 per aiming to decrease equity allocations. diversification to cent of central banks and sovereigns glob- ally believe immediate action is required to BULLISH ON FIXED INCOME boost returns” combat climate change, and this is increas- Regional sovereigns remain bullish about ingly being translated into investment fi xed income, with 57 per cent indicating that SHINING BRIGHT strategies. Up to 77 per cent of Middle East they plan to increase their fi xed income allo- The study saw both central banks and a investors consider themselves to be dispro- cations over the next 12 months. The report small but signifi cant group of global sover- portionately a ected by climate change, far also found that 86 per cent have allocations eigns increase their allocations to gold. On more than the peers in the West. to real estate debt, 71 per cent to infrastruc- average, 4.8 per cent of total central bank “Many sovereign entities in this region ture debt and 71 per cent to asset backed reserve portfolios are now allocated to gold are beginning to give these issues more securities/structured credit. Emerging – up from 4.2 per cent in 2019 – with almost attention through organisational-level com- market debt has wide appeal among half (48 per cent) of banks citing a potential mitments and membership of international regional investors, with 71 per cent of the to replace negative yielding debt as a pri- bodies and government-sponsored initia- respondents having EM debt allocations. mary advantage. This was seen as the most tives,” says Kufaishi. “Some of the largest “We see investors looking at less tradi- important reason for moving into gold, more funds are very prominent in their actions, but tional credit assets such as emerging market so than commonly-understood reasons in many cases the commitments take time to debt as they look for portfolio diversifi cation such as diversifi cation, return and its role as feed down into the investment process.”

43-62 Indian Power List.indd 54 7/29/20 8:27 PM COVER STORY

Dr. Thumby Moideen

Thumbay Group With a renewed focus on health- care workers during this pandemic, Moideen can claim credit for train- ing scores of medical staŒ over the last two decades. In 1999, he set up the Gulf Medical College in Ajman, the fi rst expat to set up a higher education institute in the emirate. The group’s business has diversifi ed into academic hospitals, clinics, pharmacies and medical tourism among others, and employs over 5,000 people. Last year, the group Vidy Chhbri inaugurated the Thumbay Univer- sity Hospital in Ajman – the largest Jumbo Group private academic hospital in the Middle East – built at a cost of over Dhs1bn, which can treat over 20,000 patients daily. By 2022, the group intends to increase its hos- pital network to 15, and build a medical school in Ghana.

Shortly a
ter the UAE was formed, Manu Chhabria established Jumbo as one of the fi rst tech retail and distri- bution businesses in the country, and was even the fi rst to launch Sony in the Mohn Vlrni UAE the following year. At the age of seven, Valrani’s family fl ed Al Shirawi Group Vidya Chhabria, now serving as from Pakistan to India. Overnight, they chairperson of the multi-billion dollar went from a position of wealth to that group, took the reins of the company of refugees. A
ter rebuilding their lives a
ter her husband died in 2002 and has in Gujarat, Valrani le
t in the mid-fi f- guided it to become one of the largest ties to begin another life as an expat consumer electronic distributors in – this time as an entrepreneur. He co- the region while also ensuring that founded the Al Shirawi Group in 1971 ethical practices are strictly followed. with his friend and business partner The group, which employs over Abdulla Al Shirawi. Today, the group 2,000 people, has expanded to include operates over 30 companies across an enterprise division that has part- several verticals including oil and nered with IBM, Microso
t, Huawei gas, heavy equipment, logistics, and and Cisco, among others, as well as engineering, that employ over 10,000 a 3D-manufacturing division spread employees – many of whom, like Val- across a 60,000 sq
t facility. rani, are expatriates. 55

43-62 Indian Power List.indd 55 7/29/20 9:13 PM COVER STORY

Executives Indians who have made their mark in the GCC by rising up the corporate ladder and company owners who hold top leadership positions

K. Rajaram Dr. Adnan Chilwan

CEO, Al Nabooda Automobiles Group CEO, Dubai Islamic Bank Introducing Porsche’s first all-elec- A globally recognised figure in the tric car – the Taycan – in the UAE in Islamic finance industry, Chilwan led June, Rajaram stressed that the launch Dubai Islamic Bank’s acquisition of marked the “beginning of the future” rival Noor Bank to create one of the for the luxury car brand in Dubai and largest Islamic banks in the world and Northern Emirates. He should know amongst the largest banking entities well. In his long tenure of over 20 in the UAE with total assets exceed- years at the helm of Al Nabooda Auto- ing Dhs275bn. Following the listing of mobiles, the exclusive dealer of car brands Audi, Porsche and a $300m sukuk on Nasdaq Dubai in late June, DIB also became Volkswagen in Dubai and the Northern Emirates, Rajaram has the leading UAE-based sukuk issuer by value listed on the helped steer the company to a phenomenal growth of over 20 exchange. The recipient of numerous industry awards for his showrooms. A keen advocate of electric vehicles and autono- efforts in growing the international appeal of Islamic finance, mous driving, Rajaram has also been the recipient of many Chilwan also serves on the boards of Deyaar, Liquidity Man- accolades in the region. agement Centre and Dar Al Sharia.

Sanjiv Kakkar Ram Kumar Thota

Executive VP, MENAT, Russia, Ukraine and Belarus, Unilever Founder, CEO and managing director, SRR Building Materials A veteran of multinational Unilever, Having come from humble origins, Kakkar, who joined the company in Thota, the son of a farmer in India, 1984, has been heading the regional came to Dubai and founded SRR Build- business of the company across its ing Material Trading in 2007, which beauty and personal care, home care, has now grown into one of the larg- and food and refreshment segments est importers, exporters, wholesalers, since 2013. More recently, he has also and retailers of building materials in been at the forefront of the company’s the UAE. social initiatives in the region. In January, Kakkar signed a Thota, who claims to have a net worth of $1.5bn, now owns deal with Bee’ah to collaborate on a plastic recycling manage- properties in Burj Khalifa along with a yacht in Dubai and ment system, while in May, Unilever announced the donation a fleet of luxury vehicles. A philanthropist, Thota also helps of 10,000 meals for communities affected by Covid-19 in the Indians who have lost their jobs in the GCC to find new roles UAE by illuminating 10,000 lights on the Burj Khalifa. to support their families. 56

43-62 Indian Power List.indd 56 7/29/20 8:27 PM COVER STORY

“It is not about money but about doing good deeds. If someone bumps into one of my grandchildren years later and recollects a good deed that I have done, I would have left a true legacy” FIROZ MERCHANT

Raghu Malhotra Sunil Kaushal

President, Middle East and Africa, Mastercard Regional CEO, MEA, Standard Chartered Responsible for driving Mastercard’s Having led Standard Chartered to post global strategy across 69 markets, Mal- a 29 per cent year-on-year increase in hotra, who also sits on the company’s pre-tax profit in the Middle East and global management committee, has Africa last year, Kaushal is now set- led its transition to bring new elec- ting his sights firmly on one of the tronic payment solutions and services region’s biggest markets, Saudi Arabia. to the region, spanning safety, security, The bank received a licence to launch data, artificial intelligence – and help- operations in the kingdom last year, ing advance social progress and inclusive growth. Under his and intends on focus on infrastructure and project finance, leadership, Mastercard has expanded its collaboration with gov- according to Kaushal. Having been in his current role since ernments and public sector authorities to enhance the region’s October 2015, the veteran banker previously served as the UK infrastructure and digital ecosystem by creating mobile eco- bank’s regional CEO for South Asia, and has also held several systems, launching lending platforms, improving security and senior roles at a number of international financial institutions introducing new energy and agricultural digital solutions. in the past.

