< Previous50 Vol. 23/09, September 2022 / 2 0 22 MO S T INSPIRING B U SINE S S LEADER S 4.02 million The number of passengers Etihad Airways served in the fi rst half of 2022 TONY DOUGLAS Group CEO, Etihad Aviation Group UAE q Time for aviation to stop crying in its coffee and to do whatever it can to play its part in decarbonisation” TRANSPORT T ony Douglas was appointed Group CEO of Etihad Aviation Group in September 2017 and joins the business on 1 January 2018. He has nearly 20 years of international leadership experience in transportation, infrastructure and government sectors. He joined Etihad Aviation Group from the UK’s Ministry of Defence, where he served as CEO of the defence equipment and support department, responsible for procuring and supporting all the equipment and services for the British armed forces and managing a budget of $20bn a year. Previously, Douglas held senior leadership positions in the UAE, most notably as CEO of Abu Dhabi Airports Company (ADAC) and Abu Dhabi Ports Company (AD Ports), where he was respon- sible for the successful delivery of Khalifa Port. In the UK, he held senior positions with airport operator British Airports Authority (BAA), and chief operating officer and Group CEO designate of Laing O’Rourke. His roles under BAA included managing director of Heath- row Terminal 5 project, group supply chain director, group technical direc- tor and CEO of Heathrow Airport. Douglas holds a Master of Business Administration (MBA) degree from the University of Lancaster in the UK. In July, The UAE’s national carrier signed a Memorandum of Under- standing with The UAE Ministry of Industry and Advanced Technology (MoIAT) to become the first airline to join the In-Country Value (ICV) Programme launched by the ministry. The agreement aligns with MoIAT’s efforts to expand the programme’s outreach to include new sectors, as part of the UAE’s national industrial strategy to sustain economic growth and boost the sector’s efficiency and competitiveness. Under the agreement, Etihad will prioritise local suppliers and UAE companies to meet its procurement requirements, as well as encourage international suppliers to launch offices in the UAE, to attract foreign investments and drive economic growth. “As the national carrier of the UAE, we are committed to supporting local companies, and firmly believe it is important for private sector companies in the region to cooperate with the Ministry of Industry and Advanced Tech- nology across its innovative projects, which seek to achieve the UAE’s future ambitions,” Douglas said, highlighting that the airline’s participation in the programme demonstrates its commitment to supporting the UAE’s indus- trial sector.arabianbusiness.com 51 2 0 22 MO S T INSPIRING B U SINE S S LEADER S / 2014 The year in which V7 Group started supporting SMEs in the region q The old model of investment confl icts with the new models of business. Investments need to revolve around the entrepreneur, the operations and the sustainability of the business, meaning our role as investors needs to be much more involved and supportive than it used to be” Yousef Hamza, after graduating as a lawyer, began his career in the venture capital (VC) and SME space over 15 years ago. Having founded the region’s first angel investor network with several partners, he began years of advising, fundraising, and investing into some of the most innovative and successful startups that are household names today. During his time with the angel network, Hamza met and advised over 3,000 entrepreneurs sat on the board of over 150 companies and raised over $50m. Hamza then began V7 Capital Fund I in 2014, a private VC fund which invested solely into tech startups from pre-seed to Series B. The key to the fund’s success was the creation of V7 Group which offered strategy and management consulting services and established a system where startups can procure legal, accounting/tax, digital and enter- prise solutions. V7 Group then started to serve clients outside of the fund, and V7 Capi- tal Fund II (2019) was launched, which was another private fund, this time agnostic in nature, with a focus on the entrepreneur rather than the industry. Hamza, after much pressure and demand from friends/investors outside of the closed V7 investor group, has just begun V7 Capital Fund III, a fund open to all investors. Aside from his own funds, Hamza helps advise/manage and co-invests with other family offices, particularly on their SME investment strategies from A-Z. A framework for success Hamza has been lecturer for universities and government/private confer- ences and has mentored and guided entrepreneurs both privately and through distinguished establishments in the region. He focuses on the indi- viduals with the ability to execute their vision, rather than the idea. With his dynamic portfolio and successful track record of investing into startups, he has been able to incubate, accelerate, advice and invest into many successful companies in the region, with a focus on the UAE. He also privately