The innovation management system of the Federal Tax Authority (FTA) has earned a new international accreditation, in recognition of it implementing global best practices and standards that enhance the effectiveness and efficiency of innovation management.
The Authority has been awarded the ISO 56002:2019 certificate, confirming its success in implementing the international standard for innovation management. This achievement coincides with the FTA’s participation in the monthlong UAE Innovates 2024 initiative.
The certification was granted after experts from the certifying body audited the FTA’s system and verified the accuracy of all related procedures. The Authority passed the audits successfully, confirming that its system provides an effective framework for driving innovation. The certificate also demonstrates that the FTA’s performance ratings in terms of innovation have notably improved, ensuring the Authority’s continued support for regulatory reform programmes.
His Excellency Khalid Ali Al Bustani, Director General of the FTA, said: “The ISO certification for the innovation management system provides an added layer of assurance to the Federal Tax Authority’s systems, particularly in relation to the innovation environment and its growth. This also demonstrates the Authority’s commitment to establishing an institutional environment that fosters creativity and innovation, and prioritises the development of skills and talents of innovation management employees.”
“The objective is to encourage the generation of innovative and effective solutions to the challenges and opportunities, while employing innovative tactics to achieve sustainable financial diversification for the UAE for generations to come,” H.E. Al Bustani added. “The FTA strives to continuously improve and streamline procedures, provide high-quality services, and facilitate self-compliance.”
For his part, Jassim Al-Haddad, Head of the FTA’s Innovation Team, said: “Earning this international certificate in the field of institutional innovation is a testament to the Federal Tax Authority’s exceptional structure in the innovation sector, which adheres to the best practices in the field. Implementing the ISO 56002:2019 international standard further confirms that the Authority has successfully developed, implemented, and maintained a secure and effective system for managing innovation, in an effort to enhance its operations and continuously improve the system. This, in turn, helps in creating novel solutions to meet the needs of customers and stakeholders in the tax sector.”
The Federal Tax Authority has been consistently working to adopt international standards for its systems and processes, which includes the ISO 56002:2019 certificate for innovation management, as well as several other international accreditation certificates. The Authority has renewed its accreditation for the international standard for business continuity management system (BCMS) and disaster recovery with an ISO 22301 certification, in addition to earning the ISO 20000 and ISO 27001 accreditation certificates for information technology services management system, and the information security management system.
These efforts form part of the Authority’s comprehensive quality system, which was previously certified with the ISO 9001:2015 Quality Management System certificate. The purpose of this system is to enhance the performance of the FTA’s business processes in all areas, ensuring compliance with the requirements of an effective quality management system and a continuous commitment to it in all services provided by the Authority.
Plastic bottles are collected inside the fish-shaped sculpture and are regularly removed
Kuwait’s Scientific Center stated that it is committed to recycling and sorting waste based on its type, providing containers for electronic waste, paper waste, and clothing waste, all with the goal of preserving the environment.
Speaking to KUNA, the Center’s General Manager Msaed Al-Yaseen said that the recycling program at the center is a key initiative to address the problem of plastic pollution, aiming to educate the community, particularly highlighting the risks it poses to marine life.
The center collaborates with various entities in the country to preserve the environment and achieve sustainable development goals by promoting environmental awareness through recycling programs and utilizing waste to generate economic returns for the state, he underlined.
Al-Yaseen clarified that in 2020, the center created a sculpture titled “The Last Catch,” resembling the iconic Kuwaiti zubaidi fish, serving as a collection point for plastic bottles, promoting recycling to mitigate the environmental hazards of plastic pollution.
He mentioned that the sculpture was a collaboration with Kuwaiti artist Jassem Al-Nashmi under the center’s sustainability program, an initiative that aims to enhance environmental preservation and awareness of pollution effects.
Plastic bottles are collected inside the fish-shaped sculpture and are regularly removed through a partnership between The Scientific Center and a local recycling company, he stated.
After collecting the plastic bottles, the company sorts, cuts, and washes them, transforming them into plastic pellets ready for use in various industries then exporting some of the processed material to other countries.
He emphasized that environmental cleanliness, particularly the oceans being free from plastic materials, is a global goal, pointing out that waste recycling and pollution control have become international demands due to the significant threat these materials pose to the seas and oceans.
He underscored the need to spread environmental awareness and community consciousness to preserve the environment from pollution risks, achieving environmental sustainability aligned with sustainable development goals.
Specialising in providing bespoke solutions and strategic investment services to a wide range of clients, Ethra Invest is a distinguished investment and private equity firm that has redefined excellence within the Middle East. At the heart of this immense success is its CEO, Saeed Al-Marri. With growth marked by a series of strategic roles and progressive responsibilities across the market, Saeed Al-Marri has established a well-deserved synonymity with industry fineness. Let us take you through his journey, and how his vision for the sector’s future has helped to elevate Ethra Invest to all new heights.
Designed to bring new solutions to the shipping, real estate, and structured funds sector, Ethra Invest is a firm that continuously leverages its in-depth market knowledge to capitalise on lucrative investment opportunities. Delivered by a team of seasoned professionals, these solutions reflect the firm’s overwhelming commitment to meticulous, research-driven investment approaches – ones that unite diligence and forward-thinking to pave the way for a far more versatile method of operation. As a result, Ethra Invest holds the ability to navigate an ever-changing landscape to great effect, earning quite the track record throughout the industry.
Whether it’s delivering consistent returns or mitigating risks, the firm has long since earned itself a reputation as one of the Middle East’s most trusted investment and private equity firms. Among its client base is a variety of entities – from high-net-worth individuals and family offices, to institutional investors and corporations. Regardless, Ethra Invest priorities tailored solutions, the likes of which only made possible due to the guidance of CEO Saeed Al-Marri. Leveraging his wealth of experience in a multitude of fields – such as fund management, financial analysis, portfolio management, and deal structuring – Saeed’s role is by far the most prominent when it comes to Ethra Invest’s promises to its clients.
This promise is, of course, that each client will receive incomparable levels of empowerment from Ethra Invest during their collaboration. Saeed has constructed the foundations of a brilliant firm, and oversees all of its pursuits in order to ensure each client achieves their financial goals. This is often time realised through a myriad of innovative and sustainable investment strategies that have been built to last – ones that stand as a testament to the hard work and experience that Saeed has put into Ethra Invest. Thanks to his unique industry insight, it’s effortlessly found itself a place at the forefront of industry advancements, which has ultimately led to its clients benefitting from cutting-edge opportunities.
Ethra Invest is a firm that embodies Saeed’s vision: “To be recognised as the premier investment and private equity firm in the Middle East, synonymous with integrity, excellence, and value creation.”. And yet, to truly understand how Saeed was able to even begin this journey in the first place, we must first look at the previous roles that have helped to characterize the type of CEO he is today. Initially commencing his career in banking and investment, Saeed actively went above and beyond to refine his skills in an array of fields. Over those years, his roles continued to advance until, eventually, he had his first experience with higher responsibilities.
