MENA Top 35 Power Businesswomen - 2020

# STA R T U P SVC OV I D 1 9 - HEAR IT FROM THE ENABLERS

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Issue 01

MAY 2020

STARTUP STORY OF THE YEAR THE ACQUISITION OF A MIDDLE EAST UNICORN P. 109

ASIL ATTAR ‘The Hybrid’ Shaping up the retail landscape of the middle east

MENA TOP 35 POWER BUSINESSWOMEN 2020 L A F FA Z .C O M

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CONTENTS 05

From the EDITORIAL DESK

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STARTUPS V COVID 19 In Conversation with the Enablers of the MENA Startup Ecosystem

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MENA TOP 35 POWER BUSINESSWOMEN

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UBER-CAREEM DEAL The Acquisition of a Middle East Unicorn STARTUPS V COVID 19 Tips for Tech Startups amid COVID-19

KN OWL E D GE PA RT N ER S

S PEC IAL T HA N KS TO IN T ER VIEWE ES

RAMESH JAGANNATHAN NYUAD Vice Provost for Entrepreneurship & Managing Director of startAD

LAILA HASSAN Principal, 500 Startups

MARWA ALESKAFI Head of Program, Brinc MENA

AMBAR AMLEH COO, Ibtikar Fund

HABIB HAZZAN Managing Gen. Partner, Ibtikar Fund

S PO N SORS

FROM THE EDITORIAL DESK MOHAMMED HASEEB Founder & Editor-in-Chief

T

he following issue encompasses a list

Being the first issue by LAFFAZ, the

of 35 Most Powerful Businesswomen

magazine and its content exhibit a lot of

of MENA (Middle East & North Africa),

emotional investment and our focus towards

based on not just the net worth but a number

creating something worthwhile for every reader,

of other significant factors including influence,

especially women and youth having ambitions

impact on the business ecosystem, noteworthy work and initiatives taken by these women.

The magazine is a joint output of over a month’s of effort and research laid down by the whole LAFFAZ Media team. The idea triggered us lately as we witnessed great success of our special Women’s Day 2020 feature article…

'35 Most Influential Women of MENA-2020'.

and desire to make a mark irrespective of the industries or geographies they belong to.

“

We not only share news and numbers, we aim to create complete experiences to educate and inspire the entrepreneurs, startup founders and the aspiring ones.

”

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LUNCH:ON

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STA RTU PS V COVI D -19

IN CONVERSATION WITH THE ENABLERS OF THE MENA STARTUP ECOSYSTEM

T

he widespread pandemic that is terrorising the globe, the people, governments, businesses and more, isn’t something that requires elaboration, but we as a media organisation that aims to support the startup ecosystem and foster learning, have found it really significant to bring forward expert opinion and advice for startups and entrepreneurs from some of the region’s top startup accelerators, and enablers including startAD 500 Startups, Brinc, and Ibtikar Fund.

and when it is about advising on COVID-19, they played a great roll by working with us generously and responsibly as knowledge partners.

These organisations and startup backers have made it possible and have set a mark by going an extra mile to date,

Let’s now delve into the tips and advice from these leaders of the MENA startup ecosystem.

We at LAFFAZ leveraged our social channels to accumulate problem statements and questions from startups, investors and entrepreneurs across the MENA region, drafted them into appropriate questions and presented the same to our knowledge partners.

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IN CONVERSATION WITH RAMESH JAGANN ATH AN

RAMESH JAGANNATHAN NYUAD Vice Provost for Entrepreneurship & Managing Director of startAD

Q. What's the core cognition of startAD behind investing and accelerating seed-stage startups globally? Which are the majorly targeted geographies and sectors?

One of the reasons I was asked to join NYU Abu Dhabi was to help in the regional knowledge economy

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transition. In the first year in Abu Dhabi, I was tasked to be in one of the five panels of experts to certify the Abu Dhabi government's 2030 vision.

Through this, I understood the focus and top-down commitment to make this transition a reality. startAD is anchored at NYU Abu

MENA TOP 35 POWER BUSINESSWOMEN - 2020

STARTUPS V COVID-19

Dhabi and powered by its partner Tamkeen, startAD provides a unique model for entrepreneurial education and innovation for the region. It enables major regional corporations to innovate with global startups through an immersive program that is based on a disciplined, repeatable and scalable process to efficiently derisk the path to product/market fit. In a short period of three years, startAD has created a successful ecosystem platform of programs aimed at regional capacity building, youth entrepreneurship, research commercialization, business acceleration for SME, corporate and government innovation.

Our youth entrepreneurship, deep tech, and research commercialization programs

focus on innovations created in the UAE with the potential for global impact. Our accelerator, investor, and corporate programs are global, with ventures from Singapore, the United States, Switzerland, India, Egypt, the United Kingdom, and more, having a direct relevance to priority industries in the UAE. We also work closely with our network in Shenzhen for our hardware startups.

Q. How many startups has startAD supported until date, sectors and what's the approach for selection of startups? Please mention the names of VCs which work with startAD to invest in startups.

Our corporate sprint accelerator focuses on priority industries in the UAE such as construction tech, AI, Fintech, and sustainable

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IN CONVERSATION WITH RAMESH JAGANN ATH AN

materials and is run in partnerships with 16 leading local entities including Aldar, ADNEC, ADNOC Distribution, IMKAN, Etihad and others. 118 alumni from 24 countries have raised $50 million, secured over 50 pilots with corporations, generated $15 million in revenue annually and created 250 jobs. Two were acquired.

We have engaged with a

We strongly believe that startAD’s holistic approach, the processes and programs are directly applicable to scale and build MENA and other emerging ecosystems. It is an unprecedented opportunity for the UAE to be the regional leader in the 21st Century entrepreneurial economic transformation.

Q. An opinionated one! New startup founders especially

diverse range of investors through

the young ones hustle a lot to

our investor education and startup

convince angels and VCs since

programs. Some of them include

they are more inclined

local entities like VentureSouq,

towards startups founded by

Khalifa Fund, Sandooq Al Watan,

the ex-employees of big sh

and global entities include Andressen Horowitz, Structure Capital, Kalaari Capital, SOSV,

brands and corporates. Do you think it is true? What's your view on this nepotism in the startup ecosystem globally?

Acumen, Angellist, Hackers and

And how startup accelerators

Founders, CCC, St. Gobain (Nova

are making journey easier for

Ventures), and more.

new startups?

MENA TOP 35 POWER BUSINESSWOMEN - 2020

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STARTUPS V COVID-19

That’s a great question! In the US, annual angel investments of $24bn are being made in over 64,000 start-ups. In fact, 74 percent of all Silicon Valley investments are from entrepreneurial angels, who were previously a founder or a CEO of their own start-up. The phenomenon of “founders funding founders” highlights the organic nature of the process, that they are “local” and have a deep understanding of the entrepreneurship ecosystem and play a vital role in building the ecosystem. This deep knowledge helps to mitigate some of the risks that come with ambiguous valuation of early stage start-ups.

More than 60 percent of the angels become active mentors of the start-ups they have invested in and generally take a board seat. More than half of them have a technology background.

Having the “right” angel investor tends to de-risk the entrepreneurial process and increases the startups’ success rate in raising funds in future rounds. Angels generally see 11 percent of their portfolio producing positive returns.

On the other hand, in emerging ecosystems, there is a dearth of previously successful entrepreneurs, thereby creating a “catch 22” situation. The time scale of the process to build a sustainable entrepreneurial ecosystem is made more acute by the fact that 67 percent of startups fail at some point in the process due to inability to raise a subsequent round of financing.

The paradox is this: to have a healthy, sustainable entrepreneurial ecosystem, one needs a significant pool of highquality start-ups to cater to a large consumer middle-class and angel investors who have been

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IN CONVERSATION WITH RAMESH JAGANN ATH AN

successful entrepreneurs, preferably

and informed state-of-the-art

within the ecosystem. In other

process that dovetails to a VC

words, while having significant

infrastructure, by leveraging the local

individual or group (eg. syndicates),

societal sensibilities and strategic

wealth is necessary, they are

inter-governmental alliances, the

definitely not sufficient to build a

strength of access to large sums of

robust ecosystem in an emerging

local capital could quickly become

economy, if the wealth is not “hard-

our Achilles’ heel.

wired” to local entrepreneurial experience. Ecosystems are organic in nature.

In an emerging ecosystem such as the UAE, there is significant oil wealth and the potential per capita angel capital is one of the

Q. What are the risks involved for MENA-based startups and Investors (VCs, Accelerators) amid COVID-19 outbreak? And what will be its impact on MENA startup ecosystem in 2020 and after?

largest in the world. It would be prudent to curb the tendency to look

At a high level, the general rule of

for quick, ready-made solutions off

thumb for VC is to reserve 50% of

the Silicon Valley shelf for local

their capital for follow-on investment

problems and needs. That would not

and be selective and focus on

bode well for building an

startups that are likely to succeed.

entrepreneurship ecosystem from

The hard fact is that they are looking

the bottom up. By definition, one

to make money and will make even

cannot buy an organic ecosystem. It

more conservative investment

has to be home-grown. The latency

decisions now. They are unlikely to

of the local entrepreneurial talent

take the risk of bailing out

pool and absence of a disciplined

questionable companies. My feeling

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is that the VC would rather take the risk and wait it out.

The wall street volatility, massive US unemployment (~15%) will have a ripple effect across many sectors around the

Q. Experts are suggesting that startups and investors should close deals quickly before the pandemic situation gets worse. What's your take?

The hard reality is that capital is going to be hard to access in the

globe. The angel investor liquidity

short term and closing the

is strained and will directly

investment deal quickly is never

impact seed and pre-revenue

quick enough. For all startups in the

investment, the most vulnerable

short term, the deal terms and

state in startup lifecycle. In the GCC, the oil price crisis and the heavy dependence on the tourism sector is putting significant

valuations will only get worse. VCs are likely to focus on protecting their large late stage investments.

Startups, especially the early stage ones have to buckle down, slash the

stress on the economies. While

burn rate and come up with a short-

the short-term impact is

term strategy to ride the storm out.

significant, the countries have

VCs are likely to focus on protecting

very good long-term strategies in

their large late-stage investments.

place to weather the storm. For example, the Ghadan initiative is focused on robust long-term sustainability programs such as

Q. According to you, where's MENA startup ecosystem is heading up next?

food security, EdTech and R&D

For the oil-rich nations, there is no

commercialization.

immediate scarcity of wealth and on

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IN CONVERSATION WITH RAMESH JAGANN ATH AN

the supply side, there is plenty of available goods and services. It is like saying ‘future necessity is the mother of invention’. Five years ago, when I created startAD, there was only one other business accelerator in Abu Dhabi. There was also Oasis500 in Jordan and Berytech in Beirut. The governments are beginning to refine the regulatory and immigration processes with a view to bring down the barriers and incentivize startups. Fast forward to now, there is an abundance of business acceleration programs both local and global such as Techstars, Starburst and Plug and Play in the UAE alone. The west is slowly taking notice of the MENA market’s potential.

flow of high-tech global startups aligned with private sectors stakeholders of which, there are many. For example, we have two global airlines in the UAE, ADNOC is the sixth in the global data rankings as the world’s top energy firm, EGA is the world’s largest premium aluminium producer and DP World is a world leader in global supply chain solutions; specializing in cargo logistics, port terminal operations, maritime services and free zones.

The AI disruption of the $12.7 trillion global construction sector through startups is imminent.

