Gulf Business BBG Edition May 2020 by Motivate Media Group

SPECIAL REPORT: WHY GIVING BACK IS CRUCIAL RIGHT NOW

M AY 2 0 2 0

Overcoming the distance The Covid-19 pandemic has dramatically altered the way we work and live. How do we stay connected?

p.30

Message from the top: Advice from business leaders

p. 36

Talking money: The role of banking in crises

p.60

It’s all about timing: What’s next for watch fairs?

Gulf Business

CONTENTS / MAY 2020

The Brief An insight into the news and trends shaping the region with perceptive commentary and analysis

Special Report: CSR The world has never been in greater need of aid. How has the pandemic impacted the way individuals and companies give back?

Cover Story: Balancing act Adjusting to life and work under the shadow of the Covid-19 pandemic has been tough. How can we continue to stand tall?

gulfbusiness.com

May 2020 3

CONTENTS / MAY 2020

30 Top view Regional business leaders on the way ahead

36 Money matters How are financial institutions handling the crisis?

“The world after Covid-19 will never be the same” -HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai

Lifestyle

The future of watch fairs p.60

Underwater tourism p.66

Editor-in-chief Obaid Humaid Al Tayer Managing partner and group editor Ian Fairservice Group director Andrew Wingrove andrew.wingrove@motivate.ae Acting editor Aarti Nagraj aartin@motivate.ae aartinagraj Deputy editor Varun Godinho varun.godinho@motivate.ae varungodinh Senior art director Olga Petroff olga.petroff@motivate.ae Art director Ángel Monroy angel.monroy@motivate.ae angel__monroy Photographers Mustufa Abidi, Jitendra Jangir Cover: Ángel Monroy

Going vegan in Sydney p.71

General manager – production S Sunil Kumar Assistant production manager Binu Purandaran Production supervisor Venita Pinto Chief commercial officer Anthony Milne anthony@motivate.ae Group sales manager Manish Chopra manish.chopra@motivate.ae Senior advertising manager Ravi Dutt ravi.dutt@motivate.ae Senior sales manager Tuleen Abu Soud tuleen.saoud@motivate.ae Group marketing manager Anusha Azees anusha.azees@motivate.ae Vol. 25. Issue 1. May 2020 Printed by Emirates Printing Press, Dubai

Follow us on social media: Linkedin: Gulf Business; Facebook: GulfBusiness; Twitter: @GulfBusiness; Instagram: @GulfBusinessMagazine

HEAD OFFICE: Media One Tower, Dubai Media City, PO Box 2331, Dubai, UAE, Tel: +971 4 427 3000, Fax: +971 4 428 2260, motivate@motivate.ae DUBAI MEDIA CITY: Office 508, 5th Floor, Building 8, Dubai, UAE, Tel: +971 4 390 3550, Fax: +971 4 390 4845 ABU DHABI: PO Box 43072, UAE, Tel: +971 2 677 2005, Fax: +971 2 677 0124, motivate-adh@motivate.ae LONDON: Acre House, 11/15 William Road, London NW1 3ER, UK, motivateuk@motivate.ae

4 May 2020

gulfbusiness.com

Trading woes

The Brief

The World Trade Organization warns that 2020 trade could fall sharply 24%

Annual change in volume of world merchandise trade

20%

Scenario 1 Scenario 2

21.3% 4.6%

10%

2.9% 0

8 9 12 13 17

-12.9% -10%

MAY

-20%

-31.9%

-30%

2017

2018

2019

2020

2021 SOURCE: WTO

ILLUSTRATION: GETTY IMAGES/CHRIS RASCHKA

Education Taxation Retail Future Social

-0.1%

The missing piece

The Covid-19 pandemic has given digital healthcare a strong push. Hereâ€™s why technology will further disrupt the sector p.14 gulfbusiness.com

May 2020 7

The Brief / Education

YouTuber Mark Rober has started a regular “Science Class” series during quarantine

COMMENT

YouTubers are now teachers If any e-learning habits built up during Covid-19 become ingrained, schools may be prompted to incorporate more YouTube videos into their routines

ypically, this time of year is slow for the “Amoeba Sisters”. The YouTube channel makes animated, intricate videos about biology for over half a million subscribers, and its audience usually fluctuates with the school year. “Kids don’t want to learn about mitosis over spring break,” Sarina Peterson, one of the channel’s creators, said. But there was no spring break this year. Millions of school-age children are stuck at home, which has turned YouTubers into desperately needed entertainers, babysitters and — as parents scramble for homeschooling content — de facto educators. Viewership for the “Amoeba Sisters” was up almost 70 per cent on the last Monday in March compared with earlier in the month, a period when traffic usually falls. Other channels popular with 8 May 2020

80%

Increase in Khan Academy’s YouTube traffic in recent weeks

kids are seeing similar spikes. Daily views of YouTube clips with “home school” in the title more than doubled over the past month, according to the company. Global pandemic lockdowns are reigniting an old Silicon Valley dream for schools to run on big data and YouTube clips. Shoddy execution, privacy mishaps and reluctant parents kept that renaissance from happening. But now, virtual education is the reality — and e-learning pioneers are eager to seize this moment. “I’ve reverted to myself 10 years ago,” Sal Khan, head of Khan Academy, an early e-learning hub, told Bloomberg between flurries of video meetings. Registrations from parents for Khan Academy’s online classes have grown twenty-fold in recent weeks and its YouTube traffic rose 80 per cent. (Bandwidth costs for the nonprofit also shot up.) Even online personalities not generally devoted to education have dipped a toe in the growing market. Mark Rober, a popular YouTuber known for his “glitter-bombing” clips, has started a regular “Science Class” series during quarantine. For YouTube, which is part of Alphabet Inc.’s Google, the quarantine is a chance to rehabilitate its image for parents and teachers. Once blocked in classrooms, the company now has a shot at proving its educational mettle. In 2018, the company started a fund for ‘EduTubers’ and introduced ‘Learning Playlists’, a curated collection of channels like Khan Academy and “Amoeba Sisters.” Now, it’s highlighting more of those videos on a website YouTube set up for parents last month, called “Learn@Home.” The company wouldn’t provide traffic numbers for Learn@Home, but Peterson said that this kind of list can provide a big boost in viewership. Peterson and her sister and collaborator, Brianna Rapini, a former biology teacher, are unique among YouTubers — they post videos only once a month, follow science curriculum and sometimes make supplemental content at teachers’ request. They also work with several schools, but they still see hurdles for getting YouTube widely adopted inside classrooms, even virtual ones. YouTube isn’t integrated easily with most school software and some districts still block the site, citing concerns over roaming teenage eyes or bandwidth. If the habits built up during Covid-19 endure, though, schools may be incorporating more YouTube into their routines. Growing traction for YouTube’s educational playlists may be a start. “They’re definitely not there yet,” Peterson said. “But it’s so exciting.” Bloomberg gulfbusiness.com

The Brief / Taxation A N A LY S I S

Reggie Mezu and Bastiaan Moossdorff Senior counsel and senior tax adviser, Baker McKenzie Habib Al Mulla

Revamping tax regimes in the digital economy A consensus seems to be developing that tax regimes need to adopt a global approach to confront challenges posed by technological advances

COUNTRIES WORLDWIDE ARE LOOKING TO TAX THEIR DIGITAL ECONOMIES

With respect to digital economies, the challenge remains on ways to levy tax on income gleaned from transactions that are conducted online by suppliers that neither have any business presence in the country nor are registered for income tax there. The income tax systems in Saudi Arabia, Kuwait, Qatar and Oman – that impose income taxes on companies – are generally effective in handling traditional business models, with key principles adapted to cope with cross-border provision of online transactions. Nonetheless, these tax regimes may need to be refined at various levels, some more than others, to accommodate the rapidly evolving ways of conducting business in the digital space. In doing so, these may require a balancing act of enhancing an equitable tax system that ensures neutrality in taxation of various business models (including traditional and digital) whilst facilitating ease of compliance for businesses. VALUE-ADDED TAX

The GCC member nations agreed to a framework for the implementation of value-added tax (VAT) in 2017. The UAE and Saudi Arabia introduced it on January 1, 2018, based on that framework, while

ILLUSTRATION: GETTY IMAGES/SLOOP COMMUNICATIONS

s technology transforms the methodology of conducting business transactions, the change in technology itself has significantly accelerated in the past few years. Continuous innovation in the digital economy space has been remarkable as well as disruptive to the traditional ways of doing business. This has led many countries to consider the adequacy of their systems in regulating digital economies. However, tax regimes need to adopt a global approach to confront these challenges. Therefore, many countries are looking in the direction of the Organisation for Economic Co-operation and Development (OECD) for coordinating a response. The OECD is, therefore, developing proposals to overhaul global tax rules that determine where and how much tax multinationals pay, with a plan to give more taxing rights to countries where multinationals conduct business. Under its Base Erosion and Profits Shifting (BEPS) project, Action 1, the OECD is addressing tax challenges arising from digitalisation. Simultaneously, countries worldwide are introducing new taxes and/ or expanding their current tax regimes in order to tax their digital economies. Regionally, here’s how GCC countries are taxing the digital economy and the practical challenges that companies operating in this space face. INCOME TAXES

Generally, countries impose income tax on businesses that either have a taxable presence in the country or carry out activities there. Certain passive income received by companies from those countries may also be subject to tax at source through withholdings. Saudi Arabia, Kuwait, Qatar and Oman impose income tax on companies, based on some of these criteria. Bahrain and the UAE do not generally impose income tax. gulfbusiness.com

May 2020 9

The Brief / Finance Robotics within finance

Assessing the benefits of introducing RPA into the finance function FULL TIME EMPLOYEE’S REALLOCATION AND REDUCTION

STRONG

SUBJECTIVE JUDGEMENT

LITTLE

Bahrain joined a year later on January 1, 2019. The other Gulf countries are expected to introduce it in the near term, with Oman most likely to follow suit. In accordance with the agreement, the VAT regimes of the UAE, Saudi Arabia and Bahrain tax electronically supplied services (ESS) based on where the customer utilises or consumes the service. The countries that have so far introduced VAT do not have a harmonised definition of ESS. Therefore, businesses need to assess whether their services qualify as ESS under each domestic VAT legislation. Also, as per VAT rules, if anyone consumes an ESS in a country, it will be treated as supplied in that space, irrespective of the location of the supplier, ensuring that the electronically supplied services operate within the VAT umbrella.

While there are mandatory VAT registration thresholds in the UAE, Saudi Arabia and Bahrain, there is no such directive for non-resident service providers offering services to unregistered customers. A foreign firm serving unregistered consumers is required to register within 30 days of providing the service. In addition, following the recent legislative changes in Saudi Arabia, foreign companies can now register directly with the local tax authority similar to the UAE and Bahrain.

Adding up

60-80%

Data output

50-70%

Reconciliation

40-60%

Reporting and dashboards

30-60%

20-40%

Business rules

SOURCE: EY MENA

With markets in turmoil, business leaders seek certainty in numbers to make critical decisions

Dhs456bn Total public revenue

SOURCE: UAE MINISTRY OF FINANCE

OUTBOUND SERVICES

The Gulf countries, and especially the UAE, have developed a good environment for start-ups in the digital space. For example, UAE based online service companies are able to service customers across the entire globe. It is important that these companies also consider the tax implications of the services they provide to overseas customers.

Fawad Hayee Regional finance controller, Omnicom Media Group MENA

Finance should get a sharper focus

The UAE’s tax revenue, including VAT, made up 5.5% of the total public revenue in 2018

Dhs25bn Tax revenue

100

Data input

COMMENT

VAT REGISTRATION

10 May 2020

Full-time employees perform the same tasks as a single finance bot

he talk of transformation is everywhere. Industries are being disrupted by competition, alternative business models are as common as the ones they challenge, traditional jobs are being automated as new ones are being created. Amongst this significant change, finance has become the sounding board for CEOs. But is it keeping up with the pace of change? A mentor once said: “When you work in finance, you should know everything about everything.” This advice is a lot more judicious now than ever before. My industry – advertising and brand communications – is going through its own version of disruption, exacerbated by political and economic changes. Finance professionals and the internal and external stakeholders that it manages, are facing mounting challenges. Finance is transforming more deeply and quickly than most realise. If the only expectation is for it to operate as a back-office function with people crunching numbers and working in silos, then CEOs will be deprived of the full spectrum value that the finance space can yield. gulfbusiness.com

The Brief / Finance

A few ways to avoid those pitfalls are: ROBOTIC PROCESS AUTOMATION

ILLUSTRATION: GETTY IMAGES/ARON VELLEKOOP LEN

Robotic Process Automation (RPA) is the latest buzzword in finance as technology significantly improves the ability to provide accurate and timely insights. While not new, RPA has recently become much more accessible and cost-effective. A single finance bot can perform the tasks of up to 10 full-time employees. Holistically, RPA will provide an exciting opportunity for businesses to reallocate their finance resources to business-critical matters that require judgement and critical thinking. INSIGHTS THAN DATA

The paradox of choice, a concept Rolf Dobelli explains brilliantly in The Art of Thinking Clearly, exists also in finance. With the automation of multiple processes, finance can glean a considerable amount of data and insights regarding a business. While it may be an indicator of technological progress, if finance is not aligned with the company’s vision, this glut of information can lead to lack of clarity, and worse decision paralysis. Given the role automation plays, the job of a chief financial officer now is more commercial and strategic. The focus is shifting towards extracting insights from figures to influence businesses and ensure processes deliver maximum performance. FROM BUSINESS SUPPORT TO PARTNER AND LEADER

Besides being a key transactional lead, finance has become essential to commercial functions, supporting it with valuable data-driven insights, direction and options. Yet, many companies in the region still relegate it to a mere support function, largely manned by accountants. Unless they change this perception and elevate the function, companies will ultimately suffer, on account of failing to utilise insights the finance sphere could bring into the decision-making process. A growing number of CFOs say they now spend most of their time on strategic leadership, organisational transformation and performance management. As finance now percolates every part of the business, its sphere of accountability, responsibility and influence continues to evolve. gulfbusiness.com

More and more CFOs are effectively transitioning to CEOs. In 2019, 20 per cent of CEOs in the FTSE 100 were chartered accountants. This ratio will only grow as finance takes on more business partnering roles and upskills itself. Instead of merely producing reports and spreadsheets, companies should leverage their finance team well beyond, in order to:

A GROWING NUMBER OF CFOS SAY THEY NOW SPEND MOST OF THEIR TIME ON STRATEGIC LEADERSHIP, ORGANISATIONAL TRANSFORMATION AND PERFORMANCE MANAGEMENT

• Provide senior leadership with timely business insights enabling them to make better decisions • Share timely communication and progress updates on the status of KPIs against targets, even outside of reporting cycles • Lead the onboarding of new clients, by providing profitability assessments, remuneration options, and acceptable payment terms • Manage cost control and finance transformation projects • Collaborate with non-finance leaders on working capital management. Like other disciplines, finance needs to evolve and grow. Technology will play a part but so will the ambition of its professionals and their reporting lines. In the media and advertising sector, we are deploying automation to elevate diverse roles from mundane tasks into more strategic and stimulating positions. When the finance sector goes through a similar process, the benefits will multiply. May 2020 11

ILLUSTRATION: GETTY IMAGES/LEPUSINENSIS

The Brief / Retail

A N A LY S I S

Grocery shopping post the Covid-19 outbreak The stay-at-home protocol activated across countries to combat the spread of the virus has proven to be a game changer for the online shopping sector, writes Zainab Mansoor

n the aftermath of the Covid-19 infection, a lot has changed. Several months after the virus strain first appeared in Wuhan, capital of China’s Hubei province, the world continues to battle the pandemic that has swept across continents and has claimed more than 178,000 lives. As nations enforce lockdowns and activate stay-at-home campaigns, several industries are toiling to stay afloat. However, the recent social restrictions have, in effect, accelerated the growth and adoption of the online grocery concept. Considered one of the most underpenetrated sectors amid the larger e-commerce spectrum, e-grocery has taken an unprecedented flight. Prior to the Covid-19 spread, the e-grocery market was worth $200m in the GCC and Egypt, constituting less than 1 per cent of the e-commerce industry. Only 27 per cent of consumers in the Middle East and North Africa (MENA) region were keen to order groceries online, 58 per cent still preferring to buy 12 May 2020

Foodies

Percentage of household consumption attributable to food Egypt 38%

KSA 24%

UAE 13%

SOURCE: WAMDA’S 2019 ONLINE GROCERY RETAIL IN MENA

groceries at physical stores, according to Wamda’s 2019 Online Grocery Retail in MENA report. But social distancing (and confinement) has seen online grocery shopping go mainstream. USbased grocery delivery apps have seen a staggering number of downloads, according to data revealed by app intelligence provider Apptopia. On March 15, the download of the Instacart, Walmart Grocery and Shipt apps witnessed a surge of 218 per cent, 160 per cent and 124 per cent, respectively, compared to the average daily downloads in February. Regionally, online grocery players are also stepping up their game, some adding to their fleet while others are raising capital. In March, Saudi-based online grocery app Nana raised $18m in funds to support the company’s expansion in times of heightened demand in the aftermath of the Covid-19 outbreak. By the end of 2020, the company strives to deliver 100,000 orders every month to Saudi-based consumers. “Nana is helping Saudi Arabia deal with the breakout of coronavirus and has seen a big increase in user numbers. We are hoping this will accelerate the shift to online grocery shopping in the region,” Bloomberg reported, citing Ahmad AlShammari, a principal at venture capital fund STV, which led the funding. In late March, Saudi online retailer BinDawood Holding – which operates two e-commerce platforms BinDawood and Danube, connected to their respective supermarket and hypermarket chains – claimed that since the Covid-19 crisis, its average sales on a 10-day basis had increased by 200 per cent, average order value rose by 50 per cent and app installations spiked 400 per cent. In the UAE, retail conglomerate Majid Al Futtaim temporarily reassigned more than 1,000 employees from its other business divisions to Carrefour to meet increased demand at its physical and online stores. In the first three weeks of March, Carrefour recorded a staggering spike in regional customer demand as daily online sales soared by 50 per cent compared to the same period in February. Meanwhile, to encourage residents to stay indoors during the current crisis, food delivery platform Talabat has extended its free-delivery grocery service to 24-hours a day and increased its coverage across Dubai. Meanwhile, UAE-based healthy meal delivery service Theo’s Point has initiated a new grocery delivery service locally. Deliveries will be furnished within 48 hours upon placing an order via its contactless process. As the coronavirus eventually peaks and hopefully wanes, brick and mortar grocery shops will pick up pace, but some behavioural habits are expected to linger on. With the region’s growing digital comforts, ordering groceries online, similar to ordering dinner, may soon be the new normal. gulfbusiness.com

