Forbes Middle East - English Issue - September 2020 by Forbes Middle East

NOTABLE COMMITMENTS TO HELP LEBANON WORLD’S LARGEST GOVERNMENT DEBTS

YOUNG ARAB INNOVATORS ABROAD

WORLD’S YOUNGEST SELF-MADE BILLIONAIRES MICROSOFT’S MULTI-BILLION-DOLLAR ACQUISITIONS

SEPTEMBER 2020 ISSUE 97

Paul Barakat Diab

Nyla Khan

Hussam Mohsineh

Elie Nahas

UNDER

Toufic Assaf

Reema Juffali

30 YOUNG INNOVATORS WORKING TO CHANGE THE REGION.

Karim Ibrahim

Aly Mahmoud

Mohamed Dhaouafi

Lisa Vo

Zahra Lari

Spandana Palaypu

Ahmed Alaydie

UAE....................................................................AED 30 SAUDI ARABIA ��SAR 30 BAHRAIN........................................................... BHD 3 KUWAIT......................................................... KWD 2.5 OMAN................................................................OMR 3

SEPTEMBER 2020 ISSUE 97

OTHERS.....................................................................$8

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

SEPTEMBER

ISSUE 97

2020

30 YOUNG INNOVATORS WORKING TO CHANGE THE REGION.

C O N T E N T S

Spandana Palaypu

Hussam Mohsineh

Founder and CEO, ZoEasy

Program Manager, Microsoft Reactor Abu Dhabi

Toufic Assaf Co-founder, Robocom VR

Karim Ibrahim Co-founder, Robocom VR

Sabrine Imam

Lisa Vo

Senior Manager Strategy, The Economist Intelligence Unit

Nyla Khan Co-Founder, Mirai Partners

Vice President, Teneo

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

6 I Sidelines Gen-Now By Claudine Coletti

C O N T E N T S

8 I Fact & Comment A Paycheck for Everyone?

I LEADERBOARD 10 12 16 20 22

I World’s Youngest Self-Made Billionaires I Notable Commitments To Help Lebanon I Young Arab Innovators Abroad I World’s Largest Government Debts I What Has The U.S. Vs China Trade War Cost Its

Economies? 24 I Delivery Hero Acquires Dubai-Based Grocery App Instashop For $360M 25

I Microsoft’s Multi-Billion-Dollar Acquisitions

I TECHNOLOGY

70 I 4 Ways To Stay Ahead In A Retail Digital Transformation By Shifali Singh

I FORBES LIFE

84 I Best Summer Tourist Destinations In Saudi Arabia Saudi Arabia has a cultural heritage dating back thousands of years, with many of the country's treasured destinations registered as UNESCO World Heritage sites. The most notable historic destinations include Diriyah, the Hail Heritage Jubbah, Jeddah, and the Al-Ahsa Oasis. By Fouzia Azzab

I THOUGHT LEADERS 28

Digitizing Government Services In The Middle East

By Hisham Itani

72 I 5 Ways To Develop A Leadership Mindset During Chaos By Peter Schatzberg

87 I Will The Results Of Big Tech’s Anti-Trust Hearing Have Any Impact? By Shalini Verma

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

C O N T E N T S

I Fast Lane

I Helping Hand

After a historic—albeit late—start to her racing career, Saudi Arabia’s Reema Juffali is making up for lost time and eying higher levels in the sport.

Tunisia’s Mohamed Dhaouafi, founder of Cure Bionics, wants to make prosthetics more accessible and affordable in the Middle East, Africa, and beyond.

By Samuel Wendel

I A Lesson In Learning

I Game Time

Paul Barakat Diab and Elie Nahas, the under-30 co-founders of Augmental, are tapping into an evolution in education to make learning more personal for students and teachers. As they negotiate a new round of funding, they’re extending learning to beyond the classroom.

Egypt’s Aly Mahmoud is introducing fantasy sports to the Middle East and Africa through his football-focused app, Eksab. As the 2020 season gets underway, the young founder is kicking off a new era of online competition in the Middle East.

By Claudine Coletti

By Samuel Wendel

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

Sidelines

FORBES MIDDLE EAST

Gen-Now

his month we take a look into the future by bringing you the young minds working towards changing our lives in the Middle East. And although painstakingly picking through the profiles and achievements of hundreds of the region’s most accomplished and most youthful leaders has left me feeling very old, it has also been an inspiring process. To be eligible for Forbes Middle East’s 30 Under 30 list, candidates had to essentially have been born in or after 1990. (One of the youngest entries came from a website founder born in 2002—yes really, let that sink in.) The majority of the candidates were born between 1990 and 1998, making them either on the elder side of millennial, which takes us up to 1995, or on the younger side of Gen-Z, which starts around 1996. If you don’t mind me reminiscing for a while, let’s take a look back at that time. The 90s brought us the World Wide Web; before that we got our information from friends and libraries. Mobile phones did already exist, but they were huge and used to actually call people, until SMS text message came into play and made a major dent in verbal communication forever. The decade also introduced the PlayStation, Amazon, Google, and the DVD. So, for this 30 Under 30 crossover generation, technology hasn’t been a disruptor, it’s been a way of life since they could walk and talk. To them the internet is as fundamental to existence as air, and therefore communication and information are and always have been global and abundant. The impact of this has been the creation of tech-savvy and confident young global commentators, constantly connecting with and questioning the world around them. And they want answers now. Essentially, they don’t accept limitations, and with that has come a determination and drive to push the boundaries in all areas of day-to-day life, including entertainment, environment, and education. It’s not enough for the under 30 generation to experience something—they want to influence it. Although maybe not for the reasons you’re thinking. One thing that was particularly encouraging for me, is that almost all of the candidates for our 30 Under 30 were able to demonstrate a deeper mission behind their ideas. They’re not actually in it to become billionaires—although I’m sure they wouldn’t complain. They’re in it to change the world, and in their work they consider sustainability, diversity, and impact as core elements in their business models and career planning. Money or success can be a motivator, but neither compares to a purpose. Like I said… it’s been inspiring. Hope you enjoy reading more about these 30 twentysomething gamechangers. —Claudine Coletti, Managing Editor

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

SEPTEMBER 2020 ISSUE 97 Dr. Nasser Bin Aqeel Al Tayyar President & Publisher Khuloud Al Omian Editor-in-Chief Forbes Middle East, CEO - Arab Publisher House khuloud@forbesmiddleeast.com Claudine Coletti Managing Editor

Ruth Pulkury Senior Vice President - Sales

claudine@forbesmiddleeast.com

ruth@forbesmiddleeast.com

Laurice Constantine Digital Managing Editor laurice@forbesmiddleeast.com Fouzia Azzab Arabic Editor fouzia@forbesmiddleeast.com Jamila Gandhi Reporter jamila@forbesmiddleeast.com Samar Khouri Online Editor samar@forbesmiddleeast.com Waleed Hmidan Video Journalist waleed@forbesmiddleeast.com Amany Zaher Quality Assurance Editor amany@forbesmiddleeast.com Cherry Aisne Trinidad Online Reporter aisne@forbesmiddleeast.com Research Team Jason Lasrado jason@forbesmiddleeast.com Ahmed Mabrouk ahmed@forbesmiddleeast.com Nermeen Abbas nermeen@forbesmiddleeast.com

Philip Alexander Senior Sales Manager philip@forbesmiddleeast.com

Fiona Pereira Senior Sales Manager fiona@forbesmiddleeast.com

Karthik Krishnan Sales Representative karthik@forbesmiddleeast.com

Soumer Al Daas Head of Creative soumer@forbesmiddleeast.com Julie Marquez, Sinnate Yafa Graphic Designers Social Media Team Sally Hoteit, Thoraya Abdullahi Daniyal Baig Conference Director daniyal@forbesmiddleeast.com Kashif Baig Event Producer kashif@forbesmiddleeast.com Lizan-Mari Gray Events Coordinator lizan@forbesmiddleeast.com Mohammed Ashkar IT Administrator ashkar@forbesmiddleeast.com Muhammad Saim Aziz Web Developer saim@forbesmiddleeast.com

Tabarek Jouini PR & Communications Executive tabarek@forbesmiddleeast.com Juweyria Hersi Editorial Assistant editorial@forbesmiddleeast.com Habibullah A. Qadir Operations Manager habib@forbesmiddleeast.com Mrinalini Vijay Head of Human Resources hr@forbesmiddleeast.com

FORBES US Chairman and Editor-In-Chief Steve Forbes CEO and President Michael Federle Copyright© 2019 Arab Publisher House Copyright @ 2019 Forbes LLC. All rights reserved. This title is protected through a trademark registered with the US Patent & Trademark Office Forbes Middle East is published by Arab Publisher House under a license agreement with Forbes Media LLC. 499 Washington Blvd, 10th floor, Jersey City, NJ, 07310 Founded in 1917 B.C. Forbes, Editor-in-Chief (1917-54); Malcolm S. Forbes, Editor-in-Chief (1954-90); James W. Michaels, Editor (1961-99) William Baldwin, Editor (1999-2010) ABU DHABI OFFICE Office 602, Building 6, Park Rotana Office Complex, Khalifa Park, Abu Dhabi, U.A.E. – P.O. Box 502105 Tel +9714 440 8975, Fax +9714 440 8976 info@forbesmiddleeast.com Dubai Office Office 302, Al Attar Business Avenue, Al Barsha 1,Dubai - U.A.E. P.O. Box 502105 Tel +9714 3995559, Fax +9714 440 8976 readers@forbesmiddleeast.com subscription@forbesmiddleeast.com Egypt Office 3rd floor, 25 Wezaret Al Zeraa St., Al Dokki, Giza Governorate, Egypt Tel: +202 33385845 - 33385844 Ahmed Mabrouk +201 225681325 Email: ahmed@forbesmiddleeast.com Queries: editorial@forbesmiddleeast.com For Production Queries: production@forbesmiddleeast.com

PUBLIC RELATIONS

INFO@TARTEEB.COM

F O R B E S M I D D L E E A S T.CO M

FORBES MIDDLE EAST IS LEGALLY REPRESENTED BY Abdullah AlHaithami Advocate & Legal Consultants P.O.BOX 95561 DUBAI - UAE TEL: +971 4 886 8535

www.intlawfirm.com SEPTEMBER 2020

FORBES MIDDLE EAST

nasser@forbesmiddleeast.com

“With all thy getting, get understanding”

• FACT & COMMENT • By Steve Forbes, Editor-in-Chief

A Paycheck for Everyone?

FACT & COMMENT

It’s called universal basic income, and the idea is gaining ground here and in Europe, especially with Covid19 hitting economies so hard. The government would pay every adult a certain amount of money every month, whether you work or not. Democratic party activists love the idea. So do some Republicans. The Pope came out in favor of the notion. A candidate for the Democratic presidential nomination, Andrew Yang, advocated paying every adult $1,000 a month. He didn’t win, but his idea is catching on. Italy has a minimum-income measure that tops up one’s income if it falls below a certain level. Spain is mulling over something similar. While Yang’s proposal sounds enticing— who wouldn’t want an extra $12,000 a year?—it would do real harm. Let’s make clear that we are not talking about such safety-net programs as food stamps, unemployment benefits or Medicaid. A guaranteed income would be corrosive to people’s work ethic, especially as politicians raised the benefits whenever elections rolled around. It would eat away at the crucial link between effort and reward and would lure many people away from pursuing more productive lives. This is wrong, morally and economically. Work is critical to making our lives meaningful. It gives us purpose. It provides structure and encourages discipline, helping us to look beyond the immediate moment

F O R B E S M I D D L E E A S T.CO M

and think about the future. It encourages the can-do spirit that is unique to the American culture. Work produces the resources that we consume and the innovations that improve our standard of living. Then there are the major practical problems of implementing such a program. It would be hideously expensive. It’s estimated that Yang’s scheme would cost $3 trillion a year. He would impose a 10% national supersales tax on top of all the other taxes you pay. And, realistically, that rate would have to be considerably higher. A car that currently costs $30,000 would set you back $35,000 to $40,000 under Yang’s plan. These new and very heavy tax burdens would damage the economy by destroying capital, thereby hurting the productive investments that are essential for higher incomes and a better standard of living. A stagnant economy would worsen opportunity and exacerbate inequality. A more constructive approach would be to reform and expand the Earned Income Tax Credit, which is, in effect, a rebate of the payroll tax. This would give lower-income individuals higher take-home pay, tax-free. And creating the conditions for a booming economy—such as tax cuts—would be the most beneficial plan of all. Remember, before Covid, the pay of lower-income workers was rising at a faster pace than that of anyone else.

SEPTEMBER 2020

SUBSCRIBE SUBSCRIBE SUBSCRIBE NOW NOW NOW

your monthly Get yourGet monthly digital your Get monthly digital dig OURcopy DIGITAL CIRCULATION copy via WhatsApp via WhatsApp copy via WhatsApp for latest for the latest news in the for the latest news in news i business business and morebusiness and moreand more

2.2M

www.forbesmiddleeast.com

42,000

Forbes Middle East

700,100 45,100 ForbesME

Forbes Middle East

FACT & COMMENT

Save the number Save the number Save the number +97150 +97150 100 7630100 +97150 7630100 7630 122,000 5,600 ForbesME

Forbes Middle East

Send JOIN from Send JOIN from Send JOIN from SUBSCRIBE NOW EDM 50,000 your WhatsApp WhatsApp your10,000 your WhatsApp Newsletter

Digital Stores F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

LEADERBOARD • BILLIONAIRES By Jamila Gandhi

Of the 2,095 billionaires in the world, only two are 30 or younger and self-made. The elite cohort of the world’s 10 youngest self-made billionaires club is all-male and 50% American, with technology being the dominant sector as their source of wealth. Figures are as of August 10, 2020.

I Evan Spiegel

voting shares that give them control over the board. In February 2017, Murphy and Spiegel created a foundation for education and the arts. They plan to donate up to 13,000,000 Class A shares to the non-profit by 2027. The son of California state employees, one of whom emigrated from the Philippines, Murphy grew up in Berkeley, California.

Age: 30 Net worth: $4.5 billion Country: U.S. Sector: Technology Evan Spiegel, CEO of Snap, co-founded the company with Bobby Murphy, a Stanford University fraternity brother in 2011. The duo each own about 18% of Snap but have voting shares that give them control over the board. Spiegel graduated from Stanford with a B.S. in Product Design in 2018, six years after he first dropped out to start Snapchat. Spiegel has donated nearly $65 million in Snap stock. He and Murphy have pledged to donate 13 million shares to the Snap Foundation.

I John Collison Age: 30 Net worth: $3.2 billion Country: Ireland Sector: Technology John Collison is co-founder and president of Stripe, a company that lets businesses and individuals accept payments over the internet. He and his brother Patrick hatched the idea for Stripe F O R B E S M I D D L E E A S T.CO M

I Patrick Collison Age: 32 Net worth: $3.2 billion Country: Ireland Sector: Technology

John Collison

while both were in college in Cambridge at MIT. Launched in 2010, the company’s first payment was processed while both were on vacation in South America. The value of John’s stake has nearly tripled in the past two years, thanks to three nine-figure funding rounds. Most recently, Stripe raised a $250 million Series G funding round with a valuation of $35 billion in September 2019.

I Bobby Murphy Age: 32 Net worth: $4.7 billion Country: U.S. Sector: Technology Bobby Murphy co-founded Snapchat in 2011. Murphy, Snap’s Chief Technology Officer, built Snapchat with his Stanford University fraternity brother Evan Spiegel. The duo each own about 18% of Snap but have

Patrick Collison is the co-founder and CEO of Stripe, a digital payments company established in 2010. Patrick and his brother John hatched the idea for Stripe while both were in college in Cambridge at MIT. Stripe’s big-name investors include Elon Musk and Peter Thiel. The duo took up coding as kids, competing against each other to master the craft. In 2008 when they sold their company Auctomatic to Live Current Media for $5 million, the Collison brothers became teenage millionaires. SEPTEMBER 2020

Aidan Crawley / Bloomberg via Getty Images

LEADERBOARD •

BILLIONAIRES

World’s Youngest Self-Made Billionaires

Age: 36 Net worth: $96.7 billion Country: U.S. Sector: Technology

Jihan Wu is the co-founder and chairman of Chinese mining-chip giant Bitmain Technologies. Founded in 2013, Bitmain is China’s largest cryptocurrency miningchip company, specializing in selling ASIC-chip miners. Bitmain reportedly filed for a U.S. IPO in October 2019, more than a year after a failed attempt to go public on Hong Kong’s stock exchange. Wu also co-founded a cryptofinancial services startup called Matrixport in February 2019. He owns about 20% of Bitmain, which is less than co-founder Micree Zhan’s 36% stake.

Facebook has become a go-to communications tool during the COVID-19 pandemic lockdown. Zuckerberg co-founded Facebook at Harvard in 2004 aged 19 for students to match names with photos of classmates. He took Facebook public in May 2012 and still owns about 15% of the stock. The Chan Zuckerberg Initiative, his philanthropic and advocacy arm, announced it would help quadruple the Bay Area’s COVID-19 testing capacity.

I Apoorva Mehta

Photo by ANDREW CABALLERO-REYNOLDS / AFP

Age: 34 Net worth: $1.2 billion Country: Canada Sector: Technology Apoorva Mehta is the CEO and founder of Instacart, a San Francisco-based grocery delivery firm valued by investors at $13.7 billion. Born in India, Apoorva lived in Libya before moving to Canada, where he eventually studied engineering at the University of Waterloo. He worked as an engineer at Blackberry, Qualcomm, and Amazon, before leaving his job to be an entrepreneur in 2010. Mehta came up with ideas for around 20 products (none worked out) before starting Instacart in 2012. The service allows customers to order groceries online from brick F O R B E S M I D D L E E A S T.CO M

Mark Zuckerberg

and mortar stores then have them packed and delivered by an Instacart shopper.

I Dmitry Bukhman Age: 35 Net worth: $3.1 billion Country: Russia Sector: Media & Entertainment Dmitry Bukhman and his brother Igor own online gaming startup Playrix. Founded in 2004, the company is best known for free mobile-app games such as Homescapes and Fishdom. Born and raised in northern Russia, the brothers started selling games online while Dmitry was still in high school. Playrix now does more than $1.2 billion in estimated annual revenue. In 2018, the Bukhman brothers acquired a stake in video and social network games developer Nexters Global.

I Chris Wanstrath Age: 35 Net worth: $2 billion Country: U.S. Sector: Technology Chris Wanstrath co-founded software development platform GitHub in 2008 to facilitate collaboration between software developers. In time, it grew to be one of the world’s largest repositories of code. Microsoft announced it was buying the company for $7.5 billion in an all-stock deal in June 2018. “More than 28 million developers already collaborate on GitHub,” Microsoft said in a statement confirming the buyout. Wanstrath, who was the firm’s largest individual shareholder, is now a technical fellow at Microsoft.

I Dustin Moskovitz Age: 36 Net worth: $16 billion Country: U.S. Sector: Technology Dustin Moskovitz helped launch Facebook in 2004 with then-roommate Mark Zuckerberg from their Harvard dorm. After leaving the social network in 2008, he co-founded Asana, a workflow software company. He is the great-grandson of immigrants from Russia and Poland and opposed Trump in the 2016 election. Most of his net worth lies in his estimated 2% stake in Facebook. He has an agreement that allows Mark Zuckerberg to vote for his Facebook shares. Moskovitz and his wife have built the philanthropic foundation Good Ventures, which has given millions to malaria eradication and marriage equality. SEPTEMBER 2020

11 BILLIONAIRES

I Mark Zuckerberg

Age: 34 Net worth: $1.8 billion Country: China Sector: Technology

LEADERBOARD •

I Jihan Wu

LEADERBOARD • MONEY By Jamila Gandhi

LEADERBOARD •

MONEY

Notable Commitments To Help Lebanon

F O R B E S M I D D L E E A S T.CO M

Lebanese Canadian Coalition

Google

Aid value: $2.5 million

Google committed a donation of $2.2 million on August 17, collected as part of an employee donation matching program, to go to local NGOs and charitable organizations in Lebanon. Through Google.org, funding will be distributed to a global entrepreneur support network, Youth Business International (YBI). YBI's Rapid Response and Recovery Programme will provide crisis helplines, targeted advice, training, and webinars to support the most affected businesses and business owners.

The CEO of Paramount Fine Foods, Mohammad Fakih, announced the formation of the Lebanese Canadian Coalition (LCC) foundation on August 8 in a press release in Toronto. Established with the sole goal of helping heal and support the people of Beirut, the LCC has committed to fundraising at least $2.5 million and will be advocating for the Canadian government to match the funds raised. As per the statement, 100% of the donated funds will go to the Humanitarian Coalition and will help provide medical care, food, and shelter. Lebanese-Canadian Rola Dagher, president of Cisco Canada, is also a member of the coalition.

