Gulf Business - March 2024

How PIF-backed ALAT plans to build robots and more

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Taking the all-electric Rimac Nevera for a spin

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Gulf Business

07 The brief

43 Special report: The impact of AI

Artificial Intelligence (AI) is fast becoming the next big technology buzz phrase. Our special report delves into the state of the industry in Saudi Arabia and across the rest of the globe

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Athleisure rules: Activewear giant lululemon has grown its presence in the region p.63

Fast and furious: Does the Rimac Nevera stand up to the hype? We find out... p.66

“Our mission is really simple: to build a world-class global sustainable manufacturing hub here in the Kingdom of Saudi Arabia. And global is an important part of this.”

Editor-in-chief Obaid Humaid Al Tayer

Managing partner and group editor Ian Fairservice

Chief commercial officer Anthony Milne anthony@motivate.ae

Publisher Manish Chopra manish.chopra@motivate.ae

Group editor Gareth van Zyl Gareth.Vanzyl@motivate.ae

Editor Neesha Salian neesha.salian@motivate.ae

Digital editor Marisha Singh marisha.singh@motivate.ae

Senior feature writer Kudakwashe Muzoriwa

Kudakwashe.Muzoriwa@motivate.ae

Senior art director Freddie N. Colinares freddie@motivate.ae

Senior art director Olga Petroff olga.petroff@motivate.ae

General manager – production S Sunil Kumar

Production manager Binu Purandaran

Production supervisor Venita Pinto

Senior sales manager Sangeetha J S Sangeetha.js@motivate.ae

Group marketing manager Joelle AlBeaino joelle.albeaino@motivate.ae

Cover: Freddie N Colinares

Clean principles: The Finery is taking luxury garment care to the next level p.60

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Technology journalism has always been a passion during my career as it’s connected me to the most interesting people and places.

For those who are old enough to remember “Windows Middle East” magazine, you might have read some of my interview features and columns in there circa 2008 — 2010. Back then, it was also a normal part of my life to travel widely to some of the world’s biggest technology events. And in my time, I’ve been to a few. From Mobile World Congress (MWC) in Barcelona to the Consumer Electronics Show (CES) in Las Vegas.

Then, of course, there’s GITEX and I have a lot of interesting memories from that particular Dubaibased event. But what’s struck ever since returning to the GCC late last year is how there isn’t just one major technology show in the region any longer.

THERE ISN’T JUST ONE MAJOR TECHNOLOGY SHOW IN THE GCC REGION ANY LONGER.”

During this month, I’ll be attending LEAP and DeepFest in Riyadh, Saudi Arabia from 4 - 7 March, 2024. What astounds me about LEAP is that it has only been going since the year 2022, but in this short space of time it has grown so much that it ranks right up there with GITEX. This is because LEAP, last year, attracted over 172,000 attendees. GITEX, meanwhile, claims to have attracted over 180,000 visitors at its last event in 2023.

Both of these events are bringing in the biggest names in technology from Silicon Valley to Shenzhen. Therefore, this month’s edition of our magazine is packed with technology news, from how Alat is building a Silicon Valley in Saudi Arabia to our special 16 page report on Artificial Intelligence. I hope you enjoy the read.

Gareth van Zyl, Group editor

The search for talent has transformed

On the radar of global investors

The GCC is set to see more equity capital markets activity in 2024 as more companies seek public listings, having been a bright spot amid a slowdown elsewhere last year

BY KUDAKWASHE MUZORIWA

GCC equity capital markets enjoyed a strong finish to 2023 and the region’s strong showing stands in sharp contrast to many other major initial public offering (IPO) markets, from the US to Europe and China.

The region remains one of the few bright spots in global IPO markets. This trend is expected to continue with as many as 29 companies across various sectors considering listing in 2024, with Saudi Arabia and the UAE leading the way in terms of expected volumes.

“One of the overarching investment themes in the GCC is that governments want to attract international and regional capital into their countries,” says Ali

Anwar, managing director, and Middle East Practice Leader with Alvarez & Marsal.

“To achieve this strategic objective, GCC countries are offering opportunities for international and regional investors access to liquid and tightly regulated stock exchanges,” Anwar explains, adding that the region’s IPO pipeline remains strong in 2024.

Among companies planning listings are Saudi budget carrier Flynas, grocery chains Spinneys Dubai and Lulu Group International in the UAE and Oman state energy firm OQ, which plans to list its exploration and production business, as well as its methanol and liquefied petroleum gas unit, according to Bloomberg.

Globally, 2023 was the worst year for first-time share sales since 2009, with many marquee listings having mediocre trading debuts, such as German premium footwear maker Birkenstock Holding.

However, it was a completely different story in the Gulf region where investor confidence continued, with 11 out of the 19 listings in the last quarter of the year recording a first-day gain in share price.

EY said 26 out of the 48 IPOs in the GCC region showed a positive return compared to their listing price at the end of 2023. “GCC countries have also made significant progress in creating liquidity and investor interest in local markets through listing significant state-owned companies. This is an important step to encourage foreign investments into the local capital markets,” says Muhammad Hassan, Capital Markets Leader at PwC Middle East.

Hassan notes that the number of Saudi-qualified foreign investors, international investors that have direct and consistent access to the kingdom’s capital markets, rose from 50 in 2017 to 3,700 in 2023.

Last year, the IPO haul in the GCC stood at $10.7bn from 48 listings, a 6 per cent decrease in volume and a 51 per cent plunge in proceeds compared to 2022. Five listings, mainly in the energy and logistics sectors, contributed 58 per cent towards the total IPO proceeds raised in the region.

A GLOBAL IPO BRIGHT SPOT

The GCC is set to see more equity capital markets activity in 2024 as more companies seek public listings, having been a bright spot amid a slowdown elsewhere last year. The region is bucking a global slump in stock market listings and geopolitical tensions, with two listings already on the Saudi Exchange (Tadawul) – Avalon Pharma and Modern Mills.

“Whilst the door to certain global IPO markets was generally closed in 2023, the door is expected to remain wide open for companies pursuing a listing in the GCC in 2024 supported by strong macroeconomic fundamentals,” explains Hassan.

ILLUSTRATION:

“TO ACHIEVE THIS STRATEGIC OBJECTIVE, GCC COUNTRIES ARE OFFERING OPPORTUNITIES FOR INTERNATIONAL AND REGIONAL INVESTORS ACCESS TO LIQUID AND TIGHTLY REGULATED STOCK EXCHANGES.”

Kuwait asset management firm Kamco Invest said Saudi Arabia continued its dominance for issuances in 2023, as 35 out of the 46 listings in the region debuted on Tadawul with the exchange’s main market attracting eight deals while the UAE continued its domination in terms of proceeds, racking in around $6.07bn from eight listings – almost 56.3 per cent of the GCC region’s total IPO proceeds.

The bumper deal from the region in 2023 was the $2.5bn IPO of ADNOC Group gas business, ADNOC Gas, a deal that was covered more than 50 times and constituted 25 per cent of total GCC IPO proceeds.

Saudi oil and gas driller ADES Holding Company raised $1.2bn from its IPO on Tadawul last September. The o ering, which drew $76.5bn (SAR286.9bn) in orders and was covered 9.8 times, constituted 12 per cent of total GCC IPO proceeds in 2023.

“With a continuing momentum on IPOs and a strong economic outlook, MENA equity markets remain robust and investor confidence has been demonstrated through the oversubscription of the large attractive IPOs such as ADNOC Logistics and Services, OQ Gas Networks, Dubai Taxi Company and Abraj Energy,” says Gregory Hughes, EY MENA IPO and Transaction Diligence Leader.

PureHealth Holding raised $985m from its IPO on the Abu Dhabi Securities Exchange (ADX), the third largest public o ering in the region. The Abu Dhabibased healthcare firm o ered 1.11 billion shares and proceeds from its listing constituted 9.7 per cent of total proceeds in the region.

Furthermore, ADNOC Group’s logistics unit, ADNOC L&S, sold 1.41 billion shares in its IPO on the ADX, equivalent to 19 per cent of the company’s paid-up capital, to raise $771m. ADNOC L&S IPO proceeds constituted 7.6 per cent of the total haul in 2023.

OQ Gas Networks’ listing on the Muscat Stock Exchange raised $728m. The listing, which is Oman’s

biggest o ering in almost two decades, constituted 7.2 per cent of the total GCC IPO proceeds of 2023.

A FERTILE ENVIRONMENT

The slew of issuances in the GCC comes on the back of a ra t of measures that are being implemented by stock markets in the region, taking advantage of the international attention amid a dearth of IPOs elsewhere.

“Shareholders of companies in the GCC region are increasingly seeing IPOs as a favoured route to raise capital or achieve an exit at attractive valuations encouraged by the rise in international and regional investors allocating more capital for investment in GCC stock markets,” adds Anwar.

Tadawul Group, the ADX and the Dubai Financial Market have made comprehensive regulatory changes to bring their markets in line with international standards, such as loosening foreignownership requirements.

Abu Dhabi launched a $1.4bn IPO fund in October 2021 to incentivise private companies to list on the ADX. The IPO fund will be reportedly overseen by the Supreme Council for Financial and Economic A airs, managed by the Abu Dhabi Department of Economic Development and it will invest in five to ten private companies per year.

The changes have resulted in a flurry of IPOs, and the increase in investor attention is such that new asset managers have been heading to the Arabian Gulf region in search of deals.

Major GCC stock exchanges remained active with listing momentum in 2023, but the number of IPOs in the region declined marginally to 46 issuances in 2023 from 48 issuances in 2022. Going forward, industry experts say IPOs will need lower interest rates to substantially increase the number of deals.

AT THE END OF 2023, 26 OUT OF THE 48 IPOS SHOWED A POSITIVE RETURN COMPARED TO THEIR LISTING PRICE, WITH ARMAH SPORTS COMPANY

ACHIEVING THE HIGHEST GAIN AT 72 PER CENT

THE UAE

CONTINUED

ITS DOMINATION IN TERMS OF PROCEEDS, RACKING IN AROUND $6.07BN FROM EIGHT LISTINGS –ALMOST 56.3 PER CENT OF THE GCC REGION’S TOTAL IPO PROCEEDS

Bridging tradition and technology

We explore the role of digitalisation in wealth management

In the heart of the Middle East, where tradition meets innovation, family o ces are experiencing a transformative shi t. The challenge? Balancing the preservation of generational wealth with the demands of a rapidly evolving global economy. The solution lies in the digital realm.

The landscape of wealth management is witnessing an escalating demand for technological solutions that facilitate data aggregation, accounting, and performance reporting. This trend is particularly pronounced as families in the region increasingly seek to delineate their wealth from their business conglomerates. This move, rooted in a comprehensive understanding of the region’s evolving financial dynamics, aims to ensure that assets are not only protected but also positioned for growth.

The emphasis on segregating wealth underscores the broader evolution in wealth management strategies. As the Middle East seamlessly melds its rich traditional values with contemporary financial practices, there emerges a pronounced demand for solutions tailored to the unique aspirations of

INVESTORS ARE DIVERSIFYING, EXPLORING ASSETS LIKE ESG, PRIVATE MARKETS AND DIGITAL ASSETS, SIGNALLING A NOTABLE SHIFT FROM THE CONVENTIONAL PREFERENCE FOR REAL ESTATE

individuals and families. Such strategies not only focus on asset protection but also inter-generational wealth transfer, ensuring that the legacy and values of families continue to thrive.

The region is also showing a remarkable appetite for digital innovations. Investors are diversifying, exploring assets like ESG, private markets and digital assets, signalling a notable shi t from the conventional preference for real estate.

As assets under management (AUM) experience a robust upswing, the opportunities for wealth managers are vast. To truly harness this potential, the key lies not just in a diverse range of product suite, but in synergising these o erings with a solid technological foundation.

RISK OF INEFFICIENCIES

Running a family o ce involves complex processes that, if not properly managed, can lead to ineciencies impacting productivity and governance. Historically, the challenge has been that many so tware solutions were not originally conceived for family o ces but were adapted from other financial

services sectors. This adaptation o ten resulted in point solutions – functional silos with disparate data formats lacking seamless integration. Without a custom-built data warehouse, the reliance on spreadsheets for data reconciliation, consolidation, and aggregation persisted, bringing along the inherent ine ciencies and risks associated with manual processes.

MEASURE OF SUCCESS

An important measure of success for businesses is the operational e ciency ratio, which compares expenses to any revenue generated. Ideally, this ratio should be as low as possible, signifying e cient revenue generation. As family offices grow, an efficient technology platform becomes crucial for achieving operational leverage. Succession planning and governance are areas where spending is justified. Investing in the future is paramount for family o ces, necessitating coste ective solutions to optimise operations and reduce spending.

Technological advancements are at the forefront of transforming family office operations in the digital age. Sophisticated data analytics, artificial intelligence, and automation tools are revolutionising how wealth is managed, enabling informed investment decisions, e ective risk management, and enhanced reporting capabilities. The advent of digital platforms has also promoted seamless collaboration among family members, advisors, and service providers, ensuring transparent communication and e cient information exchange. These innovations are pivotal in enhancing the operational e ciency and service delivery of family o ces.

THE ADVENT OF DIGITAL PLATFORMS HAS ALSO PROMOTED SEAMLESS COLLABORATION AMONG FAMILY MEMBERS, ADVISORS, AND SERVICE PROVIDERS, ENSURING TRANSPARENT COMMUNICATION AND EFFICIENT INFORMATION EXCHANGE.

Bryan Henning, senior vice president and head of International, Eton Solutions

AI TECHNOLOGIES

AUTOMATE AND STREAMLINE BOTH THE MIDDLE AND BACK-OFFICE TASKS

But the true revolution lies in the integration of next-generation technologies. Next-generation technologies such as natural language generation (NLG), bots, and AI are redefining the capabilities of family o ces. NLG, for instance, o ers the potential to deliver streamed knowledge directly to any device, including mobile phones, by automatically generating text from data sets. Bots and AI further extend these capabilities by learning repetitive tasks, driving applied analytics, identifying operational bottlenecks, and automating document processing.

AI technologies automate and streamline both middle and back-o ce tasks, such as data analysis and financial reporting, while enhancing front-o ce operations with personalised client services through data-driven insights. These technologies include:

Generative AI with large language models for tasks such as natural language processing, content creation, and personalising customer communication.

Expert system-based business rule engines for decision-making and reasoning.

Machine learning for forecasting and analysis. Computer vision for transforming images to text and handling documents.

BY LEVERAGING DIGITALISATION,

WE CAN ENSURE THAT THE WEALTH AND VALUES OF THE MIDDLE EAST ARE NOT ONLY PRESERVED BUT ALSO NURTURED

So it is clear that embracing technology while understanding the unique dynamics of our region is the way forward. For family o ces, this digital evolution isn’t just about immediate growth; it’s about creating a legacy that thrives for generations. Standing at the intersection of tradition and innovation, family o ces have the opportunity to set a gold standard for wealth management. By leveraging digitalisation, we can ensure that the wealth and values of the Middle East are not only preserved but also nurtured, allowing them to be passed on to future generations with the same fervour and commitment that has defined our past.

Digital twins can drive regional aviation efficiency

With Middle Eastern airports expected to handle 1.1 billion passengers by 2040, airport operators can benefit from using digital twins to manage operations in real-time

The Middle East is experiencing a high demand for digital twins across industries, particularly in construction and heavy infrastructure. The global market for digitalising assets, especially in urban areas, is expanding with forecasted growth ranging from 30-60 per cent.

This trend is fuelled by ambitious national goals across the GCC such as Vision 2030 in Saudi Arabia and Qatar’s National Vision 2030, leading to tremendous critical infrastructure investments and innovative projects with a heavy emphasis on technology.

In addition to the innovative projects that continue to transform the Middle East into an international destination for business and tourism, demand for air travel has far exceeded forecasts in the post-Covid era. The aviation industry is rapidly expanding to keep up with this demand.

According to an Airports Council International (ACI) report, Middle Eastern Airports are expected to handle 1.1 billion passengers by 2040 – a significant increase of nearly 300 per cent of the combined traffic they handled in 2019 (405 million). ACI noted that to handle the surge, Middle Eastern airports must develop their infrastructure.

Additionally, many asset owners and operators are looking for opportunities to improve efficiency and throughput, not just on the airside — runways, aprons, taxiways — but also on the landside such as terminals and supporting infrastructure. Airports depend on data to ensure smooth operations and a seamless travel experience.

DIGITAL TOOLS AND DATA

Among the vast array of digital tools at the disposal of airport operators, digital twins are proving to be essential. By aggregating, analysing, and visualising

A DIGITAL TWIN PLATFORM NOT ONLY OFFERS AN INSTANT AND COMPREHENSIVE VIEW OF WHAT IS HAPPENING ACROSS SYSTEMS AND SUBSYSTEMS, BUT ALSO PROVIDES INSIGHT INTO PATTERNS AND FAILURES THROUGH SIMULATIONS

data from disparate systems, digital twins enable timely decisions and proactive monitoring and management of systems and assets that keep airport complexes performing optimally.

A digital twin platform not only offers an instant and comprehensive view of what is happening across systems and subsystems, but also provides insight into patterns and failures through simulations. By creating a virtual replica of the airport, planners and architects can simulate passenger flows, optimise terminal layouts, and enhance overall airport design for maximum efficiency. This is especially important in the Middle East, where airports often experience high traffic volumes.

By using a digital twin, airport operators can monitor and manage operations in real-time, optimising everything from runway and gate assignments to baggage handling and security processes. Airlines and airports can use a digital twin to monitor the condition and performance of critical assets, such as aircraft, runways, and airport infrastructure. They also give operators the ability to forecast catastrophic failures by using artificial

A

Pierre Santoni, president, Parsons EMEA

BY CREATING A VIRTUAL REPLICA OF THE AIRPORT, PLANNERS AND ARCHITECTS CAN SIMULATE PASSENGER FLOWS, OPTIMISE TERMINAL LAYOUTS, AND ENHANCE OVERALL AIRPORT DESIGN FOR MAXIMUM EFFICIENCY.

intelligence and machine learning algorithms to parse through mounds of data pouring in from sensor suites and disparate systems. Be it a broken conveyor belt at a luggage processing facility or an out-of-commission runway due to a deferred maintenance regime, such outages can have a significant impact on the airport’s overall performance and user experience.

With predictive modelling capabilities, detecting potential failures across different systems can prevent costly downtime and improve safety.

In addition, collected data can be used to enhance the passenger experience by providing accurate realtime information on flight status, system outages, security wait times, and navigation within the airport through mobile apps or interactive kiosks.

DIGITAL TWINS CAN ENABLE SUSTAINABLE OPERATIONS

Energy efficiency is another critical concern for airports. Digital twins can help optimise heating, ventilation, and air conditioning (HVAC) systems, lighting, and other energy-consuming systems to reduce costs and environmental impact while maintaining the optimal conditions for people and machinery.

