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bleed guide.indd 1 9/28/14 8:31 AM CONTENTS

5 Welcome to Emirates Review! 6 Business Outlook Finance House continues support for ICAI www.emiratesreview.ae Finance House sponsors special concert for UAE National Day CPI Financial Insurance House organises 2 blood donation drives P.O. Box 502491 Finance House donates 3 cars to UAE Disabled Dubai Media City, U.A.E. Sports Federation Tel: +971 4 392 4681 Moody’s UAE banking system outlook remains stable Fax: +971 4 390 9576 www.cpifinancial.net Aviation contributed $26.7 billion to Dubai’s economy in 2013 For CPI Financial Al Etihad Credit Bureau begins to issue credit reports MasterCard Index: UAE consumers remain optimistic Managing Editor Robin Amlôt [email protected] 8 In Focus Tel: +971 4 391 3723 The National Investor celebrates 20 years of success

Editor Emirates Pride Isla MacFarlane 12 [email protected] The incredible story of Abu Dhabi’s first hospital Tel: +971 4 391 3729 18 14 Corporate Finance Director - Client Services Implementing standardised documentation in financial Fred Dubery institutions [email protected] Tel: +971 4 391 3717 16 IT Contract Publishing Manager Cutting the paper and creating a paperless business Alice MacDonald [email protected] Tel: +971 4 391 3725 18 Investments Explaining recent turmoil in the UAE equity markets Chief Designer Buenaventura R. Jaluag Jr. 20 Islamic Finance [email protected] 26 Islamic corporate finance for ethical business Tel: +971 4 391 3719 22 Insurance Protecting your super yacht 24 Real Estate Affordability gap in Dubai Produced on behalf of Finance House 26 Law New rules positive for UAE IPO market Printed by UPP Abu Dhabi, U.A.E. 30 28 Health & Fitness UAE Disabled Sports Federation transforming lives

This Magazine is published for 29 Luxury & Travel information purposes only and shall not Our guide to spa treatments be construed to be valid, correct and/ or accurate at any point of time. The Arts & Culture publishers regret they cannot accept 30 liability for error or omissions contained The inspiring story of Darwish Bin Karam in this Magazine, however caused. Opinions and views contained in this 32 Lifestyle Magazine are not necessarily those of 32 Our guide to buying and birthing your super yacht the publishers. Ownership of trademarks is acknowledged. No part of this 35 Events Diary Magazine may be reproduced, stored in What’s on from January to March 2015 a retrieval system or transmitted in any form without the prior written permission of the publishers. 36 The Lighter Side Recent offbeat news to end things with a smile © 2014

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Welcome to Emirates Review!

n our first issue of the year, we look forward to what 2015 will bring. We speak to The National IInvestor (TNI), which is preparing to celebrate its 20th anniversary in the New Year. As part of the UAE’s growth story, the company is perfectly placed to reflect on the country’s future as well as its past. You can read about how it helped shape the UAE’s capital markets on page 8. We delve into the country’s history archives on page 12, and tell the inspiring story of how one extraordinary couple built Abu Dhabi’s first private hospital. On page 14, we speak to Mohammed Muthalif Rahmathullah about his mission to introduce standardised documentation for financial institutions. In a further effort to clean up the country’s paper trails, on page 16 we have published a guide on creating a paperless office. On page 18, you can read one expert’s view on the recent turmoil in the UAE’s capital markets, and what this will mean for the country in 2015. If you’re interested in an Islamic loan for your business, you can turn to page 20 and read about the advantages, the methods and how to apply for one. On page 22 we explain how to sail away with peace of mind, as we investigate the small print of marine insurance. Rent is a subject dear to UAE residents’ hearts, and rising costs have been a worry for tenants and a relief for landlords throughout 2014. Colliers International explores a growing affordability gap in Dubai on page 24. On page 26, Law House explains how a new law could mean great things for the UAE’s IPO market. Great things are also in store for the UAE’s Paralympics team. We meet the organisation cultivating its success, the UAE Disabled Sports Federation, on page 28. If you feel the need for a little pampering, read our guide to spa treatments on page 29 and take advantage of Abu Dhabi’s world class spas. Continuing our theme of celebrating Abu Dhabi’s unsung heroes, on page 30 we pay tribute to a man who transformed education in the UAE. Darwish Bin Karam built the country’s first school from nothing, and it still stands today. If you’re in more of a leisurely mood, why not read our guide to buying boats on page 32? With the Abu Dhabi Yacht Show bobbing on the horizon for 2015, there won’t be a better time to find your sea legs. This issue, it has been a privilege to celebrate some remarkable figures from the UAE’s past that helped shape its future. As we enter 2015, their stories serve as a timely reminder that strength, compassion and determination can overcome the greatest challenges. Emirates Review wishes you a very happy New Year, and looks forward to your readership in 2015. We hope you enjoy this issue of Emirates Review magazine! We welcome your comments and suggestions so if you’d like to get in touch, feel free to drop us a line [email protected] or by visiting our website www.emiratesreview.ae.

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FINANCE HOUSE GROUP’S CSR ACTIVITIES

Finance House sponsors special concert for UAE National Day

In celebration of the 43rd UAE National Day, Finance House sponsored a special musical concert organized by the Ministry of Culture, Youth & Community and in Finance House cooperation with Elite Music Institute and the participation of Russian Folk Orchestra. continues support The sponsorship reflects one more time FH’s active engagement in Corporate Social Responsibility initiatives and ongoing commitment to support the community. The event for ICAI took place at the Abu Dhabi National Theatre on 30th November 2014.

For the 7th year in a row, Finance House maintained its support to the Institute of Chartered Accountants of Insurance India (ICAI) - Abu Dhabi Chapter, and House participated as a Main Sponsor at the 26th Annual International Seminar. organises 2 Held at the Abu Dhabi Armed Forces blood donation Officers Club, the conference took place on the 14th of November drives 2014 under the theme “Shifting Gears - Ready for Takeoff” and was In its ongoing efforts to give attended by over 600 local, regional back to the community, and international experts. This step Insurance House (IH) organized comes to reiterate FH’s commitment two blood donation campaigns to ICAI - Abu Dhabi Chapter for their on the 24th of November in significant contributions in the field Dubai and the 9th of December in Abu Dhabi. Both initiatives witnessed a of finance, accounts and audit in the significant number of Insurance House employees participating as well as kind- UAE and the strategies that have hearted passer-bys. In collaboration with The Dubai Blood Donation centre and been developed to ensure that entities The Abu Dhabi Blood bank, these campaigns reflect IH’s ongoing Corporate Social are appropriately placed to overcome Responsibility initiatives and serve as reminders of the small initiatives one can take challenging economic conditions. to help others in need.

Finance House donates 3 cars to UAE Disabled Sports Federation

Finance House (FH) donated 3 cars to the UAE Disabled Sports Federation. Chairman of UAE Disabled Sports Federation, Mohamed Mohamed Fadel Al Hamli, said, “We would like to thank Finance House for this thoughtful gesture. It is through such positive activities that we can accomplish our goals and provide a supportive hand and a healthy future for our athletes.” Since its inception, Finance House has been committed to making a positive change and leaving a positive mark in the community that it serves. The donation of the cars to the UAE Disabled Sports Federation is just a practical example of this long-standing commitment.

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Aviation contributed $26.7 billion to Dubai’s economy in 2013

Emirates airline, Dubai Airports and the aviation sector as a whole contributed $26.7 billion to the Dubai economy in 2013, and supported a total of 416,500 jobs accounting for 21 per cent of the emirates’ total employment. These figures were based on the latest report Quantifying the Economic Impact of Aviation in Dubai conducted by global research firm, Oxford Economics, as a follow-up to a 2011 study done by the same firm. It is estimated that the aviation sector, including the Emirates Group, Dubai Airports, and other aviation businesses such as airlines flying into Dubai, Moody’s: UAE banking regulatory authorities and Dubai system remains Duty Free, had a core impact of $16.5 billion GVA in 2013. This stable outlook includes direct, indirect and induced contributions and is The outlook for the UAE’s banking system equal to 16.5 per cent of Dubai’s remains unchanged from 2013, says GDP, supporting over 259,000 Moody’s Investors Service. The outlook Dubai based jobs. reflects Moody’s expectations of continued improvements in the operating environment supporting further reduction in problem loans, a modest increase in banks’ profitability, and Al Etihad Credit Bureau begins to issue the maintenance of strong capital buffers credit reports and ample liquidity. Moody’s expects the continued easing of problem loans to drive Al Etihad Credit Bureau (AECB), the federal government company mandated to lower loan-loss provisioning, which when implement and operate a credit reporting system across the UAE, has begun coupled with asset growth will support to issue UAE citizens and residents with their own credit reports. Individuals a modest increase of returns on assets. can now obtain their own credit reports by visiting the Bureau’s customer Moody’s also anticipates that the banking service centres in Abu Dhabi and Dubai, and providing their Emirates ID details. system will maintain its strong funding and AECB has now completed the first phase liquidity profiles. The strength of the UAE of its operational roll-out, which included banks’ liquidity is reflected in the banking uploading 24 months of credit data from system’s stable liquid assets-to-total ratio banks and financial institutions operating of around 30 per cent and loans-to-deposit in the UAE to the Bureau’s database, for ratio of 91 per cent as of December 2013. all individuals with bank accounts. This has Consistent with the stable banking system ensured that banks, financial institutions outlook, Moody’s outlook on all rated banks and UAE residents can now obtain a copy in the UAE is currently stable. The outlook on of consumer credit reports, and make the Aa2 rating on the UAE is also stable. informed lending or borrowing decisions.

MasterCard Index: UAE consumers remain optimistic

MasterCard has revealed the results of its latest Consumer Confidence Index, which indicates that consumer sentiment in the UAE remains steady and optimistic with a score of 88.7. Consumers in the UAE are ‘optimistic’ about all five indicators measured in the Index. When compared to the previous edition of the survey released last year, consumers are more optimistic about employment (97.3 vs. 96.1), regular income (94.7 vs. 93.1) and the economy (96.2 vs. 96.8). However, in 2014, consumers in the UAE were found to be less optimistic about the stock market (79.0 vs. 92.8) and quality of life (76.3 vs. 94.5) indicators. The latest consumer confidence findings for UAE also indicate that male respondents are slightly more optimistic than female respondents about the coming months (89.9 vs. 87.6), and that consumers over the age of 45 years (90.9) are more optimistic than younger respondents (87.3).

