UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 QATAR QAR 20 16–29 FEBRUARY 2024 #203 CEO MIDDLE EAST 16–29 FEBRUARY 2024ISSUE #203 Lakemore Partners Chairman and CEO Ahmed Farid talks pioneering CLO equities and shaping the future of regional markets LkPChidCEOLakemorePartnersChairmanandCEOAhdFidAhmedFaridtalkspioneeringtalkspioneering FUNDING GROWTH The biggest interviews The best commentary Subscriber exclusives Dedicated newsletters Join the community Unlimited access toSUSTAINABILITY 16-29 FEBRUARY 2024 CEO MIDDLE EAST 3 10 GOVERNANCE Robust corporate governance is a strategic imperative for sustainable success, believes Fatima Balfaqeeh, Managing Partner of Balfaqeeh Advocates and Legal Consultancy 14 BANKING The banking industry must respond with agility if it’s to stay relevant and competitive in an increasingly digital financial world, says Kim Medina, Director of Legal and Compliance at Knightsbridge Group 16 COVER STORY Lakemore Partners Chairman and CEO Ahmed Farid talks pioneering CLO equities and shaping the future of regional markets 30 REAL ESTATE Dubai’s real estate market stands as a beacon of luxury, sustainability and quiet elegance, says Phil Sheridan, CEO of Berkshire Hathaway HomeServices Gulf Properties 48 TIMEPIECES OF THE MONTH 16 1410 30 FEBRUARY 16-29, 2024 #203 CONTENTS4 CEO MIDDLE EAST 16–29 FEBRUARY 2024 STATE-OF-THE-ART ASTON MARTIN VANTAGE GT3 SPEARHEADS NEW ERA IN TOP-FLIGHT GT RACING THE BIG PICTURE BY EDWARD LIAMZON imed to coincide with the international debut of the new Vantage road car, the spectacular new Vantage GT3 mirrors the latest showroom model’s intensi- fied performance, sharpened dynamics and eye-catching style, translating those qualities into a formidable new GT racer and starting the next chapter in Aston Martin’s illustrious motorsport history. Speaking of the exciting new GT racer, Marco Mattiacci, Global Chief Brand and Commercial Officer of Aston Martin said: “Simultaneously revealing the new Vantage and Vantage GT3 race car underlines Aston Martin’s commit- ment to building the world’s finest sports car, and then proving its capabilities on- track. The result is a truly state-of-the- Re-worked aerodynamics and revised suspension developed to maximise performance TTHE BIG PICTURE 16–29 FEBRUARY 2024 CEO MIDDLE EAST 5 art GT racer; one that clearly shares its DNA with the latest Vantage road car, yet is perfectly evolved to suit the latest GT3 regulations.” The Vantage GT3 is built around Aston Martin’s proven bonded alumini- um chassis structure and powered by its fearsome twin-turbo 4.0-litre V8 engine. Boasting a dramatic, all-new nose-to-tail aerodynamic package, comprehensively revised suspension and state-of-the-art electronics, together they endow this latest-generation Aston Martin GT racer with world-beating potential. Built to comply with all FIA GT3 class regulations, including the new- for-2024 LMGT3 category, the new Vantage GT3 is a truly global competi- tor. One that will battle for honours in the world’s most competitive GT series, including the FIA World Endurance Championship (WEC), IMSA Weath- erTech Sportscar Championship (IMSA), Fanatec GT World Challenge, European Le Mans Series (ELMS) and the Nürbur- gring Langstrecken Serie (NLS). Visually the Vantage GT3 combines the striking design of the new Vantage road car with the extreme downforce- generating aerodynamics that make GT3 racing so popular with racers and fans alike. Extensive use of Computational Fluid Dynamics (CFD) achieved the desired targets for aerodynamic perfor- mance and efficiency – while remaining within the FIA’s downforce limits – and input from Aston Martin’s Design de- partment ensured this pure function was matched by perfect form. The result is a truly breath-taking machine. One that combines the muscular and unmistakable design language of the Vantage road car with the awesome aggression and poise of a purebred racer. Amongst the most strik- ing aspects of the Vantage GT3 is the new nose. Not only does the road car’s new wider grille aperture look fabulous, but it afforded AMR the opportunity to increase the volume of ducted cooling air to the brakes, which now give driv- ers more consistent performance. 