SETTING STANDARDS IN FINANCIAL AUDITING & ACCOUNTANCY
EXCLUSIVE! TOWARDS A COMMON VISION KPMG’s new report argues that corporate reporting needs to HYROYH¶WREHÀWIRUSXUSRVHLQ a rapidly changing world’
RIDING THE REBOUND ‘Rapid-Growth Markets’ pivotal to sustainable global economic recovery, Ernst & Young says
TREASURE IN TREASURY
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EXCLUSIVE! TOWARDS A COMMON VISION KPMG’s new report argues that corporate reporting needs to HYROYH¶WREHÀWIRUSXUSRVHLQ a rapidly changing world’
RIDING THE REBOUND ‘Rapid-Growth Markets’ pivotal to sustainable global economic recovery, Ernst & Young says
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3PURLK0UNYV\W! Accountant Middle East
POLICING THE BOOKS How Colonel Saif Mohammed Saif Bin Abed Al Muhairi combines his accounting work with law enforcement duties
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CONTENTS MARCH 2013
MOVERS & SHAKERS:
Back from the brink – Managing Director and CFO of Gulf International Bank Stephen Williams, on how he has transformed the bank from a struggling ϐ and investment giant that it is today.
WOMEN IN FINANCE:
Diversity advantage – In our second installment, ϐ industry address the issue of gender-‐representation on corporate boards. Policing the books – Colonel Saif Mohammed Saif Bin Abed Al Muhairi on how he combines his accounting work with law enforcement duties.
NEWS & VIEWS:
Call for changes to corporate reporting – KPMG has published a new report which brings together a range of leaders in ϐ Ǥ
Hats off Ȃ ǯǦϐ ϐ ϐ ǡ Ǥ
Current Affairs 6
Change of guard – ICAI Abu Dhabi Chapter elects new managing committee to drive the ǯϐ Ǥ
MERGERS & ACQUISITIONS:
Labour pains or labour gains? – Middle East population boom raises risk of more Ǣǡ ǡǦ Ǥ UAE, Qatar lead in M&A deals – Ernst & Young’s update report shows telecommunications ʹͲͳʹǡ ̈́͵Ǥ͵Ǥ Employment taxes soarȂ reveals how governments have increased job levies, ʹͷΨǯǤ
Growing beyond – Ernst & Young’s Market Leader for Mena Bassam Hage, on how the Rapid-‐ Growth Markets remain pivotal to the hopes for Ǥ
What drives Durdana? – The Course Director of DSR Professional Training JLT tells Accountant Middle East how she discovered her Ǥ Against all odds – We highlight inspiring stories of Phoenix students who have demonstrated enormous self discipline, hard work and resilience, ϐ ǡ Ǥ
Revolving door – Find out t he latest movement of professionals between roles, Ǥ
From the Experts 68 CORPORATE TREASURY:
Treasure in treasury – Read how the Association of ȋǯȌϐ ϐ Ǥ
Overcoming debt deadlockȂ ǡ Consultant of Decol Debt Collections emphasises the importance of Ǥ
Interactions 3 EDITOR'S AUDIT
NEWS & VIEWS
STANCHART ‘BEST ISLAMIC BANK’
NEW TITANIUM CREDIT CARD LAUNCHED STANDARD CHARTERED Bank has announced the launch of a new Titanium MasterCard Credit Card for customers in the UAE. The card comes with firstin-the-market cashback offers on the everyday spend of the customers. Customers can enjoy up to 10% cash back on all supermarket purchases, 10% cash back on utility bills as well as school fee payments. Combined with these marketleading cashback offers, customers will also benefit from a 50% discount on all their movie ticket purchases at VOX Cinemas in the UAE as well as discounts
at hundreds of dining and entertainment establishments across the country. As an added benefit, Chip and PIN technology is introduced for increased payment security. Globally, more than 20 million terminals are Chip and PIN compliant.
STANDARD CHARTERED B ank h as been awarded ‘ Best International I slamic B ank’ in t he Euromoney I slamic Finance Awards 2013, one of t he h ighest accolades i n t he publication’s a nnual event t hat r ecognises excellence across t he I slamic Finance industry g lobally. Standard C hartered S aadiq, t he B ank’s global I slamic banking a rm, w as a lso awarded ‘ Best Structured P roducts House’ and ‘ Deal of t he Year’ for a rranging a $1.85 ϐ ȋ ȌǤ Commenting o n t he a wards, A faq Khan, C EO o f S tandard C hartered S aadiq ȋ ȌǡǢǲ been r ecognised a s a l eading p layer i n t he Islamic F inance i ndustry. T his s uccess is s hared w ith o ur p artners a nd c lients whom w e h ave w orked w ith o ver t he Ǥ our S hariah B oard f or t heir t houghtful guidance a nd s upport.” 6
WORLD BANKING TERMINALS THAT ARE CHIP AND PIN COMPLIANT
UAE gets top audit marks THE UAE Internal Audit Association (UAE-IAA), the local body affiliated to the Institute of Internal Auditors (IIA-Global), has announced the country has topped all Middle Eastern states in terms of the number of internal auditors who obtained CRMA (Certification in Risk Management Assurance), a prestigious international certificate which allows audit practitioners to provide advice and assurance to audit committees and executive management. UAE Internal Audit Association also announced that
the deadline for receiving applications for the CRMA was extended until the end of March due to the high demand. Commenting on this milestone, Abdulqader Obaid Ali (pictured), President of the UAE Internal Audit Association (UAE-IAA) said: "The ranking of the country as one of the top states in the CRMA is a benchmark, which will motivate us to work harder and take this profession to higher levels.”
NEWS & VIEWS
‘DOING BUSINESS IN DUBAI’
“THE P OPULARITY of D ubai a s t he r egion’s best a nd t he world’s emerging g lobal business hub h as empowered t he E mirate to c reate u nique e conomic opportunities and v alue propositions t hat attract t he best of g lobal entrepreneurial a nd business leadership,” H is H ighness S heikh A hmed Bin S aeed A l Maktoum, h as s aid. Sheikh A hmed added t hat D ubai government’s s trong c ommitment t o f ree market e conomy, f air c ompetition a nd economic d iversification a re u nparalleled in t he r egion a nd c ompare w ith t he b est globally’. His H ighness w as s peaking at a n e vent where he l aunched a b ook t itled ‘Doing Business in Dubai’, i n t he presence of R aju Menon ( pictured left), C hairman a nd Managing P artner, Morison Menon Group and Sudhir K umar (right), P artner a nd Head-‐Corporate C ommunications, Morison Menon Group. The b ook, c ompiled a nd published by Morison Menon Group, provides a glimpse of t he v ision w hich led t o t he transformation of D ubai a nd c ontinues t o shape its f uture, a s well a s a n i nsight i nto the details of doing business a nd l iving i n this d ynamic c ity. “This i s t he f ifth e dition of t he ‘Doing Business in Dubai’ b ook a nd it w ill s erve as a n ideal t ool f or g lobal i nvestors f or setting up businesses i n D ubai a nd t o attract Foreign D irect I nvestments ( FDI) t o Dubai,” s aid R aju Menon.
MASTERCARD EXPANDS PAYMENT MODEL MASTERCARD WORLDWIDE has announced record growth of its contactless payments technology, MasterCard PayPass, across the Asia/Pacific, Middle East and Africa (APMEA) region, citing a 28% (YoY) increase in merchant. MasterCard’s PayPass contactless payment network now boasts nearly 700,000 merchant locations in 51 countries as of Q4 2012. Growth data reflects a strong demand from consumers for fast and convenient alternative to cash for everyday purchases in region, including those in emerging markets like Vietnam, which this
month launched contactless payments for the first time. South Africa, Australia, Taiwan, South Korea, Singapore, New Zealand, and United Arab Emirates were credited as key contributors to growth in the APMEA region, and hotbeds for innovation in contactless payments. In East Africa MasterCard has partnered with Kenya’s Equity Bank to roll-out five million EMV and PayPass-enabled debit and prepaid cards over the next 18 months. Thereafter the cards will be rolled out in Uganda, Tanzania, Rwanda and South Sudan.
COUNTRIES WHERE MASTERCARD’S PAYPASS CONTACTLESS PAYMENT NETWORK IS
EBA changes name
EMIRATES BANK Association has announced the change of its name to become ‘UAE Banks Federation’. The association said the new name, reflected on its logo (pictured) mirrors the union of UAE banks and represents the nature of their activities and the best image of the banking sector which plays a vital and significant role in the national economy. HE Abdul Aziz Abdulla Al Ghurair, Chairman of UAE Banks Federation said: “Change of the
name to UAE Banks Federation came in line with the High Management strategic plan adopted at the beginning of last year, which aimed to promote and develop the federation’s work in all aspects in response to the rapid developments facing the banking sector locally and globally.” UAE Banks Federation main objectives stress on the advanced cooperation and harmony between the banks, representing their interests, organising their duties and protecting them derived from the collaboration and coordination with the Central Bank and other Government Entities. 7
NEWS & VIEWS
BARCLAYS LAUNCHES NEW AFRICA CARD
MBS SEES RISE IN FEMALE STUDENTS MANCHESTER BUSINESS School (MBS) Middle East Executive Centre at Dubai Knowledge Village has enrolled 101 new part time MBA students (27 nationalities based in 15 countries) in the January 2013 intake, with a rise in the proportion of female MBA students – 18 per cent for the January intake versus an average of 12 per cent in previous intakes. The Middle East student base has now grown to more than 1,400 part time MBA students and is the largest student cohort in the international network of Manchester Business School.
“We are very impressed with the quality of our students, with many already holding a Masters degree, and also encouraged by the increasing number of female MBA students in the Middle East,” Associate MBA Director (Manchester Business School Worldwide), Xavier Duran, said.
BARCLAYS A FRICA has partnered w ith ICLP in Dubai, t he loyalty specialist, to develop and launch Worldmiles, a rewards programme for its platinum credit c ard holders. T he programme ϐǡ ϐ ϐ airline miles programme in A frica. Worldmiles is available to all Barclays Platinum cardholders in Botswana, Kenya and Egypt, w ith plans to extend to Mauritius in t he near f uture, and caters to the increasing demand for t ravel Ǥ As a member of t he Worldmiles programme, cardholders c an earn Worldmiles for a ll t heir purchases locally, internationally and online. Worldmiles earned c an be redeemed for travel anywhere in t he world, on any airline throughout t he year. Dion Maritz, General Manager, ICLP Middle East ( pictured) said; “ICLP is delighted to be t he agency of choice for Barclays. T here is a g rowing ϐ ϐ initiate a t ravel focused programme in A frica." 8
PART-TIME MBA STUDENTS AT DUBAI’S MANCHESTER BUSINESS SCHOOL
KPMG named best Islamic finance adviser KPMG HAS been named 'Best Islamic Assurance and Advisory Services Provider' in the 2012 Euromoney Islamic finance awards. Muhammad Tariq, UAE head of KPMG’s Islamic Finance practice, said: “The winning of this Euromoney award for a record breaking sixth consecutive year is a testimonial to KPMG's strong
position in this segment.” Phil Knowles, UAE head of KPMG’s Financial Services practice, added: “While Islamic Finance entities have not been shielded from the current challenges of the global financial services industry, KPMG sees strong prospects for growth, particularly here in the MENA region, in the medium term.
NEWS & VIEWS
CALL FOR CHANGES TO CORPORATE REPORTING
ADFS ACCREDITED DUBAI FINANCIAL Market (DFM) announced that Abu Dhabi Financial Services (ADFS) and Finance House Securities have been accredited to provide Margin Trading, lifting the total number of DFM brokerage firms providing this service to 5. The exchange is currently processing similar applications from other brokerage firms
in collaboration with the Securities and Commodities Authority (SCA). Margin Trading permits brokerage companies to fund a percentage of the market value of securities traded, and secure as collateral for the same securities or any other collateral as required by the SCAâ€™s license.
5 WITH Â THE Â effectiveness Â of Â corporate Â reporting Â Â—Â?Â†Â‡Â”Â–ÂŠÂ‡Â•Â’Â‘Â–ÂŽÂ‹Â‰ÂŠÂ–Â‹Â?Â–ÂŠÂ‡Â™ÂƒÂ?Â‡Â‘ÂˆÂ–ÂŠÂ‡Ď?Â‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽ crisis, Â K PMG Â has Â published Â a Â new Â report Â which Â Â„Â”Â‹Â?Â‰Â•Â–Â‘Â‰Â‡Â–ÂŠÂ‡Â”ÂƒÂ”ÂƒÂ?Â‰Â‡Â‘ÂˆÂŽÂ‡ÂƒÂ†Â‡Â”Â•Â‹Â?Â–ÂŠÂ‡Â‹Â”Ď?Â‹Â‡ÂŽÂ† discussing Â t he Â direction Â t hat Â reporting Â needs Â to Â take. Â The Â report Â t itled; Â â€˜The Â f uture Â of Â corporate Â reporting: Â towards Â a Â common Â visionâ€™ Â contains Â t he Â Â˜Â‹Â‡Â™Â•Â‘ÂˆÂ‹Â?Ď?ÂŽÂ—Â‡Â?Â–Â‹ÂƒÂŽĎ?Â‹Â‰Â—Â”Â‡Â•ÂˆÂ”Â‘Â?Â?Â‡Â›Â†Â‹ÂˆÂˆÂ‡Â”Â‡Â?Â– Â˜ÂƒÂ?Â–ÂƒÂ‰Â‡Â’Â‘Â‹Â?Â–Â•Â‹Â?Â–ÂŠÂ‡Ď?Â‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽÂ…ÂŠÂƒÂ‹Â?ÇŁÂ’Â”Â‡Â’ÂƒÂ”Â‡Â”Â•ÇĄ users, Â standard-Ââ€?setters, Â regulators, Â auditors. Â ÇŻÂ•Â‰ÂŽÂ‘Â„ÂƒÂŽÂ…ÂŠÂƒÂ‹Â”Â?ÂƒÂ?Â‹Â…ÂŠÂƒÂ‡ÂŽÂ?Â†Â”Â‡Â™ (pictured), Â w riting Â in Â t he Â foreword Â of Â t he Â report, Â Â•ÂƒÂ›Â•ÇŁ â€œIf Â t here Â is Â one Â point Â of Â consensus, Â it Â is Â t hat Â Â…Â‘Â”Â’Â‘Â”ÂƒÂ–Â‡Â”Â‡Â’Â‘Â”Â–Â‹Â?Â‰Â†Â‡Ď?Â‹Â?Â‹Â–Â‡ÂŽÂ›Â?Â‡Â‡Â†Â•Â–Â‘Â?Â‘Â˜Â‡Â‘Â?Ç¤
Â–ÂŠÂƒÂ•Â–Â‘Â‡Â˜Â‘ÂŽÂ˜Â‡Â‹ÂˆÂ‹Â–Â‹Â•Â–Â‘Â„Â‡Ď?Â‹Â–ÂˆÂ‘Â”Â’Â—Â”Â’Â‘Â•Â‡Â‹Â?Âƒ Â”ÂƒÂ’Â‹Â†ÂŽÂ›Â…ÂŠÂƒÂ?Â‰Â‹Â?Â‰Â™Â‘Â”ÂŽÂ†Ç¤Çł Â?Â†Â”Â‡Â™ÂƒÂ†Â†Â•Â–ÂŠÂƒÂ–Â‰Â‘Â‘Â†Â…Â‘Â”Â’Â‘Â”ÂƒÂ–Â‡Â”Â‡Â’Â‘Â”Â–Â‹Â?Â‰ ÂŠÂƒÂ•ÂƒÂ?Â‹Â?Â’Â‘Â”Â–ÂƒÂ?Â–Â”Â‘ÂŽÂ‡Â–Â‘Â’ÂŽÂƒÂ›Ç˛Â‹Â?ÂŠÂ‡ÂŽÂ’Â‹Â?Â‰Â–Â‘ Â”Â‡Â•Â–Â‘Â”Â‡Â–ÂŠÂ‡Â–Â”Â—Â•Â–Â–ÂŠÂƒÂ–ÂŠÂƒÂ•Â„Â‡Â‡Â?ÂŽÂ‘Â•Â–Ç¤Çł Â‘Â?Â?Â‘Â?Â–ÂŠÂ‡Â?Â‡Â•Â‹Â?Â–ÂŠÂ‡Â‹Â?Â–Â‡Â”Â˜Â‹Â‡Â™Â•Â‹Â?Â…ÂŽÂ—Â†Â‡ÇŁÂ–ÂŠÂ‡ Â?Â‡Â‡Â†Â–Â‘Â?ÂƒÂ?Â‡Â…Â‘Â”Â’Â‘Â”ÂƒÂ–Â‡Â”Â‡Â’Â‘Â”Â–Â•Â?Â‘Â”Â‡ÂˆÂ‘Â”Â™ÂƒÂ”Â†ÇŚ looking; Â how Â to Â achieve Â a Â balance Â between Â too Â Â?Â—Â…ÂŠÂ‹Â?ÂˆÂ‘Â”Â?ÂƒÂ–Â‹Â‘Â?ÂƒÂ?Â†Â–Â‘Â‘ÂŽÂ‹Â–Â–ÂŽÂ‡Ç˘ÂŠÂ‘Â™Â–Â‘Â’Â”Â‘Â˜Â‹Â†Â‡ Â?Â‘Â”Â‡Â—Â•Â‡ÂˆÂ—ÂŽÂ”Â‡ÂƒÂŽÇŚÂ–Â‹Â?Â‡Â‹Â?ÂˆÂ‘Â”Â?ÂƒÂ–Â‹Â‘Â?ÂƒÂ?Â†Â–Â‘Â†Â‡ÂƒÂŽ with Â â€˜Big Â Dataâ€™; Â t he Â proper Â role Â of Â narrative Â reporting Â in Â t he Â â€˜front Â endâ€™; Â whether Â t he Â notion Â of Â â€˜integrated Â reportingâ€™ Â could Â be Â t he Â â€œnext Â big Â Â–ÂŠÂ‹Â?Â‰ÇłÇ˘ÂƒÂ?Â†Â™ÂŠÂ‡Â–ÂŠÂ‡Â”Â–ÂŠÂ‡Â”Â‡Â‹Â•ÂƒÂ?Â‡Â‡Â†ÂˆÂ‘Â”Â?Â‘Â”Â‡ Â†Â‡Â–ÂƒÂ‹ÂŽÂ‡Â†Â”Â‡Â’Â‘Â”Â–Â‹Â?Â‰ÂˆÂ”Â‘Â?Â–ÂŠÂ‡ÂƒÂ—Â†Â‹Â–Â‘Â”ÂƒÂ?Â†Č€Â‘Â”ÂˆÂ‘Â” the Â auditor Â to Â g ive Â assurance Â over Â a Â w ider Â range Â of Â r isks.
TOTAL NUMBER OF DFM BROKERAGE FIRMS PROVIDING MARGIN TRADING
New leaders join â€˜Accountants for Businessâ€™ BUSINESS LEADERS from around the world have been appointed to a global think tank to bring new perspectives on the key issues facing Chief Financial Officers, finance functions and global businesses. The new appointees to the Accountants for Business global forum, a joint venture between ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants), join from a wide range of industries and backgrounds. They include CFOs, managing directors and vice presidents of leading organisations who will bring direct insights and new thinking to the key challenges facing finance leaders and global finance functions. Raef Lawson, vice president of research at IMA (pictured),
said: â€œThis is a great opportunity to bring in senior leaders from the business world to enrich our discussions on future issues impacting the finance function and the broader business agenda.â€? The new forum members Richard Aitken-Davies, Teuta Bakalli, Holger Lindner, Jennifer Tan Yuen Chun, Neil MacLean, Oliver Colling, Paul Mok, Dr Solaiman Altwaijri and Raymond Jack. 9
HATS OFF! The Institute of Chartered Accountants in England and Wales (ICAEW) recently celebrated the achievements of newly-qualified Chartered Accountants as well as students attaining certificates in finance, accounting and business. Graduates were awarded the internationally-recognised ICAEW Chartered Accountancy qualification, the ACA, the Certificate in Finance, Accounting and Business (CFAB), and the Corporate Finance qualification (CFq). The awards were conferred by Regional Director for ICAEW Middle East, Peter Beynon and witnessed by Sheriff of the City of London Alderman the Honourable Jeffrey Evans.
Edward Quinlan Chairman of ICAEW Members Advisory Board (far right) standing with ICAEW graduates Luke Ellyard KPMG (far left), John Arnold KPMG (2nd right), Asim Rasheed Emirates NBD (2nd right),
10 March 2013
FOCUS ON ICAI-UAE
CHANGE OF GUARD
ICAI Abu Dhabi Chapter elects new managing committee to drive association’s agenda in the next financial year NEW FACE OF ICAI-ABU DHABI: The Managing Committee for the Year 2013 comprises of Padmanabha Acharya, Suresh Panwar, Rajiv Shah, Aashish Bhandari, B. S. Mony, Susheel Kumar Jain Pooranmal, Nilesh Ambikar Pramod, Ashraf Musba, Ankur Ranka and Shilpa Gandhi. Others are Malav Patel, Neeraj Ritolia, Ravee R Valia and Manish Bucha.
HE ABU DHABI Chapter of the Institute of Chartered Accountants of India (ICAI) recently elected new officials to set and implement the body’s strategy in the next financial year. In t heir annual general meeting held recently, C A Padmanabha Acharya was elected Chairman and CA Rajiv Shah as Vice-‐Chairman of the Chapter. CA Suresh Chander Panwar is now t he Secretary and C A A shish Bhandari t akes over as Treasurer of t he Chapter. Other main committee members who were elected are C A B.S. Mony heading Membership, C A Susheel Jain in charge of Social affairs, C A A shraf Misba to oversee the running of the Chapter’s Website and Communication issues, CA Nilesh Ambikar heading the Professional Development Committee and A nkur R anka, who is t asked w ith the Media & Student A ffairs. In addition, the members elected CA Neeraj Ritolia, CA Malav Patel, CA Ravi Valia, CA Shilpa
The Institute of Chartered Accountants of India is the second largest accounting body in the world and currently has over 200,000 members.