Aid value: $2.2 million

SEPTEMBER 2020

Photo by AFP

Donations from world leaders have been pouring in for Lebanon, as Beirut attempts to recover from a huge explosion that devastated its port and surrounding areas. The blast—caused by 2,750 tonnes of ammonium nitrate negligently stored in a Port of Beirut warehouse—has caused up to $15 billion worth of damage. This has come at a time where the International Monetary Fund (IMF) estimates that Lebanon’s national debt will be nearly 162% of its GDP in 2020—the fourth highest globally. Here are some of the most notable nongovernment commitments, initiatives, and fundraisers that are contributing to Lebanon’s humanitarian relief and aiding the recovery of the Arab nation’s crumbling economy.

Aid value: $2.1 million On August 12, Facebook MENA announced a donation of more than $2.1 million to local hospitals, medical institutions, and non-governmental organizations (NGOs) to support relief and rehabilitation efforts for crisis-hit Lebanon. Of this pledge, $1 million has been arranged by the technology giant’s community as part of a Facebook fundraiser initiative. Alongside the financial donation, Facebook is working with hospitals and local partners to launch tools to help users locate nearby blood donation centers, and support impacted local newsrooms. The tech giant has witnessed growth in the use of its crisis page, which helps concerned families and friends to connect with loved ones and monitor the ongoing situation.

TikTok

Image credit: SAL&CO; DFree / Shutterstock.com

Aid value: $1 million Short video-sharing app TikTok donated $1 million to the Lebanese Red Cross in a bid to support its mission in providing care and shelter to those who are gravely injured or have been rendered homeless. Tapping into its global community, the popular social platform also encouraged users to make donations by developing a “Support Lebanon” link on its Discovery page.

Chanel Aid value: $700,000 French luxury fashion house Chanel donated $700,000 to F O R B E S M I D D L E E A S T.CO M

Talabat Aid value: $153,533 Sal and Rima Slaiby

George and Amal Clooney

four local organizations on the ground in Beirut. "Chanel has a local presence and valued long-standing partners in Lebanon, some of whom are deeply impacted," the company said in a statement. The Lebanese Red Cross, Unicef, and Acted each received $200,000, while the Amel Association, a nonprofit supporting the Arab nation's most vulnerable, received $100,000.

act of donating $300,000 to the Global Aid for Lebanon campaign,” said Slaiby, The Weeknd’s manager. The Canadian singer and songwriter has been on a philanthropy drive in the past few months and has reportedly donated around $2.1 million to various social justice organizations.

The Weeknd

Lebanese-Canadian XO Records CEO, Wassim “Sal” Slaiby, in collaboration with Global Citizen, launched a “Global Aid for Lebanon” campaign on August 12. Along with his wife, Rima Fakih Slaiby, he donated $250,000 to the initiative. “The people of Lebanon are strong, but they need our help. I am asking you to join us in making a donation to provide

Aid value: $300,000 Grammy award-winning artist Abel Tesfaye, known professionally as The Weeknd, quietly pledged $300,000 to Wassim “Sal” Slaiby’s Global Aid for Lebanon fundraiser on August 12. “I want to thank my brother @theweeknd for his generous and class

Sal and Rima Slaiby Aid value: $250,000

Food delivery and grocery app Talabat donated $153,533 to the people of Lebanon through the Red Crescent. The Kuwaiti company also pledged to donate 100% of its profits made from all orders during its #LunchforLebanon initiative on August 12, between 12-4 pm. During this period, Talabat users placed over 115,000 orders. "Our farthest order was placed from Berlin, for a customer in the region, which is truly a testament to the love that people have for Lebanon," Talabat said in a statement.

George and Amal Clooney Aid value: $100,000 Lebanese-British human rights lawyer Amal Clooney and her actor husband George Clooney, committed $100,000 to Lebanese charities on August 7. “We’re both deeply concerned for the people of Beirut and the devastation they’ve faced in the last few days,” the celebrity couple said, according to Variety. The named charitable organizations include the Lebanese Red Cross, Impact Lebanon, and Baytna Baytak. Beirut-born Amal moved to England with her family during the Lebanese Civil War when she was only twoyears-old. SEPTEMBER 2020

13 MONEY

vital aid to Beirut,” said the US-based music executive. The fund has raised over $1.2 million and will support the Lebanon Red Cross, the UN World Food Program, and the Children’s Cancer Center Lebanon (CCCL).

LEADERBOARD •

Facebook MENA

P RO M OT I O N

Digital Payments Surge As E-commerce Reaches New Heights In The U.A.E. Mastercard consumer sentiment data has found that 54% of U.A.E. consumers believe the preference of e-commerce over in store shopping is a trend that is here to stay. New tokenization technology, MDES for Merchants (M4M) has been designed to protect security of consumers and merchants as shopping goes increasingly digital. F O R B E S M I D D L E E A S T.CO M

he way we shop is changing. As constraints are being imposed on our daily lives due to COVID-19, consumers are adopting new payment habits at an accelerated pace, according to a global study by Mastercard conducted in 15 markets including the U.A.E. Consumers are increasingly moving away from cash and opting for contact-free and digital payments experiences—and they don’t expect to go back. E-commerce is also seeing a surge as Mastercard Spending Pulse reports record growth rates across the globe as consumers increasingly shop online. According to the company’s consumer sentiment data, 54% of

U.A.E. consumers say that they believe less in store shopping will continue to be a trend due to the convenience and ease that E-commerce provides. With the rise of e-commerce, it is imperative to provide consumers with seamless solutions to save and manage their card details across multiple websites. Mastercard’s tokenization technology ensures the cards consumers store on file stay seamlessly up to date. Unlike physical cards, network tokens do not expire— when consumers receive a new physical card from their bank, their credentials are automatically updated, eliminating the hassle of reentering their card numbers. SEPTEMBER 2020

P RO M OT I O N

As part of Mastercard’s commitment to support the financial data and security of consumers and merchants alike, it recently introduced its MDES for Merchants (M4M) offering in the U.A.E. The new service uses tokenization technology to speed up and simplify the purchase process online and in app, as well as for subscriptionbased and recurring payments like streaming music and video services, and utility bills. The new tokenization technology is also designed to protect the security of consumers and merchants as shopping goes increasingly digital. Girish Nanda, Country Manager for the U.A.E. and Oman at Mastercard said: “Online shopping has gained significant traction in the U.A.E., and it is imperative for merchants of all sizes to ensure that they are offering a convenient, enjoyable and secure digital experience. At Mastercard, we are protecting the interests of businesses and consumers alike and building technologies that ensure all digital transactions are trusted, secure and frictionless by enabling technologies like tokenization and leveraging our payment gateway capabilities with MPGS to bring them into market.” Kartik Taneja, EVP-Head of Payments at Mashreq Bank said: “Online commerce has picked up significantly in the region and we at Mashreq are committed to creating industry leading payment solutions that enable our merchants to take their businesses online. Providing secure, frictionless and easy to integrate payment solutions has been the core design principal of our solutions. The emergence of tokenization has not only enhanced the security of card holder data but has enabled a seamless checkout experience for the customers. We are confident that these solutions F O R B E S M I D D L E E A S T.CO M

will help in enhancing customer trust as well as increase the adoption of digital commerce in the region.” Mastercard has partnered with Checkout.com and FOO in the region to roll out this technology. “Checkout.com has been working with Mastercard to introduce innovative features and products that enable our merchants to seamlessly accept payments and unlock more value from every transaction,” said Sebastian Reis, EVP Global e-commerce at Checkout.com. “We’ve seen an acceleration in the shift from offline to online commerce in the U.A.E. driven by the pandemic. As such, the ecosystem requires constant innovation such as tokenization, to ensure that consumers and merchants are protected in an increasingly digital world.” Ghady Rayess, Managing Partner at FOO said: “During the pandemic period, we have noticed an exponential growth in demand for online payments. Striving to always deliver the best solution for our customers, M4M provided the perfect fit when it came to security and user experience. Together with Mastercard, we are looking forward to rolling out M4M to all our clients in the region and keep pushing towards a better payment ecosystem.” Tokenization encrypts consumer data by replacing card numbers with digital tokens. Every time a transaction is made online or with a mobile wallet, a unique token is created to make the payment and ensures that a consumer’s 16-digit card number is not stored anywhere. This prevents improper usage at any other location and provides additional security and peace of mind for consumers and merchants alike, resulting in higher approval rates while minimizing online fraud.

“Online shopping has gained significant traction in the U.A.E., and it is imperative for merchants of all sizes to ensure that they are offering a convenient, enjoyable and secure digital experience. At Mastercard, we are protecting the interests of businesses and consumers alike and building technologies that ensure all digital transactions are trusted, secure and frictionless by enabling technologies like tokenization and leveraging our payment gateway capabilities with MPGS to bring them into market.” - Girish Nanda, Country Manager for the U.A.E. and Oman at Mastercard

www.mastercard.ae SEPTEMBER 2020

LEADERBOARD • 30 UNDER 30 By Jason Lasrado

Young Arab Innovators Abroad

Fares Ksebati

LEADERBOARD •

Farah Al Qasimi Photographer Category: Art & Style Origin: Emirati Age: 28 Raised in the U.A.E. and now based in New York, Al Qasimi uses photography and film to explore power, gender and taste in the Gulf Arab states. Her work has been displayed around the world, including in a solo booth at Art Basel Statements. A selection of her photos are set to appear on New York City bus shelters in a 100-site exhibition with the Public Art Fund.

Fares Ksebati Co-founder, MySwimPro Category: Consumer Technology Origin: Syrian Age: 28 While running apps like Strava have taken off, former collegiate swimmers Fares Ksebati and Adam Oxner teamed up to launch a version to help swimmers have the same level of tracking and coaching that they would have on land. Their app, MySwimPro, has helped over a million swimmers log their workouts and provides coaching plans and workout suggestions. The company, launched in April 2015, recently expanded its app suite into triathlons too with MyTriPro. F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

Images from source and Forbes US

30 UNDER 30

From science to manufacturing, art and media, Arab youth are leaving their mark on many different challenging fields across the world. Forbes’ 30 under 30 2020 list included a number of notable innovators based in the U.S. that have Arab roots. Some of them emigrated from their homelands, while others were born in the U.S. to Arab parents.

Co-founder, Fairmarkit Category: Enterprise Technology Origin: Jordanian and Palestinian Age: 29

Moawia Eldeeb dropped out of school in the sixth grade to support his family who had immigrated from Egypt and, after an explosion in their apartment building, ended up homeless. Through tutoring, weekend classes and Khan Academy videos, Eldeeb eventually enrolled in Queen’s College and transferred to Columbia University, where he met cofounder Josh Augustin. The two were accepted to Y Combinator and with their seed funding built a successful B2B forerunner called SmartSpot, which they sold to hundreds of gyms around the world, generating over $1 million in revenue. With the closing of a $17 million Series A in July, Pivot expects to launch a consumer version next year.

Saad El Yamani

Images from source and Forbes US

Co-founder, Ambi Category: Education Origin: Moroccan Age: 26 “Colleges have a labyrinth of clunky and disconnected digital tools that don’t inform, engage or facilitate collaboration,” says Ambi cofounder Saad El Yamani. Students juggle a mess of websites and apps to navigate student life: tools to track coursework, register for classes or sign up for clubs. El Yamani and cofounder Soham Khaitan’s edtech company combines all this and more into a single product. They’ve raised $6.5 million to date, have a deal with Columbia University and are in talks with nine other schools and El Yamani’s home country of Morocco’s Ministry of National Education. F O R B E S M I D D L E E A S T.CO M

Fairmarkit is taking on “tail spend,” the non-core purchases that enterprises make that are often undermanaged due to a high-volume of suppliers. Its platform automates repetitive procurement tasks, handling communication with vendors and minimizing the volume of purchase order. The company has raised $13 million and counts ServiceNow and Univision among its customers.

Nick Ajluni Co-founder, TRUFF Hot Sauce Category: Food & Drink Origin: Palestinian Age: 26 Hailing from Los Angeles, the co-founders of TRUFF launched their luxury hot sauce brand through their Instagram account (@sauce) in December 2017. Now, the black and white truffle-infused hot sauce is sold in Whole Foods, Wegmans, Neiman Marcus, Barney’s and more. TRUFF raised its first round of capital in early 2019, valuing the company at more than $25 million. The company now has a presence in Australia, South Korea, and Kuwait, with over 75 high-end accounts combined in those regions.

Saoud Khalifah Founder, Fakespot Category: Retail & E-Commerce Origin: Kuwaiti Age: 29 After enough five-star reviews convinced him to buy a nutritional supplement on Amazon, Kuwaiti immigrant Saoud Khalifah was disappointed when a flimsy package filled with dustcoated capsules arrived at his door. Determined never to be deceived again, he started Fakespot, a site that uses artificial intelligence to analyze millions of reviews and detect signs that reviews or reviewers might be biased or unreliable. Since 2016, 15 million people have used the free service to analyze reviews on Amazon, Best Buy, Sephora, Walmart and Yelp. Khalifah recently introduced another service, Sentinel, to help enterprise clients identify counterfeit concerns and fake reviews. Fakespot has raised $1.3 million from SRI Capital and Faith Capital.

Amro Eltayeb Co-founder, Ramp USA Category: Manufacturing & Industry Origin: Sudanese Age: 24 When Melvin Du became paralyzed from the chest down in a dirt bike accident at age 14, he became driven to cure disability with robotics. The Trinity University dropout and Thiel Fellow started Ramp USA with mechanical engineer Amro Eltayeb in 2018. Ramp USA converts manual wheelchairs into off-road vehicles. Denver-based Ramp plans to begin selling in 2020. SEPTEMBER 2020

17 30 UNDER 30

Tarek Alaruri

Co-founder, Pivot Category: Consumer Technology Origin: Egyptian Age: 27

LEADERBOARD •

Moawia Eldeeb

Nour Chamoun Co-founder, Scopio Category: Media Origin: Lebanese Age: 28 Chamoun is the cofounder of Scopio, an image marketplace of more than 200,000 photos from creators in 150 countries. The four-year-old startup’s mission is to make stock photography more diverse, authentic and affordable. Nour, Chief of Product, oversees engineers and photo editors and manages partnerships with businesses such as Adobe and Instagram.

Ryan Bishara VP of Business and Data Strategy, Los Angeles Football Club Category: Sports Origin: Egyptian Age: 29 Bishara has a hand in nearly every facet of the Los Angeles Football Club’s business, including proposal development, asset pricing, inventory development, strategic growth initiatives and revenue analytics/modeling. He oversaw the development of an in-house real-time dynamic ticket pricing tool, which has generated over $500,000 in incremental income, and in 2019 his business analytics team was voted the league’s best.

Ahmed Kord Postdoctoral Researcher, Columbia University Category: Science Origin: Egyptian Age: 29 As more devices connect to the internet, there’s a greater need for them to transmit and receive data at the same time. This requires the use of circulators, which are often bulky and require magnets for high-performance. Ahmed Kord has developed a new class of magnetless circulators, which are smaller and enable more applications.

Shadi Bakour, Amer Orabi Co-founders, Pathwater Category: Social Entrepreneurship Origin: Jordanians Age: 28, 28 The Pathwater team is combatting the epidemic of single-use plastic water bottles with a novel invention: an aluminum water bottle that is both infinitely reusable and recyclable. They have raised $12 million from the likes of Guy Fieri, Vernon Davis, Ninja, Anheuser Busch, and InBev. F O R B E S M I D D L E E A S T.CO M

Balkees Abderrahman Ph.D. Candidate, The University of Leeds Category: Science Origin: Jordanian Age: 28 Abderrahman’s research is focused on exploring how hormones can be used to attack certain types of cancers. In this research, she has identified a “switch mechanism” in the biology of cancer cells that could be used to trigger cell death, which could lead to new kinds of cancer treatments.

Tamer Morsy Founder, Spotlight Media Labs Category: Media Origin: Egyptian Age: 30 Morsy is the founder and CEO of Spotlight Media Labs, a distribution platform for local and college newspapers. Spotlight gathers content in one app available to readers for a flat fee and shares 70% of revenue with newsrooms. Since launching in 2017, Spotlight has more than 60 publishing partners with another 45 in the works. SEPTEMBER 2020

Images from source and Forbes US

LEADERBOARD •

UNDER 30

P RO M OT I O N

Investing And Managing Wealth In A Crisis

F O R B E S M I D D L E E A S T.CO M

averaging-in enables an investor to spread out the purchase of an investment into regular intervals and check if things are going in the right directions. And the shopping cart strategy selects asset classes that are favored under various scenarios if one is already well-diversified.

How can investors uncover opportunities while in the midst of such turbulent times? To invest successfully, we need to make better financial decisions, using objective advice and insights, which can be challenging given the proliferation of information and investment solutions available. When it comes to using information to make sound investment decisions, we also need to address the natural or cognitive biases that can cloud our judgement and make us less objective. During times of market stress, investing can feel emotionally uncomfortable, compromising our ability to make objective decisions. People who are not currently in the markets could be reluctant to invest, foregoing returns. Meanwhile active investors could be too quick to trade, leading them to sell low and buy high. There are a number of investment strategies to consider in turbulent times. The thermostat approach includes a balanced and diversified risk exposure, allowing investors to quickly increase or reduce the risk of their allocation. Prudent

What in your view are the most preferred investments to make at the moment? The world economy and financial markets are seeing recoveries at various speeds. The gradual end of lockdowns in most economies is likely to shift investor focus to the pace and scale of the economic recovery in H2 2020 and beyond. We remain positive on risky assets broadly, with a slight preference for corporate and emerging market (EM) bonds over equities. We expect developed market high yield, EM USD government, and Asia USD bonds to benefit from a growth rebound and capped yields. US and Asia ex-Japan equities are likely to continue leading the rebound, but Euro area equities could catch up. A significant surge in new COVID-19 infections, deterioration in US-China relations and the US election are key risks to the recovery. Adding exposure to gold and equity volatility strategies may be good ways to manage these risks.

www.sc.com/ae SEPTEMBER 2020

UNDER 30

What has been the impact of COVID-19 on the wealth management sector and how has it changed investor behavior? The wealth management industry coped well initially, and businesses are further stabilizing by supporting their people and their families, flexing their digital capabilities and helping clients make sense of what this crisis might mean for their investments. Also, businesses are revisiting immediate technology and operational priorities to appropriately support ongoing stabilization efforts as they think about reconfiguration and recovery. The industry acknowledges that current remote working arrangements are likely to be the “new normal” for quite a while. And this acknowledgement is forcing leaders to mothball some initiatives in favor of doubling down on important areas, such as digital investments to ensure client-facing activities are as productive as possible and ensuring day-to-day operations are moving as smoothly as possible under challenging circumstances. In the initial uncertain environment, investors were worried that they could invest too early and experience more losses, or invest too late and miss an opportunity. However, as markets have stabilized, investors are now seeking yield while dialing down their risks. Standard Chartered Bank’s recentlyreleased Investment Personality Study 2020 reveals how individual personality traits can impact investment decisions and outcomes.

LEADERBOARD •

Dr. Owen Young, Managing Director and Regional Head of Wealth Management for Africa, the Middle East and Europe at Standard Chartered Bank, reveals how the challenges of 2020 are affecting how we manage and invest our finances.

LEADERBOARD • ECONOMY By Jamila Gandhi

The steep contraction in output and subsequent fall in revenues from the COVID-19 global pandemic has led worldwide government debt and deficits to climb. The International Monetary Fund (IMF) forecasts government debt to average 65% this year, continuing its upward trend with a 10% surge compared to 2019. Here are the world’s largest estimated government gross debts as a share of GDP in 2020, according to the IMF. Figures are as of August 10, 2020.

World’s Largest

Government

Debts I Sudan

Debt: 295.2%

F O R B E S M I D D L E E A S T.CO M

1.9

Sudan • Ja p 2 9 5. 2 % 2 5 a n

existing debt of Japan’s economy. In April, Japan contributed an additional $100 million to the IMF’s Catastrophe Containment and Relief Trust to offer grant-based debt service relief for the poorest and most vulnerable countries to combat COVID-19. The Asian country ranks as the largest contributor to IMF financial resources as well as to its concessional lending facilities.

I Greece

To cushion the impact of the pandemic on the economy, Japan approved a package worth $1.1 trillion in late May, totaling more than 40% of its GDP when combined with measures decided in April. The stimulus package, which included extended concessional loans to affected companies, adds to the vast

Le b 1

Debt: 251.9%

200.75%

Eritrea n • 61.4

I Japan

• Greece •

Sudan’s economy is projected to contract by 8% in 2020 due to the impact of the novel coronavirus on the economy. In May, it recorded inflation at 114% while the currency continued to depreciate rapidly. Under the Heavily Indebted Poor Country (HIPC) initiative, Sudanese authorities requested a 12-month staff-monitored program from the IMF to back their efforts to restore macroeconomic stability, lay the foundation for inclusive and robust growth, mobilize external financing, make progress toward debt relief, and cope with the consequences of COVID-19.

a % 8 1.

