I Going All In

By Nermeen Abbas

• STARTUPS •

Careem alumni Wahaj Ahmed, Talha Ansari, and Muhammad Nowkhaiz, cofounders of Retailo, used the pandemic incentive to quit their jobs and launch their own tech-based startup. With $45 million in funding raised in just 18 months, they’re looking to buy-now-pay-later for their next growth spurt.

In July 2020, as the pandemic swept across the global supply chain and everyone went online, undeterred innovators began looking for opportunities in areas that technology had not yet fully saturated. Three former Careem employees, Wahaj Ahmed, Talha Ansari, and Muhammad Nowkhaiz were so convinced of the potential they saw in business-to-business (B2B) e-commerce they quit their jobs to launch their own startup. Just 18 months later, in February 2022, they raised $36 million in a Series A funding round. “COVID-19 was such a big catalyst”, says Ansari, cofounder of Retailo. “We saw SME retailers struggling because of lack of technology while all the tech companies were thriving, and we wanted to enable community stores.”

Retailo allows community stores to buy day-to-day inventory through a mobile app and have it delivered within 24 hours. Since it was established, it has attracted total funding of $45 million from investors, including Graphene

Wahaj Ahmed, Talha Ansari, and Muhammad Nowkhaiz quit their jobs during the pandemic to start their own business.

Ventures, 500 Global, Agility Venture Partners, Aujan Group, Tech Invest Com, Mentor’s Fund, IMM Investment Global, Shorooq Partners, Abercross Holdings, Arzan VC, and AgFunder, alongside individual investors. Having initially launched simultaneously in Saudi Arabia and Pakistan, today more than 50,000 retailers have used the platform across 12 cities in Saudi Arabia, Pakistan, and the U.A.E.

The cofounders now plan to use their latest capital injection to accelerate Retailo’s entry into the buy-now-paylater (BNPL) space and further expand into existing markets. “SME retailers have not progressed because of inaccessibility to the main-stream financial system. By providing easy access we want to add more value to their business,” stresses Ansari.

Currently, Retailo’s home market of Saudi Arabia is still its largest market, followed by Pakistan and the U.A.E. The cofounders decided to launch in Saudi Arabia due in part to the overall regulatory and government push to transform the economy, particularly in terms of digitization. “The aspiration was to build the regional business with Riyadh as the headquarters, as KSA is a growing tech and economic hub,” says Ansari.

Before launching Retailo, the cofounders were already enjoying successful careers in Pakistan. The three friends worked for startups with VC company Rocket Internet— Ansari at Foodpanda and Wahaj at a fashion apparel e-commerce company now owned by Alibaba, while Nowkhaiz founded a B2C grocery and B2B retail startup. Wahaj went on to serve as an assistant general manager at Careem in 2016 before joining McKinsey as a fellow in May 2017. Meanwhile, Nowkhaiz became head of strategy for Careem and worked closely on the super-app’s evolution before it was acquired by Uber. In his last position at Careem, Ansari managed last-mile delivery and supplier side for MENAP as a senior director.

While they don’t think their Careem experience is the only reason for their success as entrepreneurs, Ansari does concede that it played a role. “For some of the investors, it gives them additional comfort that the founders have past experience in building a similar product,” he admits. “I think all of us experienced the kind of impact that we created firsthand, so that gives you a boost and confidence.”

The cofounders are currently confident that Retailo can reach 10 million SMEs by 2030, as they eye other MENA countries. “The idea is to make services available to the community stores and suppliers in a region of 700 million people and market that stretches from Morocco to Pakistan,” says Ansari, though he declines to name specific markets at this time. However, as it makes plans for expansion, Retailo faces fierce competition in the region overall and in Saudi Arabia particularly. Many other players are also bagging huge investments. Saudi’s Sary has raised $112 million since it was established in 2018, backed by the Public Investment Fund’s fully-owned subsidiary Sanabil Investments, the Wafra International Investment Company, and Endeavor Catalyst. In Egypt, MaxAB and Capiter bagged $55 million and $33.4 million, respectively, in 2021 alone. And Morocco’s Chari closed a bridge round in January 2022 at a valuation of $100 million.

“It’s normal to see this vertical flourishing, since at its core, and in time, companies have similar consumer behaviors as individuals,” says Adrian Garcia-Aranyos, President of Endeavor Global. “A digital platform that solves marketplace frictions is an obvious evolution of the dysfunctionalities taking place in the physical world, in the same way that behavior shifted from consumer side with B2C marketplaces. This is a trend we’ve seen in other regions around the world too.” Garcia also believes that there are a couple of particularly promising markets regionally, “If I had to put the spotlight on two markets, I would definitely say Egypt and Saudi Arabia,” he adds.

According to a study by Wamda published in January 2022, B2B startups in MENA raised $1.5 billion in 2021, accounting for 52% of the total $2.9 billion raised by startups overall. But the Retailo cofounders don’t seem too worried about the competition. “It’s always good to have more players, especially in this space. I think there is still room for more,” says Ansari. “The retail market of MENAP is worth half a trillion dollars. It serves 700 million people and involves over 10 million retailers with many more million people in the connected space.”

When it comes to its 2022 targets, the startup is focusing on deepening its coverage within its existing markets, along with scaling its BNPL offering. Its internal targets are 30X growth on transaction value for BNPL, and 6X more for the e-commerce side of the business. However, while growth is on the radar, thoughts of an IPO currently are not. According to Ansari, it is too early to think of going public. “As long as we are able to raise money in the private market, we would like to keep it that way because the private market allows you to grow faster,” he highlights. It also gives them more control to focus on serving people in underserved markets. “It’s an amazing thing when you aspire to create value by providing technology to someone who has not been introduced to technology,” adds the cofounder.

Founder and Chairman of the Emerald Palace Group, Nver Mkhitaryan, went all in building the $700 million Emerald Palace Kempinski in Dubai, only to see COVID-19 interrupt operations. After some deft maneuvring, it’s back in business as the Middle East’s first Raffles resort.

BY SAMUEL WENDEL

Nver Mkhitaryan, Founder and Chairman of the Emerald Palace Group

IMAGE BY FORBES MIDDLE EAST FORBESMIDDLEEAST.COM

NVER MKHITARYAN

For much of the pandemic, one of Dubai’s most opulent new hotels sat largely empty. The Emerald Palace Kempinski Dubai, which opened to fanfare in late 2018 and cost around $700 million to develop, was the creation of real estate developer Nver Mkhitaryan. He envisioned it as a European palace fit for royalty: occupying a prime waterfront plot on the glitzy Palm Jumeirah, the hotel features over 6,000 Swarovski chandeliers and columns of pink Portuguese marble, with manicured gardens and swanky villas overlooking a private beach with sand imported from the Maldives.

But less than two years after opening, the property’s future was thrown into doubt, as the resort shut down after COVID-19 began to spread globally in early 2020. Even as Dubai orchestrated one of the world’s fastest vaccine rollouts and local tourism began to recover, the palatial property stayed closed. Then came the news in May 2021 that Kempinski was no longer going to manage the property.

Yet, behind the scenes, people worked to keep the regal hotel ready for business. Engineers, cleaners, security, and in-house interior specialists focused on maintenance and upkeep, while air conditioning was kept running to ensure the empty five-star hotel and its 391 rooms and suites stayed in perfect condition. And the property wasn’t entirely without guests: social media posts from Conor McGregor in early 2021 revealed that the MMA fighter was using one of its private villas.

“No one looking at the hotel from the outside would have noticed that the hotel was in fact closed,” says Mkhitaryan, founder of the Emerald Palace Group, which owns the hotel. The Armenian-born entrepreneur launched the holding company in 2005 to develop luxury projects in the U.A.E. and beyond— but none attracted the level of international attention garnered by the flagship hotel. So, with the future of his marquee property in flux, Mkhitaryan stayed busy too. Following Kempinski’s exit, he quickly inked a partnership with the hospitality group Accor to rebrand the hotel as Raffles The Palm Dubai. That saw the property finally reopen in September 2021 and become the first Raffles resort in the Middle East. The rates match the royal surroundings: rooms usually start at roughly $600 per night in peak season and run up to more than $11,000 per person for a villa.

The move from Accor comes as the French company is expanding in the Middle East and the Emerald Palace Group’s idle hotel offered an opportunity it couldn’t resist. There are few beach resort plots left in Dubai and none on the Palm Jumeirah, according to Mark Willis, Accor’s regional CEO. Already, the exec likes what he’s seeing from the property. “The launch of Raffles The Palm Dubai a short few months ago has already exceeded all expectations,” says Willis.

Mkhitaryan seems pleased with the partnership too. He believes the Raffles brand provides the market penetration and awareness that he’s looking for and he reports the hotel has already hosted dignitaries, celebrities, and some of the most exclusive weddings in the Middle East. “Our goal is to position Raffles The Palm as the leading luxury resort in the Middle East,” says Mkhitaryan.

