Great Innovation powers a greener future The UK’s innovative green technology and advanced manufacturing capabilities can help deliver a sustainable future. To discover how the UK can support your vision, visit great.gov.uk/GCC PRO-44730_DBT_PRINT_Saudi-ENG_265x200mm_AW01-EnergyTransitionx.indd Pg1 Qmuli Ltd Tel-0207 278 4009 22/02/2024 18:01arabianbusiness.com 3 S ADHGURU India’s vital contribution to the GCC economy T he Indian business community holds a significant presence and exerts a substantial infl uence within the Gulf Cooperation Council (GCC) countries, comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. This community represents a diverse array of industries, rang- ing from construction and manufacturing to retail, healthcare, and information technology. One of the key pillars of the GCC’s econ- omy is its Indian expatriate population, which constitutes a considerable portion of the workforce. Indian professionals, skilled workers, and entrepreneurs contribute their expertise and labour to various sectors, driv- ing innovation, productivity, and economic growth in the region. Their presence is particularly notable in sectors such as engi- neering, healthcare, hospitality, and fi nance. Indian businesses in the GCC benefi t from strong bilateral trade relations between India and the Gulf countries. They act as crucial facilitators of trade, both importing goods and services from India and expor ting products to meet the demands of the local market. This symbi- otic relationship enhances economic ties and fosters mutual prosperity. Moreover, Indian businesses operating in the GCC demonstrate a remarkable abil- ity to adapt to the cultural nuances and busi- ness environment of the region. They tailor their products, services, and marketing strat- egies to resonate with the preferences and sensibilities of the local population, thereby strengthening their market position and fostering deeper connections with customers. Despite facing challenges such as regu- latory complexities and market competition, the Indian business community in the GCC remains resilient and dynamic. Through their entrepreneurial spirit, innovation, and commitment to excellence, Indian busi- nesses continue to play a pivotal role in driv- ing economic development, promoting cross-cultural exchange, and enhancing the long-standing ties between India and the Gulf countries. arabianbusiness.com 34 Indian Aces, March 2024 FIR ST WORD | Matthew Amlot, Editorial Director Celebrating the achievers and changemakers MATTHEW AMLÔT @MatthewAmlot are making considerable impact and contributions to their industries and communities across the Middle East. The businessmen, corporate leaders, founders and visionaries featured in this compilation represent the cutting-edge of Indian business success in the region spanning every sector from fi nance and technology to healthcare, energy, infra- structure and more. This list is compiled through extensive research and nominations, Indian Aces highlights individuals who have risen to leadership positions in major multinationals as well as founded highly successful homegrown enterprises. It recognises Indians leading innovative startups that are addressing real problems and bringing world-class solutions. It also acknowledges those championing sustainability and social responsibility initiatives. Overall, it aims to profi le individuals excelling in their domains and acting as role models for the next generation of Indians in the Middle East. While a growing number of Indians have certainly bene- fi ted from opportunities in the GCC’s thriving job market, the individuals featured have distinguished themselves through their entrepreneurial spirit and accomplishments. They have founded companies nurturing talented local and global talent, partnered with regional entities to fi ll capabil- ity gaps, and invested in nation-building eff orts across the region adding tremendous value. A few themes emerge on analysing the varied profi les. One is the focus on innovation and new technologies whether in fi ntech, greentech, edtech or digital transformation. Most Indian Aces have tapped into the burgeoning startup ecosys- tems in Middle Eastern cities to launch solutions that glob- ally competitive. A second is leveraging cultural understanding and busi- ness networks to build win-win partnerships bridging both regions. A third stands out is playing an active role in devel- oping young leaders and giving back to communities. While industries like oil and gas, construction and Tradi- tional sectors remain important, entries cut across all domains refl ecting the diversity of both Indian business leadership and the evolving economies. From champions in healthcare, education