AUGUST 2023 # 195 CEO MIDDLE EAST AUGUST 2023 ISSUE #195 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 QATAR QAR 20 Ajay Bhalla, Mastercard’s Cyber & Intelligence President, reveals the secrets to protecting the digital ecosystem DIGITAL INNOVATORThursday 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. Scan to visit website For further information, please contact: DANIEL FEWTRELL Director of Events & Marketing Tel: +971 4 444 3684 Email: daniel.fewtrell@itp.com Nominations are now closed, so stay tuned to EdExcellenceAwards.com for the shortlist reveal. To book seats to attend the awards, visit the website today. Our early bird rate ends on Monday 4th September.CONTENTS AUGUST 2023CEOMIDDLE EAST3 AUGUST 2023 # 195 06 EDITOR’S LETTER 08 ECONOMY Banks and fintechs need to adapt their services to meet evolving customer needs, says Kunal Badiani, regional head at MoEngage – Middle East, Africa and Turkey 12 EDUCATION The necessity for workplace learning experiences that provide real-world skills and experiences for university graduates is undeniable, believes Dr Sonia Ben Jaafar, CEO of Al Ghurair Foundation 18 GOVERNANCE Effective governance traditionally safeguards the interests of stakeholders, but an important factor that is forgotten is that it also helps maintain a competitive edge, says Maryam Zaman, partner at KPMG Lower Gulf and head of corporate governance team 28 TECHNOLOGY Big luxury brands are recruiting robot influencers to promote their products. Could this be the future of marketing and what will it mean for influencers? 20 1218 28 COVER STORY Ajay Bhalla, President, Cyber and Intelligence at Mastercard, explains how the leading payment network simplifies the link between convenience and security by harnessing best-in-class technology4CEO MIDDLE EAST AUGUST 2023 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 JUNE 2023 #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 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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ITP MEDIA GROUP CEO ALIAKAWI CFO TOBY JAY SPENCER-DAVIES MANAGING DIRECTOR ALEX REEVE DEPUTY MANAGING DIRECTOR ANIL BHOYRUL EDITORIAL MANAGING EDITOR MATTHEW AMLÔT matthew.amlot@itp.com SUB EDITOR EDWARDLIAMZON SENIOR DESIGN MANAGER GERIBATARA SONNY 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 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 aheadAUGUST 2023CEOMIDDLE EAST5 LEADERSHIP ow did you manage to create such a successful venture as Lectera.com? The success of Lectera wasn’t imme- diate or easy. During our first years, growth was slow, but I had a vision. As a teaching expert and employer, I understood that traditional education lacked the latest knowledge needed in a rapidly evolving world. It took us six years to tailor our product, which is based on AI and our intellectual property, and we now add around 200-300,000 new students every month. We built Lectera inter- Mila Smart Semeshkina ranks number 42 in the Arabian Business ’ list of 100 People you have to Know in Dubai. She is CEO of Lectera.com, an international group of companies with headquarters in Dubai, and is on track to become a UAE-based edtech unicorn with almost 3 million students in 60 countries DRIVING CHANGE IN FEMALE LEADERSHIP Every obstacle to knowledge must be removed if we are to build a better and brighter future, according to Semeshkina nationally from day one and now offer courses in five languages, with plans to expand to 17 languages, including Arabic, by the end of 2023. Lectera is lesser known in the UAE, why is that? We have about 2% of students from the UAE, mostly women who come to us for our courses on female leader- ship. There are many government programmes in the UAE that provide access to the latest knowledge, but not all countries have that advantage. Our major customers are in India, Bang- H ladesh, English-speaking countries in Africa, and Latin America. In es- sence, we thrive in markets where job competition is fierce, and we need to constantly upskill in order to compete. You made a sensation when you organized the WE Convention in Dubai in March. Now, whenever women talk about Mila’s and her initiatives, everyone understands they are referring to you. How did you become so successful? As a philanthropist, I founded the Women’s Empowerment Council and organized the WE Convention in March 2023, to let women learn from one another and empower one another. We made a very successful and use- ful conference that raised the right questions and gave women leaders a platform to speak. Women’s empowerment is best promoted by showcasing successful women role models, and I am glad this simple idea resonated with so many women. MENA and the UAE have plenty of successful