Issuu

IBMC GLOBAL SEPTEMBER 2019

SME ECONOMY for UAE Redefining SME empowerment DGCX IBMC Gold Convention 2019 New gateway for UAE and African gold markets IBMC FINANCIAL PROFESSIONALS GROUP A new era for UAE-India business and investments

Supporting non-oil diversification with missionary zeal

FOR PRIVATE CIRCULATION

UAE-India Business Fests:

Contents 04 06

10 09 14 12

16 LIC International expands into the UAE

Messages COVER STORY

UAE-India Business Fests Supporting non-oil diversification with missionary zeal IBMC’s UAE-India Business Fests have created a perfect platform for bringing together new industry sectors from India and the UAE, thus creating opportunity for business diversification, benefiting both the countries

SME ECONOMY for UAE

Redefining SME empowerment

Figure Watch IBMC FINANCIAL PROFESSIONALS GROUP A new era for UAE-India business and investments

FOREIGN PORTFOLIO INVESTMENT SERVICE A service to channel investments into India

IBMC boosts LIC’s UAE outreach through key strategic partnerships to promote life insurance, reinsurance and Takaful products among 2.5 million NRIs

25 CSR activities and awards

Socially Responsive IBMC has taken upon itself the responsibility to inculcate the culture of corporate governance and accomplish corporate social responsibility. In return, the authorities have recognized the initiatives and IBMC was bestowed on awards, including the coveted CSR Label Award by Dubai Chamber of Commerce and Industry

22 DGCX IBMC Gold Convention 2019

New gateway for UAE and African gold markets The first UAE-Africa Gold Convention brought to sharper focus the need for strengthening collaboration with Africa, the largest source of mine gold. Measures were suggested to further consolidate Dubai’s position as the City of Gold

26 Column

Last Word Comfortably insulated

20 UAE BANKRUPTCY LAW

How to avoid bankruptcy cases The UAE enacted the bankruptcy law to encourage debtors in distress to seek restructure at an early stage. Adv Benoy Sasi examines the law to identify different ways to avoid bankruptcy cases and the liquidation of debtors’ assets, including consensual out-of-court financial restructuring and composition procedures

FOR PRIVATE CIRCULATION IBMC BusinessConnect is a newsletter of IBMC Financial Professionals for private circulation only Chairman: HE Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International CEO and Managing Director, IBMC Global Network: Sajith Kumar PK CBO & Executive Director, IBMC Global Network: Anoop PS Editorial Consultant: Bhaskar Raj Production: StratCom Global

MESSAGES

Catalyst of economic growth he economic and trade relations between India and the UAE are on a high growth trajectory and we at IBMC are glad that we could contribute our mite to further strengthen the bond by organising the UAE-India Business Fests and other initiatives in the past two years.

T H.E. Sheikh Khalid Bin Ahmed Al Hamed, Chairman, IBMC International

IBMC BusinessConnect is launched to leverage the business intelligence from the Fests by chronicling the opinion of industry leaders and experts for the benefit of the participants, potential investors as well as decision makers. With this, we are providing full support to the UAE and Indian business communi-

ty to explore the vast business opportunities the UAE is offering. It is gratifying to note that investors and business groups from both countries were able to identify, analyse and explore the opportunities that the UAE and India are offering. The encouraging response from the business community and investors has prompted us to continue our endeavour as a business facilitator. The UAE and India enjoy many decades of healthy business relations and I hope the UAE India Business Fests and IBMC BusinessConnect and other initiatives will further strengthen the relationship. ■

A perfect platform for you BMC Business Fests have emerged as unique events that bring industry leaders, officials, regulators, investors, thought leaders, experts and financiers on a single platform. Started in 2017 with a grand inauguration at Armani Hotel, Burj Khalifa, Dubai, the UAE-India Business Fests continued its journey in all the emirates of the UAE, and concluded the 2018 event at Emirates Palace, Abu Dhabi.

Sajith Kumar PK, CEO & Managing Director, IBMC Global Network

Some of the IBMC initiatives include the launch of Blockchain Labs, Emirati Business Conclave, Emirati Business Women Conclave, UAE-India Foreign Portfolio Investments service, instituting the UAE-India Business Ambassador

Awards and UAE-India Business Excellency Awards. Realising the importance of the SME sector in non-oil diversification, IBMC has taken upon itself a mission to redefine SME empowerment by offering a host of services. We are glad that these initiatives have created a perfect platform for bringing together new industry sectors from India and the UAE, thus creating opportunity for business diversification. And now, the launch IBMC BusinessConnect is aimed at creating a platform for our partners to share business intelligence and insights as well as to discuss industry trends for them to charter their future course of business. ■

IBMC Business Connect

COVER STORY

UAE-India Business Fests

Supporting non-oil diversification with missionary zeal IBMC’s UAE-India Business Fests have created a perfect platform for bringing together new industry sectors from India and the UAE, thus creating opportunity for business diversification, benefiting both the countries

10 T

he UAE-India Business Fests, started in 2017, continued in 2018 and into the third year now, were successful in bringing to sharp focus and drawing guidelines on non-oil sector diversification and realise the potential of each emirate of the UAE. The Business Fests also enabled investors and business groups from both the countries to identify, analyse and explore the opportunities that the UAE and India are offering. The emphasis was on 12 major industries and sectors that focused on Artificial Intelligence (AI), IoT (Internet of Things) and FinTech. Multiple projects from business incubations to public-private partnerships were showcased in an effective manner to the right class of business

community including Indian business groups, UAE nationals and businesses. Started in 2017 with a grand inauguration at Armani Hotel, Burj Khalifa, Dubai, the UAE-India Business Fests continued its journey in all the emirates of the UAE, and concluded the 2018 event at Emirates Palace, Abu Dhabi. That was successful conducting of 14 Business Fests, covering the entire gamut of non-oil sectors, investments and innovative ideas for meaningful diversification of the economy and overall progress.

The10-month long programmes covered all emirates in the UAE and explored 12 non-oil sector UAE-India business partnership opportunities

Setting tone in Dubai The 2018 programmes had wider industry participation with top industry leaders participating from the USA, Canada, the UAE and India. The10month long programmes covered all

IBMC Business Connect

COVER STORY

emirates in the UAE and explored 12 non-oil sector UAE-India business partnership opportunities. The tone for the 2018 Fests was set at the Dubai event, which was officially inaugurated at Armani Hotel, Burj Khalifa, jointly by H.E Rashid Al Noori and Mr. Sajith Kumar P K, CEO &Managing Director, IBMC Global Network in the presence of Mr. Ambarish Datta, Managing Director, Bombay Stock Exchange Institute, Mr. Anoop P S-CBO & Executive Director, IBMC Global Network, and Emirati business leaders Mr. Thani Abdullah Al Thani, Al Falasi, Mr. Mishal Al Marzouqi, Mr. Rashid Khalfan Al Bloushi, Mr. Sameer Patil, India International Exchange IFSC Ltd, Dr. Grace S. Thomson, Lead of VAT Academy - Centre of Excellence for Applied Research & Training(CERT), Mr. Adnan Mohammed Bin Abdullah, Chief Industry Advisor, IBMC -Emirati Business Support Centre, Dr. Mohammed Khan, President & CEO, Khans Media City, Adv. Benoy Sasi-International Lawyer at DIFC Courts. After the successful launch in Dubai, consecutive programmes were conducted in Sharjah, Ajman, Umm Al Quwain, Fujairah and Ras Al Khaima, and concluding ceremony at Emirates Palace Abu Dhabi on 19 December 2018.

