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Private Sector Qatar English | December 2013
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UnderstandingIslamic Finance
Decem
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Lead Strategic partner
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understanding islamic finance
CONTENTSDecember 2013
News
10 updatesA quick look at news and events in this region.
About Town
14 creating tomorrow’s entrepreneurs Private Sector Qatar was at the second edition of The Global Entrepreneurship Week that was held in Doha between November 17th-21st. We bring you coverage from the globally-acclaimed event.
20 understanding islamic financePrivate Sector Qatar hosted a workshop on Islamic finance at GEW 2013 in Doha. Experts shared their knowledge of the model that is becoming popular.
24 change makersPrivate Sector Qatar magazine was the Bronze Sponsor of The Fourth Qatar International Business Women Forum. We have the details of the event that encourages women to participate in their communities.
Technology
28 getting clued in to linkedinFredrik Bernsel, Sales Director EMEA and LATAM Partners, LinkedIn, spoke to Aparna Shivpuri Arya about the business networking website.
Success Stories
30 Building an sme the Just falafel waYFadi Malas, CEO, Just Falafel, explains the young company’s model for success.
20
Private Sector Qatar hosted a workshop on Islamic finance at The GEW 2013 in Doha. We bring you highlights from the session where experts shared their knowledge of a model that is becoming popular.
24
4
Business Advice
34 what’s the next step?Simon Hodges, CEO, Alchemy Network Middle East and a business consultant, tells us about taking a business to the next level.
Finance
36 where should You put Your moneY?Zorica Petkova, a financial professional and senior adviser at Financial Partners Hong Kong, tells us why you should plan a financial future and how an adviser can help.
38 crowdinvesting and smesChris Thomas, CEO, and Sam Quawasmi, MD, of Eureeca explain why crowdfunding is the way forward.
Management
42 diversitY in the workforceElsbeth Blekkenhorst and Danielle Duttenhofer, Managing Directors, Global Women Qatar, explain the role Qatari women will likely play in the country’s economic future.
Marketing
44 the new advertising Anas Shallah, CEO, E-Marketing Lead, explains the details of effective advertising.
36
38 30
Sign off
56 here and nowIn a bi-monthly column, Ayesha Aleem introduces herself and shares some of her observations.
Bilateral Trade
46 Bonds of BrotherhoodJenny Kassis speaks to His Excellency Ambassador Mohammed Mundhir Zarif, of Tunis, to understand relations between his country and Qatar.
Tasdeer
48 preparing to exportThe experts advise the best way to expand a business through export
14
5december 2013
PublisherDominic De Sousa
Group COONadeem Hood
Managing DirectorRichard [email protected] +971 4 440 9126
EDITORIAL
Senior EditorAparna Shivpuri [email protected] +971 440 9133
Deputy Editor - EnglishAyesha Aleem [email protected] +971 440 9120
Assistant Editor - ArabicJenny [email protected] +971 440 9116
ADVERTISING
Commercial DirectorChris [email protected] +971 4 440 9138
CIRCULATION
Database and Circulation ManagerRajeesh [email protected] +971 4 440 9147
OPERATIONS AND DESIGN
Production ManagerJames P [email protected] +971 4 440 9146
Head of DesignFahed [email protected] +971 4 440 9132
PhotographerJay [email protected] +971 4 440 9137
DIGITAL SERVICESwww.privatesectorqatar.com
Digital Services ManagerTristan Troy Maagma
Web DevelopersAbey MascreenErik BrionesJefferson de JoyaLouie Alma
[email protected] +971 4 440 9100
Published by
Head OfficePO Box 13700Dubai, UAE
Tel: +971 4 440 9100Fax: +971 4 447 2409
Printed byAl Wraq Printing Press, Qatar
Distributed byDar Al Sharq Distribution
© Copyright 2013 CPIAll rights reservedWhile the publishers have made every effort to ensure the accuracy of all information in this magazine, they will not be held responsible for any errors therein.
EDITORIAL
Aparna Shivpuri Arya, Senior Editor, Private Sector Qatar
Talk to us:E-mail: [email protected] Twitter: @PrivateSectorQA Facebook: www.facebook.com/PrivateSectorQatarLinkedIn group: Private Sector Qatar
qatar.smetoolkit.org/qatar/en
The end of the year is always a time to reflect on what’s gone by and I am definitely in that mood. As we wrap up the last issue of 2013, I cannot help but think about our experiences in Qatar. From running every month to finish the magazine, to organising and covering events, it has been an exhausting but rewarding journey. I hope you have enjoyed the stories we have brought to you and some of them have inspired you to reach out to your own goals and dreams.
Our team at the magazine is also changing, and you’ll be seeing some new faces in the coming months. I hope you will accept and
guide them, just as you have done so far.
This month we bring you the coverage from some interesting events that we organised – The Global Entrepreneurship Week and the Workshop on Islamic finance and wealth management. The former event saw a flurry of activities spanning over five days where entrepreneurs got the opportunity to learn from the best. The second event was organised as a part of our Qatar Success Series and there were some interesting discussions and presentations on the importance of Islamic finance in the region and globally.
We are working towards some interesting stories in 2014 and I hope we will have your support and guidance as always. I take this opportunity to wish you all a blessed holiday season and a Merry Christmas!
I’ll see you next year. Until then, please do get in touch with me through social media or drop me a line.
Season’s greetings!
Editor’s note
8For more information, please visit www.privatesectorqatar.com/en
Raed Al-EmadiChief Operating Officer, Silatech.
Wael SawanManaging Director and Chairman, Qatar Shell.
Rashid Nasser Sraiya Al Kaabi Chairman of the Board, Energy City Qatar Holding.
Amal Al-MannaiExecutive Director, Social Development Center.
Professor Nitham M. HindiDean, College of Business and Economics, Qatar University.
Gail GosseDean, School of Business, College of North Atlantic-Qatar.
George M. White, Ph.D.Associate Teaching Professor of Entrepreneurship, Carnegie Mellon University-Qatar.
Hamad Mohammed Al-KuwariManaging Director, Qatar Science & Technology Park.
Abdulaziz Bin Nasser Al KhalifaChief Executive Officer, Qatar Development Bank.
Ali Al KhulaifiExecutive Director, Business Support Services, Enterprise Qatar.
AdviSory BoArd
10
Qatar Development Bank, through its export arm Tasdeer, announced that it has helped private sector companies in Qatar significantly increase their non-oil exports in 2012. According to data provided by the Qatar Statistics Authority (QSA), companies directly supported by QDB increased their non-oil exports from QAR 597 million in 2011 to QAR 1056 million in 2012, an increase of 77%.
Tasdeer was established in 2011 to support Qatari exports and in accordance with the 2011–2016 National Development Strategy, to meet the strategic objective of economic diversification and private sector growth in Qatar. The program has focussed on small- and medium-sized enterprises in
NEwS
QATAR DEvELOPMENT BANK HELPS COMPANIES INCREASE NON-OIL ExPORTS
Maersk Oil Qatar has announced a new approach in how it attracts, develops and retains Qataris with the launch of a new Qatarisation Strategy aimed at boosting the number of locals and those in leadership positions. The new plan is the culmination of a year-long study of local and global best practices and builds on the company’s Qatarisation efforts that have seen a doubling of Qatari employees in recent years.
A new two-year Qatari Development Programme for those early in their careers and a Career Orientation Review Scheme overseen by a new in-house coach form part of Maersk Oil Qatar’s new Qatarisation Strategy.
Lewis Affleck, Maersk Oil Qatar Managing Director, said, ‘Qatarization is a core business priority for us and a priority for me personally. We need to continue to attract and develop the best and the brightest so we maintain the right blend of experience and expertise. Maersk Oil Qatar is full of talented Qataris, and we’ve won awards for our work in the past, so it is only right that we redouble our efforts on Qatarisation.’
Sheikh Faisal Al-Thani, Maersk Oil Qatar’s Deputy Managing Director, said,”We have doubled the number of Qataris at Maersk Oil in the past five years and seen a 23% rise in those with a
bachelor’s degree, but we are constantly seeking to improve and we recognise that we can do more to develop Qataris and ensure they develop into leadership positions.
As a company operating, along with Qatar Petroleum, one of the world’s most complex oil fields at Al Shaheen, we have a responsibility to take our Qatarisation efforts to the next level. Our ambition is to see at least 250 Qataris employed at Maersk Oil by 2017, but our new Qatarisation Strategy is about much more than just headcount. We also want to quadruple the number of quality Qatari leaders in our organisation, which won’t only benefit Maersk Oil but also our industry and more broadly the State of Qatar.”
Maersk Oil’s new Qatarization Strategy is informed by an exhaustive study that included:
■ A comprehensive review of Maersk Oil’s existing Qatarization policy, including a thorough survey of employees and data-driven analysis
■ Detailed mapping and analysis of best practice in Qatar and around the world, including from competitors
■ External scrutiny by experts on localisation, industry veterans and Maersk Oil specialists in Denmark
MAERSK OIL QATAR REDOUBLES QATARISATION EFFORTS
the private sector to enable a combined export growth of 48% in 2012.
In 2011 and 2012, QDB’s export strategy identified Qatar’s growth products and target markets to drive exports, with a particular focus on Qatari SMEs. As part of the strategy, the exporting community of Qatar, was segmented into five categories based on factors like current exports, nature of products and willingness to export.
In 2012, because of QDB’s Export Development Strategy, 26 Qatari companies with exports above QAR 5 million increased their exports by 50 per cent, while 16 companies with exports between QAR 1
to 5 million registered an increase of 13.5% during the same period.
Speaking about the success of the export strategy, Mr. Abdulaziz Nasser Bin Al Khalifa, CEO, Qatar Development Bank said, “The export development strategy led by QDB through Tasdeer, has proved to be a success, generating significant growth in exports in the non-oil sector within just one year of its implementation. We have already begun to build on the early success and mapped out a comprehensive strategy for 2013 and beyond. We are confident that this will result in the creation of a robust ecosystem that encourages exports and enables the growth of the non-oil private sector in Qatar.”
11december 2013
The Global Enterprise Challenge Qatar 2013 that develops the spirit of entrepreneurship among young people, has announced the winners of the high-schools’ final competition. A joint initiative between Qatar Shell and Bedaya, this programme enhances business knowledge
and equips students with valuable skills including team work and strategic thinking.
The Al-Zubarah Boys School team came first in the finals that took place at Al Thakhira Youth Center in a strong competition that saw
more than 230 students competing in 50 school teams. Thirty six students from six schools of Al Khor and Al Shamal took part in the Business Simulation high-schools’ final competition. Second place went to another team from Al-Zubarah and the Al-Shamal Boys School took home third place trophies.
The schools’ finals were attended by key representatives including Sheikh Thani Al-Thani, Deputy Managing Director of Qatar Shell, Raed Al-Emadi, Vice Chairman of Bedaya Center and Jonathan Freeman, National Director of Mosaic and key figures from the Northern communities. Sheikh Thani Al-Thani, Deputy Managing Director of Qatar Shell, said, “The enthusiasm shown by the students in Al Khor and Al Shamal as well as their mentors has been inspiring. Qatar Shell recognizes that cultivating entrepreneurship begins with another kind of investment – in young minds. Therefore, providing students with business skills and the practical tools to ultimately succeed in a real business environment is of the utmost importance to fulfill Qatar National Vision 2030.”
