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Hamad Ghanem Bin Hamoodah Chairman of Menacorp

November 2014 Arab Investor // Welcome

By coming in first among its peers in the Dubai market, Menacorp has proven that there are youthful Arab elements that heeded the call of His Excellency, Sheik Mohamed bin Rashed when he invited everyone to prove themselves by achieving this rank in all fields. And sure enough, Hamad Ghanem bin Hamouda has led his young company to this goal worthily and confidently. This big step highlights the enlightened vision by which Menacorp manages its customers’ funds, as Hamad Ghanem bin Hamouda and his team have surpassed the limits of quality in elevating the company to the level of distinguished performance. Dubai always proves to us that it is a pioneer of innovation, a creator of opportunities and an incubator for creative minds and pioneers such as Menacorp. It has given, and still gives, opportunities and prepares prospects for everyone to translate their creativity into achievements on the ground so that they may evolve and reap rewards, profits and customer satisfaction. And thus we see Menacorp - which was founded in Abu Dhabi and recorded remarkable success there and is still in the Abu Dhabi financial market - dazzling and dealing with elite investors and businessmen in the country’s financial markets. Menacorp strives to provide the latest technology to stay in contact and continue to provide excellent and speedy service to its clients. This technology also facilitates the clients ‘access to their accounts and allows the clients to keep abreast of their operations in the markets in record time and with great accuracy. The success of Menacorp in achieving all these goals reflects the wise policy of the State. It is a policy aimed at sustainable development under the leadership of His Excellency, the Head of State; the vigorous follow-through of His Excellency, the Deputy; and the patronage of the trustworthy His Excellency, the Crown Prince of the innovators among the State’s citizens. This policy has run the operations of the State’s markets with remarkable transparency and by granting opportunities to the best people so that they may enrich the field. This wise policy is also visible in Dubai’s fulfillment of its obligations in repaying the dirham sukuks, whereby it has recovered all the sukuks by the fulfillment of the overall full amounts plus accrued dividends. This fulfillment of obligations bespeaks of Dubai’s success in managing its financial situation and of its elevated status as well as affirming its confidence to repay the sukuks on time. Natheem Mohamad Sabbah This confirms that Dubai is working professionally and managing its markets expertly, as well as hosting and taking care of all who look forward to elevating clean work, reaping profits, gaining customer satisfaction and acquiring a larger share of the market. With the break of every new dawn Dubai gains a title…or claims a prize…or opens a conference or exhibition…or makes distinctive global news. Is Dubai aspiring to become the business and financial capital of the world? One has to wonder.

Arab Investor 3 ARAB INVESTOR // Quick Guide Printed by Masar Printing and Publishing Co., part of Dubai Media Incorporated Distributed by Taweza, Abu Dhabi Media Company 5 6 7 © 2013 Arab Investor Publishing Llc. All rights reserved. Neither this publication nor any part of it may be repro- Interior Design // 30-35 Mining // 36-40 Features // 46-51 Investor Debrief | Cover Story | Special duced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photo- copying, recording or otherwise, without the prior permission of Arab Investor Publishing Llc. ؟؟؟؟؟؟؟ Report | Leaders | Features | Outlook | Style Where opinion is expressed it is that of the authors and does not necessarily coincide with the editorial views of the | Science & Technology | Wheels | Events | publisher of Arab Investor magazine. Places | Indicators All information in this magazine is verified to the best of the authors’ and the publisher’s ability. However, Arab Investor Publishing LLC do not accept responsibility for any loss arising from reliance on it. Arab Investor // Menacorp

When Finance Meets Design First mining company to be listed in UAE Think Unlimited: One NGO’s Quest to Transform THIS MONTH: Arab Youth into “Solutionaries”

2 3 Cover Story // Hamad Ghanem Bin Hamoodah Stock market // 8 9 4-7 14-15 Universities // 54-55 Style // 56-57 Hospitality // 64-65

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Hamed Ahmed Ali - CEO- NASDAQ Dubai ARAB INVESTOR // The Team Contact us through

2 4 Partnership // 10-13 Alternative investments // 16-18

Management Paul Scott Advertising Marketing Consultant Marketing Natheem Sabbah [email protected] Media Mak CEO [email protected] Hala Sabbh Mohamad Sabbah PR COO and Editor [email protected] Contact us [email protected] Management: ART & DESIGN 00971556698811 Dr.Taghrid Abu Salim Ehab Bakr Research and Development Director Art Director Editorial 00971526163919 [email protected] [email protected] Press Release [email protected] Dr. Mohammed Karbal Legal Advisor

MENACORP makes a foray into direct investing and investment DGCX - Transforming the regional derivatives marketplace banking services in cooperation with HK Advisory Services

Arab Investor 5 Hamad Ghanem Bin Hamoodah Hamad still devotes much of his time to Menacorp, Chairman of Menacorp and board member in Bin Hamoodah Companies a Bin Hamoodah Group subsidiary specializing in Interviewed by Mr. Natheem Sabbah financial mediation in the capital markets of the UAE Arab Investor // Cover Story

Speaking with anyone so well represented of a leading name in the region’s economic by the media presents a unique challenge, industry. namely in separating man from myth, fact Another key influence in young Hamad’s from fiction, and the real human being from life was the late Captain Hamoodah bin Ali, the accolades and recognition bestowed upon the former Abu Dhabi police chief turned them by the public. Minister of State for Internal Affairs, who later So imagine the challenge that lay ahead when occupied the rule of advisor to His Highness, looking at the life and work of a man from a the Head of State. whole family of notable names. With the life and careers of such role-models Such is the case with the Hamoodah clan of to guide him, Hamad progressed thru his Abu Dhabi. studies en route to a career in business. Yet before the world of work came calling, he first had military school to contend with. Hamad Ghanem Bin Hamoodah Combining an athletic prowess developed in his younger years with an unwavering love of his country, Hamad enlisted in his country’s At the root of the family tree, we find the late army, working his way through the ranks with Ali bin Ghanem Hamoodah. Respected by his a determination which would come into play fellow residents of Al-Ain, Ali bin Ghanem’s when he later left military service to assist legacy is one of a life dedicated to charitable with the management of his family’s business, deeds. His work providing assistance to those the Bin Hamoodah Group. in need earned him a unique relationship with There, he had the opportunity to learn the ins the region’s royalty and elite figures, such as and outs of the family trade by under-taking H.H. Shiekh Mohammed Bin Rashid Al Maktoum honouring Hamad Ghanem Bin Hamooda with an award the late Sheikh Zayed. several roles across multiple subsidiaries, Ultimately, his reputation spread not only to before finally settling into a number of key the areas where he traveled, but also down positions. through the generations of his family; first Along with leading Menacorp to its current via eldest son Ghanem Abu Seed, and then status at the forefront of Dubai’s financial to the latter’s offspring, Hamad Ghanem bin Hamad still devotes much of his time to in capital markets. market, Hamad was also responsible for Hamoodah. Menacorp, a Bin Hamoodah Group subsidiary heading Ghanem bin Hamoodah and Sons, Together, these specialists provide a range of specializing in financial mediation in the Known today for his current position as and chairing the board of directors of Bin services to Menacorp customers, employing capital markets of the (UAE). Chairman of Menacorp, Hamad’s life story Hamoodah Agricultural Services. the latest technology combined with a begins in earnest with a childhood spent The success of this business – the UAE’s commitment to their customers. As if that wasn’t enough to keep him busy, growing up in the school of bin Hamoodah. largest Brokerage in terms of employees – can you’ll also find Hamad serving on the board Elsewhere, Hamad and his team are in the There, the school’s traditional values and perhaps best be seen in the first place position for all of the group’s subsidiaries. process of developing an advanced call center ethics were as much an influence on his life as in terms of trading volumes at Dubai financial to process the buying and selling requirements the notable figures he revered. market. of their clients. Menacorp Financial Services Among them were family members such as In interviews, Hamad credits much of Along with Menacorp CEO Fathi bin Garira, Uncle Faraj Ali bin Hamoodah, whose work Menacorp’s success to his team of both and Nabil Rantisi, the company’s General in establishing a successful Abu Dhabi based locally and globally licensed financial Manager, Hamad recently outlined Menacorp’s transport company earned him the reputation intermediaries and their extensive experience Despite so many ongoing commitments, new online services. This includes access via

6 Arab Investor Arab Investor 7 Arab Investor // Cover Story

not only PCs and laptops, but other internet enabled devices such as smart phones and tablets. Rantisi also gave a demonstration of the Fathi Ben Grira applications currently being used and the data Nabil: Ayman Al Satari they provide to customers including: CEO Fathi Ben Grira started his career within the US Managing Director Brokerage Head of Trading, International Products, DGCX - Real-time updated information on the law firm Skadden, Arps, Slate Meagher & Flom Ayman operates within the Sales, Brokerage & movement of shares in the UAE market, Nabil Al Rantisi has over 10 years of LLP where he worked on complex cross-border Business Development department as a Head including both opening and closing prices and management experience in the capital markets M&A transactions, international securities of Trading, International Products, DGCX. trading volume prices offerings and privatizations. Then, he joined business in the MENA region. His experience includes managing robust relationships, leading He has over than 19 years work experience - Access to the latest news and developments the investment bank Lazard within the Merger in UAE. Ayman concentrated on financial & Acquisition and Capital Markets team where sales & trading activities of the brokerage for for listed companies in UAE markets institutions and HNWI and advisory on public engineering and sales tasks with Engineering he focused on transactions involving listed Companies in Abu Dhabi., His first financial - Ability to buy and sell in record time equities. Prior to joining Menacorp, Nabil was companies (takeovers, IPOs, squeeze-outs and work experience was with Development delistings notably). working in the capacity of Director Regional - Access to information relating to customer Management Consultancy then he moved to During his corporate lawyer / investment banker Brokerage at Rasmala Investment Bank where accounts, such as financial balances and stock Al Brooge Securities as Head of planning and years, Fathi was involved in several high profile he was responsible for the MENA trading portfolios platform along with the UAE based entity, Support before being a General Manager in Al deals such as the second-phase of privatization Brooge FOREX Broker. - Advanced charts detailing current movements of Air France, the merger between Gaz de Rasmala Financial Brokerage. and trends, which help traders to make H.H. Shiekh Mansour Bin Zayed Al Nahyan honouring Hamad Ghanem Bin Hamooda with an award France and Suez, the privatization of the French Nabil Al Rantisi holds an MBA from Southern Ayman graduated from Faculty of Engineering, investment decisions highway network Autoroutes Paris-Rhin-Rhône, New Hampshire University, a Bsc in Finance University of Amman in Jordan (BSc. Civil the restructuring of Eurotunnel Group and the Engineering) and he is a member of Canadian - Appointing professional mediators for their & Banking from Amman University and is acquisition of American Power Conversion Society of Technical Analysts and certified customers which makes it easier for them to also a member of the Society of Technical by Schneider Electric, notably. Fathi was also Financial Technical Analyst by IFTA as well as. monitor market movements and carry out their Analysts in London, UK. Nabil also served as involved in more than 15 IPOs and international He Passed Series 3 Exam which is mandatory buying and selling orders a member of the product development work securities offerings (most of the time with a Reg group on Bahrain Financial Exchange. He on Futures and FOREX activities in USA and - Providing detailed financial reports and S or 144A component) and played a key role speaks English and Arabic. Canada. He speaks Arabic and English. technical analysis on the companies listed in in the implementation of the French telecom UAE markets operator Orange in Tunisia. Since 2011 he is the CEO of Menacorp, one of - Providing financial services to their customers the UAE’s largest financial services firms with relating to their Menacorp accounts, including 3 billion USD of clients’ portfolio value (ranked both cash withdrawals and deposits first in the UAE among 50 competitors in terms of trade value, full year 2013, according to official data published by the Abu Dhabi Securities All of the above empowers Menacorp clients Exchange and the Dubai Financial Market). to make informed decisions and enjoy a more Fathi graduated from HEC Paris Business School flexible approach to financial services. “Grande Ecole” (MSc. in Management and Finance) and from University of Paris Pantheon- Sorbonne (Business Law). He speaks English, Arabic and French H.H. Shiekh Hamdan Bin Zayed Al Nahyan honouring Hamad Ghanem Bin Hamooda

8 Arab Investor Arab Investor 9 Our goal is to become the preferred Menacorp’s Presence in Europe partner for European institutions Oliver Jan Brockhagen - Senior Advisor for Europe investing in the Middle-East Interviewed by Arab Investor Arab Investor // Menacorp

From his native Germany to the shore of the Arabian Gulf, the career of Oliver Jan Brockhagen has we were more efficient and we were capable to provide our clients with better services. As far as been characterized by his constant desire to build bridges between people, cultures and markets. Emiratis who initiated me to their customs and Was it easy to convince your European Oliver Jan Brockhagen I can say, this is where and when I learned key Back to Germany after five years spent in Abu Dhabi, Oliver is, since January 2013, Menacorp’s traditions. On a professional level, the securities clients to start working with a local broker? lessons to become a proper manager. brokerage industry was at that time (and still is Senior Advisor for Europe, in charge of the business development of the UAE based financial A game changer in my career was the years spent services firm on the old continent. One of his key project is the opening of a representative office today) a very competitive business with more than In general it’s not easy at all as several local within the oldest German private bank, B. Metzler one hundred brokerage firms. It was more than the for Menacorp in Frankfurt. brokerage houses, due to bad management mainly, seel. Sohn & Co., as Senior Vice President Head number of listed companies! It was not an easy didn’t help to raise their standards in terms of Worth Individuals and Family Groups. It was the of institutional Trading/Sales Trading. It was a task to go hunt for market share in this context. reputation. But in the case of Menacorp things went right choice to make as this category of investors defining moment, notably with respect to the When we founded Arab German International smoothly thanks to the company’s sophistication represents the majority of the active traders. The years I will spend later in Abu Dhabi. In all the Broker, commonly known as AGIB, we decided and compliance to best international practice. whole idea was to leverage this access to provide companies I previously worked for, the client to focus on our two main competitive advantages: Today, one of Menacorp’s most important clients institutional clients with the right market color. was always at the center of our strategy. But I our technology and our privileged connections is one of the most important financial institutions Consequently Menacorp established a fully-fledged must recognize that to work for a private bank with European institutional clients. It was a in the world based out of Frankfurt. To onboard institutional desk and hired two of the most respected raises the level of empathy for the client for the great adventure and I must say that I personally this client we went through heavy due diligence on professionals in this field (Issa Chami in charge of simple reason that you don’t deal with anonymous enjoyed the interaction with our regulator, the various aspects (IT, regulatory, financial etc.). After sales and Hisham Khairy in charge of trading). corporations anymore. You deal with and for Securities and Commodity Authority of the UAE. trusting us for execution on UAE markets, this It goes without saying that Menacorp is fully individuals who want to preserve and transmit It’s not everywhere that you can have this level of client recently chose us as its preferred broker for connected on Bloomberg and Thomson Reuters and their wealth to future generations. Wealthy interaction with your regulator and feel that you are all the markets of the MENA region. Several other provides daily and weekly reports to its institutional individuals and family groups in Europe or in the working as a team. On that specific aspect, credit German and Swiss financial institutions followed clients. This set-up proved to be successful as the Gulf often share the same values and have to face must be given to Mr. Abdullah Al Turaifi, the CEO as well. Menacorp being now number one on local company has numerous institutional clients from similar challenges. With its origins dating back to of SCA, with whom I had numerous conversations markets, the pitch is easier than before. the UK, US, Switzerland and of course Germany. 1674, one can expect that B. Metzler seel. Sohn about our industry and its regulation. The best & Co. brings serious expertise to the table as the endorsement we had from SCA was that we were How did you convince such demanding In your capacity of Senior Advisor for bank had to deal with numerous situations that the first company to be granted with a margin clients to work with Menacorp? are relevant for today’s wealthy individuals and Menacorp, you are in charge of the Can you give us some insight on your These years at Deutsche Bank were crucial for trading license and our proprietary software families of the GCC and notably in Abu Dhabi. business development in Europe. Can journey, from Germany to Abu Dhabi the rest of my life as, till today, I can feel that the became the benchmark for other applicants. The first step was obviously my personal Finally, the last company I worked for before you tell us more about this? and now back to Frankfurt again as a discipline and high standards of work I learnt there relationships and my own track-record. However, arriving in Abu Dhabi was ICF Kursmakler Senior Advisor to Menacorp? are deeply rooted in me. It is also at Deutsche Bank How started your relationship with Menacorp? this is not sufficient at all. This type of client will Wertpapierhandelsbank AG. It was the perfect fit as First, I am physically based in Germany. This is a that I chose the path of a career in financial markets. never forgive you if you provide bad execution ICF is a leader in terms of execution and technology on real advantage as I can meet our existing clients After several years with Deutsche Bank, I moved Everything started with a simple sms! I received a or if you are not serious with compliance for Oliver Brockhagen: To be honest, the beginning of financial markets. Even though ICF Kursmakler is part on regular basis. to another prominent German institution, Deutsche message from Fathi Ben Grira, Menacorp’s CEO, example. We have to be constantly at the top of my career is quite typical of what you can find in the of the larger ICF Group (including ICF Bank notably), For the development, we are currently promoting Genossenschaftsbank AG where I was Senior Vice who asked if we could meet. After a quick chat over our game. Also, Menacorp is certainly the only German financial services industry. The “German I had the feeling I should work for a pure player in GCC markets through roadshows, awareness President, Head of Trading Domestic & Foreign the phone we met the day after. He then explained to financial services firm of the UAE to be able to quality” label may sound cliché to some extent but the securities brokerage industry with a particular campaigns and training on market rules and Markets. It was a challenging experience as I was me what he had in mind for his company and why he give such insight about the market. With more I believe that this accolade is well deserved in the emphasis on technology and innovative solutions. regulations. Investing time on these issues is in charge of worldwide execution, which was wanted me to play a senior role in its development. than 80% of its revenue generated from High Net financial world. I experienced it first hand with the Everything I needed to tackle, with a competitive important as European institutional investors fine since it was part of my core qualifications, At that time, AGIB shareholders decided, because Worth clients and local institutions, Menacorp has long years of training and education I had with top edge, the young market that was the UAE in 2007. investors suffer from a lack of knowledge on but I was also in charge of important managerial of adverse market conditions, to stop the operations German financial institutions. a clear idea of what is happening on local markets. certain segments of the market and issues related functions within the company. For example, I of the company even though I was convinced that It all started within Dresdner Bank AG in 1993 Can you describe your beginnings in to regulations. remember that the board of directors entrusted me things will improve. In that sense, I was sharing Menacorp has a superb reputation for where I learned the basics and got my fundamental Abu Dhabi? On another level, we will formally open with the definition and implementation of a very Fathi’s optimism and vision. The fact that Menacorp servicing High Net Worth Individuals and training. Then, I moved to the German giant Menacorp’s representative office in Frankfurt by ambitious cost cutting plan. It was tricky as the was financially backed by one of the most prestigious retail clients. Is the company equipped Deutsche Bank (DB 24 AG) where throughout In Abu Dhabi I discovered a different culture with mid-2015. With short and easy access to major goal was to maintain the same level of quality and respected families of the country played also a to cater for the institutional segment? the years I climbed one by one the hierarchical different working habits. Most importantly I built financial hubs such as Zurich, London and Paris, in terms of service and execution. At the end of key role as I had the duty (for my clients) to make steps of the institution, from a simple member of life-lasting friendships, not only with the German our goal is to become the preferred partner for the exercise, the cost cutting plan was a success, sure that this was a viable proposal. Initially, Menacorp focused heavily on High Net the brokerage team to Head of Institutional Desk. expats established there but also with several European institutions investing in the Middle-East.

10 Arab Investor Arab Investor 11 HK team has one of the most impressive track MENACORP makes a foray into direct investing and investment banking record in the region and it just made sense for services in cooperation with HK Advisory Services our companies to work closely to provide a Interviewed by Natheem Sabbah one-stop-shop solution for our clients Arab Investor // Partnership

Arab Investor staff meets the key staff of Menacorp and HK Advisory Services to highlight the opportunities in the Middle East, ii) completing nature of their relationship and work. Interview with Fathi Ben Grira and Racha Al Khawaja from a number of direct investments in principally Menacorp, and Ali Husseini and Walid Kamhawi from HK Advisory Service Limited. frontier/emerging markets, iii) completing a number of retained strategic advisory assignments on behalf of clients in the Middle East and Europe, and iv) working on initial public offerings and private placements, such as Emirates REIT, which IPO’d in Nasdaq Dubai earlier this year.

How do you differentiate yourselves from others?

