THE MIDDLE EAST’S

TOP 5 RICHEST HEDGE-FUND MANAGERS TOP 10 3 MULTI-BILLION-DOLLAR DONORS

THE MIDEAST’S SHIFT TO SUSTAINABLE INVESTMENT BANKS ARAB INVESTMENTS INTO SOCIAL MEDIA GIANTS

JULY 2021 ISSUE 106

KARIM AWAD
Group CEO of
EFG Hermes Holding

“WE’RE VERY BULLISH

ABOUT THE STARTUP
SCENE. SOME VERY
BRIGHT PEOPLE
ARE COMING UP

30
THE MIDDLE EAST’S
WITH EXTREMELY
DISRUPTIVE IDEAS.”

BIGGEST ASSET
UAE.......................................................... AED 30
SAUDI ARABIA......................................SAR 30
BAHRAIN................................................. BHD 3
KUWAIT................................................ KWD 2.5

MANAGERS 2021
OMAN....................................................... OMR 3
QATAR..................................................... QAR 30
OTHERS............................................................$8
JULY 2021 ISSUE 106

MEET THE MONEY EXPERTS LEADING INVESTMENT

IN THE MIDDLE EAST, WITH $258.2 BILLION IN
ASSETS UNDER MANAGEMENT.
 95

F O R B E S M I D D L E E A S T.C O M JULY 2021

 6 I Sidelines
Venturing Into The Unknown
By Claudine Coletti

LEADERBOARDS

INVESTMENT

1 10 I Arab Investments Into Social Media Giants

Here’s a look at some prominent investments in social media giants
made by Arab individuals and corporates.
CONTENTS

By Layan Abo Shkier

PHILANTHROPY

12 I 3 Multi-Billion-Dollar Donors
While many billionaires have signed the Giving Pledge—a commitment to
give at least half of their wealth to charity during their lifetime or in their
wills—critics argue that too much time passes while this wealth is accrued.
Dedicated to using their money to solve world problems now, here are
three generous individuals pioneering the idea of “giving while living.”
By Jamila Gandhi

SUSTAINABILITY
30
14 I The Mideast’s Shift To Sustainable Investment
Middle Eastern countries are preparing to invest billions into ESG projects.
By Jamila Gandhi 88

BILLIONAIRES

16 I Top 5 Richest Hedge-Fund Managers

The five members of this all-boys club are Americans with a self-made
score of eight by Forbes. Figures are as of June 10, 2021.
By Jamila Gandhi

INVESTING

18 I World’s Top 5 Female Venture Capitalists

There were 12 female venture capitalists on Forbes’ 2021 Midas List,
which ranks the world’s top 100 venture capital tech investors. This
year’s number is up from 11 last year and ties 2019’s record. Here’s a
look at the leading five women.
By Jamila Gandhi 30 I Inclusive Capitalism
Ensuring that everyone has a fair shot at the American
BANKING
Dream. By Kamala Harris
20 I Top 10 Banks In The Middle East
Plus: How much is President Biden’s cabinet worth?

As of June 6, 2021, the banks on Forbes Middle East’s list of the “Top
50 Banks In The Middle East” had a total value of $513.6 billion and THE 50 OVER 50

86 I Screen Queen
assets worth $2.5 trillion. Here’s a look at the top 10.
By Layan Abo Shkier
Shonda Rhimes spent the first 12 years of her TV career
FRONTRUNNER contributing to Disney’s empire. Now she’s building her own.
By Madeline Berg
24 I Reboot
Melinda French Gates becomes a billionaire in her own right. HOTEL REVIEW
By Rachel Sandler
88 I Waldorf Astoria Maldives Ithaafushi
For any couples looking for a memorable honeymoon in a
26 I The World's Ten Highest-Paid Athletes magical world of natural beauty, the Maldives is a fantasy
destination.
By Brett Knight and Justin Birnbaum
By Sheera Hamed Al Shobaki

F O R B E S M I D D L E E A S T.C O M JULY 2021

 30
THE MIDDLE EAST’S 60

2
CONTENTS

BIGGEST ASSET
MANAGERS

42

Tuning Into Tech

A key U.A.E. investor, SHUAA Capital’s Group CEO
Jassim Alseddiqi is doubling down on technology as he
seeks to build a regional financial powerhouse.
By Samuel Wendel

F O R B E S M I D D L E E A S T.C O M JULY 2021

 3

F O R B E S M I D D L E E A S T.C O M JULY 2021

 July 2021 Issue 106

4
• INSIDE •
CONTENTS

COVER STORY

36 New Directions
Karim Awad, Group CEO of
EFG Hermes Holding, has
seen the company evolve over
more than two decades from
being an Egyptian investment
bank to becoming a global
financial services corporation.
Now he’s leading a new era of
diversification.
By Claudine Coletti

F O R B E S M I D D L E E A S T.C O M JULY 2021

 5

F O R B E S M I D D L E E A S T.C O M JULY 2021

 SIDELINES

6
FORBES MIDDLE EAST

Venturing Into The Unknown

The saying goes that money makes money; you need to spend it to accumulate it. But deciding
where to plant your hard-earned cash—or someone else’s—is not an easy one unless you’re
well-versed in the world of finance. It’s risky and complex and not for the faint-hearted,
especially if, like me, you’re pretty risk-averse. Understanding all the options takes a solid
understanding of constantly-changing markets, whether you’re investing as an individual, an
organization, or a government entity. Thankfully, experts are around to help and, as technology
takes over, it’s becoming easier to access advice, control your investments, and keep an eye on
your stash. These days you don’t have to be a millionaire or money guru to be an investor, and
traditional assets are far from the only path to profit. If the last year has taught us anything,
it’s to hedge your bets.
Asset managers are the shrewd specialists in the business of foreseeing opportunities and
growing wealth for paying clients, and they are playing with some serious numbers. The biggest
asset manager in the world, according to ADV Ratings, is Black Rock, which had assets under
management worth over $9 trillion in Q1 2021, followed by the Vanguard Group with $7.2 trillion,
and the UBS Group with $1.1 trillion. The biggest Arab counterpart is Saudi Arabia’s NCB Capital,
with $50.4 billion under management. But although the companies on our new regional ranking
may seem small in comparison to their global competitors, their investments are making big waves
in the Middle East. The 30 companies have a total of $258.2 billion in assets under management.
This sizable chunk of capital is invested across a wide variety of different asset classes of course, but
for our featured leaders this month at least—Karim Awad of EFG Hermes and Jassim Alseddiqi
of SHUAA Capital—technology and startups seem to be key areas of focus.
But then, it seems these are themes for many investors, with various sectors now having “tech”
specific branches, such as Fintech, foodtech, proptech, edtech, and healthtech. Just looking at
a couple of big announcements from June shows the extent of investors’ appetite for online
platforms. Saudi’s Watheeq Financial launched a $26.7 million Venture Capital Fund purely
to invest in proptech startups. Egypt’s celebrity video request platform, Minly, raised a $3.6
million seed round. U.A.E.-based IoT startup iWire secured $34 million in a Series A. And
Kuwait’s flowers and gifts e-commerce platform Floward announced a $27.5 million Series B.
In Fintech alone, we estimated that by June startups in this space in MENA had raised more
than $243 million from 32 deals since the beginning of the year, the biggest of which was for
Saudi’s Tamara, which secured a $116 million investment.
Whether you’re placing your bets on startups and stocks, securing safe assets in real estate,
or bravely venturing into crypto, investing is about calculating risk and taking a chance. Stay as
informed as possible, and enjoy this month’s issue.

—Claudine Coletti, Managing Editor

F O R B E S M I D D L E E A S T.C O M JULY 2021

 7

F O R B E S M I D D L E E A S T.C O M JULY 2021

 INNOVATING SINCE 2010
JULY 2021 ISSUE 106

Dr. Nasser Bin Aqeel Al Tayyar President & Publisher

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Khuloud Al Omian
Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House
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F O R B E S M I D D L E E A S T.C O M JULY 2021


Arab Investments Into Social Media Giants
Here’s a look at some prominent investments in social media giants made
10
by Arab individuals and corporates.
LEADERBOARD
More than half of the world’s
population (53.6%) use social media
platforms, according to a report by
We Are Social. In the U.A.E. alone,
99% of the population use Twitter,
Facebook, and Snapchat among
others. As such, social networking
platforms have received global
attention from investors pledging
millions to secure shares of this
irresistible monetization opportunity.
Mubadala Investment
Company
PLATFORM: Telegram
AMOUNT OF INVESTMENT: $75 million
In March of this year, Abu Dhabi’s
sovereign wealth fund Mubadala
Investment Company announced that
it had invested $75 million in the cloud-
based messaging platform Telegram.
Mubadala said its investment is a
five-year pre-IPO convertible bond of
the app, founded in 2013 by Pavel and
Nikolai Durov as a secure messaging
platform using end-to-end encryption.
This investment comes as part of Abu
Dhabi’s plan to further expand its
technology ecosystem, according to
the fund. Telegram’s co-founder Pavel
Durov is the U.A.E.’s richest resident,
with a real-time net worth of $17.2
billion as of June 2, 2021.
Abu Dhabi Catalyst
Partners (ADCP)
PLATFORM: Telegram
AMOUNT OF INVESTMENT: $75 million
ADCP, a joint venture between
Mubadala Investment Company and
New York-based Falcon Edge Capital,
also invested another $75 million
in Telegram on the same day as
F O R B E S M I D D L E E A S T.C O M
Investment
Alwaleed Bin Talal
Mubadala’s investment. The platform
is climbing in popularity, with the
number of active users growing from
zero to 500 million over the past
seven years. Telegram is reportedly
planning to establish an office in Abu
Dhabi Global Market, the financial-
free zone of the city.
Alwaleed Bin Talal
PLATFORM: Snapchat
AMOUNT OF INVESTMENT: $250 million
In 2018, Saudi Prince Alwaleed Bin
Talal Bin Abdulaziz Alsaud tweeted
a video of him with Snapchat CEO
Evan Spiegel stating that he has
invested $250 million in exchange for
2.3% of Snapchat’s shares. The Saudi
businessman bought the shares with
no voting rights or direct influence on
the company’s decisions, according
to TechCrunch. The announcement
came just hours before the social
media platform had released its Q2
earnings. At the time, the company
was not performing well, as its share
price was dropping, closing at $12.3
on the day of the announcement and
at $5.5 by the end of 2018.
Alwaleed Bin Talal &
Kingdom Holding Company
PLATFORM: Twitter
AMOUNT OF INVESTMENT: $1 billion
Kingdom Holding Company (KHC),
the investment holding owned by
Alwaleed Bin Talal, announced in
December 2011 that both KHC and
the Saudi Prince had invested $300
million in the social media platform.
The initial investment came two years
before Twitter went public in 2013.
A few years later, in 2015, both KHC
and Bin Talal increased their stakes
in Twitter to a total of 34.9 million
shares. This represented 5% of the
platform’s common stock at a market
value of $1 billion, recorded in
October 2015, making the Prince and
KHC the second-largest stakeholder
of Twitter at the time.
Mansour Family
& Man Capital
PLATFORM: Twitter & Facebook
AMOUNT OF INVESTMENT: Unknown
Egyptian billionaire Mohamed
Mansour has revealed that he and
BY LAYAN ABO SHKIER; IMAGE FROM ALWALEED PHILANTHROPIES FOUNDATION
his family were early investors in
Facebook before the social network’s
IPO in 2012. The serial investor
began backing tech companies around
15 years ago, according to Bloomberg.
His family-owned investing arm, Man
Capital, which was established in
2010, is also an investor in Facebook
and Twitter, along with other Silicon
Valley giants such as Spotify and
Uber. The three Mansour brothers,
Yasseen, Mohamed, and Yousseff,
are billionaires with a combined net
worth of $5.1 billion as of June 2,
2021.
JULY 2021
 11

LEADERBOARD

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JULY 2021
 Philanthropy

12
3 Multi-Billion-Dollar Donors
While many billionaires have signed the Giving Pledge—a commitment to give at least half of
their wealth to charity during their lifetime or in their wills—critics argue that too much time
LEADERBOARD

passes while this wealth is accrued. Dedicated to using their money to solve world problems now,
here are three generous individuals pioneering the idea of “giving while living.”

Chuck Feeney
AGE: 90
CITIZENSHIP: U.S.
On September 14,
2020, Feeney closed his
charitable business Atlantic
Philanthropies as he hit his
four-decade goal to give
away all his money. Over
the last 40 years, the former
billionaire cofounder of
airport retailer Duty-Free
Shoppers has donated
over $8 billion to global
charities, universities,
and institutes through
his foundation, Atlantic
Philanthropies, which he
established in 1982. Some of
the causes include bringing On September 14, 2020, Chuck Feeney—with wife Helga Feeney—
peace to Northern Ireland, signed documents in San Francisco marking the close of the
Atlantic Philanthropies after four decades of global giving
modernizing Vietnam’s
healthcare system, and
spending $350 million
June 2021, bringing the ranked the frugal billionaire made him Asia’s biggest
to turn New York’s long-
total value of his Berkshire as the most generous philanthropist. But, Premji
neglected Roosevelt Island
Hathaway stock donations philanthropist in the U.S. also topped Forbes’ list
into a technology hub.
to $41 billion. The move on its Top 50 Givers list in of The Biggest Billionaire
In 2012, Forbes named
puts him halfway through 2019. Losers of 2019. By
him the James Bond of
his commitment to the transferring more than 60%
Philanthropy. Feeney
Giving Pledge to donate all of his stake, the generous
estimated he had set aside Azim Premji
of the 474,998 shares he multi-million-dollar
BY JAMILA GANDHI; THE ATLANTIC PHILANTHROPIES

around $2 million for his AGE: 75

and his wife’s retirement.
Warren Buffett
AGE: 90
CITIZENSHIP: U.S.
Investing legend Warren
Buffett announced a new
$4.1 billion donation in
controlled in June 2006. In
2010, the “Oracle of Omaha”
cofounded the Giving Pledge
with Bill and Melinda Gates
to set a global standard
of generosity among the
ultra-wealthy. As of June
2021, there are 222 signees
from 25 countries. Forbes
CITIZENSHIP: India
In March 2019, tech titan
Premji announced that he
had shifted a $7.6 billion
stake in his IT outsourcing
company, Wipro Limited,
to his charitable foundation.
The benevolent gesture
donation caused Premji
to lose $14.1 billion in net
worth, from $22.6 billion to
$7.2 billion. Along with his
family, he now owns a 7%
stake in Wipro.  The first
Indian to sign the Giving
Pledge, his lifetime giving
now stands at $21 billion. 

F O R B E S M I D D L E E A S T.C O M JULY 2021

 13

LEADERBOARD

F O R B E S M I D D L E E A S T.C O M JULY 2021


14
The Mideast’s Shift To Sustainable Investment
Middle Eastern countries are preparing to invest billions into ESG projects.
LEADERBOARD
Last year witnessed the
historic issuance of Egypt’s
U.S. dollar sovereign green
bond, making it the first in
both Africa and the Middle
East and the first sovereign
bond to list on the London
Stock Exchange.
Besides helping
strengthen the country’s
Environmental, Social,
and Governance (ESG)
credentials, the move
has opened Egypt up for
those seeking to support
FDIs, private equity,
and sustainable lending,
amongst other goals.
Egypt’s landmark
climate-focused investment
represents the remarkable
growth in the Middle East’s
socially investing market
over the past decade.
The region is home to
some critical sustainable
development opportunities,
with an estimated annual
financing gap of more
than $100 billion in the
Middle East, according to
data by the Arab Forum
for Environment and
Development.
A 2020 HSBC study
found that 62% of Middle
East issuers and 47% of
investors say “we believe it’s
right” when asked why they
care about environmental
and social issues. These
rates were also the strongest
level globally, underpinning
F O R B E S M I D D L E E A S T.C O M
Sustainability
Mohammed bin Rashid Al Maktoum Solar Park
the significance of moral
values in the region. In the
U.A.E. specifically, 70% of
issuers agreed. Similarly,
in another 2020 survey
conducted by the CFA
Institute, 74% of U.A.E.
investors with a values
objective said they are
willing to give up some
return in exchange for
meeting their investment
goals. Meanwhile, 94% of
U.A.E. retail investors were
interested in or are using
ESG in 2020, up from 90%
in 2018.
Since 2015, Bahrain,
Egypt, Jordan, Kuwait,
Oman, Qatar, Saudi
Arabia, and the U.A.E.
have all revised their
corporate governance
codes, incorporating efforts
towards diversification.
Saudi Arabia has been at
the forefront of renewable
energy in the region. From
the $500 billion NEOM
smart city to establishing
the Saudi Industrial
Development Fund’s
Mtujadeda, the kingdom is
strategically trying to move
away from its dependence
on oil towards other
diversified energy sources.
Due to the year-round
sunshine and comparatively
lower financing costs, solar
power has been deemed the
“new oil” for the region.
Since Masdar
inaugurated the Shams
Solar Power Plant in
2013, the world’s largest
concentrated solar power
(CSP) plant, solar energy
use has seen continued
momentum. Dubai’s
Mohammed bin Rashid Al
Maktoum Solar Park, Noor
Abu Dhabi solar power
project, and Masdar’s
Shams Solar Power Plant
are a few instances of
capitalizing the climate
efficiently in the U.A.E.
The country was also the
first in the Middle East to
sign the Paris Agreement
and has committed to
reducing emissions across
all economic sectors within
NDCs Now, it’s exploring
the possibility of producing
green and blue hydrogen
through the Abu Dhabi
Hydrogen Alliance and has
also launched a bid to host
the COP 28 in the capital
in 2023.
To meet the UN
Sustainable Development
Goals by 2030, regulators
and government authorities
are calling on investors
to put ESG practices at
the heart of their business
strategies and connect
capital to promote
sustainable infrastructure
development. And this
transition to a low-carbon,
sustainable approach to
growth is forecasted to lead
BY JAMILA GANDHI; IMAGE CREDIT: WAM
to an economic boost of $26
trillion up to 2030, with the
possibility to create more
than 65 million new jobs, as
per the Global Commission
on the Economy and
Climate.
JULY 2021
 15

LEADERBOARD
LUXURY
REDEFINED

Abu Dhabi – Ajman

Al Ain – Dubai
Fujairah – Sharjah
Ras Al Khaimah
patchi.com

F O R B E S M I D D L E E A S T.C O M JULY 2021


Top 5 Richest Hedge-Fund Managers
16 The five members of this all-boys club are Americans with a self-made score of eight by Forbes.
Figures are as of June 10, 2021.
LEADERBOARD
The unusually strong performance
of hedge funds in 2020 marked a
significant reversal. A report by Citco
Funds Services found that all hedge
fund strategies and assets under
administration categories delivered
positive returns last year, and the
momentum has spilled over to 2021.
In the first quarter, 73.4% of funds
delivered a positive annual return.
Jim Simons
Founder, Renaissance
Technologies Corp.
NET WORTH: $24.6 billion
Simons, one of the most famous
quantitative traders ever, founded
Renaissance Technologies in 1982
and still plays an important role
even though he retired from day-to-
day operations in 2010. Today, the
esteemed quantitative trading hedge
fund manages about $55 billion. The
firm is well-known for its flagship
Medallion Fund, a $10 billion black-box
strategy exclusively open to Renaissance
owners and employees. Last year, the
Medallion Fund returned 76%, earning
Simons $2.6 billion in compensation.
The 83-year-old has donated $2.7
billion to causes, including autism
research. His foundation is the primary
funder of Math For America.
Ray Dalio
Founder and Co-CIO, Bridgewater
Associates
NET WORTH: $20.3 billion
Dalio is the founder of the world’s
biggest hedge fund firm, Bridgewater
Associates, which manages roughly
$150 billion. He launched the company
in 1975 after earning an MBA from
Harvard Business School. In 2018, he
F O R B E S M I D D L E E A S T.C O M
Billionaires
Steve Cohen
turned the company into a partnership
and offered employees more of a stake
in the firm. Bridgewater is known
for its transparent culture, including
encouraging dissent, openly airing
disagreements, and recording all
meetings. The 71-year-old has donated
more than $850 million to charitable
causes. His Dalio foundation has
supported microfinance and inner-city
education.
Ken Griffin
Founder and CEO, Citadel
NET WORTH: $16.1 billion
Griffin sits at the helm of Citadel, a
Chicago-based hedge fund firm he
founded in 1990. However, he first
began trading from his Harvard
dorm room in 1987. Today, Citadel
manages approximately $34 billion in
assets. Griffin also established Citadel
Securities, one of Wall Street’s biggest
market-making firms, responsible for
one of the five stock trades in the U.S.
The 52-year-old—and the youngest
person on this list—is an avid property
buyer, snapping up high-priced homes in
London, New York, and Palm Beach for
millions. He has donated over $1 billion
in his lifetime, including more than
$300 million to nonprofits in Chicago.
Steve Cohen
Founder, Point72 Asset
Management
NET WORTH: $16 billion
Cohen leads Point72 Asset Management,
a $16 billion hedge fund firm that begun
managing outside capital in 2018. He
previously ran SAC Capital, which was
forced to close after the firm pleaded
guilty to insider trading charges. The
penalty cost Cohen $1.8 billion. In 2014,
SAC converted its investment operations
to Point72. Earlier this year, Cohen
helped bail out Melvin Capital after its
sizable and disastrous short of GameStop.
The 64-year-old has given $715 million
to philanthropic causes over his lifetime,
including causes related to veterans and
children’s health.
David Tepper
Founder and President, Appaloosa
Management
NET WORTH: $14.5 billion
Tepper founded Appaloosa Management
in 1993 after getting passed over for a
partner when he led the junk-bond desk
at Goldman Sachs. Today, the hedge fund
firm manages nearly $13 billion, down
from a peak of $20 billion. The hedge
BY JAMILA GANDHI; IMAGE CREDIT: POINT72
fund manager grew up in Pittsburgh,
went to Carnegie Mellon University, and
is a minority investor in the Pittsburgh
Steelers. The 63-year-old gifted $67
million to Carnegie Mellon University,
sponsoring the David Tepper Quadrangle,
a building to create a collaborative
learning environment.
JULY 2021

Reach For The Clouds
Lana Khalaf, Microsoft’s country manager for Qatar, explains how
the tech giant’s cloud infrastructure is helping the country to
accelerate its digital transformation.
How is Microsoft working with
Qatar and what is the aim of the
partnership?
Qatar’s forward-looking approach
and the ambitions expressed
through the Qatar National Vision
2030 speak to the ideology of
transformation by design and not
by chance. In partnership with the
State of Qatar, we have brought
Microsoft Cloud to the country,
enabling enterprises to innovate
and accelerate their digital
transformation, while transforming
the country into a digital hub for the
region and the world.
Can you elaborate on the benefits
of the new Microsoft data center?
The new Microsoft cloud region will
deliver unprecedented opportunity
for public and private enterprises in
Qatar to enhance their competitive
edge and contribute to the nation’s
digital transformation goals.
Enterprises of all sizes and in all
sectors, will have access to the latest,
largest, and most advanced cloud
services in the region, including
artificial intelligence, machine
learning, and the Internet of Things.
According to a study from
IDC, Microsoft’s cloud investment
in Qatar will lead to a $3.4 billion
opportunity over the next five
years and create more than 24,000
new jobs. There is a sustainability
advantage too; Microsoft cloud
services are up to 93% more energy
efficient and up to 98% more carbon
efficient than those of traditional
enterprise data centers.
The
F O Rthoughts
B E S M I D expressed inOthis
D L E E A S T.C M advertorial are those of the client.
PRO M OTI O N
How has Microsoft already
supported Qatar’s digital ambitions?
During the coronavirus pandemic,
Qatar leveraged Microsoft’s cloud
services to achieve agility, resilience,
security, and business continuity.
Through joint efforts, more than
140,000 employees in Qatar were
able to work remotely, and more
than 400,000 students and teachers
were equipped to learn online using
Microsoft Teams. Within a matter
of days, Microsoft technology was
also enabling Qatar’s doctors,
emergency responders, and
caregivers to work remotely. These
things were only possible because
Qatar had already embarked on its
digital transformation journey.
How important is the SME
ecosystem and how is Microsoft
supporting it?
Small and medium enterprises
17
LEADERBOARD
(SMEs) have a profound impact on
economic growth, representing
up to 90% of businesses and
more than 50% of employment
worldwide. Some 600 million jobs
will be needed by 2030 to absorb
the growing global workforce,
making SME development a
priority for governments.
Microsoft is committed to
empowering startups in Qatar by
offering them the technology and
resources to scale their businesses
in the cloud. We work with Qatari
entities such as Fintech Hub, QDB,
TASMU, Ooredoo, Tawteen, and
Nautica 360 to empower a diverse
range of startups spanning sectors
from fintech to sports.
How is Microsoft helping Qatar to
prepare the current generation for a
digital future?
Our mission is to empower every
individual and organization across
the world to achieve more, and we
are dedicated to supporting Qatar as
it works towards its visionary agenda.
Through new, locally delivered
services, we aim to help the current
workforce to harness the power of
the cloud and we are partnering with
the Qatari government to deliver
core digital skills to more than 50,000
people by 2025.
www.microsoft.com/mea/
qatar-datacenters/
JULY 2021

