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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.com THE QUEST FOR GREATNESS MATTHEW AMLÔT Editorial Director, Arabian Business @MatthewAmlot The talent and efforts from business leaders are paving the way for the continued success of the region’s business community EDITOR’S LETTER Hello 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 phenomenal lineup of speak- ers 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 enthusiastic 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 takeaways 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 ecosystem. 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.4 June 2024 POWER OF FINANCE 2024 The rise of the finance industry in the Middle East has been nothing short of remarkable, driven by a combination of factors including economic diversification, strategic geographic location, and a growing demand for financial services. Historically reliant on oil revenues, many Middle Eastern countries recog- nised the need to reduce their depend- ence on oil and gas exports and diver- sify their economies. In pursuit of this goal, governments across the region have invested heavily in developing their financial services sectors as a means to attract foreign investment, create jobs, and stimulate economic growth. This has led to the establish- ment of financial hubs such as Dubai, Abu Dhabi, and Doha, which have emerged as major centres for banking, finance, and investment in the region. Moreover, the strategic geographic location of the Middle East has played a crucial role in its emergence as a financial hub. Situated at the cross- roads of Europe, Asia, and Africa, the region serves as a natural gateway for trade and investment flows between these continents. As a result, Middle Eastern countries have positioned themselves as key players in global finance, leveraging their geographic advantage to attract multinational corporations, financial institutions, and investors looking to access markets in the region and beyond. 4 June 2024 One of the primary catalysts for the rise of the finance industry in the Middle East has been the region’s concerted efforts towards economic diversification Powering economies Furthermore, the growing demand for financial services in the Middle East has fuelled the expansion of the finance industry. Rapid population growth, urbanisation, and rising income levels have led to increased demand for bank- ing, insurance, asset management, and other financial products and services. Moreover, the region’s young and tech- savvy population has embraced digital banking and fintech innovations, driv- ing further growth and innovation in the sector. The rise of the finance industry in the Middle East has significant impli- cations for the region's economy and society. The sector has contributed to economic diversification and job crea- tion, reducing the region’s reliance on oil revenues and providing opportuni- ties for skilled professionals in finance and related fields. Moreover, the grow- ing importance of the finance industry in the Middle East has raised ques- tions about regulatory oversight and financial stability. As financial markets become increasingly interconnected and complex, regulators face the chal- lenge of ensuring the integrity and stability of the financial system while fostering innovation and competition. In response, governments and regula- tory authorities in the region have taken steps to strengthen regulatory frameworks, enhance transparency and gove r nance standards, and promote financial inclusion and consumer protection. The rise of the finance industry in the Middle East represents a signifi- cant development with far-reaching implications for the region’s economy, society, and global standing. Driven by economic diversification, strategic location, and growing demand for financial services, the Middle East has emerged as a major player in global finance, with financial hubs such as Dubai, Abu Dhabi, and Bahrain lead- ing the way. However, as the finance industry continues to grow and evolve, policymakers, regulators, and industry stakeholders must work together to address the challenges and opportuni- ties it presents, ensuring that the bene- fits of financial development are shared equitably and sustainably across society. arabianbusiness.com 5 POWER OF FINANCE 2024 ABDALLAH ABU-SHEIKH Co-founder and CEO Astra Tech / Botim Emirati entrepreneur Abu-Sheikh is a global keynote speaker and a leading tech entrepreneur in the MEA region celebrated for his leadership approach. Serv- ing as the founder and CEO of Astra Tech, he helmed the launch of the Ultra-app platform, consolidating multiple products, consumer technologies, and services to tackle plat- form fatigue. The Ultra-platform under Botim was unveiled after a $500m investment in 2022, aiming to simplify consumer lives in a tech-saturated market. Currently, the Ultra-App caters to over 150 million users across 155 countries, seamlessly integrating communications, e-commerce, multilingual GPT, and fintech functionalities. This platform offers a comprehensive range of services, span- ning bill payments, groceries, fintech solutions, remittances, peer-to-peer money transfers, government services, and more. Abu-Sheikh