< Previous30 CEO MIDDLE EAST 15–30 APRIL 2024 ubai stands as a beacon of extraordinary progress; its swift ascent and prominence on the global stage underscore the emirate’s dedication to the intricate elements that forge its solid socio- economic framework. This commitment to excellence has propelled Dubai to a leading posi- tion. Its efforts in elevating urban areas exemplify a society that embodies modernity at its finest. The Dubai 2040 Urban Master- Prime Minister of the UAE and Ruler of Dubai, greenlit the plan’s second phase in December 2021. This critical juncture underscored the real estate sector’s burgeoning role, guided by the comprehensive Dubai Real Estate Strategy. Dubbed the ‘Strategic Plan 2026,’ this framework is founded on five core pillars aimed at boosting the real estate sector’s impact on Dubai’s GDP. Two pivotal elements central to this strategy are the integration of innovation to magnify Dubai’s appeal on the world stage and the adop- tion of a human-centric approach to enrich experiences for both employees and customers. As we approach the final two years of the 2026 framework, we must con- sider what innovation and a focus on culture mean for luxury developers. Unpacking the importance of building resilient and forward-looking urban developments FROM VISION TO REALITY The Dubai 2040 Urban Masterplan aims to amplify the well-being and happiness of its inhabitants while bolstering Dubai’s stature as a premier global destination BY MARK PHOENIX, CEO OF SANKARI PROPERTIES D REAL ESTATE plan, launched in 2021, is at the heart of nurturing this modern society. It aims to amplify the well-being and happiness of its inhabitants while bolstering Dubai’s stature as a premier global destination for citizens, resi- dents, and tourists alike. Since its introduction, the Master Plan has catalysed significant strides in infrastructure, residential spaces, and public areas. In the wake of this initial success, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and REAL ESTATE 15–30 APRIL 2024 CEO MIDDLE EAST 31 Expanding Innovation In a landscape where Dubai stands out as the world’s foremost city for devel- oping branded residences, the trajec- tory for real estate innovation seems poised for unprecedented growth. A recent report by Global Branding Residences has highlighted Dubai’s dominance, projecting that standalone projects will represent 54 percent of the market, with a staggering 78 per- cent of new projects slated for the next four years, significantly outpacing the global average of 41 percent. This rapid growth presents a dual challenge: Sustaining continuous progress and managing the pressures to innovate. Stakeholders in the real estate sector are investing significantly in innovation, propelling their businesses and the broader ecosystem toward new frontiers. However, in this fervent pursuit of innovation, it is essential to stay true to the fundamental goal of luxury real estate development, which is to cater to the evolving needs of a discerning and highly sophisticated community. Innovation in luxury real estate isn’t merely about pushing the bound- aries of architectural design or leverag- ing proptech. It’s about reimagining the essence of our offerings – how spaces can be utilised more effectively, creating unique living experiences that transcend traditional metrics. Whether through the ingenious use of gross saleable areas to craft unparalleled living environments or by forging partnerships that enhance the scope and quality of services offered, innova- tion must be intimately connected to our customers’ aspirations. Additionally, the push for innova- tion should adopt a forward-looking approach that addresses residents’ and investors’ future, and sometimes non-endemic, needs. Developers in Dubai have the opportunity to provide advanced solutions that create new benchmarks for living experiences. The human touch The human touch is pivotal in our industry, underpinning employee en- gagement and customer satisfaction. It starts from within, assembling a team committed to leading our developments and navigating the broader business landscape. Choosing individuals who are not only passion- ate but also dedicated to making a sig- nificant impact is essential. The magic emerges as this collective of bright minds unites around a shared vision, thriving in a culture that prioritises people, upholding equality, auton- omy, and empowerment principles. Such a people-oriented environment not only fosters remarkable contribu- tions and peak performance but also cultivates a mindset geared towards understanding and meeting the nu- anced needs of our customers. This internal ethos of collabora- tion, connection, and deep under- standing directly translates into how we engage with our customers. Achieving a nuanced understand- ing of each individual becomes paramount, going beyond just data to genuinely connect with their desires. Our mission to craft dream homes is realised through this more profound engagement, allowing us to translate our internal culture of care and understanding into external customer satisfaction. Moving forward, the