World’s Top 5 Female Venture Capitalists
18 There were 12 female venture capitalists on Forbes’ 2021 Midas List, which ranks the world’s top
100 venture capital tech investors. This year’s number is up from 11 last year and ties 2019’s record.
Here’s a look at the leading five women.
LEADERBOARD
Mary Meeker
FIRM: Bond Capital
HQ: Woodside, U.S.
Meeker serves as a general
partner of VC firm Bond
Capital. Her new growth
fund raised $1.25 billion
in capital commitments in
2019. Previously, she was a
partner at VC giant Kleiner
Perkins. Meeker was behind
the bets on Instacart, Slack,
Square, Airbnb, Facebook,
and Twitter. The internet
analyst releases her famous
Internet Trends report
each spring, which details
her tech predictions in
200 data-laden slides. The
61-year-old was also among
Forbes’ 2020 list of the
World’s 100 Most Powerful
Women.
Anna Fang
FIRM: ZhenFund
COUNTRY: Beijing, China
Fang has been partner and
CEO of early-stage venture
fund ZhenFund since
2011, where she oversees
a portfolio backed by well
over 600 startup companies.
The 38-year-old has led
investments of billion-
dollar firms including
Xiaohongshu (the lifestyle
and shopping site also
known as Red), Horizon
Robotics, Mia, VIPKid,
Good Driver, Perfect Diary,
and fresh produce platform
F O R B E S M I D D L E E A S T.C O M
Investing
Anna Fang
Nice Tuan. She began her
career as an investment
banker at JPMorgan’s
New York office, covering
consumer and retail firms.
Mar Hershenson
FIRM: Pear VC
COUNTRY: Los Altos, U.S.
A newcomer to the Midas
list in 2021, Hershenson
made her debut thanks
to Pear VC’s early bet on
DoorDash. Pear VC also
has a stake in Guardant
Health, which went public
in December. The Spain-
born venture capitalist
started Pear VC with former
rug dealer Pejman Nozad
in 2013. After earning
a Ph.D. in Electrical
Engineering from Stanford
University in 1999, she
developed a technique for
optimizing the design of
analog semiconductors.
Hershenson also founded
three startups and taught
engineering at Stanford
for nearly a decade. The
49-year-old managing
partner has registered 14
patents.
Jenny Lee
FIRM: GGV Capital
COUNTRY: Shanghai, China
Thanks to her focus on
edtech, robotics, and
artificial intelligence, Lee
has gained widespread
recognition in the Chinese
VC space. The 49-year-
old serves as managing
partner at GGV Capital
and has backed whimsical
moonshots like China’s first
flying taxi, eHang 184, to
Kingsoft WPS, which has
posted an 81x return. Most
recently, portfolio company
and ed-tech platform
Huohua hit unicorn status
by raising funds at a $1.5
billion valuation in January
2021. The Singaporean
joined California-based
GGV Capital in 2005, the
same year she opened its
first office in China.
Jing Hong
FIRM: Gaocheng Capital
COUNTRY: Beijing, China
Hong, a founding partner
at Gaocheng Capital, is
another newcomer to the
Midas list in 2021. With
nearly two decades of
experience in growth-stage
private equity investment,
the 47-year-old has led
bets on e-commerce giant
Alibaba, online-to-offline
business Meituan, and
vehicle-for-hire outfit
Didi. The growth-stage
investment firm also has
BY JAMILA GANDHI; IMAGE COURTESY OF ANNA FANG
an investment in Youzan,
the largest provider of
WeChat stores in mainland
China. In 2020, the
Harvard grad helped
close a $300 million fund.
Previously, Hong was a
partner at Hillhouse, and
before that, a managing
director at General Atlantic.
JULY 2021

Together We Can
Change the World
Expo 2020 Dubai is on a mission to make
the world a better place, and in PepsiCo it
has found the perfect partner.
T
he countdown has begun;
Expo 2020 Dubai will open
its doors to the world on
October 1, 2021, for six
unforgettable months. After a year
of unprecedented challenge, the
timing couldn’t be better. Expo
2020 will serve as a launchpad
for collaboration at a time when
the world needs it the most. It is
a chance for humanity to work
together to tackle global problems
and to build meaningful partnerships
—one of which is already firmly in
place. As an official premier partner,
global F&B leader PepsiCo is working
closely with the Expo 2020 Dubai
team, with connections that run far
deeper than refreshments.
PepsiCo and Expo 2020 Dubai
share a vision. Both are on a mission
to create a fun and sustainable
future, and advance the region
The
F O Rthoughts
B E S M I D expressed inOthis
D L E E A S T.C M advertorial are those of the client.
PRO M OTI O N
they call home. PepsiCo has been
present in the Middle East since
1962, making its involvement in Expo
2020 Dubai a natural extension of its
commitment to the region.
And the synergies don’t end
there. Expo 2020 Dubai’s themes
of opportunity, mobility, and
sustainability align perfectly with
PepsiCo’s global vision of winning
with purpose—and winning is
something that Dubai does well.
“The UAE has always brought
bigger, better, and bolder ideas
to the world,” says PepsiCo’s CEO
for Africa, Middle East, and South
Asia, Eugene Willemsen. Now, Expo
2020 Dubai promises to continue
that legacy, pushing the limits of
creativity and innovation.
PepsiCo is not holding back,
preparing to show the world what
innovative and sustainable food and
beverage practices look like. Already,
as Expo 2020 Dubai’s Official
Beverage and Snack Partner, the
company has launched Aquafina®
water in fully and infinitely recyclable
aluminum cans. It also plans to work
with waste management partners at 19
the event to ensure PepsiCo waste is
collected and recycled, supporting
LEADERBOARD
Expo 2020 Dubai’s goal of diverting
at least 85% of waste from landfill
and boosting recycling efforts.
The industry giant has some
surprises up its sleeve too, with
regional firsts due to be revealed
in line with Expo 2020. “Through
product, packaging, technological
innovations, and partnerships with
country pavilions, we promise to
entertain, educate, surprise, and
delight,” says Willemsen. For visitors,
that means entertainment and
memorable brand experiences, all
designed to connect PepsiCo with
consumers, and consumers with the
global themes that matter.
With a climate emergency
looming and global inequality as
acute as ever, opportunity, mobility,
and sustainability are what will drive
positive change. For PepsiCo, this
international effort is a priority—a
“collective, critical effort,” says
Willemsen, “one that cannot afford
to wait.”
Thanks to Expo 2020 Dubai and
its partners, it won’t have to. In less
than four months, the event will
bring together the world’s brightest
minds for the global good and
offer some long-overdue fun in an
environment set to inspire all who
visit in person or virtually.
www.pepsico.com
JULY 2021

Banking
Top 10 Banks
20
In The Middle East
LEADERBOARD
As of June 6, 2021, the banks on Forbes
Middle East’s list of the “Top 50 Banks
In The Middle East” had a total value
of $513.6 billion and assets worth $2.5
trillion. Here’s a look at the top 10.
Banking and finance is a vital sector for global
economies. It is through banks that governments
control monetary policy and inflation, and inject
stimulus into the markets. When the pandemic hit last
year, banks made sure that economies stayed afloat
by using measures like postponing loan payments,
restructuring debt, and lending to key sectors.
Here are the top 10 banks in the Middle East. We
collected data from the listed stock exchanges in the
Arab world and ranked companies based on market
value (calculated as of June 6, 2021), sales, assets, and
profits. Check out our website for the full Top 50 Banks
In The Middle East 2021 list.
1. QNB Group
Group CEO: Abdulla Mubarak Al-Khalifa
Country: Qatar
Sales: $13.5 billion • Profits: $3.3 billion
Assets: $281.6 billion • Market value: $45.2 billion
The QNB Group is the Middle East
and Africa’s biggest bank in terms
of assets. When it was established
in 1964, it was Qatar’s first locally-
owned commercial bank. The
Qatar Investment Authority owns
more than 50% of QNB’s shares.
The bank operates in 31 countries
either directly or through its subsidiaries. Over the last
year, the bank’s assets grew by 9%, but net profit fell
16%. Abdulla Mubarak Al-Khalifa became acting CEO
in November 2018 and CEO in 2019. He is also a board
member at Ooredoo.
F O R B E S M I D D L E E A S T.C O M
2. First Abu Dhabi Bank (FAB)
Group CEO: Hana Al Rostamani
Country: U.A.E.
Sales: $7.6 billion • Profits: $2.9 billion
Assets: $250.2 billion • Market value: $50.2 billion
FAB, the U.A.E.’s largest bank, was formed in 2017
by the merger of the First Gulf Bank and the
National Bank of Abu Dhabi. Mubadala is the
largest shareholder in the company through
the Abu Dhabi Investment Council. In January
2021, FAB agreed to buy the Egyptian business
of Lebanon’s Bank Audi, making it one of the
largest foreign banks in Egypt with total assets of more
than $8.1 billion post-acquisition. That same month, Hana Al
Rostamani was named Group CEO of FAB. She was the top-
ranked woman on Forbes Middle East’s list of the Top CEOs In
The Middle East 2021 at #19.
3. The Saudi National Bank
Group CEO and Managing Director: Saeed Alghamdi
BY LAYAN ABO SHKIER; QNB GROUP; FIRST ABU DHABI BANK; THE NATIONAL COMMERCIAL BANK - ALAHLINCB (@ALAHLINCB / FACEBOOK); EMIRATES NBD
Country: Saudi Arabia
Sales: $6.6 billion • Profits: $3.1 billion
Assets: $159.9 billion • Market value: $64.1 billion
SNB was formed on April 1, 2021, by the merger
of the National Commercial Bank, which
was Saudi’s biggest bank in terms of assets,
and the Samba Financial Group, which
evolved from Citibank. It is now the largest
commercial bank in Saudi and the most
valuable bank in the Middle East in terms of
market cap. It also owns both NCB Capital and
Samba Capital & Investment Management, which together form
the biggest asset manager, brokerage, and investment bank in
Saudi Arabia.
4. Emirates NBD
Group CEO: Shayne Nelson
Country: U.A.E.
Sales: $9.7 billion • Profits: $1.9 billion
Assets: $190.1 billion • Market value: $23.5 billion
Emirates NBD was formed in 2007 by the merger
of the National Bank of Dubai and Emirates
Bank International. Today it is Dubai’s largest
bank by assets, employing more than 25,000
people. Chairman, Sheikh Ahmed Bin Saeed Al
Maktoum, is also the chairman and CEO of the
Emirates Group. Shayne Nelson has been CEO of
the bank since 2013. Before joining Emirates NBD, Nelson served
in Singapore as the CEO of Standard Chartered Private Bank.
JULY 2021
 4. Al Rajhi Bank
CEO: Waleed A. Al-Mogbel
Country: Saudi Arabia
Sales: $5.6 billion • Profits: $2.8 billion
Assets: $125 billion • Market value: $69.0 billion
Al Rajhi Bank was originally established in 1957
as an exchange house by the Al Rajhi family.
It became the Al Rajhi Banking Corporation
in 1988 and changed its name to Al Rajhi
Bank in 2006. In 2020, the bank’s active
users for digital transactions increased 39%
to 7.9 million. The bank’s subsidiaries include
investment bank Al Rajhi Capital, insurance
broker Al Rajhi Takaful Agency, and microfinance company
Emkan Finance. Waleed Abdullah Al-Mogbel became CEO of Al
Rajhi bank in 2020. He has a PhD in accounting and auditing,
and 23 years of experience in the banking and finance sector.
6. ADCB Group
Group CEO: Ala’a Eraiqat
Country: U.A.E.
Sales: $4.6 billion • Profits: $1 billion
Assets: $111.9 billion • Market value: $13.3 billion
The ADCB Group was formed in 2020 by the
merger of the Abu Dhabi Commercial Bank
and the Union National Bank, and the
acquisition of the Al Hilal Bank. It is the
third biggest bank in the U.A.E... with more
than a million customers. It follows a U.A.E.-
centric growth strategy and has not expanded
aggressively overseas. Ala’a Eraiqat has been CEO
of the bank since 2009. He is also chairman of its subsidiaries,
Al Hilal Bank and Abu Dhabi Commercial Properties. Mubadala
is the bank’s largest shareholder, and its CEO, Khaldoon Al
Mubarak, is also chairman of ADCB Group.
6. Riyad Bank
CEO: Tareq A. Al Sadhan
Country: Saudi Arabia
Sales: $3.6 billion • Profits: $1.3 billion
Assets: $82.7 billion • Market value: $21.1 billion
AL RAJHI BANK; ADCB GROUP; RIYAD BANK; NBK; KFH; DIB
Riyad Bank has a network of 341 branches in
Saudi Arabia, as well as a branch in the U.K,
an agency in the U.S., and a representative
office in Singapore. The bank employs 5,200
people. In April 2021, the bank bought
a 53-floor office tower in Saudi’s King
Abdullah Financial District that will serve as
its new headquarters. In May 2021, Riyad Bank
signed a memorandum of understanding with Bab al-Khair
Medical Services, which aims to establish the kingdom’s first
non-profit hospital.
F O R B E S M I D D L E E A S T.C O M
8. National Bank Of Kuwait (NBK)
Group CEO: Isam J. Al-Sager
Country: Kuwait
Sales: $3.9 billion • Profits: $859 million
Assets: $98.7 billion • Market value: $20 billion
When NBK was founded in 1952, it was the
first indigenous bank in Kuwait and the 21
first shareholding company in the Gulf
region. The bank reported a net profit
LEADERBOARD
of $295.8 million in Q1 2021—an
8.5% year-on-year increase compared
to Q1 2020. During the pandemic, NBK
launched mobile bank branches—a fleet
of vehicles that provided services to customers at their
doorsteps, such as ATM transactions, withdrawals, and
deposits. Isam J. Al-Sager also serves on the boards of
Watani Wealth Management (KSA) and MasterCard.
9. Kuwait Finance House (KFH)
Acting Group CEO: Abdulwahab Iesa Alrushood
Country: Kuwait
Sales: $3.6 billion • Profits: $612 million
Assets: $71.5 billion • Market value: $21 billion
KFH was the first Islamic bank to be
established in Kuwait in 1977. Today its
largest shareholders include the Kuwait
Investment Authority and the Kuwait
Awqaf Public Foundation. It employs
around 15,000 people. The bank has
now surpassed the National Bank of
Kuwait to become the most valuable company
in Kuwait. In May 2021, KFH launched a digital wallet
service enabling payments to be made through electronic
devices and wearables.
10. Dubai Islamic Bank (DIB)
Group CEO: Adnan Chilwan
Country: U.A.E.
Sales: $3.6 billion • Profits: $860 million
Assets: $78.8 billion • Market value: $9.7 billion
DIB acquired Noor Bank in 2020 to become one of the
world’s largest Islamic banks. In April 2021,
DIB listed its $500 million Sukuk on
Nasdaq Dubai, with a total value of
$6.3 billion. Group CEO, Adnan
Chilwan, also serves as the president
commissioner at Panin Dubai Syariah
Bank, and as chairman at DIB Bank
Kenya Ltd.
For the full list, please see www.forbesmiddleeast.com
JULY 2021
 PRO M OTI O N

Skin Deep
What are the latest developments in
the field of dermatology?
Let me divide my answer into two
parts: medical and cosmetic. In
terms of medical dermatology, we
are witnessing major developments
22 Dr Roy Moutran, Head of Dermatology relating to many diseases. For
at Mount Lebanon Hospital, shares the latest example, advancements have been
made in the treatment of psoriasis
medical advancements and cosmetic trends and atopic dermatitis, and there
that are shaping the way we take care of our are new biological treatments that
we now use in our practice, with
body’s largest organ: the skin. excellent results. The advantage
of these treatments is that they
are targeted therapies that works
specifically on the disease itself, with
fewer side effects.
As for cosmetic dermatology,
the industry is becoming even
more advanced. Threads are now
integrated frequently in our practice,
and when it comes to restructuring
the face, the new trend is to inject
fillers, which gives results without
giving volume. For example, it is
now possible to do a non-surgical
nose job this way. This is all possible
because fillers are now available in
different concentrations and with
different properties that allow us to
perform major work.

How can people with busy work lives

have treatments without too much
down time afterwards?
These days, the majority of cosmetic
procedures are very safe, non-
invasive, and without side effects
such as swelling or bruising. This
allows people to undergo procedures
and then go straight home or back
to work. This is due to the new
products we are using and the use of
cannulas, which greatly reduce the
risk of bruising.

What are the best treatments for

professionals who want to minimize
the signs of ageing?
This is a very important question
because what I have been talking

The
F Othoughts
R B E S M I expressed in this
D D L E E A S T.C O Madvertorial are those of the client. JULY 2021

about for years is creating a natural
look. Keeping some wrinkles actually
makes people look better, and it can
be done in a smart and natural way,
without changing the structure of the
face. Using different concentrations
of fillers, we simply enhance some
features and reduce wrinkles without
removing them altogether. This
is very important, especially for
businesspeople who do not wish to
have major changes to their faces.
Stress can take its toll on the skin.
How can people reduce stress and
enjoy a radiant appearance for
longer?
Having good skin is a relief in itself.
The first and most striking thing that
other people see is our skin and
our faces, so when we have good
skin and we treat it well, we feel
more confident in public settings.
Many people who get cosmetic
treatments look better and feel more
confident in both their personal and
professional lives.
There has been some suggestion
that people should not undergo
treatments involving Botox or
fillers for six months after having
a COVID-19 vaccine. What is your
advice?
Concerning the COVID-19 vaccine,
there is no contraindication of
having Botox of fillers. There have
been a few cases of swelling after
such treatments in people who have
had the Moderna vaccine, but the
side effects are easily treatable with
a little bit of anti-allergic medication.
To be clear: there is no warning
against having fillers or Botox and
getting vaccinated at the same time.
What is your top beauty tip?
One of the most important beauty
secrets is to always feminize the
woman and masculinize a man, and
we bear this in mind with all of our
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
“When it comes to restructuring the face, the
new trend is to inject fillers, which gives results
without giving volume.”
treatments. Also, it’s very important
to treat every patient differently
according to their faces, according
to their expressions, and according
to their natural structures.
Where are you currently based and
which other locations do you cover?
I am based in Lebanon where
I have three clinics: Hazmieh,
Jounieh, and Beirut. I am also a
visiting doctor in Qatar, Saudi
Arabia, Kuwait, Bahrain, and Egypt,
and I recently started to visit some
counties in Sub-Saharan Africa,
including Ivory Coast, Nigeria,
and Senegal. I don’t really believe
in online or digital consultation. I
think a doctor, and especially a
dermatologist, needs to see the
skin, and sometimes touch it, to be
able to offer the right treatment.
What impact has the pandemic had
on our beauty and our health?
The COVID-19 pandemic has
significantly affected our health.
23
I have witnessed a lot of suffering
and even death as a consequence
of the pandemic, and I am happy
to say that I have also seen a lot of
people recover, although lasting
health issues are common. As for
our beauty, we have seen a big
reduction in maintenance because
many people could not visit a doctor
for cosmetic procedures during the
pandemic and couldn’t maintain
their treatments in the usual way.
However, thanks to the vaccination
rollout, things will get better and
hopefully we will get back to normal
soon. With this in mind, I strongly
advise everyone to take the vaccine;
this is probably the only way that we
can return to normal life.
www.drroymoutran.com
JULY 2021
 Déjà View
BIG-DIGIT DIVORCES
Bill and Melinda French Gates aren’t the
only members of The Forbes 400 to learn
that yachtloads of money can’t buy a
happy marriage. The 50 current richest
24
Americans have gotten hitched 72 times
in all, with 35 unions (49%) ending in
divorce. Some billionaire marriages end
FRONTRUNNER

amicably. Others, well . . .

NEW BILLIONAIRE BY RACHEL SANDLER. MELINDA GATES: JONAS FREDWALL KARLSSON/TRUNK ARCHIVE; GROSS: FRANK AUGSTEIN/AP; TURNER: JIM SMEAL/RON GALELLA/GETTY IMAGES
BILL GROSS
The bond king’s 2016 split from his
wife of three decades devolved into
dueling restraining orders and a fake
Picasso. Sue Gross reportedly got
the 1932 painting “Le Repos”—except
she allegedly already had it, having
swapped it on Bill’s wall with a copy she
painted herself.

New Billionaire

REBOOT
On May 3, Bill Gates and Melinda French Gates announced they were divorcing
after 27 years of marriage. That same day, Gates’ Cascade Investment arm TED TURNER
transferred $2.4 billion worth of stock in four companies (Canadian National His decade-long marriage to Jane
Railway; car-dealership group AutoNation; Mexican Coke bottler Coca-Cola Fonda broke up in 2001, yet the Oscar-
winning actress still calls Turner her
Femsa; and Mexican broadcaster Grupo Televisa) to French Gates; he also
“favorite ex-husband.” The media
transferred $851 million in John Deere shares to her in mid-May. One of three mogul speaks fondly of her, too. “When
living American women, as best as Forbes can determine, to attain billionaire status you love somebody, and you really love
via divorce (Jeff Bezos’ ex, MacKenzie Scott, and Sue Gross, who was married to them,” Turner said in 2012, “you never
Pimco’s Bill Gross, are the others), French Gates stands to get more—potentially stop loving them no matter how hard
you try.”
much more. The couple have asked a judge in Washington (a community property
state in which most divorces are settled with a 50/50 split) to follow a separation
agreement to split up Gates’ $126 billion fortune, which encompasses stakes in
more than a dozen companies, including an estimated 1% stake in Microsoft,
U.S. farmland, a $131 million home near Seattle and private planes. French Gates
reportedly began consulting divorce lawyers in 2019 after her husband’s meetings
with the late financier Jeffrey Epstein became public. Days after the divorce HAROLD HAMM
announcement, a spokeswoman for Gates acknowledged he had an affair with a The fracking tycoon wrote his ex-wife
Microsoft employee “20 years ago.” French Gates cofounded the $50 billion (assets) an astronomical $974,790,317.77 check
Bill and Melinda Gates Foundation in 2000 before establishing Pivotal Ventures in from his Morgan Stanley account
after their 2014 split. She pocketed
2015 to invest in social progress for women and people of color. “I tell my daughters
her zillions, unsuccessfully tried to
to have their voice in this world, and it became clear I needed to role-model that,” get more—and then funded a political
she told Forbes at the time. Last year, with support from MacKenzie Scott, French action committee that helped unseat
Gates launched Equality Can’t Wait, an initiative offering $40 million in grants to the judge who oversaw the divorce.
women’s organizations throughout the U.S.

