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November 2020 November 2020 Transforming ICD’s Business Even in Tough Times, ICD Is Set on Reinvention
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w CONTENTS
November 2020
COVER INTERVIEW ENERGY
38|KPMG: Oil Prices Will Affect Kuwait More Than COVID-19 11|Transforming ICD’s Business INSURANCE
MANAGEMENT AND FINANCE 40|QIC Posts Growth Despite COVID-19
18 | Building Forward an Inclusive 42 |Moody’s Assigns An A1.sa and Accessible Lebanon National Scale IFS Rating to Saudi Re 20 | New IMF Disbursement to Jordan Would Bring 2020 43 |Gulf Insurance Group Increase Total to US$687 Million the Company’s Authorized Capital 22|ICD Completes Pricing for A 5-Year USD 600 Million 44| Sukuk Issuance ICIEC Signs MoU with Spanish State Export Credit 24 |Help Stop COVID-19 Agency
26 |Al Baraka Banking Group 45|Cyber Insurance Market Announces the Launch of Interview: Adnan Ahmed Yousif, President & Chief Executive, Expected to Reach $2a8.6 its New Global Websitel Al Baraka Banking Group Billion by 2026
28 |Global Impact of 47|Sixth Regional Medical and COVID-19 Healthcare Insurance 30 | Doha Bank Achieves Continuation of ISO20000 for IT Service Management MAIN STORY 32 | Doha Bank Celebrates “PinkDay” in 50 |Gulf Economies Set for Commemoration of Breast Steep Contractions Before Cancer Awareness Month Rebounding INFORMATION INDUSTRY Rebuilding people before bricks: UNDP Regional Goodwill Ambassador for Climate Action Michael Haddad 58 |Apple Introduces iPhone 12 Pro and iPhone 12 Pro Max with 5G
30 | News From Around The World
54 | Middle East Markets QUICK NEWS 56 | First Look on Lebanon 8 | Middle East Scan 60 | Middle East Event 28 | Market Brief Calendar Conferenc: Sixth Regional Medical and Healthcare Insurance 62 | What’s New?
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.
BUSINESS LIFE NOVEMBER 2020 w 3
EDITORIAL
Publisher and Editor in Chief COVID-19 Hits the Middle Afaf Issa East Responsible Manager Afaf Issa The coronavirus has hit the region and its economies
Contributors Mona Sahli Marwan Hakim
Photographer Raji K.
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On the web: www.businesslife.net A worldwide emergency: Medical staff at San Salvatore Hospital in Pesaro, Italy, helping patients battle COVID-19 (image credit: Alberto Giuliani)
ubai was trying to build its recov- It is anyone’s guess what Lebanon’s new ery from its 2009 financial crisis government will be able to achieve and and beginning got make progress whether the deep pit that represents govern- D when the coronavirus pandemic ment finance can ever be refilled. Moreover, hit. Companies operating in the UAE are if the Gulf states are having a hard time shedding off some of their expatriate work- coping with today’s cut-throat economic force in order to limit the losses. It has been reality, how will more vulnerable countries estimated that around 10% of the entire pull through? The bright side for Lebanon population, which is mostly foreign, will be is that many have rediscovered the joys of heading back home. The case of Dubai and cultivating your own fruits and vegetables. the UAE as a whole is not an isolated case, On the horizon, far, far away, also lies the it is a reflection of the region dependent on potential hope of offshore oil turning the oil at a time of successive global economic countries fortunes around. It is too early crises. Demand for oil is down and along to tell, but the Lebanese people have made goes the price of oil which was keeping the it through millennia on the same piece of states of the Arabian Gulf afloat. land. If history is any indication, they will Moving away from the oil-rich coun- continue to prosper for millennia to come. tries, the situation gets even more dire. The demonstrations held by the Lebanese in order to voice their discontent with cor- rupt government institutions are getting Afaf Issa (Malak Issa) quieter. Usually a quiet situation is reassur- Editor in Chief, ing but there is something unsettling with the general mood which is more akin with resignation and despair than contentment. Please recycle this magazine There is hope still as can be witnessed with the value of the Lebanese Lira rebounding on news of a new government forming.
BUSINESS LIFE NOVEMBER 2020 w 5 LETTERS
www.businesslife.net TPA Between AM BEST affirms Impact of Egyptian Officials said 25 people were killed in against largely peaceful protesters by way GlobeMed Saudi gig Financial Insurance Mergers and Saudi Enaya Ratings for 2020 and Acquisitions coastal areas in Turkey’s west, while two of beatings, teargas, rubber bullets, and at teenagers -- a boy and a girl -- died on the times live ammunition. They further failed Greek island of Samos after a wall collapsed to protect protesters from attacks by armed on them. supporters of political parties. In addition, October 2020 In Turkey, at least 20 buildings in the they sought to repress the protest move- Rising to the city of Izmir alone were destroyed, Mayor ment by arbitrarily arresting, detaining Banking Tunc Soyer told CNN Turk. Images showed and prosecuting activists and journalists, vehicles crushed under the buildings and including before military courts. Challenge people digging through the rubble in search This past year has been marked by a Bankers provide of survivors. succession of catastrophic failures on the financial support and reduce uncertainties in business and life At least 804 people have been injured in part of the Lebanese authorities. Turkey, said the country’s disaster agency. Dozens were saved by rescue teams us- Fouad Herkos ing diggers and helicopters to search for Beirut, Lebanon survivors. What more can we expect from nature? LETTERS Maroun Sawaya Muscat, Sulatanate of Oman 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 [email protected] Kuwait...... KD1 Qatar...... QR12 Cyprus...... C£1 U.S. & Canada...... $4 Morocco...... MAD33 Syria...... SYP150 Last issue’s main story: One year on from the start of mass pro- Please include your name, address, COVID-19 Forces One of the Big- tests in Lebanon, the authorities have not and phone number. Letters may be gest Surges in Technology Invest- only failed to address people’s legitimate edited for clarity and space. ment in History demands for their social and economic PAUSE rights, but have also increasingly resorted to Nature is sometimes cruel! repressing the rights to peaceful assembly To include an image in the ‘Pause’ sec- At least 27 people were killed in Turkey and and freedom of expression, said Amnesty tion, send an e-mail to: Greece when a powerful earthquake hit the International today. [email protected] and ask for more Aegean Sea lately, sending buildings crash- Since the outbreak of protests on 17 information. If your image is chosen, ing down and triggering what authorities October 2019, the Lebanese authorities you will be awarded US$50, and a one have called a “mini tsunami.” repeatedly resorted to excessive use of force year subscription.
PAUSE Prime Minister designate President Michel Aoun meets Prime Minister designate Saad Hariri
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MIDDLE EAST SCAN Algeria Algeria’s Ambassador to Leb- anon, Abdel Karim Rkaibi, addressed a letter to the Al- gerian and Lebanese people marking the 66th commem- oration of the revolution of November 1, 1954. The letter highlighted the importance of this national event which K A Z A K H S T A N represents a turning point in the history of Algeria. GEORGIA UZBEKISTAN · ARMENIA AZERBAIJAN KYRGYZSTAN TURKMENISTAN Bahrain T U R K E Y TAJIKISTAN The Kingdom of Bahrain CYPRUS SYRIA TUNISIA LEBANON has authorized the emer- IRAQ AFGHANISTAN PALESTINE I R A N gency use of the coronavirus MOROCCO JORDAN - KUWAIT (COVID-19) vaccine among A L G E R I A PAKISTAN L I B Y A BAHRAIN frontline healthcare work- Western E G Y P T Sahara SAUDI QATAR ers, who are in direct contact ARABIA U.A.E. with active COVID-19 cases. OMAN The Minister of Health, MAURITANIA HE Faeqa Al Saleh high- YEMEN lighted that the voluntary S U D A N DJIBOUTI administration of the vac- cine will be provided starting from today in order to protect SOMALIA frontline healthcare workers from the risks of exposure. HE the Minister ex- pressed her gratitude to His Royal Highness Prince Sal- man bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, for his directives to prioritise frontline of Baghdad, Foreign Minister Fuad Hus- The king had dissolved Parliament a week healthcare workers when administering sein said lately. earlier at the end of its four-year term. the vaccine. Washington is set to withdraw diplo- Under the country’s constitution, that left mats from Iraq after warning Baghdad it al Razzaz’s government a week to resig. Egypt could shut its embassy -- a step Iraqis fear Egypt’s President Abdel-Fattah al-Sisi said could turn their country into a battle zone. Kuwait recently freedom of expression should Secretary of State Mike Pompeo threat- Kuwait’s Emir Sheikh Nawaf al-Ahmad stop at offending more than 1.5 billion ened to close the embassy in a phone call al-Sabah called for national unity to people, following the display of images a week ago to President Barham Salih. The meet challenges facing the Gulf state, in in France of the Prophet Mohammad that conversation was initially reported by an a speech to parliament ahead of parlia- Muslims see as blasphemous. Iraqi news website. mentary elections to be held on Dec. 5. Sisi also said he firmly rejects any form “National unity has proven to be our of violence or terrorism from anyone in Jordan strongest weapon in facing challenges, the name of defending religion, religious Jordan’s King Abdullah II recently des- dangers and crises,” said the emir, who symbols or icons.--REUTERS ignated his policy adviser to form a new assumed power last month following government amid criticism of the previ- the death of the oil-producing state’s late Iran ous government’s handling of the virus ruler. -- REUTERS An explosion in the industrial town of pandemic. Shahreza in Iran’s central Isfahan Province In a statement published by the Royal Lebanon killed a welder, the semi-official Mehr Court, the king said he appointed Bishr The Ministry of Foreign Affairs and News reported. al-Khasawneh the country’s new prime Emigrants indicated that it had contacted The explosion and fire reported by minister and instructed him to form a Lebanon’s Interim Chargé d’Affaires in the agency is the latest in a series, some of government that meets the aspirations Abidjan, Hassan Najm, for clarifications which have hit sensitive sites. --- Reuters of the Jordanian people. over the current situation and the condi- Al-Khasawneh will oversee parliamen- tion of the Lebanese Diaspora in this West Iraq tary elections Nov. 10. African country. Iraq is not happy with a dangerous threat Abdullah on Saturday accepted the res- “The Embassy is in constant touch with by US to pull its troops and diplomats out ignation of Prime Minister Omar al Razzaz. the Lebanese Diaspora through a commit-
8 w BUSINESS LIFE NOVEMBER 2020 first stop on its journey from the United statement. The incident on October 2 saw Kingdom to Bahrain. airport staff take women off several planes Upon her arrival at the port, the war- to examine them to check whether they ship was welcomed by a representative were the mother of an abandoned baby. of the Bahraini embassy in Morocco, a liaison officer from the Royal Moroccan Saudi Arabia Navy, a representative of the Maritime The Saudi-led coalition destroyed a num- Ports Authority of Morocco and several ber of explosive-laden drones launched by guests. The visit was the first by a mili- Yemen’s Iran-aligned Houthi group in the K A Z A K H S T A N tary naval ship from the Royal Bahraini direction of the kingdom, Saudi state TV Navy of the Bahrain Defense Force to a reported lately. GIA AN Moroccan port. All necessary services and The Houthis said they attacked Saudi ARMENIA AN AN AN facilities were provided to the vessel in Arabia’s Abha airport, in a region close K E Y AN accordance with international maritime to the border with Yemen, with an explo-
TUNISIA US IA protocols and norms. sives-laden drone lately. EBANON Q AN The Saudi-led coalition intervened in ESTINE I R A N OCCO AN Oman Yemen in March 2015 after the Houthis - AIT A L G E R I A AN His Majesty, the Sultan of Oman, Sultan ousted the internationally recognised A BAHRAIN ern E G Y P T Haitham bin Tariq bin Taimur, issued government from power in the capital, ra UDI R ARABIA .E. Royal Decree No.121/2020 in relation to Sanaa, in late 2014.--REUTERS OMAN the implementation of VAT in Oman. ANIA The VAT Law will set out the general Tunis YEMEN principles for the application of VAT in US Defense Secretary Mark Esper arrived
S U D A N JIBOUTI Oman in line with the Unified GCC Agree- recently in Tunisia, his first stop on a North ment for Value Added Tax (VAT). The VAT Africa tour where he was set to reaffirm Law is expected to be published in the US engagement in the Maghreb region. IA Official Gazette on 18 October 2020 with As the raging conflict in neighbour- an effective date for the introduction of ing Libya has attracted foreign jihadists VAT in April 2021. and world powers backing rival sides, The VAT Executive Regulations will Washington has increasingly cooperated provide more detail on specific areas of with the Tunisian military, particularly on the Law and are expected to be published counter-terror operations. by December 2020. Esper was set to meet President Kais Although the information currently Saied and Defence Minister Ibrahim available is limited, the Oman Tax Author- Bartagi before delivering a speech at ity has begun to issue some information the North Africa American Cemetery in tee that had been formed for this specific on the VAT Law through its social media Carthage, where over 2,800 American purpose,” the Ministry said in a statement. channels, including that the following soldiers were buried, most of them killed categories will not be subject to VAT at during World War II. Libya the standard rate of 5%: Washington in 2015 classified Tunisia Libya’s warring sides have signed an Supplies of international transport as a Major Non-NATO Ally, allowing for agreement for “a permanent ceasefire in and interchange of goods or passengers, reinforced military cooperation. all areas of Libya”, the United Nations and the supply of associated services. The Libya mission said in a Facebook post, supply of marine, air and land transpor- United Arab Emirates showing live video of the ceremony to tation means intended for the transport The United Arab Emirates government sign the agreement. of goods and passengers for commercial approved a 58 billion dirhams (ê15.8 The UN recently said the two sides in purposes, and the supply of goods and billion) budget for next year, state news the Libyan military talks have reached the services associated with transport. agency WAM reported. For 2020, the UAE “historic achievement” with a permanent The issue of the Royal Decree is a federal budget was 61.35 billion dirhams. ceasefire deal across the war-torn North significant and long awaited step in the (ê1 = 3.6728 UAE dirham) --- Reuters African country. introduction of VAT in Oman. Although After mediation led by UN envoy further guidance is expected over the com- Yemen Stephanie Turco Williams this week, the ing days and weeks, businesses should The Arab Coalition Forces to Restore 5+5 Joint Military Commission reached consider immediate steps on how to best Legitimacy in Yemen intercepted and what the UN called an “important turning prepare and assess the impact of VAT on destroyed an explosive-laden drone point towards peace and stability in Libya”. their business activities in Oman. launched by the Iranian backed Houthi Details were not immediately avail- militia towards the Kingdom of Saudi Ara- able, but the two sides were taking part Qatar bia, reported the Saudi Press Agency, SPA. in a signing ceremony in Geneva lately. Qatar has referred several officials who In a statement, coalition spokesman were behind the forced and invasive Colonel Turki Al Malki said that Coalition Morocco physical examinations of female passen- Forces destroyed the drone which was Bahrain’s patrol warship RBNS Al Zubara gers at Hamad International Airport to “systematically and deliberately” target- has made a port call in Tangier, the Mo- prosecutors, saying “standard procedures ing civilians in the Kingdom’s Southern roccan city on the Strait of Gibraltar, the were violated”, according to a government Region.
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COVER INTERVIEW Transforming ICD’s Business Even in tough times, ICD is set on reinvention
stablished in 1999, ICD is a member of Islamic Develop- ment Bank (IsDB) and sup- E ports economic development and promotes the development of the private sector in its member countries. It also offers advice to governments and private organizations to boost the expansion, modernization of private enterprises. The Islamic Corporation for the De- velopment of the Private Sector (ICD) provides Islamic banking services. The Bank manages banking and non bank- ing financial equities. ICD offers advi- sory, direct investment, financing, asset management, and consulting services. ICD serves its customers worldwide. The ICD is the private sector arm of the Jeddah-based Islamic Development Bank Group (IDBG). Ayman Amin Sejiny has been the chief executive officer of the Islamic Corporation for the Development of the Private Sector (ICD) since October 2018. Sejiny has 24 years of experience working in corporate and investment banking in local, regional and interna- tional markets and has held senior roles in a number of financial institutions including Citibank and ABN AMRO affiliates in Saudi Arabia, Samba and Saudi Hollandi Bank respectively. He has also served as CEO of Ibdar Bank BSC, Bank Alkhair, and Barclays Capital Saudi Arabia, chairman of Open-Silicon, Inc. and Bahrain Financ- ing Co. Group, and as a board member of Unicorn Bahrain. He gained a bachelor’s degree in finance from Eastern Michigan Uni- versity, in the US, as well as C-level performer with vast experience in inno- vating financial processes and products. Ayman’s considerable experience in banking sector, along with his strong track record of success as a CEO, made him the outstanding candidate for his Interview: Ayman Amin Sejiny, CEO/General Manager, Islamic Corp for the Development of current role. Ayman has demonstrated the Private Sector (ICD)
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aim of minimizing the spread and impact of COVID-19 in IDBG member countries. Saying the above, Ayman Amin Sejiny sat down for an interview with BUSINESS LIFE in his office. During the 50-minute conversation, he discussed his ICD strategies, plans and achievement, his approach to the 2021 and 2020 accomplishments, as well as his thoughts on Saudi Arabia, the globe and Lebanon and ICD financing issues like green Sukuks, solar projects and wind farms, SMEs, the private sector and the slowing economy due to the worst epidemics and pandemics in history (COVID-19) that swept the lives of many people. .
BL: How does ICD plan to mitigate the negative health and socio-economic impacts of the Corona virus outbreak? AYMAN AMIN SEJINY: From the very onset of the pandemic, ICD took immediate steps to assist its member countries. We have provided entrepreneurial support through our channels by extending lines of finance to financial institutions in our member countries to reach end-beneficiaries, primar- ily SMEs. We also combined lending and advisory services to clients to increase the contribution that SMEs can make to the economy, including underserved segments such as women-owned SMEs. During this challenging time, we are exploring ways to strengthen the resilience of businesses by scaling up our response to the economic and health challenges of the crisis. There is also a role for businesses that directly have a hand in combating the COVID-19 pandemic Importance of finance: Ayman Amin Sejiny, CEO/General Manager, Islamic Corp for through the provision of health care or the Development of the Private Sector (ICD) access to basic goods and services. We are closely assessing opportunities to invest in these types of businesses. ICD will be aiding throughout his career the ability to work ments to help existing and new clients in the private healthcare industry of affected successfully in different environments, the financial, agri-food, energy and other member countries to meet the surging need designing and leading strategies which affected sectors. for services, equipment and medicines. resulted in impressive value creation. ICD will also aid the private health care Ayman Sejiny, admires ICD and there- industries of affected member countries BL: Do you plan to continue to finance small- and fore it is an exciting phase of his business to meet the surge in demand for services, medium-sized enterprises in the affected sectors? journey. He is fond to meeting employees, equipment and medication. How? leaders, customers and other stakeholders to ICD will also work closely with more AYMAN AMIN SEJINY: Efforts to draw up plans achieve further success in the years to come. than 100 local and regional financial institu- to manage and lend support to SME sustain- It is important to mention that Ayman tions in its network to provide the necessary ability has always been at the core of ICD’s had to fight tooth and nail for every step support so that they can continue to finance operations. ICD has set up a dedicated USD up the ladder. A smart, strategic, and enter- small- and medium-sized enterprises in the 250 million stimulus package to aid SMEs prising leader, he perfectly embodies the affected sectors. and private sector in affected countries in entrepreneurial spirit. Additionally, the IDBG was setting up a a bid to extend support, shore up demand, Recently, ICD announced a rapid re- strategic preparedness and response facility and protect people’s jobs and livelihood. sponse initiative to combat the repercus- of $730 million to mitigate the negative The emergency funding is mainly in the sions of the coronavirus disease (COVID-19) health and socio-economic impacts of the form of medium to long-term financing pandemic by allocating $250 million in virus outbreak. instruments to alleviate the economic emergency funding, mainly in the form The facility is extending financing to burden faced by existing and new clients. of medium- to long-term financing instru- both the public and private sectors with the This is to ensure better access to finance
12 w BUSINESS LIFE NOVEMBER 2020 Ensuring financial market liquidity: Ayman Amin Sejiny, CEO/General Manager, Islamic Corp for the Development of the Private Sector (ICD) and working capital - financial relief is for example). stimulus packages announced by govern- paramount for SMEs, as they take steps to ments of our member countries. In fact, we maintain cash flows and operations. As key BL: What is your response plan to combat the reper- believe they are mostly encouraging and drivers of growth, it is vital that SMEs secure cussions of the coronavirus disease (COVID-19)? overall, will positively stimulate the private adequate support to shield them from the How has the virus impacted ICD operations? sector. Internally, we have been focusing on downturn. This is even more important in AYMAN AMIN SEJINY: As a private sector- several fintech initiatives that will help us countries where governments are fiscally oriented multilateral institution, we play a better serve our member countries and revo- constrained and face challenges in provid- vital role in providing support and address- lutionize the way we do business (example: ing bailout packages that protect wages and ing the needs of the private sector of our Bridge Platform). From the beginning of provide subsidies for affected businesses. We member countries on a best efforts basis. the pandemic, we successfully pivoted to also plan to further enhance capacity and We continuously conduct risk assessments working remotely with business as usual, capability of SMEs by providing tailored and stress tests on our portfolio, taking into and this has helped us navigate through the technical assistance programs that can consideration the latest and forecasted pandemic with minimal disruption to our improve their efficiency, productivity and macroeconomic indicators as well as some business operations. technological capabilities to weather future other qualitative factors. To date, we do not shock events (equipping SMEs with tools/ foresee any significant implications on our BL: What are your comments on the role of the skills via Business Resilience Assistance for active portfolio in connection with the vary- private sector during the challenging period that Value-Adding Enterprise (BRAVE) Program, ing SME support/measures included in the all the world is experiencing?
