Spring 2021 Capital Letter Magazine

CAPITAL LETTER Vol. 24 | Issue 1 | Spring 2021 His Royal Highness The Prince Philip Duke of Edinburgh 10 June 1921 – 9 April 2021

B CAPITAL LETTER Vol. 24 Issue 1 Spring 2021

CAPITAL LETTER Chairman’s Foreword Whilst this edition of Capital Letter self-evident in our pictures from recent With the 50th Anniversary of the UAE’s heralds spring and new beginnings, successful events. Having had the unification, and the full opening of Expo with a positive look to the future, it also opportunity to attend a number of these, in Dubai, both falling in the latter half of marks the passing of a great Briton – a I can attest personally to the buzz and the year, there has never been a better man who touched many peoples’ lives, excitement at once again being able time to plan a visit, or to investigate and provided an extraordinary role to gather in person - whether at a trade opportunities to invest and/or partner in model of loyal and devoted service show or on the golf course. Abu Dhabi. And by joining our business of the very highest order. Prince group there is no better way to explore Philip’s, Duke of Edinburgh, long and As a business group we continue the opportunities and to extend your distinguished life highlights the dynamic to prepare for the future, with work to business network further. nature of the bilateral relationship transform our organisation into a British between the United Arab Emirates and Chamber of Commerce progressing Nick Cochrane-Dyet MBE the United Kingdom, with our respective well in the background; I draw your Chairman histories closely inter-twined. His attention to the update in this issue legacy is well marked by the innovative and extend my thanks to sponsors international award scheme, that bears and members who continue to make his name, to develop the talent of our efforts possible. Regardless, youth from all walks of life – a vision he Capital Letter is set to continue as a shared strongly with the late Founding key channel through which we can Father Sheikh Zayed, and one that is showcase what makes the multi-faceted perpetuated in UAE today. relationship between UAE and UK so unique. In the post-BREXIT era we With the global roll-out of COVID-19 are already seeing a reinvigoration, vaccination programmes, and a new heralded by the Sovereign Investment normal becoming increasingly possible, Partnership announcement on 24th it is encouraging to be able to mark the March of AED 5 billion in bilateral life return of some familiar activities and science projects. We are confident that events. The fundamental human need further positive news will follow for other for society and physical association is, sectors before this year is out. notwithstanding the wearing of masks, There is much else to look forward to. Contents BBG and Embassy Update Special Features Chairman’s Foreword 1 UAE’s Golden Jubilee 18 Trustworthy Artificial Intelligence 19 His Royal Highness The Prince Philip, Duke of Edinburgh 2 PwC’s 24th CEO Survey Report 20 Regional COVID Vaccination 21 Notes From the BBG Abu Dhabi Office 4 Great British People in Business 22 A Time of Transition 5 News, Events & Updates 25 26 The Road to COP26 6 IATA Travel Pass 28 IDEX 2021 28 UK at Expo 2020 Dubai – The Business Club 7 EIC Connect Celebrates its Tenth Year! 29 Brexit, COVID and the Rise of ‘Born Global’ 29 BBG Abu Dhabi Health Sector Update 8 What Happened in this Year’s UK Budget? 31 HART for Art Lovers UK – UAE Sovereign Investment Partnership 8 News in Brief 32 34 The Relaunched UAE-UK Business Council 9 About the BBG 35 36 BBG Abu Dhabi Events Update 10 Meet the Committee Why Join the BBG Insight Corporate Sponsors New Members The Great Fraud Fightback 12 Protect Your Investments 13 Updating Company COVID-19 Procedures 14 When Trade Missions Go Virtual 15 In Country Value and Adapting to Change 17 Changing Energy Landscape Results in New Trends 17 Cover Picture: His Royal Highness The Prince Philip Duke of Edinburgh. 10 June 1921 – 9 April 2021. Editorial Submissions or Advertising Enquiries: Editorial Panel: Anna Ali Adib, Tim Allen, David Good, David Spearing, Sinéad Whelan, Chris Keeling, Joe Hazel ☎[email protected], British Business Group (BBG), Abu Dhabi Published by: Dar Al Fajr Printing, Publishing & Advertising, PO Box: 43635, Abu Dhabi, UAE, : +971 2 445 7234 ☎P.O. Box: 505, Abu Dhabi, UAE, : +971 2 4488300 BBG Office Mobile: 056 6650582 Email: [email protected] Email: [email protected] This magazine is distributed among the members of Website: www.britishbusiness.org British Business Group and has no commercial value. Office Manager: Sinéad Whelan Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 1

BBG AND EMBASSY UPDATE Not just as her consort, by her side every day of her reign, but as her husband, her “strength and stay” of more than 70 years. And it is to Her Majesty, and her family, that our nation’s thoughts must turn today. Because they have lost not just a much- loved and highly respected public figure, but a devoted husband and a proud and loving father, grandfather and, in recent years, great-grandfather. Speaking on their golden wedding anniversary, Her Majesty said that our country owed her husband “a greater debt than he would ever claim or we shall ever know” and I am sure that estimate is correct. So we mourn today with Her Majesty The Queen, we offer our condolences to her and to all her family. And we give thanks, as a nation and a Kingdom, for the extraordinary life and work of Prince Philip, Duke of Edinburgh. His Royal Highness Messages and books of The Prince Philip, Duke of Edinburgh condolence Shortly after the announcement of the champion of the natural world long Messages of condolence for Her death of His Royal Highness The Duke of before it was fashionable. Majesty The Queen and Members Edinburgh on 9th April, the Prime Minister of The Royal Family can be sent spoke from Downing Street and said: With his Duke of Edinburgh Awards on-line www.royal.uk. A selection of scheme he shaped and inspired the these messages will be passed on It was with great sadness that a lives of countless young people and at to members of the Royal Family. To short time ago I received word from literally tens of thousands of events he protect public health at this time, no Buckingham Palace that His Royal fostered their hopes and encouraged Condolence Books will be opened at Highness The Duke of Edinburgh has their ambitions. the British Embassy in Abu Dhabi or the passed away at the age of 99. Office of the British Embassy in Dubai. We remember The Duke for all of this Prince Philip earned the affection and above all for his steadfast support Flowers and wreaths of generations here in the United for Her Majesty The Queen. Kingdom, across the Commonwealth While grateful, the British Embassy and around the world. He was the respectfully suggests that, in the longest serving consort in history, interests of public health, flowers and one of the last surviving people in this wreaths should not be sent on this country to have served in the second occasion. Those who would normally world war at Cape Matapan, where wish to send a floral tribute might he was mentioned in despatches for instead, wish to make a donation in His bravery and in the invasion of Sicily, Royal Highness’ memory, to charity. where he saved his ship by his quick Information about charities with which thinking and from that conflict he took His Royal Highness was involved is an ethic of service that he applied available on www.royal.uk. throughout the unprecedented changes of the post war era. Vol. 24 Issue 1 Spring 2021 Like the expert carriage driver that he was, he helped to steer the royal family and the monarchy so that it remains an institution indisputably vital to the balance and happiness of our national life. He was an environmentalist and a 2 CAPITAL LETTER

BBG AND EMBASSY UPDATE Celebrating the life of HRH The individuals, including post-conflict About The Duke of Prince Philip, Duke of Edinburgh, communities (Cote d`Ivoire; Edinburgh’s International KG, KT Uganda); disability groups Award An inspirational and committed (Indonesia); indigenous peoples champion of young people worldwide (Belize, Australia) and young The Duke of Edinburgh’s offenders (Ghana, South Africa). International Award is a global, By Tom Shorrock non-formal education framework The Award has been present in the that challenges young people to Sixty-five years ago, His Royal United Arab Emirates for at least 25 develop new skills, get physically Highness established The Duke of years. Over this time, it has grown active, learn about teamwork and Edinburgh’s Award in the UK. Since from strength to strength. It now has leadership through adventurous then, it has been delivered in more over 60 Independent Award Centres journey and volunteer within their than 130 countries and territories, successfully delivering the Award community. equipping and empowering millions across the Emirates. of young people to build the skills, It was founded by HRH The Duke confidence and resilience they need Every year, more than a million of Edinburgh in 1956, in conjunction to support their communities and be young people participate in the with German educationalist Kurt ready for the world. Award worldwide, supported Hahn. by around 200,000 volunteers. John May, Secretary General of Whilst it is known by a number of It is known by a range of The Duke of Edinburgh’s International different names globally – from The different names around the world Award Foundation says: “The President’s Award in South Africa, to – including the DofE in the UK, The International Award family mourns The International Award for Young President’s Award in South Africa, the loss of our inspirational Founder. People in India, the framework The International Award for Young Prince Philip’s belief in the infinite remains the same. People in India and Mednarodno potential of young people, coupled priznanje za mlade (MEPI) in with his championing of non-formal May continued: “As we mark Slovenia. education and learning, positioned him the extraordinary life of The Duke as a leader and thinker of truly global of Edinburgh, we are resolutely There are currently more than a stature. committed to ensuring His Royal million young people completing Highness’s vision for the Award their own unique Award programme, “Through the personal leadership continues to grow and reach even via hundreds of thousands of and involvement of Prince Philip, more young people worldwide youth-focused partners and the Award that bears his name has in the years to come, under the operators, including schools, youth transformed the lives of millions of Chairmanship of HRH The Earl of organisations, examination boards young people since it started in 1956 Wessex.’ and youth offender institutions. and has impacted countless more in local communities. As young people At this time, the International The Award is delivered around face exceptional challenge and Award family encourages anyone the world by schools, colleges, who would like to share a message universities, employers, social change in the wake of the current of condolence, or memories of the clubs, uniformed and non-uniformed pandemic, this ‘do-it-yourself growing- Award and what it means to them to up kit’, as he described it, is even more visit www.facebook.com/intaward. youth organisations, young relevant today than ever. offenders’ institutions, religious organisations, “His Royal Highness’ passion for, sports clubs and a and commitment to, the work of the whole host of other civic Award and the development of young organisations. people continued until the last. His determination, energy and enthusiasm From running as an will be greatly missed.” established programme in a blind boys’ academy in From its founding, The Duke has India, to the introduction been committed to ensuring the Award into youth organisations is accessible to young people of all in Israel; the Award’s backgrounds. Around the world, the framework can support Award has provided opportunities and thrive in a multitude of to at-risk and marginalised young different environments. Since its launch over 60 years Vol. 24 Issue 1 Spring 2021 ago, millions of young people have participated and received Awards, with millions more benefitting from its impact in communities around the world. The Prince Edward, Earl of Wessex is Chairman of The Duke of Edinburgh’s International Award Foundation. For information about the Duke of Edinburgh Award in Abu Dhabi visit www.intaward.org/do/regions- locations/. CAPITAL LETTER 3

BBG AND EMBASSY UPDATE Notes from the Office The BBG Abu Dhabi office team would like to offer sincere thanks to all of our members who have so far renewed your membership for 2021, and to welcome the many new joiners to the Group in recent months. As you know, our BBG Abu Dhabi Committee took the decision to extend all 2020 memberships and sponsorships until the end of Q1 2021, in light of the impact of COVID-19 on your businesses, and whilst we began to undergo a strategic review of our Group (an update on which you can read about on the next page). This meant that we reduced our 2021 membership and sponsorship rates by a quarter, offering nine-month memberships at pro rata levels from April to December, giving an even more cost effective price than ever to be part of BBG Abu Dhabi. In Q1, we are delighted to have welcomed many new members to the Group (you can check out some of their profiles on the New Members page). As a not-for-profit organisation, we are extremely grateful for the support of our Corporate Sponsors. We were delighted to renew so many of our long-standing Sponsors again for the remainder of 2021, and to welcome some new companies on board too. Thank you to our 2021 Corporate Sponsors as follows: Gold: Barclays, BP, Intertek, PWC, Rolls-Royce, Shell, HFW Silver: Al Emarat United, The Fry Group, Houbara, Myrcator Marine & Cargo Solutions, NES Fircroft, Readymix Abu Dhabi Bronze: InterContinental Abu Dhabi, Fast Rent A Car, Guardian Insurance Brokers, Mediclinic In other news, we are excited to let you know that we will soon be launching a new and improved BBG Abu Dhabi website. You will be able to find us at the same address as before: www.britishbusiness.org, however you will enjoy a much easier navigation across our various different pages. BBG Abu Dhabi members will be given a unique log in to access additional benefits including a dedicated platform to connect directly with other members of the Group and enjoy virtual networking on the site. A new search function will allow you to easily find and connect with fellow members and take forward doing business directly. As always, past issues of Capital Letter will be readily available to download and share, and you will be able to register for our events through the website in a more convenient way than before. Keep an eye out for the updated site coming soon! 4 CAPITAL LETTER Vol. 24 Issue 1 Spring 2021

BBG AND EMBASSY UPDATE A Time of Transition Capital Letter speaks with Graham distinct phases – the research phase Myles Barraclough Outterside, Chairman of the BBG’s (as mentioned above) and a business/ Strategy Sub-Committee, about implementation plan; the latter to What’s happening with new the work carried out since the last serve as a ‘road map’ for the transition business services? edition. into a BCC. The research phase took a ‘deep dive’ into the business Research continues with Myles So, what’s been happening? models and structures of many looking at the services offered in international British Chambers of a number of chambers around the The last few months have been Commerce and Middle East business world. Ultimately the decision on very busy for the Committee, with groups, allowing a model suitable for what services the chamber can over a dozen meetings since the Abu Dhabi to be developed. Myles offer will be dependent upon the last article was written. Our first is currently working on the business/ final chosen scale and structure of activity was to produce a scope implementation plan which will be a future chamber, but it does seem of work to appoint a consultant presented to the Committee next that scale is a deciding factor on and an evaluation matrix to assess month for their review. whether services are offered. Smaller the tenders for compliance and chambers tend to offer fewer services commercial viability. In the end What can we expect to see and whereas much larger chambers offer hear in the next quarter? more services and more membership we had events. The range and type of You will all hopefully services will be determined by the five bids out of six potential have received your target organisational structure we bidders, and these were marked membership think the UAE can support, as well and moderated by a committee renewal as the wishes of the membership – of six people to ensure balance. reminders by there is still much to do over the next After a second round of bids now and paid quarter in this area to balance the and questions, a consultant was your pro-rata competing priorities. selected to do the legwork for the subscriptions. committee in gathering information One Any views on the new and producing options based upon immediate arrangements for Corporate other BCC Chambers experience effect of Sponsors and Memberships? and structures. Our start was Myles having hampered by COVID, with our contracted Currently the legal structure of the consultant having contracted the Covid is that BBG places the ‘control’ in the virus immediately upon starting the plan to Corporate Representatives, with the and having to be hospitalised (now start the new Committee in place to deliver any recovered) so some alternative memberships approach agreed with the Corporate planning was required to maintain regime at Representatives. This is very different momentum. this year’s to the BCC structures around the world renewals where the local BCC organisation is Tell us more about the run much like any other company with Consultant appointed and had to be shelved because there a Board, Executive Committee and their work? wasn’t enough time to complete the various working groups and a different research, analysis and review prior Constitution. This places much more We appointed Myles Barraclough, to the end of Q1. So instead, we legal responsibility in the hands of the an Abu Dhabi resident of many have offered the renewal under the Board. The Board will normally have years who during his 16 years in old scheme for simplicity. It’s really a lot of high-powered individuals from the Middle East has worked for important that people renew quickly, the business community in the host major international consultancies, to keep the BBG financially viable so country and much local involvement a sovereign wealth fund and an we are able to transform into a BCC – to give the chamber influence and investment management company. later this year. access to government circles. In the next His brief has been split into two quarter we can expect to come up with What was the feedback from proposals on membership and corporate Vol. 24 Issue 1 Spring 2021 the first Virtual Trade Mission? structures, for the existing Corporate Representatives to consider and We held our first VTM with the hopefully approve as we move towards assistance of the Aberdeen and a more commercial structure where the Grampian Chamber on the 16th and organisation’s objectives align more 23rd March 2021. The feedback from closely with the members’ wishes. all sides was excellent and the UK side in particular said they thought the event CAPITAL LETTER 5 was the most useful and helpful VTM they had ever held. This shows how the BCC structure allows UK organisations to collaborate with BBG members easily and hopefully we will see tangible business out of it. Of course, if any members want a VTM for their sector, then please do get in touch with the office so we can judge demand.

