UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 QATAR QAR 20 01–15 FEBRUARY 2024 #202 CEO MIDDLE EAST 01–15 FEBRUARY 2024ISSUE #202 Founder and Chairman of ORO24 Developments Atif Rahman flips the script on real estate by prioritising human needs over profit with stunning, sustainable communities THE GROUNDBREAKER The biggest interviews The best commentary Subscriber exclusives Dedicated newsletters Join the community Unlimited access toSUSTAINABILITY FEBRUARY 2024 CEO MIDDLE EAST 3 10 TECHNOLOGY Experts believe the region will continue to pave the way for a global regulatory landscape for virtual assets, cryptocurrencies, and decentralised finance 14 REAL ESTATE The bold embrace of technology is what characterises MENA’s prominence within the global construction landscape 22 COVER STORY ORO24’s Founder and Chairman, Atif Rahman, flips the script on real estate by prioritising human needs over profit with stunning, sustainable communities 29 SPECIAL: CEO MIDDLE EAST AWARDS Top executives of the region were honoured in a glittering gala dinner in Dubai in the presence of several industry titans, experts and executives 50 WELLBEING High-performance organisations excel by operationalising culture through mission-driven talent management 29 2210 14 FEBRUARY 1-15, 2024 #202 CONTENTS4 CEO MIDDLE EAST 01–15 FEBRUARY 2024 elcome to the February issue of CEO Middle East magazine. In this issue, we celebrate the winners of the recent CEO Middle East Awardsand shine a spotlight on some of the biggest players across key industries in the region. Firstly, I would like to extend my congratulations to all the winners at the CEO Middle East Awards event. It was truly amazing to see so many leaders from different companies and sectors all gathered in one room. These awards honour the individuals and organisations that are driving growth, innovation and positive change across the Middle East business landscape. A big thank you to everyone who attended and helped make the evening such a success. This month, we feature ORO24 Founder and Chairman Atif Rahman on our cover. Atif’s unique approach to real estate development prioritises people over profits. While most developers focus solely on maximising financial returns, Atif understands the trans- formative impact that well-designed communities can have on peoples’ lives. Through ORO24’s ambitious projects, he is redefining industry standards and QUESTIONS? COMMENTS? Share your views on thought leadership and innovation by getting in touch: matthew.amlot@itp.com MATTHEW AMLÔT, EDITORIAL DIRECTOR @MATTHEWAMLOT IN CELEBRATION We honour those who continue to drive our regional economy in this special issue W EDITOR’S LETTER establishing new benchmarks for sus- tainability, wellness and innovation. In our interview with Rahman, we discuss his rise from humble begin- nings to lead an incredibly ambitious development firm. Despite facing many challenges along the way, Rahman’s unwavering dedication to his vision and principles has led to immense success. With several new projects set to launch over the next few years, ORO24 is certainly one to watch in the real estate space. While real estate remains a cor- nerstone of the Middle East economy, other industries are also experiencing rapid growth. The hospitality sector in particular is booming as tourism numbers increase across the region. On page 16, we speak to FIVE Holdings Founder and Chairman Kabir Mul- chandani about the rise of his unique hotel brand and strategic plans for expansion. Under Kabir’s leadership, FIVE has revolutionised the hospitality experience through bold design and a laser-focused approach. As businesses continue to evolve and mature, organisational culture is becoming increasingly important for long-term sustainability and suc- cess. On page 51, we examine why culture really matters and how leading companies are actively shaping their values and principles. Recognising that culture comes from the top, we also explore the critical role of leadership in instilling the right vision and approach across entire organisations. Looking ahead to the future, digital technologies will continue disrupting industries and transforming business models. On page 54, we delve deeper into the rising role of digital assets in estate planning and wealth manage- ment. With cryptocurrencies and NFTs gaining mainstream popularity, under- standing how these assets fit into long term strategies is essential. We provide insights and advice around effectively incorporating digital holdings. In summary, this issue of CEO Mid- dle East magazine celebrates the region’s top business leaders while also sharing valuable insight and perspectives around key industries, business