24/11 • October 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 THE GODFATHER OF ARTIFICIAL WISDOM How Abdalla Kablan mastered the art of failure to harness the untapped potential of AIarabianbusiness.com 3 Contents October 2023 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription arabianbusiness#arabianbusinessarabianbusiness CO VER ST ORY Meet Abdalla Kablan, a visionary at the crossroads of IT, entrepreneurship and academia, whose journey in the world of innovation is nothing short of remarkable FA S H I O N Force for good Led by expat Dominic Nowell- Barnes , the founder of one of UAE’s much-loved brand, The Giving Movement, has only one mission – to transform it into a force for good SUSTAINABILITY Sustainable investing The region’s embrace of impact investing mirrors the global trend, showing the synergy between investments and conscientious wealth management 22 FIRST WORD We continue to emphasise the critical role of sustainability in business practices 18 Matthew Amlot Editor-in-Chief matthew.amlot@itp.com ical ty in s 324 Vol. 24/11, October 2023 FIVE THINGS T O KNOW ABOUT... SUSTAINABILIT Y UAE’s clean tech drive As the UAE hosts COP28, the country has an opportunity to become a hub for businesses solving sustainability challenges SPECIAL FEAT URE Emirati Women’s Day Arabian Business meets seven Emirati women leaders around Emirati Women’s Day — who share their stories of success, courage, strength, and what the recently celebrated Emirati Women’s Day really means to them TECHNOLO GY Embracing change Financial organisations need to move on from outdated infrastructures or risk being left behind 42 3652 58 Ways the FMCG industry contributes to the economy The industry is a vital component of the global economy, contributing signi cantly to a country’s GDP and job creation, says Naji Haddad, general manager of MENA at Deliverect Contents October 2023arabianbusiness.com 5 SUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 XPT VIEWS 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 UK: £ 4.95 UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VAT X LV interviews 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 INDEH NEWS 24/10 • September 2023 DISRUPTING A GIANT Yasser Abdul Malak, Chairman and CEO of Nestlé MENA maps out his plan for shaking up an F&B behemoth 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 I MEDIA GROU CEO Ali Akawi MANAGING DIRECTOR Alex Reeve DEPUTY MANAGING DIRECTOR Anil Bhoyrul EDI ORIA 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 S UDIO PHOTOGRAPHER Rajesh Raghav VIDEOGRAPHER Muhammad Kaleem VIDEO EDITOR Liju Cheruvathur RODUC ION PRODUCTION MANAGER Denny Kollannoor PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles E EN S & MARKE ING 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 DIS RIBU ION HEAD OF DISTRIBUTION AND NEWSTRADE Abdulrahim Alparambil DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai AD ER ISING 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 I GROU CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.com6 Vol. 24/11, October 2023 FIRST WORD | Matthew Amlot, Editor-in-Chief Lessons from history MATTHEW AMLÔT @MatthewAmlot Kablan, however, describes failure as “just a check- point” and something to move on from. Indeed, in his mind, “History is full of these stories of the greatest people, but they have failed in one way or another. It’s just that when we write history, we don’t call them failures. That may be because their success was so great that, rightly so, we’ll remember their success or greatness but there’s no greatness without failure.” In this issue, we are delighted to bring you not one but two exclusive supplements. Firstly, we proudly present our 50 Most Admired Companies list. This carefully curated supplement high- lights the businesses that have not only achieved remark- able success but have also set new standards of excellence in their respective industries. Secondly, and in tandem with the upcoming GITEX event, we are thrilled to unveil our second supplement, “GITEX Stars.” This special feature introduces you to 30 dynamic companies that are driving the technology ecosystem forward in the lead-up to GITEX. These tech trailblazers are at the forefront of innovation, shaping the future of the industry through groundbreaking solutions and visionary leadership. This month, we also take the opportunity to celebrate the extraordinary achievements of Emirati women. In a dedicated section of the magazine, starting on page 42, we spotlight female Emirati leaders whose stories exemplify success, resilience and courage. Their journeys are a source of inspiration and a testament to the signi cant strides being made in the UAE. Shifting our focus to cultural empowerment, we explore one of the most monumental projects in the Arabian Gulf, the Diriyah development in Saudi Arabia. This giga-project is not just transformative for Saudi Arabia but also for the broader region, standing as a testament to the region’s rich history. You can delve into the details on page 54. In the world of fashion, we bring you a success story that’s making waves in the industry. The Giving Movement (TGM) distinguishes itself through its unwavering commit- ment to sustainability. Founder Dominic Nowell-Barnes told Arabian Business that, “Our designs are not just for aesthetics, they’re charity-driven and functional too. You get to look