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SETTING STANDARDS IN FINANCIAL AUDITING & ACCOUNTANCY

MARCH 2013

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

UAE AED 15 | Bahrain BHD 1.5 | Qatar QR 15 | Oman OR 1.5 | Saudi Arabia SR 15 | Kuwait KD 1.2

&HUW,70TXDOLÀFDWLRQFKDUWV WKHSURVSHULW\SDWKIRUULVNDQG FRUSRUDWHÀQDQFHSURIHVVLRQDOV

POLICING THE BOOKS How Colonel Saif Mohammed Saif Bin Abed Al Muhairi combines his accounting work with law enforcement duties

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EDITOR'S AUDIT

7\ISPZOLY Dominic De Sousa .YV\W*66 Nadeem Hood 4HUHNPUN+PYLJ[VY Richard Judd richard@cpidubai.com +971 4 440 9126

Staying relevant and competitive YOU’RE THROUGH  w ith  your  university  degree.  Mission  accomplished.  You  have   completed  all  t he  necessary  prerequisites  and  practical  experience  towards  a   ‰”‡ƒ–…ƒ”‡‡”ǤŠ‡…Ǥ‘—Šƒ˜‡ϐ‹ƒŽŽ›Žƒ†‡†›‘—”—Ž–‹ƒ–‡†”‡ƒŒ‘„Ǥ ”‡ƒ–Ǩ

,+0;690(3 ,KP[VY Joyce Njeri joyce@cpidubai.com +971 440 9140

But w ait  a  m inute.  You  c an’t  a fford  t o  t ell  yourself  t hat  you  k now  everything   ‘”–Šƒ–›‘—‘™Šƒ˜‡ƒŒ‘„ˆ‘”Ž‹ˆ‡Ǥ ƒ‡˜‡”…Šƒ‰‹‰‡…‘‘‹…ǡŽ‡‰‹•Žƒ–‹˜‡ ƒ†•‘…‹ƒŽ‡˜‹”‘‡–ǡ–Š‡”‡‹•ƒ‡š’‡…–ƒ–‹‘–Šƒ–’”‘ˆ‡••‹‘ƒŽ•™‹ŽŽ„‡ Ž‹ˆ‡ǦŽ‘‰Ž‡ƒ”‡”•‹‘”†‡”–‘‡‡’–Š‡‹”•‹ŽŽ•ǡ‘™Ž‡†‰‡ƒ†‡š’‡”‹‡…‡—’ to  date.    T his  i s  where  Continuous  P rofessional  Development  -­‐  simply  k nown   ƒ•Ȃ…‘‡•‹ǡ–‘’”‘˜‹†‡ƒˆ”ƒ‡™‘”–‘•—’’‘”–›‘—”…ƒ”‡‡”‰”‘™–Š‹ƒ —„‡”‘ˆ†‹ˆˆ‡”‡–™ƒ›•Ǥ

*VU[YPI\[VY Shane Phillips (+=,9;0:05. *VTTLYJPHS+PYLJ[VY Chris Stevenson chris@cpidubai.com +971 4 440 9138 796+<*;065  *09*<3(;065 7YVK\J[PVU4HUHNLY James P Tharian james@cpidubai.com +971 4 440 9146 +H[HIHZLHUK *PYJ\SH[PVU4HUHNLY Rajeesh M rajeesh@cpidubai.com +971 4 440 9147

—†ƒ‡–ƒŽŽ›ǡ‹–ǯ•ƒ„‘—–„‡‹‰…Ž‡ƒ”™Š‡”‡›‘—ƒ”‡ǡ™Š‡”‡›‘—™ƒ––‘„‡ǡŠ‘™›‘—’Žƒ–‘‰‡––Š‡”‡„› •‡––‹‰›‘—”•‡Žˆ‘„Œ‡…–‹˜‡•ˆ‘”†‡˜‡Ž‘’‡–ƒ†–Š‡…Šƒ”–‹‰›‘—”’”‘‰”‡••–‘™ƒ”†•ƒ…Š‹‡˜‹‰–Š‡Ǥ

ƒ……‘—–ƒ…›ƒ†ϐ‹ƒ…‡‹†—•–”›ǡ–Š‡’ƒ…‡‘ˆ…Šƒ‰‡‹•’”‘„ƒ„Ž›ˆƒ•–‡”–Šƒ‹–ǯ•‡˜‡”„‡‡Ȃƒ†–Š‹• ‹•ƒˆ‡ƒ–—”‡‘ˆ–Š‡‡™‘”ƒŽ–Šƒ–™‡Ž‹˜‡ƒ†™‘”‹Ǥ‡•—”‡•›‘—”…ƒ’ƒ„‹Ž‹–‹‡•‡‡’’ƒ…‡™‹–Š–Š‡ …—””‡–•–ƒ†ƒ”†•ǡ‘™Ž‡†‰‡ƒ†•‹ŽŽ•›‘—‡‡†–‘†‡Ž‹˜‡”ƒ’”‘ˆ‡••‹‘ƒŽ•‡”˜‹…‡–‘›‘—”…—•–‘‡”•ǡ clients a nd  t he  community.

+,:0.5 /LHKVM+LZPNU Fahed Sabbagh fahed@cpidubai.com +971 4 440 9148

—”–Š‡‡ˆ‘”–Š‹•‘–Š–Š‡”‡ˆ‘”‡’ƒ›•…‘‰‹•ƒ…‡‘ˆ–Š‡‹’‘”–ƒ…‡–Šƒ–’Žƒ›•ǡƒ†™‡Šƒ˜‡ Ž‹‡†—’‹•’‹”‹‰ƒ”–‹…Ž‡•‘ˆŠ‘™‹†‹˜‹†—ƒŽ•ǡ…‘’ƒ‹‡•ƒ†‹•–‹–—–‹‘•ƒ”‡‰‘‹‰‘—–‘ˆ–Š‡‹”™ƒ›–‘ enhance t heir  skills  i n  order  t o  s tay  r elevant.  

.YHWOPJ+LZPNULY Glenn Roxas glenn@cpidubai.com

‡’ƒ”–‹…—Žƒ”•–‘”›–Šƒ–…ƒ’–—”‡†›ƒ––‡–‹‘‹•–Šƒ–‘ˆ‘•‡Œ‡”‹ ‹†”ƒ’Šǡ™Š‘ǡƒ•ƒ…ƒ„‹…”‡™™‘”‹‰ƒ– ‹”ƒ–‡•‹”Ž‹‡•ǡŠƒ•†‡…‹†‡†–‘’—”•—‡ϐ‹ƒ…‡…‘—”•‡•†‡•’‹–‡Š‡”„—•›ƒ††‡ƒ†‹‰™‘”Ǥ–‘‡’‘‹–ǡ Œ‡”‹ǯ•–—–‘”ƒ–Š‘‡‹š ‹ƒ…‹ƒŽ”ƒ‹‹‰”‡’”‹ƒ†‡†Š‡”ˆ‘”…‘‹‰–‘…Žƒ••ƒ–ƒ†–‘‘Žƒ–‡ǡ‘Ž›–‘”‡ƒŽ‹•‡ –Šƒ–•Š‡™ƒ••–‹ŽŽ‹Š‡”™‘”—‹ˆ‘”ƒˆ–‡”ƒͳͺǦŠ‘—”Ž‘‰ϐŽ‹‰Š–ˆ”‘‡™‘”Ǩ˜‡”–Š‡‘–Š•Š‘™‡˜‡”ǡ her instructors  have  learnt  to  work  around  her  schedule  in  order  to  help  her  t hrough  her  studies.  

7OV[VNYHWOLYZ Jay Colina Kader Pattambi Yasmin Najib +0.0;(3:,9=0*,: +PNP[HS:LY]PJLZ4HUHNLY Tristan Troy Maagma >LI+L]LSVWLY Abey Mascreen online@cpidubai.com +971 4 440 9100 7\ISPZOLKI`

—”ƒ”–‹…Ž‡Ǯ‰ƒ‹•–ƒŽŽ‘††•ǯ†‡–ƒ‹Ž•”‡ƒ”ƒ„Ž‡–‡•–‹‘‹‡•‘ˆŠ‘™Œ‡”‹ƒ†‘–Š‡”’”‘ˆ‡••‹‘ƒŽ•ƒ”‡’—•Š‹‰ –Š”‘—‰Šǡ‹–Š‡‹”‡ˆˆ‘”–•–‘‡‡’—’™‹–Š–Š‡…Šƒ‰‹‰–”‡†•‹–Š‡‹”’”‘ˆ‡••‹‘Ǥ The cop  accountant  gets  our  cover  t reatment  for  a  good  r eason.  A s  t he  C hairman  of  UAE’s  Accountants   ƒ†—†‹–‘”•••‘…‹ƒ–‹‘ǡ‘Ž‘‡Žƒ‹ˆ‘Šƒ‡†ƒ‹ˆ‹„‡†Ž—Šƒ‹”‹–‡ŽŽ•—•Š‘™Š‡…‘„‹‡•Žƒ™ enforcement  duties  w ith  h is  accounting  work.  

Š‘’‡›‘—ǯŽŽ‡Œ‘›”‡ƒ†‹‰–Š‹•‹••—‡ƒ†ƒ•—•—ƒŽǡ ™‡Ž…‘‡…‘‡–•ǡ…”‡†‹–ƒ†…”‹–‹…‹•Ǥ

6MMPJL .YVZ]LUVY)\ZPULZZ;V^LY ;,*64 PO Box 13700 Dubai, UAE

1V`JL5QLYP Editor, Accountant Middle East

Tel: +971 4 440 9100 Fax: +971 4 447 2409 SETTING STANDARDS IN FINANCIAL AUDITING & ACCOUNTANCY

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MARCH 2013

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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’

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RIDING THE REBOUND ‘Rapid-­Growth Markets’ pivotal to sustainable global economic recovery, Ernst & Young says

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© Copyright 2013 CPI All rights reserved While the publishers have made every effort to ensure the accuracy of all information in this magazine, they will not be held responsible for any errors therein.

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

Main Features

38 18

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   ‹•–‹–—–‹‘–‘ƒˆ—ŽŽ›†‹˜‡”•‹ϐ‹‡†™Š‘Ž‡•ƒŽ‡…‘‡”…‹ƒŽ and  investment  giant  that  it  is  today.

24

WOMEN IN FINANCE:

38

COVER STORY:

Diversity advantage  –  In  our  second  installment,   ™‘‡‹•‡‹‘”’‘•‹–‹‘•‹ƒ……‘—–ƒ…›ƒ†ϐ‹ƒ…‡ 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.  

4

March 2013

18


NEWS & VIEWS:

Call for  changes  to  corporate  reporting  –  KPMG  has   published  a  new  report  which  brings  together  a  range  of  leaders  in   –Š‡‹”ϐ‹‡Ž††‹•…—••‹‰–Š‡†‹”‡…–‹‘–Šƒ–”‡’‘”–‹‰‡‡†•–‘–ƒ‡Ǥ

10

BUSINESS PICTORIAL:

Profession Watch

Hats off  Ȃ‘Ž‘—”ˆ—Ž’‹…–—”‡•‘ˆ ǯ•‡™Ž›Ǧ“—ƒŽ‹ϐ‹‡† Šƒ”–‡”‡†……‘—–ƒ–•ƒ•™‡ŽŽƒ••–—†‡–•ƒ––ƒ‹‹‰…‡”–‹ϐ‹…ƒ–‡•‹ ϐ‹ƒ…‡ǡƒ……‘—–‹‰ƒ†„—•‹‡••Ǥ

12

FOCUS ON:

Special Reports

Current Affairs 6

Change of  guard    –  ICAI  Abu  Dhabi  Chapter   elects  new  managing  committee  to  drive  the   ƒ••‘…‹ƒ–‹‘ǯ•ƒ‰‡†ƒ‹–Š‡‡š–ϐ‹ƒ…‹ƒŽ›‡ƒ”Ǥ

30

BUSINESS INSIGHTS:

44

DIFFERENT DIMENSIONS:

54

CAREER DEVELOPMENT:

50

ECONOMIC INSIGHT:

52

MERGERS & ACQUISITIONS:

72

TAX WATCH:

Labour pains  or  labour  gains?  –  Middle   East  population  boom  raises  risk  of  more   —‡’Ž‘›‡–ǢŠ‘™‡˜‡”ǡ •ƒ›•‰”‘™–Š ’”‡•‡–•‘”‡‘’’‘”–—‹–‹‡•ǡ„—–‘Ž›™‹–ŠŽ‘‰Ǧ –‡”‹˜‡•–‡–Ǥ UAE,  Qatar  lead  in  M&A  deals  –  Ernst  &   Young’s  update  report  shows  telecommunications   •‡…–‘”–‘’’‡†‹”‡‰‹‘ƒŽ†‡ƒŽƒ…–‹˜‹–›‹ʹͲͳʹǡ™‹–Š ˜ƒŽ—‡‘ˆ‹„‘—†–”ƒ•ƒ…–‹‘•ƒ–̈́͵Ǥ͵„‹ŽŽ‹‘Ǥ Employment  taxes  soarȂ •–—†› reveals  how  governments  have  increased  job  levies,   ƒ•…‘’ƒ‹‡•‘™’ƒ›ƒ˜‡”ƒ‰‡‡’Ž‘›‡–…‘•–• ™‘”–Š‡ƒ”Ž›ʹͷΨ‘ˆ™‘”‡”•ǯ•ƒŽƒ”‹‡•Ǥ

Growing beyond  –  Ernst  &  Young’s  Market   Leader  for  Mena  Bassam  Hage,  on  how  the  Rapid-­‐ Growth  Markets  remain  pivotal  to  the  hopes  for   •—•–ƒ‹ƒ„Ž‡‰Ž‘„ƒŽ‡…‘‘‹…”‡…‘˜‡”›Ǥ

What drives  Durdana?  –  The  Course   Director  of  DSR  Professional  Training  JLT  tells   Accountant  Middle  East  how  she  discovered  her   Š‹††‡’ƒ••‹‘ˆ‘”–‡ƒ…Š‹‰Ǥ Against  all  odds  –  We  highlight  inspiring   stories  of  Phoenix  students  who  have  demonstrated   enormous  self  discipline,  hard  work  and  resilience,   –‘’—”•—‡–‘’’”‘ˆ‡••‹‘ƒŽ“—ƒŽ‹ϐ‹…ƒ–‹‘•†‡•’‹–‡ †‡ƒ†‹‰ˆƒ‹Ž›ǡ™‘”•…Š‡†—Ž‡•Ǥ

74

54

INDUSTRY APPOINTMENTS:

Revolving door  –  Find  out  t he  latest   movement  of  professionals  between  roles,   …‘’ƒ‹‡•ƒ•™‡ŽŽƒ•‡™‹†—•–”›Š‹”‡•Ǥ

From the Experts 68 CORPORATE TREASURY:

Treasure in  treasury  –  Read  how  the  Association  of   ‘”’‘”ƒ–‡”‡ƒ•—”‡”•ȋǯ•Ȍ’”‘ˆ‡••‹‘ƒŽ“—ƒŽ‹ϐ‹…ƒ–‹‘•…ƒŠ‡Ž’ ƒ……‘—–ƒ–•ƒ†ϐ‹ƒ…‡’”‘ˆ‡••‹‘ƒŽ••–ƒ›ƒŠ‡ƒ†‘ˆ–Š‡Š‡”†Ǥ

70

CREDIT MANAGEMENT:

Overcoming debt  deadlockȂ†›‹ƒ…‘—‹ǡ–Š‡ƒƒ‰‹‰ Consultant  of  Decol  Debt  Collections  emphasises  the  importance  of   ‡ˆˆ‡…–‹˜‡…”‡†‹–ƒƒ‰‡‡–Ǥ

44

Interactions 3 EDITOR'S AUDIT

5


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.

STATS FACT:

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   „‹ŽŽ‹‘”‡ϐ‹ƒ…‹‰ˆ‘” ‡„‡ŽŽ‹ ”‡‡‘‡ ȋ  Ȍ‹–Š‡Ǥ Commenting   o n   t he   a wards,   A faq   Khan,   C EO   o f   S tandard   C hartered   S aadiq   ȋ’‹…–—”‡†Ȍǡ•ƒ‹†ǢDz‡ƒ”‡’Ž‡ƒ•‡†–‘Šƒ˜‡ 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   ’ƒ•–ˆ‡™›‡ƒ”•Ǥ‡ƒ”‡ƒŽ•‘–Šƒˆ—Ž–‘ our   S hariah   B oard   f or   t heir   t houghtful   guidance   a nd   s upport.”   6

March 2013

20M

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.

STATS FACT:

51

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.

STATS FACT:

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   …Žƒ‹••‡˜‡”ƒŽϐ‹”•–•‹–Š‡ƒ”‡–ǡ•—…Šƒ• –Š‡ϐ‹”•–…ƒ”†–‘‘ˆˆ‡”…ƒ•Šƒ†‹Ž‡•”‡™ƒ”† ”‡†‡’–‹‘‘’–‹‘ƒ†–Š‡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   ƒ†Ž‹ˆ‡•–›Ž‡”‡™ƒ”†•‹–Š‡•‡ˆ”‹…ƒƒ”‡–•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   †‡ƒ†ˆ‘”–”ƒ˜‡Ž„ƒ•‡†„‡‡ϐ‹–•‹–Š‡’”‡‹— •‡‰‡–ƒ†ƒ”…Žƒ›•‹•‘‡‘ˆ–Š‡ϐ‹”•––‘ initiate  a  t ravel  focused  programme  in  A frica." 8

March 2013

1,400

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&#x20AC;&#x2122;s license.

STATS FACT:

5 WITH  THE  effectiveness  of  corporate  reporting   Â&#x2014;Â?Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x160;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â&#x2013;Â&#x17D;Â&#x2039;Â&#x2030;Â&#x160;Â&#x2013;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2122;Â&#x192;Â?Â&#x2021;Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x160;Â&#x2021;Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; crisis,  K PMG  has  published  a  new  report  which   Â&#x201E;Â&#x201D;Â&#x2039;Â?Â&#x2030;Â&#x2022;Â&#x2013;Â&#x2018;Â&#x2030;Â&#x2021;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x192;Â&#x201D;Â&#x192;Â?Â&#x2030;Â&#x2021;Â&#x2018;Â&#x2C6;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â&#x201D;Ď?Â&#x2039;Â&#x2021;Â&#x17D;Â&#x2020; discussing  t he  direction  t hat  reporting  needs  to   take.   The  report  t itled;  â&#x20AC;&#x2DC;The  f uture  of  corporate   reporting:  towards  a  common  visionâ&#x20AC;&#x2122;  contains  t he   Â&#x2DC;Â&#x2039;Â&#x2021;Â&#x2122;Â&#x2022;Â&#x2018;Â&#x2C6;Â&#x2039;Â?Ď?Â&#x17D;Â&#x2014;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x192;Â&#x17D;Ď?Â&#x2039;Â&#x2030;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2C6;Â&#x201D;Â&#x2018;Â?Â?Â&#x2021;Â&#x203A;Â&#x2020;Â&#x2039;Â&#x2C6;Â&#x2C6;Â&#x2021;Â&#x201D;Â&#x2021;Â?Â&#x2013; Â&#x2DC;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2030;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x2039;Â?Â&#x2013;Â&#x2022;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2026;Â&#x160;Â&#x192;Â&#x2039;Â?ÇŁÂ&#x2019;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x192;Â&#x201D;Â&#x2021;Â&#x201D;Â&#x2022;ÇĄ users,  standard-­â&#x20AC;?setters,  regulators,  auditors.    ÇŻÂ&#x2022;Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D;Â&#x2026;Â&#x160;Â&#x192;Â&#x2039;Â&#x201D;Â?Â&#x192;Â?Â&#x2039;Â&#x2026;Â&#x160;Â&#x192;Â&#x2021;Â&#x17D;Â?Â&#x2020;Â&#x201D;Â&#x2021;Â&#x2122; (pictured),  w riting  in  t he  foreword  of  t he  report,   Â&#x2022;Â&#x192;Â&#x203A;Â&#x2022;ÇŁ â&#x20AC;&#x153;If  t here  is  one  point  of  consensus,  it  is  t hat   Â&#x2026;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x2020;Â&#x2021;Ď?Â&#x2039;Â?Â&#x2039;Â&#x2013;Â&#x2021;Â&#x17D;Â&#x203A;Â?Â&#x2021;Â&#x2021;Â&#x2020;Â&#x2022;Â&#x2013;Â&#x2018;Â?Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x2018;Â?Ǥ

Â&#x2013;Â&#x160;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2018;Â&#x2021;Â&#x2DC;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021;Â&#x2039;Â&#x2C6;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2018;Â&#x201E;Â&#x2021;Ď?Â&#x2039;Â&#x2013;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2014;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2021;Â&#x2039;Â?Â&#x192; Â&#x201D;Â&#x192;Â&#x2019;Â&#x2039;Â&#x2020;Â&#x17D;Â&#x203A;Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2039;Â?Â&#x2030;Â&#x2122;Â&#x2018;Â&#x201D;Â&#x17D;Â&#x2020;Ǥdz Â?Â&#x2020;Â&#x201D;Â&#x2021;Â&#x2122;Â&#x192;Â&#x2020;Â&#x2020;Â&#x2022;Â&#x2013;Â&#x160;Â&#x192;Â&#x2013;Â&#x2030;Â&#x2018;Â&#x2018;Â&#x2020;Â&#x2026;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x160;Â&#x192;Â&#x2022;Â&#x192;Â?Â&#x2039;Â?Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x192;Â?Â&#x2013;Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021;Â&#x2013;Â&#x2018;Â&#x2019;Â&#x17D;Â&#x192;Â&#x203A;DzÂ&#x2039;Â?Â&#x160;Â&#x2021;Â&#x17D;Â&#x2019;Â&#x2039;Â?Â&#x2030;Â&#x2013;Â&#x2018; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2013;Â&#x160;Â&#x2021;Â&#x2013;Â&#x201D;Â&#x2014;Â&#x2022;Â&#x2013;Â&#x2013;Â&#x160;Â&#x192;Â&#x2013;Â&#x160;Â&#x192;Â&#x2022;Â&#x201E;Â&#x2021;Â&#x2021;Â?Â&#x17D;Â&#x2018;Â&#x2022;Â&#x2013;Ǥdz Â&#x2018;Â?Â?Â&#x2018;Â?Â&#x2013;Â&#x160;Â&#x2021;Â?Â&#x2021;Â&#x2022;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2021;Â&#x2122;Â&#x2022;Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2021;ÇŁÂ&#x2013;Â&#x160;Â&#x2021; Â?Â&#x2021;Â&#x2021;Â&#x2020;Â&#x2013;Â&#x2018;Â?Â&#x192;Â?Â&#x2021;Â&#x2026;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2022;Â?Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2122;Â&#x192;Â&#x201D;Â&#x2020;ÇŚ looking;  how  to  achieve  a  balance  between  too   Â?Â&#x2014;Â&#x2026;Â&#x160;Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â?Â&#x2020;Â&#x2013;Â&#x2018;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x2013;Â&#x17D;Â&#x2021;ǢÂ&#x160;Â&#x2018;Â&#x2122;Â&#x2013;Â&#x2018;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2021; Â?Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2014;Â&#x2022;Â&#x2021;Â&#x2C6;Â&#x2014;Â&#x17D;Â&#x201D;Â&#x2021;Â&#x192;Â&#x17D;ÇŚÂ&#x2013;Â&#x2039;Â?Â&#x2021;Â&#x2039;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â?Â&#x2020;Â&#x2013;Â&#x2018;Â&#x2020;Â&#x2021;Â&#x192;Â&#x17D; with  â&#x20AC;&#x2DC;Big  Dataâ&#x20AC;&#x2122;;  t he  proper  role  of  narrative   reporting  in  t he  â&#x20AC;&#x2DC;front  endâ&#x20AC;&#x2122;;  whether  t he  notion   of  â&#x20AC;&#x2DC;integrated  reportingâ&#x20AC;&#x2122;  could  be  t he  â&#x20AC;&#x153;next  big   Â&#x2013;Â&#x160;Â&#x2039;Â?Â&#x2030;dzǢÂ&#x192;Â?Â&#x2020;Â&#x2122;Â&#x160;Â&#x2021;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2039;Â&#x2022;Â&#x192;Â?Â&#x2021;Â&#x2021;Â&#x2020;Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2020;Â&#x2021;Â&#x2013;Â&#x192;Â&#x2039;Â&#x17D;Â&#x2021;Â&#x2020;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x2C6;Â&#x201D;Â&#x2018;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x192;Â&#x2014;Â&#x2020;Â&#x2039;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x192;Â?Â&#x2020;Č&#x20AC;Â&#x2018;Â&#x201D;Â&#x2C6;Â&#x2018;Â&#x201D; the  auditor  to  g ive  assurance  over  a  w ider  range   of  r isks.

TOTAL NUMBER OF DFM BROKERAGE FIRMS PROVIDING MARGIN TRADING

New leaders join â&#x20AC;&#x2DC;Accountants for Businessâ&#x20AC;&#x2122; 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&#x20AC;&#x153;This 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&#x20AC;? 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


BUSINESS PICTORIAL

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


BUSINESS PICTORIAL

11


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.

T

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   Š‹•ϐ‹”•–ƒ††”‡••–‘–Š‡‡„‡”•Ǥ “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

C

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   ‡˜‡”› ‘™ ƒ† ƒ‰ƒ‹ǡ ϐ‹ŽŽ‹‰ –Š‡ —„ƒ‹ ‡•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   Šƒ•„‡‡Ž‹•–‡†‹DzͳͲͲ‘•– ϐŽ—‡–‹ƒŽ‡‘’Ž‡‹ 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   †‡˜‡Ž‘’‡–ǡdz •ƒ‹† ƒ‡• ƒ–Š‡™ǡ –Š‡ Šƒ‹”ƒ of  Dubai  Chapter.   Dz› Š‡ƒ”– ϐ‹ŽŽ• ™‹–Š ’”‹†‡ ™Š‡ ”‡…‘‰‹•‹‰ –Š‡ 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‹”•–Œ‘‹–’”‘‰”ƒ‡„‡–™‡‡„—Šƒ„‹ƒ†—„ƒ‹ Chapter     that   we   will   have   more   celebrity   speakers   –   and  we  are  proud  that  this  is  a  reality  today.”   13


ECONOMIC SURVEY

AT A TIPPING POINT? Middle East business confidence slightly down; region overtaken by Africa as leader of recovery, global economic survey of accountants shows...

30%

RESPONDENTS WHO FEEL THAT THE GLOBAL ECONOMY IS ON COURSE FOR RECOVERY

G

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   †‡…”‡ƒ•‡† Ž‡˜‡Ž• ‘ˆ „—•‹‡•• …‘ϐ‹†‡…‡ ȋ—’ ˆ”‘ 41  per  cent  in  Q3),  while  only  19  per  cent  reported   ‹’”‘˜‡†…‘ϐ‹†‡…‡Ž‡˜‡Ž•Ǥ Meanwhile,  30  per  cent  of  respondents  considered   –Šƒ– –Š‡ ‰Ž‘„ƒŽ ‡…‘‘› ™ƒ• ‘ …‘—”•‡ ˆ‘” ”‡…‘˜‡”› ȋ—’ ˆ”‘ ʹͻ ’‡” …‡– ‹ ͵Ȍǡ ™Š‹Ž‡ ͸ͷ ’‡”…‡–ȋ†‘™ˆ”‘͸͹’‡”…‡–Ȍ„‡Ž‹‡˜‡†‹–™ƒ• •–ƒ‰ƒ–‹‰‘”†‡–‡”‹‘”ƒ–‹‰Ǥ :JVWLVMLJVUVTPJ]HYPHISLZ Š‡ Ž‘„ƒŽ …‘‘‹… ‘†‹–‹‘• —”˜‡›ǡ …‘†—…–‡† ‹ ’ƒ”–‡”•Š‹’ „›  ȋ–Š‡ ••‘…‹ƒ–‹‘ ‘ˆ Šƒ”–‡”‡† ‡”–‹ϐ‹‡† ……‘—–ƒ–•Ȍ ƒ† –Š‡ •–‹–—–‡ ‘ˆ ƒƒ‰‡‡– ……‘—–ƒ–• ȋ Ȍ ‹• –Š‡ Žƒ”‰‡•– ”‡‰—Žƒ” ‡…‘‘‹… •—”˜‡› ‘ˆ ƒ……‘—–ƒ–• ‹ –Š‡ ™‘”Ž†ǡ „‘–Š ‹ –‡”• ‘ˆ –Š‡ —„‡”‘ˆ”‡•’‘†‡–•ƒ†‹–‡”•‘ˆ–Š‡•…‘’‡ ‘ˆ ‡…‘‘‹… ˜ƒ”‹ƒ„Ž‡• ‹– ‘‹–‘”•Ǥ  „ƒŽƒ…‡ǡ ”‡•’‘†‡–•‹–Š‡‹”ƒ–‡•”‡’‘”–‡†ƒ‘†‡•–Ž‘••

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

‘ˆ …‘ϐ‹†‡…‡ ‹ –Š‡‹” ‘™ ‘”‰ƒ‹•ƒ–‹‘•Ǥ Š‹Ž‡ ʹ͹Ψ ”‡’‘”–‡† …‘ϐ‹†‡…‡ ‰ƒ‹•ǡ †‘™ ˆ”‘ ͵ͷΨ ‹ –Š‡ previous quarter,   the   —„‡” ‘ˆ „—•‹‡••‡• reporting   no   change   ‹ …‘ϐ‹†‡…‡ ƒŽ‘•– †‘—„Ž‡†–‘ͶͶΨǤ

This has   resulted   in   the   wider  Middle  East  region   losing   its   narrow   lead   ‘˜‡” ˆ”‹…ƒ ‹ –‡”• ‘ˆ „—•‹‡••…‘ϐ‹†‡…‡ǡŽ‡†„›ƒ…‘•‹•–‡–•Ž‘™†‘™‹ –Š‡™Š‹…ŠŠƒ•’‡”•‹•–‡†ˆ‘”–Š”‡‡“—ƒ”–‡”•‘™Ǥ ‡”…‡’–‹‘• ‘ˆ –Š‡ ‰Ž‘„ƒŽ ‡…‘‘› ƒŽ•‘ ˆ‡ŽŽ ‹–‘ ‡‰ƒ–‹˜‡ –‡””‹–‘”›ǡ ™‹–Š ͶͻΨ ‘ˆ ”‡•’‘†‡–• ‹ –Š‡ ‹”ƒ–‡• •‡‡‹‰ ƒ ™‡ƒ‡” ‘” •–ƒ‰ƒ– ‰Ž‘„ƒŽ ‡…‘‘›ƒŠ‡ƒ†ȋ—’ƒ”‰‹ƒŽŽ›ˆ”‘ͶͺΨȌǤ Raef   Lawson   IMA   vice   president   of   research,   observed:  “The  picture  in  the  UAE  is  one  of  slightly   ’‘‘”‡”•‡–‹‡–ǡƒ†ƒŽ–Š‘—‰Š‰‘‹‰‘•‡–‹‡– ƒŽ‘‡ ‡…‘‘‹… …‘†‹–‹‘• ™‘—Ž† ƒ’’‡ƒ” –‘ „‡


