TELECOMS SUPPLEMENT 16-30 NOVEMBER 2023 PARTNERS IN PROGRESS Faisal Alatig, CEO of channels by stc, on why the group is the first partner of choice by major companies in the regionHONOURING GREATNESS Thursday 25 th January 2024 Atlantis the Royal, Dubai, UAE SALES ENQUIRIES Andy Sulahian Group Commercial Director Tel: +971 4 444 3597 GSM: +971 52 384 6238 E-mail: andy.sulahian@itp.com EVENT ENQUIRIES Daniel Fewtrell Director of Awards & Marketing Tel: +971 4 444 3684 GSM: +971 50 276 5706 E-mail: daniel.fewtrell@itp.com Scan to visit website ACHIEVEMENT AWARDS 2024 Real Estate Partner CONTENTS 16-30 NOVEMBER 2023 CEO MIDDLE EAST TELECOMS SUPPLEMENT 3 TELECOMS SUPPLEMENT # 16-30 NOVEMBER 2023 06 EDITOR’S LETTER 08 TOURISM Saudi Arabia has set its sights on becoming a major player in the global tourism industry over the next ten years 10 ECONOMY Saudi Arabia is making huge strides in building out its 5G infrastructure with the goal of becoming a global leader in digital transformation 16 ECONOMY The telecom industry in Saudi Arabia has made significant investments in expanding its infrastructure, laying the foundation for a robust digital ecosystem 08 1016CONTENTS 4 CEO MIDDLE EAST TELECOMS SUPPLEMENT 16-30 NOVEMBER 2023 18 COU NTRY REPORT The implementation of Saudi Arabia's National Investment Strategy (NIS) with continued structural reforms would foster competitiveness and enhance productivity 18 As the CEO of channels by stc, the sales and distribution arm of stc Group, Faisal Alatig is playing a key role in the kingdom’s vision for the future COVER STORY 1216-30 NOVEMBER 2023CEOMIDDLE EAST TELECOMS SUPPLEMENT5 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 NOVEMBER 2023 # 198 Arnaud Leclercq, Partner and Head of New Markets at Lombard Odier and Amer Malik, Head of Middle East International at the Swiss private bank, reveal the firm’s Middle East expansion plans CENTURIES IN THE MAKING UAEAED 20 KSASAR 20 BAHRAINBHD 2 KUWAITKWD 2 OMANOMR 2 QATAR QAR 20 OCTOBER 2OCTOBER 202323 #### 19719797197 KUWAITKWD 2 OMANOMR 2 QATAR QAR 20 Shaji UShaji Ul Mulk,l Mulk,ChairmChairmairmman, an, an,an, Mulk InMulk Iternatiernational sonal sits downs downownto to to discussdiscuhis johisjurney aurney s a leaa leader, der,er,der, entrepreneur aneur and visidvonaryona IIINNNNDDDDDUUUUSSSSSTTTTTRRRRRYYYY TTTTIIIITTTTAAAAANNNN The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. 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CEO ALI AKAWI CFO TOBY JAY SPENCER-DAVIES MANAGING DIRECTOR ALEXREEVE DEPUTY MANAGING DIRECTOR ANIL BHOYRUL EDITORIAL MANAGING EDITOR MATTHEW AMLÔT matthew.amlot@itp.com SUB EDITOR EDWARDLIAMZON SENIOR DESIGN MANAGER GERIBATARASONNY DESIGNER MOHAMMED IRQSOSY ADVERTISING GROUP COMMERICAL DIRECTOR ANDY SULAHIAN +971 4 444 3597 andy.sulahian@itp.com SENIOR COMMERCIAL MANAGER SAMIR GLOR + 971 4 444 3320 samir.glor@itp.com SENIOR COMMERCIAL MANAGER NEHASIKRI + 971 4 444 3353 neha.sikri@itp.com COMMERCIALMANAGER PALLAVI CHOUDHARARYY + 971 4 444 3353599 pallavi.choudharryy@i@itp.p.coomm PO BOX 500024, DUBAI, UAE +971 4 4 44 3000 OFFICES IN ABU DHABI, DUBAI, LONDON, MUMBAI, RIYADH & GENEVA 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 DISTRIBUTION 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. MEDIAEDITOR’S LETTER 6 CEO MIDDLE EAST TELECOMS SUPPLEMENT 16-30 NOVEMBER 2023 Preparing for the future prompts success in the present already established two thriving attractions in Dubai and Riyadh, attracting hundreds of thousands of visitors through social