When the German entrepreneur Oliver Schutzmann came to set up his Dubai-based investor relations consultancy Iridium in 2015, he wasn't put off by the fact that his company was launching against the backdrop of the steepest fall in oil prices in almost a decade. Quite the opposite, in fact. In the new, tighter economic climate, companies in the Arabian Gulf region more than ever had to call upon investors to help raise cash at a time when governments became less willing to provide financing.
"Overall, I feel our timing has been pretty good," Mr Schutzmann told The National. "It's perfect from the point of view of the oil price. ... There is a universal recognition of this now that the days of non-stop surpluses from oil are over, at least in the near and medium term. No one expects $100 a-barrel oil anymore and this has really helped us by forcing people to think how they are going to fund their future growth."
In previous years, large companies in the region, many of which are partly owned by governments, could often seek state support to help them plug any financial holes. This all changed from mid-2014 onwards, when the price of oil fell from more than $110 per barrel to less than $30 per barrel in early 2016. Because of the financial strain many governments in the region have been put under as a result, companies now have to rely more on third party investors to raise cash by selling new shares or bonds, Mr Schutzmann says.
He and his co-founder Tom Ashby named the company Iridium because the chemical element's symbol on the periodic table is IR. However, the co-founders hope that the company will prove similar to the chemical element in other ways, sharing its resilient and anti-corrosive nature.
Iridium has been able to find plenty of opportunities in its first two and a half years of operation, in spite of launching during the economic slowdown. Since its inception, Mr. Schutzmann says the company has witnessed 100 per cent revenue growth year-on-year, and expects similar growth in the next couple of years. (He didn't want to divulge exact figures).
The company's high pace of growth is partly of course due to its starting from a low base, but is largely due to the underdeveloped nature of the investor relations sector in the region and the company's lack of competition. Mr Schutzmann noted that when he arrived in Dubai in 2006, the investor relations industry was largely non-existent, with capital markets in the country and the wider region still largely in their infancy.
Mr Schutzmann says that despite the great strides companies have made in improving their investor relations capabilities since then, there is still much room for improvement both in the region and worldwide. Most publicly listed companies around the world have an investor relations department or outsource the job to companies like Iridium to help them handle queries from investors and provide them with information about the company.
In Mr Schutzmann's opinion, one of the big problems that companies in the region face is the fact that they have often relied on public relations companies to provide them with help with investor relations. All too often, such public relations companies are not familiar with fine details of the information disclosure requirements required by regulators in the region and abroad.
By way of example, the entrepreneur noted that companies often disclose financial information without explaining the reasons behind gains or losses, making it difficult for an external investor to understand what the prospects of the company are. As a result investors that are keen to lend are frequently put off, and prevented from committing due to their own internal rules and requirements.
"Pretty much for the last ten years, listed companies have been advised by PR consultants and there are some very important differences between investor relations and public relations," said Mr Schutzmann.
"The fundamental difference [with] PR is that you try and promote the company, persuade the audience, you try to exclude risks and influence the judgement and everything is short-term spin. In investor relations you don't try and persuade the audience, you try and inform them. You highlight the risks, not hide the risks."
In an exercise for the Qatar stock exchange in 2015, Iridium assessed how listed Qatari companies were faring from an investor relations perspective. Using a benchmark of criteria used to gauge quality in investor relations, Qatari firms scored 25 out of 100 compared to a global average of about 50 out of a hundred. In the second year, those companies had on aggregate improved, showing to him that change was possible, even if it is made on incremental basis.
Mr Schutzmann, who has lived and worked in the UAE since 2006. He worked as head of investor relations at Shuaa Capital, Dubai's oldest investment bank, between 2007-15, and has also served as chairman of the Middle East Investor Relations Association.
He took the plunge to start his own business on the encouragement of his friend and subsequently co-founding partner Tom Ashby, a former communications specialist and journalist, who served as The National's business editor from 2009-12.
Iridium's business model is two pronged, says Mr Schutzmann. On one hand, the firm offers consultancy either on a project-by-project basis or a retainer basis, while another revenue stream comes from third party technology used to help companies disseminate information. The company is also working on proprietary technology that it is developing to replace menial tasks that done by investor relation professionals, thereby streamlining the investor relations function for companies.
The business was funded by personal savings from both Mr Schutzman and Mr Ashby, both declining to reveal the exact sums revealed.
"I invested in Iridium because I believed the time was right for a pure-play investor relations advisory firm in this region," said Mr. Ashby.
"Investor relations has been underserved in the past and as the maturity level of companies, governments and capital markets increases, there is a growing need for professional investor relations advisory and technology services. Any investment in a startup bears significant risks, but having the right idea, the right people, the right product and the right timing greatly reduces that risk."
When it comes to headcount, Mr Schutzmann says he is trying to keep the business nimble and conscious of cost, and is therefore using a quasi-freelance model; in addition to three permanent employees, the company also contracts out to others when the need arises. Mr Schutzmann says that Iridium has no direct competitors at this stage, but that the difficulty of replicating the company's proprietary technology will make it difficult for others to intrude upon its turf.
Looking forward, Iridium's biggest potential for growth is likely to come from the increased integration of the Middle East, and particularly Saudi Arabia, into the global economy, as more markets in the region get included into key indices including the MSCI Emerging Market Index, a benchmark of emerging market stocks. Entrance of companies into these indexes will oblige companies to improve their corporate governance and investor relations functions in a bid to attract funds from international investors. Both the UAE and Qatar have been included in MSCI's Emerging Markets Index in the past few years, and it's looking increasingly likely that Saudi Arabia will also be included in the measure in the next couple of years.
That would open up exciting opportunities for Iridium in the region's biggest economy, Mr Schutzmann notes.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
COMPANY%20PROFILE
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
Europa League group stage draw
Group A: Villarreal, Maccabi Tel Aviv, Astana, Slavia Prague.
Group B: Dynamo Kiev, Young Boys, Partizan Belgrade, Skenderbeu.
Group C: Sporting Braga, Ludogorets, Hoffenheim, Istanbul Basaksehir.
Group D: AC Milan, Austria Vienna , Rijeka, AEK Athens.
Group E: Lyon, Everton, Atalanta, Apollon Limassol.
Group F: FC Copenhagen, Lokomotiv Moscow, Sheriff Tiraspol, FC Zlin.
Group G: Vitoria Plzen, Steaua Bucarest, Hapoel Beer-Sheva, FC Lugano.
Group H: Arsenal, BATE Borisov, Cologne, Red Star Belgrade.
Group I: Salzburg, Marseille, Vitoria Guimaraes, Konyaspor.
Group J: Athletic Bilbao, Hertha Berlin, Zorya Luhansk, Ostersund.
Group K: Lazio, Nice, Zulte Waregem, Vitesse Arnhem.
Group L: Zenit St Petersburg, Real Sociedad, Rosenborg, Vardar
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
THE%20SPECS
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Company%20Profile
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Day 5, Abu Dhabi Test: At a glance
Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.
Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.
The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.