In a nutshell, building a dominant 21st Century entrepreneurial ecosystem in the

The problem of building an

MENA region requires a holistic long-

ecosystem from scratch requires a

term strategy with measurable

careful alignment of the various

milestones. It should be about

ecosystem forces, namely, the

designing a marathon run and not a

governments, universities, large

100-meter dash. I have to

private sector stakeholders, angels,

emphasise that I am extremely

VC, local startups and high-quality

optimistic about UAE and the MENA

business accelerators providing a

region based on the extensive

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benchmarking that I have done.

the entrepreneurial world through

I am confident that there is a

our programming, and offering them

significant opportunity for the

advice on mitigating damage

UAE and the MENA region to

caused by the onset of COVID-19. In

become dominant in the global entrepreneurial economic landscape. There is a white space available for them to walk into, with a good strategy and patient execution.

addition, we have launched a relief fund, in collaboration with our partners VentureSouq and Scalable CFO, titled the Runway Grant. The fund is a total of US $30,000, to be provided to startups which have exceptional need of additional support, during this time.

Q. What are the initiatives that startAD has planned or planning for startups amid COVID-19.

Finally, we have also launched a LinkedIn campaign, in association with the launch of our Runway Grant, titled #LengthenTheRunway, inviting

During the COVID-19 outbreak, we

individuals and businesses to share

have moved our programs online,

how they are supporting startups

allowing early-stage

during this time of hardship, by

entrepreneurs to continue to

posting on LinkedIn what impact

engage with our programming

they are having to better serve

remotely. We have seen it as

communities during this time. To

important to remain connected

date, cumulative services worth

with the start-ups that we work

$90000 have been committed by

with during this time, continuing

startAD and members of the

to provide them with insight into

community.

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IN CONVERSATION WITH RAMESH JAGANN ATH AN

We are continuing to work with both our current students, alums,

business opportunity in the midst of this current crisis.

and partners from the corporate and government sector to monitor the situation, provide support, and offer more help to startups affected by

Q. What’s that top technology every startup of today’s age should be utilising?

COVID-19.

The advent of the 2nd Machine Age

Q. How about saying a short quote to motivate seed and early-stage startups struggling during Covid-19?

driven by AI and Deep Learning democratizes the innovation landscape for the 3 billion rising global middle-class from India, China, and Africa. For the first time

The British wartime leader, Winston

in history, it gives them an

Churchill, once said:

opportunity to compete globally on a level playing field. The world is

“never let a good crisis go to waste”

looking at a new Silk Road, where the MENA once again finds itself situated in the middle,

I would echo this sentiment to seed

geographically and strategically.

and early-stage startups now. As the world adjusts to a new form of living, those at the height of the innovation curve are able to adapt quickly and offer new technological solutions, be that in the ed-tech, delivery services, or other sectors. It is important for each entrepreneur to recognize the

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“LAFFAZ is uniquely positioned to shine a light on promising emerging technologies from two key markets that will play a key role in the future of the global economy.”

- Ramesh Jagannathan

MENA TOP 35 POWER BUSINESSWOMEN - 2020

STARTUPS V COVID-19

About

Ramesh Jagannathan

R

A gold medalist from the University of Madras from where he received his B.Tech degree, Ramesh went on to complete his PhD from Clarkson University and sat on the

amesh is an entrepreneurial

Cambridge University Mentor Panel.

technologist specializing in

Ramesh holds 43 US patents, and

leading global teams,

has invented a dry inkjet printing

converting abstract concepts into

technology and a new atmospheric

tangible and marketable

process for coating organic device

technologies in a short time frame.

quality thin films.

Since 2010, Ramesh has led the focus on innovation and entrepreneurship at NYU Abu Dhabi.

Ramesh has Established deep partnerships with Abu Dhabi entities, prioritizing concrete objectives and

He believes in the UAE’s ability

tangible outcomes - signed

to evolve rapidly into giving Silicon

collaboration agreements with

Valley a run for its money, through a

Etihad Aviation Group, UAE

focus on addressing the needs of the

Exchange, ADNOC Distribution and

21st century middle class.

Khalifa Fund.

Previously Ramesh had spent

Ramesh Jagannathan was

30 years at Eastman Kodak in the US

awarded the Indian Innovator Award

and the UK, which culminated in a

for Entrepreneurial Ecosystem

prestigious appointment as Research

Development by Entrepreneur Middle

Fellow at Kodak Research Labs. He

East Magazine. He was also named

also received the Kodak

the Rhodes Trust Inspirational

Distinguished Inventor Award.

Educator in 2017.

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IN CONVERSATION WITH L AIL A H ASSAN

1. Startups operating in highly impacted sectors such as travel where operations have effectively frozen, 2. Non-SaaS businesses that do not have a guaranteed monthly revenue source, 3. Startups that are not in a thriving sector and are out of runway.

To soften this risk, I strongly advise startups to: ▸ Trim the fat - now is the best time to take a hard look at your operations LAILA HASSAN Principal - 500 Startups

and economics. While a big part of that entails the layoff of underperformers and/or none-core

Q. What are the risks involved for MENA-based startups, Investors, VCs & accelerators) amid COVID-19 outbreak?

The predominant risk for startups is ‘running out of cash and going out of business’. The most vulnerable startups are:

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employees and consolidating roles, it is also important to look at the business full operations and the optimizations that can be done. ▸ Raise cash - whatever cash is available on the table, a startup will likely need to accept discounts on valuations and/or additional

MENA TOP 35 POWER BUSINESSWOMEN - 2020

STARTUPS V COVID-19

protection rights needed by investors. Once this storm passes and the company is back on its feet, these terms can be adjusted by issuing ESOP or letting go of aggressive protection, though of course that’s not guaranteed. ▸ Capitalize on downtimes - make use of the slower demand (if applicable) and look into your product to improve funnels, run experiments, launch new features, etc. ▸ Swallow your ego - I expect to see a wave of mergers/consolidation during this time. If you’re not able to oat the company on your own, it’s time to open acquisition or merger discussions with potential acquirers to survive. ▸ Don’t spread your operations too thin - while the general sentiment for thriving startups in these times is to capture as much of the market

as possible. I would actually advise to be on guard and only accept volumes that the business operations can sustain. I’ve seen one too many companies that run out of cash because the business grew faster than the operational platform.

For Venture Capital rms, just like it’s currently an employers market, right now it’s a VC market. If you’re still early in your deployment period, you have the opportunity to make great deals at attractive prices.

However, funds that have been fully/ mostly deployed have the following risks: ▸ Not having dry powder to protect their investments. ▸ Going through further dilution as companies recapitalise the business to survive. ▸ Potential setback in fundraising for a new fund.

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IN CONVERSATION WITH L AIL A H ASSAN

The ip side of that would be:

and live to ght another day.

▸ Strong companies would be able to

On the ip side if you don’t have enough runway then cash is king. It’s important to bring in whatever cash is available on the table to sustain/grow the company - depending on which bucket the company falls in - until this period is over. Startups need to be willing to take a discount to their perceived fair valuation for two reasons: 1. Unprecedented risks involved which impact the future sustainability of the company on different fronts like execution and customer purchasing power hence ability to sell product or service, etc.

weather the current situation as per above points and/or have other investors to oat the company. ▸ While recapitalisation is not great, it’s still better than company going under. ▸ Educated LPs would also view this situation as an opportunity to invest in funds that posses attractive investments.

Q. Should startups and investors keep focusing on funding amid the pandemic situation? Or should they stay put and wait until it’s over?

For Startups, if you have enough cash to keep you operational for the next 12 months (after you trim down your fat), then don’t raise further. Conserve your equity, focus on your business

MENA TOP 35 POWER BUSINESSWOMEN - 2020

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2. With limited cash available most VCs approach is towards preserving cash to back their existing portfolio which comprises of thrivers, survivors and strugglers and they need to prioritize cash allocation. Hence there needs to be an incentive for this as opportunity cost comes into play.

STARTUPS V COVID-19

For Founders, I think they shouldn’t worry too much about a discounted valuation because once they get out of this:

validate the business model.

1. They should be able to build a stronger company (shed the fat & optimised costs and improved product).

2. They will raise money at a higher valuation in the future.

3. Many investors may be willing to adjust team’s ownership (issue additional ESOP) to do right by a company that was able to come out stronger.

▸ Stick to commitments (however might soften valuations or add downside protection)

From a VC’s perspective, it’s important to close existing deals and continue investing, you have the opportunity to make great deals at attractive prices. In good times a lot of companies’ problems are covered by throwing cash at it. Right now is the opportunity for VCs to look at companies clear of this noise; to dig in the fundamentals, into the product, to look through historicals and

For Venture Capital, my main advice would be:

▸ Double down on why you started investing in MENA. Possible a rmations could be: - More digitally educated market - Stronger founders or team - Clear business validation - Cost-e cient startups ▸ Pre-empt rounds to get into companies before the market bounces back

Q. According to you, where's MENA startup ecosystem is heading up next? What will be the impact of COVID-19 on MENA startup ecosystem in 2020 and after?

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IN CONVERSATION WITH L AIL A H ASSAN

While we are in quite unfortunate

high uncertainty politically and

times with the current COVID-19

economically, clear restrictions

outbreak, we are hopeful for the great

against social cluttering and curfews

opportunities that have been

were enforced in most of the Arab

presented for tech startups. Social

countries. Companies that were able

distancing has pushed people quicker

to survive during that period came out

into acquiring new habits, speci cally

to be the stronger and more

digital. In the MENA region, the

successful companies.

internet was mainly consumed with minimal transactions, having no other

Q. Please let us know about any

choice, social distancing has

initiatives that 500 Startups has

encouraged people to transact online.

planned or planning for startups

While the pace/growth of these

amid COVID-19.

volumes will not remain at the same levels after this wave is over yet it would have created a new baseline for which the ecosystem will operate at.

Tech based solutions are set to take a massive leap forward around the world and more signi cantly in the MENA region.

In my view, a good proxy to the

At 500 Startups, we are doing the following initiatives: ▸ We’ve engaged with our corporate partners to offer free or reduced fee services to our startups. ▸ We are hosting a series of webinars

current situation in our region is the

globally to provide planning

Arab Spring that took place between

recommendations and support for

2011 and 2013. It was also a time of

our portfolio companies.

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MENA TOP 35 POWER BUSINESSWOMEN - 2020

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STARTUPS V COVID-19

▸ We are also hosting a series of

some ntech sectors. We’re seeing

webinars for MENA called the Falcons

increased demand with minimal

Chat Series that is arranged by sector

worries with supply chain.

to share stories & knowledge.

2. Survivors: companies like industrial/

▸ We are hosting MENA founder’s therapy sessions for the next few weeks to increase founder knowledge sharing within the portfolio. ▸ We’ve opened up continuous daily o ce hours for our entire MENA portfolio so they can speak to someone from the team more frequently - advising them on survival

frontier, that are experiencing at or slower business, but have runway and cash- ow management that will carry them through the next 3-6 months.

3. Strugglers: companies with frozen operations, such as travel and some sectors of logistics, and have no runway to oat during these times.

For VC Funds, there are ones that are:

and strategic planning.

1. Early in their deployment period: hence

Q. Please enlighten us with your view of the current state of the MENA startup ecosystem.

I would classify startups into 3 main buckets:

have a great opportunity to get in on great deals with soften valuations.

2. Partially deployed: having more of a wait and see approach, reserving cash to their existing portfolio.

1. Thrivers: mainly companies in ecommerce, media & content, edtech, communication, healthtech and

3. Fully deployed: would not be able to support their portfolio. Potential set back in raising a new fund.

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IN CONVERSATION WITH M ARWA ALESKAFI

MARWA ALESKAFI Head of Program - Brinc MENA

Q. What are the risks involved for MENA-based startups, Investors, VCs & accelerators amid COVID-19 outbreak?

Startups that are most vulnerable during this time will be those operating in industries impacted by the lockdown like hospitality, transportation and those using

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physical retail sales channels.