F O R B E S M I D D L E E A S T.C O M JULY 2021


How are Microsoft solutions
supporting retailers to digitally
transform their operations?
We are in the era of digital
transformation, where businesses are
embracing emerging technologies
to revolutionize the way they work.
Today, AI and machine learning are
creating more intelligent businesses,
the Internet of Things is offering
companies new data points, and
blockchain is delivering a new level
of security and transparency across
stakeholder networks.
These new tools and capabilities
have been democratized by
Microsoft Cloud. Now, retailers
and consumer packed goods
(CPG) companies can leverage
our intelligent cloud to create
data-driven organizations, boost
efficiency, enhance customer
personalization, and achieve greater
revenue growth. Furthermore, we
recently announced Microsoft Cloud
for Retail, which offers a range of
targeted solutions for the sector.
SURASAK_CH / SHUTTERSTOCK.COM
There was an e-commerce boom
during the pandemic. What
challenges did this create for your
retail clients and how can AI help to
overcome them?
The COVID-19 pandemic is the new
chief innovation officer for the retail
industry. We witnessed years of
e-commerce growth in just a few
The
F O Rthoughts
B E S M I D expressed inOthis
D L E E A S T.C M advertorial are those of the client.
PRO M OTI O N
Retail
Reimagined
There’s no going back: retail is
heading towards a digital future
and Microsoft is leading the way.
months, hitting penetration levels
forecasted for 10 years from now.
This growth requires retailers and
CPG companies to humanize their
digital experience, re-creating the
magic of physical stores. This can
be achieved through livestreaming
and virtual ‘clienteleing’, as well
as delivering more personalized,
targeted marketing.
Most of these activities can be
enabled via AI, machine learning,
and advanced learning capabilities,
all of which are facilitated by our
intelligent cloud. In one example,
U.A.E.-based retail conglomerate,
AL Futtaim, leveraged the power
of AI and advanced analytics to
accelerate its hyper-personalization
strategy to boost customer
satisfaction and accelerate growth.
How can brick-and-mortar retailers
use technology to become more
competitive?
Stores are going to play a more
vital and diverse role, as customers
increasingly demand a wider
variety of services: buy online, click
and collect, the list goes on. These
services require a “phygital” world,
that combines the best of physical
and digital retail. For example,
Switzerland’s largest retail company,
Migros, is harnessing advanced
technology to detect product
freshness, quality, and stock. Doing so
25
LEADERBOARD
means the company can guarantee
product quality, availability, and
delivery on a continuous basis.
Supply chains, logistics, and
delivery were heavily impacted
during the pandemic. How can
retailers utilize technology to
remain resilient and profitable,
even during challenging times?
Supply chains need to be re-
imagined and re-designed
on the principles of flexibility,
transparency, and resilience, rather
than cost and speed. We have seen
retailers further localizing their
supply chains and accelerating
partnerships with logistics players
to improve their last mile delivery
and meet customer needs.
As for technology, AI and
robotic process automation play
fundamental roles in supply chain
transformation. Starbucks is
leveraging AI to create an integrated
digital planning capability across
the business, to reduce costs and
increase the productivity. Using
blockchain, the company has also
enabled transparency across the
supply chain, from bean to cup.
www.microsoft.com/
mea/industry
JULY 2021
 SportsMoney

BILLION-DOLLAR CLUB
26
THE WORLD’S TEN HIGHEST-PAID ATHLETES.
Empty stadiums. Curtailed seasons. Playoff bubbles. And a year of record paydays as
FRONTRUNNER

four athletes each earned more than $100 million, helping boost the combined earnings
of the top ten to $1.05 billion.

1. Conor McGregor 7. Roger Federer 9. Tom Brady

$180 million
ON THE FIELD: $22 million
OFF THE FIELD: $158 million
The brawler was knocked out in
his UFC return but won big selling
his beverage brand.
$90 million
ON THE FIELD: $35,000
OFF THE FIELD: $90 million
Deals with brands including Uniqlo,
Rolex and Credit Suisse help the Swiss
tennis titan cash in even while injured.
$76 million
ON THE FIELD: $45 million
OFF THE FIELD: $31 million
The ageless 43-year-old is making more than
ever, inking deals with apparel seller Fanatics
and Danish eyewear maker Christopher Cloos.

2. Lionel Messi 8. Lewis Hamilton 10. Kevin Durant

$130 million
ON THE FIELD: $97 million
OFF THE FIELD: $33 million
A leak of his contract showed the
Barcelona soccer icon was earning
much more than previously thought.
$82 million
ON THE FIELD: $70 million
OFF THE FIELD: $12 million
The Mercedes driver piled up bonus
payments en route to a seventh
Formula 1 title.
$75 million
ON THE FIELD: $31 million
OFF THE FIELD: $44 million
Durant scored with Postmates’ sale to
Uber (he was an investor) and produced
a short fi lm that won an Oscar.

3. Cristiano Ronaldo
$120 million
ON THE FIELD: $70 million
OFF THE FIELD: $50 million
The Juventus soccer star has more
than 500 million social media followers
to pitch his CR7 clothing brand to.

4. Dak Prescott
$107.5 million
ON THE FIELD: $97.5 million
OFF THE FIELD: $10 million
A $66 million signing bonus pushes
the Dallas Cowboys quarterback to
an NFL earnings record.

5. LeBron James
$96.5 million
ON THE FIELD: $31.5 million
OFF THE FIELD: $65 million
A new deal with PepsiCo helps lift
the Lakers’ King above the rim to a
record high for an NBA player.
BY BRETT KNIGHT AND JUSTIN BIRNBAUM

6. Neymar
$95 million
ON THE FIELD: $76 million
OFF THE FIELD: $19 million
The Brazilian added Puma, Epic Games,
PokerStars and Triller to his sponsor list.

F O R B E S M I D D L E E A S T.C O M JULY 2021


Lift Your
People Up
With the support of Microsoft
Viva, organizations can unlock
employee potential and build
business fit for the future.
How can companies help employees
to reach their potential?
Organizations need to continuously
look at how best to support their
employees to protect productivity,
encourage creativity, and promote
engagement. Microsofts “Work
Reworked” survey found that for
many companies in the Middle East
and Africa (MEA), productivity either
increased or remained the same last
year. However, as we’ve seen in the
Work Trend Index, these productivity
levels could be hiding an exhausted
workforce with many employees
experiencing “digital overload.”
With this in mind, companies
need to protect their employees’
wellbeing and optimal workflow—the
state in which people are able to
give focused attention to a single
task for superior output. Some
simple measures include scheduling
meetings outside of workflow sessions
during the day and encouraging the
use of tools like scheduled Focus
Time in Microsoft Teams.
As for creativity and
engagement, rebuilding social
capital is of great importance
because it is linked to successful
business outcomes. This involves
reconnecting distant networks,
encouraging teams to expand their
interactions, and sharing knowledge.
The
F O Rthoughts
B E S M I Dexpressed in O
D L E E A S T.C this
M advertorial are those of the client.
PRO M OTI O N
More broadly, managers need to
create a culture where social capital
thrives, underpinned by kindness,
fun, and collaboration.
How can managers empower
employees to make decisions and
promote an innovative culture?
Remote work has its benefits, but it
has encouraged some habits that
are detrimental to innovation. One
example is the increase in work being
done in silos. The Work Trend Index
found that interactions with our close
networks at work increased, but that
they dropped with distant networks.
We are, however, seeing an increase
in interactions among networks when
lockdowns are eased. This offers
us a glimpse of the hybrid future
as companies learn to balance the
benefits of remote work and in-
person interactions.
As for decision-making,
business leaders should encourage
employees to act with confidence
and speak their minds. The ‘Work
Reworked’ research demonstrates
that managers in innovative
companies facilitate regular, open
dialogue, and allow people freedom
in how they approach their roles.
Furthermore, the last year has put
a lot of pressure on people, so
exercising empathy and flexibility
27
will help organizations and their
people to thrive.
Organizations are now discovering
the power of data. How can cloud
and AI-powered tools help extract
insights for smarter decision-
making?
Tools such as MyAnalytics and
Microsoft Viva Insights offer workers
private, personalized insights that
help them take control of their week.
For example, they can identify the
best time for focused work, catching
up on email, and connecting with
people. In addition, Microsoft Viva
Insights gives employees the tools to
recognize when and how they might
need to switch off.
Our research also highlighted
that finding the right information is a
big timewaster for employees. Here,
tools like Microsoft Viva Topics can
prove indispensable. Topics identifies
and organizes new and existing
information, arming employees with
the knowledge they need to make
informed decisions.
www.microsoft.com/
mea/newcultureofwork/
Collaboration.aspx
JULY 2021
 PRO M OTI O N

A Feat Of Engineering
After sailing through the COVID-19 storm, Fares Nassif, Founder
28
and CEO at DEP Partners, is bullish about the future as the world
of engineering and construction continues to bounce back.
What key decisions and strategies
have shaped DEP’s journey to
success?
The engineering consultancy
business is full of competition, so in
order to really distinguish ourselves
we developed several strategies
that have become determining
factors in our success. In addition,
we took the decision to involve our
engineers not only the technical
side of the business, but in financial
incentive plans too. Furthermore, we
rose above traditional methods by
investing in advanced engineering
technologies and simulations. Last
but not least, we embarked on a
challenging marketing plan that
enabled us to win airport projects
that are, in fact, the most complex
in engineering. Combined, all these
factors have contributed to the
success of DEP, as it is known today.

How did COVID-19 impact your

business?
The impact of COVID-19 was
hardly felt within the company’s
operations because our research
and development department
had already created engineering
solutions that enabled us to work
remotely, without losing any sense have learned that we are able to social, and economic parameters,
of coordination or unity amongst generate business in challenging and is nowadays a key factor in
ourselves. Most of our clients are international circumstances. investors receiving a fast return on
from overseas, and while they were investment. Our sustainable design
all impacted by the pandemic in How do you use and promote solutions seek to reduce negative
some form, they were each affected sustainable design practices in impacts on the environment and
at different times, so we remained your projects? enhance the health and comfort of
operational and busy throughout. Sustainable design involves the building occupants, by improving
From the COVID-19 experience, we consideration of all environmental, technical performance and reducing

The
F Othoughts
R B E S M I expressed in this
D D L E E A S T.C O Madvertorial are those of the client. JULY 2021

bill ratios. We strive to provide
the most economical solutions
to our clients. These solutions
include project orientation vis-à-vis
prevailing wind and solar exposure,
and we carefully consider building
materials, water consumption,
and used water recycling. We also
focus on renewable energies, air
conditioning and noise cancellation,
and smart systems that eliminate
energy waste. With lifestyle and
wellbeing in mind, our research has
led to the best use of wind currents
and landscape effects, by enriching
the useful space with oxygen and
good smells.
What business trends do you foresee
in your sector post-COVID-19?
At DEP, we believe all economic
sectors will shift back to normal
very soon. In fact, some have
already done so. Our business is
correlated to worldwide operations
and growth, particularly in the
sectors of energy, industry, health,
infrastructure, travel, and others,
which make up most of our
everyday interests. From now on, in
order to mitigate future disruption
within this growing business, the
engineering industry will integrate
smart operational solutions
based on the acquisition and
implementation of intelligent data.
What is the most iconic or
memorable project that DEP has
delivered?
The most iconic project that we
ever produced was the airport
operational management center
in 2006. That project was based
on integrating aircraft, passenger,
and baggage operations, and while
there were already some advanced
systems available at the time,
we were able to add great value.
We integrated flight information
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
systems, passenger registrations,
and baggage into big data; we
introduced a design performance
script that formulated this data,
and we came up with a total airport
management solution that saved
a lot of money and time. Today, 15
years later, the philosophy of our
solution has been complemented by
the Internet of Business (IOB).
“The most iconic project that we ever produced was
the airport operational management center in 2006.”
What advice would you give to the
new generation of professionals in
your field? What is the recipe for
success?
My advice to young engineers
and technicians today is to shift
their studies towards aviation,
since transportation has grown
steadily throughout the years
and has always been a winning
financial investment. Global
industry forecasts indicate that
the six billion passengers who fly
around the world today will grow to
13 billion in 2035, while airport and
air traffic volumes are expected
to double in 10 years. Against this
backdrop of growth, the world has
a shortage in airport engineering,
and that shortage will remain for
the next decade, as demand is
much higher than supply.
29
How do you see the future of
engineering and construction? And
how can young engineers develop
successful careers in the sector?
Knowledge and perseverance
are vital to success. School and
university diplomas are necessary
but not sufficient; the earlier
engineers get involved in real
engineering processes, the easier
their entry into the industry will
be. Engineers need to assimilate
revolutionary software and simulators,
get acquainted with standards
and codes, and gain a deep
understanding of design concepts.
With skilled workers in place,
the future of the sector is bright:
engineering and construction
are essential to everyday life,
opportunities are plentiful, and
the threats are minimal. That said,
competition will always exist, so
industry players must continue to
innovate and work hard to stay
ahead of the curve.
www.deppartners.com
JULY 2021
 WHAT ’ S
NEW
•
FRONTRUNNER • WHO’S
NEXT

30
FRONTRUNNER

INCLUSIVE
CAPITALISM
The pandemic has prompted a surge in
entrepreneurship, voluntary and involuntary.
How do we leverage this moment to ensure
that everyone who wants to pursue the
American Dream can do so? The United
States’ first female, Black and Asian-
American vice president weighs in on this
opportunity.
By Kamala Harris
JAMEL TOPPIN FOR FORBES

F O R B E S M I D D L E E A S T.C O M JULY 2021

 I 31
was in Oakland when the Loma Prieta
earthquake hit in 1989, and brought a section
of the Bay Bridge crashing down. Leaders
then had a choice—to restore the bridge to
how it was, or to reevaluate and strengthen
its support system to withstand future shocks.
They chose the latter.
As we emerge from the pandemic, our
nation has the same choice to make — for our
economy and for our businesses, specifically
small businesses and start-ups.
The pandemic has exposed the flaws and
the fissures in our economy. One in three small
businesses have closed. Nearly two million
women have been forced out of the workforce.
And millions of families have struggled to buy
groceries and cover rent.
In this moment, more than repair, we must
reimagine. And after providing $60 billion
in relief to small businesses, we must work to
broaden access to capital and remove other
barriers to success for entrepreneurs across the
country.
First, capital. I recently met Lorena
Cantarovici, the owner of an artisan empanada
business in Colorado. She started her business,
as so many do, in her own kitchen. When she
sought out a loan to expand, the banks she
approached told her she was, in their words,
“not bankable.” Through hard work, she
proved them wrong. Her business has since
expanded to multiple locations, and she has
JAMEL TOPPIN FOR FORBES
employed many people.
This is a familiar story. Traditional banks
and venture capital firms have not always
F O R B E S M I D D L E E A S T.C O M
FRONTRUNNER
Halls of Power seen the vision of women entrepreneurs and
Vice President those of color. Community lenders, on the
Kamala Harris
photographed outside other hand, were founded to see that vision.
her ceremonial office Community lenders understand the value in
in the Eisenhower
Executive Office providing access to capital in communities
Building, May 18.
of color and low-income communities—and
because they do, they add value to those
communities and our country.
When I was in the United States Senate, I
worked to secure an additional $12 billion for
community lenders. Now, we are working to
build on that investment. Together, we must
help every American entrepreneur get the
capital they need to realize their vision.
There are other barriers to success. Danielle
Romanetti owns a small yarn shop in Virginia.
I visited with her and several of her employees
a few months ago. They spoke about how
hard it was, during the pandemic, for women
business owners to go without childcare. Some
have had to make deliveries to customers with
children in the car. Others have had to bring
their children to work.
JULY 2021
 For women entrepreneurs—and all
entrepreneurs—the pandemic has highlighted the
importance of our nation’s care infrastructure.
For so many, care is the bridge to building a
business. That is why, as we work to improve roads to
transport goods, improve transit for consumers, and
ensure affordable and accessible high-speed Internet,
32
President Joe Biden and I are also working to ensure
affordable and accessible child and family care.
In the face of the unimaginable, America’s
FRONTRUNNER
businesses. Stores — like Danielle’s — have had to
quickly pivot online to retain customers, tapping
into a demand likely here to stay. Restaurants — like
Lorena’s — have had to create outdoor dining to do
the same. Meanwhile, innovators of all types have
created new products for the moment.
Today, our nation must reimagine our economy,
so that every American entrepreneur can launch
and grow an enterprise. It is in this reimagining that
we will remain competitive—and come out of this

entrepreneurs made the choice to reimagine their pandemic stronger than before.

JOE BIDEN’S CABINET looks rather different than Donald Trump’s, Merrick Garland 68
Politics with more women, more people of color, more liberals—and a Attorney General

JOE’S
Net worth: $20 million
whole lot less money. It’s not that Biden’s bunch is poor, exactly.
The president himself accumulated an $8 million net worth, mostly Janet Yellen 74
Secretary of the Treasury
by writing a book and giving speeches since he departed the vice

REGULAR JOES
THE TOTAL NET WORTH OF
PRESIDENT BIDEN’S CABINET
IS A FRACTION OF DONALD
TRUMP’S—AND BARACK OBAMA’S.
Janet Yellen • Treasury
After leaving her post as Federal
Reserve chair in 2018, Yellen earned
over $7 million giving speeches to
big banks and other businesses. Her
assets include a stamp collection
worth more than $15,000.
$20 million
presidency in 2017. Vice President Kamala Harris is worth about $7
Antony Blinken 59
million, thanks in part to big earnings from her husband, a highly paid
Secretary of State
lawyer. All but two of the 15 officials alongside them are millionaires, $10 million
and the group is worth $118 million overall. That’s comfortable, sure,
Gina Raimondo 50
but it’s the length of the Acela corridor (and then some) from the $6.2 Secretary of Commerce
billion combined net worth of Trump’s crew or the $2.8 billion fortune $10 million
of Barack Obama’s second-term team. Joe Biden 78
President
$8 million
Jennifer Granholm 62
Secretary of Energy
$8 million
Alejandro Mayorkas 61
Secretary of Homeland Security
$8 million
Lloyd Austin 67
Secretary of Defense
$7 million
Xavier Becerra 63
Merrick Garland • Justice Tom Vilsack • Agriculture Secretary of Health and
Human Services
Obama’s final, and unsuccessful, Obama’s former ag secretary $7 million
Supreme Court nominee owns New left the White House during the
Kamala Harris 56
York City real estate, apparently Trump era but made plenty of
Vice President
inherited from his in-laws, bolstering money while he was gone. He won
$7 million
the small fortune he accumulated $150,000 in the Iowa state lott ery
after working as a partner at the last year and used his farm to Tom Vilsack 70
prestigious law firm Arnold & Porter. cash in on USDA programs. Secretary of Agriculture
$4 million
Denis McDonough 51
Secretary of Veterans Affairs
$3 million
BIDEN CABINET BY DAN ALEXANDER AND MICHELA TINDERA

Marty Walsh 54
Secretary of Labor
$2.5 million
Marcia Fudge 68
Secretary of Housing and
Urban Development
$2 million
ILLUSTRATIONS BY STEVE BRODNER

Marty Walsh • Labor
The former Boston mayor
took offi ce with three pensions
worth about $800,000 total,
including two from a labor
union he once led.
Pete Buttigieg • Transportation
Relatively broke before he ran
for president, Mayor Pete earned
more than $1 million in 2019 and
2020, according to our estimates,
most of it from book sales.
Miguel Cardona 45
Deb Haaland • Interior
Secretary of Education
The first Native American cabinet $1 million
secretary, who won a New Mexico Pete Buttigieg 39
congressional seat in 2018, reportedly Secretary of Transportation
overcame homelessness earlier in $750,000
life. Her financial report disclosed
Deb Haaland 60
just a $175 annual tribal payment
Secretary of the Interior
and $15,000-plus in student loans.
$0

F O R B E S M I D D L E E A S T.C O M JULY 2021

 FAMILY BUSINESS SUMMIT
OPTIMISM, RESILIENCE, AND RENEWED PRIORITIES
33

18 August 2021 • 2:00 PM • Virtual Event

FRONTRUNNER
Mohamed Mansour Ayman M. Tamer Rashid Khalaf Al Habtoor Hassan Jameel
Founder and Chairman Chairman & Partner CEO & President Deputy President and
Man Capital Tamer Holding Al Habtoor Trading Enterprises Vice Chairman
Abdul Latif Jameel

H.E. Dr. Nabeel Koshak Masaood Rahma Talal Ajlan Alajlan Makarem Batterjee Navin M. Valrani
CEO and Board Member Board Member Chief Executive Officer President & Vice Chairman Vice Chairman
Saudi German Health and Managing Director
Saudi Venture Capital Al Masaood Group National Center for
Company (SVC) Family Business (NCFB) Al Shirawi Group

Abdullah Alkhorayef Anurag Bajpai Peter Englisch Ahmed Youssef Walid Chiniara
CEO & Board Member Lower Gulf Head of Senior Partner, Senior Partner Partner
Consumer and Retail Shareholder & Global McKinsey & Company Global Family
Alkhorayef Group and LG Leader Family Business Leader
Solutions Deloitte
KPMG PwC Germany

F O R B E S M I D D L E E A S T.C O M JULY 2021

For more information visit www.forbesmiddleeastevents.com
 PRO M OTI O N

The Healthy Choice

Faddy Zouki explains
34
how his namesake
hospitality enterprise
rose to success, and
how a health-first
philosophy is driving
the business forward.
With over 30 years of experience,
Zouki is a top name in the
international hospitality and
catering industry. How would you
describe the company and what are
the key factors behind its success?
Zouki has over 30 years’ experience
in the hospitality industry, including
more than 20 years operating in
public health settings. We work to
the highest standards of quality and
management, and our companies
have become industry leaders, with
our cafe and retail developments,
along with our function catering,
providing benchmarks for other
businesses across Australia and the
wider world.
Since the mid-2000s, Zouki has
focused on healthcare environments,
delivering the very best quality
in food, coffee, retail products, provide our customers with a as an important example of
service, outlet design, and fit out. comfortable, enjoyable experience, multiculturalism at work on the
From a small café, Zouki has gone and are the perfect place to catch Australian and worldwide business
on to revolutionize hospital food up with friends for a bite to eat. We landscape.
and retail, providing spaces where also pride ourselves on our ongoing
workers and visitors can find refuge commitment to sustainability and How have you been managing
from the emotional challenges of a eco-friendly practices. For example, to operate and keep people safe
hospital environment. Zouki has also our customers can enjoy fully during the pandemic?
influenced and lobbied governments recyclable coffee cups made from We have over 200 cafes and retail
to introduce healthy eating policies compostable packaging. outlets within healthcare, and
and options that were predominately Zouki operates on a shared the health and wellbeing of our
outlined by Zouki Group. partnership basis, with a mutually customers, team members, and the
Our modern, architecturally profitable exchange of skills hospital communities we operate in,
designed cafes and restaurants and opportunity. We also serve remain our top priority.

The
F Othoughts
R B E S M I expressed in this
D D L E E A S T.C O Madvertorial are those of the client. JULY 2021

We are following the advice of
the Australian government, state
government, and the World Health
Organization when it comes to
recommendations for minimizing
the spread of the virus. We have also
been able to work with governments
to implement a tracking system and
practice strict policies to identify
and prevent the transmission of the
virus. Furthermore, while cleanliness
has always been a priority for us,
our very high standards of cleaning
practices have been increased
to include more regular cleaning
and disinfecting during the day
and increased end-of-day deep
cleans. Our team members have
all been retrained on strict hygiene
practices too.
In times such as these, we
believe it is our responsibility to do
our best to provide uninterrupted
access to the services people need,
while doing everything we can to
keep our customers and our team
safe and healthy.
How has COVID-19 affected your
business?
Zouki’s business within healthcare
has fared much better than
mainstream retail and hospitality,
but we have seen a significant
increase in online ordering and
deliveries. COVID-19 made us
create an online application
and ordering system that would
cater to that change in consumer
behavior, and at the moment, Zouki
is servicing 30% online and 70%
direct contact sales.
How does Zouki encourage
customers to eat healthily?
Now, more than ever, it’s important
to stay as healthy as possible, and
eating nutritious food is a great
starting point. With this in mind,
Zouki encourages healthy eating by
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
offering the variety of foods required
for a healthy immune system.
Specifically, we ensure that our
foods contain plenty of vegetables,
fruits, and wholegrains, as well as a
variety of healthy protein sources
such as fish, seafood, and legumes
such as beans. We also offer small
quantities of egg and lean poultry
as part of a heart-healthy diet. In
terms of dairy, we favor unflavored
milk, yoghurt, and cheese, though
we recommend reduced fat
varieties for those with high blood
cholesterol. As for healthy fats,
we opt for nuts, seeds, avocados,
olives, and their respective oils for
cooking. And of course, we choose
great herbs and spices over salt to
add flavor.
“Zouki has gone on to revolutionize hospital
food and retail, providing spaces where
workers and visitors can find refuge.”
What are your thoughts on solving
food security issues across the
world?
While there are several well-
established programs providing
essential services for struggling
families, they are not able to address
the root causes of food insecurity.
Zouki advocates for access to
nutritious food to be viewed as
an essential human right, and we
believe that decision-makers need to
prioritize action to ensure that those
who most need access to healthy
food, are able to get it.
Food insecurity is deeply
entrenched in poverty and
therefore has complex causes.
Effective solutions must be multi-
pronged and will take time and a
coordinated approach. We can
start this approach and begin
to really tackle this problem by
ensuring that welfare benefits and
wages are sufficient to enable
people to purchase healthy foods
and enjoy an adequate standard
of living. Subsidies for fresh and
nutritious foods in rural and remote
areas, where food prices are 35
much higher, are also necessary.
Crucially, we need regular
monitoring of food insecurity too.
Current data is underestimating
the magnitude of the problem
and its economic burden on our
government.
Zouki sees food insecurity
as a symptom of social system
failure, and we are discussing all
aspects of food, food systems, food
production, and food access, as
well as the cost of living, across the
whole community.
How can hospitality and catering
businesses grow and remain
competitive?
Mainstream retail and hospitality
will always be subjected to heavy
competition, hence, it is a question
of survival of the fittest. A good
operator will always maintain
innovation, creativity, quality,
and affordability. Those are the
traditional elements that will
sustain a business in the hospitality
sector. In addition, it is also
important to consider underlying
commercial terms, such as the
cost of occupancy and general
operational costs.
www.zoukilawyers.com.au
JULY 2021
 • COVER STORY •

36
KARIM AWAD • EFG HERMES HOLDING

NEW
DIRECTIONS Karim Awad, Group CEO of EFG Hermes Holding, has seen the
company evolve over more than two decades from being an Egyptian
investment bank to becoming a global financial services corporation.
Now he’s leading a new era of diversification.