12 March 2013
Gandhi and C A Manish Buchha as sub-‐committee members to support t he main committee. 6IQLJ[P]LZVMJVTTP[[LL As the 12th Chairman of the Abu Dhabi Chapter of ICAI, CA Padmanabha Acharya acknowledged the immense contribution made by the past chairmen and laid down the objectives of newly appointed committee in ϐǤ “The new team is capable and talented, and I have enormous faith in all the members elected,” Acharya said, adding “the core objective of the Chapter to provide continuing professional education to its members which is a high priority area for the committee.” The Institute of Chartered Accountants of India is the second largest accounting body in the world and currently has over 200,000 members. The Abu Dhabi Chapter of ICAI is one of t he very active chapters among the 21 overseas chapters of t he Institute. The Abu Dhabi Chapter has been in existence for the past 29 years and currently comprises about 600 members. The Chapter is actively involved in enhancing and updating the professional knowledge of its members through organising seminars under the Continuing Professional Education programmes of t he Institute.
FOCUS ON ICAI-UAE
AN EVENING WITH CHETAN 'For the right motivation and passion, you never age,' globally celebrated author tells audience at event organised by the Institute of Chartered Accountants of India
HETAN BHAGAT, the biggest selling English-language novelist in India recently challenged professionals to “uphold the tenets of the profession in today’s demanding and challenging marketplace.” “Failure shouldn’t have so much power that it can make you quit,” he said is his speech. While addressing the members drawn from both the Dubai and Abu Chapters of the Institute of Chartered Accountants of India (ICAI), the author’s wit and humor drew incessant burst of applause ǡ ϐ ǯ College Auditorium with laughter and good energy. º.HTLVM;PTL» Talking about leadership in the event dubbed ‘CEO 2020’; Chetan captivated the audience with what he referred to as the ‘Game of Time’. “Time management is the key to being a good CEO. Challenge yourself to be the ‘CEO 2020’ to leave your footprint behind,” he said. Chetan is the author of six blockbuster novels and ǲͳͲͲ ϐ the world” by Time Magazine. He has also been named as one of the world’s “100 most creative people in business” by Fast Company, USA. The author writes columns for leading English and Hindi newspapers, focusing on youth and national
VOTE OF THANKS: Ramesh Krishnan, the immediate former Chairman of ICAI-Abu Dhabi Chapter and James Mathew, the Chairman of Dubai Chapter present a memento to Chetan Bhagat, after the celebrated author delivered his keynote speech at a recent event organised by the two Faculties.
CELEBRITY TALK: Chetan Bhagat is the author of six blockbuster novels and has CFFOMJTUFEJOi.PTU*OnVFOUJBM1FPQMFJOUIFXPSMEwCZ Time Magazine.
development issues. He is also a motivational speaker. He quit his international investment banking career in 2009 to devote his entire time to writing. 7SH[MVYTMVYUL[^VYRPUN ICAI, Abu Dhabi and Dubai Chapters have teamed up to bring eminent personalities in the UAE, to address the association’s members on key issues of management. “Both Chapters have been working diligently to provide our professional colleagues a platform for networking, association and further professional ǡǳ ǡ of Dubai Chapter. ǲ ϐ profound efforts, the passion and the enthusiasm of those members who are committed to the progress of the Chapters. We will continue with the determination to create ICAI a global presence and make the Chapters a success and mark of professional triumph,” he added. Ramesh Krishnan, Chairman of Abu Dhabi Chapter added, “There was a promise last year, when we did the ϐ Chapter that we will have more celebrity speakers – and we are proud that this is a reality today.” 13
AT A TIPPING POINT? Middle East business confidence slightly down; region overtaken by Africa as leader of recovery, global economic survey of accountants shows...
RESPONDENTS WHO FEEL THAT THE GLOBAL ECONOMY IS ON COURSE FOR RECOVERY
LOBAL BUSINESS confidence dropped marginally in the fourth quarter of 2012, according to a survey of 1,994 finance professionals around the world. Forty three per cent of global respondents reported ϐ ȋ 41 per cent in Q3), while only 19 per cent reported ϐ Ǥ Meanwhile, 30 per cent of respondents considered ȋ ʹͻ ͵Ȍǡ ͷ ȋ Ȍ Ǥ :JVWLVMLJVUVTPJ]HYPHISLZ ǡ ȋ ϐ Ȍ ȋ Ȍ ǡ Ǥ ǡ
14 March 2013
Raef Lawson IMA vice president of research: “What is encouraging is that capital spending increased in the Middle East, as it did in Western Europe and the "TJB1BDJmDSFHJPOw
ϐ Ǥ ʹΨ ϐ ǡ ͵ͷΨ previous quarter, the reporting no change ϐ ͶͶΨǤ
This has resulted in the wider Middle East region losing its narrow lead ϐ ǡ Ǥ ǡ ͶͻΨ ȋͶͺΨȌǤ Raef Lawson IMA vice president of research, observed: “The picture in the UAE is one of slightly ǡ
stabilising, we’re not so sure. W hat is encouraging is that capital spending increased in the Middle East, as it did in Western Europe and the Asia-‐ ϐ ǡ Ǥ This was welcome news following six months of Ǥǳ Stuart Dunlop, head of ACCA Middle East said: “It is less encouraging to see input prices have ǡ subdued with businesses reluctant to invest in current or new staff. Respondents are reporting their suppliers and customers; this does not bode Ǥǳ ǲ ǡ region in which members believed, on balance, that Ǥ perception has changed in the last three months, ǡǳǤ .SVVT`V\[SVVR ǡ ǯ ͳ ǡ͵ΨǮ ϐǯ ǯ ͳʹ Ǥ ̵ ͶͲΨ ̵ ϐ̵ʹͲͳʹ ͶͺΨ ʹͲͳͳǡ ͵ͳΨ ʹͳΨʹͲͳͲʹͲͲͻǤ ǡʹͺΨ ʹͲͳ͵ǡ ͳͺΨ ǢͷʹΨ Ǥǯ ǡ ͶͺΨ ʹͲͳʹǤ ϐ short term revenue growth. Faced with ongoing ǡʹʹΨ ϐ ǡ ʹΨ͵ͻΨʹͲͳͳǤϐ term growth also declined in North America to ͵͵ΨȋͶʹΨʹͲͳʹȌ ϐ ͵ΨȋͶʹΨ ʹͲͳʹȌǤ ǡ Ǧ ǡ ϐ ͶͶΨǡͷΨǤ ǡ ǡ Ǥ ϐ ͷ͵Ψǡ Ǥ ǡ ϐ ǢͶΨ
Stuart Dunlop, head of ACCA Middle East: “Respondents are reporting fewer opportunities for working more closely with their suppliers and customers; this does not bode well for the UAE or the wider region.”
ϐ prospects in the next ǡ Ǥ CEOs in Africa and the Middle East were most ϐ ǡ ʹΨ ͷΨ Ǥ ǡ ͷͳΨ ̵ ϐ̵ long term growth, while ͷʹΨ ϐ ϐǤ ϐ ͵ͶΨǤ
ǡ Ǥ ǡ Chairman of PricewaterhouseCoopers International, said: “CEOs remain cautious about Ǥ ǡ of concern among CEOs about issues -‐ such as Ǧǡ ǡ Ǧ ϐ ͳʹǤǳ ̶ ϐ Ǥ ǡ ϐ ǡ Ǥ ǡ Ǥ ǡ focus on customers, collaborating with them more ǡǡ̶Ǥ >OH[^VYYPLZ*,6ZTVZ[& ϐ ǡ Ǥǡ ͺͳΨ Ǥ
As the difficult economic conditions persist, CEOs are generally more worried about a wider range of issues than they were a year ago. Top of the list is the continuing uncertainty over economic growth.
message to governments around the world, other key CEO worries are the government response ϐ ϐ ȋͳΨȌǡ Ǧ ȋͻΨȌ ȋͳΨȌǤ Ǧ ʹͲͲǤ ǡ ǡͳʹΨ Ǥ ǡ ȋʹΨȌǡ ȋͷͺΨȌ ȋͷʹΨȌǤ +LHSPUN^P[OKPZY\W[PVU
and thrive amid disorder, CEOs are pursuing ϐ ǣ ǡ Ǥ ͺΨ Ǥ ǯ ǡ Ǥ ǡ ǡ ʹͷΨ Ǥ ͳΨ Ǥ Ƭǡ ǡ ϐ ϐǤ ǡ ͵ͳΨ ǡȋʹ͵ΨȌǡȋͳͷΨȌǡ
ȋͳʹΨȌǡ ȋͳͲΨȌǤ ϐǡ Ǥ ȋ ̈́ͳͲ Ȍǡ ǡ
Perceptions of the global economy fell into negative territory, with 49% of respondents in the UAE seeing a weaker or stagnant global economy ahead.
16 March 2013
as most important ͶͷΨ ʹͲΨ *VUJLU[YH[PUNVU[OL J\Z[VTLY ȋͶͻΨȌ Dennis M. Nally, patterns as a serious Chairman of PricewaterhouseCoopers International: “CEOs ͷͳΨ remain cautious about investment priority their short term prospects and the outlook for the ͳʹ global economy.” was growing their ǤͺʹΨ Ȃ ͵ͳΨ Ǥ
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MOVERS & SHAKERS
BACK FROM THE
BRINK As the Managing Director and CFO of Gulf International Bank, Stephen Williams will go down in history as the leader who transformed the bank from a struggling institution to a fully diversified wholesale commercial and investment giant that it is today...
T SHANE PHILLIPS MANAGING DIRECTOR, SHANE PHILLIPS CONSULTANTS
WENTY-SIX YEARS ago, Stephen Williams decided to leave his post as an audit manager at Peat, Marwick, Mitchell & Co – the renowned accounting firm that was founded in London in 1870 and that would go on to form the ‘P’ in KPMG.
For Williams, his journey at GIB has been anything but a smooth r ide and it has never failed to present him with the kind of challenges that occasionally leave him lying awake at night. He has seen the business change entirely, from a ϐ wholesale commercial and investment bank.
He had no idea that he was about to become what people used to call a ‘company man’. He certainly had no idea that he was destined to become the central player in an astonishing corporate disaster.
As the Managing Director and Chief Financial ϐ
ȂǦ Ȃ ǯϐ for. He speaks in a youthful tone and still seems to be very excited about his role.
He joined Gulf International Bank (GIB) when it was essentially an investment vehicle for the GCC government’s petro-‐dollars in the emerging markets of Latin America. That company bears little resemblance to the giant it is today, managing assets worth in excess of $18 billion. ;HJRSPUNUL^JOHSSLUNLZ Many people would wonder why somebody would ϐ Ǧ Ǥ Surely you’d hit a ceiling? Surely you’d get bored? ǯϐ ǫ 18 March 2013
He’s proud of the journey he has been on and ϐϐ with t he same company for so long. “I’ve seen this bank and the entire region evolve over more than two decades. I’ve had four different jobs w ithin t his company and have been a key part of t he management team t hrough very good times and some pretty appalling ones too,” he says, adding “Frankly, I don’t feel as if I have
MOVERS & SHAKERS
VISIONARY: Stephen Williams, Managing Director and Chief Financial 0GmDFSPG(VMG*OUFSOBUJPOBM Bank, Bahrain
Since t hen he has never looked back. W hen asked what his greatest achievement has been at GIB, he doesn’t hesitate to start talking about his team. T his says a lot about a man who t urned t his company around in the aftermath of the Great Recession and pulled it back from the brink of bankruptcy. He talks warmly and fondly of the large team of seventy young professionals that he has put together. “It gives me enormous pleasure to work with intelligent and ambitious young people. They ǡ ǡ ϐ Ǥϐ up primarily of Bahraini nationals, who are all without question, ambitious, dedicated and passionate people. I am genuinely t hrilled to have brought a ll of t hese people together over t he past ten years.” 5LHYÄUHUJPHSTLS[KV^U ϐ ǡ ǡ most important parts of a CFO’s job. But many view it as a soft skill. Williams has steered GIB ϐ meltdown but without a team that he could believe in, he isn’t so sure that he and the wider company could have pulled t hrough.
been with the same company at all. The name above the door is the same but that is pretty much where it ends.”
At the time of the recession, GIB came very close to becoming another Lehman Brothers. It had a portfolio of $5 billion of toxic assets and securities, bad debts that promised to destroy the company.
6WWVY[\UP[PLZPU[OL.\SM Back in 1984, the economies of the Gulf hardly registered on the global economic radar. For a young audit trainee from London to accept the offer of a move to a place that few people were familiar with – and to leave the London boom of the 1980’s behind – was unusual. For Williams, it was a no-‐brainer.
“We had a business model that was completely broken. We were over-‐leveraged. We were unable to fund ourselves without assistance, our cost base was unsustainable and we had become reliant on short-‐term wholesale funding. The whole model was totally and utterly broken. It was, frankly, a disaster. Let me tell you, it’s not pleasant sitting in t he CFO’s chair when t he world
“I knew that there was money in the Gulf and I sensed – instinctively I guess – that there would be huge opportunities for me to move in to the kind of job t hat I really wanted. I was a lso keen to explore the wider world and when my bosses at Peat, Marwick, Mitchell & Co asked me to move to Bahrain, I didn’t t hink t wice,” t he CFO says. So, w ith only four years experience under his belt, the Institute of Chartered Accountants in England ȋ ȌǦϐ on a plane and headed to Bahrain.
“When you’re in the middle of a major crisis, you sink or swim. We had to make some extraordinary decisions in order to make the business survive… but this was a moment in history that taught me that most valuable of lessons: to think the unthinkable.”
MOVERS & SHAKERS
falls Â apart Â and Â you Â realise Â that Â your Â assets Â are Â essentially Â worthless.â€? Â The Â bank Â was Â ultimately Â saved Â by Â its Â shareholders, Â who Â purchased Â the Â banks Â toxic Â debts, Â wiping Â the Â slate Â clean. Â The Â biggest Â buyer Â of Â these Â debts Â was Â the Â government Â of Â Saudi Â Arabia. Â These Â were Â turbulent Â t imes Â for Â t he Â global Â economy Â and Â t imes Â during Â which Â it Â became Â incredibly Â important Â for Â Williams Â to Â keep Â his Â cool Â and Â steer Â the Â company Â Â–ÂŠÂ”Â‘Â—Â‰ÂŠÂ•Â‘Â?Â‡Â˜Â‡Â”Â›Â†Â‹ÂˆĎ?Â‹Â…Â—ÂŽÂ–Â…ÂŠÂƒÂ?Â‰Â‡Â•Ç¤ â€œWe Â had Â a Â new Â board Â of Â directors, Â a Â new Â CEO Â â€“ Â and Â this Â was Â a ll Â at Â t he Â beginning Â of Â 2009. Â Â Prior Â to Â t his Â Â–ÂŠÂ‡Ď?Â‹Â”Â?Â™ÂƒÂ•Â‘Â™Â?Â‡Â†Â„Â›Â˜ÂƒÂ”Â‹Â‘Â—Â• Â‰Â‘Â˜Â‡Â”Â?Â?Â‡Â?Â–Â• (each Â owning Â various Â chunks) Â but Â when Â Saudi Â stepped Â in, Â it Â increased Â its Â share Â f rom Â 56 Â per Â cent Â to Â 97 Â per Â cent.â€? Â â€œIn Â a Â very Â short Â space Â of Â time, Â the Â companyâ€™s Â entire Â Â?ÂƒÂ?ÂƒÂ‰Â‡Â?Â‡Â?Â–ÇĄ Â‘Â™Â?Â‡Â”Â•ÂŠÂ‹Â’ ÂƒÂ?Â† Ď?Â‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽ Â’Â‘Â•Â‹Â–Â‹Â‘Â? were Â turned Â upside Â down. Â Having Â your Â hands Â on Â the Â wheel Â during Â those Â weeks Â and Â months Â was Â incredibly Â exhilarating Â â€“ Â occasionally Â terrifying Â â€“ Â but Â exhilarating Â all Â the Â same. Â It Â was Â a Â moment Â in Â history.â€? Â :H]PUNIHURMYVTY\PU It Â may Â seem Â strange Â in Â a Â hard Â capitalist Â environment Â such Â as Â investment Â banking Â to Â see Â a Â huge Â bank Â saved Â by Â a Â friendly Â regional Â government. Â The Â truth Â is, Â itâ€™s Â exactly Â the Â same Â kind Â of Â action Â that Â has Â been Â used Â time Â and Â again Â all Â over Â the Â world Â since Â the Â crisis Â began. Â Itâ€™s Â certainly Â not Â dissimilar Â to Â the Â nationalisation Â of Â Â„Â› Â–ÂŠÂ‡ ÇŻÂ• ÂˆÂ‘Â”Â?Â‡Â” Â”Â‹Â?Â‡ Â‹Â?Â‹Â•Â–Â‡Â” Â‘Â”Â†Â‘Â? Brown, Â a Â move Â t hat Â shocked Â t he Â business Â world. Â Williams Â was Â almost Â the Â only Â member Â of Â the Â executive Â management Â team Â to Â stay Â with Â the Â bank Â throughout Â the Â recession. Â This Â is Â perhaps Â because Â he Â was Â the Â man Â who Â developed Â the Â very Â idea Â of Â selling Â t he Â toxic Â debts, Â t hus Â recapitalising Â the Â bank Â and Â saving Â it Â from Â ruin. Â The Â challenge Â then Â of Â course, Â became Â perhaps Â even Â g reater. Â â€œSecuring Â the Â bankâ€™s Â future Â not Â only Â rested Â on Â getting Â rid Â of Â bad Â debts, Â recapitalisation Â and Â bringing Â in Â a Â new Â management Â team Â but Â it Â also Â meant Â persuading Â the Â bankâ€™s Â new Â owners Â that Â Â–ÂŠÂ‡Â”Â‡Â™ÂƒÂ•Â˜ÂƒÂŽÂ—Â‡Â‹Â?Â?Â‡Â‡Â’Â‹Â?Â‰
ÂƒÂ•ÂƒÂ‰Â‘Â‹Â?Â‰Â…Â‘Â?Â…Â‡Â”Â?ÇĄ rather Â t han Â folding Â it Â in Â to Â t he Â Saudi Â governmentâ€™s Â other Â portfolio Â of Â banks.â€? Â Williams Â and Â his Â new Â CEO Â were Â tasked Â with Â the Â job Â of Â developing Â a Â platform Â that Â could Â take Â the Â bank Â forward. Â 20 March 2013
â€œThe Â government Â of Â Saudi Â clearly Â needed Â to Â k now Â Â–ÂŠÂƒÂ–Â–ÂŠÂ‡Â”Â‡Â™ÂƒÂ•ÂƒÂ•Â–Â”ÂƒÂ–Â‡Â‰Â‹Â…ÂƒÂ†Â˜ÂƒÂ?Â–ÂƒÂ‰Â‡Â‹Â?Â?Â‡Â‡Â’Â‹Â?Â‰
and Â for Â us Â that Â meant Â ripping Â everything Â up Â and Â starting Â from Â scratch. Â It Â meant Â drilling Â down Â in Â to Â the Â DNA Â of Â the Â bank Â to Â investigate Â how Â it Â could Â give Â value Â back Â to Â the Â government Â of Â Saudi Â and Â â€“ Â Â…Â”Â—Â…Â‹ÂƒÂŽÂŽÂ›Č‚Â‰Â‹Â˜Â‡Â–ÂŠÂ‡Â?Â–ÂŠÂ‡Â…Â‘Â?Ď?Â‹Â†Â‡Â?Â…Â‡Â™Â‡ÂƒÂŽÂŽÂ?Â‡Â‡Â†Â‡Â† ÂˆÂ‘Â”Â–ÂŠÂ‡Â?Â–Â‘Â…Â‘Â?Â–Â‹Â?Â—Â‡Â–Â‘Â‹Â?Â˜Â‡Â•Â–Â‹Â?
ÇŻÂ•ÂˆÂ—Â–Â—Â”Â‡Ç¤Çł :[HISLM\UKPUNWYVNYHTTL This Â all Â sounds Â like Â pretty Â scary Â stuff Â but Â for Â Williams Â it Â meant Â getting Â back Â to Â the Â basics Â of Â Â™ÂŠÂƒÂ– Â?ÂƒÂ?Â‡Â• ÂƒÂ? Â‹Â?Â˜Â‡Â•Â–Â?Â‡Â?Â– Â„ÂƒÂ?Â? Â’Â”Â‘Ď?Â‹Â–ÂƒÂ„ÂŽÂ‡Ç¤ Â‡ and Â his Â new Â colleagues Â set Â about Â stripping Â the Â bank Â down. Â â€œFirst Â of Â all Â we Â had Â to Â try Â to Â get Â the Â bank Â on Â a Â stable Â footing Â -Ââ€? Â that Â meant Â reducing Â leverage, Â ending Â our Â proprietary Â trading Â activity, Â we Â had Â to Â reduce Â our Â loan Â portfolio Â (reducing Â lending) Â and Â a lso Â address Â t he Â f unding Â of Â t he Â bank Â â€“ Â we Â put Â in Â place Â a Â long Â term Â borrowing Â programme Â and Â Â–ÂŠÂ‡Â? ÂƒÂ†Â†Â”Â‡Â•Â•Â‡Â† Â–ÂŠÂ‡ Â…Â‘Â•Â– Â„ÂƒÂ•Â‡Ç¤ ÂŠÂƒÂ– Â™ÂƒÂ• Â†Â‹ÂˆĎ?Â‹Â…Â—ÂŽÂ– of Â course; Â it Â meant Â we Â had Â to Â make Â redundancies. Â This Â was Â a Â complete Â shock Â to Â the Â system Â for Â the Â bank Â â€“ Â the Â company Â had Â always Â had Â a Â family Â
PASSING THE BATON: â€œIt gives me enormous pleasure to work with intelligent and ambitious young people. They will be, after all, the people XIPXJMMmMMNZTIPFTPODF I have gone.â€?
MOVERS & SHAKERS
ϐ Ǥ ǤǡǤǳ ʹͲͳͲǡ Ǥ ǲ ǡ ǡ Ǥ ǡϐ Ǧǡ Ǥǳ Ǥ ϐ Ǥ :[YVUNLYÄUHUJPHSWSHJL ǡ ϐ ǤʹͲͳʹǯ
Williams’ decisions have enabled the bank to secure the support and confidence of external stakeholders. At the beginning of 2012, the bank’s Fitch Viability rating was upgraded, in recognition that it was in a stronger financial place.
