THE MAVERICK Ghassan Aboud, founder of the Ghassan Aboud Group, breaks down his journey from reporter to business titan, while showcasing the power of vision and disruptive entrepreneurship 24/08 • July 2023 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VATTHURSDAY 5 TH OCTOBER 2023 GROSVENOR HOUSE, DUBAI, UAE Introducing the Education Excellence Awards - honouring the teachers, leadership teams and support staff, providing world class education in Dubai. Scan to visit website For further information, please contact: DANIEL FEWTRELL Director of Events & Marketing Tel: +971 4 444 3684 Email: daniel.fewtrell@itp.com For more information on the Education Excellence Awards please visit EdExcellenceAwards.com or contact our team today.arabianbusiness.com 3 Contents July 2023 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription arabianbusiness#arabianbusinessarabianbusiness COVER STORY The Maverick Ghassan Aboud, founder of the Ghassan Aboud Group, breaks down his journey from reporter to business titan, while showcasing the power of vision and disruptive entrepreneurship ECONOMY AI and localisation Artificial intelligence’s rapid growth in GCC nations has ignited a heated debate on the potential effect this technology will have on the localisation policies and initiatives COMMENT Procurement in GCC If procurement issue an ultimatum on price, the vendor will be resentful when it comes to future encounters, says Alan O’Neill, Managing Director of Kara 20 FIRST WORD In this issue, we shine a spotlight on the top family businesses in our region 12 Matthew Amlot Managing Editor matthew.amlot@itp.com 164 Vol. 24/08, July 2023 FIVE THINGS TO KNOW ABOUT... HEALTH Emotional well-being Sometimes you need to look beyond your comfort zone, writes Christine Kritzas, Counselling Psychologist, The LightHouse Arabia ITP MEDIA GROUP EVENTS Arabian Business KSA Excellence Awards The programme aims to honour and celebrate the exceptional achievements of companies and individuals who have contributed to the ongoing success of Saudi Arabia TECHNOLOGY Crypto 7 Arabian Business presents the leading figures behind the region’s ever-growing blockchain space 28 2658 66 The Museum of the Future is contributing for a better tomorrow The Dubai landmark is a global hub for intellectual discussions, a magnet for visionaries and thoughtleaders, a playground for innovators, and a catalyst for change Contents July 2023FUTURE OF BIM AND DIGITAL CONSTRUCTION STARTS HERE! Event theme is Digital Transformation: The Key to Industry 4.0 and includes a 2-day conference plus workshop on latest developments for Digital Transformation, Building Information Modelling (BIM), Digital Twins, GIS, 3D, virtual and remote scanning tools, AR / VR, AI, and safety-focused wearables. Presentations focus on role of digital construction technology from project concept and design, project management, to full lifecycle asset management. Presentations by government and private sector organizations at the forefront of the region’s construction industry, plus, international organizations that are leaders in smart sustainable digital construction and built asset management. NETWORK, MEET YOUR TARGET MARKET, AND DO BUSINESS! Attendees represent major contractors; civil engineering; government; municipalities; project developers; infrastructure developers; transport agencies; utilities; oil & gas; property developers; architects; consultants; land management; technology providers; and industry associations. Adjacent to the strategic level conference is the expo area where event sponsors and exhibitors will showcase the latest in digital construction and design technology products and services to delegates during the conference breaks. Event website with further details is: www.bimanddigitaltwin.com/middleeast FOR FURTHER DETAILS INCLUDING EVENT SPONSORSHIP OR EXHIBITOR OPPORTUNITIES CALL: Anthony Sprange T: +971 4 444 3186 M: +971 58 598 9062 E: anthony.sprange@itp.com 26 & 27 September Millennium Plaza Downtown Hotel, Dubai, UAE EVENT PARTNERSCONTENT PARTNERSSUPPORTING EVENT PARTNER ENDORSED BY POWERED BY This is the region’s leading event for digital construction technology organized with Event Partners buildingSMART UAE and Dubai Municipality, and Content Partners buildingSMART International CONFERENCES & EXPOSFIRST WORD | Matthew Amlôt, Managing Editor 6 Vol. 24/08, July 2023 W elcome to the July issue of Arabian Business, where this month we have elected to focus on the remark- able individuals and businesses that are shaping our region’s economic landscape. In this vein, I’m delighted that on our cover this month we are featuring Ghassan Aboud, the visionary