Dubai Riyadh Mumbai London New York AN ITP MEDIA GROUP PUBLICATION #23/09 September 2022 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Meet the 50 business leaders that are propelling the Middle East towards a bright futurearabianbusiness.com 3 Contents September 2022 www.arabianbusiness.comSUBSCRIBE NOW +971 4444 3000 www.itp.com/subscriptionarabianbusiness#arabianbusinessarabianbusiness SPE CIAL IS S U E The region’s finest Arabian Business profiles 50 business leaders who are pro- pelling the Middle East towards a bright future 18 FIR S T WORD q This month we have dedicated a signifi cant portion of the issue to celebrating those lead- ers that inspire us” 12 Matthew Amlot Managing Editor matthew.amlot@itp.com ave ant to ad- EMPL OYMENT The quest for talent Employers need to protect and attract talent if they are to thrive in the GCC, says Ehssan Abdallah, founder and CEO of Adaptive Global C ONS TR UCTION Innovating the sector Simon Marr, managing director of crane rental giant Marr Contracting, discusses sustainability and the impor- tance of maintaining a focus on innovation 62SL AMG_print ad_Arabian Business_Full-page_200x265mm_Final.indd 130/08/2022 12:00 PMS 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 DEPUTY MANAGING DIRECTOR Anil Bhoyrul 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 VIDEOGRAPHER Muhammad Kaleem, Julius Garcia PHOTOGRAPHER Marwan Elsayed 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.comFIR S T WORD / Matthew Amlot, Managing Editor 6 Vol. 23/09, September 2022 E very day brings with it a set of fresh opportunities, and, with these, a set of fresh challenges to over- come. When these challenges prove particularly demanding, I have often found that looking beyond my own day-to-day can help provide for creative solutions. In this I am referring to our collective ongoing quest for inspiration, a journey that we all travel on as we look to innovate, identify trends and remain at the top of our game. This belief is perhaps one reason why this month we have dedicated a significant portion of the issue to cele- brating those leaders that inspire us, and provide us with motivation and examples by which we can continue to strive for success. The list, beginning on page 18, profiles 50 business leaders that are helping shepherd the Middle East towards a brighter future, and represents a cross-industry recog- nition of brilliance from the leaders of some of the biggest firms in the region, to entrepreneurs that are helping envi- sion the future of business. Selecting just 50 leaders from among the many note- worthy and deserving individuals in the region was no easy feat, and our own listing is anything from exhaustive. Notwithstanding this challenge, congratulations to all of those that have been included in the list, we will be watch- ing keenly for your future achievements. Speaking of challenges, 2022 has been beset by a demanding macroeconomic environment. Despite the positive green shoots of post-Covid-19 recovery at the beginning of the year, global inflation rates, Russia’s war in Ukraine, and an ongoing talent shortfall amid the Great Resignation have compounded. Retaining excellent talent is key for businesses to help overcome these challenges – a particularly difficult equa- tion to settle given prevailing opinions among post- Covid-19 employees. Winning this talent retention battle is a subject covered in more detail in this issue – turn to page 12 for more information. One bright economic spot over the past year has been the hospitality industry. With onerous travel restrictions removed, global tourism has truly returned. Travellers are more willing to splurge than ever before after being stuck at home for months on end. Turn to page 14 for more insights on the booming return of the hospitality sector. With that I’ll let you get to reading. Until next time. 5.2% The MENA region’s economic growth in 2022, according to projections by the World Bank The search for inspiration Looking beyond the habitual can provide insights to the future MATTHEW AMLOT @MatthewAmlotDubai Financial Market (DFM) GCC infl ation The bourse announced a 134 percent jump in net profi t for the second quarter of 2022 The IMF said infl ation in the UAE is expected at 3.7 percent this year, before it softens to 2.8 percent in the following year NE WS IN NUMBER S Rising incidents Schools are increas- ingly being hit by ransomware attacks, with 60 percent reporting they were targeted in 2021, up from 44 percent in 2020. Cybersecurity fi rm Sophos found that education institutions faced the highest data encryption rate (73 percent) compared to other sectors (65 percent), and the longest recovery time, with 7 percent taking at least three months to recover. Insurance coverage As a whole, the sector has one of the lowest rates of cyber insurance coverage against ransomware (78 percent compared to 83 percent for other sectors). “Four out of 10 schools say fewer insurance providers are offering them coverage, while nearly half report that the level of cybersecurity they need to qualify for coverage has gone up,” said Chester Wisniewski, research scientist at Sophos. Proactive approach To protect data, schools can install and maintain defences across all points in the environment and review security settings and controls regularly. They can also proactively hunt for threats and work to close security gaps. As insurance coverage