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COVID-19 Measure: Read Full Magazine Here ICD helps private sector businesses to finance projects by providing a wide range of Sharia compliant services www.icd-ps.org icd_ps CONTENTS April 2021 COVER INTERVIEW ENERGY 11 | Constructing a Robust 36|Solar Energy Helps Yemeni Architectural System Hospitals Save Lives INSURANCE MANAGEMENT AND FINANCE 38 |The changing Face of Healthcare in Saudi Arabia 18 | Lebanon Crisis Response 40 | gig AGM Strives to Maintain Plan appeals for $2.75 Billion its Leading Position in the Key to Respond to the Impact of MENA Markets the Syrian Crisis in Lebanon 42 | AM Best Affirms Credit Ratings 20 |The Union of OIC News of Jordan Insurance Company Agencies (UNA) and ICD Through THIQAH (IsDB 44 | Cancellation of The 2021 Group Business Forum) Rendez-Vous de Septembre Sign MoU to Enhance Interview: Dr. Ali Fahd AlJouf, Founder, CEO - Dr. Ali Architect Cooperation Consultant Project Management – Dr. Ali Architect Consultant , 46|Sharm El Sheikh Insurance Hakeem Alemar Architecture Contracting and Reinsurance 3rd Annual 22 | KSA Crown Prince Rendezvous and FAIR 27th Announces: “The Saudi Conference 2021 Green Initiative and The Middle East Green Initiative” 48 | GAIF Webinar on Natural Hazards and Man made 24 | Signing of Line of Financing Hazards Agreement Between ICD and Banque de l’Union – Côte d’Ivoire (BDU-CI) 26 | NCB and Union of Footbal Renewal Ceremony 28 | Doha Bank - AThe Resolutions of the General Assembly Meeting of the Shareholders The 2021 update of the Lebanon Crisis Response Plan MAIN STORY 2017-2021: President Michel Aoun meets Najat Rochdi 31 | ARAB BANK - Best Trade 50 | Oil Giant Saudi Aramco Finance Provider in the Sees 2020 Profits Drop to $49 Middle East 2021 Billion INFORMATION INDUSTRY 58 |A fully Sustainable Eco- Floating Hotel in Qatar Expected to Open in 2025 30 | News From Around The World 54 | Middle East Markets QUICK NEWS 56 | First Look on Lebanon 8 | Middle East Scan 60 | Middle East Event 28 | Market Brief Calendar 62 What’s New? gig AGM Strives to Maintain its Leading Position in the Key | MENA Markets:Group Chairman- Farqad Abdullah Al-Sane Business Life (ISSN 1606-0067) published in Lebanon, by Business Life. Editorial, Executive, Circulation, and Advertising Offices: Gharios Bldg., Shoukri Ghanem Street, Beirut, Lebanon. Company and regional subscriber rate $20s0/year. Lebanon subscriber rate for individuals only $50/year. Rest of the world $200/year. Send address changes by e-mail to [email protected]. All rights reserved. Reproduction in whole or in part without written permission is prohibited. BUSINESS LIFE APRIL 2021 w 3 EDITORIAL US$ 10 Billion a Day Lost in Suez Publisher and Editor in Chief Afaf Issa Container ship the Ever Given has blocked the Suez Responsible Manager Canal and has led to monumental losses Afaf Issa Contributors Mona Sahli Marwan Hakim Photographer Raji K. To put your ads contact us at: Tel / Fax: (961-1) 370074 e-mail: [email protected] To subscribe contact us at: Tel / Fax: (961-1) 370074 Email: [email protected] For your opinions e-mail: [email protected] On the web: www.businesslife.net No way out: Container Ship ‘Ever Given’ stuck in the Suez Canal, Egypt - March 24th, 2021. Contains modified Copernicus Sentinel data [2021], processed by Pierre Markuse. s of the time of writing, the Ever structural integrity and sink. Given is still blocking the Suez The effect on global trade can have a Canal leading to an estimated loss significant impact on struggling countries A of US$ 10 billion a day. 12% of all such as Syria. The country now has to ra- world trade passes through the Suez Canal, tion fuel which is a far cry from its relative making it one of the busiest trade routes in energy independence prior to the civil war. the world. Naturally, ships can decide to The fact that oil production has plummeted go around the Cape of Good Hope but at means that oil imports from Iran are now what cost? the bedrock of the economy. With Lebanon It is said that going around the Cape of in an economic depression and Iranian sup- Good Hope, instead of using the Suez Canal, port now stifled by the Suez Canal blockage, adds 26 days to the journey. At US$30,000 Syria is now finding itself in an even more per day of fuel charges that is equivalent difficult position. to nearly US$800,000 extra cost. The deci- sion to wait for the canal to reopen or to go around the Cape of Good Hope is not an easy one to make. Currently there is a large number of ships that are waiting and this Afaf Issa (Malak Issa) can even be seen from space but at the same Editor in Chief, time some ship have decided to foot the bill and go for the long route. Dislodging the massive container ship has proven to be a herculean task. Thou- Please recycle this magazine sands of tonnes of sand being dredged while tugboats carefully pull and push the ship with great care so that the boat does not lose BUSINESS LIFE APRIL 2021 w 5 LETTERS www.businesslife.net QIIB Announces ABG 2020 Net gig 2020 Net Profit of the Covid-19 pandemic