Thursday 15 th September 2022 Madinat Jumeirah, Dubai #CIDAwards CELEBRATING EXCELLENCE IN DESIGN TICKETS NOW ON SALE commercialinteriordesign.com/awards CATEGORY SPONSORS SCAN TO BOOK FOR EVENT ENQUIRIES: Anthony Chandran Marketing and Events Manager T: +971 4 444 3685 E: anthony.chandran@itp.com FOR SPONSORSHIP ENQUIRIES: Georgia Littlefair Commercial Manager T:+971 4 444 3562 E: georgia.littlefair@itp.com FOR NOMINATION ENQUIRIES: Jane O'Neill Editor, Commercial Interior Design T: +971 4 444 3626 E: jane.oneill@itp.com CATEGO SCA BOO FIT-OUT PARTNER SILVER SPONSORCONTENTS AUGUST 2022 CEO MIDDLE EAST 3 AUGUST 2022 # 183 6 EDITOR’S LETTER 8 COMMENT Organisations in the region must adapt to the future of work the right way, says Ahmed Abdelaal 10 SOCIAL ENTREPRENEURSHIP Investors need to stand up and take note of the developing trends in sustainable financing, believes Lorenzo Jooris 14 ECONOMICS Record inflation triggers radical responses from central banks, pressuring activity and crushing all asset classes, argues Maurice Gravier 16 LEADERSHIP Business in the post-pandemic world need to continue building customer loyalty or face the risk of disruption, says Mark Ackerman 18 LEADERSHIP Encouraging feminine energy in the workplace can benefit the business, employees and culture, Kelly Lundberg believes 08 1014 18CONTENTS 4 CEOMIDDLE EASTAUGUST 2022 26 TECHNOLOGY Artificial intelligence remains in its infancy. As it evolves, it will extend human ability and help us reduce biases, says Jim Chappell 28 TECHNOLOGY Data leaders must not forget to address issues such as responsible AI, governance, and technology resilience in the age of hybrid IT, believes Sid Bhatia 30 WELLNESS Jonathan Mills and Charlotte Stebbing- Mills, stress and wellness experts from The Wellness Theory, discuss the best practices to optimise for work-life balance 20 26 28 30 Abdullah bin Faisal Alothman, co-chairman and founder of Geidea, explains the key role fintechs will play in driving the region’s economic future COVER STORYCONTENTS 32 EDUCATION This year, the e-learning market is forecast to exceed $243bn – up almost $78bn in 2016 34 EDUCATION A four-day school week should be seen as a welcome challenge for Dubai educators, Nargish Khambatta believes 36 CIRCULAR ECONOMY We must acknowledge that we cannot solve the new challenges climate change poses with old paradigms, says Rana Hajirasouli 38 ESG Rethink Plastic partners are making a significant impact in the UAE through their plastic initiatives, Huma Qureshi says 40 ESG ESG strategy should include regularly communicating to internal audiences about your projects and their impact, according to Grace Najjar 42 ESG As the corporate focus on ESG sharpens, the luxury sector is embracing sustainability for a greener future, says Sami Malkawi 48 LIFESTYLE Swiss-based luxury watchmaker Roger Dubuis unveils the Knights of the Round Table – the pinnacle of its artistic collection combined with one of its signature complications 34 42 36 48 38 AUGUST 2022 CEO MIDDLE EAST 5EDITOR’S LETTER 6 CEO MIDDLE EAST AUGUST 2022 H ello and welcome to the August edition of CEO Middle East. This month we have been treated to a slew of dire prophecies regarding the future of the global economy, with the ongoing challenge of inflation rearing its head. In relation to the Middle East, I can perhaps think of no place better suited to ride out the inflationary storm than the Arabian Gulf. Nations here are well suited to the challenges facing business, with significant development headroom remaining. Our cover story features one man focused on this development ecosystem – Abdullah Alothman, co- chairman and founder of Saudi fintech Geidea. Saudi Arabia’s startup story has been a fascinating one to watch, with the sheer scale available to businesses in the kingdom providing ample opportunities for innovative startups to succeed. As the nation continues its reform agenda, in line with Crown Prince Mohammed bin Salman’s ambitious Vision 2030 plan, it will be exciting to watch what the future holds for business. Alothman’s story concerns his own course of building a business in Saudi Arabia, and I encourage you to turn to page 20 to find out more. Additionally, given the rapidly changing economic environment we find ourselves in, we have included additionally analysis in this issue on the world economy. In the words of Maurice Gravier, the CIO of Private Wealth at Emirates NBD, “It’s time for a mid-year update.” Turn to page 14 for more. The pandemic affected every area of business, causing massive disruption and forcing adaptation. Some of these themes we have frequently returned to in previous issues, such as the ongoing development of the future of work. These conversations have begun to coalesce in the education sector, with experts pointing to the intrinsically digital future of learning (page 32 for more) while also calling out the opportunity for schools to be one of the first sectors to fully adopt a four-day work week (page 34). Studies have continued to point to shorter work weeks being a positive for employee welfare and it will be interesting to watch this dynamic play out in the education sector. Finally, we have also continued to maintain our focus on the importance of ESG this month. Beginning on page 38 you can find analysis dissecting why businesses need to put ESG at the heart of operations, how to rethink plastic usage, and the ways in which sustainability best practice can be adopted in the luxury sector. 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 INNOVATING IN A STORM The macroeconomic environment is far from rosy, but opportunities await the savvy entrepreneurAUGUST 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 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 reader’s particular circumstances. The ownership of trademarks is acknowledged. 