With the industry’s growing focus on sustainability, digital twins can assist airports in monitoring and reducing their carbon footprint by optimising operations and infrastructure.

To fully realise the benefits of digital twins in the aviation sector, collaboration among airport authorities, airlines, technology providers, and regulatory bodies is essential. Organisations in the Middle East must invest in the necessary technology infrastructure, data analytics capabilities, cyber protection, and workforce training to successfully implement digital twins in aviation.

MIDDLE EASTERN AIRPORTS ARE EXPECTED TO HANDLE

The ‘talent’ transformation

We look at five ways how AI is set to impact the employee experience

As generative AI has been on everyone’s radar for over a year, employees are now better positioned to understand its place in the contemporary work landscape and equipped to embrace the changes and possibilities that come with it. But what does that mean for employees and their workplaces in the year ahead?

Within this evolving talent and technology landscape, it remains to be seen if employee experiences will diverge into a full-service, traditional human delivery and a new standard, AI-enabled provision for everyone else. This potential shi t might open access to more talent and career development

services for previously underserved employees. However, it could also create more di erentiation in employee experiences.

Having said that, below are the top five ways in which AI is set to transform the employee experience in 2024.

DEMOCRATISATION OF TALENT DEVELOPMENT SOLUTIONS

Through the year, we will continue to witness a significant democratisation of talent development solutions, as AI-enabled solutions, career guidance and personalised feedback are now readily accessible to a larger audience at a notably reduced cost per individual.

The type of coaching support that was once exclusively available to select levels within organisations, is now potentially open to everyone, fundamentally transforming talent assessment and leadership development.

We are now witnessing AI’s ability to act as a powerful productivity tool across various job functions and roles, whether it’s aiding those ageing, managing multiple tasks or seeking inspiration, the use of such tools may benefit a broader spectrum of workers. For example, workers with disabilities, are now able to overcome many workplace obstacles with algorithm-based speech-to-text and text-tospeech tools, which provide additional information to visually- and hearing-impaired users, respectively.

The short-term future is likely to see a surge in the availability of more machine-learning tools designed to assist people of determination and has the potential to impact every professional in the workforce.

ENHANCED PERSONALISATION AND CUSTOMISATION

The AI-driven personalisation and customisation o erings within organisations are abundant, and this trend is expected to further expand throughout 2024. The flows of data within employment are typically more secure than in other spheres of our lives, and leveraging this information flow allows us to produce individual insights with much more confidence and currency than elsewhere.

This capability is already aiding our agency in forecasting how new team formations and project initiations will work for clients. This is based on the predictive power of psychometrics aligned with all the other information that employers possess about their workforce.

ADVANCED TALENT REPORTING THROUGH DYNAMIC DATA ANALYTICS

Dynamic data analytics have revolutionised how we

WORKERS WITH DISABILITIES, ARE NOW ABLE TO OVERCOME MANY WORKPLACE OBSTACLES WITH ALGORITHMBASED SPEECH-TO-TEXT AND TEXT-TOSPEECH TOOLS, WHICH PROVIDE ADDITIONAL INFORMATION TO VISUALLY- AND HEARINGIMPAIRED USERS, RESPECTIVELY.

report on talent, offering a comprehensive, detailed, and integrated approach never seen before. Moreover, AI-powered analytics allows us to forecast pivotal moments, triggers, and touchpoints that significantly influence the employee experience. This facilitates the strategic development of workplace wellbeing initiatives, talent development programmes, and coaching interventions, precisely targeting these impactful moments.

SUSTAINED GROWTH OF AI IN SECURITY AND COMPLIANCE

While AI tools have already been used for many years in obvious ways to monitor security and complianceand this will no doubt continue - we will see a greater focus on the validation of outcomes using AI-based tools in the employee experience.

In more litigious environments, AI decisionsupport will need to be justified and will be challenged to ensure there is no inherent bias in selection or promotion decisions. Organisations which are predominately ‘male, pale and stale’ in their current talent assessment and development outcomes may struggle to fully benefit from AI tools as their datasets are likely biased, hindering objective talent identification and potentially exposing them to legal risks due to non-representative foundational data in their applications. Moreover, tech teams who are developing the AI applications themselves are renowned for their general lack of diversity, and this may increase the risk of latent bias in talent decisions.

INCREASED EMPHASIS ON AUTHENTICITY

In 2024, we are likely to witness a far greater focus on authenticity. AI-based proctoring and identity validation services have long existed in the talent assessment and development industry, and their adoption will increase in the year ahead. As AI tools are integrated, employees will seek assurance that

David Jones, co-founder and CEO, The Talent Enterprise

they are recognised as unique individuals and not mere statistics.

Further, while AI can augment and streamline interactions with managers, senior leaders, clients, regulators, and suppliers, it cannot completely replace the interpersonal connections in these relationships.

In addition to the above, in the coming year we will witness a shift towards a more detailed focus on individual skills, competencies, cognitive abilities, and workplace preferences in talent development and our professional lives. Job-related aspects like titles and descriptions will become less of a focus for AI-enabled talent assessment, leadership development, and career paths.

While AI can increase the quantity of work output, its ability to enhance direct outputs’ quality is limited, often reaching only a mediocre level. There’s a risk that overreliance on these tools might curtail innovation, creativity, diverse thinking styles, unique expressions, and ultimately, our very professional identities.

AI IS HERE TO STAY

AI’s presence in the workplace is here to stay, however, we can still anticipate an intensified resistance against generative AI tools from those who prioritise authenticity and human-generated content. We see several clients already requesting assurance that our talent assessment solutions exclude AI elements due to mounting concerns that include potential bias, lack of oversight and amplified emphasis on data protection measures – a concern shared across all sectors.

Since the introduction of Chat GPT4 in November 2022, employees have demonstrated a keen interest in using generative AI and large language tools. Now employers must engage, adapt, and adjust that their work practices and procedures to fully benefit from the promise, while mitigating the risks of such technology. Additional investment is required to enhance both human capabilities and AI applications. Presently, knowledge, skills and competencies around AI are still nascent among the average worker and many AI applications currently lack the necessary speed, power, or reliability to effectively operate in numerous commercial scenarios.

SINCE THE INTRODUCTION OF CHAT GPT4 IN NOVEMBER 2022, EMPLOYEES HAVE DEMONSTRATED A KEEN INTEREST IN USING GENERATIVE AI AND LARGE LANGUAGE TOOLS

A good partnership

Much like Jeeves, AI can help private bankers navigate the intricacies of scenarios they often find themselves in

Charm is a quality that holds significant value in both personal and professional realms. It is that irresistible allure that draws people in, making them look forward to spending time with those who possess it.

Private bankers (PBs) are no exception; in fact, their clients often anticipate meetings with the most charming PBs, as these interactions not only help manage wealth, but also build and strengthen enduring relationships. It’s this unique bond that serves as a driving force behind the success of a Private Bank.

On a rare rainy Saturday in Dubai, while being inspired by the soothing sound of raindrops and fuelled by a cup of first flush Darjeeling tea, I embarked on a brainstorming journey to explore the fascinating role artificial intelligence (AI) can play in shaping the future success of private bankers.

A TRANSFORMATIVE FORCE

Artificial intelligence is already a transformative force in various industries, and private banking is no exception. AI is helping private banks with algorithms to analyse vast amounts of client data including transaction history, building dynamic portfolio management models by leveraging predictive analytics, enhancing client communications through chatbots and virtual assistants, and streamlining compliance processes to ensure adherence to regulatory requirements.

As we delve into this captivating world of AI, imagine a scenario where algorithms don bow ties and assist PBs in managing their client’s wealth with

WITH AI’S ASSISTANCE, PRIVATE BANKERS CAN ENGAGE WITH FIVE CLIENTS A DAY INSTEAD OF JUST TWO, AMPLIFYING THEIR REACH AND ENHANCING THEIR EFFECTIVENESS IN MANAGING CLIENTS’ WEALTH

a charming flair that transcends mere numbers and charts, adding a touch of enchantment to the financial landscape. Much like Jeeves, can AI navigate the intricacies of the scenarios that our PBs often find themselves in, ultimately saving the day and preserving the reputation of our charming PBs?

Let’s dig deeper into how PBs can leverage the skills of this captivating technology

01 PERSONALISED FINANCIAL SYMPHONY:

Imagine being a financial advisor who not only comprehends a client’s portfolio but also understands the client as an individual. AI can be instrumental in helping PBs craft a personalised symphony of financial strategies. By aligning wealth management products with clients’ unique aspirations and preferences, AI enables PBs to create a harmonious financial plan that resonates with their clients on a personal level.

02 FINANCIAL CONVERSATIONS WITH FLAIR:

Gone are the days of dry, jargon-filled discussions about finances. AI introduces an element of whimsy into wealth management, transforming the traditionally serious business of finance into an engaging and enjoyable experience. Picture an AI assistant suggesting investment moves with a dash of charm and a sprinkle of financial wit, making the journey towards financial goals an enjoyable one.

03 EFFICIENCY MEETS ELEGANCE: When AI takes the stage, efficiency seamlessly blends with elegance. With streamlined processes and impeccable attention to detail, AI assists PBs in optimizing their workflow. This, in turn, allows PBs to focus on the art of building client relationships and navigating the intricate landscape of financial opportunities, combining efficiency and elegance in their interactions.

04 PREDICTIVE PANACHE: Predictive analytics acquires a new level of panache with AI. It doesn’t merely predict market trends; it anticipates clients’ financial needs and aspirations. AI empowers PBs to navigate the complex financial landscape with foresight, helping them make informed decisions while ensuring their client’s financial journey stays one step ahead of the game.

SOME PRIVATE BANKERS MIGHT WORRY THAT AI IS POISED TO TAKE OVER THEIR JOBS, BUT IT’S IMPORTANT TO RECOGNISE THAT IT’S NOT AI ITSELF BUT INDIVIDUALS WHO LEVERAGE AI THAT WILL THRIVE IN THE INDUSTRY

DJ Sengupta, CEO, DIFC-based WRISE Wealth Management

AI INTRODUCES AN ELEMENT OF WHIMSY INTO WEALTH MANAGEMENT, TRANSFORMING THE TRADITIONALLY SERIOUS BUSINESS OF FINANCE INTO AN ENGAGING AND ENJOYABLE EXPERIENCE. PICTURE AN AI ASSISTANT SUGGESTING INVESTMENT MOVES WITH A DASH OF CHARM AND A SPRINKLE OF FINANCIAL WIT.

Security, serenity, and a smile: Beyond being financial experts, PBs must also be guardians of their clients’ wealth. AI can play a pivotal role in providing advanced security measures with a reassuring smile, ensuring clients’ financial assets are safeguarded. The combination of vigilance and charm fosters a sense of serenity in the financial realm, reassuring clients that their financial well-being is in capable hands.

NEEDLESS WORRIES

Some private bankers might worry that AI is poised to take over their jobs, but it’s important to recognise that it’s not AI itself but individuals who leverage AI that will thrive in the industry. PBs who enjoy client interactions can continue to do so, with AI as their valuable assistant. With AI’s assistance, private bankers can engage with five clients a day instead of just two, amplifying their reach and enhancing their effectiveness in managing clients’ wealth.

In conclusion, AI has the potential to add a charming dimension to the world of private banking. It can help PBs create personalised financial symphonies, engage clients with flair, streamline operations with elegance, predict financial trends with panache, and provide security with a smile.

By embracing AI as a valuable tool, PBs can enhance their effectiveness, foster stronger client relationships, and ensure their continued success in this ever-evolving financial landscape. The future of Private Banking is not about AI replacing PBs but about PBs who leverage AI to become even more charming and efficient in serving their clients’ needs.

What consumers want from their apps

Individuals are becoming far more sophisticated and discerning in their use of applications, and completely unforgiving when they encounter bad digital experiences

We o ten take for granted just how much the way in which we interact with brands has evolved in just the last three years. The pandemic of course was the major accelerator of the shi t toward digital channels, and consumers who found themselves forced to navigate their daily lives in new and restrictive ways lauded brands that rose to the occasion and ramped up their digital services.

However, this adulation quickly turned into expectations. Today, it is second nature for consumers to use applications for everything from streaming and shopping, to banking and booking taxis. Consequently, that sense of gratitude has all but disappeared; replaced in many cases by one of frustration.

Expectations for digital experience have skyrocketed, with people becoming increasingly fed up with applications and digital services that don’t perform

as they should. Significantly, with consumers now feeling far more in control of their lives than during the pandemic, they feel empowered to act against brands whose applications let them down.

This is evidenced in the findings of Cisco’s latest report: App Attention Index 2023: Beware the Application Generation. This report, which studied 15,000 global consumers, including over 1,000 in the UAE, reveals that individuals are becoming far more sophisticated and discerning in their use of applications, and completely unforgiving when they encounter bad digital experiences. So here are three of the most significant behaviour shi ts application owners need to concern themselves with.

Consumers are actively addressing ‘application clutter’

While the number of applications being added to stores is ever-increasing, people are now taking a much more considered approach to their use of applications than previously. Acting far more judiciously, they are thinking long and hard before they download and install new applications onto their devices.

Sixty-two per cent of consumers say they are looking to limit the number of applications they are using, and 68 per cent report they are keen to get rid of ‘application clutter’.

A reason behind this shi t could be that people’s lives are now completely di erent from during the pandemic. Consequently, many of the digital services they once considered essential are simply no longer relevant. With consumers saying, on average, they could live without 40 per cent of the applications on their devices, they are becoming far more discerning about the applications they use.

People still want to enjoy the benefits applications bring them in terms of convenience, accessibility and enjoyment, but they don’t ever want to feel overwhelmed, or that they are wasting their time.

ILLUSTRATION: GETTY IMAGES/ JAUHARI1

Consumers now want the ‘total application experience’

Today, it is not just the tech-savvy youth, but rather consumers across all age demographics who want to enjoy the very best digital experiences. Indeed, 66 per cent of consumers state they only want to use the very best applications and digital services on offer and expect an exceptional digital experience as standard.

Whereas two years ago, consumers were content with applications that provided the basic functionality they needed, today it’s all about the extra mile with qualities and features that stand out.

The ‘total application experience’ must still deliver reliability, security, simplicity, and speed. But consumers are now demanding more: they want applications to be intuitive, fun to use, personalised and meaningful. They want every moment when they’re using a digital service to enrich their lives.

Consumers will “punish” application owners who fail to impress

With so many choices out there, and with the expectations for digital experience higher than ever, people have lost any kind of tolerance for applications that don’t perform.

Sixty-four per cent of consumers state they are less forgiving of poor digital services than they were 12 months ago, and many admit they are becoming increasingly frustrated and angry when they encounter bad digital experiences.

These consumers also have plenty of ways to channel their frustration – all of which can be disastrous for brands. They’re immediately deleting applications, switching to alternatives, and sharing their negative stories far and wide.

In the past year alone, consumers deleted an average of five applications because of bad digital experiences. Unsurprisingly, this figure climbs above seven for consumers aged 18-34. Other people are even ditching digital services altogether and reverting

CONSUMERS DELETED AN AVERAGE OF FIVE APPLICATIONS BECAUSE OF BAD DIGITAL EXPERIENCES

SIXTY-TWO PER CENT OF CONSUMERS SAY THEY ARE LOOKING TO LIMIT THE NUMBER OF APPLICATIONS THEY ARE USING

SIXTY-FOUR PER CENT OF CONSUMERS STATE THEY ARE LESS FORGIVING OF POOR DIGITAL SERVICES THAN THEY WERE 12 MONTHS AGO, AND MANY ADMIT THEY ARE BECOMING INCREASINGLY FRUSTRATED AND ANGRY WHEN THEY ENCOUNTER BAD DIGITAL EXPERIENCES.

to traditional channels to engage with companies, such as contact centers and physical locations such as stores and branches. Worryingly for brands, 67 per cent of consumers claim they are now more likely to warn people off applications that don’t perform, than they were 12 months ago.

Application observability key to addressing heightened expectations for digital experience

With so much at stake, brands can’t afford to deliver anything less than stellar experiences. For this, their IT teams need the right tools to always deliver seamless and secure digital experiences. However, the rise of cloud-native technologies means IT teams are trying to manage an ever more complex and dispersed application landscape.

Many lack full visibility into Kubernetes environments and struggle to achieve a clear line of sight for applications running across cloud-native and on-premises technologies. These challenges make it incredibly difficult to quickly identify, understand and resolve any issues with their applications.

Application observability provides a solution to these challenges and is now a must-have for application owners. It delivers unified visibility across hybrid environments so that IT teams can detect issues and rapidly understand root causes.

Additionally, by correlating application availability, performance, and security data with key business metrics, application observability enables technologists to analyse issues based on potential impact to customers, in real-time. This allows them to prioritise those issues which could do the most damage to the end-user experience.

Applications are now an integral part of our daily lives, and with this increased digital dependency comes greater expectations. Any slip up in application availability, performance, or security will inevitably result in customer churn, reputational damage and financial loss.

Brands urgently need to recognise that application users are back in control and, as a result, the bar for digital experience is rising to new heights.

James Harvey, CTO advisor EMEA, Cisco Observability

RIDING ON RANKINGS

THESE ARE THE WORLD’S MOST (AND LEAST) POWERFUL PASSPORTS IN 2024

The two graphs below show the countries that have climbed the highest and fallen most sharply in the Henley Passport Index over the past decade

FINLAND

RANK 02

VISA-FREE SCORE: 193

RANK 01

VISA-FREE SCORE: 194

REGIONAL OVERVIEW

Here’s how some countries in the Middle East fared on the passport index in 2024

GLOBAL RANKING

Six countries share the top spot with visa-free access to a recordbreaking number of destinations

UNITED ARAB EMIRATES

183 Visa-free destinations

SOUTH KOREA

RANK 03

VISA-FREE

192

The average number of destinations that travellers are able to access visa-free has nearly doubled from 58 in 2006 to 111 in 2024. The topranked countries are now able to travel to a staggering 166 more destinations visa-free than Afghanistan, which sits at the bottom of the ranking with access to just 28 countries without a visa.”

Dr Christian H Kaelin, chairman of Henley & Partners and creator of the passport index concept

Xiaomi’s vision for smart living

Xiaomi is crafting a smart ecosystem of products with the UAE consumer in mind, ensuring that features, designs and functionalities resonate with local lifestyles

The global home automation market reached a value of $48bn in 2022, with industry analysts predicting a consistent revenue growth at a CAGR of 9.7 per cent throughout the coming decade.

Xiaomi, a market leader in smartphones has entered the smart home and home automation segment with an array of products that are focused on building an interconnected and intelligent network around its users.

