Intelligent SME issue 36 (February 2016)

ISSUE: 36 | February 2017 facebook.com/theintelligentsme @intelligentsme

Give your brand an unfair advantage

The War Between DRIVING GROWTH & PROFITABILITY SME World Summit 2017A Sneak Peek

Strategic Alliance Partner

FUNDRAISING YOUR BUSINESS

Corporate Banking Partner

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The Impact of Technology on the SMEs

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SME WORLD SUMMIT 2017

March 22, 2017 Jumeirah Beach Hotel, Dubai

DON’T MISS THE BIGGEST ENTREPRENEURSHIP CONFERENCE With over 2500 high profile delegates consisting of entrepreneurs, C-suite executives and government dignitaries SME World Summit is a must attend event.

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Productive Environment

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Globally Acclaimed Speakers The summit attracts the best minds from all over the world. Our Speakers will inspireand deliver phenomenal value to attendees.

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Give your business a competitive advantage 5-star luxury environment High value attendees Expo, Awards, Keynotes, Panel Discussions, Workshops, Fashion shows & much more Deepen your ties with entrepreneurs & senior decision-makers

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EDITORIAL THINK TANK & ADVISORS Ajay Bindroo, CEO & Managing Partner, Clasico Brands Within a span of 18 months, Ajay has established a global venture that caters to consumer goods ranging from beauty and personal care, grooming products to oral care, bath and hygiene, hair care and homecare products. Under the flagship of “CLÁSICO BRANDS”, over a dozen brands have been created and are in the process of being launched worldwide. Ajay is a true visionary and makes sure that the company's concept and strategies are right on track.

Akram Miknas, Chairman & Founder, PROMOSEVEN HOLDINGS B.S.C.C. (P7H) Akram Miknas is known to be one of the pillars of modern marketing communications in the Middle East. His involvement in real estate development, especially after the successful completion of the Pearl Towers (Abraj Al Lulu), anchored him as a leading accomplished developer in the Gulf. In early 2000, he branched into the hospitality business and successfully managed and built several hotels and outlets in Bahrain. His success in this business was crowned by becoming the franchisee of McDonald’s in Lebanon; where he built the business from seven to 26 restaurants in just five years.

Alexandar Williams, Director, Business Development, Department of Economic Development (DED) Alexandar Mathew Williams is presently the Director, Business Development, Department of Economic Development (DED), Government of Dubai. He has more than 20 years of experience in SME development and business creation. He is interested in the life cycle dynamics of firm growth and mentoring entrepreneurs.

In his current job, Alexander is responsible for developing new initiatives for DED to take it to the next level as a knowledge-driven economic development agency.

Deepak J Babani, CEO, Eros Group Deepak J Babani has been with Eros Group for over 30 years. Mr. Babani has spearheaded the growth of Eros Group from a turnover of Dhs six million in 1981 to over Dhs four Billion in 2010. Under his leadership, Eros Group has established itself as the leading distributor for Consumer Electronics, Home Appliances, Telecom, IT and Air-conditioning products in the UAE, GCC and East African regions. Mr. Babani joined Eros as Marketing Manager and was promoted to General Manager in 1988 and subsequently to CEO in 2002. and subsequently to CEO in 2002.

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EDITORIAL THINK TANK & ADVISORS K. Rajaram, CEO, Al Nabooda Automobiles K. Rajaram has more than three decades of experience in the automotive industry, starting his career in Oman in 1983. He moved to the UAE in 1996 to lead Al Nabooda Automobiles, the exclusive dealer of Audi, Porsche and Volkswagen in Dubai and the Northern Emirates. Under his leadership, Al Nabooda Automobiles has changed the face of the UAE automotive market by setting the highest benchmarks in customer service and pioneering the automobile ownership experience.

Mishal Kanoo, Deputy Chairman, The Kanoo Group Mishal Kanoo serves as the Deputy Chairman of The Kanoo Group, one of the largest, independent and longest running family-owned group of companies in the Gulf region. He is also one of the most iconic business figures in the Middle East, featured on various magazines and listed in the ‘Top 100 Powerful Arabs 2013’, and ‘The 15 Wealthiest Arab Businessmen in the World 2012’, among others.

Subsequently, he worked at Arthur Andersen in Dubai as an auditor before taking up his current position in 1997. Mishal Kanoo adheres to family values and ideals in pursuit for quality and excellence which has greatly influenced his corporate policies and goals for ‘The Kanoo Group’ as a reputable company.

Rizwan Sajan, Founder & Chairman, Danube Group The Danube Group was founded and established by Mr. Rizwan Sajan in 1993. Over the last 22 years, the group has come a long way since its humble beginnings of a small trading shop in Deira to being the region’s leader in construction, building materials, home interiors and shop fitting industries. The head office & logistics facilities are present at the Jebel Ali Free Zone (JAFZA). Danube has coursed a path that transformed only one shop with three employees to over 40 locations in nine countries worldwide including UAE, Oman, Bahrain, Saudi Arabia, Qatar, Africa and India, in addition to procurement offices in China with employee strength of over 2,200 people. Being a top ranking business icon, Mr. Rizwan Sajan has been a source of inspiration for driving Danube’s business by leaps and bounds. source of inspiration for driving Danube’s business by leaps and bounds.

Reg Athwal, Founding Partner & MD, RTS Global Partners Reg Athwal is the Chairman of RAW Group and the Founding Partner & MD of RTS Global Partners, the leading family business advisory firm in Africa, Middle East and Asia. The company has been supporting hundreds of clients in over 150 disciplines spread across 57 countries with offices in Dubai, UAE and Nairobi, Kenya. Reg’s vision is to grow into a major company of 1000 members in 22 countries by the year 2022 with the primary aim of transforming 22,000+ family businesses and impacting millions on the way.

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CONTENT 16

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SME World Summit 2017 – A Sneak Peek

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The War between Driving Growth & Profitability

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Thomas Vijayan: Capturing the Wild

Challenges of Defining Job Roles in Family Businesses

Growth of Virtual Business Solutions: Benefits for SMEs

February 2017

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Construction Material Prices on the Rise

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Getting the Books in Order

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SPI Group www.spigroup.ae www.theintelligentsme.com www.robustrak.com www.innovationandtech.ae www.innovationsummit.ae www.dubai-gbs.com www.smeworld.ae www.makeinuae.ae

Emirates NBD Global Business Series – Silver Jubilee Special 42

Prerequisites to Fundraising your Business

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Tips on Developing a Mobile App for your Business

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Rare & Fabulous

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Publisher & CEO: Shantanu A.P. Group Editor : Auritri Chatterjee Assistant Editor : Jinal Chheda Expert Contributors: Craig Moore Dr. Rodrigo Perez-Vega Isabella Leland George Deeb Neil Buckland Rizwan Sajan Reg Athwal Simon Hodges Warsha Joshi Web Developer : Raj Shekar Reddy Designer : Retheesh Viswanath Distribution Department : Jerry P. Sam

Disclaimer

The Impact of Technology on the SMEs

SPI Publishing has endeavoured to bring out a publication that is reliable and informative.

This is true to the best of our knowledge. The opinions presented are those of individual writers and not necessarily endorsed by SPI Publishing. The content in this magazine is protected by copyright law and is copyright to SPI Publishing unless credited otherwise, and may not be copied, reproduced or republished for any commercial purpose or financial gain.

February 2017

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Publisher's Note

T

his year has already set a milestone for SPI and the SME community of Dubai & UAE. The Emirates NBD Global Business Series has completed its 25th session at the luxurious Grand Hyatt, Dubai, amidst the crème-de-la-crème of the business industry, media and the top millionaires and billionaires in the region. A mustattend event, the centenary honored two of the most illustrious business leaders of the region – H.E. Abdul Baset Al Janahi, CEO of Dubai SME & Magnus Olsson, CXO & Co-Founder of Careem.

We’re also looking forward to the fifth edition of the SME World Summit 2017 to be held at the luxurious Jumeirah Beach Hotel on 22nd March 2017. This is going to be the largest SME conference of the region with international speakers and panelists joining in from all over the world and the team is pretty excited with the developments leading up to the event.

Coming back to the magazine, our latest issue covers wide-ranging topical themes starting from the challenges of a family business to the challenges of raising funds for your business; understanding the conflict between growth & profitability to understanding the reason behind creating an app for your trade; educating oneself on the importance of keeping books in order to learn the importance of technology in the current SME setup. Let us know your thoughts on the quality of our magazine and we hope it helps you in your current ventures – business and life.

Happy Reading!

Shantanu Phansalkar, CEO & Publisher

February 2017

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BUSINESS ANNOUNCEMENTS

UAE Energy Plan 2050 to attract sustainable long-term investments

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aving a long-term energy plan will boost sustainable long-term investments in the UAE, says a London Business School expert.

This month, the UAE government unveiled a three-decade energy plan that aims to save the country billions of dirhams while still sustaining economic growth. The plan has been designed to balance the environmental goals of the country as well as fulfilling its economic needs.

Commenting on the new Energy Plan, Ioannis Ioannou, Associate Professor of Strategy and Entrepreneurship, London Business School said: “The main goal of the UAE Energy Plan 2050 is for clean energy to account for 44% of total energy production to contribute towards sustainable economic growth for the country in the long run.”