ǡ ϐ Ǥ ǲǡʹͲͳͳǡϐǤ ȋȌ Ǧ Ȃ ϐ Ǧ Ǥ ǡ ǯ Ǥ ǯ Ǥǳ ǯ Ȃ ǦǤ ǡ Ǧȋ ȌǦ
Ǧ ǡ Ǥ Ǧ ǡ Ǧ ǡ Ǥ Ǥ ǡ ǡǯ Ȃ Ǥ 0U]LZ[PUN[PTLPU[YHPUPUN ǡǤ Ǯ ǯ Ǥ Ȃ Ȃ Ǥ 21
MOVERS & SHAKERS
JOURNEY TO THE TOP: “I’ve seen Gulf International Bank and the entire region evolve over more than two decades. I have been a key part of the management team through very good times and some pretty appalling ones too.”
When pressed on whether or not there was ever a day when he thought of throwing it in, or that the bank might not survive, he is characteristically chirpy. “When you’re in t he middle of it – when you’re so busy, t here’s just no t ime to look around to second-‐ guess outcomes. You’re knee deep in sorting it out, motivating the team and working with your stakeholders. And as I say, I’m just one of those people who tend to see the positive. It never crossed my mind t hat t hings could go w rong.” Williams talks in great depth about leadership and t he i mportance of i nvesting t ime a nd effort in training and supporting his team. He also ϐ it was to make redundancies during the tough times. He’s clearly a man who is able to make those tough calls – for the survival of the ϐ other key s takeholders.
At the time of the recession, Gulf International Bank came very close to becoming another Lehman Brothers. It had a portfolio of $5 billion of toxic assets and securities, bad debts that promised to destroy the company.
22 March 2013
“I look back at t hose t imes and I recall explaining to people how important it was to make redundancies – it’s hard. But I look back and I know it was the right thing to do. I am still in touch w ith many of t hose people and lots of t hem have gone on to achieve success elsewhere. The fact is, it’s all part of being an effective leader. I didn’t enjoy it but I k now it was t he r ight t hing to do, for everybody involved.” ;OPUR[OL\U[OPURHISL He’s somebody who talks rather easily about being a visionary. Although I suspect he is somebody who stumbled across the need to be a visionary by accident. “When you’re in the middle of a major crisis, you sink or swim. I have learnt that in those times – perhaps in all times – there is no idea, no matter how insane it may seem, that should be immediately dismissed. We had to make some extraordinary suggestions in order to make this business survive. I never ǯϐ Ȃ this was a moment in history that taught me that most valuable of lessons: to think the unthinkable. It’s a great lesson.” “Deciding to off-‐load $5 billion of toxic debts to a government shareholder has not only allowed us to survive but it has taken us down a path that would otherwise not have appeared before us. We now sit in a t ruly unique space in t he market. That g ives me and every single stakeholder g reat ϐ ǯǤǳ
ROBERTT HALF ROBER HALF FINANC FINANCEE AND AND Job title CFO
ACCOUNTING ACCOU NTING SALARI SALARIES ES (in (in USD) USD)
Size of business S/M
Assistant Treasurer Finance Manager
Tax Director Tax Manager Senior Tax Associate Senior Financial Analyst Financial Analyst Compliance Director Compliance Manager Compliance Officer
S/M Large Large S/M
Senior Finance Associate
Financial Controller Assistant Financial Controller
roberthalf.ae 2013 Salary Guide |
WOMEN IN FINANCE
DIVERSITY ADVANTAGE In our second installment of the topic ‘Women in Finance’, Joyce Njeri speaks to women in senior positions in accountancy and finance industry, to assess their views on genderrepresentation on corporate boards...
N TODAY’s global marketplace, corporations play a significant role in the structure of the economy.
It is due to recognition of this fact that recently, in an effort to combat some of the issues preventing women from reaching senior leadership positions, the Prime Minister and Vice President of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued a decree to make representation of women in companies’ boards, compulsory. Various research studies have shown that although women are making inroads in lower-‐ and middle-‐ ǡ ϐ under-‐represented in the C-‐suite level for many of the most successful companies. Would having gender diversity in company ϐ characteristics of companies? .V]LYUTLU[»ZPU[LY]LU[PVU A recent analysis by Credit Suisse revealed that having women on corporate boards helped to enhance companies’ bottom line and further ϐǤ ʹǡ͵Ͳ companies globally over the last six years, the report shows that it would on average have been better to have invested in corporates with women on their management boards than in those without. Although the proportion of women at board level generally remains very low, the study observes that
24 March 2013
Susie Isaacson, ACCA Middle East Head of UAE
that is changing, as governments intervention in ǡ ϐ years. Besides the UAE, seven countries have passed legislation mandating female board representation and eight have set non-‐mandatory targets.
WOMEN IN FINANCE
Deepa Chandrashekar, Senior Finance Professional at Qatar Petroleum
ϐǡ research into the differences between men and women when it comes to access to the boardroom, ϐ ǡ ϐǤ ϐ Ǥ
So what factors are impeding women’s advancement ϐ ǫ ϐ Ǥ *HYLLYWH[OMVY^VTLU ǡ ǡ ϐ Ǥ ǲ ϐ ϐ ϐ ǡ ǡǳǡǲǡ ǡ ϐ ǡ Ǥǳ Ǯ ϐ ǣ ǫǯ ǡ ϐ Ǥ
ǲ ǡǳ ǡ ǲϐ Ǥ ϐ Ǥǳ ǡ ϐ Ǥ ǡ
Various research studies have shown that although women are making inroads in lower- and middle-management positions, they are significantly under-represented in the C-suite level.
WOMEN IN FINANCE
of Â the Â Qatar Â Advisory Â Committee Â of Â ACCA. Â )YLHRPUNKV^U Z[LYLV[`WLZ The Â ACCA Â research Â also Â reveals Â that Â women Â appear Â to Â have Â been Â more Â successful Â in Â reaching Â the Â most Â senior Â jobs Â through Â Â–ÂŠÂ‡ ÂˆÂ—Â?Â…Â–Â‹Â‘Â? Â‘Âˆ Ď?Â‹Â?ÂƒÂ?Â…Â‡ Dr Ruth Sealy, Deputy %JSFDUPS$SBOmFME and Â this Â may Â have Â International Centre for implications Â for Â other Â 8PNFO-FBEFST functions Â when Â looking Â to Â encourage Â the Â progression Â of Â female Â talent. Â Ç˛ Â…Â‡Â”Â–ÂƒÂ‹Â? ÂŽÂ‡Â˜Â‡ÂŽ Â‘Âˆ Ď?Â‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽ ÂƒÂ…Â—Â?Â‡Â? Â‹Â• Â?Â‡Â…Â‡Â•Â•ÂƒÂ”Â› for Â all Â board Â directors,â€? Â says Â Dr Â Ruth Â Sealy, Â Deputy Â Â‹Â”Â‡Â…Â–Â‘Â” Â‘Âˆ Â–ÂŠÂ‡ Â”ÂƒÂ?Ď?Â‹Â‡ÂŽÂ† Â?Â–Â‡Â”Â?ÂƒÂ–Â‹Â‘Â?ÂƒÂŽ Â‡Â?Â–Â”Â‡ ÂˆÂ‘Â” Women Â Leaders Â and Â co-Ââ€?author Â of Â the Â ACCA Â report. Â Ç˛ Â‘Â” Â™Â‘Â?Â‡Â?ÇĄ ÂŠÂƒÂ˜Â‹Â?Â‰ Âƒ Ď?Â‹Â?ÂƒÂ?Â…Â‡ Â“Â—ÂƒÂŽÂ‹Ď?Â‹Â…ÂƒÂ–Â‹Â‘Â? Â‘Â” functional Â background Â helps Â to Â break Â down Â some Â persistent Â stereotypes Â about Â their Â competence, Â giving Â them Â credibility, Â legitimacy Â and Â a Â common Â language Â that Â allows Â them Â to Â join Â the Â conversation Â of Â the Â boards,â€? Â she Â adds. One Â issue Â though Â that Â elicited Â cynical Â reaction Â is Â the Â Â•Â‡Â–Â–Â‹Â?Â‰ÂƒÂ•Â‹Â†Â‡Â‘ÂˆÂ“Â—Â‘Â–ÂƒÂ•Â–Â‘Â‹Â?Â…Â”Â‡ÂƒÂ•Â‡Â™Â‘Â?Â‡Â?Â?Â—Â?Â„Â‡Â”Â• on Â corporate Â boards. Â According Â to Â Susie, Â ACCA Â believes Â that Â the Â solution Â to Â increase Â womenâ€™s Â participation Â is Â not Â Â?Â‡Â…Â‡Â•Â•ÂƒÂ”Â‹ÂŽÂ›Â–ÂŠÂ”Â‘Â—Â‰ÂŠÂŽÂ‡Â‰Â‹Â•ÂŽÂƒÂ–Â‹Â‘Â?ÇĄÂ“Â—Â‘Â–ÂƒÂ•ÂƒÂ?Â†Â–ÂƒÂ”Â‰Â‡Â–Â•ÇĄ â€œbut Â through Â practical Â steps Â that Â could Â make Â a Â substantive Â difference.â€? â€œSo Â the Â decision Â by Â His Â Highness Â was Â clearly Â a Â practical Â solution Â which Â has Â been Â introduced Â to Â bring Â about Â change. Â Such Â practical Â steps Â can Â only Â be Â welcomed,â€? Â she Â added. Â‡Â‡Â’Âƒ Â™ÂƒÂ• Â…ÂƒÂ–Â‡Â‰Â‘Â”Â‹Â…ÂƒÂŽ Â–ÂŠÂƒÂ– Ç˛Â–ÂŠÂ‡ Â“Â—Â‘Â–Âƒ Â•Â›Â•Â–Â‡Â? is Â probably Â a Â small Â step Â taken Â towards Â the Â right Â Â†Â‹Â”Â‡Â…Â–Â‹Â‘Â?Ç¤Â‘Â™Â‡Â˜Â‡Â”ÇĄÂ•Â‘ÂŽÂ‘Â?Â‰ÂƒÂ•Â™Â‘Â?Â‡Â?ÂŠÂƒÂ˜Â‡Â–Â‘Ď?Â‹Â‰ÂŠÂ– ÂˆÂ‘Â”Â‡Â“Â—ÂƒÂŽÂ”Â‹Â‰ÂŠÂ–Â•ÇĄÂ?Â‘Â?Â‡Â‘ÂˆÂ–ÂŠÂ‡Â?Â‘Â†Â‡ÂŽÂ•Â™Â‹ÂŽÂŽÂ„Â‡Â‡ÂˆÂˆÂ‡Â…Â–Â‹Â˜Â‡Ç¤Çł Ç˛ ÂƒÂ?ÂƒÂ…Â–Â—ÂƒÂŽÂŽÂ›Â•ÂƒÂ†Â†Â‡Â?Â‡Â†Â„Â›Â–ÂŠÂ‡ÂˆÂƒÂ…Â–Â–ÂŠÂƒÂ–Â™Â‘Â?Â‡Â? need Â to Â lobby Â to Â claim Â a Â right Â that Â is Â theirs Â to Â begin Â with. Â Â What Â should Â really Â matter Â to Â shareholders Â are Â a Â memberâ€™s Â skills, Â experience, Â education Â and Â knowledge Â and Â not Â the Â gender. Â ÂŠÂ‹Â• Â‹Â• Â™ÂŠÂƒÂ– Â™Â‹ÂŽÂŽ Â†Â”Â‹Â˜Â‡ Âƒ Â‰Â‡Â?Â†Â‡Â”ÇŚÂ‡Â“Â—Â‹Â–Â› Â‹Â? Â–ÂŠÂ‡ board Â rooms,â€? Â she Â added. Â 26 March 2013
0UHWWYVWYPH[LHWWVPU[TLU[Z Elena Â Fedorova, Â the Â Finance Â Manager Â for Â Brewer Â Smith Â Brewer Â Gulf Â Chartered Â Architects, Â supports Â Â–ÂŠÂ‡Â“Â—Â‘Â–ÂƒÂ•Â›Â•Â–Â‡Â?ÇĄÂƒÂ•Ç˛Â‘Â—Â?Â–Â”Â‹Â‡Â•Â–ÂŠÂƒÂ–ÂŠÂƒÂ˜Â‡ÂƒÂ†Â‘Â’Â–Â‡Â† successful Â measures Â aimed Â at Â ensuring Â gender Â diversity Â in Â the Â boardroom Â have Â done Â it Â through Â Â‰Â‡Â?Â†Â‡Â”Â“Â—Â‘Â–ÂƒÂ•Ç¤Çł Ç˛ÂŠÂ‡Â–ÂŠÂ‡Â” Â‰Â‡Â?Â†Â‡Â” Â“Â—Â‘Â–ÂƒÂ• ÂƒÂ”Â‡ Â–ÂŠÂ‡ Â„Â‡Â•Â– Â•Â‘ÂŽÂ—Â–Â‹Â‘Â? Â–Â‘ Â•Â‘ÂŽÂ˜Â‡ Â–ÂŠÂ‡ Â‹Â•Â•Â—Â‡ Â‘Âˆ Â–ÂŠÂ‡ ÂŽÂƒÂ…Â? Â‘Âˆ Â‰Â‡Â?Â†Â‡Â” Â‡Â“Â—ÂƒÂŽÂ‹Â–Â› Â‹Â? Â–ÂŠÂ‡ Â„Â‘ÂƒÂ”Â†Â”Â‘Â‘Â? Â”Â‡Â?ÂƒÂ‹Â?Â• ÂƒÂ? Â‘Â’Â‡Â? Â“Â—Â‡Â•Â–Â‹Â‘Â?Ç¤ Â? Â?Â› Â‘Â’Â‹Â?Â‹Â‘Â?ÇĄÂ“Â—Â‘Â–ÂƒÂ•Â•ÂŠÂ‘Â—ÂŽÂ†Â?Â‘Â–Â„Â‡Â–ÂŠÂ‡Ď?Â‹Â”Â•Â–Â‹Â?Â–Â‡Â”Â˜Â‡Â?Â–Â‹Â‘Â? Â‘Âˆ Â…ÂŠÂ‘Â‹Â…Â‡Ç¤ Â– Â?ÂƒÂ› Â”Â‡Â•Â—ÂŽÂ– Â‹Â? Â‹Â?ÂƒÂ’Â’Â”Â‘Â’Â”Â‹ÂƒÂ–Â‡ appointments,â€? Â she Â says. Elena Â is Â Chartered Â Accountant Â from Â New Â Zealand, Â and Â has Â an Â extensive Â experience Â in Â the Â Ď?Â‹Â‡ÂŽÂ†Â‘ÂˆĎ?Â‹Â?ÂƒÂ?Â…Â‡Ç¤ ÂŠÂ‡ Â•ÂƒÂ›Â• Â–ÂŠÂƒÂ– Â‹Â?Â’ÂŽÂ‡Â?Â‡Â?Â–Â‹Â?Â‰ Âƒ Â“Â—Â‘Â–Âƒ Â•Â‘ÂŽÂ—Â–Â‹Â‘Â? Ç˛Â‹Â• the Â most Â effective Â method Â for Â boards Â to Â open Â their Â doors Â to Â gender Â diversity.â€? Gender Â diversity Â has Â been Â on Â the Â corporate Â agenda Â for Â many Â years Â now, Â and Â yet Â we Â still Â see Â only Â a Â small Â percentage Â of Â women Â on Â todayâ€™s Â corporate Â boards. Â According Â to Â Susie, Â there Â are Â a Â lot Â of Â academic Â studies Â as Â to Â why Â this Â is Â the Â case, Â â€œ indeed Â Â‘Â—Â”Â”Â‡Â’Â‘Â”Â–ÂƒÂ„Â‘Â—Â–Â™Â‘Â?Â‡Â?Â‹Â?Ď?Â‹Â?ÂƒÂ?Â…Â‡Â‰Â‘Â‡Â•Â‹Â?Â–Â‘Â–ÂŠÂ‹Â•Â‹Â•
WOMEN IN FINANCE
some detail and event suggests that this is down to recruitment practices, perceptions and biases.” “ACCA supports greater diversity in the composition of company boards not only in terms of gender, but also in background and experience. There is now a considerable body of e vidence w hich s uggests t hat t he presence of women on company boards actively promotes the cause of good governance and sound management and possibly also enhanced business p erformance,” t he UAE head s ays.
A recent analysis by Credit Suisse revealed that having women on corporate boards helped to enhance companies’ bottom line and further expand profits.
7YV]PKPUNLX\HSVWWVY[\UP[` While hailing Sheikh Mohammed’s pronouncement to make the representation of women in companies’ boards compulsory, Susie said; “The Ruler’s decision was w idely welcomed by business. Similarly, ACCA is dedicated to providing equal opportunity to all and so is pleased to have the highest proportion of female members (41%) of all the UK-‐based accountancy bodies.” ǲ ϐ of any professional accountancy body – Ethel Ayres Purdie, who became a member in 1909. Professional accountancy is a credible and proven r oute t o g ive women (as well a s men) t he skills a nd c ompetence t o s ucceed i n business.”
Zainab Fakhruddin, Executive Board Member, Fakhruddin Holdings
Zainab Fakhruddin says Sheikh Mohammed’s decree, although a welcome move, “was long overdue.” “Women represent 50% of the population and a ϐ across all spheres of life, therefore, it was only a question of time before this [pronouncement] became inevitable. I welcome Sheikh Mohammed’s decision a nd admire his v ision a nd execution in making Dubai what it is today.” “While I feel this is a step in the right direction, I believe companies should be encouraged t o a ppoint f emale b oard m embers and actively groom females with a view to board a nd s enior m anagement a ppointments in the future. I think this decree will go some way to an open debate and encourage organisations to actively pursue an agenda of diversity within companies as well as boards,” s ays Z ainab. +L]LSVWTLU[VMWLVWSL Zainab has served as board member for two years, a n experience she says she g ladly enjoys. Fakhruddin Holdings is one of the top conglomerates in the Middle East with a diverse portfolio of successful businesses that include trading, plastics, beauty and personal c are, p roperty d evelopment a nd j oint 27
WOMEN IN FINANCE
ventures. The Group is a diversified family business with a 50 year history if successful business i n t he UAE. “We implemented a Holdings structure two years ago with the appointment of an external Board Advisor. It was after a review of the business and working with and evaluating my background, skills and experience that the Board A dvisor r ecommended my appointment,” she proudly s ays. And why do the executives feel that gender diversity in the boardroom matter? “Women often look at work differently and in many instances can see a different perspective to men with very good insights into the needs of consumers as well as development of people and business,” Zainab quips.
For Elena, “boards could enhance their effectiveness by using broader talent pools for their directors.”
“Similarly, we must realise that 50% of the global population is female and since organisations produce goods and services that meet the needs to different consumers, a woman’s perspective is key and often brings a fresh, alternative perspective and insights,” she a dds. )YVHKLY[HSLU[WVVSZ According to Susie, ACCA believes that being diverse, embracing diversity in all aspects, enhances business performance and the operation ϐ Ǥ “While gender diversity is not enough, women [and men] need to acquire t he insights, education and operating experience to contribute value to a board. According to our recently released ACCA report, anecdotal evidence suggests that companies may be more positively disposed to appointing women to board positions “if ϐ ϐ ϐ ǡǳǤ Deepa is of the view that boardroom gender diversity should be non-‐negotiable. “We k now f or a f act t hat it adds v alue r elevance to a f irm. R ecent r esearches i ndicate t hat f irms that promote equality appear to benefit more from boardroom gender diversity. Further on average, shareholders seem to value additions of female directors more than they value additions of male directors,” the finance manager s ays. 28 March 2013
Elena Fedorova, Finance Manager - Brewer Smith Brewer Gulf Chartered Architects
“The board diversity is about combining alternative views that lead to the better board decisions. I believe that companies with a strong female representation at board and top management level perform better that
those without,” she says. º/LSPJVW[LY]PL^» At the same time, what can female candidates who are interested in serving on a corporate board do t o i ncrease t heir v isibility? Increasing v isibility is a ll about credibility, strong leadership skills and being a decision-‐maker, ϐǤ “It is also important to play a part in the boardroom dynamics and be part of the team, so t he ability to work w ith peers in t his process, for the same goal, is essential. Someone with a boardroom position often has to take the ‘helicopter v iew’ a nd look to t he w ider issues, to enable a business to g row a nd develop,” she adds. The same sentiments were echoed by Zainab, who said that women need to make themselves
WOMEN IN FINANCE
Besides the UAE, seven countries have passed legislation mandating female board representation and eight have set non- mandatory targets. highly demanding job and equally running a household a nd f amily.
more visible and take opportunity for speaking at events, conferences and networking w ithin t he business community. “Keeping abreast of latest knowledge and trends is also key, as business education is evolving very fast and its important women are aware of best ϐ ǡ leadership, people management as well operational effectiveness,” she added. Deepa on the other hand thinks it is important for women to understand and exhibit their talent and be more assertive. ǲϐ ǡ their talent and grab every promotion opportunity that comes their way. They need to network and get close attention from senior management,” she says. 0U[PTPKH[PUNMHJ[VYZ Serving on the boards of organisations can sometime be hectic, owing to characteristics such as excessive travel, working beyond contract hours. So do these factors intimidate women from taking up demanding board roles? “Family c ommitments c an be a b arrier t o t ravel. Policy makers in countries such as Sweden and Denmark have been very mindful of work life balance issues and have introduced policies to try and make the balance a little more easier,” Susie s ays. According to Deepa, the biggest barrier is the so-‐called ‘double burden’ responsibility undertaken by women, that is, managing a
“For a woman, starting a family means taking a break from the workplace. More than just a perception, women themselves opt to withdraw ϐ position. Besides, maternity leave and reduced mobility are also seen as obstructions to taking on responsible positions.” 9PNO[RPUKVMIHJRNYV\UK Most of the women interviewed were of the opinion that companies should adapt mentoring, training and development guidelines to prepare high-‐ achieving women in their companies for senior roles and board positions. “While all these things should be done for all members of staff regardless of their gender, a senior position can only be achieved with the right kind of background, ϐ ǡǳǤ Deepa feels it is imperative that companies examine the structural issues that are still preventing women from advancing at work. “Top executives need to put emphasis on skills, capabilities, performance and results and not on time contributed. Besides policies t hat offer better tax breaks, maternity and paternity rights, equal pay structure need to be put in place to provide the required support to both men and women.” On giving advice to women who want to advance in leadership positions, Deepa was straightforward in her response. “Leaders are made through hard work,” quipped D eepa. “There are lots of opportunities available today. One needs to be smart, keep their eyes open and grab those opportunities. Do not stop until you have achieved your goal, no matter how many hurdles and risks you may need to cross and face,” she advices. 29
REBOUND Ernst & Young’s Market Leader for Mena - Bassam Hage – tells Accountant Middle East that the 'Rapid-Growth Markets' remain pivotal to the hopes for sustainable global economic recovery…
How have the rapid growth markets performed in general?
