October 2016
ISSUE: 34 | October 2016
Intelligent SME
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ENTREPRENEUR WITH A THIRST FOR SUCCESS Shaji Ul Mulk
Founder and Chairman of Mulk Holdings
Strategic Alliance Partner
Corporate Banking Partner
Sole Automotive Partner
Insurance Partner
Print Partner
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SME WORLD SUMMIT 2017
Give your Business an Unfair Advantage
March 2017
Don't Miss The Biggest Entrepreneurship Conference Why SME World Summit?
Keynotes
Industry pioneers will share strategic and operational expertise to inspire a new phase of entrepreneurship, forge empowering collaborations & establish opportunities of value.
Panel Discussions
Powerful influencers will come together to deliberate & identify key strategic ideas to strengthen and diversify the SME economy - the economic powerhouses of the UAE.
Workshops
Prominent industry experts will share their vast in-depth knowledge to enable SMEs to penetrate every market and industry through enlightening workshops.
Expo
Ambitious ideators will exhibit their vast array of products, solutions and services - tailored to the current market and focused on the future.
After the tremendous success of our prior events, the SME World Summit 2017 is back with its Fourth Edition. The summit will be held in partnership with Dubai SME in March 2017. An initiative of Intelligent SME, the SME World Summits have always drawn the attention of high profile entrepreneurs, C-level executives, investors, government and the media; and have had over 2000 attendees from the highest level of hierarchy in the industry. The summit celebrates the hopes and ambitions of each entrepreneur who strives in the challenging environment to win the race. 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. As an entrepreneur and a key stakeholder, you don’t want to miss out this fantastic event.
Visit www.smeworld.ae
October 2016
Intelligent SME
EDITORIAL THINK TANK & ADVISORS XXXXXXXXXXXXXX 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 brand of “CLÁSICO BRANDS” over a dozen brands have been created and are in the process of being launched worldwide. Ajay is a true visionary with a big-picture. He's the one who makes sure that the company's concept and strategies are the right ones and that "we're staying 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 restaurants to 26 restaurants in 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 logged more than 20 years’ experience in SME development and business creation. His interests are focused on the life cycle dynamics of firm growth and mentoring entrepreneurs. In his present job, his main role and responsibility is developing a 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.
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.
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October 2016
Intelligent SME
EDITORIAL THINK TANK & ADVISORS XXXXXXXXXXXXXX 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 groups 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 ‘Top 100 Powerful Arabs 2013’, ‘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 therefore greatly influenced his corporate policies and goals for The Kanoo Group as a reputable company.
Satyajeet Roy, Head of Business Banking (SME), Commercial Bank International
Satya is a seasoned international banker with over 25 years of experience in Retail and Commercial Banking with a particular focus on serving SMEs. He has a strong track record of starting and developing businesses across geographies, managing the P&L, and driving innovation to ensure delivery of multi-product banking solutions to meet and exceed customer expectations.Prior to joining CBI, Satya had a long career at Citibank where he was most recently Head of Commercial Banking for UAE and Bahrain. During his time at Citi, Satya held various senior management roles in India, Middle East and the UK.
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 an 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.
Reg Athwal, Founding Partner & MD of 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 with 50+ members in eight countries, with offices in Dubai-UAE and Nairobi-Kenya.
Vikas Thapar, Chief Executive Officer, Emirates Money Vikas heads Emirates Money as its CEO. He was instrumental in the conceptualization and establishment of the company and continues to drive the growth and direction of Emirates Money. Vikas possesses more than 17 years of experience in the consumer finance industry and has worked with Citigroup in India and Indonesia. In his previous assignments with Citigroup, he played a prominent role in setting up the consumer finance business for Citigroup in Indonesia and was an integral part of the consumer finance set-up team at Citigroup India.
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CONTENTS 16
16 Entrepreneur with a Thirst for Success
Shaji Ul Mulk, Founder and Chairman of Mulk Holdings SPI Group hosted Shaji Ul Mulk, Founder and Chairman of Mulk Holdings at its 23rd Emirates NBD Global Business Series session. In a bare-all, candid interview with Natasha D'Souza, he opened up about his ambitions, the initial struggles, setbacks, motivation, decision-making process, and what makes Mulk Holdings stand out as a family business. Check out the excerpts from the interview.
22 Each Customer is Special
Intelligent SME interviews Osama Al Rahma, CEO of Al Fardan Exchange LLC, about the importance of catering to SMBs in the current market, remittance business and their goals and vision for the future.
26 Be Safe, Be Insured
Recognizing the risks your children are exposed to, is the first step in getting an insurance.
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CONTENTS 36
Values Purpose
Intentions Vision
28 28 Disrupt or Disturb
Disruption is essential to innovation; it might disturb the peace, but as with every revolution, the technological revolution needs disruption too.
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Performance Marketing: Is your Agency Ticking the Right Boxes?
Everyone knows the importance of marketing, but how do you measure its success?
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Mobile-First Network Set the Stage for SMBs
It is time for the SMBs to take mobility to the next level, compete and win.
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Aligning your Business VIP with FVC The success of a family business lies when its vision, intentions and purpose work in tandem with the family values.
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VAT in the UAE
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Leveraging Digital Technology
What do businesses need to do?
There is a strong need for SMEs to learn and leverage the digital world to enhance their business growth and improvise experience.
Make Way for a Sustainable Business Establishing a business is not the hard part; sustaining it is.
Be a Connector
October 2016
Intelligent SME
XXXXXXXXXXXXXX ISSUE: 34 | October 2016
facebook.com/theintelligentsme
@intelligentsme
Give your brand an unfair advantage
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ENTREPRENEUR WITH A THIRST FOR SUCCESS
Publisher's Note
Shaji Ul Mulk
Founder and Chairman of Mulk Holdings
SPI Group
The third quarter of 2016 ended on a high note, as we celebrated the 4th edition of Global Business Summit with more than 2000 high-profile delegates and multibillionaires coming together under one roof. It was the largest congregation on innovation in the region and was held at Atlantis, The Palm on the 21st of September 2016. Adhering to the UAE Government’s initiative – ‘Customer Happiness Formula’ – we decided to center our theme on the same lines. So the theme for Global Innovation Summit 2016 was ‘Happiness and the Smart Future’, which witnessed an array of globally acclaimed speakers and panelists, all striving towards innovation and creating a better and happier lifestyle.
Publisher & CEO Shantanu A.P.
The month of September also saw an interestingly candid and personal session with Mr. Nawab Shaji Ul Mulk, where Shaji opened up about his struggles, ambitions, motivations and the vision that keeps on egging him to reach greater heights. The entire interview was interspersed with nuggets of his life, his love for sports, the undaunted sacrifices and his dream of watching Mulk Holdings grow into an independent corporate stronghold.
Strategic Alliance Partner
Corporate Banking Partner
Sole Automotive Partner
Insurance Partner
Print Partner
www.spigroup.ae www.theintelligentsme.com www.robustrak.com www.innovationandtech.ae www.innovationsummit.ae www.dubai-gbs.com www.smeworld.ae Follow us on twitter: @intelligentsme Facebook: facebook.com/theintelligentsme
Group Editor Auritri Chatterjee Assistant Jinal Chheda Expert Contributors Anshul Srivastav Ashish Desai C.A.Manu Nair Dr. Rodrigo Perez-Vega Lukas Krejca Melina Argyriou Mohsin Shah Reg Athwal Simon Hodges
Web Developer Raj Shekar Reddy Designer Retheesh Viswanath Distribution Department
We also have an exclusive interview with Osama Al Rahama, the CEO of Al Fardan Exchange LLC where he stressed on the importance of SMBs and providing customer-centric products and solutions. This month’s ISME issue talks about critical topics like the significance of disruption and innovation across all sectors, the influence of mobility on SMEs, the impact of leveraging digital technology on the growth of a business, and the path of transition from being an established business to a sustainable one. Apart from these, I have got some amazing information. We are getting ready for the 25th anniversary of Emirates NBD Global Business Series in the month of Jan 2017 and the 4th edition of SME World Summit in March 2017. Do not forget to call us or shoot an email for more information. Happy reading! Shantanu Phansalkar, CEO & Publisher, SPI Group
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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.
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October 2016
Intelligent SME
BUSINESS ANNOUNCEMENTS
DEWA awards tender for first onsite printed building in UAE and first 3D-printed laboratory building in the world
D
ubai Electricity and Water Authority (DEWA) has awarded Convrgnt Value Engineering (LLC) the tender announced last May, to design and construct the first building in the UAE to be entirely printed onsite and the first 3D-printed laboratory building in the world. The lab will be built as part of the Research & Development (R&D) centre at the Mohammed bin Rashid Al Maktoum Solar Park, and will conduct research on drones, and 3D-printing technology.
“DEWA’s vision is inspired by the wise words of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who said that, “The future will depend on 3D printing technologies in all aspects of our life, starting from houses we live in, the streets we use, the cars we drive, the clothes we wear and the food we eat,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA. “The construction of the 3D-printed lab, at the Mohammed
October 2016
Intelligent SME
BUSINESS ANNOUNCEMENTS
bin Rashid Al Maktoum Solar Park, reflects our on-going efforts to achieve the directives of our wise government. The Dubai 3D Printing Strategy is a unique global initiative to use technology for the service of humanity, and promote the status of the UAE and Dubai as a leading hub for 3D printing technology by 2030,” added HE Al Tayer. “We are delighted with the award and even more so since this will be the first 3D printed laboratory in the world and the first 3D building in the UAE that is fully printed onsite. 3D printed building technology is not only new to the Gulf, but also the world and we are fortunate to be at the forefront with this project,” said Vibin Paul from Convrgnt. “The building will be printed using a system of robotic arms at the desert location. The risks of working in an unshielded open environment have to be addressed, and the logistics accurately controlled during the printing operation,” added Paul. The laboratory will conduct research on drones and 3D-printing technology to support DEWA’s ongoing projects. It will research
on the use of drones to develop the performance of photovoltaic panels to increase their efficiency, credibility, and lower their cost, as well as study and test different photovoltaic technologies. DEWA has been using drones for the last three years to monitor its electricity and water production, transmission, and distribution systems. The drones and 3D-printing lab include four sub-laboratories: the Electronics Lab, the Software Lab, the Mechanical Lab, and the
Prototype Lab. The project will also include an outdoor testing facility. The Electronics Lab will conduct electrical design and repair services for drones that can be used by R&D staff, and DEWA employees. Convrgnt’s staff will be able to design and build customised circuits for different drone applications. The Software Lab will develop and provide DEWA with innovative products, research, and educational solutions. The lab will solve issues and develop solutions to meet national objectives and DEWA’s requirements, and will run tests on avionic systems, flight controls, and electric power units. The Software Lab will research the design, implementation, analysis, and evaluation of software systems. Particular areas of interest include operating systems, mobile computing, cloud computing, virtualisation, distribution networks, and software engineering. The Mechanical Lab will conduct theoretical and experimental research into phenomena related to the behaviour of certain materials. This lab will develop prototypes for different products that will allow engineers to develop their ideas further. The outdoor flight-testing facility will feature a landing area equipped with sensors, and a power, water, and data line.