The plan outlines significant cuts to carbon emissions, an increase in clean energy use and to promote overall energy efficiency. Dr Ioannou, whose research focuses on sustainability, explained: “The importance of national institutions in promoting a long-term sustainable future and environmentally responsible behaviour by corporates cannot be overemphasized. In fact, research suggests that nationlevel institutions are key drivers

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of corporate environmental performance.

“The UAE plan is undoubtedly a solid step in the right direction. It represents a public commitment by the government and hence, reduces potential uncertainties regarding future energy policy. At the same time, this reduction in uncertainty

establishes the framework and the context for companies and other entities to set up operations that are consistent with the principles of sustainable economic growth.”

Dr Ioannou concluded: “Of course, it will be challenging for a country so heavily reliant and invested in hydrocarbon energy to leverage

combined with the long-term time horizon of the plan is likely to attract sustainable long-term investments in domains such as renewable energy and energy efficiency solutions.

“It is also important to note that the announcement of the plan represents a strong commitment to the UN's Sustainable Development Goals (SDGs) by the UAE. It

its extensive experience and unique skills to build an economy based on a diversified mix of predominantly clean energy sources.

The devil is often in the details, and organizational change is always difficult. Yet it certainly helps, and is commendable, when institutions are put in place to enable a transition to a more sustainable future.”

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BUSINESS ANNOUNCEMENTS

Abu Dhabi to host major conference to tackle Middle East and North Africa food challenge

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bu Dhabi is set to play a leading role in coordinating efforts to meet the pressures of feeding 520 million people by 2030, one of the biggest challenges facing the Middle East today.

MENA Food Production 2030 will take place at the Abu Dhabi National Exhibition Centre from 20-21 March 2017 during the Global Forum for Innovations in Agriculture (GFIA), an established annual event in the UAE capital, and will drive a critical dialogue between government, food producers, scientists and investors to establish secure, sustainable and profitable food production systems.

“The hosting of these important international events in Abu Dhabi underlines the commitment of the UAE to drive a dialogue on food security and climate resilience,” said Thamer Al Qasemi, Director of the Communication & Community Service Division at Abu Dhabi Food Control Authority (ADFCA).

“Increasing levels of food production without exacerbating climate change and environmental damage requires a radical shake-up of the region's entire food system.

We live in a water-constrained region and must use these forums to enhance our contribution to the development and implementation of smart solutions for sustainable food production.”

In the Middle East and North Africa region, the challenge of feeding a growing population is particularly complex. The highest rate of population growth worldwide and a rapidly growing urban population adopting Western diets, places enormous pressures on the environment and finite resources such as fresh water and fertile land.

During the conference, speakers from around the world will be tackling five key challenges: climate-resilient crops; growing the aquaculture industry; futureproofing animal health; smallholder

farmer development; and sustainable animal production.

Among the panel of speakers will be H.E. Mohamed Bin ObaidAl Mazrooei, President, The Arab Authority for Agricultural Investment and Development; H.E. Khadim Al Darei, Vice Chairman and Managing Director, Al Dahra Agriculture Company; Dawood AlYahyai, Director of Aquaculture Development, Ministry of Agriculture & Fisheries in Oman; Edward Hamod, General Manager, Emirates Food Industries; and Alya Al Mazroui, Programe Manager at the National Centre of Meteorology & Seismology, who will be giving an update on the progress to date of the UAE Research Program for Rain Enhancement Science.

Held in strategic partnership with ADFCA, GFIA will also feature an exhibition hosting some 300 companies, and an Innovations Programme, showcasing a series of 15-minute talks from start-up companies who think they have a next-generation solution that could shape the future of farming around the world.

Innovation talks announced so far include a solution from In Ovo that can stop the killing of 3.2 billion male chicks a year; a pioneering network from WeFarm that is connecting farmers in developing countries without the internet; and how advanced math modelling from Ec2ce could bring about Artificial Intelligence for the agro sector.

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BUSINESS ANNOUNCEMENTS

National Bonds registers 50 percent more female regular savers in 2016

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ational Bonds Corporation (National Bonds), the leading sharia-compliant savings and investment company in the UAE, has announced that it registered a 50 percent increase in the number of female regular savers in 2016 in comparison with 2015. In addition, the cumulative savings within the company’s various programs grew by 43 percent last year.

Currently, National Bonds has more than 32 percent female bondholders of whom approximately 20 percent are minors. Since the establishment of the company in 2006, 62 women – 30 UAE nationals and 32 expats – have won its grand prize draw worth AED1 million, making up 40 percent of the total 160 winners.

Mohammed Qasim Al Ali, CEO of National Bonds, said: “These figures reflect the increase in awareness within the UAE community, among nationals and expats alike, about the significance of financial planning and financial responsibility. The growth in the number of regular savers among our customers is an important indicator of the

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remarkable change in people’s financial behavior – they are increasingly recognizing their responsibility to build a better future for themselves and their families.

This positive shift in overall financial culture translates into stability of society as a whole and supports the efforts of the government to achieve true sustainable development.”

between the number of UAE national and expat female savers – 35 percent compared to 63 percent respectively – women still account for more than 32 percent of our total customer base.

“The UAE has made great strides towards women’s empowerment in education as well as in employment.

Within the public sector, women currently represent 66 percent

He added: “The surge in the number of female savers indicates the extent of women’s contribution to economic activity and their commitment to their future through using saving as a tool to ensure financial health. Although the results reveal a disparity

of the total workforce, while men account for just 44 percent.

These statistics are only natural, considering that female graduates of higher educational institutions outnumber their male counterparts.

Women make up two-thirds of public university students and half of

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BUSINESS ANNOUNCEMENTS

private university students.”

Al Ali pointed out that in 2014, women contributed AED6.6 billion to the country’s economy.

The UAE has a total of 22,000 businesswomen who collectively possess private investments valued at over AED45 billion.

He noted that socio-economic development – the focal point of governmental strategies and plans – requires a transformation in the cultural and moral system of society as a whole. A truly evolved society will include individuals sharing fundamental values, ethics, and responsible investment behavior that lead to greater

sustainability.

Aiming to raise awareness about the importance of saving among all segments of society regardless of age, gender, and nationality, National Bonds offers its customers tailored programs to help them save on a regular basis. The Sanadi plan in particular is an ideal choice for families that seek to ensure a financially stable future, as it combines saving with takaful protection that includes life, employment, and critical illness cover, among others.

In line with the directives of the wise leadership to position Dubai as the capital of Islamic economy,

National Bonds provides UAE nationals as well as residents and non-residents with a range of trustworthy, safe, and shariacompliant saving options. Even minors can own national bonds if their parents or guardians make the purchase on their behalf. Since its inception, National Bonds has distributed approximately AED 463 million in annual returns and prizes.

www.raalc.ae Suite # 1104, Level 11, Ontario Tower, Business Bay, Sheikh Zayed Road February 2017 Tel: +971 4 551 9341, Fax: +971 4 551 9306 www.theintelligentsme.com - Email: info@raalc.ae

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BUSINESS ANNOUNCEMENTS

Masdar Institute partners with Abu Dhabi Sewerage Services Company to build human capital and improve Strategic Tunnel Enhancement Program

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ubai International Financial Centre (DIFC), the region’s leading financial hub, connecting business and financial institutions with emerging market opportunities across the Middle, East, Africa and South Asia (MEASA), has today become home to the first Equity Crowd funding platform in the region, Eureeca. It is the first multi-regulated global Equity Crowd funding platform, has over 12,000 investors from 42 countries. It enables entrepreneurs and high growth businesses to raise much needed expansion capital and create new partnerships for growth.

The firm’s investor network, that ranges from small scale and angel investors, to institutional investors and corporate, can access exciting new investment opportunities from multiple countries globally allowing them to buy shares and make equity investments in these companies.

Welcoming Eureeca to DIFC, CEO of DIFC Authority, Arif Amiri said, “The MEASA region is the world’s fastest growing region. As a financial hub, we are always striving for new ways to help firms access this $7.8 trillion

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market of 3 billion people, home to a vast array of start-ups with a strong entrepreneurial spirit. Eureeca, the first ever Equity Crowd funding platform in the region, will help link these high growth businesses with much needed and underserved capital. It is a testament to the regulatory infrastructure we have put in place that they have chosen DIFC as their regional hub, with firms like these a crucial part of our plan for our 2024 Growth Strategy.”

Recognising the attractiveness of DIFC as a fintech hub, Amiri added, “Fintech is the future of financial services and it is key to opening up many sectors in emerging markets and driving financial inclusion. In recent years, we have invested heavily in creating an ecosystem for fintech firms, backed up by world-class legal and regulatory structures. I am sure Eureeca will benefit from access to the MEASA region through the DIFC’s enabling platform, bringing multiple opportunities for networking and partnerships for growth.”

Sam Quawasmi, the Co-CEO and Co-founder of Eureeca discussed

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the offering Eureeca would be bringing to the region. “Born out of Dubai, and after the Dubai Financial Services Authority’s (DFSA) tremendous efforts, Eureeca is delighted to be the first Equity Crowd funding platform to be licensed to operate with a representative office in the DIFC. We offer investors a stable multiregulated platform to invest in the businesses of the future,” he commented.