AH: We believe that the complementarity in our experiences can help us identify investment opportunities, and/or execute transactions in a unique and differentiated way. For example, I have over fifteen years’ experience in investment banking, and prior to forming HK, I have built and was head of EFG-Hermes investment banking from 2003 to 2008, following a five year stint at Racha Al Khawaja Walid Kamhawi Merrill Lynch Investment Banking in London. services that include roles in Lehman Brothers, recognized that there may be significant synergies I worked on a number of ground-breaking State Street and Bloomberg London, as well as in cooperating on a more systematic basis going transactions in the region, including: i) the sale managing Fidessa’s business in the Middle East). forward, in which we can leverage HKA’s direct of the 2nd Saudi mobile license to Etisalat, ii) investment and transaction expertise on the one the IPO of du, iii) the sale of a 45% stake in However, why should we try to reinvent the hand, and our significant clients’ base on the other. Habtoor Engineering to Leighton Holdings, and wheel when one of the best teams in the market iv) the IPO of EFG-Hermes. In total, I have been And what is HK, can you tell us a little is right next door? HKA team has one of the most involved in over $25 billion in M&A and equity about your history? impressive track record in the region and it just capital markets transactions across 10 different made sense for our companies to work closely to markets. So I have regional transaction expertise. provide a one-stop-shop solution for our clients. WK: Ali’s experience; having successfully built How did the relationship come about? AH: Walid and I established HK in early 2010. We both had long careers in finance, and decided EFG’s regional investment banking business; to team up to identify and participate in direct complements my international investment, Interview with Fathi Ben Grira and Racha Al Advisory Services Limited? for leading corporates and growth companies, and transaction and financing experience quite well. iii) initial public offerings on the UAE exchanges. investment opportunities for ourselves and advise Khawaja from MENACORP, and Ali Husseini RAK: In early 2014, HKA developed a structured So I’ve got over nineteen years’ experience in We have some internal capabilities taking into on complex transactions both regionally and in and Walid Kamhawi from HK Advisory credit investment opportunity in the UAE that private equity investing and investment banking. consideration our experience in this domain. other international markets. We obtained our Services Limited, together with x from Arab FBG: Menacorp and HKA have a cooperation required over $100 million of capital. HKA I was formerly an MD at the Corporate Private That includes myself (an ex Lazard investment license from the DFSA and established an office Investor agreement which envisages the two firms reached out to us to see if some of our selected Equity Group of The Blackstone Group, where banker), Petr Molik (our CFO who spent years in the DIFC. working jointly together on: i) direct investment clients would be interested by this opportunity. I was part of deal teams that invested about on M&A transactions at BNP Paribas) and Racha opportunities identified and structured by HKA, ii) We collaborated to identify over $150 million of WK: Since forming, we have been involved in $2.4 billion of cash equity in private equity and Can you please describe the nature of the Al Khawaja (in charge of business development, UAE and regional private placement opportunities initial investor interest from Menacorp’s clients. a significant number of situations, including: distressed debt transactions that had an aggregate relationship between Menacorp and HK with more than 20 years of experience in financial Though the transaction didn’t close, we both i) pursuing structured credit investment

12 Arab Investor Arab Investor 13 We have built a strong name at Menacorp by being the leading equity broker in the UAE and have consistently delivered outstanding service to our clients who now associate our name with an excellent service offering and exceptional customer relationship management Arab Investor // Partnership

transaction value of over $20 billion. I’ve also got substantial financing and M&A transaction experience, having been involved in over $20 Menacorp›s solid strategic partnership with billion of debt and equity financings, and in over Trade Station enables its customers to enjoy: $40 billion of M&A transactions, partially with Blackstone, and partially with Bear Stearns’ in 1: All forms of trading in the American share New York. I also was a Senior Advisor to the markets. Russian Direct Investment Fund, which is a 2: Greater control, flexibility and opportunity. $10 billion direct investment initiative backed It is now easier to transfer services between by the Russian Federal Government. There, different trading accounts to maximise I was involved in many of the fund’s initial investment opportunities. investments, as well as its collaborations with some of the Middle East’s key government- 3: Making informed decisions and developing backed investment entities that, taken together, clear, effective strategies by accessing global represent a further several billion dollars of economic reports covering the entire spectrum transactional experience. of financial markets. So which areas do you plan to focus on? 4: Access to essential reference material in the form of technical reports detailing the trade of global share markets. RAK: There are a number of situations where Today in the United Arab Emirates, Menacorp we are collaborating on, and these include: risk/reward investment opportunities than the by being the leading equity broker in the UAE and is considered one of the prime companies i) a structured credit vehicle (in both Shariah BRIC markets. As with the GCC, given that have consistently delivered outstanding service working in the field of financial markets, and compliant and non- compliant formats), ii) private interest rates remain low (1 year US LIBOR to our clients who now associate our name with which harnesses its capabilities and human placements for two UAE growth companies, is approximately 0.6%), and equity indices are an excellent service offering and exceptional Throughout its entire operation, the work of Globally renowned for its speed of execution, resources to make the financial markets in the iii) direct international real estate investment at- or near- all-time highs, we believe that the customer relationship management. We are now Menacorp is driven by a commitment to providing presentation of information and industry- country more comprehensive and prepared for opportunities, and iv) UAE restructuring direct opportunity to generate attractive medium-term looking to capitalize on the strong position we are customers with the highest level of service, leading trading software, Trade Station generations to come. investment opportunities. returns could be found in pursuing high-growth in, by further developing our services to address creating opportunities to enter new markets empowered Menacorp to better serve both direct investment opportunities, or in defensive our clients’ needs and investment objectives. This which best meet all their investment needs. traders and investors alike, particularly in As one of the United Arab Emirates› leading structured credit opportunities. gets us closer to our clients and would hopefully terms of automating writs of execution. organisations in the field of financial markets, enable them to view us as their investment This passion for exceptional service forms the And how do you see the current market AH: Deal volumes in the GCC continue to be strong Menacorp combines both the skills and advisors and partners, not just their broker. foundation of the organisation›s work with 2: Establishing a reputation as a leading environment? particularly for capital market transactions. We see experience of its employees with its own There is a clear gap in the UAE market for such Trade Station, which played a vital role in provider in global finance thanks to offices in high interest from corporates in accessing the capital tools, technologies and services to develop services. Our cooperation with HKA is one of the presenting Menacorp›s financial products to both London and the United States. markets which should translate, market conditions the country›s financial markets, creating most important pillars of our development. Our its UAE-based clients. WK: Globally, we are witnessing a divergence permitting, into several new offerings (1 to 2 a 3: Providing an outstanding service which an abundance of opportunities for future clients are constantly looking for quality products in macro-economic performance. Whereas a few month) well into 2015. The GCC M&A market has In a concentrated effort to add greater value empowers customers to trade and invest with generations. years ago, the emphasis was on BRIC-led macro- and superior advice. Thanks to HKA we are now to its trade and execution programs, Menacorp confidence thanks to Trade Station›s high been relatively more subdued. Corporates continue Breaking down barriers of time and economic growth, recently the momentum has ready to provide them with such services as an enjoyed a solid working relationship with financial solvency, a strong influence in their to focus on organic growth within the GCC. location, the company pursues investment swung back in favor of the US and Northern EU. integrated team sharing the same values. Trade Station, formed on the basis of several partnership with Menacorp. opportunities across the world, whilst at the Consider, for example, that Q2 US GDP growth What are Menacorp’s long term plans critical factors: HK Advisory Services Limited is an investment 4: Working with a specialist team who are not same time remaining committed to the pursuit was 4.6%, and unemployment is now below and why is the cooperation with HKA so advisory firm established in 2010. Its offices are 1: Utilising Trade Station›s international award- only fluent in a number of languages (including of progress of electronic trade in the UAE. 6%. This compared against a macro-economic important for you? in the DIFC and it is regulated by the Dubai winning trading program to present innovative, Arabic), but who also fully understand the slowdown and currency selloffs for a number of By: Ayman Al Satari Financial Services Authority. effective, electronic trading solutions. needs of investors and traders in the region. BRIC economies. Given the above, we believe major Western markets may offer more attractive RAK: We have built a strong name at Menacorp

14 Arab Investor Arab Investor 15 Hamed Ahmed Ali CEO- NASDAQ Dubai Interviewed by Natheem Sabbah Arab Investor // Stock market

There are certain things you come to expect when you’re asked to meet the head of a global do exist,” says Hamed. “Which is why we Zarouni. These figures are currently occupying financial citadel. The affable, smiling young man who strolls out of his office on the seventh have to keep working hard and exploring new high positions in the Emirate of Dubai’s and floor of the stock exchange building in the Dubai Financial Center isn’t one of them. opportunities to ensure success.” contribute in many ways to Dubai success. A year later, they were joined by Hamed, who Education took on responsibility for the Dubai government’s official web-site. In this role, Hamed took the opportunity to learn from leading figures both Born in 1978, Hamed attended Salman Al- within the region and around the world. Fasi School in Sharjah where, at the urging Using this new knowledge, Hamed worked of his parents, he studied the Holy Quran and alongside his teammates within Dubai Internet subsequently he memorized thirteen suras of the City. Together, they attracted the attention of Holy Quran. Sheikh Mohamed bin Rashed, who acted as a guide Heading to Al-Wahida Secondary School via and mentor as they sought to expand and innovate. Tareq bin Ziyad Middle School in Dubai, Hamed The Dubai Internet City (DIC) was a unique team eventually made his way to the Dubai College for in the way these young people worked together. Applied Studies where he earned a diploma in They reflected great harmony and complemented science and information technology. each other. DIC was a large family for highly A bachelor’s degree in computer science from the cooperative team that shared one vision that UK’s Leeds University followed, yet the pursuit is Dubai the city of the future. The team was of learning would not be his only interest. influenced by the vision of Sheik Mohamed Bin Away from school, Hamed, like many Emiratis, Rashed, who was a great leader in the way he was an avid hunter spending as much time as inspired and motivated these young people. possible among the nearby desert sands. He closely monitored their progress and was As part of this new role, he maintained the largest global platform when it comes to the listing Now back in the comfort of his office, he remembers available to listen and guide the leaders of the company’s infrastructure and internal affairs. of Islamic instruments (sukuks). these occasions fondly as a time when he really future. Sheikh Mohamed believed in technology’s Two years later he moved again, this time to the NASDAQ Dubai provide great flexibility to bonded with both friends and family alike. role and its possibility to transform a nation. This stock exchange, as an Executive Officer. institutions who are looking to float small portion strong belief was the influence that triggered the In 2009 he moved again to the Financial Center, of their capital, they can be listed by offering as Dubai Internet City devotion and dedication of the DIC team, coupled working through a number of roles, including low as 30% of their capital only. This offers great with their infinite love for Dubai, the success CEO of Operations. convenience to some institutions further more story of this team become a history, and a story of By 2011, Hamed was back to the Dubai they will continue to manage the company while As passionate about computers as he was about achievement for the generation to come. International Stock Exchange, which by now had maintaining efficacy and transparency, according outdoor pursuits, Hamed’s interest led him to join The success of Dubai Internet City is well- been renamed NASDAQ Dubai. Today, Hamed to the governing law. the Dubai Internet Society in 1999, which was known on international level; DIC was the seed tells us that he’s proud of the Stock Exchanges As the only stock exchange in the region, which Far from the typical image of a financial head, Hamed Ahmed Ali, CEO, NASDAQ Dubai headed by His Excellency, Sheik Maktoum Bin of success for the well-known Dubai Technology achievements which include listings both within deals with US dollars, NASDAQ Dubai provides Hamed Ahmed Ali, CEO of NASDAQ Dubai, Mohamed bin Rashed Al-Maktoum. Zone (TECOM), that is now the zone of attraction the country, and in the likes of Saudi Arabia, Hong a diverse range of investment products. Their moves casually across the floor as he leads us to At the same time, the Dubai Internet City was for the large international corporations. Kong, the Middle East, the UK, and the Bank of mission is to attract more institutions at both a place to talk. En route Hamed takes the time When we’re settled, Hamed indulges us in a launched, and was joined by many young England. a regional and global level, by providing an to interact with his staff, speaking with them with detailed history of both his career and the rise of employees who worked in government of Dubai, Moving to Finance NASDAQ Dubai have also been responsible for opportunity to be listed whilst putting down up to a warmth and friendliness that would suggest he the Dubai International Financial Center. among these members were Abdulbasit Al Ganahy, several new innovations including a platform for a quarter of their capital. Once a company has was simply one of their peers. Now boasting 15,000 employees, the center has CEO of Sheikh Mohamed bin Rashed Foundation trading instruments and bonds, and a platform for these listings, they are afforded the status of a It’s a management style Hamed tells us, that he far exceeded its humble expectations thanks, for Small Medium Enterprise, Nasser Hassan Moving from technology to finance, Hamed risk sharing (murabha) with a total of 24 billion global brand with increased opportunities to gain learned from both his parents (an Abu Dhabi says Hamed, to its commitment to innovation and Al Serkal; Abdulrahman Al Serkal, who started joined the Dubai International Financial Center in dirhams to its name. The exchange is looking to market recognition, something which NASDAQ’s father and a Dubai-born mother) as well as from learning from industry specialists around the globe. many innovative ideas, that turned realties now; 2004, taking on the responsibility for over-seeing attract leading institutions at both the regional affable, smiling CEO certainly knows a thing or His Highness, Sheikh Mohamed bin Rashed. “The possibilities for both success and failure Khaled Al Gaith; Ahmed Darwish and Marwan Al the Office of Project Management. and global levels, as Dubai has become the third two about.

16 Arab Investor Arab Investor 17 DGCX is the only Exchange in the region with DGCX - Transforming the regional derivatives marketplace localized clearing facilities offered via Dubai Written by Gaurang Desai - Interim CEO of DGCX Commodities Clearing Corporation (DCCC) Arab Investor // Alternative investments

Dubai is undoubtedly one of the most attractive business destinations in the region. Due to its open economy, attractive business environment, strong infrastructure and rapid economic growth, Dubai has developed itself to be a key global commercial and trading hub.

However, with increasing international trade time. In keeping with this strategy, we place great comes the need for market players to hedge their emphasis on what the market needs and structure risks from fluctuations in commodity prices and our products based on constant feedback from our Gaurang Desai foreign exchange values. When an economy like broker members and market participants. Dubai is expanding, market players need better Last year, DGCX embarked on a portfolio Gaurang Desai, Interim Chief ways to mitigate the considerable financial and expansion strategy to widen its global market Executive Officer of the Dubai commodity risks they are exposed to. and launched significant initiatives to expand Gold & Commodities Exchange This is where derivatives exchange like the Dubai liquidity and depth in its existing contracts. The (DGCX), has served as the Chief Gold and Commodities Exchange (DGCX) come Exchange rolled out an industry-leading EOS Operating Officer of DGCX since into effect. DGCX plays a vital role in strengthening platform to support the growing sophistication of its inception in 2005. Prior to the physical commodities and forex market by trading needs and initiated educational campaigns his role at DGCX, Gaurang was providing hedging tools and mechanisms that to extend the benefits of derivatives trading to a involved in market development allow market players to transfer and manage risk wider audience in the region. initiatives in areas such as within a well-regulated environment. DGCX has been scooping several industry gongs Commodities, Equities, Securities Dubai’s strategic location is also an added last few years including titles such as the Emerging depository and B2B online advantage for DGCX. Positioned in a time Exchange of the Year for 2013 & 2014 by Futures marketplaces with the National zone midway between the Far East and Europe, & Options World (FOW), the Best Derivatives Stock Exchange of India, National DGCX is able to effectively support the growth Exchange 2014 by MENA Forex Awards, the Best Commodity & Derivatives of derivatives trading in the region by offering Technology Innovation Award by Futures & Options Exchange and Reliance Group. extended trading hours to global traders and World (FOW), and many more. This is a great As a derivatives market specialist, integrate regional and international trading. testament to the work and effort that has gone into Gaurang brings unparalleled When we commenced operations in 2005, we making DGCX an ‘exchange of choice’ in the region. experience in the areas of market had only a couple of products. Over the years, design, risk management, clearing we introduced more contracts and asset classes DGCX’s unique proposition & settlement and operational to diversify our product portfolio, while, at the competence for a demutualised same time, constantly reviewing and making electronic exchange. In his role as changes to our existing contracts. Today, DGCX DGCX is the only Exchange in the region with Interim Chief Executive Officer, offers a diversified portfolio of derivative products localized clearing facilities offered via Dubai he is committed to making across metals, currency, hydrocarbon and equities Commodities Clearing Corporation (DCCC). This DGCX the market of choice segments - with electronic trading made accessible helps safeguard participants against counterparty for its market participants by from anywhere in the world. risk by acting as the seller to every contract bought continuously bringing global best As an exchange, our strategy always revolved and the buyer to every contract sold, thereby practices to DGCX. around launching the right products at the right

18 Arab Investor Arab Investor 19

www.karbal.net Website: www.karbal.net Website:

[email protected] Email: [email protected] Email:

917137002, +(218) or 913742627, +(218) Telephone: : Office Libya 917137002, +(218) or 913742627, +(218) Telephone: : Office Libya

[email protected] Email: 2611, 343 4 +(971) Telephone: : Office Dubai [email protected] Email: 2611, 343 4 +(971) Telephone: : Office Dubai

Libya.

Arab Investor // Alternative investments Libya. and multinationals who seek to invest and establish a presence in in presence a establish and invest to seek who in multinationals presence a and establish and invest to seek who multinationals and

Karbal & Co Co & Karbal Co & Karbal provides all legal services for investors, corporations corporations investors, for services legal all provides corporations investors, for services legal all provides

guaranteeing settlement. A local Clearing House

Libya? in invest to Looking also ensures that funds remain within the UAE and Karbal & Co is an International Law Firm locatedKarbal in Dubai, & Co is an International Law Firm locatedLibya? in in Dubai,invest to Looking allows trading parties to benefit from being under Karbal & Co is an International Law Firm located in Dubai, the purview of local taxation and regulatory regimes. UAE and Tripoli, Libya. Our law firm is composedUAE of lawyersand Tripoli, Libya. Our law firm is composed of lawyers The global crisis has highlighted the counterparty UAE and Tripoli, Libya. Our law firm is composed of lawyers

risk and lack of transparency associated with trained in American, British, Libyan, and French law,trained who in provide American, British, Libyan, and French law, who provide

transacting trades bilaterally or on over-the- trained in American, British, Libyan, and French law, who provide

Law Property Intellectual counter (OTC) basis and thus the role played by legal services in English, French and Arabic. legal services in English, French and Arabic. Law Property Intellectual

regulated Exchanges and Clearing Houses has legal services in English, French and Arabic.

Law Commercial and Corporate assumed even more importance in the last few Law Commercial and Corporate

years. DCCC has default-free track record since

Law Care Health inception and provides a state-of-the-art Risk Law Care Health

management framework to safeguard interests of Karbal & Co provides services for the followingKarbal Areas of& CoLaw: provides services for the following Areas of Law: Gas) & (Oil Law Energy its participants. Karbal & Co provides services for the following Areas of Law: Gas) & (Oil Law Energy

Law Maritime DGCX product pipeline Maritime Law Maritime Law Law Maritime Maritime Law

Energy Law (Oil & Gas) Energy Law (Oil & Gas) Law: of Areas following the for services provides Law: Co & of Areas Karbal following the for services provides DGCX regularly reviews its product range to Energy Law (Oil & Gas) Co & Karbal evaluate their performance and explore the Health Care Law Health Care Law introduction of new products. The Exchange’s Health Care Law aim is to provide the contracts that its clients Corporate and Commercial Law Corporate and Commercial Law

wish to trade. Currently, DGCX lists 17 contracts Corporate and Commercial Law

Arabic. and French English, in services legal across the metals, equities, hydrocarbon and Intellectual Property Law Intellectual Property Law Arabic. and French English, in services legal

currency segments. Intellectual Property Law trained in American, British, Libyan, and French law, who provide provide who law, French and Libyan, British, American, in trained DGCX’s flagship contract, Gold has attracted provide who law, French and Libyan, British, American, in trained

considerable interest from global traders over

UAE and Tripoli, Libya. Our law firm is composed of lawyers lawyers of composed is firm law Our Libya. Tripoli, and UAE the last few years. The contract has become lawyers of composed is firm law Our Libya. Tripoli, and UAE

particularly valuable to gold markets in Asian hubs

International Law Firm Firm Law International Co & Karbal Firm Law International Co & Karbal located in Dubai, Dubai, in located an is Dubai, in located like Singapore, which have substantial gold trading Looking to invest in Libya? Looking to invest in Libya? an is links with Dubai. DGCX is in process of launching Looking to invest in Libya? a unique Spot Gold contract that would facilitate Karbal & Co provides all legal services for investors,Karbal corporations & Co provides all legal services for investors, corporations physical delivery of Gold in Dubai while allowing futures has been attracting increasing attention contracts which were designed for an institutional Karbal & Co provides all legal services for investors, corporations the investor the right to roll-over open position, if from both retail and international institutional investor base and two pairs of Mini Indian Rupee and multinationals who seek to invest and establishand a presencemultinationals in who seek to invest and establish a presence in the investor decides not to take/give delivery. participants, ranging from multinational Futures contract which will primarily have a retail and multinationals who seek to invest and establish a presence in Another product that is raising DGCX’s global banks, non-deliverable forward (NDF) market focus. We are keen to ensure that our product Libya. Libya. profile is the Copper Futures contract, which is today participants, traders and other business entities, portfolio has the diversity necessary to service Libya. the third most active copper contract traded in Asia. who have contributed significantly to the growth both sides of the customer spectrum. We are already at an advanced stage of exploring the of the Exchange’s Member base. DGCX offers a We also have other interesting products in the introduction of new futures contracts in Emerging safe and regulated environment for international pipeline like a mini size gold quoted in Indian Market (EM) currencies and select commodities. investors to hedge their exposures in emerging Rupee, soy oil, all of which will be the first ever DGCX already provides the world’s first platform market currencies offshore. contracts to be introduced in the region once Dubai Office : Telephone: +(971) 4 343 2611, Email: [email protected] Office : Telephone: +(971) 4 343 2611, Email: [email protected] for offshore trading of Emerging Market (EM) Recently, DGCX launched MSCI Futures launched. Dubai Office : Telephone: +(971) 4 343 2611, Email: [email protected] currency contracts. Our Indian Rupee vs US Dollar Libya Office : Telephone: +(218) 913742627, or +(218) 917137002,Libya Office : Telephone: +(218) 913742627, or +(218) 917137002, Email: [email protected] Office : Telephone: +(218) 913742627, orEmail: +(218) [email protected] 917137002, Email: [email protected] Website: www.karbal.netWebsite: www.karbal.netWebsite: www.karbal.net 20 Arab Investor There are several countries that Dana Gas would be interested to operate in, nevertheless the quality of the opportunity Dr. Patrick Allman depends upon accessibility, materiality of the assets that are CEO of Dana Gas currently available, the political and fiscal stability and to some Interviewed by Hala Sabbah extent the hydrocarbon mix available in these countries Arab Investor // Energy