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October 2016
Intelligent SME
BUSINESS ANNOUNCEMENTS
Emirates NBD backs financial independence programme for young adults with disabilities
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mirates NBD, one of the leading banking groups in the region, is partnering with Integreat Center, a newly founded educational institution for young adults with disabilities, to fund their ‘Money Management’ program, aimed to teach students with disabilities about financial literacy and enable them to further their financial independence. Under its Together Limitless platform, the bank will sponsor the one-term course for the center’s inaugural academic year. The program, aimed at students aged between 16 and 25, will cover a broad curriculum of topics relevant to financial independence including personal budgeting, wants vs. needs, income and expenses, and using several payment methods. Emirates NBD will provide its products and services as real-life tools for students to learn with, including model ATMs, account opening forms and sample debit/ credit cards and cheque books. Students will also be offered field trips to the bank’s branches to practice self-sufficient banking in a learning environment with branch staff to provide any informational or
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procedural assistance. Commenting on the announcement, Husam Al Sayed, Group Chief Human Resource Officer at Emirates NBD said, “Emirates NBD is continuously seeking opportunities to enable financial inclusion for people with disabilities in the UAE. By fully supporting Integreat Center’s Money Management, we have the chance to give these young students a real-life learning opportunity so that when they enter the real world, they will have the skills to be more financially selfsufficient.” Nikita Patel, Co-founder, Integreat Center added, “Integreat Center has several synergies with Emirates NBD in the areas of financial, workplace and societal
inclusion for individuals of all abilities and we are proud to partner with such a forward-thinking, impactful organisation. The Integreat Center Money Management module has been developed with the support of Emirates NBD; money management is crucial for young adults with special needs as an essential life skill to help them understand the value of money, budgeting and the use of debit cards and banking services, in addition to promoting social integration.” In addition to the sponsorship, the bank will also look at potential candidates for recruitment from the graduates of Integreat Center as part of Together Limitless’ ongoing efforts to foster workplace inclusion for people with disabilities and grow their employment opportunities.
October 2016
Intelligent SME
BUSINESS ANNOUNCEMENTS
DAFZA launches innovative program to accelerate business growth & development of Freezone’s companies
T
he Innovation Unit at Dubai Airport Freezone Authority (DAFZA) has commenced the Double Up 3M business accelerator program custom-designed to identify and remove barriers faced by the freezone’s clients. The goal of the initiative is to create a tailor-made acceleration plan for each ‘M’ – Mission, Market and Money – of the participating enterprises as well as a viable timeframe for achieving targets. Double Up 3M is an intensive 95-day, four-phase capacity building and accelerator program open to all DAFZA clients who will be given the opportunity to effectively scale their businesses and benefit from worldclass mentorship and educational components aimed at expediting business growth innovatively. Phase 1 will involve an Awareness and
Educational Campaign, Phase 2 will focus on Customer Discovery and Validation, Phase 3 will be dedicated to Designing and Delivering the program, while Phase 4 will be for Post-Program Impact Assessment. Participants will go through three rounds centering on the three central themes of Market, Mission, and Money. In round 1 the ‘Market’ will concentrate on digital marketing strategies, competitor analysis, and market sizing. In round 2, ‘Mission’ will explore the integration of strategy with execution, strategic thinking and intuition, and the power of human capital. Finally in round 3, ‘Money’ will delve into cash flow and financial forecasting and investment analysis. Each round will include three one-onone mentoring sessions. Participants will present the results of the program during the UAE Innovation Week 2016. Amna Lootah, Assistant Director General, Finance and Commercial, Dubai Airport Freezone Authority said, “The Double Up 3M program is a one-of-a-kind opportunity provided to our clients to enable
them to refine their business plan further, advance their investment and partnership agenda, and create a solid pitch for partners and investors or for gaining funding to double-up and scale their business. Participants will learn how to boost their revenue exponentially by maximizing their ability to capitalize on Market, Mission and Money and will get the chance to interact with other highly motivated entrepreneurs and SMEs as well as engage with Impact Hub Dubai’s international network. They will also have the honor of presenting the results of their experiences under the program during the UAE Innovation Week. DAFZA will continue to implement similar programs to help our clients achieve the highest levels of productivity, quality, and excellence.”
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October 2016
Intelligent SME
BUSINESS ANNOUNCEMENTS
First Joint Economic Committee of UAE and Canada successfully holds preparatory meeting in Ottawa
T
he first joint economic committee of the United Arab Emirates and Canada successfully concluded its first preparatory meeting in Ottawa, Canada. The meeting was chaired by His Excellency Engineer Sultan bin Saeed Al Mansouri, UAE Minister of Economy and the Honorable Chrystia Freeland, Canadian Minister of International Trade. The event also witnessed the participation and attendance of senior government officials from both countries. H.E. Engineer Mohammed Ahmed Bin Abdul-Aziz Al-Shehhi, Undersecretary for Economic
Affairs, and Christine Hogan, Deputy Minister of International Trade, headed various discussions in the presence of representatives from both UAE and Canadian officials of several government institutions and agencies. The meeting witnessed a discussion of the guidelines and framework for the increased cooperation between the two countries, especially across key sectors like small and medium enterprises (SMEs), innovation and investment. They also spoke about their strategic efforts to enhance cooperation in the fields of renewable energy, banking & financial services, education, healthcare, agriculture,
food, cultural exchange and airline services. H.E. Al-Shehhi shared that the launch of the first joint economic committee of the two countries represents significant importance as it is tasked with the promotion of economic relations while also exploring potential opportunities in cooperation across common interest sectors – further reflecting a positive impact on the volume of trade exchange between UAE and Canada, wherein last year saw the achievement of over USD 2.1 billion in trade, including free trade zones. He also pointed out that the joint
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October 2016
Intelligent SME
BUSINESS ANNOUNCEMENTS
economic committee constitutes the appropriate framework for the development of bilateral relations in accordance with the interests of the two countries through the implementation of an efficient mechanism aimed at monitoring the decisions made in accordance to clear timetables, especially as they are
held with the participation of a large number of government agencies and the private sector from both sides. Lastly, H.E. Al-Shehhi revealed that both countries are now also looking at ways to enhance cooperation in the fields of aviation and air transport. Meanwhile, Deputy Minister Hogan spoke about the importance placed on
the joint economic committee, which is tasked with building and developing a solid foundation of economic relations and providing more facilities for cooperation among investors. Hogan explained that the two countries share similar visions on the further promotion of innovation and the development of the SME segment – adding that these two factors act as key drivers in the efforts to improve UAE-Canadian relations, particularly in strengthening cooperation and exchanging and sharing expertise.
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October 2016
Intelligent SME
MEET THE CEO
Entrepreneur with a Thirst for Success Shaji Ul Mulk, Founder and Chairman of Mulk Holdings
SPI Group hosted Shaji Ul Mulk, Founder and Chairman of Mulk Holdings at its 23rd Emirates NBD Global Business Series session. In a bareall, candid interview with Natasha D'Souza, he opened up about his ambitions, the initial struggles, setbacks, motivation, decision-making process, and what makes Mulk Holdings stand out as a family business. Check out the excerpts from the interview.
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October 2016
Intelligent SME
MEET THE CEO
Y
ou hail from the royal family of Kurnool, India. How would you describe your growing up years? What does being a Nawab mean to you?
It’s true that I belong to the royal family of Kurnool and our forefathers had a lot of wealth and power. We also knew many royal families because of our association. But there was a lot of difference between the royal families of pre-1947 and post-1947. The country had changed, there were new rules and legislations and it was important that we understand that. I have been a witness to several riches-to-rags story, simply because the families didn’t adapt with the changing times. However, my parents instilled the right set of values in us and have always kept us grounded. They have firmly maintained that it is neither our past nor our forefather’s wealth that defines us; it is who we are as an individual. Of course, we had our comforts but we were also never allowed to forget that who we will be wasn’t dependent on our past but our present and future. Tell us something about your parents. How did they influence you as a child? My father, Nawab Alaf Khan was a very charismatic person, a true Nawab whom we really looked up to. He followed his passion and played international football for India and we are immensely proud of that. My mother had a lot of influence on me and my other siblings. Since, my father was mostly in Kolkata, playing professional football, she was the one who raised all of us and instilled the values that we grew up with. She has always encouraged us to move away from the past and be true to ourselves so that we can achieve what we are truly meant to achieve. Her words of wisdom have always followed us and carried our family forward. You’re actually one of the very few people whom I know excels at everything – a jack-of-all-trades. You were great at sports, great in academics and are now, as your success story shows, great at business too. So where did that motivation come from? Were you different in your family to be able to excel at so many things? I think it was the competitive spirit in me that drove me to excel whatever I took up. We always wanted to achieve the best – be it sports or academics; and we inherited that from our father who constantly espoused that if you do something, you’ll have to be the best. We were always hungry for accomplishments and rigorously worked towards that goal. What was your dream as a young adult? What kind of a career did you visualize for yourself at that stage of life? I always wanted to be a businessman. In my head, I was very clear that I was going to build my own business. I have grown up hearing that my grandfather was a businessman – he turned into a businessman post-independence. My father was also involved in the family business; so, it was very clear for me that I’d become a businessman. You came to the UAE as a pit-stop for the US. You wanted to study at a business school in the US and you walked away from that. What happened? What made you take that decision? Yes, I came to the UAE to prepare myself for the business school in the United States. I passed my GMAT and TOEFL, got admitted to one of the best business schools in the country and had already paid my fees. Seven days before my flight, the university sent me a communication that stated that a university bus would take me around for a campus tour.
