UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 QATAR QAR 20 15–31 MARCH 2024 #205 CEO MIDDLE EAST 15–31 March 2024ISSUE #205 With the year marking the company’s 50th anniversary, Emami Director Prashant Goenka reveals how the FMCG leader aims to provide innovative solutions that meet the diverse needs of consumers in the Middle East Withthkith’50thiEiDitWiththeyearmarkingthecompany’s50thanniversaryEmamiDirector THE GOLD STANDARDJoin the global leader: difc.ae/make-enquiry Join the #1 financial centre to access more wealth When you join the number one global financial centre in the region, you can access the highest concentration of wealth in any Middle Eastern city. Nearly 70,000 millionaires live in Dubai. USD 3trn of private wealth is within an hour’s flight and USD 8trn available across the Middle East, Africa and South Asia. No wonder more than 340 hedge funds, private equity, venture capital, private banking and asset management firms have chosen DIFC, the leading global financial centre in Middle East, Africa and South Asia region, as a catalyst for growth.MARCH 15-31 2024 CEO MIDDLE EAST 3 18 COVER STORY With the year marking the company’s 50th anniversary, Emami Director Prashant Goenka explains how the FMCG leader aims to provide innovative solutions that meet the diverse needs of consumers in the Middle East 08 OUTLOOK At the heart of the UAE’s success is its adept use of diplomacy and soft power, says Frank Janssens, Vice President of Sales, Middle East and Africa at KROHNE Group 26 EQUALITY International Women’s Day is an event that we can put the spotlight on the continued need for representation of women in senior positions, says Renee McGowan, CEO of Marsh McLennan IMEA 32 SPECIAL COVERAGE Saudi women leaders shine at Arabian Business KSA Women Achievement Awards 2024 18 26 08 32 MARCH 15-31, 2024 #205 CONTENTS4 CEO MIDDLE EAST 15–31 MARCH 2024 ROLLS-ROYCE COACHBUILD: THE PINNACLE DESIGN OF AN INCREDIBLE BRAND THE BIG PICTURE BY EDWARD LIAMZON Droptail is the first roadster body style in Rolls-Royce’s modern historyTHE BIG PICTURE 15–31 MARCH 2024 CEO MIDDLE EAST 5 olls-Royce Motor Cars is de- lighted to present Rolls-Royce Arcadia Droptail, an exquisite coachbuilt expression of tranquillity. Arcadia Droptail is the epitome of quiet irreverence, celebrating purity of form and natural materials while serving as a bold statement of the client’s personal taste. Commissioned by an individual who possesses a distinct affinity for architecture and design, Arcadia Droptail is a testimony to the patron’s sensibilities and personal codes of luxury, defined by purity and subtle restraint, reflecting their firm belief in distilling complexity to reveal the inherent, fundamental essence. This coachbuilt commission takes its name from the mythical realm of Arca- dia, a place depicted in Ancient Greek mythology as ‘Heaven on Earth’ – a land renowned for its extraordinary natural beauty and perfect harmony. Like the haven that inspires its name, Arcadia Droptail was envisioned by the client as a serene space characterised by reduction, material depth and tactility that would serve as a refuge from the complexities of their business life. In capturing the theme of tranquil- lity, Coachbuild designers embarked on an exploration of design, sculpture and architecture from the client’s favourite regions around the world. This included the precision and richness of modernist tropical sky gardens seen in Singapore, Indonesia and Vietnam as well as British ‘Biomimetic’ architecture, where organic forms and material honesty are celebrated. “Rolls-Royce Coachbuild is the pin- nacle expression of this incredible brand, and an unmatched concept in the luxury sector. In this department, the world’s most influential individuals collaborate with our designers, engineers and craft- speople to bring completely new ideas to life. Together, they create exquisite motor cars that not only become a cher- ished part of the commissioning client’s personal story but also add to the proud history of Rolls-Royce Motor Cars,” says Chris Brownridge, CEO of Rolls-Royce Motor Cars. R6 CEO MIDDLE EAST 15–31 MARCH 2024 ello and welcome to the mid-March issue of CEO Middle East. This month, we celebrate Emami’s momentous 50-year milestone on our March cover feature. Since 1974, Emami has evolved from a small startup into a $4.1bn diversified conglomerate through innovation, perseverance and excellence. They introduce pioneering brands like Boroplus that become household names. Their strategic acquisitions and partner- ships expand global market presence, staying adaptive to evolving consumer needs across India and beyond. As Emami celebrates, they look ahead confidently through sustainable growth, upholding core values with stakeholder support. Their story inspires us on the power of vision and