Gulf Insider - 200th Issue

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Gulf Financial Insider

Contents April 2022 Issue 200

10

32 10 18 30 32 40 48 50

Simply unparalleled online presence that connects the region’s most inspired communities.

Pure Power. Pure Darkness - Rolls-Royce Black Badge Ghost Women Can! - Tamkeen Emerging Careers of 2022 Technology Advancements over the Last Two Decades Interview: Dr. Hamid Haqparwar, Managing Director, BMW Group Middle East The New 2022 Porsche Macan: A Closer Look Interview: Jean-Christophe Durand, Chief Executive Officer, National Bank of Bahrain

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Interview: Hussain Mohamed Rajab, Chief Executive, Tamkeen

58 60

Interview: Abdulwahed AlJanahi, Chief Executive, Benefit Interview: Roberto Mancone, Chief Executive Officer, Beyon Money

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Interview: Christian Rasmussen, Chief Executive Officer, Beyon Connect

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A Guide to Crypto in the GCC

KNOWLEDGE IS POWER

Letter from the Publisher Welcome to this very special 200th edition of Gulf Insider!

It was way back in 2004 that the first issue of this magazine was published. Originally titled Gulf Financial Insider, it focused on (as the title suggests) monetary issues of importance to the region.

Publisher & Editor in Chief

Nicholas C. Cooksey

Editorial

Elyzabeth Ramirez

Editorial Contributors

Angela Acosta Vinita V Nicholas Cortes

Sales & Business Development

Charlie H. Cooksey

Account Manager

Noor Albasri

Layout Designs

Dhanraj S

Admin & Finance

Nikesh Pola

Photography

Angelo Jose A Kevin Brent Sanderson Joan Ilejay

Distribution

Mohammed Yousif

Today’s magazine is different in countless ways from the magazine that was first published in 2004.

For advertising contact

Now, eighteen years on, Gulf Insider (as it became) has grown from a monthly print magazine focussed on financial matters into an online media source for quality information and current affairs in the GCC region. In addition to publishing a monthly online edition, we provide daily news updates to nearly a million followers in over 70 countries through our website and social media platforms.

Published by:

Inside this issue, we take a look at how technological advancement has impacted our lives, the trends in marketing, efforts towards social and environmental responsibility, the evolution of the automotive industry, Bahrain’s FinTech revolution, cryptocurrency, and more.

On behalf of the Gulf Insider team – our writers, designers, photographers and videographers, I thank everyone who has helped with Gulf Insider’s success – including the interesting people we have interviewed and written about over the years, and of course our many loyal and engaged followers.

Charlie Cooksey +973 3652 0004 charlie@gulf-insider.com

P.O. Box 26810, Kingdom of Bahrain Tel: +973 1700 4575 Fax: +973 1772 1722 Printed at Awal Press, Kingdom of Bahrain.

Registered with Ministry of Information approval no. TFI-431©. No part of this publication may be reproduced in any manner without the written permission of the publisher. All Rights Reserved. Views expressed in this magazine are not necessarily those of the publisher.

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PURE POWER. PURE DARKNESS.

Sincerely,

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This 200th issue is dedicated to you – and to Bahrain, our home.

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DECEMBER 2021 | ISSUE 198

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FEBRUARY 2022 | ISSUE 199

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Our Journey

Edition

A SUCCESSFUL JOURNEY Appreciating the past, celebrating the present, and preparing for the future.

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Gulf Insider April 2022

Our Journey

The April 2022 issue of Gulf Insider is a rather special one as we celebrate our 200th edition. Over the past decade and a half, much has changed, but one thing has remained the same: our commitment to providing you, our readers, with clear, crisp content that is genuine and authentic.

When the magazine launched 200 issues ago, social media was still at its infancy. Since then, we have grown to become one of the most influential publications in the Kingdom’s online scene. Today, Gulf Insider has the largest social media presence of any publication in Bahrain, followed by our sister publication, Bahrain Confidential.

Over the past 18 years, we have built rapport with our readers by providing straight-forward, reliable content that is both informative and interesting – a powerful source of business-relevant material, current events, and reviews.

Gulf Insider April 2022

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Issue 80

-The Arabian Review

MADE IN BAHRAIN

MADE IN BAHRAIN

World’s biggest tower

This month featuring:

This month featuring:

Dubai

Euro Motors Fraser Suites

Saudi Arabia

Equal Chances for Expat Business

TAIB Bank

Dubai and Abu Dhabi Make Gulf Roads Safer

Expats quitting?

Libya

Somalia

The Arab Spring

Pirates

The Arabian Review

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The Arabian Review

Bahrain | Dubai

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100th Issu

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New Labour Law hits Private Sector

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Bahrain Tops in Economic Freedom

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Rizwan Mumtaz is leaving his mark after project managing and ‘pioneering’ the Formula One race track …

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Real Estate Market Overview

100 Leaders in Bahrain - Part 1

Economic Development Board

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Best Deals this Ramadan Is the internet destroying us?

Summer Splash

Marketview 2013

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Formula One Memories

Central Informatics Organisation and TRA President Dr Mohammed A. Al-Amer discusses Bahrain’s future plans.

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Monthly focus on Bahraini companies making a difference in the community.

Monthly focus on Bahraini companies making a difference in the community.

Saving the Seas

French luxury jeweller Jacques Cartier’s visit to Bahrain in March 1911

Investing Luxury Real Estate

Technology 4G Comes to Bahrain

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Strategy 2016

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EDUCATION REVIEW

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Leaders in the downstream industry

Bahrain Photo history Celebrate Bahrain’s History with our Monthly Photo Series.

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Chairman of Menatelecom on 4G & Bahrain’s Telecom Industry

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BUILDING ONE GLOBAL ECOSYSTEM

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Amazing New Megaprojects in Dubai

Outstanding Schools in Bahrain Al Areen Palace and Spa Ferrari Portofino

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Watch Review

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A CHALLENGE FOR BAHRAIN

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BOGUS DEGREES

Can you trust your employees qualifications?

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Lifting Iran’s Sanctions Travel

Hassan Salman’s Jarada Fish Venture

Halal Tourism Leads Global Travel Sector

Infiniti Q50 S

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How is it holding up in light of present economic difficulties?

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Life’s about to get more expensive for expats

Along thE AnCIEnt sIlK RoutE

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Britain to open new naval base in Bahrain ViVa Bahrain launches new auto-payment system The rich kids of Dubai

Saudi authorities declare war on “car drifting”

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Remembering HRH Prince Khalifa bin Salman Al Khalifa

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Gulf Insider speaks to some of the leading businesswomen in Bahrain

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Cover Story

PURE POWER. PURE DARKNESS. Black Badge Ghost lives after dark, igniting the rebel within. Powerful, agile, and fearless, it is the most potent manifestation of Rolls-Royce yet — a drive defined by unrelenting force and finesse.

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Cover Story

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The most technologically advanced and aesthetically pure Rolls-Royce yet.

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People & Culture

THE NEW NORMAL Welcome to the digital world… a new era.

W

ith about half of the world’s population under lockdown by April 2020, we’ve realised how the far-fetched idea of a fully-digital world might very well become a reality. Our classroom, workplace, marketplace, gathering space, and even dancefloor became fully virtual. In just a few

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Gulf Insider April 2022

months, we have transitioned into a digital world.

It is no secret that technology is advancing rapidly, and so are the ways we communicate, learn, think, and play.

We have found ways to make life easier.

From smoke signals and messenger pigeons, to telephones and emails, we have devised ways of communication that have constantly evolved how we

engage with one another for as long as we have been on this planet.

Today, it is possible for a family separated by distance to connect seemingly face-to-face, in real-time, through a digital screen with video chats and platforms such as Zoom or Discord. Everyone, sat at their own corners of the world… so far away, yet so close.

People & Culture

Electric Telegraph

Pigeon Messengers

We are constantly innovating, adapting, and growing… and the future looks bright.

A Digital Reality. It is the NEW Normal.

In our transition from the industrial age to the information age—aka computer, digital, or new media age— our economy became primarily based on information technology. Long gone are the days of using sequenced dots and dashes to spell out messages with telegraphs, or breeding messenger pigeons or traveling for days on horseback to deliver a message.

From telegrams to datagrams, modern-day technology has paved the way for multi-functional devices. The invention of the smartphone after the mobile phone has laid the groundwork for AI solutions and customized experiences. With the internet becoming mainstream in the early 1990’s, it has today become a global means of communication and source of information.

Digital payments were all but inevitable with the internet becoming

more and more central to our daily lives.

The use of e-wallets and e-commerce skyrocketed thanks to the pandemic.

Kaspersky Digital Payment’s survey says that nearly 9 in 10 people in the Middle East (93%) reported an increase in their use of e-wallet and mobile banking in 2021. According to a study

by Juniper Research, e-wallet users are expected to exceed 4.4B globally by 2025.

