Business Insight September 2015

In partnership with

15 September 20

r Incubatocc Business Ac s tualising Su es Visualising to

Technology

ISSUE

18

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Downtime in Re

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Editor’s Foreword

F

inally, the kids are back to school, the weather is changing (hot and humid anyone?) and we are back thinking of business.

With all that is happening with the Chinese economy, the upheaval in the Middle East, and Europe being stretched to breaking point with refugees and immigrants; not to mention the constant concern the world markets have bubbling away below the surface about the fact that the Greek Crisis isn’t resolved and America is talking about raising interest rates for the first time in years, you can understand why business confidence globally has been dented. In our article, “Business Confidence Falls”, we look at how this has affected the Middle East in Q2 this year.

With the countries locally reportedly seeking opportunities in new markets over the same period, “Securing the Loyalty of Customers” in the markets you have already has never been more important. In our article on page 20, Dina ElZaharna, ICLP reviews omnichannel strategies, which is the ability to be able to deliver customer satisfaction across various networks and platforms, and looks at why these should be a consideration for businesses in the region.

Looking at new business strategies though, will often mean that businesses put more pressure on their staff to perform, by giving them additional duties to perform. So what is the best way to truly motivate your employees? How can you get them to work with you, and want to take on more? In our article “Motivation!” we speak with NY Times bestselling author Daniel Pink to uncover the surprising truth about what motivates us, and how we can use this to motivate our staff.

Publisher & CEO Liam Williams liam@flipflopmedia.ae Managing Director Harry Norman harry@flipflopmedia.ae +971 4 369 9062 Business Development Executive Paul Davis info@flipflopmedia.ae +971 04 369 9061 Editorial Editor Tanya Selley tanya@flipflopmedia.ae +971 4 369 9063 Staff Writer Rachel Stracey info@flipflopmedia.ae Design Head of Design Mhar Delaben design@flipflopmedia.ae Operation Steve Miller Operations@flipflopmedia.ae circulation & Production Circulation and Distribution Manager Antonio de Marco circulationdm@flipflopmedia.ae

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Se p t e m b e r 2 0 1 5 C o v e r Business Confidence Falls *Motivation! *Securing the Loyalty of Customers

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24

Contents Foresight

Marketing & Advertising

Page 14 – Just Like Businesses, GCC Government are Urged to Act on Security Page 16 – Business Confidence Falls Page 18 – Millenials – The Facts Page 20 – Securing Customer Loyalty

Success Series

35 34

Page 24 – Interview: James Bernard, Director of Business Development, DMCC Page 26 – Interview: Caroline Jones, Managing Director, InfoPod

Technology Page 50 – Downtime in Retail Costs Millions Page 52 – Channel Insight Page 54 – Combating New IT Security Challenges

Hospitality Page 56 – Foodie Fantasy - Gaucho DIFC

People Page 28 – Corporate Social Responsibility Page 30 – Motivation!

Page 33 – Pride and Frustration of Staff in Gulf Banks

Money Page 34 – Introduction of Benchmark for Global Islamic Banking Page 36 – The Importance of Book keeping

40

Page 44 – On a Mission with a Vision Page 48 – Cheat Sheet to Capturing Millennials

Business Incubator Page 58 – Visualising to Actualising Success Page 60 – The Case Study for CSR Page 62 – Women in Family Business Page 64 – All About Apple Page 66 – Surprising Business Facts Page 68 – Let’s Go Bananas Page 70 – Hot and Humid Weather Conditions

Legal Page 38 – IPO Your Startup

DMCC Page 40 – DMCC Brings Burj2020 District to Life at Cityscape Debut

64 10 | September 2015

58 www.businessinsight.ae

expert panel

EXPERT PANEL Jonathan Hall Founder and Managing Director Mulverhill Associates

Caroline Jones Director Infopod

John Brash Founder & Chief Executive Brash Brands

Yogesh Mehta Managing Director Petrochem

Hind Abdulrazak Creative Director Audax Investment

Sara Abdulrazak Managing Director Audax Investment

Dr. Tommy Weir Founder Emerging Markets Leadership Center

Jeffrey Rhodes Founder & Managing Consultant Rhodes Precious Metals Consultancy DMCC

Louis Lebbos/ Founding Partner Astro Labs

12 | September 2015

Muhammed Mekki Founding Partner Astro Labs

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Office Suite 3001 PO Box 17317 30th Floor / HDS Tower / Cluster F / Jumeirah Lakes Towers / Dubai UAE Tel No: +971 4 448 4284 Fax No: +971 4 448 4285 Email: admin@willsuae.com Web: www.willsuae.com and www.twslegal.ae

Family Matters and Divorce

Wills, Inheritance Issues and Guardianship Issues

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that you have in a UAE on-shore or

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a freezone company is exposed to

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Centre (‘DIFC’) has established the

a Sharia distribution in the event

the legal processes within the UAE or UK on

Dubai alone recorded 1129 divorces

new ‘DIFC Wills and Probate Registry’

of death?

the death of a partner or family member.

in 2012

implementing new succession and

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with Dubai assets?

need a partnership agreement or a

in the administration of a specific asset, or

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regarding any family or divorce matters,

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the assets and liabilities to ensuring that an

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per fixed share ratios. It is also extremely

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Wills – Guardianship - Family & Divorce – Corporate Services

foresight

Just like businesses GCC Governments are Urged to act on security Cyber attacks on industrial Systems in the Internet of Things (IoT) era could shut down oil and gas, utilities and transportation systems CC governments are urged to secure critical national infrastructure in the face of high-risk of more sophisticated cyber attacks in the emerging IoT era industry experts announced today.

As the IoT era advances, with IBM predicting 30 billion autonomously connected things by 2020, the field of operational technology, industrial automation and control systems including power plants, transporting oil and gas, and manufacturing, is becoming increasing connected to networks.

At the same time connected IT, management systems and control areas are facing a sharp rise in the number, scale, and sophistication of cyber attacks according to research firm Gartner. In particular, manufacturing and energy/utilities were two of

G

14 | September 2015

the top five most-targeted verticals globally in 2014, seeing a combined 23 percent of all cyber security incidents, according to a recent report by IBM “While GCC governments and organisations are increasingly connecting industrial automation processes for smart intelligence on the back end of organisations, and on the front end citizen services, operational technology is at a rising risk for cyber security attacks,” said Asef Sleiman, General Manager, Enterprise Network and Cyber Security Solutions, Omnix International, a GCC-based systems integrator that has recently launched a cyber security division.

“In anticipation of this growing cyber security risk, GCC organisations must adopt world-class standards and regulations to

ensure older integrated systems and sensors transmitting sensitive data are protected from cyber attacks that could steal vital data or shut down cities and countries,” added Sleiman.

Globally there were more than 81 million security events in 2014; including more than 12,000 malicious security attacks. More than 100 security incidents that were investigated indepth by authorities said IBM’s report.

Unauthorised access, sustained probes and scans, and malicious code were among the most common attacks.

Similarly, 29 percent of worldwide infrastructure and government organisations were targeted at least once in 2014, in particular the infrastructure and public administration fields, according to a recent report by Symantec. l

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foresight

Business Confidence Falls

Business Confidence in the Middle East has fallen again in Q2, but not as quickly as in previous quarter, says survey of finance professionals usiness confidence in the Middle East continued to fall in the second quarter of 2015, but not as quickly as it had in the first three months of the year, according to the to the Global Economic Conditions Survey (GECS) organised by ACCA (the Association of Chartered Certified Accountants and IMA (the Institute of Management Accountants).

The slight optimism was due to a temporary reprieve in oil prices during the spring, but was a short-lived flame of hope for OPEC members, which was quickly extinguished by the prospect of Iran reentering the market within a year.

B

Diversification More than any other region, firms in the Middle East began looking for opportunities in new markets in the last three months. 43 percent of them took this approach, while over half of firms (53 percent) sought

16 | September 2015

ways of reducing costs during this difficult period said respondents to the survey. Some economies had a more difficult quarter than others.

Saudi Arabia, which has yet to achieve significant diversification away from oil, was drawn into Yemen’s internal conflict during the second quarter. Qatar on the other hand has continued to boom, owing to large reserves of natural gas rather than oil, as well as ongoing investments ahead of the 2022 FIFA World Cup. While Qatar is expected to record strong growth of 7.1 percent this year, the IMF revised its overall forecast for the region down by a percentage point in its April 2015 World Economic Outlook.

Meanwhile, the global economy is facing a period of volatility and major readjustments according to the survey.

Q2 2015 The second quarter of 2015 saw an abortive rise in oil prices, several expected and unexpected rate cuts

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foresight

by central banks, a rebound in Western consumer sentiment and a stock market crash in China.

These events led to business confidence levelling off in the second quarter of 2015 following six months of improvement, according to GECS. The slowing in confidence can be traced to the world’s largest economies: many businesses in the US were affected by severe winter storms, port disruptions and a strong dollar, while those in China faced a cooling economy in the first quarter and over-heating stock markets in the second.

Of these factors, China’s economic slowdown and accompanying shift from investment - to consumption-driven growth will have the greatest long-term impact on global trade patterns, hitting the world’s major commodity exporters particularly hard.

Expectations Nearly half of those surveyed expected to see Government spending in the region increase over the next five years, while 35 percent expected a decrease. The survey also shows that firms remain quick to cut staff when faced with uncertainty. In the past quarter, 41 percent of businesses have cut staff or ceased recruitment.

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The major global concern was a rise in costs, with 46 percent of respondents worried about the impact, while foreign exchange movements were cited as a problem by more than a third of larger businesses that have cross-border supply chains.

But there was significant regional variation in the relationship between confidence in the economic outlook and willingness to take on new staff. In North America, the number of firms creating new jobs was actually greater than those expressing confidence in the economy.

Alternatively in South Asia and Africa, relatively high confidence had yet to translate into new investments in people. The study noted that this might reflect a degree of uncertainty about the sustainability of business growth in regions that still face numerous internal challenges and external vulnerabilities.

Faye Chua, Head of Business Insights with ACCA said, “Since the global financial crisis of 2008, China has been viewed as the engine of the world’s economy. Yet with more sturdy fundamentals re-emerging in the US and Western Europe, the role of Western consumers in driving demand is coming back to the fore

“Looking ahead to the next quarter, overall confidence is set to rise in the wake of stronger economic reports coming out of the US and China. There are a critical number of factors affecting this. It is likely that the Federal Reserve will raise US interest rates before the quarter is out, which could intensify current currency trends though much of the impact would already have been priced in.”

Chua continued, “The outcome of OPEC’s next meeting on whether to curb oil supply, the extent to which Indian Prime Minister Modi manages to implement his reform programme for India, and the ongoing negotiations between Greece and the rest of the euro zone will all be issues which could have a huge impact on business confidence in the second half of 2015.” l

It is likely that the Federal Reserve will raise US interest rates before the quarter is out, which could intensify current currency trends though much of the impact would already have been priced in

September 2015 | 17

foresight

Millennials –The Facts Marketers have started talking a lot about Millennial and the available spending power that they wield. They acknowledge that companies need a clear and concise approach to marketing to them though. Here are some reasons why you may want to invest in this area.

Millennials were born between the early 1980’s and the early 00’s

77million

Favorite top brands of millennials are

In the US alone, millennials account for over

a quarter of the US population

85%

of US millennials own smartphones which they touch an average of 45 times a day Source: leadscon.com

Source: Moosylvania

Globally use

24% VINE

Nike Apple Samsung Sony & Walmart

26% of Millenials are married compared to the same ages for

14%

TUMBLER

71%

FACEBOOK

Silent generations

26% 65%

33%

48%

TWITTER & GOOGLE

52%

INSTAGRAM

18 | September 2015

Generation X

Baby Boomers

41% SNAPCHAT

36%

84%

of millennials follow brands on Facebook www.businessinsight.ae

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foresight

Securing The Loyalty Of Customers By: Dina El-Zaharna, ICLP

Are you struggling with customer loyalty? Have you ever wondered how this can be achieved? ICLP tell us more‌

mnichannel strategies are being developed and delivered to respond to continual changes in individual shopper behaviour.

The path to purchase is no longer linear - it has been disrupted by consumer adoption of new technology and its use, enabling greater peer influence in browsing and buying behaviour.

Delivering a true omnichannel strategy creates a brand relevant, seamless customer experience across all paths to purchase. This can be commercially optimised to improve business performance.

Connecting data across all digital, social and offline touch points at an individual shopper level, and being able to apply intelligent customer management rules will further move retailers along their omnichannel journey towards seamless delivery.

However what is of strategic importance for commercial success, are that retailers have to complement their approach with an integrated relationship strategy and loyalty proposition. This should be driven by data insights and facilitated by a cost-effective technology ecosystem.

Only then will the true potential for securing the loyalty and devotion of omnichannel customers be realised, along

O

20 | September 2015

with the commercial opportunities for positive brand differentiation, business growth and profitability.

The Adoption Of Omnichannel Retailing Strategies Recent advancements in technology have greatly affected the ways in which consumers shop – they can choose where, when and how they interact with a brand and expect retailers to deliver a relevant and seamless experience between channels.

Retailers are now appreciating the increased commercial value of multichannel customers, and so the race is on to deliver an integrated omnichannel experience that drives greater loyalty with this audience to increase revenue and business growth.

Customer adoption of new technology is continuing to change the dynamics of a brand relationship. The consumer is in control of the conversation and the purchase decision. Understanding this change and recognising the non-linear paths to purchase mean that retailers employ a holistic data strategy in order to influence customer behaviour across all channels.

