25/06 • June 2024 UAE AED 15 KSA SAR 15 BAHRAIN BHD 1.500 OMAN OMR 1.500 KUWAIT KWD 1.200 QATAR QAR 15 Inclusive of VAT An ITP Media Group Publication Mona Kattan has already helped create a multi-billion-dollar empire. Can she do it again with her fragrance brand Kayali? Only a fool would bet against her THE HUSTLER+971 54 308 6000 sales@byrevolution.com eywa.ae CAN A BUILDING HELP Y OU BE HAPPIER, HEALTHIER, & MORE FFECTIVE IN YOUR LIFE? YES IT CAN AT EYWA DUBAI Eywa is the most health-conscious, sustainable and unique building on Earth. The fact is that Eywa Dubai, by R.Evolution, is a game-changer in the real-estate market. It’s more than a residential building – it’s a living, breathing ecosystem designed to elevate your physical and mental well-being. Fewer than a handful of projects in the world can make this claim. 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WILD LUXURY LIKE NEVER SEEN BEFORE · The winner of World’s Best Property at International Property Awards, London (2023-2024) · First residential building in the world with a well-being energy structure installed according to the recommendations of the leading experts of Vastu Shastra and Vastu Shastra compliant · Limited collection of two to five bedroom waterfront residences and two penthouses, only 48 units in total · Price starting from AED 10.8 million · Waterfront location overlooking Dubai Water Canal with stunning views of Burj Khalifa A project byrevolution.comarabianbusiness.com 3 www.arabianbusiness.com SUBSCRIBE NOW +971 4444 3000 www.itp.com/subscription #arabianbusinessarabianbusinessarabianbusiness Contents June 2024 COVER STORY Mona Kattan has already helped create a multi-billion- dollar empire. Can she do it again with her fragrance brand Kayali? Only a fool would bet against her ENTREPRENEURSHIP Family businesses Sanjiv Anand, Chairman of Cedar Management Consulting International, shares his views on the future of family businesses in the region AVIATION Etihad goes back to the future The UAE’s national carrier Etihad is on course for remarkable growth under new leadership of CEO Antonoaldo Neves 18 FIRST WORD It’s inspiring to see the relentless drive for success across the region 16 Matthew Amlot Editorial Director matthew.amlot@itp.com 524 Vol. 25/06, June 2024 FIR ST WORD | Matthew Amlot, Editorial Director The quest for greatness MATTHEW AMLÔT @MatthewAmlot H ello and welcome to the June issue of Arabian Business. As we enter the summer months, it’s inspiring to see the relentless drive for success across the region showing no signs of slowing down in the heat. What were once considered off-peak seasons appear a thing of the past, as tremendous work continues across many dynamic industries. From the booming real estate sector to blossoming Web3 technologies, immense opportunities and innovation are transforming the business landscape at an unyielding pace. It›s a privilege for us to cover these advances and successes in each issue of Arabian Business. Speaking of our own privileged position, in May we hosted our second annual Arabian Business Leadership Summit. I want to extend my sincere thanks to the phenom- enal lineup of speakers who shared their time and wisdom with our audience. From Easa Al Gurg imparting his insights on nurturing future leaders, to Raki Phillips offering lessons from the rise of Ras Al Khaimah, each talk provided a new perspective on leadership. I’m grateful to all our guests for their invaluable contributions in making the event such a resounding success. Thank you also to those who attended for their enthusi- astic participation in the discussions. The energy in the room as people from diverse backgrounds came together to learn from these celebrated individuals was palpable. In this issue, we’ve included a comprehensive recap of the day’s highlights. For those unable to join, I hope it provides meaningful take- aways on the topic. Within these pages, look out for features like our profile of perfume pioneer Mona Kattan, who sat down with Arabian Business to discuss what’s next. “My plan is to create another multi-billion-dollar empire,” she said. Kattan, who launched fragrance brand Kayali in 2018, said she doesn’t see her own businesses slowing down. “Maybe when I am in my fifties, I will be more willing to calm down, but right now I have so much fire in me and so much appetite to disrupt, innovate and take risks. I like to hustle,” she said. The full story is worth checking out – beginning from page 18. Of course, regional economic success would be next to impossible without the support of a thriving financial ecosys- tem. As such, for the first time, we are honoured to publish the Power of Finance list identifying individuals making their impact felt. My congratulations to all those included for their exceptional work and expertise supporting innovation and expansion. Their dedicated efforts have been fundamental in enabling the success we continue to see across the region, and I look forward to seeing what they can bring to the table next. With that I’ll let you get to reading. Until next time. The talent and efforts from business leaders are paving the way for the continued success of the region’s business community Join the #1 financial centre to access more capital markets 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, infra- structure 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 790 regulated clients are amongst the 5,500 clients that are using DIFC as a catalyst for growth. Join the number one: difc.ae/make-enquiry6 Vol. 25/06, June 2024 SUBSCRIBE NO W www.itp.com/subscriptions +971 4 4443000 EXPER T VIEWS EXCL USIVE IN TERVIEWS INDEP TH NEWS PUBLISHED BY AND © 2024 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. 