JUNE 2023 # 193 CEO MIDDLE EAST JUNE 2023 ISSUE #193 Geoffrey Alphonso, the CEO of Alef Education, shares his views on the future of digital education THE JOURNEY TO DIGITAL EDUCATION TRANSFORMATION UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 THURSDAY 5 TH OCTOBER 2023 GROSVENOR HOUSE, DUBAI, UAE Introducing the Education Excellence Awards - honouring the teachers, leadership teams and support staff, providing world class education in Dubai. Do not miss your chance to enter the Education Excellence Awards . Nominations close on Friday 23rd June. Scan to visit website To enter for free visit EdExcellenceAwards.com For further information, please contact: DANIEL FEWTRELL Director of Events & Marketing Tel: +971 4 444 3684 Email: daniel.fewtrell@itp.com CONTENTS JUNE 2023 CEO MIDDLE EAST 3 JUNE 2023 # 193 06 EDITOR’S LETTER 08 COMMENT Financial literacy should be a life skill for Generation Z, believes Professor Dame Heather J. McGregor, Provost and Vice Principal at Heriot-Watt University Dubai 1O FINANCE A socially sustainable future is one that ensures the well-being of current and future generations, writes Marilyn Pinto, founder of KFI Global 28 REAL ESTATE Saudi Arabia office space demand soars as supply crisis sparks race for premium HQs 31 INVESTMENT Investors are increasingly looking for not just good returns, but responsible, impactful investing choices, says James Hills, Senior Manager, OCO Global Middle East 32 HEALTHCARE The UAE has created an environment that attracts the best and brightest minds in healthcare thanks to visionary leaders, says Craig Cook, CEO of Aviv Clinics Dubai 08 1028 31CONTENTS 4 CEOMIDDLE EASTJUNE 2023 35 MEDIA It’s no secret that thought leadership has become one of the most overused phrases and misunderstood tactics in public relations, says Hanine El Massri, Account Manager at Atteline 38 TECHNOLOGY New cybersecurity strategies are needed to prevent, detect, and contain cyber threats and to enhance remote PC management to mitigate risks from lost or stolen devices, believes Ertug Ayik, Managing Director, Middle East and Africa at HP 50 FINAL THOUGHTS An IPO rush could accelerate UAE’s GDP growth but compliance obligations of public companies is a guarantor of economic stability, says Aws Younus, Chairman of AWS Younus Group 20 35 4850 Alef Platform provides personalised learning experiences for all students so they learn at their own pace, anytime and anywhere. Geoffrey Alphonso, the CEO of Alef Education, shares his views on the future of digital education COVER STORY 38JUNE 2023CEO MIDDLE EAST 5 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 2023 #192 UAEAED 20 KSASAR 20 BAHRAINBHD 2 KUWAITKWD 2 OMANOMR 2 REACHING NEW HEIGHTS Sunil Kaushal, CEO, Africa and Middle East Region at Standard Chartered, reveals his strategy for staying ahead 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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ITP MEDIA GROUP CEO ALIAKAWI CFO TOBY JAY SPENCER-DAVIES MANAGING DIRECTOR ALEX REEVE DEPUTY MANAGING DIRECTOR ANIL BHOYRUL EDITORIAL MANAGING EDITOR MATTHEWAMLÔT matthew.amlot@itp.com SUB EDITOR EDWARDLIAMZON SENIOR DESIGN MANAGER GERIBATARASONNY DESIGNER MOHAMMED IRQSOSY ADVERTISING GROUP COMMERICAL DIRECTOR SARASWATI AGARWAL +971 4 444 3352 saraswati.agarwal@itp.com SENIOR COMMERCIAL MANAGER SAMIR GLOR + 971 4 444 3320 samir.glor@itp.com SENIOR COMMERCIAL MANAGERR NEHASIKRI + 971 4 444 33553 neha.sikri@iittp.c.comm PO BOX 500024, DUBAI, UAE +971 4 4 44 3000 OFFICES IN ABU DHABI, DUBAI & LONDON EVENTS & MARKETING DIRECTOR OF AWARDS & MARKETING DANIEL FEWTRELL +971 4 444 3684 daniel.fewtrell@itp.com SENIOR MARKETING & EVENTS MANAGER ANTHONY CHANDRAN +971 4 444 3685 anthony.chandran@itp.com VIDEOGRAPHY MUHAMMAD KALEEM VIDEO EDITOR LIJU CHERUVATHUR PHOTOGRAPHY RAJESH RAGHAV PRODUCTION PRODUCTION MANAGER DENNY KOLLANNOOR PRODUCTION COORDINATOR MANOJ MAHADEVAN SENIOR IMAGE EDITOR EMMALYN ROBLES DIRTRUBUTION HEAD OF DISTRIBUTION AND NEWSTRADE ABDULRAHIM ALPARAMBIL DISTRIBUTION COORDINATOR AVINASH PEREIRA CIRCULATION EXECUTIVE RAJESH PILLAI ITP LIVE GENERAL MANAGER AHMAD BASHOUR PUBLISHED BY AND © 2023 ITP MEDIA GROUP FZ-LLC. MEDIA BUILDING TOMORROW Abbas Sajwani, founder of AHS Properties, reveals the mindset behind Dubai’s latest real estate success story APRIL 2023 #191 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 EDITOR’S LETTER 6 CEO MIDDLE EAST JUNE 2023 “We envision a future where every student, regardless of where they live or their circumstances, has access to high- quality, personalised education,” Alphonso tells CEO Middle East. In order to achieve this, Alef has focused on expanding its offerings and leveraging the power of technology in education, utilising tools like AI. “Our users play an essential role in guiding our products. We