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The National Investor

Emirates Review caught up with The National Investor (TNI) as it is on the brink of celebrating 20 successful years in UAE.

of the recently enacted directive of the Securities and Commodities Authority (SCA), which allows private companies to be traded on the ADX.

LEADING BY EXAMPLE Explaining the rationale behind the move, Yasser Geissah, Chief Executive Officer of TNI, said, “TNI has over 100 shareholders, some of whom have invested with us for over a decade. We thought the establishment of the second market for Yasser Geissah, Chief Executive Officer of TNI private companies was a great opportunity to create liquidity for our shareholders.” Abdullah Mazrui, Chairman of TNI, added that the listing emphasises the NI is a leading Abu Dhabi-based company’s good corporate governance. Tinvestment management and “Since inception we have embraced a advisory firm with three principal lines culture of strong corporate governance, of business: merchant banking, asset risk management and transparency, our activities are closely tied to the management, and principal investments which has earned us respect from UAE capital markets so being on the including real estate. Over the years, TNI our peers and stakeholders,” he said. platform provides another medium has been successful in positioning itself “TNI’s listing reinforces our commitment to communicate with investors and amongst the region’s leading and reputed to maintaining the highest corporate clients alike.” financial institutions. The firm focuses on governance standards, and will further The listing will not just benefit delivering consistently superior results strengthen the TNI franchise, which has TNI; such listings will also provide a in line with its growing reputation as a been built on the principles of integrity boost to the UAE economy. “Listings regional leader. and professional excellence.” in general provide companies with As a perfect example of this, TNI It is also anticipated that the listing additional funding options for their listed its shares for trading on the Abu will open doors for the company by projects, whether through equity, debt Dhabi Securities Exchange (ADX) as raising its brand awareness. “The or structured products,” explained a private joint stock company on 25 listing is expected to raise the profile Geissah. “This in turn would allow November 2014. The move established of the company and the brand,” said Abu Dhabi companies to expand locally it as one of the first to take advantage Geissah. “As an investment bank, and beyond their borders to export

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their competencies abroad, following interesting new projects and companies as well as an active investor in local the lead of national champions, such, that would benefit Abu Dhabi and markets. Its team has been involved as Etisalat. On a separate note, more the UAE,” said Geissah. “We have in complex transactions covering listings would be beneficial to the over the years carefully selected our domestic, regional and international financial services industry as it would investments and led them to a stage markets totalling over AED 147 billion allow for a broader capital market where they could be successful on their (USD 40 billion). and products.” own, either as a public company or in TNI’s principal investments track the hands of the right owners. This record includes national champions such BEST FOR EVERYONE has enabled us to consistently deliver as Aldar Properties PJSC, Depa Limited, Mutually beneficial activities are part returns to our shareholders over the National Central Cooling Company of TNI’s DNA. The key to its success is years and we aim to continue that trend PJSC (Tabreed) and Nas Third Party a genuine desire to see the companies in the future.” Administration Services, LLC. Today, TNI’s it invests in, and the UAE, thrive. “At Since incorporation in 1994, TNI investments portfolio includes Colliers the core of the company’s beliefs lies has become one of the leading capital International, a leading real estate the concept of nurturing and growing markets players in the MENA region advisory firm, Mafraq Hotel, a 4-star hotel Cont. overleaf

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Cont. from page 9 property on the outskirts of Abu Dhabi, Knightsbridge Global Security, a leading security services provider, L’azurde, one of the largest gold manufacturers globally, and Dubai Contracting Company, a leading contracting company focusing on residential, commercial and mixed-use developments, among others. TNI’s asset management division TNI was instrumental in the FUTURE SUCCESS manages three funds: TNI UAE Blue development of the UAE’s capital Looking ahead, the company sees great Chip Fund; TNI MENA UCITS Fund; and markets. “I would say that one of TNI’s potential in the run up to Expo 2020. TNI MENA Hedge Fund. These funds greatest achievements is shaping the UAE “Despite the global turbulence, we still are targeted at international and local capital markets into what they now are as see some opportunities locally in oil and institutions, and sophisticated high net- emerging markets,” said Geissah. “This is gas, and in particular in the services worth individuals. TNI asset management also something I am personally very proud sector, where there is some room has a rigorous investment process of, as we dealt closely with the regulators for consolidation. In Dubai, logistics, coupled with strong buy-side research in the early days to guide companies to tourism and hospitality will remain capabilities, which positions it as one of the market and create a framework that lucrative ahead of the 2020 Dubai Expo. the leading fund managers in the UAE. benefitted so many over the years.” Abu Dhabi real estate still offers some It is this approach that allowed it to excellent opportunities in niche areas.” weather the financial crisis while other TNI’s listing reinforces our The company has seen the market companies crumbled. “During the crisis, commitment to maintaining the mature over the past few years, with we aimed to keep leverage low so as highest corporate governance investors becoming moresavvy in the to keep out of some of the problem standards wake of the crisis. “Investors have areas that plagued our competitors,” learned some lessons in the past few said Geissah. “We also took calculated years as we are seeing in the behaviour of risks on distressed opportunities that Listing on the ADX is another chapter the capital markets,” explained Geissah. could turn around quickly. Now, with the in that growth story. “SCA’s initiative to “There is a level of sophistication right valuations going up, we try to focus on allow listing of private companies is a now amongst the investor base that did defensive sectors, such as the case in our significant step towards the development not exist back then.” recent acquisition of National Catering of the UAE capital markets.TNI, with its However, Geissah cites oil prices as a Company, the food services transaction strong corporate governance framework factor in maintaining market sentiment. we recently closed, and try to capture and proven track record, will bring “Sentiment has improved markedly since opportunities at a development stage, further diversity to the ADX exchange,” then but it remains to be seen if this is where returns are more compelling.” added Geissah. sustainable, especially if oil prices remain Its investment banking division low for a long period of time,” he said. MARKET PIONEERS offers a full range of services Geissah explained that the TNI is TNI is committed to full compliance including equity capital markets, currently working towards making the with global regulatory standards and debt capital markets and M&A company more resistant to market best practices. The firm carries out its advisory services. The division also conditions. “For us as a financial investment management services from provides support across the lifecycle institution, our greatest challenge is to its main office in Abu Dhabi and its office of a transaction, from origination to reduce the volatility of our earnings to in DIFC. Under this structure, its activities structuring, syndication, marketing depend less on market conditions. We are are regulated both by the UAE Central and distribution. now implementing various steps in that Bank and by the DFSA. Additionally, TNI The firm’s well established direction, which we hope will yield great is now recognised as a fund promoter market presence, coupled with a deep results for us and our shareholders,” and investment manager by the Irish understanding of the region’s economic said Geissah. Financial Regulator, enabling the firm to environment, strategic sectors and With their long track record of launch its umbrella fund structure under business context enables TNI to deliver success, Emirates Review has no doubt UCITS IV regulation. excellent client service. that TNI will succeed.

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For the last 50 years Oasis Hospital has continued its exceptional care of Optimal care women, children and families, providing world class medicine coupled with an empathetic pathos. It has welcomed over 100,000 babies into the world since its establishment. Oasis Hospital was the first non- government hospital in the UAE to receive JCI accreditation in 2007, and How the first private hospital in Abu Dhabi was built on the kindness has been successful in re-accreditation of strangers. efforts in 2010 and again in June 2013. Under the management of CURE International, Oasis is an integral part t’s easy to take the standard of donated by Sheikh Zayed with makeshift of the worldwide network of CURE Ihealthcare in the UAE for granted, but patient rooms made from palm branches. healthcare facilities dedicated to better a time when there were no hospitals in The Kennedys, however, were health for families around the globe. Abu Dhabi is within living memory. During determined. With inspiring determination, However, to many it will always be those dark days, the emirate had an infant they toiled through conditions which known as Kennedy Hospital. To honour mortality rate of 50 per cent and 35 per would be unthinkable in a healthcare the couple who sacrificed so much for cent of pregnant women died in childbirth. facility today. With no staff, every task, the health of the nation, Oasis Hospital In 1960, Sheikh Zayed Bin Sultan Al including the cleaning, fell to them. dedicated its state-of-the-art birthing Nahyan and his brother Sheikh Shakh A few year years into their mission, centre, The Kennedy Center for New but knew it was time to build a hospital. a clinic was built on land donated by Life, to Kenned and Mariam. In fitting According to The Oasis, a book authored Sheikhs, which is where the Oasis Hospital tribute, the Kennedy Center provides by missionary nurse Gertrude Dyck who stands today. The modest cement block, a comfortable, private environment in worked at the hospital for nearly 40 housing only 20 beds, marked the birth of which mothers can give birth. years, Dr. Burwell Kennedy and his wife exceptional paediatric care in Abu Dhabi. Continuing the compassion shown Dr. Marian Kennedy were invited to the In a very short time, the mortality rate by its founders, the Oasis Hospital’s day- United Arab Emirates to establish a plummeted. During the first 15 years, the to-day health care services are given on hospital in Al Ain. hospital saw most of the family members a non-profit basis, and no one has been The doctors had their work cut out of the Al Nahyan dynasty come safely into refused healthcare for financial reasons. for them. With no other hospitals, the the world. His Highness Sheikh Khalifa The mothers, daughters and wives populations of Abu Dhabi, Al Ain, Buraimi Bin Zayed Al Nahyan and His Highness of Abu Dhabi will always be grateful and Oman would all be needing their Sheikh Mohammed bin Zayed al Nahyan for the kindness of strangers which care. Resources were limited. The first are among the many Abu Dhabi leaders founded the birthplace of the leaders of clinic was established in a guest house born there. the nation.

