YASMINA AL AZHARI
SMEs should be assisted by business-friendly regulations and a support system that encourages innovation.
BIOGRAPHY
Honorary Consul of the Netherlands in Syria and knighted by the Queen of the Netherlands, Yasmina Al Azhari has been a pioneer businesswoman in Syria since 1979. The founder, owner, and general manager of Mira Trading, she is also partner & vice president of Trade Coordination Office, a shipping agency representing Maersk in Syria until 2017. She recently established Al Yam International Commercial Brokers.
The UAE recently moved to ease regulations, allowing 100% foreign ownership of some of businesses outside free zones. What is the significance of these changes?
The business landscape in the UAE has changed dramatically over the last 10-20 years, with the process of company formation significantly simplified. As the country strives to diversify and develop a knowledge-based economy, there is greater exposure to every sector. Dubai's reputation as a global trading hub has been further consolidated by world-class infrastructure, business-friendly laws, and a visionary government. Recent changes to regulations have also created more welcoming conditions for international companies that wish to establish a physical presence in the UAE. There are now one-stop service facilities available that expedite formalities, and trade licenses can now be renewed online.
How do you assess the role of SMEs within the wider context of Dubai's economy?
SMEs form an integral part of Dubai's economy, and there have been crucial efforts made by the government to foster entrepreneurial thinking and grow SMEs. Due to present incubation, acceleration, and advisory mechanisms in Dubai, there is an accepted view that SMEs are central to the wider effort of building a knowledge-based economy while also contributing to the smart city strategy. Dubai is safe; it is home to 199 different nationalities and has a fertile business environment. As such, SMEs should be assisted by business-friendly regulations and a support system that encourages innovation. A major barrier for SMEs can be start-up costs; however, there is access to funding support.
What is your assessment on establishing an LLC versus setting up in a free zone?
Business formation at a free zone has historically been easier and less time consuming than the establishment of an LLC, but I personally chose to form an LLC with my partner, as this gave us greater business flexibility.
YASMINA AL AZHARI
TABLE OF CONTENTS
Interview
Sultan bin Saeed Al Mansoori, Former Minister of Economy,
The ministry's way forward is to spur more international collaboration, whether inside the country through FDI flows and encouraging foreign entrepeneurship or outside the country through China's highly-valued Belt and Road Initiative.
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Dr. Mohammed Al Zarooni, Director General, Dubai Airport Free Zone Authority (DAFZA)
In addition to pursuing an aggressively innovative trade and industrial policy, DAFZA is working behind the scenes to boost Dubai's role as the world's most dynamic hub for global halal services.
read articleInterview
Hatem Sleiman, Regional Vice-President, Head of Network, Middle East and South Asia, Western Union
Technology, globalization, and migration will ensure that no matter the nationalization policies carried out by regional governments, the remittance spout is unlikely to dry up any time soon.
read articleInterview
Hamdan AlShamsi, Senior Partner, Hamdan AlShamsi Lawyers & Legal Consultants
With the expected increase of business in the region, Hamdan AlShamsi Lawyers & Legal Consultants stands ready to assist new or current businesses with the implementation of ideas and the protection of IP.
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Marwan Bin Haidar, Executive Vice President of Innovation and the Future, Dubai Electricity and Water Authority (DEWA)
Through its digital arm, DEWA seeks to disrupt the entire business of public utilities by becoming the world's first digital utility to use autonomous systems for renewable energy and storage.
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Will Goodwin, Managing Director, The Priory Group
Social media can lead to living a virtual life, with limited face-to-face interaction, avoidance, and often misconstrued reality. This may lead to mental health-related issues such as depression, loss of individual value, low confidence, and anxiety.
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Colm McLoughlin, Executive Vice Chairman & CEO, Dubai Duty Free (DDF)
One of the leading airport retailers in the world, DDF currently operates some 40,000sqm of retail space at Dubai International Airport and Al Maktoum International Airport, reporting sales over USD2.029 billion in 2019.
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