NOVEMBER 2022 # 186 UAEAED 20 KSASAR 20 BAHRAINBHD 2 KUWAITKWD 2 OMANOMR 2 SUSTAINABILITY CHAMPION John Pagano, Group CEO of Red Sea Global, discusses the strategy behind Saudi Arabia’s futuristic tourism projects4 NOVEMBER 2022CEOMIDDLE EAST NOVEMBER 2022 # 186 NOVEMBER 2022 # 186 UAEAED 20 KSASAR 20 BAHRAINBHD 2 KUWAITKWD 2 OMANOMR 2 SUSTAINABILITY CHAMPION John Pagano, Group CEO of Red Sea Global, discusses the strategy behind Saudi Arabia’s futuristic tourism projects 6 EDITOR’S LETTER 8 COMMENT Saqib Mahmood, Group CCO, National Bonds, on why financial decisions are important in times of uncertainty 14 WELLBEING It’s positive to see employers investing time and money to create comfortable environments where staff can thrive, says Douglas Drummond of Horton Interiors 18 LEADERSHIP Today's leaders need to adapt to the post-Covid work environment, says writer, speaker and LinkedIn influencerJeff Haden 26 INVESTING Female investors consistently make better investments than men, despite reporting lower financial literacy scores, argues public speaker Raisa Ghazi 32 REAL ESTATE If the current weakening of the UK pound remains, sooner rather than later we will witness an impact on the market, says Sarah Hewerdine, head of marketing at houza 08 2618 32CONTENTS CEOMIDDLE EASTNOVEMBER 2022 5 34 REAL ESTATE The UK’s most expensive home, a 45-room private palace overlooking London’s Hyde Park is said to be on the market and is attracting interest from Middle Eastern investors 44 LIFESTYLE Luxury accommodation, flights in an Emirates private jet and private tours in exclusive nature reserves await guests on the world’s most expensive safari from luxury travel firm Roar Africa 50 FINAL THOUGHTS Dr Ehab Hamarneh, transformational teacher, coach and changemaker, on how to lead with heart, purpose and excellence 20 26 50 44 John Pagano, CEO of Red Sea Global, sits down with CEO Middle East to discuss the strategy behind Saudi Arabia’s visionary tourism projects COVER STORYEDITOR’S LETTER 6 CEO MIDDLE EAST NOVEMBER 2022 It makes sense, therefore, that we have featured one of the leaders driving the sustainable future for kingdom on the front cover of CEO Middle East this month. John Pagano, the CEO of Red Sea Global sat down to discuss how Saudi Arabia’s bold Red Sea Development Project is progressing. The project, set to begin opening next year, envisions a new destination for sustainable tourism in the kingdom, and has required several new techniques in order to hit its sustainability goals. “Our sustainability goals are both ambitious and necessary, as we find ourselves in one of the most decisive decades in global history for protecting and restoring the planet. Action is urgently needed, and I believe that development can – and must – do better when it comes to impact on natural resources and habitats,” Pagano argues. The full interview, beginning on page 20, delves further into the role of technology in overcoming the sustainability challenge, as well as how the Red Sea Project and Amaala, another luxury tourism megaproject, will contribute to Saudi Arabia’s Vision 2030 goals. Finally, Pagano explains how his own leadership style has had to adapt to leading a diverse, international team, in particular placing emphasis on being “open and transparent.” I encourage you to check it out. This month has been a tumultuous one for the UK. Traditionally, the country has seen high interest from the Arab world for its real estate – particularly luxury property in London. Given the country’s political challenges, the most expensive property has been receiving renewed interest from Arab investors, a story we dive deeper into beginning on page 34. In a reverse to this, the falling value of Sterling is likely to also have knock-on effects for real estate in Dubai, a dynamic which we explored on page 32. Finally, on the subject of leadership, the necessity for leaders to adapt to the future of work is crucial. For many, the experience of the pandemic has led to a fundamental rethink in what the relationship with their working life should look like, leading to employees to demand more from their employers. This is a change that is unlikely to reverse itself, meaning leaders will need to prepare for the workforce of the future. This topic is examined in some depth on page 18. Until next time. Share your views on thought leadership and innovation by getting in touch: matthew.amlot@itp.com QUESTIONS? COMMENTS? MATTHEW AMLÔT Managing Editor @MatthewAmlot PRACTICING, NOT PREACHING Enough talk, it’s time to embrace sustainability T he conversation around sustainability has been a continuous one for years, but businesses have not moved as fast at engaging in the challenge as they have in discussing it. Nowhere in the world is this conversation as pertinent as perhaps the Arabian Gulf. The region is home to some of the world’s biggest hydrocarbon firms, and has set ambitious targets to become hubs of future fuels. Saudi Arabia, for instance, has announced plans to hit net zero emissions by 2060, and to increase blue hydrogen production at the futuristic city of NEOM.NOVEMBER 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 