becomes more challenging to secure, the education sector is improving its cyber defences to improve its cyber insurance position. GOOD MONTH BAD MONTH THREE REAS ONS WHY In the education sector, encrypted data is most likely confidential school records, which means the potential impact is far greater for schools compared to some industries UAE PMI survey data S our c e: S&P Glob al, E mir at e s NBD R e s e a rc h Upfront The top news and business headlines from the region SEP TEMBER 2 0 2 2 Hackers are increasingly targeting schools with ransomware Outlook for the UAE Survey data for the UAE point to a solid expansion in non-oil sector growth in the first half of 2022, but with rising costs becoming a bigger issue for private sector firms in recent weeks. The June PMI survey showed input prices rising at the fastest pace in 11 years as reopening frictions, and the war in the Ukraine continued to drive global prices higher. Headline PMI 8 Vol. 23/09, September 2022 65 Jan 2019 Jan 2020 Jan 2021 Jan 2022 May 2019 May 2020 May 2021 May 2022 Sept 2019 Sept 2020 Sept 2021 50 60 45 55 40 35 Business activityEmploymentOverall output costsOutput pricesarabianbusiness.com 9 / SPOTLIGHT A mbitious renewable energy initiatives across the region have placed the Middle East fi rmly on the frontlines of the global war on climate change. The region, a cornerstone of the global oil and gas indus- try, is today home to some of the largest green energy projects in the world. The MBR Solar Park in Dubai is the largest single-site solar park in the world based on an IPP model. The Al Dhafra Solar PV in nearby Abu Dhabi will be the world’s largest solar power plant with a capacity of 2 gigawatts when completed. Meanwhile, Saudi’s NEOM recently released the design for its flagship project, The Line, a linear zero-emission megacity powered entirely by renewable energy. These mega-projects and numerous other smaller sustainability initiatives add additional support for national visions, such as UAE’s Green Economy initiative and the Saudi Green Initiative. Sustainability and ICT are explicitly linked, and Middle Eastern countries’ advanced ICT backbone will significantly boost these green efforts. Technology has the power to increase productivity, efficiency, cost savings and reduce waste while helping to measure, analyse and track progress. Among global ICT firms, Huawei’s sustainability efforts have won international recognition, including the 2021 GSMA GLOMO award for Outstanding Mobile Contribution to the UN SDGs for the company’s Nature Guardian project. Driven by the green pledge of ‘Tech for a Better Planet’, Huawei’s goal is to use innovative technologies to drive green development. The company used over 300 million kWh of electricity from renewable energy sources in its operations in 2021, up 42.3 percent over 2020. Meanwhile, Huawei’s digital power solu- tions helped customers generate 482.9 billion kWh of green power and save 14.2 billion kWh of electricity, equivalent to offsetting 230 million tonnes of carbon emissions. With technology playing such a key role in decarbonising the world, the global digital divide could see millions world- wide unable to contribute to and benefit from the emerging green economy. Global ICT companies, with their vast techni- cal and technological resources, can significantly contribute to digital inclusiveness. A sustainable ICT industry is a secure one. Therefore, respecting and protecting user privacy and supporting smooth communications should be embedded in every technology provider’s toolkit. With digital transformation picking up pace, Huawei is acutely aware that cyber security will become a cornerstone of the future digital world in line with green ICT. Business success and sustainability will not be achieved without security, trust- worthiness, and privacy protection. Huawei continues to place cyber security and privacy protection as a top priority and is committed to confronting cyber security and privacy chal- lenges and opportunities through management transforma- tion, technological innovation, and open collaboration. A global talent gap could undermine sustainability efforts. Collaboration between tech companies, academia and government are therefore vital in plugging the skills gap. Through investments in programmes like Seeds for the Future, Huawei ICT Competition, and many others, Huawei is promoting collaboration between public and private sector entities, educators, and tech\\nology companies to develop talent. In the Middle East, Huawei has set up 163 Huawei ICT Academies, and more than 3,500 students have participated in the flagship programme Seeds for the Future, while over 37,000 students have obtained Huawei certification. Huawei has also trained over 120,000 regional ICT talents. Decarbonising the world is a complex and multifaceted challenge. But the grow- ing momentum towards a sustainable future proves that the global community working together can profoundly and positively impact the future. Sustainability takes centre stage as the region aligns on climate action Steven Yi, President, Huawei Middle East, says the tech giant is taking steps in the growing momentum towards a sustainable future u Towards a green future Technology is playing a key role in decarbonising the world, according to Yi 482.9bn The green energy in kilowatt hours Huawei’s digital power solutions generated for its customersNext >