Gulf Business Leaders - February 2024 by Motivate Media Group

002 2024

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TUNE IN:

SPOTIFY'S AKSHAT HARBOLA ON THE STREAMING PLATFORM'S GROWING FANBASE IN THE MENA REGION

FROM 1% MAN TO 101 LEVELS RIZWAN SAJAN OPENS UP ABOUT DANUBE’S MOST AMBITIOUS PROJECT YET AND HOW HE PLANS TO CHANGE THE SKYLINE OF DUBAI EVEN FURTHER

DRIVING THE ESG AGENDA: How CFOs can get the ball rolling

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DECODING DIVERSITY: Building bridges in multicultural teams

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CONTENTS

002 2024

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DRIVING THE ESG AGENDA

The CFO has an important role to play in championing ESG and sustainable practices across the business

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SOARING TO NEW HEIGHTS

Rizwan Sajan, the founder and chairman of Danube Group, gives us the inside track on how his real estate division is experiencing accelerating growth in Dubai

BREAKING CULTURAL BARRIERS

Why cultural intelligence is key in today’s multicultural workplaces

RETAILERS SHOULD EXPECT ENHANCED DIGITAL INTEGRATION, A STRENGTHENED COMMITMENT TO SUSTAINABILITY, AND THE REIMAGINATION OF BUSINESS ORGANISATION. PRIORITISING A CUSTOMERCENTRIC APPROACH, LEVERAGING TECHNOLOGY EFFECTIVELY, AND INCORPORATING ARTIFICIAL INTELLIGENCE INTO BUSINESS STRATEGIES WILL BE CRUCIAL. THESE TRENDS PRESENT BOTH OPPORTUNITIES AND CHALLENGES FOR RETAILERS WORLDWIDE.”

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BUILDING YOUR BRAND

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RETAIL RULES

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Retail Leaders Circle chairman Panos Linardos talks shop

Senior feature writer Kudakwashe Muzoriwa Kudakwashe.Muzoriwa@motivate.ae

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FEATURE

SUSTAINABILITY | BY KIM FAUSING

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02 | 202 4

LET’S GET TO WORK T

he UAE Consensus delivered new momentum for climate action. By including a global goal to double the rate of energy efficiency improvements, the United Nations Framework Convention on Climate Change (COP28) in Dubai, led by President Sultan Al Jaber, has clearly demonstrated the key role energy efficiency must play in a future energy system based on renewables. The International Energy Agency (IEA) has repeatedly called energy efficiency the “first fuel” in clean energy transitions, as it provides some of the quickest and most cost-effective CO2 mitigation options while lowering energy bills and strengthening energy security. By doubling the rate of energy efficiency improvements by 2030, we can save the equivalent of all worldwide oil use in road transport today – that’s 40 million barrels of oil per day saved.

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ACROSS THE GCC REGION, COUNTRIES HAVE VERY AMBITIOUS DECARBONISATION GOALS AND THESE CAN BE REACHED BY IMPLEMENTING TECHNOLOGIES THAT EXIST TODAY

FEATURE

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SUSTAINABILITY

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AN AGREEMENT IS ONLY AS GOOD AS ITS IMPLEMENTATION. WE CAN ONLY ACCELERATE CLIMATE ACTION IF WE DEVELOP PLANS TO REACH THE NEW GLOBAL GOALS. THE UAE KNOWS THIS AS WELL AS ANY BUSINESS LEADERS. PLAN ABU DHABI 2030 AND DUBAI’S 2040 SMART URBAN MASTER PLAN ARE BOTH VERY GOOD EXAMPLES.”

Not only that, but renewable energy and energy efficiency must go hand-in-hand. To move to an energy system based on renewable energy, everything across society, apart from those most hard-to-abate industries, must be electrified. Most renewable energy sources produce electricity, meaning that there is a crucial need to electrify wherever possible to make it possible to use that green electricity. In fact, by transitioning from a fossil energy system to a fully electrified one, it’s possible to cut up to 40 per cent of final energy consumption. But an agreement is only as good as its implementation. We can only accelerate climate action if we develop plans to reach the new global goals. The UAE knows this as well as any business leaders. Plan Abu Dhabi 2030 and Dubai’s 2040 Smart Urban Master Plan are both very good examples. Another example is the City of Sønderborg, near our headquarters in southern Denmark.

energy efficiency investments is what we have been asking for since the IEA Sønderborg Action Plan was signed in June 2022. The Sønderborg Action Plan, is a complete set of strategic principles and policy toolkits developed by the International Energy Agency that can help governments seeking to implement efficiency policies rapidly. Seeing is believing, and we have the technology and solutions needed to make this happen and we invite all decision-makers at all levels to take the next step from turning the UAE Consensus into reality. Let’s get to work. L

PLAN IN PLACE The ProjectZero plan focuses on creating and demonstrating an intelligent and integrated energy system across an entire municipality, offering energy savings and cost benefits. The World Economic Forum’s Centre for Urban Transformation and UN-Habitat recently honored ProjectZero with its Award of Distinction for Public-Private Collaboration in Cities in recognition of the positive and measurable impact demonstrated in the city of Sønderborg. Other cities, regions and countries must now seize the opportunity to develop and accelerate their energy transition plans by investing in both renewable energy and energy efficiency. Across the Gulf region, countries have very ambitious decarbonisation goals and these can be reached by implementing technologies that exist today for everything from district cooling, sustainable data centers, efficient HVAC systems, marine technologies, vertical farming and beyond. The case for investing in both renewable energy and energy efficiency measures was emphatically made during COP28, bridging the gaps to 2030, and helping us keep 1.5 °C in reach. This kind of attention and focus on

The writer is the president and CEO of Danfoss.

By transitioning from a fossil energy system to a fully electrified one, it’s possible to

CUT UP TO 40 PER CENT OF FINAL ENERGY CONSUMPTION

The case for investing in both renewable energy and energy efficiency measures was emphatically made during COP28, bridging the gaps to 2030, and helping us keep

1.5 °C in reach

FEATURE

ESG | BY SUVI KITCHLOO

VALUE VERSUS PROFIT: HOW CFOs CAN DRIVE THE ESG AGENDA THE MARCH OF ESG TOWARDS THE DOMAIN OF FINANCE IN SECTORS FROM ENERGY TO BANKING IS PART OF A WIDER SHIFT IN TERMS OF WHAT STAKEHOLDERS ARE INCREASINGLY EXPECTING A CFO TO HANDLE

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FEATURE

ESG

a commitment to sustainability. Transparent reporting is critical to enable understanding of the environmental impact and qualitative and quantitative ESG progress including areas such as emissions, carbon footprint reduction, energy usage, labour and ethical business practices, workplace health and safety, staff attrition and the impact of the business on local communities. Holding the position of CFO today calls for a solid understanding not just of numbers but of all areas of the business, as well as the business’s impact on society and vice versa.

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Suvi Kitchloo

s public and investor focus on environmental, social and governance (ESG) issues continues to sharpen, it is clear that a successful CFO (chief financial officer) is responsible for much more than strong earnings. As Imtiaz Mahtab, founding partner of Hydeal, notes, today’s focus is not on earnings but the “triple bottom line” of people, planet and profit. Though some CFOs have yet to accept it, ESG considerations are rapidly becoming part of their job description as well as the CEO’s. This is logical. Investors are demanding a robust ESG strategy as standard. Yet while nearly all large organisations claim to be making sustainability a priority, ESG initiatives are still patchy, often disconnected from business goals and realities. As a result, their statements meet with growing scepticism. They stand to benefit from the rigour that is inherent to the role of the CFO. The move of ESG towards the domain of finance in sectors from energy to banking is part of a wider change in terms of what stakeholders expect a CFO to do. The role is becoming less of a support function and more of a business driver, while the focus is moving from simply ‘financing’ to ‘green financing’. ESG is already one of the first considerations for banks and investors, while consumers increasingly favour brands that demonstrate

KEY SKILLS FOR CFOS In-house research found that 89 per cent of CFOs pointed to communication as the single most important skill for finance leaders (beyond specific job skills). The research highlighted communication as an area in need of work, with just 51 per cent of CFOs saying that such skills are common in the function. Other crucial leadership attributes included a clear sense of individual and organisational purpose; adaptability; empathy and resilience. LEADING BY EXAMPLE Alongside the CEO, the CFO also has an important role to play in championing ESG culture and sustainable practice across the business. In most cases, this means adopting a more open-minded approach and the willingness to absorb a good deal of new information. “It is a case of shifting from a mindset of ‘know it all’ to ‘learn it all’,” says

THE COMPANIES THAT ARE SUCCESSFUL ARE THOSE WHERE SUSTAINABILITY IS AN INHERENT PART OF THE BUSINESS. WHEN THEY TALK ABOUT INVESTING TO SOLVE A CUSTOMER PROBLEM, IT HAS TO BE A SUSTAINABLE SOLUTION. IT ALSO NEEDS TO DEMONSTRATE A COMMITMENT TO IMPROVEMENT AND INNOVATION. WE INVEST AT LEAST 10 PER CENT OF OUR PROFIT INTO CONTINUOUS IMPROVEMENT OF OUR PRODUCTS AND SYSTEMS.”