Atif Rahman Amit Jain

Director and partner, Danube Properties Emaar Properties Extremely bullish about the Dubai Amit Jain held the position of group property market despite the chal- CEO of Dubai’s Emaar Properties lenges thrown by Covid-19, Rahman right until the company took the step has been at the forefront of the afford- of removing all job titles in July. Jain able housing market in the emirate. took on the group CEO role at Dubai’s Danube Properties has continued to biggest developer in June 2017 and launch new projects in Dubai in recent oversees its strategy and overall man- months – including the Dhs400m agement, reporting directly to the Olivz project in March – and managed to witness strong sales chairman and board. Having been with Emaar since 2006, right until the pandemic lockdown began. With years of expe- he has built up an in-depth knowledge of the business while rience in real estate development, Rahman, who took on his previously serving as the group COO and CFO. The chartered role at Danube Properties in 2014, has emerged as a regular accountant now has a major role to play in leading the com- and prominent voice of Dubai’s property industry. pany to its next phase. 57

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Making a mark Since the 1970s oil boom in the GCC, Indian migration to the region has risen sharply, with the Gulf now accounting for a significant number of NRIs globally

INDIANS CONSTITUTE A THIRD OF THE 21.5% EXPATRIATE WORKFORCE IN THE GULF 13.11m Saudi Arabia 23.6% Non-resident Indians UAE (NRIs) globally 30% 7.1% THE GCC IS Kuwait HOME TO 65.1% OF NRIs 5.3% 2.8m Qatar live in the UAE, $59.91bn 5.2% accounting for the Oman 34.9% Bilateral trade between the largest share of NRIs Rest of the world 2.4% UAE and India in 2018-19 in the world Bahrain

SOURCE: GOVERNMENT OF INDIA, MINISTRY OF EXTERNAL AFFAIRS (MEA), “POPULATION OF OVERSEAS INDIANS” (COMPILED IN DECEMBER, 2018). OBSERVER RESEARCH FOUNDATION

Defining the right metrics, and understanding whether your company will achieve those metrics or not, is absolutely critical to successfully implementing a digital

43-62 Indian Power List.indd 58 7/29/20 8:28 PM COVER STORY

Rishi Kapoor Sunil John

Co-CEO, Investcorp President, Middle East, BCW The pandemic has not slowed the Recently named the ‘Best PR Pro- expansion of Bahrain-based Invest- fessional in the Middle East’ in corp; in May it formed a JV with the PRWeek Global Awards 2020, John European asset manager Tages Group is one of the most powerful figures in to create an investment platform with the regional public relations industry. over $6bn in revenue generating assets. He founded his own business, ASDA’A, The new JV is “optimally positioned in 2000 and eight years later drew for accelerated growth”, said Kapoor, the attention of British multinational announcing the major move. Having joined Investcorp from advertising group WPP, which acquired a majority stake. Citigroup in 1992 and served as its chief financial officer in the ASDA’A BCW’s achievements include being part of the team 2003-2015 period, Kapoor has led its active investment agenda which launched the tallest tower in the world, Burj Khalifa in regionally and internationally. Kapoor also holds board roles Dubai in 2010, and supporting the Expo 2020 Dubai bid. John at National Bank of Bahrain, Gulf Air Group, Bahrain Airport is also the main force behind the annual ASDA’A BCW Arab Company and Gulf Aviation Academy. Youth survey.

Anil Pillai Bal Krishen

Chairman, Airolink group Chairman, Century Financial Having established his construction With over two decades of financial business Airolink in Ireland in 2001, expertise across various investment Anil Pillai ventured into the Middle fields covering bonds, real estate, equi- East region in 2008 and shifted the ties, currencies, commodities and base of the company to the UAE. capital appreciation products, Bal Under his leadership, the Airolink Krishen has emerged as a veteran in group has come a long way in terms of the industry, helping investors diversify executing construction projects across their portfolios across global markets. the Middle East, Europe, and India. This year, the contrac- Krishen has led Dubai-based financial services provider Century tor reportedly has ongoing projects worth more than $1.36bn, Financial’s expansion into many verticals, recently launching with a further $1.4bn worth of projects in its pipeline. Century Private Wealth, with further plans to grow. He has also In 2019, Pillai was awarded the UAE’s gold card long-term been actively supporting initiatives in India through his charita- residency visa. He was also appointed by the United Nations ble institution Divine India, and is involved in the infrastructure as a UN counselor last year. and development projects in his home state of Jammu.

Rohit and Sharad Bachani Raju Ramesh and Sunil Paul

Co-founders, Merlin Digital Co-founders, Finesse Since establishing Raju Ramesh and Merlin Digital in 1998, Sunil Paul co-founded brothers Rohit and their digital systems Sharad have focused integration company on driving the com- Finesse in Dubai in pany’s growth by 2010. The company discovering niche mar- has now grown to a kets and recognising team of 400 with more new and disruptive product offerings. From introducing the than 300 enterprise clients. A serial entrepreneur and inves- brand in Dubai Duty Free to moving into corporate sales, the tor, Ramesh has more than 30 years of experience with a keen Bachanis have led Merlin to expand its international footprint. interest in seed investment in tech and biotech firms. Paul, the The company has also launched a new sustainable develop- company’s MD, has over 25 years of IT experience and previ- ment division, and is now eyeing the health and VR segments. ously co-founded banking services company Y-Axis Systems. 59

43-62 Indian Power List.indd 59 7/29/20 8:28 PM COVER STORY

Ones to watch The young Indians expanding their influence in the Gulf, either as entrepreneurs or as heirs to family businesses

Ayesha Depala John Paul Joy Alukkas

Founder, Ayesha Depala fashion brand Executive director, Joyalukkas Group Dubai-based fashion designer Ayesha John Paul Alukkas chose a humble Depala launched her eponymous beginning as a trainee post his gradua- brand in 2002, which has since evolved tion, to understand the nuances of the to develop an enviable reputation for business. With a keen eye for retail and bespoke gowns. Her creations are now marketing, he has since risen through displayed at stores across the UAE the ranks and currently manages the and India and are worn by some of Joyalukkas group’s international oper- the most famous celebrities across the ations with a focus on expansion. As world. With ready-to-wear, couture and bridal lines on offer, the company, which has over 8,000 employees across 11 coun- Depala wove the nuances of florals in her Spring/Summer tries, seeks to grow further, the younger Alukkas – emulating 2020 collection. the business sense of his father – intends to carry on the legacy.

Geet Bhalla, Digvijay Pratap Snehal and Sunita Hadani

Founders, HolidayMe Founders, Hadani Group Bhalla and Pratap A disciple of philoso- launched UAE-based phy, Snehal Hadani online travel portal has come a long way. HolidayMe in 2014 and As the director of haven’t looked back Hadani Group, an ever since. Using their integrated marketing experience in software services agency – development, finance Snehal believes in the and IT, they have spearheaded its growth to launch offices in perennial process of learning. Backing him is his wife, Sunita, Dubai, Riyadh and Pune. HolidayMe now works with over 200 a marketing connoisseur and the group’s managing director. employees, offers over 300,000 hotels and 8,000 activities, and Spanning a career across global conglomerates such as BT, has airport pick-up and drop facilities in 300 cities. In 2018, the IBM, Oracle and HCL Technologies, Sunita has over 15 years company announced its merger with Malaysia-based Tripfez to of tech marketing experience and harbours a ‘can-do’ attitude expand its international footprint. HolidayMe has raised a total while remaining passionate about changing people’s mindsets of $39m in funding, according to Crunchbase. regarding the value of marketing. 60

43-62 Indian Power List.indd 60 7/29/20 8:28 PM COVER STORY

“Apart from passion, the one thing that matters most is perseverance. The cliché ‘never give up’ has never been more relevant than in a startup” GEET BHALLA

