September 2016 Issue #11

Global economy Industry focus insight Public–private partnerships Middle East markets update in the Middle East

Commodities price analysis Global

Welcome to Insight #11. In our 11th edition of Insight we take a Global economy close look at the trends in the global economy and in regional markets as they impact on the Middle East and insight and trends particularly the Gulf Co-operation Council (GCC) countries. Uncertainty continues to be the agreement that, whatever the pain, The uncertainty of the previous watchword in most developed they will aim for that figure and no 12-18 months remains, but there economies, albeit to varying more, as it appears that OPEC is are clear signs that business and degrees, as central banks and winning its battle to squeeze out governments across all the major governments continue to watch high-cost competition, particularly economies are at least taking steps events closely. They are influenced from the United States. towards encouraging growth and by the continuing civil war in Syria, reducing uncertainty, despite several The $60/barrel point is seen as the other conflicts in the Middle East key geo-political and economic minimum price that would enable and Africa, the slowing of growth in issues remaining unresolved. re-investment in production by the China and major markets such as US shale producers (OPEC’s main The Gulf region is no different. Major Europe, and the British decision to target in this global price battle). capital projects throughout the region negotiate their withdrawal from the OPEC continues to stand firm in its have been under intense scrutiny, European Union. attempts to hurt the US producers, with several delayed or suspended When it comes to oil, the war even though some of its own while negotiations have continued. of attrition is slowly being won members, including Venezuela, What is emerging is a stronger by OPEC and the Gulf region have been pressing for a new target sense of prioritisation for major producers in particular, with prices of $70/barrel or even higher. infrastructure projects, and also for easing upwards since the lows of those that are of social significance There remains little sign of a return 2014 and 2015, even though supply such as in education or health. to the high-price, high-spending remains relatively high. era of pre-2014, even though some One procurement solution for Various forecasts had indicated OPEC sources have hinted at a governments and other agencies is that oil prices could reach $60/ longer-term target closer to $100/ public-private partnerships (PPP), barrel by the turn of the year, but barrel. This indicates that the Gulf an investment approach which the that figure is likely to be a maximum states in particular are prepared to public sector is less familiar with rather than an absolute guide, as sit out the current impasse, with the in the Middle East, but which is OPEC partners struggle to keep aim of a longer-term competitive attracting significant attention as an prices contained at that maximum. gain. alternative to conventional funding. Most OPEC members remain in In our focus this quarter we take a look at the issues involved in PPP, and what both sides of a typical Average crude oil spot price 2016 collaboration should be looking out for as they enter the fray.

2 Global 4 Regional $ $ $ 7 Commodities 37.34 47.69 45.93 9 Focus Q1 Q2 Q3 12 Currie & Brown offices

Source: World Bank www.curriebrown.com [email protected]

September 2016 2 Global

One important trend resulting directly economies of France, Spain and Italy. from the lower tax income from oil The British referendum decision has production is that Gulf states are now added to the uncertainty, although adopting different ways to fund public formal exit negotiations are unlikely spending. In tandem, several states to be triggered by Prime Minister have also accelerated investment Theresa May before early 2017. in renewable energies, particularly It is only when both sides’ negotiating solar, in a clear strategic attempt to positions are known that proper steer their economies away from forecasts can be made about the conventional dependency on carbon impact of Brexit on Europe, the UK fuels and the expensive habit of and the global economy as a whole. funding massive spending on capital Prior to the referendum in June, projects from current accounts. the IMF and other institutions had This new assessment of public expressed significant concern about expenditure is reflected in the the effect of Brexit, not only in Europe growing interest in PPP indicated by but also on economy. The most governments and other public UK is a significant member of the EU, agencies across the Gulf region. As and accounts for around 10 per cent we report in a separate article in this of its market. A ‘hard Brexit’, whereby publication, investors and clients are the UK withdraws without agreement embracing PPP much more seriously on the single market and freedom of as a means of funding major capital labour movement, would jeopardise The UK wants to projects across the region. New numerous international trade deals sustain and strengthen investors from Europe and East Asia involving the EU. are moving into this market with its partnership with The uncertainty may be compounded greater confidence. by planned general elections in Germany once it has Oil aside, uncertainty continues Germany and France next year. left the EU. to hamper the world economy as it travels forwards and away from the banking crisis of 2008 and the property slump that followed. The United States economy continues to demonstrate recovery, especially in the number of jobs created, but business and consumer confidence in most western economies has remained cautious throughout the year. Growth forecasts overall have remained sluggish, although in the case of the US that may change depending on the outcome of the presidential election in November. Regardless of who wins, there will be close scrutiny of market reaction and also any potential policy changes. The European economy continues to face serious uncertainty, with growth remaining slow in the larger UK Prime Minister Theresa May and German Chancellor Angela Merkel Source: euobserver.com Credit: Tom Evans

