Forbes - Asia (December 2019 - January 2020)

from boiled animal parts). Arnault invited
McCartney, who in 2018 ended a 17-year
partnership with the Pinault family’s Kering
luxury group (owner of Gucci), to become
his “special advisor.” She accepted, despite
LVMH’s decision to continue making
products with leather and fur (and glue).
Arnault also declined to join the “Fashion
Pact,” led by Kering and signed by 32 apparel
makers, including Chanel, Hermès, fast-
fashion giant H&M and even McCartney,
pledging to lower carbon emissions.
Arnault then made his own series of
eco-gestures during Fashion Week, when
the media converged on Paris to cover the
shows. At Tuesday’s Dior show, where mod-
els paraded across a stage decorated with
170 trees in dirt-filled burlap bags, the press
was told that the theme was sustainability
and that the electricity at the event was pro-
duced with generators powered by cano-
la oil. The next evening, LVMH hosted 50
journalists for a two-and-a-half-hour event
at company headquarters. Arnault and ten
LVMH brand chiefs took turns on stage re-
citing their commitments to environmen-
tal stewardship, their presentations inter-
spersed with videos of models strutting
down catwalks and cashmere goats frolick-
ing on the Mongolian steppes.
Mid-event, Arnault was asked to share
his thoughts on young climate activists like
16-year-old Greta Thunberg. “I’m a natural
optimist,” he said, “unlike Greta, who has a
big problem, and that’s projecting an outra-
geous amount of pessimism in her messag-
es without any real solutions.” Not surprising
for a corporate titan, he prefers not to dwell
Four of Arnault’s five children work in corners of the LVMH empire.
Clockwise from top left: Alexandre, Antoine, Frédéric and Delphine. on problems. “He doesn’t like to hear the
word ‘no,’” says Anna Wintour, the longtime
Vogue editor. “It’s not part of his vocabulary.”
Last year, Louis Vuitton shuttered a store in Fort Lauder- McCartney is one of many big names he’s reeled in. In
dale, Florida, because adjacent shops and restaurants weren’t 2017, LVMH launched a cosmetics line, Fenty Beauty, with
ritzy enough. Arnault visited a property on the Champs-Ély- the pop star Rihanna, distributing the products through its CLOCKWISE FROM TOP LEFT: KARL LAGERFELD, MAZEN SAGGAR, KARL LAGERFELD, JEAN-FRANÇOIS ROBERT
sées multiple times before he approved a new Dior store near retail beauty chain Sephora’s 2,600 stores. Capitalizing on
the Arc de Triomphe that opened in July. “He pushes you to Fenty’s broad-audience offerings—its foundation comes in 40
really be sure,” Dior chief Beccari says. “He wants to challenge skin shades—and on its founder’s 77 million Instagram fol-
you, that’s his tactic.” lowers, the division will hit $550 million in sales this year,
Arnault says. He’s betting that Fenty Fashion, the apparel col-
howing up rivals is another tactic. In July, as apparel lection LVMH debuted with Rihanna in May, will meet with
brands were competing to see who could be the most similar success. “She brings a different vision of fashion,” Ar-
Seco-conscious, he announced a partnership with British nault says. “For the future, it’s very good for us to be connect-
fashion designer Stella McCartney (daughter of Paul), who ed to Millennials.”
has long touted her sustainability efforts (she says she even To keep his brands modern, he also looks to his five chil-
refuses to use glue in her sneaker line because it’s made dren from two marriages, four of whom work at LVMH: Del-




50 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

phine, 44; Antoine, 42; Alexandre, 27; and Frédéric, 25. His Delphine, meanwhile, leads the six-year-old LVMH Young
youngest child, Jean, 21, will likely join the company when he Fashion Designer Prize, awarded each year to one designer
finishes school, according to Alexandre. Shortly after he start- chosen from thousands of applicants. Louis Vuitton’s Virgil
ed as strategy and digital director at the Swiss watch brand Abloh was a finalist for the 2015 prize (he had interned at
TAG Heuer a little over a year ago, Frédéric Arnault pitched an Fendi in 2009 with his friend Kanye West). And LVMH has
idea to his father over dinner. To enhance the brand’s smart- launched an accelerator program for up to 50 promising
watch for golfers, he wanted to acquire a French startup, Fun- startups in the luxury goods sector at Paris’ Station F, the
Golf, that had built an app with detailed terrain data on 39,000 brainchild of French billionaire Xavier Niel, who also happens
courses. Players could use it to measure how far they were to be Delphine’s long-term partner and the father of the
from sand traps or greens. “The people in the M&A depart- couple’s two children.
ment thought I was crazy,” he says. But once he made the case So what do Arnault’s offspring say about which one of
to his father, says Frédéric, “He said, ‘Go for it’.” them is likely to lead the company one day? As though read-
Alexandre Arnault says Bernard was quick to green-light ing from the same script, they all sidestep the question. “Our
tech deals Alexandre spearheaded at the family investment father is very young,” says Delphine. “He’ll work for 30 more
vehicle, Groupe Arnault, including bets on Spotify, Slack, years,” Alexandre says. “I don’t think he’ll ever stop,” says An-
Airbnb, Uber and Lyft. Then, in 2016, he persuaded LVMH to toine, head of LVMH corporate communications and chief
pay $719 million for an 80% stake in the 121-year-old German of Berluti. “This is not a topic we think about,” Frédéric says.
luggage maker Rimowa, favored by A-listers like David “We hope he is going to stay as long as possible in this role.”
Beckham and Angelina Jolie. At Rimowa, Alexandre later led “People ask me all the time,” says Arnault. “What is most
product collaborations with au courant brands like American important for the group is we find the best, and we’ll see if it’s
skateboarding line Supreme. in the family or outside the family.” How long will he work? “I
have no end decided.” Though he won’t say which of his chil-
dren he is most likely to promote, he is eager to talk about
CLOSING IN their talents. He shows off a video on his iPhone 11 of Fré-

déric playing a Liszt sonata in preparation for a concert he will
LVMH STOCK HAS BEEN SOARING, MAKING ARNAULT ONE OF
THREE PEOPLE IN THE WORLD WORTH MORE THAN give at a music festival outside Paris with his mother. Canadi-
$100 BILLION. HE’S PULLED $400 MILLION AHEAD OF an-born pianist Hélène Mercier-Arnault, 59, performs regular-
BILL GATES AND LAGS JEFF BEZOS BY JUST $5 BILLION.
ly as a soloist and chamber musician. “Like a professional,” Ar-
$300 nault says about Frédéric’s skill. “I’m not playing like that.”

As for sibling rivalry, Arnault and his children paint a por-
250 trait of family harmony. The siblings often gather for Saturday
LVMH
lunch with their parents, and they all spend some of August
S&P 500
at the Arnault compound in Saint-Tropez. Only Frédéric ad-
200
mits that discord surfaces on the tennis court. “It can get quite
tense,” he says. “Our father is very competitive. He doesn’t like
150
losing. This is something he’s transmitted to us.” No one close
to the family will make an on-the-record prediction about suc-
100 cession. But one longtime observer says that when Arnault fi-
nally steps down, “It will be Game of Thrones.”
Arnault sees the future playing out quite differently, con-
50
12/31/15 01/06/17 01/05/18 01/04/19 10/18/19 vinced his tight-knit family’s control will give LVMH an edge
for years. In his mind, he’s going up against not only competi-
SOURCE: FACTSET
tors in the luxury sector but also global giants. He calls Micro-
NET WORTHS
soft a “beautiful company” but notes that Gates has held onto
131
BERNARD ARNAULT only a small number of shares. “Long-term he won’t be there,”
113
JEFF BEZOS
112 108 he muses.
BILL GATES 107
$100
97 BIL Before proclaiming his vision for his conglomerate, he
90
86 catches himself. “In a way, I should not say that, because you
75 73 72 76 may think I am pretentious,” he says. But then he lets loose:
“[LVMH] is a French monument. Because it represents France
$50
45 BIL all over the world. People know better the name of Louis Vuit-
42
34
ton, Christian Dior, Dom Pérignon, Cheval Blanc, than any-
thing else. Maybe they know also Napoleon? General de
Gaulle? We think it’s important that this group, for the long
03/2016 03/2017 03/2018 03/2018 11/2019
term, is controlled by a French family.” F




DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 51

PROMOTION


PETRONAS:






BANKING ON SUSTAINABILITY



With change sweeping the industry, Malaysia’s national energy company invests

in clean renewable technologies to drive new business growth.


Since the second industrial revolution, the as part of the company’s
world has been dependent on the oil and long-term growth strat-
gas industry to power economic growth. In egy. Today, this means the
the past decade, climate change concerns company is adopting com-
have accelerated the push for cleaner and mercial renewable energy
sustainable energy solutions in a bid to technologies that use solar
reduce dependence on fossil fuel. and wind for power.
For PETRONAS, industry disruption—on The challenge in transi-
the back of increasing energy demands, tioning toward a low car-
resource depletion and the push for sustain- bon future is ensuring a
able solutions—is inevitable. It’s an ongoing sufficient and affordable
challenge for all energy players, including supply of energy to cater
PETRONAS, says Dzafri Sham Ahmad, Vice to fast-growing energy
President of Group Health, Safety, Security demands due to popu- Dzafri Sham Ahmad, Vice President of Group Health,
and Environment, PETRONAS. lation growth and rapid Safety, Security and Environment, PETRONAS
“In the energy business, change is urbanization. Energy com-
becoming even more volatile today than panies such as PETRONAS find themselves solar and wind power and has established
ever before. Disruptive forces and emerg- walking a fine line when it comes to energy a new division called Gas & New Energy,
ing megatrends are pushing oil and gas security, affordability and sustainability. which is aimed at growing a substantial
companies to reinvent themselves and While fossil fuels remain core to the business in delivering clean energy solu-
revisit their business strategies in order to global energy mix, PETRONAS is redefin- tions to customers.
remain relevant and sustainable. ing its energy offerings by pushing for the In line with its strategies in new energy,
“Climate change, air-quality concerns increased use of natural gas, which it sees as PETRONAS in April acquired Amplus
and government-driven initiatives are also complementary to renewables. Its efforts to Energy Solutions Pte Ltd (Amplus Solar),
fueling the rising demand for renewables. ensure a sustainable supply of natural gas is which is headquartered in India, to expand
This spurs us to be more innovative and to evident in its Canadian venture; PETRONAS its renewables portfolio to include rooftop
invest in other sources of energy such as and four global joint venture participants solar, ground-mounted solar and other dis-
renewables for the security and sustain- reached a final investment decision last year tributed energy solutions such as storage.
ability of our supply.” to build a LNG export facility in Kitimat in In Malaysia, PETRONAS is collaborating
Dzafri says PETRONAS has been explor- British Columbia, Canada. with Universiti Teknologi MARA to jointly
ing the clean energy space since 2013 The multibillion-dollar LNG Canada develop the On-Campus Energy Optimi-
project, which will initially com- zation and Solar Rooftop projects. The
prise two LNG liquefaction pro- company plans to be a significant contrib-
cessing units, aims to produce a utor to the Malaysian government’s renew-
total of 14 million tons per annum, able energy target of 6 GW by 2025.
with the potential to expand to “We are exploring new ideas and tech-
four units. nologies that go beyond oil and gas as we
PETRONAS is among the top witness the emergence of new disruptive
five LNG sellers in the world with business models, products and ideas.
positions in Australia, Egypt and For PETRONAS, we view technology as a
Sarawak. The company is also differentiator—the key to unlocking new
a significant supplier to Japan, opportunities and driving growth for our
Korea, Taiwan and China, and it business,” says Dzafri.
recently expanded its customer
positions in Thailand and India. Making Sustainability a
Investing in Canada provides the Key Strategy
company a long, sustainable busi- PETRONAS has been on its sustainability
ness for the future. journey for nearly two decades now, says
PETRONAS Twin Towers, home to Malaysia’s As for renewable energy, the Dzafri, “but looking at future trends and
premier energy solutions company. company is currently focusing on rising expectations, we realize that we

PROMOTION

















































cannot afford to continue managing sus- communities and the environment in a Kota Marudu in Sabah where clean water
tainability the same way anymore.” more strategic manner and direction. is supplied thanks to the gravity-fed, water
Sustainability at PETRONAS today is In education, it supports several initia- system project.
driven by a clear agenda for a more effec- tives in areas where the firm operates. In In South Sudan, PETRONAS’s Water for
tive orchestration of programs to immerse it Malaysia, PETRONAS has been sponsor- Life initiative provides portable water sup-
into every aspect of the company’s business ing more than 36,000 students to pursue ply through wells and boreholes—deliv-
strategy and work processes, he adds. tertiary studies in Malaysia and abroad, ering access to clean water to more than
When it comes to community develop- investing more than US$790,000 to date. In 40,000 local communities—with the first
ment, he says PETRONAS is consistent in South Sudan, PETRONAS has sponsored phase completed in 2018. Using a solar-
upholding its responsibility in providing 80 South Sudanese students since the year powered motorized system, the company
sustainable value to enrich the lives of 2000 to continue their studies, of which 23 built six water wells in five locations, pro-
people in the areas it operates in, focus- attended Universiti Teknologi PETRONAS ducing 162,000 liters with 72 public taps.
ing on three pillars: education, commu- in Malaysia, investing US$4 million in the This initiative is in collaboration with a local
nity wellbeing and development, and the program so far. Efforts are also in place to nongovernmental organization, Nile Hope,
environment. With the launch of Yayasan train South Sudanese geologists, operators and the Ministry of Petroleum.
PETRONAS, the company’s philanthropic and technicians. The company’s flagship environmental
arm, in March, PETRONAS continues to “Through these initiatives, we are help- project is the conservation of a 27,599-hect-
extend its four-decade involvement with ing them to become experts and leaders, are virgin rainforest in the Imbak Canyon
so that they can one day rebuild what was Conservation Area in Sabah. To promote
lost during war,” says Dzafri. environmental conservation and research
He points out that the education initia- in biodiversity, the company constructed
tives are geared toward creating access to the Imbak Canyon Studies Centre, a state-
education and providing the infrastructure of-the-art facility. PETRONAS has also been
to support these programs. In East Malay- actively promoting the conservation of
sia, the company has built hostels for chil- mangrove areas in Malaysia, particularly in
dren living in remote areas of Sabah and the state of Terengganu.
Sarawak so they can live near their schools.
Halfway around the world, in Iraq, PETRONAS
has over the past decade established sev-
eral long-term educational projects, includ-
ing refurbishing schools in Al-Rifa’I a district
located in the south of Baghdad to support
900 students.
PETRONAS’s education sponsorship Its community projects include creating
has helped 80 South Sudanese students access to clean water to rural communi-
since 2000. ties, such as the villages around Pitas and www.petronas.com

THE REAL LIFE









‘SUCCESSION’













Shari Redstone faced an uphill battle for her father’s company,
and tells her side of the story for the first time.



