< Previous10 Vol. 20/42, November – December 2019 A RECENT ESTIMATION PUTS 40 percent of the world’s jobs at risk as a result of automation over the next 15 years. The number might be alarming, but experts are quick to assure us that this takeover will essentially allow humans to dedicate their time to more creative tasks. If you are still concerned, you might find consolation in the fact that this risk is not novel — throughout history, new technologies have replaced human jobs time and time again. The UAE government has been ahead of the curve in recognising the changing workplace trends, and as part of its efforts to consolidate its status as an international economic hub, the country has introduced numerous initiatives to better prepare industries for the Fourth Industrial Revolution. The Ministry of Artificial Intelligence, the AI Academy, and the UAE AI Council are only examples of the national focus on AI adoption. As part of the business sector witnessing AI-centric changes, recruitment will also take its share from this automation. A decade from now, HR and recruitment should look very different, AI and chatbots should play the biggest part in that change. Companies will know exactly when candidates are ready for a new job and reach out to them proactively. Resumés will be screened by algorithms, and candidate selection is likely to take place via automated video interviews conducted by the bots. Multiple companies are already using AI tools to make their hiring process quicker, more accurate, and, crucially, fairer. In fact, in a recent recruitment survey, almost half of recruiters and hiring managers say a key benefit of AI is its potential to remove human bias. Bots and AI will take some of the most mundane tasks off recruiters’ plates. These include scheduling interviews, answering common questions, and parsing résumés to pre-screen candidates with the right qualifications. Technological tools could even conduct and assess interviews – in fact, it’s already happening. You can now find software that analyses video and audio interviews based on facial and vocal recognition, indicating which candidates would make the best salespeople for example. Smarter tech will free up recruiters to focus on the human elements of talent acquisition: assessing soft skills, convincing candidates to accept job offer, conveying the company culture, negotiating compensation, and making the ultimate hiring decisions. While it’s easy to live in fear that technology will render recruiters obsolete, the opposite is true. When recruiters work with tomorrow’s tech, they’ll gain the freedom to be all the more human. Q THE UAE GOVERNMENT HAS BEEN AHEAD OF THE CURVE IN RECOGNISING THE CHANGING WORKPLACE TRENDS” Recruiting in the age of AI It is estimated that 85 percent of the jobs in 2030 haven’t been invented yet C OMMENT / by Arda Atalay, Head of LinkedIn Talent Solutions, Private Sector in MENA u A robot for a colleague? A number of jobs of the future will spin off from technologies that are emerging today $96bn The potential impact of AI technology in the UAE by 2030, according to a research by PwC CO MMENT / by Arda Jobs of the future Human-machine teaming manager Human-machine teaming managers will govern how machines and people collaborate to accomplish a task. Ideal candidates will have a background in psychology or neuroscience paired with experience in computer science, engineering, or HR. Digital currency advisor Digital currency advisors will consult investors on managing their wealth through creating a balanced cryptocurrency portfolio. The right candidates will have a background in accounting, fi nancial management, or data security. Drone traffi c optimiser Drones will be everywhere – from fi lming our movies and fi ghting our wars to policing our neighbourhoods and delivering pizza. Drone traffi c optimisers – a futuristic spin on air traffi c controllers – will oversee their fl ight paths so they don’t begin to wreak complete havoc. sc.com/ae Choose a reliable partner for your business in Africa. Reliability, connection, trade routes and analytical ability. Standard Chartered Bank has well over 150 years of history supporting businesses in Africa. As a leading international bank, we are well positioned to help firms in the UAE grow in Africa.12 Vol. 20/42, November – December 2019 THE CONCEPT OF SHORT-TERM rentals has been around in the global market for just over 10 years. Initially introduced to offer an alternative to expensive, long-term rental property in prime cities, as well as provide travellers with a cheaper option to booking a hotel room in saturated markets, the concept has changed the face of the hospitality industry. Major hotels have expanded their business models to adapt to this change, and landlords are increasingly jumping on the opportunity to earn more from their assets. Over recent years, there has been an increase in landlords cashing in on the UAE being one of the most visited countries in the world. According to Dubai Tourism, Dubai alone recorded 4.75 million international overnight visitors in the first three months of 2019, up by 2 percent from the guest numbers recorded a year earlier. Similarly, earlier in (August), the Department of Culture and Tourism – Abu Dhabi reported a year-to- date increase