Dr. Patrick Allman-Ward studied geology at Durham University and earned his PhD from Dr. Allman-Ward told us “One of the great However he found this challenging. After quality of the opportunity” he said. the Royal School of Mines, Imperial College, University of London in Mining Geology. Upon things that Shell offers their staff is a range having had significant freedom to build and There are several countries that Dana Gas graduation, in 1981, the minerals sector was going through one of its perennial business of broadening assignments and opportunities. develop a company from scratch and having, would be interested to operate in, nevertheless downturns and by contrast the oil industry was recruiting geologists because oil prices had And I certainly took full advantage of that.” He to some extent, the liberty of running his the quality of the opportunity depends upon increased and the projections were that it would continue to do so. In January 1982 Dr. Patrick was involved in corporate strategy, business own operation, he found himself back in an accessibility, materiality of the assets that are planning, petroleum economics, project environment in which decision-making was currently available, the political and fiscal embarked on his 30 year career journey with Shell. He travelled around the globe exploring evaluation and analysis, field development more disseminated, and he felt that he was not stability and to some extent the hydrocarbon the world’s petroleum geology. planning, commercial negotiations, Corporate delivering at his full potential. mix available in these countries. Social Responsibility programs, projects in In 2009, he started talks with Dana Gas to take “Materiality is a relative concept”, he says, external affairs and in health, safety, security over a senior role with them although this only “Dana Gas is a low cost operator and we can and environment issues. matured in 2012. Dana Gas asked Dr. Allman- economically and attractively access resources In 2003 Dr. Allman-Ward became CEO of a Ward to join as the General Manager for one that may not be material or interesting to other, joint venture company in which Shell owned of their major assets in Egypt. A year later he larger players with higher overheads”. 40%, Saudi Aramco 30%, and Total 30%. The was asked by the Board to replace the previous Nevertheless the company is more interested JV was set-up to explore for gas in the Rub’ CEO who had resigned. in opportunities that can be brought into al Khali in Saudi Arabia. This was a result Dr. Allman-Ward told us that what excited him production with a plateau life at least 10 years. of the Natural Gas Initiative, which had been the most about Dana Gas is the quality of the “Otherwise you are into the game of a more given that 90% of their portfolio is currently initiated by King Abdullah in the late nineties. assets that it owns. unconventional style resource where your in gas they would like to see a rebalance with The project entailed the drilling of seven “It is extremely unusual for companies of our resources are depleting all the time and you slightly more oil in the mix. Dana Gas is exploration wells in an area of 210,000 square size to have such quality assets containing are constantly having to run hard up the down actively looking for opportunities with these kilometer within the course of five years. The significant amounts of growth potential. It escalator,” said Dr. Allman-Ward. characteristics. operating environment in Rub’ al Khali was was and remains the thing that really inspired Dana Gas is a gas company and intends to “We have a team that is constantly reviewing extremely difficult and challenging, said Dr. me and excited me about the company and it remain one. They think the potential for opportunities on a regular basis,” Dr. Allman- Allman-Ward. still does because whilst my main short term the gas market in the region is fantastic and Ward added, “All I can say is when we see it “There was no infrastructure, no water, and no focus has been to improve the performance growth opportunities are amazing. However, we will know it and we will go for it.” supermarkets so all the supplies and equipment of our existing assets, my medium term focus had to be brought in,” he added. “Not only that has been to position ourselves to maximize our but we had to ensure that our staff, operating chances of significantly growing production. hundreds of kilometers away from the nearest The company has faced a number of business towns and cities could be evacuated within challenges over the last few years and our eight hours to a hospital in case of medical focus has been on mitigating those risks. We emergency”. believe that we have made significant progress Dr. Allman-Ward’s experience in Rub’ al Khali in this regard and are poised to grow not only was a vertical learning curve where he stated production but also shareholder value in the that he was stretched in all possible directions, near term” he said. not just the operating environment but being When asked about his vision for Dana Gas, CEO he was also responsible for all the other Dr. Allman-Ward stated that their main focus aspects of the business. currently is on the MENASA region, which “It was a fantastic experience. Great times is the Middle East, North Africa and South and great memories! Of course it was very Asia. However they are always on the lookout challenging but I had an absolute blast, I had a for attractive opportunities irrespective of wonderful time,” he added. geography and on an opportunistic basis would Six years later, Dr. Allman-Ward returned to contemplate relaxing these parameters. work in Shell, although still in Saudi Arabia. “It all boils down at the end of the day to the

22 Arab Investor Arab Investor 23 Emirates REIT has been granted an Emirates REIT (CEIC) Limited exclusive decree which allows Emirates Sylvain Vieujot - Executive Deputy Chairman of REIT Manager REIT to invest anywhere in Dubai Interviewed by : Arab Investor Arab Investor // Property

The real estate sector in the UAE is witnessing a growing movement. A lot of the investors are currently studying a variety of projects in this sector real estate portfolio. As an investor, you get the as they consider real estate to be a stable and safer form of investment. On this basis, major companies in the real estate field began to improve and benefit of an experienced management team; Mr Vieujot is the co-founder and Ex- develop their services to gain the trust of the investors. it requires no management from your end, and ecutive Deputy Chairman of the REIT you don’t have the hassle of buying or selling Manager. He is also the Chairman properties. You just trade the REIT shares on the of Eiffel Management Limited, Eiffel stock market. It is an easier and usually safer way Holding and La Tréserorie Limited. to invest in real estate. In 2005, Mr Vieujot listed Freelance. com on the French stock market (Al- 3. What are the advantages of investing ternext of Euronext). Mr Vieujot has in Emirates REIT? a Masters in Entrepreneurship from HEC, Paris, France and is an Engineer Emirates REIT is the first real estate investment in Computer Sciences, Micro-elec- trust in the UAE. It is listed on NASDAQ Dubai tronics and Electro Technology. and is Sharia Compliant. The main advantage of investing in Emirates REIT is that you have access to a diversified portfolio of high quality 5. What is the performance? 8. You mentioned Index Tower earlier. properties, like the Index Tower in DIFC (which This is one of your latest investments. won several awards), the GEMS World Academy The annualized total return in 2011 was 10.5%; Could you tell us more about it? School in Al Barsha, Office Park in Media City in 2012 it was 11% and last year we achieved and many others. 25%. So far for 2014 the annualized total return Index Tower is a good example of our investment So, you get good diversification, high quality is 11.6%. strategy. Index Tower is a fantastic building, assets and good returns. Trading Emirates REIT in DIFC, located just opposite Dubai Mall. It shares is also far easier, cheaper and faster than 6. As an investor, how do I receive my is the only building in Dubai designed by the trading a property. profit? well-known architect Foster & Partners. It was At Emirates REIT, we have a large professional nominated as the best tall building in the Middle team that very few investors have the capacity to Twice a year, Emirates REIT distributes at least East and Africa in 2011. assemble. 80% of its cash profits to its shareholders. We invested more than AED 800m in this tower. Our team consists of professionals who identify It is very much like being a landlord with a tenant This is the kind of high quality asset we wish to the properties, negotiate the acquisitions, manage that is paying a regular rent with 2 cheques a year have in the REIT and this is usually out of reach for and market the buildings. We ensure that all the but without all the headaches of managing the an individual investor. We believe this high quality profits are Sharia compliant and deal with all the building. asset will help us greatly to enhance our returns. red tape: due diligence, administrative and legal As a shareholder, you can also sell your shares on processes. the stock market to realize your gains. 9. What is the future focus on Emirates REIT?

1. There are many investors who are portfolio. It also requires maintenance, 2. Is there a way to get around these 4. What is your portfolio? 7. Some of your buildings are not in We believe now is a good time to invest in Real interested in investing in Real Estate in management and marketing. challenges? freehold areas. How did you manage to Estate. The returns are attractive and we aim to the UAE. What are the main challenges Furthermore, it requires an experienced Today, Emirates REIT has a portfolio of about acquire them? seize the best opportunities to continue to expand these investors face? management team and a deep knowledge of This is the goal of REIT; REIT stands for Real AED 2.1 billion in Dubai. our portfolio and deliver high returns. the market to get the best returns. Estate Investment Trust. It is a company that It is composed of 5 buildings in Internet City; the Emirates REIT has been granted an exclusive Today we have a very stable share price and a Real estate is the most important asset class in Last but not least, real estate is usually not a invests in Real Estate through managing portfolios whole retail, a large car park and two thirds of decree which allows Emirates REIT to invest broad professional and international shareholder the world. It is a secure place for saving and very liquid investment and it takes some time and distributing profits (rents less expenses) to its the offices of the Index Tower in DIFC; a school anywhere in Dubai. base. We have built a strong base that now allows generates a regular income. However, buying and costs to buy or sell a property. shareholders. It is a form of mutual real estate in Al Barsha: the GEMS World Academy; the For all investors, this is a way to get exposure to us to start reaching out to smaller investors. a property is often a significant investment and Most property owners are facing the same investment. Grande Retail Mall in the Marina, and the Indigo the Dubai “on-shore” property market. You will find all the updates on Emirates REIT on very few investors can afford a large diversified problems. Investing in REIT is like owning a part of a large 7 building on Sheikh Zayed Road. our website: http://www.reit.ae.

24 Arab Investor Arab Investor 25 The Role of Islamic Banks in the Financing of Small and Medium Enterprises Arab Investor // Banks

To a large extent, it can be said that small and medium enterprises have become a key factor in the money, as a result of its volatility and the resulting provide funding for small and medium enterprises – the economic and social development of all countries of the world in general and developing countries profits; or through work as partner speculator; or owner of the enterprise, who has no capital, provides in particular. These enterprises are a key platform for increasing production capacity on the one through guarantee as a partner in a faces company the managerial and organizational skills related to hand, and for contributing to the reduction of the problems of poverty and unemployment on the whereby he guarantees what the company borrows and the agreed-upon activity, while the bank provides other hand. Therefore, interest in these types of enterprises has become a strategic concern in thus deserves the profit where he ensures the completion the necessary resources for the establishment of the of the work or the repayment of the money. institution. In this way, profits are distributed between many countries. Moreover, the yield in Islamic finance is linked to the the bank and the applicant for funding according to an assumption of the risk associated with the yield. Islamic agreed-upon allocation. In the event of a loss, the bank The concept of small and medium enterprises is still of machinery, equipment and raw materials and the price bank’s istisna contract becomes binding on both parties finance is limited to and associated with investment, that bears that loss if it can be shown that the applicant was not a precise and well-defined concept because of is paid immediately in monthly installments or other on its signing. It does not obligate the bank itself to do is with the material aspect of economics, where funding not negligent or in breach of the terms of speculation; it the multiplicity of criteria used to distinguish small appropriate arrangements. This is a suitable formula of the fabrication but obligates it to deliver the fabricated is not given on the basis of the borrower’s ability to would suffice the applicant that he lost his effort. In this enterprises from medium or large. These criteria include real estate financing for small and medium enterprises. good according to the agreed-upon specifications. It repay but rather on the feasibility of his project. The way, Islam equates between money and work, whereby number of workers, invested capital, quantity and value It is also characterized by greater flexibility in the is permissible for the bank to contract a third party to size of the funding is tied to the real costs of the project they profit together or lose together. In this way also, of production, as well as other factors involved in the financing process, which shows up on the agreement fabricate the original, whereby the bank becomes a and deserves a return or profit as a result of the project’s the owner of the enterprise is motivated to make a profit classification and evaluation of projects in terms of between seller and buyer on the profit margin. mustsni and the third part a sani. This latter contract success in generating additional value. so as to gain a return for his effort and to preserve his being small, medium or large. The development and Delivery sale as a way of financing small and medium cannot create contractual obligations between the The nature of Islamic finance and its suitability for reputation. growth of small and medium enterprises depends largely projects: delivery sale is defined as a sale in which bank’s customer and the third party. It is permissible for small and medium enterprises: Partnership ending in We can see, thus, that speculation gives wide scope for on the availability of funding and the lack of funding is the cost is expedited and the obtained is postponed the cost in the istisna contract to be cash or on-delivery ownership (diminishing partnership): The definition of skilled individuals to be creative, excel and harness considered a major obstacle. Other obstacles include and is delivered at a known time in the future. This or a deferred loan. The istisna contract is considered to partnership ending in ownership is a type of partnership their talents for production and innovation without marketing and administrative constraints, shortage of interested in the financing of small and medium is the opposite of a delay sale, in which the obtained be one of the leading investment tools for stimulating where the partner has the right to replace the bank in the hindrance from the owners of funds. In this context, trained manpower, institutional constraints on the part enterprises than traditional banks are. This is due to is expedited and the cost is delayed. And while the economic activity. ownership of the project. This can be done either in one we also see that the worker exerts maximum effort and of government legislation, and the weakness of the the fact that Islamic banks are based on the principle of delay of cost in selling is in return for a higher cost, its Lease-to-own as a way of funding small and medium payment or in several, as required by the agreed-upon with concern for success and elevation of this effort organizational structure for this type of enterprise. sharing in profit and loss. The role of Islamic banks in expediting in the case of delivery sale is in return for a enterprises: this is defined as the bank leasing something terms and the nature of the project, on the basis of an because he is a partner in the profit resulting from The funding constraints are embodied by the small the financing of small and medium enterprises, however, reduction in cost. specific, such as a car, to an individual for a specified orderly arrangement to save part of the acquired income it. In this way, we secure a clever mechanism for the amount of funds granted and the high interest rates, is smaller than expected. This could be due to the lack Islamic banks can benefit from a delivery sale contract period and for a specified lease amount, which can be as an installment for the payment of the share value. allocation of resources, whereby this allocation is based in addition to the lack of sufficient guarantees. Banks of professional skills required for the study of the to fund agricultural operations, whereby the bank deals higher than the average, but on condition that the bank This method of financing is considered more likely on competence and skill and not on financial solvency. usually contribute to the financing of large projects and economic feasibility of small enterprises, which would with farmers expecting the availability of commodity in hands over ownership to the individual at the end of the to ensure the success of small projects, which suffer This mechanism allows for huge resources for the prefer to deal with them because of their low banking increase the orientation of the banks’ assets towards the season from their crops or the crops of others, which period and the payment of all the installments. In result from high rates of separation in their legitimacy. These formation of small and medium entrepreneurs. It also risk and their ability to provide the required guarantees. employing murabaha compared to other investment they can buy or hand over if they fail to deliver from and in meaning to the contract parties, this is similar high rates are due to the lack of economic studies, opens up ways to employ those entrepreneurs and their Since small and medium enterprises are development instruments. The supervision of the Islamic bank of the their crops. Thus, with this funding a valuable service is to selling through installments. This type of leasing is management deficiencies, lack of planning, poor skills and to help achieve their aspirations with less projects, it becomes the responsibility of Islamic banks financing of small projects after the economic feasibility provided to them and every hardship in achieving their done by some Islamic banks. leadership and market conditions. Partnership between expensive and less dangerous funding compared with to provide funding since one of the main goals and study; the follow-up of the customer at his work; his production is removed. Lease-to-own can be used to fund small and medium the bank and owners of these institutions would enable traditional funding that is based on pre-financing and characteristics of Islamic banks is their contribution to guidance in view of the fact that he is a partner of the Istisna as a way of funding small and medium enterprises. The bank buys the requirements of small the banks to stand by them, checking their plans and cumbersome guarantees. comprehensive economic and social development. bank in the recruitment of financial resources; and his enterprises: Istisna is defined as a contract with which and medium enterprises through capital assets. The bank giving advice through economic and analytical studies Murabaha selling as a way of funding small and medium Small and medium enterprises require flexibility and protection during difficult circumstances – all these are a fabricated object is bought immediately; the seller then leases these requirements through a finance lease on projects in this sector, which in turn will increase the enterprises: Murabaha selling is defined as selling an versatility in funding methods, and that is what is reasons for the success of the projects and the making is obligated to provide it fabricated with materials in contract whereby these enterprises utilize the leased ability of these institutions to grow and progress. item at the price it was bought plus a known amount provided by Islamic financing with its multiple and of profits in the short and medium terms. Additionally, his possession, with certain specifications and with assets for a specified amount and a specified period. Speculation as a way to finance small and medium of profit. In addition to the terms of a sale in general, flexible tools and methods that are able to meet the the linking together of projects may lead to their growth a specified price. The buyer is called “mustasni,” the Finance leasing provides small and medium enterprises enterprises: the definition of speculation is that is a a murabaha sale requires several more in order to be needs of the owners of these types of enterprises. and their emergence as large projects. seller “sani,” the object “mustasna’an fihi” and the their requirements through capital assets without the form of funding through partnership, where the financer valid: a statement of the capital used to buy the item; a Meeting these needs would be reflected positively in the Islamic finance has several features that give it an recompense “cost.” need for them to allocate a part of their money to buying provides money to the owner of the enterprise who, in statement of the profit required by the seller; a statement increased demand for Islamic finance products, as well advantage over interest-based financing and makes it The istisna contract can be harnessed by applying it these requirements and incurring a burden on their turn, provides the effort and work. Profits are shared of the defects and deficiencies that occurred to the item as achieving a type of economic development, which, supportive of small and medium enterprises. as will be to the funding of small and medium enterprises in all budget. This allows these enterprises greater liquidity according to an agreed-upon proportion, whereas loss and the resulting decrease in price. after all, is one of the goals of Islamic banking. seen in this article.: their variety. The bank enters into a contract with an and therefore greater latitude to employ their money in is borne by the financer alone. Therefore, according to the above formula, small and The special qualities of small and medium enterprises Islamic financing formulas are characterized by investor asking for the fabrication of permissible and other aspects of their activities, which results in greater Furthermore, Islamic banks can use this method to medium enterprises can obtain what they need in terms with respect to funding: Islamic banks are more enabling the financer to achieve a return either through ethical goods, adequately described by the contract. The investment.

26 Arab Investor Arab Investor 27 If you start with a small trading account you So you want to be a professional trader need to understand that success comes slowly Written by Avramis Despotis - CEO of Tradepedia and that you should be applying sensible account management from day one Arab Investor // Training

I’m often asked how I manage to make a living out of trading. The truth is I don’t. I don’t make my living just out of trading, not all the time at least. You might blame your lack of trading success One-way street to success One of the reasons I see people fail, and fail spectacularly, is that they invest all their time, resources and funds into one activity. Whether its trading on the fact that you have yet to come across or selling bananas on the side of the road, there’s an old adage that stands true – don’t put all your eggs in one basket. As you shouldn’t put all your some stunning strategy or analysis. Let me tell you now, no one strategy or indicator is going account balance into one position, you shouldn’t put all your money into trading alone. What you end up doing is putting unnecessary pressure on your Sometimes the desire to succeed can be a case trading and mixing emotion with strategy. to make you a millionaire overnight. If that was the case Warren Buffet would have gone home of make or break. This is true in many parts a long time ago. But you still see him out there, of life as well as your trading. Let’s look at working away at his multiple ventures. Where a real-life example of Paul, a small business people often go wrong, time and time again, is owner. Paul is close to 60 and opens up a small placing the pressure of “I have to succeed or go textile making factory by investing all of the bust” on their trading. hard-earned savings he’s made over the years. Although retirement is only a few years away for him, he decided that it would be a good idea Here are some typical traps that many traders to use his savings to open the factory with a fall into when they invest more than they can view that it would return some profits over the afford. next few years. But as the months pass by, the business fails to at least break even and Paul begins to feel increased amounts of pressure. Starting with a ‘loss’ The reason why he is feeling the heat is because he placed himself in a situation where he invested all of his savings in that business and the possibility of failure for him is as good Avramis Despotis A very common factor that applies a lot of as going bankrupt. pressure on traders is using money they can’t An enthusiastic educator, afford to lose for their trading. You may have authoritative voice in price action heard stories of people who traded with loans, You can see the same story play out with trading and inspiring personal or money intended for important purchases, market traders. If you constantly tell yourself coach, Avramis Despotis has been and ended with tragic consequences. Taking a that making profit through trading is a one-way immersed in the financial markets loan is the very last option (if at all) to finance street to securing your financial future, then for over two decades. Founder and a trading account. Using your essential-to- it also means that you put a disproportionate CEO of Tradepedia, he is an expert living funds sees you unavoidably attach an amount of pressure on your trading. One of instructor in technical analysis, risk emotional factor to your trading positions as a the reasons that successful traders manage to management and behavioural finance loss could mean big trouble. reach as high as they do is due to their ability and has mentored over 20,000 to avoid that stress. The ideal is to wait until private and institutional traders. His you save enough funds that you can put aside technical analysis reports and signals If you can’t afford losing any of your hard- to exclusively trade with, without any losses are sought after by clients and stock earned cash on trading, I suggest that you impacting the quality of your lifestyle. brokers across Europe, Asia and the stay away from live trading for now. Only Middle East. use disposable income, money you can afford to lose, to trade. And until that time comes - It is vital to remove yourself from any emotional trade on a demo account and gain valuable attachments to the risk capital from day one. experience. This is only possible by assigning that amount

28 Arab Investor Arab Investor 29 Trading usually attracts people who don’t have the finances at their disposal to trade Arab Investor // Training

of money for trading purposes only, and use no funds intended for paying bills, mortgages, or even for future life savings. And you need to have a backup plan of earning money for you or your family’s expenses. I know it may seem like a paradox, because trading usually attracts people who don’t have the finances at their disposal to trade. But make sure that you can afford to lose your risk capital, as only then can you protect yourself from the emotional pressure to deliver profits.

