Liechtensteinische Landesbank AG: Tradition Meets Innovation in Liechtenstein Banking

Liechtensteinische Landesbank AG (LLB) is the oldest financial institution in the Principality of Liechtenstein.

[caption id="attachment_21991" align="aligncenter" width="900"] CEO: Gabriel Brenna[/caption]

LLB’s shares are listed on the SIX Swiss Exchange, with the Principality of Liechtenstein itself holding the majority stake. As a universal bank, LLB provides its clients with comprehensive wealth management services, including private banking, asset management and fund services.

The LLB Group employs a staff of 1,056, and has branches and offices in Liechtenstein, Switzerland, Austria and the UAE (Abu Dhabi and Dubai). The company closed 2021 with a business volume of CHF 105.7 billion (GBP 86.78 billion).

The CEO at the helm of the organisation, Dr Gabriel Brenna, earned his doctorate at the Swiss Federal Institute of Technology, ETH Zurich, and a Master’s of Science from the Swiss Federal Institute of Technology Lausanne (EPFL). He also attended Stanford University from 1997 to 1998 and the Carnegie Mellon University in Pittsburgh from 1995 to 1996. The Swiss-Italian currently lives in Triesen, Liechtenstein.

His career path brought him to Liechtensteinische Landesbank in 2012, when he joined the Board of Management and Group Executive Management, while heading the Private Banking Division.

Prior to joining LLB, Brenna worked for McKinsey & Company in London and Zurich from 2005 to 2012, becoming Partner and Head of the Swiss Private Banking and Risk Management Practice.

From 2002 to 2004, he was the Senior Project Leader at Advanced Circuit Pursuit in Zollikon, and from 2000 to 2004, he took part in research and teaching activities at ETH Zurich.

Brenna also serves as a member of the Board of Trustees of the ‘Future Foundation of Liechtensteinische Landesbank AG’.


Eccelsa Aviation: Preferred Access to Costa Smeralda - You are Entering a Genuine VIP Zone

Sardinia’s Costa Smeralda, created in the 1960s, has become a Mediterranean destination known for well-appointed residences, luxury hotels, and exclusive yachts.

Eccelsa Aviation, the private aviation handler at Olbia Airport, gives its all to ensure that the customer experience on arriving or departing from Sardinia by hired or privately owned aircraft meets the highest expectations.

Based out of Olbia Costa Smeralda Airport, Eccelsa Aviation is the only fixed-base operator (FBO) for the island destination. The international elite know that with Eccelsa, comfort, reliability, and convenience come as standard.

Eccelsa Aviation’s terminal is an architectural masterpiece, with clean, sleek lines that seem to swoop skyward like giant wings. As passengers relax in the comfort of the terminal, natural light floods in, creating a sense of peace and privacy. In the evening, carefully designed lighting creates a tranquil ambience.

The terminal covers some 4,000 square-metres and includes various ways for clients to relax during transit. There is a coffee shop and a bar that serves food all day — so a delicious regional dish and a good glass of wine or local spumante is never far away.

The facility also features a luxury eye wear shop, a selection of local, national, and international fine foods and wines, local produce, and rare handicrafts from the island. There is also a classy clothing shop and even a helicopter company. San Marino Aircraft Registry has its office there, and Bombardier and New Jet have their summer sales base in the terminal.

One feature makes the airport unique: a formidable outer wing that allows guests to enter and exit the terminal directly from their aircraft. Should the aircraft be parked slightly away from the terminal, passengers will be ferried in sleek VVIP minivans — while Eccelsa’s expert team handles the luggage.

With parking dedicated to private jets, Eccelsa can serve airplanes up to Airbus A340s or Boeing B747s in executive configuration.

Clients can fly above Europe, or cross the ocean, perfectly relaxed. Should they wish, they can carry out private business sessions before landing at their holiday destination.

Making Your Trip Special

Eccelsa Aviation is an independent firm, 100 percent controlled by airport management company Geasar SpA. This premium service-provider has fully embraced its role by combining professionalism with effortless charm — years of experience garnered from liaising with discerning, and often celebrity, clients.

The 50-strong team is adept at finding solutions to any problems that may arise, no matter how unusual, very much aware that in the service industry, service is everything.

“We are all very much aware that the reason why our customers land in Olbia is because this airport is located only 30 minutes’ drive from the luxury destination and its renowned resorts,” says Eccelsa GM Francesco Cossu.

“We have invested in infrastructures, equipment, human added-value and relevant training to make sure that each trip to Olbia turns into a great customer experience as well. We feel this is a real asset for the airport, for the territory, and for the final destination, the Costa Smeralda, which is the real reason why Eccelsa Aviation is so busy during the Summer Season.”

The terminal’s concierge service can organise everything visitors may require ensure their stay is a perfect one: horse trekking, private aircraft or helicopters, Ferrari, Bentley or Aston Martin rentals, yacht charters — bare-boat or with a skipper and crew.

Eccelsa, through its sister company Cortesa, provides first-class in-flight catering with a menu ranging from simple sandwiches to lobster, local Sardinian specialties, and fine wines.

Eccelsa has an agreement with Olbia Airport’s maintenance team to deliver first-class ground assistance, integrated services for flight crews, and the option for aircraft to remain in hangars while in Olbia.

Eccelsa Aviation may not be the reason why the global elite visit the incredible Costa Smeralda — but it certainly guarantees arrival and departure in absolute comfort, safety and security, and premium service.

Geasar/Eccelsa have a very ambitious Green Vision Plan but on which it is perfectly in line with the programmes. Olbia is one of the few airports to be at the forefront of the Carbon Accreditation process and expects to reach the "total airport electrical transition" in 2025, thus reaching the highest level of the challenging and demanding Carbon Accreditation programme.

This is a truly impartial thermometer that determines the total integration of the Company with the Territory, not only from the economic development and well-being of the population perspectives, but also within the increasingly important environmental domain. Sardinia is a well visited destination for its unspoiled nature, clear and crystalline waters, pure air, as well as for the renowned tourist resorts of international appeal. Eccelsa doesn’t limit its actions to proclamations and Mission Statements (although important...), but has always acted in a concrete and tangible way for the conservation of environmental heritage”.


ARTICO Partners: Combining Investment Performance, Sustainability and Climate Objectives

“ARTICO Partners’ policy has always been to invest in companies that are fundamentally good,” says CEO Gabriel Herrera. “Over time, this has been enriched by incorporating responsible investment criteria and concrete carbon footprint objectives into the investment process.”

The team at ARTICO Partners has been together for 11 years, a journey which has seen the company recognised as Switzerland’s Best Sustainable Fund Manager for 2021. “The key, at every step, was to preserve the fundamental qualities of the portfolio while achieving a quantum leap in terms of ESG scores and carbon footprint,” says Herrera.

Integral to sustainable investing is the adoption of negative exclusion criteria, which limits the available investment universe to varying degrees. A light ESG-exclusion approach has only a marginal impact. A strong ESG-exclusion approach means investing only in best-in-class companies, which can be overly restrictive. ARTICO Partners’ approach is to obtain maximum sustainability impact with a moderate restriction of the investment universe.

Applying sustainability and ESG criteria across all ARTICO funds has been a complex, multi-dimensional task. Engagement and voting are important components of a sustainable strategy: shareholders can and should actively engage with management to achieve ESG progress. Most large-scale and passive investors choose this avenue, given their broad and static portfolio holdings.

Small, active managers such as ARTICO Partners are able to avoid companies with significant ESG issues. Investment candidates lagging in this area will be divested. ARTICO’s voting policy focuses on those rare situations where it would vote against management to promote its sustainability and decarbonisation agenda.

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Academic evidence about the effect that ESG factors have on performance diverges, depending on the scope and period of the analysis. ARTICO’s own research about the predictive power of raw ESG scores on future outperformance was equally inconclusive.

“That’s why we developed — and apply — our own ARTICO-ESG factor,” says Herrera. ARTICO’s in-house research showed that the full integration of ESG scores as positive selection criteria during portfolio construction leads to a higher probability of superior investment performance.

There are three main reasons for that:

An impressive ESG score is a useful indicator of good strategic management. A few decades ago, ESG investing was a niche, and listed companies did not truly focus on sustainability. Today, boards of directors and senior management teams have sustainability as a strategic priority.

A high score will attract a long-term capital flow as ESG investing becomes increasingly mainstream. Companies with better scores will attract more capital.

ESG scores provide a prediction of investment risk. A high score minimises the risk of unpleasant surprises by reducing the exposure to environmental, social, and reputational risk.

Many ESG-focused strategies have no explicit climate objectives. ARTICO focuses on reducing its carbon footprint to align its portfolios with the climate objectives of the Paris Agreement. Typical passive investment benchmarks focus either on ESG or on Paris-alignment. ARTICO Partners intends to achieve both with a systematic approach.

ARTICO’s sustainable portfolios are the first funds enabling investors to combine excellent fundamental characteristics with very high ESG ratings (AA or AAA) and a very low carbon footprint.


Lindsey McMurray, Pollen Street Capital Co-founder: Purpose and Progress Rooted in Business

‘Finance represents the infrastructure for positive change,’ believes leading private equity investor.

[caption id="attachment_19749" align="aligncenter" width="900"] Co-founder: Lindsey McMurray[/caption]

Pollen Street Capital co-founder Lindsey McMurray has been a private equity investor for 25 years, with a particular focus on financial services.

Since 2013, Pollen Street Capital has built deep capabilities across the financial and business services sectors, aligned with the mega-trends that are shaping the future of the industry. Managing director McMurray and her founding partners committed to the creation of a firm with a quality institutional infrastructure.

