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ECONOMY

TUESDAY 23 MAY 2017,

SAUDI GAZETTE

12

EMAIL

pr@saudigazette.com.sa sgadvertising@saudigazette.com.sa business@saudigazette.com.sa

Saudi consumers use health apps,

wearables to manage their health

RIYADH –

Many consumers in

Saudi Arabia are turning to mo-

bile apps and wearables to man-

age their health, according to the

results of a survey by Accenture,

a leading global professional ser-

vices company.

Specifically, among the ma-

jority (84 percent) of Saudi con-

sumers who use technology to

manage their health, 40 percent

use health apps on mobile de-

vices and 14 percent use wear-

able technology. The findings are

part of a seven-country survey

of roughly 8,000 consumers –

including 852 in Saudi Arabia—

with select findings compared to

a similar survey of physicians.

Of the three in 10 consum-

ers who were asked by a doctor

to use wearables to track their

health, such as fitness (37 per-

cent) or vital signs (31 percent),

almost three fourths (74 percent)

followed their physician’s recom-

mendation. That majority of con-

sumers (74 percent) and nearly

all doctors (84 percent) alike said

that using wearables helps a pa-

tient engage in their health.

Many consumers (43 per-

cent) who use health apps have

discussed or shared mobile app

data with their doctor in the past

year. Consumers most frequently

use health apps for fitness (cited

by 46 percent), diet/nutrition

(54 percent), health or condition

tracker (28 percent) or as a symp-

tom navigator (24 percent). Three

fourths (76 percent) of consum-

ers said they would be willing

to share wearable or app data

with their doctors and the major-

ity said they would be willing to

share that data with their health

plans (62 percent) or friends and

family members (67 percent).

Just over one third (35 per-

cent) of consumers in the most-

recent survey said they prefer

virtual doctor appointments to

face-to-face doctor appointments.

Roughly one in four (24 percent)

consumers have had remote con-

sultations with medical profes-

sionals and some (12 percent)

have used remote monitoring for

managing their health. However,

physicians and consumers alike

believe that virtual visits provide

benefits for patients, such as low-

er costs (50 percent of consum-

ers vs. 33 percent of doctors) and

convenience for patients (37 vs.

47 percent) while in-person visits

provide more quality care to pa-

tients (48 vs. 43 percent).

“Digital tools are empowering

patients to take charge of their

health and interact with the sys-

tem on their own terms,” said Dr.

Majid Altuwaijri, managing direc-

tor of Accenture Health & Public

Services in Middle East and North

Africa. “Healthcare providers will

need to weave digital capabilities

into the core of their business

model so that it becomes embed-

ded in everything they do.»

— SG

CEOs forced out of office for

ethical reasons on the rise

JEDDAH —

The share of CEOs

forced out of office for ethical

reasons has been on the rise, ac-

cording to the 2016 CEO Success

study released by Strategy&, for-

merly Booz & Company and part

of the PwC network. The study

analyzed CEO successions at the

world’s largest 2,500 public com-

panies over the past 10 years.

Key results showed that

forced CEO turnovers on a global

level due to ethical reasons rose

from 3.9 percent (of all succes-

sions in 2007–2011) to 5.3 percent

(in 2012–2016) — a 36 percent in-

crease in ten years. In large part,

this can be attributed to increased

public scrutiny and accountabil-

ity of executives.

The increase was more dra-

matic at companies in the US and

Canada. Forced turnovers for eth-

ical reasons at these companies

increased from 1.6 percent of all

successions in 2007–11 to 3.3 per-

cent in 2012–16 — a substantial

102 percent increase. In Western

Europe, the share of CEOs forced

out for ethical reasons increased

to 5.9 percent from 4.2 percent,

and in the BRIC countries, to 8.8

percent from 3.6 percent.

Specifically in the Middle

East, CEO succession rates follow

the global norms. Overall, 15.7%

of CEOs transitioned in 2016, near

the global average of 14.9 %. The

trend toward planned (vs. forced)

transitions continues: this year’s

8 successions were all planned.

And also the Middle East has had

its share of dismissals due to ethi-

cal reasons at rates very close to

the global averages. All this sug-

gests that Board governance best

practices are being increasingly

implemented throughout the re-

gion.

“Our data cannot show— and

perhaps no data could —whether

there’s more wrongdoing at large

corporations today than in the

past. However, we doubt that’s

the case, based on our own ex-

perience working with hundreds

of companies over many years,”

said Per-Ola Karlsson, partner

and leader of Strategy&’s orga-

nization and leadership practice

in the Middle East. “Over the last

15 years, five trends have resulted

in boards of directors, investors,

governments, customers, and

the media holding CEOs to a far

higher level of accountability for

ethical issues than in the past.”