actively seek feedback from students, teachers, and administrators to continually improve our products and services,” he adds. Be sure to turn to page 20 to gain valuable insights from this visionary leader. Education remains a key theme throughout this edition, with a particular focus on financial literacy. Starting from page 8, we dive deep into the importance of equipping individuals with the necessary financial knowledge to navigate the complex world of finance. We explore social sustainability and strategies for growth, shedding light on the indispensable role they play in fostering a thriving business ecosystem. The real estate market in the UAE is experiencing a tremendous boom, offering exciting opportunities for investors and developers alike. Across the border, a similar scenario unfolds in Riyadh, where the housing market faces significant constraints. On page 28, we delve into the Saudi office space market, providing valuable insights into this dynamic sector. Technology enthusiasts will find plenty to satisfy their curiosity in this issue. With a dedicated section on artificial intelligence, we explore the practical applications of AI as a service, unravelling how businesses can harness its potential to drive growth and efficiency. Additionally, on page 42, we shed light on the importance of safety in the metaverse, guiding you on how to navigate this virtual realm securely. 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 LEVERAGING THE POWER OF TECH H ello and welcome to the June issue of CEO Middle East. As we embark on the summer season, it is evident that the pace of business in the Middle East continues unabated. The region is characterised by a perpetual drive for progress and innovation, and we are privileged to be a part of this exciting journey. In this issue, we are thrilled to feature Geoffrey Alphonso, the CEO of Alef Education, on our front cover. Alphonso delves into the significance of artificial intelligence (AI) in education and how digitalisation is poised to shape the future of learning.FUTURE OF OPEN STANDARDS BIM AND DIGITAL CONSTRUCTION STARTS HERE! BIM & Digital Construction Middle East will include a 2-day conference plus workshop on the latest developments for Building Information Modelling (BIM), Digital Twins, GIS, digital transformation, 3D printing and other related technology. Presentations will focus on the role of digital information management technology from project concept and design, project management, to full lifecycle asset management. NETWORK, MEET YOUR TARGET MARKET, AND DO BUSINESS! Attendees are major contractors and civil engineering organizations, plus representatives from government; mega projects, infrastructure developers; oil & gas; property developers; architects; consultants; and industry associations. 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Event website with further information: www.bimanddigitaltwin.com/middleeast FOR FURTHER DETAILS INCLUDING EVENT SPONSORSHIP OR EXHIBITOR OPPORTUNITIES CALL: Anthony Sprange T: +971 4 444 3186 M: +971 58 598 9062 E: anthony.sprange@itp.com 26 & 27 September Millennium Plaza Downtown Hotel, Dubai, UAE EVENT PARTNERSCONTENT PARTNERS SUPPORTING EVENT PARTNER ENDORSED BY POWERED BY The region’s leading and biggest event for Building Information Modelling (BIM), Digital 7ZLQV*,6DQGUHODWHGWHFKQRORJ\LVDQDQQXDOHYHQW,WLWLVDQH[FHOOHQWRSSRUWXQLW\WRȌQG out all the latest developments in digital construction technology for Middle East AEC sector8 CEO MIDDLE EAST JUNE 2023 t is a long time since I was 18, but I still remember the financial impact of the gift (a sewing machine) that I was given by my parents for my 18th birthday. At the time, it was a great help in making my student finances go further. I still have a photo of me at an undergraduate ball in Oxford wearing a long pink dress made on that sewing machine from a pair of curtains I bought in a charity shop. But possibly my parents could have done better? One mother I know bought her daughter a very different 18th birthday present – a weekend seminar with a reputable financial planner. Sounds boring? No – this was an inspired gift. Financial literacy is a very critical part of anyone’s life. What is financial literacy? Keep- ing accurate information about money is simply maths, not financial literacy. Understanding whether you should make a purchase is financial literacy. It is literacy, not maths, that transforms lives. Finance is the filter through which things operate, but the competencies you should develop are critical think- ing (should I buy this? What financial goals should I have?) and consciousness (knowledge of what you are spending/ earning and why). Financial literacy can affect your life in many different ways. It can affect how much of your money you keep, how well you