good and feel good about your choices, and help other people in the process.” You can read more about this inspiring venture on page 18. With COP28 fast approaching in the UAE, we continue to emphasise the critical role of sustainability in business practices. On page 32, we delve into the role of wealth management in combating climate change, followed by an exploration of the importance of battery storage on page 34. We conclude with an outlook on how the UAE is poised to become a beacon for the global cleantech ecosystem post-COP28 on page 36. With that I’ll let you get to reading. Until next time. Using past wisdom to fuel present innovation Hello and welcome to the latest issue of Arabian Business. This month we take square aim at the importance of history as a guide for our present and future endeavours. Our cover story features none other than Abdalla Kablan, a visionary who has left an indelible mark in the realms of technology, entrepreneurship and academia. Kablan’s remarkable journey in the world of AI and inno- vation serves as a testament to the power of perseverance in the face of adversity. His unwavering focus on leader- ship, coupled with his entrepreneurial ventures spanning over 13 years, has not been without its challenges, however. “Failure is going to happen no matter what. You can choose two things: Either to accept failure, learn from it, bounce back stronger and never make those mistakes again, or you can let it destroy you,” he said.4 EVENTS | 3 DA YS | 1 VENUE THE SMARTER FUTURE Gulfood Manufacturing offers innovative solutions to connect the global food manufacturing industry, providing platforms to unveil new products, services and technologies, connect with industry leaders, address key challenges, create new business opportunities, and gain valuable insights into emerging market trends. R E GIS TER T O V ISIT gulfoodmanufacturing.com PLATINUM SPONSOR 7- 9 NOV 2023 DUBAI WORLD TRADE CENTRENEWS IN NUMBERS The UAE aims to create a $10bn food and agriculture sector as it creates 20,000 new jobs in the next ve years Oman budget airline has announced that ight operations to four Indian cities will not be taking place from October 1, according to a report Booming economy Saudi Arabia’s GDP reached SAR4.155tn ($1.1tn), according to a report by the Federation of Saudi Chambers. According to the report, the economy achieved a growth rate of 8.7 percent, the highest among the G20 member states, spurred mainly by its production capabilities. This is re ected in the increase in the self-suf - ciency rate of the Saudi economy to 81.2 percent, and the increase in the investment rate (the invested percentage of output) to 27.3 percent. Global connection KSA was ranked 17th in the global economy out of the world’s 64 most competitive countries. According to the Global Competitiveness Report of the International Centre for Management Development (IMD), KSA has ranked second in the world in terms of the growth rate of international tourists, and it ranked 51st in the Global Innovation Index. The rate of integration of the Saudi economy into the global economy increased by 63.1 percent. Labour force Under the localisation endeavour of the labour force, the number of Saudis working in the private sector has increased from 1.91 million in 2021 to 2.195 million in 2022, with a growth rate of 14.9 percent, which was re ected in an increase in the percentage of Saudi workers in the private sector to 58.2 percent. The report highlighted the success of the kingdom’s policies regarding diversifying the economic base and supporting Saudi exports to global markets. THREE REASONS WH Y A report, issued on the occasion of the kingdom’s 93rd National Day, stated that GDP exceeded the $1tn-mark for the rst time Food industry SalamAir GOOD MONTH BAD MONTH The top news and business headlines from the region O C T O B E R 2023 Saudi economy passes $1.1tn as GDP surges 8 Vol. 24/11, October 2023 The UAE’s hotel development pipeline has swelled to 48,000 keys, according to research carried out by global property consultancy, Knight Frank. The delivery of the planned hotel room supply is forecast to cost approximately $32bn, according to Knight Frank’s analysis. Faisal Durrani, partner – Head of Middle East Research, Knight Frank, said: “The UAE’s world-leading hospitality market is set to expand by 25 percent by 2030, with a further 48,000 rooms adding to the nation’s extensive 200,000 key portfolio. Perhaps unsurprisingly, Dubai is set to account for the lion’s share of this total, with 76 percent of all new rooms coming to the emirate, which already boasts over 130,000 rooms. This stockpile of hotel rooms is already higher than cities like London or New York.” UAE hotel pipeline swells to 48,000 rooms 60% 56% 0% 10%50%30%70%90%20%60%40%80%100% 81% Total supply by 2030 Existing International branded Locally branded Unbranded Supply breakdown by operator classi cation THE UAE’S HOSPITALITY VISION Upcoming supply 25% 27% 13% 15% 17% 6%HONOURING GREATNESS Thursday 25th January 2024 Dubai, United Arab Emirates Nominations are now open SALES ENQUIRIES Saraswati Agarwal Group Commercial Director Tel: +971 4 444 3352 GSM: +971 52 895 2214 E-mail: saraswati.agarwal@itp.com EVENT ENQUIRIES Daniel Fewtrell Director of Awards & Marketing Tel: +971 4 444 3684 GSM: +971 50 276 5706 E-mail: daniel.fewtrell@itp.com Scan to Nominate ACHIEVEMENT AWARDS 2024Next >