The key elements at the heart of this are a shared purpose and a focus on ESG. “We have steadily built our business,” she says, “balancing strong governance and an institutional set-up with agility and our sector specialism.

“As we grow, we want to ensure that we continue to build a purpose-led asset-management business. Our overarching purpose is to deliver long-term sustainable performance by enabling society through frictionless financial services.”

The firm is committed to being:

Honest and fair with investors and portfolio companies

A good corporate citizen, driving growth that delivers a positive impact

A responsible and responsive employer that treats each individual as a whole person

A guardian for the next generation, contributing its expertise to promote a better world.

Pollen Street manages more than £3bn in AUM across private equity and credit strategies for investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowment funds and foundations, asset managers, banks, and family offices.

“Financial services have an important role to play in building a more sustainable future,” says McMurray. “Private capital can power change by funding green alternatives for homes and transport, accelerating financial inclusion, and helping to drive greater diversity and inclusion across the industry.

“In many cases, finance represents the infrastructure for positive change.”

Pollen Street — a signatory of the UN Principles for Responsible Investment since 2019 — is committed to maintaining and enhancing its focus on actions that generate positive impact for investors, its people, portfolio companies, and wider society. Pollen Street kicked off 2022 by signing up to the ESG Data Convergence Project, which seeks to standardise ESG metrics and comparative reporting for the private market industry.

“ESG diligence and monitoring are truly embedded in our day-to-day operations and investment activity,” says McMurray. “I’m proud of the way that purpose is rooted in our business, and how this has driven progress and tangible positive impact for our portfolio, our investors, our people and our planet.”

Lindsey McMurray supports several charities, with a particular focus on mentoring children in state schools, supporting climate-action initiatives through the production of documentary films, and supporting the speech and language charity Auditory Verbal UK.


Pollen Street Capital - All Players are Part of the Solution: Proceed with Purpose to Maximise ESG Impact

Pollen Street Capital is a purpose-led asset manager whose overarching purpose is to deliver long-term sustainable performance through frictionless financial services.

That means commitment to actions that generate positive impact for investors, people, portfolio companies and wider society.

As stewards of capital, asset managers are uniquely positioned to power change through diverse areas: funding green alternatives for homes and transport, accelerating financial inclusion, and helping to drive diversity and inclusion in the businesses they support. Gone are the days when ESG fell squarely on the shoulders of largest corporates; all players must now be part of the solution.

Private capital finance can function as the rails to guide the train of positive change. Pollen Street Capital MD Lindsey McMurray says her firm believes in the potential for positive impacts that investment and support can have. “Our experience gives us a unique insight into the challenges facing businesses,” she says. “We’re in a position to use that experience to help drive positive impact — not just in how we invest, but also through the support we give to our portfolio.”

Support is provided through the Pollen Street Capital Hub initiatives, through which portfolio-wide issues can be addressed and solutions developed for common opportunities. In particular focus is the advancement of ESG considerations for positive impact.
Hub director Alison Collins says Pollen Street’s experience has helped to build a set of consistent, practical steps to help social businesses achieve positive outcomes. “Whether you’re a firm’s ESG champion, a board member or CEO, there are some practical actions that can amplify the positive impact of your business and drive forward an ESG agenda,” she says.

1. Elevate the Discussion

There’s a responsibility to bring ESG considerations to board discussions — and beyond. “In setting up an ESG programme, it’s important to set the tone from the top,” says Collins, “and to create a sense of purpose and guiding principles. As with any change in a business, culture is key.” Senior sponsorship is crucial to empower employees to “own”, and run with, ESG projects.

ESG is not a tangential exercise, but part of responsible and sustainable business operation. “When ESG is integrated into the DNA of a business and aligned with the strategy, teams are better placed to understand and drive progress towards a core mission.”

2. Create a Common Language

Not everyone is familiar with the vocabulary of ESG and its relationship with asset management. Take the time to discuss what ESG means for your business, and how it can generate impact for the environment, on emissions and the carbon footprint across a company’s operations. Address resource management and propositions that address climate change, such as green mortgages.

Examine how a company manages its relationships with employees, suppliers, customers, and the community. Issues include employee health, wellbeing, and engagement; diversity and inclusion, supply chain standards, Human Rights, customer and product responsibility, and local communities and charitable support.

Governance deals with effective controls and risk management, business ethics (including anti-bribery and anti-corruption measures), board diversity and structure, and data privacy and security. With a common understanding of topics specific to the business, a structure can be created to better guide your efforts.

3. Focus on the Impact

With the increasing focus on ESG, the challenge is not in demonstrating its importance, but in helping the businesses align behind their impact areas.

Every business is positioned to tackle a specific set of issues, and should define broad sustainability objectives that link to strategy and values. And these should align to the UN’s sustainable development goals.

When Pollen Street Capital onboards a new business, impact areas are mapped-out with a focus on sub-sector, customer base and value proposition, strategy and team expertise.

Businesses should map the areas where they can have most impact: core competencies, stakeholder priorities, and overall strategy and growth goals.

4. Get the Basics Right

Once ESG strategy has been addressed, create an action plan with initiatives to deliver tangible outcomes and address any identified gaps. Setting and communicating an ESG policy could be an initial step.

5. Support with the Resource it Deserves

ESG impact requires correct resourcing, such as a dedicated team. But the crucial element is to ensure that employees feel supported to focus on ESG impact areas, from reporting and carbon-reduction initiatives to charitable programmes.

ESG is not a topic that falls entirely under the umbrella of a single team; it is fundamental to every role. A cross-functional working group and engaged staff play important roles. Championing the ESG agenda helps to embed the approach and drive projects forward.

6. Use the Community to Share Best Practice

Private equity firms help businesses through experience and expertise. Firms across industries are faced with common problems — but those that are supported by active managers don’t have to start at square one.

The Pollen Street Capital Hub enables knowledge-sharing across the portfolio to accelerate thinking and turn intentions into actions. Make use of networks to access best-practice, acquire recommended suppliers, and give navigational support through the complex regulation and reporting requirements.

7. Going Beyond Reporting

All too often, ESG is seen as a tick-box exercise — but over-focus on reporting can move attention away from real impact. Minimise the reporting burden by highlighting the work the business does — and maintain focus on strategically important impact areas.

Create structured, easy-to-understand reporting frameworks, supported by a knowledgeable asset-management team. Remove the notion that ESG is all about reporting.

Show people that their actions matter; be proud of their successes. Spreading good news encourages employee engagement and accelerates impact with others tackling similar issues.


Jürgen Eichner: Vision of VIA optronics Boss Takes Company on Whirlwind Trajectory

When Jürgen Eichner founded VIA optronics in 2005, he already had extensive experience in engineering and sales. That combination of skills has proven invaluable.

[caption id="attachment_22011" align="aligncenter" width="900"] CEO & Founder: Jürgen Eichner[/caption]

Eichner identified a gap in the market and took the bold step of single-handedly setting up VIA optronics. The only assistance he received came from a friend in the sector, who offered him clean room space and seconded two workers to help from time to time. The German government gave him some financial assistance for six months, but other than that he was on his own.

Nevertheless, in his first year the company had a turnover of €200,000 — which in 2007 increased tenfold to €2m. By 2008, it had quadrupled to €8m. Having achieved such exponential growth in just three years, the company no longer required funding — it needed working capital.

He succeeded in this by winning contracts with a German-Swiss equipment manufacturer, producing displays for its excavators, and a Bavarian car firm. At the Bavarian car firm, the industrial technology of optical bonding was applied to the automotive sector.
In 2009, taking advantage of the contacts made throughout his career, Eichner’s company acquired part of White Electronics, establishing a foothold in the North American market.

Eichner´s leadership landed contracts with Dell and Hewlett Packard, both IT firms interested in tech for their laptops.

Realising that by now he needed to improve the firm´s supply chain, Eichner opened a production centre in Suzhou, China, and in 2018, acquired a touch sensor supplier in Japan. By 2020, Eichner decided it was time to go public. He supported the initial public offering of VIA optronics to extend the public knowledge of the company. The US, he notes, is a market that engages with its products.

In 15 years, VIA optronics had grown from a one-man band to a listed entity with 800 employees; Eichner has had to learn to delegate, and reports to shareholders every three months. He sees this as an advantage: valuable feedback from investors exposes him to disparate viewpoints.

Eichner takes his responsibility as an employer seriously. “We don’t believe in a hire-and-fire system, but in nurturing talent and retaining staff over the long term.” He acknowledges that it has sometimes been difficult to find enough highly-qualified employees, and recognises the value of providing exciting and challenging careers in tight and dependable teams.

The pandemic has been a double-edged sword for VIA optronics. Production in China ground to a halt for two weeks, but on the other hand, the explosion in home-study and remote working boosted the market.

Eichner earned a master’s degree in Science in Electronics Engineering from the University of Applied Sciences in Nuremberg. He then embarked on a career as a development engineer at global defence company Diehl, where he rose to become the head of the company´s electronic service centre.

From 1998 to 2000, he served as business development manager and director of Origin Germany’s professional services group. He then took on the role of head of sales EMEA at White Electronic Design Corporation.

As Eichner looks to the future and thinks back on his career, he is increasingly conscious of the need to identify and appoint successors able to ensure the continued success of the company.

His time at the helm of VIA optronics, however, indicates that he still has plenty to contribute himself.


VIA optronics AG: Challenged by Optics or Display Issues? VIA’s Got This One Covered

Germany’s VIA optronics prides itself on being a one-stop solution provider of interactive display systems and solutions.

[caption id="attachment_22014" align="aligncenter" width="900"] Demonstrator of an Interactive Display System[/caption]

The company is headquartered in Nuremberg, Germany with production facilities in China and Japan, and further subsidiaries in USA, Taiwan and Philippines. VIA provides technologies for the industrial, and consumer electronics markets, with a particular focus on the automotive sector. The current focus is on the high-growth electric vehicle segment, and VIA works with several manufacturers.