Startups with high cash burnrates will also have to pivot and revise their plans. The greatest risk to startups is not having enough runway to weather the storm forcing them to either raise funding at a lower valuation or cease to operate. Investors are also more cautious as it becomes more difficult to invest in founders that they cannot meet in person. That being said, some industries have experienced significant booms in revenues as a result of the pandemic and continue to raise funds. These include e-groceries, e-commerce, medtech, agritech and edtech.

Edtech especially emerged as a high potential sector despite slow growth in the recent past.

Technology in the education sector became a necessity overnight after being viewed as an auxiliary tool rather than a vital one.

MENA TOP 35 POWER BUSINESSWOMEN - 2020

STARTUPS V COVID-19

Q. Experts are suggesting that startups and investors should close deals quickly before the pandemic situation gets worse. What's your take?

It completely depends on the industry the startup is operating in and how much runway it has.

Startups should avoid raising a down round if at all possible.

They can also seek investment from existing investors if necessary. If startups are already in talks with investors, closing at the same terms will help them secure a longer runway, especially when raising larger cheque sizes. However, startups operating in positively impacted sectors can still raise at favorable valuations despite cautious investment environments. Some Angel investors and VCs remain active, especially if their liquidity is not impacted.

Q. According to you, where's MENA startup ecosystem is heading up next? What will be the impact of COVID-19 on MENA startup ecosystem in 2020 and after?

Digital transformation will likely accelerate across all sectors, with startups emerging and growing rapidly in edtech, medtech, fintech and ecommerce as well as some logistics and delivery services. Foodtech is also likely to emerge as a key sector with looming disruptions in global supply chains that raise food security concerns. The post COVID-19 era for the MENA region will likely see an increase in R&D activities, more involvement from academia in startup incubation and more corporate engagement with technology startups. As the adoption of automation, artificial intelligence and robotics becomes necessary in certain

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IN CONVERSATION WITH M ARWA ALESKAFI

industries, we expect to see growth in ecosystem engagement from previously disengaged parties that were not previously compelled to undergo rapid transformation.

organic transition. To keep our teams and founders safe, Brinc is also practicing social distancing during this time and adopting work from home practices.

Q. Please let us know about any initiatives that Brinc has planned or planning for startups amid COVID-19.

To support the local ecosystem, Brinc has also launched several initiatives during this time including the launch of a hackathon for school and university students.

The hackathon is run under the Brinc Batelco umbrella in collaboration with InJaz and Cleverplay. The hackathon challenges participants to develop remote learning solutions that can improve educational outcomes during the pandemic. Additionally, we are keeping our startups up to date on tools, resources and support available to them during this time.

Brinc has taken several measures since the start of the pandemic including migrating a large proportion of its program and mentorship to virtual channels.

Brinc has already invested in the development of a comprehensive learning management system that can be used as a base for migrating some of the onsite tools. Brinc’s global network of mentors already conducts several webinars and one-on-one mentorship sessions virtually, making for a smoother and more

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Globally, Brinc is also leveraging its supply chain networks in China to support governments and institutions in sourcing the critical medical supplies required to ramp up healthcare capacity and ensure access to protective gear.

Q. How about saying a short quote to motivate seed and early-stage startups struggling during COVID-19?

This is a great time for technology companies to reassess their direction and pivot to serve high demand niches within their industries. It is important to remember that some of the world’s greatest companies emerged during the financial crisis in 2009, like Uber and Airbnb.

About

Brinc

B

rinc is a global venture capital and accelerator firm that empowers game changers to help solve some of the world's biggest challenges by running world’s leading accelerator programs in Hardware & IoT, Manufacturing, Food Technology, Alternative Protein, and Clean Energy.

Brinc invests into PreSeed to Series A startups through its own funds, partner funds like BrincArtesian & Arkley Brinc VC. The company focuses to invest in some of the best startups from around the world to help them grow through its respective accelerator programs.

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IN CONVERSATION WITH AMBAR AMLEH & H ABIB H AZZ AN

AMBAR AMLEH COO - Ibtikar Fund

Q. What are the risks involved for MENA-based startups and Investors (VCs, Accelerators) amid COVID-19 outbreak?

They key risks for MENA-based

HABIB HAZZAN Managing Gen. Partner - Ibtikar Fund challenges that we’ve faced in the past. Sure, there are aspects of MENA that may compound or alleviate the challenges, but overall, all of us, around the world, will feel

startups and investors during this

the effects of this pandemic.

period are the same as those for

Startups have to be prepared for a

those around the world, which

decrease in revenues. Sure, some

makes this period unique to other

will actually benefit from a period

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MENA TOP 35 POWER BUSINESSWOMEN - 2020

STARTUPS V COVID-19

of lockdown and closures, such as logistics companies, some e-commerce, etc., but ALL startups should be thinking about their cash flows and planning for realistic and worst-case scenarios.

For those startups that are being directly affected - you need to be acting swiftly and cost-cutting wherever possible.

Yes, this could mean layoffs or salary cuts (check with your lawyer to ensure that you are doing this according to the law).

Cash is king in this time.

So, startups have to ensure an 18-24 month runway. If you can’t make your cash last that long, then you and your investors should know when you’ll run out of cash.

Startups should be thinking about their clients and partners. Understand their challenges and respond accordingly. The relationships that you build with them during this period ensure they return when things improve.

Q. Experts are suggesting that startups and investors should close deals quickly before the pandemic situation gets worse. What's your take?

Venture capital funds have a responsibility to our investors, so we should not rush to close a deal simply because things could get worse. On the contrary, we should wait and see how markets will react.

This does not mean we should stop working, there are definitely signals that show which industries are doing well

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IN CONVERSATION WITH AMBAR AMLEH & H ABIB H AZZ AN

and remain good investments.

Startups will likely want to close what they can, but have to be careful not to accept deals that could be detrimental to the business later, such as those that include onerous terms. As always, consult your lawyer for guidance.

Q. According to you, where's MENA startup ecosystem is heading up next? What will be the impact of COVID-19 on MENA startup ecosystem in 2020 and after?

In any crisis, nimble, innovative companies lead the way to recovery, so there is definitely a opportunity for startups, even during this crisis. Many of the challenges we are facing today can be solved through technology, from tracking of

30

the virus, to ensuring people’s basic needs are met.

The COVID-19 pandemic will likely accelerate some trends we were already seeing such as virtual education, e-commerce, tele-health, and remote work. But it should also help us focus on using technology for good, such as helping people have access to basic needs, helping governments track the virus, and addressing mental health.

Q. Please let us know about any initiatives that Ibtikar Fund has planned or planning for startups amid COVID-19.

Our focus has been on ensuring our companies have appropriate planning in place and that we understand where they stand in terms of cash.

MENA TOP 35 POWER BUSINESSWOMEN - 2020

STARTUPS V COVID-19

We have began bi-weekly calls with all our founders, which allow them to hear from one another and us, and will begin hosting experts to help them weather this period.

Q. What’s that one nal recommendation do you have for Pre-Seed, Seed and Earlystage startups struggling amid COVID-19?

“Many people likely feel overwhelmed during this time - most of us have never lived through a time this disruptive to our lives. We likely yearn for normalcy.

But, this period also has allowed most of us to slow down a bit. Let’s take this opportunity to re-focus on what matters most to us.

This, too, shall pass.”

About

Ibtikar Fund

T

he word ‘Ibtikar’ means ‘Innovation’ in Arabic, same is what Ibtikar Fund does - supporting innovation by investing in innovative Palestinian companies and startups in their earliest stages.

Ibtikar’s investments begin at the seed-level through local accelerators, continue in postacceleration phases and can also include series A investments in its portfolio companies. With this investment strategy, the fund bridges a critical funding gap between acceleration and VCs and other later-stage investors.

Ibtikar aims to maximize return for its huge network of investors by helping high-potential Palestinian companies answer regional and global needs.

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BASMA

BASMA

BASMA

MENA TOP 35 POWER

BUSINESSWOMEN-2020 A

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C O U R T E S Y O F W I L F O R U M / FA C E B O O K

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

AISHA BIN BISHR

D

r. Aisha Bint Butti Bin Bishr is the Director General of the Smart Dubai O ce since 2016 and also a member of the Executive Committee at Smart Dubai since 2013. Smart Dubai is a government entity entrusted with Dubai’s city-wide smart transformation by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Aisha, as an acclaimed digital transformation and smart cities thought leader globally, represents Smart Dubai in the City Protocol Society, Smart City Expo World Congress and GSMA Mobile World Congress. She is also the Chairperson of the Dubai Future Council for Digital Transactions, part of the Dubai Future Councils initiative, a futuristic platform launched by His Highness Sheikh Hamdan Bin Mohammed Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council. Her key role is to assess and develop the future of key industry sectors in Dubai over the next 50 years.

Aisha alongside, is the Chairperson of the SDG 11 Global Council, and serves as a Member of the World Economic Forum’s

Global Future Councils, The Fourth Industrial Revolution’s Smart Cities Readiness Index Team also led by WEF, and the World Happiness Council where she heads The Global Council of Happy Cities.

Aisha is a board member of the Higher Colleges of Technology, UAE and a NonExecutive Director at the board of Emaar Developments.

Prior to her current roles, Dr. Aisha served as Assistant Director General of Dubai Executive O ce, and has worked as the Assistant Undersecretary of the UAE Ministry of Labour during her career.

Throughout her over 25 years of career, she devoted herself to humanise digital transformation, developing technologies to transform human experiences, established herself as a thought leader in the digital transformation domain and empowering the youth.

Her Excellency Dr. Aisha has also been ranked #10 in Forbes 100 Power Businesswomen in The Middle East 2020, listed among GCC 100 Inspiring Leaders 2019, and World’s Most Powerful Arabs by Arabian Business.

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MENA TOP35

POWER

COURTESY OF GETTY IMAGES

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

AMEERA AL-TAWEEL

B

orn into a non-royal cadet branch of the Saud dynasty in 1983, Ameera Al-Taweel is the former wife of Saudi Prince AlWaleed bin Talal al Saud, who is also her distant cousin. She is the Vice Chairperson of Al-Waleed bin Talal Foundation and a member of the board of trustees at Silatech.

Al-Taweel is currently married to Emirati billionaire Khalifa bin Butti al Muhairi.

The Princess graduated magna cum laude from the University of New Haven with a degree in Business Administration, developing her already natural business and political acumen.

Ameera is also the founder & CEO of Time Entertainment, a Saudi holding company specialized in event management, talent

development and production of innovative content. It was established in 2012 with headquarters in Riyadh and arms in the UAE. As the chairperson of a conglomerate, the Kingdom Holding Company, Ameera travels extensively on behalf of the Al-Waleed bin Talal Foundations in an effort to better understand the most pressing challenges of the world. In visiting NGOs and other aid and development organisations, she aims to improve and promote the image of Saudi women as she represents the Foundations, implementing projects and conducting eld service trips. She has visited over seventy countries until now.

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MENA TOP35

POWER

COURTESY OF KHALEEJ MADAME

BUSINESS WOMEN

AMINA AL RUSTAMANI

D

r. Amina Al Rustamani is a UAEbased businesswoman and the director of her family business AW Rostamani Group. She was awarded the Advertising Person of the Year by Dubai Lynx for 2015. Amina is also a Non-Executive Board member at HSBC Bank Middle East Limited, NonExecutive Board member at Sandooq Al Watan and Non-Executive Board Member at Al Jalila Foundation.

Amina also championed the development of Dubai Design District (d3), a pioneering creative avenue built for the Middle East’s growing design industry. She also served as the Chairperson of the Dubai Design and Fashion Council.

Al Rustamani started her career in Dubai in 2001 as an electrical engineer with TECOM Group (formerly TECOM Investments), becoming one of the few women in the Middle East to enter the

She was also a Non-Executive Board member of the National Media Council, Dubai Media Incorporated, Dubai Healthcare City Authority (DHCA), Emirates Central Cooling Systems Corporation (Empower), Noor Bank and Committee Member at the National Election Committee - Federal National Council UAE.

profession. With time, she progressed further and was appointed as the CEO of TECOM Business Parks. In 2013, she became the Group CEO of the TECOM Group. She left the position in February 2018 to take charge of her family-built entity AW Rostamani Group.

