José Soares dos Santos outside the Lisbon Oceanarium

Through his Oceano Azul Foundation and game-changing Oceanário de Lisboa, Portuguese business leader and activist José Soares dos Santos is one of the foremost forces in Europe driving ocean conservation. LUX meets him to find out how he inspires politicians and his fellow philanthropists, business leaders and scientists to create a more sustainable future. By Andrew Saunders

DEUTSCHE BANK WEALTH MANAGEMENT x LUX

We have a responsibility to look after the oceans better, because the oceans look after us. That, in a nutshell, is the reason marine biologist and lifelong ocean-conservation activist José Soares dos Santos established the Oceano Azul Foundation in Lisbon, aiming to look at sustainability “from the ocean’s point of view”, as the foundation’s motto has it.

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Whether it is the huge volumes of plastic that threaten marine life of all kinds, unsustainable fishing or the dangers of climate change-related ocean warming and acidification, dos Santos believes the marine environment is under pressure like never before. However, the crisis does not get the international attention and action that it deserves; it is time for businesses, investors, society and science to get together and spread the word.

“The fact is that the planet is a system, and if we don’t take care of the system there will be no businesses, no families and no proper life as we know it,” he says. “This is a responsibility we have and we had better do something about it.”

The central aquarium at Lisbon Oceanarium. Image by Pedro Pina

As executive director of one of Portugal’s largest and most successful business groups – whose Jerónimo Martins food distribution and retail business, chaired by his brother Pedro Soares dos Santos, had approximately €19bn in sales in 2019, with 115,000 employees and more than 4,400 stores – he used his commercial nous and network plus his marine biology training to bring together a group of experts, academics and businesses in 2014 to set up the Oceano Azul Foundation.

Read more: OceanX founders Ray & Mark Dalio on ocean awareness

“Together with my brother, we are at the head of our family group. We are the fourth generation of a very hard-working family,” dos Santos explains.“We have capital to deploy and we can call in interesting people with very good information. We have the means, and we also believe that we have the obligation to act.”

Why focus on the ocean? Portugal does of course have a long and illustrious maritime heritage, but dos Santos is motivated by his concern that the public lacks an awareness of the vital role that oceans play in sustaining life on earth. Even though the oceans cover 70 per cent of the world’s surface, the threats they are facing are poorly understood outside the scientific community. “We are talking about the oceans because there is a lot of curiosity about them. People often ask me questions about the oceans, but I am extremely surprised how little people know about them.”

King Philippe of Belgium and Queen Mathilde at the Oceanarium during their official visit to Portugal, 2018. Image by João Maria Catarino

Dos Santos points out that the oceans are not only home to 15 per cent of all known living species, but also produce over half of all the world’s oxygen, and, in the long term, has the capacity to absorb 50 times more carbon dioxide than the atmosphere. They also act as a massive heat sink to slow down the impact of global warming. They are an important source of food, resources and jobs – the OECD estimates that the blue economy could be worth $3 trillion by 2030, double its 2010 value. Human beings may live on land, but we are highly dependent on healthy, productive and sustainable oceans to enable us to do so.

Hence the foundation’s successful initiative, RISE UP – A Blue Call to Action. This is a joint initiative involving everyone from local fishing communities, foundations, indigenous people’s organisations and conservation groups, such as Ocean Unite and Environmental Defense Fund. Its campaign agenda was launched in May 2019 and presented to UN Secretary General António Guterres in February this year.

José Soares dos Santos announcing the donation of nautical equipment to the Portuguese National School Sports network by the Oceano Azul Foundation, 2019

Dos Santos was determined that the Oceano Azul Foundation would not be just another politically motivated pressure group pursuing its own narrow agenda, but instead a collaborative platform uniting marine conservationists, science, academia, business and society, as the collaborative and partnership-based RISE UP campaign, with over 400 organisations signed on in support. “We must keep science inside the foundation,” he says, “because we are not politicians and we cannot drift into politics. If we do that, we will be exactly the same as many other foundations and pressure groups. The world needs something different, not just another one of those.”

In particular, his view on the primacy of business and private investment in building a strong and self-sufficient culture of ocean stewardship marks out the Oceano Azul approach to sustainability as something out of the ordinary. “Our philosophy is not to donate money but to invest it. We believe that it is very important to take care of the planet but that we shouldn’t just give all that responsibility to the government.” He continues, “I find it very hypocritical when people say it is up to the government to change things. No! We elect the government, and we should say what we want.”

Read more: Nadezda Foundation’s Nadya Abela on running a children’s charity

Oceano Azul has also teamed up with the Calouste Gulbenkian Foundation to develop the Blue Bio Value business programme, an accelerator scheme to help new and sustainable blue-economy business ideas to grow faster and more effectively. A vibrant blue economy provides jobs and generates returns that can in turn be used to protect the ocean environment. “We believe in investing to create jobs, create value and to create social value,” he points out.

The programme, now in its third year, helps innovative marine biology-based businesses to scale up. Applicants undergo a rigorous due-diligence process that can lead to a prize corresponding to €45,000 awarded to the best start-up or start-ups, as well as access to coaching and mentoring services and valuable business networking opportunities. So far, 28 businesses from 15 countries have benefitted from the programme, ranging from Biosolvit, a specialist in offshore clean-up materials made from discarded biomass, to sustainable aquaculture engineering start-up SEAentia.

The Lisbon Oceanarium studies vulnerable and endangered ocean-dwelling species, including birds such as this Atlantic puffin. Image by Pedro Pina

At the heart of dos Santos’s mission to provide better information and education about the role of the ocean in maintaining a healthy planet lies the Oceanário de Lisboa. The newly refurbished facility is the largest indoor oceanarium in Europe and one of the city’s major attractions. Home to large collections of marine life, it had 1.4 million visitors in 2019.

“The Oceanário de Lisboa is at the heart of what we do,” he explains. “People go there and the effect on them is fantastic. They can see that below the surface of the water, the ocean is a place full of life that we have a responsibility to protect.”

Read more: British artist Petroc Sesti on his nature-inspired artworks

When he is not chairing the Oceano Azul Foundation, dos Santos is heavily involved in the family business. It’s no surprise that he is a staunch advocate of the ability of business owners to move the dial on ocean sustainability. “Business owners can change this,” he says. “I am a great believer in owners because they have a longer term perspective than financial markets.” He is at pains to point out that while he fully appreciates the importance of the financial markets, he is also aware that the long-term view required for sustainability can be at odds with short-term market expectations of publicly owned companies. “You need courage to do this; it’s not always good for your short-term share price,” he says.

José Soares dos Santos with the UN Secretary-General António Guterres at the opening of an exhibition at the Oceanarium, 2020. Image by Pedro Pina

As an example, he cites his family’s decision to remove all plastic from its businesses’ supply chains. “This is a huge transformation. It will cost a lot and take many years.” A publicly owned firm would struggle not only with the complexities of executing such a decision, but also with shareholders and hedge funds that prioritise short-term profitability. Consequently, such businesses may want to do the right thing, but be unable to follow through, he says.

By contrast, successful privately held family businesses are often built on long-term investment strategies. They appreciate the win-win of sustainable investing, but in turn often lack good quality information about what to invest in. This, too, is where the Oceano Azul Foundation has a role to play. “When we talk to owners, we can see they are worried. But they often do not know what to do. This is the bridge we have to cross – I can go out there and explain the issue, but I also have to provide the instruments.”

Read more: Marine biologist Douglas McCauley on environmental philanthropy

Creating the right framework for sustainable blue economy investment is thus crucial, he says, and the Oceano Azul Foundation’s Blue Azores programme is a model for how this can be achieved. The Azores, an autonomous region of Portugal, is an Atlantic archipelago that is home to some highly diverse and under-pressure marine environments and ecosystems. In partnership with the Regional Government of the Azores and Waitt Foundation, the Foundation has run two scientific research expeditions, the result of which was the February 2019 signing of a memorandum of understanding for both the conservation of those environments and the sustainable development of resources and fisheries within the area.

As a result of the memorandum, 15 per cent of the Azores Exclusive Economic Zone will be designated as marine fully protected areas, with comprehensive plans for the sustainable development of resources and fisheries within the zone – in line with the UN’s 2030 sustainable development goals, among others – to follow.

The Oceanarium building, designed by Peter Chermayeff in 1998. Image by Pedro Pina

Blue Azores is a great example of what can be achieved through a marriage of government, society and business investment, says dos Santos. “The Azores government has an outstanding leader who appreciates the need to take political decisions that will go beyond his term of office. It makes the Azores a very good place to invest, because there are programmes there that you can measure, and you can see making a difference. They will be good for the fishing industry, but also for the preservation of the oceans.”

It’s precisely that kind of win-win that dos Santos believes is key to building a stronger, better understood and more resilient approach to marine conservation and development. It’s a big job, but he has faith that it can be done – and more quickly than you might expect. “I am a great believer in humankind – given the right circumstances, we are capable of achieving extraordinary things and really making a difference to the planet.”

Lisbon Oceanarium

Opened in 1998 and designed by architect Peter Chermayeff, who also conceived the design for the Osaka Oceanarium, the spectacular Oceanário de Lisboa is home to some 16,000 marine organisms representing 450 species from across the globe. The attraction’s centrepiece is a vast tank containing five million litres of sea water, in which approximately 100 species – including sharks, rays and a giant sunfish – swim in near-ocean conditions.

The Oceanario is also the base for dedicated teams of experts in education and ocean conservation, including more than 30 highly qualified marine biologists. Its educational outreach programmes reach more than 100,000 school children every year.

Find out more: oceanoazulfoundation.org

This article originally appeared in the LUX x Deutsche Bank Wealth Management Blue Economy Special in the Autumn/Winter 2020/2021 Issue.

Nadya Abela is the founder and CEO of the Nadezda Foundation in the Russia and the UK

Philanthropist Nadya Abela established the Nadezda Foundation in her hometown of Tver in Russia in 2015 to provide disadvantaged children with much needed medical care and educational support. In 2019, a sister foundation was registered in the UK. In the first of our new philanthropy series, she speaks to Samantha Welsh about her motivations, the process of setting up a children’s charity and the challenges presented by the global pandemic

Nadya Abela

LUX: When did you first have the idea to set up your Nadezda charity fund in Russia and why? What prompted you to also to launch the foundation in UK? ​
Nadya Abela: When my youngest son was born here in London, I start realising more and more that being a parent is enormous responsibility and hard work. I felt lucky that my boys had good medical and educational infrastructure available for them here in UK. When I start comparing that to what was available back then for children in Tver, Russia, I realised there was a huge gap between the two.

