APRIL 2022 # 179 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 ENERGISING THE DIGITAL REVOLUTION Yahia Alhami, CEO of Tahaluf, discusses the UAE’s role in leading the business world’s move to technology4 CEO MIDDLE EAST APRIL 2022 APRIL 2022 # 179 APRIL 2022 #179 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 ENERGISING THE DIGITAL REVOLUTION Yahia Alhami , CEO of Tahaluf, discusses the UAE’s role in leading the business world’s move to technology 6 EDITOR’S LETTER 8 COMMENT The global circular economy is the way forward for positive environmental impact, says Eugene Willemsen, CEO Africa, Middle East and South Asia, PepsiCo 10 OUTLOOK The global economies are adjusting to a new paradigm shift in the way businesses are run, believes Vijay Valecha, CIO at Century Financial 12 PROFILE Restaurateur Joey Ghazal, best known for Dubai and London’s The Maine Brasserie, is launching a new concept 16 LEADERSHIP Ehssan Abdallah, the executive director of Adaptive Global, shares why leaders need to be more humble and implement “white belt leadership” in their organisations 18 LEADERSHIP Companies should prioritise mental health as much as physical health, believes Ally Salama, founder of healthy snack specialists EMPWR 12 1608 10CONTENTS APRIL 2022 CEO MIDDLE EAST 5 24 TECHNOLOGY The virtual assets law will elevate the UAE become a global leader in cryptos 38 TRAVEL The UAE is at the centre of the world’s return to travel, says Dubai Airports CEO Paul Griffiths 42 LIFESTYLE The Ritz-Carlton Abu Dhabi, Grand Canal offers a welcome reminder that luxury is its own retreat 48 LUXURY WATCHES Inside the Chronomaster Revival Manufacture Edition and the Masse Mystérieuse from Cartier 20 24 38 42 48 Tahaluf CEO Yahia Alhami sits down with CEO Middle East to discuss the UAE’s role in the global technological revolution and where he sees the next digital shift in business COVER STORYEDITOR’S LETTER 6 CEO MIDDLE EAST APRIL 2022 H ello and welcome to the April edition of CEO Middle East. Digitalisation has been top of the agenda for businesses in the Middle East and the wider world for the past few years, a trend that was only accelerated by the Covid-19 pandemic. Conversations regarding the metaverse and the future of work seem to be an almost daily occurrence, while decisions regarding implementation of technology are occurring faster and with wider-ranging effect. We covered this issue in more detail in our featured interview this month with Tahaluf Al Emarat CEO Yahia Alhami, who, when asked, said that Covid-19 has been a “booster” for digital adoption. Do turn to page 20 for the full interview and examination in the role that the UAE can play in driving the global digital revolution. To my mind, the state of the industry with relation to the metaverse is more akin to the gold rush of cryptocurrency enthusiasts a few years ago. This has left many investors questioning if they should be involved in the metaverse, or if they are missing out. As such, on page 26 we have published the thoughts of Ali Sajwani, general manager of operations at DAMAC Properties, on the four key considerations that need to be taken before making a metaverse investment. In the context of a global supply chain that has been laid low by Covid-19, with companies facing crippling delays around the world, it is also perhaps little surprise that governments and businesses have also sought to build further resilience into their value chain, and increase the localisation agenda. This has come hand-in-hand with additional technology implementation in the region, with the Middle East’s digital economy set to profit as a result. This subject is covered in more detail on page 28. While onerous Covid-19 travel requirements have broadly retreated this year, confidence in travel has still not reached its pre-pandemic heights. In the UAE, Dubai Airports CEO Paul Griffiths expects exponential growth to return this year, however, as people stuck under some form of lockdown are finally granted the opportunity to travel. Even here, however, the theme of digitalisation is firmly established, with Griffith’s stating that it’s an “ongoing programme” that “should have happened many years ago.” For his full comments, and predictions on the travel market over the coming year, turn to page 38. Finally, I think it is also important to mention that while last month’s issue featured some special coverage on the importance of women in the workforce, published to coincide with International Women’s Day, this is a subject that we are committed to covering throughout the year. Specifically this issue we talk about why now is an “exciting time” for women in Saudi Arabia (page 30) and what remains on the roadmap to ensure gender equality, on page 34. On that note, I’ll let you get to reading. Until next time. Share your views on thought leadership and innovation by getting in touch: matthew.amlot@itp.com QUESTIONS? COMMENTS? MATTHEW AMLÔT Editor @MatthewAmlot RESILIENT DIGITALISATION The pandemic has resulted in a number of organisations embracing the benefi ts technology brings to the tableAPRIL 2022CEO MIDDLE EAST 7 To receive your copy delivered directly to your