LEADERBOARD •

ECONOMY

rebounds and expands by 5% in both 2021 and 2022. The European nation, which heavily relies on its tourism and shipping industries, has undergone three bailout programs over the past decade. In 2018, it agreed to reach a primary budget surplus of 3.5% until 2022. The government reportedly wanted to negotiate new fiscal targets with its eurozone creditors due to its rising debts in June.

Debt: 200.75%

I Lebanon

The IMF forecasts Greece’s GDP to plummet by 11.7% this year before the economy

Even before the catastrophic blast in Beirut on August

Debt: 161.8%

4, Lebanon’s economy was on the brink of collapse, in large part due to soaring inflation, a weakening currency, and a global pandemic. The Institute of International Finance estimates that the Arab nation’s $52 billion GDP may plunge by 24%, more than the previous 15% projection. The costs of the explosion are estimated to total up to $15 billion. Global pledges for emergency aid for Lebanon have yielded only about $300 million as per Bloomberg estimates. On August 10, the Lebanese government officially resigned.

I Eritrea Debt: 161.4% According to the World Bank, the most recent available data on Eritrea’s growth and development dates back to 1996/97, indicating a 70% poverty rate. The organization pegs economies of the SubSaharan African region to contract by 2.8%, estimating to reverse years of progress towards development goals. SEPTEMBER 2020

P RO M OT I O N

Keep on Building Dr Anil Pillai, founder and chairman of Airolink, reveals what’s at the heart of his success and his predictions for the future of the construction industry.

Why did you choose to enter the U.A.E. market, especially during the 2008 financial crisis? Every challenge is an opportunity to bring out the best in you. Aiming high, working meticulously, taking calculated risks and staying focused will help one overcome any crisis. The growth potential in the Middle East and particularly in the U.A.E. fascinated me. Drawn on the strength of the visionary leaders, the U.A.E. has an inherent resilience to market fluctuations and has ways to adapt to and minimize impact. We were able to evolve Airolink as a premier construction entity in the U.A.E. within a very short span of time. How important is sustainability to you, and how do you implement it in your construction? Sustainability is vital to ensuring a balanced ecosystem in future. Right from sustainable cities to construction methodologies to adopting newer environmentally friendly technologies, the U.A.E. has always led the way. Airolink has taken a leading interest by structuring our policies with sustainability at the core and progressing positively towards a better tomorrow. We are extensively involved with experts in sustainability, from R&D to planning, F O R B E S M I D D L E E A S T.CO M

design, and materials and in every phase of our construction projects. Our team works closely with client teams to enhance their focus on sustainability and, more importantly, prove the point that sustainable practices can be achieved without breaking the bank. You have been appointed by the International Human Rights Defense Committee as a “CIPDH Expert” with an SC-1 rank. What responsibilities do you have in this role? The CIPDH Expert appointment has given strength to my social causes internationally. I have been able to contribute better to the implementation of human rights and to ensure people’s access to education and social welfare. I have also been given the opportunity to work with some fantastic teams towards the welfare of children, empowerment of women and care of senior citizens. A number of training programs, educational, and welfare initiatives are already underway. It is indeed a great opportunity and a privilege to give back to the community, grow as a person and better understand how you fit into the world around you. What do you think the future holds for the U.A.E.’s construction industry, as well as Airolink?

We are navigating through an exceptionally challenging period in modern history. The construction industry in the U.A.E. has time and again withstood global crises. Numerous measures have already been implemented by the U.A.E. government including stimulus packages and international tie-ups, boosting consumer confidence and drawing investment into the country. There are already signs of the construction industry bouncing back and I expect that the next two to three years will witness even better times. As a company, Airolink has had its challenges, but we have adopted well. While many others have downsized, we have hired a good blend of experienced workers and young blood, adding a surge of energy to our teams. Riding on the support from the U.A.E. government and our international affiliations, we have continued to perform well. Our hard work has thankfully been rewarded with new projects even during these times, including our contract in the iconic $272.2 million Seven City Project in JLT, Dubai.

www.airolinkgroup.com SEPTEMBER 2020

LEADERBOARD • ECONOMY By Jamila Gandhi

What Has The

U.S. Vs China

From the COVID-19 pandemic to Hong Kong’s new security law, 2020 has witnessed deteriorating Sino-American relations on multiple fronts beyond the ongoing trade war—and the moves are not without repercussions. The U.S., currently the world’s biggest economy, slipped seven places to number 10 on this year’s World Competitiveness Ranking, while China dropped six places to 20. “Trade wars have damaged both China and the USA’s economies, reversing their positive growth trajectories,” the International Institute for Management Development said in its report. The two economic superpowers have been locked in a trade war since 2018, with import tariffs imposed on several goods. In January 2020, U.S. President Trump and Chinese Vice Premier Liu signed the long-awaited Phase One trade deal, signaling a step forward after a 19-month-long economic conflict. As part of that deal, China pledged to buy an extra $200 billion in U.S. exports over two years. However, President Trump indicated in July that a phase two trade agreement between the two countries is now looking very unlikely. Between July 2018 and August 2019, the U.S. reportedly declared tariffs worth over $550 billion on Chinese goods, and Beijing retaliated with tariffs on more than $185 billion on U.S. products. In 2018, the U.S. goods trade deficit with China reached a record $419.2 billion, dropping slightly to $345 billion in 2019.

F O R B E S M I D D L E E A S T.CO M

Based on purchasing power parity, China is slightly ahead of the U.S.—$21.4 trillion versus $20.5 trillion as of 2018, according to the most recent data available by the World Bank. The figures make China the world’s most significant market for increasing numbers of products and services, a critical contributing factor to why American companies will likely want to stay in China. In 2019, Nike and Walmart were among the hundreds of companies that reportedly warned Trump that prices for shoppers will rise due to higher tariffs on Chinese goods. Moody’s Analytics estimated in September 2019 that the trade war had already cost the U.S. economy 0.3% of real GDP and nearly 300,000 jobs. In 2019 dollar terms, Bloomberg Economics pegs the cost in lost U.S. GDP at $134 billion and estimates that will climb to a total of $316 billion by the end of 2020. As per data by the Federal Bank of New York and Columbia University, American firms lost at least $1.7 trillion in the price of their stocks as a result of the imposed U.S. tariffs on imports from China. The same research found that the trade war reduced U.S. investment growth by 0.3% points by the end of 2019, and is estimated to shave another 1.6% points off of investment growth by the end of 2020. U.S. companies and consumers reportedly also paid $3 billion monthly in additional taxes due to these tariffs, while companies shouldered an extra $1.4 billion in costs related to lost efficiency in 2018.

$134 billion Lost U.S. GDP

$1.7 trillion Loss for U.S. firms

300,000 Lost U.S. jobs

$419.2 billion U.S. goods trade deficit with China

SEPTEMBER 2020

By Evan El-Amin, By Frederic Legrand - COMEO MAGNIFIER / Shutterstock.com

LEADERBOARD •

ECONOMY

Trade War Cost Its Economies?

P RO M OT I O N

Keeping Things Moving

reduce the risk and dependency that we face in some markets. We also need to continue to develop our regional and local sourcing network to support vulnerable people and businesses.

What are the biggest challenges for procurement professionals in the current climate and how are you tackling them? Proactivity, resilience, and communication are the three key elements to tackle the main risks during these unprecedented times. Firstly, we need to be close to our internal stakeholders to forecast the necessary supplies whilst having a strong relationship with our external suppliers to secure the supplies in the most efficient and effective way. Secondly, we need to support our suppliers when possible, such as by freezing payments or revising payment terms. We need to be agile in adapting our internal processes and accelerating the digitalization of day-to-day tasks. For example, we have introduced e-signatures for contracts, and we are accepting digital documents for supplier registration. As procurement professionals we are responsible for sourcing the right material on time. It’s vital for business continuity to find alternative sources and F O R B E S M I D D L E E A S T.CO M

How do you see the future of procurement in the age of digital supply networks? At L’Oreal Middle East, we started our digitalization journey years ago, which puts us at an advantage now. Innovative IT capabilities allow us to connect with internal and external stakeholders easily and make vital decisions in an effective way. We are also conducting the tendering process and creating contracts through an online procurement software. The digitalization of procurement will further evolve through innovative solutions like blockchain technology, which will result in real-time traceability and quality checks. From a business perspective, budgets linked to the digital area are becoming more and more important, and the procurement team plays a vital role in leading the way, securing the right experts on the matter and supporting the transition to this new era. Sustainability is fast becoming as important as the bottom line. How do you balance sustainability with profitability? Our sustainability roadmap kicked off in 2013 and everything we do today links back to our commitments. In June this year, we launched “L’Oréal for the

future”—our 2030 commitments by which we will transform our business to respect the planet’s limits. This transformation sometimes involves investments to change our methods, to finance new technologies, to change behaviors. Very often, however, these investments also bring about savings and allow efficiency gains or cost reductions after depreciation. Our sustainability policy has no direct impact on our margins; we must be inventive to find sustainable solutions without compromising on profitability. L’Oréal has been a pioneer in the regional beauty industry for over 60 years. What makes the Middle East unique? L’Oréal products have been present in the Gulf region since the 1960s, and we have been the leading beauty company in the Gulf region since 2017. This is due to having consumer centricity at heart and offering a diversified portfolio of 25 beauty brands. Today, all of our brands are available online on key e-commerce websites. Our e-commerce business has become the fastest growing business in the Africa & Middle East region for L’Oréal.

www.loreal.com www.loreal.com/en/middle-east SEPTEMBER 2020

ECONOMY

LEADERBOARD •

Mounir Mabchour, Head of Procurement Middle East, L’Oréal, discusses the impact of the pandemic on the procurement cycle and how the beauty giant is adapting for business continuity.

LEADERBOARD • MONEY By Nermeen Abbas

German takeaway delivery giant, Delivery Hero, has acquired InstaShop, a leading online grocery marketplace in the MENA region, for $360 million as it seeks to take advantage of the surging demand for online shopping in the wake of the coronavirus pandemic.

InstaShop’s tremendous growth Based in Dubai, InstaShop was launched in June 2015 by Greek entrepreneurs Ioanna Angelidaki and its co-founder and CEO, John Tsioris. It is a “hyperlocal” marketplace app that connects users to nearby outlets for fast deliveries. InstaShop, which offers scheduled as well as on-demand deliveries in 45 minutes on average, has generated approximately $300 million gross merchandise value GMV on a second-quarter 2020 annualized basis, up 330% year-on-year. Having started with grocery deliveries, the company today offers pharmaceutical products, pet supplies, flowers, makeup, organic produce, cakes, cleaners, and coffee. In a recent interview with Forbes Middle East, co-founder Ioanna Angelidaki revealed that as the impact of the 2020 pandemic hit, demand for InstaShop boomed. Since mid-February app downloads have increased by 70%, preexisting users have increased F O R B E S M I D D L E E A S T.CO M

said John Tsioris, CEO and Founder of InstaShop. InstaShop will continue to operate as an independent brand under the current leadership. Delivery Hero has a strong presence in 39 of 44 countries it operates in regions such as Europe, Latin America, Asia, the Middle East and North Africa. It also operates its own delivery service primarily in over 600 cities around the globe. Headquartered in Berlin, Germany, the company has more than 27,000 employees.

Online grocery demand in MENA

Ioanna Angelidaki

their daily orders by 53%, and the average basket value has increased 61% . The startup partners with about 1,500 vendors and operates in five countries: the U.A.E., Qatar, Bahrain, Egypt, and Lebanon with more than 500,000 active users in the first half of 2020. Over the last five years, InstaShop has attracted around $10 million in outside investment from Venture Friends, Jabbar Internet Group, and Souq.

com (now Amazon) through two each public and private funding rounds.

What’s next? According to a statement from Instashop, Delivery Hero has a plan to launch new markets and invest into further growth. “The partnership with Delivery Hero is a great opportunity for us to continue to grow our business and put the group’s expertise to use,”

Online grocery shopping was previously a fairly slow market in the GCC. According to a 2019 study by Wamda Research Lab, the e-groceries market was worth around $200 million in the GCC and Egypt last year, but accounted for less than 1% of the e-commerce space. However, habits were already changing. Although 58% of the region’s shoppers still preferred to buy groceries instore, around 30% were turning to mobile or online channels. SEPTEMBER 2020

Image from InstaShop

LEADERBOARD •

MONEY

Delivery Hero Acquires Dubai-Based Grocery App Instashop For $360M

LEADERBOARD • TECHNOLOGY By Jamila Gandhi

Microsoft’s Multi-Billion-Dollar Acquisitions

$50 billion After President Donald Trump announced plans to ban video streaming app TikTok from the US due to data security and alleged ties with the Chinese government, Microsoft CEO Satya Nadella declared the company’s intent to buy the popular social media app. In a statement, Microsoft vowed that it would “build on the experience TikTok users currently love, while adding worldclass security, privacy, and digital safety protections.” Reportedly valued at around $50 billion, TikTok could become Microsoft’s biggest acquisition to date as soon as this month. No stranger to billion-dollar investments, here are the software giant’s largest acquisitions so far. F O R B E S M I D D L E E A S T.CO M

Skype

$8.5 billion Year: 2011

GitHub

$7.5 billion Year: 2018

Nokia’s Devices and Services Business

$7.2 billion Year: 2014

aQuantive

$6.3 billion Year: 2007

Microsoft acquired communication platform Skype for $8.5 billion in 2011. A leading service in the consumer’s voice over internet protocol (VoIP) at the time, Skype was intended to boost the accessibility of real-time video and voice communications, bringing benefits to both consumers and enterprise users and generating significant new business and revenue opportunities. Founded in 2003, Skype was acquired by eBay in September 2005 and then bought by an investment group led by Silver Lake in November 2009. Software development platform GitHub was bought by Microsoft for $7.5 billion worth of company stock a decade after inception. The online code repository used by developers worldwide retained its independent operations and remained an open platform as per the deal. Former CEO of Xamarin (acquired by Microsoft in 2016) took over as GitHub’s CEO while GitHub’s co-founder Chris Wanstrath joined Microsoft as a technical fellow. When Microsoft bought Nokia’s Devices and Services business for $7.2 billion in 2014, it also acquired 8,500 design patents covering phone manufacturing from Nokia. The deal also brought in critical capabilities around supply chain, distribution, operational processes, systems and skills in managing hardware margins to Microsoft. Ultimately, Microsoft gained the tools to accelerate its share of smartphones and feature phones in developed and emerging markets and increase its role as a devices and services company. Microsoft’s acquisition of online advertising company aQuantive for $6.3 billion was designed to bolster its ad business. The deal was intended to provide Microsoft support for developing next-generation advertising solutions and environments such as cross-media planning, video-on-demand, and IPTV as well as strengthen its relationship with advertisers. However, Microsoft wrote off almost the entire value of the acquisition at $6.2 billion in 2012. The tech giant claimed that its advertising business had been “improving,” but “the acquisition did not accelerate growth to the degree anticipated.” Founded in 1997, aQuantive is the parent company of one of the industry’s most successful families of digital marketing service and technology companies, encompassing three primary brands. SEPTEMBER 2020

TECHNOLOGY

Year: 2016

LEADERBOARD •

TikTok could become Microsoft’s biggest acquisition

LinkedIn $26.2 billion

In one of the richest tech deals ever, Microsoft acquired professional social network LinkedIn in 2016 for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash. LinkedIn retained its own brand and independence, and Jeff Weiner remained CEO, reporting directly to Satya Nadella. Billionaire and impact investor Reid Hoffman co-founded LinkedIn in 2003 and joined Microsoft’s board after the acquisition.

P RO M OT I O N

The Next Global Family Office Conference Hosted By Sir Anthony Ritossa Is Taking Place In Dubai Sir Anthony Ritossa's conferences are valuable for family offices from the GCC, US, UK, Europe, and Australia to share their family journeys, and how to best build a winning mindset.

L-R: H.R.H. Prince Abdulaziz bin Faisal bin Abdul Majeed bin Abdulaziz Al Saud, Kingdom of Saudi Arabia; H.R.H. Princess Léa of Belgium, Aunt to His Majesty King Philippe of Belgium; Mr. Badr Al Towaijri, CIO, Al Towaijri Holding / Director Wealth Management, MEFIC Capital, Kingdom of Saudi Arabia; Sir Anthony Ritossa; Mr. Sultan Al Sultan Alhaif, Advisor to H.R.H. Prince Abdulaziz Bin Faisal Al Saud, Member of the Board, Thra Al Alwatan Co, Kingdom of Saudi Arabia.

ollowing the success of the 11th Global Family Office Investment Summit in Monte Carlo in July, Sir Anthony Ritossa is now welcoming family offices, sovereign wealth funds, private investors and exceptional entrepreneurs to register for the 12th Global Family Office Investment Summit, which will be held in Dubai from October 26-28 under the High Patronage of His Highness Sheikh Ahmed Al Maktoum. With a family history of success spanning six centuries, the Ritossa family have been associated with investment excellence for generations. They originated from the Veneto region of F O R B E S M I D D L E E A S T.CO M

Italy, with deep roots in the Middle East. Now they are one of the world’s most respected leaders in the family office community, with headquarters in Dubai. Sir Anthony Ritossa’s conferences are valuable for family offices from the GCC, US, UK, Europe, and Australia to share their family journeys, and how to best build a winning mindset. “Our world, post-pandemic, is rapidly changing. By living in the present and adapting to our new reality, we come together to share the best advice on preserving our human capital and planet for our future generations,” said Sir Anthony Ritossa, Chairman, Ritossa Family Office, Host, Ritossa Family Office

Investment Summits. “I believe that, fundamentally, we all want to be the best version of ourselves within our families, our relationships with others and, ultimately, our wealth. There is a revolution unfolding on the balance sheets of the world’s corporations that holds a lesson for families with wealth.” The global gatherings are aimed at like-minded leaders and private investment offices. “It is an honor and a pleasure to be the 12th Global Family Office Investment Grand Ambassador in Dubai. I have taken part in many events in the past years, and have always been amazed at the quality of SEPTEMBER 2020

P RO M OT I O N

L-R: Sir Anthony Ritossa, Chairman, Ritossa Family Office, Host, Family Office Investment Summit, with Distinguished Grand Ambassador for the 12th Anniversary Ritossa Global Family Office Summit: Mohamed Al Ali, CEO & Advisor, Sheikh Ahmed Al Maktoum International Investments Enterprise, UAE.

the participants and at the wealth of information that was circulated. I look forward to being with all of you very soon,” said Mohamed Al Ali, CEO & Advisor, Sheikh Ahmed Al Maktoum International Investments Enterprise. The Ritossa Family Office would like to extend its special thanks to its Dubai Conference Strategic Partner, The Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi, and to the Chairman of the Board, His Excellency Adnan Al Noorani.

DELEGATE SOUNDBITES “I have produced thousands of events and conferences around the world literally and never have I found such broadness of vision and project. The official support of Sheikh Maktoum and the Monaco Prince, the presence of the heirs of Bahrain and Yugoslavia Royal families, the heirs of Reynolds, Rockefeller, Bismarck, Muhammad, Menelik, Selassie and most innovative global finance platform, is something unheard of before. Your event ranks in the first place as the most extraordinary and inspired world summit. I’m very proud to collaborate.” - Matteo Peri, CNBC Europe “It is exceptional how you bring people together and thought leaderships to F O R B E S M I D D L E E A S T.CO M

better the world and create harmony. I didn’t forget your theme in last year’s event in Dubai. You made me proud, and this is why I always support you.” - Mohamed Hage, Head of Investment and Research at CPG Research and Advisory, Australia “It was an honor to welcome more than 600 visitors from around the world to Dubai for the 10th Anniversary Ritossa Global Family Office Investment Summit. This was the sixth event in the UAE and greatly exceeded the high expectations of a distinguished group representing over $4.5 trillion in investor wealth. Themed “East Meets West,” this high-powered Summit was grander and more spectacular than ever. It’s an honor to be named Distinguished Grand Ambassador.” - Mohamed Al Ali, CEO & Advisor, Sheikh Ahmed Al Maktoum International Investments Enterprise, UAE “It was the best Summit I have ever attended! And was a privilege being on your panel and interacting with smart young minds who are making a transformational impact in life - all the best!” - Ricky Husaini, Co-Founder, Buy Back Baazar Technologies, UAE

Dr Pierre Sigg, Consultant, Real Estate, Hotel Acquisitions and Art, Saudi Arabia and Switzerland.

“The event brought together more than 600 exceptional families, managers, and innovators to share insights on the best global investment strategies, thought leadership, and governance. I was honored to represent Kallas and discuss Brazilian investment opportunities, real estate, sustainability, and bilateral relations.” - Matthew Wilkens, Senior Managing Director - Head of Capital Markets, Kallas Group, USA & Brazil

www.RitossaFamilySummits.com SEPTEMBER 2020

• THOUGHT LEADERS • By Hisham Itani, Chairman and CEO of Resource Group.