BY CLAUDINE COLETTI

F O R B E S M I D D L E E A S T.C O M JULY 2021

 Karim Awad,
Group CEO of EFG
Hermes Holding

37
IMAGE FROM SOURCE

F O R B E S M I D D L E E A S T.C O M JULY 2021

 O
38
KARIM AWAD • EFG HERMES HOLDING
One of the region’s leading financial services
corporations, EFG Hermes Holding, has been through
a lot in its 37-year history. So when the board first
offered Karim Awad the Group CEO role in 2013,
he thought carefully before accepting. At the time,
Egypt was reeling from a political crisis, and the
company itself was considering significant changes.
“I was actually quite worried about taking the job,” he
confesses. “It was a very tough time for us.”
Of course, he accepted the role. And since taking
the helm, he has set a course of diversification for EFG
Hermes that has seen it greatly expand the breadth
of financial services that it offers and markets that it
covers. While the investment banking arm still makes
up the majority of its business, over the last six years
the company has also established a non-bank financial
services (NBFI) platform and begun busily investing
in areas such as microfinance and Fintech. It has also
added several new frontier markets to its portfolio.
While headquartered in Egypt, and previously present
in Kuwait, the U.A.E., Saudi Arabia, Oman, and
Jordan, it now also covers Pakistan, Nigeria, Kenya,
Bangladesh, and Vietnam, with offices in London
and New York. “All of this diversification, whether
geographically or via products, has helped make our
business model more sustainable,” says Awad.
As a result, the company has proven resilient
through the toughest of years. In 2020, it had a total
of $3.5 billion in group assets under management,
compared to $3.4 billion in 2019, and it completed
24 investment banking transactions worth a total of
$1.7 billion. The company managed to achieve group
operating revenues worth around $349 million in
F O R B E S M I D D L E E A S T.C O M
the 2020 financial year, a growth of 12% compared
to the previous year. And 2021 is already looking
promising. In Q1, revenues hit $80 million, a 30%
increase compared to the same period in 2020, and
net profits shot up by 223% to $18.6 million. With its
shares trading on both the Egypt and London stock
exchanges, EFG Hermes’ market value stood at $665.2
million as of June 13, 2021, making it one of the
Middle East’s biggest asset managers.
In May 2021, the bank announced its latest move,
partnering with The Sovereign Fund of Egypt (TSFE)
to acquire a 76% stake in Egypt’s Arab Investment
Bank (AIB), with the current major shareholder, the
National Investment Bank, retaining 24%. Owning
a bank in its home market means the company can
further expand its services. “The priority is to create
a digital banking strategy as well as a focus on retail
lending and small and medium enterprises,” said
Awad at the time. The cost of the deal is estimated
to be $242.6 million, with EFG Hermes gaining 423
million newly-issued shares and 51% ownership for
$162.8 million, and TSFE gaining 207 million shares
and 25% ownership for $79.8 million. The acquisition
is currently awaiting approval from the Central Bank
of Egypt and is expected to be completed in Q3 2021.
The big-picture goal is to offer a full suite of
financial services to retail, institutional, and corporate
clients. Awad even hopes to one day launch a super-
app for customers. “I hope that we will be able to turn
around the bank in the next two to three years to give
us another sustainable source of income going forward
that is not as volatile as the capital markets we operate
in,” he explains. This volatility has been particularly
choppy recently, with global markets recovering from
the impact of the pandemic. Despite being the leading
securities broker in Egypt, holding 36.4% of market
share in 2020, EFG Hermes’ securities brokerage
business witnessed a 17% year-on-year decrease in
2020—recording $64.3 million in revenues compared
to 2019’s $77.1 million. However, experts still see
opportunities in some sectors.
“Given that most central banks are starting to
consider tightening monetary policy, or at least
withdrawing the additional aid provided during the
pandemic, the days of the ‘everything rally’ is likely
to be over,” says Hussein Sayed, Chief Marketing
Strategist at Exinity. “At this stage, investors need to
protect their portfolios against this risk. Materials,
energy, miners, and financials are the sectors where
you should be overweight in the short to medium
term. Tangible assets should also be considered, such
as real estate and commodities.”
JULY 2021
 Globally, markets seem to be showing evidence
of more positive sentiment, with the S&P 500 and
Nasdaq rallying in June. And in the Middle East,
Awad is finding opportunities among the region’s
biggest business hubs and most populated countries.
“When it comes to the stock market, we are bullish
on Egypt and the U.A.E. given where the valuations
are at and the gross prospects that the companies
have there,” reveals Awad. “And we are always bullish
on Saudi Arabia given the size of their market and the
the company in 2003. “I worked with the senior
management on what was then a $40 million capital
increase into the company that effectively saved it
and restructured it completely,” he shares. “It wasn’t
my idea; I was just there to help out.” It did not go
unnoticed. The next decade saw the company grow
through recessions, revolutions, and economic cycles,
39
while Awad climbed the ranks.
However, by 2012, EFG Hermes was facing some
difficulties. Its joint CEOs at the time, Hassan Heikal

KARIM AWAD • EFG HERMES HOLDING

depth of the industries that are there.” This is largely and Yasser El-Mallawany, found themselves subject
thanks to core sectors and ongoing development. to accusations of illegal share dealings, of which they
Whereas the U.A.E. is hopeful
that tourism will soon witness
a post-pandemic boom as
vaccine rollouts continue
worldwide, Saudi Arabia is
also moving ahead with plans
to open up to international
visitors and investors through
a number of megaprojects and
industry reforms. And in his
home market, Awad thinks
recent changes will lead to
positive outcomes. “In Egypt,
we feel that the government
has taken massive steps in
terms of economic reform, a
very tough program, and we
hope that with the pandemic
hopefully coming to an end
sooner rather than later,
the economy will start to
show some massive signs of
growth,” he adds.
All in all, Awad appears
calm in the face of some lingering uncertainty—but were later acquitted. Meanwhile, external troubles
then, this is not the first challenging period he has were also affecting the firm, as Egypt bore the weight
been through with EFG Hermes. Having been with of an ongoing political crisis and uprising.
the company for more than two decades, he has In 2013, Awad stepped up to help steer the
witnessed his fair share of ups and downs. company to new ground. “When I was presented
He first joined the bank as a fresh graduate in 1998 with the challenge, I felt I had a responsibility
after a friend pointed him in the direction of EFG towards the company,” he explains. “It was either
Hermes. At the time, the company was in a transition you jump ship because things are really bad, or you
of its own, having been newly-formed by the 1996 take responsibility and try with the management
merger of the 12-year-old Egyptian Financial Group team to rectify things. And I decided the latter.” As
(EFG) and its competitor, Hermes Financial. Starting part of an intense restructuring plan, the company
out as an analyst, Awad found the pace demanding. undertook a non-cash goodwill impairment charge
“It was very hard work, very long hours, not really as in excess of $38.2 million to help clean up its balance
glamourous as I thought when coming in,” he recalls. sheet. As a result, in that financial year EFG Hermes
IMAGE FROM SOURCE

It didn’t take long for him to get stuck in. He recorded losses of over $21.3 million. The new
remembers playing a role in helping restructure management team also cut expenses, reduced the

F O R B E S M I D D L E E A S T.C O M JULY 2021

 employee cost-to-revenue base, and
sold some non-core assets before
plotting a new path. “We started to
think, what is EFG 2.0? And this is
when we started approving our new
strategy for a non-bank financial
platform,” Awad recalls.
40
EFG Hermes launched its NBFI
platform in 2015 and acquired its
microfinance player, Tanmeyah,
KARIM AWAD • EFG HERMES HOLDING
in 2016. To help it refocus, as well
as release funds, the company
decided to sell off its shares in
Lebanese bank, Credit Libanais.
“We felt that this bank did not have
many synergies with our existing
businesses,” says Awad. Having
bought a 65% stake in 2010 for $542
million, EFG Hermes announced in
March 2016 that it would be exiting
by selling 40% of its shares at $33
each to a group of Lebanese and
Arab investors in a deal valued at
$492 million at the time.
With fresh capital and a new
direction, in 2017 EFG Hermes
launched EFG EV Fintech in Egypt,
a Fintech-focused startup accelerator
and early-stage venture capital
fund, as a joint venture with Egypt
Ventures, a government-backed VC
fund. In December that year, the
company launched its buy-now-pay-
later Fintech app, valU, which allows
customers to pay for products and
services through installments over up
to 60 months. Last year, the app had
more than 898 partner merchants,
170,000 users, and 265,000 total
transactions worth more than
$93 million. valU’s net operating
revenues hit $7.1 million in 2020, up
from $1.6 million in 2019. It plans to
launch in Saudi Arabia next.
EFG Hermes has since made
other big bets on Fintech, including
partnering with Saudi payments
startup PayTabs in 2020 to launch
PayTabs Egypt. “The PayTabs
business development and
expansion team had been scouting
North Africa for a suitable market
F O R B E S M I D D L E E A S T.C O M
opportunity,” reveals Abdulaziz Al
Jouf, CEO and Founder of PayTabs.
“It’s a two-way portfolio expansion.
Our collaboration with valU on buy
now pay later schemes, for example,
EGYPT’S
has definitely broadened the market
scope and widened horizons for
3 BIGGEST ASSET
PayTabs Egypt, making this a long- MANAGERS
term, win-win partnership.” Egypt’s three biggest
On the other side of the business,
asset managers
the company has also been active recorded assets under
in taking successful firms public. management (AUM)
In August 2019, EFG Hermes was worth a combined
the sole bookrunner for the IPO $6.9 billion
of Egyptian e-payments platform, in 2020.
Fawry, which was founded in 2008.
The IPO was over-subscribed by
over 30 times, according to Reuters.
EFG Hermes also acted as a joint
bookrunner for Saudi Aramco’s IPO—
the biggest IPO in history—which was
executed in 2019. In July 2020, the
company concluded an advisory role
on the follow-on sale of $50 million
worth of Fawry shares, and it was a
joint bookrunner on the $700 million
IPO of Saudi healthcare company
the Dr. Sulaiman Al Habib Group. In
March 2021, it concluded the $144 EFG Hermes
million IPO of Saudi’s Alkhorayef
Holding
Water & Power Technologies as a
Founded: 1984
bookrunner and underwriter.
AUM 2020:
As he continues full-steam ahead
with expansion plans, Awad predicts $3.5 billion
more investment in the region’s
startup ecosystem in the future. Misr
“We’re very bullish about the startup Capital
scene. Some very bright people are
Founded: 2010
coming up with extremely disruptive
AUM 2020:
ideas,” he muses. In the meantime,
he’s following a disruptive path of his $2 billion
own. Luckily for EFG Hermes, after
a 23-year evolution, the Group CEO Al Ahly
seems steadfast. Financial
“Even when we were analysts, Investments
and we didn’t own shares in the
Management
company, we always felt a sense of
JACKKPHOTO / SHUTTERSTOCK.COM
belonging to it. A sense of pride in (AFIM)
seeing it do better,” he smiles. “One Founded: 1994
day, the right thing to do will be for a AUM 2020:
younger generation to take over, but $1.4 billion
currently, we’re committed.”
JULY 2021
 BUILDING THE FUTURE 41

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F O R B E S M I D D L E E A S T.C O M JULY 2021

 • 30 BIGGEST ASSET MANAGERS •

42
JAS S I M A L S E D D I Q I • S H UA A CA P I TA L

TUNING
INTO TECH A key U.A.E. investor, SHUAA Capital’s Group CEO
Jassim Alseddiqi is doubling down on technology as he
seeks to build a regional financial powerhouse.
IMAGE BY FORBES MIDDLE EAST

BY SAMUEL WENDEL

F O R B E S M I D D L E E A S T.C O M JULY 2021

 Jassim Alseddiqi,
Group CEO of
SHUAA Capital

43

F O R B E S M I D D L E E A S T.C O M JULY 2021

 A
44
JAS S I M A L S E D D I Q I • S H UA A CA P I TA L
As the future of finance takes shape in the Middle
East, a face consistently at the forefront of change is
Jassim Alseddiqi, Group CEO of Dubai-based asset
management and investment banking firm SHUAA
Capital.
Consider one of the most hyped local deals this
year: the move to take Abu Dhabi-based streaming
platform Anghami public. The nine-year-old company
is set to become the first Arab tech player to list on
Nasdaq in New York after agreeing to merge with a
special purpose acquisition company. Alseddiqi played
a key role in setting up the deal, which is expected to
close this year and gave Anghami an enterprise value
of roughly $220 million.
SHUAA acted as financial advisor for the deal
and provided $30 million in funding through private
investment in a public equity, or PIPE, deal. That came
after SHUAA invested an undisclosed amount into
Anghami in December 2020. The entire arrangement,
says Alseddiqi, shows what SHUAA brings to the
table. “We don’t only buy an investment and flip it,”
he explains. “We add value to it, and we maximize the
return for shareholders.”
Moves like this have helped Alseddiqi chart an
ambitious rise in the U.A.E.’s financial world. Since
starting the asset manager Abu Dhabi Financial Group
(ADFG) in 2011, he’s built a reputation for introducing
new investment concepts, making distressed
investments, and orchestrating company turnarounds.
In 2019, Alseddiqi merged ADFG with Dubai
investment bank SHUAA to create a new financial
services platform that manages around $14 billion in
assets. “This is a powerhouse,” says Alseddiqi. Listed
in Dubai, the firm posted net profits of $34 million in
2020, a rise of 168%, and paid its first dividend post-
merger. SHUAA has delivered promising earnings
to start 2021, recording its fourth straight profitable
F O R B E S M I D D L E E A S T.C O M
quarter in Q1. Net profits reached $6.8 million, and
its asset management business enjoyed record results.
That’s after a net loss of $71 million in Q1 of 2020 in
the face of the pandemic.
Alseddiqi sees the combined entity having few
regional peers offering similar capabilities—although
it does look up at a few bigger players, such as
Bahrain’s Investcorp, which has roughly $35 billion
under management, and Saudi’s NCB Capital with
assets under management worth over $50 billion.
Still, this new version of SHUAA is just getting
started. After finishing the integration process in
2020, Alseddiqi is making a slew of moves as SHUAA
looks to the future.
Technology is a big focus. SHUAA started 2021 by
announcing that it will pursue more tech investments.
Alongside backing Anghami, SHUAA structured
and placed a $50 million sukuk this year for U.A.E.
agri-tech company Pure Harvest. That marked the
first time an early-stage business in the region secured
venture debt funding from capital markets, according
to SHUAA, and saw investors such as Franklin
Templeton come aboard.
Pure Harvest’s business is capital intensive
currently, says CEO Sky Kurtz, but securing private
equity to fund infrastructure is extremely expensive
and time-consuming. The company is also establishing
the viability of a new tech-enabled sector in the region,
complicating matters. “The financial markets and
institutions to support our industry remain nascent,”
says Kurtz. But when Pure Harvest turned to SHUAA,
it stepped up with an innovative solution.
Alseddiqi is eying more tech investments too.
“We’re looking at many, many transactions right now,
but as you know, it’s quality over quantity,” he says.
Simultaneously, SHUAA is also doubling down on
developing digital offerings. In June 2021, it unveiled
plans to launch a digital wealth platform intended to
serve existing clients and attract the next generation
of affluent investors. The platform is meant to elevate
the traditional wealth management and advisory
experience using technologies such as AI.
The platform is a sign of things to come at SHUAA.
Alseddiqi believes the firm’s future growth will come
from digitization and acquiring clients digitally. He
says ten years from now, there won’t be a SHUAA;
instead there will be a technology company that focuses
on financial services. “I believe that every company will
become a technology company globally,” he says.
To spearhead this drive, SHUAA recently brought
in Hadi Raad, a Visa and Google alum, as chief
digital officer. It’s a new role for the firm and part of
JULY 2021
 a hiring spree that includes a new CEO for its sizable
real estate business. More hiring is coming too, with
Alseddiqi reporting plans to boost headcount by over
30% this year.
The days ahead should be active for players like
SHUAA. The pandemic obviously increased pressure
on businesses, setting the stage for consolidation
and macro adjustments, says Saurabh Verma, a
senior director with consultancy Frost & Sullivan.
That should afford opportunities for asset managers
and investment bankers in the region, with sectors
from energy to retail and beyond considering heavy
investment to fast-track digital strategies. “These will
be interesting and busy times for investment bankers
and asset managers,” says Verma.
As COVID-19 recedes, Alseddiqi
is bullish on regional prospects.
He sees the low-interest rate
environment, government spending
initiatives, and changing regulations
all pushing economies towards
expansion across many sectors.
Simultaneously, Alseddiqi believes
SHUAA is poised for profit growth
in 2021.
The firm reports a healthy deal
pipeline and new fund launches
aimed at improving recurring
revenues (one of Alseddiqi’s key
short-term goals). More head-
turning moves like Anghami seem
possible too. “The conventional SHUAA structured and placed a $50 million sukuk this year for U.A.E. agri-tech
transactions will always be there, company Pure Harvest.
but we always like to sprinkle in the
new, sexy, exciting, exotic transactions and initiatives,”
he says. “This is what really makes us excited about
what we do.”
Before becoming a key financier in the U.A.E.,
Alseddiqi was an engineer. He studied electrical
engineering at the University of Wisconsin-Madison
and later pursued a master’s in electrical and
computer engineering at Cornell. Following that, he
joined gas processing firm Gasco in Abu Dhabi as an
electrical engineer in 2005. He also served briefly as
a lecturer for electrical engineering courses at The
Petroleum Institute in Abu Dhabi.
But Alseddiqi soon turned his attention to
engineering financial deals. In 2006, he joined the
Abu Dhabi Capital Group, a private institutional
investment house, serving as a business development
IMAGE FROM SOURCE
and structuring manager. Only two years later, he
became the firm’s CEO.
F O R B E S M I D D L E E A S T.C O M
He then started ADFG in 2011 as an asset manager
serving an investor base including institutions, high
net worth individuals, and family offices. Against the
backdrop of economic turmoil unfolding during the
Arab Spring, the new firm adopted an opportunistic
approach that saw it target value in distressed assets.
From the beginning, Alseddiqi introduced new
45
investment concepts to the region. His firm’s first fund
was a secondary private equity fund, which focused
on acquiring stakes in distressed private equity funds
JAS S I M A L S E D D I Q I • S H UA A CA P I TA L
primarily run by GCC managers. That made it the first
of its kind in the Middle East, says Alseddiqi. The $45
million fund invested in more than 10 private equity
funds in the coming years and proved to be a success.
ADFG quickly branched out, becoming particularly
active in real estate. By 2013, it was targeting prime
London real estate and it took a majority stake in
luxury residence developer Northacre. Simultaneously,
in the U.A.E. it invested in properties such as the
Marina 101 tower. By 2013, the firm’s assets under
management reached $748 million, up from $97
million the year before.
Alseddiqi continued introducing unique investment
concepts too. A prominent example came in 2015
with the launch of the activist Goldilocks fund. An
open-ended fund, it invests in GCC-listed equities and
undervalued assets, with an eye on turnarounds. The
first of its kind locally, it has taken stakes in embattled
firms like GFH Financial Group and Dana Gas. Since
its inception, it has outperformed regional and global
indices, delivering a 92% return.
Still, Alseddiqi doesn’t see his approach as that
JULY 2021
 innovative. “We look at what’s working
best in the U.S. or in Europe, and we
copy it with pride,” he says. He points to
ADFG’s first fund: it was a carbon copy
of secondary private equity funds in the
U.S. Meanwhile, Goldilocks mirrors
46
activist funds globally. Alseddiqi freely
admits the strategy is “plain vanilla.” Yet,
it helped ADFG quickly become a notable
player in the U.A.E. financial scene.
JAS S I M A L S E D D I Q I • S H UA A CA P I TA L
A key turnaround engineered by
Alseddiqi has proved to be the SHUAA
brand. ADFG took a controlling interest
in the firm in 2016 after acquiring
Dubai Banking Group’s 48.4% stake for
an undisclosed amount. SHUAA was
already a well-known U.A.E. institution,
tracing its roots to 1979, however it had
struggled after the global financial crisis.
At the time of the deal, Alseddiqi
noted the potential for SHUAA to
evolve and become a big name in
Middle East financial services. SHUAA
offered a broad range of investment
banking services, as well as a foothold
in Saudi Arabia. Following the deal,
SHUAA made progress by expanding in
Kuwait and Turkey and by refocusing
on investment banking and capital
markets. In 2017, SHUAA recorded its
best financial results in a decade.
Meanwhile, Alseddiqi also targeted
technology opportunities. In 2018,
ADFG made a strategic investment into
global venture capital firm 500 Startups
for an undisclosed amount that netted it
a board seat.
By 2019, Alseddiqi saw a compelling
opportunity to merge ADFG and
SHUAA. The region’s banking industry
was experiencing consolidations, and
Alseddiqi believed financial services
overall could benefit from the same
process. The combined firm—eventually
rebranded under the SHUAA name—
initially managed $12.8 billion and
began narrowing its focus to asset
management and investment banking
while exiting non-core areas. “We want
to double down on the activities that
we do. We will not expand into other
activities,” says Alseddiqi.
F O R B E S M I D D L E E A S T.C O M
Complicating matters, COVID-19
reared up barely six months after the
merger. With lockdowns looming,
THE U.A.E.’S Alseddiqi called an emergency meeting
with his team in early March. As a
5 BIGGEST ASSET firm exposed to real estate, equities,
MANAGERS and financial services, the threat of
the pandemic required them to adapt
The U.A.E.’s five quickly.
biggest asset To strengthen its balance sheet and
managers recorded liquidity, SHUAA issued a high-yield
assets under $150 million bond last year, which
management (AUM)
helped deleverage its business. It
worth a combined
accelerated the disposal of non-core
$23.9 billion units, shedding over half of those
in 2020. assets over the past 18 months. It also
introduced new products intended to
build recurring revenues, including
SHUAA launching three Shariah-compliant
Capital funds last year.
Founded: 1979 True to form, SHUAA pulled off a
AUM 2020: distressed investment in 2020, leading
$14 billion a consortium that bought out $308
million of debt held by offshore services
company Stanford Marine Group.
Emirates “The culture of distressed investing
NBD Asset or opportunistic investing is still
Management there with us,” says Alseddiqi. Still, he
Founded: 2006 stresses that SHUAA is also focused
AUM 2020: on growth stories. That saw him get
$4.7 billion in touch with Anghami’s CEO Eddy
Maroun at the height of the pandemic
in June 2020 to discuss a deal.
ADCB Asset Looking ahead, Alseddiqi should
Management keep people on their toes. He plans
Founded: 2018 to continue localizing innovative
AUM 2020: investment products—as he is with
$2 billion SHUAA’s digital wealth platform,
which he reports is 90% similar to
Mashreq existing global counterparts.
And while some people may sniff
Capital
at copycat approaches or think that
Founded: 2006 certain investment concepts won’t work
AUM 2020:
well in the Middle East due to local
$1.8 billion challenges, Alseddiqi’s track record
demonstrates a basic truth: localization
Waha Capital works. “It’s a very simple strategy;
Founded: 1997 there’s no rocket science behind it,”
AUM 2020: he says. “What I can say is we have
the ambition to do it. That’s what
$1.4 billion
differentiates us; we take the first step
all the time.”
JULY 2021
 Innovation,
47

