The region’s advertising industry has bottomed out and there is cause for optimism after a dark few years, according to Elie Khouri, the chief executive of Omnicom Media Group Middle East and North Africa (Mena).
In an interview with The National at his office in Dubai, surrounded by brightly-coloured and quirky works of art befitting a stalwart of the Middle East's creative industry, Mr Khouri says it is high time the industry had some more uplifting news.
“The market has declined by 35 per cent in the three years since 2015, but I think it’s bottomed out and we’ll start to see movement from here. We’re looking up this year,” he says.
Omnicom Media Group Mena – the regional division of one of the world’s biggest advertising and communications holdings, US-based Omnicom Group (NYSE: OMC) – expects to see low single-digit growth in 2018, rising to double-digit growth thereafter, following industry-wide declines since 2015 due to low oil prices, a sluggish world economy and structural shifts brought about by emerging digital technologies, the chief executive adds.
He points to a series of growth drivers for 2018, including rising oil prices, a weakening dollar (“which is amazing for this part of the world with its dollar-pegged currencies”), a resurgent global economy and generally buoyant stock markets, as well as reforms in Saudi Arabia, the region’s biggest economy.
“All of these things will counteract the impact of VAT in the GCC – which is a small thing compared to these positive things. So my message is one of optimism,” Mr Khouri declares.
Unfortunately his optimism isn’t widely shared by the industry. Zenith Media, a ROI (return on investment) agency that is part of Publicis Group, forecast an 18.6 per cent drop in Mena advertising spending in 2017, a 6.3 per cent decline in 2018, and a further 0.7 per cent fall in 2019. While the drop is forecast to get progressively shallower, an uptick in spending remains a distant prospect.
“The drop in oil prices in 2014 has had a severe effect on the economies in Mena, and has prompted advertisers to cut back their budgets in anticipation of lower consumer demand. Political turmoil and conflict have worsened, further shaking advertisers’ confidence in the region,” Zenith said in its report last June.
Lebanese-French Mr Khouri has been an influential frontrunner in the Middle East’s media industry since being appointed regional managing director of OMG in 2007. Prior to that, he consolidated Omnicom’s three media divisions in the region to form Optimum Media Direction (OMD) in 2002. He previously worked at advertising agency BBDO in Beirut, Cyprus and Dubai.
Omnicom Media Group Mena has 700 staff across 16 markets and 24 offices in the region, and comprises communications agency OMD; media agency PHD; Hearts & Science, a data-driven marketing agency, and Resolution, which focuses predominantly on paid social media marketing.
Mr Khouri declines to discuss the companies’ individual performances, saying “he does not wish to create jealousy between my little sons”. Recent contract wins include Dubai-based telco du by Hearts & Science, and Savola Foods by OMD Egypt.
Mr Khouri admits the past three years have been challenging for his business, but says it still managed to grow both its market share (because the overall market shrank), and its workforce. As the industry buckled under economic pressure, Omnicom Media Group Mena took steps to rationalise its costs, most significantly ‘offshoring’ some of its operations in Lebanon, where talent is known to be cheaper.
Beirut is historically the capital of the region’s advertising sector, with a large pool of graduates in advertising, graphic design, digital marketing and audiovisual disciplines. The media sector employs around 4.5 per cent of the Lebanon’s labour force, according to figures from the Lebanese government.
Omnicom Media Group Mena has hired around 50 staff in Beirut since the beginning of last year, in social media, content development and programmatic roles, Mr Khouri says, adding that Lebanon now functions as a “back office” to the main operations in Dubai Media City.
“This didn’t mean downsizing our headquarters, but looking at potential new hires and certain capabilities that are easier to find in other places, then recruiting in those places. It did not affect our staff count in markets we already operated,” he says.
The measure was intended to shave the group’s payroll costs by 8 per cent, but Mr Khouri says it exceeded this target, delivering savings of around 10 per cent.
_________________
Read More:
Beirut beckons as Omnicom Media Group moves some jobs out of Dubai
Elie Khouri: Successful brand in his own right
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The group is further targeting investments to help it adapt to a global advertising industry increasingly dominated by digital. While overall spend on advertising has been shrinking both globally and regionally, when broken down by medium, digital is witnessing substantial growth and has now overtaken television, print and outdoor as the largest advertising market worldwide.
Digital advertising spend in Mena is expected to grow threefold from $2.4 billion in 2015 to $6.5 billion in 2020, according to a 2016 study from eMarketer, suggesting significant untapped potential. Digital will account for 50 per cent of the region’s total advertising market by 2020 – it is now around 40 per cent, according to Mr Khouri – and between 30-35 per cent of industry investments are digital.