VIA’s offerings for automotive applications include navigation displays, instrument clusters, rear-seat entertainment and infotainment systems, and interactive display systems. Solutions for industrial applications include displays for “ruggedised” laptops, marine navigational systems and fish finders, agricultural equipment, surround views, digital signage, and interactive conference room displays. Consumer applications include solutions for notebooks, tablets, and all-in-one monitors — in a range of display sizes from one inch (25mm) to over 84 inches (2.13m).

When it comes to interactive display, VIA combines system design capabilities, interactive displays, software, hardware, and cameras.

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VIA’s customisable tech is well-suited for high-end markets which have specific requirements to overcome technical and optical challenges. Its innovations have successfully surmounted issues such as bright ambient light, vibration and shock, extreme temperatures, and condensation.
The technology itself is based on VIA’s patented optical bonding process with a proprietary silicon-based material. It provides excellent sunlight readability and slim product design as well as flexible applications on bendable, foldable and curved display surfaces.

The company partners with Corning , a leading glass manufacturer with its cutting-edge Coldform™ Technology for curved automotive displays.

VIA meets the most exacting requirements for design, volume, and proximity manufacturing through its production sites in Germany and China. The agile production capacity allows projects to be moved between the two sites without delay. Manual, semi- and fully automated production lines enable the handling of any project, from specialised, small-batch runs to high-volume production.

And VIA optronics’ expertise does not stop at optical bonding. It designs, develops, and produces touch sensors at its subsidiary in Japan. The company’s metal-mesh touch-sensor is based on a grid patterned on a transparent film that can be laminated to any type, shape and composition of cover lens material — including curves and plastic. With high conductivity, touch sensors allow active pen- and glove functionality, large size applications, and superior performance. The technology supports flexible, foldable, and curved applications, as well as touch functions in areas beyond the display (in housings, for example).

VIA optronics also designs and develops cameras with a focus (no pun intended) on the automotive and transport markets. These customisable devices are used for viewing and sensing applications such as driver monitoring, ADAS, mirror replacement, or surround view.

To round-out the elements of an interactive display system, VIA has the know-how to provide integrated solutions, interfaces and applications such as object recognition.

Whatever it may be, VIA ensures it’s in the eye of the beholder.


In the Face of Grim Challenges, Uzbekistan Forges Ahead on Privatisation

[caption id="attachment_22022" align="alignright" width="300"] Hyatt Regency Hotel scheduled for 100 percent privatisation[/caption]

Despite a pandemic, a European war involving its closest trading partner and the growing threat of a global recession, Uzbekistan is forging ahead with a privatisation program which, it’s hoped, will power its economy into middle-income status.

The challenges couldn’t be clearer. Covid-19 was just as much a public health nightmare as anywhere. Nonetheless Uzbekistan was one of the rare nations which managed economic growth in 2020 (1.6 percent in GDP according to the World Bank), followed by a robust 7.4 percent in 2021.

The war in Ukraine has left Uzbekistan confused and worried, albeit as it sticks to its refusal to take sides in the conflict. In normal times, officials would have expected roughly a quarter of all capital inflows, either in equity or debt, to come from neighbouring Russia. That prospect has been largely dashed by the West’s sanctions, although some government insiders think a continuing influx of Russian businesses and entrepreneurs may partly offset the decline.

Then there is the global economy to contend with. The IMF is projecting a sharp deceleration world-wide for this year and next - to roughly 3.6 percent growth in 2022 and 2023. The Fund, the World Bank and EBRD are all projecting a sharp slowdown for Uzbekistan, to 3.6 percent growth according to the World Bank. Yet the Uzbekistan Statistics Committee is reporting Q1 2022 growth of 5.8 percent.

All and all, Tashkent, under the presidency of Shavkat Mirziyoyev, is starting to gain confidence in its capacity to surprise international analysts. Mirziyoyev’s predecessor, the authoritarian Islam Karimov, tried a major privatisation programme in 2007. It failed dismally. In essence, state assets were put up for sale on an as-is basis, with few pretences concerning corporate governance or financial probity. The Karimov regime may or may not have felt privatising state-owned companies could be good for the economy, but it was eager for cash. In the end only a few minor assets attracted any interest. All the big enterprises stayed firmly in state hands.

Things are different this time. Major government reforms have been underway since 2016, when the current president was first elected. The privatisation programme and roadmap were unveiled in detail in 2021. Since then, big steps have been undertaken -- a new securities regulator, new agencies responsible for saleable assets, and a series of changes to capital market rules. Meanwhile, managements of the leading state companies have been going through a quiet revolution, with internationally trained technocrats and ex-bankers inserted to help them navigate through unfamiliar waters.

The process has been remarkably uncontentious, unlike in India where a parallel privatisation programme recently led a local analyst to observe: “Every political party, when in government, promotes privatisation — and opposes it when in the opposition.”

[caption id="attachment_22023" align="alignleft" width="200"] The National Bank of Uzbekistan is aimed for partial privatisation[/caption]

In all, an eyebrow-raising 620 state-owned enterprises will be put up for sale in whole or in part over the next three years or so. Of these, about 15 are widely regarded as world-class companies, from Navoi Mining, owner of the world’s largest gold mine, to Uzbekneftegaz, the nation’s oil and gas flag carrier and contributor of 15 percent of Uzbekistan’s GDP.

But it has not been solely about auctioning off shares. The Ministry of Finance is seeking to build all the infrastructure needed for a functioning capital markets ecosystem. So, for instance, some of the flotations will be undertaken domestically at first before being taken global. That is in part to give the companies time to organise the internal reforms and restructuring needed. But it is also to attract domestic capital and to raise local liquidity. Foreign banks are being permitted to participate in domestic IPOs without licensing.

Even so, some of the coming IPOs will have to occur abroad, most likely in London. There is simply too little domestic capacity.

The Finance Ministry is eager to improve the situation, particularly through the development of an institutional investor base. This will take time. Persuading domestic investors to switch from term deposits to shares or bonds will not be easy, but some companies are already conducting domestic road shows with this in mind.

A key part of the infrastructure is the domestic banking industry, heavily dominated by state-owned banks. The goal is to reduce state ownership in banking from 60 percent currently to 15 percent. Deals for 75 percent of Poytaxt Bank and 100 percent of Ipoteka Bank are already in negotiation and full or partial privatisations are expected on at least five other major banks, including the largest, National Bank of Uzbekistan, by 2025.

Throughout the sector, new managers are being recruited and international standards adopted.

The same can be said of the nation’s heavily state-dominated energy sector. International consultants are actively pitching for work. For instance, oil and gas giant Uzbekneftegaz, planning a primary share placement in 2023, has engaged:

Rothschild & Cie - financial consulting

EY Global - international audit

White & Case - legal

PricewaterhouseCoopers - corporate governance

Boston Consulting Group - strategy development

Although the most high-profile of assets are yet to be auctioned, many smaller transactions have already taken place. Control of Coca-Cola Bottlers Uzbekistan, for example, the largest beverage bottling company in Uzbekistan was acquired late last year by a Turkish bottler. Majority control of the largest cement producer, Qizilqum Cement, was bought recently by a Cyprus-registered but Central Asia owned shareholder group.

In other words, while the primary aim of Uzbekistan’s privatisation programme isn’t necessarily to fatten state coffers, the Uzbekistan treasury is in fact benefiting from the programme, even now, before the biggest selloffs begin. In the first half of this year alone, the state is expected to gain at least three trillion SOM ($270 million) from small-scale sales, including of about 5,300 hectares of vacant land.

About the Author

A professional journalist, Fred Harrison is a Managing Director at Belgrave Strategic Communications, a London-based consultancy, and has worked with Uzbekistan for the past three years.

Major Privatisation Prospects

Navoi Mining

Leading gold miner

2020 revenue $4.4 billion

UzAuto Motors

Auto manufacturer

2020 revenue $2.6 billion

Uzbekneftegaz

Oil & gas flagship

2020 revenue $2.3 billion

Almalytk Mining

Copper, gold, silver and zinc reserves

2020 revenue $2.2 billion

JSC Uzmetkombinat

Leading iron & steel producer

2020 revenue $527 million

National Bank of Uzbekistan

Largest universal bank

Assets approximately $8.3 billion

Source: Bluestone Investment Bank


Volocopter: Pioneering Air Mobility and Shaping World’s Urban Skies with Electric Fleet

German start-up Volocopter pioneers sustainable air taxi and cargo solutions for urban communities.

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The German urban air mobility (UAM) firm is committed to providing multidimensional mobility in megacities around the globe. It combines electric vertical takeoff and landing (eVTOL) technology with a partnership approach to create safe, sustainable, scalable, and affordable air taxi services.

The company’s mission is to improve quality of life for city dwellers with a radically new form of transport. Volocopter is edging closer to the commercial launch of a seamless, fully integrated UAM system for urban skies. Full certification from the European Union Aviation Safety Agency (EASA) is imminent for all Volocopter’s air taxi solutions. That milestone will result in substantial commercial opportunities — and UAM services are likely to be launched in Paris and Singapore within two years.

As the world’s population grows, people increasingly flock to cities. Some come to live and work, others to pursue personal ambitions. One way or another, urban spaces labour under multiple strains: congested roads, overcrowded public transport, rising air pollution, and increasing disparity in quality of life.

Urban land is scarce, and an overhaul of existing under- and overground infrastructure is essential as megacities struggle to accommodate this persistent influx of people. By creating the dimension of verticality, Volocopter offers a safe, fully electric alternative that has the potential to take the pressure off existing travel and transport options. It addresses and embraces the trend towards sustainable mobility.

