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COVID-19 Measure: Read Full Magazine Here ��...Ul, J \ ·� www.dohabank.com DOHABANK With our one card regional solution, in-house 24-hour administration and customer service, SAICOHEALTH provides your business with a comprehensive health insurance coverage. damana.com/saicohealth DAMANA is a registered trademark for Saudi Arabian Insurance Company B.S.C. (c) CONTENTS February 2021 COVER INTERVIEW ENERGY 32|Brazil Electricity Pricing Reform Creates New Opportunities for 11 | Driving Excellence through GCC Investors Agility INSURANCE 34 |Healthcare and Life Sciences Deal Activity Will Be Robust MANAGEMENT AND FINANCE in 2021 36 |GlobeMed Egypt Announces 22 | The Race For A COVID-19 New Cancer Bulletin Vaccine 38 | Alaa Al-Zuhairi wins the 24 | Signing of MoU Between Insurance Man Award for ICD and SQB Securities, 2021 in the Middle East and Uzbekistan North Africa 26 | Doha Bank Announces 40 | A workshop on Micro- the Launch of Doha Bank Insurance in Cooperation with Easy Pay Wallet Interview: Naji Moukadam, Managing Director and CEO at the Micro-Insurance Network Lyst Technologies 42 | Social Responsibility and the Role of the Insurance and Reinsurance Industry in Supporting the Goals of Social Responsibility to Achieve Sustainable Development 46 | Change in Guard at SALAMA Signals New Growth Plans 48|SALAMA Wins ‘Takaful Specialist of the Year’ Award 2021 MAIN STORY 50 | What Does The Future Hold Ghosts town: A street is empty of cars during a lockdown aimed at For Kuwait Infrastructure curbing the spread of the coronavirus, in Beirut Sector? INFORMATION INDUSTRY 58 |China’s Automotive Industry Intensifies Electrification Efforts, Sustainability a Key Focus ICD helps private sector businesses to finance projects 30 | News From Around The by providing a wide range of Sharia compliant services World 54 | Middle East Markets QUICK NEWS 56 | First Look on Lebanon 8 | Middle East Scan 60 | Middle East Event 28 | Market Brief Calendar 62 | What’s New? The Insurance Man Award for 2021: Alaa Al-Zuhairi wins the Insurance Man Award for 2021 in the Middle East and North Africa Business Life (ISSN 1606-0067) published in Lebanon, by Business Life. Editorial, Executive, Circulation, and Advertising Offices: Gharios Bldg., Shoukri Ghanem Street, Beirut, Lebanon. Company and regional subscriber rate $50/year. Lebanon subscriber rate for individuals only $50/year. Rest of the world $200/year. Send address changes by e-mail to [email protected]. All rights reserved. Reproduction in whole or in part without written permission is prohibited. 4 w BUSINESS LIFE FEBRUARY 2021 BUSINESS LIFE FEBRUARY 2021 w 5 EDITORIAL Show Me the Vaccines Publisher and Editor in Chief Afaf Issa Covid-fighting vaccines are in circulation but are in Responsible Manager short supply Afaf Issa Contributors Mona Sahli Marwan Hakim Photographer Raji K. To put your ads contact us at: Tel / Fax: (961-1) 370074 e-mail: [email protected] To subscribe contact us at: Tel / Fax: (961-1) 370074 Email: [email protected] For your opinions e-mail: [email protected] On the web: www.businesslife.net The US gets ready: Navy Seaman Milan Torres, a hospitalman, prepares a dose of the COVID-19 vaccine to be administered to a patient, Walter Reed National Military Medical Center, Bethesda, Md., Dec. 14, 2020. (DoD photo by Lisa Ferdinando) hile the New Year brought From 1918 to 1920, the Spanish flu took with it hopes for an end to the lives of up to 100 million people. That the global pandemic, it is now number pales in comparison to the second W increasingly clear that having plague that took the lives of twice as many vaccines approved does not equate to having people. Clearly time makes us forget the vaccines administered to those who need it importance of being prepared for global most. Most of the world is on the same boat pandemics. Covid-19 has already taken the for now, from the most advanced economies lives of more than 2 million people and the to the poorest nations. Rolling out a vaccina- number is still rising. Will we be ready the tion program is by no means a small feat. next time around? I hate to be a cynic but However, if the richest countries are having most governments react to public demands trouble getting their populations vaccinated rather than anticipate them. Pandemic it leaves less developed countries feeling readiness, at least as far as governments are helpless. To make things worse, the virus concerned, is seldom a top priority. Vaccine is showing no signs of letting go and quite companies have done a fantastic job in re- to the contrary, it appears to be mutating cord time but nearly all governments, with and turning into an even more deadly foe. the exception of New Zealand, have failed. Even richer, oil rich, countries are hav- Even New Zealand’s successes in fighting ing a hard time competing for a limited the contagion came at the expense of the resource – one that saves lives. We almost economy. We need to stop losing. forgot the frailty of our existence as, many of us, indulged in cheap calories and cheap technologies. We are able to get smart Afaf Issa (Malak Issa) Please recycle this magazine phones in the hands of nearly everyone on Editor in Chief, earth but we have not given much atten- tion to our readiness for global pandemics. 