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MEDIA8 CEO MIDDLE EAST AUGUST 2022 ollowing the pandemic, nu- merous studies have suggested that remote working might cause a fall in productivity. Research published by the World Economic Forum (WEF) in March 2022 suggests that work from home productivity is approximately 60 percent to 70 percent lower than at the usual workplace. Yet many others show higher productivity data – includ- ing suggestions that remote employees work 1.4 more days per month than their office-based counterparts, resulting in more than three additional weeks of work per year. With so many conflicting opinions, it can be challenging for individual firms to cut through the statistics to build models that meet their corporate goals. However, it is incontrovertible that there are significant benefits to the rapid adoption of digital tools – both at home and in the office. It is without question possible for white-collar employees to operate seamlessly from their homes, and remote working can deliver widespread efficiency savings such as down-sizing office space. But we must also acknowl- edge that there are personal, social and economic implications. Remote working risks eroding company culture – do we aspire to live in a world where employees never mix or where water cooler conversations and face-to-face brainstorming disappear into the digital ether? Are employees loyal to the employer brand when there is restricted physical interaction? With vast swathes of a workforce staying at home, retail outlets face lower footfall, putting jobs at risk and dam- aging value chains. From a well-being perspective, there is a risk of isolation and professional burnout. The American Psychological Association’s Work and Well-Being survey has found that 79 per- cent of the 1,501 employees experienced work-related stress in the month before the survey. Three in five workers said work-related stress caused them to have a lack of interest, motivation and energy at work. A misplaced post-pandemic zeal to ‘liberate’ employees from the offi ce may have unintended consequences if not folded into a much broader strategic programme that respects freedom and choice across a diverse workforce ADAPTING TO THE FUTURE OF WORK THE RIGHT WAY COMMENT Balance. Companies must create an approach that is right for their workforce and their customer’s needs, says Abdelaal BY AHMED ABDELAAL, GROUP CEO OF MASHREQ FAUGUST 2022 CEO MIDDLE EAST 9 COMMENT Employee-first To safeguard employee well-being and maintain high productivity, the future of work must be built around strategic input from across the business: From the board room to human resources, change management and those at the coalface of service delivery. All must be consulted. By leveraging the insights and motivations of its diverse workforce – including a fast-growing ratio of women across the business – Mashreq Bank has integrated a hybrid model that places the employee at the centre of the oper- ating model. The strategy dovetails with hiring the best talent in every market with a sharp focus on women’s empow- erment as part of a wider diversity and inclusion strategy. The core rationale is simple: the well-being of a diverse workforce affects service delivery, quality of output and customer satisfaction. Indeed, employee morale is as important as the digital CX tools we develop and deploy. And entwined in maintaining well-being is a diversity and inclusion policy that focuses on bringing women and people of deter- mination into senior management roles: when all employees have a voice, all share in the company’s success. As part of this overarching objective, a new women empowerment initiative, called Ashriqi, was launched in 2021. Ashriqi is a platform for women to network, learn from each other, source mentors and support one another in progressing their careers. Diverse voices Peer-to-peer learning such as this represents a fundamental shift in how businesses engage with their employees – liberating them from over-centralised control and allowing colleagues to collaborate outside of typical struc- tures. In the context of a hybrid model, virtual networks enabled by digital tools can open new doors to creativity and individual success – particularly for companies with cross-border operations. Of course, this shift affects employees in Productivity. The future of work must be built around strategic input from across the business different ways, with younger generations more likely to be already plugged into the digital world than their more mature colleagues. Professional services firm EY points out that the success (or otherwise) of digital change rests upon the consid- eration leaders give to the people who are on the ground, putting the transforma- tion into action. If international firms can leverage digital platforms to bring people of all generations, cultures and capabilities in different countries together, they can realise new synergies and nurture relationships between diverse colleagues thousands of miles away. For Mashreq, this means giving an equal voice to employees in all of the geographies where the bank operates – from its many Centres of Excellence in Egypt, India and Pakistan. This approach allows firms to build 90% The percentage of full-time employees in the UAE who said they want to work either in a hybrid or a fully remote working model in the future, according to the latest Cisco Global Hybrid Work Study a unique culture of innovation and col- laboration, drawing on the expertise of world-class employees in multiple loca- tions. That, in turn, provides brand new opportunities to maximise talent to build superior experiences for a worldwide customer base. Perhaps the key word here is engagement: analysis from McKin- sey suggests that employees who feel included in more detailed communication are nearly five times more likely to report increased productivity. Choice and freedom It is evident that a successful shift to a hybrid working model cannot be pos- sible without an empowered and engaged workforce that has been given the free- dom to choose how they get the most out of their careers. The solution lies in the granular detail – working out how to get the absolute best out of people through the prism of choice and freedom instead of through a one-size-fits-all diktat. Lib- eration does not necessarily come from sending everybody home. Companies must listen, flex, and create an approach that is right for their unique workforce and their customer’s needs. When digital tools are used to create choice and flexibility in a diverse and open environment, those technolo- gies can do what they are supposed to do: unleash potential. Next >