#59 - July 2017 by CPI Financial

ISSUE 59

MAKING GAINS

Overall, we feel GAIN Capital is well positioned to extend our market share globally in the coming year, which includes our continued commitment to serving traders across the Middle East region. â&#x20AC;&#x201C; Glenn Stevens, Chief Executive Officer, GAIN Capital

MAKING

GAINS

INSIDE

Accessing your lawyer online (pg 14) Focusing on female health (pg 44) FME 59 cover.indd 1 bleed guide.indd 1

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Online trading on financial markets

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COMMODITIES

Losses can exceed deposits Authorized and regulated by the Financial Conduct Authority

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ello and welcome to the latest issue of FinanceME! June has been a great month for women. Wonder Woman is officially the biggest live-action movie in Hollywood history directed by a woman, grossing an estimated $652 million worldwide. Closer to home, Maryam Bahlooq has been appointed the first female CEO of Tanfeeth, a fully-owned subsidiary of Emirates NBD. Along that vein, we have some fascinating women packed in this issue. One of features looks at women in the workplace, and how they can address the gender gap, whether by furthering their education or by growing their networks (Pg 28). We have taken an interest in art in this issue. Self-proclaimed (and proud) commercial artist Maria Iqbal takes us through the challenges of making a living from art; there is a balance between being true to the work and being construed as a sell-out (Pg 48). Making great art is one thing, selling it is another. Convincing people to buy art as an alternative investment is an entirely new challenge altogether. Salma Shaheem, Head of Middle Eastern Markets at The Fine Art Group, discusses how she managed to combine her love of art and business by doing just that in our Chalk Talk section (Pg 16). Staying within the creative space, but moving towards retail, specifically the fashion industry, Prof. Abhilasha Singh, President and CEO of the College of Fashion Design Dubai discusses the training programmes on offer, with the support of the Dubai Government. An estimated 30,000 design graduates are needed by 2019 to fill the skills gap and Singh discusses the advantage higher education will have for fashion entrepreneurs who wish to enter the field of design (Pg 40). Veering away to the technical side of start-ups and SMEs, we chatted with Souqalmal.com Founder and CEO Ambareen Musa about the impetus behind creating the aggregator website but also what has made it continue to stand out five years later (Pg 36). Musa touches slightly on what investors look for in a tech start-up, but we explore it in more detail in our feature with Alex Giannikoulis, General Partner at Graphene Ventures; Amir Farha, CIO, Beco Capital; and Sonia Gokhale, Partner at VentureSouq (Pg 32).

I hope you enjoy this issue!

Read my blog at: http://www.cpifinancial.net/blog/author/112/jessicacombes Follow us on Twitter: @FinanceMidEast and on Instagram: @finance_middle_east

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PUBLISHED BY

NEWS ANALYSIS Building business

WOMEN AT WORK Mind the gap C7 • M30 • Y80 • K40 PANTONE 871 C

FAST FACTS Jebel Ali Free Zone attracts 470 companies in 2016

INVESTING IN TECHNOLOGY Tapping into technology

TOP TIPS Five ways to turn stragglers into stars

CASE STUDY One step at a time

VAT WATCH GCC VAT–update

FACE TIME Career by design

OPINION Levelling the playing field

FRANCHISE Holy guacamole!

LEGAL FOCUS Log in to your lawyer CHALK TALK Salma Shaheem

CEO CHAT Making gains

QATAR Qatar: currently cut off

BACKGROUND CHECKS Dig deeper

46 48

Chief Executive Officer ROBIN AMLÔT robin@cpifinancial.net Tel: +971 4 391 4681

Sales Director OMER HUSSAIN omer@cpifinancial.net Tel: +971 4 391 5419

START-UP Protecting women’s health

Editors JESSICA COMBES jessica@cpifinancial.net Tel: +971 4 364 2024 WILLIAM MULLALLY william@cpifinancial.net Tel: +971 4 391 3718

BEHIND THE SCENES Maria Iqbal LAST WORD Stop, collaborate, and listen!

ISSUE 59 MAKING GAINS

– Glenn Stevens, Chief Executive Officer, GAIN Capital

We plan to grow businesses 10-fold our quadruple our empl and oyee strength to 20,00 0 by the year 2022. –Thumb

MAKING

Founder President,

GAINS

ay Moideen, Thumbay Group

INSIDE

Accessing your lawyer online (pg 14) Focusing on female health (pg 44)

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Business Development Managers NIKHIL NIDHAN nikhil@cpifinancial.net Tel: +971 4 391 3717 SIMON MOTWALI simon.motwali@cpifinancial.net +971 4 4335321

MATT AMLÔT matt@cpifinancial.net Tel: +971 4 391 3716

MOHAMED MAKSOUD mohamed@cpifinancial.net Tel: +971 4 391 5320

London Bureau ISLA MACFARLANE isla@cpifinancial.net Tel: +44 7857 429476

DANIEL BATEMAN daniel@cpifinancial.net Tel: +971 4 375 2526

Senior Designer FLORANTE MAGSAKAY florante@cpifinancial.net ISSUE 59

ADVERTISING sales@cpifinancial.net

NABILAH ANNUAR nabilah.annuar@ cpifinancial.net Tel: +971 4 391 3726

Chief Designer BUENAVENTURA R. JALUAG, JR. jun@cpifinancial.net

Get the next issue of FinanceME before it is published. Full details at www.financemiddleeast.net

Overall, we feel GAIN Capital is well positioned to extend our market share globally in the coming year, which includes our continued commitment to serving traders across the Middle East region.

C45 • M35 • Y30 • K100

Managing Editor GEORGINA ENZER georgina@cpifinancial.net Tel: +971 4 391 3728

TECH FOCUS Moving over to mobile

Chairman SALEH F. AL AKRABI

Data Analyst NADINE ABOUZEID nadine@cpifinancial.net Finance Manager SHAIS MEMON, ACCA, CMA shais.memon@cpifinancial.net +971 4 3913727

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Administration & Subscriptions enquiries@cpifinancial.net Tel: +971 4 391 4682 Tel: +971 4 391 3709

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NEWS ANALYSIS

building

business M

ore than 23,000 entrepreneurs have secured nearly AED 3.3 billion worth of contracts under the Government Procurement Programme (GPP), since the inception of Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector. “As Dubai transitions towards a knowledge-based economy in line with the UAE Vision 2021, the role of local SMEs is critical in the sustainable economic development of the emirate. Initiatives by Dubai SME are important because they nurture local entrepreneurial talent, which in turn provides a tremendous boost to the economy of Dubai,” said Saeed Al Abbar, Director of Dubaibased consulting firm, AESG. Established in 2002 under the umbrella of Dubai Economy, Dubai SME has enabled Emirati youth to become entrepreneurs, and pursue commercial and industrial projects, strengthening the private sector and promoting economic development in the UAE. More than 4,000 enterprises benefited from Dubai SME’s incentive packages, exceeding AED 290 million, for Emirati entrepreneurs. “This venture has provided a platform for UAE nationals to

compete, live their ideas and excel in their passion to the highest level of entrepreneurship and this is all thanks to the amazing vision of our leaders who continue to commit themselves to the better good of our nation,” said Omaira Farooq Al Olama, Managing Director of training company, ALF Administration. The Mohammed Bin Rashid Fund (MBRF), the financial arm of Dubai SME, has meanwhile enhanced financing options for innovative entrepreneurs. The AED 600 million fund has seen 56 start-ups secure more than AED 48 million in start-up and growth financing so far. “Entrepreneurs have the freedom to build the business that they dream of with the right support. As a recent Dubai SME member, we at WOMENA saw that their team held a real passion to help. They truly want to see their people succeed, this is what fuels their strategy and engagement initiatives,” said Elissa Freiha, Founder and Managing Director of Angel investment platform WOMENA.

The GPP in Dubai offers SMEs the opportunity to develop their business by supplying the needs of the Government of Dubai. An important SME support initiative, the programme provides a valuable opportunity for SMEs to win government contracts, continually enhance capacities, and emerge as major contributors to the national economy. “The UAE does more to assist SME owners than almost any western country simply by providing a low tax environment where one can invest money in staff, marketing and so on, rather than pay monthly tax for the privilege of employing people, or tax on profits. This capital can be ploughed back into the company. The government is also working on e-enabling its processes in order for them to be completed efficiently and in a timely manner,” said Neil Petch, Chairman of business set-up consultancy, Virtuzone. He added that the UAE already has the right geographical location, a reputation for safety, is an excellent trading hub to China, India and Africa, and is home to two of the world’s biggest airlines. If a company has a payment gateway based in the UAE (for which it needs a UAE trade licence) then it can conduct e-commerce highly efficiently, as seen in recent months with UAE home-grown businesses Souq.com and Careem.

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SHUTTERSTOCK.COM/ALPHASPIRIT

Approximately 23,000 entrepreneurs have been assisted by Dubai SME since its inception

SHUTTERSTOCK.COM/BY DRUID007

FACTS JEBEL ALI FREE ZONE ATTRACTS 470 COMPANIES IN 2016 CBB ANNOUNCES LANDMARK REGULATORY SANDBOX FOR FINTECH START-UPS

OMAN TO TACKLE JOBLESSNESS AMONG YOUNG WITH SME CAMPAIGN

The Central Bank of Bahrain (CBB) created a regulatory sandbox allowing start-ups and fintech firms to test and experiment their banking ideas and solutions. Global fintech businesses will be able to expand in the Gulf while Bahrain’s position as a fintech and financial services hub in the GCC increases. The testing duration is nine months, with a maximum extension of three months. Solutions need to demonstrate innovation, customer benefit, technical testing, and an intention to be deployed in Bahrain, in line with the Kingdom’s efforts to develop the ecosystem in place to boost growth in the fintech industry. “These new initiatives are a continuation of the CBB’s efforts to provide the right mix of policies and products to develop and enhance the quality and competitiveness of services in the financial sector. We are living in an era of unprecedented changes mainly brought about by technological advancement, where we are witnessing how technology is defining financial services and CBB remains at the forefront of these developments to enable the industry to advance similarly,” said HE Rasheed Mohammed Al Maraj, Governor of the CBB.

An OMR 70 million governmentbacked fund for the creation of SMEs, first launched in February, will focus on decreasing the number of jobseekers in a slower economy following a drop in oil price. Oman Development Bank will offer a number of incentives, whereby successful applicants will be exempt from making monthly repayments for the first 12 months, half the monthly repayment amount in the second year, and full monthly repayments from the third year onwards. Oman’s ministry of manpower says it has over 54,000 registered jobseekers. The unemployment rate was 18 per cent last year, according to the International Labour Organisation (ILO), with large numbers of new graduates having entered the job market over the past four years. Owners of existing SMEs say that at present there is a greater urgency to help young people to get on to the entrepreneurship path, with one business owner saying, “In the last four years the number of jobseekers has almost doubled. It makes a lot of sense to reduce reliance on employment and get young people self-employed.

Jebel Ali Free Zone (Jafza) attracted 470 new companies during 2016 with a growth rate of seven per cent over the previous five years, DP World Group Chairman and CEO Sultan Ahmed bin Sulayem told a gathering of business leaders recently. “Jafza works with its partners to attract businesses looking to set up their regional base of operations in the UAE. By providing everything that a business needs in line with international standards, the Free Zone attracted 470 new companies last year. Despite the challenges facing the global economy, this translates to a combined annual growth rate of seven per cent over the five years leading up to 2016,” said Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO. Of the 470 companies established in Jafza last year, 58 per cent came from the Middle East, followed by those from the Asia-Pacific, region 21 per cent with 16 per cent from Europe, three per cent from the Americas, and two per cent from Africa. Bin Sulayem added that Jafza's long-term strategy is to become the world's leading provider of sustainable industrial and logistics infrastructure solutions by upgrading its infrastructure, products and services. The approach is key in establishing Jafza's reputation as the world's most innovative free zone.

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The Government is looking to increase the private sector’s contribution to GDP from 40 per cent to 65 per cent, as part of the Kingdom’s Vision 2030 plan, through increasing the use of public-private partnerships (PPPs) and through the privatisation of government entities. This includes listing of up to five per cent of state oil major Saudi Aramco, with the $100 billion IPO set to be the largest ever conducted. “We are trying to make the private sector a real partner. We need to learn how to utilise the technical abilities of the private sector to address the country’s needs and realise the 2030 programme,” said Fahad bin Sulaiman al-Tekhaifi, Deputy Chairman of the board, and President of the General Authority for Statistics (GaStat). With billions of dollars’ worth of investment required to meet the aims of the Vision 2030, the private sector will play a key role in delivering vital infrastructure and services. Richard Paton, Head of Infrastructure Advisory, Middle East and South Asia, Head of PPP and Public Sector Strategy, Deal Advisory, KPMG, outlined the benefits of utilising public-private partnerships (PPP) to develop infrastructure from utilities and transport to healthcare and education–they reduce the requirement for capital costs, reducing pressure on government budgets, and also allows risk transfer.

