< Previous10 CEO MIDDLE EAST NOVEMBER 2023 hen the legendary French engineer Ferdinand de Lesseps conceptualised the Suez Canal, he significantly underes- timated the challenges associated with managing projects of such a vast scale. This miscalculation led to a series of substantial issues: cost overruns, schedule delays, and benefit shortfalls. Ultimately, the project cost 20 times the initial estimate, experienced years of delays, and burdened the Egyptian government with massive debt. Leap forward a century and a half, and history seems to repeat itself. According to the McKinsey Global Insti- tute, a mere 0.2 percent of all large-scale infrastructure projects initiated since the 2000s around the world have met their original cost, schedule, and benefit projections. Despite these challenges, the demand for these massive ventures has soared, currently representing ap- proximately 8 percent of global GDP or around $9 trillion annually. So, where does the problem lie? The primary obstacle facing as- set owners is an entrenched reliance on a traditional project management model, reminiscent of those used dur- ing the Suez Canal’s construction. This model is beset by conflicting priorities: asset developers are focused on realising the project vision, while contractors often prioritise cost-cutting to maintain competitive profit margins across individual transactions. Adding to the challenge, asset developers often lack comprehensive oversight of contrac- tors throughout the supply chain. This combination of misaligned objectives and limited supply chain visibility often leads to hidden costs, budget overruns, com- promised quality, supply inconsistencies, and project delays – forming a frustrat- ingly familiar narrative. Specialist consultancies: Bridg- ing priorities and streamlining giga projects Addressing this core challenge requires a trusted intermediary to bridge the End-to-end specialist consultancy is redefi ning our approach to giga project management HOW CONSULTANCY IS SHAPING THE NEW ERA OF GIGA PROJECTS Fahd says asset developers often lack comprehensive oversight of contractors throughout the supply chain COMMENT BY MARCO FAHD, GROUP CHAIRMAN AND CEO OF VERSATILE INTERNATIONAL WNOVEMBER 2023 CEO MIDDLE EAST 11 COMMENT “THE CURRENT ERA IS WITNESSING A GROWING FOCUS ON ESG COMPLIANCE FROM REGULATORS AND INVESTORS” The Saudi Stock Exchange has introduced ESG guidance in areas such as supply-chain labour standards, material sourcing, and tax transparency misaligned objectives, ensuring trans- parency, quality control, and guaran- teed outcome for the asset owners. In 2020, Saudi Arabia’s Diriyah Gate Development Authority (DGDA) partnered with Versatile International, a Dubai-based stone specialist, for guidance on over 50 projects related to natural stone within their $66bn cultural heritage district. Acting as a trusted advisor and intermediary on behalf of DGDA, Versatile International brought our niche expertise in the natural stone industry to work alongside architects in stone selection, leverage our global network in procurement, and supervise installation on-site across more than 50 projects. This collaboration provides consistency and quality control through- out the process, brings the asset owner closer to the point of production, and thereby enhances the delivery process with punctuality and precision. In a broader context, this approach echoes in other regional success stories where asset owners collaborated with specialist consultancies to realise their giga projects with fewer obstacles. In Oman, the transformation of Muscat International Airport in 2018 greatly benefited from the insights of specialist consultancies. These in- dustry specialists not only provided architectural and aesthetic guidance but also introduced sophisticated tools and strategies to improve supply chain visibility. This ensured timely procure- ment, consistent quality of materials, and seamless integration of components, leading to a streamlined and accounta- ble completion of the airport expansion. These examples not only highlight the vital role of specialist consultancies but also underscore their transformative impact, redefining traditional manage- ment approaches and setting new bench- marks of excellence for giga projects. Stepping into a new era of giga projects with specialist consultancy Why label this period as a “new era”? by 75 percent over the duration of the project. Traditionally, asset developers have had limited visibility into the in- tricacies of their supply chain and are made less accountable for practices outside their immediate purview. How- ever, these winds of change suggest that this might not hold true for long. Any potential future regulatory shifts could point towards a scenario where any non-compliance or lapses among contractors could have some impact for the master developer. In this evolving landscape, the call for supply chain risk management in project planning and execution is more crucial than ever. Collaborative efforts, such as the partnership between DGDA and Versatile International, not only mitigate supply chain risks but also guarantee consistent quality, fulfilling the project’s objectives while satisfying asset owners’ expectations. Embracing this approach can offer giga project developers worldwide a model for ensuring timely