BY DAWN CHMIELEWSKI



or nearly two decades, Sum- first she’s given since she won the fight roller-coaster relationship with her leg-
ner Redstone lorded over the for the future of CBS and Viacom that endarily headstrong father at the center.
media juggernaut he created started four years ago. “For me, it was That saga now has a surprising
from the corner of the 52nd really important to ignore the noise and new chapter, including a strong claim
Ffloor of Viacom’s headquar- to keep looking forward.” to Redstone being the most powerful
ters, a classic power perch down to the That required some steely discipline. woman in media.
tan leather sofas. The battle royale played out on a seem-
As the 96-year-old founder gradually ingly daily basis, and it had the kinds of Shari Redstone was born in 1954, the
fades from the scene, there’s a new occu- twists and drama that even HBO’s Succes- same year that Sumner Redstone be-
pant in the chairman’s office: his daugh- sion, clearly inspired in part by the Red- came Sumner Redstone: he quit his lu-
ter, Shari, who emerged victorious from stones (with a larger dash of Murdochs), crative career as an antitrust lawyer to
arguably the most vicious corporate bat- couldn’t make up. After years of lobby- join the family’s 14-theater drive-in
tle of this century so far—one that occa- ing, cajoling, legal wrangling and board- chain, National Amusements. “There
sionally pitted her against her own father. room maneuvering, the petite, 65-year- isn’t a day that I don’t walk into that of-
She’s wasted no time making the old Shari Redstone officially emerged in fice and remember that it all began with
place her own, with an overstuffed August as the chairman of the soon-to-be my father and his vision so many years
white couch and matching chairs ar- combined entity, having remade the recal- ago,” Redstone says.
rayed around a coffee table with a flo- citrant boards of both Viacom and CBS. In contrast to their complicated adult
ral centerpiece. Family is everywhere, “There were a lot of men around her, years, her early memories include him
the pictures of her children and grand- very powerful men, either telling her taking her to school in the morning,
children covering every flat surface. she wasn’t going to win or who were having breakfast together and doing col-
Shari herself poses with the six Super her foes,” says Jason Hirschhorn, a for- lege tours. She recalls one rainy morning
Bowl trophies claimed by her beloved mer chief digital officer for MTV, who while slogging it out through law school,
New England Patriots. And Sumner is later garnered an investment from Red- as her dad did, when he ran out at 3 a.m.
represented, too, his portrait sitting be- stone’s venture firm. “They thought she in search of a copy shop for one of her
hind her desk. Rather than the confi- was the rich guy’s daughter who didn’t school papers.
dent, austere, imposing image that most know anything. And that, as much as She inherited her father’s auburn
founders favor, this one depicts him anything else, is why she’s won.” hair and sharp intellect. After the birth
closer to how he looks now: frail, bent Redstone, a lawyer by training, re- of her third child, she stopped prac-
over, shrunken with age, dressed in the peatedly declined to talk about many of ticing law full-time. While studying to
jersey of their shared team, the Patriots. the battle’s granular details, including be a social worker, she found her life
“No matter how hard or challeng- her dealings with Les Moonves, with changing course as her 13-year mar-
ing it got, I tried to keep my head down, whom CBS is currently involved in ar- riage to Ira Korff ended in 1993. JAMEL TOPPIN FOR FORBES
fight for what was right and not read bitration. Her vantage point, as with her “When I got divorced and I. . . need-
the press,” Redstone says during one of office, reverts to family—in this case, ed to get a job, [my father is] the one
a series of interviews with Forbes, the one with a $4.1 billion fortune and a who pushed me into National,” Redstone




54 | FORBES ASIA DECEMBER 2019 / JANUARY 2020



Viacom and CBS, saying she and her
Sumner and Shari Redstone
brother, Brent, had made “little or no
contribution” to building the media em-
pire. “While my daughter talks of good
governance, she apparently ignores the
cardinal rule of good governance that
the boards of two public companies, Vi-
acom and CBS, should select my suc-
cessor,” he wrote.
Brent had sued his father in 2006 for
shutting him out of big deals—includ-
ing the decision to split Viacom into
two companies—and for self-dealing.
Shari took Sumner’s side, and the com-
pany issued a statement accusing her
brother of “abusing the court system in
an attempt to extract a financial settle-
ment in a family dispute.” Brent sued
for access to his one-sixth interest in the
company and walked away with $240
million. (Attempts to reach him at his
home in Colorado were unsuccessful.)
That left Shari Redstone with a 20%
stake in National Amusements, which
T H E S E N I O R R E D STO N E WA S S O P L E A S E D, had morphed into a holding compa-
H E R E P O R T E D LY SA I D, “ YO U R L I F E I S N OT CO M P L E T E ny for Viacom and CBS. It was com-
plex. She had defended her father and
U N T I L YO U H AV E M E T S H A R I .”
publicly rebuked her brother when he
sued for his rightful stake in the hold-
ing company. She forgave and protected
Sumner even after he denigrated her to
says. “He wanted me to go on the boards ing with a long string of well-regarded Viacom executives. But the elder Red-
when I just got divorced, and I said no, executives, from Frank Biondi to Mel stone had taken a shine to two other
because I was trying to take care of my Karmazin to Tom Freston. executives, Philippe Dauman and Les
kids and balance working. . . . This was Sumner and Shari began to clash Moonves. The battle to succeed Red-
all my dad’s pushing.” over succession, corporate governance stone was about to get even trickier.
After she joined National Amuse- and the future of the theater business.
ments as vice president of corporate A major point of contention was her fa- To Sumner, Dauman was like anoth-
strategy in 1994, she expanded the com- ther’s investment in Midway Games, a er son. The Columbia-educated lawyer
pany globally, opening theaters in Rus- company that later filed for bankruptcy. earned Sumner’s confidence while hun-
sia and Latin America. She pioneered The tension erupted publicly in 2007, kered down in a one-bedroom room at
a concept still in vogue today—intro- after Shari voted to block a $105 million the Carlyle Hotel in New York plotting
ducing gourmet food, lounges and valet charitable gift that her father wanted to his hostile bidding war for Viacom. Na-
parking at theaters in Los Angeles and make to hospital systems in Massachu- tional Amusements outmaneuvered a
elsewhere. The senior Redstone was so setts and California. In a letter to the management-led buyout team in 1987,
pleased, he reportedly said, “Your life is trustees of the National Amusements acquiring the company’s assets, includ-
not complete until you have met Shari.” Trust, Sumner wrote that his daugh- ing MTV Networks, Showtime, The
The sunshine of his approval did not ter “does not have the requisite business Movie Channel and Nickelodeon.
last long. The patriarch, who frequently judgment and abilities to serve as chair- Dauman was named chief executive
boasted of his immortality—he famous- man of the three companies,” according of Viacom at a time when cable television
ly clung to a third-story window ledge to a lawsuit later filed by one of Sum- was at its peak. Viacom’s MTV was argu-
during a fire at the Copley Plaza hotel ner’s former companions. ably the most influential cultural force of MARK SULLIVAN/GETTY IMAGES
in Boston, which left burns over almost In a letter sent to Forbes five months that generation, Nickelodeon became the
half of his body—was also famous for later, he publicly blasted her for mak- dominant channel for kids with fare like
refusing to surrender power, dispens- ing an effort to succeed him as chair of SpongeBob SquarePants, and Comedy




56 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

PROMOTION


ONE BANGKOK:







BREAKING NEW GROUND IN THAILAND



The integrated district will set the standard in contemporary design and living with luxury residences,
a prestigious corporate address and buzzing retail scene.



As Thailand’s largest private-sector prop-
erty development, One Bangkok is poised
to break new ground in design, smart-city
living and sustainability. When completed,
the integrated district will become a global
landmark, attracting leading businesses,
tourists and locals by seamlessly connect-
ing offices, retail, luxury hotels and resi-
dences as well as cultural and social spaces.
A joint venture between TCC Assets
Co., Ltd. and Frasers Property Holdings
(Thailand) Co., Ltd., the THB 120 billion
(US$4 billion) project’s rich mix of uses will
ensure the district is buzzing with energy
around the clock. The development is
expected to open in 2023, with full com-
pletion slated for 2026.
“One Bangkok will reshape and rede-
fine Bangkok’s urban landscape in a posi-
tive and lasting way as the largest private-
sector property development initiative One Bangkok—Thailand’s largest private real estate development
undertaken in Thailand,” says Panote
Sirivadhanabhakdi, Group CEO, Frasers Five Concepts in One Park and the city beyond. The first resi-
Property Limited. With a combined office net lettable area dence, located atop The Ritz-Carlton,
One Bangkok’s masterplan proposes of almost 500,000 square meters, One Bangkok on levels 26-49, will comprise just
a set of four diverse precincts centered Bangkok is able to house more than 500 110 ultra-luxury units of two to four bed-
around a 10,000-square-meter, landscaped local and international organizations at rooms that will launch in early 2020.
civic plaza. These precincts are connected what will be the city’s most prestigious Crowning the sprawling One Bangkok
on multiple levels, and each includes a corporate address. integrated development will be the 430-
retail and lifestyle element at lower levels Leading brands, meanwhile, will have a meter Signature Tower, which will feature
to create a vibrant streetscape, with tow- new and exciting platform to engage their office spaces and a super luxury hotel.
ers for working and living rising above. customers with fresh concepts and spaces Set to become one of ASEAN’s 10 tallest
The integrated development will be eas- across four connected retail precincts, buildings when completed, the Signature
ily accessible as it is directly connected to which will encompass about 450 stores over Tower will offer visitors panoramic views of
Bangkok’s MRT train network. 180,000 square meters. the city and become a stunning addition to
With five hotels, One Bang- the city’s skyline. One Bangkok will also be
kok will also cater to all tastes a hub of culture, featuring public art and
of travelers, whether they are learning spaces as well as performing arts
seeking a luxury experience events and concerts all year round.
or a boutique offering. The Says Sirivadhanabhakdi, “We believe
first luxury hotel, The Ritz- One Bangkok is an offering worthy of what
Carlton, Bangkok is scheduled Thailand’s capital can deliver on the world
to open in 2023. stage, and our goal is to see the country
Those seeking the finest become the very epicenter of ASEAN.”
residences in Bangkok, mean-
while, will have their pick of
three luxury residential tow-
ers located at the north end of
All towers at One Bangkok are designed to maximize the district, offering unprec- For more information, please visit:
views of Lumphini Park. edented views of Lumphini www.onebangkok.com.

Central became iconic for offerings like nurse confided he had witnessed emo-
South Park and The Daily Show. tional and financial abuse of the frail
But Dauman lost his touch in 2014, billionaire. While the two women de-
when Viacom’s stock started to decline, nied the allegations, they were removed
in lockstep with television ratings and from the home in 2015, and after a legal
Paramount Filmed Entertainment rev- battle that revealed embarrassing details
enue fell by $557 million—a trend that of Sumner’s sexual and other appetites,
would accelerate the following year. Shari took charge of his care and once
Redstone, who pulled away from Na- again began visiting her father.
tional Amusements, and in 2011 started “Sadly, people came into his life who
a venture firm with her son-in-law, was had a different agenda, and their agenda
growing increasingly concerned. Ex- was to separate us. And in some ways
ecutives past and present were lament- they did a good job,” Redstone says. “It
ing the slow erosion of a culture built never meant we stopped loving each
around her father’s oft-stated mantra, other or caring about each other, but it
“Content is king.” became really hard.”
“The culture and the values that rep- Philippe Dauman; Once they were reconciled, she shared
He was like another
resented everything that Viacom was son to Sumner her concerns about Viacom with her fa-
disappeared under Philippe,” she says. Redstone—and was ther. She talked about his lost legacy, the
pushed out as CEO
“The belief in content, that it matters, flight of talent, including marquee stars
in 2016.
disappeared under Philippe.” Stephen Colbert and Jon Stewart, and the


DAUMAN WAS NAMED CHIEF EXECUTIVE WHEN CABLE
WAS AT I TS P E AK , BUT HE LOST HIS TO U CH IN 2014,
WHEN VIACOM’S STOCK STARTED TO DECLINE AND

TE LE VI SIO N RAT I NGS D ETERIO RATED.






Dauman declined comment. “We have the best opportunity of
Viacom spent $15 billion on buy- any media company in the world to be
backs in an attempt to prop up the stock, number one going forward,” she recalls
while rivals were acquiring properties saying to the board at the time. “We
that added immense long-term value to own these people. Shame on us if we
their libraries, such as Disney’s purchas- lose them.”
es of Marvel Entertainment and Lucas. But while she found the board indif-
Redstone, who sat on the board, was ferent to her concerns, she says much of Les Moonves;
The CBS chief
constrained without her father’s support. the company was rallying behind her. invigorated a
“Basically, it was really a lot about fi- “People were rooting for me—not for network and was
brought down by
nancial engineering and stock buybacks me, but because they wanted Viacom #MeToo allegations.
and not believing in the people who cre- back,” she says.
ated content, not supporting the people Ailing and struggling with physical
creating content, not creating a culture mobility but still in control, her father loss of viewers to digital platforms. She
of creating content,” Redstone says. “So, proved to be her biggest challenge. For lamented the damaged culture.
I was up against that, and I tried to fight a time, Shari and her family wouldn’t “He asked me a question, and the
that battle for years to no avail.” visit the Beverly Hills mansion that question caused me to say, ‘Look, Dad,
She watched helplessly as the lega- Sumner shared with two women, then- let me tell you what happened at Vi- SYLVAIN GABOURY/PMC/NEWSCOM, DAVID PAUL MORRIS/BLOOMBERG
cy Sumner built faded away. MTV and girlfriend Sydney Holland and a former acom.’ And I went through all of the
Nickelodeon were losing relevance as companion, Manuela Herzer, and com- businesses of Viacom, the positions
young audiences turned their gaze on- munication was limited. I had taken on the board, which had
line. Paramount Pictures, the studio She took a more active role in her fa- not necessarily been well received. So
of the Godfather movies was releasing ther’s life after he went through a se- he was only hearing Philippe’s view
duds like Hot Tub Time Machine 2 and ries of hospitalizations in the summer of what was going on at the compa-
a remake of Ben-Hur. of 2014, claiming in a court filing that a ny, what was going on at the board and