6 w BUSINESS LIFE FEBRUARY 2021 BUSINESS LIFE FEBRUARY 2021 w 7 LETTERS www.businesslife.net Agreement COVID 19 Jordanian Insurance Vaccines save millions of lives each year. The entire residents of this globe are at Between ICD and Cost Burden Federation: Cybersecurity Xalq Bank in MENA and its Importance Vaccines work by training and preparing high risk. We can say truly that life is for the the body’s natural defences --- the immune fittest nowadys. system--- to recognize and fight off the vi- ruses and bacteria they target. If the body is Fouad Boubez January 2021 exposed to those disease-causing germs later, Jeddah, Saudi Arabia Most Famous the body is immediately ready to destroy them, preventing illness. Priority of giving COVID-19 vaccines, to Artist Couple in There are currently more than 50 health workers who are at high risk of ex- the Middle East COVID-19 vaccine candidates in trials. posure and also the older people should be Focusing on a Lebanese couple, two artists: Lena WHO is working in collaboration with sci- prioritized for vaccination. Kelekian and Hagop Sulahian, whose works entists, business, and global health organiza- But the ideal solution is to offer vaccine comprise a plethora of multidisciplinary tions through the ACT Accelerator to speed to the entire human beings if possible. creativity through all facets of art up the pandemic response. When a safe and effective vaccine is found, COVAX (led by Henriette Fouad WHO, GAVI and CEPI) will facilitate the Kuwait, Kuwait equitable access and distribution of these vaccines to protect people in all countries. LETTERS People most at risk will be prioritized. While we work towards rolling out a safe and ef- Please send your e-mails to: Lebanon.........LBP5,000 U.A.E................Drhm12 Jordan.....................JD2 Egypt......................EP5 Algeria................DZD200 Tunisia.....................TND4 Saudi Arabia.........SR12 Bahrain..................BD1 Oman.....................OR1 Europe.................Euro4 Libya..........................L.D4 Yemen......................YR10 Kuwait...................KD1 Qatar...................QR12 Cyprus...................C£1 U.S. & Canada..........$4 Morocco...............MAD33 Syria.....................SYP150 fective vaccine fairly, we must continue the [email protected] Last issue’s main story: essential public health actions to suppress Please include your name, address, Turning Hope Into Reality transmission and reduce mortality. and phone number. Letters may be edited for clarity and space. Salwa Akil PAUSE The world is in the midst of a COVID-19 Beirut, Lebanon pandemic. As WHO and partners work To include an image in the ‘Pause’ sec- together on the response -- tracking the Lebanon and the world should ensure tion, send an e-mail to: pandemic, advising on critical interven- that the infrastructure is in place, and the [email protected] and ask for more tions, distributing vital medical supplies to technical support available, to make sure information. If your image is chosen, those in need--- they are racing to develop COVID-19 vaccines can be safely delivered you will be awarded US$50, and a one and deploy safe and effective vaccines. to all those who need them. year subscription. PAUSE President Michel Aoun attends the Supreme Defense Council extraordinary meeting 8 w BUSINESS LIFE FEBRUARY 2021 BUSINESS LIFE FEBRUARY 2021 w 9 MIDDLE EAST SCAN Algeria Near Eastern Affairs arrived afternoon in saw Riyadh, the United Arab Emirates, The preliminary draft or- Dakhla, the second stop on a tour in the Bahrain and Egypt imposed an embargo ganic law on elections, the Moroccan Sahara after Laayoune. on Doha over allegations that it supports first draft of which was final- The visit to Dakhla of this high-level terrorism and is cosying up to foe Iran. Qa- ized and distributed to politi- US delegation is the result of the tel- tar denies the charges and says the boycott cal parties for enrichment, ephone conversation held, on December aimed at curtailing its sovereignty. sets the rules for financing 10, 2020, between HM King Mohammed A UAE official this week said travel and monitoring electoral VI and US President Donald Trump who and trade links could resume within a and referendum campaigns, had announced the signing of a proclama- week of the deal, but restoring diplomatic including the prohibition for K A Z A K H S T A N tion, with all that this act entails as an ties requires more time as parties work to any candidate to receive cash undeniable legal and political force and rebuild trust.
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