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(c) (c) ww w w Business Life Nov 2020.indd 1 1/5/21 12:04 PM w w Business Life Nov 2020.indd 2 1/5/21 12:04 PM CONTENTS January 2021 COVER INTERVIEW ENERGY 11 | Most Famous Artist Couple 42 |Making Green Hydrogen a throughout the Middle East Cost-Competitive Climate Solution INSURANCE MANAGEMENT AND FINANCE 24 |Eu, Un And Wbg Launch 44 |COVID-19 and Migant Laborers Reform, Recovery and in Kuwait Reconstruction Framework In Response To Beirut Port 46 |COVID 19 Testing and Explosion Treatment Cost Burden in the MENA Region 26 |Diab: We Are Fearful Of Reaching Italian COVID-19 48 | Jordanian Insurance Model, But Working To Federation: Cybersecurity Avert Risk and its Importance 28 |Refinitiv & ICD 2020 Report: Global Islamic Finance Assets Expected to Interview: Lena Kelekian, Visual artist, Iconographer, Geologist, Hit $ 3.69 Trillion in 2024 Curator, Environmental Designer, CEO / Kelekian Art Gallery & Restoration Center, MEADOWS Founder / International President 30 | Appointment of Philippe and Hagop H. Sulahian, Architect, Restorer of Heritage Buildings, Le Houérou as Senior Visual Artist, Curator, Environmental designer, CEO / City Advisor to CEO of ICD Embellishment Projects, MEADOWS Co-Founder / Board Member 32 | Al Baraka Banking Group EGM Approves License Conversion of Bahrain- Based Parent Company MAIN STORY 34 | Fitch Affirms Doha Bank at 50 | Turning Hope Into Reality ‘A’, Outlook Stable 36 |Positive Side of the Building back a better Lebanon: The Port of Beirut eleven days Pandemic after the disaster-By HJP11 - Own work, CC BY-SA INFORMATION INDUSTRY 62 |Rolls-Royce Reveals Subtle Clues To Mysterious Wraith Kryptos Code 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 COVID 19 Testing and Treatment Cost Burden in the MENA 62 | What’s New? Region: Mounir Kharma, GlobeMed Chairman 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 JANUARY 2021 w 3 Business Life Nov 2020.indd 3 1/5/21 12:04 PM 4 w BUSINESS LIFE JANUARY 2021 Business Life Nov 2020.indd 4 1/5/21 12:04 PM EDITORIAL It Got Worse, Now it Will Get Better Publisher and Editor in Chief Afaf Issa With 2020 behind us, 2021 will be a year of economic Responsible Manager recovery but full recovery will take years Afaf Issa Contributors Mona Sahli end-2014 Marwan Hakim 100 end-2020 Photographer 80 Raji K. P D G fo tnecreP fo G To put your ads contact us at: 60 Tel / Fax: (961-1) 370074 e-mail: [email protected] 40 To subscribe contact us at: Tel / Fax: (961-1) 370074 20 Email: [email protected] 0 I T Y K R R G G N N N For your opinions e-mail: DJ JO EG PA LB AF TU SD MR MA [email protected] WB On the web: www.businesslife.net MENAP OI Oil Importers: Total Government Gross Debt (Sources: National authorities and IMF calculations) he COVID-19 pandemic’s effect on of a third of its staff. Bigger layoffs involving the Middle East is worse than ex- thousands of employees were carried out by pected. Not only do lives continue the Middle East airlines. Unsurprisingly, the T to be lost but the region’s economy story is similar in the hotel industry. has been dealt a severe blow. So much so The COVID-19 crisis has brought money that the IMF now expects Debt-to-GDP flow to a state of stagnation and whatever levels to reach around 95 percent of GDPs money was flowing was landing online. in MENAP oil-importing countries. Facebook, Google, Amazon and Apple have The containment measures and lock- seen their profits soar perhaps at the ex- downs have ruined many businesses and pense of everyone else. These are companies resulted in rising unemployment. The that employ very few people relative to their IMF projects the real GDP for the region size. This also means that this honeymoon to have fallen by 4.1 % for the year 2020, experienced by the tech giants, partially 1.3% larger than earlier predictions. Even funded by government stimulus payments more, countries that are in a state of conflict to regular people will not be sustainable on or war are projected to have shrunk by 13 the long run. Let’s get the vaccine and get percent in 2020. back to a more productive global economy. 