Product Line-up and UAM Ecosystem

Volocopter has created a trio of eVTOL aircraft to serve different urban missions. The two-seater VoloCity is its metropolitan air taxi, ferrying passengers over traffic-clogged streets and thoroughfares.

The VoloDrone is the VoloCity’s cargo-carrying equivalent, a heavy-duty drone capable of delivering goods within cities — or to more remote destinations.

Last, but certainly not least, is the VoloConnect: a four-seater air taxi with a 100 km range, unlocking fresh possibilities for urban and suburban transport.

All Volocopter craft are designed to meet the highest standards and safety ratings demanded by the EASA, which is equivalent to the certification process facing commercial airliners. The company is determined to secure safety certification from a globally recognised regulator — Volocopter craft will be flying above densely populated cities, after all. The VoloCity and VoloDrone are expected to launch in the next two years, while the VoloConnect is set to take to the skies in 2026.

In addition to the design, Volocopter will fly and operate the aircraft, covering the entire customer journey from bookings and vertiport operations through to flights. “To offer customers an exceptional service, we have created the VoloIQ, a digital network solution that will be the backbone for ensuring safe and efficient operations,” says CEO Florian Reuter. “It will connect customers, aircraft, and infrastructure. The VoloPort, the vertiport infrastructure, will cater specifically to urban settings. This holistic approach is what makes Volocopter unique — and puts it ahead of the pack.”

Public Acceptance and Potential Routes

To accelerate the adoption of UAM in cities, Volocopter has gone the extra mile to be transparent about its aircraft and commercial launch aspirations. Public awareness and acceptance play a vital role in the industry’s success, which is expected to become a multi-trillion-euro market by 2030.

“Since 2017, the company has conducted over 1,000 test flights with a prototype,” says Reuter. “That includes public flights and local displays of full-sized VoloCity models in major cities such as Dubai, Singapore, and Paris.

“This gives people the chance to see, hear, and familiarise themselves with the concept of UAMs, and how they will operate.” Test flights have been conducted in all three modes: piloted, uncrewed, and autonomous.

Volocopter has published detailed roadmaps on the reasoning behind its focus on intra-city travel, and how aircraft design is shaped by customer needs. There is full disclosure on aircraft safety, how redundancy measures are applied, and why certain metropolitan routes are best suited to UAMs. Volocopter recently announced the routes it will offer in Singapore, with cross-border flights to Malaysia and Indonesia planned.

“To gain public acceptance and map out flight plans, Volocopter must forge strong links with cities and organisations,” Reuter points out. “This way, it can promote its services at local level and spread the word about the benefits UAM offers.

“There is also a need to work with public infrastructure and communication system operators to set up a physical and digital network on the ground — well in advance of commencing operations.”

For Volocopter to literally take off and become commercially viable as soon as it receives EASA certification, it needs more than just a sleek fleet, the CEO admits. “That’s why we are offering an accompanying ecosystem that encompasses the VoloPort and VoloIQ, solutions that will help accelerate the evolution of the entire UAM universe.

“The company has built up strong working relationships with local authorities, including the Singaporean government, Aéroports de Paris, and Aeroporti di Roma.”

Funding and the Future of Volocopter

Volocopter has embraced the challenge of launching commercial services, with an accompanying UAM ecosystem, in a nascent industry. It is powering ahead by working closely with EASA to share technical details and the status of developments.

“It is also brokering deals with strategic global partners who have a wealth of experience in manufacturing, technology, and R&D,” says Reuter. “These partners operate at various levels and range from governments and city authorities to the automobile, aviation, transport, and finance sectors.”

Many of these partners are also equity investors, who have helped Volocopter to raise some €495m. Among them are global players such as the Mercedes-Benz Group, Geely, Tokyo Century, BlackRock, DB Schenker, and Intel Capital. Volocopter intends to go public once its corporate business strategy and market conditions align.


Water in the Desert: A Challenge that TANQIA has Taken to Heart

TANQIA, the UAE’s first privately owned wastewater collection and treatment utility, does not lack vision.

[caption id="attachment_22035" align="aligncenter" width="900"] Executive Chairman: Ibrahim Elwan[/caption]

The state-of-the-art wastewater collection and treatment system (WWCTS) in Fujairah strives to drive down costs, promote sustainability, and accommodate future demand with renewable energy.

Water supply across the Gulf Region depends on two sources: seawater, through desalination, and underground aquifers. Ground water declines and salinity is rising due to over-pumping and seawater ingress. The UAE’s supply relies predominately on desalination and the recharging of underground wells.

Recent UAE government policy calls for maximising recycled wastewater to substitute higher-value desalinated and underground water. TANQIA is a regulated utility, developed by the Elwan Group, with the mandate to design, finance, construct, operate, maintain, and expand the WWCTS to meet forecast demand.

The greenfield wastewater system was implemented in two phases. Construction commenced in 2005 commercial operation began in 2009. Phases I and II comprise two trains of 8,000 m3/day (2 x 8,000 m3/day) and 179 km of wastewater collection network (WWCN) with 29 pumping stations.

Since TANQIA began operations in 2009 at a 16-hectare site south of Qidfaa, north of Fujairah’s capital, the utility has blazed a trail as the Middle East’s first privately held WWCT utility. It has set industry benchmarks to drive down the cost of wastewater services and expand its treatment capacities.

[gallery columns="2" size="medium" link="file" ids="22039,22037,22038,22036"]

Highest Quality, Lowest Cost

Demand forecast for wastewater services in the 92 square kilometre concession area guides the utility’s investment strategy. Population growth projections predict average annual growth of 5.2 percent for the duration of the concession period. The actual rate of population growth has accelerated to about eight percent. There was also a sustained rise in per-capita water consumption, from 174 litres in 2002 to 379 litres in 2021.

TANQIA’s strategy is to gradually increase tariffs to meet operational and maintenance costs. The utility is an environmentally conscious firm whose emphasis is to extract valuable resources for “economic recycling” — an important element in cost reduction — with the smallest environmental footprint possible.

Strategy Targets Achieved

When GoF and TANQIA executed the concession area, the WWCN covered just 179 km; the network has since expanded to 546 km. The service-coverage ratio had increased to 87 percent of the population in the concession area by 2021. The remaining 13 percent remains unconnected because of government plans to use the area for a commercial city centre. Wastewater generated continues to be evacuated by Fujairah municipality for treatment. This strategy was implemented with the support of the government and municipality of Fujairah, and the government of Abu Dhabi

TANQIA is expanding its services to meet demand. The annual rate of population growth was forecast at five percent. Actual growth was nine percent during the execution of phases I and II, making the construction of Expansion I necessary.

TANQIA intensified its maintenance, concentrating on preventative replacement of critical components of wastewater treatment plant. As WWCN was to be financed by one-time, non-refundable connection charges for property owners, TANQIA broadened coverage to meet demand.

Revised Expansion I

TANQIA relied on Revised Expansion I investments to achieve sustainability and greater reliance on renewable energy, as well as the treatment of sludge for reuse. Phases I and II reduced the consumption of conventional energy. These measures reduced operation and maintenance costs. Sludge treatment generates revenues from surrounding industries.

The firefighting and fire alarm system of the WWTP and Revised Expansion I will be upgraded to comply with guidelines. Revised Expansion I will also entail works and fittings for the administration building, and the pipeline network to supply effluent to the Etihad Water and Electricity (EWE) distribution network through the effluent-balancing tank near the WWTP site. The balance will ensure unrestricted irrigation, in compliance with World Health Organisation standards.

The electromechanical (E&M) works in Revised Expansion I include the supply and erection of equipment for the four new trains, and the addition of two belt presses for sludge dewatering of the new Mohamed Bin Zaid (MBZ) city concession area. It will also provide a new pumping station for the balancing tank. Additional work entails the supply and erection of the polishing plant’s E&M to upgrade effluent quality.

[caption id="attachment_22040" align="aligncenter" width="582"] Graph 1: Total Annual Carbon Dioxide Savings [t/a][/caption]

Progress

Construction of Revised Expansion I is advanced, and the contract for civil and electromechanical works is 50 percent complete. Completion of Stage I is expected by the end of this year. Stage II, adding an extra 16,000 m3/day, is due for completion by July 31 next year. Revised Expansion I will increase ITC of WWTP from the 16,000 m3/d in place to 46,000 m3/d.

An Expanding Network

TANQIA’s greenfield WWTS comprised a wastewater treatment plant processing 16,000 m3/day, composed of two trains, 179 km of WWCN, and 29 pumping stations. This system provides services to 4,725 properties. The number of properties connected increased from 4,725 to 8,352 over the same period.

This represents 20,330 accounts connected to the WWCN, while the population served by TANQIA’s wastewater services increased from 37,187 to 124,300, an average annual increase of eight percent.

Peak wastewater generation for treatment reached 27,000 m3/d, despite the fact that the ITC had been at 16,000 m3/day since 2009 — and the deficit will persist until Revised Expansion I is completed. Analysis of water consumption data in the concession area shows that peak volume of wastewater generation increased at an average annual rate of 9.7 percent for 2002–2021, at about 27,000 m3/day in December 2021.

The unprecedented growth in water consumption and generation of wastewater requires urgent investment to increase the ITC of the WWTP, coupled with systematic and gradual adjustment in water and wastewater tariffs to encourage conservation and the introduction of water-saving devices.

TANQIA-SIYANA — a company fully-owned by the Elwan Group — operates the WWCTS, and has managed to maintain the increase in inflow of 27,000 m3/d through its intensive maintenance and replacement programme for the existing ITC of 16,000 m3/d. Shortage of ITC reduces the chances of generating effluent at the standards agreed upon under the concession agreement.