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page 12 Emirates Pride.indd 12 12/22/14 9:30 AM We understand how to transform your Inspiration to Reality

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bleed guide.indd 1 12/21/14 12:46 PM CORPORATEFINANCE

Documenting success

What are the problems of not Mohammed Muthalif Rahmathullah spoke to Emirates Review having centralised documentation about his mission to introduce standardised documentation for procedures? financial institutions. “There are visible and hidden dangers that lie within banks that are not maintaining a centralised approach for documentation ohammed Muthalif Rahmathullah out and become noticed by HO Financial management. The effects of which reflect M is using his 40 years of experience Auditors and the HO IT Department.” significantly as employees experience in banking to forge a vital missing link: “In 1990, I was transferred to the inconsistency when following operating standardised documents. General Audit Department in HO as an policies and business processes. With such Assistant Manager for the Policies and in mind, when critical problems surface What brought you to your current Procedures Department (PPD).From here senior management faces difficulty in job? Or how did you come about to on, my journey shifted towards becoming identifying the employee or his/her manager the job you are currently doing? an expert in documenting policies and that is responsible for such issues.” “I joined National Bank of Abu Dhabi procedures for banks.” “Today the banking industry is rapidly (NBAD) during 1979; after 3 years of expanding with several complex issues work experience with Bank of Oman, Do gaps exist in financial facing the world where new regulations, Dubai Branch (now Mashreq Bank). My institutions’ documentation such as FATCA, Anti Money Laundering, UN first job with NBAD involved data entry processes? If so, where? Sanction Rules etc., are imposed by local of financial transactions in the National “A huge gap exists in almost all local and foreign governments, United Nations, Cash Register terminal and reconciling banks when it comes to managing the and other world bodies. It is mandatory for entries with respective General Ledgers documentation process. In the majority all banks to follow these regulations which to produce End of Day (EOD) reports.” of local banks, the responsibility are critical for their regular operations.” “Over a period of time, I became of handling policies and business “Unless banks exclusively maintain curious, as to why entering these processes is assigned and overseen by a team of well experienced and qualified numbers was so vital and why the officer managers from each division on a daily bankers to review these regulations and in charge was distraught when the basis when carrying out their day-to-day define clear operating policy guidelines numbers didn’t reconcile. Overtaken by business activities and operations. As such curiosity, I was eager to learn more a rule of thumb, senior management about banking after hours. Though we expects managers to take responsibility did not have enough facilities to take and ownership in defining policies and evening courses in Dubai during the business processes pertaining to their 1980s, I managed to gather books and area, to the best of their knowledge, learnmore about the profession.” experience and ability. A major “During the years from 1980 to 1989, challenge for local banks, is to recruit I had great opportunities to improve and consistently maintain a team of my knowledge in branch banking. I experienced and qualified bankers to run cultivated the habit of writing suggestions, an independent department for handling improvements, new ideas etc., to our Head policies and business processes. All Office (HO) in Abu Dhabi on how to enhance foreign banks maintain independent the processing of transactions, reduce departments at their respective HO operational cost, mitigate operational risk, locations that produce, update and improve customer service etc. In turn, this maintain policies and business processes created an opportunity for me to stand entailing all overseas locations.” Mohammed Muthalif Rahmathullah

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implementation of a software that will aid in mapping and maintaining all business processes and both the IT and operations department are presently evaluating the software. “I have given my word to the Chairman, in implementing a comprehensive and sustainable system that is to ensure all operating policies and business processes of Finance House Group are well defined, mapped, reviewed, approved, published and consistently maintained, as per the pre-approved framework of senior management. Consequently, that will mitigate all associated risks, improve and business processes that are centrally external. This will avoid complications that operational efficiency while reducing reviewed, approved and published in a may arise due to non-compliance of legal costs, enhancing control and improving timely manner; they will end up paying and regulatory requirements, and financial customer experience which will support heavy fines and face financial and losses that may come about, due to risk business growth. reputational losses for non-compliance. aversion and operational complexities for Another important aspect that banks often avoiding audit controls. There is excellent All fOREIgn banks maintain neglect, given they have set structured and cost-effective software system independent departments at end-to-end business processes which in the market which accurately maps their respective HO locations that produce, update and are regularly updated and revisited, and manages all business processes maintain policies and business they will no longer require investing across large organisations and allows processes entailing all more time and effort in re-engineering for 100 per cent internal control over overseas locations processes. As, re-engineering would be process management.” integrated in every department’s daily activities following the set policies and What work are you currently doing “During this process, wherever business processes.” for Finance House? possible, we will convert manual bank “I know the Chairman of Finance House, forms to an electronic format with What are the best ways of Mr. Mohammed Abdulla Alqubaisi, barcodes to facilitate direct input of data implementing standardised personally and I worked with him while by tellers and encoders. Customers documents? he was the Divisional Head at the requiring bank forms will be able to “Banks need to invest in recruiting a small National Bank of Abu Dhabi. In October, browse Finance House’s website, access yet exclusive team composed of qualified I visited Finance House to meet a few and complete the required form, which and experienced bankers to handle ex-colleagues of mine who are currently they can then print and present to the banks’ operating policies and business working there. During this time, I met the teller. This process will reduce cost, avoid processes from a central location. Such a Chairman for a few minutes. After finding input errors and improve turnaround team is to be empowered to define those out that I had currently retired and joined time for customers and tellers alike.” policies and processes in cooperation a business consultancy firm, Phoenix “Having successfully performed the with respective business units and other Business Solutions in Abu Dhabi, he above responsibilities; implemented HO departments, e.g. audit, legal, risk, requested my assistance in streamlining innovative ideas and process improvements operations, IT, compliance etc. Finance House’s operating policies and in NBAD covering over 120 domestic and “This team will also be allocated the business processes for the entire group. over 30 international branches, divisions, responsibility to publish, review, amend, “Currently, I am in discussion phase departments and units during the past 25 update and maintain all operating policies with the different department heads, to years, I am fully confident of delivering on and business processes. This includes understand the current status of Finance my promise to the Chairman. It is indeed content, accuracy and consistency revision House’s operating policies and business a challenge, yet when there is will, there is of all bank forms both internal and processes. I have recommended the always a way.”

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Cutting paper

Clear the clutter, save the environment and boost your CSR credentials – Emirates Review advises on how to be a paperless business.

f you’re still printing emails, you’re on can sign documents online and Ithe wrong side of history. The idea of a employees can work together on paperless society was first envisioned by shared documents in real time. Frederick Wilfred Lancaster in 1978, and Time spent going back and forth the technology is finally here to make with paper documents is eliminated. that dream a reality. Going paperless can also streamline The benefits of a paperless office are administrative processes such numerous, and yet many businesses are as billing and accounting; not to still reluctant to stick their post-it notes in mention the time saved on trying to the past. If your company still feels safer find that all important piece of paper with paper, let’s see if we can’t persuade that’s been buried under a mountain you with these paperless perks: of paperwork… • Save money: The money saved • Save arguments: Digital documents on printing, paper, mailing and are much easier to keep track of Going paperless is surprisingly document storage can run into tens than paper ones. You’ll know exactly painless. It may take a few one-off of thousands a year. Going paperless what time something was sent, investments, but any business has the will also slash costs for toner, ink when it was read and how long it power to cut the paper. In fact, the and even electricity. took to respond to. Once something biggest challenge is changing habits. • Save room: If you’ve ever tutted at an has been sent through cyberspace, As a society, our love of paper is employee’s messy desk, you’ll love its trail can only be erased by the deeply ingrained. How many times has a paperless office. Going paperless cleverest computer genius, meaning someone handed you a document that is one of the quickest ways to clear ‘lost in the mail’ can never be used could have been emailed? And how clutter from your office. With all as an excuse again. many times does that document sit those documents, reports and • Save the environment: It’s an obvious and gather dust on your desk? A paper invoices banished from the office one, but still worth mentioning. Not document still carries a certain finality you will probably gain several square only will the rainforests thank you, in the business world, but times are feet of workspace. but so will your PR department. changing; by chucking the paper in • Save time: Electronic files can be Going paperless is a great message recycling bin you become a cutting edge, accessed from anywhere. Files can to send to your clients as a company conscientious business. And here’s how be reviewed from home, clients who cares. to do it:

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• Paperless bills: The majority of banks, utilities companies and communications providers now offer paperless bills, and by opting to pay the company bills online you’re saving postage, envelopes and employee time. In the same vein, you can also invoice clients and send receipts online, providing a more efficient service. • Sign online: By investing in software such as DocuSign, you eliminate the need to send even the most vital documents. With the arrival of electronic signatures, clients can now sign on the virtual line, rather than the dotted one. Not only does this save time and resources, but it means agreements are more likely to be reached quickly and important documents less likely to be lost. • Be flash: Does that company brochure really need to be printed? If you create a digital version, you not only save on printing costs but the information is much more likely to be read. If you hand out a brochure, chances are it will end up in the recycling bin pretty quickly, but no one ever throws out a flash drive. • Think before you print: How many times have you ignored that email • Share documents: Services such as • Send online: Even larger files can be signature that implores you to Google Docs allow employees to work sent on email, with the help of services think before printing an email? simultaneously on a spreadsheet or such as yousendit.com and wetransfer. In this modern world of mobile document. You can also talk online com. Moreover, with Dropbox you can devices, there really is no excuse while working on the document. even create group folders for different for printing emails. Any information Work can be downloaded at any time, projects or members of the team, you need to take with you can be and earlier versions referred to. This so you can have your own paperless forwarded to your smart phone, means that all progress is archived postal system at work. iPad or tablet. automatically, without having to visit • Invest in a scanner: With a decent Realistically, it will probably be a the printer once. scanner, you will never have to long time before paper is consigned to • Online storage: With companies store photocopies again. Just scan the history e-books. However, with so such as Just Cloud offering free whatever you need, from passport many incentives on offer, any modern online storage, your business can copies to business cards, and it’s business should be casting a critical eye have its own library in the sky that ready to save, store or send. You over paper consumption. The idea of any employee can access anytime, will also never have to decipher saving time, money and the rainforests anywhere – all without taking up important information from poor is not one that just sounds good room in the workplace. photocopies again! on paper!

