24/09 • August 2023 LEADERSHIP Former UK Prime Minister David Cameron breaks down why it’s the team behind a leader that leads to success UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VATarabianbusiness.com 3 Contents August 2023 www.arabianbusiness.comSUBSCRIBE NOW +971 4444 3000 www.itp.com/subscriptionarabianbusiness#arabianbusinessarabianbusiness CO VER ST OR Y In a rare interview, former UK Prime Minister David Cameron breaks down why it’s the team behind a leader that leads to success ENERGY How green hydrogen can help save the world Green hydrogen will help drive economic diversi cation, creating opportunities to develop and grow talent from KSA and beyond ECONOMY Why circular economy makes business sense Failure to align circularity with business interests often deters the successful implementation of such models, says John Iossi dis 28 FIRST WORD The symbiotic relationship between business and political leaders has become more evident in recent times 12 Matthew Amlot Editor-in-Chief matthew.amlot@itp.com more s 22SUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 VIEWS 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 interviews 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 INDEPTH NEWS 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 VAT 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 PHOTOGRAPHER Rajesh 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 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 4 Vol. 24/09, August 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. 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. 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 20 & 21 September, Dubai, United Arab Emirates EVENT PARTNERS UNDER THE OFFICIAL PATRONAGE OF: CONTENT PARTNERSSUPPORTING EVENT PARTNER ENDORSED BYPOWERED BY CONFERENCES & EXPOS CASEY RUTLAND Vice Chair NIMA, & Chair, buildingSMART UK & Ireland ENG. ASMA NAQI Section Head of Research and Studies, UAE Ministry of Energy & Infrastructure ABDELRAHMAN ABOUHADID Digital Delivery Manager, Diriyah Gate Development Authority ANAS BATAW Technology Partner, Majid Al Futtaim BILAL DRIDI BIM Manager / Digital Transformation Lead, Bureau Veritas S A. Dubai FAWAZ ALSHEHRI Development Researcher, Energy Institute KSA ASMAA ABOULEISH BIM Manager, Diriyah South & Garden Districts, Egis Group KSA EMANUEL BOGRIS Architect - BIM Expert, EB/ARCHITECTS Greece Event website with further details is: www.bimanddigitaltwin. com/middleeast DIGITAL TRANSFORMATION: THE KEY TO INDUSTRY 4.0 MIDDLE EAST 2023 CONFERENCE & EXPO6 Vol. 24/09, August 2023 FIRST WORD | Matthew Amlot, Editor-in-Chief Hello and welcome to the August issue of Arabian Business. Last month saw the Arabian Business Leadership Summit return to Dubai, and, in keeping with the theme of leadership, we have featured on the cover the former Prime Minister of the United Kingdom and Northern Ireland, David Cameron. The former British premier shared his profound insights with us on leadership, emphasising the signi cance of teamwork in achieving success. Cameron, a true legend in the political arena, o ers inval- uable insights into leadership. Through his experiences, he emphasises the pivotal role of teamwork in achieving ambi- tious goals. Success is seldom a solo endeavour; it is a result of cohesive collaboration, where diverse talents and perspec- Learning from legends MATTHEW AMLÔT @MatthewAmlot tives converge to navigate challenges e ectively. As we look at the business landscape, we witness how leaders are increasingly embracing this notion, fostering an inclusive work culture that encourages innovation and growth. The symbiotic relationship between business and polit- ical leaders has become more evident in recent times. Both spheres face challenges that require astute leadership, adapt- ability, and empathy. Business leaders are expected to take a stand on societal and environmental issues, while political leaders have to navigate complex economic landscapes. Cameron notes that this convergence of leadership styles is yielding positive outcomes, as leaders from various domains learn from each other’s experiences and best practices. Amid this conversation, Cameron also commented on the remarkable journey of the UAE as a global leader. The nation has demonstrated visionary leadership, transforming itself into a beacon of progress and prosperity. Through bold initiatives and innovative strategies, the UAE has paved the way for sustainable growth and diversified its economy, making signi cant contributions to the global community. As a result, the country continues to inspire others with its achievements and dedication to excellence. The full interview is well worth a read and I encourage you to check it out start- ing on page 28. The Leadership Summit also proved to be a remarkable event, attracting an A-list lineup of speakers including Huda AlHashimi, UAE Deputy Minister of Cabinet A airs for Strate- gic A airs, Jerry Inzerillo, GCEO of Diriyah Gate, and James Hogan, former CEO of Etihad and current CEO of Knighthood Global. Their collective wisdom on leadership has inspired us to examine the principles that underpin successful leadership. In our extensive section on leadership starting from page 36, we meticulously unpack key learnings from the summit. We hope that the wisdom shared by the event’s speakers will help inspire all of our readers in their own leadership journey. I would also like to personally thank all who attended the Leadership Summit and contributed to its resounding success. We are grateful for the continuous support from our readers, and we remain committed to providing insightful content that informs, educates, and inspires. This month also marks the return of the annual Arabian Business Healthcare Visionaries list. Given the remarkable success of the last year’s edition, and the high quality and volume of nominations for this year’s, we have decided to separate it from the main edition into its own supplement. Congratulations to all those listed and thank you for the hard work that you are contributing to one of the Middle East’s most exciting and rapidly developing industries. With that I’ll let you get to reading. Until next time. Leadership is a talent often sought after, but rarely