Digital technology has also redefined how companies operate. Workflow today is faster, more efficient, and convenient with the introduction of digital transformation and smart technology. This has opened up a wide range of possibilities and opportunities for employees and employers and changed the way they interact and perform tasks.

We are constantly innovating, adapting, and growing… and the future looks bright.

Gulf Insider April 2022

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People & Culture

WOMEN CAN! How Tamkeen supports Bahraini women create their own success stories.

T

he amount of female empowerment we are witnessing today is a testament to the progress we have made through time. Today, women have evermore educational, social, economic and political opportunities compared to generations ago. There is a growing effort to enable women to reach their full potential and contribute their skills to society through various initiatives.

Entrepreneurs, both male and female,

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Gulf Insider April 2022

play a vital role in fueling Bahrain’s economic growth. Tamkeen has always been a supporter of Bahraini women, and as part of its ongoing initiatives, it partnered with the Supreme Council for Women to provide entrepreneurial and employment programmes for Bahraini women. They are being encouraged to follow their passion and are supported with the necessary tools that will enable them to thrive and grow. The Riyadat programme supports Bahraini female founders grow their business

and expand beyond Bahrain’s borders by providing the financing they need to push their businesses forward.

To date, Tamkeen has supported 15,466 women-led enterprises and 18,747 jobs for women, provided training to 53,882 women, and supported 7,099 women entrepreneurs to launch their startups.

Here are some of the many successful female entrepreneurs that benefitted from Tamkeen’s programmes:

People & Culture

Marwa Al Jaber CEO & Founder of Mad Cosmetics Mad Cosmetics is a Bahraini founded cosmetics and skincare company, offering products that are time-saving and simple yet fresh, youthful, and “MAD”. They develop a range of products that cater to the evolving trends in cosmetics and skincare through continuous research and evaluating market niches.

Mad Cosmetics ships worldwide and has branches in Saudi Arabia, Kuwait, Qatar and Dubai.

Khadija Al-Sayed CEO of Sulwan Psychiatric Hospital What started with a team consisting of just one consultant and one psychologist, Sulwan Psychiatric Hospital today has grown to become a fully-fledged specialised psychiatric hospital, offering advanced mental health care.

They are currently working on their ECT Room, which provides rapid and significant improvement in chronic mental disease cases such as chronic depression.

Sulwan Psychiatric Hospital aims to actively participate in improving the psychiatric services standard in Bahrain.

Luluwa Al Mannai Founder & Designer of LAM LAM is a Bahraini Fashion brand directed towards the luxury segment. The brand is specialised in high-quality handmade bags from vegetable-tanned leather.

LAM aims to be a leader in the leather manufacturing sector in Bahrain that competes on a local and global level. They also seek to make their mark as an innovative and creative brand.

The brand also ships worldwide.

Gulf Insider April 2022

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People & Culture

LESS IS MORE Committing to social responsibilities, environmental preservation, and economic growth for a better future.

T

oday, we see many steps being taken towards developing as a society whilst remaining socially and environmentally responsible.

Sustainability argues that resources are finite and should be used wisely and sparingly, with a long-term view of resource priorities and consequences.

Sustainability, at its most fundamental level, is about our children and grandchildren, as well as the planet we will leave them on. The well-networked system that we live in not only affects in real time but also creates a butterfly effect for future resources. What we do today will have a huge impact on future generations.

As responsible members of this

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What we do today will have a huge impact on future generations. society, humans have initiated various campaigns and schemes to aid sustainable development and protection of resources, including solar energy and electric vehicles.

Sustainability in Individuals How can I develop a sustainable

lifestyle? It is important to recognise that the issues that affect our environment are not limited to huge corporations; we all contribute our grain of sand in some way.

Limiting how much energy is used, adopting eco-friendly items, and modifying one’s diet are all examples of ways an individual might live sustainably.

Reduce, Reuse, Recycle: Terms that we have grown up with. Although our individual acts may appear tiny, they can have a major and positive impact; our commitment and awareness are required to achieve true sustainable development.

People & Culture

In recent years, major organisations have made commitments to cut their carbon footprint and enhance their sustainability activities.

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Sustainability in Businesses

Sustainability in Societies

Companies are becoming more aware of the need to act on sustainability as expectations for corporate responsibility are rising and transparency is becoming more common.

In recent years, major organisations have made commitments to cut their carbon footprint and enhance their sustainability activities. Even on a lesser scale, the research reveals that these objectives have an impact on customer experience, brand loyalty, and the environment.

Several prominent corporations have recently declared climate commitments, environmental goals, social responsibility programmes, and other CSR activities.

Environmental education is already being incorporated into school and college curricula. In the same way, all environmental challenges must be socialised and humanised.

The use of non-traditional energy sources, such as solar energy has been increasingly promoted and supported in recent years. It will be beneficial in the long-run to look for alternatives for known hazardous products based on local resources and demands, and manufacturing environmentally friendly products.

People & Culture

ENTERTAIN, ENGAGE, SELL How have marketing trends changed over the years?

A

lmost all aspects of people’s lives have shifted into digital these days, including entertainment, health, real estate, finance, and currencies.

Similarly, ideas have evolved in the last century, from word-of-mouth to digital in the world of marketing. To reach one’s target market, it’s no longer enough to advertise on TV and in print. Social media is the new frontier for digital marketers, with nearly 5 billion active users.

Conventional Marketing The following were some of the prevalent marketing trends in the “Pre-Digital Age”: 

   

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Printed works (flyers, newspapers, posters, etc.)

Billboards Radio Advertisements Telemarketing Television commercials

People & Culture

Current Trends Social Media The most common form of marketing that has been going around for the last few years has been majorly on and through social media. Social media algorithms, paid promotions, and a solid social media strategy allow for a better reach, leading to increased brand awareness, better engagement, driving traffic to your business website, and generating leads and sales.

Artificial Intelligence Artificial Intelligence has enabled marketers to now check where their ads are being displayed and confirm that real people, not automated bots, are clicking on their advertising.

This increases the reliability of client engagement data and ensures that marketing assets are not squandered.

The COVID-19 pandemic has ushered a new era of digital supremacy, especially in marketing – and these changes are here to stay.

Digital Marketing

Internet

Over the last decade, digital marketing has grown and evolved, and is now crucial for business outreach.

New technologies such as primitive mobile phones, first-generation computers, and user-friendly printers emerged during the “Digital Age”. The sort of technology available and the ideal medium for marketing communication are inextricably linked.

The following are some of the most important marketing trends in the digital age:

The Dotcom Bubble lasted from 1995 until 2002. The internet, search engines, and mobile device advancements are all at the forefront of this era. During this time, some marketing trends included: 

  

Print advertising Increased use of television commercials Spam emails

 

Improvements to Search Engine Optimization (SEO) PageRank and AdWords Blogging Gulf Insider April 2022

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People & Culture

THERE’S AN APP FOR THAT! In today’s day and age, there’s – quite literally – an app for everything.

T

echnology has undoubtedly transformed the way go about our daily lives. From food delivery services to laundry services to doctor’s appointments – nearly everything is just a tap on a screen away. It has become an integral part of our routines. So much so, that we have become more reliant on apps to help us get around unfamiliar roads, or remember a friend’s birthday than our own memory.

According to app monitoring firm App Annie, people spend about a third of their day on mobile apps – about 4.8 to 5.5 hours. Of that time, seven out of every 10 minutes is spent on social, photo, and video apps, with TikTok in the lead.

Amidst the pandemic, COVID-related apps have also become widely popular and heavily used around the globe, such as the BeAware App in Bahrain, NHS

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Gulf Insider April 2022

Apps such as BenefitPay and talabat have led to a major shift in our everyday lifestyle.

App in the UK, and the TousAntiCovid in France. These apps played significant roles in tracking cases, verifying health statuses for travel, and controlling access to certain locations.

Hospitals and healthcare authorities have started developing their own apps to provide medical solutions remotely, such as the Sehati app in Bahrain. The number of remote consultations rose rapidly during the pandemic. Healthcare apps have enabled patients to easily

input their queries for their doctors or book and change their appointments online.

Other apps which have seen rapid growth since the pandemic are business and group meeting platforms such as Zoom, Google Meet, and Microsoft Teams, as millions of business and education institutions had to adapt to a virtual environment.

For those of us living in Bahrain, apps such as BenefitPay and talabat have led to a major shift in our everyday lifestyle that not having access to these apps could even be deemed as an inconvenience. Today, we pay for petrol at the station, transfer money, and have groceries delivered to our doorsteps with the use of apps.

It’s exciting to think about what new innovations are yet to come and how they will further transform the way we work, play, and communicate.

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People & Culture

EMERGING CAREERS OF 2022 What is the future of the world of work?