Kunl Kpoor Nish Jgtini

Founder, The Luxury Closet Group director, Landmark Group Prior to founding the luxury pre- Group director at retail and hospitality owned goods marketplace, The conglomerate Landmark Group, Nisha Luxury Closet, in 2011, Kunal Kapoor Jagtiani oversees the strategic vision of worked at his family’s footwear busi- the home-grown brand Lifestyle and ness for six years and later as a sales leads the group’s essential corporate manager at Louis Vuitton. From a functions such as human resources, three-member team to a workforce communications, and corporate social of 80, The Luxury Closet houses more responsibility. She is also spearheading than 16,000 unique items, featuring top luxury brands, while Centrepoint’s plans to create its ‘stores of the future’. Previ- accepting items and delivering globally. It also expanded into ously, she also worked extensively with Landmark’s aš ordable Hong Kong with the acquisition of online luxury marketplace fashion brand Splash. Jagtiani also serves on the board of the Guiltless. In 2019, the marketplace launched its VIP concierge Dubai Design and Fashion Council and the Dubai Institute of service for consumers in Kuwait. Design and Innovation.

Dino Vrkey Ashish Pnjbi

CEO, GEMS Education COO, Jacky’s Group Dino Varkey comes from a lineage of A prominent speaker at regional retail educators. His father Sunny Varkey and tech events, Ashish Panjabi serves founded GEMS Education, while his as the COO of UAE-based Jacky’s Group grandparents were also teachers who of Companies and also runs its Business migrated to Dubai in 1959. As the CEO Solutions division, which provides visi- of GEMS Education, he is now tasked tor management, banking and graphics with providing strategy and insight solutions. He has also led the company across the company. In 2019, he led to adopt 3D printing and robotics solu- GEMS Kindergarten Starters in Dubai to become the world’s tions. Panjabi also runs Jacky’s Retail, which operates Samsung fi rst UN climate change certifi ed school, while GEMS and its brand shops in the UAE, and is a partner at printing and fab- Saudi JV partner Hassana Investment acquired Ma’arif Educa- rication company Cutting Edge Solutions. A charter and board tion Group, the kingdom’s largest private school operator last member for the UAE chapter of nonprofi t TiE, he also previously year. Dino Varkey is also a patron of the Varkey Foundation. served as the president of the Entrepreneur’s Organisation UAE. 61

43-62 Indian Power List.indd 61 7/29/20 8:28 PM COVER STORY

“THE DIFFERENCE BETWEEN WHAT WE DO AND WHAT WE ARE CAPABLE OF DOING WOULD SUFFICE TO SOLVE MOST OF THE WORLD’S PROBLEMS”

MAHATMA GANDHI

43-62 Indian Power List.indd 62 7/29/20 8:28 PM Lifestyle

Auto 64 Leadership 68 AUG Fashion 70 Embody Gaming Chair Horology 72 Herman Miller joined forces with Logitech G to create this $1,495 gaming chair that is Travel 76 20 95 per cent recyclable

Surface tension Grey Cermet, the new material used in the Richard Mille RM 11-05 Automatic Flyback Chronograph GMT, fuses ceramics and metals p.71

gulfbusiness.com August 2020 63

63 Lifestyle Opener.indd 63 7/29/20 5:17 PM Lifestyle / Auto

“It is not volume at any cost,” says Cartier, in contrast to the company’s ear- Rebooting Nissan lier policy of focusing on volume growth. “It is about profitable growth and financial The Japanese carmaker has had a rocky year that has discipline as we have to restore a better PNL brought it to the brink. However, a four-year transformation than what we have today.” strategy has plotted out an aggressive turnaround plan. Nissan Middle East FZE (NMEF) reported that for FY 2019, its domestic sales Here’s what to expect in the Middle East had grown 0.5 per cent year-on-year. “We have delivered a very strong performance BY VARUN GODINHO on the domestic side for Nissan Middle East that includes the Levant markets of Jordan, Lebanon and Iraq. And we have managed to hen Japanese auto giant 30 per cent of its value from the start of grow our share 0.5 per cent compared to FY Nissan’s CEO Makoto the year, but he was determined to pivot 2018. The same applies specifically for the Uchida took to the stage in the company. Gulf markets,” says Thierry Sabbagh, man- May to declare the figures He announced a four-year turnaround aging director of Nissan Middle East. Wfor the financial year ended March 2020, plan that called for production to be cut by The Gulf markets for Nissan’s Middle the numbers looked bleak. Nissan reported 20 per cent to approximately 5.4 million East division specifically include the UAE, a JPY671bn ($6.2bn) net loss – which was units a year, and emphasised the need to Bahrain, Kuwait, Oman and Qatar. not only its first loss in a decade, but pain- reduce about JPY300bn ($2.7bn) in annual Nissan introduced its new Sunny in fully moreover, also its biggest in 20 years. fixed costs by measures including the clos- the UAE in May, but more importantly, The dramatic escape of its former high-pro- ing of its plants in Barcelona and Indonesia. launched the new Nissan Patrol in Septem- file chairman Carlos Ghosn from Japan in To steer its business within the Middle ber last year by way of a global reveal in December, reports about fissures developing East, the company appointed Guillaume Abu Dhabi. in the Renault-Nissan-Mitsubishi Alliance Cartier as the senior vice president and In the Middle East, the Nissan Sunny sold and the more recent crippling effect of the chairman of its Africa, Middle East, and 27,800 units – recording a 20 per cent year- global pandemic didn’t help its cause. India (AMI) region. Cartier held another on-year growth – and accounting for 37 per By the time Uchida declared the num- press conference recently to discuss the new cent of the total sales volume. bers, Nissan’s stock had already lost nearly direction for the market he now oversees. But for Nissan Middle East, a key indicator