The Brief / Future A N A LY S I S

Rehan Khan Managing consultant for BT and writer of historical fiction

Get busy living

The words we read and the sentences we listen to have an enormous bearing on our approach to life

ILLUSTRATION: GETTY IMAGES/MALTE MUELLER

’m sometimes left pondering whether it’s my life-long love of history that resulted in my son choosing to read history at university. And whether it was my impassioned interest in environmental issues since being an undergraduate at the start of the 1990s that has resulted in my daughter becoming a vegan. Of course, both teenagers would deny such a connection. Yet I’m left puzzling over whether there has been some sort of priming effect, slowly permeating our home environment over the past decade, with the use of specific language and ideas equating in these outcomes for my son and daughter.

gulfbusiness.com

Our home and work environment certainly shape our behaviour, but the words we read and the sentences we listen to also have an enormous bearing on our approach to life. This is particularly heightened when millions of us are using technology to work and study from home, while we regularly consume newsfeeds, social media and entertainment. Nobel Prize winner Daniel Kahneman in his book Thinking Fast and Slow, refers to a classic experiment conducted by psychologist John Bargh and his colleagues. They asked students aged 18 to 22 at New York University to construct four-word sentences from a set of five words. For example, “finds he it yellow instantly”. One group of students received a scrambled set of words related with the elderly. Being America, these words were Florida, forgetful, bald, grey, or wrinkle. In the US, Florida is a wellknown location for retirees. After the students finished the task of building out the sentences, they were asked to undertake another experiment in an office down the hall. Unknown to the students, the actual experiment was the short walk. Bargh and his researchers measured the time it took the young participants to get from one end of the corridor to the other. What they found was that the young people who had formulated a sentence from words with an elderly theme walked down the hallway much slower than the others. In other words, the students were being primed in two ways. First, the set of May 2020 13

The Brief / Startups Bright forecast Global digital health market will grow at a CAGR of 21.1%

words they were told to scramble primed thoughts of old age – even though the actual word ‘old’ was never used. And more profoundly, these thoughts primed their behaviour, walking slowly, which is an action related with old age. After the experiment the students were asked whether they had noticed a common theme with the words – they hadn’t. It wasn’t – as Kahneman puts it in “… their conscious awareness, but their actions had changed nevertheless.” The first few weeks of the global lockdown, anecdotally, seems to have had a spike in the levels of productivity in some professional services firms, as employees went all-hands-to-the-pump to keep the show on the road. However, operating in this crisis mode and maintaining productivity levels is not sustainable, as the weariness of being a lone worker starts to kick-in for the uninitiated majority.

OUR HOME AND WORK ENVIRONMENT CERTAINLY SHAPE OUR BEHAVIOUR, BUT THE WORDS WE READ AND THE SENTENCES WE LISTEN TO ALSO HAVE AN ENORMOUS BEARING ON OUR APPROACH TO LIFE What I suspect a lot of people have resorted to is bouncing around on their devices to keep themselves busy, or at least feel like they’re busy. Yet a lot of what we’re doing is checking the news regularly to see how apocalyptic things are going to get; in other words, we are priming ourselves with thoughts of disaster. As I heard someone recently say to a group I was in: “We don’t know when this will end, or if this is the end!” – however he was quick to follow up and add that whatever the future holds, we should remain positive. I’ve taken to checking the news every couple of days, because there really is nothing I can do about it. It will only make me feel anxious and depressed. We know how bad things are at present, so as Tim Robbins’ character in the film adaptation of The Shawshank Redemption says, you can: “Get busy living or get busy dying.” 14 May 2020

$223.7bn 2023 $73.1bn 2017

SOURCE: PRESCIENT & STRATEGIC (P&S) INTELLIGENCE

A N A LY S I S

Healthy parameters In the aftermath of the global Covid-19 spread, the demand for digital healthcare tools is expected to scale, writes Zainab Mansoor

I 50%

of the top 25 earlystage deals in Q1 in the US were in pharmaceutical and biotech startups

n the aftermath of the Covid-19 virus – that spread from China’s Hubei province late last year and has weighed heavily on individual health and institutional well-being – there has been a massive spike in matters related to health awareness. As the virus continues to spread and impact lives all around the world, it has set off a wave of healthrelated insecurities, feeding into the anxiety of the world’s population that is either at risk of developing deteriorating health conditions or keen to keep health complications at bay. This has resulted in the adoption and further development of healthcare apps and gadgets to facilitate early disease detection and effective management, as well as a healthier lifestyle. Globally, investments in this sector mirrors a similar trend. Over 50 per cent of the top 25 biggest early-stage deals in the first quarter of this year were in pharmaceutical and biotech startups in the US, a report by PitchBook Data and National Venture Capital Association (NVCA) revealed. Meanwhile China-based MegaHealth Information Technology recorded a five-fold increase in sales in February and March this year compared to the last quarter of 2019 primarily due to its medical ring, a wearable pulse oximeter to monitor pulse and blood oxygen levels, Bloomberg reported. gulfbusiness.com

The Brief / Startups A N A LY S I S

gulfbusiness.com

STATISTICS SHOW THAT MORE THAN TWO BILLION PEOPLE SUFFER FROM VITAMIN DEFICIENCIES

which was facilitated by one of the team members who also has a medical degree. By winning the UAE leg of the James Dyson Award, the startup will now receive Dhs9,300 aimed at helping the team develop an advanced version of the application that can be utilised by healthcare systems and medical professionals. Looking ahead, the route for startups such as Vita-Cam looks bright. The digital health market is projected to be worth $223.7bn by 2023, market intelligence firm Prescient & Strategic Intelligence suggests. Concepts such as smart scales – that track body metrics such as weight, body fat, and bone density – smart skipping as well as smart toothbrushes have gained traction in recent times. As technology further disrupts the traditional healthcare ecosystem, it is expected to give rise to an online, digital health platform that will cater to the growing need for wellness.

ILLUSTRATION: GETTY IMAGES/MUNANDME

Paying heed to this growing global trend, local youth are fast finding their feet in the digital healthcare space. In the UAE, a team of engineering students from Ajman University chose to fill the gap with an AI-powered mobile app built on a convolutional neural network to help users identify micronutrient deficiencies without the need to draw a blood sample. Winners of the James Dyson Award for 2019 in the UAE, Ahmed Saif, Mohamed AitGacem, Saifeddin Alghlayini and Wissam Shehieb created Vita-Cam, a mobile app that analyses images of body parts – including eyes and nails – and engages a repository of medical records to identify vitamin and mineral deficiencies. Approved by the Ministry of Health in the UAE, the app also extends nutritional guidance for good health and is expected to be available in Google Play and iOS stores by next quarter. “We came across statistics showing us that more than two billion people around the globe suffer from vitamin deficiencies. Knowing that vitamin deficiencies underline high percentages of health problems, we wanted to provide a method easily accessed by everyone to help establish a healthy lifestyle,” Ahmed Saif tells Gulf Business. “It is common knowledge that optimum nutrition can boost our immunity levels. Vita-Cam will play a role in letting the user know what they lack in terms of essential vita-minerals, and how to address the deficiency safely. Naturally when the human body is sufficiently acquiring all of its essential vitamins, all the biological functions of the body are expected to rise up to the optimum levels in terms of immunising the body against any external risks,” he adds. It took three software prototypes and several programming amendments to develop Vita-Cam, according to the students. There was also an initial medical research phase,

May 2020 15

The Brief / Q&A “ABU DHABI IS BECOMING A GLOBAL HUB FOR DIGITAL ASSETS WITH A ROBUST REGULATORY FRAMEWORK”

ILLUSTRATION: GETTY IMAGES/MIKROMAN6

class with unique characteristics for transparency. It also provides a robust approach from a compliance, market surveillance and market infrastructure perspective. ADGM is the first jurisdiction in the world to take this unique approach and it’s exciting to be a part of the UAE’s digital asset sector. The regulation should help to shape the international digital asset ecosystem and encourage institutional participation in virtual assets as an alternative asset class around the world. Is the regulatory framework in place regionally to support the sector?

INTERVIEW

Leon Smith CEO of crypto firm DEX

Explainer: Understanding cryptocurrency trading in the region As Abu Dhabi prepares to launch regulated crypto trading later this year, Leon Smith explains how the system works Can you explain how crypto-trading works?

Trading crypto assets is similar to trading traditional financial products and asset classes in capital markets at present. Crypto assets (depending on the exchange) are traded in pairs either with fiat currency [which represents any currency that is issued by a government of any country] to the specified crypto asset i.e. BTC [bitcoin] / USD or crypto to crypto i.e. BTC/ ETH [ethereum]. 16 May 2020

There remains a lack of clarity about how the cryptocurrency market operates. Is that changing?

The FSRA in the Abu Dhabi Global Market (ADGM) has introduced a transparent, bespoke digital assets regulatory framework to regulate the trading of digital assets which includes virtual assets, fiat tokens, digital securities, and the use of derivatives within the framework. The regulatory framework identifies each asset

The digital asset framework being implemented in the ADGM represents a clear and transparent approach with a robust regulatory framework as implemented by the FSRA. Jurisdictions such as Switzerland, Singapore and Japan have taken a progressive approach to developing regulatory frameworks to govern digital assets in equivalency. The Covid-19 crisis has disrupted economies. How has this affected SMEs like DEX?

The current situation will undoubtedly impact sectors differently; for some it has been crippling, and capital markets have reflected the market sentiment. Fortunately, we’ve have been able to sustain and continue moving forward accordingly. Looking ahead, what are your plans for DEX? Do you plan to expand operations?

DEX has received in-principle approval in 2019 and our current focus is to work towards receiving full approval to serve the digital asset markets as a regulated entity. This would allow us to provide a platform for both retail and institutional players to participate in a highly regulated financial ecosystem. Lastly, what is your long-term outlook for the crypto-trading business in the region?

Abu Dhabi is becoming a global hub for digital assets with a robust regulatory framework. This should give market participants confidence in this asset class and it also broadens the global reach to provide a progressive ecosystem therein. gulfbusiness.com

The Brief / Social A N A LY S I S

Fadi Khater Founder and managing partner of digital marketing agency Netizency

Social space

Is taking away your choice to share ‘ad measurements’ with ad partners Eases restriction on Covid-19 mentions

Every month, Fadi Khater provides an overview and analyses the latest social media news and trends in the GCC

Facebook:

he top three most discussed topics were health, politics, and education in that order followed by technology, and entertainment. Health discussions revolved around supporting healthcare workers and reports around the dangers of Covid-19. Political discussions were about the UK Prime Minister Boris Johnson contracting coronavirus, Joe Biden becoming the Democratic Party’s front runner in the US, and comparisons between the poor response towards the pandemic by US President Donald Trump and Brazil President Jair Bolsonaro. Conversations about Education were mainly around memes of online education becoming the new normal and the safety of Zoom for education. Other hot topics discussed under technology and entertainment included Google and Apple collaborating to develop a contact tracing system, and Netflix and YouTube capping video quality to relieve network strain. The latest updates to social media platforms include:

LinkedIn:

Launches Spotify playlists with inspiring music choices for all steps of your career Releases ‘Conversation Ads’ that can include multiple interactive CTAs to private message Ads To provide free job listings for essential services Launches a new ‘Featured’ section in profiles to display top achievements and links Is trying new ways to launch ‘Stories’ aimed at making users engage in productive conversations Expands access to ‘Events’ tool allowing all pages to foster virtual connections

gulfbusiness.com

Online mentions in the GCC Health Politics Education Technology Entertainment Food Sports Environment

821,713 768,026 556,885 406,541 342,143 268,712 242,963 139,544

METHODOLOGY: Netizency conducted a social listening across all social and online media from the GCC between March 15 and April 15, 2020 to gather the information on popular trends.

Twitter:

Is providing expert crisis communication advice to brands Enhances live broadcasts by allowing users to invite guests to live videos before they start streaming Ramps up account verification for authoritative figures like epidemiologists and doctors Localises the content ‘Explore’ tab making content more relevant to your location

Introduces a connecting your social activities with brands’ loyalty programmes Rolls out ‘Mood’ mode to utilise GIFs as focus in stories Launches Coronavirus Information Centre Allows you to explore social trends through its subsidiary CrowdTangle Introduces new measures to limit forwarding of misinformation Enhances Live features adding closed captions and fund-raising functions Launches Covid-19 support hub on Messenger for emotional support Is testing adding a Covid-19 reaction button to posts Adds ‘Auto-status’ on Messenger to automatically update your status based on your location Ramps up Ads Manager with a new ‘Experiments’ section including A/B and holdout tests Introduces ‘Community Help’ where people can volunteer or request assistance within their community Introduces more video features like playlists, series, and bulk uploading Rolls out Messenger app for desktop Introduces ‘Quiet Mode’ to help you better manage your time Allows you to cross post your stories on Instagram

YouTube:

To monetise videos discussing Covid-19 relaxing its ‘Sensitive Event’s policy’ Is replacing ‘Trending’ with ‘Explore’ to expand the videos you can discover Limits default video quality to avoid straining bandwidth capabilities at this time Is preparing to launch ‘Shorts’ a rival product to TikTok

WhatsApp:

Is testing disappearing messages

Google:

Launches real-time language transcription for Android users May 2020 17

The Brief / Infographics

Impactful giving The need for philanthropy has never been greater. As the refugee crisis globally escalates, how are countries giving back?

1. US

$79.8bn

10. Mexico

$1.4bn

Generous spending Foundation expenditures exceed $150bn and are heavily concentrated in the US and Europe.*

9. Switzerland

$2.4bn

3. Spain

$10.7bn 8. Turkey

10. Italy

$1.4bn

$2.7bn

7. China

$4.7bn 2. Germany

$22.6bn

4. France

6. UK

$6bn

$10.1bn

5. Netherlands

$8.1bn

*157,064 philanthropies surveyed in 23 countries and Hong Kong

Philanthrophic priorities Foundations’ focus areas are remarkably consistent in many regions of the world MIDDLE EAST

EUROPE

NORTH AMERICA

LATIN AMERICA

Education

Health

Human services / social welfare

Health

Arts & culture

Community development

Health

Human services / social welfare

Health

Human services / social welfare

Arts & culture

Human services / social welfare

Religion

Poverty alleviation

Philanthropy & nonprofit

Environment & animals

SOURCE: HARVARD UNIVERSITY’S JOHN F. KENNEDY SCHOOL OF GOVERNMENT: GLOBAL PHILANTHROPY REPORT 2018

18 May 2020

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Altruism in the UAE Over the past 15 years, there has been a marked growth in institutional and organised philanthropy TYPOLOGY OF FOUNDATIONS Of the 42 philanthropic organisations identified in the UAE, nearly two-thirds (25) are categorised as government-linked foundations

A WEALTHY NATION

The UAE’s rank in the Human Development Index for 2019

$43,005

Governmentlinked

UAE’s GDP per capita in 2018, ranking it among the top 30 globally (World Bank )

60%

The refugee cause “This year, we are entering the holy month of Ramadan at a time of great global suffering. Everyone is vulnerable in the face of this pandemic – but refugees, the internally displaced and impoverished host communities are among the most exposed.” Filippo Grandi, UN High Commissioner for Refugees

TOP CONTRIBUTING COUNTRIES TO UNHCR (UN REFUGEE AGENCY) IN 2019

197,565

millionaires are estimated to be living in the UAE (Knight Frank)

1.3% Real GDP growth year-on-year

Sweden

$142.56m US

in 2019 (IMF)

Independent

$1,71bn

17%

Family Ruling family

WHERE ARE UAE FOUNDATIONS GIVING?