ECONOMIC SURVEY

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-­‐ ƒ…‹ϐ‹… ”‡‰‹‘ǡ ƒ† ’ƒ”–‹…—Žƒ”Ž› Š‡”‡ ‹ –Š‡ 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   ”‹•‡ •—„•–ƒ–‹ƒŽŽ›ǡ ƒ† –Š‡ Žƒ„‘—” ƒ”‡– ‹• ˜‡”› subdued   with   businesses   reluctant   to   invest   in   current   or   new   staff.   Respondents   are   reporting   ˆ‡™‡”‘’’‘”–—‹–‹‡•ˆ‘”™‘”‹‰‘”‡…Ž‘•‡Ž›™‹–Š their  suppliers  and  customers;  this  does  not  bode   ™‡ŽŽˆ‘”–Š‡‘”–Š‡™‹†‡””‡‰‹‘Ǥdz Dz–‹Ž”‡…‡–Ž›ǡ–Š‡‹††Ž‡ƒ•–™ƒ•–Š‡‘Ž›ƒŒ‘” region  in  which  members  believed,  on  balance,  that   –Š‡‰Ž‘„ƒŽ‡…‘‘‹…”‡…‘˜‡”›™ƒ••–‹ŽŽ‘–”ƒ…ǤŠ‹• perception   has   changed   in   the   last   three   months,   ƒ†–Š‡‹”ƒ–‡•Šƒ˜‡Ž‡†–Š‹•–”‡†ǡdz–—ƒ”–ƒ††‡†Ǥ .SVVT`V\[SVVR ‹‹Žƒ”Ž›ǡ ƒ……‘”†‹‰ –‘ ™ǯ• ͳ͸–Š —ƒŽ Ž‘„ƒŽ —”˜‡›ǡ‘Ž›͵͸Ψ‘ˆ•™‘”Ž†™‹†‡ƒ”‡Ǯ˜‡”› …‘ϐ‹†‡–ǯ‘ˆ–Š‡‹”…‘’ƒ›ǯ•‰”‘™–Š’”‘•’‡…–•‹ –Š‡ ‡š– ͳʹ ‘–Š•Ǥ Šƒ–̵• †‘™ ˆ”‘ ͶͲΨ ™Š‘ ™‡”‡̵˜‡”›…‘ϐ‹†‡–̵‘ˆ•Š‘”––‡”‰”‘™–Š‹ʹͲͳʹ ƒ† ͶͺΨ ‹ ʹͲͳͳǡ „—– •–‹ŽŽ ƒ„‘˜‡ –Š‡ Ž‘™• ‘ˆ ͵ͳΨ ƒ†ʹͳΨ‹ʹͲͳͲƒ†ʹͲͲͻǤ ‘‘‹‰ƒ––Š‡‡…‘‘›‰‡‡”ƒŽŽ›ǡʹͺΨ‘ˆ••ƒ› –Š‡ ‰Ž‘„ƒŽ ‡…‘‘› ™‹ŽŽ †‡…Ž‹‡ ˆ—”–Š‡” ‹ ʹͲͳ͵ǡ ƒ†‘Ž›ͳͺΨ’”‡†‹…–‡…‘‘‹…‹’”‘˜‡‡–ǢͷʹΨ •ƒ›‹–™‹ŽŽ•–ƒ›–Š‡•ƒ‡ǤŠ‹Ž‡–Š‡•ǯ‘—–Ž‘‘ ”‡ƒ‹•‰Ž‘‘›ǡ–Š‡ˆ‘”‡…ƒ•–‹•ƒ‹’”‘˜‡‡–‘ Žƒ•– ›‡ƒ” ™Š‡ ͶͺΨ ‘ˆ • ’”‡†‹…–‡† –Š‡ ‰Ž‘„ƒŽ ‡…‘‘›™‘—Ž††‡…Ž‹‡‹ʹͲͳʹǤ • ‹ ‡•–‡” —”‘’‡ ™‡”‡ Ž‡ƒ•– …‘ϐ‹†‡– ‘ˆ short   term   revenue   growth.   Faced   with   ongoing   ”‡…‡••‹‘ǡŒ—•–ʹʹΨ‘ˆ‡•–‡”—”‘’‡ƒ••ƒ‹† –Š‡› ™‡”‡ ˜‡”› …‘ϐ‹†‡– ‘ˆ ‰”‘™–Šǡ †‘™ ˆ”‘ ʹ͹ΨŽƒ•–›‡ƒ”ƒ†͵ͻΨ‹ʹͲͳͳǤ‘ϐ‹†‡…‡‹•Š‘”– term   growth   also   declined   in   North   America   to   ͵͵ΨȋͶʹΨ‹ʹͲͳʹȌƒ†‹•‹ƒƒ…‹ϐ‹…–‘͵͸ΨȋͶʹΨ ‹ʹͲͳʹȌǤ˜‡‹ˆ”‹…ƒǡ•‡‡„›ƒ›ƒ•–Š‡‡š– Š‹‰ŠǦ‰”‘™–Š‡…‘‘›ǡ…‘ϐ‹†‡…‡‹…‘’ƒ› ‰”‘™–Š•Ž‹’’‡†–‘ͶͶΨǡˆ”‘ͷ͹ΨŽƒ•–›‡ƒ”Ǥ ƒ–‹ ‡”‹…ƒ •ǡ Š‘™‡˜‡”ǡ „—…‡† –Š‡ –”‡†Ǥ Š‡‹”•Š‘”––‡”…‘ϐ‹†‡…‡”‘•‡–‘ͷ͵Ψ‘ˆ•ǡ —’•Ž‹‰Š–Ž›ˆ”‘Žƒ•–›‡ƒ”Ǥ ‘‰‡” –‡”ǡ ‘˜‡”ƒŽŽ  …‘ϐ‹†‡…‡ ”‡ƒ‹‡† •–ƒ„Ž‡ǢͶ͸Ψ‘ˆ•™‘”Ž†™‹†‡•ƒ‹†–Š‡›™‡”‡˜‡”›

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‹†‡– ‘ˆ ‰”‘™–Š prospects in   the   next   –Š”‡‡ ›‡ƒ”•ǡ ƒ„‘—– –Š‡ •ƒ‡ ƒ• Žƒ•– ›‡ƒ”Ǥ CEOs   in   Africa   and   the   Middle   East   were   most   …‘ϐ‹†‡– ‘ˆ Ž‘‰ –‡” ‰”‘™–Šǡ ƒ– ͸ʹΨ ƒ† ͷ͸Ψ ”‡•’‡…–‹˜‡Ž›Ǥ  ‘”–Š ‡”‹…ƒǡ ͷͳΨ ™‡”‡̵˜‡”›…‘ϐ‹†‡–̵‘ˆ long  term  growth,  while   ͷʹΨ ‹ •‹ƒ ƒ…‹ϐ‹… ™‡”‡ ˜‡”› …‘ϐ‹†‡–Ǥ ‘‰ –‡” …‘ϐ‹†‡…‡ ™ƒ•™‡ƒ‡•–‹—”‘’‡ ƒ–͵ͶΨǤ

Š‹Ž‡ ”‡Ž‡ƒ•‹‰ –Š‡ ”‡’‘”–ǡ ‡‹• Ǥ ƒŽŽ›ǡ Chairman of   PricewaterhouseCoopers   International,   said:   “CEOs   remain   cautious   about   –Š‡‹”•Š‘”––‡”’”‘•’‡…–•ƒ†–Š‡‘—–Ž‘‘ˆ‘”–Š‡ ‰Ž‘„ƒŽ ‡…‘‘›Ǥ ‘™‡˜‡”ǡ ‰‹˜‡ –Š‡ Š‹‰Š Ž‡˜‡Ž• of   concern   among   CEOs   about   issues   -­‐   such   as   ‘˜‡”Ǧ”‡‰—Žƒ–‹‘ǡ ‰‘˜‡”‡– †‡„–ǡ …ƒ’‹–ƒŽ ƒ”‡– ‹•–ƒ„‹Ž‹–› Ǧ ‹– ‹• ‘ •—”’”‹•‡ –Šƒ–  …‘ϐ‹†‡…‡ Šƒ•†‡…Ž‹‡†‹–Š‡Žƒ•–ͳʹ‘–Š•Ǥdz ̶‡ ϐ‹† • ™‘”‹‰ –‘ †‡ƒŽ ™‹–Š –Š‡ ‘‰‘‹‰ ”‹••Ǥ –”ƒ–‡‰‹…ƒŽŽ›ǡ • …‘–‹—‡ –‘ ”‡ϐ‹‡ –Š‡‹” ‘’‡”ƒ–‹‘•ǡ Ž‘‘‹‰ –‘ …—– …‘•–• ™‹–Š‘—– ”‡†—…‹‰ ˜ƒŽ—‡ƒ•–Š‡›ƒƒ‰‡–Š”‘—‰Š•Ž—‰‰‹•Š–‹‡•ǤŠ‡› ƒ”‡ •‡‡‹‰ ‰”‘™–Š ‘’’‘”–—‹–‹‡• ‘”‰ƒ‹…ƒŽŽ›ǡ ƒ˜‘‹†‹‰ Žƒ”‰‡ ‘—–Žƒ›• –Šƒ– …‘—Ž† •–”ƒ’ ”‡•‘—”…‡• ˆ‘” –Š‡ ˆ—–—”‡Ǥ ‘•– ‹’‘”–ƒ–ǡ –Š‡› Šƒ˜‡ ƒ …Ž‡ƒ” focus   on   customers,   collaborating   with   them   more   …Ž‘•‡Ž› –Šƒ ‡˜‡” ‘ ’”‘‰”ƒ‡• –‘ •–‹—Žƒ–‡ †‡ƒ†ǡŽ‘›ƒŽ–›ƒ†Œ‘‹–‹‘˜ƒ–‹‘ǡ̶Š‡•ƒ‹†Ǥ >OH[^VYYPLZ*,6ZTVZ[& •–Š‡†‹ˆϐ‹…—Ž–‡…‘‘‹……‘†‹–‹‘•’‡”•‹•–ǡ• ƒ”‡‰‡‡”ƒŽŽ›‘”‡™‘””‹‡†ƒ„‘—–ƒ™‹†‡””ƒ‰‡‘ˆ ‹••—‡•–Šƒ–Š‡›™‡”‡ƒ›‡ƒ”ƒ‰‘Ǥ‘’‘ˆ–Š‡Ž‹•–ǡƒ …‘…‡” ƒ‘‰ ͺͳΨ ‘ˆ • ‹• ƒ„‘—– …‘–‹—‹‰ —…‡”–ƒ‹–›‘˜‡”‡…‘‘‹…‰”‘™–ŠǤ‡†‹‰ƒ…Ž‡ƒ”

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.

15


ECONOMIC SURVEY

message to   governments   around   the   world,   other   key   CEO   worries   are   the   government   response   –‘ –Š‡ ϐ‹•…ƒŽ †‡ϐ‹…‹– ȋ͹ͳΨȌǡ ‘˜‡”Ǧ”‡‰—Žƒ–‹‘ ȋ͸ͻΨȌ ƒ† Žƒ… ‘ˆ •–ƒ„‹Ž‹–› ‹ …ƒ’‹–ƒŽ ƒ”‡–• ȋ͸ͳΨȌǤ  …‘…‡”• ƒ„‘—– ‘˜‡”Ǧ”‡‰—Žƒ–‹‘ ƒ”‡ ƒ– –Š‡‹” Š‹‰Š‡•–•‹…‡ʹͲͲ͸ǤŠ‡ƒ•‡††‹”‡…–Ž›ƒ„‘—––Š‡ ‰‘˜‡”‡– ”‡•’‘•‡ –‘ –Š‡ ”‡‰—Žƒ–‘”› „—”†‡ǡ •ƒ”‡‡˜‡‘”‡„Ž—–ǡ™‹–ŠŒ—•–ͳʹΨƒ‰”‡‡‹‰ –Šƒ– –Š‡‹” ‰‘˜‡”‡– Šƒ• ”‡†—…‡† –Š‡ ”‡‰—Žƒ–‘”› „—”†‡‹–Š‡Žƒ•–›‡ƒ”Ǥ Š‡ ƒ•‡† ƒ„‘—– –Š‡ ƒŒ‘” –Š”‡ƒ–• –‘ –Š‡‹” „—•‹‡••‰”‘™–Šǡ•ƒŽ•‘…‹–‡†–Š‡‹…”‡ƒ•‹‰–ƒš „—”†‡ ȋ͸ʹΨȌǡ ƒ˜ƒ‹Žƒ„‹Ž‹–› ‘ˆ ‡› •‹ŽŽ• ȋͷͺΨȌ ƒ† –Š‡…‘•–‘ˆ‡‡”‰›ƒ†”ƒ™ƒ–‡”‹ƒŽ•ȋͷʹΨȌǤ +LHSPUN^P[OKPZY\W[PVU

 ‘”†‡” –‘ „—‹Ž† ‘”‰ƒ‹•ƒ–‹‘• –Šƒ– …ƒ •—”˜‹˜‡ and thrive   amid   disorder,   CEOs   are   pursuing   –Š”‡‡ •’‡…‹ϐ‹… •–”ƒ–‡‰‹‡•ǣ –ƒ”‰‡–‹‰ ’‘…‡–• ‘ˆ ‘’’‘”–—‹–›ǡ …‘…‡–”ƒ–‹‰ ‘ –Š‡ …—•–‘‡” ƒ† ‹’”‘˜‹‰‘’‡”ƒ–‹‘ƒŽ‡ˆˆ‡…–‹˜‡‡••Ǥ ‘‡͸ͺΨ‘ˆ•ƒ”‡ˆ‘…—•‹‰‘…ƒ”‡ˆ—ŽŽ›•‡Ž‡…–‡† ‹‹–‹ƒ–‹˜‡•Ǥ Š‡›ǯ”‡ ™‡‹‰Š‹‰ —’ ƒŽŽ –Š‡‹” ‘’–‹‘•ǡ ƒ‹‰ƒˆ‡™•ƒ”–‹˜‡•–‡–•ƒ†…‘•‘Ž‹†ƒ–‹‰ –Š‡‹””‡•‘—”…‡•–‘ƒš‹‹•‡–Š‡‘††•‘ˆ•—……‡••Ǥ Š‡”‡ • •‡‡ ’‘…‡–• ‘ˆ ‘’’‘”–—‹–›ǡ ‡ƒ”Ž› ŠƒŽˆ ƒ”‡ ’‹‹‰ –Š‡‹” Š‘’‡• ‘ ‰”‘™–Š ™‹–Š‹ ‡š‹•–‹‰ ƒ”‡–•ǡ ™Š‹Ž‡ ‘Ž› ʹͷΨ ƒ”‡ –—”‹‰ –‘ ‡™ ’”‘†—…– †‡˜‡Ž‘’‡–Ǥ † ‘Ž› ͳ͹Ψ ‘ˆ •ƒ”‡’Žƒ‹‰‡™‡”‰‡”•ƒ†ƒ…“—‹•‹–‹‘•Ǥ ‘”–Š‘•‡•’Žƒ‹‰ƒƬǡ–Š‡–‘’–ƒ”‰‡– ”‡‰‹‘•ƒ”‡‘”–Š‡”‹…ƒƒ†‡•–‡”—”‘’‡ǡ ™‹–Š•‘‡‡˜‹†‡…‡–Šƒ–•ƒ”‡Ž‘‘‹‰–‘–ƒ‡ ƒ†˜ƒ–ƒ‰‡ ‘ˆ •‘‡ †‹ˆϐ‹…—Ž– ‡…‘‘‹… –‹‡• –‘ ϐ‹†ƒ„ƒ”‰ƒ‹Ǥ Š‹ƒ–‘’’‡†–Š‡Ž‹•–‘ˆ…‘—–”‹‡••‡‡‘˜‡”ƒŽŽƒ• ‘•–‹’‘”–ƒ–ˆ‘”ˆ—–—”‡‰”‘™–Šǡ…‹–‡†„›͵ͳΨ ‘ˆ•ǡˆ‘ŽŽ‘™‡†„›–Š‡ȋʹ͵ΨȌǡ”ƒœ‹ŽȋͳͷΨȌǡ

‡”ƒ›ȋͳʹΨȌǡƒ† †‹ƒȋͳͲΨȌǤ †‘‡•‹ƒ™ƒ• Ž‹•–‡†ƒ‘‰–Š‡–‘’–‡ˆ‘”–Š‡ϐ‹”•––‹‡–Š‹•›‡ƒ”ǡ –™‘’‘‹–•ƒ„‘˜‡ ƒ’ƒǤ‘‰Žƒ”‰‡…‘’ƒ‹‡• ȋ‘˜‡” ̈́ͳͲ „‹ŽŽ‹‘Ȍǡ Š‘™‡˜‡”ǡ Š‹ƒ ™ƒ• ˜‹‡™‡†

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 ™Š‹Ž‡ –Š‡  †”‘’’‡†–‘ʹͲΨ *VUJLU[YH[PUNVU[OL J\Z[VTLY ‡ƒ”Ž› ŠƒŽˆ –Š‡ • ȋͶͻΨȌ •‡‡ •Š‹ˆ–• ‹ …‘•—‡” „—›‹‰ Dennis M. Nally, patterns   as   a   serious   Chairman of „—•‹‡•• –Š”‡ƒ– ƒ† PricewaterhouseCoopers International: “CEOs ͷͳΨ •ƒ‹† –Š‡‹” –‘’ remain cautious about investment   priority   their short term prospects and the outlook for the ˆ‘” –Š‡ ‡š– ͳʹ ‘–Š• global economy.” was   growing   their   …—•–‘‡”„ƒ•‡ǤͺʹΨ‘ˆ •ƒ–‹…‹’ƒ–‡ƒ‹‰…Šƒ‰‡•–‘–Š‡‹”…—•–‘‡” ‰”‘™–Š ƒ† ”‡–‡–‹‘ •–”ƒ–‡‰‹‡• Ȃ ƒ† ͵ͳΨ Šƒ˜‡ ƒŒ‘”…Šƒ‰‡•‹‹†Ǥ

’”‘˜‹‰ ‘’‡”ƒ–‹‘ƒŽ ‡ˆˆ‡…–‹˜‡‡•• ‹• ƒ –‘’ ‹˜‡•–‡–’”‹‘”‹–›ˆ‘”•Ǥ͹͹ΨŠƒ˜‡—†‡”–ƒ‡ …‘•–”‡†—…–‹‘‹‹–‹ƒ–‹˜‡•‹–Š‡’ƒ•–ͳʹ‘–Š•ƒ† ͹ͲΨ’Žƒ–‘†‘•‘‹–Š‡‡š–ͳʹ‘–Š•Ǥ —– • ƒ”‡ ™ƒ”› ƒ„‘—– ‹ƒ†˜‡”–‡–Ž› …—––‹‰ ˜ƒŽ—‡Ǥ‡‹†‹…ƒ–‘”ǣͶͺΨ‘ˆ•Šƒ˜‡‹…”‡ƒ•‡† –Š‡‹” …‘’ƒ›ǯ• Š‡ƒ†…‘—– †—”‹‰ –Š‡ ’ƒ•– ͳʹ ‘–Š•ǡ™Š‹Ž‡ʹͷΨŠƒ˜‡‡’–‹–ƒ––Š‡•ƒ‡Ž‡˜‡ŽǤ 1VIZHUK[OLZLHYJOMVY[HSLU[ • ”‡ƒ‹ ”‡Žƒ–‹˜‡Ž› …ƒ—–‹‘—• ‘ ’Žƒ• ˆ‘” ‹…”‡ƒ•‹‰Š‡ƒ†…‘—–ˆ‘”–Š‹•…‘‹‰›‡ƒ”ǤͶͷΨ‘ˆ • ’Žƒ –‘ ”‡…”—‹– ‹ ʹͲͳ͵ ȋ†‘™ ˆ”‘ ͷͳΨ ‹ ʹͲͳʹȌ ™Š‹Ž‡ ʹ͵Ψ ’Žƒ –‘ ”‡†—…‡ –Š‡ •‹œ‡ ‘ˆ –Š‡‹” ™‘”ˆ‘”…‡Ǥ ‘‘‹‰ ƒ– ™Š‹…Š ‹†—•–”‹‡• ƒ”‡ ”‡…”—‹–‹‰ ƒ† ™Š‹…Š ƒ”‡ •Š‡††‹‰ Œ‘„• •Š‘™• ƒ ‹–‡”‡•–‹‰ ’‹…–—”‡Ǥ•‘•–Ž‹‡Ž›–‘„‡‹…”‡ƒ•‹‰Š‡ƒ†…‘—– ƒ”‡ ‹ „—•‹‡•• •‡”˜‹…‡• ȋͷ͸ΨȌǡ ‡‰‹‡‡”‹‰ ƒ† …‘•–”—…–‹‘ ȋͷʹΨȌǡ ”‡–ƒ‹Ž ȋͶͻΨȌ ƒ† Š‡ƒŽ–Š…ƒ”‡ ȋͶ͵ΨȌǤŠ‹Ž‡–Š‡„‹‰‰‡•–—„‡”‘ˆ•’Žƒ‹‰ Š‡ƒ†…‘—– ”‡†—…–‹‘• ƒ”‡ ‹ „ƒ‹‰ ȋ͵ͷΨȌǡ –Š‡ ‡–ƒŽ ‹†—•–”‹‡• ȋ͵ʹΨȌ ƒ† ˆ‘”‡•–”› ƒ† ’ƒ’‡” ȋ͵ͳΨȌǤ Šƒ–‡˜‡”–Š‡‹”Š‹”‹‰‘—–Ž‘‘ǡϐ‹†‹‰ƒ†‡‡’‹‰ –Š‡”‹‰Š–’‡‘’Ž‡”‡ƒ‹•ƒƒŒ‘”…ŠƒŽŽ‡‰‡ˆ‘”•Ǥ ˜ƒ‹Žƒ„‹Ž‹–› ‘ˆ ‡› •‹ŽŽ• ™ƒ• ”ƒ‡† „› • ƒ• ƒ ƒŒ‘” –Š”‡ƒ– –‘ ‰”‘™–Š ’”‘•’‡…–•ǡ …‹–‡† „› ͷͺΨ ™‘”Ž†™‹†‡Ǥ Š‡ •‹ŽŽ• –Š”‡ƒ– ™ƒ• ‡•’‡…‹ƒŽŽ› ƒ…—–‡ ƒ‘‰ •ƒŽŽ‡” …‘’ƒ‹‡• ƒ† ‹ Š‹‰Š ‰”‘™–Š ƒ”‡ƒ• Ž‹‡ ˆ”‹…ƒǡ–Š‡‹††Ž‡ƒ•–ƒ†•‹ƒƒ…‹ϐ‹…Ǥ


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   •ƒŽŽ ‹˜‡•–‡– ˜‡Š‹…Ž‡ –‘ ƒ ˆ—ŽŽ› †‹˜‡”•‹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   ˆϐ‹…‡”‘ˆ

Ȃƒ†™‹–Š–™‡–›Ǧ•‹š›‡ƒ”•—†‡” Š‹•„‡Ž–Ȃ‹ŽŽ‹ƒ•Šƒ•ƒ†‡’–Š‘ˆ—†‡”•–ƒ†‹‰ –Šƒ–˜‡”›ˆ‡™ ǯ•Šƒ˜‡‘ˆ–Š‡ϐ‹”•–Š‡›™‘” 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   ”‡ƒ‹ ™‹–Š –Š‡ •ƒ‡ ϐ‹” ˆ‘” –™‡–›Ǧ•‹š ›‡ƒ”•Ǥ Surely  you’d  hit  a  ceiling?  Surely  you’d  get  bored?   —”‡Ž››‘—ǯ†„‡‡ϐ‹–ˆ”‘–ƒ…Ž‹‰‡™…ŠƒŽŽ‡‰‡•ǫ 18 March 2013

He’s proud   of   the   journey   he   has   been   on   and   †‡ϐ‹ƒ–Ž›„—ŽŽ‹•Šƒ„‘—––Š‡„‡‡ϐ‹–•‘ˆ”‡ƒ‹‹‰ 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   ™‹ŽŽ „‡ǡ ƒˆ–‡” ƒŽŽǡ –Š‡ ’‡‘’Ž‡ ™Š‘ ™‹ŽŽ ϐ‹ŽŽ › •Š‘‡•‘…‡ Šƒ˜‡‰‘‡ǤŠ‡ϐ‹ƒ…‡–‡ƒ‹•ƒ†‡ 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 ƒƒ‰‹‰ƒϐ‹ƒ…‡–‡ƒ‹•ǡ‘ˆ…‘—”•‡ǡ‘‡‘ˆ–Š‡ most   important   parts   of   a   CFO’s   job.   But   many   view   it   as   a   soft   skill.   Williams   has   steered   GIB   –Š”‘—‰Š ƒŒ‘” ƒ…“—‹•‹–‹‘• ƒ† ƒ ‡ƒ” ϐ‹ƒ…‹ƒŽ 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   ƒ†ƒŽ‡•ȋ ȌǦ“—ƒŽ‹ϐ‹‡†ƒ……‘—–ƒ–Œ—’‡† 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.”

19


MOVERS & SHAKERS

falls  apart   and   you   realise   that   your   assets   are   essentially  worthless.â&#x20AC;?   The  bank  was  ultimately  saved  by  its  shareholders,   who   purchased   the   banks   toxic   debts,   wiping   the  slate  clean.  The  biggest  buyer  of  these  debts   was  the  government  of  Saudi  Arabia.  These  were   turbulent  t imes  for  t he  global  economy  and  t imes   during  which  it  became  incredibly  important  for   Williams  to  keep  his  cool  and  steer  the  company   Â&#x2013;Â&#x160;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2030;Â&#x160;Â&#x2022;Â&#x2018;Â?Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x203A;Â&#x2020;Â&#x2039;Â&#x2C6;Ď?Â&#x2039;Â&#x2026;Â&#x2014;Â&#x17D;Â&#x2013;Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2021;Â&#x2022;Ǥ â&#x20AC;&#x153;We  had  a  new  board  of  directors,  a  new  CEO  â&#x20AC;&#x201C;  and   this  was  a ll  at  t he  beginning  of  2009.    Prior  to  t his   Â&#x2013;Â&#x160;Â&#x2021;Ď?Â&#x2039;Â&#x201D;Â?Â&#x2122;Â&#x192;Â&#x2022;Â&#x2018;Â&#x2122;Â?Â&#x2021;Â&#x2020;Â&#x201E;Â&#x203A;Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2018;Â&#x2014;Â&#x2022; Â&#x2030;Â&#x2018;Â&#x2DC;Â&#x2021;Â&#x201D;Â?Â?Â&#x2021;Â?Â&#x2013;Â&#x2022; (each   owning   various   chunks)   but   when   Saudi   stepped  in,  it  increased  its  share  f rom  56  per  cent   to  97  per  cent.â&#x20AC;?   â&#x20AC;&#x153;In  a  very  short  space  of  time,  the  companyâ&#x20AC;&#x2122;s  entire   Â?Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;ÇĄ Â&#x2018;Â&#x2122;Â?Â&#x2021;Â&#x201D;Â&#x2022;Â&#x160;Â&#x2039;Â&#x2019; Â&#x192;Â?Â&#x2020; Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2019;Â&#x2018;Â&#x2022;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2018;Â? were   turned   upside   down.   Having   your   hands   on   the   wheel   during   those   weeks   and   months   was   incredibly  exhilarating  â&#x20AC;&#x201C;  occasionally  terrifying  â&#x20AC;&#x201C;  but   exhilarating  all  the  same.  It  was  a  moment  in  history.â&#x20AC;?   :H]PUNIHURMYVTY\PU It   may   seem   strange   in   a   hard   capitalist   environment   such   as   investment   banking   to   see   a   huge   bank   saved   by   a   friendly   regional   government.   The   truth   is,   itâ&#x20AC;&#x2122;s   exactly   the   same   kind  of  action  that  has  been  used  time  and  again   all   over   the   world   since   the   crisis   began.   Itâ&#x20AC;&#x2122;s   certainly  not  dissimilar  to  the  nationalisation  of    Â&#x201E;Â&#x203A; Â&#x2013;Â&#x160;Â&#x2021; ÇŻÂ&#x2022; Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x2021;Â&#x201D; Â&#x201D;Â&#x2039;Â?Â&#x2021; Â&#x2039;Â?Â&#x2039;Â&#x2022;Â&#x2013;Â&#x2021;Â&#x201D; Â&#x2018;Â&#x201D;Â&#x2020;Â&#x2018;Â? Brown,  a  move  t hat  shocked  t he  business  world.   Williams   was   almost   the   only   member   of   the   executive   management   team   to   stay   with   the   bank   throughout   the   recession.   This   is   perhaps   because  he  was  the  man  who  developed  the  very   idea   of   selling   t he   toxic   debts,   t hus   recapitalising   the   bank   and   saving   it   from   ruin.   The   challenge   then  of  course,  became  perhaps  even  g reater.   â&#x20AC;&#x153;Securing   the   bankâ&#x20AC;&#x2122;s   future   not   only   rested   on   getting   rid   of   bad   debts,   recapitalisation   and   bringing   in   a   new   management   team   but   it   also   meant   persuading   the   bankâ&#x20AC;&#x2122;s   new   owners   that   Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2122;Â&#x192;Â&#x2022;Â&#x2DC;Â&#x192;Â&#x17D;Â&#x2014;Â&#x2021;Â&#x2039;Â?Â?Â&#x2021;Â&#x2021;Â&#x2019;Â&#x2039;Â?Â&#x2030;

Â&#x192;Â&#x2022;Â&#x192;Â&#x2030;Â&#x2018;Â&#x2039;Â?Â&#x2030;Â&#x2026;Â&#x2018;Â?Â&#x2026;Â&#x2021;Â&#x201D;Â?ÇĄ rather  t han  folding  it  in  to  t he  Saudi  governmentâ&#x20AC;&#x2122;s   other  portfolio  of  banks.â&#x20AC;?   Williams  and  his  new  CEO  were  tasked  with  the   job   of   developing   a   platform   that   could   take   the   bank  forward.   20 March 2013

â&#x20AC;&#x153;The  government   of   Saudi   clearly   needed   to   k now   Â&#x2013;Â&#x160;Â&#x192;Â&#x2013;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2122;Â&#x192;Â&#x2022;Â&#x192;Â&#x2022;Â&#x2013;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2026;Â&#x192;Â&#x2020;Â&#x2DC;Â&#x192;Â?Â&#x2013;Â&#x192;Â&#x2030;Â&#x2021;Â&#x2039;Â?Â?Â&#x2021;Â&#x2021;Â&#x2019;Â&#x2039;Â?Â&#x2030;

 and  for   us   that   meant   ripping   everything   up   and   starting   from   scratch.   It   meant   drilling   down   in   to   the   DNA   of   the   bank   to   investigate   how   it   could   give  value  back  to  the  government  of  Saudi  and  â&#x20AC;&#x201C;   Â&#x2026;Â&#x201D;Â&#x2014;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A;Č&#x201A;Â&#x2030;Â&#x2039;Â&#x2DC;Â&#x2021;Â&#x2013;Â&#x160;Â&#x2021;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2026;Â&#x2018;Â?Ď?Â&#x2039;Â&#x2020;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2122;Â&#x2021;Â&#x192;Â&#x17D;Â&#x17D;Â?Â&#x2021;Â&#x2021;Â&#x2020;Â&#x2021;Â&#x2020; Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x160;Â&#x2021;Â?Â&#x2013;Â&#x2018;Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x2039;Â?Â&#x2014;Â&#x2021;Â&#x2013;Â&#x2018;Â&#x2039;Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2039;Â?

ÇŻÂ&#x2022;Â&#x2C6;Â&#x2014;Â&#x2013;Â&#x2014;Â&#x201D;Â&#x2021;Ǥdz :[HISLM\UKPUNWYVNYHTTL This  all   sounds   like   pretty   scary   stuff   but   for   Williams   it   meant   getting   back   to   the   basics   of   Â&#x2122;Â&#x160;Â&#x192;Â&#x2013; Â?Â&#x192;Â?Â&#x2021;Â&#x2022; Â&#x192;Â? Â&#x2039;Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â?Â&#x2021;Â?Â&#x2013; Â&#x201E;Â&#x192;Â?Â? Â&#x2019;Â&#x201D;Â&#x2018;Ď?Â&#x2039;Â&#x2013;Â&#x192;Â&#x201E;Â&#x17D;Â&#x2021;Ǥ Â&#x2021; and   his   new   colleagues   set   about   stripping   the   bank  down.   â&#x20AC;&#x153;First   of   all   we   had   to   try   to   get   the   bank   on   a   stable   footing   -­â&#x20AC;?   that   meant   reducing   leverage,   ending   our   proprietary   trading   activity,   we   had   to   reduce   our   loan   portfolio   (reducing   lending)   and  a lso  address  t he  f unding  of  t he  bank  â&#x20AC;&#x201C;  we  put   in   place   a   long   term   borrowing   programme   and   Â&#x2013;Â&#x160;Â&#x2021;Â? Â&#x192;Â&#x2020;Â&#x2020;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2026;Â&#x2018;Â&#x2022;Â&#x2013; Â&#x201E;Â&#x192;Â&#x2022;Â&#x2021;Ǥ Â&#x160;Â&#x192;Â&#x2013; Â&#x2122;Â&#x192;Â&#x2022; Â&#x2020;Â&#x2039;Â&#x2C6;Ď?Â&#x2039;Â&#x2026;Â&#x2014;Â&#x17D;Â&#x2013; of  course;  it  meant  we  had  to  make  redundancies.   This  was  a  complete  shock  to  the  system  for  the   bank   â&#x20AC;&#x201C;   the   company   had   always   had   a   family  

PASSING THE BATON: â&#x20AC;&#x153;It gives me enormous pleasure to work with intelligent and ambitious young people. They will be, after all, the people XIPXJMMmMMNZTIPFTPODF I have gone.â&#x20AC;?