THOUGHT LEADERS

Digitizing Government Services In The Middle East Digital technologies are the key catalysts of change in the world around us. While businesses and consumers are way ahead in using the power of digitalization, some areas such as public services still lag behind in almost every country. Most countries in the Middle East have been actively embracing digital technologies, but there are slow starters too. In 2019, the World Bank launched GovTech Global to stimulate digital transformation in government sectors. The initiative aims to promote the use of digital technologies in order to transform the public sector, increase its efficiency, transparency, accountability, and improve delivery of services. Apart from providing citizens with better services and improving their level of engagement with the state, e-government leads to reduced back office costs and has a positive impact on a country’s economy. Other benefits include a decrease in corruption and fraud, and improved productivity. The World Bank´s insights show that a paradigm shift in the Arab region towards digitalization is inevitable. It observes that the population in the Arabic-speaking world will double by 2050, and urbanization will reach 70%. Primarily, such increase in population will lead to massive pressure on regional transportation, energy, and water resources. While the digital maturity of businesses and citizens as consumers across the Middle East is indisputable, the implementation of digital technologies in government services lags. Some countries have realized the importance of digitizing their public services for sustainable development, while others have not shown the same drive. A role model is the U.A.E. Its Smart Dubai and Smart Abu Dhabi programs aim to develop the country’s smart city infrastructure network and electronically deliver its full spectrum of public services. Other commendable initiatives include Saudi Arabia’s e-Health project. Lebanon, on its part, is actively working on multiple projects to create a beneficial experience for its citizens through interconnected digital public services. One step in that direction was the introduction of e-residency and F O R B E S M I D D L E E A S T.CO M

e-work permits in 2015. Then the traditional machine-readable passport was replaced by e-passports, placing Lebanon alongside 120 countries whose standards comply with the International Civil Aviation Organization (ICAO) biometric norms. In 2016, the transport sector introduced the biometric driving license and vehicle registration card, secure vehicle plates, and RFID tags. Another milestone is the fiber optic deployment project to upgrade the infrastructure for high-speed internet. This project will open the door to new business opportunities and have an impact beyond the business sector. Connecting communities, businesses, public institutions, and command centers will enable previously unattainable improvements in private and public transportation, safety, health, sanitation, trade, and other aspects of urban life. This will create a more sustainable and efficient ecosystem to enhance quality of life for citizens. Last year, Lebanon introduced Law 81, which tackles a vital aspect of digital transformation: information security. The law represents a fundamental legal framework for implementation of digital services, personal data protection, and prosecution of cybercrime. Though experts warn of many limitations and issues in the field, the law presents a positive step forward for the implementation of e-transactions and cyber-security regulation. Achieving such key milestones, along with other initiatives, testify the awareness in Lebanon towards the benefits of digital transformation. They go beyond providing sustainable public services and create the basis for the digital economy as a prerequisite to attract new investments and innovative projects. However, some areas still require substantial improvements. Lebanon is facing delays in creating a solid national digital strategy that will define essential targets and unify efforts that are currently scattered across different government entities and form a common governance platform. The UN e-Government Survey 2018 positioned Lebanon in the 99th place among the 193 membercountries. Lebanon will have to climb higher on the list to ensure a modern, innovative, and fulfilled society. SEPTEMBER 2020

P RO M OT I O N

Timely Business

The e-commerce industry has been one of the few beneficiaries of the COVID-19 pandemic. As an online retailer what impact have you felt on your business and how is the sector adapting to the huge increases in customers shopping online? Stores were shut during the nationwide lockdown, but we were proud to be among the e-commerce businesses that were not disrupted during the closure. Our adaptational approach to the increase in demand caused by the increase in customers shopping online was to diversify our inventory by providing exclusive watch models and a large variety of dial colour options as well. With large corporations such as Amazon and eBay dominating the online retail industry, how do smaller, more niche businesses within the industry manage to compete and succeed? As a niche marketplace we focus on high-demand products. We’ve noticed that people are more willing to purchase items such as luxury watches through specialized marketplaces rather than through mass market. This is due to the comfort in trusting an authorized marketplace that only deals with these expensive items. Customers F O R B E S M I D D L E E A S T.CO M

trust us because of the other services that accompany our main aim of sale, including maintenance, repair, and polish. Forecasts have shown that the global watch industry will be worth $117.8 billion by 2025, even though phones, laptops, and cars tell the time. Why are people still fascinated by watches? Ever since the industry was born in the 16th century, people have sought out watches for many reasons exceeding the simple need to tell time. Many changes have significantly impacted an individual’s motive to buy a watch. People today look for numerous things when buying a timepiece. For instance, each Rolex watch takes around 12 months to make from start to finish, and its movements keep accurate time for several decades. Also, the value of these watches has been extremely stable over the years. Some people regard such timepieces as an extension of themselves, and they find pleasure in owning an item of this luxury. What’s the secret behind differentiating between an authentic luxury watch and a fake one? To differentiate between authentic timepieces and fakes, one has to examine the manufacturing capabilities

THOUGHT LEADERS

Lamya Al-Shammary, founder and CEO of MWJ—an online marketplace to buy new and pre-owned certified luxury watches—talks about the endless appeal of watches and staying strong in lockdown. of high-end brands compared to forgers. The lower cost of a fake watch is a reflection of the total incapability of replication. Companies have now enforced more techniques and approaches by using serial numbers and engraved markings to ensure that it is impossible to replicate. The secret is in its utmost singularity. Watchmaking is a craft of passion and refined engineering. What advice would you give to a budding regional entrepreneur, looking to start their own e-commerce business in 2020? Focus on learning by doing. Challenges create the opportunity to learn, and every challenge is a step forward. Know your customer’s inclinations, map out your funnel, and move up your value ladder towards making a sale. With so many possibilities of products to sell and apps to use, you need to find out what works for your business, not others. By focusing on conversions, mapping out your funnel and using the right tools, you’ll soon be on your way to success.

www.mwj.sa SEPTEMBER 2020

MEET THE MIDDLE EAST’S CLASS OF 2020

THE LIST

30 UNDER 30 T

he criteria for choosing our 30 Under 30 is somewhat different to other lists. Among other things, for founders we consider factors such as how established they are, their scalability, and the project’s commercial viability, and for employees we look at their scope, expertise, and influence. But actually, many of the elements that go into choosing our final 30 are not quantifiable. For example, we uncover the candidates’ missions and how committed they are to being a force for good and sustainability in the world. What impact do they want to have on their communities? We look for the innovators introducing new concepts to the Middle East, or accelerating the use of new technologies. How disruptive are they? The inventors, the thinkers, the creatives. What are they contributing? It’s not an easy job. That’s why we didn’t do it alone. Firstly, we opened online nominations and reached out to universities, venture capitalists, startup accelerators, and other candidates based on our own research to source a diverse selection of the Middle East’s most innovative founders, gamechangers, policy makers, and social entrepreneurs. Then we invited independent judges from the Forbes Middle East Tech Council and a couple of the region’s biggest NGO foundations to give their thoughts and expert

opinions. We listened, we discussed, we negotiated. Eventually we chose our final 30. This list recognizes a selection of the most impressive and highly-accomplished young minds in the Arab world. Some of them have already built and scaled multi-million-dollar businesses, patented cutting-edge technology, or made a considerable difference in the lives of other people and those less fortunate than themselves. Their achievements at such a young age are incredibly impressive. Of course, they still have a long way to go, and their journeys will not be without challenges. But here we celebrate their abilities and potential within the context of a year that has presented nothing but challenges so far. The Class of 2020 won’t give up easily.

Criteria: • To be eligible for the 30 Under 30 list, the applicant had to have been under 30 years old on December 31, 2019. This means that anybody born in 1990 or later was eligible to be on the list. • Ages given in list profiles are as of December 31, 2019. • Candidates could have any nationality, but had to be residing in the Middle East. • If one business had two under 30 co-founders, they were counted as one entry.

Our expert judges

Dr. Moudhi Aljamea

Yuri Misnik

Digital Technology General Manager at the stc Academy

Group CTO at the First Abu Dhabi Bank

Dr. Sonia Ben Jaafar CEO of the Abdulla Al Ghurair Foundation for Education

Haifa Dia Al-Attia

Zeina El Kaissi

Founding CEO of the Queen Rania Foundation

Chief Digital Director, Smart Dubai Office

Forbes Middle East 30 Under 30 list editors: Jason Lasrado, Senior Researcher • Claudine Coletti, Managing Editor F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 YOUNG INNOVATORS WORKING TO CHANGE THE REGION.

Hussam Mohsineh Toufic Assaf

Program Manager, Microsoft Reactor Abu Dhabi

Co-founder, Robocom VR

Lisa Vo Karim Ibrahim

Vice President, Teneo

Nyla Khan Co-Founder, Mirai Partners

Co-founder, Robocom VR

Sabrine Imam Spandana Palaypu

Senior Manager Strategy, The Economist Intelligence Unit

Founder and CEO, ZoEasy

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

EDUCATION

32 THE LIST

Nyla Khan

Co-Founder, Mirai Partners Nationality: Indian Residence: U.A.E.

Forbes Middle East

Khan co-founded learning innovations group, Mirai Partners, in 2019. Among other initiatives, it is currently rolling out the Lexplore methodology in Nigeria, Djibouti, Ethiopia, and Ghana. Lexplore was founded in 2016 in Sweden by researchers Mattias Nilsson Benfatto and Gustaf Ă&#x2013;qvist Seimyr, and expanded to the U.S. in 2017. It uses eye tracking and AI to identify a childâ&#x20AC;&#x2122;s literacy level and detect possible developmental delays, including dyslexia. Mirai Partners also provides training to corporates and startups in the education and technology sectors. Before launching Mirai Partners, Khan ran a network of Montessori nurseries in the U.A.E.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Saeed Zarrouk

Founder and CEO, Edutest Group Nationality: Tunisian/American Residence: Tunisia Zarrouk established Edutest in 2018, a pan-African and MENA-based online platform with 11 physical centers in the U.A.E., Tunisia, Morocco, Algeria, Kenya, and other countries. It advocates and enhances access to quality education by identifying, empowering, and connecting students to scholarship foundations and financial aid, as well as teaching general English, and offering a range of educational assessment services. Edutest has engaged with over 2,000 students. Around 25% gained scholarships abroad while the other 75% found opportunities in Tunisia and Morocco, and non-scholarship yet affordable options in destinations like China and Turkey.

Paul Barakat Diab and Elie Nahas 25 25 Images from source

Co-Founders, Augmental Nationality: Lebanese Residence: Lebanon

THE LIST

Barakat Diab and Nahas co-founded adaptive e-learning platform, Augmental, which provides 6th to 12th grade students and teachers with course materials that can be adapted based on an individualâ&#x20AC;&#x2122;s performance, ability, and strengths. The programs are currently available in English, French and Arabic. Having started in Lebanon, the founders plan to expand to other Arab countries. Augmental won first prize in the Supernova Challenge startup pitch at the annual AI Everything conference in Dubai in 2019.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Hussam Mohsineh

Program Manager, Microsoft Reactor Abu Dhabi

Nationality: Syrian Residence: U.A.E.

Forbes Middle East

THE LIST

Mohsineh is currently leading Microsoft Reactor Abu Dhabi, which is a hub for founders and developers to meet, learn, and connect to local peers as well as ideas and technology from Microsoft, other partners, and the open-source community. It currently has 2,000 members and conducts programs daily to connect people with skills and technology. It also works with Microsoft for Startups to help b2b startups scale. The programs Mohsineh runs range from soft skills training to programming, AI and data science seminars.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

INNOVATING SINCE 2010

Celebrating 10 Years of Innovation in the Middle East THE LIST

For Advertising: Ruth Pulkury

For Conferences & Events: Daniyal Baig

Senior Vice President - Sales ruth@forbesmiddleeast.com +971 50 100 7826

Conference Director daniyal@forbesmiddleeast.com +971 56 433 4887

Muhammad Tayyab Riaz

For Marketing & Distribution: Juweyria Hersi

Financial Controller riaz@forbesmiddleeast.com +971 52 259 0721

Editorial Assistant juweyria@forbesmiddleeast.com

Follow Forbes Middle East Forbes.ME ForbesME Forbes Middle East Forbes Middle East www.forbesmiddleeast.com

Upeksha Udayangani Customer Service Executive FO R B E S M I D D L E E A S T.CO M upeksha@forbesmiddleeast.com

+971 55 725 6807

SEPTEMBER 2020

30 30

UNDER

LAW & POLICY THE LIST

Sabrine Imam

Senior Manager Strategy, The Economist Intelligence Unit Nationality: French / Moroccan Residence: U.A.E.

Forbes Middle East

Imam specializes in Future Foresight, an initiative that helps governments and multinationals to draft the best future scenarios on political trends, and macroeconomic impact up to 50 years. She was previously a strategy adviser to the U.A.E.â&#x20AC;&#x2122;s Minister of State for Youth Affairs and helped with the creation of the Arab Youth Centre. She is currently finalizing her thesis research at Harvard University focusing on national strategy and the impact of culture and identity on Arab-European born youth.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

MANUFACTURING & INDUSTRY 28

THE LIST

Khaled AlShathri

Founder and Managing Director, Norabic Nationality: Saudi Residence: Saudi Arabia AlShathri is the founder of Norabic, which is a Saudi shipping company with access to a fleet of around 400 vessels. Norabic started with around $133,333 in capital and generated $22 million in sales in 2019, according to the founder. As well as striving to become a leading freight empire in Saudi, the company also educates local companies on shipping and works closely with its clients to expand their knowledge of logistics.

Kamel Wehbe

National Youth Liaison, Presidency of the Lebanese Republic

Images from source

Nationality: Lebanese Residence: Lebanon As the first National Youth Liaison to the Lebanese President in the Middle East, Wehbeâ&#x20AC;&#x2122;s post has seen him influencing overall national policy in favor of the youth of Lebanon while he is still in university. He has led a number of initiatives including the production of a reform package, which was included in the 2021 National Budget for implementation. He is a National Public Speaking Champion and has held previous roles on the AUB Board of Trustees, and the Curriculum Change Reform Committee.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Abbas Sidaoui

Chief Technical Officer, Revotonix Nationality: Lebanese Residence: Lebanon

38 THE LIST

Abbas Sidaoui co-founded Revotonix in 2018, alongside Wassim El Hariri, who is based in Germany. The company was the first startup in Lebanon and the Middle East to specialize in developing fully autonomous mobile robots and mechatronics solutions. Revotonix’s first product is called “Felix”, a human-sized robot whose main uses are customer support and advertising. The company has proposed robotics solutions to customers in Lebanon, Egypt, and other countries in the GCC. It is currently designing a window cleaning robot for a company in Chile and recently signed a partnership with Germany-based Insystems Automation.

Saeid Alzahrani

CEO, BRAQ Aerospace Nationality: Saudi Residence: Saudi Arabia BRAQ Aerospace develops next-generation Urban Air Mobility and Unmanned Aerial Vehicles. Alzahrani was the first Saudi national to major in Unmanned Aerial Systems in the U.S. where he also worked as a visiting scholar. He holds several patents related to his field. His patented Multi-Mode Aerial Vehicle is designed to provide a new method of air transportation for locations that are difficult to access. The company won third place in the Mohammed bin Rashid Space Centre’s GITEX Future Stars’ Innovation Challenge in 2018.

Oweis Zahran

CEO, OWS Auto Nationality: American Residence: U.A.E.

Images from source

Zahran is the CEO of OWS Auto, a holding company involved in automobile verticals, with services ranging from supplying spare parts to testing vehicles, and registration and workshops. He established Rafid Automotive Solutions in 2017 as a joint venture between Sharjah Asset Management and OWS Auto. It operates an accident reporting app and a fleet of electric cars, and provides vehicle emissions testing, quick servicing and more. In 2017, Zahran also launched Voltron Motors in the U.A.E. and the U.S. with Hollywood actor and singer Tyrese Gibson. Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

MARKETING 27 THE LIST

Lisa Vo

Vice President, Teneo Nationality: German Residence: U.A.E.

Forbes Middle East

Teneo is a New Yorkbased consulting and communications firm with 20 offices worldwide. At age 27, Vo became the youngest VP of the companyâ&#x20AC;&#x2122;s Middle East and Africa practice. A German national of Vietnamese and Chinese heritage, Vo speaks five languages and has been a Dubai resident since 2013 after career stints in London and New York. Today, she advises companies and government entities. Previously, Vo worked at Falcon and Associates, a strategic advisory firm operating on behalf of the U.A.E.â&#x20AC;&#x2122;s Prime Minister. Vo was part of a team that spearheaded initiatives to bridge China-U.A.E. relations and generated eight-figure international media value for the emirate.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Zain Masri

Head of Brand & Reputation, Google MENA Nationality: Jordanian American Residence: U.A.E. Masri launched “Maharat min Google,” a digital skills education program that has trained over 500,000 people, of which 50% are women and 26% have found a job or grown in their business/career as a result of the program. She also launched “YouTube Batala,” a content hub featuring more than 400 female creators from across the Arab world. Masri and her team help Google select the doodles for the region. At least 50% of doodles in the Arab world have celebrated women.

Retail & F&B Ahmed Alaydie

Founder and CEO, Romex Telecom Nationality: Jordanian Residence: U.A.E. Romex Telecom distributes mobile phones and telecommunication technology solutions from many global manufacturers. It sold more than 300,000 devices and brought in revenues of more than $100 million in 2019, with a client base including Etisalat and Carrefour. Alaydie opened his operations in Dubai in 2013, when Apple gave him an “Authorized Reseller” license. He began selling iPhones to retailers when he was a student in the U.S.

Images from source

THE LIST

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

THE LIST

Ali Ghzawi

Chef / Owner of Alee Nationality: Jordanian

Image from source

Residence: Jordan Ghzawi was crowned MBC Arabia’s Top Chef 2019, beating 16 other contestants to become the show’s youngest ever winner. Ali graduated from Les Roches Global Hospitality Education at the Royal Academy of Culinary Arts and later did his internship with Barcelona’s Enoteca by Paco Perez, a two-Michelin-star restaurant. He now runs Alee—a multi-concept F&B project in Jordan. It includes a culinary creative center that holds cooking demos and teaches culinary arts.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Khaled El Sayyad

Founder and CEO, Prime Capital & Prime Hospitality

42 THE LIST

Nationality: Egyptian Residence: Egypt Prime Capital and Prime Hospitality offer serviced apartments, real estate investment, and property management in Egypt. Prime today owns and manages a portfolio of over 100 properties and is on track to reach over 200 properties by the end of 2020. The company achieved an occupancy rate of over 90% before the pandemic hit.

Majed Halawi

Vice President, Pure Harvest Smart Farms Pure Harvest delivers sustainable, climate-agnostic food security solutions for local food production. Halawi leads the expansion (engineering and deployment) of the high-tech greenhouses, working with engineering teams to increase efficiency, and collaborating with retail and wholesale partners to identify the best products to offer the market. Agriculture in the Gulf region consumes over 80% of its freshwater resources, yet accounts for less than 1% of GDP. Pure Harvest solutions produce locally at 7-10x the water efficiency. The GCC currently imports over 85% its food. Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

Images from source

Nationality: Lebanese Bulgarian Residence: U.A.E.

THE LIST

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

SOCIAL ENTREPRENEURS THE LIST

Spandana Palaypu 24 Founder and CEO, ZoEasy Nationality: Indian Residence: U.A.E.

Forbes Middle East

Palaypu founded ZoEasy, which is an employment platform for skilled and unskilled blue-collar workers. It has generated a database of 65,000 job seekers from the Indian Sub-Continent and South East Asia, who are classified based on skills and psychometric abilities. In addition to collaborating with source governments and skill development programs in India, ZoEasy is in talks with the International Labour Organization and NGOs like Bring Hope to implement international level training programs for the youth. Palaypu has also garnered recognition through accolades and awards, such as Expo 2020â&#x20AC;&#x2122;s Innovation Impact Grant.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Matteo Boffa

President, Swiss Business Council Abu Dhabi Nationality: Swiss

Boffa spent over nine years of his career in finance and nearly two years in the Swiss Army before deciding to make a radical change. He is now involved in several international projects. These include the “FlipFlopi Dhow,” which is the first boat in the world built entirely with plastic waste, and ETUIX, which turns advertising billboards into unique and sustainable products. Also DGrade, which creates textile material from recycled plastic bottles, Thaley, which produces vegan shoes with recycled plastic bags and bottles, and ZeLoop, which is a circular economy reward platform.

Mohamed Dhaouafi 27 CEO and founder, CURE BIONICS Nationality: Tunisian

Images from source

Residence: Tunisia Dhaouafi is the founder and CEO of Cure Bionics, which develops and manufactures bionic hands and arms for people with disabilities. Its prosthetic limbs are 3D-printed using an ecological raw material. They have an adjustable socket, a rotating wrist for more flexibility and freedom, and a wireless solar charger for users in countries with unstable or absent electricity coverage. Controlled by muscle signals, the bionic limbs don’t require any surgical intervention to connect them with the body—they are wearable like a glove. Dhaouafi is an electronics and embedded systems engineer from Ecole Nationale d’Ingénieurs de Sousse.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

THE LIST

Residence: U.A.E.

