The regulations are to protect data and privacy for all Egyptian citizens and European Union citizens in Egypt.

Egypt - Due to the increasing developments of the internet, maintaining personal data has become very difficult. Hence, under the state’s efforts to prevent illegal spreading of personal data over the internet, the country will apply data protection regulation in Egyptian Law.

The data protection regulations were finally approved by parliament on Monday, June 17. The regulations are to protect data and privacy for all Egyptian citizens and European Union citizens in Egypt.

The regulations contain provisions and requirements pertaining to the processing of personal data of individuals.

However, the personal data considered to be information about the individual can identify them directly or indirectly, using names or pictures, or any other data identifying the individual’s economic, cultural, or social conditions.

Meanwhile sensitive personal data is what reveals the physical, or mental health, the financial, religious data, and political opinions also are sensitive data.

The data protection regulation obliges companies which deal with personal data to follow these regulations.

Personal data may not be collected, processed, or disclosed by any means without permission from the concerned person. The law shall punish any person that does not comply by imprisonment for a period of not less than three months and a fine between EGP 100,000 and EGP 1m.

Moreover, the second article of the law prohibits the collection, transfer, storage, preservation, or processing of sensitive personal data, or making it available without a license from the centre, with the obligation to obtain written consent of the concerned person.

Article 14 prohibits the transfer or sharing of personal data to a foreign country, except by a license from the centre. The law would fine any person between EGP 300,000 and EGP 3m.

For electronic commercials, article 18 requires permission from the receiver to get any commercial messages.

Any violation can lead to imprisonment or a fine from EGP 100,000 up to EGP 1m.

source: zawya

The oil price shock has led the country's government to record sustained fiscal deficits since 2015, which has forced it to draw on the reserves of one of its sovereign wealth fund's assets

Assets of the Kuwait Investment Authority (KIA), the oldest sovereign wealth fund (SWF) in the world, have continued to grow despite the oil price shocks, according to Moody’s Investors Service.

Future Generations Fund (FGF), one of two funds managed by the KIA, which receives mandatory transfers of funds equivalent to 10 per cent of the government's revenue has continued to grow with solid profitability that has seen it rise to about 309 per cent of Kuwait's gross domestic product, Moody’s said in a report. The growth has come despite a reduction in the ratio of mandatory funds transfer from previous 25 per cent, Moody’s which rates Kuwait at Aa2 with a stable outlook, said.

“We expect it [FGF] will continue to grow as long as the fund remains profitable and the mandatory transfer remains in place,” it noted in the report.

By contrast, Kuwait's government has drawn down on its second investment vehicle, the General Reserve Fund (GRF) “quite rapidly since the 2015-16 fiscal year to finance deficits triggered by the oil price shock,” Moody’s said.

Kuwait's fiscal deficit peaked at 17.5 per cent of its GDP in 2016-17, a huge decline from a 20 per cent surplus recorded in 2013-14. The government had tried to relieve pressure on the GRF in the beginning of the oil price slump that saw crude falling from a peak of $115 per barrel in the mid-2014 to below $30 per barrel in the first quarter of 2016.

However, the country’s parliament blocked the government's attempts to increase the debt ceiling to 25 billion dinars (Dh301.6bn) and lengthen tenors up to 30 years in 2017 from previous 10bn dinars and 10 years, respectively. The debt law subsequently expired and the government was forced to finance deficits and maturing domestic borrowings from the GRF.

Relying on the GRF has led to an accelerated drawdown of the fund's assets to an estimated 23bn dinars as of March 2019, from 26.

4bn dinars from a year earlier, Moody’s explained.

The rating agency said a further depletion of the GRF would depend on “if and when” parliament passed another debt law, but the government will need to finance deficits around 9 per cent of GDP over the next few years. However, as only around 65 per cent of GRF assets are liquid, the fund would only be able to finance around three years’ worth of deficits and run out by the end of fiscal year 2021-22.

“The eventual depletion of the GRF could have several implications for sovereign creditworthiness,” Moody’s said. “Under our baseline scenario, which assumes parliament approves the debt law by 2020 and FGF assets remain ring-fenced, a depleted GRF implies that the government will rely much more on debt issuance for funding.”

Combined with large fiscal deficits, such a scenario could lead to a rapid increase in general government debt and an increase in debt-servicing costs from the budget.