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IN-HOUSE RESEARCH FOUND THAT 89 PER CENT OF CFOS POINTED TO COMMUNICATION AS THE SINGLE MOST IMPORTANT SKILL FOR FINANCE LEADERS (BEYOND SPECIFIC JOB SKILLS)

Cynthia Wehbe, CFO of Pizza Hut Middle East, Turkey and Africa. She adds that it is important to be able to recognize the value of ESG activities beyond their impact on the P&L, which is not always apparent: ‘Green’ investments are typically more expensive than less environmentally sound options, and a well-informed CFO can influence positive change. “What distinguishes a good CFO from a bad one is that they look at value. It is more important than looking at the numbers and the profit. Focusing on value brings sustainable – rather than one-off profit.” As Mahtab points out, “The companies that are successful are those where sustainability is an inherent part of the business. When they talk about investing to solve a customer problem, it has to be a sustainable solution. It also needs to demonstrate a commitment to improvement and innovation. We invest at least 10 per cent of our profit into continuous improvement of our products and systems.” He adds that detailed, frequent communication of progress against sustainability goals is important because the achievements are not always immediately apparent. Dubai-based Sameer Tonapi, head of Global Services Operations Finance at GE Vernova, advises that the only way to truly understand an organisation’s ESG priorities and impact is to spend time on the ground with the various operating teams. This also helps build awareness of external issues and potential threats. “The CFO needs to speak the same language and not be perceived as only a finance gatekeeper but as an executive with a deep understanding of business needs,” he says. This approach combined with financial expertise is what ultimately adds value, to “give opinions and make decisions that have financial impact and long-term growth and stability for the organisation”. To provide effective ESG counsel, Tonapi also advises gaining as

much cross-sector and international experience early on in one’s career.

TODAY’S FOCUS IS NOT ON EARNINGS BUT THE “TRIPLE BOTTOM LINE” OF PEOPLE, PLANET AND PROFIT

EVOLUTION OF ROLES In reality, the CFO’s evolution to ESG guardian and promoter is at vastly different stages across organisations. Those with limited experience in ESG would do well to deepen their relationships with the different areas of the business to understand how sustainability is impacting each function, as well as engage closely with the investor community on the topic. This will bring into focus specific expectations on the business that the CFO can then influence and even drive. Lastly, the CFO has an increased obligation to keep abreast of competitor organisations’ ESG movements, both to identify opportunities to build an advantage and to avoid being left behind. While ESG has already reached buzzword status, conscientious action on its principles is crucial to maintaining a successful business. The more granularity a CFO can achieve in this area, the stronger their organisation’s — and their own — prospects will be. L

The author is the principal at Heidrick & Struggles Dubai and member of the global industrial practice.

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89%

THE CFO NEEDS TO SPEAK THE SAME LANGUAGE AND NOT BE PERCEIVED AS ONLY A FINANCE GATEKEEPER BUT AS AN EXECUTIVE WITH A DEEP UNDERSTANDING OF BUSINESS NEEDS.”

PRODUCTIVITY | BY RALPH WARD AND DR M MUNEER

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FEATURE

PREPPED FOR YOUR NEXT BOARD MEETING? JUGGLING MULTIPLE ROLES? NO PROBLEM. CONQUER BOARD MEETINGS WITH THESE INSIDER TIPS — EVEN IF YOU’RE SHORT ON TIME

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PREP P

Preview the material overall for high points

Read in detail, looking for needed actions and decisions

Establish questions that need answers

Pics: Supplied

Prioritise the questions you have for the material and the agenda items of meeting

ost board members we know have busy schedules considering they often juggle multiple roles, interests and engagements. So even when one member of the board attends the meeting without much preparation, the entire quality of the meeting suffers, with the productivity of the meeting dropping. For board members, wrapping their hands around that big bundle of board info pack (if your company is still printing and binding documents) is just one of the challenges they face in meeting preparation, particularly if they are new to a board role. The whole process of getting ready for the boardroom entry meeting may seem overwhelming. This is where a few well-timed tips can seem like life savers (or at least career savers). So read on...

KNOW THE RULES BEFORE YOU PLAY

RESEARCH ONLINE: GOOGLE THE COMPANY, CHECK NEWS, ANALYSE ANALYST REPORTS, EXPLORE INDUSTRY CHATS AND COMPETITOR ACTIVITY.

• New on the board? Master the protocols and bylaws. Understand how to participate, raise issues, and navigate the dynamics. This is crucial for effective contribution. • Remember: Protocols vary, some stricter than others. Adapt your approach based on the board’s culture. • We recommend the ‘PREP’ method for a board director working his or her way through the board book. ‘P’ stands for preview the material overall for high points. ‘R’ stands for read in detail, looking for needed actions and decisions. ‘E’ stands for establish questions that need answers, and the final ‘P’ standing for prioritise the questions you have for the material and the agenda items of the board meeting.

• Don’t just consume, explore. Use the materials as a springboard for further investigation. • Research online: Google the company, check news, analyse analyst reports, explore industry chats and competitor activity. • Leverage your unique perspective:

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DIVE DEEPER THAN THE BOARD BOOK

FEATURE

PRODUCTIVITY

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As an independent member, bring your “inside/outside” viewpoint to the table.

FIND YOUR BOARDROOM WINGMAN

• Mentorship is great but consider a boardroom wingman too. This peer offers shared reference points and reality checks. • Build diversity: “Wingmen” are especially valuable for diverse boards, like a woman finding support from another female member. • Get feedback and clarify doubts: Discuss questions, missing information, and agenda concerns with your wingman. They can also offer honest feedback on your performance.

LEARN FROM THE PAST

• Keep past agendas and minutes: Use them for insightful comparisons with new materials. • Analyse execution: Did the board stick to the agenda? Were important items rushed or sidetracked? • Reflect on your own notes: Do the minutes accurately reflect your recollection of discussions and resolutions? Identify discrepancies and understand why they exist.

beforehand is ideal, it’s not always practical. Use your wingman and past materials to navigate confidently. By following these tips, even the busiest board member can excel in their role, contribute meaningfully, and ensure the board functions at its best. L

BE READY TO SHINE

• Prioritise sleep and light exercise, as mental alertness is key. • Minimise distractions. Focus on the board meeting to maximise your impact.

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REMEMBER: Effective boards are consistent. Inconsistency, gaps, or misinformation signal potential issues. BONUS TIP: While checking in with the chair or CEO

Ralph Ward is a global board advisor, coach and publisher, and Dr M Muneer is a Fortune-500 advisor, startup investor and co-founder of the nonprofit Medici Institute.

WHILE CHECKING IN WITH THE CHAIR OR CEO BEFOREHAND IS IDEAL, IT’S NOT ALWAYS PRACTICAL. USE YOUR WINGMAN AND PAST MATERIALS TO NAVIGATE CONFIDENTLY.