resilience. This issue also reflects on important conversations around diversity, equity and inclusion sparked by International Women’s Day in March. On page 26, Renee McGowan, CEO of Marsh McLennan India, Middle East and Africa, shares eight leadership tips for women to navigate careers. Additionally, we analyse the future for gender equality in STEM careers on page 30 where underrepresentation persists. Implementing diversity strategies requires QUESTIONS? COMMENTS? Share your views on thought leadership and innovation by getting in touch: matthew.amlot@itp.com MATTHEW AMLÔT, EDITORIAL DIRECTOR @MATTHEWAMLOT OUTLOOK POSITIVE Now is the time to implement strategies for future success H EDITOR’S LETTER thorough understanding – our analysis on page 12 provides perspective on effective approaches companies undertake. We are pleased to share cover- age from the inspiring KSA Women Achievement Awards in Riyadh held by our sister publication Arabian Business. What a celebration it was to see many talented Saudi women recognised for their contributions across sectors. You can find pictures and news beginning on page 32, highlighting increased repre- sentation and opportunities for women in the kingdom. Events like these play a vital role in fostering dialogue and renewed commitment towards progress and congratulations to all the winners. Shifting focus to real estate, Dubai’s market remains on a tear as seen by the continued success of branded residences. Our analysis on page 16 explores why developers continue breaking records launching new luxury projects at un- precedented speeds. Despite economic challenges, the emirate’s proven track record of transforming ambitions into reality maintains buyer confidence. Op- portunities also exist for those adapting to market shifts through diversification and value creation for investors. Effective leadership is vital during disruptive periods as the region and industries transform at unprecedented speeds. As explored in our Women’s Day features, leaders today must champion diversity and inclusion to fully leverage talent across organisations. The rising generations also expect ethical, empa- thetic roles that make a positive impact. As explored in past issues, periods of disruption simultaneously create oppor- tunities for those able to adapt strategies and operations quickly. Leaders must listen intensely to understand chang- ing customer and employee needs while communicating a compelling vision and strategy. The Covid-19 pandemic accelerated digitalisation trends, compel- ling organisations in every sector to either transform or risk obsolescence. Those such as Emirates rapidly innovated and diversified revenue streams, emerging stronger through this challenge. Navigat- ing disruption demands adaptive, future- focused leadership. However, the outlook for the vibrant, youthful Middle East region remains tremendously bright. Rising populations, sovereign wealth, strategic developments such as Expo 2020 and Vision 2030 initiatives point to long-term economic growth and prosperity. Continuous efforts to cultivate leaders empowering people of all backgrounds through cour- age, empathy and vision will unlock the region’s immense potential. This makes the CEO Middle East’s role in fostering insightful discussions on opportunities and challenges across sectors all the more meaningful. I hope you find this issue thought-provoking and I look forward to your continued feedback and support. 15–31 MARCH 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 UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 QATAR QAR 20 16–29 FEBRUARY 2024 #203 Lakemore Partners Chairman and CEO Ahmed Farid talks pioneering CLO equities and shaping the future of regional markets LkPtChidCEOLakemorePartnersChairmanandCEOAhdFidAhmedFaridtalkspioneeringtalkspioneering FUNDING GROWTH 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 MARCH 2024 #204 Hassan Sharbatly, founder of Digitect and CEO of Al Nahla Hospitality, unpacks his commitment to talent and investment HHShbtllHassanShbSharbtlatly,ffdfounder GROWTH THROUGH VISION KUWAIT KWD 2 OMAN OMR 2 QATAR QAR 208 CEO MIDDLE EAST 15–31 MARCH 2024 n today’s interconnected world, where environmental challenges cross borders and economies are intricately linked, the UAE stands out as a beacon of progress and innovation. The country’s journey from a desert landscape to a bustling global economy is a testament to the power of diplomacy, sustainable in- novation, and strategic vision. This can be seen most recently in the country’s return to financial stability and recog- nition as a soft power broker. As the evolution continues, it offers valuable insights and a blueprint for countries and corporations across the Middle East and Africa (MEA) aiming to un- lock their potential while fostering a responsible