www.curriebrown.com [email protected] September 2016 3 Regional

Dubai continues to dominate in construction projects across the GCC

The Gulf states are undergoing significant policy changes which are likely to have a long-lasting impact on both the construction sector and external investors.

The new realism which is being There are other drivers aside from oil Overall the GCC region witnessed a felt across the region, and is being prices. In some areas, there is greater 40 per cent drop in capital projects emphasised by some administrations emphasis on those projects that during the first half of 2016, according more than others, has been driven in demonstrate clearly-understood social to research by Middle East Business part by the oil price shock of the last and economic value – for example Intelligence (MEED). The situation is 18-24 months and a perceived need health, education and transport blamed on a combination of low oil to re-think the type of projects planned infrastructure – while in other areas prices, reduced government spending by the public sector and the way they the change is a result of clients re- and a weaker real estate market. might be procured and funded. prioritising construction plans.

GCC contract awards 2015 vs 2016 The GCC witnessed a 40 per cent drop in capital projects

MEED Projects researchers found that contract awards amounted to US$52 billion, a US$25 billion drop on the same period in 2015.

Source: meed.com. www.curriebrown.com [email protected] September 2016 4 Regional

MEED Projects researchers concluded that market confidence had been affected as a result, and that clients were therefore particularly reluctant to sign off new deals. However, total awards for the year are predicted to reach $140 billion, a fall on last year but a figure which nevertheless indicates some recovery across regional markets since June. The World Bank has further reduced growth forecasts for 2016 in the GCC countries to just two per cent. Its overall figure for the Middle East (2.9 per cent) is higher, mainly due to greater activity in Egypt and also the lifting of economic sanctions on Iran. The World Bank also expressed concern about ongoing military action Source: thenational.ae in the Middle East region and the risk of it spilling over borders, with The metro project is the single biggest award of the economic and security implications. $13.6 billion contract awards in in the first half Nevertheless, economic conditions of this year. are felt to be improving at a regional level, despite reduced spending, (Spain), Gulermak (Turkey) and This plan includes numerous major patchy confidence and other Alstom (France). The line will also projects, such as the completion of uncertainties. connect to Al Maktoum International the Tunnel, various That recovery is variable, and is Airport. pedestrian and cyclist developments, being led most strongly in Dubai, the extension of the Dubai’s Roads and Transport which continues to dominate in terms metro station and no less than 36 Authority (RTA) selected two of construction projects, following a bridges. The News Agency shortlisted consortia from a group of general shake-out during 2015. said that the projects will be delivered five bidders earlier this year. in five phases, with completion set for The bright spots around the region The metro project accounts for nearly November 2019. were mainly related to priority half of all such deals made in the projects, including event-driven work GCC during the first half of the year. such as the Dubai Expo in 2020 and – Transport infrastructure continues to to a lesser extent this year – the FIFA drive growth, with a rail masterplan World Cup planned for Qatar in 2022. currently under way. In August MEED Although the first half of the year reported that Sheikh Mohammed bin produced the aforementioned big drop Rashid Al Maktoum had approved an in contract awards, the biggest award RTA traffic and transportation plan for of the year – the $2.9 billion deal for a the period to 2030. major expansion of the – came through in June, lifting what was otherwise a difficult period for clients and contractors alike. That contract will create a 15km extension to the Expo site, leading Foster + Partners’ design from the existing at the Nakheel Harbour and Tower station. for the mobility pavilion Eleven kilometres of the line will has been chosen for be elevated, including five of the seven new stations to be created by the Expo 2020 the winning consortium of Acciona Source: expo2020dubai.ae www.curriebrown.com [email protected] September 2016 5 Regional