Grand success in Abu Dhabi The Abu Dhabi programme showcased new business and investments diversification opportunities, with distribution of the UAE India Business Ambassador Awards 2018 and UAE India Business Excellency Awards 2018. The industry seminar sessions were inaugurated by H.E. Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International UAE in the presence of Dr. Abdullatif M Al Shamsi, Vice Chancellor, Higher Colleges of Technology, UAE, Mr. Sajith Kumar PK, CEO and Managing Director, IBMC Global Network, Mr. Steve Barnett, Director Strategy & Business, ADGM-Abu Dhabi Global Market, Abu Dhabi, Mr. Lesmale, Chief Executive Officer, Dubai Gold & Commodities Exchange (DGCX) , Mr. Sunil Kumar Thakur, CEO &

A new beginning in 2017 UAE –India Business Fest 2017 was a new beginning across all emirates and the initiative was supportive of the economic development of the UAE and India. The first programme conducted in Dubai at Armani Hotel, Burj Khalifa was a grand success with active participation from India and the UAE PPP Funds, large corporates, institutions and investors. The second programme was conducted in Sharjah Chamber of Commerce with much wider participation and introduction of

We are happy to conduct 2nd Series of UAEIndia Business Fest concluding ceremony at Abu Dhabi Emirate, to provide full support to the UAE and Indian business community to explore the vast business opportunities the UAE is offering between both the countries Managing Director, LIC International, Mr. Abdul Halim Ibrahim Moheisen, RAK-DED Economic Advisor, and Dr . Mitil Chokshi, Sr. Partner, Chokshi & Chokshi LLP, Mumbai, India. The business workshops and seminars focused on opportunities in the UAE and India with presentations and discussions on key topics by prominent industry leaders. “We are happy to conduct 2nd Series of UAE-India Business Fest concluding ceremony at Abu Dhabi Emirate, to provide full support to the UAE and Indian business community to explore the vast business opportunities the UAE is offering between both the countries. This initiative will

innovative concepts in the UAE including the launching of Startup Stock Exchanges. The third programme in the series was conducted in Ajman and IBMC introduced joint promotion of India Government National Pension Scheme among NRIs with Pension Fund regulatory and Development Authority (PFRDA), Government of India. Similar successes and wider participations were recorded in Ajman, Umm Al Quwain, Ras Al Khaimah, Fujairah and Abu Dhabi. also be supportive for activating new sectors in all the seven emirates and also for activating inactive sectors by providing opportunity for business diversification in 12 major Sectors,” said H.E. Sheikh Khalid Bin Ahmed Al Hamed. During the 2018 sessions IBMC announced the launch of Blockchain Labs in association with BSE Institute, Emirati Business Conclave across the UAE and Pravasi Dhanasthree Kendra. IBMC also launched first of its kind IBMC Emirati Business Women Conclave, supporting the women entrepreneurship initiatives of the UAE and connecting the women business community from the UAE and India. IBMC also inaugurated IBMC UAE-India Foreign Portfolio Investments (FPI) Information Centre with the launch of IBMC UAE-India Foreign Portfolio Investments (FPI) Services for 50 plus countries. This will support Individuals and corporate from over 50 countries to understand and benefit from various opportunities available between the UAE and India using the Foreign Portfolio Investment route. The Industry workshops and seminars were handled by industry experts from different countries, having presentations in English and Arabic giving practical insights on various topics to attendees. ■

IBMC Business Connect

167 countries

UAE passport holders can visit 167 countries visa-free or visa-onarrival basis. In global most powerful passports ranking the UAE stands at the 20th position, according to the Henley Passport Index.

350,000 $424 4.4 SMEs

More than 350,000 SMEs in the UAE together employ at least 3.4 million people. More than 94% of the companies operating in the UAE are SMEs and together, they account for more than 86% of the total private sector workforce as well as more than 60% of the country’s current GDP, which is estimated to go up to 70% by 2021.

billion

The size of the wealth and asset management sector at the Dubai International Financial Centre (DIFC) stands at $424 billion, equivalent to roughly 30% of the combined GDP of all GCC countries.

billion fly

Airlines around the world carried 4.4 billion passengers on scheduled services in 2018, an increase of 6.9% over 2017, representing an additional 284 million trips by air: IATA report.

$471

million

$471 million was invested in MENA startups in 2019 first half against $283 million in 2018 first half.

600 activities

In Dubai Multi Commodities Centre (DMCC) you can choose from over 600 business activities ranging from over 20 sectors such as energy, commodities, gold and diamonds, technology, constructions, FMCG, healthcare, aviation, shipping, education, media, professional services, financial services and personal and community services. IBMC Business Connect

SME ECONOMY

GOVT DEPARTMENTS

SME ECONOMY for UAE

FREE ZONE AUTHORITIES

CHAMBERS OF COMMERCE

Redefining SME empowerment

SMALL MEDIUM ENTERPRISES

PAYMENT GATEWAY PROVIDERS

IBMC has taken upon itself a mission to redefine SME empowerment programme by offering a host of services from the start-up level to maturity as large corporates

il economies are on the verge of transition stage to non-oil sector economies. Non-oil sector will provide vast opportunities for business and investments. Business class and investors should get adequate support from the market to perform professionally in the economy. IBMC has taken upon itself a mission to redefine SME empowerment by launching a new programme UAE SME ECONOMY (sme economy-ae. com system) which offers a host of services to help SMEs grow from the start-up level to maturity as large corporates and beyond. SME Economy provides a new ecosystem for market trade flow by complementing each stake-holders which includes government departments, chambers of commerce, free zones, payment gateways, general public, MNCs, large corporates, banks and financial institutions and SMEs.