This manifested through the launch of the first ever private equity managed fund in the Middle East’s shipping sector. As CEO of an investment company in the Middle East, Saeed pursued this very venture in the hopes of delivering unique opportunities to investors. These opportunities primarily consisted of direct exposure to bulk dry cargo vessels – a domain that, up until that point, had been predominantly reserved for ship owners and ultra-high-net-worth individuals. Having long since recognised the outcry for change within the shipping industry, Saeed quickly became the face of market evolution, with his initiative serving to bridge an age-old gap that had no longer had reason to exist.
Fundamentally, the concept focused on creating a private equity manage fund that allowed investors, regardless of investment amounts, to directly involve themselves in the inner workings of the shipping industry. Following its inception, this approach would come to embody the very definition of innovation, with its operations allowing investors to diversify their portfolios, whilst gaining access to areas in which they had never been permitted to have a part. As a culmination of the desire to inspire change, this venture bestowed an immense wealth of knowledge and industry capability upon Saeed, which he proceeded to take with him into his current role as CEO. With such a complex background in leadership and strategic planning, there truly is no man more equipped to navigate such a dynamic market.
Combining a deep understanding of the industry’s flow, risk management, and the nuances that partner cultivating success-driven investment strategies, Saeed has fashioned a leadership style that reflects each of his strengths in abundance. Ethra Invest is in the business of tailoring its solutions to meet even the most unique needs of its clients, but it must first gather plenty of information about just what a project requires in order to thrive. Saeed spearheads this process, guiding his team of exceptional professionals towards being able to offer a heightened level of service. Through analysing the proposed objectives, whilst taking into consideration both requirements and challenges, Ethra Invest demonstrates a prowess for understanding its clients inside out.
Ultimately, this involves engaging in in-depth consultations, all so Saeed’s team of specialists can identify the exact outline of a client’s vision, as well as their financial goals and unique circumstances. Once this thorough analysis has been completed, the team progresses to the solutions structuring stage. During this part of the process, Ethra Invest aligns its strategies with a client’s overarching goals, while maintaining an approach that’s specifically designed to achieve their desired outcome. Only possible through the confidence that Saeed has instilled into his team, in tandem with its exclusive talent, Ethra Invest promises a fully customised result via finely tuned strategies.
Acting as the cornerstone of the firm’s success, placing emphasis on achieving long-lasting, mutually respectful client relationships is essential. It’s what has granted both Saeed and his team the opportunity to continuously grow to further expand their reach. Tailored solutions are Ethra Invest’s priority, and yet there’s an unapologetic dedication to fostering timeless bonds that brightly shines throughout the company’s practises. Partnered with an immense drive to consistently exceed expectations, Saeed has elevated Ethra Invest to the point where it has come to represent the new standards of the industry.
However, in order for a collective to continuously thrive, it must frequently recognise every individual who has helped to uplift it. Saeed is a firm believer in this notion, and expresses how, despite his own expertise playing an integral role in Ethra Invest’s success, it wouldn’t have gained even half of the acclaim that it faces today if not for its team. We believe Saeed puts it best – “The success of Ethra Invest is a collective effort. I would like to highlight the exceptional contributions of our dedicated team. Their commitment, expertise, and collaborative spirit are instrumental in realizing our strategic vision and achieving the milestones that have led to the Middle East CEO of the Year Awards.”
Saeed isn’t only devoted to his team and clients, however. Quite the opposite – with enough room in his heart to consider the impact that his company has on surrounding communities, Saeed goes above and beyond to commit himself to corporate social responsibility. By ensuring that Ethra Invest actively engages in initiatives that are designed to uplift the wellbeing of the communities within which the company operates, Saeed displays an immense amount of empathy. Regardless of whether this manifests through the company’s environmental awareness, or through its dedication to social welfare and ethical business practises, keeping Ethra Invest aligned with the best interests of the local community is vital to Saeed.
Values are exceedingly important to Saeed, and it’s clear that he’s fully focused on ensuring that these values are reflected throughout every aspect of Ethra Invest. Not only has he frequently defied the expectations of a typical CEO through the perfectly tailored services that his collective offers; by remaining mindful of the world around him, Saeed has painted a comprehensive picture of exactly what the company stands for. Ethra Invest is a manifestation of Saeed’s passion for providing constant forward momentum for his clients, but his attitude truly shines through his steadfast principles. The result is a company that actively seeks out innovation and adaptation, all to be the best version of itself for the world surrounding it.
Having spent many years investing in his own personal growth, Saeed has placed himself in the ideal position to pursue endless innovation. In doing so, he has secured a wealth of benefits for Ethra Invest – ones that directly derive from having a leader who is thoroughly equipped with all of the necessary tools to navigate challenges and capitalise on opportunities within the industry. Upholding continuous development is key to this process; it’s what has assisted Saeed in renewing the excellence that Ethra Invest captures, assuring clients that they’re in the best possible hands when working alongside the firm’s team. In essence, Saeed’s commitment to career development, aligned with his love for learning, has helped to forge a timeless collective whose invaluable nature will never dwindle.
Nobody ever stops learning, and Saeed is the model example of this notion. He holds a brilliant passion for lifelong learning that translates through both Ethra Invest’s services and solutions, as well as though the team he surrounds himself with. Be it educating himself on the newest emerging technologies, or updating his industry insight to devise new strategies for clients, there isn’t anything that Saeed isn’t willing to do in order to invite success into both his and his customers’ collectives. In short, Saeed demonstrates an unparalleled love for his field, and he’s certain that it’s this very passion that has played a large part in Ethra Invest’s growth throughout the years. Partnered with the brilliance of his team, Saeed is constantly raising the bar in one of the world’s most dynamic industries.
In this vein, it’s important to mention Ethra Invest’s unshakable determination to set its sights on the future. Saeed has always been an expert of seeing the bigger picture, and places focus on, not only working on present successes, but also proactively leveraging his long-term vision for what Ethra Invest could become. Committed to building a legacy of excellence, integrity, and sustainable growth, Saeed is constantly moving Ethra Invest towards a future that’s simply filled with evolution, while delivering meaningful contributions towards the investment and private equity sector. After all, with the accomplishments that the company has seen over the years, it’s only natural to expect that the blueprint Saeed has created will continue to be followed for years to come.
It isn’t often that you come across a man who has the ability to reshape an entire industry’s idea of what excellence should be. However, Saeed Al-Marri, with Ethra Invest as a catalyst, has completely redefined what clients should expect from an investment and private equity company. Saeed has successfully created a new face for the market, and it’s this very achievement that has continuously justified his position as an award-winning CEO. Ethra Invest is such an ambitious collective, and we simply can’t wait to see where its eye for innovation and longevity takes it as CEO Saeed Al-Marri guides it into 2024.