She has been chosen among 50 Most In uential Women in the Arab World by Arabian Business. And also ranked #9 in the World's Most Powerful Arab Women of the CEO Middle East’s fth annual edition, published in 2015.

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MENA TOP35

POWER

COURTESY OF ASIL AT TAR

BUSINESS WOMEN

ASIL ATTAR

A

sil is an Iraqi businesswoman and the CEO of Lead Associates Ltd. She is a dynamic, hands on, transformational leader with over 25 years’ experience in the fashion, luxury, brand and retail industry. Attar has been placed at the forefront of international companies in senior executive positions working within the UK, US, Europe and Middle East. She has held a number of rsts, placing her as the rst female CEO of three of the Middle East’s leading groups.

With a reputation for shaping the retail landscape in the Middle East, Attar has won a number of accolades and recognition for her outstanding achievements. In 2019, Forbes Middle East placed her amongst the Top 50 International CEO’s heading local companies in the GCC, Arabian Business recognised her as one of the 30 Most In uential Women in the Arab World and one of the 100 In uential People who are helping shape the Emirates. An

ambassador for women empowerment, Attar champions women, inspiring women of all ages to reach their potential and achieve their goals.

Known as ‘The Hybrid’, Attar has an innate understanding of the relationship between creative and commercial gaining her a reputation as a creative strategist for omni channel, marketing, digital transformation and innovation.

For the past decade, she has supported and invested in the new generation of talents from the region and beyond, empowering, nurturing and fostering their potential.

Attar’s philosophy for success is centred around engaging her teams and driving performance through respect, ethics and values. An advocate of Social Responsibility, she believes that ethical and social responsibility should be at the forefront of any business.

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COURTESY OF ENTREPRENEUR.COM

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

DALYA AL MUTHANNA

D

r. Dalya Al Muthanna is the President and CEO of General Electric (GE) Gulf. In her role,

she develops the company’s business strategy for the Gulf region, leading business growth and driving cross business selling across General Electric’s portfolio. She joined GE in 2008 and is the company’s rst UAE national to graduate from GE’s Experienced Commercial Leadership Program (ECLP), during which she received multiple global ECLP awards and undertook global rotations in the US. She made progress, getting promoted to new roles and got herself positioned as the CEO & President in 2014 - becoming the rst Emirati to be appointed to the senior leadership position.

Before joining GE, Dalya founded Haya Enterprises LLC in

2002 and led the company as the CEO until 2007. She is also a member of the Steering Committee of the MENA Clean Energy Business Council and served as a board member of Emirates Solar Industry Association (ESIA) Women in Solar Program.

Additionally, Dalya leads strategic partnership activities within Ministries, Government Departments and private sector entities and overlooks the regional energy market dynamics and policies to measure the business impact of market regulations and market barriers.

Dalya is ranked #17 in Forbes Middle East 100 Power Businesswomen 2020. She was also named among the 100 Most Powerful Arab Women by Arabian Business in 2015.

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MENA TOP35

POWER

COURTESY OF NASEBA

BUSINESS WOMEN

DONNA BENTON

B

orn in 1975, Melbourne, Australia, Donna is the founder & CEO of the UAE-based lifestyle company, The

Entertainer. The company operates in fteen countries across the Middle East, Asia, Africa and Europe.

Donna moved to Dubai in 2000 where

industries including beauty, F&B, sport and tness, fashion and property.

In early 2020, Donna started The Benton Group, LLC, a corporate advisory rm that serves as a trusted advisor to small and middle-market companies across North America. The Benton Group also

she landed into a job that went

continues to invest in business

unsuccessful for her, hence she started The

opportunities with the potential to scale. It

Entertainer. Donna was only 26 at that time.

encompasses various industry segments,

The Entertainer had originally started as a

including beauty, entertainment, fashion,

publisher of voucher books with ‘buy one

hospitality, leisure, property, sports,

get one free’ offers for restaurants, spas,

technology and travel.

entertainment, hotel accommodation and Donna is also an active board

more.

member at Sunset Hospitality Group. She In 2012, Dubai-based Abraaj Capital’s

has been listed in the Top Powerful Women

investment platform Riyada Enterprise

by Caterer Middle East. In January 2018,

Development had acquired 50 percent of

Donna received Esquire Middle East Man at

stake in The Entertainer. In May 2018,

His Best award and also listed at #51 in

Benton con rmed the sale of 85 percent of

Forbes Middle East's Most In uential

her company for a nine gure sum to GFH

Women of 2018, and ranked #72 in Forbes

Financial Group. Since then, Donna has

100 Power Businesswomen in The Middle

been building businesses across a range of

East 2020.

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MENA TOP35

POWER

COURTESY OF ZAIN

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

EAMAN AL ROUDHAN

E

aman was appointed as the CEO

strategic alliances with international and

of Zain Group, Kuwait in 2015. Her

regional operators.

key role at Zain is to modernise

and grow new revenue streams. She

Al Roudhan is also a member in a

brought 20 years of experience before

number of international standards and

getting positioned as the CEO of Zain.

regulatory affairs bodies such as the

Prior to this, Al Roudhan was the Chief

GSMA Arab World regional interest

Regulatory O cer of the Zain Group and

group and the GSMA Chief Regulatory

spent around 18 years across various

O cer Group (CROG). She holds a BSc

executive management and leadership

in Electronics and Telecommunications

roles within Zain Kuwait as well as

Engineering from Kuwait University and

several Zain Group a liates.

has attended programs at Tokyo Institute of Technology (TIT), and

Eaman’s career at Zain commenced in 1998, when the company

executive programs at Harvard Business School.

launched the rst mobile prepaid service in the country. As Zain expanded across

She was listed among the 30 Most

the region, Al Roudhan’s responsibilities

In uential Women in the Arab World by

also grew from 2003 onwards as she

Arabian Business in 2019; ranked #16

was an active participant in the startup

among Forbes 100 Power

teams in several Zain operations across

Businesswomen in The Middle East,

the Middle East, namely Bahrain, Iraq,

2020, and ranked #6 in the Forbes

Lebanon, and Saudi Arabia. Throughout

Middle East 100 Most In uential

her years at Zain, she built a number of

Women in 2018.

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COURTESY OF ARABIAN BUSINESS

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

FATIMA AL JABER

F

atima Obaid Al Jaber was born

Eastern Economic Digest. Fatima was

in 1965 in the UAE. She is the

awarded as the Arabian Business

COO of Al Jaber Group, a

Businesswoman of the Year award in

conglomerate established by her father, Obaid Al Jaber. Prior to that, she held a career in the Abu Dhabi Municipality public works department. She became the rst Emirati woman to be elected to the Abu Dhabi Chamber of Commerce and Industry (ADCCI) board of directors in December 2009 and also the Deputy Chairperson of the Abu Dhabi Businesswomen’s Council.

In 2007, she was voted the seventh most in uential woman in the Arab world by Forbes Arabia. In 2008, she was named one of the

2009.

Alongside, Fatima is also the chairperson of Al Bashayer Investment Co., holds board-level positions with a number of high pro le companies such as The National Investor, Al Khazna Insurance Company, Al Jaber Holdings and the Abu Dhabi Centre for Corporate Governance.

Fatima is actively involved in the economic development of women entrepreneurs and women’s causes.

In 2014, she was listed #94 among

most in uential businesswomen in

the most powerful woman in the

the Middle East region by the Middle

world by Forbes.

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CO A IRAI T CU OR U TR ET SE YS YO FO FT H A ER M AB NI M B UE S ITNAENSDSA R D . C O M

MENA TOP35

POWER

BUSINESS WOMEN

HENADI AL-SALEH

H

enadi Anwar Essa Al-Saleh is the

conversation with KPMG, Henadi

Chairperson of the Board of

mentioned,

Directors at Agility. She oversees

“In order for me to stay not just

the company’s corporate governance

resilient but also relevant, it's

program while safeguarding the

important for me to stay humble and

interests of investors and stakeholders.

keep things down to core values and

She also leads the company’s

basics.”

technology ventures team, which partners with start-ups and

Before joining Agility, Al-Saleh was

entrepreneurs that are reshaping the

the head of debt/equity capital markets

supply chain.

at NBK Capital in Kuwait. She sits on the board of the Gulf Warehousing Company

She joined Agility in 2007 and has

in Qatar. In the past she was Head-

a strong track record of global executive

Capital Markets at Watani Investment

experience, including leadership roles in

Co. KSCC.

nancial planning and investor relations.

Al-Saleh is a strong believer of resilience

Al-Saleh earned a Bachelor of

and strives to form a culture that helps

Economics from Tufts University. She

the company navigate through risks and

was ranked #12 in Forbes Middle East’s

prosper in a disrupted environment, with

100 Most In uential Women in 2018,

signi cant change and uncertainty in

and ranked #11 among Forbes Power

both the technology and global

Businesswomen in The Middle East

economic environment. In a

2020.

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MENA TOP35

POWER

COURTESY OF HUDA BEAUTY

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

HUDA KATTAN

H

uda was born in 1983, in Oklahoma,

Huda’s one-of-a-kind beauty tutorials

United States, to Iraqi immigrants

quickly saw her become an industry

Ibrahim Kattan and Susu Al Qazzaz.

heavyweight, pioneering beauty trends at

The renowned entrepreneur and makeup

every step.

mogul, founder of Huda Beauty, one of the fastest-growing beauty brands worldwide,

Today, her Instagram account is the

is named one of the 25 Most Influential

most followed beauty brand on Instagram

People on the Internet by TIME Magazine

with over 40 million followers while her

and Digital Innovator of the Year by

Facebook page has over 7 million fans and

Women’s Wear Daily. She is an

her YouTube channel has garnered over 3

entrepreneur, internationally recognized

million subscribers. Guided by her

beauty authority, Hollywood-trained

expertise and keen eye-for-detail, Huda

makeup artist and content creator. A

founded her eponymous cosmetics brand

lifelong passion for beauty led Huda to

Huda Beauty in 2013. With support from

enroll at a prestigious makeup training

sisters Mona and Alya, Huda Beauty

school in Los Angeles, cultivating a roster

launched false eyelashes into Sephora in

of clientele including A-list celebrities and

the Dubai Mall, making eyelash application

a royal family.

part of a mainstream beauty ritual. The launch immediately shattered records in

Soon after, Huda set up her beauty

the Middle East and soon after in the

blog HudaBeauty.com and later launched a

United States. The Huda Beauty offering

YouTube channel, a Facebook page and an

now includes a range of lipsticks, lip

Instagram account by the same name.

contouring pencils, textured eyeshadow

Huda’s one-of-a-kind beauty tutorials

palettes and complexion products, all of

quickly saw her become an Instagram

which have been instant best-sellers

account by the same name.

across the globe.

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MENA TOP35

POWER

COURTESY OF JOELLE.COM

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

JOELLE MARDINIAN

B

orn in Beirut in 1977, Joelle Mardinian is a Lebanese businesswoman, the founder & CEO of the Joelle Group. She hosts the Joelle Show that airs on MBC (Middle East Broadcasting Center) and attracts 120 million viewers every day.

After the great success of the Joelle Show, she started a chain of high-end salons named Maison de Joelle in 2008. In 2013, she opened a chain of cosmetic clinics called Clinica Joelle, which spans across UAE, Saudi Arabia, Kuwait and Egypt.

Joelle is famous for her early career struggles - from starting with babysitting to working with Sony, then leaving the job for six months to look after her newly born son to starting again as a swimming instructor with no success. Joelle worked with a couple of magazines before she moved to Dubai in 2004 and there she managed to get an interview with the head of production at MBC and, after the interview and a pilot, she was hired to produce 26 episodes of her own show.

