Hello and welcome to the latest edition of The Alea Journal If this issue had a theme, it would be transformation the kind of transformation that turns people and companies into superheroes Not overnight, and not with the use of magic but through sheer hard work persistence, and inspiration
In this uplifting issue you can read about the transformation economy a sector that promises to turn each of us into the very best version of ourselves
Find out about the plans for Neom, a sprawling region planned to transform the desert of Saudi Arabia into the most modern city in the world, changing the way we think of urban living
We also explore the 33 year transformation of Al Rawabi dairy farm from a small herd of cows into a huge and expanding business producing dairy products for UAE customers on home turf
The GCC countries meanwhile have continued to evolve together into a prosperous region others can seek to follow with good news about the economy flowing in from recent reports
In addition find out how the tourism sector formerly decimated by lockdowns and travel restrictions is making a comeback through a mix of technology work life balance personalization, and sustainability
We also cover the beauty of landscapes through the work of photographer Ziyad Alarfaj an engineer who became a phenomenal professional photographer
The stunning landscapes of Slovenia are the
subject of our travel pages where we give an introduction to this lesser known European tourist destination
I hope that by reading these stories you are inspired to seek amazing transfomation in your own life and work, and we look forward to hearing your own stories if you would like them featured in future issues
To share your ideas or news of your own,, please don't hesitate to get in touch
In the meantime, we hope you see you at one or more of our forthcoming events
As ever you can contact me at info@aleaglobalgroup.com
A recent report by BCG has highlighted the welcome news that despite challenging times around the world the GCC’s wealth is due to increase by 5 2% annually
The report also predicts that by 2026 the region’s wealth will reach $3 5 trillion up from $2 7 trillion in 2021
Titled ‘Global Wealth 2022: Standing Still is Not an Option , the report is good news for GCC countries economies It states that the greatest asset class in the region is Equities & Investment funds totalling 53% of personal wealth last year followed by currency and deposits at 38% Life insurance and pensions are expected to become the third largest asset class by 2026
Despite accounting for only 2% of total personal
wealth bonds show the fastest rate of growth at a rate of 7 7% Compound Annual Growth
Among the report s other findings are that cryptocurrency is of great and growing interest with almost 80% of clients interested in this kind of asset as long as it was accompanied by the correct advice and guidance from wealth managers not currently seen as experts in this field
Oil production has increased in the GCC countries with the UAE reporting a Q1 rise of 12% in production year on year, and Saudi Arabia boasting a 19% increase over that same period This is in tandem with an increase in oil prices
As the pandemic recovery continues, few industries have been hit harder than travel and tourism With constantly changing travel restrictions between countries tourists have been either reluctant or unable to travel abroad. And lockdowns have also impacted small businesses, wiping out some of the unique establishments that give each area its own unique character
Efforts are now underway to bring about a recovery for the sector, but with some important changes Some of these changes are in response to the pandemic, restoring confidence in and enthusiasm for travel which has become both unpredictable and stressful for many Other measures seek to minimize the ecological impact of travel, encouraging sustainable travel wherever possible
Here we break down some of the key trends we will see shaping travel and tourism in the coming years
Not a new concept but perhaps a new phrase to many ‘bleisure’ is a mix of business and leisure Bleisure travelers combine work with holiday in a couple of different ways The most obvious is the likes of the digital nomad, who can work from anywhere and needs little more than a laptop and a reliable internet connection to do so
This combination of work and travel was already on the rise before covid, but with the shake up of stable jobs, the rise of the gig economy, and the boom in remote working during the pandemic these kinds of travelers are on the increase Digital nomad type travelers can play an important part in local economies by becoming residents rather than merely tourists for the duration of their stay Some countries, such as Portugal, are actively encouraging working travelers to take up temporary residency with special visas and packages
The other kind of bleisure traveler is one who travels to a destination specifically for work for example a conference or in person activity of some kind and adds some time at the beginning and/or end of their work trip to take a holiday in the region in which they have been working With the rise of hybrid conferences and company policies discouraging unnecessary work travel, these kinds of bleisure visitors may be on the decrease, but whenever travel for work is necessary it’s likely we will see a higher percentage of business travelers taking this opportunity when it arises.