women stories untold, which is also why the WE Con- vention was so successful. The more powerful women who care and balance their family and work duties, the better lives the country, and this is very much about the Mid- dle East region. So, more WE Conventions to come? We are planning the next WE Conven- tion Dubai for April 20-21 2024, and we are considering expanding to other countries as well. We are already doing one of the biggest women conferences in the world, and we aim to keep the bar high. In 2024, we are planning an even more impressive speaker lineup, and we will put a particular emphasis on money, personal development, suc- cessful career paths, women entrepre- neurship, and financial independence. I can only reveal that much for now, but it is going to be the place to be in Dubai.EDITOR’S LETTER 6 CEO MIDDLE EAST AUGUST 2023 Beyond the realm of secure payment transactions, Bhalla emphasises the significance of protecting the entire digital ecosystem from the pervasive threat of cybercriminals. As we peer into the horizon of emerging technologies, the impact of Artificial Intelligence (AI) on the consumer experience of payments becomes a central focus of the interview. With AI rapidly shaping the digital landscape, consumers are witnessing a profound transformation in the way they interact with payment systems. Bhalla’s valuable insights help us understand the shift in consumer behaviour and expectations, guiding businesses towards creating seamless and personalised experiences. However, with innovation come challenges, and one of the most pressing concerns is the potential risks posed by cybercriminals leveraging new technologies like AI and quantum computing. In this interview, Bhalla delves into the dynamic nature of cyber threats, providing a comprehensive understanding of the evolving tactics employed by malicious actors. Equipped with this knowledge, we can proactively develop strategies to safeguard our digital infrastructure and data. Trust is not only the cornerstone of successful digital transactions but also a critical component of sustainability efforts. Continuing the theme of trust and sustainability, we have dedicated a special section of the magazine, starting on page 30, to explore solutions for some of the most pressing challenges faced by businesses today. By highlighting innovative sustainability initiatives, we underscore the vital role trust-building plays in fostering genuine and impactful change for a better, more sustainable future. As we venture deeper into the intersection of technology and society, we explore the fascinating rise of AI-powered influencers and their transformative impact on both brands and content consumers. These digital influencers, driven by advanced AI algorithms, have revolutionised marketing strategies and content consumption, redefining the dynamics of brand engagement – turn to page 28 to find out more. Furthermore, we turn our attention to the role of AI in transforming the public relations industry in Egypt, an exploration featured on page 44. As AI continues to make inroads across various sectors, the PR industry is witnessing profound changes in communication strategies, data analytics, and customer engagement. Through this exploration, we gain insights into the potential for AI-driven innovation to revolutionise PR practices in Egypt and beyond. 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 Editor-in Chief @MatthewAmlot DEFENDING AGAINST THE NEW NORMAL H ello and welcome to the August issue of CEO Middle East. This month we embark on an exciting journey through the ever-evolving landscape of technology and its profound impact on various aspects of business and society. As we delve into the heart of this issue, we are honoured to have Ajay Bhalla, the President of Mastercard’s Cyber & Intelligence business, on the front cover to offer his valuable insights into the challenges and opportunities that lie ahead in the digital world. In his interview, starting on page 20, Bhalla brings to light the paramount importance of trust in the digital age. In a world increasingly reliant on digital interactions, trust forms the bedrock of successful transactions and lasting relationships between businesses and their customers. AUGUST 2023CEOMIDDLE EAST7 BRAND VIEW ohammad Almutawa leads the Ducab Group as Group CEO. An accomplished industry veteran with a rich back- ground in the cable manufacturing, aluminium, and metals sector. He joined Ducab in 2015 as Chief Com- mercial Officer, bringing exceptional leadership skills and a keen business acumen. Almutawa spearheaded a series of transformational projects and decisions at the helm of Ducab, continuously driving the Group to new heights of success. Under Almutawa’s