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Risk Management A Need in Modern Management Science HorwarthMak Risk Consulting. UAE Economic Forecast.
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A Need in Modern Management Science
HorwarthMak Risk Consulting
UAE Central Bank : Economic growth rate in the United Arab Emirates will slip to four percent from last year's 7.4 as a result of the global financial crunch. Governor of central bank Sultan Nasser al Suwaidi said he expected growth to fall because of the global credit crisis and its impact on the domestic banking system. He said the situation “is putting pressure on everything in the external world. Therefore, that’s going to cause a slowdown in the economy (of the UAE)”
Standard Chartered report: Prediction of 2.7% economic growth rate for 2009
Oil contributed 36% to UAE economy in 2007
July 2008 : $147.27 a barrel
This week : below $ 50 a barrel
Other sectors approx 64% contribution : predominantly from real estate and construction industry
Nov. 23 (Bloomberg) – Amlak Finance and Tamweel, Dubai’s two-largest mortgage lenders, will be taken over by a United Arab Emirates-owned bank after concern the Gulf’s five- year real-estate boom is ending caused their shares to plummet.
Amlak and Tamweel, whose stocks each have fallen more than 80 percent this year, will “merge under” Abu Dhabi’s state- owned Real Estate Bank, the U.A.E. Ministry of Finance said late yesterday in an e-mailed statement. The transaction has the “blessing” of Dubai ruler Sheikh Mohammed bin Rashid al- Maktoum.
Dubai, home to the world’s tallest building and man-made palm-tree shaped islands, is bracing for a slowdown in the property market as economic growth slumps and oil prices fall. Dubai is considered the most vulnerable place in the Persian Gulf to lower crude prices as real-estate and debt financing pose risks, Citigroup Inc said Nov. 18.
Dubai may need help from Abu Dhabi and the United Arab Emirates to fund a surge in borrowing, according to Moody’s Investors Service.
Nakheel PJSC, the state-owned developer planning a kilometer-high tower in Dubai, said last week it will scale back some of its projects because of the global economic slowdown. Emaar Properties PJSC, the Middle East’s largest real-estate developer, said Nov. 13 it is reviewing its recruitment policies. (Bloomberg)
EnterpriseRisk Management is effectively about identifying and actioning mitigation plans to limit or eliminate the potential “loss events” that could occur throughout your business in order for you to achieve the financial targets you have set for your business.
Risk Management is about protecting your cash flow and the value of your business.
Path to Recovery :
Back to Basics!
Protect and manage your cash flow!
The costliest lesson to be learnt: Inaccurate and poor data quality will lead to ineffective technology systems and poor management decisions being made.
to gain your competitors customers
Most lost events occur due to inadequate or ineffective processes, policies and operational controls in an organisation
CRM Systems –Compliance
Single view database of customer information – data rationalisation
ERP Software solutions
Web-Based data sharing platforms
Credit Risk Rating or Scoring Models/ Decision Engines
Director – Risk Consulting