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vaccines in development yielding promis- ing results. Recent reports suggest that while challenges may still arise-- such as produc- tion bottlenecks and public resistance and skepticism-- medical experts and researchers are optimistic that a well-designed, safe and effective vaccine will be available in the near future. I believe that with consistent global efforts and coordination, we can educate the public and raise awareness, overcome this virus and begin the recovery process. Indeed, the crisis has been an eye opener and has changed our understanding and way of working and living; while, illustrating interrelations amongst human well-being, the economy, as well as the environment. On the business front, the new normal will force many businesses to re-evaluate and re- invent themselves to focus on sustainability, flexibility and resilience. It is indeed a long road to recovery, but by reflecting on the past year and focusing on interventions to maximize their positive impact on society, I am confident we will rise and overcome the crisis.
Seeking new opportunities: Ayman Amin Sejiny, CEO/General Manager, Islamic BL: What are the prospects of Green Sukuk? What Corp for the Development of the Private Sector (ICD) about solar projects and wind farms in Saudi Arabia? AYMAN AMIN SEJINY: The COVID-19 pandemic implemented precautionary measures to AYMAN AMIN SEJINY: To achieve sustainable has highlighted the fragility of many busi- mitigate the spread of the virus, introducing development, there is a requirement for nesses and markets across the globe. In a a slew of economic packages, regulatory the re-alignment of the financial system very short time, the context in which we guidelines and qualitative measures which as well as impactful investments which operate has changed drastically. What include lending support to banking and focus on serving the needs of inclusive, should be the main aim now is to find solu- SME sectors in deferred loan payments and environmentally sustainable, economic tions that build the resilience of SMEs by ad- increased lending, private sector support, development. To this end, utilizing profit- dressing short and medium-term impacts of as well as other supervisory measures and seeking investments to generate social and COVID-19. To begin with, the private sector preventive policies backed by the Saudi environmental good is definitely a grow- can play a proactive role to close key gaps Arabian Monetary Authority (SAMA) to ing trend and way forward. Green Sukuk in the COVID-19 response by minimizing support businesses and individuals. Saudi has recently emerged as a unique example short-term risks to employees and long-term Arabia’s digital capabilities have also pro- of a Shari’ah-compliant impact investing costs to businesses and the economy. In vided a solid foundation for key aspects instrument with strong growth prospects addition, during these trying times, while of the country’s COVID-19 emergency to fund environment-friendly endeavours. some businesses are enhancing the work response. For example, the national portal, Southeast Asia is taking the lead in financ- of public bodies, what the private sector can gov.sa, maintained reliable access to over ing renewable energy projects via Green also do is to contribute to the production 900 e-government services despite a surge Sukuk and pioneering transactions have and distribution of essential supplies. Sev- in traffic when the curfew was applied been observed in Malaysia and Indonesia eral reports have outlined how the private nationally. On the education front, with with great success. As we transition to sector, in “war-time effort”, has shouldered the complete closure of educational insti- focus on investing in renewable energy this shared burden by shifting into overdrive tutions during the course of the COVID-19 projects in Saudi Arabia, Sukuk can play a and mobilizing cooperation and business lockdown, access to remote learning has significant role regarding this front. While support through donations and dedicated been made possible with several online I would like to remain optimistic, there are funds, repurposing their production and educational platforms, such as iEn National several issues which need to be addressed R&D capabilities to join the fight against Education Portal and Future Gate. for a substantial uptake in Sukuk issuances. COVID-19 and more. Through this, or by Generally, Sukuk are still complex capital increasing ESG investments in the future BL: Humans are afraid of each other and the virus market instruments and the process of is- for example, the private sector can band also deleted many social activities and behaviors suing them is not yet equivalent to that for together and step in to cover the existing and led to substantial loss in human lives in many issuing bonds. This tends to push issuers to gaps in the current response. countries. It also impacted the educational sector seek other avenues when they need to raise and the newborns in relation to their contact with financing quickly. Therefore, the challenge BL: How did your country tackle this critical phase their mothers. Do you think that all the harm caused of standardization of Sukuk in its documen- in history during this vicious epidemic outbreak? by this virus will find its remedy one day? tation and structures, as well as standardiza- AYMAN AMIN SEJINY: As with many other AYMAN AMIN SEJINY: From the health perspec- tion in Shariah principles, high transaction countries, our host country, Saudi Arabia, tive, there are currently dozens of COVID-19 costs etc. are barriers to the development of
14 w BUSINESS LIFE NOVEMBER 2020 Creating a built-to-change: Ayman Amin Sejiny, CEO/General Manager, Islamic Corp for the Development of the Private Sector (ICD) the Sukuk market. and infrastructure sectors) and in low and investors in relation to ICD’s credit story and lower-middle income countries. As far as fi- new strategy which the new management BL: How do you describe the year 2020? What are nancial results are concerned, ICD achieved has been working diligently to formulate the major achievements that ICD accomplished 6% increase in revenues to date compared and implement over the past two years. in 2020? to same period in 2019 and realized around AYMAN AMIN SEJINY: 2020 has been an unprec- 15% savings in its costs compared to the BL: What are your plans and targets for the year edented year for ICD. In 2019, we oversaw same period last year. In addition, we have 2021 and beyond? a strategic transformation where refined received strong support from our share- AYMAN AMIN SEJINY: Through financing objectives for the next 10 years were ap- holders in our 2nd general capital increase and a wide range of technical support and proved and this year was the kick-start year (GCI) and thus far, the total paid-up capital expertise, ICD will continue to deliver on of the plan. During 2020, we also achieved in 2nd GCI surpassed USD 600 Million. We its mandate by supporting and prioritiz- significant progress towards our strategic have also recently completed ICD’s larg- ing SMEs that have been affected by the targets. In the area of development effective- est Sukuk issuance at an amount of USD pandemic and the fast-evolving macroeco- ness, ICD achieved most of its targets and 600Million which was oversubscribed by 37 nomic environment. Accordingly, we have allocated more than half of its operations international and regional investors. This is developed an updated 3-year business plan to high impact sectors (including financial a testament to our shareholders, as well as for the period of 2021-2023 which has been
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ICD is set on reinvention:Ayman Amin Sejiny, CEO/General Manager, Islamic Corp for the Development of the Private Sector (ICD) approved by ICD’s Board of Directors. As per cymakers and other development finance ance (ESG) standards, and that are aligned our business plan, we are envisioning to institutions (DFIs) on a regional and global with the SDGs. If anything, the COVID-19 grow our core portfolio by approximately scale to help sustain economies and sup- pandemic has highlighted that humanity 35% per year during the next three years. port critical industries in this time of need. will continue to face various global chal- As part of our new strategy, we will comple- Moving forward, we are at the stage where lenges, and investors are realizing that the ment our financing activities with fee-based it is important to think about what more corporate sector can and must participate in businesses through our dedicated Sukuk resilient economies should look like in the meeting them. In this regard, I believe ICD program, asset management activities and future and ways we can support them as a will step up efforts to increase awareness syndication business. During 2021, we will private sector multilateral institution. The on this front and will work together with mainly focus on high impact sectors such investment community has an opportunity current and future clients to ensure the as financial, infrastructure and agribusiness. to focus on investing toward growth and type of support we give will lead to gains By focusing on our areas of strength, ICD businesses that are sustainable with high in sustainable and long-term growth and will mobilize efforts to cooperate with poli- levels of environmental, social and govern- well-being..
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www.almashrek.com.lb w MANAGEMENT AND FINANCE LEBANON
Building Forward an Inclusive and Accessible Lebanon
Joint Initiative and Call for Action in Support of Persons with Disabilities Affected by the Beirut Port Explosion
he United Nations Development technologies required to maintain their Climate Action Michael Haddad completed Programme (UNDP) and the health and well-being. The Beirut Call for a 4-kilometre walk to raise awareness of the United Nations Economic and Action, launched under the initiative, will initiative and kick-off an effort to mobilize T Social Commission for Western mobilize a wide partnership to ensure that resources for it. His walk started from the Asia (ESCWA) launched a new initiative areas affected by the Port explosion are UN House in Beirut (ESCWA headquarters) and call to support persons with disabilities reconstructed in a manner that improves and ended at the Karantina Public Hospital, and reduce their exposure to increasing physical accessibility for persons with dis- a leading facility providing essential health vulnerabilities due to Lebanon’s manifold abilities to streets and public and private care to the most vulnerable groups in Beirut, crises—a dwindling economy and a persis- facilities. The Initiative will also advocate for including refugees, migrant workers and tent outbreak of COVID-19, exacerbated by medium- and long-term action, including persons with disabilities. the recent huge explosion that rocked the the adoption of national policies and meas- “One in 7 to 10 people in Lebanon is Port of Beirut and the whole country. ures to guarantee persons with disabilities living with one form of disability. This new “We are happy to bring together a broad access to quality care facilities and their initiative will not only serve their needs but array of partners—international donors, inclusion in social and economic activity will benefit many others in similar condi- United Nations agencies, local authorities; without barriers. tions of vulnerability,” stressed Michael civil society organizations; and professional “Persons with disabilities have been Haddad. “Making essential services easily associations to commit to a more inclusive among the hardest hit by Lebanon’s crises. reachable benefits all. Physical accessibility and accessible Beirut,” underlined Rola We have an obligation to ensure that the benefits the elderly, children and others. A Dashti, Under-Secretary-General of the immediate response centres around people’s Lebanon that is friendly to persons with United Nations and Executive Secretary of needs and that recovery efforts produce a disabilities will certainly be a Lebanon that ESCWA. “The Call for Action that we signed better Lebanon for all,” said Celine Moyroud, is inclusive for all.” today is not a symbolic expression of solidar- UNDP Resident Representative in Lebanon. An endurance athlete who is paralyzed ity; it represents a staunch commitment that “We have an opportunity to ensure that from the chest down, Haddad has devised our initiative will turn into a reality on the reconstruction removes barriers to physical his own unique “step-to-gait” method of ground, and that Beirut will be rebuilt in a accessibility and that recovery processes movement, using a high-tech exoskeleton way that grants persons with disabilities the engage all vulnerable groups, listening to to stabilize his chest and legs. The Beirut needed access and services.” their views and focusing on improving their Walk for Inclusion is the first in a series of The new Initiative to Support Persons lives and livelihoods.” walks that he is planning under his “Step- with Disabilities in Lebanon will cater Following the launch of the initiative, ping Ahead of COVID” initiative that aims for their most pressing need for assistive UNDP Regional Goodwill Ambassador for to raise awareness and mobilize resources
18 w BUSINESS LIFE NOVEMBER 2020 Rebuilding people before bricks: UNDP Regional Goodwill Ambassador for Climate Action Michael Haddad in front of the Karantina Public Hospital to help mitigate the adverse impacts of to translate Leaving No One Behind into the real threats facing them, including the the pandemic on the most vulnerable, concrete and effective action that can make loss of heritage and forced abandonment, especially persons with disabilities and a difference in the lives of the people who which have roots in speculative trends that to advocate for inclusive and green post- are in most need” asserted Celine Moyroud, guided Beirut’s growth over the past two pandemic recovery. UNDP Resident Representative in Lebanon. decades,” echoed Mona Fawaz, professor In September, the United Nations De- “We have a responsibility to ensure that the of Urban Studies & Planning at American velopment Programme (UNDP) launched a journey to recovery helps people preserve University of Beirut, the other co-author. report arguing that recovery efforts from the their dignity and restore hope ultimately The report argues for a participatory, Beirut port explosion of 4 August must look addressing the root causes that created their community-based, approach to recovery beyond the reconstruction of buildings and vulnerabilities.” that acknowledges people’s voices and infrastructure to ensure a people-centred The report highlights the necessity to demands, and engages them in decision response that is inclusive, addressing in just address the institutional frameworks that making. It calls on duty bearers involved in and equitable ways the structural vulner- have for long manufactured and entrenched recovery efforts to ensure people’s human abilities faced by most disadvantaged groups vulnerabilities and inequalities. It calls for rights are protected and fulfilled. and impoverished communities, including accountability mechanisms that can protect The Beirut port explosion has come atop women and girls; migrant workers; refugees; people’s rights and ensure that they benefit of existing crises in Lebanon. The deepening the elderly; and children and youth. from recovery interventions. socio-economic crisis compounded by an Employing an analytical framework “The response to explosion must be unabating COVID-19 crisis have together grounded in the principle of inclusiveness holistic and participatory, putting people impoverished over 2.7 million people, enshrined in the universally accepted 2030 at the centre. Reconstruction must be in- qualifying 55% of the Lebanese as poor and Agenda for Sustainable Development, the formed by the social, cultural, economic, forcing 86% of families in greater Beirut to report entitled “Leave No One Behind: To- and political trends that shaped Beirut’s live on less than 200$ a month. The eco- wards an inclusive and just recovery process urbanization over the past decades. It must nomic impacts of the explosion extend far in post-blast Beirut,” maps how the blast account for people’s voices, narratives and beyond the immediate vicinity of the Beirut has disproportionately impacted specific daily experiences,” stressed Mona Harb, port, affecting the whole of Lebanon. The social groups, exacerbating longstanding professor of Urban Studies, Politics at the report underscores that the response must vulnerabilities that they have been con- American University of Beirut, co-author of be holistic and national in scale, and must tending with. the report. “Recovery of affected neighbour- address all different types of vulnerabilities, “The current multi-faceted crisis that hoods, rich with their diversity of dwellers, prioritizing social groups with the most Lebanon is grappling with challenges us businesses, and histories, has to account for intersecting vulnerabilities.
BUSINESS LIFE NOVEMBER 2020 w 19 MANAGEMENT AND FINANCE | JORDAN
New IMF Disbursement to Jordan Would Bring 2020 Total to US$687 Million This comes at a time when then World Bank finds the debt burden of developing countires is reaching record highs
n International Monetary Fund vulnerable. (IMF) team led by S. Ali Abbas, “The authorities’ fiscal strategy is concluded virtual discussions anchored in equitable tax reforms, aimed A with the Jordanian authorities at tackling evasion, closing loopholes, and reached a staff-level agreement on the and broadening the tax base. Public ex- first review of the authorities’ economic penditure reforms will aim to create space reform program supported by the Ex- for social spending and deliver a more tended Fund Facility (EFF) arrangement. efficient and transparent public sector. This agreement is subject to approval of Contingent liabilities from the broader the IMF’s Executive Board. Completion public sector bear close monitoring, and a of the review by the IMF Board would Fiscal Transparency Evaluation early next release an amount of around US$146 mil- year will help identify reform priorities lion, bringing total IMF disbursements to in this area. ward into 2021 a part of IMF credit that Jordan in 2020 to US$687 million. “The liquidity and credit support was expected to be disbursed in the outer At the conclusion of the discussions, extended to the financial system and years of the program. Total IMF disburse- Abbas issued the following statement: businesses, especially SMEs, was timely ments, including the amount drawn “Timely containment of the COVID-19 and appropriate, and is designed to be under the Rapid Financing Instrument, pandemic during the first half of the gradually unwound as the recovery over 2020-24 are expected to amount to year, and the authorities’ robust policy becomes entrenched. The peg to the US SDR 1217.91 million (or around US$1.7 stimulus response has helped to protect dollar, which has continued to serve Jor- billion). lives and livelihoods. Still, the crisis has dan’s economy well, provides a credible “The mission would like to thank our taken a toll on the economy. Unemploy- anchor for monetary policy. International counterparts for a candid and productive ment has surged, tourism and remittances reserves are projected to remain adequate dialogue. A wide-ranging set of meetings have declined, and revenues of the central over 2020-21, at above 100 percent of the was held with the deputy prime minis- government and of other public sector en- IMF’s reserve adequacy metric. The bank- ter for economic affairs, the minister of tities have dropped. Despite these difficult ing system is healthy, and the authorities finance, the central bank governor, other circumstances, the authorities showed should remain vigilant to a possible in- senior cabinet ministers and officials, do- policy discipline, including institution- crease in non-performing loans. nors, and representatives from the private alizing the drive against tax evasion and “Structural reforms remain critical, sector, women, and civil society.” strengthening tax administration; and notably in the electricity sector, where Globally, and according to the World maintained external market access. pressures have increased in the aftermath Bank, the debt burden of least developed “With the COVID crisis still unfolding, of the pandemic. The authorities are also countries continues to climb. In response there is considerable uncertainty around prioritizing reforms aimed at facilitating to an urgent need for greater debt transpar- the economic forecast: staff’s central sce- female labor participation and youth ency, the latest edition of the International nario is for real GDP to decline by 3 per- employment; reducing the cost of doing Debt Statistics (IDS) report provides more cent in 2020; and increase by 2.5 percent business and ensuring an even playing detailed and more disaggregated data on in 2021, reflecting a gradual recovery as field for firms; and strengthening the external debt than ever before in its nearly the pandemic abates. anti-corruption framework to increase 70-year history—including breakdowns “The 2020 fiscal targets have been public trust. of what each borrowing country owes relaxed to support the authorities’ efforts “The COVID pandemic has signifi- to official and private creditors in each to protect lives and jobs. Agreement has cantly increased Jordan’s financing needs creditor country, and the expected month- also been reached on the fiscal targets for and robust financial support from multi- by-month debt-service payments owed to 2021, which seek to support the recovery, lateral and official bilateral lenders will them through 2021. while arresting the rise in public debt. The be critical in the period ahead and may Before the onset of the COVID-19 EFF provides for flexibility to accommo- need to be stepped up in the event of a pandemic, rising public debt levels were date higher-than-expected COVID-related more protracted downturn. already a cause for concern, particularly spending and aims to protect the most “Staff is also proposing to bring for- in many of the world’s poorest countries
20 w BUSINESS LIFE NOVEMBER 2020 Aiming for growth: Abdali, Amman, Jordan (image source: Makeandtoss) as discussed in our Four Waves of Debt the same period the share for Japan, the called for full transparency of the terms report published in December 2019. Re- second largest G-20 creditor, has remained of the existing and new debt and debt-like sponding to a call from the World Bank broadly the same at 15 percent. commitments of the governments of the and the International Monetary Fund, the The 2021 IDS data release also reflects poorest countries. It has urged creditors G20 endorsed the Debt Service Suspension progress made to increase coverage of and debtors alike to embrace this transpar- Initiative (DSSI) in April 2020 to help up complex debt instruments, given their ency—to facilitate analysis that would en- to 73 of the poorest countries manage the rising prominence in the debt profiles of able countries to identify sovereign-debt impact of the COVID-19 pandemic. developing countries. The central bank levels that are consistent with growth and According to the 2021 IDS report and currency swap arrangements that poverty reduction. the total external debt of DSSI-eligible represent loans from other central banks “Debt is what enables governments countries climbed 9.5% to a record $744 also occur in low- and middle-income to have extra resources they need to billion in 2019 from the previous year countries. The World Bank is working to invest in health systems, education, or highlighting an urgent need for creditors ensure that these debt instruments are infrastructure,” said World Bank Chief and borrowers alike to collaborate to stave captured in the IDS dataset. Economist Carmen Reinhart. “If you have off the growing risk of sovereign-debt cri- Increased debt transparency will help a debt problem, all those ambitions suffer. ses triggered by the COVID-19 pandemic. many low- and middle-income countries That’s why it’s important to get the debt The pace of debt accumulation for these assess and manage their external debt onto sustainable ground as quickly as pos- countries was nearly twice the rate of through the current crisis and work with sible. We can’t afford another lost decade.” other low- and middle-income countries policymakers toward sustainable debt The World Bank Group, one of the in 2019. levels and terms. largest sources of funding and knowledge The debt stock of DSSI-eligible coun- “Achieving long-term debt sustainabil- for developing countries, is taking broad, tries to official bilateral creditors, com- ity will depend on a large-scale shift in the fast action to help developing countries posed by mostly G-20 countries, reached world’s approach to debt and investment strengthen their pandemic response. It is $178 billion in 2019 and accounted for transparency,” said World Bank Group supporting public health interventions, 17 percent of long-term net debt flows President David Malpass. “The time has working to ensure the flow of critical to low- and middle-income countries. come for a much more comprehensive supplies and equipment, and helping the Within the G-20 creditor group there have approach to tackling the debt crisis facing private sector continue to operate and been some important shifts characterized the people in the poorest countries—one sustain jobs. It expects to deploy up to by a marked increase in lending by G-20 that involves debt-service suspension as $160 billion in financial support over 15 member countries that are themselves well as broader efforts such as debt-stock months to help more than 100 countries middle-income countries. For example, reduction and swifter debt-restructuring, protect the poor and vulnerable, sup- China, by far the largest creditor, has grounded in greater debt transparency.” port businesses, and bolster economic seen its share of the combined debt owed Greater debt transparency is critical recovery. This includes $50 billion of new to G-20 countries rise from 45 percent to productive investment and debt sus- IDA resources through grants and highly in 2013 to 63 percent at end-2019. Over tainability. The World Bank Group has concessional loans. w BUSINESS LIFE NOVEMBER 2020 w 21 MANAGEMENT AND FINANCE | KINGDOM OF SAUDI ARABIA
