< Previous62% 76% 71% 94% Subscriber penetration Smartphone adoption 2022 2022 2030 2030 Dubai real estate giant will hand over a $602m cash dividend to shareholders The 16th largest bank in America has been shut down by US regulators. It is the biggest collapse of a major fi nancial institution since the global fi nancial crisis of 2008 NEWS IN NUMBERS Increasing numbers Business travel in the Middle East and Africa (MEA) is recovering faster than in any other region, according to the Global Business Travel Association. Middle East and Africa business travel achieved 86 percent of its 2019 levels during 2022, outperforming the recovery in Americas, Asia Pacifi c and Europe. According to the forecast, business travel spending reached $933bn globally in 2022, a 65 percent of the $1.4tn business pre-pandemic travel spend. Pandemic recovery Danielle Curtis, exhibition director ME, Arabian Travel Market, said: “The business travel sector is a key component of the Middle East’s wider travel and tourism industry, and it is encouraging to see that it has bounced back so strongly since the pandemic.” Now that travel is almost restriction-free, employees have revealed an increased likelihood to travel more for work, whether long-term or overnight business trips, according to the latest business travel outlook poll from GBTA. Important growth market Catherine Logan, Regional Vice President EMEA & APAC, GBTA, said: “The MEA region is an important growth market for business travel and benefi tted from a prompt Covid-19 vaccination rollout in key markets such as the UAE and Israel, as well as increased economic activity driven by the rising price of crude oil to accelerate the business travel recovery. “The region is expected to return to pre-pandemic business travel spend by 2024 and continue its growth trajectory.” THREE REASONS WHY Business travel in the region is recovering faster than any other region, according to experts Emaar Properties shareholders Silicon Valley Bank GOOD MONTH BAD MONTH Upfront The top news and business headlines from the region APRIL 2023 Middle East leads charge in return to $1.4tn business travel market Throughout 2023, some 30 new markets will launch 5G services; importantly, many of these will be developing markets across Africa and Asia, making 5G a truly global trend. As 5G adoption continues to scale, the monetisation imperative will grow. Operators will increasingly focus their marketing efforts on highlighting the link between mobile devices, 5G and new digital services while also expanding their 5G fi xed wireless access (FWA) offerings to new areas. Source: GSMA Intelligence 10 Vol. 24/04, April 2023 Key trends shaping the mobile ecosystem Asia Pacifi c șǍОǍᒞǍǍǟȄǍǍڡǍԨǍǟ Technology mix 4% 41% 15% 1% 11% 3% 70%55% 20222030 3G2G4G5Garabianbusiness.com 11 IndispensableEducation is the key to securing our future prosperity, Pipushev says $645BN The projected value of the global e-learning market by 2030, according to market research specialists Strait Research is not what motivates us. Games and competitions, however, elicit excitement and joy, and learning is thus an ideal area to integrate gamifi cation. Instead of cramming for a subject, you can improve your character to gain experience points, or compete with others. Competitive and socialisation-based educational games stir up a range of positive emotions: excitement, enthusiasm and joy. From a neurophysiological perspective, emotions aid in the process of learning and help to be productive. Incentivisation This involves using rewards and recognition to encourage learners and reinforce positive behaviours while studying. Currently, online educa- tion, self-learning, and online educational games are fl ourishing. A variety of technologies, including web3, can motivate learning, problem-solving, and participation in educational competitions. Decen- tralised environments now provide access to prizes, awards, cash, and certifi cates that can be authen- ticated with a private key. Web3 games that follow the principles of LEARN2EARN incentivise players. For example, a quiz game was implemented on the GTON Network blockchain, where players answer 12 unique multiple-choice questions within 20 minutes on a specifi c topic (e.g. geography) that AI generated before the game. The round's winners receive prizes from a fund composed of quiz tickets. Metaversisation Metaversisation is the creation of a virtual world that users can interact with through AR, VR, and gaming technologies, allowing them to engage in shared experiences and interactions similar to real life. As we previously mentioned, emotions and multisensory experiences have a positive eff ect on learning processes. In metaverses, people can inter- act with the virtual world, objects, and each other with the same richness of sensations as in the phys- ical world. Eventually, games and education in general will start taking place in metaverses. To build such virtual worlds, AI can help generate assets, content, and automate assessment of learn- ing tasks, gamifi cation will form the basis of what we call the educational process, while web3 will facilitate internal digital economies. AI is not a threat to humanity