All her businesses collectively fall under the Joelle Group, the latest addition to which is Joelle Paris, a luxury skincare and haircare line of products, also available at all Maison de Joelle salons. A mum of three, Joelle has established herself as an influential fashion and make up expert, a renowned female TV personality.

She has also been featured with international celebrities and designers including Dolce and Gabbanna, Peter Dubdas, Anna Del Russo, Zuhair Murad, Kim Kardashian, Eva Longoria, Ivanka Trump and many more.

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MENA TOP35

POWER

COURTESY OF FORTUNE.COM

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

LUBNA OLAYAN

B

orn in 1965 in Saudi Arabia, Lubna Olayan is the daughter of one of

as a non-executive director to the Board of WPP.

the most wealthiest businessmen She joined as a member of the

of the Arab World, Sulaiman S. Olayan.

Lubna led Olayan Finance Company

International Business Council of the

(OFC), an entity under the Olayan Group

World Economic Forum in November

as the CEO from 1986 to May 2019.

2005, and also as a member of the International Advisory Board of the

In June 2019, Lubna was named as the Chairwoman of the Saudi British

Council on Foreign Relations in December 2005.

Bank (SABB), making her the rst Saudi woman to head a bank. She was

In September 2006 and April 2007,

reappointed in January 2020 to serve a

she joined the International Advisory

three-year term, and assumed the

Boards of Rolls-Royce and Citigroup,

position after the merger between SABB and Alawwal Bank.

Olayan also served on the board of Chels eld plc, the UK property developer, from 1996 to 2004. And after that, in December 2004, she was elected to sit on the board of Alawwal Bank (formerly Saudi Hollandi Bank), a publicly listed company in Saudi Arabia.

In February 2005, Olayan was appointed

respectively.

In 2010, Lubna was awarded the Cornell Entrepreneur of the Year. She has been listed by Forbes multiple times, the latest of which is #5 in Forbes 100 Power Businesswomen in The Middle East, 2020. In 2014, Forbes listed Lubna as the 86th most powerful woman in the world.

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MENA

POWER

T O PBUSINESS 35 WOMAN

POWER

COURTESY OF ENTREPRENEUR.COM

BUSINESS WOMEN

#3

MENA TOP 35 POWER BUSINESSWOMEN - 2020

MAHA AL-GHUNAIM

M

aha Al-Ghunaim is the chairperson and managing director of the Global Investment House (GIH), an investment company in Kuwait City, founded by Al-Ghunaim in 1998 with her friends. The investment company got listed in the London Stock Exchange in 2008 - making it the rst Kuwaiti company to be listed in the LSE. The credit crunch forced the company to delist, but in many ways, GIH’s re nancing became a model for other companies to follow.

In December 2019, Global Investment House got merged with KAMCO Investment Company. She also heads the Kuwaiti chapter of Young Arab Leaders, a PAN-Arab organization which aims to develop education and entrepreneurship in Kuwait.

Before starting GIH, Ghunaim was the Assistant General Manager of the asset management in the Kuwait Investment Company. After a signi cant hit during the 2008 crash, Al Ghunaim successfully restructured the company, which now manages assets of over $4 billion.

Maha also sits on the board of several other high-pro le institutions in the Middle East region including, Shurooq Investment Services Co, Barings Private Equity Asia Ltd and NASDAQ Dubai.

She was listed among 100 Most Powerful Arab Women in 2014 by Arabian Business, and was named as the 94th among Forbes Most powerful Women in the world in 2010.

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COURTESY OF ARABIAN BUSINESS

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

MARYAM BAHLOOQ

C

urrently the CEO of Tanfeeth, a fully-owned subsidiary of Emirates NBD Group.

Maryam became the rst woman to be appointed as the CEO of the prominent banking and nance institution in the Arabian Gulf in 2017.

Bahlooq was previously the Acting Group Head, Human Resources and headed the HR Business Partnership unit at Emirates NBD. She brought over 17 years of experience before becoming the CEO of Tanfeeth within the banking Group. She held various operational and strategic roles within the bank’s Human Resources department, heading Recruitment, Nationalisation and Business Partnership. During her term, Maryam played a pivotal role in the people management aspect

of the bank’s mergers and acquisitions, both local and international.

Maryam is known for her expertise in the human resource aspect of the bank’s various mergers and acquisitions. She is a mentor for women seeking leadership roles, consistently working in support of Dubai government’s vision of going paperless - facilitating trade in the future calls for innovative technology and digitalization.

Maryam has been listed among the 100 Smartest People in the UAE by Arabian Business, among Arabian Business 30 Most In uential Women in the Arab World 2019 and ranked #82 in Forbes Power Businesswomen in The Middle East 2020.

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MENA TOP35

POWER

COURTESY OF WAM.AE

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

MARYAM EID ALMHEIRI

H

er Excellency Maryam Eid

agenda to build a sustainable media

AlMheiri is the Director General of

industry that contributes to the

the Abu Dhabi Government

economic and cultural development of

Media O ce, the CEO of the Media Zone

Abu Dhabi, as well as positioning the

Authority (MZA) for Abu Dhabi, and Vice

emirate as a regional media hub.

Chair of twofour54. She was awarded as

Through media free zone twofour54, she

the Top Arab Pioneer of 2017 in Media

also plays a leading role in increasing

by Estesmarat Magazine - recognising

engagement and collaboration between

her role and achievements in supporting

the government and private sectors, and

government efforts to attract investment

encourages public-private partnerships.

to the emirate, speci cally in the media industry.

As the Director General of the Abu Dhabi Government Media O ce,

For years, Maryam laid consistent

Maryam works with government

efforts to help grow the media sector in

departments to develop and implement

Abu Dhabi, which is today a home to

media policies and plans.

hundreds of local, regional and international companies operating

She plays a key role in developing

across the entire spectrum of media,

media skills and expertise across both

from lmmakers to publishers, app

the public and private sectors, helping

developers, and marketing and

transform Abu Dhabi into a hub for

communications rms.

content creation. Maryam was ranked

As the CEO of MZA, Maryam is

#19 in Forbes Power Businesswomen in

responsible for leading its strategic

The Middle East, 2020.

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C O U R T E S Y O F M E D I C A LT O U R I S M . C O M

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

MARYAM MATAR

H

er Excellency Dr. Mariam Mohamed Fatima Matar is the Founder & Chairperson of UAE Genetic Disease Association which she founded in 2004 as a body on genetic disorder, awareness and prevention.

Maryam has been a member of the Global Commission to End the Diagnostic Odyssey for Children since 2017. She is also a jury member of Emirates Women Award, Advisory Board Member of Arab Health 2020, member of the Selection Committee of the Zayed Sustainability Prize, sits on the board of Operation ASHA, Advisory Committee member of Reach Mentoring, Deputy Chairperson of Dubai Cares, and a board member for Educational Advisory Committee of Iftah Ya Simsim (Bidaya Media).

Matar became the rst woman Director General of the Community Development Authority (CDA) in 2007, where she handled social policies and social services until 2015. As a strategic advisor, she has also helped leading organisations across South East Asia and GCC. A leading healthcare in uencer, she pioneered the study of genes and advocates public education and awareness of genetic disorders across the ME region. Her

commitment to women leadership, STEM and scienti c innovation, makes her a globally acclaimed speaker and in uencer.

She regularly speaks, champions and supports the cause of women empowerment, participation and recognition in corporate and educational sectors. Until now, she has mentored over hundreds of professional women and youth and speaks in more than 35 specialist conferences in the eld of healthcare across the region every year.

She serves as a Chairperson or senior advisor in over 15 international, regional and local committees for Women in STEM, Youth leadership and preventive healthcare initiatives.

Maryam has been recognised as the Most Powerful Scientist in the UAE since 2014, listed among 50 Most In uential Women in the Arab World, 100 Smartest People in the UAE, and Top 100 most in uential Arabs in the world by Arabian Business.

In 2016, she was recognised among the top 20 Arab scientists with the biggest contribution to humanity by British Scienti c Community.

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C O U RT E S Y O F M U N A A B U S U L AY M A N

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

MUNA ABUSULAYMAN

M

una AbuSulayman, born in 1973 in Philadelphia, Pennsylvania, is a Saudi businesswoman, activist and a renowned television personality. She is known for her iconic role in the media industry and humanitarian activities. She is also a founding cohost of the MBC show, Kalam Nawaem, one of the most popular TV shows in the Arab world.

Muna is a co-founder of Meedan.com, a company that builds software and designs humanpowered initiatives for newsrooms, NGOs and academic institutions.

As the former SecretaryGeneral of the Alwaleed Bin Talal Foundation, she supported innovation and strategic initiatives to combat poverty, empower women and reframe the Islam-West dialogue. She is also a social impact investor concentrating on the utilisation of Arti cial Intelligence for education, media projects for awareness and charity effectiveness.

Muna is also a part of the Saudi Government think tank for G20 2020 preparation (on the SDG, Women, and NGO themes). She also advises various foundations on youth, media, and female empowerment.

In 2005, AbuSulayman was appointed as the rst Saudi UNDP Goodwill Ambassador. In 2007, she was named as a Young Global Leader by the World Economic Forum out of over 4,000 candidates. She was also awarded Middle East Businesswomen & Leaders Achievement Award by the Middle East Excellence Awards Institute.

She is continuously being named one of the 500 Most In uential Muslims in the World from 2009 to 2019 for her work. She is a member of the Young Presidents' Organization, a Yale World Fellow and Aspen Institute Middle East Fellow.

In 2019, Muna was awarded Most In uential Person on Twitter by the World Social Media Forum.

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COURTESY OF ARABIAN BUSINESS

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

MUNA AL HASHEMI

B

orn in 1971 in Bahrain, Muna Al

customer services and solutions for both

Hashemi is the Deputy Group CEO of

the business and consumer sectors

the Batelco Group. She has been

enriching people’s lifestyle and enabling the

ranked 15th in Forbes list of 100 Most

business to excel. She laid the foundation

In uential Women in the Middle East 2018 -

for the major strategic digital

having previously been featured on the list

transformation and turnaround of Balteco

for 4 consecutive years. She is also a

with an EBITDA of 40%. She led the launch

member of the Board of Directors of

of Bahrain Wi which provides WiFi access

Umniah, Batelco Bahrain’s sister company

at all major public locations paving the

located in Jordan, and a Board Member of

future for developing relevant Smart City

the Supreme Council for Women, Bahrain,

solutions. She also helped in building a

and a member of the Board of Trustees at

cloud services portfolio by launching a

The British School of Bahrain.

number of new solutions, and completing a major global network expansion project to

Muna is an engineer by profession.

extend the reach globally.

She had joined Batelco as a graduate trainee in 1994, rose to different roles -

Muna was also a board member

leading the company’s local operations in

of INJAZ Bahrain from 2014 to 2018.

Bahrain, named as the CEO of Batelco

She was also named by Arabian

Bahrain in 2014 and then the Deputy Group

Business as one of the 30 Most

CEO in 2017. She leads Balteco’s

In uential Women in the Arab World in

development and execution of the long-term

2019. Her contribution for the

strategy with a view to creating shareholder

development of Bahraini youth is very

value - delivering top quality products,

much known.

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COURTESY OF CONSTRUCTIONWEEKONLINE.COM

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

NADIA ZAAL

O

ne of the UAE’s most in uential names in the real estate domain, Nadia is an Emirati entrepreneur and the cofounder & CEO of Zaya Real Estate Development Company, Dubai, UAE, a boutique developer specialising in high-end real estate.

With absolute understanding of the high-end market and her recognition of the region’s extraordinary potential, Nadia started Zaya in 2008 as a developer for ultra-luxury real estate projects. Over the years, Nadia gained reputation as one the region’s most dynamic and progressive business and nancial minds.