Virtual travel does not simply mean replacing real trips with virtual ones Instead it can mean a combination of both virtual and real world travel which informs travelers about where they might want to consider for their next trip Spontaneous travel is more difficult and more discouraged than it was pre pandemic, with the uncertainty caused by lockdowns meeting the climate impact of regular travel and the tightening purse strings of inflation.
What this means for travelers is a careful consideration of each trip, to ensure it s going to be the right one to fulfill their needs Virtual travel tackles this issue in two ways Firstly travelers can virtually visit some traditional hotspots entirely virtually, scratching the itch to be in Times Square or Barcelona by enjoying them in 360 degree video from home Secondly, they can explore what it feels like to be in destinations they may not previously have considered, taking in everything an as yet unvisited country may have to offer before taking the plunge and booking their one annual holiday to somewhere less overrun a
Apps such as Head Holiday can help tackle both of these needs by delivering first person perspective visits to travel destinations with nothing more than a smartphone and a cardboard viewing device, with no need for a virtual reality headset
As eco conscious travel continues to grow in popularity, we will see more and more travelers looking to lessen their carbon footprints by choosing more sustainable travel options This can mean anything from holidaying in their own country to traveling by train rather than plane, camping rather than staying in hotels and selecting destinations that actively promote eco friendly tourism
It will also impact the number of trips people take in a year, with travelers more aware than ever of how plane travel impacts the environment We are likely going to see tourists taking a single foreign holiday each year, and ditching the international city breaks in favor of domestic holidays the rest of the year round.
As the number of foreign trips people take decreases, people will come to expect more from their holidays The package holiday, in which groups travel en masse to identikit resorts, is likely to be shunned in favor of more bespoke holidays that are built around travelers’ individual preferences
Designing a trip in advance, rather than taking a predetermined and mass marketed trip is going to become more desirable and more common
This will likely see the breaking down of relationship between airlines hotels and tour operators to some extent, with independent travel experts seeing a rise in popularity
When we talk about wealth management at our events and in our publications, we are often referring only to financial wealth
But as a family office we would argue that wealth management is about far more than the monetary value of the assets we own What’s more, we have identified all the areas of wealth in our lives which must be managed correctly, and all the ways we can suffer if they are not
While this may sound like a dark and depressing concept, the potential for happiness is immense once we realize all the areas of our lives in which we are wealthy, and can increase our wealth in the areas we feel may be lacking.
Let's identify financial wealth as only 15% of the wealth family office members can experience in life, with 85% being non financial So what are these non financial forms of wealth, and what are the impacts they can have?
When the family office is working together to achieve a core mission which is completely aligned with their shared values, this leads to a kind of wealth identified as spiritual wealth It can bond a family office and those working with them as they work towards a higher purpose
When each individual within a family office is learning and growing it strengthens the family office as a whole and produces new leaders who can take that family office into the future Developing the human assets of a family office unit leads to what is known as human wealth
Above all family offices are families When the bonds between family members are strong and there is mutual respect and love, the
output of that family office is greater for it This is what we call family wealth
Having the systems in place to manage the family office effectively and to handle outside influences and changes both internal and external can be called structural wealth When your family office has structural wealth, the business is more resilient and able to cope with change
In a way, this is aligned with spiritual wealth Having care and concern for one ’ s community, and a sense of compassion for society at large, is societal wealth With societal wealth family offices’ work and decision making can have a huge positive impact on the world around them
The global response to covid has had many unexpected impacts on our lives, and not all of them have been negative We have seen people all over the world taking drastic measures to completely change their lives, from quitting jobs and totally changing careers, to uprooting themselves and their families to entirely new countries to start new lives bearing no relation to their pre pandemic existence.