delivery, upholding quality standards, and maintaining a competitive edge. By incorporating this new method into our project management ethos, we can inaugurate a giga project era marked by achievement, excellence, and innovation, lighting the path for future global endeavours. First, there’s an upsurge in demand for giga projects, especially in the Middle East. Meanwhile, the traditional pro- ject management model now increas- ingly grapples with challenges like global supply chain disruptions, ex- acerbated by events like the Covid-19 pandemic and geopolitical tensions. Furthermore, the current era is witnessing a growing focus on ESG compliance from both regulators and investors. Over the past few years, the Saudi Stock Exchange has introduced ESG guidance in areas such as sup- ply-chain labour standards, material sourcing, and tax transparency. Ad- ditionally, the Saudi government has established specific environmental protection targets for the construc- tion of giga-projects: for instance, NEOM aims to reduce construction vehicle emissions by 25 percent and increase construction plant efficiency 12 CEO MIDDLE EAST NOVEMBER 2023 he UAE has emerged as a global powerhouse in multiple domains, from finance and trade to tourism and innovation. Its rapid development and vision for the future have created an environment that attracts individuals and investors from around the world, and the UAE Golden Visa Programme is a resounding testament to the inclusive and entre- preneurial environment the country is creating, redefining the concept of resi- dency and investment in the region. The UAE Golden Visa programme was launched in 2019 and by Novem- ber 2022 Dubai’s General Directorate of Residency and Foreigners Affairs had issued about 152,000 golden visas. The UAE Golden Visa is a resi- dency programme that offers eligible individuals and their families the opportunity to reside in the UAE for extended periods. It was designed to allow exceptional workers and foreign investors to establish deeper roots in the country, enabling the nation to benefit from their expertise. Key benefits of the UAE Golden Visa programme The UAE golden visa holds many key benefits. As outlined in the UAE government portal, golden visa holders can enjoy: ·Long-term residence visa that re- mains valid for up to 10 years, with the possibility to renew after expiration. ·Self-sponsorship – the ability to hold a residency visa without the need for a company or an employer to be the visa sponsor. ·The flexibility to stay outside the UAE for extended periods beyond the usual six-month limit while maintain- ing the validity of their residence visa. ·The ability to sponsor family mem- bers, including spouses and children, regardless of age. ·The option to sponsor an unlimited number of domestic helpers. ·The assurance that if the primary holder of the Golden visa passes away, family As the world evolves, the UAE remains at the forefront of change, writes Veronica Cotdemiey, CEO, Citizenship Invest WHAT’S THE LATEST WITH THE UAE GOLDEN VISA PROGRAMME? Cotdemiey says investors can now retain 100 percent ownership of their companies in the UAE through the golden visa, eliminating the need for local sponsors COMMENT TNOVEMBER 2023 CEO MIDDLE EAST 13 COMMENT “THIS MOVE AIMS TO ATTRACT TALENT WORLDWIDE, BOOSTING THE UAE’S REPUTATION AS A HUB FOR INNOVATION AND EXPERTISE” members can continue to stay in the UAE until the end of their permit duration. ·As part of the visa issuance process an e-visa valid for six months is provided ·Golden Visa holders receive an Esaad Privilege Card that provides discounts in UAE and 92 other countries which was previously given only to citizens In addition to the above-mentioned benefits, under the revised rules of 2023, the UAE Golden Visa is now is- sued for a duration of ten years across all categories, granting holders the privilege of residing and working in the emirate for a decade and as long as the recipient continues to meet the conditions of the visa, they can renew for another ten years, as opposed to the usual two–three-year renewal for regular visa holders. Secondly, through the golden visa, investors can now retain 100 percent ownership of their companies in the UAE, eliminating the need for local sponsors. How can you get the UAE Golden visa? Several investment options are available to obtain a UAE Golden Visa, and the specific requirements depend on different criteria. What sets this programme apart is its inclusivity; it is not limited to the typical investor or entrepreneur but en- compasses a broader range of categories. In the past, the programme primar- ily targeted high-net-worth individuals, investors, and entrepreneurs. However, they have consistently broadened the eligibility spectrum, making it more inclusive and accessible to a broader range of individuals, including skilled professionals, students and retirees. Golden Visa for investors There are two investment-focused op- tions available to obtain a UAE Golden Visa, which provide clear pathways for investors and entrepreneurs, with vary- ing investment levels and minimal bu- reaucratic hurdles. The extended visa durations offer stability and a favour- approval letters from several authorities are necessary. This includes an audi- tor in the UAE confirming the project’s value is not less than AED500,000, an