door, subscribe online at www.itp.com/subscriptions The most important business people and CEOs talk to the most important magazine MARCH 2022 # 178 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 EMPOWERING FUTURE GROWTH Olayan M. Alwetaid, CEO of Saudi telecom powerhouse stc is driving the kingdom’s meteoric rise 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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MEDIA8 CEO MIDDLE EAST APRIL 2022 hile great strides have been made in the recycling space, a circular economy is the way forward for sustainable development. A circular economy focuses on pre- venting waste and pollution from being created in the first place, whereas recycling, which begins at the end of a product’s lifecycle, is the process of converting product waste into reusable material. Over 90 percent of plastic doesn’t actually get recycled as per National Geographic. The resulting waste – The global circular economy is the way forward for positive environmental impact IT MAKES ECONOMIC SENSE TO EMBRACE THE CIRCULAR ECONOMY including plastics, textiles, food, elec- tronics, and more – is taking its toll on the environment and human health. For far too long, society has been fix- ated on recycling alone, diverting our attention from our culture of overcon- sumption and instead, giving people W BY EUGENE WILLEMSEN, CEO AFRICA, MIDDLE EAST AND SOUTH ASIA, PEPSICO COMMENT Raising awareness. Through education and awareness campaigns, communities can learn how to minimise waste, says WillemsenAPRIL 2022 CEO MIDDLE EAST 9 COMMENT the greenlight to increasingly consume more under the assumption that it can be recycled. This could not be further from the truth. In fact, overconsump- tion has only exacerbated our waste problems. I urge us all to make a conscious effort to make positive choices that are better for the planet. We can no longer solely concentrate on recycling to miti- gate the amount of waste produced, we need to adopt a holisitic mindset and move up the waste hierarchy to build a circular economy. A circular economy endeavours to avoid the recycling stage by nipping it in the bud – preventing the creation of waste. With only 8.6 percent of the world adopting a circular economy, the World Economic Forum projects a huge market opportunity for its adop- tion upwards of $4.5 trillion by 2030. PepsiCo shares concern over the growing threat that packaging waste poses. As one of the world’s leading food and beverage companies, we rec- ognise the significant role we as cor- porations can – and must – play. It’s crucial that more companies explore a multifaceted approach to tackle this global issue. Corporations can help reduce or eliminate waste using a broad-based approach that focuses on three inter- connected strategies: Reduce, Recycle, and Reinvent. The aim is to reduce the number of plastics used and seek alternatives to non-biogradable ma- terials; boost recycling rates, increase recyclability of packaging and increase the use of recycled content in pack- aging; and reinvent packaging using innovative solutions. Despite all efforts, brands cannot drive the change needed alone. That’s why it is essential for companies to work closely with the public sector, actively form partnerships, and engage with stakeholders to build a world where packaging never becomes waste. Public-private partnerships across the world will help set up the right eco- system to transition towards a circular economy and shape effective policy and regulatory environments. Cross- market collaborations like the New Plastics Economy help create systemic change at a global or national level. In fact, it is the need of the hour to work with industry peers that share the same waste-free vision in an effort to create solutions that can be imple- mented at scale. Working with partners, fran- chisees, suppliers and customers, who have a vital role to play in minimising waste and contributing to a circular economy, is also crucial. Additionally, we need to invest in adding the right infrastructure in key communities to enable people to effec- tively sort their waste. Through edu- cation and awareness campaigns, com- munities can learn how to minimise waste and how to recycle effectively by understanding the benefits of recycling and diverting waste from landfills. Supporting technology-based solu- tions, to track recycling behaviours and incentivise consumers to sort their waste, is another solution to be considered. With increased awareness of the is- sue and a greater collaboration between the private and public sector we can advance towards our goal of a global circular economy. Organisations, especially the packaging industry, need to play a pivotal role in innovat- ing business models and encouraging consumer behavioural shifts. For the enviroment. Corporations can help reduce waste using a broad-based approach that focuses on three interconnected strategies: Reduce, Recycle, and Reinvent “ORGANISATIONS, ESPECIALLY THE PACKAGING INDUSTRY, NEED TO PLAY A ROLE IN INNOVATING BUSINESS MODELS” $4.5 TRILLION The economic benefits of the circular economy by 2030, according to projections by the World Economic ForumNext >