It’s fair to say that two years of restrictions and time at home to think has had a profound effect on everyone Along with the frustration
and fear many of us faced each day, there was also the monotony and the introspection that such a long time at home brought upon us For many people, the life they saw around them once all external stimuli were removed was a sobering sight, bringing to light that our time is precious and that certain aspects of ourselves and our surroundings are overdue for an overhaul
This has propelled the growth of what is known as ‘the transformation economy ’ Whether it was learning yoga at home via online classes, learning new creative skills, or home
improvement projects, many of us tackled an area of ourselves or our lives that we thought could be made better if only we paid it the time and attention. Often these areas to be improved were ones that had always bothered us, but which we never felt the pressing need to fix Now, however, we appreciate our time and our freedom more than ever before, and we don’t want to waste any more of our time putting up with less than ideal versions of ourselves
The transformation economy is not selling us products (that’s the goods economy), nor is it selling us memories (that’s the experience economy), instead it is selling us improvements. Whether it’s games to level up our habits and memory, items to track and improve our sleep, supplements to make us look and perform better, or courses and retreats to give us the tools to build the life of our dreams, the transformation economy promises that the best version of ourselves is only a purchase and a regime away
This economy has always been present, from fitness to relaxation, beauty and learning new workplace skills But never has it had the widespread appeal that it does now, after two years of closely examining our shortcomings and being frustrated at our lack of freedom to live our lives as we once did. Returning to the normal life of pre pandemic times is not enough of a compensation for what we have collectively been through, it seems Instead we are raring to go and to achieve everything we never had the time or the fortitude to achieve before For that, many of us feel we need some assistance, and that’s where there is money to be made the ‘ economy ’ bit of the transformation economy
So it sounds like a win win for everyone, right?
Well, it can be. The only danger is in striving for a perfection that can never be reached. Just as with the beauty and wellness industries (which do have some overlap with the transformation industry) there is a constant pressure both internally and externally to improve ourselves constantly in a way that simply isn’t achievable or sustainable, and which makes us feel worse rather than better
Prioritizing what’s truly important to us, setting realistic and healthy goals for ourselves, and learning to live with the rest of the imperfections that are part of life, are the only ways to benefit from this growing movement. But if we can approach the wealth of transformative options on offer from this perspective, we can truly benefit from this potentially life changing landscape of opportunities
The Al Rawabi brand is a familiar one to loyal customers in the UAE who buy its milk meat bakery and juice products every day But it’s possible not many know about the farm’s ambitious origins, or its incredible achievements over its more than 30 year history
Opening in 1989 with a herd of 500 imported German cows, Al Rawabi’s aim was to produce milk that was local to its customers rather than imported, and to improve the nation’s health through natural produce without chemicals They became Dubai’s first national dairy company, and within just a few years had begun a journey of innovation that runs through everything they do
Their initial groundbreaking work was around product packaging. Realizing that half or one liter cardboard tubs of milk were too small for a family supply Al Rawabi began supplying customers with two and three liter bottles as well as one gallon containers They were also the first GCC dairy to produce pasteurized juice, cold pressing all natural ingredients
With investment came expansion and a fully automated dairy plant, as well as a biogas plant to recycle waste and produce green energy The farm also employed embryo transplants, enabling them to breed cows with better genetics which could produce more milk
And all this while keeping animal welfare at the forefront of their daily practises Cows have
temperature controlled living environments with plenty of room creches water cooled walkways and their own nutritionist, while AI monitors the animals’ activity
But the farm’s greatest work by far has been in the area of health and nutrition Realizing that 80% of people in the region were deficient in vitamin D vital for health in later years the farm worked with experts and the Ministry of Health to introduce it to their milk using plant based methods Not only do they work to supply vitamin D to customers, but also to create health boosting food and drink that tackles obesity, diabetes and hypertension
Alongside this great work is an educational element which sees children taking tours of the farm to learn more about nutrition and where their food comes from
