JUNE 2024 #210 CEO MIDDLE EAST June 2024ISSUE #209 LOOKING TO LEGACY Montri Rawanchaikul, CEO of PTTEP, reveals the energy giant’s future plans UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 2 QATAR QAR 20JUNE 2024 CEO MIDDLE EAST 3 06 FEATURE Dubai matchmaker Christiana Maxion thought she’d secured a $1.5 - $2m seed round for her AI dating app startup, but the alleged investors were actually global con artists with a brazen $250,000 crypto ransom plot 18 COVER STORY Montri Rawanchaikul, CEO of PTTEP, reveals the energy giant’s future plans 22 TRANSPORT Lamborghini CEO Stephan Winkelmann unveils plans for a potentially fully electric future for the luxury supercar company 26 LIFESTYLE Olivia Crouan, Chief Brand Officer for Audemars Piguet, says Swiss watchmakers are exploring urgent solutions to remain relevant as female watch preferences change 30 ARABIAN BUSINESS LEADERSHIP SUMMIT 2024 Leading figures from various industries gather to speak at the region’s most prestigious leadership event 18 26 22 30 JUNE 2024 #210 CONTENTS4 CEO MIDDLE EAST JUNE 2024 ello and welcome to the June issue of CEO Middle East. This month, we focus on the theme of legacy – a subject that is never far from the minds of successful industry leaders. We are fortunate to have Montri Rawanchaikul, CEO of Thai energy giant PTTEP on our front cover. PTTEP will celebrate its 40th anniversary next year, and Rawan- chaikul joined us for a look back at his tenure leading this storied energy firm. “When we look back, 40 years is a long time. But we consider ourselves a relatively young company,” Raw- anchaikul reflected. “When we were founded, the mission was to have an oil and gas company to provide energy se- curity to Thailand. When I look back on PTTEP’s 40-year history, I actually see it in four periods.” Given PTTEP’s milestone 40th anniversary upcoming, and Rawan- chaikul’s impact over his tenure, our conversation inevitably turned to the topic of legacy. For Rawanchaikul, his focus for the future is on the people most affected by an energy company - the next generation. QUESTIONS? COMMENTS? Share your views on thought leadership and innovation by getting in touch: matthew.amlot@itp.com MATTHEW AMLÔT, EDITORIAL DIRECTOR @MATTHEWAMLOT EXCELLENCE ABOUNDS Leadership trancends industries, and the Middle East has no shortage of leaders who help power the economies forward H EDITOR’S LETTER “I would like to see the new generation that comes to work for this company, working with a plan in mind, to achieve a concept from the beginning to the end,” he said. “Then you can focus because you know where our expertise is and what we are good at.” The energy transition also remains of key importance, according to the execu- tive. However, while these technologies continue to mature, significant work still needs to be done in the interim. Turn to page 18 for the full story and Rawan- chaikul’s thoughts on the future. This month we also dedicate a special section to the Arabian Busi- ness Leadership Summit held by our sister title Arabian Business. The event brought together top thought leaders and industry executives from across the region for engaging discussions on what it takes to be a true leader. I’d like to give special thanks to all our speakers for graciously sharing their time and expertise. Events like these would not be possible without the knowledge and experiences leaders are willing to provide. I must also thank all those who attended – it was great to see so many people in the room engag- ing with the topics and each other. For those unable to join, be sure to check out our coverage starting on page 30. Throughout this year, the success of the real estate market seems to be a topic that has never been very far from the headlines. Here in the UAE, prop- erty has gone from strength to strength, repeatedly breaking records month after month. We feature an extended section beginning on page 10 that examines a variety of trends in the market place – and I hope you find it as interesting as we did putting it together. With that I’ll let you get to reading. Until next time. $9.06bn The total revenue of PTTEP for the 2023 financial performanceJUNE 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 15–30 APRIL 2024 #207 SELF-MADE BILLIONAIRE Meet the Masala King, Dr. Dhananjay Datar, the Chairman and Managing Director of Al Adil Trading Company UAE AED 20 KSA SAR 20 BAHRAIN BHD 2 KUWAIT KWD 2 OMAN OMR 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. 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The cunning plot, which unravelled over several weeks in April, began with a seemingly innocuous cold email to Maxion, showing interest in investing in her app. Little did she know, she was be- ing reeled into an elaborate global fraud orchestrated by a network of con artists. The bait: A ‘wealthy’ client’s diversification play The initial hook was expertly baited. Maxion recounts: “Before getting on the call, I looked up the domain associated with his email, and it all checked out initially. But what I realised later was that the domain was off by just one letter.” According to Maxion, the ini- tial approach was from an individual claiming to be a wealth advisor rep- resenting the girlfriend of a wealthy Middle Eastern client seeking to diver- sify her investments. “He was asking all the right ques- tions about the business, our traction, strategy, and funding needs,” Maxion explains. Leveraging her pre-seed fund- ing success of $600,000 and forthcoming $1.5 – $2m seed round, the scammers’ ploy gained credibility. What followed was a dizzying spiral of lies, impersonations, and red herrings cleverly designed to obfuscate the scammers’ true motives. The “cli- ent” morphed from a Middle Eastern girlfriend to a Qatari investor relocating to the UAE. Passports and company reg- istrations were forged, websites spoofed, and identities stolen – all to maintain the illusion of legitimacy. However, the storyline rapidly be- came convoluted. As Maxion questioned the shifting identities, the scammers nonchalantly insisted it was a “better fit” for the new “client.” “That’s how they played it off when I flagged the incon- sistency,” Maxion says. “It didn’t raise enough alarms at the time.” “They sent us a copy of the ‘inves- tor’s’ passport, a real German doctor listed on Crunchbase,” Maxion reveals. “We looked him up; he’s a real person and CEO of some company.” Demand for $250,000 crypto ‘commission’ Undeterred by the mounting inconsist- encies, Maxion and her CFO Christina agreed to a meeting in Barcelona with the con artists posing as intermediaries – a decision that cost them over $12,000 in travel expenses during the floods in Dubai last month, which caused them to reschedule their flights three times. “We told them we would only meet after seeing them on video call, as nobody had been on camera before,” Maxion says. The brief video interaction only heightened her suspicions when the “representative” abruptly exited for “another meeting.” Maxion’s smarts and unwavering scrutiny enabled her to extricate herself from the scheme’s clutchesFEATURE 8 CEO MIDDLE EAST JUNE 2024 The audacity escalated as the dinner conversation turned to the “commission” at Barcelona’s Dry Martini bar. “They brought up needing the $250,000 in crypto, but secretly from the ‘investor’ because they were losing him as a client by his move to the UAE,” Maxion re- counts. “They wanted to extract as much as possible from the deal.” But the scheme reached its cre- scendo when the scammers demanded a staggering $250,000 in crypto as a “commission” – nearly a sixth of the target $1.75m investment – to be physi- cally transported on a USB drive to Brussels or Amsterdam. “They wanted us to open a cold wallet and bring $250,000 in USDT on a USB to show ‘proof of funds’ be- fore the investment,” Maxion explains, horrified. “They were so insistent on doing this. We told them we would only use a licensed, trusted company to do the exchange and we will only be doing it digitally.” “I never bought crypto before this. I was like ‘this ain’t Mission Impossi- ble’. I’m not going across international $485.6bn The damage caused by fraud scams and bank fraud schemes in 2023, according to Nasdaq’s 2024 Global Financial Crime Report What followed was a dizzying spiral of lies, impersonations, and red herrings cleverly designed to obfuscate the scammers’ true motivesFEATURE JUNE 2024 CEO MIDDLE EAST 9 borders with a USB stick with $250,000 in USDT. That was when we started calling them out on this.” Perhaps the most chilling red flag came when the scammers rejected any formalised agreement governing their demanded “success fee.” As Maxion re- marks, “They refused to sign any terms, insisting it was a ‘trust deal’.” The House of Cards crumbles As Maxion and her CFO probed deeper, the facade rapidly disintegrated. Recently created domains, employees unaffiliated with the companies used as fronts, and identical scam reports on scamadviser. com all pointed to an intricate global fraud syndicate. In a final, damning blow, the scammers balked at signing any formal agreement governing their purported “success fee,” arousing further distrust. Ultimately, Maxion’s smarts and unwavering scrutiny enabled her to extricate herself from the scheme’s clutches. However, her determination doesn’t end there. “I want to expose this scam to pro- tect others, but I really want these people caught and prosecuted,” she affirms. She is actively seeking CCTV footage from her Barcelona hotel, a potential key to unmasking the con artists. While shaken, the intrepid founder remains undeterred in her entrepreneur- ial vision, exemplifying the grit that has made Dubai a global startup hub. “I always believe you meet people to get to the next level,” Maxion says. “Maybe exposing this scam will lead to attracting good, honest investment.” As the UAE’s startup ecosystem flourishes, Maxion’s experience serves as a stark reminder of the need for heightened due diligence and a culture of scepticism when engaging potential investors – no matter how plausible their narratives may seem. “Look up domains, find mutual connections, watch for no video calls or lack of interest in your financials,” Maxion cautions. “If they don’t have a team page with real photos and bios, that’s a red flag.” While she has repeatedly tried to contact the German doctor whose credentials were impersonated, she has yet to receive a response. “I want him to know they’re using his photos and passport information for these scams so he can take action,” she states. “These people need to be stopped.” In this era of virtual deal-making, a “trust but verify” mindset could prove the difference between success and failure. “I NEVER BOUGHT CRYPTO BEFORE THIS. I WAS LIKE ‘THIS AIN’T MISSION IMPOSSIBLE’. I’M NOT GOING ACROSS INTERNATIONAL BORDERS WITH A USB STICK WITH $250,000 IN USDT” Scammers demanded a staggering $250,000 in crypto as a “commission” The most chilling red flag came when the scammers rejected any formalised agreement governing their demanded “success fee”Next >