H

ere are some of the trending careers that you can expect to grow most in demand in 2022, according to reports by LinkedIn, Business Insider, and TechRadar:

Cybersecurity Specialist With increasing rates of cybercrime, many companies have started prioritising cybersecurity to avoid risk of confidential data theft. According to market research and consulting firm Ipsos, there is an overall cybersecurity skill shortage in the GCC. We can expect the demand for this profession to grow in the years to come.

Mental Health Professional There have been numerous changes in mental healthcare following the emergence of COVID-19. According to a report, about 7 in 10 psychologists (68%) have seen an increase in their waitlist since the onset of the pandemic. Future demands for mental

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health specialists are expected to grow in the years ahead.

Software Developer With the emergence of many new technology startups and advancements in tech firms, the demand for software developers has skyrocketed in recent years. Many software companies in the MENA region have opted for outsourcing abroad to meet the growing demands for qualified developers.

Digital Content Freelancer One of the major trends we’ve witnessed in recent years is the rise of freelancers. From content coordinators to content creators, digital content freelancers grew by 118% between 2020-2021 according to LinkedIn. Creative freelancers, from illustrators to writers rose by nearly 70%. The importance of digital skills will continue to grow as companies and brands continue to shift to digital marketing to drive greater reach and business impact.

Artificial Intelligence Specialist Artificial intelligence positions cover different specialisations within the industry, such as AI engineering. In recent years, the hiring of AI personnel has increased by 74%, according to a LinkedIn report. This number is expected to grow as the demand for AI increases.

Data Scientist Analytics Insights says that data science is the most demanded career topic among the youth in 2022. Data science is a concept to unify statistics, data analysis, informatics, and their related methods to understand and analyze phenomena. A constant in the list of emerging jobs, we can expect the demand for professionals in this field to grow in the years ahead.

Data Engineer Not to be confused with data scientists, data engineers are responsible for the paring and

People & Culture

The importance of digital skills will continue to grow as companies and brands continue to shift to digital marketing to drive greater reach and business impact.

preparation of data for analytical or operational purposes. These professionals are the intermediary between data scientists and data analysts. They develop, construct, test, and maintain architectures such as databases and large-scale processing systems.

Since 2015, the hiring rate of these specialists has increased by 35% and will be increasing in the coming years.

Cloud Engineer A cloud engineer manages a company’s cloud-based systems and processes. A Robert Half survey found that cloud expertise, including computing, security and architecture, is among the top-most in-demand skill sets. According to Indeed, it is the most in-demand cloud computing job in the U.S. today. With the rise of cloud-based technology, we can expect the demand to also grow in the GCC region in the near future.

Sales Development Representative Sales development representatives are responsible for outbound sales prospecting and mainly focus on generating and qualifying new leads in the early stages in the sales funnel.

The importance of this job lies in the continuous growth of technology services of sales specialists to find new clients.

Healthcare Professional The healthcare industry will be short 12.9 million healthcare workers globally by 2035, WHO says. The COVID-19 pandemic has further highlighted the critical importance of medical professionals. The demand for healthcare professionals in the GCC is set to soar 240% in coming years, according to strategic Recruitment Process Outsourcing (RPO) partner, Cielo.

Gulf Insider April 2022

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Technology

TECHNOLOGY ADVANCEMENTS OVER THE LAST TWO DECADES

W

hen one thinks of futuristic technology, one may envision flying cars, mindcontrolled assistants, automated systems, and zero-gravity societies. “It’s not that we use technology; we live technology,” Godfrey Reggio correctly stated.

It’s incredible how swiftly humans have evolved and, in turn, helped technology advance to make our lives easier. Only time will tell whether it is a boon or a bane.

Among the magnificent breakthroughs that no one could have believed would be feasible, a few are described in this article:

Autonomous Cars With its prototype for various models, Tesla Autopilot has created quite a stir. Autonomous vehicles (AV), often known as self-driving or driverless cars, are futuristic technologies that require little to no human input when moving or driving – revolutionising transportation as we know it. They’ve become one of the most popular topics for scholars and students to study over the years.

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Technology

Smartphones and Tablets Despite the fact that cellphones have been around since the 1970s, the revolutionary iPhone was released in 2007. Since then, several smartphones have been released, each one becoming more advanced than the last.

We now have foldable touchscreen smartphones that resemble the first flip phones.

A fusion of a phone and a laptop with some restraint — tablets and iPads had also become widely popular in the 2010s. These versatile portable devices are highly functional and easier to carry around compared to laptops, thus making them convenient and useful during meetings and travel.

The Internet The internet is our new go-to spot for any and every need we have in our daily lives. Everything has steadily moved online and digital, from finding information, to connecting with people across the world in an instant. It has removed all communication barriers and drastically transformed and revolutionalised the way we live, learn, and connect to the world around us.

E-Wallets and E-Commerce In the recent years, we have witnessed the growth of the digital economy with the rise in e-commerce. Buying and selling online has never been easier. Nowadays, anything we require is really just a few taps away and delivered to our doorstep. In fact, cashless transactions has become the new norm. The shift from liquid cash to digital money has particularly risen since the pandemic and e-wallet usage has skyrocketed.

Gulf Insider April 2022

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Technology

5G Network The fourth-generation (4G) network was introduced in 2010 and has proven to be quite popular among consumers who require high-definition services.

The fifth-generation is claimed to be the world’s fastest wireless technology.

It will open up a whole new world with super-fast data and practically zero latency at reasonable pricing.

Humans continue to test the limits of affluence on a regular basis. There are many untapped potentials in the universe waiting to be discovered, and it is up to us to invent and reinvent them.

AI Assistants and Smart Homes Alexa, dim the lights and play relaxing music.

Siri, call mom.

Cortana, set an alarm for 7 am.

According to a study by Larrichia F. published in Statsta, the number of digital voice assistants or virtual/intelligent assistants will reach 8.4 billion units by 2024 – a number higher than the world’s population.

We have grown so reliant on AI assistants that we cannot conceive how smooth our lives would be without them.

Several houses have made the switch to a smart home arrangement, in which all electronics and appliances are controlled remotely via the internet from any networked device. There have been numerous interfaces between virtual assistants and smart home network connections. This system may be used to lock doors, turn off lights, raise the temperature, and so on.

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Automotive

First steam powered automobile

HIGHWAY TO THE

FUTURE

Major Developments in the Automotive Industry

T

he automotive industry has proven to be a boon when it comes to accessible and easier transportation. As with the advancement of technology, major developments are unearthed in this sector.

Automobile development started in 1672 with the invention of the first steam-powered vehicle. This led to the creation of the first steampowered automobile capable of human transportation in 1769.

Today, cars are armed with stateof-the-art technology such as Artificial Intelligence, voice recognition, an automatic gear system, Bluetooth connections etc. Instead of needing fossil fuels to power the vehicle, more eco-friendly ways have popped up, namely the mass production of electric

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vehicles powered by batteries in recent times.

We are seeing a surge in developments to ease the process for customers when it comes to this particular sector. A few are developments would be:

Digitised vehicle purchasing To drive home a more customercentric and customer friendly approach, a digital transformation can be observed where every customer touchpoint is made available online for them to consider. With technologies such as VR (Virtual Reality) and AR (Augmented Reality), the online shopping experience becomes more complete as the customer can comfortably take a look at all the parameters of the vehicle they seek to purchase.

Companies like Tesla, Rolls-Royce, and Porsche are allowing their customers to customise the car they are purchasing according to their taste before they place the order.

Electric vehicles World automobile makers will compete to dominate the market for new-generation electric cars by the end of this decade, driven by the environmental demand for zero carbon emissions.

More than 10 million electric cars were on the world’s roads in 2020 with battery-electric models driving the expansion. Notably, electric cars are gradually becoming more competitive in some countries on a total cost of ownership basis.

Automotive

Increased vehicle connectivity

More than 10 million electric cars were on the world’s roads in 2020 with battery-electric models driving the expansion.

Scrappage policy A policy that seeks to phase out old vehicles with the aim of reducing vehicular pollution and improving road safety and efficiency. This leads to the customers being more mindful of the car packages and plans they are now being offered, while for companies, it’s a golden opportunity to offer new incentives and make their offers more enticing.

It’s 2030. You are driving to work, on a bright morning sipping on your coffee.

The smart tint shields you from the sun’s glare. You are watching the news and catching up with your social media messages. All cars around you are autonomous and it is a smooth trafficless drive.

Now, doesn’t that sound peaceful and hassle-free? This is a probable future given the increasing rate of vehicle connectivity.

The vehicle connectivity market is growing by releasing successful models with factory-fitted features that allow internet access and data sharing with external devices, a trend that users are flocking to because it provides more convenience and a more modern outlook.

While we have come a long way from needing carriages for transportation, the automotive industry doesn’t seem to be on the verge of dying anytime soon.

Constant innovations are improving the efficiency of vehicles which now serve multiple usages besides plain transportation, offering comfort and relaxation too. With eco-friendly vehicles becoming more commonplace, recent developments spell a bright future for the automotive industry.