ICD Completes Pricing for A 5-Year USD 600 Million Sukuk Issuance
ICD announces successful completion of the pricing of a five-year USD 600 million Sukuk issuance at MS + 140bps
he Islamic Corporation for the countries and a recognition of ICD’s two- member countries by focusing on private Development of the Private Sec- years of hard work and dedication. It will sector institutions in their various ac- tor, (ICD), a multilateral devel- enable us to better serve our member tivities and operations in full compliance T opment financial institution countries. While the current economic with the principles of Islamic Shari’ah. and the private sector arm of the Islamic environment is experiencing turbulence, In addition to extending financing and Development Bank Group (IsDBG), an- this achievement is a testament to our financial services, ICD provides advisory nounces successful completion of the experience and expertise. We are truly and consultancy services to governments pricing of a five-year USD 600 million blessed with this important success that and private sector institutions in order to Sukuk issuance at MS + 140bps. we share with all of our stakeholders and adopt policies for establishing, expanding This is the largest Sukuk issuance investors who have entrusted their faith and modernizing private sector compa- by ICD (Rated A2 (stable) by Moody’s; A in us and our vision”. nies, developing Equity Capital Market (negative) by Fitch Ratings) since incep- Ikbal Daredia, Advisor to the CEO (ECM), Debt Capital Market (DCM) in the tion and double the amount from its and Acting Director of Global Markets form of Sukuk, adopting better manage- inaugural issuance in 2016 of USD300 and Fixed Income (GMFI) and Treasury, ment practices, and strengthening the role million, despite the institution’s absence who led the Sukuk team at ICD to achieve of the market economy. ICD focuses its from the capital markets over the last four this historic milestone added, “We are very financing on development projects (such years. The book was oversubscribed by happy with the outcome of this Sukuk is- as infrastructure and private equity funds) almost three times including orders from suance and our thanks to all the investors that aim to create job opportunities and the Joint Lead Managers (JLMs). and Joint Lead Manager who subscribed to encourage exports. The Sukuk is subscribed by 37 inter- to the issue and shows the interest of in- In order to achieve all these goals, ICD national and regional investors. This is a vestors in ICD’s development mandate. . establishes and strengthens cooperation testament of the investors regarding ICD’s My special thanks to the ICD team for and partnership relationships with an aim credit story and new strategy which the its dedication and hard work to ensure to establish joint or collective financing. new management has been working dili- a smooth and successful transaction. ”. ICD also applies financial technology gently to formulate and implement over About the Islamic Corporation for (Fintech) to make financing more ef- the past two years under the leadership of the Development of the Private Sector ficient and comprehensive. Financial its CEO, Ayman Sejiny. The Islamic Corporation for the De- services institutions within ICD’s member ICD attracted very strong investor velopment of the Private Sector (ICD) countries are benefiting from fintech in- response despite a slightly weaker mar- is a multilateral financial institution novations by using artificial intelligence, ket sentiment. The orderbook exceeded established by the Board of Governors of robotics, blockchain, data analytics, and USD 1.5 billion and ICD released a price the Islamic Development Bank (IsDB) dur- cloud computing services. ICD created a guidance at MS + 160 bps area. The Sukuk ing its twenty-fourth (24) annual meeting platform based on its relationships with was priced 20 basis points from guidance held in Rajab 1420H (November 1999) in 119 financial institutions, through which, pricing. Jeddah, Kingdom of Saudi Arabia. ICD the Islamic Development Bank Group The diversity of the orderbook saw in- was established to be the IDBG private (IsDBG) in general and the institution, in vestors from 33 countries in Europe, Asia sector window. The authorized capital particular, can have access to a concerned and the Middle East. More specifically, 7% of the Corporation is USD 4 billion. The country and identify available financing of the transaction was allocation to UK/ shareholders consist of the IsDB (rated opportunities. The platform allows finan- Europe, 21% to Asia, 72% to the Middle Triple A), 55-member countries and 5 cial entities to collaborate in identifying East. By investor type, fund managers financial institutions from the member investment opportunities, sharing market were allocated 9%, Banks/Private Banks countries. ICD Rated A2’ by Moody’s, ‘A’ information and laying the groundwork 59%, Agencies/Central Banks 29% and by S&P and, A+ by Fitch for actual financial transactions within Others 3%. The ICD aims to play a complemen- the OIC member countries and across Sejiny said, “We are extremely proud. tary role to the activities of IsDB and the borders. This is great news for all our member national financing institutions in the
22 w BUSINESS LIFE NOVEMBER 2020 ICD Raising Awareness Amongst Women and the Youth Regarding the Importance of Financial Education
held in Rajab 1420H (November 1999) in Jeddah, Kingdom of Saudi Arabia. ICD was established to be the IDBG private sector window. The authorized capital of the Corporation is USD 4 billion. The shareholders consist of the IsDB, 55-mem- ber countries and 5 financial institutions from the member countries. The ICD aims to play a complemen- tary role to the activities of IsDB and the national financing institutions in the member countries by focusing on private sector institutions in their various ac- tivities and operations in full compliance with the principles of Islamic Shari’ah. In addition to extending financing and financial services, ICD provides advisory and consultancy services to governments and private sector institutions in order to adopt policies for establishing, expanding Raising financial awareness: CEO of ICD, Ayman Amin Sejiny and modernizing private sector compa- nies, developing Equity Capital Market (ECM), Debt Capital Market (DCM) in the nder the slogan of financial in- sion”, as well as the indicators of the King- form of Sukuk, adopting better manage- clusion as one of the objectives dom of Saudi Arabia Vision 2030 related ment practices, and strengthening the role of the Group of Twenty (G20), to raising the general level of financial of the market economy. ICD focuses its U the Islamic Corporation for the education and saving rates among adults. financing on development projects (such Development of the Private Sector (ICD), On this occasion, the CEO of ICD, as infrastructure and private equity funds) a member of the Islamic Development Ayman Amin Sejiny, declared: “This pro- that aim to create job opportunities and Bank Group (IsDBG), is developing the gram will contribute to raising financial to encourage exports. “Smart Financial Transactions Platform” awareness, especially in the area of finan- In order to achieve all these goals, ICD (Platform). The two main objectives of cial planning. It will also improve pur- establishes and strengthens cooperation the Platform are as follows two-fold: a) chasing habits, the pattern of continuous and partnership relationships with an aim Raising awareness amongst women and savings, as well as making sound financial to establish joint or collective financing. the youth regarding the importance of decisions, which will help develop the ICD also applies financial technology financial education; and b) Motivating economy and contribute to the prosperity (Fintech) to make financing more ef- the targeted group to practice healthy of individuals’ lives.” ficient and comprehensive. Financial financial habits which are necessary to On his part, the Director of the ICD Ef- services institutions within ICD’s member make smart financial decisions in several fectiveness Development Department, Dr. countries are benefiting from fintech in- aspects such as setting financial goals, Mohammed bin Saeed Al-Yami, affirmed novations by using artificial intelligence, financial planning, preparing monthly the program has large developmental robotics, blockchain, data analytics, and budgets, saving and borrowing money, di- dimensions which help the targeted cloud computing services. ICD created a versifying investments, overcoming debts, group to make smart and sound financial platform based on its relationships with and avoiding falling prey to the trap of decisions and to shift from the concept 119 financial institutions, through which, fraud, financial fraud or financial crimes. of borrowing to the concept of saving. It the Islamic Development Bank Group To achieve these goals, ICD is work- also helps in developing personal wealth, (IsDBG) in general and the institution, in ing on organizing financial education especially for the post-retirement period. particular, can have access to a concerned events and competitions, which are to About the Islamic Corporation for the country and identify available financing be launched in the first week of October Development of the Private Sector opportunities. The platform allows finan- 2020, with the aim of reaching the largest The Islamic Corporation for the De- cial entities to collaborate in identifying possible number of young people aged be- velopment of the Private Sector (ICD) investment opportunities, sharing market tween 18 and 26. It is to be noted that the is a multilateral financial institution information and laying the groundwork results of these events will be included in established by the Board of Governors of for actual financial transactions within the IsDBG reports for the Group of Twenty the Islamic Development Bank (IsDB) dur- the OIC member countries and across in relation to the goals of “financial inclu- ing its twenty-fourth (24) annual meeting borders.
BUSINESS LIFE NOVEMBER 2020 w 23 MANAGEMENT AND FINANCE | WORLD Help Stop COVID-19 Rafik Hariri University Hospital, UN Lebanon and Partners Urge Individuals and Sectors to Abide by Preventive Measures to Contain the Alarming Spread of the Coronavirus
Taking a stand: Hospital Director and Corona Team Staff join forces with humanitarian actors to raise awareness of COVID-19
he Director of Rafik Hariri Uni- he emphasized. sustained efforts to stop COVID-19, and es- versity Hospital (RHUH), Dr Fi- October 6th, only 20% of ICU beds pecially for putting their lives at risk every rass Abiad, together with doctors, remained available in Lebanon and 424 day to save the lives of others.” said the UN T nurses and technical staff from people had already lost their lives, out of Resident and Humanitarian Coordinator the Corona Team, have joined forces with 46,918 cumulative cases[1]. Social gather- for Lebanon, Najat Rochdi. “As we add our UN Lebanon and partners in sounding ings of all kind, such as weddings, funerals, voices to theirs, let us ramp up our efforts the alarm on the disturbing increase of crowds at bars and restaurants or elsewhere; to ensure the steady engagement of the COVID-19 cases in Lebanon, and in urging and public facilities providing essential ser- people. Together, we can turn the tide on this all individuals and sectors to abide by pre- vices – including laboratories, pharmacies, deadly virus by taking preventive measures ventive measures. clinics and some hospitals — are places that will help put an end to the loss of lives, “Hospitals in Lebanon will soon reach where the risk of spread and infection is the loss of jobs, the significant disruption their full capacity, both in terms of beds in high, and preventive measures should be of education and the disturbance to our intensive care units and respirators,” said applied by everyone. normal life,” she added. Dr. Abiad. “We can contain the coronavirus, Dr. Abiad and sixteen members of the RHUH, UN Lebanon and partners from but we must take urgent action. The preven- corona team at RHUH have provided video the government and the civil society will tive measures are simple, yet we still see so messages to raise awareness of the fact that flood their digital platforms with the video many people not maintaining safe distances, COVID-19 is real and is affecting people awareness messages and recommenda- wearing a mask under their nose, not wear- across all age groups in Lebanon. RHUH’s tions provided by the RHUH team. Raising ing a mask at all, or telling others that the Director, doctor, nurses and technical awareness among the population and the coronavirus does not exist. Unfortunately, staff are asking every individual to protect massive promotion of preventive measures COVID-19 does exist and is infecting over themselves and their families by taking and behaviors are part of the UN response 1,000 people in Lebanon every day. We need preventive measures. to stop COVID-19 through communication to stop it, and we ask people to work with “We are thankful to the medical teams, and community engagement strategies. us and help us stop the spread of the virus”, doctors, nurses and technical staff for their The response also includes immediate
24 w BUSINESS LIFE NOVEMBER 2020 coordinated response plans and actions to will help families protect themselves and is not possible. contain the transmission of the virus, such stop the alarming spread of the virus by • Cover your mouth when coughing as the provision of technical assistance, complying with the preventive measures: or sneezing. health supplies, services and equipment, • Wash your hands frequently • Apply additional disinfection and and capacity-building. • Maintain a physical distance of at least protection measures at home and in the Follow #StopCOVID #StayHealthy #It- one meter. workplace. sInOurHands and share the messages that • Wear a mask when physical distancing
Dr. Nathalie Khoueiry-Zgheib from AUB Wins Prestigious Abdul Hameed Shoman Award for Arab Researchers
r. Nathalie Khoueiry-Zgheib, associate professor of pharma- cology and toxicology at the D American University of Beirut (AUB) Faculty of Medicine, received in October the prestigious 2020 Abdul Ha- meed Shoman Arab Researchers Award in the Medical and Health Sciences Category (Pharmacogenetics). Dr. Khoueiry-Zgheib was selected from more than 460 outstand- ing nominees for this award. For 38 years, the Abdul Hameed Sho- man Arab Researchers Award has been presented annually to outstanding Arab men and women conducting research in six main fields including medical and health sciences, engineering sciences, basic sciences, literature and humanitarian and social and educational sciences, economics and administration sciences, and agricul- ture and technology. Dr. Khoueiry-Zgheib is a distinguished pharmacogeneticist renowned for her investigative work on the pharmacoge- netics (the study of how people respond differently to drug therapy based upon their genetic makeup or genes) and phar- macoepigenetics (the study of underlying epigenetic marking patterns that lead to variation in an individual’s response to Awarded: Dr. Nathalie Khoueiry-Zgheib, associate professor of pharmacology and toxicology at medical treatment) of non-communicable the American University of Beirut (AUB) Faculty of Medicine diseases namely cancers, cardiovascular diseases, osteoporosis, and neurological disorders. Her name appears in more than 80 Dr. Khoueiry- Zgheib established a clinical in family medicine (1999-2003) at AUB. peer-reviewed journal publications, most of pharmacology and pharmacogenetics labo- In 2006, she completed a two-year fellow- which are original in type. She is the first or ratory to initiate her investigative work and ship training in clinical pharmacology senior author on more than 50 of her publi- educational programs. This was one of the (2004-2006) at University of Pittsburgh in cations. Her research has been supported by first fully equipped pharmacogenetics labs Pennsylvania, USA. Dr. Khoueiry- Zgheib several extramural and intramural grants. in the region. joined AUB in 2007 as assistant professor This extensive research work represents Dr. Dr. Khoueiry-Zgheib graduated with the of pharmacology and toxicology (2007- Khoueiry-Zgheib’s significant contributions degree of doctor of medicine from AUB in 2012) and moved up the academic ranks to basic and translational research in phar- 1998. After which she did a one-year intern- to become an associate professor in 2012 macogenetics. When she first joined AUB, ship (1998-1999) and four-year residency (2012-present).
BUSINESS LIFE NOVEMBER 2020 w 25 MANAGEMENT AND FINANCE | KINGDOM OF BAHRAIN & OMAN
Al Baraka Banking Group Announces the Launch of its New Global Website Al Baraka Banking Group reappoints SICO as its designated market maker with respect to the Bank’s ordinary shares listed in Bahrain Bourse
User-friendly experience: Sheikh Abdullah Saleh Kamel, Continuing to invest in initiatives: Adnan Ahmed Yousif, Chairman of the Board of Directors of Al Baraka Banking Group member of the Board of Directors and President & Chief Executive of ABG
he Bahrain headquartered Islamic aging our new site, to ensure we provide respective country flags. multinational banking group, our stakeholders with the most accurate, Understanding the importance of Al Baraka Bank Group (ABG), up-to-date information on the Group personalisation, which is playing an T announced the launch of its new and that the site can effectively support increasingly important role in the user global website. our position as a thought leader better experience with language being one of the The President & Chief Executive of by allowing us to more effectively share most overlooked aspects, the site offers ABG, Adnan Ahmed Yousif, stated, “We our knowledge and expertise in the field the latest feature in this regard, whereby are very delighted to announce the launch of Islamic Banking services.” one can navigate simultaneously between of our newly designed global website for Apart from enhancing the look and languages for the same content page by the Group. We continue to invest in initia- feel, the website also offers a simplified simply clicking on the language selector. tives that enable us to better communicate main menu to provide visitors with ease Yousif concluded, “With our new with our stakeholders and support our access to information about the Group state-of-the-art site now live, we will objectives across the multiple markets in including: Investor Relations, Social Re- continue to invest in further technology which are active. The website uses state sponsibility, Corporate Governance etc advancements that support the continued of the art technology and the redesign – all information, just a click away. The execution of our strategy and enable us offers greater ease of navigation, a more global site also more effectively presents to better meet the challenges that we user-friendly experience and makes the and displays the Group’s geographic are posed with today. The Group’s digital web site more responsive across different breadth and strength with visitors more transformation strategy includes projects devices in this digital.” easily able to identify and visit the website that incorporate advanced technological Yousif added, “It is also our aim, lever- of its various Units as represented by their elements, highlighting our efforts and
26 w BUSINESS LIFE NOVEMBER 2020 commitment to expediting and making countries, which in turn provide their S&P Global Ratings has updated the the customer journey as smooth and ef- services through over 700 branches. Al long-term rating on Al Baraka Banking ficient as possible.” Baraka Banking Group has operations Group B.S.C. to ‘BB-’ with a ‘Stable’ Out- Al Baraka Banking Group B.S.C. in Jordan, Egypt, Tunis, Bahrain, Sudan, look, while affirming the ‘B’ short-term (“ABG”) is licensed as an Islamic whole- Turkey, South Africa, Algeria, Pakistan, rating of the bank. sale bank by the Central Bank of Bahrain Lebanon, Saudi Arabia, Syria, Morocco ABG has also been rated BBB+ (long and is listed on Bahrain Bourse and Nasdaq and Germany, in addition to two branches term) / A3 (short term) by Islamic Inter- Dubai. It is a leading international Islamic in Iraq and representative offices in Indo- national Rating Agency (IIRA). IIRA has banking group providing its unique nesia and Libya. also rated ABG on the national scale at services in countries with a population ABG and its Units offer retail, corpo- A+ (bh) / A2 (bh) with a fiduciary score of totalling around one billion. rate, treasury and investment banking 81-85, the highest level amongst Islamic The Group has a wide geographical services, strictly in accordance with the Financial Institutions in the region. presence in the form of subsidiary bank- principles of the Islamic Shari’a. The au- ing units and representative offices in 17 thorized capital of ABG is US$ 2.5 billion.
Oman’s Top Banks See 34.2 Percent Decline in Profits Oman’s top banks see 34.2 percent decline in profits, KPMG report finds
PMG has released its analysis of the published results of seven Omani banks for the first half K of 2020. Analyzing results for H1’20 for 54 listed commercial banks from across the region, the report, titled ‘GCC listed banks results: Six months ended 30 June 2020’, covers financial institutions across countries including the Kingdom of Bahrain, the State of Kuwait, the State of Qatar, the Sultanate of Oman, the Kingdom of Saudi Arabia, and the United Arab Emir- ates. It shares information on trends in the GCC on credit loss provisions reported by banks and a summary of significant regula- tory support provided in each GCC country. Continuing to invest in initiatives: Muscat Bank Street (image source: Mary Paulose) The report notes that a majority of Oman’s banks are feeling the impact of tightening operating conditions. Oman’s quent lockdowns by governments has im- mented: “Our analysis shows that Oman’s banks saw a decline in credit flow, revenue pacted several sectors globally. The banking banks are facing headwinds from the compression, and significant increase in industry is no exception. Oman’s economy drop in global interest rates in response to non-performing loans. The average profits of and the banking sector have taken a hit due Covid-19 and a low oil price environment. banks in Oman for H1’20 declined by 34.2% to the slowdown in the economy and the This impact, coupled with a negative view compared to H1’19, primarily on account of decline of oil prices. on the economic indicators in 2020, is increase in expected credit losses by 120.9% Across the GCC, governments and cen- clearly reflected in the H1’20 results. Barring compared to H1’19 on loans and advances tral banks announced various economic one exception, the majority of Oman’s top to customers. support measures. Central Bank Oman, in banks have continued to build their loss The exception to the trend was Bank its first stimulus package, reduced interest allowances during the first two quarters Nizwa, Oman’s leading Islamic bank, which rates and urged banks to consider reducing of 2020. However, despite the multitude of registered a 37% growth in its net profits for the existing fees related to various banking challenges, banks have remained resilient. first half of the year, which rose to USD 15.3 services and avoid introducing any new fees The CBO has taken swift action to address million, compared to USD 11.2 million for for the duration of 2020. concerns, its relief measures including an the same period last year. Ravikanth Petluri, Partner and Head of extension of its stimulus package until the The effect of Covid-19 and the conse- Financial Services at KPMG in Oman, com- end of March 2021.”
BUSINESS LIFE NOVEMBER 2020 w 27 MANAGEMENT AND FINANCE | QATAR Doha Bank Achieves Continuation of ISO20000 for IT Service Management
Doha Bank has been recommended to continue the ISO20000 Certification, for its continuous compliance to global standard for IT Service Management
Doha Bank achieves Continuation of ISO20000 for IT Service Management: Dr. R. Seetharaman, Group CEO of Doha Bank with team
oha Bank has been recommended requires ongoing innovation on Informa- R. Seetharaman, Group CEO said. “We have to continue the ISO20000 Cer- tion Technology thus enabling efficiency always had a clear vision towards IT Ser- tification, for its continuous and convenience of banking services. In vice Management. Our objective of imple- D compliance to global standard order to ensure we meet the goal of qual- menting an IT Service Management system for IT Service Management. The bank was ity of service, we are committed to follow is to continuously improve the quality of certified in 2007 and has been maintaining international best practices and standards. service to our customers in a well-managed and improving the IT processes since then. The ISO certification represents official and consistent way. Our highly skilled IT ISO 20000 is the first worldwide stand- recognition for Doha Bank’s Technology team is dedicated towards providing high ard specifically aimed at IT Service Man- Department’s commitment to quality, to quality services to our customers and the agement. It describes an integrated set of applying good business practices, and their business departments of the Bank”. Peter management processes for the effective expertise as a provider of IT services to the John Clark, Chief Operating Officer. delivery of services to the business and its Bank. This emphasise the Bank’s commit- Doha Bank has defined its policy for customers. The certification advances the ment to provide integrated operational IT Service Management as “To adopt and dedication to continual improvement of and support processes that ensure manage- adapt state of the art IT technology inte- the service management system. ment commitment, effective monitoring grating with people and processes to sup- “Highest standard of service delivery and continuous process improvement.” Dr. port and improve all business processes”.