Dubai 2040 Urban Masterplan paves the way for us to surpass our local real estate achievements and set a new global standard for urban excellence. Our responsibility is to uphold our com- mitment to ground-breaking innova- tion and principles that prioritise the human experience. These initiatives will continuously elevate Dubai’s urban environment and serve as an exemplary model, demonstrating how to develop urban futures that resonate with and satisfy the expectations of a highly individualistic audience. “THE TRAJECTORY FOR REAL ESTATE INNOVATION SEEMS POISED FOR UNPRECEDENTED GROWTH” Phoenix believes developers in Dubai have the opportunity to provide advanced solutions that create new benchmarks for living experiences $10.18bn The value of off-plan sales transactions in Dubai in the first quarter of 2024 These solutions must meet current re- quirements while anticipating features that align with future lifestyle trends. For example, as good health span becomes a focus, homeowners will in- creasingly seek environments that pro- mote physical and mental well-being. Developers will need to respond by constructing homes that cater to this demand through thoughtful amenities and spaces designed to support a high quality of life.32 CEO MIDDLE EAST 15–30 APRIL 2024 audi Arabia boasts a vibrant fashion scene, fuelled by a growing population and ris- ing disposable incomes. However, this love for fashion comes at an environ- mental cost. The textile industry is habits favouring fast fashion. But amidst the challenges, there are glimmers of hope. The Saudi govern- ment, recognising the urgency of addressing environmental issues, has embarked on an ambitious sustainability journey, with Vision 2030 serving as the roadmap. Circular economy principles are being woven into various sectors, and the textile industry is no exception. Imagine 1.2 million tons of clothes – that’s the staggering amount of textile waste KSA is projected to generate annually by 2030, thanks to Weaving sustainability into the fabric of KSA’s economy GREEN THREADS The Saudi Vision 2030 plan sets ambitious goals for waste reduction and resource conservation BY KUNAL KUMAR, SENIOR MANAGER, CONSULTING MIDDLE EAST, OCO GLOBAL S SUSTAINABILITY notorious for its wastefulness, gener- ating mountains of discarded cloth- ing and contributing significantly to global pollution. In KSA, this issue is compounded by a lack of robust recycling infrastructure and consumer SUSTAINABILITY 15–30 APRIL 2024 CEO MIDDLE EAST 33 the fast fashion cycle. This equates to roughly 18 Burj Khalifa’s overflow- ing with discarded garments! Landfills groan under this weight, releasing harmful toxins and methane as they decompose. Production of new tex- tiles further strains the environment, consuming vast amounts of water and energy – enough to fill 4 million Olympic swimming pools annually. Vision 2030 sets ambitious goals for waste reduction and resource conservation. The National Waste Management Strategy and Circular Economy Program are key initia- tives driving change. These programs promote innovative solutions like extended producer responsibility, de- sign for recyclability, and establishing reverse logistics networks – essentially creating a closed loop for textiles. While government initiatives provide the framework, private sector investment is crucial to translate plans into action. Investing in textile recy- cling presents a lucrative opportunity with significant environmental and economic benefits. Imagine a future where: Landfills breathe easier: Diverting textile waste reduces greenhouse gas emissions by 80 percent, equivalent to taking 1 million cars off the road. Water flows freely: Textile recy- cling uses 70 percent less water com- pared to virgin fiber production, saving enough to fill 2 million bathtubs daily. Jobs bloom: A thriving textile recycling industry could create 20,000 new jobs in KSA, empowering local communities. The economy flourishes: By 2030, the circular economy for textiles in KSA could be worth a staggering $32bn, positioning the kingdom as a leader in sustainable fashion. The textile industry in KSA stands at a crossroads. The unsustainable path threatens the environment and future generations, but by embracing circular economy principles and investing in textile recycling, KSA can weave a new narrative. This green thread, wo- ven into the fabric of the economy, can create a more sustainable future for the Kingdom, one where fashion thrives in harmony with the environment. Investing in textile recycling in KSA is not just a business opportu- nity; it’s a stitch towards a sustainable future. Fortunately, the path is already being paved. The Fashion Commis- sion of Saudi Arabia is championing textile recycling to forge a sustainable sector within the kingdom. This effort highlights the government’s dedica- tion to eco-friendly practices and eases the path for investors, aiming to establish a strong textile recycling in- frastructure that will drive investment, generate employment, and elevate KSA as a frontrunner in the global circular economy. We need to collaborate – govern- ments, businesses, and