experiences that bridge the physical and virtual. As the next generation of consumers expect digital engagement across all aspects of life, companies like HyperSpace point to new frontiers for branded entertainment. Elsewhere in these pages we delve into some of the less travelled paths toward expansion. Our startup feature profiles the opportunities emerging beyond traditional venture capital strongholds, from African fintech on the verge of mainstream adoption to underserved populations gaining access to services long enjoyed in the developed world. Global problems demand local solutions, and with attention comes investment - a win-win for innovators and investors alike. Speaking of viability over generations, our family business feature analyses the complex dynamics of multigenerational ownership. Succession challenges have toppled many regional conglomerates, but some secrets are emerging from those developing longevity. Intentional planning, governance restructuring and aligning legacy with future aspirations can help families balance tradition with transformation. With family-ties at the heart of the regional economy, these insights are particularly pertinent. Elsewhere, we consider wellbeing - that most fundamental ingredient for empowering individuals to thrive personally and professionally. As entrepreneurs and employees alike push boundaries in pursuit of progress, burnout has become a serious risk to be mitigated, not ignored. Our focus spotlights proactive measures like wellness programmes, flexible hours and a culture that values work-life integration. Healthy and happy employees are the lifeblood of any business. Finally, no discussion of the region’s economic drivers would be complete without reflecting on its world-leading telecommunications sector. In a special supplement, we delve into the landscape and leadership of Saudi Arabia’s digitally-enabled Vision 2030. Home to Visionary initiatives like the Digital Authority and Neom, the Kingdom is pioneering smart infrastructure build-out and positioning itself at the forefront of 6G innovation. We explore its strategy and uncover perspectives across operators, vendors, regulators and startups. 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 GRAPPLING WITH GLOBAL GROWTH A s we come to the close of another year of global uncertainty and regional opportunities, this issue of CEO Middle East set out to capture some of the prevailing themes shaping business and investment landscapes around the world. From tackling sustainability to navigating family succession, our aim was to speak to the core challenges organisations face as they seek to build sustainable models for growth. Our cover story explores one such growth opportunity through HyperSpace, the entertainment startup redefining location-based experiences through immersive digital worlds. Founded just over a year ago, HyperSpace has atlas by Etihad Airways, home to award-winning content and read by over 1.3 million engaged readers a month Michael Underdown Commercial Director michael.underdown@itp.com +971 50 396 2115 +971 4 444 3566 To elevate your brand and connect with Etihad Airways’ passengers, contact: November 2023 | ATLAS BY ETIHAD | 3332 | ATLAS BY ETIHAD | November 2023 10.1632° N, 76.6413° E10.1632° N, 76.6413° E he image of palm-lined beaches and verdant rolling grasslands sloping towards the Arabian Sea is seared into my mind after a four-hour flight with Etihad Airways into Cochin International Airport, situated in the Indian state of Kerala. As