Entrepreneur Middle East September 2014 | Property Pundits by Entrepreneur Middle East

Mentorship can change your life Apply perception, mindfulness and consciousness

establishing global trade relations

Dubai Customs Director

H.E. Ahmed Mahboob Musabih

It’s time to reevaluate funding “facts” John Mullins Second thoughts on venture capital

PROPERTY PUNDITS Real estate ‘treps [The How-To] Take part in the

GCC’s building

Six pillars of building your integrity Reputation is the foundation of business solvency

Batter up Five steps to start pitching like a pro

“I left Google to become an entrepreneur” Maha Abouelenein Risk, reward and servicing your passions

9 772311 541008 > SEPTEMBER 2014 september 2014 Entrepreneur 1 | ENTREPRENEURMIDDLEEAST.COM | UAE AED20

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SEPTEMBER 2014

CONTENTS

16 Opportunities and regulations for GCC cross border business

16 Innovators: It’s customary

Fighting organized crime with tech, encouraging entrepreneurship, and establishing global trade relations Dubai Customs Director H.E. Ahmed Mahboob Musabih discusses opportunities and regulations for doing GCC cross border business.

Property pundits Real estate entrepreneurs

TECH: SHINY

The how-to: Take your first steps forward, it’s time to take part in the GCC building boom. Property can make you money- even if you only want to make partial investments and not become a full-fledged part of the industry. 66 Real estate entrepreneurs: The how-to

86 THE FIX

Your SME has its head in the clouds Cloud computing services are your new best friend, and getting served locally is better than internationally. We talk to du’s CCO to find out why.

#TamTalksTech Gadgets and doodads that you might’ve missed out on, sourced by a tech aficionado. Yes, it’s okay to want them all… and no, it’s not our fault.

30 Sony slims down portable data storage

31 ONLINE ‘TREP

Virality personified Nicki Minaj is one heck of a self-promoter. She’s neck and neck with Miley Cyrus, and they both have a killer social media presence, but they come with an R rating.

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CONTENTS

SEPTEMBER 2014

CULTURE: LIFE

TRAVEL

START IT UP: WACKY IDEA

Health and welfare pays for itself Investing in the wellness of your staff increases staff morale and productivity, and guess what? Emotional contagion rules dictates that good feelings spread in the office. 82 John Mullins:

Second thoughts on venture capital

Eating on the fly Always on the move? Shoug Al Nafisi discusses nutrition for terminalweary ‘treps, and gives you some easy to follow guidelines for travel meal-planning.

32 TRAPPINGS

‘Trep gear May Rostom helps you dress for success. For the corporate overachiever on your list (or even a little self-reward), get the new range by Porsche Design for her or Chanel’s new fragrance for him.

52 DESIGN

Entrepreneur Marianna Boguslavsky talks about how finding the right help to re-interpret her company’s visual identity made all the difference.

I just wanna feel real love KSA social networking app Feelit wants to help you express yourself, and they’re gaining ground pretty quickly!

78 Q+A

PayTabs is e-commerce for all Abdulaziz Aljouf enters the competition for MENA’s optimal online payment solution.

82 80 KSA social networking app Feelit wants to help you express yourself

MONEY: VC VIEWPOINT

Second thoughts on venture capital John Mullins, Associate Professor of Management Practice in Marketing and Entrepreneurship at London Business School, wants you to reconsider the established ideas about VC.

88 Q+A

It’s your Dubai Emirati ‘trep Rashid Alahmedi talks about getting his MyDubai startup off of the ground, and what sort of help Tejar Dubai can give you.

53 Apple is going on a fashion-recruitment spree

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Entrepreneur

CONTENTS 14

EDITOR’S NOTE

SKILLSET

By Fida Z. Chaaban

From Messi to Mickey Entrepreneur Ali Haidary discusses the marriage between sports and entertainment, and what’s he’s gleaned on his upward climb.

Stop procrastinating Olympian and author James Clear has a nifty trick for you to kick the procrastination habit, and it’s literally a two-minute exercise. Try it now and see what happens.

34 ‘TREPONOMICS: ESQUIRE GUY

The politics of asking for favors Ross McCammon tells you what the best way to go about asking for a little back scratching is, and how to avoid any unintended consequences.

40 ETHICS

CSR, ethics and integrity in the Middle East enterprise space Bayt.com’s research indicates that laying the foundations for a sustainable future requires all this and more. See what VP Suhail Al-Masri has to say about the matter.

36 Entrepreneur play by their own rules: From Messi to Mickey

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64 The ties that bind: PR-media relationships

48 ASK A PRO

Reputation is the foundation of business solvency Mark Sephton tackles the six pillars of building your integrity. Start by doing the smallest of small things right, and the rest is easy.

64 MARKETING

PR-media relationships Doing a few things differently will help Youmna Chagoury help you get your clients the press coverage that they deserve.

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MIDDLE EAST EDITOR IN CHIEF Fida Z. Chaaban editor@bncpublishing.net MANAGING DIRECTOR Walid Zok walid@bncpublishing.net DIRECTOR Rabih Najm rabih@bncpublishing.net DIRECTOR Wissam Younane wissam@bncpublishing.net SALES DIRECTOR Oliver Amos oliver@bncpublishing.net PUBLISHER Nehme Abouzeid CREATIVE LEAD Odette Kahwagi ONLINE LIAISON Kareem Chehayeb COLUMNIST Pamella de Leon WEB DIRECTOR Haydar Mtayrek CONTRIBUTING WRITERS Maha Abouelenein Scott Brueggeman Amal Chaaban Youmna Chagoury Kareem Chehayeb Tamara Clarke James Clear Catherine Clifford Brent Frei

Ali Haidary Brenton Hayden Simon Hudson Ameena Hussain Maria Elena Kassab AJ Kumar M. Vasanth Kumar Pamella de Leon Nita Maru

Suhail Al-Masri Ross McCammon Shoug Al Nafisi Octavia Nasr Rani Nasr May Rostom Mark Sephton Juris Ulmanis Erika Widen

In-house photography Mohammad Sajjad. Images used in Entrepreneur Middle East are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock.

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In addition to our print edition, we’re bringing you all sorts of industry news on our web mediums. Joining us online means getting relevant business and startup content in real-time, so you’re hearing about the latest developments as soon as we do. We’re looking forward to interacting with our readers on all of our social media and web platforms- like any thriving business, we’re looking to give and take. #TrepTalkME is already happening on all of our digi platforms, and all good conversations go both ways. See you on the web!

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FEEDBACK Business efficacy... in real-time

It’s not social media if you don’t talk back We’ve gotten tons of pictures via Twitter and Instagram, and here are a few of our favorites. If you see a copy of any edition of Entrepreneur MENA, tweet an image our way or tag us on Instagram. All of our reader images end up getting pinned to our Pinterest Show & Tell board. We’re happy to see our readers interact with us across all mediums- and we talk back!

On ISSUU you can access all of our current and past issues complimentary, including Entrepreneur Al Arabiya, our edition for those of you that prefer Arabic-language publications. If you haven’t yet visited our ISSUU account, check out issuu.com/entmagazineme

Sharing economy? Yes, and it’s fully organic!

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EDITOR’S NOTE

Clear and prescient danger The pervasiveness of prevention-themed advice is not a coincidence

id your mind automatically see Clear and Present Danger? I did mean prescient, and I’ll get to the popular film title a bit later. It is a very necessary part of any budding enterprise that you at least try to predict future weaknesses and plan ahead. Yes, you’ve done so financially, and yes, you’ve probably laid out a staffing plan for when you decide to expand. But have you thought ahead in terms of reputation management, digital penetration or legal liabilities? These areas (and more) often go unnoticed by fresh entrepreneurs, only for an early misstep to come back and haunt them later. An integral part of being “ahead of the game” really means being ahead of the game. Things like belatedly building a website or putting off your brand’s foray into social media for another six months- these are ways to create more work for later, and that often means it will cost you more as well. The longer you delay to address a potential exploitable Achilles Heel, the more intensive the reparative work becomes when that flaw finally surfaces. If you’re considering this from an unexplored avenues perspective, it’s a clear cut

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case of opportunity cost. “If I had done this two years ago, we’d be much better off now.” Yes, indeed. We’ve been fortunate to have some amazing entrepreneurs opine in the MENA editions of this publication. A few of them have discussed preventative measures, and a few have mentioned an instance describing an early lack of foresight costing them a lot financially once they’d reached their goal state and realized what was missing. It’s pretty great to hear, especially since it can prevent scores of businesspeople from overlooking those same details. I do actually put these measures to work- it’s not all talk. I’ve stressed on the importance of a clean digital footprint time and time again, and this is something I heavily monitor for my own personal social media accounts, the magazine’s, and even members of our board. I do try and “predict” things that could potentially act as a future liability, and I try to nip these things in the bud before they can take on a life of their own and cause havoc. If you have a hindsight-is-20/20 type story or you have ideas on being market and industry-prescient,

please do write to me. I’d love to share your ideas with the region’s entrepreneurs. As an aside, for those of you who processed my title as the blockbuster film title, it’s a sort of “Typoglycemia”that’s an internet hybrid buzzword (not a clinical term) used to explain your brain making the necessary jumps to facilitate the understanding of language. Even editors need to have some fun.

Fida Z. Chaaban Editor in Chief @fida editor@bncpublishing.net

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INNOVATORS Fighting organized crime with tech, encouraging entrepreneurship, and

establishing global trade relations Dubai Customs Director H.E. Ahmed Mahboob Musabih

Opportunities and regulations for GCC cross border business

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head of Global Trade Development Week 2014, we spoke to H.E. Ahmed Mahboob Musabih, Director of Dubai Customs (DC) about the implications the event has for SMEs in the region, and entrepreneurship as a whole. This year’s summit will be staged under the theme of “Global Customs and Trade Facilitation” at Emirates Towers in Dubai, UAE from October 27 to 29. Held under the patronage of H.E. Sultan bin Saeed Al Mansouri, UAE Ministry of Economy, the event will welcome business and government figures from over 80 nations, and over 600 global trade, development, economic zone, trade finance, development of industry, and real estate individuals. >>>

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INNOVATORS Dubai Customs Director H.E. Ahmed Mahboob Musabih

exported goods will be collected only once at the first customs port of entry to be crossed by such goods within the customs union area. So this will ensure a secure, fast and efficient flow of goods into the markets. How does DC encourage entrepreneurship? Do you feel that existing Dubai Customs regulations are good for business growth?

Have there been any substantial changes in the regulations in terms of corporate imports and exports? How will these changes affect SMEs operating in this sector?

Once the requirements for the finalstage implementation of GCC Customs Union are completed, unified customs procedures will be applied to all GCC countries to regulate the importation and exportation of goods from/ to the six nations. SMEs are among the businesses that will surely benefit from the implementation of the customs union. Customs duties for

DC is keen on developing efficient communication channels and establishing solid ties with its strategic partners. Through its advisory council, the department seeks to actively cooperate and coordinate with various trade and business sectors in Dubai. Our advisory council organizes regular meetings for the leadership team at DC with more than 18 business clusters representing Dubai’s major industry sectors. [These meetings] are aimed at putting forward new projects, action plans and programs through which we can support and promote entrepreneurship. Indeed, current laws are lenient

and all services are available online around the clock, which led the UAE to be ranked fourth globally in “Trading Across Borders”, as per the World Bank’s Doing Business report 2014. What do you feel is the biggest move forward that DC has made in the past two years?

DC made a number of notable achievements in the past two years in various areas. Perhaps the most prominent of which is transforming into the first fully smart government department, delivering our services on mobile phones to customers nonstop 24/7 wherever they are. DC developed an integrated services platform, which not only features request submission facility, but also ensures the submitted request is processed immediately after submission. The system also notifies applicants by email that their requests are being processed and the timeframe required until they receive the service requested. In respect to trade, Dubai Customs made another remarkable milestone,

IMAGES AND CHARTS COURTESY DUBAI CUSTOMS

Dubai Customs container scanning system won the Dubai Government Excellence Program (DGEP) award for Distinguished Technological/Technical Project Award. The container scanning system is capable of scanning the contents of 150 trucks per hour moving at eight to 15 km/hour.

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as Dubai’s non-oil foreign trade scaled a new peak in 2013 to hit Dh1.329 trillion with a Dh94 billion growth compared to Dh1.235 trillion scored in 2012. Another major milestone for Dubai Customs was organizing and hosting the WCO IT Conference and Exhibition 2013. Hosted for the first time in the Middle East, the conference was held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE VicePresident, Prime Minister and Ruler of Dubai. It presented a global forum that brought together customs administrations and border agencies from around the world to better coordinate their efforts in trade facilitation, border protection and safeguarding communities. As far as technology development is concerned, DC devised Al Kashif [The Detector] vehicle, which is a mini golf cart that smoothly moves between passengers and helps in the detection of 16 prohibited items in passengers’ luggage without much fuss. It’s equipped to carry out drug analysis in just seven minutes- a process that formerly took seven days. Al Kashif quickly proved its efficiency and effectiveness in detecting illicit imports. Over its first month of service, the new invention helped our inspectors deter the smuggling of many unlawful imports in 15 different seizures. The development bagged the Innovative Idea Award at the 2013-2014 DGEP 17th edition. In addition, our advanced container scanning system recently claimed the DGEP’s Distinguished Technological/Technical Project Award. It’s the latest world-class

Dubai’s Top Trading Partners in H1 2014

integrated system for containers and trucks X-ray screening. The device is capable of scanning the contents of 150 trucks per hour moving at 8 to 15 km/hour. What do see as the biggest security issue in terms of customs and import products?

The way DC sees security issues is different than the way they are seen by other authorities. DC takes into utmost consideration any security menace as it is one of the main agencies that are entrusted with the national, economic and social security of the country. Today, we are living in a fast-changing world where trade and transportation modes have developed dramatically. Also, the UAE is geographically located at the cross-

Major Commodities Traded Across Dubai in H1 2014

road and connecting point between East and West, thanks to its advanced infrastructure. The biggest security issue for Dubai Customs resides in the control of dual-use items to impede their export to certain states and organizations that may utilize them for evil purposes. Moreover, we should not forget the dangers of smuggling drugs –whether natural or synthetic– which are often linked to organized crime. However, all such issues can be surmounted in the most efficient way through cooperation and concerted efforts of all concerned parties. What do you expect will be the benefits of Global Trade Development Week for the UAE business community?

Global Trade Development Week brings to Dubai 600 government and business leaders from over 80 countries to discuss and find solutions for today’s most challenging trade and development issues. This event presents an excellent opportunity for the UAE business community. The basis of this event is that international trade is an engine of growth and a source of strength for the global economy, a belief that is no doubt also held by the UAE’s business community. We’re proud to have worked with the organizers of Global Trade Development Week to launch a new summit especially dedicated to customs and trade facilitation issues at this year’s event. The agenda of this interactive summit will focus on the

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INNOVATORS role of customs in enhancing international competitiveness, and finding the right balance between effective control measures and the facilitation of trade. An agenda that discusses the facilitation of international trade and the reduction of barriers to trade is of great interest to any legitimate business that trades internationally. The high-caliber of the speakers and participants taking part in Global Trade Development Week presents a fantastic networking opportunity; this allows the business community to build on international relationships and seize on opportunities to expand by connecting with trade leaders and investors from around the world. As part of Dubai Customs’ aims to promote Dubai as the trade and business gateway of choice, we are inviting the delegates for a tour of our customs facilities– we are delighted to host such an esteemed group and it is with pride that we will show them our first-class facilities and services

that make Dubai Customs one of the world’s best performing customs authorities. We hope this event gives us the opportunity to actively contribute to worldwide efforts aimed at supporting legitimate trade and safeguarding the security of societies, as well as to further leverage Dubai’s global position as the region’s premier trading hub– which surely will impact positively on both the UAE and Dubai’s business communities. Below: Dubai Customs Al Kashif [The Detector] vehicle won the Innovative Idea Award at the 2013-2014 Dubai Government Excellence Program (DGEP) 17th edition

Border control

UAE ranks fourth for cross border trading Trading across borders is easiest in the UAE, ranking fourth globally- an impressive measure, according to the annual Doing Business report co-published by The World Bank and the International Finance Corporation (IFC). The UAE only requires three documents to export, with regional competitors Saudi Arabia and Qatar requiring five. Lebanon and Tunisia require less than the former two with only four documents. It also takes the least amount of time to export in the UAE, requiring only seven days, as opposed to 11 in Bahrain, 10 in Oman, and 17 in Qatar. That said, cost is a factor since it isn’t the cheapest to export from the UAE, costing US$655 dollars/container. It’s actually less expensive in Egypt and Morocco, costing $625 and $595 dollars respectively.

Global Trade Development Week 2014 Confirmed Panel H.E. Ahmed Mahboob Musabih Director, Dubai Customs, UAE Aline Plançon Medical Product Counterfeiting and Pharmaceutical Crime Sub-Director, Interpol Dr. Ashraf Ali Mahate Head of Export Market Intelligence, Dubai Exports, UAE Charles Barber Director of Trade Compliance, Kuehne + Nagel David Phillips Vice President, International Federation of Freight Forwarders Associations (FIATA), UAE Dr. Herbert Oberhaensli Vice President Economics & International Relations, Nestlé SA James Lockett Vice President, Head of Trade Facilitation and Market Access, Huawei Professor David Widdowson President, International Network of Customs Universities Joel Waterman Regional Director, Business Analytics Division, Middle East, Pakistan, Turkey & Africa, IBM Keith Stronach Head of Export Control Compliance, BAE Systems, Saudi Arabia

Jebel Ali port

Kenneth Bagamuhunda Director, Customs EAC, East African Customs (EAC) Dr. Lucian Cernat Chief Trade Economist, European Commission Mahmood Al Bastaki Chief Executive Officer, Dubai Trade, UAE Minna Herranen Head of Trade Management MEA & India, GOPS, Global Trade Management, Nokia Solutions and Networks (NSN)

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IN THE LOOP Baroness Warsi calls it quits over U.K. policy on Gaza

Argentina defaults again

hings aren’t looking good for South America’s “number three” economy, which has defaulted its debts for a second time in 13 years. Its previous default back in 2001 is considered to be the root of this current financial bind. Standard & Poor’s demoted Argentina’s foreign currency credit rating to “selective default” as Argentina struggles to pay back bondholders. How did Argentina get to defaulting for a second time since their last crisis? The country had a difficult time paying back the interest of the money they borrowed (approximately US$132 billion), so they asked bondholders who could help them out by trading their bonds for cheaper ones. That didn’t go well, primarily because a group of hedge funds weren’t fond of this idea and

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took it to court, wanting Argentina to pay the original interest. The court ruled in their favor, though it took a good 13 months to do so, and the interest valued at $539 million was owed by June. With Argentina entering a recession this year, inflation as a result of the default is a cause of concern: it may end up deepening the dip even further. Drastic measures are needed by the beleaguered Argentinian government to sort this mess out the second time around.