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Mayhem in equity markets

economic malaise coming our way? We Mr. Mohammed Wassim Khayata, Managing Director of CAPM, shall try to answer these questions in the guides us through the recent turmoil in the UAE equity markets. next few paragraphs.

t the time of writing this article and the levels seen in the beginning of the Why are oil prices tumbling? A as we head into end of the year, the year. Looking at the chart, we observe Put simply, as with everything else in equity markets in the UAE, and wider that the indices have shed almost all economics, it is purely a question of GCC, have taken a major tumble and the gains over the last three months, i.e. demand and supply. are experiencing frenzied selling across since September 2014. On the supply side, there has been a sectors, mainly led by retail investors So what explains this drop, rather glut thanks to a boom in production of who were net sellers during the week- plunge, in the indices and why have shale oil in the US, so much so that the ended 11 December 2014. The Dubai the investors pressed the panic button, US has taken a decision this year to start Financial Market (DFM) Index plunged given that the broader economy is in a exporting oil (US is now producing 9 million 7 per cent in a single day (December 11). sound footing, real estate markets are barrels a day). Nigeria, a significant oil The Abu Dhabi Securities Exchange (ADX) fairly stable (notwithstanding the highs producer, which used to export one million Index performed no better closing 5 per they have reached), and banking sector barrels per day to the US in 2010, now cent down the same day. As is seen in continues to show improvements with exports none forcing it to seek markets these scenarios, retail investors received greater credit uptake and reducing non- for its products elsewhere (read Asian margin calls from their brokerages performing loans? Have the economic countries). OPEC countries which supplied thereby further exacerbating the loss. fundamentals changed overnight? 180 million barrels in August 2008, now Both the indices, more so the DFM, An explanation to the above questions export less than half of that, i.e. 87 million have eroded almost all the gains this can be found in the behavior of price barrels. This has, obvously, had an effect year. The DFM is up just 3.5 per cent of oil over the last few months and its on OPEC countries which account for one- year-to-date from a high of 51 per cent. correlation vis-à-vis the performance of third of global oil production as they try and Similarly, the ADX is up 0.2 per cent year- the equity indices. Looking at the chart, seek the same markets for their products. to-date from a high of 23 per cent. The it does seem that the drop in the equity On the demand side, the situation rest of the GCC has experienced a similar indices has tracked the drop in the oil started changing too. In 2011-12, when trend with some of the markets such as prices. However, a question arises: does the oil prices were hovering around USD Kuwait and Oman having closed below the drop in oil price portend to a greater 90-100, analysts predicted that the strong growth in global economy (specifically, China and US) would soak up the supply. GCC INDEXES (REBASED AT 100) 175 This, however, was not to be. While US Market Peak Market Peak economy continued to gain strength, 165 Dring the year Dring the last 90 days growth elsewhere, including China and 155 Europe, slowed down. Additionally, 145 several Asian currencies weakened 135 against the US dollar, forcing consumers 125 in these countries to cut back. 115 A combination of the above factors, 105 and with OPEC continuing to maintain its 95 stance of leaving prodcution unchanged, 85 have put, and continue to put, downward Source: Bloomberg/DFM 75 pressure on oil prices. When will it stop, 2-Jan-14 2-Feb-14 2-Mar-14 2-Apr-14 2-May-14 2-Jun-14 2-Jul-14 2-Aug-14 2-Sep-14 2-Oct-14 2-Nov-14 2-Dec-14 or will OPEC cut down production, is ADSMI Index DFMGI Index MSM30 Index DSM Index KWSEIDX Index SASEIDX Index anybody’s guess.

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to reap benefits from low oil prices. 180 INDEX MOVEMENT TO OIL PRICE COMPARISON (REBASED 100) To illustrate, Air Arabia will be able to 160 improve its margins upto 300 basis 140 points, thus adding some more dollars to its shareholders’ pockets. 120 4. The UAE, as well as most of the 100 GCC, have run huge current account 80 surpluses over the last few years leading to large foreign exchange 60 savings providing comfortable buffers. 40 Source: Bloomberg/DFM Oil prices will have to drop further 20 before these surpluses turn into ADSMI Index DFMGI Index CL1 Commodity 0 deficits. Governments, therefore, can 2-Jan 2-Feb 2-Mar 2-Apr 2-May 2-Jun 2-Jul 2-Aug 2-Sep 2-Oct 2-Nov 2-Dec continue to sustain their spending, albeit at a slower pace. Additionally, a period of low oil prices may in 1 EXCESSIVE SUPPLY OVER CONSUMPTION (MN BARRELS PER DAY) 0.8 fact benefit these countries over the 0.6 0.62 longer term, if it helps in squeezing 0.52 0.4 0.43 the shale oil production in the US. 0.2 -0.03 0 What’s next for UAE equity markets? -0.2 It would be naïve to assume that the -0.4 -0.33 continued drop in oil prices will not affect -0.6 -0.58 -0.68 UAE equity markets. We believe that the -0.8 Source: Bloomberg/DFM equity markets will continue to soften a -1 little before finding their bottom. However, 2015 2014 2013 2012 2011 2010 2009 we also believe that the recent sell-off in the equity markets is over done, specifically Why are equity markets behaving cent towards UAE’s GDP. The balance considering that the overall economy is the way they are? 61 per cent contribution to GDP in a much better footing. The DFM and The current slump in the equity markets came from various sectors including ADX indices are currently trading at price- is highly correlated to the drop in oil prices wholesale & retail trade, logistics & to-earnings multiple of 11.0x and 11.8x, as seen in the chart earlier. Investors communications, manufacturing, real respectively, from highs of 21.5x and 15.5x believe that this drop in oil prices will be estate, construction, and financial a few months back. Any further drop in followed by an economic slowdown and a services, as shown in the accompanying the indices will be an ideal entry point and cut in government spending. We believe chart. All of these sectors are expected investors should gear up for that. this is highly sentiment driven and should not be the case for the following reasons: 1. The UAE indices, both DFM and ADX, 2014 GDP CONTRIBUTION - 61% NON-OIL Others hardly have any representation from 6% Manufacturing the energy sector, a sector that has Government Services 14% 8% been negatively affected by the oil price slump. Logistics & Communications 13% Construction 2. Most of the sectors (logistics, 15% transport, consumer, banks) representing the indices should in Financial Corporations fact benefit as money gets transferred 11% Wholesale & Retail Trade 17% into the hands of consumer. 3. The UAE economy is highly diversified. Real Estate & Business Services 16% Source: Bloomberg/DFM In 2014, oil contributed only 39 per

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Islamic Covered Card; Commodity Murabaha; project/contract finance; Islamic finance and Ijara finance; trade finance; Al Rabeh Guarantee (labour guarantee); Istisnaa: Business Finance; Time deposit; Wakala business growth investment deposit.

Islamic business finance makes sense for any company wishing to Modes of Islamic business finance conduct their affairs with integrity and transparency. Murabaha A selling contract for commodities at slamic business finance operates within institutions are trading heavily into financial the purchase price with a defined and Ithe framework of the religion, based on markets and carrying out huge speculative agreed profit mark-up. The mark-up Quran and Sunna. In accordance with this, transactions,” said ELaggan. “These may be a percentage of the purchase Islamic business finance is raised based transactions are sources of instability and price or a fixed amount. on establishing justice between the two the returns on investments are highly Ijara parties, where the financer agrees to share speculative. On the contrary, Islamic banks A lease agreement whereby the business process risks in exchange for a are prohibited from carrying out such company (as lessor) leases an asset profit portion. In contrast, the relationship activities which are deemed to be risky to the customer (as lessee), after purchasing/acquiring the specified asset in conventional banking involves a creditor in nature. This protects the depositors in according to the customer’s request and debtor. “The main feature of the Islamic banks and is in their better interest.” and promise to lease, either from a Islamic model is that it is based on a risk Perhaps the biggest draw, however, third party seller or from the customer itself, against certain rental payments for bearing principle before granting finance is that Islamic finance is considered specified lease term/periods. Whereas, to the customer,” explained Hazem more ethical, which would appeal to any upon fulfillment of all the obligations by Ismail ELaggan, General Manager of business regardless of religion. “One of the customer (lessee) under the lease Islamic Finance House. “This system of the unique and salient characteristics of agreement, the ownership of the subject asset is transferred from the company financial intermediation will contribute Islamic business finance is the integration (lessor) to the customer (lessee). to a more equitable distribution of of ethical and moral values within its income and wealth.” banking operation,” said ELaggan. “The Istisnaa: Another perk is that the profit margin moral dimension of Islamic finance A sale contract, in which the Company ( AL Saanee) sells an asset to be - calculated in financing - in Islamic manifests itself through many aspects, developed using its own materiales to a banking is fixed and not changeable, unlike including restriction of financing to goods customer ( AL Mustasnee) according to conventional banking, where the interest is and services that comply with the Shari’ah, pre- agreed upon precise specification, not fixed and variable. and avoid what violates it, such as alcohol, at a specific price, instalments dates and to be delivered on a specific date. “Another important characteristic nightclubs, casinos and transgressions of This developed asset can be either which forms the basis for the development this sort,” stated Elaggan. developed directly by the company or of Islamic finance is the relationship “Customers are not just attracted to through a subcontractor and then it with depositors,” said ELaggan. “They Islamic finance because it integrates ethical is handed over to the customer on the pre- agreed upon date. deal with their customers on investment and moral values, but also to the unique grounds based on sharing the risks and services, products and competitive pricing profits rather than a pre-determined fixed offered by Islamic Finance House,” ELaggan interest rate. They invest the money of added. “Parallels are often drawn between their depositors on high profitable projects Islamic finance and socially responsible after studying the economic feasibility of investing. Islamic banking seeks to these projects in order to give a substantial maximise both financial returns and socially return to their depositors.” responsible ethical behaviour.” Another feature is that Islamic financial Islamic Finance House offers institutions tend to avoid engaging in numerous products tailor-made for its For more information, please call high risk tools, unlike their conventional customers, including: Islamic Personal 800434 or visit www.ifh.ae counterparts. “Most of the non-Islamic Finance (Yaseer); Sayara Auto Finance;

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page 20 Islamic finance.indd 20 12/22/14 2:45 PM Rest Assured

Insurance House o ers you a host of comprehensive products and services designed to provide insurance solutions to institutions as well as individuals.