58 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

what my views were,” Redstone says. of sexual misconduct at the company.
“So I kind of came in, and I gave my Rose apologized for his inappropriate
dad that whole sense. And even at the behavior but said not all of the allega-
end of that, I think when he understood tions were accurate.
what was going on in the company, he But the most powerful executive at
wasn’t ready to let Philippe go.” risk was Moonves, who in July 2018
Then one day in February 2016 found himself the focus of a story pub-
Dauman drove past the metal gates of lished in the New Yorker reporting al-
Sumner’s home in the exclusive Beverly legations of sexual misconduct and
Park neighborhood to propose sell- threats of retribution. Moonves re-
ing an equity stake in Paramount, in signed in September 2018, and six new
a meeting vividly described in Keach members joined the CBS board. With
Hagey’s biography of Sumner, The King interim CEO Joseph Ianniello in place,
of Content. Sumner’s 1994 triumph over the company moved swiftly to repair a
Bob Bakish;
QVC Chairman Barry Diller in the pur- culture described as toxic and misogy-
ViacomCBS’s
suit of Paramount, the oldest surviving new CEO won nistic—donating $20 million to organi-
film studio in the U.S., was the career confidence with a zations committed to eliminating work-
digital strategy he
victory he would savor most. Selling it perfected overseas. place harassment, installing a new chief
was tantamount to treason. people officer and naming a woman,
Sumner instructed his lawyers not to Susan Zirinsky, president of CBS News.
sell, but it was his daughter he turned to be in the best interest of the company “I was speaking before a women’s
to ensure that it didn’t happen. and its shareholders: CBS chief execu- group. . . and they said to me, ‘After ev-
“I said to him, ‘I will do this, but this tive Les Moonves. erything you’ve been through, why
is your battle,’” she recalls. “It wasn’t my Moonves was hired in July 1995, tak- shouldn’t every woman in this room be
battle for me. It was my battle for him.” ing over as president of CBS Entertain- pessimistic?’” Redstone recalls. “‘Be-
ment when the Tiffany Network was the cause I’m here, because we can do this.’
Shari Redstone says she had no master laughingstock of the television industry. But this is a moment in time where, I
blueprint for the fight ahead. “It wasn’t The savvy programming executive, who think, we can’t drop the ball. We have
a long-range plan because I kept having had green-lighted Friends and ER, set an opportunity and a responsibility to
short-range challenges,” she says. out making hits like CSI, NCIS and Cold do what we can to have an impact.”
By March 2016, Dauman and Viacom Case, transforming CBS into the nation’s
board member George Abrams had both most-watched broadcast network, win- Her two chief rivals having been dis-
been removed from the seven-person ning himself the CEO title and titan sta- patched and imploding, respectively,
family trust. That pair sued, challenging tus in the process. Moonves had little Redstone’s ascension went from a long
Sumner’s mental competency and ac- interest in taking on the woes of the shot to almost a fait accompli. While
cusing Shari of manipulating her father. network’s struggling corporate sibling, it wasn’t made official until this past
Then Dauman was removed from the Viacom, and even went to court to August, when CBS and Viacom an-
Viacom board along with four other pli- block the merger with Viacom. nounced their $12 billion merger deal,
ant directors. A new legal challenge was Then came the #MeToo movement, Shari Redstone began looking to the fu-
mounted, but before the courtroom dra- which quickly ensnared CBS. The com- ture last year.
mas could play out, Dauman agreed to pany first fired CBS This Morning host To get there she will need to keep the
a lucrative exit, which included $58 mil- Charlie Rose, citing reports of “dis- family on her side. Sumner’s 80% stake
lion in severance pay. turbing and intolerable behavior,” and will be divided in two on his passing,
Shari was faced with one more sig- then 60 Minutes executive producer half for the benefit of his descendants,
nificant opponent, an executive she’d Jeff Fager for “violating company poli- whose trustees will include Shari and
considered a trusted friend, who stood cy”—specifically, threatening a CBS re- her son as well as others with long ties to
in the way of the merger she felt would porter who was following up on reports members of the family, including divorce
CHRISTOPHER GOODNEY/BLOOMBERG “BECAUSE I’M HERE, BECAUSE WE CAN DO THIS.” ecutive. The other trust will be for the
lawyers for Sumner and his former wife,
Phyllis, and a National Amusements ex-
THEY ASKED, “AFTER EVERYTHING YOU’VE BEEN
T H RO UGH, W HY SH OULD N’T EVERY WO MA N IN
benefit of Phyllis. In other words, more
drama could be on the horizon.
TH I S RO O M BE P ESSIMISTI C?” SHA RI A N SWE RED,
Shari Redstone will have a critical
ally in Bob Bakish, who had been run-
ning Viacom International Media Net-




DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 59

works. Initially designated as inter- SEEKING VALUE
im CEO, he was viewed as keeping the The merger of Viacom and CBS will give the media company more heft and greater spending
seat warm until Moonves would lead power, but it has a long way to go to catch up to its bulked up competitors.
the combined companies. Bakish didn’t $50 Bil 100 150 200 250
wait for that to happen. He shook up
AT&T $276 Bil
the executive ranks, recruited high-pro- (TIME WARNER) $171 Bil
file industry executives to lead the Para-
mount and Nickelodeon units, invested WALT DISNEY $59 Bil $238 Bil
in developing content for social media
and, most critically, acquired the free, COMCAST $95 Bil $210 Bil
ad-supported video service Pluto TV to
give Viacom a foothold in the stream- NETFLIX $16 Bil $115 Bil MARKET CAP
ing world. Pluto TV now boasts 18 mil-
$26 Bil REVENUE
lion regular users. VIACOM
& CBS $27 Bil
“Where have you been?” Redstone
recalls asking Bakish after he present-
ed his plans for the business unit to
the board. She was particularly struck DUELING MOGULS
by his digital strategy, which was more A decade ago, Sumner Redstone used CNBC to warn Rupert Murdoch that his media empire
evolved than in the U.S. business. was “buried in ink.” Last year, Murdoch’s fortune soared when News Corp. announced that it
was selling the bulk of his entertainment assets to Walt Disney for $71 billion.
“I specifically decided that the board
is important, has valuable perspective, $20 Bil
and therefore I want to engage with 19.1
18
them,” Bakish says, adding that Red- NET WORTH
stone “was a clear person that I thought 10 RUPERT MURDOCH
it was important to build a relationship SUMNER REDSTONE 14.2
13.4
with based on transparency, trust and
11.6 12
more.” Bakish’s management style and 10 11.1
the gains at Viacom were rewarded: He 9.4
will lead ViacomCBS as president and
7.4
CEO once the merger is completed. 6 6.2 6.5
5 5.8
Bakish and Redstone are bullish 5 4.7 5.1 4.8
4.1 4.1 4.1
on the future. They argue that the 2.8
combined companies’ global reach 2
and production capacity, massive film 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
and TV library (140,000 television
episodes, 3,600 film titles) and $13
billion in spending on content (750 She’s now looking to digital-savvy exec- the MTV reality show Jersey Shore?
series on order) put it on a more equal utives like Viacom’s digital studios chief The question led her to fund ventures
footing with rivals. That’s on par with Kelly Day, who’s been developing orig- like Niche, a startup that connected so-
the spending binge Netflix has used to inal programming for YouTube, Face- cial media stars with advertisers and
seize the narrative of the once insular book and Snapchat and, before that, subsequently was acquired by Twitter,
and impenetrable industry, and eclipses shows for Netflix, as a contemporary and Religion of Sports Media, a start-
reported figures for Amazon or Apple. role model for reaching audiences frag- up whose cofounders include Patriots
But even together, ViacomCBS will be mented among multiple screens. “It’s quarterback Tom Brady.
dwarfed in market value by traditional the same vision my dad had in ’99, but “My dad had a line, ‘Little failure,
media rivals like Disney or Warner it’s more true now than ever before,” she little success; big failure, big success.’
Media parent AT&T or Comcast, the says. “When you take a look at these as- You have to take risks,” Shari Redstone
cable giant whose holdings include sets, they’re complementary.” says. “That’s what a venture fund is all
NBC and Universal Pictures. She obsesses about ways to reach au- about. How much risk do you take?
Redstone’s emerging media venture diences beyond a linear broadcast. Her So I say, we take risks, but we take it
investments, from YouTube creator net- interest in emerging media began with conservatively. But you have to take
work MakerStudios to podcast platform a question she posed at a Viacom board risks. You have to be willing to fail in
Wondery, inform how she thinks of meeting to which she never received a order to succeed. And we’ve all failed.
the family’s traditional media business. satisfactory answer: Who’s watching So, thank God there’s a value to it.” F




60 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

SPECIAL ADVERTISING SECTION





LOOKING FOR GEMS IN THE




GLOBAL REAL ESTATE MARKET





Property developers in Singapore and Malaysia offer discerning buyers premium living experiences in
the region’s sought-after locations.



















































Developers continue to redefine the Singapore city skyline.


Despite global economic headwinds, there is Meanwhile, Frasers Property is offering Malaysia is also well-positioned for growth.
value to be found in Asia’s real estate sector if homebuyers a rare riverfront living experi- The residential property market in the country
one knows where to look. ence along the historical Singapore River. recorded a higher value of transactions in the
In terms of individual markets, Singapore’s When completed, the Rivière will form part of first nine months of the year for the primary
residential market continues to be a safe a highly attractive cluster of waterfront devel- market compared with the whole of 2018,
haven for foreign buyers seeking not just opments as well as food and beverage and according to international real estate federa-
profits, but also capital preservation. Looking lifestyle outlets. tion FIABCI. Malaysia’s National Housing Policy
to capitalize on this trend, developers are roll- Innovative players such as Guocoland are 2.0, which was launched by the Housing and
ing out ultraluxury developments that cater transforming the city-state’s central busi- Local Government Ministry at the start of the
to the region’s wealthy in some of Singapore’s ness district. The developer is behind iconic year, has helped address affordability issues
most prestigious neighborhoods. properties such as Singapore’s tallest build- and boost demand in the housing market.
For instance, the upcoming 3 Orchard ing, Guoco Tower, a unique 5-in-1 integrated One company that has capitalized on this
By-The-Park is a short stroll away from the development located in the heart of the CBD. potential is UEM Sunrise Berhad, a leading
UNESCO World Heritage site, Singapore Reflecting their global ambitions, Singa- property developer in Malaysia. UEM Sun-
Botanic Gardens, while luxury boutiques, pore’s real estate developers are extending rise has posted an uptick in revenue over the
five-star hotels, embassies and Michelin- their footprint abroad as well. For instance, past few years and appears to be on track for
starred eateries of the premier Orchard Road Pontiac Land Group is part of the develop- another year of growth in 2019.
belt are just minutes away. Launched by the ment team behind the upcoming 53 West In the face of an uncertain and evolving
YTL Group, the development features the 53 skyscraper in Midtown Manhattan in New landscape, there are bright spots to be found
signature touch of world-renowned architect York City. The 82-story building is designed by in the region’s real estate market for discern-
Antonio Citterio. famed French architect Jean Nouvel. ing buyers with an eye for value and quality.


Real Estate 1

SPECIAL ADVERTISING SECTION





RIVIÈRE: PRIME RIVERFRONT



LIVING IN SINGAPORE




With increasing demand for luxury waterside residences, Frasers Property’s latest development delivers
with a stunning architectural design, bespoke services and unparalleled lifestyle experience.




Whether it’s the Thames in London or
Huangpu River in Shanghai, there has been
a rising tide of demand in recent years for
upscale waterfront properties along the
world’s great waterways. According to Knight
Frank’s Global Waterfront Report 2019, dis-
cerning buyers are being drawn to such
developments because of the lifestyle and
amenities that come with a home by the river.
This trend has flowed into Singapore as
well, where the supply of such units is scarce.
Analysts note properties along the Singapore
River in particular will see strong demand
because of its historic status and central
location.
Drawing inspiration from Singapore River
and its surrounds, upcoming luxury residen-
tial development Rivière seeks to meet this
wave of demand by offering home buy-
ers and investors an exhilarating riverfront
lifestyle.
The Rivière is nestled amid three conser-
vation warehouses and serviced apartments.
The precinct sits next to the Singapore River,
the lifeblood that helped fuel the city’s trans-
formation into the modern metropolis it is
today. The development’s two stunning resi-
dential towers rise 36 storys above the his-
toric waterway; it is a stunning architectural
marvel designed by award-winning architec-
ture firm SCDA.
Developed by global real estate group Fra-
sers Property, Rivière offers 1- to 4-bedroom
units that range from 560 to 2,002 square
feet. All units boast highly liveable layouts Rivière
peppered with meticulously crafted details
as well as branded fittings and furnishings. and absolute privacy. The experience of liv- Clarke Quay and Roberson Quay. Residents
When completed, Rivière will form part of ing here is one of utmost discernment and can catch up with friends over brunch at one
a highly attractive cluster of waterfront devel- understated luxury,” says Christopher Tang, of the many trendy cafés nearby, indulge in
opments. The three completely restored CEO of Frasers Property Singapore. a romantic dinner by the water, or paint the
warehouses located next to the develop- town red on a night out with drinks and live
ment will be transformed into a stylish life- Exclusive Enclave in the Heart music.
style destination that will feature riverside of Singapore Singapore’s Central Business District and its
bistros, friendly grocers and even a culinary The Rivière offers the privacy of an exclusive premier lifestyle precinct, Marina Bay, also lie
school for the community. sanctuary in downtown Singapore, close to close to the Rivière. Here, one can take in a
“While enjoying a sophisticated, lively and the city’s prime business and lifestyle neigh- diverse range of cultural activities, from view-
convenient lifestyle by the heart of Singa- borhoods. Located in the upmarket but tran- ing the artworks of the National Gallery and
pore’s historic and eminent river, residents quil Robertson Quay, the Rivière is adjacent the Asian Civilisations Museum, or catching
here can also indulge in nature, serenity to the exciting entertainment offerings of a performance at world-class venues such


2 Real Estate

SPECIAL ADVERTISING SECTION





with their own private lifts. Residents will
also be able to take advantage of a suite of
bespoke services to cater to their everyday
needs, from concierge to housekeeping and
laundry services.
For those seeking a truly luxurious water-
front living experience in the heart of Singa-
pore, the Rivière ticks all the right boxes.


A UNIQUE

DEVELOPMENT ALONG

THE SINGAPORE RIVER



Promenade Plaza
• Three distinct conservation ware-
houses within the development will
as the Esplanade or the Victoria Theatre and Award, the SIA Architectural Design Awards
be restored to form part of the rich
Concert Hall. For some high-end retail ther- and prizes from the World Architecture heritage in its precinct. These will
apy, residents will be able to reach the pre- Festival. house lifestyle offerings such as a
mier shopping belt of Orchard Road in five specialty grocer and dining options as
minutes by car. Homes for All Tastes well as wellness and lifestyle concepts
With its numerous connectivity options, The Rivière has been designed for those who • Rivière offers 1- to 4-bedroom units
getting to any point in Singapore from the have a taste for understated luxury. Each unit that range from 560 to 2,002 square
Rivière will be a breeze. The upcoming Great features a refined material palette of large feet, priced from $2540 (US$1870) per
World City MRT station and shopping mall marble slabs, and are equipped with kitch- square feet
will be just three minutes away on foot, and ens and appliances from high-end brands • Hospitality services such as concierge
will connect directly to Orchard, Shenton Poggenpohl and Gaggenau. Buyers can services, housekeeping* and laundry*
Way, Marina Bay and Gardens by the Bay. choose from a selection of different layouts services, as well as preferential rates
Meanwhile, the Fort Canning MRT station is to suit their lifestyles, from chic 1-bedroom for bookings at the serviced apart-
also minutes by road from Rivière. There, resi- suites to 3 and 4-bedroom units that come ments next to Rivière, will be offered
to residents
dents can connect directly to the Downtown
Core, Marina Bay Sands and the Singapore • A river promenade sits at the door-
Botanic Gardens. Befitting a riverfront home, step of the Rivière, offering residents
a river taxi also stops just by the residences, a tranquil spot to refresh their bodies
and minds
connecting all the way to the Esplanade via
Clarke Quay and Boat Quay. • The residence is located in the buzzing
lifestyle hub of Robertson Quay, which
Architectural Marvel offers plenty of alfresco dining options
SCDA’s renowned principal architect Soo K. • It is one MRT stop away from Orchard
Chan and his team used the different quali- Road station and a five-minute drive
ties, states and nature of water as their inspi- to Singapore’s CBD and Orchard Road.
ration for Rivière’s design. The residential The development is also a three-min-
ute walk from the upcoming Great
towers are raised elegantly on structural stilts,
World MRT station and shopping mall
framed by intimate gardens and sensuous
water pavilions. • The Rivière is developed by lead-
From the waters of the gently flowing river ing global real estate group Frasers
to the beautifully landscaped gardens within, Property
Rivière is designed with nature in mind. A *Minimal fees apply
promenade that sits right at the develop-
ment’s doorstep is the perfect spot for taking
in the river’s beauty and energy.
SCDA’s ability to craft such an architectural
marvel is unsurprising, as it has been widely Scan for more
recognized for its extensive portfolio that information and
to view videos
encompasses luxury residences, hospital-
ity and cultural institutions from around the
world. Among other accolades, the firm has
won the President’s Design Award, the RIBA Rivière at night www.riviere.sg


Real Estate 3

SPECIAL ADVERTISING SECTION





3 ORCHARD BY-THE-PARK:



LUXURY LIVING INSPIRED BY NATURE




Award-winning developer YTL Land blends green technologies with the craftmanship of
world-renowed architect Antonio Citterio for a masterpiece in design.