functions and trends. Whether you’re a CEO, execu- tive or aspiring entrepreneur, I hope you are inspired by the stories of success and strategies for growth featured within these pages. With that I’ll you get to reading. Until next time. 01–15 FEBRUARY 2024 CEO MIDDLE EAST 5 To receive your copy delivered directly to your door, subscribe online at www.itp.com/subscriptions The most important business people and CEOs talk to the most important magazine The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. The opinions and views contained in this publication are not necessarily those of the publishers. Readers are advised to seek specialist advice before acting on information contained in this publication which is provided for general use and may not be appropriate for the reader’s particular circumstances. The ownership of trademarks is acknowledged. No part of this publication or any part of the contents thereof may be reproduced, stored in a retrieval system or transmitted in any form without the permission of the publishers in writing. An exemption is hereby granted for extracts used for the purpose of fair review. PO BOX 500024, DUBAI, UAE +971 4 4 44 3000 OFFICES IN ABU DHABI, DUBAI, LONDON, MUMBAI, RIYADH & GENEVA PUBLISHED BY AND © 2024 ITP MEDIA GROUP FZ-LLC MEDIA ITP MEDIA GROUP CEO ALIAKAWI CFO TOBY JAY SPENCER-DAVIES MANAGING DIRECTOR ALEX REEVE MANAGING DIRECTOR ANIL BHOYRUL EDITORIAL EDITORIAL DIRECTOR MATTHEW AMLÔT matthew.amlot@itp.com SUB EDITOR EDWARD LIAMZON SENIOR DESIGN MANAGER GERI BATARASONNY ART DIRECTOR MOHAMMED IRQSOSY ADVERTISING GROUP COMMERICAL DIRECTOR ANDY SULAHIAN +971 4 444 3597 andy.sulahian@itp.com SENIOR COMMERCIAL MANAGER SAMIRGLOR + 971 4 444 3320 samir.glor@itp.com SENIOR COMMERCIAL MANAGER NEHA SIKRI + 971 4 444 3353 neha.sikri@itp.com COMMERCIAL MANAGER PALLAVI CHOUDHARYRYY + 971 4 444 335959 pallavi.choudharryy@i@itp.p.coomm 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 VIDEOGRAPHER MUHAMMAD KALEEM VIDEO EDITOR LIJU CHERUVATHUR 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 JANUARY 2024 #201 Shai Zamanian, founder and director of The American Legal Center, on the success of the US EB-5 Golden Visa program PASSAGEWAYS TO AMERICA UAEAED 20 KSASAR 20 BAHRAINBHD 2 KUWAITKWD 2 OMANOMR 2 QATAR QAR 206 CEO MIDDLE EAST FEBRUARY 2024 n the rapidly evolving retail landscape, emotional intel- ligence (EI) has emerged as a pivotal element in understanding and catering to customer needs. At the fore- front of this evolution is the rise of digital receipts, a solution driven not only by technological advancement but also by a deeper understanding of consumer be- The retail sector, traditionally driven by sales and marketing strate- gies, is now pivoting towards a more nuanced approach where understanding and responding to the emotional needs of customers has become a paramount proactive concern. It’s not just about enhancing customer service; with EI, it’s about changing the way we approach the entire shopping experi- ence to align with evolving consumer expectations. EI at the heart of modern retail The role of EI in retail goes beyond mere transactions. It encompasses a range of skills crucial for effective communication, conflict resolution, and customer satisfaction. Amadori, one of McDonald’s suppliers, demon- strated how effective EI in leadership led to a whopping 20 percent increase in profitability. It’s a remarkable figure that underscores the potential real-world impact of EI on business outcomes and customer experiences, a trend that is increasingly evident in dynamic markets like ours in the Gulf. In the retail environment, EI can be gathered from any number of sources – from the sales teams on the ground, who can speak and listen to consumers, to self-analysis of the strategic decision- making by management. It’s about using our knowledge of the customer and all available data to create an envi- ronment that resonates with individual consumers. This targeted sense of be- longing, in turn, fosters loyalty, which drives sales. It’s a particularly effective approach in today’s market, where customers are looking for more than just products; they want meaningful in- teractions and experiences with brands that align with their personal values. They want brands that understand them and the issues they face emotionally and practically. Like the 77 percent of respondents to our klipit survey that ex- pressed their concerns about misplacing or losing a critical paper receipt when they need it. In our culturally diverse Middle East markets, retail E.I. should be seen as mandatory THE RISE OF EMOTIONAL INTELLIGENCE IN RETAIL: A DIGITAL RECEIPT PERSPECTIVE Reddy says the integration of emotional