< Previous40 Vol. 22/15, October 2021 BR AND VIE W START SOMETHING PRICELESS WITH MASTERCARD AT EXPO 2020 DUBAI Offi cial Payment Technology Partner will feature a lineup of experiences for the six-month period u Mastercard will provide a glimpse into a future powered by digital transformationarabianbusiness.com 41 BR AND VIE W As the world looks to the UAE for the opening of Expo 2020 Dubai on 01 October 2021, Mastercard has shared a glimpse into the spectacular line-up of Priceless possibilities visitors can expect at the biggest event ever to be hosted in the Arab world. As the Offi cial Payment Technology Partner of Expo 2020 Dubai, the global technology company will connect people to their passions, provide a glimpse into a future powered by digital transformation, and share its industry-leading insights during the six-month period. “With one of the world’s biggest economic and cultural milestones fast approaching, Mastercard is geared to welcome people from across the globe and connect them to unforgettable experiences fi lled with Priceless possibilities. Together with Expo 2020 Dubai, we have curated a journey that will excite, inspire and mobilize millions of visitors. Together, we will Start Something Priceless,” said Khalid Elgibali, Division President – MENA, Mastercard. Unveiling the Mastercard Cube Mastercard will connect guests to their passions through the introduction of its Mastercard Cube. The installation will immerse visitors in a range of multi-sensory experiences as they embark on Priceless journeys tailored to their passion, including sport, food and music, plus being a ‘force for good’. At the Cube, visitors will be wowed by mixed reality content that brings to life the next era of innovation, as Mastercard demonstrates how the power of payment technology will be harnessed to make life safer, easier and more connected for all. Building a greener planet Building on its global sustainability efforts, Mastercard will reveal an installation dedicated to its Priceless Planet Coalition, which aims to plant 100 million trees worldwide over fi ve years. The innovative concept, led by Mastercard and joined by Expo 2020 Dubai, will invite visitors to learn more about Mastercard’s efforts in bringing together governments, busi- nesses and consumers in combatting the effects of climate change, offering them an opportunity to become part of the network and contrib- ute towards a greener future. Expo visitors can also help contribute to a greener future by donating to Mastercard’s Priceless Planet Coalition upon checkout as an add-on feature as they purchase their tickets to the mega event. Advancing gender equality Supporting Expo 2020 Dubai’s commitment to create a more equitable future, Mastercard will harness the platform to advance its efforts in driving gender equality around the world. The technology leader will be working closely with Expo 2020 Dubai to host a range of activities at the Women’s Pavilion to celebrate the successes of women leaders and offer a platform for female voices that will culminate in a legacy project to be jointly launched early next year. Empowering small businesses Mastercard will also be bringing together the region’s small business community with a series of on-ground and virtual workshops to empower, enable and connect thousands of businesses and entrepreneurs. The series will build on Mastercard’s ongoing efforts to support small busi- nesses, helping them go digital and grow in an increasingly digital world. Looking to the next 50 Mastercard is fully committed to supporting Expo 2020 Dubai’s diverse range of knowledge-sharing initiatives and will be welcoming senior executives from across the globe to offer valuable insights and expertise to Expo’s audiences. For 35 years, Mastercard has been fostering strategic public-private- partnerships in the UAE to drive economic progress and realize a digi- tal economy. As the UAE marks its Golden Jubilee, Mastercard invites all visitors to discover a seamless world – one without borders – using the power of technology to leaves a positive legacy for humanity and the planet. u Mastercard will connect guests to their passions through the introduction of its Mastercard Cube u Khalid Elgibali, Division President – MENA, Mastercard “Mastercard is geared to welcome people from across the globe and connect them to unforgettable experiences fi lled with Priceless possibilities”42 Vol. 22/15, October 2021 FEATURE / FINTECH/ FINTECH ArabianBusiness.com 43 INTECH IS ONE OF THE hottest sectors for investment right now in the world and Dubai is no exception, as the emirate grows to become one of the top hubs globally. Raja Al Mazrouei is the executive vice president of the DIFC Fintech Hive, and she has also been elected onto the board of the newly minted Dubai Chamber of Digital Economy. In an exclusive interview, she talks with