"If you look at the "Leaving Egypt and Nile on a map of the people I loved Egypt, you don’t so much, and the think it has moved environment I liked, very much, but was definitely worth the river is very it, because I also violent and has have great love for moved over time" medicine and science" Sarah Parcak / Themeobserver.com Magdi Yacoub An American archaeologist British-Egyptian cardiothoracic surgeon 1979 - present / Themeobserver.com L.E 2.85 1935 - present ESTABLISHED 1945 Following President Al-Sisi’s major success in attracting Arab and foreign investments EFG Hermes Leasing's CEO Ahmed El-Kholy 2 EFG Hermes Leasing's capital Middle East is estimated at EGP 1bn 5 Observer discusses the next battle Interview with Boris Bornman It is now on the Egyptian government to save the pound against dollar to control prices Complex General Manager at Starwood Hotels and Resorts 6 63 rd Year No. 17 www.meobserver.org Wednesday, 27 April 2016

News Saudi Arabia unveils Vision 2030 in Deputy Crown Prince: The fund will control more than the globe’s investments Numbers congratulates the Egyptian people, The powerful young prince over- “We have developed a case of would come from transferring the seeing Saudi Arabia’s economy un- oil addiction in Saudi Arabia,” he ownership of Aramco to the PIF. President Abdel Fattah Al-Sisi, veiled ambitious plans on Monday had earlier told al-Arabiya television “We are speaking about more Defense Minister Sedki Sobhi, aimed at ending the kingdom’s “ad- news channel. than $2 trillion. We expect the valu- diction” to oil and transforming it into His “Vision 2030” envisaged rais- ation to be more than $2 trillion. In 5-1/2-month the cabinet and House of Representatives Asian shares reached a a global investment power. ing non-oil revenue to 600 billion addition to that there are other as- on Sinai Liberation Day 2016. Deputy Crown Prince Mohammed riyals ($160 billion) by 2020 and 1 sets that will be added to the fund, 5-1/2-month high on Thursday bin Salman said the world’s top oil trillion riyals ($267 billion) by 2030 and part of it is already added. as oil prices rallied over 4 Chairman/ Mahmoud Fouda exporter expects state oil company from 163.5 billion riyals ($43.6 bil- He said it could “turn into a global percent overnight thanks Saudi Aramco [SDABO.UL] to be lion) last year. But the plan gave few investment fund with a size of up to to a smaller than expected valued at more than $2 trillion ahead details on how this would be imple- $3 trillion dollars”. of the sale of less than 5 percent of mented, something that has bedev- The partial privatization of Aram- increase in U.S. crude it through an initial public offering illed previous reforms. co was also central to the plans, and inventories and abiding The Egyptian-South Korean Business (IPO). The 31-year-old prince gave as- Prince Mohammed said it would be hopes that producers may He added that the kingdom would sured answers to questions on the transformed into an energy compa- eventually agree ways Forum to kick off on May 5 raise the capital of its public invest- plan, and appeared to pitch his com- ny that he expected to be valued at to ease a global glut. ment fund to 7 trillion riyals ($2 tril- ments to appeal across the Saudi $2 trillion to $3 trillion, and that less The forum will discuss lion) from 600 billion riyals ($160 social spectrum, and in particular to than 5 percent of it would be listed ways of boosting bilateral billion). young people, who face unemploy- on the stock market. economic cooperation and The plans also included changes ment and an economic downturn So big is the state oil company be- exploring investment op- that would alter the social structure despite their country’s oil wealth. Deputy Crown Prince Mohammed bin Salman cause of its rights to the kingdom’s portunities in the infra- of the ultra-conservative Muslim Even before oil prices started to vincing skeptics that the kingdom crude reserves, that selling even 1 structure, energy projects kingdom by pushing for women to plunge in 2014, economists had can prosper in an era of cheap oil. percent of its value would create the South Africa and Iran have and the Suez Canal, Chief $1bn Executive of the Egyptian have a bigger economic role and by regarded Riyadh’s fiscal policy and At the center of the plan is the re- biggest initial public offering (IPO) agreed to increase non-oil offering improved status to resident economic structure as being unsus- structuring of its Public Investment on earth, he said. Businessmen Association expatriates. tainable, but reduced income from Fund (PIF), which Prince Moham- He said other Aramco subsidi- trade and investment to a Mohamed Youssef said. “We will not allow our country ever energy sales has made reform more med said would become a hub for ary companies would also be listed billion dollars by 2020. Organized by the Egyp- to be at the mercy of commodity urgent. Saudi investment abroad, partly along with other publicly held com- tian Businessmen Associa- price volatility or external markets,” The plan appeared to lift senti- by raising money through selling panies, and added that one major tion and the Korea Interna- Prince Mohammed said at his first ment on the Saudi stock market shares in Aramco. benefit of privatization was that it tional Trade Association news conference with international .TASI, where shares jumped by 2.5 Asked where Riyadh would find would increase transparency and (KITA), the forum is to be Minister Tarek Qabil journalists, who were invited to a Ri- percent in the heaviest trading for the funds for a $2 trillion dollar fund help limit corruption. $148m held under the auspices of A high-profile South Ko- yadh palace for the event. eight months, but it fell short of con- after recent borrowing, he said it (Cont. on P04) General Electric (GE) has Egyptian Trade and Indus- carried out $148 million try Minister Tarek Qabil and rean delegation comprising South Korean Trade Minis- representatives of Hana worth of overhauls ter Joo Hyung-hwan. The Bank, the South Korean Emirati deposit arrives at Central Minister of Finance holds a conference and maintenance work forum will be attended by a Federation of Small and on production plants number of well-known com- Medium-Sized Enterprises of the Ministry of panies, notably Hyundai and the Seoul International at Senior Financiers Center Women’s Association and Electricity over the past Cars, Samsung and SGS Bank of Egypt on May 15 Amr EL-Garhy, Minister of Finance, Construction, Youssef un- others is due to participate holds a conference tomorrow, six months, a report derlined. in the forum, he asserted. The promised $2bn Emirati allocated to Egypt- which said. The operations deposit is expected to ar- is estimated at $2bn and Thursday, in the tax directorate rive at the Central Bank of given in the form of in- at Senior Financiers Center. This included many Egypt on May 15. It is be- vestments- will be used to The Third Annual Energy event coincides with the deadline production plants in lieved to bring back a great carry out the suspended of companies submitting tax re- Ataqa, El-Mahmudeya El- turns- on April 30 of every year. deal of balance, following projects, due to shortage Minister Amr EL-Garhy Nubareya, North Delta. the withdrawal of the $1bn in fluidity. Conference Energy and While, deadline for individu- Qatari deposit and the The Egyptian economy als’ tax returns was on March 31 and generated $750m Club de Paris. will likely revitalize, with Sustainable Development 2016 tax levies of EGP 197bn as of July 1, 2015 till the The Emirati deposit shall the dollar dwindling crisis end of last week, according to earlier statements by Head of Egyptian Tax Authority Abdel Moneim contribute to fixing the coming to an end soon In 10 May 2016, Business News Matar. EGP 319bn budget deficit thanks to the govern- Foundation is holding its third By Rania Imam by next year, as well as ment’s strategic plans on annual energy conference amid 500,000 supporting foreign cur- economic recovery, ac- numerous shifts at the local, re- Egypt’s housing ministry rency reserves. Moreover, cording to some informed gional and global levels and in Investors: A new navigation line linking announced on Thursday the other half of the sum sources. the trends of investment in the that low-income citizens will energy sector. be able as of Saturday to The conference comes amid a Suez and Kenya to serve Egyptian exports local market that set a legal frame- purchase tender specification On the sidelines of Egypt- new commercial offices work for the first time to liberate booklets to see if they are Czech Business Forum, in Ghana, Djibouti, Cote Algeria GDP grew 3.9% in 2015 the energy market and invest in Minister Plenipotentiary d’Ivoire, Uganda, Tan- eligible to apply for one of new and renewable energy. In Ali El-Leithy, Head of zania, besides Mexico over 500,000 affordable Algeria’s economy grew has significantly hit its fi- addition to signing the Dabaa commercial representa- and Muscat. Their work by 3.9 per cent in 2015, up nances, Algeria has been nuclear power plant convention, housing units currently under tive office, said that a will kick off next July, the from 3.8 per cent the previ- trying to diversify the econ- the feed-in tariff agreements that construction, state news number of Arab investors beginning of a new finan- ous year, boosted by higher omy through incentives to have entered into force as well as are now considering op- cial year. agency MENA reported. output in agricultural sec- develop the non-petroleum a comprehensive plan for the de- erating a navigation line Regarding The Afri- tor, the government said. sector but those efforts are velopment of the electricity sector between Suez and Mom- can-Egyptian relations, Last year’s growth was still in their infancy. Growth management system in Egypt. basa port in Kenya. This El-Leithy said that the slightly higher than the 3.8 in the non-oil sector stood The petroleum and mineral new project aims to serve ministry of industry’s per cent government fore- at 5.5 percent in 2015 resources sector witnesses ma- Egypt’s exports to Africa, plan to set up 12 logis- US$45 jor developments especially cast and the 3.7 per cent slightly lower than the 5.6 as it passes through 4 tic centers in Africa will Oil prices rose on Friday after Italian company Eni has International Monetary percent the previous year. countries, besides Ken- begin with Kenya, after towards US$45 a barrel, discovered the Mediterranean Fund (IMF) expectations. But agriculture output grew ya, and will be run by Qa- an Egyptian delegations gas field, the decline of