Eureeca recently raised $400,000 in 12 days on its self-funding campaign with the funds being used to fuel Eureeca’s aggressive international growth plans and continued development of their product offering.

Chris Thomas, Co-CEO and Cofounder of Eureeca said: “With the DFSA’s stamp of approval, paralleled with our successful global expansion strategy, Eureeca creates a corridor of investment opportunities between Europe, the Middle East and Southeast Asia.”

BUSINESS ANNOUNCEMENTS

Emirates Institute for Banking & Financial Studies launches Certificate in Islamic Banking and Finance

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he Emirates Institute for Banking and Financial Studies (EIBFS), the region's largest training centre for banking and finance, today announced the launch of a new professional certification programme Certificate in Islamic Banking and Finance (CIBF).

Designed in collaboration with the Islamic Banking and Finance Institute Malaysia (IBFIM), the course aims to develop qualified personnel with in-depth knowledge of Islamic banking products, services and processes as well as the Islamic financial market and Takaful operations.

Speaking about the new programme, Jamal Al Jassmi, General Manager of EIBFS, said: “Islamic banking and finance has witnessed phenomenal growth in the last decade, with many industry reports confirming that the UAE is poised to emerge as the global Islamic economy hub. In a bid to plug the gap between the demand and supply of trained Islamic finance professionals, EIBFS continues to offer courses that are on a par with

educational programmes provided by the best institutes in the world.”

He added: “The latest addition to our course portfolio - the Certificate in Islamic Banking and Finance teaches students how to develop innovative banking products in compliance with the most stringent Shariah principles. Participants of the programme will be able to meet the demanding requirements of the burgeoning Islamic finance market and identify effective solutions to the multitude of challenges the sector faces today.

I am confident that the expertise of our graduates will significantly benefit the most prominent Islamic finance institutions in the region and enhance their overall performance.”

The programme is already receiving a high uptake from leading financial institutions in the UAE. For instance, UAE-based Emirates Islamic Bank recently enrolled 14 employees in the programme with the strategic objective of training them towards a professional certification in ‘Islamic Banking & Finance'.

The CIBF programme offers

insight into the foundations and ethical principles of Islamic banking and finance, and a clear understanding of Islamic financial transactions as well as the legal and Shariah frameworks that govern the industry. It enables students to identify the guiding principles of Islamic finance, and differentiate between conventional and Islamic banking products and services.

Furthermore, the programme examines the structure and mechanisms of Islamic finance, and analyses the processes and procedures involved in Islamic banking operations.

Throughout the course, participants gain a thorough understanding of the capital market and Takaful operations. In addition, the programme acquaints students with the rules of Islamic accounting and financial reporting. Graduates will be able to manage and resolve all issues related to Islamic finance with the utmost competence.

Catering to those studying while working, the three-month programme has eight modules with evening classes held three days a week for three hours a day. Participants will undergo pre-assessments to gauge their knowledge level. The final exam will take place online in a multiple-choice format.

DESCO Copy & Print Center is a trusted brand since last 3 decades.

DESCO has the largest print network in UAE with 34 branches, some operating 24/7, it also has a full fledge Offset division equipped with "State of the Art" facilities. DESCO aims to bring printing near you with fast, efficient and economical printing solutions. To know more about DESCO log on to www.descoonline.com or call 800DESCO.

FEATURE

Thomas Vijayan: CAPTURING THE WILD

It’s not easy to be an award-winning wildlife photographer, more so when you’re the CEO of one of the renowned and widely growing printing company like DESCO. But then we’re talking about Thomas Vijayan, who’s not only passionate about photography but also uses it to create awareness about nature and wildlife – an ISME feature.

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FEATURE

A strong wildlife photographer needs to be patient and intuitive enough to recognize the moment that luck is going to present to them.

Thomas Vijayan, CEO, Desco

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e are all (well, at least most of us are) afraid of tigers; and know of them as aggressive and dangerous. So when Thomas Vijayan showed me a photograph of a tiger sitting atop its prey - a nilgai (the blue bull), I wasn’t surprised and viewed it merely as a regular hunting picture. But then, he shared the actual story behind the picture and that changed my entire view point. The tiger was stalking a spotted deer as its prey and didn’t intend to kill the nilgai. But the nilgai came in between and the tiger had to kill it. However, it immediately realized that the nilgai was pregnant.

Slowly, it pried open the nilgai’s stomach, starting from its skin, the flesh and the entrails; it was almost like a C-Section surgery. Finally, in

around 30 minutes, the tiger was able to cut open the nilgai’s insides.

It gathered some fresh green leaves and tried to keep the baby nilgai safe and alive but unfortunately couldn’t.

The surreality of the situation gave a new meaning to the photograph in front of me. It was not a picture of a tiger hunting a nilgai anymore; it was the world’s most majestic and ferocious wild animal trying to save the unborn child of its prey. The picture was a living proof of tenderness and compassion from one of the world’s most dangerous animals. Exactly what Thomas Vijayan wants to show to the world, that animals do have concern for their fellow beings and they do care about them, they do not exploit the eco-system like us humans. “Animals

only hunt when they are hungry and unlike human beings, animals will never hunt and stock food for their future use.”

An avid jungle lover, Thomas Vijayan can spend days and months entrenched at a place hoping for the ‘perfect click.’ Originally from Bangalore, India, Thomas has always been fascinated by the world of photography from a very young age. “I’ve been into photography since my school days. There was a bird sanctuary 100 km out of the town and I’d go there with my analog camera to take pictures of the birds.

All my pocket money would go into buying the films. During those days camera films were pretty expensive and had limited options of 24-36 films; each shot was crucial and

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FEATURE

couldn’t afford to be wasted. This was a challenge for wildlife action photography”, Thomas recollects.

His interest in capturing animals and birds in action within the challenges and limitations of analog camera was probably what trained him to become the master of his craft. Thomas believes that luck plays an important role in wildlife photography but cannot be capitalized without patience and intuition. A strong wildlife photographer needs to be patient and intuitive enough to recognize the moment that luck is going to present to them.

Thomas is also the Middle East and African ambassador of Nikon and it has been around seven years since he has taken photography seriously.

His passion for tigers is reflected in all his photographs.

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Capturing tiger moments are not easy. According to him, “You have to collect a lot of information about them –explore their paths, understand their behavior, where are they often seen, know their range of territory, find out if there are tigers with cubs (which is by the way, is his favorite subject) – and be in touch with the forest guards and park rangers at all times.”

As expected from a wildlife enthusiast like him, Thomas doesn’t believe in disturbing the animals and their daily lives as a pretext to taking pictures. “Photography is something different, and nature is something different. You cannot go out and disturb any birds or animals in the name of photography.”

A strong believer in the conservation of nature, Thomas insists that photography is a

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powerful medium through which people can be made aware of their actions and their repercussions on nature, wildlife and other forms of being. A classic example is his award-winning photo of ‘A Swinging Time’ for which Thomas has received the prestigious Natural History Museum’s Wildlife Photographer of the Year 2015 People’s Choice Awards. The picture showcases a family of ‘grey langoors’ (a type of monkey) hanging around a tree having a good time, where the youngest in the family used the tails of two others to make a swing for itself.

A note of sadness creeps into his voice as Thomas laments the way langoors are treated in India.

“People don’t even slow down (their cars) when they see a langoor on the highway; they just zoom by

FEATURE

without caring. Every year there are so many accidents (of langoors) and so many are killed. Each of them has life and should be valued.”

Thomas believes that through his pictures he can inculcate love and affection towards these animals that majority of us are exploiting at the moment for personal benefits.

He wants people to realize that they are also part of the nature and should be allowed to live peacefully.

He drives home the basic tenet of human psychology when he says that people are not taking global warming seriously because they are not immediately impacted by it.

However, it is a gradual change; and if people see huge melting glaciers and comprehend their effect on the entire balance of nature and life, they will be able to control it though it is impossible to stop it.

One of the primary reasons for global warming is deforestation; and this is where Thomas feels nature and wildlife photographers have role to play.

“We need strict laws to stop deforestation and poaching.” With jungles getting depleted faster than before, the existence of the tigers and the rest of the wildlife are in danger. With stricter laws being enforced in India regarding poaching and tiger conservation, and an encouraging survey that showed a 30% increase in tigers for the past two years, Thomas is hopeful that the situation might still be in control.

Thomas is pretty happy with the progress that the UAE has made in the field of wildlife pet licensing.

“Ten years back, UAE had no law regarding animals and wildlife and the residents were free to own

“We need strict laws to stop deforestation and poaching.”

wild animals as their pet. But now, strict rules and regulations have been implemented and anyone without a valid license isn’t allowed to keep any wild animal as their pet.

Big thanks for UAE for these new laws. I believe these changes have occurred primarily because of the photographers and videographers who study these animals and create awareness about them among the general public.”

The conversation is constantly interspersed with spectacular wildlife images and nuggets of interesting knowledge like ‘the cheetah being the fastest animal but can hardly run for more than a minute; hence it starts its chase only when the prey is at a distance of 200/300 meters.’

