International Business Magazine - Issue 17 SHAMS

*International Business Magazine Awards 2022

FOREX. INDICES. COMMODITIES.

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Trading CFDs carries significant risks and is not suitable for everyone. You should ensure you fully understand the risks involved and seek independent advice if necessary. Before you make any decision in relation to a financial product you should obtain and review our Target Market Determination, Product Disclosure Statement, Financial Services Guide and other CFD legal documents.

Welcome

Managing Director Shashank M

.......Note From

Co-Founder & CEO Shankar VS Chief Editor Madhusmitha V Patil Editor Ujal Nair Assistant Editor Medhaj Nair, Tamanna Shaikh, Tasleem Majumder Head of Operations Kevin Harris

EDITORIAL

The time is perfect to establish and flourish your business Wealth Management is the most important aspect of any career.

If you are able to sustain yourself financially then it would support your creative acumen and your social life. Trading and asset management are some of the most popular means of wealth

Head of Production Shank Mendez

generation, apart from conventional corporate careers and

Head of Research Laura Edwards

onto the bandwagon for developing their investment portfolios,

Head of Media Sales Charles Grey Media Sales Manager Chris Young

services or product-based businesses. While many are jumping there are few who dare towards the path of entrepreneurship.

A

common

experience

among

well-established

business

personalities suggests that any new venture can be stacked

Advertising contact chris@intlbm.com

up successfully based on an innovation that serves a popular

Content Managers: Daniel Edwards, Sumana Shankar

developments in Photonic Sensing, AI in Mental Healthcare,

Business Development Leo Morgan, Alisha Taylor, Jane Sanders, James Smith, Jason Brown, Lily Jones, David Johnson, Stella Grace, Sara Watson Graphic Designer Chandan R Video Editor Nelson Caitan Account Manager Agnes Wong Registered Adddress: Sharjah Media City (Shams), Al Messaned City, Al Bataeh, Sharjah, United Arab Emirates, P.O. Box: 515000 Office Address: Suite No 502, Al Tawhidi 1 Building, Floor 5, Khalid Bin Al Waleed Road, Bur Dubai, Dubai, UAE. Email: info@intlbm.com Phone: +971 55 686 6713

dilemma. In this edition, you will learn about the latest Quantum Computing, Oncology, precision medicines and more.

These pages would also introduce you to some of the latest trends in Digital Advertising, Strategies for Employee Retention and even customer experiences in the banking industry.

Obviously, setting up a business is one story but sustaining it profitably is an entirely different plot. For this, it is highly suggested to read up on our article about the Code of Conduct for Training and the top HR Trends for 2023 Workplace.

Also, we cordially invite you to our Annual Awards Ceremony, scheduled for November 4 at Atlantis The Palm, Dubai. The nominations are open and free for all. Don’t miss this opportunity to garner the top merits for your brand.

Be sure to check out our website at

www.intlbm.com

Connect with us on Twitter: @ibmag_magazine, Facebook:@intlbm and Instagram: @intlbm

LinkedIn: @international-business-magazine

CONTENT

10 26 36

Should You Start Trading Currency Pairs in Forex?

Technology Advancements and Emerging Opportunities in Photonic Sensing

Seven Strategies for sustained employee retention

58

How to Create a Code of Conduct Training That Will Help Your Business Thrive

52 62 88 The Rise of Monoclonal Antibodies and Biosimilars in Oncology

Shift Towards Precision Medicine to Improve Healthcare Outcomes

How to Make Money with Reseller Hosting

What to consider when investing in your child’s higher education?

An international university education is an

First, you need to take a step back – look at

2019, global student mobility tripled, with US,

goal. Education is not the destination, but

open door to opportunity. Between 2000 and

UK, Canada, and Australia hosting almost half of the internationally mobile students.

In 2019, over 5 million students were traveling each year to study overseas. The number

the bigger picture and plan towards the end rather part of the journey to the life your child wants to lead. This means thinking about how

the university they select will shape their lives beyond their years of study.

represented USD196 billion of total intern-

The right institution isn’t just a matter of

forecasted to reach USD 433 billion by the year

finding the location that suits your child’s

ational education expenditure and is 2030.

With international education being a signif-

icant and daunting financial investment, it’s natural for any parent to ask the question – is it a worthwhile investment?

06 / Education

academic reputation; it’s also a question of lifestyle and goals and also fits within your

budget. Whether this is home or abroad, Ivy League or public, here are some of the critical

questions for parents and children to consider together to make sure that it is an investment well made.

Is the program flexible or focused on one specialization?

Choosing a program of study should naturally be driven by your child’s skills and interests,

but to find the right program in that field, there are other things to consider. Is the program flexible in exploring other disciplines, or does it follow a specialization from the start?

American institutions often don’t require

students to select a major until later in their program, while UK universities generally follow the specialized curriculum from the beginning.

Consider whether flexibility or focus is the right option for your child.

Does the teaching style suit me?

Is the teaching style experiential, with practical and lab-based lessons, or is it more traditional

a n d cla ssr oom-o ri en ted? Fo r exam p le ,

American universities offer co-op programs that combine classroom instruction with

on-the-job training, while the UK curriculum

focuses heavily on academic rigor. Consider

which will suit your child and best prepare them for their future.

Will it prepare me for a good job?

Is the program, and most importantly, its

there is workplace demand for the knowledge

market? Degree programs of the same name

job prospects when they graduate.

curriculum, relevant to the emerging jobs can vary in content and delivery. Consider if

and skills your child will develop to have good

Can I work wherever I want?

Qualifications linked to licensed professional

countries of practice, as well as where they

need to be transferable so that they are

is recognized by the relevant bodies and will

practice, such as medicine and accounting, accepted by the relevant authorities in the

are awarded. Consider whether the program enable your child to work globally.

Education / 07

Can we afford the fees and expenses?

Do you have a financial plan in place? Higher

across countries and cities. Consider what

returns are rarely immediate. If your child plans

scholarships are a realistic option, as this

education is a significant investment, and the to go overseas, living expenses must also be

considered. The tuition, accommodation and general subsistence cost vary significantly

you can commit financially and whether may have a bearing on which institutions and locations you should explore.

Am I prepared to leave home?

Is your child prepared to live independently?

If they aspire for an international education

to moving away from home, potentially

consider the other options available such

It’s a big leap from graduating high school multiple flights away from family and friends.

Consider whether your child is practically and

emotionally prepared for independent living.

but don’t want to leave home straight away, as branch campuses with transfer or study abroad options after one or two years.

Will I meet the right people?

Can the institution expose your child to

child to international networks that broaden

university education isn’t just a qualification; it’s

the location and institution are a good fit to

networks that will help build their career? A an experience that will shape a child’s future.

Attending university overseas will expose your

their professional horizons. Consider whether develop lifelong connections that can boost career development.

Where do I want to be in the future?

Are you looking for a higher education

With so much at stake, parents often feel

University can provide the launch pad if your

such a life-defining decision. Trying to balance

destination that could facilitate immigration?

child’s long-term life goals involve living and working abroad. Consider the legal

requirements and lifestyle aspects of the

countries you’re exploring, as well as the longterm employment prospects that will come

with the degree qualification and academic reputation of the institution chosen.

08 / Education

immense pressure to help their child make the logistical challenges and financial

responsibilities with the need to do what’s best for their child’s education, well-being, and future prospects means that the university

admissions process can be a stressful experience for parents as well as students. If

you start early with these key questions, you’ll be well prepared for the process.

Blog by Varun Jain Varun Jain is Founder and CEO of UniHawk, a leading university admissions counselling and test preparation institute in the GCC, specialising in guidance for overseas study.

Education / 09

Should You Start Trading Currency Pairs in Forex?

Have you come across information about trading currency

pairs in forex and wondered whether it is the right path for you?

Maybe you even know people who are already trading in the

forex market, and they have encouraged you to trade but you aren’t sure if you should. Well, by answering some questions,

you can gain some much-need clarity regarding whether or not you should start trading currency pairs or if you should try a different strategy to achieve your goals when it comes to your personal finances. Here are some questions to consider.

Are You Willing to Put the Work in to Learn About Forex?

One of the many things you need to consider before becoming

a forex trader is whether or not you have the time to learn about

this trading strategy. There is a lot to think about, from the forex

broker that you will sign up with to the trading platform you

will use. For instance, will you search for an online broker that lets you download MetaTrader 4, or would you prefer using a different platform?

In addition to thinking about your online broker and trading platform, also consider the fact that you need to learn as

much as you can about currencies in order to work with them wisely. There are major, minor, and exotic currency pairs in the

forex market, so it’s important to discover what they are, what influences their values, and more. That way, you can decide which pairs you want to buy and sell once you start trading.

10 / Forex

Forex / 11

Do You Have a Decent Budget for Trading Currency Pairs?

Another thing to consider is your trading

budget. Although you don’t really need to have

a huge budget to start trading currency pairs,

some of those funds and put them into the forex market to hopefully make them grow.

you want to be comfortable with the amount

Coming up with a budget is key because it

do not have a lot of money set aside in savings,

trader. It is easy to feel tempted to trade with

that you plan on putting into the market. If you you might not be totally ready to put some

of it into trading currency pairs. On the other hand, if you have a good amount of money set

aside, you might be able to comfortably take

12 / Forex

can help you stay within your limits as a forex a lot of money, as you might assume that doing so means you will get bigger and better

returns, but you need to bear in mind the risk that you take on.

Are You Comfortable with Taking on Risk?

Speaking of risk, every trade that you make

losing too much of your hard-earned money.

level of risk, and you can use that as a way

use to calculate risk, and there are methods

in the forex market will come with some to determine if you want to go through with

a trade or not. Some trades are riskier than others, and you might not be comfortable with

them. That’s totally fine, as you can stick with lower risk trades.

Before you start trading currency pairs, work on

determining how much risk you are willing to take on. That way, you can reduce the odds of

The good news is that there are tools you can that you can use to manage risk, so you don’t have to blindly guess.

Overall, forex can be thrilling and can help you grow your money, but because there’s a lot to learn and the trades do come with risk, it’s important to carefully evaluate this strategy to figure out if it’s right for you.

Forex / 13

‘DKK’s ultimate goal is to truly provide access to first-class financial services in emerging markets’ Khalid Talukder of DKK Partners

International Business Magazine recently announced DKK Partners as the ‘Leading Provider of

Foreign Exchange (FX) Services, UK 2023’. DKK has garnered a reputation for being one of the

most trusted FX liquidity market maker. It provides 24-hour global access with a specialisation on frontier markets.

Founded by Khalid Talukder and Dominic Duru in 2020, DKK Partners holds the ambition to unveil a whole new crop of high-potential enterprises led by prolific entrepreneurs. Co-founder Khalid Talukder gave us exclusive insight into the key investment pockets, value chains, global investor scenario and the expectations to be met for the startups and the MSMEs. 14 / Forex

The following are the excerpts from the exclusive interaction with the co-founder

According to you, what are the current trends, top segments, key investment pockets, value chains and competitive scenarios in some of the emerging economies around the world?

Co-founder

Dominic

Duru

and

I

have

Scaling globally also presents obvious

lived the struggles these regions face in terms

with on the ground teams, getting licencing,

backgrounds in emerging markets and have of access to financial services, technology and support. These barriers have long held back the progress of developing nations and

geographical challenges, communicating and building networks sometimes from scratch.

frankly this has gone on for too long. That’s a

But it’s all a part of the journey. We have

on ensuring we have regional experts in every

Senegal, Cameroon & Ghana to mention a few

driving force behind DKK, and I pride myself country that we operate in - people who have

also lived these barriers and have the same determination to unlock the gateways to emerging markets.

excellent teams growing in countries such as who share a passion for the development of

financial services in emerging markets and there’s no slowing down here, we want to continue expanding into new regions.

DKK’s ultimate goal is to truly provide access

I also believe that blockchain will advance

markets to empower local economies and

from economies, and it is only a matter of

to first-class financial services in emerging business to thrive. There is so much potential

in regions such as Africa and the Middle

East and with proper support, technological

significantly off the back of digital currencies

time before digital currency becomes more common in the UK.

infrastructure and access, these economies can deliver global business growth.

Forex / 15

How are you attracting the younger generation of tech-savvy global investors?

Entrepreneurship promotes innovation and

action above all else, creating a drive to solve problems and succeed because you have to.

DKK was set up to be a disruptive fintech company focused on emerging markets that

empowered our customers with a combination

of the latest technology and market expertise.

We also wanted to create a new kind of

fintech business that leads the way on CSR,

diversity and forward-thinking. The first three years have been an incredible journey, but we

have so much more to do, and this is just the beginning.

have processed $100M+ in FX transactions for FY 2022.

To maintain stability in their currencies,

manage payments, and build confidence in

economic crises, central banks in emerging and frontier markets need to hold significant reserves of foreign exchange. The limited

availability of G10 currencies, particularly the US dollar, can impede access to global

financial markets for banks and businesses in these regions. Thin market liquidity leads to volatile prices, high transaction fees, and slow transaction times.