Retailers have the opportunity to evaluate how they can enhance brand engagement and guarantee their omnichannel strategy seamlessly integrates with other

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foresight

business aspects – like their loyalty strategy – while improving the overall customer experience.

Developing The Customer Experience Understanding the key areas of customer frustration provides important insights on how to deliver an improved customer experience.

Often common customer service complaints point to a breakdown and inconsistencies in their reality.

This is because customers want and expect, a seamless transition between channels: no matter where or how they are choosing to engage with the retailer.

Analysing omnichannel shopper needs creates a new dimension in consumer understanding. As well as the customer needs that are traditionally understood by a brand, retailers and companies have to determine the customer drivers and motivators, by also considering what value the customers are looking for from their social interactions.

For this to be affective they have to consider both the brand and the purchaser’s own social networks.

Above all, customers want the same service, quality and personalisation of experience across all channels.

Using Data To Create More Profitable Customer Relationships Omnichannel strategies enable retailers to take advantage of ad hoc purchases. It also enables them to maximise their ability to build customer relationships and loyalty. They have to know who their customers are for this to work.

If retailers do know this, they can influence basket value and higher margin items through targeted suggestions and incentivisation.

They can also further the brand relationship at both a functional and emotional level. Using individual channels together to craft a seamless journey for shoppers means these targeted strategies are positioned consistently. In turn, they follow the customer across touchpoints, creating a more integrated and motivating brand experience.

Whilst not the most obviously valuable in commercial terms,

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Recent advancements in technology have greatly affected the ways in which consumers shop – they can choose where, when and how they interact with a brand and expect retailers to deliver a relevant and seamless experience between channels

retailers must not forget the sales growth opportunity presented by those who are highly active in social channels who may, or may not, be actual customers. They can still be vital in contributing to brand perception and loyalty.

They can also further facilitate peer to peer communication, which is important given the increasing influence of customer reviews, blogs and price comparisons on the purchase decision.

Deeper Customer Engagement Needs A Data Strategy Unlike twenty years ago, the consumer now holds a fountain of information in their hands, wherever they go. They can search online for the best deals, styles or looks, using a myriad of sources including recommendations and blogs even while standing in the middle of a shop floor. If a customer is undecided about a product in-store, they can easily access alternative products and prices online.

What is most important is how retailers can access and bring together as many sources of customer interaction data as possible.

This should be used to create a central database from which they can determine how individual customers behave across

various touchpoints. Many retailers still need to fully integrate their channels and more importantly bring all of that data together so that they can fully understand the whole of the customer service experience.

Technology Considerations Technology has enabled a new age of retailing in which customers expect to be able to research and shop wherever they are, whenever they want, and for retailers to deliver a seamless and personalised experience with that brand.

Many retailers are investing in improved functionality for their websites, improving the platforms for their mobile sites and apps and developing IT, analytics, marketing and ecommerce expertise. They are also mindful to give the customer maximum choice in how they want to order and the way in which it can be fulfilled. The omnichannel opportunity however is to be able to consolidate all customer data about their preferences, behaviour, interactions and transactions to better understand customers’ needs and use it to communicate more intelligently, efficiently and effectively.

Management Strategies To Drive International Results The omnichannel approach also helps to unlock cross border opportunities, expand international presence, and capture sales in new markets – either by using owned or third party online sites.

Broader business goals can be facilitated with the joined up view of customers including: management of strategies, branding and infrastructure, whilst leaving local markets to determine the fine nuances of customer communications and promotional targeting to suit their specific audience opportunity. l

September 2015 | 21

success

Success series INTERVIEW:

James Bernard Director of Business Development, DMCC

Next month marks one year since Business Insight Magazine has been relaunched. To mark this occasion, we look back at some previous interviews with home grown entrepreneurs ollowing our look back to Success Series Interviews from a bygone era, here we speak with James Bernard, Director of Business Development at DMCC who supports and witnesses the growth of companies from start up to success.

Here he tells us how the DMCC provides the platform and business support systems that enable and give many advantages to new member companies seeking success. But remarkable, at the time of the first interview back in 2012, the DMCC had 5,200 members companies. Now they have 11,000!

F

How does setting up a business in DMCC Free Zone contribute to the successful outcome of objectives of new companies?

Here in the DMCC Free Zone we offer a very solid value proposition. We make the licensing of your company and all other set up requirements as easy and efficient as possible. This is an area that where we pride ourselves as being particularly good, and communication for us is a key attribute, as we are always available to discuss how we can lend the support that we know is crucial to your business.

24 | September 2015

Setting up a business in a Free zone that has close to 11,000 member companies already set up and operational gives you immediate access to a large number of potential clients. With over 150 new companies registering every month, there is an ever-increasing demand for all kinds of products and services that are needed to support this ‘city within a city’.

What kind of business atmosphere and opportunities there within the DMCC community?

DMCC Free Zone is a thriving community with more than 80,000 people working and living within the 68 Tower Lake-fronted community. It provides a great opportunity for any company looking to find a potential client base. There is a healthy mix of start-ups, SMEs, and multinationals from a wide range of business sectors and from all over the world.

DMCC Free Zone is quite possibly the best location in Dubai for a start up company. Its central location and close proximity to everything a company would require, combined with competitive property prices and wide choice of offices make it both desirable and affordable.

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success

What kind of business support system is there within the Free Zone?

As the JLT Free Zone Authority we are continuously striving to develop new products and services that our member companies can utilise to set up, run and grow their businesses.

We are now providing networking opportunities on a regular basis through our ‘SME Connects’ platform.

This publication ‘Business Insight’ seeks to provide the professional advice and educational content that facilitates success.

We are also busy developing an educational and training platform that will provide efficient and affordable access to professional courses, seminars and training in key areas. In addition, we are establishing various clubs and networking events specific to different business and industry sectors.

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As Director of Business Development, what advice would you give to the new businesses and start-ups coming to DMCC, to maximise their chances of business success?

One of the most important things you can do to prepare for starting and operating your own business is to develop a business plan. It requires a lot of time and energy but it’s invaluable as it forces you to come to terms with your business idea. How you will generate income, what your expenses will be, who your competitors are, and most importantly what your business actually does. List your USPs and what is going to put you ahead of any competition. Completing the process will convince the most important individual that a viable business vision exists. That individual is you. l

“Its central location and close proximity to everything a company would require, combined with competitive property prices and wide choice of offices make it both desirable and affordable”

September 2015 | 25

success

Success series INTERVIEW:

Caroline Jones Managing Director, InfoPod

ur Success Series is a chance to ask business leaders the secrets of their success and the lessons that they have learnt - so you don’t have to learn the hard way. We met with Caroline Jones, Director of InfoPod to find out about how she came up with her business idea, and the problems she has encountered along her journey…

“So how is it all going?” I asked Caroline Jones: “InfoPod is going very well! I had some key objectives to reach and most of these have been achieved. I have succeeded in maintaining the growth of the InfoPod network across Dubai, as well as increasing the awareness of the service and the volume of clients working regularly with us,” she says with a smile.

And she should be smiling. Jones has been on an increasing trajectory ever since her graduation from Kings College London, gaining a variety of experience that, although a far cry from running her own marketing business, has stood her in good stead to lead her business; A Regional Sales Manager for a leading medical devices company, Executive Search in London and three years relocation work in Dubai has honed her sales and people skills which, when coupled with a great business concept and her professional ambition, has led her to the position she now finds herself in with InfoPod. “The idea for InfoPod came from hearing of a friend’s experience trying to promote her business in JLT with a flyer campaign. When she approached buildings, she received one of three answers: 1. Help yourself door to door. 2. You can leave a pile at reception. 3. Not at all. Most of the buildings

O

26 | September 2015

were concerned with the potential mess, not to mention the security risk of unknown individuals accessing the private residential areas,” she states pointedly.

Thus InfoPod was born; A premium, professionally managed service, that enables local and global companies to market themselves directly to the consumer, all-thewhile ensuring that buildings are kept tidy and that residents have access to neatly presented, current literature.

This is (unsurprisingly) a concept that construction and management companies love the idea of too, “I am delighted to have just installed the 100th InfoPod with many more in the pipeline,”explains Jones with a grin.

What have been your celebratory moments?

With her business in 2 parts; the buildings installing InfoPods and the advertisers using the pods, she is as understandably proud of when she won her first contract with a building for her InfoPods - Just as much as she is of securing her first long term advertising client, “It was exciting when InfoPod reached a size where large household names began to incorporate the service in their annual marketing plans.” From a starting point of 8 InfoPod locations to the current 135, Jones’s tenacity and determination to make this work is clear whilst explaining the time and patience it has taken her to reach this stage, “Only by keeping at it and not caving at the first, second or third obstacle” is she achieving the results she seeks.

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success

“People are willing to share experiences and offer advice or suggestions on how to improve the business”

Securing investment in 2013 was also a major milestone for InfoPod. It has enabled the business to grow more quickly then had this injection of capital not happened. As well as the financial benefits, Jones now also has a valuable sounding board in her investor for major decisions as the business develops.

How did you go about finding an investor?

Caroline considers herself to have been lucky in finding her investor through a personal introduction, but is clear that there are lots of options out there for other businesses and she would have just kept looking, “You never know when you could meet the right person who will want to invest in you. Networking events are huge and can be worthwhile if you are prepared to put the effort in. Speak to everyone. I have friends who have found investment at networking events, others from Business Angels and some from family members.”

But don’t be surprised that it feels differently after you get the investment, “Getting an investor was definitely the biggest step I made business wise. But it

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does make you feel slightly differently than before. I was suddenly aware that there was now someone else who is relying on me to bring in results so there is a different type of pressure…” she explains smiling.

What should businesses do to market themselves?

“Planning ahead is the key and by targeting the right sector at the optimum time will get the results. We find nothing beats getting on the phone, introducing the service and ensuring thereafter, a consistent and appropriate follow up. This combined with referrals from satisfied clients, and general word of mouth amongst businesses is how we have secured all our contracts.” She suggests thinking like your target audience and determine when in the business calendar would be the best time to approach them, and make sure you contact them then.

“I wouldn’t cut my marketing budget if I was in a financial squeeze. I include cushions in my business plan against anticipated revenue to negate these possible issues,” explains Caroline.

“We really feel it when someone is out of the office - the sales drop off. I need to understand this, understand what’s coming in and what is

“You never know when you could meet the right person who will want to invest in you”

going out of the business. A business plan should be revised regularly. Your Profit and Loss (P&L) accounts are your life blood and need constant reviewing.”

What has been you biggest challenge?

Again, Caroline looks thoughtful, “Getting the right team working with me to represent InfoPod has been critical. There have been several hurdles and learning experiences along the way but I have a very solid team now who do a great job. Long may this continue!”

What is your one piece of standout advice?

Easily, Jones explains, “Before having my own business in Dubai, I underestimated the power and benefits of networking. I am not sure if Dubai is unique on this front, but I have always found that people are willing to share experiences and offer advice or suggestions on how to improve the business. Entrepreneurs help each other with client contact’s, business leads and ideas so I would always recommend listening to what people have to say. It may not be right for you but on the other hand, you may just come across some advice that is highly relevant and leads to great things!” l

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Corporate Social Responsibility As you may have noticed Business Insight is passionate about corporate social responsibility, but we are often asked how can SME’s implement a ‘corporate’ policy t is actually not as difficult as you would expect, but the fact of the matter is, it is the larger corporates who have led the way in this arena. Therefore, it is to them that we look for inspiration. Ultimately though, it is down to the SME to determine what would work for them and what would not.

In this issue, we speak with Mr Vishaal S Shah, CEO of Panache International FX LLC, the integrated manufacturer and distributor of disposable range of plastic, paper, aluminum and bamboo packaging products, to find out about their CSR policy.

as further product usage within religious facilities, and to the underprivileged children.

Your company is known for Corporate Social Responsibility; please tell us some more about these initiatives…?

To date we have done various initiatives such as donating our products to the labour camps for use, as well

What prompted Panache International to implement your CSR policy?

Lot of us are fortunate to have what we have and while businesses are in existence for profit, I strongly believe that part of the share of that profit must go to the less fortunate.

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Are there any other initiatives that you have planned?

We strongly believe in giving back to the society and more so to the less privileged. Thus while the long term vision is to create a Panache Foundation to provide world class education to children in East Africa, we for now are rolling out a campaign for, “a cup of charity”, where by every share of that passed on shall contribute a value to a identified charity.

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people

It really doesn’t matter how small or big a company is, CSR can be in the smallest form as every little thing we do makes a difference

It needs to make this world a better place and improving the lives of others can only do that.

Our Vision is “to advance convenience, hygiene and luxury at best value to all”.

If a company wanted to set up a CSR policy how should they go about doing so?

I believe that firstly one needs to clearly identify its purpose and existence and use this to determine a base for its structure on which the CSR policy can by clearly understood. It should clearly identify what they want to do and why they want to do it.

What is the planning process involved to execute a process such as the Green Hope food distribution?

Before we go ahead with a project we need to identify the real need and the benefits that the initiative shall give to the recipient.

Based on that identification process, the right product can be selected, and then the entire logistics strategy can be implemented.

Think of whom the right team is and what resources are required; it may be simple, with only a couple of things to think of (for example, food, transportation and staff to

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provide food to the labourers) or it may been something more detailed.

What did you learn from the Green Hope UAE initiative that you will be using again and what is the story behind this learning curve?