The Small and Medium Enterprises General Authority of Saudi Arabia (‘the SME Authority’) announced the establishment of HUB1006, an operating entity for a series of entrepreneurial hubs. HUB1006 was launched to facilitate the growth of the entrepreneurship sector and to drive innovation across a wide range of industries. The new operating platform will adopt an inclusive approach, bringing together men and women from across the Kingdom and other parts of the world to grow the collective value proposition of the entrepreneurial community. “By establishing HUB1006 the government will boost employment, especially amongst the younger Saudi population, and create a more sustainable economic model that allows all citizens to thrive,” said HE Dr. Ghassan Al Sulaiman, Governor of the SME Authority. Designed to be a launch pad for SMEs and start-ups in the Middle East, HUB1006 will serve as the physical and virtual exchange between Saudi Arabia and the rest of the world, creating an environment that facilitates access to professional and legal services, affordable office space, venture capital, learning and development, as well as government services. There are approximately two million SMEs in KSA, which contribute 20 per cent to the Kingdom’s GDP; the introduction of HUB1006 is expected to help increase this to 35 per cent by 2030, in line with Vision 2030 and National Transformation Programme goals.

FAST FACTS

SHUTTERSTOCK.COM/THEONE

SHUTTERSTOCK.COM

SAUDI ARABIA TARGETS INCREASED PRIVATE SECTOR PARTICIPATION IN FUTURE DEVELOPMENT

KSA SME GENERAL AUTHORITY LAUNCHES HUB1006 TO DRIVE THE GROWTH

TS ACROS P EXI S T-U ST FIVE YE MEN R A ARS A A ST IN L

55%

MENA EXITS FROM ECOMMERCE, MEDIA AND F&B

45% MENA BASED ACQUIRERS

38% START-UPS EXITED FROM UAE

26%

START-UPS DISCLOSED PREVIOUS FUNDING

BILLION–VALUE OF MENA EXITS OVER FIVE YEARS

Source: MAGNiTT

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TOP TIPS

CE INTROODU NE O ONE T HING COAC the fastest and

ssing sibly This is povse method of addreis not cti ching most efferf ance. Coadamental skills rm o e p r fun poo listening, . Learn the managingg questions, active ing your of askin rapport and fram result of building Behaviour is the s been . t ha languagem ication thoaur coaching n u m o c y the d. Sharpen sible understoo eliminate any pos. to n ls io il s sk hen miscompre

ELIMINATE BLAME BUT MANAGE CONFLICT

Even if blame is part of the wider organisational culture, you can take responsibility to eliminate it from your team. Always role model the behaviour you wish to see. Adopt a feed-forward attitude to evaluating performance, focusing on lessons-learned and what can be done differently. Always deal directly with conflict. Practice transparent negotiations to avoid politics and taking-sides. Ensure all team members understand that conflict can be healthy and is necessary to get the best results. Set ground rules for healthy challenges based on positive communication.

Five ways to turn stragglerS Before you start researching breach of labour law, Rania Laing of The Change Associates suggests considering what can be done to turn your worst performer into your top player

ATE INVESTEIG ENT s ENGAGcioM ni assert

Hyper-conne has increasecdtivity of the workplace the complexi demands c ty and ed by employe Employees afa re expected to es globally. anytime an be respon that stress adn anywhere. It’s no wondsive, and negati d burn out are on the er productivity. vely impacting wellness arise build resilienIntroduce methods that hnd time. Respecce by managing energ y n elp t th e introvert anthe differences betweeont TRULY the team and d extrovert members of ACCEPT AND member is ge make sure that every NURTURE DIVERSITY support to hetting information and lp stay health People like people who are like y and p ro ductive. themselves. It’s great when you get on; you share similar values and work in a complimentary manner. It’s easy and enjoyable. However, you are not benefiting from having different perspectives, opinions and backgrounds. It can actually be difficult to adopt working structure and methods that bring the best out of each individual in the team. Use profiling tools to determine communication styles, personality preferences and strengths. Build your team for diversity and adapt your method to be inclusive.

SHUTTERSTOCK.COM/RASSCO

n Patrick Lethree causes of job e th t a th ment and, and e g a g n e is e d c employeenonymity, irrelevan ember m a y : r y e r v e e is m ment. Is and appreciated immeasure ey tood es? Do th d, unders recogniseir distinctive qualitin is important for the eir contributio iness? Are bus see how th m and the their progress a te e th to for to gauge they ablevel of contribution s? and le themselve

ASSESS LEVELS OF RESILIENCE

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VAT WATCH

GCC VAT-update

As businesses await the finalisation of the Tax Law, more of the regulations have started to come to light

VAT law–Saudi Arabia • KSA has become the first GCC country to publish its bilingual draft VAT law, following the publication of the GCC VAT framework agreement in the Official Gazette on 21 April, 2017. • The draft VAT law will be supplemented by executive regulations, which are expected to provide more detail on the VAT treatment of specific goods and industry sectors. Source: The General Authority for Zakat and Tax in Saudi Arabia

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VAT law–UAE • In early June this year, the Federal National Council (FNC) approved changes to a draft law that serves as a framework for issuing tax-related laws–The Tax Procedure Bill. • The Bill regulates the procedure of assessing, collecting and controlling public revenue it applies to. It also sets out the rights and obligations of taxpayers, registration of taxpayers, tax offences and violations. • The Bill applies to fines, interest on the basis of due but unpaid tax, and the costs of the enforced collection. • The Bill confirm the decisions issued by a dispute resolution committee,

on cases where the value does not exceed AED 100,000, are final, and that federal courts will have jurisdiction to decide on other cases. Source: The Federal National Council

“Sin” Tax • The UAE Federal Tax Authority (FTA) has announced a selective tax of 100 per cent on tobacco and energy drinks, and 50 per cent tax on carbonated beverages, to be applied in the fourth quarter of 2017. • From mid-June the Saudi government announced implementation of a selective tax that includes products that are harmful to health, primarily tobacco, energy drinks and sodas. The price of a pack of cigarettes in Saudi Arabia doubled from 11 June 2017. Source: Media reports

Insurance • It is likely that life insurance will be subject to a zero rate of VAT–insurers will be unable to charge VAT on the provision of life insurance contracts, or reclaim input VAT. VAT regulations will hot these insurers the hardest. • Medical insurance is expected to be exempt from VAT. • VAT is likely to increase the cost

of doing business for GCC insurers because VAT will apply to almost all goods and services in the value chain, including outsourced services. • Where a company has taxable and tax-exempt services, they will be classed as partially exempt–they will only be able to claim input VAT on shared overheads in proportion to the amount of taxable services offered. • The introduction of VAT could impact cash flow in the short term and increase the claims ratio in the short-to-medium term. A one-off adjustment could therefore be made to underwriting approaches once VAT is implemented. • Should Takaful operators be subject to the same VAT legislation, they will be hardest hit given the way they recognise profit. A specific implementation that recognises how profit is generated and recognised differently in Shari’ahcompliant contracts is needed to ensure the industry is not subject to a double hit. Source: A.M. Best Market Review

AS EASY AS GCC! THE TAXMAN IS COMING… AND that taxman could be you!

VAT – As Easy As GCC! is a special supplement to be published by CPI Financial with a long-term shelf life as a handy reference guide. of businesses facing the introduction of new tax rules. Omer Hussain | Sales Director Nikhil Mathur | Business Development Manager - Finance ME WWW.FINANCEMIDDLEEAST.NET

OPINION

Levelling the playing field Liana Abou Zaki, Utalenta.com, discusses what SMEs should consider before using outsourcing platforms

ultinational corporations have had the upper hand when it came to attracting highly-skilled and well-qualified professionals, particularly from the fast-growing technology and creative industries. With these large companies’ ability to offer higher and more competitive compensation packages, small- and medium-sized enterprises (SMEs) did not stand a chance, until the advent of digital technologies effectively levelled the playing field, that is. Digital technologies have made working more appealing and flexible than ever, leading to the rise of online platforms and the rapid adoption of this transformative business model that presents SMEs in particular with novel and cost-efficient solutions to their varied workforce needs. Virtual platforms easily and efficiently link organisations with staff requirements to thousands of international professionals offering cost-efficient services. In effect, they match buyers and sellers of costeffective business solutions through a single channel. According to Accenture’s Technology for People report under its

Technology Vision 2017 published in January this year, these online platforms will transform current organisational structures and management models by 2022 as more and more companies collaborate with ‘gig’ workers on a per project basis–irrespective of whether the work requires software development, creative and graphic design, or writing and translation. SMEs that are looking to hire parttime workers for knowledge-intensive projects and tasks, for example, will be able to seek professionals with the right qualifications through all sorts of online media–from classified ads to freelancing sites. They will tap into its features to recruit them on an on-demand basis. To make online platforms that provide ad hoc services a sustainable component of their business model, however, organisations should consider a number of basic factors. If the reason for outsourcing work is to augment, and not replace, the internal workforce, overcoming internal resistance is crucial to the efficient management of both internal and external teams to ensure a smooth workflow.

It is incumbent on SMEs to remain cautious of the type of information that they share with their external employees; it is important to carry out background checks of the platform and individual. It also pays to be aware of the type of outsourcing work the company would require and to ensure that external jobs are from reliable organisations. Just as background checks are important when hiring staff from recruitment companies, it is the same in the case of SMEs using online platforms. Finding a trustworthy and reliable partner for online jobs and services is not easy, given the range of security concerns in cyberspace.

WHEN TO OUTSOURCE It is also crucial to set up a system that effectively identifies what work can be outsourced at reduced coordination costs in which online marketplaces can play a vital role, as they fill the gap for tasks that companies need to fulfil by providing a meeting place between clients and service providers. Incorporating this into the overall internal organisational workflow will help them attain high-quality outcomes. The use of outsourced staff to fill up temporary jobs

is nothing new, so it is really a matter of finding the right sources to balance out with the company’s internal capabilities. The reality is that SMEs are simply incapable of paying salaries at the level of multinational corporations, but they too deserve access to services that could help them gain better leverage to market their products and services to their target consumers without compromising their budget with the high cost of marketing. The on-demand basis model available through online platforms allows them to work through their business plans at their own pace and according to their individual capabilities. For example, an upcoming restaurant would need a range of creative services–including, but not limited to, logo design, menus, flyers, and a website. Not all of these can be invested in at one time within the conventional corporate packages offered by marketing firms, but online marketplaces make it possible to get the jobs done simultaneously and at a click. This really drives home the difference that this makes for SMEs. These platforms also present a huge opportunity for freelance professionals and upcoming creative talents looking

to provide their services but seeking the time flexibility that allows for a healthy work-life balance, which countless otherwise greatly attractive multinationals are notorious for failing to provide. The value of online platforms that provide jobs on a per-project basis is that it allows SMEs to grow their businesses at their pace, which is more manageable than being forced by budgetary constraints to postpone marketing initiatives. Given the complexity and competitiveness of markets today, it is vital that such efforts are not overlooked. In fact, project-oriented approaches even provide experience to SMEs in efficiency as well as maximise their opportunity and accessibility to the host of services open to them. The potential for the business to grow is maximised given that small businesses get to learn how to collaborate and can outsource the intense focus required for projects, allowing companies to then move onto other goals and targets, as opposed to continuous marketing engagement, where they cannot have full control with costs running on the side.

This presents a vicious cycle for SMEs, which tend to stop investing in marketing and advertising their products and services when the creative process is so time-consuming and costly, which is counterproductive to the business. The value of being able to creatively present products and services simply cannot be ignored or underestimated by SMEs. The key is accessibility and that access needs to be cost-effective. Online marketplaces for services, be they creative or conventional jobs that can be done from home or elsewhere, are fundamentally changing the way people work and how businesses conduct transactions. It is here and now in the Middle East that we have to seize this opportunity to add value to a large number of small enterprises looking to establish a market presence in the region. Small businesses can now grow and connect to their target customers by accessing these services at their own comfort. Tapping into this growing niche market not only contributes to business growth, but also creates new possibilities for individuals and professionals to become independent suppliers. This is a whole self-sustaining micro-economy at work.

