JUNE 2022CEOMIDDLE EAST3 CONTENTS JUNE 2022 # 181 6 EDITOR’S LETTER 8 COMMENT The metaverse promises huge potential, but businesses can’t enter the virtual world blind, says Shadman Sakib 10 COMMENT Ensuring ongoing professional development and mental well-being is the most crucial investment that businesses in a post-pandemic world must make, believes Fazeela Gopalani 12 OUTLOOK Vijay Valecha explains why the UAE economy is growing despite global turmoil 14 ECONOMY Matthew Horobin reflects on the legacy and impact of Expo 2020 on Brand Dubai 16 WELLBEING Calls for more empathy in the workplace and compassionate leadership should be at the forefront of business, says Natasha Hatherall-Shawe 08 1012 164 CEO MIDDLE EAST JUNE 2022 CONTENTS 26 LEADERSHIP Lucy Bradley shares a refreshing take on the customer churn challenge and maintaining loyalty 28 LEADERSHIP To retain top talent, businesses need to rethink their organisational structures, offer employee feedback and provide development opportunities, believes Anjali Samuel 30 ESG Given the infancy of ESG auditing, chartered accountants can help bring much-needed clarity to investors, employees, customers and other interested parties, says Vanessa Heywood 20 26 30 28 Jerry Inzerillo, Group CEO of Diriyah Gate Development Authority, speaks exclusively with CEO Middle East on how Saudi Arabia is turning to its rich history to define its future COVER STORY: CONTENTS 32 TECHNOLOGY Entrepreneur and philanthropist Murtaza Hashwani meets CEO Middle East to discuss the disruptive impact of cryptocurrency and technology on the world of philanthropy 34 SPOTLIGHT Imdaad at 15: The sky’s the limit for UAE’s industry-leading integrated Facilities Management provider 36 TRANSPORT Tamer Salama, managing director of Alstom GCC, a French railway manufacturer, speaks with CEO Middle East on the potential for rail travel in the Middle East 40 TRAVEL Siyam World Maldives offers a fresh perspective on the Maldives’ paradise formula 42 TRANSPORT Shareef Hashim Al Hashmi, CEO of Abu Dhabi Airports, explains how sustainability and an increasing demand for premium experiences are effecting air travel 44 BRAND VIEW The success of the BMW Group has always been based on long-term thinking and responsible action 46 LIFESTYLE CEO Middle East meets Heba El Habashy, founder of Dubai-based direct-to-consumer furniture brand Klekktic, on the furniture market in the region and her experience starting a business 34 42 36 44 40 JUNE 2022 CEO MIDDLE EAST 5EDITOR’S LETTER 6 CEO MIDDLE EAST JUNE 2022 H ello and welcome to the June edition of CEO Middle East. Summer is nearly here, a phrase which in this part of the world often equates to darting from one air-conditioned environment to another. To any who are heading away for season, do know that you have my envy over the next couple of months. From a business perspective, summer in the region is often one of slowdown, and for employees, a time of looking to new challenges and new ventures. In this regard, it will remain more important than ever for leaders to continue to motivate their teams and keep the momentum from the start of the year ongoing. Staffing attrition in the region has remained a consistent challenge. Recent reports suggest that the UAE is home to one of the most overworked and, consequently, most stressed workforces in the world. Keeping star employees around should remain a priority for businesses – especially as people gain more time to reflect over the next couple of months. This is a topic that we went into more detail in this issue of CEO Middle East on page 28. I’ve also consistently heard the phrase that “business is back” in the UAE. At Arabian Travel Market last month, hospitality leaders continued to remark on the way the industry has continued to bounce back. In this context, it can become all too easy for businesses to forget who their key customers are – a process that will be deleterious to long-term business. Look to page 26 for more insights on this topic. The summer time is also synonymous with travel. Tourism in the Middle East has been on the rise, and in Saudi Arabia is a core part of the kingdom’s Vision 2030 plan, which envisions visitors climbing to 100 million by 2030. As part of this growth, Saudi Arabia has placed huge investments in a variety of projects, such as Qiddiya in Riyadh, or the futuristic city of Neom. One of these, the Diriyah Gate Development, aims to develop Diriyah as a destination for visitors. Diriyah, the ancestral home of the ruling Al Saud family, is a fascinating case study in the growing cultural element behind Vision 2030. Given its importance, I am delighted that we were able to feature Jerry Inzerillo, the Group CEO of the Diriyah Gate Development Authority on the front cover of this issue of CEO Middle East. In Inzerillo’s own words, “Saudi Arabia’s greatness should not be solely measured on its bright future, Saudi Arabia’s greatness should be anchored on its past.” Turn to page 20 for the full interview. On that, 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 SUMMER IS ON THE WAY A time for refl ecting on how to build on the year’s successesJUNE 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 MAY 2022 # 180 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 PREPARING FOR THE NEXT PARADIGM SHIFT Dr. Ray O. Johnson, CEO, TII on how the UAE is ready for the technology revolution 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 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 