In the heart of Singapore’s prestigious District
10 lies 3 Orchard By-The-Park, an ultraluxury
freehold development comprising 77 exclu-
sive residences spread across three stunning
25-storey towers.
Nestled amid the leafy tranquillity of
Orchard Boulevard, the condominium is
located next to an upcoming Orchard Bou-
levard MRT station and is a short stroll away
from a UNESCO World Heritage site, the Singa-
pore Botanic Gardens. Meanwhile, the luxury
boutiques, five-star hotels, embassies and
Michelin-starred eateries of Orchard Road are
mere minutes away.
Surrounded by lush landscape gardens
with extensive species of flora and fauna, resi-
dents will be shielded from the city’s bustle
in the midst of their own urban oasis. Indeed,
the development is inspired by the Botanic
Gardens, and features an Orchid Corner with
exclusive Vanda YTL and Vanda Bocelli orchids.

Designed by Masters, Built as
Masterpieces
Designed by world-renowned architect
Antonio Citterio, the creation of 3 Orchard By-
The-Park is guided by developer YTL’s motto:
“Designed by Masters, Built as Masterpieces.”
“We select the world’s best masters or
maestros of design and architecture to part-
ner with us to craft and build the most out-
standing homes, which we can truly call
masterpieces,” says Tan Sri (Sir) Francis Yeoh,
Executive Chairman of YTL Corporation. Like
priceless works of art, these masterpieces can
be passed down from generation to genera-
tion as treasured family heirlooms.
“For our first-ever luxury apartment proj-
ect in Singapore, we wanted a true master
of design who could holistically design the
architecture and interior design of the entire
development as one masterpiece where resi-
dents can experience his timeless signature
aesthetics throughout every aspect of the liv-
ing environment.”
Citterio is an interior designer and lifestyle
product designer for premium furniture brands
such as B&B Italia and Flexform, and luxury

3 Orchard By-The-Park brands like Hermes. He has also created kitchen

4 Real Estate

SPECIAL ADVERTISING SECTION





systems for Arclinea, bath and sanitary fittings were chosen to deliver the highest levels of
for Axor, and lighting solutions for Flos. Further- quality and durability. Even the cabinets and AN AWARD-WINNING
more, he has designed world-class hotels and kitchen timber panels were exquisitely hand- PORTFOLIO
resorts, including the Bvlgari Hotels & Resorts crafted to reflect the designer’s desired level
in Bali, Milan, Shanghai and Beijing as well as of excellence.
The developer behind 3 Orchard By-The-
the Barvikha Hotel & Spa in Moscow. Each home will come with Citterio’s spe-
Park, YTL Land & Development, has built
From exteriors to interiors, 3 Orchard By- cially designed Arclinea lifestyle kitchen sys-
up an impressive portfolio of luxury proj-
The-Park is the first residential development in tem and a boiserie feature wall, while others ects that are “Designed by Masters, Built
Southeast Asia to be designed holistically by will feature furniture and furnishings from as Masterpieces.”
Citterio, and it will serve as a platform to show- Giorgio Armani’s Armani Casa, all ready for the
Having won multiple regional and inter-
case his signature architecture and interiors move in.
national honors, including the FIABCI Prix
with uniquely designed fittings and finishings Much thought has also gone into the com- d’Excellence Award as well as six awards
by this celebrated artisan. munal spaces and facilities surrounding each at the Edgeprop Singapore Excellence
Says Yeoh: “For a long time, we have home. To unwind, residents can lounge by the Awards 2019, YTL Land has established
admired Antonio Citterio’s masterworks of infinity-edge pool, exercise in the gym with an excellent track record of building
timeless elegant design. His renowned archi- Citterio-designed Technogym equipment, or high-quality houses, condominiums and
mixed-use properties with attractive and
tecture and interior design of Bvlgari Hotels entertain guests in the private dining room
innovative designs. As a leader in sustain-
and Resorts in Milan, London, Bali, Beijing and or alfresco dining area. At the private library
ability practices, the company incorpo-
Shanghai is truly masterful. He demonstrates a lounge fully furnished by Citterio, residents rates green design into the engineering
deep appreciation of luxury living at its best.” will be able to feast on delicacies from food and architecture of its developments,
emporium Jones the Grocer. promotes environmental renewal and
An Italian-Inspired Creation Underpinning all facets of the development cultivates sustainable ideas and habits
The signature touch of Antonio Citterio can is a commitment to sustainability, which has within its communities.
be found in every aspect of 3 Orchard By-The- long been a cornerstone of the YTL Group. 3 YTL Land is part of YTL Corporation Ber-
Park. Each “villa-in-the-sky” residence is char- Orchard By-The-Park has embraced this ethos had, a conglomerate with a diversified
acterized by interiors with generous propor- by leveraging green technologies that resulted portfolio of businesses spanning a large
tions and highly versatile layouts, and opens in the development achieving the BCA Green range of industries including utilities,
construction and cement, telecommuni-
up to spectacular views of the surrounding Mark Gold Plus Award.
cations and transport infrastructure, real
greenery. Says Citterio: “At 3 Orchard By-The-Park,
estate and luxury hospitality. Serving 12
Through a rigorous selection process, I have created a design experience that har- million customers across Asia, Australia
superior materials and premium fittings monizes all the elements.” and Europe, it has been listed on Bursa
Malaysia since 1985.




















Artist impression
Alfresco dining







Artist impression
Landscaped gardens











Artist impression Tel: 6578 9020 | Hp: 9011 3317

Library louge www.3orchardbythepark.com.sg

Real Estate 5

SPECIAL ADVERTISING SECTION





GUOCOLAND: DRIVING



GROWTH THROUGH



INNOVATION AND INSIGHT





The company's distinctive developments continue to lead the industry with original design and unique
lifestyle offerings.























































Guoco Midtown

Innovation is the key to any modern economy, developments that are as distinctive as they viewing platforms, Wallich Residence occupies
both in terms of unlocking productivity and are sought after. Guoco Tower’s top 25 floors, offering residents
long-term growth as well as ensuring the suc- unrivalled city and sea views as well as a high
cess and sustainability of business. A Strikingly Different degree of privacy.
One Singapore headquarted company that Development With just 181 units, Wallich Residence has

has long understood the value of innovation GuocoLand sees innovation as a source for significantly fewer apartments than one would
is award-winning property developer Guoc- inspiration. A case in point is Singapore’s tall- expect in a residential development of this
oLand. Founded in 1976, GuocoLand is today est building, Guoco Tower in Tanjong Pagar. size, giving residents greater opportunities to
one of the most prominent property compa- GuocoLand has combined Grade-A office enjoy the facilities. It sits above Tanjong Pagar
nies listed on the Main Board of the Singapore space, luxury residences, a hotel, a lifestyle MRT station, offering convenient access and
Exchange, while its parent company, Guoco mall and a 150,000-square-foot urban park for connectivity with the rest of the city.
Group Limited, is listed on the Hong Kong a unique five-in-one integrated development
Stock Exchange. that is the first of its kind in Singapore. A New Vision for Work
With properties in Singapore, Malaysia, In particular, the residential component of and Play
China and Vietnam, GuocoLand is renowned Guoco Tower—Wallich Residence—is strik- Innovation also lies at the heart of GuocoL-
for blending innovative design with a keen ingly different. While most mixed-use com- and’s latest project, the forthcoming Guoco
insight into the latest lifestyle trends to create plexes reserve the upper levels for hotels or Midtown, a mixed-use development that is


6 Real Estate

SPECIAL ADVERTISING SECTION





Green Living Reimagined
Located in the highly sought-after District
9 within the coveted lifestyle enclave of
Robertson Quay, Martin Modern is another
GuocoLand development that offers a unique
way of living for its residents. Inspired by Good
Class Bungalows—rare freehold landed prop-
erties in the city-state—and the Botanic Gar-
dens, Martin Modern has reserved more than
80% of its land area for a three-level botanic
garden and arboretum that is home to more
than 200 species of plants and 50 species of
trees, including many that are indigenous to
Singapore.
As well as enjoying their own private green
oasis in the city, occupants of the 450 residen-
tial units that are spread across two 30-story
towers, can also explore 15 different spaces
within the complex, including a party lawn, a
Guoco Tower forest trail, a maze and two rooftop gardens
offering panoramic views of the city skyline,
rejuvenating the Beach Road district. Featur- to support more agile ways of working, from Marina Bay and the Singapore River.
ing a floor area of more than 950,000 square networking lounges and collaborative work-
feet, including 770,000 square feet of Grade-A spaces to rooms for training and townhall Back to the Future
office space, the development will also feature meetings. There will also be two floors of Demonstrating that looking to the future can
219 residential units, innovative public and “innovation laboratories,” which will host cut- mean embracing the past, the newly launched
retail areas, and the former Beach Road Police ting-edge startups. Meyer Mansion on Meyer Road brings District
Station—a three-story conservation building Reflecting the growing preference for work- 9 luxury to seafront living. The freehold condo-
constructed in 1934 that has been meticu- places that provide opportunities for fitness minium draws inspiration from the prestigious
lously restored. and leisure, Guoco Midtown also offers com- seafront mansions built by successful business-
Connecting the office areas of City Hall, prehensive recreational facilities, including a men in the 1800s, and combines the warm
Marina Centre and Bugis, Guoco Midtown is 40-meter swimming pool, outdoor gym, sky nostalgia of a bygone age with contemporary
the final piece of the jigsaw that will complete plaza, jogging circuit, rest pods and snooze design and amenities.
the transformation of Beach Road, providing areas. In total, the complex features 10 different Residents pass through a grand arrival court
a one-of-a-kind hub for working, living and plazas and gardens, comprising 170,000 square that recalls colonial mansion houses, and
entertaining. feet of landscape and public spaces and more facilities include the grand lawn, a 40-meter
Redefining the way that landlords partner than 34,000 square feet of vertical greenery, to swimming pool and a poolside clubhouse. As
with office tenants, Guoco Midtown is set- provide a variety of spaces that will foster and with Martin Modern, 80% of the land area at
ting aside 15% of its office area as adaptable enhance community street life. Meyer Mansion is dedicated to green spaces
spaces that will give tenants the flexibility to This will be complemented by Midtown Bay, with generous gardens surrounding the 200
expand or contract their teams without hav- the development’s residential component, residential units, many of which enjoy unob-
ing to move or renovate their main offices. The which promises a new concept of luxury city structed sea views from their expansive floor-
complex will also include facilities designed living across 219 unique residences. to-ceiling windows that are at least three
meters in height.
Although GuocoLand’s developments are
truly distinctive and utterly individual, they
are all ultimately united by the company’s
continual drive for innovation and originality,
creating not just places to live, work and play,
but delivering new and improved lifestyles for
an ever-evolving world.














Meyer Mansion www.guocoland.com.sg

Real Estate 7

Sponsor reserves the right to make changes in accordance with the terms of the Offering Plan. This is not an offering. The complete terms are in an offering plan available from the sponsor. File No. CD14-0230.





















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Above Fifth Avenue.



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SPECIAL ADVERTISING SECTION





UEM SUNRISE: ON A QUEST



TO INSPIRE A DELIGHTFUL



CUSTOMER JOURNEY





UEM Sunrise head Anwar Syahrin Abdul Ajib shares the company’s strategies and his secret for success.




UEM Sunrise Berhad, one of the leading The company is now preparing to enter the
property developers in Malaysia, has grown South African market where it has a 29-acre
significantly over the past few years and cre- landholding in Durban, the third-most popu-
ated some of the most iconic and game- lous city in the country after Johannesburg
changing developments both locally and and Cape Town. “We are quite close to moving
abroad. It is also the only developer in Malaysia forward into our first launch there,” he adds.
to develop and master-plan Iskandar Puteri, a Meanwhile, he notes it is important that
greenfield city in Johor. the company takes a cautious approach to
The Kuala Lumpur-based group has expanding into other Southeast Asian coun-
increased its revenue every year from 2016 to tries. “There are big property developers
2018 and maintained profitability—a feat that in these countries, so you have to pick your
not many Malaysian property developers have battles carefully,” he says.
achieved. It appears to be on track for another
year of growth in 2019, after it posted a 65% Secret for Success
increase in revenue to US$342.2 million for the For Anwar Syahrin, UEM Sunrise’s success did
first half of the year. not come overnight. He believes the key is to
Moreover, UEM Sunrise has a massive land- Anwar Syahrin Abdul Ajib, Managing Director and always listen to what the market needs and try
bank of more than 10,000 acres with a poten- Chief Executive Officer of UEM Sunrise Berhad their best to meet the requirements.
tial gross development value of US$19.5 billion, “Building on the strength of our EVE (Excit-
which is expected to sustain the company for markets, he says. “If there are opportunities in ing, bringing Value and Easy to own) philoso-
the next 25 years. this region that allow us to do niche develop- phy, we seek to anticipate our customers’
Nevertheless, its Managing Director and ments, we will do that first.” evolving needs. We are committed to consci-
Chief Executive Officer, Anwar Syahrin Abdul So far, UEM Sunrise has built a significant entiously being of service in creating opportu-
Ajib, knows the company can do more, not presence in Melbourne, Australia, thanks to its nities for our customers to find their happiness
only domestically but also internationally. Aurora Melbourne Central, a 92-story, mixed and in doing so, find ours.”
development project, and Conservatory, a “These include product design and
Carrying the National Flag 42-story residential development that recently development, taking into account customer
Abroad sold for US$72.5 million. feedback through research and injecting

Malaysian property developers are no strang-
ers to building quality homes abroad, and
most of the large players have a presence in
Australia, China, Singapore, U.K., and other
markets.
While UEM Sunrise is already known for its
quality homes, Anwar Syahrin says it is also
important to have deep pockets for a move
overseas.
“This business is about having the stamina.
You need to have strong shareholders to
weather the cycles of a property develop-
ment. That’s why one of the advantages we
have as a GLC [government-linked company]
is having strong institutional shareholders
behind us, allowing us to carry the Malaysian
flag abroad,” Anwar Syahrin says.
Small-scale projects are a good way for the
company to build its track record in overseas The Maris @ Desaru aims to offer residents vacation-like relaxation, tranquility and daily adventures.