is known for spearheading innovations in sustainability, mobility, and digitisation. He has earned acclaim for introducing significant, well-funded advancements in the digital marketplace and electric vehicle (EV) sector through his previous venture, Barq, driving progress and paving the way for future technological developments. Additionally, he founded RIZEK, a digital marketplace for home services in the UAE, launched in 2020 and is now seamlessly integrated into Botim alongside PayBy, its fintech arm. Since 2021, Abu-Sheikh has served as an investor at Delivers.AI, aiming to develop a versatile, application-agnostic autonomous mobil- ity platform supporting last-mile delivery worldwide. About Astra Tech Founded in 2022, Astra Tech acquired influential platforms: PayBy, a UAE Central Bank-licensed fintech platform; Rizek, an on-demand home services plat- form; and Botim, the MENA region’s premier communications platform. By 2023, Astra seamlessly integrated Rizek and PayBy into Botim, creating the world’s inaugural Ultra app. This innovative application offers streamlined home, e-commerce, and fintech services, surpass- ing competitors in speed by threefold. Earlier this year, Astra’s PayBy achieved a significant mile- stone by securing a Mastercard principal membership license, establishing itself as a pioneer among Middle East fintech players. This partnership enables Astra Tech to introduce Botim branded Mastercard digital and physical cards, offering authorisation services and prepaid multi-currency options. Astra operates as an authorised acquirer, leveraging Master- card’s suite of products, including Payment Gateway, Tap on Phone, and advanced Fraud and Cyber Security solutions. At the Dubai Fintech Summit in May 2024, Astra Tech unveiled Palm Pay through its CBUAE-licensed fintech subsid- iary PayBy, holding the exclusive patent for this innovative technology. Palm Pay, the UAE, and region’s first contactless palm recognition service, enables customers to make payments effortlessly by hovering their palm over a device. This proprie- tary technology aligns with the UAE’s strategic goals of pioneer- ing technological advancements in its financial sector. In May 2024, Astra Tech announced the strategic opening of its Dubai Office in DIFC Innovation Hub, positioning itself as the largest fintech entity to join the thriving innovation ecosystem of the Dubai International Financial Centre (DIFC). Scheduled to open in June 2024, Astra Tech’s new offices provide an ideal platform for connecting with local and global industry leaders as it embarks on its growth journey. UAE6 June 2024 POWER OF FINANCE 2024 ABDULAZIZ AL-SOWAILIM Chairman and CEO EY MENA Al-Sowailim first joined EY in Riyadh after graduating from King Saud University, KSA, in 1987. He rose through the company to become the KSA Office Managing Partner of the Saudi Arabia practice, which includes Riyadh, Jeddah, and Al Khobar. As EY MENA Chairman and CEO, he leads the EY MENA management team and is actively involved in all aspects of the organisation’s operations throughout the region. During his tenure, Al-Sowailim has been a vocal advocate of the EY purpose of building a better working world, helping to create long-term value for clients, people, and society as well as building trust in the capital markets. Engaged in vari- ous facets of the organisation's operations across the region, he serves as a member of the Board of Management of EY’s EMEIA region, the firm's largest geographic area globally. Most recently, he has seen EY celebrate 100 years in the MENA region, having established its first regional office in 1923. As a Saudi national, Al-Sowailim is especially proud of the investments being made by EY in KSA to support the nation’s ongoing journey to becoming a global powerhouse. A powerhouse in the MENA region Enabled by data and cutting-edge technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate. Working across assurance, consulting, law, strategy, tax, and transactions, EY teams ask better questions to find new answers to the complex issues facing the world today. In 2023, EY launched MENA’s first Climate Change Readiness Index (CCRI), a pioneering tool designed to help countries in the region assess and improve their resilience to the impacts of climate change. The Index measures the read- iness of the six members of the GCC as well as Egypt and Jordan across several areas, such as the effectiveness of their adaptation and mitigation strategies and their ability to finance and implement these strategies. It provides score- cards that can assist governments, investors, and citizens in tracking the performance of the included countries compared to global benchmarks on 37 quantitative and qualitative indi- cators of climate change readiness. EY MENA will continue to build upon its legacy and create long-term value for local communities with youth development programmes, entrepreneur mentorships, and by guiding the next generation workforce. This, along with strategic partnerships, sustainability programmes, and an unwavering commitment to quality, reaffirms its position as the largest and most established professional services organisation in the region. In May 2024, EY announced new tech capabilities and a global AI Assurance