About Shaji Ul Mulk Shaji Ul Mulk is the Founder and Chairman of Mulk Holdings, manufacturer and distributor of world renowned ACP cladding sheets known as Alubond USA. A natural leader, he always had ambitions to set up a business of his own and spread it throughout the world. He was a top-ranked badminton player who used to represent UAE in various badminton championships. He was also a professional cricket player representing India in the regional leagues. But he gave up all that to become a successful and renowned businessman. Perhaps it was the discipline, the hunger for success and the mental and physical training that helped him prepare himself for the uncertainties involved in business. His passion, the zeal for excellence and an unending appetite for knowledge have always kept him ahead of the game. He was one of the few players who realized the potential UAE had for ceiling tiles and became a manufacturer of the same. Then he acquired a small share of 15 percent in Alubond, a family-run business manufacturing aluminium composite panels. Soon he started focussing fulltime on Alubond and had six lines of manufacturing units up in no time, with business units set up in Turkey, India, Europe, and Africa. Alubond, as we all know, is now the world's largest and most trusted ACP and MCM brand. His constant eye for innovation and success led him to the creation of an aluminium mirror for harnessing solar technology. The patent for this technology lies with him, which has completely changed the dynamics of the solar energy industry. Building a billion dollar conglomerate hasn't been easy, but now Shaji Ul Mulk is gradually passing on the reins of his company to his able son Adnan and usher in the new generation. He also talks about restructuring Mulk Holdings in order to prepare itself for a possible IPO and a corporate CEO. Mulk Holdings looks at itself, not as an individual-driven company but as a self-sufficient, independent corporate.
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October 2016
Intelligent SME
MEET THE CEO
But a year had passed by since the time I landed in the UAE and I was involved in a business partnership with a British company, manufacturing ceiling tiles for them. It was a pretty confusing situation for me; so I turned towards my the-then captain Sunder Chainani for his advice and he asked me to choose between a businessman and the CEO of a large company. I chose to be a businessman; that’s when I instinctively knew that I wouldn’t go to the business school and decided to pursue the business that I had already set up in the UAE. It has been a long journey from a small setup of ceiling tiles to this more than two billion dollars worth of Mulk Holdings. How would you describe your journey? What were the stepping-stones in the way to your success? It’s a journey of three decades; we started in 1982 and this is 2016, which makes it more than 30 years. But if I go back to my life, I can clearly divide my journey into three specific parts. The first part would constitute just me, a single guy who was extremely passionate about badminton and
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cricket, learning the ropes of business. Then I got married and a couple of years later, my wife comes to me and says that she doesn’t want to be known as the cricketer’s wife and she believed that there was much more in me than just cricket. She wanted me to take up my business seriously and shift my focus from cricket to business. That’s when things started getting real. I refocused my priorities, dug in my heels and got down to business. Back at the time, the business of ceiling tiles had a lot of potential. The market was big; demands were high and not much of quality suppliers. We started off as a small setup of just six, then we started creating partnerships, and since the company was growing at a rapid pace, we joined hands with a large local family. By then, the company of six had grown to a company of 1000 people. We became the largest sub-continental company for building facades, interior ceilings, manufacturing building products, etc. However, I let go of all that success and my company because my dreams and ambitions were much more than what I was being allowed to do. That friction gave rise to Mulk Holdings in the year 1999 and we have been steadily growing ever since.
How would you describe yourself after you started receiving all the awards and accolades? How did success influence you on a personal level? I realized I became more responsible towards my employees and for their families. It was not just I anymore. The business was growing at a global level and there were thousands of people involved and I felt responsible for each of them; I knew that both my success and failure would impact them tremendously. No doubt, my success also brought fame and money with it but they are transient. At the end of the day it was, and still is, the people in my life that mattered, the dear old connections that I never let go off and the new bonds of friendship that I created along the way. How do you perceive yourself as a leader to your employees? How do you relate to them? What kind of a leader would you like to be known as; what kind of legacy would you like to pass on to your people? For me, my employees are my family. The growth and success that Mulk Holdings have achieved today is
October 2016
Intelligent SME
MEET THE CEO only because of these people, the team that is constantly with me. We’ve always believed in two principles – Empower and Incentivize; and we do both. My people have a say in the company and they can come to me anytime (provided I’m at the office), as my doors are always open for them. The main vision that I have for Mulk Holdings is that it should outlast next generations and me. I’d like to see it as a solid corporate governance company, people-driven and not ownership-driven, which means, regardless of my son or me, the company should grow on. As a leader, I want Mulk Holdings to be able to take care of the thousand of employees that work for me, and I’m very lucky that I’ve several other leaders in my team that believe in the same principle. Looking at all your success now, I wonder, have you ever made a mistake of trusting the wrong people and has ended up hurting yourself and costing your business? Actually yes. I think it is a natural progression of life and that’s how you gain experience. Three years after I started my business, I lost everything and went to zero. I wanted to expand my business; so I partnered with a person in Oman, who eventually turned out to be the wrong one, and invested everything I had to put up a new unit there. I learnt an important lesson then – that my time is very important. I could have stayed in Oman, filed a case and remained there till the resolution of it all. But I took a call. I decided not to get too involved in it, just appointed a lawyer and came back to the UAE to restart my business. That’s when I realized that my time is my most expensive asset and I had no time to waste. It took me at least a couple of years more to get back on my feet and eventually earn back the capital I lost. But yes, that was one of the few occasions when I regretted not going to Wharton. It kept tugging me that may be if I had gone to the business school I’d have avoided doing such a
mistake, I’d have been able to identify the wrong decision and things would have been easier. But I didn’t dwell on it for long and went back to work. You business was just growing when you got married. With the passage of time, both your business and your family started expanding. How did you balance it all? Did you ever feel the pressure, the need to sacrifice one to satisfy the other? Honestly, I don’t believe in nor relate to the philosophy of sacrificing family life to build one’s business. I strongly believe that a man is truly successful when he is happy; and it is the perfect balance of family, work and passion that makes a man really content. A person might become a rich businessman at the cost of his/ her family, but that is a huge cost and creates a big gap within the family; and that for me is not real success. I used to wake up early in the morning, spend time with my kids and drop them to school on the way to work. I’m very proud to say that my children grew with me and I’ve been a regular part of their achievements and accomplishments. We are a strong knit group and don’t need anyone else when we’re together. You wife, Mrs. Mulk, is also a part of your business. When did she join the business and how has been the experience of
working together? Is it smooth sailing or are there points of friction? My wife initially joined the Mulk Holdings start-up Alubond as a signing authority; so she used to check everything, do the paperwork perform admin duties and so on. Gradually, she liked the business, became more involved, joined Admin and has been working ever since. Farah is methodical and analytical whereas I am spontaneous. So, rather than a friction we balance each other and take sensible decisions. Tell us something about your son, Adnam. How did he join your family business? When Adnam came back from his business management school in London, he was brimming with several ideas. So, he gave me two choices – either give him money to invest for a venture of his own or give him one of the smaller/smallest companies to work on. We gave him a small plastic and metal recycling unit and now that company gives a turnover of more than 700 percent. That is a huge turnaround for the company and for Mulk Holdings as a whole. He is quite like his mother, cool, calculated and analytical. He takes his time to make the correct decision and that has worked amazingly well for him. He is an independent thinker; a thorough researcher and I have complete faith in his abilities and
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MEET THE CEO judgments. Now that you’ve seen so much success and completed huge part of your business journey, what keeps you awake at night? As a self-made multibillionaire, what keeps you moving? I have always loved to create; this diverse empire of Mulk Holdings is a result of my love for creation of new businesses. So, I’d say that the excitement to create something new, to encroach new territories, to come up with a new idea and build on it and ultimately sell it is what keeps me awake. There is a big difference between your traditional way of entrepreneurship and the new wave of entrepreneurs. Whereas you believed in investing and branching out of different sectors, modern entrepreneurs look out for that one idea that will make them
click and achieve success. Do you think there’s still a chance for a modern entrepreneur to take the traditional route and be successful? I would like to point out here that even when we started our aluminium cladding business with Alubond, it was a completely new concept in the UAE and no one in the Gulf had ever heard of that before. We were the only company in the market that manufactured and promoted that and hence, it was a new trend at that point of time. However, we didn’t have such advanced technology; it is the combination of advanced technology and trend that adds a level of complexity to today’s entrepreneurship. However, that doesn’t mean we weren’t innovative. We were the first company to collaborate with an American scientist to create the first solar mirror on an aluminum panel. That changed the entire picture of harnessing solar energy and created the solar business for us. We not only
understood technology but turned it for us into a successful commercial business module. Technology has become much more innovative and cuttingedge today with concepts like 3D printing shaping the future of architecture. Where would you place Mulk Holdings in such a phenomena; how do you intend to respond to that? A. At Mulk Holdings, we always believe that in order to progress we need to embrace technology and find out new advanced applications to stay ahead of the curve. Though we don’t utilize 3D printing, which is primarily a technology for the construction industry, we are planning to implement 3D from a different perspective. For example, currently, we are in talks with a Chinese investment company to help us develop readymade façade panels, including the cladding and walls at the factory, which we then transport to the site and construct the framework.