Bassam Hage, Market Leader, Ernst & Young, MENA
30 March 2013
Ernst & Young’s recent report titled; ‘Rapid-Growth Markets Forecast’ (RGM) predicts that these markets will pick up from 4.7% in 2012 to 5.4% this year and 6.4% in 2014. These data indicate that the lull in RGM expansion which occurred in 2012 was, as hoped, a temporary phase rather than the beginning of something more enduring. We forecast that RGMs will underpin a recovery in global growth from 3% in 2012 to 4.2% in 2014.
These are impressive — and much needed — numbers, but how can the recovery be sustained? When examining the recent histories of countries which have enjoyed sustained rapid growth, four key lessons emerge. Political stability and strong leadership is crucial, especially when augmented by a stable and prudent macroeconomic policy. High capital investment, particularly in infrastructure, is another key d river of g rowth; a s i s a n open a nd balanced trade policy that can be adapted over time. Positive action i n t hese four a reas w ill lead to competitive advantage and offers countries the best route toward their shared ambition of rapid a nd sustainable g rowth.
Growth in the three rapid-growth markets of Saudi Arabia, the UAE and Qatar remains robust, and is expected to continue in 2013 with oil prices remaining lower than earlier this year. these RGMs have not been immune to the Eurozone c risis o r t o w eak U S g rowth. What are t he t rends t hat you see in t he RGMs? First is the mounting attraction of consumer demand in emerging markets, where surging prosperity and expanding middle classes add to the breadth and scale of internal consumption. Second is t he opportunity a rising a s investment — by the private and public sectors alike — Ǥ ϐǡ there is the likely tendency of investment to ϐ and structural adjustment help accelerate growth. Such a trend creates incentives for policy-‐makers to innovate in search of better ϐ ǡ thereby t riggering a v irtuous spiral. What should policy makers in the RGM consider to help their economies sustain its m omentum?
What about t he RGM’s in t he Middle East? Growth in the three rapid-‐growth markets of Saudi Arabia, the United Arab Emirates and Qatar remains robust, although the pace began to slow in H2 2012 and is expected to continue in 2013 with oil prices remaining lower than earlier this year. But the region is benefiting from expansionary fiscal policy, facilitated by healthy public finances, the high absolute level of oil prices and rising oil production. Monetary policy is also accommodative. External factors are favourable, too, because their trade is orientated toward faster growing Asian markets rather than the Eurozone. Even so,
In plotting a course for the future, RGMs policy makers should focus on four key factors that have driven the development paths of the past: political s tability a nd s trong political leadership; stable and prudent macroeconomic policy; high capital investment; and following an open and well balanced trade policy and adapting it over time a s t he g lobal marketplace changes. How do you see developed markets doing? Unlike the RGMs, the developed economies are not expected to contribute initially to the pickup in global economic momentum: in 2013, growth of just 1.3% is forecast, unchanged f rom 2012. It w ill not be until 2014 t hat t he advanced economies g ain f urther momentum, w ith g rowth expected to nearly double to 2 .5%, a s Japan a nd the Eurozone pull slowly out of recession. Both Japan and the Eurozone ended 2012 in recession a nd recovery in 2013 is expected to be weak and heavily dependent on the anticipated
ECONOMIC GROWTH FORECAST OF DEVELOPED ECONOMIES IN 2013 31
Bassam Hage is Ernst & Young’s Markets Leader for the Middle East and North Africa (Mena). In this role, Bassam is responsible for executing the organisation’s growth strategy across all service lines, priority sectors and countries throughout the region. He has PWFSZFBSTPGFYUFOTJWFFYQFSJFODFXPSLJOHPOBXJEFSBOHFPGTFDUPSTJODMVEJOHVUJMJUJFT FOFSHZ CBOLJOHBOEmOBODJBMTFSWJDFT manufacturing, trading, real estate, telecommunication and hospitality. He became Managing Partner of Ernst & Young, Abu Dhabi in 2003 and carried that role until his appointment as Mena Markets Leader in October 2011.
upturn in world trade to offset subdued domestic demand. Much the same is true of the UK. Monetary policy in developed countries ϐ squeeze in Europe and force down the value of the yen i n Japan.
clear signs of recovery. This will help boost construction output and consumer spending via wealth effects. O ther f actors in t he US economy’s favour include its high degree of international competitiveness and the “shale gas revolution” for energy.
ϐ growth visible. More progress has been made .YV^PUNIL`VUK The quarterly Ernst & Young ‘Rapid Growth and consumers than in the UK and Europe, and Markets’ ϐ consequently monetary policy has been more practical and accessible economic forecasts and insights on the development in a list of 25 rapid effective at s timulating g rowth. growth countries a round t he world. Lending growth is stronger than in the UK and The study is a macroeconomic forecast co-‐ produced with Oxford Economics, and the criteria – they should be large, both in terms of The dynamics of the global economy have GDF a nd demographics, t hey should be dynamic, growing countries and of strategic changed with a new set of fast-growing markets rapidly importance for business development.
challenging the position of the established advanced economies.
32 March 2013
The forecast is based on Oxford Economics Global Econometric Model a nd provides a nalysis of the implications for corporations doing
business in rapid growth markets and gives recommendations for decision-‐makers. -HZ[WHJLVMNYV^[O The dynamics of the global economy have changed with a new set of fast-‐growing markets challenging the position of the established advanced economies. Taken together, Rapid Growth Markets (RGM) have g rown on average by 5.4% a year over t he last decade, more t han t hree times as fast as t he advanced economies, and t his fast pace of g rowth is set to continue, w ith g rowth in RGM outpacing the advanced economies by nearly 3.5% over t he 10 years to 2020. Also, RGM will account for 50% of global GDP by 2020, when measured at purchasing power parity. They will also account for 38% of world ͷͷΨ ϐ capital investment. The report is a selection of the top 25 of RGM based on t heir; (i) proven s trong g rowth a nd f uture potential (ii) size of economy a nd population (iii) s trategic importance for business. A separate national forecast and associated commentary is included for a ll 25 countries, listed below.
The GCC region is benefiting from expansionary fiscal policy, facilitated by healthy public finances, the high absolute level of oil prices and rising oil production. The four MENA countries included in the RGM are Egypt, Qatar, Saudi A rabia a nd t he UAE. The main forecast as well as the country pages includes outlooks on: trade, ǡ rates, commodity prices, world price of manufactured goods and Foreign Direct Investments (FDI) inf lows. The report also provides commentary on the implications of the f orecast f or b usiness. 4PKLHZ[NYV^[OWYLKPJ[PVUZ The growth in the Middle Eastern RGMs is region moderate, allowing oil prices to fall. Despite a l ower o il p rice, g rowth i n t he M iddle Ǥ Growth in the three rapid-‐growth markets of the GCC, Saudi Arabia, the United Arab
(including Hong Kong)
Qatar Russia Saudi Arabia South Africa Turkey UAE Ukraine
Emirates a nd Q atar, r emains r obust, a lthough 6\[SVVRVU,N`W[ the pace began to slow in H2 2012 and is expected to continue in 2013 with oil prices remaining lower than earlier this year. But the region is benefiting from expansionary fiscal policy, facilitated by healthy public finances, the high absolute level of oil prices and r ising o il p roduction. Monetary policy is also accommodative. External factors are favourable, too, because their trade is orientated toward faster growing Asian markets rather than the Eurozone. Even so, these RGMs have not been immune to the Eurozone crisis or to weak US growth: capital inf lows have fallen, and longer-‐term b ank l ending i s d own. The RGMs in the GCC face some longer-‐term problems. Non-‐oil fiscal deficits are rising because of a surge in government spending, particularly on wages, other social benefits and s ubsidies f ollowing t he A rab S pring. )\KNL[Z\YWS\Z[VWS\TTL[ This leaves these countries vulnerable to a fall in global oil prices and energy demand. The Ernst & Young model suggests that even with an oil price of $105.2pb in 2013, Saudi Arabia’s budget surplus will plummet to less than 4% of GDP, from almost 10% estimated in 2012. (But Saudi Arabia, like the UAE, has substantial external assets which would cushion t he e conomy f rom o il-‐price s hocks.) A further challenge for the medium term is the need to generate jobs for a young and rapidly growing p opulation, w ith r ising e xpectations to m atch. Qatar’s grow th rate is expected to slow from 6.0% in 2012 to 5.5% in 2013 on lower oil and gas output, in part due to the moratorium on further liquefied natural gas (LNG) expansion. In the medium term, the economy i s e xpected t o g row i n e xcess o f 6 %, driven by robust government spending and strong commodities exports, particularly to Asia. Saudi Arabia’s grow th is also expected to slow, from 6.8% in 2012 to 4.1% in 2013, largely due to weaker oil prices. In contrast, the UAE is expected to see growth picking up from 3.3% in 2012 to 3.7% in 2013 as the key crisis-‐hit property and financial sectors continue to recover and global headwinds moderate. 34 March 2013
ϐ Preliminary agreement on a $4.8 billion IMF loan and the implementation of a national economic plan has been reached. The deal is likely to unlock other ϐ ǡ ϐ and the Egyptian pound, accelerate much-‐needed economic reforms and act as an anchor for prudent policies. Fiscal austerity is likely to see substantial cuts in f uel subsidies a nd a hike in t he sales t ax. Such measures are designed to help cut the budget ϐ ͳͲΨ ʹͲͳʹǦͳ͵ estimated 11% of GDP in 2011-‐12. Growth prospects remain weak. We forecast GDP to be little changed from last year at 2.1% in 2012-‐13. Prospects are constrained by political uncertainty, the Eurozone crisis, the poor near-‐term outlook ϐǡ effects. A nd t here a re substantial downside r isks to our g rowth forecasts. These include renewed political instability, ϐ slippage. In addition, there are geopolitical risks, ȋ ϐ ϐ Ȍ the Eurozone — Egypt’s major trading partner.
REAL GDP GROWTH
GOVERNMENT BUDGET BALANCE
data also showed lower oil output and an increasing reliance on government spending and the non-‐oil sector, following the completion of most of the planned expansion in t he L iquefied N atural G as s ector. G rowth i s expected t o s low t o 5 .5% i n 2 013 o n l ower o il and g as o utput. Inf lation i s e xpected t o r ise f rom c urrent levels to average 3.5% in 2013. Rentals will continue to rise as the housing over-‐supply diminishes (and t he c ountry g ears up t o host t he 2022 F IFA World Cup) — a nd g iven t hat t he measurement of r entals i s skewed t oward new c ontracts.
6\[SVVRVU8H[HY ϐ pay r ises (typically of 60%) and pension increases, ϐ ǡ ǡ rising population and low interest rates. In the medium term, we expect the economy Ψǡ government spending and strong commodities exports, particularly to A sia. INFLATION
Bright medium-‐term outlook REAL GDP GROWTH
Qatar h as endured s lowing g rowth, a c ontinuing reliance on oil a nd g as, a nd a worryingly s harp Ǥ However, r ating a gency S &P h as r eaffirmed t he country’s sovereign credit rating of AA with a Ǥ ǯ fiscal finances, it’s very high GDP per capita this r ating. Economic data for H1 2012 shows that the pace of GDP growth slowed to 6.5%. The
Steady g rowth in oil/non-‐oil sectors ʹͲͳ͵ ϐ 35
REAL GDP GROWTH
Oil/non-‐oil g rowth to pick up in 2014 CURRENT ACCOUNT BALANCE
ǯ ǡ ͵Ǥ͵ΨʹͲͳʹǤ ǡ ǡ Ǧ ͵ǤͷΨʹͲͳͷǤ Ǧ ǯ ǡ ǲǳͶͻΨǤ
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36 March 2013
ϐ ǡ ϐ ȋ Ȍ Ǥ ǯϐ Ǥǡ Ǥ
͵ǤΨʹͲͳ͵ǡ Ǧ Ǥ ǡ Ǥ REAL GDP GROWTH
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• Professional Accountants (ACCA, CPA, CA, ICWA, ICSA or equivalent) • Degree Holders in Commerce (Accounting Specialisation) • MBAs and M.Com Degree Holders
* The CMA Qualificaiton also requires over 5 years of relevant business experience * All attendees will require exams and / or other assessments based on their level of relevant experience.
Venue : Ramada Hotel, Bur Dubai, 21 - 27 April 2013 Time : 9 AM to 6 PM (Inclusive of Lunch & Tea break on all days)
, Registration Limited upto First 40 Enrollments , Registration closes on: 10th April 2013 , 10% Discount for Early Bird Registration until 28th February 2013
Educational Institute, Dubai
ility st investment money
7 Days Intensive Education Program
Professor Janek Ratnatunga, MBA, PhD (Bradford), FCA, CPA, CMA, is the Head of the School of Commerce at the University of South Australia. Previously, he held the Chair in Business Accounting for 18 years at Monash University, Australia. He has held academic positions at the University of Melbourne and the urns University of Canberra in Australia. He also holds academic positions in Universities of Washington, Richmond and Rhode Island in USA. He had been the Consultant for World Bank, American Express, Uniliver, Telstra, Hong Leong Group and Telekom Malaysia. Professor Rantatunga delivered programs for Senior Finance and Accounting Executives in Singapore, Kuala Lumpur, Jakarta, Beirut, New Delhi, Dubai, Hong Kong, Colombo and all states in Australia as well.
Professor Janek Ratnatunga MBA, PhD (Bradford), FCA, CPA, CMA
Offering CMA Program 12th intake in UAE.
stock mark exchange
Phone: 04 396 44 55, Fax: 04 396 44 22, Email: email@example.com OR firstname.lastname@example.org Web : www.cmadubai.org, www.cmawebline.org
PERSONALITY & PRACTICE
POLICING THE BOOKS Colonel Saif Mohammed Saif Bin Abed Al Muhairi tells Joyce Njeri how he combines his accounting work with law enforcement duties...
EW ACCOUNTANTS can be able to juggle a pen and a calculator on one hand with a .22 Magnum Pug Mini-ÂRevolver firearm, on the other. But for Colonel Saif Mohammed Saif bin Abed Al Muhairi, that constitutes his everyday work formula. In Â an Â interview Â with Â Accountant Â Middle Â East, Â Bin Â Abed Â draws Â parallels Â between Â police Â work Â and Â accounting, Â saying Â that Â while Â the Â two Â Ď?Â‹Â‡ÂŽÂ†Â•Â?ÂƒÂ›Â•Â‡Â‡Â?Â†Â‹Â•Â–ÂƒÂ?Â–ÂŽÂ›Â—Â?Â”Â‡ÂŽÂƒÂ–Â‡Â†ÇĄÂ–ÂŠÂ‡Â›ÂŠÂƒÂ˜Â‡ Â•Â‹Â?Â‹ÂŽÂƒÂ”Â‹Â–Â‹Â‡Â•Â‹Â?Â?Â‘Â”Â‡Â™ÂƒÂ›Â•Â–ÂŠÂƒÂ?Â‘Â?Â‡Ç¤ Ç˛ÂŠÂ‡Â‡Â…Â‘Â?Â‘Â?Â›ÇĄÂŒÂ—Â•Â–ÂŽÂ‹Â?Â‡Â…Â”Â‹Â?Â‡ÇĄÂŠÂƒÂ•Â–ÂƒÂ?Â‡Â?ÂƒÂ‰ÂŽÂ‘Â„ÂƒÂŽ Â’Â‡Â”Â•Â’Â‡Â…Â–Â‹Â˜Â‡ÇĄÇłÂŠÂ‡Â‡ÂšÂ’ÂŽÂƒÂ‹Â?Â•Ç¤ â€œThe Â two Â continue Â to Â face Â the Â ever Â growing Â Â„Â—Â”Â†Â‡Â? Â‘Âˆ ÂˆÂ”ÂƒÂ—Â†Ç¤ Â?Â˜Â‡Â•Â–Â‹Â‰ÂƒÂ–Â‹Â?Â‰ ÂˆÂ”ÂƒÂ—Â† Â‹Â• Â‘Â?Â‡ Â‘Âˆ Â?ÂƒÂ?Â› Â”Â‡Â•Â’Â‘Â?Â•Â‹Â„Â‹ÂŽÂ‹Â–Â‹Â‡Â• ÂŠÂ‡ÂŽÂ† Â„Â› Â–ÂŠÂ‡ Â’Â‘ÂŽÂ‹Â…Â‡ÇĄ ÂƒÂŽÂ‘Â?Â‰
with Â other Â regulators Â such Â as Â auditors Â and Â Ď?Â‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽ Â•Â‡Â”Â˜Â‹Â…Â‡Â• Â”Â‡Â‰Â—ÂŽÂƒÂ–Â‘Â”Â•Ç¤ ÂŠÂ‡Â”Â‡ÂˆÂ‘Â”Â‡ ÂƒÂ? accountant Â c an Â deal Â w ith Â f raud Â a s Â effectively Â a s Â Â–ÂŠÂ‡Â’Â‘ÂŽÂ‹Â…Â‡Ç¤Çł ;OLJVWHJJV\U[HU[ According Â to Â the Â Colonel, Â recent Â happenings Â in Â Â–ÂŠÂ‡ Â‰ÂŽÂ‘Â„ÂƒÂŽ Â„Â—Â•Â‹Â?Â‡Â•Â• Â?ÂƒÂ”Â?Â‡Â–Â’ÂŽÂƒÂ…Â‡ ÂŠÂƒÂ˜Â‡ ÂˆÂ‘Â”Â…Â‡Â† ÂƒÂ…Â…Â‘Â—Â?Â–Â‹Â?Â‰ Â’Â”Â‘ÂˆÂ‡Â•Â•Â‹Â‘Â?ÂƒÂŽÂ• Â–Â‘ Ç˛Â„Â‡Â…Â‘Â?Â‡ ÂˆÂƒÂ?Â‹ÂŽÂ‹ÂƒÂ” with Â converged Â accounting Â s tandards, Â t axation, Â Â”Â‹Â•Â?Â• ÂƒÂ?Â† Â…Â‘Â?Â’ÂŽÂ‹ÂƒÂ?Â…Â‡Ç¤ Â‹Â?Â‹ÂŽÂƒÂ”ÂŽÂ›ÇĄ Â™Â‹Â–ÂŠ ÂŽÂƒÂ™ Â‡Â?ÂˆÂ‘Â”Â…Â‡Â?Â‡Â?Â–ÇĄ Â‹Â•Â•Â—Â‡Â• Â‘Âˆ Â”Â‡Â‰Â—ÂŽÂƒÂ–Â‹Â‘Â?ÇĄ Â…Â‘Â?Â–Â”Â‘ÂŽ ÂƒÂ• Â™Â‡ÂŽÂŽÂƒÂ•Â‹Â?Â–Â‡Â”Â?ÂƒÂ–Â‹Â‘Â?ÂƒÂŽÂ…Â”Â‹Â?Â‡Â„Â—Â•Â–Â‹Â?Â‰Â–Â‡Â…ÂŠÂ?Â‹Â“Â—Â‡Â• ÂƒÂ”Â‡ Â…ÂŠÂƒÂ?Â‰Â‹Â?Â‰ Â„Â› Â–ÂŠÂ‡ Â?Â‹Â?Â—Â–Â‡ÇĄ ÂƒÂ?Â† Â–ÂŠÂ‡Â”Â‡ÂˆÂ‘Â”Â‡ Â™Â‡ ÂŠÂƒÂ˜Â‡Â–Â‘Â•Â–ÂƒÂ›Â‘Â?Â–Â‘Â’Â‘ÂˆÂ–ÂŠÂ‡Â•Â‡Â…ÂŠÂƒÂ?Â‰Â‡Â•Ç¤Çł Ç˛Â‹Â?Â‡Â™Â‹Â•Â‡ÇĄ Â‹Â? Â’Â‡Â”ÂˆÂ‘Â”Â?Â‹Â?Â‰ ÂˆÂ‹Â?ÂƒÂ?Â…Â‡ ÂƒÂ—Â†Â‹Â–Â•ÇĄ Â™Â‡ Â„ÂƒÂŽÂƒÂ?Â…Â‡ ÂƒÂ?Â† Â…Â‘Â?Â’Â‹ÂŽÂ‡ ÂˆÂ‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽ Â•Â–ÂƒÂ–Â‡Â?Â‡Â?Â–Â•ÇĄ Â™ÂŠÂ‹ÂŽÂ‡ ÂƒÂ– Â–ÂŠÂ‡ Â•ÂƒÂ?Â‡ Â–Â‹Â?Â‡ Â™Â‡ ÂŽÂ‘Â‘Â? Â‘Â—Â– ÂˆÂ‘Â” Â‹Â”Â”Â‡Â‰Â—ÂŽÂƒÂ”Â‹Â–Â‹Â‡Â• Â‹Â? Â–ÂŠÂ‡ Â„Â‘Â‘Â?Â•Ç¤ ÂŠÂ‡Â”Â‡ÂˆÂ‘Â”Â‡ÇĄ Â›Â‘Â—
â€œWhile law enforcement and accounting may seem distantly unrelated, they have similarities in more ways than one. The two have taken a global perspective and continue to face the ever growing burden of fraud.â€? 38 March 2013
PERSONALITY & PRACTICE
PERSONALITY & PRACTICE
banking and insurance. Upon graduating, I was employed by the Dubai Police in the internal audit department. Over the years I moved in different divisions within the Force until I finally became the Director of the Finance department, which is my current position,” t he c op s ays. 7YVMLZZPVUHS[HZRMVYJL He c redits h is accounting background a s pivotal to h is police job. Now a s t he D irector of Finance, Bin A bed feels l ike he’s come f ull c ircle. In M arch 2 012, h e w as a ppointed t o h ead t he UAE’s Accountants and Auditors Association (A A A) as chairman, a responsibilit y he says
THE COP ACCOUNTANT: An accountant can deal with fraud as effectively as the police, Colonel Bin Abed says
can say that preventing corporate fraud in the office is the same as managing fraud in the streets,” he a dds. ǡ ǡ ϐ greater satisfaction policing the books rather than chasing and investigating criminals in the streets of D ubai. “ I k new I w anted t o become a n accountant s ince my early school days. As a young Emirati boy I wasn’t like the majority of other students who had no idea what they were going to study for,” he s ays w ith a w ide g rin. “In 1986 I joined the Emirates University where I majored in Finance. My core studies included accounting, auditing, investment
“I knew I wanted to become an accountant since my early school days. As a young Emirati boy I wasn’t like the majority of other students who had no idea what they were going to study for.”