28 w BUSINESS LIFE NOVEMBER 2020 Doha Bank Achieves Profit of QAR 772 Million
The total shareholder’s equity stood at QAR 13.8 billion as at 30 September 2020 registering a growth of 2.3%
Achieving net profit for the first Adapting to the digital banking Sound fundamentals: Dr. R. nine months of 2020 at QAR 772 transformation: H.E. Sheikh Abdul Seetharaman, Group Chief Executive million:: His Excellency Sheikh Fahad Rehman bin Mohammad Bin Jabor Al- Officer of Doha Bank Bin Mohammad Bin Jabor Al-Thani, Thani,, Managing Director of Doha Bank Chairman of the Board of Directors of Doha Bank
is Excellency Sheikh Fahad and advances is QAR 63.1 billion as at 30 return on the average assets of 0.96% as at Bin Mohammad Bin Jabor Al- September 2020 as compared to QAR 65.0 30 September 2020”. Thani, Chairman of the Board billion for the same period last year. Cus- His Excellency Sheikh Fahad said also H of Directors of Doha Bank, an- tomer deposits stood at QAR 55.8 billion that under the wise leadership pursued nounced Doha Bank’s financial results as compared to QAR 58.9 billion as at 30 by H.H. Sheikh/ Tamim bin Hamad Al for the 3rd quarter of 2020. He said that September 2019. H.E also pointed out that Thani, Emir of the State of Qatar, and his the bank achieved net profit for the first the total financial investment portfolio directives to provide support to all sectors, nine months of 2020 at QAR 772 million stood at QAR 25.4 billion as compared and as part of the collective efforts made as compared to QAR 819 million for the to 27.8 billion for the same period of the by all agencies and institutions in Qatar same period in 2019, and added that the last year. to help the people of Qatar in handling bank has made significant progress in H.E. Sheikh Abdul Rehman bin Mo- the current situation related to COVID-19 improving the cost management and ef- hammad Bin Jabor Al-Thani, Managing pandemic, and based on the instructions ficient utilization of resources where the Director of Doha Bank said “The total issued by Qatar Central Bank in this regard, operating cost for the period improved by shareholder’s equity stood at QAR 13.8 Doha Bank has made all efforts to be a 3.3% as compared to same period last year billion as at 30 September 2020 registering main pillar in supporting the plans of the thus reducing the cost to income ratio to a growth of 2.3%. The bank continued to State, QCB and companies, and have been 30.5% from 33.6% showing bank’s produc- strengthen its key capitalization ratios, working to address the obstacles faced by tive operational performance. where the total capital adequacy ratio of all customers. H.E. Sheikh Fahad added that as at 30 the bank increased to 18.38 % as at 30 Sep- Furthermore, H.E. Sheikh Fahad ex- September 2020 the total assets stood at tember 2020 from 16.85% as compared to pressed confidence that all customers of QAR 106.5 billion, compared to QAR 106.7 the same period last year. The bank, given the bank will adapt to the digital banking billion last year same period. Net loans the scale of its operations, has achieved a transformation adopted by Doha Bank.
BUSINESS LIFE NOVEMBER 2020 w 29 MANAGEMENT AND FINANCE | QATAR
Doha Bank Celebrates “PinkDay” in Commemoration of Breast Cancer Awareness Month Doha Bank is committed to social responsibility at an organisatoinal level and supports Breast Cancer Awareness and health awareness initiatives
Cancer Awareness Month: Pink ribbons were worn by all employees and Breast cancer awareness brochures
oha Bank, celebrated were distributed to all employees while for the rest of the week. “PinkDay” on 20th Oc- all female employees were provided Commenting on ‘PinkDay’ Shka Noor tober 2020 by carrying out with Pink Surgical Masks and Pink Wrist Al Thani, Deputy Head Human Resources D a series of activities as part Ballers. Female employees were also pro- said, “Doha Bank is committed to social of Breast Cancer Awareness Month. vided with Cookies and Cake, courtesy responsibility at an organisatoinal level Doha Bank PinkDay commenced with of “SOCIÈTÈ Artisan Bakery” and a gift and supports Breast Cancer Awareness all the employee Desktops and branding bag containing all-natural skincare oil and health awareness initiatives. She platforms displayed with breast cancer + Pink Invisibobble hair tie courtesy of also stressed on the commitment of Doha awareness and precautionary tips in “Bio-oil”. The Bank held an e-quiz related Bank extending all efforts to educate the Pink backdrop and all employees wear- to Breast Cancer Awareness and gave people in the society about breast cancer ing Pink Ribbon to express their moral away gift vouchers. To complete PinkDay, and its prevention, and also support all support for women with Breast Cancer. Doha Bank HQ Tower was illuminated in other types of awareness and prevention Pink ribbons were worn by all employees Pink, which stood out along the West Bay initiatives throughout the year. and Breast cancer awareness brochures skyline and will continue to illuminate
30 w BUSINESS LIFE NOVEMBER 2020
MARKET BRIEF
Algerians start voting in referendum on constitutional Two teenagers on their way home from school were also change killed in Greece. Polls opened in Algeria recently in a referendum on changes to Turkey has reported over 1,464 aftershocks following the the constitution pushed by President Abdelmadjid Tebboune quake, including 44 that were above four in magnitude. and the powerful military as a way to turn the page on last year’s After dozens of buildings were damaged and the risk of popular unrest. --- Reuters repeated tremors, thousands of residents were forced to spend a fourth night in tents in Izmir. Sudan signs an agreement with america that restores The quake is the deadliest in Turkey this year after another its sovereign immunity disaster hit the eastern provinces of Elazig and Malatya in Janu- Reuters reported, quoting the Sudanese Ministry of Justice today, ary, killing over 40 people. ---AFP that “Sudan and the United States signed an agreement that restores Sudan’s sovereign immunity.” White House’s behavior important for Iran, not prom- The ministry stated in a statement that the agreement “will ise: Zarif lead to the settlement of the cases filed against Sudan in the Iranian Foreign Minister said that what is important for Iran is American courts, including the bombing of the American embas- how the White House behaves after the US election, not what sies in Kenya and Tanzania in 1998,” noting that “the Khartoum promises there are. government agreed to pay the victims $ 335 million.” In an interview with CBS News, Iranian Foreign Minister Mohammad Javad Zarif insisted that Iran’s government has no Qatar Emir sets first national election for next October preference between President Donald Trump or Biden. Qatar’s ruler said that a long delayed vote for the coun- He stressed, however, that it’s not what the new administra- try’s policy reviewing chamber will be held in October tion says during the campaign that counts, but what it does in 2021, marking the Gulf emirate’s first national election. office, CBS News reported. The currently un-elected Shura Council advises the absolute “What is important for us is how the White House behaves ruler, Emir Sheikh Tamim bin Hamad Al-Thani, on draft laws after the election, not what promises are there, what slogans are but does not create its own legislation and can be overruled by made. The behavior of the US is important. If the US decides to a simple decree. stop its malign behavior against Iran, then it will be a different October’s vote would be Qatar’s first national election al- story no matter who sits in the White House,” the US-educated though Sheikh Tamim did not give details on who would be diplomat said. permitted to vote or who would be able to stand. “If we wanted to do that [renegotiate], we would have done Qataris have previously been able to cast ballots on constitu- it with President Trump four years ago,” Zarif told CBS News, tional reforms and in elections to a nationwide municipal council. adding that “under no circumstances” would Tehran consider “The Shura Council elections will be held in October of next renegotiating the terms of a deal which has since been adopted year to strengthen the traditions of the Qatari shura, with wider as a United Nations Security Council Resolution. participation by citizens,” the emir said in a speech to open the Zarif was categorical that Iran would, instead, like to see the 49th session of the council. US re-join the deal. Elections to the council, required under the country’s 2004 “We can find a way to reengage, obviously. But reengagement constitution, have been postponed repeatedly and the body’s does not mean renegotiation,” he said. “It means the US coming members have instead been directly appointed by the emir. back to the negotiating table.” Qatar has undergone cautious reform on issues including “It has hurt Iran,” he conceded. “But it hasn’t brought the type democracy, worker rights and representation of women since of political change that the US desired — be it regime change, Sheikh Tamim came to power in 2013. which was the desire of a certain segment of the current US admin- “We are taking an important step in strengthening the Qatari istration, or what President Trump wanted, which was to bring consultative traditions and developing the legislative process with Iran to its knees so that he could dictate his terms of negotiations.” the participation of a wider range of citizens,” Sheikh Tamim said. “I know that Vice President Biden understands that that won’t “We have our solid system rooted in the structure of our happen [renegotiate the terms of the nuclear deal], and may society and... it is not a multi-party system, but rather an emir- act differently,” said the Iranian foreign minister. He expressed ate system based on established traditions of fair and rational hope, however, that Trump, too, “is capable of acting differently.” governance.” ----AFP Zarif also addressed assertions from US intelligence agencies that his country obtained the US voter registration information Turkey quake death toll rises to 100 and used it to try to erode confidence in the American election The death toll from a powerful earthquake which hit western process. He categorically denied any interference by Iran, and Turkey rose to 100 lately, the country’s disaster authority said. called President Trump “the single person who is making the most The 7.0 magnitude quake also injured 994 people, the agency important and effective affront against the US electoral system.” known by its Turkish acronym AFAD reported, with 147 still Anyone interested in undermining US democracy, Zarif in hospital. suggested, “will just ask President Trump to continue talking It added that rescue workers in Izmir province were continu- about forgeries and inconsistencies in mail-in ballots and all ing to search tirelessly in five buildings for an unknown number sorts of other stuff.” of missing individuals. Zarif said the Iranian government received a letter from the The worst hit Turkish town was Bayrakli in Izmir where Trump administration, which the White House has yet to confirm, there was a mixture of celebration and sadness on Monday after warning the country not to take action around the election, and that a three-year-old girl named Elif Perincek and a 14-year-old named the US would not tolerate any interference. ----Mehr News Agency Idil Sirin were rescued from the rubble. But both lost a sibling each to the disaster which struck on Iran’s Rouhani warns insulting prophet may encour- Friday afternoon in the Aegean Sea. age ‘violence’
32 w BUSINESS LIFE NOVEMBER 2020 Iran’s President Hassan Rouhani lately warned that insulting the celerate reforms and diversification efforts as the energy-rich Prophet Mohammed may encourage “violence and bloodshed” region faces unprecedented challenges due to the coronavirus following Paris’ defence of the publication of cartoons depicting and low oil prices. the Prophet. In its latest regional economic outlook report, the Interna- “Insulting the prophet is no achievement. It’s immoral. It’s tional Monetary Fund projected the economies of the MENA encouraging violence,” Rouhani said in a televised speech during region to shrink by five percent this year compared with a July the weekly cabinet meeting. estimate that they would contract by 5.7 percent.-- AFP “It’s a surprise that this would come from those claiming culture and democracy, that they would somehow, even if ARMS embargo on Iran expires despite us opposition unintentionally, encourage violence and bloodshed,” he added. Despite opposition from the United States, a long-standing con- French President Emmanuel Macron has strongly defended ventional arms embargo imposed on Iran has expired in line with secular values and the right to mock religion following the mur- the terms of a landmark nuclear deal between Iran and world der of a French schoolteacher who had shown his class cartoons powers, according to the Iranian foreign ministry. of the Prophet Mohammed. The 13-year ban imposed by the United Nations Security Macron’s comments triggered protests and a call to boycott Council (UNSC) came to an end recently as part of Resolution French goods in some Muslim-majority countries. 2231 of the Joint Comprehensive Plan of Action (JCPOA), an Rouhani said that “the West should understand that ... insult- accord signed in 2015 that gave Iran sanctions in exchange for ing the Prophet is insulting all Muslims, all prophets, all human curbs on its nuclear programme. values, and trampling ethics”. Concerns mount for human toll after US blacklists Iran’s banks He added that “every single European is in debt to the Iran urges defiance of sanctions as US threatens ‘consequences’ Prophet, as he was the teacher of humanity”. Iranian tenants increasingly pushed to the brink as prices soar Rouhani also called on the West to “stop interfering in Mus- In a statement carried by state media, the Iranian foreign lims’ internal affairs” if it “truly seeks to achieve peace, equality, ministry said “as of today, all restrictions on the transfer of arms, calm and security in today’s societies”. related activities and financial services to and from the Islamic Iran lately summoned a senior French envoy, the charge Republic of Iran … are all automatically terminated.” d’affaires, to protest the “unacceptable behaviour of the French The end of the embargo means Iran will legally be able to authorities”, after a chorus of criticism aimed at Macron by top buy and sell conventional arms, including missiles, helicopters Iranian officials in recent days.--AFP and tanks, and the Iranian foreign ministry said the country can now “procure any necessary arms and equipment from any Houthi official gunned down in Yemeni capital source without any legal restrictions, and solely based on its A Houthi official was killed lately by gunmen in the defensive needs”. Yemeni capital Sanaa, in a rare assassination of a civil- However, Iran was self-reliant in its defense, the statement ian official in the armed movement that controls the city. said, adding that “unconventional arms, weapons of mass Hassan Zaid, minister of sports and youth in the Houthi destruction and a buying spree of conventional arms have no administration, died in hospital from his wounds after gunmen place” in the country’s defense doctrine. opened fire on his car in an area of the capital that houses embas- The US unilaterally withdrew from the JCPOA in May 2018, sies, two sources close to his family told Reuters. imposing waves of harsh economic sanctions on Iran. US Presi- Houthi-run Al Masirah television confirmed the killing, cit- dent Donald Trump’s administration has also employed every ing the group’s interior ministry as saying Zaid was assassinated means in its power to unravel the nuclear deal and stop the by “criminal elements” linked to a Saudi-led military coalition lifting of the arms embargo on Iran. engaged in Yemen. It said Zaid’s daughter was also in the car and The latest came in early October when 18 Iranian banks was seriously injured. were blacklisted, including those that process humanitarian The coalition did not immediately respond to a Reuters trade transactions – effectively severing Iran’s financial sector request for comment. The coalition has been fighting against from the global economy. the Iran-aligned Houthis for more than five years, since the The US administration has been fervently supported in its movement ousted Yemen’s internationally recognized govern- efforts by Israel and a number of Arab countries that oppose ment from Sanaa. Iran’s expanding regional influence. Last year, a senior Houthi official and brother of the move- In August, the US tabled a UNSC resolution to indefinitely ment’s leader was killed in Sanaa. The group blamed “treacherous extend the arms embargo, but it was rejected. hands” associated with the coalition, while the alliance said his From the 14 UNSC member states, the so-called E3 of France, death was caused by infighting. Germany, and the United Kingdom, and eight others abstained In 2018, coalition airstrikes on Hodeidah on Yemen’s west while Russia and China opposed the extension. Only the Do- coast killed the president of the Houthi-backed political body minican Republic supported the resolution. which runs most of northern Yemen. After announcing the triggering of a process to “snap back” The United Nations is trying to revive peace talks to end sanctions on Iran and waiting for a month, the US in September the war which has killed more than 100,000 people and pushed announced it has unilaterally reinstated all UN sanctions on Iran Yemen to the brink of famine. that were lifted as part of Resolution 2231. The conflict is widely seen in the region as a proxy war be- If implemented, the move would automatically extend the tween Saudi Arabia and Iran. The Houthis say they are fighting arms embargo as well. a corrupt system. -----Reuters But an overwhelming majority of UNSC member states once more rejected the bid, saying no process to reinstate sanctions IMF urges MENA countries to face challenges by was started because the move had no legal basis. accelerating reforms The US threatened “consequences” for countries that do not The IMF urged Middle East and North African countries to ac- adhere to its assertion but has yet to take action.
BUSINESS LIFE NOVEMBER 2020 w 33 NEWS FROM AROUND THE WORLD
Merkel says fight against ‘Islamist Terrorism’ is more than 94 percent of the vote, electoral authorities said, after a common struggle poll marred by clashes and an opposition boycott over his bid for German Chancellor Angela Merkel expressed her shock at the a contested third term. attacks across central Vienna and said Germany stood in soli- “President Alassane Ouattara has been elected,” election com- darity with neighbouring Austria in the fight against “Islamist mission president Ibrahime Coulibaly-Kuibiert said in an early terrorism”. morning broadcast, adding voter turnout had been 53.9 percent. “In these terrible hours when Vienna has become the target ----AFP of terrorist violence, my thoughts are with the people there and the security forces facing the danger,” Merkel said in a statement At least one killed in suspected vienna terror attack published by her spokesman on Twitter. Multiple gunmen opened fire at six locations in central Vienna “We Germans stand in sympathy and solidarity with our starting near the central synagogue, killing at least one person and Austrian friends. The fight against Islamist terrorism is our wounding several others in what the interior minister said appeared common struggle.” ----Reuters to be a terrorist attack. Several “heavily armed and dangerous” attackers were still on ON US Election Day, Trump says he feels “very good” the loose as police shut down and sealed off large parts of central about chances for victory Vienna in a manhunt, Interior Minister Karl Nehammer said. Resi- US President Donald Trump said he felt good about his chances dents were urged to stay indoors. for victory as election day opened, predicting that he would “We have brought several special forces units together that are register big wins in key states such as Florida and Arizona. now searching for the presumed terrorists. I am therefore not limit- “We feel very good,” a hoarse-voiced Trump told Fox News ing it to an area of Vienna because these are mobile perpetrators,” in a phone interview. Nehammer told broadcaster ORF. Trump said he expected victory in all the key states that Police said on Twitter that at least one person had been killed will decide the election, but said he would not “play games” by and several injured, including a police officer. Vienna mayor Mi- declaring his win too early. chael Ludwig told ORF that 15 people were being treated in Vienna “We think we are winning Texas very big. We think we are hospitals, and that seven were in a serious condition. winning Florida very big. We think we are winning Arizona Police also said they had shot dead one of the attackers. very big,” he said. Nehammer said all six locations in the attack were in the im- “I think we are going to do very well in North Carolina. I mediate vicinity of the street housing the central synagogue. think we are going to do well in Pennsylvania. We think we are Jewish community leader Oskar Deutsch said on Twitter it was doing very well everywhere.”--AFP not clear whether the Vienna synagogue and adjoining offices had been the target and said they were closed at the time. US election 2020: Trump to stage another five rallies; “We are living in the compound of the synagogue. Upon hearing Biden focusing heavily on Pennsylvania shots we looked down (from) the windows and saw the gunmen As the race draws to a close, President Trump plans a second shooting at the guests of the various bars and pubs,” Rabbi Schlomo consecutive day of five campaign rallies across an array of bat- Hofmeister told London’s LBC radio. tleground states, while Democratic nominee Joe Biden is fo- “The gunmen were running around and shooting at least 100 cusing heavily on Pennsylvania in a bid to block Trump from rounds or even more in front of our building,” he said. repeating his electoral college victory of four years ago. Videos circulated on social media of a gunman running down Biden plans a side trip to Ohio. His running mate, Sen. Kamala D. a cobblestone street shooting and shouting. Reuters could not im- Harris (D-Calif), is also focused on Pennsylvania. Trump is scheduled mediately verify the videos. to touch down in North Carolina, Pennsylvania, Wisconsin and Mich- Army To Protect Sites igan twice. Vice President Pence is hitting Pennsylvania and Michigan. Austrian Chancellor Sebastian Kurz described what had hap- In a burst of campaigning, Trump accused doctors of fabricat- pened as “a repulsive terrorist attack” and said the army would ing coronavirus deaths for money, pantomimed a physical fight protect sites in the capital so the police could focus on anti-terror with Biden, mocked a Fox News host for wearing a mask and cel- operations. ebrated his supporters for using pickup trucks to ambush a Biden The attack happened hours before a partial lockdown was due campaign bus. to go into place due to the rising spread of the coronavirus, with Biden hardened his pitch in Pennsylvania, a state that could restaurants, cafes and hotels shuttered and restrictions on move- decide the presidency, offering himself as the candidate best ment at night. equipped to halt the nation’s coronavirus pandemic and heal its Authorities gave no indication of the identity of the assailants economic decline. or reason for the attack. Thousands of Trump supporters stepped up their public show President Emmanuel Macron of France, which has seen two of celebration, promotion and, in some cases, tacit intimidation deadly knife attacks in Paris and Nice in recent weeks, issued a over the weekend as a nervous nation prepared to head to the statement expressing shock and sorrow. polls recently. “This is our Europe,” he said. “Our enemies must know with Biden leads Trump by 10 percentage points nationally, 53 per- whom they are dealing. We will not retreat.” cent to 43 percent, according to an average of national polls since French officials have ramped up security since the attacks in Oct. 12. Biden’s margin in the battleground states of Michigan and Paris and Nice, which had suspected Islamist motives. Macron has Wisconsin is nine points; it’s six points in Pennsylvania, five in deployed thousands of soldiers to protect sites such as places of North Carolina, four in Arizona and two in Florida.—WP worship and schools, and ministers have warned that other Islamist militant attacks could take place. I.COAST President Ouattara reelected after con- In 1981, two people were killed and 18 injured during an at- tested vote: official tack by two Palestinians at the same Vienna synagogue. In 1985, Ivory Coast president Alassane Ouattara has been reelected with a Palestinian extremist group killed three civilians in an attack at