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October 2016
Intelligent SME
SME BANKING
Each Customer is Special 22
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October 2016
Intelligent SME
SME BANKING
Intelligent SME interviews Osama Al Rahma, CEO of Al Fardan Exchange LLC, about the importance of catering to SMBs in the current market, remittance business and their goals and vision for the future. Al Fardan Group is involved in several businesses in real estate, high-class jewellery, financial services and trading. Please share the story behind establishing Al Fardan Exchange in 1971. Al Fardan Group was formed in 1954, 17 years before the UAE came into being. The group’s foundation was laid by the late Haji Ibrahim Hasan Al Fardan, who was a pioneering entrepreneur in the country’s traditional pearls and jewellery industry. The group soon diversified its interests, and expanded into real estate through Al Fardan Real Estate. Al Fardan Exchange was founded in 1971 to serve the community with world-class remittance and exchange services, helping residents send funds to their friends and families back home. Today, Al Fardan Group is one of the UAE’s leading business enterprises, with diversified interests in some of the UAE’s strategically important industries. What is the vision of your company? What are your goals? Our vision is to be the exchange of choice with the best innovative services and products that bring happiness to our clients. Our mission is to provide advanced CRM system to our customers using mobile apps and digital technology to enhance their experience. What are the services offered by Al Fardan Exchange in addition to
money transfer? Our services are tailor-made and diversified based on our customer base, which has a good blend of nationalities from different demographics. So we try to be innovative while offering services that are not limited to foreign currency exchange or instant money transfers but goes beyond and covers online money transfers, multi-currency prepaid cards, wage protection system, saving and investment schemes, kiosk payments, utility bill payments, airline bookings, mobile top ups and more. What’s new at Al Fardan Exchange in terms of products and services? The Internet of Things has changed the world we live in and consequently, has changed the way we live as well. In the past, people used to come to us to send money to their families and beloved ones, knowing that their money will reach after one or two days; nowadays, the customers are more demanding and are willing to pay more to get their money transferred immediately. That’s why we have recently introduced our global payments brand – AFEXRemit – that connects all payment ecosystems under a unified platform and can deliver payments instantly. What are the special services and solutions that you provide to your corporate clients? We have dedicated counters at all our branches for the corporate clients. We provide tailor-made solutions for their requirements of remittances,
corporate transactions and foreign currency exchange, equipped with a very advanced treasury department to keep them updated about the market, products and services. We also provide a multi-currency Visa prepaid card with the most advanced security features that can be used to manage their official company trips since it offers more convenience than other debit/ credit cards. They get special foreign exchange rates on their corporate transactions, can pay for their airline bookings and they can also invest in the savings and investment schemes that we provide in collaborations with our partners. What kind of services do you offer to the SMBs? SMBs are the backbone of any economy, and the UAE economy is not an exception. They represent more than 30% of our customers and we offer them the best services tailored at the most affordable prices. How is Al Fardan Exchange a customercentric organisation? What are you doing to improve customer service? What dedicated resources do you deploy to provide better service to customers? Our mission is to create a happy experience for our clients. This is delivered by our competent staff that understands customer requirements and provides excellent products and services, with the best offers and a dedicated call centre team and agents. We are incredibly proud to serve over 200 nationalities from all
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SME BANKING
socio-economic demographics, with a network of more than 60 branches spanning across the country and strong relationships with over 150 corresponding banks. Correspondent banks and agents are the backbone of remittance businesses worldwide. Are all of them partners of Al Fardan Exchange? Please elaborate on these partnerships. Al Fardan Exchange has been in the remittance business for the last five decades and that legacy has given us the right to be selective when partnering with a new bank anywhere in the world. We are committed to provide the best experience to our clients and that experience begins at our branches and is extended to the beneficiaries as well. Whenever we see a need to add additional banks to our network, we always prioritize our customers. We choose the top banks, the ones who share the same vision as us and
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work that extra mile to provide the most advanced and smooth-sailing experience for their clients.
We have recently introduced our global payments brand - AFEXRemit that connects all payment eco-systems under a unified platform and can deliver payments instantly.
The remittance business in the UAE and especially in Dubai is saturated. What innovative ideas help you stay ahead in the race? We use advanced analytics tools to continuously measure and enhance our performance and stay ahead of the game. Competition is tough with more than 140 exchange houses in the UAE and more than 1000 of their branches available at every corner of every street, but that neither stops nor discourages us. In fact, we were the first to launch prepaid cards in the market and the first to provide remittances through self-serviced kiosks. Currently, we are working on other innovative solutions that would surely add value to our clients. How strong is the reach of Al Fardan Exchange in the UAE? What other channels have you
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SME BANKING deployed in addition to the branch network? In addition to a network of more than 60 branches spanning across the country, we believe in creating and maintaining strong relationships with the banks. Our employees are highly trained and represent over 22 nationalities, making it easy for us to offer the extremely high level of customer service that is central to our business. We are planning to add 10 more branches at various strategic locations so that our customers can reach us quickly and without any hassle. We also have a kiosk service in collaboration with our strategic partners that has given us an extra mileage to reach our customers. With thousands of kiosks available in every street and every shopping centre, we have become pretty accessible for our customers.
In respect to money exchange transactions, what are the key issues in the sector and how is Al Fardan Exchange dealing with them? The dynamic of regulations, AML/ CFT and the de-risking requirements, which banks are adopting worldwide are the biggest challenges to the exchange houses in the region. At Al Fardan Exchange, we keep upgrading our standards and systems to comply with the international and local requirements. How do you see Al Fardan Exchange evolve five years from now?
supporting our nation’s economic growth. We aim to be among those who would be celebrating the nation’s victory by witnessing the world’s most advanced event of Expo 2020.
SMBs are the backbone of any economy, and the UAE economy is not an exception.
Our vision is to be the exchange of choice with the best innovative services and products that bring happiness to our clients while
www.raalc.ae Suite # 1104, Level 11, Ontario Tower, Business Bay, Sheikh Zayed Road Tel: +971 4 551 9341, Fax: +971 4 551 9306 - Email: info@raalc.ae
October 2016
Intelligent SME
INSURANCE
Be Safe, Be Insured Recognizing the risks your children are exposed to, is the first step in getting an insurance.
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ducational institutions have an unerring responsibility to take care of their students. Right from kindergarten and nursery to all the way to universities and degrees, the educational organizations need to ensure that their pupils are safe and their assets and liabilities intact and well protected. Most often schools are involved in various activities that can present a range of hazards, starting from the daily curriculum, sports,
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playgrounds and outdoor areas, to access to electrical appliances, risk at and during travel, working at heights, vandalism, and even sexual harassment. You don’t need to be an expert to recognize the obvious risks.
• Curriculum activities have to be managed in a way that ensures the safety and security of both, the staff and students.
So what are some of the ways that these risks can be avoided?
• A thorough background check of the drivers and assistants is a must; along with the regular upkeep and maintenance of the transport system.
• Building and structures must be built based on specific regulations and safety standards.
• Playgrounds, recreation areas and outdoor areas involving any kind of sporting equipment must meet recommended standards.
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Intelligent SME
INSURANCE • Electrical safety should be ensured, and equipment and machinery needs to be maintained and serviced appropriately. • The process of before and after school care should be properly regulated and monitored. On an average, small children spend 10% of their annual year at schools and a fair amount of their illnesses and injuries occur due to the school environment. It is the responsibility of the educational organizations to ensure a healthy and safe environment for their students. Be it human hazards or material, both of them are found in and outside schools and must be managed by everyone relevant to maintain the safety and security of the dependents. Insurance cannot eliminate all the risks and hazards connected to schools and the educational system but can assist in managing them
and minimizing the risk of loss from circumstances beyond our control. At AIG, we have identified these risks and grouped them under three main categories: • People: Students, teachers, staff, third party personnel • Assets: Building, contents, machine, premise • Income: Gross profit following interruption/damage to assets All businesses in the education sector face similar exposure and risks, but we at AIG recognize that each and every business is unique, especially when you factor in the data that we have included above. With a tailor–made, multiline product, called the Educare, the SME Group of AIG connects a broad range of educational organizations, including nurseries, institutions, colleges, and universities.
How about having only one insurance policy to ensure protection to the assets, profits, and liabilities to students, faculty, employees, third parties and liabilities during excursions & athletic activities? Just one policy covering most of the potential risks & hazards of any educational institution? Don’t get worked up by multiple insurance forms; just focus on one – Educare.
Melina Argyriou Head of SME Package Middle East and North Africa Zone AIG
October 2016
Intelligent SME
SME INNOVATION
DisruPt or DisturB Disruption is essential to innovation; it might disturb the peace, but as with every revolution, the technological revolution needs disruption too.