10 Real Estate

SPECIAL ADVERTISING SECTION











































Puteri Harbour has transformed into a popular dining, Residensi Solaris Parq is a mixed development that embodies
entertainment and holiday destination. the ultimate in urban park living.


sustainability elements, improving customer Puteri Harbour in Iskandar Puteri, Johor, The Anwar Syahrin initially had two offices,
experience from pre-sales to post-sales, and Maris @ Desaru in Johor and Solaris Parq in each belonging to a pre-merged entity. Find-
investing in technology,” he says. Mont’ Kiara, Kuala Lumpur. ing the arrangement unsuitable, he began
To get that right, he adds that it is vital the The Puteri Harbour development, an inte- to take steps to move all employees into one
company undertakes market analysis. Besides grated waterfront project with a 13.5-kilome- building.
conducting focus groups to understand ter coastline in Johor Bahru, is now a popular “We need to know each other. We need
market needs, it is increasingly looking at dining, entertainment and holiday destination to break down all these barriers that we have
leveraging digital technologies to understand in Malaysia. It is also home to the Puteri Har- to create a forward-looking, trusting and
its customers better, even setting up a new bour International Ferry Terminal, which wel- supportive culture with the intent of help-
digital unit to improve how they do things for comes visitors from Indonesia and Singapore. ing one another. This way, all of us will then
the core business. The Maris @ Desaru, a US$676 million have shared responsibility and accountability
“Even though the team is pushed for development located on a 228-acre estate in through empowerment, encouraging the
revenue and profit growth, they are always Desaru, off the coast of Johor that is slated to best in each and every one of us,” he says.
reminded to also focus on sustainability ele- be launched soon, will comprise resort-style The efforts have been fruitful. In addition to
ments and key components of the smart liv- homes. consistently growing its revenue over the past
ing concept,” he says. “This is a big decision for us, as there is no three years, UEM Sunrise has received many
Community building is one of the reasons development like this here [in Desaru]. We accolades that recognize its quality homes
why its Mont’Kiara development in Kuala believe that this will eventually become a very and townships. It is one of the largest prop-
Lumpur has been a sought-after address by lifestyle-driven destination in Johor,” he says. erty developers in the country, with a market
local and overseas buyers over the past two The Solaris Parq in Mont’Kiara, Kuala Lum- capitalization of more than US$821 million.
decades, he says. pur, a mixed development, will comprise two In some ways, Anwar Syahrin shares a similar
“Today, people will not just buy houses. 41-story towers of serviced apartments, a mindset with some of the top entrepreneurs
They want to live in a place where there are 2-acre urban park, offices and a galleria. The in Silicon Valley. “I believe that one should be
a lot of activities and various amenities are development is targeted at single occupants optimistic and courageous, and should always
located within walking distance. Hence, we to larger families, as well as entrepreneurs who be genuinely interested to continuously learn
continue to develop close-knit societies want to live and work in the same community. from past experiences as well as others in
through community events, placemaking ini- order to delight the end-users,” he says.
tiatives, festivals and celebrations in our quest Strengthening Internal
to ensure that each customer journey with us Communication
is delightful," he explains. When Anwar Syahrin joined UEM Sunrise in
2014, he saw there was a need for employees to
Unique Proposition share the same vision for the company. At the
Anwar Syahrin says every UEM Sunrise prod- time UEM Sunrise, which had been established
uct will have its own “unique value propo- two years earlier from a merger between UEM
sition” to address different market needs, Land Bhd and Sunrise Bhd, had yet to break
citing three of the firm’s developments: down existing silos between the two firms. www.uemsunrise.com


Real Estate 11

Indonesia’s 50 Richest




BY NAAZNEEN KARMALI











Gaining Ground






In a subdued year, 24 listees saw an uptick in their wealth.




itizens of the world’s fourth most populous nation
in May reelected president Joko “Jokowi” Widodo No. 1
Michael Hartono
to a second term, hoping he can steer the country
Cthrough the global trade headwinds that helped keep
Indonesia’s economy in check this year. Despite the slowdown,
the country’s 50 richest added $5.6 billion to their combined
wealth, which touched a record $134.6 billion this year.
Close to half of those on the list saw their fortunes rise. The
Hartono brothers stayed No. 1 for the eleventh consecutive
year, with a net worth of $37.3 billion, as shares of their Bank
Central Asia surged. The biggest gainer by far was petrochem-
icals and energy tycoon Prajogo Pangestu, who jumped seven
spots to No. 3. Investors drove up shares of his Barito Pacific
on the prospect of rising demand for the power it produces.
There are five new names, among them Ferrari fan and
construction tycoon Donald Sihombing, who founded and
runs the company that built the Four Seasons hotel in Jakarta,
Totalindo Eka Persada, as well as Winarko Sulistyo, who
sold a 45% stake in packaging paper producer, Fajar Surya
Wisesa, to Thailand’s Siam Cement in May for $557 million.
(He and his family still own 44%.)
Three others appear in place of patriarchs who passed
away. The founder of the Sinar Mas group, Eka Tjipta
Widjaja, died in January, leaving his vast fortune to several Marga Trakindo group is a distributor of Caterpillar heavy
heirs who are now grouped as the Widjaja family at No. 2 equipment. Textile magnate Iwan Lukminto returns to the
(last year Widjaja was No. 3 with $8.6 billion). The Ciputra list at No. 50, after a one-year absence, with $585 million.
family (No. 25) inherited the $1.3 billion fortune of property While both the Indonesian rupiah and its stock market
baron Ciputra, who went by one name and who died in eked out gains of 1.5% and 1.6% respectively since last year’s
November at age 88. The Hamami family at No. 46 replaced list, 20 returnees suffered a drop in their net worth. Prominent
the late Achmad Hamami, a former jet pilot, whose Tiara among them is Susilo Wonowidjojo, who fell by $2.6 billion
and slipped to No. 4 from No. 2. Shares of his clove cigarette
maker Gudang Garam dropped after the government said
in September it would next year raise cigarette prices and
METHODOLOGY increase the cigarette excise tax by 23%. Three from last year
This list was compiled using shareholding and financial information
obtained from the families and individuals, stock exchanges, annual didn’t make the cut in this round.
reports and analysts. The ranking lists both individual and family
fortunes, including those shared among relatives. Private companies Reporting by Megha Bahree, Ulisari Eslita, Shintya Felicitas,
were valued based on similar companies that are publicly traded. DIMAS ARDIAN/BLOOMBERG
Public fortunes were calculated based on stock prices and exchange Pudji Lestari, Anis Shakirah Mohd Muslimin, Anuradha
rates as of November 19, 2019. Raghunathan, Yessar Rosendar, Sheela Sarvananda,
Ardian Wibisono.




72 | FORBES ASIA DECEMBER 2019 / JANUARY 2020





THE LIST
BOENJAMIN SETIAWAN:
SHOT IN THE ARM
1.
Boenjamin Setiawan’s fortune rose 36% to R. BUDI & MICHAEL
$4.35 billion, making him one of the biggest HARTONO
gainers on this year’s list. Shares in his hospi- $37.3 BILLION S
tal operator Mitra Keluarga Karyasehat, his BANK CENTRAL ASIA
second largest holding, have roughly doubled AGES: 79, 80
in the past 12 months after it acquired seven
Indonesian hospitals, bringing to 28 the num-
ber of hospitals it operates across the country. 2.
Setiawan, known by his nickname WIDJAJA FAMILY
Dr. Boen, traces his wealth to Kalbe Farma, $9.6 BILLION Ì
which he started from his garage in 1966 and SINAR MAS
which has become the country’s largest local
pharmaceutical company. Shares of Kalbe
Farma, meanwhile, are little changed in the 3.
past year. PRAJOGO
Setiawan started Mitra Keluarga Karya- PANGESTU
sehat with his siblings in 1993. Seven years $7.6 BILLION S
ago, he invested 200 billion rupiah (equiva- BARITO PACIFIC
lent then to $21 million) to build an oncology AGE: 75
facility in Jakarta producing high value-added
drugs. Setiawan’s primary interest, however, 4.
lies in stem cell research. In 2006, he founded SUSILO
the Stem Cell and Cancer Institute in Jakarta WONOWIDJOJO
and is now working to treat patients with
stem cells that can be mass-produced from $6.6 BILLION T
young, healthy individuals. —Ulisari Eslita GUDANG GARAM
AGE: 63


CIPUTRA FAMILY: 5.
Ciputra SRI PRAKASH
MASTER BUILDERS
LOHIA
$5.6 BILLION T
Ciputra, one of Indonesia’s biggest property
tycoons, passed away in late November at the INDORAMA GROUP
age of 88. He overcame early hardships to build AGE: 67
his flagship company, Ciputra Development,
into one of Indonesia’s largest listed property 6.
firms, with a total market capitalization over ANTHONI SALIM
$1 billion. The $1.3 billion fortune he left behind $5.5 BILLION S
is now listed under his family (No. 25). SALIM GROUP
Ciputra (who like many Indonesians had one AGE: 70
name) originally worked as an architect, then
switched to property development so he could
AHMAD ZAMRONI/HKV/FORBES INDONESIA; COURTESY OF CIPUTRA
create his own designs. His big break come in 7.
1966 when he partnered with the government to TAHIR
build a large recreational area in north Jakarta. $4.8 BILLION S
He was also among a handful of Indonesian ty- MAYAPADA GROUP
coons who were successful outside the country, AGE: 67
with major property developments in Cambodia,
China and Vietnam.
He had two personal passions: one was pro- 8.
BOENJAMIN
moting entrepreneurship—founding a school to
teach it and writing books on the subject. SETIAWAN
The second was art. He built one of the coun- $4.35 BILLION S
try’s largest collections of works by Indonesian KALBE FARMA
artists, especially by Hendra Gunawan. In 2012, AGE: 86
his collection was valued at $35 million. His two
sons and two daughters, who have long been
active in the family businesses, will continue SUP TDOWN WXFLAT
ÌNEW TO LIST 3RETURNEE
running the Ciputra group. —Ulisari Eslita



DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 73

Indonesia’s 50 Richest





THE LIST WIDJAJA FAMILY dium bicarbonate, which later
Solid Legacy became Sinar Mas’ first paper
company, Tjiwi Kimia. The
9. same year he expanded into
CHAIRUL TANJUNG
$3.6 BILLION S EKA TJIPTA WIDJAJA, real estate with Duta Pertiwi,
CT CORP founder of Indonesia’s Sinar whose subsidiary Bumi Serpong
AGE: 57 Mas, passed away in January at Damai is now one of Indonesia’s
98, leaving behind a solid family largest property companies by mar-
10. business that has survived economic tur- ket capitalization.
JOGI HENDRA moil to thrive. Sinar Mas is now one of the Widjaja first appeared on the Billionaires
ATMADJA largest business groups in Indonesia, with list in 1991, one of only three Indonesian
$3 BILLION T interests at home and abroad in agribusiness, billionaires on the list at the time, and was
MAYORA INDAH food, communications, tech, financial ser- the longest surviving member of that trio
AGE: 73
vices, healthcare, mining, energy, property, (the other two were Liem Sioe Liong and
paper and more. The group’s Asia Pulp and William Soeryadjaya).
11. Paper (APP), for example, has manufactur- Sinar Mas’ expansion over the years was
BACHTIAR KARIM ing operations across Indonesia and China interrupted only by the Asian financial crisis
$2.6 BILLION S
MUSIM MAS and sells its products in more than 120 coun- in 1998, when it took a big hit. In 1999,
AGE: 62 tries on six continents. group debts stood at $13.5 billion, forcing
Widjaja, born in Quanzhou, China as Widjaja to hand over its Bank Internasional

12. Oei Ek Tjhong, moved to Indonesia with his Indonesia to the government. The debt
MOCHTAR RIADY family as a child and started Sinar Mas in default of its APP paper unit was also one of
$2.1 BILLION T 1938 as a 15-year-old living in Makassar. the largest of the crisis. To recover, Widjaja
LIPPO GROUP In 1972, he set up a factory to produce so- paid down debt and expanded into mining
AGE: 90



13.
MARTUA SITORUS
$2 BILLION S
KPN CORPORATION
AGE: 59



14.
PUTERA SAMPOERNA OEI HONG SUKMAWATI FRANKLE DJAFAR
$1.8 BILLION S LEONG WIDJAJA WIDJAJA
SAMPOERNA STRATEGIC
AGE: 72 AGE 71 69 63


OCCUPATION Chairman, Chip Lian Chairwoman, CEO and executive
15.
KUNCORO WIBOWO Investments Top Global chairman, Bund Center
$1.7 BILLION S Investment
ACE HARDWARE INDONESIA CHILDREN • Oei Ley Elizabeth • Fifi Julia Maeloa • Deborah Widjaja
AGE: 63 (daughter) (daughter) (daughter)

• Oei Ting Theresa • Hano Maeloa (son) • Joshua Wijaya (son)
16. (daughter) • Mimi Yuliana Maeloa • Shierley Widjaja
PETER SONDAKH • Oei Yin Alice (daughter) (daughter) (daughter)
$1.65 BILLION T • Oei Zhong Yuen Patricia
RAJAWALI CORPORA (daughter)
AGE: 69
ASCENDING Of Widjaja’s children, seven are business leaders in their own
17. right, with their children following in their grandfather’s footsteps.
GARIBALDI THOHIR DESCENDANTS Widjaja’s four oldest sons oversee the empire he built, while the
$1.6 BILLION T
ADARO ENERGY others have built businesses of their own.
AGE: 54





74 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

and telecom. In 2005, the group reentered 18.
banking by acquiring Bank Shinta and re- LINDA’S LATITUDE THEODORE RACHMAT
naming it Bank Sinarmas. Linda Wijaya, eldest daughter of Teguh Gan- $1.55 BILLION T
Sinar Mas remains innovative. In 2012, da Widjaja, in 2018 set up Latitude Venture ADARO ENERGY
Partners, a VC firm that already reportedly AGE: 76
Sinar Mas became one of the first family-run
manages up to $200 million. It has invest-
groups to invest in digital startups, starting a ments in companies focusing in the health-
partnership with East Ventures, one of Indo- tech and fintech sectors. Latitude invests 19.
nesia’s first VC firms. In 2018, the group’s own between $1 million to $10 million in early HUSAIN
stage startups. Wijaya also serves as group DJOJONEGORO
VC arm, Sinar Mas Digital Ventures (SMDV),
managing director of APP. $1.53 BILLION S
teamed up with East and Yahoo Japan Capital ORANG TUA GROUP
to create EV Growth to invest in existing AGE: 70
startups looking for new capital to expand. Resources. He also manages the telecom and
Widjaja had two wives: Trini Dewi Lasuki tech businesses. Contacted by Forbes Asia, 20.
and Mellie Pirieh Widjaja. Much of Sinar Sinar Mas said none of the children was DJOKO SUSANTO
Mas is today run by four of his sons by his available for comment. $1.5 BILLION S
first wife, and by their own children. Teguh Some of Widjaja’s children have also ALFAMART
Ganda Wijaya, Eka’s firstborn, manages APP. built their own businesses. Oei Hong Leong AGE: 69
Indra Widjaja oversees the group’s invest- is a Singapore-based billionaire, with a net
ments in financial services and mining. worth estimated at $1.4 billion. Frankle 21.
Indra’s firstborn, Fuganto Widjaja, is CEO Djafar Widjaja manages Singapore-listed ALEXANDER TEDJA
$1.45 BILLION T
of Golden Energy Mines. Muktar Widjaja investment company Bund Center Invest- PAKUWON JATI
handles the property businesses. And Franky ment and Sukmawati Widjaja runs another AGE: 74
Oesman Widjaja controls Sinar Mas’ agricul- Singapore property company, Top Global.
tural and food business under Golden Agri- —Ardian Wibisono & Ulisari Eslita 22.
SUKANTO TANOTO
$1.4 BILLION S
ROYAL GOLDEN EAGLE
AGE: 69


23.
CILIANDRA FANGIONO
$1.37 BILLION S
TEGUH GANDA INDRA MUKTAR FRANKY OESMAN FIRST RESOURCES
AGE: 43
WIJAYA WIDJAJA WIDJAJA WIDJAJA