individuals – alongside the Fashion Commission, to create a circular economy for textiles. By supporting innovative solutions, promoting responsible consumption, and investing in infrastructure, we can weave a greener future for KSA, one thread at a time. “BY 2030, THE CIRCULAR ECONOMY FOR TEXTILES IN KSA COULD BE WORTH A STAGGERING $32BN” A thriving textile recycling industry could create 20,000 new jobs in KSA Investing in textile recycling presents a lucrative opportunity with significant environmental and economic benefits, Kumar believes34 CEO MIDDLE EAST 15–30 APRIL 2024 ountries in the Middle East are witnessing ongo- ing economic growth and diversification. At the same time, many governments in the region have set ambitious net zero commitments. This means that businesses across all sectors aiming to align with regional net zero commitments. This shift entails more than mere adherence to environmental regulations; it represents an opportu- nity to leverage supply chain manage- ment as a strategic asset. Why businesses need a sustainable supply chain approach Addressing sustainability is critical for businesses not just for achieving net zero, but also for building resiliency for whatever tomorrow holds. Accord- ing to PwC’s 2023 Middle East survey, 64 percent of respondents said that their companies have adopted a formal environmental, social, and governance (ESG) strategy. How sustainable supply chains are reshaping businesses in the Middle East GREENING THE CHAIN The transportation industry is actively evolving, with many companies leading the way in adopting energy-efficient and low-emission technologies BY TAAREK HINEDI, VICE PRESIDENT OF FEDEX EXPRESS MIDDLE EAST AND AFRICA OPERATIONS C SUSTAINABILITY and regardless of size must be ready to step up and transform the ways they do business in line with environmentally responsible practices. In the evolving economic land- scape, sustainable supply chains have become a focal point for businesses SUSTAINABILITY 15–30 APRIL 2024 CEO MIDDLE EAST 35 Investors place greater emphasis on ESG criteria and regulatory bodies are constantly enforcing new regulations and requirements. Rating agencies and indexes, such as World Bank’s Logis- tics Performance Index (LPI), now include ESG factors into their evalua- tions and benchmarks. Moreover, consumers are becom- ing more environmentally conscious. A recent Bain & Company study shows that worldwide, 64 percent of consumers are highly concerned about sustainability. This grow- ing awareness may be a key driver in pushing businesses towards their sustainability targets. Considering the importance of supply chains in a business’ overall day-to-day operations, these should be designed in a way that minimises negative environmental and social impacts. Specific to the environment, businesses should prioritise responsi- ble materials sourcing, emissions and waste reductions. Teaming up with sustainability- focused logistics providers Small and medium-sized enterprises (SMEs) are particularly crucial in this transition to low-carbon and climate- resilient economies across all economic sectors. This is due to their numerical dominance, innovative capabilities, strong community ties, and presence in diverse industries. The transportation industry is ac- tively evolving, with many companies leading the way in adopting energy-ef- ficient and low-emission technologies. As connectors in the chain, logistics providers can help in minimising the negative effects on the planet while still meeting consumer expectations. Lo- gistics leaders have already set goals to reach carbon neutral operations, and are working to reduce emissions and waste, replace older technologies, aircraft, and vehicles. Forward-thinking logistics providers are accelerating the greening Additionally, PwC’s annual CEO survey shows that business leaders in the Middle East are taking a two-fold action . They are innovating new and climate-friendly products and pro- cesses, and they are simultaneously implementing initiatives to reduce their company’s emissions. To help businesses address this, logistics provid- ers offer innovative digital solutions that allow them to view the estimated carbon emissions data of their ship- ments, based on individual tracking numbers as well as aggregate historical data for their accounts. When it comes to green sup- ply chains, all stakeholders must act responsibly, with the logistics industry playing a pivotal role as a catalyst for smarter, faster, and more sustainable transportation. By gaining access to reliable data on carbon emissions across their supply chains, businesses can zero in on ESG strategies and do their part to reduce their environmental foot- print, creating a more resilient future for everyone. “BUSINESSES CAN ZERO IN ON ESG STRATEGIES AND DO THEIR PART TO REDUCE THEIR ENVIRONMENTAL FOOTPRINT” Hinedi believes SMEs are crucial in the transition to low-carbon and climate-resilient economies across all economic sectors Businesses should prioritise responsible materials sourcing, emissions and waste reductions of supply chains through investments in