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LEGAL FOCUS

Log in to your lawyer Alexandra Tribe at Expatriate Law examines how technology is changing interaction with both a lawyer and the court

he legal industry in the UAE is enormous and varied; it extends from slick corporate operations to high street sole practitioners. Despite the variety in the ways in which a legal practice can manifest, the issue of modernisation has affected everyone in this region. How does this need for modernisation and technological advancements impact on small businesses in the region? Time management, billing and other IT based systems for lawyers without doubt improve the efficiency of a firm, but often at prohibitive costs for smaller firms. These firms are spending longer to research the right product and system, weighing up the costs of implementation against anticipated increased efficiency and productivity. At the heart of what a lawyer does is the interaction with the client. In the UAE where the population is heavy with expatriates, it is important that trust is built by close

client/lawyer interaction, and to ensure that lines of communication remain open. Advancements in technology have greatly assisted with the accessibility of lawyers to their clients but there has long been a suspicion that the quality of the interaction is diminished; that it is harder to build proper relationships with someone whom you have never physically met. This school of thinking is being left long behind. People now interact with each other and build relationships through technology all day, every day. Expat families can be spread across different countries and the ways in which they can remain in contact improve all the time. With the combination of smart devices, Skype and Wi-Fi one can enjoy regular, high quality interaction with someone. The importance of visual as well as audio elements, the ability to respond to facial cues and put a face to the words being expressed, are all significant

parts of building a relationship with someone you don't know. This is now reflected within the interaction that clients have with their lawyers. Multi-jurisdictional disputes are commonplace within most areas of law. The need for a client to travel personally to meet their chosen specialist is now very much over. Meetings can take place with a client and their lawyer thousands of miles apart, without undermining the quality of the relationship. Law firms now have client bases which extend globally, with the only minor inconvenience to overcome being time zones. Technology can assist smaller firms in the UAE to have a global reach, without the requirement or expense of satellite offices. As clients interact more remotely with their legal teams, this in turn is being replicated in how lawyers interact with the Court. Around the world legal systems are increasing their receptiveness to online

Technology can assist smaller firms in the UAE to have a global reach, without the requirement or expense of satellite offices” –Alexandra Tribe, Lawyer, Expatriate Law

submissions of applications and documents. Significant parts of court buildings and offices are taken up by storage; vast numbers of employees are paid to move these hard copy files from one location within a court building to another, where somehow they occasionally seem to get lost en route. This will all seem bizarre in perhaps only a few years’ time. Few industries now rely on files being retained in physical form. They have online storage systems, where data protection is now appropriately advanced to facilitate the same. Governments around the world have realised that the consequential expenditure which physical hard copies produce is simply now money wasted. Moving to an entirely online system, where one issues applications, corresponds with the Court, submits legal authorities, skeleton arguments, evidence and court bundles by electronic means will happen across the world in the

very near future. The Dubai courts have an online portal allowing firms to log in and check hearing dates, get summaries of previous hearings, and view the court’s request for evidence or documents. Similarly, criminal complaints can now be made in Dubai through the Dubai Police App, reducing the time and expense of lawyers attending a police station. In other jurisdictions, court hearings are now being conducted through iPads and laptops. Lawyers are turning up to court less and less with paper copies of skeleton arguments and bundles. In some countries, a judge will be sent legal authorities through an emailed link or PDF. Witnesses now regularly attend to give evidence, not physically in person, but through video link. Facilities and processes in most jurisdictions will improve over time. What does this mean for the future? The need for the paper to

be physically present and in hard copy diminishing may also apply to the parties, their lawyers and the judge. Hearings will, in the future, be increasingly dealt with through telephone and video link. Judges, lawyers and clients may all well be in separate locations and the efficacy and quality of the decisions made will remain the same. Clearly there is a need to retain physical court rooms for trials, where the testing of evidence through assessing demeanour is important. But a substantial amount of hearings could be replaced without any arguable effect on the end product. The legal world has really begun to embrace the ways in which technology can assist with bridging physical gaps between client and lawyer, legal teams and courtrooms. It is a process which is becoming more relied upon and more advanced all the time. It is something which every modern lawyer and client interacting with the legal world should be aware of.

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CHALK TALK

SALMA SHAHEEM The Head of Middle Eastern Markets at The Fine Art Group discusses setting up in Dubai and her hope for the future of artists in the region

’ve always had a soft spot for art. I love museums; I can spend endless hours in and out of museums, galleries and art books. I was born and raised in Dubai and I have a GCSC in art. Getting my O-levels and doing art in high school was the happiest time of my life, but I did not want to pursue it. I had a stronger nudge towards finance. I did my graduate and postgraduate degrees in London. I studied business and finance for my

undergraduate and then I continued my post-graduate studies in the history of art. During my senior year, one of my professors told us he’d written a new book on behavioural economics. That stuck with me. Then I saw a book by Dr. Clare McAndrew, an art economist, and I started to look into art economics and art funds. I wanted to write about how the Medici of Florence, through commissioning art, contributed to the contemporary Roman economy. Tourists go to Italy

for several reasons: the pilgrimage to the Vatican; general tourism; and the cultural economy–to see these magnificent sculptures and paintings, the Sistine chapel, and so on. These invaluable pieces–the Da Vinci and Raphael pieces–they’re invaluable today, but where did they come from? I was going to pick just three or four examples of the Medici family and then embed them in a greater study of the existence of an art economy.

You may not be able to pick up your penthouse, but you can take your Picasso and sell it anywhere in the world." – Salma Shaheem, Head of Middle Eastern Markets, The Fine Art Group

My first job after graduation was with a boutique investment firm here in Dubai, which had a private art fund. I met my now business partner, Philip Hoffman, the founder of the Fine Art Group, based out of London. There was an opportunity for them to venture out here and for me to venture out into this market. I went to London for 18 months to work at head office, to get to know my team, to train, and to do my business plan. One day there was a very angry gentleman in the conference room. He had moved a couple of houses down the road and he had a Damien Hirst cabinet–the pieces are arranged and hand-made and hand drawn. This gentleman had called on the logistics company for a quote and they told him it would be GBP 400. He laughed down the phone and said, “Thanks, but no thanks” and he called this driver and told him to take the cabinet to the new office and make sure the carpenter was there to hang it. This $300,000 or $400,000 piece had been rearranged incorrectly. Thankfully we got hold of Damien to come and fix it for him at a hefty cost. I tell all my clients if they cannot find the handlers or the right insurance, I will find them. It is such a delicate market and there are so many parallels in what you practice and what happens in theory. I felt like those little bits and bobs of the cabinet that were being rearranged were kind of like the elements of my life. It was such a silly comparison but it was a great story.

I moved here and I got my trade licence in November 2012. I would go door to door; I felt like a vacuum salesman. I would knock on people’s doors to tell them why art is a sound alternative investment. Art is real, tangible, moveable, and can be sold in dollars, yen, or euro. You may not be able to pick up your penthouse, but you can take your Picasso and sell it anywhere in the world. It has been proven over time that that the correct piece will increase in value due to increasing demand over a limited supply–it is simple economics 101. It took two years for people to buy into it. For those two years I handed out business cards and asked people for a minute of their time. If they liked that minute, they would say “Let’s have lunch next week.” The first two-and-ahalf years were all ground work. I was born and brought up here; I thought I knew everybody. I did not know anyone. It was a whole different ball game, and I did this single-handedly. I had a rotation of colleagues that came and went to and from head office, but there was nobody here on the ground with me. It was the best learning experience that I’ve had to date, because you go to school and you study and you’ll do relatively well in your exam, but there is no practical element. I had zero funding or backing from HQ in London. They said I was privileged to use their name, and it is a privilege, because I used that credibility to get in the door. It was more beneficial than any financial investment. When I set up operations I kept my overheads really low until I was

able to generate income. When I would talk to potential clients they would ask about my fees. I always gave them two options. The first was to ask commission if they were not interested in a collection and they just wanted to buy one or two pieces, as most advisors would on any investment. For a more long-term vision, if they agreed to commit to two or three years to create a valuable art investment portfolio then I would be on retainer, like any other financial advisor. That gave me that steady income and that is how I managed my cash flow. Eventually it just made sense to set up an office. I had too much paperwork; there were box files everywhere. I had more and more people who needed to see me on a regular basis. When you first set up and you’re seeing people sporadically, it makes sense to meet for lunch at a restaurant. But I’m not going to do that once a week to see you for an update on a deal we’re working on. I like Business Bay because it’s got a certain youth and ambition to it. It doesn’t have the glitz and glam of Downtown; it’s like the funkier, younger, ambitious sibling that is working its way up. Plus we have indoor parking! I’m here. My signage is at the door. I’m not going anywhere. I would love to see a surge in young, aspiring home-grown artists from the region. I think they have every opportunity. We have galleries, we have workshops, and we have schools. We have a few already, but to see an increase would be great.

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CEO CHAT

We are also a truly global company, with local offices across the globe in the US, Europe, the Middle East, Asia and Australia, providing our customers with the support needed in multiple languages. â&#x20AC;&#x201C; Glenn Stevens

MAKING

GAINS Glenn Stevens, Chief Executive Officer, GAIN Capital discusses the company’s market resilience and his optimism for its development in the future

Please give a brief overview of GAIN Capital–how and when it started? GAIN Capital was founded in Bedminster, New Jersey in 1999 with a clear mission: to provide traders with low cost access to foreign exchange markets. GAIN was one of the very first companies to offer on-line forex trading to the general public through our FOREX.com brand, and since then we have expanded our product offering and global reach, and now provide over 150,000 retail and institutional investors with access to OTC and exchange-traded markets. Our FOREX.com brand is a global leader in forex and trading for retail traders, and we also operate City Index, which provides CFD trading on FX, Indices, commodities and equities We also operate GTX, a fully independent FX ECN for institutions specialising in spot FX, forwards, swaps, NDFs and precious metals and a US-based retail futures business.

What role does GAIN Capital serve in the market place? GAIN Capital is a provider of online trading services, and we provide services either directly to retail clients or to institutional clients through one of our five partnership models. Retail clients can access financial markets through one of our online trading brands and trade on thousands of markets such as forex, commodities, indices and shares. We provide retail traders from over 180 countries around the world with the tools and pricing they need to help them trade in today's financial markets, and our brands City Index and FOREX.com are some of the most recognised globally. In addition to our direct retail offering, we provide comprehensive liquidity solutions for brokers and institutions, with access to a broad range of FX/CFD markets via platform or API.

GAIN Capital’s strong balance sheet, our global presence and our commitment to continually improving our technology allows us to provide competitive liquidity solutions to a range of partners across the globe. What sets GAIN Capital apart from its competitors? We have over 18 years’ experience in building trading solutions and as one of the largest FX and CFD providers globally, we have developed strong relationships with tier-one liquidity providers, enabling us to pass on superior liquidity, execution and prices. As US publicly traded company, we also offer our clients and partners a high level of transparency into our business operations and financial position, which gives them confidence in their choice of trading partner. We are also a truly global company, with local offices across the globe in cont. overleaf

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CEO CHAT

cont. from pg. 19

the US, Europe, the Middle East, Asia and Australia, providing our customers with the support needed in multiple languages. We also offer extremely strong regulatory protection to our clients and are regulated in eight jurisdictions worldwide, ensuring that whether you are a regular customer or a business, your business and investments are well protected. Please provide some information about your partnership models and how partners of different sizes can get involved? GAIN Capital offers a broad range of partnership models, enabling us to provide trading solutions tailored according to the needs and size of our institutional customers. Our affiliate programme enables partners with websites and online portals to derive revenue from traffic. For regulated brokers, we offer a comprehensive Introducing Brokers programme, enabling partners to introduce their clients to GAIN Capital while building upon our technology and products to service the trading needs of their customers. In an industry where the technology ecosystem is continually evolving, we recognise that our partners are offering a diverse range of platforms to their customers, from off-the-shelf platforms to their own bespoke user interfaces. For these partners, we offer liquidity solutions, through platform and API, which can be configured to provide straight-through-processing of orders or hedging, depending on how these partners choose to manage their risk. GAIN Capital has considerable experience offering retail and institutional services in global markets and we share this experience with our partners to help them find the right

partnership fit for their business. Whether you want to be hands-on or hands-off with your customers, we have a range of partnership models that are tailored according to suit your needs and help you offer your customers an exceptional trading experience. GAIN Capital has a history of acquisitions, with the latest one being the acquisition of FXCM’s US retail clients, can you provide a bit more insight into this acquisition and what is planned for US FXCM clients? The acquisition of FXCM’s US retails clients was finalised in February 2017 and under the terms of the agreement customers of FXCM’s US regulated business were transferred to GAIN Capital’s retail trading service FOREX. com. This acquisition established FOREX.com as the #1 retail FX provider in the United States, with over 50 per cent market share. We are excited to welcome these customers to our award-winning FOREX. com service and will continue to make enhancements to our service to ensure we provide an excellent experience to all of our retail clients–not just in the US but globally. We recently launched an Active Trader programme to offer tiered pricing discounts to our high-volume clients. We also recently launched a brand-new web trading platform to our FOREX.com clients and are launching a completely redesigned set of mobile apps in June. Certain regulatory changes such as banning bonus payments and advertising restrictions have taken place in Europe–what longterm impact is this likely to have on business? Historically, we have seen that such regulatory changes end up beneficial to both customers and the industry.