BBG AND EMBASSY UPDATE The Road to COP26 By Gemma Habens in clean energy technologies. Mubadala participating in One Planet. By introducing an ambitious range The UK will host the 26th UN Climate • Get finance flowing to climate action of green policies and legislation, the Change Conference of the Parties – both public and private. We are UAE’s leadership has demonstrated (COP26) in Glasgow from 1st – 12th urging investors to take climate risk their commitment to a green November, 2021. COP26 will bring into account, and capitalise on the sustainable future. For COP26 to world leaders together to accelerate shift to clean, resilient growth across be successful we need all countries action towards the goals of the 2015 the world. to engage constructively and to Paris Agreement on Climate Change. proactively reach out to one another The UK is proud to be hosting the most • Work towards reducing emissions. to address the key issues over the important COP since Paris and, as well World leaders need to come forward next seven months. as an opportunity to build greener, with ambitious Nationally Determined more sustainable economies after the Contributions, set out net zero On 4th April, COP26 President, devastating effects of coronavirus, it is targets and long-term plans to Alok Sharma, attended a regional clear that decisions made in Glasgow achieve them, and introduce policies MENA climate dialogue in Abu Dhabi, will affect the future of our planet. to make these targets a reality by hosted by the UAE Special Envoy phasing out fossil fuel subsidies, for Climate Change, HE Dr Sultan Al British Ambassador to the UAE, deploying renewables faster and Jaber. The region, better known for Patrick Moody has shared his views moving to clean transport. its oil and gas production, agreed to with us about climate change ahead of a joint statement committing to work COP26. The UK is leading by example. together to ensure the success of The science on climate change is clear In December 2020, the UK Prime the Paris Agreement, and pledged and we have just 10 years to bring Minister announced an ambitious new to reduce GHG emissions by 2030. global emissions under control. That’s Nationally Determined Contribution They also agreed to mobilise finance a decade to limit global temperature (NDC) to reduce greenhouse gas for climate mitigation and adaptation rises to the levels set out in the Paris emissions by at least 68% by 2030, to overcome the serious impacts of Agreement. The choices we make compared to 1990 levels. This target climate change. today will determine whether or not we commits the UK to the fastest rate of achieve it. emissions reductions of any major Business, cities and regions, as well economy. as nation states, can also take action The UK will be joint President of by signing up to the Race to Zero to COP26 with Italy and we want this to The UK and UAE are working reach net zero emissions by 2050 be the year that all of us unite around constructively together to ensure the at the latest. Whether it is finance, the aims of the Paris Agreement. success of COP26. The UAE have business or our national economies, COP26 will include governments, cities shown leadership among the Gulf the opportunities presented by the and civil society as well as businesses, states with the launch of its new NDC move to clean growth are enormous investors and development banks. last December which sets a target – more jobs, better health outcomes It will be an inclusive and ambitious that covers the whole economy. This and viable futures for our children COP that brings parties, including builds on the UAE’s 2050 Energy and grandchildren. It all comes down the most marginalised, to accelerate Strategy, which has led to some of to our ability to innovate and work action towards the goals of the Paris the lowest solar power prices in the together. Agreement and the UN Framework world, as well as its efforts to create Gemma Habens is Climate Change Convention on Climate Change. a green finance ecosystem and the Policy Manager, British Embassy The UK will be an ‘honest broker’: Sovereign Wealth Funds of ADIA and Abu Dhabi. committed to representing the interests of all and navigating the process towards a balanced outcome. We have four key goals: • Adapt and respond to the realities of a changing climate and make sure our societies and economies are more resilient. • Enhance international collaboration among governments, business and civil society to speed up innovation 6 CAPITAL LETTER Vol. 24 Issue 1 Spring 2021

BBG AND EMBASSY UPDATE UK at Expo 2020 Dubai – The Business Club By Lawson Hill business, cultural and education a lasting legacy – all members will programme with the theme of be invited to be part of a Business In 1851 The Great Exhibition ‘Innovating for a Shared Future’, Club at future major world events. was held under the patronage of showcasing the very finest in British The Business Club is targeted at Queen Victoria and Prince Albert innovation, technology, culture predominantly UK companies and at Crystal Palace in Hyde Park, and tourism, diversity and cuisine. those with a presence in the UAE London. Queen Victoria’s husband, It is the intention of Her Majesty’s and wider Gulf region, as well as Prince Albert organised the first Government to make the UK SME’s in the region. world’s fair as a means to unite Pavilion as inclusive as possible for nations and encourage economic UK businesses and allow them to The major benefits of becoming a growth and co-operation through take advantage of the of the many UK at Expo Business Club member international trade. Great Britain opportunities happening throughout are the opportunities to connect and also wanted to instil optimism and the six months of Expo 2020 Dubai. be part of the UK at Expo business the hope for a better future. community, through our specially With this in mind the, The UK at created networking events, the Fast forward 170 years and Expo 2020 Dubai has introduced the ability to host your own events on as we approach the start of the newly created UK at Expo Business the UK Pavilion with full DIT support next great exhibition, Expo 2020 Club. It is a new membership and be part of the UK at Expo 2020 Dubai, it is with huge excitement scheme that is aimed at bringing Dubai legacy at future HMG World and optimism that the world together business leaders from the Events. will once again come together UK and around the world at the UK to share innovations and ideas Pavilion. Its purpose is to provide a For further information on the UK that will shape the future and lay high-profile international networking at Expo Business Club and other foundations for a more sustainable platform and allow businesses large opportunities to collaborate with the and positive world for generations and small the opportunity to book UK at Expo 2020 Dubai please email to come. and hold events at the UK Pavilion. [email protected]. It has also been created to leave The spectacular UK Pavilion Lawson Hill is Commercial Lead, at Expo 2020 Dubai will serve Global Sponsorship Team. as a hub for a world class Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 7

BBG AND EMBASSY UPDATE BBG Abu Dhabi Health Sector Update By Joe Hazel health system in Abu Dhabi for both several initiatives were launched in an the government and private facilities, effort to reduce non-urgent visits to At the outset, I would like to thank to ensure excellence in healthcare for the hospital. Such initiatives include everyone for nominating me to the community. the launch of telemedicine services, become the Healthcare Focus Group medication home delivery, follow up lead for BBG. The focus group team As the world tries to combat a calls and home visits for the elderly comprising of many professionals from pandemic, I would like to take this with chronic diseases, among others. the industry, will keep you abreast opportunity to highlight the amazing of the latest key happenings in the initiatives and control measures I would also like to take this healthcare industry in Abu Dhabi. that were put in place by the UAE opportunity to talk about the Government and health regulators. development of the mental health I joined Mediclinic Middle East in The UAE has set an example to the services in Abu Dhabi. The Outpatient 2016 as Hospital Director at Mediclinic world when it comes to the number of service is available across many Airport Road Hospital and have been screenings, vaccinations per capita healthcare facilities, and it is a growing recently appointed COO for Mediclinic and in managing the pandemic priority area of health which will be to represent the Abu Dhabi Emirate. situation overall. There was, and supported jointly by the government Before joining Mediclinic, over the continues to be, great collaboration and private sector. Recent tenders span of my 30-year career I worked between the government and private have been issued. mainly in the healthcare sector in healthcare sector in managing the the UK and Africa, and today I look pandemic to maintain the health and In conclusion, I would like to thank forward to continuing to contribute safety of the community. everyone for their support, especially to Abu Dhabi’s dynamic healthcare the Healthcare Focus Group team, industry. A few months into the pandemic and I look forward to sharing with you all the private hospitals in Abu Dhabi regularly the latest news from our view With approximately 60 hospitals, 944 were declared free of COVID-19 of the healthcare industry. Anyone medical centres, 700 clinics and 802 cases. COVID-19 admissions are that may be interested in supporting pharmacies operating in the Emirate currently managed by certain this Group in any capacity, please do of Abu Dhabi, the healthcare sector is government facilities while the private contact me on: joe.hazel@mediclinic. well represented for patients, and has sector facilities have resumed normal ae experienced tremendous growth over activity for both outpatient and the years. The sector is regulated by inpatient services. To maintain the Joe Hazel is Chief Operating Officer – the Department of Health (DOH) who safety of the community and minimise Abu Dhabi Emirate, Mediclinic Middle shape the regulatory framework for the their risk of contracting the virus, East and Healthcare Sector Lead at BBG Abu Dhabi. UK – UAE Sovereign Investment Partnership By Robert Cashmore MBE Middle East and Consul General for the next generation of life science Dubai and the Northern Emirates: “It companies around the country. The On March 23rd, the UK and UAE is a vote of confidence in the UK, and industry, which generates £80 billion secured a landmark £1 billion we look forward to strengthening our turnover a year within the UK and investment deal boosting prospects for innovation-led industries of the future employs more than 250,000 people, is economic recovery after Covid-19. with Mubadala. This partnership will expected to benefit from stronger links benefit both our economies, enabling in life sciences research, education The UAE-UK Sovereign Investment closer ties between businesses in the and closer ties between the UAE and Partnership (SIP) will serve as a UK and the UAE.” UK. coordinated investment framework to grow a future-focused relationship This initial £800 million commitment Over a five-year period, the SIP between the two nations, driving from Mubadala will be deployed will invest across several tech and economic recovery, jobs and growth. alongside the UK’s £800 million Life innovation-led sectors such as The deal will deepen existing UK-UAE Sciences Investment Programme energy transition and infrastructure trade and investment ties that were announced last year, a vital pool that will support job creation in both worth £32 billion in 2019. of patient capital for the sector that nations, strengthen national research will enable more UK life sciences and development capabilities and The new partnership sees Mubadala businesses to scale and grow. The develop new areas of investment committing £800 million of investment OfI and Mubadala will work together collaboration. into the UK life sciences sector over to identify commercially viable Robert Cashmore MBE is Director the next five years, creating jobs and opportunities for investment into the for Investment for the Middle East, growth throughout the country. sector. Afghanistan and Pakistan, Department for International Trade. According to Simon Penney, Her Combined, these funds will provide Majesty’s Trade Commissioner for the much needed stable investment into Vol. 24 Issue 1 Spring 2021 8 CAPITAL LETTER

BBG AND EMBASSY UPDATE The Relaunched UAE-UK Business Council By Paul Sharkie emerging infrastructure opportunities This brings me to the most in both the UK and the UAE, and important part of our restructuring; Although rather less dramatic we plan to hold an event on this we have established what our unique than the Hope probe’s lift-off from during Dubai Expo – more news on value proposition is in terms of UAE- Tanegashima Space Centre in Japan, that in due course. In the latter, we UK trade and investment relations. the UAE-UK Business Council has brought together senior academic Our aim is to support and add value recently had a relaunch of its own. and business practitioners to discuss to the exchanges taking place at Our new website has now gone how both countries were creating Government-to-Government level live, our sectoral Working Groups more positive attitudes towards TVET on market access and regulatory are firmly focussed on delivering among both young people and older issues (known as the Joint Economic specific outcomes, and we have a employees wishing to embrace life- Committee) by ensuring the views busy events calendar for the year long, career-based learning. and concerns of the business ahead; one that will hopefully become in-person events as we reap the Admittedly, the last year has communities in both markets benefits of successful vaccination been difficult for us all, but I am contribute to these dialogues. The programmes – particularly in the UAE so glad that we have been able to Working Group activities are therefore and the UK. engage with our members – both aligned with these objectives as well new and existing – to bring some as having the additional focus of We have also given a lot of really great conversations to life. We identifying emerging trends and future thought to how we add value to the are particularly looking forward to opportunities for collaboration. existing community of organisations hosting a series of events at Dubai supporting trade and investment Expo and supporting both UAE and A recommendation from the most between the UK and the UAE – not UK campaigns relating to COP26 recent Joint Economic Committee least the BBG Abu Dhabi. One which will also deliver insightful meeting was to offer more support of our USPs is that we are a Joint events across an increasing range of to SMEs seeking to do business in Secretariat, representing the interests sectors. each other’s markets. To support of UAE member companies and this, we have introduced a new, stakeholders as well as our UK Our five sectoral Working Groups affordable membership tier for SMEs participants. We aim to be a ‘thought are already making a positive impact and academic institutions. We are leadership forum’, bringing together in developing new partnerships in also keen to ensure our membership business leaders and entrepreneurs sectors such as hydrogen, fintech represents the business communities from both countries to discuss trade and digital health. The Working in all seven Emirates as well as all policy and market access issues Groups, each Chaired by eminent English Regions and the Devolved impeding growth in bilateral trade and specialists in their respective fields, Administrations of Scotland, Wales investment. We also aim to identify cover themes such as Innovation, and Northern Ireland. If you would opportunities for closer collaboration Future Tech and the Fourth Industrial like to join, or simply want more in emerging trends and business Revolution, Education, Skills and information on membership, please opportunities. Culture, Healthcare, Hydrocarbons do get in touch. and Sustainable Energy, and Industry Paul Sharkie is Deputy Director, Our new website and Infrastructure. UAE-UK Business Council. (www.uaeukbc.org) launched in March and aims to be a useful tool CAPITAL LETTER 9 for our members and guests alike. Once we got past deciding colour palettes (never to be underestimated), we developed entirely new content intended to reflect the interests and priorities of our members and Working Groups. Visitors can now see messages from our two new Co- Chairs, Lord Udny-Lister, PM Boris Johnson’s Special Envoy to the Gulf Region, and HE Ahmed Ali Al Sayegh, Chair of Abu Dhabi Global Markets and Minister of State; sub-sites for the key sectors covered by our Working Groups and a section for content such as articles and publications which we are very keen to upload from our member companies. Recently, we also held virtual round tables on infrastructure and vocational training (both of which can be viewed on our YouTube channel). On the former, industry leaders discussed opportunities for collaboration in Vol. 24 Issue 1 Spring 2021