IBMC has taken initiatives to provide 4 LEVEL supports to UAE SME ECONOMY: SME UAE - The Big picture of

growth opportunities SME UAE - How to achieve full

potential SME UAE - New Funding and Financial tools SME UAE - Think Big for growth

IBMC classifies SME Economy into three categories by trade value: 10

Five initiatives to support SMEs ubai’s Department of Finance (DOF) has initiated an incentive package that covers services to support SMEs and boost public-private partnerships. The first initiative is to pay the dues of SMEs that supply services and goods to government agencies within 30 days instead of 90 days, provided that the payment period is only within 10 days for the members of Dubai SME. Under the second initiative, the value of primary insurance for SMEs will be reduced to the range of 1-3 per cent instead of 2-5 per cent, in order to encourage them to continue supplying to government agencies. The minimum primary insurance has been cut from AED 40 million to AED 20 million – covering 80

1ST Category - Trade Value from

AED 10,000 to AED 500,000 2nd Category - Trade Value from AED 500,000 to AED 5 million 3rd Category - Trade Value from AED 5 million to AED 100 million IBMC SME Economy is a novel ecosystem, encompassing the entire life cycle of SMEs from start-up level to achieving a critical mass as large companies in the non-oil sector, capable of contributing immensely to the GDP of the UAE. IBMC has realised the important

per cent of SMEs – while the maximum primary insurance has been cut from AED100 million to AED60 million. The third initiative: The final insurance rate, known as “performance insurance”, has been cut from 10 per cent to 5 per cent on all supplies. Dubai will prepare a classification of SMEs entitled to the performance insurance reduction. The fourth initiative calls for 5 per cent of government capital projects to be allocated to SMEs. The fifth and final initiative will see projects worth AED1 billion allocated to public-private partnerships, “to attract the private sector investments, raise the government service quality and reduce the burden on the budget”. role played by the SME/MSME sector to prop up the non-oil economy. The new ecosystem is conceptualised from a realisation that the SME/MSME sector is fast emerging as the backbone of the UAE’s economy by way of contribution to the GDP and employment generation and diversification to non-oil economy, but they face many challenges. It’s a sort of hand-holding of the small units to reach their natural growth potential, by overcoming every obstacle in their path to success.

IBMC Business Connect

SME

BANK INSURANCE COMPANIES, FACTORING COMPANIES, FINANCIAL INSTITUTIONS

ECONOMY UAE

GENERAL PUBLIC

MULTINATIONAL COMPANIES

LARGE CORPORATES

sme empowerment with redefined ecommerce sme client empowerment trading and manufacturing empowerment Realising from real time experience of the SMEs, IBMC has devised a strategic plan to help them grow and contribute to the growth of the non-oil sector. It is going to be a win-win for all participants and associates of the new eco-system, called Empower SME.com. The sme economy-ae.com system operates on various verticals from start-up to fund raising, project identification, licensing, market study, match-making, financing services, factoring, trade credit insurance, payment gateway, investment protection, secure fund transfer, escrow account for investor protection and credibility, settlement and ultimately listing on stock exchanges to fund growth plans.

Redefined Customer Benefits IBMC Business Connect

SME Economy UAE is simplifying customer trade benefits in Shariah compliant system through online by buying and selling products with a profit margin which will be settled in specified future date. Dubai Trade payment portal (Rosoom) will provide variety of secured fund transfer methods to customers. Bank Escrow account will also provide additional confidence level to the customers to smoothen their transaction settlements.

SME Empowerment SME Economy UAE provides maximum confidence levels to the existing UAE companies and new international companies by extending transparent and professional business structure. The system enables new method of business developments to the companies by

redefined customer benefits redefined insurance protection redefined factoring facility adding maximum customers to the company and doing sustainable and long lasting business across UAE.

SME Trading, Distribution & Manufacturing Empowerment Bank escrow account will provide maximum comfort levels to the companies to act as General Trading Companies, Distribution Companies or Manufacturing companies. Additional business support from Insurance and Factoring companies will empower companies to lead in the new era of non-oil sectors.

SME Protections Redefined Insurance and Factoring facilities, Special purpose Escrow Accounts, secured payment portal system and redefined trade flow will give maximum protections to the companies.

FPI, ARBITRAGE

FOREIGN PORTFOLIO INVESTMENT SERVICE

A service to channel investments into India

n its quest to maximize investments into India by foreign investors, IBMC has launched Foreign Portfolio Investments (FPI) services for 50 plus countries, including the UAE, and opened a Foreign Portfolio Investment Information Centre. The launch was done during the Umm Al Quwain round of the UAE-India Business Fest 2018. The official launch was jointly done by Mr. Saugat Sur, Head of South Asia, Dubai Gold & Commodity Exchange, Dubai, and Mr. Sajith Kumar P K, CEO and Managing Director, IBMC Global Network, in the presence of Mr. Hicham Nasreddine Karout, Group General Manager, Al Faisal

Group, Umm Al Quwain, Mr. Anirban Saha, Resident Manager, LIC International, Dubai and Mr. Anoop PS, CBO & Executive Director, IBMC Global Network. The IBMC UAE-India Foreign Portfolio Investments (FPI) Information Centre was officially inaugurated during the UAE-India Business Fest in Umm Al Quwain by Her Excellency Sheikha Fatmeh Almualla, Member of the Board of UAQ Chamber of Commerce and Industry, Member of UAQ Business Women Council in the presence of Her Excellency Aisha Rashid Leytaim- Member of The Federal National Council, UAE, Member of The Board of Directors

of UAQ Chamber of Commerce & Industry, Chairman of UAQ Business Women Council ,Vice President of Emirates Business Woman Council, Her Excellency Mrs. Farida Abdullah Al Awadhi, Chairperson of Emirates Business Woman Council (EBWC) and Her Excellency. Mrs. Yusra Saleh Alyafei, Board member of EBWC. Foreign Portfolio Investment (FPI) is investment by non-residents in Indian securities including shares, government bonds, corporate bonds, convertible securities, infrastructure securities etc. The class of investors who make investment in these securities are known as Foreign Portfolio Investors.

Most foreign portfolio investments consist of securities and other foreign financial assets that are passively held by the foreign investor. This does not provide the foreign investor with direct ownership of the financial assets and can be relatively liquid depending on the volatility of the market that the investment takes place in. Foreign portfolio investments can be made by individuals, companies, or even governments in international countries. This type of investment is a way for investors to diversify their portfolio with an international advantage. IBMC is offering this service of availing the arbitrage facility to inves-

tors from the UAE, who are bullish on the Indian market. FPI is induced by differences in equity price scenario, bond yield, growth prospects, interest rate, dividends or rate of return on capital in India’s financial assets. IBMC updates investors about the developments regarding regulatory changes. For example, India’s securities market regulator Securities and Exchange Board of India (SEBI) has recently stipulated the criteria for Foreign Portfolio Investment. According to this, any equity investment by non-residents which is less than or equal to 10% of capital in a company is portfolio investment. Above this the investment

will be counted as Foreign Direct Investment (FDI). Investment by a foreign portfolio investor cannot exceed 10 per cent of the paid up capital of the Indian company. All FPI taken together cannot acquire more than 24 per cent of the paid up capital of an Indian Company. As per SEBI regulations, FPIs are not allowed to invest in unlisted shares and investment in unlisted entities will be treated as FDI. Foreign Portfolio Investors include investment groups of Foreign Institutional Investors (FIIs), Qualified Foreign Investors (QFIs) and subaccounts etc. NRIs do not come under FPI. ■