MOVERS & SHAKERS

ƒ–‘•’Š‡”‡ ƒ† ‹– ™ƒ• ˜‡”› †‹ˆϐ‹…—Ž– –‘ ƒƒ‰‡ –Šƒ– ‹† ‘ˆ …Šƒ‰‡Ǥ ƒ‹–ƒ‹‹‰ ‘”ƒŽ‡ ™ƒ• ‘„˜‹‘—•Ž›–‘—‰ŠǤƒ†Ž›ǡ‹–Šƒ†–‘„‡†‘‡Ǥdz ›–Š‡‡†‘ˆʹͲͳͲǡ‡˜‡”›–Š‹‰™ƒ•‹’Žƒ…‡Ǥ Dz‡ Šƒ† ƒ „ƒ –Šƒ– Šƒ† ƒ ‘”‡ ƒ……‡’–ƒ„Ž‡ Ž‡˜‡”ƒ‰‡ǡ ƒ •–ƒ„Ž‡ ˆ—†‹‰ ’”‘‰”ƒ‡ǡ ™‡ Šƒ† ƒ ‰‘‘† “—ƒŽ‹–› Ž‘ƒ „—•‹‡•• ƒ† ™‡ ™‡”‡ ƒŽ•‘ ”‡†—…‹‰ –Š‡ ’‘‘” “—ƒŽ‹–› Ž‘ƒ• ‘—– ‘ˆ –Š‡ ’‘”–ˆ‘Ž‹‘Ǥ”—…‹ƒŽŽ›ǡ™‡‹†‡–‹ϐ‹‡†ƒ‡™•–”ƒ–‡‰‹… †‹”‡…–‹‘ ˆ‘” –Š‡ ‘”‰ƒ‹•ƒ–‹‘ ƒ† ™‡”‡ ƒ„Ž‡ –‘ ”‡Ǧ’‘•‹–‹‘–Š‡„ƒ™‹–Šƒ‡™ǡ‰‹˜‹‰‹–ƒ —‹“—‡’Žƒ…‡‹–Š‡ƒ”‡–Ǥdz Š‡•‡ ‘˜‡• ƒ”‡ ƒŽŽ …”—…‹ƒŽ –‘ –Š‡ •–ƒ„‹Ž‹•ƒ–‹‘ ‘ˆ ƒ› „ƒ –Šƒ– ‹• —†‡”‰‘‹‰ •—…Š ƒŒ‘” –”ƒ•ˆ‘”ƒ–‹‘•Ǥ ‹ŽŽ‹ƒ• •‡‡• ˜‡”› ”‡Žƒš‡† ™Š‡ –ƒŽ‹‰ ƒ„‘—– ‡ƒ…Š •–‡’ ‘ˆ –Š‹• †‹ˆϐ‹…—Ž– ’”‘…‡••ƒ†…Ž‡ƒ”Ž›—†‡”•–ƒ†•–Š‡‹’‘”–ƒ…‡ ‘ˆƒƒ‰‹‰…Šƒ‰‡‹–‡”ƒŽŽ›Ǥ :[YVUNLYÄUHUJPHSWSHJL ‘”‡‘˜‡”ǡ Š‹• †‡…‹•‹‘• Šƒ˜‡ ‡ƒ„Ž‡† –Š‡ „ƒ –‘•‡…—”‡–Š‡•—’’‘”–ƒ†…‘ϐ‹†‡…‡‘ˆ‡š–‡”ƒŽ •–ƒ‡Š‘Ž†‡”•Ǥ––Š‡„‡‰‹‹‰‘ˆʹͲͳʹ–Š‡„ƒǯ•

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.

‹–…Š‹ƒ„‹Ž‹–›”ƒ–‹‰™ƒ•—’‰”ƒ†‡†ǡ‹”‡…‘‰‹–‹‘ –Šƒ–‹–™ƒ•‹ƒ•–”‘‰‡”ϐ‹ƒ…‹ƒŽ’Žƒ…‡Ǥ DzŠ‡„ƒ™ƒ•ǡ„›ʹͲͳͳǡ”‡–—”‹‰’”‘ϐ‹–Ǥ –Š‡ „ƒ…‰”‘—† ™‡ ™‡”‡ ™‘”‹‰ ‘ ƒ •—•–ƒ‹ƒ„Ž‡ ‰”‘™–Šȋƒ†•—”˜‹˜ƒŽȌ•–”ƒ–‡‰›–Šƒ–”‡•–‡†‘ƒ •–ƒ„Ž‡ ƒ† …‘•–Ǧ‡ˆˆ‡…–‹˜‡ ˆ—†‹‰ „ƒ•‡ Ȃ Žƒ”‰‡Ž› „‡…ƒ—•‡‘—”’”‘ϐ‹–•™‡”‡„‡‹‰–‡””‹„Ž›ƒˆˆ‡…–‡† „› –Š‡ …‘•– ‘ˆ Ž‘‰Ǧ–‡” „‘””‘™‹‰Ǥ ••‡–‹ƒŽŽ›ǡ ™‡Šƒ†™‘”‡†–‹”‡Ž‡••Ž›–‘†”‹˜‡ˆ‘”™ƒ”†ƒ”‘‘– ƒ† „”ƒ…Š ”‡ˆ‘” ‘ˆ –Š‡ „ƒǯ• ‘’‡”ƒ–‹‘ƒŽ •–”—…–—”‡Ǥ ǯ ‰”ƒ–‡ˆ—Ž –Šƒ– ™‡ ™‡”‡ ‰‹˜‡ –Š‡ „”‡ƒ–Š‹‰ •’ƒ…‡ –‘ ƒ‡ •—…Š ‘˜‡• ƒ† ‘„˜‹‘—•Ž›†‡Ž‹‰Š–‡†–Šƒ––Š‡›Šƒ˜‡’ƒ‹†‘ˆˆǤdz Š‡ —‹“—‡ ’‘•‹–‹‘ –Šƒ– –Š‡ „ƒǯ• ‡™ ‘™‡”•Š‹’ ‰ƒ˜‡ ‹– ™ƒ• –Š‡ ƒ„‹Ž‹–› –‘ ‘’‡ —Ž‹‹–‡† ”‡–ƒ‹Ž „ƒ• ‹•‹†‡ ƒ—†‹ ”ƒ„‹ƒ Ȃ ƒ ’”‹˜‹Ž‡‰‡‘–‘’‡–‘‘Ǧƒ—†‹„ƒ•Ǥ”—…‹ƒŽŽ›ǡ —Ž‹‡ƒ—†‹Ǧ‘Ž›„ƒ•ȋ„ƒ•–Šƒ–ƒ”‡„ƒ•‡†‹ ƒ—†‹ȌǦ„‡…ƒ—•‡

‹•„ƒ•‡†‹ƒŠ”ƒ‹Ǧ‹–Šƒ• –Š‡——•—ƒŽƒ„‹Ž‹–›–‘ƒŽ•‘‘’‡”ƒ–‡ˆ”‡‡Ž›‘—–•‹†‡ ‘ˆ ƒ—†‹ǡ –Š—• ‘’‡‹‰ —’ ‡™ ‘’’‘”–—‹–‹‡• ˆ‘”‰”‘™–Š”‹‰Š–ƒ…”‘••–Š‡”‡‰‹‘Ǥ –‹•–Š‡‘Ž› ƒ—†‹Ǧ„ƒ…‡†ǡ ’ƒǦ  „ƒ ™‹–Š ƒ ‰”‘™‹‰ ’”‡•‡…‡ ƒ…”‘•• –Š‡ ‡–‹”‡ ƒ”‡–ǡ ‹…Ž—†‹‰ ™‹–Š‹ƒ—†‹”ƒ„‹ƒǤ ‘”‹‰ ‹ •—…Š …Ž‘•‡ ƒŽŽ‹ƒ…‡ ™‹–Š –Š‡ ‡™  Šƒ• ‰‹˜‡ ‹ŽŽ‹ƒ• ‰”‡ƒ– •ƒ–‹•ˆƒ…–‹‘ ƒ† ‡‘”‘—• •–”ƒ–‡‰‹… ‡š’‡”‹‡…‡Ǥ ‡ Šƒ•ǡ “—‹–‡ Ž‹–‡”ƒŽŽ›ǡ„‡‡ƒ––Š‡˜‡”›ˆ‘”‡‘ˆ•ƒ˜‹‰–Š‡„ƒǯ• •‹Ȃƒ”ƒ”‡ˆ‡ƒ–ˆ‘”ƒ› Ǥ 0U]LZ[PUN[PTLPU[YHPUPUN Š‡ƒ•‡†Š‘™Š‹•Š‡ƒŽ–Š•—ˆˆ‡”‡††—”‹‰–Š‹• ’‡”‹‘†ǡ‹ŽŽ‹ƒ•Žƒ—‰Š•Ǥ ‡†‡•…”‹„‡•Š‹•‡Žˆƒ• ƒ Ǯ‰Žƒ•• ŠƒŽˆ ˆ—ŽŽ ‹† ‘ˆ ’‡”•‘ǯ ™‹–Š ƒ ’‘•‹–‹˜‡ ‘—–Ž‘‘Ǥ – •‡‡• ƒŽ‘•– –‘‘ ‰‘‘† –‘ „‡ –”—‡ Ȃ ƒŽ‘•–—”‡ƒŽ–Šƒ–ƒ •Š‘—Ž†‡š’‡”‹‡…‡•—…Š ƒ ‡š–”‡‡ ’”‘ˆ‡••‹‘ƒŽ ‡š’‡”‹‡…‡ Ȃ ™‹–Š‘—– Šƒ˜‹‰ƒ‡‘–‹‘ƒŽ„”‡ƒ†‘™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   –ƒŽ•™‹–Š‰‡—‹‡‡‘–‹‘ƒ„‘—–Š‘™†‹ˆϐ‹…—Ž– 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   „—•‹‡••ƒ†–Š‡…‘ϐ‹†‡…‡‘ˆ•Šƒ”‡Š‘Ž†‡”•ƒ† 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   –Š‘—‰Š– ǯ†ϐ‹†›•‡Žˆƒ‹‰–Š‡•‡†‡…‹•‹‘•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‹†‡…‡‹‘—”…‘’ƒ›ǯ•ˆ—–—”‡Ǥdz


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-

S/M

-

-

Large

-

-

S/M

-

-

Large

-

-

S/M

-

-

Large

-

-

S/M

-

-

Large

-

-

S/M

-

-

Large

-

-

S/M

-

-

Large

Large

-

-

Large Large

S/M

-

-

Large

S/M

-

-

S/M

Large

-

-

S/M Large Large S/M

Senior Finance Associate

-

-

Large

Financial Controller Assistant Financial Controller

-

-

S/M

Treasurer

-

-

S/M Large

Chief Accountant

% Change

-

Large

Finance Director

-

-

-

roberthalf.ae 2013 Salary Guide |

10


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...

I

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-­‐ ƒƒ‰‡‡– ’‘•‹–‹‘•ǡ –Š‡› ƒ”‡ •‹‰‹ϐ‹…ƒ–Ž› under-­‐represented  in  the  C-­‐suite  level  for  many  of   the  most  successful  companies.   Would   having   gender   diversity   in   company   ƒƒ‰‡‡– ƒ‡ ƒ› †‹ˆˆ‡”‡…‡ ‹ –Š‡ ϐ‹ƒ…‹ƒŽ 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   ‡š’ƒ†’”‘ϐ‹–•Ǥ –‡•–‹‰–Š‡’‡”ˆ‘”ƒ…‡‘ˆʹǡ͵͸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   –Š‹•ƒ”‡ƒŠƒ•‹…”‡ƒ•‡†ǡ’ƒ”–‹…—Žƒ”Ž›‹–Š‡’ƒ•–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

”‹‰‹‰ –‘‰‡–Š‡” ‡™ ϐ‹†‹‰•ǡ ’Ž—• ‡š‹•–‹‰ research into   the   differences   between   men   and   women  when  it  comes  to  access  to  the  boardroom,   –Š‡”‡’‘”–”‡˜‡ƒŽ•–Šƒ–ϐ‹ƒ…‡‘ˆˆ‡”•ƒ…Ž‡ƒ”…ƒ”‡‡” ’ƒ–Š ˆ‘” ™‘‡ǡ ‡•’‡…‹ƒŽŽ› ™‹–Š‹ ’”‘ˆ‡••‹‘ƒŽ •‡”˜‹…‡•ϐ‹”•Ǥ ‡‡’ƒ Šƒ†”ƒ•Š‡ƒ” •ƒ›• Šƒ˜‹‰ ƒ ϐ‹ƒ…‹ƒŽ „ƒ…‰”‘—† ™‘—Ž† ‘Ž› ƒ†† ™‡‹‰Š– –‘ –Š‡ „‘ƒ”†”‘‘…‘˜‡”•ƒ–‹‘Ǥ

So what  factors  are  impeding  women’s  advancement   –‘•‡‹‘”ϐ‹ƒ…‡Ž‡ƒ†‡”•Š‹’’‘•‹–‹‘•ǫ ……‘—–ƒ– ‹††Ž‡ ƒ•– •‡– ‘—– –‘ ϐ‹† –Š‡ ‡…—„”ƒ…‡• –Šƒ– †‡–‡” –Š‡ ˆ‡ƒŽ‡ ‰‡†‡” ˆ”‘ „”‡ƒ‹‰–Š”‘—‰Š–Š‡…‘”’‘”ƒ–‡‰Žƒ••…‡‹Ž‹‰Ǥ *HYLLYWH[OMVY^VTLU ‘”—•‹‡ •ƒƒ…•‘ǡ–Š‡‹††Ž‡ƒ•– ‡ƒ†‘ˆ ǡŽƒ…‘ˆƒϐ‹ƒ…‡„ƒ…‰”‘—†•–”‘‰Ž›†ƒ—–• …Šƒ…‡•‘ˆ…Ž‹„‹‰–‘–Š‡–‘’‡…Š‡Ž‘•‘ˆ’‘™‡”Ǥ Dz‡”‡…‡–Ž›”‡Ž‡ƒ•‡†ƒ•–—†›–Šƒ–•Š‘™•–Š‡”‡‹• •–”‘‰ ‡˜‹†‡…‡ –Šƒ– ‹– ‹• †‡ϐ‹‹–‡Ž› ƒ ƒ†˜ƒ–ƒ‰‡ Šƒ˜‹‰ ƒ ϐ‹ƒ…‹ƒŽ „ƒ…‰”‘—† ‘” “—ƒŽ‹ϐ‹…ƒ–‹‘ǡ ‹ ‰‡––‹‰‘–‘ƒ„‘ƒ”†ǡdz•Š‡•ƒ›•ǡƒ††‹‰Dz–‘‰‡––Š‡”‡ǡ ›‘— Šƒ˜‡ –‘ Šƒ˜‡ –Š‡ ‘™Ž‡†‰‡ǡ ƒ† …‘ϐ‹†‡…‡ –‘•Š‘™‹–ǡ–‘„‡ƒ„Ž‡–‘„‡ƒ’ƒ”–‘ˆ–Š‡„‘ƒ”†”‘‘ …‘˜‡”•ƒ–‹‘•ƒ†Š‡Ž’•Šƒ’‡–Š‡…‘’ƒ›Ǥdz ‹–Ž‡† Ǯ‘‡ ‹ ϐ‹ƒ…‡ǣ ƒ •’”‹‰„‘ƒ”† –‘ …‘”’‘”ƒ–‡ „‘ƒ”† ’‘•‹–‹‘•ǫǯ –Š‡  •–—†› •Š‘™• –Šƒ– ’”‘’‘”–‹‘ƒŽŽ›ǡ ™‘‡ ƒ’’‡ƒ” ‘”‡ •—……‡••ˆ—Ž ‹ ƒ––ƒ‹‹‰ ‡š‡…—–‹˜‡ ”‘Ž‡• ™Š‡ –Š‡› Šƒ˜‡ƒϐ‹ƒ…‹ƒŽ„ƒ…‰”‘—†Ǥ

DzŠƒ–‡˜‡”›„‘ƒ”†”‘‘”‡ƒŽŽ›‡‡†•ƒ”‡–ƒŽ‡–‡† ‹†‹˜‹†—ƒŽ• ™Š‘ Šƒ˜‡ ƒ –Š‘”‘—‰Š —†‡”•–ƒ†‹‰ ‘ˆ ”‡’‘”–‹‰ ”‡•’‘•‹„‹Ž‹–› ƒ† ƒ ‡–Š‹…ƒŽ –‘‡ –Šƒ– …”‡ƒ–‡• ƒ …—Ž–—”‡ ‘ˆ …‘’Ž‹ƒ…‡ ƒ† ‡–Š‹…ƒŽ „‡Šƒ˜‹‘—” ‹ –Š‡ ‘”‰ƒ‹•ƒ–‹‘ǡdz •Š‡ •ƒ›•ǡ ƒ††‹‰ –Šƒ–Dz‘™Ž‡†‰‡‘ˆϐ‹ƒ…‹ƒŽ•ƒ†Š‘™–Š‡›‘’‡”ƒ–‡ ‹•‘Ž›ƒ–‘‘Ž–Šƒ–ƒ‹†•‹ƒ‹‰„‡––‡”†‡…‹•‹‘•Ǥ – ’‡”Šƒ’•ƒŽŽ‘™•™‘‡–‘‘”‡‡ƒ•‹Ž›‹–‡”ƒ…–™‹–Š –Š‡‹”ƒŽ‡…‘—–‡”’ƒ”–•‹™Šƒ–‹•ƒ’”‡†‘‹ƒ–Ž› ƒŽ‡†‘‹ƒ–‡†ϐ‹ƒ…‹ƒŽƒ”‡–Ǥdz ‡‡’ƒ ™‘”• ˆ‘” ƒ–ƒ” ‡–”‘Ž‡—ǡ ƒ •–ƒ–‡ ‘™‡† ‘‹Ž ƒ† ‰ƒ• ϐ‹” ‹ ƒ •‡‹‘” ƒƒ‰‡‡– ƒ……‘—–‹‰”‘Ž‡Ǥ ƒ††‹–‹‘ǡ•Š‡‹•ƒŽ•‘ƒ‡„‡”

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.

25


WOMEN IN FINANCE

of  the   Qatar   Advisory   Committee  of  ACCA.   )YLHRPUNKV^U Z[LYLV[`WLZ The  ACCA  research  also   reveals   that   women   appear   to   have   been   more   successful   in   reaching   the   most   senior   jobs   through   Â&#x2013;Â&#x160;Â&#x2021; Â&#x2C6;Â&#x2014;Â?Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2018;Â&#x2C6; Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021; Dr Ruth Sealy, Deputy %JSFDUPS$SBOmFME and   this   may   have   International Centre for implications   for   other   8PNFO-FBEFST functions   when   looking   to  encourage  the  progression  of  female  talent.    Dz Â&#x2026;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x192;Â&#x2039;Â? Â&#x17D;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D; Â&#x2018;Â&#x2C6; Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x192;Â&#x2026;Â&#x2014;Â?Â&#x2021;Â? Â&#x2039;Â&#x2022; Â?Â&#x2021;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x192;Â&#x201D;Â&#x203A; for   all   board   directors,â&#x20AC;?   says   Dr   Ruth   Sealy,   Deputy   Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x192;Â?Ď?Â&#x2039;Â&#x2021;Â&#x17D;Â&#x2020; Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2021;Â?Â&#x2013;Â&#x201D;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D; Women  Leaders  and  co-­â&#x20AC;?author  of  the  ACCA  report.   Dz Â&#x2018;Â&#x201D; Â&#x2122;Â&#x2018;Â?Â&#x2021;Â?ÇĄ Â&#x160;Â&#x192;Â&#x2DC;Â&#x2039;Â?Â&#x2030; Â&#x192; Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ď?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2018;Â&#x201D; functional   background   helps   to   break   down   some   persistent   stereotypes   about   their   competence,   giving   them   credibility,   legitimacy   and   a   common   language  that  allows  them  to  join  the  conversation   of  the  boards,â&#x20AC;?  she  adds. One  issue  though  that  elicited  cynical  reaction  is  the   Â&#x2022;Â&#x2021;Â&#x2013;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x192;Â&#x2022;Â&#x2039;Â&#x2020;Â&#x2021;Â&#x2018;Â&#x2C6;Â&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x192;Â&#x2022;Â&#x2013;Â&#x2018;Â&#x2039;Â?Â&#x2026;Â&#x201D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2021;Â&#x2122;Â&#x2018;Â?Â&#x2021;Â?Â?Â&#x2014;Â?Â&#x201E;Â&#x2021;Â&#x201D;Â&#x2022; on  corporate  boards.   According   to   Susie,   ACCA   believes   that   the   solution   to   increase   womenâ&#x20AC;&#x2122;s   participation   is   not   Â?Â&#x2021;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x192;Â&#x201D;Â&#x2039;Â&#x17D;Â&#x203A;Â&#x2013;Â&#x160;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2030;Â&#x160;Â&#x17D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2022;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?ÇĄÂ&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x192;Â&#x2022;Â&#x192;Â?Â&#x2020;Â&#x2013;Â&#x192;Â&#x201D;Â&#x2030;Â&#x2021;Â&#x2013;Â&#x2022;ÇĄ â&#x20AC;&#x153;but   through   practical   steps   that   could   make   a   substantive  difference.â&#x20AC;? â&#x20AC;&#x153;So   the   decision   by   His   Highness   was   clearly   a   practical   solution   which   has   been   introduced   to   bring  about  change.  Such  practical  steps  can  only  be   welcomed,â&#x20AC;?  she  added. Â&#x2021;Â&#x2021;Â&#x2019;Â&#x192; Â&#x2122;Â&#x192;Â&#x2022; Â&#x2026;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2030;Â&#x2018;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x192;Â&#x17D; Â&#x2013;Â&#x160;Â&#x192;Â&#x2013; DzÂ&#x2013;Â&#x160;Â&#x2021; Â&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x192; Â&#x2022;Â&#x203A;Â&#x2022;Â&#x2013;Â&#x2021;Â? is   probably   a   small   step   taken   towards   the   right   Â&#x2020;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x2018;Â&#x2122;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x201D;ÇĄÂ&#x2022;Â&#x2018;Â&#x17D;Â&#x2018;Â?Â&#x2030;Â&#x192;Â&#x2022;Â&#x2122;Â&#x2018;Â?Â&#x2021;Â?Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021;Â&#x2013;Â&#x2018;Ď?Â&#x2039;Â&#x2030;Â&#x160;Â&#x2013; Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x201D;Â&#x2039;Â&#x2030;Â&#x160;Â&#x2013;Â&#x2022;ÇĄÂ?Â&#x2018;Â?Â&#x2021;Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x160;Â&#x2021;Â?Â&#x2018;Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x201E;Â&#x2021;Â&#x2021;Â&#x2C6;Â&#x2C6;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;Ǥdz Dz Â&#x192;Â?Â&#x192;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A;Â&#x2022;Â&#x192;Â&#x2020;Â&#x2020;Â&#x2021;Â?Â&#x2021;Â&#x2020;Â&#x201E;Â&#x203A;Â&#x2013;Â&#x160;Â&#x2021;Â&#x2C6;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2013;Â&#x160;Â&#x192;Â&#x2013;Â&#x2122;Â&#x2018;Â?Â&#x2021;Â? need   to   lobby   to   claim   a   right   that   is   theirs   to   begin   with.     What   should   really   matter   to   shareholders   are   a   memberâ&#x20AC;&#x2122;s   skills,   experience,   education   and   knowledge   and   not   the   gender.   Â&#x160;Â&#x2039;Â&#x2022; Â&#x2039;Â&#x2022; Â&#x2122;Â&#x160;Â&#x192;Â&#x2013; Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D; Â&#x2020;Â&#x201D;Â&#x2039;Â&#x2DC;Â&#x2021; Â&#x192; Â&#x2030;Â&#x2021;Â?Â&#x2020;Â&#x2021;Â&#x201D;ÇŚÂ&#x2021;Â&#x201C;Â&#x2014;Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; board  rooms,â&#x20AC;?  she  added.   26 March 2013

0UHWWYVWYPH[LHWWVPU[TLU[Z Elena  Fedorova,   the   Finance   Manager   for   Brewer   Smith  Brewer  Gulf  Chartered  Architects,  supports   Â&#x2013;Â&#x160;Â&#x2021;Â&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x192;Â&#x2022;Â&#x203A;Â&#x2022;Â&#x2013;Â&#x2021;Â?ÇĄÂ&#x192;Â&#x2022;DzÂ&#x2018;Â&#x2014;Â?Â&#x2013;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x160;Â&#x192;Â&#x2013;Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2018;Â&#x2019;Â&#x2013;Â&#x2021;Â&#x2020; successful   measures   aimed   at   ensuring   gender   diversity   in   the   boardroom   have   done   it   through   Â&#x2030;Â&#x2021;Â?Â&#x2020;Â&#x2021;Â&#x201D;Â&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x192;Â&#x2022;Ǥdz DzÂ&#x160;Â&#x2021;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D; Â&#x2030;Â&#x2021;Â?Â&#x2020;Â&#x2021;Â&#x201D; Â&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x192;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2021;Â&#x2022;Â&#x2013; Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2013;Â&#x2018; Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2DC;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2039;Â&#x2022;Â&#x2022;Â&#x2014;Â&#x2021; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x17D;Â&#x192;Â&#x2026;Â? Â&#x2018;Â&#x2C6; Â&#x2030;Â&#x2021;Â?Â&#x2020;Â&#x2021;Â&#x201D; Â&#x2021;Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x203A; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2018;Â&#x192;Â&#x201D;Â&#x2020;Â&#x201D;Â&#x2018;Â&#x2018;Â? Â&#x201D;Â&#x2021;Â?Â&#x192;Â&#x2039;Â?Â&#x2022; Â&#x192;Â? Â&#x2018;Â&#x2019;Â&#x2021;Â? Â&#x201C;Â&#x2014;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2018;Â?Ǥ  Â? Â?Â&#x203A; Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2039;Â&#x2018;Â?ÇĄÂ&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x192;Â&#x2022;Â&#x2022;Â&#x160;Â&#x2018;Â&#x2014;Â&#x17D;Â&#x2020;Â?Â&#x2018;Â&#x2013;Â&#x201E;Â&#x2021;Â&#x2013;Â&#x160;Â&#x2021;Ď?Â&#x2039;Â&#x201D;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2021;Â?Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2018;Â&#x2C6; Â&#x2026;Â&#x160;Â&#x2018;Â&#x2039;Â&#x2026;Â&#x2021;Ǥ Â&#x2013; Â?Â&#x192;Â&#x203A; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2014;Â&#x17D;Â&#x2013; Â&#x2039;Â? Â&#x2039;Â?Â&#x192;Â&#x2019;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2019;Â&#x201D;Â&#x2039;Â&#x192;Â&#x2013;Â&#x2021; appointments,â&#x20AC;?  she  says. Elena   is   Chartered   Accountant   from   New   Zealand,  and  has  an  extensive  experience  in  the   Ď?Â&#x2039;Â&#x2021;Â&#x17D;Â&#x2020;Â&#x2018;Â&#x2C6;Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021;Ǥ Â&#x160;Â&#x2021; Â&#x2022;Â&#x192;Â&#x203A;Â&#x2022; Â&#x2013;Â&#x160;Â&#x192;Â&#x2013; Â&#x2039;Â?Â&#x2019;Â&#x17D;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x192; Â&#x201C;Â&#x2014;Â&#x2018;Â&#x2013;Â&#x192; Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2018;Â? DzÂ&#x2039;Â&#x2022; the   most   effective   method   for   boards   to   open   their   doors  to  gender  diversity.â&#x20AC;? Gender  diversity  has  been  on  the  corporate  agenda   for   many   years   now,   and   yet   we   still   see   only   a   small   percentage   of   women   on   todayâ&#x20AC;&#x2122;s   corporate   boards.   According   to   Susie,   there   are   a   lot   of   academic  studies  as  to  why  this  is  the  case,  â&#x20AC;&#x153; indeed   Â&#x2018;Â&#x2014;Â&#x201D;Â&#x201D;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x192;Â&#x201E;Â&#x2018;Â&#x2014;Â&#x2013;Â&#x2122;Â&#x2018;Â?Â&#x2021;Â?Â&#x2039;Â?Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021;Â&#x2030;Â&#x2018;Â&#x2021;Â&#x2022;Â&#x2039;Â?Â&#x2013;Â&#x2018;Â&#x2013;Â&#x160;Â&#x2039;Â&#x2022;Â&#x2039;Â&#x2022;


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…ƒƒŽ•‘„‘ƒ•––Š‡ϐ‹”•–™‘ƒ‡„‡” 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‹…ƒ– ˆ‘”…‡ ‹ …‘•—‡” †‡…‹•‹‘ ƒ‹‰ 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   ‘ˆƒ‘†‡”ϐ‹ƒ…‡ƒ†ƒ……‘—–‹‰ˆ—…–‹‘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   –Š‡› Šƒ˜‡ ƒ ϐ‹ƒ…‹ƒŽ „ƒ…‰”‘—† ‘” ϐ‹ƒ…‹ƒŽ “—ƒŽ‹ϐ‹…ƒ–‹‘ǡdz•Š‡ƒ††•Ǥ 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,   —•‹‡ƒˆϐ‹”•Ǥ “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   ’”ƒ…–‹…‡• ™Š‡ ‹– …‘‡• –‘ ƒ”‡ƒ• •—…Š ƒ• ϐ‹ƒ…‡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.   DzŠ‡›‡‡†–‘ϐ‹”•–ƒ’’”‡…‹ƒ–‡–Š‡•‡Ž˜‡•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   †—‡ –‘ –Š‡ †‡ƒ†• ‘ˆ ƒ Š‹‰Š ’”‘ϐ‹Ž‡ Ž‡ƒ†‡”•Š‹’ 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,   “—ƒŽ‹ϐ‹…ƒ–‹‘•ƒ†‡š’‡”‹‡…‡ǡdz—•‹‡•ƒ›•Ǥ 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


BUSINESS INSIGHTS

RIDING THE

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

A.

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.


BUSINESS INSIGHTS

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   —   ”‡•Šƒ’‡• ‡‡”‰‹‰ ‡…‘‘‹‡•Ǥ † ϐ‹ƒŽŽ›ǡ there   is   the   likely   tendency   of   investment   to   ϐŽ‘™ –‘ –Š‘•‡ ‡…‘‘‹‡• ™Š‡”‡ ’‘Ž‹…› ”‡ˆ‘” and   structural   adjustment   help   accelerate   growth.   Such   a   trend   creates   incentives   for   policy-­‐makers   to   innovate   in   search   of   better   ‰‘˜‡”ƒ…‡ ƒ† ‘”‡ ‡ˆϐ‹…‹‡– •‡”˜‹…‡ †‡Ž‹˜‡”›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  

1.3%

ECONOMIC GROWTH FORECAST OF DEVELOPED ECONOMIES IN 2013 31


BUSINESS INSIGHTS

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   ˆƒ…‡•ƒ—’Š‹ŽŽ•–”—‰‰Ž‡‹ˆ‹–‹•–‘‘ˆˆ•‡––Š‡ϐ‹•…ƒŽ 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”   –Šƒ– ‹• ƒ‹‰ –Š‡  Ž‡•• †‡’‡†‡– ‘ ‘–Š‡”• for  energy.  