BBG AND EMBASSY UPDATE BBG Abu Dhabi Events Update By Nancy Power third virtual Business Briefing took Co-Chair as the keynote speaker, place on 31st March, 2021, with a presentation of the UK Pavilion at Following the announcement by the Her Majesty’s Ambassador Patrick ADIPEC by Stuart Broadley, CEO of Department of Culture and Tourism Moody providing an update about EIC, an insightful ‘Overview of GCC on 8th March, 2021 of the lift on the the UAE’s announcement of the ‘The Energy Market’ by Ryan McPherson, almost year-long ban on live events, Year of the 50th’, an overview of the Director, Middle East, Africa & CIS it seems an opportune moment economic climate, the UK and UAE’s and an update on Department for to reflect back on the past year of trade relationship and FTA update, International Trade regional contacts BBG Abu Dhabi pivoting into virtual the importance of the launch of the by Euan MacKinven, Regional Energy events and how we have continued UAE and UK Sovereign Investment Specialist, DIT. Unfortunately, the to support sponsors and members Partnership and Expo 2020 as a annual BBG Abu Dhabi Christmas virtually during the pandemic. global event. Ball could not take place due to COVID-19 regulations, however the On 28th May, 2020, the first virtual Aside from the regular Business celebration was still marked by a BBG Abu Dhabi Business Briefing Briefings, BBG Abu Dhabi has Christmas video message from Her took place and was attended by 177 continued to lead on events with Majesty’s Ambassador to UAE Patrick members. The event was moderated Her Majesty’s Government, we Moody and BBG Chairman Nick by our BBG Chairman Nick Cochrane- have supported a diverse range of Cochrane-Dyet MBE. Dyet MBE with addresses from Her events throughout 2020 and continue Majesty’s Ambassador Patrick Moody to do so in 2021 with an average The start of 2021 saw the and Her Majesty’s Consul General of six virtual events per month. informative overview of ‘The Global Andrew Jackson. Included were On 21st October 2020, BBG Abu Business Network and What It Means updates on the COVID-19 situation, Dhabi was joined by Laura Faulkner for You’ on 12th January, 2021 with which, unbeknown to all of us, was OBE, UK Commissioner General & Graham Outterside, Chair of BBG only in the early stages at that time Project Director Expo 2020 Dubai. Abu Dhabi Strategy Sub-Committee and closing remarks from Chairman Laura gave a detailed overview and Anne-Marie Martin, Director of BBG Dubai & Northern Emirates, of the UK Pavilion at Expo 2020, Global Business Networks, British John Martin St. Valery. On 26th announced details of the launch Chambers of Commerce providing November, 2020, the BBG Abu Dhabi of the Soundscape Campaign and details of the advantages of BBG Corporate Representatives Meeting took questions from the attendees. Abu Dhabi becoming a fully- fledged was followed by a second BBG The annual BBG Kick-Off ADIPEC British Chamber of Commerce in the Business Briefing which included Her Business Breakfast was transformed future. One of the advantages of the Majesty’s Ambassador to UAE Patrick into a virtual version on 9th global network was tested on 2nd Moody’s address and presentation of November, 2020, with Dr. Saif Sultan March, 2021, with BBG Abu Dhabi’s BBG Abu Dhabi’s Strategic Review Al Nasseri, CEO of ADNOC Gas first virtual speed networking event by Tim Allen, BBG Abu Dhabi Group Processing and UAE-UK Business with Bahrain British Business Forum. Communications Secretary. The Council Energy Working Group The event was also attended by Her 10 CAPITAL LETTER Vol. 24 Issue 1 Spring 2021

BBG AND EMBASSY UPDATE Majesty’s British Ambassador to more women both to the committee Corporate Golf Day that offered Bahrain, Roderick Drummond and and as members, that we plan to golfers a chance to get back on Her Majesty’s Trade Commissioner ensure gender parity at future events the course and network, and diners and Her Majesty’s Consul General and support and empower women an opportunity to enjoy a buffet at to Dubai, Simon Penney, who in busines both at a corporate and sundown, all of course following both addressed the UAE and entrepreneurial level. We will be stringent Covid-19 regulations. We Bahrain business communities and arranging focus groups to reach out sincerely hope that this will be the participated in the speed networking to female members for vital input and start of live events back to stay, while breakout rooms. We look forward to ideas. recognising that hybrid solutions are expanding future speed networking likely to become the new norm. opportunities to the wider GCC and BBG Abu Dhabi also developed region. The highlight of March 2021, a Sponsorship Webinar package Nancy Power is Deputy Chair and was our first Virtual Trade Mission with providing the opportunity for Events Secretary of BBG Abu Dhabi Aberdeen & Grampian Chamber of companies to address the and GM of BSL Middle East. Commerce. membership of BBG Abu Dhabi on a virtual platform at a very competitive During the pandemic, BBG Abu rate. We also held extremely Dhabi supported a diverse range of informative webinars with The Fry virtual events from Etihad Airways Group and Grant Property across Wellness Webinar to Digital Content 2020 and into 2021, where experts Marketing with the Swiss Business provided updates on tax implications Council and ‘The Role of Women in and UK property market insight to our Business Groups’ organised by the membership, both based in UAE and International Business Women Group, UK – the benefits of a virtual session! where I spoke. I explained that as part of our current strategic review Finally, I am delighted to announce we are considering how to attract that on 15th April 2021, we had our first live event, BBG Abu Dhabi Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 11

INSIGHT BBG Abu Dhabi interviews Amber Does the book offer any advice challenging part of your fight for Waheed, the author behind the book for people in the UAE looking to justice? The Great Fraud Fightback in which invest? There were many challenges. There she documents her journey through Yes, the information in the the UAE judicial system and offers a book will educate you was no contract between myself and roadmap to help others navigate similar about the financial advisory my former financial advisor; complex legal cases. Her new book industry and if you are I had transferred my money reveals how investors can win cases thinking about becoming myself out of the country against rogue financial advisers. an investor it will show you to the Financial Service Amber Waheed, a life and business exactly what you need strategist living in UAE, was duped to know to protect your out of investing the equivalent of money, your savings and US$80,000 into investment funds future financial security. that she thought would be low risk. And if you are, or have Instead, her financial adviser, who been, a victim of this ran an unregulated firm, invested type of crime, it shows Amber’s money into riskier alternatives you everything you in order to generate large amounts of possibly need to The Great Fraud Fightback commission for himself. She was one know to get your money back in UAE, Provider in Jersey to set up my Trust; of several clients to suffer substantial or in Jersey if you were to pursue a I signed over a Power of Attorney, losses as a result. court action there. and I signed off every investment fund Amber, congratulations on Do you think this level of my advisor made on my behalf for winning a landmark legal case in deception is still happening in the my Trust. As my advisor was paid his UAE. What was your motivation to UAE? fees directly by the Financial Service turn your story into a book? This type of deception unfortunately Provider from my cash in the Trust, I was quick to learn what had affected appears to recur with alarming there was no link between my advisor me so profoundly was experiencing frequency. Relying on a long list of and me or a paper trail. These facts something that affects, at some point, references is not enough, even if they alone, is widely known, to be enough almost half of the expats in the Middle are longstanding clients. If you’re for judges to open and shut a case. East: financial advisory fraud. The main planning to work with a financial What do you invest in now? reason for me was to educate people advisor, and if you do your homework, I invest in stock index funds. Today, through my experience, in various and know your numbers too, you to lower your exposure to risk, areas, and spread the experience – may be able to spot the wood from a good advisor will recommend and a book is the best medium to do the trees, meaning there are plenty asset allocation, diversification and that. of financial advisers who are honest rebalancing, and have the skills and and hardworking who do not prey on experience to put those into practice 12 CAPITAL LETTER people’s desire to save for the future. for you. What three tips would you offer someone who is looking to re- One crucial piece of advice is to evaluate their financial future? avoid start-up companies, as they tend If you are concerned about your to be high-risk investments for short- finances right now speak to a chartered term gains. The risk is that the funds financial planner in the highly-regulated can be suspended and illiquid at any DIFC or ADGM free zones and ask given time. If you don’t have the option them to review your investment to sell your investments at any time portfolios. without a penalty, it tends to mean high fees and long lock-in periods. Also, Understand the financial valuation know where your funds are domiciled, statements that you receive from your and the tax position so to avoid being advisors and know the real value of slapped with a hefty tax bill. your investments. I was always told What are they next steps for you the valuation of my portfolio was a lot on this journey? higher than it actually was. How to financially educate yourself is key. And for this reason, I partnered Do a quick check that your financial with a local sponsor and we are affairs are in safe hands and that you conducting a series of educational are legally protected. Make sure your podcasts starting from May, to advisor is qualified, licensed and share with people the right investing regulated. education and help them avoid the The book offers an expat’s view costly mistakes that most investors of the process that goes into make. bringing a criminal and a civil case The Great Fraud Fightback is available on to UAE court against a financial Amazon. For further information, Amber can be advisor, what was the most contacted on [email protected]. Vol. 24 Issue 1 Spring 2021

INSIGHT By Sam Instone fiduciary means far greater peace of What type of service level mind and security knowing the firm agreement do I have and can I With all the many paths to getting you deal with is built on integrity and see it? rich, losing your wealth can happen trust. A good firm will give you a detailed remarkably quickly with a single poor client agreement clearly detailing decision. What services do you offer? what you can expect and the Some firms offer a variety of services, protections that are in place for your This area can be incredibly and some merely offer investment benefit. complex and my decades of management. We strongly suggest experience indicate that poor Amber you make sure the firm you select Will you be the only one is at the outset of her learning includes comprehensive financial journey. planning, and they either cover other working with me? specialisations you may need or can Financial services in the UAE has its As a former British Army officer and roots in product-selling through self- Protect Your Investments leading investment professional, I refer you to experts in those fields. employed individuals. Modern firms founded AES in 2004 to help address Can I see an example of a tend to operate in teams, bringing the sub-optimal investor outcomes financial plan you would give together a whole team of experts commonly found within international to me? to deliver a value-added service, markets. My favourite themes centre Being pitched on products or customised advice, support and upon the behaviours and mindset investment strategies before creating guidance to help you achieve your required to help senior executives a plan is an indication that your goals. Beware of rugged individuals and family business owners make adviser may not be acting in your who operate on their own as they good decisions and live successful, best interests. A written cashflow may be a lone wolf. meaningful lives, free from financial plan is the map which guides you to worry and complexity. making the best decisions on how to How much experience and what achieve your goals. Sometimes this qualifications do you have? If you’ve delegated the may not include investing at all. Can I see the certificates? responsibility of managing your What is your fee structure? The advisory team you work with wealth to a financial adviser, or are There are several ways an adviser should be a “collective mastermind” considering doing so, here are a few or firm can be compensated. Two with varying expertise. Ensure the questions to ask that will help: common forms of compensation are people who are managing your commissions and fee-based. You financial plan and investments have How are you regulated in the need to be comfortable with how received the expected education, you’re paying for advisory services, credentialing and training necessary UAE? Can I see copies of your and make sure there are no hidden to give the advice you seek. I’d license and your professional conflicts of interest, which can at recommend only dealing with indemnity insurance? times benefit the adviser more than Chartered or Certified Financial Hundreds of boiler rooms operate the clients. Planners but this alone doesn’t within the UAE and if you fail to deal Who is your typical client? guarantee success. with a regulated firm, like Amber did, Do you fit that mould? If not, are they you are not dealing with a financial going to be the best firm for you or is How would you invest my adviser but a scammer/criminal. there a different firm that specialises in situations like yours? The value of money? Are you a fiduciary? Can I planners is in the quality of our work, A good firm will have an Investment see the certificate and a legal not the sheer number of clients. At Committee and offer you an opinion? AES, we limit the most complex work Investment Policy Statement to help Make sure your adviser does not we do for people who stand most to you understand the way they may work for a firm (such as a bank gain from it – and that tends to be invest your money. You need to read or broker) that allows them to sell business owners and top executives this, research it and see if you agree their own proprietary or preferred with a substantial amount of assets with the philosophy and approach products. Both these restrictions and complexity. You need to find a they explain. limit your investment options, firm that is right for you. restrict objectivity, and can cause Sam Instone is CEO of AES. conflicts of interest. Opting for an independent, objective and certified CAPITAL LETTER 13 Vol. 24 Issue 1 Spring 2021