framework, part of a multi-year audit trans- formation programme. The update comprises over 25 new EY Assurance tech capabilities revealed at the Global Assurance Technology Keynote in Washington DC. Aligning with EY’s $1bn investment in a next-gen Assurance platform, EY inte- grates tech into a seamless platform, driving transformation with advanced analytics, AI, and a superior user experience. KSAarabianbusiness.com 7 POWER OF FINANCE 2024 ABDULLA AL KHALIFA Group CEO QNB With a diverse business and finance career span- ning over two decades, Group CEO Al Khalifa has held numerous posts within the QNB bank- ing group, including chief business officer and executive general manager. Since 2018, he has served as a board member for Ooredoo, Qatar’s multinational telecom- munications company. His experience spans risk management, finance, business, M&A, sales and marketing, and strategic planning. Al Khalifa joined the company in March 1996 and in 2007, was appointed to the role of general manager for QNB’s Corporate Banking Group. He is also the chairman of QNB Capital, a market leader in Qatar in investment banking services and financial advisory, established in 2008, with headquarters in Doha, and European offices in Paris as well as London, UK. Qatar’s largest bank Established in 1964, QNB is the largest bank in Qatar with 51.93 percent owned by the Qatar Investment Authority. The group has a presence in more than 28 countries across three continents. It employs 28,000 people serving over 27 million customers. As the largest financial institution in the MEA region, QNB reported its financial performance for the three months ending on 31 March 2024. As of 31 March 2024, the total assets of QNB stood at $340bn, reflecting a 5 percent rise from the same date the previous year. This increase was primarily fuelled by a solid 7 percent growth in loans and advances, reaching $238bn. In April 2024, QNB Group intro- duced FAWRAN, a cutting-edge payment solution designed to enhance customer payment experiences through innovative technology. This new payment method enables swift and secure trans- actions to individuals in Qatar using the recipient’s mobile number or alias. The launch of FAWRAN represents a significant addition to QNB’s expanding array of digital payment solutions. Powered by the real-time payment infrastructure of the Qatar Central Bank, FAWRAN stands as a ground-breaking addition to Qatar’s digital payments ecosystem, offering customers advanced convenience and efficiency. In May 2024, QNB was awarded for its exceptional mile- stone in enabling local SMEs and micro-merchants in Qatar to accept digital payments through Visa’s Tap to Phone solu- tion. The award presented by Visa, recognises QNB’s efforts in recording the highest growth in Tap-to-Phone volume and transactions in Qatar for 2023, further reinforcing QNB’s leadership in Qatar and the region in expanding digital payment acceptance network and fostering innovation in line with Qatar Central Bank’s vision for the payments industry. QNB Tap to Phone is an innovative solution from Visa that allows merchants to use their existing Android mobile devices to accept digital payments via Near Field Communication (NFC), with zero dependency on Point of Sale (PoS) hardware. It is a low-cost, low maintenance and paperless solution for merchants to accept multi-form electronic payments including mobile wallets, contactless cards, and wearables. QNB have been working closely with SMEs and micro merchants in this regard and the response has been extremely encouraging. QATAR8 June 2024 POWER OF FINANCE 2024 Acting CEO Kuwait Finance House (KFH) Throughout his career, Alrush- ood has held senior leadership positions on various banking and non-banking boards and committees, contributing insights and guidance across multiple realms such as credit and investment, audit, risk, governance, remuneration and nomination, and executive board committees within prominent banking and corporate entities. With a career spanning over three decades within the banking sector, which includes significant experience in both conventional and Islamic banks, along with over eight years in executive leadership positions, Alrushood is a successful leader with a proven track record of achievement. Alrushood holds the position of acting group CEO at Kuwait Finance House Group since October 2020. During the challenging circumstances of the pandemic in 2020, he played an instrumental role in overseeing as well as managing the group’s liquidity and corporate banking operations across various locations. His strategic oversight ensured that clients, the bank, and the group’s subsidiaries maintained robust capi- talisation and resilience amidst the crisis, bolstering the local economy from corporate to retail spheres. His depth of knowledge and expertise extends across a diverse spectrum of treasury and financial institution manage- ment functions, showcasing proficiency in areas such as liquid- ity management, foreign exchange operations, capital markets activities, treasury sales strategies, country limit oversight, liability diversification tactics, funding arrangements, invest- ment strategies, risk mitigation techniques, and asset and liability management practices. His wealth of experience and