JUNE 2023 30 UNDER 40 ARABIAN BUSINESS CELEBRATES THE FUTURE LEADERS OF THE MIDDLE EAST AND BEYONDArmani Hotel Dubai, 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 THE CONFERENCE AGENDA IS NOW LIVE Wednesday, 21st June 2023 DONNA SULTAN President and CEO, KEO International Consultants JAMES HOGAN Chairman, Knighthood Global AMIR KHAN Former Professional Boxer JERRY INZERILLO Group CEO, Diriyah Gate Development Authority SAYGIN YALCIN Founder & CEO, SellAnyCar.com DAVID GROVER Group CEO at ROSHN MOHAMMAD A. BAKER Deputy Chairman and CEO of GMG USE CODE AB20 TO CLAIM YOUR LIMITED PERIOD DELEGATE PASS DAVID CAMERON Former Prime Minister of the United Kingdom (2010 – 2016)arabianbusiness.com 3 Contents 30 UNDER 40 SUPPLEMENT www.arabianbusiness.comSUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription arabianbusiness#arabianbusinessarabianbusiness CO VER ST OR Y Meet the leaders of tomorrow The Arabian Business 30 Under 40 List showcases a diverse group of trailblazers from various industries, united by their unwavering commitment to excellence COMMEN T Inclusivity is the key to business success Neglecting diversity and inclusion initiatives in the workplace can lead to potential nancial risks for a company, says Hanadi Khalife FIVE THINGS TO KNOW ABOUT How to boost company productivity Gabriele Indrieri says it is vital for businesses to make e cient choices, especially when it comes to resources 10 FIRST WORD Sustainability remains a top priority in the UAE, especially with the lead-up to COP28 later this year 08 Matthew Amlot Managing Editor matthew.amlot@itp.com y y ar 34SUBSCRIBE NOW www.itp.com/subscriptions +971 4 4443000 VIEWS 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 interviews #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 INDEPTH NEWS 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 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. 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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 Ju 2023FIRST WORD | Matthew Amlôt, Managing Editor 6 June 2023 FIRST WORD | Matthew Amlôt, Managing Editor Hello and welcome to the June issue of Arabian Busi- ness. As we delve into the latest developments and trends shaping the GCC region, we are met with a sense of optimism and excitement for the future. On the cover this month I am delighted that we are fortunate to feature Joseph Bradley, the CEO of Tonomus, NEOM’s technology subsidiary. Starting on page , our cover story delves into Bradley’s visionary leadership and the transformative role of technology in shaping not just NEOM’s future. NEOM as a project is a di cult subject to truly understand given the sheer scale of the development, but its futuristic ambitions will only be achieved with enough technological innovation, and as such I encourage you to check out the full story with Bradley. Continuing our exploration of technology’s impact on society, we turn to a fascinating article on page , which discusses the emerging use of AI for handling grief. Discover how people are utilising AI to maintain connec- tions and have conversations with loved ones who have passed away. This thought-provoking piece invites us to re ect on the intersection of technology and our emotional well-being. Economically, the market in the GCC is displaying a remarkable positivity. In particular, companies continue to ock to the region as the rest of the world faces macro- economic headwinds. Given the importance of the customer to business operations, we’ve unpacked this in more detail on page 1 . Meanwhile, sustainability remains a top priority in the UAE, especially with the lead-up to COP 8 later this year. Solving transportation challenges is key, and on page , a comment piece delves into the potential of driverless transportation and its role in shaping the future. Further- more, on page 4 , we emphasise the importance of harnessing clean energy and the steps being taken to pave the way for a greener future. Finally, the real estate market in Dubai remains rmly in boom, with investors ocking to the city from around the world. The sector has traditionally been an importance driver of the economy, and given its ever-climbing heights, Arabian Business caught up with investor legend Mark Mobius. You can nd his bullish take on the emirate’s real estate sector on page 44. With that I’ll let you get to reading. Until next time. Innovative frontiers MATTHEW AMLÔT @MatthewAmlotTuesday, 20th June 2023 Armani Hotel Dubai, UAE connect.arabianbusiness.com Celebrating the innovators and leaders who are driving the crypto revolution forward 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 Anthony Chandran SENIOR MARKETING AND EVENTS MANAGER Tel: +971 4 444 3685 E-mail: anthony.chandran@itp.com SCAN TO VISIT THE WEBSITE8 June 2023 Inclusivity reporting is the key to business success in the UAE and beyond Research shows that diverse and inclusive workplaces create a competitive advantage, enhance productivity and innovation, and mitigate risks related to turnover, legal and regulatory compliance, and reputation Valuable asset Inclusion refers to the practices and behaviours that ensure all employees feel valued, respected, and empowered to contribute to the organisation As stakeholder capitalism accel- erates the environmental, social and governance (ESG) agenda, more companies are recognis- ing the crucial need to integrate ESG considerations into their business decisions and operations. In recent years, there has been growing recognition of the impor- tance of human capital disclosures as a key component of ESG reporting, particularly regarding diversity and inclusion (D&I). Research shows that diverse and inclusive workplaces create a compet- itive advantage, enhance productivity and innovation, and mitigate risks related to turnover, legal and regulatory compliance, and reputation. Digital inclusion and diversity are key to future policy success The UAE’s leadership also recognises the importance of a diverse and inclusive workforce to