Ž› ‹ –Š‡  ƒ”‡ •‹‰‹ϐ‹…ƒ– —’•‹†‡ ”‹•• –‘ growth visible.   More   progress   has   been   made   .YV^PUNIL`VUK  –Š‡”‡ ‹ ƒ†Œ—•–‹‰ –Š‡ „ƒŽƒ…‡ •Š‡‡–• ‘ˆ „ƒ• The   quarterly   Ernst   &   Young   ‘Rapid   Growth   and   consumers   than   in   the   UK   and   Europe,   and   Markets’ ”‡’‘”– ƒ‹• –‘ ˆ—Žϐ‹ŽŽ –Š‡ ‡‡† ˆ‘” 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   —”‘œ‘‡ ƒ† –Š‡ Š‘—•‹‰ ƒ”‡– ‹• •Š‘™‹‰ The   study   is   a   macroeconomic   forecast   co-­‐ produced   with   Oxford   Economics,   and   the   ‰”‘™–Š…‘—–”‹‡•ƒ”‡•‡Ž‡…–‡†„ƒ•‡†‘–Š”‡‡‡› 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 INSIGHTS

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   …‘•—‡” •’‡†‹‰ ƒ† ͷͷΨ ‘ˆ ™‘”Ž† ϐ‹š‡† 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‹–‡”‡•–”ƒ–‡•ƒ†‡š…Šƒ‰‡ 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   ‡š’‡…–‡† –‘ •Ž‘™ ƒ Ž‹––Ž‡ ƒ• –‡•‹‘• ‹ –Š‡ region   moderate,   allowing   oil   prices   to   fall.   Despite  a  l ower  o il  p rice,  g rowth  i n  t he  M iddle   ƒ•–‡” •‹•‡š’‡…–‡†–‘”‡ƒ‹”‘„—•–Ǥ Growth   in   the   three   rapid-­‐growth   markets   of   the   GCC,   Saudi   Arabia,   the   United   Arab  

EMEIA

ASIA-PACIFIC

AMERICAS

Czech Republic

Greater China

Argentina

Egypt

(including Hong Kong)

Brazil

Ghana

Indonesia

Chile

India

Malaysia

Columbia

Kazakhstan

South Korea

Mexico

Nigeria

Thailand

Poland

Vietnam

Qatar Russia Saudi Arabia South Africa Turkey UAE Ukraine

33


BUSINESS INSIGHTS

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

 †‡ƒŽ–‘„‘‘•–…‘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   •‘—”…‡•‘ˆ‹–‡”ƒ–‹‘ƒŽϐ‹ƒ…‡ǡ„‘Ž•–‡”…‘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‹…‹––‘ƒ”‘—†ͳͲΨ‘ˆ ‹ʹͲͳʹǦͳ͵ˆ”‘ƒ 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   ˆ‘” –‘—”‹• ƒ†   ‹ϐŽ‘™•ǡ ƒ† —ˆƒ˜‘”ƒ„Ž‡ „ƒ•‡ effects.  A nd   t here   a re   substantial   downside   r isks   to  our  g rowth  forecasts.   These   include   renewed   political   instability,   ‹’Ž‡‡–ƒ–‹‘ ‘ˆ ’‘’—Ž‹•– ’‘Ž‹…‹‡• ƒ† ϐ‹•…ƒŽ slippage.   In   addition,   there   are   geopolitical   risks,   †‡–‡”‹‘”ƒ–‹‰‰Ž‘„ƒŽ‡…‘‘‹……‘†‹–‹‘•ȋ•’‡…‹ϐ‹…ƒŽŽ› Š‹––‹‰—‡œƒƒŽ–”ƒˆϐ‹…Ȍƒ†–Š‡‘‰‘‹‰…”‹•‹•‹ the  Eurozone  —  Egypt’s  major  trading  partner.

REAL GDP GROWTH


BUSINESS INSIGHTS

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 ‹‰Š‡”‹ϐŽƒ–‹‘™‹ŽŽƒŽ•‘„‡†”‹˜‡„›•—„•–ƒ–‹ƒŽ pay r ises  (typically  of  60%)  and  pension  increases,   ‘–Š‡”ϐ‹•…ƒŽ‡š’ƒ•‹‘ǡ•—”‰‹‰’”‘Œ‡…–ƒ…–‹˜‹–›ǡƒ rising  population  and  low  interest  rates.   In   the   medium   term,   we   expect   the   economy   –‘ ‰”‘™ ‹ ‡š…‡•• ‘ˆ ͸Ψǡ †”‹˜‡ „› ”‘„—•– government   spending   and   strong   commodities   exports,  particularly  to  A sia. INFLATION

Bright medium-­‐term  outlook REAL GDP GROWTH

6\[SVVRVU2:( 

Qatar h as  endured  s lowing  g rowth,  a  c ontinuing   reliance  on  oil  a nd  g as,  a nd  a  worryingly  s harp   ”‹•‡‹„ƒ†‡’‡†‡…‡‘‡š–‡”ƒŽˆ‹ƒ…‹‰Ǥ However,  r ating  a gency  S &P  h as  r eaffirmed  t he   country’s  sovereign  credit  rating  of  AA  with  a   •–ƒ„Ž‡ ‘—–Ž‘‘Ǥ ƒ–ƒ”ǯ• •–”‘‰ ‡š–‡”ƒŽ ƒ† fiscal   finances,   it’s   very   high   GDP   per   capita   ƒ† ”‡Žƒ–‹˜‡Ž› Ž‘™ ’‘Ž‹–‹…ƒŽ ”‹• ˆ—ŽŽ› Œ—•–‹ˆ› 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 ‹–Š‰Ž‘„ƒŽˆ‘‘†ƒ†„‡˜‡”ƒ‰‡’”‹…‡•ˆ‘”‡…ƒ•––‘ ˆƒŽŽ „ƒ… ‹ ʹͲͳ͵ ƒ† ”‡–ƒŽ ‹ϐŽƒ–‹‘ ƒ’’‡ƒ”‹‰ –‘ „‡ …‘–ƒ‹‡† „› ‘”‡ ‡™ Š‘—•‹‰ •–‘… 35


BUSINESS INSIGHTS

REAL GDP GROWTH

 6\[SVVRVU<(,

Oil/non-­‐oil g rowth  to  pick  up  in  2014 CURRENT ACCOUNT BALANCE

…‘‘‹… ‹†‹…ƒ–‘”• …‘–‹—‡ –‘ ’‘‹– –‘ –Š‡ ”‡•‹Ž‹‡…‡‘ˆ–Š‡ǯ•‡…‘‘›ǡ™Š‹…Š™‡‡•–‹ƒ–‡–‘ Šƒ˜‡‰”‘™„›͵Ǥ͵Ψ‹ʹͲͳʹǤ•ƒ”‡•—Ž–‘ˆ–‡–ƒ–‹˜‡ Š‹”‹‰‰”‘™–Š‹‡›•‡…–‘”•ǡ™‡ˆ‘”‡…ƒ•–‡’Ž‘›‡– ‰”‘™‹‰ ‘”‡ •Ž—‰‰‹•ŠŽ› –Šƒ ‘—–’—– ‘˜‡” –Š‡ ‡š– –Š”‡‡›‡ƒ”•ǡƒ††‘‘–‡š’‡…–ƒ”‡–—”–‘’”‡Ǧ…”‹•‹• —‡’Ž‘›‡–”ƒ–‡•‘ˆŽ‡••–Šƒ͵ǤͷΨ—–‹ŽʹͲͳͷǤ  ‡› †‡˜‡Ž‘’‡– –‘ ‘‹–‘” ‘˜‡” –Š‡ ‡š– ›‡ƒ” ™‹ŽŽ„‡–Š‡‘—–…‘‡‘ˆ—…ŠǦƒ™ƒ‹–‡†”‡˜‹•‹‘•–‘–Š‡ ǯ• ‘’ƒ› ƒ™ǡ ™Š‹…Š …—””‡–Ž› …ƒ’• ˆ‘”‡‹‰ ‘™‡”•Š‹’‘—–•‹†‡‘ˆ†‡•‹‰ƒ–‡†Dzˆ”‡‡œ‘‡•dzƒ–ͶͻΨǤ

…‘‹‰ ‘ –Š‡ ƒ”‡–ǡ ‹ϐŽƒ–‹‘ƒ”› ’”‡••—”‡• ƒ”‡ —Ž‹‡Ž› –‘ –ƒ‡ ‘ˆˆ ‹ –Š‡ ˆ‘”‡•‡‡ƒ„Ž‡ ˆ—–—”‡Ǥ —”–Š‡”‘”‡ǡ ƒ ‘†‡”ƒ–‡Ž› ƒ’’”‡…‹ƒ–‹‰  †‘ŽŽƒ” ȋ–‘ ™Š‹…Š –Š‡ ƒ—†‹ ”ƒ„‹ƒ ‹›ƒŽ ‹• ’‡‰‰‡†Ȍ ™‹ŽŽ ƒŽ•‘ †ƒ’‡ ƒ› ‹ϐŽƒ–‹‘ƒ”› ’”‡••—”‡•‹–Š‡•Š‘”–‡”–‡”Ǥ Š‡ ˆ‘”‡…ƒ•– ˆ‘” ƒ—†‹ ”ƒ„‹ƒ ”‡ƒ‹• Ž‹––Ž‡ …Šƒ‰‡† ˆ”‘ …–‘„‡” ʹͲͳʹǡ ™‹–Š ‰”‘™–Š ‘ˆ ͶǤͳΨ‡š’‡…–‡†‹ʹͲͳ͵ǤŠ‡•Ž‘™†‘™‹‰”‘™–Š ‹ ʹͲͳ͵ ȋ™‡ ‡š’‡…– –Š‡ ƒ—†‹ ‡…‘‘› –‘ Šƒ˜‡ ‡š’ƒ†‡†„›ƒ”‘—†͸ǤͺΨ‹ʹͲͳʹȌ‹•Žƒ”‰‡Ž›†—‡ –‘™‡ƒ‡”‘‹Ž’”‹…‡•Ǥ ‘™‡˜‡”ǡ ‘‹Ž ’”‹…‡• ƒ”‡ ‡š’‡…–‡† –‘ ”‡•—‡ –Š‡‹”—’™ƒ”†–”‡†„›‹†ǦʹͲͳ͵Ǥ”‘†—…–‹‘ •Š‘—Ž† ƒŽ•‘ Š‘Ž† —’ǡ ƒ• –Š‡ ‹‰†‘ ‹• …—””‡–Ž› ’”‘†—…‹‰ „‡Ž‘™ …ƒ’ƒ…‹–› ƒ† ‹• ‡š’‡…–‡† –‘ ƒ‡ —’ ˆ‘” •‘‡ ‘ˆ –Š‡ •Žƒ… ‹ ”ƒ‹ƒ ’”‘†—…–‹‘Ǥ Ž‘‰•‹†‡ ƒ Š‡ƒŽ–Š› ‘‹Ž •‡…–‘”ǡ ‘Ǧ‘‹Ž ‰”‘™–Š ™‹ŽŽ ƒŽ•‘ ”‡ƒ‹ ”‘„—•–ǡ •—’’‘”–‡† „› Ž‘‘•‡ ϐ‹ •…ƒŽ ƒ† ‘‡–ƒ”› ’‘Ž‹…›Ǥ ‡ ‡š’‡…– ‰‘˜‡”‡– ‡š’‡†‹–—”‡ –‘ ‰”‘™ „› ‘˜‡” ͺΨ ‘ ƒ˜‡”ƒ‰‡ ‹ –Š‡ ‡š– ˆ‘—” ›‡ƒ”•ǡ ƒ† –Š‡ …‡–”ƒŽ „ƒ ”ƒ–‡ –‘ ”‡ƒ‹ „‡Ž‘™ ͵Ψ —–‹Ž ʹͲͳͷǤ˜‡”ƒŽŽǡ™‡‡š’‡…–‰”‘™–Š”ƒ–‡•‘ˆƒ”‘—† ͶΨ‘ƒ˜‡”ƒ‰‡‹–Š‡–Š”‡‡›‡ƒ”•–‘ʹͲͳ͸Ǥ

36 March 2013

Š‡‡›„‡‡ϐ‹–ˆ”‘‘’‡‹‰—’–Š‡’‘••‹„‹Ž‹–‹‡•ˆ‘” ˆ‘”‡‹‰‘™‡”•Š‹’™‘—Ž†„‡‹…”‡ƒ•‡†‹˜‡•–‡–ǡ ‡•’‡…‹ƒŽŽ› ‹ˆ ‹•–‹–—–‹‘ƒŽ ”‡ˆ‘”• ƒ”‡ •‹‰‹ϐ‹…ƒ– ‡‘—‰Š –‘ ƒŽŽ‘™ –Š‡  –‘ •‡…—”‡ –Š‡ ’”‹œ‡† ‡‡”‰‹‰ ƒ”‡– •–ƒ–—• ‹ –Š‡ ‘”‰ƒ –ƒŽ‡› ƒ’‹–ƒŽ –‡”ƒ–‹‘ƒŽ ȋ Ȍ ‰”ƒ†‹‰ •›•–‡Ǥ Š‹• ™‘—Ž†ƒ‹†–Š‡ǯ•†‹˜‡”•‹ϐ‹…ƒ–‹‘‡ˆˆ‘”–•Ǥ ‘™‡˜‡”ǡ •‘ ˆƒ” –Š‡ –‹‡Ž‹‡ ˆ‘” –Š‡ ’ƒ••ƒ‰‡ ‘ˆ ”‡ˆ‘”• ƒ† –Š‡‹”’”‡…‹•‡…‘–‡–”‡ƒ‹•—…‡”–ƒ‹Ǥ

”‘™–Š‹•‡š’‡…–‡†–‘’‹…—’–‘͵Ǥ͹Ψ‹ʹͲͳ͵ǡƒ• –Š‡‡›…”‹•‹•ǦŠ‹–’”‘’‡”–›ƒ†ˆ‹ƒ…‹ƒŽ•‡…–‘”• …‘–‹—‡ –‘ ”‡…‘˜‡” ƒ† ‰Ž‘„ƒŽ Š‡ƒ†™‹†• ‘†‡”ƒ–‡Ǥ ‡•• •–”‹…–‡” ˆ‹•…ƒŽ ’‘Ž‹…› ™‹ŽŽ ƒŽ•‘ Š‡Ž’ǡ„—––Š‡‡š–‡–‘ˆ–Š‡’‹…—’‹‰”‘™–Š™‹ŽŽ „‡Ž‹‹–‡†„›ƒ™‡ƒ‡”‘‹Ž’”‹…‡Ǥ REAL GDP GROWTH


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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...

F

EW ACCOUNTANTS can be able to juggle a pen and a calculator on one hand with a .22 Magnum Pug Mini-­Revolver firearm, on the other. But for Colonel Saif Mohammed Saif bin Abed Al Muhairi, that constitutes his everyday work formula. In  an   interview   with   Accountant   Middle   East,   Bin  Abed  draws  parallels  between  police  work   and   accounting,   saying   that   while   the   two   Ď?Â&#x2039;Â&#x2021;Â&#x17D;Â&#x2020;Â&#x2022;Â?Â&#x192;Â&#x203A;Â&#x2022;Â&#x2021;Â&#x2021;Â?Â&#x2020;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2013;Â&#x17D;Â&#x203A;Â&#x2014;Â?Â&#x201D;Â&#x2021;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2020;ÇĄÂ&#x2013;Â&#x160;Â&#x2021;Â&#x203A;Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2022;Â&#x2039;Â?Â&#x2039;Â&#x17D;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022;Â&#x2039;Â?Â?Â&#x2018;Â&#x201D;Â&#x2021;Â&#x2122;Â&#x192;Â&#x203A;Â&#x2022;Â&#x2013;Â&#x160;Â&#x192;Â?Â&#x2018;Â?Â&#x2021;Ǥ DzÂ&#x160;Â&#x2021;Â&#x2021;Â&#x2026;Â&#x2018;Â?Â&#x2018;Â?Â&#x203A;ÇĄÂ&#x152;Â&#x2014;Â&#x2022;Â&#x2013;Â&#x17D;Â&#x2039;Â?Â&#x2021;Â&#x2026;Â&#x201D;Â&#x2039;Â?Â&#x2021;ÇĄÂ&#x160;Â&#x192;Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2021;Â?Â&#x192;Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2DC;Â&#x2021;ÇĄÇłÂ&#x160;Â&#x2021;Â&#x2021;Â&#x161;Â&#x2019;Â&#x17D;Â&#x192;Â&#x2039;Â?Â&#x2022;Ǥ â&#x20AC;&#x153;The   two   continue   to   face   the   ever   growing   Â&#x201E;Â&#x2014;Â&#x201D;Â&#x2020;Â&#x2021;Â? Â&#x2018;Â&#x2C6; Â&#x2C6;Â&#x201D;Â&#x192;Â&#x2014;Â&#x2020;Ǥ Â?Â&#x2DC;Â&#x2021;Â&#x2022;Â&#x2013;Â&#x2039;Â&#x2030;Â&#x192;Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x201D;Â&#x192;Â&#x2014;Â&#x2020; Â&#x2039;Â&#x2022; Â&#x2018;Â?Â&#x2021; Â&#x2018;Â&#x2C6; Â?Â&#x192;Â?Â&#x203A; Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2019;Â&#x2018;Â?Â&#x2022;Â&#x2039;Â&#x201E;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x160;Â&#x2021;Â&#x17D;Â&#x2020; Â&#x201E;Â&#x203A; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2019;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x2026;Â&#x2021;ÇĄ Â&#x192;Â&#x17D;Â&#x2018;Â?Â&#x2030;

with  other   regulators   such   as   auditors   and   Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2018;Â&#x201D;Â&#x2022;Ǥ Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2021; Â&#x192;Â? accountant  c an  deal  w ith  f raud  a s  effectively  a s   Â&#x2013;Â&#x160;Â&#x2021;Â&#x2019;Â&#x2018;Â&#x17D;Â&#x2039;Â&#x2026;Â&#x2021;Ǥdz ;OLJVWHJJV\U[HU[ According  to  the  Colonel,  recent  happenings  in   Â&#x2013;Â&#x160;Â&#x2021; Â&#x2030;Â&#x17D;Â&#x2018;Â&#x201E;Â&#x192;Â&#x17D; Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022; Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Â&#x2019;Â&#x17D;Â&#x192;Â&#x2026;Â&#x2021; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021; Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2026;Â&#x2021;Â&#x2020; Â&#x192;Â&#x2026;Â&#x2026;Â&#x2018;Â&#x2014;Â?Â&#x2013;Â&#x2039;Â?Â&#x2030; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x2022; Â&#x2013;Â&#x2018; DzÂ&#x201E;Â&#x2021;Â&#x2026;Â&#x2018;Â?Â&#x2021; Â&#x2C6;Â&#x192;Â?Â&#x2039;Â&#x17D;Â&#x2039;Â&#x192;Â&#x201D; with  converged  accounting  s tandards,  t axation,   Â&#x201D;Â&#x2039;Â&#x2022;Â?Â&#x2022; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x17D;Â&#x2039;Â&#x192;Â?Â&#x2026;Â&#x2021;Ǥ Â&#x2039;Â?Â&#x2039;Â&#x17D;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A;ÇĄ Â&#x2122;Â&#x2039;Â&#x2013;Â&#x160; Â&#x17D;Â&#x192;Â&#x2122; Â&#x2021;Â?Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2026;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;ÇĄ Â&#x2039;Â&#x2022;Â&#x2022;Â&#x2014;Â&#x2021;Â&#x2022; Â&#x2018;Â&#x2C6; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2014;Â&#x17D;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?ÇĄ Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x2018;Â&#x17D; Â&#x192;Â&#x2022; Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x192;Â&#x2022;Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x2026;Â&#x201D;Â&#x2039;Â?Â&#x2021;Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2013;Â&#x2039;Â?Â&#x2030;Â&#x2013;Â&#x2021;Â&#x2026;Â&#x160;Â?Â&#x2039;Â&#x201C;Â&#x2014;Â&#x2021;Â&#x2022; Â&#x192;Â&#x201D;Â&#x2021; Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2039;Â?Â&#x2030; Â&#x201E;Â&#x203A; Â&#x2013;Â&#x160;Â&#x2021; Â?Â&#x2039;Â?Â&#x2014;Â&#x2013;Â&#x2021;ÇĄ Â&#x192;Â?Â&#x2020; Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2021; Â&#x2122;Â&#x2021; Â&#x160;Â&#x192;Â&#x2DC;Â&#x2021;Â&#x2013;Â&#x2018;Â&#x2022;Â&#x2013;Â&#x192;Â&#x203A;Â&#x2018;Â?Â&#x2013;Â&#x2018;Â&#x2019;Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x160;Â&#x2021;Â&#x2022;Â&#x2021;Â&#x2026;Â&#x160;Â&#x192;Â?Â&#x2030;Â&#x2021;Â&#x2022;Ǥdz DzÂ&#x2039;Â?Â&#x2021;Â&#x2122;Â&#x2039;Â&#x2022;Â&#x2021;ÇĄ Â&#x2039;Â? Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2C6;Â&#x2018;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x2C6;Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x192;Â&#x2014;Â&#x2020;Â&#x2039;Â&#x2013;Â&#x2022;ÇĄ Â&#x2122;Â&#x2021; Â&#x201E;Â&#x192;Â&#x17D;Â&#x192;Â?Â&#x2026;Â&#x2021; Â&#x192;Â?Â&#x2020; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x2039;Â&#x17D;Â&#x2021; Â&#x2C6;Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2022;Â&#x2013;Â&#x192;Â&#x2013;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x2022;ÇĄ Â&#x2122;Â&#x160;Â&#x2039;Â&#x17D;Â&#x2021; Â&#x192;Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2022;Â&#x192;Â?Â&#x2021; Â&#x2013;Â&#x2039;Â?Â&#x2021; Â&#x2122;Â&#x2021; Â&#x17D;Â&#x2018;Â&#x2018;Â? Â&#x2018;Â&#x2014;Â&#x2013; Â&#x2C6;Â&#x2018;Â&#x201D; Â&#x2039;Â&#x201D;Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2014;Â&#x17D;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2021;Â&#x2022; Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021; Â&#x201E;Â&#x2018;Â&#x2018;Â?Â&#x2022;Ǥ Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2021;ÇĄ Â&#x203A;Â&#x2018;Â&#x2014;

â&#x20AC;&#x153;While 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&#x20AC;? 38 March 2013


PERSONALITY & PRACTICE

39


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. Š‡ …Šƒ”‹•ƒ–‹… …‘’ •ƒ›•ǡ Š‡ Š‘™‡˜‡”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.

41


PERSONALITY & PRACTICE

ย– ยƒ ฯย‹ย”ย•ย–วฆย‘ยˆวฆย‹ย–ย•วฆยย‹ยย† ยย‡ย‡ย–ย‹ยย‰ ย…ย‘ยย’ย”ย‹ย•ย‹ยย‰ ย‘ยˆ ยƒย…ย…ย‘ย—ยย–ย‹ยย‰ ยƒยย† ยƒย—ย†ย‹ย– ยƒย•ย•ย‘ย…ย‹ยƒย–ย‹ย‘ยย• ย‘ยˆ ย–ยŠย‡ วก ย–ยŠย‡ ยƒย•ย•ย‘ย…ย‹ยƒย–ย‹ย‘ยย• ย”ย‡ย•ย‘ยŽย˜ย‡ย† ย—ยยƒยย‹ยย‘ย—ย•ยŽย› ย–ย‘ ย•ย‡ย– ย—ย’ ยƒ ย–ยƒย•ย ยˆย‘ย”ย…ย‡ ศ‚ ยƒ ยŒย‘ย‹ยย– ย™ย‘ย”ยย‹ยย‰ ย‰ย”ย‘ย—ย’ ศ‚ ย–ยŠยƒย– ย™ย‘ย—ยŽย†ยย‡ย‡ย–ย‘ยยƒย”ย‡ย‰ย—ยŽยƒย”ย„ยƒย•ย‹ย•ย–ย‘ย†ย‹ย•ย…ย—ย•ย•ย…ย”ย‹ย–ย‹ย…ยƒยŽ ย‹ย•ย•ย—ย‡ย• ยƒยˆยˆย‡ย…ย–ย‹ยย‰ ย–ยŠย‡ย‹ย” ยย‡ยย„ย‡ย”ย• ย™ยŠย‹ย…ยŠ ย‹ยย…ยŽย—ย†ย‡  ยยƒย–ย‹ย‘ยยƒยŽย• ยƒยย† ย‡ยšย’ยƒย–ย• ยˆย”ย‘ย ยƒย• ยˆยƒย” ยƒฯย‹ย‡ยŽย† ยƒย• วก ยย†ย‹ยƒวก ยƒยย‹ย•ย–ยƒย ยƒยย† ยยƒย–ย‹ย‘ยยƒยŽย• ยˆย”ย‘ย ยƒย”ย‘ย—ยย† ย–ยŠย‡ย‹ย†ย†ยŽย‡ยƒย•ย–วกยƒยŽยŽย‘ยˆย™ยŠย‹ย…ยŠย–ย‘ย‰ย‡ย–ยŠย‡ย”ยƒย†ย†ย—ย’ย–ย‘ ย•ย‡ย˜ย‡ย”ยƒยŽย–ยŠย‘ย—ย•ยƒยย†ยย‡ยย„ย‡ย”ย•ย‹ยย–ย‘ย–ยƒยŽวค  วฒย‡ ยƒย”ย‡ ย˜ย‡ย”ย› ยŠย‘ย’ย‡ยˆย—ยŽ ย–ยŠยƒย– ย–ยŠย‹ย• ยŒย‘ย‹ยย– ย™ย‘ย”ยย‹ยย‰ ย‰ย”ย‘ย—ย’ย…ยƒยย‡ยƒย•ย‹ยŽย›ย–ยƒยย‡ย—ย’ย‘ยย‹ย–ย•ย‡ยŽยˆวกยƒยย‘ยย‰ย•ย‡ย˜ย‡ย”ยƒยŽ ย‹ยย’ย‘ย”ย–ยƒยย–ย‹ย•ย•ย—ย‡ย•วกยย‡ย›ย–ยƒย•ยย•ย•ย—ย…ยŠยƒย•ยƒย•ย•ย‹ย•ย–ย‹ยย‰ย–ยŠย‡ ยŽย‘ย…ยƒยŽยƒย—ย–ยŠย‘ย”ย‹ย–ย‹ย‡ย•ย‹ยย–ยŠย‡ย–ย‘ย•ย‡ย–ย—ย’ย–ยŠย‡ยย—ย…ยŠวฆ ยƒย™ยƒย‹ย–ย‡ย† ยย•ย–ย‹ย–ย—ย–ย‡ ย‘ยˆ ยŠยƒย”ย–ย‡ย”ย‡ย† ย…ย…ย‘ย—ยย–ยƒยย–ย• ย‘ยˆ ย–ยŠย‡วกย™ยŠย‹ย…ยŠ ยƒยย…ย‡ย”ย–ยƒย‹ยวกย™ย‹ยŽยŽย„ย‡ยƒย™ย‡ยŽย…ย‘ยย‡ ยย‘ย˜ย‡ยƒยย†ย™ย‹ยŽยŽย„ย‡ย™ย‡ยŽยŽย”ย‡ย…ย‡ย‹ย˜ย‡ย†ย„ย›ยƒยŽยŽวกวณยŠย‡ยƒย†ย†ย‡ย†วค วฒยŠย‡ ย‘ย„ยŒย‡ย…ย–ย‹ย˜ย‡ ย‘ยˆ ย–ยŠย‹ย• ย–ยƒย•ย ยˆย‘ย”ย…ย‡ย‹ย•ย–ย‘ย‡ยšย…ยŠยƒยย‰ย‡ ย‡ยšย’ย‡ย”ย–ย‹ย•ย‡วกย ยย‘ย™ยŽย‡ย†ย‰ย‡วกย’ย”ยƒย…ย–ย‹ย…ย‡ย•ยƒยย†ย‡ยšย’ย‡ย”ย‹ย‡ยย…ย‡ย•วก ยƒยย† ย…ย‘ยย‡ ย—ย’ ย™ย‹ย–ยŠ ยŒย‘ย‹ยย– ย‹ยย‹ย–ย‹ยƒย–ย‹ย˜ย‡ย• ย–ย‘ ย†ย‡ย˜ย‡ยŽย‘ย’ ย–ยŠย‡ ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยวก ยŠย‡ ย•ยƒย‹ย†วก ยƒย†ย†ย‹ยย‰ ย–ยŠยƒย– วฒยŠย‡ วฏย• ย‹ย•ย˜ย‡ย”ย›ย•ย—ย’ย’ย‘ย”ย–ย‹ย˜ย‡ย‘ยˆย–ยŠย‡ยˆย‘ย”ยยƒย–ย‹ย‘ยย‘ยˆย–ยŠย‹ย• ยŒย‘ย‹ยย– ยƒย…ย–ย‹ย‘ย ย–ยƒย•ย ยˆย‘ย”ย…ย‡ ยƒยย† ย™ย‡ ยƒย”ย‡ ย‡ยšย–ย”ย‡ยย‡ยŽย› ย‰ยŽยƒย† ย–ยŠยƒย– ย–ยŠย‹ย• ย–ย‹ยย‡ยŽย› ยŒย‘ย‹ยย– ย‹ยย‹ย–ย‹ยƒย–ย‹ย˜ย‡ ย‘ย ย’ยƒย”ย– ย‘ยˆ ยƒย•ย•ย‘ย…ย‹ยƒย–ย‹ย‘ยย• ยƒยย† ยƒย…ย…ย‘ย—ยย–ย‹ยย‰ ย„ย‘ย†ย‹ย‡ย• ย„ยƒย•ย‡ย† ย‹ย ย‹ย•ยƒย™ย‡ยŽย…ย‘ยย‡ยย‘ย˜ย‡วควณ 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, ICAEWโ€™s Middle East Regional Director.

4VKLYUM\[\YPZ[PJLSLTLU[Z ย•ย‹ยย„ย‡ย†ย„ย‡ย…ยย‘ยย‡ย†ยย‡ย‹ยยŠย‹ย•ย‘ยˆยˆย‹ย…ย‡ยŽย‘ย…ยƒย–ย‡ย† ยƒย– ย–ยŠย‡ ย‹ยย’ย‘ย•ย‹ยย‰ ยˆย—ยŽยŽย›วฆย‰ยŽยƒยœย‡ย†วฆยˆยƒยญยƒย†ย‡ ย‘ยŽย‹ย…ย‡ ย‡ยƒย†ย“ย—ยƒย”ย–ย‡ย”ย• ย‹ย ยŽ ย—ย”ยƒย“ย“ยƒย„ยƒย–วก  ย…ย‘ย—ยŽย†ยวฏย– ยŠย‡ยŽย’ ย„ย—ย– ยย‘ย–ย‹ย…ย‡ ยŠย‹ย• ย™ย‹ย†ย‡วฆย•ย’ยƒย…ย‡ ย„ย‡ยƒย—ย–ย‹ยˆย—ยŽยŽย› ย†ย‡ย•ย‹ย‰ยย‡ย† ย‘ยˆยˆย‹ย…ย‡ ยˆย‹ย–ย–ย‡ย† ย™ย‹ย–ยŠ ย•ย‘ยย‡ ยย‘ย†ย‡ย”ย ยˆย—ย–ย—ย”ย‹ย•ย–ย‹ย…ย‡ยŽย‡ยย‡ยย–ย•วค

ยŠย‡ ย…ย‘ย’ ย•ย–ย”ย‹ย†ย‡ย• ย™ย‹ย–ยŠ ยƒ ย…ย‘ยฯย‹ย†ย‡ยย– ย‰ยƒย‹ย– ยƒย• ยŠย‡ ย’ย”ย‘ย—ย†ยŽย› ย•ยŠย‘ย™ย• ย‘ยˆยˆ ย–ยŠย‡ ย˜ยƒย”ย‹ย‘ย—ย• ยƒย…ย…ย‘ยŽยƒย†ย‡ย• ยƒย†ย‘ย”ยย‹ยย‰ยŠย‹ย•ย‘ยˆฯย‹ย…ย‡วกยƒย™ย‹ย–ยย‡ย•ย•ย–ย‘ย–ยŠย‡ย”ย‡ย…ย‘ย‰ยย‹ย–ย‹ย‘ย ย–ยŠยƒย–ย–ยŠย‡ย‘ยŽย‹ย…ย‡ ย‹ยยƒยย…ย‡ย†ย‡ย’ยƒย”ย–ยย‡ยย–ยŠยƒย•ยƒย…ยŠย‹ย‡ย˜ย‡ย† ย—ยย†ย‡ย”ยŠย‹ย•ย™ยƒย–ย…ยŠวค วฒย‡ย…ย‡ยย–ยŽย›วก ย–ยŠย‡ ย‡ยย‡ย”ยƒยŽ ย‡ย’ยƒย”ย–ยย‡ยย– ย‘ยˆ ย‹ยยƒยย…ย‡ ย‘ยˆย—ย„ยƒย‹ย‘ยŽย‹ย…ย‡ย”ย‡ย…ย‡ย‹ย˜ย‡ย†ยƒยยƒย™ยƒย”ย†ยˆย‘ย”ย„ย‡ย‹ยย‰ย–ยŠย‡ ยย‘ย•ย–ย‘ย—ย–ย•ย–ยƒยย†ย‹ยย‰ฯย‹ยยƒยย…ย‹ยƒยŽย†ย‡ย’ยƒย”ย–ยย‡ยย–ยˆย‘ย”ย–ย™ย‘ ย…ย‘ยย•ย‡ย…ย—ย–ย‹ย˜ย‡ ย›ย‡ยƒย”ย• ศ‚ อดอฒอณอฒ ยƒยย† อดอฒอณอณวค ย‡ ย™ย‡ย”ย‡ ยŠย‘ยย‘ย—ย”ย‡ย† ย„ย› ย‹ย• ย‹ย‰ยŠยย‡ย•ย• ยŠย‡ย‹ยยŠ ย‘ยŠยƒยยย‡ย† ย„ย‹ยยƒย•ยŠย‹ย†ยŽยƒยย–ย‘ย—ยวกย–ยŠย‡ย”ย‹ยย‡ย‹ยย‹ย•ย–ย‡ย”ยƒยย† ย‹ย…ย‡ย”ย‡ย•ย‹ย†ย‡ยย–ย‘ยˆย–ยŠย‡วกวณยŠย‡ย•ยƒย›ย•วกยƒย†ย†ย‹ยย‰ย–ยŠยƒย– วฒย–ยŠย‡ย‡ย˜ยƒยŽย—ยƒย–ย‹ย‘ยย™ยƒย•ย„ยƒย•ย‡ย†ย‘ยย•ย‡ย˜ย‡ย”ยƒยŽยƒย…ย…ย‘ย—ยย–ย‹ยย‰ ยƒยย†ฯย‹ยยƒยย…ย‹ยƒยŽย…ย”ย‹ย–ย‡ย”ย‹ยƒวควณ วฒย—ย”ย‹ยย‰ยƒยย†ยƒยˆย–ย‡ย”ย–ยŠย‡อดอฒอฒอบวฆอดอฒอณอฒย‰ยŽย‘ย„ยƒยŽฯย‹ยยƒยย…ย‹ยƒยŽ ย…ย”ย‹ย•ย‡ย• ยŽย‡ยƒย”ยย‡ย†ย–ยŠย‡ย‹ยย’ย‘ย”ย–ยƒยย…ย‡ย‘ยˆย™ย‘ย”ยย‹ยย‰ย‘ยยƒยย† 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   –Š‡ ‘•– –Š‡ ϐ‹ƒ…‹ƒŽ †ƒ–ƒ ‹ –Š‡‹” ”‡•’‡…–‹˜‡ 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   ‹• ‹–‡•‹˜‡ ƒ† ‘ˆ ϐ‹ƒ…‹ƒŽ ƒ–—”‡ǡ ™Š‹Ž‡ ƒ– –Š‡ 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


DIFFERENT DIMENSIONS

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


DIFFERENT DIMENSIONS

IANA TZVETKOVA COMMUNICATIONS MANAGER, DSR PROFESSIONAL TRAINING JLT

F

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.