AL-ZUBARAH BOyS SCHOOL TAKES HOME FIRST PRIZE
Save the date!date Event Location
1 - 3 December MEED Qatar SME Doha
4 - 5 December GEOTECHNICA ME 2013 Grand Hyatt Hotel
8-10 December MEED Middle East Tunnelling Conference 2013 Doha
8-11 December GCC Refining and Petrochemicals Technology Conference Oryx Rotana Hotel, Doha, Qatar
8-11 December Qatar Gas Distribution Projects Renaissance Hotel, Doha, Qatar
8-10 December Qatar Energy & Water Efficiency Conference Hilton, Doha
8-11 December Oil & Gas Fundamentals Doha
9 December Private Sector Qatar Success Series 4 Sharq Village, Doha
9-10 December Middle East Smart Cities Summit Doha
11 - 12 December The Euromoney Qatar Conference 2013 The Ritz-Carlton, Doha
20 - 22 January 2014 International Petroleum Technology Conference and Exhibition Qatar National Convention Centre
26-29 January 2014 Fourth Annual Road Design, Planning and Construction Middle East 2014 St Regis Hotel, Doha, Qatar
26-29 January 2014 Annual Roads Middle East Doha
28-29 January 2014 Contract Management and Dispute Resolution Doha
28-29 January 2014 International Sustainable Built Environment Conference Doha
dEcEMBEr 2013 – JANuAry 2014
To know about the events happening in Qatar in the next six months, please visit our Website.
12
QATAR DEvELOPMENT BANK SPONSORS PRIvATE SECTOR AT THE BIg 5
BAHRAIN RANKS HIgH ON ECONOMIC FREEDOM
REGIONAL NEwS
QDB recently sponsored the Qatari Private Sector for the second time at The Big 5 2013 through its export arm Tasdeer, which took place from Nov. 25th-28th at Dubai World Trade Centre, UAE. Tasdeer hosted Qatar’s national pavilion and showcased 33 national companies, with the aim of raising the profile of Qatari exporters and products. The Big 5 is the Middle East and North Africa’s largest construction industry event with more than 2,500 exhibitors representing 75 countries across the world.
Gulf Glass Fiber was participating for the first time, this year. They were here to showcase diesel and chemical storage tanks that they manufacture, although their main product is
fiber glass liners. “These type of products are sold through references or established clients. But an event like this helps give us exposure to new clients,” said Sunil B. Padaki, Sales and Service Engineer. But he spoke of the difficulty in finding skilled labour as one of the challenges that companies like Gulf Glass Fiber face in Qatar. “The government is also making the rules to obtain such a labour force more strict.” The Ministry of Environment is making the rules to import chemicals more stringent.
Q-Tec, an LV (low voltage) and MV (medium voltage) was also at The Big 5 for the first time. “We’re at this exhibition to focus of expansion,
primarily though exports, within the GCC,” said Arundas, Senior Engineer, Sales and Estimation. “We have received enquiries from contractors and pump suppliers. So far the response has been good.” He spoke of competitive the Qatar market is in this sector which poses a challenge to a company like this.
Qatar Gypsum Board Factory was also a first-time participant. “An event like this opens doors to construction companies all over the world,” said Eng. Reda Hassan Aly Deputy General Manager. Despite fierce competition in the Qatar market, he said that all fields will be encouraged with FIFA World Cup 2022 coming up. “Growth will be very high.”
According to the annual Economic Freedom of the Arab World report published by the Fraser Institute, an independent Canadian public policy think-tank, Bahrain, Jordan and the United Arab Emirates (UAE) are the most economically free nations in the Arab world. The report highlights the Kingdom’s role as a leading financial hub, and the Kingdom scores particularly highly in the rankings relating to the freedom to trade internationally and in the
regulation of labour, credit, and business. The report focusses on economic freedom’s role in increasing prosperity, creating jobs, and reducing poverty.
His Excellency Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Emirates Development Bank said, “Bahrain’s ranking reflects the Kingdom’s commitment to maintaining a liberal business environment and to strengthening its core business fundamentals,
offering an attractive base for accessing the wider GCC market.”
The Economic Freedom of the Arab World report compares and ranks Arab nations in five areas of economic freedom – size of government, including expendi tures, taxes, and enterprises, commercial and economic law and security of property rights, access to sound money, freedom to trade internationally and regulation of credit, labour, and business.
With a mature, well-established business environment and a trusted and transparent legal and regulatory environment, Bahrain is uniquely positioned as the natural gateway to the GCC market, which is worth over USD 1.5 trillion. Bahrain is committed to sustaining and strengthening its core business fundamentals, which are a highly skilled workforce, stable and transparent regulation, an open business environment and sustainable growth.
Dr. Amina Al Rustamani, Group CEO of TECOM Investments, led the developer and operator of business parks’ congratulations to the leadership of the UAE and Dubai following news that the Emirate has won the right to host Expo 2020.
According to a recent Oxford Economics report, hosting the Expo will contribute AED 141 billion to Dubai’s GDP and create 277,000 jobs over the next seven years.
Extracts from Dr Amina Al Rustamani’s memo said, “Winning Expo 2020 is a remarkable achievement for Dubai and the UAE. We must recognise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, in seeking to bring the World Expo to the Middle East for the very first time and for foreseeing the benefits it will bring to the business community. His ambitions for the Emirate over recent years have ensured Dubai is more than capable of welcoming the world on such a huge scale.”
DUBAI WINS BID FOR ExPO 2020
13december 2013
Looking to help inspire and empower youth in Libya, Silatech has successfully hosted the first The Global Entrepreneurship Week (GEW) ever held in the country’s history. Libya this year joins over 130 countries in participating in this global celebration designed to boost entrepreneurship, innovation and job creation.
The activities began on November 18 in Benghazi with a discussion led by Amr Farkash and Khalid El Mofti, General Manager of Tatweer Research, who presented an overview of opportunities for innovation-driven SMEs and called for more flexible governmental strategies to help promote the sustainability of these ventures. Over 150 people attended
the opening discussion and also heard from participants including Tarek El Gheryani of Libya Enterprise, Reem El Soussi, an activist who promotes entrepreneurship for women, and Amr Farkash, General Manager of Reiyada.
Other workshops and discussions organised for GEW-Libya in Benghazi focused on introducing young people to the concept of entrepreneurship and helping them to decide whether or not they should become entrepreneurs, e-commerce and entrepreneurship possibilities in the online world, social entrepreneurship creative thinking and entrepreneurship policy meetings with policy makers. Hundreds of people attended GEW-Libya events, including high school and college
students, young entrepreneurs, representatives of NGOs, media, policy makers and others.
The Global Entrepreneurship Week-Libya was originally to be held concurrently in Tripoli and Benghazi, but has been postponed for a month in the capital due to ongoing security concerns.
FIRST gLOBAL ENTREPRENEURSHIP WEEK IN LIByA
SAUDI ARABIA, UAE STRONg FRONTIER MARKETSFrontier markets such as Argentina, Kenya, Nigeria, Saudi Arabia and the United Arab Emirates have delivered strong investment returns in 2013, and the asset class is set for continued strong performance in 2014, according to Baring Asset Management (Barings), the international investment firm. The MSCI Frontier Markets Index has returned 16.4% in USD until mid-November, reflecting the prospect of long-term structural economic and corporate earnings growth and continued allocations from investors attracted by low correlations to other asset classes.
Michael Levy, Investment Manager, Baring Frontier Markets Fund comments, “We see every reason for investors in frontier markets
to be positive as we look out to 2014. Frontier markets are inefficient markets at an early stage of development, providing many wrongly-priced investment opportunities and we expect the drivers which have supported markets in 2013 to remain intact. We are encouraged by the political developments we have seen this year, which show that the countries in our investment universe continue to move towards economic liberalisation and democracy, albeit at a slow pace.”
Two asset classes where Barings sees particular investment potential are new energy opportunities and healthcare companies. The former encompasses exceptionally large oil and gas deposits in Kurdistan, Northern Iraq, which are likely to be brought to market
shortly. The latter reflects the rapid growth of generic pharmaceuticals production in many frontier economies as well as the increasing use of private healthcare provision to supplement public healthcare, particularly in the Middle East. Al Noor Hospitals, for instance, is one of the largest private healthcare providers in the United Arab Emirates and a core holding in the Baring Frontier Markets Fund.
In terms of country performance, Middle Eastern markets including the UAE stand out as one of the better performing regions, according to Barings, as the banking sector in the UAE has benefited as a safe haven at a time when continued instability has impacted some other countries in the region.
His Excellency Hisham Al Shirawi, second Vice Chairman, Dubai Chamber of Commerce and Industry, concluded the Global Islamic Economy Summit with three recommendations to drive forward the Islamic economy.
He said it was vital that a regulatory framework was developed to govern all aspects of the Islamic economy, that unification of the term halal was achieved and he called for innovation to take Dubai’s Islamic economy vision to the next level.
Speaking in the closing ceremony of the summit, which attracted more than 3,500 delegates over its two days, HE Al Shirawi said the private sector had a major role to play in leading innovation.
The summit sought to define and set the standard for future events on the Islamic economy vision, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, and to help position Dubai as its global capital.
SUMMIT CALLS FOR REgULATION, UNIFICATION AND INNOvATION
After its success last year, The Global Entrepreneurship Week returned to Doha for the second time in November, between 17th-21st, at Renaissance Doha City Centre Hotel. Participants spanned the spectrum of the business world from field experts and consultants to new entrepreneurs and aspiring ones. The event attracted local interest as well as people who had travelled from as far away as South Africa, to learn more about why business in Qatar is booming. Private Sector Qatar brings you the whole story.
AbOuT TOwN
T he week-long series of workshops, interactions and informative sessions opened with an elegant sit-down dinner. Global Entrepreneurship Week
2013 began with a gala at the venue that declared the event officially open, where the winners of the Shell Global Enterprise Challenge were announced. Carnegie Mellon University in Qatar came in first place in the programme launched by Qatar Shell and Bedaya Centre, taking home QAR 37 million.
The prize-giving ceremony, was hosted by Elaine Gold, Director of Organization and Strategy, CEO, Silatech,
Saleh Al-Khulaifi, CEO, Bedaya Center, Rob Sherwin, Deputy Country Chairman, Qatar Shell and Jonathan Freeman, National Director, Mosaic. Opening remarks were made by Mr. Abdulaziz Al-Khalifa CEO, Enterprise Qatar, which was the platinum sponsor. He said that the event offers a platform for entrepreneurs and innovators to network, learn, and be inspired by each other and for SMEs to think big about making a mark on the world.
Other sponsors were, Qatar-Shell, Qatar Science and Technology Park, Silatech, Bedaya and Qatar Chamber and QDB.
Creating tomorrow’s
entrepreneurs
14
15december 2013
Each year in November, The Global Entrepreneurship Week is a way for local, national and global talent to meet, engage and learn, in an effort to discover their own abilities as entrepreneurs as well as make connections with others who have similar aspirations. Mentors and investors are also present at the event to provide the financial backing that is necessary to make these great ideas come to life, thus creating new opportunities, to learn and to earn.
Having started in 2008, The Global Entrepreneurship Week was launched by former UK Prime Minister Gordon Brown and Carl Schramm, the president and CEO of the Ewing Marion Kauffman Foundation. The reach has been immense with 115 countries welcoming the event, 24,000 organisations in partnership and more than 37,000 activities to drive nearly seven million people toward greater appreciation of economic independence and the beauty in creating a rich entrepreneurial environment.
As the world struggles to recover from the global financial crisis, movements such as these are aiding in generating new jobs as well as helping the existing business models evolve. This gives way for leaders to be cultivated and information to be exchanged, thereby invigorating economies. One of its other achievements is that The Global Entrepreneurship Week enjoys the support of world leaders like President Barack Obama, Prime Minister David Cameron and Prime Minister Benjamin Netanyahu, as well as numerous ministers focused on advancing economic growth.
The following day started with the first of the sessions, most of which lasted about an hour and some others, like panel discussions, went on a bit longer. The topics were winners making it difficult for participants to decide whether they would rather spend time in a room understanding how businesswomen may differ from their male counterparts or learning about new practices like ‘crowdfunding.’
So Qatar Business Incubation Centre, for example, which is a joint venture between Qatar Development Bank, Social Development Centre, a part of Qatar Foundation and Enterprise Qatar, aims to ‘grow’ entrepreneurs. One of the first sessions of the day was about helping these young businessman get their projects off the ground by teaching them how to pitch an idea.
