Executive Vice President, Private Equity at Maine Pointe
About Steven Koinis
The Financial Crisis’ Impact on UAE Business Practices
Steven W. Koinis is the executive vice president of private equity at Maine Pointe, LLC. Steven Koinis possesses over 25 years of global corporation management experience and over a decade of investment experience in the Middle East.
The global financial crisis may be having a net positive impact on business practices in the Middle East. According to a recent study by American Express Middle East, corporations in the United Arab Emirates (UAE) are investing more comprehensively and efficiently.
The survey, which included responses from UAE corporate expense managers, found that 70% of companies have become more financially conservative and taken strides to invest smarter since the onset of the global financial crisis. An even higher percentage (87%) reported that budgeting, forecasting, and planning are a greater priority.
This focus on smarter, leaner business practices has taken the form of renegotiating supplier contracts (53% of respondents), implementing new business expense guidelines (33%), and cutting back on executive travel (20%). Business expense management, in particular, is also an area that has undergone scrutiny and change, as 67% of UAE corporate expense managers report implementing a transparent company-wide expense policy.