Allowing employees to have a say in shaping strategy is key to the survival of public and private-sector organisations in the Middle East and beyond, according to Professor Gary Hamel of the London Business School.
Speaking n the opening day of the World Strategy Summit in Abu Dhabi yesterday, he urged organisations to develop and empower their staff, in addition to prioritising innovation.
“Innovation is key to an organisation’s success, innovation dramatically changes customer expectations and industry economics, allowing a company to stay above competition,” said Prof Hamel. “However, a successful organisation banks on its human capital. Hence it is important to give employees the freedom and a voice in shaping the destiny of the organisation.”
This means moving away from traditional management structures that often act as a brake on growth.
“It is impossible, I think, to build truly capable organisations without redistributing power and redistributing authority,” said Prof Hamel. “One of the real challenges in the work we are doing is taking leaders who learnt how to succeed in an old hierarchical bureaucracy system and helping them learn how to build their influence in a new way with a different set of skills.”
More than 500 delegates – including ministry officials, business leaders and entrepreneurs – attended the first day of Abu Dhabi’s inaugural World Strategy Summit to discuss effective strategies and innovation for a sustainable future.
At the opening of the event, Sheikha Lubna Al Qasimi, the Minister of Development and International Cooperation, said: “It is critical that we as leaders take a step back and ensure that our strategies are holistic in design, adaptable to change, and steadfast in vision.
“It is my hope that this summit will allow us to learn to interact, challenge and apply the topics of discussion that will be raised over the next three days by the world’s leading authorities on strategy leadership and innovation.”
The popular American author Tom Peters praised the UAE’s emphasis on innovation during a presentation yesterday.
"The whole world is changing rapidly and technology is a driving factor on how it influences the way we work, live and think," said Mr Peters, the author of popular business books including In Search of Excellence and The Circle of Innovation.
“Innovation is crucial and we need to re-innovate on how we can best achieve business goals and excellence. The UAE … has set an example on how innovation and strategy can lead to economic success.”
UAE Innovation Week runs from this Sunday to next Saturday. The Government has declared 2015 as the Year of Innovation.
The strategy summit concludes tomorrow with presentations from Professor Renee Mauborgne, the co-director of the Insead Blue Ocean Strategy Institute, and Professor Rafael Ramirez of the Said Business School at Oxford University.
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Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
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Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
SCORES
Multiply Titans 81-2 in 12.1 overs
(Tony de Zorzi, 34)
bt Auckland Aces 80 all out in 16 overs
(Shawn von Borg 4-15, Alfred Mothoa 2-11, Tshepo Moreki 2-16).
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
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The Uefa Awards winners
Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)
Uefa Women's Player of the Year: Lucy Bronze (Lyon)
Best players of the 2018/19 Uefa Champions League
Goalkeeper: Alisson (Liverpool)
Defender: Virgil van Dijk (Liverpool)
Midfielder: Frenkie de Jong (Ajax)
Forward: Lionel Messi (Barcelona)
Uefa President's Award: Eric Cantona
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