we descend, I peer out of the window to the scene beneath and I’m filled with anticipation to discover a land I’ve already heard so much about. Away from the busy streets of Mumbai and crowded Delhi, Kerala offers a more laidback atmosphere, but one that is every bit as memorable. It’s known as God’s Own Country, thanks to its vast emerald valleys and lush landscapes. The term has a mythological origin, too, tied to the belief that Parashurama, a manifestation of Lord Vishnu, a principal deity in Hinduism, threw his axe into the sea to create a home in which his followers could live peacefully. If ever a story epitomises a place, it’s this one: Kerala, born at the hands of a God for the purpose of people living in harmony. Kerala is world-famous for its houseboats that plough the glistening backwaters, a labyrinthine 900-kilometre network of brackish canals, lakes Beaches Backwaters & Kerala, India’s tropical coastal jewel, has much to offer curious travellers By Francesca Kirby November 2023 | ATLAS BY ETIHAD | 2524 | ATLAS BY ETIHAD | November 2023 suitcase Smooth skin The Barbiere multi-action face cream for men from Acqua Di Parma combines moisturing, smoothing, and revitalising properties to combat exposure to blue light from digital screens and environmental elements. It also comes in eco-friendly packaging ($120, acquadiparma.com). Wild ocean Enriched with almond, hazelnut, and prickly pear oils, this Wildocean beard oil is designed for medium to long facial hair that needs softening ($21, beautyethic.com). 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Groom yourself Men, look your best with this selection of personal care products suitcase The stylish way to travel THIS PAGE: ACQUA DI PARMA; OPPOSITE PAGE: RITUALS; ACQUA DI PARMA; APA BEAUTY; BEAUTY ETHIC 7.8804° N, 98.3923° E7.8804° N, 98.3923° E 2023 ﺮﺒﻤﻓﻮﻧ | ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻦﻣ ﺲﻠﻃأ | 2627 | ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻦﻣ ﺲﻠﻃأ | 2023 ﺮﺒﻤﻓﻮﻧ ﺔﻀﺑﺎﻨﻟا ﺔﻨﻳﺪﻤﻟا هﺬﻫ ﻒﺸﺘﻛا لﺎﻣﺮﻟاو ﺲﻤﺸﻟا ﺮﻴﺛأ ﻰﻠﻋ ةﺎﻴﺤﻟﺎﺑ ناﺮﻴﻄﻠﻟ دﺎﺤﺗﻻا ﻊﻣ ﺔﻨﻴﻜﺴﻟاو ﺰﻧارﺎﻤﻟو ﻦﻴﻟ ﺖﻴﻛ ΙήΘϟΔϗήϋϦϴΑΎϣϊϤΠΗϲΘϟϥΎϣΪϧήΤΑΓΆϟΆϟˬΖϴϛϮΑ ϦπΘΤΗΚϴΣˬΔϘϠτϤϟήμόϟΔϴϫΎϓέϭˬϲϨϐϟϱΪϨϠϳΎΘϟ ϳΰϳϦϣέΎψΘϧΎΑΓΪϳήϔϟΏέΎΠΘϟϦϣΔϋϮϨΘϣΔϋϮϤΠϣΖϴϛϮΑ ˬΔϤΣΩΰϤϟΎϬϗϮγϰΘΣήϜΒϟΎϬΌσϮηϦϣ ˱ ˯ΪΑˬΎϬϨϋέΎΘδϟ ϩάϫϲϓΎϨϘϓέΔΒΧΎμϟΔϴϠϴϠϟΎϬΗΎϴΣϰϟ·ΔΩΎϬϟΎϫΪΑΎόϣϦϣϭ ίϮϨϛϭέήγϰϠϋϑήόΘΗϲϛΔϋΎγ 72 έΪϣϰϠϋΔϟϮΠϟ ΔϴϮΘγϻΔϨΠϟϩάϫ ﺦﻳرﺎﺘﻟا ﻖﺒﻌﺑ ﺔﻗرﺎﻏ ﺔﻨﻳﺪﻣ ˬ˱ΔϴΒόηΎϫήΜϛϭΖϴϛϮΑΪΑΎόϣήΒϛΪΣˬ³ώϧϮϟΎθΗΕϭ´ ˱ΎΣΎΑλ ΔϋϮϤΠϣϰϠϋϭˬΫϮΑϦϣΕΎϓέϰϠϋήϴΒϜϟΪΒόϤϟάϫϱϮΘΤϳ ϲΘϟϞϴΛΎϤΘϟϭˬΕΎΣϮϠϟϭˬΔϠΧΪΘϤϟϢϴϣΎμΘϟωϭέϦϣΓήΣΎγ ˯ΪΗέΓέϭήοϰϟ·ΎϨϫήϴθϧϭΫϮΑΓΎϴΣϦϣΕΎϔτΘϘϣέϮμ ˵ Η ϲϓΪΟϮΘϟΪϨϋϦϴΘΒϛήϟϭϦϴϔΘϜϟϲτϐΗϲΘϟΔϤθΘΤϤϟΏΎϴΜϟ αΪϘϤϟϥΎϜϤϟάϫ ϞϜθΗϲΘϟΔϴΨϳέΎΘϟΔϨϳΪϤϟϲϫϭˬΔϤϳΪϘϟΖϴϛϮΑΔϨϳΪϣ ˱ έϬυ ΔϴϨϴμϟΓέΎϤόϟϥϮϨϓΔϨοΎΣϭˬΖϴϛϮΑΔϨϳΪϣ˯ΰΟΪΣ ήμϋάϨϣΔϨϳΪϤϟϩάϫέΎϫΩίϭϖϟϰϠϋΓΪϫΎθϟˬΔϴϟΎϐΗήΒϟ ΔϴϫΰϟΎϬϧϮϟ΄ΑϙϮΗϙϮΘϟΕΎΑήϋΪό˵ΗϭήϳΪμϘϟϦϳΪόΗ ϡΎότϟϕΎθϋΎϣΔϨϳΪϤϟϑΎθϜΘγϻΔόΘϣήΜϛϷϞϘϨϟΔϠϴγϭ ϮϫϭˬϲΗϭήϟΎϬγέϰϠϋϭˬΔϴϠΤϤϟΕϻϮϛ΄ϤϟΔΑήΠΗϢϬϴϠόϓ ΰϛήϤϟΐϴϠΤϟϊϣϡΪϘ˵ϳΎϣ˱ΓΩΎϋϱήσϭϖϴϗέτδϣΰΒΧ ˬϲϬθϟϦϴϛϮϫϲϤϟΔϧϭήϜόϣϖΒσϭˬάϳάϠϟϱέΎϜϟϭϰϠΤϤϟ ΕϻϮϛ΄ϤϟϊϣΔϴϠϘϤϟ˯ήϔμϟ ϝΩϮϨϟ ΔϧϭήϜόϤϟϦϣϒϟΆϤϟ άϳάϠϟϕήϤϟϭˬΔϳήΤΒϟ ˬ³ϱΎϜϳήΗΖϴϛϮΑ´ϒΤΘϣϞΧΪΗΖϧϭϚγϮΣϒϫέ ˱˯Ύγϣ ΔϴΛϼΛϭΔϴϠϋΎϔΘϟΔϴϨϔϟϝΎϤϋϸϟϞϫάϣνήόϣϦϋΓέΎΒϋϮϫϭ ΎϫΪόΑϚΗίΎΟ·έϮλϦϴϳΰΘϟΓΰϴϤϣΕΎϴϔϠΧήϓϮϳϪϧΎϤϛˬΩΎόΑϷ ϱΪϧϼϳΎΗϲϨϴλϊΑΎτΑϢϳΪϗϢότϣϮϫϭˬ³Ύϳέ´Ϣότϣϰϟ·ϪΟϮΗ ϱέΎϜϟΎΑϥϮότϠδϟΎϬϨϣϭˬΔϳΪϴϠϘΘϟϕΎΒσϷϒϠΘΨϣϡ˷ΪϘϳ ϲϬϨϨγϢΛϦϣϭάϳάϠϟϱΪϧϼϳΎΘϟήπΧϷϱέΎϜϟϭˬΎϤϳήϜϟϭ ϰϠϋΔϣϭΎδϤϟΪόΗϲΘϟϭˬΔΒΧΎμϟϕϮγϷϲϓϝϮΠΘϟΎΑΔϠϴϠϟ ΔΒΒΤϤϟΔϴϠΤϤϟΔϓΎϘΜϟϦϣϭΎϫΪϴϟΎϘΗϦϣ ˱ ˯ΰΟέΎόγϷ لوﻷا مﻮﻴﻟا تاو” ﺪﺒﻌﻣ :ﻦﻴﻤﻴﻟا ﻰﻟإ رﺎﺴﻴﻟا ﻦﻣ ﺔﻨﻳﺪﻣ ﻲﻓ “ﻎﻧﻻﺎﺗ” ﻖﻳﺮﻃ ؛“ﻎﻧﻮﻟﺎﺸﺗ .