Whether you’re just getting into trading or you’re a seasoned professional, knowing how to diversify and manage your portfolio is something you must be doing well. It’s estimated that roughly 18% of British adults trade stocks in the UK, proving just how popular it can be.
However, putting all your money into stocks doesn’t always guarantee a big return on investment. One asset you could trade instead is the global oil market and while profits aren’t guaranteed in this market either, there are several strategies you can incorporate into your trading to give your chances of success a boost.
So, if you want to add a new asset to your portfolio, our guide below is filled with top tips for you to try when trading the global oil market
Why should I trade oil?
Oil is great to trade because of its high liquidity and volatility, which gives traders an opportunity to trade any fluctuations to return a potentially huge profit. Some of the best oil instruments that you can trade include Brent and WTI, which we’ll cover later on.
How can I successfully trade the global oil market?
So, if oil seems like a commodity you’d like to add to your trading portfolio, make sure you take the right steps to give yourself the best chance of being successful. Some of the ways you can do this include:
Learn what moves crude oil – Understanding what impacts the supply and demand of the oil industry can help to make more informed decisions.
Understand the people that invest in it – The oil market is heavily invested by retail traders who tend to put money into assets when they make front-page headlines. This can subsequently lead to high climaxes and collapses, which can put your money at risk or lead to huge profits.
Inspect the long-term chart – Take a look at the long-term chart of the oil market to see when it tends to rise and fall, and what may have caused this. This can help you make more informed investments should something happen in the world.
Choose between Brent and WTI Crude Oil – Pick the one you’d prefer to trade and become an expert in that particular asset. Brent is typically used as the benchmark of two-thirds of all oil pricing and WTI is the preferred pricing model in the U.S.
Ready to start trading oil? Get started today and begin reaping the reward of your well-informed trades!
Serial entrepreneur, Ryan Jackson, has today launched the revolutionary recruitment consultancy, Culture First Recruitment, in Dubai, promising to redefine the rules of recruitment by placing ‘culture’ at the forefront of talent acquisition.
Unlike traditional approaches, Culture First Recruitment believes that cultural fit is the driving force behind an organisation’s success rather than purely focusing on a candidate’s academic or experience credentials. In a world where ‘culture’ often remains a buzzword, Culture First Recruitment is rewriting the narrative and positioning culture at its heart to build high-performing teams – propelling businesses to new heights.
Culture First is already working in the education sector in the UAE to deliver exceptional talent to meet the needs of education providers. The business also works to find culturally aligned Emirati citizens to meet inclusion figures.
Ryan Jackson, CEO and Founder of Culture First Recruitment and internationally recognised serial entrepreneur, author and motivational speaker, said on the launch of Culture First Recruitment:
“We are delighted to see Culture First Recruitment already thriving in Dubai. As a business, we are committed to creating a future where cultural alignment becomes the cornerstone of recruitment.
“Culture First Recruitment is driven by the belief that a workforce united by shared values and a common cultural vision, becomes a powerhouse of creativity, innovation, and overall excellence.”
Jackson, who relocated from the UK to Dubai in 2022 after spending two years in Bali, has two children currently experiencing the UAE education system with outstanding results. Jackson commented “At Culture First, we recognise just how important finding the right fit, is. And this is none more prevalent than in the education sector. With a mixture of cultures, faiths, languages, and backgrounds, finding the right talent to work with such a varied room of students is imperative. I’ve seen first-hand the amazing education system on offer in Dubai and I’m excited to be able to work within such a growing sector to bring even more talented individuals to the forefront.”
The mission of Culture First Recruitment is clear—to elevate the recruitment game and embrace a future where cultural alignment reigns supreme, revolutionising the hiring landscape in the UAE.
As part of Culture First Recruitment’s launch in the UAE, the founder, Ryan Jackson is offering businesses the opportunity to join a FREE webinar every Wednesday on how to master talent acquisition. To sign up for the free webinar, please visit here.
Culture First Recruitment invites businesses in Dubai to experience a recruitment journey like never before. For organisations looking to build teams that not only excel individually but also seamlessly collaborate as a cohesive unit, Culture First Recruitment is the partner of choice. Please visit culturefirstrecruitment.com for more information.
In the dynamic landscape of construction, efficient supply chain management and procurement play a pivotal role in ensuring project success. Meet our women-led company based in the GCC region, Konnect&Co specializing in connecting clients in the construction field with international factories to source ready-made and bespoke fit-out products. Through collaborative partnerships, we have established a strong network of reliable manufacturing partners. Our strategic management skills and extensive organizational ecosystem allow us to cater to diverse fit-out packages across multiple projects simultaneously.
With a commitment to delivering exceptional results, our company stands out from competitors in the industry. We not only focus on connecting clients with international factories but also prioritize collaboration, innovation, and client satisfaction. By integrating design works services into our company, we have further enhancedour capabilities and improved the overall client experience.
“Our unique and detail-oriented approach has proven to be a success in all our delivered projects,” says Aline Daoud, Managing Director of Konnect&Co. “Our commitment to timely deliveries has fortified our relationships with our recurrent clients whose satisfaction has always been our top priority. We are proud that our reputation is only spreading better in the region thanks to our clients’ word of mouth.”
According to the Senior Procurement Engineer at Konnect&Co, “Konnect&co’s distinctive additions to the procurement process have proven to simplify the follow-up process on our clients. A bi-weekly progress report showcasing real progress pictures, thorough videos, and ideally, factory visits with our clients have been at the forefront of Konnect&co’s success and distinction from competitors.
In the busy day-to-day construction world, our clients confirmed how Konnect&co’s exhaustive reporting has been instrumental in assisting the fast advancement of site works.”
Furthermore, our constant pursuit of innovation drives us to explore new technologies and strategies, streamlining the supply chain and reducing costs. This not only helps us stay ahead of the curve but also fosters long-term, mutually beneficial relationships with our clients and suppliers. In fact, the trust we have gained from both of them since our inauguration is the loudest reward of Konnect&co’s success track record.
With a commitment to continuous improvement and a keen focus on meeting client needs, we are well-equipped to navigate the complex landscape of supply chain management and procurement, delivering outstanding results to our valued clients.
At Konnect&co, we believe that our only competition is our own past success and thrive to continuously do better than our last performance!
Launched in 2022 by the Swiss private bank Arab Bank Switzerland, the Prize is the first award by a major institution to recognize and celebrate digital artists in the NFT space.
The jury, presided by Claire Silver, includes Dave Krugman, William Mapan, Marjan Moghaddam, Nicolas Gonet, and Rani Jabban.
The call for applications of this second edition will open on the theme “Journey(s) in Art: Pushing the Boundaries”’ on January 15, 2024 and will run for two months, offering the winning artist(s) the chance to gain a 15,000CHF prize and visibility opportunities across the globe.