Integration and Circularity

The network connection will be created to provide wastewater services to Stage I of the new MBZ city, adding another 46.5km to completed internal WWCN. Construction of the pipeline network and MBZ pump station was completed in December 2018. The hydraulic, cost-effective strategy for connecting the city to TANQIA’s network required two pipelines, each 400mm in diameter and 11.25km in length.

TANQIA will provide 1.3 billion gallons of high-quality effluent for EWE, once the distribution network is completed. TANQIA makes a significant environmental contribution, substituting high-quality effluent for desalinated and underground water. Revised Expansion I of the WWCT System will produce tertiary treated effluent, suitable for restricted irrigation and industrial uses. For unrestricted irrigation and special industrial uses, the effluent will have to be further treated.

EWE’s effluent balance tank will include a distribution network to deliver water to MBZ city and farms in the northern area of the emirate. TANQIA insisted on having a polishing plant to make the effluent suitable for unrestricted irrigation. This decision was made by TANQIA following the recommendations and standards of the WHO, and supportive data on the experience of California regarding unrestricted irrigation.

[caption id="attachment_22041" align="aligncenter" width="585"] Table 1[/caption]

TANQIA Green Energy Projects

TANQIA explored several energy-efficient and green energy projects in conjunction with Revised Expansion I to boost sustainability and provide energy- and cost-saving opportunities.

TANQIA believes that utility-led innovation is key to enabling an era of sustainable wastewater. To foster a culture of innovation, TANQIA is articulating new values, investing in new processes, and seeking broad stakeholder engagement. The solar energy project about to be implemented in Fujairah is an example of its movement towards sustainability.

Solar Energy

TANQIA’s solar initiative is comprised of two stages. Stage 1 is a 422kWp rooftop solar PV system that is expected to cover more than 56 percent of annual building energy requirements. Stage 2 is a 6.17 MWp solar farm that is expected to cover 107 percent of average annual energy requirements of WWTP in its entirety. In other words, it covers 30 percent of WWTP’s energy requirements during the sunshine period, and allows for the generation of revenues by exchanging cheap power from the remaining 70 percent to other industries during off-peak periods.

Work on Stage 1 is expected to start by Q4 this year, and work on Stage 2 by Q2 2023. Once completed, the new additions are expected to deliver gains by reducing operational cost. TANQIA’s green energy project will reduce the carbon footprint by about 6,061 tonnes of CO2 each year. Such a reduction in greenhouse gases is equivalent to that of 1,543 cars driven for a full year, or those generated annually by the electricity consumption of 1,209 homes. This is a reduction in carbon footprint of 224,791 tonnes of carbon dioxide over 32 years — until 2052, the end of the concession period.

TANQIA’s dedication to the environment continues with the installation of the PV solar farm with a generating capacity of 24.7 MW. Electricity demand escalates in tandem with wastewater generation. The utility maintains its commitment to being environmentally friendly in all its operations, helping to fulfil the UAE’s obligations under the Paris Accord.

Treatment of Digested Sludge

The government of Fujairah agreed to dispose of sludge generated by the treatment process at designated landfill sites. Recently, however, an initiative by the UAE Minister of Infrastructure and Petroleum, his excellency Sohail Bin Mohamed Al Mazroui, called for sludge to be reused as fertilizer or as a substitute for fossil fuels in combustion processes.

Both disposal paths require further sludge treatment, involving a final drying process. Available technologies are being reviewed in terms of cost-benefit.

A further option would be sludge incineration, which would addresses the issue of trace substances of emerging concern (TSECs) — micropollutants such as heavy metals, microplastics, pharmaceuticals, and hormones. Dried sludge could be sold to cement and steel factories as a source of energy, substituting for fossil fuel sources.

UAE’s Commitment to the Paris Accord

TANQIA identified measures to reduce its environmental and carbon footprint well before ratification of the Paris Accord. Graph I provides an overview of the carbon dioxide savings already implemented, or scheduled for implementation.

Thirteen measures were identified for the reduction of CO2 emissions, some of them successfully implemented prior to ratification of the Paris Agreement. Others were implemented after ratification, and contribute to emission reductions.

By the end of 2020, a total of 52,879 tonnes of carbon dioxide had been saved. Measures identified as having the most important impact on TANQIA’s climate protection efforts are part of Revised Expansion I. By the end of 2052, 1.56 million tonnes of CO2 will have been saved.

TANQIA: A Polished Approach

TANQIA explores and pursues projects beyond the UAE’s borders. The conditions that TANQIA has insisted on is testament to the firm’s continued emphasis on quality, efficiency, and sustainability. This revolves around protection of the environment through pursual of least-cost as a priority, including efforts on a number of sustainability initiatives.

In projects across the Middle East and the Mediterranean countries of the EU, TANQIA has insisted that no effluent would be discharged into deserts, rivers, lakes and seas unless it had been treated up to the tertiary stage, and that it would be polished.

The polishing process targets viruses, bacteria, and parasites, and involves the removal of suspended solids, biological oxygen demand and other traces of pollutants that may be left after secondary treatment.

TANQIA’s principled approach provides opportunities for reuse of the polished effluent for economic purposes. The major impediment to Gulf Region countries achieving this goal is the price of water and wastewater services. Wastewater tariffs, as set by most Middle Eastern governments, are subsidised. There is scope for the economic reuse of polished tertiary treated effluent that complies with the most stringent standards.

TANQIA has been working on a solution that reduces the cost of polishing effluent, and the cost of treatment. This will require more data collection, examining the quality of output and energy use per gallon of water, to determine the commercial potential.


ICBC Dubai (DIFC) Branch: Innovate to Differentiate

Innovation is a key element written in ICBC’s core value - “integrity, humanity, prudence, innovation and excellence”. Awarded as the Most Innovative International Bank EMEA 2021 by CFI.co, ICBC Dubai (DIFC) Branch has always adhered to the culture of innovation and continuously innovated in major projects supporting local society’s development, its financial products and services serving real economy, new platforms of client engagement and cultural integration, etc. Through its continuous endeavours and stable development, ICBC Dubai (DIFC) Branch has developed into the leading Chinese bank in the region, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness.

[caption id="attachment_22046" align="aligncenter" width="1000"] Dubai: Gate Building[/caption]

ICBC Dubai (DIFC) Branch has continually innovated since its establishment in the region in 2008. Fully focused and committed, the bank has improved the lives of many along with bettering financial services through various aspects such as technology empowerment, accelerating digital transformation, and extending service connotations in a local and regional scale.

Innovation is an essential factor to build the banks vision of a world-class globally competitive modern financial enterprise that values excellent services to clients and also continuously contributes to society. That is why ICBC Dubai (DIFC) Branch continually looks for opportunities which help deliver its ambition to be a grand bridge connecting the region with China.

Not faltering in its commitment to the region during the global pandemic, ICBC Dubai (DIFC) Branch continued to work extensively with corporates and governments to support development in key areas such as infrastructure, power and water, as well as oil and gas. Regardless of industry, the firms who have rebounded more quickly from the global pandemic are those who have embraced innovation that relates to colleague engagement, client relationship building and digital transformation agendas.

The rescheduled Dubai Expo 2020 took place and China had one of the largest foreign pavilions with ICBC being the official partner for the site. ICBC was able to use the space to help showcase the banks story and highlight its many achievements at the “world’s largest show” that attracted the most visitors in history of the event. Using engaging videos and interactive activities, the bank was able to engage with dignitaries, businesses, residents and tourists that have come to visit the Expo 2020 site.

Recognising the importance of the Belt & Road Initiative and the rise of green finance, ICBC Dubai (DIFC) Branch was able to hold two large scale forums designed to share best practice across industries. The experience and agreements the bank has entered into, suggests that ICBC Dubai (DIFC) Branch and the industry will see increasing opportunities for new energy, clean energy transformation and wind power project financing.

ICBC Dubai (DIFC) Branch has also developed a ‘trinity’ approach for compliance, credit and liquidity. The bank focuses on the “management of personnel, assets, defence lines and bottom lines”, and continuously enhancing enterprise risk management based on the path of “active prevention, smart control and comprehensive management”.

Innovation can also be demonstrated in terms of the bank’s commitment to be a grand bridge between China and the Middle East and North Africa. On one side, it is about providing a pathway for Chinese-funded enterprises to grow their international business and ICBC Dubai (DIFC) Branch has certainly done this during challenging macro-economic times for those leading companies. ICBC Dubai (DIFC) Dubai has also seized local opportunities, working with leading regional companies to help them expand and run their businesses.

Clients have been supported with a broad range of value adding services such as supporting the financial needs of the UAE and wider region, providing a comprehensive international trade, overseas financing against domestic support, project finance, clearance and settlements, and bond issuance.

ICBC Dubai (DIFC) Branch believes that innovation is at its core value, therefore it constantly enhances its innovative capabilities, promotes financial, instrumental and business innovations, adopts transformative technologies and supports the economic development through reforms to inject new vitality into local and global development.

For more information, visit www.icbc-ltd.com


QNB ALAHLI: Covering All of a Country’s Financial Needs — but Never Losing that Personal Touch

QNB ALAHLI, established in April 1978, is the second-largest private bank in Egypt, and one of the country’s leading financial institutions.

[caption id="attachment_22049" align="aligncenter" width="900"] Chief Executive Officer and Board Member: Mohamed Bedeir[/caption]

The full-service bank is organised around several diversified business lines, serving corporate, individual, professional and SME clients through a range of products.

It has established subsidiaries in specialised fields: QNB ALAHLI Leasing (founded in 1997), QNB ALAHLI Life Insurance Company (established 2003), and QNB ALAHLI Factoring Company (2012). This diversification has perfectly positioned QNB ALAHLI to cover Egypt’s financial and banking needs.

