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August 2023 PUSHING BOUNDARIES/ 3S Money’s Evangelos Kaldelis P.93 DOING IT ALL/ Malaak founder Lily Kandalaft P.15 A LEAP OF FAITH/ Wakecap Co-founder and COO Ishita Kochhar P.76 Enterprise head honchos talk strategy, industry-specific tactics, and professional challenges FOLLOW THE Leader Leaders in Fintech Awards 2023 THE RECAP P.84 Rola ABU MANNEH Ammar AFIF Dena ALMANSOORI H.H. Shaikha Jawaher AL KHALIFA Mohammad A. BAKER Mohamad Sami BALLOUT Aloki BATRA Kathy BLOOMGARDEN Elisa BRUNO Dr. Hamid HAQPARWAR Panchali MAHENDRA Salama MOHAMED Smita PRABHAKAR Mohammed SALEEM Alizar TAWIL Natalia VODIANOVA

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6 / ENTREPRENEUR.COM / August 2023 Contents/ August 2023 P.20 Follow The Leader Enterprise head honchos talk strategy, industry-specific tactics, and professional challenges AMMAR AFIF H.H. SHAIKHA JAWAHER AL KHALIFA DENA ALMANSOORI MOHAMMAD A. BAKER MOHAMAD SAMI BALLOUT KATHY BLOOMGARDEN SALAMA MOHAMED MOHAMMED SALEEM ALIZAR TAWIL P.50 Lessons on Leadership (From leaders of note in the MENA) ALOKI BATRA ELISA BRUNO DR. HAMID HAQPARWAR PANCHALI MAHENDRA ROLA ABU MANNEH SMITA PRABHAKAR NATALIA VODIANOVA FEATURES IMAGE COURTESY ALIZAR TAWIL ← ALIZAR TAWIL is the founder of Jordan- headquartered modest wear brand Ruuq.

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10 / ENTREPRENEUR.COM / August 2023 EDITOR IN CHIEF Aby Sam Thomas aby@bncpublishing.net CEO Wissam Younane wissam@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury MANAGING EDITOR Tamara Pupic tamara@bncpublishing.net FEATURES WRITER Aalia Mehreen Ahmed aalia@bncpublishing.net EDITORIAL INTERN Gina Bagnulo DIGITAL SOLUTIONS DIRECTOR Mahdi Hashemi mahdi@bncpublishing.net HEAD OF INNOVATION Sarah Saddouk sarah@bncpublishing.net GROUP SALES DIRECTOR – B2B GROUP Joaquim D’Costa jo@bncpublishing.net COLUMNIST Tamara Clarke CONTRIBUTING WRITERS Fida Chaaban, Dipesh Depala, Devina Divecha, Reim El Houni, Ayman Fakoussa, Ishita Kochhar, Eddy Massaad, Evangelos Moustakas, Ruwaida Abela Northen SUBSCRIBE Contact subscriptions@bncpublishing.net to receive Entrepreneur Middle East every issue COMMERCIAL ENQUIRIES sales@bncpublishing.net ENTREPRENEUR.COM Access fresh content daily on our website All Rights Reserved 2023. Opinions expressed are solely those of the contributors. Entrepreneur Middle East and all subsidiary publications in the MENA region are officially licensed exclusively to BNC Publishing in the MENA region by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. Printed by United Printing and Publishing. PO BOX 502511 DUBAI, UAE P +971 4 4200 506 Contents August 2023 71 The Ageless Screen Media, content, TV expert and speaker REIM EL HOUNI highlights the importance of television in a digitized world. 74 Getting one’s ducks in a row THE QODE co-founders Ayman Fakoussa and Dipesh Depala track their lux journey, from startup to acquisition. 76 A leap of faith WakeCap co-founder and COO ISHITA KOCHAR on what it takes to succeed as a woman in a male- dominated industry. 84 Leaders In Fintech Awards 2023 Meet the individuals and enterprises that are shaping the future of the MENA region’s fintech ecosystem. ‘TREPONOMICS 93 Pushing boundaries EVANGELOS KALDELIS, 3S Money’s CEO for the MENA region, on building a fairer financial world for businesses. 98 Bringing together France and the GCC Business France’s Laurent Saint Martin and Axel Baroux look back on the inaugural edition of Vision Golfe. 104 “We got funded!” The story behind the recent fundraising success seen by MENA- born startups NOMU, KASO, and ALFII. 64 Kale Yeah! JRN Consultancy co-founder RUWAIDA ABELA NORTHEN takes a closer look at the journey towards wellness, from A to Zen. STARTUP SPOTLIGHT BUSINESS UNUSUAL EntMagazineME Entrepreneur-me ↑ AYMAN FAKOUSSA and DIPESH DEPALA, co-founders of The Qode P.74

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12 / ENTREPRENEUR.COM / August 2023 Editor’s Note/ Editor’s Note/ O f late, I have been finding myself approached by people with requests for meetings or calls for them to “pick my mind,” or to just “catch up,” even if we have never really interacted with each other prior to that particular moment. Such invitations always leave me a bit perplexed- not only are they assuming a level of familiarity with me that almost certainly doesn’t exist, they also seem to have a rather presumptuous expectation of my time and willingness to engage with whatever they have to say. That said, if I were to then ask them instead to state in an email their intentions for this rendezvous they are proposing, I find that that many -if not most- of these meeting-seekers are curiously unable to articulate their apparent conversation starters in writing, as though they don’t wish to put in the work to make me understand why they are seeking my time. I believe that this phenomenon is a result of an overestimation of the “power” of networking, wherein the focus is on the association that results from the interaction, as opposed to the value exchanged in it. Let me state here for the record that just forging a “connection” with someone does not at all guarantee that they are going to help further your goals or ambitions. But in an era where instant gratification has almost become the order of the day, immediate benefits are expected -sometimes even demanded- from even those with whom we’ve had a fleeting encounter, without even bothering to ask, well, why should they do anything for you- what’s in it for them? That’s the shift in perspective I’d like to urge everyone to embrace as they go about asking others for anything from catchups to calls. Yes, “your network is your net worth,” but that doesn’t happen just like that- relationships take time to build, and there’s a lot more work that needs to go into it for them to develop and grow. More often than not, we tend to be always looking for ways to extract value from those we are keen on building relationships with, when we should actually be thinking about how we can contribute value to them- or, at the very least, make it meaningful for them to want to contribute to our proposition. In Late Night, a 2019 Hollywood movie that stars Academy Award-winning actor Emma Thompson as a television host/standup comedian, the character she plays makes it a point to end all of her performances with the line: “I hope I’ve earned the privilege of your time.” Maybe that’s the ethos we should strive for in our everyday interactions? Just a thought. Aby Sam Thomas Editor in Chief @thisisaby aby@bncpublishing.net VALUE EXCHANGE What it takes to “earn the privilege” of someone’s time

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15 August 2023 / ENTREPRENEUR.COM / Doing It All How Lily Kandalaft built Dubai-based maternity and childcare agency Malaak Mama and Baby Care while nursing her first child and while keeping a corporate job. by TAMARA PUPIC ← LILY KANDALAFT, founder of Dubai- based maternity and childcare agency Malaak Mama and Baby Care. IMAGES COURTESY MALAAK MAMA

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16 / ENTREPRENEUR.COM / August 2023 To a certain extent, Kandalaft’s story is typical of a necessity- driven entrepreneur, and in this case, of a new mother starting up a business to fill the gap in pre- and post-natal care in the GCC to support mothers like herself throughout parenthood. But Kandalaft’s entrepreneurial journey is also unique, because she built her business, while both keeping her corporate job, and navigating the demands of motherhood- that’s three roles she enacted at the same time. “I was on my maternity leave from my corporate job at confectionery manufacturer Mars GCC when I realized this gap in the market, and decided it was worth exploring,” Kandalaft explains. “After my maternity leave, I returned to my corporate job, and opened Malaak on the side, using part of my salary and savings to fund the business. After nine months of juggling two jobs and raising a baby, I spoke to my manager, and I asked to take a sabbatical to really put my all into the business. Thankfully, he was incredibly supportive, and he helped me take the plunge faster, knowing that I had my job still waiting for me, should this business venture fail. I realize how incredibly blessed I was to have a manager like that at the time.” Born in Jordan and raised in the UAE, Kandalaft had a number of prestigious degrees under her belt that led to a career across the banking and fast moving consumer goods (FMCG) sectors in Canada and the UAE before setting up Malaak. She holds a bachelor’s of science in management degree from McGill University in Montreal, Canada, and a master’s of science in finance degree from the London School of Economics, London, UK. Today, Kandalaft is a mother to three boys (Ryan, Zayden and Michael), but the story of Malaak starts in 2013 when she gave birth to her first child. Looking back on that crucial period of starting up a business, Kandalaft now appreciates her own strength and ability to simply take the plunge, because “the best way to assess if a business will work is actually testing it out.” She adds, “I’m generally not a person that does financial models for ideas before venturing into them, and I find forecasts beyond one year unreliable, as no one can really predict what will actually happen, or the opportunities that will arise. I don’t think I even did a financial model for Malaak before setting it up! I just focused on the fact that as a new mom, the quality, service, offering and value that I was looking for in the childcare market did not exist, and I needed to create it for myself and for other moms going on this journey.” In a span of 10 years, Malaak has grown from just six people as staff, to a team of more than 200 people servicing thou- sands of families in the UAE and Qatar. “Choosing your team -both at home and in the office- is extremely important, B/The Big Idea BECOMING A MOTHER IS CHALLENGING, AND ONE OF THE MOST DAUNTING PARTS IS THE STRUGGLE OF LEAVING YOUR BABY AT HOME WHILE YOU PURSUE YOUR CAREER.” I t was ‘mom guilt’ that inspired me to establish this business,” says Lily Kandalaft, founder of Dubai-based maternity and childcare agency Malaak Mama and Baby Care. “Becoming a mother is challenging, and one of the most daunting parts is the struggle of leaving your baby at home while you pursue your career.” ↑ Kandalaft had a career across the banking and fast moving consumer goods sectors in Canada and the UAE before setting up Malaak.

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17 August 2023 / ENTREPRENEUR.COM / because choosing people you trust, and who will challenge you, and not always tell you what you want to hear is crucial, and I am blessed to have this both at home and in the workplace,” Kandalaft says. “Building and growing a business is very challenging; so, surrounding yourself with a strong support system of mentors, peers, and friends who are positive, yet challenge you, and believe in your vision is everything.” Another lesson that she has learnt over a decade of running a business is to get comfortable with feeling uncomfortable. “I have learnt that we will never be able to control everything, and you need to be agile when faced with hurdles, because, as an entrepreneur, the hurdles are constant,” Kandalaft says. “I now see the hurdles very differently, and I think of them as, ‘What am I learning this time? How are we growing and getting better through this?’” Such an ethos helped Kandalaft when the COVID- 19 pandemic hit the world at large- while her business was affected thanks to the quarantines and strict health and safety measures for childcare service providers that were imposed at the time, she today remembers this period as a transforma- tive experience that taught her to embrace uncertainty. “It was the first time that I was genuinely worried whether our business would actually survive, and I had to maintain a strong front to my team, who were understand- ably concerned about their job security and future,” she explains. “However, amidst the chaos of the COVID-19 crisis, I discovered the beauty of relinquishing control, and I learned to appreciate the unpredictable nature of the situation. I embraced patience, and upheld our core values, recognizing the need for consistency, as we navigated through this crazy time.” Kandalaft thus credits her venture’s ongoing growth to sticking to its values of honesty, quality, responsibil- ity, and passion, throughout the years. At the same time, Malaak’s services have expanded to offer support to families throughout their parenting journey, from pregnancy all the way to early toddler development. In addition, the Malaak team has created a community of parents who regularly meet over weekly coffee mornings for networking or learning }} → The MALAAK team has created a community of parents who regularly meet over weekly coffee mornings for networking or learning from experts. I’M GENERALLY NOT A PERSON THAT DOES FINANCIAL MODELS FOR IDEAS BEFORE VENTURING INTO THEM, AND I FIND FORECASTS BEYOND ONE YEAR UNRELIABLE, AS NO ONE CAN REALLY PREDICT WHAT WILL ACTUALLY HAPPEN, OR THE OPPORTUNITIES THAT WILL ARISE.

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18 / ENTREPRENEUR.COM / August 2023 B/The Big Idea from experts. “Our guiding principles have helped us stay true to who we are,” she says. “This consistency is what has allowed us to maintain our position as leaders in the market, as they are always our guiding principles, while we navigate complex and emotional situations in our business. We are a people business, and a lot of our work is about balancing the needs of our team with the needs of our clients and their families; so, it is important to embrace our values to guide us through these challenging situa- tions.” As she celebrates a decade in business in the UAE, Kandalaft appreciates the country’s efficient business registration processes with lots of support from online resources and friendly local officials. However, she adds, “Running a business in the UAE is expensive for SMEs, as the regulatory framework has ever-changing rules and regulations, which adds complexity and unexpected financial costs. Creating a forum where SMEs can openly share their feedback and experiences regarding the challenges they face, while running their companies, would be invalu- able. This platform would allow SMEs to learn from each other, and allow the UAE to learn from these valuable insights to strive towards becoming even more business-friendly.” Looking at the road ahead for her enterprise, Kandalaft says she and her team will be training their focus on automating key areas of the business, while maintaining the personalized client expe- rience, “as we expand into other geographical markets, and expand our service offerings.” As for how Kandalaft plans to guide her team towards achieving the aforemen- tioned goals, she reveals that her leadership mantra is two-fold: lead by example, and lead with empathy. “Firstly, exemplify the behaviours and values that you expect from your team,” she explains. “Display unwavering integrity, demonstrate genuine empathy, and hold yourself accountable for your actions. Next, understand and empathize with the challenges, needs, and emotions of your teams and clients. Through empathy, you gain a deeper under- standing of their challenges, enabling you to find effective solutions, and you’ll thus be able to foster a supportive environment where individuals feel genuinely understood and valued.” I HAVE LEARNT THAT WE WILL NEVER BE ABLE TO CONTROL EVERYTHING, AND YOU NEED TO BE AGILE WHEN FACED WITH HURDLES, BECAUSE, AS AN ENTREPRENEUR, THE HURDLES ARE CONSTANT, → In a span of 10 years, MALAAK has grown from just six people as staff, to a team of more than 200 people servicing thousands of families in the UAE and Qatar.

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RAKCERAMICS.COM Imagine a space where your inspiration can run free. A world that tells your own story, every single day. At RAK Ceramics we help create the perfect living space, for you and your loved ones. Imagine your space. IMAGINE YOUR SPACE

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20 / ENTREPRENEUR.COM / August 2023 FOLLOW THE Leader Enterprise head honchos talk strategy, industry-specific tactics, and professional challenges

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21 August 2023 / ENTREPRENEUR.COM / Ammar Afif Co-founder and CEO, Cashew H.H. Shaikha Jawaher Al Khalifa Founder and Chairperson, Green Aventurine Holding Dena Almansoori, Founder and CEO of WhiteBox HR, and Group Chief Human Resources Officer at e& Mohammad A. Baker Deputy Chairman and CEO, GMG Mohamad Sami Ballout CEO, AWJ Kathy Bloomgarden CEO, Ruder Finn Salama Mohamed Founder, Peacefull Mohammed Saleem Founding Chairman, Trescon Alizar Tawil Founder, Ruuq

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22 / ENTREPRENEUR.COM / August 2023 Mohammad A. Baker Deputy Chairman and CEO/GMG by DEVINA DIVECHA FOLLOW THE Leader S urvival of the fittest is an adage that applies quite well to the world of business: after all, the ability to innovate and adapt is essential for success. And it’s with that mindset that second-generation Emirati businessman Mohammad A. Baker, Deputy Chairman and CEO of GMG, has embraced change, and transformed a local UAE retail company into a global well-being firm. To put that into context, GMG started life in 1977 as a single butcher’s shop, and today, it is a family-owned retail conglomerate with an expanding global presence. And despite its current wide footprint (GMG has expanded across verticals, and it also has a presence in 12 countries with more than 600 stores), Baker insists on running the company like, well, a larger version of a typical entrepre- neurial enterprise. “We are not scared of mistakes or new ideas,” Baker says. “In a way, our mentality is more like that of a startup.”

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23 August 2023 / ENTREPRENEUR.COM / ↑ Deputy Chairman and CEO, MOHAMMAD A. BAKER at the company’s end-of year-gathering at its Dubai offices in 2021. ↑ MOHAMMAD A. BAKER, Deputy Chairman and CEO of GMG (L) and SALMEEN OBAID ALAMERI, CEO of Silal (R) at the Silal-GMG MoU signing ceremony. Baker’s ethos comes at a time when the MENA startup ecosystem is experiencing rapid growth, driven by increased entrepreneurial activity, favorable investment conditions, technological innovation, and supportive government initiatives. “While challenges persist, the region’s potential for further development, and its vibrant entrepreneurial spirit make it an exciting and promising landscape for startups and investors alike,” he notes. “At GMG too, despite our global presence, we still operate like a large startup- believing that everything is achievable. We are an organization that always dares to challenge the status quo. We strongly believe that ‘we must be the change we wish to see’- this is a big part of our GMG DNA, and reflective of our startup and entrepre- neurial mentality.” Of course, GMG was very much a startup when it was launched more than four decades ago. After its start as a single shop, it started retailing, distributing, and manufactur- ing a portfolio of international and homegrown brands across the sport, food, and health sectors. Today, GMG encom- passes five key verticals: GMG Sports, GMG Everyday Goods, GMG Health and Beauty, GMG Properties, and GMG Logistics. “Sports is the biggest by volume and brands, but also by footfall and footprint,” Baker explains, adding that with more than 90+ brands and 500+ stores globally, GMG Sports has become the corner- stone of the company’s success. However, its Everyday Goods division, covering retail operations, food manufacturing, and distribu- tion functions, is rapidly growing, which is enabling GMG to cover the entire food con- sumption chain “from farm to fork.” The journey of this homegrown company has been fueled by high-profile acquisi- tions, onboarding prominent interna- tional brands, and geographical expan- sions- its vast portfolio includes notable homegrown brands such as Sun & Sand Sports, Dropkick, Supercare Pharmacy, Farm Fresh, Klassic, and international brands like Nike, Columbia, Converse, Timber- land, Vans, Mama Sita’s, and McCain. All of these have served to make GMG a prominent player in the MENA and, now, Asia- the company entered the latter market in December 2020 with its acquisition of Singapore-headquar- tered Royal Sporting House (one of the largest multi-brand sports retailers in Southeast Asia), which was the first step in GMG’s global expansion. “Asia presents immense potential for GMG, with Asian consumers offering a $10 trillion growth opportunity,” Baker says. “We continued our momentum by acquiring Nike-exclusive stores from SUTL Corporation in Singapore and Malaysia in April 2022. And, recently, we announced our plans to accelerate growth in Southeast Asia by opening 100 stores by 2025.” Baker’s efforts also show a firm commitment to the Middle East and North Africa (MENA) }} “AT GMG TOO, DESPITE OUR GLOBAL PRESENCE, WE STILL OPERATE LIKE A LARGE STARTUP- BELIEVING THAT EVERYTHING IS ACHIEVABLE.”

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24 / ENTREPRENEUR.COM / August 2023 markets. In 2021, GMG entered Iraq and Egypt, marking significant milestones for the company. Notably, GMG launched Iraq’s first Sun & Sand Sports store, and it also revealed its plans to open seven more stores in prominent locations within three years. Furthermore, GMG revealed plans to open more than 100 sports retail stores in Egypt by 2026, while also establishing its African headquarters in Cairo in March 2023. In July 2023, GMG announced a franchise agreement with UK-based global sports retailer JD Sports to bring their stores to the Middle East. Under the agreement, GMG will open around 50 JD Sports stores in the region, further expanding the company’s retail presence. GMG also entered the food retail industry in April 2022 through its acquisition of the Middle East operations of French retailing giant Groupe Casino’s brands, which include Géant, Franprix, Monoprix, and Monop. In July this year, the company also ventured into the houseware market with the launch of Mono- prix Maison, opening the first of the concept outside France in Dubai. Earlier, in February 2023, GMG acquired retail firm aswaaq LLC, including its compa- nies operating in retail, trading, and properties. This year has also seen Baker fortifying GMG’s commitment to supporting the UAE’s National Food Security Strategy 2051 through the launch of five food manufac- turing factories in the UAE. This includes the world’s second-largest fully automated Himalayan pink salt manufacturing facility in Mina Jebel Ali, one of UAE’s largest food manufacturing facilities to process added-value meat, poultry, and seafood items in Dubai Investment Park, as well as a dedicated herbs and spices factory in Jebel Ali Free Zone (JAFZA). Baker acknowledges that GMG’s global expansion journey has been filled with challenges and discoveries. Navigating different regulatory frameworks, cultural nuances, and business practices in various countries were something to seriously consider amid this process. “When you expand a local operation to a global scale, you are bound to be faced with some hurdles,” Baker says. “It is, therefore, important to look at these as opportunities, and never be afraid of them.” Here, he references the company’s entry into the Asian market, saying, “For example, at the end of 2020, when business sentiment was low, and markets were down, we saw an opportunity, and we took a bold step by entering Asia through the acquisition of the popular Royal Sporting House brand.” To ensure smooth operations in this new market, GMG put a lot of investment into a variety of strategies. “We invested in thorough market research, formed strategic partnerships with local entities, and hired professionals with local expertise,” Baker explains. “Building strong relationships with stakeholders, and continuously learning from our experiences were crucial in overcoming these obstacles. To adapt and cater to different cultures and business environments, we employed strategies such as hiring diverse talent BUILDING STRONG RELATIONSHIPS WITH STAKEHOLDERS, AND CONTINUOUSLY LEARNING FROM OUR EXPERIENCES WERE CRUCIAL IN OVERCOMING THESE OBSTACLES.” FOLLOW THE Leader “ ↑ MOHAMMAD A. BAKER, Deputy Chairman and CEO of GMG at the Monop store

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25 August 2023 / ENTREPRENEUR.COM / → MOHAMMAD A. BAKER, Deputy Chairman and CEO, GMG poses with the Supercare Pharmacy team at Arab Health 2023 in January, at Dubai World Trade Centre (DWTC). THE EXECUTIVE SUMMARY Mohammad Al Baker’s tips for entrepreneurs } Don’t be afraid to challenge the status quo “Keep your finger on the pulse of the market, and never be afraid to challenge the status quo, and push yourself outside your comfort zone.” }Nurture your ecosystem and communities “A business cannot function in a silo; it’s important to collaborate and nurture our ecosystem of partners, principals, public entities, and institutions, and the communities we operate in.” } Be people-centric “Ultimately, no business can succeed without its employees. As a family-owned business, we live by our core principle of 'One Family.' Our 10,000+ employees spread across 12 countries are united with one purpose– we play to win, and we win together.” from local communities, fostering a culture of inclusion and respect, and conducting extensive market research to understand consumer preferences and behavior.” Baker adds that such tactics have ended up being instrumental in GMG’s success in Asia, allowing the company to tailor products and services to meet specific market needs and expectations, while still maintaining its core values and brand identity. As for the road ahead, in a renewed global focus on personal well-being, GMG is set to continue its journey of growth and evolution. The company aims to double its global workforce by 2025, Baker says, and it also aims to expand its sports retail footprint globally, particularly in Asia. Addition- ally, GMG will continue to invest in the MENA markets. “Through our new HQ office for Saudi Arabia, we are aiming to double our office workforce there,” Baker says. “We also continue to invest in the MENA markets such as Iraq and Egypt, where we have expanded our presence in multiple industries.” All of this points to a positive future for the company. “GMG is fundamentally a growth company with long- term global ambitions,” Baker notes. “Our new strategy involves setting a new purpose-centric vision for GMG to inspire people to win in ways that make the world better, daring ourselves and others to develop better products and experiences that change lives.” WE STRONGLY BELIEVE THAT ‘WE MUST BE THE CHANGE WE WISH TO SEE’- THIS IS A BIG PART OF OUR GMG DNA, AND REFLECTIVE OF OUR STARTUP AND ENTREPRENEURIAL MENTALITY.”