ยย–ยŠย‡ย…ย‘ย”ย’ย‘ย”ยƒย–ย‡ฯย‹ยยƒยย…ย‹ยƒยŽย•ย‡ย…ย–ย‘ย”วกฯย‹ยยƒยย…ย‹ยƒยŽยŽย‹ย–ย‡ย”ยƒย…ย›ย‹ย• ยย‡ย›ย–ย‘ย’ย‡ย”ย•ย‘ยยƒยŽยƒยย†ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽย•ย—ย…ย…ย‡ย•ย•วค ย‹ย–ยŠ ยย‘ย”ย‡ ยƒยย† ยย‘ย”ย‡ ย„ย—ย•ย‹ยย‡ย•ย• ยƒยย† ฯย‹ยยƒยย…ย‹ยƒยŽ ย‹ยย•ย–ย‹ย–ย—ย–ย‹ย‘ยย• ย•ย‡ย‡ยย‹ยย‰ ย–ย‘ ย–ยƒยย‡ ย–ยŠย‡ย‹ย” ย‘ย”ย‰ยƒยย‹ย•ยƒย–ย‹ย‘ยย• ย–ย‘ ย–ยŠย‡ ยย‡ยšย– ยŽย‡ย˜ย‡ยŽวก ย‡ยย’ยŽย‘ย›ย‡ย”ย• ยƒย”ย‡ ย‹ยย…ย”ย‡ยƒย•ย‹ยย‰ยŽย› ยŽย‘ย‘ยย‹ยย‰ ย–ย‘ ย‹ยย–ย‡ย”ยยƒย–ย‹ย‘ยยƒยŽยŽย› ย”ย‡ย…ย‘ย‰ยย‹ย•ย‡ย† ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ย…ย‡ย”ย–ย‹ฯย‹ย…ยƒย–ย‹ย‘ยย•ยƒย•ยƒย”ย‡ยŽย‹ยƒย„ยŽย‡ยย‡ยƒย•ย—ย”ย‡ย‘ยˆย–ยŠย‡ย“ย—ยƒยŽย‹ย–ย›ย‘ยˆ ย–ยŠย‡ย‹ย”ย™ย‘ย”ยยˆย‘ย”ย…ย‡วค )YHPUJOPSKVMHJJV\U[HU[ ยƒย˜ย‹ยย‰ย”ย‡ย…ย‡ยย–ยŽย›ย…ย‡ยŽย‡ย„ย”ยƒย–ย‡ย†ย‹ย–วฏย•ย‘ยย‡ย›ย‡ยƒย”ยƒยยย‹ย˜ย‡ย”ย•ยƒย”ย›วก ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽย”ยƒย‹ยย‹ยย‰ย‹ย ย—ยย‡ย‹ย”ยƒยŠยƒยย‡ย•ย‘ย™ย‡ย”ย• ศ‹ ศŒวก ย–ยŠย‡ ย„ย”ยƒย‹ยย…ยŠย‹ยŽย† ย‘ยˆ ยƒย…ย…ย‘ย—ยย–ยƒยย–วก ย–ย‡ยƒย…ยŠย‡ย” ยƒยย† ย‡ยย–ย”ย‡ย’ย”ย‡ยย‡ย—ย” ย—ย”ย†ยƒยยƒ ยƒย‹ย›ย‹ย† ย‹ยœย˜ย‹วก ย‹ย• ย•ย–ย‡ย’ย’ย‹ยย‰ ย—ย’ ย–ย‘ ย–ยŠย‡ ย…ยŠยƒยŽยŽย‡ยย‰ย‡ ย‘ยˆ ย’ย”ย‘ย˜ย‹ย†ย‹ยย‰ ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽย• ย•ย‡ย‡ยย‹ยย‰ ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽย…ย‡ย”ย–ย‹ฯย‹ย…ยƒย–ย‹ย‘ยยƒยย†ย’ย‡ย”ย•ย‘ยยƒยŽย†ย‡ย˜ย‡ยŽย‘ย’ยย‡ยย– ย™ย‹ย–ยŠย–ยŠย‡ย’ย‡ย”ย•ย‘ยยƒยŽย‹ย•ย‡ย†ยƒย–ย–ย‡ยย–ย‹ย‘ยยƒยย†ย”ย‹ย‰ย‘ย”ย‘ย—ย•ย–ย”ยƒย‹ยย‹ยย‰ ย™ยŠย‹ย…ยŠย–ยŠย‡ย›ยย‡ย‡ย†ย–ย‘ย–ยƒย’ย‹ยย–ย‘ย–ยŠย‡ย‹ย”ย’ย‘ย–ย‡ยย–ย‹ยƒยŽวค ย—ย”ย†ยƒยยƒ ย‹ยœย˜ย‹วฏย• ยŽย‹ยˆย‡ ยƒยย† ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ย…ยƒย”ย‡ย‡ย” ย‹ย ย–ยŠย‡

ย—ยŽยˆย„ย‡ย‰ยƒยยƒย– วกย™ยŠย‡ย”ย‡ย•ยŠย‡ย™ยƒย•ยƒย‡ยย‹ย‘ย”ย—ย†ย‹ย–ย‘ย” ย‹ย อณอปอบอดวค ยŠย‡ ยŽยƒย–ย‡ย” ยŒย‘ย‹ยย‡ย† วก ยƒ ย•ย—ย„ย•ย‹ย†ย‹ยƒย”ย› ย‘ยˆ ย„ย— ยŠยƒย„ย‹ ยƒย–ย‹ย‘ยยƒยŽ ย‹ยŽ ย‘ยย’ยƒยย› ศ‹ศŒ ยƒย• ย–ยŠย‡ ยŠย‡ยƒย† ย‘ยˆย–ยŠย‡ย‹ย”ฯย‹ยยƒยย…ย‡ยˆย—ยย…ย–ย‹ย‘ยวคยƒย–ย‡ย”ย‘ยยƒยˆย–ย‡ย”ยŠย‡ย”ย•ย–ย‹ยย–ยƒย•ยƒ ย‹ยยƒยย…ย‡ยƒยยƒย‰ย‡ย”ยƒย–ย‡ยย–ยœ ยย–ย‡ย”ยยƒย–ย‹ย‘ยยƒยŽวกย•ยŠย‡ยย‘ย˜ย‡ย† ย–ย‘ยƒยยƒย†ยƒวกย–ยƒยย‹ยย‰ย–ย‹ยย‡ย‘ยˆยˆย–ย‘ย”ยƒย‹ย•ย‡ยŠย‡ย”ย–ย™ย‘ย…ยŠย‹ยŽย†ย”ย‡ยวค ยŠย‹ยŽย‡ย–ยŠย‡ย”ย‡วกย•ยŠย‡ย†ย‡ย…ย‹ย†ย‡ย†ย–ย‘ย‰ย‘ย„ยƒย…ยย–ย‘ย•ย…ยŠย‘ย‘ยŽย–ย‘ย‰ย‡ย– ยƒย  ยˆย”ย‘ย ย–ยŠย‡ ย…ยŠย—ยŽย‹ย…ยŠ ย…ยŠย‘ย‘ยŽ ย‘ยˆ ย—ย•ย‹ยย‡ย•ย• ยƒย– ย‘ย”ย ยย‹ย˜ย‡ย”ย•ย‹ย–ย› ย‹ย ย‘ย”ย‘ยย–ย‘วค ย‹ย–ยŠ ยƒ ย†ย‘ย—ย„ยŽย‡ ยยƒยŒย‘ย” ย‹ย ยƒย…ย…ย‘ย—ยย–ย‹ยย‰ ยƒยย† ย•ย–ย”ยƒย–ย‡ย‰ย‹ย… ยยƒยยƒย‰ย‡ยย‡ยย– ยˆย”ย‘ย ย‘ยย‡ ย‘ยˆ ย–ยŠย‡ย–ย‘ย’ย„ย—ย•ย‹ยย‡ย•ย•ย•ย…ยŠย‘ย‘ยŽย•ย‹ยย‘ย”ย–ยŠยย‡ย”ย‹ย…ยƒวกย—ย”ย†ยƒยยƒ ย”ย‡ย–ย—ย”ยย‡ย† ย–ย‘ ย–ยŠย‡  ย™ยŠย‡ย”ย‡ ย•ยŠย‡ ย†ย‡ย…ย‹ย†ย‡ย† ย–ย‘ ย’ย—ย– ยŠย‡ย” ย‡ย†ย—ย…ยƒย–ย‹ย‘ย ย–ย‘ ย™ย‘ย”ย ยƒย• ยƒ ย•ย–ย”ยƒย–ย‡ย‰ย‹ย… ยยƒยยƒย‰ย‡ย” ยƒย– ยย‹ย‘ย ยƒย–ย‹ย‘ยยƒยŽยƒยยศ‹ศŒวค 45


DIFFERENT DIMENSIONS

“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 ƒ† –Š‡ …”‡ƒ–‹‘ ‘ˆ –Š‡ ϐ‹”•– ™‡ƒŽ–Š 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   ϐ‹”‹‰’‡‘’Ž‡Ǥ –™ƒ••—…Šƒ’‘•‹–‹˜‡ˆ‡‡Ž‹‰Ǥdz The   realisation   was   swift   and   satisfying   –   Durdana   Rizvi  would  become  a  teacher.   )YPKNL[OLNHW Š‡ ϐ‹”•– ‹‡ ›‡ƒ”• ‘ˆ Š‡” –‡ƒ…Š‹‰ …ƒ”‡‡” ™‡”‡ spent   at   the   Higher   Colleges   of   Technology,   Dubai   ‡ǯ•ƒ’—•™Š‡”‡•Š‡–ƒ—‰Š–ƒ……‘—–‹‰ǡϐ‹ƒ…‡ 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


DIFFERENT DIMENSIONS

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 – ™ƒ• ˜‡”› †‹ˆϐ‹…—Ž– ™Š‡  ™‘—Ž† –”› –‘ „”‹‰ 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


DIFFERENT DIMENSIONS

â&#x20AC;&#x153;The culture that weâ&#x20AC;&#x2122;ve developed within the organisation is to embrace the students, give them a great learning experience, and help them reach their full potential.â&#x20AC;? concept  of   the   Majlis   â&#x20AC;&#x201C;   meaning   â&#x20AC;&#x2DC;place   of   sittingâ&#x20AC;&#x2122;   in   Arabic   â&#x20AC;&#x201C;   is   vital   to   the   essence   and   success   of   DSR.   Everything  about  it  has  been  designed  with  a  singular   thought   in   mind   â&#x20AC;&#x201C;   that   it   has   to   be   as   inviting   and   pleasant  an  environment  as  possible.   9LHJOM\SSWV[LU[PHS In   line   with   DSRâ&#x20AC;&#x2122;s   mandate   to   bridge   the   gap   between   what   the   academic   institutions   are   providing  and  what  the  market  really  needs  is  the   goal  of  providing  their  students  with  an  education  in   a  fun  and  attractive  environment  where  they  enjoy   what  theyâ&#x20AC;&#x2122;re  learning.   â&#x20AC;&#x153;The   culture   that   weâ&#x20AC;&#x2122;ve   developed   within   the   organisation   is   to   embrace   the   students,   give   them   a   great   learning   experience,   and   help   them   reach   their   full   potential.   We   have   small   classes   and   our   Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A; Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ď?Â&#x2039;Â&#x2021;Â&#x2020; Â&#x2013;Â&#x2021;Â&#x192;Â&#x2026;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2021; Â&#x2039;Â?Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2014;Â&#x192;Â&#x17D; differentiated   attention   that   students   need   to   succeed.  I  want  this  to  be  a  place  where  people  want   to  come.  I  certainly  do!â&#x20AC;?  says  Durdana.   With   the   doors   of   DSR   opening   on   December   4   ʹͲͳͳǥ Â&#x2013;Â&#x160;Â&#x2021; Ď?Â&#x2039;Â&#x201D;Â&#x2022;Â&#x2013; Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D; Â&#x2022;Â&#x192;Â&#x2122; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2013;Â&#x2021;Â&#x192;Â? Â&#x2013;Â&#x2018;Â&#x2039;Â&#x17D;Â&#x2039;Â?Â&#x2030; Â&#x160;Â&#x192;Â&#x201D;Â&#x2020; Â&#x2013;Â&#x2018; get   everything   off   the   ground.   The   cornerstone   of   Durdanaâ&#x20AC;&#x2122;s   educational   philosophy   is   to   provide   the   highest   quality   education,   so   naturally   she   insisted   that   DSR   must   offer   an   internationally   recognised   Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ď?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?ǤÂ&#x2039;Â&#x2022;Â&#x192;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2020;Â&#x192;Â&#x201D;Â&#x2013;Â?Â&#x2021;Â&#x201D;Â&#x2039;Â? Learning  with  the  Institute  of  Chartered  Accountants   in   England   and   Wales   (ICAEW).   Moreover,   they   Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2026;Â&#x2018;Â?Â&#x2019;Â&#x17D;Â&#x2021;Â&#x2013;Â&#x2021;   Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ď?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x192;Â?Â&#x2020; are   in   the   process   of   becoming   a   Gold   Approved   Â&#x2021;Â&#x192;Â&#x201D;Â?Â&#x2039;Â?Â&#x2030; Â&#x201D;Â&#x2018;Â&#x2DC;Â&#x2039;Â&#x2020;Â&#x2021;Â&#x201D; Â&#x2018;Â&#x2C6; Â&#x2013;Â&#x160;Â&#x2021; Â&#x2022;Â&#x2022;Â&#x2018;Â&#x2026;Â&#x2039;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â? Â&#x2018;Â&#x2C6; Â&#x160;Â&#x192;Â&#x201D;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2020; Â&#x2021;Â&#x201D;Â&#x2013;Â&#x2039;Ď?Â&#x2039;Â&#x2021;Â&#x2020;Â&#x2026;Â&#x2026;Â&#x2018;Â&#x2014;Â?Â&#x2013;Â&#x192;Â?Â&#x2013;Â&#x2022;Č&#x2039;Č&#x152;Ǥ (^PUUPUNHWWYVHJO While   success   goes   hand-­â&#x20AC;?in-­â&#x20AC;?hand   with   ambition,   Durdana   is   conscious   of   the   need   to   be   unhurried   with  the  development  of  DSR,  choosing  to  start  one   thing  and  developing  it  to  its  fullest  before  moving  on.   â&#x20AC;&#x153;Weâ&#x20AC;&#x2122;ve  accomplished  so  much  in  so  little  time;  we  are   Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122;Â&#x2039;Â?Â&#x2030;ÇĄÂ&#x201E;Â&#x2014;Â&#x2013;Â&#x2122;Â&#x2021;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122;Â&#x2018;Â?Â&#x17D;Â&#x203A;Â&#x2122;Â&#x160;Â&#x2021;Â?Â&#x2122;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2022;Ď?Â&#x2039;Â&#x2021;Â&#x2020; to  move  on  to  the  next  level,â&#x20AC;?  says  Durdana.   48 March 2013

DzÂ&#x2021; Â&#x2022;Â&#x2019;Â&#x2021;Â?Â&#x2013; Â&#x2013;Â&#x160;Â&#x2021; Ď?Â&#x2039;Â&#x201D;Â&#x2022;Â&#x2013; Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D; Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2030; Â&#x2013;Â&#x160;Â&#x2021;  programme  and   this   year   weâ&#x20AC;&#x2122;re   going   to   spend   on   further  developing  our  ACCA  programme  and  maybe   Â?Â&#x2021;Â&#x161;Â&#x2013;Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x201E;Â&#x2021;Â&#x192;Â?Â&#x2018;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x201C;Â&#x2014;Â&#x192;Â&#x17D;Â&#x2039;Ď?Â&#x2039;Â&#x2026;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Ǥdz Based   on   the   satisfaction   of   the   students   and   the   quality   of   accountants   DSR   has   produced   thus   Â&#x2C6;Â&#x192;Â&#x201D;ÇĄ Â&#x2039;Â&#x2013;ÇŻÂ&#x2022; Â&#x2026;Â&#x17D;Â&#x2021;Â&#x192;Â&#x201D;Â&#x17D;Â&#x203A; Â&#x192; Â&#x2122;Â&#x2039;Â?Â?Â&#x2039;Â?Â&#x2030; Â&#x192;Â&#x2019;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x192;Â&#x2026;Â&#x160;Ǥ  Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; development   should   happen   at   all   levels   of   an   institution   and   Durdana   values   the   importance   of   having   teachers   who   are   just   as   dedicated   to   their   students  as  the  students  are  to  their  studies.  Earlier  in   the  year  three  DSR  instructors  travelled  to  London  for   the  2013  ICAEW  Tutor  Conference  for  just  this  reason.   DzÂ&#x2021; Â&#x2122;Â&#x2021;Â&#x201D;Â&#x2021; Â&#x2013;Â&#x160;Â&#x2021; Ď?Â&#x2039;Â&#x201D;Â&#x2022;Â&#x2013; Â&#x2013;Â&#x2021;Â&#x192;Â&#x2026;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2022; Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x201D; Â&#x2013;Â&#x2018; Â&#x2030;Â&#x2018; Â&#x2C6;Â&#x201D;Â&#x2018;Â? Â&#x2014;Â&#x201E;Â&#x192;Â&#x2039;Ǥ We   attended   the   conference   to   interact   with   the  

Â&#x2021;Â&#x161;Â&#x192;Â?Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x201D;Â&#x2022;Â&#x192;Â?Â&#x2020;Ď?Â&#x2039;Â?Â&#x2020;Â&#x2018;Â&#x2014;Â&#x2013;Â&#x2122;Â&#x160;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2013;Â&#x160;Â&#x2021;Â&#x203A;Â&#x192;Â&#x201D;Â&#x2021; looking  for.  That  was  an  important  initiative  towards   improving   our   own   standards,   improving   how   we   teach  and  showing  our  commitment  to  improving  any   which  way  that  we  can.â&#x20AC;?   :[YVUNMHTPS`Z\WWVY[ Unsurprisingly,   the   support   from   family,   friends   and   colleagues  has  made  an  impact  on  how  smoothly  the   Ď?Â&#x2039;Â&#x201D;Â&#x2022;Â&#x2013;Â&#x203A;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x2030;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2020;Ǥ


DIFFERENT DIMENSIONS

“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‹†‹‰™Š‡–Š‡›•–‡’‹–‘…Žƒ••™‹–Š—”†ƒƒ‹•†—‡ 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.   DzŠ‡  •–ƒ”–‡† › ϐ‹”•– …Žƒ•• –Š‡ ‘Ž†‡•– •–—†‡– ™ƒ• ϐ‹ˆ–› ƒ† –Š‡ ›‘—‰‡•– ™ƒ• –™‡–›Ǧ‘‡ ƒ† 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


ECONOMIC INSIGHT

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...

52%

POPULATION GROWTH IN THE MIDDLE EAST FROM UP FROM 1990 LEVELS

A

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‹ƒ…‡ „‘†› •ƒ›• –Š‡ Š—‰‡ ‹…”‡ƒ•‡ ‹ ›‘—‰‡” ’‡‘’Ž‡™‹ŽŽ†‡ƒ†•–”ƒ–‡‰‹…†‡…‹•‹‘•‹Š‘™–‘ †‹”‡…–’—„Ž‹…•’‡†‹‰Ǥ The   study   titled;   ‘Economic   Insight:   Middle   East’   ‹• ’”‘†—…‡† „› ‡„” ȋŠ‡ ‡–”‡ ˆ‘” …‘‘‹…• ƒ† —•‹‡•• ‡•‡ƒ”…ŠȌǡ ǯ• ’ƒ”–‡” ƒ† ‡…‘‘‹…ƒ†˜‹•‡”ǤŠ‡”‡’‘”–’”‘˜‹†‡•‹–•ͳͶͲǡͲͲͲ ‡„‡”• ™‹–Š ƒ …—””‡– •ƒ’•Š‘– ‘ˆ –Š‡ ”‡‰‹‘ǯ• ‡…‘‘‹…’‡”ˆ‘”ƒ…‡Ǥ Š‡ …‘‘‹… •‹‰Š– —†‡”–ƒ‡• ƒ “—ƒ”–‡”Ž› ”‡˜‹‡™ ‘ˆ –Š‡ ‹††Ž‡ ƒ•– ˆ‘…—••‹‰ ‘ –Š‡ —Žˆ ‘‘’‡”ƒ–‹‘ ‘—…‹Ž ȋ Ȍ ‡„‡” …‘—–”‹‡• ȋ‹–‡† ”ƒ„ ‹”ƒ–‡•ǡ ƒŠ”ƒ‹ǡ ƒ—†‹ ”ƒ„‹ƒǡ ƒǡ ƒ–ƒ” ƒ† —™ƒ‹–Ȍǡ ƒ• ™‡ŽŽ ƒ• ‰›’–ǡ ”ƒǡ

”ƒ“ǡ ‘”†ƒƒ†‡„ƒ‘ȋƒ„„”‡˜‹ƒ–‡†–‘ ΪͷȌǤ ,JVUVTPJHK]HU[HNL Š‡”‡’‘”–•Š‘™•–Šƒ––Š‡’‘’—Žƒ–‹‘‹–Š‡”‡‰‹‘ Šƒ• ‰”‘™ ͷʹΨ ˆ”‘ ͳͻͻͲ Ž‡˜‡Ž• ƒ† –Š‹• ‹•

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.”

‡š’‡…–‡†–‘”‡ƒ…ŠͳͲʹΨ„›ʹͲ͵ͲǤ ƒŠ”ƒ‹ǡƒ–ƒ” ƒ†–Š‡–Š‡’‘’—Žƒ–‹‘Šƒ•ƒŽ”‡ƒ†›‘”‡–Šƒ †‘—„Ž‡†•‹…‡ͳͻͻͲǤŠ‹••Š‘—Ž†‰‹˜‡–Š‡”‡‰‹‘ƒ ‡…‘‘‹…ƒ†˜ƒ–ƒ‰‡„›‘ˆˆ‡”‹‰ƒ‰”‘™‹‰Žƒ„‘—” •—’’Ž› ƒ† •–‹—Žƒ–‹‰ ǡ ™Š‹Ž•– ‘ˆˆ‡”‹‰ ƒ Žƒ”‰‡”ƒ”‡–’Žƒ…‡ƒ†ƒ––”ƒ…–‹‰‹˜‡•–‡–Ǥ ‘™‡˜‡”ǡ ‹– ƒŽ•‘ ”ƒ‹•‡• –Š‡ ”‹• ‘ˆ ‘”‡ —‡’Ž‘›‡–ǡƒ†‰‘˜‡”‡–•ƒ”‡”‡•’‘†‹‰ „›‹˜‡•–‹‰‹‡†—…ƒ–‹‘ƒ†•‹ŽŽ•Ǥ Šƒ”Ž‡• ƒ˜‹•ǡ ‡ƒ† ‘ˆ ƒ…”‘‡…‘‘‹…• ƒ– ‡„” •ƒ‹†ǣ Dz ”‘™–Š ‹ –Š‡ ‹††Ž‡ ƒ•– ‹• ‡š’‡…–‡† –‘


ECONOMIC INSIGHT

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   „ƒ•‡ ‡‡†‡† ˆ‘” ‡…‘‘‹… †‹˜‡”•‹ϐ‹…ƒ–‹‘Ǥ ƒ 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   Ž‘‰ –‡” ‰”‘™–Š –‘ ϐŽ‘—”‹•ŠǤ  –Š‡ ‘–Š‡” Šƒ†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,   ƒ† ƒ—†‹ ”ƒ„‹ƒ ƒ† ƒ ƒ”‡ Šƒ”† ‘ –Š‡‹” 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

4%

PERCENTAGE DROP IN MENA M&A DEAL VOLUME IN 2012

A

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. Š‡ ˆ‘—”–Š “—ƒ”–‡” •ƒ™ •‹‰‹ϐ‹…ƒ–Ž› Š‹‰Š‡” †‡ƒŽ ˜ƒŽ—‡• ›‡– Ž‘™‡” †‡ƒŽ ƒ…–‹˜‹–› ‹ ʹͲͳʹ …‘’ƒ”‡† –‘ –Š‡ •ƒ‡ ’‡”‹‘† ‹ ʹͲͳͳǤ ‘—…‡† †‡ƒŽ ˜ƒŽ—‡• ‹…”‡ƒ•‡†„›ͺͶΨˆ”‘̈́͹Ǥʹ„‹ŽŽ‹‘‹ͶʹͲͳͳ–‘̈́ͳ͵Ǥ͵ „‹ŽŽ‹‘‹ͶʹͲͳʹǤ‡ƒŽ˜‘Ž—‡•‹ͶʹͲͳʹ†‡…Ž‹‡† „›ͳ͹Ψ–‘ͳͲ͹†‡ƒŽ•ˆ”‘ͳʹͻ†‡ƒŽ•‹ͶʹͲͳͳǤ

52 February 2013

Dz††‹–‹‘ƒŽŽ›ǡ ƒ› „—•‹‡••‡• –Šƒ– ”‡•–”—…–—”‡† –Š‡‹” …ƒ’‹–ƒŽ „ƒ… ‹ ʹͲͳͳ Ž‡ˆ– –Š‡•‡Ž˜‡• ™‡ŽŽ ’Žƒ…‡† –‘ ϐ‹ƒ…‡ ƒ† …Ž‘•‡ †‡ƒŽ• ‹ ʹͲͳʹǤ • ʹͲͳ͵ —ˆ‘Ž†•ǡ –Š‡”‡ ‹• ƒ ƒ–‹…‹’ƒ–‹‘ –Šƒ– –Š‡ ‹’”‘˜‡‡– ‹ †‡ƒŽ ƒ…–‹˜‹–› ‹ ʹͲͳʹ ™‹ŽŽ ˆ—”–Š‡” ‹’”‘˜‡ ƒ• ™‡ •–ƒ”– –‘ •‡‡ ƒ”‡– …‘†‹–‹‘• …‘–‹—ƒŽŽ› ‹’”‘˜‹‰ †‡•’‹–‡ –Š‡ —’”‡†‹…–ƒ„Ž‡ ƒ…”‘‡…‘‘‹…Žƒ†•…ƒ’‡Ǥdz <(,8H[HYSLHKYLNPVUHSKLHSHJ[P]P[` ”‘ ƒ ƒ…“—‹”‡”ǯ• ’‡”•’‡…–‹˜‡ǡ …‘—–”‹‡• –Šƒ– ”ƒ‡† Š‹‰Š‡•– ‹ –‡”• ‘ˆ ƒ‘—…‡† †‡ƒŽ ˜ƒŽ—‡ ™‡”‡ƒ–̈́ͳ͵Ǥͷ„‹ŽŽ‹‘ǡˆ‘ŽŽ‘™‡†„›ƒ–ƒ”ƒ–̈́ͳͳǤʹ „‹ŽŽ‹‘ ƒ† —™ƒ‹– ™‹–Š ̈́͵Ǥͻ „‹ŽŽ‹‘Ǥ ˆ –Š‡ –‘’ ͳͲ ƒ‘—…‡††‡ƒŽ•„›˜ƒŽ—‡‹‹ʹͲͳʹǡˆ‘—”‘ˆ –Š‡†‡ƒŽ•™‡”‡ƒ…“—‹”‡†„›ƒ–ƒ”ƒ†–Š”‡‡‘ˆ–Š‡ †‡ƒŽ•™‡”‡ƒ…“—‹”‡†„›–Š‡Ǥ

0TWYV]PUNTHYRL[JVUKP[PVUZ

 …‘’ƒ”‹•‘ –‘ –Š‡ ’”‡˜‹‘—• “—ƒ”–‡”ǡ –‘–ƒŽ ƒ‘—…‡††‡ƒŽ˜ƒŽ—‡•”‘•‡ˆ”‘̈́ͻǤͻ„‹ŽŽ‹‘‹͵ ʹͲͳʹ–‘̈́ͳ͵Ǥ͵„‹ŽŽ‹‘‹ͶʹͲͳʹǡƒŒ—’‘ˆ͵ͷΨǤ

Š‡ …‘—–”‹‡• –Šƒ– •ƒ™ –Š‡ Žƒ”‰‡•– —„‡” ‘ˆ ƒ‘—…‡†ƒ…“—‹•‹–‹‘•‹ʹͲͳʹ™‡”‡–Š‡ȋ͹͹ †‡ƒŽ•Ȍǡƒ–ƒ”ȋͶͺ†‡ƒŽ•Ȍǡƒ†ƒ—†‹”ƒ„‹ƒȋ͵͵†‡ƒŽ•ȌǤ

Š‹Ž ƒ†‹‡”ǡ  ‡ƒ† ‘ˆ ”ƒ•ƒ…–‹‘ †˜‹•‘”› ‡”˜‹…‡•ǡ ”•– Ƭ ‘—‰ǡ •ƒ‹†ǣ DzŠ‡ ͶʹΨ ‹…”‡ƒ•‡ ‹ ƒ‘—…‡† †‡ƒŽ ˜ƒŽ—‡• ‹ ʹͲͳʹ •—‰‰‡•–• –Šƒ– –Š‡”‡ ƒ› „‡ ƒ ‹’”‘˜‡‡– ‹ –Š‡ ˜ƒŽ—ƒ–‹‘ ‰ƒ’ ƒ‘‰•– „—›‡” ƒ† •‡ŽŽ‡”• ‹ –Š‡ ƒ”‡– ‹ …‘’ƒ”‹•‘ –‘ Žƒ•– ›‡ƒ” ™Š‡”‡ –‘–ƒŽ †‡ƒŽ ˜ƒŽ—‡• ™‡”‡…‘•‹†‡”ƒ„Ž›Ž‘™‡”Ǥdz

–Š‡†‘‡•–‹…•’ƒ…‡ǡ‰›’–ƒ†–Š‡•ƒ™–Š‡ Š‹‰Š‡•–ƒ…–‹˜‹–›‹–‡”•‘ˆ–ƒ”‰‡–…‘—–”›ˆ‘…—•‘ˆ ƒ‘—…‡† †‘‡•–‹… †‡ƒŽ•ǡ ™‹–Š ͵͸ ƒ† ͵͵ †‡ƒŽ• ”‡•’‡…–‹˜‡Ž›‹ʹͲͳʹǤŠ‡…‘—–”‹‡•™‹–Š–Š‡Š‹‰Š‡•– †‡ƒŽ ˜ƒŽ—‡• ˆ‘” –ƒ”‰‡– …‘—–”› ˆ‘…—• ‘ˆ ƒ‘—…‡† †‘‡•–‹…†‡ƒŽ•‹™‡”‡—™ƒ‹–ƒ–̈́ͶǤͻ„‹ŽŽ‹‘ ƒ†‰›’–ƒ–̈́͵ǤͶ„‹ŽŽ‹‘Ǥ


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‹…ƒ– ”‹•‡ ‘ˆ ͸ͲΨ …‘’ƒ”‡† –‘ 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. DzŠ‡ •‹‰‹ϐ‹…ƒ– ‹…”‡ƒ•‡ ‹  Ȁ  ƒ…–‹˜‹–› Šƒ• 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   ”‡ϐŽ‡…–• –Š‡ ‰”‘™‹‰ …‘ϐ‹†‡…‡ ‹ –Š‡ ”‡‰‹‘ƒŽ markets.   We   expect   this   to   push   the   momentum   of   deal   activity   and   encourage   regional   investors   to   ϐ‹”—’–Š‡‹”Ƭ’Žƒ•ǤŠ‡›‡ƒ”ƒŠ‡ƒ†ȏʹͲͳ͵ȐŽ‘‘• 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


CAREER DEVELOPMENT

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


CAREER DEVELOPMENT

departments  and  commercial  entities  but  does   not  allow  them  to  perform  external  audits  and   sign  off  accounts.   In  t he  r egion  t here  i s  a  s mall  g roup  of  s tudents   following   ICAEW,   a n   i ncreasing   number   t aking   up  C IMA  but  by  f ar  t he  l argest  i s  i n  ACCA.  I n  f act   the  ACCA  h as  over  4 00,000  s tudents  worldwide   and  because  of  this  large  geographical  volume   and  s pread  i s  s een  by  m any  a s  t he  most  g lobally   recognised  a nd  p ortable  qualification. Then   we   have   the   Americans!   The   US   qualifications   are   popular   on   the   back   of   the   strength  of  American  tertiary  education  in  the   region   â&#x20AC;&#x201C;   t hink   A merican   University   of   S harjah,   of   Dubai,   of   Beirut   -­â&#x20AC;?   and   the   arguably   lighter   requirement  of  t heir  e xam  r egime.  