Our platform offers an alternative way

Our solution: Stable coin (USDT/USDC), which

currencies without relying on central

(vaults) to provide an alternative method for

to access G10 and emerging market banks. Our expanding range of products includes FX emerging market liquidity, FX

hedging & risk management, and various

channels for cross-border payments. We have bootstrapped our company with zero debt and 16 / Forex

is a ‘pivot’ through secure digital wallets

transferring value. Having in country nostros

allows us to effectively trade both sides of the transaction and move value between fiat

currencies and non-fiat alternatives in real time.

Do you provide any special features for the startups and SMEs? We support start-ups, non-bank financial

promote international trade and expansion

launch their business offerings internationally

er’s customers can make and receive pay-

institutions (NBFI), local banks and SMEs to

with FX, payment and liquidity management solutions, backed by DKK’s team of financial

experts built with deep in-region knowledge and years of industry experience.

DKK also provides a Virtual IBAN (International

working closely with our partners. Our customments to unique addressable IBAN’s in multiple jurisdictional formals via local and cross border payment rails. DKK is truly a champion

of international collaboration and overseas growth.

Bank Account Number) for payments busi-

We strive to solve the issues that businesses

jurisdictional accounts. Our solution gives

holding them back from growth in emerging

nesses to enable multi-currency, multi businesses in the payments space a crucial

competitive edge through offering interna-

tional business bank accounts, unlocking access to new territories and currencies to

face with barriers to international payments, markets through a combination of innovative

technologies and financial expertise. We want businesses to have access to the tools they need to thrive in overseas markets.

Give us a short description of some of the salient services of DKK Partners DKK Partners launched in 2020 and offers unrivalled liquidity across emerging and frontier market currencies, offering customers

in supporting important causes and making a difference where it really counts.

access to real-time pricing, execution and

Last year, for example, we supported a

for day-to-day exposures in foreign exchange,

frontline in the fight against homelessness.

settlement. We act as a one-stop entry point balances, and risk, monitoring, market fluctuations and live market news feeds. The

real-time aspect provides businesses with

unique control in the market which makes our

campaign with Shelter, going on the

Shelter is an incredible organisation with dedicated volunteers, and the work they do protects the wellbeing of so many people.

proposition unique.

Being an entrepreneur in DKK Partners has also

meant being empowered with the resources to tackle social issues. We founded DKK with

a clear mission statement to deliver first class services to our clients, but that’s only part of

who we are, and this initiative is the first of

many that will allow DKK to play a crucial role Forex / 17

Kindly share a success story of one of the clients of DKK Partners Due to our country expansion through the

West Africa region over the last couple of years, and leveraging USDT and USDC, we have been able to effectively clear emerging market currencies into G3.

We have been particularly focused on major importers of FMCG products into west African

markets sourced internationally. Everyone is aware of the length of time it takes s ettle

international invoices through ‘clunky’ corre-

18 / Forex

sponding legacy banking rails which affects working capital for these firms & profitability.

By leveraging DKK’s deep liquidity pools and

our proprietary ‘clearing’ rails by partnering

with strategic financial institutions we can achieve same day or at worst next day

settlement where typically this would take anything between 5-7 days.

What are the future prospects and ambitions of DKK Partners?

What are the upcoming events that your clients should look forward to?

One of my proudest achievements of recent

Central Africa, Dubai, as well as the UK, with

Freeman of The Worshipful Company of

countries in the second half of 2023. Our motto

times was being inducted to become a Entrepreneurs. It was a special occasion and

vindicated all the work that’s gone into building

DKK Partners over the past few years. It’s also

been a great achievement to be invited to speak at a number of industry summits in the

halls of Parliament, debating key topics such

plans for continued expansion in a further 3-4 for the has been ‘the year of scale’, aiming to

expand our reach globally to new emerging and frontier territories and hiring more on the ground staff with deep local knowledge of the market.

as regulation and the future of AI alongside

We have grown year on year by an average

as we carve out a roadmap for the intersection

expansion in 2023, we aim to continue that

esteemed industry leaders and policy makers of financial services and technology over the coming years.

We’ve rapidly increased our staff numbers over the past few years, bringing in specialist teams

to serve on the ground markets in West Africa,

of 150 per cent in revenue and through further rate while maintaining the quality of our

products and services through the hires of industry veterans as well as up and coming entrepreneurs

to

continue

building

our

excellent team and delivering access to firstclass FX solutions.

Forex / 19

Fed Tread to dread or Break Bread?

20 / Investment

Investing cautiously and not against in ways

The rebound has sent valuations to extreme

policy gave rise to the adage “Don’t Fight The

times forward earnings. But is this confidence

that might run contrary to the US central bank Fed”! Despite that, a section of investors seems

to wage this fight unequivocally. Although the

Fed offered explicit guidance that continued monetary tightening may be needed to subdue

inflation, investors seem to have ignored how

such policy action could further weigh on the economy and corporate profits. Instead, they

have sent US stocks rallying on the apparent

levels again, with the SPX now priced at 18.5 justified? Is inflation truly controlled and will the US economy come out of this tightening cycle with only a scratch? Morgan Stanley’s Global

Investment

Committee

believes

investors should recognize that this is a period of profound uncertainty. Three developments amplify my concerns:

conviction that inflation will quickly fall to the Fed’s target of 2% and that the central bank will soon turn to cut interest rates.

Investment / 21

Opaque Economic Outlook Consumers are spending down their savings and running up credit card balances at a time when corporate layoffs have begun in some sectors. Even as service sectors remain strong, manufacturing new-order rates continue to decline, suggesting weaker demand for goods.

Some investors expect the economic recovery in China to rescue the US economy from a steeper decline, but if US growth rebounds, that could put upward pressure back on prices and prompt the Fed to keep rates higher for longer, in turn weighing on asset prices.

Perturbed Corporate Profits The consensus estimate for SPX company earnings this year is higher than likely at $224 per share. This relatively sanguine forecast is based on 2020-2022 trends, which seems to ignore the fact that economic growth has been extremely distorted in those recent years: For the past 10 quarters, US nominal GDP has run between 9% and 14%, versus the long-run trend of 4-5%, and SPX operating margins have averaged 14.5-16.5%, versus the 25-year average of 12.5%. The tendency for performance to revert to a long-term average could bring about a negative year-over-year change in earnings growth, known as a “profits recession.”

22 / Investment

Labor Market Positivity Despite gathering headlines on layoffs,

Inflation has likely peaked and the bulk of

the US labor market has remained strong

Fed tightening is probably behind us. But

overall, as measured by large numbers of

remember that policy operates with a lag,

new job openings and a recent 53-year low

and uncertainty around the economy,

in the unemployment rate. A resilient jobs

earnings, and jobs matters. It is a confusing

market could help the economy achieve a

time that demands hedging one’s portfolio

“soft landing” if robust real wages support

positioning. To that end, investors should

consumption. The conundrum, however,

focus on income generation while this

is that strong wages and spending would

cyclical period of maximum uncertainty

likely add to inflationary pressures and

plays out. Lean into short to intermediate-

thus provide little rationale or incentive for

term Treasuries, municipals, investment-

the Fed to cut rates.

grade corporate bonds, and dividendgrowth stocks.

Investment / 23

The Fed hiked interest rates for the eighth

isn’t coming down as fast as hoped.

time earlier this month and warned of

Data this week showed consumer prices

ongoing increases needed to bring down

increased by 6.4% in January compared

inflation. That same week, the jobs report

to the same time last year. That was only

for January showed the US unemployment

slightly lower than the 6.5% pace recorded

rate fell to a 53-year low. This is powering

the month before, and economists had

wage

boosting

expected a bigger deceleration to 6.2%.

consumer spending, which might explain

On a month-on-month basis, consumer

why consumer prices in the US rose more

prices climbed by 0.5% in January –

than expected last month. The Fed has

the most in three months and a steep

two responsibilities: keep employment full

acceleration from December’s 0.1%.

gains

and,

in

turn,

and inflation around a stable 2%. But the central bank can only do half a victory

One of the reasons why inflation isn’t

lap because January’s jobs and inflation

falling fast enough goes back to the red-

reports painted two very different pictures.

hot labor market, which has bolstered

The first was an absolute blowout: 517,000

wages and allowed many Americans to

jobs

the

keep on spending – even as borrowing

month before and shattering economists’

costs rise and inflation stays elevated. In

estimates of 187,000), a 53-year low in the

fact, separate data this week showed retail

unemployment rate, and strong wage

sales increased 3% last month from the

growth that was higher than expected.

one before – their biggest gain in nearly

added

(more

than

double

two years and easily topping forecasts But while promising for workers, the

of 1.9%. Those numbers aren’t adjusted

jobs report was probably too hot for the

for inflation, meaning that consumer

Fed’s liking. The central bank has been

spending outpaced the 0.5% increase in

aggressively increasing interest rates in an

consumer prices for the month by two and

effort to dampen consumer demand and

a half percentage points.

bring down inflation. Problem is, inflation •

Inflation is likely to stay high for a while. On top of a blistering labor market, China’s

reopening could fuel inflation in the US and the world over. Bloomberg Economics, for one, reckons China’s economic growth will almost double this year to 5.8%, and that could lift global inflation by close to a full percentage point toward the end of

2023. But even putting the labor market and China aside, history tells us that spikes in inflation take a long time to disappear. A study by Research Affiliates looked at

surges in 14 developed countries over the past 50 years: when inflation crosses 24 / Investment

above 8% (the level reached by most of the developed world last year), falling back •

to 3% usually takes six to 20 years, with a median of over ten years.

Interest rates will probably climb to a higher peak than previously thought. But that

doesn’t guarantee a repeat tumble for stocks. That’s because the marginal impact on stock valuations of a one percentage point increase in rates is far less when you start at today’s levels of around 5% in the US, versus when you start from zero. Put

differently, rates rising from 0% to 1% hits stock valuations way harder than rates •

going from 5% to 6%.

The US securities regulator proposed new rules this week that would force investment advisors to secure clients’ crypto assets with qualified custodians. The idea is to

build better safeguards around investors’ assets and comes after the collapse of several high-profile crypto companies last year, which revealed that customer funds were not as safe as had been advertised.

Hence the title of my article! Have a great Feb month making and taking the right investment decisions or at least try!

Risk warning

As with all investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Past performance and the contents of this outlook is not reliable indicator of future performance. This article/print is protected through international copyright & print laws and may not be reproduced, distributed or copied without exclusive permission from the writer.

Hence the title of my article! Have a great Feb month making and taking the right investment decisions or at least try!

- Blog By Geoffrey Muns Geoffrey Muns is an Independent Financial Advisor and Planner certified from the UK, US and UAE based out of Dubai for the past 20 years. He also works in the PE/VC space and is a seasoned investment banker having worked with international banks and investment firms in the region.

Investment / 25

Technology Advancements and Emerging Opportunities in Photonic Sensing

Photonic sensing is a technology that uses

nanotechnologies, leads to the development

changes or identify a specific target. It

highly impact different applications.

light to detect and measure environmental involves the use of optical systems, such as

of hybrid devices and topologies that can

lasers, fibers, detectors, and photodiodes, to

Photonic sensors can be used in a variety of

phase, polarization, or time delay caused

sensing, temperature and pressure sensing,

detect changes in light intensity, wavelength, by changes in the environment or the

presence of a target. Advancements in the optics and photonics domain aim to replace conventional advanced

technologies

functionality

in

that

provide

sensing

and

monitoring applications. The integration of

photonic sensors with other technologies, such as electronics (LiDAR), microfluidics, and 26 / Technology

applications, such as chemical and biological structural health monitoring, environmen-

tal monitoring, and security and surveillance.

They offer several advantages over traditional sensors, such as high sensitivity, fast

response time, immunity to electromagnetic

interference, and the ability to monitor remote or inaccessible locations.

Organizations across the globe aim to expand

healthcare, telecommunications, energy, and

various aspects and diversify the potential

role in the development of smart cities and in

the functionalities of photonic sensors from

capabilities in biological and chemical sens-

ing modalities. Some noteworthy R&D areas include thermal stability analysis, enhancing sensitivity levels, low detection limit, high

tunability, newer materials, flexibility in terms of structure, and self-assembly. It is interest-

ing to note that researchers are also exploring stretchable and self-adhesive photonic sen-

sors that are biocompatible for underwater motion detection applications. Photonic crystal sensors for wearables and terahertz imag-

ing are other areas garnering a lot of attention from the research community.

Some interesting sensors include fiber optic sensors, surface plasmon resonance sensors,

photonic crystal sensors, and microresonator sensors. Such sensors are becoming increasingly important in many industries, including

aerospace. They are expected to play a key enabling the internet of things (IoT) concept.

Some of the prominent companies working on photonic sensors are ON Semiconductor, OMRON Corporation, Banner Engineering Corp.,

Pepperl+Fuchs GmbH, Hamamatsu Photon-

ics K.K., Applied Nanotools and Synaptec Ltd. Prime Photonics, LC, Banpil Photonics Inc., NP Photonics Inc., One Silicon Chip Photonics Inc., Bayspec Inc., FISO Technologies Inc., A2 Photonic Sensors SAS, Ibsen Photonics A/S, Smart

Fibres Limited, BBN International Limited, and Baumer Electric AG.

