E-commerce platform AliExpress has announced a series of exclusive Ramadan sales and exciting offers for GCC customers. Shengliang Liang, Regional Manager for the GCC at AliExpress, said: "At AliExpress, we are dedicated to providing the best shopping experience for our customers. Our Ramadan sales are designed to offer great value and convenience, ensuring that our customers can celebrate the holy month with joy and savings. We are offering faster deliveries, free shipping, and hassle-free returns and we treat customer satisfaction as our top priority."AliExpress birthday Sales starts with a warm-up phase from 15th March and continues with the sales period from 18th March to 27th March. AliExpress will be offering attractive discounts and competitive prices with deals up to 80% off across a wide range of products, making it the perfect time to stock up on essentials, purchase things for Ramadan and indulge in some retail therapy.During the Ramadan promotion, shoppers from the GCC region can save $4 for every $25 spent (or SAR 16 off for every SAR 100 spent in the KSA) on the platform, up to a maximum deduction of $16 off (or a maximum deduction of SAR 64) per order. Consumers can make the most of this special occasion to shop for their favorite products at unbeatable prices.As a special treat for customers in the GCC, during its Ramadan sales, AliExpress will provide discount codes for further reductions on top of the discounts. With the highest reduction reaching a maximum of $46 (or SAR 180) from these codes, shoppers can enjoy even greater savings on larger orders. Moreover, exclusive surprise products with discounts of up to 99% off will bring an added element of excitement to the shopping experience.AliExpress aims to deliver a seamless shopping experience to its customers, with a focus on faster delivery, extended post-sales customer service, and free returns for all GCC states. Shoppers in the UAE, Kuwait, Oman, Qatar, and Bahrain can enjoy free shipping for Choice orders over $40 (or SAR 80 in the KSA) or ship any Choice order for only $1.99. Delivery times range from 3 to 13 working days in the GCC region. AliExpress also provides compensation for late deliveries, refunds for lost/damaged deliveries, and extends post-sales customer service to 90 calendar days.With a wide selection of 72 million products, AliExpress continues to provide shoppers with value for money, a diverse global community of over 300 million shoppers, and safe payment methods preferred by customers all over the world.

Amidst predictions for Bitcoin to hit the $100,000 mark, the Middle East emerges as an important player on the global crypto scene, in particular, the GCC region, which stands poised to capitalize on recent developments in this sector.According to Ritu Singh, Regional Director of Stone X Group Inc. “The GCC region is primed to emerge as a prominent player in the global crypto landscape, propelled by three pivotal factors: competitive energy rates, crypto-friendly regulations, and access to vital infrastructure components such as rigs, free zones, and governmental support.”On one hand, abundant and cost-effective energy sources bolster the region's potential, particularly in nations like the UAE, Oman, and Saudi Arabia. The accessibility of cheaper energy can notably amplify the benefits derived from the Bitcoin halving event. Reduced operational costs elevate the competitiveness of Bitcoin mining operations, augmenting profitability. Already, the UAE boasts a combined Bitcoin mining capacity of approximately 400 megawatts, constituting 4% of the global hash rate.Singh adds: “Oman emerges as a rising star in the regional crypto mining landscape, exemplified by its endorsement of Exahertz, an Omani mining company. A substantial $1.1 billion investment aims to deploy over 800 megawatts, catalyzing Oman's presence in the Bitcoin mining sector.”In addition to competitive energy rates, the maturation of regulatory frameworks in the region sets the stage for the establishment and trading of regional crypto exchange-traded funds (ETFs), mirroring the precedent set by the SEC's approval in the US.More specifically, Oman and Abu Dhabi seem to be well positioned to expand in the Bitcoin mining sector from a hardware standpoint as they have recently acquired a stake in Crusoe Energy Systems, a US company using stranded natural gas for crypto mining to reduce gas flaring caused by fossil fuel producers. This partnership aims to deploy power generators and mining equipment to capture gas at well sites, contributing to environmental sustainability and promoting digital currency development.Striving to diversify their economies, GCC countries were among the first to join the crypto wave, reflecting their strong belief in a new, digital age. Accordingly, they have been heavily investing in developing, expanding, and upgrading their vital infrastructure components such as rigs and free zones, while offering substantial governmental support to the Crypto ecosystem, with increased interest in Bitcoin (BTC).Despite its volatility, Bitcoin (BTC) remains a highly appealing cryptocurrency in the region. According to Forbes, Bitcoin has jumped from less than $500 in 2013 to more than $64,000 by 2021. It has then dropped below $17,000 in 2022, only to exceed the $69,000 mark this past March 6, 2024. This means that, between January 2014 and January 2024, Bitcoin has witnessed a price increase of approximately 5,150% and an annualized return of more than 135% per year. Over time, Bitcoin seems to be progressing solid, and if the cryptocurrency follows the same price movement as it did during the last decade, it could hit $100,000 in February, 2025.Although no one knows for sure if the Crypto market will continue its expansion in the coming weeks, months, and years or it will start shrinking, but the fact remains that traders see in such currencies a steppingstone into the future of finance.Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. 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Kuwait's OptimizeApp, a leading ad-tech platform for SMEs, has joined forces with Snapchat in a strategic partnership. This collaboration aims to empower small and medium businesses across the Middle East and North Africa (MENA) region with powerful digital advertising solutions.Building on its track record of simplifying advertising for SMEs, OptimizeApp offers a user-friendly platform with localized interfaces, payments, and account management – perfect for regional needs.Partnering with Snapchat unlocks access to a highly engaged audience. With Snapchatters in the GCC (Gulf Cooperation Council) opening the app over 45 times a day, this is a prime opportunity for SMEs to reach new customers.Benefits for SMEs:Seamless Integration: OptimizeApp provides a smooth experience for integrating and optimizing Snapchat advertising solutions. Expert Guidance: SMEs will receive comprehensive education and support throughout their digital advertising journey with OptimizeApp.Campaign Management: Leverage OptimizeApp's expertise in creative development, campaign management, and reporting to maximize the value of advertising budgets.This partnership highlights both companies' commitment to "democratizing digital advertising." By equipping SMEs with the tools and knowledge they need, OptimizeApp and Snapchat are empowering businesses to thrive in the ever-evolving digital landscape.Bader Alkazemi, Founder & CEO of OptimizeApp, said: "We're excited to partner with Snapchat to empower SMEs across MENA. Our platform offers a comprehensive solution, helping businesses launch and manage effective digital ad campaigns."Freijeh, VP of Snap Inc. MENA, said: "We're thrilled to join forces with OptimizeApp to support SMEs. Through partnerships like this, we believe we can significantly help them reach a wider audience and drive real results."

Snap Inc. has confirmed its participation at the prestigious Web Summit Qatar 2024, bringing to life the story of its deeply engaged GCC community that have chosen Snapchat as their go-to platform to authentically connect with those who matter most to them. To support the region’s ambitious digital transformation goals, Snap Inc. will showcase how its creators and partners from the industry are using augmented reality to push the boundaries of creativity and engage their audiences. The technology company is gearing up to unveil an AR journey that brings to life three immersive experiences; a money-can’t-buy creator masterclass; as well as a fireside chat with EMEA President, Ronan Harris.Today, over 85% of MENA daily users interact with lenses everyday on Snapchat and Snapchatters open the platform more than 45 times a day on average in the GCC. As a key player in the ecosystem, Snap Inc.’s strategic presence in the region including markets like Qatar, UAE and Saudi Arabia gives it the responsibility to empower not only their GCC community, but also local businesses and partners alike. Through its augmented reality technology, Snap Inc. continues to support the ambitious digital transformation agendas taking shape in the region, enabling partners to innovatively connect with their audiences and drive results. This is helping governments meet their digital transformation goals, including Qatar’s 2030 National Vision, which remains focused on more diversified economies led by the power of technology.“It is very exciting to see a major tech event such as Web Summit Qatar debut in the region for the first time. This is a pivotal milestone in the burgeoning technology landscape of the GCC and a testament to the remarkable growth the technology ecosystem has been witnessing. At the heart of this dynamic landscape is Snapchat, deeply rooted into the daily lives of GCC locals'. Snapchat holds a special place in the region by being the platform of choice for the GCC community to stay connected with their family and friends,”“With our highly engaged audiences and our disruptive augmented reality technology, we believe we have a responsibility to support our community, creators and partners to stay ahead of the game with the ongoing digital transformation taking place in the region. Web Summit Qatar promises to be a nexus of innovation, collaboration, and inspiration, amplifying the impact of technology in the GCC region and we at Snap Inc. are looking forward to taking part in this dialogue.” said Hussein Freijeh, Vice President of Snap in MENA.A host of curated AR experiencesA range of engaging activities throughout the summit will showcase the transforming role of AR as a communications tool in both the physical and digital world. On ground experiences will feature an AR wall to demonstrate Snap’s relationships with Creators, showcasing AR lenses from AR Creators across the region through Snapcodes and live AR experiences. Snap BillboARds will also display best-in-class AR experiences from partners across different industries such as sports and fashion. Finally, a dedicated photo booth will offer visitors a chance to discover the future of AR.In conversation with Ronan HarrisDesigned to be different from the start, Snapchat’s mission has always been to offer an alternative to the norm. Attendees can join Ronan Harris, President of EMEA Snap Inc. in an exclusive fireside chat titled ‘Snapchat: Where Relationships Have Real Influence’ as he discusses the growing role of Snapchat in the lives of the GCC populations and how the company’s innovative augmented reality technology is pushing the boundaries of communications to drive real results for brands and creators.A masterclass to support budding and established creatorsCreators looking to upgrade their content game will have the opportunity to take part in an exclusive masterclass, offering insights and best practice for content creation. Leading creators will join Julie B, Head of Talent Partnerships in EMEA to share their experiences, tips and tricks for thriving on Snapchat, from monetizing creativity to launching successful businesses and maximizing features. These sessions will provide practical scenarios that resonate with both seasoned creators and those who are starting their journey on Snapchat.