Five trends shaping CEO ac-

countability:

n

Public opinion: Since the

financial crisis of 2007–08 and

the Great Recession that it ignit-

ed, confidence and trust in large

corporations and CEOs has been

declining; the public has become

more suspicious, more critical,

and less forgiving of corporate

misbehavior.

n

Governance and regula-

tion: The rise of public criticism

of executives and corporations

has translated directly into regu-

latory and legislative action, and

companies all over the world

have moved to a zero-tolerance

approach toward bad behavior in

the C-suite.

n

Business operating envi-

ronment: Companies increas-

ingly are (1) pursuing growth in

emerging markets where ethi-

cal risks, such as the possibil-

ity of bribery and corruption, are

heightened, and (2) relying on ex-

tended global supply chains that

increase counterparty risks.

n

Digital communications:

The use of email, text messaging,

and social media has created new

risks for ethical lapses. A compa-

ny’s digital communications can

provide irrefutable evidence of

misconduct, and their existence

increases the likelihood that a

CEO will be held accountable.

n

The 24/7 news cycle: Un-

like in the mid- to late 20th

century, when most executives

and companies could maintain

a low public profile, today the

lightning-fast flow of Web-based

financial news and data ensures

that negative information travels

quickly and widely.

The study also found that at

the largest companies (those in

the top quartile by market capi-

talization) in the US and Canada

and Western Europe, the overall

share of CEOs forced out of of-

fice was significantly greater than

the share forced out in the other

market-cap quartiles.

“The fact that forced turn-

overs for ethical lapses were even

higher at companies in the top

quartile by market capitalization

in these regions supports our hy-

pothesis, since the largest compa-

nies are the most affected by the

five trends and are subject to the

greatest scrutiny,” said Nick Rob-

inson, partner and Middle East

Forensic Services Leader with

PwC.

“The increasing incidence

of CEOs being forced out of of-

fice for ethical lapses may have a

positive effect on public opinion

over time by demonstrating that

bad behavior is in fact being de-

tected and punished,” said Per-

Ola Karlsson. “In the meantime,

CEOs need to lead by example on

a personal and organizational lev-

el and strive to build and main-

tain a true culture of integrity.”

The 2016 CEO Success study

further revealed that:

n

CEO turnover at the

world’s largest 2,500 companies

decreased from its record high

of 16.6 percent in 2015 to 14.9

percent in 2016, due largely to

the drop in merger and acquisi-

tion activity. CEO turnover was

highest in Brazil, Russia, and In-

dia, at 17.2 percent, followed by

Japan (15.5 percent) and Western

Europe (15.3 percent) and China

(15.2 percent). CEO turnover fell

in every region we studied except

for the US and Canada.

n

There were 12 women glob-

ally appointed to the role of CEOs

in 2016 — 3.6 percent of the in-

coming class. This marks a return

of the slow trend toward greater

diversity that had been in place

over the last several years, and a

recovery from the previous year’s

low point of 2.8 percent. The

share of incoming female CEOs

was highest in the US and Cana-

da, rebounding to 5.7 percent af-

ter falling for the previous three

years. Five industries — health-

care, industrials, information

technology, consumer staples,

and telecom services — did not

have a single incoming female

CEO in 2016.

— SG

Abu Dhabi registers 5.6%

rise in passenger traffic

ABU DHABI —

Abu Dhabi

International Airport (AUH)

handled in excess of 2 million

passengers in the month of April

this year, representing a 5.6% in-

crease in airport traffic compared

with April of 2016, which reached

1.9 million.

Key highlights:

n

Total arrivals: 1,050,520

up by 6.6%, total departures:

1,019,835 up by 5.8%, and total

transfer passengers: 1,311,262 up

by 6.1%.

n

Traffic to India, one of the

airport’s main traffic drivers rep-

resenting 18% of the total passen-

gers this month, has shown an

increase of 1.9% in April this year

compared to April 2016.

n

Saudi Arabia has become

the number 2 destination, grow-

ing sharply by 17.4%, affected by

the significant increase in traffic

to Riyadh and Jeddah during the

Umrah season.

n

UK was the third most

popular destination, growing

by 12% this month compared to

same month last year.

n

The number of passen-

gers traveling to Australia grew

significantly, increasing by 28%

thanks to Eithad’s double daily

flight to Sydney.

n

The top 5 destinations

were: London growing sharply by

16%, followed by Bangkok, which

increased by 11%, then Doha

growing by 4%, followed by Jed-

dah, which grew by 12%, followed

by Bombay growing by 4%.

n

The top 5 destinations re-

corded total passenger of 366,076

representing 18% of the airport

total passengers.

— SG

Investors urged to back

UAE business ecosystem

ABU DHABI —

In partnership

with the UAE Ministry of Econo-

my, the 3rd Annual Angel Rising

Investor Education Symposium

organized by startAD and Venture-

Souq saw local and global experts

come together to discuss Global

vs. Local Investing Perspectives in

the context of creating a robust and

flourishing entrepreneurial ecosys-

tem in the UAE.

The symposium specifically

sought to provide education on key

topics related to Angel Investing,

in order to demystify investments

in start-ups and persuade investors

to power the entrepreneurial land-

scape in the UAE.