40 March 2013
PERSONALITY & PRACTICE
he ardently enjoys. The body, locally known as ‘Triple A’ is tasked with the promotion and development of accounting profession in the UAE. “At Triple A, my duties mainly entail representing the association before the official authorities in the country and abroad, chairing t he meetings of t he G eneral A ssembly, and driving the agenda of the association in tandem with the strategy and vision adopted by t he b oard of d irectors,” he s ays. “I enjoy the camaraderie that I share with my fellow accountants at various interest group meetings that we frequently hold,” he
proudly says, citing in particular the recent milestone where he was instrumental at forming a n ew j oint p rofessional t ask f orce. -VZ[LYPUNYLSH[PVUZOPWZ Late last year, heads and regional directors of seven major audit associations and accounting professional bodies unanimously agreed to launch the joint action task force, to help in fostering better r elationships. “I was extremely delighted that this joint working g roup w as formed. T here a re a number of issues that were discussed and the task force agreed to take upon itself to tackle them expeditiously,” Bin A bed s aid at t he t ime.
PERSONALITY & PRACTICE
ย ย ฯยยยยวฆยยวฆยยยวฆยยยย ยยยยยยย ย ยยยยยยยยย ยย ยย ย ยยยยยยย ยยย ยยยยย ยยยยย ยยยยยยย ยย ยยย วก ยยย ยยยยย ยยยยยยย ยยยยยยยย ยยยยยยยยยยย ยย ยยย ยย ย ยยยย ยยยย ย ศ ย ยยยยย ยยยยยยย ยยยยย ศ ยยยย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยย ยยยย ยยยยย ยย ยยยยยย ยยยยย ยยยย ยยยยย ยยยยยยย ยยยย ย ยยย ยยยย ยยยยยยยยย ยยย ยยยยยย ยยยย ยย ยยย ยฯยยยย ยย วก ยยยยวก ยยยยยยย ยยย ยยยยยยยยย ยยยย ยยยยยย ยยยยยยยยยยยวกยยยยยยยยย ยยยยยยยยยยยยยยยย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยวค วฒย ยยย ยยยย ยยยยยยย ยยยย ยยยย ยยยยย ยยยยยยย ยยยยยย ยยยยยยยยยยยยยยยยยยยยยยวกยยยยยยยยยยยย ยยยยยยยยยยยยยยยวกยยยยยยยยยยย ยยยยยยยยยยยยยยย ยยย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยย ยวฆ ยยยยยยย ยยยยยยยย ยย ยยยยยยยย ย ย ยยยยยยยย ยย ยยยวกยยยย ย ยยย ยยยยยยวกยยยยยยยยยยย ยยย ยยยยยยยยยยยยยยยยยยยย ยยยยยยยยยยวกวณยยยยยยยวค วฒยย ยยยยย ยยยย ยย ยยยย ยยยย ยยยย ยยยยยยยย ยยยยย ยยยยยยยยยวกย ยยยยยยยยวกยยยย ยยย ยยยยยยยยยยยยยย ยยวก ยยย ย ยยย ยย ยยยย ยยยยย ยยยยยยยยยยย ยย ยยยยยยย ยยย ยยยยยยยยยยวก ยย ยยยยวก ยยยยยย ยยยย วฒยย วฏย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยย ยยยยย ยย ยยยย ยยยย ยยยย ย ยยย ยย ยยย ยยยยยยยยย ยยยย ยยยย ยยยย ยยยยยย ยยยยย ยยยยยยยยยย ยย ยยยย ยย ยยยยย ยยยยยยย ยยย ยย ย ยยยยยยย ยยยยยย ยยยยย ยย ยยยยยยย ยยยยยยยวควณ CAMARADERIE: Colonel Saif Mohammed Saif Bin Abed Al Muhairi presents a memento to Vernon Soare, the Executive Director of Professional Standards at the Institute of Chartered Accountants in England and Wales (ICAEW). On the left is Peter Beynon, ICAEWโs Middle East Regional Director.
4VKLYUM\[\YPZ[PJLSLTLU[Z ยยยยยยยยย ยยยยยยยยยยยยยยยยย ยยยย ยยยย ยย ยยย ยยยยยยยย ยยยยยวฆยยยยยยวฆยยยญยยย ยยยย ย ยยยยยยยยยยย ยย ย ยยยยยยยยยวก ย ยยยยยวฏย ยยยย ยยย ยยยยย ย ยยย ยยยยวฆยยยย ย ยยยยยยยยยยย ยยยยยยยย ยยยยย ย ยยยยยย ยยยย ยยยย ยยยยยย ยยยยยยยยยย ยยยยยยยยวค
ยย ย ยย ยยยยยยย ยยยย ย ย ยยฯยยยยย ยยยย ยย ยย ยยยยยยย ยยยยย ยยย ยยย ยยยยยยย ยย ย ยยยยยย ยยยยยยยยยยยยยฯยย ยวกยยยยยยยยยยยยยยยย ยยยยยยยย ยยยยยยยยยยย ย ยยยยย ยยยยยยยยยยยยยยยย ยยยยยย ยยยยยยยยยยยย ยวค วฒยย ยยยยยวก ยยย ยยยยยย ยยยยยยยยย ยย ยยยยย ย ยยยยยยยยยย ยยยย ยยยยยยยยยยยยยยยยยยยยยยย ยยยยยยยยยยยยยยยฯยยยยย ยยยยยยยยยยยยยยยยยยย ย ยยยยย ยยยยย ยยยยย ศ อดอฒอณอฒ ยยย อดอฒอณอณวค ย ยยยย ยยยยยยยย ยย ยย ยยยยยยย ยยยยย ยยยยยยย ยยยยยยยยยยยยยยยวกยยยยยยยยยยยยยยยยย ยย ยยยยยยยยยยยยยยวกวณยยยยยยวกยยยยยยยยยย วฒยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยย ย ยยยยยยย ยยยฯยยยยย ยยยย ยยยยยยยวควณ วฒยยยยยยยยยยยยยยยยอดอฒอฒอบวฆอดอฒอณอฒยยยยยยฯยยยยย ยยย ย ยยยยย ยยยยยยยยยยยยยยยยยยย ยยยยยยยยยยยยยยย 42 March 2013
PERSONALITY & PRACTICE
CALL OF DUTY: “I may wear different caps, literally, but as a police accountant, I greatly value the honour of going to work every day to do what I enjoy most.”
promoting the integrity of an accountant, and the necessity of objectivity a nd i ndependence i n the auditing i nstitution,” he explains.
>LHYPUNKPMMLYLU[JHWZ And how does he juggle h is accounting duties at ‘Triple A’ w ith h is police c areer?
“Accountants, being t he people t hat u nderstand ϐ organisations, have a direct impact on the current a nd f uture s trategic plans of c ompanies.”
“I take it all in my stride. My work in the Police Force ϐ ǡ association, the responsibility is on voluntary basis and focuses mainly on technical accounting,” he says.
“Therefore it is imperative that both the private and public sector get updated on the new standards and auditing techniques and accounting forensics to minimise reporting mistakes in the future. Corporates should also invest in experienced professional accountants with a h igh level of i ntegrity, a nd should build a strong i nternal audit u nit t hat performs its r ole in a n i ndependent m anner,” he advices.
“However, the t wo roles are sort of similar in many ways in terms of planning, supervising, evaluating, implementation and development of projects.” His parting shot? “I may wear different caps, literally, but as a police accountant, I g reatly value t he honour of going to work every day to do what I enjoy most,” he adds. 43
WHAT DRIVES DURDANA? Having started off her career as an auditor at KPMG, the Course Director of DSR Professional Training JLT tells Accountant Middle East how she discovered her hidden passion for teaching...
44 March 2013
IANA TZVETKOVA COMMUNICATIONS MANAGER, DSR PROFESSIONAL TRAINING JLT
INANCIAL LITERACY is a necessary tool in the toolbox of all sensible modern individuals, whether enabling a person to use credit responsibly, confidently manage their finances or develop a responsible attitude towards financial planning.
ยยยยย ยยยยยยยยฯยยยยย ยยยยยย ยยยวกฯยยยยย ยยยยยยยยยย ยยย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยย ย ยยยวค ยยย ยยยย ยยย ยยยย ยยยยยยยย ยยย ฯยยยยย ยยย ยยยยยยยยยยยย ยยยยยยย ยย ยยยย ยยยยย ยยยยยยยยยยยยย ยย ยยย ยยยย ยยยยยวก ยยยยยยยยย ยยย ยยย ยยยยยยยยย ยยยยยยย ยย ยยยยยยยยยยยยยยย ยยย ยยยยยยย ยยยยยยยยยยยย ย ยยยยฯยย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยย ยยยยยยยยยยยยย ยวค )YHPUJOPSKVMHJJV\U[HU[ ยยยยยยยย ยยยยยย ยยยยยยยยยยยวฏยยยยยยยยยยยยยยยยยยยวก ยยยยยยยยยยยยยยยยยยยย ยยยยยยยยยยยยยยยย ศ ศวก ยยย ยยยยยย ยยยย ยย ยย ย ยยยยยยยวก ยยยย ยยย ยยย ยยยยยยยยยยยย ยยยยยย ยยยยย ยยยยวก ยย ยยยยยยยย ยย ยย ยยย ย ยยยยยยยย ยย ยยยยยยยยย ยยยยยยยยยยยยย ยยยยยยย ยยยยยยยยยยยยย ยยยยฯยย ยยยยยยยยยยยยยยยยยยยยยยยยยยย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยย ยยยย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยวค ยยยยยย ยยยยวฏย ยยยย ยยย ยยยยยยยยยยยย ย ยยยยย ยย ยยย
ยยยยยยยยยย วกยยยยยยยยยยยยยยยยยยยยยยย ยย อณอปอบอดวค ยย ยยยยย ยยยยยย วก ย ยยยยยยยยยย ยย ยย ยยยย ยยยยยยย ยย ยยยยยย ศศ ยย ยยย ยยยย ยยยยยยยฯยยยยย ยยยยย ยยยยวคยยยยยยยยยยยยยยยยยยยยยย ยยยยย ยยยยยยยยยยยยย ยยยยยยยยยยยยวกยยยยยยยย ยยยยยยยวกยยยยยยยยยยยยยยยยยยยยยยยยยยย ยยยยยยยวค ยยยยยยยยยวกยยยยยย ยยยยยยยยยยย ยยยยย ยยยยยยยยย ยย ยยยย ยยย ย ยยยยย ย ย ยยยย ยย ยยยยยยย ยย ยยย ยยยยยยยยย ยย ยยยยยยวค ยยย ย ยยยยยย ยยยยย ยย ยย ย ยยยยยยย ยยย ยยยยยยยยย ยยยยยยยยยย ยยยย ยยย ยย ยยยยยยยยยยยยยยยย ยยยยยยยยยยยยยยยย ยวกยยยยยย ยยยยยยยย ยย ยยย ยยยยย ยยย ยยย ยยยย ยย ยยย ยยย ยยยย ยยยยย ยย ยยยย ยย ย ยยยยยยยยย ยยยยยยย ยย ยยยย ยยยยยยยยยยศศวค 45
“Within a few months I went on to head the department of strategic management and was involved in the transition of the bank from the last millennium into the new one, through Project 2000. This involved many initiatives, including new ways of serving customers, new IT systems, new modernised branch structures which were very prominent ǡ ϐ management department.” (UH[\YHSSLHKLY While the job offered much of what she hoped for, it also presented personal challenges. “I was involved in the restructuring of the bank and I found it quite painful because restructuring meant a lot of people were laid off and I thought to myself, this is not what I want to do for the rest of my life, be responsible for people losing their jobs, families losing their homes and people leaving the country – it’s quite severe.” With this in mind, Durdana quit her job with UNB and the family moved to Dubai. Teaching hadn’t been something Durdana considered as a career, though her friends, family and colleagues would agree that her charisma and drive made her a natural leader in any setting. It was through a serendipitous coincidence that, shortly after arriving in Dubai, she was asked to help out at Higher Colleges of Technology (HCT) when a substitute was needed. “There weren’t that many MBAs running around at that time who could step up to do it, so I did. And once I started teaching, I was bitten! I thought, this is what I want to do, to see those faces light – it’s that wonderful ‘Aha!’ moment when they understand. It was the exact opposite of being involved in demolishing things and ϐǤ Ǥǳ The realisation was swift and satisfying – Durdana Rizvi would become a teacher. )YPKNL[OLNHW ϐ spent at the Higher Colleges of Technology, Dubai ǯ ǡϐ and strategic management. However, the urge to develop and progress which fuelled Durdana’s many successes in the corporate world, was beginning to grow stronger and make her restless. The experiences in higher learning showed her that the academe was simply stretching itself too thin. “The subjects students cover are very wide, but they’re not very deep, so when people major in any 46 March 2013
Teaching hadn’t been something Durdana considered as a career, though her friends, family and colleagues would agree that her charisma and drive made her a natural leader in any setting. one subject, say accounting, the number of accounting courses they do and the depth that they go into is very little,” says Durdana. “I had a very strong feeling that there was a gap between what the academic institutions were giving to the students in the UAE and what the workplace required and when I became cognizant of that fact I decided that I had to try and bridge that gap.” A thorough needs-‐analysis of the market compared to the skills and knowledge students were getting in higher education institutions showed there to be a disparity. ǲ ϐ about changes in HCT because the college is part of a mammoth system and I didn’t have much control,” she laments. (3LHYUPUN4HQSPZ The idea of having something all her own, a place where she could teach exactly what she knew to be missing, began with a pilot project – a partnership between Durdana and the then-‐director of HCT – which they called the Financial Training Centre at Dubai Men’s College (FTC@DMC). “It was an immediate success, our classes were full and there was a long waitlist.” Due to logistical problems the programme was however, unable to continue, and the team honoured the commitment to the students before successfully closing the centre. “Then I came to JLT, found the premises that would become our school, and built DSR,” she adds, with a tinge of pride in her voice. LIFELONG PASSION: Durdana Saiyid Rizvi, is stepping up to the challenge of providing professionals seeking professional DFSUJmDBUJPOBOEQFSTPOBM development.
There’s an undeniable pride with which Durdana described her happiness at how well everything’s turned out. With classes full and smiling students walking through the doors, DSR has become the incarnation of Durdana’s teaching ideology: a Learning Majlis. As a pillar of Emirati culture, the 47
â€œThe culture that weâ€™ve developed within the organisation is to embrace the students, give them a great learning experience, and help them reach their full potential.â€? concept Â of Â the Â Majlis Â â€“ Â meaning Â â€˜place Â of Â sittingâ€™ Â in Â Arabic Â â€“ Â is Â vital Â to Â the Â essence Â and Â success Â of Â DSR. Â Everything Â about Â it Â has Â been Â designed Â with Â a Â singular Â thought Â in Â mind Â â€“ Â that Â it Â has Â to Â be Â as Â inviting Â and Â pleasant Â an Â environment Â as Â possible. Â 9LHJOM\SSWV[LU[PHS In Â line Â with Â DSRâ€™s Â mandate Â to Â bridge Â the Â gap Â between Â what Â the Â academic Â institutions Â are Â providing Â and Â what Â the Â market Â really Â needs Â is Â the Â goal Â of Â providing Â their Â students Â with Â an Â education Â in Â a Â fun Â and Â attractive Â environment Â where Â they Â enjoy Â what Â theyâ€™re Â learning. Â â€œThe Â culture Â that Â weâ€™ve Â developed Â within Â the Â organisation Â is Â to Â embrace Â the Â students, Â give Â them Â a Â great Â learning Â experience, Â and Â help Â them Â reach Â their Â full Â potential. Â We Â have Â small Â classes Â and Â our Â Â’Â”Â‘ÂˆÂ‡Â•Â•Â‹Â‘Â?ÂƒÂŽÂŽÂ› Â“Â—ÂƒÂŽÂ‹Ď?Â‹Â‡Â† Â–Â‡ÂƒÂ…ÂŠÂ‡Â”Â• Â’Â”Â‘Â˜Â‹Â†Â‡ Â‹Â?Â†Â‹Â˜Â‹Â†Â—ÂƒÂŽ differentiated Â attention Â that Â students Â need Â to Â succeed. Â I Â want Â this Â to Â be Â a Â place Â where Â people Â want Â to Â come. Â I Â certainly Â do!â€? Â says Â Durdana. Â With Â the Â doors Â of Â DSR Â opening Â on Â December Â 4 Â Í´Í˛ÍłÍłÇĄ Â–ÂŠÂ‡ Ď?Â‹Â”Â•Â– Â›Â‡ÂƒÂ” Â•ÂƒÂ™ Â–ÂŠÂ‡ Â–Â‡ÂƒÂ? Â–Â‘Â‹ÂŽÂ‹Â?Â‰ ÂŠÂƒÂ”Â† Â–Â‘ get Â everything Â off Â the Â ground. Â The Â cornerstone Â of Â Durdanaâ€™s Â educational Â philosophy Â is Â to Â provide Â the Â highest Â quality Â education, Â so Â naturally Â she Â insisted Â that Â DSR Â must Â offer Â an Â internationally Â recognised Â Â’Â”Â‘ÂˆÂ‡Â•Â•Â‹Â‘Â?ÂƒÂŽÂ“Â—ÂƒÂŽÂ‹Ď?Â‹Â…ÂƒÂ–Â‹Â‘Â?Ç¤Â‹Â•ÂƒÂ’Â”Â‘Â—Â†ÂƒÂ”Â–Â?Â‡Â”Â‹Â? Learning Â with Â the Â Institute Â of Â Chartered Â Accountants Â in Â England Â and Â Wales Â (ICAEW). Â Moreover, Â they Â Â’Â”Â‘Â˜Â‹Â†Â‡ Â–ÂŠÂ‡ Â…Â‘Â?Â’ÂŽÂ‡Â–Â‡ Â“Â—ÂƒÂŽÂ‹Ď?Â‹Â…ÂƒÂ–Â‹Â‘Â? ÂƒÂ?Â† are Â in Â the Â process Â of Â becoming Â a Â Gold Â Approved Â Â‡ÂƒÂ”Â?Â‹Â?Â‰ Â”Â‘Â˜Â‹Â†Â‡Â” Â‘Âˆ Â–ÂŠÂ‡ Â•Â•Â‘Â…Â‹ÂƒÂ–Â‹Â‘Â? Â‘Âˆ ÂŠÂƒÂ”Â–Â‡Â”Â‡Â† Â‡Â”Â–Â‹Ď?Â‹Â‡Â†Â…Â…Â‘Â—Â?Â–ÂƒÂ?Â–Â•Č‹ČŒÇ¤ (^PUUPUNHWWYVHJO While Â success Â goes Â hand-Ââ€?in-Ââ€?hand Â with Â ambition, Â Durdana Â is Â conscious Â of Â the Â need Â to Â be Â unhurried Â with Â the Â development Â of Â DSR, Â choosing Â to Â start Â one Â thing Â and Â developing Â it Â to Â its Â fullest Â before Â moving Â on. Â â€œWeâ€™ve Â accomplished Â so Â much Â in Â so Â little Â time; Â we Â are Â Â‰Â”Â‘Â™Â‹Â?Â‰ÇĄÂ„Â—Â–Â™Â‡Â™Â‹ÂŽÂŽÂ‰Â”Â‘Â™Â‘Â?ÂŽÂ›Â™ÂŠÂ‡Â?Â™Â‡ÂƒÂ”Â‡Â•ÂƒÂ–Â‹Â•Ď?Â‹Â‡Â† to Â move Â on Â to Â the Â next Â level,â€? Â says Â Durdana. Â 48 March 2013
Ç˛Â‡ Â•Â’Â‡Â?Â– Â–ÂŠÂ‡ Ď?Â‹Â”Â•Â– Â›Â‡ÂƒÂ” Â†Â‡Â˜Â‡ÂŽÂ‘Â’Â‹Â?Â‰ Â–ÂŠÂ‡ programme Â and Â this Â year Â weâ€™re Â going Â to Â spend Â on Â further Â developing Â our Â ACCA Â programme Â and Â maybe Â Â?Â‡ÂšÂ–Â›Â‡ÂƒÂ”Â‹Â–Â™Â‹ÂŽÂŽÂ„Â‡ÂƒÂ?Â‘Â–ÂŠÂ‡Â”Â“Â—ÂƒÂŽÂ‹Ď?Â‹Â…ÂƒÂ–Â‹Â‘Â?Ç¤Çł Based Â on Â the Â satisfaction Â of Â the Â students Â and Â the Â quality Â of Â accountants Â DSR Â has Â produced Â thus Â ÂˆÂƒÂ”ÇĄ Â‹Â–ÇŻÂ• Â…ÂŽÂ‡ÂƒÂ”ÂŽÂ› Âƒ Â™Â‹Â?Â?Â‹Â?Â‰ ÂƒÂ’Â’Â”Â‘ÂƒÂ…ÂŠÇ¤ Â”Â‘ÂˆÂ‡Â•Â•Â‹Â‘Â?ÂƒÂŽ development Â should Â happen Â at Â all Â levels Â of Â an Â institution Â and Â Durdana Â values Â the Â importance Â of Â having Â teachers Â who Â are Â just Â as Â dedicated Â to Â their Â students Â as Â the Â students Â are Â to Â their Â studies. Â Earlier Â in Â the Â year Â three Â DSR Â instructors Â travelled Â to Â London Â for Â the Â 2013 Â ICAEW Â Tutor Â Conference Â for Â just Â this Â reason. Â Ç˛Â‡ Â™Â‡Â”Â‡ Â–ÂŠÂ‡ Ď?Â‹Â”Â•Â– Â–Â‡ÂƒÂ…ÂŠÂ‡Â”Â• Â‡Â˜Â‡Â” Â–Â‘ Â‰Â‘ ÂˆÂ”Â‘Â? Â—Â„ÂƒÂ‹Ç¤ We Â attended Â the Â conference Â to Â interact Â with Â the Â
Â‡ÂšÂƒÂ?Â?ÂƒÂ”Â?Â‡Â”Â•ÂƒÂ?Â†Ď?Â‹Â?Â†Â‘Â—Â–Â™ÂŠÂƒÂ–Â‹Â–Â‹Â•Â–ÂŠÂ‡Â›ÂƒÂ”Â‡ looking Â for. Â That Â was Â an Â important Â initiative Â towards Â improving Â our Â own Â standards, Â improving Â how Â we Â teach Â and Â showing Â our Â commitment Â to Â improving Â any Â which Â way Â that Â we Â can.â€? Â :[YVUNMHTPS`Z\WWVY[ Unsurprisingly, Â the Â support Â from Â family, Â friends Â and Â colleagues Â has Â made Â an Â impact Â on Â how Â smoothly Â the Â Ď?Â‹Â”Â•Â–Â›Â‡ÂƒÂ”Â‘ÂˆÂ’Â”Â‘Â‰Â”Â‡Â•Â•Â‡Â†Ç¤
“My husband is extremely supportive. He’s an ICAEW FCA and he’s been helping us with keeping our books and he’s always there to advise and give support. My elder son, who’s doing his ACA at the moment, has also been an amazing support. And I’m very proud of my youngest who will be starting at Ernst and Young in June after his graduation. I consider myself very lucky.” Furthermore, having to shift gears regularly between teaching obligations and the responsibilities for the everyday running of a business also means that the team which Durdana has put together, is one that she trusts completely to do their jobs competently in her absence. “Our Programme Manager, Jehan Shibli, has done an amazing job with our students and especially of taking a lot of responsibilities off my hands. I couldn’t give it up so easily because I want to have that personal contact.” Despite a growing list of duties and responsibilities, that personal connection with the students is still one of the most important and rewarding features of the job. While the commercial interest is an important aspect of running a business, the focus of DSR is still heavily on providing a quality education.