Adgully Middle East recently interviewed Tarun Joshi, the Founder of Join Ventures in India, which is the parent company for IGP in the Middle East, and various other brands.From his roots as a DRDO scientist to steering Join Ventures, Tarun unfolds the narrative of IGP's expansion into the Middle East and the strategic vision driving its success in the region. Tarun, a seasoned technology entrepreneur and investor, is notable for establishing Join Ventures, a company with substantial holdings in the online gifting sector. Under his leadership, Join Ventures owns IGP.com, recognized as one of the world's premier online gifting companies. Additionally, Tarun has strategically positioned the company to oversee Interflora.in, the Indian business of the world's largest floral company.In the interview, Tarun Joshi discusses his entrepreneurial journey from being a DRDO scientist to his current ventures. With his business acumen, he has successfully expanded IGP to the Middle East. The discussion will explore further insights into his business plans for the Middle Eastern region.Could you share your entrepreneurial journey and the genesis of the Join Ventures?My entrepreneurial journey has been a tapestry woven with threads of diverse experiences, each contributing to the fabric of Join Ventures, one of the world’s fastest-growing direct-to-consumer (D2C) platforms. At the helm of this venture, I find myself at the intersection of technology, innovation, and a relentless passion for creating meaningful connections through gifting and flowersThe genesis of Join Ventures can be traced back to my early days as an aerospace scientist, playing a pivotal role in designing the flight control systems for Tejas, India's first supersonic fighter aircraft. This experience ingrained in me the importance of precision, innovation, and the ability to navigate challenges with resilience. Building on this foundation, I embarked on a journey to harness technology for societal impact.Another turning point in my career was the design of the world's first biometric ATM, a pioneering initiative that broke down language barriers and facilitated financial inclusion for low-income microfinance consumers in India. This project fuelled my belief in the transformative power of technology to bridge gaps and enhance lives. It was a testament to the idea that innovation can be a force for positive change, fostering financial empowerment and inclusion.With over 12 years of experience at leading private equity firms, including 3i and CVCI, I honed my skills in strategic financial management. Managing investments exceeding $500 million in Asia provided me with a comprehensive understanding of market dynamics and a keen insight into the potential of emerging industries. This experience became a cornerstone for my venture into the entrepreneurial landscape.As an active angel investor in start-ups, my interests spanned diverse sectors, including e-commerce, financial services, technology, and consumer companies. These investments were not merely financial; they were strategic bets on the potential of visionary ideas and innovative solutions. Each investment contributed to shaping my entrepreneurial philosophy, emphasizing the importance of agility, innovation, and purposeful leadership.My passion for sports, particularly my achievements as a state champion and 11 times national level player in Badminton, instilled in me the values of discipline, determination, and a team-player approach. These values have been integral to my leadership style, fostering a culture at Join Ventures where talent thrives and evolves to meet the demands of the dynamic digital-first ecosystem.Join Ventures, with its flagship entities IGP.com and Interflora.in, reflects my commitment to creating a platform that goes beyond transactions, focusing on creating memorable experiences for individuals across the globe. The vision is to redefine the landscape of online gifting and flower delivery, leveraging technology to forge emotional connections.In essence, my entrepreneurial journey is a mosaic of technological innovation, financial acumen, and a deep-rooted belief in the transformative power of purposeful leadership. Join Ventures is not just a business venture; it is a culmination of my experiences, values, and relentless pursuit of excellence in creating a positive impact on people's lives.IGP, a renowned gifting company, has embarked on its journey in the Middle East. What motivated the decision to introduce the brand in this region?The UAE has over 10 million people, and out of which 85% are immigrants who want to stay connected to their families and build and enhance their social graph in the UAE. Our sole reason for existence is to help our consumers stay connected to their friends and families back home and to enrich new relationships, whether personal or corporate. We view the UAE as our gateway into the MENA region, considering the warmth and sociability of the culture, which is consistent across the entire MENA region.What are your perspectives on the e-commerce landscape in the UAE? How do you intend to navigate and capitalize on this dynamic market with IGP?The e commerce landscape in the UAE has strong tailwinds. Given the increase in the migrated population in the UAE and preference for convenience, over 70% of people in the UAE are going to continue ordering online. This is expected to deliver over 30% growth p.a. to the online ecosystem in the UAE over the next 3-5 years.What strategies will you employ for marketing to ensure IGP's success in both the UAE and the broader GCC market?The entire GCC market is very aspirational and values the overall service experience. Our marketing strategy would be a mix of providing a strong AI-powered technology platform that reminds every important moment in the life of our consumers, best product portfolio spanning across flowers, cakes, personalised, home and fashion accessories, and on top of that delivery of all these products within 60 minutes.In the midst of the festive season, how can brands seamlessly integrate into the evolving e-commerce landscape in the UAE? How can a corporation develop a profound understanding and adaptability to market dynamics, ensuring a sustained impact in the gifting sector?Providing a superior delivery experience is the key to all brands. In a digital-first world, convenience and variety are of foremost importance. Gifting for example is very demanding as the consumers remember an occasion at the last minute and expect the best products to be delivered in the shortest amount of time. Sustainability is very important to be measured and implemented across the organisation.For IGP, if we want the world to be a happy place, we strive to ensure that we have to first give back to the society and the environment at large. We therefore monitor the carbon footprint of every single product, including the flower stems used in our bouquets, and make sure that we run a carbon-neutral organisation, which is making the entire world a happy place.Do you identify gaps in the gifting market, and if so, what is your approach to filling these voids?The biggest gap that I feel in the gifting market in the UAE is the lack of personalised options. Increasingly, consumers are looking at unique ways of expressing their heartfelt emotions for every special moment in the lives of their loved ones. We at IGP believe in bringing a smile to every recipient for every special moment.Currently, customized gifts are gaining popularity in the gifting sector. How does IGP plan to redefine the art of thoughtful and personalized gifting experiences?Every gift has a feeling associated with it. Customization is the best way to express a multitude of feelings. These feelings are the glue between people and their relationships (close or distant) and special moments (small or big and sad or happy).In the competitive landscape of gifting brands in the UAE and GCC markets, what is your strategy for IGP to stand out? What sets IGP apart from its competition?IGP is all about enriching relationships for over 10 million people in the UAE and over 50 million in the GCC. Our endeavour would be to present the best assortment of over 2500 gifts to express the relevant feeling for every occasion and relationship.Can you outline the cities where IGP is set to expand across the Middle East in the coming years? What are the future expansion plans for the brand?IGP has created a state-of-the-art 20,000-square-feet facility in the heart of Dubai, and will look at opening similar facilities in Sharjah, Abu Dhabi, Riyadh, and Jeddah.

Bank of London and The Middle East plc (BLME) today announces that it has appointed Khaled Alanani as the bank’s Head of Alternative Investments. He rejoins BLME having previously held the position of Head of Real Estate Investments.Khaled’s appointment comes as part of BLME’s next phase of growth and broader strategy to expand its investment offering. He will be instrumental in the creation and distribution of new investment products, leveraging BLME’s ‘A’ credit rating and the financial strength of its parent company, Kuwait’s Boubyan Bank.Commenting on Khaled’s appointment, Chief Executive Officer Andrew Ball said:“We’re all extremely pleased that Khaled has chosen to return to BLME. The bank has significant growth ambitions across both the UK and the Middle East, and I look forward to working with Khaled to progress these goals and solidify BLME’s reputation as the go-to bank for GCC clients. He will work closely with BLME Capital, our recently launched subsidiary in Saudi Arabia, reaching new markets and unlocking investment opportunities for our GCC clients.”Khaled Alanani, Head of Alternative Investment said:“I am really looking forward to returning to BLME. It’s a hugely exciting time to be rejoining and to be working with such a talented group of people. GCC investors are increasingly seeking innovative and sophisticated investment opportunities and this is a golden opportunity to bring BLME’s expertise to new markets and capitalise on our exceptional track record”Khaled Alanani is a veteran real estate finance professional. Beginning his career at Cushman and Wakefield in Toronto, he first joined BLME as an Investment Manager in 2015. Whilst at BLME, he worked on a number of high-value deals across commercial and residential property and helped establish the bank’s real estate investments desk.Khaled holds a bachelor’s degree with Honours from McMaster University, Canada and a Masters in Real Estate Finance from Bayes Business School, London (formerly Cass Business School).

Brands for Less Group proudly announces the grand opening of its 6th store in Doha at the Mall of Qatar, marking another milestone in its strategic expansion across the GCC. The newly unveiled 700 square metre outlet encompasses a comprehensive array of offerings, featuring the renowned brands under the Brands for Less umbrella—Brands for Less, Toys for Less, Beauty for Less, and Homes for Less.Situated within the thriving heart of Qatar's retail landscape, Brands for Less Group's latest store at the Mall of Qatar showcases an extensive collection of clothing, beauty products, and home essentials. The store promises an unmatched shopping experience, offering customers an opportunity to explore an assortment of quality products curated to fit any occasion while ensuring affordability remains a top priority.Toufic Kreidieh, Executive Chairman of the Board and Group CEO of BFL Group expressed his enthusiasm about the brand's latest venture, stating, "We are thrilled to inaugurate our newest store at Mall of Qatar, a pivotal step in our expansion strategy across the GCC. This launch aligns with our commitment to making top-tier products accessible to everyone without compromising on quality or value. We aim to become the go-to destination for shoppers seeking diverse, premium offerings that are budget-friendly."The Brands for Less Group continues to solidify its presence as a trailblazer in the retail industry. As part of the Group's mission, each store opening serves as a testament to its dedication to delivering exceptional value and customer-centric experiences. The new store at the Mall of Qatar invites residents and visitors alike to explore its extensive selection, promising a treasure trove of possibilities for every shopper.

PROVEN Solution, a leading enterprise focused on innovative technological solutions in AI, robotics, and AR/VR, has announced its plans to strengthen their Augmented Reality (AR) offerings, demonstrating ongoing advancements and technological breakthroughs.PROVEN Solution has been strategically observing the expanding capabilities of AR, recognizing its potential to revolutionize products and customer projects. Over the past year, the company has intensively evaluated AR's escalating potential, particularly propelled by recent hardware advancements, making it increasingly market adaptable."AR represents an unprecedented opportunity for us and our strategy involves a dual approach," says Pavel Makarevich, VP of PROVEN Solution. "We are committed to developing our proprietary AR products while tailoring customized applications for our clientele. We envision a landscape where a fusion of virtual and physical elements not only enhances knowledge acquisition but also provides a hands-on, interactive experience across diverse sectors such as education, healthcare, and training."AR stands poised to elevate applications to new heights by combining virtual and physical components, which has piqued the interest among companies concerning the GCC market’s readiness for AR integration. This aims for scenario-based learning and real-time practical exposure, fostering interactive engagements through AR technology. However, the current phase is characterized by exploration and experimentation, as businesses discern optimal use cases aligned with their operations."Healthcare, education, and training are our primary domains," added Pavel. "We foresee synergistic integration between technology and our expertise in these sectors, empowering our clients with immersive AR experiences."Acknowledging the investment required for AR development, PROVEN Solution emphasizes its expertise gained from existing VR ventures, streamlining technical knowledge. While hardware costs for AR remain relatively high, the company foresees a progressive decline as the technology matures in the coming years.In 2024, PROVEN Solution has earmarked AR as the cornerstone of its R&D endeavours. The company aims to integrate AR across many of its products, empowering clients to capitalize on this transformative technology.