Above: Viral tweet by Russian Deputy Prime Minister Dmitry Rogozin

Sanctions imposed on the Russian Federation

he popular uprising in Ukraine that led to a change in government and Russia’s annexation of Crimea were the center of attention, but the unrest didn’t stop there. In response to Russia’s military intervention and support of pro-Russia separatists, both the U.S. and the European Union (EU) have implemented economic sanctions on the BRICS country. The sanctions included blacklisting Russian political and military officials, industry leaders, and pro-Russia Ukrainian officials and members of the annexed Republic of Crimea government. Russia responded by blacklisting American and Canadian politicians, notably John McCain, John Boehner, and Harry Reid. Chechnya, part of the Russian Federation, blacklisted U.S. President Barack Obama, President José Manuel Barroso of the European Commission, President Herman Van Rompuy of the European Council, and even Baroness Catherine Ashton, either to add further insult to injury or for sheer entertainment (public opinion suggests a bit of both). Sanctions are tightening up from both ends though; the EU’s new round of sanctions directly target state arms, energy, and financial sectors, and those on the initial blacklist are subject to travel bans and asset freezes in the West. In response, Russia banned many agricultural and food products from entry into the country. Has this response made an impact? So far, Germany’s exports to Russia fell by 15.5%. The next logical question is whether or not the sanctions will affect the Middle East? The UAE has reiterated developing strong economic ties with Russia; Economy Minister H.E. Sultan bin Saeed al Monsoori claimed that sanctions won’t impact the relationship unless the UN decides to take action. And Qatar? As a Russian rival for the natural gas market, the Gulf nation might soon find the EU knocking on their doors in the near future.

baroness warsi letter source twitter.com | Russian Deputy Prime Minister Dmitry rogozin twitter account source twitter.com

aroness Sayeeda Hussain Warsi made headlines after resigning from the British government due to their policy on Israel’s latest assault on Gaza, Operation Defensive Edge. In her letter, the Baroness claimed that the British government led by Prime Minister David Cameron, took an approach that she describes as “morally indefensible” and lamented that the U.K.’s stance on Gaza would have “a long-term detrimental impact on our reputation internationally and domestically.” The former Conservative Party minister, also the first Muslim to serve in cabinet, made her resignation publically known on Twitter, and even gave her followers access to read the official resignation letter that she’d sent to the Prime Minister. Prime Minister Cameron’s letter in response to Warsi’s was nothing out of the ordinary; he commended her for her government and Conservative Party achievements, and reiterated his position on the conflict. With public opinion shifting significantly in Britain’s political mainstream on the Palestine-Israel conflict, will we see more politicians take a decisive stand?

ebola sign image source © Sergey Uryadnikov / shutterstock

Ebola outbreak in West Africa sparks international scare T he 2014 Ebola virus outbreak has been making headlines in the news as of late, and for good reason. While Ebola isn’t the most contagious virus out there, there is no confirmed cure and has a very high fatality rate- according to the World Health Organization (WHO), 25-90% of Ebola victims die, depending on the strain of the virus itself. The last Ebola outbreak took place in Zaire (present day Democratic Republic of Congo) in 1976, killing 280, which is about 88% of those infected. This outbreak started and is at its worst in Western Africa, notably Guinea, Liberia, and Sierra Leone. That being said, Nigeria has been on the receiving end of many cases in recent weeks. On August 22, 2014, WHO confirmed among the countries most impacted (Guinea, Sierra Leone, Liberia, and Nigeria), there have been a total of 2,615 cases and 1,427 deaths since the beginning of the outbreak, although not all are laboratory confirmed. So how did things escalate? While Liberia has dealt with the most casualties, the origin of the outbreak came from neighboring Guinea back in December 2013. After a team of local and international medical experts investigated the situation, they concluded that “Patient Zero” was a two yearold girl in Guinea who died after experiencing high fever, vomiting, and other symptoms of the virus. She most likely contracted the disease from an infected fruit bat- scientists consider it to be a natural reservoir for the virus. WHO said that while it’s possible that the virus could potentially be transmitted through animals like gorillas and pigs that have eaten fruit

dropped by infected bats, thus far the only confirmed infections are fruit bats. The likelihood of coming into contact with a fruit bat is quite high in Guinea, given that several popular traditional dishes include bat meat. Since Nigeria doesn’t share a border with the other three countries, it’s speculated that crowded public spaces like airports seem to be the catalyst for the spread of viral diseases. Nigeria’s first case wasn’t reported until late July, after an official from the Liberian Ministry of Finance flew to Lagos and died after his arrival. The Nigerian government responded by quarantining the hospital and the doctors and nurses who were treating the official, but two of the health workers succumbed to the virus. The increasing number of cases and failure to contain the virus sparked international efforts to halt the spreading of the virus, espe-

cially with various suspected cases taking place not only in bordering countries like Benin and Chad, but also Spain and India. The international effort in collaboration with various governments in Africa spanned everything from financial donations and health workers from international organizations to local and regional taskforces. Something did backfire though. The influx of international health workers increases the spread of the Ebola virus. While preventative and cautionary measures were obviously taken, nothing is 100% guaranteed. In late August, WHO confirmed that over 120 health workers have died from Ebola out of a total of the reported 240 that contracted the disease. A particular incident that has made headlines is 29 year-old volunteer nurse William Pooley from the UK. After contracting the virus in Sierra Leone, Britain’s Royal Air Force (RAF) sent him back to London where he is currently being treated. As a result, the UK is taking a much more cautious and measured approach to the potential (but very unlikely) spread of the Ebola virus there. Before a British Airways flight took off from London to Aberdeen, an ill 10 year-old Nigerian girl perpetuated a two-hour delay, as medics in

chemical suits boarded the plane to examine her. The child was sent to the hospital, but was not infected with the Ebola virus. What about us in the Middle East? Should we worry? So far, governments in MENA have been active in handling potential Ebola threats. Mauritania in Northern Africa has banned the entry of citizens from countries that have been hit by the Ebola virus, as well as fortified health control and inspections by its borders along Mali and Senegal. Saudi Arabia’s government has also banned citizens from Liberia, Guinea, and Sierra Leone from acquiring pilgrimage visas, in fear of the spread of the virus in the heavily populated holy sites of Mecca and Medina. A Saudi businessman who fell ill with symptoms similar to that of the Ebola virus passed away at a Jeddah hospital, although he tested negative. In August, UAE’s Emirates Airlines was the first carrier to suspend its flights to and from Guinea. Another UAE occurence is that of a Nigerian woman transitioning flights at Abu Dhabi airport who passed away after feeling ill. Medics found signs of the Ebola virus, and treated her based on that possibility. Emirates officials soon reported that she was on her way to India for treatment of advanced metastatic cancer.

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IN THE LOOP GUNMEN ATTACK SAUDI ARABIAN ROYAL’S CONVOY IN FRANCE

E Richard Banks, Director of Emerging Markets at Euromoney Conferences

Kuwait looks to inspire further developments in its financial sector with the sixth annual euromoney kuwait conference

he sixth Euromoney Kuwait Conference will take place this month on September 9th, 2014 at the JW Marriot. This year’s event will emphasize on current developments underway in the Gulf nation’s financial sector. This edition’s theme, “New Dynamics of Finance and Investment”, will see Kuwait Minister of Finance, H.E. Mr. Anas Al Saleh, and Governor of the Central Bank of Kuwait, H.E. Dr. Mohammed Al-Hashel opening up the event with keynote speeches. With the region going through massive changes, it

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seems like an ideal time to have debates and strategic discussions about the challenges and opportunities Kuwait’s financial sector faces in the future. An expected attendance of about 350 people from an array of professional backgrounds, ranging from policymakers to finance professionals, promises that this year’s Euromoney Kuwait Conference will be a productive one. It will be interesting to see what road Kuwait’s banking and financial sectors decide to take, and whether other GCC nation states will follow suit.

ight armed men attacked a convoy that belonged to the Saudi Arabian embassy on its way to Le Bourget airport. Carrying AK47 rifles, the gunmen drove by in two separate vehicles and forced the driver of one of the cars to stop. They hijacked the vehicle with the driver and two other men inside. While they let all three go, they bagged US$330,000 and official embassy documents that were in the vehicle, according to Rocco Contento of the police union. Contento believes that the armed men were well-trained, and could have been “commandos from eastern Europe.” The hijacked vehicle was eventually found, but it was unoccupied. This isn’t the first time a Saudi official has been robbed in France. Just over a year ago in July 2013, armed robbers disguised as officers in mockup police cars forced a Saudi official to pull over on his way to Le Bourget airport. After “inspecting” the car, they drove off with $30,000. So if France is a risk for Saudis (and ultimately GCC tourists), where to? London, of course. In fact, the office for national statistics (ONS), Britain’s

national service for statistics, concluded that increased visits from tourists from Saudi Arabia and the UAE has skyrocketed between October 2012 and September 2013, with a total of 260,000 visits. We don’t expect the English to welcome tons of Middle East tourists next summer, since there is one slight problem with designating London as a safe haven for tourists from the GCC. Three Emirati sisters were brutally attacked at London’s Cumberland Hotel on a Sunday morning earlier this year, and suffered serious injuries in addition to getting robbed. The sister with the most serious injuries suffered life-threatening head injuries and lost her left eye. The attacker stole $2000 worth of property and withdrew approximately $5000 using the victims’ ATM cards. A week later, a poll by the Al-Roeya newspaper in the UAE showed that 76.5% percent of Emirati citizens no longer consider Britain a travel destination. The same poll showed that they prefer Germany, Singapore, Malaysia, and Switzerland- France didn’t appear at all on the list.

IRAQI SECURITY CRISIS HANDICAPS AVIATION INDUSTRY

IMAGE SOURCE © QATAR AIRWAYS

hat a turnaround it has been for Iraq’s aviation sector. Over the past year, most of the talk on Iraq revolved around investing in aviation; the idea was to encourage more flights and to diversify carriers. Things have been thrown for a loop recently with ISIS, now simply known as the Islamic State (IS), and their expanded military operations. The barrage of strategized attacks allowed militants to take over Mosul, Iraq’s second largest city, and since the Iraqi military failed to contain them, the effort has been led by Kurdish Peshmerga forces based in Erbil. It could be back to square one for Iraq’s aviation industry since the international community is taking action. Many airlines are beginning to divert their flights from Iraqi airspace, and have suspended direct flights to Iraq. Early last month, the Federal Aviation

Administration (FAA) banned American carriers from flying over Iraqi airspace soon after the U.S. government launched its first round of airstrikes on the IS. With major international American carriers like United Airlines increasing overnight direct flights to various major cities in the GCC, we‘ll be seeing less American carriers in Iraqi skies. The FAA has put a few exceptions in place; the pilot can get prior FAA permission to cross Iraqi airspace or can do so if the plane needs to do so in the event of an emergency. In late July, Dubai’s Emirates Airlines announced that they will reroute flights to avoid flying over Iraqi airspace, clarifying that this decision was sparked by the rising security concerns in Iraq and the Malaysian Airlines Flight MH17 tragedy- the flight was shot down over Ukrainian airspace, killing all 298 passengers and crew. Abu Dhabi’s Etihad waited a little longer before deciding to reroute their flights, and other major carriers such as Qatar Airways, Air France, KLM, and Virgin Atlantic have followed suit. Lufthansa has done the same, which means that its subsidiaries will fall in line, so we’re talking Swiss, Lufthansa Cargo, and Austrian Airlines. Some airlines have also taken somewhat different and more targeted approaches. Most have flights to Erbil, which isn’t far off from where the clashes are taking place. Lufthansa and Austrian Airlines have halted flights to Erbil, and so have Etihad and Emirates, but both carriers are still offering flights to Basra and Baghdad. While Qatar Airways have done the same, they’ve temporarily halted their flights to Baghdad and Sulaymaniyah. Turkish Airlines is an interesting case; they’ve been sending many flights to Erbil from airports both in Istanbul and Antalya, after stopping their flights to Erbil in early August, they reconsidered their decision 24 hours later deciding to modify flight times instead. It all sounds bad, but

apart from the lack of people flying into Iraq and spending money there, how is this negatively affecting the Iraqi aviation industry? Flying through international airspace requires paying overflight fees, even without landing or taking off in that space; Iraq could lose a source of funds that way. The current situation suggests that Iraq can benefit from planes needing to land in Iraq midflight due to an emergency, but that looks less and less likely as more carriers divert their routes to avoid conflict zones altogether. What are the alternatives? Some carriers are opting for Iran, including Australia’s Qantas. Emirates have followed suit, most notably with their London-Dubai flights. While Iran is still under U.S.-led sanctions, even American airlines can pay overflight fees, though some airlines such as Delta consider Iran a no-fly zone. With Western diplomatic relations improving with Iran, (and some sanctionrelief), it might be the logical choice for more aircraft carriers. After all, if the flights are significantly rerouted, extra fuel costs trickle down into increases in passenger ticket costs. Iraq and Ukraine both take up relatively large fractions of their airspace corridors, it wouldn’t be surprising if lobbyists from the private aviation sector begin urging governments to focus on relieving any Iranian airspace restrictions for cost-effective reroutes.

Youtube co-founder Chad Hurley to speak at iasp Doha Qatar Science and Technology Park (QTSP) hosts the 31st International Association of Science Parks (IASP) World Conference this October. This year’s conference, staged in the Middle East for the first time, is star-studded and bound to be one of the best tech events of the year. The IASP 2014 Doha Organizing Committee has confirmed YouTube co-founder, Chad Hurley, as the opening ceremony guest speaker. Hurley is expected to be nothing short of sensational as he shares his experiences building one of the world’s most polarizing internet platforms. The event will take place from October 19-22 at the Qatar National Convention Center, held under the theme “Where Technology Goes to Work” as part of the Qatar National Vision 2030.

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help you stick to the right choices. Knowing your need of greens for the day, you ask for a salad first (dressing on the side). Then, keeping in mind your choice of protein, aim to stick to that. Having your meal in mind before looking at the menu will definitely help fight temptation to stray. Empty the mini bar

There is almost always a convenience store nearby where you can stock up on munchies. Ask the hotel to empty your mini bar, and use the now empty fridge to store your chosen foods. My travel favorite would be nutrientrich yogurt- it curbs a craving,

and keeps you on your game a little longer. Quick and easy snacks include high-fiber cereal with non-fat or lowfat milk, and unsalted nuts. Make it a habit to have them around, and let these healthy options be the first thing that come to mind when you start running low on energy. Whether you’re flying for business or pleasure, travel is stressful. Your body needs the right nutrients to win the fight to stay up and running. To master frequent flying, fuel-up well by maintaining your precious energy levels via staying hydrated, a nutritious diet, and restful sleep. See you in the air!

OnNutrition theforfly terminal-weary ‘treps By Shoug Al Nafisi

opping on a plane and travelling to get the job done has undoubtedly become the norm. While it’s true that travel has become a great deal easier, there definitely is a toll paid when it comes to your well-being. To keep you at your prime, here are four easy health tips for the terminal-to-terminal ‘treps. Drink up

Being literally “on the fly”, your body requires that you be in optimum shape to battle off stress-related blows. Flying causes dehydration and results in water-retention. You don’t want heaviness and fatigue holding you back when you’ve made the effort to seal the deal abroad. Aim for the average two liters of water, and cut down on the usual suspects: coffee, tea, and alcohol. The in-betweens

What you don’t want to do is get to the point of being hungry and settling for the first thing you find, whether on the 28

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plane, at the airport or a restaurant. To keep your appetite in check, always have satisfying snacks within reach. You may opt for scheduling your snack between meals and packing light– a low fat and low sugar protein bar does a great job of replenishing the essentials while promoting your satiety for longer stretches of time. Plan ahead

Most airlines give you the option of pre-selecting your inflight meal. In such cases, the choice of a low calorie meal would be perfect. If you’ve landed and you’re heading to a restaurant, then a plan will

Loungin’ around flydubai competes for the business travel segment If you haven’t yet opted to try out flydubai’s Business Class routes, now might be the time to start since the Dubaibased carrier has just launched their lounge dedicated to business guests at Dubai International’s Terminal 2. Currently offering Business Class on flights to 52 of their 77 destinations, many execs are opting for the carrier given the wide range of flight timings available. Operational since 2009, the airline launched their special business segment in October of last year with priority check-in service and a 24-hour dedicated BusinessTeam to address guest needs. The two-level Business Class lounge offers round the clock food and beverage, as well as complimentary WiFi. In terms of pre-flight shopping, the newly-refurbished Terminal 2 has a broadened Duty Free area -it’s bigger with a better selection- and now has more F&B options. The best part? There are now self check-in counters for those of you who want to make it in and out even faster.

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Health and welfare pays for itself Investing in the wellness of your staff increases staff morale and productivity

According to Buck Consultants’ Dave Ratcliffe, employers used to only focus on “basic health promotion activities,” but are now looking at health in a more “holistic” sense. Basically, providing a medical insurance plan isn’t going to cut it, even though rising healthcare costs have been the primary cause for a good staff wellness programs, especially in the United States. Multinational corporations have noticed this too; they have to make sure their wellness programs are appropriate for the

mentioned above, citing workers’ safety as a priority. While making sure that employees don’t suffer from anxiety, and maintaining a healthy lifestyle with adequate sleep and a nutritious diet are elements in wellness programs, it also goes beyond that. The survey also says that there is a communication segment; wellness emails to employees are becoming more popular, especially personalized ones, and has proven to reduce sick days. Some businesses have even gone as far as sending out wellness messages to the homes of their employees, taking into consideration the impact of household environments on health. Happier, healthier employees do produce more, and do in fact cost you less in the long run.

t looks like maintaining a high staff morale isn’t as complicated as one might initially think. A recent survey, Working Well: A Global Survey of Health Promotion and Workplace Wellness Strategies, shows that employees put their physical and emotional wellbeing before everything, and that impacts their productivity at the office. The survey by Xerox’s Buck Consultants may sound as though it’s pointing out the obvious, but it looks like businesses have only just started to take action.

different cultural backgrounds of their employees, and have to make sure they comply with the laws they must adhere to. Despite this, they have worked towards globalizing wellness programs, with a growth from 34-56% in the past seven years among multinational corporations. One interesting finding from the study is that the number one component of wellness programs on a global scale tends to relate to paid off days and work arrangements that are flexible, followed by Employee Assistance Programs. This has proven to be successful in the United States, Canada, Australia, and Africa. Asia and the Middle East have been working towards better wellness programs with components such as the ones

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TECH

#TAMTALKSTECH

Turn me on

The next wave of home automation Dornbracht is working to make your home just as smart as you are- if not smarter. The company recently launched SMART WATER to automate water usage in the kitchen and bathroom through a system of one-touch, smart controls. eUnit, for the kitchen, automates tasks like dispensing water, temperature and plug operations while Sensory Sky improves shower experience with features like fog, light and fragrance. For Dornbracht, intelligent technology in the kitchen and bathroom is just the beginning: they’re currently testing a Smart Home app that will allow you to pre-set water temperature, run times and turn water functions on and off. Imagine that- we could all live like James Bond. Are you ready for the future? The Internet of Things is already here, and it’s going to be part and parcel of your entire home.

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| SHINY |

NICKI MINAJ IMAGE © S. BUCKLEY / SHUTTERSTOCK

Sony Slims Down Portable Data Storage Between images, videos, music and personal files, you have tons of data worth keeping. Portable data solutions extend your personal storage capacity and Sony offers big volume in the world’s slimmest external hard drive. The HDS1A, a 1TB portable HDD, protects and stores massive amounts of data, offers USB 3.0 for faster data transfer and features Password Protection Manager to ensure privacy. Weighing in at 155g and only 8.7mm thick, the device easily fits into your pocket or laptop sleeve. But don’t be fooled, the slender case didn’t compromise design. Available in black and silver aluminum with Sony’s diamond-cut logo, the HD-S1A backs you up with good looks.

Below: Nicki Minaj at the FOX Winter TCA All-Star Party 2013, Pasadena, USA

TECH

Virality personified Nicki Minaj’s NSFW Anaconda breaks YouTube record

n late July of this year, rapper/singer/ songwriter Nicki Minaj’s headlinemaking album artwork for Anaconda was released. Not only did it prompt op-eds globally debating how-much-istoo-much, it also provoked a number of people to opine on the White vs. Black sexuality bias. Minaj hit back at critics with images of famous models in thong-similar poses, pointing out that these images didn’t cause what some considered commentary that smacked of “slut-shaming” and misogyny. Minaj released the highly anticipated video on August 20th, and within 24 hours broke the Vevo-certified YouTube record for the most views in one day. The record was previously held by former Disney star Miley Cyrus for her hit song Wrecking Ball. For those of you who haven’t yet watched the video or heard Anaconda, it samples Sir-Mix-a-Lot’s 1992 Baby Got Back, and features a cameo with Minaj’s fellow Young Money rapper Drake.

Virality by the numbers Nicki Minaj vs. Miley Cyrus Both performing artists demonstrate extremely high virality, but brands looking to take advantage of celebrity reach need to tread carefully here as both stars post controversial material, including partial nudity. Cyrus and Minaj demonstrate similar engagement levels, and both are very active across several social media platforms.

#TAMTALKSTECH Tamara Clarke, a former software development professional, is the tech and lifestyle enthusiast behind The Global Gazette, one of the most active blogs in the Middle East. The Global Gazette has been welcomed and lauded by some of the most influential tech brands in the region. Clarke’s goal is to inform about technology and how it supports our lifestyles. See her work both in print regional publications and online on her blog where she discusses everything from how a new gadget improves day-to-day life to how to coordinate your smartphone accessories. Visit www.theglobalgazette.com and talk to her on Twitter @GlobalGazette.

19.6 million Vevo-certified Minaj 24 hour views Anaconda August 2014

550,000+ Likes on Instagram post of Anaconda teaser spoof by Cyrus as of late-August 2014

19.3 million Vevo-certified Cyrus 24 hour views Wrecking Ball September 2013

30,300+ Comments on first Instagram post of Anaconda teaser by Minaj as of late-August 2014

7,671,851 Minaj Instagram followers as of late-August 2014

25,500+ Comments on Instagram post of Anaconda spoof by Cyrus as of late-August 2014

11,741,019 Cyrus Instagram followers as of late-August 2014 313,000+ Likes on first Instagram post of Anaconda teaser by Minaj as of late-August 2014

17,933,958 Minaj Twitter followers as of late August 2014 18,373,704 Cyrus Twitter followers as of late August 2014

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Dressing the part

Porsche Design CosmoBag

Five wardrobe tips for business-buys By May Rostom

1. Quality over quantity

Up to a certain point, price really does affect quality. Make sure you buy less items- opt instead for better-grade pieces. Always aim for durable fabrics like cotton, wool, linen, and silk, and avoid synthetic fabrics like polyester which wear off more quickly, and have an unflattering “sheen” to them. 2. Maintain your wardrobe

Read the labels before washing your newly purchased goods. Taking good care of your clothes will save you money on not having to buy replacements. A good drycleaner can do wonders, but try them with one piece first before giving them the lot. 3. Be trend-oblivious

4. Seasonal shifts

Buy items that you can wear all year long. Light cardigans, loose nice-quality scarves, buttondown shirts, and mediumweight suits are all-year investments so don’t be afraid to splurge on these. 5. Find the right fit

It doesn’t matter how expensive your new suit if it looks sloppy. What matters more is does it fit you? Always ask the specialists on-hand for help when it comes to picking a suitable garment fit. If (like most people) you’re disproportionate, find a good tailor to adjust measurements to fit. A second important rule of thumb? The people who work in these better boutiques are trained to know what type of cut and form is best for your height, weight and frame. Don’t ignore recommendations from experts when it comes to tailoring and fabrics. Dress as you want to be perceived: professional, serious, and confident. Tons of human resource studies reinforce the idea that your appearance can really make or break the tone of your first impression. Besides, who doesn’t want to look their best?

EDITOR’S PICK

Porsche Design has it in the bag Porsche Design is upping the ante with their new range of women’s fine leather handbags. The introductory CosmoBag, released in all Porsche Design stores in June of this year, is available in two sizes –we think bigger is better- and four colors. The CosmoBag’s leather options include durable Saffiano leather or a combination of smooth-finish leather and roughened calfskin. Are you a finishings fan? The CosmoBag’s fittings were developed in Florence, Italy, and are available in either silver or gold. We expect nothing less from PD. In case you’re wondering, the “face” of the CosmoBag is none other than Guccicampaign hall of famer Nadja Bender. La vita è bella!

Porsche Design CosmoBag

IMAGES

When you’re investing in new office-appropriate attire, forget about fashion. Classics and solid staple items in neutral

shades always hit the spot when it comes to business dress. It’s better to have three good white shirts than one terrific red one.

s obvious as it may seem: sweatpants and polo shirts aren’t exactly considered “office attire”, some people make eyebrow-raising mistakes when picking out their outfits every morning to work. Startups, hoodies are okay… in private. When you’re pitching your business, you really do need to dress the part. Whether you’re on the hunt for a new job, a promotion or even a little raise, looking your best can go a long way. Leaving a good impression will boost your chances and is considered an integral part of climbing the career ladder. Investing in a fine shirt, a properly tailored suit or even a good cashmere scarf will not be overlooked. Here are five tips to help you revamp your wardrobe:

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CULTURE

Exert your independence Bleu de Chanel EDP for him

If you’re already a connoisseur of the House’s fragrances, then Jacques Polges and the Chanel Fragrance Laboratory team have done you a great service. Launching this month, Bleu de Chanel Eau de Parfum for him reinterprets the 2010 Bleu de Chanel Eau de Toilette. The face of both editions is French actor Gaspard Ulliel, best-known for his starring roles as young Hannibal Lecter in Hannibal Rising, and this year’s Saint Laurent playing Yves Saint Laurent himself in the biographical drama.