“QNB ALAHLI is keen to employ its resources to support the economy by consistently expanding the financial services coverage and promoting financial inclusion,” says CEO Mohamed Bedeir.

The bank provides services to more than 1,300,000 clients, served by 6,900 banking professionals and dynamic teams supported by multinational platform with a network of 231 branches covering all the Egyptian governorates. An expansive network of 872 ATMs and 62,000 point-of-sale machines serve clients nationwide.

A customer-service call-centre operates around the clock, seven days a week. Great importance has been given to corporate social responsibility. The bank’s understanding of the interconnected relationship between societal development and organisational success has driven it to participate in charity projects in accordance with QNB group values, goals, and principles.

QNB ALAHLI has maintained its “major player” status in the domestic market, with sound asset quality and cost ratios. It has achieved impressive growth in loan and deposit portfolios, market share, and returns.

QNB ALAHLI provides dedicated products for corporate banking, financial advisory, project-, structured-, and trade financing, cash management, and foreign exchange. It has established strong bonds with its corporate customers, from midcaps and SMEs to multinational subsidiaries.

On the SME side, QNB ALAHLI’s unique business model, supported by dedicated business lines, offers specialised programmes and services for smaller enterprises, including consulting and financing. QNB ALAHLI was the first large bank to achieve its CBE target: 25 percent as per the Central Bank of Egypt definition.

When it comes to retail, QNB ALAHLI has capitalised on its leading position as a pioneer in the development and industrialisation of banking services. It has adapted a market segmentation approach to structure products to meet diverse requirements — with a personalised approach and innovative payment solutions.

“It’s worth mentioning that QNB ALAHLI won 15 awards for 2021,” notes the proud chief executive.


Infinity Asset Management Diversity and Strategy: Two Key Factors That Have Driven the Infinity Group to Success

It was 25 years ago, in São Paulo, Brazil, that Infinity Asset Management, and the Infinity Group, started as a brokerage firm.

[caption id="attachment_22052" align="aligncenter" width="900"] CEO: David Fernandez[/caption]

It became a licensed fund manager and investment company in 1999, and today prides itself on its tailor-made solutions. A lot of its flexibility, says CEO David Fernandez, is down to a strong and diverse team.

“We recruit a large spectrum of skilled individuals: professionals with extensive knowhow in the financial market,” he says. “We also develop young talent. Since the beginning of our journey, we have collected several awards with our fixed-income strategy, an important benefit for all kinds of investors seeking a diversified portfolio and steady and reliable returns.”

The Infinity Asset Management team seeks asymmetries in the domestic and offshore fixed-income markets, using liquid strategies: interest-rate markets and federal government bonds — “always seeking to preserve our investors´ capital”.

“We are specialists in the derivatives market (without leverage),” adds Fernandez, “and we don´t use debt strategies in our portfolios.”

The firm took action during the pandemic’s upheaval, bringing in new professionals to compose a high-performance, cross-functional team. Throughout its 25 years, the Infinity Group has achieved impressive performances thanks to its resilience and consistent management strategies.

The company policy is one of partnership, providing opportunities for employees through meritocracy and preserving professional talents. “This reinforces the commitment to securing the interests of clients and the success of the business,” Fernandez believes.

Investment committees, monthly newsletters, and weekly economic reports drive the investment process at Infinity Asset Management, with periodic media updates and a tireless drive to decipher the challenges of the world. Cutting-edge research practices validate and execute the firm’s investment principles.

“ESG criteria have become the core of our strategy, so we are in the process of launching our first ESG fund, focusing on carbon-offsets land, reforestation, clean energy projects, water recovery and treatment.

“We have, and share, a commitment for excellence. We do our utmost to answer the most intricate questions in investment strategy, management, and corporate philosophy.”

Investment strategies include fixed income, equities, and hedge funds. Infinity Asset Management takes a top-down approach to balance diversification across its funds. “In addition to the management of liquid funds, we create tailor-made equity structures for organisational and fiscal optimisation, succession planning, governance and asset security.”

Despite recent market instability, Infinity’s results speak for themselves: a two-year return from three of its fixed-income funds. “We enable the achievement and refinement of the financial life goals our clients,” says Fernandez.


Gavin Christensen: Shared Values at Kickstart Management

Seed-stage venture capital firm Kickstart, founded by Gavin Christensen, started life in the 2008 recession — and has to date raised more than $345m in follow-on capital. It boasts a portfolio of 100+ active companies, has $148m in capital under management.

Kickstart has also placed some 400 employees at 90 Utah businesses — and people are important in this US company; founder and managing partner Gavin Christensen describes them as the Kickstart secret sauce. The use of first names emphasises the close-knit nature of the firm, committed to acting on shared core values.

Founder Gavin Christensen

Gavin Christensen is the founding visionary at Kickstart Seed Fund. In 2008, he recognised the need for leadership and seed-stage capital in the region He launched Kickstart to fill this gap. Starting such an enterprise away from the coasts, and in the midst of the Great Recession was not easy.

But challenge can bring benefit, and setting up the business has given Gavin Christensen a deep understanding of what it’s like to pursue a vision for the future that few others share. Yet.

His guidance to founders is borne of first-hand experience and a desire to build not just a fund, but an entire ecosystem. Kickstart is now the most active investor in Utah and has expanded to the rest of the Mountain West.

Before Kickstart, Gavin Christensen was an analyst, associate, and principal at vSpring Capital (now Signal Peak). Away from his desk, Gavin Christensen can be found spending time with his family, multitasking while riding his Onewheel electric skateboard, fine-tuning his VR gaming skills, and playing tennis.

Curt

Curt is a consultant-turned-CEO-turned-Nike exec. This wealth of experience makes him a tremendous resource to the Kickstart portfolio in the areas of executive leadership, strategy, and executive coaching.

“Supporting others in their growth, development, and success is the most gratifying thing in life,” he says. He has ample opportunity to achieve this — he sits on the boards of 14 companies. As an investor, his focus is on healthcare, health tech, consumerism, the gig economy, and marketplace companies.

Curt earned his MBA with honours from Harvard Business School and his BA in Economics from Weber State University, where he graduated summa cum laude. Curt is crazy about cycling, skiing, photography, and collecting rare and antiquarian books.

Dalton

Dalton is “a technological optimist” who loves his role in venture capital. He gets to meet and support a wide array of extraordinarily talented entrepreneurs.

Dalton’s roots with Kickstart go back to the very beginning, when he helped to launch the fund. He later performed a similar role at Kickstart’s student-run Campus Founders Fund (CFF). Dalton also assisted in founding Mexico’s first early-stage tech fund.

He earned his MBA from The Wharton School, his MA in International Studies from the Lauder Institute, University of Pennsylvania, and his BA in Finance from the University of Utah, where he graduated summa cum laude. He is a member of the Kauffman Fellows Society, and his superpower is his openness to new ideas, people and possibilities. “I wish I could live far into the future to see what we are building,” he muses.

Alex

Alex runs all things finance: reporting, cash management, budgeting, and the structuring of transactions from an administrative and accounting perspective to ensure compliance with limited partnership agreements.

He loves working with entrepreneurs, helping with diligence on a new company, and leading deals. Alex is CPA-licensed and earned his Masters of Professional Accountancy and BS in Accounting from the University of Utah.

When not ensuring the seamless administration of the fund, he loves playing with his twin boys, attending his daughter’s dance concerts, and enjoying a good show with his wife.


Kickstart Seed Fund: From Recession to Co-operation

Kickstart Seed Fund was founded in 2008. Yes, 2008 — and despite the recession, the company closed its first fund of $8m.

The seed-stage venture capital firm is based in Salt Lake City, Utah, and, as the name implies, its mission is to get the best companies in Utah and the Mountain West up and running. It provides smart capital and expert guidance within a connected community.

Since raising that first fund in 2008, Kickstart has invested in 60 companies. With the support of local universities, angel investors, entrepreneurs, and venture capital funds, Kickstart Seed Fund first focused on investing in promising and scrappy entrepreneurs.

Years of diligence paid off, and today, Kickstart has raised more than $345m in follow-on capital. It boasts a portfolio of 100+ active companies, has $148m in capital under management. Kickstart has also placed some 400 employees at 90 Utah businesses.

Because Kickstart Seed Fund was the first seed fund in Utah, the company knows what it’s like to be a pioneer, starting something before others understand the vision. That has made the firm willing to lead investments in promising teams. The team has the expertise and experience to grow start-ups and recruit top talent. “We work alongside their community of visionaries that are committed to moving the whole ecosystem together,” says founder and managing partner Gavin Christensen. “It’s the network effect at its full potential.”

Raising venture capital is more than swapping shares for money; it’s inviting the right investors to complement your team. The goal? To support the best entrepreneurs in the wild west and provide expert connections for hyper-growth companies. The partnership between Kickstart and early-stage companies in Utah has contributed to unprecedented economic growth for the state.

Kickstart Seed Fund's success in identifying the best and brightest entrepreneurs is evident in its portfolio. Since 2008, the company has invested in some of Utah’s most recognisable brands, including Podium, Stance, Lucid, and Cotopaxi. As an entrepreneur's partner from start-up to launch, many of the founders from earlier funds have returned to become investors in subsequent funds.

Kickstart Seed Fund's Portfolio

Today, Kickstart’s portfolio is made up of 150+ active portfolio companies, with $311m in assets under management, and $2.7bn total capital raised.

Traditionally, venture capital firms add value primarily through capital and one-on-one interactions such as board meetings. Kickstart Seed Fund goes beyond this.