FEATURE

WORKPLACE BEHAVIOUR | BY ALAN O’NEILL

NO ROOM FOR BULLIES

ORGANISATIONS MUST TAKE DECISIVE STEPS TO PREVENT WORKPLACE BULLYING AND CULTIVATE AN ENVIRONMENT WHERE ALL EMPLOYEES CAN THRIVE

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FEATURE

WORKPLACE BEHAVIOUR

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ith all that’s happening in our world at this time, the need for strong and effective leadership has never been more profound. To be a good leader in this new world requires a rethink. The old traditional combination needs a complete refresh, as ‘strong’ no longer means tough. Leadership plays a pivotal role in shaping organisational culture and ensuring a healthy workplace. Unfortunately, there are still many instances of poor leadership that have significant negative consequences. For example, the use of fear as a motivator destroys trust and is contrary to the whole philosophy of creating a positive workplace that promotes safety. It is also a sign of poor leadership. Bullying as a term can be used and is limited to define the behaviour of leaders who rely heavily on fear and negative consequences in a

misguided attempt to motivate their employees to perform well, or for other reasons. It damages the working relationship between the leader and employees and decimates trust within the company. It ultimately has a significant negative impact on the performance of the organisational unit. Studies have shown that the biggest predictor of turnover is the relationship between an employee and their immediate supervisor. When the relationship is a good one,

EFFECTIVE LEADERS PROMOTE INCLUSIVITY AND DIVERSITY WITHIN THE WORKPLACE. RECOGNISING AND VALUING THE UNIQUE CONTRIBUTIONS OF EACH TEAM MEMBER CREATES A MORE HARMONIOUS AND INNOVATIVE WORK ENVIRONMENT.

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PREVENTING WORKPLACE BULLYING Steps organisations should take include: 01 Establishing clear policies Organisations must have comprehensive anti-bullying policies in place. These policies should explicitly define unacceptable behaviour, outline reporting procedures, and emphasise the consequences of violations. 02 Conducting regular training programmes Conduct regular training programmes on workplace conduct and sensitivity. Ensure that all employees, from entry-level staff to top executives, are well-versed in recognising and preventing bullying. 03 Transparent reporting mechanisms Create a confidential and transparent reporting system for employees to voice their concerns without fear of retaliation. A culture of openness encourages early reporting and intervention. 04 Swift and fair investigations When complaints are filed, organisations should conduct swift and fair investigations. Ensure impartiality and, if necessary, involve external parties to maintain objectivity. 05 Leadership accountability Hold leaders accountable for maintaining a positive work environment. If leaders, regardless of their position, engage in or tolerate bullying, they should face appropriate consequences.

Leadership lessons for the ‘bully’ 01 Cultivate emotional intelligence I have been delivering leadership programmes for about

HOLD LEADERS ACCOUNTABLE FOR MAINTAINING A POSITIVE WORK ENVIRONMENT. IF LEADERS, REGARDLESS OF THEIR POSITION, ENGAGE IN OR TOLERATE BULLYING, THEY SHOULD FACE APPROPRIATE CONSEQUENCES.

CREATE A CONFIDENTIAL AND TRANSPARENT REPORTING SYSTEM FOR EMPLOYEES TO VOICE THEIR CONCERNS WITHOUT FEAR OF RETALIATION.

30 years. Since the pandemic, I threw out all my old notes on what makes great leaders and refreshed them completely for the “new” world. I now focus on emotional intelligence at the forefront. Humility and empathy now rank as number one in a leader’s toolkit. These are crucial competencies for fostering positive relationships with team members. 02 Promote inclusivity Effective leaders promote inclusivity and diversity within the workplace. Recognising and valuing the unique contributions of each team member creates a more harmonious and innovative work environment. 03 Lead by example As role models, leaders should exemplify the values they expect from their teams. In this case, the bully could have set a positive example by treating colleagues with respect and fostering a collaborative atmosphere. 04 Seek feedback and learn Leadership is a continuous learning process. Leaders should actively seek feedback, reflect on their actions, and be willing to adapt and grow. Constructive criticism can lead to positive change.

THE LAST WORD True leadership is about fostering a culture of respect, empathy, and inclusivity. Organisations must learn from such incidents, taking decisive steps to prevent workplace bullying and cultivate environments where all employees can thrive. In doing so, they can uphold the principles of true leadership and create workplaces that inspire rather than diminish people. L

The writer is the author of Culture Matters, a change consultant and keynote speaker, specialising in strategy, culture and structure.

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employees stay. When supervision is abusive, employees are more likely to leave.

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FEATURE

DIVERSITY AND INCLUSION | BY EMMA JORDAAN

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BREAKING CULTURAL BARRIERS WE EXPLORE THE CRITICAL ROLE OF CULTURAL INTELLIGENCE IN TODAY’S BUSINESS ENVIRONMENT

Emma Jordaan

multitasking. These differences manifest in how employees approach tasks, deadlines, and interpersonal interactions, creating potential friction within diverse teams. The challenge arises when individuals perceive their way of doing things as the ‘normal’ or ‘right’ way, leading to labelling their colleagues’ actions with adjectives such as ‘rude,’ ‘incompetent,’ or ‘dishonest’. This labelling impedes workforce harmony and productivity.

n a time defined by globalisation and geopolitical shifts, today’s workforce is more diverse than ever before. As a leader of an organisation, you are highly unlikely to be leading a homogenous team and perhaps more likely to have a diverse team and workforce from different countries and cultural backgrounds. I was speaking to one leader in the region recently who shared that they have 86 different nationalities working for them. Having a diverse workforce doesn’t come without its challenges, Misunderstandings and miscommunication are costing organisations billions of dollars every year. Yet, as globalisation continues its upward trajectory, leaders need to start proactively addressing these challenges to harness the numerous benefits that a diverse team can offer.

VALUES INFLUENCE BEHAVIOUR The way that we interact with others is based on our cultural upbringing and then this is enhanced by the intersectionality of our life experiences. Cultural values influence our actions and behaviour, impacting things like how we perceive time, make decisions, build trust, and lead teams. Something as simple as the value placed on time can have profound consequences in the workplace. As an example, monochronic cultures, prioritise linear time, value punctuality, structured schedules, and task efficiency. In contrast, polychronic cultures view time as fluid, emphasising relationships and

In response, educating employees about cultural differences has become imperative in 2024. However, cultural awareness training alone falls short. What organisations need is the cultivation of cultural intelligence (CQ) within their workforce. Cultural intelligence (CQ) is a skill set that goes beyond cultural awareness by incorporating an intelligence model that integrates motivational, cognitive, meta-cognitive and behavioural intelligence. It measures an individual’s capability to relate and work effectively in culturally diverse situations. It involves the motivation to engage with diverse cultures (CQ drive), the knowledge of different cultural norms (CQ knowledge), the ability to plan and adapt behaviour in multicultural interactions (CQ strategies), and the effective application of this knowledge and strategy in real situations (CQ action). Developing and enhancing these dimensions within your workforce can significantly contribute to the success

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CULTIVATING CQ AT THE WORKPLACE

FEATURE

AS A LEADER YOU CAN LEVERAGE YOUR INTERACTIONS BY ACTIVELY LISTENING TO OTHERS, SUSPENDING JUDGMENT, AND UNDERSTANDING THEIR CULTURAL PREFERENCES TO DEVELOP YOUR APPROACH. LEADERS WHO ADJUST TO INDIVIDUALS WITHIN THEIR TEAM ARE MORE EFFECTIVE LEADERS, NEGOTIATORS, INNOVATORS, AND DECISION-MAKERS.

of your organisation. Numerous peer-reviewed studies support the critical role of CQ in predicting various outcomes within culturally diverse settings. These studies consistently highlight the positive impact of CQ on critical factors such as creativity, innovation, idea sharing, adjustment, and overall wellbeing. Moreover, CQ has been linked to enhanced quality decision- making, increased employee effectiveness, improved task performance and superior leader and adaptive performance. The wealth of evidence underscores the benefit of developing CQ within your organisation as a strategic asset in navigating the complexities of our interconnected workplace. The research goes on to evidence that multicultural teams with high levels of cultural intelligence outperform homogenous teams.