That’s quite a goal in a market known for worldclass hotels (not to mention the Burj Al Arab, which is sometimes described as a seven-star resort). But Mkhitaryan’s ambitions don’t end there. A Dubai transplant who rose to prominence as a real estate developer in Ukraine, Mkhitaryan still wants to raise the stakes even higher. “Sometimes I catch myself thinking, why didn’t I build the Burj Khalifa?” he says. “However, I’m sure that the Burj Khalifa of my life is still ahead.”

Still, his plans have had to contend with COVID19, which hit the tourism and hospitality space hard globally. Emerald Palace Group carefully managed costs during the pandemic, while also realigning and restructuring its business. Yet, Mkhitaryan remained bullish on Dubai’s potential despite the challenges

and continued developing projects. In late 2021 that saw the group deliver another new five-star hotel in Dubai’s Business Bay, launched in conjunction with Accor under its Hyde hotel brand, making it the first international location for the brand outside the U.S.

Going forward, Mkhitaryan sees ample promise in Dubai’s future as a hub for travel and business after the emirate served as a safe haven during the pandemic. As evidence, he cites Expo 2020 as positioning the city as a key destination for tourists, while moves like the U.A.E.’s Golden Visa are making it an attractive location for new investments. “We have seen real estate prices rising over the past few years despite the global pandemic,” he says. “Once again, it shows confidence in Dubai.”

So, when will we see his next headline-grabbing project in Dubai? Mkhitaryan reports the group is planning significant projects on property it owns on the Palm Jebel Ali and Dubai Waterfront, although he doesn’t provide specifics. The developer emphasizes that Dubai is a focus area for his group, but he’s also actively working on a luxury resort in France’s Courchevel and another in the Maldives.

Whatever comes next, expect him to take a handson approach; Mkhitaryan has garnered a reputation as an owner who stays closely involved in projects. For instance, he reports having personally approved every element used in the construction of the Emerald Palace hotel. “There can be points within the construction stages that many people would not notice and can be costly to implement,” explains Mkhitaryan. “If I can see that such improvements will deliver a better product I will always commit the extra funds.” That has caught some by surprise— the former hotel manager of the Emerald Palace Kempinski Dubai was once quoted in a news report as saying Mkhitaryan’s personal involvement and attention to detail was partly responsible for project delays. Either way, the developer certainly brings a wealth of experience and knowledge to his craft.

His path to Dubai began in Soviet Armenia, where Mkhitaryan was born in 1960. The son of a famous writer, he grew up surrounded by thousands of books. But rather than take up the pen too, he chose to study architecture and construction. After graduating from Armenia’s Yerevan Polytechnic Institute in 1982, Mkhitaryan was assigned a role working on the construction of a new sports facility in the country’s capital. Not long after that, at age 26, he was put in charge of a construction materials factory. From there, he moved to Ukraine in the 1990s and earned his PhD from the Kyiv National University of Building and Architecture.

There he also became a Ukrainian citizen and soon spotted an opportunity to make a name for himself. Seeing a lack of affordable new housing in the newly independent Ukraine, in 1996 Mkhitaryan invested $10,000 to launch the private real estate development company Poznyakizhilstroy. He began building apartments; by the early 2000s the company employed over 25,000 people. As the company grew, his eldest son Artur Mkhitaryan joined the firm, starting out as an advertising manager before rising to become its business manager. Artur reports his father brought something new to the market in Ukraine. “You could say he was a pioneer,” says Artur, pointing to how Poznyakizhilstroy was the first company to use monolithic frame technology in highrise construction in the country, helping change the industry landscape.

But Mkhitaryan was also starting to look beyond Ukraine for business opportunities, leading to the formation of the Emerald Palace Group in 2005. Dubai was on his radar, particularly the recently developed Palm Jumeirah. Mkhitaryan began looking at plots on the man-made island and forged a strategic partnership with Kempinski. Emerald Palace Group completed its first project in Dubai by 2010, when it launched the Kempinski Hotel and Residences on the Palm Jumeriah.

A busy man, Mkhitaryan had also been making his mark outside of real estate, which included authoring scientific publications, becoming a professor, and briefly entering politics, but in 2014 he relocated to Dubai to focus on the Emerald Palace Group. Artur had by then taken the reins at Poznyakizhilstroy, which he folded into a new company called Taryan Group in 2015. Meanwhile, Mkhitaryan started an

ambitious new project on a plot of land next to the Kempinski Hotel and Residences. To finance development, a subsidiary of his group secured roughly $140 million in financing from Emirates NBD and Doha Bank in 2015.

The developer held little back for his new hotel, sourcing materials and accessories from high-end European manufacturers, including over 30,000 pieces of furniture from Italy alone. Mkhitaryan even traveled to Portugal and went down into a mine to hand-select marble himself. Housed on a 100,000 square meter plot, the hotel was set to include a range of facilities, from a cinema to a spa created in partnership with France’s Cinq Mondes. On the dining front, the hotel brought in Michelin-starred chef Alain Ducasse to open a restaurant called Mix.

The Emerald Palace project took over three years to complete and its arrival was hotly anticipated. By then Mkhitaryan was already preparing to launch his next hotel in Dubai, dubbed the Kempinski Business Bay. Located in the emirate’s central business district, it was expected to open in 2020—but then came COVID-19. The group would eventually complete the project alongside Accor instead and launch it as a Hyde hotel. While navigating that delay, the group also dealt with the Emerald Palace Kempinski Dubai’s closure and management turnover. It helped that the Kempinski Hotel and Residences continued to run successfully, thanks to high demand for rentals during the pandemic, says Mkhitaryan.

Now, after a turbulent saga, it’s Raffles The Palm Dubai’s turn to deliver results. The property’s reopening came with certain changes to reflect the Raffles brand—such as a writer’s lounge and library—but Mkhitaryan’s original vision for the palatial property remains plain to see. With his prized hotel once again giving guests the royal treatment, Mkhitaryan can now continue expanding his real estate empire. Not to be overlooked is a more personal project: dynasty building.

Under Artur, Taryan Group has become a key firm in Ukraine’s luxury real estate market. “Trust me the buildings he’s currently building are the best in Europe,” says his father. Meanwhile, his middle son, Ivan, is also pursuing a career in construction after graduating from the American University in Dubai. In the future, Mkhitaryan expects his children to continue what he’s started, even as the developer still dreams of creating a Burj Khalifa of his own. “Even if I cannot do it, my kids can,” says Mkhitaryan.

Stay connected with our latest business news.

Forbes Travel Guide featured 19 properties in Dubai in 2021. Here are the five that were awarded five stars.

Bulgari Resort and Residences Dubai

Located on: Jumeirah Bay Island This 1.4-million-square-foot resort takes inspiration from the ocean for its design. The resort is attached to a yacht club and 46-boat harbour.

Burj Al Arab Jumeirah

Located on: Its own island off Jumeirah Beach Dubai’s most iconic sail-shaped hotel would set you back more than $3,500 per night for a deluxe one-bedroom palm suite according to February 2022 prices on booking.com.

Four Seasons Hotel DIFC

Located at: Dubai’s International Finance Centre, Gate Village This boutique-stye hotel at the heart of Dubai’s business district has 78 rooms and 28 suites.

Four Seasons Resort Dubai at Jumeirah Beach

Located at: Jumeirah Beach Road A low-rise hotel away from the bustle of the city, with 188 rooms and 49 suites, set along 288 meters of private beachfront .

Mandarin Oriental Jumeira, Dubai

Located: Jumeirah Beach Road The lobby of this 251-room beachfront resort features 14 trees, each glittering with 900 lights.

Scan this QR code to open the website

Founded in 2018, fast-growing fintech company, OPay Group, has quickly risen to become a top financial services provider, operating in Nigeria, Egypt, and Pakistan. The company’s early success is credited to its dedication to making financial services accessible to everyone, and now the group is eyeing expansion across the rest of the Middle East and North Africa this year.

OPay provides a suite of bespoke, customercentric financial solutions that include offline and online payment options and a digital wallet service using the power of AI. Notably, OPay’s online gateway (OPay checkout) hosts a set of high-quality services, integrated solutions, and an excellent commission scheme, which enable small- and mediumsized businesses to achieve profit growth. For customers, OPay delivers an easier way to pay bills and other expenses through an app available on iOS as well as Google Play. The app also enables users to send money free of charge to other banks or to friends and family, with recipients receiving the money instantly.

Key to the company’s success is the inclusivity and accessibility of its services–to open an OPay account, users only need a phone number. In fact, OPay has become a key driver of financial inclusion in Africa, managing to fast track the adoption of digital services through cashless and contactless payments while also improving financial and information security. In particular, OPay’s

mobile payment service provides a convenient financial solution to the unbanked population in Africa, with 160 million active users currently generating around $3 billion in monthly transactions.