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I flew home in the summer of 2015  and visited a few children’s hospitals, orphanages and educational centres for underprivileged children. Right there and then I decided to set up a foundation that would concentrate on children’s health and education issues in my hometown and other cities in Russia.

A few of my dear girlfriends (who are now on the committee at Nadezda Foundation) and I had been discussing similar issues here in United Kingdom for a long time and so we decided to set up the UK foundation in 2019, which also helps children who also find themselves in difficult life situations.

LUX: Is there anybody in the world of philanthropy and fund raising who inspired you?​
Nadya Abela: Regular people, who give their time and money to support causes that are dear to their hearts or families, always inspire me.

LUX: What exactly does Nadezda Foundation do and how do you ensure you get optimum results? ​
Nadya Abela: Our foundations concentrate on children’s health and education. I believe those two factors are most important in creating positive future for them and for society in general.

LUX: How much of your time does it take?​
Nadya Abela: Quite a lot, especially prior to important fundraising events.

LUX: Have you always been passionate about the welfare of underprivileged children and young people?
Nadya Abela:  Ever since I started my modelling career at the age of 18, I always wanted to adopt a little boy or a girl, to take them away from life in orphanage and create a safe and healthy environment for them to live in. I have not done it yet, but hope that one day it will be possible. For now our charity foundation and I directly help lots of children, and we know that we change some of their lives for the better.

Some of the children the Nadezda Foundation helps (above), and one of the playgrounds built in Tver, Russia for children with autism.

LUX: Do you think that the role of private philanthropy is becoming more important, with increasing limitations on government funding?​
Nadya Abela:  Absolutely. It is always very direct because it involves less bureaucracy.

LUX: What are the biggest obstacles and challenges you have faced?​
Nadya Abela: In Russia at the beginning, it was difficult to get people and big companies on board with fundraising. People were skeptical, or too busy with their own problems. Now, five years later, the situation has changed completely. I have people calling me directly and asking how and where they can help, which is an achievement on its own.

In UK, the hardest part was legally registering the foundation. It was a lengthy and costly affair, but now everything is fairly straight forward.

Read more: British artist Petroc Sesti on his nature-inspired artworks

LUX: Is there anything that concerns you about the path ahead for your foundation?​
Nadya Abela: With Covid and current restrictions it is nearly impossible to do any fundraising so our work and the help we can provide is very limited. It is absolutely devastating and takes us back to square one so many children are not getting help they so urgently need.

LUX: What are your proudest achievements?
Nadya Abela: ​Seeing my two sons want to help with my charity work and support other boys and girls who are currently living in difficult situations.

Nadya outside EACH (East Anglia Children’s Hospices) for the whom the foundation raised £25,000 in 2019.

LUX: How will Covid-19 affect what you do?​
Nadya Abela: Covid does not affect what I do. The ministers who make wrong decisions, kill economy and therefore, affect the wellbeing of whole nation and future of our children.

LUX: Do you enjoy running your foundation?​
Nadya Abela: It keeps me grounded and yes, when we see how our work has changed children’s and their families’ lives, it does feel good.

LUX: Do you have specific examples of children or young people who have benefited?
Nadya Abela: ​There are lots of stories and projects from both of our foundations, which you can see on our websites. They all important, no matter how big or small so I wouldn’t want to single one out.

LUX: How would you encourage people to get more involved in supporting vulnerable children and young people?
​Nadya Abela: You can go and visit schools and share your knowledge and experience. All children love to learn and they also love it when they feel that grown ups are interested in what they have to say. Find out what their biggest dream is, and help them to achieve it. We do not always have to raise lots of money to help change a child’s life.

LUX: What would you warn people about who are interested in setting up a charitable foundation?​
Nadya Abela: Depending on the cause, it can be very emotional and take up lots of your time especially if it’s something you’re really passionate about, but it’s all worth it!

LUX: Have you any advice for LUX readers who might want to get involved in philanthropy?
​Nadya Abela: Just do it and don’t look back!

Find out more: nadezdafoundation.org.uk; fondnadezda.com

OceanX’s sub Deep Rover filming for ‘Blue Planet II’ in Cocos Island in the Pacific Ocean, 2015. Image by Ian Kellett.

Once the sea casts its spell, it holds you in its net of wonder forever. So said the legendary Jacques Cousteau, and so it is with Ray Dalio, founder of Bridgewater Associates, one of the world’s largest hedge funds. Together with his son Mark, Dalio created OceanX to raise awareness of the seas through exploration, film, media and science. LUX speaks to them about their visionary philanthropic venture. By Sophie Marie Atkinson

DEUTSCHE BANK WEALTH MANAGEMENT x LUX

Ray Dalio. Image by Didier Noirot.

In an age when several billionaires have set their sights on a new age space race, Ray Dalio’s heart belongs to a different frontier.

It’s one that, unlike our solar system, has seen untold destruction over the past 50 years alone. Coral bleaching is the devastating result of climate change, chemicals used in agriculture routinely end up in the water, killing marine plants and shellfish, and, according to Greenpeace, a truckload of plastic is tipped into the ocean every single minute.

Fascinatingly, the recent coronavirus pandemic has seen marine life rebound. A decline in the number of visitors to beaches has allowed endangered species of turtles more space to lay their eggs. Quieter oceans have led to incredible footage of marine life resurging around the world, including pods of dolphins and sperm whales off the coasts of Fujairah in the UAE and Sri Lanka. But how do we harness this effect, one of the few positives to emerge from an otherwise devastating situation? Ray Dalio – philanthropist, entrepreneur and founder of Bridgewater Associates, one of the world’s largest hedge funds – has a few ideas.

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Dalio, who started Bridgewater in his two-bedroom apartment in New York in 1975 before growing the firm into one of the most important private companies in the US, first felt the tug of underwater exploration decades ago. Like many others, his interest was sparked by the father of modern-day diving.

“I watched Jacques Cousteau’s films and documentaries growing up,” explains Dalio, whose personal fortune is almost $19 billion, “and they made me incredibly curious about the underwater world. I’ve always felt this pull towards nature and the wilderness. I started diving in my early 20s, I think. At first, I would charter a boat, then I bought one of my own.” But a yacht, which to many others of significant wealth would be the natural next step, never appealed to Ray, who has given away more than $760 million to philanthropic causes and has called the US wealth gap a national emergency. “I wanted an exploration boat,” he says. Half a century later, Dalio and his converted lift ship, a much-coveted exploration boat, have been central to several high-profile aquatic missions.

So far, MV Alucia has helped capture the first-ever footage of the elusive giant squid; aided in the search for Air France Flight 447; taken Leonardo DiCaprio on a submersible dive for his documentary film, Before the Flood, and travelled to new depths for BBC Earth’s Blue Planet. The last of these was made in partnership with OceanX (formerly Alucia Productions), of which Dalio is Founder and his youngest son Mark is Founder and Creative Director. OceanX’s sole mission is to explore the ocean and reveal its discoveries to the world.

OceanX’s new research vessel OceanXplorer. Courtesy OceanX

But where did this intense desire to educate others come from? “For me,” Dalio explains, “there was an intellectual awareness of the issues, and then there was actually witnessing them first-hand. I would dive in certain places, like the Great Barrier Reef, and then return many years later and see how much had changed. I’d see how much more pollution there was, and how much illegal fishing was going on. I’d see locals trying to eke out a living in the face of these huge trawlers that were decimating underwater life.”

Read more: How ethical blue economy investments support ocean conservation

This had a big effect on him personally. “But I knew that not everyone had experienced what I had,” he continues. “With the ocean, there is of course a surface, and if you don’t penetrate the surface, what you experience instead is a reflection. But when you dive, you go beyond that reflection. You get a glimpse of precisely what’s going on and how this world is changing. You speak to people about how populations of fish are dying. You see and understand the impact of plastic in the ocean and of people treating it like a toilet. Add into this equation the extreme beauty of the sea, and the fact that I had been learning about it through scientists and fellow explorers. So, when my financial circumstances were such that I could truly get involved in a big way, I realised I could not only support explorations, but that I could also start showing them to the wider world.”

Mark and Ray Dalio at the OceanX launch in 2018. Image by Ilya S. Savenok/Getty Images for OceanX

Mark was working at National Geographic at the time, Ray explains. “We got talking and decided that we needed to bring it back to the world, we needed to share these incredible stories. And so we did.”

On a mission, Ray and Mark began to partner with others who shared their enthusiasm for the ocean. They worked with Woods Hole Oceanographic Institute on explorations and collaborated with the BBC on Blue Planet II, which was shot on their own ship. They filmed the giant squid for the first time. Slowly, awareness of their work began to spread through their own social media efforts and exhibitions.

“We wanted to get what we had helped produce for Blue Planet II into science centres and museums,” explains Mark. “We partnered with the American Museum of Natural History. We took a lot of the amazing content from the ‘Deep Ocean’ episode and created an interactive exhibit for families and kids to enjoy, featuring a giant screen film that we co-produced. This, too, was geared towards a younger audience.

Read more: Signature African Art’s Khalil Akar on Black Lives Matter

“We didn’t go too heavy on the science, but there were undertones of it. Our vision was that families would watch this series, then go into a museum and have a more in-depth, interpersonal and educational experience.”

“Mark and I became deeply entrenched in these projects,” Dalio continues, “and then we started to get other philanthropists involved. We realised there were synergies between us and those with similar visions. We – Mark and I – knew that we could bring our platform and the ship as well as media capabilities. We sought people who were interested in that offering. That led us to James Cameron.”

Cameron, the director of Avatar and Titanic, is partner of OceanX. Like the Dalios, he’s an ocean advocate and also an avid diver – at one point he was a record holder for his solo descent to the deepest place in the ocean, the Mariana Trench off the western Pacific (his title was usurped by Victor Vescovo in 2019, who, unnervingly, found a plastic bag on the sea floor at nearly 11km). Cameron will head back underwater for Mission OceanX, a series co-produced by OceanX and BBC Studios along with himself for National Geographic. This follows the maiden voyage of the OceanXplorer, the younger sibling of Alucia. “The greatest nature filmmakers in existence will be coming together on our new ship,” Dalio says.

OceanX’s vessel Alucia while filming in Antartica for ‘Blue Planet II’ in 2017. Image by Ian Kellett

“This is the way I look at it,” he continues. “Oceans are utterly integral to our daily lives. And for me personally, it’s much more exciting than venturing to outer space. I’m not knocking it, by any means, but if you want to see aliens, you’re not going to see them by travelling to Mars. You’re going to see them here.”

As Dalio says, if you compare the ocean area to that of the land, there’s twice as much to explore underwater. “And think how much we’ve unearthed up here,” he continues. “All of the plants and their medicinal purposes – imagine what else we might discover in terms of much needed breakthroughs, cures and vaccines.”