THE ART OF LISTENING

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Most of us will be familiar with the idea of undergoing various self-assessments to identify our strengths or communication styles. Identifying an individual’s cultural values and preferences is no different. It can provide valuable insights for navigating multicultural interactions in the workplace, and it starts with us. Understanding ourselves and the cultural lens through which we view the world can help us as leaders to put strategies in place to make our interactions more effective. As a leader you can leverage your interactions by actively listening to others, suspending judgment,

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DIVERSITY AND INCLUSION

CQ HAS BEEN LINKED TO ENHANCED QUALITY DECISION- MAKING, INCREASED EMPLOYEE EFFECTIVENESS, IMPROVED TASK PERFORMANCE AND SUPERIOR LEADER AND ADAPTIVE PERFORMANCE

and understanding their cultural preferences to develop your approach. Leaders who adjust to individuals within their team are more effective leaders, negotiators, innovators, and decision-makers. This is what we call ‘style-switching’, changing your behaviour to align with the preferences of the other. If you want to be the best and most effective leader, you need to adapt to your team’s preferred approach. This could look like being less direct in your communicative style, being more flexible with time, and more focused on building relationships with employees. If as a leaders want to know if your organisation is culturally intelligent, you need to be attentive to indicators like a high turnover among diverse employees, communication challenges stemming from cultural differences, absence of cross-cultural training, inflexible policies that do not accommodate diverse needs, and difficulties in global expansion. These can all be a sign of a deficiency in cultural intelligence. Stereotyping, bias, and resistance to change are red flags that leaders should address promptly. Poor employee satisfaction and engagement, especially among individuals from different cultural backgrounds, may suggest an organisation’s failure to create an inclusive environment. Furthermore, the lack of diversity in leadership roles can hinder an organisation’s ability to leverage a variety of perspectives. As leaders strive for success in a globalised world, a commitment to enhancing cultural intelligence through continuous assessment and a dedication to fostering diversity and inclusion will be paramount. As we move forward into a future defined by interconnectedness, the emphasis of CQ stands as a critical strategy for organisations committed to thriving in the diverse business environment. L

The author is the founder of Infinite Consulting.

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DANUBE PROPERTIES

DUBAI’S 1% MAN

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RIZWAN SAJAN, THE FOUNDER AND CHAIRMAN OF DANUBE GROUP, IS FAMOUS FOR BEING THE 1 PER CENT MAN IN DUBAI. BUT HIS STORY IS NOTHING SHORT OF INSPIRATIONAL, WITH THE BUSINESS LEADER GOING FROM POVERTY IN INDIA, TO THE HEIGHTS OF DUBAI’S BUSINESS BAY. IN THIS INTERVIEW, WE UNPACK HOW DUBAI’S ONE PER CENT MAN HAS LED DANUBE PROPERTIES TO TAKE ADVANTAGE OF A FAST-GROWING PROPERTY MARKET.

WORDS GARETH VAN ZYL P H OTO S M A R K M AT H E W

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oing from the slums of Mumbai to the heights of Dubai is a rags-to-riches story that belongs to none other than Rizwan Sajan, also known as the 1 per cent Man. Sajan’s business initially focused on building materials, then home retail and today the UAE skyline is dotted with his company’s residential towers. Some Dubai residents may even refer to him as the emirate’s own ‘rocket man’ as his charismatic approach to marketing has helped him in becoming a household name. “I have been a strong believer of marketing. Starting from the early days of Danube Group, we’ve been using various marketing strategies to create an impact. Even with limited funds in the 1990s, we successfully marketed our brand. What we did was very interesting — we utilised small trucks and branded their tyres. It was visible and strong. It also gained popularity very quickly,

Bayz101 by Danube 24

making Danube Building Materials visible everywhere,” Sajan tells Gulf Business. “Marketing is the most effective way to boost brand visibility and sales, especially in Dubai. Nowadays, social media stands out as the best owned marketing tool. Currently, we’re putting in our best foot forward to promote Danube Properties and we’ve been trying multiple mediums and platforms. You name it, we’ve done it. Danube Properties is reaching new heights, quite literally, every day,” says Sajan. And Sajan has, literally, gone from a disruptor in the real estate market in 2014 in Dubai to launching what will be one of Business Bay’s most iconic towers: Bayz 101. Scheduled to be completed in 2028, the 101-level residential building will be situated within just a two minutes’ walk of the Business Bay Metro Station. It promises to have spectacular views of the iconic Burj Khalifa. And naturally, buyers can purchase units via Danube’s 1% plan. As per this plan, buyers pay a 20 per cent down payment at the time of booking, and then they can pay the remaining 80 per cent in monthly instalments of 1 per cent. A visit to Danube’s office along Sheikh

EVEN WITH LIMITED FUNDS IN THE 1990S, WE SUCCESSFULLY MARKETED OUR BRAND. WHAT WE DID WAS VERY INTERESTING — WE UTILISED SMALL TRUCKS AND BRANDED THEIR TYRES. IT WAS VISIBLE AND STRONG. IT ALSO GAINED POPULARITY VERY QUICKLY, MAKING DANUBE BUILDING MATERIALS VISIBLE EVERYWHERE.”

COVER STORY

the buyer can move in on time and save his rent to pay instalments. “Third, we offer luxury properties – but at an affordable price. So, we don’t compromise on quality. In fact, we have been exceeding customer expectations – better amenities and facilities than what we had promised to customers,” Sajan notes.

Chairman of Danube and His Highness Sheikh Mohammed Bin Rashid Al Maktoum

Sajan along with His Excellency Sheikh Nahyan bin Mubarak Al Nahyan

Zayed Road, makes one realise how popular this plan is. Packed with buyers, Danube’s offices are a constant hive of activity and a miniature of the Bayz 101 building sits gleaming in the middle of the entrance to its building. Buzzing around this are customers signing up to take up properties, whether it be in Dreamz, Jewelz or Wavez, among its already 13 completed projects. The company has another 15 ongoing projects in its pipeline. “We have grown very fast as we have championed the affordable luxury properties for the last ten years and have managed to convert thousands of tenants to homeowners, who now enjoy living in the comfort of their own homes,” Sajan tells Gulf Business. “To maintain our leadership in the affordable luxury segment, we have followed a strategy. First, we have launched one project at a time. Unless the project was sold out, we did not launch the next project. We have maintained this for the last ten years of our existence. This way, we managed the project development cycle – from project launch, sell-out, and contracting before moving on to the next project. “Second, we have been a delivery-focused developer. Delivery is key to gaining buyer trust and the real estate business is about trust. Buyers put their life savings in a dream home. You can’t play around with it. We need to deliver it on time, so that

THE DUBAI REAL ESTATE MARKET WILL CONTINUE TO GROW IN THE NEXT 2 YEARS BY AT LEAST

20-25%

Dubai’s property market has been on a tear since the end of the Covid-19 pandemic. “In 2023, we also witnessed rents skyrocketing and it will continue to do so in 2024. The Dubai real estate market will continue to grow in the next 2 years by at least 20-25% and this will inspire further confidence among property buyers,” Sajan tells Gulf Business. Another major boon for the market has been a decision by UAE authorities to make it easier to attain a Golden Visa through property investment. Here, the country plans to scrap the Dhs1m property down-payment that was previously required for residents to qualify for the 10-year Golden Visa. Instead, residents will soon be able to qualify for a Golden Visa if the property that they’ve bought is over Dhs2m in value. Interestingly, Sajan highlights how this marks a transition for the UAE market from being, traditionally, an environment where expats only stay for a few years to more longterm residency. “We expect the Dubai real estate market will see sustained growth over the next five years as it has matured and is no longer a transitional market. Also, the emirate’s population will continue to increase in the coming years as new job opportunities will be created as well as more high-net-worth individuals will flock to the emirate to cash in on higher capital and rental returns. In addition, the government’s pro-business and pro-investor policies will continue to attract fresh capital into the real estate sector,” says Sajan. Sajan and his team at Danube have also been around long enough to see many changes in the Dubai property market over the years. This includes the makeup of buyers and renters in the emirate. Sajan proudly says that Danube Properties has catered to more than 112 nationalities and that his company

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SURGING REAL ESTATE GROWTH

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Bayz101 interior

Fashionz interior 26

NO, THERE IS NO BUBBLE. IN FACT, IF WE GO BY THE PROPERTY RATES ACROSS THE MAJOR GLOBAL CITIES AROUND THE WORLD SUCH AS NEW YORK, HONG KONG, LONDON, PARIS, PROPERTY PRICES IN DUBAI ARE UNDERVALUED BY TWO TO THREE TIMES.”