approach to growth. Diplomacy: The bedrock of progress At the heart of the UAE’s success is its adept use of diplomacy and soft power. Diplomacy, in this context, goes beyond mere political negotia- tion; it is about creating an ecosystem of trust, mutual respect, and shared objectives. The UAE’s commitment to regional cooperation, cultural diplomacy, and fostering balanced international relationships has been crucial in establishing a stable and secure business environment. This stability attracts investment, encour- ages economic progress, and lays the groundwork for thriving partnerships that span continents. The imperative of sustainable innovation The MEA region is uniquely posi- tioned to lead in sustainable innova- tion, thanks to its abundant resources and pressing challenges like water scarcity and energy demand. The UAE has been at the forefront, investing in solar energy, desalination technologies, smart agriculture, and waste-to-energy projects. These initiatives not only ad- dress immediate environmental and so- cial challenges but also drive economic growth by creating new industries and The call to action for nations and corporations across the region is clear: To recognise the interconnectedness of our world and the importance of sustainable development DIPLOMACY AND SUSTAINABLE INNOVATION: POWERING PROGRESS IN THE MEA REGION Janssens says it is possible to power progress while protecting the planet OUTLOOK BY FRANK JANSSENS, VICE PRESIDENT OF SALES, MIDDLE EAST AND AFRICA AT KROHNE GROUP IOUTLOOK 15–31 MARCH 2024 CEO MIDDLE EAST 9 job opportunities. Sustainable innova- tion is not just about addressing today’s problems; it’s about ensuring a liveable planet for future generations. The UAE’s approach, highlighted by projects like Masdar City and its commitment to the Sustainable Development Goals (SDGs), serves as a model for how nations can pursue economic advancement without com- promising the environment. Collaborative efforts for a sustainable future The concept of a “Sustainable Troika,” linking the host countries of COP28, 29, and 30, embodies the collaborative spirit needed to tackle global chal- lenges. In joining forces, these nations can build on the progress made during COP28 such as the UAE Consensus. This sets a solid foundation allowing them to catalyse action on climate change and advance the SDGs, from water conservation to biodiversity protection and equitable economic development. Such partnerships are essential for accelerating progress and achieving sustainable outcomes across the MEA region. The crucial role of industry Industries in the Middle East region have a critical part to play in the tran- sition towards sustainability. Compa- nies specialising in technologies like precision process instrumentation are key allies in this journey. These firms provide essential tools for monitoring environmental parameters, optimising resource use, and enhancing industrial efficiency. Their contributions not only support sustainable development goals but also position the MEA as a leader in clean technology and innovation. A commitment to research, knowl- edge sharing, and customer collabora- tion is vital for these industries. In a world where challenges are intercon- nected, success hinges on a holistic and adaptable approach. By leveraging lo- without sacrificing ethical principles or environmental sustainability. By embracing diplomacy, investing in sustainable innovation, and fostering inclusive growth, the region can not only address its own challenges but also contribute to global solutions. The call to action for nations and corporations across the region is clear: to recognise the interconnectedness of our world and the importance of sustainable development. Companies that align with this vision, prioritis- ing long-term impact over short-term gains, will not only thrive but also leave a positive legacy for generations to come. The path forward requires cour- age, collaboration, and an unwavering commitment to progress and sustain- ability. The UAE’s journey offers inspiration and a roadmap for how to achieve this balance, proving that with the right approach, it is possible to power progress while protecting the planet. cal talent and investing in innovation, companies can drive growth while contributing to a sustainable future. Unlocking the MEA’s potential: A forward-looking vision The MEA region stands at a crossroads, with the opportunity to shape a future that balances economic prosperity with environmental stewardship. The UAE’s example shows that it is possible to achieve rapid economic growth “INDUSTRIES IN THE MIDDLE EAST REGION HAVE A CRITICAL PART TO PLAY IN THE TRANSITION TOWARDS SUSTAINABILITY” The UAE has been investing heavily in solar energy, desalination technologies, smart agriculture, and waste-to-energy projectsNext >