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Dena Almansoori Founder and CEO/WhiteBox HR, Group Chief Human Resources Officer/e& by DEVINA DIVECHA FOLLOW THE Leader 26 / ENTREPRENEUR.COM / August 2023

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27 August 2023 / ENTREPRENEUR.COM / I t was the kind of situation that any entrepreneur would have dreaded. There Dena Almansoori was, just 11 days after launching her UAE-based tech startup, WhiteBox HR, when the World Health Organization (WHO) declared COVID-19 a pandemic and the world stopped. Today, Almansoori refers to this as one of the most challenging moments in her career. “I had a team counting on me as the CEO to figure out the strategy and make it happen,” she recalls. “It was a scary time for so many reasons, but also a very pivotal moment in my career.” Despite it seeming like the odds were against her, Almansoori persevered, and worked her way through the challenges. She could have easily called it quits, and gone back to the corporate world where as an experi- enced practitioner in the domain of human resources (HR), her talent was in very high demand. She could have taken the easy way out. But she decided not to- and that points to her belief in the importance of resilience and adaptability. “You don’t grow without adversity in life,” she notes. “It’s through mistakes and failure that you really understand what you’re made of, and who you really are.” Almost a year after founding WhiteBox HR, which harnesses the power of artificial intelligence (AI), analytics, and people science to help organizations make data-driven talent decisions, she was also appointed Group Chief Human Resources Officer (GCHRO) at Etisalat in late 2020, which later evolved into the global technology brand known as e&. As the first female C-suite executive in the company, and one of the youngest in its history, she was given the mandate to transform the enterprise. Today, she leads the talent and culture transformation for more than 60,000 employees spread across e&’s operations in 16 countries. So, who is Dena Alman- soori really? An HR leader? An entrepreneur? The first woman to hold a C-suite executive position at one of the world’s leading technol- ogy companies? As it so happens, she’s all of these things, and so much more- a dynamic and compassionate leader with a global perspec- tive. Armed with an MBA from the University of Strathclyde in Scotland and a BSc in management informa- tion systems and finance from Boston University in the USA, it was during her tenure at Schlumberger, the world’s largest oil and gas services company, where she found her calling. Initially starting her career in the data and consulting services department, she made an unexpected detour into HR in what she thought to be a short rotation for learning purposes,and that’s when everything clicked into place. Recognizing the pivotal role of people, and the }} YOU DON’T GROW WITHOUT ADVERSITY IN LIFE. IT’S THROUGH MISTAKES AND FAILURE THAT YOU REALLY UNDERSTAND WHAT YOU’RE MADE OF, AND WHO YOU REALLY ARE.” PASSION HAS ALWAYS BEEN THE DRIVING FORCE BEHIND EVERYTHING I DO. IF YOU’RE PASSIONATE ABOUT WHAT YOU DO THERE IS NO MENTAL CLOCK IN AND CLOCK OUT. PASSION IS ENERGY, IT WILL DRIVE YOU TO OVERCOME ANY OBSTACLE AND PUSH YOU TO CONTINUOUSLY INNOVATE TO MAKE AN IMPACT.” ← Besides being the founder and CEO of WHITEBOX HR, DENA ALMANSOORI is the Group Chief Human Resources Officer at E&, where she is the first female C-suite executive in the company, and one of the youngest in its history. “

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28 / ENTREPRENEUR.COM / August 2023 importance of cultivating the right talent and culture for a successful business, Alman- soori decided that her path lay within the HR space, and thus set about dedicating her expertise to driving large- scale transformative change, and positively impacting lives. Now, it’s no mean feat to manage both a C-suite position at a multi-billion- dollar company, as well as an entrepreneurial venture. Indeed, Almansoori says that doing what she does requires effective discipline, time management, delegation, and a strategic approach. She believes in pushing boundar- ies in both roles, and emphasizes the importance of bringing fresh perspectives to everything she does. “Passion has always been the driving force behind everything I do,” she explains. “If you’re passionate about what you do, there is no mental clock in and clock out. Passion is energy; it will drive you to overcome any obstacle, and push you to continuously innovate to make an impact.” Almansoori did exactly that: she identified a significant gap in the market for compre- hensive HR tech solutions beyond basic payroll and recruitment systems. “HR lagged dramatically in the data and analytics space, while other disciplines benefited from advanced systems with robust analytics platforms,” she recalls. “This really bothered me. In a world where music, movies, and shopping recommenda- tions are personally curated for you based on algorithms; yet, in the world of work, where we spend most of our time, it is devoid of personal- ization, real-time data driven insights, and support for improving employee experi- ences and organizational health. It just didn’t make sense.” Rather than waiting for someone else to solve the problem, Almansoori decided to tackle the issue on her own. Combining her experi- ences in HR and technology (she learned how to code during her undergrad years), she founded WhiteBox HR. “All our decisions around who the best candidate is to hire, the most productive employee on your team, the most under resourced department in your company, etc.. all these questions were left to subjectivity, and often biased opinions,” she says. “I knew there was a better, more efficient and scientific way of making these critical decisions.” Almansoori asserts that WhiteBox HR was purpose-built for the future of work, and so, when the COVID-19 crisis hit, it only accelerated the need for the solution it offered. She says, “The sudden shift to remote work left many companies with unanswered questions: Were employees burning out? Were they still collaborating effectively? What happened to productivity? WhiteBox HR provided answers to all these questions in real-time, enabling companies to make data-driven decisions quickly, address challenges proac- tively, and adjust policies as needed. While in many ways launching a tech company right before a pandemic is not ideal, in retrospect, the timing played to our advan- tage. It allowed us to stress test the product very early on, and validated that it aligned perfectly with the evolving needs of organizations. In short, we got lucky.” After generating its first revenue stream in April 2020, WhiteBox HR witnessed consistent month-over-month revenue growth for the subsequent months and year-over-year growth since. Last year, the company expanded opera- tions to Saudi Arabia, continuing on its rapid growth trajectory. In parallel, she was also disrupting as GCHRO at e&, playing a crucial role in transforming the company from a regional telecommunications company into a global technology leader. Commenting on her “I STRONGLY BELIEVE THE MENA REGION WILL BE HOME TO SOME OF THE MOST SUCCESSFUL STARTUPS IN THE WORLD IN THE YEARS TO COME.” FOLLOW THE Leader

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role at e&, Almansoori says, “I partner closely with the leadership team, board members, and business stakeholders to shape and transform e&’s talent and culture. By understanding technology trends, market dynamics, and evolving customer needs, we develop compre- hensive strategic plans that outline the skills, policies, structures, roles, and competencies required to support e&’s digital vision, and the culture that will enable it.” Additionally, Almansoori drives initiatives for continuous learning and development, and leads efforts to foster a culture of innovation and a growth mindset by creating initiatives that encourage risk-taking, experimenta- tion, and knowledge-sharing. Upon her entry into the company three years ago, one of her immediate actions was to launch three new functions within the HR department: employee experience, people analytics, and diversity, equity and inclusion (DEI). “These are crucial pillars in building an engaged and productive workforce,” Almansoori explains. “By launching these teams, we effectively shifted the entire focus of HR to being a strategic player, able to directly influence and prioritize our employees, and create a positive and productive work culture that ultimately fueled our transformation efforts and results. In the last couple of years, we hit record net profit, record revenue, lowest voluntary resignations, highest gender diversity, highest engagement scores... This is what happens when you focus on people.” When asked her thoughts on the region’s burgeoning tech ecosystem, Almansoori points out that e& plays a significant role in shaping the sector by both driving innovation and contribut- ing to the industry’s overall growth. “Our transformation journey was neces- sary, and it highlighted the importance of creating a more progressive business model to sustain our ambition. The UAE has always been at the forefront of innovation, and turning challenges into opportunities, and now, it has truly become the leading tech hub in the region,” Almansoori notes. Indeed, it’s this very tech hub that has allowed e& to make impactful investments in entrepreneurial brands such as Careem and StarzPlay, and it continues to actively seek partnerships with startups and technology companies that align with e&’s strategic goals. “Our invest- ment pillar, e& capital, plays a signifi- cant role here by investing in ideas and people that want to build a better and brighter digital future,” Almansoori adds. “We are supporting visionary tech startups by investing into the com- pany’s success, partnering to help them scale, and enabling meaningful progress that moves our world for- ward.” Given her roles at both e& and WhiteBox HR, Almansoori’s view of the regional startup sector is quite positive, and she recognizes its potential for innovation, job creation, and economic growth. “The MENA startup ecosystem is currently one of the most promising in the world,” she says. “The region’s young and tech-savvy population provides a strong consumer base that embraces new products and services. Additionally, many governments in }} 29 August 2023 / ENTREPRENEUR.COM / IN THE LAST COUPLE OF YEARS, WE HIT RECORD NET PROFIT, RECORD REVENUE, LOWEST VOLUNTARY RESIGNATIONS, HIGHEST GENDER DIVERSITY, HIGHEST ENGAGEMENT SCORES... THIS IS WHAT HAPPENS WHEN YOU FOCUS ON PEOPLE.”

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30 / ENTREPRENEUR.COM / August 2023 THE EXECUTIVE SUMMARY Dena Almansoori’s tips for entrepreneurs in the MENA region }Never compromise on talent or culture “We are sometimes so desperate to fill a role or achieve a deadline that we’re willing to overlook red flags or tolerate poor employee behavior. This is the one area you should not compromise on. The talent decisions you make today as to what is or isn’t acceptable for your company will ultimately make or break it in the future.” }Lead with passion and compassion “If you don’t love and believe in what you’re building, you’re likely to give up at some point along the way. Also, never forget the people that supported you in your journey. Recognition, kindness, and gratitude is everything.” }Get comfortable with being uncomfortable “I can absolutely guarantee that launching and scaling a startup is going to be a bumpy road. If it was easy, everyone would be doing it. Embrace the unknown, and master your ability to be resilient and adaptable.” }Continue to raise the bar “Staying up to date with emerging trends and disruptions will give you a competitive edge. You have to always stay curious, humble, and hungry. Be prepared to adjust your strategies based on market dynamics and evolving customer needs, and pivot as, and when, required.” }Always give back “Consider incorporating sustainable practices into your business model to find ways to become more conscious of environmental and social responsibility. Think about how you can benefit the communities around you for impact.” }Do your homework “Take the time to deep dive into specific market segments, understand the problem you are solving and assess the demand for your products or services in the country you are in. What works in one market may not work in another. What you think is a great idea may not be in demand. Do the research upfront to avoid wasting unnecessary time and energy.” }Take care of yourself “I think we are all experiencing a level of cognitive overload like never before, and it’s very hard to switch off and disengage. Being mindful about unplugging, and resetting every now and then is critical in order to keep your mental and physical health at its peak at all times. It’s a long-term play, and you need to stay in the race.” WE ARE SUPPORTING VISIONARY TECH STARTUPS BY INVESTING INTO THE COMPANY’S SUCCESS, PARTNERING TO HELP THEM SCALE, AND ENABLING MEANINGFUL PROGRESS THAT MOVES OUR WORLD FORWARD. FOLLOW THE Leader the MENA region have changed to actively support entrepreneurship through various programs and initiatives, fostering a favorable environ- ment for businesses to thrive.” Almansoori also believes that the MENA region has an abundance of talent and innovation. “I strongly believe the MENA region will be home to some of the most successful startups in the world in the years to come,” she declares. And as an entrepreneur herself, she knows exactly what their success will feel like. “There’s an undeniable and inexplainable feeling that happens when you spend years building something that was once just an idea in your head,” she says. “A problem you desperately, passionately and obsessively believe needs to be solved. Not just letting it sit there, but actually taking that idea, doing the research and the hard work to execute on it, and then building and scaling to generate a profit. To have it come to life. There are no words to describe that feeling. It’s really phenomenal.” Devina Divecha is an independent writer, editor, emcee and media consultant, specializing in the hospitality and F&B industry. With more than 10 years of experience under her belt, her work has appeared in a number of publications including Skift, SUPPER, HOTELSmag, Destinations of the World News, Spinneys Magazine, Entrepreneur Middle East, and more. She holds a BSc in Business from the London School of Economics and an MA in Magazine Journalism from the University of Sheffield. devinadivecha.com

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32 / ENTREPRENEUR.COM / August 2023 Founder and Chairperson/Green Aventurine Holding by TAMARA PUPIC H. H. Shaikha Jawaher Al Khalifa I ’m a hard worker, and I think I picked up the habit from my father, who always encouraged consistent work, and stressed the importance of doing things the right way, and not taking shortcuts,” says H.H. Shaikha Jawaher Al Khalifa, the founder and Chairperson of the Dubai-headquar- tered Green Aventurine Holding. “So, work ethic is something that’s important to me, and something I take pride in. I try to show up each day with the same effort and mindset, so that I can deliver consistent results for my team, and be someone they can count on.” These words by Al Khalifa, a member of Bahrain’s royal family, are an indica- tion of the values with which she founded the Green Aventurine Group, an integrated investment management practice for the GCC markets, as well as a regional intermediary for cross-border investment management. The group is involved in nine sectors, including real estate, commodity trading, oil and gas, footwear, investment management, marketing and advertising, trade and product distribution, e-commerce, and startup support. “We help you scale up operations with the most sustainable and reliable team,” Al Khalifa says, as she expands on the last of the sectors in the aforementioned list. “Along with helping businesses and startups reach new heights, we believe in giving back to the society through regular corporate social responsibility (CSR) initiatives with a key focus on women’s empower- ment, youth development, engaging in charity work, and investing in environ- ment-conscious businesses.” Backed by a 21-strong team, Al Khalifa’s current goals for her business include expansion into India, Indonesia, Philippines and Pakistan. “Green Aventurine Holding was founded in October 2022 with three founders, where we merged our businesses into one holding company, which has empowered us all to expand and grow at a tremendous growth rate,” Al Khalifa explains. “I specialize in commodity trading, including oil and gas, with the ability to bring new investments into the holding company mostly from South Asian countries. The group prefers to invest, expand, and operate within the core expertise of all three partners.” One of the undertakings the Group is focusing on at present is its launch of JK Couture, a shoe line made by specialized ateliers in Italy, which is expected to attract the attention of international department stores and prestigious multi-brand retailers. “We are also planning to launch an e-commerce site in order to make the collections available worldwide,” Al Khalifa adds. “The launch is expected in first quarter 2024.” Al Khalifa also highlights that the group is planning to launch a new real estate brokerage that will cater to consumers looking for a more targeted approach to finding a luxury property. “The service will be focused on a limited number of the UAE’s more affluent areas, an approach that maximizes efficiency for luxury real estate consum- ers,” she says. “The service will have a modern digital platform with user- friendly user-friendly next-generation user interface.” Plus, Al Khalifa and her team are also working on the Green Aventurine Hotel and Resort, a part- boutique accommodation and part- resort hotel that is being built entirely from repurposed shipping containers in the Turkish town of Kas. “The structure began its life as an art gallery, but it has since expanded to host guests in private cabins created by joining two shipping containers together,” Khalifa says. “Architecture designs have been completed, and currently, we are in the process of land acquisition. The project ← Backed by a 21-strong team, Al Khalifa’s current goals for Green Aventurine Holding include expansion into India, Indonesia, Philippines and Pakistan. FOLLOW THE Leader

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construction is expected to start by end of 2023, and it should be completed by December 2025; the project is fully owned by Green Aventurine Holding LLC.” Al Khalifa clearly has a lot on her plate when it comes to her business, and she is putting in the hard yards to ensure success for all of her efforts. For other entrepreneurs wanting to follow her lead, Al Khalifa is happy to share her suggestions for them, but also urges them to make it a point to follow their own paths. “Every journey is unique,” she says. “Be agile and flexible, but maintain your determination to succeed. For sustainable high growth, find a coach or mentor, and use them to help you drive the business forward. Show your leadership. Be visible, active, and supportive. Express a clear vision, and show confidence and determination.” THE EXECUTIVE SUMMARY Shaikha Jawaher Al Khalifa’s tips for entrepreneurs }Don’t go at it alone “You can do this alone- but you don’t have to. There will always be generous people who would be more than happy to help. Whether it’s little tasks, like listening to your pitch, or offering feedback on the product, do ask for help." }Surround yourself with positive people “Negativity ruins relationships and businesses. It’s crucial to surround yourself with uplifting people. That doesn’t mean everyone will agree with your business idea- and that’s fine! The point is to deliberately have a positive mindset.” }Build trustworthy relationships “Take a moment to put yourself in your client’s shoes, and envision the service you would want to receive. If you understand where a client is coming from, it’s much easier to form a relationship, and meet the expectations they have. Trust can be difficult to quantify, but with the right game plan, you will be able to get the sense that your clients trust you, and your expertise.” }Learn from your failures “In 2018, I started my first trading company with different partners based in Dubai, United Arab Emirates. The company did well until the COVID-19 pandemic, which was when we faced a lot of challenges and losses. Eventually, the business was shut down, and it was a stressful experience. We all feel that we have a breaking point- things get tough, and things get rough. And when you feel that things could not get worse, they do become so. It’s only human to feel that this is where it all ends. But I think that failure is often redirection in disguise, and in my case, redirection has led me to a bigger venture and the amazing business partners that I have today.” Mohamad Sami Ballout CEO/AWJ by TAMARA PUPIC W hen the UAE-born tech-powered, multi-brand restaurant Kitopi acquired food and beverage group AWJ (which has developed some of the Middle East’s most popular dine-in brands, like Operation Falafel, Catch 22, Awani, and Sushi Do), it was clearly stated that Kitopi’s aim is to take this regional brand global. And to achieve this ambitious goal, Mohamad Sami Ballout -the post- acquisition appointed CEO of AWJ- says that the Kitopi team decided to make it a point to respect the legacy and culture of the acquired organization from the outset. “Taking the helm of AWJ post-acquisition was an interesting yet challenging venture,” Sami Ballout says. “To successfully manage this transition, my approach was two-pronged: fostering an open communication culture, and establishing mutual trust and respect. Understanding that every member of the AWJ team had invaluable insights and perspectives about the organization’s workings, I actively sought to hear their thoughts, concerns, and suggestions. We conducted town halls, team meetings, and one-on-one conversations, not only to discuss our new vision }} 33 August 2023 / ENTREPRENEUR.COM /

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34 / ENTREPRENEUR.COM / August 2023 and goals, but also to listen and learn. This inclusive approach allowed us to build an environment where everyone felt valued, heard, and more comfort- able with the change.” AWJ’s acquisition by Kitopi has been billed as one of the largest in the region’s F&B space, and it is one of a series of 18 acquisitions that the Kitopi team has done over the last few years. In an interview with Entrepre- neur Middle East, Kitopi CEO Mohamad Ballout said that he decided to retain AWJ’s original team and operate it as a separate vertical to Kitopi’s on-demand business, given the large size of the acquiree’s business. Since opening its first outlet in Dubai in 2014, AWJ has expanded its portfolio to more than 10 brands (delivery and dine-in), and over 32 outlets across the UAE and KSA, franchises in New York and London, and more than 1,300 employees. “What we’ve seen is that with smaller acquisitions, you can integrate teams much faster,” Sami Ballout explains. “However, with a business the size of AWJ, especially one that is growing rapidly, the right approach is for them to maintain independence, so they can continue to move fast.” Sami Ballout reiterates here that his first decision when starting out on his role at AWJ post the Kitopi buy-out was to work on merging the unique identities of both companies into a shared culture. “This was dealt with by developing common goals that resonated with both teams,” he explains. “Reflecting on this journey, the biggest lesson I learned is that change can be a catalyst for growth if managed with empathy, clear communication, and inclusivity. Merging two cultures doesn’t mean erasing one to fit the other; instead, it’s about combining the strengths of both to create a stronger, more vibrant, and inclusive organization culture that everyone is proud to be a part of.” Of course, Kitopi already has plenty to pat itself on the back about- after all, it has experienced uber growth since launching as a cloud kitchen in Dubai in 2018. Kitopi now runs over 100 brands with more than 5,000 employees across offices in KSA, UAE, Kuwait, Qatar, and Bahrain, who operate over 200 locations across five markets. It also has an engineering hub in Krakow, Poland, a global customer experience center in Dubai, UAE, and a robotics hub in Odense, Denmark. It also has the honor of being known as the first UAE-head- quartered company to get funded by SoftBank’sVision Fund 2 in 2021, which allowed it to also attain unicorn status. Sami Ballout’s work is now thus focused on building upon Kitopi’s success so far. “Motivating and managing AWJ as a part of the Kitopi brand revolves around keeping our vision and values aligned, while recognizing and celebrating the uniqueness of each brand,” he says. “AWJ’s portfolio includes a diverse range of vibrant food and beverage concepts, each with its distinct identity and strengths. Our goal is to ensure that these brands continue to thrive, innovate, and deliver unique culinary experiences to our custom- ers, while benefiting from the resources and operational efficiencies that Kitopi offers.” Since the acquisition, AWJ has achieved a few milestones, including doubling of daily delivery orders, and expanding into Saudi Arabia. As for the road ahead, Sami Ballout will strive to continue this growth trajectory by further solidifying the brand’s presence in existing markets, while also exploring new ones. “Our focus will be on enhancing our delivery infrastructure, expanding our brand portfolio, and innovating our culinary offerings,” he says. “Addition- ally, we aim to leverage digital transformation for improved custom- er experiences, operational efficiency, and data-driven decision-making. In terms of team motivation, it is crucial to remember that our people are the driving force behind our successes.” From a personal perspective, Sami Ballout says that his leadership strategy is based on celebrating both big wins and small victories, acknowl- edging individual and team contribu- tions, and ensuring a positive, inclusive, and growth-oriented work environment. “ I believe in leading by example,” he declares. “I strive to imbibe these qualities and reflect them in my interactions and deci- sions. My mantra is ‘innovate, inspire, and impact.’ I aim to bring innovative solutions, inspire my team towards achieving our goals, and make a positive impact through our work.” Reflecting on this journey, the biggest lesson I learned is that change can be a catalyst for growth if managed with empathy clear communication, and inclusivity.” }Practice empathy “A great leader understands the emotions and perspectives of their team members. It’s crucial to create an environment where everyone feels heard and valued. This leads to enhanced teamwork and collaboration.” }Have a vision “A leader needs to have a clear vision, and be able to effectively communicate it to their team. This involves setting clear expectations, defining goals, and ensuring everyone is on the same page. It helps in aligning individual efforts towards a common objective.” }Showcase resilience “A journey in leadership is filled with ups and downs. It’s vital to remain resilient and persistent, especially in challenging times. This not only helps in overcoming obstacles, but also serves as an inspiration for the team.” }Build a learning attitude “A good leader is always open to learning and growth. This involves not just self-improvement, but also encouraging a learning culture within the team. It promotes innovation, skill development, and a positive work environment." Mohamad Sami Ballout’s tips for business leaders TREP TALK FOLLOW THE Leader “

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35 August 2023 / ENTREPRENEUR.COM / Mohammed Saleem Founding Chairman/Trescon BY AALIA MEHREEN AHMED T he need for collaborative efforts between businesses has perhaps never been more imperative than now. And with emerging technologies such as artificial intelligence (AI), blockchain, and fintech constantly creating new opportu- nities for innovation, stakeholders across the globe are increasingly incentivized to chase synergetic business opportuni- ties. As the Founding Chairman of global business events and consulting firm Trescon, Mohammed Saleem is all too familiar with this notion. Launched in 2016, Trescon has been organizing business-to- business (B2B) events that include conferences, road shows, and expos, as well as consulting services. “The formation of Trescon was not necessarily triggered by a single moment of inspiration, but rather a culmination of experiences and observations within the events industry,” Saleem says. “We recognized the immense potential of events as a platform for networking, knowledge sharing, and business growth. By combining our passion for events, a deep understanding of the industry’s pain points, and a commitment to innovation, Trescon was born. The vision was to create a company that would not only revolutionize the events business, but also become a trusted partner for organizations looking to host impactful and successful events.” Saleem’s leadership over the past seven years has yielded results that Trescon can rightfully be pleased about today. “For starters, we at Trescon take immense pride in being the only events organizer in the world to successfully host two of the world’s longest and continuously running events in their respective technology domains: The World Blockchain Summit, with 24 completed editions, and the World AI Show, with over 40 editions,” Saleem adds. “These events have served as catalysts for knowledge sharing, collaboration, fundraising, and business partnerships, attracting renowned speakers, thought leaders, and participants from around the world.” But that isn’t all there is to Trescon’s roster of events, of course. There is also the World Cyber Security Summit, with 17 com- pleted editions across MENA, India and Southeast Asia; the World Cloud Show, with four upcoming editions in Dubai, → Launched in 2016, TRESCON has been organizing B2B events such as The World Blockchain Summit (24 editions) and the World AI Show (over 40 editions).

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36 / ENTREPRENEUR.COM / August 2023 Manila, Jakarta and Kuala Lumpur; the World Meta- verse Show, which will be hosted in Dubai and Riyadh in the latter half of 2023; and the World Fintech Show, which is set to take place in Saudi Arabia in December 2023. Among Trescon’s India-based events is one that caters specifically to chief information officers (CIOs), known as the Big CIO Show, and another that focuses on trends within the banking, financial services, and insurance (BFSI) sector, known as the Big BFSI Future Tech Show. “With our successful track record in hosting long-standing events, Trescon has positioned itself as a global leader, fostering knowledge exchange, driving business growth, and shaping the trajectory of technology- driven industries,” Saleem says. Now, if you’re assuming that most of these aforemen- tioned events are singular conferences that are leisurely spread over many months, then think again. With six head offices -two in India, and one each in the UAE, Qatar, Saudi Arabia, and Mauritius- Trescon has built a reputation of successfully hosting more than one event at the same time. Take, for example, the World AI Show: from June 7-8, 2023, one edition of the event was held in Dubai, with a second concurrent edition hosted by Trescon in the Indonesian capital of Jakarta on the same days. A similar packed schedule is expected to happen in November this year, when Trescon hosts the World Blockchain Summit in Dubai, Jakarta, as well as Delhi within a very close time frame. “By focusing on future-tech events, and establishing ourselves as leaders in key technology areas, Trescon has created unparalleled platforms that bring together industry stakeholders, startups, investors, and government representatives,” Saleem notes. “Through these events, Trescon enables crucial discussions, facilitates networking opportunities, and fosters meaningful interactions that shape the future of technology adoption and innovation.” But to reach a position where Trescon, as a company, can host multiple events across geographies (some- times simultaneously!), Saleem admits that it has had plenty of inefficiencies to initially sift through and solve. For starters, the B2B events space that Saleem and his team entered in 2016 is a far cry from what it has transformed into today. The two areas that particularly caused concern ar the time, Saleem says, were business operations and strategic plan- ning. “It was necessary to get to the root cause of some of the common challenges that resulted in failed events, and, eventually, failed businesses,” he adds. “There were no industry standards that determine what works, and what doesn’t, while conceptu- alizing a B2B event, whether it’s the topics to cover, the industries to target, size and scale of the event, selection of an ideal venue, and so on. There was a lack of clarity in fully understanding the market, and the specific needs of different types of attendees. This included determining the right benefits and value proposi- tions to convince individuals and organizations to invest their time and resources in attending events.” Another stark shortcoming Saleem noticed back then was the poor management of the staff behind B2B events. “This involved tackling issues such as understaffing for certain events, while others were overstaffed, as well as the need to find and retain talent that possessed the specific skills required for the events industry,” Saleem says. “Moreover, we understood the importance of training staff to remain consistent in producing high-quality events, while maintaining operational costs. We also recognized the need to enhance business planning and product development within the events industry. We thus saw the opportunity to improve the industry by addressing these challenges FOLLOW THE Leader “ WE RECOGNIZED THE IMMENSE POTENTIAL OF EVENTS AS A PLATFORM FOR NETWORKING, KNOWLEDGE SHARING, AND BUSINESS GROWTH.”