demonstrated proficiency in a wide array of critical financial functions underscore his ability to drive strategic initiatives and deliver exceptional results in the banking industry. Demonstrating leadership by example, he brings a proac- tive, hands-on approach to problem-solving, with a proven track record of driving transformative initiatives and fostering strong market awareness and relationship management skills. About Kuwait Finance House (KFH) KFH, established in 1977 as the first Islamic bank in Kuwait, has emerged as a global leader in Islamic finance. Listed on the Kuwait Stock Exchange (KSE) and Bahrain Bourse, KFH offers a comprehensive range of Sharia-compliant products and services across multiple countries, including Kuwait, Bahrain, KSA, UAE, Turkey, Malaysia, Germany, UK, Egypt, Iraq, Oman, and Libya. In May 2024, Kuwait Finance House (KFH) was recog- nized for its leading position in the Islamic banking sector by winning five prestigious awards at Euromoney's Middle East Awards for Excellence 2024, held in Dubai. The awards include Kuwait’s Best Bank, Kuwait’s Best Digital Bank – tam digital bank, Kuwait’s Best Bank for ESG, and Kuwait’s Best Islamic Bank. Additionally, KFH Capital, the investment arm of KFH Group, won the Islamic Finance Deal of the Year Award in Turkey for its role in the Republic of Turkey’s $2.5bn Sukuk. These awards recognise Islamic financial institutions that have significantly contributed to the growth of the Islamic banking and finance market while making a positive impact within their markets. Winning these awards further recognises KFH's successes and achievements in its pursuit of becoming one of the 100 largest banks globally. KUWAIT ABDULWAHAB IESA ALRUSHOODarabianbusiness.com 9 POWER OF FINANCE 2024 ADAM JONES Executive Vice President, Division President, West Arabia Mastercard In his role as Executive Vice President and Division Pres- ident, West Arabia at Mastercard, Jones is leading the company's efforts to drive digital transformation, estab- lish a resilient payments ecosystem, and enhance finan- cial inclusivity in the region. As a member of the EEMEA (Eastern Europe, Middle East, and Africa) executive leader- ship team, he has been instrumental in securing a strategic partnership with Saudi Esports Federation (SEF) to support the development of KSA’s burgeoning gaming sector through innovative financial solutions. Under his leadership, the former MENA Central cluster at Mastercard has significantly progressed in promoting digi- tal transformation and enhancing the payments infrastruc- ture. Noteworthy achievements include Mastercard's integral role in fostering collaboration with the Egyptian Banks Company (EBC) and the Central Bank of Egypt to facilitate the adoption of tokenisation by providing essential infra- structure to banks nationwide. Jones has led an impactful collaboration with the Central Bank of Jordan (CBJ) to formulate a blueprint for the digiti- sation of the payment ecosystem in the country. His notable contributions extend to leading initiatives in KSA in partner- ship with prominent banks like Saudi National Bank (SNB), resulting in the introduction of innovative payment solutions such as the Mastercard Touch Card. Jones continues to lead the efforts to enable the growing business-to-business (B2B) payments space. He recently initiated a collaboration with Bahrain Commercial Facilities Company (BCFC) to launch a game-changing commercial card programme. Previously, Jones served as the Senior Vice President for Travel & Expense (T&E) at Mastercard, where he was responsible for overseeing the company's strategy and platforms in the commercial T&E sector, and as Country Manager for East Africa. He joined Mastercard as Vice President and Head of Commercial Products for the Middle East and Africa (MEA), where he assumed responsi- bility for product development and sales. Earlier in his career, he held the role of Head of Commercial Business at American Express MENA, based in Dubai, following his tenure as a Global Account Manager in London and leader- ship positions in joint ventures in Belgium and Switzerland. Mastercard brings flexibility to payments in KSA In today’s economic climate, budget-savvy consumers are seek- ing the flexibility of managing a purchase over time without incurring extra costs in the form of interest or hidden charges, a need that installment payments address perfectly. In April 2024, Mastercard partnered with SNB to launch the Flexi credit card, the first of its kind in KSA, marking the debut of the Mastercard Installments programme in the Kingdom. The inno- vative payment solution allows shoppers to convert their purchases into four interest-free installments securely, conven- iently, and with no processing fees. The transparency in budg- eting that the programme provides is matched by transparency in lending practices, coupled with strong consumer protections. Available to all customer segments, the virtual Flexi card brings a wide variety of benefits to lenders, issuers, merchants, and shoppers. It contributes to enhanced financial security by enabling cardholders to make instant purchases, especially for big-ticket items, at no extra expense, offering greater choice, convenience, and peace of mind. SAUDI ARABIANext >