in hotel guest numbers by 3.5 percent compared to the same period in 2018. With UAE visitor numbers increasing and expected to continue doing so in the lead up to and during the much-anticipated Expo 2020, short-term rentals are providing homeowners and investors the opportunity to capitalise on their assets for extra income. Short- term rentals typically offer higher yields than traditional long-term rentals as the calculation of the rate takes into consideration the non-occupancy of the unit based on the annual lease value. As a result, rental returns are 10-15 percent higher. Landlords can also take advantage of peak seasons – for instance, during Eid or the festive season from December into the new year, hotel prices in the UAE tend to hike up due to the high demand. As a homeowner, why not have someone pay you these high rates to stay in your vacant apartment, while you enjoy a few more nights in the Maldives or spend more time with loved ones back home? There are over 25 million international visitors expected for the Expo 2020, therefore, the demand for fully fitted, furnished and serviced apartments is bound to increase, giving the short- term market an additional boost. Whether through registered holiday home companies or managing the property themselves, more and more holiday makers’ dirhams are ending up in landlords’ pockets. Short-term rentals The tourist market is great for prime areas, but we also see a huge demand for monthly lets across the UAE on dubizzle, particularly from those who have just moved to the UAE, temporary visiting staff from other markets and people who do not want to commit to long term rentals. A short-term rental option provides tenants with more flexibility, more options, and less hassle. It doesn’t incur extra charges in the form of furniture or monthly utility charges and eliminates the need to share post-dated cheques with the landlord. As for the landlord, the absence of a long-term contract gives them more flexibility to utilise the property for guests and makes the asset more liquid so it can be sold with no tenant-strings attached. If fully registered and adhering to the legislation outlined by the regulatory body in the given emirate where property sits, landlords potentially have a lot to gain from putting their property up for short-term rentals – whether from holiday makers, professionals visiting the UAE, or tenants who simply don’t want to commit to a long-term rental contract. The demand for temporary accommodation is on the rise making the short-term rental market an attractive option for landlords and homeowners. Q A SHORT-TERM RENTAL OPTION PROVIDES TENANTS WITH MORE FLEXIBILITY, MORE OPTIONS, AND LESS HASSLE” The rise of short-term rentals How landlords are capitalising on the demand for temporary accommodation C OMMENT / By Matthew Sadler, Head of Business Development, dubizzle Property u Short stay With tourism numbers on the rise, the demand for serviced apartments in the UAE is bound to increase 124 The number of mid-level hotel apartments in Dubai as of August 2019 CO MM ENN T / By Matthew Sarabianbusiness.com 13 BR AND VIE W MAG Lifestyle Development (MAG LD), the property development arm of MAG Group Holding, has announced the completion of 65 percent of MAG 318, its mixed-use luxury project. Awarded ‘Residential Project of the Year 2019’ for its outstanding design, innovation, and creativity, the project is scheduled for delivery in April 2020. MAG 318 is a AED550m luxury residential tower that features 439 residential units, comprising studios and one- and two-bedroom apartments with private balconies that overlook Dubai Water Canal and Downtown Dubai. Once delivered, the units at the luxurious residential tower will be fully furnished with ultimate luxury fi nishing and is set to be a fl agship project with a new benchmark of luxury. Talal Moafaq Al Gaddah, Senior Executive Vice Chairman of MAG Lifestyle Development, said: “Presenting the best of what Dubai has to offer, MAG 318 is well on the path to completion, consolidating our commitment to fostering lasting relationships with our customers by offering them best-in-class quality projects with appealing architecture. The development is an ideal address for anyone looking to make Dubai their home and live in proximity to the city’s most attractive offerings.” To ensure an integrated living environment for residents, the project is equipped with modern facilities that include a swimming pool, outdoor leisure facilities, a children’s area, a social activities centre, a coffee shop, and 18,000 sq ft of retail space. For commuters, MAG 318 offers convenient access to the metro station and Business Bay area, one of Dubai’s most exciting and fastest-growing business destinations, while families will be a stone’s throw from some of the city’s best schools and medical facilities. In the heart of the city, MAG 318 residents will also be within easy reach of iconic Downtown Dubai attractions including the Burj Khalifa and the Dubai Mall, providing them with all that Dubai has to offer on their doorsteps. MAG LIFESTYLE DEVELOPMENT ANNOUNCES 65 PERCENT COMPLETION OF ITS MIXED-USE LUXURY PROJECT MAG 318 The $150m (AED550m) luxury residential tower features 439 residential units and is scheduled for delivery in April 