After the successful launch of the world’s first Digital Art Prize recognizing NFT artists in January 2023, the private bank Arab Bank Switzerland, patron of the arts and pioneer in digital assets, continues to bridge traditional and digital worlds. This second edition further establishes the Prize as a staple in the digital art field, and sees major creators joining the jury in its quest for the next rising digital artist.
The jury will comprise of:
Claire Silver, President of the second ABS Digital Art Prize, is an anonymous Artificial Intelligence artist renowned for exploring themes of innocence, trauma, the hero’s journey, and how our view of them will change in an increasingly transhumanist future. Claire’s art can be found in the collection of the LACMA, has been sold at Sotheby’s and Christie’s, and has been exhibited all over the world.
Dave Krugman is a New York based Photographer and founder of ALL SHIPS, a creative community gathering artists and creatives. His photography is rooted in the idea that beauty lies at the confluences of certain circumstances, to be uncovered and brought to light by careful observation and well-practiced technique.
William Mapan, based in Paris, is regarded as one of the most talented generative artists of his generation. William’s ability to convey emotions through code remains unseen. His abstract digital paintings, renowned for their unique interplay of color and texture, evoke tangible emotions as though created from traditional materials like paint, charcoal and graphite.
Marjan Moghaddam, Winner of the first, 2023 ABS Digital Art Prize, is a leading female 3D artist and OG Crypto Artist exhibiting animation, print, sculpture, installation, and AR/VR. She has been exhibited in prestigious galleries and museums, including the Smithsonian and is a Tenured Professor of Digital Art in Brooklyn.
Completing the jury for the second time are Rani Jabban, Managing Director of Arab Bank Switzerland and Nicolas Gonet, Board Member of Gonet & Cie and Arab Bank Switzerland.
Rani Jabban, Managing Director of Arab Bank Switzerland, added: “We’re proud to be joined by prestigious artists and collectors from the digital art world for the second consecutive year, a reflection of the confidence and importance of this Prize in the space.”
The call for application will start on 15th January until the 15th March 2024, and will need to be related to the theme “Journey(s) in Art, Pushing the Boundaries”. This creation, a unique piece, will be minted on the occasion or will have already been minted (eth or tezos) in 2023 or 2024 and still in the possession of the artist.
After a pre-selection and deliberation phase, the jury will announce and celebrate the winner of this second edition during the Non Fungible Conference in Lisbon. In addition to a Prize of 15,000 CHF and being included in the Arab Bank Switzerland’s Digital Art Collection, the winner will be offered significant networking and visibility opportunities at special events around the world.
INNOVIA Biobank: Charting Uncharted Territories in the Biobanking Industry
In the vast continuum of medical breakthroughs, the world stands poised on the precipice of a transformative era. This epoch is being shaped by the groundbreaking feats of stem cell therapy and regenerative medicine. INNOVIA Biobank is pioneering such a monumental shift in the MENA region.
INNOVIA Biobank, the parent company of BabyCord and subsidiaries, is Jordan’s first biobank and a symbol of relentless innovation, dedication, and foresight. Starting out as an umbilical cord blood and tissue storage facility, it grew to become a leading medical and research facility.
In 2016, in order to expand prospects for cutting-edge medical applications and treatments utilizing stem cells isolated from umbilical cord blood and tissue in the MENA region, Dr. Maher Sarraf founded BabyCord, a subsidiary of INNOVIA Biobank, in Jordan. This came about after more than 11 years of serving as agents on behalf of a stem cell bank in Boston.
Now, the company’s CEO, Dr. Mohannad Al-Ghazo has seen well-deserved success within the Middle East CEO of the Year Awards 2023, so we learn more about the company and the important work it does.
Babycord Stemcell Bank: The Elixir of Life
Venturing into the labyrinth of stem cell research is Babycord stem cell bank. Its focus on preserving stem cells from cord blood and dental pulp is not merely scientific—it’s revolutionary.
Stem cells, especially embryonic ones, are significant because they are unspecialized cells with the rare ability to differentiate into 200 types of specialized cells including blood, brain, muscle, and bone cells, which can be induced naturally or experimentally to regenerate and repair damaged tissues.
These robust stem cells are not just inscriptions in medical journals. They are transformative agents capable of remedying a vast array of blood disorders, metabolic challenges, immune insufficiencies, and some cancers like leukemia. Additionally, they provide tremendous therapeutic potential for conditions like cerebral palsy and autism that are still undergoing clinical trials.
While stem cells can be obtained from a donor’s bone marrow, the sample must be a perfect match, unlike stem cells extracted from cord blood. What is more, bone marrow collection is a painful and invasive procedure that requires the use of anesthesia. In contrast, the process of collecting umbilical cord blood and tissue during normal and caesarean deliveries is non-intrusive and painless for both mother and child.
“It is one of the most life-affirming developments, because what used to be discarded as clinical waste —the placenta and umbilical cord — is now harvested as a reservoir for highly effective, regenerative medicine,” Dr. Maher Sarraf says.
If a parent misses the chance to preserve a child’s stem cells at birth, it is not as catastrophic as one might believe. Stem cells can also be extracted from other sources such as milk teeth. So if your child has a wiggly tooth that eventually falls out — you can keep it for advantages even the tooth fairy can’t.
“The versatility of dental pulp stem cells, especially their potential in nerve and tissue repair, paints a future not limited by medical constraints,” Sarraf adds.
Cord blood can be used as a treatment for not just the child, but the entire family — including parents, siblings, and maternal and paternal grandparents — for a lifetime. The extracted cord blood contains genetic receptors specific to each person, called Human Leukocyt Antigen (HLA). Usually, these receptors are identical to the child’s and match first-degree relatives: siblings, father, and mother, at a percentage of 25 to 100 percent.
For a family that includes the child, siblings, parents, and grandparents, there is a high probability — 40 percent — that at least one family member will be diagnosed with a condition that can use stem cells for treatment.
The process
So where does BabyCord come in? The company supplies customers with a cord blood collection kit prior to a baby’s due date. The assigned BabyCord on-call nurse will bring an additional collection kit and help the physician with the collection once the delivery starts. After the baby’s delivery and after the clamping and separation of the umbilical cord, a needle attached to the collection bag is inserted into the center of cord and the placenta, causing the blood to flow into it. The bag gets packaged in specialized padded boxes and transported to the lab less than an hour from the time of collection to optimize the number of viable stem cells recovered.
Each cord blood unit is assigned a unique barcode identifier number that is traceable throughout the processing and preservation procedure to prevent any cross-contamination. Once the stem cells are separated from whole blood, they are collected into a specialized biocompatible multi-segmented cryogenic storage blood bag in preparation for cryopreservation (the process of freeze-storing cells at very low temperatures) and storage.