Our hope with all regulation is that it strikes the right balance, with rules that help increase protections for retail investors while levelling the playing field for providers. What we do not want to happen is for the rules to become overly onerous so that they limit choice or access for retail investors who want to trade leveraged products and understand the risks involved. GAIN Capital has proven remarkably resilient and has weathered many changes in what is an extremely rapidly-moving and evolving industry, and we have in fact come out stronger after each of these changes. After the regulatory tightening in the US for example, GAIN Capital emerged as one of the very few brokers that continued to offer services, and we have in fact thrived under these conditions and continue to grow. We believe that the regulatory change taking place across Europe will turn out the same. They will provide greater security for our clients as well as cut out many practices that some brokers have historically used to gain large client numbers–practices that often resulted in them gaining clients who were not suitable for these kinds of products. We suspect having a fewer number of well capitalised, high quality providers is the ultimate goal of the regulators because it will allow them to have a high level of oversight on the remaining firms and implement the customer protections they are seeking. Overall, we feel GAIN Capital is well positioned to extend our market share globally in the coming year, which includes our continued commitment to serving traders across the Middle East region. We will continue to focus on delivering competitive pricing, high quality products and excellent service to our clients globally.

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GAININ NUMBERS CAPITAL ACCESS TO OVER 12,500 GLOBAL MARKETS INCLUDING FOREX, COMMODITIES, INDICES, INTEREST RATES, BONDS, SHARES, OPTIONS AND FUTURES.

$487.4 BN AVERAGE MONTHLY VOLUME IN Q4 2016

$9.5BN

DAILY AVERAGE RETAIL TRADING VOLUME, YTD 2017

OVER 900

INSTITUTIONAL PARTNERS FROM 5 CONTINENTS

$14.5BN

DAILY AVERAGE INSTITUTIONAL TRADING VOLUME, YTD 2017

REGULATED IN 8 JURISDICTIONS WORLDWIDE

US, UK, CANADA, JAPAN, SINGAPORE, AUSTRALIA, BERMUDA, CAYMAN ISLANDS

OVER 800 STAFF LOCATED IN

OVER 150,000

RETAIL CUSTOMERS ACROSS 180 COUNTRIES

TWELVE OFFICES ON FOUR CONTINENTS SOURCE: GAIN CAPITAL

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QATAR

QATAR: CURRENTLY CUT OFF The severing of diplomatic ties by eight countries has had far-reaching effects on Qatar

n 5 June it was announced that four nations–Saudi Arabia, Egypt, Bahrain and UAE–cut diplomatic ties with Qatar, stating that it created instability in region. Saudi Arabia has also stated that Qatar backed militant groups and spread their violent ideology. "[Qatar] embraces multiple terrorist and sectarian groups aimed at disturbing stability in the region, including the Muslim Brotherhood, Daesh, and Al Qaeda, and promotes the message and schemes of these groups through their media constantly," according to a statement from Saudi state news agency SPA. As of 10 June, Comoros, Maldives, Mauritania, and Yemen also cut diplomatic ties with Qatar.

TRAVEL AND FOOD Following the announcement, the four nations cut off air, sea and land access to Qatar, forcing flights out of Doha to redirect and divert routes. Qatari nationals living in the Gulf States were given two weeks to leave

the countries; Qatari diplomats were given 48 hours to leave Bahrain. As a humanitarian gesture, an exception for Qatari nationals married to Saudi or Emirati citizens was declared mid-June, according to media reports. A statement released from Dubai’s Emirates Airlines said the last flight from Doha to Dubai would depart in the early hours on Tuesday, 6 June. Both Etihad Airways and FlyDubai quickly followed suit, issuing statements that flights to and from Doha would be suspended from the same date. The travel embargo is bad news for Emirates, Etihad and Qatar Airways; these carriers have become vital for business travellers, because of the longhaul routes that connect the Americas and Europe with Asia that these airlines serve. Not long after the recently announced the electronics ban, Emirates cut services to the United States by 20 per cent, and the Qatar embargo is likely to be just as upsetting for Qatar Airways. The airline’s planes can no longer fly through the airspace of

Egypt, Saudi Arabia, the United Arab Emirates or Bahrain, which means taking much longer routes that will add considerably to the cost and duration of the flights. Qatari passport holders cannot travel through Dubai or Abu Dhabi, two of the region’s most important travel hubs. Aside from the affected countries and the airlines themselves, international travellers are most likely to feel the effects of the ban–Emirates, Etihad and Qatar have consistently been rated among the best carriers in the world. In 2016’s Skytrax ranking, Emirates and Qatar took the top two spots, followed by Etihad in sixth. The impact of cutting off all access to Qatar was felt almost immediately as reports emerged of a number of trucks, carrying food supplies, were stuck at the border with Saudi Arabia, unable to cross over into Qatar. Qatar, populated by approximately 2.5 million people relies heavily on imports, with approximately 80 per cent of its food requirements met by its larger Gulf Arab neighbours, such as the

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6/28/17 3:14 PM

UAE and Saudi Arabia. It is possible that Qatar could look at other sources of food from Asia and Iran if the diplomatic crisis was not resolved, according to trade sources. For expats living in Qatar, it has been reported that rising food costs are a pressing concern.

BANKING AND THE WORLD CUP The creditworthiness of Qatar has become vulnerable to potential risks, which include domestic political risks, a spike in government debt, significantly higher contingent liabilities, and scarce external funding sources, according to credit analysts at rating agency S&P. However, S&P noted that Qatari banks' current liquidity profiles should help them absorb a moderate drop in external funding and banks' net external debt totalled about $50 billion at the end of April 2017, representing 23.5 per cent of domestic

loans compared with 13.2 per cent at year-end 2015. Shares in Qatari banks fell in mid-June after the UAE Central Bank instructed UAE banks to exercise caution over accounts they hold with six Doha-based banks. The UAE Central Bank further ordered local banks to stop dealing with the 59 individuals and 12 entities with alleged links to Qatar and to freeze their assets. Sanctions are likely to have a deep impact on Qatar’s financial sector, following Qatari banks’ recent increase in regional exposure. Qatar National Bank (QNB) has approximately 210 branches in Egypt and 27 in the UAE. Commercial Bank of Qatar (CBQ) has a 40 per cent stake in United Arab Bank of the UAE. In Saudi Arabia and Bahrain, central banks have asked lenders to disclose details of their exposure to Qatari clients, and the banks have also

been requested to share information about dealings with Qatar through equities, bonds, and interbank funds. The current crisis is also threatening Qatar’s building programme that has to be completed to satisfy FIFA conditions in order to host the World Cup in 2022, such as providing 60,000 hotel rooms. Plans to complete eight stadia as well a new Doha metro system this year and next have also been derailed. The travel restrictions imposed on Qatar have further impacted these plans because it is estimated the country needs around 36,000 migrant labourers and copiousness amounts of imported construction materials to deliver on deadline. 2022 FIFA World Cup Qatar is scheduled to be held in November and December of 2022, with the final to be played on 18 December in the planned 86,000-capacity Lusail stadium.

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SHTTERSTOCK.COM/ ALEXLMX

Qatar now faces a number of political and economic challenges.

23 6/28/17 3:14 PM

BACKGROUND CHECKS

DIG DEEPER With discrepancies becoming more prevalent in employment applications, recruiters need to start running more stringent background checks

ireRight, a provider of on-demand employment background checks, recently released its latest EMEA Employment Screening Benchmark Report, which found that 73 per cent of companies with background screening programmes have uncovered candidate employment history discrepancies during the course of conducting candidate checks. Put simply, conducting know your employee (KYE) checks makes good business sense, particularly in a country such as the UAE, where over 70 per cent per cent of workers are foreigners, said Nadeem Maniar, Director of Risk Consulting at Crowe Horwath UAE. “Success or failure of any organisation largely depends on its people; however, many organisations tend to shy away from investing a small amount in knowing their employee. Background screening is critical for making a well-informed hire, allowing your company to focus more on growing the business, not dealing with potential problems. To know what your prospective employee did in the past is the basic requirement when considering someone for the job.”

It is a grey area in terms of the information that an employer requires from a candidate to the information a candidate is obligated to disclose. According to James Randall, Regional Sales Manager at HireRight Middle East, a recruiting organisation will choose the type of information that they require to be verified and only that information will be requested from the candidate. “A candidate cannot be compelled to provide the information, but verifications cannot take place without it. It is recommended that the organisation notifies its candidates of the verification requirement as soon as possible in the process to avoid issues at the last moment.” From a strictly statutory perspective, a candidate is not legally obliged to voluntarily disclose any particular information to a prospective employer. However, prospective employers may request information around issues such as previous employment history, educational achievements and criminal records. If a candidate provides misleading information, there would be grounds to withdraw any subsequent offer of employment or terminate the employment relationship, according

to Luke Tapp, Senior Associate at international law firm, Pinsent Masons. He added that it would be prudent for companies to obtain and undertake reasonable searches to verify the candidate’s full job history, education and professional qualifications, and any history of criminal records, during the recruitment process. While a candidate might want to present a resume which contains reputed companies and long-term employment, it is important for their references to match reality. “A candidate’s experience, no matter how long- or short-term, needs to be realistic. If their references or roles and responsibilities are misleading, it might result in their application being declined even if they could have been the right candidate for the job,” said Marcus Taylor, Managing Partner at recruitment firm Taylor Sterling. Finally, Taylor added that when asking for references, candidates tend to list their hiring managers to provide a reference, which in itself is a bias. HR departments, on the other hand, keep records and are far less sympathetic to a glitch in someone’s conduct during their employment.

SHUTTERSTOCK/ LIGHTFIELD STUDIOS

It is becoming imperative to do due diligence in the hiring process to avoid hiring the wrong people.

Maniar added the relationship between the employer and employee is much deeper than it was in the past, as employees are exposed to much more private corporate information than ever before. Organisations are not only investing money in their people, but also time, trust and confidentiality which are key factors for any business to be successful. “A wrong hire does not only lead to loss of cash for the business, but may also may lead to legal litigations, low worker productivity among other staff members, lost time and expenses in recruiting and training another employee and in some cases, may lead to severe negative impact on clients.”

RELOCATION In countries such as the UAE, where figures from Madar Research and Development and Orient Planet put the expatriate population at around 87 per cent, employers have the added challenge of trying to verify a potential employee’s background before relocating them internationally. “Legally, some checks that may not be permissible in the home location may be permissible in the country to which the candidate is being relocated. There may also be local law requirements in certain regulated industries that may differ between locations. This can mean that your candidate may have concerns if, for example, they are subject to a credit or criminal check.

Equally, as an employer, there may be a drive to run certain checks that are simply not available globally due to local law restrictions,” said Randall. While difficult, screening and verifying potential employees is not impossible. Tapp recommended that the hiring team undertake social media search training. “There are a number of laws in place that establish an overarching framework for protecting privacy and punishing the misuse of information or data breaches. However, depending on a candidate’s user privacy settings, certain information may be publicly available. It is common for employers to utilise professional social media sites, such as LinkedIn, as cont. overleaf

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BACKGROUND CHECKS

If their references or roles and responsibilities are misleading, it might result in their application being declined even if they could have been the right candidate for the job. – Marcus Taylor, Managing Partner, Taylor Sterling

cont. from pg. 25

part of the general pre-employment and recruitment stage.” Khaled Fathi, Managing Director of human resources consultancy, Inspativity, added that there are a number of ways to leverage technology in an effort to mitigate risks associated with hiring overseas candidates, starting with screening them over a simple phone conversation. The next step is video interviewing, asynchronous or one-way, where pre-recorded questions for technical and behavioural competencies of the job. Line managers are involved in preparing those questions and they are kept the same for each job, to ensure consistency and objectivity. The final step is a Skype conversation with short-listed candidates to ask more relevant questions, and once satisfied, the client may then offer them the position. By then, due diligence has been done and most risks associated with the candidate’s suitability have been addressed, making employing them a calculated risk rather than a gamble.