Green Hope being a youth nonprofit organisation is extremely powerful, as its involving the youth who are the future leaders, and making them know the real challenges that exist. It gives them the opportunity to take part in a cause. Therefore, from this we learn is to make the world a better place. It is a long-term strategy and if we are able to instil the good being in the youth, they shall be able to carry the legacy for the future, which will have a bigger impact.

Why is it important that companies implement a working CSR policy?

It’s important that what we profit from the society is partially given back to the society. If the society we live in is not healthy, happy and well-

Green Hope being a youth non-profit organisation is extremely powerful, as its involving the youth who are the future leaders, and making them know the real challenges that exist

taken care of, we as businesses shall also soon be out of business, as consumers might not exist. It’s a circle of ensuring balance.

Can a company be too small to have a CSR policy?

It really doesn’t matter how small or big a company is, CSR can be in the smallest form as every little thing we do makes a difference.

What is the one piece of advice that you would give a business leader today on the implementation of a CSR policy?

What we do as leaders is to make a difference or create a change which impacts 1000s of lives. A clearly defined CSR policy would help in executing it correctly and effectively. CSR forms part of that difference which is why we exist. l

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people

Motivation!

NY Times Bestselling author Daniel Pink on what is the ‘surprising truth about what motivates us?’ or the last 15 years, Daniel Pink’s ideas have been shaking up the business world. He’s written five books – all of them bestsellers – that have been translated into 34 languages and sold more than two million copies worldwide. In 2013, London-based Thinkers 50 named him one of the top 15 business thinkers in the world.

Pink’s team has developed a set of workshops based on his bestselling book, Drive, that are now being delivered

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across the GCC by leadership training company Conscious Leadership Consulting and Coaching (CLCC). We sat down with him to talk about the science of motivation.

You say there’s gap between what science knows about motivation and what business actually does.

What do you mean?

Businesses use all sorts of motivators. But the mainstay motivator is what social psychologists call a ‘controlling contingent motivator’ or what I call an ‘if-then motivator’, as in ‘if you do this,

The mainstay motivator is what social psychologists call a ‘controlling contingent motivator’ or what I call an ‘if-then motivator’, as in ‘if you do this, then you get that’. Fifty years research in behavioral science tells us that if-then rewards are extremely effective for simple, routine tasks with short time horizons

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people

used to pay pretty well – think basic accounting, basic legal practice, basic financial analysis. The jobs of the future will require high-concept and high-touch skills – the sorts of things that are hard to outsource and hard to automate. That’s a key reason why we need a new approach to motivation.

then you get that’. Fifty years research in behavioral science tells us that if-then rewards are extremely effective for simple, routine tasks with short time horizons. Human beings love rewards, so dangling them in front of us gets us to focus. That’s helpful if we know precisely what we need to do - if we’re following an algorithm, a recipe, a set of instructions.

So what’s the problem?

The problem is that fifty years of science tells us that if-then rewards are far less effective for creative, complex tasks with long time horizons.

Why is that?

It’s the same reason. If-then rewards get us to focus like a laser beam. But for creative, conceptual work; such as developing a new product, solving a complex accounting or legal problem, writing an algorithm rather than just following it - being locked in can work against you. For that kind of work, you don’t want to look at things narrowly. You want to look at them expansively. What’s more over the long term, if-then rewards deliver less and less motivational energy. If you’re working toward

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a long-term objective, you need something else to keep you going day in and day out.

Does that mean businesses should get rid of these if-then rewards entirely?

No. Not all. What we have to do is make decisions about how we run organisations based on evidence, not on habit or intuition. So we should use if-then rewards where we know they’re effective; for more routine, algorithmic tasks. We should also use a different approach for more creative, conceptual tasks.

Is that balance changing? What we means is, are workers around the world doing more creative sorts of work and less of the mechanical kind?

Absolutely. Of course, not in every company in every country, but more broadly, there’s a huge shift underway. We’ve certainly seen it in manufacturing. All sorts of manufacturing work can be done faster, better, and more efficiently by machines. But the same thing is happening in white-collar work. Algorithms and machine learning can now perform many sorts of functions that

What role does money play in motivation on the job?

A big one. Money matters.

Money matters a lot. But it matters in a slightly more nuanced way than many of us think. The key point is that you have to pay people enough.

You have to pay them well and pay them fairly. If you don’t do that, you won’t get motivation. Period.

The mistake we make is thinking that money is all it takes. We think that if we get people thinking about money, they’ll perform better. That’s true perhaps for stuffing envelopes or turning screws. But it’s much less true for the more sophisticated, creative, long-term work that many workers around the world are increasingly doing. For this sort of stuff, you don’t want people thinking about the money. You want them thinking about the work. So the best use of money as a motivator is to pay people enough to take the issue of money off the table.

Okay. So if we manage to take money off the table, what does it take to motivate people?

There are three key factors: Autonomy, Mastery, and Purpose.

What do you mean by autonomy?

Self-direction – directing your own life and work. In particular, it means having control over the key aspects of your work – what you do, when you do it, how you do it, and who you do it with. Task, time, technique, and team.

What are some examples of how companies have used autonomy to deliver better results?

It’s really exciting. There are lots and lots of examples. One of my favorites comes from Atlassian, an Australian software company. Once a quarter, they tell their employees to take 24 hours to work on whatever they want. The only requirement is

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weekly check-ins, weekly one-on-ones, peer-to-peer evaluations and all sorts of other innovations. The key is for the feedback inside the organisation to have the same swift metabolism as feedback outside the organisation.

Your last key motivator is purpose. Is that possible in every job?

Yes. But we have to understand two different kinds of purpose. One is what I call “capital P” purpose. That’s doing something big and transcendent for the world; like solving the climate crisis, feeding the hungry, and so on. But as you say, that’s tough to do in every job. That’s “small P” purpose also matters. That means, “Am I making a contribution? Am I doing something that contributes to what our organisation is trying to accomplish?”

That’s important, too. There’s a mountain of research showing that both types of purpose are incredibly effective performance enhancers and they’re essentially free.

Managers would get a lot more motivation out of their employees if they had two or three fewer conversations each week about ‘how’ and two more about ‘why’. that the following day they have to show what they’ve created to the rest of their colleagues.

They call these things “Ship It Days” – and they’ve produced a whole array of new products and refinements to existing products that might otherwise not have emerged.

Companies like Intuit give their employees “10 per cent time” – 10 per cent of their time to work on anything they choose. That, too, has led to all kinds of innovations. Some places offer ‘genius hours’ – one hour a week.

Or take Zappos. They’ve got call centers, but instead of recording their employees calls and monitoring them, they just say to their people, ‘When a call comes in, solve the customer’s problem. If it takes you two minutes, great. If it takes you an hour, no problem’. That approach has made Zappos one of the top customer service companies in the world. What we’ve got to understand is that autonomy isn’t an alternative to accountability. It’s a pathway to it.

Zappos recently went even further and introduced a ‘holocracy’ – no titles, no managers, no hierarchy whatsoever. What do you think of that?

It’s a cool idea, but I’m skeptical. There are some areas, which are not necessarily huge in number, but still some, where hierarchy makes

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sense. To throw it out altogether seems like a big risk.

Your second element is mastery.

What is that and why does it matter?

Mastery is our desire to get better at something that matters. It’s a fundamental human drive and often ignored in the workplace. There’s some great research from Harvard Business School’s Teresa Amabile showing that the single greatest motivator day-today on the job is ‘making progress in meaningful work’. The big problem is that progress depends on feedback, and most workplaces are feedback deserts.

What do you mean by that?

We live in a world of rich, regular, robust, meaningful feedback in every area of our lives: smartphones, games, texting, search engines. Then we stick people inside large organisations and how do we give them feedback? An annual performance review. Once a year! It makes no sense. That’s why many companies including large public companies like Adobe, are eliminating performance reviews.

Companies are replacing these outdated approaches with things like

This all seems to make perfect sense. So why do so many businesses continue to follow the ‘carrot-and-stick’ method of motivation when it clearly isn’t effective?

There are a few reasons, all of which connect. One is that this is how we always have done things. And both people and organisations tend to think the status quo is somehow "natural" and that change is weird and dangerous. Another is that external rewards are easy. They're easy to structure, easy to implement, easy to measure. Intrinsic motivators are a lot tougher. And the third is that carrots and sticks often seem to work in the short-term almost like a sugar rush seems to ‘works’ in the short-term. People respond. These ‘ifthen’ motivators cause activity. They just rarely lead to creativity.

One more thing. One's approach to this topic depends, in part, on one's belief about human nature. If you believe that human beings are fundamentally passive and inert, that but for the threat of a punishment or the threat of a stick, then human beings would just sit there and do nothing, that takes you down one path. But if you begin with a different premise, that human beings are active and engaged, that they want to do good work, that points you a very different direction.

And this direction isn't just more humane.

The science shows it's also more effective. l

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people

Pride and Frustration in Gulf Banks Staff in Gulf banks are both proud of and frustrated by their work, according to Hay Group

esearch conducted in the region by the global management-consulting firm shows that banking staff are proud of their work in what they see as a prestigious industry but also feel stifled by their organisations.

John Branch, head of financial services consulting at Hay Group Middle East said, “Of the individuals surveyed, we saw strong levels of pride, much more so than if we are to look at global averages.”

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“Generally we expect to see highly engaged staff going the extra mile for their employers, but here it seems the opposite is true. When we investigated further, we found that employees are frustrated – they want to do a good job but there are too many barriers in their way.”

The Facts The research found that: zz 83 percent of employees take pride in working for their employer, compared to 75 percent globally, whilst zz 80 percent believe in future projects, compared to 71 percent globally

The Holdbacks The Hay Group research found that the industry isn’t making the most of their people: zz 64 percent feel that their work is interesting and challenging, compared to 71 percent globally zz 57 percent say they are encouraged to come up with better ways of working, 8 percent less than global averages, and zz 55 percent feel that their ideas are listened to, less than the global average of 62 percent.

However, only 61 percent of the same banking employees are willing to exert discretionary effort, or ‘go the extra mile’, compared to 67 percent globally. This reinforces the view of the business banking community within the UAE that Business Insight speak to on a daily basis. Branch explained,

The opportunities for banks that manage to overcome these challenges are vast. Global research from Hay Group suggests that organisations with highly engaged and enabled staff can improve revenue growth by a factor of 4.5. l

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September 2015 | 33

MONEY

A Benchmark For Global Islamic Banking The WIBC Leaderboard and Performance awards will gauge leading banks in the industry at the global, regional and national levels n its efforts to enhance the performance and quality of the Islamic banking industry, the World Islamic Banking Conference (WIBC) announced today that it will be developing a comprehensive performance assessment framework to help Islamic financial institutions assess their ranking and performance vis-à-vis their competitors.

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The WIBC Leaderboard The Leaderboard has been announced as a truly innovative performance assessment, and will provide rankings of the top Islamic banks and financial institutions based on a variety of robust financial and governance metrics such as asset growth, return on equity, return on assets, disclosures, corporate social responsibility and Shariah governance. The Leaderboard will provide industry participants a visually engaging view of Islamic banks to compare themselves with their peers at the global, regional and national levels across several dimensions. In addition to the individual metrics, banks will also be ranked on the basis of an aggregate score, which forms the apex of the WIBC Leaderboard. This aggregate index holistically ranks entities on the basis of the aforementioned financial and governance measures. The Leaderboard will

therefore act as a benchmark for Islamic banks to gauge their performance against the top performing banks in the industry.

Awards The WIBC Leaderboard aggregate scores will be the basis of the WIBC Performance Awards to be awarded to the top global and regional banks at the much-awaited WIBC 2015. In addition to the regional and global awards, the top most performing banks in each country with a developed Islamic banking sector will also be awarded.

The data employed in creating the assessment framework has been sourced from the ICD Thomson Reuters Islamic Finance Development Indicator (IFDI).

Acknowledging the efforts of Thomson Reuters and ICD, Dr. Sayd Farook, Chief Executive Officer of ME Global Advisors – the conveners of WIBC for 22 years – stated, “The unique and much needed performance metric is the first such objective and scientifically verifiable basis for the Islamic banks to rank their respective banks’ performances with each other and will go a long way in developing a competitive yet healthy Islamic banking sector globally. I would like to take this opportunity to laud the efforts of Thomson Reuters and ICD for collating reliable and accurate data which have helped ME Global advisors in creating such an imperative performance framework.”

Khalid Al-Aboodi, Chief Executive Officer of ICD, added this thoughts on the pivotal role of the WIBC Leaderboard, “It is exciting to see such innovations taking place in the Islamic banking industry. The changing regulatory and technological landscape of the banking industry in general poses immense challenges for both Islamic as well as conventional banks – and this metric will help banks keep track of their performance, pushing them to converge with the leading banks”. l

“The unique and much needed performance metric is the first such objective and scientifically verifiable basis for the Islamic banks to rank their respective banks’ performances with each other, it will go a long way in developing a competitive, yet healthy Islamic banking sector globally”

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MONEY

The Importance of Bookkeeping for growing your business

Proper bookkeeping is important to sustaining and growing any business. Perhaps nowhere is this more evident than in the expanding small and medium sized enterprises (SME) sector, where businesses inability – and sometimes unwillingness – to maintain proper accounting records could lead to businesses failure. With an estimated 300,000 SMEs contributing more than 60 percent of the UAE’s GDP and providing the bulk of employment opportunities in the country, there is much at stake.