and hospitality to leaders in infrastruc- ture, manufacturing and sustainability - the compilation covers the extensive spectrum. In bringing together such a prestigious selection of Indian leaders and visionaries making their mark, Indian Aces aims to not only recognise their pathbreaking individ- ual journeys but also celebrate the inspiring collective contri- butions towards regional progress. It hopes to inspire many more Indians to realise their entrepreneurial ambitions and potential for excellence in the dynamic Middle East. Profiling the cutting-edge thinkers, founders and executives from India demonstrating outstanding business success stories right across the region The Middle East has long been an important region for global business and trade. In recent decades, Indi- ans have also established a strong presence across various industries and sectors in the Gulf and wider Middle Eastern region. As economic and cultural ties between India and the Middle East continue to strengthen, more and more Indian entrepreneurs, executives and professionals are lever- aging opportunities and fi nding success. Indian Aces aims to recognise and celebrate the outstanding achievements of 50 top Indian individuals who arabianbusiness.com 5 SUBSCRIBE NO W www.itp.com/subscriptions +971 4 4443000 EXPERT VIEWS EXCLUSIVE IN TERVIEWS INDEPTH NEWS 25/02 • February 2024SPECIAL COVERAGE P14 SPECIAL COCOVOVERAGECOCCCC P14P14 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 Offices in KSA, UAE, UK, US, and INDIA ITP MEDIA GROUP CEO Ali Akawi MANAGING DIRECTOR Alex Reeve 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 DESIGNER 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 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 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.com6 Indian Aces, March 2024 Adeeb Ahamed is a renowned entrepreneur and business leader based in Abu Dhabi. He cur rently heads up several major companies in the financial services, retail and hospi- tality sectors. Ahamed holds an MBA in International Management from Royal Holloway, University of London. Adeeb started his entrepreneurial journey with the founding of Lulu Finan- cial Holdings in 2009 which has since grown into a global fi nancial services conglomerate. LuLu Financial Holdings operates over 300 branches across 10 countries in the Middle East, Indian subcontinent, and Asia Pacifi c regions, facilitating billions of dollars in annual transactions. In addition to his role as Managing Direc- tor of LuLu Financial, Ahamed also serves as Managing Direc- tor of Twenty14 Holdings, a $750m Abu Dhabi-based holding company with investments in luxury hotels worldwide. Some of Twenty14’s fl agship properties include the iconic Great Scotland Yard Hotel in London, Pullman Downtown Dubai, Port Muziris in Kochi (India’s fi rst Tribute Portfolio by Marriott hotel), and the Sheraton Oman Hotel in Muscat. Due to his extensive business experience and success in transforming companies into global giants, Ahamed holds advisory and board positions with numerous organisations. Some of these include the South Asia Regional Strategy Group of the World Economic Forum (WEF), UAE’s Foreign Exchange and Remittance Group, Chair for FICCI Middle East, World Tourism Forum and Kochi Biennale. Ahamed’s accomplishments have earned him a long list of prestigious awards over the years. Some recent honours include Leading Fintech Personal- ity of the Year (GCC) at the Global Fintech Awards, ABLF Outstanding Business Achiever Award, Forbes Top Indian Business leaders in the Middle East, NDTV Gulf Indian Excellence Award, Qadat Al Tagheer Award and Financial Institution of the Year Award by Arabian Business. In addition to his corporate responsibilities, Ahamed is deeply committed to social causes. He supports initiatives focused on girls’ education, healthcare for children and the elderly, and commu- nity development projects in India. Ahamed fi rmly believes that incredible progress is possible when businesses emphasise human values such as responsi- bility, integrity and service to society. When not growing his companies or engaged in philanthropic work, Ahamed can be found splitting his time between the UAE and India. He maintains an office in Abu Dhabi from where he provides strategic vision and leadership to LuLu Financial Holdings and Twenty14 Holdings. Through his diverse busi- ness portfolio and passion for social welfare, Ahamed is making an impact on a global scale. ADEEB AHAMED Managing Director LuLu Financial Holdings FINANCEarabianbusiness.com 7 Dr. Chilwan, a respected fi gure in the Islamic banking and fi nance fi eld, boasts nearly three decades of exten- sive experience within both the conventional and