2020 “Presenting the best of what Dubai has to offer, MAG 318 is well on the path to completion, consolidating our commitment to fostering lasting relationships with our customers” TALAL MOAFAQ AL GADDAH14 Vol. 20/42, November – December 2019 BR AND VIE W India has shown resurgence over the past few years with a strong impetus on investment, manufacturing and construction. Policy reforms pertaining to investment and FDI policy have greatly contributed to improving market conditions. The key economic drivers are well aligned for India to embark on a path of signifi cant and sustainable growth. Taking into these factors, India could as well be the world’s largest retail market in the coming few years, with increased spending on retail brands, brand awareness, supply side getting stronger and more players coming into the market, giving consumers better choice. With higher disposable income in the hands of consumers, this market is set for a good growth curve in India. Tablez, the company synonymous in the UAE with popular F&B brands such as Bloomsbury’s, Galito’s, Famous Dave’s and Peppermill has made inroads in India with a spate of new stores in the fast-growing retail sectors of fashion, lifestyle, toys, sports and juvenile products. Leading the charge from the front for Tablez is Managing Director Adeeb Ahamed. “There is a growing demand for fashion brands, apparels and toys for both infants and kids in India. Structural changes in the economy including GST implementation also ensure no tax evasion and new testing norms are helping consumers move from unorganised to organised players. We believe that organised players in both e-commerce and modern trade are fuelling the growth,” says Ahamed. Ahamed plans to fuel the growth of Tablez by scaling up with fresh investment over the next few years to increase their retail stores, enhance people building capacity, create backend infrastructure and marketing for brands including Cold Stone Creamery, GO Sports, Toys R Us and Yoyoso, among others. “As we operate stores in various categories – F&B, specialty retail, fast fashion, sportswear and equipment, footwear, premium apparel – our expansion plan would also vary for each brand. We would be deploying around INR75m ($1.06m) in capital over the next two years to scale our retail stores across India,” adds Ahamed. According to India Brand Equity Foundation, the retail market in India is projected to grow from an estimated $672bn in 2017 to $1.20 trillion by 2021. Furthermore, the Department of Industrial Policies and Promotion (DIPP) has noted that the Indian retail trading has received foreign direct investment (FDI) equity infl ows totalling $1.66bn during April 2000 – March 2019. Ahamed is investing big on the Indian retail scene and believes there is great opportunity for bringing in more international brands into the country. “When evaluating the possibility of bringing concepts under our umbrella we consider a number of key criteria. These include a strong desire for the brand’s offering in the market, the presence of consumers who appreciate the product, as well as the track record of the franchisor being focussed on quality and offering. Once we we’ve ticked those boxes it allows us to bring the brand to the local market.” The growth story of Tablez is evident with store count crossing 50 across India, with new stores being opened every month. “The customer response has been phenomenal from across our brands in India, and we continue to see it with every new store opening. Toys R Us, Cold Stone Creamery, Build-A-Bear and GO Sport in particular have been quite successful, with the consumer experiencing such a brand format for the fi rst time,” Ahamed adds. The long-term outlook for the retail industry looks positive, supported by rising incomes, favourable demographics, entry of foreign players, and increasing urbanisation. With expansion plans in place, Tablez is heading out to key cities in India and would have a presence in all the metros by end of this year. TABLEZ: THE INDIAN ODYSSEY The organised retail group is fast growing to become one of the leading retail operators in India, introducing brands as varied as Toys R Us, GO Sports, Yoyoso and more u Ahamed is confi dent of the consumer retail market in India u (Clockwise from left) Toys R Us, Springfi eld, Cold Stone and Galito’s are some of the popular brands under the Tablez portfolio “The customer response has been phenomenal from across our brands in India, and we continue to see it with every new store opening” ADEEB AHAMED16 Vol. 20/42, November – December 2019 DESPITE A SUBDUED DUBAI Airshow that palled in comparison to the massive deals of previous years, the main players in the UAE’s aviation sector remain optimistic about the state of the industry and their future prospects, with airlines reporting plans to expand even amidst smaller orders and the ongoing ordeal of the Boeing 737 Max. At the show, Emirates announced two major deals with rival manufacturers Boeing and Airbus. The first, with Airbus, saw the airline announce that it will buy 50 Airbus A350-900 aircraft in a deal worth $16bn, deliveries to begin from May 2023. The firm order replaces a previous deal for 30 A350-900 and 40 A330-900 aircraft that had been announced in February. In the second