Corporate

14%

Germany

$390.48m

European Union

$473.02m

UAE

45.2%

40.5%

Art, Culture, and Historic Preservation

18% MENA

14.3%

Charity to Poor Community Development

56%

Disaster Response Human Services and Social Welfare

of the foundations are located in Dubai

have Abu Dhabi as their base of operations

Environment and Animals

SOURCE: HARVARD UNIVERSITY’S BELFER CENTER FOR SCIENCE AND INTERNATIONAL AFFAIRS: THE GROWTH OF INSTITUTIONAL PHILANTHROPY IN THE UAE REPORT 2018

The Covid-19 challenge Goverments and companies in the region are pledging funds to support SMEs and individuals affected by the pandemic “Social Solidarity Fund against Covid-19” launched by the Islamic Affairs and Charitable Activities Department in Dubai

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TOTAL

27%

Youth

Dhs100m Emaar Properties

$8.67bn

covered to date

$806.5m Europe

Region

$1.29bn Others

Global

Health (Services and Research)

GLOBAL BUDGET FOR 2020 The amount of money UNHCR needs to serve its persons of concern globally

$528.1m Americas

$2.61bn MENA

$2.66bn Africa

Education (all levels)

$777.2m Asia & Pacific

SECTOR FOCUS Education tops the list in the UAE 0

Japan

$126.47m

Dhs1m NAFFCO

Ma’an’s ‘Together We Are Good’ programme

Dhs20m Abu Dhabi Chamber of Commerce and Industry

70.8m

forcibly displaced people worldwide

19%

of them are in MENA region

46%

are children (under 18 years)

AN EMERGENCY IN AN EMERGENCY Financial request for UNHCR’s Covid-19 response globally for the next nine months

$169.7m

covered to date

$255m TOTAL

Dhs3m

Abu Dhabi National Insurance Company (ADNIC)

SOURCE: UNHCR.ORG

May 2020 19

The Brief / Lightbox

A Muslim imam leads the Taraweeh prayer during the holy month of Ramadan attended by only four mosque staff at the National Mosque in Kuala Lumpur, Malaysia on April 23, 2020. Mosques across Malaysia will be performing their prayers with social distancing as a preventive measure against Covid-19. 20 May 2020

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May 2020 21

PHOTO: ZAHIM MOHD/NURPHOTO VIA GETTY IMAGES

ILLUSTRATION: GETTY IMAGES/JORG GREUEL

As the world continues to battle the Covid-19 pandemic, remote working has become the new standard for institutions across the world. But regionally, is the infrastructure equipped to deal with the sudden pressure exerted on systems? Is our digital health protected amidst a rising barrage of cyberattacks? Most importantly, how are individuals coping mentally with the altered ways of working and living while still under the shadow of the coronavirus? Gulf Business explores our new reality

22 May 2020

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COVER STORY / COVID-19 IMPACT

HANDLING THE NEW NORMAL The art of ‘remote’ balancing THE COVID-19 PANDEMIC HAS FORCED ORGANISATIONS TO RETHINK THEIR DIGITAL AND BUSINESS STRATEGIES AND RE-INVENT THE WAY THEY OPERATE BY ZAINAB MANSOOR gulfbusiness.com

he year 2020 started on an ambivalent note. The newest strain of the coronavirus infection that began in the capital of China’s Hubei province, Wuhan, has since morphed into a catalyst of change. Health implications aside – which are colossal, with the Covid-19 pandemic having claimed over 211,000 lives (at the time of going to press) – the contagion has played havoc with the traditional methods of doing business, education, and social and professional interaction. From a professional standpoint, it has unwittingly ushered in the digital era much earlier than many may have anticipated, prompting organisations to rethink their digital and business strategies, realign their policies and re-invent the way they operate. The concept of remote work and the technologies underpinning it have stood out as a winning strategy. But it has, in no uncertain terms, brought with it a set of uncharted territories and challenges that need to be panned out on a timely basis to sustain what could be several weeks of social (and professional) distancing. Foremost among them are investments required to spur digital infrastructures and processes to offer sustainable solutions. Digital overhauling is not restricted to investment in software only; in fact, it entails a broader digital transformation protocol including communication plans with all stakeholders and training with internal ones. “The pandemic has changed people’s perception about remote working and increasingly workforce and employers are adapting May 2020 23

COVER STORY / COVID-19 IMPACT

to ‘working from home’. For this to be sustainable, there will be a need for increased investments and innovation in remote working infrastructure, such as digital solutions for enhanced collaboration and training programmes,” Ranjan Sinha, managing director, Protiviti Member Firm, Middle East, explains. “There is no doubt that Covid-19 has accelerated the need for companies to re-evaluate their digital infrastructure. This pandemic has managed to serve as a catalyst for companies to ensure business continuity and resilience, equipping employees with the tools and systems to work flexibly,” adds Jihad Tayara, CEO, EVOTEQ. Thought leaders and executives, while helping their companies weather the tide of the Covid-19 pandemic, should also be reflecting on the need to be prognostic to ensure business continuity and greater immunity in years to come. “There will be increased focus on developing business continuity management (BCM) plans for entire supply chains. Companies will build BCM plans together with their suppliers and customers. Isolated plans will not be sufficient in dealing with business continuity events in the future,” Sinha opines. “There are many factors companies cannot control during pandemics, for instance, government quarantines, interruption of logistics, public health infrastructure – it is important that an organisation’s crisis management programme has a system in place to interpret information to prevent confusion.”

“Companies and employees should be investing in training and awareness around cloud solutions and data security. There is a strong need for employees to understand how their company’s digital infrastructure works and familiarise themselves on how to responsibly and effectively use it in their day-to-day jobs,” Tayara says. Sinha concurs: “Employees will need to constantly upskill in ‘short bursts’ to remain relevant to their roles and future evolution of these roles. The pandemic has forced slowness in business activities and presented opportunities for employees to upskill through digital learning platforms.”

“This pandemic has managed to serve as a catalyst for companies to ensure business continuity and resilience”

As the Covid-19 virus continues to spread, it has brought to the fore the increasing need for employees to gain proficiencies in various skillsets – be it digital, social or professional – outside the nucleus of their inherent work requirements. In times of an industrial slowdown, employees are being reassigned across industries and within business divisions. This should prompt companies to embed job rotations and systematic employee upskilling in their business continuity plans. According to the World Economic Forum’s The Future of Jobs Report 2018, no less than 54 per cent of all employees will require reskilling and upskilling by 2022. Additionally, as governments and businesses circulate increased amounts of information via digital tools – a haven for cyberattacks – it is imperative for employees to acquire and update their skillset to better manage the deluge of digital data. 24 May 2020

In the aftermath of the virus spread, while offices convened to makeshift desks, so did physical classrooms and libraries. On March 22, the first day of e-learning, over 1.2 million school and university students in the UAE entered their virtual classrooms, a report by Cavendish Maxwell found. However, the pressure of digital adaptation for working parents was two-fold – as a parent and a professional – making their transition to remote operations a bit more challenging. “Due to the current circumstances, parents are managing three jobs simultaneously – their own professional career, household management with the current logistical constraints, and their kids’ distance learning schedules. It is important to acknowledge that they are not trained educators, and they should not put pressure on themselves to be so,” Maya El Hachem, managing director and partner, Boston Consulting Group, opines. “Parents must encourage their children to own as much of their learning journey as appropriate. They should also try to provide a dedicated learning setup. This provides children with an increased sense of independence and motivation. Parents must also engage with school leaders, teachers and other parents to work as a team – share expectations and plans, share tips, and support each other.”

ILLUSTRATION: GETTY IMAGES/FANATIC STUDIO

Upskilling now more than ever

Remote working vs learning

gulfbusiness.com

COVER STORY / COVID-19 IMPACT

Healthy support systems THE CHANGE IN WORKPLACE DYNAMICS OF THE COVID-19 WORLD HAS NOT ONLY STRAINED DIGITAL NETWORKS BUT ALSO PROVIDED AN INCREASED NUMBER OF CYBERSECURITY CHALLENGES BY ZAINAB MANSOOR

n March 11, the World Health Organization (WHO) declared the Covid-19 coronavirus a pandemic, which has stalled industries and triggered nation-wide lockdowns across several world economies. Governments and corporates activated remote work protocols, instructing people to stay home and practice social distancing. Simultaneously, distance learning programmes for children were put into effect. In one swift motion, educational institutions and boardrooms morphed into remote desks and workplaces; smart applications into digital classrooms and video conferences superseded physical ones. This transition, for the most part, was seamless thanks to its underpinning technology – the internet. That said, this deluge of digitisation has, in no small terms, strained the data infrastructures of many nations, as telecom operators scramble to cope with the overwhelming demand for seamless connectivity. On top of professional and academic workloads, increased time spent online for entertainment purposes has congested the world’s information highways like never before. In a nutshell, the appetite for bandwidth has gone into overdrive, prompting service providers to tweak their offerings. Streaming service Netflix and YouTube reduced the quality of videos on their platforms to mitigate the stress on bandwidth.

Rising to the occasion In the UAE, telecom operators have responded to the government’s decisions to enact remote work protocols and extend distant learning programmes till the end of the current academic year. gulfbusiness.com

May 2020 25

“Our role is to empower the connectivity of the entire ecosystem. Today, we have students learning from home, and parents who are working from home themselves while supervising their kids’ remote learning activities,” says Saleem AlBlooshi, chief technology officer, du. “Moreover, we have industries and governments communicating round the clock across the nation as they continue to play a critical role in managing this situation and keeping all UAE residents safe. Understandably, there is a high demand for uninterrupted mobile and home connectivity, which we have been working diligently to provide. Following the school break, we observed an increase of around 20 per cent on fixed network traffic, while residential areas are also showing significant increases across broadband, TV, and streaming services.” The company has also provided access to school websites and educational platforms without data charges, while services such as Blackboard, Zoom, and Google Hangouts Meet are available to use for fixed-line users. “We are continuing to build a comprehensive list of distance learning content that will be free of data charges, and we have increased internet speeds up to 500Mbps for free to meet all customer communication needs while working remotely. We are also supporting remote working with the provision of free voice and video calls on the Voico UAE app to support In March, UAE daily workloads, and federal entities we have accommodated suffered 34,936 growth by as much as cyberattacks 500 per cent on communication tools such as Skype for Business Malware and Microsoft Teams to 59% contribute towards business continuity,” adds AlBlooshi.

Targeted

Exploit

Digital safety

34%

Phishing 6% With digital becoming the primary mode of communication for social and professional interactions, risks associated with cyber security have also come to the fore. In the UAE, the National Computer Emergency Response Team responded to 34,936 cyberattacks experienced by UAE federal entities during March, divided between malware (59 per cent), exploit (34 per cent) and phishing attacks (6 per cent), the Telecommunications Regulatory Authority’s monthly report on cybersecurity developments revealed. “The internet has almost instantly become the channel for effective human interaction and the

26 May 2020

primary way we work, contact and support one another. It comes as no surprise that the need for this rapid digital transformation of companies and organisations, accelerated by the Covid-19 pandemic, has widened the attacks surface and the volume of data to collect and treat,” says Neil McElhinney, head of Critical Information Systems and Cyber Security, Thales Middle East. “With ever more businesses moving their data from on-premises to the cloud, the need for a secure infrastructure that protects all remotely stored data has risen sharply. However, unfortunately, many organisations are playing catch up when it comes to cybersecurity, especially on the cloud.” According to the 2020 Thales Data Threat report, 50 per cent of all corporate data is stored in the cloud and nearly half (48 per cent) of that data is considered sensitive. “With multi-cloud usage now becoming the new norm for companies as the world shifts towards remote working, all respondents said at least some of the sensitive data stored in the cloud is not encrypted. Globally, 49 per cent indicated that they had experienced a breach even before the global pandemic, hence having the right cloud security in place has never been more critical,” McElhinney adds. The Covid-19 pandemic has also triggered an information overload online and on social media, providing increased scope for cyber attackers. Estimates suggest that 98 per cent of cyberattacks use social engineering methods. “Social engineering occurs when hackers use psychological manipulation to trick you into making security mistakes or giving away sensitive information. The current situation could be incredibly distressing for many businesses. Our attention, overstretched by the Covid-19 crisis, may lead people to act without consideration for their immediate security, especially as stress and worry pushes us all to seek as much information as possible,” explains McElhinney. “Many cybercriminals are seeking to exploit our thirst for information as a vector for attack, with attackers using Covid-19-themed phishing e-mails. According to several sources, it appears that globally, 50 per cent of the domain names created since December and linked to the theme of Covid-19 or coronavirus can lead to the injection of malicious software. “Large multinational corporations with staff functioning from multiple locations should start putting cybersecurity tools and enforcing some easy-tofollow practices to protect their data. While we are collectively making efforts to flatten the curve of the pandemic, timelines are uncertain, and so we are likely to experience a prolonged period of cyber

ILLUSTRATION: GETTY IMAGES/YENPITSU NEMOTO

COVER STORY / COVID-19 IMPACT

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COVER STORY / GULF BUSINESS ACADEMY

Coping with change GULF BUSINESS ACADEMY TRAINER MARK DICKINSON REVEALS HOW TO MAINTAIN YOUR MENTAL WELLBEING, REMAIN OPTIMISTIC AND GROW YOUR BUSINESS IN THE CURRENT SITUATION

he current situation is rather like watching a tragedy unfold in slow motion. We can see exactly what is happening and we can see that it is not going to end well. Everywhere we look we see negative news and articles that scare us. Finances have never been under so much pressure. What comes next? I know what comes next. Greatness or nothing. The outcome will depend entirely upon you. There is no one to blame, nowhere to turn and shift the responsibility. You have to own this. There is going to be assistance and there are resources available to assist you in rebuilding, but where are you going to start? Are you an employee and now no longer have a job? What should you do now? You were living your life and doing your best and contributing to society. You were a great worker and you may even have been promoted. And now your company is closed. Or perhaps you are remote-working and getting a reduced amount of income. You are unable to move from your home and you are unsure who you can even talk to; after all, anyone could have the virus and you would not know. It is a nightmare and horror movie all rolled into one.

Where do I go from here? What should I do? There are phases that everyone is going to have to work through, and those that understand this will get through quickest. It is vital for you to understand that you must first work your way through this in your head. Before doing anything else you have to make a deal: Limit your exposure to the constant barrage of negative news. We already know that the situation is bad, we know that we need every human to be a part of this and to pull together to help the world get through this. gulfbusiness.com

May 2020 27

COVER STORY / GULF BUSINESS ACADEMY

You are also going to discover some new thoughts and feelings. You are going to realise that the size of your car or your house is not quite as important as you once thought it was. You are going to discover that a nice word can quickly brighten up someone’s day. Your gratitude levels for those who hold society together in the medical world and take care of our security are going to soar. Before things can improve, we have to go through change.

Denial This is the first reaction to almost anything that happens around us. We deny it. We try to create a false reality that everything is still ok and that things have not really changed; it’s just a pause. Until you embrace that the world has changed and will never be what it was, you cannot begin your new journey. The past is the past. You cannot change it, no matter how hard you wish or dream or think or imagine. It is what it is. Let it go. You have to start thinking forward. What do I do now? Begin the next step.

Anger, frustration, bitterness Naturally, as you begin to shift from denial, you are going to start to blame. It’s normal. It will start with seemingly small things and escalate. You have to nip it in the bud. Your anger will only harm you, so let it go. Acknowledge that this is a tough time. Acknowledge that there people out there for whom this is worse than it is for you and be thankful.

I give up This is normal in all change. You are faced with something so big that you throw up your hands and cry out, “What can I do about this?” You must not give up. You must craft the next step. What comes after this is the most important part of your life. It is your tomorrow. If you give up, there won’t be a tomorrow.

Acceptance Here I am. Now this is where things begin to change. And this is where you need to get to as fast as possible. Finish with the denial, anger and ‘giving up’ and accept that this is a new world.

What awaits you in this new world? Do you remember way back when you had just gotten out of school and you did not really know what comes next? What was your emotion? Write it down. Go back in your mind to your first job and write down how you felt when you just got started. Let me tell you: back then you did not know where you were going to end up. Those feelings that you wrote are the same ones that propelled you forward to achieve your dreams. Your dreams are not dead. You are still here, so create new dreams. In the creation of new dreams lies the path to your opportunities. To do this, we first need to take inventory. Right now, write down these things in a list: What am I great at doing? What is my primary skill? What has been my greatest contribution in life? What is my best quality as a person? These are your personal assets. Make a list and pin it to the wall, and keep on adding to it. The slate has been wiped clean. You get to start all over again, but with a whole bunch of incredible skills that you have already picked up along the way. This is a powerful mindset. 28 May 2020

Where will you invest your assets? There is going to be an unparalleled labour market out there. The moment that companies begin to reopen there are going to be new rules. Businesses are going to change. They are not going to go back to the way they were. They are going to move forward. And so must you. Take your assets and assess them. Decide where you should invest them. Decide where you would get the best return on investment for them.

Create rituals for greatness In order for you to face the challenges ahead, there is no magic wand. You are going to have to work hard and the sooner you start, the better will be your opportunity. Do not wait until everyone is back at work to begin thinking about what you are going to do. Start now. Ask questions. Ask your old boss what he or she has in mind. Ask questions to know what is going to be the plan for your company, for your job. Get clarity. Be helpful. Be a nice person. There are lots of people in companies who are mean or spiteful. I know, I deal with this all the time when coaching people. But there is no space for selfishness in the new world. The competition is not inside the company, it is outside. It is in how much value you can add to the business. You have to be the best version of you, right now. Here’s how: Wake up early and get your day going long before everyone

else. Sleep earlier so that you can get up early. This is critical to your growth. Amazing things happen in your life when you wake up early. Walk. Take the simplest exercise known to humanity. Walk. When you walk, listen to something that inspires you. Great music, great speeches, whatever it is that gets you fired up. Work out. Get your body to stretch. Move it. No matter how old you are, move your body. At least five minutes. It does miracles for your mind and for your confidence. Give your body the chance to live your dreams. Write down your gratitude. Mental health comes back to gratitude. The more you are thankful the more power you have. Gratitude is positivity on fire. It is the ultimate weapon against all things. It fills you up with excitement and offers you unlimited possibilities. Write your goals for today. Take a moment to write down a mission for today. Do it every day. Never skip. Do these things daily and you will have powerful mental health. You will also create a wave of positivity that will inspire others. Your aspirations for the future will become clear if you just do this every day. You will begin to figure out what your future business model is going to be. Attack your life with the same zest that you did in your first job. A little fear and a lot of excitement. One thing is for sure, you are going to get through this. Will life be the same again? No. Never. Will it be better? Absolutely, if you embrace acceptance and own it. For you. To find out about training courses offered by Gulf Business Academy, contact Manish Chopra at manish.chopra@motivate.ae gulfbusiness.com

FEATURES / MEDIA

Changing

THE MEDIA LANDSCAPE

Even in a serious economic decline, brands can’t afford to miss out on marketing, writes Ian Fairservice

hree very pertinent items for the media industry were published in a recent edition of Gulf News. Their front cover opinion piece was headlined: ‘UAE newspapers in unprecedented crisis’. It made the point that there is a global surge in the consumption of news and, with so much ‘fake news’ out there, people are turning to established media for reliable information. True, and whether that’s found in print editions or online is not important. What is important is that without advertising revenue, or as Gulf News points out, a share of the government’s financial stimulus packages, those reliable news sources will dry up forever. Page 2 posed the question: “Is this really the newspaper industry’s final battle?” and discussed in depth the challenges facing print media locally and globally. Turning through to the bottom of page 15, Vrinda Gupta summed up the situation succinctly with three invaluable recommendations for all companies: Stay agile, remain relevant and be very visible – “being visible

in difficult times matters for businesses,” she wrote. Gupta concluded: “If there is anything that we learned from the 2008 Global Economic Crisis it is that companies that were most visible recovered the fastest.” Most people in the media industry will be familiar with the Wanamaker Dilemma. A prominent US retailer, John Wanamaker, famously said: “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” Less true today with more sophisticated data available but, in a serious economic decline, brands can’t afford not to take that chance. Marketing remains a must. Companies need to think long and hard about the best possible media mix and do their utmost to stack the odds in their favour. A lesser known story is that of Kellogg’s and Post cereal companies in the 1920s. When the depression hit, Post, who were market leaders – and Kellogg’s biggest rival – cut right back on advertising while Kellogg’s more than doubled its spend. By the early 1930s, Kellogg’s dominated the market. And who now has ever heard of Post cereals?

