< Previous30 CEO MIDDLE EAST NOVEMBER 2023 ne of the most significant trends in the Middle East is the wave of innovation and entrepreneurship sweeping across the region, primarily driven by a youthful and dynamic population. This change is a reaction to a global shift towards the digital age and an increased diversification of the regional economy. Capitalising on youth potential With a significant percentage of the The key to transformative change lies in building a fertile environment for the next generation of innovators INVESTING IN THE NEXT GENERATION Governments, educational institutions, and the private sector must collaborate to establish a robust foundation of knowledge and expertise that can stimulate entrepreneurship and attract investments STARTUP BY MUFAZZAL KAJIJI , CEO OF ZURICH INTERNATIONAL LIFE IN THE MIDDLE EAST ONOVEMBER 2023 CEO MIDDLE EAST 31 STARTUP The UAE is actively supporting the growth of startups in the region population under the age of 25, and according to the International La- bour Organisation (ILO), the Middle East has one of the youngest popula- tions on a global scale, representing an extraordinary opportunity for economic expansion and develop- ment. This young demographic, tech savvy and brimming with fresh and innovative ideas, is set to become the cornerstone of the region’s future progress. However, to fully harness their po- tential, investing in their education, cultivating their skills and promoting their overall wellbeing is crucial. Governments, educational institu- tions, and the private sector must collaborate to establish a robust foun- dation of knowledge and expertise that can stimulate entrepreneurship and attract investments. Fostering a culture of entrepreneurial education Creating a thriving startup ecosystem requires a sharp focus towards culti- vating entrepreneurial education from an early age. A prime example is UAE’s Na- tional Strategy for Higher Education 2030 which aims to equip future generations with the skills they need to contribute to the economy in both public and private sectors. It also seeks to develop a generation of Emirati professionals who can support the growth of critical sectors such as knowledge, economy and entrepreneurship. The other example is Saudi Ara- bia’s Vision 2030 initiative, which aims to stimulate a startup culture by integrating entrepreneurial edu- cation into school curriculums and higher education. This entrepreneurial instruction, supplemented with access to special- ised training programmes, will equip the upcoming generation with the necessary tools and mindset to build and scale their ventures. East Venture Partners (MEVP), one of the region’s most prominent venture capital firms, illustrates how private entities can invest in early- stage companies, providing much- needed startup funding. Promoting the role of incubators and accelerators Incubators and accelerators are vital components of a flourishing startup ecosystem. Such entities provide startups with mentorship, resources, networking opportunities, and office spaces, enabling them to grow and prosper. Notable examples are the DIFC Innovation Hub and Flat6Labs in Abu Dhabi, which actively support the growth of startups in the region. To promote innovation across a diverse range of industries, governments and private sector players can collaborate to establish more such platforms. Advocating regulatory reforms and cross-border collaboration Creating a supportive regulatory environment is essential for foster- ing innovation and entrepreneurship. Outdated and complex regulations can inhibit the growth of startups and discourage investment. DIFC has launched several initiatives to sim- plify startup regulatory procedures and enhance cross-border collabora- tion (DIFC Fintech Hive). Streamlining processes, curtailing bureaucratic red tape, and implement- ing pro-innovation policies can catalyse a dynamic startup ecosystem that at- tracts local and international players. Investing in the next generation and supporting startups in the Middle East is more than just an economic impera- tive; it is a strategic move to secure the region’s future. By nurturing talent, ensuring access to funding, fostering a culture of entrepreneurship, and implementing supportive policies, the Middle East can become a global hub for innovation and technological advancement. Ensuring access to funding and capital Entrepreneurs cite a need for more access to funding as a significant impediment for Middle Eastern startups. Creating an enabling environment that draws domestic and foreign investments is crucial. Government policies can stimulate venture capitalists and angel inves- tors by offering tax incentives and streamlined regulations. The Middle 95% The estimated percentage of startup companies and SMEs in all enterprises in the UAE Kajiji