can make it work for you, the lifestyle you can afford to lead, and your entire future and that of your children, if you have any. Yet all the research shows that Generation Z – the demographic cohort succeeding Millennials, roughly those born between the mid-to-late 1990s and the early 2010s – seem to lack financial literacy. According to a 2019 financial literacy survey by Visa, 43 percent of respondents in the UAE aged between 16 and 24 said they are not ready to manage their own money, while 53 percent said schools did not pre- pare them enough to take care of their finances. Why? And does it matter? According to the Organisation for Keeping accurate information about money is simply maths, not fi nancial literacy. Understanding whether you should make a purchase is fi nancial literacy FINANCIAL LITERACY SHOULD BE A LIFE SKILL FOR GENERATION Z Academic. Professor McGregor says finance is the filter through which things operate COMMENT BY PROFESSOR DAME HEATHER J. MCGREGOR, PROVOST AND VICE PRINCIPAL AT HERIOT-WATT UNIVERSITY DUBAI IJUNE 2023 CEO MIDDLE EAST 9 the country’s leading education provid- ers, to empower children of all ages with essential financial planning skills. The partnership is part of its initiative to promote financial literacy amongst the UAE’s youth. Nearly all of our students here in Dubai are Generation Z, and while we don’t teach financial literacy as a credit- bearing course, I like to think that we are developing skills such as critical think- ing, which will make them approach personal finance more knowingly. If you have younger children, I suggest starting “IF YOU HAVE CHILDREN, I SUGGEST STARTING WITH FINANCIAL LITERACY AS EARLY AS POSSIBLE” COMMENT Saving for the future. Financial literacy is critical for promoting access to finance, and creating an environment in which positive financial behaviour will flourish Economic Cooperation & Development (OECD), financial literacy is a core life skill required for participating in modern society. Many academic studies support this. People with low financial literacy are more likely to have prob- lems with debt, less likely to partici- pate in the stock market, less likely to choose mutual funds with lower fees, less likely to accumulate wealth and manage wealth effectively and less likely to plan for retirement. Financial literacy is critical for pro- moting access to finance, and creating an environment in which positive finan- cial behaviour (eg saving, budgeting, or using credit wisely) will flourish. OECD’s financial education programmes, cover topics such as budgeting, saving, man- aging credit, and learning to negotiate. They rightly point out that national strategies for financial literacy are complex, multi-year, multi-stakeholder public policy projects that can strongly benefit from comprehensive evaluation designs, and in 2022 published their evaluation of how some countries are getting on. Although not a part of the evaluation, it would have served well to look at the UAE due to its multicultural and multinational population. We have lots of good examples here. The UAE developed a three-month lit- eracy programme called Ghaya for UAE Nationals. The Abu Dhabi government developed it in partnership with the Abu Dhabi Global Market Academy, the London Institute of Banking & Finance, and the UAE Banks Federation. In 2022, HSBC and the non-profit organisa- tion Injaz UAE teamed up to provide financial education for young people to teach them how to save, budget, and make smart money decisions. The initiative pairs educators from youth- focused NGO JA Worldwide and HSBC volunteers with groups of pupils in class- rooms, community centres, and online. Finally, in 2022, National Bonds, an investment company owned by the In- vestment Corporation of Dubai, entered into a partnership with Taaleem, one of with financial literacy as early as pos- sible. For busy parents, and especially busy working mothers, investing time in training your children about money can be seen as a luxury. But one idea that I suggest is the four-step method. You give your child a fixed sum of money per week (increased each year of their life) and then require them to ‘allocate’ it to four specific areas. • Pot 1: ‘charity’ - 10 percent to be spent at a charity event/shop or donated to charity directly. • Pot 2: ‘spending money’ - 30 per- cent can be spent on anything the child wants. • Pot 3: ‘something special’ - 30 percent to be saved towards something they really want; every six months, the children can spend from this pot. • Pot 4: ‘long-term savings’ - 30 per- cent goes into a bank or building society to be spent when the children are older. Finally, if you’ve left it a bit late, then maybe on their 18th (or 21st?), the best birthday present of all – A session with a financial planner.Next >