Ronnie Wang, regional general manager, Xiaomi Middle East speaks to Gulf Businessabout their latest range of products and initiatives.

Why has Xiaomi forayed into the home products segment?

Xiaomi’s entry into the home products segment aligns with our overarching vision to create a cohesive ecosystem of interconnected smart devices, known as the “Xiaomi ecosystem”.

While Xiaomi initially gained recognition for its innovative smartphones, our company has evolved beyond this singular focus. We recognise the growing demand for smart home solutions and understand the potential of integrating various devices seamlessly.

By expanding our product o erings to include a diverse range of home products, such as smart lighting, security cameras, and appliances, Xiaomi aims to cater to the evolving needs of consumers. Our goal is to create an ecosystem where these devices work harmoniously together, providing users with convenience, e ciency, and enhanced control over their living spaces.

In essence, Xiaomi’s venture into the home products segment is a natural progression in our journey towards building a universe of interconnected smart devices, designed to empower individuals and streamline their everyday lives.

How does Xiaomi plan to leverage its position as an innovator in the UAE market?

To remain at the forefront of innovation in the UAE market, Xiaomi is committed to several key strategies. Firstly, we prioritise continuous product innovation, investing in research and development to introduce new and advanced products aligned with emerging technologies and consumer preferences.

Additionally, our ecosystem integration approach ensures seamless interoperability of smart devices within the Mi Ecosystem, o ering consumers a comprehensive and interconnected experience in the smart living and AIOT space.

Furthermore, our focus on a ordability and value for money remains unwavering, making innovative technologies accessible to a wide range of consumers. Strategic partnerships with local entities, including retailers, distributors, and technology partners, help us understand and address specific market needs.

What role does Xiaomi see itself playing in shaping the future of intelligent living spaces?

Xiaomi envisions itself as a catalyst. At the core of our vision is Xiaomi HyperOS, a

system-level innovation designed to foster cross-device collaboration and ensure consistent operations across our integrated smart-life platform. Serving as the foundation of the “Human x Car x Home” smart ecosystem, Xiaomi HyperOS integrates over 200 product categories, spanning 600 million global devices and encompassing more than 95 per cent of user scenarios.

Through engagement with global partners, Xiaomi HyperOS empowers our ecosystem to unlock a wide range of possibilities, enhancing interconnected living spaces.

Tell us about your collaboration with Emaar in the UAE. Collaborating with Emaar has been an enriching experience for Xiaomi. Our partnership with such an established company underscores our commitment to revolutionising smart living solutions in the UAE market.

By leveraging Xiaomi’s Smart Home system, we aim to empower consumers with comprehensive and all-encompassing solutions for intelligent living.

What particular products should we be excited about at Mobile World Congress this year from Xiaomi?

At Xiaomi, our focus on technology is always centered around humanity.

The introduction of the Xiaomi SU7 globally, as part of our “Human x Car x Home” smart ecosystem, exemplifies our commitment to innovation driven by user needs. By integrating people, cars, and homes, we aim to create a holistic smart ecosystem that exceeds existing standards of connectivity and convenience.

Additionally, our partnership with Leica, a global manufacturer of highend cameras and lenses, has enabled us to achieve significant milestones in imaging technology, enhancing the photographic user experience and setting new standards in mobile photography.

At Mobile World Congress 2024, the Xiaomi Imagery Technology area is showcasing Xiaomi 14 and the Xiaomi 14 Ultra, alongside other flagship smartphones.

Our o erings at MWC 2024, alongside our full range, are proof that Xiaomi is ready for the future.

HOW TO FOSTER FEARLESS CREATIVITY AT AN AGENCY

Kate

BUILDING A LEGACY OF LUXURY

KEEN TO STEP OUTSIDE THE BOX AND REIMAGINE THE EXPECTED, ENTREPRENEUR AND AHS PROPERTIES CEO ABBAS SAJWANI IS NOT JUST SELLING DREAM HOMES – HE’S REDEFINING THE LANDSCAPE OF LUXURY LIVING

WORDS NEESHA SALIAN

PHOTOS MARK MATHEW

When it comes to the definition of ultraprime real estate, location trumps everything else, emphasises Abbas Sajwani, a rising star in Dubai’s highend property landscape.

The 24-year-old founder and CEO of AHS Properties (AHS) believes location isn’t just a factor – it’s the cornerstone of unparalleled living experiences. “The right locale sets the stage for every aspect of luxury living, from breathtaking views and proximity to cultural landmarks to unfettered access to world-class amenities and privacy. In the world of luxury real estate, it’s not just about where you live – it’s about living and enjoying spaces that epitomise sophistication, elegance and refinement. And it all begins with choosing the perfect location.”

AHS Properties, under Sajwani’s direction, has garnered significant attention for its innovative approach to luxury living in Dubai, and for the amazing locales in which AHS is developing its first-of-its-kind residential projects.

“Our projects have significantly elevated Dubai’s position in the global ultra-luxury market, attracting not just investors, but also end-users seeking to establish their lives in the emirate,” says Sajwani, who launched the company in 2021.

A MILESTONE JOURNEY

Two years on, AHS has witnessed amazing growth, seeing its gross development value rise to $1.65bn – a remarkable achievement for both the young company and its young leader.

AHS PROPERTIES HAS WITNESSED AMAZING GROWTH, SEEING ITS GROSS DEVELOPMENT VALUE RISE TO $1.65BN

Sajwani says, “Dubai’s ultra-luxury market operates in a distinct realm, governed by its own set of rules and unique characteristics. I initially observed a gap between the limited supply of ultra-luxury properties and the burgeoning demand for them. This observation inspired the creation of AHS Properties.”

Starting o , the company renovated five villas in Palm Jumeirah and Emirates Hills, each meticulously furnished with the finest interiors and elements. “Both these prime areas are distinguished by their breathtaking views and expansive spaces, making them ideal for cra ting ultra-luxurious projects,” explains Sajwani. “They possess a unique character that perfectly complements the exceptional living experiences we strive to create at AHS.”

These properties, Sajwani adds, were not only sold for $75m but also delivered on time, setting the stage for future success. While these established areas hold undeniable appeal, AHS recognised the diverse preferences of its clientele, looking at areas such as the Dubai Water Canal. “Despite limited land availability in these regions, Dubai o ers numerous exceptional locations with captivating features that can be transformed into luxurious living spaces,” says Sajwani, explaining why the company chose the area along the canal as the location for One Canal.

Unveiled in 2022, this project marked AHS’ foray into the development of ultra-luxury

AHS Properties has partnered with Fendi Casa, Shaun Killa Associates and Hirsch Bedner Associates for Casa Canal

CASA CANAL WILL OFFER A LIFESTYLE BEYOND COMPARE, WITH A COLLECTION OF EXCLUSIVE BOUTIQUE RESIDENCES COMPRISING THREE-BEDROOM PENTHOUSES, FOURTO-FIVE-BEDROOM SKY VILLAS, SIX-BEDROOM SKY MANSIONS AND THREE SKY PALACES, WITH PRICES STARTING

AT DHS22M.”

residential projects. This development features one of the most expensive penthouses in Dubai, spanning over 30,000 square feet, which was sold for a staggering $50m to the family o ce of a European billionaire.

“With a gross development value of $450m, the project witnessed rapid sales, selling out completely and paving the way for our second project, One Crescent, which was unveiled in 2023,” shares Sajwani. Units in this low-rise residential building located on the Palm Jumeirah also sold out soon a ter its launch.

EXCEEDING EXPECTATIONS

“These remarkable sales stand as a testament to the high demand for ultra-luxurious real estate and our clients’ unwavering confidence in our approach to luxury living,” says the CEO.

The approach that Sajwani is referring to focuses on providing clients privacy, exclusivity, luxury and modernity. “AHS projects meticulously cater to these precise needs, while making our clients feel like they are equally involved in designing their homes,” he says.

Sajwani is known for his involvement in every project to meet that end. “I closely follow the entire process. It’s one of the most enjoyable phases of work for me. It’s all about creativity, innovation, and thinking outside the box. Each project at AHS represents a significant e ort, involving extensive thought and a dedicated team. We all strive for one common goal - to create a lifestyle like no other. This is also the key to our success.”

UNVEILING CASA CANAL

The latest and most iconic project from AHS is the much-awaited Casa Canal. Situated along the scenic Dubai Water Canal, this project has already significantly impacted the market. On its launch day alone, an impressive 75 per cent of the project was sold out, culminating in a remarkable Dhs2.2bn in sales.

The project is a labour of love for the young entrepreneur. “We’ve thought of everything that our discerning clients would want in their homes, from contemporary designs to ultra-luxe interiors and bespoke services. Casa Canal will o er a lifestyle beyond compare, with a collection of exclusive boutique residences comprising three-bedroom penthouses, four-to-five-bedroom sky villas, sixbedroom sky mansions and three sky palaces, with prices starting

at Dhs22m,” he explains. Each residence features private elevators, opening into opulent spaces with ceiling heights that range from over four to nine metres.

Residents can also enjoy exclusive amenities such as a cigar lounge, fine dining options, a spa, wellness facilities, a screening room, a 24-hour concierge service, and dedicated chau eur services.

Delivery of the units is expected to start in Q1 2026.

STRATEGIC COLLABORATIONS

Sajwani says Casa Canal promises to be a game-changer in the luxury real estate market, underscoring the value of having the right partners to develop these ultraluxury residences.

“At AHS Properties, our commitment to delivering the ultimate in design, service, and living experiences has driven us to forge strategic alliances with the most respected names in the industry,” he says.

A prime example of this collaborative approach is the partnership with the renowned brand Fendi Casa. Their expertise in interior design has seamlessly been woven into the fabric of AHS’ projects, contributing significantly to their success.

FIRST PHASE

THE LATEST AND MOST ICONIC PROJECT FROM AHS IS THE MUCH-AWAITED CASA CANAL

THE FIRST PHASE, REPRESENTING 75 PER CENT OF THE TOTAL PROJECT, SOLD OUT BEFORE THE OFFICIAL LAUNCH IN FEBRUARY

“We have meticulously cra ted every architectural detail to ensure our projects radiate care and sophistication, providing residents with a feeling of being enveloped in a truly special and unique environment,” explains Sajwani. “For this, we turned to the visionary architect Shaun Killa, the creative genius behind Dubai’s artistic masterpiece, the Museum of the Future. His dedication to modern, elegant designs inspired by the locale has added a touch of unmatched luxury to our projects.”

Shaun Killa Associates has teamed up with AHS on all three of its projects. Another key international partner that has worked with AHS on One Canal and Casa Canal is the globally renowned interior design firm Hirsch Bedner Associates (HBA).

HBA Residential, which is known for creating distinctive and sophisticated “environments” for premium residences, has contributed its expertise to realising Sajwani’s vision of the penultimate ultraluxury homes.

“These strategic partnerships with industry leaders not only elevate the significance

MY FATHER HAS ALWAYS BEEN MY IDOL, AND MY TIME WORKING ALONGSIDE HIM AT DAMAC WAS AN INVALUABLE LEARNING EXPERIENCE. EVERYTHING I LEARNED ABOUT REAL ESTATE; I’VE GOT FROM HIM. I FEEL PRIVILEGED TO HAVE GLEANED SO MUCH FROM HIM, AND THE LEARNING CONTINUES.”

of our ventures but also position them uniquely, particularly in the competitive world of ultra-luxury real estate. By bringing together the expertise of such distinguished collaborators, we continue to set new standards and redefine the benchmarks for exceptional living experiences,” he adds.

BEYOND REAL ESTATE

Sajwani’s adept use of collaborations isn’t a stroke of luck, it’s the culmination of years spent learning from the best in the business – his father, Hussain Sajwani, the founder and chairman of DAMAC Group.

“My father has always been my idol, and my time working alongside him at DAMAC was an invaluable learning experience. Everything I learned about real estate; I’ve got from him. I feel privileged to have gleaned so much from him, and the learning continues. Witnessing his leadership firsthand taught me that true leadership goes beyond titles. It’s about e ectively managing and solving problems, fostering a positive team environment, and maintaining a fresh perspective to navigate the future. Through countless experiences with him, I learned that these qualities are the foundation of genuine leadership.”

Sajwani is not intimidated by his father’s success, and like his siblings Ali and Amira, has forged his path in the ever-evolving world of business and luxury real estate.

For those who aren’t familiar, Sajwani started the AHS Group in 2017, at the age of 17. In 2018, he set up AHS Ventures, followed by AHS Investments in 2020. The firm’s current portfolio is valued at over Dhs50m. The opening of the real estate division a year later was a natural progression for the entrepreneur. Its success is not surprising given the time Sajwani has dedicated to understanding the market and leveraging his early start in business.

“In the real estate market, every day brings something new and presents a new challenge, especially in a city like Dubai. Here, the seemingly impossible becomes achievable, demanding constant commitment to excellence and uniqueness. For me, success lies in paying attention to details, working closely, and

Lofty ceiilings are a key highlight in Casa Canal’s sky villas and sky palaces

Pics: Supplied

overseeing the execution of tasks. You can truly witness the fruits of your work in the satisfaction of your clients, and that’s what I always aspire to achieve,” says Sajwani.

FACING CHALLENGES ALONG THE WAY

Challenges are part of running a business, believes Sajwani, who says these have all been learning experiences in his journey. The Covid-19 pandemic presented a unique challenge, forcing the company to re-evaluate its business fundamentals and adapt to unforeseen circumstances. “It served as a valuable learning experience, highlighting the UAE’s economic resilience and Dubai’s unwavering stability in the face of global turmoil.”

However, the young leader believes that the true challenge lies in consistently exceeding expectations. This involves breaking away from conventional approaches and maintaining uncompromising standards.

This outlook, complemented by his quiet determination and future-forward vision, has won Sajwani many admirers, particularly among the Emirati youth. His advice to them reflects his values: hard work, resilience and a positive mindset.

“THE UNIQUE NATURE OF THIS MARKET DEMANDS NOT JUST CONSTRUCTION EXPERTISE BUT ALSO SUBSTANTIAL INNOVATION.”

“The most important step is to gain clarity on your goals and aspirations. Embrace a positive mindset, even in the face of challenges, and remember that you reside in a country that actively supports and encourages its youth to excel. Never lose sight of your self-belief and maintain a positive outlook as you pursue your dreams.”

Sajwani, who is living his dream with total conviction, is committed to making AHS a force to reckon with in Dubai’s luxury real estate sector.

“Over time, our projects have significantly elevated Dubai’s position in the global ultraluxury market, attracting not just investors but also end-users seeking to establish their lives in Dubai. While significant progress has been made, the demand for these properties continues to outpace supply.

“The unique nature of this market demands not just construction expertise but also substantial innovation, meticulous attention to detail, and a deep understanding of discerning client preferences. Looking ahead to 2024, we are constantly exploring new possibilities and remain open to venturing into locations with the potential to deliver unparalleled living experiences.”

LEADERSHIP LESSONS | ABBAS SAJWANI

WHAT LEADERSHIP MEANS TO YOU

Leadership is about empowering my team, and I place immense trust in their expertise. I give them the autonomy they deserve and equip them with the necessary resources. However, beyond mere management, I strive to cultivate an environment where every idea is cherished, and every voice heard.

ADVICE YOU VALUE

My father, Hussain Sajwani, chairman and founder of DAMAC Group, instilled in me the significance of tenacity and resilience. He has always said: “Challenges should be seen not as roadblocks, but as stepping stones.” He also believes that in both business and personal life, the relationships you forge and how you nurture them shape your legacy.

He also taught me that innovation, more than just embracing technology, is about constantly evolving your mindset. True leadership lies in continuous learning, and I’m fortunate to have had my father as my foremost mentor and guide.

YOUNG ENTREPRENEURS SHOULD KNOW…

… that success doesn’t materialise overnight, so get started now. Aspiring entrepreneurs must harness patience and maintain a long-term perspective. Staying committed to your vision, especially during challenging times, is imperative.

FACTORS THAT INSPIRE YOU

I am deeply inspired by our company’s vision and the transformative impact

we aim to achieve in the industry in the immediate future; every project we undertake is a chance to shape the future. The feedback and insights from our clients, partners, and team fuel my drive. Their trust and the challenges they bring forth consistently push me to set higher standards.

Casa Canal is located along the Dubai Water Canal

The rising tide of cyber threats

Cybersecurity company Kaspersky has shared its latest threat landscape insights at an event held in Kuala Lumpur, Malaysia

Kaspersky experts discussed the evolution of the cyber threat landscape in the region during its 9th annual Cyber Security Weekend – META 2024, held in Kuala Lumpur, Malaysia. The focal point of the discussions was the security of emerging technology trends such as AI, that are influencing the scale of modern threats. In parallel, threats targeting industrial control systems within critical infrastructure, in the Middle East, Africa, and Asia were also discussed. Kaspersky’s Cyber Immunity approach took centre stage as a way to create solutions that are virtually impossible to compromise and that minimise the number of potential vulnerabilities.

When looking at the threat landscape in the UAE, Kaspersky’s telemetry showed that the number of overall cyberthreats in the country decreased by 20 per cent in 2023 as compared to 2022. While attacks using social engineering tactics to scam people into revealing sensitive information, popularly known as phishing attacks increased by 70 per cent. Dissecting the threat landscape in the UAE further, between Q4 and Q3 of 2023, Kaspersky experts saw attacks

using exploits that take advantage of a particular vulnerability in a system rise by 53 per cent. Ransomware attacks designed to encrypt a victim’s data, files, or system, making them accessible in exchange for a payment, increased by

86 per cent in the UAE. Spyware attacks which involve malicious software that infiltrates a user’s computer to gather and share data with third parties rose by 44 per cent. And backdoor attacks which allow users to bypass security and gain highlevel access increase by 55 per cent.

According to Kaspersky’s analysis, online threats caused by vulnerabilities on web pages, in emails or web services, have fluctuated significantly in the region. Turkiye saw the highest number of users affected by online threats (41.8 per cent), followed by Kenya (39.2 per cent), Qatar (38.8 per cent) and South Africa (35 per cent). Fewer users were affected in Oman (23.4 per cent) and Egypt (27.4 per cent) followed by Saudi Arabia (29.9 per cent) and Kuwait (30.8 per cent).

“In 2023, Kaspersky reported 6 per cent growth in B2B sales in the Middle East region and successfully blocked a total of 30 million threats in the UAE. Both these figures clearly show that organisations are determined to enhance their cybersecurity readiness in the view of growing sophisticated cyberthreats. Since education is key to raising cybersecurity awareness, we have partnered with several government entities such as The UAE Cyber Security Council to amplify our efforts across all sectors.”, added Rashed Al Momani, general manager at Kaspersky in the Middle East.

