TUESDAY, DECEMBER 24, 2013 BUSINESS Investment sector lifts Nov real estate activity

NBK ECONOMIC REPORT

KUWAIT: Real estate data for November show sales in the number of transactions (-37 percent y/y). their levels of a year earlier. The average transaction activity in the sector has generally been strong this rising by 13 percent y/y to KD 312 million. This was These large swings are not uncommon in a proper- size reached KD1.2 million, up 77 percent y/y. year; both the number and value of commercial the fifth month this year that sales surpassed ty market where month-to-month trading volumes Again, these numbers can be volatile month-to- sector sales are set to reach record levels in 2013. KD300 million, supported by another strong per- are relatively low. Nevertheless, the figures broadly month, but on a year average basis, both transac- Away from sales, the Savings and Credit Bank formance from the investment sector. With one support the interpretation that supply shortages in tion numbers and average values are set to reach a (SCB) approved KD 34 million in loans during month to go before year-end, 2013 looks set to be the residential market are pushing prices higher. record in 2013. Individual apartments, mostly in November, slightly down on the month but still up a record year: overall sales values should average In terms of location, 40 percent of transactions Mahbola, made up half of all transactions, followed an impressive 75 percent y/y. The value of disbursed over KD300 million per month for the first time, were in Ahmadi Governorate, mostly in the Sabah by whole buildings, which made up 36 percent. loans increased 56 percent y/y to KD14.3 million. while the number of transactions in the investment Al-Ahmed Sea-City. Mubarak Al-Kabeer governorate Shortages of residential housing may be support- New construction received 87 percent of approved and commercial segments should reach all-time accounted for a further 25 percent. Sales of land ing the market by boosting demand for apartments loans and 75 percent of loans disbursed. As we highs. plots - as opposed to finished buildings - accounted for both purchase and rental. approach year end, we notice historically high levels Sales in the residential sector reached KD140 for 60 percent of all residential transactions in Sales in the commercial sector dropped to KD25 of loan activity by the SCB. Both the value of loans million in November, a modest 2 percent y/y November. million from KD70 million a year earlier. Sales in this approved and disbursed in 2013 could reach increase. This softness came despite a continued Sales in the investment sector - mostly apart- sector are particularly ‘lumpy’, and the decline their highest since 2002, perhaps driven by an surge in average transaction values (+62 percent ments and apartment buildings - increased to came on the back of just four transactions, com- increasing pace of distribution of units under the y/y), which was effectively offset by a sharp decline KD147 million in November, more than doubling pared to nine a year earlier. Once again, however, government’s housing program. Ford’s 3D-Printed auto parts save millions, boost quality