64 August 2020 gulfbusiness.com

64-66 Nissan.indd 64 7/29/20 5:40 PM Lifestyle / Auto

of its health within the region has been the For Nissan Middle East, a key indicator performance of its Patrol SUV – a car that has been a consistent success story for the brand of its health within the region has been within the region since its introduction here in 1951 and has even been nicknamed as the the performance of its Patrol SUV ‘King of the Desert’. “Boosted by the launch of the 2020 Nissan Patrol, our overall Patrol sales saw a year-on-year growth of 65 per cent. With cent. There is no industry that can support But he is adamant that increasing volume a total of 13,700 units sold, this iconic SUV such a decrease.” is secondary, while capturing a greater contributed to 18 per cent of our overall Within the AMI region that Cartier man- market share is a more immediate concern. sales volume,” elaborates Sabbagh. ages, Nissan currently has production “The way I am now measuring perfor- plants in South Africa, Egypt and India – mance is much more on the market share he pandemic has thrown a span- the latter of which provides the Middle East [we have]. Today, we are 6 per cent of the ner in the works for nearly all market with the Micra as well as the previ- Gulf market and aim to keep a market share auto manufacturers. Sabbagh ous generation of the Sunny. in the Gulf which is higher than the global says that the TIV was down over As for prioritising, Cartier says that it average,” Cartier adds. T80 per cent at the start of the lockdown. is essential for the brand to focus on core Sabbagh reiterates the strategy in place “After the restrictions were eased, we saw products and technology. “We want to for the Middle East. “We plan to be above 12 an interesting momentum along the retail really capitalise on SUVs – Patrol, X-Trail, per cent market share in all the markets we side of the business. The fleet size of the Qashqai, Navara. In term of markets, represent – in some markets we are nearly business remains slightly more challenging clearly, the core is the Gulf market which is 20 per cent, and in some markets, we are as companies are trying to figure out the key in terms of profit and a volume driver,” just above 11.” impact of the crisis on their own businesses says Cartier. As part of the scaled-down production before making any decisions,” says Sab- plans, Nissan will be launching 12 models bagh, who adds that Nissan Middle East’s over the next 18 months globally. The AMI fleet sales grew by 3 per cent in FY 19 com- division meanwhile will introduce eight pared to the previous year. new models over the next two years. Cartier meanwhile remains cautious in A global strategy that will be sure to his outlook for a quick recovery within the have ripple effects on the carmaker’s busi- region. “At the minute, I’m not managing ness within the Middle East is the now over [the business on] a yearly basis, but much two-decade-old Renault-Nissan-Mitsubishi more on a weekly basis,” he says, while Alliance which, although showing cracks adding that the company was now acting over the last few years, has now coalesced to “prioritise and rationalise”. over the shared burden of the damaging “By rationalise, it means rightsizing the Covid-19 pandemic and the impact of it on production capacity. Previously it would their individual businesses. “Each brand be said that we could produce eight million has its own independence in terms of man- Above: Guillaume Cartier, and seven million [units]. We had produc- aging the company and the PNL. When you senior vice president and add the three brands, you have next to 10 tion capacity that was built for that number. chairman of Nissan Africa, But we are currently looking at five million Middle East and India million in sales,” says Cartier. – rightsizing our production. If we don’t do “With the ‘leader-follower’ concept, it that, our costs will go up because we can’t Below: Thierry Sabbagh, means that in some regions, platforms, absorb the fixed costs,” says Cartier. managing director of Nissan and technologies, one company will be the When asked whether part of reducing the Middle East leader and the other two will be the follo- fixed costs would mean reducing its work- wers. In China, for example, the leader will force in the region, Cartier chose instead be Nissan obviously due to its presence. If to spell out the scale of the impact of the Renault or Mitsubishi wants to benefit from Covid-19 on business within the region. “In our industrial capacity, or relationship with the last three months, in the region that I the government, that’s where they can col- am in charge of, the market is 70 per cent laborate with Nissan. less than last year. We don’t know for exam- “You can apply the reciprocity in Europe ple what will be the size of the market in where Renault will be the leader. It means Saudi. Initially, we were planning a busi- that if the two other brands want to join ness plan on a TIV that would be 600,000. and benefit, they can. The same applies to Today, with Covid-19, the oil prices and South Asia in Thailand and the Philippines tax increase, potentially the TIV will be where Mitsubishi is strong, and Mitsubishi 350,000. So your revenue is down 45 per will be the leader.

gulfbusiness.com August 2020 65

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“As for the technology, instead of every- one doing everything, you will specialise. So for e-power and hybrid technology, the leader is Nissan. If the follower wants to use it, they have access to it. You can have the same reciprocity on some platforms. Nissan will be leading C and D platforms – the bigger platforms – and Renault will [take the lead] more on the small platforms A and B. Everyone is not doing the same things, but everyone is doing something that the other can benefit from.”

n the UAE, Nissan has been a promi- nent player of the automotive scene, even being appointed as the official motor partner of Expo 2020 Dubai, Iwhich has now been postponed as a result of the Covid-19 pandemic and will begin on October 1, 2021. “Nissan will showcase the future of mobility at Expo 2020 Dubai with next-generation cars and advanced technologies across the site, all powered by The Nissan Ariya Nissan Intelligent Mobility,” explains Sab- is the carmaker’s bagh about Nissan’s plans for the event. second fully- “Nissan will also provide a fleet of vehicles electric vehicle including electric vehicles (EVs) to Expo after the Leaf and 2020 Dubai.” will go on sale in As for those EVs, expect to see a pro- mid-2021 in Japan duction variant of the latest Nissan Ariya – the electric crossover that the carmaker revealed last month at its new Nissan Pavilion in Yokohama – which is its second fully-electric vehicle after the Leaf. The Ariya is expected to go on sale in Japan in mid-2021 and will be priced at around JPY5m (Dhs173,000). Nissan is expected to launch over eight electric models by 2023, and Sabbagh out- lined the conditions under which those EVs Show last year and that shows our commit- online. But again, it was interesting to see will be rolled out in the Middle East. ment to the region. If the UAE government that as much as people went online – and “It depends from market to market, and decides to have a motor show in the next definitely there is no way back on introduc- even on the subsidies the governments are two years, our commitment is definitely to ing more innovation on digital platforms offering. For example, in Jordan, commer- encourage what the government is setting – they also started going back to the show- cially it makes sense to introduce an electric up,” explains Sabbagh. He adds that in the rooms [once the lockdown restrictions vehicle because of the waiver on taxation of future, it may be likely for motor shows to were eased].” electric vehicles – we recently launched the transform from on-ground events to vir- While merely symbolic, Nissan also Leaf in Jordan. Our partners determine the tuals ones, where products are launched unveiled a brand-new logo last month. It right time, how we want to introduce it and digitally. won’t concretely further its turnaround whether it makes sense from a commercial The lockdowns in the UAE resulted in strategy, but it won’t do much harm either standpoint. For markets like the UAE, we Nissan pushing forward a digital trans- while serving as a totem for this 87-year-old are studying this and will make a decision.” formation strategy including online car company which is, in many ways, in a deci- At the 2019 version of the biennial Dubai ordering, a chatbot, and a digital train- sive fight to rank among the world’s major International Motor Show, Nissan was ing academy. But the digital push, says automakers. “We have been going through among the few automakers to go full throt- Sabbagh, will not come at the expense of different crises over the last 10 years, but tle with an expansive presence. “Nissan was showrooms. we have seen that the industry has man- one of the rare large manufacturers to par- “Certain partners have the full online aged to recover and that’s what we’re ticipate at the Dubai International Motor experience and you can buy the car entirely hoping for,” concludes Sabbagh.

66 August 2020 gulfbusiness.com

64-66 Nissan.indd 66 7/29/20 5:40 PM PARTNER CONTENT Guarding against the ‘new normal’ wave of cyberattacks While cybersecurity systems in place may have been enough before the pandemic, companies need to reassess their frameworks in light of the increased stress to ensure business continuity