REST ASSURED

bleed guide.indd 1 9/28/14 8:16 AM INSURANCE

“Pleasure craft insurance is designed to protect private yacht A liability on owners from loss or damage to their vessel and accessories as well as any legal liability arising out of the use of the vessel,” explained Ferdinand Dela the ocean waves Riva, Assistant Manager of Marine and Specialty Lines at Insurance House. “This commonly covers accidental damage to the boat, liability to others and personal accident to indemnify the insured in the event of a calamity such as collision, fire, sinking, theft, piracy, Don’t set sail without reading the small print on your marine insurance! storm and acts of nature. The policy can also be tailored to suit individual pleasure craft needs depending on the arnessing the elements and riding on it. It gives you shelter and carries age, type and construction of the boat.” Hthem across the oceans may be one you across stormy seas. Keeping your

of the most rewarding ways to travel, but vessel in seaworthy condition is essential, it’s important to make sure plenty can go wrong when cutting across and every boat owner knows that a good the right policy is tailored to rough waters. Your boat may be your pride insurance policy is as important as the vessel and owner and joy. Your livelihood may even depend antifouling when it comes to maintenance.

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NAVIGATING RISK perils of the sea, and also includes third or maliciously damaged. Inform the This means that boat owners can cruise party liability cover, wherein the insurer insurer of any prosecution or inquest through the waves reassured that will indemnify the insured for an agreed that may be held. Do not repair or should an accident happen, financial amount, which the insured shall become replace damaged property without help will be at hand. Sailing is a perilous legally liable to pay by in the event of the consent of the insurer. Finally, do business. Tides and winds are all loss or damage to any other vessel or not pay, or offer payment, or admit beyond the sailor’s control, and even property, loss of life and personal injury responsibility for a claim.” the most experienced skippers can find arising out of accidents occurring during themselves in deep water. This is why the currency of the policy. it’s important to make sure the right For pleasure yachts, Insurance policy is tailored to the vessel and owner. House offers one policy, however “Yacht owners at the initial stage this can be tailored to an individual’s should disclose all the information to requirements by extending the coverage the insurer in order for the underwriter or modifying the terms. Recently, it has to assess the pleasure craft; whether it also introduced a separate policy for will be used as privately or commercially, jet-skies, which is almost identical to its and whether it meets our underwriting policy for yachts with a few modifications criteria in order to decide an to suit jet-skis. insurance product right for the client,” said Dela Riva. Insurance House will “If the client decides to get an consider offering a discount Insurance House insurance policy they should also when renewing a policy if the carefully read the relevant policy client has a clean record Head Office - Abu Dhabi wording,” he advised. “One general Finance House Building, Zayed 1st Street, Khalidiya Area concern as you may know, is that basic P.O. Box 129921, Abu Dhabi policy covers the vessel for certain OVERCOMING PERILOUS WATERS Toll free: 800 4441 within UAE nautical miles which the insured should It’s worth taking care while at the helm Tel: +971 2 493 4444 be aware of. If the insured intends or and avoiding risky weather and areas, Dubai is planning to make a longer trip, they as Insurance House will consider Sheikh Zayed Road, Al Quoz should inform the insurer in advance in offering a discount when renewing a P.O. Box 117474, Dubai Tel: +971 4 4174700 order to extend the blue water cruising policy if the client has a clean record. territorial limit of the policy, subject to Some of the most common hazards are Sharjah approval. Another aspect to be aware of running aground, collision and third Al Khan Corniche Street P.O. Box 6099 Sharjah U.A.E is that yacht racing is normally excluded party property damage. Tel: +971 6 5932400 in our basic policy.” In the event of misfortune and the yacht owner needs to make a loss Mussafah Street number 8, M3 RIGHT POLICY advice, a formal notice of claim together Adnoc Petrol Station - Mussafah Insurance House offers one with other related documents should P.O. Box 129921, Abu Dhabi U.A.E comprehensive policy. Policies differ be submitted to Insurance House Tel: +971 2 555 6211 slightly among insurers, but the basic immediately in order to ascertain and Al Samha terms are normally the same. “The determine the nature and extent of Sheikh Maktoum Bin Rashed Rd Insurance House PSC Pleasure Yacht damage. Failure to do so may result Adnoc Petrol Station - Al Samha P.O. Box 129921, Abu Dhabi U.A.E Policy has been designed to provide in an adverse situation or reduction of Tel: +971 2 562 3330 comprehensive and third party liability the claim, leaving the policyholder at a cover for all pleasure boats new or old, financial disadvantage. Mahawi Adnoc Petrol Station – Mahawi but with determining factors,” explained “Take all reasonable steps to prevent Tel: +971 2 447 0597 Dela Riva. further loss and secure the damaged Factors include the age of the vessel, property so that the insurer may inspect For more information, call 800 4441 which has an upper limit. The policy it,” said Dela Riva. “Advise the nearest or visit www.insurancehouse.ae covers loss or damage caused by the police station if boat is lost, stolen,

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Although this income bracket represents the majority of households Mind the gap in Dubai, it is presented with limited housing options in terms of product type and location in both the rental and freehold markets. Colliers International research not only highlights the lack of housing at this price level but also the lack of appropriate housing, with households in this income bracket According to Colliers International, an increase in mid-market restricted to studios or one bedroom housing would redefine Dubai’s real estate market. units in International City, Deira, Al Qusais and Al Nahda. Households earning between AED n line with a report from Colliers A commonly accepted guideline 15,000 and AED 25,000 a month can IInternational, evidence suggests for housing affordability is when afford rentals ranging between AED that an affordability gap exists in the accommodation costs are within 30 per 54,000 and AED 90,000 per annum. current Dubai housing market. Colliers cent of a household’s gross income. Given This market represents 35 per cent International’s report, Addressing the that the total monthly income for 50 per of total households in Dubai. The Housing Gap, reveals a mismatch cent of Dubai households (excluding those highest income bracket represented by between the demand for and supply in labour/staff/shared accommodation) households earning AED 25,000 and of appropriate mid-market property, is between AED 9,000 – AED 15,000, to above per month is a limited 15 per cent highlighting the social and economic remain affordable expenditure on housing of total households. Rental affordability benefit of creating a diverse real estate should not exceed AED 32,500 – AED at this top tier of the market starts at market that meets the needs of all 54,000 per annum. AED 90,000 per annum. segments of society. Ian Albert, Regional Director at Colliers International, explained, “When EXHIBIT 1: DUBAI RESIDENTIAL DEMAND AND SUPPLY we talk about affordable housing in Dubai we are not referring to low-income 600,000 110% housing, but rather housing that is 105% affordable for a household in relation to 500,000 its income. What this means in the Dubai 100% market is mid-market properties that 400,000 are suitable for young working families 95% or professionals. Owing to the recent growth in rental and sales prices in 300,000 90% Dubai, this market segment has chosen to live in neighbouring emirates such 85% 200,000

as Sharjah and Ajman where greater Demand/Supply 80% Occupancy Levels options are available to them. This is 100,000 not only a missed opportunity for Dubai 75% developers who should be looking to capture this sizeable market by creating 0 70% affordable communities that cater to 2014 2015 2016 2017 2018 2019 2020 its needs, but it also directly affects the economy as productivity levels No. of Households (Demand) No. of Household Units (Supply) are lowered when a large percentage Healthy Levels of Occupancy (Benchmark) of the workforce suffers from a Demand/Supply (Avg. Occupancy) Source: Colliers International long commute.”

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While established residential EXHIBIT 2: MONTHLY HOUSEHOLD INCOME DISTRIBUTION IN DUBAI developments such as Palm Jumeirah, Dubai Marina, Jumeirah Beach Rental Affordability: Rental Affordability: Rental Residences (JBR) and Sheikh Zayed AED 32,500 - AED 54,000 - Affordability: Road (SZR) continue to witness AED 54,000 p. a. AED 90,000 p. a. AED 90,000 p. a. significant increases in rentals, more affordable housing locations such as 50% of Total 35% of Total 15% of Total Households* Households* Households* Jumeirah Lake Towers (JLT), Discovery Gardens, International City and Deira have witnessed the highest increases in rental rates YOY (30 per cent – 35 per cent), highlighting the growing demand for affordable housing. Rental levels that are affordable for 50 per cent of total households in Dubai (excluding those in company sponsored/ % Distribution of Households shared accommodation) are achieved in AED 12,000 AED 15,000 AED 20,000 AED 25,000 Above International City, Dubai Silicon Oasis, AED 9,000 AED 12,000 AED 15,000 AED 20,000 AED 25,000 Discovery Gardens, Deira, Al Qusais and Source: Colliers International *Total households excluding households in company/shared accomodation high population growth rates of five per cent per annum “Although the rate of growth in the affordable locations in Dubai and are expected to move existing sales market has slowed, the average community facilities, such as healthcare market fundamentals towards 2 or 3 bedroom unit in Dubai is still and leisure services, can increase the an undersupplied market beyond the reach of most working developer’s overall returns on a mid- families. With home ownership market housing project. no longer an option, these families The gap between residential demand Al Nahda. Rental at this level, however, have been pushed towards the rental and supply is currently 13 per cent is limited to smaller units of studios market where prices remain high. across Dubai. In a market where the and one bedroom apartments within This represents significant challenges majority of households are renters, and these locations. Given that the average for Dubai. As the cost of living and are highly mobile, achieving an 87 per household size in Dubai consists of raising a family becomes untenable cent occupancy level can be considered 4.2 members, which as a minimum for your average family, at best they relatively healthy. require a 2 bedroom unit, research will look to a neighbouring emirate for Colliers International estimates that indicates that there are limited/no such accommodation and schooling, and at an additional 51,000 housing units are units available in the market for this worst they will look to more attractive, due to enter the market during 2014 – demographic. As a result tenants in affordable countries in the gulf or 2020. Despite this significant increase this income bracket seek alternative further afield,” continued Albert. in supply, high population growth rates accommodation in more affordable The report details the substantial of five per cent per annum are expected neighbouring emirates. net gains to be made by developing to move existing market fundamentals “Access to affordable housing is affordable communities as part of towards an undersupplied market. not an issue that Dubai alone faces. creating a layered economy, with each An analysis of forthcoming Every major city in the world faces the income bracket contributing towards residential supply by location suggests same challenge. It offers huge potential, the overall development of the economy that approximately 50 per cent of these however, to be achieved it is critical that and its real estate market. It also units are targeted towards the upper- developers are provided access to well- asserts that when developed effectively, mid and higher-end of the market located and serviced land. Only then will affordable housing can provide high (Business Bay, Dubai Marina, Dubailand we see a policy for the development of returns for investors; significant rental Villas, Culture Village, Legends, Palm mid-market housing come to fruition in increases were witnessed in more Jumeirah). Dubai,” concluded Albert.