petro- heading for a third Algeria relies heavily on 7.6 percent, up from 2.5 laa Holdings. made an inspection tour leum products subsidies, the straight week of gains as oil and gas, which make percent in 2014, the figures Moreover, the project to find warehouses for establishment of a gas market up 60 per cent of the state showed. Algeria’s grain is expected to boost storing goods and resi- market sentiment turned regulatory agency and the mar- budget and 95 per cent of output in 2015 reached 4 Egyptian exports a great dents for participating more upbeat despite ket’s anticipation for the regula- total exports. After the fall million tonnes, a 14.3 rise deal, especially as it Egyptian companies’ tions of the mineral wealth law. persistent oversupply. in crude oil prices, which from 2014. comes parallel opening 5 representative. US dollar value records 11.75 Egyptian pounds in Black market German business morale dips in April Following the failure of offices last week. steady at 8.78 pounds, while to decrease related costs German business morale on Monday its business technical measures to un- The CBE governor con- it is estimated at 8.88 in oth- from $80bn to $60bn. Minis- unexpectedly dipped in climate index, based on dermine the crisis, Central vened with companies’ ex- er banks, with a 10 piasters try of Trade has announced April, a survey showed a monthly survey of some Bank of Egypt’s Governor ecutives to stress on the increase as a profit margin. that Amir’s plan is starting to on Monday, with global 7,000 companies, inched Tarek Amir has escalated need to commit to laws and On the other hand, values at show good results. growth concerns prompt- down to 106.6 in April sanctions by deciding to regulations, which some exchange offices rise to 8.93 It worth mentioning that ing firms to tone down a from 106.7 in March. cancel licenses of exchange companies failed to do. pounds. Yet, the announced MEO has made a field trip generally optimistic out- Ifo said the reading was offices that circumvent dol- Moreover, his recommend- official prices in these of- Downtown to get acquainted look they had pegged on still well above the sur- lar value. He directed mak- ed amendments on banking fices are just on paper, for with the latest updates and a solid start to 2016 for vey’s long-term average, ing a list of 10 companies laws will include terms and their prices are 150 piasters dollar value in black mar- Europe’s biggest econo- but it was also the fourth that will be shut and whose conditions to intensify cen- higher for each dollar. ket which reached 11.75 my. fall in five months and be- licenses will be nulled for sorship on exchange offices. The bank plans to cut im- pounds. (Cont. on P02) The Munich-based Ifo low a Reuters consensus good within few hours, this CBE kept its announced ports by at least 80 per cent economic institute said forecast of 107.0. comes after suspending 9 dollar exchange value this year, or by $20bn, i.e., By Mahmoud Fouda طبع مبطابع دار لل�صحافة توزيع جريدة www.meobserver.org 2 Home 27 April 2016 Following President Al-Sisi’s major success in attracting Arab and foreign investments Middle East Observer discusses the next battle It is now on the Egyptian government to save the pound against dollar to control prices

Egypt has a wise political leader who shoot up. This represents especially a the foreign currency so the supply He assured that if the decisions that believes in the importance of attract- massive problem because we import would exceed the demand and hold- proved failure and sparked the dol- ing foreign investments of all sec- more than 60 per cent of our needs, ing all exchange offices that violate lar crisis are nulled, the situation will tors. President Abdel Fattah Al-Sisi according to experts. We are now left laws and regulations accountable. be better- i.e. no more speculations, pays due concern to investments and with one persisting question: How It is also necessary to impose $50m circumventing dollar, or black mar- trade, for the role they play in achiev- can Egypt provide dollar and avoid insurance on each exchange com- ket. CBE had previously announced ing social and economic develop- higher exchange value? Is there a pany to regulate their work and avoid raising cap on dollar deposits to ment. Because Egypt enjoys abun- way to eliminate parallel dollar any manipulation attempts. Pumping $250K per month with no dant opportunities in all fields, the exchange market? foreign cash to banks, which will be daily limits last January president was able create a proper Despite the provided from the sum of insur- for the companies working environment that encouraged latest decisions ance levies and estimated at that import basic Arab and foreign investors to direct by CBE to lift $25bn, will contribute to solv- commodities, their attention to it. Consequently, di- cap on dollar ing the dwindling dollar prob- then to $1m in rect investments boomed, including a withdrawals and lem. Moreover, it is important February for the $2bn Emirati deposit in Central Bank deposits for natural to open letters of credit with companies that of Egypt in few days following the persons and maintain facilities to suppliers, which will import raw ma- CBE-UAE meeting by the end of this them for juristic per- provide another $25bn, conse- terial. But, the month. This is expected to place more sons, this is not quently covering all the crisis still per- controls on dollar exchange values, an ultimate solu- $50bn insurance. This sists. which reached now 11.50 pounds in tion for the cri- is essential especially Shiha black market. So, Can the Egyptian sis, according to since the high dollar ex- empha- government save the pound from the Head of Import- change value send nega- sized that maniac increase in dollar value and ers Division at tive message to interna- the pound the resulting soaring prices in domes- Cairo Chamber tional investors who wish to devalua- tic market? of Commerce work in Egypt. The crisis has tion results One of CBE’s executives said that Ahmed Shiha. also cast negative shadows on into more the $2bn Emirati deposit will probably For the prob- airlines, electronic, car and tour- expensive arrive at the bank in the next few days, lem still persists ism companies, many of them local products, as stressing on the positive impact it will for companies. It is who threatened to bail out of the they are manufactured have on foreign currency reserves. It true that these deci- Egyptian market, because they of imported material. But still is also expected to help the govern- sions were aiming at cannot transfer profits. the impact is way intensified on ment control the exchange market to curbing imports, but total foreign industries. This un- Black market & secret specu- end the daily increase in dollar value they negatively influ- dermines, in result, the domestic lations which put investors in trouble, as they enced industry. Moreo- consumer purchasing power. became unable to cover their needs ver, companies failed to It might be acceptable that prices However, Shiha concluded as- of dollars from the official market. get the amounts of foreign of an imported commodity or of a suring that there is still hope among Thus, they resort unwillingly to black currency they need, so they product made of raw materials in- investors that tarek Amir, newly ap- markets to get the foreign currency turned to black market and specula- crease, but there is no reason for the pointed CBE Governor, will be able they need, for a price higher than t i o n s o n d o l l a r r e v i t a l i z e d . hike in domestic commodities’ price- to curb the soaring dollar exchange the official one. As a result, prices Shiha called on ending all caps on like rice, meat and vegetables- Head value. of imported goods or products made dollar withdrawals and deposits, elim- of Importers Division at Cairo Cham- of imported raw materials inevitably inating dollar black market, providing ber of Commerce said. By Mahmoud Fouda

Egypt bought 57,000 tonnes Cairo Economic Court of local wheat since start of season fines Rally Motors Founded in 1958 by Ahmed Fouda Reuters - Egypt’s Supply Ministry Industry players have said that 1st edition 6165 issues said on Sunday it had purchased last year’s record procurement rd th 57,000 tonnes of local wheat was the result of falsely labelled Egypt EGP40,000 63 year Issue 4/2016 - 17 edition from farmers since the start of foreign wheat and that it drained Authorised by the season on April 15. nearly 2bn Egyptian pounds The Cairo Economic Court of Appeal the Supreme Council of Press Egypt, the world’s largest ($255 million at exchange rates ruled, in case no. 642 of the year 2015, "An Egyptian Joint Stock Company" wheat importer, is planning to at the time) from the government fining Rally Motors Egypt’s Legal Repre- buy 4m tonnes of Egyptian budget. sentative and Chairman Mohamed Has- Over 50 years covering Middle wheat in the local season The supplies minis- san and Alaa Ibrahim 40,000- 30,000 of East and Gulf Economic News which started on Fri- try has repeatedly which will be paid to the plaintiff as com- day. denied this. pensation. Moreover, the court obliged Publisher and Chairman Farmers are The govern- the defendants to publish the verdict on Mahmoud Fouda being paid a ment none- 2 popular newspapers. fixed price of theless an- The case started when Consumer [email protected] 420 Egyp- nounced a Protection Agency (CPA) received a tian pounds series of complaint against Rally Motors that one Editor-in-chief ($47.30) new meas- of its service centers replaced a gearbox H.A.Raouf per ardeb ures this with an old flawed one instead of a new Investors focus on exchange rates one. The plaintiff who paid 28500 for the Consultant of ME Affairs (150 kg) of month to wheat after tighten con- installment, asked the company to give Yasmine Fouda abandon- trol of wheat back his money, but the latter refrained. Editors & EGX30 targets 8000 points ing plans to circulation Thus, CPA referred the case to prosecu- - ance level at 7700 points, tion, after attempts to settle it failed. Amira Elhamy pay farmers during the Ihab Saeed, Osool ESB Se- which turned to support global rates harvest that in- CPA’s Chairman Atef Yacoub said the Rania Imam curities Brokerage's Man level, and to stay above it for their crop. clude prohibiting rule is a further proof of the agency’s aging Director, said that Eiman Rashed will push the index up to The higher the internal trade role in protecting consumers’ rights and EGX 30 managing to break - 8000-8200 points. fixed price, well of wheat during the interests by preventing any violations or through previous