Marketing remains a must. Companies need to think long and hard about the best possible media mix gulfbusiness.com

For our part at Motivate we are not just focusing more energy and talent on our online editions, we’re also maintaining the balance by ensuring that much-loved print products reach readers despite the inherent difficulties. Which is why, starting this week, Motivate Media Group are moving the vast majority of print to a free distribution model that will continue as long as needed. While maintaining stock at major retailers, starting immediately, through a new arrangement with Gulf News, free copies of What’s On, Emirates Woman, Gulf Business and Identity will be delivered directly to Gulf News subscribers’ homes. Copies will initially be supplied to Emirates Hills, Emirates Living, Arabian Ranches, JLT, Dubai Marina, Palm Jumeirah, Umm Suqeim and Trade Centre 2. The philosophy is very straightforward – we are adapting our business model to ensure that no magazines go unread. This is Motivate’s strategy to maintain service to our readers, visibility for our brands and ROI for our advertisers. Maintaining brand visibility through difficult times and taking advantage of potential stand-out in a less noisy and cluttered media space is essential for those businesses that strive to come through, like Kellogg’s, stronger than ever. Snap, Crackle & Pop. Ian Fairservice is founder and managing partner of Motivate Media Group, publishers of Gulf Business May 2020 29

â€˜This too shall passâ€™ As companies across the GCC tackle the challenges posed by the Covid-19 pandemic, regional business leaders reveal insights on what their organisations are doing and offer advice on how to deal with the current crisis 30 May 2020

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FEATURES / MESSAGE FROM THE TOP

“Dubai Chamber remains committed to supporting the business community... I firmly believe that this too shall pass and we will emerge stronger and more united as a community” Hamad Buamim

President and CEO, Dubai Chamber of Commerce & Industry

ince it was established in 1965, Dubai Chamber has been an advocate for the UAE’s private sector and serves as a vital bridge between business and government. In this time of crisis, the chamber is cognisant of its responsibility towards the business community and has implemented a number of initiatives in recent days to help businesses on logistical, economic and humanitarian grounds. The chamber has pledged Dhs10m to the Community Solidarity Fund Against Covid-19, with our focus on providing logistical and humanitarian assistance to blue collar workers who have finished their projects but do not have the financial means to go back home. These workers are the backbone of our private sector and their situation has economic, social, and health aspects to it. We believe supporting them will help mitigate the impact of coronavirus for businesses. We are also focused on strengthening public-private partnerships to enhance the competitiveness of the business environment in the emirate. The chamber is leveraging its partnerships to facilitate top tier discussions. For instance, we brought together food supply chain stakeholders and the Ministry of Economy to address important issues around food security. Dubai Chamber is also helping to lead the way in keeping business running smoothly and efficiently during this evolving situation due to our preparedness for smart transformation. With the recent launch of its electronic attestation service, Dubai Chamber now has 98 per cent of its core services available online, with other smart offerings covering membership, licencing, certificates, legal, and business intelligence. These services – among many others – are available on a variety of platforms that

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include application and website, as well as at smart booths located across Dubai. Dubai Chamber is also committed to doing as much as it can to support the federal and local governments’ prudent measures to deal with this crisis. We launched our ‘Be Safe. Work Smart’ remote working initiative to complement the UAE’s #stayhome movement. The campaign, which forms part of national efforts to halt the spread of this virus, supports the guidelines outlined by the World Health Organization and encourages the private sector to conduct its work from home wherever possible. On this note, I would like to reiterate that Dubai Chamber remains committed to supporting the business community and at the same time ensuring the safety of its stakeholders by responsibly adhering to the preventive measures put in place by the government. I firmly believe that this too shall pass and we will emerge stronger and more united as a community. Please stay safe.

Reem Al Shihhe COO, DIFC Courts

he current coronavirus pandemic has propelled the world into a new, digitally reliant era as people adapt to remote working. Public and private entities have implemented and introduced various

digital mediums to stay connected with clients and customers, ensuring that business can continue and, ultimately, that the economy can be strengthened in these difficult times. Technology has been central to the DIFC Courts’ operating model since starting operations over a decade ago and we have been leading the way when it comes to innovation, which has enabled us to transition mindsets from ‘courts-as-a-place’ to ‘courts-as-a service’. Among the many technologies the courts have pioneered to increase access to justice, is the region’s first digitally integrated courtroom e-court system, as well as the region’s first ‘paperless’ e-bundling solution in 2018. These early tech adoptions are now the bedrock that enables the DIFC Courts to maintain uninterrupted operations for court users during this difficult period. By increasing utilisation of our existing videoconferencing and teleconferencing facilities for applications and hearings, we are enabling court users and the public to access extensive e-services remotely from any smartphone, tablet or desktop device. Expectations from the private sector increasingly require the bold engagement of public service. We have invested massively in emerging technologies to stay ahead of the curve. Instant access to information has perhaps had the biggest influence on the way we run our operations, particularly vital within the legal sector, where hordes of data needs to be easily available. The DIFC Courts’ ambition, through continued outreach to global judicial systems, is to contribute in creating a level-playing field between individuals and businesses, by re-engineering the way access to justice is designed and delivered.

May 2020 31

FEATURES / MESSAGE FROM THE TOP

Salvador Anglada

Group chief business officer, Etisalat

tisalat’s primary goal is to keep our customers, employees, and society fully connected now more than ever before, which is why we are entirely devoted to supporting businesses and the wider community during this pandemic period. We have taken all the necessary steps to ensure that our network, services and teams are well-equipped to support our customers. With Etisalat managing and hosting critical service infrastructure in the country, our technical, field and operational teams are working 24/7 to monitor and optimise the network for both consumers and businesses. The health and safety of eour employees remains one of our top priorities and therefore we are taking advantage of our digital capabilities and collaboration tools to endorse working from home. Our goal is to protect the health of our employees while ensuring continuity of our services. Etisalat is also diligently working to fulfil requests for network capacity upgrades and meeting the demand surge for cloud collaboration and cyber-security solutions to support our customers’ business continuity. Our virtual meeting

“To support e-learning, free mobile data was made available to over 12,000 selected students without internet at home” 32 May 2020

service, CloudTalk, is enabling organisations to work remotely by utilising a secure collaboration platform. Aligned with the ‘Stay-at-Home’ initiative, Etisalat has in place smart services that offer virtual assistance and automated self-support to customers through our business mobile apps and portals. Furthermore, to support e-learning, free mobile data was made available – in coordination with the Ministry of Education and Telecommunications Regulatory Authority – to over 12,000 selected students without internet at home. Additionally, Etisalat has offered free browsing of over 800 websites related to education, health, and safety, along with providing access to several applications and platforms for remote learning, to over 10 million of its subscribers. Etisalat is committed to the UAE and we will continue to play a critical role in delivering our services.

Raki Phillips

CEO, Ras Al Khaimah Tourism Development Authority

ovid-19 is an issue affecting all destinations; however, it is inspiring to see nations coming together to support community wellbeing. Though times are challenging, we remain positive about the travel industry’s ability to manage and successfully emerge from this ever-evolving situation. We are closely monitoring the situation and work in compliance with governmental regulations to ensure that our visitors and employees remain safe. Ras Al Khaimah Tourism Development Authority is also in constant dialogue with leisure and hospitality partners, ensuring highest levels of hygiene are maintained and that they comply with all advisories.

“We remain positive about the travel industry’s ability to manage and successfully emerge from this ever-evolving situation” It is also vital to show stakeholders and businesses support during these challenging times, retaining important relationships and supporting partner teams and their employees wherever possible. Doing so now lays the groundwork for the recovery processes. RAKTDA has unveiled a series of tourism support initiatives to complement government and local developer measures. These include waivers on tourism licences, tourism dirhams, licencing fees and fines, all within specific time frames. In addition to this is the dedicated financial incentives package and complementary participation in upcoming roadshows and events to boost awareness. It is especially important to prioritise the wellbeing and safety of employees. We do so via several initiatives including facilitating face-to-face contact through virtual meetings and webinars; signing everyone up to LinkedIn Learning; and offering various video courses taught by industry experts to expand their skillset. The HR team converses regularly with employees to educate them on the current situation and what protective measures should be taken. Ongoing training also prepares team members to provide information and updates to partners and other stakeholders. With regards to operations, we keep an eye on the WHO, CDC and UAE federal authorities’ platforms for the latest developments, to tailor actions accordingly, and recommend that firms in the UAE do the same. By coming together and following the federal directives, we can continue to prioritise the safety of our community through these uncertain times.

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FEATURES / MESSAGE FROM THE TOP

Rizwan Sajan

Founder and chairperson, Danube Group

e all know that desperate times call for desperate measures and every organisation is putting in its best efforts to reduce the impact of Covid-19 on business loss and productivity. As a company, following the guidelines laid down by the government to mitigate the spread of coronavirus, we allowed 90 per cent of our employees to work from home, resorting to Microsoft Teams, video conferencing tools, VPNs and other IT tools designed to deliver outstanding results, leaving our productivity intact.

“We require extreme measures – now more than ever – to boost business confidence among investors and entrepreneurs” But we require extreme measures – now more than ever – to boost business confidence among investors and entrepreneurs. Initiatives such as the whopping stimulus packages worth Dhs126.5bn announced by the UAE government, promising to give financial aid to multiple sectors across the country, will make sure that almost all of the businesses continue operating without a problem. I feel that the UAE government will do everything that is required to help businesses sustain themselves through these tough times, and worries about the gulfbusiness.com

contamination are being countered by the government with a nationwide disinfection drive across the country. Other than these things, I urge every industry, company and individual to do whatever they can to contribute to the efforts being made to stop this virus because our collective efforts have the potential to help us sail through everything in life. There have been multiple instances of economic crises that have wreaked havoc before, but we forged through them together, with every nation and company doing whatever it could to help out one another. So I believe this time is going to be no different than the previous ones and we will see a glimmer of hope soon because there is always light after darkness.

Ethan Xue

President, OPPO MEA

t OPPO, we strive to be a sustainable company that contributes to a better world, with the safety of our users and employees being the absolute priority. During these tough times, OPPO has been practicing the necessary steps to fight against this pandemic. We have donated to the relevant institutions to help them purchase medical supplies. During the early days of the

outbreak in China, we dispatched our workers to help aid in the production of facemasks in other factories. On our social media channel, we had a special campaign, appealing to the community to Stay Home and cherish the moments spent with your loved ones at home. The spread of Covid-19 has disrupted the global economy and challenged the resilience of business in various ways. Nevertheless, we believe the best way to prevail against this outbreak is to remain united, while working from home. Our global suppliers have been closely coordinating to ensure a balanced production capacity to meet the demands in different markets, even in these challenging times. Besides, the readiness of the UAE market with advanced e-commerce infrastructure and payment gateways are great facilitators of the ‘stay-home’ policy and enable consumers to continue with their daily lives with fewer disruptions. Hence our team, together with our partners, is working actively in adopting agile methods to better support our customers’ demands. To maintain our service quality and provide efficient services to customers, the OPPO online service team is currently working around the clock to ensure all user inquiries are being attended. We have also launched a special warranty extension free of charge for customers whose device warranty expires during the period from March 23 to May 23 up until May 31. Moving forward, we will continue our efforts to help the community overcome the disruption caused by this global pandemic. We are confident about the regional market with its remarkable possibilities, and believe that with the joint efforts of the government and the community, the pandemic will be controlled soon.

“The spread of Covid-19 has disrupted the global economy and challenged the resilience of business in various ways. We believe the best way to prevail against this outbreak is to remain united” May 2020 33

FEATURES / MESSAGE FROM THE TOP

Anurag Agrawal

Managing director, Canon Middle East and Turkey

his is an exceptional period for all: Humanity is challenged and the world stands united in its fight against the Covid19 outbreak. The socio-economic impact of the Covid-19 situation is forcing mankind to relook the ways they work – and live – as concepts such as work from home and social distancing become part of one’s daily life. I personally believe that nothing is more important than ensuring that your team is safeguarded – and that has been one of the first steps taken by Canon Middle East in response to the situation. We ensured that all guidelines regarding health and wellness are followed and that the welfare of our team, as well as that of our partners and suppliers is not compromised.

“The new ways of working have opened us all to the opportunities that exist thanks to technology and the enormous potential we have before us” The new ways of working have been a learning curve for all of us. But they have also opened us all to the opportunities that exist thanks to technology and the enormous potential we have before us to 34 May 2020

leverage it to strengthen productivity and efficiency at work even through testing times as these. To support our employees, we have rolled out a series of virtual working support sessions that smoothen the transition to work-from-home. We have also introduced interactive online weekly sessions on themes such as personal wellbeing. Our focus is also on supporting continuity for our customers and partners. To further drive work efficiency, we have increased the number of engineers in our remote technical support team who are equipped to deal with most issues our customers may be facing, over the phone and through Canon’s remote support system that is inbuilt in the machines. We have also secured next day delivery for products and supplies such as printers, inks and papers easing the transition into their new home working environment. Our aim is to stay even closer to our customers during this difficult period during which businesses must adapt quickly and stay connected.

Ismail Al Hammadi Managing director, Al Ruwad Real Estate

obody was prepared for a worldwide pandemic crisis that would shift the whole world and change the entire system. Now both corporations and small businesses have to mitigate the risk to companies and employees posed by the Covid-19 economic challenges with bold initiatives and agility to be proactive and not reactive to what it is foremost a human tragedy. The first thing a company should do in this situation is to address the immediate challenges that Covid-19 presents to its

employees, customers and business partners. Second, companies should address near-term cash management challenges and a broader resiliency plan, taking into consideration salary-cuts, job-cuts or complete shutdowns, depending on the economic factors. Third, and maybe one of the most important steps, is to come up with a return plan to get the business back to scale as soon as the Covid-19 situation becomes clear and evolves towards a better outcome. Every company needs an exit strategy.

“It has now become clear that the world will never be the same again and that we all need to reimagine the new normal. We should reinvent our companies to be relevant” It has now become clear that the world will never be the same again and that we all need to reimagine the new normal. We should reinvent our companies to be relevant and be clear about how the regulatory and competitive environments in each industry may shift. As far as Al Ruwad Real Estate and Biznet Consulting are concerned, I have adopted people-centric solutions, where people are my priority. A remote work policy has been established from the get-go with virtual activities with in-person-meetings now replaced with video conferences. We were one of the first private companies to adopt early measures in line with the Dubai government guidelines and conducted a thorough disinfection of our offices shortly after imposing a work from home strategy.

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FEATURES / MESSAGE FROM THE TOP

“Businesses are created for people: those keen to achieve short-term survival by compromising their values and communities may have a price to pay later on” Hisham Farouk

UAE CEO, Grant Thornton

gility and responsiveness have always been an essential part of our firm’s DNA. With that mindset, we have transitioned seamlessly and in stages, starting with prioritising our people’s health and safety, while ensuring that our client commitments are not disrupted. Technology plays a key role in how we operate, and we have been able to leverage our tech infrastructure to ensure all our 350 team members are connected to various communication platforms. Connectivity and communication remain a constant norm between our teams and clients. Scenario planning is something that we help our clients with, and now we are applying it to our own organisation by asking the difficult questions to prepare for these uncertain times. Any decision made by businesses must be examined through the lens of social responsibility. This outbreak is a global phenomenon, and despite its repercussions, it has brought communities and businesses closer than ever before. Businesses are created for people: those keen to achieve short-term survival by compromising their values and communities may have a price to pay later on. The world may have slowed down, but transactions have not come to a complete halt. Both people and businesses have focused their spending towards those entities that are communicative, accessible and take part in rebuilding the economy. This approach is the new norm and will continue to be so even after the dust settles. If businesses are not safeguarding their communities or providing value to the market, now would be the right time for them to take on a proactive approach by reviewing their strategies, fine-tuning

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them to the current climate, and finding new ways to evolve. This crisis has been a learning curve for everyone, and it is only with true collaboration and resilience that we can come out from the other side with an unmatched competitive advantage and growth - which I’m sure we will.

Bal Krishen

CEO, Century Financial

s the Covid-19 pandemic continues to spread across the world, we remain committed to stopping it in its tracks, sooner rather than later. We are cooperating with the local authorities in supporting social distancing and work-from-home,

“To counter the threat of phishing attacks, employees have been briefed on various measures on how to protect data and their systems”

without affecting our clients and our employees in any way. Century Financial places a strong emphasis on the health of our employees as well as our customers. Anticipating government restrictions, we deployed a remote working strategy. Since we already had a business continuity plan in place in the event of any crisis, we have been able to make a seamless transition. For example, our IT department has enhanced the capacity of our servers to deal with the rise in data traffic. Using web-based video solutions, separate virtual team rooms have been created for the company’s management and various departments for ensuring ongoing and efficient decision-making. Our in-house customer relationship management software is now available via the internet with enhanced security features. Those who need to access their office workstation and finance platforms are given a secure VPN connection. On the corporate level, we have adopted a remote working policy/code of conduct to ensure security as well as privacy of company data. To counter the threat of phishing attacks on our computer systems, employees have been briefed on various measures on how to protect data and their systems and the efficient use of company network. We firmly believe that the steps we have taken to date will not only benefit us, but will be valuable long after the pandemic has ended. With the absence of any permanent cure, social distancing, self-isolation, and in extreme cases, quarantine, are strongly recommended as the best way to combat the spread of this pandemic. We live in an age where internet connectivity has enabled us to get work done remotely. Utilise this innovation now and we shall weather this storm.