if we use it to enhance our intellectual abilities through using the new technologies, such as AI itself, web3 and metaverses. It appears we’re nearing a cyber- punk-like future where the lines between AI and biological intelligence are becoming increasingly blurred. However, as we augment our intelligence, AI’s potential threat diminishes: therefore, educa- tion is the key to securing our future prosperity. BYARABIAN BUSINESS STAFF I t may surprise you to know that this article’s title and structure were generated by AI. I asked ChatGPT to generate titles for an article exploring the latest technologies such as web3, AI, and metaverses and how they’re transforming education and learning. Using this structure, we'll talk about a new set of technologies and methodol- ogies I call AGIM (automation, gamifi cation, incen- tivisation, metaversisation), as it applies to learning. Automation AI is capable of generating content. The generative pre-trained transformer (GPT) is essentially a memory bank that stores the semantic associations found in millions of text documents on a wide range of topics. Although it may not possess accurate facts or a deep understanding of the subject, it’s a power- ful tool for automating text generation, creation of educational tests, answer verifi cation, and recom- mending further steps to a learner. Gamifi cation Many would agree that studying is dull. Reading books, memorising rules, and retaining information | SPOTLIGHT REDEFINED BY EMERGING TECHNOLOGIES THE FUTURE OF EDUCATION: Alex Pipushev, founder of GTON Foundation, explains how AI, web3 and metaverse technologies are transforming education through incentivisation and edutainment12 Vol. 24/04, April 2023 Entrepreneurial ideasW Group is leveraging data through its partnerships with regional and global data measurement companies, says chairman and CEO Habib Wehbi W here do you see W Group in the region’s growing Out-of-Home advertising industry? And why did you name it “555”strategy? With the increasing penetration of digital tech- nology and smart solutions, the DOOH industry is undergoing a significant transformation, presenting new opportunities for businesses. Being one of the major players in the DOOH market and having launched a major technolog- ically led transformation plan to move away from traditional OOH advertising, W Group along with its subsidiaries has defi ned the “555 Strategy”, an ambitious plan to grow within 5 verticals to generate 500M revenue in year 5. Can you elaborate more on how the group will achieve this plan? Since 1999, our strategic growth has been aligned with UAE's vision. As such, and through- out the past 10 years, we have made signifi cant investments in our DOOH infrastructure, tech- nology and data audience measurement to support our business model. According to reports, by 2024 the OOH advertising spend in the MENA market is projected to increase to $1.5 billion. This prom- ising number will allow the group to explore new opportunities to expand its regional pres- ence in the UAE, KSA and Lower Gulf. The basis of the group’s strategy is our solid DOOH growth platform in the UAE, which will be complemented by additional growth measures to achieve the desired outcome, and that is through: • Organic and inorganic growth: Innova- tion, Technology, maximizing revenues and pricing strategy. • Business Expansion: Expanding our port- folio to new markets in the region with existing or new business models (KSA and Lower Gulf). • Strategic Partnerships: Regional and global partnerships to enhance portfolio and product offerings. We will rely on our strong positioning in the UAE market to implement our growth plan in the region throughout our established verticals. 1. W Group a management holding with a diversifi ed portfolio, managing and investing in DOOH media & technology and overseeing the strategic growth of all group entities. 2. Hypermedia the leading DOOH media experience across UAE with major contracts with RTA’s Dubai Metro, Outdoor, major Malls, Prime Destinations and In-Store media. The company has invested in major digital transfor- THE 555 STRATEGY Habib Wehbi reveals W Group’s ambitious growth plan SPOTLIGHT |arabianbusiness.com 13 Media platform W Group has joined several associations and organizations in the global OOH landscape $1.5BN The increase in the OOH advertising spend in the MENA market by 2024 mation supported by real-time audience measurement tools to help clients optimize their ROI. 3. DigitAll, a specialized company in Digital consultancy services, project management, content management systems and technology solutions, provides innovative offerings to create the ultimate experience. 