Cryptyd Inc announced today the successful conclusion of a funding round, backed by Newton International Management. The capital infusion is poised to propel the launch of Cryptyd’s groundbreaking Baloot Quest mobile game, targeting Saudi Arabia and other GCC markets.Baloot, originally derived from the French Belote game, has transformed into a refined game in its Arab adaptation, demanding a high level of player skill. Cryptyd's Baloot Quest introduces cutting-edge technology, contemporary graphics, and a range of empowerment tools. Users have the flexibility to personalize game modes, round speeds, card types, and game rules. The game, `not only, features advanced social elements such as leagues, competitions, and live chat with audio communication, but also showcases the most advanced artificial intelligence, applicable in both solo player mode and for groups that fall short of the standard four-player requirement for a regular round.The investment proceeds will play a pivotal role in supporting Cryptyd's comprehensive strategy, encompassing marketing initiatives, user acquisition costs, and sustained development efforts for the Baloot Quest game.Ahmed Alaa, CEO, and founder of Cryptyd, Inc expressed his enthusiasm, stating, "We are heartened by the confidence that Newton has placed in our team, and we approach this upcoming stage of moving into game publishing with confidence and excitement." Alaa emphasized the alignment of Cryptyd’s philosophy with Newton, focusing on ensuring the game is enjoyable, and deliberately steering clear of the prevalent "pay to win" culture in many games. He further noted, "We firmly believe that our success will come from the delight of our customers and their eagerness to play Baloot Quest."Baloot Quest is readily accessible on the Apple App Store and Google Android platforms. The team invites mobile gaming enthusiasts to experience the thrill of Baloot Quest where entertainment is paramount, and every player has an equal opportunity to succeed.Cryptyd, Inc, headquartered in Massachusetts, USA, operates seamlessly with its wholly-owned subsidiary, Cryptyd SA, strategically located in Alexandria, Egypt, serving as the central hub for operations and development. The company's inception traces back to its incubation at the American University in Cairo V-lab and subsequent nurturing by the Google game accelerator in Singapore.  Cryptyd received seed funding from Acacia Angels as well as Alexandria Angels and AUC Angels. Cryptyd has established itself as a leading independent game development studio in MENA with expertise in game design, artwork, software development and game production. Cryptyd aims to become the first MENA development studio creating IP for regional and global markets. Newton International Management, LLC  specializes in early-stage investments, focusing on companies that leverage technology to elevate consumers' quality of life at the higher levels of the hierarchy of needs.

DUBAI, UAE: IFFCO Group, as part of its ESG-based strategic plans in the Kingdom of Saudi Arabia, has signed an MoU with Tetra Pak, the world's leading food processing and packaging solutions company, designed to drive the momentum of sustainability initiatives within the group’s manufacturing facilities.This groundbreaking collaboration between IFFCO, the UAE-based multinational FMCG group, and the renowned multinational entrepreneurial organization, Tetra Pak, cements a strategic alliance that supports the implementation of global standards in state-of-the-art practices and technologies aimed at minimizing the group’s environmental impact.IFFCO is expanding its operations in the Kingdom by building a state-of-the-art factory equipped with the latest technology in order to locally produce sustainable, high quality and delicious products while adding value to the Saudi Arabian economy and contributing to reducing waste, lowering emissions and prioritising green industry protocols. The factory will initially focus on producing culinary creams, and has formalized the MoU with Tetra Pak to maximize efficiency without compromising on quality or food safety.Rizwan Ahmed, the Executive Director of IFFCO Group, explained that the KSA facility comes as a natural follow up to the group’s embedded ESG ethos, which is the principle driving force behind the group’s journey towards sustainability, saying: “IFFCO has since the very beginning, committed to a mission to manufacturing and marketing a well-integrated portfolio of FMCG food products that satisfy taste, quality and consumer demand without undermining our ethical values and commitments to eco-awareness throughout all processes and practices.“By working with the global expert Tetra Pak, we are actively contributing to ensuring sustainability at the plant, enhancing reliability, package recyclability, energy efficiency, and waste reduction, employing local skilled personnel and underpinning the country's economic growth and future ambitions while strengthening IFFCO’s standing in the region as an advocate for change, reducing reliance on fossil fuels, and lowering our carbon footprint.”Niels Hougaard, Managing Director at Tetra Pak Arabia Area said: "We are thrilled to partner with IFFCO in this impactful project in Saudi Arabia, reflecting our commitment to protecting people, food, and the planet. Together, we introduce advanced equipment and processes that reduce waste, enhance recyclability, and lower CO2 emissions. Our innovation prioritizes water efficiency, recycling and reusing processed water, with state-of-the-art and energy-efficient equipment. Every package tells a story, and we eagerly support IFFCO's leading role in the GCC.”IFFCO has implemented a robust range of sustainability targeting measures that are based on a holistic approach to reducing the group’s environmental footprint. The group also establishes partnerships with local suppliers and third-party entities, encouraging them to also adopt sustainable practices.IFFCO group has recently released its Environment, Sustainability and Governance (ESG) report, which outlines its commitment to sustainability goals, and puts sustainable practices in place across its operations and value chains, an important step in adopting changes to the food system that are genuinely sustainable, through an agenda of “Investing in the Future” to help in reducing greenhouse gas emissions, enhancing endeavours to work towards net zero targets, decreasing waste generation, using packaging with a lower environmental impact, and addressing water scarcity.

 The Dubai-born premium membership platform, SupperClub, is expanding its operations across the GCC, to deliver discounted luxury experiences to clientele in Bahrain, Kuwait, Qatar and Saudi Arabia. The new territories will operate on the same model as the UAE platform, which allows members to make limitless reservations and use unlimited offers at five star dining and leisure venues for a single subscription fee.Launched in November 2020 by Mehreen Omar and Muna Mustafa, SupperClub set out to fill a gap in the market for luxury experiences delivered with effortless elegance, at a lower than usual price. As former head of sales for a renowned experience-based online marketplace, Omar saw a demand for the five-star lifestyle and set out to build a platform that would make it more accessible. A self-funded venture by the pair of female entrepreneurs, SupperClub unites two renowned hallmarks of Dubai life – indulging in luxury experiences and receiving exceptional value for money.Explaining the inspiration and concept of the business, Omar said, “We wanted to bring a new dimension to the market and create a solution that could provide members with unlimited access to high-end venues at a reasonable cost and in a seamless way. The platform is unique in that reservations are made through the SupperClub website and members can take as many guests as they like to their chosen venues as often as they wish. With no vouchers or codes, members can settle the bill discreetly while still benefiting from discounts of up to 60%.”Since establishing in 2020, SupperClub has carefully curated an extensive portfolio of affiliations with luxurious eateries, hotels and resorts, spas, beach clubs and more, across Dubai and Abu Dhabi. In 2022 the enterprise secured a partnership with Mastercard to serve its Mastercard World Elite clients. The platform offers three tiers of membership: Gold, Diamond, and Platinum, and provides access to more than 300 offers from over 50 five-star hotels in the UAE. Starting out with 1,000 members, SupperClub has experienced fast exponential growth, with 16,000 members signed up and over 40,000 bookings made. Building on its stature in the UAE, SupperClub is entering its fourth year with a move into new markets around the region. Explaining the move, Mustafa said, “We recognize that with the rising cost of living, people are searching for ways they can still enjoy the good life without feeling a heavy financial burden. The flexibility that the SupperClub membership brings provides a solution to this demand and we are excited to extend the model across the region, marking the next chapter in our growth.”

Crestbridge Bahrain, an agile private equity and real estate administration solutions provider, has completed an extensive rebranding effort in response to the accelerated company growth and renewal of its corporate vision. At the heart of this transformation is a change of the company name to Yasira - inline with the firm's unwavering commitment to the region and heritage; the rebranding reflects a strategic initiative to better serve the distinctive needs of their clients in Bahrain, Saudi Arabia and the broader Gulf Cooperation Council (GCC). The company's new name 'Yasira' draws inspiration from the mountainous and challenging terrain of the Asir region in Saudi Arabia, and the firm's deep commitment to overcome complexity by providing administrative solutions that maximise operational efficiency and enhance financial performance.Positioned as a 'partner in efficiency', Yasira's expertise spans fund and trust administration, corporate solutions, ESG advisory and advanced data analytics and reporting services for fund and asset managers, family offices, sovereign wealth funds, and banking institutions in the Middle East."This milestone rebranding initiative ushers in a new era of bespoke administrative solutions that maximise operational efficiency and enhance financial performance for our clients in Bahrain, Saudi Arabia and across the broader GCC. Our new name Yasira, reflects our profound commitment to the region, priming us to proficiently navigate the complexities of financial administration on behalf of our clients," comments Paul Perris, the CEO of Yasira.Headquartered in Bahrain Financial Harbour in the Kingdom of Bahrain, Yasira administers funds and structures totalling more than US$7 billion in assets. Led by a strong management team of seasoned international specialists equipped with extensive regional experience and state-of-the-art fund administration technology, the firm is well positioned to meet the ever-evolving requirements within the region and better serve its long standing clients.

The Mega Green Accelerator will be open to startups in the MENA region focusing on circular economy solutions, clean energy transition and climate mitigation technologies, including water and agriculture.The Accelerator is a collaboration between PepsiCo, SABIC, AstroLabs and other strategic partners.Dubai, United Arab Emirates: On the heels of the first week of COP28, PepsiCo, SABIC, AstroLabs and their strategic partners have announced the launch of the Mega Green Accelerator, a new initiative to nurture the next generation of innovators in the region as they develop solutions to both regional and global sustainability challenges. The Middle East is warming almost two times faster than the global average, yet the support and investment for the sustainability innovation ecosystem in the region does not match this urgency. Since 2010, less than 50 new climate technology startups have been founded in the MENA region, compared to nearly 5,000 in Europe and the US. The Mega Green Accelerator aims to reduce this gap, foster regional collaboration and cultivate a network of MENA-based innovators addressing the most pressing sustainability challenges in the region.The priority focus areas for the first round of the Accelerator program include circular economy, clean energy transitions, water and agriculture, some of the most pressing issues for the Middle East. In addition to seed funding and mentorship, the partners will provide participating entrepreneurs access to some of the most prominent business leaders in the region.“Innovators in the MENA region have incredible potential for scaling and are making important strides to develop homegrown solutions to address the unique challenges the region is facing. COP28 is already putting a spotlight on climate innovations coming out of the UAE and the region at large, and PepsiCo is excited to support the next generation of climate leaders through the Mega Green Accelerator. By bridging the gap between entrepreneurs and the networks and resources they need, we are committed to supporting breakthrough start-ups as they scale sustainability solutions, grow their businesses and form critical connections,” said Eugene Willemsen, CEO of PepsiCo, Africa, Middle East, South Asia. In addition to PepsiCo, SABIC and AstroLabs, the Accelerator will leverage its strategic partners’ unique capabilities and expertise to best support participating entrepreneurs. Investment partners Dubai Future District Fund, Venture Souq and Shurooq Partners will provide platforms for investment opportunities, mentorship in raising capital, and networking opportunities. They will also inform startup criteria and participate in the selection process to maximize investment success.Ecosystem partners London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, the Sharjah Research Technology and Innovation Park and the Mohammed VI Foundation for Environmental Protection will source applicants through their networks, amplify Accelerator information and communicate progress through their channels. Schneider Electric will support the Accelerator as a prize partner, participating in the final selection of participants. “SABIC is proud to join with PepsiCo and other fellow partners to provide our business expertise, mentorship, resources and platform to help the brightest minds in the region reach their full potential through the Mega Green Accelerator. We believe that such cross-sector partnerships are crucial in effectively tackling complex, critical issues such as climate change. In supporting this initiative, we are not just bettering local economies, but people and planet at the same time,” said Dr.Bob Maughon, SABIC Chief Technology and Sustainability Officer."Our partnership with PepsiCo and SABIC comes at an exciting time - it’s a strategic step in accelerating innovation within the GCC, with a strong focus on sustainability. With the influx of international sustainable and climate-conscious companies, the region is rising as a global testbed for innovation - we will double down on creating an environment where these businesses can scale into the local markets. Our aim is to ensure the GCC not only responds to the current demand for green solutions but also pioneers the advancement of sustainable business practices on a global scale,’’ said Roland Daher, CEO, AstroLabs.The priority focus areas of the Mega Green Accelerator align with PepsiCo’s transformation strategy, pep+ (PepsiCo Positive) and the other partners' sustainability agendas, while further driving collaboration with businesses across the region to catalyze positive impact. In the coming months, PepsiCo and partners will share additional details and application information for the Mega Green Accelerator. To stay updated, follow PepsiCo Positive (pep+) Middle East LinkedIn page and @PepsiCo on Twitter, Instagram, Facebook, and LinkedIn.