Kaspersky, Favoriot boost IoT protection with Cyber Immune solution

Internet of Things (IoT) innovator, Favoriot and Kaspersky have struck up a key, strategic partnership to provider better cyber security for this space

Internet of things (IoT) devices include wearables, smart home appliances, smart city systems, self-driving cars, automated retail checkouts, and other smart devices for home and business use.

And cybercriminals can infiltrate these smart devices to conduct attacks or even use them as a proxy for other types of malicious actions. In 2023, IoT devices in the Middle East, Türkiye and Africa region were responsible for over eight million outgoing attacks that were spotted on Kaspersky honeypots. To make smart devices around the world better protected, Kaspersky at its Cyber Security Weekend – META event announced plans for signing a strategic partnership agreement with Favoriot, a regional innovator in IoT platforms.

IoT devices are connected with business applications and cloud platforms through business applications. Kaspersky IoT Secure Gateway 1000 (KISG 1000) ensures the security of these interactions due to the Cyber Immune operating system – KasperskyOS – at its core. With KISG 1000, the entire IoT system of an organisation is protected at the gatewaylevel thanks to Kaspersky’s secure-by-design approach and built-in protection capabilities.

“This partnership will see our companies focus on jointly developing the Favoriot IoT platform and Kaspersky’s Cyber Immune IoT Gateway to provide for a safer tomorrow,” says Dr Mazlan Abbas, CEO of Favoriot.

Victor Ivanovsky, KasperskyOS business development lead, adds:

“Kaspersky Cyber Immunity helps organisations operating across multiple industries, such as smart city systems, manufacturing, energy production or others, to get a secure IoT system and visibility across all connected devices. Customers can fully protect their IoT suite, from the gateway to the cloud, and manage it through one centralised administration console..”

To keep an organisation’s IoT suite safe, Kaspersky further recommends the following:

Change the factory passwords at initial setup, use complex passwords at least 8 characters long, including upper and lower-case letters, numerals, and special characters.

Use a strict access policy, network segmentation and a zero-trust model. This will help to minimise the spread of an attack and protect the most sensitive parts of the infrastructure.

Check the IoT Security Maturity Model – an approach that helps companies evaluate all steps and levels they need to pass to achieve a sufficient level of IoT protection.

Use a dedicated IoT gateway that ensures the inbuilt security and reliability of data transferring, like KISG 1000.

Use Kaspersky Threat Intelligence as reference to block network connections originating from malicious network addresses detected by security researchers.

Kaspersky Cyber Immunity helps organisations operating across multiple industries, such as smart city systems, manufacturing, energy production or others, to get a secure IoT system and visibility across all connected devices.”

Alat’s most recent event in Riyadh where it announced four partnerships

Onlookers at an Alat event last month where the firm announced a partnership with the likes of Softbank

Building a Saudi Silicon Oasis

ROBOTS ARE SET TO ROLL OFF THE PRODUCTION FLOOR IN SAUDI ARABIA IN A YEAR’S TIME, THANKS TO A $150M DEAL ANNOUNCED LATE LAST MONTH BETWEEN THE PUBLIC INVESTMENT FUND’S ALAT AND RENOWNED JAPANESE TECHNOLOGY INVESTOR SOFTBANK

BY GARETH VAN ZYL

Riyadh-headquartered Alat has been established to create what it calls a world-class manufacturing electronics hub in the heart of Saudi Arabia.

The PIF owned company has an investment budget of $100bn and is looking to use renewable energy technologies — ranging from solar to wind and hydrogen — to help power up the manufacturing and creation of 34 product categories, ranging

from semiconductors to smart devices and smart appliances.

A ter being set up earlier this year, Alat moved quickly last month to set up four new key partnerships to start turning the GCC’s biggest economy into the world’s next advanced technologies hub.

One of these partnerships is a new joint venture (JV) set up between So tbank and Alat. The pair plan to build industrial robots that will perform tasks, with

minimal additional programming, for industrial assembly and applications in manufacturing and production.

The facility that the JV will create in the Kingdom is dubbed a ‘lighthouse factory’ and it will build ‘humanoid’ robots, said Brian Rogove, the co-chief of corporate development at Alat.

Rogove recently sat down with GulfBusiness to tell us more.

Before we get into your new deal with Softbank, tell us what Alat is exactly and why it’s so important to the electronics and manufacturing space in the GCC. It’s something that we’re very excited about. Our mission is really simple: to build a world-class global sustainable manufacturing hub here in the Kingdom of Saudi Arabia. And global is an important part of

Alat is building an advanced manufacturing hub in Saudi Arabia

WITH SOFTBANK, WE’RE REALLY EXCITED ABOUT OUR PARTNERSHIP WITH THEM. IN PARTICULAR, WE’RE EXCITED ABOUT THE FACT THAT YOU’LL ACTUALLY START SEEING ROBOTS MANUFACTURED IN A PLANT IN SAUDI ARABIA COMING OFF THE PRODUCTION LINE BY THE END OF THIS CALENDAR YEAR.”

this. If you think about the way that we look at the world, we look at four themes: the impact of artificial intelligence on businesses, sustainability, supply chain resilience, and innovation capital. When we think about our mission of building this global sustainable manufacturing hub and we look at partnerships, we really look at these four areas which have disruption in the technology space and the global supply chain.

And Alat is also backed by Saudi Arabia’s Public Investment Fund (PIF), correct? We are. Our shareholder is the PIF and

they’ve been generous enough to give us $100bn of committed capital for this ambitious mission that we have. We take that responsibility very, very seriously and we look to fulfil that mission.

Tell us more about what’s involved with your partnership with SoftBank. With So tBank, we’re excited about our partnership with them. In particular, we’re excited about the fact that you’ll actually start seeing robots manufactured in a plant in Saudi Arabia coming o the production line by the end of this calendar year. For us, it’s not just about

ALAT’S FOUR KEY PARTNERSHIPS

01. CARRIER

The agreement will leverage Alat’s financial strengths and Carrier’s technology and manufacturing capabilities to develop made-in-Saudi Arabia intelligent climate solutions, marking the first phase of the partnership with Alat. These offerings will address the continued growth of the HVAC industry in the Middle East and North Africa (MENA) region, which is expected to become a $10bn addressable market by 2030 – and a $334bn market globally by 2030 – driven by secular trends including urbanisation, sustainability and energy solutions, and digital transformation.

02. TAHAKOM

Tahakom, which already

delivers intelligent transportation systems and cutting-edge safety solutions powered by artificial intelligence, will partner with Alat on combining their financial resources and technical capabilities to expedite the advancement of distinctive innovations within smart mobility and intelligent cities solutions, with focus on road and public safety – in alignment with Saudi Arabia Vision 2030. This partnership will see both companies collaborating on solution designs, product specifications and leveraging R&D and innovation functions, as well as building technology roadmaps and cultivating

both client and vendor relationships with a view to maximise operational and business efficiency. Finally, both companies will cooperate and support technology enablement, testing labs and demo centres.

03. DAHUA

Alat and Dahua Europe BV (Dahua), a subsidiary of Dahua Technology, which is a world leading videocentric AIoT solution and service provider, announced a strategic partnership to establish an industry leading vision-centric and AI powered business in Saudi Arabia.

The new business venture, Alat AIVisio Technology (AIVisio), plans to produce

and market products and solutions for safety and surveillance use that are applicable in intelligent cities, as well as intelligent buildings and enterprise applications.

04. SOFTBANK

Alat has created a joint venture with SoftBank Group that will manufacture industrial robots for a wide variety of industrial manufacturing and assembly processes that will radically transform manufacturing. The partners will invest up to $150m to establish a fully automated manufacturing and engineering hub in Riyadh that will serve local and global demand. The first factory is targeted to open in December.

Amit Midha, CEO of Alat

Masayoshi Son, chairman and CEO of SoftBank Group

ALAT AND SOFTBANK GROUP

the announcements, it’s about execution and we’re in the execution phase of this ambitious mission that we have. When we think about next-generation infrastructure — which is one of our seven strategic business units — we particularly think about robotics and AI robotics.

What will these robots be used for?

Give us some examples of how they’re going to make an impact in our day-to-day lives.

They will be used in production for high precision manufacturing for a lot of different global purposes.

Apart from Softbank, there are three other partnerships that you’ve lined up as well. Tell us about them.

I’ll start with Carrier – a partnership that we’re very excited about. One of our strategic business units is smart heating and cooling, and we’re thrilled to be working with Carrier which is a world-class organisation when it comes to HVAC (heating, ventilation, and air conditioning). So we’ve announced a partnership with them where we will both have global research and development for data centre cooling as well as manufacturing here in the kingdom. And that’s something that we’re really excited about. If you look at just data centre growth, and the heating and cooling needs in particular, we think that this global partnership with them in that arena, both from an R&D as well as manufacturing footprint, is something that we get very excited about.

Is your goal to ultimately compete with other global technology hubs such as Shenzhen or Taiwan, or are you aiming for something different?

I think the word ‘compete’ is probably not the right word to use when we think about the global supply chain. I think the thing that we’ve all learned in the last five years, particularly post-Covid, is the importance of supply chain resiliency, whether it’s across sectors such as national security or health.

I can remember the days of not being able to get masks, for example, during the pandemic. So I think that’s taught governments and companies that being solely reliant on any jurisdiction is something that probably is not robust. And I think in almost every

single boardroom of every company in the world, people are talking about supply chain resiliency. Again, if you look at our mission of building this world-class sustainable manufacturing hub in the kingdom, we’ll play a role in that supply chain resiliency. And the role that we will play will be one whereby people are aligned with our mission of sustainable manufacturing powered by clean energy.

Added to this, when we think about globalisation, there are people who want to have global partners but they also want to be able to have globalisation that’s local. And we think that the geographic location of Alat, our access to clean, reliable and inexpensive renewable energy is something that’s going to be attractive. And that’s why we’re really excited about it. So we really don’t look at it as competing against other parts of the world – we look at it as being complementary.

It’s interesting that you talk about the renewable energy side of Alat. How much will solar panels, for example, power all the facilities there?

We don’t just look at one aspect of power; we look at the entire ecosystem. I think solar will play a part. I think green hydrogen will play a part, and I think wind will play a part. It’ll be a mix. Even if you look at just the Kingdom on its own, putting Alat aside, their own ambition is to have a wide mix of energy along the lines of what we’ve just talked about. At Alat, we’ll have a mix of solar, wind, and hydrogen. We won’t be solely reliant on one form of energy.

Your background is in semiconductors. You’ve been in Singapore for the last several years as well. What brought you to Saudi Arabia and Alat?

I started my career in semiconductors in 1996, which seems like an age ago. And that’s actually what originally brought me to Asia. When I first came to Asia, where I was working in advanced microelectronics and semiconductor packaging, it was the early days and a lot of that manufacturing was done in Asia and Southeast Asia, Korea, Japan and Taiwan. And I saw the transformation. I saw the transformation that advanced manufacturing had on these countries. I can remember going to countries like China in the 1990s, places such as Guangzhou and Shenzhen and places in Taiwan where they were trying to find out how they were going to get engineers. Fast forward more than 20 years later and now they’re world class hubs for advanced manufacturing. I see that same opportunity for the kingdom to play a similar role, particularly with sustainable manufacturing. In Saudi Arabia, we have access to talent and we have the ability to train talent. We have the natural resources, and we have the financial resources to really I think be a player on the global stage in these industries that we’re focused on. I’ve seen this journey for 25 years in Asia myself. I remember the first time coming here to Saudi Arabia and it reminded me of going to Shanghai in 1996, except that Saudi Arabia has more ambition and a quicker timeframe to do it. It’s something to get pretty excited about.

Manufacturing facilities in Alat will be powered by renewables

Learn to lead

JEFF MAGGIONCALDA, THE CEO OF COURSERA, SHARES HOW THE GLOBAL ONLINE LEARNING PLATFORM IS ENABLING ADAPTIVE, PERSONALISED AND EFFECTIVE LEARNING EXPERIENCES FOR STUDENTS IN THE REGION

BY NEESHA SALIAN

Coursera has emerged as a dominant player in the online learning space. In February, the company reported a 21 per cent year-over-year increase in revenue, reaching $635.8m in 2023. The platform, which launched in 2012, features more than 300 leading universities and companies, including Stanford, Duke, UC Berkeley, Dartmouth, Google and IBM, providing instruction.

The global platform has more than 142 million registered learners (and the number is growing by the minute) who range from students to working professionals, pursuing courses offering specialisations, certificates, and bachelor’s and master’s degrees.

Coursera’s success reflects the growing relevance of online learning in current times. According to a Research and Markets report, the market is expected to reach a staggering $491.35bn by 2028, representing a compound annual growth rate (CAGR) of 13.28 per cent from 2022-28.

COURSERA IN THE MIDDLE EAST

One of the key areas that will contribute to its growth is the Middle East and Africa (MEA) region. According to a Business Market Insights report, the region’s e-learning market is expected to grow from $15.43bn in 2022 to $23.18bn by 2028, developing at a CAGR of 7 per cent.

Coursera is well-positioned to leverage that growth with its strong presence in the MEA region. It has partnered with more than 170 businesses, 230 campuses and 40 governments, and by the end of September 2023, had supported the skills development of more than 8.4 million learners in the region, with an impressive three million enrollments in 2023.

The UAE has close ties with Coursera. In August last year, the platform tied up with the COP28 Presidency to provide 5,000 free licenses for a curated programme of climate-focused online courses and certificate programmes. More recently, in February, Coursera launched the Generative (GenAI) Academy in the UAE, designed to equip executives and their employees with the skills needed to thrive in an AI-driven workplace. Artificial intelligence has been a transformative factor in the learning space, says Coursera CEO Jeff Maggioncalda, who spoke to Gulf Business about the future of education and what those looking to upskill should consider. Here are extracts from our discussion.

Online learning exploded in importance during the Covid-19 pandemic and with the introduction of remote working, how did that change things for Coursera?

Covid-19 compelled many people to experience online learning in some form. In 2020, the company saw its learner base nearly double, going from 47 million to 77 million. It’s interesting to note that ‘The Science of Wellbeing’ was one of the most popular courses during that period. However, people who join the platform are looking for job training, skilling and adding credentials that employers will find attractive.

What does the future of education and work look like?

The future of work and education is undergoing a radical transformation. By embracing continuous learning, data fluency and technology-driven solutions, individuals and organisations can thrive in this dynamic landscape. Coursera provides accessible and effective learning experiences to empower everyone to reach their full potential. Online learning is revolutionising education. Blended learning models combining online and in-person elements are increasingly prevalent, making education more

COURSERA DEDICATES A SIGNIFICANT PORTION OF ITS REVENUE – 22 PER CENT – TO RESEARCH AND DEVELOPMENT TO ENHANCE YOUR LEARNING EXPERIENCE. WHILE SOME R&D GOES TOWARDS CONTENT CREATION, A LARGE CHUNK FOCUSES ON TECHNOLOGICAL ADVANCEMENTS.”

accessible and flexible. Another key area is gamification. Gamification in education enables participants to think strategically, examine circumstances, and generate solutions by introducing these features into teaching, and we will see more of it.

Coursera has seen rapid growth in the region. Are there any challenges that could impede growth?

The Middle East presents a unique picture when it comes to online learning opportunities. On one hand, a burgeoning young population thirsts for skills to unlock their potential. On the other, traditional education systems often struggle to keep pace. This creates a compelling need, but also a remarkable opportunity for online learning to step in and bridge the gap. Vision statements in countries such as Saudi Arabia and the UAE prioritise human capital development. This translates to productive partnerships to help make learning accessible to people and organisations.

In terms of challenges, reliable internet access and devices are still hurdles in some regions. Closing this digital divide is critical. Basic literacy and numeracy are crucial building blocks for online learning and investing in K-12 education remains vital. Inflation, economic pressures, and policies restricting education access create additional obstacles, particularly for girls.

Coursera is seeing significant growth in the UAE. Can you elaborate on it?

We have 867,000 learners in the UAE in 2023, a 27 per cent increase over 2022. This growth took off post-pandemic, with registered learners quadrupling between 2019 and 2022. Both individual and institutional adoption are strong, with a growth in businesses, universities, and government entities partnering with us.

You have partnerships with the Ministry of Education and the National Qualifications Committee. Tell us about them. We’re working with the ministry to encourage universities to integrate Coursera

and professional certificates are valuable, we also offer fully online bachelor’s and master’s degrees from top universities. These degrees hold the same weight as traditional programmes, with identical curriculum, professors, and diplomas.

How much does Coursera invest in technology?

Jeff Maggioncalda

content into degree programmes, promoting industry-relevant and digital skills. Additionally, the NQC will recommend Coursera courses with recognised credit to universities, further facilitating integration.

How are you catering to Arabicspeaking learners?

We’ve made significant progress in translation using AI, reducing costs from $10,000 to $20 per course. We now offer 4,000 courses in Arabic, with subtitles, flipped interfaces, and transcripts in both languages.

What other innovations are improving accessibility and learning experience?

We have two key AI-powered features, Coursera Coach provides personalised tutoring within courses, answering questions and explaining concepts in Arabic or English, while Course Builder enables instructors to create custom courses by specifying learning objectives, audience, and desired content. It then pulls together expert lectures and materials from various sources.

How does Coursera address concerns about the perception of online degrees in the job market?

While our individual course certificates

Coursera dedicates a significant portion of its revenue – 22 per cent – to research and development (R&D) to enhance your learning experience. While some R&D goes towards content creation, a large chunk focuses on technological advancements. The focus is on seamless mobile learning to enable offline learning, where you can download courses to learn without an internet connection, and compressed data courses that minimise data usage, considering some regions have expensive data plans. We also have Coursera Labs, which is specially designed to help people learn data science and artificial intelligence with very large datasets. Our R&D efforts ensure accessibility for diverse learners and optimise the learning experience through innovative teaching methods.

Finally, if you were to advise people on how to adapt to this changing world, what would it be for individuals who are 15, 25 and 50 years of age?

My advice for the 15-year-old: Focus on developing healthy learning habits, critical thinking, and agility to adapt to change. Prioritise mental health and balance social media consumption with longer-form learning. To the 25-year-old, I would say capitalise on job-specific training programmes to enhance your career prospects. Data fluency is key. Explore micro-credentials and alternative pathways to learning.

I would tell the 50-year-old to adapt their leadership style to manage younger generations effectively. You will need a different skillset to deal with millennials and Gen Zs. Embrace data and upskill yourself through online learning opportunities –that’s a great way to advance your career and stay relevant. However, data fluency is a must in all cases. You don’t have to be a math genius, but it’s imperative to have the ability to understand, analyse and interpret data effectively.

A hub of wealth creation

YVES BRUGGISSER, EQUITY PARTNER AND HEAD OF ZONE MIDDLE EAST AT PICTET WEALTH MANAGEMENT, EXPLAINS WHY THE UAE REGION HAS EMERGED AS A PREFERRED WEALTH HUB FOR ENTERPRISING FAMILIES AND HNWIS

BY KUDAKWASHE MUZORIWA

QTells us more about Pictet Wealth Management. What is the bank’s current position in the GCC market?