ROSE NJERI GIDRAPH: 8JUIBIFDUJDnZJOH schedule at Emirates "JSMJOFT 3PTFJTOPU FODVNCFSFECZUIF EFNBOETPGIFSXPSL BOEIBTGPMMPXFEIFS IFBSUTEFTJSFUPHBJOB QSPGFTTJPOBMRVBMJmDBUJPO

=LY`[V\NOWHZZYH[L Testing  is   more   electronically   driven   which   sometimes  appeals  to  those  for  whom  written   English   presents   challenges.   So   we   have   the   Certified   Public   Accountant   (CPA),   the   relatively  light  management  qualification  CMA   (when   compared   to   the   UK   CIMA   and   Indian   Cost  a nd  Works)  a nd  t he  i ntense,  very  t echnical   but  s omewhat  n arrow  C FA.   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.  It  is   true   that   when   compared   with   the   UK   ACCAâ&#x20AC;&#x2122;s   14  p aper  r egime  t he  c ontent  a nd  t esting  of  C PA   over   4   papers   may   look   lighter.   However   US  

Powerful UK influences have led to the introduction and rapid spread of the likes of ACCA, ICAEW and CIMA.

55


CAREER DEVELOPMENT

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  


CAREER DEVELOPMENT

bet ter  posit ion   of   being   f ully   qualif ied   ACC A   and   also   a   graduate   of   t he   Oxford   Brookes  Universit y.   Anam  S ami,  by  a ny  s tandards,  i s  a n  outstanding   student.   She   was   educated   in   Dubai   and   received  outstanding  grades  at  both  GCSE  and   Advanced  level  c ulminating  i n  t riple  Aâ&#x20AC;&#x2122;s  i n  P ure   Maths,  E conomics  a nd  B usiness  Studies.  

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  decided  t o  c ontinue  her  s tudies  i n  t he  U K   where  once  a gain  she  e xcelled  at  t he  University   of  Manchester  achieving  a  First  Class  Honours   degree  i n  E conomics.  Upon  her  r eturn  t o  D ubai   she   was   a   natural   choice   for   the   â&#x20AC;&#x2DC;Big   4â&#x20AC;&#x2122;   firm,   KPMG.   She   is   now   entering   her   third   year   of   training   there   and   is   already   impressing   her   employers  â&#x20AC;&#x201C;  she  i s  very  i nterested  i n  c ontinuing   her  c areer  i n  Audit  a nd  I  a m  s ure  i s  a ssured  of  a   wonderful  business  f uture  a head.   Anam  is  exceptionally  talented  and  at  Phoenix   we  a re  privileged  t o  c ount  her  a mongst  our  l ist   of   ACCA   students.   She   has   already   achieved   an   unprecedented   two   world   prizes   in   her   F4   and  F8  papers  scoring  the  highest  marks  from   around   25000-­â&#x20AC;?30000   sitting   these   papers   globally   and   is   on   track   to   qualify   this   year.   I   donâ&#x20AC;&#x2122;t  really  need  to  wait  for  Anamâ&#x20AC;&#x2122;s  results  â&#x20AC;&#x201C;  I   know  she  w ill  p ass! Finally   I   want   to   tell   you   about   Abdulla   Al   Marzouqi,   a   wonderful   character   who   is   well   known   to   all   of   the   Phoenix   team.   Like   Rose,   Abdulla   has   not   found   the   ACCA   journey   straightforward.   In   his   case   this   is   largely   driven   by   the   conf licting   responsibilities   of   his   managerial   role   at   Standard   Chartered   bank   with   the   demands   of   a   family   including   three  c hildren.   Abdulla   dedicates   his   weekend   to   his   family   and   the   balances   study   and   work   pressure   during   the   week.   When   nearer   the   exam   he   will   take   his   study   leave   to   work   from   6am   until  5pm  each  day  for  two  weeks  to  complete   his  revision.  These  pressures  have  meant  that   Abdulla  has  had  to  resit  one  or  two  papers  but   his  smile  and  infectious  enthusiasm  have  kept   him  a nd  h is  t utors  g oing.   :\JJLZZOHZ[VILLHYULK Sometimes   in   the   UAE,   there   is   a   tendency   for   the  e xpats  t o  f eel  t hat  a ll  t he  locals  s imply  h ave   an  easy  life.  It  is  sometimes  felt  that  they  donâ&#x20AC;&#x2122;t  

ANAM SAMI: Following her outstanding performance in professional coursework, Anam was a natural choice for the â&#x20AC;&#x2DC;Big 4â&#x20AC;&#x2122; mSN ,1.(

have  to   work   and   things   will   come   to   them   unearned.   Like   any   society   this   is   sometimes   true  a nd  you  c an  s ee  t he  s ame  t hing  a round  t he   West   a nd   t he   Far   E ast   however   t here   a re   m any   like  A bdulla  f or  w hom  s uccess  h as  t o  b e  e arned   with  s weat  a nd  t he  o ccasional  t ear.   Abdulla   is   always   courteous   and   respectful   to   the   Phoenix   team   and   his   fellow   students   and   he   has   never   stopped   smiling.   His   success   is   enormously   well   deserved,   Abdulla   you   have   qualified   this   time   and   it   has   made   Victoria,   myself  a nd  a ll  at  Phoenix  s mile  t oo!   There   are   countless   other   professional   journeys  that  I  could  recount  but  the  above  is   an   illustration   of   the   variety   of   experiences   that  come  to  mind.  The  professionalisation  of   the   finance   sector   here   is   something   that   is   very  c lose  t o  m y  h eart  a nd  I  f ind  i t  i mmensely   gratifying   to   see   the   success   of   people   like   Abdulla   and   Rose   and   (soon   to   be   I   am   certain),   A nam.   These  d ifferent  s tories  a re,  f or  me,  w hat  m akes   the   UAE   such   a   great   place   to   live   and   work.   Long  m ay  t his  d iversity  c ontinue  a nd  f uel  w hat   I  am  sure  will  be  greater  business  strength  in   the  f uture  f or  t he  UAE.   57


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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   ‘˜‡” „› ’—„Ž‹… …‘’ƒ‹‡•ǡ ‹–‡”ƒ–‹‘ƒŽ ϐ‹”• ƒ† ˆ”‡‡ œ‘‡•Ǥ Š‡ ϐ‹”•ǡ ™Š‹…Š ’”‡˜‹‘—•Ž› practiced  various  national  accounting  standards,   are   now   uniformly   following   international   accounting   standards,   as   required   by   the   ϐ‹ƒ…‹ƒŽ‹•–‹–—–‹‘•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   ’”‘ˆ‡••‹‘ƒŽ• …‡”–‹ϐ‹‡† „› ’”‘ˆ‡••‹‘ƒŽ ‹•–‹–—–‡• ƒ† ƒ› ϐ‹ƒ…‡ ‡š‡…—–‹˜‡• ™‹–Š‘—– …‡”–‹ϐ‹…ƒ–‹‘Ǥ‹–Š–”ƒ•ˆ‘”ƒ–‹‘‘ˆ„—•‹‡••‡•ǡ many   professional   institutes   began   to   cater   to   the  need  for  professional  accounting  skills.  

58 March 2013


CAREER DEVELOPMENT

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‹…ƒ–‹‘‹•‹†‹•’‡•ƒ„Ž‡Ǥ A   number   of   professional   institutes   from   Asia,   —”‘’‡ ƒ†  Šƒ˜‡ •–ƒ”–‡† –‘ ‡•–ƒ„Ž‹•Š ‘ˆϐ‹…‡• 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‹…ƒ–‹‘’”‘‰”ƒ‡•ƒ†ƒŽ•‘…‘†—…–•  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.   ‹–Š ”‡‰ƒ”†• –‘   …‡”–‹ϐ‹…ƒ–‹‘ǡ ƒŽ–Š‘—‰Š 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


CAREER DEVELOPMENT

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.  


CAREER DEVELOPMENT

WHIZ KIDS

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.

K

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   –Š‡ ϐ‹”•– †ƒ› ƒ”‡ †‡•‹‰‡† –‘ ‡“—‹’ •–—†‡–• ™‹–Š the  necessary  tools  to  solve,  structure  and  present   their  analysis  and  recommendations.  On  the  second   †ƒ›ǡ ϐ‹ƒŽ‹•–• –”ƒ•ˆ‡” –Š‡‹” Ž‡ƒ”‹‰ –‘ ƒ Ž‹˜‡ …ƒ•‡ under   a   tight   deadline   of   three   hours   and   present   –Š‡‹” ϐ‹†‹‰• –‘ ƒ —†‰‹‰ ’ƒ‡Ž ™Š‘ ’‘•‡ ƒ• ”‡ƒŽ 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


CAREER DEVELOPMENT

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

A.

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   –‘‘ˆˆ‡”ƒŽ‘–‘ˆϐŽ‡š‹„‹Ž‹–›–‘•–—†‡–•‹–‡”• of   study   location.   Would   an   online   degree   possibly   be   the   programme   structure   of   the   future  for  Cass?


CAREER DEVELOPMENT

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   ϐŽ› ‹ ˆ”‘ ƒŽŽ ‘˜‡” –Š‡ ™‘”Ž† Ȃ –Š‡ ǡ ǡ ‡–”ƒŽ ƒ† ‘—–Š •‹ƒ ƒ† „‡›‘† Ȃ ƒ† Šƒ˜‡ the  opportunity  to  meet  the  same  professors  who   teach   on   our   London   programmes   (and   who   also   ϐŽ›‹–‘–Š‡—„ƒ‹‡–”‡ȌǤ 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‹‡† –‘ ”‡ϐŽ‡…– …Šƒ‰‡• ‹ –Š‡ ‡…‘‘› ƒ† 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   ……‘—–ƒ–•‹‰Žƒ†ƒ†ƒŽ‡•Ȍǡ–‘„‡ƒ™ƒ”‡ 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.

63


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to contribute  in  other  areas.  Furthermore,  because   the  students  enter  the  MBA  and  EMBA  programmes   ™‹–Š•‹‰‹ϐ‹…ƒ–Ž›‘”‡™‘”‡š’‡”‹‡…‡–Šƒ–Š‡ typical  undergraduate  or  masters  student,  we  are   ƒ„Ž‡–‘Ž‡˜‡”ƒ‰‡–Šƒ–‡š’‡”‹‡…‡ƒ†’”‘˜‹†‡‘”‡ ”‡ƒŽǦ™‘”Ž†‡šƒ’Ž‡•‹–Š‡…Žƒ••”‘‘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.”

‘•– ‡’Ž‘›‡”• ƒ”‡ ‰‘‹‰ ˆ‘” …ƒ†‹†ƒ–‡• ™Š‘ Š‘Ž† –Š‡ Šƒ”–‡”‡† ……‘—–ƒ– ȋȌ “—ƒŽ‹ϐ‹…ƒ–‹‘ǡ ™Š‹…Š ”‡“—‹”‡• ƒ …‘„‹ƒ–‹‘ ‘ˆ ’”ƒ…–‹…ƒŽ ‡š’‡”‹‡…‡ ƒ† •–”—…–—”‡† …‘—”•‡™‘”Ǥ  Š‹Ž‡ •‘‡ ƒ› •ƒ› –Šƒ– ƒ……‘—–‹‰ …—””‹…—Žƒ ‹• Žƒ”‰‡Ž› ˆ‘…—•‡† ‘ ’”‡’ƒ”‹‰ •–—†‡–• ˆ‘” …ƒ”‡‡”• ‹ ’—„Ž‹… ƒ……‘—–‹‰ǡ ™Šƒ– …ƒ ‡†—…ƒ–‘”• †‘ –‘ Š‡Ž’ ƒ††”‡••–Š‹•‰ƒ’‹ƒ……‘—–‹‰’”‘‰”ƒ‡•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.  ‡™ •–—†› „› •–ƒˆϐ‹‰ ϐ‹” ‘„‡”– ƒŽˆ •–ƒ–‡• –Šƒ– ‡’Ž‘›‡”• ƒ”‡ Ž‘‘‹‰ ˆ‘” „—•‹‡••Ǧ•ƒ˜˜› ‹†‹˜‹†—ƒŽ• ™‹–Š •–”‘‰ …‘‡”…‹ƒŽ ƒ…—‡ǡ ‘– ‘Ž› –‘ ’‡”ˆ‘” –”ƒ†‹–‹‘ƒŽ ƒ……‘—–‹‰ ˆ—…–‹‘• „—– ƒŽ•‘ –‘ †”‹˜‡ ”‡˜‡—‡ ‰”‘™–Š ™Š‹Ž‡’ƒ”–‡”‹‰™‹–Š‘–Š‡”†‡’ƒ”–‡–•‹–Š‡ …‘’ƒ›Ǥ   ›‘—” ‘’‹‹‘ǡ ™Šƒ– ‰ƒ’• •–‹ŽŽ ‡š‹•– „‡–™‡‡™Šƒ–ƒ……‘—–‹‰‡†—…ƒ–‘”•–‡ƒ…Š˜‡”•—• ™Šƒ–‡’Ž‘›‡”•‡‡†ˆ”‘–Š‡‹”ϐ‹ƒ…‡–‡ƒ•ǫ   I  think  one  of  the  largest  gaps  is  that  many  students   graduate   from   their   undergraduate   programmes   ™‹–Š ƒ –”‡‡†‘—• ƒ‘—– ‘ˆ ‘™Ž‡†‰‡ •’‡…‹ϐ‹… –‘–Š‡‹”•—„Œ‡…–ƒ”‡ƒȋƒ……‘—–‹‰ǡϐ‹ƒ…‡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   ƒ†ϐ‹ƒ…‡–‘ƒ”‡–‹‰ƒ†•–”ƒ–‡‰›Ǥ The   goal   is   to   produce   graduates   who   are   not   only   ‘™Ž‡†‰‡ƒ„Ž‡‹–Š‡‹”…Š‘•‡ϐ‹‡Ž†ǡ„—–ƒŽ•‘ƒ”‡ƒ„Ž‡

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‹ƒ…‡ǡ ƒ”‡–‹‰ǡ ‡–…ȌǤ Š‡ ˆ‘…—• ‹• ‘ —•‹‰ 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.   ……‘—–‹‰ Šƒ• ‡˜‘Ž˜‡† ˆ”‘ ‹–• ‹‹–‹ƒŽ –”ƒ†‹–‹‘ƒŽˆ—…–‹‘•ƒ††‡˜‡Ž‘’‡†‹–‘ƒ„”‘ƒ† ϐ‹‡Ž† ‡…‘’ƒ••‹‰ ƒ —„‡” ‘ˆ †‹•…‹’Ž‹‡• ‹…Ž—†‹‰ „‘‘ ‡‡’‹‰ǡ ƒ—†‹–‹‰ǡ –ƒšƒ–‹‘ǡ ˆ‘”‡•‹… ƒ……‘—–‹‰ ‡–…Ǥ  Š‡ ƒ†‹––‹‰ ’‘–‡–‹ƒŽ •–—†‡–• ‹–‘ ›‘—” ƒ……‘—–‹‰ ’”‘‰”ƒ‡•ǡ†‘›‘—”‡ƒŽŽ›…‘•—Ž–™‹–Š–Š‡–‘ —†‡”•–ƒ†™Šƒ––Š‡‹”‹†‹˜‹†—ƒŽ‡‡†•ƒ”‡‹ –‡”•‘ˆ–Š‡”‘Ž‡•ƒ†•‡…–‘”•™Š‡”‡–Š‡›™‘”ǡ ˆ‘” ‹•–ƒ…‡ ™Š‡–Š‡” ‹–ǯ• ‹ ’—„Ž‹… ƒ……‘—–‹‰ǡ ‹†—•–”›ǡ ‹–‡”ƒŽ ƒ—†‹– ‡–…ǡ ‹ ‘”†‡” –‘ –ƒ‹Ž‘” –Š‡‹”…‘—”•‡•ƒ……‘”†‹‰Ž›ǫ Because  we  are  not  training  accountants  we  do  not   have  students  entering  the  programme  looking  to   ‰‘‹–‘ƒ……‘—–‹‰•’‡…‹ϐ‹……ƒ”‡‡”•ȋ„‘‘‡‡’‹‰ǡ ƒ—†‹–‹‰ǡ–ƒšƒ–‹‘ǤǤǤȌ 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.    


CAREER DEVELOPMENT

For instance,   traditionally   the   students   in   the   Dubai   EMBA   programme   generally   prefer   the   managerial  accounting  material,  while  the  London   •–—†‡–•’”‡ˆ‡”ϐ‹ƒ…‹ƒŽ•–ƒ–‡‡–ƒƒŽ›•‹•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   –‘ ”‡ϐŽ‡…– –Š‡•‡ †‹ˆˆ‡”‡– ’”‡ˆ‡”‡…‡•Ǥ   ‹ƒŽŽ›ǡ differences   in   the   work   experience   and   interest   of   the   students   across   classes   and   programmes   ‡ˆˆ‡…–• –Š‡ …Žƒ••”‘‘ ‡š’‡”‹‡…‡Ǥ ‡…ƒ—•‡ –Š‡ classes   are   interactive   we   are   able   to   adjust   the   Ž‡…–—”‡•–‘‡‡–•–—†‡–†‡ƒ†Ǥ ‘”‡šƒ’Ž‡ǡ‹ˆ students  want  to  spend  more  time  discussing  the   potential   changes   to   revenue   recognition   we   are   ƒ„Ž‡–‘†‘–Šƒ–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   ‘’’‘”–—‹–‹‡• –Šƒ– ‡š‹•– ›‘— ϐ‹”•– ‡‡† –‘ „‡ ƒ™ƒ”‡ ‘ˆ –Š‘•‡ ‘’’‘”–—‹–‹‡•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   ’”‘ˆ‡••‹‘‹•Š‡ƒ†‹‰Ǥ Once  you  understand  what  the  current  and  future   opportunities   are,   the   next   challenge   is   how   to   …‘˜‡›–Š‹•–‘–Š‡•–—†‡–•ǤŠ‹Ž‡›‘—…ƒ•‹’Ž› –‡ŽŽ–Š‡•–—†‡–•ƒ„‘—––Š‡•‡‘’’‘”–—‹–‹‡•ǡ ϐ‹† that  it  is  much  more  effective  if  you  can  integrate   this   information   into   the   course   so   that   you   can   „‡––‡”•–‹—Žƒ–‡–Š‡‹”‹–‡”‡•–Ǥ I   achieve   this   in   a   variety   of   ways,   from   discussing   news   items   or   research   papers,   to   calling   on   students   who   have   work   experience   ‹ ƒ ”‡Žƒ–‡† ϐ‹‡Ž†ǡ –‘ ‘……ƒ•‹‘ƒŽŽ› —•‹‰ ‰—‡•– Ž‡…–—”‡”•ˆ”‘‹†—•–”›Ǥ ‡ƒ…Š…ƒ•‡–Š‡‰‘ƒŽ‹• 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,   ƒ†™Š‡”‡–Š‡‡š–‘’’‘”–—‹–›‹‰Š–ƒ”‹•‡Ǥ Most   of   your   executive   master   programmes   require   work   experience   from   prospective   •–—†‡–•ǤŠƒ–‹†‘ˆ’”‘ϐ‹Ž‡‹•ƒ••—•‹‡•• School  looking  for? In   addition   to   good   academic   credentials,   we   require  students  to  have  at  least  4-­‐5  years  of  good   “—ƒŽ‹–› „—•‹‡•• ‡š’‡”‹‡…‡Ǥ Š‹• ™‘—Ž† ‹˜‘Ž˜‡ evidence  of  professional  practice,  and  some  client   ƒ†Ȁ‘”’‡‘’Ž‡ƒƒ‰‡‡–‡š’‡”‹‡…‡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   ‘ˆ •‘‡ …‘”‡  –‘’‹…•Ǥ —” ‹‹— ƒ‰‡ ‹• therefore   around   27,   the   median   typically   33-­‐34   (so   10   years   of   business   experience),   with   some   •–—†‡–•‹–Š‡‹”‹†–‘Žƒ–‡ͶͲ•Ǥ ƒ•• —•‹‡•• …Š‘‘Ž …Žƒ‹• –‘ Šƒ˜‡ ƒ †‹˜‡”•‡ 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   …‘•‘’‘Ž‹–ƒǤ‹‹Žƒ”Ž›‹—„ƒ‹ǡ–Š‡’”‘ˆ‡••‹‘ƒŽ ™‘”ˆ‘”…‡ ‹• †”ƒ™ ˆ”‘ ƒ…”‘•• –Š‡ ™‘”Ž†Ǥ ‘–Š London  and  Dubai  are  magnets  for  ambitious  young   people   looking   to   gain   both   academic   credentials   ƒ†‡š’‘•—”‡–‘‹–‡”ƒ–‹‘ƒŽ„—•‹‡••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   ‹–‡”ƒ–‹‘ƒŽŽ› ‘„‹Ž‡Ǥ –—†‡–• Š‡ƒ” ƒ„‘—– ƒ•• 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,   ƒ†–Š‹•‡••ƒ‰‡…‘‡•‘˜‡”˜‡”›…Ž‡ƒ”Ž›Ǥ 65


CAREER DEVELOPMENT

PATHWAY TO PROSPERITY ICAEW celebrates success of Middle East Students with momentous graduation ceremony...

T

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   Šƒ”–‡”‡† ……‘—–ƒ…› “—ƒŽ‹ϐ‹…ƒ–‹‘ǡ –Š‡ ǡ –Š‡ ‡”–‹ϐ‹…ƒ–‡ ‹ ‹ƒ…‡ǡ ……‘—–‹‰ ƒ† —•‹‡•• ȋ Ȍǡƒ†–Š‡‘”’‘”ƒ–‡ ‹ƒ…‡“—ƒŽ‹ϐ‹…ƒ–‹‘ȋ “ȌǤ The   awards   were   conferred   by   Regional   Director   ˆ‘”  ‹††Ž‡ ƒ•–ǡ ‡–‡” ‡›‘ǡ  ƒ† witnessed  by  Sheriff  of  the  City  of  London  Alderman   –Š‡ ‘‘—”ƒ„Ž‡ ‡ˆˆ”‡›˜ƒ•Ǥ (YHYLWYP]PSLNL ††”‡••‹‰ –Š‡ ‰”ƒ†—ƒ–‡•ǡ ‡–‡” ‡›‘ •ƒ‹†Ǣ Dz‡…‘‹‰ƒŠƒ”–‡”‡†……‘—–ƒ–…Šƒ‰‡†›Ž‹ˆ‡Ǥ – is  this  journey  you  are  now  taking  and  I  commend  you   ˆ‘”‹–Ǥ•ƒ Šƒ”–‡”‡†……‘—–ƒ–›‘—Šƒ˜‡ „‡…‘‡’ƒ”–‘ˆ–Š‡…Š‘•‡ˆ‡™Ȃ‹–‹•ƒ”ƒ”‡’”‹˜‹Ž‡‰‡Ǥdz “This   is   a   memorable   day   for   ICAEW   and   the   ‰”ƒ†—ƒ–‡•ǤŠ‡‹”‡ˆˆ‘”–ƒ††‡–‡”‹ƒ–‹‘Šƒ•’ƒ‹† ‘ˆˆǡƒ†–Š‡“—ƒŽ‹ϐ‹…ƒ–‹‘•–Šƒ––Š‡›Šƒ˜‡‘„–ƒ‹‡† ƒ”‡ ”‡…‘‰‹•‡† ƒ† ”‡•’‡…–‡† ƒ…”‘•• –Š‡ ™‘”Ž†Ǥ Š‡ –”ƒ‹‹‰ „‘–Š  ƒ†   ‰”ƒ†—ƒ–‡• Šƒ˜‡ —†‡”‰‘‡ ‹• ”‹‰‘”‘—• ƒ† –Š‡‹” “—ƒŽ‹ϐ‹…ƒ–‹‘• ”‡’”‡•‡– –Š‡ Š‹‰Š‡•– ’”‘ˆ‡••‹‘ƒŽ •–ƒ†ƒ”†•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.

Šƒ”–‡”‡†……‘—–ƒ–•‰Ž‘„ƒŽŽ›Ǥ –‹•–ƒŽ‡–‡†ƒ† hardworking people  like  this  that  are  set  to  become   the   Middle   East’s   next   generation   of   business   Ž‡ƒ†‡”•ǡdzŠ‡ƒ††‡†Ǥ 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   —–Š‘”‹•‡†”ƒ‹‹‰’Ž‘›‡”ȋȌǤ )\ZPULZZHUKÄUHUJLO\I Š‡   ’”‘‰”ƒ‡ǡ ™Š‹…Š ™ƒ• ϐ‹”•– Žƒ—…Š‡† in   2008   in   the   UK   as   a   stand-­‐alone   business   “—ƒŽ‹ϐ‹…ƒ–‹‘ǡ ’”‘˜‹†‡• ‡••‡–‹ƒŽ ‘™Ž‡†‰‡ ‹ –Š‡ ˆ—†ƒ‡–ƒŽ• ‘ˆ ϐ‹ƒ…‡ǡ ƒ……‘—–ƒ…› ƒ† business,   whilst   the   CFq   recognises   achievements   ‹…‘”’‘”ƒ–‡ϐ‹ƒ…‡ƒ––Š‡Š‹‰Š‡•–Ž‡˜‡ŽǤ “As   the   UAE   continues   to   cement   its   position   as   –Š‡ „—•‹‡•• ƒ† ϐ‹ƒ…‡ Š—„ ˆ‘” –Š‡ ‹††Ž‡ ƒ•– ’”‘ˆ‡••‹‘ƒŽ •‹ŽŽ• ƒ† “—ƒŽ‹ϐ‹…ƒ–‹‘• ™‹ŽŽ „‡…‘‡ ‡˜‡” ‘”‡ ‹’‘”–ƒ–Ǥ Š‹• ‹• ‡•’‡…‹ƒŽŽ› –”—‡ ‹ ϐ‹ƒ…‹ƒŽ•‡”˜‹…‡•ǡ™Š‹…Š‹•™Š›‹–‹•‰”‡ƒ–‡™•–Šƒ– more  people  in  the  region  are  choosing  to  train  as   …Šƒ”–‡”‡†ƒ……‘—–ƒ–•ǡdz‡–‡”•ƒ‹†Ǥ “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   “—ƒŽ‹ϐ‹…ƒ–‹‘•–‘†ƒ›ǡdzŠ‡ƒ††‡†Ǥ *  For  more  graduation  photos,  turn  to  ‘Business   Pictorial’  section


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CORPORATE TREASURY

TREASURE IN TREASURY Youโ€™ve 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...

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CROSS THE world โ€“ in every business sector and every industry โ€“ an understanding of treasury creates opportunities and possibilities. ยยŽย‹ยย‡ ย–ย”ยƒย†ย‹ย–ย‹ย‘ยยƒยŽ ย”ย‘ยŽย‡ย• ย‹ย ย„ย—ย•ย‹ยย‡ย•ย• ฯย‹ยยƒยย…ย‡วก ย–ย”ย‡ยƒย•ย—ย”ย› ยยƒยยƒย‰ย‡ยย‡ยย– ย‘ยˆยˆย‡ย”ย• ยย‘ย”ย‡ ย•ย…ย‘ย’ย‡ ยˆย‘ย” ยƒ ย”ย‡ย™ยƒย”ย†ย‹ยย‰ยƒยย†ย˜ยƒย”ย‹ย‡ย†ย…ยƒย”ย‡ย‡ย”วค ย–ย…ยƒยยƒยŽย•ย‘ยŠย‡ยŽย’ย’ย—ย– ย›ย‘ย—ย‘ยย–ยŠย‡ยˆยƒย•ย–วฆย–ย”ยƒย…ยยˆย‘ย”ย–ยŠย‡ยย‘ย•ย–ย•ย‡ยย‹ย‘ย”ย”ย‘ยŽย‡ย•ศ‚ ย’ย”ย‘ย˜ย‹ย†ย‡ย†ย›ย‘ย—ยŠยƒย˜ย‡ย–ยŠย‡ย”ย‹ย‰ยŠย–ย“ย—ยƒยŽย‹ฯย‹ย…ยƒย–ย‹ย‘ยย•วค (UH[[YHJ[P]LJOVPJL ยƒยย‡ย• ย‘ย…ยย›ย‡ย”วก ย‡ย˜ย‡ยŽย‘ย’ยย‡ยย– ย‹ย”ย‡ย…ย–ย‘ย” ยƒย– ย–ยŠย‡ ย‡ยšย’ยŽยƒย‹ยย•วฃ วฒยŠย‡ ยยƒย”ยย‡ย– ย‹ย• ย‹ยย…ย”ย‡ยƒย•ย‹ยย‰ยŽย› ยŽย‘ย‘ยย‹ยย‰ ยˆย‘ย” ย–ยŠย‡ วฎวฆย•ยŠยƒย’ย‡ย†วฏ ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ศ‚ ย•ย‘ยย‡ย‘ยย‡ ย™ย‹ย–ยŠ ย†ย‡ย’ย–ยŠ ย‹ย ยƒ ย•ย’ย‡ย…ย‹ยƒยŽย‹ย•ยวก ยƒย• ย™ย‡ยŽยŽ ยƒย• ย„ย”ย‘ยƒย† ยƒย…ย…ย‘ย—ยย–ย‹ยย‰ ยƒยย† ยˆย‹ยยƒยย…ย‡ ย•ยย‹ยŽยŽย•วข ยƒยย† ย…ย‘ย”ย’ย‘ย”ยƒย–ย‡ ย–ย”ย‡ยƒย•ย—ย”ย› ย…ยƒยย„ย‡ยƒยยƒย–ย–ย”ยƒย…ย–ย‹ย˜ย‡ย…ยŠย‘ย‹ย…ย‡วคย‹ยย‡ยƒย…ย…ย‘ย—ยย–ยƒยย…ย›วก ย–ยŠย‡ย”ย‡ ย‹ย• ยƒ ยŠย‡ยƒย˜ย› ย–ย‡ย…ยŠยย‹ย…ยƒยŽ ย…ย‘ยย–ย‡ยย– ย–ย‘ ย–ย”ย‡ยƒย•ย—ย”ย› ย“ย—ยƒยŽย‹ยˆย‹ย…ยƒย–ย‹ย‘ยย•วกยƒยย†ย–ย”ย‡ยƒย•ย—ย”ย›ย–ย‡ยƒย…ยŠย‡ย•ย–ย‡ย…ยŠยย‹ย“ย—ย‡ย• ย–ย‘ ย‡ย˜ยƒยŽย—ยƒย–ย‡ ยƒยย† ยยƒยยƒย‰ย‡ ย‡ยšย’ย‡ย…ย–ยƒย–ย‹ย‘ยย• ย‘ยˆ ย”ย‹ย•ย ยƒยย† ย”ย‡ย™ยƒย”ย†วก ยˆย‹ยยƒยย…ย‹ยƒยŽ ยƒยย† ยย‘ย ยˆย‹ยยƒยย…ย‹ยƒยŽวก ย‹ยย–ย‡ย”ยยƒยŽ ยƒยย† ย‡ยšย–ย‡ย”ยยƒยŽวค ย”ย‡ยƒย•ย—ย”ย› ย“ย—ยƒยŽย‹ยˆย‹ย…ยƒย–ย‹ย‘ยย• ยŠย‡ยŽย’ ยƒย…ย…ย‘ย—ยย–ยƒยย–ย• ย„ย‡ย…ย‘ยย‡ ยย‘ย”ย‡ ย‡ยˆยˆย‡ย…ย–ย‹ย˜ย‡วก ยƒยย† ย–ย‡ยƒย…ยŠย•ยย‹ยŽยŽย•ย‹ยยยƒยยƒย‰ย‹ยย‰ย‡ยšย–ย‡ย”ยยƒยŽย•ย–ยƒยย‡ยŠย‘ยŽย†ย‡ย”ย• ย–ยŠยƒย–ยƒย”ย‡ย˜ย‹ย–ยƒยŽย‹ยย–ยŠย‡ ย”ย‘ยŽย‡วควณ ยŠย‡ย ย‹ย– ย…ย‘ยย‡ย• ย–ย‘ ย–ย”ย‡ยƒย•ย—ย”ย› ย“ย—ยƒยŽย‹ฯย‹ย…ยƒย–ย‹ย‘ยย•วก ย–ยŠย‡ย”ย‡วฏย•ย”ย‡ยƒยŽยŽย›ย‘ยยŽย›ย‘ยย‡ย…ยŠย‘ย‹ย…ย‡ย–ย‘ยยƒยย‡วคยŠย‡

Treasury qualifications help accountants become more effective, and teach skills in managing external stakeholders that are vital in the CFO role.