Research and expeditions are expensive, though. Ray estimates that around 200 times more funding goes into space than aquatics, even though the health of our oceans is on a knife edge. Despite this, Philippe Cousteau – grandson of Jacques and an oceanographer in his own right – stresses that it’s not too late to save them from complete destruction. In an interview with Agence France-Presse in June 2020, he emphasised that humanity not only has the tools at its disposal, but, crucially, we already know that they work. He went on to stress the importance of what he believes to be an integral initiative: establishing areas on Earth that are protected. At present, only five per cent of the oceans are officially safeguarded, but there’s a growing movement to ensure that this reaches 30 per cent by 2030.

Read more: British artist Petroc Sesti on his nature-inspired artworks

He believes that the documenting of expeditions and promotion of the work being undertaken is at the heart of spreading that message. “I like to think that we can create change through the stories we tell on television, in classrooms, through social media, on cruise ships – and it’s really all about exploring our world,” he says in an interview with Condé Nast Traveller. “Because what is travel if not telling stories?”

Blue Planet II was a great awakener to this way of thinking. So much so that there’s a term for the impact it had – the Blue Planet effect. It’s reported that a remarkable 88 per cent of people who watched the programme changed their behaviour, from carrying reusable coffee cups to shunning plastic packaging. But, Ray points out, a TV series like this is finite. “You watch it and then it’s over. What we and our partners aspire to is a constant stream of content.” Enter Mission OceanX, which will air on a weekly basis. And as well as the TV show, fans will be able to interact and engage further through social media. Their aim, in fact, is to build a global community.

Mark Dalio

The show, due to air in 2022, will also be character driven, something that will set it apart from previous natural history series. Cameron has even suggested that the format could come close to that of reality TV. As he told Variety, it will get under the skin of the people and the mission. “I want to follow these people. I want to know how they think; I want to understand their passion as explorers and as ocean scientists… that burning curiosity.”

OceanX is, however, wary of coming across as preachy. “Our intention is to inspire a love of the ocean, as well as intrigue and excitement,” says Ray. “That will manifest itself in many different ways – people will be thirsty to explore it and, crucially, protect it. Children will aspire to be marine biologists. And hopefully new and existing projects alike will start to treat it with the importance it deserves.”

Alongside this optimism, Dalio is also aware of how much there is to do. “When it comes to the aquatic world, we simply haven’t scratched the surface yet,” he says. “Not in a way that’s relative to its potential. What we’re currently doing with OceanX is just the beginning of the journey. Our hope is that we can provide an escape that also inspires.”

Dalio is conscious that this must be more than entertainment. “We want to provide people with beautiful content that of course they enjoy, but that also helps them to pinpoint the issues that need to be addressed and prompts them to ask themselves, ‘how can I get involved?’,” he explains. “Those small sparks, that’s what we’re looking for. It’s the Cousteau movement. He inspired so many pioneers and ocean explorers today, like me, and we’re trying to reignite that.”

Find out more: oceanx.org

This article originally appeared in the LUX x Deutsche Bank Wealth Management Blue Economy Special in the Autumn/Winter 2020/2021 Issue.

The Power Of Black And White, Dennis Osakue, Acrylic & Collage on Canvas, 150cm x 150cm, 2020

Signature African Art, one of Nigeria’s leading contemporary art galleries, opened its first European location in Mayfair, London in March this year and is now hosting a group exhibition entitled Say My Name in collaboration with award-winning writer and film director Ava DuVernay. Ahead of the show’s public opening tomorrow, we speak to the gallery’s director and curator Khalil Akar about the Black Lives Matter movement and power of visual art 

Khalil Akar, Photo © Zaki Charles

1. What influenced the gallery’s decision to expand internationally, and why London in particular?

We have been supporting the work of African artists for the past 30 years, since opening the gallery in Lagos. We have been waiting for the right opportunity and the right time to open a space outside of the continent. Over the past few years, African art has become increasingly popular and having assessed the global art market, we felt this was the best time to open in London. We chose London as it is one of the art hubs of the world. We wanted to give our artists a platform to showcase their talent to the European market and we felt the UK was the best place in which to do so.

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2. How have global attitudes towards African art changed in recent years?

The global art market has finally started to recognise the contemporary talent that exists within the continent, outside of traditional art forms. We have seen increased sales of African art at auction houses, and fairs like 1-54 Contemporary African Art have helped to encourage a greater interest in art from Africa. The next step for the market would be to have a larger presence of African galleries in household fairs such as Art Basel.

George Floyd, Oluwole Omofemi, Acrylic on Canvas, 50cm x 50cm each, 2020

3. The timing of the gallery opening was rather unfortunate, how has the pandemic impacted business?

We opened a solo show by Nigerian artist Oluwole Omofemi just before lockdown, which was very popular by collectors and sold out. We have worked hard to adapt to the current circumstances and challenges, increasing our digital networking and outreach to collectors and providing virtual tours of our exhibitions to our audiences. The additional digital approach has allowed us to reach more collectors and increase sales.

Installation view of Say My Name, presented by Ava DuVernay at Signature African Art, London, Photo © Mora Ltd

4. What was your curation process for the upcoming group show Say My Name and how did the collaboration with Ava DuVernay come about?

The curatorial process was rooted in support of the Black Lives Matter movement. The vision was to shine a light on things that need to change in society including how Black people are perceived and treated in the global community. Ava and I discussed this theme at length for Say My Name, which also aligned with the topics raised in her 13th documentary for Netflix. The collaboration also focused on raising awareness of police brutality following Ava’s announcement of her LEAP (Law Enforcement Accountability Project) initiative, which aims to hold police in the US accountable through artistic storytelling. We’re planning to donate 40% of proceeds from the sales of both the London and LA shows to the fund. In terms of the artists selected, we have worked with them in the past and knew that they would feel strongly about paying tribute to these figures and histories in the UK and US. We wanted to connect the continent with the deep experiences of the diaspora.

Read more: Sculptor Helaine Blumenfeld on the power of public art

Breonna Taylor, Moufouli Bello, Acrylic on Canvas, 150cm x 120cm, 2020

Boshielo, Giggs Kgole, Anaglyph, Oil, Acrylic fabric & mixed media on Canvas, 230cm x 150cm, 2020

5. Many of the works celebrate key figures and moments in Black history, is it important that viewers recognise and understand these specific references?

It is hugely important that everyone knows the correct history and understands the references in the show. We hope that visitors to Say My Name will learn more about Black history in the US and UK and leave the gallery with food for thought on what part they can play in improving the current world system.

In Remembrance of Bruce’s Beach, Dandelion Eghosa, photography, analogue collage and embellishments with acrylic paints on canvas, 190 x 127cm, 2020

6. In a more general sense, how do you see visual art participating in wider contemporary discourse?

Visual art plays a key role in wider contemporary discourse and has the power to influence the status quo. As Say My Name opens in London, Americans continue to protest on the streets every day since the murder of George Floyd in May. On the continent, young Nigerians are now protesting and advocating for the #EndSARS movement. As an art gallery, we feel it is our responsibility to use our voice to continue and support these conversations to help the creation of a better world.

‘Say My Name’ runs until 28 November 2020 at Signature Art London, and will open in in Los Angeles in February 2021. For more information visit: signatureafricanart.com

Drone footage of Atlantic Forest in Brazil. Image by FG Trade

Can the power of the financial markets be harnessed to address environmental issues such as ocean conservation? LUX talks to Jörg Eigendorf, Head of Corporate Communications, Social Responsibility and Sustainability at Deutsche Bank, about the unique role banks can play to incentivise sustainable investment and consumption

Jörg Eigendorf. Image by Mario Andreya / Deutsche Bank AG

LUX: Sustainability can be an empty word in business. How can you make it meaningful?
Jörg Eigendorf: Put simply, as a company we need to demonstrate that we are willing to integrate it in all parts of our value chain. This starts with our own operations. At Deutsche Bank we made a pledge in 2007 to become carbon-neutral and achieved that goal in 2012, but we have worked continually since then to cut our energy consumption – as well as our usage of water, paper and other resources – and this year we challenged ourselves to get all the electricity we use from renewable sources by 2025. But this is only the minor part: banks also have an additional responsibility, in that we facilitate other forms of business, which can themselves have a positive or negative impact on the world. This is where environmental, social and governance (ESG) principles and practices come into play.

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LUX: ESG investing is in fashion right now. What makes it more than financial jargon?
Jörg Eigendorf: It is already much more than a new piece of financial jargon. It’s a concept that has gone from niche to mainstream in recent years. Investors increasingly want to ensure their money is used to support businesses that care about sustainability. ESG gives them a way to compare and contrast investments based on factors that go beyond financial performance – without sacrificing it. So it really has the potential to transform the whole economic system in a positive way. This is why we feel confident that we will be able to increase our volume of sustainable financing plus our portfolio of ESG investments under management to over €200bn by 2025 – to play our part in contributing to this momentum.

LUX: Can ESG really incentivise better behaviour in the private sector?
Jörg Eigendorf: I’ll give you a practical example: in Singapore, we’ve just provided a $25m ‘sustainability-linked’ loan facility to an agricultural company. If the company meets a set of agreed sustainability targets over the three-year term of the loan (and if these are verified by an external auditor), the interest rate payable on the loan will be lower; otherwise it will be higher. This kind of innovation sets a great example and shows how we can help companies incentivise themselves to do better. Of course, progress is often relative, and in some industries all we can do is try to make things better than they were before, consistently. We can’t stop fossil-fuel usage overnight because we don’t have the means to compensate for this yet. But we need to drive and facilitate change. In the almost five years I’ve been with Deutsche Bank, I’ve realised how important banks are to this transformation process, and that we have a big lever with which to make a real difference.

Read more: Marine biologist Douglas McCauley on environmental philanthropy

LUX: What are the main challenges involved in building sustainability into financial products and services?
Jörg Eigendorf: The biggest is probably asset origination – that is, the process of identifying and acquiring investments that offer ESG benefits alongside traditional benefits such as capital growth. It starts with the question: what is sustainable? This is why we have just published our sustainable finance framework which is closely aligned with the new EU taxonomy on financial services. We need this transparency to give our businesses, as well as investors, some certainty in times when demand for ESG products from both private individuals and institutions is outstripping supply. Having said this, it is still difficult to verify that a particular asset meets particular ESG criteria. There is not enough data, there is not enough clarity and there is not enough consistency in the way that ESG criteria are defined and compared. That’s why we’re helping to develop industry-wide ESG standards – for example, working within various initiatives to develop a framework for comparing and contrasting ESG products.