The cryopreservation rates of cooling vary depending on its stage, resulting in positive effects on stem cell recovery after thawing. The initial freezing process is computer-controlled at a pre-set rate followed by storage in -196°C high-capacity liquid nitrogen tanks.
INNOVIA Tissue Bank: The Vanguard of Reproductive Evolution
However, INNOVIA is not only limited to cord blood and stem cells. 2019 witnessed INNOVIA’s ambitious foray into tissue banking — a testament to its drive to diversify and amplify its global footprint. INNOVIA’s tenet as a tissue bank comes from ‘patients stay, tissue moves’.
Collaborations with prestigious entities like the University of Pittsburgh School of Medicine and the University Hospital of Dusseldorf speak volumes. The crown jewel? Its groundbreaking Fertility Preservation Program, with a keen emphasis on preserving ovarian tissue. This isn’t just a medical procedure; it’s a beacon of hope for cancer-afflicted women worldwide, gifting them agency over their reproductive destinies.
INNOVIA Genetics: Deciphering the Code of Life
Venturing deeper into the genetic matrix, INNOVIA Genetics emerges as a pioneer. Through advanced technology, it unravels the intricate dance of genes, offering diagnostic testing and invaluable consultations. The stellar offering of NIPT (Non-Invasive Prenatal Testing) stands as a beacon of our ceaseless dedication to healthcare excellence.
INNOVIA Lab: Healthcare Beyond Boundaries
For those questing a gamut of healthcare solutions, INNOVIA Lab emerges as the answer, offering an extensive suite of general laboratory services, tailored to address diverse health requirements. The company’s commitment? An unparalleled healthcare journey.
INNOVIA Academy: Shaping the Medical Titans of Tomorrow
INNOVIA doesn’t just embrace today; it shapes tomorrow. Its association with the University of Jordan culminates in INNOVIA Academy — a unique institution specializing in cutting-edge courses on genetics, stem cells, and advanced lab techniques. Its mission? To mold the torchbearers of future medical wonders.
INNOVIA’s state-of-the art facility, strategically located five minutes away from the international airport, is constructed using reinforced steel and concrete, storage areas insulated with specialized bullet-proof glass and concrete walls, automated backup generators, computer networking with remote location data record backup, and on-site and remote audio/video monitoring and recording.
INNOVIA’s precautions ensure protection against natural calamities such as earthquakes, fires, and floodings, and external attacks such as theft or vandalism. The building also has 24-hour security system connected to rapid emergency and protection authority notification and deployment, and 24-hour on-duty guards.
Such meticulous adherence to global standards is mirrored in INNOVIA’s laudable ISO certification, coupled with a full-fledged accreditation from the (Association for the Advancement of Blood & Biotherapies, formerly known as the American Association of Blood Banks (AABB)). This regional and global recognition doesn’t culminate here; its proud registration with the US Food and Drug Administration (USFDA) accentuates its commitment to global healthcare standards.
INNOVIA Biobank is not merely a laboratory; it’s an institution that envisions and safeguards our collective future health. In the grand tapestry of regenerative medicine, INNOVIA Biobank shines brightly. It is not just an establishment; it is a promise — a vision for a future where medicine isn’t just enhanced; it’s revolutionary. As the company navigates these exciting waters, its beacon remains constant: a relentless pursuit of a brighter, healthier future for all.
INNOVIA Genetics: A World-Class Center of Excellence in Genetic Services
INNOVIA Genetics proudly stands as a beacon in the world of genetic medicine. Having received widespread global acclaim, its reputation as a top-ranking institution is indisputable.
At the heart of this immense success is Dr. Mohammed Raqqad, a distinguished clinical geneticist. As INNOVIA Genetics’ Medical Director, Dr. Raqqad ensures that the entire spectrum of services – from diagnostics to treatments – adheres to the highest benchmarks of excellence. Moreover, his role as the Dean of INNOVIA ACADEMY is a testament to his relentless passion for nurturing and equipping the next cadre of genetic aficionados.
Underpinned by a stellar team of professionals, INNOVIA Genetics is unwavering in its mission: harnessing genetic insights for a brighter, healthier tomorrow.
Key Specializations within the team:
An expert consultant in Pediatric Neurology, Epilepsy, and Neurophysiology brings to the table a deep-rooted understanding of intricate neurological challenges faced by its pediatric demographic.
A distinguished specialist in Inherited Metabolic Diseases is instrumental in pioneering innovative pathways for the management and treatment of metabolic disorders.
A Dermatologist and Venereologist, delving deep into the genetic intricacies of the skin, ensuring patients avail comprehensive dermatological care.
A Senior Consultant of Pediatric Cardiology leading its pediatric heart care and offering groundbreaking cardiac care solutions for younger patients.
Comprehensive Genetic Counseling:
Understanding the contemporary needs for adaptability and flexibility, INNOVIA Genetics provides both virtual and in-person genetic counseling sessions. Designed with utmost precision, these sessions aim to demystify the complex realm of genetics for patients. Alongside, INNOVIA Genetics offers an extensive array of genetic tests and services, guaranteeing a holistic genetic solution for each and every person.
Pioneering in Reproductive Genetics:
Its forte in Preimplantation Genetic Testing for Aneuploidies (PGTA) and Non-Invasive Prenatal Testing (NIPT) places it at the forefront of reproductive genetics. The company is dedicated to offering a seamless and enriching experience for both individuals and families navigating these genetic pathways.
State-of-the-Art Facility:
Its exemplary services are housed in a modern facility designed and customized to meet the rigorous demands of genetic medicine. Its College of American Pathologists (CAP) accreditation is not merely a badge of honor; it’s a testament to its unwavering commitment to quality and excellence. Achieving this accreditation required meeting stringent standards signifies the company’s devotion to best practices and patient safety.
Vision for the Future:
As the landscape of genetic medicine continuously evolves, so does INNOVIA Genetics. Its horizon is brimming with goals and aspirations, including furthering research, introducing avant-garde genetic solutions, and expanding collaborations with global institutions.
INNOVIA Academy: Bridging the Gap in Genetics and Stem Cells Education
In today’s rapidly evolving medical landscape, genetics and stem cells stand out as two of the most promising and groundbreaking fields. Yet, despite their vast potential, there remains a distinct lack of comprehensive education specifically tailored to these specialized fields. INNOVIA Academy addresses this exact void by equipping the next generation of healthcare professionals with the knowledge and expertise necessary to drive further innovation in these domains.
Why INNOVIA Academy was established?
The idea of INNOVIA Academy was inspired by a simple, yet profound realization: while genetics and stem cells held the key to future medical miracles, there was an acute shortage in institutions offering specialized courses on these subjects.
Traditional medical curricula, though rigorous, frequently merely touches the surface of these topics. As pioneers in the biobank industry, INNOVIA recognized the imperative of a deeper, more thorough and more focused education in genetics and stem cells. As a result, INNOVIA Academy stands as a beacon of specialized knowledge in a sea of generalist medical education and functions as a knowledge hub. It offers an in-depth curriculum on genetics, coupled with hands-on training sessions, workshops, and research projects.