Arabian Business about cryptocurrencies, what’s next for digital coins and the work DIFC is doing to empower an ecosystem of fintech startups. Crypto always has our audience super engaged, so where do you stand on it? Are you bull or bear on its potential as a form of currency, or should it just be a store of value? I was offered to buy bitcoin back in 2014 at $200. And guess what? I didn’t buy it. I work in the financial centre, and the finan- cial services executives said: “Forget it. It’s a waste of your money, it will disappear.” I believe in digital, but not so much in crypto. And this is why I have recently written an article about central bank digi- tal currencies (CBDCs). I believe digital is the future for the currency, however [it must be] a regulated and protected kind of currency, which would be issued by central banks. We’ve seen lots of central banks in different countries and jurisdictions experimenting with the technology, because they know and they believe that it is going to disrupt the way the financial systems work today. Crypto is very volatile, because it’s not pegged to any assets. But central bank digital currencies are going to be in the future. The public and consumers will trust them because they’re issued by a government-backed entity that guaran- tees its availability. u The DIFC is looking at the future of fi nance as a strategy, says Al Mazrouei F BY SCOTT ARMSTRONG Raja Al Mazrouei, executive vice president of the DIFC Fintech Hive, shares her views on how the centre is making plans to help develop an ecosystem of fi ntech startups in the UAE The shift to digital currencies is coming44 Vol. 22/15, October 2021 FEATURE / FINTECH That volatility is what works for the brokers. Bitcoin, or cryptocurrency, is not a long-time investment. I think it’s like a hype that you’re just in for the thrill of it. But you need to exit, you can’t keep all your investments there because it could burst one day, just like the Dotcom bubble. But the regulation will be there to stop it, because we know all the issues that are attached to the cryptocurrency and governments are working to protect the consumers from those issues. You’ve been writing lately about CBDCs, a digital form of traditional currency. Is your view of these much more confi dent, is it inevitable that one day we’ll all be using digital currency? Absolutely, like gold and silver coins disappeared a while ago, this will disappear for sure. And we will shift to completely digital. You could make the argument that many of us are already using digital payments, paying with our faces etc – so where does fi ntech go next, what is exciting you most? We will not have to go to any middleman to get any transaction done. Most of the financial institutions, which are playing the role of the broker, or the middleman, their roles will be disrupted, and we will be able to access the service directly from the provider at a much faster pace and for lower fees. So give us your helicopter view of the DIFC Fintech Hive, what is it, where are you based, what’s the mission and how are you doing? The Fintech Hive was launched back in 2017, as the DIFC was looking at the future of finance as a strategy and as a leading financial hub. We looked at the opportunities of transformation and disruption for our key clients, which are financial services institutions. Technology was a very evident contrib- utor to that transformation, and we set up the Fintech Hive at that time, because we wanted the financial institutions to understand that technology is coming. We wanted those institutions to lever- age on the size and speed of these start- ups to be able to integrate all of that infor- mation, or maybe collaborate with these solutions to provide competitive services to their clients. And since 2017, we have accelerated more than 100 fintech start- ups through our different programmes. These startups have raised collectively around AED1bn today. We’ve launched more than 50 products in the UAE market through the Fintech Hub. Fintech is possibly one of the hottest investment areas globally right now, where is Dubai in that mix in terms of its status as a hub? If you look at the region, there are multi- ple fintech hubs that have been estab- 2,900 The number of active registered companies at the DIFC, employing almost 27,000 professionals u Technology and innovation are strong drivers of Dubai’s transformational growth “If it doesn’t save anyone time or money, it will not make the profi ts that will make it scalable and sustainable” u The DIFC Fintech Hub is playing a key role in driving collaboration between different organisationsArabianBusiness.com 45 / FINTECH “There’s a lot that is going on to enable women to access technical and coding skills, because that’s the future” lished and they’re all working together towards enabling startups to benefit from the