Startups such as Optics11, Optitune, and Luminate are developing innovative photonic sensing

technologies,

including

fiber

optic sensors, plasmonic biosensors, and metasurface-based sensors

Developments in Photonics Driving R&D Innovations in Sensors Nanophotonics: The development of nano-

selectivity and have potential applications

highly sensitive and selective sensors that can

monitoring, and food safety.

photonic structures enabled the creation of

detect small changes in the environment or a

in medical diagnostics, environmental

target.

Optical fiber technology: The use of optical

Plasmonics: Plasmonic sensors use the inter-

greatly over the years. Newer configurations,

action between light and surface plasmons,

which are oscillations of free electrons in metals, to enhance the sensitivity of the

sensor. This has led to the development of highly sensitive biosensors for medical and environmental

applications.

Plasmonic

biosensors detect the presence of biological

molecules. These sensors offer high sensitivity and

fibers for sensing applications has expanded such as hollow core fibers and microstructured

fibers, are explored to develop distributed

sensing, where measurements are made along the entire length of the fiber. Distributed fiber

optic

sensors,

such

as

distributed

temperature sensors (DTS) and distributed

acoustic sensors (DAS), have been developed for applications such as structural health monitoring, oil and gas pipeline monitoring, Technology / 27

and perimeter security. These sensors can

on a single chip. These chip-scale sensors

along the entire length of a fiber optic cable,

telecommunications, and environmental

measure temperature or acoustic vibrations allowing for real-time monitoring of large areas.

Chip-scale

sensors:

Advances

in

microfabrication technology have led to the

development of photonic sensors that are small enough to be integrated onto a single chip.

Chip-scale

photonic

sensors,

also

known as photonic integrated circuits (PICs), are becoming increasingly common. These sensors are small, lightweight, and can be

integrated with other electronic components

have applications in biomedical sensing, monitoring.

Metasurface-based sensors: Metasurfaces are artificial structures that can manipulate

the properties of light. Metasurface-based sensors can be designed to detect changes in

the environment or a target, including changes in temperature, pressure, or refractive index.

These sensors have potential applications in

biomedical

sensing,

environmental

monitoring, and chemical sensing.

Conclusion The adoption of photonic sensing technol-

Various business models such as device sales,

businesses and governments to improve their

on the specific market, target customers, and

ogies presents numerous opportunities for

operations and gain a competitive edge. By leveraging the benefits of high accuracy, sensitivity, and real-time monitoring, organizations can enhance their decision-making

processes, reduce costs, and increase

efficiency. Manufacturers must invest in

research and development of photonic sens-

ing technology and explore new applications to remain competitive.

Authored By: Varun Babu,

service, subscription, and licensing depend competitive landscape. It is important for

companies to understand customers’ needs and preferences and develop innovative

products through strategic partnerships to

succeed in the photonic sensing industry.

Furthermore,

collaborations

between

academia, industry, and government can help accelerate the pace of innovation and drive

the commercialization of photonic sensing solutions.

Industry Analyst, and Kasthuri Jagadeesan, Director, TechVision, Frost & Sullivan

28 / Technology

Technology / 29

Incorporation of Artificial Intelligence into Mental Healthcare

Mental healthcare is a severe concern today. People are raising awareness everywhere to save mental peace, fight

stress, anxiety, and many more. Day by day, the concern for

mental healthcare is expanding and it has become really important for everyone to consider their mental health.

Our fast-paced world has made everyone’s life stressful.

People hardly find time to think about their health, let alone, mental health. Moreover, there still exists some places where

natives think that discussing mental health is a taboo and even shun the very existence of the term ‘mental health’, turning it as part of ‘physical health’. Therefore, in this partially aware world,

when people ponder to fight their mental illness and end up getting incomplete treatment or unsure illness, their belief

towards a cure declines. Therefore, it becomes very essential to treat or diagnose the patients with right procedures.

30 / Healthcare

Healthcare / 31

Reports and Statistics An individual is said to be suffering through

pated to expand to USD537.97 billion by 2030,

positive emotion, have low mood, and has a

says that in 2020 , depression affected more

some kind of mental health if he/ she has no

variety of abnormal behavioral, emotional, physical, and cognitive issues. Globally,

mental health diseases are on the rise that

at a CAGR of 3.5%. World Health Organization than 264 million individuals worldwide, regardless of age.

affects 1 in every 7 individuals. At least 10%

From 2022 to 2027, the market for artificial

the fourth greatest cause of death for people

to expand at a CAGR of 39.1%. Following an

of the population is impacted, and suicide is between the ages of 15 and 29. Nearly 15% of teenagers experience a mental health disor-

der. Depression is caused by several variables, including genes, stress, and brain chemistry.

According to some research, the market for mental health services worldwide, which was valued at USD383.31 billion in 2020, is antici-

32 / Healthcare

intelligence in mental health is projected

analysis of 28 studies on artificial intelligence and mental health, researchers from IBM

and the University of California came to the conclusion that the choice of AI techniques

and quality of data training allow algorithms

to approximately identify a variety of mental disorders with a 63-92% accuracy.

AI’s Essentialities Artificial Intelligence or AI has been leveraged for many years. Almost in every field now,

there’s a role of AI. It is playing a significant role in backing up nearly every effort of

human life. In the medical field, AI is already playing a big role in diagnosing people’s diseases. Whether for automating the tasks or

analyzing patient data or using tools such as

AI assisted pathology tools to assist diagnosis, AI has played its role very well. Now, if we see

the functions of AI in curing mental health issues, there are innumerable roles that AI can play in solving the issues in its nascent

stage. Mental health field has initiated AI into it in order to receive better and personalized

care. AI can shorten waiting times and allows quick availability. While accessing treatment there could arise several barriers which AI can remove easily. Moreover, it can boost up the

efficiency level in medical or therapy sessions.

Further, AI has the power to precise the diagnosis and treatments of the patients. The training of therapists and the quality control of care are both made easier by the technology.

With the aid of this technology, medical personnel could sieve through patient records

to find information about their behavior, pattern, history, or any other useful information

that could aid in decision-making. In mental healthcare, artificial intelligence could lower expenses and increase accessibility. A new

study demonstrated that artificial intelligence may detect anxiety symptoms with over 92% accuracy.

Technology

continues

to

offer

approaches to improve mental health. AI can drastically lessen symptoms before they worsen if used properly.

Healthcare / 33

How is AI transforming mental healthcare solutions?

Let us have a few detailed look at how AI can revolutionize patient’s mental issues:

• Provide precise diagnosis AI has the power to combat misdiagnosis or

behavior, and other aspects to deliver a more

provide the right and precised diagnosis at

and doctor in getting the best result. Recent

re-define early diagnosis. It has proved to

shorter period of time, thus increasing therapy effectiveness. AI research can assist doctors personalize treatment by grouping patient diagnoses into several ailment subgroups.

Leveraging AI to analyze enormous amounts of large data and identifying trends can help

professionals make advancements earlier than they alone could do. For instance, AI can

identify patterns in complex data like family history, successful prior therapies, patient

accurate diagnosis and assist both the patient technological

developments

demonstrate

that AI can identify depression twice as accurately as humans. AI extracts data from

a sample and then assesses several metrics contained within the sample. For instance, the

technology can identify depressive symptoms by examining vocal biomarker information

from an audio sample, such as pitch or speech rhythm.

• Assigning right therapist According to researchers, insights from data

modification is necessary or if it’s time for a

patients with right therapists and determine

company, Lyssn, analyses utterances between

can be used to better connect potential

which kind of therapy would be most effective for a given person. Furthermore, after being

matched with a therapist, it is important to keep a track of the patients’ advancement. AI can assist in determining when a treatment

new therapist. A UK and US based software therapists and clients using an algorithm to

determine how much time is spent during

a session on constructive therapy vs. idle conversation.

• Comprehending the language pattern of the patients In therapy sessions of the mental health care,

precise words that a therapist and patient use

or consultants. It is done to comprehend

a disorder at the greatest quality level. A UK

patients are often interacted by the doctors patient’s behavior, issues and other things.

This is also called as psychotherapy or talk therapy. In order to make the session smooth

and easy, medical healthcare professionals use AI to analyze a method called NLP or

Natural-Language Processing. This procedure uses machine learning and identifies the 34 / Healthcare

to communicate with one another and treat based company, ieso, tested the procedure

showcasing the potential of AI-based online

therapy, with a 1/3 greater recovery rate

than face-to-face therapy. Additionally, their services shorten waiting lists by 30% and expedite patient access to care.

AI applications

There are several AI applications too that process human behavior more accurately. Some of them are:

1. Woebot, that claims to be an emotionally intelligent AI chatbot that provides a space for

individuals to express their thoughts and emotions through therapeutic dialogues while also keeping track of their moods.

2. Youper, a therapy app, averse to decrease the level of anxiety and depression in a patient within the first two weeks of treatment.

3. Wysa is an artificial intelligence (AI)-based “emotionally intelligent” bot that offers a variety of tools and techniques, including evidence-based CBT, Dialectical Behavior Therapy (DBT), guided meditation, breathing, and yoga, to help users regulate their emotions and ideas.

Concluding Thoughts: Today 1 in 7 people, globally, experience

mental diseases more objectively than done

to resources and developing new forms of

enhanced. However, AI is a work in progress. It

mental health issues. Hence expanding access

therapy are essential to preserving both

mental and physical health. Incorporating AI into mental healthcare solution could be

a game changer. It will be feasible to assist mental health professionals in redefining

now as AI approaches are developed and

is unlikely that it will ever completely replace

conventional therapy in the foreseeable future, but still the potential of artificial intelligence for mental healthcare is considerable.

- A blog by Tasleem Majumder Healthcare / 35

Seven Strategies for sustained employee retention 36 / Corporate

In today’s competitive job market, retaining employees has become a challenge for organizations. While factors such as work-life balance

and compensation are often discussed as key drivers of employee retention, recent research

has identified other important factors that play

a crucial role in keeping employees engaged and committed to their organizations.

Autonomy and Empowerment Employees who are given autonomy and

likely to take ownership of their work and feel

and committed to their work. When employees

This sense of ownership and pride can lead

empowerment are more likely to feel engaged have a sense of control over their work and are trusted to make decisions, they are more

a sense of pride in their accomplishments. to higher levels of job satisfaction and lower turnover rates.

Opportunities for Growth and Development Employees who are given opportunities for

lead to higher levels of job satisfaction and

feel engaged and committed to their work.

when employees are given the opportunity to

growth and development are more likely to

When employees are provided with training and development programs, they are able to acquire new skills and knowledge, which can

a greater sense of fulfillment. Additionally, advance within an organization, they are more

likely to feel committed to the organization and less likely to leave.

Genuine Constructive Feedback for True Development Genuine constructive feedback that leads to

According to a survey by TinyPulse, employees

can help in retaining the workforce. Employees

more likely to be engaged in their work

true development is another crucial factor that want to know how they are performing and

what they can do to improve their skills and knowledge. Regular feedback can help them to grow in their roles and feel valued and appreciated.

who receive regular feedback are 3.5 times compared to those who don’t. Furthermore, employees who receive regular feedback have

a turnover rate that is 14.9% lower compared to those who don’t.

Corporate / 37

However, feedback needs to be constructive

In addition, feedback should be given in a

on the employee’s strengths and areas for

the opportunity to discuss their progress and

and genuine to be effective. It should focus

improvement in a positive way, rather than just pointing out mistakes or weaknesses.

Employees should feel that their managers care about their growth and development and are willing to invest in them.

timely manner, and employees should have receive guidance on how to improve. This

can help in fostering a culture of continuous learning and development, where employees feel that they are growing and developing in their roles.

Recognition and Appreciation Employees

who

feel

recognized

and

are more likely to feel valued and motivated

likely to feel engaged and committed to

recognition can come in many forms, from

appreciated for their contributions are more

their work. When employees receive positive feedback and recognition for their work, they

to continue performing at a high level. This verbal praise to bonuses or promotions.

Purpose and Meaning Employees who find purpose and meaning

likely to feel a sense of fulfillment and pride in

and committed to their organizations. When

satisfaction and a greater sense of loyalty to

in their work are more likely to feel engaged employees are able to connect their work to a larger mission or purpose, they are more

their work. This can lead to higher levels of job the organization.

Positive Leadership Leaders who demonstrate positive leadership

According to a study by Gallup, employees who

and committed employees. When leaders

their strengths or positive characteristics are

behaviours are more likely to have engaged actually walk the walk, and are supportive,

empowering, and provide opportunities for

growth and development, employees are more likely to feel valued and invested in their

work. Additionally, positive leadership can help

to foster a positive workplace culture, which

can lead to higher levels of job satisfaction and lower turnover rates.

38 / Corporate

strongly agree that their manager focuses on

67% more likely to be engaged in their work compared to those who don’t. Furthermore, organizations with positive leaders are more

likely to have engaged employees and higher levels of productivity and profitability.