May 2020 35

FEATURES / FINANCE

BANKING ON BANKS

Although the Covid-19 situation is straining financial institutions, banks have a major role to play in keeping economies buoyant during the current crisis and beyond BY AARTI NAGRAJ

he Covid-19 pandemic has pushed the world into a recession. For 2020, it will be worse than the global financial crisis, according to the International Monetary Fund (IMF). The economic damage is mounting across all countries as containment measures are put in place by governments to slow the sharp rise in new infections. Looking specifically at the banking sector, the pandemic could be the “most serious challenge to financial institutions in nearly a century”, a recent report by PwC said. “Pressure on the banking system is growing and higher defaults on debt are imminent. And many now expect a shock to the financial sector similar in magnitude to the 2008 crisis,” the IMF said. “Supervisors [policymakers] must combine the tools from their playbooks for dealing with natural disasters, operational risk events, and bank stress episodes,” it advised. As companies collapse and people lose jobs, governments across the world have introduced support measures to alleviate the economic impact of Covid19, including a range of stimulus initiatives. Some of the measures taken include guarantee programmes for bank loans and payment moratoria, to ensure that banks can continue to lend to households and businesses to shore up economies. According to the IMF, central banks have announced plans to expand their provision of liquidity — including through loans and asset purchases — by at least $6 trillion and have indicated a readiness to do more if conditions warrant. “Banks have a crucial role to play in supporting 36 May 2020

Tips from the IMF for bank supervisors across the world during the current crisis • Don’t change the rules • Use the buffers • Encourage loan modification • Don’t hide the losses • Clarify regulatory treatment of support measures • Strengthen communication • Coordinate across borders

businesses and individuals to keep afloat and mitigate the impact in an attempt to emerge from the other end of the crisis on semi-solid ground. Besides playing a critical role for their customers and employees, banks help to stabilise systems of lending, payments, trade and liquidity,” explains Thomas Bicknell, partner – Financial Services at law firm Pinsent Masons. On a government level, GCC states have taken a number of rapid and significant actions. The Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank, announced a SAR50bn stimulus package with around SAR30bn expected to be made available to banks and finance companies to defer SME loans. SAMA has also urged banks to provide debt relief on repayments for any customers that have been dismissed from their jobs. Meanwhile the UAE Central Bank also boosted the size of its Targeted Economic Support scheme to Dhs256bn. It has also allowed banks and finance companies in the country to extend deferrals of principal and interest payments to their customers until December 31, 2020, while cutting the reserve requirement for demand deposit of all banks from 14 per cent to 7 per cent to increase liquidity in the sector. All banks operating in the UAE will also have access to loans and advances extended at zero cost against collateral by the Central Bank. “The outbreak of Covid-19 is undoubtedly causing strain on all sectors, which naturally creates some strain on the region’s financial institutions. We are navigating unchartered territory and continue to assess and monitor the situation as new developments are realised,” says Ahmed Abdelaal, group CEO of Mashreq Bank. gulfbusiness.com

ILLUSTRATION: GETTY IMAGES/TIM ELLIS

FEATURES / FINANCE

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May 2020 37

FEATURES / FINANCE

Lower bank capitalisation

Measures of bank capitalisation – capital relative to assets – based on equity market valuations, have worsened significantly Percent

2008

2020

Euro area

Other advanced

United States

China

Other emerging

Other advanced: Australia, Canada, Denmark, Japan, Korea, Norway, Singapore, Sweden, Switzerland and the UK Other emerging: Brazil, India, Mexico, Poland, Russia, South Africa and Turkey SOURCE: BLOOMBERG FINANCE L.P.; AND IMF STAFF CALCULATIONS

To support its individuals and businesses impacted by the virus outbreak, Mashreq has said employees in the UAE forced to take unpaid leave or those that belong to affected sectors including airline and travel, oil and gas, and automotive can approach the bank for a payment holiday on loans, cards and mortgages until June 30 of this year. The bank is also offering increased flexibility and reduced costs in payment terms, interest rates and processing fees to support those affected.

CHALLENGING TIMES

Prior to the Covid-19 pandemic, the region’s banking industry was experiencing an extraordinary period of growth and prosperity. In the UAE alone, the top 10 banks reported a total growth of 13.9 per cent in net profit in 2019, according to KPMG. The primary reason appears to be stronger non-interest income performance and certain one-off events, with revenues flowing in from fee income and lower credit provisioning, it said in its report. “But in a matter of only a few weeks, the world of banking has experienced a level of disruption that will change everything that had been the norm in financial services, from the way they conduct business to 38 May 2020

Ahmed Abdelaal

Tom Bicknell

how employees do their work and the way consumers manage their finances,” states Bicknell. “The general slowdown in the real estate market and sharp decline in travel and tourism numbers, as well as the negative impact on the construction industry, means clients have been impacted by macroeconomic downturn, which in turn impacts the strength of their balance sheets. Combined with continued low oil prices and a rapid downturn in the regional equity markets due to Covid-19, this period will become a very challenging time for financial institutions.” Globally, looking ahead, a further tightening of financial conditions may expose more “cracks” in global financial markets and test the resilience of financial institutions, the IMF has warned. “Banks have more capital and liquidity than in the past, and they have been subject to stress tests and greater supervisory scrutiny in recent years, putting them in a better position than at the onset of the global financial crisis,” it said in a report. “In addition, the substantial and coordinated action by central banks to provide liquidity to banks in many economies should also help alleviate potential liquidity strains.” However, the resilience of banks “may be tested in the face of a sharp slowdown in economic activity that may turn out to be more severe and lengthy than currently anticipated”, it added. To deal with the situation, the banking sector will have to rely on internal and external factors, according to KPMG. Mashreq’s Abdelaal says the lender is banking on its digital platforms to continue operations without any interruption. “Our digital banking assets across retail and corporate banking platforms allow us to offer our customers a uniform and enhanced experience,” he says. Digital transformation and regulatory compliance are likely to play a pivotal role in enabling banks to navigate the challenges that lie ahead, the KPMG report said. Lenders are increasingly exploring the concept of ‘banking the ecosystem’, which is an interconnected set of services, where customers can fulfil a variety of needs in a single integrated experience. “This integration of services may represent the cornerstone of digital banking in the years to come, creating a differentiated experience that can improve customer satisfaction, increase loyalty and generate additional revenue streams,” the report stated. Some banks are also embracing blockchain, which can offer benefits such as enhanced operational efficiencies, reduction of intermediary costs, and a culture of transparency. “Banks that effectively leverage their digital assets, bolster cyber resilience and manage third-party risks will likely reap the benefits of increased revenue streams, regulatory compliance and enhanced operational efficiency,” the report added. gulfbusiness.com

FEATURES / RAMADAN

Sending out the

RIGHT MESSAGE Brands that traditionally see increased business during Ramadan should maintain constant communication with their consumers during the current crisis By Aarti Nagraj

he holy month of Ramadan this year is being observed under extraordinary circumstances. Most of the world remains under some form of lockdown, with many businesses operating remotely and ways of working and living completely redefined by the Covid-19 pandemic. Traditionally a time for sharing, Ramadan customarily sees many organisations send gift packages – frequently comprised of chocolates and dates – to their partners and peers. But in the current scenario, will premium corporate gifting continue? “Our expectations are that gifting will continue, however we anticipate that customers will opt in for delivery services following all precautionary measures. Even if people will not be able to gather, as a sign of care and love, gifting will continue,” says Isabelle Jaouen, CEO and founder of Forrey & Galland Chocolatier, which has a boutique store in the Dubai Mall. In line with the directives issued by the government, Forrey & Galland – similar to other retail operators – has closed its Dubai Mall store and is fulfilling orders through its e-commerce platform. “Like many other businesses, we are navigating an unprecedented situation which comes with difficult decisions,” explains Jaouen. “We are taking all safety measures from a manufacturing and gulfbusiness.com

Ramadan hamper from Forrey & Galland

logistics standpoint. In the interest of our employees, we are working with a minimal workforce to safeguard them, and mainly our workforce operates in the logistics/ delivery field.” The company has also implemented additional measures such as thoroughly and regularly deep cleaning its production facility, as well as conducting a temperature check on all the employees before they enter the factory. Jaouen also stresses that they are focused on communicating constantly with their customers. “We want to ensure that we are there to support them in these uncertain times and through communication, our discerning

It is vital for brands to keep their communication lines open in the current situation despite uncertainties in the market

customers are kept informed,” she explains. It is vital for brands to keep their communication lines open in the current situation despite uncertainties in the market, agrees Zaib Shadani, managing director at Shadani Consulting. “One of the biggest misconceptions that brands have is that consumers don’t want to be engaged or communicated with, in periods of crisis. However, a global survey of more than 35,000 consumers by Kantar during the ongoing Covid-19 outbreak revealed that only 8 per cent of respondents thought brands should stop advertising, while 75 per cent agreed that brands should not exploit the situation,” she states. “With Ramadan coming up, people want to express love, exchange gifts and reconnect with their friends and family, and as long as companies are not operating from a position of greed and are helping people do this, they will not suffer any backlash.” Brands should be conscious of the devastating impact of Covid-19, the sentiments of the customers and must not place self-serving interests over supporting their customers in these challenging times, she stresses. “There is a very fine line that brands will have to walk though, to ensure that they are not seen as ‘hard selling’ because they see Ramadan as an opportunity to be exploited,” says Shadani. “Consumers are very smart and will reject brands that are not engaging with them in an authentic, genuine and responsible way.” May 2020 39

PARTNER CONTENT

System overhaul

The Covid-19 pandemic is leading to a digital transformation in healthcare, says Damien NG, PhD, Next Generation Research at Julius Baer

China and Saudi Arabia are at the forefront of the use of new technologies to track health data via phone apps to overcome their shortage of physicians

Pandemic exposes weak healthcare systems The outbreak of the coronavirus has undoubtedly exposed the woeful shortcomings of some healthcare systems in developed and developing countries alike. Nevertheless, the pandemic should serve as a wake-up call for all to better prepare for the adverse impact of future infectious threats, as vulnerabilities in our healthcare systems and inequalities in access to health services due to ever-spiralling medical costs have been revealed. For instance, Americans incur a disproportionate amount of expenditure on their health relative to their wealth. But despite higher spending on healthcare, roughly 28 million Americans do not have healthcare insurance at all and nearly 90 per cent of those who have, are underinsured. Some of them might even be forced to go to work despite being sick. It is therefore in this context that Covid19 will inevitably prompt authorities and healthcare organisations to re-examine the robustness of their national healthcare systems. Put simply, the extent of the outbreak will hasten the further digital transformation of healthcare to improve patient care. Greater adoption of digital health technologies should also free up capacities at clinics and hospitals. An example lies in the field of telemedicine. Specifically, online medical consultation became a popular source of healthcare advice among Chinese consumers during the outbreak. The increasing uptake of digital health technologies is in line with the outcome revealed by the 2019 Philips Future Health Index. According to the survey, 94 per cent of Chinese healthcare professionals currently use some form of digital health technology or a mobile health app, compared with 85 per cent in Saudi Arabia, 76 per cent in the US and 48 per cent in South Africa. What is really happening in China and Saudi Arabia is that both countries are at the forefront of adopting the use of new technologies to track health data via apps installed on mobile phones to overcome the shortage of physicians in the countries.

40 September 2019

Unlocking the secrets of Covid-19 In addition to online healthcare, biotech companies and public health institutions in the US, Europe and China are also scrambling to develop treatments to counter the global fallout of the disease. In particular, they are increasingly turning their focus to the genetic code of Covid-19 to map the spread of the virus and its mutations, thanks to the use of artificial intelligence and declining costs of genome sequencing over the years. The research into the DNA of Covid-19 and those of human individuals has led to hopes that gene-based cures can be found. Potential

Damien NG, PhD, Next Generation Research at Julius Baer

9,998

Number of Covid-19 tests per million: US vs South Korea

8,961

(cumulative)

6,446

South Korea

8,575

7,658

5,385

5,246

3,663 2,541 1,922

2k 689

1-Mar

8-Mar

79 15-Mar

22-Mar

29-Mar

5-Apr

12-Apr

SOURCE: THE COVID TRACKING PROJECT, KOREA CENTERS FOR DISEASE CONTROL AND PREVENTION, JULIUS BAER

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treatments include anti-viral medicines, vaccines, plasma-derived therapies, CRISPR technologies and diagnostics tests.

Adoption of digital health technologies by country 100%

China India

Testing, testing and more testing Since the World Health Organisation has strongly recommended the importance of testing patients for Covid-19, this article will concentrate on the two nations that have come under media focus for the number of diagnostic tests carried out in their countries. On absolute terms, the US has conducted the most number of Covid-19 tests worldwide. As of April 15, around 3.2 million tests were conducted in the US. This compares to around 500,000 in South Korea. But when we zoom in on a per million population basis, the US is clearly still lagging behind South Korea. But the good news is that figures show the US is rapidly ramping up the number of diagnostic tests for its citizens.

Beyond the Covid-19 crisis Although the pandemic has caught many governments and public healthcare institutions off-guard, the crisis has surely brought the importance of genomic research to the fore. Why is that so? Despite the intensive media coverage of Covid-19 pandemic, medical professionals are also silently fighting battles against other deadly diseases. For

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Italy Russia

Saudi Arabia France

Brazil

80%

Poland

Singapore

USA

Australia UK Germany

60% South Africa

GDP PER CAPITA (USD, PPP)

40% 0

20,000

40,000

60,000

80,000

100,000

SOURCE: PHILIPS’ FUTURE HEALTH INDEX 2019, WORLD BANK, JULIUS BAER

example, in 2019, there were 19 million people who contracted cancer worldwide. Out of the 19 million, 10 million died from cancer. Compare these mindboggling numbers with that of the Covid-19 deaths at over 171,000 as of April 21, according to a tally by Johns Hopkins University. In other words, the knowledge gained from the Covid-19 research could pave the way for more study into gene-based therapies and other health technologies to combat present and future health threats. Not only will this

research help the world deal with the present infection, but it could also herald an era of tailored treatments for other diseases like cancer, Alzheimer’s and diabetes, depending on the patient’s DNA composition. All in all, the pandemic should further foster a long-term transformation of the healthcare industry, rendering it more resilient and more efficient for mankind. Damien NG is a thematic research analyst at Swiss wealth manager Bank Julius Baer

September 2019 41

THE HOME OF STORYTELLING IN THE MIDDLE EAST

“MY BEST FRIEND IS A PERSON WHO WILL GIVE ME A BOOK I HAVE NOT READ” ABRAHAM LINCOLN

S P E C I A L R E P O RT

CSR

PHOTOS: COURTESY OF UNHCR, THE UN REFUGEE AGENCY

SPECIAL REPORT

Time to give back As the Covid-19 pandemic wreaks havoc worldwide, the need for humanitarian assistance has risen dramatically. While GCC states such as the UAE have been at the forefront of donating aid globally, are regional corporations stepping up their CSR agendas and fulfilling their social responsibilities? BY AARTI NAGRAJ

he Covid-19 pandemic has changed life as we know it. With the death rate and case count growing by the day across the world, it has taken a heavy toll on healthcare systems. It has also devastated economies, forced companies to shut down and pushed some of the most vulnerable people on the planet into extremely tough circumstances. The situation has triggered the need for massive amounts of funds to assist countries struggling to deal with the pandemic, as well as communities that have been hit the hardest. The first iteration of the World Health Organization’s (WHO) strategic preparedness and response plan called for a total resource requirement of $675m, of which $61.5m were for activities covering the period of February to April 2020. “As this outbreak evolves, funding needs are likely to increase,”

the WHO has stated. So far, contributions have come from across the world, including Kuwait ($60m – the biggest donor globally so far) and Saudi Arabia ($10m), with the kingdom having pledged to provide more assistance. Meanwhile the UAE has also offered aid to several countries including China, Italy, Iran, Syria, Afghanistan and Pakistan in various ways to deal with the pandemic. In a phone call with Syrian President Bashar Al Assad in late March, Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed said the countries needed to “place humanitarian solidarity over political issues during this common challenge we are all facing,” official news agency WAM reported. Locally, most GCC countries have announced initiatives to assist individuals and businesses during these unprecedented times. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced the launch of a ‘10 million meals campaign’ during Ramadan to provide food to those in need. The private sector is also involved, with numerous companies and business leaders assisting their nations. Saudi companies and individuals contributed almost SAR1bn ($266m) in cash and kind to the Ministry of Health’s coronavirus fund, the health minister revealed in mid-April. Many multinationals have announced relief funds for the region – PepsiCo Foundation has committed $5m to the MENA region by providing financial assistance, medical equipment, supporting local health authorities’ efforts and providing meals to vulnerable communities; HSBC said it will allocate $1.2m of its $25m global fund to help an estimated 80,000 underprivileged individuals and families impacted by Covid19 in the MENAT region; US-based Visa Foundation committed $210m to support small and micro businesses across all the regions in which it operates, including the Middle East; while Julius Baer has pledged roughly $206,660 to emergency aid programmes in the UAE, Bahrain and Lebanon. Regionally, Fine Hygienic Holding, which manufactures hygienic paper products, has set up a $1m relief fund to provide aid to communities in the MENA region, while UAE-based banks Emirates NBD and Emirates Islamic have pledged Dhs4m from their charity fund towards the UAE’s Ministry of Education to support nation-wide distance learning programmes. Abu Dhabi’s Authority of Social Contribution – Ma’an – also launched the ‘Together We Are Good’ programme allowing the community to support the government’s efforts to address the current health and economic challenges. The programme seeks to stimulate social responsibility by encouraging financial and in-kind contributions from individuals and companies. It directs contributions according to priorities, with importance given to medical and educational aid and food supplies. The initiative will also assist parents with children at private schools in Abu Dhabi who have been affected by the Covid-19 situation with support for school fees or essential devices such as laptops or tablets. Thousands of donors have come forward so far including the Arabian Company Group, which recently pledged Dhs3m and furniture from the Arco Interiors company for quarantine sites; Balvinder Singh Sahni, the founder

SPECIAL REPORT

of RSG Group, who contributed Dhs1m; and two Emirati children, aged eight and seven, who contributed Dhs1,000. “There is definitely the requirement for giving back when people are facing a pandemic, especially in the area of healthcare,” states Dr Azad Moopen, founder chairman and managing director of Aster DM Healthcare. In late March, the healthcare provider rolled out a free teleconsultation service across its Medcare, Aster Hospital and Aster Clinic facilities in the UAE, allowing patients to remotely consult qualified doctors for all their ailments. “Despite the challenge of making losses, many companies have volunteered to spend money for supporting various initiatives to fight the Covid-19 pandemic even though they are not statutorily required to do so. It is important that corporates

“What is important is that companies focus on what they can provide to society”

and business houses earmark a part of their reserves for corporate social responsibility (CSR) funding,” adds Moopen. But while there is always a “noble intention” to continue giving back to the city through CSR activities, the amount of funding will depend on the person or company’s current capacity and feasibility, explains Ajay Sobhraj, founder and chairman of Finja Jewellery. The Dubai-based Indian businessman recently donated a fully-equipped building in Jumeirah Lake Towers to the UAE authorities for quarantine patients. The 77,000 sq. ft property can accommodate upto 400 people. Nourah Shuaibi, general manager at Eltizam Asset Management Group, agrees that not all corporations are in a position to give equally since some industries are hit harder than others. “What is important is that companies focus on what they can provide which will create that positive impact on society – whether it is repurposing production lines for manufacturing health protection equipment, or sports venues opening their doors to become makeshift hospitals. On a smaller scale, it is important for all companies to provide support to selected individuals, those infected and their families, the front liners and heroes and people whose livelihood has been affected by the crisis. “During challenging times such as the current pandemic, the needs of CSR’s traditional target impact areas only increase.