LEGAL FRAMEWORKS Maniar added that Crowe Horwath’s recent discrepancy trends research report highlighted inconsistencies found while conducting KYE checks for clients in the UAE and revealed that nearly three in 10 job applicants in UAE had discrepancies in their applications in the period 2015– 2016. In a bid to ensure that foreign workers in the country possess genuine educational credentials and do not have any past criminal record, the UAE

Federal Cabinet last year approved a policy to make background screening mandatory for all foreign workers coming into the country. Fathi warned that some recruiters skip the necessary checks because the candidate conducted themselves well during the interview stage or because they need to fill the position to complete their KPIs. “A proper crosscountry background check could take a couple of weeks. A good conduct report would need to be attested by the relevant authorities. It is the responsibility of the recruiter and hiring organisation to follow due diligence. For global organisations with good local governmental ties, the process may be significantly faster, yet it should not be a rushed one.” Tapp added that it is essential to thoroughly review references, and companies should investigate every avenue to ensure a candidate will be able to perform their role effectively, contribute to the company's growth and development, and have no past transgressions which may frustrate the employment relationship and create tension. The labour laws of the various jurisdictions across EMEA generally permit employers to dismiss an employee during their probationary or trial period. Therefore, it is essential for companies to have a robust probationary period in place within the terms of the employment contract to provide the company with flexibility during the initial period of employment, added Tapp.

HIRE THE RIGHT CANDIDATE MAP OUT EMPLOYMENT STRATEGY

Categorise different levels of employees and the risks involved with hiring into different levels. Draft a screening policy for each level which can be shown to any candidate/employee on request. Timing of any verification should also be reviewed against local employment laws, as this may differ across jurisdictions.

INFORM AND PREPARE CANDIDATES FOR SCREENING

Keeping candidates in the loop helps them prepare for what is required during the checks. It is also key to help candidates understand that the objective is to maintain fairness in employment and safety in the workplace.

DO YOUR RESEARCH

Ensure companies obtain references from at least two previous employers, with at least one of the references coming from one of the most recent two employers. Ask employees to produce all necessary certificates, which would generally include education and good conduct certificates.

LOOK ONLINE

Check their CV against a LinkedIn profile for instance, you would be surprised how many times these do not align. Go through their CV with them in detail; they will slip up if they are off the mark eventually. Source: James Randall, Regional Sales Manager, HireRight Middle East; Khaled Fathi, Managing Director, Inspativity; Luke Tapp, Senior Associate, Pinsent Masons; and Marcus Taylor, Managing Partner, Taylor Sterling

Profiles in Leadership An important new series from CPI Financial, the Middle East’s leading financial and business publishing house. In challenging times, clear and dynamic leadership is the key to business success. CPI Financial’s new series Profiles in Leadership will identify and define those qualities necessary to succeed, profiling successful individuals and their businesses.

Format Each book in the series Profiles in Leadership will consist of approx. 10,000-12,000 words text in English and will be lavishly illustrated in full colour, printed on high quality stock and hardback case-bound with a full-colour dustjacket.

Promotion The series will be promoted through CPI Financial’s family of leading business and finance magazines and online via our websites.

Options Presentation Box – the books can be offered in presentation boxes Arabic – the books can be offered in Arabic also

Next steps Take part in this new series, showcase your successes and create a key promotional and marketing tool for you and your company.

To learn more, contact: OMER HUSSAIN +971 4 391 5419

omer@cpifinancial.net

CPI Financial FZ LLC • PO Box 502491 Al Shatha Tower, Office 1209 Dubai Media City, Dubai, U.A.E. Tel: +971 (0) 4 391 4681 • Fax: +971 (0) 4 390 9576 • www.cpifinancial.net

WOMEN AT WORK

MIND THE GAP The gender gap in the workplace must be addressed by women driving the change they want to see

CC women run SMEs worth AED 1.4 trillion, driving female participation in the GCCâ&#x20AC;&#x2122;s labour force to 32 per cent, according to the Al Masah Capital Report, GCC Womenâ&#x20AC;&#x201C;Entrepreneurs in a New Economy. In the period 2011 to 2014, the number of women entrepreneurs more than doubled from a tiny four per cent to a slightly more acceptable 10 per cent. To reach 10 per cent, female entrepreneurs in the GCC required better access to formal entrepreneurial education and training. This improved access allowed them to bring their ideas to fruition and own, manage and establish successful businesses, the study added. However, there is still a gap in access to formal entrepreneurial

There is a direct correlation between female workplace participation and positive economic impact, which makes addressing the challenges women often face in the workforce ever more relevant.”

education in the region, such as degree programmes and training courses, although they are available. According to Jayshree Gupta, Partner at Baker McKenzie Habib Al Mulla in the UAE, an MBA, or related business Master’s degree, is a useful tool to get you started in the entrepreneurial path, and gives you the tools to know how to run your business. “Business schools are increasingly interested in entrepreneurship as a reflection of the needs of industry for staff with entrepreneurial attitudes, and as a result of these ambitions more students become entrepreneurs,” said Randa Bessiso, Middle East Director, The University of Manchester. Women in the region have made remarkable strides due to access to better education, according to Mariel Davis, Senior Manager, Communications & Partnerships, EFE-Global. In the UAE, for example, the Al Masah Capital Report estimates that about 70 per cent of university graduates are women. It is important to understand that better access to education does not always

translate into better preparation for entering the working world or starting a business.

BREAKING INTO BUSINESS Being an entrepreneur however, is not just about having the right degree certificate, an entrepreneur requires a certain ‘go-get-it’ attitude, and this begins at a young age. Early education can help develop the confidence to be a job creator rather than a job seeker. “Women are resourceful and entrepreneurial by nature and so education and training helps structure and develop this natural talent,” said Bessiso. Bessiso added that in her view, there also needs to be more easily accessible, formal mentorship programmes for women, in partnership with both public and private sectors. These programmes should be tailored to address gender-related issues specific to the GCC market, as well as the industry of the business. While the more formal entrepreneurial education and mentorship schemes have value, some regional business women think that the most valuable education and

training does not take place exclusively in the classroom, but rather from the moment you step into your first job. Jasmine Nahhas di Florio, Senior Vice President, Strategy & Partnerships, Education for Employment–Global (EFE-Global) told FME that the professional experience and exposure of a first job can play a very important role in the development of skills critical to running a successful start-up. A first job teaches everything from day-to-day ‘soft skills’ such as time management, discipline and teamwork, to broader capabilities like goal-setting and problem-solving. “Entrepreneurs who work a job before starting a business benefit from building the social capital that comes with establishing a professional network. They also have the chance to observe the management and leadership style of others, which helps them develop a sense of how to manage a team and what to avoid,” said Nahhas. In some parts of the GCC, female entrepreneurs may have a lack of business experience as well as a lack of access to peer and mentorship networks. In many countries in the cont. overleaf

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– Dr. Raja Al Gurg, President, Dubai Business Women Council

WOMEN AT WORK

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Although women still face challenges in the workplace, they are more than capable of making necessary changes. cont. from pg. 29

region, women are unable to spend much time mixing with professional colleagues or peers. They are less likely to have an internship or experience working, even informally, before graduating. “Many women miss out on mentorship or investor opportunities that are crucial to sustaining and growing a business,” added Davis. Dr. Raja Al Gurg, President, Dubai Business Women Council added that the Council seeks to address the lack of networking and mentorship opportunities by hosting forums on

gender parity featuring organisations from a cross-sector of business in Dubai are regularly hosted, with seasoned experts sharing success stories on how issues in gender balance have been transformed into successful business solutions. However, these may be lacking in other GCC countries. Women need to take inspiration from female role models around them. The most effective tool for a business woman and entrepreneur today is a strong support network of mentors of both genders and a strong and diverse friendship network.

Women still do not have access to the same sources of capital as their male counterparts. The Al Masah report states that women’s participation in formal financial institutions in the UAE is only 66 per cent compared to men’s participation rate of 90 per cent. “When it comes to financial support, I’m not aware of any schemes designed to help female entrepreneurs get started. When you consider the startup costs to running a company in the UAE, and annual visas, trade licences, and VAT costs, you cannot help wonder how many women are being left out of

the picture and how many more could potentially be welcomed in,” said Sophie Toh, Founder & Managing Director of TOH Public Relations. Another gender-specific workplace issue women generally face is discrimination if they have families, most women in the GCC are expected to give up their jobs when they get married or have children, so many business in the region still do not cater to working mothers. “A male CEO has to focus on building a great team and support network for his business, but a female CEO has to build it twice–once for her business and another for her home. Even though I am a CEO of a start-up, as a woman I cannot miss my kids’ activities or social functions. I had to actively recruit a good nanny, plus rely on my extended family to manage my commitments between home and work,” said Padmini Gupta, Co-Founder of wealth management platform for migrants, rise.

BRIGHT FUTURE Amanda Perry, Managing Director of company formation and business setup consultancy Vital Corporate Solutions, said there has been a large shift in the last couple of years for new job opportunities for women. “We are seeing an increased number of high-profile public roles being awarded to deserving women and this is motivating the younger generation to set goals to achieve similar and even higher roles and accolades. Entrepreneurism is visible throughout Dubai and our high school and college girls are seeing what some strong prominent women are doing in this country to make a name for themselves, such as Maryam Bahlooq, who was recently appointed CEO of Tanfeeth, and women to follow suit which will narrow the gap for opportunities and success between the genders.” Fostering a supportive environment and engaging the whole of society

in forward-thinking dialogue that empowers women to pursue their ambitions is crucial to breaking down barriers and challenging perceptions and stereotypes that block female entrepreneurs from achieving their full potential, said Al Gurg. “There are direct steps that public and private employers can take to enhance the support of women in the business community. These include investing in benefits important to women, such as flexible working hours and the provision of day-care facilities,” she said. Creating awareness of progressive gender balance on the economy is a shared responsibility that should permeate all levels of society, from its energetic and ambitious youth to its local businesses. “There is a direct correlation between female workplace participation and positive economic impact, which makes addressing the challenges women often face in the workforce ever more relevant,” said Al Gurg. In 2014, G20 leaders made a commitment to reduce the gap in labour participation rates between men and women by 25 per cent by the year 2025. A report, World Employment and Social Outlook (WESO) Trends for Women 2017, by the International Labour Organisation (ILO) estimates that if this goal was realised at the global level, it has the potential to add $5.8 trillion dollars to the global economy. The attitude to women in business is slowly changing, and the region is becoming very supportive of women in business, said Bessiso. Economically active and careerfulfilled women in the UAE economy will boost the GDP by 12 per cent, citing research by Strategy&. She added that Arab women are also becoming prominent in familyowned businesses in the region, as well as in government.

HOW FEMALE ENTREPRENEURS CAN CLOSE THE GENDER GAP GET A FIRST JOB

If gaining formal work experience is an option in your circumstances, seize it. The skills and networks gained will help develop discipline and leadership insights that are important to starting a business.

INVEST IN TRANSFERRABLE SKILLS

Building capabilities in areas such as critical thinking, communications, teamwork and task or time management will help you to thrive–whether you are running a business or employed by one.

LEARN HOW TO NETWORK

Every opportunity to build your network–whether through formal networking events, or informal meals or chance encounters.

MODEL SUCCESS FOR FUTURE WOMEN ENTREPRENEURS

As you become more established, help aspiring women entrepreneurs to enter the field. Hire young women to help them get professional experience, share your wisdom, and open your networks.

GET A MENTOR

Choose someone you respect and who has trodden your path before. Surround yourself with other successful women business owners–remember you are the average of the five people you spend your most time with.

EDUCATION NEVER STOPS

Strive to learn more about yourself and your business every day. Source: Jasmine Nahhas di Florio, Senior Vice President, Strategy & Partnerships, Education For Employment – Global (EFE-Global); Padmini Gupta, co-founder, rise; Sophie Toh, Founder & Managing Director of TOH Public Relations; and Amanda Perry, Managing Director, Vital Corporate Solution

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INVESTING IN TECHNOLOGY

TAPPING INTO TECHNOLOGY Venture capital has become increasingly prominent in the development of tech start-ups across the MENA region, owing to their scalability

n mid-June, the MENA Private Equity Association launched its 11th MENA Private Equity & Venture Capital Annual Report. 2016 saw the overall number of deals increase, as venture capital investment levels continued to grow. The results in the report followed the May announcement that early-stage venture fund and seed accelerator, 500 Startups, has sourced $15 million in capital so far for a new fund that will exclusively target startups in the Middle East and North Africa (MENA). Commenting on the report, Salmaan Jaffery, Chief Business Development Officer at DIFC Authority said that there has been an increase in appetite for investments in technologyrelated sectors, such as IT, fintech, and ecommerce. “This is a space the Centre will continue to develop via enhancements to our funds platforms and regulations, as well as initiatives

such as Fintech Hive at DIFC, the region’s first fintech accelerator.”

WHY TECHNOLOGY? Technology companies fall into the hyper-growth sector, which also includes biotech and energy to an extent, according to Amir Farha, CIO, Beco Capital. But in the Middle East, biotech and energy outside of oil and gas are not readily available options for venture capital. “There is no solar power project that we would fund, unless it were a software-based company. Generally, something like solar energy requires a lot of capital, and would that typically get funded by the equity investors,” he said. Technology companies have seen a spike in popularity for investors. In 1990 the top 10 largest companies in the S&P 500 index had one technology company; in 2017 five of the top 10 are technology companies.