endorsement from local emirate authori- ties affirming the project’s technical or future nature, and accreditation from a UAE business incubator to establish the proposed activity in the country. Golden Visa for professionals and outstanding individuals ·Talented Pioneers Golden Residency for 10 years without a sponsor to workers with high edu- cational qualifications and experi- ence and talented individuals such as doctors, inventors, creators, engineers, and pioneers of humanitarian work. Suitable fields include sciences and engineering, medicine, IT, education, law, business and administration, cul- ture, sports, and social sciences. ·Front line heroes Frontline workers who have worked through crises are also considered for Golden Visas. For instance, medical professionals who have contributed during the Covid-19 pandemic can be awarded a golden visa. ·Retirees The UAE has also recognised the ap- peal of its warm climate, world-class healthcare facilities, and leisure oppor- tunities for retirees. As a result, retirees who meet certain financial criteria can now apply for the Golden Visa. ·High-performing students Outstanding students graduating from UAE secondary schools and graduates of accredited universities inside and outside of the UAE, including the top 100 universities worldwide, are also eligible for the Golden Visa. This move aims to attract tal- ent worldwide, boosting the UAE’s reputation as a hub for innovation and expertise. The UAE government has confirmed that it will issue 100,000 golden visas to the world’s best pro- grammers in its aim to become a global tech investment hub. able environment for business growth, making them more viable choices for investors and cultivating more robust investment for the UAE. Investors in public investments Interested parties can choose to invest in an accredited investment fund, allowing them to potentially secure a 10-year Golden Visa without the need for a sponsor. To qualify, they must meet certain criteria, which include presenting a letter from an investment fund accredited in the UAE indicat- ing that they have a deposit of at least AED2m. Real estate investors For those involved in real estate invest- ments, a 10-year Golden Visa can be obtained, which is renewable under specific conditions and without spon- sorship. This option requires providing a letter from the land department of the respective emirate confirming owner- ship of one or more properties with a total value not less than AED2m. Golden Visa for entrepreneurs Entrepreneurs looking to secure a Gold- en Visa can do so for a 10-year period if they own an economic project with a technical or future-oriented focus based on risk and innovation. Alongside this, 14 CEO MIDDLE EAST NOVEMBER 2023 n today’s digital age, the way users seek and consume information is undergoing a significant transformation. There’s a growing debate about whether social networks are taking over traditional search engines like Google when it comes to finding information. Everyone loves an either/or debate – as though it’s a straight choice between traditional search engines and social search. But is the reality of how users look for what they want a bit more complex? Opinion is divided, with some sounding the death knell for Google, while others adopt a more moder- ate approach. We Are Social’s 2023 Digital Report states that ‘for the TikTok generation, search is getting social. Many Gen Z’ers are turning to video and image apps, TikTok and Instagram to find out more about their favourite brands.’ However, a study from Insider In- telligence provides evidence of caution, stating that while more people are now beginning their searches on social me- dia – and social search clearly presents an opportunity for marketers – the is- sue with social was that it ‘lacked many of the features advertisers expect from traditional search.’ So, in this article we will explore the shifting dynamics of how users access and engage with information, delving into whether there’s a substan- tial shift from search to social, and what this transformation entails. The power of social media and social search The ability to provide real-time updates is what draws many users to social networks like Facebook, Twitter, Instagram, TikTok, and LinkedIn. These platforms also excel in deliver- ing personalised content tailored to users’ interests and preferences. Algo- rithms analyse user behaviour, likes, and shares to curate content likely to engage and resonate with individuals. Users no longer rely solely on search engines or exclusively on social media but instead, move seamlessly between the two to satisfy their information needs IS SOCIAL TAKING OVER SEARCH? Platforms are closely observing the behaviours of Gen Z and swiftly adjusting to meet the preferences of younger users MARKETING BY ALEX IONIDES, MANAGING DIRECTOR, SILX INOVEMBER 2023 CEO MIDDLE EAST 15 MARKETING TikTok is a key player in social search, with more than 50 percent of businesses stating that this dominant platform is the one most likely to grow over the coming years Recognising the significance of so- cial media, search engines are increas- ingly integrating social signals into their algorithms. Social signals, such as the number of likes, shares, and comments a piece of content receives on social media, can impact its rank- ing