JAS S I M A L S E D D I Q I • S H UA A CA P I TA L
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CORPORATE MARKETING REPORT

F O R B E S M I D D L E E A S T.C O M JULY 2021

48 Dare To Deliver
stc is delivering a digital future through innovation,
investment, and adventure.
S
tc is the leading provider
of telecommunications
services in the Kingdom of
Saudi Arabia and is among
the largest operators in the Middle
East. The company offers landline
and fixed infrastructure, as well
as mobile and data services, to
consumers and businesses.
On April 21, 1998, stc was
established as a Saudi joint stock
company by royal decree, and by
the following month, it had begun
providing telecommunications
services across Saudi Arabia.
On June 29 of the same year,
stc acquired its commercial
registration, and remained solely
under state ownership until the
government sold 30% of its shares
in September 2002. Today, the
Saudi government has a 70%
controlling stake in stc, through its
Public Investment Fund.
With the recent interest in
mobile, broadband, and cloud
computing services, stc generates
most of its sales in Saudi Arabia,
but it is actively expanding in
key regional markets, using its
telecom expertise to tap a wealth
of growth opportunities. Currently,
the company is investing in next-
generation networks, upgrading to
a packet-based architecture where
information, services, and media
can be carried across the network
to reduce operating costs while
The
F Othoughts
R B E S M I expressed in this
D D L E E A S T.C O Madvertorial are those of the client.
PRO M OTI O N
improving speed and availability.
These investments are facilitated
by a healthy balance sheet and
strong cash inflows, that give the
company the option to access
debt to fund growth.
Staying ahead, thinking ahead,
and delivering what’s next, are all
part of stc’s brand story. Together
with its values and visual identity,
the brand wants to inspire its own
people to break boundaries and
explore new digital opportunities.
This innovative approach has
earned the stc brand the highest
growth in its existence as well as
the title of pioneer provider of
“This innovative approach
has earned the stc brand the
highest growth in its existence.”
telecommunications services in
Saudi Arabia. These achievements
are down, in part, to the company’s
unwavering vision to “be a digital
and telco leader, enabling the
society and economy to thrive, in
Saudi Arabia and beyond.”
The current stc strategy is
based on the theme of “dare,”
which involves creating value with
greater efficiencies for a better
future. In particular, the theme
focuses on agility, next-generation
architecture, digital offerings, and
customer experience. As part of its
strategy, stc is also on course to
achieve its ambitions to cultivate
a digital mindset, maximize the
potential of digital and analytics
capabilities, and transform into an
agile technology company. Going
even further, the company strives
to embrace new ways of working,
maximize shareholder returns by
transforming costs and monetizing
assets, and serve as a role model
when it comes to sustainability and
corporate governance.
When stc is envisioned as
a personality, the “explorer” is
the archetype that most fits the
brand. With the determination to
chart new horizons and discover
new elements, the company is
a voyager in search of a better
future. It is on a mission to
humanize its brand presence and
make it more relevant to clients
and end consumers. Adventurous
in spirit, it pursues opportunity
and goes where others dare not,
bringing the entire tribe along for
the ride.
JULY 2021
 49

F O R B E S M I D D L E E A S T.C O M JULY 2021

50

Staying Ahead,
Thinking Ahead,
And Delivering
What’s Next
Olayan M. Alwetaid, stc Group CEO, explains how
the telecom giant is doing its part to shape the future
as Saudi Arabia pursues a vision of opportunity,
empowerment, and advanced technology.
F O R B E S M I D D L E E A S T.C O M JULY 2021

How will stc’s emerging
technology strategy enable
Saudi Arabia’s digital
transformation and its Vision
2030 reforms?
I’m truly proud of the work we are
doing at stc, which has made
us such a big part of the rapid
transformation of Saudi Arabia.
Vision 2030 at its core is a bold
expression of the future of Saudi.
The kingdom’s leadership is
diversifying the economy away
from oil dependence, growing
other sectors, and opening
up employment opportunities
for young Saudis. In doing so,
it is laying the foundation for
the future. So much of this is
dependent upon the digitization
of industries, enterprises, public
services, and consumer retail. To
achieve this, the kingdom needs
robust underlying technology
infrastructure and well-
developed digital services that
are among the best in the world.
Here, all technology-based
sectors in Saudi have stepped up
and are playing their part.
stc and other telecom
companies are emerging as key
enablers of digital economies
and are essential to transforming
industries, businesses, and
lifestyles quickly. This shift
in the economy, from being
oil-dependent to being driven
by digital transformation, is a
strategic advantage for stc.
I think the most important of
these emerging technologies
are 5G, IoT, cloud, AI, robotics,
and data analytics. We are
investing heavily in these areas
and have plans to continue well
into the future.
For example, our new
fintech service stcpay, has
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
become the Middle East’s latest
unicorn, valued at $1.3 billion
in November 2020. stcpay will
help the government achieve its
goal of a cashless society as it
modernizes the economy. It has
been so successful we’re already
looking to roll out the service
in other countries, including
Bahrain, Kuwait, and the U.A.E.
Our customers are enjoying
using digital technology more
than ever before thanks to huge
technology advances. We are
providing products and services
that enrich people’s lives.
“Our new fintech service,
stcpay, has become the Middle
East’s latest unicorn, valued at
$1.3 billion in November 2020.”
Due to the pandemic,
many aspects of business
and education have been
transformed to operate online.
What did stc do to facilitate
this in Saudi Arabia?
Saudi Arabia took intensive
precautionary measures to
combat COVID-19, which
became a global pandemic in a
short time. The kingdom’s efforts
to control this pandemic were
not limited to the local level, but
also expanded to a global one.
The shift to remote working,
online education, remote health
services, and e-commerce
exponentially increased traffic
on our network. We faced
challenges related to network
capacity, quality of service,
continuity of operations, and
access to customer services.
The thoughts expressed in this advertorial are those of the2021
While a lot of our success in
coping with this increased traffic
was due to our investment in
hardware, I think the biggest
reason we were successful—and 51
why our customers were satisfied
—was because of our investment
in strategic programs. These
programs helped us better serve
our customers through digital
channels.
Don’t forget, we too were
affected by the pandemic. I am
proud of the way we handled
COVID-19. As a digital enabler
we were able to react quickly
and efficiently, ensuring that
our customers received digital
services at the level they
needed them to be. We were
ready for the sudden increase
in demand thanks to our
forward planning.
Demand for online education
was up 1,000%, and demand
for remote health services is up
177%. This, plus the drastic rise
in e-commerce, exponentially
increased traffic on our network
infrastructure. This meant
challenges related to network
capacity, quality of service,
remote operations, and the need
to provide customer services
and customer care via digital
channels. stc provided access to
education and health platforms
to customers for free during this
difficult period.
JULY client.

52
“We are proud to be among
the top 44 digital companies
in the world and the most
powerful telecommunications
company in the Middle East.”
stc provides many different
services beyond telecom. Can you
tell us more about these services
and how they support your overall
goal of being a leader in digital
transformation?
stc redefined itself in 2017 through
its “dare” strategy. The company
doesn’t see itself as a telecom
operator but as a digital enabler
providing digital services in various
verticals. It’s been great to see how
our customers have received our
ventures into other areas. The two
main launches have been stcpay
and stcplay.
stcpay is a digital wallet, which
not only is of great convenience
to our customers but is also in-
line with the Vision 2030 goal of
The
F O thoughts
R B E S M I Dexpressed in this
D L E E A S T.C O M advertorial are those of the client.
PRO M OTI O N
reducing cash transactions. The
launch was a real milestone for
our company and I was delighted
with the way in which it was
developed and delivered to our
customers. stcpay achieved
unicorn status and Western Union
is now a shareholder with a 15%
stake in the business, taking its
total valuation over $1 billion. The
deal also means that our users
can send money to over 200
countries around the world.
stcplay is our dedicated
e-sports and gaming platform.
Here, both professional gamers
and casual players can compete
in tournaments, interact with
other players, keep an eye on the
leaderboards, and generally find
all the latest news and goings
on in the gaming world. Gaming
and e-sport is one sector that
continues to grow and grow so
we’re delighted to be a part of
it, and in fact we’re playing a
huge role in transforming the
Middle East’s gaming industry
by connecting gaming service
providers with gamers to ensure
they have the best possible
gaming experience. Our vision is
to lead the gaming community in
MENA. I think stcplay is well on the
way to delivering that.
Cybersecurity is a challenge for
telecom companies across the
world. What is your approach to
ensuring a transparent and safe
digital environment?
stc has made large investments
in technology and talent within its
data privacy and cybersecurity
businesses. The key focus is to
clearly understand the threats and
risks faced by all our stakeholders
and customer demographics,
from confidentiality, integrity,
availability, privacy, security, and
resilience perspectives. Every
customer and stakeholder group
faces a specific set of unique
cybersecurity threats, and risks.
Our cybersecurity teams
work diligently to identify these
threats, risks, and vulnerabilities.
They use cutting edge 24/7
cyber defense monitoring,
vulnerability and penetration
testing, and threat hunting, as
well as governance, risk, and
compliance practices, involving
the support of specialist teams.
Earlier this year, stc launched
its cybersecurity arm, SIRAR. This
will help secure businesses against
threats and will be particularly
useful as demand grows for digital
services. Many businesses have
JULY 2021

turned to digital services following
the pandemic. A cybersecurity
company can offer a wide range
of solutions that defend against
attacks and detect vulnerabilities
before they become a threat.
stc was recently named one of the
most influential brands in Saudi
Arabia. How did stc achieve this
success, and how does this reflect
your business strategy?
We are proud to be among the
top 44 digital companies in the
world and the most powerful
telecommunications company
in the Middle East. The best way
to understand how we became
one of the most influential brands
in Saudi Arabia is to look to the
essence of who we are. Our vision
is to provide innovative services
“We are also working hard
to ensure that our female
employees are getting the
training they need to become
our future leaders.”
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
and platforms to our customers
while enabling the digital
transformation of Saudi Arabia
and the markets we operate in.
stc’s ambition to help
facilitate the kingdom’s
digital transformation
program also motivated us
to transform ourselves from a
telecommunications provider to
an advanced digital player. Today,
we have many success stories in
digital transformation, application
programing interface (API)
management, big data, cloud
services and cybersecurity. We are
positioned to collaborate with the
government and the private sector
to successfully achieve the three
key pillars of Vision 2030: a vibrant
society, a thriving economy, and
an ambitious nation.
Though our continued efforts
to improve digital connectivity in
Saudi Arabia and help the country
achieve Vision 2030, stc has no
plans to slow down when it comes to
providing advancements in digital 53
technology. We feel we have a key
role to play in the success of the
future of the countries we operate in
by providing services that can help
businesses and individuals thrive in
the coming years.
What opportunities are there
to empower women in Saudi
Arabia through communication
technologies?
Women’s empowerment has
become an essential part of our
strategy. There are many ways that
we have translated those words
into tangible results. For example,
during the last five years, we’ve
been taking bold steps toward
attracting and recruiting more
women in all subsidiaries and all
levels across the stc group.
Today, we have more than 3,000
female employees, representing
22.6% of the group’s workforce,
and we have established an stc
women’s council. We are also
working hard to ensure that our
female employees are getting the
training they need to become our
future leaders and future specialists
in different critical fields like cloud
computing, cybersecurity, and
infrastructure. We believe in the
importance of investing in our
employees and giving them the best
opportunities to develop their skills
and knowledge.
www.stc.com.sa
JULY 2021
 PRO M OTI O N

Ready For A 5G Future

54 For Haithem Mohammed Alfaraj, Senior VP of Technology and Operations
Unit at stc, 5G is a vital part of a globally accessible digital future.
Here he explains how stc is at the forefront of the new technology.
What are stc’s future plans in terms
of rolling out 5G in Saudi Arabia?
We plan to ensure that everyone in
Saudi has access to 5G connectivity,
no matter where they are located
in the kingdom. Our technology will
be among the most advanced in
the world. Currently, stc has over
6,000 5G sites across 75 cities in the
kingdom, giving us the widest 5G
coverage in Saudi Arabia—equal to
37% of the population coverage. We
are planning to invest even further in
5G in order to expand the network’s
capability to handle future traffic
demands. We are very excited about
the future; we know we are going to
deliver results for our customers that
they have not seen before.
The world has changed in a
very short space of time, with
the global pandemic altering
the way we think, behave, and
interact. We are now living in a
transitional phase that has seen
digital demand increase heavily.
Restrictions around the world have
meant that now, more than ever,
people are relying on technology
in their everyday lives. Thanks to
lockdowns and social distancing,
demand for mobile and internet
gaming has risen considerably,
and online streaming services have At stc, we have been busy make 5G accessible to previously
surged, which means that we have changing the face of the Middle remote and rural areas that have
to be ready to meet the needs and East, turning it into one of the leading never before seen the types of
demands of our customers. We are digital hubs by pioneering the digital internet speeds we can offer. We
preparing for a digital future where transformation of the region. 5G have a vital role in improving the
internet speeds will need to be will be crucial to Saudi achieving future of Saudi, and we take that
faster and more reliable. its Vision 2030 goals. We plan to responsibility very seriously.

The
FORthoughts
B E S M I Dexpressed in O
D L E E A S T.C this
M advertorial are those of the client. JULY 2021

We have recently opened our
Digital Operations Control Center,
which is the largest in MENA and
can accommodate up to 2,300
employees. The facility includes a
highly advanced system made up
of various digital processes, such
as simulation, digital infrastructure
management, digital crises
management, and reinvention
within a range of digital solutions.
It lays the foundation for stc
to become a regional hub,
offering unparalleled digital
services while operating the
biggest international gateways
in MENA. The facility has the
latest protection and distribution
systems, used for the first time
in the region. These systems
secure the company’s service
system and the data transmission
and voice circuits system for all
customers. It will be a vital space
in years to come.
We have also launched
three mega data centers in
Riyadh, Jeddah, and Al-Madina,
funded with a $266.6 million
investment. The facilities include
over 150 prefabricated modules
fully equipped with power,
thermal management, and IT
infrastructure. They provide 10.8
MW of critical IT power (white
space ready) expandable to
16.8 MW. Phase 1 of the project is
complete with new data centers
in Jeddah and Madinah already
online. Phase 2, which is already
under construction, will deliver
four additional data centers in
strategic locations throughout
the kingdom, bringing the total
critical IT power to 40.8 MW.
These are huge steps, which not
only give us great confidence in
what we’re doing but also show
customers and shareholders that
stc is en route to becoming an
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
even bigger player in the digital
communications sphere than it
already is.
How are both consumers
and businesses adopting 5G
technology? What are its benefits,
and how can businesses leverage
5G deployment?
We already have over a million
people using 5G in Saudi so we
know it has been well received by
our customers. So far we have seen
“We have recently opened our
Digital Operations Control Center,
which is the largest in MENA and can
accommodate up to 2,300 employees.”
160% growth in 5G traffic—it made
up 10% of our overall mobile traffic
in Q1 2021. People are experiencing
digital connectivity like never
before. For example, people are
using our fintech platform, stcpay,
to make transactions from their
digital wallets instead of using
cash, and gamers are using
stcplay to play and interact with
incredible connectivity.
5G has also enabled us to
partner with businesses like
Dizmo, with whom we are going
to be launching a new smart
home platform in the future city
of Neom. This new metropolis
will be filled with digital science
powered by renewable energy
on a scale unlike any other city
in the world. It’s thanks to 5G
that the city is able to put such
ambitious plans in place, which
will change the face of digital.
A partnership between Dizmo
and Fitbit will enable a real-time
digital relationship, with doctors
ensuring the person’s health is
constantly monitored.
5G technology is not just good
for gaming and entertainment.
Sectors such as agriculture,
manufacturing, and logistics
will all benefit from 5G as well as
businesses, schools, and homes. 55
Working from home could become
the norm. Homeschooling will be
more successful with no lags in
video calls. Augmented and virtual
reality will also offer new solutions.
We are working on 5G use
cases. For example, for one
customer we have a Secure 5G
Campus Network that provides
ultra fast, low latency, and secure
connectivity to its employees.
We are developing hologram-
based video communication and
conferencing solutions. We have
developed our IoT platform to
accelerate the fourth industrial
revolution in industry. And we
are providing infrastructure to
serve the communication needs
of pilgrims during Hajj, helping
authorities with crowd movement
analysis and management.
We know that the world is
always changing, and we’re
delighted to be playing such an
important role in shaping the
future of Saudi Arabia and the
wider MENA region.
www.stc.com.sa
JULY 2021
 PRO M OTI O N

Thinking Of
56
Tomorrow, Now
People are at the heart of sustainable success for businesses. Abdullah
Abdulrahman Alkanhl, Senior VP of Corporate Affairs at stc, knows this all
too well and reveals how the company maintains its standards.
With such rapid expansion, how are
you ensuring that stc is providing
digital solutions sustainably?
We are committed to providing a
service that is as environmentally
friendly as possible, which is why
we integrate sustainable practices
into every aspect of our business.
As a large digital provider, we
have a duty to our country and to
our customers to ensure we are
operating in a sustainable manner.
We have a sustainability
framework, which focuses on
seven key areas: doing business
with integrity; enhancing
economic impacts; enriching
people’s lives and experiences;
expanding access to technology
and connectivity; advancing
innovative digital opportunities;
empowering our people; and
caring for the environment.
We are executing our strategy
over the course of three years by
elevating the regional standards of
transparency. It’s important for us to
build on the trust of our current and
potential customers so that we can need to be responsible in our Of course, we are committed to
continue to thrive. economic activities. providing for our customers, and
We want to ensure we are the that is an important aspect of our
leading company when it comes The company has achieved so immediate future. We continue
to sustainability and performance. much in a short space of time. to protect our customers and
Saudi’s economy will only continue What other goals has stc set itself? provide them with first-class digital
to thrive, with the support of our Our journey has only just begun services that are simple and easy
telecoms and digital infrastructure, and, while we have grown rapidly, to use yet offer an experience like
so we’re all too aware that we this is just the start of our story. no other.

The
F Othoughts
R B E S M I expressed in this
D D L E E A S T.C O Madvertorial are those of the client. JULY 2021

We are also committed to
promoting the responsible use of
technology. We have a responsibility
to ensure our customers are using
our services sensibly and responsibly.
One thing we are very keen on
is being able to provide optimal
digital services to everyone at
affordable prices. We believe the
future is extremely bright in Saudi,
and we want to contribute to that
future by ensuring people can
access technology from anywhere
in the country, and that there are
packages and offerings for all.
We want stc to be recognized
throughout the region, not only as
a highly successful enabler but also
as the number one digital platform
for services such as online learning,
“Our journey has only just begun
and, while we have grown rapidly,
this is just the start of our story.”
governmental activity, and energy-
saving solutions.
Internally stc is dedicated to
providing an excellent working
environment for our staff, which
enables them to work as efficiently
as possible while maintaining high
levels of employee satisfaction. Our
company has faith in its people,
and we have invested heavily in
our workforce to ensure they are
highly skilled and among the best in
the industry. We also have a heavy
emphasis on gender equality and
ensure our workforce is equally split
between male and female staff.
stc has a sustainable framework
for its business. Can you elaborate
on how this framework is applied
and what other measures the
company takes internally to do its
bit for the environment?
Sustainability considerations are part
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
of our decision-making across the
entire organization. In developing
the sustainability framework, we
took account of the interests of
our key stakeholders, national and
regional strategic visions, and the
UN Sustainable Development Goals.
We use the framework to improve our
operations and performance.
In 2020, we also established
a sustainability management
committee, which informs the
board about sustainability
issues and helps demonstrate
a corporate commitment to
sustainability at the highest level.
It monitors environmental, social,
and governance (ESG) risks and
opportunities and oversees stc’s
conduct and corporate reputation.
What can you tell us about stc’s
involvement in the new smart city
of Neom?
Neom is one of the most exciting
projects that Saudi has underway.
We are delighted to be involved in
such an incredible project. It will rely
heavily on smart technology and
will be one of the most advanced
cities in the world. In terms of stc’s
involvement, we will be developing
the infrastructure that provides
Neom with the technologies it
needs. Crucially, this includes the
implementation of our 5G network.
The city will be fully connected
with technology, including IoT,
data analytics, virtual reality,
augmented reality, smart homes,
and autonomous vehicles, along with
Neom’s security services.
What is stc doing to develop the
next generation of digital pioneers?
Saudi Arabia has one of the world’s
youngest populations, with many
people interested in the digital
sphere and keen to learn and be part
of the digital revolution happening
throughout the kingdom. If we want 57
to be one of the world’s leading
digital hubs for generations to come,
we have to nurture and develop the
next wave of digital specialists. At
stc, we’re all about bringing through
emerging talent, and we do that with
the stc academy program, which has
been in place since 2018.
We’ve seen over the last year
just how quickly things can change
and how we have to be ready to
adapt, which is why we put a lot of
emphasis on upskilling our staff.
No economy can thrive without
investment in people, and we
believe that human talent will drive
the digital revolution.
One way we encourage young
people to think outside the box is
through stc’s InspireU—a place for
young entrepreneurs and startups
to come for support so they can see
their ideas become a reality. The
program has helped 28 startups and
created over 160,000 jobs so far.
stc’s strong relationships with
leading universities in Saudi, along
with highly respected international
institutions, has also helped unearth
talent and inspire young people.
Furthermore, we offer an internship
for those looking to get real-world
experience in the field. Ultimately
we believe in people, and we believe
in building the next batch of digital
groundbreakers, ready to become
the leaders of Saudi’s future.
www.stc.com.sa
JULY 2021
 PRO M OTI O N

58

The Show Must Go On

Shady Fayad and Nathalie Rahal, co-founders of companies
including ICE Events, discuss some of their biggest events, their
attachment to Lebanon, and how their adventure began.
How did you meet each other and management and client aspects. Where did the inspiration come
what were you both doing at that Nathalie: Since then, we have from to set up an events business
time? successfully created several other and step away from your former
Nathalie: We met around 16 years companies. One is an events space careers?
ago while we were working as called The Legend Venue, which is Nathalie: Several things played
volunteers at the NGO, Enfants located on an historical site and an important role in this decision.
de Lumiere. We shared the same considered one of the top event At that time, the events market
passion for social work and became venues in Lebanon. Another is an was almost non-existent, and
close friends directly. 18,000 square-meter production we saw clear potential to create
Shady: At that time Nathalie company that offers everything outstanding things. And we were
had already created Amareyn, a required to set up an event, from right, because today these events
company specialized in designing grandstands and stages, to wood are key drivers of tourism across
and creating outstanding weddings. and steel factories. the region.
I was a senior art director at Team Shady: And today our newest Shady: We had a vision and a
Yong and Rubicam. We started addition is H Hookah, a factory passion for creating beautiful
our partnership a year later with based in Georgia that produces events from scratch, so we wanted
ICE Events. I handled the creative high-quality shisha tobacco to pursue that dream and bring it
side and Nathalie handled the molasses and shisha products. to life.