Through a community platform called Kickstart Collective, Kickstart Seed Fund shares knowledge across its networks to portfolio companies with events, resources, and connections. In partnership with entrepreneurs, Kickstart’s podcast, Perfect Pitch, offers a glimpse into the minds of investors and entrepreneurs, throughout a start-up journey.

It offers a concise, quick and tactical guide to help listeners through their daily challenges. Through the community platform, Kickstart believes that companies learn best from one other, and strives to form deep connections across the Kickstart family.

Kickstart’s secret sauce is its team, and the shared core values they are committed to meet each day.

1. All in. “We believe in aligned, focused, persistent effort over time,” says Christensen. “Success in seed ventures doesn't happen overnight. When we invest in a company we are also investing in the founders and partnering-up for the journey. Usually, there will be bumps and setbacks along the way. We are patient and supportive as companies navigate their way to success.”

2. Collaboration. “We win as a team,” stresses Christensen. “We hire and invest in the best, and need each other to be our best. It doesn’t matter if the spotlight is on us or not, we each have an important role. We work together through the good times and hard times.”

3. Integrity. “We choose to behave ethically and with professionalism. We play a long-term game because we know it's the right thing to do and good for business.”

4. Humility. “It's not all about us. Regardless of our success, we serve entrepreneurs and invest other people’s money.”

5. Curiosity. Kickstart has a voracious appetite for learning — “about technology, the world, and ourselves”. As technology, industries, political environments and the world change, “we keep learning so we can be our best and back the best”.

6. Responsibility. “We are helping to build an ecosystem as well as a fund,” says Christensen. “If not us, then who?”

7. Courage. “We value results over comfort. In seeking for the outlier, we recognise that failure is part of the price.”

8. Fun. “We enjoy the journey and the struggle of building something special with humour and gratitude.”

In addition to its main fund, Kickstart has the student-run Campus Founders Fund. It consists of eight venture partners and two scouts investing in 11 universities in Utah, Colorado, New Mexico, and Arizona. The student venture partners meet with student-run companies seeking funding.

“The Campus Founders Team spends time conducting due diligence on these companies,” says Christensen, “and invest in the best.” Many Campus Founders Fund-backed companies go on to be successful companies backed by Kickstart Seed Fund, Simple Citizen, Pura, Blerp, Hallo, Recyclops, and Campfire among them.

For more information, visit kickstartfund.com


Setting the Standard for  Sustainability and  Advancing the ESG Agenda

AccountAbility is an expert Sustainability / ESG consulting and standards firm that provides objective counsel to CEOs and boards on how to improve their business performance. The firm has a centred purpose – to innovate and advance the global Sustainability / ESG agenda by improving the practices, performance, and impact of organisations – and works globally with businesses, investors, governments, and multilateral organisations on ESG matters out of its offices in New York, London, Dubai, and Riyadh.

“We focus on delivering practical, effective, and enduring results that enable our clients to succeed,” says AccountAbility CEO, Sunil (Sunny) Misser.

Formed in 1995 in London, UK, as The Institute for Ethical and Social Accountability for England and Wales – an international professional body committed to strengthening social responsibility and ethical behaviour of the business community and non-profit organisations. AccountAbility was one of the earliest thought leaders to focus on pioneering Sustainability and ESG thinking and practice over 25 years ago. The questions that increasingly dominate headlines, CEO agendas, boardrooms, and proxy battles today: Materiality, Inclusivity, Responsiveness, and Impact are, in fact, the four foundational AccountAbility Principles that serve as the backbone of the firm’s AA1000 Series of Standards and Advisory Services.

Driven by the foresight to fill a gap in the market that he had identified – as the “One-Stop Shop for all things Sustainability”, Misser joined in 2010 with 14 years of experience as a Global Managing Partner and Chief Strategy Officer with PricewaterhouseCoopers and a mission to recalibrate AccountAbility’s direction to focus on market relevance and profitable growth, underpinned by a “client-first” culture.

"The AccountAbility team had the competencies and expertise to spot areas of opportunity we did not even know existed to further align our organisation toward achieving our collective sustainability goals."

- ESG Strategy and Reporting Team Lead, Saudi Aramco

“After multiple years of consulting in Financial Services, Oil and Gas, and Investment Banking, I had finally decided to atone for my sins,” jokes Misser, who built and grew PwC’s sustainability practice and has elevated AccountAbility’s legacy of sustainability thought leadership to the premier echelon of “white shoe” client service with the practical ESG content knowledge, business acumen, and industry experience that the market needs. “In my 30 years in the consulting business, the awareness of Sustainability / ESG matters (risks and returns) in the C-Suite has never been higher.”

AccountAbility’s Advisory and Standards Boards have also transformed to reflect the stakeholders that are now driving the ESG Agenda, including the likes of former “Fortune 50 CEOs”, Top Regulators & Standards Setters, and G7 Ministerial Heads.

In today’s rapidly shifting landscape of frameworks and standards, AccountAbility’s AA1000 Series of Standards have remained uniquely accessible, easy-to-use, and adaptable for organisations of any type, industry, geography, size, or maturity level. They are made freely available as a public good and are reviewed and updated regularly in consultation with thousands of international stakeholders to maintain rigor, relevance and usefulness.

The AA1000 Assurance Standard (now v3) is the oldest standard for the assurance of non-financial information and is used by assurance providers globally. The AA1000 Stakeholder Engagement Standard (most recently revised in 2015) is the most widely used framework for guiding inclusive and meaningful stakeholder engagement.

The World Economic Forum (WEF) recognises AccountAbility as a “Framework Developer” within the ESG Ecosystem, which speaks to the company’s principles-based approach not only in the design of its Standards, which stand out amongst highly technical and compliance-driven peers, but also in its Advisory Services, which have earned the firm accolades, including top-five placement in the annual Financial Times rankings of Leading Management Consultants for five consecutive years (2018-2022) and our very own “Best ESG Strategy Development Partner – Global 2021” Award.

Misser credits the firm’s success to its clients and people, who are fundamental to AccountAbility’s “Client-People-Firm” philosophy. He firmly believes that clients are “the epicentre of the firm’s existence. We measure our success in terms of our impact on the performance of our clients, people, and the firm,” he says, “and if you focus on your clients and your people, the rest will follow.”

"We find significant value in having our organisation's sustainability performance data centralised in AccountAbility's capable hands, where the knowledge transfer is seamless, and the support we receive is consistent and reliable."

- Sustainability Officer, The International Monetary Fund (IMF)

Inspired by their CEO, who actively engages with his clients and people on everything from debating the latest market developments to sharing jokes and exchanging his doggie photos (AA is an “animal friendly” workplace), the AccountAbility team exudes a contagious spirit of collaboration, dedication, and excitement for their work, which they take very seriously, showing up at their offices or, better yet, at their client sites – ready to deliver work for clients with whom they have built genuine, trusted, and long-lasting relationships.

AccountAbility’s high bar for new joiners means nearly everyone at the firm holds a graduate degree in sustainability or a related business field, with experience in a technical discipline or a proven track record in Management Consulting. Peter Mulcahy, a Senior Manager in Advisory Services says he “left Ernst & Young’s Financial Services Business Consulting practice after 7 years, in search for a career with more personal meaning, a client impact, and professional growth opportunities. AccountAbility provides exactly that as a focused, quickly growing company that serves some of the best and biggest clients in the world.”

“I feel extremely fortunate to have built my career at AccountAbility,” says Daniel (Sherpa) Metzger, who joined from JPMorgan Chase with a master’s degree from Columbia University in Sustainability Management as an Associate in 2015 and now serves as an Associate Director and the firm’s Head of Middle East & Asia. “A day in the life of an AccountAbility consultant is not an easy one – the standards are high, a growing firm has growing demands, and, above all, the Client always comes first. AccountAbility is a place with tremendous opportunities for driven professionals, where hard work, dedication, and performance are rewarded, and good people are deeply appreciated.”

The company is on track to more than double in size in the coming year and extend its geographic focus beyond North America, Europe, and the Middle East, with the opening of a new office in Seoul, South Korea to serve Asian clients. The firm is also presently in the process of transitioning to become a Public Benefit Corporation (“PBC”), that will provide greater flexibility and benefits previously unavailable under the not-for-profit structure, without compromising the integrity of their mission, which will be further enhanced through partnerships, growth, and access to capital.

“ESG is an idea whose time has come,” says Sunil Misser, though it seems the same is true for AccountAbility, whose legacy of contribution to the industry and fortified focus on client service have laid the foundation for a brighter future ahead. i

For more information, visit their website, follow them at @AAInsights, or contact their team at communications@accountability.org.


GoldenTree's Steven Tananbaum - Governance and Experience: Winning Combination for Any Investment Firm

Asset management firm GoldenTree understands that — and its governance structure has been key to two decades of sustained success.

[caption id="attachment_22067" align="aligncenter" width="900"] Founding Partner & CIO: Steven Tananbaum[/caption]

GoldenTree, founded in 2000 by Steven Tananbaum, is one of the largest independent asset managers focused on credit.

The employee-owned firm manages nearly $47bn for institutional leading public and corporate pensions, endowments, foundations, insurance companies and sovereign wealth funds. Its 250 employees, speaking 25 languages, are spread across offices in New York, West Palm Beach, Charlotte, London, Singapore, Sydney, Tokyo and Dublin.

GoldenTree specialises in global credit markets. It has 24 partners and deep employee commitment to the strategies that have created a perfect alignment of investment interests.

Governance at GoldenTree is exemplified by its executive committee, comprised of eight partners from across the firm. They have worked together for an average of 15 years and meet regularly to formulate business strategy, discuss corporate governance, and review key areas of business from a management company and fund perspective.

GoldenTree specialises in opportunities across the credit universe: high-yield bonds, leveraged loans, distressed debt, structured products, emerging markets, private equity, private credit and credit-themed equities.