24.
77 67 65 62
HUSODO
ANGKOSUBROTO
President commissioner, President CEO and Chairman, Golden $1.35 BILLION S
Pindo Deli Pulp and commissioner, executive director, Agri-Resources GUNUNG SEWU GROUP
Paper Mills Sinar Mas Multiartha Sinarmas Land
AGE: 64
• Eric Kang Oei (son), • Fuganto Widjaja • Marcellyna Junita • Emmeline Widjaja
CEO and chairman, (son), CEO, Golden Widjaja (daughter) (daughter), legal 25.
China Renewable Energy Mines • Margaretha Natalia counsel, GAR CIPUTRA FAMILY
Energy Investment • Howen Widjaja Widjaja (daughter), • Jesslyne Widjaja $1.3 BILLION Ì
• Indah Suryasari Wijaya (son), CEO, Asuransi executive director, (daughter), CIPUTRA GROUP
(daughter), Vice CEO, Sinarmas Sinarmas Land director, GAR
Lontar Papyrus • Ivena Widjaja • Michael Jackson
• Linda Suryasari Wijaya (daughter) Purwanto Widjaja 26.
(daughter), group commissioner, Sinar (son), CEO, EDDY KATUARI
managing director, APP Mas Multifinance Sinarmas Land $1.25 BILLION T
• Jackson Wijaya WINGS
(son), owner, Paper AGE: 68
Excellence, Netherlands INVOLVED IN SINAR MAS GROUP
• Wikawi Oei (son) RUNS A BUSINESS SEPARATE FROM SINAR MAS
SUP TDOWN WXFLAT
ÌNEW TO LIST 3RETURNEE




DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 75

Indonesia’s 50 Richest





THE LIST IRWAN HIDAYAT:
HEALTHY SUCCESS

27.
WINARKO SULISTYO Irwan Hidayat jumped ten spots to No. 30, with
$1.2 BILLION Ì a total estimated net worth of $1.1 billion, thanks
FAJAR SURYA WISESA to rising shares of his company, Industri Jamu
dan Farmasi Sido Muncul. Its shares have risen
AGE: 73
by about half over the past year as the herbal
products maker saw healthy growth in its margins
28. and profits.
LOW TUCK KWONG Irwan in 1972 joined the company his grand-
$1.17 BILLION T mother Rakhmat Sulistio started in Semarang 79
BAYAN RESOURCES years ago, moving it from her home to a 600sqm
AGE: 71 factory there. In 1997, Irwan invested 30 billion
rupiah ($12 million at the time) to expand.
Irwan took the company public in 2013 on the
29. Indonesia Stock Exchange, selling 10% of its shares
MURDAYA POO for 870 billion rupiah. The family still owns 81%.
$1.15 BILLION T Sido Muncul now dominates Indonesia’s market for
CENTRAL CIPTA herbal supplements. Its products are also available
MURDAYA throughout Africa, Australia, Hong Kong, South-
AGE: 78 east Asia and the U.S. —Ulisari Eslita



30.
IRWAN HIDAYAT
$1.1 BILLION S
SIDO MUNCUL DONALD SIHOMBING: Sihombing driving his grey Ferrari FF
AGE: 72 BUILT FOR SPEED in Ferrari Trans Java Tour 2019


31. Donald Sihombing, 63, runs construction company
KARDJA RAHARDJO Totalindo Eka Persada, which has built every-
$1.02 BILLION S thing from subsidized housing to swanky
PELAYARAN TAMARIN properties such as the Four Seasons
SAMUDRA Hotel Jakarta. A newcomer to the
country’s 50 richest, Sihombing
AGE: 58
boasts a net worth of $970 million,
thanks largely to his 64% ownership
32. in Totalindo, whose stock has soared
HARY since going public in 2017 on opti-
TANOESOEDIBJO mism that demand for its new hous-
$1 BILLION S ing projects will remain strong.
MNC LAND Beyond the boardroom,
AGE: 54 Sihombing is known for his capable of speeds in excess
passion for fast cars. He is of 300km/h, Sihombing was
active in Jakarta’s supercar said to have played it safe
33. community, participat- and stayed at the back of the
SJAMSUL NURSALIM ing in various events, convoy for most of the tour.
$990 MILLION S including the recent Apart from the Ferrari
MITRA ADIPERKASA Ferrari Trans Java Tour FF, Sihombing reportedly AHMAD ZAMRONI/HKV/FORBES INDONESIA; COURTESY OF TOTALINDO; COURTESY OF FERRARI JAKARTA
AGE: 77 2019, which marked the owns a Ferrari F12 Ber-
longest tour ever held linetta worth roughly
by the Ferrari Owners’ $640,000 and a Ferrari
34. Club Indonesia—800 458 Spider that would sell
DONALD SIHOMBING kilometers from Jakarta for an estimated $426,000
$970 MILLION Ì to Surabaya along the if he put it on the market
TOTALINDO new Trans-Java Toll today. Sihombing also owns
EKA PERSADA Road. Sihombing a McLaren and is an active
AGE: 63 drove his grey Ferrari member of the McLaren
FF, a four-seater with Club Indonesia, which last
a V12 engine, worth an year saw him take part in a
SUP TDOWN WXFLAT estimated $355,000. tour of Malaysia and Singa-
ÌNEW TO LIST 3RETURNEE
While the Ferrari FF is pore. —Yessar Rosendar



76 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

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Indonesia’s 50 Richest





THE LIST WEALTH CREATION



35.
LIM HARIYANTO Jokowi’s Opportunity
WIJAYA SARWONO
$960 MILLION S
HARITA GROUP Indonesia’s president is
AGE: 91
betting that including
political rivals in his
36.
SABANA cabinet will help him
PRAWIRAWIDJAJA improve investment
$915 MILLION S and growth.
ULTRAJAYA
MILK INDUSTRY
AGE: 79 BY YUWA HEDRICK-WONG


37.
OSBERT LYMAN
$865 MILLION T
LYMAN GROUP PRESIDENT JOKO WIDODO,
AGE: 69 better known as Jokowi, was
sworn in for his second and
38. final term on October 20. His
KUSNAN & RUSDI new cabinet was unveiled a
KIRANA few days later. If Jokowi is
$835 MILLION S successful in pushing through
LION AIR
AGE: 60, 56 deep economic reforms in his
second term as promised, then
the way he shaped his cabinet
39.
HARJO SUTANTO will someday be seen as
$810 MILLION T inspired and bold. If he fails to
WINGS deliver on his reform promise,
AGE: 93 however, these same cabinet
appointments will be judged
40. in hindsight as a futile attempt
HASHIM to appease the opposition.
DJOJOHADIKUSUMO Jokowi has taken some
$800 MILLION T risks in forming his cabinet.
ARSARI GROUP
AGE: 65 He has retained veteran reform-oriented tent, where they pose a risk of creating dis-
technocrats like Finance Minister Sri Muly- sension that undermines Jokowi’s economic
ani Indrawati, Maritime Affairs and Natural reforms from within.
41.
EDDY KUSNADI Resources Minister Luhut Pandjaitan and The stakes are high. Indonesia’s economy
SARIAATMADJA Foreign Affairs Minister Retno Marsudi. has underperformed since the Asian financial
$780 MILLION T And he has appointed a successful Harvard crisis of 1997 and 1998 despite its youthful
EMTEK trained entrepreneur, Nadiem Makarim, to demographic and rich resources endowment.
AGE: 66 head up the education and culture portfo- From 2000 and 2018 Indonesia’s real GDP
lio. He also appointed many conservatives, growth averaged 5.3% annually, compared
42. including his bitter election rival and con- with 6.5% in Vietnam and 9.3% in China.
SUDHAMEK troversial former commander of the special To make a real dent in poverty and create
$745 MILLION T forces, Prabowo Subianto, as defense minis- enough meaningful jobs for its large popula- MUHAMMAD FADLI/BLOOMBERG
GARUDAFOOD
AGE: 63 ter. In so doing, Jokowi cleverly coopted key tion of new job entrants over the next decade,
political rivals, leaving no serious challengers Indonesia needs to grow annually at 7% or
in opposition. Now the challengers are in the more in real terms.




78 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

So what are the key impediments hold- directed mostly at the resource sector. FDI, 43.
ing back Indonesia? The usual suspects are which has played a key role in rapid indus- SOEGIARTO
well known. Infrastructure, regulation and trialization across Asia’s emerging markets, ADIKOESOEMO
bureaucracy all stand in the way of a better has simply bypassed Indonesia. The result $730 MILLION T
business environment. Subsidies distort price is that Indonesia’s industrialization has AKR CORPORINDO
AGE: 81
signals and need to be reduced, if not elimi- been stunted. The manufacturing sector
nated. Foreign investment needs to be made never managed to take off, and nonresource
44.
more welcome. Irregular employment in the exports failed to expand. AKSA MAHMUD
informal sector has to be regularized to cre- While Vietnam’s manufactured exports $710 MILLION T
ate more, better-paid formal sector jobs, and soared to more than 100% in 2018 from BOSOWA
that requires higher quality education and 50% of nominal GDP in 2009, Indonesia’s AGE: 74
more skilled graduates. Labor market regula- manufactured exports dropped from 25% to
tions, which impose high dismissal costs, are 18% over the same period, according to data 45.
a deterrent to job creation and need to be from Haver Analytics. And in some years ARIFIN PANIGORO
revamped. Greater policy certainty would in of the past decade, growth of Indonesian $670 MILLION S
turn encourage private sector investment in industrial production actually lagged behind MEDCO ENERGI
infrastructure, especially in partnership with real GDP growth. AGE: 74
the government. Indonesia’s economy is also held back by
To be fair, Jokowi in his first term tried to rent seeking. Since Suharto was president, 46.
HAMAMI FAMILY
tackle some of these issues, and made some the government’s intervention in the econo- $660 MILLION Ì
progress in increasing investment in infra- my conditioned the private sector to cultivate TIARA MARGA TRAKINDO
structure—such as the Jakarta MRT and a political connections. In this context, eco-
new terminal for Jakarta’s airport. But these nomic nationalism works hand-in-glove with 47.
efforts didn’t address the real challenges. rent seeking. When Indonesian companies EDWIN SOERYADJAYA
What are the challenges? In short, gain a privileged position, they tend to sup- $635 MILLION T
economic nationalism and rent seeking. port economic nationalism. Rent-seeking is SARATOGA
In Jokowi’s first term, he promised to open by definition anti-competitive, and compa- INVESTAMA SEDAYA
Indonesia to the world for business. Jokowi nies that grow rich on access to economic AGE: 70
did not address anti-foreign nationalism rent are less efficient than those that compete
in Indonesia’s political economy after the in an open market. They naturally resist eco- 48.
fiasco of the government’s attempt to revise nomic reforms. And because of this dynamic, KARTINI MULJADI
$630 MILLION S
its negative investment list, sectors closed to Indonesia’s track record on engaging foreign TEMPO SCAN PACIFIC
foreign investment. investors in infrastructure is subpar. AGE: 89
Within days of announcing In December Economic nationalism and rent seeking
2018 that this list was being revised and that are challenges that Jokowi and his new cabinet 49.
54 sectors were to be opened to foreign in- must tackle. If they work effectively on this, ARINI SUBIANTO
vestment, the government aborted the effort the Indonesian economy could inaugurate a $600 MILLION T
as cabinet ministers waded in to dispute why whole new chapter in wealth creation. ADARO ENERGY
some sectors should not be opened to foreign The Indonesian economy would become AGE: 48
investment after all. Private companies facing more globalized than ever, and with it, unprec-
exposure to foreign competition lobbied hard edented opportunities in expanding sectors 50.
to stop it. Jokowi did not try again. like manufacturing and infrastructure would IWAN LUKMINTO
No surprise that foreign direct invest- open to a new generation of entrepreneurs. F $585 MILLION 3
ment (FDI) in Indonesia has never exceeded SRI REJEKI ISMAN
AGE: 44
3% of GDP in the last decade. On a per- Yuwa Hedrick-Wong is the Chief Econom-
capita basis, Vietnam consistently attracts ics Commentator for Forbes Asia. The views
four times as much FDI as Indonesia. expressed are his own and do not necessarily
And whatever FDI there is in Indonesia is reflect those of Forbes Asia. SUP TDOWN WXFLAT
ÌNEW TO LIST 3RETURNEE

Indonesia needs to grow annually FOR MORE INFO,

GO TO FORBES.COM/
at 7% or more in real terms. INDONESIA





DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 79

ENTREPRENEURS
















Business Intelligence





for Dummies






Dean Stoecker’s software, Alteryx, can turn almost anyone into

a data scientist, and turned him into a billionaire.


BY NOAH KIRSCH



un Tzu meets software in mid- Excel. Plug in some numbers, select the in Connecticut. There he met Libby
August at downtown Denver’s desired operation—say data cleaning or Duane Adams, who worked in the firm’s
Crawford Hotel. The floors are linear regression—and presto. Stamford office. Seven years later, the
Sterrazzo. The chandeliers are ac- There are applications in every in- pair founded a data company of their
cented with gold. And Dean Stoecker, dustry. Coca-Cola uses Alteryx to help own, which they cumbersomely named
the CEO of data-science firm Alteryx, restaurants predict how much soda to Spatial Re-Engineering Consultants
has summoned his executives for the order. Airlines use it to hedge jet fuel (SRC). A third cofounder, Ned Harding,
annual strategy session he calls Bing prices. Banks use it to model deriv- joined around the same time; Stoecker,
Fa, after the Chinese title of The Art of atives. Data analysis “is the one skill who came up with the idea, took the
War. “Sun Tzu was all about how you that every human being has to have lion’s share of the equity.
conserve resources,” says Stoecker, 62. if they’re going to survive in this next
“How do you win a war without going generation,” says Stoecker. Alteryx’s
into battle?” numbers support that forecast. The
Stoecker knows something about company, based in Irvine, California,
conserving resources. He cofounded generated $28 million in profit on TORTOISES AND HARES
Alteryx in 1997, when the data-science $254 million in revenue in 2018, and Dean Stoecker waited 22 years after found-
ing Alteryx to hit a personal net worth of
industry scarcely existed, and spent a Stoecker expects to hit $1 billion in $1 billion. Is slow and steady the way to go?
decade growing the firm to a measly annual sales by 2022. “In July 1999, Jay Walker set a record by
$10 million in annual revenue. “We Stoecker grew up the son of a tin- passing $1 billion in net worth within one
year of founding Priceline. He broke a mark
had to wait for the market to catch up,” kerer. His father built liquid nitrogen
set a year earlier by Global Crossing’s Gary
he says. As he waited, he kept the busi- tanks for NASA before quitting his job Winnick. Neither man is on The Forbes
ness lean, hiring slowly and forgoing to sell “precut” vacation homes in Col- 400 today. That’s a good reminder for the
speedsters of our time, Groupon’s Eric
outside investment until 2011. Then, orado. He made them himself. “It was
Lefkofsky and the
as “big data” began eating the world, literally just him nine months of the Facebook mafia,
he raised $163 million before taking year, and he would cut wood for 50 to set some
cash aside.”
Alteryx public in 2017. The stock is buildings,” Stoecker recalls. As a teen-
up nearly 900% since, and Stoecker is ager he joined his father, and by the Years to
$1 Billion
worth an estimated $1.2 billion. time he arrived at the University of
Eric Lefkofsky, Groupon 2.5
“People ask me, ‘Did you ever think Colorado Boulder to study economics,
Mark Zuckerberg, Facebook 4
it would get this big?’” he says. “And I he was able to pay his own way.
Warren Buffett, Berkshire Hathaway 19
say, ‘Yeah, I just never thought it would After graduating in 1979, Stoecker
Henry Ford, Ford Motor Co. 23
take this long.’” Alteryx makes data sci- earned his M.B.A. from California’s
John D. Rockefeller, Standard Oil 25
ence easy. Its simple, click-and-drop de- Pepperdine University, then took a sales
sign lets anyone turn raw numbers into job in 1990 at Donnelley Marketing SOURCE: “SPEED TO WEALTH: CLOCKING HOW LONG IT
TAKES TO HIT A BILLION,” SEPTEMBER 21, 2011.
charts and graphics. It goes far beyond Information Services, a data company




80 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

Dean Stoecker in a 1962 Volkswagen microbus at Alteryx’s headquarters.