“Although unlikely, a situation where the GRF is depleted before no alternative funding sources have been arranged would be very credit negative,” Moody’s said.

“Such a scenario would require the government to make significant cuts to spending, given our expectations for persistent fiscal deficits.”

source: thenationalthenational

Saudi Arabia is the third Gulf country in nine months to introduce a “golden visa”. Permanent residence starts at €187,000, while one-year renewable residencies are available from €23,000.

Saudi Arabia’s new “Premium Residency” program – approved in May – is now open for applications through a government-administered website.

Under the plan, foreigners will be able to buy real estate, take up employment, conduct business, come and go as they please, as well as sponsor residence permits for their family members, all without a Saudi sponsor, as previously needed, reports Bloomberg.

Subject to their having a clean criminal record and bill of health, as well as demonstrating financial solvency, the program is open to applicants of at least 21 years of age.

The plan “ensures that residents and expatriates – including those who have lived in the kingdom for decades – are an active part of Saudi Arabia’s economy.

This will strengthen the state’s revenue and robustly support the Saudi economy,” Economy Minister Mohammed Al-Tuwaijri told Bloomberg.

Under Saudi law, foreign employees and workers have been subject to considerable monthly fees intended to incentivize private firms to prefer local employees to expatriate ones. Resident foreigners, moreover, needed local sponsors and permission to leave the country, and could not own property.

Those legislative handicaps, coupled with dismal growth in economic output (-0.7% in 2017), have impelled the departure of several hundred thousand expats from the country in recent years, a trend the young ruler hopes to reverse.

Lofty – but perhaps not unrealistic – revenue targets

The program – first proposed by Crown Prince and de facto regent Mohammed bin Salman – is part of a wider strategy to boost foreign investment and reduce the economy’s dependence on oil.

When floating the idea in 2016, the monarch estimated the scheme would raise some US$10 billion per year by 2020.

While that estimate may appear ambitious (even the most popular European programs struggle to reach a billion euros in annual revenue), Saudi Arabia’s golden visa has a built-in customer group; thousands of wealthy Arabs who have lived in the country for decades, and 12 million foreign residents overall, more than a third of the total population.

In a region historically characterized by skepticism toward foreign influence and hyper-restrictive residence requirements, Saudi Arabia becomes the latest country to confirm a trend of immigration policy relaxation; in September last year, both the UAE and Qatar introduced means-based residence visas for expats.

Source: imidaily

Pension funds are the main pillar to manage assets in the advanced world

The UAE is likely to attract further overseas investments despite the obstacles facing foreign investors in the country, senior portfolio manager at Emirates NBD Richard Lee told Mubasher.

Lee also suggested a raft of solutions to overcome these challenges and provide a safe environment for long-term foreign investments.

Most of the GCC stock markets, mainly in the UAE, have joined or are on the verge of being included in the main indices, he indicated.

This step will help in attracting foreign investors and boosting the local assets, the bank’s senior portfolio manager said.

The markets are expected to benefit from overseas inflows related to the JP Morgan Emerging Markets Bond Global Index, he added.

He noted that pension funds are the main pillar to manage assets in the advanced world.

The absence of public or private pension plans in the UAE and the GCC region in general throws sand in wheels of assets management growth, Lee said.

He also highlighted that the restrictions imposed on foreign ownership and the government’s holding of assets have led to a lack of initial public offerings (IPOs).

Restrictions on foreign investors have reduced the trading volume in the local markets, he noted, projecting a positive outlook in the long-term for assets management.

The recently upgraded stocks in the JP Morgan EM index are likely to attract foreign liquidity until the end of the year.

Source: zawya

يخبر خالد سعد " الرئيس التنفيذي للصناعات المائية في خليج البحرين “رواد الأعمال العرب السويسريين عن تطور صناعة التكنولوجيا المتطورة في البحرين ومنطقة الخليج العربي، وإنشاء شركة شقيقة في وادي السيليكون ، ويخبرهم لما الاستثمار في المواهب أمر مهم لمستقبل المنطقة .