With the continuing trend towards integrating technology into every facet of daily life, it is likely this sector will continue to grow and draw attention from investors, said Sonia Gokhale, Partner at Dubai-based investment firm, VentureSouq. “The recent acquisition of Souq. com by Amazon, and Fetchr's recent fund raising led by NEA shows that the Middle East is being noticed on a global scale which will further drive growth in investment in this sector. One of the most critical effects that those companies have had is in bringing big investors into the technology fold. Ability to access capital has a lot to do with the success of a company, so those companies that get funded, often have a higher probability of success. Fetchr, Souq.com and Careem successfully whetted the appetite of big investment players such as Abraaj, STC and MAF, with VentureSouq investing in Fetchr.

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While businesses can provide interns with experience and mentoring, interns can bring a fresh perspective to the table. Technology start-ups are increasing in popularity owing to their ability to scale up quickly.

With big players and more like them investing into the space, it is likely this trend will continue,” she said. According to Farha, technology, as a sector, generally allows companies to scale up quickly. Software can be stored in the cloud and little to no physical assets are required. The product itself can easily be sold multiple times to multiple different customers. “I would say technology is the world economic growth driver today; it is emerging as one of the fastest growing sectors in the region,” he said. Top-performing technology companies’ growth is always as a result of how they can disrupt an existing industry and gain market share, while eating into their rivals' revenues. This can only be achieved by offering a superior product or service. Amazon.com, which recently acquired Dubai-based Souq.com, valued at $650 million, disrupted the

retail sector. “Build something that is specific to the region and develop the businesses from there. Copy-cat businesses have a limited long-term value. They might have an immediate flash of success, but if the innovation model is copying someone else, it will not have a seven- or 10-year business, something investors consider,” said Alex Giannikoulis, General Partner at Graphene Ventures. Gokhale added that investing in private early-stage technology companies should be part of an overall portfolio that has a mix of other asset classes. “The appeal [in technology] from an investment perspective is to provide a potential for outsized returns while being part of the story and helping a business grow. I think the way technology businesses directly impact people make the investment narrative a lot more relatable, which is an added appeal. Investors are looking

for globally scalable businesses, as opposed to geographically restricted companies that have limitations to growth,” she said. Products in the technology sector can be developed and integrated across a number of industries–it is not constrained to apps or ecommerce. Giannikoulis said for entrepreneurs looking to start a technology company, they need to consider their location as a starting point for disruption and build out from there. “When looking at the Middle East, any innovation surrounding transport and autonomous driving has huge scope for development, such as developing the sensors and the software for the vehicles. Government initiatives such as the Dubai Future Accelerator (DFA) has been promoting a lot of these ideas; there is no reason why local entrepreneurs cannot start those businesses,” he said. cont. overleaf

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INVESTING IN TECHNOLOGY

I would say technology is the world economic growth driver today; it is emerging as one of the fastest growing sectors in the region.” – Amir Farha, CIO, Beco Capital

cont. from pg. 33

Transport was the largest sector in terms of investment value in 2016, according to the MENA Private Equity Association report, with Careem raising $350 million. Global trends in ecommerce, developments in fintech and other disruptive technologies including the move towards a more cashless economy, are combining to drive entrepreneurship. The report added that the promotion of the venture capital industry has become increasingly prominent, with numbers of incubators and accelerators increasing, alongside a developing legislative framework. This reflects a government-led emphasis, notably in the UAE and Saudi Arabia where the governments are focused reducing reliance on the oil and gas sector as well as fostering the development of entrepreneurialism and SMEs. Giannikoulis added that Dubai has done well to position itself on a par with Silicon Valley and Singapore– areas steeped in progressive thinking with a focus on software, where physical boundaries do not really mean that much anymore. With that in mind, Dubai is perfectly placed to offer more opportunities to more technology start-ups. The regulatory environment continues to develop to be more favourable to investment in early-stage technology companies, which is likely to make the UAE an attractive place

for the best entrepreneurs to come and establish and scale their start-ups, added Gokhale. However, a great product alone will not guarantee funding from investors, nor will proving they can manage their costs and can show a path to profitability and sustainability. Investors will take the entrepreneur into account as well. Giannikoulis said it takes the right entrepreneur to get the product to the market and run with it. “For outsized returns, investors should also be investing in a great set of founders. If the founding team is impressive and has a complimentary skill set then the next criteria are whether the start-up could be a large business and whether the idea makes you, as an investor, comfortable,” he said. The most impressive innovations have been difficult to understand at first, but shrewd investors bet on the right team. Disappearing messages used heavily by high school girls became Snapchat. People sleeping on air mattresses and couch surfing became AirBnB. In these cases, the founding team and their understanding of the market were greater than the initial product.

GETTING OUT One of the factors that could make outside investors reserved about coming into the region is the exit

opportunity, but this can be mitigated by the start-up and the investor agreeing to a sensible business model and growth strategy, said Gokhale. If that can be achieved, the exit becomes an output or a result, rather than an input that stakeholders need to agree to in advance. When talking about business strategy, as opposed to exit strategy, the tension seen repeatedly is between growth, which usually comes at a high cost, and profitability, which often is sustained only when companies stop ploughing cash into growth initiatives.

2016 INVESTMENT IN THE MIDDLE EAST

• 244 Disclosed transactions, the highest since 2008. • $1.1 billion-value of disclosed investments. • $350 million–raised by Careem. • $582 million–total disclosed funds raised. • 10 MENA transactions with a value greater than $25 million. • 62% MENA investment activity took place in the UAE. • 34% volume of deals took place in UAE, the largest in the market. • The UAE led venture capital activity, followed by Lebanon, Egypt and Saudi Arabia. Source: 2016 Private Equity and Venture Capital in the Middle East Annual Report

CASE STUDY

ONE STEP AT A TIME Ambareen Musa discusses the three areas that has set Souqalmal.com apart in the market and helped it grow over the last five years

hen Ambareen Musa moved to Dubai in 2008 a bank offered her a credit card and she wanted to review the available options. Coming from the UK, an aggregator was the norm and she did not know how she was going to sort through the number of banks, credit cards and personal loans on offer. When there was no way of making a comparison, she tried call Moneysupermarket in the UK, but nobody ever called her back. “I thought it would be great to get the licence and set the whole system up here, using what they have. It just did not work out like that,” said Musa. By 2011, Musa saw there was still no available aggregator model on the market, prompting her to set up Souqalmal.com on the side while she was still working for MasterCard, using her salary to fund the site. She set it up with a couple of adwords on Google to see how it worked and within six months she had interest from investors and the media and by 2012 was one of the top ten start-ups invited to go to Beirut to

pitch to investors. She quit her job and committed to Souqalmal.com full time in May 2012. Fast forward five years, and she has grown her team to 35 people, the site has 800,000 visitors per month, and the company even offers car insurance. Musa attributes the company’s success to focusing on one vertical at a time, in three key areas: content strategy, customer service, and unit economics. She developed the financial education content for the website following an unfortunate incident with her bank and the repayments on her car loan. She had her loan repayments saved to an Excel spread sheet and they came to a certain number but when she looked at her statement each month, she realised that her bank was charging more. When she queried this, she was simply told, “That is what the system says”, despite her spread sheet saying something else, and having agreed to a certain rate. After three months she finally received a phone call regarding the discrepancy in loan repayments and

the bank representative told her she was paying a flat interest rate of 2.99 per cent on AED 100,000 over five years, rather than 2.99 per cent on the reducing balance. This meant she was actually paying around four per cent. “That is why my spreadsheet made no sense. In the UK your interest rate is either reducing or flat; they do not mix them up. That is why we started the financial education aspect of the website.

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Souqalmal.com now offers consumers the opportunity to renew their car insurance online.

"That is part of what has brought the business where it is today, because that content really grew the businessâ&#x20AC;&#x2122;s credibility and drove its growth,â&#x20AC;? said Musa. Content is created internally by the team, and Musa provides all the financial training personally. They are trained to write up the content themselves in a straightforward, factual manner to relay the knowledge as simply as possible. That way, customers that come to the website

can better understand the services being offered by different institutions, and make their decisions accordingly.

GOOD SERVICE Customer service training also happens internally. Musa did the calls to customers herself so the team could see how to do it. She said is important that they treat customers like human beings, not machines. She would encourage them to listen to the call and think about what

they would tell the customer. While she understands the value of having scripts as a reference for customer service agents, she wanted her team to listen to what the customer is saying, and try to help them solve a problem. Musa has used her own call centre for an insurance query, and the agent on the line did not know who she was. She was asked what the value of her car was last year and she groaned down the phone. The customer service agent asked cont. overleaf

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CASE STUDY

cont. from pg. 37

Ambareen Musa, Founder and CEO, Souqalmal.com

Musa if she had her policy in front of her and was able to direct her to a specific box on the page which told her the car’s value. “There is nothing worse than being asked a question that you cannot answer, and then they cannot help you! Something as simple as having someone tell me how to find this information made a difference. Customer service is not rocket science; it is just the little things that save a minute of my day and get me off that phone call as soon as possible,” said Musa. She added that business owners should be a bit more circumspect when subscribing to the idea that “the customer is always right”. Sometimes, a business owner needs to stand by their team instead. She cited an example of a customer who sought free insurance as compensation for an error made by the team. After a series of emails she had to step in and put her foot down. “I said yes, we made an error in one area, but the miscommunication is a two-way street. The incorrect instruction was based on information provided you. As compensation I am willing to do X, Y, and Z, because there is nothing else my team can do to rectify the situation for you. Seeking free insurance is not the way to rectify this,” she said. Standing up for her team has helped make them feel empowered, and she added that makes the team want to deliver good service because they love the company they work for and they know somebody has their back. Finally, over the last 18 months, owing to the volatile funding in the Middle East, Musa has seen an emphasis by investors on a company’s unit economics and if the business has a path to profitability. She explained a business becomes profitable when the unit economics, the variable cost, is positive.

Consumers are not interested in simply getting the cheapest car insurance; they want the best value for money, quickly, without any hidden clauses or other issues.” – Ambareen Musa, Founder and CEO, Souqalmal.com

If the variable cost, the cost of producing a product and the cost of getting a customer to buy it, is positive then at a certain point of scale the fixed costs, such as rent and salaries, are covered. “I think investors are looking for positive unit economics in terms of sustainable businesses. It is a very different dynamic from the last five years, where before a business could burn through money as long as it was acquiring market share,” said Musa. Proving positive unit economics has to be done over and above showing a consistent track record and proving the business has the right team, particularly since investors are wary of investing in the Middle East given the oil price. She added that fundraising is a process that never stops, and she has been doing it for the last five years and is about to close her next round.

GROWTH AND EXPANSION In June 2016, Souqalmal launched its insurance business, following a survey which found 95 per cent of customers want to renew their insurance online. The average premium customers select is AED 3,000, almost double any other available policy. “Consumers are not interested in simply getting the cheapest car insurance; they want the best value for money, quickly, without any hidden clauses or other issues. If they want to read

through every single term and condition, they can on the website,” said Musa. Musa added that the insurance industry is ripe for disruption, with the UAE showing the highest engagement of online customers in the GCC. However, from a regulatory perspective, disruption is a challenge because the aggregator model is still new in the UAE. “I think we will keep growing and at some point regulators will decide whether to regulate or not. For now we are learning and adapting as we go along, but I think technology is, unfortunately, still lagging behind,” she said. Souqalmal has different quoting engines or technology to deal with the market as it is, but will also be ready as soon as technology moves on and insurance companies can provide the relevant application programming interface (API) connections, with direct integration into their systems. “There are so many ways to disrupt technology, but it will take time. Regulations will take time to allow new technology to bring in change. We have to tread carefully but I think the opportunity is massive,” she said. Musa is liaising with the necessary regulators to get a licence to operate and sell insurance in Saudi Arabia. It is likely the business focus in 2018 will be to develop different verticals and 2019 will see the company expand into more countries, namely Egypt or the smaller countries in the GCC.

THE PROBLEM

The UAE lacked a suitable aggregator that allowed consumers to compare credit cards and loan options offered by banks, and customer service representatives were unable to provide the necessary assistance.

THE SOLUTION

The creation of Souqalamal.com allowed consumers to compare products as well as receive the necessary financial information to make educated decisions. Through a deliberate growth strategy the company has now included a car insurance offering.