Given the compelling reasons for businesses to maintain proper records, and the availability of viable options and tools, there is no reason why SMEs shouldn’t be adopting a proactive approach to help boost their chances of survival and prosper he importance of maintaining proper accounting records and bookkeeping by SMEs cannot be overstated. Yet many entrepreneurs and business owners do not take keeping a record of accounts seriously, placing it low on their list of priorities. Often, small businesses will adopt what is known as a ‘shoebox’ approach to record keeping, recording sales and purchase transactions on a piece of paper and then throwing it into a shoebox. But halfhearted efforts such as this are of no use when it comes to business decision-making. Still others perceive bookkeeping as an inconvenience, a colossal waste of time on a mundane administrative task, not realising the positive impact it could have on their business success. Remember the saying “if you can’t measure it, you can’t manage it”. But what is it that makes bookkeeping so important for SMEs?

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Why? For starters bookkeeping helps businesses plan ahead. It ‘forces’ them to take a good look at their budget, allowing them to plan for purchases and other miscellaneous costs which makes it easier to forecast business needs ahead of time. It also assists with meeting deadlines for payments such as rent, salaries, bills and loans.

From a day-to-day perspective, maintaining a proper record of business transactions is essential for effective cash flow management, without which no business can stand the test of time. It is also an essential tool to help gauge performance, letting a small business know how it is fairing and whether it is growing, declining or stagnant. By providing an accurate picture of a business’s operation, bookkeeping also supports

the assessment of profitability and productivity.

This means an SME can adapt its business strategy and make the necessary adjustments to turn things around or focus on what’s working and capitalise on opportunities.

Efficient bookkeeping practices also provide an early warning system, alerting businesses to problems such as increased costs for products or equipment or customers who aren’t paying on time, before they have a chance to negatively impact the business. Effective record management also provides protection against threats such as internal theft or dishonest employees by revealing fraud, waste and record keeping errors. Additionally they allow businesses to track money transactions and if there are any discrepancies that need to be rectified. It should come as no surprise then that the lack of proper record management contributes to the failure of many SMEs. In terms of resourcing, good record keeping facilitates sound, informed decisions when it comes to increasing headcount. It lets a business know if it can absorb the extra expenses incurred by bringing in new employees. By providing a background picture, bookkeeping also helps SMEs spot trends and patterns, allowing them to forecast their future and set goals and projections.

The Importance Of Book Keeping For Loans Beyond providing businesses with accurate information on which to base decisions proper bookkeeping is a door opener.

It enables other businesses, organisations and investors to assess the performance and potential of an SME. Through evaluating their business activity, they are able to decide on whether to engage

with the business through trade, financing or other commercial transactions.

Bookkeeping is vital to the ability of an SME to seek funds for working capital and expansion, allowing it to capitalise on opportunities that would otherwise be lost. A business that is able to offer an audited financial statement for use by management, banks and prospective creditors, can make a stronger case for an overdraft, a loan or flexible financing and credit terms.

Much like any entity that provides finance for SME, a peer-to-peer finance platform like Beehive will ask for a business’s financial records. It will look at a cross-range of variables that determine the credit risk of a business, relying heavily on documentation that is created through transparent, reliable bookkeeping. An SME’s ability to produce such records means that the business is serious and committed to success. It also indicates that the business is well managed, organised and has nothing to hide.

To help SME’s in their application process, Beehive has entered into a cooperation agreement with UHY Saxena, a member of UHY International’s network of independent accounting and consulting firms with offices in over 296 major business centres across more than 89 countries. Through this cooperation, UHY Saxena offers SME’s that are looking for finance on Beehive’s peer-to-peer finance platform a cost effective option to obtain the required audited financial reporting at significantly reduced rates.

For SME’s who may not have maintained financial records in the past, this option allows them to not only gain a better understanding of their financial strength, it also opens up a new avenue to obtain financing to fuel their growth. l

Beyond providing businesses with accurate information on which to base decisions proper bookkeeping is a door opener

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MONEY

From a day-to-day perspective, maintaining a proper record of business transactions is essential for effective cash flow management

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August 2015 | 37

LEGAL

IPO Your Start-Up! By: Shahram Safai

A start-up venture usually aims to be partially or fully sold or to go public in order to monetise the hard work of the founders and the employees over the years.

Increasingly start-ups eventually plan to go public in an IPO (initial public offering of shares in a stock market)

A recent example is the Facebook IPO. From a business perspective, the start-up will have to achieve a certain amount of business success and generally have revenues to make it marketable to investors in public markets.

In order to position a start-up to go public, strategy and proper legal planning is required early on. Two of the most important legal rights that must be addressed for a start-up going public are conversion rights and registration rights.

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Conversion Rights Holders of preferred shares (shares that have superior rights to ordinary, common shares) in venture capital deals normally have the right to convert their preferred shares into common shares at any time. The ratio at which preferred shares are converted into common shares is typically determined by dividing the initial purchase price of the preferred shares by a number called the conversion price, which is adjusted upon certain events. Initially the conversion price is equal to the purchase price of

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There are several types of registration rights that venture investors are likely to request, two of the most important being: demand rights, and piggyback rights

the preferred shares, so the preferred shares convert into common shares on a one-to-one basis.

Also, the preferred shares usually are automatically converted into common shares upon certain events. Many times, these events are an initial public offering that meets certain criteria. Generally the start-up company would like the preferred shares to convert as soon as possible to eliminate its special rights and to clean up the balance sheet for the initial public offering.

The criteria for triggering automatic conversion on an initial public offering generally include the following: (1) The

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LEGAL

Shahram Safai practices venture capital law and represents venture capitalists, investors and entrepreneurs. Shahram is also a professional engineer and has previously worked in the Silicon Valley in California practicing venture capital law, mergers, and acquisitions. He is a partner at the law firm of Afridi & Angell. E-mail: ssafai@afridi-angell. com; Telephone: +9714 330 3900

offering must be firmly underwritten (i.e., the underwriters must have committed to placing the entire offering, as opposed to just adopting the best efforts approach common in penny shares offerings; (2) the offering must raise a certain amount of money for the company; and (3) Often the offering price must be at a certain minimum; for example, four times the conversion price of the preferred shares.

Also, an affirmative vote of a majority, or a supermajority of the preferred shares, can be used to force an automatic conversion of all of the preferred shares.

Upon any conversion of the preferred shares, the rights associated with it, i.e. the liquidation preference, dividend preference, protection, special voting rights, and redemption provisions, cease to exist. Some contractual rights, such as registration rights - the right to force the company to register the holder’s shares, usually survive although others, such as information rights - the right to certain ongoing financial information about the company, and preemptive rights - the right to buy shares issued by the company, often will terminate upon an initial public offering.

Demand Rights A demand right is a right to demand that the company file a registration statement to sell the holder’s shares. This is the form the company uses for an initial public offering; it requires a prospectus with extensive information about the company and the offering. A company normally will want to limit this right as it can be expensive and time-consuming, and can adversely affect the company’s own capitalraising plans. Generally, the investor group will receive only one or two demand rights, with limits on when they can be exercised.

Piggyback Rights A piggyback right is the right to participate in an offering initiated by the company. Piggyback rights are generally subject to a cutback or elimination by the offering’s underwriter, who may determine (based on market conditions) that a sale by shareholders will adversely affect the company’s capital-raising effort. The venture capitalist will

Holders of preferred shares (shares that have superior rights to ordinary, common shares) in venture capital deals normally have the right to convert their preferred shares into common shares at any time

seek rights that may not be completely cut back except in connection with the company’s initial public offering. Piggyback rights granted to venture capitalists are generally unlimited in number, but often expire five to seven years after the company’s initial public offering, or after a certain percentage of the venture investors have sold their shares.

IPOing your start-up is a worthwhile goal. However, it requires hard work, strategic planning and careful drafting of legal rights in order to provide the appropriate platform for success. l

Registration Rights Investors devote a fair amount of discussion to the subject of registration rights.

A registration right is the right to force the company to register the holder’s shares with the applicable securities commission so that it can be sold in the public markets. Often when a company goes public, the underwriters are unwilling to permit existing shareholders to sell in the offering as such sale will adversely affect the marketing of the new issuance of shares being sold by the company to raise capital. If the shareholder has held the shares for more than one year and the company is public, the holder may be able to sell a limited amount of shares.

There are several types of registration rights that venture investors are likely to request, two of the most important being: demand rights, and piggyback rights.

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dMCC

Adrian Smith And Gordon Gill, the world renowned tall tower architects, are designing a landmark commercial tower for DMCC’s new Burj 2020 District

DMCC Brings Burj2020 District to Life at Cityscape Debut MCC participated in Cityscape for the first time this month with an incredible array of high-tech installations, including the Burj2020 Vision immersive journey in images and sound, a 3-D interactive media table and a visit from two of the world’s most renowned super tall tower designers.

The Burj2020 Vision experience is an incredible wrap around movie projected on a 180-degree screen displayed inside an enclosed mini theatre on DMCC’s Cityscape stand. Visitors are immersed in surround sound and vision to get a glimpse into the future from a super tall vantage point somewhere in the Dubai skyline. It is truly a spectacle to behold.

The Burj2020 District, a mixed used urban destination to provide an ultra modern 24/7 living and working

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experience for the world’s leading businesses, is also represented inside the Burj2020 Vision experience.

The DMCC tand will also showcase One JLT, a grade A office building overlooking Jumeirah Lakes Towers Park, which is available for fit out now opens next month at the end of October.

Running since 2002, Cityscape Global has become the world’s biggest and most influential real estate development and investment event.

More than 50,000 visitors are expected to attend the exhibition, which is an ideal platform to identify real estate investment and development opportunities across the world.

The event, taking place from September 8 to 10 in Dubai World Trade Centre, will feature dozens of global companies operating in the real estate sector.

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DMCC

“DMCC has witnessed strong growth over the past few years, becoming a major international hub for trade and enterprise. There is a continued surge in demand for prime commercial real estate from new and current members, especially for office space with larger and efficient floor plates” Gautam Sashittal Chief Executive Officer of DMCC

Gautam Sashittal, Chief Executive Officer, DMCC

DMCC was established in 2002 and today has almost 11,000 member companies, ranging from high-tech SMEsto Fortune 500 companies and global corporates such as Harley Davidson and Tata.

In the first six months of the year the Free Zone recorded a 10 per cent increase in company registrations, with more than 170 member companies signing up every month.

It welcomes companies of all sizes and from all sectors. Around 85 per cent of all member companies are new to Dubai and in total they represent more than 170 countries.

DMCC is also a global commercial business hub and marketplace for trade, enterprise and commodities. Around 60 per cent of the world’s

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tea passes through the UAE, making it the world’s largest re-exporter of tea.

It is also home to the Dubai Gold & Commodities Exchange – the region’s first, largest and fastest growing derivatives exchange – as well as the Dubai Diamond Exchange, one of the world’s top three diamond trading hubs and DMCC Tradeflow, an online platform for registering the possession and ownership of commodities stored in UAE-based storage facilities.

The Free Zone also offers 100,000 square metres of retail space, more than 400 shops and restaurants, two metro stations and a 55,000 square metre community park.

DMCC has been building, owning, selling and leasing property since its inception.

It master planned the DMCC Free Zone which includes 66 towers and has a community of more than 85,000 people living and working.

DMCC worked with some of the world’s leading architects, master planners and project managers to create the Free Zone, and has appointed Adrian Smith + Gordon Gill Architecture (AS + GG), the world’s leading super tall tower architects, to design the Burj2020 tower.

Adrian Smith and Gordon Gill designed Kingdom Tower in Saudi Arabia and they will be at the DMCC stand A10 in Hall 2 at Cityscape Global in Dubai World Trade Centre at 10am on September 8, to unveil the design and discuss the concept behind the Burj2020.

The design of Burj 2020 is inspired by the facets of a diamond, and is both bold and timeless. facets of a diamond, bold and timeless, inspire the design of Burj2020.

It symbolizes the success of DMCC, while balancing the practical requirements of efficiency, functionality and sustainability with convenience, elegance and comfort.

The building, which was named in honour of Dubai’s Expo 2020 win, will complement both the District and existing area, as well as the Dubai skyline.

“The UAE is charting unprecedented territory in terms of the creativity, originality, and pace of tall and super tall tower design and development,” said Adrian Smith, partner of AS+GG, who also designed the Burj Khalifa while he worked with SOM before setting up his own company.

“Dubai is really at the cutting edge in this space, with the eyes of the world firmly set on what the Emirate will come up with next.”

The commercial space offered by the tower will be at least 1.5 times that of Almas Tower, which is already one the tallest commercial towers in the region.

A landmark for the bold architecture, prime location, amenities and premium facilities it will offer to businesses, Burj2020 is designed to the highest Category A standards with flexible floor plates designed around modern-day business demands.

The design delivers new levels of efficiency and incorporates the latest thinking around concepts such as smart technology and sustainability. It will be a flexible, efficient and commercially astute option to the leading businesses of today and tomorrow.

“Excellence in tower design is about much more than achieving record heights,” said Gordon Gill, partner of AS+GG. “The Burj2020 is the direct result of a considered design process in which form follows performance. This means that core concepts such as the efficient use of space, integration of smart technology, community interaction and sustainability drive the design; thereby enabling the final structure to succeed in inspiring people and enabling communities to achieve more.”

The tower is the centerpiece of the Burj2020 District, the new heart of global business that will include over 1 million square meters of built up space.

“DMCC has witnessed strong growth over the past few years, becoming a major international hub for trade and enterprise. There is a continued surge in demand for prime commercial real estate from new and current members, especially for office space with larger and efficient floor plates,” said Gautam Sashittal, Chief Executive Officer of DMCC. “The Burj2020 District, a premium development combining the latest thinking in urban planning and workplace environments, will add much needed space whilst also benefiting from the popular mixed-used community within the DMCC Free Zone.”