LUX: What ESG issues do you feel passionate about personally?
Jörg Eigendorf: I feel very strongly about the overconsumption of natural resources, and especially how we treat animals. We are eating up this planet and we should stop it. Every German consumes around 61kg of meat a year on average, and the suffering associated with this is unbelievable. Pigs have much DNA in common with humans. They feel emotions just as we do. So from my point of view it cannot be right that we treat them as a commodity. Meat production is also making a significant contribution to climate change – for example, as rainforests in Latin America are razed to produce grazing land for beef cattle. I also care a lot about ocean conservation, marine ecosystems are vital for the world and the climate, so we cannot risk their collapse. These are matters of life and death for humanity as a whole.

LUX: What’s the future for ESG?
Jörg Eigendorf: It is already mainstream and will become more important every day. The Covid-19 crisis, while terrible in many ways, has also made us aware of how things need to be different. We’ve suddenly become more aware of our environment. We’ve realised that we don’t have to be on the run all day long, travelling left and right, and that in many cases a video conference is enough. I am convinced that this crisis will lead to a change in behaviour and creative solutions. And I think we will be less likely to go back to the old, more inefficient world as a result. At the same time, greater awareness of ESG investing will lead to a virtuous circle in which economic growth is coupled with environmental protection – provided we in the financial sector play our part in leading the development of ESG standards and solutions. We welcome the idea of our clients and investors pushing us to do better: there must be a mutual understanding to drive change.

Find out more: deutschewealth.com/esg

This article originally appeared in the LUX x Deutsche Bank Wealth Management Blue Economy Special in the Autumn/Winter 2020/2021 Issue.

The Channel Islands National Marine Sanctuary, located off the coast of California. Image by NOAA/Mark Norder

Douglas McCauley directs the Benioff Ocean Initiative, the philanthropic organisation created by billionaire Salesforce founder Marc Benioff and his wife Lynne. McCauley, a marine biologist, says that philanthropists can do much more to save the oceans than simply write a cheque

DEUTSCHE BANK WEALTH MANAGEMENT x LUX

Douglas McCauley. Image by Jonathan Little.

We all have an opportunity and responsibility to do something for ocean health, whatever walk of life we are from. The ocean has paid us some service – and this service can be reciprocated.

I grew up in Los Angeles and if you’ve passed through the Greater Los Angeles area you get a sense that there is a whole lot of concrete and man-made change on land. And then you hit the coast and you have this big, beautiful uninterrupted space. So, for me the first debt of gratitude that I have to the oceans is that they were my escape to a world where I could find wilderness and immerse myself in the beauty of the ocean. And there was the practical side: the ocean provided me with my dinner – it gave me employment and income.

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For most people, the debt that they owe the ocean is different. For some people, such as Marc and Lynne Benioff, their identity has been shaped by ocean places such as San Francisco and Hawaii where they’ve lived and raised kids. The ocean has given them a lot of inspiration and beauty and knowledge. To be in a place that is so ancient and to be part of the majesty of the ocean and to experience such a mindful reset, and then to jump back into life on land and manage it successfully, means that you as an individual have drawn some value from the solitude and exaltation felt when by the ocean.

In the arrangement that we forged, Marc and I are each trying to repay some portion of that debt. As an ocean scientist, I can use the tools, our networks and our laboratories to try to be helpful, and Marc uses his resources, his influence, his network, to help create change. These two worlds together are really powerful.

For many people, the oceans feel very remote from us, making it a harder environment as a philanthropic domain to connect with. But there are some very practical ways that the oceans, even if they are remote, do provide benefits to all of us. The most universal of these is that the ocean, as it lives and breathes, as it aspires and photosynthesizes, produces half of the oxygen on the planet.

That means that whether you’re in seaside Miami or in landlocked Geneva, every other breath that you take comes from the oceans. It is a life-support system and certainly enough reason for us to connect to make sure that it continues to be fully functioning and healthy. When you do actually recognise that you have a debt to repay to the oceans, it is important to return the favour to the sea, to repay that debt.

The numbers of people who have made that reconnection to the oceans and have become champions for the seas are relatively few in the world of philanthropy. Statistics estimate that approximately one per cent of philanthropy is dedicated to the oceans. There are so many important causes on the planet that deserve our attention and investment but for a living place that encompasses two-thirds of our planet and provides us with half of our breaths, perhaps it deserves more from us. Each individual’s philanthropic portfolio matters, because each one incrementally will help us move a little bit further north of that one per cent.

Building partnerships with scientists and science can be powerful and create some symbiotic opportunities. Almost all of us have a relationship with a university, and we might be surprised that there are centres and hubs of ocean excellence in many universities, and not just places on the coast. For example, ETH in Zurich, Switzerland is one such hub of excellence.

Read more: How ethical blue economy investments support ocean conservation

Unfortunately, the problems facing ocean health are so large that there has to be a critical mass. No one single university is going to be able to change things. So a lot of what we are trying to do is create a template by which we can activate our colleagues and peers to demonstrate that we can actually make a difference.

For example, when you’re looking at an issue such as plastic pollution, in which you have more than five trillion pieces of plastic in the global oceans, that is too big an issue for any one organisation to solve. So we are trying to create this model to facilitate change by creating open tools that will not only help and but also become replicable in other places.

That is one reason why working with Marc Benioff has been so successful. He is a problem solver who has built a globally successful company. There is much that we have learned from him about the general mechanics of problem solving, and about the many tools that cross that boundary, such as the ones we use in ocean problem solving that originally were designed for industry and technology.

When we started working with the Benioffs, I had the incorrect assumption that we would have a few starter conversations, they would send us a cheque, and we would be off on our own to try to figure this out. But the most valuable thing that they did for us was not send us the cheque. Instead, the most valuable thing that they did for us was to open up their networks and to share their expertise, and to very usefully help match us with people that could have a part of a solution that we needed.

Find out more: boi.ucsb.edu; labs.eemb.ucsb.edu/mccauley/doug/

This article originally appeared in the LUX x Deutsche Bank Wealth Management Blue Economy Special in the Autumn/Winter 2020/2021 Issue. 

From David Eustace’s series ‘Mar a Bha’, which translates from Gaelic to ‘As It Was’

The investment community is waking up to the opportunities in our oceans. Impactful ethical investments in the blue economy can involve plastic waste prevention, sustainable seafood, maritime transport, eco-tourism and more

Photography by David Eustace

DEUTSCHE BANK WEALTH MANAGEMENT x LUX 

Robert Goodwin was on a mission to solve Haiti’s cholera problem. For nine years after the island nation’s devastating 2010 earthquake, periodic cholera outbreaks started hurting communities, doing the most damage to people with limited access to clean water and sanitation. The country’s clogged water canals were to blame for spreading the disease. Goodwin, the former CEO of Executives Without Borders, started looking at why the canals were so clogged. “I’m a root-cause guy,” says Goodwin. “I knew that cholera was a water-borne disease and saw that flooding was causing all the transmission. When I looked at the canals and what was causing the flooding, I saw that it was a lot of plastic trash that could have been recycled.”

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Haitian communities could recycle materials such as metal and aluminium, but there was little in the way of plastic recycling infrastructure. So, Goodwin started a business, paying local people to pick up plastic trash and then sort it by colour, weight and type. They were paid cash on the spot. Goodwin’s efforts eventually grew into a new company, OceanCycle, a New York-based social enterprise aiming to help businesses integrate ocean-bound plastics into their products and improve traceability across the supply chain. (Ocean-bound plastic is the waste from areas in close proximity to the coast, where cutting off streams of plastic before they reach the ocean is most critical.) Companies such as OceanCycle are part of the growing blue economy, which the World Bank defines as the “sustainable use of ocean resources for economic growth, improved livelihoods and jobs, while preserving the health of the ocean ecosystem”.

“We want to turn off the tap,” says Goodwin. “Once the plastic has been in the water for too long it breaks down and it’s harder to recycle. If we want to stop the flow of any new plastic into the ocean by 2030 we have to put a value on recycling ocean-bound plastic.” Consumers around the world are more interested in ridding the ocean of plastic than they have ever been. More than 90 countries have placed some kind of ban on plastic bags, straws or other single-use plastics. The Ellen MacArthur Foundation predicted in 2017 that unless things changed the ocean could contain more plastics than fish by 2050. Consumers wanting to protect the ocean are becoming an incentive to create a now fast-growing market for cleaning up ocean trash. Sportswear company Adidas has teamed up with non-profit Parley for the Oceans to sell trail-running shoes made with ocean plastic, Method makes dish-soap containers from plastic picked up on the beaches of Hawaii, and Patagonia is making jackets from yarn derived in part from fishing nets. But plastic is only part of the new blue economy.

Approximately 70 per cent of our planet is covered by water and the ocean is a critical resource providing food for three billion people around the world. Seaweeds and miniscule ocean plants known as phytoplankton provide more than half of the oxygen we breathe, according to the US National Oceanic and Atmospheric Administration. There are approximately 680 million people around the world living in low-lying ocean areas, and the blue economy, which includes tourism, fishing and shipping, generates $3 trillion of economic output each year, according to the United Nations. All told, the services provided to humanity by the oceans are valued at $24 trillion and create a value of more than $2.5 trillion each year.

Read more: Deutsche Bank’s Claudio de Sanctis on investing in the ocean

But we don’t own the oceans or pay them for their services. “The ocean is not just a provider of value. It also helps us to digest the negative results of industrialisation,” says Markus Mueller, Global Head of the Chief Investment Office at Deutsche Bank Wealth Management. “There’s also a deep human attachment to our coastal regions. The ocean gives an emotional connection,” Mueller says. “People are divers and go on vacation at the beach. They’ve seen all this plastic in the sea.”

Beyond ocean plastic, the oceans have seen fish stocks depleted, coral reefs die and beaches recede as a consequence of human activity. It’s not a case of the tragedy of the commons, in which people who act in their self-interest spoil a shared resource. But, Mueller explains, the oceans “are more or less a tragedy of laissez-faire because they’re not governed. We need some governance around this to prevent tragedy and right now there is no incentive system that gives us the direction on what to do.” Some countries, including small island nations such as Seychelles, are issuing blue bonds that prioritise ocean health, and the Maldives is working to vastly reduce plastic waste. But governance is much needed.

A report published in September 2019 by the UN’s Intergovernmental Panel on Climate Change (IPCC) stated the world’s oceans are experiencing drastic changes. And these changes are not only impacting people and the planet but also placing the global economy at risk. The report highlighted the troubling changes occurring across oceans as a result of increased emissions from greenhouse gases. Oceans are absorbing 30 per cent of carbon emissions, making them a crucial resource in the fight against climate change. The report predicted that sea levels will rise by up to a metre by 2100, there will be markedly fewer fish in the oceans and stronger, more intense hurricanes will cause billions of dollars’ worth of damage.