IBMC UAE-INDIA FPI Information Centre

Services for 50+ contries Albania Alberta Andorra Angola Argentina Armenia Australia Austria Bahamas Bahrain Bangladesh Belgium Bermuda

IBMC Business Connect

Brazil Columbia Virgin Islands Brunei Bulgaria Cayman Islands Central Africa China Colombia Denmark Egypt El Salvador England

Estonia Finland France Germany Gibraltar Greece Guernsey Hong Kong Hungary Iceland Indonesia Portugal Qatar

Romania Russia Saudi Arabia Singapore Sweden Switzerland Thailand Turkey UAE Uganda

IBMC PROFILE AND SERVICES

IBMC Gateways to UAE Economy

IBMC FINANCIAL PROFESSIONALS GROUP

A new era for UAE-India business and investments

5x7 emirates business network

IBMC has emerged as a major contributory to the non-oil diversification and growth of the UAE through initiatives that helped increase investments, business setups and boost UAE-India collaborations

he Group, established by international financial professionals, has emerged within a very short span of time to an internationally recognized trusted financial service destination for global investors as their gateway to investments and related services. IBMC Group holds its business focus in the areas of international investments, international business training and education, international law and compliance, international tax and audit and international business consultancy.

UAE-India B2B Portal As a part of Corporate Social Responsibility and considering the importance of UAE non-oil sector diversification programme, IBMC Group has launched IBMC UAE-India B2B Portal to support SME/MSME and upcoming resident companies from the UAE and India to upgrade their status from resident company to international company by listing their company with www.uaeindiab2b. com free of charge. The portal was launched by HE Sheikh Khalid Bin Ahmed Al Hamed, Chairman IBMC, and Mr Sajith Kumar, CEO& MD IBMC Global, jointly on 26 January 2016 at Al Bateen Majlis, Abu Dhabi. After listing at the portal, UAE companies can search for their nonoil sector business partner from 29 states of India, based on the listing from Indian companies at the portal. Indian companies can search for

their UAE business partner companies from the seven emirates of the UAE to support their non-oil sector business requirements.

IBMC UAE-India B2B Centre Subsequent to the launch of UAE-India B2B Portal and in continuation of the efforts to support the domestic SME/MSME companies and large corporates of UAE and India, the IBMC Group has launched yet another innovative concept “IBMC UAE-India B2B Centre” which is provided as complimentary to India and UAE business community. The B2B Centre is launched to support the Indian companies listed on UAE-India B2B portal and those who intend to visit UAE to start their business by utilizing IBMC UAE-India B2B Centre, Dubai Centre, as their ‘point of contact’ until they are able to establish their business in the UAE. During the business meetings and discussions, the Indian companies can refer and avail the services of IBMC Dubai Centre as their single point of contact. In the same way, the UAE businesses who want to visit India to start and grow their business, can utilize the Kochi Centre of the B2B Centre as their single point of contact in India till such time they are able to establish their business in India. During the business meetings and discussions, the UAE companies can refer and avail the services of IBMC Kochi Centre as their single point of contact.

This will enable investors from both countries to have confidence in their counter party and also avail necessary support from IBMC Centres to speed up their expansion process. Following their return to home country after the business meetings, the companies can re-establish their business talks by communicating their intention to IBMC UAE-India B2B Centre locally at Dubai Centre or Kochi Centre. The IBMC Centre shall communicate the intention of the business talk continuation to the respective counterpart as complimentary.

BIL-IBMC Centre of Excellence BIL-IBMC Centre of Excellence is a joint initiative from IBMC Financial Professionals Group and Bombay Stock Exchange Institute Ltd (BIL), a wholly owned subsidiary of BSE Ltd, having its legacy and insights into the capital markets industry, garnered over the past 140 years. BIL-IBMC Centre of Excellence primarily focuses on the Skill Development Programmes in financial industry benefiting, students, NRIs, working professionals, organizations within and outside India. The Centre is closely associated with Central and State Governments in implementing financial education projects related to BFSI (Banking, Financial Services and Insurance) sector in coordination with National Skill Development Corporation, BFSI Sector Skill Council of India and Confedera-

IBMC Business Connect

5 investments & business clusters  Corporate Fund Houses, Family Fund Houses, Soverien Funds, Investnment Departments  Banks, Money Exchanges & Financial Institutions  Corporate Entities  High Networth Individuals (HNIs)  Retail tion of Indian Industry (CII). The Centre is also coordinating International Projects for Nasdaq Dubai Academy, Middle East University, international banks and other Institutions.

Pravasi Dhanasthree Kendra IBMC Group along with Bombay Stock Exchange Institute Ltd launched Pravasi Dhanasthree Kendra supporting women entrepreneurship among NRIs. Dhanasthree Kendra is a joint initiative from IBMC Financial Professionals Group and Bombay Stock Exchange Institute Ltd (BIL), a first of its kind programme designed to empower women entrepreneurship in SME and MSME sectors. Considering the present economic scenario and the increasing demand of non-oil sector activities across the UAE and internationally, IBMC has decided to extend the facility to NRI women community to take the advantage from the concept. Pravasi Dhanasthree Kendra

IBMC Business Connect

Across 7 Emirates  Abu Dhabi Dubai  Sharjah  Ajman  Umm Al Quwain  Ras Al Khaimah  Fujairah

will provide opportunities to the NRI Women Community to enter into various entrepreneurship and business activities internationally and in India. This will be a support for NRI women community to earn revenue both from India and internationally. “Pravasi Dhanasthree Kendra is a very unique initiative designed with the objective of enabling NRI women entrepreneurship. Women entrepreneurship development is a powerful instrument of women empowerment. Women can become more empowered, personally and economically through business ownership. With the introduction of technology oriented financial services, there is a need for agencies that can provide lot of support services in the Industry. IBMC look forward to train and support the NRI women to setup their own agencies, make them employment capable through which they can provide a whole range of support and services” said Mr. Sajith Kumar P K,

CEO and Managing Director, IBMC Global Network

Start Business with UAE Market Test IBMC also launched yet another unique concept “Start Business with UAE Market Test’ supporting SME/ MSMEs in non-oil sectors across the UAE. The launching was done jointly by Mr. Marwan Hareb, Director, Business promoting & Investment Development, Ajman Chamber of Commerce and Mr. Sajith Kumar P K, CEO and Managing Director, IBMC Global Network. This support service will help Indian business community to explore UAE business opportunities at lesser cost and will get ample support for full-fledged business set up, up on successful market test. Less time consumption, low cost, easy access to markets and flexibility to move higher are the key highlights of this scheme, which is highly supportive for SME/MSMEs in India looking to have a presence in the UAE. ■