SPECIAL REPORT Covid-19 has impacted everyone in developed and developing countries alike. The disease does not discriminate as evidenced by the growing number of infected people belonging to very different segments of society,” she says. “As scientists, health experts, and government leaders continue to look for an effective way to contain the disease, every one of us has the responsibility to contribute to minimising the impact of the crisis. It is our moral duty to assist those who are in distress, and in challenging times it is important that corporations dig deep and ensure cost-cutting measures do not negatively impact CSR initiatives as much as is possible.” Shuaibi adds: “The Covid-19 crisis is a time for corporations to shine and show their concern for others.”

Growing importance Outside of the current situation, many of the GCC states have emerged as front runners when it comes to offering humanitarian assistance. In Dr Azad Moopen December it was revealed that the UAE distributed more than Dhs28.6bn in international aid in 2018, exceeding the recommendations from the United Nations for the sixth consecutive year. While the UN urges donor countries to contribute aid worth at least 0.7 per cent of their gross national income (GNI), the UAE’s proportion of aid amounted to 0.93 per cent of its GNI. Nourah Shuaibi In 2017, the country also emerged as the world’s largest donor of development aid relative to national income, having donated 1.31 per cent of its GNI, according to the Organisation for Economic Co-operation and Development (OECD). “The UAE has long exerted significant efforts to support friendly nations,” said Reem Al Hashimy, Shravan Charya minister of State for International Co-operation. “Whether through development projects or response to disasters, the UAE aims to do this in a manner that bolsters prosperity and stability, while alleviating suffering in recipient countries. Giving and co-operation is our instrument to making a better world.” The UAE’s humanitarian assistance programme is also focused on the 17 UN Sustainable Development Goals (SDGs), which include eliminating poverty and hunger, ensuring good health and well-being, providing quality education and achieving gender equality, among others. In line with the country’s initiatives, corporates in the UAE should also align their CSR spends to the UN SDGs, opines Shravan Charya, founder and CEO of charity crowdfunding platform SocioLadder.

“There has been a lot of importance given to CSR in the UAE and GCC region. However, with the exception of large corporates, most of them are taking an event-based intervention instead of a programmatic approach. There is so much more that can be done to align national CSR goals to that of corporate programmes – and technology can help align the same within the framework of UN SDGs,” he states. According to Charya, the UAE and GCC has seen the incremental adoption of technology in pockets. “Technology is key to the CSR programme life-cycle of project standardisation, monitoring, impact evaluation, reporting and learning. It can also significantly reduce costs of a CSR initiative by highlighting regional cost-benchmarking and effective project management tools,” he explains. Technology also helps drive transparency and organisationwide visibility. “Companies that are early adopters of CSR software see an exponential growth in the way higher management is able to clearly see the impact and is therefore motivated to support higher allocation of resources,” Charya adds.

New initiatives The CSR concept has now become an integral part of most businesses that are viewed as industry leaders – whether regional or global. “It is a necessary part of a company’s DNA, a part of the soul of that company as it takes on socially relevant causes that enable companies to make a difference and contribute to something bigger than day to day business. Corporations focusing solely on profits are becoming a thing of the past, as such practices fail to sustain corporate performance long term,” states Shuaibi from Eltizam.

“It is our moral duty to assist those who are in distress, and in challenging times it is important that corporations dig deep and ensure cost-cutting measures do not negatively impact CSR initiatives as much as is possible”

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With most responsible companies no longer viewing CSR as optional, new and innovative methods of ‘giving back’ are emerging. Abu Dhabi’s Ma’an is launching the GCC’s first ‘social impact’ bond in the UAE capital in May, to support the employment of people of determination. The 15-month programme, which will be delivered virtually in its initial phase, will see up to 25 selected students learn vocational skills before moving into work placements and eventually permanent employment. Social impact bonds involve the government, a social service provider and a social investor – using multi-party partnerships to solve social challenges. The contract operates on a pay-for-success basis, whereby private investors will invest in the bond and the government will pay back the investor – with interest – but only if the outcomes are achieved. Ma’an is partnering with Aldar Properties, Abu Dhabi’s

“Giving and co-operation is our instrument to making a better world” 48

Department of Community Development, Aldar Education and Zayed Higher Organisation for People of Determination for the project. Smaller innovative initiatives are also being announced by local companies. UAE-based fuel provider Cafu plans to plant one million Ghaf trees in the UAE through the development of a specialised, AI-powered drone. Rashid Al Ghurair, Cafu’s founder and CEO, states: “By leveraging our technology capabilities, and bringing together partners from across sectors, we launched this initiative to reduce levels of carbon dioxide in our direct environment. The Ghaf tree is indigenous to this region and we have chosen it as it is a powerful symbol of the UAE’s history and the fact that it is able to absorb up to 34.65 kg of CO2 per tree annually with minimal amounts of water. Looking ahead, there could be some obstacles in the shortterm. “The Covid-19 pandemic is likely to eat into the profits of most companies in the near and mid-term which will have an impact on funding for CSR. While this is unfortunate, sustainability of businesses is the primary requirement for the continuity of CSR funding in future,” says Aster’s Moopen. But while the impact of the pandemic on long-term CSR funded projects will be minimal, opines Charya from SocioLadder. “Corporate social responsibility is not just a transaction; it’s a relationship, it’s how a company has impacted the lives and economies of this region.”

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Protecting society’s most vulnerable BY FA D I A D R A , PA R T N E R AND RASHA SALEM, MANAGER AT S T R AT E G Y& M I D D L E E A S T

region. These older adults often report feelings of loneliness brought on by social isolation. The Covid-19 pandemic is making matters much worse. The need for social distancing and the elderly’s heightened fear of contracting the virus has disproportionately exacerbated the solitude of this age group. Meanwhile, their adult children are also coping with lives disrupted by the virus and may have less time to check on their elderly parents. The pandemic has appeared at a time when governments have started to recognise the grave impact of loneliness on society. Loneliness affects mental health, productivity, physical well-being, and even longevity. For the elderly, social distancing restrictions can limit the ability and/or willingness to look after themselves. Some lose track of time and have difficulty adhering to medical regimens. Some are not eating enough because the effort to prepare a full, nutritious meal seems daunting — or they are simply uninterested in eating alone when meals are usually a social activity. In response, GCC governments should rethink their care responsibilities to the elderly and how they can help fight loneliness. A good starting point is to build upon efforts made by other governments. In 2018, for example, the UK announced a new strategy called ‘A Connected Society’ to combat loneliness. It includes a methodology to measure the phenomenon; a proactive, “light-touch” connection with at-risk individuals; designing urban/housing plans to encourage integration; reducing the stigma of loneliness; and using digital tools to keep people connected. These efforts require a co-ordinated approach to ensure the healthcare system, technology industry, local governments and civil society all play their parts in detecting, measuring, and countering loneliness.

Staying home when home is unsafe

he Covid-19 pandemic has substantially changed how we live. Amidst the tragic human and economic loss, some of society’s most vulnerable groups are at heightened risk: individuals living alone, mainly the elderly, and victims of domestic abuse confined to an unsafe home. In response, GCC countries need policies that address the impact of social isolation and coordinate vital resources to support victims of abuse.

Social isolation, particularly for the elderly

The elderly in GCC countries increasingly live alone, a common situation in industrialised countries but a recent trend in the

Economic stress is a key risk factor for domestic violence, according to the World Health Organisation. Fadi Adra In the case of Covid-19, which has shut down thousands of businesses and pushed unemployment rates higher, the situation is worsened by the necessity that people stay home. The stay at home requirement can create heightened risks for victims of abuse who now remain locked in with an abuser. In Jianli county of Hubei province, China, one police Rasha Salem station reportedly saw a three-fold increase in domestic violence cases compared to 2019. Despite well-acknowledged underreporting due to fear, stigma, and other barriers, reported cases are rising around the world. Underreporting is also a problem in the GCC, where victims of domestic violence rarely report their abuse except in cases of extreme physical harm.

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“The pandemic has appeared at a time when governments have started to recognise the grave impact of loneliness on society”

GCC governments have been responding to the needs of victims of abuse. In 2019, Abu Dhabi developed a set of policies and designed a multi-stakeholder ecosystem to support victims – a promising early step for the region. However, even the world’s most advanced social protection programmes have been unprepared for Covid-19. With the sudden increase in remote work and education, many domestic abuse cases that schools, employers, family and friends would have spotted and reported now go unnoticed behind locked doors. Domestic abuse shelters have less capacity due to social distancing rules. Travel restrictions mean fewer refuge options. House visits that social workers normally conduct to follow up on former victims have been curbed or shifted online. For some, confinement is translating to hopelessness. In response, governments are rushing to make virtual resources accessible. Beyond standard hotlines, these resources include watch-parties, chat services, and support groups to discuss topics such as mental health, substance abuse, immigration, and legal services. One website offers an “escape” button to allow victims to exit the website quickly without leaving a trace in their browsing history. In Spain, victims too scared to call the police are being advised to use

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a codeword at neighbourhood pharmacies. In France, police intervention in domestic violence cases has surged by a third in the week following announcement of the lockdown and the government has committed to pay for 20,000 hotel nights for victims and temporary counseling centres in supermarkets.

GCC social sector priorities: preparedness, innovation

In the GCC, support networks for the elderly suffering loneliness and for victims of domestic abuse are relatively underdeveloped. The pandemic will stretch these networks to their limits. Shortages of experienced social workers and emergency management staff and inadequate digital and data infrastructure could become a matter of life and death for vulnerable individuals. The best policy is to invest heavily in attracting, developing, and retaining qualified talent across the ecosystem, and testing every stakeholder’s preparedness to respond. Governments should also explore innovative ways to enhance vulnerability detection and services delivery. For example, they could use existing government data (such as previous reports

“Even the world’s most advanced social protection programmes have been unprepared for Covid-19” of domestic violence, recent unemployment claims) and creatively employ alternative data (such as segmentation of local real estate prices for socio-economic evaluation of neighbourhoods) to design algorithms that identify at-risk households and direct social workers to conduct safety checks. With the correct response, GCC governments can improve protection for the most vulnerable members of society during and after the pandemic. The strains imposed by the pandemic can become the opportunity for a stronger social safety net.

PA R T N E R C O N T E N T

Giving back: The OPPO perspective The global smartphone leader is stepping up efforts to ensure that it can play its part in preventing the spread of Covid-19 and assisting the community in the current situation

he Covid-19 pandemic has catapulted the world into a new era, with organisations across the globe forced to rethink the way they do business. Remote working has become the new normal, with companies also relying on innovative digital services to cater to their clients and customers. For the launch of its Reno3 smartphone in March, global smartphone manufacturer OPPO decided to have the event online following the precautions it is taking to curb the spread of the virus. Following a successful digital event, the company also invested in marketing the smartphone across the GCC region, where it has seen market share growing. One of the innovative approaches the company took was to partner with Gulf Business to create a magnetic prototype of the device sample and have it distributed along with its April issue of the magazine. The Reno3 smartphone magnet was attached to the cover, and in line with the UAE government’s campaign, it carried a special message from OPPO to #StayHome. In a bid to further encourage people in the UAE to stay safe, OPPO and Gulf Business also sent copies of the magazine along with a box of Patchi chocolates to VIP business leaders, key partners and social media influencers. The recipients were encouraged further to share the message on their social media channels so that the #StayHome message is

#StayHome campaign OPPO and Gulf Business sent copies of the magazine along with a box of Patchi chocolates to VIP business leaders, key partners and influencers who were encouraged to further share the message on their social media handles.

conveyed to their audience as well. This has also elicited a fantastic community response, with many spreading the word and passing on the message. OPPO’S COVID-19 RESPONSE

On a broader level, OPPO, which has a presence in over 40 countries and employs more than 40,000 people, has taken several measures to deal with the pandemic. “During these tough times, we need to remain united and practice the necessary steps to fight against the spread

of Covid-19. With the safety of our users and employees being the absolute priority, we formed a special team to oversee preventative actions and maintain ongoing operations. OPPO has been committed to protecting our community to fight this pandemic and encourage everyone in working together to protect family, friends and neighbours alike,” it states. FOR EMPLOYEES

OPPO has ensured the supply of face masks for all its employees worldwide and is encouraging staff to work from home by following local policies. While some staff members are required to be onsite, the company is practising preventative measures to maximise interpersonal space and maintain social distancing. Its HR and IT departments have developed an intranet system for employees

Spreading awareness in the community

The OPPO Care initiative in Lagos

China, OPPO also dispatched some of its workers to help aid in the production of face masks in other factories. Recently, the company donated face masks to certain European countries and Japan to support local healthcare professionals. OPPO is also sharing the preventative actions it has undertaken with global suppliers to help decrease the spread of Covid-19. For customers, to maintain its service quality, the OPPO online service team is currently working round the clock to ensure all user enquiries are being answered, with most units working remotely from home. Importantly, for users whose warranty expires between March 23 and May 23, OPPO will ensure that the warranty period will be automatically extended until May 31 – free of charge. worldwide where staff will report daily health updates. The company is also reducing business travel and asking teams to deploy online communication as much as possible. If employees must travel, a 14-day self-quarantine is required when they arrive back at their location. FOR THE COMMUNITY AND CUSTOMERS

OPPO is committed to helping communities thrive during the current situation. It has donated to the relevant institutions to help purchase medical supplies. During the early days of the outbreak in

During the early days of the outbreak in China, OPPO also dedicated a big number of its workers to help aid in the production of face masks in other factories use its online channels to explore products and services. MOVING FORWARD

SAFETY FIRST

To continue preventing the spread of Covid-19, OPPO is carrying out a disinfection programme daily at its retail store. It is providing non-contact delivery to customers to ensure the health and safety of both parties. For overseas retail stores, the company is following the local policies in each country. For onsite staff, OPPO also conducts preventative measures, including daily disinfection and temperature checks. In the current situation, the company is encouraging consumers to

“We will continue exerting our efforts to help our nation and the whole world fight this pandemic. We thank our global and local staff at the OPPO community for doing their part. Our determination and camaraderie give us confidence that we can continue supporting each other during these tough times,” the company states. “OPPO is also excessively grateful for our global partners and community for helping us during these hard times. We hope our customers stay healthy and stay at home at this time,” it adds.

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Redefining the concept of CSR BY MARK DICKINSON, GULF BUSINESS ACADEMY TRAINER

SR is corporate social responsibility; however, I don’t think of it like that. I think that it is all about being responsible. Not corporately. Nor socially. Just responsible. The revolution has already happened. It took place sometime between January and April 2020. The world is forever changed. Money is the old currency. Offering meaningful help and fulfilling the need of the hour are far more important than what money can buy. Care and concern, social connection, being valued, adding value, feeling valuable: all of this is the new currency. The “us and them” mentality must surely wither and die. There are no sides, there is just one. Sounds zen? Not really. It is more like a return to the human values that preceded the mad rush of the last 40 years.

Now there is a pause. Giving back is no longer a ‘thing’, because we can now see and realise that it has not been taken away in the first case. Taxes were a curse, now they are the means by which we are provided for in these difficult times. Earlier we felt the government created rules to control, now we understand that they implement guidelines to keep us safe in times of trial and peace. A true mental shift. If I put something in my right pocket and then shift it to my left pocket, it is still in my possession, and so it is with our world today. What we share with the government is what we need to give to ensure that things run smoothly. What we give to others is to help where there are insufficient resources to go around. It is still ours. We just moved it from one part of us to another. Charity is another word for love. We give because we love. We give because we have been loved. Most of us claim that we made our own way in this world. Not really. Many were the times that others helped us, gave us a lift, carried us through a difficult moment, supported us with kind words, helpful deeds and sometimes a few dollars here and there. We must remember this and perpetuate it, ad infinitum. Governments are us. They are the people that we support to help organise our lives and keep our society together. Businesses are us. They are the people that we work and collaborate with to produce the resources that support our lives. Whether it’s the owner, the manager or the front-line team member, the business is us. It exists because of us and for us. The first duty of the business is to care for all its people, without discrimination. That includes its customers and its community, wherever they may be. I have no praise for those who have opportunistically taken mean steps towards their employees. This is the time to reach out and support them. Will it break you? That’s okay. Be broken. Your employees have poured themselves out for the companies that they work for. They give and commit. They work hard. Sometimes they fail, sometimes they don’t live up to expectations, but that is not the majority. And now it is time for the company to care for these people. They created the goodwill and generated the love. Even if the company goes broke now in its efforts to care for its people, these same people will help rebuild something even greater in the future. But what will it do without these people? Nothing. There are corporations that announce their donations and contributions to charities long before they have equitable conditions for all of their people. What if your own employees cannot afford to live well and yet your company donates to third parties? Isn’t the person that commits themselves to the organisation also supposed to benefit? Corporations are made up of people, and all of them are employees. All of them. A CEO is an employee. It is high time

“There is no giving back; there is only sharing”

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that everyone remembered that there are no little people in a company. It would be interesting to see if managers could operate a company without any front-line employees. But I wonder how the reverse would work out? Wouldnâ€™t that be interesting? In reality, there is no giving back; there is only sharing. Customers pay for products and services and the companies help the people that work in them to live and prosper. These employees in turn buy products and services, and so everything becomes intermingled and indistinguishable in a constant cycle.

Individuals are us, you and me. As the requirement for medical help rises, and the need for empathy, sympathy, and a greater love for one another arises, so too must people respond and do their part by following and contributing in whatever way they can. Utopia? Perhaps, perhaps not. But â€˜giving backâ€™ and CSR is crucial for governments, businesses and individuals in the region because we are taking care of ourselves and every person that lives in this world. We give back, for in doing so, we give to ourselves. The reality is that we are all one.