organises and funds yearly business plan competitions for startups. Through his commitment and dedication, Hamza has demonstrated that entrepreneurship is not about the destination, but most surely about the journey that every entrepreneur must undergo and persevere to ulti- mately succeed. YOUSEF HAMZA Partner, V7 Group UAE ENTREPRENEURSHIP 52 Vol. 23/09, September 2022 12 billion Yardi software is used to manage over 12 billion square feet of commercial space with the new one. Those questions are not being asked anymore because tenants can see their answers in our CommercialCafe platform and down- load them.” Streamline lease and property documents Cloud-based connected solutions allow your tenants to access the infor- mation they need at a click of a button. For example, with Yardi’s Commercial- Cafe, the tenant can view, download and upload copies of lease documents securely, such as a Certificate of Insur- ance, that are attached to their lease in Yardi Voyager. Furthermore, property documents, such as fire evacuation procedures, tenant handbooks or parking agree- ments, can be accessed and down- loaded within the same platform. Your tenants can find the information they need in their own time without back- u Communication CommercialCafe by Yardi is a one-stop shop for helping tenants and owners stay engaged BR AND VIE W/ YARDI Improving the tenant experience Said Haider, senior director of Middle East Sales at Yardi, explains why end-to-end real estate solutions platform CommercialCafe will change the industry in the region Technology has advanced rapidly and improved the way we live and work. However, when we think about improv- ing the tenant experience, we don’t see technology as the first step. People expect a quick and fric- tionless experience in everything they do, from checking their emails on their phones to accessing infor- mation from any device. You need to have technology that integrates and communicates seamlessly. The main challenge for landlords is the wide range of real estate solutions on the market that don’t integrate with one another. With the right technology, you can increase convenience and enhance the tenant experience with secure portals and mobile apps for real-time lease information and services, accounts receivable statements, lease docu- ments, facilities requests and more. Solutions such as CommercialCafe by Yardi, improve communication between tenants, staff and technicians to reduce maintenance response times and help streamline complexities. You can also ensure tenant satisfaction with follow-up surveys. Yardi client, Marc Poelmann, managing director and partner of FRIS Real People stated: “CommercialCafe saves us a lot of time. In the past, we had a lot of requests from our tenants asking to send them their invoice for the past rent, or the invoice of the service costs of last year so they could compare it arabianbusiness.com 53 / YARDI Q STAYING CONNECTED, MAKING PAYMENTS AND HAVING VISIBILITY OF PROPERTY DOCUMENTS AND MAINTENANCE REQUESTS ARE KEY ACTIONS TO ENSURE TENANT RETENTION” and-forth emails or phone calls, help- ing to streamline operations. Streamline AR statements With a solution such as Commer- cialCafe, your tenants can access an online portal and view and down- load their invoices. They will also have a clear overview of the current outstanding charges, view the current month’s charge schedule and check future charges. By utilising an online portal and allowing your tenants to self-serve, they can gain a better user experience and work in a way that suits them. It allows your tenants to check payment statuses, gain a clear overview of monthly and quarterly reporting and check their payment history. In addi- tion, the tenant can receive notifica- tions for action items, all from one central dashboard. Streamline work orders Maintenance requests can be long and tedious process but by incorporating them within an end-to-end solution, such as Yardi’s, tenants can submit new requests instantly that are unit specific or for common area requests. Within the dashboard, you can assign the requests to your techni- cians and check schedules with ease. Your tenants can view status updates in real-time, receive notifications on the progress and check their main- tenance request history, providing complete visibility. Having a central dashboard to view, submit and access updates on requests provides both you and your tenant with a thorough history of previous unit maintenance requests, allowing you to plan ahead for any monthly, quarterly or annual maintenance tasks. Enhance tenant satisfaction Create surveys to keep in touch with your tenants and gather feedback on your services. If your tenant submits a maintenance request, you can set up surveys to gather information, such as were they happy with the service, was the technician on time or if they would like to provide more information. u Property Landlords want to be more engaged with their tenants, Haider says u Tenant satisfaction CommercialCafe provides not only the desired convenience, but