The
F Othoughts
R B E S M I expressed in this
D D L E E A S T.C O Madvertorial are those of the client. JULY 2021

In the early days, how did you start
developing the business and grow
your client base?
Shady: I can honestly say, we have
rarely had one-time clients. Our
clients are loyal and this loyalty
is due to our unique creative hub,
where we present different ideas
and concepts every year, taking into
consideration our clients’ identities.
We work relentlessly and with high
professional standards—our events
are extremely well organized.
Nathalie: We go into every single
detail to ensure each attendee
enjoys their experience and the
event itself. We are also personally
present at all of our events,
alongside our team, to make sure
everything runs smoothly. We have
built a trustworthy reputation
throughout the years, and when
you give your all to a client, you win
their loyalty.
How has the COVID-19 pandemic
affected the events industry?
Shady: In this industry, our aim is
to get people together, to produce
festivals with thousands of
attendees, to organize gatherings.
All this completely stopped when
the pandemic began. Events
were organized on Zoom calls
and countries worldwide banned
gatherings.
Nathalie: Events represent hope,
life, and joy. It is an industry that will
never die. Today, as vaccine rollouts
increase, we see demand for events
re-surfacing and we promise our
clients and followers that we will get
back to delivering unforgettable
and impactful experiences.
What are the current trends
shaping the events industry?
Shady: The trends in this sector
change every couple of years.
For example, we have handled
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
destination weddings, international
artists at festivals, technology-
based events in corporate
companies, sports and martial arts
events with federations, and so on.
This variety is what makes the sector
so different and you always have to
change your style to stay in style.
Nathalie: Every country also
has its own unique character
and preferences. We create our
concepts and ideas around this,
taking into consideration not
only local people’s needs, but
the impact requested from every
client. So, if the target is to attract
tourists from neighboring countries,
then our strategy differs from the
approach we would take to an
event with a local focus.
You have produced events for
many international artists. Who
have you enjoyed working with and
do you have any new star-studded
events in the pipeline?
Shady: We have produced concerts
for international artists from around
the world, and we have loved
every single one of them: Andrea
Bocelli, Shakira, Imagine Dragons,
Kendji, Mikka, Jason Derulo, Zaz,
Johnny Hallyday, Chris de Burg,
Michel Sardou, Magida, Jessy J,
The Voice, and so many more.
The list is long, and we are looking
forward to producing several new
concerts in the fourth quarter of
2021 and throughout 2022 for great
international stars and shows. We
will be advising our followers of the
list and dates in due time.
Why do you think ICE is a leader
in events production in the Middle
East? What are the core values
that make it so successful?
Nathalie: We have worked
extremely hard to place ICE
among the main leaders in the
“Events represent
hope, life, and joy.
It is an industry that
will never die.”
59
industry. We have an amazing
team that supports us, we work
some 20 hours a day, and it is a
combined effort between the 100
experienced people who work with
our group, sharing their positive
input and adding value to our
success story.
Shady: We are proud to say that
our core values are to work with
integrity, with honesty, and with
professionalism, while maintaining
a healthy work ambiance.
Innovative ideas and creative
work using the most up-to-date
technologies are also at the top of
our check list.
Looking ahead, what are your
goals?
Nathalie: To grow regionally in the
coming few years, making Lebanon
proud of the events we create. And
to succeed in launching our newest
factory project, H Hookah.
Shady: To always set the standards
very high and try to help restore
Lebanon’s status as a unique
destination in the Middle East.
Lebanon has so much potential, it
just needs someone to give it the
proper chance. After the tragic
Beirut blast, we will strive to create
a blast of hope and culture in our
beautiful country.
www.icecorporate.com
JULY 2021
 THE MIDDLE EAST’S
60

30 BIGGEST
THE LIST

ASSET MANAGERS
In the Arab world, countries in the Levant and North Africa were way Methodology
ahead of the GCC when it came to establishing their financial markets. We ranked the companies
For example, Egypt formed the Alexandria and Cairo stock exchanges based on the value of
in 1902 and 1904, respectively, and Morocco formed the Casablanca their total assets under
Stock Exchange in 1929. Meanwhile, the Saudi stock exchange wasn’t management as of
established until 2007, nearly 80 years later. However, today Saudi’s December 2020.
Tadawul is the biggest stock market in the Arab world, with a market • We collected information
cap worth more than all stocks on all other exchanges in the region. on the Middle East’s asset
Over the past two decades, the GCC countries have made great management companies
from questionnaires, publicly
strides, and their financial sectors have undergone a significant
disclosed data from websites
transformation. Saudi Arabia established its Capital Markets
and financial statements, and
Authority in 2003, which has helped shape the investment banking capital market authorities.
and asset management industry. And the U.A.E. and Qatar have both
• We only considered companies
established financial zones and world-class regulatory infrastructure. that are based in the Middle
All of these were strong steps towards building a solid foundation for East. We excluded regional
the capital markets. Additionally, Saudi Aramco’s IPO, which was the offices of international
biggest IPO in the world, helped propel the region’s financial markets. companies.
Asset management companies are the gateway for most individual • We also excluded sovereign
investors to their savings. Asset managers invest customers’ capital in wealth funds, venture capital
companies listed on stock exchanges, bonds, as well as real estate and funds, and family-owned
private equity. They use their expertise to maximize returns for their investment companies.
customers. Most of them also act as brokers for their clients to invest • We considered all fiduciary
directly and offer investment banking and other advisory services. assets that the asset manager
invested on behalf of its clients—
In our first list of the Middle East’s 30 Biggest Asset Managers,
including equity and debt
Saudi Arabia dominates with 16 entries. It is followed by the U.A.E.
mutual funds, discretionary
with five, and Bahrain and Egypt with three each. Saudi’s NCB capital, portfolios, real estate funds, and
with assets under management worth more than $50 billion, tops the private equity—as assets under
list, followed by Bahrain’s Investcorp. management.

To nominate yourself or someone else for our lists, email: info@forbesmiddleeast.com

F O R B E S M I D D L E E A S T.C O M JULY 2021

 61

F O R B E S M I D D L E E A S T.C O M JULY 2021

 THE MIDDLE EAST’S

30 BIGGEST
62
ASSET MANAGERS
THE LIST

2. INVESTCORP
Co-CEOs : Rishi Kapoor & Hazem
Ben-Gacem
Country: Bahrain
Established in: 1982
AUM: $35 billion
Investcorp recorded $35 billion in total
assets under management (AUM) in
2020. Its real estate AUM increased by
5% last year to $6.4 billion as of June
2020. Investcorp recorded net profits of
$29 million in Q3 of the 2021 financial
year ending March 2021, compared
to losses of $2 million in the same
period the previous year. The company
contributed 25,000 face masks and
65,000 medical gowns and donated
$1 million to the Royal Humanitarian
Foundation in Bahrain to support its
COVID-19 combat campaign.
1. NCB CAPITAL
CEO: Rashed Sharif
Country: Saudi Arabia Established in: 2007
AUM: $50.4 billion
NCB Capital was founded in 2007 as the investment banking arm of the
National Commercial Bank. The firm recorded $50.4 billion in assets under
management in 2020. NCB Capital and Samba Capital & Investment
Management Company will complete their merger in the third quarter of 2021,
forming the biggest asset manager, brokerage, and investment bank in Saudi
Arabia. CEO Rashed Sharif was the head of local holding investments at Saudi’s
Public Investment Fund from 2017 to 2020. 

3. ALINMA INVESTMENT
CEO and Managing Director: Mazin Baghdadi
Country: Saudi Arabia Established in: 2009
AUM: $18 billion
Alinma Investment is the investment arm of Alinma Bank. Its assets under
management reached $18 billion in 2020, an increase of over 9% compared to
2019. The company also recorded profits of around $85.8 million and revenues
of $128.4 million in 2020, both increasing by around 34% and 29% respectively,
IMAGES FROM SOURCE

compared to 2019. In March 2021, Alinma Investment signed an agreement with

the Retail Real Estate Company to develop an open commercial complex on an
area of around 41,000 square meters in the city of Riyadh.

F O R B E S M I D D L E E A S T.C O M JULY 2021

 3. RIYAD CAPITAL
CEO: Sabty Sulaiman Al Sabty
Country: Saudi Arabia
Established in: 2008
AUM: $18 billion
Riyad Capital is the investment arm of
63
Riyad Bank. It recorded assets under
management of $18 billion in 2020, an
increase of 35% compared to 2019. Assets

THE LIST
under custody increased by 292%. In April
2021, Riyad Capital signed an agreement
with BNP Paribas Securities Services to
provide global custody, fund services, and
consolidated data management services in
Saudi Arabia. 

5. WAFA GESTION
CEO: Reda Hilali
Country: Morocco
Established in: 1995
AUM: $14.4 billion
Wafa Gestion is 66% owned by Attijariwafa 6. SHUAA CAPITAL
bank and 34% by French asset management
company Amundi. The company’s total Group CEO: Jassim Alseddiqi
IMAGE FROM SOURCE; IMAGE BY FORBES MIDDLE EAST

asset under management reached $15.8
billion as of April 23, 2021. Wafa Gestion
operates through four distribution
networks. It has been considered the largest
investment manager in Morocco for the last
five years, with a market share of 25% as of
the end of September 2020. In December
2020, Fitch Ratings confirmed Wafa
Gestion’s National Investment Management
Quality Rating as “Excellent(mar)” with a
stable outlook.
Country: U.A.E. Established in: 1979
AUM: $14 billion
SHUAA Capital was initially established as the Arabian General Investment
Corporation but changed its name in 2001. In 2016, around 48.4% of SHUAA
Capital was acquired by the Abu Dhabi Financial Group, making the latter
a majority shareholder. SHUAA Capital recorded assets under management
of $14 billion in 2020. The company’s total assets were worth $1.7 billion
as of March 2021, an increase of around 2% compared to December 2020.
In January 2020, SHUAA led the issuance of a five-year sukuk for the GFH
Financial Group at $300 million, which had orders of over $700 million.

F O R B E S M I D D L E E A S T.C O M JULY 2021

 7. AL RAJHI CAPITAL 10. JADWA
CEO: Waleed AlRashed AlHumaid INVESTMENT
Country: Saudi Arabia Established in: 2008 CEO and Managing Director:
AUM: $13.3 billion Tariq Al Sudairy
Al Rajhi Capital is the investment banking Country: Saudi Arabia
arm of Al Rajhi Bank. By the end of 2020, Al Established in: 2006
64 Rajhi Capital had $13.3 billion in assets under
management, an increase of 19% compared
AUM: $8.6 billion
to 2019. Its profits rose by 112% in 2020 to Jadwa recorded $8.6 billion in assets under
THE LIST

$154 million, and its revenues rose by 81% to
$226.7 million. Al Rajhi Capital was a joint
local bookrunner and underwriter for Saudi
Aramco’s record IPO of three billion shares
worth $25.6 billion in late 2019.
8. KAMCO INVESTMENT
CEO: Faisal Mansour Sarkhou
Country: Kuwait Established in: 1998
management in 2020, an increase of 39%
compared to 2019. In the same year, Jadwa
launched 11 funds across asset classes
such as public equity, real estate, private
credit, and endowment funds. Tariq Al
Suidairy joined Jadwa in 2011 as head of
the private equity and investment banking
division, before being appointed as CEO
and Managing Director in 2014. Before
joining Jadwa, Al Suidairy was a senior vice
president at Amwal AlKhaleej. 

AUM: $13 billion

Kamco Invest is an
independently managed
subsidiary of KIPCO
Group. It recorded $13
billion in total assets
under management in
2020. It completed 11
transactions valued at
$3.3 billion between
April 2020 and April
2021. Last year it acted
as the joint lead manager
and joint bookrunner
for the Arabian Centres
Company senior
unsecured sukuk 11. NBK CAPITAL
issuance of $650 million.
Kamco Invest has been CEO: Nabil Maroof
listed on Boursa Kuwait Country: Kuwait
since 2003. Established in: 2005
AUM: $6.5 billion
9. GFH FINANCIAL GROUP NBK Capital operates in Kuwait, Saudi
Arabia, the U.A.E., Bahrain, Turkey, and
Group CEO: Hisham Alrayes Egypt. It is 5.6% owned by the Public
Country: Bahrain Established in: 1999 Institution for Social Security, and it
recorded $6.5 billion in assets under
AUM: $12 billion management in 2020. Last year, NBK
GFH Financial Group recorded profits of advised on the listing of Shamal Az Zour on
$19.3 million in Q1 2021, an increase of Boursa Kuwait, making it the first power
AL RAJHI CAPITAL; IMAGES FROM SOURCE

185% compared to the same period in 2020.
In February 2020, the group’s investment
banking arm, GFH Capital, acquired a 70%
stake in the Dubai-based Fintech company,
Marshal. It also invested around $250 million
into the U.S. hospitably sector by acquiring a
portfolio of 12 hotels in partnership with Arbor
Lodging Partners.
generation and water desalination company
in Kuwait and the first PPP project to
list on the Kuwait stock exchange. In
February 2021, Saudi’s Public Investment
Fund became an anchor investor in a new
$300 million sharia-compliant credit fund
launched by NBK Capital Partners, the
company’s alternative investments unit. 

F O R B E S M I D D L E E A S T.C O M JULY 2021

 12. SAMBA CAPITAL
Acting CEO: Naif Al-Saif
Country: Saudi Arabia
Established in: 2007
AUM: $5.9 billion
Samba Capital was 100% owned and directly
65
controlled by the Samba Financial Group, before
the group’s merger with the National Commercial
Bank (NCB), which formed the Saudi National

THE LIST
Bank in April 2021. Samba Capital is currently
in the process of merging with the NCB Capital
Company in an integration that was approved
by the Capital Market Authority in June 2021.
The company achieved a net income worth $78.4
million in 2020, an increase of 3% compared to
$76.1 million in 2019.

14. SEDCO CAPITAL

CEO: Samer Abu Aker
Country: Saudi Arabia Established in: 1976
AUM: $5.2 billion
SEDCO Capital has offices in Riyadh, Dubai, London, and
Luxembourg. It recorded more than $5.2 billion in total assets
under management in 2020. It was the first Saudi Sharia-compliant
asset manager to be a signatory of the United Nations Principles
of Responsible Investing. In February 2021, SEDCO completed its
acquisition of 1899 Pennsylvania Avenue in Washington DC, an office
building near the White House.

13. ALISTITHMAR 15. EMIRATES NBD ASSET

CAPITAL (ICAP) MANAGEMENT
CEO: Khaled Alrayes Senior Executive Officer: Steve Corrin
Country: Saudi Arabia Country: U.A.E. Established in: 2006
Established in: 2007
AUM: $4.7 billion
AUM: $5.5 billion Emirates NBD Asset Management is the 100%-owned subsidiary
Alistithmar Capital is of Emirates NBD Bank,
an investment bank offering both conventional and
wholly-owned by the Sharia-compliant funds. The
Saudi Investment company recorded assets under
Bank (SAIB). In management of $4.7 billion in
2020, the firm had 2020. The funds managed by
3.1% of the market the company are also domiciled
share of the total in Jersey, Luxembourg, and
transactions in the the Cayman Islands. In 2021,
Saudi stock market, it partnered with Masdar to
which exceeded provide services for the U.A.E.’s
$34.6 billion. In first “green” REIT. Senior
2017, ICAP was Executive Officer Steve Corrin
the financial advisor for the IPOs of Raydan foods is a member of the Institute of
and Baazeem. CEO Khaled Alrayes has nearly Directors, the London Institute
IMAGES FROM SOURCE

19 years of experience in the investment banking of Banking & Finance, and the
sector. He holds an MBA from the University of Chartered Institute for Securities
Denver, Colorado, and is a CFA charter holder.  & Investments. 

F O R B E S M I D D L E E A S T.C O M JULY 2021

 16. SAUDI FRANSI CAPITAL
CEO: Salam Al-Khunaizi
Country: Saudi Arabia Established in: 2011
AUM: $4.3 billion
In 1985, Banque Saudi Fransi offered securities brokerage in Saudi equities. Today, its
investment arm, Saudi Fransi Capital, offers investment banking, asset management,
66 research, and local and international securities brokerage. Between 2020 and 2021,
the firm issued sukuks for Banque Saudi Fransi, and the Saudi Real Estate Refinance
Company as well as a rights issue for Zain Saudi. Before joining Saudi Fransi Capital,
THE LIST

Salam Al-Khunaizi served as CEO of Samba Capital. Al-Khunaizi was among the leaders
behind Saudi Aramco’s IPO in 2019, the biggest IPO in history.

17. EFG HERMES HOLDING

Group CEO and Chairman of the Executive Committee: Karim Awad
Country: Egypt Established in: 1984
AUM: $3.5 billion
EFG Hermes’s asset management division recorded $3.5 billion in assets under management in 2020. Group revenues reached
$350 million last year, an increase of 12% compared to 2019. In 2020, it also advised on the $700 million IPO of the Dr. Sulaiman
IMAGES FROM SOURCE

Al Habib Group on Tadawul, as well as the sale of Pakistan’s United Bank Limited’s Tanzanian subsidiary. In 2021, EFG Hermes
completed advisory on the $144 million IPO of Alkhorayef Water & Power Technologies and was appointed as sole financial
adviser of FAB’s 100% acquisition of Bank Audi (Egypt).

F O R B E S M I D D L E E A S T.C O M JULY 2021

 18. ALKHAIR CAPITAL 20. ALBILAD CAPITAL
SAUDI ARABIA CEO: Zaid Almufarih
CEO and Managing Director: Country: Saudi Arabia Established in: 2008
Khalid Al Mulhim AUM: $2.4 billion
Country: Saudi Arabia Established in Riyadh in 2008, Albilad Capital
Established in: 2009 operates under Islamic Sharia principles
offering investment and financial services to 67
AUM: $3 billion individuals, institutions, and corporates. In
Alkhair Capital trades in three stock 2020, Albilad issued sukuks for Bank Albilad,

exchange markets: the Saudi Stock
Exchange (Tadawul), the Abu Dhabi
Securities Exchange (ADX); and the
Dubai Financial Market (DFM). In 2020,
the firm was appointed by Ibn Roshd
Educational Holding Co. as financial
advisor, lead manager, and underwriter
for its IPO. Bahrain’s Bank Alkhair is a
major shareholder in the company. CEO
and Managing Director Khalid Al Mulhim
joined the company in 2009 and previously
held roles at Arabian Capital and Samba
Capital. 
THE LIST
Arabian Centers, and Rawabi Holding Company
worth a total of $1.9 billion. It also introduced
Sharia-compliant sovereign sukuk and gold
ETFs. CEO Zaid Almufarih began his career
with the Saudi Central Bank before moving to
the private financial services sector.
21. SICO BSC
CEO: Najla Al Shirawi
Country: Bahrain Established in: 1995
AUM: $2.3 billion
SICO is one of the leading regional fully-fledged asset managers, brokers, market
makers, and investment banks. It recorded more than $4 billion in assets under
management in April 2021. In March 2021, SICO completed the acquisition
of 72.7% of Saudi-based Muscat Capital, worth $14.6 million, which will be
rebranded as SICO Capital. Najla Al Shirawi has been with SICO for more than
24 years and became CEO in 2014. She is also a board member at the Bahrain
Economic Development Board and the Bahrain Institute of Banking and Finance.

19. ALJAZIRA CAPITAL

CEO: Naif bin Mesned Almesned
Country: Saudi Arabia
Established in: 2008
AUM: $2.9 billion
Aljazira Capital is a Shariah-compliant
company owned by Bank Al Jazira. By
the end of last year, it had recorded a net
income of $36.7 million, an increase of more
than 434.7% compared to the $6.9 million
it recorded in 2019. The company’s revenues
also increased by 57.4% to $78.4 million in
2020. Being the IPO lead manager for the
Alkhabeer Diversified Income Traded Fund,
IMAGES FROM SOURCE

Aljazira Capital announced a 15-day IPO

of the fund on the Saudi Stock Exchange
(Tadawul) in December 2020.

F O R B E S M I D D L E E A S T.C O M JULY 2021

 68
THE LIST

22. ARAB NATIONAL

INVESTMENT COMPANY
(ANB INVEST)
CEO: Khalid S. Al-Ghamdi
Country: Saudi Arabia Established in: 2007
AUM: $2 billion
ANB Invest is a wholly-owned subsidiary of the 22. MISR CAPITAL
Arab National Bank acting as its investment arm. It CEO and Managing Director: Khalil El Bawab
offers 12 mutual funds including Shariah-compliant
Country: Egypt Established in: 2010
and conventional funds such as: the Al-Arabi
Balanced Fund, the Al-Mubarak Sovereign Sukuk; AUM: $2 billion
and Al-Mubarak Saudi Equity among others. In
Misr Capital is the investment arm of Banque Misr. It recorded
2020, it invested $86.7 million in the Sara Second
nearly $2 billion in assets under management in 2020, with $800
Real Estate investment fund. Khalid Al-Ghamdi
million worth of deals executed between April 2020 and April 2021.
became CEO in May 2021. He started his career as
Among its biggest deals were the $380 million launch of Nile Misr
a stockbroker at Merrill Lynch in London in 1997.
Healthcare, a $160 million sukuk issuance by Sarwa Capital, and
Before joining ANB Invest Al-Ghamdi was CEO of
the $172.5 million securitization issuance by CI Capital’s Corplease.
Credit Suisse Saudi Arabia.
CEO and Managing Director Khalil El Bawab has an MBA from the
Maastricht school of management, and previously held positions at
22. ADCB ASSET Arab Bank and EFG Hermes. 

MANAGEMENT 25. MASHREQ CAPITAL

Chief Investment Officer: Mark Friedenthal
CEO and Head of Asset Management: Robert Hahm
Country: U.A.E. Established in: 2018
Country: U.A.E.
AUM: $2 billion Established in: 2006
ADCB Asset
Management is
AUM: $1.8 billion
a wholly-owned Mashreq Capital
subsidiary of is a wholly-owned
the Abu Dhabi subsidiary of Mashreq
Commercial Bank Bank. It recorded $1.8
(ADCB), which is billion in assets under
the third largest management in 2020.
bank in the UAE. In December 2020,
The company is the firm launched a
incorporated on the new conventional fixed
Abu Dhabi Global income fund. CEO
Market. It has assets and Head of Asset
under management Management Robert
of more than $2 billion. Its ADCB Arabian Index Hahm began his
IMAGES FROM SOURCE

Fund and the ADCB MSCI UAE Index AED were banking career in 1999
among the region’s first index funds, founded in and joined Mashreq
2008 and 2007 respectively. Capital in 2011.