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37 August 2023 / ENTREPRENEUR.COM / head-on, and creating a company that could deliver exceptional event experi- ences, while meeting the diverse needs of attendees and exhibitors.” Saleem and his team’s efforts in this regard reaped rewards very quickly. In 2016, in the South Indian city of Bengaluru, Trescon was able to host the World Startup Expo 2016- which, at the time, was reported to be Asia’s largest startup expo. “That particular achieve- ment provided the leadership team with the confidence to make bolder deci- sions, leading to the launch of newer events in emerging tech spaces such as AI, blockchain, and cybersecurity in the following years,” Saleem notes. “The launch editions of these events were resounding successes, both in terms of revenue generation and brand position- ing. They enabled Trescon to make significant inroads in markets across the Middle East, North Africa, Europe, and Asia. It eventually led to the company’s expansion into several emerging markets and strategic collaborations with governments, including the opportunity to host the Prime Minister of Mauritius and their delegation at one of Trescon’s events in Mauritius.” With a repertoire of such diverse conferences and shows that focus specifically on emerging technologies, Trescon has thus carved a niche for itself in the events domain. But along the way, Saleem was already experi- menting with other avenues that Trescon could work in. “The company also embarked on a journey of what the industry refers to as ‘managed events,’” Saleem explains. “These are end-to-end event management services provided by Trescon, from conceptualization to execution and beyond. While initial forays into managed events occurred in 2017 and 2018, working with govern- ment entities and private sector organizations, a major breakthrough came in 2022 when Trescon signed a partnership with Dubai International Financial Centre (DIFC) to host its first fintech summit.” Here, Saleem is talking about when, in November 2022, Trescon became the sole events company behind the inaugural Dubai Fintech Summit (DFS), which was staged from May 8-9, 2023. Launched under the patronage of H.H. Sheikh Maktoum bin Mohammed Al Maktoum, Deputy Prime Minister and Minister of Finance of the UAE, Deputy Ruler of Dubai, and President of DIFC, the two-day event brought together over 5,000 regional and international fintech industry experts, startups, and investors. A few days following the success of DFS 2023, Trescon was roped in to host the event’s next edition in May 2024. “This collaboration with DIFC stands as a major milestone for Trescon, and a testament to its capabilities in organiz- ing impactful events,” Saleem says. “We’re very grateful to DIFC for their trust and confidence in us.” Achievements like this could not have been possible for Trescon without some underlying principles to guide it, of course. In the case of Trescon, the secret sauce lies within its name itself. “The core values of our company can be represented by the acronym T.R.E.S.C.O.N.,” Saleem explains. “T stands for technology-driven and transformational; R stands for resilient and results-oriented; E stands for entrepreneurial and ethical; S stands for strategic and sustainable; C stands for collaborative and customer-centric; O stands for organized and open-mind- ed; and N stands for nimble and nurtur- ing.” But don’t let Trescon’s successes so far mislead you into thinking its journey has been a linear graph. Far from it, in fact, the company faced a period of back-to-back challenges when the impact of 2018’s global economic downturn was soon followed by the COVID-19 crisis in early 2020. In the case of the latter, as we now know all too well, the events industry was one of the most badly affected sectors world- wide. “However, even in the face of adversity, we made timely decisions and found a way to overcome these chal- lenges,” Saleem says. “We developed our own in-house virtual events platform, which proved to be vital for Trescon. While I focused on the platform’s development, the company was in the capable hands of my co-founders and a dependable team that supported us during those tough times. This allowed Trescon not only to survive the pan- demic, but actually thrive. Launching new events during normal circumstanc- es is already challenging, requiring commercial viability and limited financial risk. However, with virtual events, we saw an opportunity amidst the crisis. We successfully launched several new event series, covering impactful emerging technologies, leveraging our own virtual event platform. The pandemic leveled the playing field, enabling us to compete and excel alongside big players in the market.” The lessons learnt through the pandemic allowed Saleem and his team to streamline certain processes- a move that eventually led to the consolidation of all their flagship events into one major event called Digital Acceleration Transformation Expo (DATE). “DATE will be launched in Delhi this Novem- ber, followed by several global editions in 2024,” Saleem reveals. “It will bring together industry leaders, innovators, and entrepreneurs to drive global change, and foster collaboration on a grand scale. This strategic move allows us to host fewer events, but on a larger scale, ensuring a more immersive and impactful experience for our attendees. These challenges have further solidified our commitment to adaptability, innovation, and creating transformative event experiences.” It is with such an adaptive mindset that Saleem hopes to lead his enterprise towards all of its future goals as well. “Looking ahead, we are excited about hosting larger and more impactful events like DATE, while expanding our global reach,” Saleem declares. “We remain dedicated to pushing the boundaries of what is possible, fostering innovation, and driving positive change across industries. The challenges we have overcome have strengthened us as a more resilient organization, and we aim to approach the future with optimism and determination.” THROUGH THESE B2B EVENTS, TRESCON ENABLES CRUCIAL DISCUSSIONS, FACILITATES NETWORKING OPPORTUNITIES, AND FOSTERS MEANINGFUL INTERACTIONS THAT SHAPE THE FUTURE OF TECHNOLOGY ADOPTION AND INNOVATION.”

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38 / ENTREPRENEUR.COM / August 2023 T o introduce Alizar Tawil, the founder of Jordan-headquartered modest wear brand Ruuq, I feel like I must start at a moment that transpired in the middle of our 40-minute-long Zoom conversation. Having listened to her journey of singlehandedly creating and running Ruuq while being a wife and a mother of three, I inform Tawil of the word that had inadvertently begun to ring in my head: superwom- an. Almost instantaneously, however, Tawil rolls her eyes- a reaction, I admit, I half expected. “It’s funny that you bring that up, because I grew up with that mentality my whole life- seeing my mom as a superwoman, and then feeling like I needed to be the same,” Tawil says. “And then juggling my job, kids, and whatnot, it took a lot for me to say I can’t do it all. I think that’s something that we have to unlearn as women. In fact, part of the reason why I left my full-time job to start Ruuq was also because I had reached a point where I felt like I couldn’t do it all.” It was in the summer of 2019 when Tawil left her steady corporate job of seven years to focus on launching Ruuq. Her vision was simple: to create a product that allows women to wear modern outfits while still maintaining modesty. That first led to the birth of the Ruuq hijab bodysuit- a piece of clothing that, at first glance, may look like a one-piece swimsuit, but is actually designed for women who choose to wear loose, modest attire. Now, if this sounds somewhat oxymo- ronic to you, bear with me as I explain. Now, to many, the word “hijab” may be associated with solely the headscarf that Muslim women wear. While that is true, what the concept of hijab also encompasses is wearing clothes that fully cover the body. And that is precisely why you will often find women who wear the head scarf often combine it with loose-fitting outfits. But regardless of what any given woman’s choice of hijab style is, there’s almost always a constant struggle to avoid random strands of hair peeking out of the side of your head, as well as tug-of-war-like attempts to ensure no piece of inner clothing is on display- and that’s where the Ruuq body suit acts as a lifesaver. “The ultimate purpose of the Ruuq hijab bodysuit is to inspire women to live authentically in their modesty,” Tawil explains. “It is the blank canvas on which they can create and style the look that suits them, knowing it will provide the coverage that they need. Whether you are rolling out of bed heading to class, hitting the gym, spending a day in the office, or getting ready for Eid festivities, our bodysuit can be worn easily under your favorite worn-out hoodie, blazer, or sheer sleeved gown. Its versatility is what makes it so beloved by our custom- ers.” Available in full-sleeve and sleeveless options, as well as in a range of colors and sizes, the Ruuq hijab bodysuit FOLLOW THE Leader TAWIL TOOK THE CONCEPT OF A HIJAB BODYSUIT LITERALLY AND PUT THE TWO TOGETHER SO THAT WOMEN WILL NEVER HAVE TO DREAD MATCHING AGAIN OR WORRY ABOUT UNEXPECTED HAIR AND NECK EXPOSURE.” Alizar Tawil Founder/Ruuq by AALIA MEHREEN AHMED

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39 August 2023 / ENTREPRENEUR.COM / “The ultimate purpose of the Ruuq hijab bodysuit is to inspire women to live authentically in their modesty.” therefore serves as a safety net for women who wish to mix and match modern outfits while still maintaining little to no revelation of their body and hair. “I had always envisioned that, as a hijabi, I wanted to wear clothes that were very practical, relaxed, and borderline-cool, and those that fell in line with street style, because it’s a style that’s always appealed to me ever since I was young,” Tawil explains. “So, I often had to rethink about how I can feel comfortable in what I’m wearing, while still adhering to the tenets of what constitutes the hijab. When it comes to street style, it’s very much about baggy and relaxed fits, and I thought that these two could work really well together!” Now, although Tawil had begun work on her startup in the middle of 2019, it was only in January 2020 that the Ruuq hijab bodysuit officially went to market. Relying on the savings she’d made while working at her corporate job, Tawil decided to kickstart Ruuq as a fully bootstrapped venture. But in 2021, a financial grant opportunity presented itself in the form of a televised pitching competition called “2 Minute Drill”- a weekly program on Amazon Prime and Bloomberg TV that features entrepreneurs from across the globe to vie for a grand prize of US$50,000. “I sometimes tend to forget about this particular example, because the grand prize was advertised as $50,000 in cash and prizes, but the cash component that I received from it was $5,000- which, alhamdulillah, is still good!” Tawil says. “I remember that’s when I first started testing, advertising, and marketing for our product. So, it was put to good use.” But as is typical of most startup founders’ stories, Tawil was soon faced with plenty of unprecedented road- blocks. “In 2022, I eventually hit the wall. I had fully run out of cash by landing myself in a position, where I had spent on products that had not yet been delivered,” Tawil recalls. “At the same time, I was also running out of product. Plus, shipping and other overhead costs eventually caught up to me, and I ran out of cash. The biggest issue that I was facing at that point was that my minimum order had to be very high, but I didn’t have the finances for a big minimum order. And so, to place a minimum order of 3,000 pieces, I needed $25,000. It was at that point where I thought, ‘What do I do now?’ I’d left my job. I have three children. We can’t exactly pull that kind of money from anywhere. But this is where my family actually stepped in, and they were like, ‘Listen, we’ll help you with that. You just get the product done.’” Having thus received the $25,000 she needed from her family, Tawil managed to keep her business running. And at around the same time, another stroke of fortune hit her entrepreneurial path. In October 2022, during the MENA finals of an entrepreneurial pitching contest which was hosted by the Dubai chapter of The Indus Entrepreneurs (TiE) -namely, TiE Women- and held during that year’s edition of Dubai- based technology exhibition GITEX Global, Tawil emerged as the regional winner. And the cash prize she was awarded with? A grand total of $25,000! “Subhanallah, it does not escape me that the amount that I borrowed from my family is the exact same amount that I won at GITEX,” Tawil says. “For that to just materialize, for me, it was just such a miracle! It just gave me that assurance to keep going.” That said, Tawil credits her generally optimistic attitude to the people closest to her for the constant support they’ve }} ↓ THE RUUQ HIJAB bodysuits come in full sleeve as well as sleeveless options, and can be paired with modern outfits to add a modest touch to the overall look.

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40 / ENTREPRENEUR.COM / August 2023 shown throughout her entrepreneurial journey. “When you have family members that see the same vision as you, they bring that motivation back out of you [during a slump],” Tawil says. “When you find yourself in those low points, they remind you about those aspects of yourself. I know that my mother, for sure, can always catch from my face if I’m feeling down, and she’ll say something like, “No. We don’t need that. Get out of there.” It’s like a wake-up call that I get. Also, I have a very supportive husband who tells me, ‘Listen, if it’s a financial issue, don’t worry about it. We got this. We’ll figure it out.’ Such a support system, 100%, helps you continue to move forward.” Having thus sorted her startup’s finances, when Tawil was finally in the clear, she was faced with her next big decision: product diversification. “But, you know, they say go deep, not wide when it comes to your business!” Tawil adds. “That piece of advice helped me hone in on what it is that I really should be doing if I want to scale successfully, which is something that has been a struggle for me for the past two years. I realized that I shouldn’t be trying to add more things to what I already have. Just take the one thing that we’re really good at and really known for -which is the Ruuq hijab bodysuit- and just push that. That has been very enlight- ening, and it’s led me to come up with a new scaling strategy that I’m actually in the middle of right now. At the moment, what I’m focusing on is diversifying the platforms on which people can find my product. I just finished registering with Amazon. And while I’m still trying to figure that part out, I actually took a course on how to do wholesale. So, I’m going to hopefully start approaching more brick and mortar type locations to have my product too!” But deciding on scaling strategies and ensuring healthy finances aside, Tawil has also taken it upon herself to be the face of her brand on social media. If you head to @ruuqwear on Instagram, you will find a plethora of reels where Tawil animatedly explains how the bodysuit can be paired with loose modern wear, or what its advantages are. An immedi- ately noticeable aspect of Tawil’s work on social media is her humor and relaxed approach- an accurate reflection of the name she’s chosen for her startup. “In Arabic, the word روق (pronounced ‘ruuq’) means chill, relax,” Tawil explains. “When someone’s stressed out, that’s what you tell them, take it easy. It was funny, because once I got the name, I could not think of anything else to call it. It just stuck!” And so far, Tawil’s hilarity-laced Instagram Reels have proven to be quite the marketing tool for Ruuq. “The videos that I do on social media definitely help drive leads,” Tawil admits. “I’ve noticed it’s a clear correlation. Whenever I’m very active, and I’m doing content, we get sales. Then the moment I take a break, it just drops. This is part of the reason why I’ve been motivated to start looking for other avenues to scale, because that can’t possibly be my model. I am one person. It does not give me the time to dedicate to the backend things such as applying for grants, or applying for other investments. I just don’t have enough hours in the day to do everything!” It is perhaps the women who are deemed “super- women” who are most familiar with the repercus- sions of romanticizing the “I can do it all” attitude. And so, at this point of the conversation -the same moment that I described when starting this story- Tawil admits to me her hopes to eventually take a breather from some aspects of her job. “Now, don’t get me wrong, I do like the fact that I am a sole proprietor,” she says. “But you also have to delegate certain tasks to other people, because, otherwise, it’s not possible to run a business as a one- woman-show. In my case, for example, I cannot take care of my children, while also running the business, when I don’t have anyone helping me in the house. One of the things that I had to just accept was that I needed to bring help. And so I have a live-in helper who ensures I don’t have to worry about the loads and loads of laundry, dishes, and whatnot. That idea of delegating is something that I’ve done throughout my business too. For things that don’t come easily to me, and I know that someone else can do it better, I will get that person to do it.” Such an approach is what has allowed Tawil to focus on figuring out the road ahead for Ruuq. “The long-term vision is that I want to create an entire line of clothing,” Tawil says. “I started with this product, because I felt like that would be my foot in the door to this industry. As someone who doesn’t have any experience in fashion, I figured that it’s much more cost-effective to start with the one thing that is not on the market- which is this hijab bodysuit. Then from there, once I make that successful and become FOLLOW THE Leader “The videos that I do on social media definitely help drive leads. I’ve noticed it’s a clear correlation.”

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41 August 2023 / ENTREPRENEUR.COM / ← Ruuq founder ALIZAR TAWIL was the winner of the MENA finals of the 2022 TiE Women Global Pitch Competition. known as ‘that hijab bodysuit chick,’ it will be a lot easier for me to introduce other things to the roster. That’s the 10-year vision. The five-year vision is to just be the staple; to be as known as Haute Hijab is in the US, or as common as Modanisa is all over the world now. I want Ruuq to be that well-known! Inshallah… with time!”

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42 / ENTREPRENEUR.COM / August 2023 FOLLOW THE Leader T he need for instant gratification, as well as the desire for convenience and flexibility in today’s world, has shone a light on the need for instant credit options. While several players have entered the buy-now-pay-later (BNPL) market in the Middle East (think Tabby, Postpay, Spotii), there is still plenty of untapped potential. And it’s in light of this opportunity that Ammar Afif, co-founder and CEO of Cashew, has embarked on a journey to transform the way people access financing in the Middle East. Afif’s extensive experience in the fintech sector, spanning over two decades in the US, equipped him with valuable insights into consumer behaviors and the evolving landscape of financial technology. “After working in the fintech sector for over 20 years in the US, I moved to the region around 2018, where I saw a need for consumers to obtain instant credit,” Afif explains. In contrast to the US, where instant credit is readily available, the Middle East had limited options, particularly for those without a solid credit history, or a healthy credit score. From the outset, Cashew’s mission has been to help consumers obtain instant financing for goods or services they need… In the Middle East, credit card penetration is low, and consumers seek a Sharia-compliant form of borrowing where the decision is made in an instant. We want to help increase their purchas- ing power by providing access to credit, based on data-driven risk assessment.” The rise of the BNPL model, accelerated by the COVID-19 pandemic, has played a crucial role in Cashew’s launch and success. According to a report by ResearchandMarkets, BNPL payments in the region are expected to grow by 29.1% on an annual basis to reach a value of US$12,256.7 million in 2023. “BNPL remains a fast-growing payment method among millennials, Gen Z, and now Gen X, and will continue to see rapid growth around the world and in the region.” Afif says. “This is especially the case for consumers making impulse purchases in the retail and fashion space.” The growth of this segment thus plays an important role in Cashew’s approach to profitability, with Afif also highlighting the company’s partner- ship strategy as a key driver of its success. “The largest costs for BNPL players are in acquiring merchants, consumers, and debt servicing,” he explains. “We took a partnership approach and teamed up with Mashreq Bank in the UAE, accessing their merchant and consumer base, thus our cost of acquisition is a fraction of what fintech companies will spend.” In 2022, Mashreq invested $10 million in Cashew, with the latter integrated as a payment option for NEOPAY, the payments subsidiary for Mashreq. By leveraging strategic partnerships like these, Cashew has been able to build a robust network while maintaining financial prudence. Looking ahead, Cashew plans to expand its digital distribution network to KSA, Oman, and Qatar by the end of 2023, solidifying its position as a leader in the instant credit space. Meanwhile, Cashew’s key business development and growth highlights revolve around delivering a seamless customer experience. “Whilst e-commerce continues to grow, the majority of shopping still happens in person, so we chose to develop a better solution for consumers accessing alternative payment THIS IS ESPECIALLY THE CASE FOR CONSUMERS MAKING IMPULSE PURCHASES IN THE RETAIL AND FASHION SPACE.” Ammar Afif Co-founder and CEO/Cashew BY DEVINA DIVECHA

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43 August 2023 / ENTREPRENEUR.COM / options in-store,” Afif explains. “Integrating into the physical point-of-sale terminals to offer a seamless customer experience has been a major initiative we’ve been working on.” By bridging the gap between online and offline channels, Cashew is thus catering to the evolving needs of consumers. At the same time, substantial funding rounds have played a crucial role in fueling Cashew’s growth as well. That said, Afif emphasizes the company’s conservative approach to fundraising, having raised approximately $30 million to date. Most recently, in April 2023, Saudi Arabia’s Shaker Group completed its 10% investment, albeit of an undisclosed sum, in Cashew KSA to support growth of digital lending solutions in the Kingdom. “Once our digital network is set up with the merchants of banks in the countries we are launching in, we’ll access millions of consumers at a nominal cost,” he adds. “Through our partners, we will raise additional funding to grow revenue and achieve profitability in the next 18 months.” In terms of the road ahead, Afif envisions Cashew expanding its offerings. “We want to provide consumers instant credit for their impactful purchases- BNPL for large ticket items,” Afif says. The goal, he explains, is to empower consumers to finance significant life events such as education, weddings, family travel, and healthcare procedures not covered by insurance- which they currently pay for through cash, credit card, or a personal loan. “Cashew is focused more on giving consumers in the region a new instant financing alternative for these types of purchases,” Afif adds. “It’s essential that we also educate consumers on their ability to afford financing for larger purchases, and provide them with the best pricing possible in seconds.” When asked to reflect on his entrepreneurial journey with Cashew thus far, Afif is keen to highlight both the happiest and most challeng- ing moments he encoun- tered during it. “Being a part of the startup scene for over 20 years, I’ve learned that happiness comes in all forms,” he states. “It’s rewarding to see employees who come on board, and then believe in the vision, and pour their soul into it, showing the willingness to learn and grow. We’ve had employees start with us from day 1, and have now grown to leading roles in their departments. The signing with Mashreq Bank also presented a special moment, as it provided instant credibility and validation for our ideas.” On the other hand, the advent of the COVID-19 pandemic proved to be a rather challenging time for Cashew- in fact, Afif reveals that the crisis didn’t allow the startup to launch as it had originally planned. But this moment also highlight- ed the importance of perseverance for Afif. “We never lost hope that Cashew would become a leading entity in the instant credit segment,” he recalls. “Despite the setback of launching almost a year later than planned, we believed in our mission, and I am proud to see how far we’ve come.” Looking at the ecosystem at large, Afif is confident about the tremendous opportunities presented by the MENA in fintech and other verticals. Here, he highlights that it’s crucial to recognize the unique behaviors and nuances of each country in the region, noting that cementing partnerships with local banks has been critical to Cashew’s success. “It accelerates our growth in each market having a partner who knows the merchant and consumer landscape,” he explains. “It’s all well and good to spotlight companies gaining traction through large funding announcements or valuation numbers, but many companies in the region are focused on delivering the best product, and building a company with profitability in mind. I believe these companies will prosper in the long term.” At the end of the day though, Afif is emphatic about the entrepreneurial opportunities presented by the MENA region. “The region is experiencing huge economic growth that’s unfazed by the global economic downturn,” he declares. “Coupled with its appetite for innovation, this makes it the perfect place for entrepreneurs to launch.” THE EXECUTIVE SUMMARY Ammar Afif’s tips for entrepreneurs in the MENA region }Hire the right team “I’m blessed to have been mentored by some great CEOs in US startups. These mentors taught me to hire teams that are capable of running the day-to-day operations, and to give them the freedom to make mistakes, and make bold moves by not letting corporate rules get in the way. If you hire the right team with expertise in their respective fields, and give them the opportunity to run on their own, they will win.” }Be prepared “I believe one of the most important success factors is luck, i.e. being in the right place in the right time, and I consider luck to have trumped skill in my personal journey. But it’s said that luck is preparation meeting opportunity, and so, if you’re not prepared when the opportunity comes along, you won’t be lucky.” }Stay agile “As startup founders, we passionately believe there is a problem we are trying to solve. Many find out that it’ll take much longer than expected for that tipping point where the end user adopts change. For luck to strike, you have to be in the game, and stay agile, so that you’re in the best position possible for when that lucky moment comes knocking at your door.” Whilst e-commerce continues to grow, the majority of shopping still happens in person, so we chose to develop a better solution for consumers accessing alternative payment options in-store.” “

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44 / ENTREPRENEUR.COM / August 2023 FOLLOW THE Leader H ere’s the thing about getting to interview someone who’s constantly in the limelight: you worry, for the merest of seconds, if the person might not turn out to be how they are onscreen. But that was far from the case when I got to interview Salama Mohamed, the Emirati founder of UAE-based skincare brand Peacefull and a social media influencer, who spoke to me with the same level of honesty, humility, and humor that many among us have known and admired her for over the years. Indeed, much before launching Peacefull in June 2021, Mohamed had already built an online presence for herself via social media. With impeccable comedic timing at her disposal, much of her content has been lighthearted takes on topics such as family and marriage. But amid providing a daily dash of laughter, Mohamed also struck a chord with her audience for being very open and honest about living with vitiligo, a chronic, auto- immune skin condition that leads to patches of skin to lose its pigmentation. “Prior to Peacefull, I had a pattern on social media… [and] it kept leading me back to skin,” Mohamed recalls. “Everyone was interested in my story about vitiligo. I wasn’t your typical person on social media. I created a community, a family. I felt like that was the whole aspect of Salama being on social media- to actually make a difference, even if it’s less than 1%. I wanted it to be as real, as true to me and myself as possible. I discovered that talking about vitiligo publicly and openly made people feel comfortable in their own skin, which led me into doing campaigns for skincare. But throughout that journey -on social media and doing campaigns about skincare- I discovered that there is no skincare catered specifically to those in the Middle East! We’re a highly profitable market that generates money for the beauty industry, but there is nothing that was made for us. I took that quite personally.” Mohamed’s first area of focus, while creating a region-specific skincare brand, was to find the right mix of ingredients. Having known all too well what the struggles of sensitive skin can be, Mohamed decided to turn to Korean skincare- which she regards as “the best in the world.” That led to her spending time studying and analyzing the active ingredients –i.e. the key elements in a skincare product that particularly target a condition like acne, uneven skin tone, clogged pores, etc.- within Korean products. “Because of my vitiligo, I have super sensitive skin,” Mohamed reveals. “I get allergic reactions from the highest end products to the drugstore ones. My body cannot even handle antibiotics for acne! On top of that, my body is so sensitive that I can’t take Accutane [a medication for acne]. This is where I shifted my focus into active ingredients, and I started using Korean skincare, and I soon noticed the healing [I got from it]. That gave me the motivation to start my own skincare line.” By thus making use of the best of what Korean skincare has to offer, Peacefull has been formulated as a brand for anyone who has to with- stand the Middle Eastern heat and humidity. “Having a skincare that is inclusive for every skin tone, every skin type, and every gender, and specifically for our Salama Mohamed Founder/Peacefull BY AALIA MEHREEN AHMED → Through a collaboration with UNHCR's Made51, PEACEFULL worked with Kenya-based social enterprise RefuSHE to create eco-friendly limited-edition T-shirt towels esigned and crafted by Kenyan refugee women.