Gulf Insider April 2022

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Automotive

FORMULA 1 GULF AIR BAHRAIN GRAND PRIX 2022 MARCH 18-20 Here are some of the snaps Gulf Insider has taken at the event.

Can you name any of these famous people?

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Automotive

Gulf Insider April 2022

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Automotive

HOW CARS HAVE CHANGED OVER 20 YEARS

AND WHAT’S COMING NEXT… Gulf Insider asks Dr. Hamid Haqparwar, Managing Director of BMW Group Middle East, how cars have (and are) changing.

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Automotive

H

ow have cars changed over the past 20 years?

Cars today are a lot more safe, reliable, and sustainable. In-car entertainment has been revolutionized - for example, connecting your phone to the car was not an option 20 years ago.

Further, sustainability, electric vehicles, efficiencies, and recycled materials used are all now considerations when buying a new car.

are at the beginning right now, and the joy of driving is being redefined with electrification.

Is there anything that would’ve particularly surprised you 20 years ago if you could look ahead and see cars today?

When I was a kid, I was convinced we would have flying cars by now. We still don’t have them and I can’t tell if we or someone else is working on them, but what I can tell you is that we are working on autonomous driving, and this is exciting. I believe autonomous driving will shape the future of individual mobility. Let’s face it – if you’re in a traffic jam on Sheikh Zayed Road, driving is not pleasurable – so being able to switch into automated mode and then be able to relax and unwind would be very convenient. And who knows, maybe in another 20 years we will see flying cars!

What near-term new technologies are coming?

From a manufacturer’s point of view, by 2025 over 25 of our models will be electrified – be it hybrid or fully electric.

If a customer chooses a BMW 7 Series, they can choose between an electric or combustion engine version. It is the same car, but with two different drive train options. The choice is left to the customer.

What further changes do you see coming over the next 20 years?

I believe autonomous driving will shape the future of individual mobility.

Of all motoring innovations over the last two decades, which most impress you?

How did we even live without GPS navigation? It saves time, fuel consumption, and headaches. Now, I can’t think of living without it.

Electrification is also a game changer and shows we are entering a new era.

For over a hundred years, cars have been fuelled by gasoline and now we are looking into a complete change. We

Autonomous driving will continue to be worked on. There are 5 levels of automated driving, and right now we are at levels 2 and 3. Getting to level 5, which is fully automated, is still a long way off… but we are certainly working towards it.

… and what new BMW models are coming for next year?

Our flagship model, the brand new 7 Series will come end of this year.

There’s a face lift for the X7, and a beautiful new product will be launched beginning of next year – the longawaited BMW XM.

Gulf Insider April 2022

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Automotive

CARS TO LOOK

FORWARD TO IN 2022 From the freshest electric cars to hottest supercars, here are few of the most awaited launches this year!

Ferrari 296 GTB The Ferrari V6 plug-in hybrid is the first real V6 road car in their history. The plugin hybrid engine provides a whopping 819 bhp.

The 296 GTB is faster and more reactive than every larger V8 car in Ferrari’s lineup. This package also gets you 0-60mph in 2.8 seconds and can hit a top speed of 205mph.

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Gulf Insider April 2022

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Automotive

Lotus Emira Lotus bounced back with its supercar lookalike – Emira, for a sports car’s price. It has powertrain choices: a supercharged V6 manual, followed by an AMG-spec four-cylinder turbo. The first edition of the Emira will go on sale with 20-inch ultra-light forged alloy wheels with a premium two-tone finish.

McLaren Artura McLaren went all-in with the Artura. The skeleton of the car is based on The McLaren Carbon Fibre Lightweight Architecture (MCLA). It also pairs a twin-turbo V6, the company’s first, with a battery-electric powertrain to create a plug-in-hybrid model. The E-Motor’s instant torque enables throttle response that’s twice as fast as their pure petrol cars – seamlessly transitioning to the V6 engine to deliver a torrent of power from a standstill. The car definitely packs a punch as it comes with 710bhp and 720Nm of torque, this makes the car zoom from 0-60mph under three seconds and go to a maximum of 205mph.

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Gulf Insider April 2022

Automotive

Aston Martin Valkyrie Rumour has it that 2022 is the year we finally get to see Aston Martin’s road-going F1 car! Its hybrid powertrain consists of a naturally aspirated 6.5-liter V-12 and an electric motor. A seven-speed automatic transmission directs power to the rear wheels. On its own, the V-12 delivers 1000hp, while the battery-electric system contributes an additional 160hp. Combined, the power sources produce a total output of 1160hp and 663 lb-ft of torque.

Mercedes-AMG ONE For the first time, Mercedes’ two-seater will bring the latest and most efficient F1 hybrid technology to the street in a nearly one-to-one ratio. The highperformance hybrid will have a top speed of over 350 km/h and produce over 1,000 horsepower.

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Automotive

THE NEW 2022 PORSCHE MACAN: A CLOSER LOOK Gulf Insider compares the latest generation with its predecessor.

T

he Macan is a major success story for Porsche.

Until 2014, this sport SUV didn’t exist. Yet, it’s now Porsche’s biggest selling model responsible for no less than forty percent of all Porsche models sold. It outsells the 911, the Cayman, the 718, the Cayenne, and the Panamera.

I remember how impressed I was driving the Macan for the first time when it had just arrived in Bahrain. It felt like a jumbo hot hatch – a cross between driving a 911 and a Cayenne.

I was delighted to drive the latest 2022 model in Bahrain. I was curious

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Gulf Insider April 2022

to discover how Porsche had improved this car.

All 2022 models now have a new look to their front end with integrated cooling air intakes and feature a standard 7-speed dual clutch PDK transmission, all-wheel drive and powertrains that are more powerful than their predecessors.

The Macan range begins with a turbocharged 2.0-liter four-cylinder engine delivering 261 hp and 295 lb.-ft. of torque – an increase of 13 hp and 22 lb.-ft. compared to the 2021 model it replaces. The result is 0 to 100 kph in just 5.8 seconds when equipped with the optional Sport Chrono Package (0.3

seconds quicker than previously).

The top of the range Macan GTS has a 434 hp version of the 2.9-liter twinturbo V6 and offers zero to 100 kph (with optional Sport Chrono Package) in just 4.1 seconds.

Uniquely, the GTS is fitted with Porsche Surface Coated Brakes with red calipers and adaptive air suspension with 10 mm lower ride height as standard, which makes it up to 15 percent stiffer than before. Newly calibrated dampers also offer a greater breadth of comfort and performance.

The 2022 model improvements continue inside, with a redesigned

Automotive

The Macan range begins with a turbocharged 2.0-liter fourcylinder engine delivering 261 hp and 295 lb.-ft. of torque.

center console. As you would expect, the interior is beautifully designed using top quality materials throughout.

Everything has a solid feel and with a craftsmanship attention to detail.

A new GT Sport steering wheel adopted from the 911 is also available.

The 10.9 inch full-HD touchscreen in the Macan offers standard navigation and Apple Car Play and can be optionally upgraded with enhanced audio systems. As a new option, interior packages with deviated stitching in Papaya, Gentian Blue, and Chalk are now available.

Like the Cayman, the Macan is an ‘entry level’ Porsche – but, also like

the Cayman, you wouldn’t think so as neither feel like they have been the victim of cost cutting in any way.

Final comment – the seven-speed PDK is superb. Few other dual-clutch designs offered by other carmakers can match the smoothness of the Porsche design.

Prices start from BD 25,494 including VAT.

For more information and to arrange your own test drive in Bahrain, call +973 1745 9911 or visit www.porsche.com/MIDDLE-EAST/_ BAHRAIN_/

Gulf Insider April 2022

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Banking & Finance

BANKS IN BAHRAIN ARE CHANGING …WHAT DOES THAT MEAN FOR YOU? Gulf Insider speaks with Jean-Christophe Durand, Chief Executive Officer of National Bank of Bahrain (NBB) on innovation and the future of the banking industry.

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Banking & Finance

Image source: www.nbbonline.com

N

BB recently ranked 1st in Bahrain and 2nd in the Arab World in Environmental, Social and Governance (ESG) Scores for Banking Services Companies. How did you achieve this?

Established in 1957, the National Bank of Bahrain (NBB) is the Kingdom’s first locally owned bank. It is a multi-award-winning financial powerhouse, with the largest branch and ATM network across the Kingdom. The bank is also currently operating in KSA and the UAE. NBB is the first bank in the Middle East to earn the Gold status by Investors in People, placing them amongst the top 17% of global institutions to receive the accreditation.

Our success is due to the commitment and hard-work of our team. We made ESG a part of our day-to-day activities by supporting the community, giving to charity, and educating youth, among many more initiatives. Our board members adopted and embraced the ESG journey very early on in the process, which contributed to our successful rankings.