IMAGES © chanel

For your consideration, sir Bleu de Chanel goes all the way Soap vs. shower gel? Men who prefer a fine bar of soap will opt for Bleu’s newest ancillary, and if you’re more of a shower gel fan, you have that option as well. The Chanel Bleu bodycare range includes both deodorant stick and deodorant spray, and both after shave lotion and after shave balm. The former is refreshing, while the latter offers more reparative properties to address hydration and shaving irritation. If you’re on the move, the Bleu de Chanel EDT travel spray is flight-friendly in 20ml, and comes with two refills.

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The Esquire Guy breaks down the politics of favors By Ross McCammon

hether or not you do the favor isn’t the important thing. What’s important is how you say yes or no. And how you should say yes or no is: moralistically. You run the risk of seeming uptight and condescending and a little preachy, but moralistic you must be. It doesn’t matter how big it is –from “Will you have an informational interview with my niece?” to “Will you hire my niece?” to “Will you not fire my niece?” to “Can you please not press charges against my niece?”- every request for a favor comes bundled with implicit points. Such as: You have power where I do not. I will repay this favor at a later date. I have faith in you. You are The Man or The Woman. Also, pleeeeeease? There are so many unspoken issues that the process can feel smarmy. So when you’re asked for a favor, it’s important to get a few things out on the table, to take the request head-on, speak what is usually unspoken, shine a little light on the quid pro quo of it all. You could say, “Sure,” of course, but then all you’re doing is acceding. Which is a wasted opportunity. Note the differences between these two answers: Option 1: “Sure.” Option 2: “Sure, Dave. You’ve been a good

when you’re asked for a favor, it’s important to get a few things out on the table, to take the request headon, speak what is usually unspoken, shine a little light on the quid pro quo of it all.

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friend to my business over the years. I’m happy to do this. I know you’d do the same for me.” What you’ve done with the second option is definitively answer the question, exhibit magnanimity, tack enthusiasm onto agreement and de-smarmify the implicit promise of reciprocation by simply acknowledging it out in the open, transforming a favor’s unspoken IOU to YDOMAIJWTTTOTNHMBTRI (You Don’t Owe Me Anything I Just Want to Take This Opportunity to Note How Mutually Beneficial This Relationship Is). You’ve also established that you’re thoughtful about the promises you makethat when it involves your business, you’re not going to agree to just anything. You’ve effected another kind of transformation, as well: You’ve transformed a request that seems personal into something professional, because you’ve refocused things on your company, the moral center around which the whole thing should be revolving. “It’s more respectable to say no if you highlight that it’s not about the person you’re declining, but rather that you’re trying to maintain your commitment to another set of people,” says Adam Grant, professor of management at the Wharton School of the University of Pennsylvania and author of Give and Take: Why Helping Others Drives Our Success.

KEY TECHNICAL MATTERS > When presented with a request for a favor, ask yourself: Will this be good for my business? > If the answer is no, do not do the favor. > But explain why you’re not doing the favor. > Then suffer through the inevitable awkwardness that results from your refusal. > A favor requested by a professional superior is not, in fact, a favor. It is a demand.

> A request for free products is not a favor. > It is a request for free products. > The rate of favor requests you field will increase proportionally along with your business success. > The rate of disappointing people will, too. > The best way to say yes to a favor is: “Of course!” followed by a much less enthusiastic

justification for saying yes. It’s a buzzkill, but it’s important. > Favors requested over the phone are to be considered more thoughtfully than those requested over email. > Favors requested over email are to be considered more thoughtfully than those requested over Twitter. > Favors requested via congressional subpoena are to be looked over by a lawyer.

The beauty of this approach is that you’re not the one doing or not doing the favor. Your company is doing or not doing the favor. You’ve made clear that if the favor is not right for the company, then the favor won’t get done. It’s all about the company. A Few Words on the Various Characters Involved

Grant divides the parties into three types: 1. Takers “will do a favor when they think they can get a larger one back or when they are trying to impress someone powerful or influential.” 2. Matchers “believe it’s important to trade favors evenly, so their favors come to either reciprocate one given in the past or perhaps to earn an equal one in the future.” 3. Givers “do favors, for the most part, without strings attached and are willing to offer them, usually to people they don’t feel they owe anything to.” It’s always bewildering when you come across a taker. What are these people thinking? They’re conspicuous. They’re bad actors. And they’re annoying. They’re like Sofia Coppola in The Godfather Part III. The way to deal with a taker is the same way you deal with any favor: You acknowledge the request, say yes or no (depending on what’s good for your company) and explain the reasons you’re saying yes or no. Easy. Why You Really Should Say No From Time to Time

The primary reason to say no to a request is, of course, that saying yes just doesn’t feel right. You’d be compromis-

ing your principles or your company’s mission, or you’re just not able to provide the kind of help the requester is looking for. But there’s another reason to say no. In his research, Grant uncovered that givers tend to finish last: “By going out of their way to do favors for everyone without expecting anything in return, they end up sacrificing their time and energy and resources for others.” If You Will Allow Us to Undermind That Last Point

But givers tend to finish first, too. Grant concludes that givers who act selflessly are “asking for trouble,” yet givers who act with clear conditions -“I am going to be clear about who I help, how I help and when I help”- become more energized, rather than distracted. “When people follow this setting of boundaries around the who, the how and the when, givers end up outperforming matchers and takers because they build deeper and broader networks,” Grant says. “People feel this wasn’t just a transaction or a self-serving exchange, but there’s some real goodwill. Givers end up benefiting from a lot more reciprocity.” Favors are opportunities to do good (even when you say no), to build relationships (even when you say no) and to remind those in your professional universe what kind of business you run (even when you say no). And the kind of business you run is one that requires a payment for this kind of service: not money, not some unspoken IOU, not even a cup of coffee, but respect. See this article in its entirety at Entrepreneur.com

Should You Do That Favor? ALWAYS

SOMETIMES

NEVER

Can you recommend a good graphic designer?

Can you write me a letter of recommendation?

“Just say I worked for you once, and I was great. Cool?”

A few minutes of your time?

A meal?

A meal-length amount of time, without the meal?

Hold this door for me?

Hold this sack of money for me?

Hold this gun for me?

Mind if I visit your operation?

Mind if I look around a little?

Mind if I look around a little without you accompanying me?

May I pick your brain? (Asked by someone you know.)

May I pick your brain? (Asked by someone you don’t know.)

May I pick your brain? (Asked by someone you don’t know who is holding a thin metallic rod.)

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Entrepreneurs play by their own rules From Messi to Mickey

In my business, sports and entertainment industries go hand-in-hand By Ali Haidary

oday’s sporting events welcome people of all ages and backgrounds seeking more than just their share of action on the pitch. Crowds at the biggest sporting events are placing more value in the entertainment and pleasure they offer off the pitch, and businesses are quickly responding to this. Gone are the days of stadiums filled with statistic-obsessed teenagers and fans dressed

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head-to-toe in sportswear. Event organizers in the region are rapidly revamping their entertainment offerings at events in a bid not only to grow audiences, but to enhance the overall experience. Sponsors are spending as much on their activation budgets as they are on acquiring the event rights in the first place. The commercial dynamics of sport and entertainment are more intertwined than ever before.

The industry is developing entertainment-driven strategies around its major sporting events on a global scale that is far superior than it was a decade or two ago. Think Shakira at the 2010 World Cup, cheerleaders at IPL Cricket, Janet Jackson and Justin Timberlake at the Super Bowl, and Hollywood A-listers sitting courtside at the NBA– it is now impossible to keep the worlds of sport and entertainment apart. People are buying

tickets to today’s events expecting to be entertained and, with this in mind, the responsibility of sports entities is evolving. It is no longer enough to win on the court or on the pitch, but the need is ever greater to enterDeveloping an organizational structure that retains flexibility in its decision making is imperative to successfully operate in an industry as susceptible to change as the events sector is.

September 10-13, 2014, Disney On Ice Rockin’ Ever After will take place at the Dubai World Trade Centre

pre-empting your next strategic move (before you are forced to make it), can pay real dividends to your long-term game plan in sport and entertainment. Pursue your passions

tain off it as well. And entrepreneurs in these industries can often enjoy the benefits of having the upper hand over their larger, hierarchy-driven rivals in other industries. Promote adaptability

Adaptability comes easier to businesses whose decision-makers are fewer. As an entrepreneur, it is essential to allow a business to not only react quickly to new trends, but to also take calculated risks in predicting them.

Images courtesy Sport & Entertainment Solutions (SES)

With new technologies developing on a daily basis, and the fleeting trends of an ever more influential and younger consumer base, the need to adapt is stronger than ever. Adapt-

ability comes easier to businesses whose decision-makers are fewer. As an entrepreneur, it is essential to allow a business to not only react quickly to new trends, but to also take calculated risks in predicting them. Developing an organizational structure that retains flexibility in its decision making is imperative to successfully operate in an industry as susceptible to change as the events sector is. Being adapt-friendly or

On a personal level, I remember vividly my first ever football match. It was on a cool September afternoon at Highbury watching Liverpool beat Arsenal 2-0. The experience left an indelible mark and I was forever hooked. I recall just as vividly my first ever “live event”, a Disney On Ice show a year earlier at London’s Wembley Arena. I sat in wonder and awe by my father’s side as I watched Mickey, Minnie and all the Disney characters that I adored skating before my very eyes. The flame was lit and has been burning ever since. It is these same memories that I had wanted to bring to the Middle East so that future generations can experience what I did all those years ago and develop new memories of their own. After recogniz-

ing that the GCC was missing authentic, high-quality family friendly content, we signed a pioneering five-year exclusive agreement with Feld Entertainment, the world’s largest producers of family entertainment. This move was only possible as a result of our business structure, which enabled us to act quickly and seize the opportunity ahead of more recognized and larger competition. Last year, we officially rebranded from Sport Solutions to SES, as the potential in the entertainment sector became more apparent. We saw scope for a business that bridged sport and entertainment, and the mutual

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TREPONOMICS synergies operating across both sectors. Ten years after taking a pioneering role in the growth of sports marketing in the region, we have led the industry yet again with the incorporation of entertainment in our ever growing and varied portfolio. Know your game

ing Etisalat’s ground-breaking sponsorship deal with Spanish Football giants FC Barcelona and Cristiano Ronaldo’s unique brand endorsement agreements with Mobily and KFC. The outlook for sports and entertainment in the GCC is exceptionally strong, with pioneering, world-class infrastructure and talent-driven initiatives placing the United Arab Emirates and Qatar in particular, firmly on the world map with Expo 2020 and FIFA World Cup 2022. Fuelled by a growing economy and underpinned by an unrivalled destination proposition, the region offers some of the most exciting business climates to operate in. Rather like the athletes that we work with, you have to know your game, live and breathe it in order to succeed at it. You can rest assured that challenges and hurdles will present themselves

along the way, but with the right motivation and commitment, the hard work pays off. As an entrepreneur, playing the game is made that much easier when you play by your own rules.

Fuelled by a growing economy and underpinned by an unrivalled destination proposition, the region offers some of the most exciting business climates to operate in.

Ali Haidary is the Founder and CEO of Sport & Entertainment Solutions (SES). SES was established in 2005 and has since played a leading role in the sports events and sponsorship sector in the Middle East. Bilingual in Arabic and English, Haidary has a Master’s degree in Marketing Management from the University of Manchester. In his capacity as CEO, Haidary brokered the partnership between Etisalat and FC Barcelona, in addition to securing several regional brand endorsement deals for both Lionel Messi and Cristiano Ronaldo. In 2013 Haidary steered SES in a new direction, partnering with FELD Entertainment to become the exclusive promoter of Disney On Ice and Disney Live events in the Middle East.

Images courtesy Sport & Entertainment Solutions (SES)

Working with companies, brands and athletes that you are passionate about encourages success from within. As a professional marketeer and lifelong sports fan, it was a natural transition to start a sports marketing agency, and it is this thorough knowledge based on a long standing passion that has been my driving force ever since. Without a deep and solid understanding of the sector, we would not have been able to accomplish some of our biggest milestones, including negotiat-

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Enterprise Agility Awards 2014 OF THE YEAR

In recognition of the highly active community of entrepreneurs, the first annual Middle East Enterprise Agility Awards: Entrepreneur of the Year presented by du, will take place on October 13th, 2014 in Dubai, UAE. Jumeirah Beach Hotel October 13, 2014

ENERGY

RETAIL BANKING

STARTUP OF THE YEAR

ISLAMIC BANKING

AVIATION

INFORMATION TECHNOLOGY

HEALTHCARE

BANK OF THE YEAR

CONSTRUCTION

VENTURE CAPITAL

HOSPITALITY

PRIVATE EQUITY

RETAIL

LOGISTICS

EDUCATION

FASTEST GROWING

CONSULTANCY

INSURANCE

LIFETIME ACHIEVEMENT

REAL ESTATE

Enterprise Agility Gold Ally

Nominate an Enterprise Agility Achiever Email awards@bncpublishing detailing your candidateâ&#x20AC;&#x2122;s name, industry category, and a short description of their demonstrated business agility

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CSR

ETHICS AND INTEGRITY IN THE MIDDLE EAST ENTERPRISE SPACE Laying the foundations for a sustainable future requires all this and more By Suhail Al-Masri

n recent years, corporate social responsibility (CSR), has gained prominence and support from companies in the Middle East and wider society. Organizations no longer see themselves solely as profit-making machines, but as contributing and conscientious members of the community as a whole. Adoption of CSR practices in the Middle East region has improved significantly over the past decade and is currently at an all-time high. One clear sign that CSR in the region is gaining momentum is the fact that the majority (66.9%) of respondents in Bayt.com’s Corporate Social Responsibility: Is Your Company Making an Impact?

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poll, August 2013, claim that their companies do engage in CSR activities. Another 74.7% also claims that their companies actively motivate employees to participate in CSR activities. With stakeholders across the spectrum (governments, corporations, employees, and not-for-profits) realizing the importance of CSR, adoption can only go in one direction from here: forward. According to the Bayt.com Corporate Social Responsibility in the Middle and North Africa poll, August 2013, 95% of polled professionals in the region feel it’s important that their company is socially responsible. This is just one more reason why

businesses should be widening out their CSR strategies to include the long-term impact of business decisions on their communities. For professionals in the Middle East, the three main benefits of adopting a CSR strategy are considered to be an enhanced corporate reputation (28.5%), improved relationships with the community and stakeholders (10.4%), and strengthened employee commitment (9.9%). According to 64.7% of respondents, companies that engage in CSR do make an impact. In fact, an overwhelming 94.3% of respondents feel that corporate CSR strategies can directly contribute to business success. In light

of these opinions, corporations can no longer afford to take CSR lightly, since their reputation as an employer and that as a product/service provider is being cultivated as much through their social actions as through their business decisions. Indeed, in today’s media-driven society, image is everything. There’s no business disaster worse than making socially irresponsible decisions that damage a company’s reputation and revenue. According to the Bayt.com What Makes a Company an Attractive Place to Work? poll, February 2014, seven out of 10 professionals in the Middle East wouldn’t work for a company they aren’t proud of.

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HOW CSR IS MAKING AN IMPACT IN THE MIDDLE EAST AND NORTH AFRICA REPORT BAYT.COM

TREPONOMICS Similarly, 98% of respondents in the Bayt.com Values, Ethics and Integrity in the MENA Workplace poll, June 2014, believe that it is important for their company to have sound ethics and integrity. If some companies in the Middle East still think that business is solely about profit maximization and the survival of the fittest, then they are wrong. Business is about solving problems, and doing so in a way that drives sustainability. And perhaps the most profound area of intellectual change going on at the moment is in the broadening out of the concept of sustainability to include the sustainability of a

business itself. For CSR initiatives to result in a truly sustainable future there needs to be more coordination between MENA governments and corporations, where governments would put together the necessary regulatory framework and engage all stakeholders, while corporations would move from purely philanthropic activities to sustainable programs addressing development challenges. In other words, national governments need to legalize and formalize CSR through regulations while simultaneously engaging corporations to ensure a quick and smooth adoption of such regulations. Both local and multinational companies need to adopt a localized CSR approach by proactively identifying issues and working with local communities and governments to solve them. No words convey the importance of sustainable development for the MENA re-

gion’s long-term prosperity and stability. Governments, private companies and civil society organizations will need to coordinate and commit themselves to sustainable development if the MENA region is to achieve its environmental, economic and social potential. Transparency and a just and ethical approach to doing business are critical for the Middle East. Creating an environment that encourages ethical practices and upholds strong values is imperative in attracting top talent, who seek work at organizations that are in line with their own ethical values and moral drivers. In fact, the majority of respondents (76.8%) in the Bayt.com Corporate Social Responsibility in the Middle and North Africa poll, say that working for a socially-responsible company is very important to them, with 89.8% stating that they believe the corporate sector has a moral

responsibility to do CSR work. With this in mind, companies across the MENA should increasingly work towards adopting more policies that actively nurture an ethical, integritydriven workplace– one in which sustainability, transparency and respect for values is vital.

Suhail Al-Masri is the VP of Sales at Bayt.com. Al-Masri has more than 20 years of experience in sales leadership, consultative sales, account management, marketing management, and operations management. His mission at Bayt.com goes in line with the company’s mission to empower people with the tools and knowledge to build their lifestyles of choice.

BAYT.COM’S SEVEN RULES TO ATTRACT AWESOME TALENT REPORT BAYT.COM

Governments, private companies and civil society organizations will need to coordinate and commit themselves to sustainable development if the MENA region is to achieve its environmental, economic and social potential.

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them- you just avoid starting them for one reason or another. The Two–Minute Rule overcomes procrastination and laziness by making it so easy to start taking action that you can’t say no. This is a two-part theory. PART ONE If it takes less than two minutes,

Using the two-minute rule

’ve been following a simple rule that is helping me crush procrastination and making it easier for me to stick to good habits at the same time. I want to share it with you so that you can try it out and see how it works in your life. The best part? It’s a simple strategy that couldn’t be easier to use. Here’s what you need to know. HOW TO STOP PROCRASTINATING WITH THE TWO–MINUTE RULE

I call this little strategy the “Two–Minute Rule” and the goal is to make it easier for you to get started on the things you should be doing. Most of the tasks that you procrastinate on aren’t actually difficult to do —you have the talent and skills to accomplish

do it now. Part one comes from David Allen’s bestselling book, Getting Things Done. It’s surprising how many things we put off that we could get done in two minutes or less. For example, washing your dishes immediately after your meal, tossing the laundry in the washing machine, taking out the garbage, cleaning up clutter, sending that email, and so on. If a task takes less than two minutes to complete, then follow the rule and do it right now.

PART TWO When you start a new habit, it should take less than two minutes. Can all of your goals be accomplished in less than two minutes? Obviously not. But, every goal can be started in two minutes or less. And that’s the purpose behind this little rule. It might sound like this strategy is too basic for your grand life goals, but I beg to differ. It works for any goal because of one simple reason: the physics of real life. THE PHYSICS OF REAL LIFE

As Sir Isaac Newton demonstrated long ago, objects at rest tend to stay at rest and objects in motion tend to stay in motion. This is just as true for humans as it is for falling apples. The Two–Minute Rule works for big goals as well as small goals because of the inertia of life. Once you start doing something, it’s easier to continue doing it. I love the Two–Minute Rule because it embraces

Micro manipulation, macro effects?

cience is looking for keys to solve the obesity epidemic. The psychology of choice, cravings, and metabolism, among other appetite factors has been the focus of extensive research recently. Some of the most recent studies have shown that microbes found in the gut do indeed have an effect on human food choices and cravings, as per researchers at UC San Francisco, Arizona State University, and the University of New Mexico.

It appears that those gut microbes, outnumbering our own cells, have preferences and aim to entice our bodies into feeding their needs. The mechanism remains unclear; however, microbes were found to release signals that affect both our physiological and behavioral responses. Fortunately, research has also shown that the microbial population changes depending on our diets, giving rise to the theory of altering those released signals that either

promote or impede obesity. The tables have turned: Previous studies have shown behavioral changes related to microbial releases including Lactobacillus casei and its link to feeling good.

James Clear writes at JamesClear.com, where he uses behavior science to share ideas for mastering your habits, improving your health, and increasing your creativity. To get useful ideas on improving your mental and physical performance, join his free newsletter JamesClear.com/newsletter, to have James speak at your entrepreneurial event contact him jamesclear.com/contact

the idea that all sorts of good things happen once you get started. > Want to become a better writer? Just write one sentence (Two–Minute Rule), and you’ll often find yourself writing for an hour. > Want to eat healthier? Just eat one piece of fruit (Two–Minute Rule), and you’ll often find yourself inspired to make a healthy salad as well. > Want to make reading a habit? Just read the first page of a new book (Two–Minute Rule), and before you know it, the first three chapters have flown by. > Want to run three times a week? Every Monday, Wednesday, and Friday, just get your running shoes on and get out the door (Two–Minute Rule), and you’ll end up putting mileage on your legs instead of popcorn in your stomach. The most important part of any new habit is getting started— not just the first time, but each time. It’s not about performance, it’s about consistently taking action. In many ways, getting started is more important than succeeding. This is especially true in the beginning because there will be plenty of time to improve your performance later on. The Two–Minute Rule isn’t about the results you achieve, but rather about the process of actually doing the work. It works really well for people who believe that the system is more important than the goal. The focus is on taking action and letting things flow from there. TRY IT NOW

I can’t guarantee whether or not the Two– Minute Rule will work for you. But, I can guarantee that it will never work if you never try it. The problem with most articles you read, podcasts you listen to or videos you watch is that you consume the information but never put it into practice. I want this article to be different. I want you to actually use this information, right now. What’s something you can do that will take you less than two minutes? Do it right now. Anyone can spare the next 120 seconds. Use this time to get one thing done. Go. A version of this article was first published on JamesClear.com

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INDUSTRY KNOW-HOW

SPONSORED BY CADILLAC IN THE SPIRIT OF LINKING SUCCESS WITH POTENTIAL

The winner is the person who consistently trained and showed up. Neglect adds up over time and it becomes a behavior. On the other hand if you show up, consistently over time, things will happen. Invitations and opportunities and people who can advance your career will come to you as if by magic. In other words: you make your own luck. Entrepreneurs do not stand around “waiting for Godot.” Entrepreneurs make things happen.