سوف يرتفع عدد الشركات الناشئة العاملة في مجال التكنولوجيا المالية في البحرين بنسبة 43٪ من حوالي 70 شركة حاليًا إلى 100 شركة على الأقل بحلول نهاية عام 2019 ، ويعزى ذلك إلى نمو الاستثمار في القطاع والبيئة التشريعية الداعمة ، وفقًا لما ذكره الرئيس التنفيذي للصناعات المائية خالد سعد في مقابلة حصرية لـمجلة سويس عرب لرجال الاعمال ، كشف سعد عن توقعاته بنهاية العام لقطاع التكنولوجيا الفائقة في البحرين ، حيث قدر إجمالي قيمة الصناعة الإقليمية بـ 2 مليار دولار ، وتوقع ارتفاعها إلى 2.5 مليار دولار في السنوات القليلة المقبلة.

أوضح سعد أن عدد الشركات التي تديرها الصناعات المائية في الخليج يتراوح ما بين 300-400 شركة تضم الشركات المنفصلة عن المنصات الفردية وتركز على الصناعات المائية، ومنصات تشغيل أصول التشفير، و سلاسل الكتل ، وتحليل البيانات ، وغيرها الكثير. ومع ذلك، فإن الشرق الأوسط لا يمثل سوى 1 ٪ أو أقل من إجمالي الاستثمارات في هذه الصناعات على الصعيد العالمي، مما يعني أن هناك فرصة لزيادة الاستثمار في هذه الصناعات ايضا .

الحقيقة هي أن الاضطراب قادم لا محالة.

لقد كانت شركة الصناعات المائية تعاني من ظاهرة عدم التوسط في قطاع الخدمات المالية الذي بدأ يتحول إلى قطاعات أخرى منذ الأزمة المالية العالمية. "في البحرين والخليج، أصبح هذا الواقع أكثر وضوحًا على مدار الأعوام القليلة الماضية، وقد بحثنا عن كثب في ضمان بناء النظام الإيكولوجي في البحرين واستعداده لهذا الاضطراب" ، أضاف سعد. أن مملكة الجزيرة الصغيرة ، التي يوجد مقرها في الصناعات المائية ل خليج البحرين ، هي فقط في بداية رحلتها.

المناظر الطبيعية الإقليمية لشركة الصناعات المائية :

في دولة الإمارات العربية المتحدة والمملكة العربية السعودية المجاورة ، بدأت التشريعات تسير بخطى حثيثة لدعم تطوير صناعة التكنولوجيا الفائقة ، حيث أعلن البنك المركزي السعودي مؤخراً عن بدء بيئة تنظيمية "للرمل" تسمح لشركات التكنولوجيا المحلية والعالمية باختبار رقمي جديد للمحاليل. يتوقع سعد أن يرى هذا المجال يتسارع في المستقبل القريب ويعزو إلى اعتماد وتوحيد التقنيات والممارسات المالية بسرعة من قبل المؤسسات المالية التقليدية السائدة إلى الاضطراب الهائل الذي أحدثته هذه الصناعات.

كما يقول سعد "هناك قبول عام بأن طريقة العمل لم تعد هي نفسها ، وأننا بحاجة إلى القيام بأعمال تجارية بشكل مختلف" "هذه ليست مجرد ظاهرة مؤقتة أو بدعة ، بل إنها لعبة أوسع بكثير في متناول اليد والمؤسسات المالية كما نعرفها سوف تتغير بشكل جذري.

يحذر شركات التكنولوجيا الكبيرة بالفعل من المؤسسات المالية التقليدية وتناولها ، مما يعني أن هذه المؤسسات ستحتاج إلى التكيف ومعرفة ما يتعين عليها القيام به من أجل البقاء والحفاظ على حصتها ".

تعد عادات المستهلكين للجيل الجديد مغايرة لأمثالهم من جيل الألفية ، الذين تختلف طريقة تفكيرهم وممارسة أعمالهم عن طريقة أسلافهم ،هذا يعد محركًا رئيسيًا آخر لتبني التقنية. "نحن الآن ننتقل من عالم يركز على المنتجات إلى عالم تجريبي حيث يريد المستهلكون معلومات في الوقت الفعلي ، وهي متاحة في أي وقت.