34 w BUSINESS LIFE NOVEMBER 2020 the airport. Minister In recent years, Austria has been spared the sort of large-scale France is to ban a Turkish ultra-nationalist group known as the attacks seen in Paris, Berlin and London. Grey Wolves, the interior minister said, after a memorial to mass In August, authorities arrested a 31-year-old Syrian refugee killings of Armenians was defaced at the weekend. suspected of trying to attack a Jewish community leader in the The dissolution of the Grey Wolves will be put to the French cabi- country’s second city Graz. The leader was unhurt. -----Reuters net on Wednesday, Gerald Darmanin told a parliamentary committee. “To put it mildly, we are talking about a particularly aggressive US ‘Done with the chaos’ of Trump, Biden says on group,” he said. election eve His announcement came after a memorial centre outside Lyon The United States has had enough of the “chaos” of Donald Trump’s to the mass killings of Armenians in the Ottoman Empire, regarded presidency, Democratic challenger Joe Biden told an election eve as genocide by Armenia, was defaced with pro-Turkish slogans in- rally in Ohio. cluding “Grey Wolves” and “RTE” in reference to Turkish President “It’s time for Donald Trump to pack his bags and go home,” Recep Tayyip Erdogan. Biden told supporters at an event to get out the vote in bellwether The incident in the town of Decines-Charpieu came against a state Ohio as he kicked off his final day of campaigning. background of intense communal tensions in France between its “We’re done with the chaos! We’re done with the tweets, the Armenian minority and the Turkish community over the conflict anger, the hate, the failure, the irresponsibility,” said Biden who in Nagorno-Karabakh.—AFP pledged to get the coronavirus pandemic “under control” if he is elected.—AFP Belarus police fire warning shots at antilukashenko protests tass Discovery of rare painting of Salai, close to Leonardo Police in Belarus fired warning shots into the air and started detain- Da Vinci ing protesters recently as thousands began to march in the capital A “Penitent Magdalene”, a painting by Salai, Leonardo da Vinci’s clos- Minsk to demand veteran leader Alexander Lukashenko leave est collaborator, was recently discovered and will be auctioned on No- power, the TASS and Nasha Niva media outlets reported. --- Reuters vember 18 by the Artcurial auction house, a French expert said recently. We only know of four or five paintings authenticated as being Seven opposition politicians arrested in Hong Kong in the hand of Salai, including “Christ the Redeemer” kept at the Seven prominent opposition politicians were arrested in Hong Ambrosian Pinacoteca in Milan, the others being in private hands. Kong recently on charges related to obstructing a legislative council Gian Giacomo Caprotti, known as Salai (1480-1524), was meeting in May, they said on Facebook, a move that comes after Leonardo Da Vinci’s closest companion – his pupil, workshop boy, Beijing passed a contentious security law in June. model, treasurer, agent, lover. The Renaissance master would have The arrests, which took place early in the morning, did not ap- given him the nickname “Salai” – synonymous with “little devil” pear to be directly linked to the law but come as police have arrested – because of his nonsense, petty thefts, lies. around 30 under the legislation in recent months. “This painting really comes out of the night. Its owner, who Opposition politicians Wu Chi Wai, Andrew Wan, Helena had bought it for a modest sum, entrusted it to us for sale. It hap- Wong, Kwok Wing Kin, Eddie Chu, Raymond Chan and Fernando pened to us without attribution. It was Cristina Geddo (recognized Cheung announced their arrests on their individual Facebook pages. expert of the 15th century Lombard period), who, coming from Beijing imposed the national security law on its freest city on Milan, revealed to us that it was from Salai, ”Old Masters expert June 30, a move widely condemned by Western governments and Eric Turquin told AFP. human rights groups. The law punishes what Beijing broadly de- 65 cm by 50 cm, the painting is in good condition, but needs to be fines as secession, subversion, terrorism and collusion with foreign cleaned, the varnish which partially covers it being dirty and oxidized. forces with up to life in prison. Marie-Madeleine is represented there on a black background, Critics of the legislation say it represents the latest move by her eyes raised in ecstasy, her arms crossed. The naked, slender body Beijing to tighten its grip over the former British colony and erode is partially covered by abundant golden-brown hair: a characteristic its judicial independence. --- Reuters found in Christ of Milan. The character is ambiguous, between sacred and profane. The Quebec stabbings leave at least two dead, five injured lips are full and sensual. local media “We found fingerprints: the painter crushed his thumb on the At least two people died and five were injured after being stabbed by fresh paint, which is characteristic of Leonardo and Salai’s tech- a man wearing medieval clothes, armed with a bladed weapon near nique,” explained Eric Turquin. the Parliament Hill area of Quebec City, Canada, late on Saturday, The work shows “a perfect knowledge of leonardesque sfu- local media reported. mato”. And another characteristic “is a white line marking the The local police said they arrested a male suspect early last lower eyelid, giving a kind of hardness which emphasizes the eye”, month and told people residing near the area to stay indoors as the noted the expert. investigation was still ongoing. During more than 25 years with Leonardo, “Salai was able to The police had earlier said that they were on the hunt for a man assimilate the fine technique of the master, positioning himself as dressed in medieval clothing carrying a bladed weapon, leaving one of the most influential promoters of Leonardo’s models through “multiple victims”. the production of copies and variants of Leonard’s masterpieces. . Five victims have been transported to a local hospital, but their But he is also the author of original works which bear witness to the immediate condition was not known, according https://bit.ly/3jNtii8 master’s lesson interpreted with a certain autonomy ”, underlined to police spokesperson Etienne Doyon, cited by the CBC News. Eric Turquin. It quoted Doyon as saying that the suspect was in his mid-20s The table is estimated between 100,000 and 150,000 euros.—the and was also taken to a hospital for evaluation. Canadian There were no immediate details available on the possible mo- France To ban Turkish Ultra-Nationalist Grey Wolves: tive behind the attack. --- Reuters
BUSINESS LIFE NOVEMBER 2020 w 35 ENERGY REGION
KPMG: Oil Prices Will Affect Kuwait More Than COVID-19 Drop in oil prices and decline in business volumes amidst the volatility are the major concerns facing the Kuwait economy
downturn in revenues and disruption in Consistent slowdown continues to be a key supply chains since March. The majority concern believe that this lull in the economy is not While multi-lateral economic organiza- going to end any time soon and may take tions seem to be optimistic about 2021, the 12–18 months. survey respondents expect the recovery According to Ankul Aggarwal, Partner, to remain muted for a longer period. The KPMG Kuwait, “Re-strategizing for future, low oil revenues combined with a widen- accelerating digital adoption and explor- ing fiscal deficit is expected to hamper the ing new means of financing, together with government’s ability to initiate large scale showing agility in decision making are the projects to drive economic growth. key themes the businesses are focusing on. The challenge for the business leaders Decline in revenues and uncertain business today is to adopt a scenario-based planning environment to be the major fallout of COVID-19 approach, build dynamic capabilities and Over two-thirds of the survey respondents resilient operating models to tackle the shared that their revenues plummeted due rapidly evolving and uncertain business to COVID-19. The decline in demand has environment.” been a major single factor leading to this decrease.Also, over half of the respondents KEY FINDINGS echoed that they are unable to take any medium-to-long-term business decisions Drop in oil prices to have a longer-term impact due to the uncertainty clouding the market, on the Kuwait economy vis-a-vis COVID-19 which further delays the scope of a quick According to the survey respondents, while recovery. Ankul Aggarwal: Partner, KPMG Kuwait COVID-19 will have a short-to-medium term Legacy business and operating models impact on the economy, the decline in oil have been challenged during the immediate prices will continue to hit the Kuwait econ- aftermath of COVID-19. In light of this, more he foremost concern facing Kuwait omy in the medium-to-long term. Kuwait’s than 2/3rd of the respondents believe that business leaders is the drop in oil oil revenues are expected to remain low in revisiting business strategy is an important prices, which is very likely to have 2020 and 2021, and as oil is the major rev- medium term measure. This could include T a longer-term impact on the econ- enue grosser for the country, the economy reassessing the overall strategy, gaining vis- omy than COVID-19. KPMG has surveyed is expected to see a decline of 5.4% in its real ibility on growth avenues and undertaking a number of business leaders from various GDP in 2020. While the World Bank expects performance improvement programs as sectors ranging from SMEs to big corporates. oil prices to stabilize in 2021, the economic necessary. According to the survey, almost two-thirds growth is projected to stay low. of the businesses have been facing a steep The financial resources of businesses have been
36 w BUSINESS LIFE NOVEMBER 2020 Kuwait Petroleum Corporations operates in Europe under subsidiary Q8: A Q8 petrol station in Hesperange, Luxembourg (image: Jwh) gravely impacted due to COVID-19 their fixed costs and push their bottom lines healthcare, real estate, telecommunication, Since revenues have nosedived in most to some extent. Robotic Process Automa- finance, energy and several conglomer- sectors, businesses have relied upon cash tion can contribute to operational cost ates. In addition, the survey respondents reserves and bank facilities to stay afloat. savings by helping reduce employee costs represented businesses across B2B, B2C, With receivables continuing to pose a chal- with certain repeat activities being taken omni-channel, offline operations, public lenge, businesses are likely to face increased over by AI and mechanization. Workforce companies, and private organizations. liquidity crunch especially as bank repay- will then be available to add more value to KPMG in Kuwait operates through its ments fall due. businesses, focusing on core elements and member firms KPMG Safi Al-Mutawa & Accordingly, 60% of the respondents, driving revenue. Partners and KPMG Advisory W.L.L. provid- believe undertaking some form of financial COVID-19 pandemic and the conse- ing a full range of audit, tax and advisory restructuring and exploring new means of quent disruption have taken the business services to a portfolio of clients which financing such as bonds, commercial paper, world by surprise and caught most of them include major corporations, government sale and lease back etc. may be necessary to unprepared to tackle such a scenario. There institutions, public sector agencies, and address funding requirements. is a strong consensus among the respond- not-for profit organizations. ents that developing scenario based business With over 200 employees and 9 partners Businesses need to evolve in the post-COVID plans would be necessary to prepare for based in Kuwait, we form part of a global ‘New Normal’ with adopting technology in such disruptions in the future and thereby organization of independent professional operations minimize the disruption. services firms operating in 147 countries Over 95% of respondents foresee technol- and territories with more than 219,000 peo- ogy to be the driving force in the post- About the survey ple working in member firms around the COVID business world. Adoption of new This survey included interviews with world drawing on global industry insights technologies will pave the way for leaner business leaders from various sectors such to complement our strong local knowledge. organizations, which will help them reduce as education, agriculture, automotive,
BUSINESS LIFE NOVEMBER 2020 w 37 INSURANCE & REINSURANCE REGION
A bustling city: Doha near West Bay area (imgae credit: Shahid Siddiqi) QIC Posts Growth Despite COVID-19
QIC Group grows its premiums by 4% to QAR 10.2 billion for 9M 2020 despite adverse lockdown conditions
atar Insurance Company (QIC), tal platform. QIC’s financial results for the ness while moderating their exposure in a leading insurer in Qatar and reporting period were adversely affected by high severity classes. Today, QIC’s interna- the Middle East North African the effects of COVID-19 pandemic on global tional business accounts for approximately Q (MENA) region announced its economies and financial markets. 75% of the Group’s well diversified domes- financial results for the first nine months The COVID-19 pandemic has a sig- tic and international book of business. of 2020. Following a meeting presided over nificant impact on the industry, affecting Alongside these developments, QIC’s by Sheikh Khalid bin Mohammed bin Ali insurers’ top line, underwriting results and domestic and MENA operations continued Al-Thani, Chairman and Managing Direc- investment returns. Despite the prevailing to drive forward the digitization of its per- tor, QIC’s Board of Directors approved the headwinds, QIC’s year-on-year premium sonal lines business, cementing its position Group’s 9M 2020 financial results. For the growth to QAR 10.2 billion is attributable as a leader in the regional markets. In fact, period, QIC’s Gross Written Premiums grew to the hardening of premium rates in the during the lockdown, QIC’s personal insur- by 4% to QAR 10.2 billion, primarily driven commercial insurance market and the ance division – QIC Insured and QIC’s life by hardening of rates in commercial insur- continued expansion of our domestic online and medical insurance subsidiary, QLM Life ance and reinsurance. In addition, QIC’s business, which delivered stable returns. & Medical Insurance Company (QLM) were lead position in its domestic online personal QIC’s international carriers successfully able to capitalize on its highly sophisticated lines business paid off well as customers continued their acknowledged strategy to digital distribution, client management transacted through to the company’s digi- expand in select low volatile lines of busi- and operational platform, generating
38 w BUSINESS LIFE NOVEMBER 2020 QIC’s Group President: Khalifa Abdulla Turki Al Subaey
stable volume growth whilst delivering of the losses. Against this backdrop, QIC post-COVID environment. robust returns. However, the underwriting achieved a net investment income of QAR Earlier this year, QIC Group successfully performance of QIC Global, namely, Qatar 454 million during 9M 2020. issued USD 300 million perpetual non-call Re, Antares, QIC Europe Limited, and the During the reporting period, QIC’s 5.5 year subordinated Tier 2 capital notes. Gibraltar-based insurance companies, was continued endeavour towards process ef- While offering excellent security to policy- negatively impacted by COVID-19 and ficiency and automation resulted in further holders, the new issuance further strength- the lockdown in key economies. For the improvement of its already exceptionally ened the Group’s robust capital position first nine months of 2020, the Group’s net low administrative expense ratio for its core and reinforced its efficient capital structure. underwriting loss stood at QAR 83 million. operations of 6% for the first nine months Despite the volatility in international debt Despite the exceptional volatility in of 2020 as compared to 6.4% during 9M capital markets, the interest from investors global financial markets, QIC’s investment 2019. Overall, the consolidated net loss of in the perpetual notes issuance was out- portfolio performed reasonably well. Fol- the Group for the nine months of 2020 came standing and demonstrated the continued lowing the pandemic outbreak, global in at QAR 131 million. confidence of investors in QIC Group. central banks and governments took un- QLM Life and Medical Insurance Com- QIC’s Group President, Khalifa Abdulla precedented measures like sharply cutting pany, QIC’s Life & Medical business has Turki Al Subaey noted, “QIC Group benefits interest rates, extending or relaunching further expanded its global medical net- from its very strong and robust risk-based quantitative easing programs, providing work. By the end of the 3rd quarter 2020 its capital adequacy in combination with the incentives or subsidies to prop up the eco- network includes 75,000 medical facilities, scale and diversification of our business nomic activity, etc. to mitigate the impact such as hospitals, clinics, diagnostic centres portfolio. We are encouraged by the resil- of the pandemic on real economy. The and pharmacies in 103 countries across six ience that QIC Group has demonstrated in pandemic as well as the central bank and continents. Its broad network of facilities these unprecedented times. While consum- government actions that followed, had a sig- enables QLM to provide its policyholders ers and businesses in major economies were nificant impact on asset values, impacting with a pallet of comprehensive medical in lockdown, we continued to generate the insurers’ investment portfolios. Q1 and in and out-patient services that is almost strong organic growth originating from first half of Q2 2020 saw the portfolio values unrivalled in the region and puts QLM in a our online personal insurance business in drop significantly, followed by a recovery of strong position for robust future premium the MENA region, a clear testimony to the asset values in Q3 2020. While the global and earnings growth. strength and goodwill of the QIC brand equity markets recovered significantly, the QIC, based on its diversified business and the trust and confidence customers regional equity markets remained a laggard profile, its focus on personal and select com- place in the Group. The growth was further due to lower oil prices. Whereas, lower inter- mercial lines and its digitally transformed benefited from the hardening of commercial est rates and tightening of credit markets business model is well placed to strengthen rates.” allowed the bond portfolios to recover most its market position and further thrive in the
BUSINESS LIFE NOVEMBER 2020 w 39 INSURANCE & REINSURANCE | KINGDOM OF SAUDI ARABIA AND KUWAIT Moody’s Assigns An A1.sa National Scale IFS Rating to Saudi Re
what offset by Saudi Re’s profitability which has been exposed to volatility from the investment performance despite improved and consistent underwriting results with the combined ratio averaging 94.6% between 2015-2019. Factors that could lead to an upgrade or downgrade of the ratings The national scale rating for Saudi Re will face upward or downward pressure if its corresponding global scale rating is upgraded or downgraded, unless this is in conjunction with a recalibration of the national scale map with an offsetting impact on NSRs. The A3 global scale rating of Saudi Re could be upgraded in case of: (i) significant improvement in Saudi Re’s market posi- tion amongst global reinsurance peers, including increased geographic diversifi- cation and attaining the scale necessary to compete as a core reinsurer in a number of reinsurance markets; and/or (ii) a meaningful improvement in profitability, with through-the-cycle combined ratios in the low-to-mid 90% range, and return on capital above 8%, while maintaining good capital adequacy. Conversely, Saudi Re’s global scale rating could be downgraded in case of: (i) a reversal of its recent improvements in profitability with a combined ratio consistently at or above 100%; and/or (ii) sustained deterioration in regulatory or economic capitalisation, including, for ex- Saudi Re’s national scale rating reflects its: (i) strong brand and market position in Saudi ample GUL rising over 3x or a meaningful Arabia: Fahad Al-Hesni, MD and CEO-Saudi Re increase in modeled natural catastrophe loss exposure; and/or (iii) meaningful reduction in the extent or quality of its retrocessional protection; and/or (iv) oody’s Investors Service, and Lloyd’s, (ii) preferential position in significant deterioration in asset quality (“Moody’s”) has recently the Saudi market due to a right of first including a shift in investment strategy assigned an A1.sa national refusal on a portion of premiums ceded to be more returns-focused versus the M scale insurance financial by primary carriers in the Saudi market, current capital preservation focus; and/ strength rating (IFSR) to Saudi Re For (iii) strong asset quality exemplified by or (v) deterioration in financial flexibility Cooperative Reinsurance Company its conservative investment portfolio, with financial leverage in excess of 15%. (Saudi Re). (iv) good capital adequacy, both in terms Moody’s National Scale Credit Ratings No action is taken on Saudi Re’s ex- of capital levels, with gross underwriting (NSRs) are intended as relative measures isting A3 global scale IFSR, which was leverage (GUL) of 2.1x and relatively mod- of creditworthiness among debt issues assigned on 13 June 2018. est exposure to natural catastrophe risk, and issuers within a country, enabling RATINGS RATIONALE and (v) strong financial flexibility with market participants to better differentiate Saudi Re’s national scale rating reflects nonexistent leverage and good access to relative risks. NSRs differ from Moody’s its: (i) strong brand and market position capital markets in Saudi Arabia given its global scale credit ratings in that they are in Saudi Arabia as the sole Saudi profes- listing on the Saudi stock exchange, and not globally comparable with the full uni- sional reinsurer as well as a growing pres- broad investor base. verse of Moody’s rated entities, but only ence in its target markets of Asia, Africa However these strengths are some- with NSRs for other rated debt issues and
40 w BUSINESS LIFE NOVEMBER 2020 issuers within the same country. NSRs are ing Methodology published in May 2016 with a given NSR can be inferred from the designated by a “.nn” country modifier sig- entitled “Mapping National Scale Ratings GSR to which it maps back at that particu- nifying the relevant country, as in “.za” for from Global Scale Ratings”. While NSRs lar point in time. For information on the South Africa. For further information on have no inherent absolute meaning in historical default rates associated with Moody’s approach to national scale credit terms of default risk or expected loss, a different global scale rating categories ratings, please refer to Moody’s Credit rat- historical probability of default consistent over different investment horizons.
Gulf Insurance Group Increase the Company’s Authorized Capital Extraordinary General Meeting of Gulf Insurance Group approves the increase of its Authorized Capital
Abdullah Al-Sane, Chairman of the Board, and was held at the company’s head office with a quorum of 91.83%. The shareholders also agreed to amend Article (6) of the Memorandum of Association and Article (5) of the Ar- ticles of Association to reflect the new authorized capital. Farqad Abdullah Al-Sane, Chairman of Gulf Insurance Group commented: “We are grateful for the continuous support of our shareholders and their trust. As a pioneering insurance group, we seek business sustainability through our commitment to best governance practices in all markets we operate in.” Gulf Insurance Group is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in life and non-life as well as Takaful insurance. Gulf Insurance has become one of the largest insur- ance networks in the Middle East and North Africa with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and Emirates. Its reported consolidated assets stand at US$ 2.9 billion as at 31 June 2020. Seeding business sustainability through our commitment to best governance KIPCO – Kuwait Projects Company practices in all markets: Farqad Abdullah Al-Sane, Chairman of the Board of gig – is Gulf Insurance Group’s largest share- holder, followed by the Canadian-based Fairfax Financial Holding Ltd. ulf Insurance Group, one of company to KD 35,000,000 divided into Gulf Insurance Group enjoys the the leading insurance service 350,000,000 cash shares at a nominal privilege of being the first triple-rated providers in the MENA, held its value of 100 fils each. insurance group in Kuwait. The group G Extra Ordinary General Meet- The EGM authorized the Group’s holds a Financial Strength Rating of ‘A’ ing during which its shareholders agreed Board of Directors to decide on the in- (Excellent) and issuer credit rating of ‘a’ to increase the company’s authorized crease of issued and paid-up capital, with negative outlook from A.M. Best Eu- capital. subject to the regulatory requirements rope – Rating Services Limited, a Financial The shareholders unanimously agreed and approvals of supervisory authorities. Strength Rating of A- with stable outlook to increase the authorized capital of the The meeting was chaired by Farqad from Standard & Poor’s.
BUSINESS LIFE NOVEMBER 2020 w 41 INSURANCE & REINSURANCE | KINGDOM OF SAUDI ARABIA AND QATAR ICIEC Signs MoU with Spanish State Export Credit Agency The partnership encourages trade and investment between Spain and ICIEC member countries through joint export credit insurance provisions
n September, the Islamic Corpora- assistance and capacity building. bling both parties to provide the best sup- tion for the Insurance of Investment This MoU follows a string of recent port possible to our member countries”. and Export Credit (ICIEC) signed ICIEC partnerships with European ECAs, The Islamic Corporation for the In- I a memorandum of understanding including Austria’s OeKB and the U.K.’s surance of Investment and Export Credit with Compañía Española de Seguros de UKEF. These partnerships facilitate (ICIEC) is a member of the Islamic De- Crédito a la Exportación, S.A., Compañía responsive and flexible agreements for velopment Bank (IsDB) Group. ICIEC de Seguros y Reaseguros, SME (CESCE). risk sharing in the form of reinsurance was established in 1994 to strengthen CESCE is a Spanish Export Credit Agency or co-insurance, encouraging both par- the economic relations between member (ECA) located in Madrid, Spain that man- ties to expand their risk appetite for trade countries of the OIC. ICIEC’s vision is to ages the facilitation of export credit insur- transactions and investments. be recognized as the preferred enabler ance on behalf of the State. “During this time of economic uncer- of trade and investment for sustainable The partnership encourages coopera- tainty, ICIEC has placed high importance economic development in Member Coun- tion in supporting trade and investment on building relationships with peer tries. Its mission is to facilitate trade and between Spain and ICIEC member coun- ECAs,” says ICIEC CEO, Oussama Kaissi. investment between member countries tries through joint export credit insurance “By working jointly, the Corporation and and the world through the provision of provisions in addition to promoting other its partners can increase the reach and Shariah compliant risk mitigation tools forms of cooperation such as technical depth of service offerings, therefore ena- and financial solutions.
