20 Jun
UAE stays in top 50 startup destinations
Dubai, Abu Dhabi and Sharjah leap in global rankings as govt plays key role.
The UAE and Bahrain rank among the world’s top 100 startup destinations as well as the top two most-preferred ecosystems for startups in the Gulf region.
Globally, the UAE came in at 43rd, while Bahrain jumped 20 places to 75th, according to new study by StartupBlink. Saudi Arabia also improved its ranking by jumping 213 points to rank 281st globally.
The study said the UAE was recognised for the potential of its Arab-speaking market and close involvement of the government in the local startup ecosystem.
A report by Magnitt shows that the UAE remained the most active startup ecosystem in the region with 26 per cent of all deals, followed by Egypt (21 per cent), and Lebanon (13 per cent).
The Magnitt study shows that the number of investments in Mena-based startups was up 31 per cent in 2019, with 564 investments and $704 million in total funding, up 13 per cent compared to 2018, excluding previous mega-deals in Souq and Careem.
In 2019, Egypt, for the first time ever, accounted for the largest number of deals in Mena with a jump of 25 per cent, while the UAE accounted for the lion’s share of total funding and a surge of
60 per cent.
Eli David, chiefexecutive officer of StartupBlink, said good startup ecosystems are fundamental. They create jobs, boost the economy, increase tax revenue, improve quality of life and urban innovation, and attract and retain talent. “As an entrepreneur, location will greatly influence the chances your startup will succeed.”
David said knowing how well your ecosystem performs is also important. “Corporations use these rankings to make decisions about future expansion, universities and consulting agencies use them for research, and governments and local development organisation use them to gauge how well their programs are paying off.”
Pakiza Abdulrahman, manager, Startups at Bahrain Economic Development Board, said picking a startup location is one of the most important choices a founder can make, affecting everything from taxation levels to market access and the cost of doing business.
“Startups coming to Bahrain join a thriving ecosystem that combines pro-enterprise regulation with competitive costs, backed by the support of a government that listens – not to mention our unrivalled access to the $1.5 trillion GCC market,” said Abdulrahman.
“We are delighted that the Bahrain approach – and that of the wider Arab region – continues to gain recognition and we look forward to enhancing our support for the startups of tomorrow and today,” said Abdulrahman.
Bahrain offers startups an ideal testbed location for new ideas, combining pro-enterprise government policies with an ever-evolving ecosystem and a wide pool of international talent.
Source:https://www.khaleejtimes.com/business/global/uae-stays-in-top-50-startup-destinations
10 Jun
21 UAE firms among 100 top Middle East companies
As many as 21 UAE firms have made it to the list of top 100 Middle East companies, the second highest after Saudi Arabia’s 33 entries, according to Forbes.
Qatar came in third with 18 companies while Kuwait and Bahrain have seven companies each on the list and Oman has four. In total, GCC countries make up 90 per cent of the list.
Among the North African countries, Egypt has five companies on the list and Morocco has four. Only one Jordanian company made the list. No Lebanese companies feature on the list as none disclosed their financial statements before 23 April 2020.
The highlight of this year’s list is the arrival of Saudi Aramco, making its debut in first place. The oil giant is currently the most valuable company in the world with a market value of $1.6 trillion.
The 100 companies have a total of $670 billion in sales, $148 billion in net profits, $3.5 trillion in assets, and $2.3 trillion in market value-but Saudi Aramco represents 49 per cent of those total sales, 59.6 per cent of the net profits, and 69.6 per cent of the market cap.
“Although the pandemic has sadly led to the closure of some companies, it has also opened doors of opportunity and growth for others,” said Khuloud Al Omian, Editor-in-Chief of Forbes Middle East. “While the market value of many the companies on our list has dropped, they are still showing great resilience and continuity in difficult times.”
The ranking is compiled based on data from all stock exchanges in Arab countries and analysis of market value, sales, assets, and profits.
Source:https://www.khaleejtimes.com/business/local/21-uae-firms-among-100-top-middle-east-companies
06 Jun
Dubai will be among top 5 tourism destinations
Over past few days, Dubai began to reopen tourism facilities such as holiday homes, beaches, hotels etc.
Dubai stays among the top five destinations for most of the people who are looking at their next holiday as restrictions on air travel ease and airlines resume regular flights, said a senior official.