Lending his support to the ini-

tiative, Eng. Sultan Al Mansoori,

UAE Minister of Economy and

Chairman of the SME Council, said

“the UAE government has made

innovation the core of its eco-

nomic advancement and the road

to knowledge economy. Today, the

UAE has the best investment en-

vironment in the region and one

of the best globally because of its

cutting-edge infrastructure, ITC,

strong governmental support for

all economic sectors and an out-

standing partnership with the pri-

vate sector. Furthermore, interna-

tional investors have been highly

successful in setting up their com-

panies in UAE to serve the entire

region and many of them have be-

come global companies exporting

and providing services to 98 coun-

tries around the world from their

UAE based companies.”

“According to Abdulla Al Saleh,

Undersecretary for Foreign Trade

and Industry, Ministry of Economy,

the UAE has a highly attractive and

advanced investment environment

for international investors and en-

trepreneurs, especially in technol-

ogy, industry and innovation due

to its competitive economy and

legislations.”

Anchored at NYU Abu Dhabi,

startAD is committed to helping

build the entrepreneurship ecosys-

tem in the UAE. “Angel investors

play a crucial role in providing the

platform for the early stage entre-

preneurs to de-risk their ventures,

as they cross the “valley of death”.

Our goal is to bring the «state of

the art” processes and tools to help

build a world class community of

Angels in the UAE through our

Angel Rising Symposium,” said Ra-

mesh Jagannathan, vice provost for

Entrepreneurship Development at

NYU Abu Dhabi.

—SG

Saud Al Nowais, com-

mercial counselor of the

UAE to the US

Dubai tools,

hardware

trade at

AED5.07bn

DUBAI —

Dubai’s hardware and

tools trade was valued at AED5.07

billion in 2016, with the USA, Chi-

na, Italy, Germany, and India, the

Emirate’s top five trading partner

countries of construction-related

equipment and machinery for the

year.

According to figures released

by the Dubai Customs today (22

May), Dubai imported AED3.6 bil-

lion worth of hardware and tools

last year, while exports and re-

exports into neighboring countries

were valued at AED1.467 billion.

The USA maintains its posi-

tion as Dubai’s number one trading

partner country, with hardware and

tools trade between the two valued

at AED808million last year – 18 per

cent of the total figure. China was

next, with AED757 millionworth of

trade (15 per cent), followed by Ita-

ly (AED433 million), and Germany

(AED357 million). India also snuck

into the top five, with the South

Asian powerhouse trading AED

276 million worth of hardware and

tools with Dubai in 2016. Together,

the top five countries accounted

for 52 per cent (AED2.631 billion)

of all Dubai’s hardware and tools

trade in 2016.

Plenty of manufacturers from

these countries are also among the

166 exhibitors out in force at Hard-

ware + Tools Middle 2017, which

opened doors for the 18th time

today at the Dubai International

Convention and Exhibition Centre.

The annual three-day event is

the region’s only exhibition dedi-

cated to tools, hardware, materi-

als and machinery, representing a

broad spectrum of segments with-

in the construction and technical

industries. It was opened by Mat-

tar Al Tayer, Director General and

Chairman of the Board of Execu-

tive Directors at the Dubai Roads

and Transport Authority.

“Hardware + Tools Middle

East is an ideal interactive business

development and trade platform

for international brands looking

to gain traction in the wider MEA

region,” said Ahmed Pauwels, CEO

of Messe Frankfurt Middle East,

the organiser of Hardware + Tools

Middle East.

“A new development this year

is the Tool It! Challenge, where

we’ve invited contracting and fit-

out firms, construction companies,

or workshop owners, to nominate

their most skilled technicians for

an intensive test of will, as they

grind, drill, and cut their way to

glory among industry peers.

“The competition features 48

technicians and comprises three

categories: Woodwork Routing,

Screw Driving, and Metal Work-

ing. We wanted to recognise and

reward the hard working men that

are a crucial component of any suc-

cessful project, while at the same

time underline the importance

of having top quality dependable

tools in order to ensure the safety

of the worker and the workplace,”

added Pauwels. Among the head-

line exhibitors this week at Hard-

ware + Tools Middle East 2017 are

Bosch Power Tools and Wiha from

Germany, Hitachi Power Tools and

Nitto Kohki from Japan, and US-

headquartered manufacturer 3M.

Central Motors & Equipment

(CC&M) is the exclusive UAE

distributor of Bosch Power Tools,

and is launching its latest range of

German manufactured equipment

aimed at contracting and fit-out

firms, construction companies, or

workshops across the region.

“The UAE is a global invest-

ment hub in the Middle East, with

tremendous developments under-

way which require professional

anddurable tools to ensure the high

standards of projects the country

is undergoing is maintained,” said

Ismaeel Hassen, CM&E’s General

Manager.

“We bring to Hardware + Tools

Middle East 2017 the expertise of

Germany’s Bosch Power Tools.”

—SG

Mattar Al Tayer, Director General

and Chairman of the Board of

Executive Directors, RTA, inaugu-

rates ‘Hardware & Tools 2017’