OPay Group’s continued success follows a $400 million funding round last August, which increased the company’s valuation to $2 billion. The successful round motivated OPay to venture towards territories in North Africa—particularly Egypt, where the group has achieved monumental success in less than a year, delivering the best possible financial solutions for customers, merchants, and small and medium businesses.

After its launch in Egypt at the start of 2021, OPay Group quickly gained the confidence of thousands of merchants that utilize its points of sale (POS) to collect bills and other payments. The successful launch is attributed to the support of the local government and is in line with the vision of Egyptian President, Abdel Fattah El-Sisi, as the country embraces digital transformation and cashless transactions. Support from Tarek Amer, Governor of the Central Bank of Egypt, has paved the way for the faster digital transformation of the Egyptian banking sector. Under Amer’s leadership, the central bank has made the transition to cashless transactions easier, reduced the reliance on cash, and expanded the provision of mechanized services. A number of initiatives have also provided opportunities for many electronic payment companies to enter the Egyptian market and offer customers an array of digital services.

Looking ahead, OPay plans to expand to more territories by the end of the year, including the U.A.E. It also aims to enhance its current suite of financial services and adapt to new security standards to keep customer data safe and secure.

Fresh from signing a new deal with Boeing worth more than $27 billion, Akbar Al Baker, Group CEO of Qatar Airways, is now working on plans to transport over a million international football fans to the FIFA World Cup Qatar 2022. As passenger numbers pick up, he’s feeling optimistic.

BY CLAUDINE COLETTI

Akbar Al Baker, Group CEO of Qatar Airways.

AKBAR AL BAKER

The last few years may have felt like a bit of a rollercoaster for the aviation industry. In 2019, record numbers of tourists were travelling around the world, with international arrivals globally hitting nearly 1.5 billion according to UNWTO. Travel had become quicker, easier, and cheaper. Airplanes were full, airports were buzzing, and destinations were thriving. And then, the unthinkable happened. As the pandemic hit, runways became empty and airports muted. Across the world, passenger aircraft worth billions sat side-by-side, parked motionless for months as the industry ground to a halt. By 2021, global tourist arrivals had slumped by over 73% to less than 415 million across the year. But, as we entered 2022, things were once again looking up. After a cautious start to recovery in 2021, tourist numbers are now rising more steadily, and for one of the world’s biggest international airlines, it’s time to get back to work.

“Thankfully for us it has been always a roller, not a coaster,” says Akbar Al Baker, Group CEO and Executive Board Member at Qatar Airways. “We have always rolled ahead; we never stopped.” Qatar Airways saw its revenues drop from $14 billion in the 2020 financial year (which ended March 31, 2020) to $8.1 billion the following year, and saw its losses more than double from $1.9 billion to $4.1 billion in the same period. In the 2021 financial year, Doha’s Hamad International Airport served 6.9 million passengers—an 81% decrease on the year before. But it will take more than a rocky patch to faze the CEO; this is far from the first challenge he’s faced.

The industry stalwart and qualified pilot has been at the helm of Qatar’s national carrier since 1997. When he started, the plan was to build a fleet of 35 aircraft to serve 35 destinations. Today, Qatar Airways has 234 aircraft and 16 corporate jets, serving more than 140 locations around the world, with assets worth $38.9 billion. These numbers are not enough to make it the biggest airline in the Middle East—it is still second to the U.A.E.’s Emirates Group, with its fleet of 259 and assets of $45.2 billion as of March 2021—but Qatar Airways is making moves to grow.

In January 2022, Qatar Airways signed a deal with Boeing worth more than $20 billion for up to 50 of Boeing’s new 777-8 freighters, making it the launch customer for the jets. It also placed an order worth more than $6.8 billion with GE for engines for 34 of its new freighters, and it signed a Memorandum of Understanding with Boeing for a firm order of 25 of its 737-10 passenger aircraft and purchase rights for an additional 25 in a deal that could be worth up to $7 billion. “The new 777-8 Freighter offers the highest payload and the lowest fuel use, emissions and operating cost per tonne of any large freighter,” says Omar Arekat, Vice President for the Middle East and Africa at Boeing Commercial Airplanes. “[Qatar Airways’ order is] the largest freighter commitment in Boeing history by value.” The freighters have been purchased to replace Qatar Airways’ current all-Boeing cargo fleet as it comes to the end of its lifecycle, and they will start to be delivered from 2027. Of the 50, 34 are replacing the airline’s owned and leased freighters, with 16 additional jets earmarked to allow for growth in its cargo business.

The deal with Boeing comes at a time when Qatar Airways’ relationship with Airbus is experiencing some turbulence. In January 2022, Airbus sought to cancel an order of 50 A321neos for Qatar Airways as part of an ongoing dispute. The airline had been declining to receive deliveries since June 2021, citing faster-than-expected deterioration of the surface below the paint on some of its fleet of 21 A350s. In August 2021, the Qatar Civil Aviation Authority reportedly ordered Qatar Airways to ground 13 of the aircraft, and in December, the airline issued legal proceedings against Airbus citing safety concerns. The national carrier is reportedly seeking $618 million in contractual

compensation from Airbus. Meanwhile, the European manufacturer responded by launching its own independent legal assessment. In February 2022, Airbus reportedly cancelled a further order of two A350-1000 jets for Qatar Airways as the battle rolled on, and by the end of the month it had launched its own $220 million claim over two undelivered airliners, according to Reuters. “Airbus restates there is no airworthiness issue, which has been confirmed by EASA. All other A350 customers are continuing to operate their A350 aircraft,” says an Airbus spokesperson. Al Baker declines to discuss the matter, but does say that Airbus did not have the opportunity to bid for Qatar Airways’ freighter replacement contract. In a statement in February, Qatar Airways said, "It is important to clarify that neither Qatar Airways nor its legal team is aware of any efforts by Airbus to try to resolve the situation in an amicable way; in fact, the actual situation is to the contrary," according to an AFP report.

Disputes aside, it’s an exciting time for the CEO and for Qatar. The country is deep into preparations to host the biggest football tournament in the world from late November to mid-December when the FIFA World Cup Qatar 2022 kicks off in Doha. It will be the first time the competition has ever been played in the Middle East. When it was last held in 2018 in Russia, more than 7.7 million local and international fans watched the matches on site from the FIFA Fan Fest venue, up from 5.2 million in Brazil in 2014, according to FIFA data. A global audience of more than three billion worldwide tuned in to watch it on TV. These are big numbers for Qatar to consider—the small peninsula has a population of less than three million people.

“Organizers estimate to welcome over one million visitors during the FIFA World Cup Qatar 2022,” reveals a FIFA spokesperson. “From a fan perspective, this is a once in a lifetime experience. We are now less than a year away from the first FIFA World Cup in the Middle East and the Arab World, and having sponsors based in the region, such as Qatar Airways, creates exciting synergies.”

Al Baker is unsurprisingly expecting Qatar to attract a lot of attention. “There is a huge interest, a lot more interest than was shown in other World Cups, for people to come to Qatar because they have heard so much about our country over the last 10 years,” he enthuses. As an official sponsor, an official partner, and the official airline for the event, Qatar Airways is currently making plans to accommodate hordes of additional passengers entering the country over the course of its expected 28-day run. This includes expanding infrastructure at Hamad International Airport and increasing load capacity by partnering with other airlines from neighbouring countries where necessary. The CEO admits, however, that it’s a tough thing to plan for. “Our operation will have to be very dynamic. We will have to shift capacity and frequencies to places depending on the results,” he explains. “In the first half of the period there will be a lot of stress, and then in the other half the teams will reduce as they go out.” Beyond the World Cup, Qatar—as with many of its Middle Eastern neighbours—is also more generally increasing investment into its tourism industry to help diversify its oil-dependent economy. It hopes to welcome six million visitors per year by 2030, nearly three times more than the 2.1 million it welcomed in 2019, according to Qatar Tourism. As well as his position at Qatar Airways, in 2019 Al Baker was appointed Secretary-General of Qatar’s National Tourism Council, which became Qatar Tourism in 2021, where he now serves as chairman. He has been very involved in kickstarting the country’s new tourism ambitions. Once the exuberance of the World Cup dies down, Qatar is hoping to attract people for its culture. “We don’t want 20 million

tourists,” Al Baker reveals. “We want quality tourists. We want education tourism. We want cultural tourism. We want people who want to come and be secluded and be left in peace.” He paints a serene picture of a calm and luxurious destination. And as someone who has spent his career in aviation, he knows how to get people there.

Al Baker held several roles at Qatar’s Civil Aviation Directorate before taking on the role at Qatar Airways. “I never imagined that I would be catapulted into running an airline,” he remembers. At the time, Qatar had spent years serving as a stop-off for other international airlines. It decided it was time to create its own. “We were cut off in the 90s by new technology in airplanes,” Al Baker explains. “With the advent of the 747s and the long range 767s, airlines stopped coming to us and were flying directly from the west over us to the east. It was imperative that we launch an airline to serve our interests.”