leadership, Ducab recorded substantial growth in both local and export markets, taking the total number of international mar- kets where the Group’s ‘Made in UAE’ products are exported from 45 to 55 countries. He fronted the develop- Mohammad Almutawa, Group CEO of Ducab, has helped solidify the Group’s foothold in the industry FROM REGIONAL TO GLOBAL Almutawa has elevated Ducab from being a cable manufacturer to a full-fledged energy solutions provider ment and implementation of ambi- tious strategic initiatives, successfully expanding the company’s reach to foreign markets, resulting in a notable 25% increase in the import of Ducab’s products in these markets. His empha- sis on effective communication efforts greatly strengthened the brand’s image and market presence. Almutawa took the Group from being a cable manufacturer to a full- fledged energy solutions provider. His visionary leadership was evident in his dedication to digital transformation and the implementation of smart fac- tory project initiatives. By embracing Fourth Industrial Revolution (Industry 4.0) technologies, Ducab launched the revolutionary Blade project, an advanced Smart Factory of the Future Project. This cutting-edge endeavour M integrated Internet of Things (IoT), cloud computing, big data analytics, artificial intelligence (AI), and machine learning technologies into the core of the Group’s operations, paving the way for a notable spike in productivity and efficiency within the company. Through the Blade project, the Ducab Group achieved remarkable milestones, including a projected 20% increase in output volumes over two years, significantly improving custom- er service levels to an impressive 99%, in addition to boosting overall equip- ment efficiency (OEE) by 20% within a year. The implementation of Industry 4.0 breakthroughs allowed Almutawa and the team at Ducab to reduce total machine downtime by 30% in just one year, leading to a 20% reduction in inventory holding costs and a 10% decrease in quality-related expenses. In his position as Group CEO, Almutawa played a leading role in expanding Ducab’s geographi- cal footprint. The establishment of the Group’s first office in India and Southeast Asia, located in Bengaluru, marked a strategic move to position the subcontinent as a new home mar- ket for the company. This expansion aligned with Ducab’s vision to become a leading global provider of high-qual- ity integrated energy solutions, and created an opportunity for the Group to explore new prospects in the Indian industrial sector, as well as to benefit from the new advantages under the Comprehensive Economic Partnership Agreement (CEPA) the two countries signed in February 2022. Almutawa’s tenure as Group CEO has been marked by his transformative leadership style, enabling Ducab to thrive in an ever-evolving industry. His forward-thinking approach, dedication to innovation, and strategic decision- making have solidified Ducab’s posi- tion as a prominent player in the cable manufacturing and energy solutions sector, paving the way towards greater achievements and a promising future.8 CEO MIDDLE EAST AUGUST 2023 he banking and fintech sector in the Middle East and Africa (MEA) region is undergoing significant modifications to cater to the needs of digital customers. Even before the pandemic, proactive initiatives for digital transformation were already and technology. The UAE currently stands as the largest digital banking hub in the region, followed by Turkey and Saudi Arabia, The report predicts that by 2025, over 160 million people in the Middle Eastern region will be utilising digital banking services. MoEngage’s global consumer trends 2023 report echoes a similar sentiment, revealing a 26 percent increase in Monthly Active Users (MAU) for banking platforms and a 29 percent growth in new customers for fintech platforms. Embracing digitalisation for sustainable growth These shifts in customer behaviour have compelled banks and fintech companies to establish firm digi- talisation goals and focus on build- ing customer connections through personalised approaches. Embracing digitalisation will enable banks to adopt a sustainable growth model, im- plementing new-age banking processes that enhance competitiveness and efficiency. To achieve this, there are several steps that banks can take. Shifts in customer behaviour have compelled banks and fi ntech companies to establish fi rm digitalisation goals and focus on building customer connections BANKS AND FINTECHS NEED TO ADAPT THEIR SERVICES TO MEET EVOLVING CUSTOMER NEEDS Embracing digitalisation will enable banks to adopt a sustainable growth model, implementing new-age banking processes that enhance competitiveness and efficiency ECONOMY BY KUNAL BADIANI, REGIONAL