Affiliation with the University of Jordan: A Confluence of Legacy and Innovation The partnership with the University of Jordan represents more than just a strategic decision; it represents the fusion of historic academic prestige with avant-garde medical education. The University, with its rich history and stellar academic reputation, lends credibility, legitimacy, and depth to the academy. This affiliation ensures that the curriculum is rooted in foundational academic principles as it keeps up with the cutting-edge medical advancements.
CPD Accreditation: A Testament to Excellence
Earning the CPD (Continuing Professional Development) accreditation is no small feat. It stands as a rigorous endorsement of the academy’s commitment to maintaining and enhancing the knowledge and skills of its students and faculty. INNOVIA Academy’s courses aren’t just designed to impart knowledge; they aim to foster continuous learning and professional growth.
Courses Tailored for Tomorrow
Understanding that the realms of genetics and stem cells are vast and multifaceted, INNOVIA Academy offers a range of courses tailored to meet the diverse needs of its students. From foundational courses introducing the basic concepts to advanced modules exploring the latest research and techniques, the academy ensures that its students are always a step ahead, ready to shape the future of Medicine.
A Vision for the Future
Although INNOVIA Academy was established in response to a current need, its vision is firmly set on the future. Beyond merely providing education, the academy’s mission is shaping future thought leaders, innovators, and pioneers in the fields of genetics and stem cells. With the steadfast support of its affiliates and the dedication of its faculty, INNOVIA Academy is not just teaching medicine; it’s redefining it.
INNOVIA Academy is the movement – striving to bridge the knowledge gap in two of the most crucial medical fields. Through its endeavors, the academy ensures that the promise of genetics and stem cells is not just realized but surpassed, heralding a brighter, healthier future for all.
Mastering IT Partnerships: A Strategic Guide for Success
The pivotal role of information technology (IT) in the contemporary dynamic business landscape cannot be overstated. Its seamless integration is paramount for the triumph of organizations amid the rapid changes in today’s corporate sphere.
IT spending in the Middle East and North Africa (MENA) region is forecast to accelerate in 2024, increasing 4% from 2023. MENA’s IT spending is projected to total $183.8 billion in 2024, up from $176.8 billion in 2023. In comparison, global IT spending is projected to total $5.1 trillion in 2024.
This guide meticulously outlines the indispensable factors that will adeptly steer you through the intricate process of selecting a strategic IT partner, ensuring a path to excellence in a rapidly evolving digital landscape
I. Defining Your IT Needs and Objectives
A. Identify Specific IT Requirement
Start by carefully listing the IT requirements that your company urgently requires. A thorough grasp of particular needs is crucial for every field, including cybersecurity, infrastructure management, and software development.
B. Outline Long-Term Objectives and Goals
Set long-term IT objectives by looking beyond the here and now. A proactive strategy guarantees that the selected IT partner can grow with your company, offering continuous innovation and support.
C. Align IT Needs with Business Strategy
Make sure your overall business strategy and IT goals are in harmony. Success depends on integrating IT goals with business objectives in an efficient manner.
II. Evaluating Expertise and Specialization
A. Assess Vendor’s Industry Experience
Check the vendor’s performance history within your sector. Their familiarity with related fields indicates a profound comprehension of industry-specific problems and their resolutions.
B. Evaluate Technical Expertise
Find out about possible partners’ technical proficiency. A solid technical base guarantees that the IT partner can best address the unique requirements of your company.
C. Consider Specialized Services or Solutions
Assess whether the vendor provides specialized services or solutions that can give you a competitive edge based on your needs. Reaching your objectives can be significantly aided by personalized offerings.
III. Assessing Compatibility and Cultural Fit
A. Evaluate Vendor’s Company Culture
Examine the culture that exists between your company and a possible IT partner. A work culture and shared values foster cooperation and understanding.
B. Ensure Compatibility with Your Organization’s Values
Aside from proficiency, confirm that the seller shares your values. These meetings facilitate a successful and cohesive partnership.
C. Assess Communication Styles and Practices
It is essential to communicate effectively. Examine the communication styles and practices of the vendor to guarantee clear communication and mutual comprehension.
IV. Reviewing Service Offerings and Capabilities
A. Comprehensive Analysis of Services Provided
Analyze the services that were rendered. Broader projects can be helpful as your IT needs change over time.
B. Evaluate Flexibility in Service Offerings
Offering flexible services enables adaptability to changing conditions. Select a partner who can quickly modify services to meet your changing needs.
C. Assess Customization Options
Examine your options. Efficiency and appropriateness are guaranteed when services are customized to meet your unique needs.
V. Understanding Vendor Ecosystems and Partnerships
A. Review Existing Partnerships
The partnerships that an IT partner currently has can reveal information about their network and teamwork skills. A partner with solid connections frequently adds value to the discussion.
B. Assess Integration with Third-Party Solutions
In the interrelated IT world of today, seamless integration with third-party technologies is crucial. Assess the partner’s compatibility with the other tools in your technology stack.
C. Understand Ecosystem Dynamics
Acquire a comprehensive comprehension of the partner ecosystem’s dynamics. This realization is crucial for forecasting the evolution of relationships throughout time.
VI. Security and Compliance Considerations
A. Assess Security Protocols and Measures
The most important thing is safety. Ascertain the partner’s security protocols and guidelines to safeguard your vital information and systems.
B. Ensure Compliance with Industry Regulations
Verify that the IT partner complies with all applicable industry regulations. Compliance cannot be evaluated to preserve goodwill and prevent legal issues.
C. Data Privacy and Protection Measures
Assess the precautions the partner will take to safeguard sensitive data in light of the growing emphasis on data privacy. Robust data security protocols are required.
VII. Scalability and Capacity to Support Growth
A. Evaluate Scalability Features
Examine the scalability qualities of the partner and plan for future developments. The services’ easy scalability guarantees that they will continue to support the growth of your company.
B. Assess Infrastructure Capacity
Verify if the partner’s infrastructure can accommodate the demands of your company. Sustainability and scalability are essential for growth.
C. Plan for Future Business Expansion
Collaborate with a partner who can actively assist your ambitions for business growth. It takes strategic alignment to succeed in the long run.
VIII. Transparency and Communication
A. Establish Clear Communication Channels
An effective partnership is built on open and honest communication. Create unambiguous routes to aid in efficient communication.
B. Ensure Transparency in Operations
It builds trust when a partner’s behaviors are communicated. Their ongoing innovation and strategic insight facilitate a more synergistic partnership.
C. Define Reporting and Monitoring Processes
Procedures for reporting and analysis should be well-defined. Frequent reviews ensure everyone is on the same page and fulfilling each other’s expectations.