LIC SERVICES

EMIRATI WOMEN ENTREPRENEURS

PARTNERSHIP

LIC International expands into the UAE

Her Excellency Farida Abdullah Al Awadhi, Chairperson of Emirates Business Woman Council (EBWC); Her Excellency Aisha Rashid Leytaim, Member of The Federal National Council, UAE, Member of The Board of Directors of UAQ Chamber of Commerce & Industry, Chairman of UAQ Business Women Council, and Vice President of Emirates Business Woman Council; Her Excellency Sheikha Fatmeh Almualla, Member of The Board of UAQ Chamber of Commerce and Industry, and Member of UAQ Business Women Council; and Her Excellency Yusra Saleh Alyafei, Board member of EBWC, at the IBMC Emirati Business Women Conclave during the UAE-India Business Fest 2018, Umm Al Quwain.

IBMC Emirati Business Women Conclave

IBMC boosts LIC’s UAE outreach through key strategic partnerships to promote life insurance, reinsurance and Takaful products among 2.5 million NRIs

Unlocking women power

The potential of women as entrepreneurs can be fully tapped with proper hand-holding and training, supported by their families, Emirati Business Women Conclave was told

he association with IBMC has immensely helped India’s staterun Life Insurance Corporation (LIC) to expand in the Gulf region with key partnerships and tie-ups as it targets to tap the growing non-Resident Indian (NRI) market for insurance cover and investments. LIC’s subsidiary in Bahrain, Life Insurance Corporation (International), signed a strategic Memorandum of Understanding (MOU) with IBMC International for marketing its life insurance and investment products in the UAE. The strategic tie-up enables LIC to introduce more life insurance products such as takaful products and reinsurance products to support Non-Resident Indians (NRIs) and corporates in the UAE. The partnership is also beneficial to LIC

International to reach out to the large expatriate population of NRIs in the country for distributing its insurance products. The collaboration was facilitated with the signing of an MOU between the two parties at a special function at Al Bateen Palace Majlis, Abu Dhabi, by Mr Sajith KumarPK, CEO & Managing Director, IBMC Global Network representing IBMC, and Mr Rajesh Kandwal, CEO & Managing Director, LIC International, in the presence of HE Sheikh Khalid Bin Ahmed Al Hamed, Chairman, IBMC International UAE. “We are in the forefront of connecting business opportunities between UAE and India and the signing of MOU with LIC International is yet another milestone in the insurance sector benefiting both UAE

NRIs to benefit from portability IC is the only Indian Insurance company providing portability of life insurance policies for NRIs to use both as an NRI and as an Indian resident. Portability allows an NRI to take policies outside India, without the need to go to India for documentations. Policy holders can remit their premiums in US dollars in the UAE. Earlier, premiums were only payable in India and NRI policy holders were sending money to India for payment of premium. NRI policy holders will also be able to receive maturity payments, money back and other periodic returns in US dollars right here in the UAE. The portability will also facilitate NRIs to shift and continue their policies to India if they return to India, with all existing benefits. NRIs can also avail USD-INR fund transfer benefits while shifting the policy.

and India. We are happy to support and extend the benefits of LIC International to the vast NRI community in the UAE through this MOU. The tie-up will support LIC to introduce more life insurance products, takaful products and re-insurance products to support NRIs and corporates to get appropriate life insurance and investment products and coverage, ” said Mr Sajith Kumar PK. “LIC International, a leading international player in insurance industry with an asset base of over US$2 billion, has set its expansion plans in the UAE in association with IBMC International as its strategic partner. LIC International offers a unique advantage to its policyholders in the shape of portability of the policies to India with inclusion of benefits like premium sealing and commutation in Policy Servicing as added advantage,” said Mr Rajesh Kandwal. “The penetration in the life insurance market in the UAE is very low and the tie-up with IBMC will help LIC to reach maximum NRIs across the UAE. Our benefits of life coverage are worldwide and its wide range of products is designed to cater to the special needs of a customer from any segment like life coverage, attractive return, liquidity, provision for children education/ marriage, health coverage or pension and group life insurance plans,” he said. ■

IBMC Business Connect

he 2nd Year UAE-INDIA Business Fest 2018 Umm Al Quwain Emirate programme witnessed its success by showcasing new Business and Investments diversification opportunities at full day 12 hours continuous programme, with the launch of IBMC Emirati Business Women Conclave. The Conclave was inaugurated by Her Excellency Aisha Rashid Leytaim- Member of The Federal National Council, United Arab Emirates, Member of the Board of Directors of UAQ Chamber of Commerce & Industry, Chairman of UAQ Business Women Council ,Vice President of Emirates Business Woman Council, in the presence of Mr. Sajith Kumar P K, CEO and Managing Director, IBMC Global Network, Her Excellency Sheikha Fatmeh Almualla, Member of The Board of UAQ Chamber of Commerce and Industry, Member of UAQ Business Women Council, Her Excellency Mrs. Farida Abdullah Al Awadhi, Chairperson of Emirates Business Woman Council (EBWC), Her Excellency. Mrs. Yusra Saleh Alyafei, Board member of EBWC. Mr. Anoop P S-CBO & Executive Director, IBMC Global Network, Mr. Adnan Mohammed bin Abdulla, Chairman, Al Ansar Group of Com-

IBMC Business Connect

Her Excellency Aisha Rashid Leytaim, Member of The Federal National Council, UAE, Member of The Board of Directors of UAQ Chamber of Commerce & Industry, Chairman of UAQ Business Women Council, and Vice President of Emirates Business Woman Council, addressing the IBMC Emirati Business Women Conclave during the UAE-India Business Fest 2018, Umm Al Quwain.

panies, IBMC Business Associates, Industry Leaders, Fund Houses, Business Groups from UAE, India and GCC were also present. IBMC UAE India Business Fest Umm Al Quwain Emirate Industry Seminar sessions were inaugurated in the auspicious presence of H.E Abdul Rahman Abdul Rahim Al Zarooni, Member of The Board Of UAQ Chamber of Commerce and Industry, Mr. Sajith Kumar P K, CEO and Managing Director, IBMC Global Network, Mr.Hicham Nasreddine Karout, Group General Manager, Al Faisal Group,Umm Al Quwain, United Arab Emirates, Mr. Anirban Saha,Resident