My eyes and soul feast on the grandeur of Masai Mara, the swoop of the birds, the kingly gait of the lion and more. Before I know it, my appointment is over. I thank Thomas Vijayan, the CEO of DESCO Copy Center, and the leader of a successful thriving 30 year old business empire for his valuable time and insights and wish this wildlife lover, a soft-spoken, simple and unassuming person all the success in his efforts to protect the nature and wildlife.

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COVER STORY Business Announcement

Emirates NBD Global Business Series – Silver Jubilee Special

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COVER STORY

An overview of Emirates NBD Global Business Series, the illustrious icons and a sparkling celebration of the 25th centenary of the event.

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ubai, the modern day business hub is the cradle of entrepreneurship, marketing and innovation; and the dream place to succeed. None can deny that Dubai’s meteoric rise has been due to these three strong pillars, governing every sector of Dubai – be it government or private. But what everyone couldn’t see was that there was a tremendous need and hunger for a mentor, an inspiration

to help the aspiring entrepreneurs market their ideas and innovate better; a business persona who has already travelled the path that these entrepreneurs are going to embark on and provide them with the much required strength, knowledge and perspective. SPI identified this void and, in association with Emirates NBD Business Banking, developed the unique concept of Global Business Series where a

selected group of business aspirers has the opportunity to witness an up-close and personal interactive session with the business icons of the region. It is envisioned as an opportunity for regional aspiring entrepreneurs and professionals to be a part of an exclusive event that would transcend from the professional to the personal scope of the visionaries. The series honors the crème-de-la-crème of business

February 2017

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COVER STORY

tycoons, millionaires & billionaires, powerful decision makers and inspiring pioneers – all of whom have been the author of their own destiny.

The Emirates NBD Global Business Series was launched in 2013 and on February 1, 2017, it has completed its 25th edition marking the silver jubilee of this one-of-a-kind event in the business community of UAE. The icons for the evening were H.E Abdul Base Al Janahi, CEO of Dubai SME and Magnus Olsson, CXO & Co-founder of Careem.

Each session of the Emirates NBD Global Business Series gives the participants a rare glimpse to the blood, sweat and tears that go into the making of a great and successful businessman. The series has never been about regular boring insipid business interviews but provides a unique insight into the personal lives of each of the icons – delving into their childhood, their upbringing, early career, motivating drivers,

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February 2017

successes, fears, achievements and the ultimate goals of life. Each of our guests has been unique in their own way creating a memorable session for all participants involved.

Why Attend Business success takes strategic thinking, problem solving and good decision making. No matter how long someone have been in the business, there will always be more decisions to make, opportunities to assess and problems to solve.

Emirates NBD Global Business Series doesn’t just try to lay out a step-bystep blueprint for success but also helps entrepreneurs become better thinkers.

Another advantage of attending the series is the glimpse that participants can get into the tremendous effort and sacrifices that go into making of a great business and the human emotions that are revealed by the business

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tycoons who have made the journey from good to great. It is not always smooth sailing on the way to create a sustainable business.

While there’s no denying the fact that many billionaires are brilliant, the interactions also help the entrepreneurs into learning to take action and think more strategically – to ensure that their business stays around for a long time.

List of Icons Our first icon was Yogesh Mehta, Managing Director of Petrochem Middle East. It was an emotional and an awe-inspiring evening for everyone present and the success of that session eventually led to setting the barometer pretty high for the entire Emirates NBD Global Business Series. Since then, each of our icons has been extremely influential and venerable personalities with a strong story to tell.

THE COMPLETE LIST OF OUR ICONS:

Yogesh Mehta Managing Director, Petrochem Middle East

K Rajaram CEO, Al Nabooda Automobiles

Osman Sultan CEO, du

Dr. B.R. Shetty Executive Vice Chairman & CEO, NMC Healthcare & UAE Exchange

Sanjiv Mehta Rizwan Sajan CEO & Managing Director, Founder & Chairman, Unilever Danube Group

Ahmed Sultan Bin Sulayem Executive Chairman, DMCC

Deepak Babani CEO, Eros Group

Mohammed Khalaf Al Habtoor, Vice-Chairman & CEO, Al Habtoor Group

PNC Menon Founder & Chairman, Sobha Group

Ajay Bindroo CEO & Managing Partner, Classico Group

Thumbay Moideen Founder & President, Thumbay Group

Hussein Hachem CEO, Aramex

Rami Jallad CEO, RAKIA & RAK Free Trade Zone

Nawab Shaji Ul Mulk Chairman, Mulk Holdings

Mohammed Abdul Rahim Al Fahim CEO, Paris Gallery Group of Companies

Mishal Kanoo

Gerald Lawless Head of Tourism & Hospitality, Dubai Holding

Tony Jashanmal Executive Director, Jashanmal

Chairman, Kanoo Group

Avishesha Bhojani Akram Miknas CEO, Bates PanGulf Chairman, Middle East Group Communication Networks

Mona Ataya Founder, Mumzworld

Amr Salem Global MD , Smart Cities & IoT, Cisco

H.E. Abdul Baset Al Janahi CEO, Dubai SME

Magnus Olsson CXO & Co-founder Careem

February 2017

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COVER STORY

SILVER JUBILEE CELEBRATION The icons of the 25th edition of the Emirates NBD Global Business Series were H.E. Abdul Baset Al Janahi and Magnus Olsson. The evening witnessed a congregation of the highest and sharpest minds of Emirates NBD, the Government of Dubai and elite business premiers; a unique, exclusive and path-breaking convention of billionaires and top honchos from the region.

The gala held under open air at the 5-star Grand Hyatt, Dubai was presented by Emcee Bexta Tierney.

It was followed by the felicitation of Mr. Tariq Qureishy who has

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been a long-time moderator of the Emirates Global Business Series and the felicitation of Mr. Arjun Santhanakrishnan of GSC Consulting.

The event was then taken over by Tariq who took the audience through a beautiful journey of the past GBS sessions and its previous icons post which Mr. Suvo Sarkar, Senior Executive Vice President & Group Head - Retail Banking & Wealth Management at Emirates NBD took a few minutes to address the audience. The evening was marked with the unveiling of Emirates NBD Global Business Series Special Edition

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Coffee Table Book – conceptualized and created in honor of all the icons till date by H.E. Abdul Baset Al Janahi. The unveiling was followed by two stimulating and engaging conversations with H.E. Abdul Baset Al Janahi and Magnus Olsson, both moderated by Tariq Qureishy and amidst huge applause of the audience. In a nutshell, the 1st of Feb, 2017 turned out to be a gorgeous and memorable centenary for the Emirates NBD Global Business Series.

COVER STORY

February 2017

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SME EVENT

SME World Summit 2017 – A Sneak Peek The annual SME World Summit has become the must-attend annual event which focuses on the challenges facing SMEs in the ever-evolving world of business, technology, finance, security, services and more.

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SME EVENT

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fter a successful run in the past four years, the fifth edition of the largest entrepreneurship conference in the Middle East & North Africa region, the SME World 2017 will be held on 22nd March 2017 at the luxurious Jumeirah Beach Hotel. The summit celebrates the hopes and ambitions of each entrepreneur who strives in the challenging environment to win the race and accomplish his vision. It cherishes every innovative mind that seeks to bring change, every leader who aims to rise, and every investor willing to take risks to create value.

Organized by SPI Group, UAE’s No. 1 SME platform, in partnership with Dubai SME, the conference will be inaugurated by H.E. Sami Al Qamzi, Director General of the Department of Finance – Government of Dubai and attended by more than 2,000 entrepreneurs, business magnates, investors, heads of government departments and C-Suite executives.

The event will boast powerful keynotes and engaging panel discussions by international speakers and experts covering topics like entrepreneurship development, creating a winning corporate culture, SME finance, family business, digital branding, HR strategies, and employee happiness. The summit will also include strategic workshops, an international podium with SME representatives from all over the world, a contemporary and modish corporate fashion show by the top designers of the region, and an aesthetically stimulating Art Expo with a fine display of the latest works of the upcoming and in-vogue artists from different parts of the

globe.

The SME World 2017 is supported by its strategic SME partner - Dubai SME, corporate banking partnerEmirates NBD, sole automotive partner- Al Futtaim Toyota and logistics partner- DHL. Announcing the details of SME World 2017, Shantanu AP, CEO of SPI Group, said: “We’ve seen a tremendous growth in terms of size and number ever since we started SME World in 2013. The idea behind this event was to provide the right tools for growing business in the region. Our main focus is to elevate the accumulated resources and capabilities of SMEs in the region to a wider international stage”.

February 2017

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FAMILY BUSINESS

Challenges of Defining Job Roles in Family Businesses Working with your family can present some unique challenges.

This excerpt from REG ATHWAL’s book Unleash Your Family Business DNA defines these challenges and offers solutions to overcome them.

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ne of the goals of starting a family business is to create trans-generational wealth. But, the creation of trans-generational wealth, the kind of wealth that endures from generation to generation, is possible only if a family business is able to meet certain challenges. As I mentioned in earlier articles, when I initially introduced the DNA Model, one of those key challenges is ensuring that the right people are in the right jobs.