Governance is implemented within the bank to ensure that the international standards are understood and abided by.

ESG is multifaceted. It encompasses a number of elements including our relationships with clients, adopting digital channels, training and career planning quality, relationships with our employees, and environmental issues.

On an environmental front, we are currently developing solar panels and social housing products, and have replaced the majority of our lighting with energy efficient LED fittings. We have also started reporting our CO2 emissions, and successfully introduced an ISO certified Environmental Management System (EMS) in 2021.

We have created an internal culture around ESG within the bank. Everyone is involved in the development process when it comes to creating new initiatives and products.

How is NBB rising to the challenge of digitalisation?

The direction that the banking industry, and many other industries, are heading in is digital. Clients, specifically the younger generation, are increasingly looking towards digital financial services.

With the support of the board, we decided at an early stage to allocate substantial investments towards NBB’s information technology infrastructure, including the development of a top-of-therange digital retail platform.

Our digital platform has been very successful and we plan to add additional features including a loan origination option to further facilitate our customers and improve the relationship with our clients.

We are currently developing a stateof-the-art corporate platform where the relationship between NBB and clients will be on a more advisory than transactional level. We will also provide advice on services, such as risk management, financing, and debt, among others.

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Banking & Finance

How competitive is Bahrain’s banking industry, and how does NBB stay ahead?

What recent innovations by NBB are you most proud of?

Bahrain is a small market with many banks, so it is naturally competitive.

However, we do have the advantage of being long-established as one of the Kingdom’s first banks, with a very strong balance sheet for support. As an innovator, we are constantly introducing new products and ideas; our goal is to be ahead of the competition and in turn, attract and retain more customers.

NBB acquired Bahrain Islamic

We are proud of the results we have seen over the past year with the NBB Digital Banking App. Through our corporate platform, we aim to further improve the quality of our relationship with our larger clients. In addition to being financiers, we would like to serve as advisors, helping our clients manage their risks.

In the upcoming months, we will be launching a loyalty program that

will enable us to serve individual and small business clients, acting as an ecosystem created for the different types of clients within our portfolio.

We are also providing more efficient and digitalised training through webinars tailored to certain functions. With a rapidly changing market, we are working to upskill our employees by equipping them with knowledge that will serve them in the present and the future. So far, we have delivered a total of 38,620 hours of training, with an average of 50 hours per employee.

Of course, we have always been extremely involved in the community.

We sponsor social projects and continue to support causes that are aligned with our pillars: Responsible Banking, Serving Our Customers, Nurturing Our Workforce, Community Investment, Preserving Natural Resources, Governance, and Ethical Behavior.

What is your vision for the future of banking in Bahrain?

Bank (BisB) in 2020, which has strengthened our position in the industry, particularly within the Islamic Banking segment. This allows us to pool future investments required to adapt to the banking landscape evolution encompassing sustainability, technology, regulation, and product offering, among others.

We invest in initiatives that promote innovation on a local level and allow future talents to develop their innovative, creative, entrepreneurial, and leadership skills. We also enable Bahrain’s FinTech sector to thrive, cementing its position as a FinTech Hub in the region.

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Our mobile platform has been very successful and we will soon be adding more features including loan origination to further facilitate the relationship between the bank and the client.

Customer demands are continuously evolving, however, we believe that the transition towards purely digital banks in Bahrain will require more time.

In addition to changes within the banking sector, we are witnessing some aggressive movement within the telecommunications sector today.

Operators are obtaining financial licenses now, and creating more added value, with services such as wallets and direct payment options.

In a way, the telecommunications sector is similar to the banking sector in that it has to move quickly. Costs and revenues can only go down and diversification is growing. However, banking means lending and taking deposits, which is different from affecting payments, wallets, and transfers. The difference between the two sectors is the balance sheet.

Perhaps one day, we will witness mergers or joint initiatives between the banking and telecommunications sectors.

For more information on NBB, visit www.nbbonline.com

The First Digital Postbox in the Middle East, launched by Beyon Connect in Bahrain

Money & Business

Tamkeen Chairman and management meeting with Bahrain Chamber of Commerce and Industry (BCCI)

TAMKEEN:

INNOVATION AND SUSTAINABLE GROWTH Gulf Insider speaks to Hussain Mohamed Rajab, Chief Executive of Tamkeen on their new programmes and vision for Bahrain’s growth and development.

H

ow will the new Tamkeen programmes impact the growth of Bahraini businesses and entrepreneurs?

Our programmes were curated to ensure that our customers achieve their maximum potential for growth.

We crafted these dynamic new programmes following a series of consultation sessions with the private sector across various industries and as such they reflect the needs of the market and echo the feedback we’ve received. Tamkeen’s programmes have shifted to become even more objectivebased, and impact driven. We work with committed enterprises to build their

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capabilities and allow them to innovate, grow, transform, digitalise and become more productive, and potentially internationalise. The success and growth of the private sector helps boost the economy, a key objective for us as an organisation, therefore when our partners achieve their KPIs, we ensure that they have access to increased support.

Entrepreneurship is the key driver of innovation and growth in any economy, making it a priority for Tamkeen to support the entrepreneurship ecosystem in Bahrain. We have always been committed to enabling the launch and growth of new business concepts and will continue to do that through several programmes targeted at both

seasoned and budding entrepreneurs.

Our programmes Start Your Business and Tech Disruptors were designed to help small businesses launch new ideas and disrupt the market. While our Global-Ready Entrepreneur programme paves the way for Bahrainis to access global knowledge, experience and opportunities that can accelerate their success. The energy and passion of youth are a powerful driver of innovation, that’s why we developed the Young Entrepreneur programme, tailored specifically for aspiring entrepreneurs, to allow them to explore new ventures, gain the most important entrepreneurial skills and turn their concepts into sustainable businesses.

Money & Business

Hussain Mohamed Rajab, Chief Executive of Tamkeen

We have always been committed to enabling the launch and growth of new business concepts and will continue to do that through several programmes targeted at both seasoned and budding entrepreneurs.

You announced that these programmes are aimed at developing high-potential sectors and creating job opportunities.

How so?

We are continuing to support all sectors but are focussing on incentivising the high-potential sectors.

Considering the rapidly changing economic climate and in alignment with national priorities, we are furthering sustainable economic development by further incentivising areas and industries that have greater potential for growth. For that purpose, we have identified high-potential sectors, which are aligned with the National Economic Recovery Plan, and which have the ability to transform our market. These sectors are underpinned by productivity, have export potential, offer sustainable quality employment opportunities, drive quality diversification and are dynamic. High potential sectors can also inject the job market with specialised job opportunities that offer attractive compensation and employment benefits, providing appealing career options for the national workforce and promoting innovation and growth mindsets.

Our programmes focus on productivity as they can increase competitiveness and profitability of businesses, allowing them to grow and

expand both locally and internationally, and opening opportunities for franchising and exporting. Expansion, whether local or international, requires increased manpower and employment of talent to cater to the growing business demands therefore providing quality job opportunities for Bahrainis. Furthermore, we developed programmes that focus on technology and digital transformation because they go hand in hand with productivity and dynamism. We also designed a programme that focusses on research and technological development to empower the development and launch of innovative products that start in Bahrain and go global. This will help transform industries in Bahrain and create numerous opportunities for both companies and individuals.

Our Human Capital programmes were designed to support enterprises committed to the training and development of their human resources, as well as ambitious Bahrainis to up-skill and re-skill according to market demands ensuring their competitiveness both locally and internationally. Furthermore, we developed programmes that focus on job placement to support local talents enter the job market, as well as programmes that focus on career progression for Bahrainis with the purpose of enabling them to climb the career ladder to leadership positions in the organisations they work in, further enhancing their role in driving growth within these organisations.

What is your contribution in achieving and supporting sustainable growth in the Kingdom?

Tamkeen’s mission is to empower Bahrainis according to market requirements and to build enterprise capabilities to contribute to expanding the national economy. Simply put, everything we do serves to support sustainable economic growth in Bahrain. The new programmes we announced will help our customers both enterprises and individuals - reach their maximum potential for growth, leading to a multiplier effect across the economy and further diversifying our Gulf Insider April 2022

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Tamkeen’s mission is to empower Bahrainis according to market requirements and to build enterprise capabilities to contribute to expanding the national economy.

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non-oil sectors. With focus on highpotential sectors, technology and digital transformation, global knowledge, and expertise, we will enable the private sector to become the key driver of national economic growth. Additionally, as part of our strategic plan we are going to work closely with leading international companies seeking to expand in the region, and support them to establish their presence in Bahrain, which can drive further economic growth and create quality job opportunities for nationals.

entrepreneurial mindset is at the heart of innovation.

In addition to that, we believe in the power of international expertise and experience, so we designed programmes (Global-Ready Talent, Global-Ready Entrepreneur) that allow Bahrainis to work with leading international companies and get access to accelerator and entrepreneurship programmes abroad to boost their competitiveness and bring new skills to the market.