But when you already have a business and are looking to grow, a session on franchising may be helpful. Hosted by Enterprise Qatar, “Franchising: Best Practice and Legal Requirements,” the session was delivered by Danny Rifaat, a founding partner at Al Misnad & Rifaat, a law firm in Qatar. He walked the attendees through the legal aspects that are important to know before setting up a successful franchise in the context of the local law, such as what constitutes a franchise and which documents are necessary to set one up.
The day progressed with more sessions before coming to a close with a gathering on “How Women Lead.” Coach Carolin Zeitler, founder and CEO of How Women Work, explained the common differences in leadership styles between men and women and how this influences the way they handle a business. She explained that it is important to identify what your own personality is to help establish what your business priorities are. In other words, whether the focus is on the product or the customer or another dimension of business. This will determine the direction of operations.
GLOBAL ENTREPRENEURSHIP WEEK 2013 QATAR
The reasons to go global are numerous, including advantages like tax benefits and unique market opportunities that could lead to greater profits.
16
David Wood, founder and CEO of Typefocus, was among the first speakers of the next day, who presented on knowing the difference between entrepreneurship and starting your own business, which was sponsored by Silatech. He explained that people might have a certain skill set but that may not mean they are good entrepreneurs. Instead of feeling frustrated, they should get a good team together, for example, and work on developing their business.
Prof. Tom Emerson of Carnegie Mellon University in Qatar, who teaches entrepreneurship, explained “Leadership Lessons from Entrepreneurial Companies”. His session included typical characteristics that define an entrepreneur as well as looking closely at successful company models and ones that failed. He drew from his experience of more than 30 years in the business world and observations that he has gained while being involved with companies at various stages of their development. Although many would think that the terms management and leadership can be used interchangeably, his talk explained the clear differences between the two. And finally, he provided some insights into what constitutes an “entrepreneurial culture” at the workplace as opposed to a “corporate” one.
INJAZ Qatar held a very lively session for local students as part of its ongoing efforts to motivate and engage the youth. The room was abuzz with participants from several schools who were divided into six teams and competed against each other in a business challenge in a limited amount of time. Each team had access to resources and was guided by a volunteer from the corporate sector.
Juha Perlampi, originally from Finland, is now manager of the Business Incubator Centre for Entrepreneurship at Qatar University’s College of Business and Economics. He presented a session on “Global Entrepreneurship – from Local to Global Expertise,” whose purpose was to underline the significance of ‘internationalising’ companies. With the world coming closer together through communication and transport, it is important to understand measures at a corporate and individual level to ensure success in an international marketplace.
The reasons to go global are numerous, including advantages like tax benefits and unique market opportunities that could lead to greater profits. Stepping out of the home country may allow a
business to cut costs or bring a standardised product to more parts of the world. The right communication skills and an understanding of the local culture could be the determining factors of whether a business survives in the new environment or not.
This involves being aware of cultural differences and being able to identify cross cultural opportunities. The reasons to go global are numerous, including advantages like tax benefits and unique market opportunities that could lead to greater profits.
It had been a long, informative day but not before an expert panel of young entrepreneurs convened at a session hosted by Silatech to discuss the most pressing needs among entrepreneurs in Qatar and suggested innovative ways in which support organisations could be more helpful. They emphasised that education and training and having an enabling environment, such as a supportive local culture and relevant regulations contribute to the success of a young company. The quality of the talent pool and venture financing are also key areas that ensure a healthy and sustainable entrepreneurship ecosystem.
AbOuT TOwN
Education and training and having an enabling environment, such as a supportive local culture and relevant regulations contribute to the success of a young company.
Feast your eyes on some 450 types of seafood at Japan’s largest wholesale fish market in Tokyo, which services the world’s most discerning fish eaters. Tuna sells for astronomical sums at early-morning auction, while the bustling undercover market is a spectacle, and perfect for the freshest of sushi lunches.www.tsukiji-market.or.jp
More fish than anywhere else in the UK arrives at this London market from across the world, including Norwegian salmon, New Zealand eels, and live Canadian lobster. It’s all sold in 30 shops and nearly 100 stands, alongside smoked and cured fish, caviar, cooked shellfish, and other seafood produce.www.billingsgate-market.org.uk
The United States’ premier fish market was established in the Bronx in 1822, though it has occupied new premises since 2005. New York chefs turn up early morning for fresh supplies before retail customers arrive for the pick of everything from blue marlin to soft-shell crab, wild salmon to swordfish.www.newfultonfishmarket.com
Muscat’s main port district still retains the air of a fishing village, especially early in the morning when the live catch of the day arrives at the fish market. Tuna, grouper, shrimp, octopus, and whole kingfish ready to spit-roast are sold from stalls, wheelbarrows, or direct off the fishing boats.
FISH MARKETSWords by Brian Johnston
Tsukiji
Billingsgate
New Fulton
Muttrah
An octopus seller in the world’s largest fish market, Tsukiji Fish Market, Tokyo, Japan. ©
Pau
l Dym
ond
/ Get
ty Im
ages
oryxinflightmagazine.com
52fine food
oryxinflightmagazine.com
Feast your eyes on some 450 types of seafood at Japan’s largest wholesale fish market in Tokyo, which services the world’s most discerning fish eaters. Tuna sells for astronomical sums at early-morning auction, while the bustling undercover market is a spectacle, and perfect for the freshest of sushi lunches.www.tsukiji-market.or.jp
More fish than anywhere else in the UK arrives at this London market from across the world, including Norwegian salmon, New Zealand eels, and live Canadian lobster. It’s all sold in 30 shops and nearly 100 stands, alongside smoked and cured fish, caviar, cooked shellfish, and other seafood produce.www.billingsgate-market.org.uk
The United States’ premier fish market was established in the Bronx in 1822, though it has occupied new premises since 2005. New York chefs turn up early morning for fresh supplies before retail customers arrive for the pick of everything from blue marlin to soft-shell crab, wild salmon to swordfish.www.newfultonfishmarket.com
Muscat’s main port district still retains the air of a fishing village, especially early in the morning when the live catch of the day arrives at the fish market. Tuna, grouper, shrimp, octopus, and whole kingfish ready to spit-roast are sold from stalls, wheelbarrows, or direct off the fishing boats.
FISH MARKETSWords by Brian Johnston
Tsukiji
Billingsgate
New Fulton
Muttrah
An octopus seller in the world’s largest fish market, Tsukiji Fish Market, Tokyo, Japan. ©
Pau
l Dym
ond
/ Get
ty Im
ages
oryxinflightmagazine.com
52fine food
oryxinflightmagazine.com
18
AbOuT TOwN
On the third day, a large audience was present for the session on joint venture structuring and alliance management by Qatar Chamber and the international law firm, Patton Boggs, which was particularly useful to understand how foreign business entities can operate in Qatar through partnerships with local enterprises. The talk explained the different kinds of unions that can exist and the various characteristics that differentiate them.
The “Marketing 101” was also popular with the room nearly filled to capacity. Patrick Forbes, CEO of Forbes Associates, the public relations firm, spoke about the differences between public relations and how the term is commonly confused as being the same as marketing. Khalifa Saleh Al Haroon, CEO and founder of www.iloveqatar.net and currently Head of Interactive and Innovation at Vodafone Qatar followed with an interactive and entertaining talk. As a young person and well-versed with the medium, he provided valuable insights into the role that social media plays in marketing today, considering that it occupies a position in the current media landscape that cannot be ignored.
During the first half of the final day, David Mason, Director of Consulting, Deloitte & Touche in the Middle East, spoke about the essential attributes of a business plan and how to write an effective one. He explained how a business plan needs to serve different purposes by providing information that is relevant for the various stakeholders. But to summarise, he said that the document needs to include information like how the business has developed until present day as well as its future plans and what the risks or rewards would be if an investment was made with it. Readers would also be interested in who would be responsible in making the promises a reality.
Among the women attendees were local students who were interested in understanding alternative career options that they could explore through entrepreneurship. To meet this need, there were some women-specific sessions conducted by How Women Work, in Qatar. Seema Amin of Haal Business Process Consulting in Doha told some personal stories of early days as an entrepreneur and the lessons she has learned along the way. One of them was the importance of knowing who your customer is and clearly identifying what they want.
Jeanine Bailey of Empower People had a session on “Creating Sustainable Entrepreneurial Successes” where she spoke of how she had initially chosen a career in finance for the security it offered. But when she
lost everything in a fire and didn’t have insurance to tide her over, she was able to convert this tragedy into an opportunity to discover a career that she was truly passionate about.
One of the final sessions of The Global Entrepreneurship Week 2013 in Qatar was a presentation on the SME Toolkit offered by Qatar Development Bank. This is a customised service meant for small and medium private sector businesses in Qatar. The free online resource provides tools and education material that help entrepreneurs set up and manage their business. The information includes various aspects of an organisation like human relations, sales and marketing and information technology. Amna Jassim Al Sultan, Business Counselor for Qatar Development Bank, presented this information. Mr. Feda Barghouti, ICT Strategy Section Manager, followed, speaking about the role of technology and how it drives SMEs in this generation by minimising costs, increasing profit margins and improving effieciency, among othe benefits. Despite these advanatages, a large section of SMEs have still not entered this sphere, either by having an online presence, incorporating ecommerce business models or making use of cloud services.
The Global Entrepreneurship Week saw a range of people attend but it was particularly notable for the young talent it encouraged. In an evolving job market, this event helped them realise that looking for a job may not be as effective as creating them, especially if personal satisfaction, creativity and new ideas were a priority. Seasoned businessman who were looking to refresh their work as well as curious visitors who were interested enough to know more about the changing face of business in Qatar were also among the attendees. The mixed group helped provide dimensions to the discussions and create a vibrant atmosphere.
19december 2013
GLOBAL ENTREPRENEURSHIP WEEK 2013 QATAR
The concept of finance in the context of Islam has always been a heavily debated topic. Private Sector Qatar hosted a workshop on “Islamic finance and wealth management,” as part of The Global Entrepreneurship Week 2013, to make the concept clearer to all.
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understandingislamic finance
Islamic finance functions on many of the mainstream banking principles with the main difference being the absence of interest or usury and of banks sharing
profits and losses in projects that they invest in.
The purpose of this workshop was to make clear not just the ways in which people could handle
their finances according to Islamic dictates but also to identify the many kinds of wealth that exist, which they would need to apply these rules for. Qatar was the ideal place to host this session considering that it is one of the largest Islamic finance markets and is demonstrating steady, robust growth.
21december 2013
Following opening remarks by Abdulaziz N. Al-Khalifa, CEO of QDB, Prof. Dr. Ali Al-Quradaghi, Chairman & Executive Member of the Shari’a Advisory and Supervisory Board, QDB opened the session with a presentation in Arabic. This included verses from the Quran urging believers to use their wealth in the best possible way. One method of achieving this is by using an Islamic institution, which can manage wealth with the same competence that a mainstream one can. He also said that there is great unity among many such institutions.
Rafiq Jaffer, Partner and Head of Banking and Finance, Al Tamimi & Co. (Qatar office), explained the main principles of Islamic finance and how
these determine the difference in functioning between Islamic banks and conventional ones. However, Islamic banks are still profit-making institutions. To achieve this, alternatives are used.
Ijara, for example, is the permissible equivalent of a lease under Islam and sukuk is the Islamic equivalent of bonds, he explained. Ijara works on the basis of an exchange of asset, where the ownership doesn’t change and the person who avails of the benefit of the asset does so in exchange for a payment. And while bonds are promise of repayment of a loan, sukuks facilitate part ownership in a debt but can extend to a business, project, asset or investment, as well. It mainly helps achieve a transfer of financial obligation, thereby allowing a future cash flow to be converted into a present one.
But since trading with a debt is not permissible according to many interpretations of the Shariah, a sukuk al ijara is the most acceptable form of this instrument, which is bought before any monetary transaction takes place and is retained until the debt reaches maturity.
However, the risks of these instruments have to be considered as well, like total loss or default in payment as the checks in these systems are based on moral and ethical limitations rather than legal ones. Also, conventional investors are free to participate in this system, making it more susceptible to misuse by people who don’t hold the ideals close.