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45 August 2023 / ENTREPRENEUR.COM / Middle East weather- this is where the idea and the whole of Peacefull came from,” Mohamed emphasizes. “People often think that Salama is Emirati, and Peacefull is an Emirati brand, so that means it’s for Arab skin. But there is no such thing as Arab skin! There is the Arab sun, the Arab weather… But every single Peacefull product is for every skin tone and type. It’s for you. It’s for me. It’s for everyone else. It’s from the people, for the people. And it is from a person who suffered not having skincare, to everyone else that is on the same journey.” Now, coincidentally, my Zoom call with Mohamed was just two days after Peacefull’s two-year anniversary. Since its launch, the startup has already received plenty of accolades from the likes of Condé Nast and Vogue Business Global. In 2022, Mohamed also won the Fashion & Beauty Leader award at the inaugural Women SME Leaders Awards, an annual event staged by Mastercard and Entrepreneur Middle East. But Peacefull’s most recent milestone came in June this year via Mohamed’s status as a longtime high-profile supporter of the United Nations High Commissioner for Refugees (UNHCR). Through a collaboration with Made51, a UNHCR initiative that provides work opportunities for refugee artisans, Peacefull connected with RefuSHE, a Kenya-based social enterprise for women, to curate a unique project: the designing of eco-friendly limited-edition t-shirt towels crafted by Kenyan refugee women. The entire process was also filmed and turned into a documentary titled She And Her Dignity, which was made in collaboration with Made51, UNHCR, and RefuSHE. “We flew to Kenya and documented stories of four refugees, and the fifth one was a student’s point of view,” Mohamed elaborates. “During this process, we were able to create a co-branded product: a t-shirt towel, which is hand tie-dyed in refugee compounds, through which Peacefull is enabling these women to stand on their own feet, restore dignity back to women, and not label them as refugees and victims- in fact, these women are heroes!” Notably, this partnership aligned with one of Peacefull’s corporate social responsibility initiatives, namely, “Purchase with a Purpose,” which has seen a portion of the funds raised through the sales of the exclusive t-shirt towels donated to the UNHCR. But as Mohamed continues to list what she’s most proud of in her entrepreneurial journey so far, it becomes all too evident that creating a lasting social impact is a defining factor of her leadership. “Changing men’s perception [about skincare]…that’s been a huge achievement for us!” Mohamed declares. “For Peacefull, most of our purchases come from }} FOR PEACEFULL, MOST OF OUR PURCHASES COME FROM MEN. IT’S ABOUT 53%-54%, WHICH IS AMAZING! BECAUSE THAT IS A HUGE PAT ON THE BACK FOR HOW OUR FORMULATION IS INCLUSIVE. I WANTED TO CREATE A PRODUCT THAT MEN ARE NOT ASHAMED OF USING.” “

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46 / ENTREPRENEUR.COM / August 2023 men. It’s about 53%-54%, which is amazing! Because that is a huge pat on the back for how our formula- tion is inclusive. I wanted to create a product that men are not ashamed of using. That’s one of the reasons why it took me years and years to formulate, to perfect the formula. I’d been working on Peacefull three years before launching it- from the research to manufacturing, to formula- tion to creating the product. But eventually, I discovered that it’s not my journey alone. It started as my journey, but in the process of creating it, I realized it’s everyone else’s too.” Here, it comes as no surprise to me that the one thing Mo- hamed rates as her greatest success so far goes beyond titles and numbers. “If I keep talking about them [the milestones], I’m going to cry by the end of it,” she says. “Trust me, I have an ugly cry, you don’t want to see it! So many things that I’m extremely thankful for, alhamdulillah. But my biggest achievement, honestly, is having a team that believes in Peacefull and me. No amount of awards or articles can give you that feeling of having a strong group of women -and one man now- to actually see your vision, and help you grow and thrive. That’s my biggest mile- stone.” It is this sense of long- term purpose that Mo- hamed has found through launching her own brand that she now hopes to replicate on a larger scale. “Peacefull is not just about the company or the product- it is a relationship, it is an experience, and it is about how it makes you feel,” Mohamed says. “That’s the legacy I want to leave behind. I want it to be known that it’s not unusual for the UAE to be a leader in every single field. And I want to follow in the steps of our country’s leaders. Of course, they are huge shoes that cannot be filled, but I just want to try my best to be a leader in innovation, creation, integrity and transparency. And to be in people’s hearts, because Peacefull ultimately is a lifestyle. It’s not a brand. It’s a journey of self-love and self-care, and we want to be a part of that!” And within Mohamed’s vision is a lesson for many up-and- coming entrepreneurs who might feel tempted to take an unethical -but quicker- route to success. But the key to longevity, Mohamed suggests, is to stay on the road of integrity. “I person- ally don’t take a shortcut in anything,” she says. “Peacefull is not here to be a trend. We’re not here to generate wealth, and take the market by storm… And that is why you don’t see us in every single store. We’re very selective in where to FOLLOW THE Leader “Peacefull is not just about the company or the product- it is a relationship, it is an experience, and it is about how it makes you feel.” → Through a collaboration with UNHCR's Made51, Peacefull worked with Kenya-based social enterprise RefuSHE to create eco-friendly limited-edition T-shirt towels esigned and crafted by Kenyan refugee women. ↓ Manufactured in Korea and tailored to the region’s needs, every formulation is created with the latest advancements in skincare science, using the healing powers of active ingredients to ensure that each person receives skincare solutions that are safe and effective.

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47 August 2023 / ENTREPRENEUR.COM / go, because we want to build trust. We’ve only launched five items [so far], because it’s important for people to build a relation- ship with each and every product. You need to try it. You need to test it. And so, word of mouth is extremely important for Peacefull’s credibility. For me, success is when someone says they tried Peacefull because someone recommended it to them. We want to be here for generations to come.” But for someone who wishes to inspire the masses, Mohamed reveals that she herself had no role model to look up to when she started her career. “That’s why I try my best to be the role model that I needed as a kid,” Mohamed says. “Of course, I have support at home, and within my circle. But I did not have a mentor through- out my journey- because who can mentor me with how crazy I am! My formulations are out of the box, and out of this world, and it’s hard to find someone that can relate to your insanity at such an early stage. That’s why I’m trying my best to help anyone and everyone who wants to step into this field.” Now, having personally admired Mohamed for many years, I must confess I took this particular moment during the interview as an opportunity to ask the mother of two something that’s always been on my mind: what is Salama Mohamed’s secret to a healthy work-life balance? Her answer, as expected, did not stray away from candid honesty. “If you ever hear anyone answering about work-life balance in a nice way, just tell them that Salama says that’s a lie!” she laughs. “There is no such thing as work-life balance. If you know the formula, please help me. It really depends on what’s priority on a given day. If it’s family, then it’s family. If it’s work, then it’s work. I am yet to find a work-life balance. My job is to put out fires on a daily basis. But you have to just adapt, and do everything in moderation. And you just take it day by day. Have a set of goals obviously, but be agile enough to know that sometimes it doesn’t go your way, and you just have to be flexible and go with the flow.” As someone who has clearly learnt to juggle multiple responsibilities at once, there is quite obviously a lot of to-do’s on Mohamed’s list. But there is one thing, she reveals, that she hasn’t yet learnt how to do. “One thing I am working on very closely with my psychiatrist is knowing how to celebrate,” she says. “I do not celebrate any achievement. It’s always on to the next one. I don’t even have a ‘yay!’ moment. That’s something that I don’t know the root cause of, but I’m working very closely on. I wouldn’t change anything about myself, but if I would change one thing, I would change that. I want to be able to celebrate and recognize the achievements that I can claim.” It is thus with such a learning mindset that Mohamed has started working towards new goals for Peacefull. “We’re excited to launch our new line by the end of the year,” she reveals. “We’re dedicating this line as a tribute to the UAE and the Middle East. We’ll hope- fully be expanding interna- tionally at the end of the year as well. Things are exciting and bright, and we’re taking the world one product at a time. This is as far as I can share now, so stay tuned, I guess!” THAT’S THE LEGACY I WANT TO LEAVE BEHIND. I WANT IT TO BE KNOWN THAT IT’S NOT UNUSUAL FOR THE UAE TO BE A LEADER IN EVERY SINGLE FIELD. AND I WANT TO FOLLOW IN THE STEPS OF OUR COUNTRY’S LEADERS.

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48 / ENTREPRENEUR.COM / August 2023 FOLLOW THE Leader Kathy Bloomgarden CEO/Ruder Finn BY DEVINA DIVECHA T he world of global public relations (PR) and communications is extremely dynamic, and Kathy Bloomgarden stands tall in this cut-throat, fast-paced world as the CEO of Ruder Finn, a pioneering firm that has shaped the communica- tions industry for decades. Known for her expertise in steering companies, startups, and non-profits through critical communications moments and milestones, Bloomgarden is a trusted advisor to C-suite leaders across a variety of industries. And the apple hasn’t fallen far from the tree- Bloom- garden’s father, David Finn, was the founder of the New York-headquartered Ruder Finn, and he too is known to have collaborated with political figures, the UN, and various administrations. “We were one of the first agencies that started the field of public relations,” Bloomgarden reminisces. “We have been along the ride of the evolution of the communication industry, as it became increasingly important in terms of shaping dialogues, and building communication links between people.” With the communications industry evolving significantly over the last few decades, especially in an admittedly polarized world, the crucial role firms like Ruder Finn play is more evident than ever. Interestingly enough, Bloomgarden’s father had prepared her for this eventuality, having instilled in her a constant urge to reinvent, innovate, and anticipate “what’s next,” which is an ethos deeply ingrained in the fabric of Ruder Finn, which recently celebrated its 75th anniversary. “That was really a very important mantra for us, that we really feel is part of our DNA,” Bloomgarden says. “My father always had a saying, which we have in our in our entry way, which says, ‘Just because you haven’t done it doesn’t mean you can’t.’” Bloomgarden goes on to reveal that her foray into the family business wasn’t even on the cards, even though she grew up learning about and discussing the industry with her father. She initially wanted to pursue a career in govern- ment, but as fate would have it, a part-time role in the research depart- ment of Ruder Finn -while pursuing a doctorate in political science at Columbia University- changed the course of her life. As she puts it, she fell in love with the world of communica- tion, and ended up joining the firm. And she soon made her presence felt at the firm- one of the key undertakings she led was the creation of a Ruder Finn office in China, which, at the time, was unexplored territory for the company. Bloomgarden got the green signal for her proposal, and that led her to establish Ruder Finn in China three decades ago. Today, the agency is ranked as the number one agency in China from a global perspective, says the THE EXPERIENCE TAUGHT ME NOT TO LOOK AT THINGS JUST FROM MY OWN LENS, THAT’S SO IMPORTANT IN COMMUNICATION, BECAUSE PEOPLE DON’T ALWAYS LISTEN.

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49 August 2023 / ENTREPRENEUR.COM / Ruder Finn CEO- and it’s not mere boasting; Ruder Finn Asia was the recipient of the title of PRWeek Global Awards Best Agency in Asia-Pacific in 2022. Of course, her time in China was no walk in the park, neither was any special treatment meted out to her because she was the founder’s daughter. However, she credits the importance of belief and passion towards achieving success, which is why her advice for entrepreneurs today is to be enthusiastic about their work, challenge themselves, and to remain attuned to trends in their respective industries. “You have to believe in what you’re doing,” she says. “Because if you don’t enjoy getting up in the morning and going to work, and you don’t bring the best of yourself, or you don’t continuously challenge yourself, [it wouldn’t work out]… But if you love the area that you’re working in, then all these things come naturally.” Bloomgarden also credits her time in China for teaching her to look at the big picture when it comes to work. “The experience taught me not to look at things just from my own lens,” she explains. “That’s so important in communication, because people don’t always listen. It’s something we also learned coming out of the COVID-19 pandemic: the importance of being empathetic, being a good leader who is authentic, who is able to really help other people. When you are always in one place, and surrounded by people who think exactly like you, then you get into a habit. Whereas if you go somewhere where everything is different, you have to listen carefully in order to be successful.” With such global experi- ences under her belt, Bloomgarden is well-placed to comment on the current state of the Middle East’s business environment, with her recognizing the region’s potential and the opportuni- ties it presents. The Middle East’s young population is also a driving force for this metamorphosis, Bloomgar- den says, which, in turn, makes it an attractive market for Ruder Finn. “This is the market of the future, and there’s a lot of vision,” she says. “What I find in common between the region and Ruder Finn’s thinking is two things: to have this vision of what the future is going to be, and having this hunger for achievement, this entrepre- neurial ambition. I find them here in a moment of transfor- mation. And for us, it’s really exciting to work in a moment of transformation.” Here, Bloomgarden also highlights the appeal of the Middle East’s entrepreneurial landscape, which, once again, she believes is being driven by the region’s youth. She believes that when it comes through breakthroughs in tech and innovation, it’s younger people who embrace lofty visions, and take such ideas forward. “The Middle East is at a really important point, and I don’t think a lot of people realize that,” Bloomgarden notes. “There’s a lot of great work that’s being done here, and a young generation that’s hungry to be part of the global scene. It’s why Ruder Finn is really interested in being present [in the region] now. It’s exciting to be part of it- it’s part of ‘what’s next.’” As a leader in this fast-paced and future-thinking industry, Bloomgarden understands the need to navigate chal- lenges effectively. She shares her leadership mantra, emphasizing three essential aspects: “Ask yourself when you do something: ‘Have I been up to date now on things that are new and possible?’ And if we recommend something that the client doesn’t want because it’s too advanced, then we’ve done our job, because it would make them think. We execute the things that they want us to, but we want to make sure that we’re always pushing the envelope a little bit, so that we open eyes to things that could be possible. The second is really the question of how you make people feel that they can always do better. The third thing is collaborating with each other; being hybrid or being out of the office for so long, you realize that when you are together, you do really gain from the conversation, and the exchange of ideas.” THE EXECUTIVE SUMMARY Kathy Bloomgarden’s advice for entrepreneurs }Have a clear understanding of your purpose and brand “Know who you are, and know what you stand for.” } Identify your target audience “Know who your customer is, and who it is that you want to buy your product.” }Focus on revenue and profitability from the get-go “You really do need to be focused on at least building some revenue, so that you can build confidence [in your business], and have a survival path going forward.” What I find in common between the region and Ruder Finn’s thinking is two things: to have this vision of what the future is going to be, and having this hunger for achievement, this entrepreneurial ambition. I find them here in a moment of transformation.” “

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LESSONS ONLEADERSHIP WE ASKED A FEW BUSINESS LEADERS OF NOTE IN THE MENA TO SHARE WITH US THE PEOPLE OR PRINCIPLES THAT HAVE INSPIRED THEIR OWN LEADERSHIP STRATEGIES. HERE’S WHAT THEY TOLD US. → NATALIA VODIANOVA, along with Eugene Nevgen, Sergey Gonchar, and Timon Afinsky, co-founded Locals.org in 2021. FOLLOW THE Leader 50 / ENTREPRENEUR.COM / August 2023 by ABY SAM THOMAS

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51 August 2023 / ENTREPRENEUR.COM / S upermodel, philanthropist, investor, entrepreneur- these are just a few of the many roles that Natalia Vodianova has played (and continues to play) over the course of her career trajectory. And if one were to now look for common attributes in all of what she has done with her life so far, what emerges is Vodianova’s tendency to always challenge the status quo, and then, having accomplished it, lead the change that she wanted- from the front. It’s this trait of Vodianova that is especially evident in one of her latest undertakings, Locals.org, a social networking website that she launched with co-founders Eugene Nevgen, Sergey Gonchar, and Timon Afinsky in the UK in 2021, and is now making inroads into the UAE with a US$11 million seed funding round backing it up. Billed as an app that enables “social networking for entrepreneurs in real life,” Locals.org has, so far, already been able to onboard over 200,000 users, with the platform being used to facilitate over 25,000 events, which includes gatherings organized by noteworthy names in the entrepreneurial landscape like Sam Altman, CEO of Open AI, Nik Storonsky, CEO of Revolut, Jeremy Jauncey, founder and CEO of Beautiful Destinations, Michael Acton Smith, co-founder and CEO of Calm, Camilla Al Fayed, founder of Farmacy, Pavel Durov, founder of Telegram, Jessica Kahawaty, co-founder of Mama Rita, and several others. “When it came to building Locals.org, my co-founders and I chose a counter-trend approach to digital social products and business in general- by building a digital product that actually connects people in real life,” Vodianova says. “We challenged the status quo, and embarked on a unique path to create a product that promotes face-to- Natalia VODIANOVA CO-FOUNDER, Locals.org “WHAT GOT YOU HERE WON’T GET YOU THERE.”

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52 / ENTREPRENEUR.COM / August 2023 52 / ENTREPRENEUR.COM / January 2022 face interactions, and essentially uses social media for good. Through this approach, an influx of experienced entrepreneurs and unicorn founders joined the app, and through the platform, were able to foster genuine connections via common interests, while also raising money for charity. This particular experience taught me the importance of bold decision-making, perseverance in the face of uncertainty, and the power of a compelling vision to inspire change. Most importantly, it also made me realize, first-hand, that we should consider the path less followed more often than not- a quality that my co-founders embodied throughout the Locals.org journey.” And that, at the end of the day, is the ethos that Vodianova would like to see more of in the realm of entrepreneurship. “In the dynamic world of entrepreneurship, real leadership in action occurs when entrepreneurs are fueled by a passion to create products that meet authentic needs,” Vodianova declares. “In my opinion, real leadership in action is evident when entrepreneurs are not solely driven by profit or market trends, but are genuinely passionate about making a positive impact on people’s lives.” locals.org }“One of the biggest leadership lessons I’ve learned over the years came at a crucial turning point for the Naked Heart Foundation, my charity organization that helps families raising children with special needs, which I created in 2004. Since inception, and for the first seven years, we were growing fast and steadily, until the moment when we hit the invisible ceiling, and I, being a CEO at the time, started feeling the struggle to scale and elevate our impact, despite our best efforts. }The experience led me to study at the INSEAD Business School situated just outside of Paris, where a quote struck a chord with me: “What got you here won’t get you there.” }This sparked a realization in me that in order to scale the organization, I needed to rethink my role as a leader. I decided to step down as CEO, and bring in another CEO to manage day-to-day operations, while I transitioned into a Chairwoman role. This allowed me to focus on what I was best at, and most passionate about- fundraising, and raising awareness of the cause. The decision was a leap of faith, but it worked wonders for our charity, and it set us on a new trajectory of growth. }This experience taught me the importance of self- awareness in leadership. Recognizing when to step back and allow others to step in, focusing on my strengths and acknowledging my weaknesses -while being adaptable to change- were key lessons I took away from this transition. I still feel that that was a prime example of how effective leadership can drive an organization’s success.” Natalia Vodianova reflects on what she considers to be one of the most important things she has learnt about leadership THE EXECUTIVE SUMMARY Smita Prabhakar reflects on what she considers to be one of the most important things she has learnt about leadership THE EXECUTIVE SUMMARY FOUNDER AND DIRECTOR, AMS International W hen Smita Prabhakar founded AMS International, a UAE-based provider of professional HR solutions in the MENA, more than 30 years ago, it wasn’t as common then as it is now to have women launch and run enterprises in the region (or elsewhere), and that alone is enough to see her as a trailblazing leader in the world of business. But when quizzed about the strategies that she has used to lead her business to success, Prabhakar, who, by the way, is also the founder and Chairperson of the Dubai-based Ishara Art Foundation, avoids highlighting any of her own particular talents or skillsets. Instead, she chooses to showcase the benefits she has gained by choosing to empower those whom she employs- and that, in effect, is a reflection of the mantra she makes use of as a leader. “I think the best examples of good leadership occur when employees are treated with empathy and respect, and are given ownership for their actions,” Prabhakar explains. “Successful leaders do not attribute success to themselves; instead, they realize early on that every individual in the food chain has been a contributor. In my interface with both regional and international clients, I have found that leaders who follow this principle are able to achieve results that are far beyond expectations.” ams-int.com }“The lesson that I take away after 35 years of running AMS International is the power of the woman workforce. By giving women leadership opportunities with independence and responsibility, I have been able to manage an organization that is morally and ethically sound. They have not allowed me to waver. That kind of support has determined the way I have lived my life, both personally and professionally. I hope that going forward, we will see female empowerment reach levels that are long overdue.” Smita PRABHAKAR FOLLOW THE Leader

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53 August 2023 / ENTREPRENEUR.COM / 53 January 2022 / ENTREPRENEUR.COM / Panchali Mahendra reflects on what she considers to be one of the most important things she has learnt about leadership THE EXECUTIVE SUMMARY Panchali MAHENDRA PRESIDENT, Atelier House Hospitality I t was in November 2022 that Panchali Mahendra, who was, until then, the Managing Director for the award-winning UAE-based F&B group, Atelier House Hospitality, was promoted to her current role as its President. In a statement announcing Mahendra’s new position, Ahmass Fakahany, founder and CEO of Atelier House Hospitality, commended her for leading the enterprise (which has award-winning F&B concepts like 11 Woodfire, Mohalla, RSVP, and others in its portfolio) to gain a firm foothold in the region, saying, “We started with an idea, and a lot of courage, and Panchali turned that dream into reality.” That proclamation by Fakahany kind of says it all when it comes to the kind of leadership that Mahendra has exhibited in her career so far, which has seen her work (and excel) in the F&B space for more than 19 years now. Add to that the fact that Mahendra is one of the few female figures to be seen in leadership roles in the F&B arena of the UAE and the wider region, and that only adds to the reasons that make her a role model for women hoping to make it big in this sector. But what of Mahendra herself- who has been her source of inspiration? “The most remarkable instance of true leadership that I have witnessed is exemplified by my mother, who holds a directorial position at a prestigious university in India,” Mahendra replies. “She has been a tremendous source of inspiration for me, emphasizing the importance of staying focused on goals, while remaining adaptable, persistent, and hardworking. Observing her ability to maintain clarity amid uncontrollable chaos has motivated me to strive for a similar trait within myself.” Now, that’s a trait that is certain to serve Mahendra well as Atelier House Hospitality gets set for a whole new stage of growth- but more about that when the company is ready to make those announcement(s). Watch this space! atelierhousehospitality.co }“The most significant leadership lesson that I have personally acquired during my years in the business realm is the understanding that no task is menial. I strongly embrace the idea that ‘dirty hands are a sign of clean business,’ and I make it a point to be actively involved in various aspects of the business. This hands-on approach has provided me with extraordinary insights and opportunities for learning. I owe this valuable lesson to my mentor and the founder of Atelier House Hospitality, Ahmass Fakahany.” “I strongly embrace the idea that ‘dirty hands are a sign of clean business,’ and I make it a point to be actively involved in various aspects of the business.” ← Since joining Atelier House Hospitality in 2017, PANCHALI MAHENDRA has overseen the company’s expansion in the UAE, KSA, and India.

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54 / ENTREPRENEUR.COM / August 2023 54 / ENTREPRENEUR.COM / January 2022 Dr. Hamid Haqparwar reflects on what he considers to be one of the most important things he has learnt about leadership THE EXECUTIVE SUMMARY Dr. Hamid HAQPARWAR MANAGING DIRECTOR BMW Group Middle East A n automotive professional with an extensive international background, Dr. Hamid Haqparwar was appointed as the Managing Director for the Middle East at the BMW Group, one of the world’s leading premium manufacturer of automobiles and motorcycles, in 2018. His current position follows a career trajectory that that Dr. Haqparwar, interestingly enough, kicked off at the headquarters of the BMW Group in Germany, and was then embellished with the several senior management roles he enacted at the same company afterward. His experiences at the BMW Group are thus what underline his thoughts on leadership in the business realm, which, if taken to heart by each of us, will surely be well be worth it in our own endeavors. “Leadership includes rolling up your sleeves, and being actively involved in the day-to-day tasks with your team members,” Dr. Haqparwar says. “By doing so, you earn their respect, and build a strong foundation of trust. It also means practicing the values you preach, and that you want to instill in your team. Whether it is integrity, accountability, or a strong work ethic, you need to showcase these through your actions. Finally, make it clear that you are not above anyone else in the team. If you want your team to show up on time, it is crucial for you to do so as well. If you want them to respect your deadlines, it is essential to respect theirs first. This creates a culture of accountability, mutual respect, fairness, and high performance within the team.” Of course, the the best leaders are those who walk the talk- and that’s something Dr. Haqparwar personally strives for every day in his role. “Leaders must lead from the front to get the best out of their teams,” Dr. Haqparwar points out. “This is an approach I’ve always relied on in my own leadership journey.” bmw-me.com }“The biggest lesson I’ve learnt is, easily, the importance of staying calm as a leader. In the numerous challenges and uncertainties of your career, your composure and calmness will become paramount. }As a leader, it is your responsibility to guide your team through difficult situations- your ability to stay calm and composed demonstrates resilience and resourcefulness, inspiring your team to approach challenges with a level-headed mindset. }Essentially, your team seek stability and confidence from you, whether they know it or not. In times of crisis, it is crucial to remember that every problem has a solution. Your role involves helping your team focus on finding those solutions. By staying calm, you avoid transferring the uncertainty and panic to your team members. Being a steady and stable presence helps them think clearly and work towards resolving the issue. }Keeping calm also allows you to maintain a strategic perspective. It prevents knee-jerk reactions and hasty decision-making, which can further complicate the issue. By embodying composure, top executives set the tone for resilience, problem- solving and success in the face of adversity.” FOLLOW THE Leader ↓ DR. HAMID HAQPARWAR was appointed as the Managing Director for the Middle East at the BMW Group, one of the world’s leading premium manufacturer of automobiles and motorcycles, in 2018.

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55 August 2023 / ENTREPRENEUR.COM / 55 January 2022 / ENTREPRENEUR.COM / Aloki Batra reflects on what he considers to be one of the most important things he has learnt about leadership THE EXECUTIVE SUMMARY Aloki BATRA CEO, Five Hospitality alongside one another for over 15 years, I’ve been privy to numerous examples of Kabir’s relentless pursuit of excellence in boundary-breaking real estate, disruptive hospitality, and trailblazing sustainability,” Batra says. To illustrate his point here, Batra points toward Mulchandani’s efforts in the conceptualization, development, and launch in 2017 of a hotel that is now a Dubai landmark, the FIVE Palm Jumeirah. “The award-winning FIVE Palm Jumeirah is the fruition of Kabir’s far sightedness in creating a signature address for global travelers in the Middle East,” Batra says. “From breaking ground and designing the famed amphitheater-esque Social Pool, to selecting, by hand, the FIVE Tribe Management Team, and conceptualiz- ing FIVE’s homegrown F&B venues, Kabir’s astute involvement is palpable.” According to Batra, it is thus entirely thanks to Mulchandani that FIVE has expanded and evolved into the brand that it is today, with it now including another Dubai property, FIVE Jumeirah Village, the Switzerland- based FIVE Zurich, as well as FIVE LUXE, a new Dubai development that’s getting set to be launched later this year. “Real leadership is a seamless combination of visionary thinking and hands-on action,” Batra says. “Kabir Mulchandani is the epitome of the same.” fiveglobalholdings.com }“For me, being a leader is about being both a teacher and a student- coupled with fearless goal-setting. As a teacher, it is important to inspire and lead by example, and as a student, it is essential to continually learn from your customers- this guarantees brand adaptability, and it ensures that brands are able to endure changing trends, and lead from the forefront.” F IVE Hospitality CEO Aloki Batra doesn’t have to look too far for role models when it comes to leadership. Indeed, when posed the question about what he thinks real leadership in action looks like, he readily directs our attention to Kabir Mulchan- dani, the founder and Chairman of FIVE Holdings, the Dubai-based vertically integrated real estate development and hospitality group that encompasses the entity that Batra leads. “Having worked “Real leadership is a seamless combination of visionary thinking and hands-on action.”