BRIDGING THE GAP: “There is a wide gap between what academic institutions are giving to the students in the UAE and what the workplace actually requires.”
“I always feel that if the value you provide to a customer is higher, then the price they are paying you will sell. So the difference between the value to the customer and the price is what makes you special, what will get people to come to you,” says Durdana. “On the other hand, the difference between the selling price and the cost is your profit. So the difference between the value to the customer and the price I charge is huge, and that is the critical success factor of DSR.” )HSHUJPUN]HS\LZHUKJ\S[\YL The value of the education Emirati students are ϐ in large part to the rapport that she has developed with them through a decade of dedication and learning that began at HCT. “I am able to bring together discipline and caring. The thing is – if you’re tough and you don’t care, you will have a rebellion. But if you’re caring students will take a lot of toughness from you.” The care which students are shown and the understanding of their personal predicaments, circumstances, and culture are particularly important when trying to balance the Western and Eastern values and cultures which tessellate so frequently in this country. “I have that balance and that makes me successful with my students – they will take a fair amount of rigor and discipline from me in exchange for my understanding.” Students at DSR cover a wide range of backgrounds, levels of experience and age. To a typical teacher this might pose a challenge, but for Durdana it came as an opportunity to observe and encourage the development of softer skills which she believes have created well-‐rounded, cooperative individuals. ǲ ϐ ϐ Ǧ the t wo became best friends. The younger one was studying in university so he brought in really good technical skills in accounting while the older one, the COO of a branch of HSBC, brought in an amazing amount of experience.” It is clear that Durdana Rizvi has stuck a comfortable balance in her role as director and course leader at DSR Professional Training JLT. The compassion, commitment and collaboration Durdana has engendered in her students, teachers and team are perfect companions to the comfortable setting of the bright and modern DSR classrooms. 49
LABOUR PAINS OR LABOUR
GAINS? Middle East population boom raises risk of more unemployment, however ICAEW says growth presents more opportunities, but only with longterm investment...
POPULATION GROWTH IN THE MIDDLE EAST FROM UP FROM 1990 LEVELS
POPULATION boom means a huge potential workforce for the Middle East, but only if governments invest in them, according to the Institute of Chartered Accountants in England and Wales (ICAEW).
POPULATION GROWTH PROJECTIONS: THE MIDDLE EAST COMPARED WITH THE WORLD AND EUROPE, 1990–2030, INDEX 1990 LEVEL = 100
In its latest quarterly report, the accountancy and ϐ Ǥ The study titled; ‘Economic Insight: Middle East’ ȋ Ȍǡ ǯ ǤͳͶͲǡͲͲͲ ǯ Ǥ ȋ Ȍ ȋ ǡ ǡ ǡ ǡ Ȍǡ ǡ ǡ
ǡ ȋ ΪͷȌǤ ,JVUVTPJHK]HU[HNL ͷʹΨ ͳͻͻͲ
50 March 2013
Peter Beynon, ICAEW Regional Director; “The population boom means it is more important than ever to invest in education, training and skills.”
ͳͲʹΨʹͲ͵ͲǤ ǡ ͳͻͻͲǤ ǡ Ǥ ǡ ǡ Ǥ ǡ ǣ ǲ
UNEMPLOYMENT PROJECTIONS ACROSS SELECTED MIDDLE EAST ECONOMIES
In Bahrain, Qatar and the UAE the population has already more than doubled since 1990. This should give the region an economic advantage by offering a growing labour supply. short term the Middle East remains one of the best performing regions in the world with growth of 3.9% predicted for 2013.”
slow in 2013, but still to outpace global growth as a whole thanks to resilient oil prices and booming public spending. However, rising populations should spur governments to think long-‐term about how to invest that money.” “Some non-‐GCC countries have high unemployment, whilst lower unemployment levels in GCC nations is partly thanks to public sector jobs. If demand for crude oil slipped – for example because shale gas production took off across the globe – governments would have to cut their budgets quickly. If government remains the main driver of growth and crowds out the private sector, it could jeopardise future growth prospects.” “Spending which results in long term productivity should therefore be a high priority. However, in the FORECAST FOR ECONOMIC GROWTH ACROSS THE MIDDLE EAST IN 2012–14, ANNUAL PERCENTAGE CHANGE IN GDP BY COUNTRY
7YP]H[LZLJ[VYQVIJYLH[PVU Robust economic expansion over the last few years has been driven by high oil prices and government stimulus, and further spending is planned. Saudi Arabia has increased its government spending target by 19% from 2012 levels, with a 21% increase on education to develop the skill ϐ Ǥ plans to increase education spending by 40% year-‐ on-‐year with training schemes and job creation programmes in the private sector. A real success story is the UAE, where spending on education, community development, and youth entrepreneurship has helped contribute to GDP growth of over 4%, although continued efforts are needed to allow private sector job creation and ϐǤ ǡ the IMF has recently warned Kuwait that current public spending levels are unsustainable. Peter Beynon, ICAEW Regional Director, Middle East, said: “The population boom means it is more important t han ever to invest in education, training and skills. Dubai has already started this process, Abu Dhabi has recently announced plans to invest in schools and infrastructure, heels. This is critical for helping develop the skill base needed to diversify away from a purely hydrocarbon-‐driven economy whilst a lso guarding against unemployment.” “In order for economic growth to remain sustainable, governments need to make sure that young people are developing sound professional skills they can put to use by making the Middle East a great place to do business,” he added. 51
MERGERS & ACQUISITIONS
UAE, QATAR LEAD IN M&A DEALS
Ernst & Young’s update report shows telecommunications sector topped in regional deal activity in 2012, with value of inbound transactions at $3.3 billion...
Telecommunications sector led the inbound mergers & acquisitions deals in MENA region, at $3.3 billion in 2012, according to a recent Ernst & Young’s update report
PERCENTAGE DROP IN MENA M&A DEAL VOLUME IN 2012
NNOUNCED MERGER & acquisitions deal values in the region rose from $31.6 billion in 2011 to $44.8 billion in 2012, an increase of 42%, according to Ernst & Young’s 2012 year-end Middle East and North Africa (Mena) update report. Deal volume on the other hand fell by 4%, from 416 in 2011 to 398 in 2012. ϐ ʹͲͳʹ ʹͲͳͳǤ ͺͶΨ̈́ǤʹͶʹͲͳͳ̈́ͳ͵Ǥ͵ ͶʹͲͳʹǤͶʹͲͳʹ ͳΨͳͲͳʹͻͶʹͲͳͳǤ
52 February 2013
ǲǡ ʹͲͳͳ ϐ ʹͲͳʹǤ ʹͲͳ͵ ǡ ʹͲͳʹ Ǥǳ <(,8H[HYSLHKYLNPVUHSKLHSHJ[P]P[` ǯ ǡ ̈́ͳ͵Ǥͷǡ̈́ͳͳǤʹ ̈́͵Ǥͻ Ǥ ͳͲ ʹͲͳʹǡ Ǥ
ǡ ̈́ͻǤͻ͵ ʹͲͳʹ̈́ͳ͵Ǥ͵ͶʹͲͳʹǡ͵ͷΨǤ
ǡ ǡ Ƭ ǡ ǣ ǲ ͶʹΨ ʹͲͳʹ Ǥǳ
ǡ ǡ ͵ ͵͵ ʹͲͳʹǤ ̈́ͶǤͻ ̈́͵ǤͶǤ
MERGERS & ACQUISITIONS
6\[IV\UKKLHSZILH[PUIV\UK In terms of value, outbound deals held the greatest value among total announced deals, comprising $19.4 billion, 43% of total announced deal value in 2012, compared to $15.6 billion for domestic deals and $9.9 billion for inbound deals. Domestic transactions outnumbered inbound and outbound deal activity, comprising 48% of total deals in 2012.
“As 2013 unfolds, there is an anticipation that the improvement in deal activity in 2012 will further improve as we start to see market conditions continually improving despite the unpredictable macroeconomic landscape.”
Total inbound announced deal value saw the largest improvement compared to 2011, increasing by 77% from $5.6 billion in 2011 to $9.9 billion in 2012. Announced domestic deal values also saw a ϐ ͲΨ ʹͲͳͳ the decline in announced domestic deal volumes from 224 in 2011 to 190 in 2012. “The increase that we’ve seen in deal values across all types of deals in 2012; particularly inbound deals when compared to 2011 highlights that the MENA markets still continue to remain attractive to global investors and institutions as they look to emerging markets as attractive regions for growth,” added Phil. ;LSLJVTT\UPJH[PVUZZLJ[VY[VWZ Oil & Gas, Professional Firms & Services and Consumer Products sectors were the most active in terms of the number of announced inbound deals. In terms of value, Telecommunications led the inbound deals at $3.3 billion due to the sole transaction of France Telecom SA buying the Egyptian Company for Mobile Services. In terms of announced outbound deals in 2012, the Real Estate sector led in activity w ith 21 deals followed by Consumer Products with 13 deals. The Oil & Gas sector was highest in terms of the value of announced outbound deals at $5.7 billion followed by the Professional Firms & Services sector at $3.4 billion. Sectors that attracted the most domestic M&A activity in 2012 in terms of volume included Real Estate, Asset Management, and Consumer Products. The Banking & Capital Markets sector had the highest value of domestic M&A deals at $5.2 billion, followed by the Telecommunications sector at $4.1 billion. “A few deals have been completed in the Telecommunications, Oil & Gas and Banking & Capital Markets sectors which are characteristically high in value. These big ticket deals are a promising sign that markets are developing and picking up pace,” said Phil.
Phil Gandier, MENA Head of Transaction Advisory Services, Ernst & Young.
:>-7,HJ[P]P[`PU[OLYLNPVU Of the 398 deals announced in the MENA region in 2012, 71 deals were in the SWF/PE space, an increase of 54% from the 46 deals in 2011. The 71 deals comprised $13.3 billion of the total announced deal values in 2012. The month of March saw the most activity in 2012 with 14 deals. Most of the SWF/PE deal activity was in the Real Estate sector however the highest SWF/PE deal values were in the Oil & Gas sector. ǲ ϐ Ȁ boosted the regional markets through the increasing number of transactions taking place. Much of the wealth in the region is held by SWFs -‐ which are some of the biggest in the world. Their increasing activity ϐ ϐ markets. We expect this to push the momentum of deal activity and encourage regional investors to ϐƬǤȏʹͲͳ͵Ȑ more positive for the regional M&A market,” Phil said. The slowdown in global M&A continued through 2012 as the value of deals fell by 47% to a projected $2.25 trillion from the height of the M&A boom in 2007 of $4.3 trillion and are 21% down in volume to 36,865 in 2012 from 46,701 in 2007. 53
AGAINST ALL ODDS
We highlight inspiring stories of Phoenix students who have demonstrated enormous self discipline, hard work and resilience, to pursue top professional qualifications despite demanding family, work schedules...
I DAVID THOMASSON MANAGING DIRECTOR PHOENIX FINANCIAL TRAINING
WANT to tell you a story (when I say that to my students their interest perks up – better than advanced variance analysis they think!).
In fact, I want to tell you three stories (now they are worried – what time will we finish!), however they are short stories (a sigh of relief around t he lecture r oom). As with any collection of stories we will need to h ave a n i ntroduction. Here i n t he Gulf r egion we have a huge variety of accountancy and finance qualifications on offer. The particular nature of the market here – East meets West -‐ and t he p owerful i nfluence of U K, US a nd I ndian education also has a part to play. So we have ACCA, ICAP, ICAEW, ACT, C IMA, C MA, C FA, ICAI and CPA and this list is not exhaustive. I know you a re now worried t hat t his i ntroduction w ill get lengthy but it is relevant and I promise to be brief. ;YHPUPUN`V\UNWLVWSL Powerful UK influences have led to the introduction and rapid spread of the likes of ACCA, ICAEW and CIMA. The first two are similar i n t hat t hey t rain young p eople i n a w ide variety of accounting, business and finance skills t hat r elevant t o b oth accounting practice and industry – CIMA is a little different, focussing more strongly on performance and project management, budgeting and strategic business skills. This qualification thereby equips its members to make strong contributions within businesses, government
54 March 2013
departments Â and Â commercial Â entities Â but Â does Â not Â allow Â them Â to Â perform Â external Â audits Â and Â sign Â off Â accounts. Â In Â t he Â r egion Â t here Â i s Â a Â s mall Â g roup Â of Â s tudents Â following Â ICAEW, Â a n Â i ncreasing Â number Â t aking Â up Â C IMA Â but Â by Â f ar Â t he Â l argest Â i s Â i n Â ACCA. Â I n Â f act Â the Â ACCA Â h as Â over Â 4 00,000 Â s tudents Â worldwide Â and Â because Â of Â this Â large Â geographical Â volume Â and Â s pread Â i s Â s een Â by Â m any Â a s Â t he Â most Â g lobally Â recognised Â a nd Â p ortable Â qualification. Then Â we Â have Â the Â Americans! Â The Â US Â qualifications Â are Â popular Â on Â the Â back Â of Â the Â strength Â of Â American Â tertiary Â education Â in Â the Â region Â â€“ Â t hink Â A merican Â University Â of Â S harjah, Â of Â Dubai, Â of Â Beirut Â -Ââ€? Â and Â the Â arguably Â lighter Â requirement Â of Â t heir Â e xam Â r egime. Â
ROSE NJERI GIDRAPH: 8JUIBIFDUJDnZJOH schedule at Emirates "JSMJOFT 3PTFJTOPU FODVNCFSFECZUIF EFNBOETPGIFSXPSL BOEIBTGPMMPXFEIFS IFBSUTEFTJSFUPHBJOB QSPGFTTJPOBMRVBMJmDBUJPO
=LY`[V\NOWHZZYH[L Testing Â is Â more Â electronically Â driven Â which Â sometimes Â appeals Â to Â those Â for Â whom Â written Â English Â presents Â challenges. Â So Â we Â have Â the Â Certified Â Public Â Accountant Â (CPA), Â the Â relatively Â light Â management Â qualification Â CMA Â (when Â compared Â to Â the Â UK Â CIMA Â and Â Indian Â Cost Â a nd Â Works) Â a nd Â t he Â i ntense, Â very Â t echnical Â but Â s omewhat Â n arrow Â C FA. Â When Â contrasted Â with Â the Â UK Â qualifications Â the Â US Â counterparts Â are Â often Â criticised Â for Â lacking Â depth Â and Â breadth Â but Â this Â totally Â misunderstands Â their Â origin Â and Â purpose. Â It Â is Â true Â that Â when Â compared Â with Â the Â UK Â ACCAâ€™s Â 14 Â p aper Â r egime Â t he Â c ontent Â a nd Â t esting Â of Â C PA Â over Â 4 Â papers Â may Â look Â lighter. Â However Â US Â
Powerful UK influences have led to the introduction and rapid spread of the likes of ACCA, ICAEW and CIMA.
footprint i n t he r egion but t his i s r ecent, l ack of sufficient local accounting credits often make entrance into US qualifications difficult and in some cases impossible (a fact not always well understood), ICAP a nd ICAI by p opular c onsent are i mpossible t o p ass! By contrast ACCA has been here a fair while, their p ass r ates a re s ensible (average i s a round 40% globally, perhaps 5-‐10% less than that in the region – at Phoenix we aim for 70% -‐ and their 14 paper regime is seen as providing sufficient depth and breadth – maybe for that reason, and the huge global footprint, we see a large and growing ACCA student body in the region and it is about three of their students that I w ish t o t alk about here;
ABDULLA AL MARZOUQI: Despite his demanding managerial role at Standard Chartered bank, Abdulla has pursued his studies with vim and vigour.
CPA i s i ntended t o b e pursued a fter a n i ntensive and demanding four year highly vocational specialised Accounting degree – the concept is in m any w ays s imilar t o U K legal t raining. Finally because of the huge dominance of Indian and Pakistani finance professionals in UAE businesses we see the strong influence of the Chartered qualifications of these bodies. If you find an accountant here in Dubai they are very likely to be a qualified ICAI or ICAP. Their qualifications are modelled largely on UK precedent with a long list of papers and a very t ough p ass r ate. S ome t raining i s delivered here in the region by the Institutes themselves but the majority of those qualifying do so back home b efore c oming t o work here. /\NLNSVIHSMVV[WYPU[ ICAEW and CIMA are now establishing a
When contrasted with the UK qualifications the US counterparts are often criticised for lacking depth and breadth but this totally misunderstands their origin and purpose.
56 March 2013
With enormous discipline, hard work and resilience, there are students who have had to take a tougher route to membership. Take for example Rose Gidraph. Rose is a very smart young professional lady, not encumbered by the demands of her career. When we first met Rose she w as working a s a n e xecutive s ecretary but wanted to build a professional career. She did two things – firstly she made the sensible (I’ve got to be biased!) decision to pursue a professional accountancy qualification with us and s econdly, i n order t o provide s ome p ersonal and financial stability she joined Emirates Airlines C abin C rew t eam. 7YV]PKLL_[YHZ\WWVY[ Clearly her schedules caused complex study issues f or her a nd we often h ad t o accommodate re-‐arrangements in her timetable to get her into class and indeed provide extra support when she couldn’t make it. Her determination to see this through was amazing – I personally remember reprimanding her for being late into one of my e vening P 3 c lasses a rriving at 7.45pm when t he c lass s tarted at 7pm. Then I r ealised t hat she w as s till i n f ull u niform and had her standard issue Emirates cabin bag with her – she had just done the trip from Los Angeles International Airport and had chosen to come straight into class after an 18 hour shift! I didn’t complain again and after that we often looked forward to Rose arriving a little late a nd t o a sk w here she h ad just c ome f rom. Rose has followed an amazing journey – she is st ill work ing w ith Emirates and is now considering her opt ions but f rom the much
bet ter Â posit ion Â of Â being Â f ully Â qualif ied Â ACC A Â and Â also Â a Â graduate Â of Â t he Â Oxford Â Brookes Â Universit y. Â Anam Â S ami, Â by Â a ny Â s tandards, Â i s Â a n Â outstanding Â student. Â She Â was Â educated Â in Â Dubai Â and Â received Â outstanding Â grades Â at Â both Â GCSE Â and Â Advanced Â level Â c ulminating Â i n Â t riple Â Aâ€™s Â i n Â P ure Â Maths, Â E conomics Â a nd Â B usiness Â Studies. Â
Because of the huge dominance of Indian and Pakistani finance professionals in UAE businesses, there is a strong influence of the Chartered qualifications of these bodies.
