25/02 • February 2024SPECIAL COVERAGE P142024 Top Employers in the Middle East Top Employers Institute is the global authority on recognising excellence in People Practices. We help accelerate these practices to enrich the world of work. Through the Top Employers Institute Certification Programme, participating companies can be validated, certified, and recognised as an employer of choice. In 2024, Top Employers Institute has certified more than 2 300 organisations in 121 countries/regions. These certified Top Employers positively impact the lives of over 12 million employees globally. Top Employers Institute. For a better world of work. www.top-employers.com To see the full list of Top Employers in your region and globally, visit our websitearabianbusiness.com 3 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription #arabianbusinessarabianbusinessarabianbusiness Contents Vol. 25/02, February 2024 In this special issue, we present the biggest names in Dubai’s vibrant business community, and their plans to help the emirate continue its status as the leading hub of industry and entrepreneurship in this part of the world SPECIAL ISSUE Arabian Business Achievement Awards 2024 HOSPITALIT Y At.mosphere Restaurant continues to be a destination of choice 14 46 142 From retail to hospitality and technology, the annual Arabian Business Achievement Awards recognises the nest of the region’s business community Burj Khalifa’s At.mosphere continues to de ne luxury entertainment in Dubai and remains a ‘must visit’ for both residents and visitors alike THE MEN AND WOMEN WHO MAKE A DIFFERENCE CO VER ST OR Y4 Vol. 25/02 February 2024 FIRST WORD | Matthew Amlot, Editorial Director Shining the spotlight MATTHEW AMLÔT @MatthewAmlot Elsewhere in this issue, we are proud to celebrate the outstanding successes and accomplishments of our Arabian Business Achievement Award winners. What a night it was at the spectacular Atlantis The Royal for our awards gala ceremony last month. The event brought together over 400 of the region’s top business leaders under one roof to recognise excellence across 11 di erent categories. From startup, development to sustainability initiatives, our award winners demonstrated the very best of entrepreneurial spirit and business leadership. They inspire us to continue championing progressive, impact- driven enterprises across the Middle East. Heartfelt congratulations again to all our worthy recipients. As we move forward through 2024, there are already signs that the much-anticipated economic recovery is gaining pace regionally and globally. International exhibi- tions and events continue in full force to Dubai, signalling both con dence in the emirate’s world-class infrastruc- ture and commitment to global industries. Meanwhile, accelerated digital transformation initiatives are opening new partnerships and investment prospects across borders. There is no doubt that this year will be a bright one as we pursue new opportunities together. As always, we strive to bring you the most thoughtful analyses, intriguing success stories, and up-to-the-min- ute industry updates. However, a magazine is only as good as the conversations it inspires. Therefore, I encourage all our readers to share their own perspectives on our stories via social media or email – your insights help strengthen and expand the discussion in meaningful ways. In closing, on behalf of the entire Arabian Business team, thank you for your continued interest and support. It is our privilege to serve the business leaders and deci- sion-makers advancing this region every day. Please stay tuned in the coming weeks for highlights from our ongoing events series as well as exciting announcements. Wishing you all the very best as we look forward together. With that I’ll let you get to reading. Until next time. Celebrating our winners and the biggest names in the region Hello and welcome to the February issue of Arabian Business. This month, we continue our commit- ment to shining a spotlight on the leaders, inno- vators, and game-changers who are propelling the busi- ness landscape in the Middle East forward. At the heart of this issue is our annual Dubai 100 feature. The Dubai 100 recognises the top gures across various industries who call Dubai home. Making the list is a true badge of honour, as these are the decision-makers and trailblazers who are actively shaping Dubai’s vibrant business environment through their vision and leadership. As Dubai continues its remarkable growth trajectory, it is more important than ever to stay connected with the exec- utives and entrepreneurs steering the emirate’s continued ascent. I am in awe of all they are achieving to strengthen Dubai’s position as a global economic powerhouse.6 Vol. 25/02, February 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 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. 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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.comarabianbusiness.com 7 RECRUITMENT UAE salary guide 2024: Employees to see 4.5% pay growth; in-demand skills, high-paying jobs revealed More than half of the companies surveyed by Cooper Fitch said they plan to recruit additional UAE staff in 2024 The UAE job market is expected to remain strong through 2024, according to a new report by recruitment experts Cooper Fitch. In their latest salary report, the agency predicts salaries will increase 4.5 percent on average next year as organisations compete for a limited supply of quali ed candidates. More than half of the companies surveyed by Cooper Fitch said they plan to recruit additional UAE sta in 2024. Demand for top talent in UAE picks up “A larger proportion of UAE-based organisations grew their headcount in 2023 than in 2022, and more than half of this year’s respondents intend to increase remuneration in 2024. This is positive news for job seekers in the Emirates as greater demand for talent typically results in higher salaries,” Cooper Fitch CEO Trefor Murphy said. Only 20 percent expect to decrease headcounts next year. This is a positive sign for job seekers as greater competition typically leads to higher wages. However, respondents also agged major shortages in key skillsets that BY ARABIAN BUSINESS STAFF could undermine recruitment plans if not addressed. Skills shortfalls emerge When asked to identify their biggest skills gaps, management and leadership topped the list according to the report. Sales roles were also in short supply. “While salaries continue to play a crucial role in talent retention, factors beyond fixed remuneration – such as annual bonuses and the ability to work remotely – are playing an increasingly important role in the UAE’s job market,” Jack Khabbaz, Managing Partner – CEO & Public Sector Advisory, Cooper Fitch said. Roles involving project oversight, client relationships and revenue generation appear to lack suitable candidates locally. This mirrors trends seen globally as many leaders reevaluate careers after the pandemic. Filling these roles will require innovative strategies like training programs and international hiring. These are the top 10 skill shortages: • Management • Leadership • Analytical Skills • Project Management • Arti cial Intelligence • Engineering • Software Development • Sales • Finance • Data Science • Tech Sector Technology continues gaining ground as AI/ML Engineers, Cloud Architects and Data Scientists remain sought-after. Government targets of 25 percent non-oil GDP by 2030 rely on digital trans- formation led by this talent. Starting points range from AED24,000 for UX/UI Designers to AED44,000+ for Chief Digital O cers. Top vendors pay as much as AED 120,000 for commercial heads. Consul- tancies offer AED91,000-117,000+ to Partners with cybersecurity also thriving. Other high-paying jobs Many traditional high-payers held their own. Investment banking roles command over AED150,000. Strategy consulting partners averaged AED164,000+. Real estate project manag- ers start at AED22,000 while developers earn six gures. Healthcare sees doctors take home upwards of AED80,000. Public sector economists start at AED27,500. Even professional roles provide well – legal partners received as much as AED275,000 monthly from major international firms. Bonuses and beyond A majority of respondents expect to pay annual bonuses equaling one to six months’ salary depending on performance. Non-cash bene ts are also growing in importance. Remote working capabilities and training opportunities can offset lower xed pay at some rms according to Murphy. With sustained growth projected, the UAE’s jobs market looks set to offer expanded opportunities for years to come. Ongoing investment in strategic sectors should maintain the supply of well-paying positions. However, address- ing skills gaps will be crucial to realising economic targets. Next >