intelligence and digital innovation, particularly through digital receipts, is redefining the relationship between retailers and customers RETAIL BY VENKAT REDDY, FOUNDER OF KLIPIT I haviour and preferences. As the founder of klipit and a career observer of retail trends, I have witnessed how this com- bination is reshaping the way businesses interact with customers. In this article, I aim to explore the multifaceted role of EI in retail, particularly in the context of digital receipts, and how it’s revolutionis- ing customer experiences.RETAIL FEBRUARY 2024 CEO MIDDLE EAST 7 Though it seems simple, it high- lights the practicality and necessity of digital alternatives, which retailers in the Middle East can leverage to support their brand experience. GNC Holdings Inc, a US-based health and nutrition retailer, published that they saw a significant uptick in customer engagement after they implemented digital receipts. Using the data they gathered, they were able to design more targeted product promo- tions through improved email collec- tion, whilst simultaneously reducing their email bounceback rates to below 5 percent. It’s a valuable demonstration of just one way that EI, when combined with digital innovation, can lead to tan- gible and improved business outcomes. EI in the Middle East In our culturally diverse Middle East markets, retail EI should be seen as mandatory. With so many unique traditions, a modern infrastructure, a culturally diverse population, and a future-forward mindset, effective customer engagement demands that retailers live up to the hype and adopt a nuanced approach. Retailers equipped with EI skills and the ability to gather, analyse, and use their data effectively find it easier to build deeper connec- tions at a personal level with customers who feel understood and respected. Used capably, it’s a loyalty harvest that can turn every transaction into an op- portunity to build a lasting relationship, and that’s the point! This was front and centre in our klipit survey, which showed that Gulf customers are not simply aligned with the global shift towards empathetic and personalised retail experiences; they want to be seen as championing it. Beyond transaction records Digital receipts have marked a signifi- cant shift in how retailers can collect and analyse customer data. Here in the GCC, nearly half of the respondents to our study expressed their readiness solutions like klipit leverage blockchain technology, which gives us the per- sonalisation capabilities we need, whilst safeguarding privacy and offering trans- parent communication about data use. The power of data visualisation Data visualisation is instrumental in deciphering the wealth of information from digital receipts. In the Middle East, where visual storytelling has been shown to resonate with consumers, this approach is invaluable for retailers. It’s not just about presenting data; it’s about revealing the narratives within, offer- ing up buried insights into customer behaviour and preferences. This method is particularly effective in a region as di- verse as ours, as it can pinpoint specific patterns and trends, enabling retail- ers to make informed decisions about inventory, marketing, and customer engagement, all tailored to the unique dynamics of the regional market. With rapid advances in AI to do the data analysis, and a growing portfolio of retailers looking to streamline their costs, digital receipts are a means to an end. A bridge to deciphering how customers think, who they are, and very importantly, what they may want next! The integration of emotional intel- ligence and digital innovation, particu- larly through digital receipts, is redefin- ing the relationship between retailers and customers. This synergy is key to creating a more connected, empathetic, and responsive retail environment for us all. In the Gulf, where the retail sector is increasingly important to the economy and society, embracing these trends is essential for businesses aiming to stay relevant and competitive. As we step into this new era, it’s more clear than ever that those who harness the power of EI and digital innovation will shape the future es- sence of customer engagement and satisfaction, the new beneficiaries of these revolutionary gateways into personalised, efficient, and engaging retail experiences. to use a digital receipts app, with men and working professionals indicating a preference for them. This illustrates that retailers who take advantage of the opportunity will have a ready user pool through which to reap ‘quality’ data. Information they can use to streamline output, supercharge personalisation of marketing and loyalty programmes, and enhance the shopping