HOW TO MAKE A BILLION FROM BEAUTY 24/06 • 15 May – 31 May 2023 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VATwww.ftnft.comarabianbusiness.com 3 Contents 15 May – 31 May 2023 www.arabianbusiness.comSUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription arabianbusiness#arabianbusinessarabianbusiness CO VER ST OR Y Billion dollar beauty Social media superstar Youmna Khoury already owns and runs one of the region’s fastest growing beauty empires. But if the day job is tough for the 26-year-old, it’s nothing compared to her harrowing past COMMEN T From football to nance Karl Hougaard, founder and Managing Partner of Trade License Zone, reveals the secrets behind the Gulf’s big international purchases ECONOMY The future of food Technology is helping secure the future of food in the UAE, writes Ghanim Al Falasi, SVP, Technology Ecosystem and Development O ce, Dubai Silicon Oasis 20 FIRST WORD The Middle East has emerged as a hub of innovation and entrepreneurship 10 Matthew Amlot Managing Editor matthew.amlot@itp.com t and 164 Vol. 24/06, 15 May - 31 May 2023 FIVE THINGS T O KNOW ABOUT. . . LEADERSHIP Women business leaders in the Arab world The region’s future depends on strong female leadership, writes Madiha Bee UPFRON T There is a need to harness the power of clean energy in the GCC Equally important, renewable energy allows the region to reduce CO2 emissions in line with global commitments SUSTAIN A BILI T Y How to rapidly decarbonise the UAE’s industrial sector Net-zero is possible through a profound transformation of the energy system 08 2634 50 Contents 15 May – 31 May 2023 How to get your nances back in shape Damian Hitchen, CEO of Saxo Bank MENA, believes nancial tness is essential for everyone, regardless of age or genderDubai, 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 WORD | Matthew Amlôt, Managing Editor 6 Vol. 24/06, 15 May - 31 May 2023 Hello and welcome to another issue of Arabian Business. As the global economy continues its tumultu- ous spin throughout , we are seeing a renewed sense of optimism and growth in many sectors in the Middle East – and especially the Gulf. In this issue, we explore the future of food and how technology is transforming the way we produce, distribute and consume our meals. We also take a look at the rapidly evolving world of logistics and the inno- vations that are driving e ciency and sustainability. Our cover story features an inspiring interview with Youmna Khoury, a successful businesswoman who has overcome numerous challenges to achieve success in the world of beauty. Khoury is a self-made entrepreneur, and her rise to stardom is a fascinating tale of success. I encourage you to check the full story out on page . Over the last few years, the Middle East has emerged as a hub of innovation and entrepreneurship, with a vibrant startup ecosystem and a growing tech industry. Many countries in the region are investing heavily in emerging technologies such as arti cial intelligence, blockchain, and biotech, positioning themselves as leaders in these elds. This focus on innovation and entrepreneurship has helped to diversify the region’s economy and create new oppor- tunities for growth and development. In this world, the topic of AI is never far from discus- sion, with generative arti cial intelligence services likely to upend entire sectors of the economy, in addition to transforming the way we design, work, and create new products. We also take a closer look at embedded nance and its implications for the future of nancial services. Here in the UAE, the country has already taken impor- tant steps towards sustainability, including investing in renewable energy, implementing green building codes, and launching initiatives to reduce waste and conserve water. However, as the world faces increasing environmental chal- lenges, there is a growing recognition of the urgent need for more ambitious action to mitigate the e ects of climate change and transition to a low-carbon economy. Given the importance of sustainability, and with COP 8 on the horizon, we remain committed to bringing you the latest news and insights on sustainability and the environ- ment. In this issue, we examine the e orts being made to rapidly decarbonise the UAE and the challenges that lie ahead. With that I’ll let you get to reading. Until next time. Optimism abounds MATTHEW AMLÔT @MatthewAmlot From technology to renewable energy and entrepreneurship, the Middle East has no shortage of opportunities for those willing to take risksSUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 VIEWS #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 interviews #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 INDEPTH NEWS 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 2023 PUBLISHED BY AND © 2023 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 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.com arabianbusiness.com 7For FY23, the owners of Taj Groups of Hotels announced revenue reached $742m, up 85 percent year-on-year Kuwait has suspended all work and entry visas for Filipino expats after the Philippines allegedly violated a labour agreement between the two countries NEWS IN NUMBERS Viable alternatives For world leaders, the challenge is advancing energy independence while abiding by their commitments to curb carbon emissions. Renewable energy sources offer a viable alternative to traditional fossil fuels that are di cult and expensive to extract and transport while causing severe environmental harm. Wind and solar, for instance, are affordable, inexhaustible, and local, contributing to energy sovereignty and decarbonisa- tion goals. Data centre demand In the Middle East, the data centre market is projected to grow 12.4 percent annually during 2021-2027, driven by increased investment in IoT, big data analytics, and AI. Since data centres are responsible for 3 percent of all global emissions, there are fears that this rapid digitisation could pressure the world’s already precarious environmental situation. But the latest innovations in data centre design offer viable opportunities to reduce energy consumption by these facilities. District cooling For homeowners or developers, switching to district cooling is much more e cient than cooling individual units. Compared with a traditional air conditioning system, such a network consumes 35 percent less electricity, emits 50 percent less CO2, and generates over 50 percent energy e ciency. Green hydrogen could be a game-changer in transitioning to a low-carbon economy, providing a sustainable and versatile energy source for multiple applications. THREE REASONS WH Y Equally important, renewable energy allows the region to reduce CO2 emissions in line with global commitments IHCL Filipinos in Kuwait GOOD MONTH BAD MONTH Upfront The top news and business headlines from the region 15 M AY — 31 M AY 2023 There is a need to harness the power of clean energy in the GCC 8 Vol. 24/06, 15 May – 31 May 2023 Passenger car advanced driver-assistance systems and autonomous-driving systems could create $300bn to $400bn in reveneus by 2035 Advanced driver-assistance systems (ADAS) and autonomous-driving (AD) reveneus, in billion dollars Level 4 (high driving automation) Level 2 (partial driving automation) Level 3 (conditional driving automation) Level 1 (driver assistance) Source: McKinsey Center for Future Mobility ~40–55 ~30–40 ~10–15 2022 ~3–7 ~70–100 ~60–70 ~17–23 2025 ~15–25 ~5–10 ~150–225 ~50–70 ~80–120 2030 ~5–10 ~300–400 ~60–80 ~170–230 ~60–75 2035Tuesday 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 WEBSITENext >