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56 / ENTREPRENEUR.COM / August 2023 Rola ABOU MANNEH CEO, Standard Chartered Bank UAE I t’s one thing to be immortalized as the first Emirati woman to head a bank in the UAE- but it’s another thing altogether to be known as the CEO of Standard Chartered Bank in the UAE who managed to transform the country’s business into one of the biggest five markets for the UK-headquar- tered Standard Chartered Group. But Rola Abu Manneh can lay claim to both of these accomplishments in her role as the CEO of Standard Chartered Bank UAE- and she credits it all to the forward-thinking nature of the global leadership team at Standard Chartered, especial- ly when it came to them taking a stand to support a new model of globalization based on transparency, inclusion, and dialogue. “Our leaders displayed exceptional vision and strategic thinking in this regard,” Abu Manneh says. “They recognized the immense opportuni- ties in assisting companies access new markets, and leverage international trade corridors. Standard Chartered played a pivotal role in providing financial solutions, market insights, and expert guidance to businesses seeking to expand their presence globally. Through this stand, we successfully managed to connect “By leading with empathy and emotional intelligence, I have witnessed the transformative impact it has on morale, engagement, and productivity.” → ROLA ABU MANNEH, CEO of Standard Chartered UAE, is the first Emirati woman to head a bank in the UAE. FOLLOW THE Leader

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57 August 2023 / ENTREPRENEUR.COM / Rola Abu Manneh reflects on what she considers to be one of the most important things she has learnt about leadership THE EXECUTIVE SUMMARY LEADING A DIVERSE WORKFORCE WITH DIFFERENT BACKGROUNDS AND CULTURES REQUIRES THE ABILITY TO UNDERSTAND AND CONNECT WITH EMPLOYEES ON A PERSONAL LEVEL. }“Throughout my years in the business realm, the most significant lesson I’ve learnt on leadership is the importance of emotional intelligence and open communications. This has led me to effectively oversee a massive workforce of an international bank in the UAE, a responsibility I am more than happy to have undertaken. }Leading a diverse workforce with different backgrounds and cultures requires the ability to understand and connect with employees on a personal level. By demonstrating empathy, I can relate to their perspectives, concerns, and aspirations. This allows for a work environment that fosters collaboration, trust, and a shared sense of purpose. }Furthermore, emotional intelligence plays a pivotal role in effective leadership. It enables me to manage my own emotions and reactions, while understanding and empathizing with the emotions of others. This skill helps me navigate challenging situations, resolve conflicts, and build strong relationships with clients, stakeholders, and colleagues. }By leading with empathy and emotional intelligence, I have witnessed the transformative impact it has on morale, engagement, and productivity. It helps creates a culture where individuals feel valued, heard, and supported, which leads to higher levels of innovation, teamwork, and overall organizational success, while further pushing our diversity and inclusion agenda. }I strongly believe that successful leadership requires more than just technical expertise. It necessitates an understanding of the human element and the ability to inspire and empower individuals to reach their full potential. My key objective from prioritizing empathy and emotional intelligence is to create an inclusive and supportive environment that drives the growth and prosperity of Standard Chartered Bank in the UAE.” continents across the globe, while enhancing trade corridors.” As part of its efforts to “reset” globalization, Standard Chartered has also made it a priority to foster collaboration and knowledge-sharing across its global network, Abu Manneh adds. “CEOs from different regions regularly meet to explore means to grow trade corridors, strengthen partnerships, and identify potential areas for growth,” she reveals. “These interactions allowed us to tap into the collective expertise and experience of our leadership across the globe, enhancing our ability to offer tailored solutions to our clients in different markets. By actively focusing on empowering companies to take advantage of international trade opportunities, our leadership demonstrated a commitment to fostering economic growth and prosperity. They understood the potential impact of nurturing global trade relationships, not only on our clients, but also on the economies of various countries.” According to Abu Manneh, this approach -which, by the way, is in line with Standard Chartered’s slogan of “Here for Good”- also proved to be a perfect fit for the UAE’s long-term aspirations. “The UAE’s leadership encourage economic diversification, global engagement, and market expansion, which fit perfectly with our efforts to support local companies access new markets internationally, especially in light of the ample compre- hensive economic partnership agreements signed between the UAE and various countries across the world,” Abu Manneh notes. “By actively supporting these initiatives, our Bank’s leadership demonstrated a deep commitment to contributing to the UAE’s economic growth and development. It’s worth noting that supporting companies grow and expand into new markets through leveraging Standard Chartered’s global network and expertise across key trade corridors has not only inspired our employees, but also positively impacted our clients. As the CEO of the Bank in the UAE, I am dedicated to upholding these principles, driving our Bank’s continued success, and contributing to the advancement of the UAE’s business community.” sc.com/ae

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58 / ENTREPRENEUR.COM / August 2023 Elisa Bruno reflects on what she considers to be one of the most important things she has learnt about leadership THE EXECUTIVE SUMMARY Elisa BRUNO CEO, Level Shoes L evel Shoes, a homegrown concept that was launched by the Dubai-headquartered luxury retailer Chalhoub Group in 2012, is today billed as “the world’s largest store of authentic footwear for women, men, and kids,” and sitting at the helm of this enterprise today is CEO Elisa Bruno. As someone who has worked with the likes of Angela Ahrendts (in her time as the former CEO of Burberry) and Ermenegildo Zegna (Chairman and CEO of Ermenegildo Zegna Group), Bruno joined Level Shoes in 2020 armed with all of the insights she had learned from these acclaimed business leaders. However, in the time she has spent at Level Shoes, Bruno admits to having been awed by the leadership she’s seen first-hand from Chalhoub Group President Patrick Chalhoub- and she has no qualms about admitting that she wants to follow his example. “I have been with Chalhoub Group for just under three years, and within this time, I find that Patrick is a daily example for what a real leader should be,” Bruno explains. “He is deeply integrated in each of his projects, with his attention to detail, alongside his genuine care and respect for each employee. In parallel, he maintains his humor and humanity with each member of the team. I will always remember the day he gave me the opportunity to lead Level Shoes, entrusting me with his ambitious goal to propel the homegrown brand into the international landscape, with an unprec- edented digital expansion. This type of leadership is a rare jewel to find in the industry, and I strongly believe that it stems from the lineage of having his forefathers create this example. True leadership begins with humility and genuineness. And I, for one, believe that more leaders can take this example to apply towards their stakehold- ers.” levelshoes.com }“I have found that leadership must be strongly founded in authenticity, and the transparency that comes with taking on such an approach. Leadership is not only about the ‘head of a pyramid’- it’s rather the final piece of the puzzle to the very intricate ecosystem an operation requires. }It is the insight and retrospective view on my journey that has taught me that at the end of the day, the value of a leader stems directly from their ability to facilitate their team in what they do. Keeping the team and our community at the heart of decision- making, we are able to achieve stronger results. }Here at Level Shoes, we aim to champion innovation and talent to transform the luxury retail environment- and this is not something that we are able to achieve without the utilization of creative, passionate, and dedicated people. Each member of the team brings an intrinsic value, and, as leaders, we need to ensure we set the right example.” → ELISA BRUNO is the CEO of Dubai-based Level Shoes, “the world’s largest store of authentic footwear for women, men, and kids.” FOLLOW THE Leader

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59 August 2023 / ENTREPRENEUR.COM / 2023 SUSTAINABILITY Innovation Forum S O F I T E L D U B A I T H E P A L M A U G U S T 3 1 S T| 2 0 2 3 PLATINUM PARTNER Real Estate CATEGORY PARTNERS FOR SPONSORSHIP OPPORTUNITIES sales@bncpublishing.net Kasun Illankoon Direct: +971 56 135 4769 Email: kasun@bncpublishing.net FOR SPEAKING OPPORTUNITIES R E G I S T E R N O W

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61 August 2023 / ENTREPRENEUR.COM / Get Mobile → /HONOR 90 Lite 5G B/Gear #TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. by TAMARA CLARKE Watch out ← /The Freestyle Give a presentation -or enjoy a movie night- anywhere with The Freestyle from Samsung, which is a portable projector offering full HD resolution, and also comes with a built-in speaker delivering rich 360-degree immersive sound. It’s lightweight, easy to carry, and comes with a USB-C cable to charge it up, but you can also connect The Freestyle to an external battery pack for extra portability. Finding the perfect viewing angle is easy, as the screen shifts from the wall to the ceiling with a few easy clicks. Just tilt and go. No white wall? No worries. The Freestyle optimizes projection based on wall color to enhance your viewing experience. The Freestyle also automatically focuses for a sharp, clear image in seconds, corrects skewed images for a straight, rectangular screen every time, and has auto-leveling to ensure that your screen stays level on any surface. The Freestyle can project a screen from 30 inches, up to an incredible 100 inches, making it possible to have your own home theatre anywhere, anytime. TAMARA CLARKE, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. Talk to her on Twitter @TAMARACLARKE. theglobalgazette.com IMAGES © HONOR | SONY | FREESTYLE HONOR’s N Series expands with the addition of HONOR 90 Lite 5G, a stylish all-round smartphone boasting an incredible camera system, immersive display, and a range of smart features powered by MagicOS 7.1. The HONOR 90 Lite 5G features a 100MP main camera, a 5MP wide and depth camera, and a 2MP macro camera that enables you to capture clear, vivid images. The device features a 6.7-inch HONOR fullview display with a screen-to-body ratio of 93.6%. Under the hood, there’s 8GB in memory and 256GB of storage, which can hold up to 57,808 pictures, 22,322 songs, or 892 HD videos. Measuring just 7.48mm thin and 179g in weight, HONOR 90 Lite 5G is a compact device that fits easily into your pocket or bag. The HONOR 90 Lite 5G is available in three bold colors –cyan lake, titanium silver, and midnight black- all of which were inspired by the beauty of nature and designed for style–conscious users. Sound off ↓ /Sony WH-CH720N The WH-CH720 is Sony’s lightest wireless noise-canceling headphones yet. Featuring a slimmer, more lightweight headband, these headphones have been restructured to create more space as well as comfort for the ears. Keep your music playing all day with up to 35 hours of battery life, and when it’s time to power up, you can get up to 60 minutes of playback from just three minutes of charging via its USB Type-C quick charging port. Meanwhile, its “Adjustable Ambient Sound” mode offers 20 level settings, and the “Focus on Voice” feature allows you to chat freely without removing the headphones. With excellent noise cancellation, long battery life, Bluetooth connectivity, and a lightweight design that's perfect for traveling, these headphones are an ideal companion for the office and beyond. ↑ The HONOR 90 Lite 5G features a 100MP main camera, a 5MP wide and depth camera, and a 2MP macro camera that enables you to capture clear, vivid images.

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62 / ENTREPRENEUR.COM / August 2023 B/Gear French luxury brand Vilebrequin has teamed up with Swiss contemporary art publisher JRP|Editions to bring art to the beach with a second installment of The Artists’ Editions from American artist Kenny Scharf. As an initiative that sims to further the dialogue between art and fashion, The Artists’ Editions invites voices from the international contemporary scene to explore the power of the swimsuit as a medium of art. Scharf, a Los Angeles- born artist known for his pop-surrealist paintings, had his artworks Faces in Places and Multicolour Rainbow Turtles used for this collection when it debuted in 2022, and this year sees him make use of a new work, Marevita, to colorfully pimp unisex swim trunks and shirts, beach towels, and a kids’ swimsuit for this line. Presented as precious collector volumes with hardcovers, The Artists’ Editions by Vilebrequin and JRP|Editions are certain to make you the cynosure of all eyes while on the seashore this summer. vilebrequin.com From better goods to better wardrobe bests, every issue, we choose a few items that make the approved executive selection list. In this edition, we showcase our picks for summer this year. The Executive Selection BRINGING ART TO THE BEACH → Vilebrequin X Jrp|Editions

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63 August 2023 / ENTREPRENEUR.COM / SURREALISM IN SCENT →/ Amouage Heading out for your summer holidays? Make sure you carry this Departure Kit from Aesop that will ensure that you look (and feel) your best as you are out and about. There are seven travel-sized essentials included in this kit, with it including everything from a cedar- and citrus-infused salve to nourish your lips, to a rose petal-infused facial hydrosol to hydrate your skin while on the go. Put the whole kit in your carry-on luggage, and you can make sure you not only look your best during transit, but also arrive fresh-faced at the destination of your choice. aesop.com ↑ A (NEW) TRIBUTE TO THE WORLD OF MUSIC | Audemars Piguet Since its creation in 2010, Amouage’s Library Collection has been the territory where the revered Omani High Perfumery house has presented some of its most daring compositions, featuring adventurous ideas, fearless innovation, and bold contrasts. And all of these attributes are clearly evident in its latest creation, the Opus XV – King Blue. Bringing together the perception-bending uniqueness of surrealism as depicted by René Magritte in The Art Of Living, as well as the open- spirited ethos of the Salon De Mayo, Opus XV – King Blue is a perfume of endless questions, curious detours, and unforeseen revelations. Indeed, it’s a scent that Amouage CEO Renaud Salmon describes as one that develops as “a complete surprise,” opening with vibrant mandarin, but then leading unexpectedly to an effortlessly sophisticated base of oud. But the oud is also unlike any that Amouage has released before- it is almost ferociously animalic, and when linked to the patchouli, incense, and sandalwood in the composition, it growls on the wearer’s skin with untamed, primordial passion. amouage.com After launching the Royal Oak Offshore Music Edition in 2022, this year has seen the Swiss Haute Horlogerie manufacturer Audemars Piguet bring out a new variation of this masterful timepiece that’s a tribute to the world of music. This 37mm Royal Oak Offshore Music Edition model features a case, bezel, and screw-locked crown, all crafted in black ceramic, with titanium elements bringing contrast to the piece’s design, which includes studs reminiscent of the pattern on jack plugs, the fader-inspired crown guards, as well as the strap’s pin buckle. Your eye will almost certainly be drawn to its Tapisserie dial, which reproduces the motifs of an equalizer, and it also features the Audemars Piguet monogram in polished white gold at 12 o’clock. The timepiece is driven by the latest-generation self-winding hours, minutes, and seconds movement, Calibre 5909, and do take note of the titanium and sapphire crystal caseback, which shows off the hand-finishing that goes into the piece’s movement. As a limited edition of 250 pieces, there seems to be no question that this Royal Oak Offshore Music Edition deserves to be added to your horology collection. audemarspiguet.com EDITOR’S PICK AESOP ↓ IMAGES COURTESY VILEBREQUIN | AUDEMARS PIGUET | AESOP

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64 / ENTREPRENEUR.COM / August 2023 B/Culture KALE YEAH! [The journey towards wellness, from A to Zen] by RUWAIDA ABELA NORTHEN

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65 August 2023 / ENTREPRENEUR.COM / The global wellness industry is booming, valued at an astonishing US$4.5 trillion in 2018, according to the Global Wellness Institute. This massive market has given rise to a slew of wellness-focused startups, all vying for a piece of the proverbial kale pie. In 2020 alone, wellness startups attracted over $1.2 billion in venture capital fund- ing, according to Rock Health. One major driver of this growth is the digital health and fitness sector, which has experienced a surge in popularity thanks to wearable devices, fitness apps, and telemedicine services. With the global digital health market projected to reach $640.74 billion by 2026, it’s clear that technology is playing a pivotal role in the wellness revolution. In the realm of nutrition, superfoods have become the new superheroes. Gone are the days when spinach was the only green stuff we cared about. Now, it’s all about kale, oats, and chia seeds– the nutritional powerhouses that promise to boost your energy, improve your skin, and even extend your life. The only catch? You’ll need a degree in mixology to whip up a smoothie that doesn’t taste like liquefied lawn clippings. On the more spiritual side of wellness, meditation has evolved from a practice reserved for monks and hermits to an essential part of the modern self-care routine. With guided meditation apps like Headspace and Calm, finding your zen has never been easier– or more technologically advanced. Just pop in your earbuds, close your eyes, and let the soothing voice of a British man whisk you away to a world of relaxation. As for those who prefer their wellness with a side of woo-woo, look no further than the mystical world of crystals. }} IT SEEMED THAT IN THE AGE OF EXCESS, THE QUEST FOR INNER PEACE HAD BECOME THE ULTIMATE LUXURY. ” “ A s I drove down the sun-kissed streets of Dubai, kombucha in hand, a thought crossed my mind: “Are yoga mats the new designer stilettos?” Ever since the pandemic that shall not be named, people have been increasingly seeking solace in the arms of wellness, and have redefined the art of mindful living. Our love affair with wellness has been upgraded, modernized, and given a touch of high-end glamour. But has the pursuit of well-being taken centerstage in our quest for a fulfilling existence? Wellness is the buzzword du jour; it seems like there’s a zany new health trend popping up every other day. The quest for well-being has taken on a life of its own– one that’s as amusing as it is bewildering. In a world where matcha is considered a food group, and where yoga pants are the new jeans, it’s no surprise that new age wellness has become a booming industry. From sound baths to goat yoga, the pursuit of well-being has never been more entertaining– or bizarre. Who could forget about the meteoric rise of goat yoga? It’s the perfect blend of adorable and absurd, where you can namaste your way to inner peace, while a bunch of frolicking goats try to steal the show.

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66 / ENTREPRENEUR.COM / August 2023 Whether you’re in search of love, prosperity, or just a good night’s sleep, there’s a shiny rock for that. The only downside? Your home may start to resemble the lair of a dragon hoarding treasure, but hey- at least you’ll be the most zen dragon on the block. The healing vibrations of sound therapy are also now all the rage along with sensory deprivation tanks, and the rejuvenating power of cryotherapy. It seemed that in the age of excess, the quest for inner peace had become the ultimate luxury. And then, there are the wellness- focused travel experiences. Imagine a luxurious desert escape, complete with guided meditation sessions under the starry night sky and sunrise yoga on the warm sands. Or a five-star resort that offered not only sumptuous suites and gourmet cuisine, but also mindful activities like art therapy and moon bathing. Wellness has transformed the very essence of travel, intertwining it with the art of living well. According to the Global Wellness Institute, the wellness tourism market was valued at a jaw-dropping $639 billion in 2019, and it’s projected to grow exponentially in the coming years. Gone are the days of indulging in a mere massage during your travels. Now, it’s all about immersive experiences that cater to the mind, body, and soul. As I wandered further into the labyrinth of this wellness revolution, I stumbled upon a myriad of retreats that promised to transport me to a world of harmony and balance. In the Maldives, swaying palm trees and crystal-clear waters create the ultimate backdrop for relaxation. Virtuoso, a leading luxury travel network, reported that wellness travel bookings to the Maldives surged by 171% in 2019. Think private yoga sessions on the beach, rejuvenating spa treatments, and organic cuisine that’ll have your taste buds singing. Baden-Baden in Germany is a haven for thermal water enthusiasts. With a 6.7% increase in overnight stays for health- focused trips in 2019, this elegant town has become a wellness hotspot. Stroll through picturesque parks, soak in mineral-rich baths, and unwind with luxurious spa therapies- all while channeling your inner European aristocrat. And if you think you’ve seen it all, think again. Baden-Baden offers some of the most unusual spa treat- ments, like thermal mud treatments set to the tunes of oompah music- for a truly memorable experience! India’s wellness sector has also been booming, with a compound annual growth rate of 20.3% from 2015 to 2018. The country’s ayurvedic traditions lure wellness seekers with experiences that provoke both laughter and contemplation. You could partake in cow cuddling, an unconventional therapy that’s supposedly soothing, or indulge in a 24-karat gold facial that leaves you -literally- glowing. The wellness tourism market in the United Kingdom, valued at $6.9 billion in 2018, offers a smorgasbord of unique experiences. There, you’ll find an offbeat B/Culture ← According to the GLOBAL WELLNESS INSTITUTE, the wellness tourism market was valued at a jaw-dropping US$639 billion in 2019, and it’s projected to grow exponentially in the coming years. WELLNESS HAS TRANSFORMED THE VERY ESSENCE OF TRAVEL, INTERTWINING IT WITH THE ART OF LIVING WELL.

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67 August 2023 / ENTREPRENEUR.COM / therapy that takes “tree- hugging” to a whole new level- and it’s called forest bathing. Immerse yourself in the serene beauty of the woods, walking through groves that look like they’ve sprung straight from a Shakespearean sonnet. And if that’s not enough to pique your interest, UK wellness retreats also offer eclectic activities like silent discos and alpaca walking- be- cause, why not? Finally, we circle back to Dubai, a city that’s never met a trend it couldn’t elevate. Amidst the towering skyscrapers, swanky hotels, and glitzy malls, you might think wellness would be a foreign concept. But Dubai has outdone itself once again. Biohacking is all the rage here, and I found myself getting a customized vitamin drip, filled with the promise of a rejuvenated self. My fascination with personalized supplements led me to a treasure trove of bespoke nutrition plans, each designed to cater to my unique body chemistry. It seemed that the days of popping generic multivita- mins were long gone. Now, I had the power to concoct my own wellness elixir, tailored to meet my every need. If you’ve ever wanted to feel like you’re starring in your own sci-fi movie, cryotherapy is the wellness trend for you. Step into a chamber colder than the icy heart of your ex and experience the bone-chilling benefits of freezing your tush off– all in the name of health, of course. Just don’t forget to pack your woolly socks! The rise of wellness retreats and experiences has had a particularly signifi- cant impact on the travel and tourism sector. Wellness tourism has experienced double-digit growth over the past decade, far outpacing the growth of tourism in general. As more travelers seek out offbeat, health- focused adventures, the demand for innovative wellness experiences is expected to continue its upward trajectory. Perhaps one of the most significant drivers of the wellness boom is the rapid advancement of technology. Digital health and fitness have become integral components of the industry, with wearable devices, fitness apps, and telemedi- cine services revolutionizing the way we approach well-being. The digital health market has experienced exponen- tial growth, with the sector projected to reach $640.74 billion by 2026. This growth is fueled by startups and established companies alike, all seeking to harness the power of technology to improve our health. Take, for example, the meditation apps that have flooded the market. What started as a simple idea -providing guided medita- tion sessions via a smart- phone app– has blossomed into a thriving industry, with platforms like Headspace and Calm boasting millions of users and valuations in the billions. Similarly, the fitness industry has been trans- formed by the rise of connected home workout equipment like Peloton, Tonal, and Mirror. These high-tech machines offer a new level of convenience and personalization, allowing users to break a sweat in the comfort of their own homes. With Peloton’s market capitalization surpassing $45 billion in 2020, it’s clear that the appetite for innovative fitness solutions is stronger than ever. The fitness industry has also experienced a tech- fueled transformation, with connected home workout equipment like Peloton, Tonal, and Mirror taking the market by storm. These high-tech machines offer unprecedented convenience and personalization, allowing users to exercise in the comfort of their own homes. As a result, Peloton’s market capitalization reached a staggering $45 billion in 2020, highlighting the enormous appetite for innovative fitness solutions. The nutrition landscape has been reshaped by the growing popularity of plant-based diets as well as the increasing demand for nutrient-dense superfoods. This shift has given rise to companies like Beyond }} MORE TRAVELERS SEEK OUT OFFBEAT, HEALTH-FOCUSED ADVENTURES, THE DEMAND FOR INNOVATIVE WELLNESS EXPERIENCES IS EXPECTED TO CONTINUE ITS UPWARD TRAJECTORY.