says creating a supportive regulatory environment is essential for fostering innovation and entrepreneurship32 CEO MIDDLE EAST NOVEMBER 2023 he United Nations estimates that about one-third of all food produced for human consumption is lost or wasted every year. This amounts to about 1.3 billion tons of food, enough to feed 2 bil- lion people. The potato peels, apple cores, and bread crusts are a wasted resource and offer fantastic potential to enhance sustainability. COP28’s day of Food, Agriculture and Water offers the perfect opportunity to redefine how we deal with unwanted food. Food waste has a profoundly nega- tive impact on our environment, finite natural resources, and even our eco- nomic well-being. Before landing in our trash bins, those discarded potato peels have a backstory. They were grown on a farm, using water, fertiliser, and land. They were harvested, packaged, and transported – all consuming energy. When food waste is sent to landfills, it decomposes anaerobically, producing methane – a greenhouse gas far more potent than carbon dioxide. If global food waste were a country, it would be the third-largest emitter of green- house gases after China and the United States, according to the UN Environ- ment Programme. When food peelings are discarded, it contributes to this alarming problem. People overlook the potential to reduce the demand for new agricultural production and the associ- ated environmental costs. One innovative frontier in the battle against food waste is the bioconversion of food waste into bioethanol, a renew- able and eco-friendly fuel capable of changing the energy industry. Accord- ing to a recent study, very impressive yields of bioethanol were achieved, al- most up to 95 percent of the theoretical maximum in value accomplished with minimal energy input and an impres- sively low ecological footprint. Wasted resources The economic implications of food waste are equally staggering. Wasted food means wasted money – for con- Food waste has a profoundly negative impact on our environment, fi nite natural resources, and even our economic well-being, writes Helen Onyeaka, Associate Professor at the School of Chemical Engineering at the University of Birmingham COP28 MUST ADDRESS THE SUSTAINABLE USE OF ALL FOOD Valuing every bit of food can be our contribution to the circular economy, says Onyeaka SUSTAINABILITY TOCTOBER 2023 CEO MIDDLE EAST 33 SUSTAINABILITY One innovative frontier in the battle against food waste is the bioconversion of food waste into bioethanol sumers, retailers, and the entire supply chain. The monetary value of one third of food wasted globally was estimated by the UN’s Food and Agriculture Organisation to be about $936bn. In an era of rising food prices and economic uncertainty for many families, ensur- ing every edible morsel is used can also translate to significant savings. Furthermore, agricultural produc- tion wastes resources, including water, fertiliser, and labour. This, in turn increases production costs and food prices. Businesses in the retail and food industry also suffer losses as unsold or discarded food translates into lost revenue. Along the supply chain, food waste generates additional costs related to transportation, storage, and disposal. Food waste is also fundamentally unjust when you consider about 10 percent of the global population is un- dernourished, according to UN figures. But in the problem, lies the po- tential. If approached with innovation and commitment, our food waste can be transformed into a treasure trove of opportunities. We can turn organic waste into nutrient-rich compost which can rejuvenate soils, reducing the need for chemical fertilisers and promoting ing, and powering vehicles. Many food scraps unsuitable for human consump- tion can be processed into nutritious animal feed, reducing the reliance on resource-intensive grains. Harnessing food waste Innovation is key. Businesses are har- nessing food waste to produce every- thing from sustainable packaging to edible spoons. By integrating waste into product life cycles, we edge closer to a circular economy that values resources and eliminates the concept of ‘waste’. The culinary world also has a role to play as it utilises overlooked ingre- dients such as ‘ugly’ fruit and would- be-wasted items that restaurants are crafting gourmet dishes from. It’s time to recognise the potential in our kitchens, rethink our wasteful hab- its, and act on this knowledge. Maybe we shouldn’t label it as “waste” but “edible excess.” Valuing every bit of food can be our contribution to the circular economy by turning peelings into potential and scraps into sustainability. Let us transform our kitchens into laboratories of sustainability, where food peelings become opportunities for creativity, conservation, and change. healthy plant growth. Localised