From David Eustace’s ‘Highland Heart’ series

Investing in the blue economy is just beginning, but it’s expected to grow at a faster rate than traditional investments. In 2018, the World Bank announced PROBLUE, an umbrella multi-donor trust fund (MDTF), with the goal of supporting healthy and productive oceans. PROBLUE is part of the World Bank’s overall blue economy programme, which takes a co-ordinated approach to ensure sustainable oceans and coastal resources. Focused on four key themes, the fund was created out of client demand, and to aid the bank towards a better understanding of the current and emerging threats facing the world’s oceans.

Most investments in ocean-related assets at this stage are privately held venture-capital or private-equity firms, and opportunities reach far beyond plastic-waste prevention, to sustainable seafood, maritime transport, eco-tourism and coastal adaptation.

“Oceans have played a critical role in mitigating climate change – they have stored 93 per cent of the planet’s carbon, and produce over 50 per cent of the oxygen,” says impact investor Shally Shanker of AiiM Partners Fund, based in Palo Alto, California. “Every second breath we take comes from the oceans. Ocean ecosystems are deeply interconnected with land and air. Yet, oceans remain a very underinvested sector.”

Read more: Kering’s Marie-Claire Daveu on benefits of the blue economy

Some of the blue economy-based investments Shanker is focusing on include sustainable replacements for plastic and Styrofoam, reducing antibiotics in farmed seafood and cost-effective data collection. Since three billion people depend upon the oceans for their primary source of protein, food security and growing protein demand are other areas of her work’s focus. Sixty per cent of new seafood demand is coming from India and China – two emerging economies each with populations of more than one billion. To identify viable replacements, Shanker says she is investing in plant-based and cell-based seafood alternatives. “Most of the problems in the ocean start on land,” she says.

Redesigning humanity’s relationship with the ocean is no easy task. There’s no choice but to start taking better care of the seas, because our economy has changed them. Coral reefs worldwide, for example, continue to be ravaged by bleaching. According to the International Union for Conservation of Nature (IUCN), the Great Barrier Reef in Australia and the Northwestern Hawaiian Islands saw the worst bleaching on record for three years in a row. “The Red Sea, where I grew up, is the most luscious sea on Earth because it is the newest sea,” says Ibrahim AlHusseini, an entrepreneur and environmentalist who has founded impact investing firm FullCycle. AlHusseini, a lifelong scuba diver, became an environmental investor 15 years ago when he noticed the sea was changing. “I would go back and go scuba diving and year after year there were fewer fish, less coral, less vibrancy and more plastic,” he says. “I just remember thinking, what is the point of accumulating all of this financial success if the things that I enjoy are fading away?” He spent a year studying ‘carbon math’, ocean toxicity and climate change, before deciding to invest in companies such as Synova Power, a waste-to-energy business that can create synthetic gas from plastic waste heated to high temperatures, and then harness it for power.

The ocean’s great resources could also hold a key to the best materials of the future. Seaweed, kelp and algae production was valued as a $55 billion market in 2018, but the market could expand to $95 billion by 2025. In Amsterdam, a start-up called Seamore is turning seaweed into bacon and pasta equivalents, while biofuel producers also use it. US-based start-up Loliware is creating compostable alternatives to plastic out of seaweed. “It’s plentiful and highly regenerative and sequesters carbon 20 times faster than trees,” says Chelsea ‘Sea’ Briganti, the founder of Loliware, which is developing nine products that use seaweed instead of plastic packaging material.

Investors who want to put money to work in service of the oceans should push companies to provide better data about their impacts, and also think creatively about what they do and don’t want in their portfolios, says Mueller. “All companies thinking about using natural resources are the profiteers from it. So, transparency is a key factor – if the impact of cruise liners and shipping companies becomes more transparent, investors can adjust.” There are new rules in effect in 2020, for example, from the International Maritime Organization to prevent atmospheric pollution from ships. Shippers are investing in scrubber technology and cleaner fuel, but data for investors about the impact of the changes is lacking.

The key to sustaining the oceans in the future is to rethink how humanity extracts resources from it. “We have to protect the value the ocean is providing rather than overusing it”, Mueller says. To make the blue economy work we have to replace old business models with more sustainable ones, then we have to put a lid on it.”

Ocean Learning

As sustainable development in a blue economy develops, the first step is awareness: to think beyond the traditional extractive economy to a regenerative one. A blue economy improves biodiversity as well as food and job security for local communities, while limiting pollution and preserving the ocean’s role as a carbon sink. Here are some private organisations focused on blue economy education.

Lisbon Oceanarium

With its almost 1,800km of coastline, Portugal is using its historic relationship with the sea to show how the blue economy can aid economic growth. The Oceano Azul Foundation, led by José Soares dos Santos, is working with the Lisbon Oceanarium to teach future generations about ocean conservation and promoting the ethical values of using marine resources sustainably.

oceanario.pt

Monterey Bay Aquarium

The Monterey Bay Aquarium runs programmes on topics from cleaning up ocean plastic to how to restore the Pacific blue-fin tuna population. The aquarium, founded in the 1970s and supported by The David and Lucile Packard Foundation, has become a centre of various blue economy initiatives. Its Center for Ocean Solutions is searching for ways, such as protecting kelp forests, to fight climate change.

montereybayaquarium.org

Musée Océanographique de Monaco

The museum, located on the Rock of Monaco, highlights hundreds of species that live in the Mediterranean. The Monaco Blue Initiative, launched by H.S.H. Prince Albert II of Monaco in 2010, is focused on marine protected areas that can help conserve unique ocean species and habitats.

musee.oceano.org

Find out more: deutschewealth.com

This article originally appeared in the LUX x Deutsche Bank Wealth Management Blue Economy Special in the Summer 2020 Issue.

Nur-Sultan, the capital city of Kazakhstan with landmark Baiterek tower. Image by cosmopol.

Dynamic leadership and entrepreneurial thinking are required to help the global economy recover. We speak to seven leaders in the Kazakhstan chapter of one of the world’s most respected business organisations about mutual support among entrepreneurs, and their country being a touchpoint between east and west. Curated by Gauhar Kapparova

LUX’s Editor-at-Large Gauhar Kapparova

A first-time business visit to Kazakhstan is likely to end up with two overarching impressions. Firstly, of the sheer size of the country. The distance from the biggest city, Almaty, to the centres of oil production on the Caspian sea is an astonishing 3,000 kilometres. Even the short hop from Almaty to the shiny new(-ish) capital Nur-Sultan is an hour and a half on a plane.

The second impression is likely to be one of the openness and dynamism of a new entrepreneurial community. Kazakhstan often speaks of itself as a key country between east and west, with China to the east and Russia and the Caspian sea border of Europe to the west. It is also focussing on moving beyond its oil and gas-based 20th-century economy, with the majority of growth coming from other sectors.

To this end, the country teems with spirited, can-do entrepreneurs, unfazed by the distances they have to travel to get to the world’s financial centres and proud of their country’s potential. A new generation of largely western-educated business people add to the cosmopolitan feel.

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At the heart of this enterprising business community is the Kazakh chapter of YPO (Young Presidents’ Organization), a global members group for chief executives and owners of significant businesses. Entry is by invitation only and open to those who own or run substantial businesses. Benefits are notable: an instant network of the highest level of contacts in your country and around the world, gatherings, conventions and seminars, and a highly sophisticated support network.

True to the country’s buccaneering business spirit, the Kazakh division of the YPO is known as one of the world’s most dynamic. There is no better insight into the opportunities in the central Asian country or into the minds of its prominent business leaders than from the YPO Kazakhstan chapter leaders we interview here.

ALINA ALDAMBERGEN

Chair of the Management Board, member of the Board of Directors of Kazakhstan Stock Exchange

Aldambergen’s career in the finance industry began in 1997 as an analyst and manager at ABN AMRO bank in Kazakhstan, then as a senior rating advisor in the global finance markets for the same bank in London before returning to Kazakhstan to chair the bank’s management board. After a series of senior posts at various financial institutions, she moved to the Kazakhstan Stock Exchange in 2016.

Alina Aldambergen. Image by Sergey Belousov.

LUX: Tell us about yourself and your experience. What distinguishes you from other YPO members?
Alina Aldambergen: I’ve been working at the Kazakhstan Stock Exchange since February 2016. In the 17 years since I was first appointed as chairperson of ABN AMRO Pension Funds Asset Management Company in Kazakhstan back in 2003, I have held a number of different management positions at private and state-owned companies.

My key expertise is in being a senior manager. Unlike other YPO members, I’ve never been an owner of a company. It is possible, of course, that one day I might decide to set up my own company, but I haven’t come to that decision yet.

I like to manage large-scale companies. It is important for me that I work for institutions that make an impact, which is why during the past ten years I have worked for companies in Kazakhstan that are owned by the state.

Read more: Deutsche Bank’s Claudio de Sanctis on investing in the ocean

LUX: How did you became the manager you wanted to be? How did you train and did you have any formal business education?
Alina Aldambergen: I happened to develop my career when the country was changing from the Soviet planned economy to a market economy. This was a significant transformation for the whole country, economically and mentally.

The country’s president was a visionary, he knew that this would require a new mindset and people with new sets of skills. That’s why the government set up a scholarship programme to send students to study abroad. I was awarded one of these scholarships and studied for an MBA at the Simon School of Business Administration at the University of Rochester, one of the top 25 business schools in the world at that time. I studied corporate finance and accounting, essential for doing business and setting up the financial system in Kazakhstan. Another major influence on my career has been working for the country’s first international bank.

Even though now I would think that doing an MBA straight from undergraduate school is a bit too soon, in my case it gave me all the essential skills to do business and manage business in Kazakhstan. I am still using all the concepts that I studied at business school in my everyday life.

Of course, I took various courses in different subjects later on, but still, the fundamentals are what keep you going. I am a strong advocate of keeping up your business education throughout one’s lifetime.

LUX: What motivated you then and what motivates you now?
Alina Aldambergen: I am motivated by excellence. However, that has to be adjusted for the environment that you are working in. At any job I have always tried to come up with the best business model, get support from the stakeholders, and follow it through. I will leave a company if my values do not coincide with those of the company.

I am a strong believer in not wasting time – why do so if you could be doing something more valuable and interesting elsewhere? It is important for me to bring worth to a company, its employees and shareholders, and to society. I want to see the results of my work make an impact.

Courtesy KASE

LUX: Why did you decide to become member of the YPO? Why it is important for you?
Alina Aldambergen: I joined YPO in Kazakhstan in 2018. For me, it was an exclusive members club of business people – true, self-made achievers. To become a member was prestigious for me. Another point is that YPO is an international organisation, so in that regard I considered it as another step forward for myself. I also recognised that it is an influential organisation that can make an impact on various issues concerning society.