INSIGHT Updating Company COVID-19 Procedures By Caroline Savage stakeholders, such as suppliers or • What work activity will they be customers. doing and for how long. As the pandemic endures, and • The pandemic situation changes the situation continues to evolve, positively or negatively. • Can the work be done safely. many companies are now looking at • It is very important to keep • Do control measures need to returning to full business activities track of updates issued by local with staff resuming work in offices governmental authorities regarding be put in place to protect the and other places of work, or making all issues related to the pandemic to employee. temporary home working now a ensure full compliance. • What safety information is needed permanent solution. to be given to the employee and is Safeguarding employees who training required ? No single health and safety strategy continue to work from home Other issues to be considered are and/or procedure guidance has those that include; monitoring new been issued, but there are general Although the employee working from and expectant mothers, the provision procedures that may be followed home will probably encounter fewer of first aid and the reporting and to help ensure work is conducted hazards than working in their normal recording of accidents. as safely as possible for both the environment, it is still important they All employees working from home company and employees. know what the risks are and what to should expect the same standards do about them. It is also important extended to them as those provided A recent survey by Envoy that employers do not become blasé to ‘regular’ workplace employees. showed that 66% of people were about health and safety in the home The workspace at home should concerned about returning to work, environment. be adequate for the needs of the fearing it may “compromise their employee and a suitable workstation health and safety”. Consulting with Some of the most common risks that should be available. Suitable work employees, discussing how the risks home-workers may face are: equipment should also be of the of coronavirus are being reduced in • Manual handling. same standard as the equipment the workplace and informing them • Working alone. provided to workplace employees. of the control measures that are in • Work equipment. Computer users should be provided place to protect them is vital. These • Hazardous materials and with a good quality ergonomic chair, discussions also give employees the a standard desk and the relevant IT chance to tell the employer if they are substances. equipment. worried about any workplace risk, • Display Screen Equipment (DSE). Whilst the employer has a influence decisions about health and • Trips, slips and falls. responsibility to keep homeworkers safety and discuss additional support • Work-related stress. safe through regular assessments they may need if they are in a higher- • Electrical equipment – if the and reviews of home-working risk group. policies, there are measures that the employer has provided the electrical employee can take themselves to Every workplace should have a equipment they have a responsibility ensure that they are working safely in COVID-19 Risk Assessment that is to ensurethe equipment is fit for a safe environment. regularly reviewed as circumstances purpose and maintained. Before starting work each day, change. Your risk assessment should In addition to employees concerns check the workstation. Make sure identify what work activity or situations over returning to the workplace, it is set at the right height and may cause transmission of the virus, employees who continue to work from comfortable. If for any reason the think about who could be at risk, home can encounter work-related workstation becomes uncomfortable, decide how likely it is that someone stress that affects their mental health. highlight the concerns to the could be exposed and act to remove Being away from managers and employer. Suffering discomfort whilst the activity or situation – or, if this isn’t colleagues could make it difficult for working could cause long-term health possible, control the risk. them to get proper support. problems in the future. The employer should put The employer should also provide It should include practical measures procedures in place ensuring a checklist and instructions on what the employer can take, such as they keep in direct contact with to do if electrical equipment fails. putting physical distancing measures homeworkers to recognise the signs If a fault is noticed with electrical in place, staggering shifts and of stress. If contact is poor, employees equipment, for example, a faulty plug, providing additional handwashing may feel disconnected, isolated or it should be reported to the employer facilities. abandoned. It is also important to immediately. Electrical equipment have an emergency point of contact problems should be treated as a This risk assessment should be and share this with employees, so matter of urgency as they pose a high reviewed and updated if any of the people know how to get help if they risk. following occur: need it. Caroline Savage is General Manager, • One of the staff gets infected in the An employer has the same health Corporate OHS – Health and Safety and safety responsibilities for Consultancy. workplace. home workers as they do for any • New control or precautionary other employee. When someone is working from home, permanently measures are introduced by or temporarily, an employer should authorities. consider: • Change in work routine or pattern • How to keep in touch with the due to changing pandemic employee. circumstances. • Change in requirements by any Vol. 24 Issue 1 Spring 2021 14 CAPITAL LETTER

INSIGHT By Seona Shand with so many people in a short The event was marketed and more amount of time when a trade mission than 50 delegates attended, with How easy is it to find a traditional is well organised. overwhelmingly positive feedback: Scottish pipe band in Abu Dhabi? Very, as I found out on my last trip to the Before I took the first delegation “What a brilliant event, thank you. Emirates. out to Abu Dhabi, I did my Arguably the best panel I’ve been a homework and one organisation delegate to on any virtual meeting so For over 10 years I’ve led on the that came up time and time again far within the last 12 months.” co-ordination of inward and outward was the British Business Group trade delegations for Aberdeen & Abu Dhabi, helping companies “Really good variety of speakers, the Grampian Chamber of Commerce, or individuals from the UK with ADNOC presentation helped explain the and during that time have had the business interests in the region and process of how they chose vendors well.” pleasure of leading two to Abu Dhabi a membership organisation like as part of our efforts to help businesses ourselves. “A good background to the scale operating in a variety of sectors explore and range of opportunities in the international business opportunities. I reached out and made sure region and the importance of local that they were one of the first partnerships – ideal for somebody The Chamber advises on all meetings I held. The team were looking to target the region for the first aspects of international trade in incredibly welcoming, helpful time.” countries around the world, supporting and informative and we stayed businesses and helping them succeed in regular contact, referring in overseas markets – from providing businesses to each other when certificates of origin and ATA carnets, help was needed. When Trade Missions Go Virtual to legalisation of documents and letters Enquiries for Abu Dhabi/the UAE The ideal next step would be to of credit. Our trade missions, however, were still coming through thick and fast host an in-person trade mission to provide an excellent opportunity for to me, particularly after the departure Abu Dhabi in 2022 and working in our members to be introduced to key from the EU and from the energy partnership with the British Business business contacts, distributors, agents, sector, so when we moved our trade Group Abu Dhabi once again (if it ain’t partners, buyers and sellers as well as missions online after the world closed broke, why fix it!) along with many of receiving country briefings and supply down due to CV19, I knew a virtual the participants from our virtual trade chain opportunities. trade mission to Abu Dhabi would be of mission. great benefit to businesses in Scotland. The last trip I made was during Abu Dhabi, like many other ADIPEC, and I was grateful to accept I reached out to the BBG Abu countries, is looking at a period of the hospitality of the Abu Dhabi Dhabi team and they agreed to work energy transition and an alliance has Chamber of Commerce following on in collaboration with us. Within a few been formed to make it a leader in from their visit to Aberdeen. The trade weeks the date was set; Sinead had producing green and blue hydrogen mission was an incredibly full five days approached and secured an incredible as well as working to build a green of meetings, networking, functions, line-up of speakers from ADNOC, BP hydrogen economy throughout the exchanging business cards, listening UAE, Shell UAE, Al Yaseah Group UAE and eyeing new partnerships in to presentations and a little bit of time and The EIC for our energy-sector carbon capture technology as ways of for socialising, hence the unexpected focus and the Abu Dhabi Chamber reaching global climate goals. Energy sight of some tartan-clad pipers. of Commerce, Abu Dhabi Investment transition and the race to net zero may Office, Abu Dhabi Global Market, well be the focus, particularly following The benefits of being in-country are Gateway Group of Companies, on from COP26, and there will be many numerous, particularly when linking in Clyde & Co, Scottish Development opportunities around the globe for with exhibitions and conferences like International and the Department for businesses to collaborate and innovate. ADIPEC. When it comes to influencing International Trade for our overview of a decision, nothing competes with doing business in country. Sustainability, net zero and climate face-to-face interaction. It doesn’t resilience increasingly underpin city matter whether it’s a product or service, The next stage is to follow up with and country regional brands and being able to present the opportunity the delegates and find out if there’s reputation and the synergies between and answer any personalised any forecast for increased export Aberdeen and Abu Dhabi’s energy questions is invaluable. Similarly, it can sales, any new jobs created or new sector will help with the major changes create a lasting impression when done contracts secured and whether there’s in behaviour and lifestyle and being well. an opportunity for business-to-business places ‘known’ for embracing positive introductions to be made directly. change will make this shift easier. Even if it’s a case of exchanging These trade missions are about business cards at a networking event, creating real opportunities, making Seona Shand is Commercial Director, each is a lead waiting to be captured meaningful connections and helping Aberdeen & Grampian Chamber of or a supply chain opportunity awaiting win business. Commerce. follow up and, of course, you can meet CAPITAL LETTER 15 Vol. 24 Issue 1 Spring 2021

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INSIGHT In Country Value and Adapting to Change By Martin Whaley success, driving US$12 billion into companies looking to enter the UAE the local economy, and employing market, but also the ones already With the challenges and opportunities 1,500 Emiratis in the private sector established here. facing the UAE Energy sector, (2019). Over 30,000 companies are companies established here, and now ICV Certified. In 2020 Abu Dhabi Companies are more connected organisations entering the market, Department of Economic Development globally than ever before. With an extra are forced to adapt quickly to change (ADDED) joined hands with ADNOC push received from the ongoing global according to customers evolving to launch the concept of a unified ICV pandemic, only being able to reach our demands and increased competition. process for suppliers across the UAE. customers and suppliers online and Gone are the days when importing and Abu Dhabi Ports, Mubadala Investment exposing our brands through digital trading equipment was easy, deals were Company and ENEC quickly followed on marketing. However, for the UAE ICV made on good connections only and, announcing their participation too. programme this is not enough, and during the best years, ADNOC seemed long-term decisions and commitments to have a demand for everything relating If the end user of your product or need to be made towards creating ICV to oil and gas equipment and services. services is ADNOC, or any other value, when setting up your office and Government entity in the UAE, you facilities, and bringing your products The UAE has been relying too much will be required to take a closer look and services to your target customers on foreign technology and manufacturing at your supply chain. Pre-qualification in the UAE. and needs to localise critical as a supplier with ADNOC is step functionalities in the oil and gas industry. number one, but coming in second of Done in the right way, there will Which is why ADNOCs In Country Value successfully entering the UAE market be a lot of good opportunities for (ICV) programme was launched in 2018. these days is how you can generate UK Companies to get properly It has now evolved to its third revision, the highest possible ICV score in your established here in the energy market. with an overall ICV score not only being submitted tenders. Partnerships and With close to US$30 billion in project calculated on local spending in the UAE the right strategic alliances are more announcements expected from and hiring of local employees, but also important than ever to create and ADNOC in 2021-2022, this is the right asking EPC companies to commit and increase a combined ICV score but, time to get established in the UAE, provide an ICV improvement plan for in addition, thorough market research build your ICV score with others and each major project with ADNOC. and competitor monitoring also needs become a local supplier. an increased focus. Not only by British Martin Whaley is Business The ICV programme has been a Development Manager at Al Yaseagh Group. Changing Energy Landscape Results in New Trends By Lee Bailey same graduates who would historically industry. In a candidate, it is important have chosen careers within oil and gas. to find the right mix of a forward- Travel restrictions have impacted thinking mindset and impressive countries around the world, with New job roles have evolved in data technical knowledge. visa cancellations, quarantine rules science, analytics and advanced and lockdowns impacting worker materials development. As the digital Leveraging the flexibility of movement. The geographical talent infrastructure of businesses change, technology pool that businesses usually access for that in turn leads to a more efficient searching and selecting new personnel supply chain. The IOC operating Digitalisation is prevalent in all modern has changed. model for digitalising is broken down recruitment operations. Leveraging into several key functions; research technology to conduct interviews is The traditional demographic of and development, new approaches key. In an environment of travel and relying largely on an expatriate to fuels and products and end-to-end personal contact restrictions, NES workforce is being severely challenged operations. All functions can leverage is supporting its clients with video with new emerging talent evolving new approaches to data collection technology to connect them with in new lesser-impacted COVID-19 and analytics and change significantly candidates and delivering the capacity affected countries, local talent with the use of data for business to interview anywhere through a mobile pools within the immediate area or improvement and to drive efficient device. neighbouring country are hugely process. attractive propositions for hiring Questions can be pre-recorded for managers. However, this, coupled with the fact candidates to answer in their own time that a much larger percentage of the or clients can conduct a live interview. Evolving talent demands and population are now working from home, The link can be shared with other skills shortages means that data is becoming more stakeholders, overcoming current prone for exploitation. It is integral that logistical constraints. Following the last downturn and all organisations plan for cyber security consequent cuts in graduate within their infrastructure, yet the skills Digitalisation, when approached recruitment and apprenticeships, gap for cyber security professionals is correctly, will be a game changer accessing skilled talent has been a growing. It is becoming tougher and for all businesses across the energy significant challenge. Additionally, there tougher for organisations to find skilled spectrum, and a trend they must are the new challenge of digitalisation. people who can professionally handle embrace in order to thrive in a post the enormous task of securing an pandemic world. Technology skills are in demand organisation’s data, irrespective of their Lee Bailey is Regional Sales Director and competition for engineering talent at NES Fircroft and BBG Abu Dhabi is fierce with tech firms targeting the Technology and Innovation Sector Lead. Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 17