resist harmful practices. [email protected] near its current one which above global market procurement season. rates, is meant to encourage The country has increased its During last week's trading, EGX many international institutions be- Layout - farmers to grow wheat but storage capacity for grains since 30 kept moving upwards break lieve to be its fair value. has previously led to smug- last year with the addition of 17 Ahmed Saber Whereas, Osool's managing ing main resistance level near - gling involving the sale of new silos constructed as part of Translator officer 7700 points, reaching its high director expects the Central Bank cheaper imported wheat to a United Arab Emirates grant, the Aghareed Mahmoud est since August 2015 at 7918 to further devalue pound any time the government falsely la- ministry said. points, Saeed said in a statement soon, despite its governor's de- belled as Egyptian. Another 105 of the country’s Address to Middle East Observer. By the nial. Any additional devaluation Egypt’s wheat harvest open air storage facilities were end of the week, the index closed would bring more investments begins in April and runs recently modernised by Blumberg Head office at 7781 points, because most and deposits at CBE, which might through July. Last year Grain and linked up to a central 41Sherif St., Cairo, Egypt leading indicators regained their contribute to reforming the $3.5bn the government said it logistics command centre. positive performance, on top of deficit of payments balance. procured a record 5.3m The company says the pro- Tel: 00.202.23926919 them is Commercial International As for the index of small and tonnes of the grain, up ject will save Egypt hundreds of Fax: 00.202.23939732 Bank›s stocks. medium stock EGX70, it focus- from 3.7 million the year millions of dollars on previously Saeed added that traders at es on resistance level near 386 before. squandered grain. Mob: 01222174062 - the Egyptian Stock Market await - points, which is projected to hin [email protected] exchange market to become rela der it from going up, at least for tively balanced, mainly the Egyp- now. High dollar exchange value in stable dollar exchange value in Annual subscription rates tian pound would maintain a level parallel market sparked a wave parallel markets and decline in Egypt L.E 275 of ridiculously high-priced gold, gold prices internationally. 20 pounds since this safe investment saw The 18-carat recorded EGP Arab Countries US$ 375 a huge turnout. This week, the 305, the 21-carat recorded Rest of The World US$ 420 wave finally came to an end. EGP 355, while the 24-carat re- Ihab Wassef, member of corded EGP 406. The price of a [email protected] drop in gold the General Union Chamber gold pound reached EGP 2840, of Commerce’s Gold Divi- and the ounce posted interna- Al-Ahram Distribution in Egypt sion, said gold prices dropped tionally $1245, he said. by more than 20 pounds this Al-kawmia Distribution in the world prices week. He attributed this to the By Alaa Abdelwanis www.meobserver.org 27 April 2016 Banks & Companies 3 Beltone Financial Holding

After the Egyptian stock market cancelled transactions on Beltone’s shares several times, the investment bank is considering taking a legal action against the bourse. The

Egyptian Capital Markets law give the bourse the right to annul trades that are believed to be aimed at manip- ,, ulating the market or result in unjustified gains. According to the law, no company has the right to object to the stock market’s , decision, but it can first appeal 200 against the law, the source Two hundred companies said. from 17 countries will take part in an exhibition about iron and metal in- dustries, which will open in Riyadh on May 1. Bells from the Trading Floor Commercial International Bank (CIB) Egyptian Stock Market (EGX) said CIB EGX. It was decided that it will be al- Raya Holding for Technology has submitted documents to increase located to the bank's employee moti- issued capital from EGP 11.47bn to vation and reward system (based on Carbon EGP 11.54bn, with an EGP 68.06m which it's promised to sell stocks of and Communications Dh 250m distributed on 6.8m stocks, each with the system's 7th year) a nominal value of 10 pounds. CIB's standalone financial state- Raya concluded selling its stake in of each stock worth 1000 pounds, RakBank Group has an- This increases sum was paid in ments, for the year 2015, show net Holdings Rameda Pharmaceuticals, estimated with EGP 1789.93 at maximum. nounced a net profit of at 46.47 thousand stocks, for EGP In December 30, 2015, Rameda's Dh250m for the first three cash by a certificate of deposit worth profits of EGP 4.64bn, against EGP 117.25m. This decision was previous- stocks were mortgaged to secure months ended March 31, 100 per cent of its value, according to 3.65bn in 2014. The company is cur- ly approved by BOD in January 2016. repayment of a loan, according to 2016. rently in negotia- In 2011, Raya took over nearly 28.8 Raya's financial statements, whose tions with four foreign per cent of Rameda, i.e., 120 thou- investments in the pharmaceutical banks to get a $5.2 sand stocks, with the nominal value company reached 76.1m. billion loan. The facil- ity would be used to finance the Tahrir Pet- rochemicals complex in Ain Al Sokhna. The Telecom Egypt banks include the Chi- na Development Bank Telecom Egypt signed a memoran- Hong Kong's leading telecommuni- $162.04m and the U.S. Export- dum of understanding under an inter- cations provider, and Telkom South The Arab Petroleum In- Import Bank. The pro- national alliance to establish a new Africa. vestments Corporation ject should be ready marine cable that ties Africa, Middle The agreement on financing and (Apicorp), a multilat- East and south Central Asia. maintaining the cable will be signed eral development bank, in four years and has Other parties of this deal were next June, and the new project is ex- estimated cost of $7.5 posted a total income of MTN Group, Saudi Telecom Group- pected to start operating by the third $162.04m in 2015 com- billion. listed in Tadawul- PCCW Global, quarter of next year. pared with $156.28m in Abu Dhabi Islamic 2014, an increase of 3.7 per cent. Jothour, Enjoy& El Aguizy Bank (ADIB) ADIB posted a 6.9 per cent growth in rose by 6.7% to AED 216.2m its first-quarter profits, according to a ($58.86m) in Q1-16, compared to Qalaa Holding's subsidiary Jothour for Food Industries agreed bourse statement. AED 202.6m ($55.16m) in Q1-15. to sell its entire portion in Nile Co. for Food Industries (Enjoy) $26.38 Net profits reached AED 482m Customers’ deposits increased 9.6 and El Aguizy International for Economic Development. The 2 ($131.20m) in the first quarter of per cent to AED 95.99m ($26.13bn) stakes, valued at 55 per cent, are to be acquired by the Egyptian Aramex, a leading global 2016, compared to AED 450.8m during the period, compared to AED Businessman and Investor Kamal Haggag, who has previously logistics solutions pro- ($122.71m) in the same quarter of 87.602bn ($23.85bn). taken over Misr October for Food Industries (El Masreyeen) in vider, has announced a 2015. Total assets went up 4.5 per cent December 2015. 12 per cent increase in Credit provisions and impairments to AED 119.2bn ($32.45bn) in Q1-16. Enjoy stopped operating in 2013 and El Aguizy in 2015, con- net profits to $26.38 for sequently Qalaa to end its investments in them. Thus, conclud- the first quarter of 2016, ing this deal will have a positive impact on Qalaa Holding's busi- compared to $23.5m dur- ness results, since they will no longer include the 2 companies' ing the same period in consolidated losses. Disengagement of Qalaa from El Aguizy 2015. will be carried out soon, but Enjoy will be sold after fulfilling some terms and conditions. Pharos Investment Bank was ap- pointed by Qalaa to be the financial consultant in the deal. The agreement states for Qalaa settling all liabilities to banks, provided that all other financial commitments are assigned to the buyer. 60.7% Dar Al Arkan, one of Sau- di Arabia's largest proper- Vortex, a renewableVortex energy plat -&of Europeanbuilding a yielding infrastruc - marketsVortex exposure to a highly regu- ty developers, extended form managed by EFG Hermes’ ture platform. This acquisition, lated European revenue stream. an earnings slump as it private equity arm, has agreed a which nearly doubles our AUMs to Moreover, its margins and wind reported a 60.7 per cent €550m sale and purchase deal just over USD 1.1 billion, is a tes- capacity factors are above the fall in first-quarter net Bank Dhofar offers terms of (SPA) with a subsidiary of EDP tament to our position as the re- market average, setting the floor profit on Thursday due to Renováveis (EDPR) for a 49 per gion’s leading renewable energy for very attractive and competitive declining sales revenue. cent stake in a 664 MW portfolio investment manager,” He added. cash yields. of European wind assets. “We have successfully raised “In 2015, our first year of in- merger to Bank Sohar The deal comes within the EUR 550m to fund the transac- vestment in EDPR France (334 framework of EFG Hermes’ strat- tion; 40 per cent in the form of MW gross capacity), active asset Oman's Bank Dhofar, in talks with not disclosed. Bank Sohar, Oman's egy that targets developing infra- equity, 5 per cent of which was a management allowed Vortex to Bank Sohar on a possible merger, fifth-largest lender, is considering structure investment portfolio of seed investment by EFG Hermes generate a superior cash yield to said on Sunday that it communicat- the terms offered which may be high interest rates in Europe, es- and 95 per cent of which takes the its investors, mainly due to strong ed the terms for a deal to its smaller subject to further discussion and pecially after taking over 49 per form of sovereign capital from the operational improvements, cost- rival after completing due diligence. negotiation, the statement said. cent of EDPR France late 2014. Gulf Cooperation Council region,” savings and generation enhance- Bank Dhofar, the sultanate's sec- The merger would create the EFG Hermes Head of Private says Moussa. “The remaining 60 ment initiatives.” ond-largest lender by assets, said country's second-largest bank Equity Karim Moussa said: “In per cent of the acquisition finance Noting that the transaction puts 18.3% the financial and legal due diligence with a market capitalisation of just 18 months since its first trans- is in the form of a 13-year facility Vortex well on its way toward its concluded on April 23, it said in a $1.81 billion and assets of $13.69 action acquiring 49 per cent of provided by five