6 CEO MIDDLE EAST 16–29 FEBRUARY 2024 ello and welcome to our sec- ond issue of CEO Middle East for February 2024. In this issue we take an in-depth look at some of the major areas shaping the future of business and investment across the region. Our cover story profiles Ahmed Farid, Chairman and CEO of Lakemore Partners. With over 35 years of experi- ence in investment management and treasury globally, Farid has been a pioneer in introducing concept such as collateralised loan obligations to the Middle East private credit space. Through Lakemore, he is working to transform regional capital markets and open up new avenues of private invest- ment. Farid offers fascinating insights into his career journey and vision for continued innovation. This year has the potential to be a strong year for the region’s economy. As our lead news analysis on page 22 explores, the impending removal of the UAE from the FATF grey list is expected to provide a major boost by enhancing transparency standards. QUESTIONS? COMMENTS? Share your views on thought leadership and innovation by getting in touch: matthew.amlot@itp.com MATTHEW AMLÔT, EDITORIAL DIRECTOR @MATTHEWAMLOT IN SEARCH OF NEW HORIZONS The year 2024 continues to deliver on the promise of prosperity H EDITOR’S LETTER We examine what this milestone means for businesses and investment flows. Speaking of investment, on page 28 we delve into why the UAE contin- ues to be such an attractive destination despite economic headwinds elsewhere. Stability, infrastructure and a pro-busi- ness environment make it a magnet for global capital. Real estate has long fuelled growth in the Emirates and remains a symbol of Gulf luxury worldwide. In our property section starting on page 30, we outline the latest developments and look at how demand is being driven by high- net-worth investors and increasingly wealthy millennials, as detailed on page 32. The Golden Visa scheme intro- duced in 2019 has supercharged real estate investment, a trend we unpack on page 34. As history shows us, startups will power the next waves of disruption and job creation. In this issue’s entre- preneurship feature, we explore how local founders can scale their businesses globally and be at the forefront of inno- vation. Despite challenges, the regions startup ecosystems showcase immense promise and continue nurturing talent. Finally, no discussion of future prospects is complete without address- ing sustainability. From page 42, we highlight how both public and private sector players across the region are ramping up green initiatives, embracing ESG standards, and expanding impact investing activities. This reflects grow- ing recognition that environmental stewardship is essential for long-term economic security and competitiveness. I hope you gain insight from these stories outlining opportunities and optimism across various sectors. CEO Middle East remains committed to providing the analysis, perspectives and connections that empower business leaders as they steer their organisations into 2024 and beyond. With that I’ll let you get to reading Until next time. 16–29 FEBRUARY 2024 CEO MIDDLE EAST 7 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 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 20 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 GROUP 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 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 QATAR QAR 20 01–15 FEBRUARY 2024 #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 GROUNDBREAKER8 CEO MIDDLE EAST 16–29 FEBRUARY 2024 governance, with a particular focus on ESG standards, has emerged as the defining narrative. Far beyond a mere compliance obligation, there’s a grow- ing recognition that robust govern- ance practices are intrinsic to fostering sustainable and responsible business approaches. The recent COP28 in Dubai was a powerful validation of this perspective, positioning the emirate as a beacon of commitment to sustain- ability in the heart of the Middle East. A survey of nearly 1,000 directors worldwide noted that 60 percent of directors have actively taken steps to en- sure their ESG strategy is aptly reflected in annual reports, and 53 percent have gone the extra mile in enhancing ESG disclosures. The overwhelming majority of companies now view ESG through the lens of opportunity rather than risk, signifying a paradigm shift in mindset. As corporations globally acknowl- edge the significance of ESG, the statis- tics shed light on the evolving oversight This year, a dedication to the fundamental principles of corporate governance, with a particular focus on ESG standards, has emerged as the defining narrative REFLECTING ON A YEAR OF CORPORATE GOVERNANCE PROGRESS There’s a growing recognition that robust governance practices are intrinsic to fostering sustainable and responsible business approaches GOVERNANCE BY DR ASHRAF GAMAL EL DIN, CEO OF HAWKAMAH