4. A soon-to-be-launched new company under W Group introducing cutting-edge smart technologies in DOOH data audience measure- ment, programmatic and digital creative expe- rience to provide marketers with unparalleled insights for an impactful, measurable, and exclusive brand-consumer engagement 5. AT85, the fi rst NFT ecosystem off ering a real-life loyalty and utility programs connect- ing brands and consumers through our strate- gic partnerships in the region. It is a web3 interactive platform empowering digital econ- omy with diversifi ed Metaverse NFT aggrega- tion rights. How will the increased availability and utilization of data impact the growth of W GROUP? With the rise of digital technology, W Group is leveraging data through its partnerships with regional and global data measurement compa- nies. Our next step will be creating our own measurement platform which will allow us to off er brands the opportunity to measure the ROI of their OOH campaigns, using pre-campaign targeting reports that help them predict the potential reach of each campaign. The deal here is to empower marketers to have a 360 grip on their programmatic DOOH campaigns as they will manage, control, and design their campaigns most optimally in terms of reach, target audience, sociodemographic, locations, timings, and many other metrics. The new company that we are launching soon will introduce cutting-edge technologies in audi- ence measurement to create new revenue streams for the group by proactively approaching clients who can benefi t most from our ultimate smart solutions and optimize their marketing. Today, employing data technology should be the pivot of any successful strategy. As we’ve already digitized over 2500 Hypermedia’s assets and powered them with data, we are now able to climb a higher rank in OOH technologies by delving into real-time data measurement and analytics, smart triggers advertising, program- matic, etc., for marketers to target their audi- ences more effi ciently and accurately. Why is the group investing in the NFT? W Group is Investing in AT85 as a new NFT plat- form that can provide signifi cant growth oppor- tunities to position the group at the forefront of this exciting new market and reap the benefi ts of early adoption. One of the key advantages of investing in this new NFT platform is the potential for revenue growth. The global NFT market size was valued at $ 15.54 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 33.9% from 2022 to 2030. The growth can be attributed to the increasing demand for NFTs worldwide due to their uniqueness, individuality, and transparency, among other features. Where does W Group stand on the OOH global scene? W Group has joined several associations and organizations in the global OOH landscape. We are now an active member and strategic partner with the World Out of Home Organization (WOO), the Interactive Advertising Bureau association (iab GCC), and the Global Digital Out of Home Association (DPAA). These global platforms provide W Group with unique opportunities for networking to identify strategic partnerships and innovations that can enhance the growth of our media network regionally and globally. What is your strategy to attract talent to drive your business growth? The OOH rapidly evolving landscape requests employees who are skilled at adapting to change. W Group’s success is largely dependent on its ability to attract top talents that bring innova- tion, culture, and leadership to the table, all of which can help our company thrive in a compet- itive market. | SPOTLIGHT Today, employing data technology should be the pivot of any successful strategy 14 Vol. 24/04, April 2023 Inside the $7m horse auction at Dubai World Cup The well-attended sale took place in the presence of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai World’s fi nest Last month, nearly 70 colts and fi llies – capped at age two – performed an untimed breeze on Meydan’s training track in front of several owners and buyers from different parts of the world EVENTS | The well-attended sale took place in the presence of Sheikh Mohammed bin Rashid Al Maktoum, Vice Presi- dent and Prime Minister of the UAE and Ruler of Dubai. Last month, nearly 70 colts and fillies – capped at age two – performed an untimed breeze on Meydan’s training track in front of several owners and buyers from diff erent parts of the world. These magnifi cent horses strut- ted in front of a packed Parade Ring of Meydan. Many of the new owners will be hoping they make the visit to the same place several times in the future on the designated fourth Saturday of March as winners on Dubai World Cup night. Of the 63 horses being offered, 42 were sold. The total sale value for the one-hour auction was AED25.75m ($7.01m), which meant an average price of AED613,500 ($167,000) per horse. BY JOY CHAKRAVARTY I think it’s a great initiative. It’s been well supported, and hopefully, we’re going to see it producing champions T wo colts were bought for over AED2m in a frenzied and successful Dubai Breeze-Up Sale, where 63 young horses came under the hammer in one of the latest events associated with the run-up to the Dubai World Cup night.31 May 2023, Saudi Arabia, Al Khobar, Le Meridien Al Khobar Hotel The event will explore how digital twins will drive an intelligent oil and gas sector to optimize production, increase safety, and improve bottom - line results with enhanced data management and digital technology. CONFIRMED KEYNOTE SPEAKERS INCLUDE: CASEY RUTLAND Vice Chair, UK BIM Alliance & Chair, building SMART UK & Ireland WASSIM GHADBAN Vice President, Global Innovation & Digital Engineering, Kent RAFIQ KHURSHID Information Security Solutions Specialist, Saudi