Myths about entrepreneurship Enterprise go-getters don’t ascribe to platitudes By Juris Ulmanis

he media and movies are filled with misconceptions of what it takes to be a successful entrepreneur. Creating legends and impossible ideals might make for good stories, but the truth is less farfetched and more achievable to those willing to put these strategies in action. Here I offer four common myths about entrepreneurship and the reality of how to succeed. Myth 1. Luck

Successful entrepreneurs are lucky. Reality Successful entrepreneurs are actively present. 46

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While the myth makes for a good line at a cocktail party or conference, the idea of luck or even “being at the right place at the right time” simply doesn’t stand up to scrutiny. It discounts all the hard work, planning, and even strategic socializing that goes into creating that “lucky moment” when it all comes together. One of the best bosses I had at Motorola taught me the idea of showing up. He would fly from Chicago to Berlin just so he could meet face-to-face with a customer for lunch. He encouraged me to do the same: show up for lunches, meetings, conferences in person. He told me to

show my face, get involved, be active, ask questions, and to follow-up. Many people don’t want to go to all of this trouble. They think they don’t have time, it’s hard, it’s not worth it. Their lack of initiative, their unwillingness to put in the hard work, is the difference between success and failure. Here’s another way to look at this from the world of sports: The best training comes when you least want to do it. When it’s cold, when you’re tired, when it’s raining… there can be tons of reasons not to train each day. When it comes time for race day, this is where the commitment to train shows up. Is the winner lucky? No.

Myth 2. Birthright

Entrepreneurs are born. Reality Entrepreneurship is a skill that must be developed by doing. Starting and running a business requires skills that a person can only develop in the real world. Everything from dealing with many different types of people to handling the constant uncertainty that so often comes with a startup. Although this is hard to achieve in a classroom setting, there are new methods of employing simulations with unpredictable variables serve to mimic real-world decisions and their consequences. Certainly there are dynamic programs like that of Bill Aulet, who is the managing director of the Martin Trust Center for MIT Entrepreneurship, a research and teaching program. But not everyone can or wants to attend MIT to learn how to be an entrepreneur. According to the The Kauffman Foundation for Entrepre-

neurship, simply earning an MBA isn’t a straight-line on the path to becoming a ‘trep. Sadly, most MBA programs teach students to be managers, not entrepreneurs. There is a big difference. It’s a mindset that comes from solving real-world problems with real-world hurdles that requires responding in real-time. In the real-world, MBA credentials don’t help you; credibility and a great track record does. So many potential entrepreneurs think all they have to do is write the perfect business plan. It’s something static, something they may have been taught to do in school. They are under the impression that the perfect plan, written in the vacuum of a college course, is all they need for success. So they write and then make one pitch after another, they develop Powerpoint presentations, they hope to “win the lottery”. It’s fairly easy to make a great presentation -that can be learned and practiced. The key is having a prototype, and even better, a first paying customer. Nobody buys Powerpoint slide, and nobody funds a plan that hasn’t been tested.

The myth that venture capitalists are a good place to go for startup money is pervasive, but isn’t reality unless you’re planning to start a computer or biotech company, and even then it’s not a sure thing. Myth 3. Riches

It takes a lot of money to launch a startup; venture capitalists will fund it. Reality According to recent Babson College statistics, a typical start-up only requires about $65,000 to get going. Entrepreneur and author Eric Ries advocates the idea of creating a “Lean Startup”, which essentially means

eliminating waste and being efficient with resources, one of those of course, being money. Successful entrepreneurs, who don’t buy into this myth of needing plenty of capital, design their businesses to work with little cash. They rent instead of buying. They borrow instead of paying for things. They work on barter, they factor, they do vendor financing, they lease equipment. And they turn fixed costs into variable costs by paying people commissions instead of salaries. They discover what can be had for free, like social media marketing and open source coding. They create virtual teams of the best talents around the world, rather than pay for office space and moving expenses. The myth that venture capitalists are a good place to go for startup money is pervasive, but isn’t reality unless you’re planning to start a computer or biotech company, and even then it’s not a sure thing. VCs only fund about 3,000 companies a year, and only a quart of those are in the seed or startup stage. Computer hardware and software, semiconductors, communication, and biotechnology account for 81% of all venture capital dollars, and 72% of the companies that got venture capital money over the past 15 or so years. In fact, the odds that a startup will get venture capital funds are about 1 in 4,000. That’s worse than the odds that you will die from a fall in the shower. The other problem is that the moment you take someone else’s money, you have lost some control of the company. When you vote it is not democratic, either everyone want to do it or everyone does not want to do it- it’s as simple as that. Too much money is worse than too little, because when all you have is a little money, you’re more inclined to work hard. You suffer, and you think smarter.

Myth 4. Proprietary

“I have to keep my great idea secret.” Reality Ideas are worthless without implementation, and you cannot implement an idea without sharing it and testing it. A student may have an idea, but without the network, the resources, and the expertise to implement that idea, it’s worthless. It becomes a catch-22. It’s the model that makes the startup successful, not the idea. There were plenty of search engines around before Google. Who would have thought that Twitter would be a success when consumers already had email and sms and even RSS feeds? It is very rare that an idea can be stolen because each of us has our own personal “ecosystem” with contacts, information, and networks. When we starts speaking to people, the ideas, and thoughts, and contacts multiply, and it becomes a kind of “connecting the dots” methodology that no one else has. Entrepreneurs are continuously curious. Where do great ideas come from? The best ideas originate from personal experience as simple as a visit to the store. Why is it that I have to place all of my grocery items in a shopping cart, and take them out at the checkout and then place them in my bags to haul them in my car? There must be an easier way. When a solution to a problem emerges into what might be a marketable idea, then it’s time, as serialentrepreneur Steve Blank says, to “get out of the building.” Speak to people -mentors, friends, experts- and ask them what they think. This is where business models are formed. Sometimes people do not know what they want. Who would have thought anyone needed Twitter? An idea plus implementation equals opportunity, and there are

opportunities everywhere. Wherever there is change, there is opportunity. If we know that the population is getting older and people are living longer– there are thousands of opportunities for products and services (robotics, medicine, exercise, education, entertainment). If we know that we need to protect the environment then there are “green homes”, healthier food with less additives, clothing that sheds soil and perspiration and needs less laundering. An opportunity is a favorable set of circumstances that creates a need for a new product, skill, or service. There’s no magic, only thoughtful action.

Experiential learning advocate Juris Ulmanis has spent the past decade teaching entrepreneurship, marketing, and international business courses as a professor in universities across Europe. A former Motorola executive for 18 years in Europe and the U.S., Ulmanis left the company to explore his own entrepreneurial ideas as a co-founder, including his latest experimental learning and simulation company: Experiential Simulations www.experientialsimulations.com. In demand as a speaker and media commentator, Ulmanis trains, consults, and mentors business leaders in entrepreneurship. The ViceChairman of the European Scout Foundation, he’s a champion of the organization’s ability to create creative leaders and embraces every risk-taking opportunity to reap the rich rewards of success. september 2014

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Reputation is the foundation of business solvency SIX PILLARS OF BUILDING YOUR INTEGRITY By Mark Sephton

he most important asset in any company or business is their reputation; it’s an accepted truth. Within the depths of any incredible reputation lies integrity. I define integrity in a simplified way: it’s basically what you do when nobody else is watching. It’s a scary thought! Would any of us be comfortable having a DVD of our own thoughts and actions when no human eyes were upon us played back over a cinema screen? Probably not. We’ve all seen corrupt deals, and been dismayed by peoples half-truths and lies in a world crying out for truth. At its most basic, it’s about needing people to follow through with what they commit to delivering. 48

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It’s only right and timely to focus on how we can become a person of integrity, and it may well be the difference between your pitch for business and a competitor’s pitch. It goes even beyond that- we need to be at peace with ourselves by living a life of high reputation and integrity as our success depends on it personally as well. People’s perception is often their reality, and you’d want them to have your good intentions at the forefront of their thoughts. Fostering your integrity, and ensuring that we are all continually working on

Our surroundings and the way we come across speaks volumes about our integrity that we have not only toward other people, but also to ourselves. our characters and the way we’re perceived, is an investment that will pay for itself. With all this in mind I want to share six pillars to building the foundation of a solvent and successful business. 1. KEEPING YOUR WORD

If you want to establish your reputation you must deliver on your promises! This is a basic requirement. To get ahead, you often need to over-deliver on what you’ve committed to and do it with pleasure. It means if you commit to delivering a piece of work for another firm or providing a benefit to your employee in the way you said you that were going to, then you must. Without excuses and without a change of conditions, let your yes be yes and your no be no. The latter is also related to keeping to your convictions: be decisive in your decision making, don’t sit on the fence. If you aren’t sure, then don’t give your word. Think before you make your personal guarantees. Nothing destroys trust and loyalty as much as failing to keep your promises. 2. SHOWING UP

Similar to keeping your promises is showing up. Often, when we make commitments we are making a decision based on how we feel with no forethought. When you tell your child you are going to be at their theatre recital or football game, you better be there with bells on. If you agree to go to a party on Saturday evening, when Saturday afternoon comes

around you’re feeling tired from chasing the kids and playing 18 rounds of golf on the local golf course, you cannot just balk on your word. Yes, your energy is somewhat depleted, and you now change your decision and decline going to the party. That evening, the host of the party expects you, but you never turn up. It seems insignificant to you, but this is a common scenario and it frustrates me how many people change their minds paying no regard to how it may affect someone else. Just being there says a lot about you and who you are, and at the same time, a lot is said when you commit to an engagement and have a change of heart because “you feel tired”. 3. BEING KEMPT

Keep your person and your environment clean and organized. Our surroundings and the way we come across speaks volumes about our integrity that we have not only toward other people, but also to ourselves. Are we commendable stewards of the people, resources and talents we have under our own jurisdiction? Your environment will leave clues to the level of integrity that you adhere to as a general rule. You can’t afford to be messy, unprepared and scruffy. We are all being watched, the entire world is a spectator, not just our business associates. Whenever I go into a new town and want to find a place to eat, the first place I go is the washroom. If a restaurant can’t keep that area clean, they certainly We have so much “screaming” for our attention. The ability to stay focused despite the onslaught and perpetual distractions will certainly test our integrity muscle.

won’t be much better off in the kitchen. First impressions matter, and taking pride in the presentation of both yourself and your environment is of paramount importance when reputation-building. 4. MAINTAINING FOCUS

This world is full of distractions, temptations and opportunities. We have so much “screaming” for our attention. The ability to stay focused despite the onslaught and perpetual distractions will certainly test our integrity muscle. When someone pays you to do a job you owe it to them to put your all into it. It’s a question of your character, staying focused is a challenge for each of us. When we consider the “why” and fully understand our motivations and the reason for why we do something it equips us to stay focused, staying focused draws admirers, every person who is admired has strong levels of integrity. 5. CHOOSING INFLUENCERS

Be influenced by positive people; this world is rife with negative forces. What we consider “news programs” no longer report on news, they report more on negativity to generate ratings. We must surround ourselves with people with high integrity, solid character, positive attitude and

that are highly-respected in their fields of work. It’s not just people who can influence you- it’s what you read, it’s what you watch, it permeates the air where you hang out, and it’s in the environment that you open yourself up to. Be mindful of who you allow to disperse information and ideas into your life, and open up to those you admire and who already deliver a high standard of reputation in line with your own passions and skillset. 6. TAKING RESPONSIBILITY

It’s vital that when we make a mistake we are quick to put our hands up and say, “I got that wrong.” Do apologize with a simple, “I’m sorry” and then work tirelessly to prove your remorse. Words can be powerful and they can also be cheap, back up your apology with action. It’s refreshing when you have the guts to take responsibility for your actions. We all make mistakes, some are genuine while others are sadly premeditated. We can all smell BS, so quit fabricating the truth. Liars are often insecure and seek baseless approval from outside factors, whereas the pursuit of solid integrity starts when you seek high standards from yourself. See Mark Sephton speaking about this topic in a video on our website www.entrepreneurmiddleeast.com

Mark Sephton is an international personal mentor to entrepreneurs, basing his program on a GPS system with eight key fundamentals. This system reveals blind spots, efficiencies and deficiencies, and is used to find your “inner sniper” to improve your instinct, producing devastating results in your own revolution of discovery. It is hard to see the picture when you’re in the frame. Changing the way you think through culture and mindset shifts and introduced to game-changing habits helps increase your productivity and skyrocket your personal brand. www.marksephton.com

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CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

READ BETWEEN THE LINES BUSINESS BOOK RUNDOWN

By Amal Chaaban

ust because an author demonstrates great sales doesn’t mean their business advice is applicable in the boardroom or even good for practical application otherwise. Our reviewer takes a look at some of the titles getting hype recently and gives you the executive summary. Before you hit the business bestseller aisle, read these reviews to see which of these known books are actually worth your while.

Entrepreneurial StrengthsFinder Jim Clifton and Sangeeta Bharadwaj Badal When Jim Clifton opines about issues like identifying entrepreneurs, the business and political world should sit up and take notice. Chairman of the highly successful Gallup, Clifton has extensive insight into what makes a business and by extension an economy, tick. Entrepreneurial StrengthsFinder can be considered a learning and measuring tool; in addition to the book, there is a website where the reader answers a series of questions and is then provided a report on their personal strengths. The book provides a more thorough explanation

The Customer-Funded Business John Mullins Every year, millions of people around the world compete for venture capital or angel investment funds to start up their businesses. In The Customer-Funded Business, John Mullins offer up a better way. Using his many years of experience both in the business world and in academia, he provides five different customer-funded models of business, complete with anecdotes and supporting examples. While the book eases into the case for customer-funded businesses, once it gets going, it is a fairly fast-paced read. Each model is expanded upon in

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its own chapter, and perhaps the best thing about this read is that it’s not written like some stuffy textbook dusted off 20 years ago and made new, instead the ideas are fresh, insightful, and very tech-relevant. Each chapter has pull quotes that highlight key statements, and questions are posed that entrepreneurs will benefit from asking. No matter what sort of business you’re actually contemplating starting, this is a book you want to read. In our Money section, see an exclusive article by Mullins about the “established” VC ideas… and why you might need to reconsider what you think you know.

of each of the 10 main factors in successful entrepreneurs, and gives ample advice on how to utilize the factors to your best advantage. This reviewer took that test and found it almost completely on the mark in indentifying my strengths (creativity) and weaknesses (caring about profit). Dr. Badal also provides insight on how Gallup reached their findings and what implications they may have in the workplace. In my opinion, the only flaw in this highly useful book is that innovation seems to be given the short end of the stick over entrepreneurial drive.

Consiglieri Leading From the Shadows Richard Hytner This reviewer has long wondered why people who are second-in-command (for lack of a better term) get so little appreciation and recognition in the business world, because the reality is that no matter how stellar the head honcho is they can’t do everything. Along comes Consiglieri to set that to rest. Having been both the man at the top and the second in command, Hytner expands on the critical role(s) that the second in command play in any organization. The author comes across as truly indignant that people so easily discount

and underestimate the importance of the second, and uses the term “Consiglieri” to great effect as a way to group the many types of seconds out there. One of the standout things about this book is the great number of examples demonstrating how seconds really do influence the running and direction of any business, across many industries. This is a great read for people who understand the functional day to day work of a second, but (like most) underestimate the importance of the ship’s under-captain.

The Intel Trinity How Robert Noyce, Gordon Moore, and Andy Grove Built the World’s Most Important Company Michael S. Malone One could potentially accuse the author of hyperbole for calling Intel “the world’s most important company” if one was ignorant of just how many things in our daily lives use Intel electronics. Malone, a long-time writer covering Silicon Valley, has taken us back to the beginnings of how Intel was formed, with an in-depth look at the main players and their distinct personalities. With some of their employees likening the three to a

“SHOW ME SOME I.D., PLEASE”

dysfunctional family, readers are afforded a close look at how even the most dysfunctional of partnerships can form a company that today’s technology literally could not function without. The Intel Trinity is extremely interesting, so well-written that the narrative is movie-like. One note, tech terms are liberally used throughout the book, so this reviewer recommends that laypeople go to the handy tutorial of terms appendix before you dive into this one.

Dr. Riktesh Srivastava, Dr. Deepak Kalra, Nitin Anand, and Firoj Kumar Rauta

SUC RESEARCH RECOGNIZED

harjah’s Skyline University College (SUC) earned accolades for its scientific research, winning the award for “Best Scientific Research” at ID World Abu Dhabi 2014, also nailing second place in ”Best Research in Advanced ID Systems”. Money prizes were awarded with SUC winning AED75,000. First place winners, New York University Abu Dhabi, were awarded AED100,000. Other participants that won awards at the event included Al Hilal Bank and the Abu Dhabi Judicial Department. Comprising of Dr. Riktesh Srivastava, Dr. Deepak Kalra, and Mr. Firoj Kumar Rauta, SUC’s team’s research was on a “Blueprint for Improving University Services in the UAE using Emirates I.D. Card”.

september 2014

Entrepreneur

CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

I rebranded my startup The right conceptual development makes all the difference

By Marianna Boguslavsky

launched my own business, MB Consultancy, a digital marketing agency in Cape Town, South Africa three years ago. Like many startups, I did little consideration of the actual brand identity. I didn’t properly understand how to formulate the company’s essence, title or name, logo development, font choices, and finally, the positioning. But as the company grew -I opened an office in the UAE at the beginning of this year- so did the

Entrepreneur

september 2014

need for a rebrand to reflect the personalized nature of my agency. Instead of hiring my sister to design another logo (rookie mistake), I decided to invest in a professional branding agency that specializes in startups and SMEs, JPd. JPd is a UAE-based boutique agency spearheaded by international branding specialist James Pass, whose agency is making best practices in branding available for passionate entrepreneurs and startups.

I approached JPd having already decided on the new company name (Boguslavsky & Co) as I wanted to use my surname to reflect the personalized nature of the agency. It was also important to leverage my digital strategy experience and skills as it’s

In terms of positioning, I wanted to make it clear where our skills, knowledge and expertise lay.

vital to the work I do with my clients. I added the suffix “& Co” as I wanted to show it’s not a one-woman showI work with quality team members that add considerable worth to my company. In terms of positioning, I wanted to make it clear where our skills, knowledge and expertise lay. So what does a rebranding experience entail? The process kicked off with a face-to-face meeting with JPd. The purpose was to establish an understanding of my business objectives, goals, and current standing in the market. Through an in-depth interview process, which took me through questions that I hadn’t before considered, I really thought about the core essence of my agency and our personalized approach. Not long after, JPd came back

I was surprised to realize that so many digital agencies tend to use same colors and the same wording and verbal tone

Apple headquarters image © joe ravi / shutterstock | yves saint laurent image source © ysl.com

with their first presentation; the detailed understanding of my business, and a comprehensive analysis of my competitors and their current brand positioning, blew me away. I was surprised to realize that so many digital agencies tend to use same colors and the same wording and verbal tone. Luckily, JPd and I were on the same page- it was important that I differentiate my business from the rest. Our follow-up presentation was the one I was most excited about as it involved my new logo, and the creative ways it can

work with my name. I mean how much can you really do with a logo for a company called Boguslavsky & Co? Apparently quite a bit. Adding to my excitement was the overall look and feel that complimented the logo and brand positioning, giving me added creative tools such as typography, shade palette, and graphic layouts. Ultimately, from the in-depth immersion in the process to their phenomenal creativity I was incredibly pleased with the results. I realized that branding is the first step to launching your business if you want to do it properly. All in all, the rebranding experience was a much needed and fascinating process- it has resulted in a new brand that I am very proud to call my own.

Marianna Boguslavsky was born in Latvia, studied in South Africa and the U.S., and kicked off her marketing career in London, U.K. She has worked in the digital marketing industry in Cape Town, South Africa and Dubai, UAE and is currently running her own digital strategy agency based in the UAE, Boguslavsky & Co. Boguslavsky has had the opportunity to work in a variety of industries in London, Cape Town & Dubai, ranging from publishing, property, search, e-commerce, retail, automotive, and fundraising. She has worked for corporations, startups, and NGOs, with her work experience spanning over eight years and three continents.

Design does matter The tech world, led by Apple, is going on a fashion-recruitment spree

n the tech world, the latest “must-have” is a fashion executive. This time, it’s Yves Saint Laurent’s Europe President and Retail Head Catherine Monier, reportedly nabbed by none other than one of the biggest players in the game. Yes, it’s Apple who snapped Monier up, and 9to5Mac reported that former YSL CEO and current Vice President at Apple, Paul Deneve played a part in the hire. This phenomenon isn’t an anomaly either: Burberry CEO Angela Ahrendts has been appointed as Apple’s Senior Vice President of Retail and Online Stores position, and previous Burberry Social Media Marketing Head Musa Tariq is Apple’s new Digital Marketing Director. Other lesser-known fashion execs within Apple’s ranks? J Crew

Group Inc’s CEO Mickey Drexler (famous for his minimalistic approach to Gap stores and later on inspiring Jobs), still serves as an Apple board member. Even Jobs successor Tim Cook dabbles in the retail space- he’s a director at Nike Inc. The timing could not have been more perfect (pun intended), in an interview at D11 conference in May, Cook said that he finds wearable tech “profoundly interesting” (CNET). With Apple gearing up to launch their fashion and fitness wearable gadget, these retail vets might be just what they need: Big fashion House players with top-notch expertise in retailing personal products. We’re taking all these new recruits as a sign that Apple is prepping for a trendsetting game-changer.

