Diagnosing the business environment

Small and medium enterprises (SMEs) are gaining momentum as they are considered the backbone of every prosperous economy. According to Dubai SME, SME businesses account for 42% of the workforce and contribute around 40% to the total value add generated in Dubai’s economy. Yet, every SME requires an appropriate financial support to kick-off, and Gulf Finance in one of the companies focusing on the needs of SMEs. David Hunt, CEO, Gulf Finance Corporation (GFC) explained to us how they are helping these businesses as they consider that “A thriving SME sector is a healthy sign that the economy and the wider society is growing sustainably.” However, it takes a good entrepreneur to lead a successful SME or business nowadays in order to thrive among the existing conglomerates across the globe. Turn to page 76 and read how Hamzeh Al Fuqha, a serial entrepreneur helps other entrepreneurs get their startups on a path of sustained success. In our cover story this month, we got talking to Mr. Karim Ghandour, Founder and Managing director of MoneyLine Group, to get to know how he advises clients of wealthy conglomerates or family businesses who have amassed great wealth on succession planning for the next generation. Moreover, whether in a SME, conglomerate or even a family business, intercultural and global competencies are fundamental, and this what Mrs. Amal Loring, Founder, MBD emphasized on when we met with her. Understanding and accepting one another within the environment we work in will open doors and generate greater outcome for every individual. This is indeed a chance to both boost productivity and avoid conflicts in every workplace. Thus, in order to have a better understanding of dissimilarity in cultures at work turn to page 46 and read the excerpt from Dr. Tommy Weir’s book- “10 Tips for leading in the Middle East”. In a gentle slide towards bilateral trade relations between the UAE and different countries, we bring you highlights of UAE’s expansion in Iraq through an interview with H.E Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber of Commerce and Industry. Likewise, we got talking to H.E Mr. Max Bjuhr, Ambassador of Sweden in the UAE to get an overview about UAE’s activities and trading with Sweden. Last but not least, don’t miss out on the interesting stories and interviews in our IT, Real Estate and Energy sections to learn more about the latest trends and innovations in these sectors. While we are working to bring you the best features and stories in our next issue, sit back and enjoy reading our varied topics and have a fruitful and productive month.

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