Sustaining significant losses

Have you ever met anyone that continues to put large amounts of money into a losing enterprise or business? Not willing to lose his initial investment, he continues to pump in more money even after experiencing multiple loses. A trader’s account can also take similar hits with sizeable losses due to poor money management. I’ve seen traders begin with small trading accounts expecting to grow their funds by large damage parts of your personal life. I don’t amounts, quickly. The resultant psychological it’s important to open small-sized positions banking and retail environments, I’ve come to recommend that! pressure they place on themselves sees them and grow my account slowly. If I take on too learn that small and steady wins lead to a more either over-trading or taking excessive risks. much risk I might wipe out my account and successful and reliable approach to developing Or, even worse, doing both. Don’t get me instead of having this small trading account I a long term trading practice. Being educated and experienced: wrong, it’s natural for a trader to look for ways will be left with nothing.” If you start with a small trading account you Priceless of expanding his small trading account. But the Or: “Even though I have this small account, all need to understand that success comes slowly problem appears when they set unrealistically I need are a few big wins from my next trading and that you should be applying sensible short time periods of turning their small positions and once I triple those funds I will account management from day one. Even any training – the pressure is huge. However, education and mindset you can become a accounts into large ones. lay back and follow a proper trading strategy.” though it might take some time, moderate Trading with a live account without having a well-trained individual is confident and successful trader. Avoid the pitfalls of placing Setting yourself unrealistic targets like tripling trading gives you the opportunity to practice either the proper education or experience is disciplined enough to focus clearly and coolly large amounts of pressure on yourself and I don’t need to look into a crystal ball to see the your account’s value in two months or planning your trading. See what works and what a notoriously common way of adding undue on the task at hand. control your trading. future of these two traders. The first scenario is to resign from work to trade full time in two doesn’t. You are stretching out the funds in stress on your trades. Carrying out any type someone with a healthy mindset. But a lot of Okay, it may seem like a bit of a dramatic Choose to become a well trained and few months’ time, can be a dangerous thing to your account balance so you have the time to of task without fortifying yourself with traders with small accounts often go down the comparison, but some people risk so much experienced market participant that can handle do. Here are two scenarios of how you might evolve into a more profitable trader. Your other knowledge, or experience, inherently adds path of the second scenario. The temptation to and place such huge pressure on themselves your trades calmly and dispassionately, like the be thinking about your trading: option is to throw yourself into an uncontrolled pressure because it is simply more difficult make big money fast is pretty hard to resist. In to succeed in their trading that it inevitably professionals. trading frenzy with a view to get rich fast and to carry out that task. Imagine having to save “Given that I start with a small trading account, all my years as a trader and trainer in both the unravels in their hands. With the right end up with an empty account and maybe even someone’s life by administering CPR without

30 Arab Investor Arab Investor 31 Owning a business in Dubai carries a lot of advantages When Finance Meets Design Written by Paul Sebright in terms of whom you meet and the opportunities you Managing Director of Cambridge Middle East Interiors get, but it is definitely not straightforward Arab Investor // Interior Design

Paul Sebright, Managing Director of Cambridge Middle East Interiors, gives an insight into how Careers in Investment Banking, Recruitment and Dubai previously but being one for adventure I the market has changed from volume to quality and how his mixed Financial, Architectural and Interior Design & Fit-out would probably read decided to explore the opportunity. It definitely Consultancy background has shaped the way Cambridge Middle East Interiors does business. as a very strange resume of a single person and took me time to adjust to the market, culture and I would be the first to say it. Although at first it heat in Dubai. appears as a mish mash of professions that don’t The market in Dubai being more ‘vanilla’ in go together at all, but having worked in several product offering than the UK, pretty much based industries has given me an extensive repertoire of on fixed income, equities and real estate amongst transferable skills which have seen me through other things. The culture being more conservative a roller coaster ride during the last six years of and relationship driven, which definitely has its owning multiple companies in the UAE. plus points. Last but not least of course the heat, My father ran a fit-out business in the UK and which is perfect except when moving over in July having come from being a dry-liner by trade, and getting my first taste of the 50-degree heat. he worked his way up to run a regional office My first role when moving to Dubai was to of a successful British partitioning and fit-out develop a new market within a Recruitment company. This was really my first exposure to the Consultancy firm. This turned out to be a great fit-out industry, having worked with my father experience, but a difficult one, based on the fact Paul Sebright is a multi business owner, for a number of years during study. Quite frankly that five months after coming to Dubai the market having founded and successfully run four it didn’t interest me much at the time and so I crashed and the hard work, plus the whole idea of companies within the UAE including pursued my career in finance instead. moving to Dubai, did not seem as a wise choice. a Design and Fit-out Company, MEP My first role was with Citigroup London in their Even though I had only been in Dubai for a Contracting Company and Carpentry Investment Banking business, where I stayed for short period of time, I was completely affected Factory as well as a HR Consultancy and several years and worked my way up to manage a by the entrepreneurial mindset of the UAE. Recruitment Business. team before moving into Asset Management and Although it seemed a crazy idea at the time, being based in Canary Wharf. I loved working judging by the terrible state of the market, I in London and even though the commute was a proceeded nonetheless to setup my own business nightmare it was the hustle and bustle lifestyle in recruitment. Although not ideal, the company that I wanted. actually developed slowly but surely into a small After being in finance for a number of years I met yet steady business. Owning a business in Dubai have been a challenge in a very hierarchal British my future Managing Director at a family birthday. carries a lot of advantages in terms of whom system. Generally in the UK the expectation is We got introduced and started discussing business you meet and the opportunities you get, but it is that people setup a business after being ‘in the and financial markets, which the rest of group definitely not straightforward. This became my industry’ for 20 years and you are still a new found extremely boring. Regardless, we continued school for learning the business world and my first business if you have only been in existence for to talk and got on like a house on fire. He worked taste of growing a company from zero. five years. as a Head Hunter in an Executive Search Firm I’ve always heard people coin the phrase ‘Middle The connection from being a recruitment in London and without particularly looking for a East fast track’ which keenly refers to Westerners consultancy company owner to an Interior Design change of career, went for an interview with the securing high positions in Dubai than they would and Fit-out company owner also happened owner of the company and the next thing I knew usually get in Europe based on their experience completely by chance. I met Anna, our current my focus had changed. Armed with my industry level. This is true for a lot of people but I am Lead Designer, at an event. She is one of the specific experience in finance and a passion for also a firm believer in making the most out of pioneering staff and is still the Lead Designer client interaction, I loved every minute of the new opportunities when they present themselves, of Cambridge today. She ran a boutique Design challenge in a hard-core sales environment. which for me is one of the things that the UAE Company with a partner that wasn’t going After completing two years in recruitment in the is all about. The UAE has given me a huge boost smoothly and I took the opportunity to discuss UK, the opportunity came up to move to Dubai in terms of penetration to senior level executives bringing her onboard and diversify. My input and I jumped at the chance. I had never been to and decisions makers which otherwise might would be to capitalize on the corporate client list I

32 Arab Investor Arab Investor 33 One of my personal favorite types of projects is designing and creating an office space which signals a positive transition to the next stage of a company’s evolution Arab Investor // Interior Design

had developed and focus on business development businesses within our portfolio, especially over plus overall management of the company. Anna Fit-out Specific Trends the last 12 months, have required on average having worked with various clients would focus an additional 40% of office space to allow for on design and client management. growth, compared to around 10-15% within the One thing in all of the hurry that suffered, in previous 12-month period. Winds of Change, for the better my opinion, was the quality, the quality of the Further to the increased office space required, roads, quality of buildings, quality of the service. the appetite for both consistent high quality and However, due to the nature of the market and the also the high-end specifications required has When moving to Dubai six years ago, Dubai was huge potential returns, not a lot of people seemed also increased. This trend has signaled both a creating a huge buzz in real estate, construction to care that much until the crash. confidence in the market for the medium to long and unfortunately what seemed to be easy money. When making money becomes that much harder, term as well as an interesting position of many With queues to buy off plans properties as long people tend to find it a lot harder to part with it clients to want to impress potential clients or as the rush hour Sheikh Zayed Road traffic, the and this has given birth to a more calculated and business partners with their office design and market place seemed very one dimensional quality conscience society whom now look twice the quality of the build. This appetite was also regardless of how or more importantly, what, was at almost everything before making a decision on evident by clients wishing to spend up to 50% being sold. whether to buy or invest. extra to upgrade their finishes throughout the High returns, bulk buy deals and flipping The general appetite for spending has steadily office, not just for the front of house areas but also properties were at astronomical speeds. At such increased over the past four years, but the new the workspace. The ultimate aim is to increase a speed that each and every activity was being twist of the more quality conscience client employee satisfaction and support corporate talent undertaken and it seemed as though everyone was has remained. This has supported professional acquisition strategy. paying above the odds for everything but also businesses and allowed them to thrive in a new making income above the odds in return. market place that supports professional, able Design and Fit-out Relating to People that have been in the UAE as long as I and quality conscience service providers whom Recruitment have will remember the light switch turning off are here for the long term and are committed to in 2008. A lot of people predicting the end of quality service and quality delivery, rather than Dubai, never to be the same again and never to be being successful by default just because they are With an increased buoyancy in the employment an attractive option for tax free money and high construction. present in a booming market. market, professionals from the fit-out and earning potential, which fortunately turned out to In contrast the current situation in The crisis definitely served one major purpose. construction field as well as almost all other be incorrect. 2014: That was to make it very difficult for businesses industries are now finding it easier to move jobs to find clients that weren’t adding value or doing with fluency and a hefty pay increase. This is Three simple things I remember when honest business. where job satisfaction and also a healthy working first moving to Dubai: 1. Having to prove minimum salary thresholds Of course there are always dishonest businesses environment play a key role. to secure a credit card plus potentially having to and ‘smash & grab’ company owners whom don’t One of my personal favorite types of projects put down 100% cash equal to the credit limit as care about long-term prospects or building long- is designing and creating an office space which 1. Being given 100,000AED limit on my credit security. term relationships. This is the unfortunate down signals a positive transition to the next stage card when opening a new bank account and being 2. Having freedom of choice on apartments and side of a transient market like Dubai. However, of a company’s evolution. This allows us to offered vehicle finance on the spot to buy a car. villas and being able to make an informed choice high integrity businesses with a long-term strategy be extremely engaging with our clients and 2. Having to take a cheque book with me to view on what to rent or buy (although the current have grown considerably with the market upturn extracting the most out the design process. A an apartment and be ready to issue one cheque on increased supply has aided this as well). and continue to do so supported by loyal clients successful workspace design can greatly assist the spot to hold a hope of securing it. 3. A reasonable amount of construction traffic and and positive market reputations. in either attracting new talent or retaining current 3. Having to wait to 30 minutes to enter my minimal 24-hour construction. Currently we have offices in both Dubai and staff to aid future growth of the business. On top building every night while the 10 labour buses Abu Dhabi, of which both markets have seen a of this, creating an aesthetic environment, which were filled after the day shift and also dropping In my opinion a welcome change to a much rather sharp incline of both activity and client will reinforce the companies profile to both clients off the night shift for a 24-hour crazy speed healthier and sustainable economy. requirements. Both multinational and regional and stakeholders.

34 Arab Investor Arab Investor 35 Our key to success, which fortunately was helped by this demand for quality, lied within a very client focused service as well as a tailor made design solution for each and every client Arab Investor // Interior Design

their needs. Blue Bay to name a few, all of which are good Another area in which a finance background comes quality buildings and seeing increased demand as in extremely useful is cash and risk management. a preference over many other lower grade assets Typically these two things are what can make or in the area. break a business and understanding how these correlate to both my own sales strategy and General View On the Market as whole management of the projects themselves has really been invaluable to our success and continued growth. Likewise adding extra divisions and Dubai has become increasingly diversified. In my businesses without the need for any financing has opinion, Dubai has developed into a more stable, also been a key milestone, which I am very proud calculated market with many industries seeing of. increased success including the finance, retail, After a market wide rally over 2014, certainly the service, tourism and trading sectors. Previously fit-out segment continues to show both promise being dominated by Real Estate, Construction and and a continued client demanded focus on quality Energy, although these remain great drivers still and timely delivery. As a business our company today. revenue has increased by 100% in 2014 from the For me personally, the biggest benefit of Dubai previous year with a current company pipeline far is the way business is done and the culture of exceeding the start of 2014. The year 2015 shows the professional world. Harnessing relationships great promise and will hopefully be both a year of is really the name of the game in the UAE and further expansion for Cambridge and also a year although Dubai is slightly more westernized than full of exciting new projects to deliver. Abu Dhabi they still share a strong heritage of the Cambridge Middle East Interiors is a Design & way business is done. Fit-out Company focusing on Commercial Office With the Expo 2020 announcement, this really Bespoke Design and High Quality Fit-out. We have seen many clients greatly benefit from increments during the tenure or providing Cat A gave all industries a well need pick-me-up, approval process. technical analysis of client requirements and real this process, which has been hugely rewarding fit-outs to allow tenants to operate immediately. although maybe a little exaggerated. None the Now four years after starting Cambridge, we now estate optimization during the early design stages and also educational for all parties involved. Other free-zone rents have also seen sharp less, Expo will prove an extremely strong pillar employ nearly 100 staff within the group, whilst to ensure the client is getting the maximum value We have been appointed for small, medium and increases, especially in JLT where landlords of the economy for the next 6 years that will allow still maintaining the boutique client focused for money as per their specific requirements. large-scale projects of this kind ranging from have become much more demanding due to increased focus on strengthening diversification approach that we adopted when we started as a We have also completed a number of transactions Cambridge Middle East Interiors head 4,000sqft up to 40,000sqft. the huge number of licenses being issued each and increased investment from the region and team of three. working with landlords whom wish to provide a office is strategically located within and every month by the DMCC. Originally a internationally. Our key to success, which fortunately was helped high quality fitted unit complete with design, fit the Downtown Area of Dubai, within Commercial Real Estate Market popular choice for service related companies, Certainly for Cambridge, I see extremely exciting by this demand for quality, lied within a very client out and furniture to their potential tenant. This Emaar Boulevard Plaza Tower 1. Paul the DMCC has also become attractive to times ahead. focused service as well as a tailor made design approach provides both a low capex entry for chose the Head Office location based on larger multinational companies whom wish to Cambridge Middle East Interiors, with a twist of solution for each and every client. We avoided the the tenant by the landlord putting up the upfront their extension portfolio of over 30 units In parallel the Real Estate market has seen around a retain 100% ownership and opt for the DMCC Finance typical copy-paste approach which dominated the expenditure and amortizing this cost throughout within the Boulevard Plaza development 50% increase in high-end office space rental prices free-zone over other neighboring free-zone Cambridge Middle East Interiors is an Interior old UAE market, especially within the corporate the lease period. This approach results in a win- and has already secured further Design over the past 18 months, even though the market is authorities. Design and Fit-out business that focuses on office design and build segment. win for both parties. We have seen great success and Build Projects there for 2015. Both still seeing a general over supply, especially in the commercial projects within Dubai and Abu Dhabi, As well as the design and build capabilities of in landlords securing excellent quality, and rental increases in the development and Business Bay area. The highest increase seen has TECOM, especially Business Bay, has seen and has completed more than 75 projects in the the company, our focus is also to assist on more more importantly, long term tenants through this surrounding areas have increased in been in the areas of Downtown Dubai in Emaar increased interest due to volumes but the lack of last two years for both regional and multinational detailed issues such as early process consultation approach. This is where my finance background parallel to their clients increased appetite Square and Boulevard Plaza where the supply high quality buildings is affecting the high-end clients. Cambridge provides a turnkey solution for clients when identifying the right location for comes in extremely useful. I work with clients to for higher specifications and willing to has become limited. Even though lower end rents tenants choosing a lot of buildings as their next to clients from upfront consultation on cost, real their office. We offer assistance with cost analysis ensure they achieve maximum ROI plus assisting increase their Fit-out budgets. have also increased, landlords are still having to office head quarters. We have completed projects estate shortlisting and interior design services, of both real estate and fit out costs, as well as the future tenants to identify the right structure for take measures to attract tenants such as lower in buildings such as Oberoi, UBora, 014 and fit-out and full responsibility for the end-to-end

36 Arab Investor Arab Investor 37 First mining company to be listed in UAE We have a healthy understanding of the Ahmed Dik - CEO of Emirates Mining Limited (EML Limited) risks associated with and challenges that Interviewed by : Arab Investor will be faced in putting a mine into Arab Investor // Mining

Currently living in Dubai, Australian born of Turkish heritage, Ahmet Dik, Chief Executive Officer 1. Tell us a little about EML Limited of Emirates Mining Limited (EML Limited) speaks to our magazine about the future plans of the Limited, its operations, vision and company and its intended IPO in Dubai. strategy

EML Limited Ltd is a Hong Kong registered Ahmet previously was the Managing metals and mining company, which is planning Director of Atacama Metals Group to be Dubai headquartered and dedicated Ltd, a copper exploration company to acquiring producing and development with assets in Chile, a Senior projects and companies. EML Limited started Executive at Dominion Petroleum in 2010 and has secured numerous valuable Ltd (LSE), an oil & gas exploration assets including a 10,000 ton per annum company in east Africa, and a producing copper mine in Chile, two further Founder and CEO at Hermitage copper exploration assets in Chile to expand Capital advising on privatisations the Copper resource, and development stage in Africa. As a lawyer and legal bauxite and rutile projects in Cameroon. advisor of many years standing in M&A with Baker and McKenzie and later as Partner of Miltons 2. Who is the management team? Lawyers in Australia, Ahmet advised on natural resources transactions, including the merger and joint listing Our Senior Management Team is made up of BHP Billiton and various other of reputable and globally respected group M&A deals and IPOs. of highly experienced, natural resources and As an originator of large scale investment management professionals. I projects, Ahmet has been involved will be working with Michael Garland as in setting up complex corporate Chairman and Roger Kennedy as President. A structures, raising of funds at all team of professionals are based in Dubai with levels and listing of companies on a operations teams in the relevant country. number of stock exchanges. Our management has the drive and determination to overcome the endless obstacles on the road to success. We have a healthy understanding of the risks associated Ahmed Dik with and challenges that will be faced in putting a mine into production and making it commercially economical. The team has the ability to ensure its funding is adequate and is mindful to source the appropriate funding and profitable levels. We always establish back Interests of the team are aligned with the method, with back up plans and contingencies up plans to ensure the project keeps moving interests of shareholders whereby management to make sure timely execution and within forward. This is the key differentiating factor have invested a significant amount of their budget, avoiding debt too early to ensure costs in a good management team versus a poor one own money in the company. Protecting and of production are maintained at manageable in the mining industry. accruing shareholder value is paramount.

38 Arab Investor Arab Investor 39 With the current urbanization continuing in BRIC and other emerging economies, we believe the demand for industrial metals will remain strong, maintaining buoyancy in the metals prices Arab Investor // Mining

3. What is the objective and business model of EML Limited?

Actually our objective and business model are quite straight forward – To become a “mid tier producing industrial metals company”. We will achieve this goal through acquisition of distressed producing mines or development stage mining projects with an aim to have cash flows within 12 months and provide returns for our shareholders. Obviously, this is easier said than done. Our focus is on Copper, primarily in Chile and Latin America. Our three copper projects in Chile are at various stages, immediately providing future potential growth. Our main producing copper project, which historically produced 10,000 tons per annum of copper cathodes, can be brought into production within 10 months. We have also secured a very large bauxite project (Bauxite is the raw material for Aluminium) and rutile (Titanium dioxide) project, both in Cameroon, and both with sizeable resources classified under the internationally recognised JORC standards category – equivalent of NI- 43101 of the Toronto Stock Exchange. 4. Why the focus on industrial metals never been higher for these products. to bring that mine to production. This was a corporate offices. 6. How do you think GCC investors copper mine which had been producing over such as copper, aluminum and rutile? We tend to stay away from monopolized can benefit from mining companies 10,000 tons of copper cathode per year. The Within 12 months of commencing rehabilitation Our team will focus on bringing the Chilean minerals, such as rare earths, or minerals that and vice versa? previous operators had built all the required work on the project, EML Limited will copper project to production and only once do not have clear supply-demand dynamics Supply and demand. With the current infrastructure on a world class standard with a commence production of copper cathodes and we have commenced production, a bankable and are high volatility, such as gold. urbanization continuing in BRIC and other maximum production capacity of 18,000 tons generate significant positive cash flows. The IPO feasibility study will be commenced on the emerging economies, why believe the demand Traditionally public and private mining finance bauxite and rutile projects with a view to 5. We understand you are looking to per annum of copper cathode. All required proceeds will be used for the recommencement for industrial metals will remain strong, raise funds for EML Limited by way infrastructure is already in place for production, of the mining operations. Given the anticipated has been available in the London, New York, sourcing a farm-in partner to bring the bauxite maintaining buoyancy in the metals prices. Australia and Toronto markets. More recently of an IPO in the UAE. Can you tell us including crushers, leach pads, solvent profitable position of EML Limited, we believe and rutile mines to production. This will allow Just look around in the UAE and GCC, and Mainland China and Hong Kong have played about these plans? extraction/electro winning plant, etc.. With it would be attractive to Middle Eastern our team to continue building value in the the economic outlook is positive, construction more active roles. copper mines while EML Limited is receiving regard to mining, we propose to use contract investors to diversify their portfolios from going up everywhere. All these buildings need miners and already have in place over 40km revenues from the bauxite and rutile mines in REIT’s, banking and retail stocks by investing copper and aluminium. Rutile, which is titanium of underground tunneling, numerous declines, the longer term. dioxide, is used in paints and plastics, being the As discussed, EML Limited has secured a in a cash producing copper mine. This will be A large number of mining companies are producing copper mine and we are looking two crushing plants and accommodation whitest pigment in the world. The demand has facilities for over 400 people with two level the first of its kind in Dubai. based in Africa and Asia and it would be an

40 Arab Investor Arab Investor 41 800 - 116 - 9999 We believe it would be attractive to Middle Eastern investors to diversify their portfolios from REIT’s, banking and retail stocks by investing in a cash producing copper mine

With the latest technology, tadawulcom is always at your ngertips. Call us on +966 - 12 - 661 - 8200 to open your account and start trading today. Arab Investor // Mining

ideal hub for these mining companies to have access to funds from the Middle East. Canada and Australia have established internationally recognized reporting standards on reserves and resources and these must be adopted in order to protect investors and investors should understand the high risk nature of early stage mining exploration assets. Is now on Apple And Android Devices However, with development assets that have established reserves or resources and producing/near term producing assets, there is less risk and such investments should be viewed positively by investors in the GCC given there are cash flows and potential dividend to shareholders. This is where EML Limited fits in with its producing asset generating cash flow with added potential upside on its other projects.