Rationalisation is the key for both The result of all this is that Saudi region. It also pinpointed flaws such public and private sectors. Abu Arabia is setting new priorities. as weak structures concerning dispute Dhabi’s International Petroleum It is making firm moves towards resolution and what it described as Investment Company (IPIC) was diversifying energy production to ’optimism bias’, whereby detail is forced to write down oil assets by $6 include renewables such as solar. skirted over in favour of a general billion and reported a loss of $2.7 As the world’s single biggest oil feeling that a project will work out in billion for 2015. Managing director producer (reclaiming this title from the the end, whatever the problems it faces. Suhail Mohamed Al Mazrouei, who USA in early September) it remains Saudi Arabia has a national is also the ’ committed to investing in facilities transformation plan envisaging major energy minister, confirmed that IPIC to support the shipbuilding and PPP contracts across various sectors will merge with another Abu Dhabi distribution industry, such as on the by 2020, including transport, energy, sovereign wealth fund, Mubadala country’s east coast, where state oil health and education. Development Company. The plan is company Aramco needs more tankers to diversify the energy portfolio and to be built to meet recovering demand. In Qatar, three groups have submitted reduce risk. bids to complete the Doha Metro The difference is that Saudi Arabian project following the termination of The family-owned Al Jaber Group has officials are now looking at new ways the previous consortium’s contract confirmed plans to raise $1.6 billion to fund investments. As we report earlier in the year. The deal includes from a sale of assets as part of a elsewhere in this publication, this the completion of the Msheireb and recovery plan aimed at reducing debt includes public-private partnerships Education City stations. and restructuring liabilities, according (PPP). This year, schemes including to Bloomberg. The deal, which the Taif airport have been delayed Oman has begun the implementation involves the disposal of property as clients struggle with the support of a public transport strategy, with and shares, is being supported by mechanisms for collaboration with urban and long-distance buses Al Jaber’s major creditors, including private investors, many of which are creating closer links between the several banks. foreign banks. three main cities of Muscat, Sohar and Salalah. While the UAE continues to build, Tourism is seen as a major source of other GCC countries continue to re- future income by most GCC states, Oman authorities, however, have trench, with some interesting results. but many of them acknowledge put a 2,135km rail project on hold Saudi Arabia, for example, is using that they need to improve transport following the continued suspension the oil price downturn to re-evaluate infrastructure in order to exploit such of construction operations by Abu its approach to all projects. The demand. In the case of Saudi Arabia, Dhabi-based Etihad Rail. The initial results could virtually revolutionise an officials have indicated a willingness to 207km development was due to run economy known for its comparative effectively privatise the running of their between Sohar and the UAE border. conservatism. airports in exchange for significant The project has faced two such major investment. delays and will not meet its original According to Bloomberg, Saudi 2018 completion date. Arabian government officials have The international consultancy Deloitte indicated that as many as a third of has pointed out that far greater current project plans – worth more regulatory clarity is required from than $60 billion – could be cancelled. governing authorities across the

Abu Dhabi’s International Petroleum Investment Company’s (IPIC) plan is to diversify its energy portfolio and reduce risk.