Aramco MARK SAGE Executive Director, Augmented Reality for Enterprise Alliance (AREA) DAN ISSACS General Manager and Chief Technology Officer, Digital Twin Consortium USA HALA AL-SADEG Petroleum Scientist, Saudi Aramco For further details including event sponsorship & exhibitor opportunities, please call: KENNY HAJJ M: +971 (0) 55 803 2136 E: kenny.hajj@itp.com SPONSORPOWERED BY:SUPPORTING PARTNERS: FUTURE OF DIGITAL TWINS TECHNOLOGY STARTS HERE! Event theme is Leverage Fundamentals of Industry 4.0 and includes a one - day conference plus workshop on latest developments in Digital Twins and related technology for the oil and gas sector. Presentations are by organizations at the forefront of the oil and gas sector developing, implementing, and utilising digital twin technology, plus, international organizations that are leaders in this field. NETWORK, MEET YOUR TARGET MARKET, AND DO BUSINESS! Attendees will include major oil and gas producers, refineries, petrochemical producers, EPCs, contractors and civil engineering. Adjacent to the strategic level conference is the expo area where event sponsors and exhibitors will showcase the latest digital twin and related technology and services to delegates during the conference breaks. Please see details below on event sponsorship and exhibitor opportunities.16 Vol. 24/03, March 2023 EVENTS | Thoroughbred The average price of the each horse at the event was $167,000 The top lot was purchased by well- known owners Dr Jim and Fitri Hay, who made the winning bid of AED2.2m ($593,240) for a bay colt sired by Amer- ican Gun Runner and Brazilian Baby Go Far. The sale topper was sold by Powerstown Stud, who had also sold the sale-topping Culin colt last year. The Hays also purchased the second horse that fetched over AED2m – a second bay colt by American Justify and Irish Say. The winning bid was AED2.1m ($566,521) for the colt sold by Mocklershill. The Hays recently tasted success in Dubai with the homebred Southern Artist in Jebel Ali, and are planning to expand their contingent of horses under reigning UAE’s Champion Trainer Bhupat Seemar, who is just one win away on the Dubai World Cup night to secure a second straight Trainers title. “We supported the sale last year; we didn’t do very well with one of the purchases but nevertheless they were high-quality pedigrees,” Dr Jim Hays said. “The catalogue looked better this year and Steve (blood- stock agent Stephen Hillen) had a good look at everything. “I think we’ve got eight or nine with Bhupat and now the plan is to build up a bigger string in Dubai because this is where the prize money is! “We need to race here and Steve is looking at more and more dirt horses for us. The plan is to race them here, move them on to America and race them there.” Eight horses were sold in the price range between €100,000 ($108,274) to €200,000 ($216,487) and 11 in the range between €200,000 to €400,000. The auction sale last year was the fi rst attempt of its kind in the Middle East as the region continues to become a major force in the thor- oughbred industry. Charlie Appleby, the trainer for Sheikh Mohammed’s Godolphin Stable, said it was a welcome addition to the huge celebration of racing that the Dubai World Cup is, and added it was too early to say if it has been a success. “It’s obviously still in its infancy. track. So, hopefully, what we saw on the stock has gone to good individuals, and hopefully, they can go on to win this coming seasons. And I think that will help the sale because then they want to see winners come out of the sale to make it justifi able for an indi- vidual to go out there next year and have a look at buying something else. “It is hard to assess how good it is yet because it’s still so young. But I think it’s a great initiative. It’s been well supported, and hopefully, we’re going to see it producing champions.” The auction was conducted by Goff s, the Irish thoroughbred auction company – one of the two most prom- inent players in the business along- side the US-based Keeneland. Last year, it produced winners, and I thought it was a better stock again this year,” said Appleby, winner of more than 600 races for Godolphin, includ- ing the Epsom Derby and the Melbourne Cup. “It’s very hard to assess, because they all look very pretty in the paddock. At the end of the day, you can only judge a sale by what it puts on to the $593,240 The price of a bay colt purchased by Dr Jim and Fitri Hay at the Dubai Breeze-Up Sale Equine business The auction was conducted by Goffs, the Irish thoroughbred auction company, alongside the US-based Keenelandarabianbusiness.com 17 NIKAI Group: redefi ning its diversifi cation trajectory The NIKAI Group are now establishing a fi rm foothold across the F&B, logistics and the digital transformation sectors Operations The NIKAI Group boasts a diverse portfolio that includes over 400 household appliances, as well as IT, trading, staff outsourcing and restaurants 65 MILLION The number of customers NIKAI Group has served in over 60 countries Integrated logistics solutions Foraying into the recruitment and hiring solutions segment, NIKAI Group launched TASC to offer outsourcing and staffi ng services for various