There is also a larger benefit to the stock exchange in Dubai whether it is DFM or Nasdaq Dubai, to diversify from the current REIT, retail, property and banking listed companies. Mining companies can bring liquidity and activity to an exchange.

7. How do you see the IPO market in the UAE?

I can see the IPO market ramping up in the UAE over the next 12 months. We have been talking to various brokers including Menacorp and understand there a number of IPO’s in the pipeline. Investors are looking for new investments and we believe EML Limited will be a great opportunity. We will be commencing our roadshow shortly and will be looking forward to meeting GCC investors and telling our story The browsers Custody Advising Corporate Finance Brokerage Asset Management with the aim to raise approx. US$200mm. The applications

This type of investment might not be suitable for all investors. If an investor is uncertain regarding this type of investment, AlJazira Capital recommends that the investor seeks the required consultation from their own investment advisor. The value of any investments can appreciate or depreciate; thus, the investor can receive more or less than their amount invested. Apple is a registered trademark of Apple Inc. and Android is a registered trademark of Google Inc. used worldwide. AlJazira Capital company – CR # 1010351313 – CMA license # 07076-37 P.O. Box 20438 Riyadh 11455 - Kingdom of Saudi Arabia. 42 Arab Investor When Bagersh left Thuraya to run BrandMoxie, TAMAKKAN: MAKING A DIFFERENCE she was heavily influenced by the need to drive Written by Sana Bagersh - CEO of BrandMoxie, change. She had a small staff, but she was Founder of Tamakkan and a board member of AMCham Abu Dhabi determined to support fledgling startups Arab Investor // TAMAKKAN

The Yemeni-American recalls the path of her succeed by doing things differently.” If you want to excite Sana Bagersh, talk to her about big ideas, about innovation, shifting career, and the influences that have shaped her Upon her return to Abu Dhabi in 1997 Bagersh paradigms and transforming communities. Bagersh manages BrandMoxie, an advertising life. She was born in Addis Ababa, Ethiopia, to worked in Gulf News as bureau chief for agency she established in 2004, but what inspires her most are the social platforms that she a highly entrepreneurial Hadrami family involved two years before joining Thuraya Satellite created to help instigate positive change. in the country’s coffee business, in hospitality, Telecommunications Company. At Thuraya she publishing and telecommunications. She left was marketing communications director, and led when she was 16 to the United States, and after a team that was responsible for developing the graduating from the University of Tennessee, brand as well as running campaigns across its moved to the UAE to live with her extended service footprint areas of Africa, Europe and Asia. family, UAE nationals, in Abu Dhabi. She joined Gulf News as a journalist, just as the paper was being relaunched by its new owners. “I was fortunate to be part of the incredible start “I was lucky to have seen, and reported on, Abu up that was Thuraya…It was a company that Dhabi in its years of early development. I was an was built on dreams and big ideas. The business Arab female reporter covering serious economic, was driven by the transformational capability of political and social stories, and in many settings technology to serve remote and underdeveloped I was the only woman in the room.” She recalls communities. The prospect of serving humanity covering sessions at the Federal National Council was a compelling idea, and the entrepreneurial when she was the only woman in the forum. She energy that pervaded the entire Thuraya team was also reported on two Gulf Cooperational Council incredible. I still meet former colleagues from summits, took overseas assignments, and met Thuraya and we all realize that we were part of personalities such as Yasser Arafat, Kofi Annan, something special.” Wilfred Thesigner, Kurt Waldheim, Prince When Bagersh left Thuraya to run BrandMoxie, William, Princess Diana, Jacques Chirac, Nelson she was heavily influenced by the need to drive Mandela and others. change. She had a small staff, but she was Arabic the word is an imperative…do it! Get up “I was very fortunate to have interacted with determined to support fledgling startups. and empower yourself! It is Do not a gentle coax, Sheikh Zayed a few times. He was always “I used to meet a lot of young people, and older but a direct order. Arabic is a polite language and interested in people, and reached out to talk to ones too, who were starting new businesses. They some Arabs still don’t relate to the make up of the them. I always felt his kindness and his generosity. would come to my office to ask for my advice... word. For me I wanted to be direct, unambiguous, He had an aura around him that inspired people, How do you put together a marketing plan, a and issue a call to action.” and made them believe in him.” would enable more people, like me, to give advice business plan…how do you write a press release, to more entrepreneurs. It had to be a place and a Through Tamakkan Bagersh meets all kinds of Bagersh left in 1990 to Seattle, Washington to how do you choose a location in a mall…how do time where people starting new businesses would entrepreneurs, from small family businesses, get married and start a family. She lived there you hire the right people etc. I would give them come for advice.” to tech start-ups, to family owned companies. for seven years, working for a marketing firm, a advice, and more and more of their friends showed “I often meet young people jumping from one subsidiary of Boeing, and ultimately setting up her Bagersh contacted her friends, professors in up. I couldn’t turn them back, and I didn’t have the business to another, without putting enough time own gourmet restaurant and catering company. universities, consultants, and also marketing heart to charge them.” and resources to make the first business work. experts in competing agencies, and asked them if Sometimes they fail because they don’t understand She realised that there was a great need for sound they were willing to give free seminars to SMEs. business advice, and knew also that she would not the fundamentals of business – and that’s the void “Seattle had a profound effect on me. It is a The response was positive, and Bagersh was be able to do it alone. “I didn’t have enough time we try to fill at Tamakkan. Sometimes I believe city that is infused with the idea of possibility, encouraged to take the next step and formalize a to run BrandMoxie well and my business started that easy access to money is not a good a thing. enterprise and innovation. It is a place where you structure. to suffer. I realised that the only way to scale up Some of the most successful entrepreneurs I learn that with hard work, and an unconventional was to create a knowledge-sharing platform that “I decided to call the initiative Tamakkan! In know struggled with limited funds, and adopted approach to business, you can break the mold and

44 Arab Investor Arab Investor 45 Bagersh believes that economies can grow and that communities can flourish, through the innovation generated by SMEs Arab Investor // TAMAKKAN

a do or die approach to making their businesses “The first seminar featured two speakers, and a rate of failure for small businesses in the UAE. pockets of experimental business groups, within work. I think some level of struggling is a good few people attended who received my invitations Many entrepreneurs are fired up by ‘cool ideas’ an organization are nurtured –using the very thing to build entrepreneurial character… and to and the Zayed University circular. I don’t but they lack the basic business acumen to principles and the energy of entrepreneurship – to encourage innovative problem seeking.” remember what the topics were, but I remember create a strong and successful business. I wanted evolve ideas and come up with new solutions. If being excited that Tamakkan was up and running, Tamakkan to change that.” the ideas are successful they are later adopted to Bagersh decided that for entrepreneurs to get most and that it had the potential to help people.” innovate the larger entity.” value Tamakkan needed to be frequent. “Annual Three years ago Tamakkan shifted its seminars to entrepreneurship conferences are good to get you Since that time Tamakkan has continued, as a Mamoura auditorium, a well equipped, centrally- Bagersh says that she realised the impact of inspired but they don’t provide entrepreneurs series of monthly seminars, interrupted only by located venue that Aldar generously provides as Tamakkan could further be amplified, if there with the sustenance to keep going. I believed for a three-month summer hiatus. The main focus is its contribution to the initiative. The 150-seat were resources to capture, develop and share the Tamakkan to make a big difference it needed to on practical, ‘Nuts-and-Bolts’ SME topics such auditorium serves the purpose, and is often packed seminar material in an online knowledge base. “At be monthly.” as ‘how to fund your business,’ ‘how to develop with people sitting and standing. various times I’ve explored the idea of Arabising a distribution channel,’ how to brand your some of the material, developing it for a TV The first challenge was to find a free venue to “I’m grateful to Aldar for this huge support; it is products,’ ‘How to develop a marketing plan,’ platform, or making it available in other forms on meet. She reached out to her friends who were a ‘neutral’ venue that has made it easier for me ‘How to develop a social media strategy,’ ‘how the internet. But the budget that I allocate yearly Zayed University teachers and asked them if they to attract speakers from many industries, and it is to franchise your business,’ ‘How to leverage from BrandMoxie to Tamakkan is just not enough could provide the space. The first Tamakkan took also well placed as many Mubadala employees are technology to grow your business’ etc. to enable me to expand capacity in this way. I place in Zayed University’s old campus on Muroor able to attend the seminars after work.” have reached out for support, to large corporations Road, in July 2009, in their multifunction room. “For me the facts were there…there was a high Occasionally Tamakkan dedicates its sessions and to some of the very organizations tasked with to concentrate on specific industries, such as leading entrepreneurship, but the response was not ‘the business of film-making’ which it held two very encouraging. People question your motives.” years ago, with presenters from Image Nation, Over the past year support has come from New York Film Academy and the Abu Dhabi interesting places, not so much in financial Film Commission. It has also focused entire support, but usually in kind – in marketing sessions on industries such as retailing; enabling support, speaker engagement, even catering for effectiveness and reduces cost. Mark Thompson, Bagersh believes that economies can grow technologies, including social media, augmented the event. CEO and Co-Founder of Virgin Unite Mentors, and that communities can flourish, through the reality; and new solutions in content management Richard Branson’s network for CEO coaching innovation generated by SMEs. She believes and customer relations. AmCham Abu Dhabi often extends its partnership and entrepreneurial innovation, stopped by that programmes to develop entrepreneurship to Tamakkan, extending invitations to the seminars Tamakkan during a regional tour to talk about should address the different forms of entrepreneur Bagersh explained that many of the seminars that to its significant membership of leading American the ‘new normal’ where leaders are expected to businesses. Tamakkan covers, especially those relating to companies. The US Embassy has also offered multitask 24/7 and produce great results using “Small businesses in less-developed areas are very innovation and leadership, are of interest not just speakers visiting to the country to stop by and fewer resources. Through a collaboration with important…they improve the social and economic to entrepreneurs, but also to ‘intra-preneurs’. speak at Tamakkan, share their knowledge and the US Embassy, Tamakkan held an interactive infrastructure of these communities. These should their insight. Tamakkan has also worked closely leadership training session by international She explained that “intrapreneurs” are individuals be encouraged within a societal framework that on a series of sessions with Mubadala GE Capital, speaker John Garnett, Pinnacle’s Vice President employed by government institutions and involves identifying the need of the people served and with Franklin Covey Middle East. of International Business. corporations to lead small business units (SBUs). by them. Then there are the startups, and these They need to have well-rounded skill sets in However this November was a turning point for are technology driven in many cases, that aim to a wide range of topics, and they often pick up Tamakkan, as the Fatima Bint Hazza Foundation develop new and exciting solutions. These are valuable insight at Tamakkan. Through these corporate partnerships Tamakkan was able to attract the participation of leading stepped forward to become the patron of the transformative in nature and should be nurtured “Intrapreneurship is an exciting and powerful international speakers. Steven MR Covey, initiative, providing some funding. “I am greatly diligently to help us innovate as a society. movement, and many of the world’s most author of The Speed of Trust, offered his support appreciative to the Fatima Bint Hazza Foundation Entrepreneurship is a dynamic economic and innovative corporations do it. This is when through Franklin Covey Middle East, and spoke for their generosity and their partnership. The social force – it would be a shame if we didn’t an entity dedicates resources to intrapraneurs about the need for business leaders to integrate gesture is extremely significant because it is an harness its power to build a better world.” to ‘boot-strap’ innovative ideas. These small trust as a powerful success tool that increases affirmation that we are doing the right thing.”

46 Arab Investor Arab Investor 47 Companies want and need employees with “ 21st Think Unlimited: century skills” who can understand and manipulate One NGO’s Quest to Transform Arab Youth into “Solutionaries” by: Shaylyn Romney Garrett information, apply knowledge, and solve problems Arab Investor // Features

When Abel Rahman walked into the first day of Think Unlimited’s “Solutionaries” course at Zarqa Perhaps the most unique characteristic of the MENA University in Jordan, he was just another member of “the Arab youth bulge”—a vast and growing region is its extraordinarily high proportion of group of youth under 30 whom the world views as something of a ticking time bomb. young people. 66% of the Arab world’s population is under the age of 30, representing some 100 million youth. As so many critics have pointed out, and as the Arab Spring protest movements brought out in high relief, this unprecedented youth bulge brings with it a multitude of problems, including the widespread dissatisfaction of young people, growing unemployment, and an extraordinary strain on educational systems region-wide. And yet, some authors have urged that this youth bulge be viewed not as a challenge, but as a competitive advantage—a “demographic gift.” If the Arab world can find a way to deploy this massive store of human resources effectively, it could fuel development in the region at an impressive rate. So how is the Arab world managing this “demographic gift”? Are Arab youth getting the transformational education they need to become engaged future leaders who will propel the region forward?

Education Reform in the Arab World understand and manipulate information, apply fail to take into account any other purposes that knowledge, and solve problems. And, in most Arab education might serve, and the fact that poor classrooms, these are not things young people are quality instruction short-changes students and On measures of quantity, the Arab world has done taught or asked to do. Companies in Jordan, for society in ways that go far beyond economic remarkably well improving education over the example, report that only 20-35% of the university development. Throughout time and across cultures, past few decades. Jordan, for example, is a model graduates they’ve hired have been appropriately the noblest aims of education have been to equip of success in this domain, raising its literacy rate skilled. Educational quality in the Arab world is the rising generation to bear out the brightest from 70% in 1980 to 93% today, and showing still leaving young people unprepared to succeed hopes of a society—to be the parents, citizens, similar huge gains on measures like enrollment in the modern workplace. leaders, dreamers, and visionaries of tomorrow. and gender parity in the classroom. Amid the entire world’s obsession with economic development, we are forgetting that education, at Where the Arab world continues to lag, however, Education as Transformation its best, can empower our youth not just to generate is on measures of educational quality. From 2010 wealth, but to be the creators of a better world. to 2011 Jordan fell from 50th to 65th on the Global Competitiveness Index—a precipitous drop However, in practice, education is often little more reflecting the fact that, increasingly, Jordanian However, when it comes to educational quality, than an effort to make youth the re-creators of our young people are ill-prepared to compete in the employability and economic competitiveness are current world. We want them to memorize facts and modern economy. Companies want and need only part of the story. The problem with most figures, and reproduce them without question. And employees with “21st century skills,” who can narratives about educational quality is that they this is definitely not a problem unique to the Arab

48 Arab Investor Arab Investor 49 Critical thinking is the first step - we must know a problem inside and out before we can attempt to solve it Arab Investor // Features

world. The United States continues to slash arts be something they’re born with. Often it is left to American University of Madaba education, civics, and enrichment programs in favor these “creative types” to push the edge of human of exam preparation and the “Common Core.” progress forward. At Think Unlimited, we believe Brazilian educator and philosopher, Paolo Freire, in demystifying the persona of the innovator, and famously called this the “banking model of teaching that everyone, everywhere can engage in education,” where teachers “deposit” information the Problem Solving Process. into their students’ empty minds, and then Critical thinking is the first step—we must know test them on retention. When tests are passed, a problem inside and out before we can attempt certificates are granted, which then become a sort to solve it. We teach tools for investigation like of social and economic currency with which to overcoming bias, conducting research through obtain security, prosperity, and success. a diversity of sources, collecting stories and This model is outdated in its conception of statistics, and looking at all sides of an issue. youth as empty-headed and passive recipients of But to be an investigator is not enough— information. It was so even when Friere criticized Huda Al-Seide Rawan Al-Aghbar after critical thinking must come creativity. A it in the 1960s, and is even more so now, when Graphic Design Student Mechanical Engineering Student Solutionary uses what he or she learns through youth have the whole of human knowledge at their In my opinion, “Solutionaries” is one of the most This course is different because…it inspires us investigating a problem in order to come up with fingertips through the Internet. Not only that, but amazing courses that the university offers. I think to use our time efficiently and it is also fun and a truly innovative way to solve it. We teach our the problems the rising generation face are more it is really important for each and every university provides us with a mental challenge that’s hard students strategies for improving their ability to widespread, more entrenched, more complex, and in Jordan to offer it. It helps the youth to identify to get in today’s society. People in general are generate ideas that have value, including creating more difficult to tackle than anything the world their goals and work really hard toward them. I not interested in brain challenges, especially the right conditions for creativity (eliminating has ever before seen. Young people today are love how this course supports us. I used to give up in Jordan. So for a change, seeing a course fear and judgment). We also teach them to use inheriting a world in which security, prosperity, easily and to do nothing about it. I would just sit and that challenges the students and inspires tools like brainstorming, visualization, trying and success are more elusive than ever. wait until I got up again from my failure but now I them to think differently is great and uplifting. different media, and divergent thinking to learned that I should get up really fast because to Suddenly it feels like there’s hope for people to What is becoming increasingly clear—not just increase the number and quality of their ideas. fail fast means to learn fast. I have always wanted act smart instead of just looking smart. in the Middle East, but the world over—is that Too often, creativity is conceived of as a set of to do something great but I didn’t know where to educational systems built upon on a one-way aesthetic skills—the ability craft works of art or start or stop. Now that I have learned “the 10,000 transfer of information are inadequate for the entertainment, or to add beauty to the world in hour rule” I have my answer and I know one day I fundamentally uncertain future that our young some way. And while these are vital products of will be able to reach what I want. people now face. It is often said that education is a creative mind, to think of creativity in this way not the filling of a pail, but the lighting of a fire. achieved in the Arab world. At Think Unlimited, sectors of society and at all different levels of is limited. The creative ideal as we teach it to our systems. Research on innovation has shown that innovating Indeed, education that aims to produce something we believe that when education is engaging, scale. Through our course, students learn that a students is someone who says, “There must be a is not just about what a person does, but also, And though innovation is indeed a skill set that can more in students than employability must be relevant, skills-based, and student-centered, it Solutionary could be a CEO, a teacher, a doctor, better way,” and then sets about finding it. significantly, who a person is. Certain core be taught, at Think Unlimited we are very careful transformational—it must attempt to take the raw can unlock the potential of every young person to a mother, an entrepreneur, a laborer, a government attributes must be in place in order for creativity Our students also learn that just coming up with not to assume that a mere transfer of knowledge material and latent potential of youth and turn it engage in the process of creating a better world. bureaucrat, an engineer, or any other member of and innovation to thrive. What are these attributes? an idea is not sufficient for innovation, even will be sufficient to turn an undereducated young into a flame that will light the way forward. society who sees themself as the creator of a better We teach our students that they include Growth In our most exciting initiative ever, we have though this is usually the fun part. We teach that person into a Solutionary. Education must, as I world. The core competencies of a Solutionary are Mindset, Grit, Passion, and Empathy. recently launched a two-semester, for-credit course Solutionaries not only ideate, they also iterate have argued, aspire to be transformational. For this critical thinking, creativity, and innovation. and implement. They ruthlessly examine their Education for Innovation in Jordanian universities called, “Solutionaries.” reason, our course consists of two parts. It is in the Someone with a Growth Mindset believes that We define “Solutionaries” as individuals who But one question that we are often asked is, can ideas and continuously improve upon them. They second semester that students learn the Problem change is always possible and, specifically, that identify, understand, and work to solve the we teach Innovation? The answer is definitely yes. also work relentlessly—often for years, with Solving Process (described above). But before we can grow our abilities and intelligence through world’s most pressing problems. Solutionaries are Too often, “innovators” are thought of as a special limited resources, and amid serious skepticism this, in the first semester, we focus exclusively on effort (a notion that turns out to be supported by Think Unlimited is a Jordan-based NGO working driven by their own unique interests and passions class of people—the Einsteins and Steve Jobses of and criticism—to turn their ideas into actual the Attributes of a Solutionary. brain science). We teach that Growth Mindset is a to change the way education is perceived and to create innovative solutions for all different the world, whose creativity and courage we take to world-changing initiatives, products, services, or key prerequisite for innovation.

50 Arab Investor Arab Investor 51 Research shows that what propels a person through the gritty ups and down on the road to innovation is passion.