COVER STORY

remains committed to providing the highest level of services to clients from all over the world. “Due to evolving geopolitical dynamics, Dubai has experienced a significant influx of individuals relocating from various global regions. Notably, in 2023; Indians, Russians, and British investors have emerged as the primary contributors to Dubai’s real estate market. Additionally, neighbouring countries such as Egypt, Lebanon, and Turkey are increasingly becoming assertive players in the Dubai property landscape, signifying a broader spectrum of international interest in the city’s real estate sector,’ says Sajan. But Sajan goes on to highlight a particular nationality as emerging as a serious purchaser of properties. “We, at Danube Properties, have seen a surge of interest and investments, especially from Russians in 2023. In the last 12 months, they have accounted for 22 per cent of our buyers. Dubai has built a strong reputation for stability, security, and luxury, and it has become a beacon of hope for those seeking a haven for their investments. However, Indians have always been our top investors, and in 2023 they made up 32 per cent of our customers in the UAE,” says Sajan.

What goes up in markets, though, often can come down. The financial crisis in late 2008 was an example of this. Following surging property prices in the likes of Dubai, the emirate was hit hard by company closures and job losses. The real estate market would build up to recover again, only for the Covid-19 pandemic in 2020 to put a damper once again on prices. So, does this moment that we’re in now, represent a new real estate bubble? Not quite, says Sajan. “No, there is no bubble,” says Sajan. “In fact, if we go by the property rates across the major global cities around the world such as New York, Hong Kong, London, Paris, property prices in Dubai are undervalued by two to three times. Swiss bank UBS, in its latest Global Real Estate Bubble Index 2023, ranked the Dubai property market as ‘fairly valued’, which proves that there is no bubble. Keeping in mind population growth and supply of new residential units, in coming years we can safely say that the market will stay at a fair value and attractive for investors, offering very healthy returns,” he adds. “Dubai remains a robust destination for global real estate investment due to various factors such as world-class infrastructure and a growth outlook. This growth can be attributed to the path-breaking policies adopted by the UAE government, which have had a positive impact on not only the real estate sector but also other sectors of the economy,” Sajan goes on to say. To drive home his point further, Sajan further tells Gulf Business that other

anube Group started life in a single store in Deira. Danube Group is a Dubai-based diversiﬁed business conglomerate with interests in building materials, home décor, hospitality solutions, and real estate development. Established in 1993 by Founder and Chairman Rizwan Sajan, a UAEbased entrepreneur, Danube Group achieved US$2bn (Dh7.34bn) in annual turnover in 2022.

The group’s ﬂagship company, Danube Building Materials FZCO, it is the largest supplier of quality building materials in the Gulf Cooperation Council (GCC) countries. It provides more than 50,000 products in stock and in-house value-added services in all of its multiple set of showrooms across the Middle East region and India. Danube Group stands

tall with several verticals that include Danube Building Materials, Danube Properties, Danube Home, Danube Sports World, Alucopanel Middle East, Danube Hospitality Solutions, Starz Media (FilmFare), American Aesthetic Center, Casa Milano,and others. Danube Group employs more than 4,500 people across the GCC and India, representing 44 nationalities.

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DANUBE’S GROWTH STORY

FOR MORE THAN EIGHT YEARS, WE HAVE DELIVERED AFFORDABLE LUXURY TO THOUSANDS OF FAMILIES. FROM 2023, WE HAVE ADDED THE TOUCH OF BRAND BY JOINING HANDS WITH LUXURY BRANDS TO BRING BRANDED RESIDENCES TO OUR BUYERS WHO LIKE A TOUCH OF CLASS IN THEIR HOMES.”

Sajan at the Danube Property offices

research houses have pointed to how Dubai remains a competitive market. According to Knight Frank’s Wealth Report 2023, property prices in Dubai are still lower than London, Hong Kong, Geneva, and New York. For example, $1m can buy 105 square metres of prime property in Dubai as compared to 33 square metres in New York, 34 square metres in London and 37 square metres in Geneva. Henley Private Wealth Migration also estimates that 4,500 millionaires relocated to Dubai in 2023, making it one of the top two most attractive destinations for high-net-worth individuals to migrate to. This comes after 5,000 millionaires relocated to Dubai in the previous year.

101 LEVELS: MEET BAYZ 101

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Driving around Dubai these days, one will find a lot of advertising and marketing, along the sides of buses, billboards, and buildings

$1M CAN BUY

105 SQUARE METRES OF PRIME PROPERTY IN DUBAI

about Danube’s latest pièce de résistance — the Dhs3bn Bayz 101. Ground will be broken on the tower later this year, but it will ultimately become one of the tallest towers in Business Bay when it is completed in 2028. Built on an area of 2.1 million square feet, Bayz101 will offer a diverse range of living spaces, including studio apartments, 1BHK, 2BHK, 3BHK, 4BHK, and retail options. From Dhs1.2m, buyers will be able to acquire studio units. It will further offer 40 amenities ranging from a health club, swimming pool, jogging track, sports arena, workspace, business centre, tennis court, sky bar, and even doctors on call. With Bayz 101, Danube is also offering its famous 1 per cent monthly payment plan, thereby ensuring that more residents are able to realise the dream of owning a home in one of the world’s premier locations. “This project exemplifies Danube Properties’ commitment to delivering

AS COMPARED TO

33 SQUARE METRES IN NEW YORK, 34 SQUARE METRES IN LONDON AND 37 SQUARE METRES IN GENEVA

COVER STORY

4,500

MILLIONAIRES

RELOCATED TO DUBAI IN 2023, MAKING IT ONE OF THE TOP TWO MOST ATTRACTIVE DESTINATIONS FOR HIGH-NET-WORTH INDIVIDUALS TO MIGRATE TO

Oceanz interior

properties has gone exponentially high. As Dubai continues to grow and provide opportunities for professionals from all over the world, we are going to see more professionals moving in with high incomes. They would prefer off plan as well as readyto-move-in apartments and villas. So, rent-to-own, mortgages and payment plans will help the developers sell these inventories faster,” says Sajan.

Sajan started Danube from humble beginnings

exceptional living spaces and redefining the standards of contemporary urban living,” says Sajan.

COMMUNITY LIVING Township projects and communities have also been prominently adding to the real estate sector in the Middle East, says Sajan. Families prefer to live in communities where educational institutions, healthcare, retail, and other community facilities are easily accessible. “This is a natural progression to the real estate market development. Demand for ready-to-move-in apartments always existed, but with the sky-rocketing rents, the demand for off-plan

Whether it’s building out communities or towers that reach over 100 levels into the sky, Danube has become one of the fastest growing, and biggest, real estate developers in the UAE. “Danube Properties has come a long way in perfecting the art of developing homes with all the facilities, amenities and quality finishing and delivering them on time and at affordable price,” says Sajan. “For more than eight years, we have delivered affordable luxury to thousands of families. From 2023, we have added the touch of brand by joining hands with luxury brands to bring branded residences to our buyers who like a touch of class in their homes,” he adds. Finally, Sajan concludes that Dubai will continue to be a rising giant in the world of real estate development for years to come. “Of late, Dubai has seen a massive increase in investors from new markets such as Western Europe, attracted by higher returns. Most of the global studies have rated rental and capital returns offered by the Dubai market higher than the other major cities around the world. And this will be a key factor that will dictate the market and drive it forward,” says Sajan. L

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DRIVING GROWTH INTO THE FUTURE

BY NEESHA SALIAN

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Pic: Getty Images

INTERVIEW

BUILDING YOUR BRAND How do you get your branding right or what are some of the mistakes that companies make when it comes defining their identity? Rebecca Bezzina, the EMEA CEO of global creative agency R/GA, enlightens us

B R A N D I N G B A SI C S

WHAT IS THE KEY TO SUCCESS WHEN IT COMES TO BRANDING IN THIS INCREASINGLY DIGITAL AGE?

In today’s increasingly connected world, customers and businesses interact most frequently with each other through digital channels — to the extent that in 2020, McKinsey reported that the majority of customer interactions and services were digital. Coupled with this, the majority (67.1 per cent) of all ad-spend worldwide is now digital. Amidst this backdrop of global digital transformation, a brand needs to be much more than a logo; it’s the interface between customer and business. Modern brands need to be designed digital-first, enabling that brand experience to come to life through its interface. It’s also critical that any digital-first brand that you create has an understanding of the audience and their needs, and adds value to their lives — that’s key to ensuring you have relevance across any interaction. HOW CAN A BRAND STAND OUT IN A CROWD?

It’s important to keep in mind that a brand is not what the business says it is. It’s what the audience thinks and feels about the business. A brand is brought to life through how the audience experiences it. So for a brand to stand out it’s not just the brand identity, but the value that the brand brings to its customers that will elevate it. Brave brands are not afraid to do the opposite to their competition — that certainly helps a brand stand out.