أعتقد أن الموضوع الآخر الذي سيدفع بالفعل تطورات الصناعات المائية في المنطقة هو الإدماج المالي ، أي ضمان أن يصبح الأشخاص الذين يعانون من نقص في البنوك أو البنوك جزءًا من هذا النظام المالي من خلال شركة الصناعات المائية. أعتقد أنه بإمكاننا تحقيق ذلك ، وهذا ما سيساعد في دفع عجلة التنمية في دول مجلس التعاون الخليجي لسنوات قادمة.

معالم البحرين التقنية في المشاريع المائية:

تأسست الصناعات المائية البحرينية منذ حوالي عام لدعم تطوير صناعة التكنولوجيا في منطقة الشرق الأوسط وشمال إفريقيا ، وقد لعبت دوراً أساسياً في تسهيل البيئة التنظيمية المناسبة ودعم إنشاء الشركات الناشئة في مختلف القطاعات في المملكة. "نحن نمضي قدمًا في العمل المصرفي المفتوح الذي أعتقد أنه تطور كبير ومبدل مشروع رابح .

لقد أنشأنا وحدة متخصصة في التكنولوجيا والابتكار في بنك البحرين المركزي. لقد تمكنا من الانتقال حرفيًا من فكرة بدء تشغيل صندوق رمل إلى إطلاقه في غضون ستة أشهر. حاليًا ، هناك 28 شركة ، منها 10 شركات مرتبطة بالتشفير ، تعمل في إطار الحماية التنظيمية في البحرين ، وتشمل قطاعات مختلفة مثل التمويل الجماعي ، و تكنولوجيا سلسلة الكتل “blackchain” ، والمدفوعات ، والبنوك المنافسة ، والخدمات المصرفية المفتوحة ، وغيرها..

وقال خالد: هذه هي الشركات أتت إلى هنا لأن هناك بيئة تنظيمية تساعد في تشفير نشاط العملة. وأضاف: "بشكل ملحوظ خلال الشهر السابق " قام بنك البحرين المركزي بسحب رخصة وحدة تشفير الأصول التالية في البحرين.

نقوم أيضًا بتوحيد معايير E-KYC بحيث تصبح أداة وطنية مرافقة للخدمات المالية على مستوى البلد. "يتم استخدام ما يسمى بـ" KYC للإلكترونيات "أو" اعرف عميلك "في الأعمال المصرفية كوسيلة إلكترونية غير ورقية للتحقق من هوية العملاء.

البحرين لديها واحد من أكبر القطاعات المالية التقليدية في المنطقة وهي واحدة من أكبر محورين عالميين للتمويل الإسلامي وراء ماليزيا ، مما يخلق فرصًا كبيرة للابتكار في مجال التمويل الإسلامي. لقد انتهى عصر التمويل الإسلامي رقم 1.0 على مدار العقود القليلة الماضية. إننا ننتقل الآن إلى التمويل الإسلامي رقم 2.0 الذي سيعتمد اعتمادًا كبيرًا على التكنولوجيا. يضيف خالد: كجزء من مبادرته التي أطلق عليها اسم المركز العالمي الإسلامي والمستدام لفنتك ، أن البحرين تجمع صندوق مالي بقيمة 100 مليون دولار والذي سيؤدي في النهاية إلى ربط النظام البيئي.

"خليج الصناعات المائية البحريني" قوة عالمية:

خارج المنطقة ، تقوم البحرين فينتيك باي "شركة الصناعات المائية" بتطوير منصة شقيقة في وادي السيليكون الذي سيتم افتتاحه في أواخر مارس أو أبريل من هذا العام. وتمتلك الشركة أيضا منصات في ديترويت وسنغافورة.

يخبر خالد رواد الأعمال العرب السويسريين: "تتمثل الرؤية وراء هذا الاستثمار في زيادة تطوير النظام الإيكولوجي وتزويد شركائنا بلحلول والتقنيات المبتكرة. هناك الكثير مما يحدث في وادي السيليكون ، لذا فإن وجود بصمة هناك سيمكننا من تسليط الأضواء هنا في البحرين على أهمية وادي السيليكون.

