Small and medium sized enterprises (SMEs) make up 90 per cent of all the world’s businesses and, according to the World Bank, half of all jobs worldwide. When it comes to earning a living, raising a family and putting food on the table, SMEs make it all possible.
Yet the world is disrupted: by global events, economic uncertainty and a fourth industrial revolution (4IR) comprised of artificial intelligence, automation and big data. In turn, these factors have created incredible economic opportunities – and some sizeable challenges – for small and medium size business owners.
The surge in touchless experiences, contactless transactions and digital payments have become a mainstay amidst social distancing recommendations
The greatest opportunity lies in harnessing 4IR digital solutions to help a company to maintain and grow market share, build capacity and most importantly survive tough times. To achieve growth and resilience, SMEs from retailers to financial services providers must build a dual strategy that builds market share and provides customer satisfaction, both online and offline.
Evidence from multiple sources tells a clear story of a rapidly changing set of consumer behaviours, with eCommerce exploding during Covid-19 and the cashless revolution turbocharging in every corner of the world. Firms that were not already set up for virtual trading were at a clear disadvantage as the pandemic unfolded. The surge in touchless experiences, contactless transactions and digital payments have become a mainstay amidst social distancing recommendations. However, the pace of change is so great that many SMEs require help to steer them in the right direction towards building online sales capabilities.
Paving the path to growth
Start-ups and growing companies in the UAE are lucky enough to have a national government that is pro-enterprise and on their side. Dubai authorities understand that eCommerce is inexorably growing, which is why it is pressing ahead with major infrastructure projects for the SME community. Examples include Dubai Commercity, a free-trade zone for e-commerce retailers set on 2.1 million square feet of retail space.
The Dubai Chamber of Commerce also launched an innovation information platform in April 2020 to understand the impact of Covid-19 on the economy and business sector in Dubai. The new platform, called Business Connect, aims to help companies and institutions in Dubai to overcome the economic repercussions of the spread of the virus with news, economic and educational resources and economic viewpoints related to the existing challenges and ways to confront them.
At a Federal level, government reacted with speed and determination as the pandemic unfolded. It launched a comprehensive Dh100 billion Economic Support Scheme for retail and corporate companies affected by Covid-19, which included a Dh3bn SME Credit Guarantee Scheme. It is heartening to see that from government to industry, the fight is on to help companies survive and flourish in a changed world.
It is integral that big financial services providers should use their clout to forge partnerships with other stakeholders to create integrated multi-stakeholder support systems that can help small business tap into the booming digital economy and grow market share
Opening the doors to digital
It is integral that big financial services providers should use their clout to forge partnerships with other stakeholders to create integrated multi-stakeholder support systems that can help small business tap into the booming digital economy and grow market share. And, as Covid-19 has illustrated, there are times when the state needs to step in to help companies make it through. In addition to that, Mastercard committed US$ 250 million globally to support the sector.
So far in the UAE specifically, we are bringing this to life by pioneering a whole digital ecosystem to help SMEs navigate the journey to success. It includes Start Path – a global SME and Fintech engagement program to help the best and brightest later-stage startups with a simple, single entry point to eCommerce solutions. It enables for the delivery of digital experiences such as enhanced AI functions, chatbot and virtual avatars so that companies can take advantage of the opportunities inherent in the 4IR.
As COVID-19 has shown, there are times when the state needs to step in to help companies make it through. In addition to that, Mastercard committed US$ 250 million globally to support the sector
And, as the UAE economy began its journey on the road to recovery in August 2020, Mastercard launched a new ‘SME-in-a-Box’ solution to help small and micro merchants in the UAE and across the region to expand their customer base through digital platforms. Through the power of the ubiquitous smartphone, we aim to support business owners in managing their customer payments simply and securely – the types of scalable solutions we must all be focused on making a reality.
Power of partnerships
What is necessary now more than ever is fostering and encouraging a culture of partnerships. Only through synergising the efforts of both the public and private sector, can we achieve impactful collective change. We can steer entrepreneurs towards support services that help them to get through difficult times, avoid making redundancies and save livelihoods.
Mastercard launched a new 'SME-in-a-Box' solution to help small and micro merchants in the UAE and across the region to expand their customer base through digital platforms
The success of the world’s greatest employer – the SME sector – is second in importance only to the provision of healthcare services during a pandemic. It should be of great comfort to the UAE business community that the nation is being steered towards safety.
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Mountain%20Boy
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
Top goalscorers in Europe
34 goals - Robert Lewandowski (68 points)
34 - Ciro Immobile (68)
31 - Cristiano Ronaldo (62)
28 - Timo Werner (56)
25 - Lionel Messi (50)
*29 - Erling Haaland (50)
23 - Romelu Lukaku (46)
23 - Jamie Vardy (46)
*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
Company%20profile
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BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