OCTOBER 2022 #185 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 FOSTERING INTELLECTUAL CAPITAL Sahar Al Marzouki, owner and director of Al Faris International School, focuses on the value of building the next generation 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 NOVEMBER 2022 s the age-old adage goes: “Don’t put all your eggs in one basket.” This message is simple and timeless – ringing true now more than ever in a world where noth- ing seems certain. Everyone more or less knows that diversification is the core of any well-planned savings and investment strategy. Indeed, a worthy goal to have at any age, building a diversified port- folio should be a top priority early on, as it not just ensures financial security but acts as the primary defence against life’s unannounced challenges. While achieving financial security through a fully diversified asset base is most definitely ideal, the truth is, for many, it’s a distant dream that’s riddled with complexity and confusion. While achieving fi nancial security through a fully diversifi ed asset base is most defi nitely ideal, the truth is, for many, it’s a distant dream that’s riddled with complexity and confusion WHY FINANCIAL DECISIONS ARE IMPORTANT IN TIMES OF UNCERTAINTY Awareness. The ability to efficiently cover expenses, pay bills on time, monitor spending, and above all regular saving should never be underestimated COMMENT A BY SAQIB MAHMOOD, GROUP CCO, NATIONAL BONDSNOVEMBER 2022 CEO MIDDLE EAST 9 COMMENT Sound advice. Experts at National Bonds can help secure the ideal saving option for UAE residents In this day and age, the gap between the financial world and our ability to navigate it is growing wider. Unfortunately, too many of us end up learning the most important financial lessons through trial and error – which is often costly to recover from, let alone being practical or sustainable in any situation. This naturally leads us to wonder: Where do we begin, and how can we attain financial security? Just like every aspect of life, there’s always a starting point for everything. In the financial security arithmetic, this undoubtedly begins with living within your means. The ability to efficiently cover expenses, pay bills on time, mon- itor spending, refrain when necessary, and above all regular saving should never be underestimated. The act of simply being able to control and man- age day-to-day and month-to-month finances is a sign of good, responsible habits, which is an important step in one’s financial journey. Once the basics of managing money are out of the way, individuals can focus on what’s known as financial cushion- ing. Today, there are several avenues available in the market for one to invest in – ranging from real estate to mutual funds, bonds, sukuk, equities and the glitzy world of cryptocurrencies. These options are key in ensuring diversification. Available to invest in the short-term as well as the long-term, these options offer investors the oppor- tunity to allocate funds while providing a flexible buffer. But what most people forget is a lot of time and effort goes into under- standing the fundamentals of these alternatives. Getting through the fine print and convoluted jargon adds to the perplexity, and it doesn’t end there – once these investments are incor- porated into your portfolio, it is also essential to stay on top of it all. Another key aspect to remember is that the nature of such investments does not eliminate the risk of invest- ment losses and cannot guarantee a profitable investment return. They are subject to market-wide risk induced by inflation, rising interest rates, and other global economic factors – all of which we are witnessing this year. According to economist Nou- riel Roubini, who predicted the 2008 financial crisis, a long global recession $1.36BN The assets under management of National Bonds Corporation awaits at the end of 2022 that could last all of 2023, showing a sharp cor- rection in the S&P 500. The writing is already on the wall with the US Fed’s interest rate hikes. These hikes have forced investors to review the effect of higher rates on their portfolio and the best way to adjust saving, spending and investing strategies. Against this backdrop, there is an understandable scepticism for invest- ing, but a robust savings plan coupled with the support of experienced fund managers and financial advisors may be the answer. Advisors can help indi- viduals gauge their risk appetite and offer customised solutions designed after factoring in income, expenses, li- abilities and personal wealth goals. At National Bonds, our experts can help secure the ideal saving option depending on your age group, income tier and what you’d like to save for – be it for your home, education, retirement and much more for short, medium or long-term horizons. The bottom line is we all need a little diversification to ensure that our money is being put to better use. But if in doubt, take the time to ask, assess and act because that’s the only way we can put the risk and reward into context and make better financial choices. Diversification. Saqib Mahmood from National BondsNext >