the country’s long-term economic and social development. It has introduced several policies and initia- tives to lead the region in this regard. D&I is now a reporting issue, and char- tered accountants have a key role in ensuring that stakeholders’ expectations both inside and outside their organisa- tions are met. While diversity and inclusion are distinct concepts, they are closely inter- connected. Diversity refers to the di er- ences among people, such as race, ethnicity, gender, age, disability status, among others. Diversity brings people with di erent perspectives, experiences and skills together in the workplace, leading to greater creativity, innovation, and productivity. Inclusion, on the other hand, refers to the practices and behaviours that ensure all employees feel valued, respected, and empowered to contrib- ute to the organisation. An inclusive workplace is where people feel they belong, can be themselves, and are supported in their personal and profes- sional growth. An organisation can have a diverse workforce, but if it does not create an inclusive environment that values and COMMEN T | HANADI KHALIFE, HEAD OF MIDDLE EAST AT ICAEWarabianbusiness.com 9 Workforce Gender-diverse executive teams are 21 percent more likely to generate above-average pro ts, according to a research respects all employees, it may not fully realise the bene ts of diversity. According to research from the Boston Consulting Group, companies with diverse leadership teams report that 45 percent of their revenue comes from innovation, compared to 26 percent for less diverse teams. Additionally, gender-diverse exec- utive teams are 21 percent more likely to generate above-average profits. That’s why investors and nancial insti- tutions are increasingly using ESG metrics, including diversity and inclu- sion, to evaluate the sustainability and performance of businesses. Prioritising D&I initiatives is not just a moral imperative but also a crucial aspect of a strong ESG strategy. Neglecting D&I initiatives in the workplace can lead to potential nan- cial risks for a company. For instance, if a company does not create an inclu- sive environment that values and respects all employees, it may struggle to attract and retain talent. This can result in a loss of productivity, increased turnover, and higher recruit- ment costs. Incidents of discrimination or bias could result in legal liabilities, reputational damage, and decreased customer loyalty. Companies are now accountable to a broader range of stakeholders beyond just shareholders. Failing to prioritise D&I can have long-term negative impacts on a company’s financial performance and sustainability. Policy is also playing a part in bring- ing D&I reporting into sharp focus. In 2020, the Securities and Exchange Commission (SEC) adopted new rules that require public companies to provide disclosures related to their human capi- tal management practices, including reporting on diversity and inclusivity within the workforce. UAE’s policy driving D&I reporting In the UAE, the Securities and Commodities Authority (SCA) and Dubai Financial Market (DFM) have similar requirements for listed companies, whose annual reports must disclose metrics like employee launched a new gender equality campaign to create a better environment for women in the private sector, o ering businesses guidance on advancing gender equality. Despite the growing recognition of the bene ts of diversity and inclusion, many companies’ D&I initiatives are still falling short. A recent report from behaviour change consultancy Mind Gym, which works with several clients from the FTSE 100 and S&P 100, suggests most corporate diversity strategies are no longer t for purpose. Companies with the best intentions but with the wrong approach can actually impede D&I progress. All too often, leaders think if they apply greater e ort or more resources, given time things will change. What is often lacking are data-driven insights. Without these, D&I initiatives are based on assumptions about their e ective- ness. Getting it wrong can be very costly for a business. This is where the finance team can help by adopting a data-led approach to scrutinising D&I initia- tives. Chartered accountants, in particular, are well-suited to take on this role as they have the analytical skills and nancial expertise to eval- uate the impact of D&I initiatives on a company’s bottom line. By collecting and analysing D&I data, nance teams can identify areas where the company is falling short, set measurable targets for improvement, and track progress over time. This can help ensure that D&I initiatives are well-intentioned and effectively promote real organisational change. Finance can also help allocate resources to D&I initiatives and ensure they align with the company’s strategic goals. Achieving meaningful change requires companies to be bold and transparent in their commitment to diversity and inclusion. They must set measurable goals and frequently report progress. By doing so, they can build a diverse and inclusive culture that contributes to their long-term success and sustainability. | COMMEN T Achieving meaningful change requires companies to be bold and transparent in their commitment to diversity and inclusion Failing to prioritise diversity and inclusion can have long-term negative impacts on a company’s nancial performance and sustainability turnover, training and development data, gender and nationality diversity, and health and safety measures. Governments around the world are increasingly incorporating diversity and inclusion into their broader policy frameworks and decision-making processes. One significant initiative in the UAE is the Gender Balance Council, launched in 2015, which aims to promote gender equality and empower women in all areas of society, includ- ing the workplace. Additionally, the UAE Cabinet has approved a national strategy for empow- ering people with disabilities to promote inclusion and equal opportunities in the workplace. Just last month, UN Women Next >