Musharaka is a kind of partnership where all parties share the profits and losses, which is meant to be an alternative for an interest-bearing loan. However, this has its disadvantages because this does not safeguard against loss and dishonest partners can exploit the system. But also, using this method entails disclosing trade secrets to a financier. Musharaka is different from murabaha, which is ‘asset based financing’, where bank and customer buy and sell back assets between each other for a marked up rate that is decided before the transaction.
Dr. Omar Fisher, Managing Director, Khidr S o l u t i o n s , p i cke d u p t h e d i s c u s s i o n a n d highlighted some of the reasons that make Islamic finance particularly relevant to this par t o f the world . Khidr So lu t ions i s an independent business advisory and management consu l t an t f i rm, in the UAE s ince 20 09 . Dr. Fisher is a world authority on the concept of
Since trading with a debt is not permissible according to many interpretations of the Shariah, a sukuk al ijara is the most acceptable form of this instrument, which is bought before any monetary transaction takes place and is retained until the debt reaches maturity.
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takaful. This is a kind of Islamic insurance under a cooperative-like set up where people or larger companies can make small, regular contributions, to be paid compensation out of that collective fund, in times of financial distress.
Apart from having a high Islamic population, the Middle East also has one of the greatest concentrations of wealth, which is growing at a strong rate. The Islamic community is also steadily growing, expecting to reach about 26% of the world’s population by 2030. Under these circumstances, it becomes necessary even for practitioners in the global, mainstream market to become familiar with Islamic finance. Therefore, this is a significant market.
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And like many financial experts, he emphasised the need to plan finances and have a method of checking its efficiency, periodically, regardless of income levels. This could be done by understanding that certain life events cost more and it would be wise to set aside funds to meet expenses during this time – such as a wedding or children’s education. Similarly, it was best to avoid some common mistakes that hasten wealth depletion such as divorce, ill-health or just high spending habits.
Although much of this may seem like common sense, people often do not clearly define their financial goals and much less write them, which can serve as a frequent reminder. This allows more room for financial mismanagement. Dr. Fisher also reiterated the importance of long-term financial plans that are sustainable rather than being tempted with immediate or short-term gains.
However, none of this can be achieved purely through mathematics and formulae. Dr. Fisher explained how a person’s attitude to their wealth as well as how ‘halal’ their earnings are, were contributing factors.
Verses from the Quran pertaining to finance were cited and how wealth is not limited to the conventional understanding of money and assets. Muslims are accountable for all wealth that they possess, which includes but is not limited to intangible assets like knowledge and children. How these gifts are utilised in this lifetime is one of the main aspects that determines a person’s fate in the Hereafter. This explains why charity or distribution of this wealth is binding on members of the community.
Dr. Muath Jarrar, Chief Business Development Officer, Al Jazeera Financing, was the final speaker and he listed the reasons to choose Islamic finance. One obvious one is that this region of the world has a predominant Muslim population who are interested in models that are rooted in the Shari’a. Apart from that, Islamic finance is transparent, he said. The period of payment, installment amount and other parameters are decided at the beginning of the transaction so that nothing will change in the future. And Islamic finance has some provisions where if a client cannot make a payment on time because of an emergency, he can defer the payment without interest.
A question and answer session followed. The workshop helped people understand how Islamic finance can be a sensible alternative to handle their money.
Dr. Fisher also reiterated the importance of long-term financial plans that are sustainable rather than being tempted with immediate or short-term gains.
Dr. Muath Jarrar
23december 2013
Qatari women strongly participate in the community and have emerged in several sectors. The Fourth Qatar International Business Women Forum this year endorses the important role of women in the Arab world. Private Sector Qatar magazine was the Bronze Sponsor for this event. We bring you our coverage of QIBWF 2013.
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T he fourth annual Qatar International Business Women Forum, was organised by Qatari Business Women’s Association (QBWA) in collaboration with Interactive Business Network (IBN) under
the patronage of His Excellency Sheikh Ahmed bin Jassim bin Mohammed Al-Thani, Minister of Economy and Trade in Qatar. “Arab business women as change makers”, was the theme of this event that was held on the 11th and 12th of November at St. Regis Hotel Doha.
Raed Chehaib, CEO, IBN welcomed the audience by emphasising the importance of this event. Attendees from 39 countries were present at the event.
His Excellency Dr. Mohammed bin Saleh Al Sada, Minister of Energy and Industry, inaugurated the forum. He said it is important to empower women as well as ensure that they are in the right places. “Qatar has taken a push from a national road map to a better society under Qatar National Vision 2030. The State of Qatar has done its best to include women in all national
development and strategic plans. Her Highness Sheikha Moza bint Nasser, the Chairperson of Qatar Foundation, who is a role model for the new generation of Qataris, has contributed to the empowerment of women by supporting many women’s issues, especially education.”
A i s h a A l fa rd a n , Vi c e C h a i r wo m a n , Q BWA t h a n ke d HE Al-Thani, for his patronage, and said, “This Forum aims to help Qatari, Gulf and Arab women. We will discuss the obstacles they face in the Arab region and how we can work together, to overcome them. The Forum is about cooperation to advance the role of women in business around the world.”
Barton Cahir, President and General Manager, Exxon Mobil Qatar, which was the official sponsor of this event said, “There is far greater recognition of the value diverse teams bring to improving business results and sustaining success. The growing rate of women in business and in leadership roles proves we are making progress. As the leader of an organisation, I understand it is my responsibility to foster a work environment that enables
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all employees to grow and thrive, while recognising that we need a specific focus on women.”
Qatar Shell also participated in this event as the Diamond Sponsor. During the opening ceremony, Wael Sawan, Managing Director and Chairman, Qatar Shell said, “What a time it is to be standing here and talking about such a critical issue. In the region, we have invested in education and training, unleashing the talent of not only our men but also our women. We have leaders in business and religious communities, leaders of science and professions.”
He also said that Shell established Qatar Shell Women’s Network. This initiative helps to provide a more favourable working environment for women and is very keen on and improving the efficiency of the women working at Shell.
Her Excellency Datin Seri Rosmah binti Mansor, First Lady of Malaysia, talked about the success of Malaysian women in several sectors, pointing out the support provided by the Malaysian government to strengthen the role and status of women. “It is time to put women at the heart of the global growth story. To empower women is to give them a voice and give them self-worth to realise their full potential”, she said.
After the formal opening of the conference Sadhguru Jaggi Vasudev, Founder, Isha Foundation, talked about technologies for wellbeing and the importance of having a vision and passion in life.
The winners of the 2013 Qatari Business Women of the Year were announced during a gala dinner that took place on the first day. Eight distinguished women were honoured for their services to business and their professions.
In the first session of the forum, which was held under the title “Businesswomen Leaders – A Unique Style and Technique,” themes discussed were the meaning of emotional intelligence and how to define a successful leader, among others.
Other sessions focussed on topics like creative financing techniques. A group of ladies from different countries in the region like Lebanon, Jordan, Kuwait and Egypt participated in the last sessions of the conference and discussed harnessing the potential of Arab women and providing business and financial support for
women entrepreneurs as well as analysing the character and business style of successful Arab businesswomen as changemakers.
In her closing remarks, Aisha Alfardan, Vice Chairwoman, QBWA said, “This year’s forum, was more successful than ever and we are grateful to the participants.” She also added, “What has become clear is that, regardless of where you are from, women are facing the same issues. That is, achieving success in the workplace, battling male-dominated environments and stereotypes, balancing work and home commitments and finding the right support to achieve professional success.”
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LinkedIn has changed the way we connect with professional contacts, look for jobs or find information related to the field we are working in. The business networking website that was around before Facebook still manages to remain relevant in the social media space. Aparna Shivpuri Arya speaks with Fredrik Bernsel, Sales Director for LinkedIn Marketing Solutions for the EMEA and LATAM Partners, who gives us details about how LinkedIn offers targeted help to specific groups.
How has marketing changed since the advent of social media?Social media marketing is becoming increasingly popular. There are a few marketing aspects that are unique to social media – One is you can get word-of-mouth marketing, so you can actually get your clients to talk about “how good your products are” or get recommendations. Marketing can spread across network connections so you can put a message out, which can be amplified across people’s connections.
If you have a company page, you can have followers and build these connections. Two-way communications are also possible, so engaging with your clients, listening to them and participating in discussions with them through groups on LinkedIn can all take place.
There are some unique tools that marketers like at LinkedIn. We have one of the world’s most educated and affluent audiences. We’ve got business professionals who make business decisions, who largely have good education, good incomes with good jobs. In business marketing, these are the people to reach.
When you’re in consumer marketing, especially expensive products like cars, you want to reach people who can spend more. On LinkedIn, you have that special audience. We have a lot of data about members which we can use to help marketers deliver the right message to the right person.
GettinG Clued in to
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What kind of marketing solutions does LinkedIn provide? Are there any specific solutions you offer to SMEs or any company size?We have clients in all sizes of companies. We offer banner advertisements. We can do content marketing, which is becoming increasingly popular.
Before, LinkedIn was used by job recruiters and that was one way to get hired. That is still true. Your LinkedIn profile is a way to have a professional brand online or create a professional identity. Through LinkedIn, you can control how you want the world to perceive you.
And then you have the business networking aspect, where information gets updated automatically, like when someone in your network changes his job.
On LinkedIn Today, we have more than 300,000 news sources and as a member, the news that you see on the top will be unique to you, based on your job title, industry and network. We also have the influencer programme for some high-level executives who have a reached a brand of “influencer”. For example, President Obama is an influencer on LinkedIn. So we have created an opportunity for them to use LinkedIn as a blogging platform. There are a lot of interesting people to follow on LinkedIn.
We also have Groups on LinkedIn where you could meet other business professionals, like groups for journalists.
So as a magazine, can we do branding on LinkedIn?Let me give you a specific example. Let’s say you’re Microsoft. Rather than just saying “Windows 8 buy it!” you have useful information to write to professionals such as – “10 recommendations to make your network secure” or “How to run your data centre more efficiently and save energy.” Then if you post that on LinkedIn to IT professionals, they engage with this content and the Microsoft brand gets credibility.
Besides that, if you were to give some tips to a company for effective branding on LinkedIn, what would your advice be?Come to us, have a discussion and we will help you. There is no universal tip. Every company and marketer has unique needs.
Are there any industries that have taken more to LinkedIn than others? We have clients from almost every industry. IT and technology is big and also finance. Automotive and education are big sectors as well. There’s also a natural connection to education because when you come to LinkedIn and want to enhance yourself professionally, it’s a good opportunity for marketers to help with education. Professional
services, like consulting firms, and travel are also two of the biggest sectors.
How have the MENA countries taken to LinkedIn? We are a listed company on the stock exchange, but we don’t have too much regional information. It’s mostly on a global basis, so I can’t give you any numbers. But we have more than five million members in the region. More than one million in the UAE. The business professionals here and their needs is not much different from anywhere else. They are active members and we have seen high growth.
Can you give an example of a local business that is using LinkedIn?There are a lot of them, one good example is Etihad. They launched a website called “Etihad Mapped-Out” (etihadmappedout.com). If you look at the website with your LinkedIn profile and allow the website to access certain parts of your profile, you will see a world map and you can zoom in and see your connections in each country. This is connected with Etihad and their travel routes across the globe. It’s really interactive.
Any tips for posting updates and information on LinkedIn for companies or individuals? Any dos and don’ts?If you’re using LinkedIn for marketing and posting updates, you have to gather followers on your company page. Try to send relevant stuff to the right people. Post engaging updates. Use rich media and images or even videos. Have an interesting headline and drive engagement by getting people to share posts and comment on them.
Where did the concept of LinkedIn come from?It started in 2003. One of the founders is Reid Hoffman. He was a real visionary and Internet was very different then. He had the vision that people will want to have an identity online. That people are going to want to connect with business people they know.
Where do you see it heading in the coming years? We’re still growing by two members per second, so growth is very high. Our financial results also indicate high growth.
We can help companies with marketing, hiring and sales. We see increasing growth in interest in these areas.