Rebecca Bezzina

WHAT ARE SOME OF THE MISTAKES COMPANIES MAKE WHEN IT COMES TO BRANDING?

One trap that companies often fall into is trying to jump on current trends or cultural shifts, and make changes to their brand that go against their core purpose. While a brand needs to be iterative, you need to ensure that it doesn’t become contradictory to your audience. Even worse than that, companies that lack any real purpose to begin with and only chase profits —those brands will quickly be seen as inauthentic by their audience. Customers are smart and can easily spot the brands that don’t stand for something. WHAT DO BRANDS NEED TO DO TO SUCCESSFULLY INTEGRATE AI INTO THEIR DIGITAL ECOSYSTEMS?

While artificial intelligence (AI) opens up many new and exciting possibilities for brands, identifying where, why and how to use AI is key. The most obvious advantage is that AI can be used to automate many processes, thereby increasing speed and productivity to ultimately generate more outputs or ‘assets’. These are areas where brands should invest in to become more efficient. The ability to create brand content at the pace of culture for a fraction of the price it used to be will be increasingly common moving forward. But the real innovation is around how brands should be building AI into their products and services. This

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BRAVE BRANDS ARE NOT AFRAID TO DO THE OPPOSITE TO THEIR COMPETITION THAT CERTAINLY HELPS A BRAND STAND OUT.”

INTERVIEW

02 | 202 4

“We use technology in a number of creative ways for our clients TO AMPLIFY THE IMPACT of their brand. For example, we have own AI-powered naming bot that we use to generate brand names in volume to ensure that we have considered all possibilities, before curating and creating the final brand name.”

is where brands can go beyond personalisation and attention, to driving real intimacy with their customers. The way we’re seeing that AI can deliver messages with different emotional variations based on customer preferences is a fascinating space.

they need. An exciting brand project for Banque Saudi Fransi that we’re working on will be a great example of how we create bespoke brand tools that can be implemented and used long-term.

HOW DO YOU WORK WITH COMPANIES TO ENHANCE OR TRANSFORM THEIR BRANDS?

GIVE US EXAMPLES OF HOW THE

RIGHT BRANDING HAS CHANGED THE PERCEPTION OF A BRAND.

As a creative innovation company, we believe brands can behave like an operating system. A brand operating system helps define the foundational elements for how brands should interact with the world, aligned with their purpose and growth strategy. We adopt a more experience-led approach to brand design when working with our clients. By this I mean we design brands to be adaptive and responsive. We design brands to serve human needs and to be connected to culture, and we design brands to be future-proof. Following this approach allows brands to be iterative and flexible, which means they remain relevant for the future.

Google is a great example of how a brand has evolved and transformed over the years, from a company that probably didn’t value design as much as it should have, to one that now places design at the core of everything it does. You feel and experience the brand in every Google product, service or communication that you engage with.

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HOW DO YOU LEVERAGE TECHNOLOGY TO AMPLIFY THE BRAND IMPACT?

We use technology in a number of creative ways for our clients to amplify the impact of their brand. For example, we have our AI-powered naming bot that we use to generate brand names in volume to ensure that we have considered all possibilities, before curating and creating the final brand name. Increasingly we have been using AI to power the experiences we’re designing for brands. This has allowed us to create an exciting new ‘AI Pitch tool’ for a client that we hope will drive real brand impact through the value of the experience. That’s launching later in Q1 and we’re excited to share more info once it’s live. We also create coded tools for brands that extend the impact of the brand. We are always looking for ways to help our clients take control of their brand and help them generate the assets and elements

HOW CAN BRANDS LEVERAGE THE OPPORTUNITIES IN THE REGIONAL MARKET?

GOOGLE IS A GREAT EXAMPLE OF HOW A BRAND HAS EVOLVED AND TRANSFORMED OVER THE YEARS

There is a huge opportunity for brands in the region that have a clear purpose and vision that their audience believes in. But it’s key that they have the right digital experience and interactions to match that intent. As an increasingly sophisticated younger generation within the region expect brand experiences to be as good as the global brands and products they interact with daily. If you can find an authentic brand truth, express that through the brand experience and add value to the lives of customers… then the future is bright. L

THE REGION’S FAVOURITE RESTAURANT, LEISURE & ENTERTAINMENT AWARDS

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WhatsOn.ae

Sponsor

Printing Partner

WhatsOnDubai

Culinary Partner

Beverage Partner

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Presented By

INTERVIEW

BY NEESHA SALIAN

Akshat Harbola, managing director of Spotify for MENA and South Asia, is on a mission to amplify local talent, discover fresh voices and make music accessible across the region

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potify recently celebrated the fifth anniversary of its foray into the Middle East, North Africa (MENA) region. Akshat Harbola, who took over as Spotify’s managing director of MENA and South Asia last year, is driving the brand’s efforts to support local talent while introducing new features to deliver memorable listening experiences to users. Harbola, who has previously worked in key roles at McKinsey & Company, Google and Spotify India, is wellversed in the intricate dynamics of culturally diverse regions. During a chat with Gulf Business, he shared the key trends impacting the streaming platform, inclusive initiatives that are bringing fresh talent to the fore and his strategy to get everyone on Spotify. Here are excerpts from the discussion.

SPOTIFY RECENTLY CELEBRATED ITS FIFTH ANNIVERSARY IN THIS MARKET. HOW HAS THE COMPANY DONE SO FAR AND WHAT ARE YOUR PLANS TO DRIVE FURTHER GROWTH?

The MENA region is an exciting market for us, and we’ve seen strong growth in the region – around 25 per cent

Pic: Getty Images

SPOT ON annually, and we expect it to grow faster in the future. From 2019 to 2023, our business has grown by 170 per cent in terms of music streams, and 224 per cent in terms of podcasts. In terms of priorities, I think we have broad areas that we already focus on and will continue doing so in the future as well. We want to provide more opportunities for artists from this region to be discovered and enable the consumption of music from the region, both locally and globally. Our priority is “discovery” through manual curation with personalised algorithmic recommendations, as well as tools for creators. It’s interesting to know that music exports from the region have been growing 40 per cent on average every year between 2019 and 2023. The second is lowering barriers to entry, especially for emerging talent. The music industry is complex, and it’s hard to break into. We have a programme called Radar Arabia, which is focused on supporting emerging talent from the region. We provide best-in-class marketing and editorial support, including

SP O T IF Y

GIVE US EXAMPLES OF HOW YOU’VE SUPPORTED LOCAL CONTENT CREATORS.

There are different ways we do that. For example, we have a long-term global partnership with FC Barcelona. As part of that partnership, we took a few Egyptian content creators onsite to the stadium in Barcelona. One of the reasons we took them along was that they were also big FC Barcelona fans. We gave them a lot of visibility, including playing their music in the stadium during matches. We’ve also worked closely with Saudi artist, Zena Emad. She was picked for the cover of the EQUAL Arabia playlist for September last year. An extension of Spotify’s global Women in Music Program, EQUAL Arabia is focused on elevating the narratives of Arab women artists by offering support on and beyond the platform. We put Emad on Spotify’s billboard in Times Square, New York City, ahead of the Saudi National Day last year. It gave her great exposure and created opportunities for her. She recently collaborated with Alan Walker, and the song went viral. It’s being consumed and appreciated globally. Another example would be the XP Music Futures conference held in Saudi last year. We partnered with Femme Fest, which focuses on enabling gender equality in music. Furthermore, we regularly conduct masterclasses with the content creator community to help them use the tools we offer called Spotify for Artists and Spotify for Podcasters. These are some examples of how we’re trying to activate our support across different markets.

“We’ve also worked closely with Saudi artist, Zena Emad. She Akshat Harbola was picked for the cover of the EQUAL Arabia playlist for September last year. An extension of Spotify’s global Women in Music Program, EQUAL Arabia is focused on elevating the narratives of Arab women artists by offering support on and beyond the platform.”

IN YOUR OPINION, WHAT IS THE DIFFERENCE BETWEEN THE USERS IN THIS REGION AND THE WEST?