Before founding Zaya, Nadia worked for the $6.2 billion Al Barari master development in Dubailand,

the rst mixed-use development to target the premium segment of the real estate market, as well as a shareholder of Zaya Abu Dhabi that developed the prestigious Nurai Island development.

Zaal also has extensive experience in project development, structuring and funding in the GCC’s energy sector. Before establishing Zaya, she led one of the region’s largest IPOs for the Abu Dhabi National Energy Company. Zaal is a former board member of Taweelah Asia Power Company, which completed the largest energy nancing deal in the Gulf.

In 2018, Nadia was ranked #91 among Forbes 100 Most In uential Women in the Middle East.

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COURTESY OF N ATION AL STANDARD FIN ANCE

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

NAHED TAHER

D

r. Nahed Taher is the Group

Taher studied economics at King Abdulaziz

President and Director of Islamic

University in Jeddah, Saudi Arabia. She

Finance of National Standard

continued her studies at Lancaster

Finance. In 2006, Forbes magazine ranked

University Management School in the UK,

Taher #72 in the list of the 100 Most

where she received her MSc in Economics

Powerful Women in the World. The

in 1998, and PhD in Economics in 2001.

magazine dubbed her as the ‘desert rose’ as she launched a $10 billion private equity fund in the Kingdom.

She was also ranked by the Financial

After completing her PhD, she wanted to do something for her home country, and thus turned down a very high paying job at the International Monetary

Times as no. 25, 24, and 23 respectively of

Fund (IMF) and returned to Saudi Arabia.

the top 50 businesswomen in the world in

She joined the National Commercial Bank

2009, 2010, and 2011. Taher also received

as a senior economist - becoming the first

Businesswoman of the year 2006 award

by HH Prince Hamid Al-Nihayyan, In

woman (among 4000 men) to be hired by the National Commercial Bank.

addition, she received the award of “Saudi

In 2005, Taher transitioned to

Businesswoman of the year 2007” by HRH

become the CEO of Gulf One Investment

Prince Sattam Bin Abdulaziz Al-Saud. She

Bank - becoming the first Saudi woman to

was ranked as no. 25, 24, then 23 among

lead a bank in the Persian Gulf area. Taher

the top 50 business women in the World

left the position in 2017 to join the National

by Financial Times in 2009, 2010 and 2011

Standard Finance as the president.

consecutively, and among the top 100

She is considered as one of the most

women of Finance and Leadership in

prominent figures in the regional finance

Crisis by Dow Jones in 2009.

industry of the Kingdom of Saudi Arabia.

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COURTESY OF ARABIAN BUSINESS

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

NAJLA AHMED AL MIDFA

N

ajla Ahmed Al-Midfa is the CEO of the Sharjah Entrepreneurship Center (Sheraa), a governmentsupported entity launched in January 2016, with a mandate to build the entrepreneurial ecosystem in Sharjah, and support entrepreneurs as they build and grow innovative startups that will contribute positively to the region’s economy. To date, Sheraa has built a portfolio of over 100 startups, which have raised over $50m in investment, created over 600 jobs, and generated over $35m in cumulative revenue.

Sheraa also hosts the annual Sharjah Entrepreneurship Festival (SharjahEF), a gathering of over 3000 entrepreneurs, investors, mentors, and ecosystem supporters.

In her previous role as Senior Manager at Khalifa Fund for Enterprise Development, Najla led a team of business counselors through the due diligence process of selecting ventures for nancing. She also set up and operated the Northern Emirate branch of Khalifa Fund, covering Ajman, Dubai, and Sharjah.

Prior to joining Khalifa Fund, Najla was a senior associate at McKinsey & Company’s New York o ce, primarily serving clients across the nancial institutions sector. Her experience also includes roles within PricewaterhouseCoopers and Shell.

Najla is also the founder of Khayarat, a platform that empowers young, high-potential Emiratis to make informed career choices, and enables them to succeed in the private sector.

With a community of over one thousand young Emiratis, and over 100 placements in leading international private sector companies, the platform is in uencing the next generation of Emiratis to raise their ambitions and ful ll their potential.

Najla is a board member of United Arab Bank, where she chairs the Board Audit Committee. She is ViceChairperson of Young Arab Leaders, and a board member of Endeavor UAE. She is also a fellow of the Aspen Institute’s Middle East Leadership Initiative. In 2019, she was selected to be an Eisenhower Global Fellow.

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MENA TOP35

POWER

COURTESY OF BUSINESS WIRE

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

NASHWA AL-RUWAINI

N

ashwa Al Ruwaini is often regarded as the ‘Oprah Winfrey of the Arab world’. Born in Cairo, Egypt in 1972 and now an Emirati media magnate, started her career at the age of 15 with Qatari Radio - becoming the youngest female presenter of Arab television. Al Ruwaini’s consistent work and contribution to the TV and media industry has earned her an iconic stature and fame. She also hosts her self-titled talk show named Nashwa on Dubai TV. The show was first broadcasted in February 2005.

She founded her venture Pyramedia Group in 1998 and now assumes the role of the CEO and a board member of the company. Within a short span of founding the company, she got offices running across the Middle East, London and New York. Pyramedia is widely known for casting the Syrian actor Ghassan Massoud in the 2005 epic drama flick Kingdom of Heaven of

Ridley Scott. Pyramedia also acted as a consultant for Hollywood productions including Syriana and Pirates of the Caribbean.The company also worked to accumulate casting for Guy Ritchie’s remake of the classic Disney musical Aladin.

She also founded Nashwa Al Ruwaini Foundation to pursue humanitarian activities dedicated to helping women and children in the Arab world and providing care for the disabled through rehabilitation to become more interactive in the society. Apart from this, Nashwa also co-founded the Abu Dhabi Film Festival - attracting names from the international lm industries. She also serves as the chairwoman of Al Joude Investment and Management.

Nashwa has been listed by Forbes seven times, the latest of which is rank #74 in Power Businesswomen in The Middle East 2020.

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COURTESY OF WORLD ECONOMIC FORUM

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

NEZHA HAYAT

B

orn in 1963 in Morocco, Nezha has been the President of AMMC - Morocco's Capital Market Authority since 2016. In March 2020, she was elected as the Chair of Africa-Middle-East Regional Committee (AMERC) of the International Organization of Securities Commissions (IOSCO).

She graduated from the ESSEC Business School in Paris, then started to work in Spain for multiple companies in the banking sector. She made most of her career by working for companies and bodies in banking and nancial sectors including BNP Paribas (Morocco), Banco Atlantico (Spain), Banco Inversion (Spain), APSB (Morocco) and more.

Nezha is also the founder and deputy chair of the Association des Femmes Chefs d’Entreprises du Maroc, which she founded in 2000 to promote female entrepreneurship in Morocco. Her determination and leadership traits led to the creation of

Le Club des femmes administrateurs au Maroc in 2012, which helps to promote women in corporate boards.

Nezha joined Societe Generale, a French multinational investment bank and nancial services company in 1996, and worked there across 7 roles for around 20 years. She was promoted as the Chairperson for SOGELEASE Maroc from 2013 to 2016. SOGELEASE Maroc is an arm of Societe Generale, the rst leasing company created in Morocco in 1981.

She consistently works on initiatives and ideas for women to play decision-making roles in the Moroccan economy. Nezha is also the co-founder and vice Chairperson of the AFEM (Association of Female Company). Nezha was listed among Arabian Business Top 100 Most Powerful Business Women in 2011, ranked #6 in Forbes Top 100 Most Powerful Arab Businesswomen in 2017, and #7 in Forbes Power Businesswomen in The Middle East 2020.

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C O U R T E S Y O F S A LT. O R G

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

NOOR SWEID

N

oor Sweid is the founder of Global Ventures, a Dubai-based, growthstage venture capital rm focusing on investing in emerging markets. She is a member of The Forum of Young Global Leaders, and also the Chairwoman of the Middle East Venture Capital Association (MEVCA).

Apart from this, Noor is also a Global Finance Fellow at the Aspen Institute, Board Member of MIT Sloan School of Management since 2017, Board Director of MIT Enterprise Forum Pan Arab since 2014.

She also sits on various boards and serves as the director for TechWadi, The Grooming Company, the Collegiate American School in Dubai, as well as a number of portfolio companies of Global Ventures.

Before this, Sweid served as the Chief Investment O cer at The Dubai Future Foundation from 2016 to 2018 where she spent time developing the technology and innovation ecosystem in Dubai. She also served as an Independent Board Director for Endeavor UAE from 2013 to 2017 and a Managing Partner at Leap Ventures from 2014 to 2016.

In 2001, Noor joined Accenture as a strategy consultant, then in 2004 as an Associate - Strategy & Planning at Dubai International Financial Centre (DIFC). In 2005, Sweid joined her family business Depa Ltd as the Managing Director Strategy and helped grow the business tenfold in three years to reach US$600 million in revenues. She led the IPO for the company in 2008, on the NASDAQ Dubai and the London Stock Exchange. Noor worked at Depa until 2013. During this time, she also founded ZenYoga, the rst yoga and pilates studio in MENA, which grew to become the largest chain of wellness studios in the Middle East. She exited ZenYoga in early 2014 through sale to a private equity rm.

In 2018, Noor was named as one of the World’s Top 50 Women in Tech by Forbes, and received the Arab Woman Award for Finance. Noor has also been named in the Arabian Business 100 Most Powerful Arab Women list three times, and has been pro led on the covers of Forbes Middle East, Entrepreneur Middle East, and Arabian Business magazines. Noor has also been ranked #93 among Forbes Power Businesswomen in The Middle East 2020.

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COURTESY OF FORBES MIDDLE EAST

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

PAKINAM KAFAFI

K

afa is the CEO of TAQA Arabia, the largest private sector energy distribution company in Egypt.

Pakinam is an energy expert who has been operating with TAQA Arabia since 2006.

She holds over 25 years of track record of accomplishment advancing to leading TAQA. As the CEO, she manages strategic policies of the company through her amalgamated leadership ability, in uencing skills and in-depth energy industry expertise to deliver on the group’s targets, objectives, and pro t uplift amidst aggressive economical and market challenges.

Pakinam joined TAQA in 2006 as the Strategy & Investment Executive Director and was positioned as the CEO in 2013. Before joining TAQA, she was Strategy & General Manager at the Gas & Energy Group (GENCO), Egypt from 2003 to 2006, and worked at a number of

different executive and leadership roles at EFG Hermes, Egypt from 1994 to 2003.

Kafa successfully contributed to TAQA’s evolution by acquiring and consolidating several gas distribution companies of BG, ENI, Edison and AMEC. In addition, she led the group’s business diversi cation strategy into Power Generation and Distribution and later orchestrated TAQA Arabia penetration into the Renewable Energy market.

She is also a long-standing member of the American Chamber of Commerce and the British Egyptian Business Association (BEBA).

In 2016, Kafa was chosen as one of the 50 Most In uential Women in Egypt. She has also been ranked #31 in Forbes Power Businesswomen in The Middle East 2020.

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www.MRAYTI.com

www.Foloosi.com

Foloosi Foloosi

MENA TOP35

POWER

COURTESY OF GULF BUSINESS

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

RAJA EASA AL GURG

D

r Raja Easa Al Gurg is the Vice Chairperson & Managing Director of the Easa Saleh Al Gurg Group (ESAG), a well-known businesswoman in the region as well as globally. She has achieved laurels for her stellar leadership of the group under the tutelage of her father, the Chairman, H.E. Easa Saleh Al Gurg, KCVO, CBE. Her counsel and valuable insights have signi cantly contributed to the growth and expansion of ESAG. A leading business woman in her own right, Al Gurg has carved a unique niche for herself in the region due to her support and encouragement of Arab women entrepreneurs. She is the President of Dubai Business Women Council; Vice Chairperson of the board of directors of Dubai Healthcare City Authority; board member of the Dubai Chamber Of Commerce & Industry (DCCI), and Dubai Women’s Association.