Has online security been an issue? As a member, you control what you want to have on your profile. It’s about self-regulation. And if a member believes that another member is not behaving properly, you can report them and a trust and safety team will handle that.
Fredrik Bernsel is Sales Director for LinkedIn Marketing solutions for EMEA and LATAM Partners. Previously, he was Vice Pesident of Sales for IDG in Sweden. He holds an MBA in management, finance and marketing from INSEAD.
Learning from the experts is a good idea. Who better to explain the SME model than a company that seems to have cracked the code? Fadi Malas, CEO of Just Falafel, the wildly popular global fast food chain of vegetarian restaurants that is still growing, tells us how developing your own business is hard work but can also be lots of fun.
SuCCESS STORIES
The backbone of any economy, even in the most developed countries, consists of an SME market. It employs the majority of the population and contribute the largest portion of GDP within the corporate sector. People tend
to forget that the biggest conglomerates were once an SME and the future conglomerates will be made up from a selection of today’s SMEs. How many of them will be from the Gulf region?
The Gulf has been working very hard towards laying a very sound and supportive infrastructure for SME’s, providing them the opportunity to become the next corporate giant. Another major element that is changing the global business environment is the revolution of digital media.
Only a few years ago, it was nearly impossible to extend the reach of a brand around the world. This has changed dramatically and digital platforms available today allow us to reach worldwide audiences as specific as we wish to target. So it is no wonder that SMEs are no longer treated casually. Due to the immense impact of the digital revolution, any SME now has the same ability of reach as any other conglomerate.
With all of these advantages, what is it that separates those who succeed from those companies that don’t? How did Just Falafel take a single falafel store in Abu Dhabi to more than 1000 stores across 14 territories in just two short years?
Here’s how.
PRIDETake pride in what you do. It is an absolute must that anyone starting a business must fully embrace their business idea. You should be the brand yourself, live and breathe it, including anyone who works with you. All of you need to be brand ambassadors. Most importantly, you need to confidently promote the brand and you have to achieve this very early on.
INNOVATION Mohamad Bitar, Reema Shetty and Alia Mazrouie founded Just Falafel in Abu Dhabi in 2007. The idea initially came about because no one had taken the falafel and innovated it to suit international tastes and palates. Just Falafel began changing old perceptions of the food from one that is only seen served from a half-tilted shallow fryer on a street side to a healthy, nutritious, vegetarian option available on an international restaurant’s and menu fit for all. Similar to how we perceived coffee before Starbucks.
HUMAN CAPITALTypically any start up is a function of just two or three people who have a great idea and enough belief to deliver this service or product. Before any educational qualifications, an entrepreneur requires the heart to throw himself into something he believes in. Everything else is self-taught. You cannot learn to have ‘heart.’
BuildinG An SMe the Just FalaFel way
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An entrepreneur must have the ability to multi task, as they will be responsible for all the aspects of a business like legal, accounting and marketing. As a start up, the biggest challenge to develop your business from small to medium and then to large is the ability to delegate to specialised people within their own departments. As the business grows, you should only seek out the very best people. At Just Falafel we have grown from three to 400 staff and are recruiting at a rate of two to three people every day across markets and countries. Our head office alone has 28 people, through which you can understand the quality and diversity of our team.
PEOPLEAnyone who is going to take their idea seriously is going to be spending more time at the office with their colleagues than at home. Choose your colleagues carefully. Make sure you integrate with them and ensure all of you share the same goals. Create a friendly work environment. At Just Falafel, we have work out stations, open work spaces, table tennis and big comfortable sofas that create a casual but creative environment where the team is happy to spend their time at. Make sure that everyone in your team can multi task and be an equal opportunity company. The more diverse your team, the more diverse the ideas.
PRIORITISATION When starting a business, you will have an extremely hefty to-do list and must be able to prioritise to be most effective. As you grow, your to-do list will also grow and you should never see that as a demotivating factor. If your to-do list is not growing, take that as a clear sign that your business is not growing. In other words you should always seek to add things to your task list rather than looking at an empty to-do list.
COMPETITIONAs a business owner, whatever you end up choosing as a business, only ever compare yourself to the number one competitor in the sector you operate in. You will find that there will be a lot of skepticism in you seeking the number one spot. However, you will know if you are in the right business with the right ideas when you are able to compete with the number one in the world. Despite everything, go after number one.
DIGITAL MEDIAThe digital revolution is only a few years old; with the creation of digital communities like Facebook
and Twitter just imagine what will be available as the market develops. If you compare the digital revolution to the industrial or telecommunication revolution you will see that we are still at the infancy stage. Be a first mover like Just Falafel, being at the forefront of building your brand globally and use this revolution as a communication highway to share your vision, dreams, products, stories and growth with millions of people every day. It is very important for any brand to make its mark early in the digital space, as it will become more difficult and expensive to set up a space for yourself in the future. Just Falafel has become the only company in the Middle East to be awarded two case studies from Facebook for our ability to use digital media to strengthen our brand.
CULTUREEvery brand has a story and you should build your brand based on your experiences and the way your company is developing. A lot of people try to create the brand before the story. Instead, let your brand mature at its own pace. Don’t try to impose on it or sell it for what its not.
GROWTH – FRANCHISING One of the best routes to market SMEs is to look at their ability to franchise. This will help the business grow rapidly. It was through franchising that Just Falafel increased sandwich sales by 35 times and attracted USD 200 million to reinvest in our brand in just a few years. Franchising is a business model that is adaptable to every single industry in the world and is not limited to the food business.
CORPORATE GOVERNANCEFrom the onset, you should implement processes and procedures with the highest degree of corporate governance, starting from administration, filing and accounting. Take your business seriously, set up a proper board no matter how small and hold meetings. Have proper procurement processes and meet with as many suppliers as you can. The more people you meet, the more they will be aware of your company.
For all of us at Just Falafel, it no longer feels like work to go to the office, it’s a lifestyle. We can’t wait to hit our desks every day. It’s a family environment, with innovation, creativity and communication for a vision and goal we all share and believe in.
As an SME, strive to build that level of communication and harmony across the team.
Fadi Malas is CEO of Just Falafel. He is an MBA graduate from Imperial College of Science & Technology London. He is an experienced business leader, catalyst and strategist holding shareholder positions in a diverse range of companies. You can contact Fadi on: [email protected]
SuCCESS STORIES
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buSINESS ADVICE
What do you do once you’ve achieved the tough task of starting your own business? It’s important to constantly make it bigger and better. Simon Hodges, CEO, Alchemy Network Middle East, tells us how to take a pet project to the next stage.
There is plenty of information available to entrepreneurs to start their business but it is perhaps assumed that once it has survived beyond the start-up phase,
these individuals already possess the necessary skills needed to manage an organisation.
Growing a business is a real challenge and the steps that are necessary to achieve success will result in the creation of an organisational structure with multiple stakeholders such as owners, financiers, the workforce, suppliers and the customers all of whom make demands on the business leader.
For many entrepreneurs, the reason why they set up their business in the first place is to escape the demands of an employer. For these individuals building a business that has lasted more than three years means that success has already been achieved and perhaps significantly growing their business and establishing formal organisational structures would not be right for them. They should carefully consider the implications.
what’S the next step?
35december 2013
Simon Hodges is CEO of Alchemy Network Middle East and a member of the Institute of Chartered Secretaries and Administrators.. He has 30 years of experience working in the Middle East, United Kingdom and Hong Kong. His consultancy business based in the UAE mentors owners of SMEs to develop highly effective initiatives that facilitate and support revenue growth and business expansion. You can contact Simon on: [email protected]
For others, growing a business into a substantial organisation becomes an all-consuming passion but they often find that as their business succeeds, more time needs to be spent handling the administrative and support issues.
This is because it has now become necessary to separate the needs of the organisation today and the entrepreneurial vision needed to build the business. Both are necessary but it is rare that one individual possesses all the necessary skills or time to do both.
For many entrepreneurs, the requirement to attend to the day to day needs of the organisation rather than to the development of the product or service can become so overwhelming that it becomes difficult for them to find the time to take their business to the next stage. Often, the only options seem to be selling the business or stagnating.
Well there is a better option: Systemise. It’s getting your business to the point where it can operate on its own – that is operate without you having to be involved in the day-to-day business of getting everything done. Remember the development of systems does not mean you give up control. You still own the business and you will still even operate it. It’s just that, you don’t have to be “on the floor” doing all the tasks it takes to make your business do everything it is supposed to do every day.
Many businesses do not reach their full potential simply because the entrepreneur cannot get used to the idea of delegating. In this region, the culture can lead to an expectation that the owner does all the most important jobs personally and the thought of trusting “what really needs to get done” to another seems unthinkable. Yet across the world, thousands of successful business men and women have done just that, and have surprisingly found that their business did not come to an end but actually began to perform much better.
A yourself the following:1. Do I need to be available at all times to deal with
issues in my business? 2. Do I need additional skills to operate my
enlarged business? And3. Would I benefit from seeking advice?
If the answers to the first two questions are ‘no,’ then chances are that the performance of the business will make the answer to question 3 also be ‘no.’ However, if the business is not growing at the rate you are happy with, then consider the answers you have given in questions 1 & 2.
If the answer to either one or both of questions 1 and 2 is ‘yes’ then the answer to question 3 will also be ‘yes.’ Realising that you would benefit from the help of a third party, whether it is available from within the organisation or from outside, is a really important step for an entrepreneur as it is an acceptance that the organisation now needs access to a management team with a wide range of skills to make the leap to the next stage of development.
Despite what I said earlier, this is a task that must not be delegated. Remember, you’re seeking to create an organisation in the image of what you want it to be. That does not mean you can’t involve key members of your team, but you need to direct this job personally.
There are numerous sources of information and help but try and be honest about what you need and be prepared to pay reasonably for such services. Remember would you give your product or service away free? But make sure you get value for what you pay for.
The reason a business succeeds is because its customers buy from it more often than they do from its competitors. Therefore as you build organisation structures make sure that every task is designed to improve the delivery of that product or service.
Finally, while you are thinking about this issue you may find the following helpful.
Most business owners think they need to focus all their efforts on acquiring new clients or customers, but the quickest and biggest increases in business and profitability will usually be gained by improving other areas such as: increasing conversion rates, the size of each transaction and the number of referrals obtained. In fact, if you can manage to increase each one by as little as 10% over what you currently manage, your profitability will soar. There are seven multipliers for this.1. Increasing the number of leads2. Increasing the conversion rate3. Increasing the average sale4. Increasing the profit margins5. Increasing the frequency of purchase6. Increasing the lifetime value of your customer
(How much profit you make)7. Increasing the number of referrals
By focussing on meeting the needs of your customers and improving these areas, you will begin the process of preparing your business for growth. This in turn will help you unlock the gates that are currently preventing you from achieving the full potential of your business. Good luck!
Most people have financial goals, whether they want to buy their dream home, educate their kids, maintain a lifestyle in retirement or simply make their money work harder. Keeping cash in the bank doesn’t do much with today’s low interest rates. Zorica Petkova, a financial professional and senior advsier at Financial Partners Hong Kong, offers some rules to live by when trying to manage what you earn.
FINANCE
Work with an independent financial adviser – As an independent financial adviser, I help clients determine which risk category best suits their investment objectives. According to their risk profile, needs and financial situation, I prepare a tailored solution that fits a client’s profile. That financial plan is followed closely and adjusted when the client’s circumstances or market conditions change. As an adviser, I have no bias. What does that mean to my clients? I work for my clients’ best interests, whereas an insurance provider or even a bank, would remain principally loyal to their organisation.
People who think about their finances closely already consult financial advisers. But you also need to seek advice for your financial future. Most people usually go to banks for this. However, mystery shopper exercises in some countries have raised some serious questions about whether they are the best to recommend the right financial options. The reason for this is that a bank adviser can only recommend the bank’s products, they won’t tell you if another competitor bank has a better mortgage rate or other products and services, which could be better for you. Therefore, my advice is to work with an independent financial adviser. And unless you are experienced in the field
where should you put your money?