SPECIAL FEATURES UAE’s Golden Jubilee HH Sheikh Mohammed bin Rashid preparing a comprehensive plan the aspirations of the country in Al Maktoum, Vice President and for development in the UAE, the next 50 years. The launch Prime Minister of the UAE and Ruler developing the government of ‘2020: Towards the next 50’ of Dubai, and HH Sheikh Mohamed administrative system to make the comes at a turning point in UAE bin Zayed Al Nahyan, Crown UAE the fastest and most flexible history, as it prepares to celebrate Prince of Abu Dhabi and Deputy and adaptable government to the 50th anniversary of its union Supreme Commander of the UAE future changes, and engaging all in December 2021. The UAE’s Armed Forces, announced 2020 segments of the society in shaping Golden Jubilee marks a major to be the year of preparation for life in the UAE over the next 50 milestone that calls for revamping the next 50 years. Themed ‘2020: years. The Committee’s tasks also the country’s development model. Towards the next 50’, the year will include drawing a new economic Institutional efforts across the witness the launch of the largest map for the UAE and developing UAE will be coordinated, and national strategy to prepare the projects and policies to make giant innovative expertise, talents and UAE for the next 50 years and its leaps in the national economy. It capabilities will be harnessed to Golden Jubilee celebrations in 2021. will also work on cementing the soft design new systems for the next Federal and local government will power of the UAE and establishing 50 years. A social vision will be coordinate, along with individuals media systems to share the UAE developed to ensure engaging the from all segments of the society, story with the world, bringing whole society in shaping the future to participate in shaping life in economic and social returns that of the UAE to become the most the UAE over the next 50 years. enhance opportunities in the new advanced country that embraces Their Highnesses also announced economy. It shall further review the the best wellbeing strategies the formation of two committees federal local coordination system worldwide. to achieve the goals of ‘2020: and set new mechanisms and Towards the next 50’. The first systems to achieve integration in “The year of preparation for committee, chaired by HH Sheikh all sectors. Among the Committee’s the next 50 requires community Mansour bin Zayed Al Nahyan, responsibilities is developing vital collaboration to advance our Deputy Prime Minister and Minister sectors including health, education, development drive and its of Presidential Affairs, and HE housing, transport and food security sustainability, and fulfil our Mohammad Abdullah Al-Gergawi, across the UAE to increase future aspirations to a better future Minister of Cabinet Affairs as his readiness. It will also develop a for our UAE,” said HH Sheikh deputy, is tasked with developing a comprehensive vision for the UAE Mohammed bin Zayed Al Nahyan, comprehensive development plan society over the next 50 years that Abu Dhabi Crown Prince, Deputy for the next 50 years. adapts demographics, family life Supreme Commander of the and cultural identity to a rapidly- Armed Forces. The second committee, chaired changing world. by HH Sheikh Abdullah Bin Zayed Al “We want to develop our plans, Nahyan, Minister of Foreign Affairs It will set a new system to our projects, our way of thinking. and International Cooperation, consolidate the UAE’s global 50 years ago, UAE founders and HH Sheikha Mariam bint impact, especially in the designed our lives today… Today, Mohammed bin Zayed Al Nahyan as humanitarian and environmental we want to design the next 50 his deputy, will oversee preparations fields, enhance cooperation efforts years for the new generations,” for the Golden Jubilee. with international organizations, said HH Sheikh Mohammed and foster the values of productivity bin Rashid Al Maktoum, Vice The 50-year Development and passion for progress to President and Prime Minister of Plan Committee is charged with prepare the new generation for the UAE and Ruler of Dubai. 18 CAPITAL LETTER Vol. 24 Issue 1 Spring 2021

SPECIAL FEATURES Rolls-Royce’s pioneering bias-control AI therefore a checklist for organisations to to invite critique and collaboration ethics toolkit, the Aletheia FrameworkTM consider the impacts of using artificial from the global AI community to seek is building trust, unlocking opportunity intelligence prior to deciding whether improvements. The decision to publish it and establishing accountability. to proceed to implementation. The 32 follows a recent breakthrough in speech principles form metrics for executives software for people living with motor- Artificial Intelligence (AI) is fast and boards to provide evidence that neurone disease (MND), motivated becoming a global pre-requisite for these criteria have been rigorously by a Rolls-Royce colleague who had industry, business and public services, considered. Once the AI has been personal experience with the disease. but gaining stakeholder and consumer applied, the framework includes trust in its application remains a a five-step continuous automated The software improves the quality challenge. After many years of using checking process, which tracks the of life of people living with MND who AI across its scientific and engineering decisions the AI is making to detect struggle to speak clearly, by using AI businesses, Rolls-Royce has now bias or malfunction and allow human to learn their voice, idioms, emotional created a ground-breaking open-source intervention to correct it. inflections and phrases, so they can standard of ethics and a framework of interact quickly with those around them. governance, to help increase trust in Why did Rolls-Royce create the AI so that its potential can be unlocked Aletheia Framework? Open-source, free to all – something which PwC suggests could add US$15 trillion to the global Rolls-Royce is a global industrial Rolls-Royce views the Aletheia economy by 2030. technology leader and has used FrameworkTM as a new standard of artificial intelligence for decades across ethics and trustworthiness in AI that Rolls-Royce’s framework is therefore multiple processes. In jet engines, AI it believes is too important to keep to particularly topical as it seeks to help is used to analyse more than 70 trillion itself, which is why it is freely available overcome any negative sentiment, data points across 26 dimensions to to everyone. Rolls-Royce is deploying it within its own business and believes Trustworthy Artificial Intelligence culminating in its breakthrough work on maximise the amount of time they fly that if organisations around the world AI ethics and trustworthiness to help and to improve their sustainability. use it comprehensively, it could help support the future health, wealth and build public trust in artificial intelligence, growth of the world. The comprehensive It is also now being developed thereby addressing its key objective. ethical framework and trustworthiness for automated inspections of critical process is free to download from the components and it was this application Artificial intelligence is a complex Rolls-Royce website. that prompted Rolls-Royce to extend subject and the Aletheia FrameworkTM its code of ethics to its use of AI. It hasn’t solved all of its challenges. But Named after the Greek Goddess needed clear answers to key questions it can help reassure organisations, of trust and disclosure, the Aletheia to ensure that AI would be used people and communities that AI Framework™ is a toolkit to guide the appropriately, that it is trustworthy and is being used ethically and makes practical application of ethical AI – above all – safe. It’s that deep safety trustworthy decisions. Ethical artificial projects. It goes beyond theory and culture at the heart of Rolls-Royce’s intelligence will help lay the foundations embraces a clear, 32-step process business that has created the mindset for the opportunities of the digital future. that any organisation can follow so to apply safety principles to data However, the potential of artificial that its AI is accurate, well-managed science. intelligence can only be realised with and has a positive impact. Importantly, public confidence and trust. it does not seek to examine the AI How did it take shape? algorithms themselves, as these can As countries become more digitally be constantly learning and evolving. The Aletheia FrameworkTM has been enabled, people have a right to expect Instead, it provides a checklist of extensively peer reviewed by experts in that AI is used ethically and that it is measures to ensure the initial design of big tech, healthcare, pharmaceuticals, a trustworthy partner for people and the AI application is ethical, and that its automotive, academia and government. society. The Aletheia FrameworkTM outputs remain unbiased and true to the It was during this process that it provides the foundations for that intended design. became clear its applications went to happen, so business leaders, beyond the area of industrial use and academics, technologists and even What’s in the toolkit and how into consumer applications, healthcare, philosophers can now move from does it work in practice? recruitment, security. simply talking about the potential of AI, to unlocking its benefits for the health, The Aletheia Framework™ consists The open-access publication of The wealth and growth of the world. of three principal areas of focus: Aletheia FrameworkTM is also intended Social Impact, Accuracy/Trust and CAPITAL LETTER 19 Governance. Each of these areas has an associated set of contexts and ethics, which‚ in turn, connect directly to a series of realisation principles. It is these 32 realisation principles, or challenges, that must be satisfied for the organisation to deem its AI projects trustworthy and ethical. The Aletheia Framework™ is Vol. 24 Issue 1 Spring 2021

SPECIAL FEATURES PwC’s 24th CEO Survey Report By Stephen Anderson as corporate transformation investment in cybersecurity and programmes, that were conceived data privacy by 10% or more over One year after COVID-19 was and developed before the pandemic the next three years, well ahead declared a pandemic, CEOs are in order to drive growth. of the global average of 31%. In emerging from the crisis in an addition, 41% think their organisation increasingly confident mood as Transforming out of the crisis should be doing more to measure revealed by the Middle East findings cybersecurity. of PwC’s 24th CEO Survey. With In the aftermath of the global mass vaccination programmes financial crisis, only 11% of Middle Another major threat for Middle offering an assured exit from the East CEOs in our 2010 survey East CEOs is lack of skills – 39% of pandemic, regional business leaders planned to increase their digital regional business leaders cite this are more optimistic about their investments substantially. Today, shortfall as a specific issue for their organisation’s growth prospects 59%, and 49% globally, aim to organisation. The encouraging news than their global peers. Some 52% increase their investments in digital is that upskilling and recruitment of of those surveyed said they are ‘very transformation by 10% or more over talent appear to be making some confident’ about revenue growth over the next three years, as a direct progress in addressing the problem, the next three years, compared to response to the impact of COVID-19. with the proportion of Middle East 47% globally. The key role digitisation will play CEOs who are concerned by lack of in the region’s recovery and future workforce skills falling from 80% in This confidence is also reflected growth has been underscored by the PwC’s 23rd CEO Survey to 69% this in the CEOs’ outlook for economic mass shift to remote working across year. growth, with 72% in the Middle East, all sectors. Middle East governments and a record 76% globally, expecting are supporting this transition, as they The road to recovery worldwide economic growth to pursue strategies to build knowledge improve in 2021. By contrast, only economies that leverage digital The survey shows that Middle East 11% of Middle East CEOs felt technologies. CEOs are already navigating their similarly positive about short-term organisations successfully out of global economic prospects in late Resilient CEOs are more the pandemic. To ensure growth, 2019, when the previous survey was acutely aware of the risks they will need to continue to repair conducted. presented by cybersecurity the damage that has been done by and lack of available skills prioritising operational efficiencies Taking the hard lessons and employee welfare. They will from COVID-19 to build more Potential business risks remain high also need to rethink and reconfigure resilient businesses on CEO agendas in the Middle East, their business models and supply with 41% of those surveyed stating chains with a greater emphasis on The survey findings reveal that that they are extremely concerned localisation of suppliers and digital Middle East CEOs are drawing on about cybersecurity. Overall, 74% transformation to capture emerging their experience of withstanding the regard cyberattacks and leaks post-COVID opportunities. To ensure dual shock of COVID-19 and the as worrying threats to growth in all these changes are implemented, drop in oil prices to build smarter, 2021, compared with 68% in 2020; the most successful business leaders more resilient organisations. Two and 52% say that cyber threats will insist on real time reporting at lessons in particular are highlighted feature in their organisation’s risk every stage of this transformation in the results. Firstly, the abrupt management. journey. mass shift to remote working in 2020 amid worldwide economic This growing anxiety about Critically, the survey also suggests upheaval has pushed employee cyber threats across the region that regional businesses have welfare up corporate agendas, with is an inevitable by-product of fast learned from last year’s crisis that 50% of respondents agreeing that and increasing digitisation by the need to restart can happen improving the health and well-being organisations as they implement at any stage in the repair-rethink- of employees should be a business new technologies and upskill their reconfigure process. Dealing with priority, up from 43% in 2016. workforces. A growing number uncertainty is the new normal in a of CEOs have started to bolster world where unanticipated external Secondly, COVID-19’s social and resilience against external and shocks can no longer be discounted. economic impact has prompted internal cyber threats by utilising The survey shows that Middle East 76% of CEOs across the region, in technologies that prevent attacks CEOs have grasped this crucial line with their peers worldwide, to before they begin. lesson. reassess and overhaul business Stephen Anderson is Middle East and operating models, as well The urgency of this is Strategy and Markets Leader, PwC demonstrated by the fact that 43% of Middle East. 20 CAPITAL LETTER Middle East CEOs plan to increase Vol. 24 Issue 1 Spring 2021

SPECIAL FEATURES Regional COVID Vaccination By Victor Tricaud according to plan, the UAE and hold their governments accountable. Israel will likely start gradually easing In the UAE and Israel (the two COVID-19 constraints in a couple States in conflict – including Syria, countries vaccinating the fastest of months. However, few countries Yemen and Libya – will face the worldwide), approximately 29% and in MENA will be able to follow their greatest difficulty in delivering mass 35% of the population, respectively, lead. Many have poorly functioning vaccinations. In these conflict zones, had received at least the first shot healthcare systems, scant public COVID-19 may never be eradicated of a COVID-19 vaccine by 31 funds and large populations spread at all, creating lasting pockets of January. Both countries have largely over large territories. As many as COVID-19 in the same way smallpox, remained on target in reaching their eight states in MENA are eligible for polio and measles have lingered in vaccination goals. the Advance Market Commitment some parts of the world. (AMC), which grants access to the There are political and economic COVID-19 Global Vaccines Access COVID-19 vaccine diplomacy drivers behind these herculean (COVAX) Facility at a reduced cost. inoculation efforts. The UAE is COVID-19-related humanitarian among the region’s economies most States participating in the COVAX assistance and vaccine diplomacy reliant on tourism, international trade Facility are expected to receive (leveraging vaccine supplies to and the movement of people across enough doses to vaccinate at least promote foreign policy objectives) will borders. The emirate of Dubai, 20% of their population in the long- likely increase once potential donors the economy of which contracted term, but this will not sufficiently manage to largely complete their by 6.2% in 2020, has made every curtail the virus’s circulation. Most own vaccination programmes in the effort to keep its economy open to states are supplementing the doses second half of 2021. Some of this aid international tourists and travellers. received from the COVAX Facility will likely come from within MENA. For The UAE hopes to quickly reopen with advance purchase agreements example, the UAE will capitalise on its its borders by vaccinating on a (APAs). Many MENA states, however, position as a global logistics hub to large scale. will not have the necessary funds distribute vaccine doses to the worst- to secure access to enough doses affected countries in the region and Both countries have highly through APAs, and inoculation globally. developed healthcare infrastructure campaigns are yet to begin in ten with good access to vulnerable Outside of MENA, China and Russia populations – aided by MENA states. will likely seek to capitalise on vaccine digitisation – which has Slow vaccination deliveries to strengthen their influence helped distribute the and diplomatic ties in the region. vaccine rapidly. They campaigns run on China positioned itself similarly in the are also rich by regional irregular deliveries early months of the pandemic; for standards. In addition, of small batches of instance, Beijing in April 2020 signed the UAE participated in doses will mean that a US$265 million deal with Riyadh to the three-phase trial of operational disruptions support COVID-19 testing capacity the SinoPharm vaccine, and further waves of on short notice. During the vaccine which ensured access to infections will likely development phase, China secured the vaccine when it was occur across many the participation of six MENA states – completed. The UAE has MENA states throughout including the UAE – in clinical trials of also secured stocks of the 2021. MENA states that its Sinopharm, Sinovac and CanSino Pfizer vaccine – though have large populations, vaccines. Similarly, Russia secured deliveries have experienced insufficient healthcare the UAE’s participation in clinical trials delays – and on 21 January infrastructure and/or of its Sputnik V vaccine. approved the Sputnik V limited funds to acquire vaccine for emergency use. doses – including Iraq, The vaccines developed by Russia Egypt, Lebanon and and China can be stored at much In addition, both countries Iran – will continue higher temperatures than the Pfizer have small populations (at experiencing significant vaccine (which requires extremely just under 10m) distributed COVID-19-induced cold storage) and are therefore over small territories. disruption. COVID- good candidates for distribution in Israel is just 21,000 sq 19-related disruptions countries where setting up complex km. The UAE is four times and restrictions will supply chains may be difficult. Given larger, at 83,000 sq km, intensify as more that these vaccines are produced but most of its population virulent variants spread by state-backed companies, supply is concentrated in a few globally. In many of levels and deliveries can be adapted cities across the northern these states, pandemic- to satisfy policy objectives rather half of the country. These induced disruptions will than strict profit targets. Ultimately, geographical characteristics contribute significantly to Moscow and Beijing could emerge have significantly aided the civil unrest, as the socio- from the COVID-19 vaccination period logistics of both vaccination economic and public with stronger ties with several MENA campaigns. health environments states, particularly in the healthcare deteriorate, and citizens sector. Should their respective take to the streets to vaccine rollouts continue Victor Tricaud is Middle East and North Africa analyst at Control Risks. Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 21