T he year 2024 is a pivotal year in the corporate governance landscape, and reflecting on the transformative journey under- taken by organisations committed to corporate governance is essential. In an ever-evolving corporate terrain, their steadfast commitment to robust governance practices, particularly in Environmental, Social, and Govern- ance (ESG) standards, has met compli- ance requirements and set the stage for a future where responsible business conduct becomes the norm. This year, a dedication to the fundamental principles of corporate GOVERNANCE 16–29 FEBRUARY 2024 CEO MIDDLE EAST 9 landscape. The primary obstacles to ESG progress seem to revolve around strategy. Nearly a quarter of directors cite com- peting business or strategic topics on the board agenda. At the same time, a similar percentage highlights a need for more clarity about what ESG truly means for their business. Interestingly, only 2 per- cent of directors identify public backlash against ESG as a significant impediment. A look forward reveals that many or- ganisations plan to strengthen their focus on ESG over the next five years. Nota- bly, 90 percent of organisations have in- tegrated environmental goals or metrics into their business, and 87 percent have yet to do the same for social goals/met- rics. About 29 percent anticipate a more concerted effort on ESG initiatives in the coming years, with 18 percent predict- ing a stronger connection between ESG initiatives and business impact. In the Gulf region, where pro- gress on ESG regulation varies across countries, 2023 witnessed a remarkable commitment to sustainable projects. With its stringent listing standards, the UAE emerged as a standout performer. The Dubai Financial Market (DFM) and the Abu Dhabi Securities Ex- change (ADX) now mandate annual sustainability reports, exemplifying the nation’s dedication. However, the Gulf region grapples with a distinctive challenge – balanc- ing substantial investments in environ- mentally sustainable initiatives with accusations of greenwashing and a lingering dependence on fossil fuels. The ongoing global shift towards a more sustainable economy highlights the urgent need for ESG reporting practices and foundational reforms in labour markets and governance. Globally, statistics paint a compel- ling picture of the corporate govern- ance landscape. The call to encourage companies to get listed echoes loudly, with nearly 44,000 listed companies worldwide by the end of 2022, a testa- ment to the role of public markets in fostering economic development. average, underscoring the imperative to enhance board diversity for more inclusive decision-making processes. The Gulf region has undergone an evolution driven by financial market regulations, initial public offerings (IPOs), and increasing business dedica- tion to improving stakeholder engage- ment. Between 2022 and September 2023, GCC markets raised a staggering $22.4bn through 59 offerings, signifying a substantial increase in businesses tran- sitioning from private to public entities. Effective communication, particularly during IPOs, is crucial, and the UAE government’s commendable mandate for listed companies to publish annual sus- tainability reports since 2021 aligns with the global push for transparency. As we turn our gaze to the future, the groundwork laid in 2023 posi- tions effective corporate governance as a cornerstone for ongoing global evolution. The positive outlook an- ticipates transformative influences on businesses and economies worldwide, with a heightened focus and energy on reporting. Sixty percent of directors are taking extra care to ensure that their ESG strategy is adequately reflected in annual reports/filings, and 53 percent say their organisations are enhancing current ESG disclosures. It’s a narrative that echoes the com- mitment of corporations globally not just to meet standards but to set new benchmarks for responsible and sustain- able business conduct. According to a 2023 OECD report, over 80 percent of these listed compa- nies disclose sustainability standards, showcasing a growing awareness of the importance of ESG considerations. However, the report also reveals that the percentage of women on corporate boards remains below 30 percent on “THE GROUNDWORK LAID IN 2023 POSITIONS CORPORATE GOVERNANCE AS A CORNERSTONE FOR ONGOING GLOBAL EVOLUTION” The ongoing global shift towards a more sustainable economy highlights the urgent need for ESG reporting practices The UAE is a beacon of sustainability in the heart of the Middle East, believes El DinNext >