Chalhoub Group today published its comprehensive circularity report, entitled ‘Circular Fashion Potential in the GCC’. The report is the first of its kind in the region and delves into the evolving landscape of circular fashion while highlighting consumer behaviours as well as the potential and growing trends within the luxury re-commerce sector in the GCC.The report is part of Chalhoub Group’s efforts to integrate Environmental, Social, and Governance (ESG) principles into its business model and target to achieve Net Zero by 2040. The research reveals key regional insights while highlighting the transformative shift in the convergence of sustainability with luxury, leading to the evolvement of consumer choices and industry norms.Estimated at USD480-500 million in 2022, the GCC luxury re-commerce market is expected to grow at a compound annual growth rate (CAGR) of 10% to 15%, reaching USD 760-780 million by 2026. The largest luxury segment in value is watches (accounting for about 50% of the market size), followed by jewellery (16%), handbags (13%), apparel (12%), and footwear (10%).Consumers show a significant shift towards circularity along all price levels, with one-third of GCC consumers having already purchased pre-loved items, and another third planning to do so. The most sought-after categories that consumers purchased in the past 12 months, include bags (20%), watches (18%), and jewellery (16%). The driving factors behind these purchases lead with affordability (43%), followed by investment potential (42%), and access to limited editions (40%). Additionally, 70% of consumers stated having resold items in the past year, mainly to make money (42%) and finance new purchases (41%).In terms of purchasing channels, online and offline prove to be almost equally important, with 58% mainly online purchasers. For clothes, shoes, and bags, peer-to peer platforms are amongst the top channels of choice, while specialist retailers are chosen for watches. When it comes to non-purchasers, concerns about authenticity (39%) and item conditions (39%) represent the top two key barriers to buying pre-loved items. Furthermore, GCC consumers seem more inclined to re-sell than to purchase pre-loved items (31%). Three out of four respondents revealed that they have re-sold fashion items in the last year, and a similar number, 73%, consider the re-sale value before purchasing a luxury item.Patrick Chalhoub, Group President at Chalhoub Group said: “Sustainability remains at the heart of our operations and our Circularity Report is more than an analysis; it reflects our ongoing commitments to embracing more sustainable business models as we aim for our Net Zero target by 2040. We will continue to stress the importance of alignment among policy makers, regulators, brands, retailers, and customers as we keep our focus at the initiative level driven by interested brands and consumer affinity.”Florence Bulte, Chief Sustainability Officer commented: “Our comprehensive research spanning the entire GCC region underscores the importance of circularity in the fashion sector, an industry which accounts for approximately 10% of global CO2 emissions. By embracing sustainable business models and focusing on circular initiatives, we are responding to the increasing consumer demand, paving the way to Net Zero and actively embedding sustainability into the core of our business.”Andrea Fetzer, Strategy Director commented: “The report highlights the dynamics of the GCC re-commerce luxury market, valued at USD480-500 million in 2022 and projected to grow ~15% annually. This growth reflects evolving consumer behavior and an increasing adoption of circular business models by luxury brands and retailers globally. This is the first report of this kind done in the Middle East, leveraging desk research and data from publicly available sources, but also 15 interviews with key players in the ecosystem, along with a proprietary survey of 1,300 consumers across the GCC. At Chalhoub, we will leverage these insights to make informed business decisions, particularly in our experimentation with new business models for our brands, and to fortify our investment strategy.”

UAE-based investment banking advisory firm, Alpen Capital, projects the food consumption in the region to grow at a CAGR of 2.8% to reach 56.2 million MT by 2027 in its latest GCC Food Industry report. The vegetables food category is expected to surpass the growth rates of the meat and cereals categories in the coming years.  Released on Tuesday, November 28th, the report provides a comprehensive overview of the GCC food sector and outlines the sector’s recent trends, growth drivers and challenges. It also profiles some of the renowned food companies in the region. The report was launched over a webinar followed by a panel discussion featuring Sanjay Bhatia, Managing Director, Alpen Capital; Garrett Walsh, Chief Executive Officer, Mezzan Holding Co. and Nasser Talib Nasser, Chief Executive Officer, Al Islami Foods. Sameena Ahmad, Managing Director, Alpen Capital moderated the discussion.“Demand for food in the GCC is expected to be driven by improving macroeconomic factors, rising population, buoyancy in tourism and various initiatives being taken by the governments to improve self-reliance. The industry is witnessing a rise in the demand for new dining concepts and diverse cuisines, due to changing consumer preferences and increasing health awareness. The food services sector continues to evolve at a significant pace to cater to the needs of the consumers and hence, remains one of the most promising sectors driving food consumption in the region. The GCC governments are also heavily investing towards innovation in key areas such as water desalination, efficient irrigation, protected agriculture, plant breeding and soil restoration to mitigate the perennial concern of food security.”, says Sameena Ahmad, Managing Director, Alpen Capital (ME) Limited. “Given the region’s high dependence on imports and ongoing geopolitical conditions, there is a heightened focus on alternate farming techniques to increase local production. This has led to the emergence of a number of Agritech start-ups in the region which are expected to gain prominence in the coming years. Despite the volatility, the food sector has remained relatively resilient opening opportunities for scalable and accelerated growth. Inorganic growth strategies are likely to continue as companies look to capitalize on the on the burgeoning food demand in the GCC. At the same time, online business channels, including food aggregators and last-mile delivery platforms, are poised to play a pivotal role in reshaping the dynamics of the food market.”, says Sanjay Bhatia, Managing Director, Alpen Capital (ME) Limited. According to Alpen Capital, food consumption in the GCC is projected to grow at a CAGR of 2.8% to reach 56.2 million MT by 2027 from an estimated 49.0 million MT in 2022. Future growth is expected to be driven by an increase in population, rise in per capita income, and rebound in tourism activities. The regional governments are also taking several initiatives towards ensuring a sustainable supply of food items to meet the rising demand. Moreover, growing awareness of healthy eating habits coupled with increasing penetration of the food services sector offering global cuisines are likely to aid the food consumption across the GCC over the next five years. The per capita consumption in the GCC is forecasted to reach 904.1 kg by 2027 from an estimated 872.5 kg in 2022, growing at a CAGR of 0.7% The country-wise food consumption share in the GCC is projected to change marginally through 2027. While Saudi Arabia will continue to remain the largest GCC market in terms of food consumption, its share is likely to fall from an estimated 57.1% in 2022 to 55.5% in 2027. Bahrain is expected to witness the highest CAGR at 4.5% whereas the UAE and Saudi Arabia are expected to growth at moderate paces of 3.3% and 2.2%, respectively, largely in line with their population growth.  The report states that the growth among different food categories is forecasted to range between 2.0% and 3.2% from 2022-2027. The vegetables food category is projected to secure the highest CAGR at 3.2%, closely followed by ‘others’ and meat at 3.1% each. The ‘others’ food category consists of commodities such as eggs, fish, pulses, oils & fats, potatoes, and honey products. The GCC economies have made a strong recovery following a period of pandemic-led economic distress. This can be attributed to the successful COVID-19 mitigation strategies implemented by the governments, positive business and tourism sentiment driven by mega events, along with rebound in the hydrocarbon market. The region’s expanding population base that largely comprises of young and working class professionals has led to the rise in demand for new dining concepts and diverse cuisines, including boosting consumption of healthy foods and ready-to-eat varieties. The governments have also increased their focus towards sustainable agricultural practices with the aim of enhancing domestic output while encouraging the use of greenhouse, hydroponic and aquatic farming, and leveraging other technologies such as artificial intelligence (AI) to increase agricultural efficiency and yield. The confluence of all these factors are expected to positively drive consumer sentiment, spending and food consumption over the long-term. However, the report highlights that the global economy is expected to remain weak in the short to mid-term, largely impacted by the geopolitical conflicts.  These conflicts are likely to weigh on global economic activity, raise inflation and cause supply-chain problems. Additionally, the challenge of food security continues to strain the GCC governments despite successful efforts to increase local production. The GCC food industry is also vulnerable to global price fluctuations and supply-chain disruptions as over 85% of the region’s food requirement is imported. With chronic and lifestyle-related diseases becoming a major concern for the population, there is heightened awareness for healthy eating habits, which is also being promoted by the regional governments. This has not only boosted the demand for organic food but has also encouraged restaurants and food services players to concentrate on procuring and producing healthy food items. The region is witnessing a large scale movement in the AgriTech sector via investments and partnerships, between private players and governments, with the aim to gradually build capacity to produce sufficient yields of affordable food with minimal resource utilization. The governments’ effort to enhance food production is encouraging local as well as international players to expand their presence while also helping reduce the demand-supply imbalance and consequently food costs. Going forward, focus is likely to be directed towards value creating opportunities, with particular emphasis on AgriTech. The industry is likely to witness consolidation amid cost-containment issues and limited room for differentiation in service offerings.