Work Relationships Another important factor that contributes

as very important. Another study by Edelman

relationships within the workplace. Employees

view

to employee retention is the quality of who have positive relationships with their

colleagues and managers are more likely to feel

Trust Barometer found that 75% of employees their

employer’s

important for retention.

trustworthiness

as

valued and engaged in their work. According

As employers around the world deal with

Management (SHRM), 55% of employees rated

phenomena, a renewed focus on the practical

to a study by the Society for Human Resource relationships with their co-workers as very important to job satisfaction, and 44% rated relationships with their immediate supervisor

the aftermath of disruptive workplace steps to promote workforce retention will bring benefits to employees and employees alike.

- Blog By Hanan Nagi

Corporate / 39

Quantum Computing: The Future

40 / Technology

The world is making a breakthrough in every

field, technology being no exception. What’s

fascinating is how a particular technology

Let’s dive right into this beautiful concept which will make a difference in the future.

could suddenly soar to new heights and play

It is often considered a complicated technology

discovered relativity, he was clueless about

let’s make it elementary and begin with a

a part in shaping the future. When Einstein it becoming an important concept but look

at us now, opening up this infinite box of opportunities known as quantum computing.

to understand but, for people curious to learn,

holistic approach. Starting right from the How, What and Why questions.

What is Quantum Computing?

When professionals run into a problem they turn towards supercomputers which aren’t that

super as sometimes the scale and complexity

of the problems are too much for them to handle. This is where quantum computers

could come to the rescue, they harness the law of quantum mechanics to solve problems

that are too complicated for traditional computing technology. The astonishing power

of a quantum computer is due to the colossal resemblance

of

having

three

elemental

properties of quantum mechanics: quantum

superposition, entanglement and interference.

To understand precisely, in classical computers there is something known as bits which store data, and it only takes the value of either 1 or

0 at any given time, whereas a qubit can be found in a superposition of both states 0 and 1 until a measurement is obtained.

Quantum Superposition A quantum particle is used as a bit, also known

can be controlled with an electromagnetic

any particle, but outer electrons in phosphorus

and while we’re not observing, they can be up

as a qubit. It could be an electron, photon, or atoms are frequently used. When the spin is up

it’s 1 and when the spin is down it’s 0. The spin

field. The spin of electrons can be up, or down,

and down at the same time. This is known as quantum superposition.

Technology / 41

Quantum Entanglement In quantum mechanics, we use the property

outcomes of measurements on these qubits.

so that no matter the distance, one particle

capitulate 0 or 1 at random, but no matter

of entanglement. Two particles can be linked always gives the same result as its other half.

This entanglement will manifest itself in the

When measured, these qubits will always how distant they are from each other, they will consistently give the same result.

Quantum Interference Quantum interference is an outgrowth of

or destructively. Constructive interference is

in quantum mechanics that describes the

of another wave having the same frequency

superposition. It is a fundamental concept behaviour of quantum systems when they interact with each other. In quantum mechanics, particles such as electrons and photons can behave as both waves and particles and when they interact with other particles or

waves, they can either interfere constructively

where the crest of one wave meets the crest resulting in an amplitude which is the sum of

the two individual amplitudes. On the other hand, destructive interference is when a range

of one wave meets a trough of another wave,

then the amplitude is equal to the difference in the individual amplitudes.

How do they work?

Quantum computers tend to deal with

to qubits. Lastly, a repository is required for

to classical computers. Traditional computers

maintain the qubits in their constant form. This

instructions in a different way when compared use binary bits whereas quantum computers convey information through qubits. The qubits

capability of being in superposition is the core of quantum computing, as it displays a huge

storing these qubits. This repository must demands specific requirements that range from needing to be near zero degrees or the housing of a vacuum chamber.

analytical power.

Qubits require huge sustenance as even a

They harness an array of algorithms to

result in a loss of a quantum state. Not only

perform various assessments and inferences.

User inputs are then accustomed by the

computer to create a multifaceted space

basic instruction can cause disturbance and small vibrations but slight temperature shifts will also make the qubits decohere.

where patterns and individual data points

That’s why quantum computers are

quantum computer comprises three parts.

superconducting circuits — the most salient

are stored. The physical construction of a

The first one is a classical computer with a framework that executes programming by

delivering commands to qubits. The next part

is the transfer of signals from the computer 42 / Technology

kept isolated, and the ones that run on method, preferred by Google and IBM — have to be kept at near-absolute zero (a cool -460 degrees Fahrenheit).

Some applications of Quantum Computing 1. AI and Machine Learning Quantum computing has the potential to

problems, which can enable us to find better

providing exponential speedup for certain

learning algorithms can be used to classify

revolutionize AI and machine learning by types of calculations especially related to

optimization, which involves finding the best solution from a large set of possible solutions.

Quantum computing can provide exponential

speedup for certain types of optimization

solutions faster. Secondly, quantum machine

data more quickly than classical algorithms.

Additionally, quantum computing can be

used to speed up the training of machine

learning models, which can help reduce the time required to develop new AI applications.

2. Computational Chemistry It is one of the most promising fields because

with that, it can also improve the nitrogen-

both values i.e. 1 and 0, concurrently. This could

based fertilizer; creating a room-temperature

of the ability of quantum computers to exist in provide a great opportunity for the machine to

map molecules elaborately which could serve

the purpose of pharmaceutical research. Along

fixation process for creating ammonia-

superconductor; removing carbon dioxide

for a better climate; and creating solid-state batteries.

3. Financial Services Application of quantum technology in this

complex algorithms are used to automatically

accomplish intricate computation and give

market variables, which is beneficial, especially

field will prove to be rewarding as it can a better solution in lesser development time.

Algorithmic trading is another possibility where

trigger share dealings by evaluating the for high-volume transactions.

4. Logistics Quantum computers would help to optimise

optimizing stocking levels. This would reduce

them to calculate the most efficient routes that

supply chain by predicting and mitigating

transportation and routing systems by helping

would save fuel consumption and travel time.

Secondly, it can help companies to maintain

their inventory by predicting demand and

stockouts and waste. It would also aid in the risks,

improving

visibility,

and

optimizing

logistics processes. Thus, improving freight transportation and last-mile deliveries.

Technology / 43

Weather Forecasting & Climate Change Quantum

computers

can

gather

huge

Forecasting consists of various factors, like air

could lead to enhanced weather system

lead to difficulty in providing accurate data.

amounts of data, in a stipulated period. This modelling allowing scientists to predict the changing weather patterns in no time and

with excellent accuracy — something which

can be essential for the current time when the world is going under a climate change.

pressure, temperature and air density, which Quantum computing could help overcome

these difficulties easily. Meteorologists will also be able to analyse more detailed climate

models, which will provide greater insight into climate change and ways to mitigate it.

Breakthroughs in Quantum Computing These are some of the companies scaling the quantum peakCompany

IBM

Google

Milestone the first company to give a cloud-based computing approach. Its first

cloud-based processor consisted of a five-qubit processor and IBM continued to introduce new versions.

Google has claimed to achieve an experimental milestone of scaling a

logical qubit, demonstrating for the first time that it’s possible to reduce errors by increasing the number of qubits

Microsoft

Microsoft introduced Azure Quantum, the world’s first full-stack, opencloud computer.

It has proficiency in building spin qubits that can operate at a higher

Intel

temperature. Intel also has skills in quantum dot arrays that are useful

in large-scale qubit processor productions using transistor fabrication technology.

Rigetti Computing Toshiba

44 / Technology

Rigetti uses superconducting qubit technology to make and deploy integrated quantum computing systems.

is known for its Quantum Key Distribution (QKD) program as it protects network communications.

Conclusion Quantum computing is a rapidly developing field that promises to reform

computing and solve some of the world’s most complex problems. The property of qubits allows quantum computers to

p er for m

certai n

cal cu l at i o ns

exponentially faster than classical computers.

Despite the promise of quantum computing, there are still significant

challenges that must be overcome before it can be widely adopted. One

of the biggest challenges is developing e r r o r -c or r e ctin g co des t hat can

protect quantum information from the effects of noise and decoherence.

Another challenge is building quantum

computers with enough qubits to solve meaningful problems.

Overall, the field of quantum computing

is still in its early stages, but it has the potential to fundamentally transform

computing and solve problems that are currently intractable with classical

computers. As research continues, we will likely see significant advancements in both the theory and practical applications of quantum computing.

- Blog By Tamanna Shaikh

Technology / 45

Top HR Trends for 2023 Workplace

46 / Corporate

The Human Resource or HR department in an

out to be a nightmare for the HR department.

is the key to a company’s success. An HR is

HR has to bring more efficient employees than

organization is a very crucial department. It responsible for onboarding effective, efficient,

and deserving candidates to the company.

Above all, the employees of a company are the core sources who execute company’s goal and have influence over its clients and generate revenue. Therefore, an HR is the key person responsible for the core assets to a company’s success.

T h e r oles and duti es an HR h as to g o through are very challenging. Like any other troublesome task, an HR has to go through a lot of miscellanies. The Covid-19 pandemic turned

Moreover, each year the challenge rises as the the last time. Businesses all over the world are

now aware that in order to draw in and retain workers, they need a specific and relevant purpose for the upcoming year. In today’s extremely

competitive

market,

managing

and retaining employees is one of the most

important HR roles. Employee expectations are changing along with the workforce,

with demands for improved interpersonal interactions and increased job satisfaction.

These factors have identified themselves as the top HR challenges that executives and company owners need to be aware of in 2023.

Let us see some of the top challenges HR professionals are facing in 2023: Attracting Quality Talent It has always been a challenge for the HR team

to hunt for suitable talents for their company.

2023 talent acquisition seems to be the

that the companies also had to face ‘Great Resignation’.

highest priority for the HR team. Either there

To hire the right candidate for a position, HR

arduous task for the HR to select the befitting

assessment tools and cut the percentage of

are loads of good talent, which makes it an candidate, or there is a dearth of good talent

for a job role. However, the current global talent

crisis is making it difficult for the HR team to

recruit qualified and suitable candidates to

fill a vacancy. According to a recent survey of

HR executives ranking conducted in the U.S.,

hiring and talent retention remains the highest challenge with nearly 47% of respondents.

Pandemic could be the reason why many of

the employees had to leave companies as

per employers’ orders. It was during this time

executives must develop more effective talent unwanted candidates. Skills evaluation and

methods of remote interviewing could be used to speed up the process of accurate hiring.

Moreover, candidates today are well prepared with some of the common interview questions; Be it introducing themselves or answering questions that are related to their study

pursued, past experiences or questions related to the upcoming roles. Today, an HR needs to

come up with innovative ways to test the skills and true competencies of a candidate.

Corporate / 47

Win back the employees After putting down so much effort to select

Hybrid working differs from organisation to

company will try to lose its quantifiable asset.

should come a couple of days of a week to work

the right candidate for a particular role, no

Many situations may rise where employees willingly resign from their position. It could be due to their personal issues or decisions or it

could be related to their dissatisfaction with

the tenure they were hired for. If latter is the reason, then people are less willing to stay

back in an unfulfilling job. Here, it becomes more demanding for the HR people to retain the employee rather than hiring a new one.

According to a 2022-2023 SHRM State of the

Workplace report, for 30% of HR professionals, retention became a bigger challenge. Retaining

the existing dependable employee will be more fruitful than recruiting a new one. HR people

need to play some stratagems to win back

deserving employees. Companies must show their consideration and acknowledgement of

the experiences and value propositions of their employees. Businesses must demonstrate how they promote enduring principles and a distinct sense of purpose.

Flexible working conditions could be another

factor in hiring or retaining employees.

Employees want options of hybrid or remote

work. They can even switch jobs due to these factors. According to a recent Gartner

research, 75% employees need more flexible

options than these. Experts also predict that hybrid working would be a successful one

in 2023. Since the pandemic, workers have preferred to work from their own comfortable remote locations.

According to a survey

conducted by Nasscom and Indeed, for 66% of respondents, working remotely improved employee satisfaction.

48 / Corporate

organisation. To some it means, employees

and rest they can do work from home (WFH).

Some companies also offer WFH due to certain

unavoidable situations of the employees.

Other businesses may only need in-person meetings once every three months. The goal

of hybrid arrangements is to combine the

finest elements of both. Therefore, HR people

must consider a flexible working environment as well.

Re-evaluating staff value proposition With rising competition, employee expectations

As company HR, you must first shift from

culture due to the pandemic and other social

to a human-centred value proposition. This

are also rising. Moreover, changes in the work

issues is also increasing employee expectations.

In addition to the competitive compensation,

robust benefits, and opportunities for growth

and development, employees increasingly demand for a holistic value proposition that includes job advancement, skill development,

inclusion, belonging, fairness, trust, authenticity, purpose, a supportive culture, and wellness.

Employee standards place a strong emphasis

on belonging. In a recent Randstad poll, more than half (54%) of the participants said they

would quit their jobs if they didn’t feel like they

belonged there, and 42% said they would turn down a job offer if the employer’s values didn’t match their own.

addressing employee’s value proposition (EVP) treats employees as humans and not workers which they feel satisfying. This year, it seems

many of the progressive organizations are doing so. Secondly, you can attract significant talent and increase employee engagement

when you make an investment in providing a solid EVP. For instance, if applicants find an EVP appealing, your company can cut the

compensation premium by 50% and expand

its labour market reach by 50%. Organizations

can decrease annual employee turnover by just under 70% and increase new hire

commitment by nearly 30% by successfully deploying their EVP.