deal, Emirates announced that it will take 30 Boeing 787s worth $8.8 billion at list prices, together with 126 larger 777Xs. In this case, the order represents an adjustment of a previous deal for 150 777Xs. Although both deals represent a scaling back of previously announced agreements, Emirates officials say they are confident that the purchases will help accelerate the carrier’s expansion plans, as well as its codeshare agreement with Air Arabia boosts its fortunes In another highly anticipated announcement, low cost carrier Air Arabia said it would buy 120 Airbus A320s for $14bn, representing a major expansion for the airline. It currently has a fleet of 53 aircraft, including A320s and A321s. According to analysts, the purchase – along with a planned joint venture with Etihad - will help even the playing field between the Sharjah-based airline and its more high profile rival, Flydubai, as well as other smaller regional carriers. The ultimate winner in this competition, Ahmad says, will be the passengers. “Across the border in Saudi Arabia, other airlines like Flyadeal, Flynas and even Saudia are inducting new airplanes and opening new city pairs,” Ahmad explains. “While these new city jets will help Air Arabia expand its footprint, the competitive landscape will become more challenging for everyone and its here where pricing may suffer, but passengers will be the beneficiaries of that.” The 737 Max’s long shadow Despite votes of confidence in the form of orders and planned orders of the embattled – and still grounded – Boeing 737 Max from the likes of Turkish carrier SunExpress, Kazakhstan’s Air Astana and another unnamed carrier, the continued woes of the Max cast a large shadow over the airshow. Notably, Flydubai was conspicuously absent from the show. Boeing, for its part, faced a steady stream of questions from the media about the return of the Max, although Stan Deal, the president of Boeing Commercial Airplanes, was reluctant to commit to any timelines. The Dubai Airshow, Deal added, also served to allow Boeing to work with its partners around the globe to re-assure them and, in the case of Flydubai – whose entire fleet of Maxs remains grounded – work to mitigate the ongoing financial crunch the airline is feeling as a result. However, Deal did not publicly commit to any compensation to Flydubai, which amid the groundings reported a half- year loss of $53.6 million – a 38 percent reduction compared to H1 2018. “We’re in discussions around the globe, including Flydubai. The range of the discussion varies airline by airline.” Flydubai. Collectively, the two airlines fly to about 257 destinations currently. “We want to get the airplane into the network as soon as possible and expand,” says Emirates president Tim Clark. “This is a recognition that we have a variety of useful tools to be able to get that network in a manner that, by the early 20s, Emirates will be able to re-start its expansion in no uncertain terms. We can do that we these aircraft.” Clark adds that the purchases represent a “holistic approach to the way we go about the growth of the Dubai hub... it makes a lot of sense.” Saj Ahmad, chief analyst at London- based StrategicAero Research, told Arabian Business that the purchases are evidence that Emirates “is reshaping its business to become not just agile in the face of competition, but to be able to respond much quicker and flexibly to demand changes across its network... Emirates is now well primed to continue its expansion plans.” u The new jet deals Emirates signed at Dubai Airshow will contribute to its ongoing expansion plans $24.8 billion The value of the two deals Emirates signed with Airbus and Boeing at Dubai Airshow Flying through turbulence Despite scaled back orders and grounded aircraft, the UAE’s airlines are setting their sights on expansion and heavier traffi c BY BERND DEBUSMANN JR THE BIG S T O RY / AVIATIONarabianbusiness.com 17 BR AND VIE W Dubai continues to be one of the most visited destinations in the world, consistently recording year-on-year growth that exceeds 6 percent. To cater to this growing demand, the emirate has encouraged investors to develop a wider range of hospitality products, diversifying hotel inventory to expand segmentation. As a result, while average rate remains at international levels, revenue per available room (RevPAR) has registered its fi fth consecutive year of decline (source: STR H1 2019). While the increase in the number of mid and upscale hotels is pressuring rates, the most important reason, and perhaps the most overlooked, is that Dubai is going through an anticipated industry cycle experienced by all global markets at some point in time. After years of double-digit RevPAR growth, performance will inevitably decline, correcting the supply /demand imbalance in order to allow the industry to re-enter a new growth cycle. In the short-term, this slowdown is proving to be a testing time for owners. Some hotels have been slow at implementing effi ciencies to decrease costs and protect profi tability and after several years of decline, some owners are questioning the traditional operating models employed within the region and are looking for alternatives, sometimes at any cost. Moreover, the rigid owner/operator duality has been disrupted by the possibility of