wonarabianbusiness.com 7 Aldar, IHC and Adnec form property management rm with 135,000 properties The merger will see Aldar Estates become a national champion in property and facilities management with potential for further expansion across the region Aldar is dedicated to achieving new standards of innovation, excellence and value in urban design and sustainable development $681M The value of facilities management contracts Aldar Estates will manage | BRAND VIEW national champion in property and facilities management with potential for further expansion across the region. The transaction adds considerable weight to Aldar Estates, taking its portfolio of residential units under management from 77,000 to approx- imately 135,000. Over the past 12 months Aldar Estates has broadened its suite of services, while adding signi cant scale to both Provis and Khidmah – which form an integral part of the platform. During 2023, Aldar Estates completed the acquisition of Basatin Landscaping Services, which complemented the acquisitions made in 2022, including Spark Security Services, Mace Macro Technical Services, Pactive Sustainable Solutions, and SAGA International Owner Association Management Services. By consolidating IHC’s and ADNEC’s property and facilities management businesses within the Estates business, the platform will gain signi cant scale to drive its strategic and competitive strengths, leveraging operational and revenue synergies as well as its expanded strategic investor base to accelerate its growth across the UAE and the wider region. The platform will enhance its customer service across its larger client base, provide an even more integrated o ering across its expanded suite of services while embracing digital advancements, driving innovation and promoting sustainability across its portfolio. The enhanced platform will manage a portfolio of residential properties total- ling approximately 135,000 units, prime retail and commercial spaces with Gross Leasable Area of more than 1 million sq m, and facilities manage- ment contracts valued at approximately AED2.5bn. In addition, it will o er its clients a full suite of complementary capabilities including professional services, security services, landscaping, and energy management. The platform will also target new strategic opportunities, solidifying its leading position in the region’s property and facility management industry. As a key operating segment under the invest- ment business, the Estates branch expanded plat- form will contribute signi cantly to the company’s transformational growth agenda and continue to be a focal service point for the real estate o erings in the market. A ldar, IHC and Adnec are set to team up to form a new property and facilities management giant with a portfolio of 135,000 properties in the region. Eltizam Asset Management Group, which is jointly owned by IHC and ADNEC Group, will merge with Aldar Estates. Aldar will hold a major- ity stake and retain control of Aldar Estates with the remaining shareholding held equally between IHC and Adnec Group. Aldar, IHC and Adnec partnership The merger will see Aldar Estates become a DIB reported a 15 percent rise in its net pro t to $847m for the period ending 30th June 2023 Ozempic, a type 2 diabetes drug being used by many for weight loss, can lead to stomach paralysis, UAE doctors warn NEWS IN NUMBERS Rental yield Rental prices in Dubai are skyrocketing with established residential communities and premium waterfront locations registering up to 80 percent spike in annual rents in the rst half of 2023, driving droves of residents to look for owning properties rather than remaining locked into a heated rental market, the latest market report revealed. The average hike in rentals in Dubai during the January-June period is estimated at 22 percent – a multi-year high. Premium locations “Annual rental prices for apartments went up by 24.3 percent, while that for villas and townhouses rose by 16.5 percent in H1, 2023 over the same year-ago period. But this does not tell the whole story, as rental increases in established residential communities and premium waterfront locations saw a hike of 40-80 percent, forcing many tenants to reevaluate their living arrange- ments,” the 2023 half-yearly market report by Allsopp & Allsopp said. Lucrative industry Lewis Allsopp, CEO of Allsopp & Allsopp, said their rm recorded a 39 percent increase in new rental contracts, and a 68 percent increase in new rental tenant applications in the rst six months of this year, compared to H1 2022. “As monthly rents overtake equivalent mortgage repayments, more tenants than ever are seeing the value in paying towards a property they own, and capital appreciation potential vs the prospect of remaining locked into a heated rental market,” Allsopp told Arabian Business. THREE REASONS WH Y The rising trend of tenants turning to home buyers is adding to the already high demand for properties in the emirate Dubai Islamic Bank Weight loss drug Ozempic GOOD MON T H BAD MON T H The top news and business headlines from the region A UGUST 2023 Dubai real estate market records multi-year high rental surge in 2023 8 Vol. 24/09, August 2023 Acronis, a global leader in cyber protection, released the ndings of its Mid-Year Cyberthreats Report, From Innovation to Risk: Managing the Implications of AI-driven Cyberattacks. The biannual threat report, which also covered regions of interest in the Middle East, highlights ransomware as the dominant risk to small and medium- sized businesses. Regionally, the number of malware detections in Saudi Arabia (KSA) and Kuwait as of May 2023 had experienced an infection rate of 11 percent each and a global ranking of 25 and 27 respectively. The UAE reported a 10 percent infection rate over the same period, ranking globally at position 31. UAE ranks as the safest cybersecurity country in the region 16000 20222023 14000 12000 10000 8000 6000 4000 2000 JanuaryFebruaryMarchApril 0 Ransomware detections in EMEA, 2023 and 202210 - 13 September 2023 Riyadh Exhibition & Convention Center Malham - Kingdom of Saudi Arabia Step into The Future of Living Scan here to register for your free pass @csglobalksa cityscapeglobal.com Foundation Partners Destination Partner Sponsored byCo-Organised by Next >