The District will be a multifunctional urban space that drives and complements Dubai’s, and DMCC’s, next phase of growth as the new destination

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dMCC

“Dubai is really at the cutting edge in this space, with the eyes of the world firmly set on what the Emirate will come up with next” Adrian Smith, partner, AS+GG for the global business community and the commercial heart of south Dubai.

It will feature seven ultramodern towers with an interconnected plaza, which will act as a focal point for employees, residents and guests.

Providing the perfect balance of world-class commercial, retail, hospitality and residential space in a modern urban landscape, the District will feature opulent walkways, gleaming promenades, fine dining, exclusive stores and prestigious events.

The built up area will be more than 1 million square metres, which is around the same size as New York’s Rockefeller Center and around a third of Jumeirah Lakes Towers.

As one of the most important international business and trade hubs in Dubai, DMCC has witnessed phenomenal growth over the past few years. The case for Burj2020 is strong: demand drives supply and Burj2020 is being built to meet the growing need for commercial space.

At over 1 million square metres with efficient floor plates, the District is well placed to address the immediate requirements for larger business based in the DMCC free zone.

It brings more than 100,000 metres of retail space to benefit an underserved market in the free zone, JLT and surrounding areas.

The cafes, restaurants and retail it brings will benefit from the successful mixed-use community and complement the services that exist in the DMCC Free Zone.

Located close to Sheikh Zayed Road, the main arterial road in Dubai and just 15km from the Jebel Ali Port, the District has excellent connections.

It is also equidistant to Dubai’s two main airports, Dubai International Airport and Dubai World Central, which expected to become the world’s largest airport.

The master plan for the District is being developed by WATG, which was selected after participating in a

42 | September 2015

competition to design a master plan for the Burj2020 District. Other WATG projects include The Atlantis Dubai, Atlantis Paradise Island Bahamas and Emirates Palace Abu Dhabi.

Its master plan for the Burj2020 District aims to create a world-class urban destination that represents a bold vision for Dubai’s future.

Turner, the project manager for the District, previously delivered the world’s three tallest towers, including the Burj Khalifa.

Architects and designers have been tasked with delivering a district and buildings with higher levels of efficiency and address the future needs of businesses.

Careful consideration has been paid to creating an area that will function as a dynamic community with active public spaces.

Visitors to Cityscape could see how the district will sit in the surrounding area by visiting the the Burj2020 Vision immersive journey in images and sound.

A three-dimensional interactive multimedia map will offer visitors the opportunity to see the Dubai’s new growth corridor from its southern gateway.

The stand also included an infographic and model of One JLT, a grade A office building that sits in a corner plot overlooking JLT Park.

The building, which opens at the end of October and is available for lease now, is key in DMCC’s expansion strategy in catering to the demands of growing businesses which are seeking to house their entire operation in a single space.

Located at the heart of the DMCC Free Zone, One JLT has direct access to Sheikh Zayed Road is close to two metro stations. It is also near both sea and airports and just one hour’s drive from Abu Dhabi.

Featuring 2,000 square metre column-free floors with room for 50 to 200 employees, the building has raised floors, suspended ceilings, premium floor coverings and finishes and window blinds.

In total, One JLT has 26,000 square metres of office space and 1,000 square metres of retail.

Tenants can fit the space out to their own specifications, giving them complete freedom to design the office to suit their needs. In addition, units are available to lease under flexible terms and with an opportunity for extended tenure.

The entire ground floor of One JLT is dedicated to retail, and tenants will also have access to more than 400 existing shops, restaurants and gyms located close by in the free zone.

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DMCC

One JLT is LEED gold certified, meaning it has an ecologically conscious design. The glass box design of the building incorporates energy efficiency and water conservation technologies using green, low carbon and recycled building materials made in the Middle East.

Building amenities include 24-hour security and CCTV, direct access to the offices from podium parking and washrooms and pantries on each floor. There is a common prayer room, showers and changing rooms.

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The building has one service lift and five high-speed passenger lifts with wait times of just seven seconds in non-peak times and 77 seconds in peak periods.

Tenants receive one parking space for every 40 square metres included in the lease and the nearest metro station is an eightminute walk. There will also be valet services and visitor parking.

Thousands of visitors passed through DMCC’s debut Cityscape stand at the Dubai World Trade centre and none were

disappointed. Those that were lucky enough to get a muchcoveted spot inside the Burj2020 Vision experience were filmed for DMCC TV as they left, recording their reactions for all to see on YouTube.

Who knows what DMCC will present at Cityscape as the year 2020 draws ever closer? Such an impressive debut will surely be a hard act to follow. l

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marketing & Advertising

On A Mission With A Vision!

By: Jim Wheat, Marketer & Dollarsandart Founder

One of the most important cornerstones of a brand is the vision, mission and the values of an organisation hope to achieve in the future. Make a ‘wish list’ and make notes as get researching online to give you some great ideas of vision statements.

ore often than not I see brands getting vision and mission confused as organisations talk in terms of mission, vision and values but often get them mixed up. They refer to purpose, strategic intent and practices and still hang onto goal, objectives and strategies wonderfully cramming in as many words from the Marketers handbook as possible!

Management generally creates the mission and vision, but the most open of businesses will involve a representative cross section of staff and involve them accordingly. This will also energise your staff. It shows that you value their opinions and that you value them, illustrating that they are an integral part of the business. Consider it. How powerful is that, to be asked to be involved to map out the future of your own organization steering the culture along the way?

M

Vision The most difficult to develop is the vision: It requires imagination and a bold view of the future. This is why some organisations combine purpose and vision into a single statement. This is often 95 percent purpose and neatly side steps the demanding challenge of developing a vision.

The table I have on my noticeboard in the office illustrates the various interchangeable terms covering the Vision, Mission and Values of an organisation as it is easy to get them mixed up! A copy of this table is below for your information.

Vision Statement A good vision statement is a description, which can be a sentence or short paragraph providing a broad, inspirational and dynamic image of the future. A Vision is defined as ‘An Image of the future we seek to create’.

Some businesses and organisations choose to combine both their Mission statement with their view of the future. The best examples are powerful and compelling, conveying confidence and inspiring views of the future.

Spend a little time thinking about what you

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The Proof A great vision statement that can be found very close to home is the remarkable vision on Dubai.

Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE has undertaken major reforms in the UAE’s government, with his ‘build and they will come’ vision. This has proven to be effective as the building continues and visitors increase.

This vision has overseen the development of numerous economically transformational projects in Dubai, including the creation of TechnoPark and free economic zones in Dubai Internet City, Media City, DMCC, DIFC, as well as Palm Islands and the construction of the Burj Khalifa.

When the recession in 2008 hit, economists called it the ‘sudden stop’. Many projects slowed down,

some inevitably cancelled but Dubai still marched on, albeit at a slower pace.

Emirates Airline today it is actually flying more passengers than forecast six years ago in ‘My Vision’ and there are more people transiting Dubai International Airport than predicted at that time.

Not stopping there, Sheikh Mohammed bin Rashid Al Maktoum launched UAE Vision 2021 with the aim of making the UAE “One of the best countries in the world” by 2021. Building literally on the back of that becoming a reality together with Dubai’s Tourism Vision for 2020 is a strategic roadmap with the key objective of attracting 20 million visitors per year by 2020, doubling the number welcomed in 2012.

Other further afield examples include examples from companies such as Nike, Mattel, Disney, IKEA, Amazon, Avon and Toys ‘R’ Us. These famous vision statements provide a great insight into the aspirations of these famous

Table to clarify corporate branding terms

ISSUE

POSSIBLE DESCRIPTION

What are we here for?

PURPOSE MISSION AIM

Where are we going?

VISION GOAL STRATEGIC INTENT DESTINATION FUTURE DIRECTION

What beliefs behaviour?

will

guide

our VALUES CREDO ETHOS PRINCIPLES GUIDELINES RULES

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marketing & Advertising

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September 2015 | 45

marketing & Advertising

Jim Wheat

companies. These examples and samples of famous vision statements are generally short, clear, vivid, inspiring and concise without using company or corporate jargon, complicated words or concepts. zz Nike - ‘To bring inspiration and innovation to every athlete in the world’ zz Toys ‘R’ Us - ‘To put joy in kids’ hearts and a smile on parents faces’ zz Amazon - ‘To build a place where people can discover anything they might want to buy online’ zz IKEA - ‘Affordable solutions for better living’ It’s not just corporate businesses and companies that make use of these dynamic descriptions. Many people are searching for samples and vision statement examples to help them write a description of the future for their personal use, a church, an educational institution, a non-profit organisation and small companies or small business.

Microsoft isn’t supposed to be emotional but dig deeper and you will see it is. Far form only producing heartless software, it has become a place where dreams can be imagined, accessed and even realised

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A Local SME example on Vision Mission & Values : Company Charter for ALWAL Another Dubai example, fitness supplement suppliers ALWAL whom I recently partnered with to help them draw up this charter to bring out the personality of the brand, not just the products they sell!

The founders of ALWAL actually got together with me in a workshop, did some soul searching and agreed on why they are in business, the vision and on what values they will apply day-in-day-out to really walk the talk! This is what we came up with.

ALWAL: Our life – your health.

VISION Ensuring the health of society through a wealth of knowledge...

ALWAL Mission To serve and educate our clients, through continual improvements to their lifestyle...

Alwal Values Education : Knowledge and charity Nutrition : Natural nourishment Excellent : First class product and support Results : Before & After Growth : Internally and externally You : Bespoke and tailored Did you notice the first letters of the values spell ENERGY in the vertical : exactly what they want their clients to have more of!! Values exist, good and bad, in every organization and in each and every one of us forming the personality of the brand.

What Businesses Can Do Now Pay attention to other vision statements and relate them back to you and your own company.

Dig around and read vision statements from some of the most important and successful companies around the world, and see how they roll down impacting and effecting corporate culture and the touch points of the company.

Forming the backbone of a company by producing a series of words and then hanging them blindly on the near reception is rarely effective. Involving staff at various levels to help product the company charter with vision, mission and values can be very powerful. Actually walking the talk with meaningful terms that have been thought out and made relevant to really make it an effective company culture is possible but sadly rarely achieved. It is something that companies need to carefully plan and consider if this is to be done correctly. l

MISSION covers ‘What are we in business for?’

VISION handles ‘Where are we going?’ in the long term.

VALUES answers ‘What beliefs will guide us on the journey?’

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marketing & Advertising

Cheat Sheet For Capturing Millennials’ Attention By: Alexander Rauser, CEO of Prototype

Generation Y, otherwise known as the Millennials, is a very appealing pack of consumers to advertisers for two reasons: They are happily spending their disposable income now that they have entered full-time work and they have unprecedented influential power. Millennials are very active on their social channels and it is their voice that is becoming the primary source of information on products and services

eneration Y, otherwise known as the Millennials, is a very appealing pack of consumers to advertisers for two reasons: They are happily spending their disposable income now that they have entered full-time work and they have unprecedented influential power. Millennials are very active on their social channels and it is their voice that is becoming the primary source of information on products and services.

In the UAE, nearly 70 percent of 25-34 year olds are employed full time, and are approaching the prime earning years of their lives. Coming out of the recession, millennials

G

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are shifting focus and their attitudes about their finances, retirement and even brands. 41 percent of millennials are also looking towards buying property in the next five years, which is a clear signal of their yearning for stability.

If you own a business that is looking to sell to the Gen Y consumer, then it is increasingly more important for you to rethink your approach towards millennials and tap into their mindset.

Focus On Relationships Millennials rely on influencers to make purchases. Now we don’t mean you should find a social media celebrity to

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marketing & Advertising

do the talking for you; the average 30 year old is more likely to buy a brand that has been recommended by a friend than one that they see in an advertisement. With this in mind, it is more important to build relationships with consumers past and future, to help promote your brand through user-generated content. 62 percent of millennials are more likely to purchase from a brand that has interacted with them on social media.

Ensure your brand is active on social media as well as other local site listings such as Yelp and TripAdvisor and engage consumers talking about you, positive and negative.

Don’t Dress Up Ads Don’t get us wrong, Millennials love some viral creativity when it comes to advertising your product, but don’t dress up your ads so much that the consumer doesn’t understand the benefits of your product. Millennials do not mind you selling them a product and they know what you’re doing when you try to cover it up with a video or photo. This has a tendency to backfire, because as much as the

Millennials do not mind you selling them a product and they know what you’re doing when you try to cover it up with a video or photo

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millennial consumer will laugh, cry and share your heart-wrenching viral video, they will not always convert to your product.

Ensure you make a clear distinction between your different online campaigns: Do you want to build brand awareness or are you advertising a product? There is a balance between keeping it simple as well as capturing the Millennials attention. Keep your eye on your goals of each campaign at all times and don’t try to hide what you are doing.

Millennials Know Everything, So Treat Them Like They Do A millennial consumer has likely researched your product, asked friends to offer their opinions on social media and read reviews before they have decided to purchase.

70 percent of millennials rely on reviews online before they make a purchase, especially reviews written by their peers. Facilitating this journey for your Millennial consumer will help them to see you as a loyal brand.

Avoid posting over-priced products and sharing rushed special offers as this will not appeal to the millennial generation. They want to know they are making the right decision by choosing your brand so help to make them feel comfortable with the research they do before purchase.