SPECIAL FEATURES Great British People in Business Capital Letter interviews BBG What impact has COVID-19 technologies will support this hybrid members every issue to help us get had on your business? model to create engagement and to know them. This time we speak to even more productivity. And we’re Heather Salmond, Partner and Head The global pandemic saw us become putting inclusion, diversity and mental of Brunswick Abu Dhabi. closer to our clients, perhaps more health at the centre of our business. than ever before. In fact, we have What is your current role conducted 300 conversations across What challenges do you and responsibilities? 25 markets with our clients and found face? that trust between Brunswick and our I am a Partner with Brunswick Group, clients is deeper than ever. As the head of an office, I face the a global critical communications same challenge – engaging with firm, and head up Brunswick in Abu Clients are increasingly coming employees virtually. Happily, we Dhabi. to us for more advice around hire bold, curious and exceptional how to engage employees fully people and we’re “seeing” more of Brunswick supports companies with and meaningfully in this changed each other since this virtual world critical communications challenges corporate world. While people have allows for meetings at any time. such as corporate reputation generally adapted extremely well and Conversely, the lines between office positioning, financial transactions, shown tremendous resilience, our and home have blurred significantly. investor engagement, employee clients are mindful of emphasising Our challenge, therefore, as leaders engagement and managing the the need for better employee is to acknowledge and address communications around major engagement, better technology and anxieties that arise and actively put in issues or crises. We help companies better security. measures that alleviate stress. navigate the complex array of societal challenges – such as climate change As a professional services firm, Excitingly, we will be moving to and inequality – as well as articulating internally we focus on the well-being Yas Creative Hub with our partner a company’s ‘purpose’ and of our people and the robustness twofour54 this year, and we have developing leadership campaigns on of our technology and security. For had to think through the office social issues. our clients, we believe that cyber fit out to accommodate a hybrid security is not just a technical issue working model and consider new Abu Dhabi continues to propel but a business imperative. We technologies to make all this work transformational growth in non- believe that investing in new, creative seamlessly. oil sectors – from technology to education, renewables to healthcare Vol. 24 Issue 1 Spring 2021 and creative to cultural. Organisations and businesses alike are grappling with recovery plans, future growth and challenges, as well as retaining talent. With change comes a focus on communicating effectively and ensuring that communications strategies reflect sustainable business plans. What brought you to Abu Dhabi? After 13 years in the City of London focused on communicating clients’ equity stories and financial propositions, I was looking for something different. An opportunity arose to head a global communications consultancy firm in Abu Dhabi. Following this, I joined Brunswick eight years ago as a Partner and two years ago became head of Brunswick Abu Dhabi. 22 CAPITAL LETTER

SPECIAL FEATURES Can you describe a typical age I set up a boutique financial that education provided a great local client in terms of their communications firm in London with needs from you? three others. So, for a long time I’ve childhood for them, paying for so been responsible for the success many through school. Under my We are fortunate to act for some of of client work and teams. With mother’s guidance, for the last 10 the largest listed companies in Abu experience, I’ve come to appreciate years I have also put a number of Dhabi and we’ve communicated my own unique style - a mixture of a children through school in Kampala, significant consolidation stories in strong work ethic, compassion and Uganda, where I grew up. The kids banking, utilities and healthcare, for drive to succeed. need the fees, of course, but also example. shoes, reems of paper, brooms, What would be your advice uniforms and bedding. There are Typical clients are homegrown for a company thinking some success stories – Henry Abu Dhabi government-related about entering this market? became an electrician; Brian works entities, multinationals looking for a footprint across the Middle East and Abu Dhabi and the UAE has been as a carpenter; Eva is a nurse. For local companies seeking advisory my home for the past ten years. on a multitude of communications Every day, transformational change all of them, school provides food requirements. takes place. And there is a major and learning and hope for the future. focus on being the best. To enter And this active support keeps me What has been your best the market, you need to be nimble, connected to Africa and brings client solution? adaptable tremendous meaning to my life. So many of our clients are looking and flexible. for one communications partner You have to that brings an integrated approach have an innate across corporate communications, ability to bring digital and creative. The critical thinking communications strategies that and energy we create are informed by data to a highly so that we can reach the right progressive target audience, develop the most landscape. compelling and clear narratives and An ambitious messaging, and measure success. environment requires What makes you a leader? us to scan the horizon I believe that what makes me a effectively and leader is being aware that my bring different actions, language, behaviour perspectives to and way of working can have an bear. important impact on others. In my position I strive to be a good role What do model, be approachable and bring very few clarity to strategies and initiatives. people I aim to ‘bring the team with me’ know about INTERNATIONALLY because success to me is when the you? ACCREDITED HEALTHCARE team feel they belong and have a voice. I think that’s my hallmark as a My parents SERVICES AT YOUR DOORSTEP leader. worked in Africa in international And I have a lot of experience! development. With more than 20 years in My mother had MEDICLINIC MIDDLE EAST OPERATES SEVEN HOSPITALS, OVER 20 CLINICS AND MORE THAN 900 communications consultancy, I INPATIENT BEDS ACROSS DUBAI, ABU DHABI, AL AIN AND AL DHAFRA REGION. know my craft and I’m continuously learning through others, hugely a special place supported by the sheer breadth in her heart and depth that Brunswick, as a for orphaned global firm, has to offer. At a young children and EXPERTISE YOU CAN TRUST. Vol. 24 Issue 1 Spring 2021 believed deeply A MEDICLINIC INTERNATIONAL COMPANY www.mediclinic.ae CAPITAL LETTER 23

NEWS, EVENTS & UPDATES IATA Travel Pass By Kamil Alawadhi exact information you need. into a secure digital format is a The biggest concern that travellers step-change, and one that is long The worst of COVID-19 seems to be overdue. behind us. We are not over it yet but have, according to our surveys, is as vaccines continue to roll out, the privacy and security. How are you But that’s not the only unexpected signs are encouraging that we are protected against a central database development from COVID. The finally beating the pandemic. containing all your information being fast-tracking of digital passport hacked? technology means that the concept But make no mistake-the virus has of contactless travel has also taken a changed the way we travel for the The short answer is that IATA big leap forward. foreseeable future. That change is Travel Pass does not store any data most clearly seen in rapidly changing centrally. It simply links travellers with Our mobile device is rapidly health rules. Our new normal will health centres and provides secure becoming the centre of our travel almost certainly include proof of a technology to received and send journey, and it’s only another short recent negative COVID-19 test or sensitive information. step to contactless travel, where vaccination before we fly. you can scan your digital travel All the information is kept documents to check in, drop Which is why the IATA Travel Pass exclusively on your mobile device. your bags and pass immigration could become as essential as a And only you can decide who gets to seamlessly and efficiently. passport itself. see it. No health verification goes to an airline or government without your For many of us, travel has been The Travel Pass is an app that own personal authorisation. a distant dream for the past year or provides you with everything you more. We think Travel Pass can help need to safely navigate ever-changing Travel Pass uses what is known as change that. It can be trusted by global health rules and requirements, decentralised technology which puts governments, airlines and travellers from the start of your journey to the user fully in charge of their own to help unlock borders, end the final immigration check at your information. It is a new standard for quarantine and reconnect us with destination. digital identity known as verifiable everything the world has to offer. credential technology which cuts out It will be used either as a standalone the need for a central database. Kamil Alawadhi is app, or airlines will incorporate its Regional Vice functions into their own app. Either So far almost 20 airlines President Africa & way, the information and technology have signed up to trial The Middle East at at the heart of Travel Pass remains the Travel Pass including four IATA. same. in the Middle East, of which Etihad Airways in one. We Vol. 24 Issue 1 Spring 2021 The app has four key functions: expect the Travel Pass to • It will provide specific health be available for download in the next few weeks. requirements you will need for your Right now, the trials are destination. That information is providing key feedback provided by Timatic, a proprietory for any improvements or IATA data base that all airlines adjustments that may be use to check and verify visa needed. requirements in every country in the world. Every visa and health COVID-19 has requirement is continually updated unwittingly brought by the Timatic system. the future of travel • The app will provide you with a list into much sharper of certified health centres that offer focus. For decades COVID-19 tests and eventually we have relied on the vaccinations close to your “yellow book” – paper departure point. documentation to show • When you have your test, the app proof of vaccinations which will create a link to the health centre is easily open to fraud. so it can send your test results and Putting sensitive information proof of vaccination via a secure channel to your mobile device and tell you whether you have met all the requirement to travel. • And finally, the app allows you to create your own ‘digital passport’. You scan your passport details into the app which then ties all your health requirements together with your verified identity. An enormous amount of work has gone into making sure the key functions of the travel app all work seamlessly together and provide the 24 CAPITAL LETTER

NEWS, EVENTS & UPDATES Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 25

NEWS, EVENTS & UPDATES IDEX 2021 As the world starts to take tentative and guidelines in line with best commented: “We were proud to hold the steps towards returning to “normal industry practice (referencing ICCA, International Defence Conference in Abu life”, it was unsurprising that Abu Dhabi UFI and AIPC) and international Dhabi. Convening this event provided stepped forwards as one of the first and governmental health and safety an effective contribution in transferring global cities to host a physical trade guidelines which governed all aspects and localising knowledge to the UAE. show – demonstrating how a socially- of the events (referencing WHO). Such a contribution is demonstrated distanced major event can successfully by the global expertise, present both take place. For the first time ever, IDEX issued in-person and via virtual channels, in this print-at-home badges which could be first hybrid version of the conference, The 15th edition of the International presented at either Abu Dhabi, Dubai organised by ADNEC’s Capital Events Defence Exhibition (IDEX), the Naval or Sharjah airports for entry into the and Tawazun. Defence Exhibition (NAVDEX) and Emirate without the need to quarantine. the International Defence Conference The airports and borders sub-committee In addition to this, IDEX and NAVDEX (IDC) 2021 took place from 20th – worked together to create a seamless 2021 were described as one of 25th February at ADNEC, welcoming experience. Participants needed to test the most successful global events more than 62,000 attendees from 59 every 48 hours for entry to the show organised in the post pandemic phase countries. There were 35 international and Capital Events worked with the by participants, exhibitors, and visitors pavilions and 900 exhibitors, from Abu Dhabi convention bureau to have a alike. which many had flown in from abroad, network of 19 recommended hotels with alongside five countries participating in onsite PCR testing facilities available, as During the first four days of the the exhibitions for the first time: Israel, well as test centres at the ADNEC venue exhibitions, 98% of participants and North Macedonia, Luxembourg, Portugal to ensure easy access with fast results. visitors shared that they were satisfied and Azerbaijan. with the preventative and precautionary The hybrid International Defence measures implemented, while 99% of Capital Events, a subsidiary of Abu Conference held on 20th February participants stated they felt safe inside Dhabi National Exhibitions Company featured 24 expert speakers, with only 3 ADNEC. Doubtlessly, these figures (ADNEC), organises the bi-annual IDEX of these participating virtually and drew demonstrate the accomplishment of this NAVDEX, hosted at the Abu Dhabi over 2,400 delegates from 80 nations year of IDEX and NAVDEX. Lessons National Exhibition Centre as well as – with an in-person attendance of 500 learnt here will support the wider the IDC, which was held as a hybrid delegates. resurgence of the business tourism conference for the first time, at the sector, both at a local and international ADNOC Business Centre this year. Humaid Matar Al Dhaheri, Managing level.” Director and Group CEO of ADNEC ADNEC and Capital Events were deeply committed to the 2021 editions Vol. 24 Issue 1 Spring 2021 of IDEX, NAVDEX being in-person events and feedback from partners and exhibitors showed that they were enthusiastic about coming together again and meeting in-person. From the outset it was clear that attendees had missed face-to-face interaction in business and were keen to reacquaint themselves with old contacts as well as making new connections. Everyone was comfortable maintaining the prescribed two-meter distance and it seemed that the elbow or fist bump greeting had been in place for years. ADNEC received an unprecedented level of support across the board to ensure that IDEX, NAVDEX and IDC 2021 would go ahead in complete safety without impacting on the overall event experience, as the first international events to be launched in the COVID-19 recovery phase in Abu Dhabi. With global travel restrictions in mind, ADNEC obtained a quarantine exemption for international exhibitors and visitors to the events in October 2020 from Abu Dhabi Public Health Centre (part of the Department of Health, Abu Dhabi), months before Abu Dhabi’s borders re-opened to international visitors ADNEC developed stringent, approved COVID safety protocols 26 CAPITAL LETTER