In light of growing environmental concern driven by extreme weather, new research from Bain & Company shows more than 60% of businesses in the GCC region are currently off track to achieve their sustainability goals. The study emphasizes the pivotal role of technology, policy, and behavior change in achieving sustainable practices. An increasingly environmentally conscious base of consumers and employees in the GCC may prove instrumental in steering business towards their sustainability targets.Bain & Company published in November a major new study exploring the top sustainability concerns for business leaders, their customers, and their employees.“With the upcoming global focus on the region with COP 28 and the potential implications from this critical gathering, it is critical the CEO’s and Sustainability Plans in the corporate sector take centre stage in the next phase of the world’s transition. Our global report on the topic is grounded on the philosophy of Visionary Pragmatism in this path for executives to adopt as they are navigating taking the global ambitions and translating them into the day-to-day functioning of their respective companies” said Akram Alami, Middle East Partner at Bain & Company.To get a broad sense of environmental concerns around the world, Bain surveyed 23,000 consumers. The results underscore the growing urgency of sustainability topics. Some 64% of people reported high levels of concern about sustainability. Most said their worries have intensified over the past two years and that their concern was first prompted by extreme weather. Surprising truths about consumersBain’s research reveals several surprising truths about consumers, dispelling some common misperceptions. Among them, the ideas that consumers won’t pay more for sustainable products and that consumer behavior is fixed. Baby boomers are often just as concerned as Gen Z. Many companies have long viewed younger consumers as more focused on sustainability than their older counterparts, but the reality is not as clear-cut. For example, 72% of Gen Z consumers and 68% of boomers globally are very or extremely concerned about the environment, but in countries as diverse as India, France, and Japan, boomers are more concerned. Consumers are recommending brands if they are supporting social causes. As concerns grow, consumers are looking to make environmentally sound choices - 82% of consumers in Europe, the Middle East, and Africa are likely to recommend a brand after learning that it supports a social cause. Consumer behavior can change more quickly than many companies anticipate, with external factors such as government regulation heavily influencing the market. China began offering financial incentives on electric vehicles in 2009; now 19% of Chinese consumers report driving an electric car, compared with 8% of consumers globally. In England, the use of single-use supermarket plastic bags has fallen 98% since the government began requiring retailers to charge for them in 2015. Similarly, in the UAE, the recent imposition of charges on plastic bags in supermarkets has swiftly prompted a notable reduction in their usage, showcasing the significant impact of government initiatives on shaping consumer behavior. There is a disconnect between what consumers want and what most companies sell. Worldwide, 48% of consumers consider how products are used when thinking about sustainability. These consumers are more concerned about how a product can be reused, its durability, and how it will minimize waste. In contrast, most companies sell sustainable goods based on factors such as how they are made, their natural ingredients, and the farming practices deployed. These factors cause many consumers to conflate “sustainable” with “premium.” One result of this disconnect: Nearly half of all developed-market consumers believe that living sustainably is too expensive. By comparison, roughly 35% of consumers in fast-growing markets believe this.Consumers struggle to identify sustainable products and don’t trust corporations to make them. In Bain’s survey, 50% of consumers said sustainability is one of their top four key purchase criteria when shopping. Yet they may be making decisions based on misconceptions. When asked to determine which of two given products generated higher carbon emissions, consumers were wrong or didn’t know about 75% of the time. Consumers say they rely most on labels and certifications to identify sustainable products, yet most were unable to accurately describe the meaning behind common sustainability logos, such as organic production or Fairtrade. A lack of trust in corporations compounds the issue. Bain found only 28% of consumers trust large corporations to create genuinely sustainable products, compared to 45% who trust small, independent businesses.Four critical areas of focus for companiesThe momentum behind sustainability and dynamic shifts in consumer behavior have profound implications for any company. Bain sees four critical areas of focus.Devise a future-proof and flexible strategy. Few companies plan beyond the typical 3-year strategic planning window, and even those that do look out 5 to 10 years tend to focus on expectations for technology adoption. These plans fail to fully consider two other factors that move just as rapidly and with as big an impact: regulations and consumer behavior.Acknowledge a fragmented consumer base. Companies need to deaverage consumers and innovate products and design propositions that appeal to different segments— local markets, consumers with different definitions of sustainability, and consumers with a range of purchasing motivations.Test and learn to determine what works—and repeat. In such a fluid environment, companies can lean aggressively on marketing experimentation, using digital tools to quickly test the sustainability messages that resonate with different segments and adapt accordingly. It’s a way to help consumers gain enough clarity to make decisions that are consistent with their values.Get out in front of regulations. As we’ve seen throughout the world, government policy inevitably becomes a huge contributor to changing consumer behavior. Across all industries, companies need to be at the forefront of helping to shape the regulations affecting their business. A company’s ability to anticipate policy shifts and build future-proof portfolios will help determine whether it can outpace competitors.Upskilling employees to rise to the challengeBain found 75% of business leaders believe they have not embedded sustainability well into their business. The instinct of many CEOs is to prioritize external hiring to address all skill gaps, including in sustainability. Bain advocates for addressing sustainability’s challenges through a combination of smart upskilling and cultivating a learning mindset.A new Bain survey of 4,700 people found 63% felt different skills and behaviors would be required for their company to execute on its ESG ambition or strategy. Yet only 45% of nonmanagers said their employer offers the reskilling and upskilling opportunities that would enable internal mobility.Despite almost every CEO saying they have a talent problem, few companies have defined what it means to be a great employer. In Bain’s recent survey, 44% of respondents said it is easier to find a better opportunity outside of their company than within it.Bain is leading by example on this cause. The firm has committed to cultivating a growth mindset in its team, partnering with 12 world-class universities—including MIT, HEC Paris, and Melbourne Business School—to upskill its employees on ESG. To date, its consultants have completed over 17,000 hours of ESG training through the program. 

Olfa Messaoudi has been appointed as the Chief Digital and Marketing Officer for L’Oréal Middle East. This marks a significant milestone for the company. With a remarkable 20-year career in digital and marketing transformation, Messaoudi brings a wealth of experience from her work with renowned brands and agencies across different regions.In her current position, Messaoudi is tasked with leading L’Oréal’s marketing initiatives in the Gulf Cooperation Council (GCC). This includes overseeing various aspects of the business strategy such as digital, media, e-commerce, platforms, services, market intelligence, and consumer insights. Her role is pivotal in reinforcing L’Oréal Middle East's position as a global leader in the beauty industry.Messaoudi's journey with L’Oréal began in 2010 when she joined as the Global Digital Manager for Lancôme. During her tenure, she played a crucial role in orchestrating Lancôme's digital transformation, encompassing 360 activations, e-commerce strategies, and customer relationship management. In 2014, she relocated to Dubai to take on the role of Regional Head of Digital for L’Oréal Middle East Luxe Division. Here, she played a key role in advancing e-commerce in the region and spearheading the luxury transformation.Returning to Paris in 2017, Messaoudi assumed the position of Global Vice President of Digital, E-commerce, and Customer Relationship Management for YSL Beauty. In this capacity, she played a vital role in driving the brand's e-commerce growth and enhancing the online-to-offline consumer experience through the rollout of services and beauty tech. Before her current role, Messaoudi joined the SAPMENA Luxe Management Committee in 2021, based in Singapore, as the Chief Consumer Experience Officer. Here, she continued to contribute significantly to the online-to-offline consumer journey and laid the foundation for customer relationship management transformation. Additionally, she implemented new frameworks to ensure a seamless consumer experience across media and the e-boutique.Overall, Olfa Messaoudi's extensive experience and innovative approach are expected to play a crucial role in furthering L’Oréal Middle East’s digital and marketing initiatives, solidifying its position as a leader in the beauty industry.

Raiven Capital today announced the launch of a new venture capital fund with a target size of USD125 mn in Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region. The fund will focus on founders developing tech in Artificial Intelligence (AI), Internet of Things (IoT) and Distributed Ledger Tech, with a particular emphasis on digital platforms disrupting value chains in FinTech, cybersecurity and sustainability-focused sectors.  Investing in innovation in early and growth-stage tech companies in the GCC, South Asia, and North East Africa and enabling them to blossom into leaders by connecting them to markets and capital pools in Europe and North America, via Raiven’s new Dubai hub, is what we are most excited about, noted General Partner, Raiven Capital, Paul Dugsin.“The fund will serve the needs of the local startup ecosystem, enabling them to become regional and global competitors, while at the same time, Raiven’s existing community of startups and investors will now have access to all advantages of the Middle East and the broader region that arcs between East Africa to India for their own ventures.”Arif Amiri, Chief Executive Officer, DIFC Authority, said: “We welcome Raiven Capital to DIFC. Raiven’s focus on nurturing early and growth-stage AI, IoT and distributed ledger tech startups through the launch of this new venture capital fund shows strong confidence in Dubai’s economy, talent-base and future-forward entrepreneurial ecosystem. The firm’s presence in DIFC will not only benefit the local startup community in taking the future of tech to new heights, but also provide Raiven’s global network of founders and partners with access to a wealth of resources in the MEASA region and beyond.”General Partner, Raiven Capital, Supreet Manchanda noted the fervour around Dubai’s ecosystem and the opportunities it presents: “We are thrilled to be in a place growing exponentially. Founders are eager to contribute to global innovation. The government’s robust support for entrepreneurship is impressive, and unlike any other place at this time. We look forward to meeting the best and brightest in Dubai and DIFC in particular. There are great things ahead.”The Toronto-based fund is creating bridges between its home country and Dubai, an exciting development. “We are thrilled that Raiven Capital, a Canadian venture capital fund, is the first-of-its-kind to obtain a licence to operate its second fund in DIFC in Dubai. Raiven has ambitious plans for the region connecting Canada, the UAE and other high growth tech ecosystems. We look forward to working with them,” said Tracy Reynolds, Canada’s Consul General in Dubai.The tech industry in the UAE and regionally has recently seen substantial expansion. Yet, funding is falling behind the quick speed of change and technological adoption. This is drawing global technology businesses and international venture capitalists to the region. Raiven’s fund further accelerates growth of the venture ecosystem to meet the increasing demand for technology products and services.MENA venture capital funding in the third quarter of 2023 saw USD250 mn raised across 78 deals, a 32 per cent increase compared to the second quarter of 2023, according to MAGNiTT’s MENA Venture Investment Premium Report.

OPSWAT, a global leader in Critical Infrastructure Protection (CIP) cybersecurity solutions, today announced the opening of its Middle East, Turkey, and Africa (META) regional office in Dubai, United Arab Emirates, following GITEX earlier this month. The move is aimed at answering the increasing demand across the region for zero-trust cybersecurity solutions capable of safeguarding critical infrastructure.The opening of OPSWAT’s Dubai office closely follows a period of significant growth for the company in the region. Over the past 12 months its regional momentum has included 60% growth in revenue, 50% growth in its customer base, a 50% increase in the number of projects, and a substantial increase in the company’s operational resources.OPSWAT’s regional customers include organizations in the manufacturing, nuclear, energy, oil and gas, government, and defense sectors. More than 50 GCC ministries selected OPSWAT in the past year and the company is also actively working with almost all the region’s oil and gas companies. In the financial services sector, OPSWAT has provided solutions and products to 43 regional banks — including eight central banks — since March 2022, and is in the POC stage with approximately 50 other FSI entities.“This office opening is timely, as we will have an on-the-ground presence in a market where we are fast becoming the vendor of choice for government ministries and banks,” said Sertan Selcuk, VP of Sales, Middle East, Turkey, Africa & Pakistan (METAP), at OPSWAT. “Our expectation is to see at least 500 companies as our customers in the META region by the end of this year.”Selcuk explained that the ongoing merger between IT and OT has added many layers of complexity to securing critical infrastructure. IT cybersecurity solutions lack the tools to protect such infrastructure and very few security professionals have the skills to tackle the current threat landscape as it relates to OT. A further challenge is that few training and certification programs focus on critical infrastructure protection.“Like elsewhere, many critical infrastructure networks in the Middle East rely on outdated or legacy systems that were not originally designed with robust security in mind,” Selcuk said. “Most OT networks rely heavily on IT systems and this interconnectedness often increases the attack surface. Securing these interdependencies poses substantial challenges.”OPSWAT’s growing reputation in the region has been built on its Content Disarm and Reconstruction (CDR) technology, which addresses these challenges directly. In CDR, files ranging from PDFs and HTML to image and video assets are pulled apart, sanitized, and reconstructed in real time. From its new base in Dubai, the company will offer CDR and other technologies to an expanded market. Its hub presence will ease OPSWAT’s engagement with partners and customers, who will get face-to-face access to industry experts.Apart from serving as a collaboration hub for customers and partners, OPSWAT’s Dubai office is home to a critical infrastructure protection (CIP) laboratory, where industry professionals, clients and channel organizations can see for themselves the power of OPSWAT products like Neuralyzer, MetaDefender Kiosk, MetaDefender Vault, NetWall, and much more. They will also be able to explore the advantages of OPSWAT Academy training, experience attack simulations, and discuss with the company’s experts how to combine these products and services to build the best possible OT security posture.Following two successful years where its business has more than doubled, OPSWAT is looking to a strong 2024, characterized by the same level of growth.“This investment [office launch] builds on the foundation we’ve been laying in the region for years, and we’re excited to have a strong presence in this key market,” Selcuk noted. “We are fully committed to the cyber fight alongside our META customers and partners. We see Saudi Arabia and the UAE as critical markets for cybersecurity awareness, and we see our growth in the region as continuing through our channel partners. We look forward to working with them to bring our solutions to more customers in the months ahead.”Apart from the UAE and Saudi Arabia, Selcuk described OPSWAT’s growth in Qatar, Oman, Egypt, Jordan, Bahrain and Kuwait as “exponential”. “We are also in the midst of a very aggressive restructuring in Turkey, which is home to more than one million manufacturers,” Selcuk continued. “We have reaped the fruits of this in the first six months of this year. Next year we will focus on Pakistan and South Africa and we plan to manage all the countries in the META region from our new offices in Dubai.”