SRC’s first customer, a junk In 2006, as part of a pivot away from eight, nine or ten [new clients] a quar-
mail company in California, paid one-off consulting gigs, SRC released ter to north of 250,” he says.
$125,000 to better target its coupons. software to let customers do the num- Although data mining and data ana-
“We were building big-data analytic ber-crunching themselves. They named lytics is a long-established field, encom-
cloud solutions back in 1998,” says the software Alteryx, a nerdy joke for passing a slew of startups as well as gi-
Stoecker, when many businesses changing two variables simultaneously: ants like Oracle and IBM, “we see almost
were barely online and terms like “Alter Y, X.” Stoecker made Alteryx the no direct competition,” Stoecker insists.
“cloud computing” were years away. company name, too, in 2010. “It’s a pretty wide-open field,” says
SRC was profitable from the outset. The market was still small. To grow Marshall Senk, a senior research analyst
“We didn’t spend ahead of revenue. revenue, “we just kept raising the price at Compass Point Research & Trading.
We didn’t hire ahead of revenue,” of our platform,” Stoecker says. In the “The choice is you buy a suite from Al-
says Adams, sitting in a remodeled beginning, Alteryx sold its subscrip- teryx or you go buy 15 different prod-
1962 Volkswagen bus at Alteryx tion-based software for $7,500 per ucts and try to figure out how to get
them to work together.”
ETHAN PINES FOR FORBES of the company’s journey. “We never The next year, as Stoecker felt demand pauses in front of a timeline depicting
user; by 2013 it was charging $55,000.
headquarters, theoretically a symbol
Inside Alteryx’s offices, Stoecker
growing, he slashed prices to $4,000.
calculated burn rates. That was a big
topic in the whole dot-com era. We
his first 22 years in business. “The good
Volume made up for the lower rate.
were not running the business like a
stuff hasn’t even occurred yet,” he says.
Today Alteryx has 5,300 customers.
dot-com.”
“I’m going to need a way bigger wall.” F
“We immediately went from averaging
DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 81

ENTREPRENEURS




















































































































82 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

FORCE OF













NATURE

























WILL BILLIONAIRE PHIL ANSCHUTZ’S $8 BILLION WIND FARM

BE HIS ULTIMATE WINDFALL?


BY CHRISTOPHER HELMAN

















JAMEL TOPPIN FOR FORBES














DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 83

ENTREPRENEURS






ver his 60-year career Phil Anschutz has owned bines—in the windiest area, there will be 157 instead of 325.
oilfields, railroads, fiber-optic networks, tungsten The only time he thought about selling the land and walking
mines, movie theaters and even a pancake manu- away was when the pro-coal factions of the Wyoming legis-
Ofacturer. He owns the L.A. Kings NHL team, near- lature succeeded in pushing through a new wind-generation
ly a third of the NBA’s Lakers and the Staples Center, where tax of 0.1 cent per kilowatt hour—the first in the nation. Even
they both play. He runs the Coachella music festival, the O2 little numbers add up when you plan on putting out 12 bil-
arena in London and the Broadmoor, the historic 784-room lion kWh per year.
hotel in Colorado Springs. He bankrolled the Chronicles of In some ways, the permitting slog was a blessing in disguise.
Narnia movies and was backing Michael Jackson’s come- Over the last decade, turbines have improved in size, power
back tour when the pop star died. Anschutz doesn’t just love and efficiency. According to Lazard, the all-in cost of generating
unique businesses—he’s obsessed. “My wife calls it a psycho- a kilowatt-hour of wind power, without subsidies, has fallen
sis,” he says with a laugh. from 13.5 cents a decade ago to 4.3 cents. Factor in federal re-
Anschutz has a soft spot for oil, as that’s where he got his newable-energy-investment tax credits (a $2.8 billion value
start, and fossil fuels form the basis of his estimated $11.5 bil- over the first ten years) and Anschutz’s costs should drop to 2
lion fortune, placing him at No. 41 on the Forbes 400. Un- to 3 cents per kWh. California gets about a third of its energy
wrapping a fresh box of Swisher Sweets cigarillos, he explains from renewables and 40% from fossil fuels. For wind, which
the favored attributes of the 202,000 hectares his oil com- makes up 11% of supply, it’s been paying 3 cents per kWh, ac-
pany has been exploring in Wyoming’s Powder River Basin, cording to the U.S. Department of Energy. Anschutz’s long-
where his team has drilled and fracked enough wells to be term bet is that as tax credits expire and California’s 2045 target
convinced they are sitting on more than a billion barrels. This date approaches, wind power pricing will go up.
could yield a bigger payday than the $2.5 billion he made in Anschutz has long been familiar with the ferocity of Wyo-
2010 selling other oilfields. The best part, he says, is the way ming winds. Fresh out of college in the early 1960s, he start-
that his land “interfingers” with the holdings of bigger oil ed working at his father’s Circle A drilling company, which
companies, which might like to buy it. He links his fingers to- owned a handful of rigs in the vast, wind-scrubbed lands of
gether, half-chewed cigar in hand, to illustrate. northern Wyoming. It wasn’t long before Anschutz bought
Anschutz, 79, has never been a roughneck. He’s 175cm, his father out. In 1967, a crew did hit oil but lost control of
slim and well-coiffed as he explains that his next—and
perhaps last—big investment will not be in oil at all. In-
stead, fossil-fuel king Anschutz is building America’s big-
gest wind farm. BIG WIND
It will cost $5 billion to erect 1,000 turbines at the
Chokecherry and Sierra Madre Wind Energy Project on ON A WYOMING RANCH BIGGER THAN SAN FRANCISCO, ANSCHUTZ’S
WIND COMPANY IS BUILDING 1,000 TURBINES THAT WILL BE ALMOST
Anschutz’s 129,000ha Overland Trail Ranch near Raw- 500 FEET HIGH AND POWER 1.8 MILLION HOMES.
lins, Wyoming. Plus another $3 billion to construct a
1,200km direct-current transmission line to deliver that
power (enough for 1.8 million homes) to the California
grid. After Anschutz slogged through a decade of per- Berkeley
mitting, construction is under way. Workers have built Sausalito
153 kilometers of work roads and prepped 115 pad sites
for the first phase of turbine installation, which could Oakland
begin in 2020 and finish in 2025. Anschutz has bank- City of
rolled the first $400 million out of his own pocket and San Francisco Alameda
is looking for equity partners or to raise debt to finance
the rest. Just don’t expect him to give up control. “I want
Daly City
to see it built,” he says.
OVERLAND TRAIL RANCH
Is he doing this to greenwash his reputation? “No. 500 SQUARE MILES
We’re doing it to make money.” Though he believes ex-
cess carbon dioxide in the atmosphere “is a problem,”
it’s “not as extreme as some would think.” What’s ex-
San Mateo
treme is California’s new law mandating the transition
to 100% renewable energy by 2045. He intends to PATRICK WELSH FOR FORBES
profit from it. Redwood City
Anschutz says the hardest work is already over. The
permitting process culled a quarter of the planned tur-




84 | FORBES ASIA DECEMBER 2019 / JANUARY 2020



ENTREPRENEURS





Wind turbines looked to


Anschutz like any other natural

resource business—kind of


like an upside-down oil well,

sucking energy out of the air.







the well, which ignited into a raging inferno. Famous oil well
firefighter Red Adair requested $100,000 to battle the blaze,
and quick-thinking Anschutz saved his company by getting
Universal Pictures to pay that sum for the filming rights. (The
footage was used in the John Wayne flick Hellfighters.)
Anschutz made his first mega-fortune in 1982, selling half
of an oilfield on the Wyoming-Utah border to Mobil Oil for
$500 million ($1.4 billion in today’s money). He reinvested
in mining and railroads and built the Southern Pacific line,
which in 1996 he sold to Union Pacific for $5.4 billion, valu-
ing his shares in the new company at more than $900 million.
But wind was already on his mind. Anschutz loved riding
his railroad around California, and he marveled at the wind
farms built in the Sierra Nevada passes. “I started out just cu-
rious,” he says. “I had come out of the traditional energy busi-
ness and thought, what’s all this?” Wind turbines looked to
Anschutz like any other natural resource business—kind of
like an upside-down oil well, sucking energy out of the air.
And one that would never run dry. of Wyoming’s industrial siting division. “They were made to
He asked Bill Miller, then president of his oil company, jump through a lot of hoops.” Some sour grapes remain—his-
to find the windiest land in the nation, which turned out to toric preservationists hope that Anschutz will someday allow
be in Wyoming in the vicinity of the Overland Trail Ranch. tourists to walk on the wagon ruts that cross his land.
Here, through the mountain gap that pioneers on the Over- It’s fun to do things other people think can’t be done,
land Trail took on their way west, came big, steady winds, Miller says, recalling the oil pipeline that he and Anschutz
averaging around 32 km/h. built from Bakersfield, California, through Los Angeles to the
Anschutz and Miller sketched plans for a wind farm with port of Long Beach. “People thought we were absolutely stu-
at least 1,400 turbines, figuring permitting would take about pid, but we did it,” Miller says with a laugh. They got the same
four years and they’d have it built by 2015. thrill risking $1 billion to lay thousands of kilometers of fiber
Not so fast. The Bureau of Land Management required a optics with Qwest Communications in the 1990s. “You know
voluminous Environmental Impact Study. There were nego- how many customers I had signed up? Zero,” Anschutz says,
tiations with the Audubon Society and the Wyoming Game holding up his fingers in an “o” sign. “But I knew the world
& Fish Department over how much land to set aside for sage was moving from voice-by-the-minute to data-by-the-mega-
grouse. The Oregon-California Trails Association wanted ac- byte.” He sees the same kind of bet in the transmission line
cess to the wagon tracks still etched into the landscape. And that will carry wind power across four states, 16 BLM dis-
the U.S. Fish & Wildlife Service was worried about how many tricts and the properties of 378 landowners.
endangered golden eagles the turbines were likely to kill. America’s wind capacity will grow 60% in five years from
Anschutz paid for vegetation surveys, employed ornitholo- a current 100,000 MW, according to consultancy Wood
gists, deployed avian radar, mapped eagle flights. He agreed to Mackenzie. Those turbines have to go somewhere. If America
set aside the skies above 42,000 eagle-favored hectares as off- is dedicated to decarbonizing its energy sources, it makes
limits to turbines. Adjustments were made so that the “view- sense to utilize the windiest places with the fewest people. JAMEL TOPPIN FOR FORBES
shed” from the Teton Reservoir would not be marred by the “The wind regime extends beyond our ranch to the whole
flickering of turbine blades in the distance. “We’d never seen a gathering basin,” Anschutz says. “If we can’t build it here,
project of that scale before,” says Brian Lovett, administrator we can’t build anywhere.” F




86 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

PROMOTION



Welcoming The World









Invest. Learn. Live. In The Middle East







www.forbesmiddleeast.com
[email protected]






he buzzing metropolises
that have sprung from the
deserts of the Gulf in a
Tmatter of decades have today
become global hubs of innovation and
investment. Saudi Arabia, Kuwait, the
U.A.E. and Qatar now count among the
richest countries in the world in terms
of GDP per capita. And as governments
and private sector players continue
to plough money into the startups,
infrastructure and new technologies
that are set to further boost economies
and change the world, the Middle East
is determined to be a leader, not a
follower, when it comes to the future of
business and finance.
As youthful populations continue

to grow, so does business for the wise Dubai, United Arab Emirates
investor and enterprising entrepreneur.
Looking at recent data, the countries
of the Middle East and North Africa business for domestic small and midsize offers two types of visas: a permanent
(MENA) remain poised for growth in firms, and the fruits of this are evident (premium) residency with a one-time
the coming years. MENA bagged foreign as four Arab countries now sit among fee of US$213,000 and a renewable
direct investment (FDI) of about US$32 the world’s top 10 business climate one-year residency for an annual fee
billion in 2018, with the U.A.E. attracting improvers, according to the World of US$26,700. The U.A.E. also made
the largest amount of FDI at US$10.4 Bank’s Doing Business 2020 study. Saudi major changes to its visa system in May,
billion, followed by Egypt at US$6.8 Arabia, Jordan, Bahrain and Kuwait including a new “Golden Card” system to
billion, and Oman at US$6.3 billion. account for almost half of the region’s grant permanent residency to investors
Real GDP in the region is expected reforms. Meanwhile, the U.A.E. remains and doctors, engineers, scientists and
to grow at 2.6% in 2020 and 2.9% in the strongest performer overall in the artists, as well as a long-term visa of up
2021, according to the World Bank, with World Bank’s ranking. to 10 years and five-year retirement visas
the projected pickup largely driven by With MENA home to millions of for residents that fulfil certain financial
increasing infrastructure investment. But long- and short-term working expats, security criteria. This sends a powerful
where exactly should global investors be a couple of the Gulf countries have message in economies that have long
looking in this fertile ground? also started to offer new residency visa been thought of as transient for workers.
It’s a place of great change at the options for the first time to encourage The U.A.E. and Saudi Arabia are

moment. Governments in the region and reward long-term investment in also preparing to host two major global
have carried out a record number of their countries. Earlier this year, Saudi events next year: Expo 2020 in Dubai
reforms to improve the ease of doing Arabia announced a new system that and the G20 summit in Riyadh.