Qatar Airways was initially launched as a small regional carrier in 1994, but it was re-launched in 1997 with an international mandate when Al Baker came on board. At that time it still only had four aircraft; by 2006 it had 50. By 2011, Qatar Airways was serving 100 routes. Then in 2014, Qatar began operations at its new Hamad International Airport, which was developed at a cost of $15.5 billion. With an initial capacity of 30 million passengers a year, its check-in and retail areas are roughly 12 times the size of that at Doha International Airport. Current expansion plans are to increase capacity at the airport to over 50 million passengers in time for the FIFA World Cup Qatar 2022.

Al Baker admits that when he was first appointed he felt there were many in the industry that doubted he could pull off the task at hand. Nearly 25 years’ later, he’s happy to have proved them wrong. However, it has also been a journey permeated with challenges. The CEO points out previous outbreaks to hit the Middle East, including SARS in the early 2000s and MERS in 2012, which had an impact on travel to the region, although none so catastrophic as the COVID-19 pandemic.

As he faces arguably one of his biggest challenges yet—preparing Qatar and its national carrier for a daunting influx of passionate football fans—Al Baker today seems pretty relaxed. “I’ve learnt a lot and I still keep learning things as a CEO,” he reasons. “When you have the fire in your belly to take on whatever challenge you have, then any difficulty will always be short lived.”

Stay connected with our latest business news.

Here’s a reminder of the top 5 from Forbes Middle East’s list of the “Top 10 Unlisted Companies In Qatar” ranking, which was released in December 2021.

Qatar Investment Authority (QIA)

Sector: Investments CEO: Mansoor Bin Ebrahim Al-Mahmoud Date of establishment: 2005 With $354 billion in total assets as of November 2021, QIA is the tenth-largest sovereign wealth fund in the world, according to the Sovereign Wealth Fund Institute.

QatarEnergy

Sector: Oil & Gas Deputy Chairman, President, and CEO: Saad Sherida Al-Kaabi Date of establishment: 1974 Formerly known as Qatar Petroleum, QatarEnergy was rebranded in October 2021.

Qatar Airways

Sector: Aviation Group CEO: Akbar Al Baker Date of establishment: 1997 Qatar Airways is the official sponsor of FIFA World Cup Qatar 2022.

Qatari Diar

Sector: Real Estate CEO: Abdullah bin Hamad Al Attiyah Date of establishment: 2005 Qatari Diar was founded by the Qatar Investment Authority sovereign wealth fund.

Hamad Medical Corporation (HMC)

Sector: Healthcare Managing Director: Hanan Mohamed Al Kuwari Date of establishment: 1979 HMC manages 12 hospitals, as well as the National Ambulance Service and home and residential care services.

Scan this QR code to open the website

U.A.E.-based IT firm, Tahaluf, is investing in the next generation of computer programming and empowering organizations through its specialized platform, Maestro.

In the last 20 years, computer programming has evolved from a secondary skill into an essential capability that touches almost all areas of life and business. Looking ahead, the future will entail even more IT based applications, with the next 20 years bringing computer programming to the top of industry agendas. However, the full software development life cycle is lengthy, time consuming, and sometimes difficult to manage. It requires special skills, time, and resources to produce real, successful, and operating applications.

To support organizations on their digital journeys, U.A.E.based IT company, Tahaluf, has invested in next generation computer programming. The result is Maestro: a low-code/ no-code platform specialized in streamlining the process of application development to make it simpler, easier, and more costeffective. To deliver outstanding results, Tahaluf supports Maestro with more than 100 engineers dedicated to the creation of product roadmaps and product development.

The key aims of Maestro are to allow non-programmers to create applications and reduce the time and cost of programming by up to 90%. The cloud version of Maestro, in particular, is easy to use, enabling users to start building their applications after only two hours of simple online training.

With Maestro, companies can engage more businesspeople to act as citizen developers to build business applications instead of hiring big IT programming teams. What’s more, the platform can run on any database engine on the market, including Oracle, MSSQL, MySql, Postgres, and more. This means it can really optimize the cost of operations for any business.

Maestro contains multiple components: Maestro Flow, Maestro CMS, Maestro Business Rule Engine, Maestro IOT, Maestro BI, and Maestro Form Builder. With Maestro Flow and Maestro Rule Engine, business users can fully manage all business and processes with no or minimal programming interferences. These two Maestro components are dedicated to solving problems to help with automations through simple and straight forward steps. Meanwhile, using Maestro Form

Builder, users can create, manage, and maintain the forms related to their business and package them into applications before making them available as web portals or mobile applications. With Maestro, Tahaluf looks forward to changing the world of application development, making it smoother, easier, and more accessible. Already, the platform is used by many governmental entities and businesses, and it is gaining significant traction across the GCC.

Maestro is a great tool that empowers novice developers to build and manage their own applications. Adding to the benefits, Maestro helps deliver capabilities and features with improved security and sensitive rule engines, which can be maintained by business users, reducing the need to rely on technical teams.

For organizations of all shapes and sizes, Maestro is an invaluable tool for digital success. What’s more, with its powerful toolsets, development techniques, and ease of use, Maestro’s creators believe it is on course to become a world-leader in its field.

Yahia Alhami, CEO of Tahaluf Al Emarat

Mahmoud Akrin Founder & CEO of GoBazzar

www.tahaluf.ae

Basmah Al-Mayman, Regional Director for the Middle East at UNWTO, is representing the region on a global stage for the worldwide tourism agency. As the sector recovers from the worst global crisis it has faced in recent history, she’s spearheading change from its first-ever office in Riyadh.

BY JAMILA GANDHI

Basmah Al-Mayman, Regional Director for the Middle East at UNWTO

BASMAH AL MAYMAN

On May 26, 2021, the Spain-headquartered United Nations World Travel Organization (UNWTO) opened its first regional office in Riyadh, Saudi Arabia. The Middle East’s first representative branch was established to serve as a hub for the global travel agency to coordinate policy and initiatives across its 13 member states in the region.

A series of international projects have since been introduced from the Middle East, including the Best Tourism Villages by UNWTO and the UNWTO International Tourism Academy, both of which were launched in December 2021. “Our region may not be the largest, but to be involved in launching such crucial global initiatives is a big achievement and sends a message to the world about the Middle East’s significance,” says Basmah Al-Mayman, Regional Director for the Middle East at UNWTO.

In Riyadh, UNWTO has also collaborated with the World Bank Group and the Saudi Ministry of Tourism to activate a Tourism Community Initiative and work towards establishing a global Multi-Donor Trust Fund exclusively devoted to tourism. Al-Mayman is also optimistic about the role of technology adding value and is now working to increase efficiency for travelers. “We’re working to implement a common digital health solution to facilitate travelers’ experiences through interoperability and blockchain as technologies to develop a standard framework,” she explains. “From our mountains to the seas, the Middle East presents a huge opportunity for tourism investments.”

For UNWTO Secretary-General Zurab Pololikashvili, the regional office for the Middle East is also a step towards bringing the organization closer to its members. “From here, we will guide the growth of tourism for development across the whole region,” he reveals. “It will also deliver on two of my main priorities: innovation and youth empowerment.” Since 2018, UNWTO has collaborated with over 100 startups from the region, and in 2022 it created a startup competition with Saudi’s NEOM to foster solutions focused on deep technologies and sustainable growth.

The flow of investments into the sector is an encouraging sign. In 2019, before the COVID-19 pandemic hit, capital investment into tourism represented $65.8 billion in the Middle East, according to data from the World Travel & Tourism Council (WTTC). The region saw a growth of 2.6% in capital investment in travel and tourism between 2010 and 2019, compared to a 1.5% increase in Europe.

In 2019, the Middle East was the secondfastest growing region, behind Asia-Pacific, with travel and tourism GDP growing by 3.2%. This growth was largely driven by Saudi Arabia, the region’s largest country in terms of travel and tourism GDP, with growth reaching 11.7% in 2019. In the same year, Saudi was the fastest growing country not only in the Middle East but amongst all G20 economies.

“The Middle East does a good job at creating the right environment for investment,” says Julia Simpson, WTTC President and CEO. “Governments who are successful consider overarching incentives including smart taxation, travel facilitation policies, diversification, innovation, and the use of digital technology, integration of health and hygiene protocols, effective communication, and skilled and trained workforce, among others.”

With almost all countries opening their borders for air travel in 2021, the industry’s losses around the world hit $51.8 billion in

2021, an improvement of 62.38% from the $137.7 billion in losses recorded in 2020, according to a statement by the International Air Transport Association (IATA) published in early October last year. As to the Middle East specifically, IATA expects carriers to see an improvement from a $6.8 billion loss in 2021 to a $4.6 billion loss in 2022. “We are well past the deepest point of the crisis. While serious issues remain, the path to recovery is coming into view. Aviation is demonstrating its resilience yet again,” said Willie Walsh, IATA’s Director-General, in a statement. The 2022 losses are expected to reduce $11.6 billion further, pushing aviation a step closer towards recovery levels.