Africa Re Group Selects DIFC for Middle East expansion
ubai International Financial Cen- per cent year-on-year to US$414 million in finance, and use their expertise to shaping tre (DIFC) has welcomed Africa 2019, according to the full-year 2019 results the future of the sector.” Reinsurance Corporation (Africa announced by the 47 publicly listed Takaful Dr. Corneille Karekezi, Group Managing D Re) Group. The business will operators across the region. The UAE rep- Director/CEO of The African Reinsurance operate as Africa Re Underwriting Agency resented the second largest market after group said:“We are pleased to join DIFC and Limited (Africa Re) and the DIFC presence Saudi Arabia. consider it as our first destination outside is their first office outside Africa. DIFC is recognised as the leading re- Africa. As one of the top 50 global reinsurers, Over the last 44 years, Africa Re has insurance hub in the MEASA region and Africa Re considers DIFC as a first step to be focused on developing the insurance and now home to more than 100 registered followed by further steps for other financial reinsurance industry to support African insurance, reinsurance, captive firms and hubs across the world. Africa Re may be economic development. The business is insurance-related entities, including four of new to DIFC but has never been new to now expanding, open to select markets in the top five global insurance companies. In the Middle East which Africa Re supported Asia, Brazil and the Middle East. 2019, the DIFC reported record gross written for the last 20 years. Africa Re was closely Africa Re will provide Conventional and premiums, up 17.4 per cent year-on-year. observing the withdrawal of Reinsurance/ Takaful reinsurance capacity to the whole Arif Amiri, CEO of DIFC Authority Retakaful capacities from the Middle East Middle East region from DIFC. The firm said:“We are pleased to welcome Africa Re hence a decision was taken to join DIFC in has over a decade of providing Retakaful to DIFC, especially as they have chosen us order to be in proximity to our clients and products which are Sharia-compliant and for their first office outside the African con- fill such gap of capacity through providing essential for Takaful companies to meet tinent. Offering conventional and Takaful leading opportunities as support to all our their business requirements. products provides additional choice and we longstanding clients in the Middle East. Takaful sustained growth globally has hope Africa Re will work with DIFC and the “We are confident that Africa Re’s exist- been supported by growing demand for other firms in our ecosystem to develop the ence in DIFC would further enhance both ethical financial services from Muslims and future of the region’s reinsurance sector. Conventional and Takaful markets, and non-Muslims across the GCC, Southeast “We are confident that Africa Re will develop/readjust the Takaful market and Asia and Africa. The GCC Takaful market benefit from the increasing demand for Takaful model in the Middle East.” saw its aggregate net profit surge by 74.3 capacity in the market, especially in Islamic
42 w BUSINESS LIFE NOVEMBER 2020 Cyber Insurance Market Expected to Reach $2a8.6 Billion by 2026
tion against cyber-attacks and other risks and are expected to grow at a significant CAGR during the forecast period. The BFSI sector dominated the cyber insurance industry in 2018 and is pro- jected to maintain its dominance during the forecast period, owing to growing inci- dences of data breaches in large volumes of customers data & employee information such as payment card, bank account & per- sonal identification numbers, and other confidential details of credit card have led to the cyber insurance as focused areas for various organizations in the industry. Furthermore, the government & public sector is expected to grow at a significant CAGR during the forecast period, owing to an increase in cyber liabilities, data theft, identity fraud and cyber-attacks, which has left the cyber insurance coverages at the forefront of the corporate governance in public sector companies. By region, the global cyber insurance market was dominated by North America Safely connected: WikidataCon first day: hacking room (image credict: Caroline in 2018 and is expected to maintain this Léna Becker) trend during the forecast period. The ma- jor factors driving the growth of the market in this region include rising growth of mal- ccording to a recent report pub- banking, healthcare, and others, are some of ware events such as Wannacry and NotPetya lished by Allied Market Research, the major factors fueling the market growth. in the U.S., that have increased awareness titled, “Cyber Insurance Market by In addition, growing adoption of cyber in- about the importance of cyber insurance. A Company Size, and Industry Verti- surance products due to rising implications In addition, the country also introduced cal: Global Opportunity Analysis and Indus- of cyber-attacks on public safety, economic General Data Protection Regulation (GDPR) try Forecast, 2019-2026,” the global market prosperity, and government security has led in May 2018, thereby accelerating strict was valued at $4.8 billion in 2018, and the to significant growth for the cyber insurance regulatory environments regarding data cyber insurance market size is projected to market in the recent years. However, lack of protection with the help of cyber insurance. reach $28.6 billion by 2026, growing at a standardized policies and changes in perils CAGR of 24.9% from 2019 to 2026. are projected to limit the market growth. Key Findings of the Study: Cyber insurance is widely used to help On the contrary, cyber insurance has an im- • By company size, the large companies businesses to protect their valuable IT as- mense potential as it is largely an untapped segment led the cyber insurance mar- sets against cyber-attacks such as malware, market in developing economies. Growing ket size in terms of revenue in 2018. ransomware, phishing, distributed denial-of- number of cyber-attacks in Asian countries • By region, North America generated service (DDoS) attacks, and others. The cyber such as China and India, have led to the the highest revenue in 2018. insurance companies provide personalized adoption of cyber liability insurance prod- • By industry vertical, the BFSI seg- products and services to mitigate specific ucts among various organization, which is mented accounted for the highest cyber risks across several end user industries, expected to provide lucrative opportunities insurance market share in 2018. thereby becoming major cyber insurance for the cyber insurance market during the The key players profiled in the cyber market trends. Further, significant increase forecast period. insurance market analysis are Allianz, in cyber-attacks has led organizations to On the basis of company size, the large American International Group, Inc., Aon shift their focus on cyber security as well as enterprises segment dominated the cyber in- plc, AXA, Berkshire Hathway Inc., Lloyd’s cyber insurance; thereby acting as one of the surance industry in 2018 and is projected to of London Ltd., Lockton Companies, Inc., major factors boosting the cyber insurance maintain its dominance during the forecast Munich Re, The Chubb Corporation, and market growth. period. The large companies in these indus- Zurich. These players have adopted various Increased awareness about business tries incurred reputational losses, financial strategies to increase their market penetra- interruption (BI) cyber risks and rise in losses, and intellectual property losses due tion and strengthen their position in the number of mandatory legislations for data to cyber-attacks. As a result, these industries industry. cyber security in different end-users, such as purchase cyber insurance policies for protec-
BUSINESS LIFE NOVEMBER 2020 w 43 المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
من شأنها دعم شركات التأمين فى الوصول للفئات محدودة الدخل بسهولة ويسر • هل جائحة فيروس كورونا المستجد - كوفيد 19 كان لها دور فى وتكلفة اقل . ابراز أهمية التأمين الطبى ؟ • دور شركات إدارة الرعاية الصحية فى تنظيم وإدارة هذه المنظومة. • ما هى التحديات التى يمكن ان تواجهها شركات التأمين مع منتجات التأمين الطبى ضد األوبئة ؟ • دور جهات التوزيع كالجمعيات والبنوك ومكاتب البريد وشركات التحصيل االلكترونى وغيره فى تقديم خدماتها لشركات التأمين للوصول الى هذه • ما هى آليات وأدوات إدارة المخاطر داخل شركات التأمين وإعادة الفئات . التأمين إلدارة هذا الخطر ؟ • دور وسطاء التأمين فى هذه المنظومة . • ما هو دور شركات إعادة التأمين فى تقديم الدعم الفنى والتغطية لهذه المخاطر؟ • ما هى الدروس المستفادة من جائحة فيروس كورونا المستجد – كوفيد 19 . - 5 - 4-- الجلسة السادسة الجلسة الرابعـة الجديد فى الحلول الذكية ، الذكاء االصطناعى والميكنة لدعم منظومة التأمين الصحى الشامل وربطها بمقدمى الخدمة وشركات التأمين التعاون بين شركات األدوية والمستحضرات الطبية من جهة وقطاع التأمين الطبى والرعاية الصحية من جهة اخرى لتقديم خدمة أفضل للمواطن محاور الجلســة :- محاور الجلســة :- • يستطيع قطاع الرعاية الصحية أن يقدم االستشارات للمرضى عبر الهاتف من خالل الحلول الذكية كالتطبيقات المختلفة أو برامج الفيديو أون الين • تعتبر شركات االدوية والمستحضرات الطبية أحد اهم عناصر من خالل شبكة االنترنت . منظومة الرعاية الصحية على مستوى العالم . • سيشهد قطاع التأمين الطبى والرعاية الصحية تدفق رأس المال • التعاون بين شركات االدوية والمستحضرات الطبية وقطاع التأمين االستثمارى فى مجاالت تكنولوجيا المعلومات والذكاء االصطناعى جنبا الى الطبى والرعاية الصحية يمكن ان يثمر عن العديد من المخرجات . جنب مع التوسع فى تطبيق منظومة التأمين الصحى الشامل التى تقوم على أساس الجلسة الخامسة الميكنة وحلول الذكاء االصطناعى. اهمية تقديم منتج تأمين طبى ضد األوبئة المستجدة : دور شركات التأمين وال شك أن المشاركة فى هذا الملتقى تمثل توجيهات سوق التأمين المصرى ومعيدى التأمين واألسواق العربية لتوطيد عالقة التعاون والتكامل بين شركات التأمين وشركات إدارة الرعاية الصحية بهدف دعم وتطوير وتنمية صناعة التأمين المصرية . محاور الجلســة :-
شركة gigللتامني مصر تفوز جبائزة افضل شركة تامني ممتلكات
تم اليوم خالل احتفالية اقامها االتحاد االفراسيوي تتويج شركة gig للتامين مصر كافضل شركة تامين ممتلكات جاء ذلك خالل منافسة تقدمت اليها ٢٣ شركة لكونجرس التامين الطبي والرعاية الصحية باالتحاد االفراسيوي
وقد حضر االحتفالية معالي وزير المالية الدكتور محمد معيط ومعالي وزير قطاع االعمال العام االستاذ هشام توفيق وتراس لجنة التحكيم السيد المستشار رضا عبد المعطي نائب رئيس الهيئة العامة للرقابة المالية واقيمت االحتفالية اليوم باحد اكبر الفنادق في جمهورية مصر العربية وحضرها العديد من قيادات سوق التامين المصري وقام االمين العام لالتحاد االفراسيوي الدكتور عادل منير بتسليم جائزة افضل شركة تامين ممتلكات لالستاذ عالء الزهيري العضو المنتدب لشركة gig للتامين مصر وقام االستاذ عالء الزهيري بشكر االتحاد االفراسيوي علي تنظيم هذه االحتفالية كما قدم الشكر والتهنئة لكافة العاملين بشركة gig للتامين مصر والعضاء المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية:عالء الزهيري مجلس االدارة ولمساهمي الشركة وكافة عمالء الشركة علي دعمهم المستمر رئيس اإلتحاد المصري للتأمين
44 w BUSINESS LIFE NOVEMBER 2020 INSURANCE & REINSURANCE | EGYPT - المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
املتلقى االقليمى السادس للتأمني الطىب والرعاية الصحية
يومين ومن خالل ست جلسات سوف يناقش الملتقى االقليمى السادس للتأمين الطبى والرعاية الصحية قضايا على قدر كبير من االهمية حيث تتضمن أجندة المؤتمر المحاور الرئيسية التالية :- الجلسة األولــى دور صناعة التأمين الطبى والرعاية الصحية فى تقديم الخدمة تحت مظله التأمين الصحى الشامل ) مصر ( محاور الجلســة :- • حجم قطاع التأمين الطبى ونسبة مساهمته فى إجمالى األقساط بشركات التأمين وعدد العمالء اللذين تشملهم تغطيات التأمين الطبى وخدمات الرعاية الصحية . • هل قانون التأمين الصحى الشامل فرصة لشركات التأمين والرعاية الصحية ؟ • هل حان الوقت للوصول الى إطار حقيقى للتعاون بين قطاعالتأمين الطبى والرعاية الصحية المصرى ومنظمومة التأمين الصحى الشامل فى مصر ؟ وما هى اليات وأدوات تفعيل التعاون بين القطاعين ؟ • ما هى المعوقات والتحديات الخاصة بوضع الية التعاون والتنسيق المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية:عالء الزهيري بين الجهتين رئيس اإلتحاد المصري للتأمين • ماهى الخبرات والتجارب التى يمكن ان يقدمها قطاع التأمين الطبى والرعاية الصحية المصرى إلدارة المخاطر بمنظومة التأمين الصحى الشامل فى صرح األستاذ عالء الزهيرى رئيس االتحاد المصرى للتأمين بأنه للمرة السادسة مصر ؟ على التوالى ينظم االتحاد المصرى للتأمين بالتعاون والتنسيق مع االتحاد العام • ما هى تغطيات التأمين الطبى التكميلية التى يمكن ان يقدمها قطاع العربى للتأمين والجمعية المصرية الدارة الرعاية الصحية الملتقى االقليمى التأمين الطبى المصرى لمنظومة التأمين الصحى الشامل فى مصر ؟ وهل يمكن السادس للتأمين الطبى والرعاية الصحية بفندق سميراميس إنتركونتيننتال القاهرة ان تكون منظومة التأمين الصحى الشامل فى مصر أحد قنوات تقديم التغطيات خالل الفترة 11-12 أكتوبر 2020 تحت شعار “ صناعة التأمين الطبى والرعاية التأمينية المختلفة لمحدودى الدخل مثل تغطيات المزايا النقدية والخاصة بفقد الصحية بين مواجهة االوبئه وبدء تطبيق التأمين الصحى الشامل - مصر االيراد نتيجة للمرض وتأمينات الحياة ، هذا باإلضافة الى تقديم تغطيات لألسرة كنموذج “ ككل وغيره من التغطيات التى يمكن ان يدعم بها قطاع التأمين هذه المنظومة0 وينعقد المؤتمر تحت رعاية الهيئة العامة للرقابة المالية ووزارة الصحة والسكان ووزارة المالية . --3 ومن المتوقع أن يشارك فى المؤتمر ممثلين من كبرى شركات التأمين المصرية الجلسة الثانية 0 والعربية وشركات الوساطة التأمينية وشركات الرعاية الصحية ولفيف من دور الهيئات الرقابية فى مكافحة االثار المترتبة عن انتشار االوبئة والية التعامل اقطاب وأعالم التأمين ورجال االقتصاد واالعمال فى مصر . مع قطاع التأمين الطبى ) كوفيد 19 كمثال ( وسيشرف المؤتمر الدكتور /محمد عوض تاج الدين مستشار رئيس الجمهورية محاور الجلســة :- لشئون الصحة والطب الوقائى والسادة الوزراء معالى الدكتور محمد معيط وزير المالية ومعالى الدكتورة هالة زايد وزير الصحه والسكان والدكتور محمد عمران • ما هى اهم اإلجراءات التى تم اتخاذها من قبل الهيئات الرقابية ؟ رئيس مجلس إدارة الهيئة العامة للرقابة الماليه . • ما تأثير هذه اإلجراءات على شركات التأمين بوجه عام والتأمين ويعتبر هذا الملتقى من أبرز الملتقيات الرائدة فى مجال التأمين الطبى والرعاية الطبى بوجه خاص ؟ الصحية على المستوى المحلى واالقليمى ويهدف الى التأكيد على أهمية قطاع • ما تأثير هذه اإلجراءات على عمالء شركات التأمين ؟ التأمين فى توفير الرعاية الصحية واالهتمام بأساليب تقديمها حيث أن فرع التأمين الطبى هو أحد الفروع التى حظيت خالل الفترة األخيرة بمزيد من النمو الجلسة الثالثة واالنتشار فى أسواق التأمين العربية والمصرية وأصبح من القضايا الحيويه استراتيجية الشمول التأمينى للوصول الى كل المواطنين ودورها فى تغطية التى تواجه عالمنا اليوم حيث ال يمكن فصل الصحة عن االقتصاد كونها العنصر المتضررين من األوبئة وتوفير الحماية التأمينية لهم األساسى لبناء رأس مال بشرى قوى قادر على االنتاج. محاور الجلســة :- - -2 • دور شركات التأمين فى طرح منتجات التأمين / متناهى الصغر كما أنه سيسلط الضوء على دور قطاع التأمين فى توفير منتجات التأمين الصحى الطبى . التى تتناسب مع جميع شرائح المجتمع ويحاضر بالمؤتمر لفيف من أقطاب وأعالم التأمين الطبى والرعاية الصحية فى مصر والعالم العربى وعلى مدى • دور الهيئات الرقابية فى اعتماد المنتجات ووضع التشريعات التى
BUSINESS LIFE NOVEMBER 2020 w 45 المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
46 w BUSINESS LIFE NOVEMBER 2020 INSURANCE & REINSURANCE | EGYPT - المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
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المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
48 w BUSINESS LIFE NOVEMBER 2020 INSURANCE & REINSURANCE | EGYPT - المتلقى االقليمى السادس للتأمين الطبى والرعاية الصحية
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Map indicating GCC members
50 w BUSINESS LIFE NOVEMBER 2020 Gulf Economies Set for Steep Contractions Before Rebounding
The six-member Gulf Cooperation Council faces a steep economic contraction this year before partially rebounding in 2021, with most countries facing sharper declines than previously estimated
he six-member Gulf Cooperation large exposure to tourism, aviation, and choices. Fiscal support is still needed to Council faces a steep economic other services makes it more vulnerable fight persistent and rising infections, contraction this year before par- to the effects of the pandemic,” the IIF already showing up in Europe and the T tially rebounding in 2021, with said, adding that output declined 9% in U.S.,” noted analysts at NBK. most countries facing sharper declines the first half of the year and employment “But from a medium-term perspective, than previously estimated, a quarterly dropped by 10%. governments should aim to achieve fiscal Reuters poll showed. Median forecasts for Kuwait expected and external sector sustainability in the Analysts in the October 13-25 poll a 6.3% contraction this year, 2.6% growth likely scenario of low oil prices.” maintained their view that the region’s next year and 3.3% growth in 2022. Three The United Arab Emirates, which has heavy dependence on hydrocarbons left months ago, it was seen shrinking 6.1% in seen a surge in new COVID-19 cases in the it particularly hard-hit by the coronavirus 2020 and expanding 2.5% in 2021. past month or so, is expected to see GDP crisis because of its effect on oil demand Qatar’s forecast for this year was decline 6.0% this year, grow 2.7% next and prices, according to Reuters. unchanged at a 4.0% contraction, while year and expand 3.8% in 2022. In July, New lockdown measures as infections expectations for growth next year im- analysts expected a 5.1% decline in 2020 continue to soar in the United States, proved to 3.0% from 2.8% and it was seen and 2.6% growth in 2021. Europe and elsewhere, could exacerbate expanding 3.4% in 2022. “The UAE economy will suffer a deeper already depressed economic activity. Oman and Bahrain’s forecasts were contraction this year than we anticipated Saudi Arabia, the region’s largest weaker, seen shrinking 4.9% and 4.8% in May,” the Institute of International economy, is expected to face a GDP con- this year respectively from contractions Finance said in a research note. traction of 5.1% this year and rebound to of 4.7% and 4.4% seen in July. Oman is “Dubai’s economy may contract by 3.1% growth next year and 2.7% growth expected to grow 2.5% next year, versus at least 8%, more than Abu Dhabi, as its in 2022. A poll conducted three months a July estimate of 3.0%, and 2.7% in 2022. large exposure to tourism, aviation, and ago saw the world’s largest oil exporter Bahrain’s 2.6% growth forecast for 2021 other services makes it more vulnerable contracting 5.2% in 2020. was unchanged and it was expected to to the effects of the pandemic,” the IIF “The region is now facing tough policy grow 2.1% in 2022. said, adding that output declined 9% in choices. Fiscal support is still needed to “Things are looking less favorable, the first half of the year and employment fight persistent and rising infections, particularly for leisure and tourism,” dropped by 10%. already showing up in Europe and the Maya Senussi, senior economist at Oxford Median forecasts for Kuwait expected U.S.,” noted analysts at NBK. Economics, said on Oman. a 6.3% contraction this year, 2.6% growth “But from a medium-term perspective, “Non-residents are still barred from next year and 3.3% growth in 2022. Three governments should aim to achieve fiscal visiting as we head into the peak season,” months ago it was seen shrinking 6.1% in and external sector sustainability in the she said, adding analysts generally have 2020 and expanding 2.5% in 2021. likely scenario of low oil prices.” a clearer view of how the dual shock has Qatar’s forecast for this year was The United Arab Emirates, which has influenced activity. unchanged at a 4.0% contraction, while seen a surge in new COVID-19 cases in the New lockdown measures as infections expectations for growth next year im- past month or so, is expected to see GDP continue to soar in the United States, proved to 3.0% from 2.8% and it was seen decline 6.0% this year, grow 2.7% next Europe and elsewhere, could exacerbate expanding 3.4% in 2022. year and expand 3.8% in 2022. In July, already depressed economic activity. Oman and Bahrain’s forecasts were analysts expected a 5.1% decline in 2020 Saudi Arabia, the region’s largest weaker, seen shrinking 4.9% and 4.8% and 2.6% growth in 2021. economy, is expected to face a GDP con- this year respectively from contractions “The UAE economy will suffer a deeper traction of 5.1% this year and rebound to of 4.7% and 4.4% seen in July. Oman is contraction this year than we anticipated 3.1% growth next year and 2.7% growth expected to grow 2.5% next year, versus in May,” the Institute of International in 2022. A poll conducted three months a July estimate of 3.0%, and 2.7% in 2022. Finance said in a research note. ago saw the world’s largest oil exporter Bahrain’s 2.6% growth forecast for 2021 “Dubai’s economy may contract by contracting 5.2% in 2020. was unchanged and it was expected to at least 8%, more than Abu Dhabi, as its “The region is now facing tough policy grow 2.1% in 2022.