H. E. Mohamed Al Mazrouei Minister of Energy, UAE Source: arabianoilandgas.com www.curriebrown.com [email protected] September 2016 6 Commodities

Price analysis

2015 2016 Commodities Unit Q4 Q1 Q2 Q3 Non-ferrous metals Aluminium alloy US$/tonne 1,600.00 1,602.75 1,576.71 1,576.24 Aluminium US$/tonne 1,503.67 1,586.95 1,636.38 1,693.07 Copper US$/tonne 4,651.33 4,656.68 4,733.98 4,860.00 Lead US$/tonne 1,685.17 1,769.41 1,741.67 1,860.19 Nickel US$/tonne 8,778.33 8,695.89 9,013.90 10,487.77 Tin US$/tonne 14,711.67 15,335.68 16,805.83 18,049.40 Zinc US$/tonne 1,519.83 1,691.14 1,899.62 2,208.30 Steel Reinforcing bars US$/tonne 328.33 351.67 466.67 400.00 Steel beams - channel US$/tonne 463.33 471.67 541.67 507.50 Hot rolled plates US$/tonne 311.67 316.67 413.33 387.50 Cold rolled coils US$/tonne 338.33 370.00 493.33 457.50 Pre-painted galvanised steel, 0.35 US$/tonne 516.67 565.83 705.00 612.50 Stainless steel HR coils 304 base US$/tonne 1,800.00 1,725.00 1,841.67 1,875.00 Energy Crude oil US$/barrel 34.75 29.74 42.30 42.89 Diesel (Dubai only) US$/gallon 6.97 5.53 6.27 6.83 Cement Cement US$/bag 3.47 3.57 3.57 3.56 Concrete (Dubai suppliers) AED/bag 261.33 257.33 258.67 263.50 Rubber Rubber US$/100kg 168.01 157.12 203.11 210.71 Bitumen 60/70 Bitumen US$/tonne 503.11 503.11 503.11 503.11

■■ Non-ferrous metal prices are derived from London Metal Exchange, whereas steel prices are derived from Middle East steel price Indications; all based on average prices for the month.

■■ The price of rubber is derived from International Rubber Board, based on average prices for the month.

■■ All prices for commodities are based on bulk quantities, cash trade, US dollar.

■■ Where ranges have been provided, an average price has been assumed for the purpose of comparison.

■■ The rate for beams - channels has been derived from Far East/Europe/India market.

■■ Cement prices are derived from UAE local supplier.

■■ Crude oil price is derived from light crude brent, US market.

■■ Diesel rates are from EPPCO.

■■ Concrete rates AED/m3 based on the average price of concrete 45/27 from four UAE local suppliers.

■■ Reinforcing bars are based on the average price from four UAE suppliers.

■■ Cement rates AED/tonne based on the Dubai government cap imposed in 2008.

www.curriebrown.com [email protected] September 2016 7 Commodities

Crude oil (2006 - 2016) Cement (2006 - 2016)

30.00

120.00 25.00

105.00

90.00 20.00 ag 75.00

l 15.00 AED/b 60.00

US$/ b arre 45.00 10.00

30.00 5.00 15.00

- - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2006 2007 2008 2009 20102 011 2012 2013 2014 2015 2016

Diesel (Dubai only) (2006 - 2016) Steel (2006 - 2016)

Steel beams -channel 16.00 5,000.00 Hot Rolled Plates Cold Rolled Coils

14.00 Reinforcing bars 4,000.00 Prepainted Galvanised Steel, 0.35 Stainless Steel HRCoils 304 Base 12.00 e

n 3,000.00 10.00 US$/tonn

AED/gallo 8.00 2,000.00

6.00

1,000.00 4.00

2.00 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011 2012 20132 014 2015 2016 2006 2007 2008 20092 010 2011 2012 2013 2014 2015 2016

Crude oil (2006 - 2016) Non-ferrous metals (2006 - 2016)