Now coming up to their 33rd birthday, Al Rawabi is the largest dairy farm in the UAE, with a herd of more than 17,000 cows, and 40 calves born each day on average They generate enough milk to serve one million customers per day, who get their produce within 24 hours of its production This is thanks to the processing plant being located mere meters from the farm itself, which also cuts down on unnecessary food miles
Find out more at alrawabidairy.com
A bold new urban planning project in Saudi Arabia will build the megacity of the future powered by 100% renewable energy and using the latest smart city technology to make its residents’ lives as efficient and eco friendly as possible
Owned by Saudi Arabia s Public Investment Fund, the 26,500 km2 district of Neom will cost $500 billion, and will sit in what is currently desert land in the Tubak Province of northwest Saudi Arabia
Neom will also incorporate The Line, a new city plan unveiled in 2021. The Line is a linear shaped city which is planned to house 9 million residents, with no cars and instead with a light railway running from end to end Original plans for The Line saw it as a series of buildings, but after a delayed start to the project and a redesign in 2022, the city will now be a single 170km long building which is 500m tall
With its own airport, a bay in the Red Sea, and the nearby land turned into farmland for genetically engineered crops, Neom plans to be largely self sustaining but with excellent international transport links It will have its own commerce, industry and supply chains, with a focus on the research and commercialization of groundbreaking technologies
As well as The Line, there will also be the mountain area of Trojena with its six development districts where people can go to enjoy the natural scenery and outdoor experiences, including sport, wellness, arts and entertainment
The industrial city of Oxagon will be a place where businesses can research, develop and manufacture, all while promising to be in harmony with nature
Neom got its name from the Greek word ‘ neo ’ , meaning ‘ new ’ combined with the letter ‘ m ’ to represent the Arabic word mustaqbal (meaning ‘future’) and also the first initial of ‘Mohammed’ after HRH Prince Mohammed bin Salman
When not taking advantage of its connectivity with the rest of the world residents of The Line can enjoy every convenience they need within a five minute walk of wherever they live in the city
A sense of community, with culture and entertainment will also be built into the city Experts in fields as diverse as fashion environment and urban planning are leading various aspects of the development
Find out more at neom.com
With Yalla and Yalla Ludo among its range of fun and useful digital products, Yalla is rapidly taking over smartphone leisure and gaming in the MENA region. We caught up with Mr. Saifi Ismail, President of Yalla Group, to find out more about this blossoming company, where they’re headed, and what opportunities they offer to investors.
Yalla was founded in 2016, launching its first application, Yalla, in the same year In 2018, we launched our second flagship application, Yalla Ludo Both products have shown our team’s close attentiveness to Arabic social tradition and are tailored to serve local users’ preferences and needs In 2019 and 2020, both products achieved substantial success across MENA, and subsequently, in September 2020, Yalla was successfully listed on the NYSE Our headquarter is based in Dubai, and by the end of 2021, Yalla Group has over 600 employees globally Our vision is to build the most popular destination for online social networking and entertainment activities in MENA within the next ten years
We have two flagship mobile applications, Yalla, a voice centric group chat platform launched in 2016, and Yalla Ludo, a casual gaming application with strong social networking features, launched in 2018 featuring online versions of board games, popular in MENA, with in game voice chat and localized Majlis functionality
Building on the success of Yalla and Yalla Ludo, we have expanded our offerings, creating a regionally focused, integrated ecosystem dedicated to fulfilling MENA users’ evolving online social networking and entertainment needs The ecosystem includes YallaChat, an IM product tailored to the needs of Arabic users; Waha, the first metaverse social app designed for Arabic users specifically In addition, the ecosystem includes more causal games such as Yalla Baloot and 101 Okey Yalla, both launched in 2021 and developed to sustain vibrant local gaming communities in the region We are also actively exploring outside of MENA, having launched Yalla Parchis in 2021, a Ludo game app designed for the South American markets In addition, we established our holding subsidiary, Yalla Game Limited, expanding our capabilities in mid core and hard core game distribution in the MENA region, leveraging our local expertise to bring exciting new content to our users
Our business model aims to preserve the equal status of everyone on our platform, with all content generated by our users. We do not hire content generators; consequently, we can maintain our content acquisition cost at very low levels.