2 I PROMOTION www.forbesmiddleeast.com




coming to light. Recently, BlackRock
Riyadh, Saudi Arabia and KKR acquired a 40% stake in
Abu Dhabi National Oil Company oil
pipelines for US$4 billion, while the
Carlyle Group acquired a 30% to 40%
stake in Cepsa, which is wholly owned
by the U.A.E.’s Mubadala Investment

Company, for US$3.4 billion. Italian
multinational oil and gas company Eni
recently announced new discoveries in
Egypt, including new resources in the
Abu Rudeis Sidri development lease
in the Gulf of Suez. In August, it also
announced production from the Zohr
field—the largest gas discovery ever
made in Egypt and in the Mediterranean
Sea—had reached more than 2.7 billion
cubic feet per day.
Aside from the established big
names, MENA economies are also
getting a boost from widespread
entrepreneurial activity. The startup
According to a report by PwC, the witnessed a sizeable improvement in scene is consistently gaining traction,
Expo—which opens on October 20 and IPO activity, both in terms of volume with US$517 million invested in 354
runs for nearly six months—will have a and value, in the second half of 2019. Six deals during the first nine months
significant economic impact for Dubai, IPOs raised proceeds of US$2.8 billion, of 2019, according to a report from
which is expected to be the second-most compared with a single IPO that raised startup data platform MAGNiTT. The
visited city in the world in 2020 and US$57.6 million in the first half of the U.A.E. continues to be the main hub
2021. The emirate is already the fourth year, according to EY. for startups, grabbing 62% of the total
most-visited city globally, according to With net proceeds reaching about funding, while Egypt accounted for
Mastercard’s Global Destination Cities US$1 billion, Saudi Arabia led the IPO 27% of deals during the same period.
Index, hosting 15.9 million tourists activity in the region, which was fueled The region witnessed its largest-ever

in 2018. by three listings on the main market, technology transaction in March 2019,
In November 2020, Saudi Arabia will including the Arabian Centres Company when Uber acquired its Middle Eastern
hold the G20 Summit, with participant that raised US$658.7 million. The rival Careem for US$3.1 billion.
countries accounting for more than Gulf country is also preparing to kick Investors are racing to fuel growth,
80% of global GDP. The kingdom also off what is expected to be the world’s and countries have welcomed new
has its own mega-investments in the largest-ever IPO for Saudi Aramco, the funds. Last February, Dubai-based
works, with the planned smart city of world’s leading producer of crude oil and Middle East Venture Partners raised an
NEOM in northwestern Saudi Arabia condensate, which generated US$163.9 additional US$65 million for its third
at the forefront. The project stretches billion in revenue in the first half of 2019. regional fund, the Middle East Venture
over three countries with territory from Looking to North Africa, Egypt also Fund III. BECO Capital also closed its
Egypt and Jordan comprising a total is working on an IPO program that will second fund with US$100 million in
area of 26,500 kilometers. NEOM will see multiple state-owned companies October. And most recently, Mubadala
be backed by more than US$500 billion listed on stock exchanges locally and Capital—the financial investment arm
from the Public Investment Fund of potentially abroad. This year, the of Mubadala—announced new tech
Saudi Arabia as well as from local and country launched its first sovereign funds with assets of about $250 million
international investors. Its contribution wealth fund. The US$12.4 billion fund for MENA.
to the kingdom’s GDP is projected to aims to ensure the best use of Egypt’s Overall, despite global headwinds
reach at least US$100 billion by 2030. wealth and natural resources. and regional challenges, the Middle
This is just a snapshot of the business Despite a big drive in the region to East’s economies are looking strong for

and infrastructure development diversify economies, the oil and gas the future, and investors should keep
currently underway in MENA. And as sector continues to grab significant their eyes on this resilient and visionary
money continues to flow, the region has investments, with new discoveries meeting point between East and West.



4 I PROMOTION www.forbesmiddleeast.com




Building Prospects For Prosperity




Jyotsna Hegde, President of Sobha Realty, speaks about investment opportunities

in the real estate market in the Middle East, and how she intends to stand out.




There has been a lot of discussion
recently about real estate challenges
in the Middle East. What are your
thoughts about the market currently
and how do you plan to face issues in
supply and demand?
Like any global market, Dubai faces
challenges emanating from the cyclical
nature of the real estate business. What
is important to understand is how
we are working towards improving
the fundamentals of the business and
boost the demand drivers, which
restores long-term investor confidence
in the market. In the recent past, the
government has undertaken a slew of
measures that have improved positivity
in 2019. In new businesses it’s important
to be agile with the portfolio mix and be
able to understand emerging consumer
needs, which help to mitigate short-
term supply shocks.


In your opinion, how secure is an
investment in Middle East real estate

and where do you think are the key
opportunities?
Among global cities, Dubai arguably
offers the best value for quality real
estate investment today. Supported by and Shanghai has contributed immensely courtesy of the passion and vision of our
strong investor and end-user protection to our brand growth, and the company Founder and Chairman, PNC Menon.
policies and a generally conducive socio- is well poised to breach the US$1 billion Also, in a market where projects are
economic environment, Dubai should mark in revenue in the coming years. sometimes delayed, we at Sobha Realty
feature in any real estate investment prioritize deadlines and treat them with
portfolio—whether you are a veteran or With so many luxury developers in the extreme seriousness.
looking for your first acquisition. Middle East market, how does Sobha
Realty face competition and distinguish What are your expansion plans for the
You were promoted into a new role last its projects? coming year?
year. What are your new goals? Sobha Realty is a backward integrated Sobha Realty is on a high-velocity growth
In my capacity as the President of Sobha real estate company, and there are trajectory to become a US$1 billion
Group, my continued focus remains certain standards that go with the company in the coming years and towards
on building centers of excellence and brand. Intuitive design, unparalleled this we are actively exploring organic and
leadership capabilities within the craftsmanship and timely deliveries are inorganic growth opportunities in Dubai
organization as we embark on a high- all pillars that boost our brand equity and the rest of the GCC, several of which

velocity growth trajectory aided both and establish us as a premium player in will be unveiled in 2020.
by organic and inorganic developments. the segment. Another factor that sets
Our global outreach in 2019 in London us apart is the legacy of 40 years that is www.sobharealty.com





www.forbesmiddleeast.com PROMOTION I 7



E-Commerce Fit





For A Kingdom






When the scion and CEO of Saudi retail giant

BinDawood Group, Ahmad AR. BinDawood, met
Saudi entrepreneur Majed M. Al Tahan in 2014, it

marked the beginning of a partnership that would

redefine how people shop for groceries in the
kingdom. A new Bain & Company report found 45%

of shoppers in Saudi Arabia have bought groceries

online at least once. That number is expected to surge
in line with anticipated growth in the kingdom’s retail

market to $119 billion by 2023, according to the

latest data from Euromonitor.


hen Majed M. Al Tahan met potential for disruptive change in the when the partnership with BinDawood
Ahmad AR. BinDawood in Middle East e-commerce grocery space Group was established, I knew it was the
W2014, Ahmad had recently and he understood that Saudi Arabia was moment I’d been waiting for.”
taken over the Danube supermarket chain on the verge of a consumer revolution. Majed became Founder and CEO of
and had begun to explore bringing the While studying in London, he had become AYM Commerce and Danube Online.

brand online. At the time, e-commerce used to grocery shopping online and saw With Ahmad at the helm of Danube, the
in the Middle East, and specifically Saudi an opportunity in the Saudi retail market. two CEOs worked alongside each other to
Arabia, was ripe for dynamic change “I realized there was a gap in the launch an e-commerce platform to grow
but was still in its infancy, plagued by market for online home delivery of the online grocery space in Saudi Arabia.
logistical challenges and in need of an fresh food and groceries when I lived The two began testing beta versions
innovative spark. in London as a student and used [U.K. of the app to evaluate the appetite of
Ahmad had been approached by online grocer] Ocado a lot,” he says. Danube customers for shopping online.
several companies pitching to partner “When I got back to the Middle East, I It was a lengthy process, especially in
with BinDawood Holding’s retail saw nobody really doing it in the region. finalizing a working operations model,
brands—the BinDawood and Danube I also saw the big Saudi market, which but eventually Danube Online and the
supermarket chains—to bring the brands had a number of challenges. I couldn’t get Danube App was launched in 2017
online. None had the zeal he was looking the idea out of my head, so I approached simultaneously across three Saudi cities.
for and all lacked an understanding the BinDawood Group, pitching an idea The platform amassed two million users
of Danube’s brand DNA and what to build an e-commerce platform that in the first year—it proved particularly
makes customers happy regardless of combined scale, breakthrough innovation popular with the kingdom’s millennials—
the shopping format, which includes and superlative customer experience, and won multiple awards for retail
quality, value for money and customer highlighting that this was the missing technology and digital innovation. By
experience. That changed on meeting element in Saudi Arabia’s retail landscape.” the end of 2019, the CEOs are on target
Majed. Ahmad recognized the young He had the idea to establish a startup to hit three million users online. With

entrepreneur shared a vision aligned with to act as a “growth partner” for brands by the second BinDawood retail brand
the group’s online mission and values. building digital and online technologies soft-launched online earlier this year,
“The BinDawood Group’s success was that expand businesses and shape the their domination of the kingdom’s
built around a deep understanding of our future of key industries. “I founded AYM e-commerce grocery space shows no
customer base, driven by a clear vision to Commerce in 2016; the genesis of this signs of slowing down.
build the number one retail business in business was to bring the Danube brand
the region,” he says. online. I knew it was going to take time, www.bindawoodgroup.com
Majed knew there was enormous the right talent and the right partners, but www.aymcommerce.com

Recipe for
• A
S
I
A

Resilience
•
•

A
L U M N I •
PichaEats is helping refugees in Malaysia put food

on their tables by putting food on yours.


BY PAMELA AMBLER



corching oil glistens in a wok in Naeem’s home kitchen
on the outskirts of Kuala Lumpur. Dressed in hijab,
she chops at a pile of onions, parsley and garlic to mix
Sinto falafel balls as her 2-year-old tugs at her apron,
squalling for attention. She has just filled an order of more
than a dozen chicken gulai she started preparing at dawn.
Naeem earns roughly 2,000 ringgit ($480) a month sell-
ing food to PichaEats, a Malaysian social enterprise, while
awaiting resettlement after fleeing with her family of four
to Malaysia from Syria six years ago. PichaEats aims to pro-
vide work to some of the 177,800 refugees and asylum-seek-
ers like Naeem (a pseudonym—her real name has been with-
held at the company’s request) registered in Malaysia by the
UN refugee agency, the UNHCR. PichaEats will soon deliver
Naeem’s food to diners around Kuala Lumpur.
Since starting the company in 2016, PichaEats’ three Preparing food for PichaEats.
founders, Lee Swee Lin, Lim Yuet Kim and Sook Shian “Su-
zanne” Ling have served 130,000 meals prepared by 100 in- will benefit a marginalized community,” says David Lim, head
dividuals from 20 refugee families, generating 3.5 million of social entrepreneurship development at MaGIC, which has
ringgit in sales and earning them a spot last year on the 30 become a PichaEats customer.
Under 30 Asia list. Lee says the company has a profit margin PichaEats splits its sales evenly with its chefs. But it can’t
of roughly 12%, though there are months when they barely hire them. On paper, refugees like Naeem have no lawful
break even. “The balance between profit and charity is always way to earn a livelihood in Malaysia. “Malaysia is not a state
very tough,” says Lim, who is PichaEats’ CEO. party to the 1951 Refugee Convention and does not have an
Lim and her two cofounders came up with the idea for asylum system in place to process and regulate the status and
PichaEats as university students six years ago, while working rights of refugees,” says Maja Lazic, deputy representative
as volunteers teaching refugee children. A couple of years of UNHCR, in an email response. “As a result, refugees are
into what started as an extracurricular activity, PichaEats’ considered illegal migrants.”
founders noticed that their pupils tended to drop out at about While Malaysian law doesn’t allow for them to stay, they
age 13 to work in night markets or care for younger siblings. favor the country because of its relatively lenient visa policy
Determined to help keep them in school, they reached out and because it is predominantly Muslim. Most try to register
to one of the refugee mothers, a Burmese woman whose son with the UNHCR upon arrival. “They stand a risk of getting
was named Picha, and suggested selling home-cooked meals deported, but they are recognized as refugees internationally,”
to their university friends. The Picha Project was born. The says Ling. “Having refugee status means you’re on a list of
three women kept it going after graduating in 2014 and, to being selected to get resettled to a new country. But the
ensure it would be self-sustaining, turned it in 2016 into chances that will happen is less than 1%.”
a for-profit, Picha Sdn. Bhd., which uses the brand name  So PichaEats doesn’t employ refugees. “We purchase the
PichaEats. Shareholding was split equally between the three. food from the families, and we package, market the food for
 PichaEats soon received a grant of 30,000 ringgit from the sale,” says Lee as her cofounder Lim applies labels with Chef JOSHUA PAUL FOR FORBES ASIA
Malaysian Global Innovation & Creativity Centre, or MaGIC, Naeem’s story to each meal box in her dining room. Today,
a government-sponsored program to encourage social enter- 70% of PichaEats’ business is in catering, 25% delivery, and
prises. “We have in mind the ultimate impact that our order 5% what its founders call experiences, where people can learn




94 | FORBES ASIA DECEMBER 2019 / JANUARY 2020

From left: Suzanne Ling,
Lim Yuet Kim and Lee
Swee Lin at PichaEats’
office in Kuala Lumpur.



to make Rohingya curry, Palestinian hummus, and other chanical engineering in Canada. Amid the devastation fol-
foreign dishes at a refugee’s home while hearing their story. lowing the 2014 conflict in Gaza between Israel and Hamas,
A psychology degree holder, Naeem was a university Dalia’s husband risked being buried alive to crawl 30 hours
lecturer in her hometown Damascus, according to Ling, the through an underground tunnel to Egypt, Ling says, where he
company’s chief marketing officer. To flee the civil war, she boarded a flight to Kuala Lumpur to prepare the way for his
and her family flew to Malaysia as tourists and overstayed family. When Gaza’s borders reopened, Dalia sold their be-
their visa. When she first arrived, she worked at a travel longings and walked 500 kilometers with her four small chil-
agency catering to Arabic-speaking visitors. But during an dren, according to Ling, to Cairo. There, they took a flight to
immigration raid, she was arrested and imprisoned for two reunite with her husband in Kuala Lumpur.   
weeks until the UNHCR secured her release.  PichaEats has so far been funded largely by grants like
“Free movement is risky as the police and immigration MaGIC’s. In 2018, Lim placed top five in a Chivas Venture
randomly pick up refugees and asylum seekers,” says Deborah pitch competition awarding social entrepreneurs. Lim ad-
Henry, a former Miss Malaysia Universe who cofounded vanced to the final rounds in Amsterdam against competitors
Fugee.org, an NGO that helps refugees in Malaysia.  from 27 other countries and won $50,000. She and her co-
Dalia from Palestine, another of the refugee chefs whose founders say they will use the money to expand, improve op-
stories PichaEats relates, has managed to earn a stable income erations and increase their use of social media for marketing
for her family of six. She has a bachelor’s degree in account- and sales. “Policy change takes a very long time,” says Lim.
ing and finance, while her husband earned a master’s in me- “The refugees cannot wait.” F




DECEMBER 2019 / JANUARY 2020 FORBES ASIA | 95

STRATEGIES





O rlando Bravo discovered his edge early. In 1985, at



age 15, he traveled from his home in Mayagüez,
Puerto Rico, a small town on the island’s western
coast, to Bradenton, Florida, to enroll in the legend-
ary tennis guru Nick Bollettieri’s grueling academy.
Bravo would wake at dawn, head to class at St.
Stephen’s Episcopal School, then return to Bollett-
ieri’s tennis courts at noon. He spent hours warring
against peers like Andre Agassi and Jim Courier under the broiling
sun. At sundown, after an hour to shower and eat, he would study,
then retire to a sweaty, two-bedroom condominium in which play-
ers bunked four to a room like army barracks. Then he would do it
all over again, six days a week, for a full year. “It was the tennis ver-
sion of Lord of the Flies,” says his former roommate Courier.
The brutally competitive environment helped Bravo climb to
a top-40 ranking in the U.S. as a junior. Then he peaked. “It was
quite humbling,” recalls Bravo, who’s still fit from his weekly tennis
games. “It was a different level of hard work altogether. It became
clear I could operate at these super-high levels of pain.”
That grit and perseverance eventually propelled him to the top
echelons of the private equity world. Few outside of finance have
heard of the 49-year-old Bravo, but he is the driving force behind
Wall Street’s hottest firm, the $39 billion (assets) Thoma Bravo.
In February, the French business school HEC Paris, in conjunc-
tion with Dow Jones, named Thoma Bravo the best-performing
buyout investor in the world after studying 898 funds raised be-
tween 2005 and 2014. According to public data analyzed by Forbes,
its funds returned 30% net annually, far better than famous buy-





WALL STREET’S









BEST DEALMAKER















Orlando Bravo peaked as a competitive JAMEL TOPPIN FOR FORBES

tennis player as a junior in the 1980s, but
he is the undisputed world champion in
a far more lucrative game: private equity.


BY ANTOINE GARA