Conclusion
In summary, selecting the right IT partner is crucial for businesses success in today’s dynamic digital landscape. This guide provides essential insights, guiding you through the intricate process of choosing an IT partner.
By defining needs, assessing expertise, ensuring compatibility, and scrutinizing contractual terms, you pave the way for a successful and transformative partnership that meets the evolving demands of the digital era.
Author
Boris Shiklo
The CTO at ScienceSoft since 2003, Boris has established high quality standards for software solutions and IT services. Boris ensures that ScienceSoft’s programming competencies are relevant to ever-evolving needs of businesses. Under his management, ScienceSoft has successfully started data science, big data, and IoT technology directions. Boris authored and co-authored more than 50 publications.
Launching a paperless initiative at the start of 2023 for all Hyatt hotels in Dubai to reduce their paper use, Grand Hyatt Dubai announced it became completely paperless in less than twelve months
The additional nine Hyatt properties in the city are set to reach their paperless goal by 31 December 2023, in line with The UAE’s Green Agenda 2030
Hyatt today underscores its commitment to sustainability across its portfolio of 10 properties in Dubai, showcasing a range of impactful initiatives aimed at promoting environmental responsibility and conservation.
Hyatt has advanced its global Environmental, Social and Governance (ESG) strategy through World of Care, which was compiled by engaging key stakeholders on what is most important to the communities Hyatt operates in around the world. From reducing paper and plastic use on properties to minimizing food waste, Hyatt teams across Dubai are constantly improving operations in line with Hyatt’s 2030 environmental goals – focused on areas of climate change and water conservation, waste and circularity, responsible sourcing and thriving destinations. This commitment is reflected in the recently published 2022 World of Care Highlights and Diversity, Equity & Inclusion (DE&I) Report, which demonstrates the strides the brand has made globally in regard to advancing its purpose of care which is to care for the planet, people and bring to life responsible business across the communities it serves.
Fathi Khogaly, Managing Director of Grand Hyatt Dubai and Area Vice-President of Hyatt Hotels, Dubai, said, “At Hyatt, we are dedicated to making a positive impact on the environment. In line with our purpose to care and our 2030 Environmental Goals, Hyatt is committed to advancing environmental action so that destinations around the world are vibrant for our guests, colleagues, and communities. It is essential for us to provide our guests with a memorable experience while also being mindful of the planet.”
Paperless Initiative
Since the launch of the paperless initiative across Hyatt Hotels in Dubai at the beginning of 2023, the properties are accelerating efforts towards reducing the amount of paper used by digitizing documents within the company. The 10 properties in Dubai printed 1.4 million fewer papers as of August 2023 compared to the same time last year, resulting in a 48% reduction of printed papers by the summer period. As of November 2023, Grand Hyatt Dubai has achieved its goal to become a paperless property in less than twelve months, paving the way for sustainable and innovative operational practices. The additional nine Hyatt hotels in the city are on track to reach their goal by 31 December 2023.
Hyatt hotels in Dubai have also adopted digital business cards and QR menus in guestrooms and dining outlets to replace the use of paper. Furthermore, the properties switched to digital records to track guest requests, visitor logs, and room updates.
Reducing Single-Use Plastic
Hyatt is taking significant strides in environmental sustainability by implementing initiatives to reduce plastic usage across its Dubai properties, demonstrating a commitment to eco-friendly practices and responsible hospitality. The Dubai hotels are also making efforts to preserve the beauty of the natural environment with Park Hyatt Dubai conducting quarterly clean-ups of the Dubai Creek to remove plastic waste from the banks.
Several dining outlets have eliminated single-use plastic straws and opted for the 100% biodegradable and compostable #iamnotplastic straws. These outlets are also replacing plastic cutlery and plastic takeaway containers with wooden alternatives.
To further reduce single-use plastic in guest rooms, Hyatt Place properties have introduced dispensers for bulk amenities like shampoo, conditioner, and body wash in the shower and bath areas. At Hyatt Centric Jumeirah, guestrooms feature The BeeKind® Collection of skin-friendly products in recyclable packaging. These products contain no parabens, phthalates, petrol-derived ingredients, mineral oil, urea, DEA, TEA, or propylene glycol. Hyatt Regency Creek Heights uses biodegradable plastic bags instead of plastic laundry bags to further enhance its commitment to environmental sustainability.
Continuously enhancing sustainability efforts is vital to the Dubai hotels’ strategy and the ten properties have set an objective in 2024 to become completely plastic free.
Energy Conservation
As part of its 2030 Environmental Goals, Hyatt is working towards climate and water action by elevating efficiency measures, prioritizing water conservation in drought-prone areas, and increasing consumption of renewable energy and grey water.
Grand Hyatt Dubai has introduced a Reverse Osmosis Plant to use recycled water for cooling towers. The property has also set up a water-efficient washer extractor for its laundry department to reduce overall water use. Furthermore, the hotel has also employed the “Conserve Program”, where linen is exchanged only every other day or after every third night of the stay to minimize energy use.
Hyatt Regency Deira is actively conserving energy by transitioning to energy-efficient LED lighting across 80% of the property. Additionally, all four Hyatt Place hotels in Dubai have installed solar panels to power hot water boilers in the daytime as a green source of power.
Minimize Food Waste
With the intention of reducing landfill and food waste disposal, Hyatt Dubai properties are recycling and encouraging the use of reused items where possible. Globally, Hyatt aims to achieve a 50% global reduction in food waste sent to landfill or incineration per square meter by 2030 compared to 2019.
The Hyatt properties in Dubai follow a comprehensive food waste policy that covers education, food waste prevention, reduction, recycling, and disposal. Hyatt Centric Jumeirah has implemented a Coffee Pod Exchange Program, where used coffee pods are collected by suppliers for industrial decomposition.
At Andaz Dubai The Palm, the hotel’s “Taste of Andaz” line of locally sourced oil and flavored salts are made with natural ingredients and are free of harmful chemicals. Further, several Hyatt properties utilize locally farmed seafood and local food produce to support local businesses and reduce food miles.
Car polishing is not just a process; it’s an art that demands precision and knowledge. This section of the guide delves deeper into the subtleties of car polishing, exploring advanced techniques, tool selection, and the long-term benefits of this essential practice.
Advanced Polishing Techniques
Advanced polishing techniques can significantly enhance the outcome. These include:
Layering Polishes: Using a combination of coarse and fine polishes can address different levels of paint imperfections.
Machine Polishing: Advanced buffers and polishers can achieve results far superior to hand polishing, offering a more uniform and deeper shine.
Wet Sanding: For deeper scratches, a wet sanding process followed by polishing can restore the paint to its original state.
Choosing the Right Polishing Tools
The tools you choose for polishing can make a substantial difference. High-quality foam pads, orbital polishers, and variable speed buffers are critical for achieving a professional finish. Additionally, microfiber towels are essential for a scratch-free buffing experience.