BUSINESS LIFE NOVEMBER 2020 w 51 MAIN STORY
“Things are looking less favourable, has paid off AED 70 million ($19 million) Ahmad Abdulla Bin Lahej Alfalasi, particularly for leisure and tourism,” of debt from its largest lender as part General Manager, FCA chaired the meet- Maya Senussi, senior economist at Oxford of a comprehensive debt restructuring ing with the participation of Sheikh Economics, said on Oman. programme. He added that debt restruc- Ahmed Bin Mohamed Al Khalifa, Chair- “Non-residents are still barred from turing has helped reduce financing costs man, Bahrain Customs; Suliman Altwejri, visiting as we head into the peak season,” by 35 percent for the three-month period Vice Governor of Security and Interna- she said, adding analysts generally have ending September 2020 year-on-year. tional Cooperation in KSA Customs, Khal- a clearer view of how the dual shock has (Source: Zawya) ifa Bin Saeed Alabri, Assistant Secretary- influenced activity. Oil steadies, but outlook gloomy as General for Economic and Development Saudi Arabia’s non-oil private sector coronavirus cases, supply grow – Oil Affairs, GCC General Secretary; Brigadier expanded for the second consecutive prices eked out small gains after recent General Khalifa Bin Ali Alseyabi, Director- month in October as output grew at a solid sharp losses, but sentiment remained sub- General, Oman Customs; Counsellor Ja- pace, though concerns remained over the dued as a surge in global coronavirus cases mal Bin Hadel Aljalawi, Director-General, pace of recovery from the coronavirus hit prospects for crude demand while Kuwait Customs General Authority, and pandemic, a survey showed. supply is rising. Brent crude LCOc1 was Ahmed Bin Abdualla Aljammal, Chair- The seasonally adjusted IHS Markit up 19 cents, or 0.5%, at $40.65 a barrel by man, Qatar Customs General Authority Saudi Arabia Purchasing Managers’ Index 0324 GMT. U.S. oil CLc1 gained 15 cents, in addition to the UAE delegate encom- (PMI) rose to 51.0 in October from 50.7 or 0.4%, at $38.71 a barrel. Both contracts passing Alyia Almarmoom, Managing in September. The 50.0 mark separates fell more than 3% on Monday. A lack of Director of Customs Affairs Sector in the growth from contraction. progress on agreeing a U.S. coronavirus Authority in addition to several officials The non-oil private sector shrank each relief package added to market gloom, and departments heads in the state and month from March to August, with the ex- although U.S. House of Representatives gulf customs. ception of July when it held steady at 50.0. Speaker Nancy Pelosi said on Monday she Alfalasi initiated the meeting ex- “While the latest PMI data indicated hoped a deal can be reached before the pressing deep condolence to the Kuwait a further expansion in the Saudi Arabia Nov. 3 elections. (Source: Reuters) delegate on the demise of the prince of non-oil private sector in October, there Investment Corporation of Dubai humanity HH Sheikh Sabah Jaber Al were reasons for fresh concern about (ICD), the Dubai government’s main Ahmed, and welcomed the members of the pace of recovery from the COVID-19 investment arm, is expected to sell $500 participating delegates while applauding outbreak,” said David Owen, economist million in long five-year bonds at 275 the high-level cooperation between state at survey compiler IHS Markit. basis points over mid-swaps, a document members of the GCC Customs Union “Sales growth slowed to just a mar- showed lately. Authority and their endless keenness to ginal pace, after a renewed upturn in ICD began marketing the bonds at provide all forms of support to bring suc- September, that was in part due to a drop around 300 basis points over mid-swaps cess to the trajectory of cooperation and in export demand. Moreover, job numbers earlier lately and received around $1.3 gulf customs union. continued to fall, with the rate of decline billion in orders, according to the docu- During the meeting, participating accelerating for the first time since June.” ment issued by one of the banks leading delegates addressed many issues and Non-oil private-sector employment the deal, which is due to launch later in matters of customs agenda in the Gulf shrank for the eighth straight month as the day. states the most prominent of which is the firms shed staff and new hires were lim- Issuers from the Gulf are lining up requisite amendments to the unified cus- ited despite higher demand. Employment to take advantage of low interest rates toms law, unified customs duties, customs fell at a marginally faster pace than in Sep- to plug finances hit by cheap oil and the unified guidelines, the unified guideline tember though the drop was still slight. coronavirus crisis, with Oman also sell- of foreign products clearance, mutual New orders grew for a second straight ing bonds in its first issuance since July recognition of the Authorised Economic month, although at a slower pace, with last year. Operator, AEO, common Gulf market, the subindex falling to 50.7 from 52.1 in The government of Dubai sold $2 bil- the measures on exempting industry September as clients’ financial issues and lion in bonds last month in its first public inputs, implementing the resolutions a lack of tourists weighed on sales growth. debt issuance since 2014 amid a sharp and arrangements on combating inter- Output grew quicker than in Sep- economic downturn that has revived national trade malpractices, in addition tember, rising to 52.9 from 50.4, though concern over its finances and memories to exploring some customs studies and it remained below the subindex’s long- of its 2009 debt crisis. state members’ proposals on facilitating running average. Rising demand contrib- The United Arab Emirates, which has technology advancement to support and uted to higher activity, but a weak rate of seen a surge in new COVID-19 cases, is ex- facilitate supply chain and customs-risks recovery and the continuing impact of pected to see GDP decline 6.0% this year, management. the COVID-19 pandemic curbed growth. grow 2.7% next year and expand 3.8% in Ahmad Abdulla Bin Lahej, meeting “Many businesses are hopeful that 2022. In July, analysts expected a 5.1% chairman, noted that during the meet- growth will strengthen in the coming 12 decline in 2020 and 2.6% growth in 2021. ing, delegate members discussed the months, but there remains a high number Outside the Gulf, Egypt’s blue-chip proposed amendments to selected articles of firms uncertain that markets can be index eased 0.6%, with most stocks in under the unified customs law especially fully revived with COVID-19 infections negative territory including El Sewedy those related to updating and developing still prevalent around the world,” Owen Electric, which was down 2.6%. customs declaration, customs duties on said. GCC Customs Union Authority con- government needs in the security sector, Dubai developer Union Properties vened its 24th meeting chaired by UAE, given international trade development pays off $19mln of debt – Dubai real the president of the current session and emergent updates. estate developer Union Properties (UPP) through video conferencing.
52 w BUSINESS LIFE NOVEMBER 2020
MIDDLE EAST MARKETS
IRTI Launches Smart Economy Market (IIFM) announced the publica- now embedded across many Sukuk. In Grants to Promote Technology-Based tion of its Sukuk Al Ijarah Standard the context of Sukuk and other Islamic Development Solutions Documentation Templates. The suite of financial instruments, the speakers also The Islamic Research and Training Insti- standardized documentation consists of touched on the impact of regulatory tute (IRTI) of the Islamic Development Template Prospectus, Sale and Purchase driven Interbank Offered Rate (IBOR) tran- Bank (IsDB) Group has announced the Agreement, Ijarah Agreement, Service sition to Risk Free Rates and IIFM efforts in launching of the Smart Economy Grants Agency Agreement, Purchase Undertak- organizing an industry level consultation Program, offering cash awards of up to ing, Sale and Substitution Undertaking process which will help Islamic standard- USD 10,000 for projects involving the and Declaration of Trust. setting organizations in particular IIFM, application of emerging technologies to The purpose of the Sukuk standard doc- AAOIFI and IFSB to provide guidance spur knowledge-driven economic trans- umentation templates is to provide and benchmark protocols for the Islamic formation. the industry with a standardized set of finance industry. Applications are invited from re- documents addressing clauses that are More than 150 participants from searchers, professionals and entrepreneurs challenged and are repetitive during the around 115 institutions based in 30 coun- engaged in product development or pro- drafting of the Sukuk prospectus and re- tries attended the webinar launch event. jects involving the application of emerg- lated issuance documentation, while also The participants were representatives ing technologies like artificial intelligence standardizing definitions and updating from financial institutions, multilateral or blockchain for business and econ- Shari’ah requirements. institutions, regulatory bodies, stock omy with Islamic Finance component. The Sukuk issuers, lead arrangers, legal exchanges, law firms, accounting & Eight grant recipients will be selected advisors and other related parties will business advisory firms and educational and awarded up to USD 10,000 to imple- greatly benefit from this suite of standard institutions. ment their projects under IRTI’s Smart documents as it will lead to efficiency and Alvi and Dr. Ahmed Rufai, Head of Economy Lab initiative, anchored to the cost reduction in drafting of voluminous Shariah Compliance, thanked the es- Regional Hub of the IsDB in Indonesia. The Sukuk documentation for issuers and teemed and distinguished members of award is an initial grant that is expected to offer greater transparency and comfort IIFM Shari’ah Board for their invaluable serve as a catalyst for the winning projects to investors. guidance, continuous support and their and open new funding opportunities. “This IIFM Sukuk Al Ijarah Standards commendable efforts in correcting the Acting Director General of IRTI, Dr. for Asset-Based Sukuk are a culmination path of Islamic banking and financial ser- Sami Al-Suwailem, said, “Through the of extensive industry assessment, market vices industry. Thanks were also extended Smart Economy Grants, IRTI aims to em- consultation, working group deliberation to Clifford Chance LLP for providing ex- power potential entrepreneurs to realize and Shari’ah guidance. Going forward ceptional external legal counsel services, their dreams and contribute to the digital IIFM also plans to work with the industry working group member institutions for transformation of our societies. We look on standardizing Asset-Backed Sukuk their active involvement in the drafting forward to receiving patentable ideas with documentation as well as other Sukuk and feedback exercise. He also acknowl- significant entrepreneurial potential.” structures such as Sukuk Al Mudarabah edged the financial grants received from Applications for the grants are to (Tier 1 and Senior Unsecured) and hybrid The Waqf Fund (Bahrain) and the National be submitted online through the IRTI Sukuk,” said Khalid Hamad Al-Hamad, Bank of Kuwait (Bahrain) to enable the website by 30 October 2020, along with Chairman of IIFM. completion of this project. detailed information and supporting “Standardization of Sukuk documen- The IIFM Sukuk Al Ijarah Standard documents on the project. Projects with tation is a complex exercise considering documentation templates are available proof-of-concept/ prototypes/ minimum that not all the clauses and information for free and can be downloaded from viable product are also welcome. can be put in a standardized form. Hence, www.iifm.net Full details on the Smart Economy the aim of these document templates is to IIFM is a standard-setting body fo- Grants, including eligibility, submission achieve maximum standardization level cusing on standardization of Shari’ah- process and evaluation criteria are avail- which will help in the robust develop- compliant financial contracts and product able on IRTI website. ment of the Sukuk market,” said Ijlal templates relating to the Islamic Financial The Islamic Research and Training Ahmed Alvi, Chief Executive of IIFM. Services Industry (IFSI). Institute (IRTI) is a Member of the Is- The Standards were launched at a IIFM which is based in Bahrain and lamic Development Bank (IsDB) Group special webinar event organized by IIFM hosted by the Central Bank of Bahrain dedicated to knowledge creation and where an international panel of experts (CBB), was established in 2002 under dissemination in Islamic Economics and representing IIFM, Bank ABC Islamic, the Royal Decree No (23) Year 2002 of Finance. With a track record of nearly Credit Agricole CIB, Standard Chartered the Kingdom of Bahrain as a neutral and four decades of delivering cutting-edge Bank, Clifford Chance LLP and DDCAP non-profit infrastructure development research and capacity development pro- Limited spoke on the legal, operational, institution, by the collective efforts of the grams, IRTI works to develop innovative market and Shari’ah aspects of the docu- CBB (formerly Bahrain Monetary Agency), knowledge-based solutions and enhance mentation and their benefit to users as Islamic Development Bank, Autoriti human capacity in Islamic Economics and well as the positive impact of the stand- Monetari Brunei Darussalam (formerly Finance for the sustainable development ards in development of the market. The Ministry of Finance Brunei Darussalam), of IsDB Member Countries and Muslim market share and potential of Ijarah Bank Indonesia, Bank Negara Malaysia communities in non-member countries Sukuk as well as other fast emerging (delegated to Labuan Financial Services worldwide. hybrid structures were also discussed at Authority) and the Central Bank of Sudan. the event. The panelists view Ijarah as Besides the founding members, IIFM IIFM Publishes Ijarah Sukuk Standards the king of Sukuk, with market needs and is also supported by certain regulatory The International Islamic Financial innovation, the use of Ijarah structure is and government bodies such as Dubai
54 w BUSINESS LIFE NOVEMBER 2020 International Financial Centre Authority, the globe, safely and reliably.” verification from BSI (British Standards State Bank of Pakistan, The National Bank Since the onset of the pandemic, Qatar Institution) for its implementation of of Kazakhstan and by a number of interna- Airways has flown over 175 million kilo- COVID-19 ICAO Aviation Health Safety tional and regional financial institutions metres taking home over 2.3 million pas- Protocols. The verification was conducted active in Islamic finance as well as other sengers on over 37,000 flights. The airline following successful audits for Compli- market players. has also operated more than 400 charter ance to International Civil Aviation flights across the world enabling it to Organization Civil Aviation Recovery Qatar Airways Network Expands to stay up to date with the latest airport and Taskforce ICAO CART. This important 100 Destinations national health procedures and maintain achievement marks the State of Qatar as Resumption of three weekly flights to a finger on the pulse of global passenger the first country in the world to be verified Sofia, Bulgaria on 16 October 2020 will see flows, in particular in markets where it by BSI for its COVID-19 Aviation Health the airline’s network expand to more than does not operate regular scheduled flights. Safety Protocol Implementation. 700 weekly flights to 100 destinations. Qatar Airways strategic investment in Sparing no effort in safeguarding its Airline’s young, mixed fleet of sustain- a variety of fuel-efficient twin-engine air- passengers, HIA continues to maintain able aircraft gives it the ability to offer craft, including the largest fleet of Airbus a 1.5 metre physical distancing across all passengers more flexible travel options A350 aircraft, has enabled it to continue passenger touchpoints around the airport, via the most connected and Best Airport flying throughout this crisis and perfectly through floor markings, signage and in the Middle East, Hamad International positions it to lead the sustainable recov- distanced seating. All passenger touch- Airport. ery of international travel. By the end of points are sanitized every 10-15 minutes. Qatar Airways is pleased to announce 2020, Qatar Airways’ plans to rebuild its All gates and bus gate counters are being the resumptions of services to Sofia via network to more than 125 destinations cleaned after each flight. HIA’s retail and Bucharest, marking the 100th destination including 20 in Africa, 11 in the Americas, food and beverage outlets encourage con- to be added back to its global network. 41 in Asia-Pacific, 38 in Europe and 15 in tactless and cashless transactions through The three weekly flights to Sofia starting Middle East. Many cities will be served cards and are considering introducing on- from 16 October 2020 will see the airline’s with a strong schedule with daily or more line or in-app purchases in the future. The network expand to more than 700 weekly frequencies. airport also conducts regular disinfection flights across six continents. Qatar Airways operations are not de- of all baggage trolleys and tubs. The airline’s mix of fuel-efficient pendent on any specific aircraft type. The HIA was recently ranked Third Best efficient aircraft and strategic network airline’s variety of modern fuel-efficient Airport in the World, among 550 airports management has enabled it to quickly aircraft has meant it can continue flying worldwide, by the Skytrax World Airport resume flights and expand services in line by offering the right capacity in each mar- Awards 2020. HIA was also voted the ‘Best with passenger demand. The following ket. Due to COVID-19’s impact on travel Airport in the Middle East’ for the sixth destinations are planned to resume flights demand, the airline has taken the decision year in a row and ‘Best Staff Service in the or increase frequencies: to ground its fleet of Airbus A380s as it Middle East’ for the fifth year in a row. Bucharest (three weekly flights start- is not commercially or environmentally To ensure travellers can plan their ing 16 October) justifiable to operate such a large aircraft travel with peace of mind, the airline has Copenhagen (increased to 10 weekly in the current market. The airline’s fleet generous booking and refund policies. flights from 12 October) of 49 Airbus A350 and 30 Boeing 787 are For more information visit qatarairways. Madrid (increased to 10 weekly flights the ideal choice for the most strategically com/RelyOnUs. from 12 October) important long-haul routes to Africa, the Manchester (increased to 17 weekly Americas, Europe and Asia-Pacific regions. MENA’s biggest pensions conference flights from 12 October) Qatar Airways’ onboard safety meas- goes virtual Singapore (increasing to double daily ures for passengers and cabin crew include The 4th MENA Pensions Conference flights from 25 October) the provision of Personal Protective will be hosted in Manama, on 16th and Sofia (three weekly flights starting Equipment (PPE) for cabin crew and a 17th November 2020, under the Slogan: 16 October) complimentary protective kit and dispos- ‘Towards A Futureproof Regional Pension Stockholm (increased to 10 weekly able face shields for passengers. Business System’. flights from 12 October) Class passengers on aircraft equipped with The highly attended conference is the Qatar Airways Group Chief Executive, Qsuite can enjoy the enhanced privacy latest financial event to be affected by the His Excellency Akbar Al Baker, said: “As this award-winning business seat pro- pandemic, as organisers have decided to one of the few airlines to have continu- vides, including sliding privacy partitions make it a “digital event” this year. ously flown throughout the pandemic to and the option to use a ‘Do Not Disturb “We’re forging ahead with the vital take passengers home safely and reliably, (DND)’ indicator. Qsuite is available debate that we’ve created around pen- we are proud reach this significant mile- on flights to more than 30 destinations sions. Nothing of that has changed dur- stone in the rebuild of our network. Our including Frankfurt, Singapore, London ing this pandemic, other than the setting focus is not only on restarting destinations and New York. For full details of all the and format. We look forward to bringing but also operating as many frequencies measures that have been implemented together our ecosystem of government as possible to provide our passengers the onboard and in HIA. pension funds, ministries of finance and flexibility to travel when they want. With Qatar Airways’ home and hub, Hamad economic planning, asset managers, actu- more than 700 weekly frequencies cur- International Airport (HIA), has imple- ary firms, audit firms, financial industry, rently, and plans to increase our network mented stringent cleaning procedures HR leaders and labour unions to discuss to more than 125 destinations by the end and applied social distancing measures how a more sustainable and futureproof of 2020, our passengers will enjoy more throughout its terminals. It is the first retirement system can be built,” said con- options to travel when they want across entity in the world to achieve independent ference chairman, Ebrahim K Ebrahim.
BUSINESS LIFE NOVEMBER 2020 w 55 FIRST LOOK ON LEBANON
tackling the issue of forensic audit on Central Bank accounts: President Michel Aoun meets Minister Marie-Claude Najm.