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Going public

New rules promise to breathe new life into the UAE’s IPO market; Patrick Khoury, Partner at Law House Advocates & Legal Consultants, explains how the new draft of the UAE Commercial Companies Law and other new regulations will encourage more companies to list.

ince the beginning of 2014, new rules Key change in legislation capital of the PJSC. This amendment Shave been expected allowing firms in • The draft of the new UAE Commercial to the Existing Law once enacted the UAE to use existing shares when listing Companies Law (“New Law”) provides will have an impact in relation to on local exchanges or raising fresh equity that founders may own a minimum of encouraging investors to promote an capital. In July 2014, the UAE Ministry of 30 per cent and a maximum of 70 per IPO without facing the risk of losing Economy Ministerial Decision No. 439/2014 cent of the capital of the public joint their control of their business, as on the Procedures of Transformation into a stock company (PJSC). Under the they are allowed to own up to 70 per Public Joint Stock Company (the “UAE existing UAE Commercial Companies cent of the PJSC and offer 30 per cent Ministry of Economy Ministerial Decision”) Law (“Existing Law”), founders may to the public. This will also promote was published in the Official Gazette, own a minimum of 20 per cent and IPOs for companies that have good improving the listing framework which was a maximum of 45 per cent of the financial standing and do not require previously considered restrictive. additional capital inflows. Previously, a company would need • The New Law refers explicitly to a to list a minimum of 55 per cent of a book building mechanism in relation company, and only if it was selling new to the pricing of newly issued IPO shares when going public. The regulations shares. The detailed regulations forced local companies to eye listings governing and regulating book outside the country, depriving the local building will be issued later. Pricing is market of listings. However, under the to be determined at the discretion of new rules founders of a company can list the issuer and the banks at a valuation shares through a sell down of a certain that is acceptable to investors, the percentage of their existing stock. issuer and the selling shareholder/s. The UAE’s IPO market sprang back to life in Q2 2014, witnessing its first IPO in April with Emirates REIT (CEIC) Limited, Law House Advocates & Legal which listed on NASDAQ Dubai and raised Consultants is currently $201 million. Also in April, Marka, another working on three proposed IPOs UAE-based company, became the first in the UAE and understands company to list on the Dubai Financial from authorities that a total of Market (DFM) in five years. The IPO was at least 10 are in the pipeline Patrick Khoury, Partner at Law House oversubscribed 36 times. Advocates & Legal Consultants

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will certainly encourage private Marka’s IPO also benefited from the companies to go public and list on exemption of having two years financial the primary market on a later stage. track records as of submitting the listing The first two companies to list on the request; it is a ‘greenfield’ company which secondary market are The National has only just been formed and has no Investor and Manazel Real Estate. financial track record. • According to Bloomberg, Abu Dhabi It is expected that the proposed and Dubai have already completed changes of the rules and regulations due diligence on a possible merger governing the IPOs as per the New of the ADX and DFM exchanges. Law, combined with the flexibility of the This will ensure a more efficient and Securities & Commodities Authority in coordinated approach to the global dealing with the companies submitting investor community. a listing request, shall have a positive impact on the IPO market in the UAE for E ffect on IPO Market the year 2015 onward. The peak activity in the UAE would not come before 2015, because companies generally needed to disclose financial statements for the past two years during • In addition, as per the UAE Ministry IPOs, and corporate earnings had only of Economy Ministerial Decision really started recovering in 2013. mentioned in the above Introduction, But the corporate mood has a UAE company converting into a shifted. Law House Advocates & Legal PJSC and listing on a local exchange Consultants is currently working on (the Dubai Financial Market “DFM” three proposed IPOs in the UAE and or the Abu Dhabi Securities Exchange understands from authorities that a total “ADX”) or raising equity capital of at least 10 are in the pipeline. may now list existing shares, as an IPOs are reviving partly because of alternative to new shares. This means a big rebound of share prices; Dubai’s that the founders can list existing main index has more than tripled since shares by selling a percentage of their the end of 2012. shareholding, although the resolution The Emaar Malls IPO was the largest Law House does not specify a minimum IPO in the UAE since 2007. It was a ground Advocates & Legal percentage. Previously PJSCs were breaking and landmark transaction for only allowed to sell new shares to the various structural and legal exemptions Consultants public at the time of an IPO. it was given, including that it was the • As of November 2014, the UAE first IPO that involved only a sell down Abu Dhabi Al Orjowan Tower, Office 404, Zayed 1st started trading on the secondary of shares where approximately 15 per Street (Khalidiya) market allowing private joint stock cent of the shares owned by the selling P.O. Box 62777, Abu Dhabi, United companies to list their shares shareholder, Emaar Properties PJSC, Arab Emirates at the ADX or the DFM. This step were sold to public investors. Tel: +971 2 6334488 Fax: +971 2 6316655

Dubai Maze Tower, Office 402, Sheikh Zayed Road (Adjacent to DIFC) P.O. Box 72281, Dubai, United Arab Emirates Tel: +971 4 3517909 Fax: +971 4 3517919

www.lawhouse.ae

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in funding will result in less athletes competing, diminishing the UAE’s Reaching for the sky chance of victory. Luckily, many local companies are eager to see the country’s national team triumphant once more, and have supported the federation in many ways. After returning victorious from the London 2012 Paralympics, the UAE For example, in November, Finance Disabled Sports Federation will be gunning for gold in Rio in 2016. House (FH) donated 3 cars to the UAE Disabled Sports Federation. Mohammed Abdulla Alqubaisi, he UAE Disabled Sports Federation of the UAE Disabled Sports Federation. Chairman of Finance House said, “FH is T has been hoisting the UAE flag The UAE delegation enjoyed their best proud to be supporting the UAE Disabled high since the ‘90s. The federation is ever year at a Paralympics, topping the Sports Federation. As part of our community dedicated to fostering athletes with list of GCC countries and ranking 5th in empowerment and CSR activities, we special needs and engaging them in the Arab world and 46th worldwide believe that supporting organizations with various local and international sports among 166 participating countries. such a noble mission is of paramount events and tournaments. Its home- The UAE Disabled Sports Federation importance in order to ensure better grown, handicapped athletes have is now gearing up to send a delegation circumstances for the disabled athletes.” competed at the Paralympics in Sydney, to Rio in 2016. As well as the usual Chairman of UAE Disabled Sports Athens, China and London and are challenges faced by the competing Federation, Mohamed Mohamed Fadel training hard to be in Rio in 2016. athletes as they toil under their training Al Hamli, said, “We would like to thank With over 2,000 athletes, the schedules, the federation must battle Finance House for this thoughtful federation ensures that only the best funding issues which plague disabled gesture. It is through such positive represent the UAE. Recruits start at the sports teams worldwide. activities that we can accomplish our age of 12, ensuring a grassroots approach “We have some funding from the goals and provide a supportive hand and to building the UAE’s future national Government, and sometimes we get a healthy future for our athletes.” disabled team. Of course, not everyone sponsors,” said Almheiri. “Our sport Finance House has been committed can make it to the Paralympics, but with is expensive because disabled people to making a positive change and leaving so many activities on offer all members require specialist equipment. When a positive mark in the community that are guaranteed a rewarding experience. travelling, the severely disabled often it serves. The UAE Sports Federation “The Federation organises all sports, require assistants to go with them.” is a perfect example of an organisation both local and international,” explained Almheiri describes funding as a striving to improve not only the prospects Theban Almheiri, Secretary General of major challenge, explaining that a drop of its members, but of its country. the UAE Disabled Federation. “Our main sports are athletics: shooting; fencing; powerlifting and basketball, which we are very strong on.” Perhaps the Federation’s biggest triumph came at the London 2012 Paralympics, where its team brought back numerous Paralympics medals. “In London 2012, we won 3 Paralympic medals: bronze; gold; and silver. We won the gold medal for shooting, and the bronze and silver in wheelchair racing,” said Almheiri. The victorious UAE national disabled team comprised 15 male and female players of the Knights of Will, and was considered the biggest in the history

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Today, the opulence of the Ottoman Empire can be revisited at a number of spas across Abu Dhabi. This ancient therapy can be tailored to the modern individual, and includes exfoliating scrubs, body wraps, facials and relaxing massages. Many still rely on age-old healing ingredients and aromas such as honey, eucalyptus and rose water.

Caviar facial In many Abu Dhabi spas you can lavish your skin with one of the most luxurious facials available. It may be a treat to eat, but this extravagant food item may also be the secret to eternal youth. The minerals within caviar can allegedly penetrate the skin and deliver vital nutrients. This rejuvenates your face leaving it softer, brighter and perfectly moisturised.