2021 will bring growth but only rela- tive to the disastrous year that precedes it. Afaf Issa (Malak Issa) It is expected to take up to ten years for the Editor in Chief, regional economies to fully recover to pre- COVID levels. Oil producing countries have seen expats leave in their masses as work Please recycle this magazine has come to a standstill. A good example is Careem, which was bought by Uber in 2019 for US$ 3.1 billion, who had to let go BUSINESS LIFE JANUARY 2021 w 5 Business Life Nov 2020.indd 5 1/5/21 12:04 PM LETTERS www.businesslife.net Health ICD Launches ABG Shareholders Net or evolve to what Gordon Hester, author has crossing fingers ever really helped? Information ICD Finnovation Income US$ 67 Million Analysis Program Award 2020 in First 9 Months of Positioned Right, calls the Next Genera- We are all hoping to see the end of tion Path, one that is more in line with the COVID-19 but most of us are still doubting marketplace. “Our industry must resist and in panic of the thought that one day one marketing hope for something that most of us will lose his life. December 2020 people won’t reach,” he says. “Hope is only This is a bitter reality that all people Resetting valuable if it leads to results. We need to set around the world think of and worry about. realistic expectations if our goal is to keep Economies them in the industry. Lubna Fouad Digital environment can reset our economic and social foundations in response to COVID-19 Just as many industries have taken a Jeddah Saudi Arabia page from what our channel does best, our next feature story takes a look at how other When hope is turned into reality it can industries grow their customer base. It starts transform lives of people around you. with creating superfans of your company and product. The great Sam Walton said Samir Haddad it best, “Exceed your customers’ expecta- Amman, Jordan tions. If you do, they’ll come back over and over. Give them what they want and a little LETTERS more.” Please send your e-mails to: Lebanon.........LBP5,000 U.A.E................Drhm12 Jordan.....................JD2 Egypt......................EP5 Algeria................DZD200 Tunisia.....................TND4 Saudi Arabia.........SR12 Bahrain..................BD1 Oman.....................OR1 Europe.................Euro4 Libya..........................L.D4 Yemen......................YR10 Kuwait...................KD1 Qatar...................QR12 Cyprus...................C£1 U.S. & Canada..........$4 Morocco...............MAD33 Syria.....................SYP150 Joseph Shalita [email protected] Last issue’s main story: Beirut, Lebanon Please include your name, address, Economic Turmoil Across Oil & and phone number. Letters may be Gas Sector With Confidence about I had always thought of ‘hope’ simply as edited for clarity and space. 2021 Remaining Low a thought or feeling. A mindset associ- PAUSE ated with optimism and the possibility HOPE HAS NEVER been—nor ever will of something better. And indeed it is, and To include an image in the ‘Pause’ sec- be—a strategy. It will only get you so far sometimes getting into a hopeful frame of tion, send an e-mail to: before real work has to be done. In this mind is pretty challenging in its own right. [email protected] and ask for more month’s cover story, we tackle we talk about But increasingly I know that a hopeful information. If your image is chosen, how our channel is at a crossroads. It can mindset isn’t enough. It’s basically saying to you will be awarded US$50, and a one either stay on its current traditional path yourself ‘fingers crossed’ and, frankly, when year subscription. PAUSE President Michel Aoun meets James Cleverly (Minister for Middle East and North Africa) 6 w BUSINESS LIFE JANUARY 2021 Business Life Nov 2020.indd 6 1/5/21 12:04 PM Business Life Nov 2020.indd 7 1/5/21 12:04 PM w MIDDLE EAST SCAN Algeria President Michel Aoun meets James Cleverly (Min- ister for Middle East and North Africa) . Bahrain Bahrain will not allow the import of Israeli goods pro- duced in settlements in K A Z A K H S T A N occupied Palestinian ter- ritory, state news agency GEORGIA UZBEKISTAN · ARMENIA AZERBAIJAN KYRGYZSTAN BNA reported, disavowing TURKMENISTAN comments made by the Gulf T U R K E Y TAJIKISTAN state’s trade minister earlier TUNISIA CYPRUS SYRIA LEBANON lately.