com- posting initiatives can support urban gardening and agriculture, fostering community resilience and food security. Decomposing food waste can be used as a source of methane for biogas, which is a sustainable energy source that can be used for cooking, heat- “LET’S TRANSFORM OUR KITCHENS INTO LABORATORIES OF SUSTAINABILITY, WHERE FOOD PEELINGS BECOME OPPORTUNITIES FOR CREATIVITY, CONSERVATION, AND CHANGE” $936BN The value of food wasted globally, according to the UN’s Food and Agriculture Organisation Food waste is fundamentally unjust when 10 percent of the global population is undernourished 34 CEO MIDDLE EAST NOVEMBER 2023 s we approach the end of the year, there is more than one factor that could lead to a re- cession, spanning from the raging of the geopolitical tensions which strongly dent on the ability of policy makers to focus on the economy and found adequate resources to support expansive policies, to the disruption of supply and distribu- tion chains, to the inflation and raising cost of basic goods that, while showing sign of slowing down, are still at a level putting a great amount of pressure espe- cially on the low income households. Analysts have pointed out at a number of red flags: Sluggish growth in major economies, high inflation rates in some regions, disruptions in global sup- ply chains, and increased debt levels of countries. The cumulative effect of these factors could potentially tilt the balance towards a recessionary phase. However, forecasting economic cycles, especially on a global scale, remains a complex en- deavour with multiple variables in play. Therefore, investors, novice and seasoned alike, need to assess and act to build and manage an investment portfo- lio capable to perform while keeping risk under control during times of unpredict- able markets. In such a context, we should get hold on some time-tested tips and cautions and blend them with the opportunities arising from the extra income which was hopefully generated during the previ- ous years of economic expansion and a decade long bull market and the advent of new technologies. The first element to look at is diver- sification: The adage “Don’t put all your eggs in one basket”, as old-fashioned as it might seem, still holds especially true in uncertain times. Diversifying investments across various asset classes, sectors, and geographies can provide a buffer against significant losses. The critical factor in diversifying an investment portfolio is carefully determine the correlation between the components of the portfolio. A portfo- lio characterised by a high correlation If markets get truly turbulent and volatility raises to alarming levels, investors need to prioritise quality, focusing on assets with strong fundamentals AS THE CONCLUSION OF 2023 APPROACHES, DOES THE POSSIBILITY OF A GLOBAL RECESSION PERSIST? Staying liquid allows investors to take advantage of the opportunities that economic uncertainties can present, d’Ambrosio believes ECONOMY BY ROBERTO D’AMBROSIO, CEO, AXIORY GLOBAL ANOVEMBER 2023 CEO MIDDLE EAST 35 ECONOMY Keeping abreast of global economic indicators, industry trends, and geopolitical events can offer insights into potential market shifts between its components, no matter what the number of these components is, is not truly diversified. This starts to be an approach that needs specific knowledge and expertise. Complex portfolios and income struc- tures need specific care and seeking help from a trusted and experienced advisor is highly advisable. If markets get truly turbulent and volatility raises to alarming levels, inves- tors need to prioritise quality, focusing on assets with strong fundamentals. Blue-chip stocks, reputable bonds, and sectors that demonstrate resilience during economic downturns should be key considerations. This is a moment in which risk is high, but we should approach risk as both a threat and an opportunity. Therefore, in such market conditions, being more active and ready to redistribute the investments is key to improve returns and keep risk in check. Of course, this active attitude should be reserved only to a part of the portfolio, the size of which will depend on each investor’s peculiar risk appe- tite and tolerance that will need to be precisely determined before embarking in the investment process. For the rest of the portfolio, especially during uncertain times, a long-term perspective should be adopted: Volatility is an intrinsic part of financial markets. Instead of reacting impulsively to short-term fluctuations, adopt a long-term perspective. Staying liquid allows investors to take advantage of the opportunities that economic uncertainties can present. Very attractive investment opportunities can arise from an excess of fear. Main- taining liquidity ensures that investors can capitalise on these