 Mastercard has entered a strategic partnership with tmam - one of the leaders in multi-currency corporate card, expense management and accounts payable solutions for SMEs - to launch its innovative payment proposition across the GCC region. The collaboration will help small businesses digitize their corporate expenses while saving money on company spend.With a transparent fee structure and deep integration into leading accounting platforms, tmam provides unlimited physical and virtual cards in regional currencies, including USD, with EUR and GBP to follow, to businesses of any size worldwide. Through its partnership with Mastercard, tmam customers will be able to access a range of benefits through a simple digital onboarding experience via the tmam app, allowing them to transact seamlessly physically and online. The payment solution for SMEs will help improve expense tracking for their branch offices. In addition, the companies can monitor the spend of all their remotely-located staff and branches, reducing the cost of doing business in the local currency. The new proposition will also enable organizations to save on fees while paying USD invoices and streamline all recurring expenditure into one platform.“SMEs are crucial drivers of the economy. Guided by our pledge to connect 50 million small enterprises globally to the digital economy by 2025, we are delighted to partner with tmam to deliver our innovative payment solutions to SMEs. Our collaboration will contribute to accelerating digital transformation and enhancing financial inclusion in the region while providing companies with practical tools that align with their business and operational needs, and facilitate their access to the digital economy,” said Amnah Ajmal, Executive Vice President, Market Development,EEMEA, Mastercard.“As one of the leading regulated corporate multi-currency spend platforms in the GCC, we are thrilled to work closely with Mastercard to provide our clients a financial operating ecosystem navigating multi-geographical operations and transactions spanning a myriad of currencies powered by smart physical and virtual corporate cards. Augmented by intuitive software, these cards empower meticulous oversight and control of departmental budgets, eliminating any worry on where and how your money is being spent. With the backing of Mastercard’s platform, they can be utilized seamlessly across the vast expanse of online retailers and global merchant locales,” said Maseeh Ahmed, Founder and CEO, tmam.Pursuing its vision of financial automation, tmam works closely with its clients to build solutions by them and not for them. Supporting the company are leading fintech investors, such as Aditum, JIMCO, Plus VC, and a number of strategic angels stretching from Silicon Valley to South Africa and the Middle East.

dnata Travel Group brands across the GCC have won six accolades at the Middle East edition of the 2023 World Travel Awards.Representing the Travel division of dnata, a leading global air and travel services provider, titles earned by the dnata Travel Group include Middle East's Leading Airline GSA 2023 (dnata Representation Services), Bahrain's Leading Travel Management Company 2023 (dnata Travel Management), and Saudi Arabia's Leading Travel Agency 2023 (dnata Travel).A highlight for the Group at the prestigious travel industry awards this year includes the success of Arabian Adventures across three categories for a fourth consecutive year. Its accolades include the UAE’s Leading Destination Management Company 2023, UAE’s Leading Desert Safari Company 2023, and UAE’s Leading Tour Operator 2023.John Bevan, CEO of the dnata Travel Group, commented: “The annual World Travel Awards are recognised globally, and we are proud to have been acknowledged in such a diverse range of categories. As we continue to grow and enhance our core product offerings and introduce more in our range of local and global travel services, this is an exciting time for our Group. We look forward to revealing more to GCC-based and international travellers and trade partners throughout the 2023/24 winter season.”Currently growing its global team and offering, also inclusive of UAE-based attraction bookings, cruise handling and event services, Arabian Adventures recently launched its destination management (DMC) services from the UAE to a first international destination in 2023: the Maldives. As the company seeks to enhance the affordability of tours and experiences across the emirates, recent product launches include ‘The Adventure Pass’ which offers Dubai attraction bundles with up to 40% savings compared to standard entry prices combined. More new products and enhancements to its existing range are set to be launched throughout the 2023/24 winter season, including to its ‘Overnight Desert Safari’, an all-inclusive desert camping experience.Meanwhile, the wider range of dnata Travel Group brands, which cover all aspects of the travel industry, continue to innovate and expand from their base in the UAE to the GCC and beyond.The World Travel Awards serves to acknowledge, reward, and celebrate excellence across all sectors of the travel, tourism and hospitality industries. The awards are voted on by travel and tourism professionals worldwide. 

 As the global cybersecurity landscape faces increasing turmoil, the latest report from global cyber protection leader, Acronis, reveals a remarkable story of resilience in the United Arab Emirates (UAE) and the broader GCC region. The report showcases Acronis' Insights into the UAE and GCC cybersecurity landscape, painting a compelling picture of how these regions have stood strong against the tide of ransomware attacks, with threats showing signs of flatlining.Driven by a steadfast dedication to fortify the digital realm in the region, the all-encompassing Acronis Cyberthreat Report 2023 forecasts a distinct levelling off in monthly ransomware detections throughout Q4 of 2023, down from a ??6% jump reported in Q1 2023 over Q4 2022. Unmasking the Ransomware Landscape in the UAE and GCCIn a landscape fraught with uncertainty, the UAE and GCC region emerge as beacons of cybersecurity strength, according to the insightful Acronis Cyberthreat Report 2023. Here are key highlights:Rising cyberattack costs in the Middle East: The Cyberthreat Report reveals that various forms of cyberattacks are increasing in the Middle East, leading to significant financial losses for organizations. These cyberattacks encompass a wide range of threats, including hacking, malware, and data breaches. Notably, data from IBM also indicates that the average cost of a cyberattack on an organization in Saudi Arabia and the UAE was US$6.53 million, which is 69% more than the global average.Ransomware Resilience: Despite the rising costs associated with these broader cyberattacks, the UAE and GCC region has shown strong resilience against ransomware attacks, which encrypt a victim's files and demand a ransom payment. The report suggests that the number of monthly ransomware detections is expected to remain steady until the close of 2023. This underlines the region's robust cybersecurity measures in dealing specifically with ransomware, emphasizing their remarkable effectiveness in this area.Phishing's Persistent Challenge: While ransomware may be on the wane, phishing remains a persistent challenge. Cybercriminals continue to rely on this tactic to target login credentials, demanding ongoing vigilance from organizations across the region.Malware Management: Within the region, the Kingdom of Saudi Arabia and Kuwait have reported an 11% infection rate by May 2023, ranking 25th and 27th globally. The UAE maintains its resilience with a 10% infection rate, securing the 31st global position.AI as the Game-Changer: AI has emerged as the ultimate game-changer in the fight against cybercriminals. Over 70% of UAE businesses have adopted AI in their decision-making processes, underscoring its efficacy in countering advanced cyber threats. This commitment to AI technologies highlights the region's dedication to cybersecurity excellence.“The Middle East and largely the UAE region, due to its position as the go-to economic hub, both the public and private sector have been key targets for cyber-attacks. Over the last few years, ransomware has remained the leading threat but due to serious and cost-effective interventions in terms of preparedness and solutions by the key stakeholders, the region is steadily succeeding in mitigating the attacks. Sustained education, upskilling and investment in cyber protection by enterprises across all sectors continues to play a pivotal role in making the region cyber fit,” said Ziad Nasr, general manager, Acronis Middle East.As the UAE and GCC region continue to demonstrate their prowess on the global cybersecurity stage, Acronis stands firmly at the forefront, equipping them with cutting-edge cyber protection tools and strategies to navigate the ever-evolving cyber threat landscape.Manchester City Legend at GITEX Cybersecurity ExtravaganzaIn a remarkable demonstration of the surging importance of cyber protection, the Acronis team welcomed Paul Dickov, the celebrated Manchester City legend, to their ranks. Together, they showcased that cybersecurity is not just a tech challenge but a collective endeavor. The event featured captivating live demonstrations, exhilarating gamification activities, and exclusive insights into the latest cybersecurity trends and innovations.James Slaby, Director of Cyber Protection, will captivating audiences with daily thought leadership presentations. Unveiling the strategies to combat AI-driven cybersecurity threats, building unwavering cyber resilience, navigating the intricate realm of cyber insurance, crafting an incident response plan for unbeatable resilience, and safeguarding the invaluable data of Microsoft 365 and Google Workspace.While global threats escalate, the UAE and GCC remain steadfast, with ransomware threats expected to flatline in Q4. As the digital battleground evolves, the UAE and GCC are well-equipped to navigate the ever-changing landscape, ensuring the safety of their digital ecosystems with the likes of Acronis continuing to play a pivotal role in bolstering the region's cybersecurity posture.

Dubai: GuestReady, the leading global hospitality & property technology company with a focus on urban short-term rental management has announced the appointment of a new Managing Director for the GCC region.Shruti Arora has been tapped to oversee all aspects of GuestReady’s GCC operations including business development, strategic partnerships, guest and owner relations, as well as to drive services and technology innovation. Based in Dubai, her primary focus will be on expanding GuestReady's footprint in key cities across the region, nurturing relations with property owners and other key stakeholders, and continuing to elevate GuestReady’s guest and host experience.A seasoned leader with a proven track record in building and scaling start-ups, Arora joins during a pivotal period of growth for GuestReady within the region, including the recent launch of a GuestReady’s Saudi Arabian office this past summer, and following a year of unprecedented growth.Arora brings a wealth of diverse expertise to her new role having held positions in fast growing e-commerce and tech businesses within the region. Her history of designing and delivering high-impact growth strategies in dynamic industries across the Middle East aligns with GuestReady’s wider vision and ambitions.GuestReady CEO, Alexander Limpert said: "We are delighted to welcome Shruti to GuestReady. Her experience in scaling technology start-ups and proven leadership skills will be instrumental in propelling GuestReady's continued growth in the GCC region. We have full confidence that under her guidance, we will continue to deliver exemplary property management services to our clients and stakeholders and offer unforgettable experiences to our guests."“As someone who gravitates towards dynamic and innovative growth sectors, I am thrilled to join GuestReady,” said Arora. “With the rise in leisure and business tourism, the short-term rental industry across the GCC is thriving. Expanding upon the strong presence and talented team that GuestReady has already established in the region, I see tremendous potential to further build and solidify our position as market leader.”Arora will be replacing long-time and outgoing GuestReady GCC Managing Director, Reem Al Khatib who, after having built the company’s regional presence from the ground-up over the past six years, will be leaving the company to pursue new endeavors.“Our Middle Eastern presence, with its solid foundation and continued growth is testament to the wonderful team that has been established and guided by Reem throughout the last six years. Her service and strong leadership has been instrumental in our success in the region, and she leaves a legacy of innovation and growth that Shruti will now build upon,” added Lampert. Along with the opening of GuestReady’s Saudi Arabia office, the company recently introduced what is believed to be a regional technology first within its innovative proprietary platform and property management system (PMS), RentalReady.RentalReady offers all-in-one functionality for managing short-term vacation rentals to both property owners and managers, while offering streamlined, convenient services and information to guests. Two new Artificial Intelligence (AI) integrations were recently introduced within RentalReady, a first within the region. These integrations enable personalized itineraries for guests across GuestReady’s global network, including cities in the region, as well as AI-powered guest communications. RentalReady is currently used by GuestReady as well as independent property managers, hosts, and their respective guests across the Middle East and worldwide. GuestReady offers a wide range of services designed to support investors and property owners every step of the way with their world-class technology, local expert advice, and end-to-end support including but not limited to property listing optimization, professional photography, 24/7 guest communication, housekeeping, maintenance, and more. By leveraging its industry-leading technology, RentalReady, and its global expertise, GuestReady ensures that property owners can maximize their rental income and deliver exceptional guest experiences.GuestReady’s GCC properties are available to book on GuestReady’s direct booking website, book.guestready.com and via Airbnb, and booking.com. For more information, visit www.guestready.com.