>VUKLYM\SM\[\YLHOLHK Anam Â decided Â t o Â c ontinue Â her Â s tudies Â i n Â t he Â U K Â where Â once Â a gain Â she Â e xcelled Â at Â t he Â University Â of Â Manchester Â achieving Â a Â First Â Class Â Honours Â degree Â i n Â E conomics. Â Upon Â her Â r eturn Â t o Â D ubai Â she Â was Â a Â natural Â choice Â for Â the Â â€˜Big Â 4â€™ Â firm, Â KPMG. Â She Â is Â now Â entering Â her Â third Â year Â of Â training Â there Â and Â is Â already Â impressing Â her Â employers Â â€“ Â she Â i s Â very Â i nterested Â i n Â c ontinuing Â her Â c areer Â i n Â Audit Â a nd Â I Â a m Â s ure Â i s Â a ssured Â of Â a Â wonderful Â business Â f uture Â a head. Â Anam Â is Â exceptionally Â talented Â and Â at Â Phoenix Â we Â a re Â privileged Â t o Â c ount Â her Â a mongst Â our Â l ist Â of Â ACCA Â students. Â She Â has Â already Â achieved Â an Â unprecedented Â two Â world Â prizes Â in Â her Â F4 Â and Â F8 Â papers Â scoring Â the Â highest Â marks Â from Â around Â 25000-Ââ€?30000 Â sitting Â these Â papers Â globally Â and Â is Â on Â track Â to Â qualify Â this Â year. Â I Â donâ€™t Â really Â need Â to Â wait Â for Â Anamâ€™s Â results Â â€“ Â I Â know Â she Â w ill Â p ass! Finally Â I Â want Â to Â tell Â you Â about Â Abdulla Â Al Â Marzouqi, Â a Â wonderful Â character Â who Â is Â well Â known Â to Â all Â of Â the Â Phoenix Â team. Â Like Â Rose, Â Abdulla Â has Â not Â found Â the Â ACCA Â journey Â straightforward. Â In Â his Â case Â this Â is Â largely Â driven Â by Â the Â conf licting Â responsibilities Â of Â his Â managerial Â role Â at Â Standard Â Chartered Â bank Â with Â the Â demands Â of Â a Â family Â including Â three Â c hildren. Â Abdulla Â dedicates Â his Â weekend Â to Â his Â family Â and Â the Â balances Â study Â and Â work Â pressure Â during Â the Â week. Â When Â nearer Â the Â exam Â he Â will Â take Â his Â study Â leave Â to Â work Â from Â 6am Â until Â 5pm Â each Â day Â for Â two Â weeks Â to Â complete Â his Â revision. Â These Â pressures Â have Â meant Â that Â Abdulla Â has Â had Â to Â resit Â one Â or Â two Â papers Â but Â his Â smile Â and Â infectious Â enthusiasm Â have Â kept Â him Â a nd Â h is Â t utors Â g oing. Â :\JJLZZOHZ[VILLHYULK Sometimes Â in Â the Â UAE, Â there Â is Â a Â tendency Â for Â the Â e xpats Â t o Â f eel Â t hat Â a ll Â t he Â locals Â s imply Â h ave Â an Â easy Â life. Â It Â is Â sometimes Â felt Â that Â they Â donâ€™t Â
ANAM SAMI: Following her outstanding performance in professional coursework, Anam was a natural choice for the â€˜Big 4â€™ mSN ,1.(
have Â to Â work Â and Â things Â will Â come Â to Â them Â unearned. Â Like Â any Â society Â this Â is Â sometimes Â true Â a nd Â you Â c an Â s ee Â t he Â s ame Â t hing Â a round Â t he Â West Â a nd Â t he Â Far Â E ast Â however Â t here Â a re Â m any Â like Â A bdulla Â f or Â w hom Â s uccess Â h as Â t o Â b e Â e arned Â with Â s weat Â a nd Â t he Â o ccasional Â t ear. Â Abdulla Â is Â always Â courteous Â and Â respectful Â to Â the Â Phoenix Â team Â and Â his Â fellow Â students Â and Â he Â has Â never Â stopped Â smiling. Â His Â success Â is Â enormously Â well Â deserved, Â Abdulla Â you Â have Â qualified Â this Â time Â and Â it Â has Â made Â Victoria, Â myself Â a nd Â a ll Â at Â Phoenix Â s mile Â t oo! Â There Â are Â countless Â other Â professional Â journeys Â that Â I Â could Â recount Â but Â the Â above Â is Â an Â illustration Â of Â the Â variety Â of Â experiences Â that Â come Â to Â mind. Â The Â professionalisation Â of Â the Â finance Â sector Â here Â is Â something Â that Â is Â very Â c lose Â t o Â m y Â h eart Â a nd Â I Â f ind Â i t Â i mmensely Â gratifying Â to Â see Â the Â success Â of Â people Â like Â Abdulla Â and Â Rose Â and Â (soon Â to Â be Â I Â am Â certain), Â A nam. Â These Â d ifferent Â s tories Â a re, Â f or Â me, Â w hat Â m akes Â the Â UAE Â such Â a Â great Â place Â to Â live Â and Â work. Â Long Â m ay Â t his Â d iversity Â c ontinue Â a nd Â f uel Â w hat Â I Â am Â sure Â will Â be Â greater Â business Â strength Â in Â the Â f uture Â f or Â t he Â UAE. Â 57
EMERGE T A WINNER Training provider prides itself in turning professionals into top ranking executives...
HE BUSINESS environment in UAE has changed drastically in the past 10 years.
The marketplace once dominated by private family businesses has now been taken ǡ ϐ Ǥ ϐǡ practiced various national accounting standards, are now uniformly following international accounting standards, as required by the ϐ Ǥ These developments have triggered the need for professional accounting skills. Emerge Management Training Centre was established to satisfy t hese professional needs. *HYLLYWYVNYLZZPVU In t he 1990s, t he UAE market had few accounting ϐ ϐ ϐ Ǥǡ many professional institutes began to cater to the need for professional accounting skills.
58 March 2013
a number of professional examinations such as CA from India, CPA, CMA, CFM, CIA, CISA of US and CGA Canada. His passion for teaching and his professional education blended with industry experience helped his dream come t rue thereby leading to t he establishment of EMERGE Training Centre.
To make a c areer progression in t his age, resilient with any economic change, a professional ϐ Ǥ A number of professional institutes from Asia, ϐ in UAE. One of the top ranking ones is EMERGE, the pursuit of passion of Prof D. Hariharan. With 30 years of top management experience in blue chip companies in India, Oman a nd UAE, he gave up his job to pursue his dream. He passed
;VWYHURPUNPUZ[P[\[L The institute specialises in US professional ϐ and other high end professional programmes like SOX and COSO f ramework on internal controls. In 2012, the Institute of Management Accountants of USA (IMA) recognised EMERGE’s efforts in enrolling t he maximum number of students f rom the Middle East. In a span of six years since its establishment, the Centre has risen to be among the top ranking institutes in t he Middle East. ϐ ǡ the examination is conducted by the Institute (AICPA), every student needs to apply through one of t he 50 state boards of accountancy, which have t heir own eligibility criteria. 59
ATTENTIVE: Students at EMERGE Management Training Centre are all ears during one of the class sessions at the institute.
are invited to a lifelong ‘E-‐group’, where the alumni get professional, examination and institute updates. 8\HSP[`JVTWSPHUJL Students and professionals can also contribute to this group thereby encouraging sharing of knowledge and best practices. According to Prof Hariharan, majority of new student admissions are t hrough referral by t he a lumni students.
PURSUIT OF PASSION: Prof D. Hariharan, Director of Emerge Management Training Centre established the institution six years ago.
EMERGE counsels and provides assistance to its students to make the right choices and schedule their exams in centres in the UAE. This involves constant updating of knowledge on the requirement of a ll states. In addition to providing training, the institute supports the students with exam preparation strategies and conducts adequate practice tests. O n c ompletion of t he c ourse, t he s tudents 60 March 2013
EMERGE partners with well-‐known publishing houses like ‘Wiley’ and ‘Hock’ to provide the latest updated study materials to its students. T he institute is subject to quality compliance by the Knowledge and Human Development Authority of Government of Dubai. The institute conducts free counseling sessions in schools and colleges to g uide students to make the right career choices. Working professionals are also offered counseling for their career development and suitability of programmes in the event of relocation, in order to prepare them with necessary educational requirement to settle in t he new country w ith ease. “Having achieved success in UAE, we plan to expand our mission to other parts of Asia through web-‐based technology and to annex other professional programmes to our portfolio. We will continue to see our success through our students’ success,” Hariharan proudly says.
S P Jain School of Global Management emerges winner at the KPMG ‘Ace the Case’ competition; students to represent UAE at international contest in Madrid, Spain... He also shared some of his experiences solving case studies from his own university days. Runners up were the students from Middlesex University Dubai who put up a tough competition against the winners and highly impressed the panel of judges.
Dr Tayeb Kamali, Vice Chancellor of Higher College of Technology poses with the winners of the KPMG ‘Ace the Case’ competition.
º4HRL[OL<(,WYV\K» Prathap Katharikuppam, Partner for Human Resources and Risk Management at KPMG Lower Gulf congratulated the winners and said; “Your hard work along with your combined analytical, reasoning, and presentation skills has resulted in winning this year’s competition. We wish you the very best at the KICC in Madrid, make the UAE proud.” PMG IN the UAE recently hosted the second edition of the National ‘Ace the Case’ Competition in Dubai.
The team from S P Jain School of Global Management won the competition by displaying outstanding analytical and presentation skills which set them apart from the rest of the competing teams. KPMG UAE will now go on to sponsor the team’s participation at the KPMG International Case Competition (KICC) that is to be held in Madrid, Spain in April 2013. Dr Tayeb Kamali who is the Vice Chancellor of Higher College of Technology graced the Award Ceremony and presented awards to the winners and runners up. “I am delighted to be here today and appreciate this competition that KPMG has put together for our students. These case competitions provide an excellent learning environment for the students and give them a taste of what they will face in their professional careers,” Dr Kamali said, adding, “I wish the winning team the best of luck at the International Case Competition in Madrid.”
This is the second year that KPMG is hosting the two day competition in the UAE. The workshops held on ϐ the necessary tools to solve, structure and present their analysis and recommendations. On the second ǡ ϐ under a tight deadline of three hours and present ϐ life clients. “Ace the Case aims to continue inspiring the young minds of tomorrow. Every participant is a winner, given the steep learning curve experienced by the students. We are also pleased by how well this initiative was received across universities in the UAE,” said Reyana Menzel KPMG’s Head of Human Resources. The top 8 teams competing this year came from the following universities: 1. S P Jain School of Global Management 2. American University of Sharjah 3. HCT-‐ Dubai Men’s College 4. Middlesex University 61
ON A CLASS OF ITS OWN
Dr Arthur Kraft, a senior lecturer in accounting at the Dubai branch of Cass Business School, tells Joyce Njeri about the active part the school’s global network is taking in shaping accounting careers... As Cass Business School’s senior lecturer in accounting, what modules do you teach?
Dr Arthur Kraft, Senior Lecturer in Accounting, Cass Dubai Centre
I t e a c h t h e I n t r o d u c t o r y Accounting class to both the full-‐ t ime MBA st udent s in London and t he st udent s in t he Dubai E xe c u t i ve -‐M B A ( E M B A) pr og r a m me . I n addition, I teach an elective on International F i n a n c i a l R e p o r t i n g S t a n d a r d s ( I F R S ) accounting standards in our International Accounting Masters programme. With campuses in few selected cities, you d on’t s eem t o h ave a g lobal f ootprint like some other equally top-‐ranking business schools. What are your plans for the next five years in terms of campus development?
62 March 2013
We are a highly ranked business school, based in the City of London. We experience very h igh d emand f or a ll o ur c ourses, a nd a re currently expanding to accommodate growth in Executive Education. Dubai is a natural second home for our EMBA programme, as it has the same cosmopolitan feel and high energy a s L ondon. We do not have the need to create more international campuses. In other similar locations – Singapore, Seoul – we have formed productive partnerships with highly ranked local business schools. With Cass Dubai Centre serving the Middle East and North Africa (MENA) region, you seem ϐ of study location. Would an online degree possibly be the programme structure of the future for Cass?
MOMENTOUS: Students of Cass Business School at Dubai International Financial Centre (DIFC) toss their mortarboard in jubilation after graduating from the institution recently.
We have absolutely no plans to start an online MBA programme. A good MBA should allow students to share experiences, to learn communication and listening skills in a pressured environment. The learning that happens in a live case discussion in class with an effective professor cannot be replicated in front of a screen. In the Cass Dubai EMBA programme, students ϐ Ȃ ǡ ǡ Ȃ the opportunity to meet the same professors who teach on our London programmes (and who also ϐȌǤ Some say that the accounting education taught in classrooms is different from the actual on-‐the-‐job skills necessary for success. As an educator, do you think there needs to be continuous adjustments in accounting curriculum to bridge the gap?
It is certainly the case that the accounting curriculum always needs to be reviewed and ϐ ϐ cover the skills that employers demand from new graduates. We do this by fostering links with employers and professional accounting bodies, (for instance the Institute for Chartered Ȍǡ of what skills are in demand.
We have absolutely no plans to start an online MBA programme. A good MBA should allow students to share experiences, to learn communication and listening skills in a pressured environment.
to contribute in other areas. Furthermore, because the students enter the MBA and EMBA programmes ϐ typical undergraduate or masters student, we are Ǧ Ǥ
Dr Arthur Kraft, Senior Lecturer in Accounting, Cass Dubai Centre: “Dubai is a natural second home for our Executive-MBA programme, as it has the same cosmopolitan feel and high energy as London.”
ȋȌ ϐ ǡ Ǥ ǡ ǫ
Also, by keeping up-‐to-‐date on the latest in accounting research and teaching we can bring the results of any relevant research into the classroom before it gains wider acceptance in the economy. ϐ ϐ Ǧ ǡ Ǥ ǡ ϐ ǫ I think one of the largest gaps is that many students graduate from their undergraduate programmes ϐ ȋ ǡϐ ǡ Ȍ lack a broad range of skills. This is why our MBA curriculum is anchored in the fundamentals of general management, including the latest theories and best practices in business – from accounting ϐ Ǥ The goal is to produce graduates who are not only ϐǡ
The accounting curriculum always needs to be reviewed and modified to reflect changes in the economy and cover the skills that employers demand from new graduates.
64 March 2013
The MBA and EMBA accounting courses at Cass are not designed to prepare students to be Chartered Accountants – training CA’s is more the focus of our undergraduate courses. Our accounting courses in the MBA and EMBA programmes are instead designed to train individuals how to understand, and use, accounting information with the assumption that most of t he s tudents w ill be working i n a reas outside of accounting (general management, ϐ ǡ ǡ ȌǤ accounting i nformation a s a t ool t o i mprove t heir performance, not on t he r ecording or auditing of that accounting i nformation. ϐ ǡ ǡ ǡ Ǥ ǡ ǡ ǯ ǡ ǡ ǡ ǫ Because we are not training accountants we do not have students entering the programme looking to ϐ ȋǡ ǡǤǤǤȌ However, we do offer students the ability to take additional accounting electives that they believe will provide them with useful skills. Furthermore, the material in the accounting courses can be adjusted to better meet the demands of t he s tudents.
For instance, traditionally the students in the Dubai EMBA programme generally prefer the managerial accounting material, while the London ϐ Ǥ While the accounting material covered in the Dubai EMBA programme is largely the same as what is taught in London, we do adjust the material ϐ Ǥ ǡ differences in the work experience and interest of the students across classes and programmes Ǥ classes are interactive we are able to adjust the Ǥ ǡ students want to spend more time discussing the potential changes to revenue recognition we are Ǥ With accountancy industry set to expand due to new standards being put in place and trends such as integrated reporting, industry experts see new opportunities and roles emerging, such as decision support, control, planning etc. This presents a wide scope available to accounting students. As educators, what do you do to make this awareness of the opportunities that exist for student accountants in today’s marketplace? In order to make the students aware of the ϐ Ǥ earlier, I believe that this is best achieved by keeping in contact with companies and professional organisations so you are aware of what jobs and/or skills they require and by reading and contributing to the accounting research literature so you are aware of where t he Ǥ Once you understand what the current and future opportunities are, the next challenge is how to Ǥ ǡ ϐ that it is much more effective if you can integrate this information into the course so that you can Ǥ I achieve this in a variety of ways, from discussing news items or research papers, to calling on students who have work experience ϐǡ Ǥ to not only present t he information about t he new opportunity, but a lso get t he students t alking and thinking about what skills are required for t hese
Both London and Dubai are magnets for ambitious young people looking to gain both academic credentials and exposure to international business. opportunities, why these opportunities exist, Ǥ Most of your executive master programmes require work experience from prospective Ǥϐ School looking for? In addition to good academic credentials, we require students to have at least 4-‐5 years of good Ǥ evidence of professional practice, and some client Ȁ Ǥ We interview all students to ensure that they have the potential to hold their own in discussion with some quite heavyweight classmates, and understand the critical and open-‐ended nature Ǥ therefore around 27, the median typically 33-‐34 (so 10 years of business experience), with some ͶͲǤ international student body. How does the school achieve such a high rate of applicants from abroad? We are a UK school, but based in the City of London, where even the local workforce is very Ǥǡ Ǥ London and Dubai are magnets for ambitious young people looking to gain both academic credentials Ǥ An international outlook is embedded in the DNA of Cass – our professors are from many nationalities, our courses look at global rather than parochial problems, our expectation is that a Cass EMBA graduate will be culturally sensitive and Ǥ from friends and colleagues who have graduated from our courses, they look at our websites, watch and listen to our speakers at conferences and fairs, Ǥ 65
PATHWAY TO PROSPERITY ICAEW celebrates success of Middle East Students with momentous graduation ceremony...
HE INSTITUTE of Chartered Accountants in England and Wales (ICAEW) recently celebrated the achievements of newly-qualified Chartered Accountants as well as students attaining certificates in finance, accounting and business. In a ceremony held at the Capital Club, Dubai International Financial Centre, students were awarded the internationally-‐recognised ICAEW ϐ ǡ ǡ ϐ ǡ ȋ Ȍǡ ϐ ȋ ȌǤ The awards were conferred by Regional Director ǡ ǡ witnessed by Sheriff of the City of London Alderman Ǥ (YHYLWYP]PSLNL ǡ Ǣ ǲ Ǥ is this journey you are now taking and I commend you Ǥ ȂǤǳ “This is a memorable day for ICAEW and the Ǥ ǡϐ Ǥ ϐ Ǥ They have taken important steps on their journey to join an elite group of 140,000 ICAEW
To qualify as an ICAEW Chartered Accountant, students must complete a series of rigorous exams followed by at least 450 days of practical work experience with an Authorised Training Employer (ATE).
66 March 2013
Regional Director for ICAEW Middle East, Peter Beynon FCA (left) and the Sheriff of the City of London Alderman The Hon, Jeffrey Evans (right) addressing the ICAEW graduates.
Ǥ hardworking people like this that are set to become the Middle East’s next generation of business ǡǳǤ To qualify as an ICAEW Chartered Accountant, students must complete a series of rigorous exams followed by at least 450 days of practical work experience with an ȋȌǤ )\ZPULZZHUKÄUHUJLO\I ǡ ϐ in 2008 in the UK as a stand-‐alone business ϐ ǡ ϐ ǡ business, whilst the CFq recognises achievements ϐ Ǥ “As the UAE continues to cement its position as ϐ ϐ Ǥ ϐ ǡ more people in the region are choosing to train as ǡǳǤ “The key to ensuring sustainable prosperity in the region for the future will be encouraging young people to become business leaders, so I am especially delighted to be awarding these ϐ ǡǳǤ * For more graduation photos, turn to ‘Business Pictorial’ section
SUBSCRIBE NOW TO THE REGION'S FIRST MIDDLE EASTERN FOCUSED ACCOUNTANCY MAGAZINE. Complimentary subscription for any accountants currently working or studying in the UAE. Every month we will bring you the latest news, expert opinion, interviews with regional influencers and policy makers, as well as CPD advice, job opportunities and moves. Accountant ME will also feature regular articles and reports on auditing, legislation, management advisory services, ethics, professional development and practice management.
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accountancyme.com/subscribe Contact us today for more information about this brand new title. SALES Christopher Stevenson Tel 04 440 9138 Email email@example.com
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TREASURE IN TREASURY Youโve qualified as an accountant... now what? For some people this is enough after many years of hard work, but for many, some sort of specialisation is a definite value-add. We detail how the Association of Corporate Treasurers professional qualifications can help you get ahead...
CROSS THE world โ in every business sector and every industry โ an understanding of treasury creates opportunities and possibilities. ยยยยย ยยยยยยยยยยย ยยยยย ยย ยยยยยยยย ฯยยยยย ยวก ยยยยยยยย ยยยยยยยยยย ยยยยยย ยยยย ยย ยยย ยยย ย ยยยยยยยยยยยยยยยยยยย ยยยยยวค ยย ยยยยยยยยยยยยย ยยยยยยยยยยยยวฆยยยย ยยยยยยยยยยยยยยยยยยยยยยศ ยยยยยยยยยยยยยยยยยยยยยยยยยยยยฯยย ยยยยยยวค (UH[[YHJ[P]LJOVPJL ยยยย ยย ยยยยวก ยยยยยยยยยย ยยยย ยยย ยย ยยย ยยยยยยยยวฃ วฒยย ยยยยยย ยย ยยย ยยยยยยยยย ยยยยยยย ยยย ยยย วฎวฆยยยยยยวฏ ยยยยยยยยยยยย ศ ยยยยยยย ยยยย ยยยยย ยย ย ยยยย ยยยยยยวก ยย ยยยย ยย ยยยยย ยย ย ยยยยยยย ยยย ยยยยยย ย ยยยยยยวข ยยย ย ยยยยยยยย ยยยยยยยย ย ยยยยยยยยยยยย ยยยยย ยยยย ยวคยยยยย ย ยยยยยยย ยวก ยยยยย ยย ย ยยยยย ยยย ยยยย ยย ย ยยยยยย ยย ยยยยยยยย ยยยยยยยย ยยยยยยวกยยยยยยยยยยยยยยย ยยยยยย ยยยยยยย ยย ยยยยยยยย ยยย ยยยยยย ยยยยย ยยยยยยย ยย ยยยย ยยย ยยยยยยวก ยยยยยย ยยย ยยย ยยย ยยยยยย ยยยวก ยยยยยยยย ยยย ยยยยยยยยวค ยยยยยยย ยยยยยยยย ยยยยยย ยยยย ยย ย ยยยยยยยย ยยย ยยย ยยยย ยยยยย ยยยยวก ยยย ยยยย ยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยยย ยยยยยยยยยยยยยยยยย ยยยยวควณ ยยย ยย ย ยยยย ยย ยยยยยยยย ยยยยยฯยย ยยยยยยวก ยยยยยวฏยยยยยยยยยยยยยยย ยยยย ยยยยยยยวคยย
Treasury qualifications help accountants become more effective, and teach skills in managing external stakeholders that are vital in the CFO role.
68 March 2013
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CREATING AN EDGE: A career in treasury has much to offer in todayโs fast-paced, global business environment โ and the quickest way to get to where you want to be in treasury is by getting the right training BOERVBMJmDBUJPOT
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OVERCOMING DEBT DEADLOCK Andy Yiacoumi, the Managing Consultant of Decol Debt Collections emphasises on the importance of effective credit management...
I ANDY YIACOUMI MANAGING CONSULTANT DECOL DEBT COLLECTIONS LLC
CONSIDER the UAE and Middle East to be an emerging market as conditions are still some way off what I would deem mature.
This can be seen clearly when considering how companies manage t heir credit procedures. Many of t hem focus on sales and pretty much ignore the whole area of effective credit management. With the current market conditions, it’s even more relevant than before to have a solid procedure in place which starts f rom t he early stages of a sales person contacting a potential new client.