the sharing economy providing the customer with alternative lodging and stay options. The rise of new business models The region hotel owner/operator relationship has traditionally been dominated by brands and management agreements. In years of high performances, this business model attracted little criticism, with both owners and operators enjoying healthy fi nancial returns. However, the declining operating performance has made owners feel like they should regain control of their properties’ profi t and loss (P&L). This change is being further accelerated by the maturing of historical management agreements, allowing owners to pursue alternative business relationships. The monolithic relation between operator and owner no longer refl ects the dynamics and evolution speed of the industry and consumer habits. As a result, two alternative business models are now becoming mainstream: franchising or operating as an independent brand. Under both models, owners can either manage the property themselves or contract a white label operator to manage it on their behalf. Both models empower owners to take control over the day-to-day operation and cash-fl ow for their business. While these models are highly popular in mature markets, they remain new opportunities for the Middle East. The case for asset management We may be partisan, but we strongly believe that owners should have a professional advisory fi rm to investigate their business model and offer them a tailored solution. Advisory services analyse a business proposition with independence and industry specifi c skill sets and provide guidance on optimal strategies for given scenarios. Among the biggest threats to any business is to limit the range of options to those that are most appealing in the short-term, while an advisory fi rm will look at the business cycle in a holistic manner providing second level thinking to deliver long-term performance. For owners disgruntled by deteriorating returns, change can come at a high cost. Whether it’s breaking the current management contract, de-branding a property, hiring and training the staff, changing the administrative IT systems, etc, the costs associated with breaking or even just changing the nature of the relationship will be expensive. There are, however, other options available to owners to improve their bargaining position with the operator and most will involve less drastic changes and, therefore, lower costs. In this time of change for the regional hospitality industry, the asset manager remains the best partner for the hotel owner. Every owner’s reasons and circumstances for wanting management change are different: whether it is unsatisfactory operating margins, lack of transparency on fees paid, lack of brand’s focus on the property, etc. The asset manager’s in-depth understanding of the hotel’s situation, current and future market conditions and relationships with brands will prove highly valuable when considering change, whether it’s moving towards franchising or white-label management or renegotiating the terms of the existing agreement. About Stirling Hospitality Advisors Established in 2015, Stirling Hospitality Advisors provides hospitality- focussed asset management, development and advisory services to REITs, ultra HNI, governments, corporate investors, portfolio managers, master developers, community developers and sovereign wealth funds. With deep data-driven market knowledge of the Middle East, Stirling Hospitality Advisors advises its clients with a local insight based on a global context. FUNDAMENTALS REMAIN TRUE FOR THE REGION’S HOTEL INVESTMENT CYCLE Hotel owners should have a professional advisory fi rm to investigate their business model and offer them a tailored solution to challenges Owner as operator White label management Franchising Benefi ts Benefi ts Benefi ts Limitations Limitations Limitations – Talent pool – Brand recognition – Distribution systems – Limited presence in the Middle East – Distribution systems – Investor perception – Owner obligations – Willingness of operator – Consistency of service – No management fees – Autonomy over brand standards – Control over P&L – Incentive fee structure – Staff training standards – Shorter agreement terms – Procurement network – Brand recognition – Loyalty programme – Distribution systems – Control over P&L – Shorter agreement terms u Benefi ts and limitations for branded manage- ment, franchising and independent brandingTHE BIG PICTURE Lebanese photographer Zeinab Khalifeh captures a daily scene from the Old Souq in Saida, a historic city in the South of Lebanon, known for its wide display of traditional artifacts and items, radiating the Souq’s importance as a destination for visitors and photographers alike. National Geographic Abu Dhabi (NGAD) and Almarai have announced Khalifeh’s photo as the grand prize winner in the ninth edition of ‘Moments’, the annual regional photography competition to nurture the talents of aspiring regional photographers. PHOTO: NATIONAL GEOGRAPHIC ABU DHABIarabianbusiness.com 19 BR AND VIE W Small and medium enterprises (SMEs) have widely been recognised as the engine of growth in all economies around the globe. In the context of the UAE, SMEs account for over 94 percent of companies in the country, provide employment to