JUNE 2022 The metaverse promises huge potential, but businesses can’t enter the virtual world blind WHY WE NEED TO TAKE THE METAVERSE SERIOUSLY W BY SHADMAN SAKIB Future trend. Digital transformation will continue to shape the world around us, Sakib believes e all live in the age of the internet. Can you survive a day without it? Have you ever tried?! Roughly two years ago, busi- nesses, students, and professionals were forced to adjust to a new way of life that required them to shop, meet, learn, and connect online as countries around the world went into pandemic lockdown. As a result of this, we are starting to acknowledge that the traditional physical-centric method of travelling to work, education, and so- cialising will never completely return. We will be drawn to the metaverse and its principles of continuous dual- ity if we are forced to adapt to this new way of life. The metaverse simply appears to be the next evolutionary step in the age of connectivity for many individuals who are eager for new experiences. Active online interactions and immersions are the way forward right now, and add in a whole younger breed of tech-savvy preteens and teenagers who are already using the internet to play (350 million Fortnite users and it’s increasing rapidly), operate, and live a more wholesome version of their life. The metaverse promises to bring our digital and physical lives closer together in terms of health, socialising, efficiency, shopping, and entertain- ment. With no need for a headset because these two worlds are already intertwined: Consider how the Uber app uses location data to tell you how far away the car is. Look how Netflix makes recommendations based on what you’ve previously viewed. Con- tent providers may be at the frontline of this new digital age by devising clever tactics and keeping an eye on future trends, then building on them. Metaverse is going to be more than just about our identity and digital ownership. Just like internet changed the way we shop and how it facilitated e-commerce, the metaverse will see COMMENTJUNE 2022 CEO MIDDLE EAST 9 COMMENT new models of e-commerce evolve and many yet to be created. This is the point companies and brands need to follow and understand the customer journey in retail and how purchase points are changing. It’s about creating the right strate- gies now and not wait another two years for this evolution to take shape. From marketing activations to holistic brand strategies, the time is now to think, plan and execute rather than be the last ones to jump on the bandwagon. As a brand how you will commu- nicate with the digital avatars of your audience for creating new products, customer service, communication and even employee on boarding, is some- thing to start thinking about now. For businesses, Metaverse op- portunities depend on how you can optimally use its positive aspect. The availability for an open, shared and persistent virtual environment is of- fering you enormous possibilities to create, co-create and collaborate like never before. The opportunities are endless and in- clude but are not limited to the following: • Reach huge new audiences • Sell virtual products and NFTs, thereby developing new revenue streams • Provide information in new ways • Improve education and training • Enhance customer experiences • Make virtual meetings as real as in person Lots of people are already utilising the early Metaverse, which is still in its formative stages and far from the complete version that internet titans expect. Some believe it will forever revolutionise the internet, ushering us into an Internet 3.0 era. A really interesting possibility is for the F&B industry for example. A restaurant could create a pres- ence in a metaverse so customers who are exploring a particular digital space can easily order real-world pickup or delivery. A restaurant could create a seamless experience where the user can virtually enter the restaurant and place an order. In theory, a future metaverse would allow the user to do all this without moving from one webpage and then logging into the res- taurant’s website making the customer experience easy and convenient. A word of advice. Don’t go into the metaverse blind. While there are so many positive outcomes of what the future will look like in the metaverse, there is a need to be mindful. We only have one chance to devel- op clear, essential security principles that build trust and peace of mind for metaverse interactions at the begin- ning of this new period. If we ignore this chance, we will unnecessarily limit the adoption of technologies that have the potential to improve accessibility, cooperation, and productivity. The security community must cooperate to provide the groundwork for a safe place to work, shop, and play. Cynics may disregard the metaverse as nothing more than a trendy term. Perhaps it is. But the concepts it embodies; a new, im- mersive digital universe in which new types of content consumption will take centre stage, are far from fads. We should all be getting ready to live in a vastly more digital world be- cause it is happening now. Anyone who is slow to catch on, like the internet itself, will be left behind. Vistual space. Metaverse opportunities depend on how organisations can optimally use its positive aspect “THE METAVERSE SIMPLY APPEARS TO BE THE NEXT EVOLUTIONARY STEP IN THE AGE OF CONNECTIVITY” 7 TRILLION The estimated market opportunity in metaverse, according to banking giant JP MorganNext >