regulatory framework, access to investment funds, and access to busi- ness opportunities. The way Dubai does this is by build- ing an ecosystem to support that. We’ve really removed most of the barriers of entry and enabled those startups to experiment. Even if they fail, it doesn’t cost them so much to fail, and they start again and validate those technology solu- tions with their peers in the market. Is this the most exciting time to be starting out on your own? And with the old statistic that only one in 10 startups will succeed, what are your golden rules for entrepreneurs? They really need to validate the idea or the solution that they are providing – you can’t provide a solution that nobody is going to use. Make sure that you do the right research on the market demo- graphics. If it doesn’t save anyone time or money, it will not make the profits that will make it scalable and sustainable. How do you feel about the opportu- nities right now in Dubai for fi ntech startups and businesses? It’s really like the gold rush. It’s so easy to grab these opportunities, especially in the UAE, looking at the 50-year plans that has been announced. The opportunities are massive. And now with all these special visas and residency conditions that have been introduced to retain the talent, I think it makes it much easier for startups to do it here. If you look at all the accel- erator programmes that are offered, you really can set up something at no cost, and once that’s validated, access investment. Are you seeing a lot more people are saying: “You know, I worked for the man 9am to 5pm, fi ve days a week, for 10 to 20 years. Now, I want to be my own boss”? We’ve seen that and it’s evident in the number of startups that have grown to become unicorns out of Dubai. The Fintech Hive and innovation hub is really filled with individuals who have left their day jobs, traditionally, mainly in financial institutions, and paired with the co-founders and started setting up their own fintechs. What would you tell yourself back in 2007 if you could? If I would give myself one [piece of] advice, it’d be that it’s okay to ask ques- tions and that it would actually accelerate my learning process. Back then I wasn’t as confident or as open to asking ques- tions, I thought it would reflect as a weak- ness. But today when I don’t understand something, I go and ask questions and I get the answer and it’s much faster than figuring it out on my own. I believe in mentorship that really accelerates the experience of young indi- viduals within the workforce. If I have to relive all my experiences to get where I am today, it will take me a very long time, but if I can share this through mentorship with aspiring talent, it’s a shortcut. On Arabian Business we reported how Majid Al Futtaim were looking to train 5,000 female coders. How big of an impact will this make? Is it a big step forward or just one of many needed? So much needs to be done. There’s a lot that is going on to enable women, or even youth, to access technical and coding skills, because that’s the future. Tech- nology is here to stay; we’re shifting from physical to digital as much as possible. We need to grow this talent organically from the region and [Majid Al Futtaim’s programme] is a much needed initiative. I am sure we will see many more now, especially with that announcement of the recent projects. As a father of a young daughter, I believe that success should have nothing to do with chromosomes. In the tech sector what do you believe the ROI is on basically doing the right thing and encouraging female talent? If you look at the gender balance you are bringing a proper balance to the table because both genders think differently. You are also enabling the economy and by enabling the economy you’re enabling purchasing power, and you’re enabling more individuals to access those talents. You are leveraging on the detail, orienta- tion and focus that females in general have more of compared to their [male] counter- parts. There’s been a lot of research done on startups that are co-founded by women that are generating higher returns. It’s not really about male or female, it’s all about balance, balancing both sides to make sure that you are contributing to the benefit of the organisation and the community. u DIFC aims to position itself as one of the world’s top 10 fi ntech hubs46 Vol. 22/15, October 2021 THE BUSINESS OF ARCHITECTURE SPO TLIGHT Pedram Rad – Co-founder and Managing Director at U+A, discusses the pandemic’s impact on his sector, lessons learned, sustainability and more the same couldn’t happen out in the fi eld. “While our team were working from home, our construction team were present at site to monitor the contractors.” Rad is keen to highlight just how crucial the exemption for construction workers was. “It is proven that construction is one of the main driver of