Apple headquarters, Cuperino, CA, USA

september 2014

Entrepreneur

TECH

The how-to Start with the internet basics Six easy ways to lure in web traffic

he tough reality is, no matter how great your site is, chances are slim that a customer will randomly happen on to your site. So it’s imperative that you use a variety of strategies to get your website noticed by the nearly 2.5 billion people who now surf the web. They make up over one-third of the planet’s population. Here are six easy ways to generate website traffic.

1. THE FINE PRINT

Winning visitors becomes a matter of creative, persistent marketing. The good news is that it’s still the little things that will bring plenty of traffic your way. There are fundamental steps that too many businesses neglect. For instance? You should always put your URL and a reason to visit your website on all printed matter, including your business cards. You should also mention what people will get when they visit your site, such as a newsletter

or a list of some type of content that will pique their interest. That substantially increases visitors, and eventually visitors become customers and/or subscribers. 2. CREATE AN EMAIL SIGNATURE

An email signature is also an especially powerful and absolutely free tool. Create a signature with a link to your website in it and have it automatically attached to every one of your outgoing emails. It takes only a few seconds to create an email signature, and it may bring in visitors to your site every day. Ensure that the URL is hyperlinked, and while this may seem like a no-brainer, you’d be surprised to see how many signatures aren’t webready. 3. NETWORK IN ONLINE DISCUSSION GROUPS

Another low-cost traffic builder is online discussion groups and chats. Where appropriate, give out your URL. Look for places in which you can join in discussions on topics that relate to what you sell, but don’t be a salesman. Be knowledgeable, show your expertise, provide helpful solutions, and point out great articles on the topic. Eventually, people will read your profile or ask how you know so much and then you can mention that you work in the industry. Make people want to come to you, visit your site, and buy. That’s what inbound marketing is all about. You put yourself out there, and people come to you, rather than the old-school advertising approach of chasing down customers and hitting them over the head with your advertising messages.

4. MARKET YOUR BLOG ACROSS SOCIAL NETWORKS

Similar advice is true for social networking sites like Facebook, Twitter and Google+. You’ll want to create a profile for your business, get active in the groups that cater to your web audience, and befriend other likeminded businesses and people. Like any community-oriented activity online, you don’t want to cross the line into spam. Only “friend” people when it makes sense. And keep your profiles updated. If you’ll be participating in real-world events with your business, put that in the “events” section on your Facebook page, for example. If you’ve updated a section of your site or added a new product or service, broadcast that on your Twitter feed to instantly alert your audience. Facebook, Instagram, Twitter, Google+, Pinterest and other social media platforms are ideal ways to draw traffic to your website with links and content that tie into your site. 5. IDENTIFY ONLINE MARKETPLACES

Another big-time traffic builder for any retail website is posting items for sale on the major auction and marketplace sites, such as eBay, Yahoo! and Amazon. Those sites let you identify yourself to viewers, and a few dollars spent on highlighting your items on those sites may just bring in lots of traffic from surfers seeking more information. Many small retailers say that their entire advertising budget consists of less than US$100 monthly spent on eBay, but they’re nonetheless seeing traffic counts above 500 daily, with most of those viewers coming via eBay. Even if you sell those specific goods at no profit, the traffic increase your site may experience could well justify your efforts by leading to additional or future sales. 6. OFFER FREE MONTHLY EMAIL NEWSLETTERS

For many businesses, good old email may be the surest and certainly the cheapest tool for building traffic. And it gets results: customized email can generate response rates upward of 6%. A good way to get folks to opt in to your email list, which, of course, they’ll have the option of opting out of, is to offer a free monthly email newsletter. Effective newsletters usually mix news about trends in your field with tips and updates on sales or special pricing. Whatever you do, keep it short. Create interesting lists, give them tidbits, factoids, trivia, or anything they can digest quickly. People don’t even want to bother scrolling down, 54

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so give them as much as you can in the preview screen with a little more below the line. The sides and corners are for promoting your products and services. Another key? Include hyperlinks so interested readers can, with a single click, go directly to your site and find out more about a topic of interest. And, if you provide great content, add “forward to a friend” so they can spread the word about your business. Always think viral with online marketing. Whether you’re emailing a newsletter or using Facebook or Twitter, you want to encourage others to spread the word, since wordof-mouth marketing is the best possible means of no-cost marketing. It is also how you use the power of social media to grow your following. See this article in its entirety at Entrepreneur.com

| geek |

NOT SUCH A GOOD GAME AFTER ALL

| SHINY |

PHOTOGS, WIDTH IS THE “IN” THING FOR PRO AND AMATEUR SHOTS Canon caters to both segments with new lens editions By Tamara Clarke

Gamers report hearing sound effects post-play “Go, go, go!” You’ll hear that and more during a session of zombie-slaying- all normal elements of any video game. But for some gamers, when it’s back to the real world, the sounds linger. According to new research published in the International Journal of Cyber Behavior, Psychology and Learning, an alarming 12% of gamers experience Game Transfer Phenomena (GTP). A widely discussed symptom of GTP? Hearing game sound effects from video games even after you’re done playing. The Guardian reported that researchers from Nottingham Trent University’s International Gaming Research Unit compiled “anecdotal evidence” from more than 12,000 gamers (via online forums) complaining of auditory residuals. What do they hear? Sword slashes, beeps, bullets, explosions, screams and more. One gamer even reported hearing constant whispering of “dead” for a

few days post-play. Cases are apparently triggered by “real-world cues that relate to in-game situations”, and a common factor for gamers experiencing GTP is the long periods of time that they’ve been gaming. As the data is drawn from players conversing with their peers, there’s likelihood for exaggeration, although lead psychologist Angelica Ortiz de Gortari claims that the new study will back up prior GTP research. de Gortari also said that sounds in video games can have long-lasting effects on how players respond in real life. With this year’s International Dota 2 tourney having the prize pool increase from US$1 million in its first year to this year’s $10.9 million, and a South Korean university deciding to accept gamers as student athletes (Gizmodo), delving into the consequences of long-term gaming behaviors is a relevant issue to explore.

Canon EF 16-35mm f/4L IS USM wide-angle zoom lens

Point and shoot just got better with ultra wide-angle camera lenses. Why go wide? To capture more, of course! Ultra wide-angle lenses allow you to include more of your scene in a single frame. A lesser known benefit is how super wide lenses draw more attention to a photo’s focal point with increased depth of field. Canon has introduced two new high performance, wide-angle zoom lenses to the EF range: the EF 1635mm f/4L IS USM and the EF-S 10-18mm f/4.5-5.6 IS STM. The EF 16-35mm f/4L IS USM, designed for experts and enthusiasts, provides

greater versatility for professionals who regularly capture wide-angle perspectives such as landscape or architecture photographers, and it’s also the first ultra-wide L series lens to feature Canon’s signature optical Image Stabilizer technology. Rounding out the consumer side is the EF-S 10-18mm f/4.5-5.6 IS STM lens, offering a wideangle zoom in a lightweight, compact body for easy travel. The next time you want to capture a brilliant cityscape or the entire family in a group shot, remember, there’s a lens for that. Go wide or go home! september 2014

Entrepreneur

THE SWITCH

“I quit Google to become an entrepreneur”

Maha Abouelenein Risk, reward and how to service your passions properly

oogle is the ultimate dream place to work. Voted the top company to work at five years in a row by Forbes, Google’s name is enough to make anyone in the room turn around and listen. The perks, the technology, the spirit of innovationit’s the job you always dream of landing. And I was lucky enough to work there. I accepted the job the morning of January 25, 2011, the day the uprising in Egypt began. Of course at the time I had no idea how this would impact me. The internet in the Middle East took center stage. The “Arab Spring” emerged and with it came an unleashing of freedom- press freedom, internet freedom, and freedom of expression that had never before been witnessed. The web became a powerful force for change and it’s hard to imagine what the region was like before this historical moment in our tech-driven lives. The internet was not just a 56

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catalyst for movement, it was a liberating force that unleashed a generation. Through my role at Google I was part of a team that launched some of their largest brands for the first time in the MENA region: YouTube, Google Maps, and Street View to name a few. But after three and a half years at the tech giant, it was time to say goodbye. Why? Because I had a deeper calling and realized it was time to move on. It was time to go back to my core values and devote my energy to what I believed in. And I encourage you to do the same. Become an entrepreneur. The MENA region presents an oasis of opportunities for entrepreneurs, and the marketplace here is thriving like never before. Our future has never looked brighter, and for proof of that you only need to look to the youth demographics in the region. Being an entrepreneur, I see opportunities in MENA everywhere;

Find a few blogs or authors that you love to follow and read on your morning commute or during downtime in airports. Improve your ground game by learning when you can. Fill your white space with the abundance of learning that is out there and go grab it! And guess whatlearning is free. in the media industry there has been a marked shift among journalists, advertising, blogs and even the traditional work of the “daily” sector, that of the newspaper. The web has also affected how we do business, beginning with the methods we employ to communicate and engage with customers, build brands, manage reputations, and vie for the all-important share of voice and consumer attention. And let’s not forget the impact on society, knowledge and culture; there is a huge demand for Arabic content, not just in entertainment, but in education, the arts and across the sciences. Entrepreneurs have a huge opportunity to leverage this and to use this gaping need to their advantage by impacting social norms and advancing cross-cultural understanding. Along the way, I learned a few things that I want to share with you as you leave behind the corporate world -to proudly be an entrepreneur changing the world- one idea and one passion at a time. Be the architect of success Believe in yourself, you don’t need a name like Google to feel secure. Trust yourself. Leaving a job with fixed income, health insurance and benefits can be scary, but being the sole architect of something, and going on the journey is far more rewarding and can reap benefits that go beyond the financials. Don’t push your dreams aside. Become the world’s leading expert in what you believe in. Prove that to yourself. Compete with yourself. You must believe in order to achieve. Reevaluate risk and reward Taking risks is part of growth and it can lead to success. While most people know the former to be true, they forget to acknowledge that failing is also part of success. If

you take a risk and it doesn’t work, learn from it and move on. Don’t be afraid to take risks and try new things, and this involves leaving your comfort zone and pushing yourself. You’ll be amazed at what you can do if you challenge yourself. This isn’t to say your risks shouldn’t be calculated, think them through since taking them at the right time and place is vital to the outcome. Always take risks where you are betting on yourself, thus automatically stacking the odds in your favor. Passion is a type of currency If you are passionate about something pursue it. My father was fond of telling me that “if you’re passionate, hard work always pays off.” It might not pay off immediately, but it garners a return on energy investment. Being passionate about something is not about injecting emotion into your work, it ties back to your personal values. For example, I’m passionate about helping people and adding value. If I’m not adding value or creating value, I feel that I’m not properly servicing my passion. I can’t say at what point I became passionate about communications, but now I can’t see myself doing anything else. I love examining campaigns, analyzing strategies, and building knock out narratives- I thrive on it! Work hard at servicing your own passion, and give 110%.

Asking for help is not a sign of weakness, it is good business. Let your friends and colleagues know that you’ve started your own business and would appreciate their support. You’ll find new business opportunities, free advice and maybe an investor. Get ultra-educated across disciplines As the daughter of an educator, it was clear to me at an early age that learning doesn’t stop when you’ve earned one degree or two or even a post-doctoral. I have become, in essence, a life-long learner. I’m always hungry for fresh knowledge and to absorb the intricacies of how things work. You’re never too old or too smart to learn, and the best entrepreneurs will vouch

that educational opportunities are everywhere. I learn from people that I interact with, everyone from my employees and my clients, to my friends and my mentors. I also invest in reading- gleaning as much as I can to learn from what’s out there. Find a few blogs or authors that you love to follow and read on your morning commute or during downtime in airports. Improve your ground game by learning when you can. Fill your white space with the abundance of learning that is out there and go grab it! And guess whatlearning is free. Bonus! Ask your network for assistance Asking for help is not a sign of weakness, it is good business. Let your friends and colleagues know that you’ve started your own business and would appreciate their support. You’ll find new business opportunities, free advice and maybe an investor. If you need help from someone in particular, prepare your ‘asks’ and be specific. When approaching someone for help, give them all the information they need to make a decision. It’s important to think through what you need as the opportunity may only come once. You want to ensure that you do your homework and that you are well-prepared. I have never been in a situation where I went to someone for help and they haven’t been up to the request; quality people usually deliver. As you take off on your wild ride as an entrepreneur, don’t think of it as losing something or leaving something behind. Shift perspectives and think of it as making space for something new that will inspire you and broaden the current limitations of your imagination. Pursue your ambitions, be persistent, and success will follow. I want your feedback and to hear about your journey as an entrepreneur. I know I can learn something from you so please reach out to me at @mahagaber on Twitter. I will sign off with my personal mantra (which I usually write on emails to my team). Stay low, keep moving. Maha Abouelenein

september 2014

Entrepreneur

TECH

Divvying up your resources Making online ads work for small budgets By Brent Frei

ew young businesses have piles of cash for marketing, but I’ll take the challenge of thinking hard about where to spend marketing dollars any day. One way we’ve had success is with tightly run, highly measured pay-per-click (PPC) programs. PPC can be extremely effective for small budgets, but it needs to be done correctly to maximize your investment. Before you start a PPC campaign, figure out what a customer is worth to your business, and what you are willing to spend to get that customer. For example: “A customer is worth about US$100 to my business, so I am willing to spend $50 to get that customer.” Since no business can convert every lead, use a formula based on a conversion rate to determine what you can pay for leads. In this example, if you can convert 1 in 10 leads into paying customers, you’d pay $5 per lead. With this simple formula as a guide, here’s why PPC plus analytics can be a successful marketing vehicle for entrepreneurs.

modified broad match to get higher relevance. Since PPC is an auction format, price is driven by demand/value. You can’t overspend when it’s selfserve. To avoid losing money on irrelevant clicks, focus on phrase or exact match keywords.

PPC works with small budgets

Test a variety of messages

Author and entrepreneur Seth Godin said that “the big mistake [that marketers make] is thinking that their job is to spend money to get attention. If they think that that is what their job is, they will never ever succeed in marketing.” There is no direct correlation between budget and results. If you get a big infusion of cash and you can triple your PPC budget, it won’t necessarily triple the volume of same quality of leads.

The days of committing to ‘one version’ with print brochures are long gone. PPC is a great way to test content and combinations of words and messages. Design tests to measure if you’re increasing relevance of keywords to ad copy to landing pages. Think whether the promise from the ad is delivered consistently on the landing page and in the headline and body copy. We’ve found rearranging copy in a headline or changing the description line from prose to a customer quote can increase click-through rates by 8% or more.

> Targeting You can use PPC to target visitors at all stages of the buying funnel. Start by focusing on the key words people type in when they are ready to buy. The lower in the funnel, the higher conversion rate you should expect. When you add geography, time and language, you have a surefire way to pinpoint your most qualified customer. > Matching Avoid broad matching or you’ll be paying for unqualified clicks that will just drain your budget. Start with a

Test a variety of markets

If an ad is working in a certain market, test the same copy in another market, but remember that there are subtle nuances in each language. For example, the French word for “management” (gestion) implies “financial” management, so we’ve added extra descriptors in our ad copy to ensure we’re not paying for

If an ad is working in a certain market, test the same copy in another market, but remember that there are subtle nuances in each language.

clicks from French visitors looking to get a handle on their personal finances. It’s a good idea to have trusted individuals who know the native language review your copy and not only rely on Google Translate. Tests quickly point to the right direction

More often than not, the simplest, briefest version of your page will be the most effective. Always start with some basic best practices, create your hypothesis and then test everything- headline, buttons, video, CTA placement and so on. It’s a surefire way to validate what you’ve learned. Give your tests enough time to reach a conclusion, then build a new test based on your findings. Keep at it even when you think you’ve nailed the perfectly performing campaign and you’re exceeding your expectations. Numbers trump opinion and emotion

When funds are tight and every lead counts, using data instead of your opinion to make decisions is a lifesaver. Use Google AdWords and Bing Ads, along with some sophisticated tools like GA Content Experiments and Optimizely combined with your own analysis, to measure which market segments are the most valuable. Double down on those and turn off those that are underperforming. Marketing on a small budget might seem a tough row to hoe, but there are ways to get results. A carefully planned, highly detailed PPC and metrics program can generate the results your company needs without spending an arm and a leg. As businessman and author Jack Welch once said, “An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” See this article in its entirety at Entrepreneur.com

Entrepreneur

september 2014

Click here! PPC in brief By AJ Kumar

What is PPC?

Through programs such as Google AdWords and Facebook Ads, marketers specify an amount they’re willing to pay for each visitor who clicks through to their sites. They also indicate whether they want their ads to appear in search engine results or content blocks embedded within websites, or both. It’s an auction-style system through which the advertiser that bids the most for a targeted keyword receives the most exposure. Although PPC advertising may sound simple, plenty of novices have created campaigns that generate little click-through action because they target the wrong keywords or lack a compelling message.

network placements can be significantly different than what yields results on the search network. Running the same ads on both networks, therefore, could cost you money in terms of irrelevant placements. Although customizing takes more time and effort, it’s far more efficient to tailor your keywords, ad copy and keyword bids for each network. Do efficiently target ad campaigns. Many advertisers aren’t precise enough in targeting their campaigns. To increase efficiency, take advantage of features in PPC accounts that allow you to specify who sees the ads. Consider geography and timing when targeting your campaigns: > Multiple countries If you plan to advertise in several countries, set up an ad group for each. Otherwise, limit your ad to national placements only- going across the GCC is beneficial for many products and services. > Time of day If your ads generate the most conversions during a particular time of day, set them up to run only during those time periods.

Do match landing pages to ads. Sending a visitor from your PPC ad to an irrelevant landing page not Tips for PPC newbies only disrupts the sales process, but can Do use negative keywords, too. also result in the assessment of lower PPC marketers often fail to use negative ad quality scores. That means you’ll keywords, which allow you to specify pay more for each click and receive less where your ad should not appear. For exposure than advertisers with higher example, in our “show ideas” and “baby scores. To avoid low relevance ad and shower gift ideas” example, the words landing page pairings, decrease the “baby” and “gift” could be designated number of keywords. That will help as negative keywords to help eliminate make your landing pages as relevant as such irrelevant ad placements. possible.

BLACKBERRY PASSPORT IMAGES © BLACKBERRY

Do separate search and content ad placements. Search network placement refers to PPC ads that appear in search query results, while content network placement means websites that display PPC ads as blocks within their pages. Most new PPC marketers select both the search and content networks when they set up their first campaigns, and they usually use the same keywords, ad content and payment amount for each click. But the specific queries and websites that trigger your content

Do track your return on investment. To effectively manage PPC campaigns and improve your ROI, you need to know exactly which clicks are resulting in sales. To generate this data for free, tie your PPC account to Google Analytics to track which ads led visitors to your page and which visits resulted in sales. Without this information, you can’t adjust your keyword bids or eliminate less effective ads and keywords. See this article in its entirety at Entrepreneur.com

Squaring off BlackBerry Passport gets design dialogue going By Tamara Clarke BlackBerry is expected to release the much anticipated Passport smartphone this fall in the GCC, possibly even this month. While cyberspace is abuzz with speculation about the device, the square shape is what’s setting most tongues wagging. Designers and laypeople alike are all debating the square aesthetic in this age of rectangle smartphones. According to a leaked list of specs, the BlackBerry Passport will feature a 4.5-inch screen with a resolution of 1440x1440 pixels (453ppi), which will be protected by Gorilla Glass 3. The device, supposedly powered by quad-core

2.2GHz Snapdragon 800 with the Adreno 330 450MHz GPU, is also expected to come with 3GB of RAM and 32GB of storage and a microSD card slot that is expandable up to 64GB. Other key features of the device include a 13 megapixel rear camera with Optical Image Stabilization (OIS) and a 3450mAh battery. The Passport has a condensed QWERTY keyboard featuring three rows of alphabet-only keys. The tech company is hoping to simultaneously lure back their once formidable army of enterprise customers with the Passport, and square away the smartphone market.

september 2014

Entrepreneur

INDUSTRY KNOW-HOW

SPONSORED BY CADILLAC IN THE SPIRIT OF LINKING SUCCESS WITH POTENTIAL

MENTORSHIP CAN CHANGE YOUR LIFE Learn to apply perception, mindfulness and consciousness Six points promoting balance for your professional and personal successes By Rani Nasr

t was a hot summer night, and I was dressed up in what I can say was the most ridiculous outfit I ever put on: a suit, a tie, a clean-cut shave, and a fake smile. After a long day of slaving away at my job with a corporate giant, an evening social event for work was the cherry on top of the misery cream. That night, however, would change everything about me- it was the night I met my mentor. You meet a lot of people that teach you lessons about things in life, and it’s plausible to say that you can learn something new from every person that ever crosses your path. So what gives a mentor that title? What sets them apart from the pack? A mentor will go way out of their way not only to pass along wisdom and tutelage, but also to sculpt you into the best possible version of yourself. The night that I met my Master Splinter, I looked sharp, confident and energetic- dare I say maybe even happy to be there? I wasn’t, and my mind was a vagabond lost in space-time searching for soil to root. My

Entrepreneur

september 2014

creative juices were long gone with doodles on college tables. I was doing alright career-wise, but I couldn’t recognize the person in anymore, and I felt like a monkey in a penguin suit. I had only two forms of selfexpression: the professional voice and the lashing-out voice. My perception of the world was square, and my connection with a bigger picture was only

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

joke material. That is where my mentor came in, but she didn’t teach me lessons about life and all that poetic internet blabber, she taught me how to learn. The oft-repeated (and somewhat clichéd) adage, “Give a man a fish and you feed him for a day. Teach a man how to fish and you feed him for a lifetime,” is true. Here’s how I was taught how to fish by my mentor in six simple points:

Blame tech advancement for connecting us to 1000 times our natural socializing capacity, inevitably leading us to cross paths with so many humans we care about (and many that we don’t). This can over-consume our emotions, and leave our productive energy tapped dry. 1. CHOOSE YOUR CONDITIONS

Each plant needs the right soil conditions to blossom. This also applies to us, running around in corporate offices chasing our paper dreams. We’ll never succeed in an environment not suitable to what we inherently are as people. A fish will never climb a tree, just like a monkey will never swim around the deep ocean floor. So I did myself a favour, and got myself new soil. When my position ceased to be rewarding and challenge me, I looked elsewhere, and my new stomping grounds give me inspiration and room to grow. 2. ONCE ROOTED, START CREATING

We live in a consumerist culture, handed everything (including information) on a silver platter. The lesson I learned here was to treat creation like lust (I still didn’t know what love was), and work instinctually on creating what reflects me, on whatever canvas that life and work presented. Whether it be a tweet, an article, a melody or even a napkin at a bar. Just keep constantly creating with lust-like drive and abandon.