Arab Investor // Features

As is Grit. Grit is simply a new term for an old something. And what they are becoming is Zarqa University idea—that to achieve anything great in life you a generation of Solutionaries—Arab youth must persist through obstacles and failure. But equipped and empowered to lead the world Grit also means “making friends with failure,” in idea-generation, innovation, and problem or recognizing that in the innovative process solving. At Think Unlimited, we are lighting especially, obstacles and failure are inevitable. fires—one student at a time. World-changing ideas rarely dawn upon an innovator in their purest form, and when we fear failure or avoid obstacles, we simply cannot From Passive to Active push through the process of refining an idea or an initiative until it becomes truly revolutionary. Research also shows that what propels a person As a human race, we no longer have the luxury through the gritty ups and downs on the road to of looking at old, entrenched problems and innovation is Passion. A person who understands saying, “someone else will solve that”—be it the their own uniqueness and passion, and allows their government, the international aid community, Dina Alabtah Sanabeel Bilto interests to fuel their creativity, is far more likely the private sector, or any other group we deem Shaylyn Romney Garrett is the Co-Founder Pharmacy Student Pharmacy Student to persist through the inevitable challenges of the responsible or capable of problem solving. and Co-Executive Director of Think Unlimited. This is my first time to take a course like this— I used to be really shy about my passion, and Problem Solving Process. Global warming, income inequality, human rights She holds a BA in Government from Harvard usually my interests revolve around medical and what I love the most (photography), especially disparities, war, and religious and cultural conflict University, where she graduated magna And, finally, Solutionaries are Empathetic. pharmaceutical activities. Before I took this course because my family didn’t support me, and they threaten to engulf us. What our young people must cum laude. She has worked to build several A Solutionary must first see and understand I used to care a lot about my grades and my average usually told me, “your degree is much more understand is the need to move from a passive grassroots nonprofit organizations, and before a problem—and most problems are human in each class. But usually I would fail, and some of important than this stuff.” Before I took the relationship to their world to one that is active— founding Think Unlimited she spent two years problems. Empathy is the skill of observing, my professors wouldn’t support me even if I did every course I challenged my family and took the actively taking ownership over the world’s working as a teacher in a public girls’ school in listening, and taking time to understand others and thing I could. I worked so hard yet I wouldn’t get the decision to buy a professional camera to use it, problems, and actively striving to solve them. Jordan. Shaylyn is a Draper Richards Kaplan what matters to them. Truly innovative individuals grades I want, then I’d feel sad, and I’d try again and they couldn’t refuse because I already had Social Entrepreneurship Fellow, a member of (and, it turns out, managers and businesses) master Similarly, in our debates about how to reform and putting less effort, so I’d get even lower grades, and money saved. But through this course I started the Clinton Global Initiative, and co-author and apply the attribute of Empathy. improve education to help these young people I’d immediately feel that it’s the end of the world, and to take pictures and show them to my family, and of the award-winning and best-selling book, prepare for an uncertain future, we must employ I will never pass, or succeed in my life. talk to them about the topics we are learning in In the first semester of the Solutionaries American Grace: How Religion Divides and a more active ideal. Rather than simply preparing Now after I took this course…and knowing a lot about each session. My family and everyone who knows course we lead students through a process of Unites Us. youth for GDP generation, education should Grit, I know now that I should anticipate failure in me was impressed, and started to encourage me practicing, developing, and applying these visionary donor partners to support us as we grow inspire them to dream, empower them to create, each step of my life, that obstacles are inevitable, to do more and to continue with my passion. attributes in their lives. But, again, the question our impact and scale our Solutionaries program. and equip them to build the better world in which and made him consider, for the first time, a future and I should have a goal to reach excellence. This Through Think Unlimited and this course I surfaces—can these attributes really be taught? We are currently raising a USD $2 Million venture we all want to live. about more than just employment. “It has made will include effort, obstacles, failure, and learning discovered something inside of me wants to do Isn’t Empathy or Grit something that some philanthropy fund to support our next phase me think of providing something to my society,” from my failure. I applied this to the way I study something to change things around me, and that people have and others don’t? Through an Abel Rahman is a young man for whom education of growth. For more information on how you he says. Abel Rahman, and the 100 million Arab until I felt the change in my grades, and I started to if I have I a goal I should work hard for it, even intensive instructional design process, we have is a means to an uncertain end, and he is striving can partner with us in bringing transformative youth like him, are indeed a gift—an untapped get higher marks than ever, even in my life. And the if I fail I should never give up. I started to know developed highly successful ways of helping to succeed in a system of education that can’t quite education to Arab youth, please contact Shaylyn resource for the realization of our brightest way I used to look at successful people [has changed how to use my abilities…even how to use my time young people cultivate these attributes. And, promise him a better future. Creating that better Romney Garrett: [email protected] hopes. By providing transformational education as well]. I have never thought they had to put as to do something useful, and never to say that I as the most cutting-edge research in the field future will be up to him. Now, halfway through Think Unlimited is currently partnering with experiences that challenge young people become much effort as we do to reach their current status. I have free time I don’t know how to use it. For me of brain science is showing, almost any skill or the Solutionaries course, Abel Rahman says that the American University of Madaba and Zarqa more than just “employable,” we can help them never thought that I could be like them someday by my new goal is to follow my passion, and never ability can be acquired with the right approach. this new experience of education “full of fun and University to offer the Solutionaries course -- turn those hopes into realities. working hard and never giving up. But now I do, I give up. Through games, activities, projects, and real- learning,” and “based on creative conversations teaching creativity, critical thinking, and social believe I could. I wish this experience would never world application of knowledge, we are not and sharing of ideas between the students and Think Unlimited is an award-winning early-stage innovation -- to Jordanian students. Here some end, and it will always be one of the most amazing just training students, but helping them become teachers,” has “had a positive effect” on his life nonprofit organization. We are currently seeking students share their thoughts about the course and experiences in my life. how it is changing their lives. Photography by: Ash Knepper

52 Arab Investor Arab Investor 53 Near perfect gender equality found in UAE’s education and health sectors

Arab Investor // Forums

WEF’s Global Gender Gap Report 2014 says parity achieved in key categories can enhance future It has proven that a narrow equality discrepancy economic growth between males and females in a nation can improve competitiveness in the overall economy. Saadia Zahidi, Senior Director of Gender Parity, Human Capital and Constituents at WEF, said: “The UAE continues to perform well in the education and health sectors with near perfect equality across gender, both vitally important segments of the Global Gender Gap research. The high-level of equality in education is very promising for the UAE’s future as it will most likely mean an increased number of highly- qualified women who will enter the workforce in coming years, boosting competiveness and enhancing economic growth. “Over the last nine years, since The Global Gender Gap Report was first conducted, we have seen a notable increase in global levels of equality, particularly in Economic Participation, which has increased from 56 per cent equality levels in 2006, to 60 per cent today. This represents a substantial increase of nine million women who are contributing to the economy, increasing growth and competitiveness across the MENA region. In fact, it is this geography which has seen some of the fastest rates of improved equality over the last decade.” Given that in many nations, women make up at Gender equality in the UAE was covered at the Rate’ and ‘Enrolment in Secondary Education’ least a half of the population, the WEF advocates World Economic Forum’s (WEF) Summit on the amongst all nations, it was found that there the involvement of women in as many sections Global Agenda, held in Dubai, UAE. In a session was only a one per cent gap between women of society and the economy as possible. More led by Saadia Zahidi, Senior Director of Gender and men in overall ‘Educational Attainment’. involvement means a country is more competitive. Parity, Human Capital and Constituents at WEF, Meanwhile, there was less than a four percent gap The UAE’s high level of equality in health and The Global Gender Gap Report 2014, and the found between males and females in the ‘Health education bodes well for the future, Saadia Zahidi performance of the UAE, was discussed by an and Survival’ category confirming the equal explained: healthier women have healthier children esteemed audience of government and private opportunities for both genders in these two crucial and invest more in their education. Education is sector representatives. areas of society. one of the best investments a country can make The UAE was found to have near perfect equality The Global Gender Gap Report 2014, now in its and is proven to augment a nation’s long-term in ‘Educational Attainment’ and ‘Health and ninth year, attempts to understand where global economic prospects. Furthermore, the greater the Survival’, two key categories which contribute to gender gaps stand and then examines methods number of women who are economically powered a country’s index. Ranked joint first in ‘Literacy which can be implemented to bridge this divide. equals more purchasing power, boosting GDP growth.

54 Arab Investor Arab Investor 55 Students seconded to ‘Help shape the future of the UAE’

Arab Investor // Universities

Hult International Business School’s Action Projects provided students with real-life challenges Year MBA curriculum. faced by some of the country’s biggest organisations “The Action Projects offered to our final year students is one of the most exciting and valuable parts of the curriculum,” said Huseyn Charif, Executive Director Corporate Relations, Hult International Business School. “Although the majority of our MBA students have already worked within the corporate environment, the action projects provide them with the opportunity to work with a diverse group across a broad range of sectors and cultural backgrounds, which in turn helps to benefit the client with a team of highly experienced experts who have a unique mix of ideas and solutions to share. “With so many important deliverables to meet, this project has given our students an invaluable experience that will not only prepare them for the corporate world, but has also allowed them to truly be part of shaping the UAE’s future.” Hult student Rana Kanaan, originally from Lebanon, found the project invaluable, despite About Hult: already having more than seven years’ experience part of a team who all came from different cultural in the corporate world. Hult is the world›s most international business and industry backgrounds.” school with campuses in Boston, San Francisco, “The beauty of the Action Projects is that they AMBA is the international independent authority London, Dubai, and Shanghai, and a rotation present real-life business challenges within a on postgraduate business education. Their centre in New York. The school offers MBA, safe environment that allows clear thinking and accreditation service is the global standard for Executive MBA, Master and Bachelor degree creativity,” said Rana. “Having the opportunity all MBA, DBA, and MBM programs, and they programmes. Hult›s one-year MBA programme to work with Disney was a real highlight. We are currently accredit over 200 business schools in was ranked Top 5 in International Business and thrilled that they plan to implement some of our more than 70 countries. International Experience by the Financial Times in ideas in future.” 2014. For more information, go to www.hult.edu Moulay Yacoubi, one of Rana’s teammates, added: “Not only has the Action Project allowed Teams of Dubai-based students are helping some of campus in recent months have included Such was the success of the scheme that it has me to work directly with a global brand, it has also the UAE’s biggest organisations tackle real-world secondments to Dubai Airports, Aramex, Unilever been expanded and adapted to the new ‘Hult given me the opportunity to learn about multiple business challenges through a pioneering scheme. and Disney among others. Impact Challenge’ - a six-month, hands-on project industries over a short period of time thanks to working with similar real-world partners. my teammates’ wealth of experience across many The MBA students from the prestigious Hult The six-week consultancy programme for MBA, sectors. International Business School’s Dubai campus Executive MBA and Master’s Programmes saw Emphasis on real-world learning, along with the worked alongside executives for periods of six teams of five students seconded to corporate new Impact Challenge has helped Hult scoop an “Although I have over 13 years’ experience out in weeks to bring fresh thinking to ongoing issues. organizations across a range of sectors to help international award - beating 100 other schools the working world, the action project part of the solve genuine business challenges globally and to win the Association of MBAs› (AMBA) 2014 MBA was a perfect opportunity for me to fine-tune The so-called ‘Action Projects’ at the Dubai locally. MBA Innovation Award for the redesigned One- my skills, particularly when it came to working as

56 Arab Investor Arab Investor 57 Be fashionably on-time this event’s season with Breitling

Arab Investor // Style

ensuring a level of accuracy ten times superior social event or a business function, luxury to that of standard quartz. watchmaker Breitling can provide you with a stylish and elegant timepiece for every Galactic 36 Automatic – An evening occasion. with the girls Combining a blend of refined luxury and uncompromising technical sophistication, Galactic 32 –For ladies who brunch the Galactic 36 Automatic stands out by its generous diameter that is nonetheless extremely elegant on the wrist. A guaranteed For the brand with the winged B, a ladies’ watch talking point on that night out with the girls, must combine performance and elegance, the elegant timepiece is available with a steel, reliability and refinement. The Galactic 32 is steel and rose gold or rose gold case. Further the perfect example. The original interpretation enhancing the glamourous timepiece, the of the feminine vision of time, the Galactic exquisitely crafted dial is available in various 32 is decidedly sophisticated, providing the colors, with versions featuring mother-of-pearl finishing touch to your favorite brunch dress. and diamonds for that ultimate head turner. About Breitling Expressing the ultimate in luxury, the Galactic Striving to meet the feminine taste of any 32’s quality is embodied in its exquisitely women, the models are fitted with a choice of crafted dial. Ladies purchasing the timepiece metal bracelets, or leather straps, available in a A specialist of technical watches, can really let their personality shine through wide variety of colors. Transocean 38 –The jet-set woman Breitling has played a crucial role with a wealth of designs and finishing touches, in the development of the wrist further enhanced by the wide variety of metals, chronograph and is a leader in this dial colors, straps and bracelets. A tribute to the spirit of travel to distant lands field. The firm has shared all the finest aboard luxurious long-haul airliners, the moments in the conquest of the skies Breitling Transocean is the perfect companion thanks to its sturdy, reliable and high- Colt Lady – The socialite for that overseas work event. Reinterpreting performance instruments. The world’s the pure, original spirit of the Transocean only major watch brand to equip all collection, the model will make sure you its models with chronometer-certified Designed for the socialite who wants to don’t miss that important client meeting with movements, the ultimate token of combine sophistication and elegance, character a twin-aperture calendar and small seconds precision, Breitling is also one of the and performance, the Colt Lady is the perfect that far surpassed the functionality of the rare companies to produce its own accomplice for any social occasion. From average watch. The steel case, fitted with a mechanical chronograph movements, ladies day at the races to an evening Gala dinner slim beveled bezel, features a 38 mm diameter entirely developed and manufactured the Colt Lady is distinguished by a 33 mm case that is ideal for even the daintiest wrist, whilst in its workshops. This family business in eye-catching polished steel, which makes an is also one of the last remaining As the stifling summer heat begins to dissipate, the steel mesh bracelet lends an original touch appealing contrast to the satin-brushed finish independent Swiss watch brands. the event season once again gets into full of style to this perfect blend of elegance and of the bezel and bracelet. Making a statement swing and style comes to the forefront of every performance. on any wrist, a fine circular motif punctuates fashion savvy ladies mind. With women across the black, blue or silver dial with the option of the region no doubt spending numerous hours a diamond-set bezel for those ladies requiring in front of the mirror deciding on the perfect extra dazzle. With the region now playing host outfit for their upcoming outing, the choice to some of the world’s leading social events, of accessories can take an outfit from stylish the model will make sure you don’t miss a to head turning. Whether it’s a glamourous moment with the SuperQuartz™ movement

58 Arab Investor Arab Investor 59 BENTLEY AND VERTU CONNECT WITH SPECIAL EDITION SMARTPHONE

Arab Investor // Style

partnership of the two British luxury brands, in quilted calf leather, in the classic Bentley Screen Remote features for Bentley Flying will encompass authentic and iconic Bentley which was announced in July. shade of Newmarket Tan, and stitched with a Spur drivers. Exclusive Bentley experiences design elements and exclusive lifestyle services. diamond pattern. and the latest Bentley content for owners and Limited to 2,000 pieces, the new ‘Vertu for enthusiasts, plus Bentley dealer and service The partnership The supple leather is encased in durable, yet Bentley’ smartphone is available in stores from centres is also offered. In addition, the ‘Vertu for lightweight, titanium, which features tactile October 2014, priced from €12,500. Bentley’ smartphone will feature custom start-up diamond knurling. This detailing on the side rails animation, 3D clock, 3D wallpaper and Bentley At the headquarters of Bentley in Crewe, is complemented by an engine-turned pattern on wallpapers. Kevin Rose, member of the Board for Sales the handset’s titanium back plate, which opens and Marketing of Bentley Motors, said: “The to reveal the engraved signature of the craftsman partnership between Bentley and Vertu allows who meticulously constructed the phone, from The Performance customers to experience the Bentley brand start to finish, at Vertu’s headquarters in Church while out of the driving seat. The look and feel Crookham, England. About Bentley of the handset is a consequence of a strong ‘Vertu for Bentley’ is a high-performance The traditional ceramic pillow, synonymous with collaboration between the Bentley and Vertu smartphone using best-in-class technology established Vertu handsets such as the Signature creative teams. The handset’s design and with superior handcrafted materials, including Bentley Motors is the most sought after and Signature Touch collections, has been subtly materials, when coupled with its exclusive grade-5 titanium, solid sapphire crystal which luxury car brand in the world. In 2013 remodelled to feature a sleeker pillow trim, to services, integrated Bentley content and high- creates a virtually scratch-proof screen and one in every four luxury cars delivered to reflect Bentley’s elegant and sophisticated style. performance technology, embody what both hand-finished calf leather. customers worldwide was a Bentley. 2013 Bentley and Vertu stand for, and deliver what our Each and every ‘Vertu for Bentley’ phone was Bentley’s record year in the company’s Mirroring the performance of the Vertu customers are looking for.” celebrates the new partnership by sporting a 95-year history. Global customer deliveries Signature Touch, the ‘Vertu for Bentley’ handset discrete, metal Bentley ‘B’ wings motif on the grew by 19% over 2012 to 10,120 cars. The Vertu’s Chief Executive Officer, Massimiliano incorporates the full breadth of the company’s face of the handset. The complimentary slip case Americas remained Bentley’s largest sales Pogliani commented: “The new ‘Vertu for expertise. The acoustics, tuned in collaboration which accompanies every ‘Vertu for Bentley’ region, with 3,140 cars delivered. China Bentley’ handset captures the essence of both our with Bang & Olufsen, feature Dolby Digital handset, also depicts the Bentley logo, embossed continued its position as the second biggest brands. It combines English handcraftsmanship, Plus virtual surround-sound processing and on the Newmarket Tan calf leather. market with 2,191 cars, while in Europe, contemporary elegance, outstanding stereo speakers. As for imaging, which is such deliveries reached 1,480 cars. Sales in performance and cutting-edge technology. an integral part of the smartphone experience, Bentley’s home market, the UK, were 1,381 Vertu has continued to work with Hasselblad, “Our collaboration with Bentley unites both The Services and in the Middle East, Bentley delivered the world’s most renowned professional companies’ proud British heritage, as well as 1,185 cars. By the end of 2013 Bentley had photography brand, to perfect the image-tuning • Bentley and Vertu collaborate to co-design the unrivalled expertise in the luxury and technology nearly 200 dealerships in 54 countries. of the camera. first ‘Vertu for Bentley’ smartphone markets, to create a handset which exceeds the The ‘Vertu for Bentley’ handset comes with Bentley Motors’ headquarters in Crewe is expectations of our mutual customer base. The the full spectrum of exclusive services which Alongside the sterling performance of the • Exclusive Bentley content delivered via an on- home to all of its operations including design, result is ‘Vertu for Bentley’, a device which not the luxury mobile phone manufacturer has audio and imaging, ‘Vertu for Bentley’ features device app R&D, engineering and production of the only reflects sophistication and discerning taste, become renowned for - comprising a dedicated wireless charging, NFC and Android™ 4.4 company’s three model lines, Continental, • ‘Vertu for Bentley’ will be available in stores but also performs to an undeniably high technical ‘Vertu Concierge’ service, curated events and (KitKat) software. Flying Spur and Mulsanne. The combination from October 2014, priced from €12,500 standard to deliver an effortless, intuitive luxury experiences via ‘Vertu Life’, and security of fine craftsmanship, using skills that have mobile experience.” services from ‘Vertu Certainty’ – alongside a Vertu, the English manufacturer of luxury been handed down through generations, unique ‘Vertu for Bentley’ app, which delivers The Future mobile phones, today unveiled its first handset alongside engineering expertise and cutting- exclusive Bentley content directly to the device. created in collaboration with Bentley. The ‘Vertu The Design edge technology is unique to UK luxury car for Bentley’ handset, with its combination This bespoke application provides customers brands such as Bentley. It is also an example This inaugural ‘Vertu for Bentley’ model of audio performance and curated services, with access to official Bentley articles, exclusive of high-value British manufacturing at its best. is planned to be followed by a further four delivers a unique sensory experience. It is the experiences, recommended routes and dealer Bentley employs about 3,700 people at Crewe. The ‘Vertu for Bentley’ smartphone is swathed distinctive, luxury smartphones, each of which first joint product release from the new five-year information, as well as a shortcut to the Touch

60 Arab Investor Arab Investor 61 OCTO, an expression of Italian creative genius

Arab Investor // Style

OCTO’s seductive power lies in its OCTO’s case has traditionally been offered in thinnest movement ever invented and designed sophistication. Its nature derives from its roots. a 41.5-mm-diameter size, it now comes in a has slipped into the OCTO’s heart to enhance The offspring of a marriage of Italian creativity new 38-mm version that plays with the kinds the marriage between fine Swiss watchmaking and Swiss precision, it borrows the best of of metal combinations and contrasts to which and Italian creativity of the most imaginative both worlds to take the middle road between the overall aesthetic of the watch lends itself and sensuous kind. sensuousness and exactness. so well. The new case houses the Solotempo By introducing the OCTO Finissimo calibre, an automatic movement designed and The OCTO has become a mainstay in the watch Tourbillon, Bvlgari has reached a new manufactured in-house. collections of Bvlgari, a house known far and milestone in the development of ultra-thin wide for its daring and fine-jewelry expertise. watches with a major complication: its The watch is both a precision timepiece and an OCTO FINISSIMO TOURBILLON, the 1.95-mm-thick movement makes this flying architectural creation that pays lively tribute to thinnest ever made tourbillon simply the slimmest on the market Italian creative genius. – no others even come close – and the thinnest ever made. Italian architecture channels the art of designing spaces and structures to make life pleasant; it Watchmaking history is full of ultra-thin The quest for thinness has been one of the combines efficiency and beauty. Geometry and watches, which reflect formal elegance. watchmaker’s goals for a long time. Today, the precision gave birth to perfection. The OCTO This can present complex challenges when watch is true to these teachings, without the watch contains a complication such as a neglecting one of the ingredients of seduction: tourbillon. As a member of the iconic OCTO surprise. family, OCTOFinissimo Tourbillon embodies the expression of Italian genius and the best Its remarkable shape is unlike any other in the of Swiss watchmaking expertise, yielding a world of fine watchmaking, since the watch is Manufacture-made ultra-thin hand-wound • Polished black lacquered dial bundle of inventive solutions. flying Tourbillon movement performing octagonal (hence “OCTO “) and crowned with • Black alligator leather strap a round bezel. This house movement is thinner than a Swiss one turn/minute. The thinnest ever made five-franc coin, and right from the start, its at just 1.95 thick The OCTO continues the ancient quest of design had to incorporate several solutions to bringing together forms as an aid in the search • Total thickness of the watch: 5.00 mm OCTO FINISSIMO, EXTREME reduce the overall thickness. The starting point THINNESS IN THE PURSUIT OF for perfection and harmony: a studied process • Fitting diameter: 32.00 mm; total Bvlgari has learned how to combine a was the tourbillon cage, a decisive factor in ELEGANT ARCHITECTURE that gives it its unique character. diameter: 32.60 mm; 14.5 lignes sensational aesthetic inspired by Italian the construction process. It is 1.95 mm thick, a The simplicity of the OCTO’s arrangement creativity with its fine-jewelry legacy and fact that shaped the rest of the structure. Once • 249 parts, frequency of 21,600 vph (3Hz) connects it to the essential and basic values the wonderful precision of exceptional Swiss incorporated into the plate, the cage determined The OCTO Finissimo’s extra-thin Finissimo • Tourbillon carriage: 1.95 mm thick, of measuring and displaying time. The dial is mechanics. Like an athlete wearing an haute the thickness of the entire movement. The caliber, developed and manufactured in- mounted on a peripherally-driven ultra- uncluttered and very easy to consult; only the couture dress, or a race car with an exceptional overall architecture also includes two bridges, house, is among the best in this category. This thin ball-bearing mechanism numbers six and twelve appear on it, as has body, Bulgari’s OCTO watch matches style one for the minute wheel and the other for the mechanical hand-wound movement, only been customary with Bvlgari watches since the with performance. gear train of the tourbillon cage, which rotates • Variable-inertia balance requiring no 2.23 mm thick, is housed in the OCTO case, a 1940s. once a minute. contemporary and architectural icon. The iconic line is expanding significantly with index-assembly Having gradually brought all of the traditional a wider range of sizes, adding a chronograph • Approx. 55-hour power reserve With its hour and minute displays and a small skills under its roof and having gained full version, and breaking into the realm of seconds hand at 7:30, the Finissimo caliber OCTO Finissimo Tourbillon/Technical • High-end finishing: bevelling, Côtes de mastery of modern technologies and all of its elegant and formal hand-wound ultra-thin specifications heralds a new family of Bvlgari movements. production abilities, Bvlgari now has complete complication watches. Genève Housed in a 40-mm platinum case only 5 mm control of all creative and assembly processes. • Case and dial The 2014 additions to the OCTO line again thick, radiating a serene simplicity enhanced by This enables it to make even its most Movement exceptional creations itself, from start to finish. come in a number of versions. While the • Platinum case, 40 mm in diameter the perfection of its polished black lacquered • Finissimo Tourbillon calibre,