Prioritizing employee wellbeing Due

to

the

fast-paced

working

culture,

of the company should be built up in such a

According to the Workforce Institute at UKG,

benefits their mental well-being. Also, an HR

employees remain stressed most of the time.

46% of middle managers intend to leave their positions in the upcoming year as a result of stress at work.

Handsome packages cannot always solve the issues of stress or unhappiness. Companies

need to consider employee well-being and this year they must contemplate all the factors

that could lead to better employee welfare.

way that it attracts employees and hence

will need to control employee morale, exhibit transparency, and consistently earn back the

confidence of those who are uneasy about their jobs. Moreover, flexible working conditions, as mentioned above, can also lead to employee

well-being. HR professionals or the managers should maintain the diversity and inclusion in the work culture for long-term benefits.

In 2023, employee wellbeing will be a major

The development of a holistic well-being

out for after such a pandemic. Companies

which has progressed beyond physical well-

factor that nearly every employee will look are required to spend a sum of money on

enhancing employee wellbeing and making sure they are resilient and self-assured in the

face of new possibilities and challenges. Not

only that, the work culture or the environment

culture is now a part of employee well-being, being. Employee well-being now broadly

means their physical/mental, career, financial,

social, community, emotional and purposedriven well-being too.

Corporate / 49

Making accountability Making

accountability

means

companies

be considered is maintaining an adequate

for their actions, decisions, and results. They

employees. Fostering relationships with the

should make their employees accountable

should try to re-engage their workforce which

means having a conversation with employees

on their performances. A company should try to set monthly objectives and deadlines to keep employees motivated to complete

tasks on time. These enable team members to understand their part in advancing the company’s goals and adapt their work goals

as necessary to stay on track with those goals. Accountability motivates the employee

and hence results in increased productivity.

Talking about productivity, another factor to

relationship between a manager and his

managers and bosses could help employees receive advice and support, as well as details

on potential growth possibilities, resulting in employee motivation. Furthermore,

through talent mobility and skill building, the company can provide more accountability

to its employees. A company can offer

existing employees to move to new roles or departments within the company. This will not only give value and motivation to the

employees but will also impulse them to stay back in the company.

Conclusion Recruiting, retaining, engaging and motivating

ones and help them grow. Managers should

professionals go through every year. Moreover,

projects every time. They should leave some

employees

are

immense

tasks

that

HR

in 2023 the burden will be more due to a shortage of talent. HR professionals should be prepared in knowing deeply about their new

hires or re-evaluating the needs of the existing

not burden their team members with new plan for the coming year as we don’t know what may or may not happen and how we should respond to that.

- Blog by Tasleem Majumder

50 / Corporate

Education / 45

The Rise of Monoclonal Antibodies and Biosimilars in Oncology

Since the approval of the first recombinant

sugars or complex combinations of these

(FDA) in 1982, several biological drugs and

under the ambit of protein biopharmaceutical.

insulin by the US Food and Drug Administration

medicines were authorized. Thus, beginning the era of undiscovered/infinite possibilities

in the field of biopharmaceuticals. To educate the common masses on this little-talkedabout concept, we will begin with the most

basic knowledge and later dive deep into this mammoth topic of biosimilars, monoclonal antibodies and biopharmaceuticals.

Broadly illustrating, biopharmaceuticals are structurally complex biological molecules that

can be composed of nucleic acids, proteins, 52 / Technology

substances and, monoclonal antibodies come

Similarly, a biosimilar is a type of biological product that is highly similar to an already approved biological drug, also known as

a reference product. Understanding these basics is important as these concepts will

serve as the basis for the upcoming discussion.

Now moving forward to our concerned area

i.e. oncology, these products have become an integral part of cancer treatment both as

therapeutic agents and as supportive care agents. Thus, becoming dominant in the oncology market.

Introduction In oncology, biological medicines are

extensively used for treatment, but these

products also increase the financial burden on

of monoclonal antibodies(mAbs) has just been embarked upon.

the healthcare sector. As reference products

mAbs are notably more intricate both in

new frontiers for biosimilar medicines in the

compared to epoetin and filgrastim. As the

are losing exclusivity rights, this has opened

market. These medicines tend to offer viable

and cost-effective treatment options. It should

be noted, a biosimilar cannot be considered an identical copy of the originally approved

biological product. Minor differences can exist

between the biosimilar and the reference product, but it needs to be demonstrated that

these differences are not clinically meaningful.

Hematopoietic

growth

factors(epoetin

&

filgrastim) are used in oncology as supportive treatment, but the introduction of a biosimilar

the structural and functional aspects when

door to this innovation has been unlocked, the number of biosimilars available in oncology is

likely to increase rapidly, with the therapeutic focus

shifting

from

supportive

care

for

chemotherapy to targeted, potentially lifeprolonging or curative monoclonal antibodies

(mAbs). Rituximab was the first mAb biosimilar

approved by EMA in 2017. Following that, a second rituximab biosimilar, GP2013 (Rixathon), as well as the trastuzumab biosimilar SB3 (Ontruzant) was approved.

Rituximab It is a genetically engineered mAb used i n the treatment of various conditions

including cancers especially non-Hodgkin’s

lymphoma(NHL) and chronic lymphocytic leukaemia(CLL). It also treats auto-immune

disorders such as rheumatoid arthritis, lupus, and multiple sclerosis. The process begins when rituximab binds to a protein called CD20 on the surface of B cells, a type of white

blood cell involved in the immune response.

By binding to CD20, rituximab helps to destroy

the B cells and suppress the immune system.

Concerning this mAb, biosimilars to rituximab

were developed namely-Blitzima, Truxima, Ruxience, Riximyo, Rixathon and Ritemvia.

Technology / 53

FDA-approved mAB biosimilars in oncology: Reference Biologic

Biosimilar

Biosimilar Manufacturer

Avastin (Bevacizumab)

Mvasi

Amgen Inc

Zirabev

Pfizer Inc.

Rituxan (Rituximab)

Truxima

Celltrion, Inc

Ruxience

Pfizer Ireland Pharmaceuticals

Riabni

Amgen, Inc

Ontruzant

Samsung Bioepis Co. Ltd

Trazimera

Pfizer Inc

Herzuma

Celltrion, Inc

Kanjinti

Amgen Inc

Ogivri

Mylan GmbH

Herceptin (Trastuzumab)

Trastuzumab It is a humanised monoclonal antibody used

over several months, and the specific dosing

HER2-positive. It targets and binds to the HER2

condition and the stage of their cancer. It has

in the treatment of breast cancer that is

protein, which is overexpressed in certain

types of breast cancer cells. By binding to HER2, trastuzumab can slow down the growth and

spread of cancer cells. Trastuzumab is usually

administered intravenously and may be used

alone or in combination with chemotherapy.

It is typically given as a course of treatment

54 / Technology

regimen will depend on the individual patient’s

proven to be an effective treatment for HER2positive breast cancer and has also been

approved for use in many countries around

the world. Biosimilars of trastuzumab include Herzuma,

Trazimera.

Kanjinti,

Ogivri,

Ontruzant

and

Bevacizumab It is a recombinant humanized monoclonal

metastatic colorectal cancer, non-small cell

growth factor (VEGF) and is used to treat

cell carcinoma, and cervical cancer. It may

antibody which targets vascular endothelial

various types of cancer. It works by inhibiting the growth of blood vessels that supply

nutrients and oxygen to cancerous tumours,

thus preventing their growth and spread.

Bevacizumab is approved by the U.S. Food and

lung cancer, glioblastoma, metastatic renal be used alone or in combination with other

chemotherapy drugs or targeted therapies.

Biosimilars of avastin(Bevacizumab) are Mvasi and Zirabev.

Drug Administration (FDA) for the treatment of

FDA-approved mAB biosimilars in oncology: Reference Biologic Avastin (bevacizumab)

MabThera (rituximab)

Herceptin (Trastuzumab)

Some Biosimilars

Biosimilar Manufacturer

Mvasi

Amgen Technology (Ireland) UC

Zirabev

Pfizer Europe MA EEIG

Aybintio

Samsung Bioepis NL B.V.

Equidacent

Centus Biotherapeutics Europe Limited

Oyavas

STADA Arzneimittel AG

Alymsys

Mabxience Research SL

Blitzima

Celltrion Healthcare Hungary Kft.

Truxima

Celltrion Healthcare Hungary Kft.

Ruxience

Pfizer Europe MA EEIG

Ontruzant

Samsung Bioepis NL B.V.

Zercepac

Accord Healthcare S.L.U.

Trazimera

Pfizer Europe MA EEIG

Herzuma

Celltrion Healthcare Hungary Kft.

Technology / 55

The Need for Biosimilars in Oncology A reform is brought in cancer treatment with

the introduction of biologics, which are large,

complex molecules produced from living cells.

Not only are they highly competent at targeting explicit cancer cells but also, they have fewer

side effects on patients. However, biologics

are expensive, which limits access to these life-saving therapies. Biosimilars are similar to

biologics in terms of safety and efficacy but

are produced by different manufacturers and

at a lower cost, making them an important tool for increasing access to cancer treatment.

The need for biosimilars in cancer is driven

by several factors. Firstly, cancer is a disease that affects millions of people worldwide, and the best treatment is biologics which is costly.

Biosimilars offer a more cost-effective way to provide these treatments to patients who need them.

Secondly, many biologics have patent protections that prevent competition from

generic drugs. Biosimilars, on the other hand, can be developed once the patent on the original biologic has expired, which allows for competition and lower prices.

Finally, biosimilars have the potential to increase the sustainability of healthcare

systems by reducing the financial burden of cancer treatment. The cost of cancer treatment is a major concern for patients and healthcare providers alike, and the availability

of biosimilars can help to reduce the cost of treatment without sacrificing quality.

56 / Technology

Conclusion With the increase in the number of unknown

have provided patients with more treatment

necessary to upgrade our knowledge and

therapies. These developments have also led to

variations w.r.t diseases, it has become expertise in the field of medicine. Biotechnology

is proving to be an area of vast possibilities for development and is contributing significantly.

The scope for mAb and biosimilars is pushing

boundaries for medical improvement. They

options and enhanced access to effective a more competitive market, ultimately leading to reduced healthcare costs. As research and

development in this field continue, we can

expect to see even more promising therapies and improvements in cancer treatment.

- Blog by Tamanna Shaikh Technology / 57

How to Create a Code of Conduct Training That Will Help Your Business Thrive Creating a code of conduct training for your business isn’t

just something you should do; it’s essential for the success and longevity of any organization. While this process may not be as exciting as other aspects of running a company,

like creating creative ideas for launching new products, employee codes of conduct are vital to establishing boundaries and ensuring proper behavior among its staff members.

Here we look at how developing and implementing an effective code of conduct training program can lead to

better working conditions across the board, increased customer satisfaction, greater productivity levels,

increased profitability, and improved morale within your team.

What is Code of Conduct Training and Why is it Important for Your Business?

Code of conduct training provides a clear and meaningful

set of rules designed to help guide employees’ behavior

both in the workplace and outside. It can also be called a code of ethics or ethics policy.

58 / Corporate

A Code of Conduct Training benefits your business by promoting respect, good judgment, and positive employee

behavior. This type of training helps establish healthy

boundaries for employees and their communication with each other – ensuring everyone is held accountable

for their actions. This training also helps demonstrate to

potential customers that your company values ethics and best-practice standards.

Additionally, it can help protect your organization from legal liabilities should any issues arise. Creating a strong Code of Conduct Training for your business will help it thrive in the long run.

Guidelines for Establishing an Effective Code of Conduct Training

Creating an effective code of conduct training for your business is essential to ensure your employees understand the standards and principles guiding their behavior. When

designing a code of conduct training, it’s necessary to set

clear expectations for staff, outlining the responsibilities and duties they must adhere to while on the job.

Establishing expectations should include a thorough explanation of ethical values such as honesty and integrity.

In addition, it’s essential to promote behaviors that support collaboration, respect, responsible communication, and

inclusivity. If misconduct occurs, provide details on how it will be addressed and by whom.

Finally, emphasize that it is everyone’s responsibility to uphold the code of conduct – regular review ensures

everyone stays on track with meeting the established guidelines.

Corporate / 59

Tips For Effectively Communicating the Code of Conduct Training Communicating the importance of code

Additionally, establishing policies on sharing

essential. Establishing clear expectations and

and mutual respect. Follow up regularly on

of conduct training to your business is

good examples can help your employees

understand how they should act in the workplace. You can ensure everyone gets the

message by incorporating helpful visuals and keeping it simple.

feedback will create an atmosphere of trust the progress made toward understanding and implementing these policies. Remember,

you can tailor communication with each

department according to the need to get the best results from each group of employees.

Setting Up Programs That Monitor and Enforce the Policy Creating a code of conduct for your business

This could come in regular check-ins or

workplace and fostering healthy relationships

report violations, ensuring supervisors are held

is essential for maintaining a harmonious between teams and management. But what

good does a policy do if it is not regularly

monitored or enforced? To ensure that implementing a code of conduct is achieved, businesses set up programs to keep track of

surveys, encouraging team members to selfaccountable for good behavior, and having

consequences if norms are broken. In this way, companies can enforce their Code of Conduct Training and ensure its success.

interpretation and adherence to the policy.