NEWS, EVENTS & UPDATES The exhibitor’s view for many years – was visible on the stand, Advisor to MENA. including the Kingdom Partner Companies Undoubtedly the highlight of the Located in the UK Pavilion, and next to the (KPC), which deliver technologies, training, UAE Pavilion, the single-level BAE Systems and capability into Saudi Arabia. Other show was a visit by Sheikh Mohamed stand was designed specifically to allow for BAE Systems capabilities on display bin Zayed, Crown Prince Abu Dhabi social distancing by the BAE Systems team included the Digital Light Engine (DLE) and Deputy Supreme Commander and visitors. On display were a wealth of and LiteHUD® Head-Up Displays, and the of the UAE Armed Forces, who was the company’s cutting-edge technologies low-cost, combat-proven APKWS® Laser- accompanied by senior leadership that deliver defence and security solutions Guided Rocket. from the UAE armed forces, military across multi-domains. companies and Abu Dhabi Government The stand also featured a number entities. Jonathan Bird, UAE Director, BAE of autonomous capabilities including Systems, said: “We were delighted to the Riptide ™ Autonomous Unmanned Sheikh Mohamed spoke of his have a major presence at IDEX and Undersea Vehicle, the Pacific 24 (P24) appreciation for BAE Systems and the to demonstrate the vast portfolio of Rigid Inflatable Boat (RIB), and the British companies attending IDEX, as capabilities that BAE Systems offers across PHASA-35® solar electric unmanned air well as the deep ties that are shared land, sea, air, cyber and space. vehicle. Visitors learnt about the Eurofighter between the UK and the UAE. Typhoon, the most advanced multi-role “We were pleased to showcase the many combat aircraft available on the market The show wrapped-up on the ways in which the company supports today, as well as BAE Systems’ role in the Thursday afternoon with universal national visions and strategic agendas F-35 Lightning II programme. approval for how the week had gone. through the transfer of knowledge, skills Envious colleagues from around the and technology.” The stand hosted a number of senior world took great confidence that visitors including Lord Ed Udny-Lister, physical trade shows can still take Partnership creation – a central pillar of Special Envoy to the Gulf and Air Marshall place, with Abu Dhabi once again BAE Systems’ presence in the Middle East Martin Sampson, UK Defence Senior leading the way to show how it’s done. Having first exhibited at a very different working, but for us getting back together uncertainty following the announcement IDEX in 2019, Houbara approached and collaborating face to face again with of the UK’s latest national lockdown 2021’s iteration, like many, with a degree of our customers is extremely important.” in early 2021, we were delighted to unease surrounding COVID-19’s possible learn that a UK delegation led by Rt. impact. Our chief concern was that global Whilst it’s true, visitor numbers were Hon Lord Lister (PM’s Special Envoy – restrictions and travel bans would cause (understandably) lower than 2019 Gulf) and Air Marshal Martin Sampson many key customers to forego the exhibit, levels, overall engagement with our key (Defence Special Advisor Middle East – and amidst a national lockdown, the UK stakeholders was extremely high; the DSAME) would make the trip to support Government’s options to support the exhibit less frenetic atmosphere allowing us to UK engagement with senior Emirati would be severely limited. Ultimately the delve into longer and more meaningful delegations. With other international question was, despite the best efforts of conversations with faces old and new. delegations unable to attend due to organisers to create a safe environment Noticeably, there was a genuine desire COVID-19, this was a good indicator of for us to conduct our business, would we amongst industry to collaborate; perhaps the UK’s commitment to the UAE. realise a worthwhile return on investment as an acceptance of the realities of doing with so many unknowns? business in the cash-strapped, post-COVID During the exhibition, Houbara and recovery phase, or a nod to the fact that the QinetiQ Group were well positioned Thankfully, the exhibition can now be the UAE has some enduring and pressing on the UK DSE Pavilion, ably assisted considered a success and our fears, unlike defence requirements that no single by the UK Embassy and ADS Group the IDEX crowds, never really materialised. company can adequately fulfil in isolation. In who must be congratulated for their Over 62,000 visitors were in attendance all it was a marked difference from the often work in generating as much exposure this year with 120 international delegations; adversarial or protectionist nature of industry as possible for UK interests despite a sizeable return for an exhibition held at such exhibits. challenging conditions. Key to our amidst a global pandemic. The aisles own agenda was demonstrating our and walkways around the exhibits were This sense of collaboration was driven commitment to supporting the UAE’s pleasantly full, making the ADNEC ‘social by local entities such as the UAE’s new defence industrial growth as the only distancing monitors’ the busiest people of defence industry champion EDGE, and UK-UAE Defence Joint Venture in the all attempting to keep everyone two-meters Research & Development body, Tawazun, UAE. Visitors to our stand would have apart! both seeking cooperation and bilateral been woven a picture of how both investment in many areas seen as traditional Emirati and British investment is working Prior to IDEX-21, Houbara had not UK strengths such as defence specific to localise and combine QinetiQ’s exhibited anywhere for over fourteen research and development, test and scientific and engineering expertise with months. An eternity in which to not evaluation, robotic systems integration combat proven systems for the benefit personally connect with customers and and synthetic environment training and of the UAE’s Armed Forces. industry. Houbara’s CEO, Tim Allen, spoke rehearsal. With UAE-UK relationships on to ADNEC and summed up our desire a cautious upward trend, particularly in IDEX-21 has re-started the events to reach out to customers again, saying: defence cooperation, opportunities from industry in the UAE defence sector. For “The ability to engage in person, is really of IDEX and beyond will undoubtedly begin the UK and Houbara all focus must now paramount importance. Yes, we’ve adapted appearing for UK companies to support the turn to the next event in a busy year and and become very proficient with the likes UAE’s agenda in these areas. carrying forward the momentum gained of Zoom and Microsoft Teams for virtual at IDEX-21. Up next is London’s DSEI in With 51% of Houbara’s ownership being September, at which the UAE will have Emirati and 49% belonging to a prime UK a major presence under the Emirates defence contractor in QinetiQ, support from Defence Companies Council (EDCC) ‘UK PLC’ and the UK Government remains and then back to the UAE again for the critical to the impact and long-term success Dubai Airshow in November. of companies such as Houbara. After much Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 27

NEWS, EVENTS & UPDATES EIC Connect Celebrates its Tenth Year! By Mark Risley Atkins and Bee’ah. Russia and CIS, Ryan McPherson, Panellists took part in engaging said: “We were delighted to bring EIC The Energy Industries Council (EIC) Connect back to Abu Dhabi, albeit opened the virtual doors of EIC discussions on energy transition and virtually, for its tenth consecutive year in Connect Clean Energy UAE on 23rd the race to net zero, featuring BP, what is one of the most popular energy and 24th February, in what was its tenth SNC-Lavalin and the UK’s Department markets for EIC members. anniversary of the event in Abu Dhabi. for International Trade (DIT), while speakers at Corrotherm, Al Yaseah, “The United Arab Emirates is an Held virtually for the first time, DIT, UAE UK Business Council, BBG excellent market for British energy the two-day conference and virtual and Stats Group (EIC Company of companies who are looking for new exhibition brought together leading the Year 2020) all discussed how to export opportunities abroad, and the national and international operators, leverage the best of UK Plc to win EIC and BBG are in excellent positions EPC contractors, developers and OEMs business in the Emirates. to support, educate and advise those to highlight energy opportunities across who are looking to find out more. all sectors in the United Arab Emirates. Contractor briefings took place over the two days, with Wood, NPCC, “While we would have preferred Keynote speakers included HE Suhail SNC-Lavalin, Worley and Petrofac to meet everyone in person at EIC Al Mazrouei, UAE Minister of Energy all highlighting the supply chain Connect this year, the EIC has proven and Infrastructure, and the Rt. Hon. opportunities available on upcoming once again that it can lead the field Graham Stuart MP, the UK Minister for UAE projects. in virtual conferences and events in a Exports. challenging global events environment. An update by Hugh Fraser, Managing Nick Cochrane-Dyet, Chairman of Partner at HFI Net Zero Legal, gave “A special thanks to our friends at BBG Abu Dhabi and Special Advisor insights into the key developments in the BBG for their support in putting to BP, took part in an insightful ‘fireside 2021 in UAE Companies Law and how together another successful EIC chat’ with EIC President Campbell Keir, British companies can enter the market Connect in the UAE, and we hope discussing the UAE and UK’s roles in and win new business. to welcome them and all delegates, the evolving energy transition. speakers, exhibitors and sponsors to Finally, EIC’s Diveena Danabalan, the 11th edition of EIC Connect Clean Sessions throughout the event Senior Energy Analyst and Strategic Energy UAE in Abu Dhabi in 2022.” covered topics including opportunities Relationship Manager, gave a thorough in the UAE renewables, nuclear and UAE market update, showcasing the Mark Risley is Head of Marketing & waste-to-energy sectors, including latest trends in energy sectors, project Communications at The EIC. speakers from IRENA, Worley, TAQA, updates, future markets and likely Emirates Nuclear Energy Corporation, opportunity areas. EIC Director of Middle East, Africa, Brexit, Covid and the Rise of ‘Born Global’ By Joe Hepworth The question I’m probably asked UAE as catalysts for the country’s own most often is whether the BCB has innovation drive. As such, our work has When I started the BCB in late 2013, the witnessed a ‘Brexit Bounce’. Though we shifted from a core of looking for agents business outlook was uniformly positive. did have a very busy week in June 2016, and distributors for physical goods, to The oil price stood at around US$100 immediately after the vote, moreover matching technological solutions to both per barrel, Dubai had just been awarded we’ve seen and heard first-hand how the private and public sector needs here in Expo 2020 and the UK was recovering uncertainties around Brexit have eroded the UAE. We’re also increasingly asked strongly from the Global Financial Crisis general business confidence, risk for help to identify possible investors in posting GDP growth of 2.1%. appetite and the growth plans of many the region. UK SMEs over the last five years. The following seven and a half years These UK companies truly see have been nothing if not eventful, with However, I do think that the tide is themselves as ‘born global’. They, like major external occurrences, on an turning and that Covid might have a their clients, investors and the solutions annual basis, that have provided an large part to play in that. UK companies they are selling, are not geographically enormous challenge to us, our clients that have withstood the last 12 months, constrained and nor are they typically and pretty much every industry sector. and particularly those that have reliant on customs unions or free trade As well as the oil price collapse in 2014 flourished, clearly have robust business agreements to flourish. and Covid-19 in 2020, we’ve had three models, a quality offer and client UK general elections and two referenda demand and it’s these firms – particularly So while I think we’re a long way from (Scotland and the EU) to contend with. in the digital space – where we see the sunlit uplands of 2013, the outlook is increasing interest in the UAE and increasingly positive and I’m genuinely With the last, and most likely the next, Middle East. enthused by the quality and quantity of 12 months dominated by Covid, it’s innovative UK firms who are looking at hard to discern Brexit’s impact but the Pretty much every company we help the Middle East as an immediate growth ramifications are already starting to play these days has the ‘tech’ suffix – agri, market, and the UAE as the best way to out in this region with regards to UK fin, prop, reg, ed, med, etc. – and these access it. trade, company activity and sector shifts. winners from the Covid economy are Joe Hepworth is CEO of British the ones in highest demand here in the Centres for Business. 28 CAPITAL LETTER Vol. 24 Issue 1 Spring 2021

NEWS, EVENTS & UPDATES What Happened in this Year’s UK Budget? By Stuart McCulloch the next tax year, but then be frozen for England and Northern Ireland, until 2025. The tax-free element will meaning no tax is due on the first This year’s UK Budget extended increase to £12,570 (from £12,500) £500,000 is being extended to various short-term support schemes with the basic rate band rising to 30th June, 2021. The allowance will and announced some details about £37,700 and the higher rate threshold then drop to £250,000 until 30th expected, inevitable tax rises. It’s climbing to £50,270. These moves September, 2021, before returning to clear that more will be needed to help are expected to bring 1.3 million more the usual rate of £125,000. repay the enormous borrowing which people into paying Income Tax, with the pandemic has demanded, but for a further one million paying tax at the Pensions now there are some key points which higher rate. The freezes are expected it’s important for expats to be aware to cost taxpayers more than £8 billion The lifetime allowance for pensions of. a year up to 2025/26. will remain at its current level of £1,073,100 until April, 2026. Typically, Personal tax in the UK UK property the lifetime allowance increases at the rate of inflation per tax year. This Personal allowances will increase for The Stamp Duty Land Tax ‘holiday’ freeze is expected to raise a total of £1 billion for the Treasury. HART for Art Lovers Generally speaking, if your pension Al Emarat United have launched HART is based on modern fund is valued higher than the lifetime it new blockchain enabled digital blockchain technology. According to allowance, the UK tax authorities will platform, HART. HART aims to Dr. Al Suwaidi, artists will be able to tax the excess at 55% if the pension is promote modern and contemporary digitally tokenize their artworks and taken as a lump sum or 25% if taken art exchange, not only in Abu Dhabi collectibles, which naturally increases another way. The annual allowance for but globally. their trade value, ensures authenticity pension savings has also been frozen and enables viewing the item’s until April, 2026. According to the founder, Dr records. In addition, the platform does Hamed Bin Mohamed Khalifa Al not charge any commission but rather Inheritance Tax and Capital Suwaidi: “After the great success we offers additional promotional supports Gains Tax experienced with the launch of Abu to its subscribers to expand their Dhabi Arts Society, we received a reach to potential buyers. Thresholds for Inheritance Tax, the great demand for artists who wanted Main Residence Nil-Rate Band of to display their work on the network. HART provides a flexible and £175,000 and the Nil Rate Band From here, HART was born. HART affordable membership model of £325,000 will be frozen until is a unique platform whereby artists including one for individuals interested 2025/2026. The annual Capital Gains from all level of expertise are able in browsing and connecting to artists, Tax allowance of £12,300 will also be to find a space for their work and one for artists with various categories frozen to 2025/26. These steps will connect to worldwide art enthusiasts and another for organisations that together gather a further £1 billion of to promote their talent and/or sell are already a home for many artists. revenue. their artwork.” “We have thoroughly studied the membership options, the purpose was A note for expats The platform displays a youth to encourage various people to join gallery, a standard gallery and a the platform and, through it, to create Non-UK resident individuals are now titanium gallery, with various price a community and a hub for those art able to claim a tax relief for gifting ranges based on the category of the enthusiasts. business assets (more commonly piece. The youth gallery is certainly known as Gift Hold-Over Relief). This unique and is a contribution from Dr. “This platform is considered a allowance allows the gain on any Al Suwaidi’s to continue to promote quantum leap and is the first of its disposal of business assets to be art and creativity for the younger kind in the Middle East. There has deferred, with Capital Gains Tax not generation. “We continue to support already been great interest in HART kicking in until the recipient sells or students to strengthen their sense from international organisations and gifts the assets on. of art as it ignites creativity, which art collectors who have started selling is key to advancing in today’s age,” their collections across nations prior to Even if you’re living in the Middle he said. The youth platform also launch.” Said Dr. Al Suwaidi. East, it’s useful to stay aware of gives young talents the chance to be To find out more visit www.h-art.ae. changes in UK tax, especially if recognised by global organisations you are planning future travel or a who would potentially be interested permanent return. In fact, many expats in showcasing their work. make the mistake of not reviewing their tax position until they’ve returned, and it is usually valuable to discuss plans with a tax expert before making any move. Stuart McCulloch is Market Head of The Fry Group Middle East. Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 29