As a response to the pandemic, UNWTO established a Global Tourism Crisis Committee in March 2020 to guide the sector to address the crisis and build the foundations for future resilience and sustainable growth. “With each wave of the pandemic, the restrictions change, but in the region we still try to harmonize our procedures,” says Al-Mayman. “Tourists now are more demanding for better services, health protocols, and seamless travel planning, and that didn’t exist before.”

Al-Mayman would know—she began her career in tourism two decades ago, at a time when the sector had no formal regional governance nor global representation.

The daughter of a retired general and former diplomat, Al-Mayman was born and raised in the U.S. with her three brothers. As her father worked in the military, she briefly lived and studied in Jordan and Pakistan before moving to Saudi with her family and continuing her high school education in Riyadh. “Studying at international schools and being a participant at the Model United Nations spurred my interest to pursue a job in this field,” she says. “I always considered myself a citizen of the world.”

Al-Mayman joined the Saudi Supreme Commission for Tourism as a founding member. When Saudi joined UNWTO in 2002, she was the key liaison for the country. In 2018, Al-Mayman created history,

becoming the first GCC national to hold a leadership role at UNWTO and the first woman to spearhead the region in the organization’s history. “Breaking the glass ceiling was not easy, but I learned from my father to never give the impression that I’m the only woman in the room,” she recalls. “It Al-Mayman with H.H. Prince Mansour bin Khalid Al Farhan Al-Saud, former Saudi ambassador to Spain. was nice to be the first, but it was better to do the job right.” Now, she’s working to support others. Given the pandemic’s hard-hitting impact on the region’s tourism jobs, Al-Mayman spearheaded the launch of a “Regional Report on Women in Tourism in the Middle East” in 2020. Data indicates that women make up 8% of people employed in tourism in the region, compared to 16% in the region’s overall economy. At a global level, 54% of people employed in tourism are women compared to 39% in the broader global economy. Still, the public sector is leading the way for women in leadership roles. According to 2019 UNWTO figures, 21% of regional tourism minister positions were filled by women, compared to 23% worldwide. “Tourism has historically provided abundant opportunities for women’s empowerment all over the world,” Secretary-General Pololikashvili said in a statement. “In the Middle East, while there is much progress to be made, our member states are leading the charge. As tourism restarts, we will work with them to ensure gender equality remains center stage in their recovery plans, empowering women to become financially independent, challenge stereotypes, and start their own businesses.” A raft of newly-introduced policy level initiatives such as Saudi’s Vision 2030, Egypt’s Tourism Reform Programme, and the U.A.E.’s Gender Balance Council further highlight the priorities to push for equality in workplace opportunities, something UNWTO’s regional head believes will take law reforms, vocational training, and changing cultural and social perspectives. “I’m proud of what we have achieved, but I’m not proud of the numbers,” says Al-Mayman. “There is a lot of work that has to be done.”

THE MIDDLE EAST’S

The travel and tourism industry experienced a revival in 2021, following one of the worst years the sector has ever seen. As countries and people continue to emerge from the cloud of the pandemic, their increasing desire to reconnect with the world is expected to become the driving force of growth in travel throughout 2022.

Though the industry has not yet returned to pre-pandemic levels, its recovery so far has been significant. For example, Jordan’s Queen Alia International Airport welcomed 122% more passengers in 2021 than it did in 2020. And the hotel sector is also poised for growth, with Marriott International expected to open around 25 new properties in the region this year.

Some new trends have also had an impact. Working remotely has today become commonplace for many employees, with big tech companies like Twitter, Meta, and Amazon leading the way. This means that hospitality venues are being used as make-shift offices for travelers, as well as residents seeking a change in their working environment. On the financial side, most travel companies are now favoring an asset-light approach. The separation between the management of operations and real-estate assets now allows hospitality companies to focus on their core business.

This month we release our first ranking of the Middle East’s Top 50 Travel & Tourism Leaders. The U.A.E. dominates, with 24 leaders featured based in the emirates, followed by 11 in Saudi Arabia, and four in Egypt. The hotels and hospitality sector is the most dominant with 26 entries, followed by aviation with 17, and tourism with seven entries.

Methodology For this ranking, we included leaders that span across the entire travel ecosystem, including aviation, hotels, and destinations. All individuals had to be based in the Middle East. We ranked them based on: • Size of the business, including revenue, values of investments, and asset value. • Ownership of assets. • Designation of the business leader. • Experience of the business leader. • Degree of influence of the business leader. • Other achievements of the business leader.

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

THE MIDDLE EAST’S

Chairman and Chief Executive Company: The Emirates Group Country: U.A.E. Nationality: Emirati Sector: Aviation

Al Maktoum became the chairman of Emirates Airlines in 1985. Today, he has over 35 years of experience and oversees more than 75,145 employees. The Emirates Group recorded revenues of $6.7 billion in the first half of the 2021/22 financial year. As of March 2021, the airline was flying to 157 destinations around the world and operating a fleet of 259 aircraft. Al Maktoum is also the chairman of the boards for the Expo 2020 Dubai Higher Committee, Dubai Airports, Emirates NBD, Dubai Aerospace Enterprise, the Alliance Insurance Company, and the Dubai Supreme Council for Energy.

Group CEO and Executive Board Member Company: Qatar Airways Group Country: Qatar Nationality: Qatari Sector: Aviation

Al Baker has been the CEO of Qatar Airways since 1997. The company recorded assets of $38.9 billion and revenues of $8.1 billion for the 2021 fiscal year, which ended March 2021. It has 36,707 employees and a fleet of 234 aircraft. In early 2022, the company announced a deal with Boeing worth over $27 billion in orders for its 777X freighter and 737-10 passenger aircraft. Al Baker has a private pilot’s license and is also the chairman of Qatar Tourism. He was also appointed chairman of the Oneworld airline alliance’s governing board in May 2021.

CEO Company: Dubai Airports Country: U.A.E. Nationality: British Sector: Aviation

Griffiths has been overseeing Dubai International Airport (DXB) since October 2007 and Dubai World Central (DWC) since 2010. DXB welcomed 29.1 million passengers in 2021 and handled 2.3 million tonnes of cargo. DXB supports over 84 airlines and 198 destinations worldwide. Before joining Dubai Airports, Griffiths was a board member for Virgin Travel Group for 14 years. He was previously the managing director of Gatwick Airport in London for more than three years.

CEO Company: SAUDIA Country: Saudi Arabia Nationality: Saudi Sector: Aviation

Saudi Airlines has a fleet of 144 aircraft. It aims to be flying to 200 destinations by 2030, compared to 90 in 2019, and increase passenger capacity to 85 million in 2030, compared to 35 million in 2019. Koshy has 30 years of experience in the aviation industry and also serves as a board member for regional and international aviation safety bodies.

Chairman Company: Al Rayyan Tourism Investment Company (ARTIC) Country: Qatar Nationality: Qatari Sector: Hotels & Hospitality Al Thani established ARTIC in 2003 as a wholly-owned subsidiary of Al Faisal Holding to manage the hospitality interests of its parent group. The company has 29 hotels in MENA, Europe, and North America, including St. Regis Washington D.C., the W Miami Hotel, and the W London Hotel. Al Thani had a net worth of $1.9 billion as of February 24, 2022.

Group CEO Company: Etihad Aviation Group Country: U.A.E. Nationality: British Sector: Aviation

Douglas was appointed CEO of the Etihad Aviation Group in January 2018. The U.A.E.’s national carrier has 64 operating aircraft and carried a million passengers in the first half of 2021. In October 2021, Etihad Airways announced that it had raised $1.2 billion through a sustainability-linked loan. Douglas has over 20 years of experience. Previously, he served as CEO of the Defence Equipment and Support Department at the U.K.’s Ministry of Defense, and as CEO of Abu Dhabi Airports and Abu Dhabi Ports Company.

Group CEO Company: Diriyah Gate Development Authority (DGDA) Country: Saudi Arabia Nationality: American Sector: Tourism

Inzerillo was appointed to his current role in 2018, leading a $50.6 billion development project. In December 2021, DGDA announced 14 global hotel brands that will be opened in Diriyah, out of a planned 38. These include Address Hotels & Resorts, the Hyatt Hotels Corporation, Ritz-Carlton, Raffles, the Rosewood Hotel Group, and Oberoi Hotels & Resorts. Inzerillo is also the vice chairman of the Forbes Travel Guide, having previously been its CEO for four years. He has nearly 50 years of industry experience and has worked with brands including One&Only Resorts, Ian Schrager Hotels, Four Seasons, and Hilton.

