REGIONAL NEWS BUSINESS INSIGHTS TIKTOK FOR BUSINESS ED AID ZAIB SHADANI JEWELLERY & WATCHES REAL ESTATE REAL TALK WHAT’S NEXT FOR PROPERTY? MAKE 2021 A YEAR OF PROFITS STRATEGIES TO GROW INVESTOR RETURNS SHOULD LEADERSHIP DURING A PANDEMIC BE DIFFERENT? TRADELING CEO MUHAMMAD CHBIB ON THE VITAL SKILLS THAT MUST COME TO THE FORE DECEMBER 2020 # 164 THE GUIDE TO GOOD BUSINESS AND BETTER LIVING ADAPTABILITY AND INNOVATION MONTHER DARWISH ON FINDING OPPORTUNITIES FOR GROWTH WHEN THE GOING GETS TOUGH LET THE FESTIVITIES BEGIN A ROUND-UP OF HOLIDAY HIGHLIGHTS UA E AED 20 KS A SAR20 BA HR A I N BHD 2 KUW A IT KWD 2 OM AN OMR 2 Arabian Business D EC EM B ER 2020 THE GIG ECONOMY KAWTHAR BIN SULAYEM ON HOW GIG WORK CONTRIBUTES TO THE ECONOMY MOST WANTED LUXURY GIFTS FOR THE MAN OR WOMAN WHO HAS EVERYTHING RETAIL DETAILS IN CONVERSATION WITH LIFESTYLE CEO RUBAN SHANMUGARAJAH PLUS :DECEMBER 2020 CEO MIDDLE E A ST 3 contents December 2020 10 12 14 16 7 LETTER FRO M TH E ED ITO R Business 10 NEW S A round-up of recent highlights from regional business 12 T H E GIG E C ONOMY How is the gig economy contributing to the region? Emirati businesswoman Kawthar Bin Sulayem assesses its burgeoning impact 14 M A N Y H A PP Y R E TU R N S? It’s time to revisit and rewrite strategies to maximise shareholder wealth and returns in 2021, says Scott Cairns, MD of Creation Business Consultants 16 GETT ING REAL ABOUT R E A L E S TAT E Are there signs of recovery in property? Property Finder CEO Michael Lahyan asks 18 WHAT NEXT POS T-T R UMP? Media expert Zaib Shadani ponders the possible options for the ex-President 20 F L E XIBIL I TY, REIMA G INED It’s important for companies to understand how flex work arrangements could elevate the risk of inequity, writes Shadi Kandil, CEO of Mediabrands 14Leadership 24 COVER STORY Monther Darwish tells CEO about how he brought profits to Palazzo Versace even during the pandemic 30 REMOTE RULERS Remote leadership requires a different skills set, writes Muhammad Chbib, CEO of Tradeling 32 STEERING INTO THE FUTURE How Audi’s leaders are planning to make the carmaker future-proof 36 RETAIL DETAIL What do you do when a global pandemic threatens to shut your shops? Work twice as smart, says Ruban Shanmugarajah, CEO of Lifestyle 4 C EO M I D D L E E A S T DECEMBER 2020 24 3032 contents December 2020 36DECEMBER 2020 CEO MIDDLE E A ST 5 44 47 46 48 Pleasure 42 THE SCENT OF SUCCESS Regional fragrance brand Amouage is going from strength to strength 44 SEASONAL STYLE Stylish looks for festive gatherings, for him 45 GIFTING GADGETS These gadgets are the gifts that keep on giving 46 HER STYLE Seasonal attire for stylish women 47 ASTON MARTIN Are these the ultimate gifts for the person who has everything? 48 FESTIVE FOODIE HIGHLIGHTS Where to dine and celebrate in the UAE this holiday season 50 ACCESSIBLE EDUCATION Ed-Aid is an innovative new initiative that seeks to level the playing field when it comes to affordable education contents December 2020 426 C EO M I D D L E E A S T DECEMBER 2020 To receive your copy delivered directly to your door, subscribe online at www.itp.net/subscriptions The most important business people and CEOs talk to the most important magazine The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. 