also helps to raise retention rates you can further enhance and improve your services to enable a frictionless experience. Your tenants want a plat- form that is flexible and works on their schedules. Landlords also want to be more engaged with their tenants. With an all-in-one, connected solution, you can provide your tenants with the customer journey they want. In turn, your teams’ daily processes will improve and reduce the total cost of ownership across technology, thus helping you retain your tenants and provide the flexibility they require. Stay connected with CommercialCafe Staying connected, making payments and having visibility of property docu- ments and maintenance requests are key actions to ensure tenant retention. CommercialCafe by Yardi is a one-stop shop for helping your tenants, and you, stay engaged with their property. Whether you own a retail or commercial property, Commer- cialCafe will save you time and give tenants greater control over their lease information, the ability to request maintenance and feedback on the property services you provide. You can fully customise questions and reporting and have the tenant complete it in their own time via the desktop or mobile app. By gathering ongoing feedback from your tenants, Arabian Business shines a light on the all-important SME sector in the region, from success stories and VC news to expert insights 54 Vol. 23/09, September 2022 When it opens, World of Farming (WoF) will have a total output of 3,000 metric tonnes of animal feed annually In UAE’s fertile agritech scene, another startup blooms With food security as one of the most pressing issues faced by the UAE and the wider region, entrepreneurs have been coming up with creative ideas to address it – from vertical farms to hydroponics. These ideas have gotten major support from both governments and investors in recent years – and just in the first half of this year, World of Farming (WoF), an agritech startup staged one of the biggest funding rounds in the UAE, raising over $180m. Amid this active agritech environment, a new startup aims to make its mark, which particularly aims to address the UAE’s reliance on fodder, or livestock feed, imports. “The UAE imports 80 to 90 percent of the food it consumes, including livestock feed,” Walid Saad, the Abu Dhabi startup’s founder, says. WoF plans to build a circular hydroponic fodder farming methodology – currently patent- pending – to give local farmers a more cost-effective alternative to international imports. It claims to use up to 90 percent less water and land compared to traditional farming methods. “Our vertical farms will completely eliminate local farmer’s need for international import to feed their livestock. They will also enjoy the cost saving benefits while minimising nutritional losses due to long-term storage, or logistics and storage costs,” Saad tells Arabian Business. WoF’s technology will “use data to monitor and adjust farming parameters to identify the ultimate environment for optimal farm output,” he explains. “The vertical farm will track crops during their growth cycle using AI and imagery to determine health, rate of growth and detect diseases,” Saad adds. WoF already have a first customer in the UAE, Saad says, and they are looking to inaugurate the circular farm soon. When it opens, the farm will have a total output of 3,000 metric tonnes of animal feed annually. BY ONE CARLO DIAZ Dr Walid SaadFaris Mesmar 85% The savings in water usage with the help of WoF’s fodder technologyarabianbusiness.com 55 / STARTUP q THE UAE IMPORTS 80 TO 90 PERCENT OF THE FOOD IT CONSUMES, INCLUDING LIVESTOCK FEED” 5.7% MENA agricultural market’s projected CAGR between 2021 and 2026, according to consulting services specialists Morgan Philips Group The startup will look to secure more funding later this year, and potentially bring the technology to other countries in the region, including in Saudi Arabia. “With more farmers adopting our farming approach locally, our ultimate goal is to enhance the agricultural sustainability of livestock ranching and supply chains, and the customers they serve on the regional and global scale,” Saad says. The WoF co-founder says although there is a growing investor appetite in the agritech startup scene. “There are still several challenges to overcome along the way, such as access to capital and structured financing.” Launching a sustainability- focused startup A climate action-focused venture builder is backing WoF – the Abu Dhabi-based hatch & boost, which is also working to grow seven portfolio startups this year in sectors including sustainable mobility, femtech, and foodtech. “We started hatch & boost two years ago with this goal in mind and we set up a model that serves to de-risk early- stage startup development in order to scale more climate action-driven ventures in the region,” its CEO Faris Mesmar tells Arabian Business. He says their approach leverages environmental, social, and governance principles in building startups, making it a critical element of the sector’s