30 30

UNDER

Aakanksha Tangri 28 46

Founder, Re:Set Nationality: Canadian

THE LIST

Residence: U.A.E. Tangri founded Re:Setâ&#x20AC;&#x201D;a online resource for tools and stories around education, parenting, gender, inclusivity, mental health and well-beingâ&#x20AC;&#x201D;in 2019. Collaborating with thought leaders, government officials, parents, educators, counsellors, and corporates, Re:Set aims to dispel misconceptions and stigma and provide a safe, inclusive space that encourages dialogue. It plans to reach up to 25 million students, a million teachers and five million parents by 2025 via workshops, courses, digital and physical activities. Before founding her business, Tangri was a journalist. She worked for CBC News in Canada, and CNN New York, and VICE News.

Nataly Naser Al Deen 28 Founder, Pink Steps Nationality: Lebanese Residence: Lebanon

Images from source

As a Lebanese scholar, Al Deen has received three consecutive fully funded US Department of State Scholarships, worth $500,000. Her research projects have resulted in publication of a book chapter, a mini-review, four peer-reviewed manuscripts (in preparation), and several published abstracts at international conferences. She founded Pink Steps in 2015, a health exercise support group for breast cancer survivors in Lebanon that aims to promote physical fitness and a healthy lifestyle. She has collaborated with Nobel Laureates such as Prof. Michael Rosbash and Prof. Harold E. Varmus. Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

SPORTS & ENTERTAINMENT

Farida Osman

24 47

Swimmer

THE LIST

Nationality: Egyptian Residence: Egypt Farida Osman is a professional swimmer and has represented Egypt twice at the Olympic Games, becoming the first ever Egyptian to bag two medals at the world championships. Her driving force and motivation is breaking barriers and stereotypes in Africa and the Middle East. In the entire history of the Olympic Games only five African women have won a medal in swimming.

Reema Juffali

Racing driver

Images from source

Nationality: Saudi Residence: Saudi Arabia Juffali was Saudi Arabiaâ&#x20AC;&#x2122;s first race car driver to participate in the Formula 4 category competition. She participated in the singleseater motorsport series based in the UK, driving for the Double R Racing team along with Louis Foster and Sebastian Alvarez. She made her debut as a professional racing driver at the TRD 86 Cup at Yas Marina Circuit in Abu Dhabi. Then in November 2019, she became the first Saudi Arabian woman to compete in an international racing competition in the Kingdom. She took part in the all-electric car race 2019-20 Jaguar I-Pace eTrophy as a VIP driver. Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Zahra Lari Figure skater Nationality: Emirati Residence: U.A.E.

Lari is an Emirati figure skater and the first figure skater from the U.A.E. to compete internationally. She is a five-time Emirati national champion. Lari began learning to skate at the age of 13 at Zayed Sports City. She has represented the U.A.E. in several competitions, including the 2019 Winter Universiade in Krasnoyarsk, Russia, She is the first figure skater to compete in a Hijab and was instrumental behind changing an International Skating Union rule that did not allow the hijab in competitions. In 2017, she was included in a Nike, Inc. ad featuring Muslim female athletes.

Image from source

THE LIST

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Aly Mahmoud

CEO and co-founder, Eksab Nationality: Egyptian

49 THE LIST

Residence: Egypt Mahmoud launched Eksab, a daily fantasy football platform for the Middle East market, in 2017. Since then Eksab has raised a six-figure sum from 500 Startups. The app has featured among the top five most popular app rankings in the Google Play Store and secured sponsorship from large corporates, including Nike Egypt. Mahmoud is currently finalizing partnerships with three top European football clubs and raising a series-A investment round.

Noor Naem 23 YouTuber/Video Blogger, Noor Stars Nationality: Iraqi

Images from source

Residence: U.A.E. Naem is one of the Middle Eastâ&#x20AC;&#x2122;s most popular YouTubers with 16.2 million followers regularly tuning in to watch her content, which she produces in Arabic. She makes vlogs, performs comedy sketches, and sings on her Noor Stars channel. She also has 8.2 million followers on Instagram where she gives away luxury goods to her fans. Naem was born in Baghdad and now works to raise funds for refugees, the elderly, and people with disabilities.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

THE LIST

Co-founders, Robocom VR Nationality: Lebanese American Residence: U.A.E.

Ibrahim is the CEO of Robocom VR and Assaf is the Chairman. The company focuses on location-based virtual reality entertainment. Robocom VR partnered with EMAAR in 2017 to open a VR theme park in Dubai Mall, creating all its content inhouse locally. It holds exclusive licenses to develop VR locationbased simulators for Disney, Hasbro, the Discovery Channel, and Codemasters in the Middle East, South East Asia, India, Turkey, and North Africa. It has also worked with powerhouses including Pepsico, Dreamworks, WWE, Lionsgate, and Nike.

Forbes Middle East

Karim Ibrahim and Toufic Assaf 29 28

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

TECHNOLOGY 28

Co-Founder and CEO, eMushrif Nationality: Omani Residence: Oman

Image from source

Alshuaili is the co-founder and CEO of eMushrif, which develops intelligent software that makes sure that children are safe in school buses by allowing schools and parents to monitor buses and children in real time. The company serves more than 90 private schools and 60 public schools in Oman and Kuwait. According to the CEO, the company is currently closing a $2 million funding round at a valuation of $11 million. The company plans to expand to the U.A.E., Saudi, and Bahrain. It has also introduced face recognition to mark attendance in schools and partnered with Google to develop edge-AI applications.

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

51 THE LIST

Adnan Alshuaili

30 30

UNDER

THE LIST

Co-Founders,Â JustClean Nationality: Kuwaiti

Brothers, Athbi and Nouri Alenezi founded JustClean in 2016, which is a door-to-door online laundry service that connects customers to laundries. JustClean manages the delivery, quality control and other administrative services. Today the company works with over 300 laundries, has expanded into five countries, and employs over 150 people. In 2018, Faith Capital invested $8 million into JustClean. The company has received a total of $12.9 million in investment so far.

Residence: Kuwait

Image from source

Athbi and Nouri Alenezi 28 27

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

30 30

UNDER

Nadim Habr

Founder and CEO, Designhubz Nationality: Lebanese Residence: U.A.E.

Image from source

Age, as of December 31, 2019 F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

53 THE LIST

Habr is the founder and CEO of Designhubz, which builds fully automated robotic rigs that 3D-capture and digitize physical inventories. The company works with online retailers to create immersive online shopping experiences and allows retailers to create interactive e-commerce stores. The company has attracted investment from the Dubai Smart City Accelerator and Techstars, among others. Habr has signed a contract with Ikea to use the Designhubz robot across its stores in the U.A.E. and Saudi.

• 30 UNDER 30 •

FAST LANE

AFTER A HISTORIC—ALBEIT LATE—START TO HER RACING CAREER, SAUDI ARABIA’S REEMA JUFFALI IS MAKING UP FOR LOST TIME AND EYING HIGHER LEVELS IN THE SPORT. With a roar of engines on a summer afternoon at the U.K.’s Donington Park circuit, the British F4 Championship finally got underway in early August 2020 after months of delays due to the COVID-19 pandemic. It was a moment Saudi Arabia’s Reema Juffali—behind the wheel of the number 18 car sponsored by Saudia Airlines—had waited for eagerly, marking the beginning of her second season of competitive racing there. “This year I’m coming back to the British F4 to be more competitive, to finish in an even better position,” says the 28-year-old from Jeddah. “I want to take what I’ve learned and put it into practice.” COVID-19 interrupted those ambitions slightly, but it was just a speed bump compared to the rest of her unlikely racing career. She’s broken barriers and made history in competitive racing. In November 2019, Juffali became the first Saudi Arabian woman to compete in an international racing series in her home country, a feat coming about a year after the kingdom lifted its ban on female drivers. Juffali raced through the historic streets of Diriyah, near Riyadh, as part of the all-electric Jaguar I-PACE eTROPHY series. Not long before that, Juffali made her competitive racing debut in 2018, as the first female racing license holder from Saudi to compete in the TRD 86 Cup at Abu Dhabi’s

Yas Marina Circuit, where she took second and third place in two of her first races. But looking ahead, she’s already eying loftier goals. “I want to be able to race with the top levels, the best racers in the world,” says Juffali. “To compete against them and be able to say, ‘hey I’m the best possible racer I could be.’” But reaching the highest levels of Formula racing is—to say the least—extraordinarily difficult under the best of circumstances. And at this point in Juffali’s racing career, she’s already playing catch-up. She’s driven professionally for about two years now, but her current competition in Formula 4 has a sizable head start. Most professional racers start at a young age driving go-karts, while Juffali entered the sport aged 26. It’s also an expensive sport. Registration and full year entry costs for all races in the British F4 run to nearly $18,000 combined, with round-byround entries costing around $2,000—and it’s designed to be an affordable series. Then there’s the cost of the car, with the price of the chassis exceeding $40,000 alone. “You can be the best racer amongst your peers, but your racing career can end because you don’t have that support,” says Juffali. Getting sponsorship and investment hasn’t been easy. Her family has helped, and sponsorship from Saudia Airlines is another boost, but advancing to higher levels of racing only adds to that burden.

BY SAMUEL WENDEL

Image from source

REEMA JUFFALI

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

REEMA JUFFALI

Meanwhile, it’s also a sport mainly made up of men. Although there are efforts to change that, South Africa’s Desire Wilson remains the only woman to have ever won a Formula 1 race, which happened back in 1980 in the British Aurora F1 Championship. So far those obstacles haven’t deterred Juffali. And she isn’t taking short cuts. She got her start racing sports cars. People advised her to stick with this route, given her late start, but instead she transitioned to single-seater Formula racing. “I wanted to experience the car at the rawest level in order to have that direct connection and feel, which you don’t get in a sports car,” says Juffali. That’s how she ended up in the British F4, an entry level step on the single-seater pyramid ascending to Formula 1. She debuted in the British F4 in April 2019, driving for the Double R Racing team. It was a bold decision, pitting her against other up-and-coming drivers making the transition into competitive circuit racing. But that also means she’s older than her competitors, as F4 allows racers as young as 15.

“I didn’t really have dolls and stuff, I had small cars that I played with.” There’s obviously been a learning curve, but Juffali is proving she belongs. Her best finish in the series was 8th, but she placed in the top 10 multiple times. “To put it in perspective, in the beginning the goal was not to come last,” says Juffali. With her first season on the books, Juffali returned to the Middle East to race in the U.A.E. F4 Championship in early 2020, where she topped out with a 4th place finish. Now, back for a second year with the British F4, she’s looking to move up. “I’m going to fight for higher positions,” she says. But competition proved stiff in her first races in August, with Juffali still hunting for improvement in the standings. As she chases improvement—and potentially more history—she’s become a role model and a face of Saudi Arabian motorsports. It’s not a position she thought she’d be in, and she hopes to see more fellow Saudis get into the world of racing. “We have that passion, we have that drive,” says Juffali. “We just need to have that platform.” F O R B E S M I D D L E E A S T.CO M

One reason she’s only competed in Saudi Arabia once is because there aren’t many opportunities for aspiring racers. But the Middle East has produced a number of professional drivers, while Gulf neighbors offer more racing infrastructure. One development is the U.A.E. Formula 4 Championship, which is creating a unique platform in the region and attracting European teams. “The teams, promotors and circuits in the region all want to see motorsports grow, but also understand that it won’t happen instantly,” says Craig Thompson, a promoter and technical delegate with U.A.E. Formula 4. The biggest drawback for any aspiring driver is budget, says Thompson, but he believes there is room for a grassroots racing championship in the region, keeping costs as low as possible and bringing in new drivers who previously thought it wasn’t possible. Formula 4 in the U.A.E. and the U.K. has proven to be a catalyst for Juffali to break into motorsports— although growing up in Jeddah she didn’t see a clear route into the driver’s seat. “It wasn’t until quite later on in life for me that I even thought about racing or thought about it as a potential opportunity,” says Juffali. Still, as a child Juffali felt a connection to cars, even though at that time it was forbidden for women to drive in Saudi Arabia. And her parents noticed her interest. “I didn’t really have dolls and stuff, I had small cars that I played with,” says Juffali. She got experience behind the wheel from a young age driving where she could—out on a farm or in the desert. But Juffali didn’t properly learn to drive until she went to the U.S. for university, where she studied international affairs at Northeastern in Boston. There she also began watching racing on TV, finding herself captivated in particular by the endurance race, 24 Hours of Le Mans. “It was something I was just in awe of,” says Juffali. In 2010, she passed her driving test in the U.S. and bought her first car, a BMW 3 Series. It felt natural to be behind the wheel, a place where she could go to think. Other people might go for a walk—she would take a drive. “Just me, getting my space, and feeling good,” she remembers. As a fan, she took part in track day experiences, allowing her to drive out on the course. That inspired her, but her priorities were her studies and exploring a normal career. “It took me quite a while to make the time and decide to give it a shot,” says Juffali. Still, she was serious enough that in 2014 she traveled to Florida to take part in a three-day course at the Skip Barber Racing School, which has helped produce champion racers. SEPTEMBER 2020

Images from source

REEMA JUFFALI

After graduating from university, she dabbled in different jobs, working for a startup and a wealth management company. She eventually moved back to Saudi Arabia, but found she couldn’t shake her interest in racing. Further motivation came from a meeting with prominent British racer Susie Wolff, the former Williams Formula 1 test driver. “I could see that she was a very intelligent young lady and I said to her ‘if you’re really passionate then go for it,’” says Wolff. She advised Juffali to go to the Winfield Racing School in France as her first step. That encounter helped Juffali make up her mind. “I was at a crossroads and I had to make this decision,” says Juffali. “I decided to race.” Not long after, she sent a WhatsApp message to Wolff with a picture of herself at the racing school. “The fact that she did take action shows what her character is,” says Wolff, who also serves as an ambassador for Girls on Track, a global initiative making motorsports more accessible for women. In December 2017, Juffali secured a racing license. She then signed up for her first competition, the TRD86 Cup at Abu Dhabi’s Yas Marina Circuit. She was in the U.K. then, and practiced in a similar car, trying to develop a connection and finding it in the months leading up to the race in October 2018. “It felt right being there,” she says. When race day finally came, she didn’t disappoint. Her debut saw her take fourth overall after seven rounds of racing. Two months later she won her first race. This all happened just a few months after Saudi Arabia lifted the ban on female drivers, and her emergence created considerable media buzz. The end of the ban wasn’t a shocking development for F O R B E S M I D D L E E A S T.CO M

Juffali, who had grown up expecting it would happen eventually. “I knew that was coming, I just didn’t know when,” she says. Still, as she embarked on her motorsports career she wasn’t expecting to race on home soil. From there, she joined the British F4. It was a move intended to be challenging, an opportunity to learn and improve in a competitive environment. “I knew that I wasn’t going to be fighting for top positions,” says Juffali. “I was going to be in the back. I was going to have to work my way up.” Racing in the U.K. provided exposure, and set the stage for her first race in Saudi Arabia. That came in July 2019, after Juffali received an invitation from Jaguar Racing to drive in a demonstration run at the Goodwood Festival of Speed, a prominent motorsports event in the U.K. Not long after that, Jaguar reached out, offering her a spot as a guest driver for an upcoming race in her home country. It was an opportunity she couldn’t refuse. It would be a new experience on many fronts. For starters, she would be racing an electric car, a vehicle much heavier and quieter than what she was used to. Then came the race, the significance of which didn’t hit home immediately. “I didn’t register it, I think until maybe towards the end of the race, when I saw that Saudi flag flying,” says Juffali. A week later, Juffali took part in the Formula 4 U.A.E. Championship supporting the Formula 1 Etihad Airways Abu Dhabi Grand Prix at Yas Marina, a key event for the Middle East’s motorsports industry. It’s been a busy couple of years for Juffali, full of milestones. But the road ahead still beckons, with plenty of room for progress on her unprecedented journey. “Now I’m just trying to refine the connection, make it better,” says Juffali. “So I can go faster.” SEPTEMBER 2020

• 30 UNDER 30 •

HELPING HAND TUNISIA’S MOHAMED DHAOUAFI, FOUNDER OF CURE BIONICS, WANTS TO MAKE PROSTHETICS MORE ACCESSIBLE AND AFFORDABLE IN THE MIDDLE EAST, AFRICA, AND BEYOND. As a teenager growing up in Tunisia without a left arm, Khawla felt she was somehow imperfect and dreamed of doing things more independently. She needed a prosthetic—so she turned to Cure Bionics, a local startup founded in 2018 by a recent university graduate, Mohamed Dhaouafi. Using a 3D-printer, Dhaouafi’s medical technology company crafted a lightweight, adjustable artificial limb for the 16-year-old. “They have a beautiful artistic design,” says Khawla, of the company’s prosthetics. “It gives you the superhero feeling.” That’s a feeling Cure Bionics hopes to soon provide for many like her. The startup hopes to release its first commercially available artificial limb by October 2020, an adjustable 3D-printed prosthetic hand that will retail at around $2,500. That’s a price point that could make advanced prosthetics more readily accessible and affordable in many regional markets, where existing options can be prohibitively expensive. That’s the overall goal behind Cure Bionics—as well as Dhaouafi’s first step towards tackling a widespread problem in the Middle East and Africa, especially in poorer countries. Globally, there are plenty of prominent prosthetics producers, such as Ottobock and Össur, including newer companies like Open Bionics, which like Cure Bionics also uses 3D-printing. Prices vary widely, but high-quality prosthetics can easily eclipse $10,000. “That’s still

very expensive for local markets in Africa and the Middle East,” says Dhaouafi, 28. Simultaneously, industry leaders appear mainly focused on wealthier markets, including Europe and the U.S. For context, in the U.S. amputees pay somewhere between $5,000 to $50,000 out-ofpocket each time they buy an artificial limb, with adults needing to replace each device every two to five years, while growing children need to switch more frequently, according to the Jordan Thomas Foundation, which works with children dealing with limb loss. Meanwhile, the World Health Organization estimated in 2017 that only one in 10 people in need of assistive products, including prosthetics, had access to them because of their high cost and because of lack of awareness, availability, trained personnel, policy and financing. Dhaouafi believes his startup can keep costs down by using 3D-printing and using locally sourced components, while operating expenses are lower in Tunisia compared to other countries. “There is no other secret sauce,” says Dhaouafi. “It’s just optimizing and using 3D-printing.” But in addition to providing affordability, Cure Bionics wants to also deliver high-quality prosthetics. Its new artificial hand is embedded with sensors, allowing users to control it by flexing or relaxing muscles. There’s no need for surgical intervention, and the prosthetic can be adjusted without professional assistance.

BY SAMUEL WENDEL

Image from source

MOHAMED DHAOUAFI

Mohamed Dhaouafi, founder of Cure Bionics

MOHAMED DHAOUAFI

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

MOHAMED DHAOUAFI

The startup’s prosthetics are also designed to be aesthetically pleasing, to help reduce stigmas associated with limb differences—with the hope that people will be proud of their prosthetic. To that end, Cure Bionics creates customizable prosthetic coverings, which can be ordered online with personalized designs and colors. “Our prosthetics are stylish and continuously customizable,” says Dhaouafi. Alongside prosthetics, he’s developing a complimentary product—a virtual reality tool for physical rehabilitation. It’s intended to help users adjust to prosthetics, particularly children, by combining games with physical therapy. Built around a bracelet with sensors, it’s a tool that can also be used remotely. That means patients don’t need to travel for therapy, lessening another burden for subjects from marginalized or rural communities. Currently, the company has a basic version of this product ready.