Beyon Money, part of the Beyon Group, has launched Beyon Money Checkout, an innovative online payment acceptance solution for corporates and businesses in Bahrain. Delivered in partnership with Ottu, a leading financial technology company, the solution is reshaping the landscape of merchant services in Bahrain and other Middle Eastern regions.This collaboration with Ottu will support the expansion of Beyon Money’s services by empowering merchants in Bahrain to seamlessly integrate Beyon Money Checkout for their e-commerce channels. As part of their commitment to merchant solutions, Ottu will be offering Beyon Money’s payment solutions across its extensive merchant network in Bahrain and other regional markets.Beyon Money Check Out, the new online payment acceptance solution reduces the number of steps for processing payments when compared to traditional solutions, leading to cost savings for merchants. Furthermore, the solution benefits Beyon Money users through delivering a seamless payment experience, with transactions completed instantly by simply using their phone number registered with Beyon Money, instead of entering their payment card details.Beyon Money CEO Roberto Mancone commented, ”Beyon Money Checkout leverages its digital wallet, enabling merchants to receive instant payments from Beyon Money customers, at lower costs compared to traditional card payment methods. Together with Ottu, we will empower merchants while also elevating the online payment experience for Beyon Money customers.”Speaking about this transformative partnership, Ottu CEO Talal AlAwadhi said, "This partnership is a testament to our shared vision of simplifying transactions in Bahrain, the UAE, and the GCC. Ottu will spearhead the expansion of Beyon Money’s new payment service, Beyon Money Checkout, offering an advanced online payment solution that will redefine the way we conduct financial transactions." 

Drink Dry, one of the leading non-alcoholic beverage distributors in the GCC, has announced its newest partnership with the world’s leading alcohol-free bar group, The Virgin Mary (TVM) Collective. The exciting collaboration will see these two drinks powerhouses join forces to bring world-class alcohol-free cocktails to people across the Middle East. Strengthening their position in the market, Drink Dry is proud to be the leading importer and distributor of non-alcoholic drinks in both the UAE and KSA.In their quest for a regional distribution partner with the same ethos, Drink Dry was the perfect choice for TVM, with both brands being true pioneers in the sector with the same alignment when it comes to quality, alcohol-free products for the Middle Eastern market. With multiple venues in both the operating and planning phase, TVM is at the forefront of a socialising revolution that centres the social occasion for consumers around conviviality rather than alcohol. With Drink Dry at the helm of distribution operations across the Middle East, the partnership is a perfect match and will delight the growing category of non-alcoholic drinkers and sober curious consumers across the region.Erika Doyle, Founder of Drink Dry, said: “We are thrilled to be partnering exclusively with the esteemed TVM, bringing additional world-class products to the people of the GCC and further cementing the growth of the NoLo sector here in the region”. Providing consumers with even more quality choices, we are incredibly excited to showcase increased non-alcoholic drink options on menus across venues in the GCC.”Vaughan Yates, TVM Collective Founder and Co-Owner, said: “We are named after the world’s most popular alcohol-free cocktail – The Virgin Mary, and we pride ourselves in delivering an unparalleled flavour journey for our customers. That is why we are so pleased to be working with Drink Dry to bring a range of products to our venues in cities like Riyadh and Dubai, that will enhance the social experience for everyone who joins us.”“The Middle East is an incredibly diverse landscape with an increasingly discerning population, and we know people are looking for a place where they can sit down with friends and really connect in a lively yet mindful drinking environment. In partnership with Drink Dry, our TVM bar menus will feature a wide range of alcohol-free cocktails, beers, wines and more to ensure there’s always plenty to discover.”Under the moniker TVM, the group now has venues open in Diriyah Gate in Riyadh and Alserkal Avenue in Dubai, with several more operations coming on stream in the Middle East in 2024. Drink Dry is the preferred supplier of alcohol-free products for all the bars in TVM Collective’s Middle Eastern franchise operation.Are you ready to #DrinkDifferent?Find out more about Drink Dry by visiting their website www.drinkdrystore.com and stay updated on their news and developments via their social media channel @drinkdrystore. Drink Dry delivers UAE-wide with free home delivery on purchases over AED 250. Place your order before 1:00pm and receive same-day delivery across Dubai.

Dubai: It didn’t take long for Artificial Intelligence (AI) and Blockchain technologies to impact companies, as their rise is gradually shaping new business models, optimizing performance and boosting efficiency across the entire economic spectrum. Among the many sectors affected by this digital transformation, are financial markets in the GCC and beyond.On one hand, the integration of AI helps to improve data analysis and enables the swift processing of vast financial data, leading to better decision-making and risk assessment. Automated trading algorithms execute trades rapidly based on market trends and patterns, while AI assists in risk management by identifying and mitigating potential risks through data analysis.On the other hand, Blockchain technology enhances security in financial markets, guaranteeing safe and transparent transactions, which helps reduce fraud and enhances trust in regional financial markets. It also streamlines financial processes, such as settlements and record-keeping, driving efficiency and lowering costs. In Saudi Arabia, for example, Blockchain technology is being used to create a new and simple way to finance small and medium enterprises. As for Dubai, the city has been at the forefront of Blockchain adoption, with ambitious plans to become the Blockchain capital of the world, as the Emirati leadership strives to fully digitize the government by utilizing Blockchain for all government documents, which demonstrates a firm commitment to embracing this technology for various sectors.According to Ritu Singh, Regional Director of Stone X Group Inc., the combination of AI and Blockchain technologies is expected to have a profound impact on financial markets in the Middle East. Singh says: “While the specific investment capital dedicated to AI and Blockchain in this part of the world is not clear yet, their projected impact and the region's advancements indicate a growing interest and investment in such transformative technologies, which contributes to reshaping the financial landscape.”A recent PwC report has highlighted the potential for AI to disrupt markets and foster the creation of innovative services and business models in the Middle East. The report projects that the region will gain 2% of the total global benefits of AI by 2030, with the UAE experiencing the largest impact, amounting to approximately 14% of its 2030 GDP. The report further estimates that the potential impact of AI in the Middle East could reach US$320 billion, with Saudi Arabia anticipated to be one of the economies that will benefit the most from AI advancements.According to The International Data Corporation, it is estimated that the Middle East will be spending $3 billion on AI in 2023 with that amount more than doubling to $6.4 billion by 2026. The region is expected to see annual growth in spending of almost 30% in this technology over the next three years, which is the fastest growth rate worldwide over the coming years. Furthermore, more than 80% of CEOs in the Middle East believe that AI is critical to the future of their businesses, and over 70% of them are investing in such technologies.For FOREX.com, a leading trading company which has its office in Dubai and part of StoneX Group Inc., investing in AI technologies has already started. The company offers customers an AI-based Performance Analytics tool, in addition to giving them access to advanced Risk Management Performance Analytics solutions.In this line, Singh confirms: “At FOREX.com, our commitment lies in delivering the finest cutting-edge tools and market access to our esteemed customers. We firmly believe that AI will revolutionize every aspect of trading, spanning from markets to trading technology, and we are at the forefront of this transformation by offering our customers AI-based tools, such as Performance Analytics. We’ve also introduced an AI index for trading, The BITA Artificial Intelligence Giants UST Index, and other exciting offerings are currently under development.”Recently, a growing number of companies has started using The BITA Artificial Intelligence Giants UST Index, which aims at providing exposure to the Artificial Intelligence (AI) sector through a selection of companies that are publicly listed in the US with revenue in the AI ecosystem. This includes areas such as microprocessors, data center platforms, machine learning and autonomous artificial intelligence development, among others. Index constituents are weighted by free-float market capitalization and rebalanced semi-annually, while index values are disseminated on an intraday and end-of-day basis. The base currency of the index is USD. However, index values may be published in other currencies when applicable.

The Family Office, the leading wealth manager in the GCC, is delighted to announce the launch of its new Fintech Lab at its Bahrain headquarters, further solidifying the company’s commitment to delivering unmatched digital investment products and experiences for its clients.Driven by an unwavering pursuit of innovation, The Family Office has consistently pushed the limits of excellence in wealth management. The launch of the Fintech Lab represents a significant milestone in the company's ongoing mission to provide investors with cutting-edge solutions and elevate their overall financial journey.With the rapid advancements in technology and the evolving needs of investors, The Family Office recognizes the importance of staying at the forefront of digital transformation. The Fintech Lab serves as a dedicated space where experts, visionaries, and emerging talents collaborate to conceptualize, develop, and implement groundbreaking fintech solutions. By fostering a culture of experimentation, creativity, and continuous learning, the Fintech Lab will drive the creation of innovative digital products that empower investors to make informed financial decisions with ease and convenience. Through a combination of advanced technologies, data-driven insights, and user-centric design, The Family Office aims to revolutionize the way wealth management services are delivered."We are pleased to unveil our Fintech Lab as a testament to our unwavering dedication to our clients," said Abdulmohsin Al Omran, Founder and CEO at The Family Office. "By embracing the possibilities offered by fintech, we are poised to redefine the digital landscape of wealth management and provide our clients with unparalleled experiences that cater to their unique needs."The Fintech Lab will also constitute a hub for collaboration with industry-leading experts, fintech startups, and academic institutions. This collaborative approach will enable The Family Office to leverage diverse perspectives and harness the full potential of emerging technologies such as artificial intelligence, blockchain, and machine learning.With its new Fintech Lab, The Family Office is set to unveil groundbreaking digital products and services, solidifying its position as a trusted partner in wealth management and driving industry innovation.