President Aoun meets Desig- ing the victims of the Izmir earthquake Studies Center, as well as H.E. Dr. Was- nated PM: Cooperation and Posi- and wishing fast recovery for the injured.-- sim MANSSOURI, the Vice Governor. tive Progress Presidency Press Office Moreover, these speeches were followed The President of the Republic, General by a video about the RSSC Center. Michel Aoun, received Prime Minister- Lebanese Army’s Research Speech of Brigadier General P.S.C designate, Saad Hariri, this afternoon at Center, BDL organize joint work- Pierre SAAB, Director of the Research & the Presidential Palace, and continued shop: BDL structure and its role Strategic Studies Center of the Lebanese with him the deliberations of forming in monetary policy - legal, finan- Armed Forces the new government, in an atmosphere cial, and regulatory system “Honorable Major General P.S.C Amin of cooperation and positive progress.— The Research & Strategic Studies Center EL EREM, Chief of Staff, Presidency Press Office at the Lebanese Armed Forces, in coopera- H.E. Dr. Wassim MANSSOURI, Vice- tion with Banque Du Liban - Training and Governor, Mohammad JABRI, Executive AOUN discusses With Najem Development Department, organized a Director of the Training and Development Justice Ministry Affairs And Fo- workshop under the following title: BDL Department at Banque du Liban, Distin- rensic Audit structure and its role in the monetary guished Audience, President of the Republic, General Michel policy - the legal, financial & regulatory While Lebanon has ratified the Illicit Aoun, met Caretaker Justice Minister, system, from October 12 until 16, 2020, at Enrichment Law and the Anti-Money Mary-Claude Najem, recently at Baabda, the Research & Strategic Studies Center Laundering Law, as well as the provi- and deliberated with her the affairs of the and Banque Du Liban. sions stipulated in the Penal Code, it still Justice Ministry, especially the contribu- The workshop was attended by the needs to keep abreast of the international tion to laws recently approved by the Major General P.S.C Amin EL EREM, Chief developments in this field. Joining the Parliament. of Staff, and H.E. Dr. Wassim MANSSOURI, Convention against corruption will prove Minister Najem said that the meeting the Vice Governor, further to Academics, that both the politicians and the people also tackled the issue of forensic audit on Researchers and Experts from Banque Du truly want to fight this scourge which is Central Bank accounts, and the need to Liban, and LAF & RSSC Officers. destroying moral values and equity, and work on implementing the contract with Right after the Lebanon’s National also threatening sustainable development “Alvarez & Marsal”, in addition to provid- Anthem, a series of speeches were deliv- and the rule of law. ing the company with the required data ered by the following eminent figures: It is worth mentioning that fighting and documents by the BDL. Mohammed JABRI, Executive Director of Transnational Organized Crimes, in con- Condoling Telegram: Training and Development Department nection with terrorism, is one of the most President Aoun sent a cable to Turkish at Banque Du Liban, the B.G. P.S.C Pierre serious and dangerous challenges that President, Recep Tayyip Erdogan, condol- SAAB, Director of Research & Strategic faces societies and countries. As a matter
56 w BUSINESS LIFE NOVEMBER 2020 rorism has become a universal national monetary or economic aspects, further and international requirement for do- to healthy aspect after the spread of mestic development. Accordingly, the Covid-19. He mentioned that the finan- LAF Research & Strategic Studies Center cial, monetary and economic stability is gives great importance to this workshop closely linked to the political stability. which is organized in cooperation with This is reflected by the issuance of the BDL Training and Development Depart- Lebanese Government’s decision about ment, the Special Investigation Com- ceasing the financial support that has mission (SIC), and the Banking Control direct repercussions on the Lebanese Commission of Lebanon (BCCL), with situation. And this gave rise to bad im- the purpose of enhancing the legal and pact on the capital inflows from abroad. procedural awareness of the LAF Officers Consequently, money or reserve supplies entrusted with detecting the truth and at Banque Du Liban appeared not only thwarting the goals of perpetrators. All financial or monetary but also strategic. of this prompts us to be aware of all the In his speech Dr. Manssouri stated that domestic and international legal systems Banque Du Liban sought to alleviate the that govern such investigations, and re- serious situation of Lebanon. For the BDL quire a thorough knowledge of the penal asked other Banks to make fair assessment procedures and relevant laws, notably the on their assets and demands. And that Circulars issued by Banque du Liban, the would help them to draw up a plan and SIC and the BCCL. to comply, within a limited time period, Based on the Lebanese Armed Forces’ with all applicable legal provisions and preoccupation to reinforce security by banking regulations, further to reactivate fighting organized crime, this workshop their normal activities and services to will serve as a leading platform to discuss their customers. issues related to financial investigations, Speech of Mohammed JABRI, Ex- and to the impact of technology misuse on ecutive Director of Training and Develop- countries. At the end, the exchange of ex- ment Department perience and ideas will be an added value In his speech, Dr. JABRI stressed on ajm. for the recommendations to be considered the joint permanent cooperation between by decision-makers at both the military Banque Du Liban and the Lebanese Armed and monetary institutions, in terms of Forces at all levels, especially in strength- of fact, Lebanon has and is still suffering cooperation and information exchange, ening knowledge and ongoing training in from acts of terrorism against its security, more particularly in light of the rapid order to keep abreast of developments. peace and stability. developments due to the Covid-19 world Dr. JABRI also mentioned all topical The development of organized crimes pandemic, and in terms of the adoption issues that would be deliberated during through modern techniques makes it of electronic transactions and transfers, the workshop, as follows: incumbent upon all of us to be aware of and the obligation for Law Enforcement Banking supervision and regulation. the latest developments, establish and Authorities to work with their usual dyna- Anti-money laundering. develop laws, sharpen skills, in particular mism to impose order and accountability. Combating the financing of terrorism. for Cybercrime (electronic transfers, hack- In conclusion, I would like to extend Lebanese financial systems. ing, associations of wrongdoers, abetting, my heartfelt thanks to General Joseph Cybersecurity. vandalism, financing of terrorism…), since AOUN, and to the BDL Governor for giv- Observance. perpetrators take advantage of the lack of ing this opportunity to the LAF Officers Illegal enrichment Law. legal provisions or of their clarity, and use entrusted with security investigations, BDL independence and its relation the Internet to perform illegal actsthat to remain abreast of legal updates, judi- with the executive authority. adversely affect the economy, the security, cial prosecution and reviews, as well as and the society. prerogatives and competent authorities. ESCWA: Half of Lebanon’s popu- The Lebanese Armed Forces are a key As such, they will perform their duties lation at risk of failing to access component for Law Enforcement. There- with high professionalism, resorting to basic food needs by year’s end after, they act as a judicial police, which scientific bases and legal material, for the Berri meets UN’S Kubis, Cana- is represented by the Military Justice, the sake of justice and stability.” dian Ambassador Military Police and the Directorate of Speech of H.E. Dr. Wassim MANSSOURI, House Speaker, Nabih Berri, recently Intelligence. Hence the importance of Vice Governor at the Opening session welcomed at his Ein El-Tineh residence developing proactive security investiga- The Vice Governor at Banque Du Liban the United Nations Special Coordinator tions and tracking terrorist financing H.E. Dr. Wassim Manssouri delivered a for Lebanon, Jan Kubis. acts, by way of studying, analyzing, and speech during the Opening session of Speaker Berri also received the new Ca- assessing the reasons behind terrorism, the workshop jointly organised by the nadian Ambassador to Lebanon, Chantal perusing the source of its financing, and Research & Strategic Studies Center at Chastenay, who came on a protocol visit, corroborate the investigation with mate- the Lebanese Armed Forces and Banque upon her assumption of her diplomatic rial and digital evidence. Du Liban. duties in the country. Strategically, the workshop coincides Dr. Manssouri briefly tackled topi- Discussions reportedly touched on with the increase of terrorist risks to the cal issues amidst the critical conditions the general situation and the bilateral extent that fighting corruption and ter- of Lebanon, be it political, financial, Lebanese-Canadian relations.
BUSINESS LIFE NOVEMBER 2020 w 57 INFORMATION INDUSTRY Apple Introduces iPhone 12 Pro and iPhone 12 Pro Max with 5G New iPhone features the powerful A14 Bionic, all-new design with Ceramic Shield, pro camera system, LiDAR Scanner, and the biggest Super Retina XDR display ever on an iPhone
Top of the line: iPhone 12 Pro and iPhone 12 Pro Max give pro users everything they want out of their iPhone
pple announced iPhone 12 Pro more creative control in photos, and enables iPhone 12 Pro and iPhone 12 Pro Max and iPhone 12 Pro Max, introduc- the first end-to-end Dolby Vision video ex- will be available in four stainless steel fin- ing a powerful 5G experience and perience, up to 60 fps. The reimagined pro ishes, including graphite, silver, gold, and A advanced technologies that push camera systems include an expansive Ultra pacific blue. Pre-orders for iPhone 12 Pro the boundaries of innovation for users who Wide camera, a Telephoto camera with an begin Friday, October 16, with availability want the most out of iPhone. iPhone 12 Pro even longer focal length on iPhone 12 Pro beginning Friday, October 23. iPhone 12 Pro models feature a new design and edge-to- Max, and new Wide cameras to capture Max will be available for pre-order Friday, edge Super Retina XDR displays, the largest beautiful professional-quality images and November 6, and in stores beginning Friday, ever on iPhone, protected by the all-new Ce- video in bright and low-light environments. November 13. ramic Shield front cover, which provides the iPhone 12 Pro models also introduce a new “This is a huge leap for iPhone, bringing biggest jump in durability ever on iPhone. LiDAR Scanner for immersive augmented the best 5G experience in the market and The Apple-designed A14 Bionic chip, the reality (AR) experiences and MagSafe, which delivering our most advanced technologies fastest chip in a smartphone, powers impres- offers high-powered wireless charging and to users who want the absolute most from sive computational photography features an all-new ecosystem of accessories that their iPhone,” said Greg Joswiak, Apple’s including the all-new Apple ProRAW for easily attach to iPhone. senior vice president of Worldwide Market-
58 w BUSINESS LIFE NOVEMBER 2020 Like a pro: iPhone 12 Pro and iPhone 12 Pro Max give pro users everything they want out of their iPhone ing. “Each generation of iPhone has changed Pro models also feature Smart Data mode, sizes, the 6.1-inch iPhone 12 Pro and 6.7- what we expect from a smartphone, and which extends battery life by intelligently inch iPhone 12 Pro Max feature a Super now with 5G, iPhone 12 Pro provides a new assessing 5G needs and balancing data us- Retina XDR display with systemwide color generation of performance. Our tight inte- age, speed, and power in real time. management for industry-leading color gration of hardware and software enables Generations ahead of the competition, accuracy. And iPhone 12 Pro Max offers incredible computational photography A14 Bionic is the first chip in the smart- the largest display ever on an iPhone and features like the expansion of Night mode phone industry built on 5-nanometer the highest resolution featuring nearly 3.5 to more cameras, and introduces support process. Faster and more efficient than ever, million pixels for a remarkable, true-to-life for HDR video with Dolby Vision. A state- A14 Bionic has the fastest CPU and GPU by viewing experience. These OLED displays of-the-art LiDAR Scanner means users can up to 50 percent compared to the fastest bring HDR video content to life, reaching experience AR like never before, and also competing smartphone chips, enabling 1200 nits peak brightness. offers benefits to the camera with faster au- console-quality gaming experiences, power- iPhone 12 Pro models come with an tofocus in low light and the introduction of ful computational photography, and more, industry-leading IP68 rating to withstand Night mode portraits. These experiences and while delivering great battery life. Pushing water submersion up to 6 meters for up to 30 so much more make this the best iPhone the limits of machine learning (ML), A14 minutes, and are protected against everyday lineup ever.” Bionic features a 16-core Neural Engine — spills, including coffee and soda. iPhone 12 Pro and iPhone 12 Pro Max for an 80 percent increase in performance The world’s best pro camera is an even deliver an advanced 5G experience on a — that is capable of completing 11 trillion more versatile tool for all levels of photo global scale, engineered with a seamless operations per second, enabling improved and video enthusiasts with state-of-the-art integration of world-class hardware and performance on even the most intense ML camera hardware powered by A14 Bionic. world-class software. 5G on iPhone boasts models. Together with the new image signal pro- improved speeds for faster downloads and Designed with premium materials, cessor (ISP), A14 Bionic drives increased uploads, higher quality video streaming, iPhone 12 Pro models boast a new, sophis- image quality and enables powerful com- more responsive gaming, real-time interac- ticated flat-edge design that features a gor- putational photography capabilities not tivity in apps, FaceTime in high definition, geous surgical-grade stainless steel band possible with traditional cameras. iPhone and much more. Customers will also be able paired with a precision-milled matte glass 12 Pro models also feature the new Apple to enjoy a secure, fast connection, reducing back, and introduces the incredibly durable ProRAW, coming later this year,5 which the need to connect to public Wi-Fi hotspots. Ceramic Shield. The Ceramic Shield front combines Apple’s multiframe image pro- Featuring the most 5G bands on any cover, tougher than any smartphone glass, cessing and computational photography smartphone, iPhone 12 Pro models offer the goes beyond glass and is infused with nano- with the versatility of a RAW format. Users broadest 5G coverage worldwide. Models in ceramic crystals to dramatically improve can experience full creative control over the US support millimeter wave, the higher toughness and increase drop performance color, detail, and dynamic range natively frequency version of 5G, allowing iPhone by 4x. on iPhone or with other professional photo 12 Pro models to reach speeds up to 4Gbps, With impressively larger, edge-to-edge editing apps. even in densely populated areas. iPhone 12 displays with reduced borders in familiar
BUSINESS LIFE NOVEMBER 2020 w 59 Exhibition Dates Venue Organizer Contact
Iraq Oil and Gas 2-3 March 2020 Babylon Hotel, Baghdad Ministry of Oil Announces events@frontier-exchange. Show com
STEP 2020 11 – 12, February Dubai, UAE Step Group [email protected] 2020
The 4th annual Dubai lobal Reinsurance, in World Insurance 26 – 27, February Jumeirah Beach Hotel, partnership with Dubai Int’l [email protected] Congress (DWIC) 2020 Dubai Financial Center
Iraq Oil and Gas 2-3 March 2020 Babylon Hotel, Baghdad Ministry of Oil Announces events@frontier-exchange. Show com
Middle East Healthcare Financing 9-10 March, 2020 Rosewood Hotel, Abu Dhabi Maarefah [email protected] Summit
9th Middle East Business & IT 12th March 2020 Dubai, UAE N/A [email protected] Resilience Summit
Rendez-vous des 22-24 March, 2020 Laico Tunis Hotel Tunis Re & FTUSA https://www.rdv- Carthage carthage.com/
Rendez-vous de Federation Morocaine Des info@mehcfs. Casablanca de 01-02 April, 2020 Hayatt Regency Hotel Societes D’Assurances et com information@ l’Assurance Reassurance rdvdelassurance.ma
Iraq Oil and Gas 2-3 March 2020 Babylon Hotel, Baghdad Ministry of Oil Announces events@frontier-exchange. Show com
STEP 2020 11 – 12, February Dubai, UAE Step Group [email protected] 2020
The 4th annual Dubai Global Reinsurance, in World Insurance 26 – 27, February Jumeirah Beach Hotel, partnership with Dubai Int’l [email protected] Congress (DWIC) 2020 Dubai Financial Center
Iraq Oil and Gas 2-3 March 2020 Babylon Hotel, Baghdad Ministry of Oil Announces events@frontier-exchange. Show com
Middle East Healthcare Financing 9-10 March, 2020 Rosewood Hotel, Abu Dhabi Maarefah [email protected] Summit
9th Middle East Business & IT 12th March 2020 Dubai, UAE N/A [email protected] Resilience Summit
Rendez-vous des 22-24 March, 2020 Laico Tunis Hotel Tunis Re & FTUSA https://www.rdv- Carthage carthage.com/
Rendez-vous de Federation Morocaine Des info@mehcfs. Casablanca de 01-02 April, 2020 Hayatt Regency Hotel Societes D’Assurances et com information@ l’Assurance Reassurance rdvdelassurance.ma
60 w BUSINESS LIFE NOVEMBER 2020 Conference Dates Venue Organizer Contact
Iraq Oil and Gas Show 2-3 March Babylon Hotel, Baghdad Ministry of Oil Announces events@frontier-exchange. 2020 com
STEP 2020 11 – 12, Dubai, UAE Step Group [email protected] February 2020
The 4th annual Dubai Global Reinsurance, in World Insurance 26 – 27, Jumeirah Beach Hotel, Dubai partnership with Dubai [email protected] Congress (DWIC) February 2020 Int’l Financial Center
Iraq Oil and Gas Show 2-3 March Babylon Hotel, Baghdad Ministry of Oil Announces events@frontier-exchange. 2020 com
Middle East Healthcare Financing Summit 9-10 March, Rosewood Hotel, Abu Dhabi Maarefah [email protected] 2020
9th Middle East Business & IT Resilience Summit 12th March Dubai, UAE N/A [email protected] 2020
Rendez-vous des 22-24 March, Laico Tunis Hotel Tunis Re & FTUSA https://www.rdv-carthage. Carthage 2020 com/
Rendez-vous de Federation Morocaine info@mehcfs. Casablanca de 01-02 April, Hayatt Regency Hotel Des Societes com information@ l’Assurance 2020 D’Assurances rdvdelassurance.ma
Iraq Oil and Gas Show 2-3 March Babylon Hotel, Baghdad Ministry of Oil Announces events@frontier-exchange. 2020 com
STEP 2020 11 – 12, Dubai, UAE Step Group [email protected] February 2020
The 4th annual Dubai Global Reinsurance, in World Insurance 26 – 27, Jumeirah Beach Hotel, Dubai partnership with Dubai [email protected] Congress (DWIC) February 2020 Int’l Financial Center
Iraq Oil and Gas Show 2-3 March Babylon Hotel, Baghdad Ministry of Oil Announces events@frontier-exchange. 2020 com
Middle East Healthcare Financing Summit 9-10 March, Rosewood Hotel, Abu Dhabi Maarefah [email protected] 2020
9th Middle East Business & IT Resilience Summit 12th March Dubai, UAE N/A [email protected] 2020
Rendez-vous des 22-24 March, Laico Tunis Hotel Tunis Re & FTUSA https://www.rdv-carthage. Carthage 2020 com/
Rendez-vous de Federation Morocaine info@mehcfs. Casablanca de 01-02 April, Hayatt Regency Hotel Des Societes com information@ l’Assurance 2020 D’Assurances rdvdelassurance.ma
BUSINESS LIFE NOVEMBER 2020 w 61 WHAT’S NEW
2021 BMW 4 series convertible: A magnificent line-up of2021 BMW 4 series convertible
bined): 7.0–6.6 do so with the car running within speeds BREATHLESS: THE CO2 emissions in g/km (combined): up to 50kmph. 162–154 As for the rest of the convertible’s exte- DESIGN OF THE Consumption data is determined in rior, it’s plenty similar to the Coupe version, accordance to the ECE driving cycle and except for the more chromed-up mesh BMW 4 SERIES depend on the wheel and tyre sizes selected. grille—and the fabric roof, of course. The models illustrated include optional PERFECTION IN DESIGN. CONVERTIBLE equipment. The design of the BMW 4 Series Con- BMW lets loose the next-generation 4 vertible is captivating – whether with the THE UNMISTAKABLE DESIGN OF THE Series Convertible, which sees the model hardtop open or closed – thanks to a unique BMW 4 Series Convertible conveys elegant eschew the hard top in favor of a lighter, blend of sporty looks, pleasing styling and athleticism. The distinctive front end, the more aesthetically complementing soft top. powerful dynamics. Making every trip a extended bonnet and the wedge-shaped Now available to order in many western confident statement. silhouette generate a forward-thrusting markets, the new 4 Series Convertible now The Retractable hardtop combines pure dynamism. Inside, choice materials, elegant enjoys a top made of fabric that’s easier to convertible excitement with the advantages leather upholstery and atmospheric interior stow away than the bulky hard top of old, of a hard roof that is suitable for winter. It lighting with the hardtop closed create not to mention 40 percent lighter. can be opened and closed quickly – even a lounge-like atmosphere. Regardless of Despite the swap, BMW says that there’s while driving slowly, at speeds of up to 18 which of the many different model and very little noticeable difference in terms km/h. Seen from the outside, it has a coupé equipment versions you choose. of noise or thermal insulation, thanks to typical low, elongated roofline. While in- BMW 430i Convertible: thickened padding. The roof also takes side, it offers plenty of headroom. Fuel consumption in l/100 km (com- 18secs to open or close, which drivers can SPORTY FRONT END.
62 w BUSINESS LIFE NOVEMBER 2020 dynamic design. The New 2021 BMW 4 Series Convertible 2021 BMW 4 series convertible BMW is proud to present the all-new, The removal of the roof means certain second generation 4 Series Convertible, 35 adjustments need to be done to the body years after the very first 3 Series Convertible bracing to keep the structural rigidity in- was unveiled at the Frankfurt Motor Show. tact. Among these added reinforcements, a The new four-seater continues the tradition bracing shear panel has been welded to the of exhilarating open-air motoring, rightfully unseen areas of the front end and sideskirts. deserving “The Ultimate Driving Machine” According to BMW, this helps make the moniker with its modern styling, low-slung new 4 Series Convertible 4 percent more shoulder line, cutting-edge technology and rigid than the outgoing model. performance. Other improvements from the prede- The most noticeable change from the cessor include a longer wheelbase, which previous generation is the switch from translates to more knee space for both front hardtop to newly designed soft-top, which and back, making the new car comfier to brings many benefits including weight ride in for extended trips on the open high- reduction, greater cargo space and a lower way. The model is also now 128mm longer, center of gravity for improved handling. 27mm wider and 6mm taller than before. The new 4 Series Convertible’s top Track has also been widened by 288mm up uses large panel bow elements with a front and 18mm out back. honeycomb-design construction, a flush- Powertrain comes in multiple con- fitting glass rear window, multiple layers figurations including four- and six-cylinder of insulation and a fabric cover available in gasoline and diesel engines. The base model two colors. The fabric is pulled taut when is propelled by a 2.0-liter 4-cylinder inline the roof is closed, giving the car a coupe- gas mill rated at 255hp and 400Nm, with like appearance with a classic fabric top a 3.0-liter 6-inline, producing 382hp and convertible feel. 500Nm above it. An eight-speed Steptronic The soft-top roof color choices include is now the standard transmission. As with standard black and an optional Moonlight the Coupe version, the 4 Series Convertible black which gives the fabric a classy metal- can be had in rear- or all-wheel drive. lic shimmer, especially in direct sunlight. The 4 Series Convertible comes The soft-top is also approximately 40 equipped with BMW’s latest infotainment percent lighter than the previous genera- system, which allows for real-time naviga- tion’s hardtop. The smooth surface, when tion. Apple CarPlay and Android Auto closed, improves the 4 Series Convertible’s connectivity is standard, while a head-up aerodynamics and reduces wind noise. display is optional. The effective insulation allows for quicker 2021 BMW 4 series convertible heating of the cabin in colder temperatures. As for the 4 Series lineup in general, mild Another benefit of the fabric top is an extra hybrid technology is available for the six-cyl- 0.2 inches of headroom when compared to inder gas and all diesels. Likewise, all diesel the previous hardtop. engines now have two-stage turbocharging. Opening and closing the soft-top takes The 2021 4-Series Convertible will begin 18 seconds and can be performed at up to 31 The front section of the BMW 4 Series selling in the US within the first quarter of mph. The three bow panels fold neatly into a Convertible heralds the innovative sports next year for the rear-wheel-drive models and compact Z configuration which can also be appeal that this car embodies: Modelled July for the xDrive all-wheel drive versions. performed via the remote key thanks to the LED headlights flank the typical BMW Pricing starts at just over USD54,000 (ap- Comfort Access system which is standard double kidney grille to underscore its pow- prox. PHP2.6 million before taxes and fees). on the M440i models and optional on the erful athleticism. The dynamic presence is Unfortunately, BMW PH dropped the 4 430i models. rounded off perfectly by the large air inlets Series from its lineup some time ago. Here’s The compact dimensions of the folded with integral LED fog lights. hoping the introduction of the new genera- soft-top increase cargo area to 9.0 cubic feet, The stretched styling with the con- tion changes their mind. an increase of 1.2 cubic feet over the previ- toured flanks emphasises the sporty el- Regardless of whether you give this styl- ous 4 Series Convertible. The top features a egance of the BMW 4 Series Convertible. ish convertible even more sporty accents or safety mechanism which prevents it from The wedge-shaped silhouette merges into an wish to increase its everyday functionality being lowered if the trunk area is filled. A expressive rear end and generates a sense of even further: with Original BMW Accesso- pass-through door in the rear seat allows thrilling dynamism that is equally powerful ries you design your BMW 4 Series Convert- for longer items to be carried inside the car. whether the hardtop is open or closed. ible entirely according to your preferences. A standard wind deflector with two EXPRESSIVE REAR. A large range of absolutely top-quality and mesh elements can be fitted in the rear to Viewed from the rear, the BMW 4 Series practical products are available – from reduce both wind noise and air turbulence. Convertible inspires with a solidly resolute expressive wheels, via elegant floor mats When not in use, the deflector can be stored stance featuring the prominent bumper to an ergonomically designed child’s seat. either within easy reach behind the rear with integral tailpipes. The redesigned, BMW Group solidifies 2020 outlook backrest or in its fitted bag in the cargo two-piece LED rear lights emphasise the The 4th-gen BMW X5 is now available compartment. attractive width and accentuate clearly the locally
BUSINESS LIFE NOVEMBER 2020 w 63
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