Online Payments Are A Must Millennials have no reservations about purchasing products online and actually prefer doing this instead of having to call or go in store. There are many things an ecommerce business can learn from the likes of Amazon

about how to make the purchase process online seamless. Here are some initial thoughts: • Protect and store details for ease of purchase next time • Utilising PayPal, a trusted online payment method, so consumers trust your site Millennials can be idle so making this vital step in the purchase funnel straightforward will see them coming back to your site in the future.

Be Honest Brands that have the potential to be a force for good are fast outpacing those that don’t have visible CSR initiatives with the millennial population in MENA. Around 60 percent of millennials believe that brands should actively participate to improve worthy causes and are more likely to have an affinity towards brands that inspire change within the community. Contrastingly only 14 percent believe that brands should just focus on their own products and services.

As marketing becomes more nuanced, the lines between a brand’s personality and those of their consumers are slowly being erased; therefore it should come as no surprise that millennials believe that the brands they purchase should be an extension of themselves.

Millennials expect of brands what is expected of them: the ability to be adaptable, be creative, never settle and give back. If you haven’t yet realised the value in marketing to Millennials, then following the above efforts will help you to target this lucrative generation. l *Statistics taken from Forbes and Initiative MENA.

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technology

Downtime in Retail Costs Millions By: Gregg Petersen, Regional Director, Middle East and SAARC, Veeam Software

Tech savvy consumers in the UAE are more active on social media platforms than the global average is the conclusion of findings of a new global report commissioned by BT and Avaya. The report also revealed that majority of these consumers will develop a higher loyalty to brands that are transforming their customer experience beyond the traditional call centre

Always on and always available is the Key to success!

Retail businesses today need to ensure that their e-commerce platforms have reliable backup and recovery solutions behind them to avoid downtime and losses running into millions of dollars.

Always On, Always Available This is what is required of retailers today. Customers need constant access to products and services regardless of the time of day. To shop online from any location and at anytime, is now standard in retail. Ironically, as per a recent report from Vanson Bourne, commissioned by Veeam Software, the retail sector is the least prepared of all industries to meet the requirements of data availability, backup and recovery, which is critical to the industry. According to the

report, a large number of retailers today have substandard solutions for backup and recovery, and the sector as a whole is exposed to potential downtime.

Whether companies sell online, manage card payments or manage a warehouse, any form of downtime cripples the business. The cost of downtime for a large company can easily cost more than US$2 million dollars per hour in lost productivity, labour costs to fix the problem and the revenue that is lost. If we consider that an average downtime lasts for about five hours, it is easy to see why companies must be able to recover data almost immediately in order to avoid losses running into tens of millions of dollars. Moreover the risk of damage to reputation is a huge consideration and is very often difficult to measure in pure financial terms.

Every stoppage - even if it only lasts a couple of hours - translates to financial loss for the company and potential damage to reputation. An ideal recovery target should be set at less than 15 minutes for all applications, without compromising quality and functionality

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technology

Whether companies sell online, manage card payments or manage a warehouse, any form of downtime cripples the business

Retailers today need to ensure that their company’s e-commerce platforms have reliable backup and recovery solutions that help avoid downtime. The tools are available, but it’s not just a matter of technology. It is as much about putting procedures in place. The need to educate the IT department on these issues should not be underestimated. It is all too often that companies have sophisticated backup solutions in place, but do not have clear processes for the IT organisation to effectively use them. Here are four tips that give retailers an insight into effective backup and recovery systems that will ensure a, ‘always on, always available business’.

Follow The 3-2-1 Rules For comprehensive data protection, organisations should have three copies of the data, stored on two different kinds of media.

One of these should be stored offsite. This means that in addition to your primary data, you should have at least two more backups as, by having more copies, you reduce the risk of losing the information during a disaster.

In terms of storing the data, you should keep the copies on at least two different storage types (such as internal hard disk drives and removable storage media like tapes, external hard drives, CDs etc.), or on two internal hard disk drives in different locations. Finally, while storing the data on different media is important and a good start, it really is not a good idea to keep your external storage device in the same room as your production storage in case of a catastrophe like a fire. It is prudent to physically separate the copies and keep at least one offsite, and cloud is a viable option for you to do this on. This simple 3-2-1 rule is a reliable solution to keep the data intact.

Test Recovery When a backup is made, there is always a chance that it is damaged and will not recover when needed. To that end, it is incumbent up on organisations to introduce regular testing in to their protocol. Testing is not only necessary for validating the recoverability of backups but as importantly, testing patches or application updates in a production-like sandbox environment before rolling them

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out into production can also ensure that these application patches or upgrades will perform as expected and that the business will not suffer more downtime than expected.

In addition to introducing robust testing procedures, it is also important that company employees are educated on and know what procedures to apply in the event of a shutdown and subsequent recovery.

Bridge The Availability Gap Many companies today are building modern datacenters and investing in server virtualisation, modern storage applications and cloud-based services in pursuit of higher speeds with a more efficient use of existing resources and possible cost savings. While this is definitely a step in the right direction, the irony is that many areas of the data centre still rely on legacy infrastructure and technologies that inhibit the network from functioning at optimal levels. These often lead to data loss, longer recovery times, unreliable data protection, a lack of transparency and the inability to analyse IT traffic.

Compounding matters is the fact that today businesses are facing new demands from end users including 24/7 access to data and applications, and at the same time these users have no patience for downtime or data loss, all this while grappling an exponential growth in data at about 30-50 percent per year.

This opens up an availability gap between the requirements of an alwayson infrastructure, and IT’s ability to effectively deliver availability. In fact, 82 percent of CIOs say there is a gap between the levels of availability they

provide and what end users demand.

It is therefore important to prioritise all programs and investments which bridge or eliminate the ‘availability’ gap and reduce the business risk associated with downtime.

Practice Increasing Speed Of Recovery Every stoppage - even if it only lasts a couple of hours - translates to financial loss for the company and potential damage to reputation. An ideal recovery target should be set at less than 15 minutes for all applications, without compromising quality and functionality.

In parallel with being risk-aware and engaging in proactive surveillance, you have to have systems in place that are capable of speedy recovery and should regularly test these capabilities in a production-like test environment.

Retail is perhaps the most dynamic industry and arguably leads the pack when it comes to leveraging technology to drive business. Technologies like digitization and big data have enabled retail organisations to offer omnichannel e-commerce, targeted offers and conduct real-time analysis of consumer behavior.

However we are in the age of the ‘Always On’ business and this is definitely true for the retail sector. While offering e-commerce and targeted offers is great, it is the ability to provide customers with 24/7 access to data and applications from anywhere in the world that will separate the successful retail organisations from the not-so-successful ones.

This new reality requires a robust IT infrastructure, which the retail industry needs to adapt to today otherwise it will perish tomorrow. l

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technology

Channel Insight By: David Postel, Partner & Alliances Leader, Red Hat Middle East and Africa

Keys to Building an Open Source Technology Practice in the Middle East

pen source is no longer just another industry buzz-word. Whether it is Hadoop for big data, OpenStack for cloud computing or Contiki for the Internet of Things (IoT), open source now drives technology innovation to the point where even traditional proprietary vendors are (reluctantly) beginning to participate in the open source world.

As awareness grows and we continue to debunk the myths around open source software, particularly around security, adoption levels are rising among both large corporations and small-to-medium-size businesses (SMBs).

In fact, according to the 2015 Future of Open Source Survey sponsored by Black Duck and North Bridge, 78 percent of companies today run part or all of their operations on open source software. Another notable statistic from the same survey is that for 66 percent of respondents, open source is the default approach when it comes to hardware.

Given the growing popularity and importance of open source, one could argue that partners without an open source

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Enterprises these days would rather work with partners that they consider ‘trusted advisors’ rather than ‘resellers’

practice are already at a disadvantage, not to mention losing out on an extremely lucrative revenue stream. While the old adage - ‘better late than never’ - definitely holds true, simply putting a sign out front that reads “Open Source Sold Here” won’t cut it.

Building an open source practice requires a different business model, skill set and sales approach.

Embrace A New Business Model The fundamental difference between proprietary and open source software solutions lies in the development model. In proprietary solutions, the source code remains the sole property

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technology

of the original authors, the only people legally allowed to make changes to it. On the other hand, in open source solutions, an organisation creates a piece of code for its own needs, and proceeds to make the code available for others to view, copy, learn from, alter or share.

While this might be stating the obvious, it is the economic implications that are important and relevant for partners. Organisations that sell proprietary software need to recoup significant development costs and to that end, sell their software using a one-time license model. In this model, a significant portion of the solution cost is accounted for by the hardware, which doesn’t leave much for spend on services. On the other hand, open source solutions are sold using a service-based subscription model where the subscription fee accounts for less than half of the cost while support services account for the balance.

Given the difference in how the two solutions are monetised, partners choosing to sell open source solutions will need to change their business model and switch from the traditional reseller approach to a consultative, service-oriented approach. While this is not an easy transition for most partners to make, those that do will not only have a competitive advantage, but more importantly will be able to capitalise on high margin service business and up/ cross selling opportunities.

Specialise, Specialise And Specialise Some More While the (seemingly) obvious choice for any partner looking to build an open source

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practice appears to be to acquire expertise and skill-sets across all open source solutions, this approach is actually sub-optimal for the current business climate.

Enterprises these days would rather work with partners that they consider ‘trusted advisors’ rather than ‘resellers’. This is even truer for open source solutions given that the concept is still foreign to many enterprises and that services are such a big part of expenditure. To that end, I would advocate that partners would be better served to start small - pick just one open source technology and then build a complete skill set around it to include implementation, integration, support and maybe even development.

In parallel to focusing on just one open source technology, I would also suggest that partners focus on just one or maybe two industry verticals – this way they can develop a very thorough understanding of the market and business challenges facing most enterprises.

Dispel Myths. Communicate Value For most enterprises, the biggest roadblock to adoption of open source solutions is scepticism around security. One frequently cited misconception is that open source solutions are more vulnerable to security threats than their proprietary counterparts, in large part because the source code is openly available.

However the opposite is in fact true, as open technology allows entire industries to agree on standards, encourages their brightest developers to continually test and improve the code, and ensures that the best patches are released quickly and proactively in the event of any vulnerabilities.

78 percent of companies today run part or all of their operations on open source software

For other enterprises, the roadblock is inertia. Enterprises are often reluctant to switch to a new technology for technology’s sake. Partners need to be able to articulate both the business and the economic benefits. One of the biggest business benefits is that open source solutions are ‘vendor agnostic,’ increasing flexibility and interoperability as enterprises are no longer ‘locked-in’ with a vendor. From an economic standpoint, open source solutions have a much lower Total Cost of Ownership (TCO) than their proprietary counterparts.

Vendors Are NOT Created Equal Partnering with the right vendor is critical to building a robust open source practice. From a product standpoint, partners need to pick vendors that offer the solution sets that align with their choice of specialisation. For example, if you choose to specialise in cloud solutions, then pick the leading OpenStack vendor – this will ensure that you will always have access to the latest solutions and technologies.

From a capability standpoint, the vendor needs to have an effective and efficient critical response system. They need to also have the ability to provide troubleshooting support and patches on extremely short notice to handle vulnerabilities. Secondly, the vendor needs to have a robust partner program, as well as a comprehensive training program to support the partner ecosystem. Finally the vendor should provide sufficient sales and marketing support, be it joint customer visits or joint participation in trade shows and other industry events.

In today’s hyper competitive world, enterprises are turning to IT solutions to gain the smallest (and in many cases fleeting) edge over the competition.

The answer lies in cloud computing, big data, IoT, social and mobility technologies, and the way to effectively leverage these emerging solutions is through open source. Building an open source practice today will ensure you are relevant tomorrow. l

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technology

Combating New IT Security Challenges By: Glen Ogden, Regional Sales Director, Middle East at A10 Networks

Combating IT security challenges in the region should be the number 1 priority of businesses.

But do you understand what it is you are combatting?

Pv6 – The most recent version of Internet Protocol.

We’ve heard it’s been coming for years but no, it’s not here yet. However it is “here”, in so far as it is enough to be a security threat to every organisation that has started their migration to IPv6. With IPv6 adoption comes new security challenges. Although only 25 percent of websites completely support IPv6 today, many more are supporting v6 in parts of their network, whether their operators know it or not.

IPv6 introduces not just another attack vector but an attack volume – one that encompasses a parallel universe of all DDoS attacks known today. All attack vectors that originate in IPv4, be they volumetric or application attacks, can also occur in IPv6.

I

IPV6 For the most part an IPv6 network is no more or less vulnerable to DDoS attacks than its IPv4 counterpart, but the fact that any vulnerability in v4 can be exploited in v6 is frightening because of the sheer number of vectors, and the fact that most security professionals don’t know everything running IPv6 in their network today.

IPv6-based DDoS attacks today are neither as prevalent nor as big as those happening over IPv4, but they are occurring with increasing frequency and sophistication. As IPv6 comes to represent an increasingly bigger part of your network each year, so too will your exposure to IPv6-based attacks.

Volumetric Volumetric attacks are perpetrated by leagues of zombie computing devices, that are collectively known as botnets. The power of DDoS volumetric attacks is proportional to the number of connected devices in the botnet. More zombies equal more fire-power to send out malintended DNS, NPT and CHARGEN messages.

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Although only 6 percent of your visitors use IPv6 today, it does not mean only that percentage will be affected. Since it is best practice for both protocols to share the same interface, i.e. are dual-stacked, flooding the IPv6 interface indiscriminately takes down all users, independent of the Internet Protocol they are on.

By 2020 it is estimated that there will be 34 billion connected devices on the Internet. Is your network ready for botnets version six?