he Covid-19 crisis has irrefutably Companies have the dual task sparked a massive workforce trans- of implementing strong authenti- formation. Millions of people have cation while providing a positive been suddenly ushered into a work- end-user experience. Compa- Tfrom-home model, university students are nies that want to stay both safe completing their studies online, and even our and flexible in this threat social life has shifted from face-to-face inter- landscape should adopt an actions to virtually-hosted online gatherings. intelligent, multi-factor authen- One thing has been made certain by way tication framework, like NetIQ, of this pandemic: connectivity is absolutely that can adapt to changing risks. essential for business, and digital security is While access management paramount for protecting the data, networks, is vital, it is equally important to and clouds that keep businesses moving implement encryption solutions forward. for data privacy and security that Simply put, our increased demand for digi- allow data to be both safe and tal during the ‘new normal’ has changed the accessible to those that need threat landscape. With so many businesses it to drive business continuity. and employees going online, the surface A solution like Voltage Secure- area vulnerable to attacks has expanded, and Data encrypts data at a field organisations need to assess their security level, while providing increased suites and protocols with this “new normal” access to secure data that can in mind. reduce the risk of a breach. An increased reliance on the cloud, No matter what solutions unprepared identity access management pol- organisations decide to adopt icies, unsecured networks, and unauthorised Gonzalo Usandizaga to strengthen their security remote access have left networks exposed suite, now is the time to take a good look to both internal and external bad actors. close look at the security solutions and poli- at the frameworks that are in place to pro- Couple that with the ability to play on the fears cies keeping these attacks at bay. tect key systems and data. Even if solutions sparked by a global pandemic, and it is all not To add to the issue, many organisations in have been adequate to this point, companies surprising that in mid-April, Google reported the Middle East may be woefully under-pro- need to take into account not only increased that in just one week, it saw more than 18 mil- tected. According to IDC, over a quarter of employee loads, but also the increase in secu- lion daily malware and phishing emails related organisations in the region have “poor breach rity risks since the beginning of the Covid-19 to Covid-19 scams sent via Gmail alone. detection capabilities” and 34 per cent lack crisis. What was once a fine framework may In these times, potential bad actors are the security expertise needed to respond to not be enough to handle this increased stress targeting companies at their weakest links advanced threats. on the system. – whether it is thwarting operational policy A robust authentication protocol is the Businesses across the globe have learned and playing on a workforce ill-accustomed backbone of any security solution ecosystem. some hard lessons in the first quarter of 2020. to remote access, or circumventing secu- Identity is everything when it comes to cyber- As we begin to see the light at the end of the rity solutions that were not designed for the security, but with new threats on the horizon tunnel, it is imperative that we take these les- sudden influx of remote sign-ins. and more employees working remotely, the sons forward, and prepare for a more secure With an Internet penetration rate of 99 per playing field has become more complex. future. cent, the Middle East region is particularly vul- To manage identity and authentication in a nerable to such threats, and with 32 per cent streamlined way, organisations should have Gonzalo Usandizaga is the vice president and of data breaches in 2019 sparked by a simple an integrated platform for identity, access, and general manager for Emerging and Growth phishing email, companies need to take a privilege management. Markets at Micro Focus

gulfbusiness.com June 2020 67

67 MicroFocus.indd 67 7/29/20 5:19 PM Lifestyle / Gulf Business Academy

n my experience, far too many people set up businesses with great ideas and How I made my strategies, but they have a limited understanding of how they can bring Imoney through the front door. What I have learned in my 30-year career first million… at 26 in the sales industry, is that the most impor- tant skill needed to achieve massive success Entrepreneur, author, trainer and master salesman, Spencer is the ability to break down goals into daily Lodge, shares the tricks of his trade learnt during a career actions. I was just 26 years old when I made my first million and 28 when I had my first that has spanned over 25 years million in the bank, and that was possible only because I was very strategic about BY SPENCER LODGE breaking my goal into smaller chunks. One of the main things I teach in my sales training is to use data to inform your deci- sion-making process. I truly believe that anyone can become a millionaire if they plan well enough and stay focused on their goal. If you too want to become a millionaire, then here are the steps I took that you can also easily replicate:

1. WORK BACKWARDS I had to determine if what I was selling had the potential to earn enough commission per sale to realistically earn GBP1m. At that point, I was selling office equipment which meant that I wasn’t earning enough money for me to be on commission, so my dreams of being a millionaire were very far off. When I joined the financial services industry at age 23, all that changed because I was suddenly earning roughly GBP5,000 per sale. Knowing that my average commis- sion was GBP5000, meant that in order to earn GBP100,000, I needed to do 20 deals. For a million, I needed to do 200 deals. This is when I stopped focusing on the money and thought about the deals instead. I broke down the 200 deals I needed to make in a year and worked out the number of daily and weekly deals I needed to close. Sud- denly, the process I needed to follow became crystal clear and my goal seemed a lot closer.

2. IMPECCABLE DATA ANALYSIS I became hyper-focused on diary manage- ment and analysing data. I became obsessed with the ratio of sales to prospects, and pros- pects to suspects. I broke down each day into five meetings per day, 25 meetings per week. From there, I determined that I needed to convert four of those 25 meetings each week. My ratio for closing a deal was three prospects, so I needed to see no less than 12 prospects to close those four deals. I determined that I would be able to

68 August 2020 gulfbusiness.com

68-69 Spencer.indd 68 7/29/20 5:19 PM convert six of those 12 prospects into second meetings. From that point onward, Tips for financial I became focused on getting 12 prospects into my diary every single week and doing growth so as early in the week as possible to give myself the best chance of success. Don’t spend money on silly things: I What I have learned in my years of sales wasted a lot of money on material things training is that most salespeople who fail – VIP travel, cars, clothes and watches. I are those who don’t analyse the data in as loved going to fancy restaurants, exclu- much possible detail. The only thing that sive nightclubs and entertaining my matters is that you follow the data – opin- friends, but I realised that these things ion and ego are irrelevant. Self-regulation is were very expensive and failed to add crucial. Stay focused, stay disciplined, and much value to my life. Be very deliberate A young Spencer Lodge joined the financial become obsessed with data. about where you put your money. services industry at the age of 23

3. FOCUS ON REFERRALS Get your money working for you: Once you’ve developed amazing rapport, Some people will argue that you should you can ask pretty much anyone you know save 50 per cent of what you earn. I for a referral. And knowing that I was four would say save 25 per cent and invest times as likely to close a deal through a focused on the value they bring. This, in it wisely. Don’t simply leave it in the bank referral than through a cold lead, I tried to turn, closes deals time and time again. Your because the bank doesn’t do anything get referrals from everyone I met. value proposition must be clearly commu- for you – it costs you money to keep I asked everyone for introductions and nicated to prospective consumers, and this money. Find professionals to help you referrals. In fact, I wouldn’t even do busi- means understanding your customer’s prob- with investing, and whatever you do, ness with anyone who wasn’t willing to give lem and being able to recommend a solution do not invest your money into stuff you me referrals, because this meant that they that will enhance their business. don’t know anything about. didn’t trust me as a financial advisor. If they didn’t trust that I was giving valu- 5. SETTING ACHIEVABLE GOALS Continually educate yourself: Invest able advice, then I knew I couldn’t rely on I am a big advocate for having goals, but time into studying about financial plan- them to refer their family and friends to I believe that business plans should only ning, money management and other me. I knew I needed 36 referrals per week in go as far ahead as 90 days. This means the skills. The more you know, the better order to earn a million pounds, so I couldn’t goal can be broken down into actual tasks, prepared you will be to experience waste my time and energy on prospects that with the finish line visible. Once that goal is success. wouldn’t help me reach my goal. achieved, you can pat yourself on the back, set another goal and keep going. By doing 4. BUILD RAPPORT this, you are setting yourself up to succeed. Being a good listener and asking really good If you rise once, you are more likely to rise TURNING GBP1M INTO GBP10M: questions is crucial to success. I was able again and again. As simple as it sounds, I replicated the for- to close deals effectively by explaining to mula and hired other people to do exactly prospects how I work. I am known to be a 6. QUITTING IS NEVER THE ANSWER the same. I had hundreds of people work- straight talker so I would ask if I could level I never, ever, gave up. It simply isn’t in my ing under me, allowing me to take 10-20 per with them, or if they preferred a fluffy ver- nature to quit. Bouncing back from massive cent cut of what they produced. sion of the truth. disappointments is fundamental to helping The most important part of my job at this Unsurprisingly, they all asked me to be you reach millionaire status; the more you point was to get the people on my team to honest, and once you have permission to can take the blows, the better you will per- deliver and exceed expectations. My job was be frank, then you have the freedom to ask form. So never allow fear or failure to get in to train, inspire and motivate those people tough questions and build their trust. But this the way of the goals you have set for your- to ensure they were constantly improving is the thing: great salespeople aren’t afraid to self, and always remember that if you are their performance. I needed to structure say difficult or uncomfortable things. Great prepared to work hard enough for some- my team to ensure they could deliver what salespeople say it how it is, and they are very thing, you can make it a reality. they needed to do. If they weren’t moti- vated to be successful and close deals, then I wouldn’t be able to achieve my goals. Some timeless advice is to always keep six “What I have learned in my years of sales months’ salary set aside in case of emergen- cies. As we’ve seen from the global situation training is that most sales people who right now, and millions of people losing their jobs and businesses, having a nest egg fail are those who don’t analyse the data” is more crucial now than ever before.