62 Arab Investor Arab Investor 63 Arab Investor // Style

dial, OCTO Finissimo belongs to the category values perfectly, thanks to its studied, highly OCTO VELOCISSIMO/TECHNICAL of classic, elegant watches that display hours graphic style. This contemporary aesthetic SPECIFICATIONS and minutes, and adds a small off-center whole is combined with a simple, classical seconds hand between 7 and 8 o’clock. The display of the time, with the usual traditional movement indicates the status of the power functions. Octo’s shape breaks the usual Movement reserve, which is about 70 hours, on the back codes for this type of watch only to radically • Velocissimo calibre, self-winding column- of the watch. revive them and assert its place in the world wheel chronograph movement; silicon of fine watchmaking with perfectly developed The OCTO Finissimo movement’s finishes escapement, 36,000 vph, 50-hour power proportions and harmonious balance. are in keeping with this exceptional motor, reserve, 31 jewels; 30 mm in diameter, • Black lacquered or white lacquered dial 6.62 mm thick appearing on the generous surfaces that lend depending on the version themselves so well to decoration. OCTO SOLOTEMPO Case • Alligator strap, steel bracelet or gold/steel • Manufacture-made 41.5 mm-diameter bracelet depending on the version case in 18K pink gold or solid steel, OCTO FINISSIMO/TECHNICAL Movement transparent sapphire crystal caseback, SPECIFICATIONS • Solotempo calibre, Manufacture-made screw-locked crown in 18K pink gold or OCTO VELOCISSIMO, AN ASSERTIVE steel with ceramic inlay; 13.07 mm thick; self-winding movement entirely designed, PEDIGREED CHAMPION developed and produced in-house: 28,800 glare proofed sapphire crystal Movement vph (4 Hz); 42-hour power reserve. 11.5 Display lignes • Finissimo calibre, Manufacture-made The ultimate urban watch, OCTO Velocissimo • Hours and minutes, central sweep seconds ultra-thin hand-wound movement; 2.23 • 26.20 m x 3.80 mm, 26 jewels is made for strong personalities. It wears the hand; chronograph hours, minutes and mm thick, 36.60 mm in diameter; 26 face of a chronograph made in pure classic seconds counters, date window between • Hours, minutes and seconds, date window jewels watchmaking tradition. Three counters 4 and 5 o’clock on the polished black • Black alligator leather strap with platinum at 3 o’clock arranged in a “V” balance the watch face: lacquered dial. • Hours and minutes indication, off-centred pin buckle • Bidirectional oscillating weight mounted minutes at 3 o’clock, hours at 6 o’clock, and small seconds between 7 and 8 o’clock; on ceramic ball bearings seconds at 9 o’clock. All of this information is power-reserve display on the back harmoniously positioned on an elegant hand- OCTO SOLOTEMPO, REFLECTING • Instant date change; stop-seconds device • Frequency of 28,800 vph (4 Hz) polished and lacquered black dial. BVLGARI’S HOROLOGICAL VALUES serving to block the balance wheel when • Approx. 70-hour power reserve the crown is unlocked; clutch system that Beneath the measuring-instrument look helps avoid wearing out the pinions and lies a complex object replete with elegance • Circular-grained mainplate, vertical Côtes This watch is not just a successor to the mid- saves energy when the winding mechanism and power, in both the pink gold and steel de Genève range of the Octo line, it extends it. Alongside is activated, either via the crown or by the versions. This remarkable architectural the version that laid the foundations of this movement of the oscillating weight creation has a motor to match: the exceptional family of 41.5-mm watches, Octo Solotempo new Velocissimo calibre, an integrated high- Case and dial • Côtes de Genève, snailed and sandblasted is now available in a slightly smaller case that frequency chronograph movement (36,000 • Polished and satin-brushed platinum case, décor; bevelled and polished bridge rims, measures 38 mm in diameter. Its heart beats to vibrations/hour) equipped with a column 40mm in diameter; scratch-resistant glare circular satin-brushed wheels, burnished the rhythm of the Solotempo calibre, a self- wheel, silicon escapement, and automatic proofed sapphire crystal, transparent pivots, chamfered pivot- and screw-holes; winding mechanical movement that displays winding. It has a 50-hour power reserve. Octo caseback revealing the movement; polished convex screw heads hours, minutes, seconds, as well as the date in Velocissimo Chronograph is offered in three platinum crown with ceramic inlay; total a window. It was developed and manufactured • Case and dial versions: an 18K pink gold case on an alligator thickness 5.00 mm; water-resistant to 30m in Bvlgari’s own workshops. strap, and solid steel cases on an alligator strap • Case in steel or 18K pink gold, 38 mm in • Polished black lacquered dial; facetted or a steel bracelet. Octo reflects the brand’s masculine watchmaking diameter and rhodium hands

64 Arab Investor Arab Investor 65 FRIVOLITY, FEASTING AND FABULOUS FACIALS To ring in the New Year in style, the glamorous THIS FESTIVE SEASON AT W RETREAT & SPA - MALDIVES ‘Shine On’ package is ideal for those looking to amplify their entrance to 2015 Arab Investor // Hospitality

W Retreat & Spa – Maldives, unveils a variety of electrifying festive solutions for the holiday season. From ringing in the New Year with a famed New York DJ, to more intimate celebrations on a private island, and pampering treatments, the luxury playground has a mix of vibrant packages tailored to suit an array of preferences. Cast away in the turquoise waters of the Indian Ocean, W Retreat & Spa - Maldives lies delicately in the pristine beauty of Fesdu Island. With perfect weather and endless sunshine, W Maldives is an idyllic Retreat and water sports playground. In the midst of a complete restyling across all rooms and restaurants, the resort will unveil a new look in December set to ‘Let It Glow’. Located just four hours away from the UAE, the Maldives offers an accessible getaway destination for the ultimate celebrations over the holiday period.

SHINE ON THE NEW YEAR

YOUR PRIVATE ISLAND CELEBRITY FACIALIST – SU MAN To ring in the New Year in style, the glamourous ‘Shine On’ package is ideal for those looking to amplify their entrance to 2015. The package For those who prefer to take it easy with slightly For the freshest start to the New Year, guests About W Hotels Worldwide includes a 50 minute couple’s massage at the quieter celebrations, a dedicated private island can put their best faces forward with one of Su- award winning AWAY Spa, with a complimentary offers the ultimate escape, even from the reaches of Man’s legendary signature facials. Renowned the W Hotels is a contemporary, design-led lifestyle brand and the industry innovator with 25 minute facial. Guests can mix and mingle at the the internet! Guests can steal away and celebrate world over as a leading celebrity facialist, with a 44 hotels and retreats, including 15 W-branded residences, in the most vibrant cities New Year’s Eve Celebration dinner with famous the New Year on Gaathafushi, the Retreat›s own client list including Anne Hathaway and Juliette and exotic destinations around the world. Inspiring, iconic, innovative and influential, New York DJs, Scarlett Etienne & Me 2 Me 2, secluded island, enjoying the firework show safe Binoche, Su Man offers a signature mix of Asian W Hotels provides the ultimate in insider access, offering a unique mix of cutting- while sipping and savouring a bottle of bubbly. About W Maldives from the pressing crowds. and Western skincare influences. edge design and passions around fashion, music and entertainment. W Hotels offers The count down to the New Year will include a holistic lifestyle experience that is integrated into the brand’s sensibility through a spectacular firework show with fabulous fire The package includes four night’s accommodation This package offers complete rejuvenation across Connect with your inner peace and go along with the pace of contemporary restaurant concepts, glamorous entertainment experiences, stylish dancers. The following morning, a recovery in- and daily breakfast at Kitchen, with one overnight mind, body, and skin including a one hour Pilates island life. Experience one of the 78 Retreats, either on the retail concepts, signature spas and inspiring residences. With more than 13 years of retreat breakfast will be provided along with an stay and breakfast on Gaathafushi. The private course and one of Su-Man’s life changing “Five beachside or overwater giving you access to endless Indian proven success, W Hotels is on track to reach 60 hotels by the end of 2015. W Hotels indulgent bubble bath to detoxify in style. New Year’s Eve dinner on Gaathafushi includes Star” signature 60 minute facials. Additionally, Ocean views. Succumb to the dazzling blue waters, spectacular have been announced for Bangkok, Guangzhou, Milan, Shanghai, Beijing, Bogota, an exquisite feast of caviar, Wagyu, lobster, foie the four day experience includes a chef’s table reefs and pristine sands in style and be at one with both body The ‘Shine On’ package is available for bookings Abu Dhabi, Mumbai, Dubai, Jakarta, Panama, Muscat, and Sante Fe, Mexico, while gras, all prepared by a private chef, as well as dinner at the newly restyled overwater specialty and soul. AWAY® Spa at W Maldives is the ultimate sanctuary until 28 December 2014, with a minimum four upcoming W Retreats include Verbier, Goa, and Mexico’s Riviera Maya. For more free flowing bubbly. Additionally, this package restaurant Fish for two guests, and daily breakfasts for well-being with four overwater treatment villas, each with night stay. information, visit www.whotels.com. To live the W Hotels lifestyle 24/7/365, visit includes one big game fishing trip. at Kitchen. a private outdoor area and a range of treatments designed to remove all the stresses and strains of modern day city life. www.wresidences.com. Follow @WHotels on Twitter. This package is available for bookings until 28 This package is available for stays between 5 to 20 NEW YEAR’S EVE CELEBRATION – ON December 2014, with a minimum four night stay. January 2015, with a minimum four nights stay.

66 Arab Investor Arab Investor 67 Emaar unveils The Burj Club, a highly exclusive fitness and wellness retreat, in Downtown Dubai

Arab Investor // Sport

• Next to Burj Khalifa, The Burj Club offers a comprehensive and stylishly equipped fitness With its breath-taking views of The Burj Lake at the Juice Bar. health, fitness and leisure indulgence over five centre, a world-class spa, Juice Bar, and rooftop and Downtown community, The Rooftop is also Female members enjoy their own 220 square- levels swimming pool. certain to be an exclusive lunch and casual dining metre workout area and changing rooms featuring • Grand fitness and wellness resort features Ahmad Al Falasi, Executive Director – Group destination. four massage treatment rooms, steam and sauna rooftop swimming pool, indoor lap pool, state-of- Operations, Emaar Properties, said: “The Burj Fitness facilities are unparalleled at The Burj Club, facilities, and well-appointed vanity areas with the-art gym and luxurious spa Club is taking the fitness and wellness experience which offers a gym with male and female sections luxurious toiletries. The Burj Club also has two to a new level of luxury and sophistication, spread over 590 square metres offering top-of-the- unisex exercise studios and a semi-Olympic-sized Dubai, UAE; November 4, 2014: Billed as which is immediately apparent in the quality of range equipment. The equipment is connected to indoor lap pool, with three separate swim lanes Dubai’s most exclusive fitness, spa and wellness the equipment, the progressive design and layout the centre’s ‘mywellness’ digital cloud platform, that can accommodate up to four swimmers per destination, The Burj Club has opened its doors in of the facilities, and the welcome and training of allowing members to access continuously updated lane. Downtown Dubai. Adjacent to Burj Khalifa, the our team. Every aspect of The Burj Club has been information on their health and fitness and receive world’s tallest building, The Burj Club promises meticulously researched to meet the needs of the one-to-one guidance from the centre’s many full- Assuring the highest standards in hospitality, The state-of-the-art facilities and bespoke services for most exclusive clients.” time specialists. Burj Club’s Juice Bar and The Burj Club – The The Burj Club is the newest addition to the only the most discerning clientele. A highlight of The Burj Club is The Rooftop, The male changing room has four treatment rooms Rooftop will be served by Emaar Hospitality world-class lifestyle experiences in Downtown Designed over five levels with stunning views of which features a triangular, temperature- offering a menu of sports and fitness-related Group’s Lifestyle Dining division. Dubai, the flagship mega-development of The Dubai Fountain and the Downtown Dubai controlled swimming pool set amidst an exquisite massages, as well as steam and sauna rooms. Emaar, described as ‘The Centre of Now.’ skyline, the 6,320 square metre facility comprises ornamental garden ringed with private cabanas. Post-workout, members can rehydrate and refresh

68 Arab Investor Arab Investor 69 The new Mulsanne Speed is the car that Bentley announces new Mulsanne Speed defies Bentley, as a flgship for driving luxury at the 2014 Paris Motor Show performance Arab Investor // Wheels

with unrivalled craftsmanship and exquisite handcrafted details.

Chairman and Chief Executive of Bentley Motors, Wolfgang Dürheimer, comments:

“The new Mulsanne Speed is the car that defines Bentley, as a flagship for driving luxury performance. Our customers don’t compromise, and we’ve adopted the same approach in the design, engineering and crafting of our new flagship. The Mulsanne Speed is distinguished, calm and relaxing, but always with a connection to the road and relentless dynamic performance on demand. In this car, every journey becomes a drive.”

Torque pushed to record levels

At the heart of the Mulsanne Speed is Bentley’s iconic 6¾-litre twin-turbo V8 engine, which has been re-engineered for the Mulsanne Speed as well The new engine is paired with a recalibrated deactivation system, that runs the engine as a V4 as the signature Mulsanne. A totally redesigned gearbox designed to enhance the driving during light load, has been retuned for smoother combustion system (including combustion experience of the Mulsanne Speed. The gear transitions between V8 and V4 for even greater chamber, inlet ports, fuel injectors, spark plugs, strategy is optimised for the new, higher wave of refinement. This work combines with a new and compression ratio) promotes a much faster torque, and is designed for instant torque delivery gearbox control strategy and the engine hardware and more controlled combustion process. Through on throttle application. The connection between improvements to give a new level of efficiency for km/h in 4.9 seconds) and on to a top speed of 190 • New Bentley flagship set to go on sale in the its new luxury flagship at the 2014 Paris Motor combining these advances with new variable valve the car and driver has been the focus, and extensive the Mulsanne engine. mph (305 km/h). In modern Bentley tradition, Middle East end of the first quarter of 2015 Show, the Mulsanne Speed. The new variant to timing and optimised turbocharger control, torque validation with both keen drivers and professional the extra performance is matched by markedly the ultra-luxury grand tourer is set to arrive in the output of the engine has been pushed to record chauffeurs has proven the new setup. A new “S” • 2014 Paris Motor Show opened its doors on improved efficiency; a 13% gain means a range Middle East in early 2015. The new Mulsanne levels – 1,100 Nm (811 lb.ft) from 1,750 rpm. mode gives the driver even more control, and Meeting the new EU6 emissions legislation, and the 4th October extended by 50 miles (80 km). Speed is tailored for the driver, with 537 PS (530 maintains the engine speed above 2,000 rpm so designed to also meet the upcoming US LEV III • New sports suspension and steering creates bhp / 395 kW), 1,100 Nm (811 lb.ft) and selectable that the turbochargers are always ready to deliver standards in the future, the new powertrain records tailored driving experience sports suspension and steering on demand. The swell of torque from low engine speeds builds instantaneous performance. 342 g/km of CO2 on the NEDC drive cycle – a New and contemporary styling features to a new peak power output of 537 PS, enough to 13% improvement on the current Mulsanne. define the Mulsanne Speed as a statement • Assertive Speed styling with new exclusive drive the Mulsanne Speed to a top speed of 190 The ensuing fuel economy improvements have and contemporary features in quintessential British luxury. On-board The reengineered powertrain, featuring Bentley’s mph (305 km/h) – an unrivalled figure in the ultra- An extensive recalibration of the engine extended the fuel range of the new Mulsanne technology and connectivity are discreetly mighty 6¾-litre twin-turbo V8, propels the luxury sector. The 0 60 mph sprint is covered in 4.8 management system has yielded benefits beyond Speed by 50 miles (80 km). (Dubai, UAE 09 October 2014) Bentley unveiled integrated beneath the finest materials, created Mulsanne Speed to 60 mph in 4.8 seconds (0 100 seconds, with 0 100 km/h taking just 4.9 seconds. increased torque and power. The cylinder

70 Arab Investor Arab Investor 71 Concealed beneath the exquisite materials that define the Mulsanne Speed cabin is a suite of technology to make any journey as

productive or relaxing as one desires • Bentley Motors is the most sought after luxury car brand in the world. Arab Investor // Wheels In 2013 one in every four luxury cars delivered to customers worldwide was a Bentley. 2013 was Bentley’s record range features over 100 colours. A fully bespoke Concealed Technology and Endless year in the company’s 95-year history. automotive industry, with the radiator grille, lower paint-matching service is available on request. Customisation Global customer deliveries grew by bumper grilles and wing vents all featuring this 19% over 2012 to 10,120 cars. The exquisite treatment. The distinctive headlights of Americas remained Bentley’s largest the Mulsanne show the same dark tint application, A Cabin of Contemporary Luxury sales region, with 3,140 cars delivered. and at the rear of the car the taillights retain Concealed beneath the exquisite materials that China continued its position as the second the “floating ellipse” design, but are similarly define the Mulsanne Speed cabin is a suite of biggest market with 2,191 cars, while finished with a dark tint for a striking appearance, technology to make any journey as productive or in Europe, deliveries reached 1,480 especially at night. The cabin of the Mulsanne Speed is a contemporary relaxing as one desires. A 60 GB on-board hard cars. Sales in Bentley’s home market, reinterpretation of the exquisite interior of the drive can store the driver’s collection of music and the UK, were 1,381 and in the Middle Bentley flagship. To create a modern two-tone films. Electrically-operated tables, with recesses East, Bentley delivered 1,185 cars. By The Mulsanne Speed introduces Bentley’s first feel, a new and unique colour split is available, and connections for iPads and matching keyboards, the end of 2013 Bentley had nearly 200 ever directional style wheel, with a design that is with new stitch lines, that balances diamond can be fitted to the rear of the front seats, while dealerships in 54 countries. handed for the right or left side of the car. The 21» quilted light-colour hide with darker, smooth on-board Wi-Fi through a dedicated router keeps wheels, available in painted, polished and dark tint hide. A new technical veneer option is available, the car connected to the outside world. A frosted • Bentley Motors’ headquarters in with machined accent finishes, are individually with Piano Black veneer panels now including glass bottle cooler, complete with bespoke crystal Crewe is home to all of its operations machined from solid forged blanks, before being expertly handcrafted carbon fibre inlays. These champagne flutes, may be installed behind the rear including design, R&D, engineering perfected by hand. new, contemporary panels have been especially armrest. A 2,200 watt Naim for Bentley premium and production of the company’s three developed for the Mulsanne Speed and match the model lines, Continental, Flying Spur Twin rifled exhaust tailpipes are the finishing audio system expands on the standard 14-speaker rich, lustrous finish of the Piano Black veneer. and Mulsanne. The combination of fine touch to the revised powertrain, while solid, system and offers the best in-car sound experience in the world. Entertainment on-the-move can be craftsmanship, using skills that have polished stainless steel Speed badging adorns the been handed down through generations, front fender and door tread plate areas. provided through the Rear Seat Entertainment The Mulliner Driving Specification system, including two 8” screens and Bluetooth alongside engineering expertise and interior features are fitted as standard headphones. cutting-edge technology is unique to to the Mulsanne Speed, and includes: UK luxury car brands such as Bentley. Four new exterior paint colours are It is also an example of high-value introduced for the Mulsanne and British manufacturing at its best. Bentley Mulsanne Speed. These are: Signature Mulsanne updated for 2015 • Diamond quilted hide door panels and seats employs around 3,700 people at Crewe. A Chassis System Tailored to the Driver Speed builds on the abilities of the signature Mulsanne model, being able to switch from • Indented hide headlining • Bentley Motors employs around a communicative and enjoyable car to drive • Spectre: Seemingly black at first glance, 3,700 people in Crewe which is home • Embroidered Bentley emblems to all seats The signature Mulsanne ultra-luxury sedan has at pace, to a relaxing, comfortable and heavy gold metallic and a hint of green result been updated for 2015, to complement the launch to all its operations including design, To deploy the effortless power and acceleration exceptionally refined limousine. in a rich tone inspired by reptilian skin. • A coined finish to interior door handles of the performance-focused Mulsanne Speed. The R&D, engineering and production. The on offer in the Mulsanne Speed, an even Mulsanne receives the same efficiency upgrade combination of fine craftsmanship, more driver-focused Sport suspension mode • Candy Red: A rich and deep liquid red. • Knurling to the sports gear lever and “organ using skills that have been handed An assertive exterior stop” ventilation controls through new engine hardware, with its 512 PS is included. While the Bentley and Comfort • Camel: Reminiscent of golden sands, (505 bhp), 1,020 Nm (752 lb.ft) 6¾-litre twin turbo down through generations, alongside suspension modes provide a comfort-focused Camel has a bright metallic highlight with a • Drilled alloy sports foot pedals V8 engine also now 13% more efficient. Changes engineering expertise and cutting-edge and fully compliant chassis setup, the Sport mode butterscotch mid-tone. have also been made to the gearbox calibration technology is unique to UK luxury The Mulsanne Speed reflects its ground-breaking stiffens the all-round air suspension for improved of the Mulsanne, focussing on smoother, relaxed vehicle manufacturers such as Bentley. It performance with new and more assertive styling • Marlin: A rich blue with a hint of green, Customers choose from 24 different hide colours, body control and adjusts the steering dynamics gear changes that promote a comfortable and is also an example of high-value British features that are marks of distinction for Bentley’s inspired by the shade of deep ocean waters in six different colour splits, and ten different for greater feedback and accuracy. The driver refined driving experience. New paint colours, manufacturing at its best. Bentley exports can also choose to individually match steering, pinnacle flagship. and with a metallic shimmer. veneers (seven as cost options) when specifying over £1bn worth of goods in 2012. The their Mulsanne Speed. Included in these ranges hide and veneers options are also available across chassis and engine tunes according to personal the Mulsanne family. company is the third largest R&D investor preference through the Custom setting. is a new hide colour, Camel (to match the new in the UK›s automotive sector and the A dark tint finish is applied to the exterior stainless The “standard” paint range covers 25 shades, exterior paint of the same name) and a new veneer 18th largest nationally. Through this new setup, the Mulsanne steel matrix grilles, in a process unique in the including Marlin, while the optional extended to the Mulsanne family, Tamo Ash.