in search results. This integration acknowledges the interplay between search and social in the modern infor- mation ecosystem. Who is using social search engines? Google reports that 40 percent of indi- viduals aged 18 to 24 use social media platforms as their primary search tool. Meanwhile, Hootsuite notes that 47 per- cent of people aged 25 to 34 use social networks to research brands. When we look at those in the 35 to 44 bracket, the use of social search still remains high at 43 percent. It’s only when we examine those aged 45 to 54 that the percentage drops down to 36 percent. While we’re using the general term ‘social networks’, it seems that TikTok is the key player in social search, with more than 50 percent of businesses stating that this dominant platform is the one most likely to grow over the coming years. The likes of Instagram barely show up in one report about social search. Where does this leave traditional search? While social media searching is on the rise, traditional search engines like Google continue to be essential tools for information discovery. However, these portals are also evolving to adapt to changing user behaviour and preferences. Search engines are incorporating a broader range of content formats beyond traditional text-based results. Users can now directly access videos, images, podcasts, and more from search engine results pages. This shift aligns with the multimedia-rich nature of social media content. Not an either/or situation Even before the advent of AI, the distinction between search and social was not always clear-cut. Users often employ a combination of both when seeking information. For instance, a user might see a news headline on social media and then turn to a search engine to find more in-depth coverage of the topic. If there is a shift, it lies in how users navigate this evolving land- scape. They no longer rely solely on search engines or exclusively on so- cial media but instead, move seam- lessly between the two to satisfy their information needs. As content mar- keters, understanding this dynamic and adapting strategies to cater to both search and social audiences will be crucial in the ever-changing world of digital marketing. If there is a ‘winner’ in this fight over search, it’s likely to be whoever releases the best features, listens to their user base, and understands and adapts to changing behaviours. But it seems a fair bet that given the way we all interact with the internet, users are likely to employ a variety of platforms as they search for what they want. Keeping an eye on the future All platforms are closely observing the behaviours of Gen Z and swiftly adjusting to meet the preferences and requirements of younger users. Google is constantly innovating new search features, and the introduction of generative AI will likely re-draw the map of search and how we currently experience it. $270BN The projected social media ad spending in 2023, according to Statista Search engines are incorporating a broader range of content formats beyond traditional text-based results, says Ionides16 CEO MIDDLE EAST NOVEMBER 2023 he UAE has long been rec- ognised as a global leader in various fields, and now it’s achieving international acclaim in, maybe, an unexpected arena: fitness and well-being. Second year in a row, the UAE ranks among the fittest countries in the world according to Cigna’s Global Well-Being Report. The country received a physical index score of 65.4 compared to a global average of 60. This remarkable achievement reflects the country’s commitment to health and fitness. The year-on-year success of Dubai Fitness Challenge is one such example of how the country takes health and fitness so seriously. This nationwide wave and my per- As the nation and the fi tness industry gears up for Dubai Fitness Challenge 2023, Oweis Zahran, Managing Director of OWS Capital reviews how this business is on the rise across the region THE BUSINESS OF FITNESS IS GROWING RAPIDLY IN THE UAE The UAE’s recognition as one of the fittest countries in the world is a testament to its commitment to health and fitness WELLNESS TNOVEMBER 2023CEOMIDDLE EAST17 WELLNESS Fitness centres and platforms are playing a crucial role in the UAE’s wellness transformation sonal passion for fitness, gyms like our own Platform Fitness are setting new standards for health and wellness. I, for one, am cheering on the UAE’s outstanding efforts to promote physical fitness and general wellbeing. This demonstrates how dedicated the country is to encouraging healthy living among its citizens. One of the reasons for this is that the UAE has an incred- ibly high rate of participation in physi- cal activities, such as regular workout regimens, sports, and outdoor pursuits. This high level of physical exercise not only reflects the nation’s overall commitment to health but also paves the way for new and upgraded busi- nesses in the fitness industry to set up shop here. From the latest fitness equipment to tech and gear, there has been a massive expansion of brands and products that have entered the market. There are numerous fitness centres in the UAE that can accom- modate people of all fitness levels and hobbies. Therefore, residents can more easily incorporate fitness into their regular routines thanks to these cutting-edge facilities. It’s not only high-tech