Gold facial We said that the caviar facial is one of the most luxurious available. The other Spa stars one is the gold facial. Apparently the soft metal is readily absorbed by the skin, reducing fine lines and wrinkles. During the facial delicate gold leaves are applied to freshly cleaned and toned skin, leaving As a vital stop on the Silk Road, the Middle East has been rejuvenating you with the face of a queen. travellers for thousands of years, and today the best sanctuaries from hectic modern life can be found in Abu Dhabi’s spas. Swedish massage This all-purpose massage is one of the best known, and an ideal choice for egend has it that Abu Dhabi was The Hammam beginners. It uses five basic strokes: Lfounded on the site of a healing The Hammam, aka the Turkish Bath, effleurage (sliding or gliding); petrissage spring, shown to Arabs by a magic gazelle. has been a cherished part of Arabian (kneading); tapotement (rhythmic Though a magic gazelle may be hard to society for over a thousand years. tapping); friction; and shaking. It can come by today, you’re never far from the Traditionally a place for business reduce pain and joint stiffness, as well tranquil waters of a luxury spa in the UAE’s meetings, social gatherings and ritual as relieving aching muscles and reviving capital. Whether you want to step back in cleansing, the name originates from weary minds. time to the bath houses of Constantinople the Arabic word for ‘heat’ and refers to or soothe your skin in an ultramodern a type of steam bath with heated marble F oot reflexology medispa, the emirate offers extensive slabs and interconnected rooms where This ancient Chinese treatment involves options to heal the body and mind. guests enjoyed body scrubs, facials massaging pressure points on the foot If you’ve never treated yourself to a and massages. Part of the historical that correspond to organs within the body. mammoth pampering session, we’ve put popularity of the Hammam rests with the For example, a spot on the arch of the foot together a classic spa menu of must-try exhortation by the Prophet Mohammed is believed to have a beneficial effect on treatments designed to take a load of (PBUH) that Muslims should keep one’s bladder. A person can expect to feel your shoulders and years off your face. themselves clean. energised and refreshed.

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page 29 Luxury & Travel.indd 29 12/22/14 9:37 AM ARTS&CULTURE

Educating the masses

Emirates Review pays tribute to a man whose passion for education transformed hundreds of lives.

n this article, we aim to shed light Ion a man with an inner eagerness for spreading knowledge and education. One who made a great impact on the lives of hundreds of people! How did he start off accompanying his brothers on fishing adventures and pearl trading and later transforming to become known as “the father of education” in Abu Dhabi, United Arab Emirates? He is the remarkable Darwish Bin Karam, the founder of the first school in the emirate of Abu Dhabi, and dubbed with the name “Al Mutawaa”. During his early years, he established the first school in Abu Dhabi, dedicated to teaching reading, writing, mathematics and different sciences to young boys and girls (there were, perhaps, one or two schools already in existence but they solely taught how to read and write the Holy Quran).

Darwish Bin Karam HIS UPBRINGING Born into a prestigious family in 1919, Darwish Bin Karam’s father was widely Ain; working in shifts to carry loads of keenly studied Abdullah’s tutor; an innate known as a successful trader and a weapons from the desert to the oasis in feeling overtook Darwish with a desire to brave warrior. Having always heard about Al Ain, which also bore witness to some spread knowledge and become, one day, his father’s endeavours and gallantry, of Sheikh Zayed Bin Khalifa’s battles. a teacher himself especially with the lack Darwish was driven with courage and At the age of 12, Darwish Bin Karam of educational provisions at the time. determined to overcome any barriers that moved to Dubai with the intention of At the end of his visit, Darwish decided stood in his way, always governed by his visiting his friend Abdullah Bin Salim. that he was no longer interested in deep-rooted morals and values. He ended up staying with him for a total accompanying his siblings on their maritime Among such stories, were his duration of three life-changing months. adventures of pearl fishing, but would much father’s along with the leaders of the He witnessed his friend Abdullah receive rather prefer to embark on widening his “Al Qubaisat” tribe’s many encounters private tutoring for a couple of hours on intellectual scope through diving deeper when protecting the outskirts of Al a daily basis. Having concentrated and into the world of knowledge and education.

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Luckily, Darwish was blessed with continued to increase, he established Towards the end of this stage of his a long-lasting memory, which would another tent to accommodate the demand. life, Darwish attended several honorary greatly come to support his footsteps In addition to his teaching services, Darwish celebrations held at the nation’s schools along the way. A perfect example of also acted as a community doctor often to praise those students with stellar this is when at the age of nine he had researching medicine combinations and achievements. In addition, in 1978 he memorized the Holy Quran. Facilitated practices. He helped those who were ill established an English Islamic school by the fact that his brother Jumaa used and often performed circumcisions on as a non-profit-making organization to to host religious preachers to teach him their male newborns, feeling responsible give back to the community, and had he how to read and memorize the Holy towards helping the community as he knew lived longer he would have continued his Quran, Darwish took it upon himself to that the availability of such services was journey philanthropically helping others. learn the Holy Quran, which he did in limited. This in turn was reciprocated with three months given his bright mind and utmost gratitude from the community, HONORING HIS STELLAR perseverance. until such services were provided by ACHIEVEMENTS Upon his return from Dubai, Darwish experienced doctors. With such achievements that had a decided to build a humble tent made out notable impact on the society, his of palm tree leaves, where he started 25 YEARS OF DEDICATION milestones were always praised and the first known school in Abu Dhabi, TO EDUCATION given recognition. In 1996, Darwish was naming it “The Civic School”. Even His school witnessed the graduation of granted Sheikh Khalifa Bin Zayed’s though it started with a small number prominent figures in society such as H.E. Educational Award; in 2003 a school of young boys and girls, the school grew Dr.Mana Saeed Al-Otaiba, H.E. Sheikh was established by the Government in to encompass more than 100 students Abdulla Mohamed Bin Butti Al Hamed Darwish Bin Karam’s name and in 2008 over the following two years. and many more such remarkable figures he was granted another educational As for Darwish’s lessons, they that have aided the development of this award by the Emirate of Abu Dhabi. entailed a variety of studies namely: the country. He left this world with a legacy of As for Darwish Bin Karam’s Holy Quran, manners, reading, writing, goodwill and fervent stamina in striving educational institute, it continues rudimentary mathematics and selected to be better though educating oneself! fostering more than 800 students at sciences. His sole motivation came from his eagerness to develop an upcoming, HIS EXTENSIVE KNOWLEDGE SERVED THE COMMUNITY IN MANY WAYS, educated generation that would be able to INCLUDING BUILDING MOSQUES AND TREATING THE SICK. HE COULD ALSO achieve greatness just as he had himself. READ HOROSCOPES, AND MANY WOULD COME TO AVAIL HIS WISDOM To strengthen his noble intentions he received the modest amount of half a Rupee on a weekly basis from pupils, However, he didn’t stop there. Upon both primary and middle school levels. noting that those of poorer descent and his return from a mission in 1963 headed Furthermore, the family of Darwish Bin those who could not afford the tuition by Sheikh Hamdan Bin Mohammed Al Karam continues to preserve the values were absolved from payment. In exchange, Nahyan to Jordan where he was sent to and rich educational inheritance he left Darwish used to not only teach them, but gather a group of scholars and teachers behind by ensuring that they are always help cure them if they were ill, shave their to come to the UAE; Darwish helped in involved in encouraging others to learn hair when a haircut was due and sew their the enhancement of the education system. and seek self improvement. They are clothes when needed. Given his previous community endeavours currently motivating those students When he reached the age of 16, Darwish and his close companionship to these towards great advancements in the became the Imam of Mubarak Al Sulaiti teachers and scholars, Darwish was able educational field through both monetary Mosque with a gross income of 6 Rupees to provide a solid platform from which and non-monetary rewards as a token per annum; such expenses as well as others solutions to existing problems in education of appreciation for their achievements; related to the Mosque were covered by a were formulated. Moreover, his extensive secure in the knowledge that this will charitable organization. As for the school, knowledge helped different societal affairs continue to bring gratitude to Darwish Bin it moved to a small room at Mubarak Al such as building mosques, curing the ill, Karam. He rests assured that his work Sulaiti house, north of the Mosque – what understanding more about astronomy and has left a deeply rooted impact in our is nowadays known as The Central Souk, horoscopes, and what seasons are the best society that will allow it to continue even in Abu Dhabi. As the number of students for agricultural production. his absence.

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Try before you buy If you haven’t sailed before, why not find Sea fever your sea legs by chartering a yacht for a week or two? It will give you an idea of what sort of boat might suit you, and you’ll have an experienced crew at your disposal to answer any questions about boat-owning you might have. In addition, Are you looking to find your sea legs? Read Emirates Review’s guide you can charter a yacht anywhere in to boat-buying first! the world, from the untamed beauty of rugged Scottish coasts to the soft sands of the Caribbean. When sailing, no two must go down to the sea again, to In fact, the UAE boasts more boat journeys are ever the same, and you’ll “Ithe lonely sea and sky, owners than any other country in the discover the world in an entirely new way. “And all I ask is a tall ship and a star to world. Back in the days when pearling steer her by,” penned English poet John was at its peak, the livelihood of the Spoilt for choice Masefield in 1916. Nearly one hundred nation depended on boats, and sailing When it comes to purchasing your super years later, the timeless call of the sea is remains in the nation’s DNA. yacht, there are more options on the still one many are familiar with. The lure In March, thousands will descend market today than ever before. In fact, it’s of leaving dry land and going where the upon the Abu Dhabi Yacht Show in search easy to be overwhelmed by choice. With wind takes you holds just as strong today, of a new vessel. If you’re planning to be every luxury from onboard gyms to floating especially in the UAE, where the culture among them, we offer the following cabanas on offer, you need to decide what’s of boating is deeply ingrained. advice before you pull up the anchor. important to you. Those looking to entertain

