UAE: AED 15 KSA: SAR 15 BAHRAIN: BHD 1.500 OMAN: OMR 1.500 KUWAIT: KWD 1.200 QATAR: QAR 15 Inclusive of VAT 25/01 • 01 – 15 January 2024 TURNING THE TIDE Celebrated spiritual leader Sadhguru reveals why the world needs to wake up to the importance of soilarabianbusiness.com 3 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription #arabianbusinessarabianbusinessarabianbusiness Contents 01 — 15 January 2024 Celebrated spiritual leader Sadhguru reveals why the world needs to wake up to the importance of soil ECONOMY KSA to provide 250,000 jobs for Riyadh Expo 2030 REAL ESTATE UK cost of living crisis is shrouding a high-growth real estate sector 20 1418 Saudi Minister of Tourism Ahmed Al Khateeb says 1 million additional jobs will be created in sector by 2030 as the kingdom eyes hospitality boom The mainstream media narrative obscures a thriving recovery play opportunity in one of Britain’s most exciting real estate sectors – leisure TURNING THE TIDE4 Vol. 25/01, 01 – 15 January 2024 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription #arabianbusinessarabianbusinessarabianbusiness REAL ESTATE Sustainability at the core INDUSTRY Special recognition for 2023 5 THINGS T O KNOW ABOUT... Saudi Arabia’s new tourism laws 44 40 50 Eywa is an extremely unique project as it incorporates the principles of Vastu Shastra, a holistic concept that combines science, art, astronomy, and astrology to enhance wealth, health, prosperity, and happiness Whether founding innovative new enterprises, accelerating important economic transitions, or advocating for impactful social changes, these leaders exemplify the power of pursuing ambitious goals The new law aims to create a structured and regulated environment for Saudi Arabia’s tourism sector, providing clear guidelines and enforcing compliance to ensure sustainable growth and protection of the kingdom’s tourism assets Contents 01 — 15 January 2024We create lasting memories which continue to inspire www.skddrone.com info@skddrone.com +971 4 873 31 32 Tell your story in the sky with a state of the art drone light show, performed by double Guinness World Record holders6 Vol. 25/01, January 2024 SUBSCRIBE 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 PUBLISHED BY AND © 2024 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. Readers are advised to seek specialist advice before acting on information contained in this publication, which is provided for general use and may not be appropriate for the readers’ particular circumstances. The ownership of trademarks is acknowledged. 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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 MANAGING DIRECTOR Anil Bhoyrul EDI ORIA EDITOR-IN-CHIEF Rob Corder, rob.corder@itp.com EDITORIAL DIRECTOR 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 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.comJoin the number one: difc.ae/business/make-an-enquiry When you join the number one financial centre in the Middle East, Africa and South Asia, you benefit from DIFC’s proven world-class laws, regulations, infrastructure and unbeatable connections. Banks enjoy managing global deals and structuring financial transactions in a DIFC market that is approaching USD 1 trn of activity. DIFC asset managers oversee nearly USD 500 bn in AUM from private and public markets in the region. Over 600 financially regulated clients are amongst the 5,000 clients that are using DIFC as a catalyst for growth. Join the #1 financial centre to access more capital markets8 Vol. 25/01, 01 – 15 January 2024 FIRST WORD | Matthew Amlot, Editorial Director A new year, a new beginning MATTHEW AMLÔT @MatthewAmlot force, adapted strategies to changing demands, and made bold yet prudent decisions to futureproof their operations. It is such leadership that will be instrumental in 2024 if businesses are to maximise opportunities for growth in the year ahead. While economic trends remain hard to predict, strong, empathetic guidance at the top will give companies the resilience and agility to react swiftly to whatever challenges may come. Though the consequences of global headwinds may linger, having a leader who can inspire con dence and innovation during di culties will put organisations in the strongest position. The pandemic taught us many valuable leadership lessons that will still serve us well this year. We saw the importance of compassion for employees’ wellbeing, of transparent communication to boost morale, and of exible strategies to weather disruption. Those who led with empathy and prag- matism over this time emerged even stronger, having built trusting relationships that will power future success. As regional tensions may continue a ecting strategic decision making, retaining this human focus will be crucial. Looking ahead, 2024 could be a year of major oppor- tunity for diversi cation and growth across the GCC if leaders make the most of ongoing reforms and invest- ments. Massive projects like the $500bn NEOM transfor- mation and Expo 2020 legacy developments will require bold visions and execution to maximise returns. With the world still recovering, those international companies who can form dynamic partnerships with regional rms will be well placed to capitalise. But such cross-border coop- eration necessitates skilled diplomacy and trust-building at the highest levels. The digital transformation also continues apace, disrupting business models across sectors. Forward-think- ing executives who embrace new technologies will gain signi cant competitive advantages over laggards. From AI and cloud migration to the rise of frontier industries, lead- ership will determine whether organisations play catch up or leap ahead of disruption curves. The region’s youth present both an opportunity and challenge in this regard – attracting and retaining top talent requires modern, purpose-driven strategies. This year has the potential to be a landmark year of recovery and progress for the Middle East if its leaders rise to the multifaceted challenges before them. With strong guidance, businesses can leverage reforms, partnerships and new frontiers to cement the region as a global hub once more. Though uncertainties remain, having visionary executives who lead with empathy, innovation and regional cooperation will empower organisations to achieve their full potential. It is such exemplary leadership, proven under pressure, that will power the growth and success of CEOs across the GCC in the year ahead. With that I’ll let you get to reading. Until next time. Why strong leadership will be crucial in 2024 and the lessons we’ve learned from 2023 As we start a new year and put 2023 behind us, it seems an opportune time to re ect on the impor- tance of leadership, especially here in the Middle East. The past 12 months have proved tremendously chal- lenging with global economic headwinds and ongoing geopolitical instability impacting businesses across the region. However, with di culty comes opportunity, and this upcoming year promises new beginnings if we have the leadership to guide us. 2023 tested many organisations to their limits, with rising in ation, supply chain issues, and energy price vola- tility creating an extremely uncertain environment. However, those companies with visionary executives who could steer their ship successfully through stormy waters thrived despite the turbulence. We saw countless examples of CEOs who communicated transparently with their work-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 >