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NEWS, EVENTS & UPDATES News in Brief Call for submissions: Do you have something you want to share with your fellow BBG members? Do you think we’ve missed something important that would be relevant to the BBG and to the numerous businesses and embassies that receive Capital Letter? We accept the submission of articles from members, although inclusion of articles in Capital Letter is not guaranteed and is at the discretion of the editor. If you have something that you would like to submit, please send an email to [email protected]. University of Manchester ME and CIM collaborate The University of Manchester Middle agreement provides for mutual access that an understanding of the principles East Centre in Dubai and The Chartered to professional development courses and best practice in marketing is Institute of Marketing (CIM) have and the University’s part-time master’s extremely valuable for our part-time signed an MoU for a Strategic Talent programmes for CIM Level 7 graduates, MBA students. CIM will help reinforce Partnership to support professional with preferred rates for CIM Certified this knowledge for our students – all training and development, and Members. working professionals – alongside a networking across both professional strong professional network.” communities in the region. Commenting on the new agreement, Randa Bessiso, Middle East Director Raj Achan, CIM Ambassador for the Under the new agreement, the for The University of Manchester, said: UAE, added: “The CIM has a growing University and CIM will promote “We are delighted to sign this MoU with presence in the UAE where we are academic exchange and qualifications, The Chartered Institute of Marketing actively engaging with universities and higher and professional education, – the world’s leading representative businesses with the aim of supporting research, practice development and organisation for marketing professionals. and developing marketers at every professional networking in the Middle We share a lot in common and have stage of their careers. The agreement East region. Both organisations will welcomed many CIM members – who with The University of Manchester host networking events for University make excellent candidates – to our part- will help us achieve this and extend students and alumni, and CIM time master’s programmes. Our aim is to the reach of our professional network members, affiliates and students support working professionals in building into the University’s strong regional in the Middle East region. The sustainable careers and there is no doubt community of students and alumni.” How Do You Measure University Quality? By Chris Taylor truly independent and are relative to the for 2021, placed NYU at 29th, Sorbonne advertising spend of the institution with University at 43rd, and the University With a huge range of options for that particular organisation or media of Birmingham at 96th. Meanwhile, the Higher Education available and so outlet. Center for World University Rankings much information for each, it can be (CWUR), rated NYU at 26th, Sorbonne incredibly difficult to determine which Luckily, there are a number of credible, University at 35th, and University of university is the best fit. well-established and truly independent Birmingham 92nd out of 1,500 global listings that give a clear indication of universities. Students and their families want to the institution’s global reputation and be sure that their university of choice is quality and provide a reliable metric for This recognition of quality for a credible and established institution, evaluation and comparison. The most education institutions in the UAE is which consistently produces high well-known of these is the QS World incredibly reassuring for students looking achieving and employable graduates. University Rankings, which launched to study in the country. It also supports With the employment landscape in 2004 as an annual publication of the country’s drive to strengthen becoming increasingly competitive, university rankings and is now the most a knowledge-based economy, reputation, employability and academic widely read university rankings in the underpinned by a higher education merit are therefore key factors when world. The list comprises the global system where students are assured their making these tough decisions. But overall and subject rankings, alongside qualifications are of a high standard and how do you know which are the most independent regional tables. recognised across the globe. well-regarded and high achieving institutions – not only locally, but These rankings collect and analyse Never has this been more important around the world? comparative data from tens of thousands than in the current climate, as students of institutions around the world to form can now refrain from additional travel Each university will of course be the annual listing. When it comes to and safely remain in the UAE, whilst keen to talk about its highlights and the universities in the UAE, there are a at the same time still obtaining the advantages to prospective students number of institutions that featured same level of education and academic and families. In addition there may well highly within the Top 100 of the QS experience. Prospective students have be regional or country-wide listings World Rankings 2021, including NYU access to a first-class education from available, as well as rankings pulled at 35th, Sorbonne University at 83rd, an elite university in a safe and secure together by third party organisations and University of Birmingham at 87th. environment, allowing them to graduate in the industry that can be found in Meanwhile, within the Top 500 globally, as high achieving and employable magazines and online. This wealth of Woolongong came in at 196th and the problem solvers, all without leaving the information, which is often conflicting, American University of Sharjah at 348th. Emirates. only contributes to general confusion for many. It’s particularly concerning Other global rankings of note include Chris Taylor is Head of Student when many of these listings are not the US News & World Report Best Recruitment, University of Birmingham Global Universities Rankings – a list of Dubai. Vol. 24 Issue 1 Spring 2021 the world’s top 1,500 universities, which, CAPITAL LETTER 31

NEWS, EVENTS & UPDATES Engineering Community Unites to Discuss Solutions for Global Challenges The Institution of Civil Engineers (ICE) more people can watch it in their own the events archive section of the ICE brought together regional industry time, in addition to the 200+ who joined website, is that the civil engineering thought leaders on 3rd March to examine live,” says Prof. Dr. Khisaf. industry should worry less about global challenges and the role civil engi- competition so that it can accelerate neers must play to help deliver a carbon “Seth’s message about collaboration collaboration to deal with the urgency neutral, resilient society. is something which is vital here in the of climate change. Middle East, where our sector is working The virtual event on 3rd March was on some of the most ambitious infrastruc- Industry News the Middle East leg of the annual Brunel ture projects in the world. It is essential International Lecture Series, with a key- that we show leadership in response to BBG Abu Dhabi Silver corporate spon- note address by Seth Schultz, Executive critical climate challenges, and Seth’s sors NES Global Talent combined with Director of The Resilience Shift and lecture provided a timely opportunity to the Fircroft Group in September 2020 co-founder of the International Coalition discuss how we can work together, as an to become “NES Fircroft”. With over 90 for Sustainable Infrastructure (ICSI). industry, to drive the necessary change.” years of heritage, the combined reach, complementary geographical footprints The lecture was followed by a recorded The 13th edition of the Brunel Inter- and sector expertise of both brands statement from HE Dr. Abdullah Belhaif Al national Lecture Series, is entitled 21st positions NES Fircroft as the global Nuaimi FICE, Cabinet Member and Min- Century Leadership is Partnership: How leader in the provision of engineering ister of Climate Change and Environment a Coalition of the World’s Engineers Can and technical workforce solutions. UAE, before a panel of experts discussed Change the World. Schultz’s insights cov- Together, the company supports over issues raised in the lecture. UAE rep- ered digitisation, urbanisation, diversity 20,000 contractors and has operations resentation was provided by the event and skills, under an overarching theme of in 45 countries servicing the Oil and host, Prof. Dr. Sabih Gatea Khisaf, UAE global and local partnership. Gas, Power, Renewables, Chemicals, committee chairman and Vice President Life Sciences, Automotive, Construction International, and Mark Jamieson, ICE With a 20-year career as a geologist and Mining sectors. MEA Council Member & UAE Country and environmental scientist, Schultz has Representative. worked with some of the world’s leading For more information, organisations to drive change in urban visit www.nesfircroft.com. “The Brunel Lecture is a key event in sustainability and raise awareness of the the ICE’s calendar, and while we look for- role of cities in tackling climate change. ward to hosting future events in person, a benefit of streaming online is that many The main message of his address, which is available to stream online from Committee Members 2021 Nick Cochrane-Dyet MBE Nancy Power Ross Barfoot Kristina Williams David Good Stewart Highett Group Chairman Deputy Chairman & Group Legal Advisary & Group Treasurer Group Speakers Secretary Group Membership & Events Secretary Sponsorship Secretary Honorary Secretary Cris Partridge Ali Al Janabi Tim Allen Tom Shorrock Tariq Bin Ziad  Haddad Lee Bailey Group Secretary to the Office BBG Abu Dhabi Committee Group Communications & Group Education Sector Lead BBG Abu Dhabi Committee Group Technology & Innovation Sector Lead Member Defence Sector Lead Member Khalid Al Qubaisi Joe Hazel David Spearing MBE Dominic Greenaway Graham Outterside Chris Keeling Group Energy Sector Lead Group Healthcare & Honorary Committee Meeting Group Embassy Representative Group Strategy Sub-Committee Group Financial Services / 32 CAPITAL LETTER Lifesciences Lead Lead Fintech Sector Lead Vol. 24 Issue 1 Spring 2021

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CORPORATE SPONSORS The following companies are Corporate Sponsors of the BBG. Their support and that of their representatives is much appreciated. For information about becoming a BBG Corporate Sponsor please contact [email protected] GOLD SILVER MYRCAT R Marine & Cargo Solutions BRONZE 34 CAPITAL LETTER Vol. 24 Issue 1 Spring 2021

WHY JOIN BBG? Why Join The BBG? The British Business Group in Abu BBG Membership provides: BBG for information. Applicants need to Dhabi actively promotes business complete an application form and submit between the UK, Abu Dhabi and the • Opportunities to meet and network with it to the BBG office along with a copy UAE by providing a forum for the British over 300 members of their passport, visa and a head shot business community in Abu Dhabi image. If their application is approved the through regular meetings, presentations • Invitations to all BBG events, both appropriate fee should be paid. Please and social events. In particular it helps networking and social, at discounted contact the BBG office on 02-4457234 UK companies identify new business rates for further advice on applications and opportunities in Abu Dhabi and the payment method options. UAE. The BBG provides an essential • Inclusion on the mailing list bridge between the business community for important British Embassy Benefits for BBG Members in Abu Dhabi, the Department of announcements International Trade team at the British Members of the British Business Group Embassy and aspiring new entrants to • Copies of our three-times-annual Abu Dhabi enjoy a multitude of benefits the market, by providing advice and magazine Capital Letter, bringing a upon production of their membership help to British trade missions, business round-up of the biggest British-Abu card at the following participating outlets. groups and visitors to Abu Dhabi. The Dhabi business news from the previous Should any member have any difficulty BBG has a membership of some 300 months as well as BBG events, photos, in obtaining a listed discount, please business people and is supported by articles, new members. contact the BBG office so we can rectify a Committee and an administrative the situation. office both of which work to provide a • Access to Members Only area of • British Airways busy calendar of networking activities website, keeping you up to date with • The Bayshore for members and visitors. It produces a BBG events • Boston Dental Center magazine three times annually about new • The Club developments and business successes, • A personal BBG Membership Card • Crowne Plaza Abu Dhabi which is distributed to members and which provides members with various • Dusit Thani Abu Dhabi other stakeholders in the growth of the discounts in and around Abu Dhabi • German Veterinary Clinic UK’s trade with the UAE. The magazine (see below for further details) • InterContinental Abu Dhabi is also available on the BBG website at • Marriott Downtown Abu Dhabi www.britishbusiness.org. The BBG in Abu How to Join • The Muse Dhabi and its counterpart in Dubai & the • Peninsula Northern Emirates actively cooperate in Each member joins the BBG individually. • Posters events and membership activities, and There are two methods of joining the • Spinneys both are now members of the Global Group: Business Network, part of the British • Individual Membership: Joining Fee: For details of the discounts available Chambers of Commerce. at each of these outlets see www. AED 210 and Individual Membership britishbusiness.org/membership-benefits. Fee (January – December): AED 945 Terms and conditions apply to all • Associate: Joining Fee: AED210, members’ benefits. Associate Fee (January – December): AED 945 (in accordance with UAE law VAT has been applied at 5%.) Membership rates are now available at a pro rata rate for the remainder of the calendar year, please contact the New Members Thomas Clarke Ali Sohaini Company: BAE Systems Company: Frontier Pitts ME FZ LLE Designation: Head of Designation: General Manager Communications Middle East & India Nature of Business: Nature of Business: Defence Related Products & Services Defence Related Products & Services Email: [email protected] Email: [email protected] Pradeep Rana Mohammed Al Nakhi Company: FAB BANK Company: BP Designation: Designation: Member of the Executive Committee JV Operations & Projects Manager Nature of Business: Nature of Business: Oil & Gas Banking, Insurance & Financial Services Email: [email protected] Email: [email protected] Vol. 24 Issue 1 Spring 2021 CAPITAL LETTER 35

NEW MEMBERS New Members Hanna Jabbour Joseph Leavy Company: Intertek Company: PWC Designation: Designation: Senior Manager, Regional Managing Director Sovereign Wealth Funds Nature of Business: Nature of Business: Energy, Oil, Gas & Petrochemical Products & Services Email: [email protected] Management Consultancy & Consultancy Services Email: [email protected] Syed Mehtab Ali Shah Gilani Wayne Pearce Company: Shell Company: IBM Designation: Seconded to ADNOC Designation: Associate Partner as SVP GHSE and Sustainability Nature of Business: Nature of Business: Energy, Oil, Management Consultant & Consultancy Services Gas & Petrochemical Products & Services Email: [email protected] Email: [email protected] Philip Ward Amin Talib Khan Company: RMA Advisory Company: Designation: Principal Consultant Al Habaishi Agencies – METCO Nature of Business: Designation: Director Environmental Services Nature of Business: Energy, Oil, Email: [email protected] Gas & Petrochemical Products & Services Email: [email protected] Gordon Deas Richard Knowlton Company: Oxford Cyber Academy Company: Rolls-Royce Designation: Designation: Account Manager Director of Security Studies Nature of Business: Nature of Business: Education, Manufactured Products & Services Training & Recruitment Services Email: [email protected] Email: [email protected] Dominic Greenaway Georges Abou-Nasr Company: Company: Rolls-Royce Department for International Trade Designation: Designation: Senior Trade Policy Customer Business Executive & Market Access Officer Nature of Business: Nature of Business: Community & Government Services Manufactured Products & Services Email: [email protected] Email: [email protected] 36 CAPITAL LETTER Vol. 24 Issue 1 Spring 2021

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