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and jet from harbour to harbour might be Those with adventure at heart might Both options also offer financial better suited to a motor yacht with a pool seek a majestic sailing yacht with ample advantages. A custom-made boat may and grand interior design. room for crew. How about a stunning require a larger down payment, but is For example, on sale at the Abu Schooner built by the world’s pre-eminent more likely to hold its value. Boats built Dhabi Yacht Show this year is the 55m shipyard Royal Huisman? The METEOR is in the world’s best shipyards tend to BANNENBERG. Built in Japan in 1986 another fine example of mega yachts you’ll re-sell for a similar value years down the to a design by Jon Bannenberg, it is one find at this year’s Abu Dhabi Yacht Show. line, and will have lower maintenance of the best known and easily recognised With plenty of space for 6 guests costs for the first few years. superyachts in the world. Refitted in in 3 cabins, the METEOR has been 2010, it has two 3516B Caterpillar diesel elegantly arranged both on and below Dropping anchor engines, giving it a top speed of 15 knots deck, allowing generous space for the Choosing where to birth your mega yacht and a cruising speed of 13 knots. owner and their guests. With an exquisite is almost as intimidating as choosing the Motor yachts such as the 55m interior design, mega yachts such as the vessel itself, with options ranging from BANNENBERG are ideal for impressing METEOR are ideal for entertaining on a the Italian Riviera to central London. Do a large crowd. The stunning aft more intimate scale after a day at sea. you picture yourself cruising around the deck lounge area onboard, which is Yachts like the METEOR are perfect Mediterranean or dropping anchor to accessed via a grand central staircase for those wishing to bathe in the romance party at the weekends? If you’re planning from the main deck level, features a of a wind-powered adventure. The long stretches sailing in the sunshine, large alfresco dining table and a full METEOR itself has enjoyed competing it’s worth considering southern Europe wet bar, ideal for entertaining. Motor and winning several regattas such as the where the sailing season lasts all year. yachts in this calibre come complete St Barths Bucket. With the capacity for If you’re keener on the idea of a luxury with luxuries such as WiFi and plasma a crew of 9, you and your guests can sit weekend retreat, you’d probably prefer a TVs throughout. back and enjoy the salty sea air while it birth closer to home. gracefully cuts through the water. Whether you decide on a second home or a weekend hobby, it might be Buy or build? ideal to rent a birth at first to test the If you don’t stumble upon the boat of your area, which also has the advantage of dreams at the Abu Dhabi Yacht Show, you being able to move on in a few years can always commission one yourself. Of when you might want a change of scene. course, you won’t be able to test drive it, When looking to buy, marina facilities, but for those with vision, designing your tides and the length of lease must all be dream vessel has numerous advantages given serious consideration. over buying one. First of all, you’ll have a pristine new vessel with every detail Manning the decks fashioned to your exact wishes. Finding the right crew is essential not just If starting from scratch seems for when you’re at sea, but for maintaining daunting, ordering a series yacht makes your yacht at home. Your crew must have a good alternative. These yachts have the the right temperament, character, and skill same template, but can be substantially set appropriate for your vessel. Face-to-face customised to the buyer’s needs. There interviews and references are essential; if are fewer decisions to make, reduced you don’t have the time to do this yourself, construction time and in the end you there are numerous reputable agencies that still have a brand new yacht that’s been will do the hard work for you. tailored to your needs. Pleasure boats have been cruising Either way, you have complete around the Middle East since ancient ownership and won’t have to live with times, and their appeal remains as any previous owner’s decisions. A brand timeless as the ocean itself. If you’re new yacht will undoubtedly give you heading down to the Abu Dhabi Yacht options that simply weren’t there even Show to sample a life on the ocean 5 years ago. waves, there are good times ahoy!

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page 32-33 lifestyle.indd 33 12/22/14 9:38 AM Money can buy concrete & steel. But ambition creates a building that defi es gravity.

Corporate Banking We know that ambitious projects require a lot of capital to get off the ground. At ADCB, we work to understand the specifi c needs of our clients’ industries in order to provide bespoke solutions to see your projects through from beginning to completion. Learn more at adcb.com

bleed guide.indd 1 7/23/14 1:26 PM EVENTSCALENDAR

Events Calendar Upcoming events in the UAE to put in your diary… 10-13 January, Arabplast 2015 8-12 February, Gulfood 2015 Leaders of the plastics and rubber industry Established 27 years ago, Gulfood is the will be attending Arabplast 2015 to unveil world’s biggest annual food and hospitality product solutions, cutting-edge technology show. It provides a trade and sourcing and forge international alliances. platform for exporters, buyers, exhibitors Venue: Dubai World Trade Centre and visitors. http://www.arabplast.info/ Venue: Dubai World Trade Centre http://www.gulfood.com/ 18-20 January, Intersec 2015 The 17th edition of Intersec turns the 12-13 February MENA Forex, spotlight on issues of concern within the Managed Funds and Investment Show global security, safety and fire industries. It The 14th edition of this event provides features security conferences, workshops and an excellent opportunity for financial live SWAT demonstrations and much more. companies and brokers to network with Venue: Dubai World Trade Centre and meet new potential investors. http://www.intersecexpo.com/ Venue: Jumeirah Beach Hotel, Dubai http://www.meforexexpo.com/ 19-22 January, World Future Energy Summit 16-18 February, Innovation Arabia The main theme for the 8th Innovation Arabia The World Future Energy Summit (WFES) Conference is “Innovate, Collaborate, and is the world’s foremost event dedicated to Differentiate: Honouring the Past, Treasuring renewable energies, energy efficiency and the Present, and Shaping the Future”. clean technologies. Venue: The Address, Dubai Mall, Dubai Venue: Abu Dhabi National Exhibition Centre http://www.innovationarabia.ae/ http://www.worldfutureenergysummit.com/ 22-26 February, International 26-29 January, Arab Health 2015 Defence Exhibition and Conference The Arab Health Congress is a scientific and The International Defence Exhibition and educational platform where industry leaders Conference (IDEX) is the only international will be showcasing their latest and best defence exhibition and conference in the MENA products and services. region demonstrating the latest technology Venue: Dubai World Trade Centre across land, sea and air sectors of defence. http://www.arabhealthonline.com/ Venue: Abu Dhabi National Exhibition Centre http://www.idexuae.ae/ 28-31 January, The Bride Show Showcasing the best in the wedding, fashion, 2-4 March, Middle East Electricity beauty, jewellery and honeymoon travel Middle East Electricity 2015 will showcase industries, the Bride Show has 17 years of new technology and present awards to experience bringing women everything they individuals, teams and organisations that need to plan their dream wedding. have shown outstanding achievements in Venue: Abu Dhabi National Exhibition Centre the growth of the electricity industry. http://www.thebrideshow.com/abudhabi Venue: Dubai World Trade Centre http://www.middleeastelectricity.com/ 31 January-3 February, Kingsman Dubai Sugar Conference 2-4 March, Paperworld Middle East The Kingsman Dubai Sugar Conference, now Paperworld Middle East is the most in its 11th year, is the go-to event for those in important trade fair for paper, office the field of sugar production and distribution. supplies and stationery in the region and it Venue: Grand Hyatt Dubai will take place for the fifth time in Dubai. http://events.platts.com/ Venue: Dubai World Trade Centre http://www.paperworldme.com/ 2-3 February, Customer Experience World Conference PUBLIC HOLIDAYS AND OCCASIONS Industry experts will be exchanging ideas and discussing the future of customer 1 January, New Year’s Day First day of the year in the Gregorian calendar experiences while laying out their tried and tested practices, procedures and routines 3 January, Prophet Muhammad’s Birthday that help them achieve their customer ‘Mawlid’ is celebrated during the month of Rabiulawal, the third satisfaction goals. month of the Muslim calendar. The Prophet Muhammad (PBUH) Venue: Ritz Carlton DIFC, Dubai was born on 12 Rabiulawal in 570 AD. His birthday is celebrated with http://www.focusgroupevents.com/ religious lectures and recitals of verses from the Koran.

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page 35 events calendar.indd 35 12/22/14 2:49 PM THELIGHTERSIDE

The lighter side

It’s good to end things with a smile.

Dubai Metro named among Old laptop batteries most beautiful in the world could power slums Old laptop batteries still have enough Travel website Skyscanner has placed BurJuman life in them to power homes in slums, station 5th on its list of most beautiful underground reported the BBC citing an IBM study. The stations in the world. “A design highlight of the marine- study analysed a sample of discarded themed BurJuman station is the giant jelly fish shaped batteries and found that 70 per cent of chandeliers,” it said. Earlier in the year, the same website placed Dubai International them had enough power to keep a LED Airport 2nd among the world’s most futuristic airports. “Dubai airport is – apart from light on more than four hours a day for being really beautiful – home to the second largest building in the world by floor space a year. Using discarded batteries is not and the biggest airport terminal in the world,” it said. “It is filled with palm trees, only cheaper than alternatives such as mirrored spaces and even yoga pavilions – definitely worth checking it out.” solar power, but also helps to deal with the mounting problem of e-waste. The concept was trialled in the Indian city Chinese millionaire of Bengaluru this year. Researchers are aiming to help the approximately bulldozes his childhood 400 million people in India who are off village and builds luxury grid. According to IBM’s study, 142,000 computers a day are thrown away in the flats – for free US alone. In a tale likely to restore one’s faith in humanity, a Chinese millionaire returned to his childhood Kirk Douglas obituary home in southern China where he shelled out millions to transform the run-down village into a luxury development. The kind-hearted tycoon said he wanted to accidentally published remember his roots and repay the kindness that the residents had shown his family when he was growing up. In addition, he is providing 3 meals a day to the elderly A Kirk Douglas obituary was mistakenly and low income residents of the community, to ensure they can get by. Families that published online, reported Sky News. The showed exceptional kindness to the young Xiong Shuihua have been moved into plush website People.com published an article new villas worth millions, according to British newspaper the Telegraph. Shuihua describing how the 97-year-old became a said he had made more money than he knew what to do with, and owed a debt of Hollywood star and the patriarch of one of gratitude to the community that nurtured him. the most famous acting dynasties, under the headline ‘DO NOT PUB Kirk Douglas dies’. The living actor turned 98 on 9 First class flyer delays flight December and is reportedly in good health. over macadamia nuts

A Korean Airline flight was delayed after an executive on board, who is also the Chairman’s daughter and Vice President of the airline, was served macadamia nuts in a bag rather than in a dish. Local media reported that the plane was forced to return to its gate in New York when the airline heiress, Cho Hyun-ah, ordered the head of the cabin crew off the plane, causing a 20-minute delay. Cho Hyun-ah has since resigned following a backlash against her behaviour, and Chairman Cho Yang-ho has publicly apologised for his eldest daughter’s behaviour.

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