3. BE THE CENTER

I’m not the people in my life, I’m me. Blame tech advancement for connecting us to 1000 times our natural socializing capacity, inevitably leading us to cross paths with so many humans we care about (and many that we don’t). This can over-consume our emotions, and leave our productive energy tapped dry. What my mentor taught me was to create a mindmap centered around me -because I’m the center of my life- in which I map all of my human connections dividing them into circles of priorities. Focus your energy on whoever you can and should, and address the rest with the appropriate energy that you can afford for their particular position in your universe. This sounds philosophical, but it’s really quite practical. Contrary to popular belief, the human brain is a very limited machine, so we have to optimize its energy consumption for maximum performance. 4. CONVEY IDEAS

Express yourself, but do so productively. Self-expression is art, and we tend to overuse that luxury for ego-boosting purposes. We all feel better imposing our opinions on others. We all feel better when we tweet our meal or a political statement. We all love to win arguments, but as I stated before we’re limited in the amount of energy we can expend. My mentor pinpointed the obvious fact that energy spent on winning a useless argument could have been channeled into doing something with a higher purpose, reflecting my true self instead

CULTURE

of myself in defiance. Once we base our self-expression on productive purposes, things will fall like a jigsaw puzzle right into place. 5. PERSPECTIVE IS EVERYTHING

There is always a bigger picture... and smaller pictures. We are made of cells that are made of molecules that are made of atoms that are made of particles and so on. Everything is a branch of a branch of a branch. Determine your position on the tree of life, the professional tree, the family tree, whatever tree you feel like climbing, and contemplate the bigger picture because that’s where we’re headed. Learn from the smaller picture, because that’s the ground we’re standing on- a lesson I personally found fascinating. When we observe the bigger picture we can see how we’re all connected, and how every little action we take has a ripple effect on everything and everyone around us. Here’s where I can apply my previous lessons: If you express yourself productively through the proper channels, good things happen. Cause and effect spreads out over a huge network of connections, making the good stuff that you produce find their way back to you in different and beneficial forms.

Determine your position on the tree of life, the professional tree, the family tree, whatever tree you feel like climbing, and contemplate the bigger picture because that’s where we’re headed.

What my mentor taught me was to create a mindmap centered around me -because I’m the center of my life- in which I map all of my human connections dividing them into circles of priorities.

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CULTURE

business unusual | LIFE | TRAVEL | DESIGN | TRAPPINGS

INDUSTRY KNOW-HOW

SPONSORED BY CADILLAC IN THE SPIRIT OF LINKING SUCCESS WITH POTENTIAL

6. CONNECT WITH THE COLLECTIVE MIND

The most important lesson of all can be summed up in one tiny observation of nature: A single ant seems to walk in arbitrary directions, and ostensibly understands nothing of its surroundings. If we observe a colony of ants, it’s a perfectly tuned hierarchical machine where every ant plays a definitive role that helps keep the machine rolling with tight group maintenance, achieving what seems impossible for a single ant. We can achieve anything with the power of a synergetic collective mind. This lesson applies to every aspect of life, professional, social and even as a species in general; think as a collective for we’re limited as individuals. By opening my eyes on these six points of focus, my mentor didn’t need to teach me lessons anymore. Whenever I’m in doubt or lost or at

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a crossroads in life, I go over these points helping to balance all aspects of my life and career. It’s worth mentioning that my mentor was a yogi and these points map to the points of balance or chakras of the Kundalini energy, which might have been pure coincidence or an act of deliberate wisdom, but does it really matter? I am now who I want to be when I grow up. That achievement is not measured by money or business cards or LinkedIn connections… it is measured with perception, mindfulness and consciousness. Rani Nasr is a Digital Planner with Born Interactive, an independent new media agency dedicated to offering creative, innovative, state-of-the-art digital and interactive communication solutions and experiences. Active on the digital marketing frontier for 18 years, Born Interactive works with multi-industry and multi-national clients of all sizes, to meet the evolving needs of local, regional, and global institutional and corporate clients.

Startup job-seekers in the GCC get new digs Web Portal Jobooh is dedicated to Startup Employment Opportunities and Recruitment If you’re looking for a job and you love startups, this might be the place for you. Founded by Pierre-Alain Masson, Jobooh is a website platforms that helps jobseekers find employment opportunities in the startup space, and helps startups find skilled team members with a knack for tech life. With the aim of trying to close the gap between potential job seekers and startups, Jobooh is a free web platform, but users have the option to “boost” their accounts by upgrading, accompanied by a blog pertaining to tips on working in startups. Jobooh says that their user base is in 50 countries; UAE joins the list with ae.jobooh.com specifically catered to Arab startups, and are currently seeking out up and coming entrepreneurs to raise awareness about Jobooh in the GCC.

Happiness, available at Lulu. We at Lulu have always been trying to widen our network, expand our range, innovate our promotions and improve our service so that more than 570,000 shoppers who come to our 106 stores across the region daily, get exactly what they want,

Happiness!

Ranked as No.1 Hypermarket Chain in the region by PlanetRetail UK.

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TREPONOMICS

ETHICS | ESQUIRE GUY | SKILLSET | MARKETING | PRO

THE TIES THAT BIND PR-media relationships Doing a few things differently will help me help you By Youmna Chagoury

hether we like it or not, PR agencies need editors and vice versa. The former need to promote their client developments, and the latter need new material every month or week or even day (depending on the frequency of the medium). It can be a cynical, unpleasant and hypocritical relationship, but I know that it doesn’t have to be that way since I’ve liaised with some real PR pros. As someone who has worked for several years at one end of the spectrum, I’m sad to say that more often than not, work got done under stress and feelings of animosity –yes, animosity- towards an agency that simply could not understand how to help me help them.

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Here are some issues that I’ve personally come across as an editor. If these things were attended to properly, it would strengthen mediaagency collaborations and be an all-around better situation for everyone involvedyour clients included. 1. RESEARCH A. TARGETING

“Dear Sir/Madam” You should know whether I’m a sir or a madam. My name is in the email address. If my name causes gender-confusion, just address me by my name and drop the salutation. The template emails you send are degrading- if we’re making an effort to have a relationship with you, then you should address us properly the same way that we address you. This just shows that you regularly go on an email-sending spree with little to no regard who you’re contacting, hop-

ing someone at the other end will pick it up. Under targeting errors, you can add pitching me a story when two months prior I covered that very same thing. If you don’t know that I’ve written an 850-word piece about your client not 60 days ago, then you aren’t in the loop. Most often I reply to these emails like this: “Perhaps you missed the coverage of X that I did last month. Here is the link X.” B. RELEVANCE

“Dear Partner, We’d like to invite you to the launch of [insert fast-food brand] 34th branch grand opening!” That’s great for you guys, but I’m a fashion editor and that’s not a fashion show. I don’t understand why I’m invited or how you’d expect me to write about your new F&B venture. You’re not supposed to contact every single editor in your country

regardless of their audience and medium. We write for our readers and generally stick to our outlet’s identity and aims, whether you acknowledge that or not. Trying your luck randomly is annoying, and you’re wasting your time and ours. When we need information regarding a certain product, we research to find out which agency is handling that particular company’s PR. We don’t send requests to every single contact that we have, and it makes sense for you to do the same. Your schedule is busy and so is ours. When we send a press query and you simply ignore us, and then contact us for something else two months later, there’s a good chance we won’t follow up either. C. CONTACTS

“I’m sorry, who are you? Which newspaper?” I’m the person you sent nine emails to yesterday, and I’m not with a newspaper. Of course, all of the emails are addressed Sir/Madam and of course, most of them weren’t suitable for my audience, but I do expect you to know (even vaguely) who you’ve contacted. Your attitude and randomness make me not want to work with you- even when I’m dying to get that interview. Editor instincts are usually right; when we have an immediate inkling that you’re unprofessional and that working long-term with you will be painful, it’s usually not worth our time and effort.

2. INFORMATION EXCHANGE

I’ve personally seen it thousands of times –literallyand I’ve heard colleagues complain about it for years. I don’t know how many times we’re supposed to ask: Please, for the love of everything dear to your heart, send us a press release with enough information and relevant visuals. Don’t waste our time downloading and reading a file that only contains the name of the product and the company launching it, alongside a few quotes by “famous” people (who are these people?!). We need options of both portrait and landscape visuals in high resolution; we need contact information should we decide to proceed with an interview. Editors receive hundreds of press releases daily and believe me, we usually choose to deal with the agencies that acknowledge and respect basic rules of information

exchange. The other extreme is just as irritating: a dozen update releases are not needed. Overkill can also come in the form of interesting information buried under layers of unnecessary facts and figures- unfortunately it will probably stay buried. 3. DERELICTION OF DUTY

When we ask for certain information and you take a week to respond, that slot is going to someone else who delivered quickly and efficiently. What you can do is send an acknowledgement letting us know that you’re working on procuring the material. Your schedule is busy and so is ours. When we send a press query and you simply ignore us, and then contact us for something else two months later, there’s a good chance we won’t follow up either. You’re supposed to answer your emails, and you think-

ing our initial offer wasn’t interesting enough doesn’t give you the right to not do your job. This is about building a relationship with people in the media- it’s a mutually beneficial thing because once I’ve worked with you successfully for one media outlet, chances are I will contact you when I’m at my next. As an aside, when you send us an email interview, give it the once over. Correct basic grammar and spelling mistakes since we won’t bother using something like this: “We r intrested in making z city, a better place”- it’s just not acceptable. When we tell you our deadline is on the 20th of the month, do not send us material late and expect it to go live since you flubbed our deadline and it’s a trickle-down effect. We will not push our deadline for you and risk our business and let down loyal readers who expect us to be consistent.

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Property

PUNDITS Real estate [THE HOW-TO]

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september 2014

Take your first steps forward, itâ&#x20AC;&#x2122;s time to take part in the GCC building boom

Downtown Dubai Image courtesy Emaar

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ou may not have the formal business training acquired through in-market experience, but the basics can be learned quickly enough. Focusing on these essential elements gives you a pretty good idea of where to go, and how to get there by wading into property investments with your awareness directed at caveats and potential hazard scenarios. If you’ve had in-market experience from being part of a corporation in real estate, use this guide as a refresher since you’re ostensibly working with way less capital and reduced legal clout than the company you left when you joined the entrepreneurial ranks. Property can make you money- even if you only want to make partial investments and not become a full-fledged part of the industry.

Real estate is crowdfunding’s next hot frontier Venture capital, property, and how they’re making money By Catherine Clifford Crowdfunding has fundamentally disrupted the way that artists fund their creative projects and startups get capital to grow. Now, it’s changing the way buildings are purchased. The Middle East has yet to catch up to this new startup wave, but it’s in the cards.

> Real estate startups > Crowdfunding land ownership > Construction consistency

> Market indicator tips > Cautionary circumstances > Legal logistics > Trends in property value

Someone’s just got to figure out how to adapt these models to the MENA region. North American investors are eagerly backing a variety of new real estate crowdfunding platforms, all of which aim to bring greater transparency, efficiency and access to the

industry. In late March of this year, Beverly Hills, Californiabased Realty Mogul announced a US$9 million funding round led by Canaan Partners, the same venture capital firm that has invested in peer-to-peer lending platform Lending Club and dating site Match.com. In the same week, Palo Alto, California-based RealCrowd said it secured $1.6 million in a seed round from investors at Y Combinator, the Data Collective and a mix of real-estate developers. In mid-March, Atlanta-based Groundfloor announced it raised $300,000 from American Underground, Bandwidth Labs and a couple of angel investors in the region. For the real estate market, internet-based transactions represent a huge innovation. Historically, for a real estate deal to close, lawyers would have to ship documents back and forth, says David Drake, chairman of VictoriaGlobal. co, a communications platform specializing in institutional investing and crowdfinancing. Not only is that slow, but it can also add up to tens of thousands of dollars in legal fees. Crowdfunding online sidesteps all of that, Drake says.

Real estate crowdfunding puts more deals in front of more potential investors. “We have clients that say, ‘We would have never ever found these investors without crowdfunding. Because we would never have known who to call- in London! We have no idea who to call back in New York,’” says Drake. “You are expanding communication through the internet.” Another reason venture capital dollars are flowing into real estate crowdfunding startups now: the public has warmed to the idea of making investments online. What was once a new concept has taken off in a big way these last few years, with the Securities and Exchange Commission even making regulatory changes to expand crowdfunding’s potential. “People, over the past five years, have become more and more comfortable with the fact that they can participate in these crowdfunding sites,” says Hrach Simonian, a partner at Canaan Partners, the venture capital firm that recently invested in Realty Mogul. See this article in its entirety at Entrepreneur.com

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Property PUNDITS

Real estate entrepreneurs

It’s the real deal, yo Three freshly-funded real estate crowdfunding startups Company Realty Mogul Headquarters Beverly Hills, California Money raised $10.1 million www.realtymogul.com

With Realty Mogul, accredited investors pool their resources and buy shares of investment properties. Accredited investors have to be making at least $200,000 a year or have net worth of more than $1 million, according to the SEC. Eligible investors browse through real estate investment options online and track their various investments with a Realty

Mogul dashboard. As of April, almost $15 million has been invested on Realty Mogul in 58 properties through 14 states. Investing with Realty Mogul is an alternative to investing through what are called REITs, or real estate investment trusts. REITs are also pooled real estate investments. Some REITs are publicly traded, meaning fluctuations on Wall Street affect the value of an investor’s holding. The difference between buying a portion of a REIT and investing with the Realty Mogul crowdfunding platform is that an investor

knows exactly which buildings he or she is investing in. This means that an investor has more control in his or her real estate investment decisions. Typical investments on Realty Mogul are apartment buildings, office buildings, retail shopping centers, selfstorage facilities and pools of single family homes. An investor with Realty Mogul purchases a portion of an LLC managed by Realty Mogul or a portion of a real estate-backed loan owned by Realty Mogul. Another reason an investor would want to invest in real estate with Realty Mogul as opposed to through a REIT is because of a U.S. tax benefit. In a REIT, any deduction in assets is absorbed by the REIT. With a Realty Mogul investment, an individual investor is eligible to claim real estate depreciations on his or her taxes, decreasing the bill to the government, points out Simonian of Canaan Partners. Canaan Partners likes the idea of niche crowdfund-

ing startups, having invested in Realty Mogul as well as Circle Up, a crowdfunding platform that helps consumer product entrepreneurs raise money to grow their businesses. Entrepreneurs running niche crowdfunding sites become treasure troves of information on the players in the space, which Canaan Partners considers beneficial. “You can really build knowledge and you can use the data to predict better performing assets over bad ones,” says Simonian. “You can get smarter and better at predicting defaults, things that go belly-up.” How it makes money

Realty Mogul charges a 1% to 2% annual fee for administrative services such as reporting, cash flow distributions and tax documentation. Company RealCrowd Headquarters Palo Alto, California Money raised $1.6 million www.realcrowd.com

RealCrowd gives accredited investors access to the sort of investment options that are typically only available to real estate managing companies in the United States. On the company’s FAQ page, the one-word summary of why investors would need to use RealCrowd is “access.” These are deals that, without the internet services provided by real estate crowdfunding, most investors would very likely never know about. That access is exactly the appeal to the investors who are backing RealCrowd. “There’s the potential for great returns, sure, but ultimately it’s new access to a new investment that makes up a section of a healthy, diverse portfolio,” says Alexis Ohanian, the co-founder of reddit and an investor in RealCrowd. The number of real estate-based crowdfunding platforms has accelerated in recent years 68

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a time when citizens aren’t just figuratively invested in their communities, but literally as well,” says Ohanian. How it makes money

Real estate managing companies pay a fee to RealCrowd when they are connected with investors. Investors pay nothing to RealCrowd. Company Groundfloor Headquarters Raleigh, North Carolina Money raised $300,000 www.groundfloor.us

because of the development in technology and increased public acceptance, but also because of recent regulatory changes, says RealCrowd co-founder Adam Hooper. In September, the SEC formally lifted the decades-long ban on general solicitation. Prior to the rule change, an entrepreneur could not try to raise money from an investor that he or she didn’t have an existing relationship with. “Investment opportunities were held within this bubble of investors, these small networks of investors, and nobody outside of that network could ever participate,” says Hooper. With entrepreneurs now able to publicize their efforts to raise money, there has been a “massive reallocation of how people can access these opportunities,” he says. Properties on the RealCrowd platform are geographically diverse, running from San Francisco to D.C. to Arizona and Alabama, says Hooper. “It really opens up access to people who would never even have the ability to really even know that these offers even existed.” Real estate investments on RealCrowd are generally worth more

than $10 million and are office buildings or apartment portfolio complexes. When the SEC finalizes rules for equity crowdfunding among non-accredited investors, demand for sites like RealCrowd is expected to increase. “As we see more legislation to open up crowd-investing to a larger market, there could come

Groundfloor bills itself as a “peer-to-peer real estate lending marketplace.” Unlike the previous two real estate crowdfunding startups, non-accredited investors can participate on the platform. While investments on RealtyMogul and RealCrowd start at $5,000, investments with Groundfloor start at $100. Until the SEC finalizes and formalizes the rules for equity crowdfunding, only accredited investors can participate in real-estate crowdfunding across state borders. That said, a handful of states, including Georgia,

have passed laws legalizing equity crowdfunding inside their state. As such, Groundfloor solicits investments from all Georgia residents. “Our investments are open to participation by everyone regardless of wealth or income,” says Brian Dally, the co-founder and CEO of Groundfloor. “We believe financial opportunity should be equal and open to all. While there is nothing wrong with connecting wealthy investors with more opportunities for their money, that’s not what gets us up in the morning. We see more challenge, more good to be created in the world and more market opportunity creating a true mass market product available to all.” The first two properties that Groundfloor funded were an $82,000 single-family home fix-and-flip renovation and a $440,000 new construction of four townhome units for sale in the Atlanta suburb. How it makes money

Groundfloor earns money from borrowers who pay fees based on the amount of money raised.

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Property PUNDITS

Real estate entrepreneurs

Landlord basics pay attention to the details Master the rental process from advertising your property to lease renewal By Scott Brueggeman Most landlords and real estate investors know that owning rental property offers one of the best opportunities to build a steady stream of cash flow and capture long-term appreciation. The big question is how to go from deciding to purchase a rental property to actually renting your unit and managing the day-to-day activities of being a landlord. Here are some important steps that will help make the process run more smoothly and protect your long-term interests: 1. Find tenants or meet the current ones If your property already has tenants, take the time to meet them personally. Talk to them about how they like living in the unit and find out if there are any outstanding issues they’d like resolved. Review their existing lease, but remember that you’re bound by the terms of the current agreement. You can’t make any changes in rental rates or terms until the lease expires. If you need to find tenants for your property, stick to the basics when advertising- print ads, online sources, signs, flyers and bulletin boards. Determine your target market and advertise accordingly. For instance, if you post your ad around colleges or universities, you’ll likely attract mostly college students. Highlight features that’ll appeal to likely applicants based on where your unit is located. For example, if you’re renting a family flat in a location with a lot of families, you might want to highlight the proximity or reputations 70

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of nearby schools or parks. Be sure to avoid violating housing laws- consult a professional if you are having difficulty determining the legalities. 2. Screen potential tenants Once you’ve found a potential tenant, don’t make the mistake of skipping the screening stage. Performing a thorough check of each qualified applicant’s history is critical to securing reliable tenants who’ll take care of your property and pay the rent in the agreed-upon timeframe. Overlooking this step puts your investment at risk and potentially could result in countless headaches and costs down the road. Screen potential tenants for criminal and credit issues, as well as employment and rental history. Do ask for character references, and do your homework. 3. Know your rights, and your tenant rights Protect your investment and your sanity by studying up on what the rules are in terms of property. This point is especially important. Whether you’re renting your unit to a family member (which, by the way, isn’t usually a good idea), a friend of a friend, or a person who passed your screening with flying colors, have your tenant sign a lease that satisifies all of the legal parameters for both parties. Some things to discuss with your tenant are acceptable forms of payment, potential damage fees and fines, and who is responsible for what in terms of renovations and re-

pairs. Avoid oral agreements at all costs. You should also spell out your policies on guests, noise and things like tech installations, for instance. In the Middle East, people often don’t discuss pet and smoking policies- if either of these concern you, make sure to address them upfront. Ensure that your terms are agreed to and signed by your tenant. There are many important rules you want your tenant to follow, so be sure to share those with any new tenants. 4. Manage the day-today issues Managing your property daily by yourself can easily turn into a full-time

job. How involved you are in the day-to-day operations will depend on how much time you have, how handy you are and how close in proximity you are to your rental property. An alternative is hiring a property manager to take care of some or all of the day-to-day issues. Property managers can be full service or help with issues ranging from finding and screening tenants to handling a pipe burst in the middle of the night. They also can take care of the landscaping, collecting rent and sending appropriate notices. The cost will eat into your profits, but could save you time, hassle and aggravation.