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ITP MEDIA GROUP CEO ALI AKAWI MANAGING DIRECTOR SUE HOLT EDITORIAL EDITOR-IN- CHIEF JOLA CHUDY jola .chudy@itp.com ART DIRECTOR ADRIAN LUCA SUB EDITOR EDWARD LIAMZON CONTRIBUTORS ZAIB SHADANI NURCIN ERDOGAN EVENTS & MARKETING DIRECTOR OF AWARDS & MARKETING DANIEL FEWTRELL +971 4 4 4 4 3684 Daniel Few trell@itp.com EVENTS & MARKETING MANAGER JOANNA FARRER +971 4 444 3328 joanna .farrer@itp.com ADVERTISING GROUP COMMERICAL DIRECTOR AMIT CHOPRA +971 4 4 4 4 3463 amit.chopra@itp.com SENIOR SALES MANAGER PANKAJ SHARMMAA +971 4 4 4 4 35351100 pankaj.sharmmaa@@itp.p.coom PO BOX 500024, DUBAI, UAE +971 4 4 4 4 3000 OFFICES IN ABU DHABI, DUBAI & LONDON PHOTOGRAPHY SENIOR PHOTOGRAPHERS EFRAIM EVIDOR ADEL RASHID STAFF PHOTOGRAPHERS AASIYA JAGADEESH FRITZ JOHN ASURO AJITH NARENDRA YULIYA PETROVICH JESSICA SAMSON PRODUCTION & DISTRIBUTION GROUP PRODUCTION AND DISTRIBUTION DIRECTOR KYLE SMITH PRODUCTION MANAGER BASEL AL KASSEM PRODUCTION COORDINATOR MANOJ MAHADEVAN SENIOR IMAGE EDITOR EMMALYN ROBLES CIRCULATION DISTRIBUTION & WAREHOUSE MANAGER PRAVEEN NAIR ITP LIVE GENERAL MANAGER AHMAD BASHOUR ITP GROUP CEO ALI AKAWI CFO TOBY JAY SPENCER-DAVIES PUBLISHED BY AND © 2020 ITP MEDIA GROUP FZ-LLC. MEDIADECEMBER 2020 C EO M I D D L E E A S T 7 ED IT OR ’S P OR TR AI T: O LI VE R @ P HO TO SO LU TI ON S. M E e loud and be everywhere” is an advice that many businesses could have heeded earlier in 2020, but as much as hindsight is a wonderful illusion, so 2020 has been a year of hard-earned lessons for everyone. Leaders were no exception, with some of the most challenging market conditions in living memory affecting everyone from CEOs to employees and small business owners. As the year draws to a close, I think it’s fair to say there aren’t many people who are sorry to bid it good riddance, but are we optimistic that 2021 will bring much better? For those leaders shrewd, nimble and swift enough to identify opportunities, there was growth and gains to be made even during those first deeply uncertain months of the pandemic, and being flexible enough to adapt or even discard existing strategies in favour of new ways of conducting busi- ness means that the New Year brings with it a cautious optimism borne of an acceler- ated learning curve. Our cover star, hotelier and entrepre- neur, Monther Darwish, whose strident advice I open my editor’s letter with this month, told me: “There was no other option but to adapt to the situation. Our strategy was of course to find means to in- crease the cash flow – and we successfully nailed it by creating a healthy demand, ei- ther for the staycation segment, small wed- dings, food and beverage.” Hospitality and travel were hit incredibly hard by Covid-19. Seemingly all-powerful, globally recognised brands such as airlines were reduced to effecting stark measures such as putting staff on furlough, slashing overheads and reducing operations, so stories of success against the odds are both noteworthy and deserving of recognition. Turn to page 24 to read more about how Darwish rallied his team, refocussed on maintaining contact with existing customers while targeting a new audience, and made 2020 a success story despite the odds. Within this issue you will find similar stories of determined leaders whose vision and courage has helped them to navigate this year. I hope their example is as inspir- ing to you as it has been to me, and I wish you all the very best over the festive season, with my sincere wishes that our collective experience helps to shape 2021 into a posi- tive, fruitful and more rewarding year. “ B FROM THE EDITOR Share your views on thought leadership and innovation by getting in touch. Q U ESTI O N S? CO M M E NTS? Jola.Chudy@itp.com JOLA CHUDY Editor in Chief Rising to the challenge. Palazzo Versace Dubai saw growth while other