THE RESULT

• The company has grown to a team of 35. • The site receives 800,000 visitors per month. • Souqalmal closed AED 6 million insurance policies in a four month period. • Since its launch in June 2016, Souqalmal has increased its sale of insurance policies by 400 per cent per month. Source: Ambareen Musa, Founder and CEO, Souqalmal.com

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FACE TIME

CAREER BY DESIGN With the MENA region representing a third of global haute couture clientele, Prof. Abhilisha Singh discusses the value offering niche design courses

he design sector has an estimated skills shortage that requires approximately 30,000 graduates by 2019 to fill it, according the MENA Design Education Outlook released in 2016 by the Dubai Design and Fashion Council (DDFC) in partnership with the Dubai Design District (d3). The Dubai Design and Fashion Council was established by the UAE Government in 2013, in line with its plans to become a global fashion hub by 2020. The MENA region’s growing prominence as an emerging fashion market is attracting many global retail brands to enter, particularly in the GCC where strong purchasing power, tourism growth and leisure spend bode well for fashion retail, according to the DDFC report. The fashion market is expected to continue growing in 2017 at a compound annual growth rate (CAGR) of 6.1 per cent and 7.5 per cent to 2019, outpacing global growth, increasing its market share by a further 0.6 percentage points to six per cent by 2019. The MENA region is developing retail space at a faster pace than most mature markets, with a number planned retail

spaces to further attract and serve the growing fashion and tourism market; Dubai is ahead of the rest of the GCC in attracting brands and shoppers, boasting 59 per cent of global brands, the report added. “UAE nationals have generally followed more traditional streams of education, such as law and business because they are considered sectors that offer quick career advancement, and they may not have been aware of other careers or demands in the market. We have had enrolment queries from Emiratis, but here is still some hesitation,” said Prof. Abhilasha Singh, President and CEO of College and Fashion and Design Dubai. She said another contributing factor to the skills shortage has been the lack of available institutions offering the relevant courses and degree programmes. The UAE Government recently opened new programmes, such as the Bachelor of Fashion Design offered by the College of Fashion and Design Dubai, to train students and professionals in an effort to meet its goals to increase the current number of UAE nationals working in the private sector 10-fold by the year 2021.

The College of Fashion and Design Dubai is accredited by the Commissioner for Academic Accreditation, the entity of the Ministry of Higher Education which monitors the quality of institutions and the courses offered. Singh welcomes similar design institutions in the MENA region, provided they meet the same accreditation standards. “If more institutions make their way onto the market, I think they will be our collaborators in finding our niche market, rather than our competition. These fashion and design courses cannot survive without close collaboration with the fashion industry,” said Singh. By providing technical skills and the opportunity to study the business management aspect of the industry, greater opportunities are presented to aspiring fashion entrepreneurs in the region. A fashion and design graduate is not limited to becoming a designer; they will have the business acumen to open and operate a design firm, should that be the avenue they wish to pursue. “It is important that any degree is recognised globally; our bachelor degrees and diplomas are. We also offer more

THE MENA FASHION INDUSTRY

IN NUMBERS

20%

3000

GROWTH BY CHANEL IN THE MENA REGION IN 2014.

THE NUMBER OF FASHION ITEMS A WOMAN WILL PURCHASE IN HER LIFETIME.

59%

GLOBAL BRANDS AVAILABLE IN DUBAI.

0.6

ESTIMATED INCREASE PERCENTAGE POINTS OF THE FASHION INDUSTRY’S MARKET SHARE BY 2019.

$322 BILLION ESTIMATED VALUE OF THE MODEST FASHION SEGMENT BY 2018.

Source: MENA Design Education Outlook

hands-on experience, more experiential learning, more tie ups with the industry with more international collaboration so graduates can become leaders in the sector,” she said. Singh added that in order for the calibre of graduates to be competitive, a potentially high drop-out rate should be avoided by taking into account a number of factors, including applicants’ portfolios of work; they have to show that are serious about entering the industry. To accommodate students at different levels, the College welcomes students to apply for Diploma or Degree programmes.

“Sometimes a student has been working in the industry for some time and they just want to study something short-term, but relevant. Sometimes students do not want to invest in a fouryear degree because the market can be volatile. The two-year Diploma can teach them enough about the industry and they can convert their studies to a four-year degree should they want to,” said Singh.

BRAND AMBASSADORS The rise of ecommerce and social media has had a significant impact in the growth in fashion sales, and online sales are likely

to continue growing at three to four times the pace of offline retail channels, according to the DDFC report. Singh said that these channels provide a platform for the role of influencers, serving as role models to aspiring artists and the College would like to collaborate with them. She added that the attitude of some influencers that there is no need for further education; the good influencers realise the value of education because many of them faced the challenge of not having an educational background, and they had to build their brand purely out of passion for their respective sectors.

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FRANCHISE

HOLY GUACAMOLE! Following Taqado’s aggressive expansion over five years, Nadine Benchaffai discusses the business’s focus now that growth has stabilised

aqado launched in the market in the Mall of the Emirates in September, 2012. A little over a year later, the second branch opened in the DIFC, and over the last five years the brand has opened 14 stores. “It has been a little bit manic in terms of landlords approaching us and going after the market; we went through a pretty aggressive expansion phase to where we are today. It’s been more aggressive than would have been ideal, and the market is still pretty small. But I think we’ve finally stabalised, operationally,” said Nadine Benchaffai, Taqado’s Managing Partner. There is a strong focus on the company’s product offering. The company is relaunching its coffee and increasing its breakfast menu, which recently included avocado toast. The vegetarian options are also being expanded, the home catering option is being promoted, and the team is considering a number of specials to increase brand awareness. “The best way to promote your brand is just to get people to try it out. Last year we did 1,000 free burritos at every store every day for

a while because we felt if we could just encourage people to try it, they would better understand the concept. I think a lot of people were hesitant because they did not realise they could customise their burritos. Later this year we are going to launch a campaign to win a trip to Mexico,” she said.

CONSISTENCY IS KEY The challenges faced by the brand and what sets it apart are two sides of the same coin–consistently delivering a good quality product, across each of the stores. There is a balance between what works in line with the brand, what might have a Mexican element to it, and what can be operationally executed across 14 locations. “We have started offering avocado toast. We are probably one of the biggest buyers of avocados in the market, so it’s not like it would not be in line with what we’re doing and we gave it our own twist. The challenge was how to get our eggs done in a certain way consistently across our branches. We had to settle on a boiled egg instead of a poached egg or a fried egg because that was the only way we

could standardise it and roll it out. Consistency across all stores was the priority. When we were only a couple of stores it was quite easy to play around with the menu and products, now it’s not,” said Benchaffai. Another obstacle is that not every item travels well during delivery, which means certain items have to be put together a little bit differently. When ordering avocado toast, the egg will not be beautifully cut. If tacos are ordered, the customer will have to build their own, because if they were delivered the

We constantly assess what would be a cost compromise, but you just cannot compromise on guacamole!.” – Nadine Benchaffai, Managing Partner, Toqado

We cannot not serve it, but we have to manage waste. By and large customers understand, and actually appreciate its being freshly made for them,” she said.

LOOKING AHEAD The current focus is executing the products being launched and observing the market for gaps. “We’re more focused on Abu Dhabi; we only have one store there, and then we’re looking at Dubai strategically. We’re looking more the residential areas where we still feel we have a gap. We were blown away by the demand in Media City, we’re opening a second store to take the pressure off the current store, rather than risk them not delivering and having problems and issues,” she said. The team is considering franchising the brand outside the UAE, though it is unconfirmed whether the focus will go beyond the GCC. Benchaffai said finding the right partner in the region is challenging because the brand needs a partner that will grow the business, but not be so strong that they do whatever they want with the franchise. “One of the reasons you see franchises executed so badly is cost cutting. We could easily go in tomorrow and cut our costs in half tomorrow if we wanted to. We could use cheaper meat and switch our avocados from Mexican to something less expensive. We could cut back on our staff and our training. That is just not a road we want to go down,” she said. She added that given the number of F&B operations run that way, the team would rather wait to find the partner who is invested in seeing the business executed well.

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way they are served in the stores, they’ll be soggy and fall apart. C u r r e n t l y, the team is trying to find a better alternative to delivering their quesadillas, which still arrive a little bit soggy instead of crispy. Benchaffai said the feedback received is always an appreciation for the brand’s quality of their ingredients, particularly their meat. “We do not compromise on our meat and we’re constantly reviewing our suppliers. Our food costs from the business side are probably quite competitive when compared to markets such as London, for instance. Actually it’s much higher than the typical brands in the UAE where

the food costs are significantly lower as a percentage of the price. But I think that is partly because we do not want to compromise on ingredients, such as the meat and the avocados. We constantly assess what would be a cost compromise, but you just cannot compromise on guacamole!” She added that the team worked with chefs early in the brand’s development stages get the right recipe that could be executed without requiring an executive chef at each store. It was a struggle initially because some of the marinades weren’t consistent. Now the meat is marinated centrally for 24 to 48 hours and then distributed across each of the locations. Ingredients such as salsa fresca and guacamole have to be done fresh on site. There are other things the stores can completely cook themselves from scratch every day because they have the facilities; breakfast is done at every store because it is made to order. Through sales data a rough expectation in terms of sales can be made, but waste management is a constant work in progress. Nothing can stay in a bain-marie more than two hours; it will get thrown out. For this reason the kitchens now use slightly smaller containers within the bain-marie so they go through the ingredients faster. The food cannot be allowed to sit there. One reason is a health risk, the other is that an hour down the line, the food will not be quite the same. “Some of our sites might be quite quiet and they might make everything, including steak, to order because there is simply no point in having a bain-marie full of it and then getting three or four orders.

START-UP

PROTECTING WOMEN’S HEALTH Maya Alghaith started her company to improve the safety of sanitary products currently available to women

Maya Alghaith

he idea for Healthgate came to Co-Founder and Managing Director, Maya Alghaith, six years ago after a close friend of her died from cervical cancer. At 32 years old, she was a very healthy woman; she ate well, she exercised every day, she was careful about which products she used, and she didn’t have a history of cancer in her family. That started a discussion between Alghaith and her close friends, one of whom is a gynaecologist, about the sanitary products currently available on the market. “They’re not very good quality; they’re made from recycled paper, the cotton is bleached, and they are neither breathable nor fully absorbent. I wanted to create a product that was free of any chemicals, not harmful to women, and is comfortable to wear,” she said.

Alghaith started to work on her product, Anion Sanitary Napkins, around the time she found a company that was working to develop negative ion strips. Having researched the effects it claimed to have on health and well-being, she wanted to put these strips in the napkins so they will not only not be harmful, but also potentially help women get the benefits of the negative ion. Another consideration was the cotton they were going to use. “Everyone talks about organic being better, but if something is organic it hasn’t been treated. You need sterilised cotton. Would you trust a surgeon using organic instead of sterilised cotton in an operation? Our cotton is sterilised,” she said.

Manufacturing

Algaith formed a team of six people in Malaysia and they went to China to find the company that could make their product to Algaith’s specifications. “We didn’t want them to make it for us because we wouldn’t be able to control the quality. We signed a contract with that factory that when we have production we will send our ingredients, most come from Japan, and our team where the machines will be set to our specifications and our products will be made. We don’t have production for more than three days because our quantities are not that big. But this way we can control what we are making and then we ship our products to Dubai and our team leaves the factory. The first shipment came at the end of 2013,” she said. She didn’t know anything about FMCG, so Alghaith had to learn quickly

about how to distribute and sell the product. She first approached the purchasing department of Al Maya. “They were reluctant because my product was new and nobody knew about it. They were unsure anybody would even buy it, but they finally they agreed to stock it.” Anion products are currently stocked at all the Al Maya, Wezone, Wezone Fresh, Spinney’s, Waitrose, Union Co-Op, Abu Dhabi Co-Op, and Circle K, but Alghaith said getting the product onto the shelves is not the end of the retail challenge–when a business is small every dirham counts, and sometimes customers do not pay even though they have had products delivered. “One of the biggest chains didn’t pay us for the first year and I thought if this is how it is with the big chains, we’ll be bankrupt immediately. We stopped supplying them and we had to take the loss.” In October 2016 she set up the company’s ecommerce platform. Slowly, as the company gained recognition, it started getting requests from all other the world. The platform was initially only set for the UAE; other locations were not enabled at the checkout stage because the rates were prohibitive, which meant customers would pay a lot in shipping. Alghaith added a more viable solution in the future would be to set up a logistics centre in Europe owing to the number of enquiries from the UK and Switzerland, and possibly one in USA. That way, once the products have been manufactured in China, they can shipped straight to the logistics centres and distributed from there.