ﺔﻤﻳﺪﻘﻟا ﺖﻴﻛﻮﺑ مﺎﻳأ ﺔﺛﻼﺛ ﺖﻴﻛﻮﺑ ﻲﻓ ﺔﻳﺎﻜﺤﻟا ﺔﻳﺪﻧﻼﻳﺎﺘﻟا KENZIE KRAFTA / UNSPLASH; SHUTTERSTOCK8 CEO MIDDLE EAST TELECOMS SUPPLEMENT 16-30 NOVEMBER 2023 audi Arabia has set its sights on becoming a major player in the global tourism industry over the next ten years. And like most initiatives coming from the kingdom, the world should take notice. With a commitment to diversifying its economy, the country has undertaken ambitious projects and initiatives to transform its tourism sector. As the kingdom continues its journey of transformation, more remarkable developments will continue to impress SAUDI ARABIA’S TOURISM SECTOR: A GLIMPSE INTO THE NEXT DECADE NEOM is set to redefine the way tourists experience Saudi Arabia TOURISM BY KARL HOUGAARD, FOUNDER AND MANAGING PARTNER OF TRADE LICENSE ZONE Where will tourists visit? One of the most anticipated projects is NEOM, a futuristic city located in the northwestern region of the country, covering an area of approximately 10,200 square miles. Accessible to 40 percent of the world in less than a four hour flight, NEOM aims to be a hub for innovation and tourism, with plans for high-tech attractions, sustainable living, and unique experiences. Tourists can expect to explore cutting-edge attractions in NEOM, making it a must-visit destination in the coming years – with most of NEOM scheduled to be open by the end of the decade. From AI-driven cities to eco- friendly resorts to 450km of beautiful coastline boasting coral reefs and is- lands, NEOM is set to redefine the way tourists experience Saudi Arabia. Another significant project is the Red Sea Development, a collection of luxury resorts and pristine beaches along the Red Sea coast. Announced six years ago, it already has three hotels complete with the first phase of an international airport due to open later this year. The organisation behind it, Red Sea Global, is owned by the Public In- vestment Fund (PIF) of Saudi Arabia. Its stated goal is to pioneer a novel approach to development, prioritising both the welfare of individuals and the environment, harnessing cutting-edge ideas and technologies to improve the quality of life for their clients, local communities, and the natural world. This development will provide tourists with world-class hospitality, eco-friendly experiences, and access to vibrant marine life, coral reefs, and archaeological sites. For investors and entrepreneurs alike, these major pro- jects offer significant opportunities to those who want to be part of the next generation of city infrastructure. A look back in time – cultural sites While these new developments are impressive, Saudi Arabia’s rich histori- cal and cultural sites will continue to attract history enthusiasts and culture seekers alike. The restoration and promotion of these heritage sites will preserve the country’s history while also offering unique experiences for tourists. The UNESCO-listed site Diriyah is not only a historical gem but also a vibrant cultural hub. Visitors can wan- der through its ancient streets, explore S16-30 NOVEMBER 2023 CEO MIDDLE EAST TELECOMS SUPPLEMENT 9 TOURISM “THE INFLUX OF TOURISTS WILL FOSTER CULTURAL EXCHANGE AND PROMOTE A MORE COSMOPOLITAN SOCIETY” Potential transformation As Saudi Arabia opens up to the world, it is likely to undergo several trans- formations. The influx of tourists will foster cultural exchange and promote a more open and cosmopolitan society. This transformation is not limited to the tourist experience but extends to various aspects of Saudi life. Cultural exchange: With an influx of international visitors, Saudi Arabia will benefit