sustainable fuels development, methods of carbon sequestration and sustainable packaging, among other initiatives.36 CEO MIDDLE EAST 15–30 APRIL 2024 think it’s fair to say that in any organisation, the CEO posi- tion is among the most dif- ficult and demanding, especially given the state of a lot of economies around the world right now. It is also among the most vital as well. According to research, a CEO’s influence can account for up to 45 ing focused training and mentoring, experience an average increase in confidence. It appears that their capacity to take risky strategic actions frequently and decisively and to accomplish social goals with effect has led to the most self-reported gains. Historically, the evaluation of CEO performance has been an intricate and often discrete process, shielded from the public eye. However, we have seen in more recent corporate cultures, that there is a clear shift towards transpar- ency and accountability at the execu- tive level, which is not a bad thing, in my opinion. A typical assessment of a CEO involves evaluating their leader- ship skills, strategic thinking, financial management, innovation, stakeholder relationships and the implementation of a corporate culture. To ensure the growth and longev- ity of the businesses, our self-assessment To ensure the growth and longevity of the businesses, our self-assessment has had to become more of a strategic necessity rather than a self-indulgent gesture SHOULD CEOS ASSESS THEIR OWN PERFORMANCE? Self-awareness and reflection are virtues that every leader should be transparent about BY OWEIS ZAHRAN, CEO OF OWS AUTOMOTIVE I LEADERSHIP percent of a company’s performance. But, who is assessing us? How are we performing? As a CEO, I am aware of how easily the demands of my position can occupy me, which can make it challenging to take time off. Research shows that CEOs who dedicate time and resources to their personal development, includ-LEADERSHIP 15–30 APRIL 2024 CEO MIDDLE EAST 37 has had to become more of a strategic necessity rather than a self-indulgent gesture, and there are lots of factors that have led to the changing face of CEO self-assessment. We face increased pres- sure from our companies to navigate the complex global marketplace to meet the ethical and social expectations of our different stakeholders in addition to delivering financial outcomes. This is no mean feat. This requires taking stock of our actions and decisions and constant evaluation of our strengths and weaknesses so that the right path is cre- ated as we navigate the complexities of daily responsibilities. CEOs can proactively identify areas for growth, strengthen their leader- ship competencies, and cultivate an excellence-oriented culture among their top managers by practicing hon- est introspection. We have to check ourselves regularly, and not let stress or success get in the way of that. Notably, constructive self-criticism and effective self-assessment are not the same thing. We regularly have to balance a fine line between facing obstacles and appreciat- ing accomplishments, and so the capac- ity to transform constructive criticism into useful insights is an indication of a CEO’s dedication to both professional and personal growth Here are some areas where a CEO is typically assessed: • Leadership style: How a CEO leads and inspires and sets the vision and direction for the company. This includes motivating the team, commu- nicate effectively and be able to make tough decisions. • Strategic planning: Identifying market opportunities, anticipating chal- lenges, adapting to changes in business environment are some of the key factors in creating a the best strategy for the business. • Stakeholder relations: Assessing the CEO’s relationships with key stakehold- ers, including employees, customers, • Communication skills: CEOs communication skills, internally and externally, are key traits to assess their performance. Their ability to articulate and engage with stakeholders and man- age crisis situations effectively. • Performance and goals: Reviewing the CEOs performance against specific goals and objectives provides a quantita- tive measure of their success as a leader and what drives the business forward. To sum up, it is not just a rhetori- cal question whether CEOs evaluate their performance. In today’s business environment, where scrutiny of leader- ship is growing, CEOs are realising the need for thorough self-evaluation. This reflective process is an essential tool for leaders who are dedicated to guiding their companies through the turbulent and demanding waters of the economic world, not a vanity exercise. As a CEO myself, my responsibilities will always adapt, and so too will our dedication to introspection and ongoing develop- ment. Self-awareness and reflection are virtues that every leader should be transparent about. “WE REGULARLY HAVE TO BALANCE A FINE LINE BETWEEN FACING OBSTACLES AND APPRECIATING ACCOMPLISHMENTS” CEOs are realising the need for thorough self-evaluation, Zahran believes investors, suppliers, and the broader community. This involves evaluat- ing their ability to build