4,500.00 Lead 50,000.00 Aluminium Alloy Copper 4,000.00 Aluminium 45,000.00 Nickel Zinc Tin 3,500.00 40,000.00

e 3,000.00 35,000.00 e

2,500.00 30,000.00 US$/tonn US$/tonn 2,000.00 25,000.00

20,000.00 1,500.00

15,000.00 1,000.00

10,000.00 500.00

5,000.00 - Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 - 2006 2007 2008 2009 20102 011 2012 2013 2014 2015 2016 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 2006 2007 2008 2009 20102 011 2012 2013 2014 2015 2016

www.curriebrown.com [email protected] September 2016 8 Focus

Precision and good planning are vital to successful PPP procurement

Middle Eastern governments and the project management and funding other public agencies are turning to of major infrastructure investment. There is no standard global public private partnerships (PPP) as definition of precisely what the The experience of mature PPP an alternative funding mechanism for term ‘public-private partnership’ markets such as Canada, Australia major projects amidst greater financial means. It is sometimes used and the UK can be applied uncertainty affecting most of the Gulf. to refer to any cooperative to influence and support the combination of the public and PPP is very much a new concept development of Gulf projects. This private sectors to achieve a for many officials in a region which would be of benefit to both clients and public-policy goal. The World previously was comparatively free- investors, but there would need to be Bank Group defines a PPP as a spending, especially on high-profile regional and local adaptations rather formal contractual relationship: ‘iconic’ projects of Dubai and many than a straight copy of approaches other cities in the United Arab from elsewhere. ‘A long-term contractual Emirates, Saudi Arabia, Kuwait, Oman arrangement between a public The first thing to consider when entity or authority and a private and Qatar. examining the suitability of PPP is entity for providing a public asset But economic circumstances, not least the rationale itself. The obvious and or service in which the private the prolonged dip in oil prices, has conventional method has been for party bears significant risk and prompted many in government to re- the client to fund a project directly management responsibility.’ think the way ahead when it comes to or to borrow from the bank. But with www.curriebrown.com [email protected] September 2016 9 Focus

tighter controls on public spending and Early attempts at PPP-style projects In Gulf countries a reduced cash income, PPP becomes faced difficulties, and it is important an attractive option, tapping into that both parties understand the funding gap of around longer-term funding solutions, creating demands involved in embarking on $270 billion is expected output-based specifications for this path. Successful PPP projects over the next three construction and operational periods, result from competent pre-planning of and developing skills in both the public clear outputs for both construction and years, with around $50 and the private sector. asset operation, followed by strong billion of that directly in negotiation. By their very nature they The Gulf Co-operation Council infrastructure. (GCC) states have between them attract leading international banks and (Source: Standard & Poors) many thousands of construction construction groups. Their position is projects proposed, approved, to agree long-term partnerships but under way or on hold as public and also to stick to agreements, with the requirements carefully considered private sectors grapple with the new allocation of risk between the public and documented in the output economic realities. The oil price and private sector made very clear specifications. situation is happening in tandem with within the contract terms. considerable uncertainty worldwide. PPP contracts are not structured to What are the benefits? The PPP Clients, therefore, need to review readily accept contract changes, and structure means that projects are commitments and prioritise activities, this factor, as well as provisions for funded by financial institutions so and this trend has become more termination, can be complex. that the project cash does not initially apparent over the last two years. come directly from government What does that mean for partners in capital budgets. Instead, the client will Infrastructure is emerging as the top the Gulf? Firstly it means that clients typically commission a major building priority: roads, railways, water and and their advisors must develop a such as a hospital, and then agree renewable energy projects all over the clear understanding of what they a deal whereby the building, and all Gulf are gaining traction as potential expect from any project, and how facilities management at least, are PPP vehicles. Similarly, school and much it will cost over the project’s paid by the government in instalments medical facilities are priority public lifetime, which could be up to 30 years. over an agreed period. sector projects which may well be This introduces additional discipline chosen for this type of funding. to project management: project Previously, some GCC countries Many parts of the region have growing specification should be well thought have funded projects from their populations with increasingly middle- through. Details should be future- own reserves, but other pressures class aspirations. Apart from places proofed as far as possible, with both now make PPP more attractive to to live, they are seeking good schools the initial construction requirements governments that are seeking private and hospitals, and they expect as well as the long-term operational sector investment and are willing to world-class transportation. To varying degrees, this driver applies across the region, and governments have been carefully examining long-term economic growth and a move away from hydrocarbons as the main source of income. As cash becomes less freely available, clients and potential investment partners are having to learn how to work together. Successful PPPs depend very much on trust and collaboration; this is absolutely key to both parties as they negotiate building and service specifications, costs and payment schedules. When a PPP agreement is finalised and signed off, it involves major international investors and cannot be changed easily, if at all. Relationships must be developed with potential investment partners. www.curriebrown.com [email protected] September 2016 10 Focus