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68-69 Spencer.indd 69 7/29/20 5:19 PM Lifestyle / Fashion Lights, camera… Hermès For its recent menswear Spring-Summer 2021 collection, Hermès found a novel way to present its latest collection to its global clients, right in the comfort of their living room

lobal travel restrictions meant that the usual on-ground the- atrical fashion productions that luxury brands stage have taken Ga backseat this year. But Hermès, ever ahead of the curve, organised a unique seven-minute live- streamed performance of models showcas- ing the brand’s new looks as they walked through the Les Ateliers Hermès in Pantin, Véronique Nichanian with Hermès Men creative director Véro- teamed up with director nique Nichanian and her staff prepping the Cyril Teste to stage this models for a mock rehearsal of a fashion live-streamed fashion show show – seemingly oblivious to the cameras that were following their movements. Nichanian, who has been at the creative helm for nearly 32 years, collaborated with theatre director Cyril Teste to stage the behind-the-scenes show unveiling Hermès’ Men’s Spring-Summer 2021 collection. Although the video showcased 18 looks, there were a total of 26 created by Nicha- nian which included characteristic draw- string pants, leather inserted into the rib-knit sweater, zippered waistcoats, fabric including deerskin and cotton, plenty of blue, hints of fluorescent yellow, subtle prints, one-pleat trousers and even acces- sories including a Slim d’Hermes watch, closed sandals and braided canvas belts. Experimental, effortless, brilliantly cho- reographed – you could say as much of the live-streamed production as you could of Nichanian’s latest collection.

70 August 2020 gulfbusiness.com

70 Hermes.indd 70 7/29/20 5:19 PM Lifestyle / Horology Indestructible Lighter than titanium, and nearly as hard as diamonds – Richard Mille holds nothing back with its new grey Cermet material in its latest RM 11-05 Automatic Flyback Chronograph GMT

BY VARUN GODINHO

hen it comes to mate - rial innovation, think of Richard Mille timepieces as a skunkworks labora- Wtory on your wrist. The Neuchâtel-based watchmaker has gone to extreme lengths to research, manufacture and implement cutting-edge materials into its watches. Take for example the RM 009 which used a material called Alusic, created by spin- ning silicon and aluminium in a centrifuge so that the particles bond at a molecular level. Then there’s the RM 50-03 Tourbil- lon Split Seconds Chronograph Ultralight McLaren F1 which used a carbon-based The Richard Mille RM material called Graphene discovered by 11-05 Automatic Flyback two Nobel prize-winning physicists. The Chronograph GMT RM 027 Tourbillon Rafael Nadal, mean- while, used carbon nanofibre – a material used in US military fighter jets – to create To create this specific grey Cermet var- If the materials alone weren’t impressive the world’s lightest mechanical watch at the iant for the timepiece, the watchmaker enough, you also have a skeletonised auto- time of its debut in 2010. teamed up with microtechnology specialist matic winding Calibre RMAC3 movement Now, this latest RM 11-05 Automatic Fly- IMI Group. The zirconium carbide under- whose bridges and baseplate are also made back Chronograph GMT has a new material goes a process of “flash sintering” where from Grade 5 titanium. that the watchmaker calls Grey Cermet it is reportedly heated at temperatures of The watch additionally features a fly- and which combines a metallic zirconium upto 2,000°C. The process further com- back chronograph including a 60-minute matrix with ceramic inserts. bines an electrical field with hot stamping and 24-hour totalizer, an annual calen- Cermet, created by fusing ceramic and to get the final solid version of the material dar, a GMT function, a variable geometry metals, “combines the lightness of titanium used in the bezel. rotor that allows the user to customise the and the hardness of diamond” and was used The finished version of this material, rewinding of the mainspring, a freesprung in the upper case of this timepiece. which excludes cobalt and nickel (the balance wheel along with variable inertia Cermet has a density of 4.1g/cm3 – lesser watchmaker refers to these as “unwanted that protects it against shocks, and also than that of titanium which has a density of binders”), also adheres to Europe’s REACH a double barrel that ensures consistent 4.5g/cm3 – and a hardness of 2,360 Vickers, chemical safety regulations. torque over longer periods – an absolutely nearly as much as diamonds which have a While Cermet is used in the front bezel, vital function in high-performance chrono- hardness of 2,400 Vickers. the tripartite case uses Carbon TPT in the graphs like this wristwatch. Owing to its lightness and strength, mid-case. Carbon TPT comprises of up to Limited to 140 pieces, there will be only Cermet is used in the aerospace industry 600 layers of carbon fibre pressed tightly a handful of these allotted to individual to make shuttle components and also in together. The caseback meanwhile is made boutiques around the world. A handsome the brakes of high-performance cars where from Grade 5 titanium. Holding the entire combination of ultra-complicated mechan- they are routinely subjected to high tem- case together are 20 spline screws which ics and futuristic materials leaves little to peratures and stress. itself are made from Grade 5 titanium. fault with this new timepiece.

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71 Richard Mille.indd 71 7/29/20 5:49 PM Lifestyle / Horology

the reins of the company in 2009, decided to construct an expanded production facility Breaking ground at Plan-les-Ouates to once again consoli- date the manufacturing process at a single Swiss watchmaker Patek Philippe recently opened site and to support the company’s produc- a new production facility in Geneva’s outskirts of tion for at least another three decades. Five years later and at a cost of CHF500m, Plan-les-Ouates the new facility – built on the company’s former parking lot at Plan-les-Ouates – was BY VARUN GODINHO inaugurated in June. Patek spent another CHF100m on the interiors and equipment installed in the building. odern Swiss fine watchmak- yellow-gold case wristwatch made on com- The 10-storey unit (four of which are ing as we define it today, mission for the Countess Koscowicz of underground) is 189-metres long and 67 during its early days around Hungary, was the first Swiss wristwatch. metres wide. Describing the architectural 300 years ago, was essen- Two years ago, another timepiece, the flourishes of the building, the watchmaker Mtially a series of skilled individual artisans Grandmaster Chime Ref 6300A, became says, “The large-format glazing (abundant working in silos creating specific compo- the world’s most expensive timepiece when daylight is a must) interacts with white con- nents for watches. it auctioned for $31m. crete passageways along the entire façade An attempt to centralise production and But records and accolades notwithstand- and the intermittent bronze-coloured fire gather these artisans into a single place ing, Patek hasn’t let itself slip into a dreary escapes in the New York style. The impres- where they could collectively pool their sense of complacency over the past few sion is that of a huge ocean liner with efforts to create a watch entirely in-house decades. clearly defined forms… the slight horizontal led to the creation of ‘manufactures’. The brand was acquired by the Stern curvature of the passageways [are] reminis- Patek Philippe, universally regarded as family in 1933, and remains an independent cent of the gently rounded octagon of the among the top three Swiss luxury watch- family-owned business at the very pinnacle Nautilus case, or the balustrades of the fire makers in the world, is one such leading of fine watchmaking. escape ladders with a silhouette that resem- Swiss manufacture. Polish immigrant In 1996, the former president of the com- bles the form of leaf-shaped hands.” Antoine Norbert de Patek, who arrived in pany, Philippe Stern, inaugurated a new The four subterranean floors offer a Geneva in the 1830s, partnered with watch- production facility in Geneva’s Plan-les- 635-car-park facility, while the first and maker Jean Adrien Philippe to create Patek Ouates which, as the company says, was second floor above ground is dedicated to & Cie – Fabricants à Genève in 1851, later to “reunite under one roof the individual the production of components including renamed as Patek Philippe & Cie. business activities that were previously the bridges and wheels, the manual-inten- Patek Philippe has courted royalty – distributed across over a dozen sites sive process of polishing those parts, as well Queen Victoria purchased a pendant watch throughout the city and to thus secure the as the assembly of its bracelets and cases. back in 1851, now displayed in the watch- independence of the company in the long The second floor also houses the restoration maker’s museum – and industry titans. The term”. Philippe reportedly spent a year’s of antique pieces. Patek Philippe Henry Graves Jr. Supercom- worth of sales budget on that facility. plication, for example, was built specifically But as the watchmaker’s business for US banking tycoon Henry Graves Jr and subsequently expanded, some of its manu- Bottom: (from left) The Patek auctioned for $24m in 2014. facturing needed to be shifted to the nearby Philippe Ref. 6007A-001 Patek has also been a powerhouse of community of Perly. Calatrava; The new facility was innovation. A rectangular Patek Philippe In 2015, Philippe’s son Thierry, who took built at a cost of CHF500m