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n January 2009, Satoshi Nakamoto released Peer-toPeer Electronic Cash System –Bitcoin, code as open source as an experimental and obscure disruptive digital currency. Five years hence, financial institutions, around the world, including central banks are putting serious efforts to make it a
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reality. Funds worth USD 1 billion are already invested in Blockchainbased startups. Blockchain is a technology of Bitcoin. Blockchain has disrupted industries like streaming music, real estate record, physical currency, blogging, social media, video production, and voting to name
a few in the last couple of years. A disruption which will impact every human on earth and disturb every industry in terms of the way they transact. The world is in transition where it’s moving out of cash. That’s the power of disruption which transforms lives. Disruptions disturbs the current industry/s but also creates
October 2016
Intelligent SME
SME INNOVATION new industry/s. Banking is in a transition phase of massive disruption. With mobile wallets and bitcoin, banking will see a shift in cashless economies in next 5-10 years. Wallets like Apple Pay, Samsung Pay, Alipay, Paytm, and MobiKwik, to name a few, are transferring cash to virtual wallets. This will have an impact on banking operations in terms of setup of ATMs, branches, operations and technology. Wallets will be virtual banks in themselves and would offer interest on wallet money, and might even offer credit like credit cards. This will change the entire landscape of retail and commercial banking. The incumbents have to transform towards different business models in terms of operations. A couple of years back, the cutting edge technology of a transactional setup created disturbances; now new disruptions are digging deep in to the new ways of creating, producing and operating transactions. Education is now in a phase of major disruption, with MOOC’s and a changing communication landscape. The best kind of education would be accessible to almost everyone by 2020 - through 4G, 5G, Hi speed Wi-Fi or Li-Fi (is now in testing phase -hopefully will be available by 2020). With each individual possessing a smartphone and a smart device by 2020, universities and educational institutions have to start figuring out models that will support sustenance and reachability to a larger audience. Automations are impacting the skills and should be serious concerns for academic institutions, students, and employers. Artificial Intelligence, machine learning and robotic process automation is already making headway and now humans have to start another evolution race to manage skills and employment. Information of Everything (IoE) is disrupting decision sciences. Structured, Semi-Structured and Unstructured data are now getting transformed for a 360-degree view of decision-making. Data in all forms is now used to predict and prescribe. Data will be part of each and every
A couple of years back, the cutting edge technology of a transactional setup created disturbances; now new disruptions are digging deep in to the new ways of creating, producing and operating transactions.
disruption and will continuously disturb the evolution of new design of services and products. 3D printing has completely disrupted product development and prototyping, especially in industrial designing. It is expected to grow at a rate of more than 300% and procure almost USD 50 billion investments in the next decade. 3D disruption will disturb the entire product development and roll out to the markets. Virtual agents or virtual personal assistants have disturbed the markets with sophisticated technology through advance machine-based learning. Virtual personal assistants like Apple’s Siri and Google Now are currently offering much better voicebased experience to customers than human call centers, and gradually it very soon will be able to provide information to humans dynamically and prove to be a disturbance to the human support activity. Call centers and support centers have to evolve business models to utilize this machine-based learning models.
Internet of Things (IoT) has disrupted the way world connects with devices. This will have an impact in all industries. Smart Homes and Digital Health Services are already making an impact through connected devices such as fitness bands connected to smart devices and smart TVs taking decisions on incumbents’ behalf. Governments across the globe are in an adoption and transition phase of disruptions. E-governance and e-services are now accessible and available almost everywhere. Governments are promoting incubations on innovations and disruptions to improve lives of its citizens. Automation will consume repetitive, low-skill jobs against manual labor. Automations in government will eliminate errors and lead to highly productive results. DisruPt and DisturB have everything in common except P and B. More or less, both mean the same. Disrupt impacts the masses and touches lives and disturb impacts the situation as-is. If you look at it differently, disruption creates disturbance. On the flip side, if incumbents do not disrupt, others will and continuously disturb the ecosystem.
Anshul Srivastav, CIO, Union Insurance Anshul is a global technology leader who has been instrumental in driving technology transformations for businesses in the range of multi-billion dollars as revenues. Currently in a leadership role as Group Chief Information Officer, Information Technology, leading the IT strategy, technology transformations, analytics, software delivery, architecture and cloud for Union Insurance (UAE and Oman) across all lines of Business [Life, General (P&C) and Health Insurance] and creating and driving big strategic initiatives aligning through IT transformation to deliver business value.
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DIGITAL MARKETING
Performance Marketing: Is your Agency Ticking the Right Boxes?
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hoosing the most appropriate marketing channel to grow your business is key to an efficient use of your marketing budget. One of the main advantages of digital vs traditional marketing channels is the ability to track and measure the performance of your marketing activities to a great level of detail. Unlike traditional channels (e.g. billboards, radio ads, flyers, etc.) where money is invested based
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on an estimate of potential reach that each of the channels claims it can offer, digital channels are by far the most accountable, affordable and accessible marketing channels currently available to the SMEs. In digital channels, not only do you have access to the actual number of times your message is displayed on a screen or clicked on; but by cross-referencing with expenditure in each channel, you can also have a
clearer vision of the returns you are getting on your investment while making sure that you are putting your money on the most profitable channels. In digital marketing, you can track and pay based on the performance of your ad, and this is why performance marketing investment is growing significantly in all major markets, including the GCC region. In fact, according to research by Orient Planet Research, a regional
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Intelligent SME
DIGITAL MARKETING consultancy, online advertising spending in this region is expected to grow faster than the world average in the next five years, while achieving a 25% increase in this year alone. Under these circumstances, SMEs cannot afford to waste increasing amounts of money by not using performance marketing correctly.
How to make the most of performance marketing? Performance marketing in the UAE is like the latest Lamborghini; everybody wants it, many people talk about it, but at the end, it is very rare to see it in action. It doesn’t matter if we are talking about Google AdWords or Facebook Advertising, most advertisers use soft or no metrics at all when it comes to analysing their campaigns. They are satisfied with “something is happening” but they do not really care whether they are getting some returns on their investment or not. There are some e-commerce companies who do not use Google Analytics. They do not analyse what is happening on their own website. Every website should have its goal and every single dirham invested in performance marketing should bring you few more. Clients are not demanding performance services. So, they are not receiving it. However, there is a great opportunity for SMEs to increase their market share as many big companies are also struggling. This is not a question of money. If your budget is limited, it becomes even more important to use it for channels and campaigns that can bring you the highest outcome possible. Stop spending money on channels where you cannot measure their performance. You just need to start asking the right questions. For example; What is the lowest profitable ROI for us? What type of campaigns give us better results (=business)? Can we generate more revenue if we invest more on this channel as opposed to another one? Knowledge on how to set up and run the most efficient campaigns as well as the appropriate measurement
of outcomes is also key to profitable performance marketing activities. Unfortunately, many times SMEs outsource these activities to agencies that are themselves clueless about the entire procedure. For this reason, we would like to point out five things that you should make sure your current agency is doing to get the most out of your performance marketing campaigns.
Five things you should be making sure your agency is doing You should always work with people and vendors you trust. At the same time, you should be able to check anytime if they are doing the best for you. How is the performance of your agency when it comes to the below-mentioned points?
Having performance targets and KPIs “What is the goal of your campaign?” This should be the first question of every agency before they start working with your Google or Facebook Ads. When speaking about performance marketing, your answer should be about real performance. It should be about getting new customers. You should use metrics like ROI (return-on-investment), CPA (cost-per-acquisition), CPL (cost-perlead) or similar as your KPI (definitely not number of clicks-per-visits, costper-click or click-through rate).
Using performance metrics in reporting Every performance campaign report should answer a simple question: “Are we achieving our targets (based on recommendations above)?” No matter how many slides and beautiful graphs your agency creates, what you should focus on are performance metrics.
Account access Do you have non-stop access to Google AdWords or Facebook accounts? Can you check your
campaigns any time? No? Why? All performance campaigns should run in client's account, and the client should give access to the agency – not vice versa.
Direct payment to Google/Facebook PPC systems like Google AdWords or Facebook Ads work on an auction basis, and usually, there is no valid reason for an agency paying media fees on behalf of a client. You can link your credit card to both the platforms and stay aware of all expenses incurred.
Testing new trends Performance marketing is about testing, reporting, optimisation and testing. This process never ends. You should use the latest trends in your campaigns; rather, your agency should regularly inform you about the latest features in Google/ Facebook and recommend the best that would work for you.
LukasKrejca (@lukaskrejca)
a digital marketer working for Facebook Marketing Partner, ROI Hunter. His niche is performance marketing as he is certified professional in Google AdWords and Facebook Advertising. He has managed campaigns for more than 100 companies, created and executed marketing strategy for several e-commerces. You can read his blog or meet him at Dubai PPC Meet-Up.
Dr Rodrigo Perez-Vega (@ rpvega) is a
Lecturer in Marketing at Henley Business School. He specialises in digital marketing, social CRM 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”.
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SME MOBILITY
Mobile-First Network Sets the Stage for SMBs
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he explosion of smartphones and tablets is transforming the way we communicate, work and manage our personal lives. We stay connected everywhere, and collaborate at every opportunity we get. We need the ability to access business applications
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at the highest speeds and quality possible – regardless of where we are or which device we are using. Do you find yourself smiling when you enter a restaurant, coffee shop or office and see a prominent “we’ve got Wi-Fi” information sign? I sure do! Nothing better than being
able to get a solid connection with “excellent connectivity” so I can send quick emails, reliably Skype into meetings and perhaps peek at Instagram. Today we live and work in a world that has become dependent on our mobile devices for access to both, personal and
October 2016
Intelligent SME
SME MOBILITY business applications in a safe and productive manner. This connectivity requirement crosses boundaries of business size. So whether you are a large multi-national enterprise, a branch office or a small to midsize business (SMB), the need to connect is there. The combination of mobile devices and cloud-based applications is changing the way small and midsize businesses (SMBs) operate and how their employees engage with customers and interact with business processes. Forbes reported that SMBs who adopt mobile technologies are seeing double the revenue growth – and are creating up to eight times as many jobs as their less mobile-ready peers. Empowering your employees to interact seamlessly with customers and partners can help build a competitive advantage and also greatly improve productivity. In the US alone, SMBs are saving more than $67 billion USD a year using mobile applications, tablets and smart phones in day-to-day activities.
SMBs using the network as a business enabler SMBs are embracing new technologies such as mobility, cloud and unified communications to help them compete cost-effectively in this new mobile work environment. For them, the network is evolving from an IT resource to a strategic business enabler. To support employee productivity—whether working from home, in meeting rooms, or at client offices – SMBs need a simple and reliable network infrastructure that can be supported by limited IT resources. A recent study shows that 67% of the SMBs are using tablets for business purposes, and 93% are using smartphones that are often owned and managed by the employee but used for business purposes. Given their sheer number, properly securing access for these BYOD devices and onboarding them to the network without significantly increasing IT operations costs need to be an integral part of the conversation when preparing the foundation for your
mobile-first business apps.