This is a tricky proposition in any business structure, but in the family business there is an extra dimension of difficulty. When it comes to job roles, I typically see my clients struggle with four factors: • Separating family hierarchy from business hierarchy

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• Managing “role confusion” • Designing fair and effective compensation structures; and • Properly weighing skills and experience

Separating Family Hierarchy from Business Hierarchy Instead of choosing employees based on their competence, experience, or suitability, many family businesses fall into the trap of choosing their employees and their roles based on bloodline, birth order, or gender. The degree to which this is done will depend upon what country you live in, and the cultural trends in that country.

For example, Americans are more likely to hire based on competency,

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rather than on birth order, gender, or bloodlines. In Africa, Middle East and Asia, however, cultural contexts make it much more difficult to separate the family hierarchy from the business hierarchy. Organizations that have successfully managed to separate the two have very intentional, structured employment processes.

For example, Arun Bharat Ram of SRF Limited, the world’s second largest manufacturer of nylon tire cord and belting fabrics, has written a detailed family constitution that strictly regulates the family business. Though Bharat Ram’s daughter opted out of the constitution, initially it did allow for equal opportunity for the family’s sons and daughters. It specifies who can join the family business, what happens if someone dies, and how

FAMILY BUSINESS

REG ATHWAL is the Chairman of RAW Group and the Founding Partner & MD of RTS Global Partners, the leading family business advisory firm.

Having the right people in the right jobs is integral to ensuring you kick off on the right foot.

to opt out of the family business. It also gives the two sons affected by the constitution, Ashish and Kartik Ram, specific functions to avoid conflict. Kartik is in charge of human resources, quality management, and communications, while Ashish is in charge of operations and finance. Once a month, members of the committee meet to determine how things are working, and to recommend any changes.

Managing Role Confusion Many family businesses are also the victim of what I like to call “role confusion.” Instead of having clearly

delineated and defined job roles, members wear “many hats” and are unclear about their responsibilities.

While it’s common and often necessary for employees in smaller family businesses to support several job functions, it doesn’t work when these job functions are loosely defined. Not only can this result in confusion, conflict, and difficulty making decisions, but it also makes it quite easy for important things to slip through the cracks, or to be ignored. This type of approach to job roles also more or less ensures that individual strengths are underutilized, as people are spread too thin and forced to

put their attention on tasks or responsibilities not suited to them.

Designing Fair and Effective Compensation Structures Compensation can also be an issue. In non-family businesses, salaries, benefits, and the overall compensation for workers are clearly defined and justified. This is not always true in the family business. In some situations, bloodlines, age, and even gender can determine how much a family member is paid, or what kinds of dividends or profit sharing February 2017

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FAMILY BUSINESS

they receive. In other situations, compensation is determined by tradition rather than by good management practices. In other situations, the compensation structure is simply not defined.

Properly Weighing Skills and Experience As I mentioned in earlier published articles, family businesses are more likely than non-family businesses to hire family members who are not qualified or well matched for a particular position, or who

lack the skills and experience the organization needs. This happens in non-family businesses as well.

Despite even the most assiduous screening, mistakes can be made.

But these situations are easily remedied by non-family businesses, by simply releasing the employee in question.

Unfortunately, when an employment mistake is made in a family business it’s not so easy to fix.

To say the least, it’s uncomfortable to fire your brother one day, and then be expected to interact with him at a family gathering the next.

In any type of situation at work

that may potentially cause ill will, the ramifications of having those negative feelings carry over into the family unit are simply not worth it. Most family businesses attempt to live with their mistakes, or make the best of them, until serious, and sometimes very public, issues cause a breakdown of corporate infrastructure, family feuds, and other events that we’ve all seen on the front page of a newspaper.

Beware the Ramifications When things end badly, they often end really badly. Before

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FAMILY BUSINESS

selling 50 per-cent of the interest in their company to a Middle Eastern investment banking firm in 1988, the Gucci family’s constant infighting, financial scandals, and lawsuits were plastered all over the media. Harrison and Wallace McCain, founder of McCain Foods, the world’s largest producer of frozen French fries, had a very public power struggle, ending with the ousting of Wallace, when Harrison objected to the appointment of Wallace’s son, Michael, as the head of McCain U.S.A. Could these issue have been avoided with proper employment practices and structures? I think so.

How do I coach and advice clients who come to me with issues surrounding job roles? Sometimes my clients want to ward off potential problems while ensuring maximum performance, so they address this topic up front. These people are ahead of the game. Others are in the midst of really serious issues, and want to alleviate them. Like all things, an ounce of prevention is worth a pound of cure. All businesses make mistakes along the way, and yours is likely to be no different. But your business will fare much better if you don’t start from behind. Think of your business as a football game

(soccer, for American readers).

If your team starts off sharp and scores in the beginning of the game, they’ll be in better shape for and will more easily weather any down periods that come later in the game.

If, on the other hand, the team starts off sloppy or weak and gets quickly behind, it will take Herculean efforts to get back in the game.

Having the right people in the right jobs is integral to ensuring you kick off on the right foot.

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February 2017

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SME SUSTENANCE

The War between Driving Growth and Profitability Both, profitability and growth, are important for a company but not achievable at the same time. This article by GEORGE DEEB provides a guideline and reality check for businesses doing the same mistake.

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have previously written on ‘When to Drive Growth vs. Profits’ in the Red Rocket Blog. But, what wasn’t clear in that post, and I want to explain that in a better way, is it is mathematically impossible to try to maximize growth and profitability at exactly the same time. The math just doesn’t work. And, for the many companies I meet that are trying to do both, I figured you could benefit from the reality check mentioned below.

The Math What specifically drives growth?

More salespeople for B2B companies and more marketing budgets for B2C companies. And, both of these typically have a ramp up period before they are driving revenues.

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For example, if you are selling enterprise software, you most likely will be incurring salaries for your sales team today, well ahead of the sale actually closing a year from now (given the long sales cycle).

Or, as another example, many B2C companies rely on a high lifetime value of their consumers to get a payback on their upfront marketing investment to acquire that consumer. Said another way, they may need to spend $100 in marketing today, which may drive $500 in cumulative gross margin over five years, at $100 per year (with a break even in year one, and profits starting in the second year).

What did you see in both examples above? Growth comes with near term costs which eat into the company’s near term profitability.

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You Need to Choose Between the Two Roads I won’t reiterate WHEN you should focus on driving growth vs. profitability, as I already did that in the article I referenced above. But, understand, you need to pick one route or the other. You are either in a rapid growth phase with near term losses before the revenues show up. Or, you are in maximizing profit phase, which means lifting off the accelerator, and cutting back on your sales and marketing expenses.

As an example, a 40% growth company may be operating at a break even, and a 10% growth company may be operating at a 20% profit margin. If you are committed to driving both, you

SME SUSTENANCE George Deeb George Deeb writes about growth strategy, execution & financing. He is a Managing Partner at Chicago-based Red Rocket Ventures, a growth consulting, executive coaching, shared executive and financial advisory firm based in Chicago. He is a past Ernst & Young "Entrepreneur of the Year" in the midwest, for his efforts as Founder & CEO of iExplore. You can follow George on Twitter at @georgedeeb.

equity firms need some base level of profitability before they will invest, as they will most likely want to lever up the business with debt, to reduce their equity investment. And, debt service will require cash profitability to pay the interest expense on that debt. So, if you are trying to tee your company up for a sale to a private equity firm, that would be a good time to lift off of the growth accelerator and start driving some profits.

Closing Thoughts

really only have one option: a medium growth scenario that drives medium profits. Continuing the example above, this could be a 25% growth company driving a 10% profit margin (the midpoints of the above examples). But, to make it clear; using the above examples, it is mathematically impossible to get a 40% growth rate and a 20% profit margin at the same time, so don’t even waste your time trying.

Which Road Do Investors Prefer Since many of you desire to

attract investment capital for your business, it is a fair question to ask which route investors prefer.

The answer is: it depends what type of investor you are trying to attract. Most venture capital firms are perfectly fine sacrificing near term profitability in exchange for maximizing growth. Frankly, many venture investors who see a race to lock up market share as a first mover in your space, may want you incurring big losses in the near term to sign up as many customers as possible today, before a competitor does.

On the flip side, most private

As a marketeer, it baffles me when a business leader doesn’t truly understand what drives growth.

Growth doesn’t just happen on its own. You need to invest in growth by increasing expenses around your sales and marketing investment.

And, the minute you say expenses need to increase, that means profits only have one way to go: down! So, be smart, understand the basic math and pick which route is best for your business. But, to be clear, it is a fork in the road where you will need to decide between the two options.

As trying to maximize both at the same time is a fool’s errand.

February 2017

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SME DIGITAL

Growth of Virtual Business Solutions: Benefits for SMEs The drastic changes that have been happening across the globe during the last decade have changed the global work environment as well. The shift towards online is becoming essential for many businesses, says WARSHA JOSHI.

T

he demand for workforce enhancement and need to save unnecessary costs motivate businesses to adopt the online solutions. Currently, the global market trend has been steadily moving towards using virtual business solutions such as virtual executive assistants (VEA’s), virtual marketing teams, virtual business consultation teams, and even virtual legal secretaries. It is predicted that by 2018 online working including VEA service will be worth $5 billion and the demand continues to grow.