CEO Company: wasl Asset Management Group Country: U.A.E. Nationality: Emirati Sector: Hotels & Hospitality Founded by the Dubai Real Estate Corporation, wasl Asset Management Group holds wasl properties, wasl hospitality & leisure, and Dubai Golf as its subsidiaries. It owns and manages over 31 hotels and serviced apartments as well as five golf and yacht clubs through Dubai Golf. wasl hospitality & leisure has partnerships with Mandarin Oriental, the Hyatt Group, the Marriott Group, the Hilton Group, and Dusit Thani. Al Qassim also chairs Emirates Islamic Bank and is vice chairman and managing director of Emirates NBD. He sits on the boards of Etisalat, International Humanitarian City, and DIFC.

CEO Company: Red Sea Development Company Country: Saudi Arabia Nationality: Canadian Sector: Tourism

John Pagano joined the Red Sea Development as CEO in January 2018. The project is being developed over 28,000 square kilometers along Saudi Arabia’s west coast and includes an archipelago of more than 90 islands. The first phase of development is due for completion by the end of 2023, with a total of 16 hotels set to offer 3,000 hotel rooms across five islands and two inland sites. Over 700 contracts have been signed to date, worth over $5 billion. Before joining TRSDC, Pagano headed his own company, Old Fort Capital Investments Ltd, which offered advice and services to the real estate sector.

Founding Chairman Company: Al Habtoor Group Country: U.A.E. Nationality: Emirati Sector: Hotels & Hospitality Al Habtoor established the Al Habtoor Company in 1970 and founded Habtoor Hospitality in 1979. The company—also known as Habtoor Hotels—has a partnership with both Hilton Hotels & Resorts and Marriott International. It has over 2,844 rooms in the Middle East across the Habtoor Grand Resort, Metropolitan Hotel Dubai, Waldorf Astoria Dubai Palm Jumeirah, Habtoor Palace Dubai, V Hotel Dubai (A Curio Collection by Hilton), Hilton Dubai Al Habtoor City, and the Al Habtoor Polo Resort.

CEO Company: Matarat Holding Country: Saudi Arabia Nationality: Saudi Sector: Aviation

Owned by Saudi’s General Authority of Civil Aviation, Matarat Holding was established in 2013 to develop and transform Saudi’s airports. With over 24 years of experience in strategic transformation, chemical engineer Almowkley was appointed to his role as CEO in January 2022. He was previously the CEO of Saudi’s National Water Company. In 2020, Almowkley was awarded a Best Director General Prize for a government department or institution by the Arab Government Excellence Award.

Chairman and CEO Company: EGYPTAIR Holding Company Country: Egypt Nationality: Egyptian Sector: Aviation

EGYPTAIR Holding Company has eight subsidiaries and over 29,000 employees. In 2021, EGYPTAIR signed an agreement with OEMServices for spare parts units for its fleet, and the EGYPTAIR Training Academy signed a training contract with Mazaya Consulting, Training, and Aviation Sciences Company.

President and CEO Company: Rotana Hotel Management Corporation (Rotana) Country: U.A.E. Nationality: British Sector: Hotels & Hospitality Hutchinson was appointed to his current role in 2020. He has 32 years of experience and today leads 12,000 employees. The company has over 68 properties across the Middle East, Africa, Eastern Europe, and Turkey. In 2021, it announced that it was extending its footprint in Egypt by signing a management agreement with Al Marasem Development and Marina Way Lagoon. The company has 46 upcoming projects, including 10 that will deliver more than 3,000 keys to the market across Saudi Arabia, Bahrain, Qatar, the U.A.E., and Turkey.

CEO Company: Jumeirah Group Country: U.A.E. Nationality: Portuguese Sector: Hotels & Hospitality With more than 35 years of experience, Silva has been working as the CEO of the Jumeirah Group since March 2018. The group operates nearly 7,000 keys in nine countries with more than 10,000 employees. The Burj Al Arab is the most well-known of the group’s 25 properties. The Jumeirah Group added Jumeirah Maldives to its portfolio in 2021. It plans to also expand to Bahrain, Saudi Arabia, and Bali.

CEO Company: Abu Dhabi Airports Country: U.A.E. Nationality: Emirati Sector: Aviation

Al Hashmi has been in his current role since 2020. Abu Dhabi International Airport supports 103 destinations and welcomed 5.26 million passengers in 2021. It is currently building a midfield terminal building that will increase Abu Dhabi Airport’s overall capacity from 23 million passengers per year to 45 million. Al Hashmi has more than 20 years of aviation experience and has previously held roles at the Tawazun Economic Council, Presidential Flight, and Royal Jet.

CEO Middle East & Africa, India, Pakistan, and Turkey Company: Accor Group Country: U.A.E. Nationality: British Sector: Hotels & Hospitality Willis joined the Accor Group in September 2018. The company runs over 405 hotels and 87,900 rooms in the Middle East, Africa, and India, with brands including Fairmont, Orient Express, Raffles, Mantis, Movenpick, Peppers, and Hyde. It recorded $929.3 million in global revenues in the first half of 2021. Willis was previously president of Asia for Movenpick Hotels & Resorts, which was acquired by the Accor Group in 2018. He has 30 years of global and regional experience leading hospitality companies.

Regional Vice President for the Middle East and Africa Company: International Air Transport Association (IATA) Country : Jordan Nationality: Kuwaiti Sector: Aviation

Al-Awadhi has been in his current role since March 2021, reporting directly to IATA’s Director General and CEO. IATA is the trade association for the world’s airlines, representing around 290 airlines, or 83% of total air traffic. Al-Awadhi is working with governments, their agencies, and the International Civil Aviation Organization Middle East to revive the region’s aviation sector. Before joining IATA, Al-Awadhi was with Kuwait Airways for 31 years, where he held roles including COO, Deputy CEO, and CEO.

CEO Company: The Royal Commission for AlUla (RCU) Country: Saudi Arabia Nationality: Saudi Sector: Tourism

AlMadani has been CEO of RCU since its establishment in 2017. The archaeological and cultural destination has over 5,000 hospitality keys across five heritage sites: AlUla Old Town, Dadan, Jabal Ikmah, Nabataean Horizon, and Hegra Historical City. AlMadani is a board member for the newly established Boutique Group and is the president of the Saudi Arabian Ballooning Federation. Previously, he was the founding CEO of the General Entertainment Authority in Saudi Arabia. He also cofounded TalentS, a Saudi-based creative learning startup.

Managing Director of India, Middle East & Africa Company: IHG Hotels & Resorts Country: U.A.E. Nationality: Lebanese-American Sector: Hotels & Hospitality Mattar was appointed to his current role in April 2021. IHG Hotels & Resorts operates 167 hotels and has 112 properties in the pipeline, including 37 hotels in Saudi Arabia and five hotels in Egypt across eight brands, including InterContinental, Holiday Inn, and Staybridge Suites. In December 2021, IHG signed two management agreements: one with the Dallah Real Estate Company for a Hotel Indigo Resort in Jeddah; and one with the Pyramids Group for Urban Development for 300 rooms to open in early 2026. Mattar has over 25 years of experience and was also a senior advisor and a member of the Executive Leadership Committee for the Saudi Ministry of Tourism.

Regional Director for the Middle East Company: United Nations World Tourism Organization (UNWTO) Country: Saudi Arabia Nationality: Saudi Sector: Tourism

Al Mayman has been leading the Middle East department for the UNWTO since 2018. The organization aims to implement the UN’s sustainable development goals across the global tourism industry. In May 2021, the UNWTO opened its first regional office in the Middle East in Riyadh. Al Mayman previously spent 17 years working at the Saudi Commission for Tourism and National Heritage.

President, Middle East, Africa & Turkey Company: Hilton Country: U.A.E. Nationality: Dutch Sector: Hotels & Hospitality Sleiffer was appointed to his current role in early 2020 and has 35 years of experience. Today, he oversees 27,000 employees. Hilton has 105 properties across the Middle East and Africa, with over 31,000 rooms in total as of September 2021. It plans to more than double its portfolio in the region within three to five years, with close to 150 hotels in its Middle East & Africa pipeline, equating to over 35,000 rooms. Sleiffer previously served as senior vice president of operations for continental Europe after joining Hilton as a chief steward at Hilton Amsterdam in 1990.

CEO Company: Air Algérie Country: Algeria Nationality: Algerian Sector: Aviation

Mesroua became CEO of Air Algérie in January 2021. Founded in 1962, the airline operates a fleet of 56 aircraft, which travel to 75 destinations and carry 6.1 million passengers annually. Before becoming CEO in January 2021, Mesroua was an advisor to the former CEO.

Managing Director Company: Abdul Mohsen Al Hokair Group for Tourism and Development Country: Saudi Arabia Nationality: Saudi Sector: Hotels & Hospitality The Abdul Mohsen Al Hokair Group for Tourism and Development manages and operates 35 hotels across Saudi Arabia and the U.A.E. with over 5,122 rooms. It recorded $137 million in revenues for the first nine months of 2021 and had $615.6 million in total assets as of September 2021. Notable projects include Almalaz Entertainment City and Alrabwa Entertainment City. The group also owns the Ataa Center, a philanthropic channel that supports education, rehabilitation, training, and employment for Saudi youth. Sami Al Hokair is a board member for the Alhokair Group, which was founded by his father in 1978. He is also vice chairman of Saudi Airlines Catering Company and chairman of Tanami Arabia.