experience. Addressing the challenges of digital receipts Digital receipts present some unique challenges that can’t be overlooked, which I see as bringing about new op- portunities for innovation. How do we address challenges like email integra- tion, limited customer tech-savviness among segments of the population, data security, and storage issues? In privacy-conscious markets like the Gulf, we must tackle these issues head- on. Though each of these challenges demands an op-ed of their own and learnings are ongoing, digital receipts “EI, WHEN COMBINED WITH DIGITAL INNOVATION, CAN LEAD TO TANGIBLE AND IMPROVED BUSINESS OUTCOMES” Emotional intelligence is about using all available data to create an environment that resonates with individual consumers8 CEO MIDDLE EAST 01–15 FEBRUARY 2024 audi Arabia has been ex- periencing a remarkable and inspiring transforma- tion, capturing global attention with its significant developmental strides. The nation is ambitiously navigating towards a future marked by economic diversity and sustainability, a vision embodied by a comprehensive strategic plan, a plan that is well known to us all now – Vision 2030. The kingdom is in a unique position to take charge in leading the worldwide narrative. Even beyond Vision 2030, the spotlight shifts more closely towards our region, magnified by the significance of recent events like the FIFA World Cup, Expo 2020, and the anticipation of Expo 2030 in the kingdom. Additionally, the region has been a focal point for the United Nations Climate Change Conferences – COP 27 and 28, sparking extensive dis- cussions on climate change and related actions. Given its status as the largest economy in the region, the kingdom is poised to assume a pivotal role in these critical global dialogues, influencing outcomes and contributing to shaping the future of environmental sustainabil- ity and economic development. Apart from the overall sustain- able practices from governments and large corporations, the actions of the average household are also integral. In this transformative era for the country, the daily practices of Saudi households are increasingly reflecting the nation’s ambitious vision to showcase a shift towards sustainability that mirrors the story of tomorrow’s Saudi Arabia. Saudi’s transformative economy through Vision 2030 The kingdom’s economic reforms have revitalised the private sector, leading to a robust, multi-faceted economy, driv- ing non-oil GDP growth through the promotion of sectors like tourism, en- tertainment, technology, and renewable energy. These sectors have contributed significantly to the nation’s GDP, which stands over $1 trillion as of September 2023. This is supported by the surge in non-oil activities that contributed close to 6 percent of the kingdom’s GDP in 2023 despite global oil production cuts. In line with the global focus on sustainability, Saudi Arabia is forg- ing a path towards a Net Zero future by 2060. This vision is embodied in several key initiatives, including the Circular Carbon Economy programme and the ambitious Saudi Green Initia- tive. The latter, a groundbreaking en- deavour to plant 10 billion trees in the coming years, aims not only to reduce carbon emissions but also to transform the environmental landscape of the kingdom. Alongside this, the kingdom is targeting a shift in its energy mix, aiming for 50 percent of its energy to come from renewable sources by 2030. Under the leadership of Crown Prince Mohammed bin Salman, these environmental initiatives and commit- ments have become part of the king- dom’s strategic economic direction. They are seen as catalysts for increasing innovation and bolstering the job mar- ket. This strategic approach aligns with both the aspirations of the Saudi popula- tion and the global call for a future that is cleaner, greener, and more sustainable. Energy efficiency in the Saudi household The population of Saudi Arabia is experiencing a significant surge, hav- ing reached 37 million people, an as- Shaker Group reveals its role in the kingdom’s journey and transformation SUSTAINABILITY IN THE SAUDI HOUSEHOLD: A STORY OF TOMORROW Shaker Group’s commitment to energy efficiency sets a benchmark within the kingdom, according to Mohammad Ibrahim Abunayyan, CEO of Shaker Group ADVERTORIAL S01–15 FEBRUARY 2024 CEO MIDDLE EAST 9 ADVERTORIAL tounding 60 percent increase over the past two decades. Further to this, the population is projected to increase to 38 million by 2025, an annual growth rate of 3 percent that is much higher than other countries in the MENA region at 0.9 percent. With an ex- panding population, a greater number of people means more houses needing heating and cooling, more devices