As the demand for more costeffective solutions for operational and administrative positions increases, more and more specialists who have experienced layoffs due to budget cuts have

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joined businesses providing virtual services, bringing to the table all their expertise and knowledge. It allows virtual service providers to offer clients cost-effective yet highstandard virtual solutions for their management.

With 7 out of 10 professionals in the UAE working longer than their contracted hours, and almost a quarter working an extra 10 hours per week, virtual administrative support can be a huge help for businesses, especially small and medium ones. A recent study has unveiled that 53% of professionals working these extra hours do not feel their productivity is increased as a result of the extra time spent.

Studies also show that up to 36% of the mid-level consultants face gaps in administrative assistance.

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It’s also a bit shocking that 67% of business owners struggle to focus on the primary purpose of their business due to the administrative burden. Thus, while managers spend time executing low priority tasks, companies keep losing money and potential clients due to the lack of free time in their managers’ calendars.

In the UAE the concept of having a VEA has started to pick up gradually after the 2008 financial downturn.

During this time a lot of businesses and financial institutions had to lay off staff in the administrative, general operations, and midlevel departments. It increased the workload and pressure on the senior management who had to then not only complete their work but deal with tasks usually

SME DIGITAL

Warsha Joshi Managing Director, Platinum VA

executed by the operational and administrative teams. This led to cases then staff left organisations due to stress, overload or job burnout. In order to prevent this in the future, companies should look at ways how to reorganise the work for their employees so to increase their productivity and overall job satisfaction.

Virtual Executive Assistance is still a relatively new service in the UAE, and while it is a norm in the USA and a rapidly growing trend in Europe, businesses in the Middle East will need a bit more time to discover the benefits of this offering.

While once seen only as a service targeted for and used only by startups to help them save on costs and

streamline their business, today VEA providers offer a wide range of services able to support SMEs and corporations as well. Such services can include tasks ranging from email management, agenda planning, invoice recording and overall operational support. While a midlevel manager is always in a hurry, travelling or busy attending meetings, his VA can organise all work, schedule meetings, arrange flights, do research and pick up the pieces for him. All these solutions are designed to keep a busy manager in mind.

Some of the benefits that the growth of virtual business solutions offers to businesses include:

As virtual assistance companies provide fully trained experienced executive assistants who work remotely, it takes away some direct costs from companies’ shoulders.

Saving costs and increasing revenue As virtual assistance companies provide fully trained experienced executive assistants who work remotely, it takes away some direct costs from companies’ shoulders, including saving time and resources on hiring and training new employees, covering their full employment cost and other expenses as well as saving on

February 2017

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SME DIGITAL

hire full-time staff as opposed to a virtual one.

By having a well-managed and secured system in place, several levels of monitoring and checks, VEA companies can provide highly confidential and error-free services for the key business needs of the modern business world, giving the clients a real-time advantage.

Increased productivity

technical equipment and office space as the VEA work virtually. It makes sense for companies to cut costs on something that doesn’t generate revenue but still find a way how to save up to 30-40% of their managers’ time increasing their productivity. This allows SMEs to invest that money in other areas of the business and in the case of a sudden market downturn, allows them to run their operations smoothly without fear of having to close departments or letting people go.

Relying on professionals with local knowledge Due to the recent market changes, a lot of experienced professionals have become available on the market. This allows virtual service providers get the high experience talent on board

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providing them with the flexible working environment. Financial and business institutions benefit from it as well, as these VEAs come with 5+ years of corporate experience, especially within the region. VEA service providers that are based in the UAE or region, can not only support you with the local understanding of the market but also bring you the peace knowing that you work with a business that is regulated by the same law.

Confidentiality and security Confidentiality is the key while outsourcing, and VEA service providers ensure that it has stringent non-disclosure protocols in place for clients and their employees, giving the client a guarantee that their confidentiality is not affected in any way since this is a major reason for preferring to

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In the busy SME world, time poverty is a number one problem that affects all executives, especially at the mid-level. Hiring a full-time PA for all or some of the team members can be quite costly for an organisation, and can be also challenging due to the space limit, etc. According to annual State of Enterprise Work survey, only a third of workers manage to maintain to a standard 40-hour week, while a full 50% say they work between 41 and 80 hours per week.

The figures are even more shocking for marketing teams: 21% work 40 hours per week, while 60% toil away for up to 80 hours weekly. Since the reputation and business success depends on the service provided, the virtual assistance provider strives to keep the productivity and efficiency high with strict internal processes controlling the quality and perfect execution of tasks as well as constantly investing in the training of its employees. As a result, virtual executive assistants are trained to work faster and concentrate on core tasks.

P.O. Box 61450, Dubai, United Arab Emirates Tel: +971 4 881 8288, Fax: +971 4 881 9157 Email: P.O. BoxAFL.relocations@alfuttaim.ae 61450, Dubai, United Arab Emirates Tel: +971 4 881 8288, Fax: +971 4 881 9157 Email: AFL.relocations@alfuttaim.ae

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SME FOCUS

Construction Material Prices on the Rise

In this article, RIZWAN SAJAN focuses on the continued escalation of building materials prices and its impact on property rates.

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s we move into the first quarter of 2017, we witness an increase in building materials price, which could push up the prices of apartments, villas and

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office space, if not contained in the next few months. The escalation of certain building materials prices will push the construction cost upwards that might have a knock-on

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effect on the property prices going forward. Therefore, those property buyers contemplating investing in real estate should not waste time.

They should fast-track their buying

SME FOCUS

Rizwan Sajan Founder & Chairman, Danube Group

4 BILLION

decision, before developers and contractors start revising prices upwards to adjust to the new prices.

Prices of steel – a major cost component in the building industry – has jumped 20 per cent in the fourth quarter of 2016, up from the first quarter of 2016, according to market indices, while prices of plywood increased by five per cent and sanitary ware increased by 10-15 per cent – that will have a knock-on effect on the prices of property.

According to Mesteel.com, prices of reinforced steel bars jumped from $330 in January 2016 to $440 at the end of 2016 – jumping 33.33 per cent. Saudi Iron and Steel Company (Hadeed) has increased wire rod prices for the domestic market by SAR 150 (USD 40) per ton, now reaching to SR1,850 ($493) per ton.

The company has increased its steel prices both in long and flat steel products due to an upward trend in global steel prices. Chinese wire rod offers for Saudi Arabia is in the range of $475-480 per ton CFR Dammam as compared to $455-465 per ton CFR a month before.

Turner Building Cost Index — which measures costs in the nonresidential building construction market in the United States — has increased to a value of 1006 in the fourth quarter of 2016, up from 970 in the first quarter of 2016. This

The increase of building materials prices is an indication that the construction sector is growing at a higher pace as the building industry is expanding with new projects and properties.

reflects a 1.11 per cent increase from the third quarter 2016 and a 4.9 per cent yearly increase from the fourth quarter 2015.

The global building materials market totaled about $800 billion in 2015. The GCC accounts for approximately three per cent of the global construction materials market today. The building materials market is made up of stone, bricks, cement, concrete, glass, steel and aluminum.

Cement is a lead indicator of construction activity and health in

the region. Cement accounts for about 15-20 per cent, or about $4 billion of the total value of building materials sold in the GCC today.

Cement demand has grown at 5-6 per cent over the last five years.

Saudi Arabia and the UAE account for most demand for cement in the GCC, about 84 per cent in total. The preponderance of local demand shows an industry getting healthier.

The increase of building materials prices is an indication that the construction sector is growing at a higher pace as the building industry is expanding with new projects and properties. This reflects a healthy outlook for the construction and the real estate sectors. Going forward, the projects needed to support the Expo 2020 in Dubai and World Cup Football in 2022 to be held in Qatar, will keep the pace of demand up. So, in a way, the industry started with a positive outlook. However, before the prices are factored in to the property prices, buyers should block their purchase with initial payments at current prices.

Building materials suppliers serving the GCC can expect future growth, but it will be ‘lumpy’. The UAE is the largest construction market in the GCC. Prior to 2009, Dubai alone accounted for 25 per cent of all the construction in the world.

February 2017

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SME FINANCE

Getting the Books in Order CRAIG MOORE writes about the oft-neglected system of book-keeping and how an organized practice of book-keeping can help a business get its much required investments and financers.

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rrespective of the success of your business, there comes a time when acquiring additional finance is key to reaching the next stage of growth. Business owners can now access finance through traditional channels such as banks, or through newer channels of alternative finance such as peer-to-peer lending and crowd funding.

Irrespective of the selected route, what remains constant is the critical need to maintain a solid record of business accounts. It’s a simple requirement requested by finance institutions of every kind, but often remarkably overlooked by many entrepreneurs and business owners.

Book-keeping is often perceived as a lower priority, unnecessary or sometimes just a total inconvenience. Unfortunately,

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this is a short-sighted attitude and ultimately detrimental to the future growth of the business. Even if, as a business owner, your skill set does not lie in good management of financial records, it’s important to find a resource who can deliver this elemental faculty.

The benefits of book-keeping are considerable. Not least because it instills rigor into the day-to-day operations of the business, enabling leaders to track transactions, manage budgets and provide the ability to set goals and outline plans.

Good record management provides essential insights into the overall growth and profitability that are crucial to the ongoing development of the business.