What is your strategy to establish Bahrain as an innovation-driven economy?

What kind of tailored support are you providing to enterprises and to individuals?

We have a set of programmes that are specifically designed to drive innovation, starting with the Innovation Programme which incentivises companies to innovate and supports them through their innovation journey from research and development to prototyping, testing and launch. We will stimulate the growth of innovative digital startups and help them enhance their competitive edge, inspiring others to follow suit and creating a ripple effect that accelerates innovation in our ecosystem. Our entrepreneurship programmes also help foster an innovation-driven economy because an

All our new programmes are tailored to the requirements of our customers and the sectors they work in, and they offer holistic support spanning from funding to technical and advisory support. It’s important that companies benefit from the programmes that fit their business objectives and can accelerate their success, so we have a business development team that can offer specialised sector support to our customers throughout their growth and development journey.

We also introduced a transparent assessment model that is based on growth objectives and focussed on

Money & Business

Our vision for Bahrain’s growth is aligned with the national economic recovery plan and fulfilling Tamkeen’s role within this plan, which focusses on the development of high potential sectors and the training and employment of Bahraini nationals.

driving impact. And we complement it with incentives to ensure that our customers have access to more support when they achieve their KPIs, allowing them to succeed even further.

When it comes to human capital development, our new programmes address specific skill gaps and focus on achieving higher and more inclusive reach. We also offer incentives for quality jobs created as they can provide sustainable employment opportunities for nationals and help them achieve career growth.

What is your vision for Bahrain’s growth and development in the coming 5 years?

The economic landscape is always changing. This change comes with challenges and opportunities, and it’s crucial for us to continue our transformation and evolution to make the most of these opportunities. Our vision for Bahrain’s growth is aligned with the national economic recovery plan and fulfilling Tamkeen’s role within this plan, which focusses on the development of high potential sectors and the training and employment of Bahraini nationals. The high potential sectors we are focussing on are linked to those identified as part of the plan and we added more emerging sectors that show promise.

We envision a future where these sectors are well-established in the kingdom and actively contributing to sustainable economic growth. We will also continue to identify emerging and promising sectors that align with the government priorities and find ways to support them and strengthen their expansion. This ongoing process to stay abreast of the latest trends and changes in the economic climate and adapt to them will strengthen Bahrain’s economy and enable us to deliver impactful programmes and initiatives continuously.

Furthermore, with the support of our programmes we are working towards a future where Bahraini talents are in quality job positions and leadership roles with sustainable career prospects, within key public and private sector organizations, where they can contribute to national economic growth.

Our national workforce will become even more competitive, both locally and internationally, making them employees of choice and giving the Kingdom a bigger advantage in attracting investments that can drive further growth.

For more information on Tamkeen and their programmes, visit www.tamkeen.bh Gulf Insider April 2022

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Money & Business

As Bahrain’s leading regional player in electronic financial transactions, how do you aim to improve efficiency with your new digital remittance service?

ELEVATING DIGITAL TRANSFORMATION IN BAHRAIN Gulf Insider talks to Benefit’s Chief Executive, Abdulwahed AlJanahi on the newly launched remittance services, exciting new services to look forward to, and vision for Bahrain’s financial sector.

B

enefit is Bahrain’s leading regional player in electronic financial transactions and FinTech solutions.

The company has been unlocking vast opportunities for nearly 25 years by powering effortless

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payment solutions for all individuals and businesses in the Kingdom.

Benefit has won many prominent local and international awards such as the e-Government Excellence Award 2021 and the Best Smart Application Award 2021 and many more.

The remittance service is something that we’ve been working on for some time as we have big numbers of expats here in Bahrain. Our goal in everything we do is to make things easy for the public.

With the remittance, we have started with Bahrain Financing Company (BFC), but there will be a number of money exchange companies on the app in the near future for the purpose of providing the customer with the most convenient services. They can compare prices and rates on the app – all within the convenience of their own home, office, or wherever they may be. We also aim to provide the best service even in terms of speed and delivery of the money.

Ultimately, our goal is to reach a level where you can easily transfer money even when you travel abroad.

We want to empower and facilitate the digitalisation of money transfer and make the process as efficient and user-friendly as possible. Apart from benefitting from the reduced costs, they get the convenience of the exact same service as if they visited the branch through the app.

Our aim is to make it a lifestyle.

Users won’t have to carry cash or cards, or even their Sadeem plastic cards – we want everything to be on the app.

How is sending money via this service different from visiting a remittance outlet or via the remittance’s own app?

It is readily available. We are providing users with a convenient service where instead of doing the job manually with a long process – they can do it electronically and it is time efficient. They spend less time and less money.

Once you open the app and go to remittance – you will have a number of rates and different providers, and then it’s your choice.

You’ll have everything available in your hand, instead of calling or looking at the website or visiting the branch.

Money & Business

One of our plans for the next three years is to make BenefitPay a marketplace where we have all the services in one place in line with our digital transformation strategy.

The BenefitPay app provides many services from quick money transfers and bill payments and even easy petrol payment. Any additional services we should look forward to?

One of our plans for the next three years is to make BenefitPay a marketplace where we have all the services in one place in line with our digital transformation strategy.

In line with our three national priorities which we are working on towards a digital and cashless society, we’re aiming for sustainable innovation.

In terms of strategy, we are focusing on our original pillars – connecting financial transactions, customer information depository, and business outsourcing.

We are also working to enhance our services and make credit reports available on BenefitPay. Instead of going to the bank or going through the long process, it would be readily available on the app in an instant.

In addition, we’re working on credit access and all things related to open banking. As a technical service provider, we want to help financial institutions and become a gateway for open banking in the Kingdom.

We also aim for internationalization, whereby we feel that a number of

services can be exported and others can learn from what we have done.

With our Public Key Infrastructure (PKI) certification and authority, we eventually want everything to be endorsed digitally. With this certification, we’re able to provide smart contracts for smart agreements, or smart invoicing. We have been given the license by the Telecommunications Regulatory Authority (TRA) for trusted service provider (TSP) for providing certificate authority for organisations who wants to move and exchange documents digitally.

What’s your vision for Bahrain’s financial sector in the next five years?

The most important thing is that you have a very proactive regulator.

The Central Bank of Bahrain (CBB) is very proactive. They are very much into supporting and encouraging financial technology and encouraging towards digital transformation – that has helped us a lot and I think we are moving in the right direction.

We are heading towards economic and financial recovery and there are very good initiatives that are beneficial to enhancing this kind of recovery. The sky is not even a limit at this point.

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services will fulfil all the financial needs of all types of users, whether Gen Z, Gen Y, blue-collar, or white-collar. I call it the Netflix approach. When you use it, you will have a wide selection of genres and categories and you will find what matches your requirement. This is exactly what we want to achieve with our app; we want to provide you with that element of choice.

The element of speed which we want to provide is one which offers the most convenience. For example, you download the app, upload one selfie, one ID, load a virtual card, and you can be on your way. You can connect your bank accounts, pay bills, send funds abroad instantly, spend and get cashback, access your personal financial insights, and many more services all in one app.

What makes Beyon Money different from other financial applications?

BEYON MONEY: LEADING BAHRAIN’S FINTECH REVOLUTION

Gulf Insider interviews Roberto Mancone, CEO and Executive Board Member at Beyon Money.

B

eyon Money is a newly launched super-app which intends to become a onestop shop for its users, offering a marketplace with a wide range of financial products and services in one app. Roberto Mancone shares the purpose behind Beyon Money, its characteristics, their future

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plans, and predictions for the financial industry.

What is the purpose of Beyon Money?

Beyon Money wants to fulfil two particular needs of clients who approach financial services—the element of choice and the speed of action.

We want to make sure that our

We want you to have the option of choosing your source of funds as well as how you approach the beneficiary.

For example, under remittances, the novelty will be that if one wants to send money abroad – they can use our money card, a credit card, a bank account, or any other source. We are not restricting our services strictly to the card, but allowing the freedom of choice based on what you want. The same applies as a recipient. You will be able to receive funds in your account, your wallet, or even cash.

We will evolve from a financial service provider to a marketplace, which means that even products that we do not necessarily produce but are available in the market, will be made available. They can be wide-labelled and branded with the original provider, but we’ll have an element choice for insurances, asset management, deposit gathering, cryptocurrencies, and more.

What steps have been taken to take Beyon Money internationally?

For people in Bahrain, we want to offer connectivity with banks outside of the Kingdom. We are connecting all the banks in Bahrain in our app.

There are a lot of expats here that have bank accounts abroad. So, we want

Money & Business

Beyon Money wants to fulfil two particular needs of clients who approach financial services—the element of choice and the speed of action.

to make sure that we grant them the possibility to connect with banks in the countries where they’re from, which is an additional element.