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72-73 Patek.indd 72 7/29/20 5:21 PM A 299-person auditorium is also located on this floor. On the fifth floor, a “pent- house restaurant” can seat 880 guests and includes four VIP lounges. The objective of the new production facility is not to ramp up production – Patek makes around 62,000 watches a year including 8,000 quartz pieces. Over the last 15 years, it has increased production by around 2-3 per cent annually, and intends to keep it that way. With the current pandemic resulting in the cancellation of Baselworld earlier this year, Patek Philippe joined Rolex, Chopard and Chanel when they decided to exit from Baselworld altogether and set up a new watch show that would take place parallel to Watches & Wonders next year. Like Rolex, Patek Philippe too did not announce any new novelties this year. However, to commemorate the opening of the new facility at Plan-les-Ouates, Patek decided to introduce its first novelty for the year – the Ref. 6007A-001 Calatrava. Inter- estingly, this watch, limited to 1,000 pieces, is offered in steel – one of the most coveted case materials from Patek. For reference, a steel Nautilus has a waiting time of around eight years. The commemorative Ref. 6007A-001 Calatrava features a self-winding Caliber 324 S C mechanical movement that oper- ates at 28,000vph and has a power reserve of up to 45 hours. The 40mm steel case frames the grey-blue dial with a carbon pat- tern at the centre of it. The white gold hands are covered in lumi- nous material – the only Calatrava model currently in Patek’s arsenal to feature hands with this material on it. Turn it over and Setting the pace for the future of the you’ll see an imprint of the Calatrava cross company, an R&D and prototyping depart- and the “New Manufacture 2019” inscrip- ment is located on the third floor, and it tion on it, referring to the time when also houses the Patek Philippe Advanced employees began moving to the new facil- Research department. “The slight ity. And with 2020 being a year that we’d all “If you want to survive the future, you like to put behind us, it isn’t a bad idea to need to have a good idea about what you’re horizontal not have 2020 inscribed on that caseback. going to launch,” Thierry told Gulf Busi- Within weeks of launching the Ref. ness last year, when explaining that he was curvature of the 6007A-001 Calatrava, Patek also announced already working on movements that were the new Ref. 5270J-001 Perpetual Calendar destined to come to market in 2023. passageways [are] Chronograph, now available in yellow-gold, On the floor above, you will find the rare the Ref. 5303R-001 Minute Repeater Tour- handcrafts skills division. Sandrine Stern, reminiscent of the billon – it’s worth noting that every minute Thierry’s wife, is the head of Patek’s Rare gently rounded repeater is passed via Stern’s desk who per- Handcrafts department that creates one-off sonally inspects its tonal quality – and even timepieces, including clocks, using inter- octagon of the a Ref 5370P-011 Split Second Chronograph. generational artisanal skills such as wood Evidently, the new production facility is marquetry, enamelling and engraving. Nautilus case” already off to a strong start.

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72-73 Patek.indd 73 7/29/20 5:21 PM Lifestyle / Auto

Even the 4x4 isn’t a standard one, but instead features two 4x4 setups. A base 4x4 offers a two-speed electronic shift-on-the- fly transfer case. The advanced 4x4 setup meanwhile delivers a two-speed electro- mechanical transfer case that adds an auto mode for on-demand engagement to shift between 2-wheel and 4-wheel drive modes. A Trail Turn assist tightens turning radi- uses in off-road conditions using a torque vectoring function. The Trail Control feature meanwhile – an equivalent of cruise control – is used here instead for low-speed offroad driving conditions. The SUV has a 11.6-inch ground clear- ance, and a maximum of 29-degree breakover angle and 37.2-degree departure angle, along with a water wading depth of upto 33.5 inches. The car has a suspension travel at the front and rear that is, it says, 17 per cent more than its competitors. Optional rock Living wild rails available for it are designed to take the entire weight of the vehicle onto it as the Ford’s new 2021 Bronco, which will enter into production car’s monstrous 35-inch wheels navigate it out of quagmires. at its Michigan plant early next year, will be available in The Bronco will feature a 2.7-litre Eco- showrooms after a nearly 25-year-hiatus Boost V6 engine, expected to generate 310hp of power and 400 lb-ft of torque, BY VARUN GODINHO while the 2.3-litre variant of the four-cyl- inder EcoBoost will generate 270hp and 310 lb-ft of torque. aved roads were never quite fully Both of these will be petrol models and on the agenda when Ford con- they will feature a 10-speed automatic ceived the iconic Ford Bronco that transmission that delivers a crawl ratio of made its debut in 1965. Unfortu- 67.8:1. Pnately, by 1996, it decided to discontinue Additionally, the four-cylinder variant the production of the rugged two-door SUV will also feature a capable seven-speed as it conceded to a market that at the time manual transmission with a crawler gear favoured sedans and sportscars over SUVs. ratio of 94.75:1. Consumer demand has come full circle From a design perspective, Ford didn’t and with a renewed focus on SUVs, Ford has pick up where it left off from the model – wisely – decided to revive the Bronco with it discontinued in 1996, but rather went an all-new two-door model for 2021, along- Production of the new models will begin at back to the drawings of the original one side its first-ever four-door Bronco too. Ford’s plant in Wayne, Michigan, in early 2021 that broke cover in the Sixties – the 2021 The sixth-generation Bronco is built on Bronco features a vintage-style, all-orig- the Ford Ranger platform and, as the car- inal back-to-the-basics retro design. The maker says, is “built with the toughness of two-door models have a three-section roof an F-Series and the performance spirit of a The Bronco will system, while the four-door variants have Mustang”. It has spared no effort in making four removable roof sections, and an option this a thoroughbred 21st-century tough-as- feature a 2.7-litre for a soft roof too. nails machine. Production of the new models will begin Bronco’s terrain management system EcoBoost V6 at Ford’s plant in Wayne, Michigan, early has what it calls G.O.A.T – Go Over All Ter- engine, expected next year, with deliveries to showrooms rain – and has seven drive modes including expected to commence in the second half of Normal, Eco, Sport, Slippery and Sand, to generate 310hp 2021. Ford is currently offering it at a base with Baja, Mud/Ruts and Rock Crawl to price of $29,995. help do just that. of power Welcome back, Bronco.