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Zorica Petkova is a financial professional and senior adviser at Financial Partners Hong Kong. She holds a bachelor’s degree in finance and accounting from the University of Sheffield (UK), an MBA from the Hague University of Applied Sciences and is also a certified stockbroker, investment adviser and insurance broker. Zorica can be contacted on [email protected]
of financial planning and portfolio management, engaging the services of an experienced and qualified financial planner will be necessary. Choosing the one who is right for you will be one of the most important decisions you make.
Start saving wisely as soon as possible – It is obvious that it is better to start saving at an early age, but it is also never too late to start. Saving on a regular basis can be a challenge, especially when you consider the many regular expenses we all face. My advice is to treat your retirement savings as a recurring expense, similar to paying rent or mortgage.
Invest – If you’re contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, do so.
Diversification – Diversifying your portfolio is the single most important factor in investing and properly managing money. As the old adage goes, “Don’t put all your eggs in one basket.” Putting all your savings or investment monies into one form of investment increases the risk of losing all your investments and it may limit your return on investment. This is why asset allocation is a key part in managing your assets.
Strategically review your portfolio at least twice a year – If your lifestyle, income or other personal circumstances have changed, it is a good idea to reassess your financial profile and make adjustments, where possible. A reassessment of your income, expenses and financial obligations will help to determine if you need to increase or decrease the amount you save on a regular basis. Even otherwise, market conditions change all the time and it is wise to ask for your adviser’s help to tweak your portfolio accordingly.
For example, the MENA countries, which include the troubled Syrian Arab Republic, are among the worst performing markets in recent times. The military rebellion in Egypt has thrown the Middle East back in political turmoil. Stock markets in North Africa and Turkey have been under pressure too. And most
regional stock markets are suffering from the political instability. What is interesting to note is that the stock markets in Dubai, Abu Dhabi and Qatar have been doing quite well, as these countries are currently investing a lot in Turkey and Egypt. Stock markets that will profit from the economic growth in Turkey and Egypt and eventually even Syria, will be companies from Dubai, Abu Dhabi and Kuwait. Eventually when the political turbulence will settle down, these countries will offer great investment opportunities.
And as you get closer to retirement and your financial needs, expenses and risk tolerance change, strategic asset allocation must be performed on your portfolio to incorporate necessary adjustments.
What I have discussed here are just a few of the factors that may affect the success of your financial future. But once again, do ask for help from professionals – your financial planner will help you to determine whether you should consider other factors.
Saving on a regular basis can be a challenge, especially when you consider the many regular expenses we all face. My advice is to treat your retirement savings as a recurring expense, similar to paying rent or mortgage.
Crowdinvesting at its core creates an open, equitable platform where the crowd can come together to filter, judge, analyse and connect with businesses to help in their growth. This transparency will make crowdinvesting platforms increase. Chris Thomas, CEO, and Sam Quawasmi, MD, of Eureeca, explain how.
FINANCE
After the global economic crisis - governments, communities and industries have understood the imperative we have to create jobs, bolster economies and eliminate barriers for legitimate growth. With that comes a renewed global
focus on small and medium enterprises (SMEs), entrepreneurship and access to capital. The evidence is clear: new mechanisms, such as crowdinvesting, need to be established and fostered to fill the funding void facing SMEs.
When looking at the Middle East, SMEs are not only significant contributors to GDP but also account for the highest proportion of private sector employment. Jobs are certainly what we need to create for our young, fast growing and educated population. The MENA region faces a double challenge. Not only is it the youngest region in the world, with more than 60% of its 380 million population under the age of 29, but the ‘youth bulge’ that exists here also faces the highest youth unemployment rate in the world, coming in at about 25%, compared to an average of 14% globally.
While economic growth in the region continues, thanks largely to the price of oil, not enough jobs have been created. And with more educated young men and women entering the labour market, the need has never been more acute. Nearly 80 million new jobs need to be created in the region’s countries over the next decade to maintain current employment levels. The appeal of government jobs, both for their security and less
demanding pressures, has often been the first choice for the youth in the region; however these opportunities are being reduced in many of the MENA markets and can certainly not sustain the growing number of young job seekers.
To date, support for SMEs has been largely superficial, encouraged but not particularly rewarded. While governments around the region are certainly working to support SMEs in a number of ways, it is the sector’s lack of access to finance, in particular credit and growth capital, which is creating the real stumbling block.
There is a disruption in how business and engagement happens, given the exponential rate at which people are going online. There are some promising initiatives currently being considered that could well provide the much-needed access to finance for SMEs including the recent launches of crowdinvesting platforms globally like Eureeca, which bring new sources of capital investment.
We find ourselves today in the perfect storm. The world is changing faster than ever before – people today have the capacity to innovate, create and engage online whenever and with whomever they like. Coupled with the difficult economic landscape for SMEs and the absolute necessity in which we need to ensure their success, the stage is set for game-changing shifts in the structures of doing business.
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Crowdinvesting and smes
At Enterprise Qatar, we are offering Qatari entrepreneurs and SMEs a modern office, located in West Bay, completely free of charge. You will have access to free Wi-Fi and meeting rooms so you can focus on your business idea.
- This offer does not include company registration- The number of offices is limited and their use is subject to a timing schedule
To apply, call 4012 5000. For information on EQ mentorship and advisory services, please visit www.eq.gov.qa
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What is crowdfunding?Crowdinvestment enables the general public to collectively pool money to support existing, growing businesses and in return receive equity in the business. You actually have the chance to hold shares in a business you believe in and potentially be part of the next big thing.
Crowdfunding as a principle was established to provide a marketplace for projects or ideas to gain funding from a crowd in the form of donations in exchange for rewards. So for example, if a new movie needs funding to kick off production they could launch a crowdfunding campaign to raise the money and in exchange, offer rewards such as attending the opening or having your name appear in the credits.
The origins of crowdfundingThis whole movement is not a new phenomenon. In fact, one could even go on a limb and attribute crowdfunding to Joseph Pulitzer’s campaign for building the pedestal on which the Statue of Liberty stands in the 1800s.
It was a natural progression to then witness the emergence of crowdinvesting where growing businesses that are in need of funding for their growth and scalability would seek out funding from the crowd in exchange for equity.
We see this type of “friends and family network” fundraising everyday offline and with the dynamic changes in our ability to interact online, globally, crowdinvesting is made possible. No longer do SMEs have to depend on a few investors to take big chunks out of their business to gain funding. Many small investors can come together to provide investment capital, enabling businesses (and economies) to grow.
The nature in which we interact and engage has changed, making it ripe for crowdinvesting. We no longer accept one or two brands shaping our discussion or decision; rather we are informed and demand transparency.
Why choose crowdfunding?Another aspect that sets crowdinvesting apart to any other form of financing is the idea that you have a chance to run a campaign. SMEs who launch a funding campaign on a platform have a limited amount of time (typically 90 days) to achieve a target amount of money. The advantage is that this serves as a means to truly market your business. Businesses often spend marketing dollars trying to target these consumers and now there is a means to allow people that truly believe in you to not just buy or use your product but to invest in it, making them a powerful, loyal brand ambassador.
Investor protection guidelines are fundamental to any crowdinvesting platform just as they would be in offline investments. However a central difference is that the involvement of the crowd in asking questions and conducting due diligence transparently online ensures a robust filtering mechanism which reduces investor risk.
An emergence of SME equity stock markets has been established in countries such as Egypt and Tunisia, with one currently being considered for the UAE, are evidence of a changing landscape.
Crowdinvesting is here to stay. It will be the de facto mechanism through which entrepreneurs and business owners raise funds in the future. We are all going to look back at this in ten years’ time, and wonder how business owners, and investors survived before crowdinvesting, just like everyone looks back now and wonders how anyone ever survived without the internet and social media.
Developments such as these, together with increasing government support and banks’ appreciation for the business potential presented by SMEs, should help provide the fuel required to support and grow this sector, thereby opening the pipeline for the job creation most urgently needed in our region.
This industry will evolve in all sorts of different ways. We are proud at Eureeca to be at the forefront of this development and look forward to shaping the industry.
Sam Quawasmi is Managing Director and co-founder of Eureeca. He began his career in 2000, joining HSBC Investment Bank in London, responsible for Fixed Income for the MENA region. A graduate of the University Brighton, UK, Sam holds a Masters of Science in International Capital Markets, as well as a BA (Hons) in Business Administration from Nottingham on Trent University, UK.
Chris Thomas is CEO & co-founder of Eureeca. He began his career in 2001 in London, working for an investment bank and more than 10 years of experience of establishing and operating businesses. A Law LLB (Hons) graduate from Brunel University, Chris also holds financial industry international qualifications from FSA Securities, Derivatives and Regulations and the Chartered Institute of Insurers.
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Elsbeth Blekkenhorst and Danielle Duttenhofer, Managing Directors of Global Women Qatar, explain how diversity in the workplace and a system to support women employees is a model that companies will have to adopt if they want to get the best results from their workforce.
MANAGEMENT
There is more diversity in the workforce due to increasing numbers of female employees entering the labour market. Women have come a long way in the workplace. Across
the world, more women are working than ever before. The economic empowerment of women across the world is one of the most remarkable revolutions of the past 50 years. The increase of women gained momentum in the late 19th century. In Qatar, there has also been a big increase in women joining the labor force. For example, the expansion of higher education in the country has also boosted job prospects for women, improving their value in the job market and shifting their role models from stay-at-home mothers to successful professional women. Women enrol in college more than men, and their workforce numbers have improved.
Qatar Statistics Authority has conducted a survey on the labour force in the State of Qatar. One of the main points of this 2011 survey is the increase of female percentage in labor force during the last years of the survey. It was 10.7%
of the total labor force in 2008 and increased to 12.4% in 2011. Regarding the expansion of higher education in the state, the survey shows that 61% of female Qataris employed by the government obtained a degree higher than secondary school. Also, women tend to work longer hours than men; the average weekly working hours for females are 53 whereas for men this is 51 hours.
When looking at the local women in the country, Qatari women will likely play a key role in the country’s economic future according to a study conducted by Rand, a nonprofit global policy think tank. They are entering the labor force in increasing numbers, and once employed they tend to persist in their professional commitments even through child-bearing years. Furthermore, while in some parts of the world the absence of legal rights and protections restrict women’s economic participation, Qatar has made important political, educational and social changes that expand opportunities for women.
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A few pointers why women are successful in the working place:1. They are more intuitive to bringing in all points
of view. This allows for more collaboration and win-win situations. In today’s complex working environment, this way of doing business is essential.
2. They have different values than men do. They’re much more empathetic to the diverse workforce needs. If an employee is conflicted between work and other aspects of her life, a woman in a senior position would more likely notice the needs of her employee.
3. Women are stronger with networking, sponsoring and supporting each other.
The trend towards more women working is almost certain to continue. For example, the European Union women have filled six million of the eight million new jobs created since 2000. Life in the workplace has become much more diversified as an increased number of women have made their presence felt in many industries and professions. More and more companies are now diversifying their workforce and taking on board more women. This diversity in the workplace is key to the competitive advantage of firms. And while women dominated first in teaching and nursing, their upward mobility has led to a new tier of professional success beyond those careers.
As women everywhere have entered the workforce and gotten more education, a whole new set of professional jobs is opening up to them. Women are on the verge of taking over word-based professions, like journalism, law, marketing, and communications. Once thought to be too sensitive, or tender hearted to succeed in business, women have proven that they have what it takes to not only succeed, but excel in roles long thought to be best suited to men. Women will also be the beneficiaries of the growing “war for talent”. The combination of an ageing workforce and a more skill-dependent economy means that countries will have to make better use of their female populations.
And faster change is likely as women exploit their economic power. Many talented women are already hopping off the corporate treadmill to form companies that better meet their needs. The number of privately owned companies started by women is steadily increasing. In Qatar there are many initiatives to help women open up their own business such as Roudha Center, a Women Centre for Entrepreneurship and Innovation and Bedaya Center, entrepreneurship services for the youth of Qatar between 18 – 30 years. Qatari women such as Her Excellency Sheikha Mayes Hamad Al Thani advise young Qatari women to strive for success and are great role models for them.