“I promised myself and I promised the community that I’m supporting today that I will be doing my best to change their lives, even a little bit.” Ultimately, Cure Bionics is just getting started, but the launch of its first prosthetic will be a promising development. Now comes the task of establishing a market for the product. That won’t be easy, but Nejib Zaafrani, president of the professional training group Tunisian Talents United and a key mentor for the startup, has witnessed Dhaouafi’s drive and commitment. “His objective is to penetrate the local, regional and ultimately the global market to make a real difference,” says Zaafrani, who formerly served as Secretary-General and CEO at the Dubai Supreme Council of Energy. It helps that Cure Bionics has already navigated numerous obstacles. It took several years of development to get to this point, including working closely with a number of subjects, including Khawla, to test prototypes. There were numerous delays, as it was sometimes difficult and expensive to get necessary components in Tunisia, a process compounded by the COVID-19 pandemic. F O R B E S M I D D L E E A S T.CO M

Dhaouafi wants to eventually target markets from Morocco to Egypt and Nigeria, but for now Tunisia is the priority. That’s partly due to COVID-19 travel restrictions. However, prior to the pandemic Dhaouafi traveled widely to lay the groundwork for Cure Bionics. “Once this pandemic will be less dangerous for us we will be visiting the many institutions we already talked with, to have trials locally in those countries,” says Dhaouafi. Cure Bionics won’t have offices outside of Tunisia, instead it plans to partner with medical NGOs, clinics and hospitals. It will equip these partners with 3D-printers, allowing them to take measurements, print and assemble prosthetics and handle follow-ups with customers. “Our scalability model is a little bit interesting and unique,” says Dhaouafi. Meanwhile, finding funding for a medical hardware device isn’t easy. Dhaouafi has relied on a patchwork of financial support to sustain the company during product development. That’s included seed funding from Nigeria’s Tony Elumelu Foundation [TEF], as well as support from the U.N. and the European Investment Bank. Dhaouafi has also pursued grants and cash prizes, such as $5,000 he received from the YAS! Open Innovation Challenge in 2018, and more recently $75,000 from the Cisco Global Problem Solver Challenge 2020. Its current funding won’t be enough, but it has so far supported the small team. There has also been other support, including scholarships from the government and legal assistance from the Dubai law firm Al Tamimi & Company. Dhaouafi’s alma mater, Ecole Nationale d’Ingénieurs de Sousse, has helped too, providing access to 3D-printers. Looking ahead, Dhaouafi hopes to offer a range of high-quality, affordable prosthetics, but for now the main focus is on artificial hands. His team has started early prototyping on a 3D-printed artificial leg and other projects. In the meantime, Dhaouafi has been gearing the startup for market launch. The company was originally called Cure, but Dhaouafi recently rebranded to Cure Bionics to make it more “adaptive and more Googleable for people to find,” he says. He’s moving to a new office and introducing a new website and logo. After a difficult journey developing the company, its founder is seeing positive signs. “We are getting some good news, some good energy,” he says. Dhaouafi became interested in prosthetics while studying engineering and embedded systems at Ecole Nationale d’Ingénieurs de Sousse, in the coastal city of Sousse. There he took part in an entrepreneurship SEPTEMBER 2020

F O R B E S M I D D L E E A S T.CO M

61 MOHAMED DHAOUAFI

challenge, tasking teams to solve problems with innovative ideas. His group was interested in medical devices, settling on a prosthetic after one team member mentioned having a 12-year-old cousin who was born without hands. They began researching artificial limbs, learning about the topic and exploring the gap between the people who needed prosthetics and those who got them. He was shocked by the findings—issues ranged from price and weight to usability. And accessibility in the Middle East and Africa seemed especially difficult. Ultimately the project fell apart before it went anywhere. Dhaouafi considered giving up and moving on. Then some friends tagged him in a Facebook post about a child, only eight-years-old, that had lost a hand and a leg in an electrical accident. Dhaouafi visited the hospital to see if he could help. It was a moving experience, and that day he decided to continue pursuing prosthetics. A focus area was developing solutions for young people, including children, particularly those who struggled to access prosthetics, either because the artificial limb wasn’t sized correctly or because their parents didn’t have the means. At that point, he had been planning to go to Canada for an internship but felt strongly enough to instead stay in Tunisia. “I promised myself and I promised the community that I’m supporting today that I will be doing my best to change their lives, even a little bit.” he says. Setting up the business was challenging, in part because he didn’t have people to turn to for advice or mentorship when it came to creating a business— both his parents worked for government institutions. An engineer by training, he instead found himself embroiled in the messy business of entrepreneurship, learning about coding, product design, marketing and beyond. He made a prototype and tested that with a friend who was born without a left hand. Funding challenges soon emerged. He hadn’t had a job while in school, and he needed money to develop the business. So, after graduating he put the project on hold

for six months, and co-founded an early stage business incubator for his university called ZETA HUB, which still exists today. The income from that gig helped fund Cure Bionics. But Dhaouafi needed more support too, leading him to take part in a program through TEF, which provided business management training, as well as seed capital. He also participated in the United Nations Solutions Summit 2019 and the TV program Stars of Science, among others. And he found time to earn a master’s degree in NGO management from the Tunis Business School. Although he started working on his venture in 2017 as a graduation project, he didn’t officially register the company until the following November. Meanwhile, prototyping dragged on, as Dhaouafi struggled to get supplies through Tunisian customs. As part of the development process, he also explored additional product features, such as a solar and wireless charger, designed to help users in areas where electricity isn’t accessible. Conducting trials and getting certification wasn’t easy, as there isn’t a certifying organization in Tunisia for medical devices, says Dhaouafi. That meant he had to look abroad for most of the legal certification process, helped by Al Tamimi & Company. He also worked with the consulting firm Deloitte, which helped him settle on a price for his first product. Now he’s finally close to launching his first commercial prosthetic, and poised to see if Cure Bionics can make an impact—from a university project to reality, he’s hoping his prosthetics can offer a helping hand to those in need. SEPTEMBER 2020

• 30 UNDER 30 •

PA U L B A R A K AT D I A B A N D E L I E N A H A S

A LESSON IN LEARNING PAUL BARAKAT DIAB AND ELIE NAHAS, THE UNDER-30 CO-FOUNDERS OF AUGMENTAL, ARE TAPPING INTO AN EVOLUTION IN EDUCATION TO MAKE LEARNING MORE PERSONAL FOR STUDENTS AND TEACHERS. AS THEY NEGOTIATE A NEW ROUND OF FUNDING, THEY’RE EXTENDING LEARNING TO BEYOND THE CLASSROOM. For budding entrepreneurs, inspiration and motivation can come from unlikely sources. For Paul Barakat Diab, the 25-year-old co-founder and CEO of adaptive learning app, Augmental, his determination to have an impact began when he was told by a teacher that he would never do so. “I wasn’t a brilliant student, I struggled in school. I was told by my own teachers that I had limited potential and that I wouldn’t achieve huge things in life,” he remembers. Today, he is proving them wrong on their own turf. Barakat Diab and his co-founder and Chief Technology Officer, 26-year-old Elie Nahas— together with founding member and technical advisor, Elie Matta—launched their AI-based ed-tech tool for schools and students in Lebanon in February 2019, with the aim of providing students and teachers with tailored course materials that can give every student an equal chance to succeed— something close to Barakat Diab’s heart. Three months after it launched, in May 2019, Augmental was one of four startups to share a $100,000 prize fund following the Supernova Challenge startup pitch at the annual AI Everything

conference in Dubai. Winning first place, the Augmental team was awarded $50,000. It’s one of several monetary prizes they’ve taken home over the last 18 months, including $12,000 from the Arab Conference at Harvard (Business Edition) Startup Competition in November 2019. Today, the team of five is working with six institutions and reaches approximately 5,000 to 6,000 users, according to the co-founders. Now, they are getting ready to move from Lebanon to the U.A.E. Augmental was one of eight winners of the Abu Dhabi-based Hub71 MENA Growth Competition in June 2020. This means they are due to benefit from the Hub71 ecosystem’s incentive program, which includes 50% or 100% subsidized housing, office space, and medical insurance for up to three years, as well as mentorship and access to a global network. “Abu Dhabi is increasingly proving to be a safe and appealing city for many MENA founders,” Nader Museitif, Head of Partnerships and Business Development at Hub71, commented in a press release announcing the winners. “From Abu Dhabi’s growing tech ecosystem, these startups will

BY CLAUDINE COLETTI

Image from source

be taking their first steps into scaling their businesses.” Having gotten started with an initial investment of a couple of thousand dollars from their own money, and sustaining the business so far with prize money from competitions and income from clients, the co-founders are currently in the process of raising their first major round of external investment. The move also comes at a tough time for Lebanon, as the country takes steps to recover from economic hardship, social F O R B E S M I D D L E E A S T.CO M

unrest, and the devastating explosion at Beirut’s Port. “We want to give back to the Lebanese community, but we think at this stage of the company that we need to move part of it to the U.A.E. and really see how we can try to make things work between Lebanon and the U.A.E.,” says Barakat Diab. They hope to be officially registered with Hub71 by the end of September, after which they will look to expand further geographically. “I believe this is Augmental’s ticket to the moon,” says Matta.

Paul Barakat Diab and Elie Nahas, co-founders of Augmental

SEPTEMBER 2020

PA U L B A R A K AT D I A B A N D E L I E N A H A S

While the co-founders finalize their first funding round, Augmental’s timing couldn’t be better. Although the app is designed to support guided learning and be complimentary to classroom teaching, this year the concept of what makes a functional classroom has fundamentally changed, with technology taking over and virtual classrooms becoming the norm amidst the COVID-19 pandemic. As a result, ed-tech is a flourishing market. The value of the U.A.E.’s ed-tech market alone is forecast to be $40 billion by 2022, according to a Dubai Future Foundation report. And across the Middle East e-learning is taking hold even post-lockdown, with Saudi Arabia announcing in August that it would introduce online classes for public school students for the first seven weeks of the new academic year. This has attracted notable interest from investors. In the U.S., online learning platform Coursera raised $130 million in July, valuing the company at a reported $2.5 billion—up from $1.6 billion when it last raised money in April 2019, according to Pitchbook. Closer to home, Saudi ed-tech platform, Noon Academy, announced in June that it had raised $13 million in pre-B funding— the initial target was reportedly $5 million, but interest in the raise led to oversubscription.

“Youth are used to technology, this is their comfort zone” This is a good sign for Augmental. But as they ride the wave of an evolution in education, the co-founders are not forgetting what’s at the core of their business model. Their goal is not just to tap into the tech boom, they want to improve the lives and prospects of students at all levels, based on their own personal experience. Barakat Diab and Nahas met in their third year of studying software engineering at Université Antonine in Baabda, Lebanon. While working on their projects together, struggling through endless exams, and bonding over a shared desire to work for themselves post-graduation, they stumbled on an idea. “One day we were studying together for an exam. We each had a different style and a different approach to learning material for the course,” remembers Nahas. The problems they faced were two-fold. Firstly, current curriculums are based on a one-size-fits-all model where all students are taught the same thing in F O R B E S M I D D L E E A S T.CO M

the same way, regardless of their individuality. And teaching methods were not evolving as fast as the students. “Youth are used to technology, this is their comfort zone,” says Barakat Diab. As part of their course work, the engineers began to explore building a smart software that could monitor each student and personalize their content. AI-expert Matta was a visiting instructor at the Faculty of Engineering at the time—Barakat Diab and Nahas were his students. “I taught more than 700 software engineers throughout my academic experience,” he says. “I could easily spot exceptional talent.” When Barakat Diab and Nahas presented their idea during the course, Matta was impressed. “I was completely on board, amazed at how much they went above and beyond what was requested.” The trio began meeting up for coffee to brainstorm ideas about how to improve education and learning. Not wasting any time, the student engineers spent their fourth year developing their idea, spending months conducting research and building the first minimum viable product version of the app themselves. Matta advised on how AI could be used, and provided valuable insight from an educator’s perspective. Keen to ensure that what they built was actually going to be useful, they found a school—the Collège de la Sagesse—willing to test the platform once it went live. By the time Barakat Diab and Nahas graduated in July 2017, the co-founders had a working prototype, ready to trial. They registered Augmental as a company in October that same year. Available in English, French, and Arabic, and targeting students aged 12 to 18, the Augmental app uses AI algorithms to establish a student’s capabilities and aptitudes before sharing tests and course materials that are aligned with their abilities. When they begin to use the app, each student carries out a learning style test to discover how they best learn, whether through sound, visuals, reading and writing, or by carrying out physical activities (kinesthetic learning). Then, at the beginning of each chapter, students are again tested to classify what level they are at, whether easy, medium, or hard. As they study, students are given content and exercises set to their individual level and delivered in the most effective way for them to learn. At the other end, teachers have access to a realtime dashboard where they can see what each student is doing, how well they are progressing, and whether they may need additional support. The content itself is also developed and managed by the teachers or other content creators via the app’s content studio. Users can add text, multimedia content, questions, and manage students’ access. SEPTEMBER 2020

Image from source

PA U L B A R A K AT D I A B A N D E L I E N A H A S

Student performance is monitored based on multiple KPIs, comparisons and collected data. Case studies carried out by the team suggest that student performance can improve up to 30% over 36 weeks. “We really want to build something that is of quality for students. We’re not just giving an extra app, we’re changing the education sector,” says Barakat Diab. In February 2019, the co-founders officially launched their business and made the product available for sale to schools. They are already bringing in revenue. The app is monetized via a subscription model, with schools signing up to different packages depending on their needs. How they pay for their subscription is down to the school—according to Barakat Diab, while some pay from their own budgets, others have asked students to subscribe to certain courses within the school, which gives them access to the app. The Augmental service is collecting positive feedback. “Our students attend their classes and courses and have all of their technical educational needs met online. It’s the best application software that we have used,” says Mashail Jamal Almoqeem, CEO of the STH Institute in Saudi Arabia. “We F O R B E S M I D D L E E A S T.CO M

started working with them for just a few services, but now we are depending on them for all of their services as a platform.” The functions the platform offers have expanded from necessity recently. When COVID-19 hit, Nahas quickly identified the need to add a virtual classroom and reporting features. “When we need to develop a new feature we do visibility testing, we do the wireframe, and then we test it with teachers and students,” he explains. “For the virtual classroom we did all that in just one month, and we were able to release this feature to assist schools during COVID-19.” Other recent add-ons include a quiz module for teachers to test students, from which data from students can be collected to monitor their performance over time. In the near future, they are looking at growing the team and adding a support division. As they reach out to external investors, the co-founders are looking ahead hopefully to a techbased future for education. “Especially now with COVID-19, the market is more ready for educational technology solutions,” says Barakat Diab. “It’s a fun journey at the end of the day. We’re just trying to make a difference.” SEPTEMBER 2020

• 30 UNDER 30 •

A LY M A H M O U D

GAME TIME EGYPT’S ALY MAHMOUD IS INTRODUCING FANTASY SPORTS TO THE MIDDLE EAST AND AFRICA THROUGH HIS FOOTBALLFOCUSED APP, EKSAB. AS THE 2020 SEASON GETS UNDERWAY, THE YOUNG FOUNDER IS KICKING OFF A NEW ERA OF ONLINE COMPETITION IN THE MIDDLE EAST. After months of match cancelations and uncertainty due to COVID-19, major football leagues are kicking off new seasons in September 2020—a welcome development for beleaguered fans everywhere. But for Aly Mahmoud, co-founder and CEO of Cairo-based fantasy football app, Eksab, the return of the Premier League, La Liga, and Bundesliga is far more important than usual this year. As football gets underway again, Eksab is planning to begin charging its users, potentially ushering in a new era for fantasy sports in the region. “We’re going to be the first monetized fantasy sports platform in the Middle East,” says Mahmoud, 28. In July 2020, Eksab got approval for a license from Egypt’s Ministry of Social Solidarity and the Ministry of Communications, although it’s still obtaining final paperwork at the time of press. That would allow it to operate and charge users without running afoul of the general prohibition of gambling under Islamic law. Eksab’s fantasy competitions are games of skill, says Mahmoud, rather than chance—a stance similar to daily fantasy platforms in the U.S. The Egyptian government ultimately came around to the idea. “We spent a considerable amount of time showing

them this is a game of skill,” says Mahmoud. During peaks, Eksab has reached as many as 30,000 active monthly users and 10,000 users active per day. They come to compete against their friends, and place predictions about matches, as well as play trivia and take part in raffles. Broadly speaking, Eksab is similar to popular U.S.-based daily fantasy sports platforms DraftKings and FanDuel, but it’s created specifically for the Middle East region. There should be plenty of potential for fantasy sports in the Middle East, where passion for football is widespread. “We did online fantasy sports 20 years ago in the U.S. so I know it well and it’s a heckuva opportunity for the Middle East,” says Ahmed El Alfi, chairman of Cairo’s Sawari Ventures and founder of The Greek Campus, the technology park where Eksab has its office. Although the concept is mostly new to the Middle East, the fantasy sports services industry in the U.S. is an $8 billion market, according to market researcher IBISWorld. And the success of companies in the U.S. like Draftkings and FanDuel offers a roadmap for Eksab. Realizing that opportunity has meant navigating

BY SAMUEL WENDEL

Image from source

A LY M A H M O U D

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

A LY M A H M O U D

regulations, since fantasy games and placing predictions can involve winning and losing money. Sports betting is mostly illegal in the Arab world, aside from some exceptions such as sweepstakes and lotteries games. As it had the potential to be labeled as sports betting, Eksab had to establish where it fits into this landscape. It’s not just an issue in the Middle East either. Until 2018, sports betting was also mostly banned in the U.S. apart from the state of Nevada, until the US Supreme Court overturned the rule two years ago. A license will allow Mahmoud to focus on taking his startup to the next level. Eksab will still offer free games, but it will have a premium version where users will be charged a fee per competition. Winners can take cash payouts or claim prizes through Eksab’s e-commerce store, where they can select items such as signed jerseys or smartphones.

“I never thought anyone would want to watch me play FIFA, but people did.” As Eksab navigates this transition, Mahmoud is also raising money for a pre-series A round. The startup has already garnered interest from a U.S.based VC and Mahmoud hopes to close the funding by December 2020, if not sooner. To date, Eksab has received an undisclosed amount of seed funding from global investor 500 Startups, which it secured in 2019. “We’re super bullish on e-sports and fantasy sports in general,” says Sharif El-Badawi, a partner with 500 Startups. “I’m hoping he becomes one of the founding pillars of that industry here.” Eksab still has most of its seed funding, reports Mahmoud, as the startup didn’t want to spend money to acquire users who weren’t paying. “We wanted to wait until we got our license to start charging users,” he says. “Because there’s nothing easier than getting someone to download a free app.” While waiting for the license, the startup kept busy by testing different types of competitions and features, while weathering the worst of the COVID19 pandemic, which saw football leagues postponed worldwide. That was a rough few months, says Mahmoud. “After a few days of being miserable, we started realizing that this is just a great time to build all the features that we eventually wanted to release,” he recalls. F O R B E S M I D D L E E A S T.CO M

That led Eksab to create an affiliate program, which will incentivize users to refer the app, as well as a sports trivia competition. Eksab also introduced e-sports competitions, allowing users to watch online streams of FIFA matches played on PlayStation and make predictions. “I never thought anyone would want to watch me play FIFA, but people did,” he says. “People were bored. They wanted football.” With football returning and a license in the works, Eksab could soon concentrate on growth. It’s a crucial stage for the company, an opportunity to prove it can become a sustainable business. “We’re going to start spending that capital very aggressively to start acquiring paying customers,” says Mahmoud. He also plans to hire a full-team. Currently, Eksab has four employees, led by Mahmoud and CTO Ahmed Omran. Egypt is a big market, but Mahmoud wants to expand, although he doesn’t disclose the markets he’s eying. Nearby Saudi Arabia is an obvious target, thanks to its sizable populations, widespread football fandom and high rates of spending on mobile gaming. Africa offers opportunity too, although it has more competition. Finding footing outside Egypt means navigating more regulations, but if Mahmoud can secure additional licenses Eksab should find an audience. “I actually think once we get past this stage, it should follow a similar pattern to gaming and social media,” says 500’s El-Badawi. “It should have a network affect to it.” For now, football is Eksab’s main focus (unlike platforms like Fanduel or DraftKings, which cover a variety of professional sports) because it’s the most popular sport in the region by a wide margin. In the future, Mahmoud may consider other sports. “We’re taking it on a market-by-market basis,” he says. He points to Ethiopia, where basketball is popular. Another way he’s looking to attract new users is by forging partnerships with football clubs in Europe. That will add credibility, help with marketing, and spread awareness. He’s working on proposals with several major clubs that would secure Eksab exclusive fantasy sponsorship rights for the region. That won’t come cheap, but such partnerships could raise Eksab’s profile while also discouraging competitors from eyeing the market. “It’s a great barrier to entry,” says Mahmoud. For now, big international competitors like DraftKings and FanDuel aren’t active in the region, leaving Mahmoud to see if he can replicate a similar model before local competition emerges. The idea for Eksab first hit Mahmoud while he SEPTEMBER 2020

F O R B E S M I D D L E E A S T.CO M

clunky original app became a memory. “We didn’t even use any of the old code base, I think it’s in a file somewhere, buried deep in an old MacBook,” says Mahmoud. To attract more users, they approached so-called micro-influencers. That included getting a popular Facebook group for local football fans to sponsor a post. That was cost-effective and Mahmoud plans to continue using this method. The startup also moved into The Greek Campus in Cairo, where Mahmoud met Ahmed El Alfi, whom he now cites as a key mentor. El Alfi says unlike a lot of young entrepreneurs who’ve started getting some traction, the team at Eksab are humble and listen to advice. “Too many entrepreneurs are waiting to talk, not listen,” says El Alfi. Meanwhile, Mahmoud also reached out to 500 Startups. El-Badawi was intrigued. “Turned out he was a really thoughtful founder,” says El-Badawi. “Very coachable as well, very patient about going out and building it.” But 500 Startups usually waits to invest until a company has already established traction, and Eksab was just starting out. El-Badawi eventually decided to make an exception. “Fast forward up until maybe last year, we decided he was really onto something,” he says. Following the investment, El-Badawi worked with Eksab on user experience, design and strategy. Simultaneously, Mahmoud was fighting fires on the regulatory side. The app was at one point barred from the Google Play store until Mahmoud could show proof that it was operating legally. But such issues come with the territory. “I still think he’s in the very early days of this business, and it’s just because there’s not a whole lot of familiarity with that kind of business here in the region yet,” says El-Badawi. Getting a license from the Egyptian government could be a turning point, but now the startup must show it can execute and find paying customers. Still, with Eksab nearly ready to take that step, Mahmoud is achieving a key part of his original goal. “We were able to finally bring that FanDuel and DraftKings model here into the Middle East,” he says. For Eksab, it’s game time. SEPTEMBER 2020

69 A LY M A H M O U D

was studying in Canada at Dalhousie University, where he majored in economics. There, his new college friends were engrossed with fantasy sports—including hockey, American football and basketball—something that was foreign to him. “As an Egyptian I was just used to watching football,” he says. The popularity of fantasy sports got him thinking. He researched and couldn’t find anyone offering a fantasy sports platform in the Middle East and Africa, despite local passion for football. That got him excited, and he wondered if people back home wanted to play. He paid a developer in India $500 to build an app, which he shared with friends in Egypt in late 2016. That app didn’t function very well—it was only in English and for iOS devices and did “what it’s supposed to do most of the time,” says Mahmoud. But people seemed open to using it. His friends sent it to their friends. The expectation was that maybe 20 people would sign up, but instead the app was downloaded around 2,500 times. “The feedback was too good for how bad the app was,” says Mahmoud. “That’s when you know you’ve really hit something.” Sponsors showed an interest too. Mahmoud was approached by Nike, as well as local fast-food chain Mince Burgers and a tourism company, leading them to sponsor a contest to send the app’s best performing user to watch Germany take on France in Marseille in 2016. By then Mahmoud had already graduated, but he was still in Canada earning his citizenship. In the meantime, he took part in a program through a startup incubator in Canada, to pick up the basics. The app was originally called Dice Predictions, but Mahmoud rebranded it to Eksab after moving back to Egypt. At the time he didn’t have the money to develop the business properly, so he got a job working with a company linked to his family, doing marketing. Around then he met Omran, a software developer, who he enlisted to help with Eksab. Together, they worked on the app, launching new versions for both iOS and Android in late 2017. Mahmoud began working on Eksab full-time and the

• TECHNOLOGY - CASE STUDY • By Shifali Singh

Change is inevitable, but COVID-19 has further accelerated this pace of transformation in the retail sector, as realized by Lulu Group’s fast pace of growth over the last few months. The international mass retailer has announced an injection of $500 million to establish a number of hypermarkets and mini-markets in Egypt—one of its 22 countries of operations across the Middle East, Asia, the U.S., and Europe.