prominent Euro- goal of owing in excess of 1 GW of Mashreq, Dubai's third- bourse statement. billion, Thomson Reuters data EDPR France, Vortex has gained pean banks.” net installed capacity in the com- biggest lender by as- The terms of the merger were shows. - Reuters considerable momentum and Bakr Abdel-Wahab, Managing ing two years, Moussa added: sets, on Sunday posted market recognition in the Europe- Director of Infrastructure Private “We will continue to pursue high a 18.3 percent fall in an renewable energy space. Our Equity at EFG Hermes, adds: “The quality yield-generating assets first-quarter net profit as it failed to recoup track record and knowledge of the transaction was complex to struc- with superior return potential for market was a decisive edge in a ture and execute as it covers four as many bad debts as UAE leads payments our investors in developed mar- very competitive M&A process jurisdictions with different regula- it did in the correspond- kets and selective emerging mar- that saw Vortex bidding head-to- tory and operational regimes. The ing period of last year. kets.” head with major global investors”. premium underlying assets, gen- The deal is due to be concluded “As our second remarkable erating in excess of 1.7 TWh per transaction in Europe, it under- annum, have four years of aver- during 2016 second quarter, after growth in MENA region lines our ability to identify struc- age age, fifteen years of remain- receiving approval of regulatory ture and execute large-scale ing regulatory life and blue-chip commissions and fulfilling condi- tions of the agreement. There are several reasons why electronic payment systems. This is deals that deliver on our strategy turbine technology. This gives the UAE leads the high-potential one of the key reasons Network In- Middle East and Africa region in ternational acquired Emerging Mar- payments growth. Not only is the kets Payments in March 2016. country ahead in promoting card Take a look at the comparative use through government initiatives data: non-cash transactions across but innovation is also high across the world are growing at the rate of the payments value chain, ensur- 8.9 per cent, according to Capgem- $148m ing that the benefits of payments ini data, with the developing world General Electric (GE) growth reach all segments of the growing at 16.4 per cent and the has carried out $148m population. mature markets, where the growth worth of overhauls and From grassroots programmes is from a stronger base, increasing maintenance work on such as the Wage Protection Sys- at 6.1 per cent in 2014. production plants of tem to initiatives such as the World The MEA region is blazing one of the Ministry of Elec- Expo, the UAE is ensuring that it re- the fastest expansion rates in card tricity over the past mains one of the leaders in the re- transactions in the world at 24 per six months, a report gion and the world in the consumer cent growth, double the 12 per cent said. The operations space. At the same time, localised being recorded in the second-fast- included many produc- innovation ensures that unbanked est growing region. And within the tion plants in Ataqa, El- demographic segments are brought MEA, the UAE is one of the stand- Mahmudeya El-Nubar- into the fold through mobile and out performers. – Khaleej Times eya, North Delta, www.meobserver.org 4 MENA Region 27 April 2016 Saudi Arabia unveils Vision 2030 Saudi bourse Libya's NOC says eastern (Cont. from P01) Such was the speculation among Saudis rises as prince “People used to be unhappy that files and over the details of the plan that hashtags data of Aramco are undeclared, unclear associated with it were the top two trending and not transparent. Today they will be on Twitter on Monday in the country with outlines reforms government tried to export 650,000 barrels transparent. If Aramco gets IPO-ed that the highest rate of social media use in the means it has to announce its statements Middle East. Saudi Arabia’s stock market Libya's National Oil Corporation of accounts,” he said. Since the prince But ambitious targets, such as raising recovered from early losses (NOC) said the country's eastern was appointed to oversee Saudi long-term the private sector share in the economy and rose in late trade on government attempted to export planning through the Council of Economic to 60 percent from 40 percent, reducing Monday as Deputy Crown 650,000 barrels of oil this week, but and Development Affairs, Riyadh’s focus unemployment to 7.6 percent from 11 per- workers at the Marsa el-Hariga ter- on reform has grown far more urgent and cent and growing non-oil income to 1 trillion Prince Mohammed bin Sal- minal had refused to load the ship- far more acute. Prince Mohammed has en- riyals ($267 billion) from 163 billion riyals man outlined a sweeping ment. joyed a dizzyingly rapid rise since his father ($44 billion) were not explained further. economic reform plan. became king 15 months ago, from being lit- Some Saudis said they had hoped for "This had the potential to be a very tle known outside the ruling Al Saud family more detail on crucial issues such as edu- Measures include building ugly incident and I am pleased that to become the driving force of Saudi plans cation reform. There were no further details up the government’s Public it has been resolved peacefully with- to prepare for a future after oil. of plans to increase revenue from tax or of Investment Fund to become out injury to anybody or loss of rev- In his rare press conference, he pre- any changes to the political structure of the a major player in global mar- enue or damage to the integrity of sented himself as a moderniz- absolute monarchy. kets, restructuring the hous- NOC or the country," Tripoli-based ing leader who seeks to shake “For me as a Saudi, I am Chairman Mustafa Sanalla said in Saudi Arabia out of its econom- concerned by the education ing ministry to increase sup- ic slumber and its reputation for transformation plan,” said a ply of affordable housing, a statement released late on Friday. opacity and rigid bureaucracy, Saudi entrepreneur. “If it is not and creating a “green card” Libya's eastern government is one showing an interest in topics at the top of the list, why not?” system within five years to of two rival administrations set up in including education, the public However, the plan also en- give resident expatriates 2014. Its efforts to sell oil through role of women, and football. visaged increasing women’s a parallel oil company have so far Saudi Arabia would prepare a participation in the workforce, long-term residence. been unsuccessful. new education curriculum, Prince something that has already The stock index was up The NOC has said it will work with Mohammed said. Despite previ- grown quickly over the past five 2.2 per cent in late trade. a U.N.-backed unity government ous reform attempts, the king- years, to 30 percent from 22 – Reuters that arrived in Tripoli last month to dom’s schools have long been percent. Arab Emirates. The U.N. Security Council last coordinate future oil sales. seen as focused on religious But he also said he did not It said the shipment was intended month said the unity government There was no immediate comment teachings rather than preparing believe Saudi society was for the Distya Ameya, an Indian- had the "primary responsibility" for students for a role in a modern economy. ready to end its ban on women driv- Bloom in Abu from the eastern government or the Under the plans, Saudi Arabia would ing. A green card system would also be parallel oil company that it formed in flagged vessel that remained at preventing illicit oil sales, urging it produce or assemble half of its defense launched within five years to enable expa- Benghazi, Libya's second city. Marsa el-Hariga."Agoco employees to communicate any such attempts equipment internally in order to create job triate Arabs and Muslims to live and work Dhabi residential Sanalla said he had informed the and port officials understood this to the U.N. committee overseeing opportunities, he said, and Riyadh would long-term in the country, Prince Moham- unity government's prime minister, was a political attempt to divide the Libya-related sanctions. make foreign investment easier. med said, in a major shift for the insular project sale success Fayez Seraj, about the attempted country, and I am very proud that The resolution also restated a call The government ran a deficit of 367 kingdom. But the focus was on economic they resisted the pressure to load for member states to cease contact billion riyals ($98 billion) or 15 per cent of restructuring to help reduce oil depend- sale, and that Seraj "took the nec- gross domestic product in 2015, officials ence. “I think by 2020, if oil stops we can Bloom Properties, the real essary steps to stop the vessel from this vessel," Sanalla said. with any "parallel institutions". said, and this year’s budget plan aimed to survive,” Prince Mohammed said. “We estate arm of the Abu Dha- loading". "We have been in communica- Since the uprising that toppled cut that to 326 billion riyals ($87 billion). need it, we need it, but I think in 2020 we bi-based National Holding, The NOC statement said the mar- tion with the master of the ship," he autocrat Muammar Gaddafi five His economic team has already an- can live without oil.” said it has sold 90 per cent keting manager of the parallel com- added. "We have informed him he is years ago, Libya's oil production nounced efforts to curb wasteful gov- Appealing to Saudi youth, he ended his of Faya, the fourth phase pany had instructed eastern oil firm breaching U.N. resolutions and we has been slashed by rivalry be- ernment spending, to diversify revenue news conference by promising them a new Agoco to load the shipment on April have asked him to leave Libyan wa- tween armed factions, attacks by streams by introducing sales tax and pri- Saudi Arabia. of its residential community 21-23 for DSA Consultancy FZC, a ters immediately. He has turned off Islamic State militants and labor vatizing state assets, and to make reforms “The vision is not a dream, it’s a reality Bloom Gardens within o ne company registered in the United his vessel's tracking system." disputes. in the education sector. that will come true,” he said.