GoldenTree by the Numbers

In 2000, GoldenTree was founded on the principles of fundamental value-investing — with a focus on a margin of safety and a “total return” approach. The investment process has been successfully executed across market cycles for two decades.

GoldenTree expanded its global footprint with the opening of its European office in 2005. Over the past decade, it has gained recognition and respect in the European credit markets, with local expertise in corporate credit, structured products, trading, restructuring, sourcing, and business development.

GoldenTree has expertise across corporate, structured, distressed, private credit and emerging markets, enabling the Firm to analyse a broad universe of opportunities.

As GoldenTree is owned by its employees, there is a clear path to partnership, and promotion from within. This culture enables the firm to attract and retain some of the world’s most talented investment and business professionals. GoldenTree has one of the most experienced investment teams in the industry, led by an executive committee with 29 years of experience.

Solutions

GoldenTree provides solutions to investors and offers customised accounts with individualised return profiles. It has been investing globally since its inception, and is established a presence in Europe’s financial world.

GoldenTree is supported by a diverse capital base of institutional investors — a base that is growing, thanks to consistent performance. The primary focus is on institutional clients, who make up more than 90 percent of the firm’s AUM. Its largest investor categories are public and corporate pensions, which collectively amount to over half the AUM total.

GoldenTree’s investments are designed to preserve and grow investors’ capital with a value-based approach. With a challenging environment ahead, as the world responds to the coronavirus pandemic, GoldenTree’s dedication to its investors and employees is paramount. GoldenTree’s breadth and depth of expertise, strong governance structure and adherence to core principles allow the Firm to navigate market cycles and deliver attractive results.


How Do You Define the Metaverse?

Bashar Kilani, managing director at Dubai-based Accenture, gives CFI.co readers the low-down on the hi-tech trends that enable organisations to build a digital core.

[caption id="attachment_22095" align="aligncenter" width="900"] Managing Director @ Accenture | Digital Economy Advocate: Bashar Kilani[/caption]

Significant cultural shifts tend to start in a place — such as Renaissance Florence, Vienna in the 1900s, and the Swinging Sixties in London. The location for the next one, in my view, is the metaverse.

It will affect how people experience art, music, movies, and brands that are part of the phenomenon. We can’t predict exactly what shape it will take, but we know it’s coming. We see the metaverse as a continuum that spans the spectrum of digitally enhanced worlds, realities and models. It applies across all aspects of business, across the entire enterprise, from reality to virtual, 2D to 3D, from cloud and AI to extended reality, blockchain, digital twins, edge technologies, and beyond.

As the next internet evolution, the metaverse will be a continuum of rapidly emerging capabilities, use-cases, technologies, and experiences. As it evolves, we must ensure that it is developed with responsibility at the core. From the ownership of data to inclusion and diversity, sustainability, security, and personal safety.

There is mass adoption of the metaverse in the gaming community, while others are experiencing it in different ways. For some, the metaverse is a new place to make money. The definition of the “creator economy” is expanding to encompass types of future employment: “creators” will make assets; “performers” will create real-time content; “bridgers” will connect the physical and digital worlds. “Participants” will learn, explore, and enhance; “builders” will design and organise experiences; the community will help to attract and engage.

The metaverse will transform how businesses interact with customers, how work is done, what products and services companies offer, how they are made and distributed, and how organisations operate. Welcome to the Metaverse Continuum — a spectrum of digitally enhanced worlds, realities and business models poised to revolutionise life and enterprise in the next decade.

What is the role of the metaverse in Web3? We can see the hype and promise, but can we see active user numbers in reality? And prolonged use — not just to check it out, but to stay in it?

The metaverse is an evolution of the internet that enables us to move beyond browsing to inhabiting, participating in a shared experience that spans the spectrum of our real world to the fully virtual. The internet as we know it evolved in phases; from Internet of Data, with search engines, to the Internet of People, with social media, to today’s Internet of Things, with sensors and mobile devices that allow us to hail a ride, request delivery or create digital twins…

Web3 refers to emerging initiatives that are leveraging technologies such as blockchain and tokens to build a more distributed data layer combined with VR and XR capabilities. We’re now talking about the Internet of Places and the Internet of Ownership interoperability.

There’s bridge-building work to be done. How do digital assets with different designs transfer across platforms? There’s a need for standards and uniformity. We can expect a period of questioning, learning, and experimenting. Any brand or content creator wanting to operate in the metaverse must be ready for trial and error, with a focus on the end-user’s experience.

Is it all hype? Well, the technology has been there for years. We’ve all experienced VR and XR in games and virtual platforms such as Second Life. Blockchain technology has been around for some time, and we’ve seen massive fluctuation in the valuation of digital assets and the fast adaption of Non-Fungible Tokens (NFTs). Tokenisation has enabled customers to collect, experience and co-create digital goods and services that enhance gaming and social interactions. As in the physical world, companies should expect holistic regulation: who can operate in what capacity, and how. Dubai was the first to adopt law to regulate digital assets in March 2022. Dubai adopts first law regulating virtual assets (thenationalnews.com)

So, what’s new? The metaverse gained traction during the pandemic — an event that made life exponentially more digital. What we cannot know is how it will evolve. It will require a truly competitive vision; what will these future worlds look like, and what will an enterprise need to succeed? Technology points us in the right direction, but the rest is up to us. The internet is being reimagined as metaverse, and Web3 efforts transform the underpinning and operation of the virtual world.

What are the business applications and industry verticals, other than gaming? What are the advantages and the future possibilities?

Some businesses have adopted future-forward mindsets, creating the building blocks that will become the Metaverse Continuum. A new generation of technology leaders was forged in the Covid-19 crisis.

At Accenture, during the pandemic, we had to come up with an innovative approach to on-board and train new joiners. Our One Accenture Park is a shared virtual space that enables immersive experiences, interactive showcases and hands-on demonstrations for new joiners.

Teams experienced metaphorical interactive experiences, such as “climbing” a leadership mountain or visiting the skills fountain to “collect” skills coins. The One Accenture Park experience was extended to include client meetings, internal meetings and townhalls — in addition to experiences applicable to the workforce of the future across a set of digital twins for Accenture offices around the world. The Metaverse is clearly shaping how we work.

Customer experience and engagement will be key to attracting people into the metaverse. Brand owners will establish their own spaces, or look to Big Tech to create “metaverse-as-a-service” platforms. These spaces will probably evolve into more neutral spaces, where subtle and sophisticated interactions can take place in ways that are fluid and free-form.

Dubai provides another example for improving and developing government services. Government entities will transition to become proactive digital services, contributing to optimum quality in digital service provision and developing a secure digital environment for data protection, information systems, and communication networks. Emirates News Agency - Executive Council of Dubai approves ‘Services 360’ to improve and develop government services (wam.ae)

Designers, digital product developers, creatives and techies will play a central role in virtual world-building and content placement, as everything is 3D-based. Development methods used in gaming will become mainstream as more 3D experiences come online: play-testing, for example, where gamers give feedback before a game is launched to the wider public. Connected workers enable the field force to tap into expertise and banks of knowledge to capture and log data — instantly, and hands-free.

We have seen a new set of products digitally created and distributed — fashion, digital clothing and accessories, digital arts and collectables, music and entertainment assets. Creators and artists are minting digital items of value, such as videos, music, event tickets and NFTs. An NFT is a binding agreement between creator and customer — it’s an asset with the potential to increase in value. This creates scarcity and builds desirability into digital items.

The metaverse is less about a fantasy world of unicorns and dragons, and more about an opportunity to escape from physical limits to spend time in a virtual space that’s an extension of real life. In the metaverse, people make themselves part of something in real time.

The value of new virtual worlds would be capped if not for parallel changes to anchor them in the physical one. The metaverse provides a programmable world that tracks how technology is threaded through physical environments in increasingly sophisticated ways. It projects how the convergence of 5G, ambient computing, augmented reality, smart materials and more are paving the way for businesses. As technology becomes part of the fabric of our world, it allows us to treat our environment more like technology — unlocking an unprecedented fidelity of control, automation, and personalisation.

Organisations will find themselves on the front lines of establishing trust and defining the human experience in these new places. Considerations and concerns around privacy, bias, fairness, and human impact are becoming more acute as the line between physical and digital lives blurs. Leaders in this space will shoulder the mantle of building a responsible metaverse, and the actions and choices they make will set the standards for all that follow.

It’s hard to talk about what’s next without talking about ethics. The harm caused by the current internet experience is plain to see; organisations should do better in the next iteration, with more transparency. It will be critical to learn from previous mistakes. Unintended tech consequences are impacting humanity, and openness about that impact must be part of building trust in the metaverse — particularly around behaviour, sustainability, and accessibility. As brands seek to capitalise on the opportunities, we encourage open debate around the ethics relating to who people are, and what they do.

Our Accenture Metaverse business group brings hundreds of skilled professionals and market leading capabilities into one group dedicated to designing, executing and accelerating metaverse journeys through various engagement models.

We help clients ascend the complex learning curve at our Metaverse Continuum Studios on immersive experiences to explore functional and industry use-cases, and design a responsible approach.

Through creativity, technology, and industry experience, we work with clients to prioritise opportunities and strategies for business transformation

We design, build and operate metaverse capabilities including world-building and engagement, content management, marketplace development, digital twins, trust and safety — plus ecosystem and community development.

About the Author

Bashar Kilani is Managing Director at Accenture based in Dubai and a member of the Growth Markets leadership team focusing on Digital Economy market making trends that accelerate growth, transform operations, and enable organizations to build their digital core.

Twitter: @basharkilani | LinkedIn: www.linkedin.com/in/basharkilani