HEAD AT MOENGAGE — MIDDLE EAST, AFRICA AND TURKEY T underway in the region, and these efforts have only intensified during and after the Covid-19 crisis. According to a 2022 report on digital banking in the MEA region, three critical factors shaping the banking landscape are innovation, regulation, AUGUST 2023CEOMIDDLE EAST9 ECONOMY “SUCCESSFUL BANKING IN THE DIGITAL AGE NECESSITATES FRICTIONLESS AND PERSONALISED SERVICES” Banks can employ fully-connected platforms to facilitate seamless on-boarding journeys, says Badiani Importance of seamless customer on-boarding Improving customer on-boarding is crucial. A study indicates that eight out of ten customers delete an app if they find it difficult to use. Thus, the initial step towards ensuring a smooth customer experience lies in provid- ing easy on-boarding processes. This approach increases customer lifetime value, reduces churn, expands the customer base, and boosts revenue. Smooth on-boarding involves nurtur- ing and assisting new customers in familiarising themselves with a service or product. Critical components of this process include educating customers about how the service/product can benefit them, explaining how their personal details (KYC) contribute to a customised experience, and commu- nicating individually about product/ service offerings. Banks can employ simple, stream- lined, and fully-connected platforms to facilitate seamless on-boarding journeys. These platforms enhance operational efficiency by empowering employees to prioritise time and resources for improved customer experiences. Conse- quently, banking becomes more trans- parent and personalised for customers. Leveraging data and advanced platforms to create hyper- personalised banking experiences Engaging customers through person- alised campaigns is paramount. Our global consumer trends 2023 report re- veal that 50 percent of digital banking consumers desire highly personalised experiences from their banks. Similar to offline customers, digital customers also seek tailored services. Hyper- personalised banking involves under- standing individual customer needs and preferences, and subsequently offering appropriate products and services. Banks and fintech companies can seg- ment customers based on geo-location, gender, age group, or device. algorithms to predict future behaviour, banks can perform these segmenta- tions and adapt their offerings to meet specific customer needs. Achieving seamless omni- channel experiences for today’s digital customers Deploying seamless omni-channel campaigns is essential. Digital-age customers demand a consistent experi- ence across different channels when accessing banking services. To offer an omni-channel experience, banks can identify the channels that customers frequently use for transactions, observe their banking behaviour, identify chal- lenges they face, and understand their interactions across each touchpoint. Armed with this knowledge, banks can establish the right touchpoints and seamlessly connect them, tailoring their campaigns to each customer. Successful banking in the digital age necessitates frictionless, smooth, and personal- ised services, with an omni-channel experience. To achieve this, banks must employ data-based consumer insights to unlock adaptability and deliver a seamless experience from customer on- boarding onwards. Advanced customer engagement platforms can help players in the banking, financial services, and insurance (BFSI) sector eliminate silos and achieve true seamlessness in cus- tomer engagement. The modern Middle Eastern customer behaviour in the new digital landscape has prompted banks and fintech companies to adapt their ser- vices and strategies. The UAE leads as the region’s digital banking hub, with digitalisation efforts spreading across Turkey, Saudi Arabia, and others. By focusing on improving customer on- boarding, engaging customers through personalised campaigns, and deploy- ing seamless omni-channel experi- ences, banks can navigate the digital landscape successfully, enhance com- petitiveness, and provide efficient and tailored services to their customers. Additionally, they can utilise advanced platforms and insightful data analytics, leveraging customer behaviour data such as browsing loan offers or examining credit card deals, to identify trends and serve custom- ers better. digitalisation enables banks to launch individual market- ing campaigns based on customer spending habits. For instance, a bank might recommend customers with substantial savings switch to higher interest-accruing accounts, or increase the credit limit for customers who consistently utilise their full credit card limits. By analysing past transac- tions and employing machine learning Next >