LUX: What else does YPO bring to you?
Alina Aldambergen: I think I discovered even more value once I had become a YPO member. There is a wealth of knowledge, significant networking opportunities and an exchange of opinions that you can draw on.

I like the YPO concept of oneself, family and business all together. I think it is important that YPO encourages this amongst its members. Your spouse or child can become a member of the organisation and it provides access to the same education as you can get elsewhere. It really enables generations of business people to grow.

I also like the forum meetings. I found that they are a place where you can receive and share professional advice with your peers on dealing with different situations. I think this is the most valuable experience of the YPO membership.

ARMANZHAN BAITASSOV
Chairman of the Tan Media Group and publisher of Forbes Kazakhstan magazine

Baitassov is a Kazakhstan media manager, professional TV journalist and businessman. He has founded multiple media outlets, including his first TV channel, Channel 31, in 1992 the Megapolis newspaper in 2000, the Business FM radio station in 2018, and in 1994 the Radio 31 radio station. In 2017 he was elected chairman of the board of the Kazakhstan Media Alliance.

Armanzhan Baitassov. Image by Andrey Lunin

LUX: What age were you when you thought you might go into business as a career?
Armanzhan Baitassov: I was 19 years old when I decided to go into business. The first time we thought about business was in the late 1980s, when it became possible to engage in private entrepreneurial activity.

LUX: Who were your inspirations in business and how and why did they inspire you?
Armanzhan Baitassov: We were inspired by the guys who were able to earn a lot of money back then in Soviet roubles, guys as young as us who were also searching for opportunities to make money.

LUX: What were your first steps? Did you have any formal business education?
Armanzhan Baitassov: We started in advertising, reselling the advertising slots in newspapers. At that time, there were no textbooks about business, so we learned everything along the way.

Read more: Sculptor Helaine Blumenfeld on the power of public art

LUX: What were the most important parts of this learning phase of your business life?
Armanzhan Baitassov: I graduated from the Faculty of Journalism at Kazakh State University and immediately went into the media industry, where I still work. Of course, in the early 90s there were problems with funding, there was not enough equipment or it was incredibly expensive, and legislation in Kazakhstan was not fully regulated. But we had enough advertising in the first year and big contracts with Procter & Gamble and Unilever.

LUX: What motivated you then and what motivates you now?
Armanzhan Baitassov: At first, the big motivation for us was creative work. We were young, we worked day and night to make our media more and more popular. Now, of course, we are more mature, but the main motivation remains to do something new to make our world better.

LUX: What are the unique challenges of business and enterprise in Kazakhstan?
Armanzhan Baitassov: There is the powerful influence of the state on the economy. It hinders entrepreneurship and corruption has penetrated all levels of power and the economy. Doing business in Kazakhstan can be simply unsafe, but there are also development institutions that are helping small and medium-sized businesses thrive. All systems work well, but look carefully at your segment, especially if it contains any state-owned companies and corporations.

The Forbes building in Almaty, Kazakhstan

LUX: What’s the secret of success in business?
Armanzhan Baitassov: For me it’s that I am interested in doing business, in watching companies develop and doing it myself, and not just being a shareholder and observing. When you are immersed, then you’ll succeed. And what probably helps is my belief that everything will get better every year.

LUX: What are your plans for the future?
Armanzhan Baitassov: The pandemic has changed all my plans for 2020 but I really want to develop media abroad in Russia, Uzbekistan and Georgia.

LUX: Who are your business heroes now?
Armanzhan Baitassov: Of course, there are people I admire such as Jeff Bezos, and Larry Page and Sergey Brin. There are also people here who inspire me, such as Vyacheslav Kim and Mikhail Lomtadze at Kaspi Bank. But today my business heroes are the young entrepreneurs in Kazakhstan.

LUX: The media business is going through unique challenges now. What do you think these are and where do opportunities lie?
Armanzhan Baitassov: The main thing is a sharp drop in income from advertising. Many media companies have begun to work remotely from home, which is a great opportunity because of the high office costs. There may also be greater digitalisation – print newspapers are living their last days.

LUX: When did you first hear about YPO?
Armanzhan Baitassov: I learned about YPO in 2010 from Nurlan Kapparov. A year or so later we went with him to the USA, where we were invited to an event held by the YPO chapter in Washington DC.

LUX: Emotional support in business and other matters seems to be an important part of being a YPO member – is that correct?
Armanzhan Baitassov: Yes. In Kazakhstan, most entrepreneurs encounter some difficulties, maybe even injustice, and we can openly discuss these within the chapter. It is an incredible support.

LUX: How does YPO support your business?
Armanzhan Baitassov: The biggest support that I get is when we hold events at Tan Media Group, almost all members are happy to come. I am especially pleased that they support the youth forum and are happy to speak to young entrepreneurs.

LUX: What does running the Kazakhstan YPO chapter mean to you?
Armanzhan Baitassov: It has become very influential. We want as many members as possible, but getting in is difficult. We have a committee that reviews all applications and only then sends them for consideration to the YPO members. We all feel a great responsibility, because each YPO member is one of our team.

AIGUL DJAILAUBEKOVA
Partner at InnoVision Management Consultancy

Djailaubekova began her career in banking 1996 in Amsterdam at MeesPierson and then ING Bank. In 2004, she returned to Kazakhstan to continue working for ING. Since 2007, her work in banking has included senior management roles at Citibank and HSBC in Kazakhstan and at large regional banks. At InnoVision she focuses on management consultancy, financial services and education.

Aigul Djailaubekova

LUX: What age were you when you thought you might go into business as a career?
Aigul Djailaubekova: I started my career about 25 years ago. Prior to then, being an ambitious straight-As student, I was set on an academic career but after a short teaching tenure, I decided to explore new opportunities in commercial and international business.

LUX: What were your first steps? Did you have any formal business education or training? Which companies did you work for?
Aigul Djailaubekova: I won a British Council scholarship to study at Lancaster University in the UK. After graduation, I landed a job in the Trade & Commodity Finance department of the Dutch bank MeesPierson in Amsterdam. I moved to ING Bank N.V., where for several years I covered financial institutions in various countries as a senior regional manager. Then I joined ING’s office in Kazakhstan as an expatriate manager.

LUX: What have you learned in your business life in recent years?
Aigul Djailaubekova: Over the past decade, I have been deputy chairman of the management board at Citibank and HSBC in Kazakhstan and in a few large local banks. Those were vastly different experiences for me in terms of their corporate cultures. All the successes and disappointments made me a stronger and perceptive manager as well as a more resilient and, hopefully, wiser person.

LUX: What are your business plans?
Aigul Djailaubekova: A few years ago I started thinking about setting up my own bank with a team of like-minded investors and banking professionals. In view of the multimillion investment required, it’s ambitious but most successful businesses at their early stages dare to dream big.

LUX: What are the unique challenges of business and enterprise in Kazakhstan?
Aigul Djailaubekova: It is important that foreign investors have a strong local partner who will be on the same page in terms of their business vision to help them navigate through the local bureaucracy.

LUX: Who were your inspirations in business and how and why did they inspire you?
Aigul Djailaubekova: My main inspiration in life is my family. I’ve always been driven by a desire to do something meaningful, to contribute to financial prosperity of our family, to be a good example for my children and to be a source of pride for my parents. Thanks to them and my husband, I have never had to face the choice of being a mother and wife or a being a banking executive.

Aigul Djailaubekova with her husband

LUX: What advice would you give anyone starting out in business?
Aigul Djailaubekova: I would say three things. Firstly, dream big and dare to have it all. One might not achieve each and every goal along the way, but it’s worth trying. Secondly, dare to follow your dreams, especially when you’re young. And thirdly, when you feel that the current trajectory is no longer satisfying, or that there are other opportunities opening up, dare to change to a new path.

LUX: How did you first hear about YPO?
Aigul Djailaubekova:Several years ago from some of my friends and business acquaintances. The Kazakhstan chapter was founded by Nurlan Kapparov, a highly respected businessman and visionary. It was very flattering when two of the long-standing members suggested I join, which I did more than five years ago. I was the first female YPO member in Kazakhstan.

LUX: Has being a woman member made a difference to the local chapter?
Aigul Djailaubekova: One of my missions was to break the image of our chapter as a closed, all male club. Later, I heard that initially some members had been cautious about a woman joining the chapter, but knowing several members before I joined and the fresh perspective and insights I brought helped me to gain the trust of other members.

LUX: How does YPO Kazakhstan benefit wider society?
Aigul Djailaubekova: Kazakhstan’s chapter has evolved from an elite business club to an organisation that strives to make differences in society. Some initiatives between the government and local businesses were introduced at the instigation of YPO. The charity balls supporting good causes are regular events now. And there are charity projects, such as the Ana Yui (Mother’s House) founded by one our members, which has become a nationwide movement saving thousands of babies from being sent to orphanages.

LUX: In what way does being a YPO member support and help you personally?
Aigul Djailaubekova: For me, YPO brings great value through business advices and insights and as a platform for personal development through the forums, training and special events. I have become good friends with most YPO members and their families, socialising outside official chapter events. When making a radical career shift, I took comfort from the forum and some closer friends at YPO to whom I could turn for advice.

SIDDIQUE KHAN
Founder and CEO of Globalink Logistics Ltd

Khan has worked in transportation since 1990. He established Globalink Logistics in 1994. In 2011 he was named Entrepreneur of the Year by the American Chamber of Commerce. As well as chairing multiple committees relating to his sector, he also advises Kazakhstan’s government on the development of transportation and has a particular expertise in the Belt & Road Initiative.

Siddique Khan

LUX: What age were you when you thought you might go into business as a career?
Siddique Khan: I started part-time work while I was studying to gain practical experience and to earn some extra money. It turned out to be one of the best opportunities of my life. I was able to learn how small businesses work, and the hands-on experience helped me turn my visions into practical business ideas.

LUX: Who were your inspirations in business, and how and why did they inspire you?
Siddique Khan: I was always fascinated with the ancient Silk Road and became particularly aware of it when I started a job in transportation and logistics in 1990 while supervising the distribution of humanitarian aid in Afghanistan. I saw the Silk Road’s heritage everywhere. In 1994, following the collapse of the USSR three years earlier, I set up a new business in Almaty to build a world-class transportation and logistics business that would eventually revive the ancient Silk Road.