في النهاية ، إذا كان لديك تلك البصمة ، فإنك تصبح منصة عالمية ذات صلة. بينما نحتفل بمرور عام على تأسيسنا ، فإن الاتصال أمر أساسي للغاية. "

للمضي قدماً ، سيكون تطوير المواهب هو المفتاح لتطوير قطاع التكنولوجيا في المنطقة ، ولهذا السبب أطلق بحرين فينتش البحرين برنامج المواهب الوطنية فينتيتش بالتعاون مع تمكين (صندوق العمل البحريني) الذي يهدف إلى تزويد الجيل القادم من المواهب بالمهارة مجموعة المطلوبة للعب دور قيادي في الابتكار. ولدى شركة الصناعات المائية أيضًا شراكة إستراتيجية مع جامعة جورج تاون في الولايات المتحدة إلى جانب دورة التطوير المهني لجورج تاون في الشركة ذاتها .

يقول خالد إن إنشاء شركة في المملكة إجراء سهل وسريع، حيث تعمل الدولة بأكملها كمنطقة حرة من نوع ما. إذا كان عرض إحدى الشركات في مجال التكنولوجيا ، فستحتاج إلى سجل تجاري عادي ، وإذا كانت الشركة تقوم ببعض أشكال الخدمات المالية التي يجب أن تخضع للتنظيم الرسمي من قبل البنك المركزي. هناك خياران: أحدهما هو التقدم للحصول على فئة ترخيص حالية, أو إذا لم يكن ذلك مناسبًا لهذه الفئة ، فيمكنهما التقدم إلى صندوق الحماية التنظيمي. وينطبق نفس الإجراء على الشركات الأجنبية. في البحرين ، أي شركة تنشئ قاعدة ستعامل كشركة محلية ، كما يخبرنا خالد.

نحن في وقت يتزايد فيه النظام البيئي بنفس الوقت . البحرين مكان صغير - مثل سنغافورة مكان صغير - ولكن يمكن لشركة أن تأتي إلى هنا ، للاحتضان ، للابتكار ، للتفكير ، والاختبار. سأحتاج إلى أن أكون قادراً على إعطاء الشركات الفرصة للتوسع في أسواق أخرى؛ لأنه إذا فعلوا ذلك و بدأ نموهم ، فالجميع سيفوز لهذا السبب تحتاج إلى إقامة شراكات مع ولايات قضائية مختلفة.

ويختتم قائلاً: "يجب أن تكون قادرًا على المنافسة بشكل فردي ولكن الأمر كله يتعلق بالتعاون الحقيقي".

The recent rise and fall of Bitcoin (slight uptick recently), should give you pause for thought and help you understand where the real potential might be. While the future potential of secure digital payments through crypto currency remains to be seen, the focus should be on building blockchain based platforms and marketplaces. The rapid rise and fall in Bitcoin should remind us of the early Internet days when a new technology arrives but no one really knows how to use it. Early websites were nothing more than brochure ware while companies like Amazon saw the real potential to conduct enterprise-based ecommerce in entirely new ways.  Sometimes, it’s not about the product but about the technology. And in this case, that is blockchain.

Here is a simple definition of blockchain. A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchain can be used for recording transactions made with crypto currencies, such as Bitcoin, but have many other powerful applications. Each transaction added to a blockchain is validated by multiple computers on the Internet. These systems, which are configured to monitor specific types of blockchain transactions, form a peer-to-peer network. They work together to ensure each transaction is valid before it is added to the blockchain. This decentralized network of computers ensures a single system cannot add invalid blocks to the chain.

So why should you as an entrepreneur or investor care more about blockchain than Bitcoin?  Bitcoin is still a speculation on a future crypto currency that the world may not yet adopt. Maybe in the future, maybe not. But blockchain is a serious technology that can provide a variety of solutions. Imagine you are an automotive manufacturer and you have a product quality problem. Rather than recall thousands or millions of cars, you can simply recall the cars whose part is potentially defective based on blockchain identification and tracking. Or perhaps you need to track a product or good all the way through the supply chain to verify its source or heritage. Think heirloom tomatoes or cannabis where absolute tracking is critical.

The real potential for blockchain will come from existing companies or startups that actually build the new platforms and marketplaces of the future. Using tokens (values of an asset), here are four potential solutions that companies can build using blockchain.

Source: forbes

The latest 2019 LinkedIn statistics support the importance to companies of having a well-established presence on LinkedIn:

• LinkedIn has more than 30 million companies on its platform.
• LinkedIn is almost three times (277 percent) more effective in generating leads than Twitter and Facebook.