It exposes what’s working and what isn’t, meaning that timely and informed decisions can be

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made regarding the necessary adjustments to business strategy. It also allows the business to forecast more accurately and ensures it is well-placed to respond quickly to internal and external influences, such as market trends and opportunities, as they arise.

Efficient book-keeping can serve as a warning system by highlighting important factors such as an increasing cost base or anomalous transactions. It also reminds us of important payment deadlines that are not to be missed and can help identify any customers who aren’t paying on time. Evidently, this allows management to manage cash flow in a much more effective manner, which is fundamental to the survival of any business. Moreover, it can provide a protective measure against

SME FINANCE

Craig Moore Founder and CEO, Beehive.

As Founder and CEO, Craig is responsible As Founder and CEO, Craig Moore is responsible for overseeing the overall strategic direction and managing the day-to-day operations of Beehive.

Efficient bookkeeping can serve as a warning system by highlighting important factors such as an increasing cost base or anomalous transactions.

dishonest internal practices, such as theft or fraud.

A commitment to keeping a robust, accurate and accessible set of accounts proves fundamental when the time comes to seek additional funding for working capital or expansion. Evidencing this basic skill enables a Small or Medium-sized Enterprise (SME) to exploit finance opportunities more easily than other SMEs that have poorly managed books. A business that can offer audited financial statements which can be easily comprehended and

analyzed by management, banks and potential creditors will make a far more compelling case for any loan application and favorable credit terms.

Any financial institution receiving an application for finance from an SME will immediately wish to review the business’ financial records in order to determine the credit risk. Businesses that have adopted a hap-hazard approach to maintaining their financial records do not inspire confidence in their managerial abilities and are unlikely to be progressed, however exciting

or lucrative their business plans may be.

When it comes to securing finance, a good set of accounts is clear evidence that the business leader has a solid understanding of the operations and is committed to running an efficient and organized business. Good book-keeping is not a ‘nice to have’, it’s a mandatory skill required to successfully manage and grow the business. Neglecting it will certainly impact the ability to find finance or more seriously, risk the future success of the business entirely.

February 2017

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SME FINANCE

Prerequisites to Fundraising your Business This article by SIMON HODGES outlines the processes to be followed before initiating any form of fundraising for your business.

H

owever, before doing so, understand this; people who lend money to businesses are professional at what they do. They make money out of the interest they charge and hence, do not care whether the principal amount is paid back or not. Their only interest, therefore, is to assess the risk any financing might bring to their business, and as they have heard every sales pitch, you can imagine they are skeptical of all new applications. The question is how do you stand out so as to have the best chance of success?

The answer lies in planning a communication campaign that sells your business and ensures that the risks to the financier are removed implying that they have no reason not to provide the money.

The first step in this sales process

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How do you stand out so as to have the best chance of success? is to take an honest look at what’s going on in the business using an independent third party as it is tough for a management team to be objective while carrying out such a task. It is quite a sobering thought the number of times this process reveals how unclear team members are about what other people are doing and how their job interacts with each other.

This state of affairs arises because as the business grows, more people are employed leading to long lines of communications and creating

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It is quite a sobering thought the number of times this process reveals how unclear team members are about what other people are doing and how their job interacts with each other.

SME FINANCE

SIMON HODGES is a Chartered Secretary and a Member of the Institute of Chartered Secretaries and Administrators, the globally recognized and professional body for governance professionals. He has 30 years of experience at Board level working for international publically traded and privately held companies headquartered in Abu Dhabi, Dubai.

a business that seemingly makes endless silly errors. These are put down to individual incompetence, but almost always reflect a growing lack of control over the company’s activities.

To correct this, it is important to put in place a plan that can be followed by all the employees. The other purpose of the plan is for financiers and other third parties, suppliers and employees to be able to understand where the company is heading, and be able to assess the risks of doing business with you.

The first stage in setting a plan is to establish a measurable target where the company needs to be in

three to five years’ time. Suitable targets should focus on items such as the number of outlets, sales locations, or the number of fee earners if it is a professional services firm. Whatever might be the measurements, stretch your targets but keep it achievable. In fact, targets are rarely achieved, however, if they are ambitious then performances will be pushed, and results will nonetheless be impressive.

Now take steps to fully understand the marketplace by first researching the size and then the activities of your competitors. Identify the features of your products and services and then look at their

benefits from the customer’s point of view. The objective is to determine what makes the business different and the market niché.

Next, it will be beneficial to calculate how much investment will be needed to create the identified resources and where the revenues are going to come from to achieve the plan.

To do that, it is important to understand the source of the profits. Again, it is often surprising how little is understood about how a company makes its money, and that’s because a typical accounting function includes just basic bookkeeping activities rather than the more advanced financial or management accounting skills.

If the appropriate skills are not available within the company, engage a firm of accountants to carry out a review of the current finances and prepare a forecast.

The final step is to conduct a risk analysis, the purpose of which is to identify the potential barriers to success and put in place proper actions to mitigate their effects wherever possible.

Provided businesses carry out these steps diligently, the risks of not being able to obtain the necessary financing and support their growth plans are significantly reduced.

February 2017

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SME TECH

The Impact of Technology on the SMEs

NEIL BUCKLAND writes on the importance of technology in any business setup and how technological insurgence has impacted the SMEs in the Middle East.

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SME TECH

Neil Buckland has completed his graduation in BA Marketing with Content and has worked within the Digital Marketing industry for three years. With a particular interest in both business and finance, he has been writing content for numerous publications since his graduation. In his spare time he enjoys playing badminton, football, going for runs and reading, especially on topics related to business and finance.

M

iddle Eastern business has developed greatly in the last couple of decades, with technology at the heart of it. Not only has it seen many new technology start-ups pop up in the region to increase foreign investment and business performance, it has also improved the way many companies operate in many Middle Eastern nations From a growing tech scene to innumerable investment opportunities than there were ten or twenty years ago, without technology it would be a very different picture. Here’s how technological advancements have helped Middle East business improve.

Investing is Easier Technology has changed the way individuals and companies make investments. Before, people would need to call up a stock broker to invest and trade stocks and shares, but nowadays a lot of the stock market has moved online.

More and more people are using online trading platforms to invest in companies throughout the world, from buying stocks to trading CFDs with City Index. This has opened up a lot of the Middle Eastern market

to more investors around the world, making it quicker and easier, to purchase stocks in a Lebanon startup or established Kuwaiti business, for example.

There’s a Booming Tech Start-Up Scene The Middle East has been widely tipped as the next big thing in the technology start-up scene. The Arab world is home to more than 370 million people, over half of whom are under 25 and leading the tech revolution in this part of the world.

In 2013, mobile data traffic grew by 107% in the region, as low cost smartphones became accessible.

There have been inroads made in the video game market, internet technologies and more, with funds investing in the region growing over the past five years. This has proven a bright spot across much of the Middle East, even during times of conflict.

Business Processes are Being Streamlined Oil and energy are two of the biggest businesses in the Middle East and even these have been somewhat transformed due to the emergence of various technologies.

Technology is now being utilized to streamline business processes in

The Arab world is home to more than 370 million people, over half of whom are under 25 and leading the tech revolution in this part of the world.

many markets, including oil and gas.

From 3D printing and computing being used to help design parts, to automating processes and cutting down on paperwork, technology has made running Middle Eastern businesses a lot more efficient. This is the same in many areas of the world, but in the volatile energy market it is even more essential.

The next few years could continue to see a boom in the Middle East technology sector.

February 2017

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SME DIGITAL

Tips on Developing a Mobile App for your Business With a significantly higher penetration of smartphones than other countries, added to reduced organic reach in social media channels, revamping your mobile marketing strategy with a mobile app can be the way forward for many SMEs in the UAE. ISABELLA LELAND and Dr RODRIGO PEREZ-VEGA discuss key elements you should consider before investing on a mobile application.

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aving a mobile app can be part of your mobile marketing strategy, and offers a direct form of communication with your consumers. This has become particularly relevant when the organic reach in other channels commonly used by SMEs to stay in touch with their customers (e.g. social media) has dramatically fallen in the last couple of years.

In addition, the UAE offers some exciting opportunities for companies that use digital technologies, especially since the penetration and use of these technologies is one of

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the highest in the world (78% in April 2016).

However, developing your own mobile application can be a rather costly endeavor, especially a couple of years ago when it represented a significant investment ranging from the tens of thousands of dirhams at the lower end to hundreds of thousands dirhams for more sophisticated apps with advanced functionalities. Nowadays, the costs have gone down, and mobile app builders allow users to develop their own apps without the need to code.

This is indeed a game changer and is

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Mobile apps can super-charge your loyalty program allowing you to identify and target your most valuable customers.

SME DIGITAL

Isabella Leland is head of copywriting at GoodBarber, a DIY tool to create beautiful iOS and Android apps. She’s also the country manager for the US and French markets. You can keep up with her advice, product related news and more insight from the GoodBarber crew in general at blog.goodbarber.com. She also manages the community of GoodBarbers, on Facebook, Twitter, Instagram, Google Plus, LinkedIn and Pinterest.

making many SMEs join other larger organizations in developing mobile applications.