Read more: Gaggenau launches initiative to support innovative artisans

LUX: How did you go about setting up this business venture?
Siddique Khan: Fundraising for a start-up to revive the Silk Road was anything but easy. After months of struggle, I managed to raise the seed capital, helping me launch Globalink Logistics on a shoestring budget. Choosing Almaty as a base was not a popular decision in those days, as most foreign investors were entering the former USSR market through Russia. Looking back, it was the right decision. It has helped Globalink gain recognition as the first international logistics company in Kazakhstan. Today, it has operations in nine locations in this country, more than 32 service centres in the former USSR and with representation in 55 countries.

LUX: What were the most important parts of this learning phase of your business life?
Siddique Khan: Companies have to re-invent themselves frequently, adapt to ever-changing market conditions, manage risk effectively, develop a competent workforce and invest in new technologies to be able to compete on a global stage. We must learn to overcome the uncertainty of the future and continuously educate ourselves to be able to stay ahead.

One of Siddique Khan’s company’s containers on the move

LUX: What motivated you then, and what motivates you now?
Siddique Khan: Giving financial success a purpose is still the most incredible motivation for me and gives me an enormous satisfaction in my work. My real thrill in life is not accumulating wealth, but to seek ways to use financial resources to create life-changing opportunities for others.

LUX: What are the unique challenges of business and enterprise in Kazakhstan?
Siddique Khan: Kazakhstan is a typical frontier market, offering high risk and higher reward. Overall, it and the Central Asian Republics are resource-rich economies with limited service sectors and infrastructures. There are viable business opportunities if one can cope with the numerous challenges of these emerging markets.

LUX: What advice would you give to foreign companies coming to Kazakhstan?
Siddique Khan: It is essential to learn and appreciate the cultural differences when you are doing business in this region.

LUX: YPO seems to be a unique business organisation. Is this true?
Siddique Khan: YPO is a unique group of exceptional executives that provides a network with a common aim: to become better leaders through lifelong learning. Every member seeks the knowledge and principles of success not only for their businesses but also for their families, friends and, most importantly, for themselves.

LUX: In what way does being a YPO member support and help you personally?
Siddique Khan:  Much of the YPO member experience comes from the local chapter, where you meet other business executives in your area. Although the organisation attracts high-achievers who are very competitive, the chapter also offers a sense of openness. Chapter life is full of action, ranging from family retreats and business events to executive education, counselling, healthcare and much more.

Depending on the size of the chapter, there are several forums. A forum is a group of about eight to ten people who meet frequently to discuss business and personal issues in a judgment-free and confidential environment. Forums become the sounding board for topics that you wouldn’t like to discuss anywhere else. I can confidently say that my forum has become my family. We trust and support each other – no matter what.

The professional, educational, spiritual and networking support that I got from the organisation helped me not only to transform myself but my business and family life as well. Thanks to YPO, I have become a better executive, spouse, father and friend.

RAMIL MUKHORYAPOV
Chairman of the Board of Directors of Chocofamily Holding

After early enterprises in Moscow, Mukhoryapov returned to Kazakhstan in 2011 to work in e-commerce, founding Chocolife.me, the country’s first online marketplace. This has since expanded to become Chocofamily Holding, Kazakhstan’s leading internet company with eight brands covering services such as online payments, health, travel and food delivery.

Ramil Mukhoryapov

LUX: What age were you when you thought you might go into business as a career?
Ramil Mukhoryapov: I was 19 years old when I started my first business. It was a club for parties for students. My first idea was for a comfortable and fun student life.

LUX: Who were your inspirations in business and how and why did they inspire you?
Ramil Mukhoryapov: I was inspired by a few Russian and international entrepreneurs such as Richard Branson, Oleg Tinkov, Sergey Galitsky and Evgeny Chichvarkin. I was inspired by their energy and their desire to change the world.

LUX: What were your first steps – which companies did you work for, how did you train and did you do formal business education?
Ramil Mukhoryapov: I studied at the Financial University under the Government of the Russian Federation in Moscow. I used to read interviews with various entrepreneurs in the business newspaper Vedomosti, in which they described all sorts of business situations and how they dealt with them. Reading newspapers was my main training. I had no formal business education, just my basic finance education at the university.

LUX: What were the most important parts of this learning phase of your business life?
Ramil Mukhoryapov: I loved reading the biographies of top entrepreneurs such as Howard Schultz of Starbucks, Sam Walton, the founder of Walmart, Steve Jobs, John Rockefeller, Feodor Ingvar Kamprad, the founder of IKEA, and Richard and Maurice McDonald. I was inspired by their lives and their decision making.

LUX: What motivated you then and what motivates you now?
Ramil Mukhoryapov: At first I was motivated by money and the photos I saw in magazines that depicted businessmen like happy guys with beautiful lives. Now, my main motivation is to change the world. I would like to change the relationships between companies and employees, to change the service in our country and to create new possibilities in economics. I think that business people are sort of engineers of the world.

LUX: What are the unique challenges of business and enterprise in Kazakhstan?
Ramil Mukhoryapov: I don’t think that Kazakhstan offers any particularly unique challenges in business but it does have great potential for entrepreneurs, because of the very low levels of competition.

LUX: What advice would you give to foreign companies coming to Kazakhstan?
Ramil Mukhoryapov: First of all, welcome to our country! There are many great possibilities to start a business here. We are growing very fast, have a stable economy and political regime. Also, we have potential in retail, e-commerce and so on.

LUX: What is the secret of success in business and what keeps you going?
Ramil Mukhoryapov: I think that it depends on two things. Firstly, you should work a lot and very hard. And secondly, ambition. If you are not satisfied with the results, they have to push you to go further. It’s important not to say “enough” – that’s a very dangerous word in business.

LUX: What are your business plans?
Ramil Mukhoryapov: Our plan is to build the biggest e-commerce company in the region and to become the first tech company from Kazakhstan to be known worldwide. To keep pace with Amazon, Google, Facebook, Apple and others – that’s our goal and I believe that everything is possible.

LUX: Who are your business heroes now?
Ramil Mukhoryapov: My business hero now is Elon Musk. He is a person who makes crazy things. He does not just dream about something, he does it. He inspires me to think the same way. We shouldn’t build barriers in our minds.

LUX: When did you first hear about YPO?
Ramil Mukhoryapov: The first time was when I was a student. I read a book by Artyom Tarasov, one of the first Russian millionaires and the first YPO member from Russia. That was about 19 years ago and I knew then that I wanted to join YPO.

LUX: What were your perceptions of YPO before you joined?
Ramil Mukhoryapov: YPO is a unique business organisation. It consists of the best entrepreneurs from Kazakhstan and enables you to communicate with others from different countries.

LUX: How does YPO support your business?
Ramil Mukhoryapov: I have two examples. First, two of the YPO members in our chapter became investors in my company: Timur Turlov and Aidyn Rakhimbayev. Second, when I need to speak with the managers of the big Russian e-commerce companies, I can get their contacts through YPO Connect and they answer quickly.

LUX: How often are chapter meetings held?
Ramil Mukhoryapov: Formal meetings happen on average 10 times a year. They take priority in my schedule. I appreciate the ideas and advice I get from them – they are like a personal board of directors.

ELDAR SARSENOV
Chairman of the Management Board of JSC Nurbank

Before his banking career, Sarsenov led the marketing at TAG Heuer in the US and worked his way up to being deputy director of sales and marketing at Helios LLP, the Kazakhstan petrol station company. He was the managing director of JSC Nurbank for three years, during which he managed the credit card department, IT and marketing, before he became the bank’s chairman in 2015.

Eldar Sarsenov. Image by Valery Ayapov

LUX: What age were you when you thought you might go into business as a career?
Eldar Sarsenov: I started thinking of myself as some kind of business person when I was maybe six or seven years old. At the time, I was in the US living near tennis courts where I worked as a ball boy. It was then that I understood the value of being paid for your services.

LUX: Your family was prominent in business already – you took a very international route when starting your career. Why?
Eldar Sarsenov:My career started early, helping out in my family’s business when I was still in school. When in college, I did some internships and later on I was working in a few businesses in Kazakhstan, so my career started locally. My first international work was in New Jersey, at TAG Heuer, as part of my MBA.

LUX: Who were your inspirations in business?
Eldar Sarsenov: I was inspired first by my parents’ enterprise in the early 1990s. When I was in college, a few professors who were also successful business people also influenced me.

Read more: Kering’s Marie-Claire Daveu on benefits of the blue economy

LUX: What business education do you have?
Eldar Sarsenov: My bachelor degree in science and business administration was from Suffolk University in Boston, and my MBA is from Northeastern University. Formal education helped my decision making and my ability to assess business practices in all sorts of situations.

LUX: What motivates you now?
Eldar Sarsenov: That’s easy. I am motivated by problem solving, by overcoming crises. I look at the person I was prior to certain events and can see how they transformed and improved me.

LUX: What are the unique challenges of business and enterprise in Kazakhstan?
Eldar Sarsenov: It’s a great place to conduct business, but one of the biggest challenges is its population size. It is a little below 20 million and no matter how efficient or effective you are, technologically and otherwise, at some point you will hit the ceiling of what market you can get.

The flag of Nurbank, of which Eldar Sarsenov is chairman

LUX: What’s the secret of success in business?
Eldar Sarsenov: There’s no big secret. Work hard, be kind to people, be a good person, and stay motivated. That’s harder than it sounds. You’ll be motivated at first but, later, obstacles might slow you down. The trick is to keep moving.

LUX: What are your business plans?
Eldar Sarsenov: Going international is in the plan for me. As a company, you need to cover as many countries as you can. It is healthy and financially sound.

LUX: Who are your business heroes now?
Eldar Sarsenov: The ones who surround me, such as those who survived the break-up of the Soviet Union and prospered for the benefit of the country. Also my YPO friends, who are people of high ethical standards and great business acumen.

LUX: When did you first hear about YPO?
Eldar Sarsenov: I first heard about it through friends and business acquaintances. My friend and mentor Armanzhan Baitassov, who is a YPO member of some stature, suggested I join.

LUX: What were your perceptions of YPO before you joined?
Eldar Sarsenov: I thought it was something along the lines of a fraternity of some sort. But when I saw a meeting, which was informal, I was impressed by the comradeship.

LUX: In what way does being a YPO member support and help you personally?
Eldar Sarsenov: It’s put into perspective what I am today as a business person. It has shown me how my strengths could be furthered, and how my weaknesses can be minimised.

LUX: YPO seems to be a unique business organisation, especially in its forums.
Eldar Sarsenov: Yes, the forums are what make YPO so sought after. Chapters consist of five to eight people. They are designed to be part of the YPO experience, where people can meet regularly within their own groups and discuss problems with work, family, or personal development.

LUX: Does YPO help with international contacts also?
Eldar Sarsenov: International contacts are what YPO bring to the table once you become a member. It provides a platform called YPO Connect that enables you to connect with YPO people round the world. I have helped members from Latin America, Europe and Australia who were interested in financial services in Kazakhstan.

