CONNECTING BORDERS Shai Zamanian , the director of The American Legal Center in Dubai, on how the globalised world is coming together #23/11/1 • November 2022 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VATALPINE EAGLE With its pure and sophisticated lines, Alpine Eagle offers a contemporary reinterpretation of one of our iconic creations. Its 41 mm case houses an automatic, chronometer-certified movement, the Chopard 01.01-C. Forged in Lucent Steel A223, an exclusive ultra-resistant metal resulting from four years of research and development, this exceptional timepiece, proudly developed and handcrafted by our artisans, showcases the full range of watchmaking skills cultivated within our Manufacture.arabianbusiness.com 3 Contents November 2022 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription arabianbusiness#arabianbusinessarabianbusiness COVER STORY The advisor Arabian Business meets US licensed attorney Shai Zamanian, the director of The American Legal Center in Dubai, as he explains his experience as a ƒrst generation immigrant to the US and how he now assists families from the GCC looking to embark upon the same path to America 22 FIRST WORD Adapting to change is the key to business survival, but too many leaders fear it rather than embrace it” 30 Matthew Amlot Managing Editor matthew.amlot@itp.com ge ss ny ECONOMY The Middle East’s economic fundamentals The UAE is predicted to outpace all other countries in the region in terms of growth over the next 12 months LIFESTYLE The man to watch In an exclusive interview, Hublot CEO Ricardo Guadalupe looks back at his remarkable career and ahead to the FIFA World Cup 2022 in Doha 644 SUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 ƫXPƫƷT VIEWS 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 ƫXƩLƺƸƯVƫ interviews ƯƴDƫPTH NEWS 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 15KSA: SAR 15BAHRAIN: BHD 1.500 OMAN:OMR 1.500KUWAIT: KWD 1.200 PUBLISHED BY AND © 2022 ITP MEDIA GROUP FZ-LLC. NOTICE The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. The opinions and views contained in this publication are not necessarily those of the publishers. Readers are advised to seek specialist advice before acting on information contained in this publication, which is provided for general use and may not be appropriate for the readers’ particular circumstances. The ownership of trademarks is acknowledged. No part of this publication or any part of the contents thereof may be reproduced, stored in a retrieval system or transmitted in any form without the permission of the publishers in writing. An exemption is hereby granted for extracts used for the purpose of fair review. PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Offices in KSA, UAE, UK, US, and INDIA I62 ME&IA GROU2 CEO Ali Akawi MANAGING DIRECTOR Alex Reeve DEPUTY MANAGING DIRECTOR Anil Bhoyrul E&I6ORIA. 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 S6U&IO VIDEOGRAPHER Muhammad Kaleem, Julius Garcia PHOTOGRAPHER Marwan Elsayed VIDEO EDITOR Liju Cheruvathur 2RO&UC6ION & &IS6RIBU6ION PRODUCTION MANAGER Denny Kollannoor PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles E8EN6S & MARKE6ING DIRECTOR OF AWARDS & MARKETING Daniel Fewtrell, +971 4 444 3684, daniel fewtrell@itp.com CIRCU.A6ION DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai A&8ER6ISING 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 I62 GROU2 CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.com Vol. 23/11/1, November 2022FIRST WORD | Matthew Amlot, Managing Editor 6 Vol. 23/11/1 November 2022 A dapting to change is the key to business survival, but too many leaders fear it rather than embrace it. While history – and the present (Meta, anyone?) – is littered with exam- ples of companies struggling to adapt to transforming ecosystem, change should instead be viewed as an opportunity. We are blessed in the Middle East to report on, and work within, one of the most diverse and dynamic business commu- nities in the world. The region’s post-Covid-19 bounce back has left most of the world in its wake, but has still necessitated busi- nesses fi nd new ways to take advantage of a new global economy facing more headwinds than in recent years – a topic that we dive into on page 30. That being said, more bright spots are visible over the horizon for the region this year, with the FIFA World Cup 2022 set to provide an economic boost to its host nation of Qatar, along with the wider Gulf as many fans are expected to be commuting to the sporting mega-event. Dubai, in particular, stands to gain, with the emirate topping the charts as the number 1 destination that fans are booking tickets to Qatar from. Turn to page 34 for more insight on the event’s impact. Speaking of change – we have featured