Dr Al Gurg is the rst Emirati woman on the board of HSBC Bank Middle East Limited and is also on the advisory board of Coutts Bank, the wealth division of the Royal Bank of Scotland Group. She is the Head of the Auditing Committee at the Federal Customs

Authority and a board member. Raja is on the Board of Trustees for the Mohammed Bin Rashid Al Maktoum Global Initiatives one of the largest development and community foundations in the Middle East.

She serves as the Vice Chairperson, Board of Trustees, for the Mohammad Bin Rashid University of Medicine and Health Sciences and a member of the Board of Governors of the Hamdan Bin Mohammed Smart University. She was conferred the Doctor of Literature (D.Litt.) honour by Amity University, India in 2014. Raja is also the Chairperson of the Board of Directors of Al Jalila Foundation, a non-pro t organisation whose mandate is to promote UAE as a centre of excellence for medical research and education.

Dr Al Gurg was ranked the most powerful Emirati Businesswoman in Forbes Middle East’s 2017 ranking and the third most in uential businesswoman in the Arab world in Forbes Middle East’s 100 Most Powerful Arab Businesswomen for 2017 ranking. She holds the 29th spot in the listing of the 100 Most Powerful Arabs, compiled by Gulf Business magazine in 2017. She has been listed #1 in Forbes Power Businesswomen in The Middle East 2020.

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C O U RT E S Y O F R A N D A AY O U B I

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

RANDA AYOUBI

B

orn in 1962 in Jerusalem and raised in Amman, Randa is the founder and CEO of Rubicon Group Holding, which she founded in 1994 as an international animation and digital media production company headquartered in Amman, Jordan, with branches in Dubai, Manila and Los Angeles. She has been recognised both as one of the most in uential women in Global TV and as a signi cant Arab woman in business.

Randa served on the board of trustees of the King’s Academy; the only regional co-ed high school founded by His Majesty King Abdullah II. She also served as a trustee for the Queen Rania Foundation for Education and Development, the Royal Commission for Education Reform in Jordan, the Children’s Museum in Amman, former Chairwoman of the Red Sea Institute for Cinematic Art in Aqaba, Jordan, and as a board member at Endeavor, a leading global movement which aims to catalyze long-term economic growth by selecting, mentoring, and accelerating the best High-Impact Entrepreneurs around the world.

She is a founding member of the International Women Forum (IWF)-Jordan Chapter and the Information Technology Association of Jordan “Intaj”. And also a member of the Young Presidents’ Organization (YPO) and has won many awards and public recognitions such as the Entrepreneur of the Year Award by YEA in 2000, the regional Entrepreneur Award by Arabian Business in 2004, the Businesswoman of the Year Award at the CEO Middle East Awards 2010 and the Ernst and Young Entrepreneur of the Year Award 2011.

Randa was named as one of the 25 Most Powerful Women in Global TV in 2014, and one of the 100 Most Powerful Arab Women in the Arabian Business Magazine in 2016. She was ranked #22 in Forbes Middle East 200 Most Powerful Arab Businesswomen in 2014, and #51 in Forbes Middle East 100 Most Powerful Arab Businesswomen in 2015.

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COURTESY OF THECEOMAGAZINE.COM

MENA TOP35

POWER

BUSINESS WOMEN

RANIA NASHAR

R

ania Nashar is the CEO of

Certi cate of Governance, Risk

Samba Financial Group. She

Management and Compliance in

joined the bank in 1997 as the

association with the George

Technology and Quality Assurance

Washington University School of

Coordinator. In 2006, Nashar was

Business.

promoted to Anti-money Laundering Compliance O cer, then became the

Rania also worked on the merger

Head of Compliance in March 2009.

of Samba Financial Group with United

She was promoted to the position of

Saudi Bank and oversaw the

Chief Audit Executive in October 2014,

development of its digital services and

before stepping up as the CEO in

then helped the transition to a fully

February 2017 - becoming the rst

Saudi institution following Citibank’s

female CEO of a listed Saudi

decision to withdraw its management

commercial bank.

agreement. Samba Financial Group is Saudi Arabia’s third-largest bank by

Nashar holds a Bachelor’s of

assets at present.

Science degree with honors in Computer Science and Information

Forbes has named Rania as one

Technology from King Saud University.

of the 100 Most Powerful Women in

She has also completed the Leadership

the World twice, rst in 2018 and the

Development Program from the Darden

second time in 2019 - making her the

School of Business at the University of

rst Saudi female to make entry into

Virginia and earned herself a

the list twice.

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MENA TOP 35 POWER BUSINESSWOMEN - 2020

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COURTESY OF ARABIAN BUSINESS

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

REEM OSMAN

D

r. Reem Osman is the CEO of Saudi German Hospital (SGH) Group UAE (Dubai, Sharjah, Ajman, and Ras Al Khaimah) since November 2017. She previously served as the CEO of SGH Dubai from 2012 to 2015.

Eye Surgery and Master’s Degree in Business Administration from Wollongong University in Sydney along with being a certi cate holder of management healthcare delivery from Harvard Business School.

Under her leadership, Saudi German remains a key player in evolving the healthcare industry in the UAE and international markets. Her dream to serve more patients in UAE has led to expansion into new Emirates – Sharjah, Ajman, Ras Al Khaimah & Dubai facility expansion which is expected to add 300 beds. Her vision is to take SGH Group – UAE branch into a whole different level through the upcoming and current expansions.

Reem has gained consistent recognition for her efforts until now and was featured in Forbes 200 most powerful Arab women in 2015, named among the 15 most in uential people in the UAE by Arabian Business in 2017 and regularly being named among the most In uential women in the Arab World by CEO Middle East.

Osman is a Saudi Arabian nationality of Syrian origin. She graduated from Tishreen University of Medicine in Syria. She also has a Master’s degree in Ophthalmology and

In 2018, the United Nations International Organisation for Development and Human Rights nominated Reem Osman as a peace ambassador. She has been named among the 30 Most In uential Women in the Arab World by Arabian Business in 2019.

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COURTESY OF DR SARA AL MADANI

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

SARA AL MADANI

S

ara as the world knows today has emerged in recent years as a key figure in a multitude of areas in

beauty, entertainment, tech and more.

In 2014, she was selected by His Highness Sheikh Dr. Sultan Bin Mohammed Al Qassimi as a board member at Sharjah Chamber of Commerce and Industry, making her the youngest on the board. In 2017 Sara was selected to be on the board of the UAE SME Council in the Ministry of Economy of Dubai.

Sara was inspired to start her own business at the age of 15.

Following her success as a young entrepreneur and businesswoman, Sara was selected to inspire women in the UAE to be more active and selfconfident in order to achieve business success. Recognized for her creativity y and hard work, Sara is an honoured speaker in many universities, colleges and institutes. She truly believes that it is important to be an active member of

the community, inspiring the younger generation and continuously sharing knowledge, experience and information therefore she started her public speaking journey, speaking and giving keynote speeches in more than 182 events in the year 2016 - 2018.

Sara has established herself as an example for women aspiring to be tech entrepreneurs. She strongly believes that humans are the most valuable beings on earth and shouldn’t be replaced with bots.

Sara has recently launched a tech entertainment startup halahi.com to establish connect between celebrities and fans by creating authentic fan experience which is strictly personal and not business.

“With technology and humans, it isn’t a competition – instead we complement and complete each other.”

- Dr. Sara Al madani

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COURTESY OF WORLD ECONOMIC FORUM

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

SARAH AL SUHAIMI

S

arah Al-Suhaimi is the Chairperson of the board of directors of Tadawul, the Saudi Stock Exchange which is one of the largest stock exchanges in the Middle East market. She became the first woman to chair Tadawul replacing Khalid Al Rabiah in 2017.

Al-Suhaimi under the framework of Vision 2030 is leading comprehensive efforts to further integrate the Saudi capital markets into the global system, which also includes changes in Tadawul’s operational activities, systems and regulations.

Sarah also assumes the role of the CEO and member of the board of directors at NCB Capital, the investment banking arm of the National Commercial Bank, the

largest bank of Saudi Arabia and also the largest Sharia-compliant asset manager globally.

In her first four years at NCB Capital, assets under management went up by more than 100 percent.

Prior to that, As-Suhaimi served as the chief investment officer at Jadwa Investment, which she joined in 2007. She also served as Vice-Chair of the Advisory Committee to the Capital Market Authority in Saudi Arabia.

She is often cited as an example of the growing importance of Saudi women in the economy, a key part of Vision 2030. Sarah has also been ranked #4 in Forbes Top 100 Power Businesswomen in the Middle East 2020.

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MENA TOP35

POWER

COURTESY OF VODAFONE GROUP

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

SERPIL TIMURAY

A

Turkish businesswoman, currently the CEO of Vodafone Africa, Middle East and AsiaPaci c (AMAP) region. Serpil is also the board member of Digital Leaders Europe of the World Economic Forum since 2018.

Serpil started her career with Procter & Gamble in 1991, worked across different marketing roles and was then positioned as a member of the Executive Committee at the company until 1999. After that, she joined DanoneSA Tikveşli, a company of DanoneSA, a Turkish joint venture company of Groupe Danone with Sabancı Holding, and became the Marketing Director. Serpil served as the CEO of Donone, Turkey from 2002 to 2008.

She also served as the ViceChairperson at SETBIR, Turkey from 2002 to 2008. Serpil in 2010 joined DEIK Turkish - British Business Council as the Vice-Chairperson and worked until 2014. Alongside, Serpil took over as the Chairperson of

YASED International Investors Association, Turkey. She also sat on the board of trustees at Koç University, Instanbul, Turkey from 2013 to 2017.

In 2017, Serpil joined the board of directors of GSMA in London. The GSM Association is an industry organisation that represents the interests of mobile network operators worldwide.

Timuray is a Non-Executive Director in the board of Danone Group since 2015. She joined Vodafone Turkey as the CEO in 2009, then was elevated as the CEO AMAP Region (Africa, Middle East, Asia, Paci c) and a member of Group Executive Committee in 2013, Group Chief Commercial Operations and Strategy O cer in 2016 to nally becoming the CEO of Vodafone AMAP in 2018.

In 2018, the Financial Times listed Serpil in its annual Top 100 Female Champions list.

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MENA TOP35

POWER

COURTESY OF FORBES

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

SHAIKHA AL BAHAR

S

haikha Khalid Abdul Rahman AlBahar is the Chairperson of NBK Capital and the Deputy Group CEO of National Bank of Kuwait Group (NBK), the largest nancial institution in Kuwait and one of the largest banks in the Arab world. Previously, she served as the CEO of NBK-Kuwait. She is recognised as a dynamic and innovative leader in the banking domain in Kuwait and the region.

Shaikha is also a member of key management committees at NBK Group.

She is the Chairperson of NBK (Lebanon), Board Member of NBK (International) P.L.C. and NBK Global Asset Management Limited, The Turkish Bank, Turkey.

Al-Bahar is an experienced strategic thinker with extensive experience in institutional nancing including privatization, project nance, advisory services, bond issues, Build/ Operate/Transfer nancing, Initial Public Offerings, Global Deposit Receipts programs and private placements.

Throughout her successful career at NBK, Al-Bahar has played a key role in growing the bank into a leading regional

institution, with more than $78 billion in assets and a broad international reach, presence across 15 countries. NBK has consistently been awarded the highest credit ratings by Moody’s, Standard & Poor’s and Fitch Ratings and ranked among the top 50 safest banks in the world since 2009.

Al-Bahar previously held the position of Vice Chair of Watani Investment Co. KSCC, chairwoman of the Al Watany Bank of Egypt.