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. No part of this publication or any part of the contents thereof may be reproduced, stored in a retrieval system or transmitted in any form without the permission of the publishers in writing. An exemption is hereby granted for extracts used for the purpose of fair review. PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Off ices in KSA, UAE, UK, US, and INDIA ITP MEDIA GROUP CEO Ali Akawi MANAGING DIRECTOR Marne Schwartz MANAGING DIRECTOR Anil Bhoyrul EDITORIAL 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 ART DIRECTOR Mohammed Irqsosy STUDIO VIDEOGRAPHER Muhammad Kaleem VIDEO EDITOR Liju Cheruvathur PRODUCTION PRODUCTION MANAGER Denny Kollannoor PRODUCTION COORDINATOR Mahendra Pawar SENIOR IMAGE EDITOR Emmalyn Robles EVENTS & MARKETING SENIOR MARKETING AND EVENTS MANAGER Anthony Chandran, +971 4 444 3685, anthony.chandran@itp.com SENIOR EVENTS MANAGER Shivangi Roy, +971 4 444 3460, shivangi.roy@itp.com DISTRIBUTION HEAD OF DISTRIBUTION AND NEWSTRADE Abdulrahim Alparambil DISTRIBUTION COORDINATOR Avinash Pereira CIRCULATION EXECUTIVE Rajesh Pillai ADVERTISING GENERAL MANAGER Mirei Avdou, +971 4 444 3215, mirei.avdou@itp.com GROUP COMMERCIAL DIRECTOR Andy Sulahian, +971 4 444 3597, andy.sulahian@itp.com GROUP 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 ITP GROUP CEO Ali Akawi CFO Toby Jay Spencer-Davies CORPORATE WEBSITE itp.com CIRCULATION CUSTOMER SERVICE +971 4 444 3000 WEB arabianbusiness.com8 Vol. 25/06, June 2024 COMMENT UAE launches Corporate Tax guide for free zones The guide provides critical information for thousands of companies operating in UAE free zones To achieve QFZP status, a free zone entity must derive income only from activities specified as “Qualifying” under the law. It must also maintain adequate assets, employees, and operating expenditures proportionate to its activ- ities, follow transfer pricing rules, and prepare audited financial statements. “The Free Zone Person must undertake its core income-generating activities relating to transactions and activities benefiting from the 0 percent Corporate Tax rate on Qualifying Income in a Free Zone (for distribution activities, this needs to be a Designated Zone),” the guide states. “For research and development (R&D) relating to the development of Qualifying Intellectual Property, a Free Zone Person may also outsource its core income-generating activities to any Persons in the UAE or non-Related Parties outside the UAE, provided it has adequate super vision of the outsourced activities”. If a company meets the QFZP criteria, it can apply the 0 percent rate to Qualifying Income streams and the standard 9 percent Corporate Tax rate to any non-qualifying income. Income from foreign operations outside the UAE would generally be exempt, while domestic operations outside the free zone would be taxed at 9 percent. The 134-page document goes into significant detail on the approved “Qualifying Activities” list, which includes manufacturing, commodities trading, holding intellectual property or equities, providing services like rein- surance, and more. It specifies criteria, scope, and potential ancillary activities for each category. The treatment of income streams like intellectual property and immovable property is also explained in-depth, such as formulas to calculate the portion of IP income eligible for 0 percent based on associated expenditure. Real estate income may qualify if linked to commer- cial property in the free zone. With the UAE Corporate Tax now in full effect after a grace period, the guide provides critical information for thousands of companies operating in the country’s free zones. BY ARABIAN BUSINESS STAFF FINANCE To achieve QFZP status, a free zone entity must derive income only from activities specified as “Qualifying” under the law The UAE’s Federal Tax Authority (FTA) has released a compre- hensive guide outlining how the Corporate Tax regulations apply to businesses operating in the country’s free zones. The guide provides clarity on the conditions companies must meet to qualify for the 0 percent Corpo- rate Tax rate on certain income streams. UAE Corporate Tax guide The “Corporate Tax Guide for Free Zone Persons” is the latest in a series of guid- ance materials published by the FTA since the UAE’s Federal Corporate Tax laws came into effect last year. It addresses the unique situation of the UAE’s numerous free zones, which offer incentives like foreign ownership allowances and stream- lined processes to attract businesses. At the core of the new regulations is the definition of a “Qualifying Free Zone Person” (QFZP) – a free zone business that meets substance, report- ing, and other requirements to be eligi- ble for the 0 percent rate on “Qualifying Income” streams like manufacturing, trading, and services.atlas 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 OCK ’ Next >