Manager, LIC International, Dubai, Mr. Saugat Sur,Head of South Asia, Dubai Gold & Commodity Exchange, Dubai, UAE, Mr. Anoop P S-CBO & Executive Director, IBMC Global Network, Adv. Benoy Sasi,International Lawyer-DIFC, India High Court,Partner-BENS-IBMC International Law & Compliance Centre ,IBMC International UAE Partners Mrs. Monika Agarwal, IBMC Associates, Industry Leaders, Fund Houses, Business Groups from UAE, India & GCC. IBMC UAE-INDIA Foreign Portfolio Investments (FPI) Information Centre was officially inaugurated during the session by Her Excellency Sheikha Fatmeh Almualla, Member of The Board of UAQ Chamber of Commerce and Industry, Member of UAQ Business Women Council in the auspicious presence of Her Excellency Aisha Rashid Leytaim- Member of The Federal National Council, United Arab Emirates, Member of The Board of Directors of UAQ Chamber of Commerce & Industry, Chairman of UAQ Business Women Council ,Vice President of Emirates Business Woman Council, Mr. Sajith Kumar P K, CEO and Managing Director, IBMC Global Network, Her Excellency Mrs. Farida Abdullah Al Awadhi, Chairperson of Emirates

BUSINESS FEST SNAPSHOTS

The UAE-India Business Fests paving the way for solid cooperation Starting from 2017 and continued in 2018, IBMC conducted UAE-India Business Fests in Dubai, Sharjah, Ajman, Umm Al Quwain, Fujairah, Ras Al Khaimah and with a grand finale in Abu Dhabi. The 2019 series is on

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UAE LAW

EXCELLENCE AWARDS

UAE Bankruptcy Law

How to avoid bankruptcy cases

Winners of the UAE-India Business Excellency Awards

The UAE enacted the bankrukptcy law to encourage debtors in distress to seek restructure at an early stage. Adv Benoy Sasi examines the law to identify different ways to avoid bankruptcy cases and the liquidation of debtors’ assets, including consensual out-of-court financial restructuring and composition procedures

he UAE law “identifies different ways to avoid bankruptcy cases and the liquidation of debtors’ assets, including consensual out-of-court financial restructuring, composition procedures, financial restructuring and the potential to secure new loans under terms set by the law” and aims to assist troubled companies and protect the funds of creditors, to maintain the country’s economic and investment environment. The court stressed that Chapter 4 regulates a debtor’s restructuring if possible, by assisting them in implementing a restructuring plan, publicising the debtor’s bankruptcy, and fairly liquidating their assets to help them meet their obligations. The Federal Law 9 of 2016 applies to all private sector companies in the UAE, including those

incorporated in freezones, except those companies incorporated in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), which have their own insolvency regimes. According to lawyers, the law’s impact on the economy as a whole is expected to be favourable to most businesses operating in the UAE, as well as banks and other financial institutions that lend to those businesses. Federal Decree Law No. 9/2016

First firm restructured successfully DA UAE company has for the first time successfully restructured its debts under the country’s bankruptcy law. The Abu Dhabi Judicial Department — through the Bankruptcy Department of the Abu Dhabi Court of First Instance — has allowed the company to restructure its debts and resume business under Chapter 4 of Federal Law No. 9 of 2016. The company, which was not named, is a limited liability company founded in 2008 “to carry out contracting work,“ according to a statement from WAM.Under the law, the court appointed a secretary and relevant experts to oversee the company during the bankruptcy. According to the statement, “The secretary conducted his duties until the restructuring process was successfully completed, by paying off the company’s debts, renewing its commercial licence, and achieving liquidity at a level of five times the company’s capital, enabling it to resume its business.” The company has debt in excess of 18 times its available capital and had requested the proceedings.

applies to companies which are established according to the UAE Commercial Companies Law, corporate entities and individuals trading for profit. The exceptions are government bodies and DIFC & ADGM. Federal Decree Law No. 9/2016 established a Financial Restructuring Committee (FRC) which is responsible for monitoring the implementation of the new law and reporting back to the minister of Finance. There are two court procedures: (i) A court based debtor led composition process which is to be used by a company which is in financial difficulties but is not yet technically insolvent; (ii) Bankruptcy which itself comprises a rescue procedure within bankruptcy or liquidation.

Protective composition procedure (PCP): In this procedure the Debtor who is experiencing financial difficulties but is not yet insolvent or who has been in a state of over indebtedness or has ceased making payments for less than 30 consecutive business days, proposes a compromise with its creditors. PCP cannot be applied for if the debtor has already been subject to a PCP procedure in the past year, or the debtor has already entered bankruptcy proceedings. A PCP application can only be made by the debtor or ordered by the court and it cannot be made by creditors. A shareholders’ resolution approving the application must also be submitted to the court.

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Abu Dhabi Securities Exchange, Mr Abdul Aziz Al Neaimi, Assistant CEO of ADX, Mr Sunil Kumar Thakur, CEO & Managing Director, LIC International, Kingdom of Bahrain; Dr. Mitil Chokshi, Sr. Partner, Chokshi & Chokshi LLP, Mumbai, India; and Emirates Businesswomen Council. Mr Sajith Kumar PK, CEO and Managing Director, IBMC Global Network, Mr Steve Barnett, Director Strategy & Business, ADGM-Abu Dhabi Global Market, Abu Dhabi and Mr Anoop PS, CBO & Executive Director, IBMC Global Network.

Winners of the UAE-India Business Ambassador Awards

Recognising Excellence

HE Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International UAE with Dr Abdullatif M Al Shamsi,Vice Chancellor , Higher Colleges of Technology, UAE; Mr Lesmale ,Chief Executive Officer, Dubai Gold & Commodities Exchange (DGCX); and Mr Abdul Halim Ibrahim Moheisen, Rak-DED Economic Advisor on behalf of Dr. Abdulrahman Alshayeb Alnaqbi, General Director for RAK-DED, Ras Al Khaimah.

BMC Financial Professionals Group presented the UAE-India Business Ambassador Awards and UAE-India Business Excellence Awards at the concluding ceremony of the 2nd Year UAE-India Business Fest 2018 at Emirates Palace Abu Dhabi on 19 December 2018. The awards were constituted to recognize business excellence and contribution to UAE-India business promotion and cooperation.

Mr Vijay Kumar Sharma, Chairman, Life Insurance Corporation of India (LIC) receiving the IBMC UAE-India Business Ambassador Award 2017 from HE Sheikh Khalid Bin Ahmed Al Hamed, Chairman IBMC, UAE, and HE Dr Mohammed Saeed Al Kindi, Former Minister of Environment & Water, UAE, in the presence of Mr Sajith Kumar PK, CEO & MD, IBMC Global Networks, Mr Anoop PS, CBO & ED, IBMC Global Networks and Mrs Monika Agarwal, Partner, IBMC UAE.