Dubai: KAVAK, the emerging market´s leading used car tech platform, has announced the appointment of Nicolas (Nico) Ariza Bagoud as the new General Manager for the Gulf Cooperation Council (GCC) region.With a remarkable 13-year track record in the e-commerce industry across multiple countries, Nico brings a wealth of knowledge and expertise to lead KAVAK's expansion in the GCC market. His appointment further solidifies KAVAK's commitment to delivering a transformative used car experience and setting the standard in the pre-owned car industry.In 2022, Nico became a founding member of KAVAK's international team, focused on expanding the company's presence beyond Latin America. His prior roles in finance and operations made him instrumental in setting up teams, structures, and processes in Turkey, the UAE, and Oman. Nico's exceptional leadership and contributions have led to his appointment as General Manager for KAVAK's operations in the UAE and Oman, further solidifying the company's commitment to growth in the GCC region.Speaking about his new role, Nico said: "I am thrilled to be leading KAVAK’s expansion into the GCC market. KAVAK's innovative approach and commitment to revolutionizing the used car industry align perfectly with my passion for customer-centric strategies. I look forward to working closely with the talented team at KAVAK GCC and driving its future success."“Nico’s deep understanding of the solution we are creating, combined with his international experience and strategic vision, make him the ideal candidate to drive KAVAK’s success in the GCC market,” said Carlos Garcia Ottati, Founder and CEO at KAVAK. “His thirst for innovation and expertise in implementing omnichannel strategies will undoubtedly contribute to KAVAK’s mission of transforming the used car market.”Mexico's first technology unicorn, Kavak was established in 2016 by Carlos Garcia Ottati. It is a popular platform in the used car industries, leveraging technology and data-driven strategies. Kavak has spearheaded the transformation of the pre-owned car market in developing nations. By overseeing every aspect of the process, including thorough inspections, refurbishment, warranties, and post-sales services, Kavak ensures quality and reliability. Its aim is to revolutionise the buying and selling experiences by utilising technology and implementing data and AI-driven financial tools. These tools enable a broader range of users, with varying credit profiles, to access financing options for purchasing a vehicle.Over the past year, KAVAK has achieved significant milestones in the GCC region, demonstrating its dedication to providing top-notch services and meeting the region’s high quality expectations. Highlights from the past year include the opening of its most premium hub worldwide, designed to cater to the Dubai market, as well as the establishment and complete in-housing of its reconditioning facilities. These initiatives have led to the creation of approximately 100 new jobs in the GCC region.KAVAK's Gross Merchandise Value (GMV) in the GCC has also experienced substantial growth, almost tripling over the past twelve months of continuous quarterly growth. With the current infrastructure in place, the GCC is poised for healthy growth, projecting a $150-200 million Annual Recurring Revenue (ARR) excluding any additional investment.Looking ahead to the next 12-24 months in the GCC, KAVAK has exciting plans to enhance its market presence. By June 2023, its reconditioning facility will be fully operational, with a capacity to produce up to 1,300 cars per month. Its inventory, currently at 500 cars, is projected to triple within the next 12 months and continue growing to make KAVAK the largest car inventory holder in the region within the next 24 months. Moreover, the company will be tripling the number of jobs created in the GCC by the end of 2025, solidifying its commitment to the local economy.

Riyadh: Despite a continued increase in cybersecurity spending in the region, organizations in the United Arab Emirates (UAE) and Saudi Arabia remain ill-equipped to face down the cyber-menace. This was the key finding in a global report released by Trellix, the cybersecurity company delivering the future of extended detection and response (XDR).End-of-decade CAGRs for the GCC cybersecurity market have been revised upwards, from 5.9% in 2017 to as high as 7.6% last year. While this is a clear illustration of heightened interest in security matters at the board level, Trellix’s “Mind of the CISO” report shows that two thirds (66%) of CISOs in the UAE and KSA still believe their organizations lack the right people and processes to be cyber resilient and almost three quarters (74%) believe their current technology setup is insufficient.The research — which was conducted by Vanson Bourne across nine countries and surveyed 500 CISOs at companies with more than 1,000 employees — found that when it came to challenges around people, more than one in four CISOs in the UAE and KSA (26%) decried the lack of skilled talent, as well as their inability to recruit and retain this talent. More than one in five (22%) were concerned about a lack of buy-in from their board, and 30% cited lack of buy-in from other parts of their organization.From a process standpoint, some 38% of CISOs in the UAE & KSA said they lacked the freedom to communicate outside of their organization for learning purposes. A further 38% expressed frustration with their inability to respond quickly to changing regulatory frameworks and 18% said their processes were poorly designed or they were presented with too many sources of information to be adequately in control of their environment.“The United Arab Emirates and Saudi Arabia rank consistently high on global maturity indexes for cybersecurity,” said Khaled Alateeq, Head of Middle East, Trellix. “This is because government entities have done a great job in laying out cybersecurity guidelines and regulations and introducing a wide array of skilling initiatives and incentives to attract top talent to the region. Now it is for talent but incumbent upon organizations to answer the call and support their CISOs. Our recent Mind of the CISO research is quite clear on what would make life easier for CISOs in the UAE and Saudi Arabia.”Asked for suggestions on how their enterprise’s senior leadership could help them overcome their challenges, half of CISOs in the UAE and Saudi Arabia said better engagement from such stakeholders would be a good start. And 38% said better understanding from the rest of the organization on issues of cybersecurity would help, with 32% calling for a strong support team to assist in their defense efforts.But predictably, technology continues to be the largest stumbling block between the regional CISO and their ideal threat posture. While two thirds (66%) said people and processes are holding them back from being cyber-resilient, nearly three in four (74%) — a whopping 25 percentage points higher than the global average — said the same of technology.The report showed further evidence that the strategy of multiple point solutions is out of date. When asked about their experiences with their current security tools and platforms, 38% described them as outdated, 30% said there were too many, and 34% said they did not work well together. Almost all (92%) of those polled across the two Gulf nations said their organization was using anywhere between 11 and 35 separate tools.“What comes across most in this study is not the lack of investment,” Alateeq added. “There are plenty of signs that commitments in this regard are on the rise, including the fact that only 36% of respondents cited budget and resource challenges. What emerges here is more of a misdirection of investment. We must ensure the right people and processes are in place for sure. But it is worrying is that amid all the budget increases, we are not yet seeing the right tech in place.”Alateeq continued: “CISOs are telling us plainly that ‘more solutions’ is not the answer. They need a platform approach that is open and capable of learning and adapting to build a proactive defense. CISOs and their teams must be able to see, protect, and resolve. They must be able to maximize visibility and peer into every corner of the enterprise. They must be able to have coverage of every asset and be equipped with unrivaled discovery speed when picking up on potential threats. And they must be able to automate their response across this connected security ecosystem to keep their organization from becoming the latest victim of the threat landscape.”

The leading global and fashion conglomerate, Apparel Group, has recently announced opening of the latest Aéropostale shop at Seef Mall – Seef District, becoming the brand’s 39th store in the GCC.The new Aéropostale store is located on the ground floor between Gate No. 8 and Gate No. 9, offering a wide range of trendy, comfy, and high-quality fashion for men, women, and kids Aéropostale is the leading shopping destination for fashionable young adults, which is also famous for its attractive prices, offers, and products made of eco-friendly fabrics.For over 13 years, Apparel Group has succeeded in doubling the value of the Aéropostale brand thanks to its deep awareness of the needs of consumers in clothing and accessories, exceeding their expectations through innovation in the world of casual fashion. The Group operates Aéropostale stores in the GCC, while Aéropostale stores are also located in several locations worldwide.On this occasion, Mr. Mohammed Al Qaed, Acting Chief Commercial Officer at Seef Properties, commented: “We are pleased to announce the opening of the latest Aéropostale store in Seef Mall – Seef District, which will represent a valuable addition to the group of stores hosted by the mall, which is keen to create a diverse shopping environment that meets the needs of all family members. Seef Mall – Seef District continues to attract more prestigious international brands, thanks to its strategic location in the vibrant business area of Seef District and the modern facilities it provides, making it a preferential destination for tenants of major brand names from around the world.”Neeraj Teckchandani, CEO of Apparel Group, stated: “Over the last few years, Bahrain customers have become increasingly discerning and attentive to global shopping trends while staying true to their culture and roots. Continuing Apparel Group’s commitment to providing an elevated shopping experience to our loyal customers, we are proud to be partnering up with Seef Mall and further expanding our strong retail footprint in the Bahrain market. Our brand’s expansion with Seef Mall is in line with our strategy of being responsive to consumer demand. Bahrain continues to be a strategic market for us and we are proud to be part of the country's growth.”

Japanese sports brand ASICS and leading regional conglomerate Apparel Group have partnered to launch ASICS retail stores in Qatar, UAE, Saudi Arabia, Oman and Bahrain.  Signifying the brand’s commitment to the region, the franchise contract encompasses the rollout of 20 stores within the next five years and kick starts with the official opening of ASICS store in Qatar on December 5th.Located in Doha Festival City Mall, the first ASICS retail concept in Qatar features 165 square meters of space, showcasing running, tennis, padel, volleyball and kids collections. Customers can find in store the new GEL-KAYANO™ 29 - the running shoe that is arguably ASICS’ most iconic model and that has now been improved even further through advanced technologies, as well as NOVABLAST™ 3 shoe - the third generation of ASICS’ unique cushioning running shoe that offers a bouncing running experience and combines Japanese origami design with technology.The new ASICS stores will also feature ASICS’ Run Analyzer™, a free ASICS specialized gait analysis and foot mapping technology that helps customers find the right running shoe for their personal running style, increases running efficiency andreduces load on the foot. Trained staff members in-store assist with fittings and diagnostic services, pronation analysis, supination and pressure distribution, creating a unique shopping experience for consumers.Commenting on this partnership announcement, Mano Takayuki, General Manager, ASICS Arabia says, “We are very proud to partner with Apparel Group for the launch of ASICS stores in the GCC. This marks a new stage of growth for the brand in the Middle East and signifies our commitment to enhancing communities through sports.”The next openings in line are set to roll out in Saudi Arabia and the UAE, bringing Europe’s #1 running and tennis brand’s retail concept to the rest of the Middle East, spearheaded by sustainable design and usage of sustainable materials throughout the stores, as part of the brand’s mission to achieve net zero emissions by 2050, helping conserve the ability of future generations to continue experiencing the uplifting power of sport on the mind.Neeraj Teckchandani, CEO of Apparel Group said, “As Apparel Group continues its journey to strengthen its position as one of the leading retail conglomerates in the region and globally, we are proud to announce our strategic partnership with ASICS. With this partnership, Apparel Group remains committed to identifying innovative approaches to strategic alliances that enable us to stay at the forefront of consumer trends and grow our global footprint.”ASICS will also be expanding its current ASICS FrontRunner program, a unique ambassadorship program that selects inspiring individuals from each of the countries ASICS is present on to become ambassadors for the brand. Those selected individuals have a unique role – to inspire, motivate and educate the communities on the importance of movement for better mental and physical well-being and help promote ASICS founding philosophy of, ‘A Sound Mind in a Sound Body’.“The opening of ASICS stores in the region allows us to connect further with local, grass root sports communities and share our passion for movement and Sound Mind Sound Body philosophy. We are witnessing unparallel growth in running, tennis and padel sports in the Middle East, and we want to ensure we help those sports enthusiasts to find the right footwear and apparel to increase their performance ’