(]VPKNVPUNSLNHS There are too many gaps and loopholes which ultimately w ill be abused by many companies and individuals if possible. That makes it even more vital to try and avoid going legal by avoiding the ϐ Ǥ
I have engrained in my mind a simple term which applies to everyone w ithin an organisation, ‘A sale is only a sale when t he money is in the bank’.
There are still many companies that don’t incorporate any form of debt right-‐off or make any provisions for bad debt. One must realise that this is standard procedure in many parts of the world and is also important locally.
+`UHTPJZVM[OLTHYRL[ In the last few years I have seen more and more companies starting to incorporate a credit policy but still there is a long way to go. Taking into account the dynamics of the market, it is vital to have a written policy that is understood and followed by all. As t he UAE is a t ransient market and multicultural, it is v ital to have consistency in a policy otherwise there w ill be gaps as people w ill follow their own system, if any, and then when they move on the system crumbles. It must also be noted that many local companies (with an international presence) will adopt a policy from abroad. These policies without doubt will need to be adapted for t he UAE market bearing in mind the restricted amount of data available ϐ Ǥ Ultimately t here can never be a 100% formula but all angles need to addressed and covered to the best of our ability. 70 March 2013
For me one of the biggest problems in the market is that it has grown so quickly and the infrastructure too. What has lagged behind though is the ϐ market requirements.
To give an example, I once was called to a meeting and given a spread sheet which had approximately 15 debt cases with a combined value of AED15 million. All were dated between 2001 and 2007. When I asked for details of each case I realised that all had either run away or closed down. The local parent company refused to write off the debts and wanted somehow to have the monies recovered. T his of course was completely unrealistic. Just because on the books there is outstanding collections it doesn’t mean that the monies will ever be collected. You have to be realistic instead of living under some false economy. Of course I refused to handle t he c ases as essentially it would have been a complete waste of t ime. 0TTH[\YLTHYRL[ I had another that contacted me and when we looked at the cases, they then asked me to offer
through desperation, to exist, he was offering unbelievable credit terms of 120 days plus without a ny form of security. He was providing skilled manpower services to a client. He was responsible for paying his staff ϐ he had now defaulted himself with his own staff as he could no longer keep up. His client wasn’t paying and it all came to a point where he was effectively bankrupt.
them a d iscount on our c ollection r ates. W hen I asked w hy... h is a nswer w as “ well i f we h ave t o pay you a c ommission f or c ollecting our money then we won’t m ake a ny profit on t hese c ases.” I a sked i f t hey h ad a ny w rite off p olicy a nd t hey confirmed “of course not, we gave a service and we want our money.” I then asked if they had any credit procedure so that before they offered credit they evaluated each case and then made a qualified decision. Of course the answer w as ‘ No’. So to summarise, t hey want to sell t heir services to everyone with minimum margins offering 90 plus days credit and expect to collect from everyone. If they can’t collect themselves then they want to use a collection agency but can’t afford the commission rates otherwise they ǯ ϐǨ typical of this market, hence my claim that it is still very immature. I also deal regularly with companies that have basically thrown credit at their clients and contacted me when everything has collapsed ϐ Ǥ recent case whereby the client approached me as he was owed nearly AED1 million. When we looked at the case it was obvious that
For me one of the biggest problems in the market is that it has grown so quickly and the infrastructure too. What has lagged behind though is the adaptation of the commercial laws to reflect the market requirements.
*VTTP[TLU[[VZL[[SLKLI[ ǯ ȋ Ȍ was called to perform a miracle. Many people have the misconception that because it is handed over to a debt collection agency it will Ǥ case as we don’t know what we will have to deal with until we actually work on t he c ase.
ϐ the intentions are of the debtor. If they are ϐ ϐ Ǥ realistic t ime f rame for a n i mprovement i n t heir ϐ Ǥ are many that will say just about anything to Ǥ that will effectively make no commitment at all and in cases will deny their liabilities. It is ϐ day we are shocked with the type of work we receive and the stories we hear from debtors and even clients. policy to work for each and every company out Ǥ Ǧ the realities of the market and have a sensible approach to limits. One must never be afraid to decline business if it doesn’t meet t heir criteria for Ǥϐ out later you will never get paid. Right now this market is all about ‘Survival of the Fittest’. Until the rest of the world economies recover then what hope is there for the UAE market given the amount of inward investment it needs to exist and g row? ϐ understanding the mechanics of the company and c urrent procedures. Once t his is understood then a sensible recommendation w ill be g iven to implement t he necessary practice into t he day to day r unning of t he business. 71
EMPLOYMENT TAXES SOAR UHY study reveals how governments have increased job levies, with companies now paying average employment costs worth nearly 25% of workers’ salaries...
PROPORTION OF AN EMPLOYEE’S SALARY THAT GOES TOWARDS ‘EMPLOYMENT TAX’
HE AVERAGE extra cost, across the world, to businesses in social security and other ‘taxes’ of employing a worker is now almost 23% of an employee’s salary*, according to research by UHY, the global accounting and consultancy network. UHY tax professionals studied data in 25 countries across its international network, including all members of the G7 and the emerging BRIC economies (Brazil, Russia, India and China). It calculated the value of payments a company had to make, such as social security contributions, on top of t he g ross salary t hey pay to individual employees. ([[YHJ[PVU[VMVYLPNU^VYRLYZ The research shows the low cost of employment in the UAE. The UAE population is predominantly a contracted or migrant workforce where every employer will have employment costs for every potential worker. These costs in other countries include social security payments and compulsory pension
72 March 2013
contributions that do not affect employers in the UAE or g reater Gulf r egion. The latest study also reveals t hat t he UAE is home to 147 nationalities, which demonstrates the attraction to t he country for foreign workers. “With one of the lowest employment cost to ǡ ϐ employment in the UAE,” the study states. UHY says that the average employer will have to pay out an extra $6,757 on top of a gross salary of $30,000 in various employment costs (22.5% of gross salary) from mandatory pension provisions to healthcare cover. For a gross salary of $300,000 the average employer has to pay an extra $41,206, 13.7% of the gross salary. Reacting to the report, Ladislav Hornan, the Chairman of UHY, said; “Governments in many countries have heaped on extra employment costs over the past decade or so. In countries with ϐ problems, high employment costs are now undermining the job creation agenda.”
“Lower employment costs can help labour market ϐ ǡ ϐ Ǥ ǡ ǯ Ǥ ǡ ǡǳǤ )\YKLUMVYI\ZPULZZLZ ǡǡ
ǡǡǤ Ǥ ̈́ͳǡͺͲ ȋʹ͵ǤͺΨ Ȍ ̈́ͷǡͲͲͲ Ȃ ̈́ǡͳͺʹ ȋͺǤʹΨȌ ̈́ͻǡʹ͵ȋͳʹǤͶΨȌǤ ǲ Ȃ Ȃ ǡ ǡǳ Ǥ ǲ Ǥ ǡǳǤ /\NLKPZWHYP[`IL[^LLUJV\U[YPLZ ̈́ǡʹ͵ȋʹͶǤʹΨȌ ̈́͵ͲǡͲͲͲǡ̈́ͳǡͲ͵ȋʹͲǤͶΨȌ ̈́͵ͲͲǡͲͲͲǤ ǡ ̈́ͺǡͶͺͺȋʹͺǤ͵ΨȌ̈́ͷǡͷͷȋͳͺǤͻΨȌǤ
Employment costs for gross salaries of $30,000 are 16 times higher in the countries with the heaviest burden than they are in countries with the cheapest employment costs.
“There is a huge disparity between countries with the highest employment costs and those with the lowest,” says Ladislav Hornan, Chairman of UHY.
Ǥ ̈́͵ͲǡͲͲͲ ͳ Ǥ ̈́͵ͲͲǡͲͲͲǡ Ȃ Ȃ ͶͲ Ȃ Ǥ ̈́ͳʹǡ ͉͵ͲͲǡͲͲͲ ȋͷǤΨȌǡ ̈́Ͷǡ͵͵ʹȋͳǤͶΨȌǤ ǲ ǡ Ǥ ǡ ͷͲΨ ǯ ǡǳǤ ǲ ϐ Ǥ ǡ ǡǳǤ ǡ ǡ ǣ ǲǯ ǡ Ǥ ǡ ǡ ϐ ǯ Ǥǳ *Based on a gross annual salary of $30,000 73
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Stuart Dunlop Â has Â been Â appointed Â t he Â new Â Regional Â Director Â for Â Middle Â E ast, Â North Â A frica Â and Â South Â A sia Â (MENASA), Â for Â ACCA Â (the Â A ssociation Â of Â C hartered Â Â‡Â”Â–Â‹Ď?Â‹Â‡Â†Â…Â…Â‘Â—Â?Â–ÂƒÂ?Â–Â•ČŒÇ¤Â–Â—ÂƒÂ”Â–ÇĄÂ™ÂŠÂ‘Â‹Â• based Â i n Â Dubai, Â w ill Â be Â r esponsible Â for Â leading Â a nd Â managing Â ACCAâ€™s Â t eams Â which Â a re Â based Â i n Â Oman, Â Pakistan Â and Â t he Â UAE Â a nd Â which Â a lso Â cover Â Bahrain, Â Egypt, Â Iran, Â Iraq, Â Jordan, Â Kuwait, Â L ebanon, Â Palestine, Â Qatar, Â ÂƒÂ—Â†Â‹Â”ÂƒÂ„Â‹ÂƒÇĄÂ›Â”Â‹ÂƒÇĄÂƒÂ?Â†Â‡Â?Â‡Â?Ç¤ÂˆÂ–Â‡Â” graduating Â f rom Â u niversity, Â Stuart Â worked Â i n Â t he Â City Â of Â L ondon, Â i ncluding Â at Â t he Â L ondon Â Stock Â E xchange, Â where Â ÂŠÂ‡ÂŠÂ‡ÂŽÂ†Â•Â‡Â˜Â‡Â”ÂƒÂŽÂ…Â‘Â?Â?Â‡Â”Â…Â‹ÂƒÂŽÂ”Â‘ÂŽÂ‡Â•Ç¤Â‡ joined Â t he Â Reuters Â Group Â i n Â 1992 Â a nd Â held Â sales Â a nd Â marketing Â management Â positions Â i n Â South Â A frica, Â Switzerland, Â Â‘Â?Â†Â‘Â?ÂƒÂ?Â†Ď?Â‹Â?ÂƒÂŽÂŽÂ›Â—Â„ÂƒÂ‹Ç¤Â‡ÂŠÂƒÂ•Â•Â’Â‡Â?Â– ten Â years Â i n Â t he Â Middle Â East, Â i nitially Â heading Â up Â t he Â S ales Â a nd Â Marketing Â function Â for Â Reuters Â a nd Â latterly Â establishing Â t he Â T homson Â Reuters Â Â”Â‘ÂˆÂ‡Â•Â•Â‹Â‘Â?ÂƒÂŽÂ„Â—Â•Â‹Â?Â‡Â•Â•Ç¤
Camille Geadah Â joins Â Grant Â Thornton Â UAE Â as Â a Â Corporate Â Finance Â Â•Â•Â‘Â…Â‹ÂƒÂ–Â‡Â‹Â”Â‡Â…Â–Â‘Â”Ç¤ Prior Â to Â joining Â Grant Â T hornton, Â Camille Â worked Â for Â PricewaterhouseCoopers Â ( PwC) Â in Â both Â t he Â Middle Â East Â and Â t he Â UK, Â ÂˆÂ‘ÂŽÂŽÂ‘Â™Â‡Â†Â„Â› Â‹Â?Â–ÂŠÂ‡ Â”Â‡Â‰Â‹Â‘Â?Ç¤Â‡ started Â off Â in Â Audit Â before Â making Â t he Â transition Â into Â t he Â Transaction Â Services Â ÂƒÂ”Â‡Â?ÂƒÇ¤ÂƒÂ?Â‹ÂŽÂŽÂ‡ÂŠÂƒÂ•Â˜ÂƒÂ”Â‹Â‡Â†Â‹Â?Â†Â—Â•Â–Â”Â› and Â market Â exposure, Â completing Â Â?Â—Â?Â‡Â”Â‘Â—Â•Â‡ÂšÂ–Â‡Â”Â?ÂƒÂŽÂƒÂ—Â†Â‹Â–ÂƒÂ?Â†Ď?Â‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽ Â†Â—Â‡Â†Â‹ÂŽÂ‹Â‰Â‡Â?Â…Â‡Â’Â”Â‘ÂŒÂ‡Â…Â–Â•Â‘Â?ÂŠÂ‹Â‰ÂŠÂ’Â”Â‘Ď?Â‹ÂŽÂ‡ÂƒÂ• Â™Â‡ÂŽÂŽÂƒÂ•Â…ÂŽÂ‹Â‡Â?Â–Â•Ç¤
74 March 2013
Jason Mendens Â has Â joined Â Clifford Â Chance Â company Â as Â Â‘Â”Â’Â‘Â”ÂƒÂ–Â‡ÂƒÂ”Â–Â?Â‡Â”Ç¤ Â‡Â™Â‹ÂŽÂŽÂ„Â‡Â„ÂƒÂ•Â‡Â† Â‹Â?Â‘ÂŠÂƒÇ¤ÂŽÂ‹ÂˆÂˆÂ‘Â”Â† Chance Â is Â one Â of Â the Â Â–Â‘Â’ÂŽÂ‡ÂƒÂ†Â‹Â?Â‰ÂŽÂƒÂ™Ď?Â‹Â”Â?Â• that Â focuses Â on Â the Â core Â areas Â of Â tax, Â capital Â Â?ÂƒÂ”Â?Â‡Â–Â•Ç˘Â…Â‘Â”Â’Â‘Â”ÂƒÂ–Â‡ÂƒÂ?Â†ĆŹÇ˘Ď?Â‹Â?ÂƒÂ?Â…Â‡ÂƒÂ?Â† Â„ÂƒÂ?Â?Â‹Â?Â‰ÂƒÂ?Â†Â†Â‹Â•Â’Â—Â–Â‡Â”Â‡Â•Â‘ÂŽÂ—Â–Â‹Â‘Â?Ç¤ ÂƒÂ•Â‘Â?ÇĄÂ™ÂŠÂ‘ was Â previously Â based Â in Â Clifford Â Chance's Â Â›Â†Â?Â‡Â›Â‘ÂˆĎ?Â‹Â…Â‡ÇĄÂ‹Â•ÂƒÂ?Â‡ÂšÂ’Â‡Â”Â‹Â‡Â?Â…Â‡Â†Â…Â‘Â”Â’Â‘Â”ÂƒÂ–Â‡ lawyer Â who Â advises Â on Â public Â and Â private Â mergers Â and Â acquisitions, Â joint Â ventures, Â strategic Â investments, Â capital Â raisings Â ÂƒÂ?Â†Â•Â–Â”Â—Â…Â–Â—Â”Â‡Â†Ď?Â‹Â?ÂƒÂ?Â…Â‡Â–Â”ÂƒÂ?Â•ÂƒÂ…Â–Â‹Â‘Â?Â•Ç¤Â‡ ÂŠÂ‘ÂŽÂ†Â•Â•Â’Â‡Â…Â‹Ď?Â‹Â…Â‡ÂšÂ’Â‡Â”Â–Â‹Â•Â‡Â‹Â?Â–ÂŠÂ‡Â‡Â?Â‡Â”Â‰Â›ÂƒÂ?Â† resources Â sector Â and Â has Â served Â as Â a Â State Â Branch Â Member Â of Â AMPLA, Â the Â Australian Â Â‡Â•Â‘Â—Â”Â…Â‡Â•ÂƒÂ?Â†Â?Â‡Â”Â‰Â›ÂƒÂ™Â•Â•Â‘Â…Â‹ÂƒÂ–Â‹Â‘Â?Ç¤
Suraj Nundah Â joins Â Grant Â Thornton Â UAE Â as Â a Â Manager Â for Â Â–ÂŠÂ‡Â—Â†Â‹Â–Â†Â‹Â˜Â‹Â•Â‹Â‘Â?Ç¤ Prior Â to Â joining Â Grant Â Thornton, Â Suraj Â worked Â for Â RSM Â Tenon Â in Â London Â where Â he Â was Â involved Â with Â client Â engagements Â whilst Â delivering Â exceptional Â Â…ÂŽÂ‹Â‡Â?Â–Â•Â‡Â”Â˜Â‹Â…Â‡Ç¤Â‡ÂŠÂƒÂ•Â‡ÂšÂ’Â‡Â”Â‹Â‡Â?Â…Â‡Â‘Âˆ working Â with Â companies Â based Â in Â London, Â USA Â and Â the Â Middle Â East Â mainly Â Qatar Â which Â has Â allowed Â him Â to Â broaden Â his Â sector Â and Â industry Â experience Â within Â key Â Â‹Â?Â–Â‡Â”Â?ÂƒÂ–Â‹Â‘Â?ÂƒÂŽÂ?ÂƒÂ”Â?Â‡Â–Â•Ç¤
Yousef Al-ÂJaida Â has Â been Â appointed Â Chief Â Strategic Â Development Â ÂˆĎ?Â‹Â…Â‡Â”Â‘ÂˆÂ–ÂŠÂ‡ Qatar Â Financial Â Â‡Â?Â–Â”Â‡Â—Â–ÂŠÂ‘Â”Â‹Â–Â›Ç¤ In Â his Â new Â role, Â
Yousef Â A l-Ââ€?Jaida Â w ill Â t ake Â responsibility Â for Â t he Â overall Â strategic Â development Â Â‘ÂˆÂ–ÂŠÂ‡Â—Â–ÂŠÂ‘Â”Â‹Â–Â›Ç¤Â‡Ď?Â‹Â”Â•Â–ÂŒÂ‘Â‹Â?Â‡Â†Â–ÂŠÂ‡ QFC Â Authority Â in Â August Â 2010 Â as Â Director, Â Strategic Â Development Â â€“ Â Â•Â•Â‡Â–ÂƒÂ?ÂƒÂ‰Â‡Â?Â‡Â?Â–ÂƒÂ?Â†ÂƒÂ?Â?Â‹Â?Â‰Ç¤ Qatar Â Financial Â Centre Â is Â a Â business Â hub Â established Â by Â t he Â Government Â of Â Qatar, Â to Â encourage Â participation Â in Â t he Â Â‰Â”Â‘Â™Â‹Â?Â‰Â?ÂƒÂ”Â?Â‡Â–ÂˆÂ‘Â”Ď?Â‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽÂ•Â‡Â”Â˜Â‹Â…Â‡Â•Â‹Â? Â–ÂŠÂ‡Â…Â‘Â—Â?Â–Â”Â›ÂƒÂ?Â†Â‡ÂŽÂ•Â‡Â™ÂŠÂ‡Â”Â‡Â‹Â?Â–ÂŠÂ‡Â”Â‡Â‰Â‹Â‘Â?Ç¤
Standard Â Chartered Â has Â announced Â t he Â appointment Â of Â Tom EmmetÂƒÂ•Â‡ÂƒÂ†Â‘ÂˆÂ‡Â”Â‰Â‡Â”Â• and Â Acquisitions Â ( M&A) Â for Â t he Â Middle Â ÂƒÂ•Â–ÂƒÂ?Â†Â‘Â”Â–ÂŠÂˆÂ”Â‹Â…ÂƒČ‹ČŒÂ”Â‡Â‰Â‹Â‘Â?Ç¤ Tom Â Emmet Â joins Â Standard Â Chartered Â from Â t he Â Royal Â Bank Â of Â Scotland Â where Â ÂŠÂ‡Â™ÂƒÂ•Â‡ÂƒÂ†Â‘ÂˆÂ‘Â”Â’Â‘Â”ÂƒÂ–Â‡ Â‹Â?ÂƒÂ?Â…Â‡ and Â Equity Â Capital Â Markets Â ( ECM) Â for Â Â‹Â†Â†ÂŽÂ‡ÂƒÂ•Â–ÂƒÂ?Â†ÂˆÂ”Â‹Â…ÂƒÇ¤Â”Â‹Â‘Â”Â–Â‘Â–ÂŠÂƒÂ–ÇĄ he Â was Â a Â long Â term Â member Â of Â A BN Â AMROâ€™s Â EMEA Â Investment Â Banking Â Â–Â‡ÂƒÂ?Ç¤Â‡Â™Â‹ÂŽÂŽÂ„Â‡Â„ÂƒÂ•Â‡Â†ÂƒÂ–Â–ÂŠÂ‡Â„ÂƒÂ?Â?ÇŻÂ• regional Â headquarters Â in Â t he Â Dubai Â
Â?Â–Â‡Â”Â?ÂƒÂ–Â‹Â‘Â?ÂƒÂŽ Â‹Â?ÂƒÂ?Â…Â‹ÂƒÂŽÂ‡Â?Â–Â”Â‡Č‹ ČŒÇ¤
Noor Â Islamic Â Bank Â has Â announced Â the Â appointment Â of Â Narendra Swarup Â as Â Chief Â Â‹Â•Â?ÂˆĎ?Â‹Â…Â‡Â”Ç¤ Â? his Â role, Â Swarup Â is Â responsible Â for Â ÂƒÂŽÂŽÂ–ÂŠÂ‡Â”Â‹Â•Â?ÂˆÂ—Â?Â…Â–Â‹Â‘Â?Â•Â‘ÂˆÂ–ÂŠÂ‡Â„ÂƒÂ?Â?Ç¤ÂŠÂ‡Â•Â‡ include Â credit, Â market Â operations Â as Â well Â as Â compliance, Â protecting Â against Â fraud Â and Â g uarding Â intellectual Â property Â Â–ÂŠÂ”Â‘Â—Â‰ÂŠÂ†Â‡Â˜Â‡ÂŽÂ‘Â’Â‹Â?Â‰Â‹Â?Â–Â‡Â”Â?ÂƒÂŽÂ…Â‘Â?Â–Â”Â‘ÂŽÂ•Ç¤ Swarup Â brings Â w ith Â him Â more Â than Â 25 Â years Â of Â experience Â in Â risk Â management Â in Â sovereign Â f unds Â and Â international Â Â„ÂƒÂ?Â?Â•Â‹Â?Â…ÂŽÂ—Â†Â‹Â?Â‰ÂŠÂƒÂ•Â‡ÂƒÂ?Â† Ç¤
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Accountant Middle East - March 2013