F O R B E S M I D D L E E A S T.C O M JULY 2021


What is Microsoft Viva and how
does it deliver a better working
experience?
Microsoft Viva is an employee
experience platform that puts people
at the center of an organization,
uniting employees through the process
of sharing knowledge, skills, and
connections, no matter their location.
Powered by the capabilities of
Microsoft 365 and embedded in
Microsoft Teams, Microsoft Viva
helps to organize information in the
most efficient and effective way
possible so that employees can
optimize the way they work.
According to our research,
people spend an hour each day
looking for or recreating information.
Viva Topics helps to address this by
automatically identifying, processing,
and organizing information across a
company’s systems. Meanwhile, Viva
Connections helps to remove silos
and make remote workers feel more
connected by amplifying culture,
communication, and engagement
among teams.
The employee experience
doesn’t stop here. Viva Insights helps
to promote a balance between
productivity and wellbeing for
the hybrid workplace, while Viva
Learning rounds off the employee
experience through the integration
of skills development and training
within the workday.
The
FORthoughts
B E S M I Dexpressed in this
D L E E A S T.C O M advertorial are those of the client.
PRO M OTI O N
Enhancing
The Employee
Experience
Microsoft is changing the way we
work with an exciting range of
solutions that puts people first.
It’s through this holistic approach
that organizations will be able to
ensure the sustainability of the hybrid
workplace, while enabling people to
bring their best selves to work.
Getting to grips with digital
resources can be daunting for
employees. How does Viva
Learning help?
Viva Learning is a one-stop content
library that brings together materials
from LinkedIn Learning, Microsoft
Learn, third-party providers,
Learning Management Systems,
and a company’s own content. Our
research found that while employees
value learning opportunities, their
engagement with materials is low
and they have limited time for
upskilling. With that in mind, we
wanted to offer employees a way
to do everything from daily tasks to
learning skills and managing goals,
through one easy-to-use interface.
How does Microsoft Viva Insights
cater to individual needs?
By analyzing a user’s Microsoft 365
data, Viva Insights adds structure to
their workday to enhance wellbeing
and productivity. For example, Viva
Insights will analyze an employee’s
calendar and suggest breaks such
as guided meditation. In addition,
employees can take proactive
steps to protect their workflow by
69
THE LIST
scheduling focus time with the help
of Viva Insights and MyAnalytics.
Further personal recommendations
include virtual commutes,
scheduled learning time, and
prompts to connect with colleagues
or follow up on tasks.
To protect privacy and
security, recommendations and
insights are only visible to the
user. For managers and business
leaders, data is anonymized and
aggregated with privacy protection
every step of the way.
How can people leverage Microsoft
Viva solutions to grow, upskill, and
become more productive?
Through the intuitive features of
Microsoft Viva, we’ve tried to remove
the barriers that hinder people in
the hybrid workplace. Viva takes
on the task of organizing a person’s
time, knowledge resources, and
connections. By handling these
routine tasks, it allows users to focus
on what’s important such as learning
a new skill, maintaining productivity,
and protecting wellbeing.
www.microsoft.com/
mea/newcultureofwork/
EmployeeExperience.aspx
JULY 2021
 25. ALPHA CAPITAL
Executive Chairman: Fahad K. AlSaud
Country: Saudi Arabia
Established in: 2018
AUM: $1.8 billion
In 2020, the Alpha Capital Company
70
achieved total revenues of $7 million,
a 27.4% increase compared to the $5.5
million recorded in 2019. The company’s
THE LIST
total assets under management increased by
400% in 2020 to $1.8 billion. Alpha Capital
partnered with Four Principles, a lean
management consulting firm, in December
2020 to support its new $100 million F&B
growth fund. CEO Fahad K. Alsaud was an
advisor at Saudi’s Public Investment Fund
(PIF) before establishing the Alpha Capital
Company in 2018.
27. DERAYAH
FINANCIAL COMPANY
CEO: Mohammed AlShammasi
Country: Saudi Arabia
Established in: 2008
AUM: $1.5 billion
Derayah recorded a net income of $27.9
million in 2020, a 305.5% increase
compared to 2019. The value of the
company’s total assets under management
had reached $1.5 billion by the end of 2020.
Before becoming CEO in 2016, Mohammed
AlShammasi was the company’s Chief
Investment Officer.
F O R B E S M I D D L E E A S T.C O M
28. ALKHABEER CAPITAL
CEO: Ahmed Saud Ghouth
Country: Saudi Arabia Established in: 2004
AUM: $1.4 billion
Alkhabeer Capital is an asset
management and investment bank
offering services for individuals,
corporations, and family groups.
It recorded $1.4 billion in assets
undermanagement in 2020, a
30% increase compared to 2019.
The company has launched
32 funds including Alkhabeer REIT,
the Alkhabeer Waqf Fund, and
the Alkhabeer Income Fund. Last
year it established its brokerage
department. CEO Ahmed
Ghouth has over 20 years of
experience in investment banking. 
28. AL AHLY FINANCIAL INVESTMENTS
MANAGEMENT (AFIM)
Executive Chairman: Mansour Kelada
Country: Egypt Established in: 1994
AUM: $1.4 billion
Al Ahly Financial Investments is the asset management arm of the National
Bank of Egypt. It recorded $1.4 billion in assets under management in 2020
and currently manages seven mutual funds, including equity, fixed income,
Islamic, balanced and money market funds. Executive chairman, Mansour
Kelada, previously served as regional manager at IFC (World Bank Group) and
has an MBA from Harvard.
28. WAHA CAPITAL
CEO: Ahmed Khalifa Al Mehairi
Country: U.A.E. Established in: 1997
AUM: $1.4 billion
Waha Capital is listed on the Abu
Dhabi stock exchange and invests in
both local and international markets.
In 2020, it reported total income
of $243.6 million. Last year, it also
launched the Waha Capital Islamic
Income Fund, which invests in Shariah-
compliant assets across the sukuk and
equity markets. CEO Ahmed Khalifa
Al Mehairi previously held roles on the
DERAYAH FINANCES; IMAGES FROM SOURCE
Abu Dhabi Investment Council and at
the Abu Dhabi Investment Authority.
He is a board member at the Abu
Dhabi National Hotels Company and
previously served on the boards of Al
Dar Properties PJSC, Etihad Airways,
and the Abu Dhabi National Energy
Company.
JULY 2021
 A Transforming Landscape For 71

Heads Of Business

LEADERSHIP SPECIAL REPORT

F O R B E S M I D D L E E A S T.C O M JULY 2021
 LE A D E RS H I P R EP O RT

Corporate Leadership Post-COVID-19:

72
FIVE KEY TRENDS

While the pandemic has posed a humanitarian years, compared with only 11%
who planned to do so in 2010.
crisis worldwide, it has also posed a challenge Also, 75% of family businesses—a
to economies and businesses. The agility and huge driver of economies in
the Middle East—have said
resilience of corporate leaders have been that digital, technology, and
tested, with several companies falling victim innovation initiatives are going
to the resulting economic downturn. to be a key priority in the next

M
two years.
PROSTOCK-STUDIO / SHUTTERSTOCK.COM

any CEOs have been Digitization The pandemic has pushed

able to successfully
pivot during this difficult
time by revising their
priorities and rethinking their business
strategies. The lessons learnt from this
period of uncertainty have caused a
transformation in corporate leadership
in the Middle East, with several key
trends emerging.
With billions of people shifting
to remote working over the past
year, digitization has become
one of the most urgent needs
for businesses. According to a
report by PwC, 59% of Middle
East CEOs aim to increase their
digitization investments by 10%
or more over the next three
digitization strategies to also
include social responsibility
considerations. For example,
Etisalat Digital partnered with
American Hospital to launch
telehealth services, and Abu
Dhabi Airport deployed a robot
to disinfect airport terminals,
limiting contamination risks.

F O R B E S M I D D L E E A S T.C O M JULY 2021


What attributes have made NBB one
of the top banks in the Middle East?
NBB prides itself on serving the
national economy across all
segments and being at the forefront
of innovation in the financial sector
in line with Bahrain’s vision. This has
resulted in significant investments in
our digital capabilities to facilitate our
clients’ transactions and access to
services in a fast-moving digitalizing
economy. It is also illustrated by the
leading role NBB plays in strategic
transactions at the country level.
We place the customers at the core
of our business strategy, we listen
to their requirements and design
solutions that are relevant and fulfil
their current and future needs.
Changes triggered or accelerated
by the COVID-19 crisis are forcing
banks globally to reassess
traditional products, strategies,
and business models. What post-
pandemic strategies has NBB put
into place to address this?
The pandemic has definitely forced
banks and other businesses to adjust
their strategic approach across
the region and beyond. At NBB this
unprecedented situation further
accelerated one of our strategic
directions, which we had already
been working on for a few years,
namely digital transformation. We
The
F O thoughts
R B E S M I Dexpressed in this
D L E E A S T.C O M advertorial are those of the client.
PRO M OTI O N
Embracing
A New World
Jean-Christophe Durand, CEO of the National
Bank of Bahrain (NBB), discusses how the bank
is embracing a digital world and supporting its
customers and people through the pandemic.
have been building robust and state
of the art digital platforms in order
to continuously improve the delivery
of our banking services and enable
more customer convenience and
accessibility. We have strengthened
our presence in the region’s financial
ecosystem and reinforced our
position as a banking partner of
choice for high-growth sectors and
for sectors which have a strong
impact on the local economies.
A virtual environment requires
different ways of building and
maintaining customer relationships.
What innovations has NBB brought
in retail banking to help retain
customers?
Our digital evolution has set new
standards in digital banking services
with direct value to customers.
We have invested in state-of-
the-art technologies to upgrade
our conventional offerings, and
elevate the customer experience
through improved accessibility and
enhanced branch capability.
We have invested in technologies
to make banking more accessible
and convenient for our customers
by empowering them with more
transparency over their financial
standing and transactions while
giving them complete control over
their data.
73
Some of our latest initiatives have
focused on automating daily banking
processes like the nation-wide “Tap
& Go” contactless payments to
encourage cashless transactions.
More recently, in a bid to further
simplify the customer journey, we
unveiled our new one-stop-digital-
shop mobile application.
How is the bank focusing on
monitoring, managing and curating
a culture by design?
We firmly believe that our progress
is driven by our people. We invest
in cultivating a strong NBB Team
spirit, which fuels a shared passion
for business success. Our culture
is founded on teamwork, mutual
respect and appreciation, and
inspired by a strong sense of pride
and belonging. We continuously
monitor our performance in this
respect through focus groups and
periodic surveys. We have launched
a series of training and development
initiatives to empower our people
and prepare and align them with the
fast-changing banking environment.
www.nbbonline.com
JULY 2021
 PRO M OTI O N

Energizing The Middle East

Dietmar Siersdorfer, Managing Director of Siemens Energy
74 Middle East, is continuing a 170-year legacy through collaboration,
understanding, and cutting-edge technology.
Where is the energy sector heading
in terms of digitalization?
Digitalization is a vital tool in
accelerating the decarbonization
of the energy sector and we are
seeing an increase in adoption of
digital tools and in the ability of
organizations to improve safety,
productivity, and efficiency.
However, digitalization is still in
its infancy, and as we move forward
in the energy transition, it will play an
increasingly important role. The rich
data gained through digitalization
will enable better interconnectivity,
process automation, monitoring,
and analysis, to ensure that we can
provide stable, efficient, and clean
energy for society.

What does it take to win mega-

projects in the Middle East?
Partnership and trust are most
important. We are building projects
that will change the face of nations,
creating pathways for economic
growth, whilst decarbonizing
energy systems. Working together
to develop tailormade energy
roadmaps for our customers is
crucial. We are also building projects
that will operate for decades and
generations, creating training
and job opportunities that benefit
millions of people.
Preparation is key too, and
having strong capacities and
local knowledge cannot be
understated. Siemens has a legacy
stretching back over 170 years;
our technologies are used in an
estimated one-sixth of the electricity
generated worldwide, and our global
reach and strong local presence
ensure we understand the countries
in which we operate.
What steps is Siemens Energy
taking to create a positive impact
on the environment?
Environment, social, and
governance (ESG) topics are a core
part of our strategy to transform
energy systems. Having a positive
impact on the environment starts
at home. That’s why we have set
ambitious targets to switch our
own power consumption to 100%
green electricity by 2023 and we are
aiming to make our own operations
climate-neutral by 2030.
Highlighting the importance
we place on ESG topics, our CEO,
Christian Bruch, is also our chief
sustainability officer, and our CFO,
Maria Ferraro, is our chief inclusion
and diversity officer.
Furthermore, we have a zero-
harm policy that reaches every facet
of our business, from the boardroom
to the engineers on site.

The
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OM advertorial are those of the client. JULY 2021

What challenges do you face in the
region, undertaking projects like
decarbonizing a country’s energy
sector?
Energy transformation requires
new approaches to power system
planning, and market operations,
on top of stable regulation and
public policy. The right policies and
regulations need to be in place
to facilitate the large amounts
of investment required to enable
large-scale decarbonization. This
will also facilitate the partnerships
needed to develop the innovative
projects that will accelerate the
energy transition. This is why we are
collaborating with organizations
such as the International Renewable
Energy Agency (IRENA), to
facilitate a free exchange of ideas,
experience, and best practice,
across countries and industries.
How has your project in Egypt
impacted lives?
Our involvement in Egypt has helped
reshape the national economy,
enabling better access to energy for
industrial, economic, and societal
growth, whilst setting the stage for
the country to expand into renewable
energy. Through our majority stake in
Siemens Gamesa Renewable Energy,
we are developing large-scale
wind projects, supporting Egypt’s
ambitious renewable targets.
With the addition of three highly
efficient gas power plants, Egypt’s
total generation capacity increased
by almost 45%, with huge savings in
terms of emissions and natural gas
costs. Additionally, Siemens Energy
jointly developed facilities to provide
better access to education, health,
and employment.
Siemens Energy works with various
partners world-wide. What is the key
to a successful partnership?
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
“We are building projects that will change the face
of nations, creating pathways for economic growth,
whilst decarbonizing energy systems.”
We believe that partnership is
vital. In the energy transition, no
one company, or country can be
successful alone. It’s primarily about
trust, creating value, and the ability
to execute. We need to be able to
work closely together in the same
direction, understand our partners’
requirements, and leverage each
other’s strengths. Trust is built on
delivering outstanding solutions
that meet or exceed the customer’s
requirements and create lasting,
local value.
Over your 34 years at Siemens
Energy, are there any projects that
stand out?
Some of my personal highlights
have been the Egypt megaproject,
our Siemens Energy Damam Hub
(SEDH) in Saudi Arabia, and our green
hydrogen project in Dubai.
But it is not just about the large
projects, it’s about the partnerships
we have formed and the innovations
we have made that are contributing
to saving our planet. In this regard,
our partnership with Masdar Clean
Energy and the development of our
green hydrogen demonstrator, which
75
will produce synthetic aviation fuel,
stands out. This is a game-changing
innovation made possible by strong
collaboration.
What milestones have influenced
your life and leadership style?
I think one of the key lessons I’ve
learned through my career is the
importance of being bold. Taking
every risk is definitely not advisable,
so the trick is to find the right balance.
The loss of friends has
definitely taught me to value my
relationships more greatly, and to
communicate more openly. It is very
important to stay close to people
and customers. Losing touch
dramatically increases the risk of
failure, especially for projects.
The Covid pandemic has taught
all of us a great deal. But one key
lesson for me has been how quickly
we can adapt, particularly in
adopting digitalization.
www.siemens-energy.com
JULY 2021

A crucial part of a company’s
digital transformation includes
cybersecurity, with 43% of Middle
East CEOs planning to increase
investment in cybersecurity and
data privacy by 10% or more over
76 the next three years, well ahead
of the global average of 31%,
according to PwC.
Mergers and acquisitions
Mergers and acquisitions will hold
a more important role in business
leaders’ strategies in the coming
years, as companies worldwide
mull restructuring and repairing
efforts. According to PwC, around
41% of Middle East CEOs hope to
form a new strategic alliance or
joint venture in the next 12 months.
And 30% of Middle East family
businesses surveyed by PwC are
also pursuing strategic acquisitions
and mergers.
In an effort to create stronger
entities in Saudi Arabia’s banking
sector, Samba Financial Group
merged with the National
ASYAD Port of Salalah
F O R B E S M I D D L E E A S T.C O M
LE A D E RS H I P R EP O RT
Commercial Bank to create Diversification
the Saudi National Bank, which As countries in the region faced the
had $239 billion in assets as of dual shock of the pandemic and
December 2020. Saudi Aramco an oil price crash, diversification
acquired a 70% stake in SABIC has been a key priority for Middle
for $69.1 billion in June 2020, as East economies and companies
the company sought to build its alike. Entering a new market is
presence in the downstream and one of several key methods to
chemicals segments. diversification, with 35% of Middle
There have also been East CEOs telling PwC they are
consolidation efforts within the planning to enter a new market in
public sector, as governments the next year, more than any other
seek to increase efficiency. For region in the survey. Also, 58% of
example, ASYAD consolidated three Middle East family businesses plan
of Oman’s ports and free zones to expand into new markets in the
among other assets to maximize next two years.
the financial returns and economic Entering a new market is no easy
impact of government logistics task, but many big corporations
investments. And ADNOC listed its and small companies have been
distribution arm and raised funds successful. Egypt, which was one
through divestment in stakes of of the few countries to grow in
other assets like pipelines. 2020 and the only one in the Middle
Mergers and acquisitions will hold a more
important role in business leaders’ strategies
in the coming years, as companies worldwide
mull restructuring and repairing efforts.
IMAGE CREDIT: ASYAD
JULY 2021

Digital Transformation,
The Smart Way
As one of the world’s largest software companies, Micro Focus is helping
organizations on their digital transformation journey as Gonzalo Usandizaga,
the company’s President of Sales for EMEA and LATAM explains.
You have built an impressive career
in the tech industry. What steps led
you to where you are today? How
has your experience influenced your
management style?
Over the years I’ve realized that there
are four elements to my success
as a professional and as a leader:
integrity, teamwork, respect, and
finally, delivering results.
Experience always helps to
polish management style, and I’m
no exception. Like most people, in
the early stages of my career I was
focused on moving up and moving
on to the next level. But, once you
feel established, your focus inevitably
shifts to your own employees. Building
trust means your most important asset
—your teams—are always protected.
How has the global pandemic
influenced the digital transformation
journeys of your customers?
The latest Micro Focus ‘Digital
Transformation Survey’ revealed that
nearly 30% of organizations have
fast-tracked projects as a result
of the pandemic. This new-found
urgency will likely persist, but without
a strong digital transformation
strategy, organizations risk making
costly mistakes. Often the best
approach is to bridge existing and
emerging technologies—balancing
what’s now with what’s next.
What role has Micro Focus played
in helping the digital world to run
smoothly during the pandemic?
The
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B E S M I D expressed inOthis
D L E E A S T.C M advertorial are those of the client.
PRO M OTI O N
The pandemic has shifted the
technology ecosystem in myriad
ways and has highlighted the need to
accelerate application delivery. For
example, health providers needed
to act quickly to meet a wave of
new demands. Currently, with
vaccinations and COVID passports
coming into play, healthcare
institutions need to manage sensitive
data quickly and securely.
One of our healthcare customers
recently needed to handle citizen
demands during a pandemic, while
planning for secure management
of sensitive data in the future. We
helped them to scale up quickly and
get new services to their users, while
also planning to launch more web
applications.
The cloud plays a lead role in most
digital transformation initiatives.
What’s the best way to achieve
cloud transformation instead of
integration?
Every transformation journey
is unique. Guided by our own
77
experience in cloud transformation,
we help customers bridge existing
and evolving IT practices, without
jeopardizing the critical systems and
processes developed over decades.
The pandemic has also
underscored the need for simplicity.
The more an IT transformation
is simplified, the more likely the
organization is to continue running
and providing value to customers
when something unexpected
happens.
What key technologies enable your
customers to operate and innovate
at the same time?
Predictive analytics, utilizing AI and
machine learning, help teams to gain
valuable insights and rapidly identify
innovation drivers.
Earlier this year we partnered
with Jaguar Racing for the Formula E
World Championship. We leveraged
real-time analytics and machine
learning to deliver deep insights that
drove Team Jaguar to the win; both
on and off the track.
Organizations across the world
are struggling to re-balance their
IT priorities. However, we believe
business can run and transform at
the same time. That’s what we call
Smart Digital Transformation.
www.microfocus.com
JULY 2021

Technology
That Delivers
78
Nour Suliman, CEO of DHL
Express MENA, explains how
the company is harnessing
advanced technology to grow
the business, meet demands,
and exceed expectations.
In spite of the pandemic, DHL Express
MENA increased its revenues by 2.3%
in 2020, reaching $1.3 billion. What
contributed to this increase?
One of the biggest triggers was the
surge in e-commerce activity. Store
closures, social distancing, and
lockdowns caused a mass switch
to online shopping while traditional
brick-and-mortar brands started
shifting their business to the digital
sphere to meet consumer demands.
DHL’s global network saw a 35%
spike in e-commerce volumes in 2020
and reached historical peaks in the
third quarter of the year as shipment
quantities jumped by more than 50%
compared to the same period in 2019.
Q3 revenues also saw a record high
of 14.6% y-o-y growth and time-
definite international DHL Express
shipments rose by 15.8%.
Similarly, in the region, DHL
Express witnessed a steep growth in
cross-border e-commerce volumes led
by Kuwait, which topped 157%. Oman
followed with growth of 123% while the
U.A.E. experienced 115% growth.
The
FOthoughts
R B E S M Iexpressed
D D L E E A Sin
T.Cthis
OM advertorial are those of the client.
PRO M OTI O N
Can you elaborate on the DHL
Africa eShop and how it has
benefited the region?
This is a one-stop-shop platform
that provides users with access to
over 150 U.S. brands. It is a shopping
gateway that offers a convenient,
safe, and fast way to purchase
items directly from U.S. online
stores and have them delivered to
your doorstep without concerns
of payment, delivery, customs, or
returns, which are all handled by
DHL. It also enables hassle-free
payment which can be done in
your own currency, through your
own bank, or through the electronic
payment system, SADAD.
We have already launched eShop
in Egypt and Morocco where it has
proven very successful, and very soon
we will introduce it to Saudi Arabia
and the U.A.E., two of the GCC’s most
dominant e-commerce markets.
DHL Express MENA is expanding
its regional aviation fleet. What
benefits will this bring?
Since the pandemic struck and
flights were grounded, DHL Express
MENA has had to rely heavily on
its own air fleet to support the
company’s activities. Despite the
loss in commercial belly space,
we capitalized on our dedicated
regional and international freighters
to satisfy the increased demand for
cross-border shipments.
e-commerce in MENA is on an
upward trend and we anticipate
that it will continue on its double-
digit trajectory for the foreseeable
future. We have enhanced our air
capabilities with seven new Boeing
767-300F freighters to better handle
the anticipated demand for delivery
expertise in time-definite express
shipments. These modern, energy-
efficient planes will improve our
load capacity by over 33%. They
will also enable us to maintain a
well-connected regional network
for high-demand lanes across the
Middle East, Africa, and the Indian
subcontinent, which house some of
DHL’s key commercial partners.
JULY 2021

How is DHL taking advantage of the
ongoing surge in e-commerce?
E-commerce has been a key
driver for us and we are constantly
developing new competitive B2C
products and services to grow our
market share and strengthen our
e-commerce footing. There is great
opportunity to increase activity
between Asia, the Middle East, and
Africa and as we continue to add
capacity and expand our reach
across key markets, we will benefit
from greater capability to enhance
transit times.
Now more than ever, our logistics
expertise is crucial in supporting
e-commerce players and helping
them stay competitive. Innovation
and customer service are where
we excel, and we can add value
“DHL’s global network saw a 35% spike in
e-commerce volumes in 2020 and reached
historical peaks in the third quarter of the year.”
by helping online merchants reach
even more of the B2C market with
speed, flexibility, and at competitive
costs. We are always trying out new
solutions and technologies such as
AI, blockchain, and digitization, to
deliver faster and more conveniently.
We are also investing in innovative
systems to enhance the visibility
and traceability of shipments
as expectations for real-time
information continue to rise.
F O R B E S M I D D L E E A S T.C O M
PRO M OTI O N
We have spent quite a bit to boost
our air and road network and facilities
in order to accommodate growth,
especially in e-commerce hubs such
as Saudi Arabia, Egypt, and the
U.A.E. We have also upgraded our
regional aviation network, increasing
flight frequencies and doubling
our aviation touch points for better
flexibility to adapt to volume spikes
and swings.
You have maintained operations
in several countries that have
experienced political instability
in recent years. How have you
managed your teams through such
challenging circumstances?
After operating in this region for
over 40 years, we have become very
well accustomed to overcoming
business challenges related to its
geo-political temperament. We have
a competitive edge in contingency
and continuity planning, which
ensures our operations remain
unaffected by changing country
dynamics. The safety and security of
our people always take precedence
while we capitalize on our extensive
network, utilizing alternative land and
air solutions, to ensure our operations
continue with minimal disruption.
How is DHL benefiting from
advanced technologies such as
artificial intelligence, robotics, and
big data analytics?
Advanced technologies and data
analytics deliver significant gains
in productivity and performance 79
and can enhance the entire
customer journey. We are using
automation technologies, such as
AI and robotics, for operational
tasks including picking and
packing goods within warehouses,
and for enhancing strategic
planning and forecasting. Certain
technologies were specifically
adopted during the pandemic to
help enforce social distancing
in our warehouses, such as
robotic goods-to-person (G2P).
Such technology is advanced
and economical and improves
productivity in warehouse
management and storage density.
Data analytics is also
transforming the industry’s
capabilities and efficiencies and has
been crucial to making our supply
chain more flexible and resilient.
Enhanced data capabilities result in
more efficient planning processes
for complex operations, such as
cross-border deliveries, because
they enable full visibility of the
movement of goods. This means an
unexpected change would no longer
be a disaster for the delivery journey,
but rather an opportunity to reroute
the flow of goods and still arrive
on time. A data-led approach also
gives customers a greater and more
flexible range of tracking options
while advanced analytics offers
unlimited insights that can be turned
into actionable opportunities.
www.dhl.com
JULY 2021