74 August 2020 gulfbusiness.com

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75 Preferred Hotels - Aug20.indd 75 7/29/20 4:47 PM Lifestyle / Travel

SINGAPORE

At the Southernmost tip of the Malaysian peninsula lies the world’s second most open economy and pro-business regime; whose The soul of thriving manufacturing and logistics indus- tries, coupled with booming new industries such as fintech and cybersecurity, have proved alluring to expat workers that have Southeast Asia flocked to the country in droves. Singapore has become known for its 'work A heady mix of cultures has influenced most hard, play hard culture', with expats enjoy- ing a thriving after-hours scene by way of facets of Malaysia and Singapore, from diverse nightclubs and speakeasies, and a shopping foodie scenes to inspiring historical sites culture that nearly threatened the future of e-commerce in the country (in 2019, 85 per cent of the country’s residents shopped in BY GEORGINA LAVERS stores at least once a month, compared to the 49 per cent who shopped online). Though some of the above distractions may be closed or reimagined for the fore- seeable future, this tiny country – at just Science Museum and the casino and obser- District, the hotel offers direct access to the 50 kilometres east to west and 27 kilome- vation deck at Marina Bay Sands reopened Art & Science Museum – a favourite among tres north to south – still holds a plethora of at the beginning of July with certain precau- parents for its interactive nature – as well sights, eats and activities that should amuse. tionary measures in place. as one of Singapore’s most illustrious malls, For those looking to stay in the city centre, For accommodation, the aforementioned The Shoppes. Replete with designer brands Singapore announced a “Phase 2” of reopen- Marina Bay Sands stands at the top of the from Gucci, Loewe and Moncler, the mall ing popular sights that took place from June. pack, with its modern Stonehenge-esque also is home to an indoor canal, dotted with Attractions including Universal Studios, exterior and world’s largest infinity pool, wooden Chinese boats. Rooms run around Madame Tussauds, the flower dome at Gar- subject of many an Instagram snap. the $400 mark. dens by the Bay, Jurong Bird Park, the Art Moments from the Central Business Visiting Singapore’s well-designed and

76 August 2020 gulfbusiness.com

76-78 Travel Southeast Asia.indd 76 7/29/20 5:22 PM Lifestyle / Travel

varied malls is a popular pastime among Elsewhere, the Nine locals and tourists, to both escape the Emperor Gods Temple humidity as well as try out activities within and the Arulmigu Karu- the malls. Indoor rock climbing is availa- mariamman Temple ble at Kallang Wave Mall, and Funan Mall are popular sightseeing underwent a major makeover in 2019, spots, the latter boasting transforming from tech-focused stores to the largest and tallest experiential hangout, with urban rooftop rajagopuram (sculpture farm and an indoor cycle track. tower) in Malaysia. The city can be easily navigated simply Two long bridges con- by its landmarks: use the honeycomb- nect the peninsula with slash-durian design of Singapore’s theatre Penang Island, whose venue, Esplanade, to get to the Singapore lush interior can be seen River, then head past the mammoth obser- on the journey across. vation wheel to get to Kampong Glam, A mixture of temples, Singapore’s Muslim quarter. street eats and colo- Clockwise from opposite page: Singa- Check out the colourful graffiti and nial architecture lends a colourful feel to pores's bustling Haji Lane; The nature boutiques on Haji Lane, then head to reserve of Sungei Bulo, also located in the Georgetown, Penang Island’s hub. A worth- the pedestrianised Arab Street, which city-state; The Nine Emperor Gods Temple while hike is to Kek Lok Si Temple, one of boasts the Sultan Mosque and a laid-back in Penang the largest Buddhist temples in Southeast ambience. Asia and home to a pagoda adorned with For those looking to escape the city ten thousand statues of Buddha. centre, the lush climate of Singapore makes There are a few sandy beaches on the it an ideal place for wildlife. island to sunbathe on, from Batu Ferrin- Sungei Buloh, a wetland reserve accessi- ghi, Tanjung Bungah or Monkey Beach ble by public transport, is a good place to Penang has been – the latter named for its furry residents. A see Singapore’s natural habitats, from mud- ten-minute ferry will take those in search flats to forests. Kingfishers and sunbirds called the Isle of of more Instagram-friendly backdrops to flit in and out of ponds, as well as species Pulau Jerejak, a small island once home to a including otters and monitor lizards. Bring the Betel Nut, the penal colony. As well as exploring the former a backpack and explore the walking trails, prison, tourists typically take a trek through before catching the train back to the city. Pearl of the Orient the island’s jungle, or kayak off the beach. and most recently, Throughout the island, Chinese, Tamil PENANG and Malay residents lend their heritage the East’s answer to the local cuisine, resulting in diverse, It’s been called the Isle of the Betel Nut, the affordable dishes. Pearl of the Orient and most recently, the to Silicon Valley One of the most popular Malay dishes East’s answer to Silicon Valley. With soft sandy beaches, cheap and diverse cuisine and an interesting history, Penang is a place that caters to the foodie, the techie and the historian. The city-state has a diverse history, having been colonised by the British in the 18th Century, briefly occupied by the Japanese during WWII, and then finally gained independence in 1957. It is made up of Penang Island and Seberang Perai, a city on the mainland’s coast, and each offers a distinctive feel. Seberang Perai, fringed with mangrove beaches, has heavily industrialised over the last few decades, but still retains its natu- ral beauty. Mengkuang Dam has running trails that weave through rubber planta- tions and is also home to an international dragon boat festival, whose rowers can be

found noisily practising most mornings. GETTY IMAGES PHOTOS:

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76-78 Travel Southeast Asia.indd 77 7/29/20 5:23 PM Lifestyle / Travel

involves a steaming mound of coconut milk rice (Nasi Lemak), sometimes stained corn- flower blue and usually heaped with fried chicken or shrimp, anchovies and banana leaves. Grab a bowl, and set off to explore the island with a rich backstory.

To see a traditional Malaysian neighbourhood, with houses built on stilts and outcrops of banana trees, head to Kampung Baru neighbourhood

KUALA LUMPUR

Most trips to this bustling urban metropolis begin at Petronas Twin Towers, a post- modern, Islamic set of buildings that have epitomised Kuala Lumpur’s skyline since 1999. That same year, base jumper Felix From top: Kuala Lumpur's 50-acre haggling for handbags or souvenirs. Two of Baumgartner set a world record when he garden KLCC Park; The more than the biggest are Central Market and Petaling jumped off the towers, but most tourists opt a century old Central Market Market; look out for Malaysian batik prints, for a slightly tamer experience, traversing as well as Peranakan furniture. the 42nd-storey bridge that links the soa- To see a traditional Malaysian neigh- ring twin towers. bourhood, with houses built on stilts and Directly underneath the towers lies KLCC outcrops of banana trees, head to Kampung Park, a 50-acre garden intended to bring Baru neighbourhood – one of the last out- greenery to the district and dotted with posts of ancestral dwellings, and constantly lakes and sculptures. The scene is emblem- under threat from developers. atic of Kuala Lumpur: a city that blends Outside the capital is a range of attrac- the manmade with the natural, and whose tions, one of the most popular being the urbanisation is countered by a friendliness Batu Caves. Around 11km outside of the that flows through the Malaysian capital. city, the site is famous for the Hindu Shrines Look beyond the city’s main landmark hidden in its limestone interior, which can to discover its unique attractions, from its only be accessed by a 272-stair climb to the lively jazz scene to fondness for high tea. mouth of the caves. One of the best ways to sample the latter is With disciples bringing offerings adorned to book a table in the Orchid Conservatory with peacock feathers and priests perform- of Majestic Hotel, named for the mass of ing blessings amidst ash and incense, the vivid blooms that adorn the space. effect of the shrines is only compounded Visiting markets is a popular weekend by their unique setting – amid layers upon activity, where locals buy their groceries for layers of limestone that has existed for the week and tourists indulge in a spot of millennia.

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