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68 / ENTREPRENEUR.COM / August 2023 Meat, Impossible Foods, and Oatly, all of which have disrupted the food industry with their revolutionary plant-based products. Beyond Meat’s initial public offering reached an impressive $3.8 billion in 2019, demonstrating the immense potential of the plant-based market, as more consumers seek out sustainable “good for you” foods. At the end of the day, aren’t we all just searching for our own unique blend of happiness, health, and high fashion? And so, I say: embrace the world of well-being tourism, and let your wanderlust guide you on a journey to living your best life. After all, isn’t the pursuit of happiness, health, and high fashion the ultimate expression of a life well-lived? With over two decades of experience tucked under her designer belt, Ruwaida Abela Northen has become a veritable virtuoso in the realms of consumer marketing, corporate communications, and high-impact campaigns, not to mention her finesse in public and media relations. Ruwaida’s odyssey began with the Corinthia Group in Libya, then she hopped over to Malta with Starwood, and further jetted to Bahrain with the Ritz-Carlton. From there, it was off to Qatar, where she worked her magic with Shangri-La Group. Climbing the corporate ladder with agility and determination, Ruwaida ultimately ascended to the role of Vice President for PR and Corporate Communications, shattering glass ceilings as the first Arab woman to hold such a position in the company’s history. In 2021, Ruwaida decided to chart her own course, establishing JRN Consultancy, a boutique agency specializing in luxury lifestyle, travel, and hospitality. With its headquarters nestled in the glitzy skyline of Dubai and representation in Qatar and Saudi Arabia, JRN embodies the spirit of a “journey.” A fierce advocate for female empowerment, Ruwaida has built an all- women team, who, under her guidance, are conquering the world one luxury experience at a time. jrnconsultancy.com B/Culture ↓ The growth of the digital health market is fueled by startups and established companies alike, all seeking to harness the power of technology to improve our health. T he new portable Beosound A5 speaker, which is a collaboration between the Danish luxury audio brand Bang & Olufsen (B&O) and Copenhagen-based studio GamFratesi, is an example of how different design cultures can be merged to create a product whose exquisite craftsmanship simply cannot be denied. Scandinavian summers come to the mind when seeing the Beosound A5’s Nordic Weave version in light Take a close(r) look at Bang & Olufsen’s new Beosound A5 portable speaker, built in collaboration with Copenhagen-based GamFratesi An Ode to Design Excelence

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69 August 2023 / ENTREPRENEUR.COM / oak and a woven paper fiber front, while the focus on blank anthracite makes the Dark Oak version evocative of winter woodlands. Meanwhile, the Beosound A5’s solid oak handle allows it to be carried and placed wherever one wishes, and its IP65 water and dustproof rating also allows it to be taken outside of the home without any worries. Both of the Beosound A5 colorways thus fit perfectly at home or outside in nature, and both come with the sound, craftsman- ship, and longevity that the B&O brand is known for. Plus, with more than 12 hours of playtime and a wireless phone charger integrated into the top panel of the speaker, Beosound A5 is B&O’s most versatile speaker to date, and the perfect portable audio companion, controllable either by a sleek user-interface, or directly from the B&O app. “Beosound A5 is our new high-end portable speaker, which combines Bang & Olufsen’s long standing approach to timeless design with our vision on sound for the future,” said Michael Henriksson, VP of Product Marketing, B&O, in a statement. “We’re excited to collaborate with GamFratesi for the first time, to create two speaker designs that are rooted in a Scandinavian aesthetic with a distinct design signature on their own.” GamFratesi, which was founded in 2006 by Danish architect Stine Gam and Italian architect Enrico Fratesi, said in a statement that their inspiration for the Beosound A5 came from sources as varied as B&O’s own Beolit series, as well as natural materials synony- mous with the colors and textures found in Scandi- navian nature. “From the traditional Panama straw hats worn on beaches, to the hand-woven leather accents of Danish chairs from the 1960s, blends of natural materials applied in experimental ways guided our design journey,” the studio noted. Look carefully at the Besound A5, and you’ll see the references that GamFratesi is alluding to. Its soft organic curves and natural materials are a nod to the curved edges and handle of the Beolit 607, and the wooden teak finish of the Beolit 800 and Beolit 1000 have also greatly influenced GamFratesi’s design process for the Beosound A5. Meanwhile, from a technical perspective, the Beosound A5 boasts of a four-way driver setup with four digital amplifiers that provide a combined 280 watts of power, which can fill large rooms with dynamic 360-degree sound. Armed with one 5.25” woofer, two 2” midrange, and one ¾ tweeter, the Beosound A5’s sound excellence is thus a fitting match for its design. Note here that the Beosound A5 has been modularly designed- this means that besides its timeless appearance, the product’s various compo- nents can be easily serviced and repaired to extend its lifetime, instead of it having to be replaced by a new speaker. Its front covers are also easily replacable, which allows customers to make use of new materials and colorways as their own styles and identities evolve with time. Longevity never looked better. bang-olufsen.com → With Beosound A5 speakers, BANG & OLUFSEN (B&O) and GAMFRATESI used different design cultures to create a product whose exquisite craftsmanship simply cannot be denied. ← Danish architect STINE GAM and Italian architect ENRICO FRATES, founders of Denmark- based design studio GAMFRATESI WE’RE EXCITED TO COLLABORATE WITH GAMFRATESI FOR THE FIRST TIME, TO CREATE TWO SPEAKER DESIGNS THAT ARE ROOTED IN A SCANDINAVIAN AESTHETIC WITH A DISTINCT DESIGN SIGNATURE ON THEIR OWN.

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71 August 2023 / ENTREPRENEUR.COM / I n an age where the pixelated glow of digital screens seems to permeate every aspect of our lives, it might be easy to underestimate the enduring allure of a different kind of screen: the television (TV). I am a big believer that television still matters today. I am constantly asked why I still produce television shows in an era where digital is clearly on the rise with new platforms and growth in consumption. And while I understand the potential reach and engagement digital platforms can offer, I still strongly believe that the credibility of television is unmatched. I believe that TV brings a level of credibility that digital online platforms find very difficult to meet. Having concep- tualized, produced, and executive produced several success- ful TV shows, I’ve seen firsthand the unique level of respect this work garners. I can tell you that the respect a broad- caster or TV producer receives far outweighs that received by a digital producer. Time and time again, I see the weight that is given to broadcast over online platforms and channels- executive producing the daily TV show, DXB Today, which airs on the pan-Arab channel Dubai One, has served me many remind- ers of this fact. I’ve had a front-row seat to how guests light up when they’re given a chance to shine on television. We’re approached regularly by well-known figures, eager for a chance to tick “TV appearance” off their bucket list, or who understand the credibility that being on a show like ours can add to their personal brand, or are genuinely moved to share their expertise, service, or product with a TV viewing audience. To them, a spot on a television show is a coveted milestone. Now, ask yourself: would they get that same spark in their eyes for an online channel? }} The Ageless Screen Why television still holds sway in a digitized world by REIM EL HOUNI

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72 / ENTREPRENEUR.COM / August 2023 }Let me take you back to 2014. Fresh from the NAB Show in the US, the annual trade show produced by the National Association of Broadcasters that’s the world’s largest industry convention, I was brimming with a passion to break new ground. The idea? To create bespoke YouTube channels showcasing Dubai’s dynamic personalities. That’s how my enter- prise, Dubai ON Demand, was born. It was a brave new venture, with channels focusing on everything from CrossFit, to parenting and wellness. Given my media background, I knew how to generate a buzz, and before we knew it, big-name brands were knocking on our door, eager to be part of our content. I remember those meetings as if they were yesterday. “What channel are you on?,” they’d ask. “YouTube,” I’d reply. ‘No, no; what TV channel are you on?,” they’d insist. “We’re not on TV, we’re on YouTube,” I’d confirm. Suddenly, their enthusiasm faded: “Oh! We’re sorry, we thought you were on a TV channel, we don’t want to move forward on YouTube.” Back then, it didn’t matter how hard I tried to convince them about the possible reach as well as the opportu- nity to target an audience, they were not swayed. It was a hard pill to swallow, a reality check that, in the eyes of many, the credibility of TV still reigned supreme. Less than 10 years later, and the landscape has certainly evolved. YouTube has grown tremendously, and is now an integral part of any digital strategy, with many brands now clamoring for a slice of the online pie. Other platforms like TikTok and Instagram have also stepped into the limelight, each with their own unique strengths and audience. But amidst this digital buzz, some- thing fascinating is happening. Audiences are not just flocking to social media platforms- they’re also embracing subscription-based streaming platforms like Netflix, Amazon, and Apple TV. It’s like the golden age of television all over again. The numbers don’t lie. A recent report by Digital TV Research focused on the Middle East and North Africa (MENA) region predicts that over-the- top (OTT) TV episodes and movies will generate US$5.69 billion by 2028. That’s double the estimated number for 2023, which sits at $2.83 billion. But despite these numbers and predicted growth, I believe that, in this day and age, there is still a place for traditional broadcasters, even if it is only in the short term. In this digital era, traditional television is simply finding new ways to thrive. }While OTT platforms have spoiled us with the opportunity to binge-watch our favorite shows, every once in a while, a show comes along that reignites that nostalgic spark of what has been termed “appointment viewing.” The hit dramatic series, Succession, which aired in the MENA region on OSN, reminded us all of “the old days” with everyone ensuring they were in front of their TV sets on a Monday evening (the show aired on a Sunday in the US). Indeed, the series finale became the talk of the town- it drew in a series-high of 2.9 million viewers worldwide. Admittedly, viewership is calculated across all platforms, including digital, but it is still subscription-based. It could be argued that even the British Broadcasting Corporation (BBC) announced a plan in March 2022 to close down parts of their broadcasting arm, and go completely digital. BBC Director General Tim Davie announced these changes as part of a movement to “build a digital-first BBC,” which would “embrace the huge shifts in the market.” If a broadcast institution like the BBC has made this public claim, then surely that is a sign for things to come. I believe it is. However, even the BBC said that this would happen over the next few years, and, in fact, there were reports in ‘T/Marketing A WELL-PRODUCED SHOW THAT EITHER THOROUGHLY ENTERTAINS OR EDUCATES AN AUDIENCE WILL STILL DRAW VIEWERS, AND WHETHER IT IS ON TV OR ONLINE IS SECONDARY. → “I see the weight that is given to broadcast over online platforms and channels- executive producing the daily TV show, DXB Today, which airs on the pan-Arab channel Dubai One, has served me many reminders of this fact.”

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73 August 2023 / ENTREPRENEUR.COM / March 2023 that the BBC might backtrack on its original decision to go digital with its BBC Four channel owing to its to solid ratings- so, let’s perhaps not be too quick to dismiss the power of television. Let’s also not forget that the crux of the matter lies in creating high-quality content that truly resonates with your audience. A well-produced show that either thoroughly entertains or educates an audience will still draw viewers, and whether it is on TV or online is secondary. There are still big blockbust- er formats that grab atten- tion such as Shark Tank or Dragons’ Den in the business space, and MasterChef or The Voice in the lifestyle segments. TV channels compete and vie to get the rights to these shows, as they know the impact they will have on the overall channel’s reach. }One area where the power of TV is undeniable is on large-scale events and sport. The FIFA World Cup selectively grants TV rights to a handful of broadcasters globally, who are known to pay a significant amount for them, because they know that this level of high-quality content can draw a large viewership for their channel. According to FIFA, the final match of its 2022 edition in Qatar achieved a global reach of nearly 1.5 billion viewers across various platforms and networks worldwide, and out of that total, 242.79 million of those viewers watched live on TV on beIN Sports in the MENA region. That is an impressive number, and it goes to show that for certain types of content, television remains a commanding force in captivating audiences. I personally felt the importance of this while executive producing the daily live coverage of Expo 2020. We were live for 183 consecu- tive days, and we aired globally through a dedicated Expo channel, Expo TV, as well as on Dubai One. While social media and digital channels definitely played an integral role in ensuring a buzz was generated around all the amazing activities, shows, performances, talks, and pavilions at the Expo, our daily show, Studio Expo, undoubtedly had viewers from around the globe tuning in to catch these moments live, and celebrate their respective countries. There are a number of incidents that come to mind that demonstrated the impact the show had internationally. To share one, I recall inviting a Dubai businessman into the studio to discuss his ventures in Uganda. Two weeks later, he rang me to say thank you for the opportunity, as it had resulted in close to 20 new opportunities from busi- nesses in Uganda who had seen him on TV! I have to admit that it caught me by surprise- but it was a good reminder that viewers are everywhere, and in some parts of the world, TV content is still the go-to. While I am not in denial about the growth of the digital world, and, in fact, can argue that I was an early adopter with our launch into the YouTube space in 2014, I do believe that we are not yet in a world where only the online universe reigns supreme. Perception still carries significant weight, and the potential of TV should not be neglected or brushed aside. As far as I am concerned, the answer isn’t to cancel all TV efforts, but instead, we need to recognize that having your content aired on a broadcast channel can add that secret ingredi- ent, a sprinkle of credibility that elevates your project’s profile. A broadcasting approach, when coupled with a strong digital strategy, will ensure you capitalize on maximum reach, while also successfully garnering the best of both worlds. For me personally, there is nothing that beats the adrenaline, the energy, the excitement of a TV studio, let alone a live broadcast. Perhaps by sharing this perspective, I can stave off those who prematurely believe the era for TV is over, prompting a shift in understanding that the most effective strategy is not an “either-or,” but, instead, an “and.” Reim El Houni is the founder and CEO of Ti22 Films and Dubai ON Demand. ti22films.com | youtube.com/c/ dubaiondemand A BROADCASTING APPROACH, WHEN COUPLED WITH A STRONG DIGITAL STRATEGY, WILL ENSURE YOU CAPITALIZE ON MAXIMUM REACH, WHILE ALSO SUCCESSFULLY GARNERING THE BEST OF BOTH WORLDS.

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74 / ENTREPRENEUR.COM / August 2023 }The Qode today stands as a testament to the power of perseverance, strategic thinking, and innovative practices. But most of all, it provides tangible proof of the hard work our team put into drafting its story. We have a growing family of remarkable souls who joined us, supported us, and dedicated a part of their lives to sharing in our vision, and helping us take the company to where it is today. For those of you reading this, we hope that our experience will offer insights, and perhaps even shed light on undiscovered possibilities as you navigate your way from startup to stability, growth, and success, hopefully alleviating some of the “fears” that plague our ilk, a natural side effect of the entrepreneurial spirit. At the beginning, Ayman was an industry insider working in marketing for L’Oreal and Villa Moda, where he played a pivotal role in introducing renowned brands to the region. Meanwhile, Dipesh had a background in business, specifically in trade, distribution, and retail. The UAE’s growing publishing sector, dominated by two main groups, was aiming to create more localized content, a goal requiring a flourishing entertainment and events sector in order to succeed. Dipesh had done a remarkable job of tapping into this over the years, becoming a regular feature across all the UAE’s print media, to the point where he had become somewhat of a local celebrity. That said, there was an absence of agencies that really understood the nuanced communications required by the global luxury sector that Ayman loved, with local agencies prioritizing the transactional, advertising dollars approach to communications. This method didn’t cater to the specialized conversational mindset of premium luxury consumers, an exploding regional demographic. Our combined backgrounds, Ayman’s on the client side of luxury retail and PR, along with Dipesh’s access to and relationships with the predominant media of the time, gave us both the client-centric perspective and practical ability to identify and fill the gap, positioning The Qode as the region’s first boutique luxury communications agency. ‘T/Pro Tracking a lux journey, from startup to acquisition by AYMAN FAKOUSSA AND DIPESH DEPALA Getting One’s Ducks in a Row I t was in 2008, amidst the global financial crisis, that the two of us -Ayman Fakoussa and Dipesh Depala- embarked on an ambitious journey with The Qode. At the time, The Qode consisted of just four people- but we were a nimble, excited team, motivated by a clear vision. We sought to elevate the Middle East’s luxury public relations (PR) landscape. Today, as we reflect on what we’ve accomplished so far, and anticipate what we plan to achieve in the coming years, we recognize that our story is an age-old one- albeit with some added sparkle and flair! → AYMAN FAKOUSSA and DIPESH DEPALA, co-founders of The Qode

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75 August 2023 / ENTREPRENEUR.COM / We faced a lot of skepticism for launching during the global financial crisis, but we knew that with so many brands recently introduced to the market, the competition for the UAE’s luxury market would be aggressive, with larger agencies caught up in the ad sales web. Brands could no longer justify US$10,000 and $20,000 per-page ads, and we saw the opportunity for The Qode to step up and offer them an affordable and results-driven alternative. This allowed them to communicate, engage, and stay relevant during the challenging period that echoed through the market, calling for disruption. It wasn’t long before more agencies began popping up across the region, which presented a new set of challenges for us. }Sustaining our growth became more complex as the Gulf historically had a very dynamic and transient workforce, with new people arriving, leaving, changing jobs, and even industries, regularly. Fully aware that to under- stand any market means understand- ing its people, we needed to strategize. We committed ourselves to learning, knowing that we’d need to evolve to stay ahead of our often capital-rich and highly connected competition. Our network, and the ability to constantly change, and add to our contacts have been a lifeline for us. As any business professional or entrepreneur knows, fostering relationships is fundamental to long-term partnerships, whether as an employee or a business owner. The ability to build and maintain relation- ships is very often the key difference between success and failure. In fact, it was the associations that we built and nurtured over the years that eventually led to our being acquired. Today, we believe that our network is as much a part of The Qode’s net worth, as the innovative service offering we’ve honed over the years. But it’s important to understand that networking isn’t only about building external connections; it’s a personal character trait that needs to be developed as a skill and applied throughout one’s career. It’s our muscle for the workplace that we all need to train. At The Qode, we are adamant about nurturing a culture of trust and compromise. We firmly believe that differing perspectives spark creativity and growth, with openness and compromise the cornerstones of our leadership style. In fact, we’d rate our ability to create a happy, comfortable, and positive culture as key to the success we’ve had over the years. For entrepreneurs who are just starting up their businesses, it can be difficult to delegate at first. In the early years, we had to remind ourselves to have faith in our team, to let go when appropriate, and trust in the company we were working so hard to build. As first-generation businesspeople, it can be very hard to do this, and risk losing control. After all, we want to make sure that everything is up to the high standards that we ourselves would expect as clients, suppliers, and business partners. But, with growth comes the absolute need to trust and empower your team. Today, we are convinced that the comfort we instilled through trust resulted in the happy, motivated, and high-performing workforce that we are so proud to have with us today. Businesspeople in this modern era can chart the growth trajectory of most companies by looking at the willingness and ability of the founders to entrust, invest in, and empower their teams. Those who refuse to relinquish control might not fail entirely, but they generally tend to have a flatter growth trajectory and risk becoming irrelevant by disregarding the external and human forces driving the transformational agenda. As the oft-repeated aphorism goes,”culture eats strategy for breakfast.” Our commitment to fostering an inclusive, flexible, and empowering culture was instrumental in weathering the challenges, }} SUSTAINING OUR GROWTH BECAME MORE COMPLEX AS THE GULF HISTORICALLY HAD A VERY DYNAMIC AND TRANSIENT WORKFORCE, WITH NEW PEOPLE ARRIVING, LEAVING, CHANGING JOBS, AND EVEN INDUSTRIES, REGULARLY. ↓ The Qode operates as an independent entity within The Independents Group, a global collective of agencies with offices around the world.

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76 / ENTREPRENEUR.COM / August 2023 ‘T Skillset / A Leap of Faith A first-person account of what it takes to be a female entrepreneur in a male-dominated industry by ISHITA KOCHHAR That said, let me confess here that I had no idea about construction when I was joining my startup, WakeCap. Indeed, embarking on a construction-centric venture was uncharted territory for me. I felt uncertain about my value and contribution; yet, I took a leap of faith by teaming up with Dr. Hassan Albalawi as a co-founder at WakeCap. While many would shy away from a job offer without immediate monetary compensation, I decided to take a risk, and chose to embrace equity opportunities. As it so happens, the company wasn’t even formalized until months later. }But it was by joining WakeCap that I discovered technology’s potential for revolutionizing traditional construction process- es. By addressing digitization challenges in construction sites, the industry can benefit from increased productivity and efficiency, improved safety, and saved time and costs– all of which are extremely important factors in a thriving business environment. While Hassan, along with our three senior engineers, Roy Gilsing, Rene Wassenburg, and Rami Nassouh, leveraged their technical expertise for WakeCap, I took charge of the operations, business management, as well as sales and distribution. Together, we formed a strong unit poised for success. Indeed, what started as a little spark of an idea has now grown into a company with 82 employees contributing to changes in construction. WakeCap sustained its growth momentum with a steady increase of around 28% from 2020 to 2021, and approximately 23% from 2021 to 2022. The most notable leap occurred in 2023 (which also marks our sixth-year anniversary) with a remarkable growth rate of nearly 500% after owners started mandating WakeCap. And that’s not all- we’re thrilled about our expansion in Saudi Arabia. With a presence in over 12 projects across the Kingdom, we are rapidly expanding to cover all major developments. W hen I decided to become a female entrepreneur working in the construction industry of the Middle East, I knew from the get-go that I had to bring something different to the table. After all, this is an industry traditionally dominated by men, with very few women working in it. making us an attractive employer, and later overcoming the catastrophic COVID-19 pandemic, which brought our industry to its knees. }Our involvement with Endeavor, a promi- nent global network of entrepreneurs, was probably the most transformative experience we’ve had, as it drove us to restructure, transform, and prepare the business for growth and investment. We credit our experience with them, alongside the guidance and mentorship they offered, as a pivotal factor in making us an attractive acquisition candidate. We had developed very strong relationships with several international agencies over the years, but were particularly close with Karla Otto, with whom we had worked on several projects, and recommend- ed clients to one another regularly. Therefore, when The Independents Group was formed as a partnership between K2 and Karla Otto, The Qode was a natural fit, given our geographical standing, financial position, established network, and core competencies. }Today, we’re proud to operate as an independent entity within The Independents Group, a global collective of agencies with offices around the world, comprising other industry leaders such as Bureau Betak and Prodject. This development has really bolstered our offering, and has enabled us to shape the luxury and lifestyle communica- tions landscape more profoundly than ever before. It brought us unprecedented opportu- nities, and it has also expanded our network through proxy, whilst allowing us to preserve our unique identity, culture, and core values. For us, it marked the moment when we turned the page to the next exhilarating era of The Qode’s growth and evolution- and we’re more excited than ever for the opportu- nities that lay ahead of us. Ayman Fakoussa and Dipesh Depala are the co-founders and Managing Partners of The Qode. Located in Dubai Design District, The Qode is an integrated agency offering brands a specialized approach to public relations, event management, digital marketing, social media, and content creation. As part of The Independents Group, The Qode is now the operational partner for global agencies, Karla Otto and K2 in the Middle East, North Africa, and India. theqode.com By addressing digitization challenges in construction sites, the industry can benefit from increased productivity and efficiency, improved safety, and saved time and costs– all of which are extremely important factors in a thriving business environment.

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77 August 2023 / ENTREPRENEUR.COM / }While I hope that my journey with WakeCap demonstrates that digital transformation is beneficial for businesses, I also wish that it leads to the provision of more opportunities for women, as well as the creation of pathways for more diverse leadership positions within traditionally male- dominated industries. My career has seen me successfully break into the male-dominated construction industry in the Middle East, and I believe strongly that female entrepreneurs can achieve success in fields like mine, despite traditional gender roles and expectations. }At the end of the day, I hope that my story will inspire other female entrepre- neurs to do the same- by taking the initiative and leading by example, we can create a more equal and inclusive business environment for all. Ultimately, this is about creating opportunities for everyone. By implementing innovative solutions to traditional problems, we can drive positive change, and pave the way for a more equitable business landscape in the Middle East. Together, let’s make sure that no one is left behind. }To women looking to enter and thrive in a male-dominated industry such as construction, here are my top three tips. First, have confidence. Believe in yourself, and don’t let anyone tell you that you can’t do something because of your gender. Research the industry, stay updated on the latest technological advancements, and have the confidence to stand up for what you believe in. Second, be proactive. Don’t wait for opportunities; create them! Take the initiative by introducing new ideas, asking questions, and finding ways to innovate existing solutions. Third, embrace diversity. Surround yourself with a diverse range of people who will challenge your thinking, and help bring fresh perspectives into the industry. Diversity in thought brings about new and innovative solutions- so, don’t be afraid to reach out to people different from you! Finally, always remember that women can make a difference in traditionally male-dominated industries such as construction. If I did it, so can anyone else. With the right attitude and mindset, there’s no limit to what we can achieve! Ishita Kochhar is the co-founder and Chief Operations Officer at WakeCap, a leader in smart solutions for construction site management that is setting a new industry standard for data-powered site visibility. In her day-to-day role, Ishita manages operations, business development, marketing and investor fundraising for the business that has offices in Riyadh, Dubai and San Francisco. With her extensive expertise, she has driven operations, business management, sales, and distribution strategies since 2017, overseeing the growth of the startup from inception to a profitable entity working with some of the most recognized construction companies in the world. wakecap.com BY IMPLEMENTING INNOVATIVE SOLUTIONS TO TRADITIONAL PROBLEMS, WE CAN DRIVE POSITIVE CHANGE, AND PAVE THE WAY FOR A MORE EQUITABLE BUSINESS LANDSCAPE IN THE MIDDLE EAST.