Long-Term Benefits of Regular Polishing
Regular car polishing isn’t just about immediate aesthetic appeal; it has long-term benefits:
Preserving Paint Integrity: Regular removal of surface contaminants through polishing keeps the paint in optimal condition.
Enhancing Resale Value: A well-maintained car, with a glossy and smooth paint finish, commands a higher resale value.
Protection Against Elements: Polishing, followed by waxing, provides a layer of protection against environmental factors like UV rays, rain, and pollutants.
Environmental Aspects of Car Polishing
Environmentally conscious polishing practices are becoming increasingly important. Using eco-friendly polishes and biodegradable cleaning agents reduces environmental impact. Additionally, conserving water and minimizing chemical runoff during the polishing process are vital steps towards sustainable car care.
Expert Insights on Car Polishing
For those who are not seasoned in DIY car care, professional car polishing services offer a viable alternative. These services employ skilled technicians equipped with state-of-the-art tools and quality polishes, ensuring a flawless finish every time. For an in-depth understanding and access to these services, consider exploring car polish.
Final Reflections on Car Polishing
In conclusion, car polishing stands as a cornerstone in the preservation and enhancement of your vehicle’s appearance. Whether you’re a DIY enthusiast or prefer professional services, understanding and implementing effective car polishing practices will ensure that your vehicle always stands out for its impeccable appearance and well-maintained condition.
Sixty-five percent (65%) of consumers believe higher cost of sustainable products is top barrier to purchase, followed by lack of awareness (54%).
Interviews with SMBs and experts reveal desire to adopt sustainable practices but often hindered by lack of technical know-how.
Visa and Emirates Nature-WWF released the UAE results of their ‘2023 Sustainable Commerce’ study on the day of the United Nations Climate Change Conference (COP28) in UAE. The study scrutinizes consumer and business behaviors, and the readiness of infrastructure to support sustainable commerce. The joint Visa-Emirates Nature-WWF study reinforces the urgency for all industry stakeholders to take decisive collective action to promote sustainability through responsible innovation for the benefit of consumers, businesses and the economy.
Key Findings for UAE:
Consumers are aware of and doing something about sustainability:
Over two-thirds believe that decarbonization is not limited to corporate entities, and individuals can make a difference. More importantly, in the UAE, survey respondents view climate change as a leading societal challenge (63%), followed by the rising cost of living (56%), and plastic pollution (46%).
In terms of environmental practices, UAE consumers are leading in water conservation (86%) and rank second in ethical sourcing by supporting local farmer’s market (70%) across the GCC. Additionally, the UAE takes the lead in reducing single-use plastics with a rate of 75%, surpassing the GCC average of 72%. UAE shows robust awareness and support for NGOs promoting sustainability (57%), exceeding the GCC average of 53%, and excels in repurposing and sharing products within the community at 72%, compared to the GCC average of 68%.
Future bank customers: making sustainable choices
A significant 69% of individuals have expressed their willingness to recommend banks that provide sustainable payment options (cashless/contactless payment). 64% of consumers stated that they chose a bank with strong green credentials. Moreover, more than half of the surveyed consumers (51%) expect their banks to guide them in making sustainable financial choices.
Interestingly, 52% of consumers also look to their banks to help them understand the environmental impact of their purchases.
Sustainability among the next generation:
In the UAE, parents of young consumers (8-18 years old) noted that their children demonstrate a heightened receptiveness to sustainable practices and greater environmental consciousness. Their adopted habits include switching off electrical appliances not in use (54%), washing dishes or laundry with cold water (40%), walking or cycling to places (39%), opting for organic products (36%), and recycling or sharing products (35%).
The primary influencers driving sustainability habits among the youth include school mandates (71%), family members encouraging sustainable behaviors (68%), and social media (54%).
Sustainable benefit becomes a feature attraction: the key to becoming a primary card
Rewards for sustainable behaviors are a significant attraction, with 43% of consumers willing to make such a card their primary one.
Sustainability evaluations of bank providers are still mainly focused on known initiatives like reducing paper and byproduct usage.
Factors considered while evaluating a bank provider on sustainability include going paperless (52%) and promoting cashless payments (51%).
Barriers to sustainability
A significant barrier for the majority of UAE consumers (65%) lies in the perceived higher cost of sustainable products, closely followed by a lack of awareness (54%) regarding sustainability. As societal consciousness regarding social and environmental issues expands, the study indicates a rising preference among consumers for businesses that actively demonstrate sustainable practices.
Businesses and Sustainability
Qualitative interviews revealed that MSMEs and KOLs have a fair understanding of sustainability but lack a holistic and contextual comprehension of the concept. This gap is influenced by several barriers, including cost implications for both businesses and consumers, fear and resistance to change, pressures from competition and profitability, and resource constraints. However, there are also enablers that can foster sustainability. These encompass regulatory policies and frameworks that create the right ecosystem, sustainable financing that provides a ‘push’ effect, and the necessity for collaboration among stakeholders to drive sustainability. Visionaries, typically medium-sized businesses, grapple with significant pressure from global partners to adopt sustainability standards. However, they are often hindered by a lack of technical knowledge.
Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager in GCC, said: “More than half of consumers in the UAE are looking to their banks for guidance in making more sustainable financial choices. This underlines the growing demand for financial institutions to play a more active role in promoting sustainability. To address this need, Visa, in collaboration with ecolytiq and Mashreq, has launched the Eco Benefits Bundle. Our commitment to local sustainability is underscored by our partnership with Emirates Nature-WWF, through which we aim to co-create and implement science-based projects supporting local nature and wildlife preservation, climate action, and the green economy. We firmly believe these initiatives are steps in the right direction towards promoting sustainability through responsible innovation.”
Laila Mostafa Abdullatif, Director General at Emirates Nature-WWF, commented: “For over two decades, Emirates Nature-WWF has been a prominent and active partner in environmental conservation in the region. Cross-sectoral collaboration is at the heart of conservation success. Government policies and financial institutions have a vital role to play in driving lasting behaviour change and adoption of sustainable practices amongst consumers. We are delighted to partner with Visa on this study, as we aspire to build a sustainable future for generations to come.”
Visa’s Sustainable Commerce study analyzed consumer behavior and merchant readiness for sustainable commerce in the UAE, Saudi Arabia, Kuwait, and Qatar. Visa recently launched the Eco Benefits Bundle, a groundbreaking climate banking platform in collaboration with ecolytiq and Mashreq. This innovative solution integrates eco-friendly features into card payments, enabling users to track their environmental impact and contribute to carbon offset initiatives.
Visa is committed to making a positive impact through local sustainable initiatives, demonstrated by a $250,000 grant to Emirates Nature-WWF. This collaboration aims to co-create and implement science-based projects supporting local nature and wildlife preservation, climate action, market transformation, the green economy, and food and water security in the UAE.