Piyush Chowhan, the CIO of Lulu Groups International

Recognized today as one of the largest and most prominent household names in the Gulf, Lulu Group has become a key contributor in the region’s economic standing, with an annual turnover worth $8.1 billion and a workforce of more than 50,000 people. As the world advances into a post-COVID era, Piyush Chowhan, CIO of Lulu Group International, shares some evergreen lessons that leaders can incorporate from the company’s leading market status in the mass retail sector to survive and thrive amid a retail apocalypse.

Lesson 1: Understand the needs of the modern consumer Gone are the days when a retailer could solely rely on traditional product advertising or product differentiation to attract customers. “We are moving away from what we consider product-based marketing towards experiential marketing, an era of experiential retail,” explains Chowhan. The new-age consumer is interested in the novel experiences that are offered around the product, and Chowhan recommends redefining the traditional transactional strategy to fit this experiential mould. Tailoring experiences to F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

Lulu Group International

TECHNOLOGY - CASE STUDY

4 Ways To Stay Ahead In A Retail Digital Transformation

Lesson 2: Create an ecosystem embedded with technology Going digital has helped Lulu Group to embrace technological advancements and understand the benefits of analyzing customer needs with the help of data. “Today data is the new soil, where you nurture all your processes, systems, and ideas,” says Chowhan. Looking to the future, the CIO advocates for app modernization, which requires the monolith applications being re-written to micro-services based system which are cloud-native. One of the biggest challenges retailers face when innovating is catering to the ever-changing consumer behaviour and demand. App modernization, artificial intelligence and machine learning will help gather more accurate data to enable retailers to provide well-informed offerings to their target audiences. To avoid creating a divide between e-commerce and a brick and mortar store customer, Chowhan advises retailers to leverage technology to develop a hybrid model of commerce, wherein shoppers can get an experience similar to browsing online but in-person, and execute that interchangeably. Contactless is yet another fast-growing feature that has quickly become the norm among retailers, and Chowhan urges businesses to jump on this bandwagon in the spirit of creating a more experience-oriented environment for shoppers.

Lesson 3: Invest in partnerships and innovation Digital transformation requires working with partners to create an ecosystem to harness the power of digital business models. With the accelerated development in F O R B E S M I D D L E E A S T.CO M

technology, many startups have begun specializing in niche technological areas of expertise, and retailers are at liberty to delegate specific tasks to such partners. In Lulu’s case, the international retailer is reframing its suppliers and naming them as ‘co-innovation’ partners. “We bring in the retail domain expertise, and they bring in the technical know-how, the marriage of that is where the innovation happens,” explains Chowhan. Lulu has worked closely with a host of technology partners, including IBM and GBM, to fast track the transformation journey. This was required to create strategic partnerships and co-innovate rather than to have a buyer-supplier relationship with the technology providers. Lulu wanted to choose the right technology, which allowed the platforms to be super-resilient and hyper-scalable. The choice of IBM Power Systems for the technology modernization at Lulu was a crucial step in this direction. “Having a set of experienced digital partners is essential in simplifying the digital transformation journey and has allowed us to incorporate sophisticated technological solutions effortlessly. GBM’s local expertise has also been beneficial in reducing the complexities thanks to their end-to-end support,” says Chowhan.

Lesson 4: Incorporate agility for long-term gains “Open Source Technology solutions are going to be adopted more within Lulu, which provides flexibility and also reduces cost,” envisions the CIO. This prominence of cloud-native technology solutions is vital towards this migration from monolithic solutions which are not very agile. The seasoned retail executive also argues that the lines between industries are blurring. As the retail, banking, and hospitality sectors continue to become co-dependent, it’s critical to create a collaborative ecosystem through which customers gain an enhanced experience from bundle offers. For instance, Lulu’s partnership with Emirates NBD has not only enabled its customers to get 7% cashback when they use the 247 card but also get up to 4% rewards on fuel-related spends and 2% on utility bill payments, ultimately making spending more rewarding and convenient for the customers of both companies. The CIO is bidding his money on higher digital spending, innovative collaborations, and data-driven applications of cutting-edge technology as the mantra for any retail business owner to achieve a holistic journey of growth and retain loyal customers. “Retail will change drastically in the next few years, and with digital, the control will shift to customers who will demand personalized experiences,” Chowhan says. SEPTEMBER 2020

71 TECHNOLOGY - CASE STUDY

keep customers loyal has become even more crucial as e-commerce took center stage amid global coronavirusinduced lockdowns this year. “The entire product discovery process is actually out of the store, hence the customer journey starts much before the customer enters the store,” adds the retail executive. The spread of coronavirus further pushed retailers to surface their customers’ digital screens to retain loyalty and relevancy, and technology helped drive this success. Lulu is undergoing a digital transformation to make processes more customer-centric to enable an authentic omnichannel experience. Chowhan argues that grocery stores no longer decide what customers need; retailers must forecast consumer habits and demand and then integrate technology into their business strategies to stay ahead of competitors. “Customer journey maps and customer mind maps are the key tools for re-design of this digital customer experience design,” he adds.

â&#x20AC;˘ THOUGHT LEADERS â&#x20AC;˘ By Peter Schatzberg, Sweetheart Kitchen founder.

THOUGHT LEADERS

5 Ways To Develop A Leadership Mindset During Chaos Every company at some stage of its life cycle has to face debilitating circumstances before prevailing or failing. It is during the most turbulent and challenging times that a leader is truly tested. And these pandemic times have turned out to be among those. The business leaders who possess stamina, resilience, and the right mindset not only endure but mature. As is the case with any activity, we grow stronger, faster, and smarter by repeating the same action, over and over. Leaders who previously faced adversities are bestowed with a set of special skills that are crucial for navigating chaos. If one is already prepared to take the sufferings, it is likely that they have been through difficult times previously and have learned that personal growth happens during periods of struggle. When larger challenges inevitably emerge, the leader is already in possession of survival skills and is excited by the opportunity to face an even greater adversary where they can further develop themselves and achieve what others would not dare. If you have been through the struggle before, you will be better prepared to withstand a future crisis. But if COVID is the first test of your resolve, view it as a chance to get stronger, no matter the outcome. There is no growth during periods of comfort and calm. Soon you will welcome challenges and will appreciate that in struggle lies the seeds of professional development. Survival mode will bring out the intangibles in your character that do not get revealed or developed until tested. Evaluate the company, put its position in perspective, be decisive, and act. Has the crisis created an opportunity or has it revealed your weakness? Regardless of the results of your assessment, prepare a plan, and execute it immediately. A leader must make the toughest of decisions, particularly during a crisis. Take ownership of difficult decisions, acknowledge how difficult they were to make but make them anyway. Make sure your team is mentally and emotionally prepared for the challenges ahead. F O R B E S M I D D L E E A S T.CO M

In uncertain times, increase communication and be fully transparent about the direction you are taking. A leader is nothing without a team that is in support of the direction he/ she is headed and the likelihood for success is highest if everyone charges ahead collectively. Invest as much energy and time as is necessary to get the team aligned and work like crazy to keep them motivated. During a crisis, colleagues could require more motivation than usual and if you are the leader of the company that responsibly is yours. Know that success can be found in failure so long as you never quit. Even in failure lies the opportunity to enhance your reputation and capabilities. You must first fail in a crisis before you can expect to succeed in one. If this crisis ultimately beats you, use it as an opportunity to develop the survival skills necessary to prevent the next crisis from defeating you. Never go down without a hard fight and know that the harder you fight, the more you will hate the feeling of defeat and the faster you will rebound. You can emerge from this crisis stronger regardless of the outcome but only if you commit to never giving up. Narrow your focus and prioritize short-term wins. Focus your team on the few factors that will have the greatest near-term impact and eliminate focus on longterm projects. Every action must have an impact in the next 30-60 days or you are focusing on the wrong time horizon. Generate many meaningful short-term wins. Eventually these will add up to long-term gains. There is no point worrying about 2021 goals if you do not live through 2020. Win one week at a time and those weekly wins will eventually become months. The more time you can survive during a crisis the stronger you become and the greater the likelihood you succeed in the long term. You must welcome adversity and view it as nothing more than a challenge to overcome. Acknowledge and embrace the uncertainty of chaos and take it head on with full confidence and an aggressive mindset.

SEPTEMBER 2020

THOUGHT LEADERS

Travel mania / Shutterstock.com

LOGISTICS REPORT

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

LO G I S T I C S R EP O RT

Logistics Report

he logistics industry has not been spared from the global economic fallout due to the outbreak of COVID-19. According to Market Research.com, the Middle East’s transportation services market surged from $109.4 billion in 2010 to $272.1 billion in 2019 at a CAGR of 10.6%. However, growth has been impacted by the travel and mobility restriction measures that were implemented by regional governments in the wake of the COVID-19 virus. Despite this, Market Research.com F O R B E S M I D D L E E A S T.CO M

expects a $287.3 billion rebound this year and $1.02 trillion in 2030 at a CAGR of 13.5%.

A BUMPY RIDE FOR AVIATION Data from the International Air Transport Association (IATA) shows that, before the pandemic, global passenger traffic demand increased by 3.4% in October 2019 compared to the same period in 2018. At the same time, Middle Eastern airlines posted a 5.9% traffic increase, a sharp increase compared to 1.8% the previous month and throughout the

year. Capacity also surged by 0.3%, and load factor increased 3.9 percentage points to 73.5% despite the ongoing US-China trade war and sagging business confidence at the time. However, the COVID-19 pandemic has devastated the air transport industry. Last month, IATA projected a 56% decrease in Middle East airline passenger volumes in 2020 and 47% for airports. Regional airlines including Emirates, Turkish Airlines, Oman Air, Qatar among others are projected to post a combined net loss of $4.8 SEPTEMBER 2020

Halfpoint / Shutterstock.com

The Middle East’s logistics industry has historically been the lifeblood of the region’s non-hydrocarbon economy thanks to its central location between three continents, access to maritime’s busiest routes, cheap feedstock, and the financial ability to invest in enabling infrastructure and technologies.

LO G I S T I C S R EP O RT

billion this year as passenger revenues decline by $24 billion compared to 2019. In terms of air cargo, capacity and demand showed signs of recovery in June, with data showing a 17.6% year-on-year decrease compared to 20.1% in May, according to IATA’s latest monthly airfreight analysis. International cargo volumes for Middle Eastern airlines shrunk by 19.1% in June, marking the second consecutive month of recovery in the region, partly driven by more aggressive operational strategies of local carriers. The resumption of economic activity after the lifting of lockdown measures has seen a modest improvement amid a slow recovery in passenger operations, but major demand rebound has yet to materialize. IATA also expects airports in the Middle East to post total revenue loss of $7 billion, representing a 52% year-on-year decline in 2020. The air transport industry in the Middle East is the engine that drives the economy, supporting up to 8.6 million jobs and contributing $186 billion to GDP, however, the industry is expected to shed as many as 1.2 million jobs, and GDP supported by the sector may fall by $66 billion. Despite a decrease in passenger traffic, the region witnessed the launch of two new budget carriers in the U.A.E.—Wizz Air Abu Dhabi and Air Arabia Abu Dhabi—which might be a sign of things to come.

commuting requirements of the region’s workforce, which can be attributed to the multimillion-dollar land transport infrastructure development projects currently underway in the region. The latest data on the UAE Government portal shows that the transport and storage sector contributed 5.40% to GDP in 2017. Although several land transport infrastructure development projects in the region are still being implemented, they are estimated to be worth around $1.14 trillion, with tunnels, highways, and bridges dominating the list. Saudi Arabia and Bahrain are currently spearheading the construction of the King Hamad Causeway, a $3.5 billion project that is expected to kick-off by mid-2021 and completes in three years. Similarly, under its Vision 2030, Saudi Arabia aims to make Ministry of Transport projects 20% self-financed, creating significant scope for private participation in ports, airports, rail, and road infrastructure. The kingdom is also pursuing the construction of the Riyadh Metro lines for $2.6 billion as well as the Riyadh to Jeddah High-Speed Hyperloop, a project which is estimated to cost between $15 million and $20 million per kilometre. Meanwhile, in Egypt, the government is progressing with the

construction of Cairo Metro Line 3. The project’s total cost has reached $6.2 million with work progressing on the Cairo Metro Line 3 Phase 4B which has a total length of 17.7km.

SMOOTH SAILING IN MARITIME Middle Eastern ports handle nearly 20% of the world’s sea cargo due to the region’s strategic geographic location and investments made by governments into port infrastructure. Despite the impact of the pandemic on global trade, the industry is already showing signs of recovery. According to Agility’s recent updates, demand for ocean moves has increased in the GCC due to the closure of Saudi borders for transit cargo and congestion at land borders. There has been a slowdown in demand from all trades to the Middle East compared to previous weeks. The U.A.E. has 12 commercial trading ports and contains 310 berths, with cargo capacity of 80 million tonnes. Jebel Ali Port is by far the biggest port in the Middle East, with annual traffic of 22.4 million 20-foot equivalent units (TEUs) following the addition of a $1.6 billion fourth terminal in 2018. The port general cargo terminal covers a total storage area of over 1.4 million square meters

Petr Bonek / Shutterstock.com

LAND TRANSPORT MOVES FORWARD The Middle East’s land transport projects continue to be among the largest infrastructure investments in the region and are at the top of governments’ priorities as part of economic diversification plans and ambitious urban planning developments. The sector complements the region’s other two logistical divisions, the maritime and aviation sectors. Land transport also caters to the day-to-day F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

LO G I S T I C S R EP O RT

Jeddah Port, Saudi Arabia

Jordan’s Port of Aqaba is reportedly the fourth biggest port in the Middle East and the only port in the country with annual traffic of a 1.3 million TEU. Port Aqaba comprises of middle port, southern (industrial) port and Aqaba new port. It has a length of one km and a channel depth of 24m. The Aqaba Container Terminal has been the port’s main engine of growth in recent years and acts as a key hub for the wider Levant region.

comprising 27 berths, with a quayside depth of 15 meters, allowing large and special cargo vessels to berth. Saudi Arabia has the largest seaport network in the Middle East, with nine major ports and around 200 piers that handle more than 90% of the country’s trade. According to Market Research. com, out of the nine major ports in the country, six are commercial and the three are industrial ports. The kingdom’s seaports have gradually developed over the years form 33 berths in 1976 to 224 in 2017. Saudi’s ports have an overall cargo handling capacity of around 600 million metric tons. Jeddah Islamic Port is the second largest and busiest port in the region. The port is located on the Red Sea coast and in the middle of the international shipping route between east and west. The Mawani-operated port handles more than 65% of all cargo imported through the kingdom’s ports. It is equipped with more than 1,752 pieces of equipment for cargo handling, five terminals, 62 berths, and has annual volumes of over six million TEUs. Saudi’s freight and logistics market is estimated to be valued at $22.95 billion and is estimated to grow at a CAGR of 7.35% F O R B E S M I D D L E E A S T.CO M

during the forecast period, according to Market Research.com. In December, DP World signed a $500 million investment agreement with Mawani, which is set to improve and modernize the Jeddah Islamic Port, including major infrastructure development to enable the port to serve the ultra-large container carriers, considered the world’s largest mega containerships. The deal will also see the establishment of the first direct shipping line connecting Jebel Ali Port with Egypt’s Sokhna Port through Jeddah Islamic Port. Similarly, Oman’s Port of Salalah also ranks among the region’s largest ports. The port, which is partly owned and managed by APM Terminals is located on the East-West Shipping Lane in the Gulf of Oman and consists of a container terminal with seven berths of up to 18m draft and a general cargo terminal of 12 berths of up to 16m draft. In Q1 2020, Omani ports received a total of 16.6 million tons of general and liquid products, of the 12.1 million were general goods and 4.5 million as liquid derivatives. In terms of containers, the Sultanate’s ports received a total of 1.4 million standard containers TEUs.