Companies are even rethinking the structure of careers, as people live and work longer. Companies
are allowing people to phase their retirement. Child-bearing years will thus make up a smaller proportion of women’s potential working lives.
However, one main issue is work/life balance. For some women this can be big struggle in terms of making a good career for herself but also to properly take care of her family. But Qatar’s National Development Strategy 2011-2016 supports women in the workplace and for them to stay in the workplace. The extent to which women are able to participate and remain in the labor market is intrinsically linked to the support available to help women balance family and professional responsibilities. The government will improve support for working families, particularly for women, by expanding child care facilities and family-friendly employment practices and by encouraging gender- sensitive working environments.
One of the targets is to put in place measures that support working women, including revising the current human resources law and maternity leave policy. This will certainly help to further increase the number of women in the workforce.
Employers will be challenged to provide family-friendly solutions for working people who need flexibility for child. Solutions to increase a good work/life balance may include:
■ job sharing, ■ part-time employment, ■ staff working from home or telecommuting, ■ flexible starting and stop times and flexible core
business hours, and ■ periodic paid and unpaid work interruptions for
child care.
Attendance systems that are inflexible will drive qualified and committed employees to employers that address family issues with creativity and concern.
While there is no doubt that women have come a long way from the discrimination and struggles they faced in the previous century when it came to getting an education and finding a job, there is still some inequality when it comes to women’s role in the working world. A couple of surprising statistics on women in the workplace:
■ Women business owners employ 35% more people than all the Fortune 500 companies combined
■ Four in ten businesses worldwide have no women in senior management
■ The more education a women has, the greater the disparity in her wages
■ Women earned less than men in 99% of all occupations
■ Only 53% of employers provide at least some replacement pay during periods of maternity leave
Global Women Qatar was established in January 2012 as Qatar’s first employment agency to focus exclusively on the recruitment of women who already reside in Qatar. They are a very dynamic, rapidly growing employment agency with both local and expatriate women in their database. For more information please contact Elsbeth Blekkenhorst or Danielle Duttenhofer at [email protected].
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MARkETING
Effective advertising is achieved by delivering a clear message to sizable portions of sought prospect segments in a timely manner. Traditional marketing and advertising alone can no longer deliver fully to businesses’ aspirations. In a world where people’s ties to technology and the web are ever growing, businesses will have to adapt their advertising tactics to remain competitive. Anas Shallah, E Marketing Lead, explains the details to us.
Over the last several years Qatar has experienced a steady economic growth driven mainly by the production and export of liquefied natural gas (LNG)
and crude oil. Furthermore, in preparation to host the FIFA 2022 world cup event, government has ramped up spending on infrastructure projects –such as roads network upgrade, new airport, schools, hotels, residential buildings, shopping malls and more.
Solid economic outlook and a very high GDP Per Capita have made Qatar an attractive market for regional and international businesses to capitalise on. Qatar’s population has had a substantial growth averaging 3% in the past three years. Nationals and professional expats are generally tech savvy and they connect online frequently to communicate and shop for services and goods.
E-marketer, an independent market research company, predicted that the Middle East region will have the largest year over year increase in internet penetration rates with an average of 9%increase in the next three years. In the Middle East, Deloitte and the Dubai Press Club indicated that digital marketing accounted for just 4% of total ad spending in the Arab region in 2011.
Zenith Optimedia, in its June 2012 issue “Advertising Expenditure Forecasts,” has estimated that the web will represent no more than USD143 million—or 3.4% of total ad spending— in the Middle East and North Africa this year.
To gain market share and keep pace with competition, businesses have to optimize their marketing. Effective advertising is achieved by delivering a clear message to sizable portions of sought prospect
segments in a timely manner. Traditional marketing and advertising alone can no longer deliver fully to businesses’ aspirations. In a world where people’s ties to technology and the web are ever growing, businesses in the region will have to adapt their advertising tactics to remain competitive.
Digital marketing and advertising could be significantly cheaper and have farther reach given its economy of scales and speed of delivery.
Qatar, Dubai and some other GCC countries have some factors that have helped accelerate the rise of digital marketing deployment, particularly online marketing. Some of them are:1. Availability of disposable time and income
enjoyed by most locals and professional expats. Thus, eases access to technology and the internet.
2. High summer temperature and traffic congestions motivate people to get things done online when possible.
3. High social media penetration rates have driven online engagement with local brands and stores. People now share shopping deals, stories and experiences online with friends, families and colleagues on products and services.
4. Access to shipping services has facilitated e-commerce penetration in Qatar and Dubai as well.
Yet, Qatar has some obstacles to overcome to better capitalise on digital opportunities when it comes to user experience and efficiency of online marketing tactics. Banks’ infrastructure, logistics, website usability, applications quality and interactivity all are elements to improve upon. A combination of local market expertise and latest digital marketing trends are needed to accomplish such goals.
the Future oF ADVERTISING
Anas Shallah is an e-commerce and digital marketing entrepreneur. He is General Manager and CEO of E-Marketing Lead, a limited liability corporation based in the United States with operations in Qatar and the Middle East. He holds undergraduate and graduate qualifications from the United States. He can be contacted on [email protected]
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bILATERAL TRADE
Qatari businessmen are keen to invest in the Republic of Tunisia because manyTunisian products are being exported to Qatar. To learn more about bilateral relations between these countries, Jenny Kassis met with His Excellency Ambassador Mohammed Mundhir Zarif, Tunisian Ambassador in Qatar, who spoke about the long history that Tunisia shares with Qatar.
Please give us a brief overview about bilateral relations between the Republic of Tunisia and the State of Qatar.Bilateral relations between the Republic of Tunisia and the State of Qatar are based on the common heritage and ancient civilisation, through which we share many denominators. This has contributed to the establishment of diplomatic relations between the two countries since the beginning of the 1970s. With the opening of the Embassies in both countries, many initiatives have taken place to strengthen relations in Tunisia and Qatar. The relations were refreshed after the latest revolution in Tunisia where Qatar and His Highness Sheikh Hamad Bin Khalifa Al-Thani, the former Emir of Qatar, were the first to provide support.
It is worth mentioning that in the late 1980s, Qatar established the largest Medical University in Tunisia. In the last few years, Qatar has also made significant investments in the country. It owns the
largest telecommunications companies in Tunisia, namely Ooredoo, which bought “Tunisiana”. There are daily flights between Doha and Tunisia through Qatar Airways. In addition, Qatar has one of the largest banks based in Tunisia – Qatar National Bank, and Qatar Development Bank. The latter is making strong efforts through its export arm, Tasdeer, to provide significant export opportunities to Tunisia.
Please, tell us more about the latest trade agreements between Tunisia and Qatar that are aimed to promote and protect investments.Since the beginning of the 1970s, Tunisia and Qatar have signed more than 80 agreements and MoUs in various areas, including investment protection, hiring of Tunisian labour and economic cooperation.
The cooperation committee for Tunisia and Qatar is expected to hold a session in the beginning of
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2014. We also have a follow-up committee between the Ministries of Foreign Affairs of Tunisia and Qatar, headed by the Chairman of Foreign Affairs of both countries. They will follow up on the progress that has been made and take necessary steps to implement the agreements.
On July 16, 2012, during the visit of His Highness Sheikh Tamim bin Hamad Al Thani, Emir of Qatar to Tunisia, we signed an agreement to promote and protect mutual investments. This agreement differs from the one that was signed between the two countries in 1996, because of the change of international law. It provides maximum protection to Qatari investors.
In your opinion, what encourages Qatari companies and businessmen to increase their investments in Tunisia?We offer very high protection which includes, taxes and customs restrictions, encouraging the reinvestment of profits, and the possibility of marketing product investment in Tunisia. We also offer investors industrial property rights and free transfer of profits. Also, with Tunisia’s geographic location and its proximity to Africa and Europe, Qatari industries can start their activities from Tunisia and extend them.
Given that the industrial sector is one of the fastest growing sectors in Tunisia, what would be your advice to Qatari businessmen?In Tunisia, we focus on the human factor, and I see that there is a great emphasis on this in Qatar as well. This is evident through the numerous
prestigious foreign universities in Doha.
In line with Qatar National Vision 2030, the country seeks to diversify into non-oil industries. And I think it is very important to focus on value-added services and products that could be exported through Tunisia, to Africa and Europe.
Looking specifically at exports and imports, what are the main sectors of interest for both countries? Which sector will allow greater trade cooperation between the two countries?Several Tunisian products are exported to Qatar, including dates, oil, vegetables, as well as building materials and household items. However, the Qatari businessmen are more active than their Tunisian counterparts. Consequently, there is a trade deficit in favor of Qatar. This indicates that the Tunisian market is capable to accommodate more Qatari products.
In this context, Tasdeer has undertaken a study to identify which non-oil products Qatar could export to the Tunisian market. We appreciate and support this initiative.
Could you please tell us about the role of the Tunisian-Qatari Business Council?This Council was established in May 1996. It held a meeting in December 2010. The contacts between Qatari and Tunisia entities were close and aimed to arrange a visit of Tunisian businessmen to Qatar. The visit will activate the council’s activities.
What is your recommendation for Qatari companies that want to expand their business in Tunisia and vice versa?Trade, economy and business are opportunities to be tapped. There is an agreement that protects and encourages investment and capital, and there are big projects implemented in various fields such as infrastructure, sanitation and sports. Tunisian businessmen should utilise this advantage and sign partnership agreements with Qatari companies.
As for Qatari companies, I call them to invest in tourism. Qatari authorities have begun to do so, as they are building the largest resort in the south of Tunisia. Also, I think Qatari investors can invest in the agricultural sector due to the abundance of fertile land in Tunisia. And I also encourage them to enter the industrial sector and develop it further.
H.E Ambassador Mohammed Mundhir Zarif is Tunisian Ambassador in the State of Qatar. He holds a diploma in Public Law from the Faculty of Law and Political Sciences of Tunis at University of Tunis El Manar and the academic certificate in International Law of The Hague. After graduating from university, he joined the Ministry of Foreign Affairs, and was engaged in various Tunisian diplomatic roles. For more details you can contact the embassy on: [email protected]
In Tunisia, we focus on the human factor, and I see that there is a great emphasis on this in Qatar as well. This is evident through the numerous prestigious foreign universities in Doha.
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TASDEER
When your business is ready to expand operations through export, use the following expert tips by Tasdeer, the export arm of QDB, to get the best results.
WHAT ARE THE ESSENTIAL ELEMENTS OF A BUSINESS PLAN?Developing an international business plan requires careful planning and a commitment of time. As with any new business operation, the decision to export must be envisioned with a long-term business investment attitude rather than a short-term profit objective. Before making a commitment to enter into international business agreements, the development of an international business plan is an important and key step for determining a product’s readiness for export. A well-prepared plan will assist the business in assessing the potential of a product in international markets, facilitate application for financing, help determine if there is a market for the product, and how much it will cost to export a product.
PrePArinG to exPort
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ELEMENTS EXPLANATION
Executive Summary State what makes the company successful and then list the competitive advantages over domestic and foreign competition.
Present Situation Identify the company’s products with export potential.
Objectives Define long-term goals and how exporting will help to attain those goals.
Management Conduct a company analysis in order, first, to ensure that the decision to export is supported by all levels of management and, second, to decide who will execute what functions.
Description Answer the question: Why is the product/service unique in an international market?
Market Analysis Determine what the opportunities in this market are.
Target Customers Find out what the demographic and socio economic profile of the target customer is.
Existing Competition Conduct an industry to determine the firm’s competitiveness within the industry. In analyzing competition, it is helpful to know what market shares are and what the expected industry/ market trends are.
Focus Group Research Research a small focus group of potential customers in order to gain feedback and constructive criticism.
Calculated Risk Estimate the industry and the firm’s performance over a period of three to five years so that the firm may accurately calculate risks.
Marketing Strategy Determine how customers will be attracted and their interest sustained.