5. Handle renewals and evictions Renewals are the easiest way to maintain a steady income flow from your rental property. The cost of searching for and signing new tenants significantly outweighs most costs you might incur to keep good tenants. With this in mind, consider replacing worn carpets or ap-

pliances and applying a fresh coat of paint to keep a good tenant happy at renewal time. A small increase in rent might be easier for tenants to accept if they feel they’re getting something in return, like a new fridge or refurbishment. Evictions are tricky, and the rules for evicting a tenant are a minefield. If you’re unsure

of how to get rid of a tenant who won’t leave, seek legal advice immediately. Along the way, you should keep good records so you have evidence of your claim and send the required notices on time. Eviction proceedings can be time-consuming and expensive, which is why you should screen your tenants carefully

and work to hold on to good ones. Being a landlord requires work. It can be rewarding and profitable, as well as exhausting and frustrating at the same time. By following the steps outlined above, you’ll have an even greater chance of being successful. See this article in its entirety at Entrepreneur.com

Dubai Real Estate Legal ins and outs of ownership Establishing an offshore company can significantly change things By Nita Maru

From what began as a fledgling real estate industry way back in the early part of this century, the emirate of Dubai had definitely grown in leaps and bounds through the years, with its rapid growth halted only by the crippling global financial crisis. And although the scars left by the property crash remain visible today, late in 2012, the Dubai property market began its slow

but sure movement into recovery, with the pace rapidly increasing in the second half of 2013 and continuing well into early 2014. From this standpoint, we can see that Dubai remains a top contender when it comes to real estate investment. But how, exactly, does one get to own property in Dubai and are there any inheritance issues in this jurisdiction?

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Property PUNDITS

Real estate entrepreneurs

any person, whether a UAE national or an expat, and whether based overseas or currently residing in Dubai, can buy property designated as freehold in the Dubai property market Some inheritance problems of property ownership

Freehold vs. leasehold

In Dubai, property ownership is pretty straightforward, any person, whether a UAE national or an expat, and whether based overseas or currently residing in Dubai, can buy property designated as freehold in the Dubai property market. These specific designated areas are set by H.H. Sheikh Mohammed bin Rashid Al Maktoum, and interested buyers are “not required to hold any type of residency or similar permit in order to purchase property.” When you buy a freehold property, you buy the asset as such which thus implies absolute ownership of the property asset. Examples of freehold property are those developments in Dubailand, Emirates Living, Jumeirah Golf Estates, Palm Jumeirah, Dubai Marina, Jumeirah Lakes Towers, The Greens, and many others. There are also parts of the city where there are only specific properties which are designated freehold.

Matters of inheritance coming before the Dubai courts are heard by one or more judges, and juries are not used. Furthermore, unlike in some Western jurisdictions, there is no system of precedent in Dubai or in the UAE 72

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On the other hand, leasehold basically means that you are buying the leasehold rights which are renewable after a period of, say, 30 years to 99 years. In this scenario, the leasehold contract is your asset, and in cases of leasehold, the landlord still has the legal obligation to maintain areas designated as common property (in the case of a community), and developers cannot just charge a community fee and then disappear one day. Areas with leasehold property abound in Dubai, key among which are the Dubai International Financial Centre, Business Bay, Deira, and many others. In either case, whether a property is freehold or on leasehold, the developer may allow for (or the law itself as in the case of the Strata Law) the formation of an association of leasehold or freehold owners to administer or manage the development and address all maintenance, security and other key issues. Whether you are a freehold or leasehold owner, there are streamlined procedures and legal documents required to ensure you have full legal ownership of the property or leasehold contract.

Disputes, misunderstandings and disagreements are part and parcel of life, more so when it comes to property ownership, especially in relation to matters of inheritance. In the UAE, inheritance for Muslim nationals is guided by Sharia laws, while the law of the deceased’s home country can be applied for nonMuslim expatriates. However, there are many uncertainties regarding real estate inheritance issues. Unlike other jurisdictions, the UAE does not practice ‘right of survivorship’ (property passing on to surviving joint owner upon death of the other, as would be the case in Commonwealth jurisdictions), and the local courts will need to make the final decisions. Matters of inheritance coming before the Dubai courts are heard by one or more judges, and juries are not used. Furthermore, unlike in some Western jurisdictions, there is no system of precedent in Dubai or in the UAE. Here in Dubai, a property owner’s best legal recourse in avoiding the abovementioned complications would be through succession planning and/or by setting up an offshore company. The UAE is one of the best jurisdictions in the world for incorporating an offshore company because it is a tax-free business territory, and has strict policies on privacy and confidentiality. The UAE does not

Freehold villa community, Villa Lantana, located next to Umm Sequim Road in Al Barsha South was recently announced by TECOM Investments. Construction is currently underway with project completion set

have agreements concerning mandatory exchange of information about its offshore companies which are also exempt from paying corporate taxes. Many international corporations as well as expatriate entrepreneurs feel secure, comfortable and confident about establishing offshore companies in the UAE. An offshore company can act as an intermediary or holding company for private wealth or business interests. It is not mandatory for an offshore company to have a physical office, and neither is the physical presence of all shareholders required during its incorporation. There is no obligation to maintain records or books, and there is no public record of the shareholders or directors, which ensures full confidentiality. And finally, it provides a legal framework for the safety and security of joint, multiple, or diverse investments. But most importantly for expatriates, the structure of an offshore company located outside the UAE allows full private ownership of assets including property located in the UAE (including Dubai, subject to additional structuring). This ensures appropriate passage, in the event of death. Offshore companies and Sharia

Property owned by an offshore company outside the UAE is not subject to Sharia law for the distribution of assets after death, because technically, a company cannot die, even when an individual shareholder does. Property and assets owned by individuals are subject to probate and may be contested. Assets which are legally owned by a company need not be subject to probate and are less likely to be contested. As a result, assets can pass outside probate or an unfavourable legal jurisdiction without the delay and cost usually associated with winding up an estate after an individual has passed away. Once an offshore company has

the structure of an offshore company located outside the UAE allows full private ownership of assets including property located in the UAE (including Dubai, subject to additional structuring). This ensures appropriate passage, in the event of death

been established, assets, including real estate, can be transferred from an individual to the company. The procedure will vary depending on the nature of the assets. The process of setting up an offshore company and the transfer of assets should be handled by experts, who can advise in the round, to avoid complications and to ensure a successful outcome. Transferring the titles of

Property owned by an offshore company outside the UAE is not subject to Sharia law for the distribution of assets after death, because technically, a company cannot die, even when an individual shareholder does assets to an offshore company means that the original owner no longer visibly controls these assets, and they cannot be seized in cases of insolvency, taxation, marital proceedings or professional negligence. Once an offshore company has been established, property title deeds can be transferred from an individual to the company –for a small fee- as long as the beneficiaries remain the same without additions or deletions in the list of owners. The process of setting up an offshore company must be directed by experts to avoid complications, but it is achieved quickly. Ultimately, when you are faced with an actual property problem identified to be a contentious issue, there is nothing like having a qualified legal professional on hand to advise you in identifying what would be your best legal recourse.

Nita Maru, British qualified solicitor and Managing Partner of TWS Legal Consultants, has over 16 years of experience at senior positions held in London and the UAE. Nita has a British law degree, and is a member of The Law Society of England and Wales. She also holds a full Legal Consultancy license from the Government of Dubai Legal Affairs Department and is a registered lawyer with the DIFC Courts. Nita is also an active member of the Entrepreneurs Organization (EO) in Dubai. She is well-known for her personal yet professional approach to resolving ‘real problems faced by real people’. www.twslegal.ae

Start small but start now Real estate can make you money By Brenton Hayden

If you are someone who has given up on the dream of real estate investment, before even giving it a serious look, consider that construction and development is on the rise. More than ever, entrepreneurs are moving into real estate. Whether you’ll be making your first buy or maximizing your portfolio’s earning potential by outsourcing the hassle of property management, and let an out-ofsight, out-of-mind real estate investment pay dividends, it’s time to take advantage of this market. One sound piece of advice? Don’t miss the lucrative “bottom bounce”. The best time to purchase stock is when it has bottomed out and is rebounding upwards; I like to call this the “bottom bounce.” After the market lows we’ve witnessed, things improved quickly and dramatically. With housing prices rising steadily this year, it’s an ideal time to invest in a rental property, both from a personal finance perspective and from a smart business investment one. Keep in mind, the earlier you act, the more money you will accrue. It’s pretty clear that rental prices are soaring, even with regulation. With demand driving up costs, rental prices are moving up. This spike in demand is highly beneficial for property investors who will see their investments appreciate, as well as earning steady monthly returns. It doesn’t have to be a headache anymore, you can be a stress-free landlord. With technology-based solutions and the rise of service-oriented businesses, the bulk of the work takes a fraction of the time and energy. There are two options: You can either offload this entirely to a reputable property manager or you can do it alone, using apps and online software to market your properties, collect rent and analyze your investments. It’s time to make your move! I’ve seen first-hand how the wealth from income properties can transform lives, families and futures. See this article in its entirety at Entrepreneur.com

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Stacking the construction industry odds in your favor Communication, cost control, and careful planning By M. Vasanth Kumar

he construction industry is certainly not for the faint of heart. Due to the client preferred procurement model to appoint contractors on lump sum contracts, and in arrangements where the client appoints and pays the consultant to oversee contractor-performance, the dice is heavily loaded against the contractor thereby exposing contractor

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to all kinds of risks. In the latter example, there are often lopsided contract clauses that can be effectively used against the interests of the contractor- exposing them to all sorts of legal issues. To effectively manage and safely mitigate risk, contractors require high levels of experience, expert knowledge in handling contractual issues, and problem-solving skills at all

levels within the company. This large amount of risk, together with low industry margins is undoubtedly a major reason why construction industry has one of the highest failure rates. Industry statistics say that over 80% of contractors fail within the first two years of entry, and there is no guarantee that even established entities will not fail. In addition to external

Without the right planning and management, costs can quickly spiral out of control, delays can build, and the business soon finds itself headed for serious trouble. factors, there are internal factors that may perpetuate failure. A few of these internal problems? Poor business practices, undisciplined lust for growth, weak management, poor execution, inadequate funding, inability to keep overhead expenses low, lack of sound accounting practices, moving into new geographic areas without doing proper due-diligence studies, lack of local market knowledge, failure to secure support from established local companies for joint venture operationsâ&#x20AC;Ś the list is endless. Construction projects are usually complex, hence they require a broad range of highly skilled and expe-

rienced resources. Without the right planning and management, costs can quickly spiral out of control, delays can build, and the business soon finds itself headed for serious trouble. With so many contractors bidding for one project, and the client often choosing the lowest bidder -meaning projects are booked by contractors with razor-thin margins- even a slight error in scope management, cost estimation or scheduling can take a project from profitable to being an exercise in financial loss. It’s not only the accounting staff that should be aware of cost, every project team member should also know the importance of financial factors, and how it can make a project a resounding success or a big failure. It’s never too late for engineers to understand the importance of cost, and this falls to senior management to keep them in the loop. Project managers should insist upon (and obtain) detailed and accurate interim project financial reports from commercial and accounts department on a monthly basis, and such reports should be studied in detail by the project team. When things are going awry? Then the next course of action is that the required corrective measures should be taken on time every single time- this is nipping potential issues in the bud before they become largescale problems. One of the key areas of weakness amongst construction professionals is a lack of awareness on good

accounting principles and policies, particularly relating to prudent cost monitoring and controls. This is achieved through means of interim revenue recognition and expense analysis in line with International

One of the key areas of weakness amongst construction professionals is a lack of awareness on good accounting principles and policies, particularly relating to prudent cost monitoring and controls. Accounting Standards (IAS) or Generally Accepted Accounting Principles (GAAP). The recipe for success in the construction industry is managing cost, schedule and risks through strong project management processes, good communication skills, and a stable, skilled workforce. A simple rule of thumb to follow? Remain as vigilant and careful at every stage of the project as you are at the beginning, and the chances of construction success as much more likely.

Home sweet home Five sites for real estate hunting in GCC

Bhomes.com | UAE, Qatar, Oman, KSA Bhomes.com’s search engine autosuggests different communities in an area, helping you to narrow down your choices. There’s also an interactive map to search properties by indicating the scope of search. It includes options to buy, rent, sell, landlords to place a listing and property management services. PERKS Short stay rentals are also available for business travelers and, if you’re on the lookout for agents, you can scrutinize their profiles.

M. Vasanth Kumar is Group CEO and Board Member of Al Malki Holdings Qatar

It’s not only the accounting staff that should be aware of cost, every member of project team should also know the importance of financial factors, and how it can make a project a resounding success or a big failure.

GNProperty.com | UAE Besides usual specifications in its search results, GN Property also shows open house viewing options, an interactive map with number of properties in an area and featured agents’ contact details on the sidebar. The site also displays market trends, real estate and property tips and news. PERKS Its mobile site is quite user-friendly, perfect for users considering the idea of buying or renting a property, and searching on their smartphones.

PropertyFinder.ae | UAE, Qatar, Bahrain Besides buying and renting search options, it shows commercial properties, agents searchable by city/community and its statistics of properties worldwide. If you’re swamped, there’s a call and email button on search results– when clicked, it will automatically show their contact details without leaving the page. You can also add keywords such as “pool” and “parking” to help your search. PERKS A mortgage calculator is available on the sidebar as well as location and contact details of a property’s agent are shown.

Lamudi.com | KSA Featured on TechCrunch and TNW, Germany’s Lamudi roused the market last year for collaborating with other real estate service companies such as home furnishing retailers. Don’t want to leave the search result page? No problem, users can receive email alerts for specified search specifications as new properties join the listings, easily click the right/left button to browse the property’s pictures, and see contact details by clicking the email/ phone icons – all without leaving the search result page. PERKS Lamudi is also available as an Android app on Google Play, and there’s a new Jordanbased site as well.

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THE PRIME LOCATION FOR REAL ESTATE INVESTMENT Cityscape Global 2014 is the largest and most influential real estate investment and development event for emerging markets globally. Bringing together investors, developers, real estate professionals and global industry leaders, there is no better place to find investment opportunities.

www.cityscapeglobal.com +971 4 336 5161 cityscapeglobal@informa.com

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PAYTABS IS E-COMMERCE FOR ALL Abdulaziz Aljouf enters the competition for MENA’s optimal online payment solution By Kareem Chehayeb

he region’s e-commerce industry is growing, and so is the competition in finding the best online payment solution. It has been a reoccurring theme for quite some time among entrepreneurs in the MENA region. Abdulaziz Aljouf, PayTabs Founder, was inspired after venturing in online retail. The problem was that they had a hard time accepting various forms of online payments, despite having an interest in the products they’re selling. Basically, Aljouf decided to go ahead and sort out his own problem. This Saudi ‘trep has lots of experience in the field, as Founder and CEO of Saletab.com and Founder and ex-Executive Director at Aracco Holding Company. His academic credentials are quite diverse too, with a BA in Islamic Business from Jamiat Al-Imam Mohamed Ibn Saud Al-Islamiah, a BS in Information Technology from the University of Nebraska at Omaha, an MBA from New York Institute of Technology, and a degree in E-Commerce from the

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“[PayTabs] is a system to empower all the small merchants to dream big, and to help them achieve their dreams by solving their biggest problemaccepting credit cards online”

University of Missouri. Setting up PayTabs wasn’t the simplest task out there for Aljouf, but they were able to get the support they needed. PayTabs is funded by Saudi Aramco’s Wa’ed program, which funds and supports entrepreneurs and SMEs through different services. According to Aljouf, much of the financial burden came from the security aspect of the service, saying “it obviously required some cost to establish something as unique and as safe as this system with a dual-layered fraud protection.” “[PayTabs] is a system to empower all the small merchants to dream big, and to help them achieve their dreams by solving their biggest problemaccepting credit cards online,” says Aljouf. Like many other online payment solutions, PayTabs works hard at appealing to SMEs with two premium options.

The first is the eCommerce API, a plugin that can be integrated into any website. The second premium solution is PayPage, targeting younger entrepreneurs and the owners of the smallest and newest businesses. Knowing that many e-merchants use their social media platforms to sell their products, PayPage makes PayTabs’ online invoicing services possible without the e-merchant needing a website. This means that you can basically use your Instagram or Facebook page as your webstore. Aljouf believes that more e-merchants are resorting to selling their products on Instagram, Facebook, Flickr, and Pinterest, and having a payment solution to target these rising trends will be beneficial. This is especially relevant in a booming e-commerce industry in the Middle East, where PayTabs have specifically mentioned Saudi Arabia and the UAE. What makes both solutions safe and appealing? Security. While boasting several features of their security measures on their website, PayTabs have

notably partnered up with CyberSource (acquired by VISA) to monitor money fraud in transactions. That said, PayTabs are still moving forward, building on what they’ve already started. As they encourage SMEs to do more business online, Aljouf told us that they’re currently working on providing the means, a “facility” for everyone to build their own online stores on PayTabs. In the near future, Aljouf says that more languages will be added to their current services. A mobile app is already in the works, and like other entrepreneurs in the Middle East e-commerce industry, he has kept his eye out on the rise of mcommerce. “The time is near when people would be using mobile for almost everything,” he adds, predicting the dominance of MENA m-commerce happening in the near future.

This means that you can basically use your Instagram or Facebook page as your webstore.

THE RACE TO ANNIHILATE COD MENA E-COMMERCE OVERVIEW

consumer-base by selling online without a credit card. PayFort hopes to make this happen using alternatives, notably vouchers that are sent via e-mail or SMS. The online payment platform’s focus on the region means that their payment solutions will benefit different markets of the region, whether we’re talking about Cairo or Dubai. Credit card ownership regionally isn’t high as yet, so we predict that PayFort’s services will also be successful outside the GCC.

PayPal MENA www.paypal-mena.com

PayPal and its popular digital wallet is making headway across the Middle East, and the folks at PayPal MENA have been keeping an eye out on growing e-commerce markets, particularly in the UAE, Qatar, and Saudi Arabia. With PayPal being popular internationally, and PayPal MENA palling up with Qatar National Bank and Aramex, we can safely assume that consumers in the GCC will be setting up their digital wallets very soon. Watch for the continued rise of m-commerce in the Middle East- PayPal MENA is on the ball there as well. All in all, the online payment platform’s successful digital wallet looks like it could be a huge hit in the Middle East, but only for markets with high credit and debit card ownership and usage.

Telr www.telr.com

Telr’s vision goes beyond the Middle East and North Africa. Founder Elias Ghanem, who has work experience with PayPal MENA, PayPal South East Asia and India, and Visa Inc, has established a Telr hub in Singapore, in addition to one in Dubai. The end goal? An efficient payment gateway that is not only multilingual but also multi-currency, all while sustaining good cash flow. Ghanem’s ideal alternative to COD transcends borders, hence including South East Asia and certain emerging markets in Africa are in Telr’s scope. Telr has a lot on their plate, but Ghanem and co. are confident that they’ll make a positive impact. While one may suspect that their presence in the Middle East won’t be as prominent as some of their competitors, it’s important to take note of them; after all, their vision looks like a sound one in the long run.

Paytabs CEO Abdulaziz Aljouf

PayFort www.payfort.com

PayFort is optimistic that their payment solution will sweep the Middle East, given the fact they take into consideration the lack of credit card ownership in various markets, notably high-populace Egypt. Options like PAYatHOME and PAYatSTORE hope to allow merchants to expand its

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I just wanna feel real love KSA social networking app Feelit wants to help you express yourself By Pamella de Leon

n between IM-ing, Facebooking, liking pictures on Instagram and retweeting your friend’s funny tweets, though we’re all getting busier, technology is still coming up with ways to encourage us to share more information. The amount of social networks popping up left and right are daunting so how is Feelit, a social app that’s making waves in KSA, different from other platforms? “Our mission is to connect people emotionally and on a new personal level,” says Feelit CEO & co-founder Mohammad AlQadi, adding how their focus is on “building an emotional layer that helps users communicate in a more honest and sincere way.” For now, their strategy is to focus on building the best social experience for the Middle East market, improve their product and expand globally. In terms of penetrating MENA’s social media user base, research statistics are in their favor. Conducted by the Mohammed Bin Rashid School of Government, the Arab Social Media Report presents a breakdown of 8,400,000 Facebook users in KSA -topping other countries for having 49% of the total number of GCC usersUAE at 28% with 4,800,000 users and Kuwait following Designed to be more social-oriented, Feelit is now focused on the mission of letting users express their genuine feelings within a supportive community.