founder of Embracing vision, celebrating excellence MATTHEW AMLÔT @MatthewAmlot Ghassan Aboud Group. Aboud’s inspiring journey from humble beginnings to building a multinational conglomerate is a testament to the spirit of entrepreneurship in our region. We explore his innovative strategies, philanthropic endeavours, and his vision for the future. Turn to page 20 to discover the extraor- dinary story of a true business icon. Moreover, we are thrilled to present to you the highlights of the Arabian Business KSA Excellence Awards, a celebration of excellence in the Kingdom of Saudi Arabia. This prestigious event recognises outstanding individuals and organisations that have made remark- able contributions to the country’s diverse sectors. Discover the winners and their inspiring stories on page 28, and join us in honour- ing their achievements. In this issue, we also shine a spotlight on the top family busi- nesses in our region, which play a vital role in driving economic growth and preserving our rich business heritage. From page 36, explore a comprehensive list showcasing the resilience, innovation, and enduring success of these enterprises. Discover the stories behind their triumphs, the values they uphold, and their enduring commitment to excellence. Additionally, this month we continue our journey into the world of cryptocurrencies. Introducing the Crypto Seven, a curated selec- tion of the industry’s top insiders that you need to know. Beginning on page 58, we provide you with a comprehensive overview of the top names in this transformative sector, off ering insights into the minds shaping its future. From visionaries to inno- vators, each profi le off ers a unique perspective on the potential and challenges of the crypto world. In addition to cryptocurrencies, artificial intelligence has continued to grab headlines this year. As the technology looks set to vastly undermine and disrupt established businesses, we turn to look at the opportunities for AI in the region – especially regarding GCC localisation initiatives – turn to page 12 for more in-depth analysis. While most of the world has seen prevailing economic head- winds this year, the Gulf has continued to remain somewhat buoy- ant. Here in the UAE, an infl ux of workers has been seen, with many looking to fi ll the need for skilled professionals. We break this down in more detail in a feature starting on page 14. Finally, we invite you to explore the latest issue of Arabian Business Leaders, a companion publication that on the cover features Rizwan Sajan, Founder and Chairman of Danube Group. Sajwan has guided and cultivated Danube Group since its found- ing in 1993, when the company started as just a small trading fi rm. Now, Danube is ranked as one of the biggest suppliers in the region, and plays a critical role in the Gulf’s vibrant construction and real estate space. With that I’ll let you get to reading. Until next time. There’s much to celebrate as we enter the summer monthsSUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 ȨǔǜȨǚǘ VIEWS 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 VAT ȨǔȱǠǗǙǣǖȨ interviews SUN, SAND AND SUCCESS How Mohammad A. Baker transformed GMG into a global giant KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VAT #24/05 • May 2023 INDEPTH NEWS 24/07 • 1 June – 14 June 2023 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 Inclusive of VAT Joseph Bradley on the democratisation of innovation 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 CEOAli Akawi MANAGING DIRECTOR Alex Reeve DEPUTY MANAGING DIRECTORAnil Bhoyrul EDITORIAL EDITOR-IN-CHIEFRob 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 PHOTOGRAPHERRajesh Raghav 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 DIRECTORSaraswati Agarwal, +971 4 444 3352, saraswati.agarwal@itp.com SENIOR COMMERCIAL MANAGERNeha Sikri, +971 4 444 3353, neha.sikri@itp.com SENIOR COMMERCIAL MANAGERSamir Glor, +971 4 444 3320, Samir.Glor@itp.com ITP GROUP CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITEitp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.com arabianbusiness.com 7The oil giant has been named as the most valuable brand in the Middle East, according to the 2023 Kantar BrandZ Most Valuable Global Brands report About 150 Kuwaiti citizens will replace expat workers in cooperative societies starting this month, according to a daily newspaper NEWS IN NUMBERS New opportunities “Loyalty has lost its lustre and the culture of long-term service to a single company is becoming less common,” Jon Ede, Regional Director of Michael Page UAE, said. “People are increasingly open to exploring new opportunities and there will be a greater