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Socia

ADVERTORIAL

From tradition to necessity With a ship building history of over 700 years, Turkey is one of the leading producers and exporters in the ship and yacht building industry

seafaring culture is part of Turkey’s heritage, and maritime transport is significant in terms of way of life, as well as being of great economic value to the country. Turkey’s location is crucial geopolitically and strategically – the land roads that join Asia and Europe, extending from the Balkans to Iran and the Middle East, link with the maritime routes that connect the Black Sea with the Mediterranean. Maritime transportation is preferred across the world when it comes to moving large volumes and heavy loads, as it is more advantageous economically than land or rail. The fact that 80 per cent of the world’s trade volume is handled through maritime transportation indicates the benefits of Turkey’s geopolitical location, and the ship and yacht building industry thus has a significant position in the country. Ranking among the top countries in the world The Turkish ship and yacht building industry ranks among the leaders in terms of production. Turkey builds a variety of ships and yachts, in particular chemical tankers, cruise ships, cargo ships and mega yachts. In line with production, Turkey exports to more than 20 countries, and ranks among the top twenty countries in the world in terms of ship and yacht exports. The industry as a whole is led by the Far Eastern countries that have the advantage of huge government incentives. Turkey is expected to improve its ranking in the ship and yacht building industry, and the products that stood out in 2016 were cargo ships and tow boats. Total cargo ship and tow boat exports were at a level of $600 million. Having great potential The Turkish ship and yacht building industry has increased its ship and yacht exports to $1.03 billion in 2014-2015 period from $1.02 billion in 2013-2014 period with an 8.7 per cent increase. Al-

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though the export volume declined to a $0.972 billion in 2015-2016 period; considering Turkey’s potential, this figure is expected to rise to a higher level in the near future. Cargo ships constitute about 50 per cent of ship exports, and tankers have a 9.6 per cent share in exports. Even though the share of yachts and recreational crafts make up around 11 per cent of total ship exports, Turkey is one of the leading producers of mega yachts, and the industry is working on branding in order to further improve this production. Turkey is also successful in terms of custom-made yachts. The country has proven to be the home of notable yacht interior designs, and is preferred particularly for its high-quality materials used in production. The major markets of the Turkish ship and yacht building industry include the EU countries, particularly Norway, the Marshall Islands, Malta, Saudi Arabia, GCC countries, and Russia. International Competitiveness Improvement Project in the ship and yacht building industry The Ship and Yacht International Competitiveness Improvement Project was established by the Turkish Ship and Yacht Exporters’ Association and is

a landmark of efforts within the industry. The project focuses primarily on the yacht building industry, and aims to improve the competitive power of Turkey’s yacht building industry in international markets. The scope of the project was gradually extended to be more efficient and it now includes the determination of the industry’s needs, meeting the training and strategy development requirements of companies, and introducing these companies to buyers in target markets. Plans also include conducting and reporting a needs analysis of nearly 20 leading countries in the ship and yacht building industry, and training companies in accordance with this analysis, as well as including them in trade and purchase delegations. The ship and yacht building industry also feels the impact of advancing technology and escalating competitive conditions, just as with any other sector of the economy. The level of development and capacity of the ships and yachts improved to a great extent, thanks in particular to new technological possibilities. The industry has a sufficient number of production centres, technology and manpower, all of which allow it to benefit from global opportunities in the best possible manner.

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TECH FOCUS

MOVING OVER TO MOBILE

Maki Yamashita, Toshiba Europe GmbH discusses how the right solutions can help SMEs transition to a secure and productive mobile working strategy

cross the Middle East, technology is fuelling a transition towards mobile and remote working, and with it ushering in a new era of productivity. Such is the pace of this change that employees today no longer hope, but expect flexible options that cater to their work-life balance. However, without the right IT infrastructure and digital skills in place, such a strategy will be more of a hindrance to small and medium-sized businesses, than a help. According to a recent YouGov survey, small organisations in the Middle East are adopting new and innovative technologies precisely because of this increasing demand for flexible working. The study revealed that 52 per cent of the UAE’s working professionals said increased efficiency is the key driver of a future workplace, while and 51 per cent attributed this to better learning opportunities. It is therefore vital for SMEs to adopt emerging technology as part of their IT strategy for a productive, mobile workforce. The first step to a more productive working strategy is ensuring that the

technology which physically lies in the hands of employees is up to the demands of today’s mobile worker. Hardware must be easy-to-use, sufficiently powerful and portable to run multiple business applications, and at the same time robustly secure as a first defence against cyber-attacks. Lightweight business-built devices are essential to achieving this, giving companies the edge over consumer products that are often lacking the business specific security capabilities required for today’s businesses. Such devices are designed with each of these key considerations in mind to ensure that employees remain well connected through a range of ports, benefit from the power of the latest processors, and are protected by a range of robust biometric and in-built security barriers.

SECURITY It is security which rightly serves as the chief concern for IT staff across any organisation, big or small. People are the weakest link in any security chain, even more so when they are

working away from the office and beyond any stringent measures enforced within the more manageable office environment. An employee on the move is harder to control and therefore more vulnerable to attack– whether through bypassing security protocols to access sensitive files, or simply forgetting their laptop on a train. A business device can serve as a strong defence, in particular for SMEs which may operate under constrained budgets and not have the financial resource to implement an allencompassing security infrastructure. Biometric barriers such as fingerprint readers are now an essential part of mobile business devices and act as the first barricade, hindering any third-party interference should a device be lost or stolen. Beyond this though, in-built features can offer deeper security which goes further than standard encryption–shielding every area of the hard drive, including all system files, and even the operating system. Such technologies should be sought by SMEs looking to equip their

With the right mobile solutions, SMEs can eliminate the need for office space–a significant and in many cases unnecessary drain on resources with costly rental rates and overheads.” – Maki Yamashita, Senior Vice President, PC & Solutions EMEA, Toshiba Europe GmbH

staff with mobile devices, ensuring that if any of them fall into the wrong hands, all sensitive company data remains protected. Operating within strict budgets can often be cited as a barrier to technology adoption for SMEs. Investing in making the business mobile, though, is exactly that– an investment which can save significant costs elsewhere, while also allowing the company to be more agile in terms of location and talent acquisition. With the right mobile solutions, SMEs can eliminate the need for office space–a significant and in many cases unnecessary drain on resources with costly rental rates and overheads. Ensuring investments are made which create an agile approach to day-to-day operations means that SMEs have more control over their longer-term growth, and can move at a steadier pace with fewer external pressures. All that is required is the confidence to adopt innovative and cost-effective hardware and software solutions.

A recent YouGov and Bayt.com report, The Skills Gap in the Middle East & North Africa, A Real Problem or a Mere Trifle?, found that 50 per cent of companies in the Middle East report difficulty in finding senior candidates with the required level of technical skills, rising to 53 per cent for midlevel and junior positions. While this need for digital skills is recognised and acknowledged, the region is still very much playing catch-up, with a recent Accenture report, Technology Vision 2016: Building a Digital Middle East, stating that “while demandside awareness of digital skills and solutions is growing fast, meeting that demand continues to impose a drag on rapid progress.” Small businesses though can play their part in addressing this skills gap, firstly by helping to educate their staff on best practice, but just as importantly by providing them with businessbuilt solutions which enable them to easily work in a productive and secure manner no matter where they are. The SME landscape is incredibly competitive no matter where you are

operating, with high start-up failure rates across the globe. The Middle East though is arguably one of the tougher business landscapes to succeed in– the World Bank Ease of Doing Business report ranked the UAE outside of the top 50 in terms of the easiest countries to start a business, while Qatar ranked 91st and Saudi Arabia 147th. It is technology as much as anything else which is key to ensuring SMEs can get their businesses off the ground, prosper, and stay ahead of their rivals with a mobile approach to business which generates growth. From highly-connected devices to effective collaboration tools like Slack, and Google Docs, there are a range of tools SMEs need to consider implementing to ensure they have put in place an all-encompassing IT infrastructure that meets today’s requirements. The ongoing shift towards mobile working is only set to continue, and if employees aren’t set-up to make the most of today’s ‘workplace’ technology in a productive and secure manner, then it is the business which will ultimately lose out.

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BEHIND THE SCENES

Maria Iqbal Maria Iqbal decided to make a living as a commercial artist after years of working in advertising as an art director

ered a career. “I was always a very creative, artistic child, but art was never considwhich I also I studied marketing in the US and then I discovered advertising, director. I did studied. I worked mostly in Chicago for about nine years as an art to it. I’m an more was there knew I but what I thought I was supposed to be doing, artist but I did not know how I was going to do it as a career.”

Maria Iqbal “I wanted to produce artistic furniture– I wanted to take an existing piece and give it new life by painting and refurbishing it.”

You hav your work e to promote engage yo constantly and have Face ur followers if you bo I strongly bok or Instagram. you are ru elieve that if n you need toning a business have presence.”a digital

y where everybod We’re in a region and Chanel, but has Louis Vuitton stand out. I try to t to people still wan onality and what rs pe r ei bring th as e on items such ey lif to t an they w th w d that is ho a luxury bag, an what makes me k in stand out. I th that I do a lot of is nt a bit differe original art.”

“People ask me what I do and I just tell them I’m an artist and the world is my canvas and I can paint on anything. I know that is a huge statement, but I do not consider anything unpaintable.”

“I am a commercial artist and I do not think of myself as a sell-out. I want to sell my work and for my work to be out there. Four years ago I started producing hand painted clutches, and I’ve sold over 100. People were literally carrying my art on their arm. That was my first foray into fashion.”

The last few years has seen a resurgence of pop art, which is all about this return to innocence and superheroes, partly because people are more open to colour now, not only in the region but all over the world.”

décor items such as “I put my art on home ts to people. But at gif as m the pillows. I give nd t want to dilute my bra the same time I do no keychains.” by being on

The biggest obstacle most people have is the fear of failure and the fear of being judged. I’m not brave; I just did it. I was a coward. I did not do it for 10 years.” WWW.FINANCEMIDDLEEAST.NET

LAST WORD

Stop, collaborate, and listen! SERENA GONSALVES JUGGLES A NUMBER OF TASKS WITH PASSION, HER TEAM, AND HER MORNING LATTE ‘to-do’ lists and reminders that I set for myself, it can be a little challenging at times due to the nature of my job as I need to allow my schedule to be as flexible as possible in order for me to remain continuously connected and available to my team globally.

What is the most challenging aspect of what you do? Serena Gonsalves

What does your current role involve on a day-to-day basis?

As the Global Communications Manager of Jotun Powder Coatings, my role involves the management of inbound and outbound communication programmes for the company, on a global level. This includes the close supervision of public relations programmes, ranging from thought leadership to product launches; establishing strong relationships with key business partners and trade media; and engaging with relevant influencers to ensure we continue to build awareness and position our brand within strategic industries. Armed with a hazelnut latte every morning, I take on everything from project management and brand management to connecting with all teams globally as well as reviewing the current happenings within and outside the industry.

How do you prepare for the day ahead?

Like many others with similar roles and responsibilities, I do my very best to plan my day ahead, which primarily involves mentally preparing myself to stay on top of all my tasks. While I may have the best intentions with my

I believe the most challenging aspect of what I do is to stay focused. My role requires me to multitask across several projects, using various different platforms and with numerous stakeholders. Add passion to the mix and you have a marketing communications manager who wants to do everything with only 24 hours in a day!

What is your leadership style?

I am a strong believer in collaboration. I think that great ideas can come from the unlikeliest of places and these ideas can only be recognised when one is open to sharing and listening to what is happening around. This means I am constantly in a position where I have to change and transform to meet the needs of the job, and even redirect the way the team thinks. For me, passion and inspiration is indispensable, and motivating my teams to act accordingly helps to come up with that one big idea.

If you were to thank one person for helping you become the person you are today, who would it be and why?

That one person is my mother. Growing up in a house with two sisters, we were taught from a very young age that curiosity was a blessing and that understanding things was more important than following a popular opinion.

Today, we are three strong and independent women, and we certainly would not be who we are today if not for how our mother raised us.

Describe your biggest failure in business and what it taught you.

My biggest failure was staying in a job that I was not passionate about for far too long. I realised a little late that I was not able to give the job my all, and it served no one as I was not able to give my best to the job, the management, or the company.

DEFINE SUCCESS IN FIVE WORDS.

Maya Angelou defined it as, “liking yourself, liking what you do, and liking how you do it”.

WHAT IS THE ONE QUALITY A POTENTIAL EMPLOYEE SHOULD HAVE? Passion.

WHAT MOVIE OR NOVEL CHARACTER DO YOU MOST IDENTIFY WITH?

Storm (Ororo Munroe)–she’s a survivor.

WHAT WOULD YOU MOST REGRET NOT HAVING DONE BY THE END OF YOUR LIFE? Not publishing my book.

IF YOU RULED THE WORLD, WHAT WOULD YOU CHANGE?

Gender inequality as it still exists in many parts of the world, unfortunately.

WHAT SUPER POWER WOULD YOU LIKE TO HAVE?

I would love to have Jessica Jones’s powers– superhuman strength and endurance.

Online trading on financial markets

COMMODITIES

Losses can exceed deposits Authorized and regulated by the Financial Conduct Authority

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