To mitigate the v6 DDoS parallel attack ensure your DDoS mitigation solution has the same functionality in IPv6 and uses the same hardware for acceleration.

Application Layer Attack vectors at layer 7 use specialised traffic designed to consume enough computational resources to overwhelm a system. As with the lower layers all vulnerabilities at the application layer over v4 are also vulnerable over v6; different protocol with the same result.

Keeping Up Most IPv6 attacks go unnoticed by the untrained eye. Mitigation of DDoS attacks over the next generation protocol starts with training.

Security specialists need to know IPv6 well enough to recognise attacks and then mitigate them with the tools at hand. And these tools must have feature and hardware parity in IPv4 and IPv6. To mitigate the parallel volume of v6 DDoS attacks, go through your DDoS solution, line by line, feature by feature, to make sure it protects your network as well over IPv6.

“Whack a mole” is a never-ending game in network security but in the case of next generation DDoS mitigation, being properly trained and ensuring you have a fully IPv6-capable solution are the prerequisites to play. l

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KNOWLEDGE SERIES EVENT

GOING FOR GROWTH WILL BE HELD ON SEPTEMBER 15TH 2015, OPENING AT 8:15AM FOR BREAKFAST NETWORKING LOCATION: ALMAS TOWER, JLT FOR MORE INFO, PLEASE EMAIL: INFO@FLIPFLOPMEDIA.AE TO REGISTER FOR THE FREE EVENT, PLEASE GO TO: WWW.BUSINESSINSIGHT.AE

hospitality

Foodie Fantasy Gaucho’s DIFC

Already a Gaucho’s officiando, as it has been a regular haunt of mine for years in London, I was very much looking forward to seeing if there would be any difference. Located in the heart of DIFC in Gate Village, this stunning restaurant is accessed either from Gate Village or else directly from the car park – For those wanting a discrete entrance, or just valet parking he Gaucho brand is very evident throughout the venue. The cowhide seats, black décor and tables (which you expect from the brand), adds a sense of luxury which you find in all the restaurants.

The staff, as you would expect were excellent throughout the night. With a warm welcome, our waitress for the evening Jacelyn was lovely and friendly. She knew the menu inside out, and was able to tell us what wines we should consider to go with each dish that was selected, which is vitally important for vino novices like ourselves who tend to stick to mocktails or cocktails.

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We (a friend and myself) both started with the asparagus soup with truffle oil. I had never had this in any Gaucho’s and loved it. The creamy soup was perfectly seasoned and buttery. It made me question why I had never made it myself (it is now on the list for my next dinner party), and was a great intro into what the rest of the dinner would bring for us.

The starter that I would have loved to have eaten was the Scallops, but my friend ordered first. He said that that they were perfectly cooked and juicy, but I was happy when my starter – King Prawn Chorizo and Orange – arrived.

Ian had food envy when he caught sight of the huge juicy

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hospitality

It really was a great dinner and I can’t wait to return and take some clients. It is perfect for business

butterflied prawns had been lightly grilled and were delivered, with fresh pea shoots making the dish look beautiful, to our table.

The slightly sweet orange coulis, with just hint of chilli, perfectly complemented the meat of the prawns. Divine!

As a main course, I have to admit that I was boring; I overlooked the large menu and favourites of mine such as the Risotto, to focus purely on the steak. I mean, when in Rome and all that… but I did question this choice.

Under ordinary circumstances I would have my steak blue, I like to taste the meat and the more juices that flow from the steak, the better.

Unfortunately, I am not allowed this at the moment and my steak has to be well done. I couldn’t go that far though and asked for a medium to well-done fillet steak, with mashed potato and truffle. My friend’s order mirrored my own. We both shared the asparagus and quails eggs with Parmesan shavings. Both steaks were cooked to perfection and it was great to have the truffle oil not over power the mashed potato as I have found it to in other restaurants.

By this point, I was ashamed to say I was full. Ian ordered the deconstructed vanilla pannecotte and declared it to be the best desert in Dubai. The wonderful creaminess was perfectly sweetened with the vanilla and it was light too, meaning he didn’t feel the bloat that he would usually experience by having desert with such a large dinner.

It really was a great dinner and I can’t wait to return and take some clients. It is perfect for business. l

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The slightly sweet orange coulis, with just hint of chilli, perfectly complemented the meat of the prawns. Divine!

The Gaucho brand is very evident throughout the venue. The cowhide seats, black décor and tables (which you expect from the brand), adds a sense of luxury which you find in all the restaurants

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Visualising to Actualising Success For most business people, success means some kind of mix between financial gain and achieving goals. In business, success is certain to be on your list of things you want to achieve, but when conditions become difficult, it can be easy to lose sight of that success and hard to keep on track ne way of keeping success in your sights is to be able to visualise it, according to Heidi Grant Halvorson, Motivational Psychologist and author of the new ebook ‘Nine Things Successful People Do Differently’.

Visualisation, put simply, is a technique routinely used by successful sports and business people throughout the world.

Concrete evidence of the effectiveness of visualisation is hard to pin down, but there is no doubt that the act is one that can help people to achieve their goals. We have chosen to focus on 5 actions to help you visualise your way to business success: 1. Clearly define what success means to you The definition of success varies from person to person and no one can define what success means to you and your business except you. Success for you may mean the clearance of debts, the achievement of a better work/life balance, a healthy investment portfolio, or simply a huge leap in business revenues so that you can expand. But in order to visualise that success, it is essential that you define it clearly.

Once you’ve defined it, note down all of the elements of your success and get an image in your head of how it will look – ie.

A full order book, sales people coming into the office with new orders, the end of year P&L etc.

2. Decide how you’re going to achieve your success Only once you’ve clearly defined your success, decide how you’re going to achieve it. It may be that you decide you will implement more efficient processes to facilitate more sales, or streamline your business expenses and employ extra staff specifically to target bigger clients. Either way, you need to write down clearly defined, achievable steps to reaching your success.

3. Define how your success is going to look When you define success, you’ll start to get a mental picture of how your success will look. At one end of the scale, it may be as simple a vision of you agreeing a large

O

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4.

5.

deal with a new client or at the other; it may involve financial trappings like a new car or a bigger house.

No matter how you define success, it’s going to look different to what you see when you look at your life today. You are more likely to achieve that success if you can develop a mental picture of what it will look like and let it help you keep you on track.

Decide how you’re going to measure your success Once you’ve defined your success, put in place measurable and identifiable milestones for reaching it.

These milestones will be of huge help to you and give you the chance to take any corrective action you need to get you back on track if you’ve veered off, and will of course give that necessary motivation when you need it most.

Decide how you’ll feel when you’re successful.

Success is often simply about feeling better about your opportunities for business and your own strength, proactivity and performance of your business.

Bearing in mind that most decisions, business or otherwise, are made using an emotional process, the process of visualising success is a great way to get back in touch with your feelings about your business. Write down how you’re feeling about your business today and about what you’ve achieved in your business over the last year. Then write down how you want to feel when you’ve successfully reached your business goals. Remember that successful people are created and not born. l

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Visualisation, put simply, is a technique routinely used by successful sports and business people throughout the world. Concrete evidence of the effectiveness of visualisation is hard to pin down, but there is no doubt that the act is one that can help people to achieve their goals

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The Case Study for CSR Majid Al Futtaim announces 2014 sustainability results with 73 percent of goals achieved

ajid Al Futtaim, the leading retail and leisure pioneer in the Middle East, has achieved 73 percent of its sustainability goals during 2014, further embedding sustainability into its business strategy. Amongst its achievements, Majid Al Futtaim Properties committed AED7.3 million to community investment, enabled employees to commit 2,561 hours of volunteering to noble causes and launched a labour policy to safeguard workers’ rights.

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Sustainability The company’s 2014 Sustainability Report, ‘Building from the Ground Up’ evaluates the company’s sustainability achievements and challenges, and charts progress made against long-term (2018) targets set out in its sustainability strategy. The report reinforces their commitment to developing sustainable real estate and sets out ambitious goals to ensure that the company maintains its position as a sustainability leader in the Middle East. Alain Bejjani, Chief Executive Officer, Majid Al Futtaim – Holding said, “Sustainability is one of our key objectives. It supports long-term value creation, enhances our brand and, most importantly, gives us license to operate as an organisation that focuses not only on profitability, but on making a positive social impact. In applying international best practices, we are enhancing people’s lives through sustainable real estate and we believe that our approach will set an inspiring example across the region.”

Majid Al Futtaim Properties’ sustainability strategy is based on developing and managing high performance assets that support prosperous communities, and in doing so deliver pioneering standards across its business. Its annual

Companies can also look to the staff of Majid Al Futtaim, who were the standout stars of the business where giving back is concerned. In total, their employees committed 2,561 hours to a volunteering based programme which encourages employees to take one paid day off work to help in areas such as working with children, supporting homeless people and helping with environmental projects

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sustainability report measures the success of the company’s strategy year on year so that they can ensure they are heading towards where they want to be. Ibrahim Al Zu’bi, Head of Sustainability, Majid Al Futtaim - Properties explains it as, “At the heart of our vision is the development of prosperous and inclusive communities that promote well-being and engagement, as well as local economic development. We are determined to provide positive socio-economic benefits for the communities in which we operate, and for the people who work for us. Our annual report measures these ambitious goals and helps us in our vision to implement sustainability in every aspect of our business.”

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employees and contractors dropped by 77 percent in the UAE and Oman and 31 percent in the Levant and North Africa.

A first of its kind in the MENA region, the company’s ‘Green Star’ rating system sets sustainability design criteria for shop fit-outs and is now also a mandatory requirement of all lease renewals. Based on LEED, BREEAM and ESTIDAMA standards, the rating measures sustainability performance, from energy reduction to the quality of a tenant’s sustainability policies. In 2014, thirteen tenants achieved a Green Star rating, with four achieving the top five-star rating.

As a leader in innovative sustainability practices in the region, they have also increased green building certifications to seven buildings, reduced water consumption at its malls by 16 percent, and launched a programme to ensure that all of its future developments are LEED Gold certified or equivalent.

Leading by example, their head office in Dubai became the first building in the UAE to be awarded with the LEED EBOM (Existing Buildings Operation and Maintenance) Gold standard by the US Green Building Council.

In doing so, LEED water consumption targets were surpassed by 26 percent, while energy improvements were 18 percent above LEED targets and changes to the recycling process helped exceed LEED expectations, with a recycling rate of 69 percent.

To crown off their forward thinking achievments, they have recently been awarded the highest ‘Green Star’ status with the Global Real Estate Sustainability Benchmark (GRESB), which compares 637 real estate companies globally on a range of measures from energy reduction performance to quality of their sustainability policies.

Striving To Set The Benchmark During 2014, the company continued to set the benchmark for sustainable development in the region, successfully implementing a labour policy for its construction workers, which sets out commitments to safeguard worker rights across its developments, including timely pay, annual leave and labour accommodation. Majid Al Futtaim Properties aims to influence best practice on the treatment of workers; its construction sites were fatality free during 2014, while overall accident frequency rates among direct

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Ideas For SMEs Whilst all this sounds very corporate, they have taken their initiatives down to a basic level, which are easy to copy ideas for SMEs. Excluding the sums of money involved, their community investment totaled AED7.3 million in 2014 and is easy for others to replicate.

That said, we appreciate that times are getting tougher and not every business has the available funds to give away, so companies can also look to the staff of Majid Al Futtaim, who were the standout stars of the business where giving back is concerned. In total, their employees committed 2,561 hours to a volunteering based programme which encourages employees to take one paid day off work to help in areas such as working with children, supporting homeless people and helping with environmental projects.

181 employees also received sustainability training in 2014 in Bahrain, Egypt, Lebanon, Oman, and UAE. What The Future Holds - 2015 As part of a range of ambitious goals set for 2015, Majid Al Futtaim will aim to include labour standard policy requirements into all contracts with direct suppliers, perform a study to understand the socio economic benefits of one development, and achieve a 25 percent recycling rate (tonnes) across all operational malls. l

Majid Al Futtaim Properties aims to influence best practice on the treatment of workers; its construction sites were fatality free during 2014, while overall accident frequency rates among direct employees and contractors dropped by 77 percent in the UAE and Oman and 31 percent in the Levant and North Africa

2014 highlights: Labour policy launched, safeguarding worker rights AED7.3 million invested in the community 7 assets achieved green building certification 2,561 hours of volunteering completed by employees 69% recycling rate at Majid Al Futtaim’s main office 181 employees received sustainability training

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Women in Family Business By: Farida F. El Agamy, General Manager, Tharawat Family Business Forum

The past decades have brought much attention to the family enterprise and women in business.

Researchers and practitioners alike have recognised the importance of family-owned companies and the impact they have on national economies. However, one particular aspect of this topic has long been neglected: The role of women in family businesses. The Tharawat Family Business Forum in Dubai in collaboration with international partners has created a platform to address this matter: Founded in 2013, the Women in Family Business (WIFB) project aims to bring together peers, develop thought leadership and host gatherings of women around the world

amily-owned businesses are a driving force behind sustainable job creation - they promote economic sustainability through their long-term visions, and contribute greatly to growth. In the Middle East and North Africa this is particularly visible as recent PwC surveys suggest that approximately 80 percent of the private sector is family owned. This includes the employment of approximately 70 percent of the labour force in the GCC region. Yet, however successful this ownership model may be, it has to be understood that it hinges on the unique connection between the social family unit and the every-day pressures of the operating business. It is suggested that to make the family business successful, each member of the owning family, regardless of their involvement in the actual business, needs to be aware of their role and as such, their impact and responsibilities.