68 March 2013

ย‹ย• ย–ยŠย‡ ย‘ยยŽย› ย…ยŠยƒย”ย–ย‡ย”ย‡ย† ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ย„ย‘ย†ย› ยˆย‘ย” ย‹ยย–ย‡ย”ยยƒย–ย‹ย‘ยยƒยŽ ย–ย”ย‡ยƒย•ย—ย”ย› ยƒยย† ย–ยŠย‡ ย„ย‡ยย…ยŠยยƒย”ย ยˆย‘ย” ย–ย”ย‡ยƒย•ย—ย”ย› ย‡ยšย…ย‡ยŽยŽย‡ยย…ย‡วก ย™ย‹ย–ยŠ ย–ยŠย‡ ย™ย‹ย†ย‡ย•ย– ย•ย…ย‘ย’ย‡ ย‘ยˆ ย„ย‡ยย…ยŠยยƒย”ยย“ย—ยƒยŽย‹ฯย‹ย…ยƒย–ย‹ย‘ยย•ยˆย‘ย”ย–ยŠย‘ย•ย‡ย™ย‘ย”ยย‹ยย‰ย‹ย ย–ย”ย‡ยƒย•ย—ย”ย›วก ย”ย‹ย•ย ยƒยย† ย…ย‘ย”ย’ย‘ย”ยƒย–ย‡ ฯย‹ยยƒยย…ย‡วค ย‡ ย‘ยˆยˆย‡ย” ฯยŽย‡ยšย‹ย„ยŽย‡ย†ย‹ย•ย–ยƒยย…ย‡ยŽย‡ยƒย”ยย‹ยย‰วกย…ย‘ยย„ย‹ยย‡ย†ย™ย‹ย–ยŠยˆยƒย…ย‡วฆ ย–ย‘วฆยˆยƒย…ย‡ย–ย‡ยƒย…ยŠย‹ยย‰วค 9HWPKJOHUNLPUTHYRL[Z  ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ย“ย—ยƒยŽย‹ยˆย‹ย…ยƒย–ย‹ย‘ยย• ย†ย‘ยวฏย– ยŒย—ย•ย– ย‰ย‹ย˜ย‡ ย›ย‘ย—ย–ยŠย‡ย‡ย•ย•ย‡ยย–ย‹ยƒยŽยยย‘ย™ยŽย‡ย†ย‰ย‡ยƒยย†ย…ย‘ยยˆย‹ย†ย‡ยย…ย‡ย–ย‘ ยยƒยย‡ย–ยŠย‡ย”ย‹ย‰ยŠย–ย†ย‡ย…ย‹ย•ย‹ย‘ยย•ยˆย‘ย”ย›ย‘ย—ย”ยˆย—ย–ย—ย”ย‡วคยŠย‡ย› ยƒยŽย•ย‘ ย†ย‡ยย‘ยย•ย–ย”ยƒย–ย‡ ย–ยŠยƒย– ย›ย‘ย— ยƒย”ย‡ ย…ย‘ยย’ย‡ย–ย‡ยย– ยƒยย† ย…ย‘ยยย‹ย–ย–ย‡ย†ย„ย‘ย–ยŠย–ย‘ย–ยŠย‡ย‹ยย†ย—ย•ย–ย”ย›ยƒยย†ย–ย‘ย›ย‘ย—ย”ย‘ย™ย ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ย†ย‡ย˜ย‡ยŽย‘ย’ยย‡ยย– ยƒยย† ย’ย‡ย”ยˆย‘ย”ยยƒยย…ย‡ ย™ยŠย‹ย…ยŠย‹ย•ย‡ย•ย•ย‡ยย–ย‹ยƒยŽย‹ยย–ยŠย‡ย–ย‘ย†ยƒย›วค ย• ยƒยย‡ย• ย‡ยšย’ยŽยƒย‹ยย•วฃ วฒ ย‹ย• ย•ย–ย‹ยŽยŽ ย†ย‡ย˜ย‡ยŽย‘ย’ย‹ยย‰ ย‹ย–ย• ย…ย‘ยยย‡ย”ย…ย‹ยƒยŽ ยƒยย† ฯย‹ยยƒยย…ย‹ยƒยŽ ยยƒย”ยย‡ย–ย•วค  ย– ยŠยƒย• ย–ยŠย‡ ย‘ย’ย’ย‘ย”ย–ย—ยย‹ย–ย› ย–ย‘ ย…ย”ย‡ยƒย–ย‡ ย„ย‡ย•ย– ย‹ย ย…ยŽยƒย•ย• ย™ยŠย‹ยŽย‡ ยƒย˜ย‘ย‹ย†ย‹ยย‰ ย–ยŠย‡ ยย‹ย•ย–ยƒยย‡ย• ย‘ยˆ ย‘ย–ยŠย‡ย”ย•วก ย„ย—ย– ยƒย‰ยƒย‹ยย•ย– ยƒ ย„ยƒย…ยย†ย”ย‘ย’ ย‘ยˆ ย”ยƒย’ย‹ย† ย…ยŠยƒยย‰ย‡ ย‹ย ฯย‹ยยƒยย…ย‹ยƒยŽ ยƒยย† ย…ย‘ยยย‡ย”ย…ย‹ยƒยŽยยƒย”ยย‡ย–ย•วกย‘ย—ย–ย•ย‹ย†ย‡ย–ยŠย‡ย‡ยšย’ย‡ย”ย‹ย‡ยย…ย‡ย‘ยˆ ยยƒยย›ย‘ยˆย–ย‘ย†ยƒย›วฏย•ยยƒยยƒย‰ย‡ย”ย•วควณ ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ย“ย—ยƒยŽย‹ยˆย‹ย…ยƒย–ย‹ย‘ยย• ยŠย‡ยŽย’ ย’ย‡ย‘ย’ยŽย‡ ย–ย‘ ย–ยƒยย‡ ย„ย—ย•ย‹ยย‡ย•ย• ย†ย‡ย…ย‹ย•ย‹ย‘ยย• ย‹ย ยย‡ย™ ย‘ย” ย…ยŠยƒยย‰ย‡ย† ย…ย‹ย”ย…ย—ยย•ย–ยƒยย…ย‡ย•วข ย–ยŠย‡ย› ย–ย‡ยƒย…ยŠ ย’ย‘ย”ย–ยƒย„ยŽย‡ ย•ยย‹ยŽยŽย• ย–ยŠยƒย–ย…ยƒยย„ย‡ย—ย•ย‡ย†ย‹ยยƒย˜ยƒย”ย‹ย‡ย–ย›ย‘ยˆย•ย…ย‡ยยƒย”ย‹ย‘ย•วขยƒยย† ย–ยŠย‡ย› ย‡ยยƒย„ยŽย‡ ย‡ยย’ยŽย‘ย›ย‡ย”ย• ย–ย‘ ย„ย‡ยย…ยŠยยƒย”ย ย„ย‘ย–ยŠ ย‡ยšย‹ย•ย–ย‹ยย‰ ย‡ยย’ยŽย‘ย›ย‡ย‡ย• ยƒยย† ยย‡ย™ ยŠย‹ย”ย‡ย• ยƒย‰ยƒย‹ยย•ย– ยƒ ย…ย‘ย”ย‡ย•ยย‹ยŽยŽย•ย‡ย–วค วฒย”ย‡ยƒย•ย—ย”ย› ยƒย…ย–ย‹ย˜ย‹ย– ย› ย‹ย• ย•ย‡ย‡ย ยƒย• ย‹ยย…ย”ย‡ยƒย•ย‹ยย‰ยŽย› ย‹ยย’ย‘ย”ย–ยƒยย– ยƒย…ย”ย‘ย•ย• ยƒยŽยŽ ย…ย‘ยย’ยƒยย‹ย‡ย• ศ‚ ย‹ย”ย”ย‡ย•ย’ย‡ย…ย–ย‹ย˜ย‡ ย‘ยˆ ย™ยŠย‡ย–ยŠย‡ย” ย–ยŠย‡ย› ยŠยƒย˜ย‡ ยƒ ยˆย‘ย”ยยƒยŽ ย–ย”ย‡ยƒย•ย—ย”ย‡ย” ย‘ย” ย–ย”ย‡ยƒย•ย—ย”ย› ย†ย‡ย’ยƒย”ย–ยย‡ยย–วก ยƒยย† ย–ย”ย‡ยƒย•ย—ย”ย› ย“ย—ยƒยŽย‹ยˆย‹ย…ยƒย–ย‹ย‘ยย• ยƒย”ย‡ ย‹ยย…ย”ย‡ยƒย•ย‹ยย‰ยŽย› ย•ย‡ย‡ย ยƒย• ย˜ย‹ย–ยƒยŽ ย„ย‘ย–ยŠ ย‹ย ย‡ยยƒย„ยŽย‹ยย‰ ย…ย‘ยย’ยƒยย‹ย‡ย• ย–ย‘ ย’ย—ย”ย…ยŠยƒย•ย‡ ยˆย‹ยยƒยย…ย‹ยƒยŽ ย’ย”ย‘ย†ย—ย…ย–ย• ยƒยย† ย•ย‘ยŽย—ย–ย‹ย‘ยย• ย•ยƒยˆย‡ยŽย› ยƒยย† ย‡ยˆยˆย‹ย…ย‹ย‡ยย–ยŽย›วก ยƒยย† ย„ยƒยยย• ย–ย‘ ย•ย‡ยŽยŽ ย–ยŠย‡ยวกวณ ยƒยย‡ย•ย•ยƒย›ย•วค


CORPORATE TREASURY

;OLร„UHUJPHSJ`JSL  ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ย“ย—ยƒยŽย‹ฯย‹ย…ยƒย–ย‹ย‘ยย• ยƒย”ย‡ ย”ย‡ยŽย‡ย˜ยƒยย– ย–ย‘ ย–ยŠย‡ ย…ยŠยƒยย‰ย‹ยย‰ ยย‡ย‡ย†ย• ย‘ยˆ ย–ย”ย‡ยƒย•ย—ย”ย›วก ย”ย‹ย•ย ยƒยย† ย…ย‘ย”ย’ย‘ย”ยƒย–ย‡ ฯย‹ยยƒยย…ย‡ ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽย•วก ยƒยย† ย…ยƒย ย„ย‡ ยƒย…ย“ย—ย‹ย”ย‡ย† ย™ย‹ย–ยŠย‘ย—ย– ยŽย‡ยƒย˜ย‹ยย‰ ย›ย‘ย—ย” ยŒย‘ย„ ย‘ย” ย‹ยย–ย‡ย”ย”ย—ย’ย–ย‹ยย‰ ย›ย‘ย—ย” ย…ยƒย”ย‡ย‡ย”วก ยˆย”ย‘ย ยƒยย›ย™ยŠย‡ย”ย‡ ย‹ย ย–ยŠย‡ ย™ย‘ย”ยŽย† ศ‚ ยƒ ยˆยƒย…ย–ย‘ย” ย–ยŠยƒย– ย™ยƒย• ย˜ย‡ย”ย› ย‹ยย’ย‘ย”ย–ยƒยย– ย–ย‘ยŽย‹ยŠย‡ย‹ยยŠวกย’ย‡ย”ยƒย–ย‹ย‘ยย•ยƒยยƒย‰ย‡ย”ยˆย‘ย”ยƒย›ยย‡ยย– ย‡ย”ย˜ย‹ย…ย‡ย•ยƒย– ย‹ย†ย†ยŽย‡ยƒย•ย–วค ยย„ย‹ย–ย‹ย‘ย—ย• ยˆย‘ย” ย•ย—ย…ย…ย‡ย•ย•วก ยŽย‹ ยŠย‡ย‹ยยŠ ย™ยƒย• ยƒยŽย™ยƒย›ย• ยŽย‘ย‘ยย‹ยย‰ ยƒย– ย™ยƒย›ย• ย–ย‘ ย†ย‡ย˜ย‡ยŽย‘ย’ ยŠย‹ยย•ย‡ยŽยˆ ยƒยย† ยŠย‹ย• ย…ย‘ยย–ย”ย‹ย„ย—ย–ย‹ย‘ยย–ย‘ยŠย‹ย•ย‘ย”ย‰ยƒยย‹ย•ยƒย–ย‹ย‘ยวกย™ย‹ย–ยŠย‘ย—ย–ย–ยƒยย‹ยย‰ ยƒ ย…ยƒย”ย‡ย‡ย” ย„ย”ย‡ยƒยวค ยŽย‹ ยˆย‘ย—ยย† ย–ยŠย‡ ยƒยย•ย™ย‡ย” ย‹ย ย‘ยย‡ ย‘ยˆ วฏย•ยย‘ย•ย–ย’ย‘ย’ย—ยŽยƒย”ย“ย—ยƒยŽย‹ฯย‹ย…ยƒย–ย‹ย‘ยย•ศ„ย‡ย”ย– วฃ วฒ ย–ย‹ย•ย•ย‘ยย‡ย–ย‹ยย‡ย•ย‡ยƒย•ย›ย–ย‘ยŠยƒย˜ย‡ย–ย‘ย‘ยย—ย…ยŠย‘ยˆยƒวฎยย‹ย…ย”ย‘วฏ ย’ย‡ย”ย•ย’ย‡ย…ย–ย‹ย˜ย‡ย‘ยˆย–ย”ย‡ยƒย•ย—ย”ย›ยˆย”ย‘ยยƒยย‹ยย–ย‡ย”ยยƒยŽย„ยƒยยย‹ยย‰ ย˜ย‹ย‡ย™วค ย‡ย”ย–  ยŠยƒย• ย’ย”ย‘ย˜ย‹ย†ย‡ย† ยย‡ ย™ย‹ย–ยŠ ยƒ ยย—ย…ยŠ ย‰ย”ย‡ยƒย–ย‡ย” ยƒย™ยƒย”ย‡ยย‡ย•ย• ย‘ยˆ ย™ยŠยƒย– ย‹ย• ยŠยƒย’ย’ย‡ยย‹ยย‰ ย‘ย ย–ยŠย‡ ย‘ย—ย–ย•ย‹ย†ย‡วคย•ย™ย‡ยƒย”ย‡ย‹ยยƒย†ย‡ย˜ย‡ยŽย‘ย’ย‹ยย‰ย’ยƒย”ย–ย‘ยˆย–ยŠย‡ย‰ยŽย‘ย„ย‡วก ย–ยŠย‡ย”ย‡ย‹ย•ยƒย‰ย”ย‡ยƒย–ย‡ย”ย•ย’ย‘ย–ยŽย‹ย‰ยŠย–ย‘ยยŠย‘ย™ย–ยŠย‡ย‹ย†ย†ยŽย‡ยƒย•ย– ย™ย‹ยŽยŽย‰ย”ย‘ย™ยƒยย†ยŽย‡ยƒย”ยยˆย”ย‘ยย–ยŠย‡ย…ยŠยƒยŽยŽย‡ยย‰ย‡ย•ยˆยƒย…ย‡ย†ย‹ย ย‘ย–ยŠย‡ย” ย’ยƒย”ย–ย• ย‘ยˆ ย–ยŠย‡ ย™ย‘ย”ยŽย†วค ย‡ย‹ยย‰ ยƒย  ย“ย—ยƒยŽย‹ฯย‹ย‡ย† ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽ ย‰ย‹ย˜ย‡ย• ย›ย‘ย— ย‰ย”ย‡ยƒย–ย‡ย” ย…ยŽยƒย”ย‹ย–ย› ย‘ย ยƒยŽยŽ ยƒย•ย’ย‡ย…ย–ย•ย‘ยˆย–ยŠย‡ฯย‹ยยƒยย…ย‹ยƒยŽย…ย›ย…ยŽย‡วกวณยŠย‡ย•ยƒย›ย•วค :LJ\YPUNHWHZZ ยŽย‹ ยŠย‡ย‹ยยŠ ยย‘ย˜ย‡ย† ยŠย‹ย• ย…ยƒย”ย‡ย‡ย” ย—ย’ ยƒ ย‰ย‡ยƒย” ย„ย› ย„ย‡ย…ย‘ยย‹ยย‰ ย‡ย”ย–  ย“ย—ยƒยŽย‹ฯย‹ย‡ย†วค ย‡ย”ย–  ย‹ย• ย…ย‘ยย•ย‹ย†ย‡ย”ย‡ย† ย–ยŠย‡ ย‡ย•ย•ย‡ยย–ย‹ยƒยŽ ย“ย—ยƒยŽย‹ฯย‹ย…ยƒย–ย‹ย‘ย ย–ย‘ ยƒย†ย˜ยƒยย…ย‡ ยƒ ย…ยƒย”ย‡ย‡ย” ย‹ย ย–ย”ย‡ยƒย•ย—ย”ย› ศ‚ ยŠย‡ยŽย’ย‹ยย‰ ย›ย‘ย— ย–ย‘ ย†ย‡ย˜ย‡ยŽย‘ย’ ย›ย‘ย—ย” ย—ยย†ย‡ย”ย•ย–ยƒยย†ย‹ยย‰ ย‘ยˆ ย–ยŠย‡ ย™ย‹ย†ย‡ย” ย…ย‘ยย–ย‡ยšย– ย‘ยˆ ย–ย”ย‡ยƒย•ย—ย”ย› ยƒยย† ยยƒยย‹ยย‰ ย›ย‘ย— ยย‘ย”ย‡ ยƒย–ย–ย”ยƒย…ย–ย‹ย˜ย‡ ย–ย‘ ย‡ยย’ยŽย‘ย›ย‡ย”ย• ยƒย• ยƒ ย†ย‹ย˜ย‡ย”ย•ย‡ ย“ย—ยƒยŽย‹ฯย‹ย‡ย† ฯย‹ยยƒยย…ย‡ย•ย’ย‡ย…ย‹ยƒยŽย‹ย•ย–วค ย‡ย”ย–  ย‹ยย–ย”ย‘ย†ย—ย…ย‡ย• ย–ยŠย‡ ยŽยƒยย‰ย—ยƒย‰ย‡ ยƒยย† ย…ย‘ย”ย‡ ย–ย‡ย…ยŠยย‹ย…ยƒยŽ ย…ย‘ยย…ย‡ย’ย–ย• ย‘ยˆ ย–ย”ย‡ยƒย•ย—ย”ย›วก ย‹ยย–ย‡ย‰ย”ยƒย–ย‹ยย‰ ย–ยŠย‡ย ย‹ย ยƒ ย™ยƒย› ย–ยŠยƒย– ย‹ย• ย”ย‡ยŽย‡ย˜ยƒยย– ยƒยย† ย’ย‘ย”ย–ยƒย„ยŽย‡ ย„ย‡ย–ย™ย‡ย‡ย ย”ย‘ยŽย‡ย•วก ย‘ย”ย‰ยƒยย‹ย•ยƒย–ย‹ย‘ยย• ยƒยย† ยŽย‘ย…ยƒย–ย‹ย‘ยย• ย™ย‘ย”ยŽย†ย™ย‹ย†ย‡วค ย– ยƒยŽย•ย‘ ย‘ยˆยˆย‡ย”ย• ย–ยŠย‡ ย„ย‡ยย‡ยˆย‹ย– ย‘ยˆ ยˆยƒย…ย‡วฆ ย–ย‘วฆยˆยƒย…ย‡ ย–ย‡ยƒย…ยŠย‹ยย‰ ย‹ย ย—ย„ยƒย‹ ย–ยŠย”ย‘ย—ย‰ยŠ ยŠย‘ย‡ยย‹ยš ย‹ยยƒยย…ย‹ยƒยŽ ย”ยƒย‹ยย‹ยย‰วก ยƒยŽยŽย‘ย™ย‹ยย‰ ย›ย‘ย— ย–ย‘ ยย‡ย‡ย’ ย›ย‘ย—ย” ยŽย‡ยƒย”ยย‹ยย‰ ยƒย…ย–ย‹ย˜ย‡ ยƒยย† ย‹ยย…ย”ย‡ยƒย•ย‡ ย›ย‘ย—ย” ย…ยŠยƒยย…ย‡ ย‘ยˆ ย‡ยšยƒยย•ย—ย…ย…ย‡ย•ย•วค ยƒย˜ย‹ย†ยŠย‘ยยƒย•ย‘ยวกยƒยยƒย‰ย‹ยย‰ย‹ย”ย‡ย…ย–ย‘ย”วกยŠย‘ย‡ยย‹ยš ย‹ยยƒยย…ย‹ยƒยŽ ย”ยƒย‹ยย‹ยย‰วก ย‡ยšย’ยŽยƒย‹ยย• ย–ยŠย‡ ย‹ยย’ย‘ย”ย–ยƒยย…ย‡ ย‘ยˆ ย•ย—ย’ย’ย‘ย”ย–ย‹ยย‰ ย†ย‹ย•ย–ยƒยย…ย‡ ยŽย‡ยƒย”ยย‹ยย‰ ย™ย‹ย–ยŠ ยˆยƒย…ย‡วฆย–ย‘วฆ ยˆยƒย…ย‡ย–ย‡ยƒย…ยŠย‹ยย‰วฃ วฒยŠย‡  ยŠยƒย• ยƒยŽย™ยƒย›ย• ย•ย’ย‡ย…ย‹ยƒยŽย‹ย•ย‡ย† ย‹ย ย†ย‹ย•ย–ยƒยย…ย‡ ยŽย‡ยƒย”ยย‹ยย‰วก ยƒยย† ย‹ย–ย• ยƒย‹ย ย‹ย• ย–ยŠยƒย– ย–ยŠย‡ ย…ย‘ย”ย‡ ย’ยƒย…ยยƒย‰ย‡ ย‘ยˆย”ย‡ย•ย‘ย—ย”ย…ย‡ย•วกย†ย‡ยŽย‹ย˜ย‡ย”ย‡ย†ย”ย‡ยย‘ย–ย‡ยŽย›วกย•ยŠย‘ย—ยŽย†ย‡ยยƒย„ยŽย‡ ย–ยŠย‡ ย•ย–ย—ย†ย‡ยย– ย–ย‘ ย’ยƒย•ย• ย–ยŠย‡ ย‡ยšยƒยวค  ย‘ย™ย‡ย˜ย‡ย” ยยƒยย›

ย•ย–ย—ย†ย‡ยย–ย• ยย‡ย‡ย† ยย‘ย”ย‡ ย•ย—ย’ย’ย‘ย”ย– ศ‚ ย–ยŠย‡ย› ยยƒย› ยŽย‡ยƒย”ย ย„ย‡ย–ย–ย‡ย” ยˆยƒย…ย‡วฆย–ย‘วฆยˆยƒย…ย‡วก ย–ยŠย‡ย› ยยƒย› ยย‡ย‡ย† ยƒ ย†ย‡ย†ย‹ย…ยƒย–ย‡ย† ย–ย‹ยย‡ย•ยŽย‘ย–ย‘ย”ย•ย…ยŠย‡ย†ย—ยŽย‡ย‹ยย™ยŠย‹ย…ยŠย–ย‘ย•ย–ย—ย†ย›วกย–ยŠย‡ย›ยยƒย› ย•ย‹ยย’ยŽย› ย™ยƒยย– ย–ย‘ ยย‡ย–ย™ย‘ย”ย ย™ย‹ย–ยŠ ย‘ย–ยŠย‡ย” ย•ย–ย—ย†ย‡ยย–ย•วค ยย”ย‘ยŽยŽย‹ยย‰ ย‘ย ย–ยŠย‡ ย–ย—ย‹ย–ย‹ย‘ย ย’ย”ย‘ย‰ย”ยƒยยย‡ ย†ย‡ยŽย‹ย˜ย‡ย”ย‡ย† ย„ย›ยŠย‘ย‡ยย‹ยš ย‹ยยƒยย…ย‹ยƒยŽย”ยƒย‹ยย‹ยย‰ย‡ยยƒย„ยŽย‡ย•ย•ย–ย—ย†ย‡ยย–ย• ย–ย‘ย–ยƒยย‡ยƒย†ย˜ยƒยย–ยƒย‰ย‡ย‘ยˆยƒยŽยŽย‘ยˆย–ยŠย‡ย•ย‡วควณ

CREATING AN EDGE: A career in treasury has much to offer in todayโ€™s 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

(Z[YH[LNPJ]PL^ ยย‘ย–ยŠย‡ย”ย‡ย”ย– ย‰ย”ยƒย†ย—ยƒย–ย‡ยƒยย†ยŠย‘ย‡ยย‹ยšย•ย–ย—ย†ย‡ยย–วก ยƒยŒยƒย ยŽวฆย„ย†ย—ยŽยŽยƒย–ย‹ยˆวก ย‹ยยƒยย…ย‹ยƒยŽ ย‘ยย–ย”ย‘ยŽยŽย‡ย”วก ย‘ย™ยย•ย–ย”ย‡ยƒย ยƒย– ยŠย‡ยŽยŽ ยƒย”ยย‡ย–ย• ย‹ย†ย†ยŽย‡ ยƒย•ย–วก ย‹ย• ย…ยŽย‡ยƒย” ยƒย„ย‘ย—ย– ย™ยŠย› ย•ยŠย‡ ยˆย‡ยŽย– ย–ยŠย‡ ย“ย—ยƒยŽย‹ฯย‹ย…ยƒย–ย‹ย‘ย ย™ยƒย• ย”ย‹ย‰ยŠย–ยˆย‘ย”ยŠย‡ย”ย…ยƒย”ย‡ย‡ย”วกยƒยย†ยŠย‘ย™ย‹ย–ยŠยƒย•ยŠย‡ยŽย’ย‡ย†ยŠย‡ย”วฃ วฒ  ย™ยƒย• ย™ย‘ย”ยย‹ยย‰ ยƒย• ยƒ ย”ย‡ยƒย•ย—ย”ย› ฦฌ ยƒยยƒย‰ย‡ยย‡ยย–

ยยˆย‘ย”ยยƒย–ย‹ย‘ยยƒยยƒย‰ย‡ย”ย™ยŠย‡ยยƒย…ย‘ยŽยŽย‡ยƒย‰ย—ย‡ย–ย‘ยŽย†ยย‡ ยƒย„ย‘ย—ย– ย–ยŠย‡ วค ยŠย‡ย  ย‡ยšย’ยŽย‘ย”ย‡ย† ย–ยŠย‡ ย‡ย”ย–  ย…ย‘ยย–ย‡ยย–  ย”ย‡ยƒยŽย‹ย•ย‡ย† ย–ยŠยƒย– ย‹ย– ย…ย‘ย˜ย‡ย”ย‡ย† ย–ยŠย‡ ย‡ยŽย‡ยย‡ยย–ย• ย–ยŠยƒย– ยˆย‡ยŽย–ย™ย‡ย”ย‡ยย‘ย•ย–ย”ย‡ยŽยƒย–ย‡ย†ย–ย‘ยย›ย™ย‘ย”ยยƒยย†ย‰ยƒย˜ย‡ ยย‡ ยƒ ย•ย–ย”ยƒย–ย‡ย‰ย‹ย… ย‘ย˜ย‡ย”ย˜ย‹ย‡ย™วค ยŠย‡ ย•ย–ย”ยƒย–ย‡ย‰ย‹ย… ยƒยย‰ยŽย‡ย• ยƒยย† ย–ยŠย‡ ย’ย”ยƒย…ย–ย‹ย…ยƒยŽ ย‡ยšยƒยย’ยŽย‡ย• ย™ย‡ย”ย‡ ย…ย‡ย”ย–ยƒย‹ยยŽย› ย–ยŠย‡ ยย‘ย•ย– ย—ย•ย‡ยˆย—ยŽวก ยƒยย† ย†ย‡ย•ย’ย‹ย–ย‡ ยŠยƒย˜ย‹ยย‰ ยย‘ย˜ย‡ย† ย‘ย ยˆย”ย‘ยยย›ย–ย”ย‡ยƒย•ย—ย”ย›ย”ย‘ยŽย‡วกย–ยŠย‡ย…ย‘ยย–ย‡ยย–ย•ย–ย‹ยŽยŽย’ย”ย‘ย˜ย‡ย• ย”ย‡ยŽย‡ย˜ยƒยย–วกฬถย•ยŠย‡ย•ยƒย›ย•วค ย• ย’ย”ย‘ยˆย‡ย•ย•ย‹ย‘ยยƒยŽย• ยŽย‹ยย‡ ยŽย‹ ยŠย‡ย‹ยยŠ ยƒยย† ยƒยŒยƒย ยŽวฆ ย„ย†ย—ยŽยŽยƒย–ย‹ยˆยŠยƒย˜ย‡ย†ย‹ย•ย…ย‘ย˜ย‡ย”ย‡ย†วกยƒย…ยƒย”ย‡ย‡ย”ย‹ยย–ย”ย‡ยƒย•ย—ย”ย› ยŠยƒย• ยย—ย…ยŠ ย–ย‘ ย‘ยˆยˆย‡ย” ย‹ย ย–ย‘ย†ยƒย›วฏย• ยˆยƒย•ย–วฆย’ยƒย…ย‡ย†วก ย‰ยŽย‘ย„ยƒยŽ ย„ย—ย•ย‹ยย‡ย•ย• ย‡ยย˜ย‹ย”ย‘ยยย‡ยย– ศ‚ ยƒยย† ย–ยŠย‡ ย“ย—ย‹ย…ยย‡ย•ย– ย™ยƒย› ย–ย‘ย‰ย‡ย–ย–ย‘ย™ยŠย‡ย”ย‡ย›ย‘ย—ย™ยƒยย–ย–ย‘ย„ย‡ย‹ยย–ย”ย‡ยƒย•ย—ย”ย›ย‹ย•ย„ย› ย‰ย‡ย–ย–ย‹ยย‰ย–ยŠย‡ย”ย‹ย‰ยŠย–ย–ย”ยƒย‹ยย‹ยย‰ยƒยย†ย“ย—ยƒยŽย‹ฯย‹ย…ยƒย–ย‹ย‘ยย•วค

ยˆ ย›ย‘ย— ย™ยƒยย– ย–ย‘ ฯ”ย‹ยย† ย‘ย—ย– ยย‘ย”ย‡ ยƒย„ย‘ย—ย–  ย“ย—ยƒยŽย‹ฯ”ย‹ย…ยƒย–ย‹ย‘ยย•วก ย‘ย” ย–ย‘ ย‡ยย”ย‘ยŽ ย‘ย ยƒ ย‡ย”ย–  ย…ย‘ย—ย”ย•ย‡วก ยŽย‡ยƒย•ย‡ ย˜ย‹ย•ย‹ย– ย™ย™ย™วคย–ย”ย‡ยƒย•ย—ย”ย‡ย”ย•วคย‘ย”ย‰ศ€ ย“ย—ยƒยŽฯ”ย‹ย…ยƒย–ย‹ย‘ยย•วคยŠย‡ย†ย‡ยƒย†ยŽย‹ยย‡ยˆย‘ย”ย‡ยย”ย‘ยŽยย‡ยย–ย• ย‹ย•อนอถยƒย”ย…ยŠยƒยย†อนอถย‡ย’ย–ย‡ยย„ย‡ย”วค

69


CREDIT MANAGEMENT

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   ’”‘„Ž‡•‹–Š‡ϐ‹”•–’Žƒ…‡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   ‘ ™Š‹…Š –‘ ƒ‡ “—ƒŽ‹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   ƒ†ƒ’–ƒ–‹‘ ‘ˆ –Š‡ …‘‡”…‹ƒŽ Žƒ™• –‘ ”‡ϐŽ‡…– –Š‡ 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  


CREDIT MANAGEMENT

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   •ƒŽƒ”‹‡• „—– „‡…ƒ—•‡ Š‹• …ƒ•Š ϐŽ‘™ ™ƒ• •‘ „ƒ† 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– ƒ‡ ƒ ’”‘ϐ‹–Ǩ Š‹• •‘”– ‘ˆ ‡šƒ’Ž‡ ‹• 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   ƒ† –Š‡‹” …ƒ•Š ϐŽ‘™ …‘’Ž‡–‡Ž› ‰‘‡Ǥ  Šƒ† ƒ 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[ Šƒ–ǯ• –Š‡ ’‘‹– ™Š‡”‡ ‡…‘Ž ȋ‡„– ‘ŽŽ‡…–‹‘•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   „‡”‡…‘˜‡”‡†‹‡†‹ƒ–‡Ž›ǤŠ‹•‹•‘–ƒŽ™ƒ›•–Š‡ case  as  we  don’t  know  what  we  will  have  to  deal   with  until  we  actually  work  on  t he  c ase.