Evaluating Your Training Program to Ensure it Is Meeting Your Needs Evaluating your training program is a crucial

You can also look at wide-scale factors

well as the needs of your business. It’s essential

associated with the code of conduct training.

step to make sure it is meeting your needs, as to use data and analytics to measure how participants are doing across different areas.

Keeping track of employee engagement, learning retention rates, and improvements in

employee behavior are just a few of the ways you can gauge success.

60 / Corporate

like customer satisfaction or particular KPIs Regularly reviewing and assessing your code

of conduct training program will help ensure

that it is effective for everyone involved, allowing everyone to benefit from the progress in creating a thriving work environment.

Resources To Help You Develop and Implement An Effective Code Of Conduct Training Program Developing and implementing an effective

Taking time to explore and integrate these

for any business to ensure its workplace

significantly impact creating a healthy,

code of conduct training program is essential culture is inclusive, respectful, and based on

ethical practices. Several excellent resources

resources into your training program can productive environment for everyone involved.

are available to help enterprises to create a

A Code of Conduct Training will give you the

values and provide staff with the guidance

Establishing an effective training program

code of conduct that will reflect the company’s they need.

Businesses new to the process can find

templates online to get them started. At the same time, those looking to take their training

program up a notch can look into customizing their plan with professional assistance.

Tutorials and online courses are also available,

which can provide managers with tips and advice on implementing their code of conduct

necessary tools to move your business forward. requires you to set clear guidelines and

communicate them clearly and consistently.

Additionally, ensure that you have robust

processes for monitoring compliance with the policy and evaluating its effectiveness. With

these strategies in place, you can rest assured

that your Code of Conduct will help promote a safe, respectful working environment for everyone involved.

in day-to-day operations most effectively.

- Blog received on Mail from Skylar Colton

Corporate / 61

Shift Towards Precision Medicine to Improve Healthcare Outcomes Precision medicine (PM) strategies are

driving an era of value-based care to make diagnosis, treatment, and disease management more targeted and patientcentric, improving treatment outcomes and reducing overall healthcare costs.

PM’s

utility

continuum

is

of

expanding

healthcare

equitable,

outcome-driven

utility

diseases

across

to

the

achieve

healthcare

delivery. The PM will find high clinical for

where

over

and

undertreatment could lead to resistance and serious side effects.

Oncology

is

the

most

tapped

area,

(WGS)

and

whole

exome

where PM tools such as whole genome sequencing

sequencing (WES), and targeted gene

panels are being increasingly used to predict disease risk, stratify patients for

therapy selection, and monitor response

to therapy. It can also be useful to predict disease recurrence and optimize dosage.

Precision tools are expected to improve

the efficiency and accuracy of disease screening, risk assessment, prevention, diagnosis,

monitoring

to

therapy

while

selection,

reducing

costs

improving treatment outcomes.

62 / Healthcare

and

and

Advanced Precision Testing Aimed to Provide Holistic Molecular Signatures While genetic, environment, and lifestyle

risk, while companion diagnostics have been

to develop precision medicine tools, advances

therapies in breast, lung, and other cancers.

factors were initially the key factors considered in multiple omics technologies, single cell

developed for the rational use of targeted

analysis methods, molecular imaging,

Single-cell analysis technologies, especially

augmentation are pushing the realm of PM by

omics are emerging as promising tools for PM.

big data, and artificial intelligence (AI)

providing deep molecular insights. Precision

testing has expanded beyond just genomic analysis and includes multiple biomarkers–

microbiome, transcriptome, epigenome, and proteome that provide a detailed molecular

signature which would be a value add in disease modeling, drug development, clinical decision support making, and enabling real-

time, dynamic monitoring of the disease.

Pharmacogenomics assays can also guide

and predict the response in patients and help optimize treatment. Targeted gene panels are being increasingly utilized to assess cancer

single-cell multi-omics tools, and spatial These methods give a deep understanding of tumor heterogeneity and can be leveraged

in precision oncology. While PM aims to help stratify patients and decide on treatment

regimens, it can be a useful tool for disease monitoring and surveillance and enable a shift towards predictive and preventive healthcare

in the long term. In an era dominated by omics and Big Data, advanced analytical tools which

can integrate multidimensional, heterogenous, large-scale data could decipher patterns from

“big” complex data and hold great potential to advance PM.

Targeted Precision Therapies High costs and poor treatment outcomes,

for certain types of cancers, with an array

the development of targeted cancer therapies.

a strong pipeline of late-stage candidates.

resulting in tumor resistance have been key in The US Food and Drug Administration (FDA) approved

targeted

therapies,

Herceptin

and Gleevec which have been in the market

for several years are a testament to the groundwork done in this space. Pharma

companies are increasingly moving away

from the blockbuster mindset to create more high-value, targeted therapies for target

certain patient populations. Implementation of

molecular screening and subsequent therapy selection is becoming more commonplace

of FDA-approved targeted therapies, and The accelerated approvals of mobocertinib

and sotorasib in 2021 as targeted therapies for different mutations in NSCLC indicate the growth of genomic tools-driven therapeutics

development. Several Companion Diagnostics

(CDx) is being co-developed with therapeutics, and these assays are being widely leveraged

to predict treatment outcome, help stratify patients for optimal drug and dosage, and for prognosis.

Healthcare / 63

Augmenting Clinical Testing with Digital Tools and AI is Integral to Realizing the Full Potential of PM The growing demand for precision medicine

precise treatment of the infection, rather

and has made digitization from a good-to-

antibiotics. Rapid immunodiagnostics and

has certainly pushed digital transformation have to a critical element in healthcare. Big

Data and AI/machine learning (ML) tools help in managing high volume, disparate multimodal data from clinical data, and electronic health records (EHRs) along with omics data and

enable precision diagnostics, and support as CDS (clinical decision support) tools.

AI/ML augmentation can enhance the

than treating patients with broad-spectrum

host response tests can be used to differentiate between bacterial and viral infections and

support as a CDS tool. Harmonizing the integration of AI into genomic diagnostics will support the prediction of infectious pandemics,

better understand the prognosis of infections,

and provide actionable insights to clinicians to initiate appropriate therapeutic intervention.

accuracy of molecular diagnostics and

In critical care or emergency care, advanced

onset. This is especially important for complex

clinical decision-making and improved

enable the prediction of disease risk and early diseases, such as cancers or neurological

diseases, where a panel of biomarkers needs to be analyzed. However, the limited clinical validation of such tests and reimbursement

challenges have been deterrents to widescale adoption.

Many AI-based molecular diagnostics are being developed as an adjunct to treatment

digital tools are extremely valuable for precise outcomes. The AI/ML algorithms can analyze bedside tests, EMRs, medical imaging, and Web- and mobile-based device data for precise

identification

of

patients’

needs

and provide appropriate treatment. The AI-

enabled clinical decision-making platform

can also detect clinical risks in patients to facilitate early individualized interventions.

intervention, to analyze responses to treatment,

Wearable devices such as smartwatches, or

the use of molecular signatures is critical

with

and predict outcomes. In addition to cancers,

in infectious diseases where overtreatment can result in antimicrobial resistance (AMR),

a globally growing concern. Advances in diagnostics integrated with digital tools have made infectious disease management more precise than ever. Rapid phenotypic or culture-

free antibiotic susceptibility testing platforms can quickly detect and identify infectious

diseases within minutes, and this also enables 64 / Healthcare

skin patch-based diagnostics are integrated flexible

and

miniaturized

sensors

measuring simple parameters such as vital signs, stress, wellness, or glucose monitoring

to infection, sleep, or ECG monitoring. The continuous health data collected by digital

tools can be analyzed to identify the patterns in a patient’s health, which are called digital biomarkers. Integration of AI algorithms with

digital biomarkers can provide actionable

diagnosis and precise selection of therapy or

dosage to the patient at the right time. This

Medical imaging biomarkers can help in

medicine for chronic disease patients.

location and extent of the abnormality, the

is especially useful for providing precision For

example,

performing

healthcare

digital

professionals

biomarker

analysis

of

patients with diabetes, and hypertension can

receive real-time insights such as dynamic dose optimization or precision nutritional

recommendations. Digital biomarkers can also be useful to pick early “signals” to predict and prevent certain diseases and quantify phenotypic data. In fact, pharma companies

are providing users with digital tools such as wearables, companion apps, or AI health assistants to get personalized insights and

manage their disease condition by optimizing dosage by themselves.

stratifying the patients and depending on the

treatment decisions are made accordingly.

Hybrid imaging can also be used to guide precision medicine in patients. Such as fluorine-18

fluorodeoxyglucose

(18F-FDG

imaging

positron

emission tomography/computed tomography PET/CT)

modality

can

guide precision medicine for invasive bladder carcinoma. Moreover, combining data from

medical images with individual genomic phenotypes—also known as radio-genomic analysis—helps

in

guiding

therapeutic

strategies for individuals. This diagnostic, therapy, and prognostic precision medicine plays an important role in oncology.

Healthcare / 65

Advanced Clinical Trials for Precision Drug Development With the aim to develop precision medicine,

support precision medicine in clinical trials by

significantly. Adaptive trial design analyzes

to strategic treatment planning. A digital

the clinical trial design is also changing

interim data points to modify the trials as

required and provide precise therapy for patients. These trials modify the doses and

better assess the relationship between

outcomes and dosage. Digital biomarkers also

stratifying the population into different subsets biomarker is an effective way of developing

personalized population baseline data which

improves the pre-screening and recruitment of patients in a trial.

Current Roadblocks and the Path Ahead With dwindling costs and times of next-

medicines is more R&D intensive and costly

in clinical practice. However, there is still a

streamlined regulations for their success.

gen sequencing, WGS has become routine significant

populations SNP

underrepresentation

(single

and

ethnicities

nucleotide

in

of

certain

terms

of

polymorphism)

mapping, and biobanking, and this needs to change to derive value from precision testing. Issues around regulations, insurance

reimbursements, and data management and analysis have also impeded the full-fledged

development of PM. Most genetic predictive testing is not reimbursed in many parts of

the globe, and improving clinical validation and including their coverage would help in widespread adoption. Developing targeted

than

traditional

medicines

and

requires

Outcome-based reimbursements can help such

high-value,

low-volume

therapies

thrive in the market and make them more accessible. Increased use of deep learning and

other ML algorithms can help analyze large-

scale, multimodal data to make PM more streamlined. For the PM to become an integral part of disease management, it is important to

devise strategies to integrate genomic data, clinical data, and RWE (real-world evidence)

in real time to render precision diagnostics and population health analysis more clinically actionable.

Large Scale Precision Medicine Efforts Will Bolster Growth The Precision Medicine Initiative launched by

in Germany are collaborating to advance

level effort to implement strategies to shift

Council) region, especially UAE, Saudi Arabia,

the US in 2015 was the first formal nationaltowards value-based care delivery. This was

followed by nations such as UK, Sweden, and

Germany setting up PM initiatives. Multicentric

efforts such as the one between Genomic

Medicine Sweden (GMS) and the Centers for Personalized Medicine (ZPM) initiative 66 / Healthcare

PM. Countries in the GCC (Gulf Cooperation and Qatar are also actively working on largescale

genome

sequencing,

biobanking,

and creation of reference genomes (Qatar Reference

Genome)

which

would

drive

population-wide understanding of disease susceptibility and help develop preventive

healthcare strategies. China and Japan are

from diverse populations, and inclusion of

and others have also prioritized large-scale

to further drive PM strategies. Developing

trailblazers in the APAC region, while Taiwan

genomic sequencing efforts to push PM. It recently announced precision health as one of its six core strategic focus areas in its Vision

for 2030. Building comprehensive datasets

underrepresented minorities will be critical sustainable

and

long-term

economic

models that would support the financing of

PM strategies will be crucial for widespread adoption.

Co-authored by Ruplekha Choudhurie, Senior Industry Analyst and Team Lead (Health & Wellness), TechVision, Frost & Sullivan, Debarati Sengupta, Senior Industry Analyst and Team Lead (Medical Device and Imaging), TechVision, Frost & Sullivan

- Blog received on Mail by Frost & Sullivan Healthcare / 67

Improving customer experience in the banking industry

In a world where businesses are fighting to pace up their rank in the market, customer experience plays an important role. It does not matter what is the nature of the business, a good customer experience plays a significant role.

With the ongoing trends in the business industry, everyone is trying to improve every department including tech, management, recruitment, etc. Improving the customer experience is also an important area that most businesses neglect. Talking about the banking sector, improving the customer experience in today’s era will bring more business and that is why it is very important.

68 / Banking

Customer Experience in the Banking Sector Improved customer experience is a compet-

itive advantage for banks. It leads to higher wallet share, recommendations, and opportunities for cross-selling. Banks worldwide are

evaluating existing products and services to determine customer satisfaction and provid-

ing customized solutions to retain customers and attract new ones. Customer experience in banking includes interactions through various channels, such as call centers, emails, and

social media. It is crucial for marketing and customer retention.

Banking / 69

Current State of the Banking Sector We all know that the world has been

personalized experience, and fast response

the other changes, the banking sector has

channels.

undergoing

various

changes.