Refugees: the most vulnerable in the face of the pandemic UNHCR has appealed for $255m to protect the roughly 71 million forcibly displaced populations around the world from a potential Covid-19 outbreak. Activities will focus on continuing, adapting and increasing delivery of protection, assistance and ensuring access to essential services, particularly in areas with high concentrations of refugees. Use the QR code on the right to donate now.

giving.unhcr.org/en/coronavirus

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“REAL GIVING LIES IN MAKING A DIFFERENCE IN ANOTHER PERSON’S LIFE, OR THE LIFE OF A COMMUNITY, OR IN THE JOURNEY OF A NATION” HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime 58 Minister of the UAE and Ruler of Dubai

Lifestyle Horology Audio Numismatics Submarines Travel

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MAY

Montblanc The Meisterstück Le Petit Prince Solitaire Le Grand Edition is crafted from European hornbeam wood with an 18K bi-colour nib

Reviving a classic

The Breguet Marine Tourbillon Équation Marchante 5887 is a nautical-theme timepiece with a history tied to the brand’s founder p.69 gulfbusiness.com

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Rethinking luxury watch fairs A few of the world’s most venerable watch brands pulled out of Baselworld last month. We’re now set to see many of them exhibit alongside one another in Geneva next year. What will the traditional luxury watch fair, as we know it, look like come 2021? BY VARUN GODINHO

1917

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PHOTO: STEFAN WERMUTH/BLOOMBERG VIA GETTY IMAGES

novelties each year in Basel and Chopard has aselworld, the world’s biggest been a regular fixture at the fair since 1964. annual watch and jewellery fair The only rival watch exhibition that held at the Messeplatz in the matched in prestige, though not scale, was industrial Swiss city of Basel, has the Richemont-led Watches & Wonders had its insular world upended in the matter (formerly Salon International de la Haute of a week in April. Horlogerie – SIHH) held annually at the The trade show which sees hundreds of Palexpo in Geneva. journalists, retailers and industry profesAs recently as 2013, it seemed that sionals descend en masse every March/April Baselworld was untouchable. It undertook for the week-long fair has long had systemic an ambitious, approximately $431m renovaproblems, a few of which extended to the tion, of the exhibition site. But the gleaming city itself, that it has repeatedly swept under structure did little to course-correct attithe rug. tudes of organisers and the city’s ecosystem For example, hotels in the city would mark that was bent on unfairly exploiting visitors. up their prices nearly three times as much By 2018, in a shock announcement for during the fair, and some even demonstrated Baselworld, the Swatch Group announced the audacity to ask guests to pay upfront for that it was pulling all of its 18 brands from the following year’s booking before the curthe fair including Omega, Blancpain, Jaquet rent year’s fair even got underway. Droz and Breguet and would establish its Local restaurants and food retailers own fair on its own terms. matched the arrogance by steep surcharges “The MCH Group, which organises on food served during the fair. Baselworld, is clearly more concerned with To escape the extortion, many attendees optimising and amortising its new building – would live in Zurich or Neuchâtel and catch which, incidentally, is largely financed by the the train or drive to Basel every day during watch industry during the fairs – than it is in the fair. Still, it seemed a worthy trade-off. having the courage to make real progress and Baselworld has been in existence since 1917 to bring about true and profound changes,” and counted a few of the most venerable Swatch Group CEO Nick Hayek Jr. reportedly names in the watch world including Rolex, told a newspaper while explaining his deciPatek Philippe, Bvlgari and Chopard among sion to withdraw from the fair. others, as its main exhibitors. A few others followed the Many of these brands have Swatch Group’s lead, among been associated with the fair them French major Hérmes and for decades – Rolex first began The year Kering-owned Ulysse Nardin showing at the fair in 1939, Baselworld and Girard-Perregaux which four generations of the Patek started decided to leave Baselworld Philippe family presented their

and join the exhibiting brands at the SIHH. Swatch Group’s exit though didn’t quite cause a tsunami of exits that would rattle Baselworld. The anchor brands like Patek Philippe and Rolex decided to stick with Baselworld. That changed in April. gulfbusiness.com

s the Covid-19 virus swept across Europe, Baselworld announced that it would postpone its 2020 edition to January 2021. It also presented exhibitors with one of two options with regards to the refund of fees that they had already paid for this year’s event. gulfbusiness.com

The first option was for exhibitors to carry over 85 per cent of the Baselworld 2020 fee to pay for their Baselworld 2021 participation, with the remaining being retained by the organisers to cover its out-of-pocket expenses. The second alternative presented to the brands was for 30 per cent of the

exhibiting fee paid for Baselworld 2020 to be refunded up front, with 40 per cent carried over to cover fees for Baselworld 2021 and the remaining 30 per cent set aside to cover the organising body’s out-of-pocket expenses for Baselworld 2020. Neither of the two options were favourable or advantageous to the exhibitors. On April 14, Rolex issued a joint statement with Patek Philippe, Chopard, Tudor and Chanel confirming they were exiting the fair. The reaction from the heads of these brands wasn’t one of arrogance, but an almost regretful decision which they were forced to make as a result of the organiser’s ill-informed decision-making with regards to the fair. “The decision to leave Baselworld was not an easy one to take for me, being the fourth generation of the Stern family to participate in this traditional yearly event. Today Patek Philippe is not in line with Baselworld’s vision anymore, there have been too many discussions and unsolved problems, trust is no longer present,” said Thierry Stern, president of Patek Philippe in a press statement. Echoing a similar sentiment, Jean-Frédéric Dufour, CEO of Rolex and board member of Montres Tudor, added, “We have taken part in Baselworld since 1939. Unfortunately, given the way the event has evolved and the recent decisions made by MCH Group, and in spite of the great attachment we had to this watch show, we have decided to withdraw.” Karl-Friedrich Scheufele, co-president Chopard called the decision to withdraw from Baselworld “a painful one”. Rolex, Tudor, Patek Philippe, Chopard and Chanel said that they had decided to set up their own watch event that would run alongside Watches & Wonders in Geneva next April and would be executed in coordination with the Fondation de la Haute Horlogerie (FHH) – the same body that organises the Watches & Wonders event which features Richemont heavy-hitters like Cartier, Vacheron Constantin and A. Lange & Söhne. “The creation of this new watch show in Geneva, in parallel to Watches & Wonders, will allow us to better serve our watchmaking partners and our customers. Through the alliance, these grandes maisons will also be able to collaborate in promoting the values and best interests of Swiss watchmaking,” said Scheufele. Meanwhile Stern added, “We need to answer the legitimate needs of our retailers, May 2020 61

Lifestyle / Horology

the clients and the press from around the world. That is why, following several discussions with Rolex and in agreement with other participating brands, we have decided to create an altogether unique event in Geneva, representative of our savoir-faire.” The response from Baselworld’s managing committee highlighted just how off guard it was caught with by way of this announcement. It said, “The companies now “migrating” – including Rolex – spoke out in favour of a postponement to January 2021. They are also represented on the Exhibitors’ Committee, where the future vision of Baselworld has been discussed. The intention to move to Geneva has never been mentioned. The Group must therefore conclude that the relevant plans have been in preparation for some time and that the discussions concerning the financial arrangements for the cancellation of Baselworld 2020 are now being put forward as an argument.” Did Rolex and the other brands that decided to leave Basel make the right decision? The answer came three days later on April 17 when the LVMH Watchmaking Division announced that it too was withdrawing its three key brands including TAG Heuer, Hublot and Zenith from the fair effective immediately. Its fourth major watch and jewellery brand, Bvlgari, had already decided to exit Basel back in February. With no Swatch Group, no LVMH and no major independent brand showing at Basel next year, it is inevitable that Baselworld will cease to exist, or at least lose it standing as the world’s biggest watch and jewellery fair.

o what will the watch exhibition landscape look like a year from now? To begin with, Watches & Wonders will go ahead with its onground event in April next year. Alongside, Rolex, Patek Philippe, Chopard and Chanel will showcase their novelties in a separate, though complimentary event. LVMH has said that it too is now contemplating an event parallel to Watches & Wonders.

Baserlworld exhibition site, Messe Basel, was renovated by hometown architects Herzog & de Meuron in 2013

LVMH’s Bvlgari offered an insight into what its event would look like. JeanChristophe Babin, CEO of the Bvlgari Group, said, “Grouping the entire Swiss watch industry in a single location, Geneva – the historical capital of watchmaking – and around a single date, is a major opportunity to at last revive a sector. We are looking forward to going to Geneva in April 2021, even though we still need to define the terms of our participation, which we will specify in the coming weeks.” The watch industry is coalescing around the idea of a single mega watch week where all the major brands will showcase their new products during the same time and in the same city. But Watches & Wonders went one step further on April 20, when it said that its 2020 edition, in coordination with the FHH, would go ahead – albeit without a physical show, but instead as an online exhibition of the launches.

On April 25, 30 participating brands debuted their novelties on a dedicated platform on the Watches & Wonders website. Some watch exhibitors even streamed 10-minute videos on the platform introducing their novelties for the year. In the second phase of the new platform launch, e-commerce will be integrated onto the website to allow participating brands to sell watches via the website too. The FHH has said that this virtual exhibition is a format that will continue for subsequent annual editions of the Watches & Wonders exhibition, and will take place alongside on-ground annual events including the next one scheduled for April 2021 in Geneva. The traditional watch fair as we know it – an elaborate on-ground event – will continue to exist, though the new hybrid models will push watch brands into a digital-focused approach too. The model of future watch fairs will no longer be adversarial, but collaborative. There are no brands that stand to lose by way of this reordering. In a year when luxury and the idea of luxury objects has taken a sizeable hit, the watch industry can count itself fortunate to have scored a win.

The watch industry is coalescing around the idea of a single mega watch week where all the major brands will showcase their new prodcuts during the same time and in the same city 62 May 2020

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Lifestyle / Gadgets

Raising the bar Sennheiser’s all-in-one speaker – its first-ever soundbar – is a device that makes staying at home sound a whole lot better BY VARUN GODINHO

he Covid-19 pandemic has reportedly forced over a third of the world’s population into some form of home quarantine ranging from a 24-hour mandatory curfew in a few major cities to a partial lockdown in others. Regardless, it means that almost all of us are now spending far greater amounts of time indoors and this has inadvertently resulted in a renewed focus on home entertainment options. In a stroke of good fortune, German audio major Sennheiser – a 75-year-old audio company – launched its first-ever soundbar, the Ambeo Soundbar, in the months leading up to the time when stay-home orders began to kick in around the world. While other audio manufacturers raced to release soundbars over the last few years, Sennheiser bided its time and worked at remedying some major drawbacks among existing soundbars. The Ambeo is a comprehensive unit with no separate subwoofers as part of the package. To compensate, it has installed 13 drivers which are larger than those found in regular soundbars and consequently can cover a wider frequency range. “We are thrilled to be introducing the Ambeo Soundbar as Sennheiser’s first foray into the home entertainment speaker category. We have developed it with the ambition to create one of the best soundbars on the market – an elegant all-in-one solution for all those seeking an immersive gulfbusiness.com

3D, audiophile-grade home entertainment experience,” said Stephane Hareau, global head of products – consumer at Sennheiser. That 3D sound is in no small part due to those large drivers which include six woofers, five tweeters and two upward-angled drivers that together produce the wholerange home-theatre experience from a single-device soundbar. “It delivers the spatial ‘as if there’ experience of a 5.1.4 sound system and powerful bass, but without the need for additional speakers or an external subwoofer,” added product manager Maximilian Voigt. The device is compatible with Dolby Atmos, MPEG-H and DTS:X sound outputs

One of its niftiest features is how it self-calibrates and adjusts the settings to automatically adapt to the room’s acoustics

covering a broad range of audio content, which is a boon considering that Netflix and Amazon Prime have a selection of Dolby Atmos-supported content that can make optimal use of this technology. There are plenty of connectivity options provided including Google Chromecast, Bluetooth and HDMI eARC/CEC, besides three HDMI inputs, an optical audio port, and an AUX (RCA) input too. One of the niftiest features of this device though is the ease with which it can selfcalibrate and adjust the audio settings to precisely adapt to the room’s acoustics. Calibrating the device is as simple as plugging in a mic that comes bundled with it. It fires out a range of sounds across the room that determines the position of the soundbar relative to the listener and also accounts for the audio qualities of the room affected by its insulation and furniture. You can always further customise the sound output using Sennheiser’s Smart Control App and even choose between three Ambeo modes including Light, Standard and Boost. Priced at Dhs9,999 it is among the more expensive soundbars in the market at the moment. But if it does an effective job of shaking off cabin fever, that trade-off might be well worth it. May 2020 63

Lifestyle / Collectables

All that glitters

When a crisis hits, tangible investments become safe havens for nervous investors. Is gold the balm that will soothe market uncertainty? BY GEORGINA LAVERS

ames Bond carries a suitcase brimming with gold coins in the film From Russia with Love. In the 1991 Gulf War, SAS pilots were given twenty each to stitch into their clothing, to be used for negotiation should they be taken hostage. From sovereign coins to bars, gold has been used as the ultimate get-out clause throughout history. Now, at a time when stagnating economies have been stretched to the brink and 90 countries have applied to the IMF for emergency financing, the search for non-volatile investment is on – with some touting gold as the ultimate safe asset. From 5G to e-commerce, or just straight cash, various assets have been put forward as solid opportunities in times of serious instability. For Dr Alain Baron, founder of the coin auction house Numismatica Genevensis, gold will always remain a secure option in periods of uncertainty. “In phases of extraordinary optimism on the stock exchange, the interest in gold is limited, because people want a quick profit and do not think of protecting their assets,” he says. “As soon as a downturn in the economy happens, interest in physical gold increases substantially.” Though gold has seen wild swings in recent weeks – from $1,600 an ounce to $1,450 and then back up to $1,689 in the last

Dr Alain Baron, founder of the coin auction house Numismatica Genevensis

week of April, “when the crash happened, gold was one of the only tangible assets that could be liquidated to cover the losses in the share markets, and pay for the margin calls,” comments Baron. “This explains why the first move of gold was down, but followed very quickly by a sharp move back up.” “Everyone is expecting to see gold around $2,000 and I share that vision, because the instability of the global economy is not going to be solved in the next two to three months.” From exchange-traded funds to bars or certificates, there are a variety of ways to invest in the asset. Baron’s expertise

“Bullion coins are recommended, they are affordable at a fairly low premium over gold, and cost between $100 and $2,000 a piece” 64 May 2020

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lies in coins; most recently, he served as curator of the exhibition ‘Coins of Islam: History Revealed’ at Abu Dhabi’s Sheikh Zayed Grand Mosque, which showcases the world’s most significant collections of Arab and Islamic coinage. There are a few categories of coins, from the rare numismatic coin – whose value is judged purely from its historical significance – to the bullion coin, issued by a government and used as a form of payment. In the case of the former, its ties are closer to the art markets than the finan cial, says Baron. “Numismatic coins are not an appropri ate tool for someone who wants to invest in gold. It’s a smaller market, reflected mostly through auctions. An understan ding of quality and rarity must be present, as well as a relationship of trust between buyer and seller.” For the gold investor, “bullion coins are recommended,” Baron says. “They are affordable at a fairly low premium over gold, and cost between $100 and $2,000 a piece depending on their gold content.” Bullion coins can be separated into two further categories: the classical, struck by governments between 1800 and 1950; and new bullion still being issued today, such as the Krugerrand, the Canadian Gold Maple Leaf and the American eagle. “My preference goes to older bullion coins such as the Napoleon or the English Sovereign,” says Baron. “These coins can be close to 200 years old, are no longer pro duced and still do not cost more in terms of premium than a Krugerrand struck by a mint recently.” He adds that there is a chance of double leverage when buying older bullion coins – the value of the gold itself, as well as the premium over the gold price. But there are downsides to investing in gold coins in a time of crisis, with some unscrupulous companies capitalising on public fear in order to sell at vastly inflated prices. A Quartz investigation into metals. com in November 2019 found that gold and silver coins were being overpriced by up to 219 per cent of the metal’s value, with sales people encouraging fears of an imminent market meltdown to push purchases. Pre cious metals companies used similar fear mongering tactics during the 2008 financial crisis, such as Californiabased Goldline, whose executives were charged with fraud in 2011. gulfbusiness.com

Above: The front and back of the medal with an image of UAE’s Sheikh Zayed bin Sultan Al Nahyan commemorating the Sheikh Zayed Grand Mosque Opposite page from top: 1. Gold 20 Francs Napoleon 2. Great Britain’s Sovereign Victoria 3. Byzantine Empire, Leo VI, solidus showing Virgin Mary, Constantinople, undated 4. Abbasid Caliphate, al-Mahdi and al-Hadi, dirhams of al-Yamamah (now part of Riyadh) struck between (AD 781-787)

“My first piece of advice is to buy from reputable companies – from banks or com panies that you know will exist tomorrow,” says Baron. “When buying a bullion coin, whether old or new, an investor should know the pre mium he is paying. Roughly speaking, if an English sovereign is $400 worth of gold and it’s a common coin, the investor should be paying a few per cent over gold – then he’s got a good deal. If an investor is paying a multiple of the price of gold for a common sovereign, there’s definitely something wrong.” As for spotting fakes, there will always be attempts to reproduce coins, but “they’re fairly easy to distinguish from those that are genuine,” says Baron. “Weight is one of the criteria because bullion coins struck 200 years ago had a precise weight and fine ness scale. If a coin has a different weight, it’s fake.” For enthusiasts, the sense of permanence and continuity that gold represents will be a permanent salve, outlasting any scams or crises. “In all of Europe, everybody had a bit under the mattress,” concludes Baron. “It was tradition.” May 2020 65

Lifestyle / Submarines

100m

The depth that DeepView can dive to while carrying 24 passengers

Under pressure With underwater tourism set to become the next big frontier in “experiential tourism”, recreational sub manufacturers like Florida-based Triton Submarines are gearing up with state-of-the-art vessels BY VARUN GODINHO

he Five Deeps Expedition, which concluded in August last year, had an impressive mandate. It successfully undertook manned expeditions to the bottoms of the world’s five oceans including the Puerto Rico Trench (Atlantic Ocean), Java Trench (Indian Ocean), Molloy Deep (Arctic Ocean), South Sandwich Trench (Southern Ocean) and the Challenger Deep (Pacific Ocean). Those death-defying descents were undertaken by intrepid adventurer and American businessman Victor Vescovo who used his $37m two-seater personal submersible, a 66 May 2020

Triton 36,000/2 sub christened Limiting Factor, which is the world’s first certified full ocean depth submersible constructed using a titanium hull and rated to dive to depths of up to 11,000 metres. What sort of an engineering daredevilry does it take to build such a sub? “The pressure on the personnel capsule – 16,000 pounds per square inch, at the bottom of Challenger Deep – is equivalent to a stack of 292 fully-loaded 747s,” L. Bruce Jones, the CEO and co-founder of the Floridaheadquartered Triton Submarines, told Gulf Business.