The MENA region has a rich culture of social gatherings, coming together to chat, share and entertain We are trying to replicate MENA people’s offline social activities, bringing their offline social activities online For example, our flagship application, “Yalla,” is brings our Arabic social event Majlis online, where people can group chat and buy virtual gifts, sharing them with friends
Besides, in our recently launched YallaChat version 1 1, we rolled out the Athan Feature, a unique innovation tailored to Arabic users' traditions and customs Since praying plays a significant role in Arabic users' daily lives, we created the Athan feature to enable users to receive reminders for daily prayers We believe instant message products are an integral, intimate part of users' daily lives. Thus, we believe targeted hyper localization of an IM product is a necessity. Regarding market demand, the MENA region comprises some of the world’s most affluent countries in terms of GDP per capita, including the UAE, Saudi Arabia, and Kuwait. Online social networking and entertainment users keep increasing, with a young median age below 30, who generally prefer a balanced lifestyle. Moreover, mobile internet penetration keeps steadily rising, most residents are already online for social networking and entertainment Therefore, the Arabic speaking countries are a receptive market
Surprisingly, despite the strong demand, relatively few platforms specifically target MENA’s Arabic market International platforms have not effectively localized their features and interfaces to the Arabic culture, and there are few home grown platforms
We firmly believe that the MENA market is currently at an inflection point, with massive growth potential to be unlocked, and Yalla team is dedicated to serving MENA users, and bringing them a truly customized experience
How did the Yalla Group start, and what was the company’s mission in the beginning?
Could you give an overview of each of your products and their functionality, including when they were released?
What are the unique features of the Arabian market in particular that you have incorporated within your app development?
Are there any kinds of technology you are currently looking at that you can talk about?
As we all know, the metaverse is seen as the next significant evolution of the internet Therefore, our team has been researching multiple social networking opportunities to provide our users with extensive socio digital experiences and the highest level of freedom We, fortunately, have an R&D team dedicated to this new dimension and launched “Waha” in March 2022 “Waha” is a social networking mobile app that includes the first ever social metaverse, specifically designed for the MENA region, with industry leading voice chat capabilities
In the second quarter of 2022, our team upgraded Waha’s product system and foundation to better prepare it for future opportunities, including merging with new technologies related to the metaverse, enabling more user generated content and supporting a larger user community We will continue to build our capabilities and position ourselves to capture the metaverse’s boundless future possibilities
As the first UAE based technology unicorn listed on the US stock market, Yalla attaches great importance to the compliance of information disclosure, has a dedicated investor relations department, and actively provides investors with timely and accurate company information After the IPO, an increasing number of well known international investment institutions started investing in us We have also maintained good relationships with sell side analysts from around the world
We highly value the transparency of corporate management and the opportunity to communicate directly with investors You can see from our IR website that we have participated in 23 roadshows and conferences organized by global investment banks in 2021 We have also hosted Analyst day in Dubai, and invited a number of industry experts from the MENA region to share their experiences and insights with global investors from the US, China and Europe, to help them better learn about MENA”s business environment as well as
the development of the digital economy and the local regulation
Why should a potential investor be looking at investing in your company?
As a leading Internet company in the Middle East, Yalla is a very worthy investment target for investors to consider Yalla has strong business fundamentals and strengthening financials In the past 6 years since our establishment, we have grown rapidly Compared with 2020, our revenue increased by more than 100% in 2021 Unlike many other internet companies facing profitability challenges, Yalla has an excellent business model and has achieved profitability at a very early stage In 2021, our net profit margin remained at an excellent level of 45%
Additionally, Yalla is deeply involved in the Middle East market, focusing on providing culturally tailored services for users in the Middle East throughout the last 6 years Yalla continues to build its diverse product ecosystem as in addition to our two flagship products, our current product matrix involves instant messaging, metaverse concept social networking, and mid core and hard core game distribution
We believe that Yalla has captured the Middle East market, a market with unique culture and needs and has huge potential Our professional local team and solid fundamentals demonstrate that Yalla is a unique and promising growth stock For investors who want to participate in the development of the Middle East market or emerging markets, Yalla is an unmissable target
Find out more at yallatech.ae
You've previously said your grandfather has had an influence on your work. How has he influenced your photography?
My grandfather was a man with many stories because of his many travels He told them with vivid details that made me smell the scents and hear the noises in the cities he visited.
One of the stories he told me was about his friends destroying a Marconi radio he bought in India thinking that it was possessed by spirits, the way he described that radio stuck in my mind and made me spot it immediately years later in an antique shop He described trees and vegetation in remote Socotra Island that most of us only saw years later on the internet
In recent times the art of storytelling has been lost with the rise of different technologies The way we tell stories changed One such way for story telling in the time we live in now is photography I am like my grandfather; I travel and capture amazing stories in a single frame
Are there any parallels between your learnings on construction, and how you approach your photography?
