24/16 • 16 – 31 December 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 Ajay Bhalla, Mastercard’s president of Cyber and Intelligence, is battling cybercrime with biometrics, generative AI and cutting- edge technologyarabianbusiness.com 3 Contents 16–31 December 2023 Ajay Bhalla, Mastercard’s president of Cyber and Intelligence, is battling cybercrime with biometrics, generative AI and cutting-edge technology www.arabianbusiness.comSUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription #arabianbusinessarabianbusinessarabianbusiness COMMENT Do people really resist change? ECONOMY Growth through innovation 20 1012 Leaders can support individuals in coping with change by understanding the genetic reasons behind resistance to change Dr. Omar BinSulaiman, Founder and Chairman of the BinSulaiman Group – OBS, has led the group to success SECURING THE FUTURE4 Vol. 24/16, 16 – 31 December 2023 HOSPITALIT Y The quest for rede nition F&B Food for thought: Navigating responsible F&B in hospitality TECHNOLO GY Strengthening cyber resilience: Insights from three years of hosting the DFSA’S threat intelligence platform 26 2430 Reshaping the Middle East hospitality and tourism experience with data-driven video technology It’s imperative that we adopt sustainable sourcing practices that balance ef cient harvesting with the preservation of animal populations and crops The cost of cybercrime is only increasing, so the business community need to be prepared #arabianbusinessarabianbusinessarabianbusinessarabianbusiness.com 5 TO U R I S M Tourism: A catalyst for social and environmental impact SUSTAINABILIT Y Private sector partnerships and action are imperative in the face of climate change FIVE THINGS T O KNOW Dubai Investment Fund Contents 16–31 December 2023 34 4250 Well-planned and thoughtful tourism plans should have local communities at heart, as well as the visitors they hope to attract Action, partnerships and measurable outcomes are the ‘weather forecast’ we need Dubai’s new fund will oversee all government investments, including its stakes in entities like the Dubai Electricity and Water Authority (DEWA), Salik Company, and Dubai Taxi Company www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscriptionSUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 XPT VIEWS X LV interviews INDEH NEWS UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VAT 24/15 • 01–15 December 2023 THE WORLD IS NOT ENOUGH After more than two decades as a corporate lawyer, Farah Zafar decided to build her own tech platform Lyvely. It is already on course for a $3.2bn valuation and set to change the course of social media 24/14 • 16 – 30 November 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 BUILDING A LEGACY Thumbay Moideen, founder of Thumbay 24/13 • 01 – 15 November 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 SOUND OF MONEY Kabir Mulchandani, Chairman and Founder of FIVE Holdings reveals all ahead of a massive $2bn IPO PUBLISHED BY AND © 2023 ITP MEDIA GROUP FZ-LLC. NO ICE 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. 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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 Andy Sulahian, +971 4 444 3597, andy.sulahian@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 COMMERCIAL MANAGER Pallavi Choudhary +971 4 444 3359, pallavi.choudhary@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.com 6 Vol. 24/16, 16 – 31 December 2023atlas by Etihad Airways, home to award-winning content and read by over 1.3 million engaged readers a month Michael Underdown Commercial Director michael.underdown@itp.com +971 50 396 2115 +971 4 444 3566 To elevate your brand and connect with Etihad Airways’ passengers, contact: November 2023 | ATLAS BY ETIHAD | 3332 | ATLAS BY ETIHAD | November 2023 10.1632° N, 76.6413° E10.1632° N, 76.6413° E he image of palm-lined beaches and verdant rolling grasslands sloping towards the Arabian Sea is seared into my mind after a four-hour flight with Etihad Airways into Cochin International Airport, situated in the Indian state of Kerala. As we descend, I peer out of the window to the scene beneath and I’m filled with anticipation to discover a land I’ve already heard so much about. Away from the busy streets of Mumbai and crowded Delhi, Kerala offers a more laidback atmosphere, but one that is every bit as memorable. It’s known as God’s Own Country, thanks to its vast emerald valleys and lush landscapes. The term has a mythological origin, too, tied to the belief that Parashurama, a manifestation of Lord Vishnu, a principal deity in Hinduism, threw his axe into the sea to create a home in which his followers could live peacefully. If ever a story epitomises a place, it’s this one: Kerala, born at the hands of a God for the purpose of people living in harmony. Kerala is world-famous for its houseboats that plough the glistening backwaters, a labyrinthine 900-kilometre network of brackish canals, lakes Beaches BackwatersBackwaters & Kerala, India’s tropical coastal jewel, has much to offer curious travellers By Francesca Kirby November 2023 | ATLAS BY ETIHAD | 2524 | ATLAS BY ETIHAD | November 2023 suitcase Smooth skin The Barbiere multi-action face cream for men from Acqua Di Parma combines moisturing, smoothing, and revitalising properties to combat exposure to blue light from digital screens and