A Mobile-First Network creates a solid foundation It’s clear in this new business environment, the mode of choice for employees is mobile. Your business must have an affordable, high-performance and secure Wi-Fi infrastructure that can support this growing number of mobile devices and cloud-based applications. It also needs to deliver the quality experience that users expect along with the level of security controls that your business processes will demand. Mobile Unified Communication (UC) solutions such as Office 365 now extends enterprise-grade voice, conferencing, collaboration to mobile devices and are more widely available. A strong network infrastructure allows you to prioritize and optimize business critical applications, so you can respond faster to customers and make smart decisions quickly. You need an integrated solution that can handle issues like network reliability, security and intelligent application management: Here are important considerations when choosing a Mobile-First solution: • Streaming fast connections - While wireless is the primary means by which employees will access the network, you need an end-to-end integrated wireless and wired infrastructure that is easy to deploy, offers built-in security and high connection speeds, along with the tools to collect and analyze network performance data. • Security - With the arrival of digital workplaces comes added security threats. You will need integrated and automated security controls to help protect your business data from malware and unauthorized users. Wireless intrusion detection and prevention can safeguard your infrastructure from wireless threats, rogue access points and clients.
The combination of mobile devices and cloud-based applications is changing the way small and midsize businesses (SMBs) operate.
- With the increasing number of devices connecting to the network, you may need more insight into users, devices, and applications running on the network as well as ensuring that the network is running smoothly. You need a flexible and easy-to-use network management solution that can grow with your business – from free built-in network management to full-feature enterprise management. • Room to grow - Your business is constantly evolving, and so should your network. You need a solution that can grow as you grow. It should provide you the flexibility to build out your network to suit your business needs. Whether you start with a controller-less Wi-Fi solution, and then add a controller to scale – or use built-in management interfaces, then add cloud-based or software-based options later – your network should evolve with your business and allow you to protect your existing investments.
Mohsin Shah, Channel Sales Manager at Aruba, a Hewlett Packard Enterprise company
• Network and application visibility
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Intelligent SME
SME SUSTAINENCE
Make Way for a Sustainable Business
A
vast amount of support material is provided to entrepreneurs who are starting a new business or for those companies that are subject to laws and regulations that require them to implement systems and processes to formalise the governance process. However, for most business leaders the issue for them is not how to start the business or even how to comply with governance codes, but simply how do they ensure their business survives?
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For many, their business looks very different from what it did during the start-up phase. It may have more employees, operate out of more than one premises or even carry out business in more than one country. In all of these cases, the management’s approach to the business must develop in line with the expansion if they want to maintain business sustainability. Fortunately, there are signs that tell you if this is not happening. First, the leader will be working very
long hours “fire-fighting� day-to-day issues; second, the business will be performing erratically, evidenced by numerous minor mistakes causing frustration in the workforce; and third, the financial results will not meet expectations with cash flow, profit levels or top line revenues seemingly stuck at a level or in very slow decline. If your organisation is plagued with one or more of the above issues, here are some thoughts as to how that will affect your business.
October 2016
Intelligent SME
SME SUSTAINENCE If the leader is spending all their time on day-to-day issues, they are not looking forward and planning for the future. As a result, the business is stuck. An organisation where the leader is not actively planning for the future is likely to be on a path of slow decline. Often, especially if the business has grown quickly, there will be inconsistencies in the way a product or service is delivered to the customer or client. These incidents are usually put down to staff errors. However, more often than not, they will be a direct result of misunderstandings about individual roles and what is expected of them. As a result, service levels suffer leading to reduced confidence and floundering trading activities. It can be difficult to interpret financial results, mostly because the changes are quite small and the focus is erroneously on carrying out the bookkeeping tasks of a financial accountant rather than using the financial planning skill of a management accountant. Businesses, where cash flow has become an issue or bottom line profits and/or revenues are static or growing slower than anticipated, should recognise what those warning bells say about the health of the business. Why are these scenarios so common, even though they apparently need just a degree of common sense rather than the development of a particular skill? One reason can be that as businesses grow, they develop a lot of different products and services. Some will be more successful than others; some will be more profitable than others. If a business doesn’t understand these dynamics, then it might spends considerable efforts on activities that are not particularly beneficial to the financial health of the organisation. If an organisation faces any or all of these issues, the following five suggestions can help them in the process of creating a sustainable environment. • A business’ success depends on its employees. It is very unlikely that one or even two people, however talented,
Businesses, where cash flow has become an issue or bottom line profits and/or revenues are static or growing slower than anticipated, should identify the warning bells for the deteriorating health of the business.
can achieve a sustainable business beyond the start-up phase. The action point here is to review the tasks of each staff member and ensure their tasks and objectives are relevant for the purpose. • Communicate your vision for success. If a business has clear objectives, it will be easier to design a plan for effective implementation. If the vision is locked away in the mind of the leader, it will most certainly result lead to employees interpreting the vision in their own way that can materially affect the performance of the business. So make sure that all employees understand your vision and are part of the success story. • Understand your market and provide a product or service that someone would want to buy from you. As businesses grow, it is tempting to deviate to other forms of services. However, an SME has one major advantage over a large business; it is minutely attentive to its customers or clients’ each and every need. If that service is spread too thinly, it will not have the required effect.
It is important to revisit the target market and review the unique selling proposition to service it. • Understand your business. This might seem a bit strange but it is amazing how many businesses do not recognize that changes have taken place in their organisation as a result of its growth. It is important to review your products and services, so the financial contributions of each are understood thereby allowing for a greater focus on the stagnant areas. • Determine a core team with individuals who have the skills to take on particular tasks, thus allowing the leader to concentrate on the company’s future. The action point is to identify if the potential lies within your existing team or you need to bring in outside talent, either on a full time or on a project-by-project basis. This work focuses on creating an organisation that is fit for purpose. Many entrepreneurs fear creating such an organisation because they believe they will lose control of their business. The reality is that a business is unlikely to move forward if it doesn’t embrace the need for such a development. Done correctly, it will in fact increase the ability to control the direction of the business. For many, not establishing a formal organisation is the right decision, but for those with a desire to achieve broadening targets it is critical to the success of their vision.
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.
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October 2016
Intelligent SME
FAMILY BUSINESS
Aligning your Business VIP
(Vision, Intentions & Purpose)
with FVC
(Family ValuesCharter)
Intentions
Vision
Does your organization have a vision statement? A list of intentions? A mission statement? A purpose defined? A values charter?
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Intelligent SME
FAMILY BUSINESS
Values Purpose
I
f you don’t have these solid statements, or if you have them but aren’t using them effectively, you’re losing a massive opportunity to help your family business and organization reach its goals. For years we have been helping clients
forgotten by everyone. The VIP must be a dynamic one-page document reviewed every month. It has the power to be the driving force for all family members and make them accountable for their actions. Consider this: What would happen if you were going on vacation and had no particular destination in mind? You knew without a doubt that you wanted a beach vacation, but wasn’t sure in which direction the coast was, and didn’t have a map or GPS to guide you there. What would be the chances of you ending up on the sandy beaches of Dubai? Minimal, I would say. Now let’s add one more wrinkle to it. Let’s say the vehicle you are using to get yourself to this destination, is less-thantrustworthy. Even if you kind of know the direction in which you are going, it’s doubtful you’ll arrive. Running a family business without a vision, clearly defined intentions, and values aligned to a purpose is similar to taking a trip without an address, a map, and a sound vehicle. In either situation, it will be almost
impossible to reach your destination. This article and extract from my book "Unleash Your Family Business DNA" will define and differentiate vision, intentions, purpose and values; it will help you determine what yours are and will guide you in writing it all effectively. build their Vision, Intentions and Purpose (VIP) aligned to a Family Values Charter (FVC). For us the VIP & FVC is more than a traditional vision or mission statement that gets placed in a beautiful gold frame in the founder’s office, which in time is
Vision, Intentions, Purpose and Values (or Traditional Vision & Mission Statements): What’s the Difference?
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FAMILY BUSINESS One of the biggest barriers to creating effective VIPs is that people don’t have a good understanding of what they are, and how they are different from one another. One question frequently asked by clients is “What exactly is a vision/mission/ values statement anyway?” It’s a great question, and one that would receive a number of different answers depending upon who you asked. People seem to have less issue with defining values, and more issue with defining and differentiating between vision and mission. Some confuse the two, while others think they are one and the same. Most confusion surrounding these two words can be traced to semantics. When we work with clients we build out a Vision linked to Intentions, rather than a Vision & Mission Statement. However for this article, we've used case studies and benchmarks that refer to traditional vision and mission statements for better understanding. So to make things simpler, let’s go back to the dictionary definitions of the words. VISION: The ability to think about or plan the future with imagination or wisdom; the mental image of what the future will or could be like.
Your Vision is about WHERE are you going.
INTENTIONS (Mission): An operation designed to carry out a goal.
Your Intentions are WHAT must happen to achieve your vision. Some will have a mission statement, whilst we help clients build a list of intentions.
PURPOSE: A reason for doing something that has meaning or significance. Your Purpose is WHY are you doing this and what is the underlying reason for wanting to achieve it.
VALUES: A person’s principles or standards of behavior; one’s judgment of what is important in life. Your Values are the inner ground rules that will drive your behavior and the glue that keeps everyone together.
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To go back to our vacation analogy, vision is your destination, or goals for your organization, while intentions or your mission is the GPS or map that will guide you there. A vision statement is a short, written statement of the future you want to create and where you are headed. A list of intentions or mission statement, on the other hand, turns that vision into practice. It is the foundation upon which that organization’s decisions and strategies rest upon. Consider the following traditional examples:
Carrefour: Vision: Fully assume our responsibilities as Europe’s leading retailer and the world’s secondlargest retailer and act at local level as a responsible retailer by promoting the company’s sustainable development. Mission: Promote quality for everybody and ensure the safety of our products. Meet all the expectations of our customers and consumers. Provide customers with freedom to choose with specific ranges of Carrefour products.