Both have the same processes In engineering you meet the client, brainstorm, prepare a mood board come up with plans execute the project than deliver
In photography, you get your brief from the client, prepare the mood board, which decides the equipment, shoot and deliver The logic and attention to details is the same in both.
What kind of camera do you use, and what have you used in the past, and how have you chosen your cameras?
I started shooting with Nikon than Fuji, shifted to Sony when photography and documentary became my main Focus My choice is based on quality, performance and color Sony has vast options of lenses and camera bodies that serve different project needs
The Saudi engineer turned pro photographer, Ziyad Alarfaj ,on his career and creative processWhat do you want to capture in your photography around Saudi that you want the rest of the world to see?
I have been away from Saudi for more than 30 years Therefore, I travel with a blank canvas and zero expectations, discovering it and documenting it as it is The subject in each trip takes over and tells me how it wants to be shot and how its story is to be told
How far in advance do you plan your photo shoots?
Planning for a shoot depends on the situation.
Sometimes it's immediate if all requirements and resources are available including weather conditions if it's outdoors. And at times, planning starts months in advance Planning involves scouting, finding fixers, arranging permits if required and other preparations
Do you already know exactly what you want to shoot and head to a location to do it? Or are you often taken by surprise by something and feel a need to capture it?
Both scenarios apply I always head way earlier to a shoot in case I come across a scene that has to be captured on the way. I also take longer roads,
if I’m traveling by car, to pay attention, slow down, take in the surroundings, look at them in a unique way and create an amazing story in photographs
Planned example that led to unplanned pleasant surprise: When I was shooting for Flower Men book I was asked to take timeless black and white images inspired by a style that was done 40 years ago It took months to plan and get permits at a certain touristic location.
That specific village I was supposed to shoot in, turned out to be hosting a festival which made it impossible to make the timeless black and white images the fixer found another village that provided the perfect surroundings for the project.
Unplanned encounter with endangered Steppe Eagles: I was taking a longer less travelled road in Saudi for a project and noticed the endangered Steppe eagles flying Followed them and found them resting on a mountain side Slowed down parked my car and approached them slowly and captured that unusual phenomenon
Are there any places around the world you would love to shoot but haven't had the chance yet?
An endless list of places
Less visited by tourists than its neighboring countries of Italy and Croatia, Slovenia is a gem of a destination incorporating the best of both With alpine regions, glorious beaches and stunning towns and cities, Slovenia is simply a must see
Let’s take a look at just some of its attractions
Largely landlocked, but with 47km of seafront between the Italian and Croatian coasts Slovenia really makes the most of its sliver of ocean Coastal resorts Portoroz and Piran are centers of relaxed nightlife and medieval beauty respectively, while Koper and Izola are historic fishing towns full of excellent restaurants with a laid back Mediterranean feel. All are close enough together to make town hopping an easy adventure over the course of a few days
Whether driving through the beautiful mountains, white water rafting down the cool clear rivers, scaling hills on cable cars or sliding down them on summer toboggan lines like the famous Furious Pehta Alpine Slovenia is a non stop exploration of beauty and outdoor fun Unspoilt natural scenery and panoramic views are broken up by historic towns like Kranj, Koroska and Radovljica, where you can stop for food or pick a hotel with historic character to stay for the night.
Slovenia’s capital city has a carless main street, pretty buildings and street furniture, and riverside restaurants aplenty To say it looks like a film set is no exaggeration; it’s clean attractive and surrounded by greenery with a bike friendly cafe culture and street markets to discover
Although there are multiple lakes to write home about, Lake Bled is probably the most famous and with good reason Surrounded by mountains, with its own castle, cycling routes, boats and the best swimming water imaginable it’s no wonder Lake Bled is an entire resort all of its own The region even has its own sweet treat, and you simply can’t leave until you ’ ve tried a slice of Bled cake
To find out more about taking a trip to Slovenia, visit slovenia.info
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