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at 8% with 1,460,000 users. Twitter statistics indicate that KSA accounts for 40% of all tweets in the region, followed by Egypt at 17% and Kuwait producing 10%. KSA’s demographics indicate huge success of platforms that encourage sharing, and Feelit strives to take advantage of that with their core value of innovating how people can connect emotionally in the region. “Nobody knows Saudi’s [demographics], better than Saudis,” said AlQadi, pitching Feelit at ArabNet Riyadh 2013. The co-founders were finalists in the startup competition and bagged first place. The startup certainly had their fair share of ups and downs. Feelit initially started as an app that helps users manage everyday emotions

by being suggested usergenerated content of images/ videos/music that “would help them deal with whatever feeling they have.” After testing and launching, “we realized [we] weren’t providing great value, and therefore haven’t gained much momentum. So we decided to pivot.” Their approach on Feelit 2.0 proved to be effective and gained more momentum than their previous version. Designed to be more social-oriented, Feelit is now focused on the mission of letting users express their genuine feelings within a supportive community. With a timeline to follow user emotional states, people can tag posts and pictures with their current feelings in addition to an explore feature to see the trending “bubbles” of emo-

tions- that shrinks depending on the amount of users having similar feelings. “Feelit became a place for everyone to express their feelings, because even if we have different political and religious views, we all share and understand human feelings.” Calling themselves a family, the startup has four co-founders: CTO and manager of technical aspects AlBara’ Hakami is a software engineering graduate, Omar AlEisa, studying software engineering at King Fahd University of Petroleum and Minerals (KFUPM), is the UI/UX designer responsible for making the app aesthetically attractive; Mohammad AlQadi, a former business school student who left KFUPM last year, is the CEO focused on product management and marketing, and Dima AlOthaimeen, a Computer Science grad from Al-Iman University, is currently not directly involved with Feelit but helps with marketing. Mentorship is also an attribute to the app’s success- Mustafa Ahmed, being an entrepreneur himself and co-founder of Saletab.com, one of the early KSA ecommerce platforms, has given them “valuable advice [that] has always come in handy.” Though the development stage was efficient and the testing stage was

inclined towards usability and design, AlQadi discussed the struggle to raise interest from investors in the KSA market; Feelit is self-funded by the cofounders. “Saudi tech startups have a hard time finding the right investors, because the infrastructure is still not mature enough to support them. The venture capital barely exists, so you’d have to look for sophisticated angels that can add value to your startup, and they’re not easy to find.” In terms of their business model, Feelit functions on freemium After launching in late September 2013, releasing Feelit 2.0 and even getting feedback from Silicon Valley last year, the cofounders are currently raising for their seed round, and conducting talks with investors to carry out their growth plans.

model with in-app purchases (IAP). A popular and proven method of app monetization, 41% of global revenue in 2013 was generated from Asia, while North America generated 31% and Europe brought 23% (Distimo). Besides IAP, they are also building a subscription model consisting of stickers and virtual goods and “investigating” additional business models that “can go beyond the app itself.” Currently boasting a user base of 60,000 users, Feelit hasn’t “spent anything on marketing yet,” all thanks to “focusing our energies on social media channels” and “work[ing] on sparking a buzz that generated more sign-ups.” It didn’t hurt that they had help from Twitter influencers such as Firas Buqna (@FMB4), Manal AlSharif (@ manal_alsharif), and Essam AlZamil (@essamz). Female Instagrammers also had a hand in

helping Feelit spread by posting pictures of Feelit and becoming their “most effective channel,” seeing as it was directed to their target market of young females. “We’re really thankful for their support and help,” says AlQadi mentioning other notable Instagram influencers who helped them out like

Shomowkh AlShimmari (@shomowkh), Arwa Al-Turki (@arwahomaidan), Loujain Hathloul (@loujainhathloul), and Abeer Alwgait (@abeeralwgait). Whether or not this platform is for you, this generation’s need for oversharing and the desire for genuine self-expression might just make Feelit the new “in thing”. After launching in late September 2013, releasing Feelit 2.0 and even getting feedback from Silicon Valley last year, the co-founders are currently raising for their seed round, and conducting talks with investors to carry out their growth plans. In the works is a new version with features that will “ignite [their] viral growth engine,” plus they will be refining current features and improve usability. Their other plans include going forward with subscription, and exploring new revenue models. Besides working on gaining more ground in the MENA region market, they’re also building global-friendly features such as location-based content. september 2014

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ore than two generations ago, the venture capital community –VCs, business angels, incubators, and others– convinced the entrepreneurial world that writing business plans and raising venture capital constituted the twin centerpieces of entrepreneurial endeavor. They did so for good reasons: the sometimes astonishing returns they’ve delivered to their investors, and the incredibly large and valuable companies that their ecosystem has created. But the vast majority of fast growing companies never take any venture capital. Consider Claus Moseholm, co-founder of GoViral, a Danish company created in 2003 to harness the then-emerging power of the internet to deliver advertisers’ video content in viral fashion, saw no need for external investment. Funding his company’s steady growth with the proceeds of one successful viral video campaign after another, Moseholm and his partners built GoViral into a leading digital platform to host and distribute such content. In 2011, GoViral was sold for US$97 million, having never taken a single krone or dollar of investment capital. The business had been funded and grown entirely by its customers’ cash.

Putting your customers at the forefront of your thinking can only pay dividends. 82

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IT’S TIME TO REEVALUATE THE “FACTS” Second thoughts on venture capital By John Mullins

Why raising early VC is a bad idea

Too many of today’s entrepreneurs have come to the belief that the best way to start and grow a thriving business is to come up with a great “idea”, write a great business plan, raise capital from angels or VCs, flawlessly execute the plan, and (Voila!) get rich! But it hardly ever happens this way, and the vast majority of successful businesses don’t ever raise venture capital. Instead, at least at the outset, and sometimes for the entire journey, they get the cash they need, just as Moseholm did, from their customers.

The drawbacks of attempting to raise capital too early Lifecycle stages Raising funding

Key Drawbacks

Details

A distraction

Raising capital often requires full-time concentration, but so does starting an entrepreneurial business. One or the other will suffer when investment capital is sought. Why not raise money later when the business is less fragile?

Pitching vs. proving merit

Nascent entrepreneurial ideas, however promising, always raise numerous questions. Proving the merit of your idea (to yourself and to others), based on accumulated evidence and customer traction, is much more convincing than using your own wisdom and charm to pitch its merit.

The term sheet giveth; the shareholders’ agreement taketh away

The terms and conditions attached to venture capital are (for good reason) somewhat onerous, as investors seek to protect themselves from downside risk. The further along the path, the less onerous the terms.

Building the business

Advice and support

Just how good is the “value-added” advice and support that investors provide?

Outcomes

The stake you and your team get to keep

The further you progress in developing your business before you raise funding, the lower the risk, as early uncertainties become more certain. Less risk translates into a higher valuation and a higher stake for the founding team.

Bad odds

VC today is an all-or-nothing game. Is that the game you want to play?

They don’t do so because it’s easier, though. It’s not. They do it in large part because of the unwelcome drawbacks entailed in raising capital too early. But is there an alternative? Yes, five of them! What do Michael Dell, Bill Gates, and Mel and Patricia Ziegler have in common? Each of them, like Moseholm, started and grew their companies largely with their customers’ funds. Here are the five customer-funded models through which they and many others have done it: > Matchmaker models (for example, the U.S. companies Airbnb and DogVacay) > Pay-in-advance models (the USA’s Threadless, India’s Via and Loot)

the vast majority of successful businesses don’t ever raise venture capital.

The way forward

Thus far, I’ve focused largely on the drawbacks of taking early VC, but there are material benefits to not doing so, too. Perhaps the

most important of these to an aspiring entrepreneur is freedom. According to Hussein Kanji, founding partner of Hoxton Ventures, “I wish more entrepreneurs

> Subscription models (India’s TutorVista, the USA’s H.Bloom) > Scarcity models (Spain’s Zara, France’s vente-privee, the USA’s Gilt Groupe) > Service-to-product models (Denmark’s GoViral, Puerto Rico’s Rock Solid Technologies). In fact, for most successful companies –today and always– whether fastgrowing or otherwise, the early funding comes from a much more agreeable and hospitable source, their customers. Your funding can too.

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understood the significance and freedom that cash generation can bring to young, fledging businesses. It puts an entrepreneur in the driver’s seat. As a venture capitalist, I dream of entrepreneurs that are able to independently validate their product or service with the market, lay down early traction and are constrained only by capital to take their companies to the next level.” A second benefit is the consequence of directing your attention to customers, rather than to investors. In the words of The Darden School’s Saras Sarasvathy, “Treat your first customers as your partners – they are your earliest investors and your

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best salespeople.” Putting your customers at the forefront of your thinking can only pay dividends. Third, and importantly, with the cost of building many kinds of businesses –including software and Internet businesses that are on so many entrepreneurial agendas today– lower today than ever, you may not need very much cash –your customers’ cash– to cover your costs. One or more of the five customer-funded models may work for you. Whether you’re an aspiring entrepreneur lacking the startup capital you need, an early-stage entrepreneur trying to get your cash-starved venture into take-off mode, a corporate leader seeking

to grow an established company, or an angel investor, mentor, or business accelerator or incubator professional who supports high-potential entrepreneurial ventures, a customer-funded approach offers the most sure-footed path to starting, financing, or growing your business or those you support. In the words of Shanghai’s entrepreneur and angel investor Bernard Auyang, “The customer is not just king, he can be your VC too!” you may not need very much cash –your customers’ cash– to cover your costs. One or more of the five customer-funded models may work for you

John Mullins is Associate Professor of Management Practice in Marketing and Entrepreneurship at London Business School. His latest book is The Customer-Funded Business: Start, Finance, or Grow Your Company with Your Customers’ Cash (Wiley, August 2014), from which this article has been adapted.

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Signed, sealed, delivered Five steps to startup pitching like a pro By Simon Hudson

ver the past six months I have written about various experiences as an entrepreneur during my journey as Brndstr Inc.’s CEO and Founder. With the recent opening of our first international operations in Istanbul, together with a solid number of clients under our wing now, I wanted to discuss my experience on what it takes to actually pitch. From raising your seed to closing a deal, the wonderful world of pitching is the backbone to success. For those of you who watch Dragons’ Den or are familiar with Y Combinator and 500 Startups, being able to deliver your idea is the door to startup success. 1. Simplicity The number one rule is to keep it simple. There is something called the KISS effect: Keep It Simple, Stupid. Now I am not calling anyone stupid, these four magical letters should be written in front of you when composing any pitch. I have previously spoken about best practices for raising

money and a simple pitch deck will always win. Some of today’s largest companies raised their first money on just six slides. By keeping everything simple and to the point, you’ll maintain audience interest and focus on the areas that matter. Keep in mind that you may have lived and visualized this for many months and what may seem obvious to you is not always obvious to an external audience. This will be the first time a person has met you and heard about what you have to offer, so it’s worth reminding everyone that first impressions count. Make your first impression one to remember. 2. Rehearse My second tip follows my first suggestion. Before going to your meeting with potential investors or clients, practice on someone you know who doesn’t have a clue what you are doing business-wise. Family and friends are good for this as they will be honest, and there is the additional benefit of the fact that they want you

to do well. Keep a couple of friends in the dark when starting a new project, and test your pitch methodology on them. 3. Icebreaker In order to make a good impression go that extra mile. Before every meeting, I pen a welcome note to the person by hand- it’s a personalized touch that reinforces the idea that I am grateful for their time, and that I take my professional relationships seriously. To lighten things up and pre-promo my idea, I include some groovy Brndstr stickers and swag with the note. Breaking the ice with your audiences can be a simple personalized gesture that will go a long way both to make your pitch a memorable one, and to demonstrate your ingenuity. 4. Purpose It’s extremely important to know who you are meeting with, and understand why you are there. Whether it’s to raise money, close a deal or open a new office, the bottom line is always the same. You need to get the person to understand what you are offering and jump on board your ship- this requires background knowledge on your audience. Research the people, companies, countries or anything else you believe might be relevant to this meeting. Standing in front of someone armed with solid facts and knowledge puts you in a stronger position and helps you ooze confidence. If you treat it as a first date you can’t go wrong- after all you are hoping to build a relationship and future together. 5. Care My final point is about taking pride in your appearance and in your presentation. There is a saying, “For business be 10 minutes early, and for pleasure be 10 minutes late.” (The latter is to look cool, I guess.) Make sure you know where you are going, and give yourself time to channel calm and focus before going to pitch. Prepare your material well and if you are using a laptop have

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september 2014

all the right connectors- a little extra foresight goes a long way. I always take a printed copy, but present it at the end of the meeting. The reason for this is that you don’t want to give the details away too soon. As always I can only offer advice and commentary based on my personal experience. If you don’t make a successful first pitch or even third, keep trying! Today, I’m the CEO of my own company and I have raised a large amount of seed funding, but I’ve made mistakes along the way. As long as these mistakes are used as learning opportunities, you’ll improve each time. Good luck at your next pitch, ‘treps. I’ll see you next edition!

Simon Hudson is the CEO and Founder of Brndstr.com. Having recently closed a large funding round, Hudson is well versed with the challenges ahead of any startup. Prior to becoming an entrepreneur, Hudson worked as Marketing Director for Trump Towers in Miami and more recently as a senior figure at Groupon Middle East. Over the past two years he has been busy helping to grow, build and develop the Dubai startup circuit. As the Founder of ThinkTank.ae, ex-Chapter Director for Startupgrind.com, moderator of the previous Young Arab Leader event, and a coach at this year’s Dubai Startup Weekend, in addition to contributing the monthly entrepreneur column for newspaper 7days UAE, Hudson is well positioned to offer help and advice to any budding entrepreneur.

to serve both internal and external customers. This is what the majority of organizations find themselves in.

Your SME has its head in the clouds du talks IT business solutions

or the foreseeable future, cloud computing is the best solution for both SMEs and larger-scale business models. du Chief Commercial Officer Fahad Al Hassawi discusses your options, who is opting for hybrid public-private, and why a local cloud service is better than an overseas option. What’s the current state of cloud computing? Where do you think it will go? Cloud is hot right now, as increasingly more companies recognize the benefits and sustainability cloud-based services offer. The next decade of cloud computing promises new ways of collaborating anywhere and everywhere using mobile devices, so we can expect that the current uptake of cloud services will only continue to grow. Worldwide, the cloud computing market will grow at 36% compound annual growth rate (CAGR), to reach a market value of US$19.5 billion by 2016. Locally, the UAE market

CAGR will grow by 22%, to be worth AED 1.6 billion by 2019. Why opt for cloud services? Increasing digitization means that more companies are taking advantage of the cloud, by shifting their applications there from traditional on-premises business models. There are numerous benefits to be reaped from the cloud. Decision-makers in enterprises of all sizes are being pressed to increase efficiency while reducing ICT costs, making cloud services an ideal option. Cloud services remove the costs of having ICT installations on-premises by employing the capabilities of a professional provider, allowing companies to leverage investments made in skills, technology and resources at a fraction of the price. Cloud has five main characteristics that businesses can benefit from: on-demand self-service; ubiquitous network access; location independent resource pooling; rapid elasticity, and

Pay Per Use models. These can fall into three categories, which customers can choose from to best suit their needs. They are Infrastructure as a Service (IaaS), which provides data-centre capacity, processing resources and storage; Platform as a Service (PaaS), offering an environment for the development and hosting of applications, and Software as a Service (SaaS), which provides software services hosted from the cloud. The UAE market has three main models of cloud computing that can be used with each of the above service categories. These are private, used exclusively by one organization and can be managed either by the organization or by a third party, either on- or offpremises services; public, which is available to the general public or to a large industry group, owned by an organization selling cloud computing– such as Apple or Google, and, thirdly, there is the hybrid cloud, which combines the first two in order

How will SMEs benefit from du’s cloud services? We offer some incredible solutions to our enterprise customers, no matter what size their business is. By using cloud services that are hosted locally, customers can experience a faster response than they would from an overseas host, for starters. Additionally, data stored in the cloud stays in the country, which could be an organizational or regulatory compliance matter. Our Managed Services team works on the principle of ‘easy to choose, easy to use’ for the UAE’s SMEs, with packages designed that are user-friendly and easily customizable without requiring any in-depth IT knowledge. For example, Managed DDoS Protect is delivered from the cloud without having the need for any on-premises hardware or software, which makes it very easy to protect the service without any changes to our customer’s network. Both SMEs and large enterprises use cloud services, though they have different needs that have to be satisfied. Typically, SMEs will use the public cloud model mentioned earlier, while large enterprises tend to use the public or hybrid cloud model. We’re aware of the varied needs of the UAE’s businesses, and our experts can easily advise the best solution to best meet all of a company’s requirements.

september 2014

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start it up

Wacky idea | who’s got VC | Q&A | STARTUP FINANCE

certified graduate sponsored by dubai chamber in the spirit of facilitating emirati achievement via entrepreneurship

It’s your Dubai and her Dubai and his Dubai Emirati ‘trep Rashid Alahmedi wants to tailor your retail experience

mirati entrepreneur Rashid Alahmedi took the popular “MyDubai” concept and ran with it. His idea brings together a lesser-utilized Bluetooth technology, and the concept of interactive, user-targeted smartphone shopping. Alahmedi is an Information Technology graduate of UAE University who followed up with a Masters in Quality Management from the University of Wollongong in Dubai (UOWD) that he’s since put to work on his own entrepreneurial endeavor. His UAE-based enterprise has ambitious plans; the ‘trep sees his MyDubai Progam as not only a project for profit, but also as doing his part to contribute to the country’s larger goals. “We would like to take the shopping experience to the next level, and we want to contribute to the vision of H.H Sheikh Mohammed bin Rashid Al Maktoum to turn Dubai into a Smart City. MyDubai Program is the first step on our roadmap to build added value services, 88

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and help shop owners to set their strategies by capturing their users’ behaviors. It offers their customers new dimensions to the way they shop using smartphones while they are in-store or even at home.” Currently in the last stage of development, Alahmedi says that they’re in the midst of putting the finishing touches on the program’s design, app sections and work flow. “We do have a beta version that demonstrates the function of the application for any shop owner who needs to understand or feel the experience. It shows what the application will do so that they can join our program. We also welcome any shop or brand owners who would like us to build something dedicated for them.” Having registered his company, the next step is his corporate website development (www.signifi.solutions), followed by the app launch. Alahmedi’s goals also factor in Emiratization, and he believes that there is no limit to what needs to be done: “I do believe that UAE nationals have huge potential. We do have people with great skillsets to lead future businesses, and build new startups that can leave a global footprint,” he says. “I wish that my business expands in the future, and that I have the capacity to host UAE talented software developers and IT experts. I think it is everyone’s duty to help bring out the potential of young talents, and to keep them on the right track.”

â&#x20AC;&#x2DC;TREP TALK Q+A How does the MyDubai Program work?

Iâ&#x20AC;&#x2122;m a follower of the latest technologies and inventions around IT and Telecommunication Services and MyDubai idea was a reflection of Apple technology called iBeacon. This technology uses Bluetooth signals to trigger actions on your smartphone. Apple used this technology in their stores to send notifications to their customers, and I took the concept and adapted it with current vision of Dubai as a Smart City. I did this to produce value for shop owners and end customers. We install small Bluetooth transmitters near the item in the shop that you want to promote. The shop owner can enter a portal and edit the template with the information they want [to convey] like the item name, description, photos,

MyDubai idea was a reflection of Apple technology called iBeacon. This technology uses Bluetooth signals to trigger actions on your smartphone.

and price. When the customer enters the shop -and has already installed the MyDubai application- and comes near the item by pre-defined distance and pre-determined time, the phone will trigger the Bluetooth signal. Accordingly it will send the customer a notification to his device, and when the user opens up the notification, they will be able to see the template which was configured by the shop owner in his phone. He then can like it, rate it, share it with his friends via social applications like Facebook, Twitter, and Google+. What do you think is the biggest challenge facing Emirati entrepreneurs?

I think the UAE government has made a big effort to reduce the complexity of starting a business, and we see that very clearly with the amount of foreign establishments started [here] or that have regional offices in the UAE. Emiratis should understand how to play a role in the development of their country and benefit from the growth that is happening, and all the potential that is coming with initiatives

by the government like Smart Government, Dubai Smart City, and Expo 2020. The main and biggest challenge for Emiratis is the risk associated with business from the financial aspects. Due to this, taking the required steps to evaluate the business and be part of many SMEs and startup programs such as Tejar Dubai is going to reduce that risk, and will ensure the best ROI for them. What process did you go through with Tejar Dubai?

The process was really simple. All I needed was to apply for the program from the website and present the business idea and the case study with the support of the expert team who helped me get this done. Tejar Dubai facilitated a lot of support starting from the ability to work with me on the business case and setting up the business strategy, access to useful workshops, establishment of the business firm, and the financial support needed. Their role was important as an entrepreneur because of their experience in the market and view on the potential success of any business. My advice for anyone with a new or smart idea that has potential is to seek support from Tejar Dubai, and evaluate his idea with them to ensure

Apple used this technology in their stores to send notifications to their customers, and I took the concept and adapted it with current vision of Dubai as a Smart City. the best outcomes for his business and future growth. Considering the fact of iBeacon being new technology, and the raise of adaptation of this technology in a lot of new applications, I required support from an entity like Tejar Dubai with the business case analysis, and they guided me with the best approach to enter the market.

Tejar Dubai is a development program committed to nurturing potential UAE nationals into becoming entrepreneurs. Launched last year under the patronage of H.H. Sheikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority, the program identifies, develops, and mentors promising UAE nationals to expedite the growth of an embryonic business idea and advance it to the point of being ready for immediate implementation. www.tejardubai.ae @TejarDubai

TejarDubai

AUGUST 2014 september

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INNOVATORS

Bazinga!

Iranian Maryam Mirzakhani first woman awarded the Fields Medal for mathematics

On the up and up

The three women representing MENA at the Cartier Women’s Initiative Awards 2014

tarted in 2006, the Cartier Women’s Initiative Awards aim to identify, support and encourage resourceful ideas by women ‘treps globally. Developed by Cartier, the Women’s Forum, McKinsey & Company and INSEAD, so far they’ve helped over 120 potential female businesspeople and recognized 38 Laureates. Three promising women from each region are nominated, and go through two rounds that include mentorship and a presentation of their respective business plans for jury evaluation. One Laureate is chosen per region and receives US$20,000 of funding, one year of coaching, networking opportunities and media exposure. Who are the three women representing the 90

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MENA region this year? Hailing from UAE is May Habib, Founder and CEO of Qodoba, a tech company using “proprietary software” to enhance “localization and translation.” With lack of quality Arabic content online, the company has shaken up the overlooked industry, raising $1.5m in Series A funding. Next up is Mariam Hazem, Co-Founder of Reform Studio, which designs high-quality fashion products out of plastic bags. Motivated by the Arab Spring revolution during her third year as a design student, by upcycling the bags to new products, they are also reviving traditional Egyptian craft while reducing waste. The third entrepreneur in the running is Rama Kayyali Jardaneh, who

with her business partner Lamia Tabaa, used their backgrounds in TV production and documentary filmmaking to make an Arabiclanguage children’s film The Animals Around Us. With a promising audience waiting for similar content, and a lack of engaging Arabic language content for children, Little Thinking Minds was started, offering varied content and an alternative educational experience for kids. Last year, the Laureate for MENA was Sima Najjar who founded Ekeif.com in Jordan, a website producing how-to videos for the Arab speaker. The official announcement of the six successful Laureates will take place on October 16th. We’re rooting for you, ladies! -by Pamella de Leon

Stanford University professor Maryam Mirzakhani has become the first woman to nab the prestigious Fields Medal in mathematics since its establishment in 1936, an award that’s considered to be the Nobel Prize of mathematics. It’s also a reflection of the desperate state of gender inequality, despite the slowly improving odds in academics departments globally. The Iranian-born mathematician is recognized for her “sophisticated and highly original contributions” in geometry and dynamical systems, “particularly in understanding the symmetry of curved surfaces”, including spheres and hyperbolic objects. (Stanford News). The University’s press department explained that although her work is regarded as pure math and theoretical, it has implications for physics and quantum field theory. Her work is considered original for how “she puts together disparate pieces,” according to a fellow Stanford professor who has collaborated with Mirzakhani in the past. As much celebration and recognition that should follow the prestigious feat, ladies it’s a nudge to achieve more firsts. Time to kick it up a notch!

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