We are already on the path of expanding in the GCC. The two key countries for us are UAE and KSA. After that, we will evolve Beyond the region.

How do you plan to develop and evolve digital payments in Bahrain?

We want to be in the driving seat.

We want to ride the wave of technology and the wave that the regulators have created. There are a lot of opportunities here in Bahrain to transform today’s digital payment methods. Open banking is one of the options because it allows alternatives to traditional card payments.

Beyond that, there’s a lot of evolution in methods of payment – stable coins, central banks, digital currency, etc.

There are almost 23 central banks in the world that are focusing on CBDC. I see an evolution from the traditional method, such as bank to bank, card to card, card to wallet as well as stable coins. That is something we need to be on top of, in order to make sure that this proceeds as a valid solution to lower the cost for the clients and create less friction in the current system of payment, which is not perfect yet.

The financial industry is changing far more than we could have ever predicted.

What we’re seeing today, we couldn’t have predicted 5 years ago. Is there anything you predict for the industry that others may not see coming?

You need to create a demand. If you ask yourself, when the smartphone was created, whether people knew where we would be today, it would be unimaginable.

That’s why I say, if you ask me five years from now where we want to be, I would probably have you ask yourself this: Where was Netflix five years after they started delivering DVDs and eliminated blockbusters? Where was Amazon five years after they started selling books?

What are we going to be five years from now? I cannot tell you. But, for sure, things will be dramatically different. And this is the result of technological and demographic change.

The new generation is born into a technological savvy, digital market.

So, you can only imagine that they will ask for something that doesn’t already exist and we need to create that kind of demand.

For more information on Beyon Money, visit www.beyonmoney.com Gulf Insider April 2022

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Money & Business

SECURE, TRANSPARENT, AND SIMPLE:

BEYON CONNECT Gulf Insider interviews Beyon Connect CEO Christian Rasmussen.

The new products are being developed to respond to the needs of the public and private sectors, addressing challenges that are becoming more commonplace in the changing digitised economy.

What is the drive and purpose behind Beyon Connect?

B

eyon Connect is focussed on delivering new technologies with great innovation potential, Software-as-a-Service platforms, and advanced IT solutions in the MENA region.

Under the Beyon Connect umbrella, two new products were recently launched: One Box and One ID. One Box is an innovative digital postbox solution designed to enable 62

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national secure communication between the public sector, private businesses, and residents of Bahrain in one secure, convenient, and trusted digital space.

OneID is a highly secure single e-ID which will be made available as a mobile application. It allows onboarding of Bahrain residents through an advanced e-KYC process supporting passport and national ID cards with facial recognition and liveness check.

Our mission is to create better and more inclusive digital societies for individuals and businesses in the MENA region. To do so, we offer digital seamless communication solutions, in which transparency, security, and efficiency are key elements.

We found that a number of society-created infrastructures have large potential in Bahrain. These infrastructures have been a driver of building better digital societies for Denmark and the Northern countries, which rank high in terms of eGovernment rankings in the United Nations.

Our response was to build a strategy pinpointing the missing elements in order to move up the ranks in comparison to the leading countries. We identified strategic areas focussing on citizen-centered and business-oriented communication, providing a digital identity, and later on utilising these with innovative smart cities integrations.

Essentially, we want to build an ecosystem where individuals or business owners can have any kind of digital proof or digital communication, such as insurance, company, health organizations, car, or house, injected into personal, digital, free of cost mailboxes.

Trust and data privacy are of critical

Money & Business

importance and to this end, we have implemented the highest level of security and personal data protection in our platforms. You always know who the sender is, and public institutions and businesses benefit from the identity verification provided through the secure digital identity. There will be no more forgetting of important official notifications or hospital and bank appointments as these can always be found in the digital postbox.

How do you see Beyon Connect evolving over the coming year and five years from now?

Over the coming year, our focus is on rapid growth and establishing lighthouse transformations within private sector businesses and public sector institutions. We have plans to announce subsidiaries across the MENA region during 2022. We intend to take the bottom out of the market, especially for identity solutions by providing highly secure, technically robust and commercially compelling solutions.

In the next five years, we intend to continue launching new products and verticals and rethinking how we communicate. Our driving mission is to continue working on how individuals as well as their identity, can be protected.

Is there anything else you’d like to add or share for our readers to look forward to?

Our mission is to create better and more inclusive digital societies for individuals and businesses in the MENA region.

Is Bahrain your sole focus, or are you taking your solutions and services across the GCC? While we are headquartered in Bahrain, we have agreements in place with a number of entities in Bahrain and in the GCC and MENA regions. We recently announced MoU signings with Bahrain’s National Cyber Security Centre (NCSC) and Egypt Post for OneBox and OneID and we will soon announce further partnerships with other major organisations.

I think it’s important to note that we have a sustainability focus. By 2030, all the countries in the MENA region have an increased obligation to take care of the environment, fighting for people’s rights and equality between men and women. We see the support of these goals as part of our core values.

Bahrain is, of course, one of the higher-ranking countries in this region with regards to this agenda, but we have an opportunity to rank higher. We intend, with our products and services to support this national, societal shift.

Already this year, we are moving to eliminate paper-based non-secure communication as we transition into secure digital correspondence. We want to invest in a society where we focus on the whole cycle of sustainability through harnessing the power of digital.

It has already been proven in other leading countries across the world and now we are committed to supporting the Kingdom of Bahrain and the MENA region as a whole to reach their sustainability goals.

For more information about Beyon Connect and its products, visit www.beyonconnect.com and www.onebox.bh or email info@beyonconnect.com

Gulf Insider April 2022

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Digital Currency

Barter System

FROM TRADITIONAL CURRENCY TO

L

CRYPTOCURRENCY

et’s be honest – everyone seems to be interested in cryptocurrency right now. You would have been deemed insane a decade ago if you encouraged someone to invest their money in an online currency exchange that is not regulated by the government.

If you asked someone two decades ago to shop online, they would be hesitant to pay for something that isn’t physical.

It would be a farce. But how and where did it all begin?

Transactions in early cultures were conducted through the exchange of products — a system known as barter.

Due to a lack of double coincidence of wants, the use of currency in the form

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of coins produced from precious metals such as gold and silver began. People were accepting of it because, unlike the barter system, the coins had value.

Although gold and silver coins have no other special use, it was known that they could be used to trade.

Traditional Currency Banks and government centralised currencies came into play as time went on. Instead of carrying heavy metal coins, banks began issuing paper currency that was regulated by the government. The paper note itself has no value because it is not composed of gold or silver. This conventional money is also known as fiat money, and its value

is determined by supply and demand, as well as the stability of the issuing government, rather than the value of a product supporting it.

Digital Currency Today, money is no longer only defined by coins, notes, or commodities; instead, it is defined by entries in a database that contains our whole financial and transaction history.

Transactions have become much easier thanks to digital currency. All that is required is a few mouse clicks or screen taps, and money is deducted from one database and transferred to another.

The disadvantage of both traditional and digital currency is that each is

Digital Currency

Today, money is no longer only defined by coins, notes, or commodities; instead, it is defined by entries in a database that contains our whole financial and transaction history.

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overseen by a government and must be moved through various banks. There are a variety of such currencies.

Cryptocurrency Cryptocurrency was introduced as a solution to the overflow of databases maintaining digital money. Instead of millions of databases, cryptocurrency uses a single huge database called a ledger to keep track of all transactions.

If you’re still perplexed as to why there’s such a fuss, it’s because everyone in the network has a copy of this ledger.

When a transaction is completed, it is cross-checked against every ledger, making fraudulent transactions practically impossible.

Apart from being the safest method of payment, it allows you to send money to anyone in the world instantly, without having to worry about conversion rates, interest rates, or spending limits. But will people invest their money in a digital currency that isn’t regulated by any governing body?

As a relatively new form of currency, people have mixed feelings about it. The market is quite volatile, and the value fluctuates based on how people feel about it on any given day. And, because there are millions of cryptos out there, one should do their homework before buying, or they risk losing their entire investment.

Crypto Mining Solution Providers

PRODUCT & SERVICES

Crypto Mining Consultancy

Crypto Hardward & Software

At Digital Co. we provide full technical and environmental advice for a successful setup. We install, test and commission, and give full support. We are run by enthusiasts, not shareholders.

We will be here when you need us. We design and build our own mining systems to fit your needs and wants that accommodate your mission, vision, and budget.

Delivery, Installation and Test Commissioning of Crypto Mining Equipments

After Sales Services

Contact us

We have very strong relationships and a high level of support from the major players in the IT world. We are proud to be one of the few IT companies in Bahrain.

+973 3330 1019

dcryptomining.bh

Digital Currency

A GUIDE TO

CRYPTO IN THE GCC New to buying crypto and don’t know where to start?

Here’s a guide to the crypto market.

