SUN, SAND AND SUCCESS How Mohammad A. Baker transformed GMG into a global giant UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VAT #24/05 • May 2023arabianbusiness.com 3 Contents May 2023 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription arabianbusiness#arabianbusinessarabianbusiness CO VER ST OR Y Diversied With Mohammad A. Baker at the helm, Dubai-based GMG has grown into a global powerhouse that has ambitions to be active in every major world city within ten years OUTL OOK Inside the TikTok craze for weight loss drugs A TikTok weight loss trend led to a shortage in global supply for type 2 diabetes drugs Ozempic, Wegovy and Saxenda, depriving patients who need it the most STARTUPS Why the MENA startup ecosystem is still hot Across the reigon we seem to be in an auspicious growth stage; boiling with innovative tech startups that continue to attract signicant funds 20 FIRST WORD We explore the world of digital inclusion and how it can bridge the gap between communities and industries 14 Matthew Amlot Managing Editor matthew.amlot@itp.com orld nd gap es g 264 Vol. 24/05, May 2023 FIVE THINGS T O KNOW ABOUT. . . COMMODI TIES Why gold is essential in turbulent markets With uncertain global economy, investors should look to precious metals UPFRON T Reasons why digital transformation is indispensable for the financial services industry The idea of digital transformation is tremendously attractive, but for the nancial services industry, it’s a complicated journey WELLBEING Wellbeing at work is a pandemic legacy Social purpose and wellbeing are marking a new era of employee engagement 10 2838 50 Contents May 2023 Steps CIOs can take to mitigate IT employee fatigue Eight out of 10 chief information ocers (CIOs) don’t make fatigue a regular part of conversations about business technology initiativesTuesday 6th June 2023 voco Riyadh, KSA LAST CHANCE TO NOMINATE Submission deadline: Friday, 12th May 2023 connect.arabianbusiness.com Recognizing the change makers and achievers in the Kingdom of Saudi Arabia For commercial and event enquiries: Saraswati Agarwal GROUP COMMERCIAL DIRECTOR Tel: +971 4 444 3352 GSM: +971 52 895 2214 E-mail: saraswati.agarwal@itp.com Daniel Fewtrell DIRECTOR OF AWARDS & MARKETING Tel: 971 4 444 3684 E-mail: daniel.fewtrell@itp.com SCAN TO VISIT THE WEBSITE6 Vol. 24/05, May 2023 SUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 VIEWS #24/03 • March 2023 THE AMY ROKO PHENOMENON UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VAT interviews #24/02 • February 2023 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VAT The unstoppable mind and machine behind a billion-dollar global restaurant empire INDEPTH NEWS #24/04 • April 2023 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VAT CREATIVE TOXICITY Abdallah Abu-Sheikh, CEO and co-founder of Astra Tech, on why putting workers under pressure is the key to success PUBLISHED BY AND © 2023 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 SUB EDITOR Edward Liamzon, +971 4 444 3474, edward.liamzon@itp.com ARABIANBUSINESS.COM EDITOR AT LARGE Will Milner DESIGN SENIOR DESIGN MANAGER Geri Batara Sonny DESIGNER Mohammed Irqsosy STUDIO VIDEOGRAPHER Muhammad Kaleem VIDEO EDITOR Liju Cheruvathur PRODUCTION 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 SENIOR MARKETING AND EVENTS MANAGER Anthony Chandran, +971 4 444 3685, anthony.chandran@itp.com DISTRIBUTION HEAD OF DISTRIBUTION AND NEWSTRADE Abdulrahim Alparambil 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 Neha Sikri, +971 4 444 3353, neha.sikri@itp.com SENIOR 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.comDubai, UAE Leadership Summit 2023 For commercial and event enquiries SARASWATI AGARWAL Group Commercial Director Tel: +971 4 444 3352 GSM: +971 52 895 2214 E-mail: saraswati.agarwal@itp.com DANIEL FEWTRELL Director Of Awards & Marketing Tel: 971 4 444 3684 E-mail: daniel.fewtrell@itp.com DAVID CAMERON Former Prime Minister of the United Kingdom (2010 – 2016) JERRY INZERILLO Group CEO, Diriyah Gate Development Authority AMIR KHAN Former Professional Boxer JAMES HOGAN Chairman, Knighthood Global BACARY SAGNA Former Professional Footballer BOOK YOUR EARLY BIRD DELEGATE PASSES HERE Wednesday, 21st June 2023FIRST WO RD | Matthew Amlôt, Managing Editor 8 Vol. 24/05, May 2023 Hello and welcome to the May issue of Arabian Business. Our cover story this month features Moham- med A Baker, Deputy Chairman and CEO of Dubai-based retail giant GMG. We delve into his vision for the company and how he plans to navigate the ever-changing retail land- scape in the region. In particular, Baker speaks to the role that family, and by extension family rms, play in the Middle East – especially given the ongoing economic transforma- tion underway in the region. Real estate is always a hot topic in the region, and this month we focus on investing in Saudi real estate and Dubai branded residences. We also examine the impact of the pandemic on workplace wellbeing and the legacy it leaves behind, and take a closer look at the challenges of managing diverse teams. In the technology section, we explore the world of digi- tal inclusion and how it can bridge the gap between di er- ent communities and industries. We also look into the concept of the metaverse and how it could shape the future of our digital interactions. Investing biases and the importance of sustainability are also covered in this issue, as well as the role of gold in turbulent markets and the opportunities presented by the Fifth Industrial Revolution. Finally, we spotlight the MENA startup ecosystem and why it is still a hotbed of innovation and opportunity. We have included a copy of our special Arabian Business Dynasties edition this month. The importance of family in the Middle East cannot be understated, and given the gener- ational shift that is currently underway at family-owned businesses, it felt like the moment was right to celebrate the role that dynasty plays in the region’s economic success story. We hope that you will enjoy this as much as we enjoyed putting it together. This month also debuts the Arabian Business’ Most In u- ential Arabs 2023 list. The list showcases some of the indi- viduals across the Arab world who are making a di erence in the world. While by no means exhaustive, no edition could capture in one snapshot the entirety of inspirational and in uential Arabs working hard to make their mark, the list is instead a curated look at individuals who are in uencing, either overtly or subtly, the region. There are public sector gures, there are CEOs, founders and presidents, educa- tionalists and nanciers, healthcare leaders and entrepre- neurs. Some names will be familiar, others will be new, but we hope you nd this snapshot informative and inspiring. With that I’ll let you get to reading. Until next time. Navigating change MATTHEW AMLÔT @MatthewAmlot As the MENA region continues to undergo rapid transformation, leaders and experts are faced with an ever- evolving landscape that presents both opportunities and challengesNext >