“World tourism has witnessed an unprecedented negative trend, not seen since World War II. These types of shocks are something that have not been planned by tourism sector globally. We need to work hard to bring back confidence to the sector. However, there are positive indicators. We have seen a lot of online travel agency and other travel sites showing that demand for Dubai is very high and we are among the top five cities that people are looking at as their next holiday destination,” said Helal Saeed Almarri, director-general of Dubai Tourism.
“We are definitely ready and prepared for the next stage and are ready to welcome guests.”
He praised the crisis committee for having the highest level of Covid-19 test as well as the best level of healthcare and attention given to travel ecosystem to make sure that right system is in place so that people can enjoy.
Almarri said no date has been announced yet for the opening up the emirate for tourists but the complete reopening of the tourism sector will happen after Covid-19.
Over past few days, Dubai began to reopen tourism facilities such as holiday homes, beaches, hotels etc.
“While areas which are still pending such as spas, pools and kids play areas still need time before they open up,” he said, adding that “Dubai has the highest global standards of safety and security across all stages of travel reopening. There is going to be reopening of markets not just based on when we are ready but also when everybody else is also ready to open their markets,” he added.
While highlighting the trends in aviation industry, he noted that group travel is likely to decline and there will be more individual travellers, especially in places like China and Russia.
Source:https://www.khaleejtimes.com/business/local/dubai-will-be-among-top-5-tourism-destinations
04 Jun
Covid-19 an opportunity to reinvent business operations
Organisations need to look beyond the need for survival, and view the challenges posed by the Covid-19 pandemic as an opportunity to reinvent their business operations to be more transparent, agile, and effective, experts at the 2020 Remote Workforce Summit said.
Organised and hosted by Khaleej Times, the two-day conference brings together over 500 remote-first leaders and more than 20 handpicked global experts to discuss managing and enabling change across the digital workspace through live interviews, informal chats, and case studies. The virtual conference is brought together with the support of several key sponsors including Automation Anywhere, Nutanix, Blue Prism, Oracle, TeamViewer, Poly, Forcepoint, ITQAN, Tata Communications, Software AG, and Mindware RSA.
Speaking in a panel discussion on what has become the new normal, effective leadership, and trust building, Massimo Falcioni, chief executive officer of Etihad Credit Insurance (ECI), UAE, stressed that business leaders need to reinvent their business operations.
“The UAE, and the rest of the region, places a special emphasis on face-to-face meetings as part of trust building, but, now we are facing a new situation, where we are dealing with a reality where this is not the case,” he said. “As leaders, it is up to you to set clear instructions and guidelines on how to proceed.”
His insights were similar to the observations made by Abiy Yeshitla, vice president for the Gulf states, Oracle Corporation, UAE, who said: “The clients we work with value relationships. The culture here revolves around lunch and breakfast meetings, but, as these past few months have shown, the region has adapted very well to the challenges posed by the epidemic.”
Decentralized organisation as a response
Benjamin Ampen, regional managing director for the Mena region at Twitter UAE, highlighted how many orgamisations have had to switch to a decentralized structure as a result of the social distancing measures introduced across the UAE.
“We had already started working as a decentralized organization before the lockdown,” he said. “For us, the focus on employees and their health has always been the priority. The UAE has actually been very fast to adapt to the changes that were brought about during the lockdown. What will remain important, when creating a business model in the future, is for companies to take into account the challenges faced by employees.”
Needs of the young workforce
Debbie Stanford-Kristiansen, CEO of Novo Cinemas, UAE, said that there have been several success stories that have come out of the ‘work from home’ model.
“We heard from parents who said that they were able to spend more time engaging with their kids, and that this was not possible for them before,” she said. “I think that this is a positive step to the future where we will have to think of it as work-life integration, and not work-life balance.”
“This has also given us the opportunity to focus more on the needs of our young workforce,” she said. “The response that companies have made to the challenges of the pandemic will be scrutinised by the emerging generation of young jobseekers. We know that they actively look at what makes an employer attractive, and this includes working from home models, empathy and support during a crisis, and an understanding of people’s home situation.”
Similarly, Arda Atalay, regional director for the Mena region at LinkedIn, UAE, highlighted the needs of the region’s dynamic workforce. “This pandemic has given us the opportunity to pause and learn. We are an advocate of compassionate leadership, but this does not mean that we have to compromise on being ambitious – they both can go hand in hand.”
Source:https://www.khaleejtimes.com/business/local/covid-19-an-opportunity-to-reinvent-business-operations