over 86 percent of the total private sector workforce, and constitute more than 60 percent of the country’s current GDP. Despite their undeniable importance to the economy, a common perception is that SMEs receive disproportionately less support from banks compared to their larger corporation counterparts. In my opinion, there is no question that more can be done to ensure that SMEs have better access to a support system, as well as credit from the fi nancial sector. While fi nancial institutions understandably hesitate on capital lending to SMEs, given the often higher-risk profi les associated with them, there are several ways to help them grow – beyond a role that is merely transactional. Simplifying the account opening process In the banking industry, one of the biggest pain points for start-ups when banking is opening a business account, due to the expensive and lengthy process, with reams of documents required at the outset. This is no different in the UAE, and in some cases, a corporate bank account can usually take new fi rms at least a month and up to three months to open. Because this is such a challenging process for entrepreneurs, such a long account opening process can often lead to startups looking elsewhere to set up their businesses; due to them feeling like they have no control over the lengthy duration. These issues should no longer exist, as at the end of the day, banking is just the beginning of a long and often demanding journey for entrepreneurs. In this digital era, a simple solution for banks is to introduce basic accounts with a digital end-to-end account opening process. This can reduce the time and manual labour involved in opening an account, and also provide entrepreneurs with a process that is more transparent. At Mashreq, we recently launched a new digital proposition called NeoBiz that is designed to meet these demands of SMEs. The offering not only delivers customised and specifi cally tailored digital products for SMEs, start-ups and young businesses in the country, but also offering key services such as digital onboarding, transparent and simplifi ed products, a digital assistant and full transaction capabilities online. It is initiatives such as these that can reduce unnecessary distractions for SMEs and enable them to focus on the most important thing to them – growing their business. Providing support through partnerships Support can also be provided in other ways separate to account openings and fi nance. If SMEs use the data that is already available to them and share this information openly with fi nancial institutions, this can help to identify the bottlenecks and pain points for SMEs to develop products and services that address these issues. Banks can also analyse the state of fi nances and the overall business of their SME customers to provide them with these effective consulting services. In fact, there are several innovative banks around the world that offer comprehensive consulting services for marketing, staff recruitment and business restructuring. Leveraging the latest technologies Given that Fintech companies are changing the fi nancial services industry in terms of customer experience and innovation, I strongly believe that Fintech is another area where SMEs can vastly benefi t from. From accounting solutions, to cloud computing to crowd lending; FinTech offerings can help SMEs to streamline their operations and, more importantly, cut costs and even raise cash. The Startupbootcamp Fintech Dubai Accelerator, which is the result of a partnership between DIFC and leading fi nancial institutions, including Mashreq Bank, recently had the second round of calls for Fintech start-ups to join the program. While this is specifi cally for Fintech SMEs, there is no reason a similar initiative cannot be rolled out for other SME businesses. Continued support in managing cashfl ow and debt Then there is the biggest challenge that SMEs face; managing their cash fl ow. If we take the example of Dubai government, they recently announced that SMEs would be paid for their services in 30 days instead of the usual 90. From a liability perspective, bodies such as the UAE Banks Federation have also actively helped to restructure any debts owed by struggling entrepreneurs. In my view, moves like this go a long way in ensuring the fi nancial health of SMEs, allowing them to prosper and contribute further to the economy. Given the current state of global strife, tattered geopolitics, economic uncertainty and the rapidly evolving digital transformation, there really is no other panacea than to take a collaborative approach to these challenges. The SME ecosystem is ultimately the lifeblood of any economy, and supporting them must remain top of the agenda, for governments, regulators, fi nancial institutions and other large organisations alike. SUPPORTING SMES AND WHY IT’S CRITICAL Small and medium enterprises are the lifeblood of any economy, and fi nancial institutions in the region can do a lot more to support them u Rohit Garg is the Head of Business Banking and NeoBiz at Mashreq Bank “The SME ecosystem is ultimately the lifeblood of any economy, and supporting them must remain top of the agenda, for governments, regulators, fi nancial institutions and other large organisations alike” ROHIT GARGNext >