one such success story at navigating the corridors of disruption on the cover of the month. Shai Zamanian, the director of The American Legal Center in Dubai sat down for an interview with Arabian Business. Zama- nian’s inspirational story includes his experience as a fi rst-gen- eration immigrant to the US and how he now assists families from the GCC looking to embark upon the same path to America. In spirit of the World Cup hosted in Qatar, Zamanian explained to us that: “The US is much like the World Cup in which people from around the globe put their diff erences aside for a common goal: to showcase excellence.” The full interview, beginning on page 22, is well worth a read and I encourage you check it out. Real estate and construction have long been some of the most exciting sectors in the Gulf, with the region home to some of the world’s most ambitious projects. This is a situation unlikely to change in the near future, with mega projects continuing to break ground – whether that the futuristic Line at NEOM, or a fl oating luxury-hotel in Dubai. For an inside peek on what’s next in the region’s future, turn to page 52. On the subject of change, we have also included a supplement with this issue of Arabian Business, and I am pleased to present the 2022 Young Achievers edition. Congratulations to all those listed, I’m sure one day the future leaders of the Middle East will fi nd themselves inside this publication, and I look forward to welcoming them to the region’s vibrant business community. Until next time. Embracing change Leaders have no need to fear change, instead they should embrace it MATTHEW AMLOT @MatthewAmlot $17BN Qatar’s predicted economy boost in hosting the FIFA World CupKPMG UAE economy The Dubai Financial Services Authority has im- posed ƒ nes of $1.5m on KPMG LLP and $500,000 on partner Milind Navalkar over Abraaj failings Non-oil business in the UAE improved at a robust rate at the start of Q4 leading to a rise in employment, according to S&P NEWS IN NUMBERS Trade relations Bilateral trade between China and the UAE exceeded $64bn during the ƒ rst eight months of 2022, a top Chinese diplomat told WAM. It represents a near 28 percent increase on the same period in 2021 and shows the developing relationship between the two countries. By 2030, China has set a target of $200bn of bilateral trade between China and the UAE, said Zhang Yiming, Ambassador of the People’s Republic of China. Strengthening ties The China-Arab Summit, which will be held in Saudi Arabia next month, will be an important milestone in the history of relations between China and the Arab region. It is set to be the ƒ rst face-to-face summit between Chinese and Arab leaders since the Covid-19 pandemic. Underscoring the UAE’s role as a major hub of the Belt and Road Initiative and a regional aviation, transportation and ƒ nancial centre, Yiming said the UAE is an important gateway for Chinese enterprises to “go global”. Partners in progress As China and the UAE hold the world’s top two largest sovereign wealth funds, Yiming hopes that the two sides will increase cooperation in investments, currency exchanges, and digital Chinese currency, and play a vital role in promoting cooperation in new energy, biomedicine and high-tech innovation enterprises. The cooperation between China and the UAE in science and technology has drawn close attention of the international community. GOOD MONTH BAD MONTH THREE REASONS WHY The cooperation between the two countries is becoming increasingly strategic, pioneering and innovative Contribution in thousand jobs Additional information: MENA: 2012 to 2018 Source: WTTC ࿈ Statista 2022 Upfront The top news and business headlines from the region NOVEMBER 2022 UAE trade with China tops $64bn in 2022 – and will continue to rise Employment generation This statistic describes the total contribution of travel and tourism to employment across the Middle East from 2012 to 2017. According to forecasts, the total contribution of travel and tourism to employment in Middle Eastern countries will amount to around 7.22 million jobs by 2028. The region is fast becoming a preferred destination for international travel. 8 Total contribution of travel and tourism to employment across the Middle East from 2012 to 2028 (in 1,000 jobs) 2012 0 2,000 4,000 6,000 8,000 5,158.9 5,135.8 5,251.3 5,277.1 5,349 5,528.2 5,701.7 7,251.1 20142017201320152018*20162028** Vol. 23/11/1, November 2022INNOVATE. DISCOVER. CONNECT. WORLD FUTURE ENERGY SUMMIT 16-18 JAN 2023 10AM-5PM/ADNEC-ABU DHABI Hosted byPart of 4 FOCUSED EXPOS 5 LEADERSHIP FORUMS 300+ EXHIBITING COMPANIES 110+ KNOWLEDGE SESSIONS 300+ SPEAKERS RESERVE YOUR ATTENDANCE AT WORLDFUTUREENERGYSUMMIT.COM WATER SMART CITIES SOLAR ECOWASTE ENERGY CLIMATE & ENVIRONMENTNext >