Pictet was founded in 1805 in Geneva, Switzerland and we are one of the biggest Europe-based independent wealth and asset managers, with $700bn in assets under management and a global workforce of more than 5,000 employees.

We offer wealth and asset management only. It is part of our risk management approach as we do not engage in investment or corporate banking activities.

We have a solid balance sheet with Aa2 and AA- ratings from Moody’s and Fitch. Recent developments in the industry show that our approach is the right one, focusing on our clients and their needs.

Pictet is privately owned. We do not have pressure from the stock market to deliver short-term results. Being privately owned fosters alignment of interest in the way we manage clients’ wealth.

The GCC is a strategic market for Pictet. We have had clients in the region since the early 1980s – many families we work with are now in the second generation and

certain families we are serving are already in the 3rd generation.

Our revenues have grown annually at a double-digit rate in the last decade and a half, and we see significant opportunities to further grow our presence in the GCC region, especially in Saudi Arabia and the UAE – where we have had a local presence since 2007.

We are looking at possibilities to further develop our presence in the UAE. As our senior managing partner, Renaud de Planta puts it: we do not want to be the biggest, but the finest.

IT MAKES ME BELIEVE THAT THE COUNTRY IS ON THE RIGHT PATH TO CONTINUE ATTRACTING HIGH-NET-WORTH INDIVIDUALS (HNWIS) IN THE NEXT DECADE. I OFTEN MEET ENTREPRENEURS FROM ALL OVER THE WORLD IN THE UAE, THEY FOUND IN THE UAE A STABLE AND SAFE HOME FOR THEIR FAMILIES WITH A GREAT EDUCATION SYSTEM.”

So, we consistently strive to get a set-up that matches our client’s needs. We are looking for quality bankers in the region to carry our value proposition. We want their careers to thrive by finding the right fit for their clients.

How does your product offering stand apart from other players in the region? And does sustainability define your product offering?

We invest in all asset classes for our clients and benefit from unique investment opportunities and scale. Pictet was a pioneer in investing in private equities 30 years ago and we have developed relationships with key players as well as niche actors in private assets.

We have also developed investment expertise in real estate and hedge funds, as well as liquid assets such as equities and bonds where we work with our clients via advisory or discretionary mandates.

Sustainability is important to us. Thanks to our size and the high proportion of assets we manage under discretionary mandates, we are selective, have an impact and actively influence the companies in which we invest. We have a dedicated team on sustainability and recently sponsored “World with Purpose” in Dubai which brought together people who are determined to make a difference.

The GCC region has emerged as a hub of wealth creation. What’s luring high net-worth individuals and wealthy families?

I have been closely following the development in the GCC region, especially the UAE, for over twenty years and am impressed by the leadership of the country, for instance how they have created ministries like no other country in the world. For instance, they have built ecosystems in tens of industries while

been since the beginning of my career covering the region. Having said that, I see two main challenges for wealth managers in the region.

One is to have employees who are passionate and real investors looking to create value for the clients, and not only salespeople looking for short-term gains and transactional commissions. And second, is to have a long-term outlook when giving objective advice to clients in the region.

With $80tn expected to be transferred by baby boomers to their children over the next two decades, what opportunities and challenges do GCC-based family enterprises face? Generational wealth transfer is a key topic in the GCC region, where vast wealth has been created in the last decades. UHNW families need to get organised and ensure a smooth transition from one generation to the next. It is an opportunity for us to offer our experience and know-how, as Pictet is itself family-owned through nine generations.

Yves Bruggisser

also maintaining a high level of safety in the country and strong international partnerships.

It makes me believe that the country is on the right path to continue attracting high-net-worth individuals (HNWIs) in the next decade. I often meet entrepreneurs from all over the world in the UAE, they found in the UAE a stable and safe home for their families with a great education system.

They can attract skilled labour and good talent for their companies. They are supported by a legal system that continues to develop and adapt to international standards. Most importantly they are at the heart of a networking hub that attracts innovation and ambition.

The GCC region remains somewhat insulated from the slowing global economy, inflation and high-interest rates. What is the broad outlook for the region’s wealth management space compared with the previous year?

I remain positive about the wealth management industry in the GCC, just as I have

We have dedicated teams specialised in family governance, wealth planning and philanthropy, which assist our clients in implementing the right set-up to ensure continuity and alignment with their longterm goals.

Digitalisation is driving innovation and change in the wealth management industry. Which other trends do you expect to revolutionise the sector?

We are embracing all technical advancements and digitalisation that advance the client experience and bring operational efficiency. We are also steadily investing in IT, having built up a sizeable team of IT specialists to provide expertise in this area.

“WE HAVE A DEDICATED TEAM ON SUSTAINABILITY AND RECENTLY SPONSORED “WORLD WITH PURPOSE” IN DUBAI WHICH BROUGHT TOGETHER PEOPLE WHO ARE DETERMINED TO MAKE A DIFFERENCE.”

Hungry, anyone?

FROM SUPPER CLUBS AND READY-TO-EAT FOOD OFFERINGS TO PLANTBASED CUISINE AND GLOBAL FLAVOURS, EXPERTS FROM THE FOOD AND BEVERAGE INDUSTRY SHARE WHAT 2024 WILL SERVE ON OUR PLATES

BY NEESHA SALIAN

F&B TRENDS

CHARBEL MHANNA CEO at Black Spoon

In 2024, we anticipate robust growth within the UAE’s food and beverage (F&B) industry, driven by several key factors. Firstly, the region continues to experience a steady increase in population and tourist arrivals, underpinned by the ongoing economic stability. This influx of residents and visitors will naturally fuel a growing demand for diverse culinary experiences. Additionally, the UAE’s attractiveness as an investment destination and a desirable location for permanent relocation remains high, drawing attention from both investors and individuals alike. Consequently, we expect the F&B sector to flourish as it caters to the evolving preferences and needs of this expanding demographic landscape.

In the dynamic UAE market, we’ve observed a notable surge in the popularity of culinary concepts that cater to the growing demand for healthier lifestyle choices. Specifically, brands focusing on healthy, vegan, vegetarian, and gluten-free offerings have been gaining considerable traction. This trend is indicative of a shifting consumer mindset, with more individuals prioritising wellness and mindful eating habits. As a result, we’re witnessing an emergence of innovative concepts that not only satisfy taste preferences but also align with the evolving healthconscious lifestyles of UAE residents and visitors. Moving forward, we anticipate these culinary trends to continue flourishing as the demand for healthier dining options remains on the rise.

CHEF GABRIELA CHAMORRO

Founder of Girl and The Goose

As an avid observer of Dubai’s culinary evolution, I foresee the F&B scene embracing a surge in demand for Central American cuisine, driven by the Latin American community. This trend will spark the emergence of diverse Latin American concepts, creating a space for an exciting new chapter in the city’s gastronomic landscape.

In Dubai’s ever-evolving F&B scene, culinary innovation is infinite. Rather than chasing trends, my commitment with Girl and the Goose is to continuously offer timeless and approachable dining experiences. I believe in the enduring power of authentic, immersive culinary experiences, steering clear of trends.

KHALED FADLY CEO at Epik Foods

This year, we anticipate further health and sustainability trends, accentuated by a focus on locally sourced ingredients to reduce carbon footprint. Technological advancements, including augmented reality menus and AI-driven personalisation will play a larger role in enhancing customer experiences within the UAE F&B scene.

Within the UAE, we’re seeing a surge in interest towards fusion cuisine, where traditional dishes are being reimagined with global flavours to offer diners a unique and innovative culinary experience. Plant-based and vegan options are also on a continuous rise, reflecting a growing consciousness towards health and sustainability among consumers.

ZIAD KAMEL

Founder of Couqley

Ianticipate the rise of supper club chefs stepping into the spotlight this year. Over the past few years,

Dubai residents with a passion for food have been curating and hosting intimate dining experiences in their homes, known as supper clubs. A few of these chefs have gained substantial followings thanks to their exceptional culinary skills, paving the way for their restaurant ventures in 2024.

Additionally, we anticipate a wave of ultra-prestigious restaurant openings, as Dubai solidifies its position on the global culinary map. Amidst the city’s economic growth, business-focused culture, and visionary leadership, coupled with investments from renowned hospitality brands and chefs, we expect nothing but the best from Dubai’s dining landscape.

In a city bursting with culinary diversity, we’re also witnessing a surge in interest in Central American, French, Japanese, and Levantine cuisines. Creative chefs are reimagining traditional fl avours, to present them in innovative and contemporary ways, capturing the attention of Dubai’s engaged diners.

ASHVIN SUBRAMANYAM

CEO of International Business, Orkla

As we adapt to the evolving dynamics of the food industry, certain trends surface as significant drivers. We’ve seen the following key trends that are reshaping the retail food industry and representing opportunities for brands to innovate, adapt, and meet the changing needs and preferences of consumers.

Convenience, for instance, remains crucial, as the demand for Indian and Indian-inspired cuisines continues to rise steadily. There is a noticeable uptick in the preference for convenient meal solutions like ready-to-eat and ready-to-cook options.  The proliferation of technology has led to heightened digital activity among consumers in this region, particularly in online grocery shopping due to the impact of Covid-19 impact. The UAE stands out globally for its remarkable growth in e-commerce, reflecting a growing preference among consumers for the convenience and accessibility o ered by online shopping platforms. This trend is particularly pronounced in the F&B sector, where consumers increasingly embrace digital channels to purchase groceries, food products, and meal solutions. Similarly, Saudi Arabia has also experienced a significant uptick in online grocery shopping, with a notable 28 per cent increase year over year, according to Nielsen.

Social media’s influence on consumer behaviour is growing rapidly, with platforms such as TikTok, Snapchat, and IG becoming primary sources of food-related content consumption. To align with this trend, brands need to rethink their investment in digital marketing which will be essential as the projected spending. For 2024, we are also likely spending 50 per cent more on these platforms compared to the previous year.

SPECIAL REPORT

BY DEEPFEST, POWERED BY SDAIA

AI GLOBAL AND SAUDI ARABIA FOCUS

ARTIFICIAL INTELLIGENCE HAS BEEN BUILDING UP MOMENTUM FOR DECADES. BUT IT HAS COME MORE SHARPLY INTO FOCUS IN THE LAST FEW YEARS. THIS REPORT TAKES A CLOSER LOOK AT THE STATE OF THIS FASTGROWING INDUSTRY

PROMISE OF AI CAPITALISING ON THE

GROWTH IN THE AI MARKET IS BEING DRIVEN BY ADVANCEMENTS IN TECHNOLOGY, INCREASED ADOPTION OF AI ACROSS VARIOUS INDUSTRIES, AND THE RISING DEMAND FOR INTELLIGENT DECISION-MAKING SYSTEMS

The global artificial intelligence (AI) market is experiencing significant growth and is expected to continue expanding in the coming years.

The release of generative AI (GenAI) chatbot ChatGPT by OpenAI in November 2022 set many in the world on a path to experimentation and thrust discussions around the promise and future of AI use in society front and centre on many news sites.

Amid recent advancements in technology, AI has evolved from an esoteric

research topic into a collection of powerful technologies with mainstream business promise and applicability. Several C-suite executives are using GenAI tools for work, reviewing its use cases and attempting to put in place governance strategies to guard against emerging risks.

The AI market is projected to reach a staggering $407bn by 2027, experiencing substantial growth from its estimated $134.9bn revenue in 2022, according to DeepFest’s Artificial Intelligence - Global and Saudi Arabia Focus 2024 report.

GenAI accounted for approximately onefi th of global AI market revenue last year.

Growth in the market is being driven by advancements in technology, increased adoption of AI across various industries, and the rising demand for automation and intelligent decision-making systems.

Within the AI market, key segments include machine learning (ML), natural language processing, computer vision, robotics, and AI-as-a-service (AIaaS). These segments are witnessing robust growth as businesses seek to leverage AI capabilities to improve e ciency, enhance customer experiences, and gain competitive advantages.

GenAI is projected to have the biggest impact on the financial services sector, with the banking sector set TO GENERATE AS MUCH AS $340BN IN VALUE EVERY

THE STATE OF AI

Globally, companies across di erent sectors including financial services, healthcare and manufacturing increasingly regard the development of strong AI capabilities as essential to remaining competitive. National governments, too, are focusing on the economic potential of AI for their countries.

The innovative technology is set to be the key source of transformation, disruption, and competitive advantage in today’s fast-changing economy. DeepFest’s report shows that companies are deploying AI-based solutions, such as robotic process automation (RPA), to improve process workflows and automate repetitive jobs.

AI-based solutions are also being combined with the Internet of Things (IoT). Many multinational companies are collaborating with industry vendors to integrate AI-based IoT into their production processes, which is driving market growth.

Furthermore, industries such as healthcare, finance, retail, manufacturing, and transportation were among those heavily investing in AI technologies to optimise operations, personalise services, and develop innovative products.

ML and cloud-based AI technologies are widely used by financial services firms, according to DeepFest. GenAI is projected to have the biggest impact on the financial services sector, with the banking sector set to generate as much as $340bn in value every year.

AI is also being leveraged by healthcare firms to streamline work processes from illness diagnosis to administrative work. Similarly, autonomous robots and ML-powered predictive analytics enable manufacturers to simplify processes and enhance production.

The increasingly heated GenAI race has sparked excitement and investment in a technology that has the potential to change the world profoundly. Industry experts expect widespread adoption of the technology across the corporate world over the next 12 months, along with rapid progress in the field.

CHANGING THE GAME

THE SHEER MAGNITUDE OF AI INNOVATION HAS IMMENSE POTENTIAL TO REVOLUTIONISE INDUSTRIES IN THE GCC REGION INCLUDING EDUCATION, HEALTHCARE AND FINANCE

AI

RATES AROUND THE WORLD

Artificial intelligence (AI) is going to be a big game-changer in the global economy, and much of the value potential is up for grabs.

With the growth of AI, questions about how this technology will impact businesses, consumers, and the economy, in general, have emerged. Good or bad, AI is projected to play an outsize role in the global economy by the end of the decade.

AI could contribute 45 per cent of total global economic gains by 2030, according to DeepFest’s Artificial Intelligence - Global and Saudi Arabia Focus 2024 report. China and North America are set to register significant increases in GDP from AI at 26.1 per cent and 14.5 per cent, respectively – totalling $10.7tn and accounting for around 70 per cent of the global economic impact.

Powering this growth optimism is the fact that nearly every industry from finance and legal to manufacturing and entertainment has embraced AI as part of its foreseeable strategy. Backers of AI predict a productivity leap that will generate wealth and improve living standards.

However, economists argue that if medieval advances in the plough didn’t li t Europe’s peasants out of poverty, something similar could happen with AI if it enters our lives in such a way that the touted benefits are enjoyed by the few rather than the many.

Automation through AI could lead to job losses in certain sectors, particularly those involving repetitive tasks. While new jobs may be created, there are concerns about the ability of workers to transition to these new roles and the potential for increased inequality.

AI IMPACT ON GCC ECONOMIES

GCC countries and businesses are beginning to realise the shi t globally towards AI and advanced technologies in the a termath of the fourth industrial revolution.

The sheer magnitude of AI innovation has immense potential to revolutionise industries in the GCC region including education, healthcare, finance, transportation, communication, and manufacturing.

Strategy& forecasted that the GCC region could realise approximately $9.9 of economic growth for every $1 invested in generative AI (GenAI). This indicates a potential overall economic impact of $23.5bn annually by 2030 in the region.

Saudi Arabia and the UAE are expected to experience the largest impact, with a combined annual growth potential of $17.5bn by the end of the decade.

AI USE CASES IN BUSINESS

With the advent of AI and its applications across the globe, AI is enabling many segments to grow and change the way we envision the future. The demand for AIbased tools and systems has surged on account of fast digitisation in all the major segments of the global economy including banking and finance, healthcare, automobile, and telecommunication. DeepFest said AI is being applied through o -theshelf solutions such as virtual assistants and integrated into existing business operations such as IT processes. The ongoing technological advancements are revolutionising organisations worldwide through automation, accessibility, and diverse use cases.

Banking, high-tech, and life sciences are among the industries that could see the biggest impact as a percentage of their revenues from GenAI. McKinsey analysts said the technology could deliver value equal to an additional $340bn annually if the use cases are fully implemented.

Similarly, AI’s potential impact is also significant in retail and consumer packaged goods and is projected to reach $660bn a year.

Overall, the economic impact of AI is significant and far-reaching, shaping industries, labour markets, and societal dynamics in profound ways. Continued research, investment, and thoughtful policy frameworks are essential to harnessing the potential benefits of AI while mitigating its risks.

LONE BRIGHT SPOTS THE VC WORLD’S

GENERATIVE AI STARTUPS SECURED MOST VENTURE CAPITAL INVESTMENTS IN 2023, ACCOUNTING FOR 48 PER CENT OF ALL AI FUNDING

The arrival of OpenAI’s viral ChatGPT triggered a frenzy of venture investment and an abrupt change of course inside the world’s biggest technology companies since late 2022.

The generative AI (GenAI) chatbot’s rapid rise is in some ways an outlier. It reached an estimated 100 million users in the first two months since its November 2022 launch, making it one of the fastest-growing applications in history.

OpenAI is now valued at $86bn a ter a February tender o er that allowed employees to sell stakes in the artificial intelligence (AI) startup. The investment in the creator of ChatGPT is just one of many over the past three years as venture capitalists jostle for a seat aboard the AI rocketship.

Soaring interest rates and a post-pandemic slump have hammered venture capital (VC) funding, making AI one of the VC world’s lone bright spots. A DeepFest report highlighted that despite widespread cutbacks in venture activity in 2023, financing for AI companies remained resilient, decreasing only 10 per cent year-on-year (YoY) to $42.5bn.

The latest data shows that US-based AI startups generated 73 cents for every dollar invested in the AI field in 2023. The world’s biggest economy registered a 14 per cent increase in AI financing, largely because of the previously mentioned model developers, which are all based in the US.

GENAI STARTUPS LEAD THE PACK

GenAI technology has dazzled users and investors with its ability to generate photo-realistic images and human-sounding text in response to just a few words of prompts and has racked up billions in funding for the largest companies.

GenAI startups secured most VC investments in 2023, accounting for 48 per cent of all AI funding, a significant increase from 2022 when the startups accounted for just 8 per cent, according to a DeepFest report.

Large language model developers such as OpenAI, Anthropic, and Inflection received significant funding in 2023, contributing to this rise.

Meanwhile, big tech companies including Microso t, Amazon and NVIDIA have vastly outspent venture capital groups with investments in GenAI startups in 2023, as the established giants use their financial muscle to dominate the much-hyped sector.