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GOLD CONVENTION

The vital African connection

DGCX IBMC Gold Convention 2019

s part of its CSR initiative IBMC organised the first UAE-Africa Gold Convention in Dubai in collaboration with Dubai Gold and Commodities Exchange (DGCX) with the primary objective of discussing the issues affecting gold business in the UAE and suggest measures to further consolidate Dubai’s position as the ‘City of Gold’. The Convention was held at the Armani Hotel, Burj Khalifa, Dubai, with a wider participation of more than 200 delegates from 15 countries. The Convention discussed problems and issues faced by traders, exporters, importers, refiners, vault operators, jewellers (both wholesalers and retail chains) and jewellery manufacturers, storage and custodial services and transportation. It also deliberated new trends in physical gold trading, derivative gold trading through the regulated exchange platforms. The Convention was organized with the specific focus on UAE and Africa gold trading and investment. The primary objective of the event was to showcase the entire gamut of gold trade and related activities and help participants explore potential opportunities between the continent of Africa and the UAE. The Convention covered all major activities including import/ export, transportation, gold refining, vault facilities and trading as well as a detailed presentation for pricing and delivery of the DGCX Shari’ah compliant Spot Gold contract, the regions first, and the world’s only ex-

change traded, physically delivered, Shari’ah-compliant gold product. The Convention was officially inaugurated jointly by H.E. Sheikh Khalid Bin Ahmed Al Hamed, Chairman-IBMC International UAE, Mr Les Male, Chief Executive Officer, Dubai Gold & Commodities Exchange (DGCX) and Mr Sajith Kumar PK, CEO and Managing Director, IBMC Global Network, in the presence of HE Hon. Irene Nafuna Muloni, Minister of Energy & Mineral Development, Republic of Uganda, HE Hon. Barbara Oteng-Gyasie, Deputy Minister for Lands & Minerals Commission, Republic of Ghana, HE Zaake Wanume Kibedi, Ambassador, Embassy of Uganda, HE Mohammed Dansanta Rimi, Ambassador, The Federal Republic of Nigeria, HE Alh. Ahmed Ramadan, Ambassador, Republic of Ghana, HE Osman Moussa Darar, Ambassador, Republic of Dji-

bouti, HE Kaba Younoussa, Protocol, Embassy of Republic of Guinea, HE Farida Abdulla Kamber al Awadhi, Emirates BWC Chairperson, Adama Macalou, Economic advisor to the Ambassador, Embassy of Mali, Mr Anoop PS, CBO & ED, IBMC Global Network, and special invitees. His Excellency Sheikh Khalid Bin Ahmed Al Hamed, Chairman IBMC UAE, said “The DGCX IBMC Gold Convention 2019 is an initiative that is helping to move the conversation in the right direction. Considering the vast business opportunities in the gold industry, the first convention focusing on the continent of Africa will be supportive for activating new business opportunities in both the UAE and Africa. The UAE and Africa has a long history of healthy business relations and these initiatives will further strengthen the relationship between the two”.

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The UAE-Africa Gold Convention brought to sharper focus the need for strengthening the collaboration with Africa for the simple reason that it is the largest source of mine gold. To a greater extent the industry in the UAE flourished with an active connection with the African continent, the gold mines, refineries and export-import markets. It would be difficult to sustain the trade in the UAE in the long run if production is not streamlined by bringing in gold from Africa. Gold trade between Dubai and the African continent is set to increase manifold with Dubai opening up channels for the African gold mines, traders and refiners to access DGCX for online trade and fund mobilisation. The African gold businesses can access gold refineries, wholesale and retail gold traders, jewellers, gold vaults and DGCX Shariah compliant physical gold delivery system. The Convention demonstrated the entire life cycle of gold from raw gold import, gold refining, transportation facilities, vault facilities, DGCX Shariah compliant gold selling and buying, UAE retail and wholesale gold market dealings, ornaments manufacturing and export to the major gold consumers like India. This initiative will provide even greater support to African gold mines, exporters and traders to explore the UAE market and trade opportunities. Africa is the largest source of mined gold to UAE. African gold producing countries face several challenges - legitimate gold exports, identifying genuine importers, receipt

200 With far reaching participation of over 200 delegates from more than 15 countries of receivables back into the country through banking channels, ensuring that the miners get fair price etc. There is a need to address this at a broader level to improvise the efficiency of these countries.

Role of DMCC, DGCX The Convention highlighted the role and importance of Dubai Multi Commodities Centre (DMCC), a free trade zone, and DGCX in bringing international attention to the UAE’s gold market. DMCC plays a crucial role as a leading hub for commodities and for putting the UAE on the world map as the leader in precious metals trading. No other gold centre in the world offers such a complementary industry cluster effect. Innovations include: the Dubai Gold and Commodities Exchange (DGCX), DMCC Trade flow, a trade finance product; regional gold options trading; a Shariah-compliant hedge fund product; and the Dubai Good Delivery Standard, the only international standard for 1kg gold bars of .995 purity. DGCX launched the world’s first platform for trading physical gold across the globe. Physical gold business has been going around for centuries. But none came up with a

What’s stopping UAE? What’s stopping Dubai from reaching its heights as a bullion hub? The Convention participants deliberated various issues and recommended policy measures. There is lack of participation of international participants such as trading houses, banks, financial institutions and funds. The market also needs value added products targeting GCC investors such as gold deposit programs, gold savings schemes, gold wallets and Shariah-compliant gold products. The other challenges identified included sourcing and supply chain issues, limited use of banking channels, compliance and due diligence which discourage the participation of international players and banks.

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product like that. The exchange has similar products like gold deposit scheme, gold savings scheme and gold on e-valets which is a Shariah-compliant product. Such products can come to this market and can address the requirements of both retail and institutional customers.

Regulations The most important measure to help grow the UAE gold market is to have Federal regulation for giving confidence to the rest of the world as well as to provide a level playing field for all. The Convention stressed the need for a Federal regulation for smooth conduct and growth of the trade. International banks can be attracted only if there is a suitable regulatory framework which will encourage the local banks to chip in. It has been found that Turkey has been attracting gold traders with a wellplaced regulatory regime, which the UAE should emulate. The need is proactive rules and regulations. The Central Bank should allow gold holdings of financial institutions to be counted for meeting the minimum reserve requirements. The market also needs trade finance funding, escrow services from banks, because at present no financial institution is offering escrow service which would enable to pre-financing gold business in Africa, which will instil confidence among the participants. There are a few top class refiners in the UAE. For any refinery to sustain, the main feed has to be from the mines and scrap gold, but one cannot depend on scrap gold forever. In the UAE, most refineries are operating to their full capacity and the number of refineries have gone up. The two major refineries Emirates Gold and Al Ethihad Gold, and there are a dozen more refineries which are also do well. There are no products in this region which are designed for high networth individuals or institutional investors. The UAE has the best infrastructure in terms of secure logistics, but there is a lack of facilities for storing gold for investors. ■

AWARDS

The White Paper

BMC’s Industry White Paper “Mines to Market” on Gold Trade and Investment Between the UAE and Africa” is a collective of industry requirements gathered from the panel discussions, presentations and feedback from industry players who attended the conference. The White Paper was submitted to the relevant authorities with recommendations and suggestions for policy initiatives to enhance and grow non-oil related trade between the UAE and Africa. “IBMC along with DGCX are launching a number of post-event activities with the support of the African Embassies and Consulates to provide guidance to African entities to establish their gold business activities,” said Mr. Sajith Kumar PK, CEO & Managing Director, IBMC Global Network.