trust, manage conflicts, and represent the company’s interests effectively. • Ethical leadership: Evaluating the CEO’s commitment to ethical behav- iour, corporate social responsibility, and sustainability. This includes assessing their adherence to legal and regula- tory standards, as well as their efforts to promote diversity, equity, and inclusion within the organisation.38 CEO MIDDLE EAST 15–30 APRIL 2024 aming startups have the world at their feet, but are they prepared to play their part in making the world a better place? The global gaming industry is growing rapidly, with an expected 3.32 billion gamers this year. Currently valued at $282bn, it is projected to reach $363bn by 2027, when there are In an age when children spend so much time on their phones and computers, games let them link up with other kids, work together, and learn important social skills like teamwork and communication. But games are also evolving in another important direction, using their immersive power to tackle real-world challenges, transforming into platforms for positive change. The potential to gamify social good is something that excites me as a tech investor, and someone passionate about developing new technology to make life easier for those who need help. Gaming startups have great power, but this brings responsibility. Entre- Startups can play an important role in making the world a better place, says Abdumalik Mirakhmedov, co-founder of Dubai tech venture company Scalo Technologies GAMING FOR GOOD Games can teach, promote understanding, and motivate action in the real world G STARTUP expected to be 80 million gamers in the MENA region alone. We play video games because they’re fun and entertaining. Games provide a sense of accomplishment and challenge, as well as a way to connect with friends and family. They offer an escape from reality, and provide a way to relax and unwind.STARTUP 15–30 APRIL 2024 CEO MIDDLE EAST 39 preneurs can not only shape entertain- ment, but also the world itself. After making money, those who don’t con- sider their social impact are missing out on a big chance to be both profitable and meaningful. Research shows that 70 percent of Gen Z gamers would switch brands if they saw one making a positive social impact. By including social good in games, startups create stronger connec- tions with players, building loyalty and increasing engagement. Skilled developers and smart investors are drawn to companies with a mission beyond entertainment. Embracing social impact positions your startup as a leader, attracting top talent and securing investments from ethically-minded backers. The gaming industry is chang- ing fast. Sustainable initiatives are now crucial to stakeholders and regulators. By prioritising social responsibility, startups can secure their future success in a world where purpose matters. Games can teach, promote under- standing, and motivate action in the real world. Consider games that tackle cli- mate change, mental health, or cultural diversity - this is the significant impact gaming startups can make. In the last 30 years, we’ve seen the growth of environmental management games on PC, web, and more recently, console and mobile platforms. These games typically provide basic informa- tion on sustainability to help players learn about the topic. Games prompt players to consider moral and ethical issues, shaping their values and opinions. Skills and lessons from games can be applied to real-life situations and challenges, such as water scarcity. What makes these games impactful is the blend of entertainment and edu- cation. Engaging stories draw players in, creating an emotional connection to the cause they’re experiencing virtually. Setting goals and earning rewards motivate players. The game community helps players learn from and inspire each other. Data collection helps developers refine their approach and measure real- world impact. As an investor, I want to back studios that grasp these key elements. Collaborations with NGOs and social causes ensure authenticity and align the game’s design with specific needs. Balancing fun and learning is crucial. The future of games for social impact is bright. We can work together on virtual projects to restore damaged ecosystems. We can use games to teach vital skills to underprivileged communi- ties and foster cultural understanding between different countries. But developers, investors, and in- dustry leaders must share a common goal to use games to educate, engage, and empower people to make posi- tive changes. Gaming startups can make a differ- ence by focusing on social impact. This will help them connect with a conscious audience, find new markets, attract talent, and ensure their business’s future. The world is their playground, and they have the power to use it for good. “DEVELOPERS, INVESTORS, AND INDUSTRY LEADERS MUST SHARE A COMMON GOAL TO USE GAMES TO EDUCATE, ENGAGE AND EMPOWER PEOPLE” By including social good in games, startups create stronger connections with players, building loyalty and increasing engagement Mirakhmedov believes the future of games for social impact is brightNext >