Our core thesis is that every market is different, which means that there are differences between Western markets or emerging markets in Asia and the MENA region. However, there are many differences within our markets in the region as well. Egypt is very different from Morocco, for instance, and this impacts what they consume on the platform. In Egypt, for example, our top charts feature 70 to 80 per cent local hits. In Saudi, you see a lot of interest in Western music and a high consumption of K-pop, but also a growing emergence in what are truly local sounds. So Khaliji is growing in

THE CONSUMPTION OF MUSIC OF ARTISTS HAILING FROM THE MENA REGION HAS BEEN GROWING 40 PER CENT ON AVERAGE EVERY YEAR BETWEEN 2019 AND 2023

popularity as is Shalat. In the UAE, it’s a mix. There’s a lot of international content, along with South Asian, Filipino and Arabic content. When we think of plans for these markets, particularly when it comes to product adaptations, marketing and content curation, it is tuned to match the needs, trends and cultural nuances of a specific market rather than a regional strategy. Other factors include income and demographics (the MENA region is essentially the youth capital of the world). Globally, music industries are also structured very differently. If you look at emerging Asia, the supply chain, which means the artists, artist management, labels and the platforms, are fundamentally different from the US or the MENA region for that matter. WHAT SETS YOU APART FROM YOUR COMPETITORS?

I want to highlight three things that are our core product differentiators. The first is personalisation. Spotify is neatly personalised to the user, which makes your Spotify experience different from mine. This personalisation is the result of years of investment in machine

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placements for artists in prime locations around the world. Our third area of focus is empowering women creators. It’s a complex, highly uneven industry and we want to level the playing field and work with female creators from the region to provide them with both the platform and visibility on Spotify and different platforms – it could be through discussion forums, or media placements with our partners. These are the three key areas that I am excited to be driving in this region.

INTERVIEW

learning and artificial intelligence, which makes our recommendations work. Over 80 per cent of Spotify users say that the core reason they return to Spotify is personalisation and the strength of its recommendations. The second one is what we call ‘freemium’. We have both a free tier and a paid tier. We adapt these tiers depending on the needs of the market. Fundamentally, we believe that music should be accessible to all. We provide a seamless experience on the free tier if that’s what you choose. If you want an uninterrupted listening experience without ads and the ability to take your content ‘offline’, you have the paid tier that offers these features. The third is something we call ubiquity, which means we want to be present wherever music consumption happens. It could be on your smartphone, but you may choose to listen to it on your smart speaker or in your car. Sometimes our integrations are as deep as in gaming consoles — 30 per cent of our listeners in Saudi consume music on gaming consoles. Over the last four years, we’ve gone from about 200 hardware partners to almost 2,500 hardware partners across the globe to enable this offering. However, the differentiator is not one of these, but the interplay of all of these at the same time, which provides a unique product experience. We top it off by continuously launching new industry-leading features. So whatever Spotify launches as a feature usually sets the standard for what becomes a ‘norm’ in the industry going forward. You can look at it from a playlist point of view or from the way algorithmic recommendations work. For example, last year we revamped our home screen, which is the first page you land on when you log into Spotify, as we heard from our users that they wanted a more ‘lean forward’ (content that requires or encourages active participation, engagement, and/or interaction from the audience), visually richer experience. We responded to that feedback and undertook a complete revamp of the product. So we continue iterating on the product and localising it where it makes sense. For example, in this region, during the month of Ramadan last year, we launched the Ramadan Hub (in certain markets), which offered a more ‘lean-back’ experience (where the audience is a passive recipient of the content with little to no interaction taking place) where the tone was more spiritual. There’s a well thought of strategy behind all of this.

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WHAT CAN WE EXPECT TO SEE FROM SPOTIFY IN THE COMING MONTHS?

We are launching The Rapt here, which we have been doing every year since 2016. It’s a pretty interesting spin on what you were listening to during the year. It gives you great insight into your listening habits (fun and embarrassing ones) both as listeners and creators. It’s also a way to celebrate feelings and

LEADERSHIP LESSONS AKSHAT HARBOLA I believe in setting big goals for my team. Ambitious goals are more important when times are challenging. It helps us unlock our creativity and become the best version of ourselves. The team comes before everything else and you have to, as a leader, be a part of the team and put in the work. It’s not just about managing them, you have to be there in the trenches with them, supporting, coaching and inspiring them. Communication is a critical component and it needs to be seamless. It should not be guided by organisational structures and charts. If somebody needs to talk to you, they should be able to come over and talk to you. If you need to speak to somebody irrespective of whether you’re their manager or not, just open up the communication channel. It makes everyone’s life simpler and nothing’s lost in translation. Finally, I’m a big believer in strengthsbased development. Identify people’s strengths and work on them rather than focusing too much on the flaws.

OVER 80 PER CENT OF SPOTIFY USERS SAY THAT THE REASON THEY RETURN TO SPOTIFY IS PERSONALISATION AND THE STRENGTH OF ITS RECOMMENDATIONS

experiences that you may have gone through during the year. These often reflect in your content choices. Rapt as a product experience is being enabled for all users, and I am excited about it. On the creator side, our programmes in the region: EQUAL Arabia, focused on women creators, and Radar Arabia, which is dedicated to emerging artists, are important to us. You will see continued investments from our side in artists across this region. These are artists we haven’t probably highlighted in the past, but we will be investing in the future. So, stay tuned in. L

R E TA IL

INTERVIEW

BY NEESHA SALIAN

The upcoming Retail Leaders Circle (RLC) MENA Summit in Riyadh will bring together an influential community of global retail leaders. We spoke to RLC chairman Panos Linardos ahead of the event this month to learn more about the organisation’s plans for the year, key retail trends and the evolution of the industry in the past decade

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RETAIL RULES 37

Pic: Supplied

INTERVIEW

TELL US ABOUT THIS YEAR’S MILESTONE EDITION OF THE RETAIL LEADERS CIRCLE.

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Retail Leaders Circle (RLC) is the Middle East and North Africa’s preeminent annual strategic forum for the retail, real estate, tourism, and related sectors. The 10th anniversary edition of the summit is set to take place on February 19-20, at The Ritz-Carlton, Riyadh. This edition celebrates a robust community dedicated to collaboration, knowledge-sharing, and problemsolving. Here, notable global and regional industry leaders will share diverse perspectives and experiences, and enable join efforts towards activating positive systemic change within the retail industry. The key pillars shaping the agenda this year crystallise discussions that dominated the agenda in the previous years. Collaboration, integration, lifestyle destinations, and modernisation will set the stage for continued innovation and positive transformations in the industry.

HOW HAS THE RETAIL SECTOR EVOLVED OVER THE LAST 10 YEARS, BOTH GLOBALLY AND IN THE MIDDLE EAST?

Globally, the retail sector has transformed with the rise of e-commerce, driven by tech advancements, and changing consumer behaviour and a focus on sustainability. E-commerce giants reshaped habits,

“THE KEY PILLARS shaping the agenda this year crystallise discussions that dominated the agenda in the previous years. Collaboration, integration, lifestyle destinations, and modernisation will set the stage for continued innovation and positive transformations in the industry.” leading to digital transactions and phygital strategies. In the Middle East, notable growth in e-commerce, digital transformation initiatives like Saudi Vision 2030, and smart city projects in cities such as Dubai and Riyadh illustrate this evolution. The sector diversified its offerings to cater to a diverse population, embracing both local

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DESPITE E-COMMERCE GROWTH, SHOPPING MALLS REMAIN POPULAR IN THE MIDDLE EAST, REVITALISED, AND TRANSFORMED INTO ENTERTAINMENT HUBS, INCORPORATING EXPERIENTIAL ELEMENTS SUCH AS INDOOR SKIING, CINEMAS, THEME PARKS, AND UNIQUE IN-STORE EXPERIENCES

efficiency, expanded reach, and altered consumer-business interactions. As technological evolution continues to shape the future of retail, staying abreast of these changes will be one of the sector’s significant challenges.

and international brands and introducing innovative formats such as pop-up stores and concept stores that offer a fresh and dynamic shopping experience for consumers. WHAT ARE THE KEY TRENDS TO LOOK FOR IN 2024?

Retailers should expect enhanced digital integration, a strengthened commitment to sustainability, and the reimagination of business organisation. Prioritising a customer-centric approach, leveraging technology effectively, and incorporating artificial intelligence into business strategies will be crucial. These trends present both opportunities and challenges for retailers worldwide. WHAT IMPACT HAS TECHNOLOGICAL INNOVATION HAD ON THE RETAIL SECTOR?