prospects, at the same time acting as a safety net, allow- ing the coverage of both essential and sudden expenses without liquidating assets at inopportune moments. As market conditions change, re- balancing the portfolio is key to achieve the maximum possible efficiency in term of risk/returns performance. Portfolios’ asset allocation can drift from their The more turbulent the situation, the louder the “noise”. Such times are characterised by a strong information overload, and the risk is to be derailed in the investment decision or remain inac- tive given the contradicting information we might be exposed to. It is therefore crucial to discern between genuine insight and noise, by relying on trusted sources and expert opinions. Turbulent times, as said, are charac- terised by high volatility and the change in value of even the most conservative assets can be way off their average. In such situations, beware of the leverage of the portfolio. While borrowing to invest (leverage) can amplify returns, it also escalates risks, especially in a declining market. The higher the volatility is, the lower the leverage must be. Lastly, as volatility increases, your true risk tolerance will unveil itself. While during “normal” conditions a certain level of risk looks tolerable, as the volatil- ity amplifies the return swings. Investors will be forced to test if such level of vari- ability is tolerable for them. This is a very important factor as operating beyond the risk tolerance will increase the psycho- logical pressure on the investor and lead to unwise decisions driven by anxiety and fear. Therefore, during uncertain times, it’s beneficial to revisit and assess the risk tolerance and investors should ensure that their investments reflect their cur- rent comfort level with risk. targets and therefore regularly rebalanc- ing its components ensures that the investments align with the investor’s risk tolerance and financial objectives. Of course, staying informed is very important during time of changes, and will equip investors with essential knowledge to base their investment decisions on. Keeping abreast of global economic indicators, industry trends, and geopolitical events can offer insights into potential market shifts. In doing all of the above, there are a few pitfalls that investors must be aware of and avoid. Avoid Emotional Decisions: The fear of missing out (FOMO) or panic-driven choices can be detrimental. Investment decisions should be based on research, analysis, and long-term goals rather than emotions. This is easier to say than to actually do, even for seasoned and experienced investors. Besides self-dis- cipline, here again the guide of a profes- sional advisor might be very helpful. 3% The global economic growth in 2024, according to projections by the IMF36 CEO MIDDLE EAST NOVEMBER 2023 t is predicted that in the future, due to stem cell therapy, incurable diseases will become curable, degenerative diseases corrected and autoimmune diseases treated. Today, with their life-saving capabilities, stem cell banks are poised to become a main- stream after-birth procedure. The power of stem cells: A pre- cursor to regenerative medicine Stem cells are undifferentiated cells with the extraordinary ability to develop into various cell types within the hu- man body. This unique characteristic makes them a cornerstone of regenera- tive medicine. They hold the promise of treating a vast array of medical condi- tions and diseases such as Parkinson’s, Alzheimer’s and certain types of cancer. The potential applications span across organ transplantation, tissue regenera- tion, and even the potential for creative patient-specific therapies to combat genetic disorders. Why stem cell storage matters The body already hosts functioning stem cells that help your body repair. In fact, so often is your body healing itself that leading scientist Dr. Kristen Comella as- serts that if you didn’t have stem cells you would only live around an hour. Stem cell storage is the practice of preserving these remarkable cells when they are most potent, usually post-birth, and painlessly removed from the placenta or umbilical cord. Experts believe the cord blood and placenta contain up to ten times the amount of stem cells as the bone marrow. Known as the body’s master cells, these stem cells can then be used to regenerate organ tissue, blood or heal the immune system. Just as egg-freez- ing has empowered women to preserve fertility, stem cell storage empowers individuals to safeguard their health by preserving their biological resources. For example, cord blood stem cells are used today as standard therapy for more than 85 conditions, including Stem cells are extraordinary, and hold the potential to treat a vast array of medical conditions and diseases ADVANCING MEDICINE AND LONGEVITY: THE LIFE-SAVING