Last November, IBM unveiled a $500m venture fund to invest in a range of AI companies – from early-stage to

OPENAI IS NOW VALUED AT$86BN

AFTER A FEBRUARY TENDER OFFER THAT ALLOWED EMPLOYEES TO SELL STAKES IN THE ARTIFICIAL INTELLIGENCE (AI) STARTUP

LAST NOVEMBER, IBM UNVEILED A $500M VENTURE FUND TO INVEST IN A RANGE OF AI COMPANIES – FROM EARLY-STAGE TO HYPER-GROWTH STARTUPS

hyper-growth startups – focused on accelerating GenAI technology and research for the enterprise.

US manufacturer of advanced microchips required to power GenAI, Nvidia participated in an estimated 35 deals in 2023, almost six times more than last year.

Building and training GenAI tools is an intensive process that requires immense computing power and investment. Hence, AI startups prefer to partner with big tech companies that can provide cloud infrastructure and access to the most powerful chips as well as money.

AI STARTUPS RANKED BY FUNDING - 2023

AT A GLANCE

THE EXTENT OF THE ARTIFICIAL INTELLIGENCE SPACE ACROSS THE PLANET IS INCREASINGLY BEGINNING TO IMPACT A WIDENING RANGE OF INDUSTRIES, SECTORS AND VARIOUS MARKETS

(2022)

GLOBAL AI ADOPTION RATE IN BUSINESSES (2017-2022)

GLOBAL AI MARKET SIZE $134.9 BN (2022)

MERGERS AND ACQUISITIONS

THE TOTAL NUMBER OF AI-RELATED M&A DEALS IN 2023 WAS 317, SURPASSING 2021’S PREVIOUS ALL-TIME RECORD OF 316

GENERATIVE AI IMPACT

THE AI TECHNOLOGY IN BANKING MIGHT GENERATE

$200 TO $340BN IN VALUE EVERY YEAR

Generative AI accounted for approximately one-fifth of global AI market revenue

FROM 2018 TO 2023 ($

SHARES WILL BE OPEN TO BOTH FOREIGN AND LOCAL INVESTORS AS THE COUNTRY SEEKS TO ESTABLISH MORE THAN 300 START-UPS IN AI BY 2030. AS PER THE 2030 TARGETS, WE ARE GOING TO TRAIN 40 PER CENT OF THE RELEVANT WORKFORCE IN DATA AND AI. WE WILL ALSO HAVE OVER 20,000 AI AND DATA SPECIALISTS BY THE YEAR 2030. MOREOVER, WE ARE CREATING UP TO 40,000 DIRECT AND INDIRECT JOBS RELATED TO DATA AND ARTIFICIAL INTELLIGENCE.”

ABDULLAH AL-GHAMDI, HEAD OF SDAIA (THE SAUDI DATA & ARTIFICIAL INTELLIGENCE AUTHORITY)

towards advancing AI Investment of more than $6.4bn in advanced technologies, including blockchain and metaverse.

Launched NSDAI (National Strategy for Data & AI) in 2020, with the aim of development, creation, and adoption of data and AI technologies across Saudi Arabia.

ANNOUNCED TOTAL INVESTMENT OF $20BN AI WILL BE “THE BEATING HEART” BEHIND NEOM SMART CITY

$1bn investment towards ‘Tonomus’ (previously NEOM Tech & Digital Company), a subsidiary of the $500bn signature NEOM project (futuristic smart city project part of the kingdom’s Vision 2030 national development plan).

TOP COUNTRIES BASED ON GOVERNMENT

STRATEGY AND OPERATING ENVIRONMENT

SAUDI ARABIA IS AMONG THE LEADING NATIONS ON THE PLANET WHEN IT COMES TO AI GOVERNMENT STRATEGIES AND OPERATING ENVIROMENTS FOR IMPLEMENTATIONS

Saudi Arabia was assessed as having the strongest and most focused governmental strategy in 2023. This can be largely attributed to the establishment of the National Strategy for Data and AI (NSDAI), the presence of a dedicated government authority for artificial intelligence (SDAIA), as well as the allocation of funding and budget for AI initiatives. In this regard, certain countries have stood out.

GOVERNMENT

STRATEGIES FOR AI IMPLEMENTATION

In August 2023, Germany announced plans to almost double its public funding for AI. Meanwhile, in November 2023, China planned to spend $10bn to fund AI innovations.

Also in August 2023, the Spanish government approved the creation of the Spanish Artificial Intelligence Supervisory Agency (AESIA).

Countries such as the Republic of Korea are also using AI to improve government

operations. Similarly, the UK’s National Health Service (NHS) is utilising new AI screening technologies for health and social care.

OPERATING ENVIRONMENT FOR AI IMPLEMENTATION

Among the leading nations providing an enabling operating environment for AI, the most notable fact is that three small Nordic nations top the list, with only China being at a comparative level. Here, there were a few notable events.

AMONG THE LEADING NATIONS PROVIDING AN ENABLING OPERATING ENVIRONMENT FOR AI, THE MOST NOTABLE FACT IS THAT THREE SMALL NORDIC NATIONS TOP THE LIST, WITH ONLY CHINA BEING AT A COMPARATIVE LEVEL.”

Getty Images

COUNTRIES SUCH AS THE REPUBLIC OF KOREA ARE ALSO USING AI TO IMPROVE GOVERNMENT OPERATIONS. SIMILARLY, THE UK’S NATIONAL HEALTH SERVICE IS UTILISING NEW AI SCREENING TECHNOLOGIES FOR HEALTH AND SOCIAL CARE."

In December 2023, European Union lawmakers passed the AI Act. Furthermore, in November 2023, the Danish Government launched a digitisation strategy, with a focus on the development and integration of AI in both the public and private sectors. In the same month of last year, China launched a new data agency (the National Data Administration) to set the norms and standards for data governance.

Going back earlier in the year to August 2023, Hopsworks, an operational AI Platform company, partnered with AI Sweden, as well as the Swedish national centre for applied artificial intelligence, to provide a “testbed” environment to all of AI Sweden Partners.

AI APPLICATIONS

Use Cases

Patients Insights

Internal Coordination

Post-treatment Care Dissemination of Health Information/ Advisory Staff Training

KEY INSIGHTS

AI solutions should improve the lives of patients and providers. On the patient side, data-driven solutions should make the healthcare journey seamless. One area where AI can

serve patients is in self-service options – like appointments, personalised care for preventive measures etc.

On the provider side, they should reduce repetitive administrative work and for them, the

automation of repetitive tasks will be a major area of focus –such as clinical documentation, supporting virtual nursing, etc. There is a lot of excitement around AI and its potential. However, if used in the wrong

FAQ Resolution

Appointment Scheduling

Health and Symptom Tracking

Medical Research and Data Analysis

Remote Patient Care

way or giving the wrong information out, it could present a safety risk for patients. AI acts as an augmentative tool for providers and patients that support healthcare decision-makers.

KEY INSIGHTS

The application of AI in the financial industry has grown exponentially. ML, NLP and deep learning are among the techniques being employed to automate processes, identify

Leverage

patterns, and make datadriven decisions.

The future of AI in finance holds immense potential, with numerous opportunities for businesses to revolutionise their operations,

Fighting fraud

Use Cases

Expansion of big data

Availability of Infrastructure

decision-making, and customer experience. However, the rapid rise of AI also presents challenges that need to be addressed, such as data privacy, ethical considerations, and regulatory uncertainty.

Regulatory requirements

Preventing financial disasters

Customer Relationship

The decision for financial institutions to adopt AI is accelerated by technological advancement, increased user acceptance, and shi ting regulatory frameworks.

BREAKING DOWN THE AI APPLICATIONS SPACE BY SECTOR REVEALS

SOME INTERESTING MARKET SIZES AS WELL AS USE CASES

KEY INSIGHTS

AI is driving a profound transformation in the future of the automotive industry. Automotive industry players are also

using the power of machine learning algorithms to refine the quality of data crucial for autonomous driving systems.

Advancements in AI, such as

reinforcement learning and deep neural networks, will continue to shape the evolution of autonomous vehicles and connected cars. Further integration

of AI into the automotive ecosystem will result in enhanced safety, improved energy eciency, and a seamless driving experience.

KEY INSIGHTS

One of the biggest future trends expected to shape the industry is using AR and VR to provide audiences with more immersive and interactive experiences.

Another trend expected to continue is the growing emphasis on personalisation, which has already been seen in streaming services such as Netflix, Disney and

AI-generated

Amazon Prime.

Finally, as deepfake technology continues to advance, AI is indispensable for developing sophisticated detection tools.

Predictive analysis

Podcasts

Sentiment analysis

Interactive gaming experiences

Virtual assistants for customer support

All these tools play a pivotal role in identifying fabricated media content and preserving the authenticity and trustworthiness of the media landscape.

Special Report / Artificial Intelligence

Market Size (US$ billion)

EDUCATION

$2.7

~36%

2022

KEY INSIGHTS

Education is evolving, and AI is paving the way for more smart content, e cient, and inclusive learning.

With the ability to

Personalized learning

Task automation

Smart content creation

ChatGPT for academic research

Determining classroom vulnerabilities

Use Cases

Closing skill gap

Customized data-based feedback

personalise learning, automate administrative tasks, provide innovative educational content, and much more, AI is creating an exciting future for education.

Moreover, AI-driven platforms can seamlessly integrate with blended learning approaches. They can bridge the gap between online and in-person learning,

24*7 with conversational AI

Decentralized learning systems

AI in examinations Market

o ering students the best of both worlds. This combination can make education more accessible, engaging, and e ective across the economies.

MANUFACTURING

KEY INSIGHTS

AI has been making significant strides in revolutionising manufacturing processes,

Production and quality control

Generative designs

Development of new products

Predictive maintenance

Automation of manufacturing

optimising e ciency, and driving innovation.

By leveraging the power of data analysis, ML, robotics,

additive manufacturing and smart components (like embedded sensors), AI is reshaping traditional

Order and inventory management

Cobots / Robots

Performance optimization

Streamlined paperwork

AI-based connected factory

manufacturing methods and propelling the industry into a new era of intelligent automation.

AI IS CREATING AN EXCITING FUTURE FOR EDUCATION. AI-DRIVEN PLATFORMS CAN SEAMLESSLY INTEGRATE WITH BLENDED LEARNING APPROACHES. THEY CAN BRIDGE THE GAP BETWEEN ONLINE AND IN-PERSON LEARNING, OFFERING STUDENTS THE BEST OF BOTH WORLDS. THIS COMBINATION CAN MAKE EDUCATION MORE ACCESSIBLE, ENGAGING, AND EFFECTIVE ACROSS SEVERAL ECONOMIES.”

SOURCE: GRAND VIEW RESEARCH, APPINVENTIV, BUILT-IN

SOURCE: FORBES, APPINVENTIV, MIT, BUILT-IN

SNAPSHOT SAUDI VISION 2030 FOR AI

FROM SMART CITY PROJECT NEOM TO THE NSDAI, SAUDI ARABIA IS IMPLEMENTING ARTIFICIAL INTELLIGENCE INTO SOME OF ITS KEY PROJECTS ACROSS THE KINGDOM

KEY MILESTONES

Launched NSDAI - National Strategy for Data & AI in 2020, with the aim of development, creation, and adoption of data and AI technologies across Saudi Arabia.

Announced total investment of $20bn towards advancing AI Investment of more than $6.4bn in advanced technologies, including blockchain and metaverse.

Vision: Position Saudi Arabia as the global hub for data and AI and transform its workforce with a steady local supply of data and AI-empowered talents.

$1bn investment towards ‘Tonomus’ (previously NEOM Tech & Digital Company), a subsidiary of the $500bn signature NEOM project (futuristic smart city project part of the kingdom’s Vision 2030 national development plan). AI will be “the beating heart” behind NEOM smart city.

SHARES WILL BE OPEN TO BOTH FOREIGN AND LOCAL INVESTORS AS THE COUNTRY SEEKS TO ESTABLISH MORE THAN 300 START-UPS IN AI BY 2030. AS PER THE 2030 TARGETS, WE ARE GOING TO TRAIN 40 PER CENT OF THE RELEVANT WORKFORCE IN DATA AND AI. WE WILL ALSO HAVE OVER 20,000 AI AND DATA SPECIALISTS BY THE YEAR 2030. MOREOVER, WE ARE CREATING UP TO 40,000 DIRECT AND INDIRECT JOBS RELATED TO DATA AND ARTIFICIAL INTELLIGENCE.”

PROFESSOR ABDULLAH BIN SHARAF ALGHAMDI, THE PRESIDENT OF THE SAUDI DATA & AI AUTHORITY (SDAIA)

MAJOR INFORMATION TECHNOLOGY REGULATORS

DATA MANAGEMENT REGULATORS

Established a network of competent authorities and affiliates to oversee the growth of AI and data-driven technologies and the data management framework

IN OCTOBER 2020, SAUDI ARABIA’S GOVERNMENT ANNOUNCED THAT IT WILL INVEST $20BN IN AI PROJECTS BY 2030, AS IT SEEKS TO DIVERSIFY ITS ECONOMY AMID FALLING CRUDE PRICES.

THESE EFFORTS ARE TOWARDS DIVERSIFYING THE ECONOMY AND REDUCE RELIANCE ON OIL BY FOCUSING ON AI DEVELOPMENT IN VARIOUS SECTORS SUCH AS HEALTHCARE, FINANCE AND EDUCATION.

THE STRATEGY AIMS TO ATTRACT $20BN IN LOCAL AND FOREIGN INVESTMENTS BY 2030, AND TO EMPOWER TOP DATA INSTITUTIONS TO BECOME GLOBAL LEADERS IN AI RESEARCH AND DEVELOPMENT.

KEY DRIVERS AND INVESTMENT POTENTIAL SAUDI’S VISION 2030 AND AI:

ARTIFICIAL INTELLIGENCE LOOKS SET TO PLAY A ROLE IN HELPING SAUDI ARABIA TO ACHIEVE ITS VISION 2030 OBJECTIVIES AND GOALS

KEY DRIVERS FOR AI PROJECTS IN SAUDI ARABIA

Saudi Arabia’s success in artificial intelligence (AI) is due to its focus on developing a domestic AI-enabled digital ecosystem by 2030, which is set to be driven by the following key factors: A 5G-enabled national ICT infrastructure and large-scale adoption and use of data.

The National Centre for Artificial Intelligence(NCAI), which was established in August 2019 in order to drive advancements in AI innovations.

The NSDAI’s foundation and relevant strategies that can help Saudi Arabia become a global leader in AI. The GCC country has also used AI solutions to

simplify the product development process and reduce time to market, leading to success across multiple industries.

INVESTMENT POTENTIAL

The kingdom plans to spend $500bn on education and training by 2030, including developing skills related to AI. It is also investing heavily in building futuristic smart cities, such as NEOM, which is expected to be the world’s most advanced city. AI is expected to play a key role in these smart cities, from tra c management to energy consumption optimisation.

SOURCE:

SAUDI ARABIA HAS ALLOCATED $20BN FOR AI PROJECTS TO ATTRACT LOCAL AND FOREIGN INVESTMENTS. IT IS EXPLORING GREATER POTENTIAL OF OPPORTUNITIES BY INVESTING IN HUGE FUTURISTIC SMART CITY PROJECTS ACROSS THE KINGDOM, AND PARALLELLY TRAINING THEIR MANPOWER TO SCALE UP FOR THE DEVELOPMENTS.”

INVESTMENTS BY SAUDI ARABIA’S

PUBLIC AND PRIVATE SECTORS

BOTH GOVERNMENT-LED INITIATIVES AND PRIVATE SECTOR PLAYERS ARE INVESTING IN THE ARTIFICIAL INTELLIGENCE SPACE IN SAUDI ARABIA

Saudi Arabia has launched a fund for early-stage investments in high-tech companies, aiming to strengthen partnerships with technology pioneers.

The country is also developing domestic technology capabilities, including foundation models for Arabic and English, as well as purchasing Nvidia graphics processing units (GPUs) in order to help power and drive generative AI applications and so tware.

NOTABLE PUBLIC SECTOR DEVELOPMENTS:

December 2023: Saudi Arabia’s Crown Prince and Prime Minister, Mohammed

bin Salman, announced the creation of a $200m fund to invest in local and international firms specialising in advanced technology.

August 2023: Saudi Arabia acquired 3,000 Nvidia GPUs to help power up AI applications and so tware in the country.

September 2022: A landmark $200m deal was inked with SenseTime (an AI

so tware company headquartered in Hong Kong) in order to establish a state-of-theart AI lab in Saudi Arabia.

PRIVATE FUNDING

Saudi Arabia plans to use its largest venture capital funds in order to expand across the Middle East and North Africa region, enhance its Arabic speech-to-text AI service, and support its growing AI and technology sectors.

This development follows in the footsteps of billions of dollars in investments.

NOTABLE PRIVATE SECTOR DEVELOPMENTS:

October 2023: Saudi Aramco’s venture capital arm led a $3.4m round for an Egyptian AI startup dubbed Intella. (Saudi Aramco is the world’s biggest petroleum and natural gas company by market capitalisation.)

February 2023: Saudi Arabia unveiled more than $6.4bn in technology and startup investments at LEAP 2022, the region’s biggest technology event.

IN OCTOBER 2023, SAUDI ARAMCO’S VENTURE CAPITAL ARM LED A $3.4M ROUND FOR AN EGYPTIAN AI STARTUP DUBBED INTELLA.”

AI OPPORTUNITIES UNLOCKING

supporting and strengthening e orts to optimise the benefits of AI technologies and applications for sustainable development.

SAUDI ARABIA HAS FREED UP A COMPARATIVELY LARGE BUDGET TO DEVELOP ITS ARTIFICIAL INTELLIGENCE CAPABILITIES

Artificial intelligence (AI) has shi ted from the peripheries of policy attention to the centre of investment and political focus over the past decade, and Saudi Arabia is implementing several initiatives to make the country one of the most technologically advanced in the world.

“Saudi Arabia has signed several partnerships with international tech companies to advance artificial intelligence, underpinned by the newly-launched National Centre for Artificial Intelligence,” according to DeepFest’s ArtificialIntelligence-Global and Saudi Arabia Focus 2024 report.

AI is seen as a key tool for helping increase the speed, accessibility, and e ectiveness of public sector operations. Saudi Arabia has freed up a comparatively large budget to develop its AI capabilities. To this end, the kingdom has committed to an annual investment of 2.5 per cent of GDP in the research, development, and innovation sector by 2040.

Saudi Arabia plans to spend $500bn on education and training by the end of the decade, including developing skills related to AI. The government seeks to train 25,000 specialists in data and AI by 2030 and simultaneously provide digital training courses in AI and coding to 300,000 middle and high school students.