business models – even up to reporting back to potential investors and shareholders. The venture builder has its own team of designers and developers who would work in the initial development stage. Once a startup generates traction and product market fit, it partners with a co-founder to further scale the startup, Mesmar explains. He claims this model bridges the gap in early-stage startup development and building, where risks are more likely to derail potential scale and growth. “By accelerating the growth of startups through the hands-on support of our shared pool of talent, we can ensure capital efficiency and speed of execution to generate traction and sustainable growth,” he says. u Agritech The future of farming in the MENA is automated and sustainable, WoF says q OUR ULTIMATE GOAL IS TO ENHANCE THE AGRICULTURAL SUSTAINABILITY OF LIVESTOCK RANCHING AND SUPPLY CHAINS” q THE VERTICAL FARM WILL TRACK CROPS DURING THEIR GROWTH CYCLE USING A.I. AND IMAGERY TO DETERMINE HEALTH, RATE OF GROWTH AND DETECT DISEASES” u Fodder WoF is helping to overcome the region’s dependence on imported livestock feed56 Vol. 23/09, September 2022 u Energy intensive The amount of energy consumed by cryptocurrency mining is likely to increase over time, assuming that prices and user adoption continue to increase u Alternative asset Bitcoin is at the apex of the crypto revolution, says Baguley What role does bitcoin play in the sustainability debate? Solving the environmental impact of Bitcoin will be key in the cryptocurrencies’ long-term success BY JOE BAGULEY, VP & CTO EMEA, VMWARE FEATURE / TECHNOLOGY The narrative around sustainabil- ity is pervasive, clear and urgent. We must reduce emissions if we are to stand any chance of not breach- ing a potentially catastrophic global temperature rise. And while almost all sectors – even the traditionally high polluting ones – are actively changing how they operate, there will always be an anomaly not quite behaving as that ought to. In this instance, look no further than Bitcoin. Arguably the poster boy for recent digital innovation, Bitcoin is at the apex of the crypto revolution, which has evolved to demonstrate its potential to drive financial inclusion and revolution- ise the way we transact with each other. But Bitcoin has been disruptive to such a degree that it didn’t get the memo regarding climate change. The amount of energy it consumes is vast and if the world is serious about addressing climate change without suppressing our newfound appetite for digital curren- cies, something has to change. A fundamentally pointless way of using energy Sir Tim Berners-Lee, a chap who knows a thing or two about digital innovation has gone so far as to describe “Bitcoin mining” as “one of the most fundamen- tally pointless ways of using energy.” Looking at the figures, it’s hard to argue with that. The Cambridge Bitcoin Elec- tricity Consumption Index estimates that Bitcoin, the most widely-mined cryptocurrency network, uses around 136.38 Terawatt-hours of electricity every year – more than the Nether- lands, Argentina, or the UAE. Another estimate by Digiconomist, a cryptocur- rency analytics site, places the figure at 204.5 Terawatt-hours. This computes to around 2,145 kilowatt-hours of electric- ity per transaction, the same amount of power consumed by the average Amer- ican household over 73.52 days. Bitcoin is not alone in its wanton lack of environmental consideration. Ethereum, the second-largest crypto- currency network, is estimated to use 112.6 Terawatt-hours of electricity per year – more power than is required by the Philippines or Belgium. There are many more cryptocurrencies, which means the amount of energy consumed by cryptocurrency mining is likely to increase over time, assuming that prices and user adoption continue to increase. Environmental impact is not prioritised There is no escaping the environmen- tally detrimental impact of Bitcoin’s growth. The founders of Bitcoin made a naive mistake in building the cryp- tocurrency on a proof of work block- chain – a process that is predicated on ‘mining’ and requires huge amounts of processing power. What’s more, this process requires a reliable, cheap and continuous stream of power to operate, which is, unfortunately, best supplied by always-on energy resources, such as those provided by fossil fuels. The system has been designed to make it prohibitively expensive (although not impossible) for a well- funded actor to take control of an entire crypto network. So in mitigating one POW E R E D BY: EV E N T PA R T N E R : Residential Housing Conference & Expo 2022 on 18 & 19 October at Radisson BLU Hotel, Riyadh is organized with Event Partner Saudi Contractors Authority (SCA). Event theme is Delivering affordable quality housing through best construction practices and focuses on development and provision of sustainable affordable housing solutions as part of The Housing Program. It will include a 2 day conference plus workshop on the latest developments in residential construction best practices, technologies, strategies