Chairwoman of Al Asima Real Estate Co. Ksc, Chairwoman of National Bank of Kuwait-Egypt, CEO of NBK Kuwait. She has been a member of Kuwait’s Supreme Council for Planning and Development since August 2017.

Shaikha was ranked #85 in Forbes World’s 100 Most Powerful Women in 2012. In the same year, she was also listed as #1 Forbes Most Powerful Arab Businesswomen. She was also listed at #96 in Gulf Business Arab Power List. In 2018, she was named #7 among Forbes Most In uential Women in the Middle East, and #14 in Forbes Power Businesswomen in The Middle East, 2020.

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MENA TOP35

POWER

COURTESY OF WISE-QATAR.ORG

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

SHEIKHA HANADI

S

heikha Hanadi Bint Nasser Al Thani is the founding chair of INJAZ

In 1998, she founded Amwal, which is believed to be the rst regulated investment

Qatar, an organisation that aims to

company to have received a license from

accelerate young people’s ability to

Qatar Central Bank, to conduct opera ons

contribute to the economic development

like investment banking, asset and wealth

of nations by connecting them with

management.

dedicated business mentors and

In 2005, she founded AL Waab City

providing them with the skills and

Real Estate development project. Hanadi is

mindset they need to become the

also a board member of board of Injaz Al-

entrepreneurs and business leaders

Arab, the Vice Chairman of Nasser Bin

stimulating their communities. INJAZ is a

Khaled Al Thani & Sons Group and a board

member of Junior Achievement

member of Dana Gas, UAE. In 2012, Sheikha

Worldwide (JA).

Hanadi also founded Q-Auto, a company that deals in Volkswagen and Audi cars. In the past

Hanadi is an influential investor

she has also served as the advisory board

and her net worth is estimated at

member of many celebrated universi es

over $15 billion. She has won multiple

including The Legatum Center for

awards and is known for her

Development and Entrepreneurship at

philanthropic activities. A role model

Massachuse s Ins tute of Technology.

for millions of women across the Arab nations and the world, Sheikha

In 2008, The Financial Times included

Hanadi Al Thani started her career as

Hanadi among its top 20 female leaders in

a lecturing assistant in the

global banking and nance. In 2010, Arabian

Economics Department of Qatar

Business magazine named Sheikha Hanadi

University.

‘Businesswoman of the Year’.

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COURTESY OF OM ANIFRENCH ASSOCI ATION.ORG

MENA TOP35

POWER

BUSINESS WOMEN

MENA TOP 35 POWER BUSINESSWOMEN - 2020

SHEIKHA HIND BAHWAN

H

ind Bahwan is the Founder and Chairperson of Bahwan CyberTek Group which is focused on IT, logistics and engineering projects. She is also the Chairperson of Omani French Friendship Association.

Bahwan has served on the Boards of a variety of public and private organizations. She is a Member of the Middle East Centre Advisory Board of the London School of Economics, a member of the Middle East Advisory Board of Coutts & Co., and a Board member of the Family Business Network (FBN) for GCC. She has served as a member on the Middle East Advisory Board of the Deutsche Bank and on the board of Oman’s Public Authority for Social Insurance. She had

previously chaired the Oman Chapter of Young Presidents’ Organization (YPO).

Bahwan is a recipient of many honors including Ernst & Young's Oman's Young Entrepreneur of the Year 2000, Arabian Business eAchiever of the Year award from H.H. Sheikh Mohammed Bin Rashid in 2001, IT Women of the Year 2002 award by UNDP, Global Leaders for Tomorrow award by the World Economic Forum in 2003, Global Young Leader by the World Economic Forum in 2007 and Woman of Power Award by Asian Business Leadership Forum in 2011.

Hind has also been ranked #29 in Forbes 100 Power Businesswomen in The Middle East 2020.

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COURTESY OF SEBASTIAN TONTSCH PHOTOGRAPHY

F R O M L A F FA Z J O U R N A L S

UBE R - CAREEM DEAL

THE ACQUISITION OF A MIDDLE EAST UNICORN -L AFFA Z ED I TOR I AL

JUN 2019: APPROVAL FROM UAE MINISTER OF ECONOMY Sultan bin Saeed Al Mansoori who heads the Ministry of Economy approved the acquisition of Careem by Uber. The decision came after considering the importance of integration of expertise, competencies

T

he Uber-Careem deal was evidently

and modern technologies to ultimately

the hottest topic across the MENA

serve the interest of consumers and

startup ecosystem in 2019 ever

improvement in the transport sector.

since Uber revealed its plans to acquire the Middle East’s ride-hailing unicorn Careem for $3.1 billion which was back in March

OCT 2019: APPROVAL FROM JORDANIAN AUTHORITIES

2019.

Uber said that it is aiming to acquire

Jordan’s Industry, Trade, and Supply

Careem’s mobility, delivery, and payments

Minister Tariq Hammouri in October

businesses across the greater Middle East

last year approved the deal considering

region where the major markets are UAE,

that the transaction would have limited

Saudi Arabia, Jordan, Egypt and Pakistan.

negative effects on the market. The

The acquisition of Careem was subjected

ministry forecasted that Uber and

to applicable regulatory approvals and the

Careem combined market share of

transaction was expected to close in Q1

Jordan’s ride-hailing industry will not

2020 and so it happened right in the

exceed 40 percent to leave space for

beginning of January this year. Let’s delve

the country’s traditional taxi services

into the key highlights of Uber-Careem deal.

and other ride-hailing services.

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UBER - CAREEM DEAL

COURTESY OF UBER NEWSROOM

NOV 2019: APPROVAL FROM GAC, SAUDI ARABIA General Authority for Competition (GAC) of Saudi Arabia in November last year conducted a comprehensive review of the deal and issued an NOC allowing Uber to acquire Careem as a fully-owned subsidiary. GAC also laid down certain compliances for Uber to abide with:

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▸ Capping ordinary ‘organic’ fares (excluding surge fares and promotions) paid by riders. ▸ Capping surge fares. ▸ Maintaining quality of service and innovation. ▸ Allowing drivers to work for other ride-hailing services in the KSA. ▸ Giving competitors the access of Careem’s map data. ▸ Give riders the access of data if they wish to port to other competing ride-hailing service.

MENA TOP 35 POWER BUSINESSWOMEN - 2020

F R O M L A F FA Z J O U R N A L S

▸ Avoiding personalised pricing for any customers. ▸ Providing data access to GAC for monitoring.

DEC 2019: APPROVAL FROM ECA

costs at 10% for Uber X and Careem GO, the most popular services in

UBER-CAREEM DEAL: THE CURRENT STATE Careem Networks FZ-LLC is now a whollyowned subsidiary of Uber. The co-founder &

The Egyptian Competition Authority also

CEO of Careem Mudassir Sheikha

approved the Uber-Careem deal - onset

continues to lead the Careem business

of commitments proposed by Uber to

under Uber and report to the board

suppress harm to other ride-hailing

consisting of three representatives of Uber

competitors. The authority in turn

and two representatives of Careem. The

imposed certain compliances on Uber

two companies are operating as

for the acquisition of Careem including:

independent brands - providing respective regional services.

▸ Abandon any provisions of partnership with other ride-hailing players. ▸ Nominate an independent trustee, to be approved by ECA to ensure adherence of commitments made by Uber. ▸ Share random samples of trip data with the trustee on a monthly basis. ▸ Excluding surge pricing and promotions, Uber will cap its yearly fare

Uber now owns Careem’s mobility, delivery and payments businesses across the greater Middle East region with the major markets including Egypt, Jordan, Saudi Arabia and UAE; while the regulatory approvals from other countries such as Qatar, Morocco and Pakistan are still awaited for Careem to operate as a subsidiary of Uber in these countries.

increases beyond in ationary.

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TIPS FOR TECH STARTUPS AMID COVID-19

STA RTU PS V COVID -19

TIPS FOR TECH STARTUPS AMID COVID-19 -MIR SAE ID CO - FOUND E R & C M O, KA S HMI R ICA

category has been shut down for the time being. For the sake of safety, employees belonging to large organisations are now operating from the comfort of their own homes.

Needless to say, the current situation is tremendously impacting all businesses; small and large alike. These are very challenging times, especially for startups.

But there’s always hope, even in the most di cult of times. If you too have a tech startup, worry not, as here we bring to you a survival guide to get through these testing COURTESY OF DIFC times.

TIPS FOR TECH STARTUPS AMID COVID-19 TIP #1:

SAVE AS MUCH AS YOU CAN

C

ovid-19 has taken the world by storm. It feels as though the world has come to a standstill.

Every enterprise across the globe that doesn’t come under the ‘essentials’

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This isn’t to scare you but to make you realize that nobody can tell for sure what comes next. Let’s hope that the situation subsidizes soon; but if it doesn’t, you need to be prepared even when the situation

MENA TOP 35 POWER BUSINESSWOMEN - 2020

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F R O M L A F FA Z J O U R N A L S

subsidizes, its impact will persist. Make a thorough plan for conserving some money.

Have a plan for at least the next 8 to 10 months. Start planning as soon as you can and be very aggressive with your plan. This is the only way of dealing with the many challenges that lie ahead.

TIP #2:

DON’T FRET OVER CURTAILED REVENUE Your business might not be booming the way it did a few months ago and that’s ok.

Your payments might get delayed too. But hey, the world economy isn’t exactly ourishing at the moment. So, you aren’t

TIP #3:

TAKE THIS TIME TO THINK AND REFLECT With a tech startup, you are always short of time. You make every minute count and work hard day and night. There are always new issues to handle and new challenges to take care of. You are always on the lookout for what comes next. Well, now is a great time to slow things down a bit and think. Take this opportunity to ponder over your business. Brainstorm new ideas and think of ways you will need to bounce back once the crisis is averted. Think of innovative ideas and make the best out of this time. Make an action plan for the next few months to come.

the only one facing this backlash. Don’t fret over the situation and accept that it might take you some time to be back on your feet after the COVID-19 crisis has been averted. Yes, you might have made big plans to expand your business during this time. But, your plans can always be postponed. Think of this time as a time to survive and not a time to thrive.

TIP #4:

LOOK FOR ALTERNATE OPPORTUNITIES: If there’s a way that you can change the direction of your tech business a little, then do it. Look for opportunities that you can use to your advantage. People are now turning to the internet for their needs a lot.

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TIPS FOR TECH STARTUPS AMID COVID-19

If there is something of value that you can provide to the people, then do it. With a host of opportunities available, there is surely something that you can make the best out of. As for your tech startup, you can turn to providing online consultation or even things like online training and classes.

You don’t always need to be making money out of this. Include your team members in this as well. Together, you can surely come up with something.

You can use new opportunities to help your startup reach a greater audience and create a name for yourself. While you may not be making a lot of business, you can at least look for new opportunities for people to know your startup.

TIP #5:

LOOK FOR OTHER SOURCES TO GET MONEY If you are really short on money to a point that it’s hard for you to ever survive, look for sources to get it. Check if you are eligible to get any government grants.

Look for programs that help and support small businesses. Look for creative ways

of finding sources to get cash. If you have a vision and mission promising enough, investors might be interested in your startup even in these desperate times. Look for short-term deals, if any.

Consider things that you might not have considered just a few months ago.

TIP #6:

REMEMBER THAT THIS IS TEMPORARY O U R like T E Sa Yreally O F tough DIFC Though it mightC seem situation now, it is important to remember that this too shall pass. Things will take a turn for the better soon enough, even if it might seem di cult now. All you need to do is have a little patience and look for ways to sail through this tough situation.

Even though it might seem to be pretty obvious, survival at the moment should be your top priority. Everything else can be taken care of later on. Without your wellbeing, even your tech startup can’t survive.

Hope these survival tips for tech startups amid COVID-19 helped you.

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THE STARTUP TABLOID

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