AN ITP MEDIA GROUP PUBLICATION #23/08 August 2022 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Unlocking the Blockchain Diving deep into the transformative impact of Web3 technology in the Middle East Dubai Riyadh Mumbai London New York arabianbusiness.com 3 Contents August 2022 www.arabianbusiness.comSUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription arabianbusiness#arabianbusinessarabianbusiness SPE CIAL IS S U E Innovation of the future Blockchain, metaverse, cryptocurrency: The story of how these technologies will reshape and revamp the Middle East’s business landscape 20 FIR S T WORD q The cover story is aimed at helping our readers examine the disruptive effects of Web3 on business” 48 Matthew Amlot Managing Editor matthew.amlot@itp.com r e s” AB MONE Y IPOs in the region The next big thing in the region’s IPO space could be family group listings, says Salmaan Khawaja, Partner, M&A and Transactions Advi- sory at Grant Thornton UAE E VENT S Arabian Business UAE Forum 2022 The two-day event placed the spotlight fi rmly on key issues, featuring thought leaders to address the topics of technol- ogy and mental health 544 Vol. 23/08, August 2022 S U B S CRIBE NOW www.itp.com/subscriptions +971 4 4443000 EXPER T VIEWS EXCLU SIVE INTERVIEWS INDEP TH NEWS PUBLISHED BY AND © 2022 ITP MEDIA GROUP FZ-LLC. 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PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Offices in KSA, UAE, UK, US, and INDIA ITP MEDIA GROUP CEO Ali Akawi MANAGING DIRECTOR Alex Reeve EDITORIAL EDITOR-IN-CHIEF Rob Corder, rob.corder@itp.com MANAGING EDITOR Matthew Amlot, + 971 4 444 3264, matthew.amlot@itp.com SENIOR REPORTER One Carlo Diaz, +971 4 444 3513, one.diaz@itp.com SUB EDITOR Edward Liamzon, +971 4 444 3474, edward.liamzon@itp.com ARABIANBUSINESS.COM INDIA EDITOR James Mathew DESIGN SENIOR DESIGN MANAGER Geri Batara Sonny DESIGNER Mohammed Irqsosy STUDIO PHOTOGRAPHER Julius Garcia VIDEOGRAPHER Muhammad Kaleem VIDEO EDITOR Liju Cheruvathur PRODUCTION & DISTRIBUTION GROUP PRODUCTION & DISTRIBUTION DIRECTOR Kyle Smith PRODUCTION MANAGER Denny Kollannoor PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles EVENTS & MARKETING DIRECTOR OF AWARDS & MARKETING Daniel Fewtrell, +971 4 444 3684, daniel fewtrell@itp.com CIRCULATION DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai ADVERTISING GROUP COMMERCIAL DIRECTOR Saraswati Agarwal, +971 4 444 3352, saraswati.agarwal@itp.com SENIOR COMMERCIAL MANAGER Mansi Khatwani, +971 4 444 3242, mansi.khatwani@itp.com COMMERCIAL MANAGER Samir Glor, +971 4 444 3320, Samir.Glor@itp.com ITP GROUP CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.comITP Conferences is organizing the 4th Annual BIM & Digital Twins Middle East Conference & Expo 2022, the region’s leading industry event for Building Information Modelling (BIM), Digital Twins and digital construction technology. This year’s event is held in conjunction with the Smart Construction Conference & Expo 2022. Organized in partnership with Centre of Excellence in Smart Construction at Heriot- Watt University, it focuses on new concepts and recommendations for national efforts towards a smart national construction agenda. FOR FURTHER EVENT DETAILS INCLUDING EVENT SPONSORSHIP AND EXHIBITOR OPPORTUNITIES, CONTACT: Anthony Sprange T: +971 58 598 9062 E: anthony.sprange@itp.com Scan the QR code to learn more about the event and register BIM & Digital Twins Middle East 2022 and Smart Construction Conference & Expo 2022 will be held on: 20 & 21 SEPTEMBER THE CROWNE PLAZA DUBAI EVENT PARTNERS POWERED BY: CONTENT PARTNERS SUPPORTING E VENT PARTNERLUNCH SPONSORWORKSHOP SPONSORFIR S T WORD / Matthew Amlot, Managing Editor 6 Vol. 23/08, August 2022 T he sustainability agenda has continued to grow in prominence. It has never been more important for business leaders and stakeholders to ensure their adherence to common sense ESG initiatives. To my mind, sustainability as a practice is not simply a number, it’s not just the amount of carbon a business is producing, or the investments that a firm is making into renewable energy. The term sustainability is significantly more encompassing. In the office, sustainable practices can also take the form in ensuring proper workplace management, with fulfilled employees and strong, albeit understanding, lead- ership. It behoves the entrepreneurs of the future, and the leaders of today, to come together to help ensure