Pricing/Profitability Define an international pricing strategy.
Selling Tactics Carry out direct mailing, cold calling, and advertising tactics.
Methods of Distribution Determine where and how to deliver overseas.
Advertising Consider foreign labeling and packaging requirements, literature translations, and customer relations.
Public Relations Develop a regular and consistent product/service update programme, internal newsletter, write for technical magazine, press releases etc.
Business Relationship Articulate a plan for developing international business relationships, include culture training. Determining the type of relations, (e.g. agent/distributor, representative, supplier, direct export, etc.).
Manufacturing Plan Indicate initial volume, expansion requirements, sources of materials, location of manufacture, etc.
Financial History Include a five-year Profit and Loss Statement.
Financial Projections Remain realistic and conservative.
12-Month Budget Anticipate costs for each year of exporting.
Cash-Flow Projection Calculate Cash Receipts vs. Cash Disbursements.
Balance Sheet Illustrate liquidity and cash position.
Break-Even Analysis Calculate number of units to sell for break-even.
Source/Use of Funds Decide from where the funds will be obtained to start or expand export operations.
Use of Proceeds Decide where profits and loans will be dedicated.
Conclusions State exporting goals, total capital required, profile expected, schedule and general comments.
AppendixAdd the curriculum vitae of key people involved in the company’s export programme, as well as key accounts, potential customers, market survey data, drawings, agreements and financial projections to the plan as an appendix.
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The core elements of a business plan include the following:
WHAT ARE SOME AVOIDABLE TRAPS TO CONSIDER WHEN DEVELOPING AN INTERNATIONAL BUSINESS PLAN?After gathering resources, conducting research, and becoming familiar with those who can assist in the field, the exporter should begin writing the international business plan. The followings are some avoidable traps that have become problematic for exporters when writing the international business plan.
Seek No-Cost, Low-Cost Advice: Companies that are new to exporting or those companies expanding into an unfamiliar foreign market, often do not obtain qualified export counseling before developing the international business plan.
Qatari exporters may benefit from the highly qualified specialists from both private and public sectors, who can help companies to define their goals clearly and assist them in international marketing.
Obtain management commitment: Before researching and writing the plan, the person charged with developing a foreign market entry strategy must obtain commitment from top management so that potential financiers and foreign partners understand that the key players in the firm are willing to overcome the initial difficulties and financial requirements of exporting. The president and all departments, including accounting finance, logistics, marketing, research, and training, must understand and embrace the firm’s export expansion plans. Details experiential curriculum vitae of all senior staff should be included in the international business plan.
Conduct thorough market research: The exporters should contact the best organisations or data banks for obtaining information on topics such as: trade leads, imports/export opportunities by industry, country and product, available resources, foreign companies or importers looking for specific products, how to market guides, demographic, political and socio-economic conditions in countries throughout the world and other such related information.
Analyse market research: Many international business plans are weak in terms of market research. Market research is simply confirming the exporters’ instinct that a product will sell and be accepted in a particular market. This is learnt by conducting focus groups on the design, size, colour and all other characteristics of the products; by sending product samples; and by generally understanding the unique preferences of the potential foreign customers. The Market Factor Assessment should be included in an international business plan. It is a 36-questions diagnostic which considers demographic, political, economic, social, consumer and competitive factors, and allows the exporter to rate each country based on a market condition scale.
Determine export and import Flow (Industry Analysis): Many companies find it difficult to learn where a particular product is being exported to or imported from. If the exporter is going to be successful in a particular market, it is absolutely critical to determine whether the product can be competitive, and the best way to know that is through the Trade Map which is available on Qatar Development Bank website (www.qdb.qa)
Determine the “Just Right” export price: Pricing a product is the most important factor that will affect the financial projections in the export business plan. Many first time or infrequent exporter do not consider the various non-domestic costs that can contribute to the per unit price. Among the special elements to consider when exporting are the percentage mark up, sales commissions, freight forwarder processing and documentation fees, financing costs, letter of credit processing fee, export packing charges, labeling and marking, inland freight charges, unloading at the terminal, insurance, translations of product materials, etc. Ensure that each of these costs is clearly articulated in financial projections and 12 month budget.
Articulate the firm’s capacity: It is important to stress that pricing is not the only factor which contributes to a buyer’s decisions to purchase a product or service. In order of importance, the followings are other factors which are important to the exporter’s foreign imports and which constitute the “price package” management capability; production capacity and process; quality control system; technical cooperation, if any with foreign firms; structure for handling orders; export experience, including types of companies dealt with; and financial standing and links with banks. All should be included in the international business plan, along with credit terms, payment schedules, currencies of payment, insurance, commission rates, warehousing costs, after-sales servicing responsibilities and costs of replacing damaged goods.
Address the buyer’s decisions points: It is important to address the primary decision points buyers consider so that readers of the business plan realise that the firm understands those factors which are important to foreign buyers. In order of priority, from most to least important, the primary buying decision points are; quality, delivery schedule, price, warranties, liability for claims/damages, patents and infringement protection, technical assistance, confidentiality, changes in drawings/specifications, packaging, terms of payment, mode of transportation, and liability to provide a progress report on orders.
Marketing: Many first time exporters are reactive rather than proactive exporters in that the only reason they are exporting is because someone from another country contacted them. Many firms do not export because they do not know of the low-cost or no-cost marketing opportunities available to them.
TASDEER
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Checking a buyer’s credit: Before the exporter agrees to any deal, it is essential that a potential buyer, distributor, or partner’s credit be checked and the most suitable source for that is through “Tasdeer”.
Methods of distribution: Many firms only consider direct exporting as a means of conducting international business. Direct exporting allows for the greatest control of the marketing, financing and growth of the export market. However, other methods of distribution exist, including; appointing a commissioned sales agent; letting an export management company handle the sale of the product; appointing a sales representative; negotiating a distributor agreement; or entering a licensing agreements, joint venture or off-shore production team.
WHAT IS THE PROCEDURE TO OBTAIN AUTHORISATION TO IMPORT AND ExPORT GOODS FROM QATAR?The company has to have the trading activity of the relevant goods under its commercial registration. For example if a company wishes to import and export electronic appliances then it has to have the activity of trading in electronic appliances under its commercial registration. Once this is accomplished then the company needs to go to the Qatar Directorate General of Customs and request the issuance of an “Import Code” which will allow the company to import and export goods as per the trading activity listed under the commercial registration of the company. Such a request should include the following attachments:1. Letter from the company under its letterhead,
stamped and signed by the general manager of the company requesting the issuance of an import code as per the activities of the company under its commercial registration.
2. Commercial registration copy.3. ID of the general manager.
Once the import code is issued, the company will be directly authorised to import and export goods as per the code and the commercial registration.
WHAT ARE THE VALUE ADDITION NORMS APPLICABLE FOR ExPORTS TO THE GCC?The value-added content for eligibility of GCC-made/ and GCC-bound industrial product is 40%. This is a rule that prevails across the GCC. The steps on registration, certification, and card-issuance that follow are keyed to the 40% minimum value-added requirement.
■ According to the Economic Agreement between the GCC countries, all industrial products should present the certificate of origin if the value addition content is not less than 40% of its final value.
■ Companies interested to export to the GCC should obtain Certificate of Origin from the relevant authority.
■ The value addition is calculated as follows:
For GCC Certificate of Origin:Local Cost Content:
■ Wages and Salaries. ■ Depreciation. ■ Rents. ■ Interests on long term loans. ■ Administration & General Expenses. ■ Production Requirements (Of Local Origin in GCC
Countries). This includes raw materials, auxiliary materials, semi-manufactured materials, packaging material and fuel, electricity & water).
Foreign Cost Content: ■ Production Requirements (Of Foreign Origin,
Outside GCC Countries)
Value Added = Local Cost Content
× 100 Total Product Cost
= (A+B+C+D+E+F)
× 100 (A+B+C+D+E+F+G)
V.A. Should not be less than 40% < 40%
WHAT IS THE ARAB FREE TRADE AREA AGREEMENT AND HOW IT CAN BE UTILISEDBy QATARI ExPORTERS?The State of Qatar, along with 17 other Arab countries, signed the Arab Free Trade Agreement and its implementation commenced on March 9, 1998. According to the agreement, all Arab goods moving between Arab Member States will be afforded the status of national goods in accordance with the principle of gradual liberalisation, which took effect January 1, 1998. By way of annual reductions of 10% of customs duties, fees and taxes, goods are scheduled to be moving duty-free between the member States through the establishment of the Arab Free Trade Zone The Qatari companies can utilise the AFTA as follows:1. Contact International Co-operation and Trade
agreements Department of the Ministry of Business & Trade.
2. The International Co-operation and Trade agreements Department will check the value addition of the products, which should be 40%.
3. After the compliance of the above, the International Co-operation and Trade agreements Department of Ministry of Business & Trade will issue the certificate of origin for the Arab countries.
4. The Qatari exporter has to send the certificate of origin for the Arab country along with the consignment to enable the importers of his product to pay less duty according to the agreement.
TASDEER
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SIGN OFF
Hello, al-salaam alaykum and marhaba. If you don’t recognise me yet, I’m hoping I’ll become a more familiar face in the months that follow. I’m Ayesha Aleem and I’ve just joined Private Sector Magazine as Deputy Editor of the English edition. This is my first time working in the UAE or reporting about Qatar and I’m looking forward to all that I will learn in this part of the world.
My second week of work, I attended The Global Entrepreneurship Week in Doha, a celebration of innovation, business and self-reliance. Sponsored by Qatar Development Bank along with Shell, Enterprise Qatar, Bedaya Center and many more organisations, GEW 2013 made clear the evolving job market and the need for new blood. Great ideas and great minds to make them come alive are what the next generation will rely on to tide over the long-lasting effects of the global economic meltdown.
This applies particularly to women, who are understanding the roles they can play in business and the benefits they can deliver in their families and communities with education. There is a change in progress, in perceptions and action. Qatar is at the forefront of these developments.
The event resuscitated much-needed hope at a time when the financial future looks bleak. The Global Entrepreneurship Week showed young businesses and aspiring entrepreneurs
what opportunities could be harnessed in their own country. The possibilities for
excellence and success in Qatar are alive and well. You just need to look in the right places.
There’s not just a palpable positivity that is contagious in Qatar, there also exists a powerful sense of pride in their history and an earnest effort to invest in
the future. Among the few who can and are willing to do so at a time that is not so
bright, the State of Qatar shines.
Plenty else is also brewing in Qatar. New appointments at Qatar Foundation, exciting opportunities for local students and the impressive Q Rail project is underway. We’re determined to bring you stories from all these sectors and more.
Qatar will be hosting the FIFA World Cup in 2022 and preparations have already begun. The local community is getting together to make sure this is an event that will be remembered. And Dubai just won the bid to host Expo 2020, with similar promises. All eyes are on this region and the world is waiting to be wowed.
The Big 5, international building and construction show, came to town between November 25th-28th. Dubai World Trade Centre turned in to a huge indoor fair, where traders from across the world could pick from bathroom fixtures to steel, landscaping products and heavy machinery, at pavilions that were divided according to countries. This is just one chapter of the massive trade show, which will be making a stop in Saudi Arabia early next year.
The world has been becoming a smaller place for a while. And in recent times, it seems like the Middle East is where everyone wants to meet.
We’ve met some great people through our stories this month and have more to inform and entertain you with in the next. As our valued reader, write to me with your thoughts at [email protected].
OQOODTogether we make legal matters as easy as solving this mazeWhat is OQOOD?
OQOOD is a 70% subsidised legal services programme offered by Enterprise Qatar to Qatari entrepreneurs and SMEs. The programme entails the provision of intellectual property rights and trademark registration, and the development of contracts, agreements and article of association. The objective of this programme is to give Qataris access to subsidised, professional legal services to ensure a sound legal framework for their business. Who is eligible?
OQOOD is offered to Qatari entrepreneurs and SMEs who need assistance in developing contracts and agreements and who are interested in the intellectual property and trademark registration.
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