the UAE economy, keeping people, contractors and the entire supply chain engaged. While nurses and doctors were frontliners fi ghting the coronavirus, I believe the construction industry – especially the people who were going to sites every day – were our economic frontliners.” For both these areas – remote-working design teams and on-site supervisors – the key to success was a collaborative approach, reliability and resilience, he adds. Lessons learned The pandemic did offer some silver linings in the form of valuable lessons. “In any downturn there are many lessons to learn,” says Rad, adding that while he did learn a lot, the most important lesson was “going back to basics”. “The coronavirus threatened our lives, prevented us from meeting family and friends, and stopped us from get together. We had to overcome this situation and look forward to the next chapter of our life.” While he quickly realised our lives and business models could never go back to pre-pandemic times, the unexpected benefi t was improved effi ciency, as well as the ability to collaborate and focus on your business. Sustainable design Like so many other industries, sustainability has taken on increasing importance in the architectural context. “Sustainability begins with simple and basic principle when you are saving paper, when you are not using plastic bags or bottles, and when you don’t waste u U+A’s team of highly profi cient and design-centric specialists adopt a collaborative approach in providing the best solution for any development The business of architecture has always been a collaborative one. From the pre-design stage involves signifi cant amounts of client facetime – ideally, in person, at the site itself – through bringing in structural engineers during design development and contractor negotiations ahead of construction, it’s very much a people’s business. Naturally, the pandemic presented a unique challenge to architects, as they were forced to navigate the unfamiliar terrain of remote work. Pedram Rad, partner at global architec- ture firm U+A, says that the crucial work of construction supervision had to continue physically on site. “Like many businesses, architectural/ interior design consultancies were also affected by coronavirus following govern- ment protocol during the pandemic,” he says. While offi ce work shifted to the home, BY RIAZ NAQVIarabianbusiness.com 47 / SPOTLIGHT energy,” says Rad, adding that U+A has tried to stay at the forefront of sustainable design by collaborating closely with project engineers, operators and authorities. “Specifi cally when it comes to designing, it purely depends on the typology of the projects where you can apply more sustain- able aspects.” He cites examples of how this can be done: Using local material, using technology available in the country and – most importantly – reusing any equipment and building rather than rebuilding. “We’ve taken this sustainability approach while engaged in repurposing projects in the UAE and Saudi Arabia. “In U+A our architects, urban planner, interior designers, landscape designer and engineers run multiple session with experts to apply these rules within the design.” From an oversight perspective, Rad says the governments of the region play a crucial role in helping companies. “They are the regulator in this process and have the funds to support projects that can initiate sustain- ability properly. We have seen a great push from leaders in the UAE to establish sustainable cities and developments such as Masdar or Expo 2020, which is very much a mind-blowing achievement.” The architect as leader One common problem Rad sees across his industry is the lack of architects having a seat at the table, especially given the scope of their u U+A has worked with Emaar to make the 3D-printed villa project into fruition u The architecture of the Creek Edge tower implement the highest standards 95,900 The gross fl oor area in square metres of the Creek Edge tower project in Dubai Creek Harbour “It is proven that construction is one of the main driver of the UAE economy, keeping people, contractors and the entire supply chain engaged” responsibilities and importance in a fi rm. “More often we see in our industry that architects do not have that ruling seat, and in many occasions the results are not satisfactory.” For his businesses in his sector, Rad says, it’s important that those at the top have the technical know-how to succeed, quite literally, from the ground up. u Pedram Rad – Co-founder and Managing Director at U+ABY RIAZ NAQVI Music mogul Benny Pough refl ects on 30 years at the pinnacle of the powerful US record industry, the Middle Eastern music scene, a life-changing accident, his new book, and more ‘If you don’t learn from near-death situations, then you’re a fool’ FEATURE / MEDIA 48 Vol. 22/15, October 2021/ MEDIA ArabianBusiness.com 49Next >