“Digital’s market share is growing within the total investment buy, and as a company we constitute the same ratios. The industry is evolving quickly,” Mr Khouri says. “Print, unfortunately, has been unjustifiably compromised by clients and sometimes agencies – it accounts for less than 10 per cent of our business, though I still believe it is effective in certain ways.”
The three main areas Omnicom Media Group Mena is investing in are data analytics – including technology, software and infrastructure, plus data acquisition through data-sharing partnerships with clients and other third parties; content – to ensure the right content is created according to the medium for which it is intended; and programmatic trading – automated media buying that uses algorithms to buy and sell advertising space in real time, to a targeted set of consumers at the optimum time.
“The industry is moving towards a consulting rather than trading model. It’s no longer just about buying [advertising space] as cheaply as possible. It’s about how do we reach consumers and convert them to loyal customers, to the people who are actually buying the products,” Mr Khouri explains.
“Clients want hardcore results – it’s much more performance-led. They are not interested in buying cheap media, they want to know how many hotel rooms have been booked through the things we’re doing for them, how many cars have been sold.”
Around half of the digital investments overseen by the group are made through programmatic trading and this is expected to rise to 100 per cent in future, he adds. So Omnicom Media Group Mena is “constantly” making new hires in this space and in digital more broadly, bringing in data analysts, data architects, software developers and coders from as far afield as the US, Canada, Scandinavia and Europe. “There are lots of skillsets we don’t have in this part of the world,” the chief executive says.
Mr Khouri plans to expand the group’s operations in North Africa this year, in particular Morocco, Algeria, Tunisia and Egypt, and says he is “very bullish about Saudi Arabia”, as multinationals, telecoms and government departments in the kingdom increase spend on advertising and communications campaigns in line with national economic diversification efforts. “We’re pitching, we’ve won some [contracts] and there will be many more.”
There have been many transformational changes in the advertising industry, but Mr Khouri hopes he has steered Omnicom Media Group Mena to take a bite of any uptick following the choppy years of late.
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
The%20Roundup
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Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20Profile
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COMPANY%20PROFILE
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'Of Love & War'
Lynsey Addario, Penguin Press
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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
Sholto Byrnes on Myanmar politics
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
The specs
Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
Torque: 624Nm
Price: from Dh293,200
On sale: now
Killing of Qassem Suleimani
Company%C2%A0profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EPyppl%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEstablished%3A%20%3C%2Fstrong%3E2017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAntti%20Arponen%20and%20Phil%20Reynolds%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20financial%20services%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%2418.5%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEmployees%3A%3C%2Fstrong%3E%20150%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%20stage%3A%3C%2Fstrong%3E%20series%20A%2C%20closed%20in%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20venture%20capital%20companies%2C%20international%20funds%2C%20family%20offices%2C%20high-net-worth%20individuals%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The%20Hunger%20Games%3A%20The%20Ballad%20of%20Songbirds%20%26%20Snakes
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Francis%20Lawrence%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3ERachel%20Zegler%2C%20Peter%20Dinklage%2C%20Viola%20Davis%2C%20Tom%20Blyth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
More from Neighbourhood Watch:
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
COMPANY%20PROFILE
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TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
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
RESULTS
5pm: Maiden (PA) Dh80,000 2,200m
Winner: Arjan, Fabrice Veron (jockey), Eric Lemartinel (trainer).
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Jap Nazaa, Royston Ffrench, Irfan Ellahi.
6pm: Al Ruwais Group 3 (PA) Dh300,000 1,200m
Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinal.
6.30pm: Shadwell Gold Cup Prestige Dh125,000 1,600m
Winner: AF Sanad, Bernardo Pinheiro, Khalifa Al Neyadi.
7pm: Shadwell Farm Stallions Handicap (PA) Dh70,000 1,600m
Winner: Jawal Al Reef, Patrick Cosgrave, Abdallah Al Hammadi.
7.30pm: Maiden (TB) Dh80,000 1,600m
Winner: Dubai Canal, Harry Bentley, Satish Seemar.
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
Stats at a glance:
Cost: 1.05 billion pounds (Dh 4.8 billion)
Number in service: 6
Complement 191 (space for up to 285)
Top speed: over 32 knots
Range: Over 7,000 nautical miles
Length 152.4 m
Displacement: 8,700 tonnes
Beam: 21.2 m
Draught: 7.4 m