Despite having analysed the roles of individual family members in the business, little academic work has been done to explore the role of women in the family business environment. The fact is however, that initial studies show that women have a proven essential influence on the businesses’ strength, continuity and direction no matter what their title or rights within the family enterprise.

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It is interesting that this topic has gone so long without more attention as surveys suggest that the family business environment is more open to female leadership. Female CEOs are more prevalent in family firms than in non-family firms. The American Family Business Survey for example, found that from 1997 to 2007, the number of women CEOs in family businesses rose from 4.7 percent to 24 percent, whereas in the same year a Fortune magazine study claimed only 2.5 percent of the Fortune 1000 was led by women. More and more businesses are starting to see the benefits of more diverse executive teams or boards of directors, taking advantage of the female perspective brought to the table. A study by Babson University found that womenowned family firms were nearly twice as productive as those owned by men. The underlying reasons of this seemed to be as researchers found, that women and women-led teams tend to do more with less available resources.

Interestingly, the roles that women play within a family business often do not substantially differ from region to region and the challenges are similar too. For example, in some cultures women face a conditioning environment from early childhood.

They are not expected to one day join the family board, the family

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In the Middle East and North Africa this is particularly visible as recent PwC surveys suggest that approximately 80 percent of the private sector is family owned

enterprise, or even carry out a leading management function. Whilst there can be a lot of pressure on male heirs to ensure the succession, girls might be overlooked. Hence the conditions for her to prove herself are often highly unfavorable and she will have to convince a myriad of people that she might be an asset to the company.

Research shows that such early conditioning can also lead to girls to not developing an interest in the family business and keeping a very passive role throughout their lives.

In the Middle Eastern region, a 2015 study by the Saudi Al Sayedah Khadijah Bint Khuwailid Center in Jeddah showed that despite the signs that companies were more efficient with women in leadership positions, female family business members were still facing great challenges. In most cases those challenges were centered on traditional barriers to women working, perceived lack of support from the family, and skepticism towards work-life integration efforts. The report also showcased that women felt there was a gap in appropriate training opportunities to acquire skills to make them feel comfortable in more businessrelated environments. However the Pearl Initiative 2015 report on more than 100 family-owned firms in the GCC found that 32 percent of the interviewed companies already had mixed-gender boards.

In order to address the complexity of these questions on a more permanent basis the Women in Family Business (WIFB) network was founded in 2014 and was primarily set out to connect women in family business, highlight the various roles they play and to share

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their experiences.

Co-founded by family business members based in Dubai, Colombia and Switzerland with the support of the Dubaibased Tharawat Family Business Forum, it quickly evolved to become a global initiative.

Through its structured approach and its WIFB Matrix the network focuses on four segments within its audience: zz

zz

zz zz

Female family members who have active and visible roles in their family’s business, as managers, executives, or board members Female family members who have important roles in the business, for example in family or corporate governance, even though they might not have an official title or be part of the staff Women who officially carry out social roles on behalf of the family, like social networking, and philanthropic activities Female family members who focus on carrying out internal roles in the family business, such as education of the next generation, promotion of the family culture and values

WIFB is creating a knowledge center to exchange thoughts about the role of women in family enterprises and is now developing a digital peer to peer network for its members.

This is vital as often the support required for females in business differs slightly to the standard business advice. It is not unusual to hear questions ranging from “How can I balance motherhood and still be recognised as the business woman I was before?” or, “How can I inform my father that I do not want an active role in the family business?” to, “I have

In the Middle Eastern region, a 2015 study by the Saudi Al Sayedah Khadijah Bint Khuwailid Center in Jeddah showed that despite the signs that companies were more efficient with women in leadership positions, female family business members were still facing great challenges

only a few business skills but would like to support my family’s company - what can I do?”

The diversity of these concerns has been recognised in research. Dr. Salganifcoff, an American researcher commented, “The life of a woman in family business is a compound of a series of overlapping subsystems whose boundaries are not clearly marked and are constantly changing”. So how will businesses cope with this new dynamic? With this in mind, it is interesting to see that on the one hand family businesses are recognising the advantage of diversity for their growth and sustainability and on the other hand that women are becoming more proactive to find out what roles they would like to play in their family’s enterprises, and how they can have a positive influence, be it in day-today, operational roles or as family members in general. Should not both women, and the businesses they work for, strive to acknowledge this and provide the working environment to help their female employees thrive? l

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All About Apple

Technology Enthusiasts on the Rise as UAE Smartphone Market Expected to Reach USD 9.32 Billion in 2019 following the launch of the new Apple products

pple’s announcement on global product launches which was hot off the press as Business Insight went to print, will be welcome news to the large early adopter population in the UAE, says the UAE’s largest mobility retailer axiom.

A report published last year by Research and Markets, titled UAE Smartphone Market Forecast and Opportunities 2019, predicts that the smartphone market in the UAE will reach US$9.32 billion in 2019, suggesting the country’s growing appetite for the latest in smartphone technology.

“The rapid and continuous growth in the smartphone market demonstrates the high demand for the devices, the high spending power of consumers, as well as the high early adoption rate in the country, making the UAE an ideal market for new smartphone launches,” said Faisal Al Bannai, CEO of axiom.

“Being one of the biggest and strongest players on the smartphone scene, Apple’s product launches are always very highly anticipated by technology enthusiasts across the region, and we constantly look forward to being the first to offer our customers the latest innovations from Apple’s mobile device range.”

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As the country progresses to implement the latest in technological innovations, customers in the UAE are mirroring this trend by constantly integrating the latest in technology into their daily lives. Many technology giants in the industry are responding by consistently launching new and improved versions of popular devices, which have proven to be welcome by avid smartphone users across the country.

“Throughout the years, we have observed that a large number of customers repeatedly upgrade their smartphones to the latest release soon after its launch using axiom’s tradein service, confirming the nation’s eagerness to experiment with the latest mobile device features,” added Al Bannai.

The upcoming Apple launch event is expected to reveal the latest in the iPhone range. While no official announcements have been made on the products to be launched, online speculations suggest that the new additions to the iPhone range could include the iPhone 6S and the iPhone 6S Plus, which are said to have enhanced camera specifications, in addition to other innovative technologies. l

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Surprising business facts There are 28 million small businesses just in the U.S. alone! They outnumber corporations by 1162 to 1 Source: https://www.dynadot.com

Globally, the fastest growing sector for freelance businesses in 2011 included auto repair shops, beauty salons and dry cleaners Source: www.silverlinefilm.com

70%

Over

50%

of the working population (120 million individuals) works in a small busines

OVER

of small businesses stay in business for at least 2 years and 50% stay open for more than 5 years Source: https://www.dynadot.com

Source: Scotmarketplace.com

65% 70%

In the USA alone, small businesses have generated over

of the net new jobs since 1995

Source: Forbes

of all small businesses are owned and operated by a single person
 Source: https://www.dynadot.com

7 10 out of

new employer firms survive at least 2 years, half at least 5 years, a third at least 10 years and a quarter stay in business 15 years or more

Source: Forbes

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To start a business it takes USA - 6 days China - 38 days New Zealand - 1 day Singapore - 3 days Saudi Arabia - 5 days UK & Ireland - 13 days
 India - 30 days Source: https://www.dynadot.com

UAE from 2 days, but the average is 11

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DUBAI

42%

of the workforce is employed by an SME Source: Emirates NBD

In the USA, small businesses create about 13x more patents per employee than their competition Source: https://www.dynadot.com

In 2009

a small business filed for bankruptcy every eight minutes in the US Source – Hiveage

95% In 2013 SMEs represent

of all companies in Dubai

Source: Emirates NBD

52 percent of companies found new customers on Facebook Source: Facebook

Henry Ford, founder of Ford Motor Company (and a man who knew a thing or two about failure) once said, “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it” A University of Phoenix report indicates that 63 percent of adults under the age of 30 want to run their own business one day www.businessinsight.ae

If a small company cannot resume business within 10 days of a natural disaster, it probably will not survive Source: Biztek Solutions

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LET’S GO BANANAS!

Many companies globally offer free fruit to the employees. Why? I hear you ask. Well a study from Vielife, a health and wellbeing consultancy, proved that a healthy employee can be 20% more productive than an unhealthy employee, so happy contented staff means an increase on your bottom line

n the UAE the Government is seeking to increase the health of the nation; Emiratis and expats alike.

Typically employees spend up to 60% of their waking hours at work, often without exercise.

Therefore, the need for a balanced diet is even more imperative to try and give some sort of healthy activity in our life. In fact in the UK insurers take healthy eating into account for employee benefit premiums, offering discounts to companies who provide healthy food options for their staff. This coupled with the fact that healthy eating in the workplace will help employees to be happier at work, improve their health and more importantly, increase their productivity means that employers should be looking at providing a healthy food option in the workplace.

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The Answer So what can an employer do if you want to promote a healthy lifestyle and keep your staff happy? A current trend and low cost option across the UA and Northern Europe is to supply fruit. Apart from the benefits to the employers mentioned above there are also some personal benefits of eating more fruit and vegetables that can easily be promoted.

Did you know... zz increasing fruit and veg intake is the second most important cancer prevention strategy after giving up smoking? zz each portion of fruit eaten provides increased protection against having a stoke by as much as 40%

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Studies have shown that employees who are weight conscious, report less sickness absence than those classed as obese

By supplying fruit employees are more likely to reach for an apple than something unhealthy. Whilst this may seem trivial studies have shown that employees who are weight conscious, report less sickness absence than those classed as obese. Staff sickness is detrimental to your profits above just paying their wages; the company loses the employees productivity for the time that they are off work, stress increases in colleagues as they manage more tasks, which decreases their productivity, AND it is possible your organisation’s insurance premiums can increase. Furthermore by supplying healthy alternative staff are more keen to remain in the office rather than spend time away buying a snack. So why would you not want to look into this option further?! l

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Top 10 Benefits to eating fruit at work There are many health benefits of eating fruit at work, some of which are listed below: 1. Lightness: Fruit is a great light snack.

Processed snacks and heavy meals lead to sluggishness and decreased productivity.

2. Fiber: Fiber is essential to maintaining a healthy and efficient digestive system.

3. Mood enhancement: The enzymes and antioxidants provide that much needed dose of mood enhancement for the workplace.

4. Improves your office’s ambiance: As fruits are varied in colors, shapes, and sizes, it will help your employees to calm their eyes the same way plants can.

5.

Alertness: The vitamins and minerals instantly make you mentally alert and full of vitality.

6. Energy: Eating fruit will increase your energy and keep your blood sugar stable.

7. Weight management: Due to today’s sedentary lifestyles weight issues are worrying. For companies, this means an increase in sickness absence costs, which all organisations want to reduce.

8. Increased productivity: Healthy, happy, alert and focused employees are naturally far more productive.

9. Increases staff loyalty: loyalty goes both ways; this demonstrates it from you for it to be returned.

10. Increases your bottom line!

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Hot And Humid Weather Conditions

Hot and humid weather conditions in the UAE can make fungal skin complaints worse and these could impact the bottom line of your business

When booking your next appointment, make sure the place ensures proper sterilisation between each patron

ungi are widespread in the environment so it is not unusual that a large amount of fungi and their spores end up being inhaled into the lungs or landing on the skin. Under conditions of moisture, warmth, irritation and injury these fungi grow rapidly and may cause infection and without the proper treatment, can impeded someone’s working ability, causing their output to drop and hitting your targets.

Fungal infections of the skin that usually result in red, flaky patches on the skin cause physical stress and lead to mental distress. The hot, humid weather of the UAE is the ideal breeding ground for these infections and it is advisable to take precautionary actions.

Dr. Khushbu Goel, Specialist Dermatologist at Medeor 24x7 Hospital outlines some of the more common infections and how to treat them.

F

Athlete’s Foot Medically known as Tinea Pedis, this infection occurs in the feet and is caused by a fungus that lives on dead skin cells. It leads

70 | September 2015

to peeling, redness, itching and in severe cases blisters and sores. The common fungal infection thrives on moist, warm environments and spreads through direct contact. It is usually found in socks, shoes, swimming pools and the floors of public toilets.

To avoid contracting the infection, it is advisable not to share socks or towels and make sure to wash these items of clothing at least every other day with warm water and soap, wear shoes that allow the feet to breathe, dry your feet thoroughly after washing them and use a good quality foot powder. If you share shoes with a friend make sure they wear their own socks. Moroccan baths or the Turkish Hammam are popular across the UAE – while these are great for sloughing off dead skin cells, they are suitable areas for the fungus to grow.

When booking your next appointment, make sure the place ensures proper sterilisation between each patron.

Jock Itch Jock itch, also known as tinea cruris, is a fungus that thrives in warm, moist areas of

the body and hence almost always spreads to the genitals, inner thighs and buttocks more often in summer or in the warm, hot climate. It spreads from contact with an infected person or object and results in itching and chafing of the infected area and a circular red raised rash with elevated edges. To avoid the infection, it is vital to change clothing especially underwear daily. Try to avoid public restrooms or use toilet seat covers if you do so. If you contract the infection, wash and dry the affected area with a clean towel thoroughly and apply anti-fungal creams and powder at night.

Ringworm Known as tinea corporis, ringworm is a fungal infection that appears as circular, red flat sore accompanied by scaly skin. The outer part of the sore is raised while the skin in the middle appears normal. It is spread through direct contact with infected people or animals and heat and humidity exacerbates it. Due to its name, many believe the infection is due to a worm however it is caused by fungi that lives in dead skin cells. l

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