from knowledge sharing and cross-cultural exchange to further position it as a major player won the world stage. Education and skill develop- ment: The growth of the hospitality and tourism industry will lead to an increasingly skilled workforce. Saudi Arabia will invest in education and With visionary projects and a commitment to sustainable tourism, Saudi Arabia is poised to become a global tourism destination museums, and witness traditional performances, gaining a deeper under- standing of Saudi Arabia’s roots. Historical Diriyah offers an immer- sive journey through interconnected historic neighbourhoods and their remnants. It gives visitors the chance to explore the entrances of palatial structures that mark the commence- ment of an era deeply engraved in the annals of history. It’s worth noting that UNESCO has inscribed seven properties in Saudi Arabia onto the World Herit- age list – six cultural and one natural. While these sites are well-known to the more intrepid traveller, the overall boost to the country’s tourism ecosys- tem will likely increase visitor numbers to these historical sites – as well as the futuristic projects such as NEOM. Economic impact In 2021, there were approximately seven million international tourists visiting Saudi Arabia, but the goal is to attract 100 million tourists by 2030 – a number in line with the kind of tour- ist numbers you might associate with France. (It’s already been reported that Saudi Arabia hopes to increase this goal to 150 million.) With this hoped- for increase would be a much larger GDP contribution (up to 10 percent) from the tourist sector as outlined in the country’s Vision 2030 plan. The economic impact of a tourism boom will be far-reaching. It will cre- ate job opportunities, stimulate local businesses, offer opportunities for startups, attract further investments from around the world. It will impact hospitality, transportation, retail and many other sectors. The government’s investments in tourism infrastructure and attractions are designed to generate substantial returns and as the tourism sector flourishes, the Saudi economy will diversify further, reducing its depend- ency on oil revenues and enhancing its resilience in the global market. training programmes to meet the demands of the tourism sector. This will result in a more educated and dynamic workforce, driving economic growth in other sectors as well. Women’s participation: Saudi Arabia has taken significant steps in recent years to empower women in various fields, including tourism. Women’s participation in the work- force, especially in the tourism and hospitality sectors, is expected to increase, promoting gender equality and economic development. Preservation of heritage: The promo- tion of historical and cultural sites will not only attract tourists but also preserve Saudi Arabia’s rich heritage. The govern- ment’s commitment to restoring and conserving these sites will ensure their longevity for generations to come. Infrastructure development: To accommodate the influx of tourists, Saudi Arabia will continue to invest in infrastructure, including transporta- tion, hotels, and entertainment facili- ties. This will enhance the quality of life for both residents and visitors. Economic diversification: The tourism sector’s growth aligns with Saudi Arabia’s broader economic diversification goals. With visionary projects, ambitious targets, and a commitment to sustain- able tourism, the kingdom is poised to become a global tourism destination. Next >