Learning from life How Sunny Varkey created a global education empire #23/12 • December 2022 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VATINTRODUCING THREE NEW COMPANIES THAT WILL BUILD THE FUTURE. THESE PLANS MAY BE SUBJECT TO THE OUTCOME OF LEGALLY MANDATED CONSULTATION IN SOME PARTS OF THE WORLD.arabianbusiness.com 3 Contents December 2022 www.arabianbusiness.comSUBSCRIBE NOW +971 4444 3000 www.itp.com/subscriptionarabianbusiness#arabianbusinessarabianbusiness COVER STORY School of life In his rst interview for a decade, Sunny Varkey , the world’s most famous educator, looks back on his remarkable career, and what the future holds FINANCE How to survive the bear market The global economy faces strong headwinds, but smart businesses can still nd opportunities, says Girard Moussa, Head of UAE and MENA Expansion at Stripe ENTREPRENEURSHIP Empowering women in business Driving female entrepreneurship will be crucial to the future success of the region, believes Professor Heather McGregor of Heriot-Watt University Dubai 22 FIRST WORD There has been no other part of the world that has remained as such a beacon of stability as the Gulf has” 14 Matthew Amlot Managing Editor matthew.amlot@itp.com o ld s ability 284 Vol. 23/12, December 2022 Sustainable transport Etihad Rail is putting sustainability at the forefront, says Adhraa Al Mansoori 66 FIVE THINGS TO KNOW ABOUT... INVESTING How to in ation-proof your portfolio An uncertain global economy requires certainty of investment focus SUSTAINABILITY Women leaders key to Middle East climate change battle Female investors and policymakers on the corporate and public level are twice as likely to consider ESG investing when compared to men, a study reveals ECONOMY UAE Golden Visas and foreign investment The plan will accelerate the UAE’s aim to become the best in the world 56 3440 54INVEST $800,000 FOR U.S. RESIDENCY AND GREEN CARD BOULEVARD PLAZA TOWER 1 #3204 DOWNTOWN DUBAI WWW.AMERICA.AE6 Vol. 23/12, December 2022 SUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 XPT VIEWS Leadership in an age of accelerating connections Dubai Riyadh Mumbai London New York Dimitrios Dosis, President, EEMEA, Mastercard, shares his vision for a digital future where everyone prospers AN ITP MEDIA GROUP PUBLICATION #23/10 October 2022 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 X LV intvi ws 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 future D PTH NEWS THE AVIATOR James Hogan is back UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VAT #23/11 • November 2022 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 I ME IA GROU CEO Ali Akawi MANAGING DIRECTOR Alex Reeve DEPUTY MANAGING DIRECTOR Anil Bhoyrul E I ORIA EDITOR-IN-CHIEF Rob Corder, rob.corder@itp.com MANAGING EDITOR Matthew Amlot, + 971 4 444 3264, matthew.amlot@itp.com SUB EDITOR Edward Liamzon, +971 4 444 3474, edward.liamzon@itp.com ARABIANBUSINESS.COM INDIA EDITOR James Mathew ESIGN SENIOR DESIGN MANAGER Geri Batara Sonny DESIGNER Mohammed Irqsosy S U IO VIDEOGRAPHER Muhammad Kaleem, Julius Garcia PHOTOGRAPHER Marwan Elsayed VIDEO EDITOR Liju Cheruvathur RO UC ION & IS RIBU ION PRODUCTION MANAGER Denny Kollannoor PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles E EN S & MARKE ING DIRECTOR OF AWARDS & MARKETING Daniel Fewtrell, +971 4 444 3684, daniel fewtrell@itp.com CIRCU A ION DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai AER ISING 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 I GROU CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.comFIRST WORD | Matthew Amlot, Managing Editor 8 Vol. 23/12, December 2022 H ello and welcome to our last issue of , and what a year it has been. The year began with optimism, with businesses around the world looking towards the future with the prevailing opinion that a post-Covid- 9 economic bounce was on the cards. Unfortunately, this hope was soon dashed with Russia’s invasion of Ukraine and an ongoing global macroeconomic battle against in ation combined with a resurgent energy price. In some parts of the world the challenges caused by these dynamics have been dire. Earlier this year, the Bank of England warned that the UK would enter the country’s worst recession “ever,” while layo s have been widespread in the technology sector in the US. However, in the Middle East the story has been somewhat di erent. There has been perhaps no other part of the world that has remained as such a beacon of stability as the Gulf has, an advantage that has already paid dividends for the region’s econ- omies. In Dubai, the real estate market has been buoyed by global investors looking for stable, growing assets to invest in as a store of value, consequently leading to the city’s property market to more than double in price in some areas (page 4 ). Meanwhile, Qatar is reaping the tourist rewards from hosting the FIFA World Cup , and Saudi Arabia has continued to announce a slew of mega projects (page 46) to match its already impressive portfolio of futuristic plans. Globally orientated investors will still need to focus on how to best navigate the bear market, and, in this vein, we have published some thoughts on this on page 4. Businesses in this region have sought to capitalise on the region’s advantageous fundamentals, with the forward-looking leadership preparing for the global economy’s future. This year, authorities in the UAE have announced plans to turn the country into a hub for Web . technology, especially the metaverse, while it continues to expand its Golden Visa programme, increasing the nation’s attractiveness as a place to live and work, and driving further foreign investment – a subject covered in more detail on page 4 . Finally, as we turn our minds to , perhaps the most impor- tant sector to talk about is that of education, and the importance of building a strong foundation for the future. Given the impor- tance of education to long-term success, I am very pleased that we have been able to feature Sunny Varkey, the founder of GEMS Education, the world’s largest private school institution, on the front cover this month. Varkey, in his rst interview in nearly a decade, dives into his passion for education, and explains his own personal journey. The entire interview is a fascinating insight into one of the UAE’s most successful entrepreneurs and I encourage you to check it out, starting on page . With that I’ll let you get to reading. Until next time. A year in review A tumultuous 2022 has led to unexpected successes MATTHEW AMLOT @MatthewAmlot 7.12 MILLION The number of international overnight visitors to Dubai between January and June 2022, according to the latest data from Dubai’s Department of Economy and Tourism (DET)Visit one of the participating restaurants to be part of the “ DINE . FEED . EDUCATE” campaign. Your support will be directed towards Dubai Cares’ school feeding programs. DINE . FEED . EDUCATE IACAD Permit No. PRHCE-000318472 ﺢﻳﺮﺼﺘﻟا ﻢﻗر Supporting PartnerNext >