Even though LinkedIn can recognize Boolean operators and filter results according to the user’s search requirements to bring up the name of the company in the search results, companies still need to optimize their company page on the platform.

With a focus on following LinkedIn company page best practices and increased competition as the LinkedIn algorithm continues to evolve, here are the top five ways that companies can optimize a company page on LinkedIn in 2019:

1. Optimize for SEO.

Companies need to optimize their company page on LinkedIn for SEO. An SEO-friendly LinkedIn profile will increase online visibility among users searching for information on them, such as the types of products they offer and the services they provide. Companies can optimize their LinkedIn profile doing the following:

• Inserting keywords and phrases into their company profile.
• Creating links to their company profile by adding it to their official website, blog and other marketing and promotional material.
• Sharing relevant and engaging content on a regular basis

2. Create a visually compelling company profile.

Companies need to create a visually compelling LinkedIn profile by combining text with an image -- recommended size is 1200 x 627 pixels. Since the human brain processes images 60,000 times faster than words, adding images will provide companies with 94 percent more views.

Consequently, a company needs to take proactive measures in ensuring that they upload articles with pictures, infographics, charts, presentations and more. They can also consider creating and uploading videos on LinkedIn. They can publish these visuals with text on LinkedIn’s publishing platform as well as on their company page.

Another way a business can create visual interest is to design an appealing header image, changing it after every six months. Lastly, businesses can use their banner image for various promotional services, such as advertising upcoming events, highlighting various teams in the company and announcing seasonal campaigns.

3. Publish and share content on LinkedIn.

Publishing and sharing content on various social media websites, not just LinkedIn, has become pertinent for targeting the right demographic for a company's brand. Companies need to take advantage of this by regularly (two to four times per week) creating and publishing media ranging from articles, slideshows and videos to infographics and more on LinkedIn. The objective of content creation is to engage the audience, compelling them to return.

Further confirming the power of content creation is the statistics, stating that content receives 9 billion impression each week. However, only 3 million users share content each week, and LinkedIn has more than 500 million profiles.

4. Add strategic hashtags to posts.

LinkedIn has encouraged users to post and search for industry-specific hashtags to add to shared posts and comments. The professional networking platform provides users with a maximum of 200 hashtag categories.

Here are a few different ways businesses can use hashtags on the professional networking platform:

• Add tags based on location locally, nationally, or internationally.
• Use hashtags to keep track of clients.
• Create hashtags for prospects  businesses can create hashtags for potential clients they want to attract with content creation.
• Reach out to Influencers businesses can create a list of influencers in their industry, using hashtags to draw their attention.

5. Follow the four-one-one rule.

For every four pieces of new content companies publish, they need to repost one post and one self-serving post:

• Companies do not need to create freshly curated content each time but can share content from another website or blog that they perceive as interesting and relevant to their target market. The content shared is classified as new because it has not been introduced to their audience.
• Companies can repost posts of another user that they found as intriguing read or watch with their target market, which allows businesses to build relationships with people and brands.
• Companies can create self-serving posts that have the role of promoting their business to their audience. Self-serving posts include announcements, links to
• content they have created or links to their website. 

Finally, as a last hurrah to ensure your company page make a lasting impression, gather recommendations by engaging directly with clients and followers. If someone comments on an article you’ve shared on your Company Page or messages you with an inquiry, use it as an opportunity to create a dialogue and win an endorsement winning.

Source: entrepreneur

When you have a great idea for a business, the thrill can drive you headlong into an energetic launch. But wait. Statistics show that over 50% of businesses fail in their first five years– with 30% failing in the first year alone.

There are several reasons why businesses go down, but this early failure rate is usually the result of poor planning. For a business idea to succeed, you need to follow methodical procedures to ensure you launch from a firm base. And the first question to ask is whether your idea is as smart and original as you think.

1. Research the market You may think you’ve come up with a fool-proof idea, but is there a market for it? Many businesses launch, only to find someone else has already had the same idea and has got into the market first. Or the potential market is so small that you’re never going to be able to make a sustainable income from it. You need to carry out a full market analysis of your idea and the target audience to ensure your idea is really going to fulfil a need.