LUX: What does being a YPO chapter member involve and what do you need to do?
Eldar Sarsenov: You get from YPO what you invest. If you make time, reach out to people, follow guidelines at meetings and participate in forums, then YPO gives back a lot. Since I joined in 2019 I have tried to be at every event and reach out to every member. YPO has been great for me. I look forward to meeting new people after the pandemic, and I urge everyone to consider joining this great organisation.

TIMUR TURLOV
Founder and owner of Freedom Holding Corp.

Turlov is an entrepreneur and financial expert who established Freedom Finance in 2008. Becoming part of Freedom Holding Corp. in 2015, the company is a leading retail brokerage and investment bank in Central Asia and Eastern Europe. Turlov is a specialist in the US stock market and regularly comments, reports and lectures on financial and economic matters in business publications.

Timur Turlov, CEO of the Freedom Holding Corp.

LUX: What age were you when you thought you might go into business as a career?
Timur Turlov: I was hungry to earn money when I was at least 13. At 15 or 16 I had my first more or less serious job (as a junior media analyst) with an ‘adult’ salary.

LUX: Who were your inspirations in business and how and why did they inspire you?
Timur Turlov: I am not sure that I really can name any. I started my own business not because of my ambitions, but because my employer closed its investments arm.

LUX: What were your first steps? Which companies did you work for, how did you train and did you do any formal business education?
Timur Turlov: I have no formal business education. I started my career in the stock market industry in Moscow at a small proprietary trading firm founded by American who was a former Soviet Union citizen. Then I switched to a retail brokerage firm that was part of a medium-sized commercial bank, and became the youngest TOM manager by my third year. Then the investment arm closed after the 2008–09 crisis.

Read more: Prince Robert de Luxembourg on wine, gastronomy & storytelling

LUX: What were the most important parts of this learning phase of your business life?
Timur Turlov: I always was very practical. I learned a lot from my colleagues and partners, from googling and reading the necessary information to solve specific tasks.

LUX: What motivated you then and what motivates you now?
Timur Turlov: We live in a world where the winner takes it all and you need to be the best in the industry just to survive.

LUX: What are the unique challenges of business and enterprise in Kazakhstan?
Timur Turlov: The main challenge is being almost alone in your industry. A weak competitive landscape can be a problem when you eat your bread alone. And that’s an opportunity as well, of course.

LUX: What advice would you give to foreign companies coming to Kazakhstan?
Timur Turlov: Kazakhstan is a country of open doors. It’s very easy to get here and you will be warmly welcomed, but you have to manage expectations extremely carefully.

LUX: What is the secret of success in business and what keeps you going?
Timur Turlov: My ability to build relationships, to sense the direction the wind is blowing in and to create products that are in demand. And, of course, luck.

LUX: What are your plans and business dreams?
Timur Turlov: We need to expand more actively into the EU and from there, globally. Competition in my industry is already global and we need to grow to be competitive enough tomorrow, to be attractive enough to become a target for acquisition, or to acquire our competitors worldwide.

LUX: Who are your business heroes now?
Timur Turlov: My team, my competitors… No stars.

LUX: When did you first hear about YPO and from whom?
Timur Turlov: From my friend and client, Marat Shotbaev, three or four years ago.

LUX: What were your perceptions of YPO before you joined and what made you want to join?
Timur Turlov: I knew it to be a club of successful people from the business elite in our country.

LUX: YPO seems to be a unique business organisation. Is this true, and if so, how and why?
Timur Turlov: The spread across medium and large enterprises in Kazakhstan seems to be wider than usually found elsewhere in the world. So here, YPO is a club for large businesses.

LUX: In what way does being a YPO member support and help you personally?
Timur Turlov: Through the unique experience of the forum meetings, which unfortunately have been less frequent over the past year because of the Covid-19 pandemic.

LUX: How does being a YPO member support your business?
Timur Turlov: Business is always about the development of relationships, and YPO helps to develop it much further.

LUX: Does YPO membership help you with international contacts as well?
Timur Turlov: I have never tried to use the international power of YPO.

LUX: What does being a YPO chapter member involve? How frequently do you have formal meetings, and international meetings?
Timur Turlov: Unfortunately, I have never participated in any of the international meetings, but this is only my second year of membership and international travel has been restricted, of course, for most of 2020.

Find out more: ypo.org

This article features in the Autumn Issue, which will be published later this month.

The Lisbon Oceanarium, Europe’s largest informational and educational space on the oceans, is operated by a foundation launched by Portugal’s Dos Santos family. Image by Paulo Maxim

Claudio de Sanctis, the new Global Head of Wealth Management at Deutsche Bank, has been passionate about the oceans since he was young. He now sees the blue economy – the sustainable use of ocean resources for economic growth – as a major and necessary target for investments. LUX speaks with him to discover why

DEUTSCHE BANK WEALTH MANAGEMENT x LUX

Claudio de Sanctis

LUX: How did your interest in ocean conservation arise?
Claudio de Sanctis: It’s something that goes back to my childhood. I was brought up in Italy and school summers there are very long. I spent a good portion of that time in the water snorkelling and skin diving in the Mediterranean and I developed an incredibly strong connection to the sea and the life in it. You carry forward that passion for animals and life in the sea; and then, if you are 47 as I am now and you are still spending your holidays diving in the sea with your family, you witness first-hand the changes that have gone on. You have this passion, you have witnessed this crisis, and there is a part of you that says something needs to be done.

Follow LUX on Instagram: luxthemagazine

LUX: You have personally noticed the environmental changes in the sea?
Claudio de Sanctis: One hundred per cent. If you don’t dive or spend time underwater, the ocean may seem like a beautiful, big, blue expanse and it’s difficult to perceive how it’s changing; it looks as beautiful now as it did 50 years ago. But if you do actually spend time underwater, you then notice that the Mediterranean, for example, has changed dramatically. In the past 40 years, plastic has replaced fish. There were previously a lot of fish, and now there are far fewer and plastic is popping up more and more so it’s now almost impossible to get underwater without seeing a large amount. Also, tropical fish are being seen in Greece, for example, which is a concern as it suggests a very significant change in temperature. If you go to the tropics, the situation is very similar. I have less than 20 years’ experience diving in the tropics, but even in that time, the situation has deteriorated and reefs have disappeared.

LUX: And this is what inspired your focus on the blue economy, which includes ocean conservation and much more besides.
Claudio de Sanctis: That’s correct. There are two fundamental beliefs informing this. One is that institutions such as Deutsche Bank have a fantastic history, if you realise that, for example, we have invested in young artists for the past 40 years for no other reason than social responsibility. While we are a business for profit, doing things because they are relevant and important for the societies we operate in, and because it’s right to be doing them, is important. In that context, we try to do things that are relevant to our clients. I meet clients on a daily basis and more often than not, the discussion will turn to conservation and particularly ocean conservation, and the strongest message I get is one of interest and one of alarm. “How can I help?”, they ask. And that’s how the blue economy comes into play because I believe that the best way to protect the sea is actually to explain to everybody the extraordinary sustainable, long-term economic value it has. There is a lot we need to explain to the world, such as the fact that we breathe because of the ocean; if we damage the ocean beyond a certain point, we won’t be able to breathe air any more. This is very much where education comes into play. And if you understand how the ocean can produce long-term economic development for low-income, underdeveloped countries, that is very relevant. If it’s properly harnessed, the blue-economy potential for a country such as Indonesia is extraordinary. It can lift hundreds of millions of people out of poverty and give them long-term prospects.

LUX: Are there increasing investment opportunities for the blue economy?
Claudio de Sanctis: There are, but there is so much more to be done, which is why the conference we are holding is so interesting. At the moment it is a very thin market but you essentially have three main drivers. The first one is very wealthy families who set up dedicated foundations, which in turn invest long term in ocean conservation and the blue economy. In that space, education plays a massive role. Secondly, if you don’t want to have a dedicated foundation then you can invest in financial instruments. There are more and more liquid financial instruments starting with blue bonds that allow you to contribute capital with a certain degree of return in order to help these underlying themes. The last element that we need to develop is investing directly in companies as more start up with a blue economy angle.

LUX: Will the blue economy become more important within environmental, social and governance (ESG) investing in general?
Claudio de Sanctis: That’s a very good question. My view is that when it comes to ESG, there is no need to put different sub-themes within ESG into competition. There is so much need for more across the board. I can say that interest in ocean conservation and the blue economy is growing exponentially and the awareness of it is growing extraordinarily fast because it’s tied to very important problems. I mean, science has now led us to understand that the oxygen for two breaths in every three comes from the sea, which is something that, five to ten years ago, very few people knew. So if you pollute the sea to a point that that sort of oxygen production slows down, you have a huge problem, because we’re not going to be replanting a lot of forest in the next 50 years. And planting forest takes a long time. Most of the ESG themes are fundamentally interlinked. For example, ocean conservation, blue economy and climate change all interlock.

Read more: Fashion designer Kevin Germanier’s sustainable glamour

LUX: Do companies who may believe they are not responsible for, say, ocean degradation because they are based far from the sea, need to be made aware of this interlocking, that the ocean is relevant to them?
Claudio de Sanctis: That is a very fundamental point. Awareness is everything and in my view, the awareness we need to create is not so much in the companies as in the end consumer. Everybody needs to understand the relevance of this resource, that the ocean is deteriorating and what the consequences of this are. And then on the positive side, what are the opportunities we can extract from the sea if we actually manage it properly? When we talk of the problem of plastic in the oceans, everyone thinks of the poor albatross found with plastic in its stomach, which is a significant problem. It’s an easier problem to grasp than microplastics, which are less visible. But while plastic bottle and bag waste affects marine mammals and sea birds, it is microplastics that affect fish. And the biggest polluting factor in the plastic problem is our clothing. Every time we wash our clothes in a washing machine, particularly anything that has plastic fibres, we release microplastics into the ocean. This is just an example, and this is why we need education, because there is so much more that we need to know and that we need consumers to know because it is they who ultimately drive politicians and purchasing.

LUX: What would you like to achieve through your blue economy programme?
Claudio de Sanctis: In our business we talk to a number of very significant families about what it means to actually have positive impact. So even if we help a few of these families be more aware of the problems and solutions, that is already gratifying for me personally in terms of helping the cause. From a Deutsche Bank point of view, my aspiration is that in the next two to three years when Wealth Management clients think about oceans, they think about ocean conservation and economic development tied to that. And then they think of Deutsche Bank and pick up the phone and speak to their banker here.

Find out more: deutschewealth.com

This article originally appeared in the LUX x Deutsche Bank Wealth Management Blue Economy Special in the Summer 2020 Issue.