DUBAI // A competition offering young Emirati entrepreneurs a glimpse at what it takes to manage a private company has kicked off for the first time in the UAE,
The UAE Global Management Challenge asks young business people to take over the reins of a virtual company. The event is targeted at young UAE nationals who are keen to experience life in the private sector.
Emiratis who enter the competition will have the chance to experience how the management of a private company operates, while gaining insight and expertise into management so they can make a better career choice.
Emiratis currently occupy only 43,000 of the 2.2 million jobs in the private sector, while the public sector employs 495,000 UAE nationals.
The challenge consists of a management simulation in which teams of up to five people are given control of a virtual company with the objective of obtaining the highest share price on a simulated stock exchange.
Competitors are taught to analyse financial and economic indicators, thus gaining an in-depth understanding of the market conditions in which their companies compete.
So far 75 participants grouped in 15 teams have signed up for the event, said organisers.
“The competition is the largest international event based on a business simulation, with more than 30 countries taking part in the contest,” said Mian Muneer Uddin, managing partner of Beaufort Associates, a consulting and advisory services firm bringing the competition to the UAE.
The winning UAE team will be decided on 23 March 23 next year and will go on to represent the Emirates at the global competition for the world title, held in Sochi, Russia in April 2014. More than 30 countries will take part in the initiative.
vtodorova@thenational.ae
Napoleon
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Company%20Profile
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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