and requirements to meet housing targets and achieve Vision 2030 objective for Saudi families to access appropriate housing. This timely event will include presentations and panel sessions by government and private sector organizations at the forefront of the Kingdom’s residential construction industry. Plus, international organizations that are leaders in smart sustainable housing design and development. Event website with further details is www.itp.events/KSAResidentialHousing 18 & 19 OCTOBER RADISSON BLU HOTEL, RIYADH DELIVERING THE AFFORDABLE QUALITY HOME RESIDENTIAL HOUSING SAUDI ARABIA CONFERENCE & EXPO 2022 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 58 Vol. 23/09, September 2022 problem the founders of Bitcoin created another, altogether bigger one. Its stag- gering energy consumption is evidence that when we innovate or implement shiny new technologies, its environ- mental impact is not always prioritised or even considered at inception. And the current energy and environmental crisis show that this mentality urgently needs to change. So what can be done? More sustainable sources Bitcoin and other currencies based on proof of work blockchains must move to more sustainable sources. It’s some- thing that won’t happen overnight – or ever, in its entirety – but we are starting to see some positive movement here. Paraguay, for example, has an energy supply based almost 100 percent on hydroelectric sources. This means Bitcoins mined in Para- guay, which also has the highest per capita percentage of renewable energy, will have a lower carbon footprint than Bitcoin mined in nations dependent on fossil fuel. For this reason, Paraguay believes it can become the crypto hub of Latin America. Looking ahead, the rency that is green by design. That’s why it is critical that we prioritise building a more sustainable blockchain ecosys- tem, which is both environmentally and financially stable. This is where proof of stake blockchains come to the table. In this system, mining is replaced by staking – a network of “validators’ ‘ contribute – or “stake” – their own crypto in exchange for a chance of getting to validate new transactions, update the blockchain, and earn a reward. Because it eradicates mining and is not a dupli- cative process (with several sources competing to solve the same puzzle) this method does not consume unnec- essary amounts of power. We’ve seen huge strides with the likes of Etherium looking to migrate its entire proof of work ecosystem to Etherium 2.0, a proof of stake system. Indeed, the Ethereum Foundation, the organisation behind the Ethereum cryptocurrency, says that the energy cost of each transaction could be cut by 99.95 percent. Many players in the industry want to ensure that any energy consumed by the industry is entirely carbon-free. In April 2021, three important organisations (the Energy Web Foundation, Rocky Moun- tain Institute, and the Alliance for Inno- vative Regulations), formed the Crypto Climate Accord, which is supported by organisations spanning the climate, finance, NGO and energy sectors. The aim of the Accord is to “decarbonise the industry in record time”, and achieve net-zero emissions in the global crypto industry by 2030. The environmental burden of Bitcoin The environmental burden of Bitcoin and other proof of work blockchains shows why we can never look at inno- vation in the short term. We’re now left with trying to address a major man-made sustainability challenge that could have been avoided completely with a bit of forethought. But just as technology has helped create a problem, it can help solve it. Renewable energy, proof of stake blockchains and other emerging tools are all on hand. The question is whether Bitcoin is prepared to march to the beat of the global sustainability agenda. desire to mainstream Bitcoin is likely to accelerate research into reducing the cost of storing renewable energy, as well. Additionally, the tentative steps being taken by governments to turn Bitcoin into legal tender could poten- tially lead to well-considered policies for mining cryptocurrencies and penalising breaches of environmental norms. Green by design Not all cryptocurrencies have the same detrimental environmental impact as Bitcoin. What we need is a cryptocur- u Consumption Mining Bitcoin uses around 136.38 Terawatt-hours of electricity every year, according to the Cambridge Bitcoin Electricity Consumption Index FEATURE / TECHNOLOGY $1,558 The value of 1 Ethereum as at 1 September 2022BOOK Y O UR T A BLE itp.net/awards SCAN TO VISIT WEBSITE Tuesday 11th October 2022 Conrad Dubai, UAE SILVER SPONSORS CATEGORY SPONSOR For sponsorship enquiries: Priyanka Pillai Marketing Solutions, ITP.net Tel: +971 4 444 3399 M: +971 52 576 0260 E: Priyanka.Pillai@itp.com For nomination enquiries: Adelle Geronimo Editor, ITP.net T: +971 4 444 3497 E: Adelle.Geronimo@itp.com For event enquiries: Anthony Chandran Marketing & Events Manager T: +971 444 3689 E: Anthony.Chandran@itp.com CELEBRATING EXCELLENCE AND INNOVATION IN TECHNOLOGYNext >