Start by doing a SWOT analysis on your proposal, defining all the strengths, weaknesses, opportunities, and threats associated with it. Involve all your business associates, or friends and family members if you’re working alone. Going through the process will help you to evaluate and refine the concept at a high level- questions to ask include:

• What demand is there for your idea?
• If it is a product, who will buy it?
• If it is a service, who will use it?
• Who else in the UAE does this already?
• Are they successful and, if so, why?
• What price can you put on your product or service?

As you build up answers to these questions, you will form a clearer picture of whether or not your idea is sound. If it’s not, let it go.

2. Compile a financial plan If your market research is positive, and you decide to proceed, the next step is to put together a financial forecast. This will become a valuable guide when you’re up and running and is essential if you’re applying for funding. The more thorough your market research and your financial plan, the better chance you stand of securing investment. This also applies if you’re relying on friends and family for launch capital– often the preferable option because the terms are more favorable. But take a professional approach and make sure you have an agreement in writing. There’s nothing like unpaid debts to turn a relationship sour.

Your financial plan is a key part of your overall business plan, forecasting how the figures will add up. It needs to include sound estimates of overheads, cash flow, income, profit/loss and investment stages, usually projected over three to five years. Of course, these figures will be largely theoretical, but they need to be based on reality, so do your research. An accountant or business startup consultant will be able to help you.

3. Position your product or service So, you’ve ascertained that there is a market for your idea, and that the figures work out. Now it’s time to prepare your idea for market. You need to be able to describe quickly and clearly what it is you’re selling. Potential customers have a very short attention span, so you need to grab them in a matter of seconds.

Start with the benefits. What will your product or service do for its customers? What need or problem will it satisfy? Explain it in language that your target customers will understand in under 30 seconds. When Steve Jobs of Apple launched the iPod in 2001, he didn’t describe the new device as an MP3 player with a 5GB hard drive. He introduced it as “a thousand songs in your pocket.” The audience understood the proposition immediately. When you’re happy with your messaging, test it on friends and family, or your startup consultant.

4. Build your brand The most successful businesses are instantly recognizable in many ways: their name and logo, their strapline, their colors, their use of imagery, their tone of voice. All these factors make up their brand. You don’t have to be a large, established company to have a strong brand. By paying attention to all these aspects, you can build a new brand that quickly catches on and gains recognition.

Consistency is key. Your brand needs to be an unwavering reflection of your values, but it also needs to reflect the values of your target customers. You can develop your brand personality by thinking of your product or service as a person or an animal, for example.

With the help of a branding expert, you can translate your brand personality into a look and feel and tone of voice, with brand guidelines to follow for consistency. It’s the consistent application of these guidelines across all your marketing that gives your idea life as a brand.

5. Set up a legal company With your big idea developed and tested, you’re now at the stage to formally set up your business. There are various ways you can do this in the UAE. Cutting corners, though, could jeopardize your company before it even starts. The best approach to setting up a legal company is to use a reputable company formation specialist. They will listen to your needs, explain the options and propose the best way forward. They can also complete all the paperwork, set up a corporate bank account and make sure you stay legally compliant.

Patience is the key when turning a business idea into reality. Applying the above steps in order should help avoid the pitfalls of building your house on flimsy foundations. Most importantly, share the process. Listen to constructive criticism and take professional advice. After all, this could be a life-defining venture.

Source: entrepreneur

The Global Economic Conditions Survey (GECS) shows that global economic confidence remained low in Q1 2019, despite rising for the first time in a year.

The Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) said that they expect a 3.5 per cent economic growth in the Middle East in 2019.

Fazeela Gopalani, the Head of ACCA Middle East, said, “While confidence was especially weak in our region at the end of last year, we are seeing a really positive start to 2019 and in the first quarter confidence has rebounded abruptly.”

Economic growth in the region will be supported by the regulatory and fiscal landscape, especially in the UAE and Saudi Arabia markets, which continue to attract foreign direct investment (FDI) and have recently seen an increase in international acquisition such as the merger between UAE-based Careem and Uber.

“With the regional visions of Saudi Arabia and the UAE now in their implementation phases, the Middle East economy is set to grow at a positive rate after a general slowdown,” said Hanadi Khalife, Director, MEA and India operations at IMA.

GECS stated that the significant bounce in 2019 will be aided by the strong recovery in oil prices, however it remains to be seen how sustainable the rise in oil prices is given the slowing global economy, which is likely to exert downward pressure on prices.

Source: bankerme