indus- tries. Today TASC is rated among the top companies in this sector with a list of premium clienteles such as Samsung, Etisalat etc. Expanding its portfolio, the Group gradually entered into logistics through the establishment of NIKAI Logistics. With a dedicated local service center and fl agship logistics hub located in Dubai Investment Park, as well as additional logis- tics facilities in Umm Al Quwain and Jebel Ali North, the Group has established a strong presence in the logistics industry. NIKAI also provides integrated logistics solutions to its clients, recently expanding into Egypt and Qatar and overseeing the distribution of Panasonic LEDs in KSA. By staying up-to-date with the latest technological advancements and introduc- ing new products, the Group maintains a competitive edge over other players in the market. Digital transformation solutions The NIKAI Group ventured into the digital landscape with Spotnik Technologies, which has gained signifi - cant traction in AI, smart centers, and VR-related solutions. Spotnik Technologies is responsible for the creation of the highly innovative ‘Smart City Studio’, the fi rst urban digital twin platform in the UAE. With expanding operations in key markets such as the UAE, Oman, and KSA, as well as establishing entities in Qatar and Eygpt, the electronics division has revital- ized its e-commerce strategy, both in terms of prod- uct portfolio and marketing, to capitalize on the grow- ing consumer demand in this sector. Key CSR initiatives The NIKAI Group is committed to giving back to the community by supporting various charitable orga- nizations, including Dubai Cares, Al Noor Training Centre for Children with Special Needs, Rashid Centre for the determined and Dubai Autism Centre, as well as several charities in India. The Group is consistently ahead of its Corporate Social Respon- sibility (CSR) initiatives, which also involve recog- nizing the best teacher and student in the Higher Colleges of Technology. This award ceremony was held under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, the UAE Minister of Culture, Youth and Community Development, who is also the former Minister of Higher Education and Scientifi c Research. Through its CSR eff orts, the NIKAI Group aims to make a positive impact on society and contribute to its well-being. BY SAADIYA AHMAD B uilt from scratch by the chairman Paras Shahdadpuri, all it took was one visit to Dubai in 1987 that led to the inception of NIKAI Group. Counted among the renowned conglomerates worldwide, the Group in the initial stages began with general trading of commodities to global destinations. Over the course of more than two decades, the Group has expanded its reach to over 60 countries, serving more than 65 million customers. Today, the NIKAI Group boasts a diverse portfolio that includes over 400 electronic and household appliances, as well as information technology, general trading, staff outsourcing, and restaurants. The Group has estab- lished offi ces in several countries, including the UAE, Oman, China, KSA, Qatar, Egypt, and Georgia. A go-to-market model In 1987, Shahdadpuri led the launch of Crescent General Trading, a division of the NIKAI Group of Companies, to expand its business in the FMCG sector by trading in bulk commodities like urea, tea, coff ee, and rice from the Indian Subcontinent to the MENA region. Since then, Crescent General Trading has established itself as a reliable trading partner and formed strategic partnerships with well-known FMCG brands such as Weikfield, Cremica, Louis Cardin, My Perfumes, Dhathri, Deepam Oil, and Henna Speedy. As part of a new go-to-market model, the Group's FMCG arm has recently incorporated several new F&B brands into its portfolio, including the KSA-based Chevel Group, Makati, Orinex, Freshly as well as Indian venues Goldie and The Man Company, over the past year. The NIKAI Group is committed to giving back to the community by supporting various charitable organizations | SPOTLIGHT Leader Paras Shahdadpuri, chairman of NIKAI Group18 Vol. 24/04, April 2023 COVER STORY CREATIVE TOXICITY The founder of Astra Tech Abdallah Abu-Sheikh reveals the secrets behind building a billion-dollar empire WORDS BY MATTHEW AMLÔT PHOTOGRAPHY BY FANNY TURCOTTE bdallah Abu-Sheikh is a hard worker but he expects you to work harder. Talking with Abu-Sheikh is like opening the door to the world of the extravagant, hard-working, twenty- four-seven tech entrepreneurs, with our conversation making frequent reference to some of the sector’s biggest legends, including Elon Musk, Bill Gates, and Steve Jobs. Being a member of this elite club is no easy feat, however, and the world is quick to forget the eff ort necessary to gain entry. Members of this club often started working 100 plus hour weeks, driving employees to succeed and embracing, what Abu-Sheikh terms, the culture of “creative toxicity.” Here in the Middle East, Abu-Sheikh believes the region is at inflection point, with, “a very bad philosophy going around… that inno- vation and invention grow in comfort, and that you need to work in an extremely comfortable work environ- ment where nobody tells you anything arabianbusiness.com 19Next >