DISCOVERING MASAR Yasser Abuateek, the CEO of Umm Al Qura for Development & Construction, on why Masar Destination is set to become a leading landmark in the heart of Makkah FEBRUARY 2023 # 189 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 CEO MIDDLE EAST FEBRUARY 2023 ISSUE #189CONTENTS FEBRUARY 2023 CEO MIDDLE EAST 3 FEBRUARY 2023 # 189 6 EDITOR’S LETTER 8 OUTLOOK Technological breakthroughs are key to create meaningful change, writes Nabil Habayeb, SVP – GE, President and CEO – GE International Markets 14 OUTLOOK From hybrid offices to data-driven management, adaptation will be key for HR managers across the Middle East, says Chaitanya Peddi, co-founder of Darwinbox 16 FINANCIAL LITERACY Fostering financial literacy should be a key social sustainability performance indicator for businesses, writes Marilyn Pinto, educator and founder, KFI Global 18 LEADERSHIP Leaders should do everything possible to make their hearers better listeners, says Gene Mage and Mary Hinesly of Michigan Ross 26 SUSTAINABILITY Some positive momentum on ESG in the region is tempered by the challenges ahead, writes Diana Estupinan, Chief Operating Officer, Instinctif Partners 8 1614 26CONTENTS 4 CEO MIDDLE EAST FEBRUARY 2023 28 SUSTAINABILITY The mounting climate crisis calls for more financing and leveraging public-private partnerships, says Faris Mesmar, CEO and Managing Partner of hatch & boost Ventures 30 TAX The UAE is getting more business friendly by the day, write Steve Kitching and Sam Maycock, tax partners at Grant Thornton 32 INVESTMENT Dubai has begun its path to becoming a dominant force in global investment, believes Vijay Valecha, Chief Investment Officer, Century Financial 48 LIFESTYLE The latest in the world of watches this month 20 28 48 32 Yasser Abuateek, CEO of Umm Al Qura for Development & Construction, the owner and developer of Masar Destination, divulges more about the development and its plans for the future COVER STORY 30FUTURE OF BIM & DIGITAL TWINS STARTS HERE! Event theme is Enabling Digital Transformation and includes a 2-day conference plus workshop on latest developments for BIM, Digital Twins, GIS, and related technology. Presentations focus on the role of digital construction from project concept and design, project management, to full lifecycle asset management. This is the Kingdom’s leading event for BIM & Digital Twins! Presentations are by government and private sector organizations at the forefront of the Kingdom’s construction industry, and mega projects. Plus, international organizations that are leaders in smart sustainable construction and built asset management. Event website with further details is: www.bimdtksa.com NETWORK, MEET YOUR TARGET MARKET, AND DO BUSINESS! Adjacent to the strategic level conference is the expo area where event sponsors and exhibitors showcase the latest digital construction and asset management technology and services to delegates during the conference breaks. If this is your target market, then book now as the 2022 event booked out. For further details including event sponsorship and exhibitor opportunities call: Anthony Sprange Director of Conferences at ITP Media Group +971 (0)58 598 9062 or email: anthony.sprange@itp.com 14 & 15 FEBRUARY 2023, CROWNE PLAZA RIYADH AL WAHA LUNCH SPONSORASSOCIATE SPONSORGOLD SPONSORPOWERED BYMEDIA PARTNER BIM & DIGITAL TWINS SAUDI ARABIA 2023 CONFERENCE & EXPO OPEN BIM & DIGITAL TWINS: THE KEY TO INDUSTRY 4.0 EVENT PARTNER: STRATEGIC PARTNER: Scan the QR code to learn more about the event and register KEYNOTE PRESENTATIONS INCLUDE: CASEY RUTLAND Vice Chair, UK BIM Alliance & Chair, buildingSMART UK & Ireland MENNO DE JONGE Director Digital Delivery, NEOM DAVID GLENNON Senior Digital Delivery Director, The Red Sea Development Company DR. ABDULLAH AL-HALAFI Digital Twin Consultant & VP, International Society of Automation WASSIM GHADBAN Vice President, Global Innovation & Digital Engineering, Kent BADR BURSHAID President, Project Management Institute KSA Chapter DR SALAH OMRAN Senior Projects BIM Manager, Turner International ABDELRAHMAN ABOUHADID BIM Manager, MaceEDITOR’S LETTER 6 CEO MIDDLE EAST FEBRUARY 2023 In addition, the startup ecosystem, which, similar to elsewhere in the world is the regional powerhouse of employment and economic activity, has run red hot, aflush with new venture capital. While this has been very positive for the region’s entrepreneurs, some have begun to ask the question as to whether it’s time for the region’s ecosystem to slow down and take a breath – turn to page 38 for analysis on this subject. Tourism has also been a bright spot. Saudi Arabia has made tourism a central pillar of its ambitious Vision 2030 agenda, with a target of 100 million tourists by 2030. As such, we are very lucky to feature on the front cover Yasser Abuateek, the CEO of Umm Al Qura For Development & Construction, a firm with extensive experience in building and developing projects in and out of the kingdom. Our conversation in particular focused on Masar Destination, an urban destination under construction that intends to enhance the journey and quality of life for both residents and visitors of Makkah. “Masar Destination is a state-of-the-art integrated investment ecosystem with diverse and flexible opportunities located at the heart of Makkah,” Abuateek explains in his own words. Abuateek also goes on to note the importance of developing Hajj and Umrah services as part of Vision 2030, along with the importance of real estate development to the overall plan’s success. The full interview begins on page 20 and is well worth checking out. News recently has also been awash with stories that the Web3.0 and crypto industries could be facing crisis. In the UAE, some major crypto players have already begun to call for regulation following the very public collapse of FTX, with experts raising more warning flags for scams in the crypto ecosystem. On page 40 we have published commentary on this topic, aimed at informing readers on how to avoid major crypto scams. With 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 Managing Editor @MatthewAmlot IN DEFENCE OF OPTIMISM While pessimism abounds, sometimes it’s best to look for the glass half full O ptimism is infectious. The more optimistic a leader, the more a team can believe their goals are not only achievable, but within grasp. I write these words as the world faces a haltering global economy and optimism seems to be in short supply. That being said, I also write these words here in Dubai, UAE, perhaps one place the world that has seen an abundance of optimism. Real estate, for instance, has seen surging interest, with prices jumping well over 100 percent last year for the most luxurious properties – more on this on page 36.FEBRUARY 2023CEO 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 FORTUNE FAVOURS THE BOLD International entrepreneur Oweis Zahran on what happens when you reach the top JANUARY 2023 #188 UAEAED 20 KSASAR 20 BAHRAINBHD 2 KUWAITKWD 2 OMANOMR 2 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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MEDIA DECEMBER 2022 #187 STRIKING DIGITAL GOLD Global entrepreneur Alex Reinhardt opens up on leadership, building success, and the prospects for blockchain UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 8 CEO MIDDLE EAST FEBRUARY 2023 he world, as we know, is changing. Moving into this new era calls for a transfor- mational shift in the way we operate to solve complex global challenges and shape our collective futures. With this in mind, how can we build and reimagine a world that is more equitable, accessible, efficient, and sustainable? As a company that has been shap- ing the everyday lives of people in our interconnected world for over 130 years, we believe technology break- throughs are the need of the hour to create meaningful change in communi- ties, through the power of collabora- tion, learning and sharing. Today, we stand at the crossroads of a defining moment in our own transformation – which comes on the heels of our recent announcement to become three independent busi- nesses –even as we continue to focus on meeting the diverse needs of our communities. These new entities, each an industry leader, aim to deliver im- proved healthcare outcomes, cleaner energy, and seamless connectivity in a world that is at the threshold of profound change. Driving precision health innovations In recent years, there has been an ac- celeration in the pace of technological change in the global healthcare sector. With supply chain and inflation contin- uing to put pressure on markets around the world, there is still an expectation for healthcare systems to innovate and improve diagnostics and access. The role of digital technologies in healthcare will drive the work we do moving forward. For decades now, our technologies and soft- ware across modalities have been supporting clinicians to diagnose disease, improve patient outcomes, and enhance overall care delivery. A critical focus will be on the relation- ship between better data and better Technological breakthroughs are key to create meaningful change, writes Nabil Habayeb, SVP – GE, President and CEO – GE International Markets HEALTHCARE, CLEAN ENERGY, FUTURE OF FLIGHT IN FOCUS FOR 2023 Industrial giant. GE believes technology breakthroughs are the need of the hour to create meaningful change in communities through the power of collaboration, learning and sharing, Habayeb says OUTLOOK TFEBRUARY 2023 CEO MIDDLE EAST 9 OUTLOOK Alternative fuels. GE aims to develop sustainable aviation sector aligned with the decarbonisation goals of the Middle East health, bringing together information from various sources and locations to create a complete picture across the care continuum. Sustainable, affordable, reliable energy solutions With approximately 40 percent of global carbon dioxide emissions from fuel combustion attributable to elec- tricity and heat production, decar- bonising the power sector is critical to building a more sustainable future. However, the challenge here is not merely providing lower carbon power. There is an urgent need to prioritise and solve the energy trilemma of supplying more reliable, affordable, and sustainable power, in the context of increasing demand for electricity. Energy sources including solar, wind, hydrogen, gas, nuclear, hybrids, and more will be key to the region’s energy mix in the future. As an organisation committed to becoming carbon neutral in our own operations, we are focused on deliver- ing solutions to drive decarbonisation for our customers, and ultimately our communities. We understand that cli- mate challenges cannot be addressed by a single solution, nation, or entity working alone. That is why we signed an agreement with UAE-headquar- tered International Renewable Energy Agency (IRENA) to support both climate change and energy security at COP27. We also demonstrated the po- tential of hydrogen by running one of our gas turbines on a hydrogen/natural brid-electric, digital solutions, hydro- gen, open fan technologies and more – all of which aim to make the industry more efficient. Moving forward, we believe strong industry experience, extensive partnerships and continued commitment to customers will be a priority when it comes to developing a robust and sustainable aviation sector aligned with the decarbonisation goals of the region. Across these critical industries, our transformation comes from a posi- tion of strength. We are excited for the future and look forward to unlocking new opportunities as three independ- ent entities. Whether streamlining sustainable solutions in healthcare, energy, or aviation, one thing is cer- tain: We remain committed to building a world that works. gas fuel blend for the very first time in Africa; and we will build on this momentum at the upcoming COP28 in the UAE in November 2023. Redefining the way the world flies Another industry undergoing substan- tial transformation in recent years is aviation. Today, there is a focus on sustainable aviation fuel (SAF), hy- $2.81BN General Electric’s spending on research and development for 2022 “WE REMAIN COMMITTED TO BUILDING A WORLD THAT WORKS”Next >