Similarly, Saudi Arabia’s business community is contributing to the goals outlined by Vision 2030 economic and social reform blueprint that seeks to drive modernisation, diversification, and a brighter future through technology.

Backed by the Saudi Data and Artificial Intelligence Authority (SDAIA), the country’s future-focused enterprises are setting the standard for digital excellence, delivering high-quality products, solutions, and services.

SDAIA signed an MoU with the International Telecommunication Union, a specialised agency of the United Nations, to collaborate on initiatives aimed at

The authority also joined forces with China’s Alibaba Cloud, to jointly develop digital and AI solutions in areas including safety and security, mobility, urban planning, energy, education and health.

Saudi Arabia is significantly investing in futuristic smart cities such as the $500bn NEOM city, which aims to be the world’s most advanced.

Tonomus, NEOM’s cognitive technology unit, is working to integrate AI technology in the building of its flagship project ‘The Line’, a zero-carbon city with robots, holograms and mirrored facades stretching more than 240km and running on 100 per cent renewable energy.

THE GOVERNMENT SEEKS TO TRAIN 25,000 SPECIALISTS IN DATA AND AI BY 2030 AND SIMULTANEOUSLY PROVIDE DIGITAL TRAINING COURSES IN AI AND CODING TO 300,000 MIDDLE AND HIGH SCHOOL STUDENTS

Lifestyle 24

The electric ‘storm’ arrives

We delve into the super fast-paced world of the Rimac Nevera and explore whether it truly lives up to the hype p.66

“To uphold the highest standards of luxury garment care, we meticulously devised a rigorous seven-step garment care protocol. It begins with a thorough measurement and inspection of each garment before the cleaning process commences, ensuring that the dimensions remain unaltered.”

Rami Shaar, co-founder and chief executive o cer, e Finery

Launching in time for Ramadan, the elegant watch’s signature fluted bezel is in 950 platinum, and is paired with a matching stainless-steel bracelet. The viridian green dial is hand finished with a Grain d’Orge guilloche. The applied hour markers and skeletonised delta hour and minute hands are crafted in 18k gold with rhodium plating. It has a calibre PF009 automatic movement.

PARMIGIANI FLEURIER TONDA PF HIJRI PERPETUAL CALENDAR TIMEPIECE

SPARKLING CLEAN

RAMI SHAAR, CO-FOUNDER AND CEO OF WASHMEN, SHARES HOW THE FINERY, THE COMPANY’S LATEST SERVICE, IS SETTING NEW BENCHMARKS IN LUXURY GARMENT CARE

BY NEESHA SALIAN

Washmen has operated in the UAE for more than eight years. How does your latest launch, The Finery, complement the offering of Washmen?

Both Washmen and The Finery prioritise customer satisfaction at the core of their operations. Washmen distinguishes itself through the integration of cutting-edge technology that ensures we deliver highquality laundry on a large scale. Through the implementation of unique RFID tags and QR codes, we meticulously track each garment’s cleaning history, to ensure a satisfying customer experience.

The Finery aligns with Washmen’s customer-centric approach, but caters to a discerning luxury clientele by providing an exceptionally personalised and individualised service for designer and couture clothing. Every item entrusted to The Finery is handled with meticulous craftsmanship and precision.

While Washmen excels at efficiency and scale, The Finery offers a bespoke and artisanal touch, reinforcing our commitment to delivering the utmost quality and satisfaction to our diverse customer base. This synergy further solidifies the legacy of Washmen, ensuring that we continue to be a trusted household name in the UAE for years to come.

What inspired the creation of The Finery and the unique services it offers in the luxury garment care industry?

The launch of The Finery stems from our in-depth market research, which illuminated a critical need within the luxury garment care industry. We recognised that luxury garment owners crave the utmost assurance that their items will be treated with unparalleled care during the laundry process. In response to this demand, we introduced a truly unique and innovative

sub-brand, The Finery, offering up to Dhs10,000 in insurance coverage for any designer clothing or couture item that is received by our facility.

This initiative provides our customers with the peace of mind they seek, ensuring that their items are safeguarded throughout the dry cleaning and laundry process.

To uphold the highest standards of luxury garment care, we meticulously devised a rigorous seven-step garment care protocol. It begins with a thorough measurement and inspection of each garment before the cleaning process commences, ensuring that the dimensions remain unaltered.

Our dedicated team of specialists, equipped with an acute eye for detail, conduct these inspections. Additionally, our quality assurance managers rigorously inspect each garment, ensuring that it receives any necessary finishing touches before it is delivered back to our customers.

Sustainability is a significant concern in today’s market. How does The Finery address the environmental impact when it comes to luxury items and their care?

In today’s market, sustainability is a paramount concern among consumers, particularly in regions like Dubai and Abu Dhabi where the luxury fashion industry is experiencing significant growth. Luxury brands, such as Loro Piana, have begun prioritising sustainability by producing eco-friendly clothing that is both renewable and biodegradable, thereby demonstrating a strong commitment to environmental responsibility.

From a customer’s perspective, The Finery plays a pivotal role in contributing to the sustainability of luxury fashion in Dubai and Abu Dhabi. We recognise that ensuring the longevity of luxury clothing items is essential in mitigating the environmental impact. When these items are treated optimally, their fibres, composition, and colours are preserved, extending their lifespan significantly. This, in turn, reduces the need for frequent replacements and, consequently, minimises waste. It’s crucial to note that our dedication to sustainability is not limited to garments alone; it extends to shoes and handbags as well. These items, which are often subject to accelerated wear and tear, receive the same meticulous care to extend their lifespan, thereby further reducing the environmental footprint of luxury fashion in the region.

How do you use technology to enhance traditional laundry services?

Operationally, we leverage advanced technology, such as UV lights, to detect hidden stains that may remain invisible to the naked eye. This ensures that each garment receives the specialised treatment it requires, safeguarding its integrity and longevity. This is furthered by the state-ofthe-art techniques employed to clean and preserve items adorned with delicate silk, intricate sequins, or intricate embroidery, which safeguard the couture essence.

We also uphold a deeply personal connection with our customers through our concierge team. This human touch is instrumental in understanding the sentimental value of each garment and any additional notes or specific requests the customer may have. It is this collaborative approach that enables us to provide a truly personalised service across our operational regions of Dubai and Abu Dhabi.

The Finery extends its services to businesses in the luxury fashion sector. Tell us about it.

Delicate fabrics and intricate designs often leave customers uncertain about how to care for their luxury clothing and items at home. Trusted solutions are limited.

The Finery envisions itself as the ultimate choice and recommendation for luxury clothing brands, offering a reliable and specialised solution for cleaning and restoring newly purchased high-end items. By doing so, we ensure that luxury fashion brands can confidently deliver impeccable, well-maintained garments to their customers, enhancing their brand reputation and reducing the environmental impact by extending the lifespan of these items.

Furthermore, our services extend to the bridal clothing market as well, encompassing both pre-ceremony and post-ceremony care. In recognising the

THE FINERY OFFERS UP TO DHS10,000 IN INSURANCE COVERAGE FOR ANY DESIGNER CLOTHING OR COUTURE ITEM THAT IS RECEIVED BY OUR FACILITY

cherished garment is in the most capable hands. At The Finery, we approach each customer interaction with the utmost care and attention. Our dedicated concierge team initiates the process by delving into the customer’s emotional connection to their item.

Rami Shaar

significance of bridal dresses, we are committed to expanding our offerings to include bridal clothing preservation.

Tell us about the importance of the personalised customer journey offered by The Finery.

Across industries, we are increasingly witnessing customers seek transparency and a sense of security.

This is only more apparent amongst customers when it concerns their prized couture or designer clothing. Consider a customer who possesses a $2,500 cashmere sweater with significant sentimental value. They will undoubtedly desire that their

“At The Finery, we approach each customer interaction with the utmost care and attention. Our dedicated concierge team initiates the process by delving into the customer’s emotional connection to their item.”

This personal touch sets the stage for a uniquely tailored experience which is subsequently built upon with a meticulous assessment of the fabric and garment to ensure a comprehensive understanding of its unique requirements. We then go a step further by providing the customer with a detailed report, outlining the current condition of their garment and recommending the best approach for its care and preservation.

This level of transparency, coupled with our unwavering commitment to understanding and acknowledging the concerns, offers customers the very peace of mind and reassurance they seek.

By delivering a truly personalised experience that places the customer’s emotions, needs, and preferences at the forefront, The Finery not only satisfies the growing demand for tailored services but also fosters lasting customer loyalty.

Are there any other services that The Finery offers? We offer cobbler and restoration services, tailored for both bags and shoes. Accepting everything from luxury heels to formal footwear as well as fashionable sneakers, craftsmen at The Finery offer an array of services, including leather nourishment, gold plating, accessory replacement, and bespoke offerings adapted to unique preferences.

For those who appreciate the art of patina, the specialised service is also extended by the luxury care expert to ensure every element of one’s ensemble radiates opulence.

OVER THE LAST THREE YEARS, LULULEMON HAS EXPERIENCED IMPRESSIVE DOUBLE-DIGIT GROWTH IN THE MIDDLE EAST.

THE ATHLEISURE BRAND’S ROBUST PERFORMANCE IN THE REGION IS ATTRIBUTED TO ITS SUCCESSFUL PARTNERSHIP WITH MAJID AL FUTTAIM LIFESTYLE, SHARES THE DIVISION’S CEO FAHED GHANIM

PEAK PERFORMANCE

BY NEESHA SALIAN

Athleisure brand lululemon recently opened its 20th store in the Middle East in Dubai’s vibrant urban lifestyle destination, City Walk. The recently launched immersive lululemon studio marks the first-of-its-kind in the region for the brand. We caught up with Fahed Ghanim, CEO of Majid Al Futtaim Lifestyle, to find out more about the Canadian brand’s presence in the region, key trends driving its popularity and other retail developments that will dominate the year. Here are excerpts from the chat.

lululemon has strategically expanded its footprint in the region. Tell us more about how this partnership has strengthened and what are the factors driving its popularity in the Middle East.

In 2015, Majid Al Futtaim Lifestyle

embarked on a transformative journey with lululemon, bringing the global athletic apparel leader to the Middle East with one store in Dubai (the number has now gone up to eight). Today, we have 20 stores across the GCC, with the latest openings including a store in City Walk and a shop-in-shop in our THAT Concept Store, a testament to the brand’s phenomenal success in the region.

This substantial growth can be attributed to several key factors. First and foremost is our deep understanding and integration into the regional fitness culture. The Middle East has witnessed a surging interest in health and wellness, and lululemon’s commitment to fostering a communitydriven approach has resonated deeply with the local audience. The brand’s emphasis on authentic connections with the #thesweatlife community has played a crucial

Fahed Ghanim

“Our strategic move to introduce a lululemon shop-in-shop at THAT Concept Store in Mall of the Emirates is another endeavour to enhance the customer experience. Taking over the ground floor of the store, this elevated shop-in-shop seamlessly integrates lululemon’s luxury sportswear collections with THAT’s premium offerings.”

role in establishing it as a household name in the region.

Over the last three years, lululemon has experienced impressive growth in the Middle East, showcasing the brand’s popularity and its ability to meet the needs of a dynamic and health-conscious consumer base. The commitment of both Majid Al Futtaim Lifestyle and lululemon to redefine the local athletic apparel landscape is evident in the brand’s transformative products and its unique community-led approach.

An integral part of this success story is the extensive community engagement initiatives we have implemented for lululemon, hosting over 100 community events throughout the region last year alone and bringing together more than 6,000 fitness enthusiasts. This not only strengthens the brand’s connection with the local community but also aligns with the broader mission of promoting physical, mental, and social well-being.

lululemon’s product innovation, exemplified by the popularity of the Align™ Pant with regional sales exceeding half a million units annually, showcases its ability to offer a comprehensive head-to-toe solution in performance apparel and footwear. This commitment to excellence, combined with Majid Al Futtaim Lifestyle’s strategic efforts, has propelled lululemon into a position of prominence within the GCC’s athletic apparel market.

Tell us how MAF Lifestyle has evolved the customer experience when it comes to the brand across its stores.

Our ongoing mission for Majid Al Futtaim Lifestyle is to prioritise customer

experience and centricity across all our brands. Since our journey with lululemon began, this commitment has only strengthened, and the recent opening of our 20th store at City Walk is a testament to this dedication.

The immersive lululemon studio at our City Walk marks the first of its kind in the region. This space is not just a retail area, it’s a dynamic hub for various sweat classes. We believe in going beyond traditional retail by offering an engaging environment where fitness enthusiasts can come together, creating a community-driven wellness destination.

Our strategic move to introduce a lululemon shop-in-shop at THAT Concept Store in Mall of the Emirates is another

endeavour to enhance the customer experience. Taking over the ground floor of the store, this elevated shop-in-shop seamlessly integrates lululemon’s luxury sportswear collections with THAT’s premium offerings. The collaboration creates a perfect synergy, catering to customers who seek a blend of performance, fashion, and formal wear apparel.

These initiatives underline our commitment to providing a holistic and inclusive shopping experience. We understand the evolving expectations of our customers, particularly in the fitness-conscious Middle East region and we continue to create a dynamic retail environment that resonates with our customer’s lifestyles and values.

How does Majid Al Futtaim Lifestyle develop the brands it partners with?

First and foremost, our team engages in a deep understanding of the core values of the brand we are partnering with. In the case of lululemon, we recognise and embrace their commitment to well-being, community, and authenticity. By aligning ourselves with these fundamental principles, we can create an environment that not only showcases lululemon’s products but also embodies the essence of the brand.

Simultaneously, we are mindful of the diverse and dynamic local identities within the region. We recognise the importance of weaving these unique cultural elements into the fabric of the brand experience. This

The focus on sustainability and ecofriendly materials in activewear is likely to continue its momentum, aligning with the broader industry shift towards more responsible fashion.

What are some key trends you are seeing when it comes to purchasing patterns, online purchases etc?

HOSTING OVER 100 COMMUNITY EVENTS

involves a thoughtful localisation strategy that respects and resonates with the preferences and values of the local community.

The goal is to create spaces and experiences that feel familiar and relatable to our customers while staying true to the global brand identity. Remaining authentic is a cornerstone of our approach. It’s not about imposing a brand onto a market; instead, it’s about allowing the brand to organically integrate into the local context.

For lululemon, this authenticity shines through in our commitment to fostering a community-led approach.

Athleisure has been gaining ground in the retail segment. Tell us about this trend and what are your predictions for the year. The athleisure trend has undeniably

become a dominant force in the retail segment both regionally and globally. Several factors contribute to its popularity, one significant driver is the growing emphasis on health and wellness. As individuals adopt more active lifestyles, the demand for functional yet fashionable activewear has surged. Athleisure caters to this demand by offering performance-oriented apparel that is also aesthetically pleasing.

lululemon has played a significant role in driving and embodying the athleisure trend.

Predictions for the year and beyond suggest that athleisure will continue to dominate the retail landscape. As the boundary between workwear and casualwear continues to blur, athleisure is expected to remain a staple in wardrobes.

The integration of online and offline channels into omnichannel strategies is becoming crucial, as consumers expect a seamless shopping experience across various platforms. Social commerce is gaining prominence, with consumers not only discovering products on social media but also making direct purchases through integrated shopping features. Personalisation is also a key focus, with consumers valuing tailored recommendations and personalised content.

Sustainability concerns continue to influence purchasing decisions, suggesting a growing awareness and prioritisation of sustainability in consumer choices. Retailers and brands need to align with these values and ensure we are integrating more conscious choices into our offerings.

When shopping in brick-and-mortar stores, consumers are seeking in-store experiences which go beyond transactions. The success of these experiences, however, lies in their ability to stay aligned with customer needs, ensuring that each encounter goes beyond novelty and adds genuine value to the shopping journey.

AN INTEGRAL PART OF THIS SUCCESS STORY IS THE EXTENSIVE COMMUNITY ENGAGEMENT INITIATIVES WE HAVE IMPLEMENTED FOR LULULEMON

AN ELECTRIFYING PERFORMANCE

BOASTING UNPARALLELED POWER, GROUNDBREAKING TECHNOLOGY AND A STUNNING DESIGN, THE RIMAC NEVERA IS A CLASS APART

BY SHIVAUM PUNJABI

Buckle up, petrol heads, because even the most skeptical among us will be floored by the Rimac Nevera, the world’s fastestaccelerating electric hypercar. Named a ter a sudden, powerful storm that whips the Croatian coast, the Nevera lives up to its namesake with blistering speeds of up to 300 kph. It’s so impressive that it even caught the eye of Bugatti, who recently acquired the company (now known as Bugatti Rimac).

Another interesting tidbit: Rimac supplies Pininfarina with the tech to build their Batista, and o ers EV tech solutions to Porsche, Hyundai and Koenigsegg.

Built from the ground up by Croatian visionary Mate Rimac, the Nevera is a dream realised for both engineers and auto fans alike. This record-breaking beast boasts:

• The fastest reverse speed on Earth at 274.74 kph

• A mind-blowing 0-400kph sprint in just 29.93 seconds

It shattered an additional 21 records on a single day at a German test track.

That’s right, 23 speed records toppled in one go. Need we say more? So, how does the hypercar achieve these feats? The Nevera draws power from an H-shaped 120 kWh battery, feeding four

independent motors, one for each wheel, delivering a jaw-dropping 1,914hp. This translates to a super quick 0-100kph in a mere 1.81 seconds.

DRIVES LIKE A DREAM

Strapping myself into the Rimac Nevera felt like entering a spaceship. The minimalist interior, dominated by glowing screens, hinted at the raw power lurking beneath the sleek carbon fibre shell. As I pressed the “start” button, a low hum filled the cabin, the only indication of the electric beast awakening.

The moment I touched the accelerator, the car lurched forward with a force that pinned me to the seat. It wasn’t just fast; it was mind-bendingly quick. The instant torque delivery threw me back, blurring the landscape as the world whizzed past. Imagine the sensation of being catapulted from a slingshot, but smoother, more controlled. Having said that, it also responds well at lower speeds in case you want to

“Strapping myself into the Rimac Nevera felt like entering a spaceship. The minimalist interior, dominated by glowing screens, hinted at the raw power lurking beneath the sleek carbon fibre shell.”

navigate your way through city tra c. It handles speed bumps easily and does not need a front li t in most cases.

Despite its immense power, the Nevera handled like a dream. The electronically controlled suspension kept the car glued to the road, even as I pushed it through tight corners. It felt surprisingly nimble for its size, responding precisely to every flick of the wrist.

The steering is weighted and heavy and lets you take the car accurately through bends, curves and ‘spirited’ driving. The hypercar has seven di erent drive modes:

entire driving dynamics of the Nevara remind me of the Porsche Taycan. It has a similar character but it’s way faster. This is because Rimac’s proprietary so tware manages the torque vectoring, ensuring you have the best performance at any given time.