There are several advantages of using a mobile app, however, the two most important things particularly relevant for SMEs thinking of developing a mobile app are: loyalty programs and location-based

Dr Rodrigo Perez-Vega (@rpvega) is a Lecturer in Marketing at Henley Business School. He specializes in digital marketing, social CRM, mobile and social media marketing. His research focuses on how to make branded social media presence more engaging for customers. He aims to bridge the worlds of marketing science and practice in his blog “A scientific approach to digital�.

marketing. Mobile apps are well suitable to run and communicate creative loyalty programs to keep nurturing the relationship with your customers. Shifting from a one-off transaction mind-set to a long-term relationship underpinned by new technologies can be very attractive.

Mobile apps can super-charge your

loyalty program allowing you to identify and target your most valuable customers. Another interesting element is locationbased marketing. This would allow you to run promotional activities based on the location of your users, as well as implement gamification elements to your promotional

February 2017

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SME DIGITAL

activities, which can make them more engaging and successful.

There is a lot to consider when creating a mobile app and it’s hard to isolate only a few words of advice; however, if there’s one thing we really want potential users to take away is the notion that developing and publishing an app is great, but promoting the app beyond its publication and making sure it meets its intended audience’s expectations is an even greater and more challenging job. With that in mind here are four points that you shouldn’t overlook.

PRE-PUBLICATION Think mobile first The phrase has never been truer, whether you are creating an app from scratch or transitioning a desktop product to mobile; a mobile app cannot be the mere continuation of a desktop version, it needs to be a standalone product.

Besides, with the rise of progressive apps, they are fast becoming the new norm of cross-devices.

Have your developer

accounts ready Whether you are using an app builder or coding your app from the ground up, you will have to go through the submission process to the stores. Both the App Store and Google Play require that you register as a developer (for iOS) / publisher (for Android). If you want to publish your app in your own name, be equipped and consider this in your budget, the $99 yearly fee for Apple, and $25 for Android.

POST-PUBLICATION

SME DIGITAL

Targeting is key Just because your mobile app is in your user’s pocket now doesn’t mean you can get away with not targeting. On the contrary, a mobile audience needs to be engaged in a hyper targeted way. To make sure your push notifications are on point, get to know your users, create user groups, target messages according to app usage, location and more.

App updates are the best

game requires continuous efforts and attention. However, when you see the wonders an app update can do, to surprise users and keep them coming, you’ll be quick to adopt this strategy. And we don’t just mean publishing new and fresh content on a regular basis, updates should include more structural changes, such as shaking up your app design, introducing new features, and of course, making sure your app complies with the latest devices and OS out there!

Just like with targeting push notifications, maintaining an app and making sure it stays at the top of its

AWS ABDULLA ALSUWAIDI

advocates & legal consultants

Office # 704, Bay Square Building # 02, Business Bay, P.O Box 96070 Dubai, UAE, Tel +971 4 554 76 35 Website: http://www.awsuwaidi-advocates.com E-mail: info@awsuwaidi-advocates.com

Your Lawyers in Town With Abdullah Al Suwaidi Advocates & Legal Consultants, you may have all your legal matters/requirements covered and secured, in the most efficient affordable way available in Dubai and all the Emirates of UAE. Our team of Lawyers & Legal Consultants proudly holds more than 20 years of solid working experience in the varied fields of legal practice, including but not limited to: Clients' representation in the Courts of Law, DIFC Court, Arbitration Committees, Disputes Resolving & Settlement Committees, Police & Public Prosecution Departments, LandDepartments, Economic Departments andFree Zones Authorities.

Book your FREE 30 minutes Consultation with one of our Senior Lawyers

INFOGRAPHIC

Percentage of social media users on various platform in the Arab World

Others

57.35%

91.28%

28.25%

7.03%

21.98%

36.93%

59.56%

5.89%

8 36

+

+

1

+

4

+ 12

+ Source: The Arab World Online: trends in internet and Mobile Usage in the Arab Region

Average Length of Session When Using Social Media 5%

5%

More than 4 hours

Less than 5 minutes

7%

15%

2 to 4 hours

1 to 2 hours

20%

23%

25%

31 to 60 minutes

5 to 15 minutes

16 to 30 minutes

Average frequency of social media activity daily

Morning

14%

Afternoon

21%

Source: Arab Social Media Report

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Evening

52%

Night

13%

INFOGRAPHIC

SEEDING THE CLOUD The volume of data generated in the Middle East and Africa is growing at 71 per cent a year. This data is helping governments and businesses design new products and services

4.3eb

Monthly mobile data traffic, 2020 (Middle East & Africa)

25.4m

Number of wearable devices, 2020 (Middle East & Africa)

1.5

Mobile device connection per capita, 2020

45%

Cyber attack likelihood in 12 months, 2015

88%

75%

Daily social network users (percentage of Middle East online population)

Video as percentage of global mobile data traffic, 2020

77%

Millennials as percentage of total social media users (Middle East)

1m

Daily personal cyber attacks, 2015

81

Internet users per 100 persons (GCC)

eb=Exabyte (billion billion bytes). Sources:Cisco Systems; ITU; World Bank; Genpact

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S U C C E S S I S A D E S T I N AT I O N

H AV E YO U A R R I V E D ?

WATCHES YACHTS DESIGNER JEWELLERY BOUTIQUE REAL ESTATE GADGETS EXOTIC DESTINATIONS FINE DINING

RARE & FABULOUS

Fitness meets VR

N

ow no one can blame gaming for physical inactivity. The new Icaros Full-Body Workout Machine, unveiled at CES in Las Vegas merges the power of virtual reality gaming with physical fitness. The player lies in a plank-like position the entire time they go through the virtual system and has to use core strength to control the movements in the game, of the machine and themselves. You can choose the level of games depending on your physical ability and increase the difficulty level to enhance exercise benefits.

The Icaros is pretty easy to use and makes for an effective and fun core workout for your entire body.

February 2017

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RARE & FABULOUS

The Good Life

T

he Sunseeker Manhattan 52 is the smallest flybridge boat that the Poole yard has built in a decade and focuses on what people want from a boat this size – living space.

The deck and the interior have been interspersed with beautiful expansive curved glass bringing in more light and emphasizing the sensuous sleek lines of the boat. And with competition heating up in the small boat sector, the Manhattan 52 scores winning points with the clever mini ‘beach club’ on the transom that includes a concealed BBQ grill, flipdown bench seat and a smart overhead shower system.

Length: 56 feet 6 inches Top speed: 31 knots Range @10 knots: 250 nautical miles Accommodations: Up to six guests and one crew member

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RARE & FABULOUS

Scent of Achievement

The Creed Millesime Imperial is a statement perfume in every sense of the word. The literal gold standard for upscale fragrance, its refreshing and exhilarating scent conjures huge citrus groves and the crisp taste of sea salt.

Fit for royalty, the Millesime Imperial is worn by both men and women and befits all occasions.

A signature of sophistication, its trademark golden look and distinctive scent is a moniker of one who has truly arrived.

Top note: Bergamot, green mandarin, lemon Middle note: Iris Base note: Sandalwood, amber, musk

February 2017

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RARE & FABULOUS

The Sound of Thunder

E

levate your audio experience with the Esavox Carbon Fiber Docking Station Speaker by Lamborghini. Looking extremely similar to one of their iconic cars, this speaker station was made in partnership with Raging Bull and iXOOST. The system is complete with a monocoque chassis, polymerized in autoclave at 6 bar, an original Lamborghini exhaust system, and bass reflex pressure control. Additionally, the Esavox Docking Station Speaker features a passive shock absorber system to help reduce vibrations as well as ceramic supports with adjustable height. The 6.1 virtual surround system is equipped with Bluetooth 4.0 but also has analogue input, so you can listen to your music from anywhere.

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RARE & FABULOUS

Jewel of the Eye

L

aunched in 1996 by lifelong friends Jeff Solorio and John Juniper, Dita’s products are currently one of the hottest shades in the market. And among all its collections, the ‘Mach’ has been an exceptional series inspired by the world of automotive racing and vehicle design. As the 5th iteration in the series, the Mach-Five draws inspiration from the design language of modern super-cars and the ultra-fast speed of their competitive set.

MATERIAL • Special limited edition 500 pieces • Individually numbered • Titanium frame with custom molded plastic temple tips • Titanium lens structure & titanium mesh nose bridge • Custom titanium nose pads • Dita’s signature ‘step down’ lens feature • Dita’s unique hex screw hinges • CR39 100% UVA and UVB protection lenses with anti-reflective coating

February 2017

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MAKE IN UAE SUMMIT

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BUSINESS BANKING

Help beat the heat with A/C vests this summer Given the challenging summer conditions in the UAE, we have helped laborers by distributing 500 A/C cooling vests at the Al Manar mall extension construction site, managed by Sun Engineering & Contracting.

The specially made vests are designed to reduce the wearer’s body temperature by 5 to 7 degrees for up to 8 hours. They are made of submersible material which need to be submerged in cold water for 5 to 10 minutes. Once the laborers put them on, they start to feel the cooling effect of the vest within minutes.

To learn more, visit our YouTube channel.

Together, we can beat the heat.

For further information on this initiative, please contact us at BusinessBanking@EmiratesNBD.com

600 54 0009 |

emiratesnbd.com |