hotels were closing doors8 C EO M I D D L E E A S T DECEMBER 2020 BUSINESS THE BIGGER PICTURE NEWS INNOVATION MANAGEMENT LEADERSHIP “WHEN YOU’RE USED TO EFFICIENCY AND RESULTS, TAKING THIS KIND OF TIME FOR REFLECTION MIGHT FEEL COUNTER-PRODUCTIVE AT FIRST.” RACHAEL LYNN, A DUBAI-BASED AMERICAN AUTHOR, JOURNALING EXPERT AND TRANSITIONAL MENTOR, LOOKS AT HOW A PEN AND PAPER COULD BE A CEO’S MOST EFFECTIVE SECRET WEAPON FIVE QUESTIONS ALL CEOS NEED TO ASK THEMSELVES TO STAY GROUNDED THROUGH THE REST OF 2020DECEMBER 2020 C EO M I D D L E E A S T 9 tions: What is the smallest step possible I can take to improve that tomorrow? But you don’t have to do it all alone. Remember the mentors, colleagues, committee members, or even leaders no longer with us who hold wisdom and experience. As a bonus prompt, ask yourself: What can I learn from those before me based on what I’m going through? Who can I reach out to for support? When you’re used to efficiency and results, taking this kind of time for reflection might feel counter-productive at first. But the result we’re looking for here is less stress, clarity, and space for creativity. Don’t have time? Taking a 10-minute walk and contem- plate these questions or record a voice memo instead. Remember, there are likely to have been both wins and losses this year. Don’t keep as many mental tabs open as you do on your browser. Clear the space by get- ting your thoughts out on paper, and see what clarity and relief comes to you. “RESEARCH IN THE JOURNAL OF EXPERIMENTAL PSYCHOLOGY SHARES THAT JOURNALING REDUCES INTRUSIVE THOUGHTS AND IMPROVES WORKING MEMORY.” Rachael Lynn. Journaling is a powerful tool that leaders can harness for more effective performance. So, how can you regroup, gain perspective, and acknowledge how much you’ve accomplished? Break out a piece of paper and a pen. Journaling helps put those moving pieces into perspective. Five minutes a day gives you the space to meditate on them and take new, clarified action. Research in the Journal of Ex- perimental Psychology shares journal- ing, “reduces intrusive thoughts and improves working memory. These improvements, may free up our cognitive resources for other mental activities, including our ability to cope more effec- tively with stress”. (Siri, Carpenter 2001) When you’re under pressure, journaling can help you: Observe strong, negative emotions safely. Recognise patterns – habits that cause you regular stress or you didn’t realise you had. Release the analytical, left-brain tension inside and allow room for new ideas Recognise the good things you have in your life. Plan + strategise for the future. Here are FIVE journaling prompts you can use to get grounded for the rest of the year: 1. How have we taken care of our existing priorities to the best of our abilities? 2. How have we put effort into explor- ing new opportunities in the current climate? 3. Did we consult each other enough as team members about the future and what it holds for us? 4. Did I take enough time to take care of my health (sleep, proper diet, exercise?) 5. If I said no to any of the above ques- EADERSHIP IS AN HONOUR THAT BEARS RESPONSIBILITY NOT UNDERSTOOD UNTIL YOU’RE IN IT. While you are always thinking about how to best serve, who is leading and support- ing you? 2020 has been an important and personally challenging time – for CEOs within their business, families, and in their relationship with themselves. It’s common to lose sight of all the moving pieces, or only become aware of them when there’s a fire to put out. The pressure is on. LNext >