- Reuters week since its launch. Bloom Gardens is an ex- clusive residential communi- ty nestled in the heart of Abu Dhabi, just minutes away from the natural sanctuary of the Corniche Al Qurm and Khalifa Park. Consisting of a total of 132 town homes made up of 28 four-unit clusters and four five-unit clusters, Faya will be an attractive investment opportunity for potential buyers and investors, said Bloom Properties in a state- ment. The company has launched an attractive pay- Kuwait Petroleum plans JV for ment plan linked to con- struction milestones. Under Jordan delays key water this scheme, they will have Vietnam oil sales to make about 60 per cent of the payment during the Kuwait Petroleum International of a petroleum product distribution project bidding round construction phase and the (KPI) and Japan-based refiner company, KPI and Idemitsu will remaining on project com- Idemitsu Kosan are planning a achieve a stable supply of prod- pletion, it added. The Jordan's Ministry of Water Under the proposal, Palestine are a seawater intake structure; an joint venture company to sell pe- ucts to the growing Vietnamese and Irrigation has extended the will receive 30 million cu m of intake pump station; a seawater troleum products in Vietnam, a re- market, where demand for petrole- deadline for submission of the pre- freshwater to cover its water defi- pipeline; a desalination plant with port said. um products is expected to follow qualification proposals for the first cit, while Israel will buy its share of a capacity of 65-85 million cu m "KPI and Idemitsu intend to pro- a steady upward trend, thereby phase of the Red Sea-Dead Sea 50 million cu m of desalinated wa- per year and a desalination brine mote retail and wholesale opera- contributing to the social and eco- Water Conveyance Project (Red- ter from the project at cost value conveyance pipeline, said the re- tions, mainly through the construc- nomic development of Vietnam," Dead) to May 30, said a report. and sell Jordan the same amount port tion and management of service said Idemitsu. The first phase of the Red-Dead of water in the northern Jordan Besides this work will also in- stations across Vietnam," Idemit- KPI's parent company Kuwait project will be developed on a Valley at a cost of JD0.27 per cu- volve construction of two lifting su was quoted as saying by Wam, Petroleum Corporation (KPC) will build, operate and transfer basis, bic metre. pump stations; hydropower plants; the Emirates News Agency. supply all the feedstock for the reported the Jordan Times, citing Construction of the first phase is and discharge facilities at the The joint venture, called Idemit- facility, which will also include pet- a source. planned to start next year, accord- Dead Sea, it stated. su Q8 Petroleum LLC, will be the rochemical units, energy facilities, Jordan had signed a memoran- ing to the ministry, which said that A total of 85-100mcm of water first wholly foreign-owned firm in a pipeline and storage systems, dum of understanding with Israel under the first phase, a total of 300 will be desalinated annually, while the oil product distribution and re- along with an information man- and Palestine in December 2013 million cu m water will be pumped the seawater will be pumped out tail sectors in Vietnam, the report agement system, according to the to implement the first phase of the each year. from an intake located in the north said."Through the establishment Wam report. Red-Dead project. The project's main components of the Gulf of Aqaba, it added. Iran agrees new model for oil contracts

Iran’s government has approved a mod- Company may also carry out negotia- el for new contracts but it was still be- tions for some individual projects. ing processed by a commission, said the He invited international oil companies head of Iran's petroleum contracts com- to "start sending their interests" on po- mittee. tential projects. Iran hopes to attract in- Seyed Mehdi Hosseini, asked when ternational oil companies to invest in its the final draft of the contract will be oil sector and boost production with the ready and presented, told an oil sum- new contracts. mit in Paris that the committee he chairs was hoping for June or July. Ties with Stockholm "We are doing our best to do some- Meanwhile, Iran and Sweden are keen thing in June or July," Hosseini said, to expand cooperation on energy issues, adding that the Iranian government had the country’s oil minister was quoted as approved the model for the new con- saying by Iran Daily, which cited Shana. tract. "Cooperation in the oil sector has been Hosseini later told reporters that bid- limited in the past," said Bijan Namdar ding and negotiations for Iran's oilfields Zanganeh after a meeting with Swedish will start in June or July. Energy minister Ibrahim Baylan. Swedish companies can supply Iran's "The fields that will come for bidding petroleum industry with the required are mostly big fields," he said, adding state-of-the-art machinery, he added. that some common fields it shares with other countries would also be open to The minister highlighted that Tehran bidding. and Stockholm can cooperate in opti- "Bidding will begin in late June or early mizing energy consumption in the pet- July," Hosseini said. rochemical industry and production of He added that the National Iranian Oil industrial machinery. – Reuters www.meobserver.org 27 April 2016 Interviews 5

EFG Hermes Leasing's CEO Ahmed El-Kholy EFG Hermes Leasing's capital is estimated at EGP 1bn

financial solutions only, but they also include providing clients Ahmed El-Kholy, CEO and Managing Director of ly 5 banks, in this regard, from which we received with advice. Moreover, we do not EFG Hermes Leasing, said this new subsidiary’s EGP 800m funds. Moreover, we are now negotiat- just target short-term contracts capital has currently exceeded EGP 1bn, with its ing with 7 new banks to get nearly EGP 900m. only, but these extend to market share reaching 11 per cent by the end of In this regard, Middle East Observer interviewed forming long-term partnerships, February. EFG Hermes targets increasing its sub- El-Kholy to discuss the finance leasing sector achieving progress and mutual interests to all those involved, sidiary market share during this year. in Egypt and to particularly shed light on EFG whether clients, suppliers or Moreover, the company holds contracts with near- Hermes Leasing. parent company. We also avoid complicated credit terms, by resorting What about the finance to long-term financing to leasing in Egypt and We control 11 per cent of the market, and purchase capital assets. We its structure? proceed with our financing This activity has revitalized process at a fast pace and in Egypt during the past allocate 20 per cent to small companies based on each company’s period, but its nature is still features and advantages. unclear. The structure of That’s why we inform the leasing in related companies clients of our decisions within is represented in capital, and EFG Hermes targets increasing capital of its new subsidiary to EGP 125m half the same period needed loans are regulated based on by other companies in the a leverage rate ranging from 8 market. Moreover, we are to 1. Therefore, if a company keen on diversifying funding starts with an EGP 100m Operations- estimated at EGP 650m- with a number of companies resources to benefit from capital, it can borrow up to different tax and accounting EGP 800m, consequently its privileges. portfolio can mount to EGP 900m in the first year. that are engaged in domestic market are still being examined What are the most significant Most finance leasing corporates sectors that take over finance in Egypt kicked off with EGP 50m lease operations in Egypt? What about EFG customer base has now reached Do you allocate part of Can you tell us about the capital, which was increased The real-estate sector controlled Hermes Leasing? 150. this portfolio to small and company’s syndicated loans? later to EGP 80m then to 100m… 80 per cent of the market, during How much is EFG Hermes medium-sized companies? This year, we have implemented etc. It was founded in March 2015 and the first 2 months of 2016. The started operating in June of the Leasing’s capital, market Yes, we do. In fact, the share 2 contracts on syndicated same thing could be said as well about last year. This was What do you think of the new same year. From the beginning of share and portfolio? of this type of companies in our loans. We are still examining enhanced by the dwindling companies that entered the its foundation till the end of 2015, The company first started with portfolio reached 20 per cent by other operations- estimated at dollars, difficulty of opening corporate leasing market? the company’s portfolio reached a capital of EGP 100m which the end 2016 first quarter. We EGP 650m- with a number of EGP 750m. This means that proves its huge ability to expand. aimed through this to broaden companies that are engaged in letters of credit and shortage These companies demonstrated domestic market. This clearly in inventory which all lead great competitive skills, EFG Hermes Leasing does have This year, we target increasing our customer base, engage in shows the influential position the companies to invest in available which was clear in the size all success factors; i.e., powerful capital to EGP 125m. new sectors and spread risks. company managed to gain since opportunities. On top of those of portfolios, during the first 2 shareholders, efficient systems As for the market share, it it started operating. was the real-estate sector. months of this year, which was and calibers that managed that reached 5 per cent by the end What about the banks you announced by the Egyptian amount of money in 6 months. of 2015 and mounted to 11 per deal with to get facilities? When it comes to Which sectors do you think Financial Supervisory Authority. We have started to generate cent by last February. We aim at The company holds contracts are promising in the field? Moreover, a heated competition profits from the 4th year of increasing it even more this year. with nearly 5 banks, in this operational advantages, I believe these would be health care, is healthy, for the more there are operation. Moreover, we target EFG Hermes Leasing’s portfolio regard, from which we received what advantages does EFG education and logistic services. companies, the more popular diversifying our clients to exceeded EGP 1bn within 9 EGP 800m funds. Moreover, we Hermes Leasing enjoy? corporate leasing and the bigger apportion risks and maintain months, from June 2015 to are now negotiating with 7 new Well, the company’s services portfolios become. a good credit portfolio. Our February 2016. banks to get nearly EGP 900m. are not limited to offering By Mahmoud Hammad Consumer Protection Agency & its monitoring role on markets Consumer Protection Agency was established to effectively achieve social justice, ensure providing citizens with high quality services at proper prices and counter monopoly.