shift priorities to projects that make the greatest social and economic sense. Recently, Kuwait and the UAE have witnessed the updating or creation of new regulations aimed at accommodating the PPP concept within existing legal frameworks. This has led to a surge in PPP proposals at various stages of tender. Qatar has not written such regulations into law, but has appointed consultants to advise on framework and legislation issues. Saudi Arabia, actively considering what would be a significant change of policy, is using existing commercial law, but is exploring changes to support a more active PPP programme. Business culture has been a historic stumbling block. Governments and Artistic impression of the new multi-facility regional authorities are less familiar Transit Oriented Development at Union Square with PPP, and officials have not Source: thedubaitram.com, Credit: RTA always understood why it takes time There are many examples where The process of evaluating and to take a project to market, reaching dedicated PPP units have supported financial close only when all other selecting a bidder is important too. the development of procurement and stages are complete, before work The procurer and advisors must delivery skills in the public sector, and can begin. In economies where cash shortlist bidders, talk to them, make collaborated with the private sector. might previously have been released the evaluation very clear so that This allows for clarity of procurement once a project was approved, this there is no risk of misunderstanding, processes, engagement with funders, process can appear unnecessary and ensure transparency along the development of a pipeline of projects, and frustrating. Experienced PPP way. Key issues here include the and clarity around contract terms: all advisors and investors are more implementation schedule and the essential ingredients to attract the familiar with the idea of detailed payment structure. Both sides must private sector and support delivery. output-based specifications and understand – and agree – to the specific negotiations before a deal is So what are the practical tips for process before a final decision is made. effectively closed. In addition, financial a procurer? US law firm King & New legislation in places such as close means closure, and a PPP Spalding recently issued their top Dubai helps provide a formal roadmap deal should not be re-negotiated, or ten pieces of advice, urging clients for procurers, tenderers and advisors. ‘unpicked’, once that has happened. to concentrate on proper planning, The introduction of PPP could including consideration of the shape All of this puts greater emphasis effectively support the procurement and membership of the procurement on the need for clients, advisors team and timescales. Decisions made of major projects, such as Dubai’s and investors to set out carefully in about funding, project management Al Maktoum International Airport, the order to achieve a truly collaborative and the management of the tendering Union Square Plaza and the extension relationship that can be translated into process can all have a fundamental of the Dubai Metro to the Expo 2020 site. formal binding agreements. This is impact on a project’s success or failure. new territory for many clients, and it For the Gulf states, the prize is simple may be wise to start with small, self- The output specification is vital too. and attainable: a new way to ensure contained projects which offer a route Essentially this becomes the core that significant social and economic to success but also the chance to gain ‘book’ which will provide the basis of projects move ahead. PPP can deliver valuable experience at developing the work to be done. Apart from the successfully, but it needs to be clearly structures and building relationships. construction requirement, the ongoing understood so that it is implemented Diligent selection of experienced operational needs must be assessed in a way that works for everyone. advisors, strong management and over the project lifetime, and set down collaboration with clients will all be before agreement is reached. Later essential. variations can be very costly indeed. www.curriebrown.com [email protected] September 2016 11 Currie & Brown offices

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