The meteoric rise of the United Arab Emirates (UAE) as a global business epicentre is a tale worth telling. Within its golden sands lies a business narrative that has enraptured international investors, innovators, and entrepreneurs. Dubai, in particular, stands tall as a testimony to this transformative journey, having carved out a conducive environment for startups and established businesses alike. The Emirate's endeavours, in sync with the Dubai Industrial Strategy 2030, have manifested a harmonious confluence of diverse sectors, each propelling the other, creating a domino effect that cascades through its economy.
Cedar Rose, an established name in the world of compliance and risk management, stands out as one of the entities adeptly manoeuvring through the UAE's dynamic terrain. And today, we are presented with the invaluable opportunity to delve deeper into the company's strategic approach. We had the chance to sit down with Cedar Rose's Chief Operating Officer, Frederic Paquay, to get insights into how the company navigates this intricate maze of possibilities and dangers.
How has the UAE's evolving business landscape impacted Cedar Rose's approach, especially regarding growing or struggling industries?
Frederic Paquay: “The landscape's transformation has necessitated Cedar Rose to be both versatile and adaptive. The influx of international companies means we must cater to diverse business needs and cultural expectations. The financial sector's significant growth, indicated by the 35% rise in company registrations in ADGM in H1 2023, has marked it as a critical domain for us. However, we also view struggling industries as potential avenues, especially for risk management. Monitoring such entities is essential for safeguarding our clients.”
What are the top risks businesses in the UAE face, and how does Cedar Rose address these challenges?
Frederic Paquay: “One of the recurring issues we've observed is the challenge of debt payment, with some business owners absconding due to accumulated debt. Cedar Rose stresses proactive risk assessment, as familiarity with a company no longer ensures payment fidelity. Additionally, with tightening AML requirements, we assist businesses in navigating compliance complexities, ensuring they remain aligned with guidelines and distant from potentially problematic affiliations.”
How does Cedar Rose differentiate itself from competitors in the UAE risk management service sector?
Frederic Paquay: “Our edge stems from our regional expertise. With over two decades in the region, our insights into the local culture, history, and business practices are unparalleled. Cedar Rose's extensive database offers centralised business intelligence, which is crucial for effective risk management. Our adaptability, combined with a robust local network and international best practices, allows us to offer a hybrid service model, ensuring we remain ahead in this competitive sector.”
The UAE's business world is always changing. Frederic Paquay's thoughts highlight how important it is for businesses to be flexible and really understand the local scene. Cedar Rose's way of doing things proves that businesses can do more than just get by; they can really succeed in the UAE. In conclusion, with the right approach and understanding, businesses can flourish in this vibrant market.