environmental elements. It also comes in eco-friendly packaging ($120, acquadiparma.com). Wild ocean Enriched with almond, hazelnut, and prickly pear oils, this Wildocean beard oil is designed for medium to long facial hair that needs softening ($21, beautyethic.com). Red gold Acqua Di Parma’s new fragrance, Zafferano, is a celebration of saffron, with citrus and floral notes brought by orange blossom, jasmine sambac, and geranium, and a woodiness from tonka bean and vanilla ($284, acquadiparma.com). All smiles Apa White Toothpaste uses ultrapolish technology to help clean stains, alongside hydroxyapatite to rebuild enamel. It’s formulated to tackle plaque and tartar build-up without fluoride, while still leaving your mouth feeling fresh ($25, apabeauty.com). High performance The new Homme collection from Ritual Cosmetics is a range of grooming essentials for body, face, and beard. It’s tough on sweat and gentle on shaving rashes, with an uplifting essence as its base. It’s also infused with vitamins E, C, and B3, plus peptides, ginseng, argan oil, and aloe vera (rituals.com). Groom yourself Men, look your best with this selection of personal care products suitcase The stylish way to travel THIS P A GE: A CQU A DI P A RMA; OPPOSITE P A GE: RITU ALS; A CQU A DI P ARMA; AP A BEA U TY ; BEA UTY ETHIC 7.8804° N, 98.3923° E7.8804° N, 98.3923° E 2023 ﺮﺒﻤﻓﻮﻧ | ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻦﻣ ﺲﻠﻃأ | 2627 | ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻦﻣ ﺲﻠﻃأ | 2023 ﺮﺒﻤﻓﻮﻧ ﺔﻀﺑﺎﻨﻟا ﺔﻨﻳﺪﻤﻟا هﺬﻫ ﻒﺸﺘﻛا لﺎﻣﺮﻟاو ﺲﻤﺸﻟا ﺮﻴﺛأ ﻰﻠﻋ ةﺎﻴﺤﻟﺎﺑ ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻊﻣ ﺔﻨﻴﻜﺴﻟاو ﺰﻧارﺎﻤﻟو ﻦﻴﻟ ﺖﻴﻛ 72 ﺦﻳرﺎﺘﻟا ﻖﺒﻌﺑ ﺔﻗرﺎﻏ ﺔﻨﻳﺪﻣ لوﻷا مﻮﻴﻟا تاو” ﺪﺒﻌﻣ :ﻦﻴﻤﻴﻟا ﻰﻟإ رﺎﺴﻴﻟا ﻦﻣ ﺔﻨﻳﺪﻣ ﻲﻓ “ﻎﻧﻻﺎﺗ” ﻖﻳﺮﻃ ؛“ﻎﻧﻮﻟﺎﺸﺗ .ﺔﻤﻳﺪﻘﻟا ﺖﻴﻛﻮﺑ مﺎﻳأ ﺔﺛﻼﺛ ﺖﻴﻛﻮﺑ ﻲﻓ ﺔﻳﺎﻜﺤﻟا ﺔﻳﺪﻧﻼﻳﺎﺘﻟا KENZIE KRAFT A / UNSPLASH; SHUTTERST OCK8 Vol. 24/16, 16 – 31 December 2023 FIRST WORD | Matthew Amlot, Editor-in-Chief Facing the future MATTHEW AMLÔT @MatthewAmlot Mastercard has invested heavily in this area, Bhalla reveals, saying: “We have bought seven companies in this space which have helped us to create and fast track many of these solutions and have also invested and contributed to the launch of more than 20 cyber security start-ups.” He also o ers insight into how arti cial intelligence can both enable new technologies while also helping to secure systems against hackers. AI will continue to disrupt industries in unprecedented ways, so learning to e ectively harness and manage new technologies will be crucial for companies going forward. The finance sector in particular must stay vigilant against evolving nancial crimes in the era of the Fourth Industrial Revolution. Identi cation and monitoring of suspicious activities will be paramount not just for nancial stability but for societies at large. Data and analytics will play a leading role in fortifying security, as we explore in our feature on addressing nancial crime in a digital world. Technology is also transforming the tourism and hospi- tality space through personalised experiences powered by insights from customer data. Video marketing in particu- lar is gaining traction, and regional destinations must adapt to changing traveller preferences and engagement habits. Sustainability too remains a pressing issue, and after COP28 concluded in the UAE, we examine how the region›s focus on ESG investing and green initiatives are opening new market opportunities. Consumers increasingly demand environmental- ly-friendly practices from the companies they support. Our fashion and apparel story analyses how the industry must embrace sustainability or risk losing relevance. And looking further ahead, entrepreneurs will face the chal- lenge of developing business models aligned with a global green economy - a topic we provide guidance on for those looking to get a head start. Finally, in this month›s edition of our Leaders series, we pro le Talal Al Ajmi, CEO and founder of VI Markets. His pro le o ers an inspiring case study of building a successful finance firm from the ground up thanks to perseverance, a laser-focus on education, and a custom- er-focused vision. I hope you nd plenty of insightful and thought-provoking content in our December issue to help strategise for 2023. With that I’ll let you get to reading. See you in 2024. Looking ahead requires being conscious of the past Hello and welcome to the December issue of Arabian Business. As we come to the close of another year, it›s a time for re ection on what was accomplished in 2023 and looking ahead to the opportunities that 2024 may bring. This month›s issue of Arabian Business looks at several emerging trends that are gaining momentum and will shape the future of business in the Middle East. On our cover this month, we feature Ajay Bhalla of Mastercard to discuss the ever-growing threat of cyber- crime and how businesses can better prepare themselves. As digitisation in ltrates every aspect of our lives, the rise in cyber-attacks is unavoidable without proper security measures in place.HONOURING GREATNESS Thursday 25th January 2024 Atlantis the Royal, Dubai, UAE SALES ENQUIRIES Andy Sulahian Group Commercial Director Tel: +971 4 444 3597 GSM: +971 52 384 6238 E-mail: andy.sulahian@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 visit website ACHIEVEMENT AWARDS 2024 Real Estate Partner Next >