Technological innovation, notably in e-commerce, analytics, and AI, has reshaped the retail landscape. Online shopping, advanced analytics, automation, and contactless payment options have enhanced

“PRIORITISING a customer-centric approach, leveraging technology effectively, and incorporating artificial intelligence into business strategies will be crucial. These trends present both opportunities and challenges for retailers worldwide.”

WE’VE WITNESSED NEW FORMS OF ELECTRONIC PAYMENTS EMERGING. WHAT CAN WE EXPECT IN THE FUTURE?

The future involves cashless transactions, contactless payments, AI-powered digital wallets, QR payments, buy now pay later, cross-border payments, and open banking. Collaboration among stakeholders will be crucial in shaping the future of payments. Security and trust maintenance are pivotal trends, urging retailers to adopt secure payment authentication methods aligned with customer preferences. IS THE ‘MALL’ STILL A MAJOR RETAIL DESTINATION, OR IS DIGITAL SHOPPING GARNERING MORE MARKET SHARE?

Despite e-commerce growth, shopping malls remain popular in the Middle East, revitalised, and transformed into entertainment hubs, incorporating experiential elements such as indoor skiing, cinemas, theme parks, and unique in-store experiences. This strategy aims to compete with the convenience of online shopping and offers consumers a reason to visit these destinations. Successful malls are integrating technology into their spaces, incorporating smart payment systems, digitised customer experiences, and interactive technologies to enhance the overall shopping experience. L

GB LEADERS

Panos Linardos

GET SET, GET MOTIVATED

NEED TO LIFT YOUR SPIRITS AND FOCUS ON THE PATH AHEAD? THESE TIMELESS QUOTES WILL GET YOU GOING

“THE PESSIMIST COMPLAINS ABOUT THE WIND. THE OPTIMIST EXPECTS IT TO CHANGE. THE LEADER ADJUSTS THE SAILS.”

“YOU ARE NEVER TOO OLD TO SET ANOTHER GOAL OR TO DREAM A NEW DREAM.”

JOHN MAXWELL, AUTHOR AND SPEAKER

“SOMEDAY IS NOT A DAY OF THE WEEK.”

AMATEURS SIT AND WAIT FOR INSPIRATION, THE REST OF US JUST GET UP AND GO TO WORK.”

JANET DAILEY, AUTHOR

STEPHEN KING, AUTHOR

C S LEWIS, BRITISH WRITER

“YOU DON’T HAVE TO BE GREAT TO START, BUT YOU HAVE TO START TO BE GREAT.”

“IF YOU ARE WORKING ON SOMETHING THAT YOU REALLY CARE ABOUT, YOU DON’T HAVE TO BE PUSHED. THE VISION PULLS YOU.” STEVE JOBS, CO-FOUNDER OF APPLE

Pics: Getty Images

GB LEADERS

ZIG ZIGLAR, AUTHOR, SALESMAN AND MOTIVATIONAL SPEAKER

DUBAI IS AT THE FOREFRONT OF SHAPING THE FUTURE, AND OUR JOURNEY WILL PERSIST AS WE WORK TOWARDS OFFERING THE WORLD AN INTEGRATED MODEL FOR FUTURE DESIGN, EMBRACING A CULTURE OF READINESS FOR GLOBAL TRANSFORMATIONS AND THE COUNTLESS OPPORTUNITIES THAT ARISE AS A RESULT.” SHEIKH HAMDAN BIN MOHAMMED BIN RASHID AL MAKTOUM, CROWN PRINCE OF DUBAI AND CHAIRMAN OF THE EXECUTIVE COUNCIL OF DUBAI

YOUR TALENT DETERMINES WHAT YOU CAN DO. YOUR MOTIVATION DETERMINES HOW MUCH YOU’RE WILLING TO DO. YOUR ATTITUDE DETERMINES HOW WELL YOU DO IT.” LOU HOLTZ, FORMER AMERICAN FOOTBALL PLAYER, COACH AND ANALYST

“WITHOUT AMBITION ONE STARTS NOTHING. WITHOUT WORK ONE FINISHES NOTHING. THE PRIZE WILL NOT BE SENT TO YOU. YOU HAVE TO WIN IT.” RALPH WALDO EMERSON, ESSAYIST, LECTURER AND PHILOSOPHER

“REAL CHANGE,

ENDURING CHANGE, HAPPENS ONE STEP AT A TIME.” RUTH BADER GINSBURG, AMERICAN LAWYER AND JURIST

THERE WILL BE PEOPLE WHO SAY TO YOU, ‘YOU ARE OUT OF YOUR LANE.’ THEY ARE BURDENED BY ONLY HAVING THE CAPACITY TO SEE WHAT HAS ALWAYS BEEN INSTEAD OF WHAT CAN BE. BUT DON’T YOU LET THAT BURDEN YOU.” KAMALA HARRIS, US VICE PRESIDENT

BECAUSE IT’S NOT WORKING FOR ANYONE. IT’S NOT WORKING FOR WOMEN, IT’S NOT WORKING FOR MEN, IT’S NOT WORKING FOR POLAR BEARS, IT’S NOT WORKING FOR THE CICADAS THAT ARE APPARENTLY ABOUT TO EMERGE AND SWARM US. IT’S ONLY TRULY WORKING FOR THOSE WHO MAKE PHARMACEUTICALS FOR STRESS, DIABETES, HEART DISEASE, SLEEPLESSNESS AND HIGH BLOOD PRESSURE.”

I ALWAYS TRY TO SEE MY WEAKNESS, WORK ON IT, TO BE AS A PERSON

BETTER AND A PLAYER, EVERYTHING.” MOHAMED SALAH, FOOTBALLER

GB LEADERS

“DON’T BUY SOCIETY’S DEFINITION OF SUCCESS.

OPRAH WINFREY, TV HOST 41

BOOKS WE LOVE WE’VE CURATED A COLLECTION OF ENGAGING BIOGRAPHIES THAT OFFER VALUABLE INSIGHTS AND INSPIRATION FOR BOTH ASPIRING AND EXPERIENCED LEADERS

SHOE DOG

BY PHIL KNIGHT Follow the amazing tale of Nike’s rise from humble beginnings to a global sportswear giant in the founder’s words. The book is gritty, inspiring and all about the audacious belief in a “better shoe”. Expect lessons in resilience, perseverance and brand building. Knight paints a vivid picture of his struggles, from early failures to tense negotiations with Japanese manufacturers. You’ll feel the sweat, the sleepless nights, and the exhilarating highs of finally achieving a breakthrough. Just remember, “Swoosh” isn’t just a sound, it’s a philosophy and motto.

STEVE JOBS

GB LEADERS

BY WALTER ISAACSON This authorised bio is a nuanced portrait of a complex, driven and often contradictory individual that

the Apple co-founder was known to be. It’s a masterclass in technology, innovation, design, and marketing. You’ll learn what went into the creation of icons like Mac and iPhone, and also about the infamous boardroom brawls and brutal betrayals. It’s not just an engaging read for Apple fans, it’s also an essential read for anyone interested in technology, business, or simply understanding the power of human ambition and creativity.

ALIBABA: THE HOUSE THAT JACK MA BUILT

BY DUNCAN CLARK The global behemoth and its enigmatic founder are showcased in a tale featuring mind-bending twists and bold gambles while also delivering lessons in navigating a complex, often opaque market. Clark shares Ma’s unorthodox

strategies, cultural tightropes and clashes with tech titans. This book isn’t just about e-commerce, it gives you an insight into the ‘new’ China and the unconventional minds rewriting the business playbook.

CREATIVITY, INC: INSIDE GOOGLE FROM IDEALS TO IPO

BY ED CATMULL AND WALTER ISAACSON While technically not a single businessman’s story, this work offers an inside look at the unique management philosophy of Google’s founders, Larry Page and Sergey Brin. The authors take you on a wild ride through Google’s formative years, where “20% time” (a great policy allowing employees to chase passion projects) birthed Gmail and Google Maps, and failure is considered just another stepping stone on the path to world domination (at least initially, the IPO domination came later). This book is for dreamers who want to be disruptors. It’s also a reminder that sometimes, the craziest ideas are the ones that change the world. L

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