Islamic banking sectors in the region. His wide-ranging roles encompass representation of DIB in strategic investments, subsidiaries, and associate companies. He presides as the chairman of DIB Bank Kenya Ltd. and holds board member- ships in organisations such as Noor Bank, Deyaar, Liquidity Management Centre in Bahrain, and Dar Al Sharia. Dedicated to the global advancement of Islamic fi nance, Chilwan collaborates with governments and institutions, both within and outside the UAE. He frequently shares his exper- tise at forums and academic seminars, including those held at key institutions like the University of Cambridge and Cass Business School. He also serves on the advisory council of the Higher Colleges of Technology (HCT) in the UAE. With a PhD and MBA in marketing, Chilwan is a certifi ed Islamic Banker (CeIB) and holds a postgraduate degree in Islamic Banking & Insurance, contributing as an associate fellow member of the Islamic Finance Professionals Board to raise industry standards. About Dubai Islamic Bank Founded in 1975, DIB is recognised as the premier Islamic bank in the UAE and as the world’s inaugural comprehensive Islamic bank. The bank is listed on the Dubai Finan- cial Market and stands as the second largest Islamic bank globally. DIB off ers a wide range of innova- tive Sharia-compliant products and services to its retail, corporate, and insti- tutional clientele. The bank has been honoured with several awards in recog- nition of its eff orts across retail, corpo- rate and investment banking, in addi- tion to its commitments in CSR and consultancy services. DIB has expanded its international footpr int through DIB Pakistan Limited and marked its presence in the Far East with Panin Dubai Syariah Bank in Indonesia, where DIB maintains a signifi cant stake. Following the approval from the Central Bank of Kenya in May 2017, DIB operates its subsidiary, DIB Kenya Ltd. Offi cially recognised as a Domestic System- ically Important Bank (D-SIB) in the UAE in 2018, DIB solidifi ed its global stance with the acquisition of Noor Bank in 2020. By the end of the fi rst nine months of 2023, DIB recorded a net profi t of $1.3bn, attributing the increase to growth in core revenues, non-funded income, and a reduc- tion in impairment charges. In June 2023, DIB introduced ‘DIB alt’, a holistic digital banking platform designed to transform customer interactions. This strategic initiative integrates over 135 digital services, off ering a seamless and convenient banking experience across multiple channels, thereby establishing DIB alt as a compre- hensive solution for all digital banking needs. In in February 2024, DIB introduced the SHAMS credit card in collaboration with Visa. Designed to cater to the pref- erences of diverse customer segments, including the affl uent and the emerging affl uent, the SHAMS Visa credit card tran- scends traditional reward schemes by off ering an array of daily and lifestyle benefi ts. ADNAN CHILWAN Group CEO Dubai Islamic Bank BANKING8 Indian Aces, March 2024 Moopen previously served as the director at Aster DM Health- care since 2013. Following a strategic shift involving a $1bn transaction in Q4 2023 with key inves- tors from the Gulf, she was appointed to the role of managing director for the GCC operations. A chartered account- ant certifi ed by the Institute of Char- tered Accountants of Scotland, Moopen has a solid foundation in fi nance and accounting, thanks to her tenure at Ernst & Young. She is an alumnus of the University of Michigan, USA, holding degrees in both fi nance and accounting and has also completed a programme in Global Leadership and Public Policy Change at Harvard University, USA. In addition to her role at Aster DM Healthcare, Moopen is the inaugural female Chapter Chair of the Young Presidents’ Organisation (YPO) Dubai Chapter, promoting networking among CEOs across more than 130 countries. Passionate about promoting women’s empowerment and mental health awareness, she launched the Women in Leadership programme at Aster DM Healthcare. This initiative is designed to nurture and provide leadership pathways for the organisation's talented female workforce, challenging traditional barriers to their professional advancement. About Aster DM Healthcare In November 2023, Aster DM Healthcare announced a major corporate restructuring. A consortium led by Fajr Capital acquired a 65 percent share in its operations within the UAE and the Gulf, aiming to bolster Aster DM’s position in KSA and build on its presence in Oman and Qatar. Concurrently, the Moopen family increased their ownership in the company’s India operations to 42 percent. This strategic adjustment is instrumental for Aster DM Healthcare’s targeted growth and