Tata Group: Vision: To be the most admired and responsible Integrated Power Company with International Footprint, delivering sustainable value to all our stakeholders. Mission: To become the most admired and responsible Power company delivering sustainable value by: • Operating our assets at benchmark levels • Executing projects safely, with predictable benchmark quality, cost, and time • Growing the Tata Power business, be it across the value chain or across geographies, and also in allied or new businesses • Driving Organizational Transformation that will make us
Running a family business without a vision, clearly defined intentions, and values aligned to a purpose is similar to taking a trip without an address, a map, and a sound vehicle.
have the conviction and capabilities to deliver our strategic intent • Achieving our sustainability intent of ‘Leadership with Care’ by having leading and best practices on Care for the Environment, Care for the Community, Care for the Customers and Shareholders, and Care for the People
Developing Your Own Vision, Intentions, Purpose (VIP) and Family or Business Values Developing vision, intentions/ mission, purpose and values statement requires significantly more than coming up with cutesy catchphrases that look good in the company manual, or on a poster in the lunchroom. If you want your statements to truly serve your organization, if you want them to tell you where you are going, what you need to do to get there and how you will do the work to arrive there, you’ll need to give your vision, intentions/ mission, purpose and values serious consideration.
October 2016
Intelligent SME
FAMILY BUSINESS and customers have? 4. How can our organization improve the lives of our customers and clients, and make the world a better place?
What’s Your Vision? Of all the three statements discussed in this article, the vision statement is by far the most fun to create. Why? Because developing your vision allows you to dream about and imagine what’s possible for your organization. It allows you to envision the future you want to create. While it’s important that all family members and employees are emotionally connected to an organization’s vision, when it comes to developing a vision, the founder (or family board) or the main family member who currently leads the business, should be in the driver’s seat. The vision of an organization should reflect the founder’s goals of the business. The emphasis in your VIP statement should be on the future.
When developing a vision statement, ask yourself five questions: 1. Why does our family business and organization exist? 2. Who is our ideal client or customer? 3. What expectations do our clients
as the day-to-day actions of your employees.
5. What does success look like? Think all five questions through. Write down your answers. Within those five answers should be your VIP. Once you’ve figured out the gist of your vision you can carefully craft and hone your statement so that it’s no more than a couple of sentences, and is simple, inspiring and motivating.
To develop a guiding mission statement, ask yourself the following questions:
What Are Your Intentions and Mission?
3. What are the specific goals of the family business and organization?
Once you’ve determined what your vision is, the next step is to focus on your list of intentions and mission statement. Your list of intentions and mission statement should turn your vision into practice. It’s what will allow you to move your organization from the present into the future and when an intention is backed with determination and willpower, it must happen. Your list of intentions and mission statement should complement your strategic plan. To that end, it’s important to state that intentions and mission statements can be fluid. When your strategic plan changes, your list of intentions and mission statement must change with it. To that end, it’s important that you have a good handle on your strategic plan before you attempt to develop your complete list of intentions mission statement.
1. Who are our customers? 2. What are the products and/ or services that we offer?
4. What are the broad goals of the family business and organization? 5. What is the organization’s market position? 6. How does the organization differentiate from the competition?
The answers to these questions might take some time to develop. But once you are confident with your answers, you will have all of the information you need to develop a mission statement that speaks to both your employees and your customers.
What are Your Purpose and Aligned Values? Values describe “how” your family business and organization intends to meet its goals. Aligned with a deep Purpose on why you are doing this - is it to build a legacy or make a difference or increase your wealth or create something of significance or to build your family brand? A purpose statement and values charter indicates what your company really cares about, and what is important. Your family business and organization’s values are behind those important decisions, as well
REG ATHWAL is the Chairman of RAW Group and the Founding Partner & MD of RTS Global Partners, the leading family business advisory firm.
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Intelligent SME
SME FINANCE
VAT in the UAE
What do businesses need to do?
V
alue Added Tax (VAT) is a tax on consumption and it applies to almost all goods and services. Most managements are aware that the GCC governments have decided to adopt VAT as an effort to diversify the economy and generate revenue. UAE will also adopt VAT which applies to almost all goods and services except basic food items, healthcare and education. So, it will
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not only impact consumers but also businesses across the region. VAT is a widely discussed topic among business owners that raises an important query – how should they be prepared for VAT before it hits them? Their concern is the impact of increase in cost of doing business in the region. It might require more time for business owners to get accustomed with the new system
and make a shift from the existing operating structure. They may have to screen their existing suppliers and invest more in manpower to ensure that the right talent is available in the organization. Though the burden normally lies on the ultimate consumer, the business entities need to change the systems, processes and procedures to comply with the new
October 2016
Intelligent SME
SME FINANCE
In the UAE, the SME business sector doesn't have a stringent financial system and operating policies. SMEs are going to face challenges implementing the new tax laws as compared to the larger organizations which are operated with proper operating policies and structures.
legal requirement expected to be implemented by the government effective from 1st Jan 2018. Normal requirements under VAT system that companies need to comply with: • At the time of purchase of goods or availing of services – ensure that in case of taxable items, the tax has been properly charged (input tax) by the supplier and details given in the invoices. • At the time of sale or provision of services – apply the rate on the sale value and reduce the amount of input tax to arrive at the amount to be paid. • Pay the tax due to the Govt. within the stipulated time. • File VAT returns with the Govt. authorities by providing relevant information requested within the stipulated period.
• Maintain proper stock, invoices, accounts, VAT returns and other relevant records to justify the tax paid at the time of purchase. The above requirements demand more control and safety on stock, invoices and records, ensure proper filing system, modification/ upgradation of software, compliance of due dates for collection, payment and remittance of tax, filing of VAT returns to Govt. etc. In the UAE, the SME business sector does not have a stringent financial system and operating policies. As a result, SMEs are going to face challenges implementing the new tax laws as compared to the larger organizations which are normally operated with proper operating policies and structures. It will be a massive effort for the SMEs to cope with the requirements of the provisions of the new law. Every businessman need to maintain proper books of accounts and incorporate VAT into their accounting systems. They need to keep accurate records to demonstrate that they have applied the VAT rules correctly. The role of the accountant will be very important for the compliance of VAT. Maintenance of accounts and records is very important as per new the commercial company law. Information System will have to take an important role in this. Accounting software needs to comply for ease of business flow and maintain a stringent legal compliance. Every organization should properly educatetheir employees, well in advance before VAT is implemented. Remember that VAT is going to be considered all across the region but at different dates. That’s why companies operating in other GCC countries should keep track of VAT and understand the tasks that need to undertake for a smooth transition. They must examine the impact of the special rules on intra-GCC supplies and ascertain whether the current business models need to be restructured according to the provisions of the VAT rules. VAT can add an extra cost to the
business. There can be instances where the VAT paid to suppliers is not refunded from the supply chain downstream. Furthermore, non-compliance with tax laws may also attract severe penalties. All businesses must undertake a review of their current contracts to determine if VAT has been appropriately addressed or not. An implementation of VAT law would require a complete revamp of present practices and will insist on a higher degree of financial transparency and accounting discipline.
Every business will need to maintain proper booksof accounts and will need to incorporate VAT into their accounting systems. They will need to keep accurate records to demonstrate that they have correctly applied the VAT rules.
CA. Manu Nair, FCA, CMA
CEO, Emirates Chartered Accountants Group
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October 2016
Intelligent SME
SME DIGITAL
Leveraging Digital Technology
There is a strong need for SMEs to learn and leverage the digital world to enhance their business growth and improvise experience.