re- quiring power, and more daily activi- ties that consume energy. This surge in energy usage will inevitably lead to higher costs that will create challenges for individuals and families. For the average household, the answer lies in the adoption of energy- efficient appliances and sustainable practices, which can significantly reduce power consumption and lower utility bills. The narrative is therefore clear: as our population grows, so does our responsibility to use energy wisely and sustainably. The shift towards newer energy-efficient appliances and eco-friendly living is an essential step in ensuring a liveable future for the expanding population. With more than 60 percent of its population under 30 years old the kingdom is on the brink of a significant demographic transformation. A study conducted by PWC on sustainability highlights that young people in the MENA region are becoming more en- vironmentally conscious, particularly in areas such as water conservation, energy saving, and recycling. This demo- graphic change will inevitably lead to a shift in cultural attitudes and consumer preferences, impacting the nation’s socio-economic landscape, setting new trends and priorities for the future. We are already beginning to see a noticeable shift in Saudi consumer behaviour emerging. There is a grow- ing inclination towards high-quality, multi-functional appliances that are energy-efficient. This trend is fuelled by a combination of factors: the rising number of younger consumers, higher disposable income, and a heightened consciousness about sustainability and Shaker Group’s business goes hand in hand with the Saudi Vision 2030 environmental impact. These evolv- ing preferences for eco-friendliness are not just from consumers, they are also supported and encouraged by the objectives of the kingdom’s vision. As a result, companies that adapt to and align with the needs of an environ- mentally aware and technologically savvy consumer base are setting foun- dations for success. Shaker’s role in the Saudi household and Vision 2030 Amid this transformative landscape and consumer demand is Shaker Group. With a history spanning over seven decades, we have established ourselves as a leader in HVAC, home entertain- ment, and home appliance products in the kingdom. The company aligns with Vision 2030’s objectives, specifi- cally the National Industrial Develop- ment and Logistics programme that aims to transform the kingdom into a leading industrial powerhouse and a global logistics hub in various sec- tors, including energy. We have also responded to changing consumer preferences by offering a range of products and services that prioritise energy efficiency. With a world-class brand portfolio we stand as a market leader, and our partnership with LG led to the creation of a joint venture factory in the king- dom that received the Saudi Energy Ef- ficiency Ratio (SEER) stamp, signifying Shaker’s dedication to energy-efficient, Saudi-made products. As the kingdom continues to de- velop, it becomes necessary to replace legacy infrastructure with newer, en- ergy efficient ones. We are committed to integrating eco-friendly solutions throughout our operations, as evident in our subsidiary, the Energy Services Company (ESCO). Specialising in retrofitting, ESCO provides energy- efficient solutions to government entities, businesses, and major projects throughout the kingdom. ESCO is the first Saudi private sector company to receive accreditation from the Saudi Energy Efficiency Centre (SEEC) in 2017. As the needs of the kingdom and the everyday Saudi household evolve, Shaker will continue to offer state-of- the-art products and services with the latest in technological advancements and an emphasis on energy efficiency. Shaping a sustainable tomorrow Addressing the kingdom’s strategic objectives and aligning with the evolv- ing preferences of Saudi consumers is paramount in today’s environmentally conscious era. Companies are compelled to drive this change, embracing eco- friendly practices as a necessity. As the kingdom strides towards a more sustain- able future, it is crucial for all sectors – government, private, and individuals – to continue in staying ahead of the curve. This collective effort is essential in moulding the kingdom into a model of sustainability for the world. Environmental impact is becom- ing a critical component of a business’s success, and Shaker’s commitment to energy efficiency sets a benchmark within the kingdom. Shaker’s jour- ney is emblematic of a broader ethos, an optimistic change in the kingdom – leading Saudi households towards sustainable living, better practices, and energy efficiency for the Saudi Arabia of tomorrow. Next >