 …ƒ‘– „‡ ƒ ϐŽ› ‘ –Š‡ ™ƒŽŽ –‘ ‘™ ™Šƒ– the intentions   are   of   the   debtor.   If   they   are   ‰‡—‹‡Ž›‹•‘‡ϐ‹ƒ…‹ƒŽ†‹ˆϐ‹…—Ž–›–Š‡›ƒ› „‡Š‘‡•–ƒ†•ƒ›•‘ǤŠ‡›™‹ŽŽƒŽ•‘‰‹˜‡•‘‡ realistic  t ime  f rame  for  a n  i mprovement  i n  t heir   …ƒ•Š ϐŽ‘™ ƒ† …‘‹–‡– –‘ •‡––Ž‡Ǥ Š‡”‡ are   many   that   will   say   just   about   anything   to   †‡Žƒ›ƒ•—…Šƒ•’‘••‹„Ž‡ǤŠ‡”‡ƒ”‡ƒŽ•‘ƒ› that   will   effectively   make   no   commitment   at   all   and   in   cases   will   deny   their   liabilities.   It   is   ‡••‡–‹ƒŽŽ› ƒ ‹‡ϐ‹‡Ž† ‘—– –Š‡”‡ ƒ† ‡˜‡”› day   we   are   shocked   with   the   type   of   work   we   receive   and   the   stories   we   hear   from   debtors   and  even  clients. Š‡”‡ ‹• ƒ •‹’Ž‡ ™ƒ› –‘ ˆ‘”—Žƒ–‡ ƒ ’”ƒ…–‹…ƒŽ policy   to   work   for   each   and   every   company   out   –Š‡”‡Ǥ Š‡ …‘’ƒ› ™‹ŽŽ Šƒ˜‡ –‘ –ƒ‡ ‘Ǧ„‘ƒ”† 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   …”‡†‹–ǤŠ‡”‡‹•‘’‘‹–•‡ŽŽ‹‰ƒ†–Š‡ϐ‹†‹‰ 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? ‡…‘Ž…ƒƒ••‹•–‹„—‹Ž†‹‰–Š‡’”‘…‡†—”‡„›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


TAX WATCH

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...

23%

PROPORTION OF AN EMPLOYEE’S SALARY THAT GOES TOWARDS ‘EMPLOYMENT TAX’

T

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   …‘’ƒ›ǡ ϐ‹”• ƒ† ‡’Ž‘›‡‡• •›‡”‰‹•‡ 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   ’”‡…ƒ”‹‘—•ϐ‹ƒ…‹ƒŽ’‘•‹–‹‘•ƒ†—‡’Ž‘›‡– problems,   high   employment   costs   are   now   undermining  the  job  creation  agenda.”


TAX WATCH

“Lower employment  costs  can  help  labour  market   ϐŽ‡š‹„‹Ž‹–› ƒ† ‡™ „—•‹‡•• …”‡ƒ–‹‘ǡ ™Š‹…Š …ƒ „‡ ˜‹–ƒŽ ‹ ’‡”‹‘†• ‘ˆ ‡…‘‘‹… †‹ˆϐ‹…—Ž–›Ǥ ƒ› ‘ˆ–Š‡•‘…‹ƒŽ•‡…—”‹–›•–”—…–—”‡•–Šƒ–‡š‹•––‘†ƒ› ™‡”‡’—–‹’Žƒ…‡†‡…ƒ†‡•ƒ‰‘ǡƒ†–Š‡’”‹…‹’Ž‡• „‡Š‹† –Š‡ Šƒ˜‡ǯ– „‡‡ –‘—…Š‡† ˆ‘” †‡…ƒ†‡•Ǥ ‘‡™‘—Ž†ƒ”‰—‡ǡ‡’Ž‘›‡–…‘•–•Šƒ˜‡„‡‡ ƒŽŽ‘™‡†–‘‰”‘™—…Š‡…‡†ƒ•ƒ”‡•—Ž–ǡdzŠ‡ƒ††‡†Ǥ )\YKLUMVYI\ZPULZZLZ Š‡ …‘—–”‹‡• ™‹–Š –Š‡ …‘•‹•–‡–Ž› Ž‘™‡•– ‡’Ž‘›‡–…‘•–•ƒ”‡’Žƒ…‡•Ž‹‡–Š‡ǡ‡ƒ”ǡ

†‹ƒǡƒ†ƒƒ†ƒǡ–Š‡•–—†›•Š‘™•Ǥ   ƒ††• –Šƒ– •‡˜‡ ‘ˆ –Š‡ –‡ …‘—–”‹‡• ™‹–Š –Š‡ Š‹‰Š‡•– ‡’Ž‘›‡– …‘•–• ˆ‘” Ž‘™ ‘” ‹††Ž‡ ‹…‘‡ ™‘”‡”• ƒ”‡ —”‘’‡ƒǤ  ƒ˜‡”ƒ‰‡ —”‘’‡ƒ ‡’Ž‘›‡” —•– ’ƒ› ƒ ‡š–”ƒ ̈́ͳ͹ǡͺ͸Ͳ ȋʹ͵ǤͺΨ ‘ˆ ‰”‘•• •ƒŽƒ”›Ȍ ‘ •ƒŽƒ”‹‡• ‘ˆ ̈́͹ͷǡͲͲͲ Ȃ ‡”‹…ƒ‡’Ž‘›‡”•Šƒ˜‡–‘’ƒ›ƒ‡š–”ƒ̈́͸ǡͳͺʹ ȋͺǤʹΨȌ ƒ† Š‹‡•‡ ‡’Ž‘›‡”• Šƒ˜‡ –‘ ’ƒ› ƒ ‡š–”ƒ̈́ͻǡʹ͸͵ȋͳʹǤͶΨȌǤ Dz‘™ –Šƒ– ’ƒ”–• ‘ˆ –Š‡ ™‘”Ž† Ȃ ’ƒ”–‹…—Žƒ”Ž› —”‘’‡ Ȃ ƒ”‡ •–”—‰‰Ž‹‰ ‡…‘‘‹…ƒŽŽ› ƒ† Šƒ˜‡ ‹…”‡ƒ•‹‰Ž› ‡Ž†‡”Ž› ’‘’—Žƒ–‹‘• ƒ† ˆ‡™‡” ™‘”‡”• …‘–”‹„—–‹‰ –‘ –Š‡ •‘…‹ƒŽ •‡…—”‹–› •›•–‡ǡ‡š‹•–‹‰•‘…‹ƒŽ•‡…—”‹–›•–”—…–—”‡•…‘—Ž† „‡…‘‡ ‡˜‡ ‘”‡ ‘ˆ ƒ „—”†‡ ˆ‘” „—•‹‡••‡•ǡdz ‘”ƒ•ƒ‹†Ǥ Dz‡ Šƒ˜‡ –Š‡ –‡””‹„Ž‡ •‹–—ƒ–‹‘ ™Š‡”‡ Š‹‰Š ‡’Ž‘›‡– …‘•–• ƒ› ƒ…–—ƒŽŽ› ’”‘Ž‘‰ –Š‡ —”‘’‡ƒ —‡’Ž‘›‡– …”‹•‹•Ǥ —•‹‡••‡• ‹ •‘‡ —”‘’‡ƒ …‘—–”‹‡• ™‹ŽŽ „‡ —™‹ŽŽ‹‰ –‘ –ƒ‡ ‘ ‡™ ™‘”‡”• ‘™‹‰ –Šƒ– –Š‡ •ƒŽƒ”› –Š‡›’ƒ›–Š‡™‘”‡”‹•ƒ…–—ƒŽŽ›Œ—•–ƒˆ”ƒ…–‹‘‘ˆ ™Šƒ––Šƒ–™‘”‡”™‹ŽŽƒ…–—ƒŽŽ›…‘•–ǡdzŠ‡ƒ††‡†Ǥ /\NLKPZWHYP[`IL[^LLUJV\U[YPLZ  •ƒ›•–Šƒ–ƒ˜‡”ƒ‰‡ ͹‡’Ž‘›‡”•Šƒ˜‡–‘’ƒ› ƒ‡š–”ƒ̈́͹ǡʹ͸͵ȋʹͶǤʹΨȌ‘–‘’‘ˆƒ‰”‘•••ƒŽƒ”› ‘ˆ̈́͵ͲǡͲͲͲǡƒ†ƒ‡š–”ƒ̈́͸ͳǡͲ͸͵ȋʹͲǤͶΨȌ‘–‘’ ‘ˆ•ƒŽƒ”‹‡•‘ˆ̈́͵ͲͲǡͲͲͲǤ ‘”ƒ˜‡”ƒ‰‡‡’Ž‘›‡”•‹  …‘—–”‹‡•ǡ–Š‡”‡•’‡…–‹˜‡‡’Ž‘›‡–…‘•–• ƒ”‡̈́ͺǡͶͺͺȋʹͺǤ͵ΨȌƒ†̈́ͷ͸ǡͷ͸ͷȋͳͺǤͻΨȌǤ

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.

 ƒ††•–Šƒ––Š‡”‡‹•ƒŠ—‰‡†‹•’ƒ”‹–›„‡–™‡‡ …‘—–”‹‡•™‹–Š–Š‡Š‹‰Š‡•–‡’Ž‘›‡–…‘•–•ƒ† –Š‘•‡™‹–Š–Š‡Ž‘™‡•–Ǥ’Ž‘›‡–…‘•–•ˆ‘”‰”‘•• •ƒŽƒ”‹‡• ‘ˆ ̈́͵ͲǡͲͲͲ ƒ”‡ ͳ͸ –‹‡• Š‹‰Š‡” ‹ –Š‡ …‘—–”‹‡•™‹–Š–Š‡Š‡ƒ˜‹‡•–„—”†‡–Šƒ–Š‡›ƒ”‡ ‹…‘—–”‹‡•™‹–Š–Š‡…Š‡ƒ’‡•–‡’Ž‘›‡–…‘•–•Ǥ ‘” •ƒŽƒ”‹‡• ‘ˆ ̈́͵ͲͲǡͲͲͲǡ ‡’Ž‘›‡– …‘•–• ‹ –Š‡ ‘•– ‡š’‡•‹˜‡ …‘—–”› Ȃ ”ƒœ‹Ž Ȃ ƒ”‡ ͶͲ –‹‡•Š‹‰Š‡”–Šƒ–Š‘•‡‹–Š‡…Š‡ƒ’‡•–…‘—–”›Ȃ ‡ƒ”Ǥ”ƒœ‹Ž‹ƒ‡’Ž‘›‡”•—•–’ƒ›ƒ‡š–”ƒ ̈́ͳ͹ʹǡ͸͸͹ ‘ –‘’ ‘ˆ ƒ ‰”‘•• •ƒŽƒ”› ‘ˆ ͉͵ͲͲǡͲͲͲ ȋͷ͹Ǥ͸Ψ‘ˆ‰”‘•••ƒŽƒ”›Ȍǡ™Š‹Ž‡ƒ‹•Š‡’Ž‘›‡”• —•–’ƒ›ƒ‡š–”ƒ̈́Ͷǡ͵͵ʹȋͳǤͶΨȌǤ DzŠ‹Ž‡ –Š‡ ‘•– ‡š’‡•‹˜‡ …‘—–”‹‡• ƒ”‡ –›’‹…ƒŽŽ› —”‘’‡ƒǡ ”ƒœ‹Ž ƒ…–—ƒŽŽ› Šƒ• –Š‡ Š‡ƒ˜‹‡•– ‡’Ž‘›‡– …‘•–• ‹ –Š‡ •–—†›Ǥ ”ƒœ‹Ž Šƒ• …‘•‹•–‡–Ž› Š‹‰Š ‡’Ž‘›‡– …‘•–• ˆ‘” ‡’Ž‘›‡‡• ƒ– ƒŽŽ •ƒŽƒ”› Ž‡˜‡Ž•ǡ ™‹–Š ‡’Ž‘›‡”• Šƒ˜‹‰ –‘ ”‡‰—Žƒ”Ž› ’ƒ› ‘—– ‘˜‡” ͷͲΨ ‘ˆ ƒ ‡’Ž‘›‡‡ǯ••ƒŽƒ”›‹‡š–”ƒ…‘•–•ǡdz ‘”ƒ•ƒ‹†Ǥ Dz”ƒœ‹Ž Šƒ• •ƒ…”‹ϐ‹…‡† Ž‘™ ‡’Ž‘›‡– …‘•–• ˆ‘” Ž‘™ ’‡”•‘ƒŽ –ƒš‡• ‘” ‹†‹”‡…– –ƒš‡•Ǥ Š‹• ‹‰Š– „‡ ƒ „‘‘•– ˆ‘” –Š‡ …‘•—‡” ‡…‘‘›ǡ „—– –Š‹• „ƒŽƒ…‡ …‘—Ž† Š—”– –Š‡ ‡™ „—•‹‡•• ƒ† Œ‘„ …”‡ƒ–‹‘–Šƒ–‹•‡‡†‡†–‘‡‡’‡…‘‘‹…‰”‘™–Š •—•–ƒ‹ƒ„Ž‡ǡdzŠ‡ƒ††‡†Ǥ ”‹… ƒ‹†‡”‰‘”ǡ ‹”‡…–‘” ‘ˆ   ‘”‡‹”ƒ ƒ† ‡„‡” ‘ˆ   ‹ ”ƒœ‹Žǡ •ƒ›•ǣ Dz”ƒœ‹Žǯ• ‡’Ž‘›‡– …‘•–• ƒ”‡ ‡š…‡’–‹‘ƒŽŽ› Š‹‰Šǡ ™Š‹…Š ™‹ŽŽ Š‘Ž† „ƒ… ‡™ „—•‹‡•• †‡˜‡Ž‘’‡– ƒ† Œ‘„ …”‡ƒ–‹‘ ƒ† …‘—Ž† ‡…‘—”ƒ‰‡ ‹ˆ‘”ƒŽ ‡’Ž‘›‡–ƒ””ƒ‰‡‡–•ǤŠ‹Ž‡†‹”‡…–’‡”•‘ƒŽ –ƒš‡• ƒ”‡ Ž‘™ǡ …‘’ƒ”‡† –‘ †‡˜‡Ž‘’‡† …‘—–”‹‡• ƒ† •ǡŠ‹‰Š‡’Ž‘›‡–…‘•–•ƒ”‡ƒ•‹‰‹ϐ‹…ƒ– Š—”†Ž‡–‘”ƒœ‹Žǯ•‡…‘‘‹…†‡˜‡Ž‘’‡–Ǥdz *Based on  a  gross  annual  salary  of  $30,000 73


INDUSTRY APPOINTMENTS

APPOINTMENTS If you have made a new appointment, promotion or have any relevant hiring news, please email the details and a photo to accountancy@cpidubai.com

Stuart Dunlop  has  been   appointed  t he  new   Regional  Director   for  Middle  E ast,   North  A frica   and  South  A sia   (MENASA),  for   ACCA  (the  A ssociation  of  C hartered   Â&#x2021;Â&#x201D;Â&#x2013;Â&#x2039;Ď?Â&#x2039;Â&#x2021;Â&#x2020;Â&#x2026;Â&#x2026;Â&#x2018;Â&#x2014;Â?Â&#x2013;Â&#x192;Â?Â&#x2013;Â&#x2022;Č&#x152;ǤÂ&#x2013;Â&#x2014;Â&#x192;Â&#x201D;Â&#x2013;ÇĄÂ&#x2122;Â&#x160;Â&#x2018;Â&#x2039;Â&#x2022; based  i n  Dubai,  w ill  be  r esponsible  for   leading  a nd  managing  ACCAâ&#x20AC;&#x2122;s  t eams   which  a re  based  i n  Oman,  Pakistan   and  t he  UAE  a nd  which  a lso  cover   Bahrain,  Egypt,  Iran,  Iraq,  Jordan,   Kuwait,  L ebanon,  Palestine,  Qatar,   Â&#x192;Â&#x2014;Â&#x2020;Â&#x2039;Â&#x201D;Â&#x192;Â&#x201E;Â&#x2039;Â&#x192;ÇĄÂ&#x203A;Â&#x201D;Â&#x2039;Â&#x192;ÇĄÂ&#x192;Â?Â&#x2020;Â&#x2021;Â?Â&#x2021;Â?ǤÂ&#x2C6;Â&#x2013;Â&#x2021;Â&#x201D; graduating  f rom  u niversity,  Stuart   worked  i n  t he  City  of  L ondon,  i ncluding   at  t he  L ondon  Stock  E xchange,  where   Â&#x160;Â&#x2021;Â&#x160;Â&#x2021;Â&#x17D;Â&#x2020;Â&#x2022;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x201D;Â&#x192;Â&#x17D;Â&#x2026;Â&#x2018;Â?Â?Â&#x2021;Â&#x201D;Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2021;Â&#x2022;Ǥ Â&#x2021; joined  t he  Reuters  Group  i n  1992  a nd   held  sales  a nd  marketing  management   positions  i n  South  A frica,  Switzerland,   Â&#x2018;Â?Â&#x2020;Â&#x2018;Â?Â&#x192;Â?Â&#x2020;Ď?Â&#x2039;Â?Â&#x192;Â&#x17D;Â&#x17D;Â&#x203A;Â&#x2014;Â&#x201E;Â&#x192;Â&#x2039;Ǥ Â&#x2021;Â&#x160;Â&#x192;Â&#x2022;Â&#x2022;Â&#x2019;Â&#x2021;Â?Â&#x2013; ten  years  i n  t he  Middle  East,  i nitially   heading  up  t he  S ales  a nd  Marketing   function  for  Reuters  a nd  latterly   establishing  t he  T homson  Reuters   Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x2022;Â&#x2022;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â&#x201E;Â&#x2014;Â&#x2022;Â&#x2039;Â?Â&#x2021;Â&#x2022;Â&#x2022;Ǥ

Camille Geadah  joins  Grant   Thornton  UAE  as  a   Corporate  Finance   Â&#x2022;Â&#x2022;Â&#x2018;Â&#x2026;Â&#x2039;Â&#x192;Â&#x2013;Â&#x2021;Â&#x2039;Â&#x201D;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2018;Â&#x201D;Ǥ Prior  to  joining   Grant  T hornton,   Camille  worked   for  PricewaterhouseCoopers  ( PwC)   in  both  t he  Middle  East  and  t he  UK,   Â&#x2C6;Â&#x2018;Â&#x17D;Â&#x17D;Â&#x2018;Â&#x2122;Â&#x2021;Â&#x2020;Â&#x201E;Â&#x203A; Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021; Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x2021; started  off  in  Audit  before  making  t he   transition  into  t he  Transaction  Services   Â&#x192;Â&#x201D;Â&#x2021;Â?Â&#x192;ǤÂ&#x192;Â?Â&#x2039;Â&#x17D;Â&#x17D;Â&#x2021;Â&#x160;Â&#x192;Â&#x2022;Â&#x2DC;Â&#x192;Â&#x201D;Â&#x2039;Â&#x2021;Â&#x2020;Â&#x2039;Â?Â&#x2020;Â&#x2014;Â&#x2022;Â&#x2013;Â&#x201D;Â&#x203A; and  market  exposure,  completing   Â?Â&#x2014;Â?Â&#x2021;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2022;Â&#x2021;Â&#x161;Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x17D;Â&#x192;Â&#x2014;Â&#x2020;Â&#x2039;Â&#x2013;Â&#x192;Â?Â&#x2020;Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D; Â&#x2020;Â&#x2014;Â&#x2021;Â&#x2020;Â&#x2039;Â&#x17D;Â&#x2039;Â&#x2030;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2019;Â&#x201D;Â&#x2018;Â&#x152;Â&#x2021;Â&#x2026;Â&#x2013;Â&#x2022;Â&#x2018;Â?Â&#x160;Â&#x2039;Â&#x2030;Â&#x160;Â&#x2019;Â&#x201D;Â&#x2018;Ď?Â&#x2039;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022; Â&#x2122;Â&#x2021;Â&#x17D;Â&#x17D;Â&#x192;Â&#x2022;Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Â&#x2022;Ǥ

74 March 2013

Jason Mendens  has  joined  Clifford   Chance  company  as   Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x192;Â&#x201D;Â&#x2013;Â?Â&#x2021;Â&#x201D;Ǥ Â&#x2021;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x201E;Â&#x2021;Â&#x201E;Â&#x192;Â&#x2022;Â&#x2021;Â&#x2020; Â&#x2039;Â?Â&#x2018;Â&#x160;Â&#x192;ǤÂ&#x17D;Â&#x2039;Â&#x2C6;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2020; Chance  is  one  of  the   Â&#x2013;Â&#x2018;Â&#x2019;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2020;Â&#x2039;Â?Â&#x2030;Â&#x17D;Â&#x192;Â&#x2122;Ď?Â&#x2039;Â&#x201D;Â?Â&#x2022; that  focuses  on  the  core  areas  of  tax,  capital   Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Â&#x2022;ǢÂ&#x2026;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021;Â&#x192;Â?Â&#x2020;ĆŹǢĎ?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021;Â&#x192;Â?Â&#x2020; Â&#x201E;Â&#x192;Â?Â?Â&#x2039;Â?Â&#x2030;Â&#x192;Â?Â&#x2020;Â&#x2020;Â&#x2039;Â&#x2022;Â&#x2019;Â&#x2014;Â&#x2013;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2022;Â&#x2018;Â&#x17D;Â&#x2014;Â&#x2013;Â&#x2039;Â&#x2018;Â?Ǥ Â&#x192;Â&#x2022;Â&#x2018;Â?ÇĄÂ&#x2122;Â&#x160;Â&#x2018; was  previously  based  in  Clifford  Chance's   Â&#x203A;Â&#x2020;Â?Â&#x2021;Â&#x203A;Â&#x2018;Â&#x2C6;Ď?Â&#x2039;Â&#x2026;Â&#x2021;ÇĄÂ&#x2039;Â&#x2022;Â&#x192;Â?Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2020;Â&#x2026;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021; lawyer  who  advises  on  public  and  private   mergers  and  acquisitions,  joint  ventures,   strategic  investments,  capital  raisings   Â&#x192;Â?Â&#x2020;Â&#x2022;Â&#x2013;Â&#x201D;Â&#x2014;Â&#x2026;Â&#x2013;Â&#x2014;Â&#x201D;Â&#x2021;Â&#x2020;Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021;Â&#x2013;Â&#x201D;Â&#x192;Â?Â&#x2022;Â&#x192;Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022;Ǥ Â&#x2021; Â&#x160;Â&#x2018;Â&#x17D;Â&#x2020;Â&#x2022;Â&#x2022;Â&#x2019;Â&#x2021;Â&#x2026;Â&#x2039;Ď?Â&#x2039;Â&#x2026;Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2013;Â&#x2039;Â&#x2022;Â&#x2021;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x2021;Â?Â&#x2021;Â&#x201D;Â&#x2030;Â&#x203A;Â&#x192;Â?Â&#x2020; resources  sector  and  has  served  as  a  State   Branch  Member  of  AMPLA,  the  Australian   Â&#x2021;Â&#x2022;Â&#x2018;Â&#x2014;Â&#x201D;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x192;Â?Â&#x2020;Â?Â&#x2021;Â&#x201D;Â&#x2030;Â&#x203A;Â&#x192;Â&#x2122;Â&#x2022;Â&#x2022;Â&#x2018;Â&#x2026;Â&#x2039;Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Ǥ

Suraj Nundah  joins  Grant  Thornton   UAE  as  a  Manager  for   Â&#x2013;Â&#x160;Â&#x2021;Â&#x2014;Â&#x2020;Â&#x2039;Â&#x2013;Â&#x2020;Â&#x2039;Â&#x2DC;Â&#x2039;Â&#x2022;Â&#x2039;Â&#x2018;Â?Ǥ Prior  to  joining   Grant  Thornton,   Suraj  worked  for   RSM  Tenon  in   London  where  he  was  involved  with  client   engagements  whilst  delivering  exceptional   Â&#x2026;Â&#x17D;Â&#x2039;Â&#x2021;Â?Â&#x2013;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Ǥ Â&#x2021;Â&#x160;Â&#x192;Â&#x2022;Â&#x2021;Â&#x161;Â&#x2019;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2021;Â?Â&#x2026;Â&#x2021;Â&#x2018;Â&#x2C6; working  with  companies  based  in  London,   USA  and  the  Middle  East  mainly  Qatar   which  has  allowed  him  to  broaden  his   sector  and  industry  experience  within  key   Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D;Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Â&#x2022;Ǥ

Yousef Al-­Jaida  has  been  appointed   Chief  Strategic   Development   Â&#x2C6;Ď?Â&#x2039;Â&#x2026;Â&#x2021;Â&#x201D;Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x160;Â&#x2021; Qatar  Financial   Â&#x2021;Â?Â&#x2013;Â&#x201D;Â&#x2021;Â&#x2014;Â&#x2013;Â&#x160;Â&#x2018;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x203A;Ǥ In  his  new  role,  

Yousef  A l-­â&#x20AC;?Jaida  w ill  t ake  responsibility   for  t he  overall  strategic  development   Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x160;Â&#x2021;Â&#x2014;Â&#x2013;Â&#x160;Â&#x2018;Â&#x201D;Â&#x2039;Â&#x2013;Â&#x203A;Ǥ Â&#x2021;Ď?Â&#x2039;Â&#x201D;Â&#x2022;Â&#x2013;Â&#x152;Â&#x2018;Â&#x2039;Â?Â&#x2021;Â&#x2020;Â&#x2013;Â&#x160;Â&#x2021; QFC  Authority  in  August  2010  as   Director,  Strategic  Development  â&#x20AC;&#x201C;   Â&#x2022;Â&#x2022;Â&#x2021;Â&#x2013;Â&#x192;Â?Â&#x192;Â&#x2030;Â&#x2021;Â?Â&#x2021;Â?Â&#x2013;Â&#x192;Â?Â&#x2020;Â&#x192;Â?Â?Â&#x2039;Â?Â&#x2030;Ǥ Qatar  Financial  Centre  is  a  business   hub  established  by  t he  Government  of   Qatar,  to  encourage  participation  in  t he   Â&#x2030;Â&#x201D;Â&#x2018;Â&#x2122;Â&#x2039;Â?Â&#x2030;Â?Â&#x192;Â&#x201D;Â?Â&#x2021;Â&#x2013;Â&#x2C6;Â&#x2018;Â&#x201D;Ď?Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2022;Â&#x2021;Â&#x201D;Â&#x2DC;Â&#x2039;Â&#x2026;Â&#x2021;Â&#x2022;Â&#x2039;Â? Â&#x2013;Â&#x160;Â&#x2021;Â&#x2026;Â&#x2018;Â&#x2014;Â?Â&#x2013;Â&#x201D;Â&#x203A;Â&#x192;Â?Â&#x2020;Â&#x2021;Â&#x17D;Â&#x2022;Â&#x2021;Â&#x2122;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2039;Â?Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Ǥ

Standard  Chartered  has   announced  t he   appointment   of  Tom EmmetÂ&#x192;Â&#x2022; Â&#x2021;Â&#x192;Â&#x2020;Â&#x2018;Â&#x2C6;Â&#x2021;Â&#x201D;Â&#x2030;Â&#x2021;Â&#x201D;Â&#x2022; and  Acquisitions  ( M&A)  for  t he  Middle   Â&#x192;Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2020;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x160;Â&#x2C6;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x192;Č&#x2039;Č&#x152;Â&#x201D;Â&#x2021;Â&#x2030;Â&#x2039;Â&#x2018;Â?Ǥ Tom  Emmet  joins  Standard  Chartered   from  t he  Royal  Bank  of  Scotland  where   Â&#x160;Â&#x2021;Â&#x2122;Â&#x192;Â&#x2022; Â&#x2021;Â&#x192;Â&#x2020;Â&#x2018;Â&#x2C6;Â&#x2018;Â&#x201D;Â&#x2019;Â&#x2018;Â&#x201D;Â&#x192;Â&#x2013;Â&#x2021; Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2021; and  Equity  Capital  Markets  ( ECM)  for   Â&#x2039;Â&#x2020;Â&#x2020;Â&#x17D;Â&#x2021;Â&#x192;Â&#x2022;Â&#x2013;Â&#x192;Â?Â&#x2020;Â&#x2C6;Â&#x201D;Â&#x2039;Â&#x2026;Â&#x192;ǤÂ&#x201D;Â&#x2039;Â&#x2018;Â&#x201D;Â&#x2013;Â&#x2018;Â&#x2013;Â&#x160;Â&#x192;Â&#x2013;ÇĄ he  was  a  long  term  member  of  A BN   AMROâ&#x20AC;&#x2122;s  EMEA  Investment  Banking   Â&#x2013;Â&#x2021;Â&#x192;Â?Ǥ Â&#x2021;Â&#x2122;Â&#x2039;Â&#x17D;Â&#x17D;Â&#x201E;Â&#x2021;Â&#x201E;Â&#x192;Â&#x2022;Â&#x2021;Â&#x2020;Â&#x192;Â&#x2013;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201E;Â&#x192;Â?Â?ÇŻÂ&#x2022; regional  headquarters  in  t he  Dubai  

Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x192;Â&#x17D; Â&#x2039;Â?Â&#x192;Â?Â&#x2026;Â&#x2039;Â&#x192;Â&#x17D;Â&#x2021;Â?Â&#x2013;Â&#x201D;Â&#x2021;Č&#x2039; Č&#x152;Ǥ

Noor  Islamic  Bank   has  announced   the  appointment   of  Narendra Swarup  as  Chief   Â&#x2039;Â&#x2022;Â?Â&#x2C6;Ď?Â&#x2039;Â&#x2026;Â&#x2021;Â&#x201D;Ǥ Â? his  role,  Swarup   is  responsible  for   Â&#x192;Â&#x17D;Â&#x17D;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201D;Â&#x2039;Â&#x2022;Â?Â&#x2C6;Â&#x2014;Â?Â&#x2026;Â&#x2013;Â&#x2039;Â&#x2018;Â?Â&#x2022;Â&#x2018;Â&#x2C6;Â&#x2013;Â&#x160;Â&#x2021;Â&#x201E;Â&#x192;Â?Â?ǤÂ&#x160;Â&#x2021;Â&#x2022;Â&#x2021; include  credit,  market  operations  as   well  as  compliance,  protecting  against   fraud  and  g uarding  intellectual  property   Â&#x2013;Â&#x160;Â&#x201D;Â&#x2018;Â&#x2014;Â&#x2030;Â&#x160;Â&#x2020;Â&#x2021;Â&#x2DC;Â&#x2021;Â&#x17D;Â&#x2018;Â&#x2019;Â&#x2039;Â?Â&#x2030;Â&#x2039;Â?Â&#x2013;Â&#x2021;Â&#x201D;Â?Â&#x192;Â&#x17D;Â&#x2026;Â&#x2018;Â?Â&#x2013;Â&#x201D;Â&#x2018;Â&#x17D;Â&#x2022;Ǥ Swarup  brings  w ith  him  more  than  25   years  of  experience  in  risk  management   in  sovereign  f unds  and  international   Â&#x201E;Â&#x192;Â?Â?Â&#x2022;Â&#x2039;Â?Â&#x2026;Â&#x17D;Â&#x2014;Â&#x2020;Â&#x2039;Â?Â&#x2030;Â&#x160;Â&#x192;Â&#x2022;Â&#x2021;Â&#x192;Â?Â&#x2020;  Ǥ


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Profile for CFO Middle East

Accountant Middle East - March 2013  

Accountant Middle East - March 2013

Accountant Middle East - March 2013  

Accountant Middle East - March 2013

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