challenge for employers to retain top talent.” The survey also found that 68 percent of the 625 UAE respondents were active job seekers. Shift in work culture Interestingly, the pandemic seems to have permanently changed work culture across the world. “The Great Resignation, Quiet Quitting, and similar variations have dominated conversations in the post-pandemic world of work. These terms refer to a subtle but transformative shift in workplace dynamics that has occurred around the world,” said Michael Page senior managing director MEA Pierre-Emmanuel Dupil said. Health is indispensable Six in 10 UAE workers said they would choose mental health and work-life balance over career success, with many ranking work-life balance fi rst for job satisfaction. “Work-life balance is the greatest infl uencer of job satisfaction,” said Ede. “Greater than pay, training, gym member- ships, or any other benefi t. Thirty-two percent of people are also willing to reject a promotion if they believe it will have a negative effect on their wellbeing.” THREE REASONS WHY A report by FTSE 250 recruiter PageGroup, parent company of Michael Page, found that 95 percent of UAE workers are currently open to new jobs, compared to 90 percent globally Saudi Aramco Kuwait expats GOOD MONTH BAD MONTH Upfront The top news and business headlines from the region JULY 2023 Most UAE workers are no longer loyal to employers 8 Vol. 24/08, July 2023 Leading global professional services fi rm Alvarez & Marsal (A&M) released the fi rst edition of its Middle East Turnaround and Restructuring Survey for Q1 2023. The survey asked respondents to indicate whether they anticipate an increase or decrease in businesses experiencing fi nancial distress across the GCC, together with their views on the extent of intervention by turnaround specialists that will be required. The vast majority – [89 percent of respondents] are expecting an increase in businesses experiencing distress in 2023-2024 and see a need for specialist intervention in critical areas including liquidity management, cost reduction, capital effi ciency and margin optimisation. Almost 90 percent of Gulf CEOs expect an increase in distressed businesses in 2023-2024 Cash and liquidity management 89% 48% 44% 37% 15% 11% 11% 11% 0% Cost reduction Capital effi ciency Margin optimisation Enhancing digitalisation Supply chain resillence Revenue / sales enhancement Headcount optimisation Wind down / Exist of all or part of operationsFUTURE OF SMART HEALTHCARE STARTS HERE! Event theme is Enabling healthcare 4.0 and includes a 2-day conference plus workshop on latest and future developments for Digital Transformation to enable a smart healthcare system, what it means for the industry, and patient journey! This event will explore key topics in detail, with an eye towards examining valuable takeaways and useful information for industry leaders on the topic of smart healthcare. Keynote presentations by government and healthcare sector will focus on the latest and future developments for Digital Transformation to enable a smart healthcare system, what it means for the industry, and patients. Attendees will be leaders in the healthcare sector, from hospitals, government, clinics, insurance providers, and general practice. NETWORK, MEET YOUR TARGET MARKET, AND DO BUSINESS! Adjacent to the strategic level conference is the expo area where event sponsors and exhibitors will showcase the latest in smart healthcare technology to delegates during the conference breaks. It provides the perfect one-stop-shop to network with the industry and increase your business potential! Event website with further details is: www.smarthealthcareme.com 1 & 2 NOVEMBER 2023, DUBAI, UAE FREDERIK BISBJSERG Chief Transformation Officer, AXA Global Healthcare DR. MAYA MALLAT YASSINE Group Quality Director & Acting Chief Quality Officer, SEHA DR. ABDUL RAHMAN OMER Chief Executive Officer, Burjeel Hospital AHMAD AWADA Senior Manager Virtual Health, Mediclinic Middle East SAMER ABU HAYAH Chief Information Officer, Al Zahra Hospital Dubai DR. FATIH MEHMET GUL Vice President & Group Growth Officer, Fakeeh Care Group, Chief Executive Officer, Fakeeh University Hospital JALEEL RAHIMAN Director- Information Technology & Prime Digital, Prime Healthcare Group SHIRAZ BAJWA Senior Director of Transformation, Sheikh Shakhbout Medical City For further details including event sponsorship and exhibitor opportunities, please call: Michael Tube Tel: +971 (0)55 803 2361 or email: michael.tube@itp.com CONFIRMED KEYNOTE SPEAKERS INCLUDE: SMART HEALTHCARE UAE CONFERENCE & EXPO 2023 ENABLING HEALTHCARE 4.0 Media Partners:Sponsor: AN ITP MEDIA GROUP EVENTNext >