in Lebanon. government has been scrambling to find a Its Results for Income US$166 US$ 53.7 million YE 2020 million The growing challenges facing Leba- new source of heavy fuel oil since it allowed non’s Ministry of Social Affairs, especially in its contract with Algerian oil company light of the increasing number of Lebanese Sonatrach to expire in December, after 15 who have become among the most vulnera- years and five renewals. This came amid a March 2021 ble groups during the last two years, approx- corruption scandal over tainted fuel involv- Leading the imately 80%, while the Ministry of Affairs’s ing private sub-contractors with links to Path with 3 budget for the year 2021 constitutes 2% senior Lebanese politicians. of the of the Lebanese state’s total budget. “For the past decades, the government Decades of has used a sense of urgency to compro- Excellence Samir Murad mise sustainability and avoid any cost- GlobeMed Empowering the Future Beirut, Lebanon effective solution. They’re saying: ‘We’re of the Health Insurance Industry in the Region and Beyond going towards a blackout and you need It is amazing how all govermental parties to give us money to maintain the status call for the need to form a government as quo,’” Jessica Obeid, energy consultant. soon as possible, which is capable of deal- Marwan Abdallah ing with the difficult economic and living Dubai, UAE conditions which the Lebanese suffer from LETTERS but until now no party is agreeing with the Please send your e-mails to: Algeria................DZD200 Tunisia.....................TND4 other party. Many parties are focusing on Lebanon.........LBP5,000 U.A.E................Drhm12 Jordan.....................JD2 Egypt......................EP5 Saudi Arabia.........SR12 Bahrain..................BD1 Oman.....................OR1 Europe.................Euro4 Libya..........................L.D4 Yemen......................YR10 Kuwait...................KD1 Qatar...................QR12 Cyprus...................C£1 U.S. & Canada..........$4 Morocco...............MAD33 Syria.....................SYP150 powers to exercise their powers instead of [email protected] Last issue’s main story: focusing on the Supreme Power of Lebanon Please include your name, address, and GCC: Immigration and Employ- as an independate state that maintains the phone number. Letters may be edited for ment Roundup sovereignty and the respect of Lebanon clarity and space. I fully agree with Ministry of Social Affairs, and the Lebaneseb and and keep an eye on PAUSE Moucharafieh who called for a unified Lebanon’s territorial boundaries of Lebanon. approach among international organi- To include an image in the ‘Pause’ sec- zations, donor countries, and all part- Zalfa Shukri tion, send an e-mail to: ners to achieve the best response level Kuwait, Kuwait [email protected] and ask for more to the dramatically growing needs of information. If your image is chosen, refugees, especially in light of the stifling Is Lebanon’s electricity sector on the brink you will be awarded US$50, and a one economic crisis and the dire repercussions of collapse? As per The National News, the year subscription. PAUSE Prime Minister Saad Hariri meets US Ambassador 6 w BUSINESS LIFE APRIL 2021 MIDDLE EAST SCAN Algeria Thousands of anti-govern- ment protesters took to the streets of Algeria’s capital on Friday as the Hirak pro- democracy movement gath- ers renewed momentum after a year-long hiatus due to the coronavirus pandemic. Demonstrators kept up K A Z A K H S T A N weekly protests after Boute- flika’s resignation, demand- GEORGIAGEOR UZBEKISTANUZBEKIST · ARMENIA AZERBAIJANAZERBAIJ KYRGYZSTKYRGYZSTAN ing a sweeping overhaul of a TURKMENISTAN ruling system in place since T U R K E Y TAJIKISTTAJIKISTANTAJI Algeria’s independence from TUNISIA CYPRUSCYPR SYRIA LEBANON France in 1962. IRAQ AFGHANISTANAFGHANIST PALESTINE I R A N They only suspended MOROCCOOCCO JORDJORDAN - KUWKUWAIT marches last March due to A L G E R I A PAKISTAN L I B Y A BAHRAIN coronavirus restrictions, but Westernestern E G Y P T SaharaSaha SAUDI QATARATAR calls have recently circulated ARABIA U.A.E.U.A on social media for a return OMAN to the streets. MAURITANIA YEMEN Bahrain S U D A N DJIBOUTID The Interior Ministry’s vari- ous directorates continue with law enforcement cam- SOMALIASOMAL paigns to stop violations of precautionary measures against COVID-19. The Police Directorates in Governorates and other concerned departments have taken the necessary steps against coronavirus spread. A total of 8685 procedures were taken to ensure social distancing; news agency reported. Jordan said lately the kingdom’s crown meanwhile, 63842 violations of not “JCPOA is by no means renegotiable, prince cancelled a visit to Jerusalem’s al wearing masks in public places were reg- and the only way to protect and revive it is Aqsa mosque to prevent Israel from un- istered, and 7472 awareness campaigns to remove sanctions by the United States,” dermining his first such trip to the city’s were conducted until March 25.
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