In this regard, the agency's CEO Ahmed Samir said there is no such thing as pricing in open markets, since this leads eventually to shortage in products, monopoly and absence of accountability. But, this process is subject to sup- ply and demand, and the supervisory bodies' role is based on studying price indicators. This is carried out by Central Agency for Public Mobilization and Statistics (CAPMAS) which are ridiculously high in oth- missaries to other stores and best related choices. sumers, similar to those sanctions were intensified, has over 25,000 stations ers. That's why CPA now subsidiary to ministry of CEO Ahmed Samir provided in Europe. ranging from EGP 10K to to monitor process. These seeks to cover all Egypt, as supply. It aims through this pointed out that the state Under this new act, the 1m. We have also intro- stations work with all moni- it is now coordinating with to control the market and applies Customer Protec- return policy will be ex- duced the "Smiley Face" toring agencies to keep a different governorates to balance prices. Among tion Act no. 67 of the year tended to a whole month certificate which is given close eye on prices and have offices in them. other mechanisms adopt- 2006. Yet, the parliament and a legal warrantee on to places that commit to fight high pricing. This is Moreover, the state is ed by government, in this is now discussing a re- durable goods to a year. protecting and satisfying best reflected in how prices now cooperating with CPA regard, is raising aware- lated draft bill and if it is This means that import- consumers. are totally normal in some in a different way, i.e., of- ness among citizens con- approved, it will result into ers will be forced to get the governorates, while they fering commodities at com- cerning markets, prices massive benefits to con- best products. Moreover, By Alaa Abdelwanis www.meobserver.org 6 Toursim 27 April 2016 Interview with Boris Bornman Complex General Manager at Starwood Hotels and Resorts the unique selling point of Star- An exclusive interview with Boris beauty and mystery are united to create wood chain; we are constantly Bornman , Complex General Manager at a harmonious symphony of nature. He looking for new and innovative Starwood Hotels and Resorts; in which also addresses the unique innovative ways for accommodation, food, entertainment and other vari- he unveils the beauty of Egypt and techniques employed by Starwood hotel ous important element. I be- talks about one of the most exceptional chain, which actually makes it one of the lieve Starwood Company is a touristic spot in Egypt, Suma Bay, where best hotel chains worldwide. very creative company that is backed up with a very power- ful team; we are often looking How did you start your forward to leave an impact on career in hotel business? We have created people's lives to create magical Actually, I started my career moments that our guests will al- as a policeman, which was a ways remember Starwood sell totally different field from tour- good marketing and to its guests an experience not ism; however it has given me just a service and this is actu- discipline to manage my ca- ally where we excel. Others ho- reer. I started my work in hotel positing for Sheraton tels might be selling services. business in South Africa where Good experience, actually stick I have reached various mana- with people and help to create gerial positions. I have actu- and Westin within the brand loyalty. ally joined Starwood chain five years ago. In your opinion, Does Suma Egyptian market and Bay receives good marketing You are currently working as a special tourist spot in as Complex General Egypt? You think it deserves Manager at Starwood more tailored marketing? Hotels and Resorts, in the global market Photo Credit: Moharram Fouad your opinion what makes Well there is no doubts that mar- Suma bay a unique keting is an ongoing process; I touristic destination? I would say that innovation is the competitive believe as Starwood Chain,we have created good marketing I really think Suma Bay is one of and positing for Sheraton and the most beautiful spots in the advantage of Starwood chain Westin within the Egyptian mar- world; it is actually a very se- ket and the global market. We cure environment. It has got the can always do more market- best hotel brands in the world; I really think Suma Bay is one of the most The Breakers hotel, Kempin- ing with the use of technology ski, Sheraton and Westin Soma and social media the marketing Bay Golf Resort and Spa, beautiful spots in the world process became an easier pro- which is the first Westin hotel cess. I believe good marketing in Egypt. Every hotel actually must embrace tailored market- has a unique concept that it is of the best spots in the world for cious 326 guest rooms and ing, in which you identify your selling to its guests. The Wes- kite surfing. There is also a five suites are carefully designed specific target audience and set Boris Bornman MEO reporter tin Soma Bay is a hotel that is meter long beautiful reef in front for a refreshing, relaxing, yet your desired goals and upon of the hotel. As for Sheraton elegant décor & amenities. The that you take the needed ac- committed to enhancing guests’ amenities and refreshing ambi- being, each signature Westin Suma bay, it is the gathering beach suites feature lush land- tions. well-being. At Westin, every as- ence. In the spirit of renewal, program is developed to help pect of the guest experience is place for friends and families in scaping and a private pool. Westin design takes its inspi- guests Sleep Well, Eat Well, designed to ensure that travel- Somabay. The Sheraton Soma #Stay Tuned to the second ers leave feeling better ration from nature and reflects Move Well, Feel Well, Work bay is a five-star resort inspired What do you regard as the part of the interview of Boris than when they arrived, from its vitality, energizing and re- Well, or Play Well. For a better by Luxor’s Karnak Temple situ- unique selling point (USP) Bornman our innovative programs and charging guests. To provide a you. It has also a Kite house ated directly on 800 meters of of Starwood Chain? instinctive service to revitalizing truly holistic experience of well- and I believe Suma Bay is one beautiful beachfront. Its spa- I would say that innovation is By: Amira Elhamy Region's biggest travel show set to open

Arabian Travel Market (ATM), the the loyalty quotient in an extremely Khaimah Tourism Development region’s leading travel industry competitive market environment,” Authority; Marwan bin Jassim Al showcase, opens its doors to- said Nadege Noblet-Segers, exhi- Sarkal, CEO Shurooq; Sultan Al morrow (April 25) for four days of bition manager, ATM, told a press Mutawa Al Dhaheri, acting execu- business networking opportuni- conference in Dubai. tive director, Tourism, Abu Dhabi ties, insightful seminar sessions, The event was attended by Tourism & Culture Authority (TCA leadership forums, and recognition Chris Newman, corporate director Abu Dhabi); Gerald Lawless, head of 12 months of industry achieve- of operations, Emaar Hospitality of tourism, Dubai Holding and hon- ment. Group; Thierry Antinori, executive orary president, Jumeirah Group; Now in its 23rd year, the 2016 vice president and chief commer- Thierry Antinori, Emirates execu- edition, which takes place at the cial officer, Emirates Airline; Simon tive vice president and chief com- Dubai International Convention & Press, senior exhibition director, mercial officer, Emirates Airline; Exhibition Centre from April 25-28, ATM and World Travel Market; Is- and Aligi Gardenghi - vice president will welcome 423 main stand hold- sam Abdul Rahim Kazim, CEO, marketing EMEA and commercial ers representing 86 countries, with Dubai Corporation for Tourism and director MEA, Hilton Worldwide more than 26,000 visitors expected Commerce Marketing; and Ali Abu will discuss the grand vision for the to attend the Middle East’s longest Monassar, chairman, The Vision UAE as one of the world’s leading running and largest trade event. Destination Management. tourism hubs and how will it evolve The show has added an extra “This has been identified as both over the next decade and beyond. hall for 2016 to cater to the over an unde rdeveloped and potential The Mid-market Strategies 2,800 exhibiting companies and 64 growth area for the region, driven session, which will run from national pavilions. Over 100 new by demand from the growing mid- 13:15-14:15 hrs on April 26, Sports may be the path exhibitors are set to make their dle class markets such as China, also on the ATM Global Stage, ATM debut this year. India and Africa combined with is designed specifically to iden- “The region faces a triple chal- budget Generation Y travellers and tify who the midmarket traveller lenge in attracting leisure and busi- young families,” she added. is, where they come from and ness travellers with the triumvirate Mid-market topic-led seminars what they want. Panelists include of service, experience and value all include the opening session, ‘The Mark Nogal, regional head, Fo- to boosting tourism in Egypt key to developing sustainable tour- Future of the UAE as a Global cused Service Brand Manage- ism economies in an increasingly Tourism Hub’, taking place on April ment, EMEA, Hilton Worldwide; diversified sector. This has been 25 from 13:00 - 14:30 on the ATM Dr Amine Moukarzel, president, In the wake of the decline in in Cairo on 25 April, head of tion of Egypt abroad.” the catalyst in focusing our atten- Global Stage located in Hall 8 with Louvre Hotels Group MENA; Ka- tourism, Egyptian sports fed- the water polo division in Egypt, When asked whether El- tion on mid-market tourism this an impressive line-up of speak- rim ElGuanaini, senior vice presi- erations have begun to boost Ahmed Haroun Touny, informed Gouna championship is only year, as Middle East destinations ers. Panelists Issam Kazim, CEO, dent of product marketing, Miral look to diversify their source mar- Dubai Corporation for Tourism and Asset Management; and Ali Abu tourism by organising inter- Daily News Egypt previously. being held for the purpose of kets and attract a larger volume of Commerce Marketing (DCTCM); Monassar, president, The Vision national championships on Dubbed one of the top eight sport, president of the Egyp- visitors as well as look to increase Haitham Mattar, CEO, Ras Al Destination Management. Egyptian soil, especially in tour- international squash champion- tian Squash Association Assem ism areas, such as Sharm El- ships, El-Gouna International Khalifa responded: “Benefiting Sheikh and Hurghada, which Squash Open will be held in the tourism in Egypt through these used to be some of Egypt’s resort town of El-Gouna from prestigious championships greatest attractions,. 21 to 29 April. comes at the top of our priori- This month is full of prestig- IEvents is the company re- ties.” ious sporting events. The most sponsible for organising El- Khalifa then revealed a sur- recent championship of men- Gouna International Squash prise: “We will resume Al-Ah- tion is the 2016 ATU Triath- Open tournaments. Founder ram Squash Championship lon African Cup and Pan Arab and CEO Amr Mansi previ- at the Pyramids of Giza, next Championships, organised by ously told Daily News Egypt: September.” This champion- Alameda Triathlons and the “Through these sporting and ship has been suspended since Arab Triathlon Confederation, entertainment events, including 2001..The HSC will also be which was held in Sharm El- the famous Greek singer Yan- hosting the 25th edition of the Sheikh earlier in April. ni’s concert at the Pyramids, we Heliopolis International Water The Arab Club Water Polo could recover tourism in Egypt Polo and Synchronised Swim- Championship will be held at the and fight the impact of terrorism ming Tournament at the club in Heliopolis Sporting Club (HSC) which is hindering the percep- September. - Daily News Newman, Antinori, Noblet-Segers, Press, Kazim, and Monassar at the event www.meobserver.org 27 April 2016 Youth &Technology 7 New Technology can make batteries last 400 times longer

