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Gulf Business Magazine Is Available in These Exclusive Hotels and Many More p.24 p.64 Welcome back: How Driving ahead: How Nissan Dubai is reopening is steering its regional to tourists strategy BD 2.10 KD 1.70 RO 2.10 SR 20 DHS 20 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 01 Cover August 2020.indd 1 7/29/20 3:42 PM micro focus.pdf 1 7/29/20 1:32 PM C M Y CM MY CY CMY K Gulf Business CONTENTS / AUGUST 2020 07 The Brief An insight into the news and trends shaping the region with perceptive commentary and analysis 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 gulfbusiness.com August 2020 3 03-05 Contents.indd 3 7/29/20 6:10 PM sme revival print ad_WO_PRINT.pdf 1 7/23/20 3:41 PM SARY ER OF IV T N H N E A U H A T E 0 5 U S S C $ E M 5 M Y 0 S CM ,0 E MY 0 UA CY 0 FOR CMY K As we approach the 50th Anniversary of the UAE, we pledge US$1 million in free advertising and marketing support to assist UAE SMEs. We are celebrating the UAE’s success by helping others achieve their business goals. If you’re a homegrown UAE company, you can apply online today for up to US$50,000 in free advertising, together with comprehensive advice on how to deliver an engaging, multi-media marketing campaign. MotivateMedia.com/SMERevival 907830 *Terms & Conditions apply CONTENTS / AUGUST 2020 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 Follow us on social media: Linkedin: Gulf Business; Facebook: GulfBusiness; Twitter: @GulfBusiness; Instagram: @GulfBusinessMagazine HEAD OFFICE: Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE, Tel: +971 4 427 3000, Fax: +971 4 428 2260, [email protected] DUBAI MEDIA CITY: Office 508, 5th Floor, Building 8, Dubai, UAE, Tel: +971 4 390 3550, Fax: +971 4 390 4845 ABU DHABI: PO Box 43072, UAE, Tel: +971 2 677 2005, Fax: +971 2 677 0124, [email protected] LONDON: Acre House, 11/15 William Road, London NW1 3ER, UK, [email protected] gulfbusiness.com August 2020 5 03-05 Contents.indd 5 7/29/20 6:11 PM gulf business academy print ad_GB_PRINT.pdf 1 6/29/20 5:10 PM Providing outstanding training programmes delivered by experts, and packaged together with unrivalled media exposure through the Gulf Business network. Oering a mix of learning modules that cater to both personal career C growth ambitions and upskilling M of entire teams to increase Y productivity and motivate employees. CM MY CY Training programmes include: CMY K Bridging the Gap Sell like a Rockstar Reinventing your business right now Inspiring greatness Find out more at: GulfBusiness.com/Gulf-Business-Academy Powered by Unlocked The most used passwords worldwide after an analysis of breached accounts 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.
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