While the raw speed was exhilarating, the silence of the electric motor added another layer to the experience. It was a sensory assault in the best way possible, the absence of engine noise amplifying the feeling of acceleration and the grip of the tyres.

its design prioritising both style and performance. Butterfly doors add a touch of drama, while the sculpted lines and seamless bodywork convey a sense of aerodynamic e ciency – and it’s needed to cross the 400kph barrier.

A signature “necktie” design isn’t just for looks; it plays a functional role in the car’s impressive aerodynamics. The Nevera is a compelling example of design and engineering working in harmony. The lack of a loud engine adds to its dramatic appeal.

ON THE INSIDE

The interiors of the car are minimalist and futuristic. Gone are the cluttered dashboards and button overload of traditional cars. Instead, the Nevera boasts a spacious cockpit dominated by three high-definition screens, displaying everything from vital driving information to immersive entertainment. Cra ted from the finest materials like Alcantara and carbon fibre, the interior exudes a sense of refined sportiness.

The Rimac Nevera cuts a striking figure,

Every detail, from the sleek steering wheel to the meticulously designed air vents, feels purposeful and designed with the driver in mind. It’s a space that prioritises both comfort and performance, creating an unparalleled driving experience. Rimac has thought of everything: The Nevera even has co ee cup holders.

VERDICT

The Rimac Nevera isn’t for everyone –prices start at Dhs9m, with only 150 cars in production. But for those seeking the pinnacle of electric performance and exclusivity, it’s a dream (on wheels) come true.

Boasting unparalleled power, groundbreaking technology, and a stunning design, the Nevera redefines the hypercar experience.

The SME Story

A dedicated hub for the regional startup and SME ecosystem

INTERVIEW

Solutions to serve needs

We showcase a startup that uses blockchain tech to support retailers and the environment, and a firm that aims to connect food and beverage providers with discerning clients

Venkat Reddy, CEO and co-founder, klipit

Tell us about klipit.

klipit is the world’s first eco-friendly, blockchain-based paperless receipt app –a product that aims to address two major challenges: reducing landfills and providing consumers with a comprehensive digital platform for receipt storage. A recent survey conducted by klipit also indicated that 76 per cent of GCC consumers prefer digital receipts.

By digitising receipts, klipit not only helps businesses reduce their environmental impact but also enables them to save costs, streamline operations, and gain valuable insights into market buying behaviour.

The idea to create klipit stemmed from a personal inconvenience, managing and organising an extensive array of paper

receipts was a cumbersome task and it led us on a search for more sustainable alternatives. This also led to the realisation that there was a universal need for a more e cient, eco-friendly solution.

The company is presently financed through internal funding provided by my fellow co-founders Mohammed Al Bulooki, Asif Ahmed, Bilal Merchant, Ovais Merchant, and me.

Tell us about any upcoming features that users can look forward to.

The klipit app is designed to revolutionise the retail experience by o ering a range of comprehensive features. One of its main functions is secure digital receipt management, which helps streamline the storage and access of receipts, making organisational e ciency much better. The app also prioritises data security, leveraging blockchain technology to ensure the utmost protection of transactional data. The app provides a business analytics functionality that o ers valuable insights to help businesses optimise their operations and make data-driven decisions. Additionally, the app is user-friendly, simplifying transaction processes for both customers and businesses.

Looking ahead, klipit transcends its role merely as a receipt management system, envisioning itself as a transformative platform capable of reshaping customer engagement and refining retail analytics. Our trajectory involves the integration of additional features, such as tailored shopping insights and financial management tools, thereby posi-

tioning klipit as an indispensable facet of daily transactions.

Taking consumer protection to the next level, klipit also plans to introduce TRUklip, a blockchain-based AI and machine learning tool. The tool will enable brands to allocate unique QR codes to each of their products, which will allow consumers to determine the authenticity of the product at the time of purchase while flagging any counterfeit products. The tool will also be equipped with the ability to track the movement of products as they transit from warehouses and factories to retail stores which will further ensure a seamless solution to eliminate counterfeits from the market.

For instance, this revolutionary feature will make for a solid use-case for the pre-loved luxury market, as it o ers consumers a unique NFT (TRUklip Certificate) while purchasing high-value fashion products. This will validate the proof of ownership and allow buyers to verify the product’s authenticity using the TRUklip scanner. By addressing these issues, klipit not only saves billions of dollars spent on non-recyclable paper receipts, but also significantly reduces the global production of counterfeit and fake products, estimated to be valued at over $1.7tn in 2022.

What is the percentage of financial savings expected to be achieved by using digital receipts apps such as klipit? klipit’s digital receipts solution has been designed to reduce costs directly and indirectly, we expect medium to large-scale retailers to see up to 80 per cent reduction

in the cost in terms of printing paper receipts, apart from that the cost of storage space, time involved in logistics, procurement, waste management, and disposal. Furthermore, another indirect cost to highlight is the environmental cost, as most thermal receipts are non-recyclable and go directly into landfills and accumulate over time, causing long-run environmental issues. Hence, the cost of damage to the environment cannot be measured and the condition we leave our environment to our future generations is unimaginable.

Ultimately, solutions like klipit offer a sustainable alternative to traditional paper receipts, significantly reducing paper waste and environmental impact in the long run. By transitioning to digital receipts, businesses can eliminate the need for vast amounts of paper, thereby reducing deforestation and minimising the carbon footprint associated with paper production, printing, and transportation.

A RECENT SURVEY CONDUCTED BY KLIPIT ALSO INDICATED THAT

76% OF GCC CONSUMERS

PREFER DIGITAL RECEIPTS

Tell us about your background.

We bring together over 30 years of finance expertise and notable achievements in the culinary world. This includes the establishment of a four-star New York Times and Michelin-starred restaurant in New York. Additionally, our eight-year experience as business angels in the tech industry underscores our commitment to innovation and emerging business models.

Tell us about YouCater.

YouCater is revolutionising the catering landscape by seamlessly connecting users with top-tier culinary experts. As a dynamic marketplace, we bring together a curated selection of exceptional catering providers, ranging from Michelin-starred chefs to local hidden gems. Our platform simplifies the entire catering process, enabling users to effortlessly discover, book, and experience top-notch culinary services for any event.

What need is YouCater meeting in the market?

The catering market in the GCC is currently fragmented and lacks comprehensive digital solutions, a gap that YouCater

is uniquely positioned to fill. YouCater has introduced an innovative digital platform to streamline catering services, setting a new standard in the industry.

The company solves the challenges of limited visibility for catering providers in a fragmented market, aiming to empower caterers and streamline event planning. YouCater is needed to simplify the process of connecting caterers with customers, supporting local businesses, and enabling culinary exploration for events. What sets YouCater apart is our commitment to diversity and quality.  With a user-friendly interface and strong filtering options, we help users find the perfect match for their specific needs, whether it’s a corporate luncheon, wedding reception, or intimate gathering. We match users with providers who align with their preferences, ensuring a tailored and memorable catering experience.

What are the corporate and consumer benefits offered by the company?

The platform caters to both ends of the spectrum, providing a lucrative

Pic: Getty Images

Sarah and Philippe Dupuy, co-founders, YouCater

YOUCATER OFFERED A TAILORED CATERING SOLUTION FOR THE CONFERENCE’S

OVER 8,000 ATTENDEES

marketplace for the best-in-class catering professionals while offering users (private and corporate) a convenient and reliable solution for their event needs, with a high level of seamless customisation and a tier-like loyalty programme.

For corporates and events agencies, YouCater acts as their procurement arm. Our dedicated account managers ensure their catering requirements are met by providing them with multiple quotes from a variety of providers at zero added cost, as our commission model is derived from our partners.

The scale of events that can be hosted was demonstrated by YouCater’s curation of the F&B offering at the Step Conference, a renowned tech conference in Dubai Internet City. By leveraging our network and placing our partners, we

THE CATERING MARKET IN THE GCC IS CURRENTLY FRAGMENTED AND LACKS COMPREHENSIVE DIGITAL SOLUTIONS, A GAP THAT YOUCATER IS UNIQUELY POSITIONED TO FILL. YOUCATER HAS INTRODUCED AN INNOVATIVE DIGITAL PLATFORM TO STREAMLINE CATERING SERVICES, SETTING A NEW STANDARD IN THE INDUSTRY.

offered a tailored catering solution for the conference’s over 8,000 attendees.

Tell us about your focus on supporting homegrown F&B concepts.

YouCater aims to bring homegrown and

smaller catering businesses to customers through its platform, supporting independent F&B businesses. Championing homegrown concepts, with many independent F&B providers such as 21 Grams, Wise Guys, Lila Taqueria, Reif Kushiyaki, Rascals, Odeon, Maiz Tacos and House of Pops, YouCater is fostering the dynamic homegrown F&B scene in the UAE.

Share your outlook on the events, catering and F&B landscape in 2024. Since the UAE is a melting pot of cultures, there is a wide offering of cuisines, and YouCater provides catering solutions that match the thriving F&B scene in the UAE (Dubai ranks second only to Paris in terms of number of outlets). We are in an era of personalisation, where customers seek ever-more personalised experiences, and YouCater helps hosts design a bespoke and unique event, whether it’s for four or 8,000 guests. People love to follow trends and get inspired; YouCater introduces its customers to new concepts and cuisines, offering suggestions on specific festivities and providing tips and ideas on hosting through our social media and blogs, ensuring novelty when it comes to organising events.

Tell us about your expansion plans.

Our launch comes at an opportune moment, particularly in the UAE, due to several converging factors. The UAE is experiencing a demographic surge, characterised by affluent, multicultural households that value hospitality and social gatherings, thereby creating a significant demand for highquality catering services. This aligns perfectly with YouCater’s expertise in offering premium culinary experiences.

The UAE and the GCC have become a global hub for events, from corporate conferences to cultural festivals. This creates numerous opportunities for YouCater, which aims to provide sophisticated services for such high-profile events.

Pic: Getty Images

How diversity fuels progress

Governmental initiatives in countries including Saudi Arabia and the UAE are paving the way for greater female representation in senior and leadership roles, but we still have a long way to go, shares Ishita Sood

Having established a technology startup in the Middle East, I’ve been both an active participant and a keen observer of how the path for women in tech is evolving in our region.

The potential of technology to make life better is enormous: its potential to revolutionise, improve and streamline construction for everyone – from site owners to workers – is what attracted me to my current role in the first place.

But when I was growing up in India, I was conscious of expectations around me, and as a young woman focused on her career, I experienced encouragement, as well as the weight of more conservative expectations. Today, even though I work in an organisation

that has women in several leadership positions, I see that the route for women in technology is still beset with barriers.

A 2023 McKinsey & Co report noted: “Across all industries and roles, women are promoted at a slower rate than men. Indeed, only 86 women are promoted to manager for every 100 men at the same level. The gender gap for women in technical roles is more pronounced, with only 52 women being promoted to manager for every 100 men.”

Societal norms in many cultures still see women gravitate away from sciences and the perceived ‘masculine’ industries such as construction. Overall, the figures are still cause for concern. Casual sexism in the workplace is still a reality for many women.

The United Nations noted in its March 2023 Commission on the Status of Women that women still make up only 35 per cent of students in STEM education. Women hold less than one third of positions in the technology sector and only 22 per cent of jobs in the artificial intelligence (AI) arena.

Societal norms in many cultures still see women gravitate away from sciences and the perceived ‘masculine’ industries such as construction. Overall, the figures are still cause for concern; as when women do ‘break’ into these industries, their contributions are often significant.

TECHNOLOGY NEEDS TO FOSTER DIVERSITY AND EQUALITY

Leading a company that is deeply invested

in both construction and technology, I’ve seen how diversity fosters creativity, drives innovation, and ultimately leads to better business outcomes. However, despite the undeniable benefits, the representation of women in these fields remains disproportionately low.

International organisations such as Girls in Tech, or Women in Construction Tech play a vital role in seeing more women into construction technology (#contech as it is referred to within the industry), but meaningful change must be encouraged at a governmental level, as well as by active and involved participation in the private sector.

These initiatives aim to bridge the gender digital divide by empowering women and girls to participate fully in the digital economy. While significant progress has been made globally, there’s still much work to be done, especially in regions like the Middle East, where cultural norms and societal expectations have historically limited women’s participation in these sectors.

Thankfully, governmental initiatives in countries including Saudi Arabia and the UAE are paving the way for greater female representation in senior and leadership roles in general, including in construction and technology. In recent years, both the kingdom and UAE have implemented policies and programmes aimed at encouraging women to pursue careers in STEM fields and providing them with the support and resources needed to succeed.

In Saudi Arabia, Vision 2030, a comprehensive reform plan aimed at diversifying the economy and reducing dependence on oil, has placed a strong emphasis on empowering women and enhancing their participation in the workforce. Similarly, the UAE government has launched various initiatives, such as the Gender Balance Guide and the UAE Gender Balance Council, to promote gender equality and empower women in all sectors, including construction and technology.

However, while these initiatives are a step in the right direction, real change requires collective action from businesses, government, and society. Companies that ignore the importance of diversity do so at their own peril, not only in terms of social responsibility but also from a business perspective.

Study a ter study has shown that diverse teams are more innovative, perform better, and are better equipped to adapt to an ever-changing business landscape. In

The gender gap for women in technical roles is more pronounced, with only 52 women being promoted to a manager’s role for every 100 men.

the construction industry, for example, diverse teams bring di erent perspectives and experiences to the table, leading to more creative problem-solving and better decision-making. Similarly, in the technology sector, diverse teams are more adept at understanding and catering to the needs of diverse user bases, leading to more inclusive and user-friendly products and services.

Moreover, embracing diversity isn’t just the right thing to do; it’s also good for the bottom line. Research has consistently shown that companies with diverse workforces are more profitable and financially resilient than their less diverse counterparts. McKinsey’s Diversity Matters report found that companies in the top quartile for gender diversity are 15 per cent more likely to have financial returns above their respective national industry medians.

As leaders in the construction and technology sectors, we have a responsibility to inclusive environments where everyone, regardless of gender, can do well. This means implementing policies to attract diverse talent and fostering a culture of inclusivity from the top down. Let’s break ground and build a future where everyone has an equal opportunity to succeed.

The writer is the co-founder and COO at WakeCap, a construction technology company with o ces in Dubai, Saudi Arabia and San Francisco.

Pic: Supplied

Ishita Sood

Betting on blockchain

Can blockchain startups thrive in the MENA region? We find out

BY GREGORIOS SIOUROUNIS, MANAGING DIRECTOR OF SUI FOUNDATION

The Gulf Cooperation Council (GCC) and MENA region have become fertile ground for blockchain startups, with many countries emerging as ‘hotbeds’ or ‘crypto hubs’. As the allure of blockchain technology continues to grow, governments and businesses alike are racing to embrace its transformative potential. With this limitless potential in mind and an increase in support mechanisms popping up throughout the region, how easy is it for blockchain startups to thrive in the MENA landscape?

GROWING SUPPORT

Undoubtedly, the burgeoning landscape of the GCC and MENA region offers a structured foundation with ample tools for blockchain startups to grow. For instance, the UAE has developed (and is still developing) a robust infrastructure that permeates through multiple initiatives. Multiple free zones have been established in different Emirates to not only encourage blockchain and Web3 startups to grow, but also to develop and nurture the current technological ecosystem present in the country. Additionally, these zones not only provide technical and networking support but also serve as collaborative hubs.

Furthermore, government involvement and regulatory initiatives play a pivotal role in catalysing blockchain startup growth in other areas of the GCC. For example, Saudi Arabia has been at the forefront of integrating blockchain technology and cryptocurrency into various sectors through its Vision 2030 initiative — and this has been a prevailing trend among numerous regional “crypto hubs”.

In other prominent crypto-friendly regions such as Singapore or even Malaysia, governments have implemented measures and initiatives to support cryptocurrency and blockchain technology that

are aligned with the future strategic goals of their respective countries. The proactive approach they have taken has provided local blockchain startups with an important sense of regulatory certainty and fuelled industry growth and investment.

Beyond infrastructure and government support, regulatory clarity plays a pivotal role in shaping the blockchain ecosystem.

The joint initiative between Saudi Arabia’s Central Bank and the Central Bank of the UAE to utilise blockchain for crossborder transactions exemplifies this. Such initiatives not only provide startups with regulatory certainty but also unlock new opportunities, particularly in sectors with complex logistics chains like oil and gas, and consumer goods.

LIMITED ACCESS TO CAPITAL

Despite the supportive environment, access to capital remains one of the significant hurdles for blockchain startups in the region.

The decline in investment from venture capitalists, coupled with a notable decrease in crypto VC funding, has created a challenging fundraising landscape. According to a report by Magnitt, there has been a staggering 50 per cent decrease in investment from venture capitalists to blockchain startups in MENA from 2022 to 2023. This decline in investment poses a formidable barrier to growth and innovation within the blockchain ecosystem.

Other key challenges could include the high energy costs in the UAE and the region’s emphasis on sustainability which pose significant obstacles for startups looking into cryptocurrency mining. The UAE aims to derive 50 per cent of its energy from renewable sources by 2050, as outlined in its Energy Strategy 2050. Consequently, startups venturing into cryptocurrency mining face substantial operational costs, making it a challenging endeavour.

Finally, there are reservations regarding willingness to work in the blockchain and Web3 sector, making it more challenging or startups to recruit talent. Additionally, the scarcity of skilled professionals in blockchain further compounds the talent shortage. This talent gap underscores the growing need for education and training programs to cultivate the next generation of blockchain talent. Recognising the importance of education and training programs, efforts are underway to develop the next generation of blockchain talent. For example, initiatives such as the Mohammed bin Rashid Al Maktoum Global Initiative aim to equip students and professionals with the necessary skills to thrive in the blockchain industry. Beyond this initiative, the Ministry of Education in the UAE has included information about Bitcoin and cryptocurrency in school textbooks.

THE FUTURE OUTLOOK FOR THE BLOCKCHAIN ECOSYSTEM

As we consider the journey of blockchain startups in the region, it’s apparent that challenges are present. However, equally evident is the region’s prompt recognition of these hurdles and its proactive steps to overcome them. Governments across the region are increasingly cognisant of the challenges and are swiftly moving to provide support and create an enabling environment. The MENA 2023 VC Winter, while a testament to the resilience required in this space, has begun to thaw. This resurgence of investor confidence signals a promising shift in sentiment towards the region’s blockchain ecosystem — and rightly so. Contrary to other regions globally, MENA and GCC governments are committed to supporting blockchain technology, startups have opportunities to flourish, and investor confidence is on the rise — making the future outlook of the blockchain ecosystem for 2024 shine bright.

In