A new technology of battery- ganese oxide covering and making may potentially en- putting it inside an electro- able these energy sources lyte composed of a gel that to last 400 times longer resembles a Plexiglas. than usual, a new study has To test the invention, the found. team cycled it for 200,000 The technology makes use times within three months. of a nanowire-based mate- They did not identify cracks rial that can be recharged for and capacity or power de- thousands of times, paving ficiencies in any of the na- the way for the possibility that nowires, making the com- battery replacement may not bination an effective and be required anymore. potentially failure-resistant Nanowires are very tiny con- technology. ductors that have long been The researchers think the a subject of battery-making success lies in increasing production. This is because the fluidity of the metal oxide of their extremely thin struc- inside the battery, providing In a national dialogue forum: University students call on: ture, high conductivity and it with flexibility and protec- big surface area for the tion against cracking. transmission and storage of "The coated electrode holds electrons. its shape much better, mak- The main hindrances to na- ing it a more reliable option," nowire-based batteries are says study lead author Mya the issues of fragility and Le Thai. Paying due concern to innovators & updating curriculums inability to endure periodic Thai says their work pro- recharging, discharging and vides evidence that nanow- cycling. When these nanow- ire-based electrode can ires are placed in ordinary survive for long periods and to cope with latest changes and developments lithium-ion batteries, they can be turned into real func- spread and become frail, re- tional batteries. Ministry of youth held a national dia- skillful students in all majors, and of designing curriculums to ensure cept of high-profile universities. They sulting in cracks. The discovery is said to be logue forum, entitled “With the power updating curriculums that cope with promoting a culture of integrity and have also discussed problems with Now, researchers from the useful in providing com- latest changes and developments. preserving public money and collec- media and its significant role in soci- University of California Ir- mercial batteries for devices of its youth, Long Live Egypt”, chaired vine were able solve the with prolonged lifespans by Minister Khalid Abdel Aziz and un- In Fayoum University, students tive thinking. ety, achieving development and pro- problem with nanowires. such as computers, appli- der the auspices of President Al-Sisi. focused on health care, agriculture Students of the AASTMT empha- moting culture. Finally, they called They did it by enveloping ances, smartphones, cars Its second phase saw holding 61 and youth empowerment. They have sized the need to change the socie- on monitoring media platforms to a gold nanowire in a man- and even spacecraft. forums in universities and institutes also shed light on some of the prob- ty’s concept about vocational educa- ensure they carry out their jobs in a across different governorates to give lems they face, including shortage tion and show its importance through neutral unique way. the youth the opportunity to present in needed raw materials and equip- media. It is also important to provide Nemat Satti, Chairman of the their visions, recommendations and ment at practical faculties. these students with proper training Central Administration of Parliament suggestions related to development. As for administrative and finan- which comprises languages, comput- and Civic Education at the Ministry They have also discussed university cial corruption, students called on er science and other skills to qualify of Youth and Sports, said that the education improvement, youth em- setting up new efficient systems to them for market and hold specialized 2nd phase of the national forum in- powerment and recruitment, and ad- assess and regulate governmental courses for their instructors. cludes holding 281 societal talks on ministrative and financial corruption. institutions and lay foundations of Regarding health care, the partici- secondary administrations at differ- Among the educational institutes accountability to counter all forms pating youth proposed improving this ent governorates, till mid-August. In that hosted the forum are Aswan of corruption. They have also sug- sector, as well as pharmaceutical addition, 27 dialogue forums will be and Fayoum University, The Arab gested appointing some youth from services through developing smart organized at governorates’ capitals Academy for Science, Technology & university students’ unions to ob- health cards and e-reservation sys- to discuss recommendations con- Maritime Transport (AASTMT), and serve administrative performance, tem, sending medical envoys peri- cluded by the 281 forums to come Higher Institute of Engineering & in addition to engaging the youth in odically to Upper Egypt, and re-train- up with development outputs that Technology (AIET). general in amending corruption laws ing all health system employees. will be presented in a final document In Aswan University, students rec- and regulations. In AIET, the students commended at a national conference in Sharm ommended establishing university They also asked that ministries updating curriculums and establish- El-Sheikh next September. entities especially for innovators, of- of education, culture and scientific ing training centers to qualify them fering intensive training courses for research be given the responsibility for market, and correcting the con- By Eiman Rashed st Mind Games Apple requires all new WatchOS Apps be native by June 1 In an announcement to developers last pository, was also added for apps to week, Apple said all new WatchOS ti- perform high-level functions like read- tles submitted to the App Store must ing accelerometer data and writing be native apps, built with the com- workout data back to the Activity app. pany’s latest WatchOS 2 software The final WatchOS 2 version offi- development kit, by the first of June. cially rolled out last September with The upcoming requirement, pub- a host of improvements to user in- lished on Apple’s developer web- terface components, Siri, Apple site, is the latest push by Apple to Pay and Wallet, Maps and more. advance its wearables’ platform Importantly for early adopters under- and address launch complaints re- whelmed by the performance, or lack garding sluggish third-party apps. thereof, from third-party Apple Watch Apple debuted WatchOS 2 last June apps, WatchOS 2 allowed developers shortly after the device hit wide distri- to create native apps. bution. The capability allows software to run With newly gained access to WatchOS on Watch without transferring data 2 SDKs, developers were able to cre- back and forth from a host iPhone, ate their own custom watch face com- making for a snappier user experience. plications, as well as access Apple Today’s developer requirement means Watch hardware elements like the Dig- users will soon be much less apt to en- ital Crown, Taptic Engine, microphone counter software with slow load times. and loudspeaker. Software support for HealthKit, Apple’s biometric data re- By Hossam Abdel Haq Word seeks (Real Estate) ACREAGE EVICTION PROPERTY TAX AMENITIES FLIP PUBLIC AUCTION Google has announced the nominees for this year’s Google Play Awards APARTMENT FLOOR SPACE RENT APPRAISER FOR SALE SIGN ROW HOUSE ASSESSOR FORECLOSURE SELLER Google has announced the Alphabear Todoist alization, or subject matter ap- BANK HIGH RISE SHOW HOME nominees for this year’s Goog- Alto’s Adventure Vevo peal, across multiple regions. BROKER INSPECTION SOLD SIGN le Play Awards. According to Fast like a Fox Best Use of Google Play Game Dragon Ball Z Dokkan Battle BUYER INTEREST RATE SUBDIVISION Google, the list contains “some Neko Atsume: Kitty Collector Services: High quality games Freeletics Bodyweight CLOSING LANDLORD SUBLET of the best apps and games Prune with several strong GPGS fea- Memrise COMMISSION LEASE SURVEY on Google Play, ranging from Best Families Apps: Apps or ture implementations. Musixmatch CONDO FEES LISTING TENANT standout startups and indies games with family friendly de- Sea Battle 2 Pokemon Shuffle Mobile CONTRACTOR MARKET TITLE to most innovative and best signs that encourage creativity Table Tennis Touch Most Innovative: Apps or DEBT MORTGAGE TOWNHOUSE designed.” The winners will be and exploration. Tapventures games offering a highly engag- announced May 19th at 7pm. Card Wars – Adventure Time TowerMadness 2 ing novelty experience or ben- DEFAULT PARCEL VALUE Google has nominated five LEGO Jurassic Park Zombie Highway 2 efit. DOWN PAYMENT PHOTOS VIRTUAL TOUR different apps in ten different My Very Hungry Caterpillar Early Adopter: Early adopter of Fast like a Fox EQUITY PRINCIPAL ZONING categories and has put all of Thinkrolls 2 a nascent technology or plat- NYT VR the nominees together so that Toca Nature form, providing a delightful user SmartNews Android users can try out these Best Use of Material Design: experience. The Fabulous highly regarded apps. The ten First-class implementation of Glide This War of Mine categories include: Standout material design concepts that Mechanic Escape Best App: A true representation Startup, Standout Indie, Best deliver an immersive and inno- Minecraft: Story Mode of beautiful design, intuitive UX Families App, Best use of vative user experience. World Around Me and high user appeal, quality Material Design, Best Use of Bring! Zumper and rating. Google Play Game Services, Robinhood Go Global: Apps or games with BuzzFeed News Early Adopter, Go Global, Most The Fabulous great localization and cultur- Colorfy Innovative, Best App, Best Houzz Game. TuneIn Radio The List of nominees includes: Yummly Standout Startup: Apps from Best Game: Games with strong new developers that offer mechanics, informative tutorial, a