East, has become an increasingly
attractive market due to its
comprehensive reform program.
Other M&A deals in the pipeline
include First Abu Dhabi Bank’s
80 acquisition of the Egyptian unit of
Lebanon’s Bank Audi, as well as
Saudi Sharbatly Group’s $2.5 billion
investment in Egypt in the next five
years. Startups like Foodics and
PayTabs have also recently entered
the Egyptian Market.
DP World partnered with Emirates Skycargo,
Dubai Airports, and the International
Humanitarian City to create the Vaccine
Logistics Alliance to distribute two billion
doses of COVID-19 vaccines around the world.
Sustainability and social
responsibility
Middle Eastern companies have
taken a strong position towards
CSR this year, with numerous
companies contributing hefty
donations in support of pandemic
relief efforts. For example, family
conglomerate Easa Saleh Al
Gurg, donated $3.5 million to
F O R B E S M I D D L E E A S T.C O M
LE A D E RS H I P R EP O RT
support government efforts in
the fight against COVID-19, while
the Landmark Group donated $4
million. DP World partnered with
Emirates Skycargo, Dubai Airports,
and the International Humanitarian
City to create the Vaccine Logistics
Alliance to distribute two billion
doses of COVID-19 vaccines
around the world.
On the environmental front,
many companies have adopted
more eco-friendly processes
when conducting their business.
For example, TAQA completed
the financial closing of the
world’s largest single-site solar
power plant, the AI Dhafra Solar
Photovoltaic Independent Power
Producer project. The project
will supply power to the Emirates
Water and Electricity Company
using four million solar panels.
Meanwhile, Emirates Global
Aluminium partnered with DEWA in
January 2021 to produce aluminum
using solar power, making the
U.A.E. the first country in the world
to produce aluminum this way.
Family businesses and family
values
It’s hard to talk about the Middle
East’s corporate landscape
without mentioning the
importance of family businesses,
which are largely considered to be
the backbone of Middle Eastern
economies. Globally, they are
considered to be one of the most
trusted forms of business.
Many of them are bringing
in corporate governance,
establishing clear structures, and
putting professional managers
in place. Some companies have
separate family boards and
corporate boards, and several
have non-family members on their
board. Most have a non-family
member in the top management
team. Many are still focused on
traditional business and to a
large extent have stayed clear
of the tech industry, but while
currently successful they will need
to transform as tech begins to
disrupt industries.
As younger generations take
over their family business, many
have been mindful of potential
disputes, making family values
IMAGE CREDIT: EMIRATES GLOBAL ALUMINIUM
and professionalism a top priority.
According to PwC, 75% of family
businesses in the region claim to
have a clear set of values, with
56% claiming to have written them
down. Family businesses in the
Middle East (33%) are more likely
than global family businesses
(30%) to have “a robust,
documented and communicated
succession plan in place.
JULY 2021

Cutting Costs, Not Corners
According to Tariq Chauhan, CEO of EFS Facilities Services Group,
the growing pressure from clients to cut costs is not bad news,
it is an opportunity to transform.
T
he recent crisis and its
ensuing economic hardships
have taught us many lessons
in the art of resilience. One
such lesson for service providers
across industries, is that cost-
cutting demands from clients are
not always bad news, nor do they
necessarily have a detrimental
impact on quality. In fact, they can
lead to positive change for clients
and providers alike.
While concerns over quality
are not always misplaced, the
relationship between service
quality and cost-cutting needs
to be studied in more detail. Of
course, when it comes to searching
for ways to save money, key
expenses such as sufficient wages
and necessary materials should
not be compromised. However,
through collaboration, innovation,
and sound strategizing, it is
possible to cut costs and transform
organizations in the process.
To set off on the right path,
clients and service providers must
work as a partnership, with shared
goals and shared agreement on
how to reach them. Both parties
need to cement a relationship
with complete transparency and
a shared vision. They should also
carry out impact analyses on any
proposed cost-cutting measures
and conduct in-depth research into
the scale of any crisis, going the
extra mile to help where possible.
Confidence is key too. Here, it
is important that service providers
The
F O Rthoughts
B E S M I D expressed inOthis
D L E E A S T.C M advertorial are those of the client.
PRO M OTI O N
“Service providers need
to move beyond their
fixation with status quos
and pursue new avenues
of innovation and
change management.”
engage with their clients and
walk them through relevant data,
providing sensitivity analysis on the
associated risks and rewards of any
potential cost-cutting exercise.
As the crisis of COVID-19 was
unfolding, EFS faced a situation that
demanded rapid action and close
collaboration with our partners. As
a service provider, we realized that
we were in deep water, but rather
than stop and panic, we acted
swiftly and worked closely with
our clients to find joint solutions to
the unprecedented challenges we
81
faced. As a result of our approach,
we delivered considerable benefits
in savings whilst providing the same
end-user satisfaction.
In times of crisis, quick thinking
and fundamental change are
often required, accompanied by
the necessary risk analysis. With
this in mind, service providers
need to move beyond their fixation
with status quos and pursue new
avenues of innovation and change
management. Innovation is
particularly important in workforce-
centric contract engagements,
but change management will lead
companies to achieve the most
outstanding results.
Most management principles
touch upon how to rise above
negativity and navigate through
crises or adverse conditions. But
much of this is theory. The litmus
test lies in how to successfully
manage real life situations. Here,
there is no better lesson than
experience. While the COVID-19
pandemic has wreaked havoc
worldwide, it has also equipped
organizations with a whole new
arsenal of skills and experience,
leaving them stronger and more
resilient as they look ahead to
brighter days.
www.efsme.com
JULY 2021
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82 We keep our promises. So you can keep yours.

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T
he debate around the future
of work and the impact of
automation on workers has
raged for decades, but it
has been brought into sharp focus
by COVID-19. A recent study from
PwC indicated that almost 40% of
workers believed their job would
become obsolete in the next five
years, while 60% were worried that
automation was putting jobs at risk.
Meanwhile, the World Economic
Forum estimates that one billion
people will need to be reskilled by
2030, driven by the emergence of
automation in the workplace. So, are
robots coming for people’s jobs? Or
will a new era of automation create
more opportunity?
Narrowing the skills gap
The skills gap is a very real problem,
especially in manufacturing and
construction, where demand
for skilled workers dramatically
outweighs supply. Automation
helps to address that shortfall.
However, as it becomes more
widespread, the risk of the skills
gap widening becomes more
acute. That’s why a world-wide
focus on reskilling and upskilling
is critical. The challenge is this:
how do we ensure that automation
creates opportunity for workers?
The
F O Rthoughts
B E S M I D expressed inOthis
D L E E A S T.C M advertorial are those of the client.
PRO M OTI O N
The Future Of Work:
The Time To
Upskill Is Now
Lisa Campbell, Chief Marketing Officer at
software company, Autodesk, believes
automation creates opportunity for workers,
but that seizing it relies on closing the skills gap.
Automation will create opportunity
if we are deliberate about three
things:
1. Building the right kind of
transferable skills among workers
2. Stimulating investment in workers
by employers
3. Facilitating partnerships between
all stakeholders to meet future
workforce needs
While collaboration between
multiple stakeholders is critical to
embracing the future of work, the
private sector can lead the way.
The role of private sector in
supporting “Future Skills”
The private sector needs to
consider how it can support
investment in transferable “future
skills”. Our work with Factory_OS is
a good example of this. Factory_
OS is essentially constructing
multi-family housing on a factory
production line. In doing so, it is
helping to address the housing
crisis while opening the industry
to underrepresented workers, like
women. With a focus on digital
technologies, Factory_OS has
also taught new skills to 60% of its
workforce who were not previously
employed in construction and has
created new job types based on
transferrable “future skills”.
83
Building simple lifelong learning
pathways
Not only do we need governments
to strategically invest in industries
with quality job growth, but we
also need to ensure that workers in
those industries are equipped with
the right skills. Here, the private
sector has a role to play in helping
workers learn new skills and gain
professional credentials on the job.
Many companies have recognized
this need, launching or expanding
credentialing programs during the
last 12 months. Initiatives like the
Autodesk certification program offer
dozens of online learning pathways
that empower professionals to build
skills and achieve their goals.
What now?
Without active intervention in helping
people prepare for an evolving work
environment, some employees may
be left behind. The future of work
is not a decade away anymore;
businesses are already transforming,
and jobs are changing. To prepare
for the future of work, workers need
to start upskilling today.
www.autodesk.com
JULY 2021

Leading A Strategic Expansion
84
What services does GIV Capital
offer and what makes the firm stand
out amongst the competition?
GIV Capital offers a wide range of
financial services covering online
trading and asset management
to individuals and institutions. We
have partnerships agreements
with leading liquidity providers
and global banks and our clients
benefit from tight spreads, low
commissions, no swap, fast and
transparent execution, 24/5
customer support, daily analysis,
and market reports.
Our team assists clients with
their top-notch experience of
online trading using the Meta
Trader 5 Online Platform and helps
them to achieve their investment
objectives. Our clients can securely
trade across a wide range of
currencies and financial assets
with complete confidence.
The
F Othoughts
RBESMID expressed in this
D L E E A S T.C O Madvertorial are those of the client.
PRO M OTI O N
Hassan N. Fawaz, CEO of financial
brokerage company, GIV Capital, reveals
the vision that makes the company stand
out and where its next focus lies.
We also provide
customized strategies for asset
management clients after
thoroughly understanding
their objectives, risk tolerance,
and expected returns. We
have many lines with major
global banks, where funds are
safely allocated.
With regards to asset
management we have been
able to provide consistent
returns to our clients over the
past few years and we are
keen to expand on our client
base in different jurisdictions.
Our main goal is to build close
relationships with our clients
based on confidentiality, trust, and
transparency, and to protect their
accounts, whether big or small,
from risks.
What exciting projects is GIV
currently working on?
We are developing an online
platform and app that clients can
use to trade stocks, futures contracts,
exchange-traded funds, forex,
ETFs, options and cryptocurrency.
This app will compete with top
international ones like Robinhood,
Webull, and Binance.
Our platform will serve three main
market categories. Both beginners
and intermediate traders usually
opt for FX, CFDs, commodities and
are less likely to indulge in complex
market analysis and rarely need
advanced indicators, research, and
trading tools. Advanced traders
usually focus on portfolio building,
ROI optimization, reliable sources
of information, and adequate
professional tools. Crypto traders
are always looking for educational
sources and a secure way to fight the
stigma around the crypto space.
What plans do you have for future
growth and expansion?
Over the last 15 years, the
transformation in the financial
services has been spectacular,
triggered by technology and
regulation. We believe that this
trajectory of change will continue
in the years to come, making it
imperative for financial service
providers to analyze their business
models continuously. GIV Capital’s
vision is to expand in promising
pioneer markets such as Dubai
and the U.S. So we have chosen
the Dubai International Financial
Center to strengthen our role as
a regional player in the financial
sector. We are also working on
getting registered with FINRA
in a broker dealer capacity.
GIV CAPITAL
www.giv-capital.com
JULY 2021
 SUSTAINABLE 85

INNOVATION
SUMMIT 2021
Reimagining The Future Through Sustainable Innovation

13 October 2021 • 9:00 AM • Dubai

Future Mobility Sustainability Opportunity

For General Inquiries For Sponsorship Inquiries

event@forbesmiddleeast.com advertising@forbesmiddleeast.com

F O R B E S M I D D L E E A S T.C O M
www.forbesmiddleeast.com JULY 2021
 • THE 50 OVER 50 •
By MADELINE BERG

SCREEN QUEEN
Shonda Rhimes spent the first 12 years of her TV career contributing to
86
Disney’s empire. Now she’s building her own.
THE 50 OVER 50

Shonda Rhimes
“I’m very clear on my track
record. . . . I’m no longer
worried about negotiations
in any way, shape or form.”

F O R B E S M I D D L E E A S T.C O M JULY 2021

 L
Last Christmas, as millions of people
were watching Bridgerton for the first time, Shonda Rhimes
was at home in Los Angeles with her three daughters,
unwrapping gifts. Her first hints of the mania her debut
Netflix series was sparking were multiple gushing texts from
the streaming giant’s CEO, Ted Sarandos. Then came an
email from Hillary Clinton.
“How does one cure oneself of a Duke obses­sion?”
Clinton asked, referring to the actor Regé-Jean Page and
his beloved portrayal of aristocrat Simon Basset in the
Regency-era drama.
With her adaptation of the popular romance novels,
Rhimes, 51, has done the seemingly impossible: created a
must-see sensation in a world overflowing with binge-worthy
television. In the first 28 days it was available, 82 million
households—40% of Netflix’s paying audience—watched the
eight-episode series, smashing the service’s previous viewing
records. Sarandos booked a second season within weeks, and
in April he agreed to fund seasons three and four. A spinoff
is in the works. Rhimes, who is already making about $30
million a year to create exclusive content for the streamer, is
expected to receive millions in bonus pay because of the series’
success—a rare feat in typically frontloaded streaming deals.
“I never worried that I deserve the money,” Rhimes says.
“I deserve every penny I make. . . . I always find these young
women who have been conditioned to believe or to speak
of themselves in ways that make them smaller. It drives me
bonkers.”
Bridgerton’s resounding success is proof that jumping
ship in 2017 from ABC, her home for more than a decade,
has paid off. “I don’t know how you do things without
betting on yourself,” the show creator says. “If I was going
to play it safe, I would’ve stayed exactly where I was and
kept doing exactly what I was doing. It wasn’t like a crazy
leap to believe in myself.”
Not after all her success. Rhimes has brought in more
than $2 billion to ABC’s parent company, Disney, with hits
JAMEL TOPPIN FOR FORBES
such as the medical drama Grey’s Anatomy; Scandal, which
cast Kerry Washington as the first Black female lead in a
network drama in almost 40 years; and
F O R B E S M I D D L E E A S T.C O M
How to Get Away with Murder, starring Viola Davis, who
became the first Black woman to win a Best Lead Drama
Actress Emmy for her role.
Even so, Rhimes had to constantly fight for higher
writing and producing salaries (she went from making about
$30,000 per episode to $250,000 since Grey’s premiered in
2005, Forbes estimates) and a larger cut of the show’s profit.
87
Network executives would eventually step up, she says, but it
was always a battle.
“It’s really startling to realize how much money your work
THE 50 OVER 50
is earning for a place and then to discover how much they
think that you’re worth versus that,” she adds of the years she
spent wrangling with ABC.
When she began negotiations with Sarandos in 2017,
Rhimes dispensed with any pretense of modesty. “I was very
clear that everybody was going to make it happen in the
way that I wanted,” she says. Sarandos concurs: “I’ve been
astonished by Shonda’s total clarity about what she wants in
this next chapter. . . . [She] is at the very top of her game.”
“Shonda Rhimes is a force like no other,” says Michelle
Obama, who first met Rhimes when the showrunner sat
in the Obamas’ box at the 2013 Kennedy Center Honors.
“All you have to do is look at the empire that keeps growing
year after year to see that her stories—her example—are
something people are hungry for.”
That empire, dubbed Shondaland, is now 50 staffers
strong and, like the casts of her series—some of the most
racially diverse on television—is “uncommonly inclusive,”
according to Rhimes. While half are engaged in creating
television, the others are working in new areas. There’s
Shondaland Audio, a partnership with iHeartRadio, which
has a Bridgerton companion podcast, as well as shows hosted
by Laverne Cox and Scandal star Katie Lowes. Shondaland.
com, a partnership with Hearst, is a mix of articles meant to
empower women and update fans on Rhimes’ series. There’s
also an eight-week Peloton program based on her 2015
inspirational book, Year of Yes, and a top-selling master class.
Forbes estimates Rhimes will earn close to $40 million
from Netflix this year thanks to her Bridgerton bonuses, plus
about $8 million in producing fees for Grey’s Anatomy and
Station 19, another $17 million for her share of the profits
from Grey’s, Scandal and How to Get Away with Murder,
and a few million more from Shondaland ventures including
podcasts, web content, books and more. All told, Rhimes
should take home close to $70 million before taxes in 2021,
her biggest payday yet. Since her television career began, she
has already earned more than $350 million, pretax.
All that is just the beginning, too, as Rhimes looks decades
ahead. “We’re not working for anybody. . . . We do things the
Shondaland way,” she says, adding: “In 30 years, somebody
should look around and not know there’s a Shonda to the
Shondaland.”
JULY 2021
 • HOTEL REVIEW •
By Sheera Hamed Al Shobaki

WALDORF ASTORIA
88
MALDIVES ITHAAFUSHI
HOTEL REVIEW

For any couples looking for a memorable honeymoon in a magical world of

natural beauty, the Maldives is a fantasy destination.

CChoosing where to spend

your honeymoon is not an easy decision
to make. Your first holiday together as a
married couple comes after months spent
honeymoon, you want to relax, unwind, and
spend time together.
Among the wide variety of hotels on offer
in the Maldives stands the Waldorf Astoria
Maldives Ithaafushi, which my husband and
I were lucky enough to enjoy on our one-of-a-
kind honeymoon. The entire hotel feels like a
fantasy land come true, with stunning views
The Maldives are
known for being a
premium romantic
destination for
couples.
IMAGES FROM SHEERA HAMED AL SHOBAKI

planning your wedding, hosting parties, and warm-hearted hospitality all around.
and socializing with your guests, friends, Here’s why our 10-day retreat felt like getting
and family. When the time comes for your lost in paradise.

F O R B E S M I D D L E E A S T.C O M JULY 2021

 89

HOTEL REVIEW
Hospitality: Our journey began at Velana
International Airport, the Maldives’ main
international airport in the capital of Malé,
where we landed after our flight from Dubai.
Most large aircraft land here as access to the
smaller remote islands is only possible via
boat or seaplane.
We were shown from the airport to a large
yacht where hotel staff greeted us for our
45-minute ride. As we approached Ithaafushi
Island, we could see more hotel staff on
land waving at us from a distance, and once
we had docked, they handed us welcome
drinks, showed us to our beach villa, and
gave us a tour of the beautiful surroundings.
Ithaafushi Island is one of the biggest in the
Maldives, at 32,000 square feet. The Waldorf
Astoria covers the whole area, making it very
much a private island experience, but there
is still plenty of room for nature. Weaving
throughout the resort, the contrast between

F O R B E S M I D D L E E A S T.C O M JULY 2021

 90
HOTEL REVIEW
the lively colors is almost unreal, with the combination of
lush green forestry, glistening blue ocean, and white sands.
We stayed at the beach villa for the first five days, where
we had access to a private beach. For the second half of
our trip, we stayed in an over-water villa, with steps down
to a secured open ocean area. It was very secluded and
pleasantly peaceful. The water is accessible from every
room and room service is 24-hour. It feels as though you
are living in the middle of the ocean.
Dining: Throughout our stay, we had the opportunity to
dine at almost all of the restaurants located on the island.
Each one had its own unique spirit and theme.
My favorite was Yasmeen, which specialized in Arabic
cuisine. I found its ambiance particularly interesting as
the restaurant contained historical items from the Arab
world dating back to the 1800s and 1900s, such as doors,
windows, iron ornaments, and ancient kitchen appliances.
The food was also delicious and reminded me of my own
Middle Eastern roots and the places I have called home. On
the other hand, my husband’s favorite place to dine was a
Japanese restaurant called Shimizu, which is open to the
ocean so you can enjoy your meal with a calm ocean breeze.
All the restaurants offer something different. For
example, Terra has been designed to represent a bird’s nest,
F O R B E S M I D D L E E A S T.C O M
Nava is an American-cuisine beach club and tasting table
where we had breakfast, and Amber is where we had our
first sunset pre-dinner drinks. If you are more interested in
traditional steak and barbeque, The Ledge is the restaurant
for you. Whereas if you are a fan of organic food and
healthy eating, Glow is your best option, with its fruits and
vegetables grown at the island’s very own farm. Li Long is
where you’ll find Chinese cuisine, and The Rock is where
you can try the most expensive wines and champagnes for
private dinners and events.
Spa: After all the exhaustion from wedding preparations
and parties, we really needed a relaxing massage, so we
were thrilled to find that the hotel we were staying in had
one of the best spas we had ever seen. We even had to fill
out a questionnaire about our personalities to decide how
our treatments should be carried out. Questions included:
“What is your favorite color?” “Are you a morning or a night
IMAGES FROM SHEERA HAMED AL SHOBAKI
person?” and “What is your favorite season?” The spa’s
treatment rooms were separate from the main villa, and to
get to them we walked on glass floors so that we could see
the ocean beneath us. As well as a massage we also had an
“aqua-treatment.” For this, we spent time in a multi-level
pool where each level used different jets to treat a specific
part of the body.
JULY 2021
 Activities: If you can drag yourself away from your secluded
private hideaway, the hotel also provides plenty of exciting and
fun activities. The main mode of transport while on the island
is bicycle, so we rode around the resort and saw the wildlife
up-close. We also went snorkeling in the clear turquoise
ocean and explored vibrant coral reefs. And above the water
we went parasailing, which meant we could view the island
91
from a different perspective and see the neighboring islands
and mountains. Later in the day, on a sunset cruise, we were
excited to see dolphins and small sharks.

HOTEL REVIEW
Nightlife: Despite how calm, relaxing, and quiet this hotel
is, there is also a lively nightlife on offer. The hotel hosts
parties every Tuesday and Thursday night for its guests at
a lounge that its staff set up on the beach. The dress code is
simply “white,” and there is a DJ so people can enjoy music
and dancing. To be allowed onto the island every visitor must
have a negative PCR test, tables in communal areas and
restaurants are well spaced out, and staff must wear masks at
all times, so we felt safe socializing with other guests.
If I had to pick one night that really stood out for us, it
would be the evening of our destination dinner. The hotel
staff led us to a private beach where a fairy-light monument
spelled out the word “LOVE,” and on the ground flowers
drew the shape of a heart. Even the table where we sat for
our extraordinary meal of steak and grilled seafood was
sculptured from the sand. It was an experience we will
never forget.

F O R B E S M I D D L E E A S T.C O M JULY 2021


92
“The least of things with
THOUGHTS
a meaning is worth more
in life than the greatest of
things without it.”
—Carl Jung
“He who has a why to live
for can bear almost any
how.”
—Friedrich Nietzsche
“I don’t feel frightened
not knowing things, by
being lost in a mysterious
universe without any
purpose, which is the way it
really is, as far as I can tell.”
—Richard Feynman
“Obsessions are the only
things that matter.”
—Patricia Highsmith
“The terrible pain of loss
teaches humility to our
prideful kind.”
—Dean Koontz
“The purpose of life, after
all, is to live it, to taste
experience to the utmost,
to reach out eagerly and
without fear for newer and
richer experience.”
—Eleanor Roosevelt
“The most daring thing is to
create stable communities
in which the terrible disease
of loneliness can be cured.”
—Kurt Vonnegut
F O R B E S M I D D L E E A S T.C O M
• THOUGHTS ON •
Purpose
Friedrich Nietzsche
“I like a good story, and
I also like staring at the
sea. Do I have to choose
between the two?”
—David Byrne
“What am I living for and
what am I dying for are
the same question.”
—Margaret Atwood
“The blind pursuit of profit
at all costs is untenable. It
is essential that we make
money the right way.”
—Indra Nooyi
SOURCES: THE DARKEST EVENING OF THE YEAR, BY DEAN KOONTZ; PALM SUNDAY,
BY KURT VONNEGUT; HOW MUSIC WORKS, BY DAVID BYRNE; THE YEAR OF THE FLOOD,
BY MARGARET ATWOOD; THE WORKS OF ROBERT G. INGERSOLL, VOL. IV; WHERE ANGELS
FEAR TO TREAD, BY E.M. FORSTER.
“To increase knowledge,
to take burdens from
the weak, to develop the
brain, to defend the right,
to make a palace for the
soul: This is real religion.
This is real worship.”
—Robert G. Ingersoll
“You told me once that we
shall be judged by our
intentions, not our
accomplishments. I
thought it a grand remark.
But we must intend to
accomplish—not sit
intending on a chair.”
—E.M. Forster
“The purposes of a person’s
heart are deep waters, but
one who has insight draws
them out.”
—Proverbs 20:5
“Here is a test to find out
whether your mission in life
is complete. If you’re alive,
it isn’t.”
—Lauren Bacall
“Different persons
have various modes of
excellence, and we must
have an eye to all.”
—William Wilberforce
“If there is a book that you
want to read, but it hasn’t
been written yet, you must
be the one to write it.” FINAL THOUGHT
—Toni Morrison “Everybody has to be
somebody to somebody
IMAGE FROM WIKIPEDIA
to be anybody.”
—Malcolm Forbes
JULY 2021
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F O R B E S M I D D L E E A S T.C O M JULY 2021