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October 2016
Intelligent SME
SME DIGITAL
S
mall and medium sized enterprises (SMEs) are more often than not a major driver of the economy, contributing to the GDP as well as creating jobs. SMEs are at the core of every economy, be it employment generation, GDP contribution or enterprise value chain creation. In UAE, 60% of the GDP is contributed by SMEs, and, of the total enterprises, 95% are SME and contribute to 86% of employment. Despite this, SMEs face several challenges; high capital cost and inability to access market with ease have impacted the cost of funds, both secured and unsecured. These challenges are similar to the ones faced by larger organisations as well, however, they have resources for managing these concerns. Small businesses do not have such resources. Finance management is not their core strength, and most of the time the founder double hat between being a production or a business development head and the
CFO. SMEs also lack systems and tools, that can help them in managing their cash flows and receivables and do forecasting. There are a few commonalities in the requirement of SMEs: • They require to have an overview of their finances, both personal and business-related, in a single view. In SMEs, more often than not, the owner of the firm prefers to see the accounts, both personal and business, at one place. • Insightful, contextual and timely information for decision making. This has to be available across channels. Omnichannel experience of mobile app, online, branch and call centre is key; as the entrepreneur may not always have access to systems at the office. • Ability to have appropriate pricing, tenure and loan structure matching his cash flows, thereby enabling him to scale the business by employing
the right financial structuring. • Foreign exchange and cash management solution at the right price. Some of the key requirements of SMEs are cash management, foreign exchange and loans. Many a times dealing with banks is a grudge purchase for SMEs, primarily due to their high cost. Banks most often have limited understanding of the SME business and with their conventional risk model calculate a higher risk pricing. This hesitation is further amplified by regulation, such as Basel requirement, which imposes higher capital requirements for riskier businesses, and SMEs are considered more riskier. The brick and mortar structure and relationship management costs of banks also add to the pricing. Fintech companies are exploiting this angst. Changing the landscape by cutting cost, providing access to
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SME DIGITAL funds, and implementing payment tools and mechanisms in an efficient manner. The traditional banking model is challenged by digital disruption. Fintech companies do not have a legacy of larger banks and are able to start with no baggage. Their use of digital technology and analytical skills are able to reshape the industry, addressing the sweet spot where large banks have failed in the past. Fintech players are not only providing plain vanilla products, but also structured financial products, such as invoice finance, supply chain finance and trade finance. They also provide access to alternative mechanism of funding such as peer-to-peer lending. Following are some of the players in the Fintech space addressing the SME market:
Area
#
Companies Money Mover
1
Foreign Exchange Management
Kantox Kwanji Fundbox
2
Invoice Financing
Novicap Market Invoice
3
P2P SME Loans
4
Corporate Payments
5
Trade Financing
6
P2P Lending
7
Supply Chain Financing
Funding Circle Funding Knight Tipalti Trade River Tradeshift On Deck Funding Circle Taulia Seedrs
8
Equity Crowd-Funding
Crowdcube Our Crowd
Source : IBS Analysis , Cedar Research
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Fintech companies are changing the SME landscape by cutting cost, providing access to funds, and implementing payment tools and mechanisms more efficiently. This results in a long-term implication for banks which are not just losing revenue, but also customer data and brand erosion. To compete with the Fintech companies, it is essential that the banks resort to digitization for efficient and costeffective processes. The changes that happened in the late 1990s due to the rapid ascension of web, is just an example of what could possibly happen again. Companies such as Amazon displaced the traditional brick and mortar stores for digitally native customers. Similar changes happened in the stock broking industry. Those who were late in responding to the changing environment, particularly adoption of internet, faced growth challenges in the long run. Digitization for banks is not an expense but an investment; it is imperative for banks. The purpose of digitization is not to just acquire and retain more customers. Analytics, one of the benefits of digitization, can be used to provide customised products to each micro-market. With the changing environment of technology and customer service, banks have to respond by using leaner, faster and more analytically-driven service options. SMEs need to adapt to digital banking to gain operating and possibly financial efficiency. Meanwhile, an SME can leverage digital disruption to chart a personal growth story. ASHISH DESAI is a Director at Cedar Management Consulting International LLC. Ashish has over 20 years of payments, banking and digital transformation experience across India, Africa, Middle East and Asia. He can be reached at ashish.desai@cedar-consulting.com
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
October 2016
Intelligent SME
RARE & FABULOUS
Jaeger-LeCoultre & Christian Louboutin come together for the Atelier Reverso line F
or over a decade, Jaeger-LeCoultre has demonstrated its commitment to encouraging and promoting all aspects of the filmmaking art. The Maison feels uniquely positioned to continue its work alongside the artists who make film: both are passionate about capturing the fleeting moments. On September 6th, Jaeger-LeCoultre hosted a gala dinner to celebrate the 85th anniversary of the Reverso watch at the Venetian Arsenal. The brand collaborated with the genius shoe designer, Christian Louboutin and
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unveiled the Atelier Reverso line, thereby marking the event with extreme style. Referring to the iconic Reverso watch created in 1931, the setting of the event was inspired by the Art-Deco style, with a cabaret atmosphere. A performance was staged to remind the festive ambiance of this period, followed by some divine piano renditions by the amazing artist, Jorge Viladoms. In the pleasant atmosphere of this sumptuous location, the guests discovered the collection of Reverso watches: One, Classic and Tribute models, alongside the Reverso creations by Christian Louboutin, part of the Atelier Reverso launched this year. During the evening, JaegerLeCoultre also unveiled exclusive Couture straps created by Christian Louboutin to adorn the Reverso One High Jewellery watch.
October 2016
Intelligent SME
RARE & FABULOUS
Sustainability & performance bridging contradictions the Porsche way T
he Paris Motor Show will see Porsche unveil the latest model in the Panamera line-up: the Panamera 4 E-Hybrid with controlled all-wheel drive and an electric range of 50 kilometres. The plug-in hybrid generates 462 hp (340 kW) and fuel consumption figures of 2.5 l/100 km in the New European Driving Cycle (NEDC), corresponding to CO2 emissions of 56 g/ km. Like all new Panamera models, the latest reveal represents a fusion of dynamic sports car performance and ultimate drive comfort to form a Gran Turismo concept offering a globally unique combination. The new Porsche plug-in hybrid always starts in purely electric mode and continues as a zeroemission vehicle up to a range of 50 kilometres and a maximum speed of 140 km/h. Despite this increased efficiency, there’s no compromise in performance with the Panamera 4 E-Hybrid remaining a true sports car among luxury saloons. The all-wheel Porsche achieves a top speed of 278 km/h and delivers instantaneous system torque of 700 Nm from a standstill. The four-door hybrid sports car breaks the 100 km/h barrier in just 4.6 seconds. Together with the performance characteristics of the new 2.9-litre V6 biturbo engine (330 hp (243 kW), 450 Nm), the car generates an impressive boost based on electric motor and turbochargers. A highlight of the second-generation Panamera is the newly designed display and control concept in the form of the standard Porsche Advanced Cockpit with touchsensitive panels and individually configurable displays. A 12.3-inch touchscreen functions as a central PCM control and display unit. The driver can access various items of hybrid-specific information both here on the dash and in the instrument cluster. A boost assistant display shows the energy available for boosting, while the
hybrid assistant helps the driver regulate electrical drive power. The Panamera 4 E-Hybrid can be ordered now, with first units expected mid of next year. The new Panamera 4 E-Hybrid has a basic retail price of AED 457,400.
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October 2016
Intelligent SME
RARE & FABULOUS
The $2.85 Million Piper M600 Executive-Grade Turboprop Aircraft Enters Service
T
he new Piper Aircraft M600 turboprop has been approved by the U.S. Federal Aviation Administration and deliveries are underway. The aircraft provides a roomy cabin with newly styled premium-leather club seating for four, plus plenty of creature comforts for travelers—big windows, USB charging ports, cup holders, executive folding tables, and folding seats. Interior choices include vanilla or black leather for the seats, and a selection of elegant woodgrain and glossy finishes for the tables and woodwork. The M600 is powered by a Pratt & Whitney PT6A-42A turbine engine that produces speeds of up to 315 mph over distances of up to approximately 1,700 miles. The cockpit utilizes Garmin’s G3000 touchscreen
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avionics suite, with a new pilot interface design that maximizes ergonomic comfort and minimizes pilot workload. The airplane’s new enhanced safety features include emergency descent mode, electronic stability protection, level mode, and underspeed and overspeed protection, providing an extra level of electronic oversight to prevent accidents. The aircraft sells for $2.85 million. If you want one, get your order in soon. The company has limited production to just 35 aircraft per year, and this year’s lot is already sold out.
October 2016
Intelligent SME
RARE & FABULOUS
Leica Rangemaster CRF 2000-B T
he Leica Rangemaster CRF 2000-B is the first compact rangefinder in the premium segment to offer hunters three ballistic outputs in addition to the measured distance. Depending on the ballistic data required, the Leica Rangemaster CRF 2000-B provides either equivalent horizontal range (EHR) up to a distance of 1100 meters/1200 yards, the holdover value, or the number of clicks to set on the riflescope – now, if required, in 0.1 minute of angle (MOA) increments. To further increase the precision of the ballistic values output by the Leica Rangemaster CRF 2000-B, it now also features an integrated inclinometer and air pressure and temperature sensors. This all makes the Leica Rangemaster CRF 2000B an unbeatable all-rounder that provides both hunters and ambitious long-range marksmen with all the decisive and shot-target-relevant ballistic parameters they need for placing precise and
ethically correct shots in any hunting situation. The Rangemaster CRF 2000-B determines all important parameters with exceptional precision in only 0.3 seconds. Thanks to its compact size and a weight of only 180 g / 6.4 oz it can be stowed comfortably away in any jacket or vest pocket. Its outstanding optical system with 7x magnification guarantees optimum brightness and clarity and a broad field of view. Leica CRF Rangemaster laser rangefinders have been an invaluable tool for hunters for many years. They combine high-quality optics and rugged and reliable engineering with complex, yet easy to use, electronics in a compact and handy body. The Leica Rangemaster CRF 2000-B will be available from specialist dealers from September 2016.
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Intelligent SME
RARE & FABULOUS
Emaar Hospitality Group unveils first iconic beachfront project in Dubai -The Address Jumeirah Resort + Spa T
wo iconic 74-storey towers with 5-star luxury hotel and residential development Located at the end of Jumeirah .Beach Residences in Dubai Marina with easy access to Sheikh Zayed Road The only Address property on the beach offering over 100 metres of beach frontage in direct view of Ain Dubai The Address Jumeirah Resort + Spa, the premium luxury hotel, has 182 rooms & suites. The Address will offer extensive lifestyle choices by the beach with a spa, three swimming pools including rooftop infinity pool, fitness centre, exclusive F&B concepts and leisure choices. A unique opportunity to buy freehold serviced and residential apartments at the beach. Emaar Hospitality Group, the hospitality & leisure business of global developer Emaar Properties, today unveiled the first and only beachfront resort property under its flagship Address hotel brand in Dubai – The Address Jumeirah Resort + Spa, The Address Residences Jumeirah Resort + Spa and The Residences Jumeirah Dubai, managed by The Address. The Address Hotels + Resorts will manage the 182 room hotel, serviced residences and residential apartments in the spectacularly designed towers. At the height of over 290 metres, the majestic development, with a shimmering
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façade opening to the Arabian Sea, is located at the end of the Jumeirah Beach Residences in Dubai Marina. Offering an unbeatable value proposition and exceptional lifestyle choice, the thoughtfully designed residences and serviced apartments will open for sale shortly. Appealing to both leisure and corporate travellers, The Address Jumeirah Resort + Spa is set apart by its distinctive location overlooking the Ain Dubai (Dubai Eye) and with direct access to Sheikh Zayed Road. It celebrates a never-before lifestyle choice with attractions including a rooftop infinity pool, 100 metres of beach frontage and exclusive F&B concepts including a lounge at the highest level. Chris Newman, Chief Operations Officer of Emaar Hospitality Group, said: “The Address Jumeirah Resort + Spa will be an astonishing development that will redefine the traditional concepts of beachfront hotels. It also underlines our focus on growing as a management company through long-term contracts. While the new property’s imposing architecture will be a key draw for visitors, the proven standards of service defined by The Address Hotels + Resorts will make it a destination of choice for corporate and leisure visitors from around the world. The unparalleled views from the hotel and serviced residences, and the wide range of leisure and wellness pursuits will differentiate the property from the rest.”
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
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