that visionary plans of the future, such as an emphasis on the circular economy, come to pass – a specific topic which we dive into in more detail on page 14. A more sustainable future is also a more equitable one. In this the ever-increasing role of women in the workforce is encouraging, but businesses also need to remain cognisant that more work needs to be done, or, as Kelly Lundberg writes on page 16, “It is time to recognise that embracing femininity in the workplace is a good thing.” Looking to overcome the challenge of sustainability is no easy feat. One aspect that can help in this regard, however, is the ongoing implementation of technology. This issue we have devoted a significant portion of the magazine to our cover feature – the blockchain, crypto- currency and associated Web3 technology. The feature, starting on page 20, is aimed at helping our readers examine the disruptive effects of Web3 tech- nology on business and help identify the opportunities available for savvy investors. The reach of these technol- ogies is far, and will come to pervade many aspects of our daily lives. I encourage you to check through the various articles, opinions, and analyses we have featured this month with the hope that it offers a glimpse at our shared future. Finally, a word of thanks to all who attended the Arabian Business UAE Forum last month. The two-day event, covering the topics of technology and wellbeing, ended up as a huge success. My personal thanks to all of the panellists who shared their thoughts with us on the day. For those who were unable to attend, we have included a review of the event in this issue – check it out on page 54. With that I’ll let you get to reading. Until next time. $138bn The savings of the GCC countries by 2030 through the adoption of the circular economy, according to the Alliances for Global Sustainability (AGS) Driving the conversation There has never been a better time to start the sustainability conversation MATTHEW AMLOT @MatthewAmlotSharjah real estate Dubai tenants Real estate transactions in the emirate of Sharjah has reached a total value of $517.3m in June Average rents in the 12 months to June this year have increased by 21.7 percent in Dubai, as prices see moderate growth NE WS IN NUMBER S Excessive utilisation People use too much plastic. People in the UAE use 11 billion plastic bags a year, or around 1,184 bags per person. That’s nearly four times the global average of 307 plastic bags per person per year. These fi gures seem excessive, especially when plastic has such negative consequences for people and planet. By 2050, it’s estimated there will be more plastic than fi sh in the world’s oceans. Plastic is everywhere Plastic doesn’t go away. Plastic takes years – often hundreds of years – to decompose. Despite efforts from a number of environmen- tal organisations, 91 percent of plastic does not get recycled globally. Instead, plastic debris seeps its way into land and seas, causes the premature death of millions of marine animals, and embeds itself everywhere – even in the human body. Negative effects Plastic is detrimental to marine life. Plastic is damaging for the health and well-being of all living things and it’s counter-productive for many industries – particularly for fi shing, hospitality and economies that depend on marine tourism. A 2021 BCG study found that 65 percent of UAE consumers are prepared to incorporate more sustainable initiatives into their daily lives. GOOD MONTH BAD MONTH THREE REAS ONS WHY The synthetic material is detrimental to climate and biodiversity, and this helped shape the mechanics of the Emirates Nature-WWF Rethink Plastic initiative Dubai residential prices (AED per square foot and average rents) S our c e: CBRE R e s e a rch/REIDIN Upfront The top news and business headlines from the region A U GUS T 202 2 Businesses should rethink plastic MARKET HIGHLIGHTS The total volume of transactions in Dubai’s residential market reached 7,941 in June 2022, up 33.3 percent from a year earlier. Offplan sales increased by 46.7 percent and secondary market sales by 24.4 percent. Total transaction volumes in the year to date to June 2022 reached 38,901; this is the highest total recorded since 2009. 1,350 1,300 1,250 1,200 1,150 1,100 1,050 1,000 950 250 200 150 100 50 D 20202021 A v er ag e R ent s AED , thous and AED / S q.F t. 2022 ASFFJNAJMOMMJDMAJJ All Properties Apartments Villas 8 Vol. 23/08, August 2022Next >