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78 / ENTREPRENEUR.COM / August 2023 A s a seasoned restaurateur, I have firsthand experience of the challenges and triumphs that come from operating and expanding establishments. By way of background, I started 2023 with just six Swiss Butter restaurants, and that number will have grown to 14 by the end of this year. I have a further 15 venues planned for 2024, and an additional 29 for 2025. I think it would be fair to say that when it comes to expansion, I have experience on my side. And while franchising may seem appealing to many aspiring entrepreneurs in the restaurant industry, I firmly believe that it is not the best path for finding long-term success and fulfilment. Supported by compelling research, as well as the wealth of knowledge I have gained from my own experience with Swiss Butter, here are five reasons why I believe a self-owned -instead of a franchise- operated- approach to expansion will lead to a higher brand value in the long term. 1/EMBRACING LOCAL CONNECTIONS, AND CULTIVATING COMMUNITY SUPPORT Self-owned restaurants are more easily able to become a part of the local community’s fabric by incorporating elements that reflect and celebrate the area’s unique culture. In a franchise arrangement, it is usually the franchisor who will have full authority over the decision-making process when it comes to the core brand elements, such as design. Importantly, being self-owned does not imply that there is an absence of strong brand guidelines that govern our actions; rather, it signifies our unique ability to swiftly embrace or adjust our guidelines when an advantageous prospect emerges. In addition, we utilize social media and digital platforms to engage in real conversations with our customers. Actively seeking feedback from our customers on a local level demonstrates our commitment to customer satisfaction, instead of customers feeling like they are trying to communicate with a faceless franchise. By listening to customer opinions, suggestions, and concerns, self-owned restaurants are able to adapt and evolve to better serve their community’s needs, enhancing the overall dining experience. From a personal perspective, social media is one of the many ways I enjoy humanizing Swiss Butter’s overall dining experience. 2/ESCAPING OPERATIONAL CON- STRAINTS AND CORPORATE CONTROL Franchisees often find themselves ensnared in a web of operational con- straints imposed by the franchisor. From standardized menus and pricing struc- tures, to uniformity in store design, franchisees have limited control over their businesses’ day-to-day operations. This lack of autonomy not only stifles creativity, hampers the ability to respond to local market demands, and diminishes the unique identity of the establishment, but a study published in the Journal of Business Venturing also found that franchisees experience lower job satisfaction due to reduced decision- making authority and limited flexibility, negatively impacting their long-term commitment and success. When creating a new Swiss Butter store, our creativity knows no bounds, thanks to our decision to remain unfranchised. As a result, we are able to sculpt spaces that embody the essence of the communities in which we exist. More importantly though, ‘T/ Pro BY LISTENING TO CUSTOMER OPINIONS, SUGGESTIONS, AND CONCERNS, SELF-OWNED RESTAURANTS ARE ABLE TO ADAPT AND EVOLVE TO BETTER SERVE THEIR COMMUNITY’S NEEDS, ENHANCING THE OVERALL DINING EXPERIENCE. Making the case against restaurant franchising by EDDY MASSAAD Thriving Independently

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79 August 2023 / ENTREPRENEUR.COM / we rid ourselves from the constraints of a slow and bureaucratic decision-making process. We are able to make decisions with agility and confidence. Instead of rigid guidelines that hamper growth, our guidelines are simplified, our systems are fluid, and our leaders are empowered to make high level decisions, while maintaining brand standards. The key here is embedding our culture with thoughtful leadership, tolerance to risk-taking, and ongoing education. 3/HIDDEN COSTS AND UNFAIR SUPPLIER RELATIONSHIPS Franchisees face additional hidden costs beyond the initial investment and their obligation to franchise fees and ongoing royalty fees. In addition, some franchisors often require the purchase of supplies, ingredients, and equipment from approved distributors, which oftentimes are the franchisors themselves, sometimes at inflated prices. This practice, known as “captive market” pricing, benefits the franchisor and preferred suppliers, at the expense of franchisees. A study by the American Association of Franchisees and Dealers revealed that many franchisors charge higher prices for supplies to franchisees, compared to what they charge their company-owned stores. These inflated costs erode profit margins, and limit the financial viability of franchisees. At Swiss Butter, being self-owned, we were able to reverse plan the entire supply chain process, starting with maximizing the value at consumer level (quality versus price) and taking it upstream all the way to the source. This means we secure our supply chain to preserve value for the consumer and therefore the brand. Every time we make a better deal with a distributor or supplier, the entire experience is impacted positively. For example, despite the nationwide inflation in the UAE, caused directly and indirectly by global supply chain crises, economic instability, and the COVID-19 pandemic, we at Swiss Butter were able to absorb the inflation in the market. Our prices have not changed, whereas the UAE in general has witnessed a conservative 15% increase in pricing across restaurants. We could have only done this by taking it upstream. To put it in simple terms, when a problem happens, it is the franchisee’s problem, but in our case, every problem is our problem, so we pull every possible solution to preserve the customer experience, and maintain brand value. 4/ENHANCED EMPLOYEE ENGAGEMENT AND RETENTION A study published in the Journal of Small Business Management found that employee turnover rates in self-owned restaurants were significantly lower compared to franchise establishments. This stability leads to improved customer service, increased productivity, and ultimately, higher profitability. At Swiss Butter, our commitment to remaining unfranchised extends beyond our customers- it extends to our employees as well. By not franchising, we cultivate a workplace where employee satisfaction flourishes. Our “Day-One” succession plan means that any Swiss Butter team member, from any one of our stores, has the visibility, coaching, training program, and momentum to grow into a leadership position in any one of our countries. Our team members are thus valued contributors who are empowered to shape the restaurant’s success. With a focus on fostering a collaborative and inclusive environment, we prioritize the well-being, growth, and development of our staff. This commitment to our team translates into a genuine passion for their work, resulting in exceptional service and a warm, welcoming atmosphere that our guests can feel with every visit. At Swiss Butter, we believe that by investing in our employees, we create an experience that goes beyond the plate, leaving a lasting impression on both our team and our valued guests. 5/AVOIDING THE FINANCIAL BURDEN OF FRANCHISING Franchising in the restaurant industry entails significant financial obligations that can burden entrepreneurs for years to come. Franchise fees and ongoing royalties deplete the limited capital of aspiring restaurateurs. According to a report by FRANdata, a leading franchise research firm, the average restaurant franchise fee ranges from US$250,000 to $1 million, with ongoing royalty fees averaging between 4% and 12% of monthly gross sales. These expenses can be prohibitive, especially for individuals with limited resources and access to funding. The freedom of creativity and autonomy, agility in decision making, the avoidance of financial burdens, guidelines that promote operational fluidity versus constraints, higher control on the supply chain, genuine community connections, and enhanced employee engagement are all compelling reasons to opt for a company-owned restaurant expansion model. By embracing the challenges and opportunities that come with it, I truly believe that restaurateurs can create unique dining experiences, connect with communities all over the world, and thrive in an industry that values innovation and individuality, all the while growing their brand value, and building real long-lasting relationships with their customers. Eddy Massaad is the founder and CEO of Swiss Butter, a casual “diner-esque” type steakhouse that offers simple yet exceptional dining experiences. The menu is based around its secret Swiss Butter sauce, which has gained viral popularity with customers in each Swiss Butter location. In fact, since opening its first store in 2017, Swiss Butter’s consumer base and online following has continued to grow, allowing it to continue its expansion across several countries including the UAE, KSA, and Lebanon. swissbutter.com

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80 / ENTREPRENEUR.COM / August 2023 I n the world of social media, incidents like the one involving TikTok influencer Alix Earle and her friends can have a significant impact on the reputation of businesses. When Earle’s group arrived in Italy only to find out that the house they had booked through Booking.com didn’t exist, they turned to TikTok to share their plight. That video turned viral, garnering millions of views, and eventually catching the attention of Airbnb’s social media team. Within 24 hours, Airbnb swiftly arranged for the group to stay in a nearby villa, earning praise and positive exposure, with Earle’s video on it garnering over 3.8 million views. In contrast, Booking.com’s slow and inadequate response missed an opportunity for redemption, leaving them portrayed as unreliable, and out of touch. }This incident demon- strates the power of social listening in today’s digital landscape. Social listening is the process of monitoring social media channels, online forums, blogs, and other online platforms to gather information about what people are saying about a particular brand, product, or service. It is an essential part of social media marketing, as it can help businesses to understand their customers’ needs, preferences, opinions, and concerns. Social listening offers numerous benefits for businesses seeking to understand their audience and enhance their brand presence. By monitor- ing social networks and digital channels for keyword mentions, particularly within user generated content, companies can gain valuable insights. Advanced tools go beyond mere mentions and provide analysis on conversation volume, sentiment (positive, neutral, negative), and net sentiment in comparison to competitors. This enables managers and companies to tackle sophisticated questions, improve market understanding, and identify relevant topics of discussion among prospects and customers. Moreover, social listening serves as a valuable data source for new product development, offering insights into brand popularity vis-à-vis competitors, identifying brand issues, and uncovering pain points. The ability to calculate the proportion of positive and negative brand mentions in comparison to competitors further aids in assessing brand perception. }Additionally, social listening empowers businesses to manage and respond to negative comments, build relation- ships, and understand customer needs through active participation in discussions. Engaging in social listening also provides a competitive edge by optimizing digital marketing campaigns, uncovering the ‘T/Skillset (It’s not just about being responsive!) by EVANGELOS MOUSTAKAS Unleashing the Potential of Social Listening

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81 August 2023 / ENTREPRENEUR.COM / influence of customers on products, and vice versa, while also preparing for potential social media crises. Further- more, social listening proves beneficial for live or digital events, allowing companies to identify and follow important individuals and influencers who are relevant to their brand. With these advantages, social listening becomes a crucial tool for companies aiming to stay informed, adaptable, and connected in the dynamic landscape of social media. }When it comes to social listening, a variety of powerful tools are available to assist businesses in monitoring and analyzing online conversations. A few examples of social listening tools that can provide valuable insights include Brandwatch, Digimind, Meltwater, Synthesio, Tweet- Deck, Sprout Social, and others. Each tool has its unique features and strengths, so businesses should evaluate their specific needs, and then choose the tool that best aligns with their goals and objectives. Social listening also transcends the concept of implementing tools or forming teams for respond- ing to customer queries on digital channels. While having dedicated teams is crucial for an effective social media strategy, true social listening goes beyond mere responsiveness, and aims to provide tangible solutions. The aforementioned incident involving Earle and Airbnb exemplifies this distinction. Initially, Airbnb was not even involved in the booking, but its team’s vigilant social media surveillance allowed them to identify the issue, and offer a genuine solution. In contrast, Booking. com’s approach was limited to social media monitoring, as the booking was made through its platform. This disparity highlights the essence of social listening– it should be about more than just monitoring social media channels. It should encompass a broader range of activities, and empower brands to address and solve customer problems swiftly. Social listening is not limited to the reactive realm of social media monitoring; it is an active process that empowers brands to provide real solutions. It requires a deep understanding of customer expectations, the ability to anticipate potential issues, and the agility to respond promptly and effectively. By embracing this comprehensive approach, businesses can build stronger relationships with their customers, foster brand loyalty, and stay ahead in today’s dynamic digital landscape. Evangelos Moustakas is the Professor in Digital Marketing and Executive Director of Lifelong Learning and Continuing Education at Heriot-Watt University Dubai. hw.ac.uk/dubai Staged by BNC Publishing, the media house behind Entrepreneur Middle East, the Sustainability Innovation Awards serve as a platform to recognize and honor the remarkable efforts of companies in the MENA region that are leading the way in terms of sustainable practices of doing business. By showcasing their innovative solutions and initiatives, these companies inspire others, and set new benchmarks for sustainability, across industries. The Sustainability Innovation Awards thus aim to celebrate the groundbreaking achievements of companies who have demonstrated exceptional commitment to sustainability in a variety of industries including construction, real estate, architecture, design, logistics, transport, energy, hospitality, and others. Companies are invited to submit nominations -through the Sustainability Innovation Awards official website- across various sectors/industries, with each award category specifically tailored to recognize achievements based on the size of businesses, as well as their scope of operations. Organized in association with Platinum Partner Al Masaood, and Category Partners Fluidmeet and Numai Real Estate, the Sustainability Innovation Awards 2023 thus promises to be an evening that brings together industry leaders, innovators, and changemakers who are committed to shaping a sustainable corporate future in the Middle East. sustainability-awards.me WHEN IT COMES TO SOCIAL LISTENING, A VARIETY OF POWERFUL TOOLS ARE AVAILABLE TO ASSIST BUSINESSES IN MONITORING AND ANALYZING ONLINE CONVERSATIONS. Focused on the Future The Sustainability Innovation Awards returns for its 2023 edition N ominations are now open for this year’s edition of the Sustainability Innovation Awards, which is set to take place on August 31, 2023 at the Sofitel Dubai the Palm.

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O n June 12, 2023, at Sofitel Dubai The Palm, Entrepreneur Middle East staged the Leaders in Fintech Awards 2023, supported by in5 Dubai, Idealz One, Numei Real Estate, and Fluidmeet, to recognize the individuals and enterprises that are shaping the future of the fintech ecosystem in the MENA and beyond. This edition of this annual event saw a total of 22 awards being presented, with the winners ranging from pioneering financial institutions, to cutting-edge disruptors in the open banking space. The Leaders in Fintech Awards 2023 was thus a celebration of the innovations that will be powering the Middle East’s fintech arena today and into the future. The event also proved to be an indication of the continued growth that the region’s fintech industry is currently seeing, with a report by global consultancy McKinsey saying that the revenue of the fintech industry in the Middle East, North Africa, and Pakistan region is set to rise from US$1.5 billion in 2022 to between $3.5 billion and $4.5 billion by 2025. fintechawardsme.com 84 / ENTREPRENEUR.COM / August 2023 THE RECAP LEADERS IN AWARDS 2023 FINTECH PRESENTED BY F I N T E C H A W A R D S M E . C O M # E N T M E A W A R D S

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BNC PUBLISHING CEO Wissam Younane WINNERS of Leaders in Fintech Awards 2023 85 August 2023 / ENTREPRENEUR.COM / BEST OPEN BANKING PLATFORM / Tarabut Gateway BEST CUSTOMER LOYALTY SOLUTION / Blue by Al-Futtaim BEST PAYMENTS PLATFORM / Paymob BEST PERSONAL FINANCE SOLUTION / Tamam BEST TRADING PLATFORM / EFG Hermes ONE BEST ENTERPRISE SOLUTION / HyperPay BEST E-WALLET / Payit BEST FINTECH SOLUTION FOR F&B / Foodics INVESTMENT ADVISOR OF THE YEAR / Genero Capital BEST KNOW YOUR CUSTOMER SOLUTION / Uqudo CONSULTANCY FIRM OF THE YEAR / Neos Legal DIGITAL ECOSYSTEM OF THE YEAR / Uzum SUPER APP OF THE YEAR / BEYON Money DIGITAL BANK OF THE YEAR / LIV FINTECH COMPANY OF THE YEAR / Zad FINTECH HUB OF THE YEAR / DIFC Innovation Hub STARTUP OF THE YEAR / Baraka ECOSYSTEM ENABLER OF THE YEAR / Hub71 ENTREPRENEURS OF THE YEAR / Pluto co-founders Nayeem Zen, Mo Aziz, and Mohammed Ridwan FINTECH LEADER OF THE YEAR / Karim Dakki, co-founder and CEO, Klaim.ai FINTECH VISIONARY OF THE YEAR / Ramana Kumar, CEO of Magnati, the payments subsidiary of First Abu Dhabi Bank LIFETIME ACHIEVEMENT / Dr. Raghavan Seetharaman, former CEO of Doha Bank

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BEST CUSTOMER LOYALTY SOLUTION Blue by Al-Futtaim DR. RAGHAVAN SEETHARAMAN, Former CEO of Doha Bank ECOSYSTEM ENABLER OF THE YEAR Hub71 BEST PAYMENTS PLATFORM Paymob BEST KNOW YOUR CUSTOMER SOLUTION Uqudo LEADERS IN AWARDS 2023 FINTECH 86 / ENTREPRENEUR.COM / August 2023

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BEST FINTECH SOLUTION FOR F&B Foodics FINTECH VISIONARY OF THE YEAR Ramana Kumar, CEO of Magnati, the payments subsidiary of First Abu Dhabi Bank DIGITAL BANK OF THE YEAR LIV BEST ENTERPRISE SOLUTION HyperPay August 2023 / ENTREPRENEUR.COM / 87

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STARTUP OF THE YEAR Baraka SUPER APP OF THE YEAR BEYON Money BEST OPEN BANKING PLATFORM Tarabut Gateway BEST TRADING PLATFORM EFG Hermes ONE LEADERS IN AWARDS 2023 FINTECH 88 / ENTREPRENEUR.COM / August 2023

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LIFETIME ACHIEVEMENT Dr. Raghavan Seetharaman, former CEO of Doha Bank BEST PERSONAL FINANCE SOLUTION Tamam BEST E-WALLET Payit ENTREPRENEURS OF THE YEAR Pluto co-founders Nayeem Zen, Mo Aziz, and Mohammed Ridwan 89 August 2023 / ENTREPRENEUR.COM /

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FINTECH LEADER OF THE YEAR Karim Dakki, co-founder and CEO, Klaim.ai The Baraka team FINTECH COMPANY OF THE YEAR Zad INVESTMENT ADVISOR OF THE YEAR Genero Capital LEADERS IN AWARDS 2023 FINTECH 90 / ENTREPRENEUR.COM / August 2023

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DIGITAL ECOSYSTEM OF THE YEAR Uzum CONSULTANCY FIRM OF THE YEAR Neos Legal 91 August 2023 / ENTREPRENEUR.COM /

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93 August 2023 / ENTREPRENEUR.COM / Pushing Boundaries According to Evangelos Kaldelis, 3S Money’s CEO for the MENA region, he and his team in Dubai are located at what’s going to be the fintech enterprise’s main point of growth for the next 12-24 months. by AALIA MEHREEN AHMED IMAGES COURTESY 3S MONEY ↓ THE 3S MONEY MENA team.

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94 / ENTREPRENEUR.COM / August 2023 W hen we launched 3S Money, our vision was to address the market gap and create a fairer financial world for businesses, regardless of their size and location,” says Evangelos Kaldelis, 3S Money’s CEO for the MENA region. “To achieve this, we built the most trusted, accessible and borderless solution that revolutionizes international payments using innovative fintech solutions, and better service levels than tradition- al banks. We also take pride in being able to offer speed that is 10 times faster than traditional banks, and offer competitive foreign ex- change pricing, which is up to 75% cheaper than traditional banking. 3S Money thus exists for the brave businesses going beyond borders, and the boundary-pushing founders behind them.” Indeed, 3S Money’s cross-border payments platform allows SME owners to send, receive and exchange business payments in over 190 countries, while also gaining access to more than 65 global currencies. “We are plugged into many different local payment systems that allow our payments to travel in real-time almost instantly, whereas a traditional bank can only access the local domestic payment system,” Kaldelis adds. “Our informa- tion technology (IT) approach enables us to use different types of technology from several providers and integrate them into one platform. We replace these technologies with newer or more sophisticated options as they become available in the market. And so, we focus on small and medium-sized businesses that struggle the most to get access to fair, modern and secure payment solutions.” }More than 2,700 small and medium businesses having used the 3S Money platform since its inception, and in 2022 alone, it processed over US$3 billion in client payments worldwide. And to understand the company’s vision for the future of border-agnostic SME financ- ing, it is important to first look to its past. You see, 3S Money was born out of a predicament that was precisely the same as what the startup aims to solve today. “Our journey began due to a personal challenge our founders faced when they started a business in the Netherlands, back in 2016,” Kaldelis recalls. “Our co-founder, Ivan Zhiznevsky, set up a business, and got all the paperwork done on a newly incorporated com- pany. However, he did not hold a Dutch passport. And so, when he went to sort out a bank account, he was informed by the manager that they only dealt with Dutch citizens. He received the same response at all the other banks he visited thereafter. Eventually, it took him about four months to get a bank account for a company set up in the Netherlands that is run by a foreign national! This experience thus led to the realization that many people S/Q&A A ccording to the World Bank, small and medium enterprises (SMEs) represent about 90% of global businesses, and more than 50% of employment worldwide, with formal SMEs contributing up to 40% of national income in emerging economies. The same report also notes that access to suitable finance is one of the top hurdles SMEs face when it comes to achieving successful scaling and growth- an issue that specifically led to the birth of 3S Money, a London-based international payments platform that made its entry into Dubai in early 2023. “ ↓ EVANGELOS KALDELIS, CEO of 3S Money’s MENA branch.

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95 August 2023 / ENTREPRENEUR.COM / had similar problems, especially those who want to start something in a new country or companies that want to expand their services to customers overseas.” }Following this series of unfortunate events, Zhiznevsky joined forces with Eugene Dugaev and Andrei Dikouchine to launch 3S Money in 2018. The trio’s endeavors have since led to the creation of a 200-employee-strong team across six different locations: London, Riga, Luxemburg, Amsterdam, Singapore, and Dubai. Kaldelis leads the last of these offices- he’s the CEO of 3S Money’s MENA-focused branch located at the Dubai International Financial Centre (DIFC). However, Kaldelis confesses that 3S Money’s move to the UAE wasn’t really a planned undertaking. “Launching in Dubai and thus the MENA region was a coincidence!” Kaldelis says. “During the COVID-19 pandemic, many countries were shut down; however, Dubai was open, and our co-founder jumped at the opportunity upon realizing the region had room for efficient and faster customer service. Having said that, the UAE would have been an organic move for 3S Money, as it offers a business culture that is driven by diversity. Moving forward, we expect Dubai to be our main point of growth for the next 12-24 months. In terms of our goals for the MENA region, we want to extend our services to over 1,000 SMEs within the next 12 months, and help them grow outside the borders of UAE and the Middle East.” In working towards such goals, Kaldelis has made an intentional effort to stay true to 3S Money’s roots by fully imbibing the emotions with which the startup was built. “We understand the mindset and challenges faced by new and budding entrepreneurs, as we have been in their shoes,” Kaldelis says. “What makes us stand out is our ability to address their needs, and cater to each of their pain points. The approach we use at 3S Money is to provide a ‘private bank’ style of service to the frequently underbanked or unbanked SMEs. While we are a company driven by technology, we understand the importance of the human touch, and we allocate a client manager for every account to provide a tailored and personalized service. Understanding the pain points of our clients, we offer prices that they wouldn’t get elsewhere. Our aim is to grow together with them.” }To achieve its targets for the MENA region, there could perhaps not have been a more ideal location for 3S Money than the UAE. While the country’s $2.5 billion fintech sector is the largest valued in the region, its SME sector comprising of some 350,000 businesses continues to thrive- and these are statistics that Kaldelis and his team at 3S Money now hope to IMAGES COURTESY 3S MONEY WE ARE PLUGGED INTO MANY DIFFERENT LOCAL PAYMENT SYSTEMS THAT ALLOW OUR PAYMENTS TO TRAVEL IN REAL-TIME ALMOST INSTANTLY, WHEREAS A TRADITIONAL BANK CAN ONLY ACCESS THE LOCAL DOMESTIC PAYMENT SYSTEM.” → 3S Money’s cross-border payments platform allows SME owners to send, receive and exchange business payments in over 190 countries, while also gaining access to more than 65 global currencies.

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96 / ENTREPRENEUR.COM / August 2023 contribute towards. “When interna- tional companies set up branches in the UAE, it makes positive noise for the UAE ecosystem, and attracts attention to the market,” Kaldelis adds. “We aspire to bring knowledge to the market, be part of the healthy competition, and attract investors and other companies from abroad to place their trust in the local economy. We are happy to be here and contribute to the country’s growth story, and we are looking forward to growing our business in the years to come.” }Among 3S Money’s most notable international clients has been Pangaia, a UK-based sustainable fashion brand that has been donned by the likes of Bella Hadid and Justin Bieber. But the fintech startup has already added some interesting firms to its roster of UAE-based clients too. One example is outdoor advertising company, Elevision Media. “Elevision set its sights on global expansion in 2023, starting with the UK and European markets respectively, after firmly establishing itself as the regional market leader,” Kaldelis explains. “However, despite its local reputation and proven track record, the company still faced a significant barrier when entering new markets and accessing local banking services. Elevision was first attracted to 3S Money by our ‘all-in-one’ international business bank- ing solution- a centralized payments ‘hub’ that allowed them to operate financially in different jurisdictions, without the need to open individual local accounts. Equipped with 3S Money’s services, Elevision Media is now fully prepared to bring its unique brand of digital advertising to cities across the world.” }Now, given Kaldelis’s current role in a rising fintech firm, this story would perhaps be incomplete without gauging the CEO’s views on the topic of “banks versus fintechs”- a topic of raging discourse within the financial industry at large. And although one of 3S Money’s main differentiating factors lies in its ability to bypass all the inefficiencies of traditional banking, Kaldelis still believes that banks and fintechs can, and should, collaborate. “As the regulatory framework would have it, fintechs would not exist without the high street banks,” Kaldelis says. “Vice-versa, traditional banks are pushed to innovate because of the rise of banking as a service (BaaS) companies in the last decade. We have already seen successful collaborations like the one of Goldman Sachs with Applem and such partnerships are not only mutually beneficial, but also solidify the belief that banks and fintechs could only move forward together.” }Kaldelis also appears to hold a similar open-mindedness regarding the many digital innovations happening within the fintech space. “We are in a transition period, looking to find the right use cases for artificial intelligence technologies, blockchain, and open banking,” he notes. “It resembles the years in between Napster, a first-of-its-kind but unregulated platform, and Spotify, a fully-regulated, profit-sharing music platform that won the race to the top. Are the current tools and products like Bitcoin and ChatGPT a case of Napster or Spotify? Only time will tell!” That said, it is with a future-focused attitude that Kaldelis is approaching his role at 3S Money. “The journey has only just begun,” he declares. “Our vision is simple: we’re building a fairer financial world, and helping businesses feel at home in every market. We therefore want to continue empowering organizations to grow internationally with fair, reliable, and unrestricted international payments, enabling them to be closer to their customers. In terms of plans ahead, we plan on raising funds to prepare for a potential initial public offering on the London Stock Exchange within the next two to three years.” The MENA thus seems poised to figure heavily in this vision for the future of 3S Money- just wait and watch! S/Q&A UNDERSTANDING THE PAIN POINTS OF OUR CLIENTS, WE OFFER PRICES THAT THEY WOULDN’T GET ELSEWHERE. OUR AIM IS TO GROW TOGETHER WITH THEM. ← The Pulse app

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98 / ENTREPRENEUR.COM / August 2023 Held under the patronage of French President Emmanuel Macron, Vision Golfe was staged by Business France, a French government agency that supports the interna- tional development of the country’s economy. The event attracted a total number of 795 participants (of which half came from the GCC), and played host to a number of government dignitaries and business executives like H.E. Bruno Le Maire, Minister of the Economy, Finance, and Recovery of France, H.E. Bandar bin Ibrahim Alkhorayef, KSA Minister of Industry and Mineral Resources, GCC Secretary General Jasem Mohamed Albudaiwi, and others. 14 panel discussions and interactive workshops lined the two days of the conference, which also saw multiple business meetings carried out along its sidelines as well. Looking back on the event, Laurent Saint Martin, Director General of Business France, told Entrepreneur Middle East that the inaugural edition of Vision Golfe allowed for the development of both new and existing commercial partnerships between France and the countries of the GCC like the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman. By acting as a comprehensive resource for ideas and information, he said that Vision Golfe was able to foster a platform that S/Ecosystem T he inaugural edition of Vision Golfe, a two-day conference aimed at boosting economic ties between France and the countries of the Gulf Cooperation Council (GCC), took place at the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty in Paris from June 13-14, 2023. Bringing Together France and the GCC by GINA BAGNULO AND ABY SAM THOMAS Business France’s Laurent Saint-Martin And Axel Baroux look back on the inaugural edition of Vision Golfe ← The audience at Vision Golfe 2023