The Recommended Charter Take policy initiatives for Dubai

to consolidate its position as the major redistribution centre in the world. Help introduce structured

financing products to support refineries, jewellery manufacturers and traders. Create price discovery and delivery mechanisms across the GCC and Africa. Introduce mandatory stamping (hallmarking) for gold jewellery. This will help protect consumers as well as the trade from fraud, boost the credibility of the UAE’s gold jewellery market and aid international trade. Establish a UAE government bullion bank and precious metals consultancy. The Middle East along with the Indian Sub-continent is one of the largest consumers of kilogram gold bars in the world and Dubai Good Delivery is the only standard that acknowledges this. Take this standard to GCC, Africa and the Indian Subcontinent as these markets largely consume kilo bars. Bring in policy to ease customs duty and other policies for easy

import of gold and jewellery. Set up a body such as Joint

Business Councils to address compliance issue related to precious metals supply, logistics and supply chain management. Tap the huge potential in developing the mining sector and physical trading of gold. Lower royalties and duties, government subsidies and financing facilities in the mining sector. Many investors in precious metal trading and refining are planning to expand to African countries, mostly in West Africa (Ghana, Mali and Guainía). Facilitate this through policy measures and legitimate banking channels. ■

CSR activities and awards

he Dubai Chamber of Commerce and Industry honoured 18 companies for their corporate social responsibility and sustainability efforts during a recognition ceremony held at its premises today. The Dubai Chamber CSR Label was presented to Emirates Gas for the eighth time; Alpen Capital ME for the seventh time; Union Coop, Six Construct, Canon Middle East for the sixth time; Horeca Trade for the fifth time; TIME Hotels for the fourth time; ABB, ASGC, Centena Group, and Dulsco for the third time; Abu Dhabi Islamic Bank for the second time; and Dubai World Trade Centre, NMC Specialty Hospital – Al Ain, British Orchard Nursery, IBMC International, and DXB Entertainments PJSC for the first time. In addition, Majid Al Futtaim Properties X recognised as the first company to receive the advanced version of the Dubai Chamber CSR Label. Congratulating the honourees for their achievements, H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber, encouraged the awarded companies to build on their prog-

The DGCX IBMC Gold Convention 2019 is an initiative that is helping to move the conversation in the right direction

Winners of the 2018 Dubai Chamber CSR Label Award

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HE Majid Saif Al Ghurair, Chairman of Dubai Chamber of Commerce and Industries presents the CSR Label Award to Mr Sajith Kumar PK, CEO and Managing Director, IBMC Global Network in the presence of Mr Khalifa Al Qubisi, Representative from the office of IBMC Chairman HE Sheikh Khalid bin Ahmed Al Hamed and Mr Anoop PS, CBO & Executive Director, IBMC Global Network, during the award ceremony held at Dubai Chamber on 30 September 2018

ress and inspire others to follow in their footsteps. Dubai Chamber’s Chairman explained that the Label is a clear and voluntary standard for CSR implementation in UAE and the GCC which recognises companies who adopt best business practices and conform with international CSR standards and guidelines, adding that it also serves as a development tool for companies that enables them to evaluate their CSR strategies, gain recognition for their efforts, and improve their reputation

“Over the years, the response to the CSR label and its overall significance has grown significantly. Companies that receive the label are not just gaining recognition, they are also setting an example for the rest of the business community in Dubai” said H.E. Al Ghurair. On their part, the honourees thanked Dubai Chamber for its valuable support in providing a framework for companies to benchmark and enhance their CSR performance, as well as the opportunity to promote their activities and enhance their reputation.

COLUMN

IBMC Gateways to UAE Economy

Comfortably insulated LAST WORD

BHASKAR RAJ

The UAE will remain a magnet for millionaires as the popula¬tion of high net worth individuals will grow faster in the coming years. The country will continue to attract expat million¬aires as well as provide opportunities for the home-grown rich 26

s there a global recession round the corner? May be or may not be, in the real sense. There are differing views expressed by economists, but many indicators point to a situation of unpleasant days. This is the eleventh anniversary of the all-debilitating recession that gripped the world and sent the markets into a tailspin, affecting everybody in the world. That’s again a reminder of a period of uncertainty and despair. Thousands of jobs were lost, companies closed down, many lives were lost with much more damaging cascading effects. Then we saw the growth turning back and the markets returned to the pre-recession period levels. That was not for long. Now they say there are definite signs of another recession. Interest rates are rising, prices moving northward, demand decreasing, debts of governments, companies and individuals mounting. This time around, unlike the 2008 crisis, the slowdown is likely to be caused by supply shocks, general price rise, currency and trade wars and disruptive technology which will rob thousands of jobs around the world. We are lucky that the UAE has always been insulated from such recessionary pressures because of the cautious and timely policy directives, diversification of the economy, increasing government income from new channels such as VAT and excise duties, and above all a prudent fiscal policy. UAE Central Bank data shows that credit growth picked up pace in July for the second month in a row. That means there are progress with projects and investment activity in Dubai to complete infrastructure ahead of Expo 2020. A recovery over the next three years would be supported by increased economic activity associated with Expo 2020 and, after that, by traditional growth engines such as trade and transportation. The UAE will remain a magnet for millionaires as the popula¬tion of high net worth individuals will grow faster in the coming years. The country will continue to attract expat million¬aires as well as provide opportunities for the home-grown rich. The number of millionaires in the UAE with assets between $1 million and $30 million reached 46,998 while ultra-high net worth individuals with assets of $30 million-plus reached 1,380 last year.

Bhaskar Raj is a Dubai-based business journalist

IBMC Business Connect

2nd Edition

DGCX-IBMC GOLD CONVENTION 2019 Opening a new gateway for UAE and Africa Gold Markets

GCC’s Largest GOLD CONVENTION 15+ Countries participation

 20+ Industry Speakers

500+ Global Participants from:

Ministers  Diplomats  Gold Traders  Government Departments Chamber of commerces  Gold Associations  Gold mining companies Gold Refineries  Gold Importers/Exporters  Gold Vaults Gold Transporting Companies  Gold Buyers & Sellers

For Registration: www.uaeafricab2b.com

20 - 02 - 2020 Armani, Burj Khalifa, Dubai