Digital CO

Rain

KuCoin

Digital CO is a Bahrain-based company that provides quality crypto mining solutions. They deliver services including crypto mining consultancy, crypto hardware and software, and installation test commissioning, technical and environmental advice, as well as after sales support.

Moreover, Digital CO designs and builds their own mining systems to fit the needs of their clientele.

Rain is a licensed cryptocurrency brokerage and custodian servicing the Middle East, Turkey, and North Africa. Moreover, they are licensed and regulated by the Central Bank of Bahrain. It is a trading platform that allows you to buy cryptocurrencies like Bitcoin, Litecoin, Ethereum, XRP, USDT, and many others. You can use your bank account to conveniently purchase cryptocurrency through this userfriendly app.

Rain currently supports trading in the following local currencies: Bahraini Dinar (BHD), Turkish Lira (TRY), United Arab Emirates Dirham (AED), Omani Rial (OMR), Saudi Riyal (SAR), Kuwaiti Dinar (KWD), and Qatari Riyal (QAR).

Headquartered in Singapore, KuCoin Exchange is also known as “The People’s Exchange”. The platform offers a KuCoin wallet that is protected by multilayer encryption and offline storage through bank safe and/or funds escrow.

KuCoin also comes with profit sharing among token holders.

KuCoin is a large global exchange that offers several features and tools that could appeal to more advanced traders. It is not licensed to operate in the US but covers a wider number of cryptocurrencies than most exchanges.

To know more about Digital CO’s services, visit their Instagram @dcryptomining.bh or call +973 3330 1019.

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Trading fees: 1.5% (buy via bank transfer), 4% (buy via card)

Trading Fee: Charges a maximum of 0.1% decreasing based on your last 30-days trading volume.

School search made easy...

Digital Currency

Binance

Coinbase

CoinMENA

Binance is the largest cryptocurrency exchange in the world in terms of daily trading volume. It was founded in 2017 and is registered in the Cayman Islands. Initially based in China, it moved after the country’s increasing regulation of cryptocurrencies.

Binance is more than an exchange, with an ecosystem that includes programs for crypto start-ups, NFTs, and developers/contributors. Its main exchange is not licensed in the USA, but has a separate exchange called Binance.us for users wishing to trade in the USA.

Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume.

Headquartered in Bahrain, CoinMENA is a Sharia-compliant crypto-assets trading platform that is licensed and regulated by the Central Bank of Bahrain (CBB). Through CoinMENA, users can buy, sell, store, and receive digital assets safely and securely, as well as deposit and withdraw in their local currency.

The exchange platform is available in Bahrain, United Arab Emirates, Saudi Arabia, Kuwait, and Oman.

Trading fee: Charges a maximum of 0.1% decreasing based on funds/trade amount 70

Gulf Insider April 2022

Trading fee: Charges a flat fee (changes according to the size of your transaction)

Trading fee: 0.75%

Digital Currency

WHAT ARE NFTs?

Y

ou’ve probably heard of the Bored Ape Yacht Club with listings coming up to hundreds of Ethereum, Beeple’s $69 million collection being sold at the prestigious Christie’s auction house, or news about Southeast Asian countries being consumed by blockchain games like Axie Infinity. What do they all have in common? NFTs.

What are NFTs? NFTs, or non-fungible tokens, are files minted at the blockchain. Once on the blockchain, these files are provided with a unique identity code and metadata that give owners the ability to verify ownership. Every file uploaded to a blockchain is unique and inimitable.

Through a marketplace, these files can be transferred from one wallet to another.

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NFTs can be a wide range of files like JPEGS, GIFS, MP3s, text, and even videos! Their flexibility is a big reason why it is a great medium for all kinds of artist to showcase their work.

NFT art Unlike traditional mediums of art where fraud and ownership are sometimes tricky to distinguish, NFTs simplify uniqueness and ownership.

Digital Currency

NFTs, or nonfungible tokens, are files minted at the blockchain. Once on the blockchain, these files are provided with a unique identity code and metadata that give owners the ability to verify ownership.

Since minted assets have unique identification codes and metadata, buyers are secured in knowing the legitimacy of their purchases.

More and more people are choosing to mint their artworks as NFTs because of the ability get royalty from the art they create. In traditional art, artists would only be earning from the initial sale unless a contract that includes royalties for use are provided in the transaction (which a lot of people don’t bother with). Art is traditionally viewed as a “for me” purchase and not as a purchase for profit.

Secondary sales of NFTs have royalties with percentages differing within marketplaces. Because NFTs are integrated within a platform, artists benefit from resell value of their minted projects continuously. Moreover, artists profit from all sales of their art, whether it was bought from them or from a previous collector.

NFT games NFT in games has gained a lot of traction and support. Games always involve assets to be owned by players;

some can be traded in-game and most are restricted to one account. NFT games are opening up the possibility of a secondary market, enabling players to trade assets outside of the games.

NFT games also have tokens gained through gameplay, enabling players to “earn”. These tokens are usually used to create or buy assets in-game or serve as a governance token, allowing players to have a say in how the game development progresses. Furthermore, players can freely trade these tokens outside the game in exchange for cryptocurrency.

NFTs are just starting to be adopted.

There is still a lot of utility that can be innovated and created using it as a medium. Outside of art, it can be potentially used as placeholder for physical assets, with the benefit of easier and secure transactions through the blockchain.

For now, everything is speculative. It is always advised to do your research when investing in NFT projects. The only guarantee is: it is here to stay but for what purpose and to what extent, are solely decided by us, the community that drives and maintains it.

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Digital Currency

STORIES OF THE FUTURE Gulf Insider explores the mind of Bahraini visual storyteller, Ishaq Madan.

C

an you share a bit about yourself?

I am a self-taught published Bahraini. My inspiration is heavily drawn from my desire to bridge the gap between Bahrain and the world through visual stories that embody the definition of “Sonder”, in parallel with local Bahraini constructs and of architecture and traditional metaphors via visual elements and personal emotions.

I look up to Japanese photographer Daido Moriyama, and the late German photographer Peter Lindbergh as their

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philosophies intertwine in respect to the breaking of norms, and the call to pursuit whatever brings you joy in the medium of photography; the same can apply to other aspects of life too.

Tell us about your creative process. How do you decide if an idea is viable? Do you act on all your creative ideas?

I consume a lot of stimulating media such as music and films. It often helps push my creative drive as it inspires me to simply create. I often visualize things in my mind and try to relay it into reality. I keep a notebook with me to jot

down ideas that may come up, it helps me keep things in perspective so I can return to them when the time is right.

You’ve been creating conceptual images for many years, but how long have you been in the NFT world and what got you into it?

I would say I am fairly new to the NFT space. If I recall correctly, I started observing it during late 2020 as I found it quite fascinating. The space has a lot of room to grow, and there are plenty of interesting projects with varying features that bring about a sense of

Digital Currency

Opportunities are plenty and give room to experiment and power to create freely.

community. What I believe in the most is its capability to give power back to creators. Adding to that, I find it as an alternative space to experiment with my works differently.

and accountability in the art world once certain features are refined. Perhaps, an introduction of regulatory frameworks targeting NFTs may prove to be beneficial in the future.

How did you choose what to mint as your genesis piece?

How do you think can blockchain technology bring more opportunities to the creative industry?

I chose to mint “Ebb & Flow” as my genesis piece on Foundation, thanks to the support from my fellow NFT friends Leon D, and Abdulla Bin Hindi of Toyio.

It is a portrayal of the daily rhythmic thought process free-flowing through our minds, with the varied stream of colors symbolizing individual thoughts that influence the choices we make as we make our way through life. Often fuzzy and chaotic, yet we move forward through the highs and lows. Parallelly, the piece symbolizes a transition to the metaverse as the streams of light teleports your very own being to the new world.

How do you see the future of NFTs and especially NFT photography?

The world of NFTs is somewhat chaotic as there are currently a lot of poorly executed projects flooding the market; I cannot simply ignore that.

The relevant parties must address this in order for the perception of NFTs to change for the better.

I am sure you also have come across people who are sceptical. However, the use case of NFTs can broadly contribute to bettering transparency

Opportunities are plenty and give room to experiment and power to create freely. For instance, creatives can create their own smart contracts with rules that protect themselves and consumers without relying on intermediaries or conventional contracts. Moreover, creatives can benefit from the peer-to-peer nature of blockchains which can streamline commissions and fees, in turn reducing costs that may incur due to intermediary management.

The public ledger nature of blockchains would also allow transactions to be transparent and auditable with ease so the likelihood of fraud occurring is minimal; certainly, it would also deter creatives from taking advantage of consumers as the data is immutable, no creative would want to tarnish their reputation. In relation, the value of creative works can also be tracked in real time, creating an efficient and dynamic matrix for creatives, consumers, or collectors to gauge supply and demand of any given work, deterring mispricing or falsely undervaluing or overvaluing works.

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