Jones along with Patrick Lahey cofounded the privately-held company 12 years ago at a time when, as Jones says, they “realised there was a distinct market for smaller, deep-diving luxury submersibles.” The company has around 50 employees spread across two locations – one in Florida and the other in Barcelona. On average, the team hand-builds less than 10 submersibles a year. Expectedly, they don’t come cheap. The popular Triton 3300/3 which dives to 1,000 metres and carries three people, costs approximately $4m. Its least-expensive personal sub meanwhile dives to 305 metres and costs $2.7m, while its most expensive sub in existence takes two people to 11,000 metres (Challenger Deep-levels) and is priced north of $30m. While these deep-diving vessels can be used by researchers, filmmaking crews or even serve as vanity-soothing ego-inflating toys for the elite, there’s a bright – and yet untapped – burgeoning industry of underwater tourism, that Triton is set to tap with its latest multi-seater DeepView series of subs. The first DeepView sub is set to be gulfbusiness.com

delivered later this year and will be able to dive to depths of 100 metres while carrying 24 passengers and 2 crew members. It features broad acrylic panels that allow for uninterrupted vistas of the surrounding water body. “The Triton DeepView 24 is a revolutionary 4th-generation tourist sub designed to make up to 12 dives per day, including night dives, carrying 24 passengers. This is the first of the DeepView series, which includes subs that can carry as few as six passengers, or as many as 66,” explained Jones adding that the delivery of the first $6.76m DeepView 24 is expected shortly to an undisclosed Vietnamese client who has ordered it for their portfolio of resorts. A smaller, but deeper-diving tourismfocused sub is the $5.35m Triton 3300/6. The six-person submersible can descend to depths of 1,000 metres and features the largest acrylic pressure hull produced to date. The Triton 1650/7 Configurable meanwhile is the world’s first single-hulled, 500-metre capable, seven-person submersible produced until now. Triton is a familiar name here in the Middle East. It exhibits at the annual Dubai International Boat Show and has already made inroads in the region. “One of our clients in Dubai owns a Triton 3300/3. We are negotiating with another group in the UAE as well,” revealed Jones. Meanwhile, Vescovo and his team recently collaborated with Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) to explore the deepest point of the Red Sea using Vescovo’s 36,000/2 sub. Mohammed A. Aljahdli, a Saudi engineer and member of the KAUST Coastal and Marine Resources Core Lab, joined Vescovo to descend to the bottom of the Suakin Trough (2,777m) in the Red Sea, making Aljahdli the deepest-diving Saudi of all time. Business for these luxury vessels hasn’t been greatly impacted by the Covid-19

Above: The Triton 36,000/2 which was used in the Five Deeps Expedition Below: The $5.3m six-seater Triton 3300/6

pandemic, said Jones. The assembly teams are pressing on, while a few of the company’s marketing and sales personnel are now working from home. “We continue to sign contracts and, in fact, just signed one today [April 20]. We are fortunate that our sales do not seem to be significantly affected by the pandemic.” While a global economic slowdown is crystallizing, Triton is swimming against the current. “We are in the process now of

“The pressure on the personnel capsule – 16,000 pounds per square inch, at the bottom of Challenger Deep – is equivalent to a stack of 292 fullyloaded 747s” gulfbusiness.com

designing the deepest-diving acrylic-hulled sub ever produced, the DeepView 15,000/2,” said Jones of the sub which can carry two people to 4,570 metres, twice as deep as its current deepest-diving acrylic-hulled sub, the $6.65m Triton 7500/3, and 15 times deeper than any other sub in the market at the moment. “We are also leveraging our experience with the Triton 36,000/2, which has a titanium hull and we intend to produce a new full ocean depth model, the Triton 36,000/3 GPH (glass pressure hull). This revolutionary sub will have a personnel sphere composed of high-pressure glass and will carry 3 people to 36,000 feet.” If you must ask, the price is $38.1m. Understandably, a near-$40m price tag puts subs like this one in a billionaire’s field of vision. Even for those not willing to make that commitment, there’s another way to explore the ocean floors. Vescovo has teamed up with EYOS Expeditions to offer underwater exploration trips for tourists. He will pilot his two-seater sub to some of the deepest underwater points in the world, with a tourist riding shotgun. This month, there are two such tourist expeditions planned to the bottom of the Mariana Trench – one of which was already sold out at the time of going to press. At $750,000 a seat for the expedition, you’ll still have to be at least a millionaire to pay for it. A much more affordable option will come when luxury ocean-side resorts begin to invest in subs like the DeepView 24, allowing residents of the properties to book a seat on these subs as part of the resort’s regular roster of leisure activities. A gamechanger for the tourism industry. May 2020 67

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Lifestyle / Watches

A place in the sun A new Breguet timepiece combines complex horological feats including a tourbillon, perpetual calendar and an equation of time function BY VARUN GODINHO

ith the Covid-19 pandemic sweeping across the world, it’s been a challenging last quarter for luxury brands across the board. The watch industry is no exception to the crisis. It even forced a few brands to postpone the unveiling of their 2020 novelties. But that wasn’t the case with 245-year-old Swiss watchmaking powerhouse Breguet. In March, it announced its latest launches for the year, and among them this Marine Tourbillon Équation Marchante 5887. The Tourbillon Équation Marchante with its distinct wave motif on the dial made its debut in Breguet’s arsenal three years ago. While the 2017 model featured a platinum case and blue dial, this updated version for 2020 has a 49.3mm rose-gold case and a slate grey engine-turned dial engraved with a wave motif. The silver accents on the minute ring are a hat tip to a ship’s steering wheel. An anchortipped hand meanwhile indicates the date off the retrograde display. The day of the week is indicated at 10 o’clock while the month of the year is read off a display at 2 o’clock. It’s a significant timepiece for the brand keeping in mind that it boasts a tourbillon – a complication patented by Abraham-Louis Breguet in 1801 – as well as an equation of time complication. At the bottom of the watch, and visible on the dial, is that tourbillon. Fittingly,

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it’s equipped with an extra-thin tourbillon Caliber 581 which offers a perpetual calendar mechanism and an equation of time marchante complication. A kidney-shaped cam is visible over the tourbillon cage, which makes a single rotation each year and controls the equation of time function. An equation of time is essentially the difference between mean civil time and apparent solar time. In simpler terms, consider it as the difference between the local time within a region be it GMT/UTC, EST, CET, etc. (mean civil time), and the time indicated off any sundial (apparent solar time) within that same region. The difference between these can be 14-minutes shorter or as much as 16 minutes longer than what we consider to be a standard 24-hours-or-1,440-minutes-in-a-day cycle – the Earth, which itself is tilted along

The 2020 version of this timepiece has a 49.3mm rose-gold case with a slate grey engineturned dial

its axis, follows an elliptical path around the sun causing the variations in solar time. The local civil time is indicated by the two circle-tipped hour-and-minute hands on the dial of this timepiece. The apparent solar time meanwhile is indicated by a hand, one end of which is pivoted from the centre of the dial while the other is hollowed out to resemble the sun, and is read off the same minute track as the civil time. It’s a fascinatingly complex mechanism, made effortlessly simple on this Breguet timepiece. Turn this timepiece over and you’ll find a stunning image of the Royal Louis, an 18th-century first-rate 116-gun ship of the French Navy, hand-engraved across the four bridges of the movement. It’s a tribute to Abraham-Louis Breguet who was appointed by France’s King Louis XVIII in 1815 as Horloger de la Marine Royale, the official watchmaker of the French Navy. Over the barrel drum, a hand-engraved compass rose motif is another nod to the timepiece’s marine connection. Priced at approximately $215,000, this manual-winding timepiece with an 80-hour power reserve features a discreet power indicator at 8 o’clock on the dial. It isn’t a limited-edition timepiece, but given the sheer craftsmanship on it, there’s a very good chance that spotting one in the wild will be a fortuitous treat. May 2020 69

Lifestyle / Culinary WHILE RESTAURANTS ARE RESTRICTED FROM ACCEPTING GUESTS ONTO THEIR PREMISES, A FEW HAVE DECIDED TO TAKE THEIR GOURMET FOOD TO YOUR HOME

COYA Dubai

eruvian restaurant COYA Dubai has launched its own home delivery service of its gourmet food for the very first time. This month, it even has a special Ramadan set menu. It comes packaged with dates to break your fast, a choice of one soup (we’d recommend the pumpkin soup), and a total of seven appetizers which makes it perfect for sharing. Of the appetizers, the standouts include the Picante de Pepino – a cucumber and green apple salad with miso and coriander – and the Hongos Ceviche which is a fixture for any Peruvian restaurant and one which COYA has perfected with its mix of wild mushrooms and enoki. The options in the mains meanwhile include a chicken, beef, sea bass or a vegetarian dish – our sea bass seasoned with lime hadn’t become saturated with moisture despite being transported in an airtight container from the restaurant. The single dessert, the Tortell de Nata Maracuya, which comprises of a puff pastry filled with passion fruit cremeux and served with konafah, had its artful presentation – just as you would see it plated in the restaurant – maintained through the entire delivery process.

COYA DUBAI: The Ramadan menu is priced at Dhs230 and can be ordered daily until 7.30pm on Deliveroo or by calling COYA directly on (04) 316 9600. COYA’s a la carte menu can be ordered daily from 12.30pm-10.30pm too. COYA Abu Dhabi also has a Ramadan set menu priced at Dhs199 that can be home delivered by calling the restaurant on (02) 306 7000 or through Deliveroo.

70 May 2020

COYA Dubai has a set menu for Iftar that will be delivered throughout Ramadan; Below: The Greek Salad at avli by tashas

avli by tashas

he contemporary Greek restaurant, avli by tashas, has also introduced a home delivery service of a few of its most popular offerings that can now be ordered via WhatsApp. There are two options for the set menu which serves two people. The

first is priced at Dhs480 and comprises of four dishes. The starter is grilled pita bread served with tapenade – a paste of olives and sundried tomato tapenade. The next is a Greek salad, a hearty portion of farm-fresh cherry tomatoes, capers, cucumbers, two large slabs of feta cheese, black and green olives and olive oil (the portion size easily suffices more than two people). The main dish is a similarly largeportioned Lamb Youvetsi that was still piping hot inside its foil container when it reached us. Dessert includes seasonal fruits – ours were slices of watermelon. The second set menu is priced at Dhs280 and swaps the Lamb Youvetsi with a vegetarian Naxos Pasta spaghettini with zucchini, peppers, aubergines and dried olives.

avli by tashas: The set menu with lamb is priced at Dhs480, while the vegetarian option is priced at Dhs280. It can be delivered by contacting the restaurant over WhatsApp on 058 583 3571, with delivery slots between 12-4pm and 7-10pm. Orders need to be placed before 4pm for next day delivery and payment is made on delivery.

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Lifestyle / Travel

Explore vegan Sydney For those giving meats a pass in one of Australia’s largest cities, there’s plenty of options for going vegan – without missing out on the city’s carefully curated culinary flair

PHOTO: GETTY IMAGES

BY ERIK PIEPENBURG

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May 2020 71

Lifestyle / Travel

72 May 2020

Sydney’s outdoorsy culture has increasingly popularised the city’s population of “health vegans” who eat animal-free not necessarily out of ethical objections to meat, but more with fitness and wellness in mind Lisette Armstrong, the owner of Treat Dreams, vegan patisserie and chocolaterie, said Sydney’s outdoorsy culture has increasingly popularised the city’s population of “health vegans” who eat animal-free not necessarily out of ethical objections to meat, but more with fitness and wellness in mind. “Sydney used to be conservative,” she said. “I’d tell people I was vegan and they’d say, you mustn’t like food. But in the last two years, there’s been a marked difference.”

Below: From the vegan Thai restaurant Little Turtle

Pinne said while Melbourne probably has more vegans per capita, “Sydney is growing at a faster rate” in terms of people eager to eat vegan whether or not they identify as vegan. Sarah Dallera, a guide with Sydney Vegan Tours, said there’s been a steady increase in demand for tickets since the company started offering excursions through Sydney’s vegan landscape around a year ago. “We don’t expect people to come on a tour and become vegan,” she said. “But people are starting to open their eyes to see that they can still have good food without harming animals.” Newtown is the city’s thriving vegan polestar. At the Thai restaurant Little Turtle, the owner, Vinita Chumsri, oversees a totally plant-based menu that blends her

PHOTOS: PAUL VAN KAN/THE NEW YORK TIMES

uzy Spoon’s butcher shop has been open only since October on King Street, the winding artery through Newtown, a lively Sydney neighbourhood acclaimed for its aroundthe-world dining options. But already the store has gained a loyal following from fans of Suzy’s piquant charcuterie, which includes succulent pastrami, and sausages in adventurous flavours like garam masala and smoked chilli. Yet something’s missing in the meats on display, and that something is meat. Check closely: the bacon is vegan, the pepper steak pies are loaded with pepper seitan and the pepperoni is spelt peppernoni. “You could feed my lasagna to your dad and he would think he was eating meat,” Spoon said. Suzy Spoon’s Vegetarian Butcher is just one of the more high-profile businesses helping to lead a booming vegan scene in Australia’s largest city. Melbourne, a more culturally edgy and affordable city has been Australia’s de facto vegan capital. But a new batch of plant-based chefs and entrepreneurs is helping Sydney emerge as a thriving vegan hub. The evolution comes amid an extraordinarily tough summer for Australia. Wildfires are blamed for killing at least 33 people and wiping out millions of acres of land since September. Good news arrived recently when Australian officials announced that New South Wales, of which Sydney is the capital, is for the first time since July officially free from active bushfires. But in the wake of a new coronavirus outbreak and subsequent tightened travel restrictions, Australia is bracing for yet another new threat to its $45bn tourism industry. The national response has been vigorous. An emergency coronavirus plan has been in place since February 28; testing for the virus is widely available and free under the country’s health plan. Dan Pinne, the founder of Sydney Vegan Tours, said that while the turmoil has been devastating, merchants have a message for tourists considering Australia: “There is still plenty of the country that is open for business.” Elegantly snuggled against harbours and beaches, Sydney is a warm-weather, health-minded (and expensive) city where an early-morning swim or a jog around the Opera House brings to mind the chic sun-and-sand culture of Venice Beach in Southern California.

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Sydney Vegan Market attracts between 10,000 and 15,000 people every month

mother’s upbringing in Chiang Mai – the largest city in northern Thailand, known for its rice noodles, lemongrass and Kaffir limes – with her father’s roots in Udon Thani, a provincial capital in the Isan region of northeastern Thailand, famous for the grilled meats that Chumsri veganises with caramelised eggplant and tofu satay. Her family’s secret-recipe vegan oyster sauce adds a savoury kick. Mushrooms rule. “Mushrooms are actually a good alternative to meat,” she said. “You can fry and steam them, and when you add dried vegetables, salt, cane sugar, coconut and spices, you create a beautiful sauce.” One of her go-to spots after dinner is Gelato Blue, where coconut cream is the base for dozens of intense flavours like pistachio and Greek yogurt. Newtown is also home to many of Sydney’s old-school all-vegan restaurants that gulfbusiness.com

For a truly international experience there’s the Sydney Vegan Market, an event on the third Sunday of every month

have been meat-free before it became a thing. There’s Lentil as Anything, a global cuisine pay-what-you-can “community centre,” as the host called it, named after the Australian pop-rock band Mental as Anything. At Vina Vegan, a Vietnamese restaurant, you can roll your own rice paper around crispy vegan fish. At Golden Lotus, the Saigonese menu has an entire section devoted to soy chicken. Sydney is actually a great town for fans of mock meats, especially of the fast-food stripe. In Newtown there’s Vegan Fried Chicken, where faux bird comes in popcorn bites and tenders, and Soul Burger, which offers the Aussie Burger, a “beef” patty topped with beetroot, grilled pineapple and tomato relish. The nationwide fast-food chain Hungry Jack’s – Australia’s Burger King – serves the Rebel Whopper, made with a vegan patty. May 2020 73

Lifestyle / Travel

with his partner, Grace Watson, said there’s one thing besides meat you won’t find in the restaurant: the word “vegan.” “We never really market to vegans,” said Pagliaro, who is vegan. “It’s not that we don’t want to attract vegans, but they will come regardless. Our mission is to serve as many plant-based meals as possible to people who would have otherwise had an animal.”

N At Sydney’s Central Station, the city’s main rail terminal, morning commuters flock to the fast-food outlet Lord of the Fries for breakfast sandwiches with “fakin’ bacon” and vegan eggs.

n Bondi, a wealthy beachside community where barefoot surfers cross paths with young professionals and their kids, there’s usually a wait for seats at the communal table at Peppe’s, an all-vegan Italian trattoria. Live music regularly accompanies the large plates of pillowy gnocchi pomodoro, followed by moist rectangles of tiramisù. Joseph Pagliaro, who co-owns Peppe’s

Newtown is also home to many oldschool all-vegan restaurants that have been meatfree before it became a thing Above: The pastry shop Milk and Bun Left: Suzy Spoon’s Vegetarian Butcher

74 May 2020

ear Sydney’s Central Business District is Surry Hills, a neighbourhood that’s “hipster, but not too hardcore,” according to Jose Artidiello, the general manager of the all-vegan Mexican restaurant Bad Hombres. In addition to its pastor mushroom and cauliflower “chorizo” tacos, one of the most sought-after dishes is the rich coconut milk and sweet corn creme brûlée. Originally from Mexico City, Artidiello oversees a restaurant that opened three years ago serving meat. Today about 70 per cent of customers are not vegan or even vegetarian, he said. It helps that Mexican food is already vegan friendly. “What gives Mexican food flavour isn’t animal protein,” he said. “Street tacos in Mexico don’t do much to the meat. The differences are in the tortilla and the 17 different sauces that are plant-based. “ For a truly international experience there’s the Sydney Vegan Market, an event on the third Sunday of every month that attracts between 10,000 and 15,000 people to scores of booths selling food and clothing. There’s a waiting list of vendors eager to set up a booth, according to Kate Jones, the market coordinator. “Consciousness in general has shifted” in Sydney, she said. “We’re creating a platform for people to lean into their values and ethics and make money doing that.” At a recent festival, not far from the strawberry milkshake doughnuts at Fauxnuts and the gyros at I Should Be Souvlaki, Southern Soul Sydney was sold out of everything but cornbread. Tyree Barnette – whose wife, Tracina Williams, started the business – said a dish like jackfruit barbecue helps introduce the couple’s North Carolina roots to Australians eager to try American soul food with a vegan twist. There’s just one catch. “They know what mac and cheese is,” Tyree Barnette said. “But we have to explain grits and jambalaya.” gulfbusiness.com

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