Among

all

experienced new trends on the basis of

across payment platforms and service

emerging priorities. Banks around the globe

Customers now prefer banks that have well-

to improve their customer experience.

security breaches, litigation, and fines. It has

are using management systems like Wavetec

The traditional customer relationships have been disrupted by savvy competitors who have introduced 24/7 self-service,

maintained privacy and security, avoiding become compulsory for banks to maintain a proper IT infrastructure as cybercrime is on the rise.

How to improve customer experience in the banking sector in 2023?

Digital transformations have changed customer expectations in banking, prompting banks to improve their customer experience to retain and attract new customers. Here are tips for enhancing the customer experience while keeping up with the latest trends 1. Improve Products and services by introducing Mobile App Data.

A mobile app is essential for banks in today’s era. Customers expect mobile banking services, and without a mobile app, banks risk losing existing customers to competitors. Self-service

through a mobile app is a growing trend, and banks should consider adding unique services to enhance customer experience.

2. Have a branch of the future.

The new digitized trends showcase that in the near future customers would not be interested in going to the physical branches. This does not mean a bank should shut down the physical branch, instead, it should work on the branch of the future.

Now, what does the branch of the future mean? To establish a branch of the future, you must imagine what your customers want to see in a physical branch. You can make it look like a

showroom-style branch with mobile devices displaying your mobile app, offering face-to-face interactions while offering customer training and consultative services to use the technology.

3. Offer Advising Services.

In order to enhance customer service, banks should pair consumers with in-house financial advisors. These advisors would guide consumers with tailored advice based on their needs.

Banks should introduce customer relationship management technology so that they are able to 70 / Banking

analyze and collect data to establish customer profiles. These profiles will be useful for your in-house advisors to have a complete view of the customer’s situation.

4. Artificial Intelligence.

Customers are most frustrated when they call a service helpline and are put on hold. Banks cannot

be blamed as the number of incoming calls is sometimes impossible to handle for humans. That

is why banks should have Artificial Intelligence enabled chatbots that would process and pull information from different sources to attain incoming customer service requests.

5. Automated Onboarding.

When new customers are onboarded in a bank, they have to sign and fill out stacks of paper.

What if the onboarding is done through an electronic process rather than manually? A lot of

burdens from the administrative team will be reduced and customers will be happy to have a fast-paced process of opening an account.

Conclusion Customer service is crucial for every business, and digitalization has made it even more important.

There are various ways for banks to improve their customer service, and many companies offer

software and hardware solutions to enhance the customer experience. Banks can choose these platforms to improve their services.

- Blog received on Mail from Scott Landel Banking / 71

Understanding Digital Advertising Trends During a Recession

In the current economic climate,

businesses

seek

ways to stay ahead of the

competition and maximize their

digital

advertising

efforts. It’s no secret that

recessions bring hard times, and many companies are wondering how they can

make the most of their marketing remain

budgets

competitive.

to

The

answer lies in understanding

the changes that have taken place in digital advertising

trends during this time of

crisis. In this blog post, we’ll

explore how businesses can

capitalize on these trends, why they need a growth

agency for e-commerce,

and how to make sure they stay one step ahead.

72 / Technology

What is Digital Advertising?

Digital advertising refers to any marketing

reaching potential customers with targeted

radio, television, and the internet. This form of

that digital campaigns are more efficient than

or promotion via electronic media, such as advertising has become increasingly popular over the years due to its effectiveness in

messages. Recent studies have also shown traditional ones in engaging customers and improving conversion rates.

How Has Digital Advertising Changed During a Recession?

The recession has had a profound effect

spots or billboards, businesses have begun

hand, many companies have been forced

and online video platforms to reach their

on digital marketing trends. On the one

to cut back on their spending due to budget constraints; however, this has also opened up

opportunities for more creative approaches to marketing. For example, instead of relying solely on traditional methods such as television

exploring new channels such as social media audiences more cost-effectively. Additionally, companies have been leveraging data-driven

insights to develop strategies to maximize their return on investment (ROI).

What Are Some Strategies For Maximizing ROI? In today’s competitive landscape, businesses must maximize their ROI from each launch

campaign. This means taking an analytical approach that considers factors such as customer

segmentation

and

targeting

strategies and optimizing messaging for different channels (e.g., email vs. display ads).

Additionally, businesses need to use analytics tools like Google Analytics to track metrics such as website visits and conversions so they

can make informed decisions about which strategies are working best for them. Finally,

companies should focus on creating content

that resonates with customers by leveraging

customer feedback from surveys or reviews to develop campaigns that tap into what people genuinely care about.

Technology / 73

Increasing Mobile Advertising Spend With more people using mobile devices than

like India and China and improved technology

one of the fastest-growing segments in digital

mobile advertising means that businesses

ever, it’s no surprise that mobile advertising is

marketing. In 2020 alone, mobile advertising spend is expected to grow by 20%. This is partly due to the growth of emerging markets

such as 5G networks. This increased focus on should

adjust

their

marketing

strategies

accordingly by optimizing for mobile devices and targeting mobile users with relevant ads.

Using A Growth Agency For Ecommerce In addition to leveraging the latest digital

their

consider partnering with a growth agency for

for conversions, and implement targeted

advertising trends, businesses should also

ecommerce to maximize their ROI. A growth

agency specializes in analyzing customer data

and

developing

strategies

tailored

to the specific needs of each business. For

example, they can help companies improve

website

performance

and

UX/UI

design, optimize their ecommerce platform campaigns

across

multiple

channels.

In

addition, growth agencies can also provide

valuable insights into customer behavior and purchasing patterns to help businesses stay ahead of the competition.

Conclusion As the economy continues its recovery from

during times of economic adversity. Above

digital advertising trends to maximize their ROI

creativity is critical—by leveraging unique

the recession, businesses must stay ahead of from each campaign they launch. By visiting

up-to-date with changes in online marketing

tactics and taking an analytical approach

towards developing strategies explicitly tailored towards their target audience(s), companies can ensure they remain competitive even

74 / Technology

all else, companies should remember that

ideas and insights gleaned from customer

feedback (among other sources), businesses

can create campaigns that stand out from

the crowd and drive results even during a recession!

Technology / 75

March-ing on With Calculated Optimism

76 / Market

The Fed hiked rates by 25bps overnight,

necessitating a restrictive stance on policy. But

current substantial stress in financial markets,

for where rates should end the year with the

taking it to 5%. The hike comes despite the

translating that the Fed is still prioritizing its fight against inflation above other considerations. In

its statement about the hike, the Fed said that inflation remained elevated while employment indicators were running at a robust pace. It

there was no change to this year’s projection median projection of 5.125% holding, with 10 FOMC members pitching at that level while one member supported rates going up to as much as 6%, higher than the previous SEP.

also stressed that US banks were sound and

Overall, the March FOMC meeting will be put

would mean tighter credit conditions, although

is still an issue and hiking rates is the most

resilient but that the current stress in markets

J-Pow’s press conference later stated the precise level of tightening would be uncertain.

It seemed to downgrade the path of monetary

policy at the next meetings, saying some additional policy firming may be appropriate

rather than its previous language of ongoing increases in rates. J-Pow also noted that the Fed did consider a pause at this meeting and

that additional rate hikes might still be needed

if the inflation fails to get closer to target levels,

underscoring the level of uncertainty to the rate trajectory as it closed in the peak of the hiking cycle.

The FOMC also came with a new Summary of Economic Projections. Growth for this and next year was revised down marginally while the unemployment rate was also nudged

lower. Projections for inflation rose with the Fed estimating PCE inflation at the end of the year

at 3.3%, above the Fed’s 2% target and thus still

down as an attempt at a dovish hike. Inflation effective tool to cool aggregate demand and, eventually, bring prices lower. Similar to the

messaging from the ECB last week, Powell noted that the Fed has separate tools to manage liquidity stress in financial markets.

Market reaction to the Fed was somewhat

clouded by a simultaneous message from Treasury Secretary Janet Yellen who seemed to rule out a blanket increase in deposit

insurance, saying it was not something we are considering. Nevertheless, the 2yr UST

rallied sharply on the Fed announcement as

markets discounted any more tightening, with yields falling 23bps on the day to 3.9367%. The moves this month have been substantial: only

as recently as March 7, the 2yr UST was trading with a 5% yield. Market pricing for rates at

upcoming meetings has a 25bps tentatively

priced in for the May FOMC before cuts start in earnest from the July meeting. Almost 70bps

of cuts are priced in from the current effective Fed Funds rate by the end of the year.

Market / 77

Based on Fed’s own SEP, monetary policy

companies are included in tax revenue, along

will still be above target by the end of 2023.

VAT, and other taxes.

will need to tighten further as PCE inflation A median Fed Funds projection of 5.125%

implies one more 25bps hike, presumably at

the May FOMC meeting, though the current volatility in financial markets may prompt a

pause. Economic data in the coming weeks will be key for the May meeting though it is probably too early for it to reflect much of the

noise in markets. On that basis, we expect that the Fed will be able to move ahead with one more hike before holding rates unchanged

over the remainder of the year. But that stable policy view is caveated by an assumption

that financial strains are contained. Should

markets hit the rocks again, and credit conditions tighten significantly, then the Fed

with taxes on foreign banks, customs duties,

With inflation averaging 5% last year, this implies a real cut in consolidated government

spending in 2022, despite a surge in oil revenues.

2023 will see revenue estimates lower on the

back of a lower oil price and no increase in oil production. With the new corporate income

tax coming into effect in the second half of this year, it will boost revenues over the next two years. With overall tax revenues to be around 9% lower in 2023 and projected to be a 5% increase in current spending, slightly more

than expected average inflation, the budget surplus will be at AED 125.2bn this year or 6.2% of estimated GDP.

may need to do less on the hiking front to

Risk warning – As with all investing, your capital

May hike would then lengthen and we could

as well as up and you may get back less than

slow growth and curb inflation. The odds of a bring our expectation of rate cuts—currently

expected for 2024—forward to the second half of the year.

Closer at home, the latest provisional data

from the UAE MoF show the consolidated budget recorded a surplus of AED 195.7bn in

2022, or 10.5% of the estimated GDP, up from

is at risk. The value of your portfolio can go down you invest. Past performance and the contents

of this outlook is not reliable indicator of future performance. This article/print is protected through international copyright & print laws and may not be reproduced, distributed, or

copied without exclusive permission from the writer.

AED 61.5bn (4.0% of GDP) in 2021.

Geoffrey Muns is an Independent Financial

Total revenue grew 28.7% y/y in 2022, driven by

and UAE based out of Dubai for the past 20

sharply higher tax revenues which rose more than 60% y/y. The Ministry of Finance does not split out the revenue into oil and non-oil

income, but the methodology notes indicate

that taxes paid by Abu Dhabi’s oil and gas

Advisor and Planner certified from the UK, US, years. He also works in the PE/VC space and is

a seasoned investment banker having worked

with international banks and investment firms in the region.

- Blog By Geoffrey Muns 78 / Market

Market / 79

The New Money Language: ISO 20022 It is the grist for the gossip mill-but don’t be troubled, SWIFT’s ISO 20022 is simple. For instance, there comes a time when people become

acquainted, their communication can be misin-

terpreted. Similarly, it’s no different in the financial

world, except the threats are significant. If financial

organisations have trouble communicating, that will further lead to inconvenience. In this situation, ISO 20022 plays a role.

Introduction to ISO 20022: In simpler terms, it is a global standard that creates a common language for payments

worldwide which results in better transactions for all. It first commenced in 2004, which helped

in delivering electronic messages between financial establishments. ISO is the International Organization for Standardization, which provides

standards for financial messaging which are based on XML(a mark-up language).

80 / Business

Business / 81

Advantages of ISO 20022: Enforcing a particular language, IS0 20022

more precision. Tasks such as invoicing

firms

automated,

offers dynamic resilience to financial which

susceptible

helps

to

them

market

become

shocks,

more

economic

trends and technological alterations. It will

help with the transparency of payments as institutions can impart more payment-related information. Secondly, it is a future-oriented

business model as banks can assimilate themselves

with

their

customers

with

and

liquidity

m a na g e m e nt

c an

be

thus creating a competent

corporate banking ecosystem that is booming and malleable. Also, standardization always

brings cost efficiency which is an added benefit compared to the SWIFTs MT format. Lastly, it

opens the door to more business opportunities

as convergence to one standard is needed and 20022 bridges this interoperability gap.

FpML, FinXml,

Fpml

XBRL, and FIX are some other messaging languages used by different

XBRL

countries for communicating between financial organisations and ISO 20022 compensates for

COMMON STANDARD (ISO 20022)

FinXml

this by giving a common standard globally.

82 / Business

FIX

How does it perform?

SWIFT leads ISO 20022 to a manual that comes with all the instructions you need to assemble.

The outcome is a standardised way of communicating across frontiers and establishments. By continuing the metaphor this manual has three different instructions namely:

1. Business Model: Payment

Debtor Creditor Credit Agent

Credit Transfer

Debtor Agent

Party

Address

Financial Institution

Account

For a particular payment to take place for

A distinct feature of IS0 20022 is its separation

into play like- Debtor, Creditor, Creditor Agent

in the syntax. It starts with shaping the process,

example a credit transfer various actors come and Debtor agent.