CEO Company: Airport International Group (AIG) Country: Jordan Nationality: French Sector: Aviation

Jordan’s AIG has managed the operations of the Queen Alia International Airport (QAIA) since 2007. The airport welcomed more than 4.5 million passengers in 2021. QAIA’s contribution to Jordan’s GDP is expected to reach $5.5 billion in 2032 compared to $3.5 billion in 2019. Before becoming CEO in 2020, Claude was the COO of AIG for five years. In 2018, QAIA became the first carbon-neutral airport in the Middle East.

COO Middle East Company: Marriott International Country: U.A.E. Nationality: Indian Sector: Hotels & Hospitality Walia heads the operations of 190 functional properties. In 2021, Marriott International added 20 new properties to the region’s portfolio and is expected to open around 25 new properties in 2022. Marriott International announced more than 20 new deals in the Middle East in 2021, including one with the Red Sea Development Company to bring the St. Regis and EDITION brands to Saudi Arabia’s Red Sea Project. Walia joined the company in 2005 as area vice president for the U.A.E. before taking his current role in July 2021. He is also a member of the Young Presidents Organization.

CEO Company: Kerzner International Country: U.A.E. Nationality: French Sector: Hotels & Hospitality Zuber is the current CEO and previous COO of Kerzner International, which has 13 luxury resorts across four continents, more than 4,600 hotel rooms, and over 140 restaurants. Kerzner owns the Atlantis and One&Only brands as well as the Mazagan Beach & Golf Resort in Morocco. Projects currently under development include Atlantis Ko Olina Hawaii and the Royal Resort and Residences Dubai. Based in the U.A.E with over 20 years of experience in hospitality, Zuber was previously Emaar Hospitality’s Chief Operating Officer and Acting CEO. He joined Kerzner in 2015.

CEO and Managing Director Company: Talaat Moustafa Group Holding Country: Egypt Nationality: Egyptian Sector: Hotels & Hospitality TMG Holding owns the Four Seasons Sharm El Sheikh Resort, the Four Seasons Nile Plaza Cairo, the Four Seasons San Stefano Grand Plaza Alexandria, and the Kempinski Nile Hotel Cairo, which together have over 1,000 units. The group is also among the biggest real estate developers in the region.

Chairman Company: Alfardan Group Country: Qatar Nationality: Qatari Sector: Hotels & Hospitality Alfardan established the Alfardan Group in 1954. It expanded to include Alfardan Hospitality in 2006. Its hotels include the Marsa Malaz Kempinski, the Pearl-Doha, Kempinski Residences & Suites Doha, the St. Regis Doha, and the St. Regis Al Mouj Muscat. Alfardan also founded the Commercial Bank of Qatar, where he is the vice chairman, and he is the first deputy to the chairman at the Qatar Businessmen Association.

CEO Company: Seera Group Holding Country: Saudi Arabia Nationality: Saudi Sector: Tourism

The Seera Group is a travel services provider with 42 subsidiaries across Saudi Arabia, the U.A.E., the U.K., Egypt, Kuwait, Lebanon, and Spain. It recorded over $2 billion in total assets as of December 2020, with revenues of $241 million. The group’s brands include Almosafer, Mawasim, elaa, Discover Saudi, Lumi, and tajawal. It plans to own and operate 30 hotels by 2025. Alnefaie is also chairman of the board at the Mawasim Investment Group. He previously served as vice president of the revenue department at Makkah Construction and Development Co. and as director of Makkah Hilton Towers.

Executive Managing Director Company: Holding Company for Tourism and Hotels (HOTAC) Country: Egypt Nationality: Egyptian Sector: Hotels & Hospitality HOTAC is owned by the government of Egypt and has nine subsidiaries. It owns 28 hotels and resorts throughout Egypt. These include five historical hotels, such as the Winter Palace Hotel-Luxor, which was built in 1895, and the Marriott Mena House Cairo Hotel, which was built in 1869. The company recorded $178 million in revenues in the 2019/2020 financial year.

Head of Hospitality Company: Emaar Hospitality Group Country: U.A.E. Nationality: British Sector: Hotels & Hospitality Kirby has been in his current role since January 2021. Emaar Hospitality Group runs 19 hotels, 14 of them in the U.A.E. Its brands include Address Hotels & Resorts, Vida Hotels and Resorts, and the Al Alamein Hotel in Egypt, as well as various leisure clubs. Kirby has 25 years of industry experience. He previously served as the general manager for the Address Hotel Downtown and the Armani Hotel Dubai.

CEO Company: Oman Air Country: Oman Nationality: Omani Sector: Aviation

Al Raisi joined Oman Air in 2007 and was appointed to his current role in 2017. Oman Air travels to 48 destinations across Africa, Asia, and Europe with a fleet of 40 aircraft. In 2021 the company announced that it was expanding by adding 10 new routes to the U.S., including to New York, Los Angeles, and Washington D.C. In the same year, the company signed an agreement with EGYPTAIR. Al Raisi was previously chairman of Muscat Duty-Free.

Chairman and CEO Company: Royal Air Maroc Country: Morocco Nationality: Moroccan Sector: Aviation

Addou was appointed to his current role in February 2016. As of 2019, the Royal Air Maroc airline traveled to 99 destinations across five continents with a fleet of 52 aircraft. In December 2020, the company announced that it was co-creating a Digital Innovation Lab with the Mohammed VI Polytechnic University in Morocco. Addou became a board member for the International Air Transport Association in 2021.

CEO Company: Miral Country: U.A.E. Nationality: Emirati Sector: Tourism

Al Zaabi has been heading Miral since 2015. The company operates the DoubleTree by Hilton in Abu Dhabi, the Hilton Abu Dhabi Yas Island, and the WB Abu Dhabi, with a total of more than 1,000 rooms. Miral’s projects also cover residential, retail, and entertainment venues, including the Warner Bros Amusement Park World Abu Dhabi, Ferrari World Park, and Yas Waterworld. Al Zaabi is also on the board of directors for Farah Experiences LLC, which manages and operates entertainment experiences on Yas Island.

Chairman Company: Abu Dhabi Aviation (ADA) Country: U.A.E. Nationality: Emirati Sector: Aviation

Al Hammadi has been the chairman for ADA since 2011. The company operates and owns 58 aircraft, including 51 helicopters. ADA recorded $1.4 billion in total assets as of September 2021 and $315.3 million in revenues for the first nine months of 2021. Al Hammadi is also chairman of Decovision and Tamouh Investments, vice chairman of the International Holdings Company, and a board member for Royal Jet, Maximus Air, Waha Capital, and other private companies. In 2017, he became a member of the Aviation Sector Development Committee.

Chairman Company: IFA Hotels and Resorts (IFA) Country: Kuwait Nationality: Kuwaiti Sector: Hotels & Hospitality Founded in 1995, IFA has 12 properties across Dubai, South Africa, and Tanzania, including the Movenpick Hotel in Jumeirah Lake Towers, the Fairmont Zimbali Resort, and Zanzibar Beach Hotel. The listed company recorded $762 million in assets and $95 million in revenues as of September 2021. Al-Bahar has over 17 years of experience in investments and real-estate development. He is also vice chairman and CEO for the Kuwait Real-Estate Company, chairman at United Investments (Portugal), and a board member for the Commercial Real-Estate Company Kuwait, Boursa Kuwait, KingdomBeirut, Miami International Holding, and the Miami Securities Exchange-MIAX.

Founder and Chairman Company: Emerald Palace Group (EPG) Country: U.A.E. Nationality: Ukrainian Sector: Hotels & Hospitality

Mkhitaryan founded EPG in 2005 to design and develop the Emerald Palace Kempinski Dubai and the Kempinski Hotel & Residences Palm Jumeirah. The Emerald Palace hotel alone has 391 rooms. In 2021, the Accor Group announced that it would be taking over the operations of the Emerald Palace Kempinski Dubai, replacing Kempinski to create Raffles The Palm Dubai, the first Raffles resort in the Middle East. Accor has also collaborated with EPG to construct the Hyde Dubai Business Bay, which is the first Hyde branded hotel outside the U.S. Mkhitaryan started his career in 1996 when he launched a private real estate development company, Poznyakizhilstroy, in Ukraine.

CEO and Managing Director Company: flynas Country: Saudi Arabia Nationality: Saudi Sector: Aviation

Almohanna has over 20 years of experience and has been in his current role since 2015. He was previously CFO at the flynas Group and became the Executive Vice President of the company in 2008. Almohanna is also the chairman of the Middle East Financial Investment Company Bank and JAZL Investments.

