The wheel of fortune turned for Dubai when Sheikh Rashid bin Saeed Al Maktoum took over the reins in 1958. Dubai took its fledgling steps towards success with the dredging of the Deira Creek, which had seen rapid silting-up during the early 1950s limiting the number of vessels it could harbour. Construction work was completed in 1960.
The rest, as they say, is history. Dubai set about creating for itself a prime position on the global map.
Today, the UAE in general and specifically Dubai, has firmly established itself as the trading and logistical hub of the Middle East, bridging trade routes between the East and the West with the expansion of its ports infrastructure. The emirate is an undisputed destination of choice as Middle East headquarters for multinational companies across diverse sectors including technology, food and beverages, consumer goods, and electronics. Dubai also hosts leading manufacturing and financial institutions and outsourcing services providers.
Somewhere along the line, these multinational companies in their race to gain from economies of scale have forgotten the smaller players who have been the real drivers of growth and catapulted Dubai and the UAE to great heights.
Interestingly enough, even in today’s technology-driven world, the small and medium enterprises (SMEs) remain the growth engines of the economy.
According to the UAE Ministry of Economy, SMEs currently account for 92 per cent of the country's total registered companies, 86 per cent of the workforce in the private sector and 40 per cent of the GDP.
Sadly, the insurance and takaful industries have proved least effective in terms of penetrating the SME sector with appropriate coverage leaving it vulnerable to loss and closure.
The situation is indeed ironic. A service industry that began as a practice which was started by small groups of traders is today offering them ill-suited coverage at disproportionate costs in the very region of its birth. We must perhaps pause to remember that Babylonian (Iraqi) traders were among the first to begin the culture of distributing risks as far back as the second millennium BC.
For takaful and insurance providers the push towards big-ticket corporates has been a natural choice – as they provide tastier fare in terms of marketing effort – preferring to clinch and service one big client rather than closing deals for and servicing a multitude of smaller clients.
However, choosing this easy way out has cost the insurance and takaful sector dearly — it has missed out on a core segment of clients.
There is a dire need to rectify the situation, and with some innovation and practical thinking, insurance operators could be opening up a new market while supporting the small businesses to manage their risks more effectively.
Such products could include tailored coverage options for each trade class, sensitive but relevant pricing, as well as flexible financial limits to ensure the provision of adequate cover right through the seasons. Ultimately sales and policy maintenance automation is central to value creation for both parties, so wordings will need to be clearly laid out and highly adaptable.
Takaful and insurance operators would also need to step away from the conventional methods for marketing their services to small traders. The campaign should prioritise ease of understanding of the decision-makers, while taking up as little of their time as possible.
Circumstances today demand that the takaful and insurance industries step up and stay true to their raison d’être – to protect the most crucial part of the economy. With the future vision placing significant emphasis on the establishment of a globally dominant Islamic financial services hub, takaful providers must strive harder to offer appropriate products to SME businesses.
Andrew Greenwood is the acting chief executive at Noor Takaful
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The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
Killing of Qassem Suleimani
Dubai Rugby Sevens
November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
KILLING OF QASSEM SULEIMANI
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UAE currency: the story behind the money in your pockets
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now