The debtor and creditor are considered to

be one party whose attributes include their postal address and account number whereas

the creditor agent and debtor agent are the

between the business and how it is portrayed the parts and the players involved as well

as the knowledge required for the action to take place. These details are then stored and

analysed into components having business elements.

financial institutions.

2. Logical Message Formation: Whether it is a credit card transfer or payment,

message is an explanation of the information

across all messages. As a result, an insightful

function, independent of pattern or syntax.

it has the potential to utilize components

which is required to perform an explicit

3. The Syntax: XML is named the elementary syntax which

syntax are some other patterns that can be

this logical message. SWIFT proprietary or FIX

which also contains the ISO 20022 Dictionary.

plays the role of visual representation for

opted for too. This is preserved in an archive

Business / 83

MT & MX MT and MX are two different messaging

elements that can be used for financial trans-

exchanging information between banks and

wide range of purposes, including payment

standards used in the financial sector for financial institutions.

MT stands for “Message Type” and is used to

actions. MX messages can be used for a

instructions, trade confirmations, and securities transactions.

refer to the SWIFT MT message format, which

The most significant difference between these

financial transactions. The SWIFT MT messages

better defined and more granular compared

is a standardized messaging format used for

are used for sending various types of financial

messages, such as payment instructions, trade confirmations, and securities transactions.

On the other hand, MX stands for “Message

two messaging formats is that MX is far richer, to its prototype. It improves the calibre and consistency of data across messages and

financial processes as well as the automation of its processing.

Exchange” and is a newer messaging stan-

In summary, both MT and MX messaging

flexible and extensible messaging format. The

but MX provides a more flexible and extensible

dard introduced by SWIFT to provide a more MX messages are based on the ISO 20022

standard and provide a richer set of data

84 / Business

standards are used for financial transactions, messaging format based on the ISO 20022 standard.

Challenges of implementation

The implementation of ISO 20022 can be challenging for organisations because of the – 1. Technical intricacy: Implementing ISO 20022 requires significant technical expertise, including

knowledge of the standard’s structure, message types, and syntax. Organizations need to ensure

that their systems and applications are compatible with ISO 20022, which can be a complex and time-consuming process.

2. Data Scaling: Converting existing data to ISO 20022 format can be a significant challenge.

Scaling data elements from existing systems to the ISO 20022 standard requires careful planning and attention to detail. This process can be particularly challenging for organizations with large amounts of data or complex data structures.

3. Coordination: Implementing ISO 20022 requires coordination between various stakeholders, including internal departments, external partners, and service providers. Organizations need to

ensure that everyone involved in the process understands the standard’s requirements and is working towards the same goals.

4. Migration: Migrating to ISO 20022 requires careful planning and execution. Organizations need to ensure that the migration process does not disrupt their business operations and that all stakeholders are aware of any changes.

5. Compliance: Compliance with ISO 20022 can be challenging, particularly for organizations operating in multiple jurisdictions with different regulatory requirements. Organizations need to ensure that they are compliant with all relevant regulations and standards.

Overall, implementing ISO 20022 can be a challenging process, requiring significant technical

expertise, coordination, and resources. However, the benefits of adopting the standard can be significant, including improved efficiency, increased interoperability, and reduced costs in the long term.

Business / 85

Conclusion ISO 20022 is a global standard for financial messaging that is rapidly gaining popularity

in the financial services industry. It is a comprehensive messaging standard that enables the exchange of structured data

between financial institutions, facilitating the

automation and streamlining of financial processes.

The adoption of ISO 20022 offers several benefits for financial firms, including improved efficiency,

increased

automation,

and

enhanced interoperability. It enables the

integration of financial processes across different systems and platforms, which can reduce the need for manual intervention and improve the accuracy of data.

Overall, ISO 20022 represents a significant step forward in the evolution of financial messaging standards, and its adoption is likely to continue

to grow in the coming years. Financial institutions that embrace this standard early on are likely to enjoy a competitive advantage over those that do not, as they will be better

equipped to meet the evolving needs of

their customers and adapt to the changing financial landscape.

- Blog by Tamanna Shaikh

86 / Business

Business / 87

How to Make Money with Reseller Hosting

•

Many entrepreneurs are attracted to the idea of reselling hosting in today’s uncertain

•

Businesses that make it work hard – it takes an effort to succeed.

•

economy. It can be quite lucrative, although it’s far from a get-rich-quick scheme.

What does it mean to resell hosting? It is a smart way to make money and involves selling hosting packages to clients. As a reseller, you can set your own pricing and earn a profit by

reselling hosting resources that you purchase from a web hosting provider. Here are some tips on making money with reseller hosting.

88 / Business

Choose a reliable hosting provider The first step to making money with reselling

technical support. Your clients will rely on your

Look for a provider with a high server uptime

running, so it’s important to choose a provider

hosting is to choose a reliable hosting provider. guarantee, fast server speeds, and excellent

hosting services to keep their websites up and that you can trust.

Create customized packages Once you have selected a hosting provider,

When creating your hosting packages, it’s

your clients. Your hosting packages should

Research other hosting providers to see what

you can create hosting packages to sell to

be tailored to meet the specific needs of your

clients, such as disk space, bandwidth, and email accounts. You can also offer add-ons such as website builders, SSL certificates, and domain registration services.

important to set your prices competitively.

they are charging for similar hosting packages.

You don’t want to price your packages too high and turn away potential clients, but you

also don’t want to price them too low and lose money.

Market your hosting services Once you have created your hosting packages, it’s time to start marketing your hosting services.

There are several ways to market your hosting services, including: Paid advertising: Consider using paid

Email marketing: You can use email to promote

or Google AdWords to promote your hosting

can create newsletters or promotional emails

advertising methods such as Facebook Ads services. You can create targeted ads that

appear to people who are searching for hosting services or who fit your ideal client

your hosting services to your subscribers. You

that showcase your hosting packages and encourage people to sign up.

profile.

Referral programs: Offer a referral program

Social media: Use social media platforms such

to refer new clients to your hosting services.

as Facebook, Twitter, and LinkedIn to promote your hosting services. You can create posts and ads that target your ideal clients and

encourage them to sign up for your hosting

to your existing clients to encourage them You can offer discounts, free hosting, or other

incentives to clients who refer new business to you.

packages.

Business / 89

Work on customer support Providing excellent customer support is key to retaining your clients and growing your business reselling hosting. Make sure to respond to your clients’ inquiries and support requests promptly

and professionally. If you can’t resolve a technical issue, escalate it to your hosting provider’s support team for assistance.

Offering value-added services such as free site

migrations, website backups, and security scans

can also help you differentiate your hosting services and provide excellent customer support.

Upsell and cross-sell Upselling and cross-selling can help you generate more revenue from your existing clients. You can upsell by offering higher-tier hosting packages

that offer more resources and features. Cross-

selling involves offering additional services such as website design, SEO, or PPC advertising to your existing clients.

When upselling and cross-selling, make sure to

offer relevant services that align with your clients’ needs and interests. Don’t try to sell them services that they don’t need or won’t benefit from.

Manage your finances As a provider of this service, it’s essential to

manage your finances carefully. Keep track of

your income, expenses, and bottom line to ensure that you are running a profitable business. Set up

a system that automatically bills your clients for their hosting packages each month, and make sure to collect payments on time.

90 / Business

How much can you make?

It depends on your business plan. Depending

you can reinvest those funds into advertising

$20 to $200 per customer per month. If you sign

With time, your business will grow, and you’ll

on features and services, you can make from

up 20 businesses in the area and charge them $50 each, it’s an easy $1,000 per month. Then,

campaigns, improve your services, and more.

be able to support yourself and maybe even your loved ones from it.

- Blog from Yvette Warren

Business / 91

Dubai Real Estate Market: A Record-Breaking Boom in 2022

The Dubai real estate market has always

particularly in the luxury apartment segment,

growth. However, the year 2022 witnessed an

increase of 313%. This surge can be attributed to

been known for its dynamism and remarkable unprecedented surge, surpassing all previous records. This article aims to provide an

analytical study of the factors contributing to this remarkable boom.

The real estate market in Dubai continues to shine as it achieved a staggering $65 billion

in sales in 2022. The emirate’s real estate sector has experienced substantial growth,

92 / Real Estate

which witnessed an impressive year-on-year the rising demand for branded residences and

the launch of exciting new developments. Let’s delve into some key statistics that highlight

the robust performance of Dubai’s real estate market and gain insights from industry expert

Maria Mitrea, the founder of Arabian Sunrise

Properties, a brokerage company with offices in Dubai and Abu Dhabi.

Unprecedented Growth in Luxury Apartment Sales: Luxury apartments sales in Dubai have witnessed an astounding growth rate of 313% year-on-year. This surge can be attributed to various factors, including

an influx of high-net-worth individuals seeking premium living spaces and an increasing preference

for branded residences. These luxurious apartments offer an unparalleled lifestyle, combining opulent

amenities, iconic architecture, and breathtaking views, making them highly desirable among investors and homeowners alike.

Strong Demand for Branded Residences: The demand for branded residences has been a significant driving force behind the remarkable growth

in Dubai’s real estate market. These properties, often associated with renowned hospitality and lifestyle brands, offer an exceptional living experience,

combining the comfort of a private residence with

the services and facilities of a luxury hotel. The allure

of branded residences lies in their exclusivity, excep-

tional quality, and access to world-class amenities, attracting discerning buyers looking for both a prestigious address and a superior lifestyle.

Maria Mitrea believes that the unprecedented growth in Dubai’s real estate market is a testament to the emirate’s ability to consistently innovate and

adapt to the evolving needs of buyers. She states, “Dubai’s real estate market has always been dynam-

ic, and the recent surge in sales is a testament to the city’s unwavering appeal. The combination of luxuri-

ous branded residences, exceptional amenities, and the iconic skyline has captivated the interest of local

and international investors. Dubai’s commitment to

developing world-class infrastructure and creating vibrant communities ensures a sustainable growth trajectory for the real estate market.”

Real Estate / 93

Unveiling the Boom: Factors Behind Dubai’s Real Estate Surge Several key factors fueled the remarkable boom experienced by the Dubai real estate market

in 2022. These factors can be categorized into economic, regulatory, and infrastructural drivers, which together created a favorable environment for real estate investments.

•

Economic Stability and Diversification: Dubai has made significant strides in diversifying

its economy beyond oil dependency. Investments in sectors such as tourism, finance, technology, and entertainment have attracted both domestic and international investors,

• •

driving economic growth and creating a high demand for real estate.

Expo 2020 Dubai: The highly anticipated Expo 2020 Dubai played a crucial role in attracting investors and visitors from all corners of the globe. The six-month-long event showcased the

city’s innovation, culture, and potential, further boosting confidence in the real estate market • •

and generating immense interest in residential and commercial properties.

Foreign Direct Investment (FDI) Incentives: The Dubai government implemented various measures to attract foreign investors. Initiatives such as 100% foreign ownership of companies, extended residency permits for investors, and tax exemptions contributed to a surge in FDI,

• •

directly impacting the real estate sector.

Regulatory Reforms: The government’s proactive approach in implementing investor-friendly regulations significantly enhanced market transparency and investor confidence. Stricter

oversight, the introduction of escrow accounts, and the establishment of the Dubai Land Department’s Real Estate Regulatory Agency (RERA) ensured a fair and regulated market, instilling trust among investors.

In this booming market, one name stands out for her exceptional expertise and contributions – Maria Mitrea. With over a decade of experience in the Dubai real estate sector, Maria has been instrumental in shaping the success story of numerous investors & developers. Her expertise and dedication have earned her a reputation as a trusted advisor and an invaluable resource in the industry

94 / Real Estate

•

In-depth Market Knowledge: Maria’s profound understanding of the Dubai real estate

market, combined with her meticulous research and analysis, allows her to identify lucrative investment opportunities and guide her clients toward the most favorable options. Her ability

to accurately predict market trends has consistently provided investors with remarkable • •

returns on their investments.

Vast Network: Over the years, Maria has built an extensive network of developers, investors, and

industry professionals. This network enables her to access off-market properties, negotiate favorable deals, and connect clients with reliable partners for legal, financial, and property

• •

management services.

Tailored Solutions: Understanding that each investor has unique requirements and objectives, she prides herself on providing personalized solutions. She takes the time to understand her

clients’ preferences, risk appetite, and financial goals, ensuring that their investments align • •

perfectly with their expectations.

Exceptional Customer Service: Maria’s dedication to her clients goes beyond transactional

relationships. She strives to provide exceptional customer service, building long-term

partnerships based on trust and mutual success. Her commitment to maintaining open lines of communication and providing ongoing support has garnered her a loyal client base.

Conclusion The Dubai real estate market’s extraordinary boom in 2022 can be attributed to a combination

of economic stability, regulatory reforms and infrastructural development. As Dubai continues to evolve and innovate, it is poised to remain a top choice for investors and homeowners seeking lucrative opportunities and an extraordinary living experience.

- Blog from Jesna Jamal

Real Estate / 95