According to the Agility Emerging Market Index, an improved international logistics opportunities sub-index score saw the U.A.E. rising two places to number nine globally. As a result, the country now features in the top 10 of all three individual sub-indices for the first time. The logistics sector is driving the U.A.E.’s economy and despite the postponement of Expo 2020, imports to support the construction of the venues have made the U.A.E. the region’s dominant sea freight hub while DP World’s Jebel Ali Port and its surrounding free trade zone are the region’s key gateway for regional and east-west trade. Similarly, Saudi Arabia, ranked fifth in the 2020 Agility Emerging Markets Logistics Index, made strides in domestic logistics opportunities and improved business conditions. Regional governments recognize the importance and potential of the logistics industry. Hence the sector is central to regional governments’ economic transformation plans, such as the U.A.E.’s Vision 2021, Abu Dhabi’s Vision 2030, Saudi Arabia’s National Industrial Development and Logistics Program, Kuwait’s National Development Plan 2035, and Qatar’s National Vision 2030. SEPTEMBER 2020

IVAN KUZKIN / Shutterstock.com

FACTORS DRIVING LOGISTICS

A SAFE Journey & ENJOYABLE

Nile Air

Pax And Cargo Team

Welcome You Back On Board F O R B E S M I D D L E E A S T.CO M

www.nileair.com

SEPTEMBER 2020

P RO M OT I O N

Global Connectedness During COVID-19 John Pearson, CEO of DHL Express Global, explains how in a post-COVID world globalization is not part of the problem, but part of the solution.

here is much speculation at the moment surrounding the state of the global economy as it stands. Understandably, many people are concerned about a retreat of globalization, the expansion of key national industries, shorter supply chains and a production that comes back home. There is no denying that we are in a serious crisis. The world economy has collapsed as a result of the COVID-19 pandemic. According to the WTO, global trade flows, foreign direct investment and cross-border travel have been deeply affected, putting many people, companies and sectors of the economy to severe tests. Despite gloomy prospects for 2020, I do not believe that we will see a massive decline of global connectedness after the crisis. Instead, globalization will take hold again. Especially in this pandemic, we are experiencing in many places how important globalization is for our economic and social immune system. Many globally active companies are currently far better equipped than those with a purely national or regional F O R B E S M I D D L E E A S T.CO M

focus. This makes sense: those who are only active in one country are completely at the mercy of the local situation. Companies with a foothold in multiple countries are more solid and flexible. Of course, the situation is different in every industry. But the tendency is for international companies to show more resilience. For similar reasons, I also believe that many statements about more production at home and the renationalization of economic sectors are misguided. Depending on the emergency, national supply chains are not necessarily more resilient. If anything, supply chains would need to be even more diversified in the future. So more, not less globalization. Of course, there is no reason whatsoever why precautions should not be taken and a strategic reserve of critical goods should not be built up for emergency situations. I have no doubt that cosmopolitan societies will ultimately prove to be more robust in the crisis. In order to get the virus under control, we need globally connected research and the best medical knowledge from around the world. And more mutual international helpâ&#x20AC;&#x201D;for example, by

sharing free intensive care capacities or sending teams of doctors to other countries. Conversely, hurdles erected before the crisis, such as customs duties on medical products, can now intensify supply bottlenecks. My appeal for more openness applies all the more to the poorer regions where access to world markets is a strengthening factor, especially for the many small and microentrepreneurs. Where local sales come to a standstill, e-commerceâ&#x20AC;&#x201D;including the cross-border shipment of goodsâ&#x20AC;&#x201D; can become a ray of hope. These days, each and every one of us experiences how much our well-being depends on trade, functioning logistics and global digital connectedness. Thanks to a powerful global IT infrastructure, state-of-the-art logistics, and technologies, platforms and smartphones that digitally connect us, we can currently maintain much more continuity than would have been possible in the past. Global connectedness has made our world more stable and less vulnerable in this crisis. We should be grateful that it exists. And in the interests of our global social and economic immune system, we must ensure that globalization does not now suffer irreparable damage. The better we succeed in doing this, the more resilient we will remain.

www.dhl.com SEPTEMBER 2020

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

P RO M OT I O N

Driving Innovation In Automotive Logistics

Brent Melvin, CEO of Gallega Global Logistics, explains how the UAEbased automotive logistics specialist is providing its customers with a unique service to strengthen brand loyalty in difficult times.

s vehicle sales activity in the region continues to tighten, distributors and retailers are being forced to consider cost reductions, efficiency, and service level improvements to allow for a competitive edge. Brand loyalty continues to play a strong part in vehicle selection, but consumers are becoming savvier and understand value for money, all the while noting how individual brands are increasingly improving feature offering but maintaining price points. The selection of good quality vehicles on offer is wide with new market entrants vying for market share, while price sensitive consumers F O R B E S M I D D L E E A S T.CO M

expand their search for affordable cars often turning to digital channels for comparison and even purchasing. As a result, many organisations are looking to online sales channels to reduce the number of physical showrooms required to maintain market share, while engaging potential buyers in the digital space. We provide excellent B2C solutions for distributors to support their e-commerce ambitions, offering PDI activities and door delivered services while reducing the number of touch points from order to delivery and enhancing the customer experience. Staying ahead of the competition and being able to differentiate yourself in a shrinking market is key to success in a changing consumer landscape. There is sense in collaborating with trusted partners if it provides the cost benefit, quality enhancement and support needed to reach your customers in an agile and efficient manner. With a focus on providing outsourced solutions to Middle East based dealers and re-exporters, we are making a mark on the automotive industry with unique value propositions, building competencies to provide

customer specific solutions that meet OEM standards for storage, stock maintenance, handling and PDI activities. We operate out of Jebel Ali and KIZAD, with expansive logistics facilities to handle finished vehicles, spare parts storage, and post-production activities on both new and used cars. Our philosophy is one of maintaining an aggregated cost approach to the industry whereby the respective dealers can benefit from a reduction in logistics costs by outsourcing activities that have traditionally been handled themselves, sometimes at great expense of maintaining large areas of land, trucks and staff dedicated to manage their logistics requirements. The pay per use model of Gallega Global Logistics provides our customers with control, visibility, and flexibility, supported by digital tools for ease of use. As a partner, we are offering possibilities in every direction.

www.gallega.com SEPTEMBER 2020

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

P RO M OT I O N

Delivering Sustainability To The Forefront Of Priorities Amid Challenges 82

Raji Hattar, Chief Sustainability Officer at Aramex, explains how one of the Middle East’s biggest logistics companies has always had sustainability at its core.

he global COVID-19 pandemic is serving as a litmus test for companies’ business resilience, strength of leadership, agility of workforce, financial robustness, and perseverance to maintain their corporate purpose amid unprecedented challenges. But it has also forced them to reflect on the question, “How could we have better prepared for this?” The answer is simple, preparation for a crisis takes time, discipline, and commitment—it also requires taking serious steps in improving every element of the ESG. Often companies don’t envision the “what if” hypothetical scenarios, and instead focus on satisfying short to medium term goals that are measurable F O R B E S M I D D L E E A S T.CO M

and value-enhancing. For some global companies, sustainability is embedded, but for some companies in the region that are relatively late bloomers to ESG criteria, sustainability has only recently become a focus area. When a crisis comes along, management focus shifts to taking prudent measures and adopting pragmatic approaches to cushion the financial blow. As a result, sustainability initiatives may end up being bumped down on the priority list. Not at Aramex. Because sustainability is a core and integral part of our strategy, operations, and mindset, and this has been the case since the founding of the company. We believe this crisis revealed a major inflection

point that catalyses the need to further weave in ESG into core business strategies, better anticipate social and environmental risks, and further intensify the roll out of initiatives with an increased sense of urgency. We can confidently say that this has set us apart. We benefit from our sustainability efforts. For example, by depending on our solar panels for powering warehouses in the U.A.E. and Jordan, we are able to calibrate our energy needs accordingly, allowing us to reduce carbon footprint and emissions as well as realize cost savings. From a social perspective, we are able to provide benefits to the wider community because of our large network within our community outreach programmes. SEPTEMBER 2020

P RO M OT I O N

Those that need us know we are there to support them. ESG is not a new concept but has recently become a global megatrend. In the region it is often misunderstood and regarded as a siloed part of company strategies. In the past, some would even argue that it is a luxury for cashrich companies that are comfortably operating in bull markets. That is now changing. More than ever, ESG has pivoted from a previously peripheral concept to a central businesscritical issue, that will ultimately address multi-pronged goals. If well-integrated and effectively implemented, it has a powerful ability to create value, incite stakeholder trust and confidence, catalyse innovation, and drive the overarching agenda for sustainable socio-economic development. Since its establishment, Aramex has embraced ESG as an integral part of its corporate culture. In 2006, we pioneered the first sustainability report in the region. In 2010, we reinforced our commitment by aligning sustainability into our core business strategy and folding it into our annual report. Our sustainability strategy has evolved as we endeavoured to adopt a best practice approach. Our longstanding partnership with the UN Global Compact underpins our commitment in continuing to make good on our promise to lead an organisation that is committed to

making a positive impact that meets the United Nations’ Sustainable Development Goals. Since the beginning of our reporting practice, we have adopted reporting practices in line with the Global Reporting Initiative, the leading sustainability reporting standards and now the International Integrated Reporting Council Framework, which allows us to effectively monitor and measure our value creation and impact and provide a holistic view to all our stakeholders. Meanwhile our environmental initiatives have allowed us to reduce electricity consumption per shipment by 29%, increase recycling by 22%, cut fuel per shipment by 22% and cut down our emissions per shipment by more than 40% from our baseline year in 2012. Currently, we are operating two recently completed solar farms in Jordan and the U.A.E. The 1.2MW solar farm in Amman powers 90% of the needs of Aramex Jordan while the 3.2MW facility in Dubai has reduced the consumption of the targeted warehouse by 60%. In 2019, our “Delivering Good” sustainability platform was active in over 98% of our operations through educational, social, and environmental projects worldwide. We have been active in providing access to education, capacity building, and empowerment opportunities to over 44,000 youth. In addition, our community engagement

initiatives involved active participation of our employees, who have worked hard in providing food, medicines, and emergency relief for underprivileged families and those affected by crisis and disasters. Our extensive sustainability programme has allowed us to implement 190 projects that made a positive impact to a little over 120,000 beneficiaries. Our Start-up Support Program has also made considerable progress in supporting 3,700 SMEs and entrepreneurs across our network. Over the medium to long term we have set sustainability goals, including increasing the number of beneficiaries of our sustainability initiatives by 5% every year. This year, we are finalizing the commissioning of the site of the second phase of Dubai’s solar farm, as well as other solar projects across the U.A.E., Jordan, and Egypt. We have also embarked on initiatives that would see the use of electric vans across our operations, with 10 fully electric vehicles are currently operating as part of our fleet in Amman-Jordan. COVID-19 has not and will not interrupt the progress we have made on our sustainability strategy. Research reveals a strong link between ESG integration and corporate resilience during COVID-19. We see this trend becoming more apparent in the aftermath of the pandemic, where companies that have clearly demonstrated their purpose, and those that responded well during the crisis are set to establish resilience, receive positive reputational benefits, increase market share, and even outperform competitors. As we set forth in navigating the path to the new normal, we will continue to take a long-term and progressive view in making a positive impact on the environment and society.

www.aramex.com F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

• FORBES LIFE • By Fouzia Azzab

Saudi Arabia has a cultural heritage dating back thousands of years, with many of the country's treasured destinations registered as UNESCO World Heritage sites. The most notable historic destinations include Diriyah, the Hail Heritage Jubbah, Jeddah, and the Al-Ahsa Oasis.

Tanafas The Saudi Tourism Authority has launched the “Summer of Saudi Arabia” season titled “Tanafas,” or “Breathing,” from June 25 to September 30, 2020, for tourists to enjoy the charming natural beauty, diverse climate, historic sites, and authentic Saudi culture in 10 diverse tourist destinations. “Breathe the spirit of Saudi Arabia” encourages visitors to get acquainted with the ancient kingdom’s treasures, ancient civilizations, rich heritage, and diverse culture, which showcase the history of the Arabian Peninsula.

I Diriyah, the heart of Riyadh Diriyah is the heart of Riyadh’s culture and heritage, consisting of several regions, including Al-Bujairi and Al-Tarif. Its ruins became a UNESCO heritage site in 2010. Visitors can witness the beautiful architecture of the city. Signs of the nation’s birth are spread across

F O R B E S M I D D L E E A S T.CO M

Riyadh, including the Masmak Fort, a 150-year-old castle built from mud. Tourists should visit the old souks of Riyadh, where the historical Al-Zal market is located. The souks sell a variety of traditional handicrafts, from woven carpets to traditional clothes and antiques. A popular tourist destination in Riyadh is the edge of “the end of the world,” which is separated from its visitors by a winding road that runs along a stretch of hills leading to the Tuwaiq heights. Visitors can also find attractive landscapes of barren valleys, and breathtaking horizon, located 90 kilometers from Riyadh city. This is part of the vast slopes of Tuwaiq extending more than 600 kilometers in the center of the kingdom. It was previously overlooking an old trade route used to cross the Arabian Peninsula from Yemen to the Levant. SEPTEMBER 2020

Image by Diriyah Gate Development Authority; Ad Diriyah / VisitSaudiAR Twitter

FORBES LIFE

Best Summer Tourist Destinations In Saudi Arabia

Al-Zulfi, Image credit @abdullh_alobadh; @VisitSaudiAR / Twitter

FORBES LIFE

I Al-Zulfi

I Jeddah charm

Al-Zulfi is the largest city in the governorates located in the Najd region of Riyadh. It has several parks and other attractive places like Lake Al Kasr, Al Sabla Kindergarten, and the vinegar youth recreational park, with its mountainous eastern scene and sandy western view. Al-Zulfi is also an agricultural city, which has three famous valleys: Wadi Markh, Wadi Al-Nom, and Wadi Semnan. It has several historical monuments, including Saud Palace—one of the most important landmarks in the archaeological city that has an ancient history extending for about 243 years, and was established by Prince Saud in 1780.

Jeddah is full of charm, serenity, and markets, not to mention its beautiful coastline. It is also the gateway to Mecca, full of ancient Islamic history. Visitors can feel the charm of Jeddah in the “Al-Balad” area, which was built in the 17th century AD. They can also enjoy one of the unforgettable experiences, as there are meticulous restorations that have been carried out on the houses to preserve the charm and originality of the region. The Jeddah Corniche is a park of more than 30 kilometers that embraces the waters of the Red Sea. It has several restaurants, entertainment places and parks for relaxation. Exhibitions in Jeddah today cater to all tastes of modern art, most notably the Jeddah Sculpture Museum that is located on the corniche, and includes an amazing collection of pieces dedicated to the bride of the Red Sea. The museum includes a wide range of antiquities dating back to Islamic history and pre-Islamic times.

I Taif Taif attracts a major share of the volume of domestic tourism in the kingdom. It is often called the City of Roses and the Bride of Saudi Resorts, due to its moderate climate in the summer season. Taif is known for its museums, parks, popular markets, fruit, rose plantations, aromatic flowers, as well as cultural tourist places such as Okaz Market, which bears the name of one of the most important ancient markets and serves as a forum for intellectuals, poets and various arts. It has several famous sites such as the Shubra Palace, which contains the Taif Regional Museum, and the “Al Hada Cable Car,” which operates from the highest mountains at the summit of Al Hada, down to the village and entertainment resort of Al Kar. F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

I Cultural attractions

seventh Hijri year, and the Ibrahim Palace, built during the reign of the first Saudi state. Inside sits the Dome Mosque. Artifacts and various pictures are displayed in the Palace Museum.

I Abha Aseer is located in the south of the kingdom between the mountains, and the visitors can explore the beauty and secrets of the city of Abha, which is the capital of the region. Visitors can enjoy the historical sites in addition to visiting the highest mountain peak in the Arabian Peninsula at Al

Souda Park, at a height of more than 3,000 meters, which is a park unique with stunning environmental characteristics, and the highest rainfall falls on its green carpet in Asir, as it is covered with a dense forest. The park is also equipped with cable cars to connect its visitors to the Al-Ous Park, where the museum, the heritage library, and the ancient palaces are located.

I Tourist attractions The Al-Baha region is an open historical museum on top of a mountain of white rocks, dating back more than 400 years, and includes the Raghadan Forest Park, a rugged natural area that has qualified to become one of the most important tourist attractions in the region. It is also connected to the village of Dhi Ain through roads and winding valleys. F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

AFZAL KHAN MAHEEN / Shutterstock.com; Nesru Markmedia / Shutterstock.com

FORBES LIFE

In the eastern region, visitors can enjoy historical, economic and cultural heritage. Dammam is the main city in the region, home to cultural monuments and the center of the oil and gas industry in the kingdom. The King Abdulaziz Center for World Culture, Ithraa, is a diverse cultural destination that includes arts, science, literature and innovation. Tourists can spend time in a popular interactive village in Dammam, through which they can learn about life in the kingdom. The city of Al-Ahsa, located in the east of the kingdom, is famous for its picturesque green lands that are listed on the UNESCO list and home to one of the largest oases in the world, as well as historic sites dating back to the Stone Age. The tops of the limestone hills offer stunning views of the surrounding areas from 200 meters above sea level, exploring the maze of caves and paths dug into the rock. Al-Ahsa includes the Jawatha Mosque, built in the

• THOUGHT LEADERS • By Shalini Verma, CEO of PIVOT technologies.

On July 31, tech royalty made their way to a much-anticipated appearance on Webex for an anti-trust hearing before the US government’s House sub-committee. The big tech representation included the top bosses of Google, Apple, Amazon, and Facebook. The hearing was a great show—all the actors came prepared with scripts. The senators, armed with data points, often made a strong case, but they failed to clearly articulate the impact on competition. A few senators couldn’t resist digressing to complain about big tech’s “conservative bias.” Big tech has been often accused by the republican senators of taking down conservative posts from the social media platforms. Ironically, Facebook has been recently accused of protecting right-wing hate speeches in India to avoid antagonizing the current dispensation. Other than providing plenty of entertainment for the Twitterati, the jury is still out on how the hearing will shape regulations. Big tech’s technology platforms’ colossal market size is fueled by technology disruptions of market adjacencies such as financial services. This makes big tech a formidable competitor. Healthy competition is all about creating a level playing field. In the digital marketplace, fair competition has been missing for years. The opening statement of Democrat David Cicilline, chairman of the House’s judiciary sub-committee on anti-trust, described these behemoths as gatekeepers of the digital economy, giving them the muscle to pick winners and losers. Contrary to big tech’s claims of unleashing innovation, consumers may actually be settling for less. As startups line up before big tech’s venture capital arm, they are unaware that big tech is stealthily planning copycat services. Cash-strapped startups open their cards not knowing that the deck is pretty much stacked against them. Amazon is known to invest in startups only to create duplicate services within months. An entity financed by Amazon invested in Nucleus, a company that built home video communication devices. At that F O R B E S M I D D L E E A S T.CO M

time, Amazon disclosed that it was not building a competing product. But that did not stop the tech giant from launching the Echo Show device within a year. When faced with a potential lawsuit, Amazon agreement an out of court settlement of $5 million with Nucleus. This is just one example of how an e-biz giant “acquires” proprietary information about competition. Apple’s app store policy forbids developers from offering copycat services, but there is no such exemption for itself. When CEO Jeff Bezos was asked about Amazon using seller data to build competitive products, his testimony was at best elusive and at worst inaccurate. Amazon can compete on pricing for hundreds of fashion brands to the disadvantage of third-party brands that sell exclusively on its e-biz platform. Past emails and messages divulged during the hearing showed in clear terms that Facebook perceived Instagram and WhatsApp as competitors before swallowing them. All this has been happening in plain sight. The United States Federal Trade Commission had even given its nod to the acquisition of Instagram. The regulators’ inaction was partly because of a lack of consensus on the precise market that big tech operates in. Amazon competes with physical and online retail stores. It competes with book publishers, and physical and online books stores. Google owns the entire digital advertising value chain from ad-buying platform, to ad exchange and ad server. This is why reining in big tech is a complicated affair. The spectacular failures of the regulators to stop antitrust malpractices have larger hidden agendas. American big tech represents the essence of “Americanism.” They are global gravitational forces for digital dollars for the US economy. True blue American companies such as McDonalds and Pepsi have historically exported American culture and ideologies to unlikely destinations. Unless the lawmakers are able to correct part mistakes, history will view the anti-trust hearing as an exercise in futility. SEPTEMBER 2020

87 THOUGHT LEADERS

Will The Results Of Big Tech’s Anti-Trust Hearing Have Any Impact?

• THOUGHTS ON •

Persistence “The drop of rain maketh a hole in the stone—not by violence, but by oft falling.” —Bishop Hugh Latimer

“I always try to convert a moon shot into an Earth shot.” —Martine Rothblatt

“Patience and time do more than force and rage.” —Jean de La Fontaine

“Timing, perseverance and ten years of trying will eventually make you look like an overnight success.” —Biz Stone

“The best way out is always through.” —Robert Frost

“Perseverance is the foundation of all actions.” —Lao Tzu

“Long live the rose that grew from concrete when no one else even cared.” —Tupac Shakur

“I did not have the most experience in the industry or the most money, but I cared the most.” —Sara Blakely

“Nothing in this world can take the place of persistence. Persistence and determination alone are omnipotent.” —Calvin Coolidge “Keep a little fire burning, however small, however hidden.” —Cormac McCarthy “Dare, and the world always yields—or, if it beats you sometimes, dare again, and it will succumb.” — William Makepeace Thackeray “Whatever menaced, harassed, warned, I passed impetuous by. Still bright on clouds of suffering dim. Shines that soft, solemn joy.” —Charlott e Brontë F O R B E S M I D D L E E A S T.CO M

Calvin Coolidge

“A hundred failures would not matter, when one single success could change the destiny of the world.” —Arthur C. Clarke “If you feel passionate about something in your soul, continue to pursue it. Pursue it with all the love you have.” —Common

“We are afflicted in every way, but not crushed; perplexed, but not driven to despair; persecuted, but not forsaken; struck down, but not destroyed.” —2 Corinthians 4:8 “Never rule out a goal because you think it’s unattainable. Be audacious.” —Ray Dalio

SOURCES: FABLES, BY JEAN DE LA FONTAINE; A SERVANT TO SERVANTS, BY ROBERT FROST; THE ROSE THAT GREW FROM CONCRETE, BY TUPAC SHAKUR; THE ROAD, BY CORMAC MCCARTHY; THE LUCK OF BARRY LYNDON, BY WILLIAM MAKEPEACE THACKERAY; JANE EYRE, BY CHARLOTTE BRONTË; 2001: A SPACE ODYSSEY, BY ARTHUR C. CLARKE; PRINCIPLES, BY RAY DALIO.

FINAL THOUGHT “Persistence earns more than a mere existence.” —B.C. Forbes—

SEPTEMBER 2020

Image from wikipedia

THOUGHTS

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020

F O R B E S M I D D L E E A S T.CO M

SEPTEMBER 2020