enhanced visibility in the market. Aster DM Healthcare’s agreement with Fajr Capital, which values its GCC business at $1.7bn, is anticipated to generate a minimum of 2,000 employment opportunities in the upcom- ing years. The fi rm is strategising its expansion into KSA, with plans to establish approximately 250 pharmacies across the kingdom. Additionally, preparations are underway for the launch of the Medcare Royal Hospital in Al Qusais. According to the offi cial website, the separation plan will unlock value for the shareholders by allowing both the India and GCC businesses to adopt a market-focused strategy and create sustained long-term growth. The current market cap of the combined India and GCC business stands at $2bn. The transaction values the GCC business at an enterprise value of $1.7bn, and an equity value of $1bn. Recent bilateral treaties have bolstered the robust India- UAE relationship, elevating bilateral trade to $85bn in 2022- 23 and making the UAE India's third-largest trading partner. In the healthcare sector, collaboration is crucial, especially in utilising medical tourism to enhance facility use and service delivery. Aster DM Healthcare, listed in India and headquartered in the UAE, leads this eff ort, operating 19 hospitals, 13 clinics, 226 pharmacies, and 251 labs across fi ve Indian states, solid- ifying its position as a premier healthcare provider. ALISHA MOOPEN Deputy Managing Director Aster DM Healthcare HEALTHCAREarabianbusiness.com 9 ALOKI BATRA CEO FIVE Hotels and Resorts HOSPITALITY As a co-founder of FIVE, Batra holds key roles where he merges super ior proper ty infrastr ucture with forward-thinking experiential off erings to propel the brand’s outstanding performance. He has facilitated over $1.7bn in sales across FIVE Palm Jumeirah, FIVE Jumeirah Village, and FIVE LUXE’s Luxury Residences. In 2023, FIVE Palm Jumeirah and FIVE Jumeirah Village achieved an average occupancy rate of 92 percent*, exceeding competitors by 27 percent, with an Average Daily Rate (ADR) of $304, and TrevPAR performance 2.3 times higher than its competitive set at $702. Revenue escalated to $547m in 2023 from $123m in 2019, marking a 345 percent increase. FIVE Jumeirah Village, the most reviewed hotel on Booking.com with a 9.1/10 rating, refl ects FIVE’s digital-fi rst booking strat- egy, accounting for 50 percent of reservations. Batra’s focus on digital innovation in 2023 has signifi cantly enhanced the brand’s digital footprint, amassing a social media following of over 1 million across more than 40 distinct profi les. This digital strategy yielded substantial engagement, with FIVE's content generating 8.40 million views on TikTok and surpassing 725 million views across various hashtags asso- ciated with the brand. Furthermore, Batra’s thought leadership content on LinkedIn reached an audience of 2.86 million users, demonstrating the eff ectiveness of social media plat- forms to amplify brand visibility and engage with a broader audience. About FIVE FIVE has established itself as Dubai’s leading party and lifestyle destination, welcoming over fi ve million guests from 192 nationalities, and hosting over 4,900 music events with more than 500 top DJs. Under Batra’s guidance, FIVE Music has become a hub for global talent and music events and the FIVE Music Studio at FIVE Palm Jumeirah serves as a collaborative space for crea- tives in the music industry. Batra also introduced Fly FIVE, off ering a luxury private jet experience. Batra has been instrumental in the development of FIVE LUXE at Jumeirah Beach Residence (JBR), which recently launched as a prime property. This ultra-luxurious beachfront resort features hotel rooms, residences, and exclusive ameni- ties like a private beach club and extensive wellness facilities, all boasting panoramic sea views of the Arabian Gulf, Dubai Eye, and Palm Jumeirah. Each of the luxurious rooms, suites, and residences are equipped with private pools, hot tubs, spas, and exclusive access to the vibrant pool scene. Batra’s ambition extends to FIVE’s international growth, highlighted by the $330m acquisition of Europe’s Pacha Group, paving the way for the rebranding of Pacha’s Destino Hotel to FIVE Brand Hotel in 2025 and the launch of Lío at FIVE LUXE. Eff orts are also underway to upgrade Pacha’s properties to achieve LEED Platinum status. FIVE Holdings is strategising to initiate an Initial Public Off ering (IPO) within the next two years on the UAE stock exchange which will position FIVE Holdings among a select group of private companies poised to go public in the UAE, underscoring FIVE Holdings’ identity as a brand developed in Dubai. (*2023 fi gures are estimates and represent proforma numbers for FIVE including Pacha)Next >