CEO Company: Abu Dhabi National Hotels (ADNH) Country: U.A.E. Nationality: Finnish citizen of Moroccan origin Sector: Hotels & Hospitality Anib was appointed to his current position in November 2016. Today, he oversees around 25,000 employees. ADNH had $2.6 billion worth of assets as of September 2021 and a market cap of over $1 billion as of February 2022. The company added five luxury hotels to its portfolio in 2019. It owns 12 hotels in the U.A.E., including The Address Boulevard, The Address Dubai Mall, The Address Dubai Marina, Vida Downtown, the Radisson Blu Hotel & Resort Al Ain and Abu Dhabi, the Sofitel Dubai Jumeirah Beach, Le Meridien Abu Dhabi, and The Ritz-Carlton Abu Dhabi Grand Canal.

Chairman Company: Jazeera Airways Country: Kuwait Nationality: Kuwaiti Sector: Aviation

Boodai has been with Kuwait’s Boodai Corporation since 1995. Jazeera Airways was established by the Boodai Corporation in 2005. It owned $677 million worth of assets as of September 2021 and recorded $156.3 million in revenues during the first nine months of 2021. The publicly-traded airline owns and operates its own terminal in Kuwait International Airport and carried over 208,000 passengers in the first half of 2021. Other Boodai brands include Al Rai TV, Al Rai newspaper, Hilal Cement, CityBus, GTC Logistics, and Boodai Trading.

CEO Company: OMRAN Group Country: Oman Nationality: Omani Sector: Tourism

Al Mahrouqi was appointed to his current role in early 2021. The OMRAN Group has over 4,251 employees across various sectors, including five master developments, 27 hotels and resorts, and four subsidiaries. In early 2022, the group announced that it will be investing $62.3 million in opening a dusitD2 Naseem Resort. It also signed a partnership agreement with Diamond Developers in a joint venture for the development of the first phase of the Yiti Integrated Tourism Development.

CEO Company: Dur Hospitality Country: Saudi Arabia Nationality: Saudi Sector: Hotels & Hospitality Al-Otaibi has been CEO at Dur Hospitality since July 2019. The company owns Makarem Hotels Group and Shada Hotels and is in an ongoing partnership with Marriott and IHG Hotels. It owns and operates 32 properties, in addition to 15 new properties under development. Dur Hospitality recorded $920.8 million in assets as of Q3 2021 and $88.2 million in revenues for the first nine months of 2021. Al-Otaibi has been with Dur Hospitality for over 21 years, holding financial and managerial positions. He is also a member of the Joint Committee on Housing for the Saudi Commission for Tourism & National Heritage and chairman of Shada Hospitality.

CEO Company: Orascom Hotels Management Country: Egypt Nationality: German Sector: Hotels & Hospitality Schmitt has been in his current role since July 2018. Orascom Hotels Management today has more than 5,235 employees across 35 operating hotels in Egypt, Oman, Switzerland, and the U.A.E. The company also has 29 hotels under development in Montenegro, Morocco, Egypt, Switzerland, and Oman. ODH, the parent company of Orascom Hotels Management reported revenues of $245.2 million in the first half of 2021. Schmitt previously worked with Kempinski, the Intercontinental, Oberoi, and Four Seasons.

Co-Founder and CEO Company: Zaya Country: U.A.E. Nationality: Emirati Sector: Hotels & Hospitality Zaya’s portfolio of projects is worth over $5 billion. It includes Zaya Nurai Private Island and the $2 billion Zaya Hotel Living Al Barari, which focuses on sustainability and conservation. Before founding Zaya, Zaal worked at the Abu Dhabi National Energy Company and was a board member for the Taweelah Asia Power Company. She is also a member of Young Arab Leaders and the Young Presidents Organization.

CEO Company: RAK Hospitality Holding Country: U.A.E. Nationality: British Sector: Hotels & Hospitality

Grinnell was appointed CEO of RAK Hospitality Holding in August 2019, having previously served as its CFO. The company owns four hotels and resorts in Ras Al Khaimah, including The Ritz-Carlton, the Hilton Resort and Spa, Rixos Bab Al Bahr, and the Hilton Garden Inn. It also runs several subsidiaries, including Stirling Hospitality Advisors, RAK Hospitality Logistics, RAK Leisure, and Safarak Tours. Grinnell has 25 years of experience, during which time she has worked in over 30 countries.

CEO Company: TIME Hotels Management Country: U.A.E. Nationality: Egyptian-Belgian Sector: Hotels & Hospitality Awadalla was appointed to his current role in 2012, when TIME Hotels Management was established, making him one of the co-founders. The company today operates 14 properties and 1,465 keys. In early 2021, the company announced that it would be opening its first two hotels in Egypt: a 130-room TIME Marina Hotel & Conference Centre; and a 203-key TIME Coral Resort Nuweiba. It also announced eight new properties across the Middle East and a 120-key TIME Phoenix Hill in Mauritius. Awadalla has over 38 years of experience. He previously held roles for Mövenpick Hotels & Resorts, Hilton International, Rotana Hotels, and Layia Hospitality Management.

Hotels Managing Director Company: Majid Al Futtaim Properties Country: U.A.E. Nationality: Emirati Sector: Hotels & Hospitality Braik has been with Majid Al Futtaim since 2010 and has over 15 years of experience in real estate and hospitality. He assumed his current role in February 2019. He’s also a board member for Enova by Veolia.

Acting CEO Company: Ishraq Hospitality Country: U.A.E. Nationality: Belgian Sector: Hotels & Hospitality Suski was named acting CEO of Ishraq Hospitality in June 2021. The company is the hospitality arm of the Mohamad and Obaid Almulla Group, which owns seven hotels and over 2,000 hotel rooms under the Crown Plaza, Holiday Inn, and Staybridge Suites brands. Suski was previously associate vice president of sales and marketing for Millennium Hotels and Resorts in MEA.

Founder and CEO Company: Jetex Country: U.A.E. Nationality: Turkish Sector: Aviation

Mardini founded Jetex in 2005. The company offers jet services, including terminals and fuel, concierge services, trip planning and support, and ground handling. It has 34 private jet terminals around the world. Mardini began his career working at Damascus International Airport. Today, he oversees 750 people.

CEO Company: The Tourism Enterprise Company - Shams Country: Saudi Arabia Nationality: Saudi Sector: Hotels & Hospitality Al-Selham was appointed to his current role in April 2021. The Tourism Enterprise Company recorded $19.5 million in assets and $3.3 million in revenues in the first nine months of 2021. It had a market cap of $237.9 million as of February 2022. Al-Selham has over 19 years of experience in banking services, operations, financial control, investment, and internal auditing. He is also a member of the Saudi Organization for Certified Public Accountants.

Scan this QR code to open the website

What are the core foundations when it comes to creating and operating a digital bank? The core focus should be on the mindset shift, where we don’t treat the digital bank as a bank but instead as a digital platform—so essentially a platform with a banking license. This mindset shift is enabled by a fine balance between the DNA of banking and the DNA of digital. It’s important to blend financial expertise, risk management, compliance, regulation, and security, with customer-centricity, the latest technologies, native data platforms, and advanced analytics. Finally, people who have banking experience but who are eager to challenge the status quo as well as people with a technology background can be a valuable asset. As the co-founder and CEO of digital banking platform, Zand, what are the main challenges that you face? The first significant challenge is to avoid building a legacy, as legacy structures hinder scale and evolution. Here, it is important to make sure that the structure and technology used are always reversible.

The second challenge is to remain true to your strategy, mission, and vision despite the many opportunities that present themselves with time. In the case of Zand, if we cannot provide a fully digital version of the product, we simply don’t do it. What are the right things to consider when choosing a fintech partner like Aion? First, you must decide what will be entirely owned by you and what will be outsourced. It makes sense to partner with people who have already taken their time to build and optimize a solution, and that’s when we usually look for fintechs. It’s about business integration and having a shared vision of success and growth. Also, it’s important to feel you can go to the partner team directly for support. With large organizations, you don’t always have that access. How do you see the future of the digital banking industry, especially in the Middle East? Countries in the Middle East have a potent digital agenda that can

only be fulfilled by having a digitally native bank that can connect with the ecosystem, facilitate financial transactions, and scale and leverage analytics. Also, customers now want things to be more accessible and simpler, and the pandemic has accelerated their adoption of all things Ashar Nazim, Group CEO of Aion Olivier Crespin, CEO of Zand digital. They want to be recognized by the bank serving them too, and to be enabled with the best products tailored to their needs. With many traditional banks trying to transform into digital banks, how is Zand going to maintain its advantages? We understand the ecosystem and have built innovative products serving individuals and SMEs. Zand was created as a platform, so we’re ready to connect to the ecosystem and be there for our clients when they need us. Our front-to-back digital products, scalability, and uninterrupted customer experience set us apart. We also understand the importance of the human element; our clients will still be able to contact us even though we’re digital. www.zand.ae