ROLE OF STEM CELL BANKS Stem cell storage will grow significantly in upcoming years, Al Ahmad believes HEALTHCARE BY AHMAD AL AHMAD, FOUNDER OF CORD BLOOD BANK UAE AND FUTURE HEALTH BIOBANK GCC INOVEMBER 2023 CEO MIDDLE EAST 37 HEALTHCARE The potential applications of stem cells span across organ transplantation, tissue regeneration, and even the potential for creative patient-specific therapies to combat genetic disorders leukaemia, anaemia and bone marrow cancers. There are currently more than 8,100,000 cord blood units stored pri- vately and more than 4,000 cord blood transplants are performed annually. I believe stem cell storage will grow significantly in upcoming years as it provides a unique opportunity for personalised healthcare as the stem cells can be used to develop personalised treatments, tailored to an individual’s genetic makeup. In fact, as the level of precision medicine greatly enhances the efficacy of treatments and reduces the risk of complications, it is predicted that as many as one in three people will benefit from stem cell based regenerative therapies. Stem cell storage can also future- proof against diseases as preserving stem cells from birth allows individu- als to mitigate the impact of future illnesses. Unlike organ transplantation, which often requires donor-recipient compatibility, stem cells stored in an individual’s own body eliminate the risk of rejection and reduces the need for immunosuppressive drugs. Stem cell storage also acceler- ates medical research as the stem The path forward Despite the immense potential of stem cell storage, there are challenges that must be addressed. Chief among these is public awareness. Just as new techno- logical advancements such as IVF once faced scepticism and misinformation, stem cell storage requires effective education to foster understanding and acceptance. Importantly, stem cells mitigate ethical concerns as they can be ethically sourced from umbilical cords, placental tissue and even adult tissues. It is clear that stem cell banks hold the key to a future where regenerative medicine is the norm. By preserving these life-saving cells, individuals can take charge of their health and extend their life. For example, I have seen how stem cells can reverse the inflamma- tion in the brain of a child with autism, reintegrating the child into a healthy normal life, or can allow someone with an autoimmune disease to reset their system at the root cause, limiting their exposure to dangerous drugs. Ultimately, stem cell storage deserves to be fervently embraced, propelling us into an era of personalised medicine and unprecedented healthcare possibilities. cell banks provide researchers with a valuable resource for advancing our understanding of various diseases and testing new treatments, which cataly- ses the development of novel therapies for countless medical conditions. $23.89BN The projected worth of the worldwide stem cell manufacturing market by 2030, according to a report by Business Market Insights “STEM CELL BANKS HOLD THE KEY TO A FUTURE WHERE REGENERATIVE MEDICINE IS THE NORM”38 CEO MIDDLE EAST NOVEMBER 2023 he role of diversity, equity, and inclusion cannot be overstated in today’s dynamic healthcare landscape. As the Middle East and Africa emerge as cultural and economic focal points globally, it’s important for the healthcare industry to mirror the diversity of the populations it serves. This ensures that organisations create systems that foster the best possible patient outcomes, and that important cultural nuances are considered in decision-making processes. Diversity stands as a formidable catalyst for innovation and the seamless transfer of knowledge. In a sector where scientific breakthroughs are paramount for enhancing patient outcomes and tackling complex challenges, companies must wholeheartedly embrace inclusion across every level of their organisation. This commitment is not just about rhet- oric; it’s a strategic imperative to foster a healthcare landscape that resonates with the diverse needs of its increasingly global community. Diversity helps build patient trust and enhance patient outcomes A diverse healthcare workforce not only enhances the sector’s ability to connect with a wide range of patient populations but also plays a crucial role in build- ing trust and facilitating more effective healthcare interactions. As the region becomes more globalised, the diversity in nationality, race, and ethnicity is also increasing in each country. It calls for diversity in healthcare providers to reflect the diversifying patient population. Studies suggest that doctors who cared for patients of the same race were far more likely to score higher in patient satisfaction. When patients see health- care professionals who share their cul- tural and linguistic backgrounds, it can help