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99 August 2023 / ENTREPRENEUR.COM / facilitated fruitful networking as well as commercial growth for the businesses involved in the event. “The Gulf markets have witnessed a remarkable surge in popularity among numerous French SMEs and mid-size companies that are keen on bolstering their international expansion efforts,” Saint-Martin said. “Within this context, the ‘national visions’ of the Gulf countries assume paramount significance, as they delineate medium and long-term objectives (2030 and 2035), providing a comprehensive framework. These visions pave the way for diversifica- tion and transitioning of economies, which are traditionally sustained by hydrocarbon revenues. Consequently, a plethora of genuine opportunities arise not only within traditional sectors, such as energy, mobility, healthcare, and sustainable development, but also in emerging domains such as tourism, leisure, sport, and culture.” Of course, French business- es have already made their presence felt in many industries in the GCC, including but not limited to agriculture, food production, energy transition, cultural heritage preservation, tourism, healthcare, urban mobility, and mining. When asked for his tips for French businesses that are only just breaking into the region, Saint-Martin urged them to seek out partnerships with local entities already operating in the market. “Collaborating with local partners holds immense value, as it opens doors to invaluable connections, and provides a profound understanding of the intricate nuances of the regional business culture,” he explained. “By leveraging these partnerships, French companies can effectively bridge the gap that exists between their own operations and those of the GCC businesses, thereby facilitat- ing seamless integration and mutual growth. Such alliances offer a unique advantage in navigating the complexities of the Gulf market, enhancing market entry and expansion prospects for French enterprises.” “Another key consideration is the legal environment,” Saint-Martin continued. “The GCC region’s legal landscape, especially sponsorship systems for foreign businesses and local ownership laws, can markedly differ from France. It is, therefore, recommended to seek expert legal advice to ensure total compliance with these regulations. Lastly, building business relation- ships in the GCC is a long-term commitment. Trust, which forms the bedrock of business associations in the region, is cultivated over time. Therefore, French businesses should be prepared for a longer business development cycle when seeking to establish a presence in the GCC.” A similar thought underlined Saint-Martin’s advice for entities in the GCC that wish to establish a presence in France. “Understanding the nuances of the French market is crucial,” he said. “France, a traditionally preferred investment destination for Gulf nations, offers opportunities across a variety of sectors, from real estate and hospitality to infrastructure. Sovereign funds from the Gulf region have historically been very active in these sectors, frequently investing in minority stakes in large French companies, or investing in French funds. In the coming years, an intensified trend towards sectoral diversification will be evident in the investments from the Gulf. Reflecting the ambition to position themselves at the vanguard of future transformations in the global economy, Gulf investors are increasingly targeting opportunities presented by new technolo- gies and future-oriented sectors. Importantly, these international investments are increasingly guided by industrial and strategic rationales, rather than being exclusively financially driven.” Here, Saint-Martin points out that France is one of the leading European nations for foreign direct investment (FDI) from the nations of the GCC. “A favorite destination for foreign investors in Europe, France offers GCC countries an attractive market to deploy their capital strategically,” Saint-Martin noted. “French businesses can meet the needs of these countries working on their diversification strategy, thanks to unique expertise and technologies, capable of helping them fast-track the transformations of their economic and energy models.” COLLABORATING WITH LOCAL PARTNERS HOLDS IMMENSE VALUE, AS IT OPENS DOORS TO INVALUABLE CONNECTIONS, AND PROVIDES A PROFOUND UNDERSTANDING OF THE INTRICATE NUANCES OF THE REGIONAL BUSINESS CULTURE. ↑ OLIVER BECHT, France's Minister Delegate for Foreign Trade, Economic Attractiveness, and French Nationals Abroad, at Vision Golfe

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100 / ENTREPRENEUR.COM / August 2023 S/Ecosystem A FAVORITE DESTINATION FOR FOREIGN INVESTORS IN EUROPE, FRANCE OFFERS GCC COUNTRIES AN ATTRACTIVE MARKET TO DEPLOY THEIR CAPITAL STRATEGICALLY. Saint-Martin’s thoughts on business ties between France and the GCC were echoed by Axel Baroux, who heads Business France Middle East, an entity that is known to actively work on boosting such relationships. “For French companies exploring opportunities in the GCC, Business France offers a range of services such as providing market insights, identifying potential partners, organizing business meetings, and offering assistance in legal, fiscal, and operational matters,” Baroux says. “The agency works to reduce entry barriers, streamline processes, and position French businesses effectively in the GCC market. For GCC companies seeking to establish operations in France, Business France provides guidance in areas such as understanding French regulations, sourcing local talent, identifying invest- ment opportunities, and navigating administrative procedures. By providing necessary support and valuable connections, it helps to facilitate the successful establishment and growth of GCC businesses in France.” Speaking about their particular ways of doing business, Baroux believes that there are several lessons that France and the nations of the GCC could learn from each other. “For French businesses, a key lesson from their GCC counterparts could be in the area of relationship-building and patience in business dealings,” Baroux said. “Businesses in the GCC place a great deal of emphasis on personal relationships, trust, and respect. These relation- ships often take time to cultivate, and they form a critical part of successful business transactions. Patience is highly valued, and business processes can take longer due to an emphasis on consensus and careful deliberation. French businesses can learn from this approach to build long-term, sustainable relationships that extend beyond transactional interac- tions.” “On the other hand, GCC businesses can learn from the French emphasis on innovation and strategic planning,” Baroux continued. “French businesses are known for their focus on quality, creativity, and meticulous planning, particularly in industries such as technology, fashion, and manufacturing. They invest heavily in research and development, and this commitment to innovation and quality can be an important for GCC busi- nesses. Lastly, French businesses are also deeply committed to sustainability and environmental responsi- bility. This is a domain where GCC businesses, traditionally reliant on oil and gas sectors, can gather valuable insights as they seek to diversify their economies, and invest more in sustainable practices and industries.” It is thus in order to facilitate more such knowledge-shar- ing encounters between businesspeople in France and their counterparts in the GCC that Vision Golfe will return next year, Baroux reveals. “In future editions of the conference, we aim to develop specific action plans tailored to each member state of the GCC,” he says. “Recognizing the diverse opportunities that each state offers, our plan is to create a more personalized dialogue that caters to the unique business and cultural aspects of each state. We believe that this comprehensive approach will foster stronger ties and mutual growth. Moreover, we will continue to provide a platform for sharing insights, fostering dialogue, and developing strategic partnerships that align with the economic goals of both France and the GCC. We will also incorporate feedback from previous editions to enhance the experience for participants and to ensure the conference continues to provide valuable, actionable content. Ultimately, we are committed to making Vision Golfe a recurring platform for nurturing the important relationship between France and the GCC, focusing on sustainable, mutual growth, built on a solid foundation of cooperation and partnership.” event.businessfrance.fr/ vision-golfe-en ↑ Entrepreneur Middle East Editor in Chief ABY SAM THOMAS moderates a panel discission at Vision Golfe with H.E. NOOR AL TAMIMI, founder, Bedashing Beauty Lounge, and Board Member for Abu Dhabi Businesswomen Council and Abu Dhabi Chamber Of Commerce, GEOFFROY BUNETEL, Chief Of Staff at Chalhoub Group, MESHAAL BIN OMAIRH, CEO, Othaim Holding, ZIAD ASMAR, Executive Director, Darwish Holding, and PASCAL ABCHEE, General Manager for French Department Stores (Galeries Lafayette Dubai).

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101 August 2023 / ENTREPRENEUR.COM / A scene from the networking sessions at Vision Golfe 2023 AXEL BAROUX, French Trade and Invest Commissioner for United Arab Emirates and Middle East, Business France. DALEEN HASSAN, anchor and founder of Chair Global Media. BANDAR IBRAHIM AL KHORAYEF, Saudi Arabia Minister Of Industry And Mineral Resources BRUNO LE MAIRE, French Minister of Economy, Finance and Industrial and Digital Sovereignty. LAURENT SAINT-MARTIN, CEO, Business France. FAISAL ABBAS, Editor in Chief, Arab News, moderates a panel discission at Vision Golfe with BANDAR IBRAHIM AL KHORAYEF, Saudi Arabia Minister Of Industry And Mineral Resources, MAGALI CESANA, Head of Bilateral Affairs, General Direction of French Treasury, H.E. JASEM MOHAMED ALBUDAIWI, Secretary General of the Gulf Cooperation Council, ANNE GUEGUEN, Middle East and North Africa Director at the French Ministry for Europe and Foreign Affairs, and LAURENT SAINT- MARTIN, CEO, Business France.

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On Arabsat Badr 26° East For more info, contact: hotels@tv5monde.org travel.tv5monde.com © Agence 17 mars

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Offer your guests an extra star Premium entertainment "en français" Subtitled in Arabic travel.tv5monde.com © Adobestock

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104 / ENTREPRENEUR.COM / August 2023 S/Startup finance Nomu, a Saudi Arabia-based foodtech supply chain platform, has raised US$5 million in a seed round led by DIV Capital, a Beirut-based family finance office that provides personalized investment services, Purity for Information Technology, a Riyadh- based information technology services company, as well as Core Vision and Shurfah, two Saudi Arabia-based investment firms. The round also saw the participation of prominent family offices in KSA such as Altoukhi Family Office and Bakr Family Office, along with regional angel investors. Established in 2022, Nomu is a business-to-business (B2B) tech startup that offers inventory sourcing, storage and delivery services to hotel, restaurant, and cafe (HoReCa) businesses in the MENA region. The startup’s underlying vision, however, is to transform the regional food and beverage (F&B) industry using tech- enabled tools. The funds raised by Nomu are thus intended to be used to introduce financing solutions as well as a plethora of tech-enabled tools that will cater towards the region’s HoReCa sector. “As we allocate new funding towards Nomu’s geographical expansion, we’re paying close attention to regional and international foodtech trends,” Shehab Mokhtar, co-founder and CEO of Nomu, tells Entrepreneur Middle East. “Our priority will be technology and product development by implementing an artificial intelligence for document automation (AIDA) ultimate assistant, a “WE GOT FUNDED!” The story behind the recent fundraising successes seen by MENA-born startups Nomu, Kaso, and Alfii. by AALIA MEHREEN AHMED and GINA BAGNULO MAHDAVI NOMU nomu.group IMAGES COURTESY NOMU software-as-a-service (SaaS) solution, as well as an artificial intelligence (AI) assistant procurement chatbot. AIDA offers unique functions such as voice- activated ordering, order tracking and updates, and menu recommendations which align with the latest trends in the foodtech industry.” To understand Nomu’s operations, however, it is perhaps necessary to take a brief look at the main issues it aims to address. Mokhtar notes that there are five common restaurant-related hindrances his enterprise tackles head-on: food safety, supply chain mismanagement, labor shortages, logistics as well as inventory and procurement issues. “People’s health and safety is the responsibility of the food service industry since any mishandling, → The NOMU team

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105 August 2023 / ENTREPRENEUR.COM / contamination, or reported foodborne illness can lead to severe consequences for both the people and the one who delivered the food,” Mokhtar elaborates. “When it comes to supply chain costs management, it does not include only the cost of supplying food but also energy and fuel, workforce, and the cost of new technology. With labor shortage, worker numbers were expected to normalize post the COVID-19 pandemic, but that just didn’t happen, contributing to difficulties in staffing levels and other problems. And, finally, in terms of logistics, inventory, and procurement, HoReCa and food providers encounter challenges when dealing with various parties for sourcing and storing goods under specific conditions. These challenges can increase the overall cost of product offerings to consumers, ultimately resulting in lower profit margins for food providers.” By addressing the aforementioned setbacks using tech such as SaaS and AI, Mokhtar believes his startup offers a holistic solution. “Nomu’s role and contribution within the HoReCa and food providers ecosystem is to fulfill all the above challenges by offering a one-stop-shop solution,” he says. “This solution covers all the inefficiencies, such as data availability, goods sourcing, organized delivery schedules, convenient cost management, storage services, and financing solutions with flexible credit terms. Our app relies on innovative technologies to smoothly assist our customers in focusing on their day-to-day operations and competing in the market with competitive prices.” Now, with new capital at its disposal, Mokhtar believes Nomu is poised for further regional growth in the months to come. “Nomu’s long-term goal is to be the leader in the MENA region, empowering the F&B sector to be more efficient using innovative technologies,” he says. “We aim to develop new products that reflect directly on the consumer and HoReCa ecosystem experience, implementing new strategies to reshape the F&B sector’s production and distribution to another level of effectiveness.” KASO kaso.ai Saudi Arabia-based restaurant supply management platform Kaso has raised US$10.5 million in a seed round led by multiple venture capital (VC) firms. The investment firms that participated in the round include BY VP, a MENA- focused VC company that focuses on tech startups, Hala Ventures, a KSA-based early-growth VC fund, Seedra Ventures, a KSA-based early-stage VC firm, Pioneer Fund, a US-based fund that comprises over 340 alumni of US-based technology startup accelerator Y Combinator, Spade Ventures, a MENA and Pakistan-focused angel syndicate that invests in early stage tech startups, Vulpes Ventures, a Singapore-based investment management firm, and Cyfr, a VC firm focused on tech startups in the MENA as well as the US. The round also saw the participation of regional family offices, other strategic investors from KSA, as well as contributions from VC firms that have previously invested in Kaso, such as Germany-based venture capital firm Global Founders Capital and China-based investment firm MSA Capital. Launched in 2021 by Manar Alkassar and Ahmed Soliman, Kaso is a business- to-business (B2B) platform that digitizes and automates procurement between restaurants and food suppliers in the Middle East. With new capital under their belt, the co-founders now hope to allocate it towards two main areas: its newly launched fintech vertical that targets restaurants, and its short-term goal to achieve a gross merchandise value (GMV) of US$1 billion by 2024. With its fintech vertical, Kaso offers digital payment tools and extended credit terms to restaurants while simultaneously ensuring suppliers are paid seamlessly and on time. “By providing extended credit terms, we enhance ↑ AHMED SOLIMAN and MANAR ALKASSAR, co-founders, KASO

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106 / ENTREPRENEUR.COM / August 2023 financial flexibility for restaurants, which can be crucial for their operations,” Alkassar tells Entrepreneur Middle East. “Secondly, we ensure timely payments to suppliers, improving their cash flow and reducing payment delays. The model is designed to simplify the payment process for both parties. Restaurants pay a nominal service fee to secure extended credit terms and have all their payments handled by Kaso, while suppliers receive immediate payments.” The introduction of such a fintech service within the Kaso platform falls in line with what the startup set out to do in the first place, which is to leverage technology in order to create effective solutions in the food supply chain. And while the digitization of payments has become quite the norm in the regional F&B sector’s business-to-customer (B2C) space, it hasn’t necessarily been the IMAGES COURTESY KASO case within B2B, notes Alkassar. “Kaso’s fintech solution addresses the complex credit dynamics and cash flow challenges that restaurants and suppliers face,” he adds. “Adoption of a solution like ours allows for better financial flexibility and enhanced trust between both parties. Ultimately, our solution paves the way for a seamless and dependable supply chain that is still a work in progress in the B2B ecosystem.” When it comes to the startup’s second area of capital allocation, the co- founders explain that they aim to achieve a GMV of $1 billion by means of expanding its operations and enhancing its technology platform while remaining inducing greater sustainability within the food supply chain. A big part of achieving this goal, therefore, will involve Kaso’s continued commitment towards solving the issue of food waste in the region. Indeed, as per a 2021 study by the United Nation’s Food and Agriculture Organization, the MENA as a whole wastes food equivalent up to 250 kilograms per capita a year. “The F&B industry in the MENA region was valued at $135 billion in 2020 and is expected to grow to $171 billion by 2024,” Soliman adds. “Our platform has already made a significant impact in reducing inefficiencies in the industry and we are confident that we can continue to make strides towards a more sustainable future”. In addition to the aforementioned measures, Kaso has already partnered with over 5,000 F&B partners in the UAE and Saudi Arabia, including the likes of globally renowned food franchises such as Burger King, Tim Hortons, Caribou Coffee, and Chili’s, among others. More notably, the startup has also received funding from US-based technology startup accelerator Y Combinator in February S/Startup finance ↑ KASO help restaurants and suppliers manage food supply orders, end to end. ADOPTION OF A SOLUTION LIKE OURS ALLOWS FOR BETTER FINANCIAL FLEXIBILITY AND ENHANCED TRUST BETWEEN BOTH PARTIES. 2022, and also entered into a strategic partnership with Saudi Arabia-based point of sale and restaurant management platform Foodics in January 2023. Unsurprisingly, such key milestones have earned Kaso the interest of multiple regional investors. Speaking about his VC firm’s investment in Kaso, Ali Abussaud, founder and Chairman of Hala Ventures, says, “We believe that Kaso is perfectly positioned to disrupt the food industry in KSA and the Middle East. Their commitment to reducing inefficiencies and promoting sustainability aligns with our values and we are thrilled to be a part of their journey.” Haitham Al- Foraih, co-founder and Managing Partner of Seedra Ventures had similar sentiments to share about his enterprise’s role in Kaso’s seed round. “At Seedra Ventures, we believe that Kaso is spearheading a much-needed transformation in the fast-growing regional F&B industry, streamlining procurement processes and driving sustainability through cutting-edge technology,” Al-Foraih says. “We are excited to be part of their journey and look forward to supporting their continued growth and impact in the Kingdom and wider region.” The positive feedback from investors will prove to be a major steppingstone in what Kaso sets out to achieve next, believes co-founder Alkassar. “It is very encouraging to see strong regional and international investors joining us, especially considering the challenges some startups currently face in the fundraising market,” Alkassar says. “This reaffirms our vision to revolutionize one of the oldest industries on the planet, an industry that still runs on pen and paper, phone calls, and WhatsApp. By combining our procurement platform with innovative financial solutions, we are enabling restaurants to thrive in a competitive landscape!”

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107 August 2023 / ENTREPRENEUR.COM / UAE-based human resources (HR) tech platform Alfii has raised US$2.5 million in a pre-seed funding round led by US-based venture capital (VC) firm Preface Ventures. The round also saw the participation of UAE-based VC entities Aditum Ventures and Wayfinders, as well as global early-stage tech venture fund Kayan Ventures. Co-created by Dina Mohammad-Laity, Becky Jefferies and Yousef Albarqawi, Alfii was first launched in its beta phase in November 2022 across the UAE, Egypt, Jordan, Saudi Arabia, as well as the United States and the United Kingdom. At its core, it is a platform that aims to reduce the mundanity and time-consuming nature of administrative HR processes -such as recruiting, onboarding, document collection and management, as well as payroll- for small and medium enterprises (SMEs) and startups. “During our beta phase, we uncovered many additional insights and learnings that have informed our product roadmap, the most noteworthy of which relates to payroll processing,” Jefferies says. “We came to learn that many HR teams -even some with a workforce of several thousand people- are still relying on manual, outdated systems to manage their payroll processing. Knowing that payroll is by far the most critical pain point for HR teams of all industries and sizes, and having also discovered extensive gaps and shortfalls in other payroll solutions, we’re going really narrow and deep on solving these challenges. Building a powerful, comprehensive payroll offering that is unlike any other solution in the market is now one of our top priorities as a company.” Indeed, Alfii’s new capital is first and foremost expected to be allocated alfii.co → BECKY JEFFERIES, DINA MOHAMMAD-LAITY, and YOUSEF ALBARQAWI, co-founders, ALFII IMAGES COURTESY ALFII DURING OUR BETA PHASE, WE UNCOVERED MANY ADDITIONAL INSIGHTS AND LEARNINGS THAT HAVE INFORMED OUR PRODUCT ROADMAP, THE MOST NOTEWORTHY OF WHICH RELATES TO PAYROLL PROCESSING. ALFII

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108 / ENTREPRENEUR.COM / August 2023 S/Startup finance towards building a comprehensive payroll solution for the MENA region. “Our team is working diligently to expand salary payment options, and our clients will soon have access to direct deposits, a variety of exchange houses, and even virtual cards to disburse salaries,” Mohammad-Laity adds. “This flexibility will enable employee users to choose the payment method that best suits their needs. In addition to the just-launched paid time off management, our product roadmap also includes time and attendance tracking in the near- term.” But payroll won’t remain the startup’s sole area of focus. Speaking of inefficiencies within HR that persist till date in the MENA, Mohammad-Laity adds, “We’ve learned that many companies are using spreadsheets to track salaries and expenses, or they have to rely on multiple tools to complete the task, which often leads to confusion, frequent errors, and unnecessary costs. Regulatory compliance also presents challenges, as meeting local requirements is usually a lengthy, complex process. Existing tools aren’t fully integrated, and they often fall short when it comes to user experience- especially when it comes to the setup/integration. Existing ways of working related to time and attendance are also wrought with inefficiencies. These range from using physical machines for clock-in/clock-out, which can be easily manipulated or forgotten by employees, sub-optimal processes for communicating schedules, and a disconnect between time-tracking and payroll.” With a fresh influx of cash under their belt, the co-founding trio are now hoping to tackle the aforementioned issues head-on. “So, beyond payroll, we are still working concurrently to introduce new features like time and attendance tracking, benefits management, and more,” Jefferies says. “Our aim is to further automate and simplify the most tedious and overwhelming core HR processes, so that smaller and growing businesses can break free from HR burnout and focus on more strategic aspects of their work, like company culture and creating better, “people-first” employee experiences.” But with plans to expand its product feature set and optimize user experience, comes the need to introduce employees that can help achieve said goals. According to co-founder Albarqawi, this will denote the next main area of allocation for Alfii’s new funds. “We’re looking to build the next generation of this product class, and we’re building it entirely in-house, which means we need to bring on world-class talent to grow our business and better serve our customers,” Albarqawi says. Alfii’s approach towards addressing HR-related inefficiencies has clearly won the interest of regional investors already. “Data interoperability is an industry- wide challenge in the HR stack, but in developing regions like MENA, those challenges are further exacerbated by local and regulatory infrastructure,” Farooq Abbasi, General Partner of Preface Ventures, says. “With Alfii’s all-in-one software suite, companies will be able to better understand and manage their human capital resources while improving the user experience for employees with features like digital-to- cash remittances, benefits selection, and more.” On his part, Kayan Ventures co-founder and Managing Partner Yousef Nassar shared his views on how Alfii’s services have launched during a time when the MENA region is at an inflection point in terms of digitizing and automating business processes. “To date, many HR pain points have yet to be solved by existing solutions,” Nassar observes. “Based on feedback from some of Alfii’s early customers, it’s clear that this platform is effectively addressing those pain points- and doing so with an easy-to-use interface in a wildly scalable format.” The confidence shown by investors has heightened the Alfii co-founders’ hopes to become “the most comprehensive fintech-powered people platform in the region.” And, if anything, the success of this pre-seed funding round has only built up their conviction to succeed, Albarqawi says. “You need this conviction because, by default, every single person that you pitch to will challenge you,” he adds. “It doesn’t matter how much they love or hate your product or idea; they will challenge you and they will ask all the hard questions. If you don’t come through the door with exceptionally strong conviction, that will show through, and investors will easily sniff out that you aren’t fully convinced by what you’re doing. And obviously, if you aren’t convinced, then why should they be? And so, the lesson here is that if you are going to be raising -or even just launching something- make sure you believe in it to your very core. That’s what will give you the motivation, discipline and ability to go out and face what is a very difficult funding market and give you the best ammunition to withstand all the questions and challenges!” → ASKWHO co-founders MICHAEL ASKEW and MATTHEW GAZIANO → Simpler, smarter HR software for growing businesess. Automate and humanize HR workflows with a refreshingly easy-to-use platform.

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109 August 2023 / ENTREPRENEUR.COM / KASUN ILLANKOON Direct: +971 56 135 4769 Email: kasun@bncpublishing.net 2023 SUSTAINABILITY Innovation Awards AUGUST 31ST, DUBAI | SOFITEL DUBAI THE PALM #CBNMEAWARDS SUBMIT YOUR ENTRIES FOR SPONSORSHIP OPPORTUNITIES FOR NOMINATIONS AND EDITORIAL OPPORTUNITIES PLATINUM PARTNER Real Estate CATEGORY PARTNERS Email: sales@bncpublishing.net

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110 / ENTREPRENEUR.COM / August 2023 D ubai-based startup incubator in5, which falls under the purview of UAE- based business enabler TECOM Group, has launched in5 Science, a new vertical that will focus solely on supporting science-based startups. The new entity has been launched in collaboration with Dubai Science Park, one of the 10 business districts under the TECOM umbrella. With in5 having launched in 2013, this announce- ment of a new science- focused vertical coincides with the tenth anniversary of its presence in the UAE’s entrepreneurial ecosystem. “As a leading business enabler in Dubai, TECOM Group has strived to enrich the support and opportuni- ties available to entrepre- neurs through in5,” Majed Al Suwaidi, Senior Vice President of Dubai Media City (a part of TECOM Group), said. “10 years on, we’re proud to see our incubator’s impact on promoting Dubai’s startup ecosystem and economic diversification efforts across media, tech, and design. The new science vertical will expand our offerings to meet the needs of emerging economic opportunities in the science sector while securing Dubai’s reputa- tion as a global business hub.” The startups at in5 Science will be guided in a way that aligns with the Dubai Economic Agenda (D33), an initiative launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in January 2023, which aims to accelerate growth by increasing Dubai’s innovation and knowledge- based economy on a global scale. The new entity’s program structure also aligns with other sustain- ability-focused UAE government agenda such as the Road to Net Zero by 2050, COP28, We the UAE 2031, and National Food Security Strategy. “Science is a fast-growing field in Dubai, under- pinned by government strategies across sustain- ability, healthcare, and research and development,” Marwan Abdulaziz Janahi, Senior Vice President of Dubai Science Park, said. “Dubai Science Park plays a pivotal role in nurturing an ecosystem that pro- motes these economic roadmaps by empowering leading and international science-focused businesses to set up and expand operations. in5 Science will enable entrepreneurs to engage a world-class community of researchers and industry leaders and inject innovation and competitiveness to take the UAE’s science ambitions to the next level.” With 2023 named the “Year of Sustainability” in the UAE, in5 Science will thus aim to foster innova- tion, investment, and entrepreneurship across science sectors. This will be done by means of offering sector-specific support, and facilitating access to investment for startup founders to set up and scale new businesses. in5 Science’s program will be curated based on the knowledge in5 has gained through its 10-year-long presence in the UAE. in5 Science will thus aim to streamline and customize the in5 ecosystem for new businesses, while also connecting founders to a global community and purpose-built infrastructure at Dubai Science Park. infive.ae In The Loop/ IMAGE COURTESY IN5 DUBAI For the Scientifically Inclined in5 Dubai collaborates with Dubai Science Park to launch science-centric vertical, in5 Science. SCIENCE IS A FAST-GROWING FIELD IN DUBAI, UNDERPINNED BY GOVERNMENT STRATEGIES ACROSS SUSTAINABILITY, HEALTHCARE, AND RESEARCH AND DEVELOPMENT. ↑ MARWAN ABDULAZIZ JANAHI, Senior Vice President, Dubai Science Park; AMMAR AL MALIK Managing director, Dubai Internet City; MAJED AL SUWAIDI, Senior Vice President, Dubai Media City; and SAEED AL NOFELI, Director, in5 Dubai

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