72 Arab Investor Arab Investor 73 ABOUT ABU DHABI MOTORS: Abu Dhabi Motors is the exclusive importer for BMW, MINI, BMW ALPINA and the sole EXCLUSIVE ROLLS-ROYCE BESPOKE WATERSPEED dealer for Rolls-Royce Motors Cars dealer in Abu Dhabi and Al Ain. Founded in 1985 by COLLECTION ARRIVES IN THE UAE Sheikh Mohammed Bin Butti Al Hamid in Umm UAE receives three of just 35 Phantom Drophead Coupés produced globally Al-Nar in a small showroom and workshop employing 24 people, Abu Dhabi motors has become the most successful BMW Group Importer in the Middle East and now employs Arab Investor // Wheels over 700 people in twelve facilities in Abu Dhabi and Al Ain, including four showrooms, three aftersales centres, three bodyshops, one pre- delivery Inspection centre and four car storage warehouses that are capable of accommodating 3000 BMW, MINI and Rolls-Royce Motors Cars between them. Abu Dhabi Motors was awarded ‘Global Dealer of the Year’ by Rolls-Royce Motor Cars in 2012 and 2013, as well the ‘Best Bespoke Dealer Worldwide’ award for the past five years thereby firmly establishing itself as the leading Rolls- Royce Dealer globally. Abu Dhabi Motors has been the top selling BMW Group importer in the Middle East for the past five years, as well as the recipient of the ‘Global Excellence in Sales’ Award for leadership in the luxury class. With five awards, Italy’s world-famous lakes and directly adjacent Mohammad Elarishy, Brand Manager of Rolls- Abu Dhabi Motors is the most successful BMW to Lake Maggiore where Campbell famously Royce Motor Cars at AGMC. “The Bespoke Group importer in terms of excellence in sales established his legend. Waterspeed Collection is the perfect example of globally. just how far the Bespoke programme can go and Speaking of the Bespoke Waterspeed Collection showcases the scale of what every Rolls-Royce and its arrival in the UAE, Arno Husselmann, ABOUT AGMC: customer can create in terms of personalisation. General Manager of Abu Dhabi Motors, said: For 38 years, AGMC has delivered premium We can’t wait to see the reaction of our customers “The Bespoke Waterspeed Phantom Drophead automotive products to its customers as the to this limited edition masterpiece”. Coupé, an exceptional car with a unique heritage, exclusive importer for BMW Group cars in has made waves amongst our distinguished Showcasing the very best of the Rolls-Royce Dubai, Sharjah and the Northern Emirates. Started in 1976 AGMC has now become clientele since we announced its pending arrival Bespoke programme, the Phantom Drophead one of the most important markets for earlier this year. Expectations are therefore high Coupé Waterspeed Collection features a number BMW Group sales in the world, consistently and I am delighted to say that the car has exceeded of exquisitely designed and crafted personalised amongst the top three performing Middle East them all. As with all Rolls-Royce vehicles, the features. Taking inspiration from Sir Campbell’s markets. Currently, AGMC has 23 sales and Waterspeed Collection exudes luxury, grace, record-breaking watercraft, only the finest service facilities across Dubai, Sharjah and performance and sophistication, and with its contemporary materials - never used before on a the Northern Emirates. These include four BMW showrooms, three MINI Showrooms, limited production run, inspirational heritage, and Rolls-Royce - furnish the Waterspeed Collection. Three of only 35 Rolls-Royce Bespoke can now join an exclusive, limited number of boat. The eye-catchingly beautiful Waterspeed two Rolls-Royce showrooms, three Certified a striking contemporary Bespoke colour scheme, Taking further creativity from the setting of Waterspeed Phantom Drophead Coupés, which clientele able to place an order for what is an Collection pays homage to this momentous Pre-Owned car showrooms under the BMW it is ever more unique.” the historic moment, the Phantom Drophead Premium Selection Programme and one BMW are part of a limited collection of exceptional cars inspired appreciation of a unique and storied achievement, which not only captured the world’s Coupés’ brushed steel perfectly complements Motorrad showroom. Service facilities include that celebrate Sir Malcolm Campbell’s historic racing heritage. attention, but also reaffirmed the Rolls-Royce “The fact that three of just 35 Bespoke Phantom an exclusively developed Maggiore Blue colour two body shops, five workshops and two car and seminal act of British daring and endeavour R-Type engines’ record-breaking superiority after Drophead Coupés produced globally are now here storage facilities. AGMC has also launched On 1 September 1937, Sir Campbell headed out scheme. Hand-crafted wood inlays further more than 70 years ago, have arrived in the UAE. triumphs on land and in the air. in the UAE is not only reflective of the importance the first in the world state of the art aftersales onto the calm blue waters of Lake Maggiore on the reinforce this outstanding heritage as it evokes the that Rolls-Royce Motor Cars places on this facility for Rolls-Royce Motor Cars. Now available at Abu Dhabi Motors and AGMC, Swiss-Italian frontier to establish his legend as he The Collection was officially launched in May sense of a boat effortlessly gliding through water market but is also testament to the distinguished the official dealers of Rolls-Royce Motor Cars set the world waterspeed record of 126.32 mph in at the world-renowned Concorso D’Elegenza at at pace. tastes of customers across the emirates,” added in the UAE, ultra-luxury automobile aficionados a Rolls-Royce-powered Bluebird K3 hydroplane Villa D’Este, on the shores of Lake Como, one of

74 Arab Investor Arab Investor 75 Ras Al Khaimah Investment Authority Ushers Ras Al Khaimah Investment Authority signaled its in Second Decade at Gala Event intention to channel substantial resources into enhancing its physical assets and services Arab Investor // Investment

growth and success,” remarked His Highness Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah on the progress RAKIA has made in the last ten years. Delivering the welcome address at the event in the presence of His Highness Sheikh Ahmad Bin Saqr Al Qasimi, Chairman of RAKIA, Rino Sabatino, CEO of RAKIA said, “At the start of 2005, RAKIA was simply a concept. Under the leadership of His Highness Sheikh Saud, RAKIA has been instrumental in transforming Ras Al Khaimah into one of the top investment destinations in the world in the span of a decade. Today marks the next chapter in our illustrious existence. Our goal is to extend RAKIA’s position as a preferred destination, not only for Rino Sabatino - CEO of RAKIA manufacturing companies, but also to businesses from a broad range of sectors including services and information technology.” commented, “In conjunction with our growth Free Trade Zone in the GCC by the London-based their industries, and demonstrate the highest initiatives, we are constantly seeking to improve “As we look toward the future, we have aggressive International Finance Magazine. RAKIA came standards of innovation and performance. and streamline business processes within our ahead of five shortlisted free zone authorities based growth plans. We intend to increase the number With an impressive 95 percent of the land in industrial parks, making it ever more effortless for on its economic potential, promotional strategies of new licenses issued by 50 percent in the next Al Hamra industrial park leased out, RAKIA our existing tenants to run their businesses.” for foreign direct investment, transportation links, five years. In order to support this growth, we continues to evolve to meet the increasingly incentives and cost-effectiveness. Recognizing will seek to aggressively invest in infrastructure RAKIA›s accomplishments have led to an accolade sophisticated requirements of the potential companies worldwide, the awards celebrate development in Al Ghail, the newer of our two of awards in the past. At the event, Sabatino investor in the Middle East. RAKIA launches celebrations to mark its ten The event at the Al Hamra Convention Centre was industrial parks and the jewel of RAKIA moving revealed that RAKIA was recently named Best companies and organizations that add value to years at event organized under the patronage of graced by His Highness Sheikh Saud Bin Saqr Al forward,” added Sabatino. His Highness Sheikh Saud Bin Saqr Al Qasimi; Qasimi, Supreme Council Member and Ruler of receives Best Free Trade Zone GCC award Ras Al Khaimah. Over 100 distinguished guests Another speaker at the event was Timothy were in attendance, including Their Excellencies Lefebvre, President of Mabani Steel and Co- At a gala event today celebrating ten years of Alexander Efimov, Ambassador of the Russian Chairman of RAKIA’s Tenants’ Committee. excellence, the Ras Al Khaimah Investment Federation to the UAE, and Adam Krzymowski, The Tenants› Committee is a recently launched About RAKIA Authority (RAKIA) reaffirmed its unwavering Ambassador of Poland to the UAE, who were initiative that aims to encourage dialogue among commitment to drive foreign direct investment present to honor RAKIA’s achievements in the the CEOs and senior managers from RAKIA›s into the emirate, as well as to strengthen the last ten years. tenants. “I would like to thank RAKIA for its Established in 2005, RAK Investment Authority (RAKIA) (www.rak-ia.com) is one of the major business destinations in the Middle East emirate’s position as a regional and international commitment to excellence over the years, and region, with attractive and competitive Free Zone and Non Free Zone facilities on offer to companies and entrepreneurs looking for low hub for industry, trade and commerce. Having “Our vision, when we set up RAKIA ten years I wish it great success and a bright future as it operating costs and high living standards. With its exceptional geographical location and proximity to ports and international airports, invested AED 1 billion to date in developing 30 ago, was for it to contribute to the growth of takes its place as the premier business zone in the RAKIA is home to over 7,000 companies in various sectors. million sq. m. of land in its Al Hamra and Al Ghail Ras Al Khaimah by facilitating and encouraging GCC,” Lefebvre said. industrial parks, Ras Al Khaimah Investment investment here. By turning this vision into Authority signaled its intention to channel reality, RAKIA has made an important and lasting Acknowledging that RAKIA’s tenants are substantial resources into enhancing its physical contribution to the success of Ras Al Khaimah, key contributors to and partners in driving assets and services. and I look forward to the next ten years of further the company’s on-going success, Sabatino

76 Arab Investor Arab Investor 77 Thomson Reuters & The Union of Arab Securities Authorities To Host the First Arab Capital Markets Conference in Dubai The Arab region is facing tremendous increase in financing needs, particularly those countries going through political changes Arab Investor // Conferences

investment firms, and listed companies. His Excellency Abdullah Salem Al-Turifi, Chief Executive Officer, Securities & Commodities Authority (SCA), said: “We are delighted to host the 1st Arab Capital Markets Conference in the UAE which confirms the country’s leading position in the capital markets across the Middle East and North Africa. The conclusion will be of great benefit for the members of the union as well as the regulatory bodies in the region.”

Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters, said: “We are delighted to be part of this summit which provides a networking and discussion platform for authorities, practitioners, advisors and market participants. It is vital that we collectively debate and tackle the common challenges facing MENA capital markets.” “The summit presents an opportunity for capital markets officials to coordinate and cooperate with Thomson Reuters a view to achieve fairness, efficiency, transparency and protect MENA capital markets investors,” he Thomson Reuters is the world›s leading added. source of intelligent information for businesses and professionals. We combine industry expertise with innovative Mr. Hassan Boulaknadel, UASA Chairman technology to deliver critical information and president of the Moroccan Capital Market to leading decision makers in the financial Authority CDVM, said: “The aim of this and risk, legal, tax and accounting, intellectual property and science and conference is to promote cooperation and facilitate recent international financial crises, which were Mr. Jalil Tarif, Secretary General of the UASA, said media markets, powered by the world›s the exchange of the financial markets information, accompanied by a decrease in capital flows and that: “The importance of holding such conference most trusted news organization. Thomson in addition to strengthening the Arab Securities cross-border banking loans, as well as within stand out through the growing attention to the Thomson Reuters, the world’s leading source November 2014, will debate the need for co- Reuters shares are listed on the Toronto Authorities efforts in developing capital markets the context of the latest changes in international UASA and its member countries shown by local of intelligent information for businesses and operation and integration in MENA, tackle and New York Stock Exchanges (symbol: according to the best practices and standards standards and more particularly the Basel III and international institutions, and conviction of its professionals, the Union of Arab Securities challenges facing the capital markets industry, TRI). For more information, go to www. including international standards and principles framework and its new liquidity management set role in cooperation, coordination and exchange of Authorities (UASA), Securities & Commodities and highlight innovation opportunities in MENA thomsonreuters.com . Authority and the Arab Monetary Fund, today as well as the positive impact of new technology issued by the International Organization of of rules. The Arab region is facing tremendous experiences and knowledge among Arab Capital announced that the 1st Arab Capital Markets infrastructure on markets development. Securities Commissions «IOSCO» . increase in financing needs, particularly those Markets. Organizing the first conference for Arab countries going through political changes. Capital Markets is the outcome of the efforts Conference will take place in Dubai under the At this occasion, Dr. Abdulrahman A. Al Hamidy, The summit attracts more than 400 senior Developing these markets will benefit the region exerted by the UASA aimed at setting the broad patronage of the UAE Minister of Economy, H.E Director General and Chairman of the Board delegates from the regional trading and not only by expanding alternative sources of lines for the trend and course of the UASA as one Sultan bin Saeed Al Mansouri. of the Arab Monetary Fund stressed: “the vital investment community including capital financing, but also contributing to enhancing of the active Arab Institutions with regional and importance of developing Capital Markets in the The summit, set to take place on 25 & 26 markets authorities, government bodies, financial stability.” international dimensions.” Arab region, specifically since the onset of the

78 Arab Investor Arab Investor 79 The UAE has seen double-digit increase UAE utilities authorities call for greater private sector role in power generation in the demand for electricity in the past few years and is expected to continue seeing rapid growth in the coming years Arab Investor // Energy

East, the region’s largest private full-service utilities provider.

“With Dubai poised to host Expo 2020, the demand for upgrading our power and water infrastructure is reaching new heights. Expo 2020 will launch the UAE on the world stage and will also recognise its efforts to promote energy efficiency and sustainability,” Al Neyadi added. Managing Director and CEO of Dubai Electricity The involvement of independent utilities and Water Authority (DEWA) said, “DEWA companies was also playing an important role encourages such partnerships in the energy sector in boosting the UAE’s non-oil economy. H.E. based on the Independent Power Producer (IPP) Mohammed Bin Jarsh, Managing Director of Abu model, such as in the Mohammed bin Rashid Al Dhabi Water and Electricity Authority (ADWEC), Maktoum Solar Park, and the Hassyan Clean-Coal pointed out in his keynote address that Abu Power Plant.” Dhabi’s IWPP programme has resulted in Dhs7.5 billion of foreign direct investment into its power “DEWA has also called for wide international and water sectors recently and over Dhs250billion participation in the energy sector. This was since the inception of this program. demonstrated by the trust and interest of international investors in large-scale projects that “This investment has effectively delivered reliable are supported by the Government of Dubai,” he Abu Dhabi Water and Electricity Company & Energy. “In order to meet this demand, the UAE power and water generation capacity that has kept added. Dubai Electricity & Water Authority emphasizes has allowed private power and water companies pace with year on year demand growth of close critical role of independent companies in to participate in its energy sector for a number of to 10% since privatization,” Bin Jarsh said. “Abu Organised by Fleming Gulf, the summit focusses upgrading utilities infrastructure years. More recently, due to the rapid growth in Dhabi’s IWPP program is well respected and now on the issues and challenges affecting IWPPs demand for power and water in the country, Dubai attracts multiple international bidders for new across the globe. Speakers include top officials and the federal government have both launched projects as well as typically being oversubscribed from Abu Dhabi Water and Electricity Company Increased participation by independent private initiatives to permit private sector participation in in debt markets which have been used to fund over (ADWEC), DEWA, Sharjah Water & Electricity companies in the UAE’s utilities sector will play the generation of electricity and water.” Dhs47 billion of project cost at highly competitive Authority (SEWA), Dubai Aluminium (Dubal), an important role in the coming years as the Masdar Institute, Regulation & Supervision Al Neyadi was speaking at the opening of the rates.” country explores ways to meet its growing power Bureau, Water & Electricity Company (KSA), Ras 3rd Annual Global Independent Water and Power Bin Jarsh added that such investments would requirements, according to the UAE’s utilities Laffan Power Company (Qatar), Shamal Azzour Projects (IWPP) Summit in Dubai today. The provide additional social and economic benefits authorities. (Kuwait), National Electricity Power Company two-day event features government authorities, to the country. “New employment opportunities technologies,” he said. a transformational effect on the way power and “The UAE has seen double-digit increase in (NEPCO-Jordan), Public Utilities Commission policy-makers, regulatory authorities, utilities and enhanced standing on the world and regional water are produced in the future whilst the detailed the demand for electricity in the past few years Pointing out that interesting times lay ahead for the (Sri Lanka), among others. companies, financial institutions and technology political stage will likely provide additional value business cases and decisions that will result in that and is expected to continue seeing rapid growth region’s utilities sector, Bin Jarsh said, “Nuclear leaders and supported by the Government of to investment in new energy and water related portfolio are already being made today.” For more information, please visit http://energy. power, renewable energy, and the decoupling of in the coming years,” said H.E. Dr. Matar Al Dubai, UAE Ministry of Energy, Dubai Electricity technologies and may serve to offset some of the fleminggulf.com/iwpp2014 water and power production – all look set to have In his address, H.E. Saeed Mohammed Al Tayer, Neyadi, Undersecretary at the UAE Ministry of & Water Authority (DEWA) and Utico Middle utility sector’s traditional reticence to adopt new

80 Arab Investor Arab Investor 81 Damas Launches Solana Diamond Brand

Arab Investor // Style

Damas, the Middle East's leading jewellery and watch retailer, has announced the launch of a new diamond collection named Solana, which centres around gorgeous yellow diamonds.

About Damas:

Damas is the leading luxury jewellery and watch retailer in the Middle East. Since its inception in 1907, the brand has been setting the standards in their trade by providing unmatched quality, luxury and glamour with an air of Middle Eastern mystique. The company has grown from a UAE- based retailer into a global brand name, with a large portfolio of renowned global Yellow diamonds are a quintessential symbol of Solana offers a wide array of rings, necklaces luxury brands including Graff Diamonds, status and wealth which has been recognized and and earrings crafted to perfection with the aim Garrard, Roberto Coin, Mikimoto, celebrated as such for centuries. To reward the to accentuate the beautiful natural yellow colour Paspaley, Forevermark, Theo Fennell, generation of women that continuously strives of the diamonds. The collection is now available ParmigianiFluerier, and Girard Perregaux, We We We to achieve with the captivating beauty of these from AED 10,700 at selected Damas stores Perrelet, Magerit among many others. Have Can Do precious stones, Damas introduces a unique throughout the GCC. Damas’ popular in-house brands include jewellery creation of yellow diamonds set into Farfasha, OneSixEight, Farasha, Gehna, 18K gold that ensures its customers will shine at Hayati, Legacy, Fulla and many more. every occasion. Kevin Ryan, Retail Director at Damas, Headquartered in Dubai, United Arab commented: “Solana is an extremely elegant The new Solana collection is inspired directly Emirates, the company today operates collection with each innovative piece featuring from the brightness and warmth of the sun around 300 outlets distributed across 11 dramatic cluster formations of yellow diamonds which is pictured in the name translating into countries. The company has earned many in combination with premium white diamonds. “sunny spot” in Spanish. The designs with their awards including the prestigious De Beers We are delighted to launch the Solana collection sparkling features invite women to celebrate their Award 2000, 2004 and 2007 for jewellery and hope that it inspires all women to keep rising accomplishments and to ‘keep rising’ with Solana, design. with Damas.” which is also the key theme of the advertising campaign that accompanies the range. [email protected] - Tel:+971556698811

82 Arab Investor