build trust which is central to the patient-physician relationship. It helps patients adhere to medical advice or be more transparent about their medical conditions. Beyond healthcare provid- ers, when researchers and scientists Diversity stands as a formidable catalyst for innovation and the seamless transfer of knowledge HOW DIVERSITY, EQUITY, AND INCLUSION IMPROVE PATIENT OUTCOMES AND FOSTERS INNOVATION IN HEALTHCARE It’s important for healthcare leaders to take diversity, equity, and inclusion seriously, says van der Loo HEALTHCARE BY PATRICK VAN DER LOO, MERA REGIONAL PRESIDENT, PFIZER TNOVEMBER 2023 CEO MIDDLE EAST 39 HEALTHCARE Companies must wholeheartedly embrace inclusion across every level of their organisation in pharmaceutical companies have an understanding of their society’s cultural nuances, they can tailor their work to ad- dress the specific needs and preferences of patients in ways that are both effective and culturally respectful. For instance, in clinical trials, race, ethnicity, age, and sex can all impact how different people respond to the same medicine or vaccine. This is why diversity among clinical trial participants is so important. The more diverse a group of clinical trial participants, the more we can learn about the safety and efficacy of a potential medicine or vaccine for people who have characteristics like those of the participants. Equal access to opportunities ensures that diverse opinions are heard at decision making processes Institutionalising diversity in health- care can only be done by implementing initiatives that foster equal access to educational and professional oppor- tunities in healthcare. This ensures a continuous influx of talent from diverse backgrounds, enriching the sector with a myriad of perspectives and skills. At Pfizer, we have embraced this ethos through the Leadership Program for Aspiring Future Talent (LAFTA), a dedicated programme aimed at nurtur- decisions are not made in isolation but are, instead, informed by the nuanced needs and preferences of the communi- ties we serve. Female leaders in healthcare bring important cultural nuances unique to the region Likewise, as governments in the Middle East and Africa place an increasing em- phasis on gender equity, the healthcare sector faces a pivotal moment to address challenges related to women’s health while acknowledging and respecting cul- tural nuances. In our region, women play pivotal roles within families, and recog- nising and understanding this dynamic is key to shaping more inclusive healthcare policies and practices. By having more women in decision- making roles, they can bring their unique perspectives that go beyond generic approaches. This includes addressing not only biological health but also cultural factors that influence women’s overall well-being, such as social norms, family dynamics, and community expectations. They can also champion perspectives that have not always been considered among healthcare leaders, which is important in bridging health equity gaps that are more prominent in this region compared to the rest of the world. As healthcare challenges become more complex every day, it is more important than ever to listen to every voice to find solutions. While we are equipped with an array of tools capable of fostering a more inclusive workplace today, we must recognise that the true architects of an inclusive culture are the people themselves. It’s important for healthcare leaders to take diversity, equity, and inclusion seriously: it is not just about leveraging tools but about fostering a mindset and commitment among our employees. It’s critical to create an environment where every voice is not only heard but valued in the pursuit of innovative and compre- hensive solutions for patients, no matter their background. ing future leaders from all backgrounds with the objective of giving guidance and development in different areas such as leadership and a closer dive into our values. Different approaches that sup- port improved employee engagement are of the highest priority. This initiative not only ensures that our workforce is repre- sentative of our society but also equips our team members with the resources needed to infuse their unique perspec- tives into our scientific breakthroughs. Especially in our region, creating platforms for diverse voices within the in- dustry is a powerful means of addressing existing inequities in healthcare access. The scientific field has historically been dominated by one demographic, but by creating space for people from different backgrounds, we enable everyone’s voices to be considered and heard at every stage of decision-making. This ensures that 50.8% The labour force participation rate in the Arab states in 2024, according to projections by the International Labour Organisation (ILO)Next >