gyms, the overall well-being has also been in focus as well. Along with encouraging physical fitness, the UAE has made notable progress in improving nutri- tional understanding through various initiatives. As a result, the overall health of the country has benefited from initiatives and education about healthier dietary options. Fitness centres play a key role While the UAE as a whole is making tremendous progress in the fitness arena, individual fitness centres and platforms are also playing a crucial role in this transformation. Platform Fitness is one such example of a ho- listic fitness facility that’s leading the way in promoting health and wellness within the UAE. Offering a variety of training programmes that are appro- priate for people of all ages and fitness munities with personalised training routines and knowledgeable coach- ing. Gone are the days when you’d be searching for the right trainer to suit your needs – someone who has the credentials and is the most up-to-date knowledge. Today, the UAE has some top-class fitness instructors and their assistance guarantees that individuals reach their fitness goals in a secure and efficient manner. With cycling tracks around the city and running courses on the beaches, the country has also pro- vided infrastructure support to com- munities to pursue their fitness goals. Commitment to health and fitness The UAE’s recognition as one of the fittest countries in the world is a testa- ment to its commitment to health and fitness. The business of fitness has also seen a significant growth and a complete eco-system has developed over the last decade and more. Fitness centres like Platform Fitness contribute significantly to this progress by offering compre- hensive fitness solutions that empower individuals to prioritise their well-being. As the UAE continues to prioritise fitness and wellness, it is well on its way to becoming a global leader not only in business and innovation but also in health and well-being. levels, which sets us apart from the competition. Members can select the programmes that best fit their tastes and goals, from yoga to high-intensity interval training (HIIT) with fitness tech to support an individual’s journey to a healthier and fitter lifestyle. We’ve also seen a steady growth of personal trainers and nutritional experts who help individuals and com- $600M The estimated value of the UAE fitness industry by 2025, according to a report by Ken Research Zahran says there are numerous fitness centres in the UAE that can accommodate people of all fitness levels and hobbies18 CEO MIDDLE EAST NOVEMBER 2023 hroughout the history of busi- ness, the “customer is always right” has been the mantra of managers at every level. Everyone is looking for every advantage they can get in the battle for customers’ attention and their subsequent loyalty. This crowded marketplace has ensured that customers are now spoiled for choice – fail to meet their expectations and they’ll instantly set on the lookout for a provider that can deliver faster, better, or cheaper. How do business leaders cope with such expectations and how do they train employees to integrate demanding new consumer expectations into their daily thinking? By remembering that human customers want the human touch. Employees need the support of the business to tear down the barriers between themselves and the customer. Unfortunately, today we see customer- oriented training supplanted by the use of customer-oriented buzzwords like “experience” and “centricity”. Almost as an afterthought, customer centricity is relegated to the realms of advertising or mission statements. Meanwhile, training budgets concentrate on developing tech- nical skills and product knowledge. It is as if businesses have forgotten the widely known profile of the modern consumer and their expectations regarding service – 24-7, multichannel, flexible, and per- sonalised. But since it would be impracti- cal to design CX training programmes from scratch, try integrating the following practices into your existing ones. 1. Vet your people on CX before onboarding If you think you can train just about anyone in CX, think again. Some can- didates’ mindsets will not be attuned to your vision for customer centricity, and no amount of training can remedy this. To ensure the employee fits the role and the culture they will inhabit, ask open questions such as getting the candidate to give examples of challenging customer scenarios they have encountered in their past jobs. Employees need the support of the business to tear down the barriers between themselves and the customer but training has yet to keep up FIVE TIPS TO MAKE CUSTOMER CENTRICITY PART OF YOUR CORPORATE CULTURE Everyone is looking for every advantage they can get in the battle for customers’ attention and loyalty, says Kapoor LEADERSHIP BY VIBHU KAPOOR , REGIONAL VICE PRESIDENT – MIDDLE EAST, AFRICA AND INDIA AT EPICOR TAN ITP MEDIA GROUP EVENT Celebrating the titans of industry in the Middle East WEDNESDAY 13 TH DECEMBER JUMEIRAH MINA A’SALAM, DUBAI, UAE Scan to visit website FOR PARTNERSHIP AND FURTHER DETAILS CONTACT ANDY SULAHIAN GROUP COMMERCIAL DIRECTOR Tel: +971 4 444 3597 | GSM: +971 52 384 6238 | Email: andy.sulahian@itp.com SAMIR GLOR SALES MANAGER Tel: +971 4 444 3320 | GSM: +971 58 824 6859 | Email: samir.glor@itp.comNext >