unique experience while broad appeal and tasteful design. achieving strong install growth. Alphabear Dubsmash Clash of Kings Hopper Clash Royale Muiscal.ly MARVEL Future Fight Robinhood Star Wars: Galaxy of Heroes Vrse Apps and games nominated Standout Indie: Games from in multiple categories include indie developers that focus on Robinhood, Alphabear, and artistic design, high quality and Fast like a Fox, and The innovative gameplay. Fabulous. www.meobserver.org 8 Snapshots 27 April 2016 Dana Gas says Egypt & Czech sign 2 economic no deal with Iran cooperation agreements on gas imports Egypt and the Czech Repub- and communication as well as lic signed two agreements to small and medium enterprises. The United Arab Emirates’ Dana Gas boost economic cooperation be- Kabil said that the Egyptian has not been able to reach an accepta- tween the two countries. government is keen to improve ble deal with Iran on natural gas imports An agreement was signed be- its economic relations with vari- into the UAE, and an arbitration process tween Egypt’s Social Fund for ous foreign markets, including the will continue, chief executive Patrick Development and the Czech Czech market in light of the strong Allman-Ward said on Tuesday. foundation for small and medium relations between the two coun- However, Dana is still open to further industries, while the other was tries. discussions with Iran, which also wants signed between Egypt’s Gen- Egypt is the most important trad- to see the dispute resolved, Allman- eral Authority for Investment and ing partner to the Czech Republic Free Zones and the Czech Export in the Middle East, with trade ex- Ward told reporters. Bank. change amounted to 402m euros National Iranian Oil Co and Dana’s af- Egyptian Minister of Trade and in 2015, he added. filiate Crescent Petroleum signed a 25- Industry Tarek Kabil and his Czech He expressed hope that the year contract in 2001 for Iran to deliver counterpart Jan Mladek attended outcome of the joint meeting gas to the UAE, with the price linked to the signing ceremony at the end would help in promoting trade oil. But deliveries were suspended as oil of the first meeting of the Egyptian and investment between the two prices rose and some officials and politi- Czech Joint Economic Commit- countries in a dynamic and effec- The Mosque of Ahmed ibn Tulun Photo Credit: Ahmed Saber cians in Iran called for a revision to the tee, held in Cairo. tive way, especially in light of an gas pricing formula. - Reuters The committee’s meeting aimed agreement to establish a contact at enhancing joint cooperation, point of the two sides to follow up especially in the fields of trade, in- on what was agreed upon during dustry, energy, tourism, transport the committee’s work. Oil prices pitch lower as investors cash in on recent gains Crude oil prices pared gains in early Asia trade Monday as traders took profit after a strong rally last week on signs that the global oil glut might start to ease in the coming months. On the New York Mercantile Ex- AED 8.4bn Dubai trade with South Africa in 2015 change, light, sweet crude futures for delivery in June CLM6, -1.21 per cent Manabile Shogole, Consul-Gen- councils and diplomatic corps. He traded at $43.34 a barrel, down $0.38, eral of the Republic of South also reiterated the Department’s or 0.8 per cent in the Globex electronic Africa has acknowledged Dubai commitment to delivering the best session. June Brent crude LCOM6, Customs’ role in increasing the services for the good and well- -0.95per cent on London’s ICE Futures volume of bilateral trade be- being of business communities exchange fell $0.32, or 0.7 per cent, to tween the two countries and based in Dubai by utilizing innova- $44.79 a barrel. the rest of the world alike; while tion and creativity in all aspects of Prices are down on profit taking. attributing this progression to Customs work. Without any major news or catalysts, Dubai’s strategic position as a During the meeting, both parties prices are going to see-saw in the near trading gateway between the discussed means and areas of term,” said Gao Jian, an oil analyst at east and the west. further Customs cooperation. DC Shandong-based SCI International. These remarks came during Director asserted that South Af- In the absence of a production- the South-African official’s visit rica is conceived as a key strate- freeze deal between Russia and the Organization of the Petroleum Export- stimulate more demand. This week, traders will be eyeing the Transformation Plan, which will lay out to Dubai Customs, where he was gic partner of Dubai in the African ing Countries, oil prices still rose by “As inventories start to drop, this Federal Reserve policy meeting on asset sales, spending cuts and tax hikes. greeted by HE Ahmed Mahboob arena, with bilateral trade totaling nearly 5 per cent last week, under- should push prices towards the mar- Wednesday for an outlook on the U.S. Nymex reformulated gasoline blend- Musabih, Director Dubai Cus- AED 8.39bn in 2015 to which im- pinned by hopes that declining produc- ginal cost of production,” said Neil economy. The market largely expects stock for May RBK6, -1.15 per cent toms, Saeed Al Tayer, Executive ports contributed AED 5.91bn, tion in non-OPEC countries would help Beveridge, senior analyst at the firm. the committee to keep the benchmark — the benchmark gasoline contract Director of Policies and Legisla- exports AED 567m and re-exports moderate the surplus in the market. The firm believes a $60-a-barrel oil rate unchanged. The Energy Informa- — fell 119 points to $1.5190 a gallon, tion Division, and Faisal Issa Lu- AED 1.92bn. The International Energy Agency price is required to balance the market tion Administration will also release while May diesel traded at $1.2991, 98 tfi, CEO of Dubai Customs World The organization of such regu- expects waning output from the U.S., over the longer term. weekly U.S. crude inventories and pro- points lower. and External Relations Depart- lar visits of international diplomat- China, Russia, Mexico, and Colom- On the demand side, China’s slow- duction data for the week ended April ICE gasoil for May ment Director at Dubai Customs. ic and consular missions to Dubai bia to reset the supply-and-demand ing economy and the rise of renewable 22 on Wednesday. changed hands at Welcoming the Consul-General Customs aims to further position balance next year and that prices will energy pose headwinds, but demand For Monday, investors will also be $389.00 a metric of the Republic of South Africa, Dubai as a global hub of trade and gradually pick up in 2018. growth for oil is still expected. The IEA looking out for major oil produce, Saudi ton, down $6.75 Ahmed Mahboob Musabih reaf- business, by finding new ways of Analysts at Bernstein Research forecasts global oil-demand growth to Arabia to announce a plan to reduce from Friday’s firmed DC’s sustained approach adding more growth to the indus- paint a more optimistic picture, esti- moderate to around 1.2m barrels a day the country’s reliance on oil, via Deputy settlement. in bolstering ties with business try, explained Faisal Issa Lutfi. mating a rebalance by the second half in 2016, slower than the 1.8m-barrels- Crown Prince Mohammed bin Salman’s - Reuters of this year as prolonged low prices a-day expansion last year. “Vision 2030.” Included will be a National

IMF says it’s encouraged Cristiano Ronaldo: by Gulf’s economic reform plans The International Mon- vealed so far, it ap- for growing popula- etary Fund said it was peared "ambitious tions while reducing encouraged by the ef- and comprehensive". the dependence of forts of Saudi Arabia The scale of the plan their economies on oil. and other Gulf Arab "measures up to the The six-nation Gulf oil exporters to repair challenge facing the Cooperation Council damage to their state economy", he said. (GCC) is heading for Swapping finances as low crude IMF's latest report on a protracted economic prices slash export the region said coun- slowdown because of revenues. tries still needed to the austerity policies "I do see in a num- do more to cut budget needed to curb budget ber of countries action deficits, rebuild their deficits, the IMF report to address the budg- financial reserves and said. the metro for private jets et deficit," Masood save enough money The non-oil part of Ahmed, director of the for future generations. the GCC economy is Cristiano Ronaldo’s success does sports teams. Ac- IMF’s Middle East and Yet, Gulf states projected to grow an central Asia depart- would still face diffi- average 3-1/4 per cent not just lie with his footballing cording to Forbes ment, said in an inter- cult decisions in carry- annually over the next achievements, but comprises a magazine, Ronaldo view. ing out budget reform 5 years, well below a whole range of sponsorship deals, was the eighth most Ahmed said that plans on a sustained rate of 7-3/4 per cent canny business moves and for- valuable athlete brand judging from details basis, and in trying to between 2006 and ward-thinking ideas which reflect in 2015, with a stag- of the Saudi plan re- create millions of jobs 2015, it said.- Reuters his dynamism and ambition on the gering €14.1m euros. pitch. Until recently, his fo- When the Real Madrid star was cus had been on the back at Sporting Lisbon, a fresh- fashion industry, as he Beyoncé’s ‘Lemonade’ is faced young boy with an impossible went from being the im- dream of making it at the very top age of men’s underwear level, Ronaldo would take the metro with his Emporio Arma- expected to be released to training for €1.80 per ticket. ni range, to creating his Its maiden voyage involved fly- very own line under the ing the Portuguese forward from CR7 underwear label. for sale on iTunes Madrid to London to attend the pre- There have been no lim- miere of his film ‘Ronaldo’ - a quite its to Ronaldo’s sponsor- insightful emblem of the transition ship deals. As well as being The surprise of releasing an album with no he has made since his bygone days the poster boy of various warning is perhaps a slightly overdone trick spent traversing the Lisbon metro brands, the Real Madrid now, but the news that Beyoncé released her system. legend has gradually been sixth solo album, called Lemonade, on Satur- Yet, he is also one of the developing his own personal day night still managed to be the kind of event most significant trademarks one, CR7, in a further demon- that confirms her status as arguably the world’s in the world with a poten- stration of extraordinary ambi- leading female pop star. tial value that has up to tion. The album was debuted on Saturday night on this point only been He truly does create and channel HBO. It took the form of a succession of associated with take opportunities both on music videos linked by poetry by Somali-British American and off the pitch. poet Warsan Shire. The directors of the videos included heavyweights like Mark Romanek. By the end of the hour-long broadcast, the album was available to stream on Tidal, backed by Jay- Z, Beyoncé’s husband.