DUBAI: One day, millions of car change. The technology also parts could be printed as quickly allows engineers to experiment as newspapers and as easily as with more radical, innovative part pushing a button on the office designs inexpensively and quickly. copy machine, saving months of Ford now is looking to what’s development time and millions of next in its 3D printing strategy, dollars. including opportunities to print 3D printing technology is mak- production parts in metal, rather ing that day come sooner at Ford than just plastic, for prototypes. Motor Company. The development “This technology provides of the engine cover for the all-new immense return for Ford and the Ford Mustang is the most recent entire manufacturing industry,” example of the use of this technol- said Bill Russo, global director, ogy. Ford powertrain manufacturing Ford uses 3D printing to quickly and engineering. produce prototype parts, shaving months off the development time How it works for individual components used in 3D printing works by printing all of its vehicles, such as cylinder one thin layer at a time from plas- heads, intake manifolds and air tic, sand or other material, then Saudi’s flynas continues vents. gradually stacking the layers and With traditional methods, an building a finished piece to create engineer would create a computer a 3D object, similar to assembling strategic expansion model of an intake manifold - the a spool of CDs. Now four flights a week from Kuwait to Riyadh most complicated engine part - “Today, 3D printing is not fast and wait about four months for enough for the high-volume direct KUWAIT: flynas, Saudi Arabia’s national car- Kuwait is the latest destination in the fly- one prototype at a cost of production manufacturing we do,” rier, continues its program of strategic nas expansion program. Starting 15 $500,000. With 3D printing, Ford said Harold Sears, Ford additive expansion by adding Riyadhto its fast December flynas commenced high fre- can print the same part in four manufacturing technical specialist. growing list of key destinations. The flynas quency flights from Madinah to two new days, including multiple iterations “But it is ideal for test parts, or Kuwait/Riyadh (KWI - RUH -KWI) flight international destinations, Jordan and and with no tooling limits - at a niche production applications, schedule starts on 13 January 2104 with Turkey, with three weekly flights to cost of $3,000. that go through frequent develop- four flights a week on Monday, Wednesday, Amman, three flights a week to Istanbul “For the customer, this means ment changes.” Thursday and Saturday. and three flights a week to Hatay, Turkey. better quality products that also Ford has been at the forefront “We are very pleased at bringing Kuwait Since its launch in 2007, flynas has carried can be weight-optimized to help of 3D printing for 25 years and was into the flynas network since we consider it more than 12 million passengers on improve fuel efficiency,” explains involved with the invention of 3D to be a key destination in our expansion 110,000 flights, with the highest rate of Paul Susalla, Ford section supervi- printing in the 1980s. In 1988, Ford plans and an essential part of our 20X20 passenger growth recorded in 2013 when sor of rapid manufacturing. purchased the third 3D printer strategy which aims at achieving our goal the passenger load hit more than 3 million. ever made. Today, Ford uses selec- of 20 million passengers by 2020,” said Raja With its outstanding record of success More creativity, faster prototypes tive laser sintering, fused deposi- Azmi, CEO OF flynas. “This addition of his based on its brand promise to be ‘Simply 3D printing saves millions of tion modeling and stereolithogra- new route greatly enhances our service Better at everything we do’ flynas has dollars in the product develop- phy 3D printing applications. Ford offering and contributes to fulfilling our become one of the fastest growing airlines ment process by eliminating the also works with suppliers to bring commitment to fly our customers to where in the region by making flying more com- need for special tooling, or dedi- more technologies to market, they want to go, in style and at the most fortable, convenient and cost-effective for cated molds, for parts likely to including 3D sand printing. competitive rates available.” its passengers.

Commercial Bank offers Golden Steering Wheel for a unique promotion with Motors’ chief design officer Al-Hamra Thermae gym KUWAIT: Chief Design Officer of KIA Motors KUWAIT: Now and for a period of two months, and commencing from 22nd Corporation, Peter Schreyer, was honored in the months, CBK in partnership with Al- December 2013, CBK customers with a 2013 Golden Steering Wheel awards in Germany Hamra Thermae gym is offering its Premier Banking Debit card can get a spe- for his outstanding lifetime achievements in the Premier Banking customers a unique cial offer. The offer includes usage of the automotive industry. In one of the car industry’s offer. All customers must do is show their whole facility which includes the spa, gym; most prestigious award programs, Peter Premier Banking ATM card at the Al- nail salon and pool and so much more. Schreyer was given the Honorary Golden Hamra Thermae Ladies gym and get a CBK urges its customers to visit the Steering Wheel, making him only the second special offer. website www.cbk.com to view what the designer in the 31-year history of the Golden Al-Hamra Thermae ladies gym opened offer includes, or visit any of the branches Steering Wheel to receive the award. its doors in 2013, and its state of the art and pick up a brochure which further Bavarian-born Schreyer has been Chief facility is well known. With its one of a kind explains the offer. CBK always works on Design Officer at KIA Motors since 2006 with swimming pool and outdoor running track providing the best services for its cus- overall design responsibility for the KIA brand. on the rooftop, makes it one of the top tomers, and strives to offer what best “I am exceedingly proud to receive this gyms in Kuwait. Over a period of two suits them. important award. It is a great honor for me per- sonally, and at the same time it is recognition for our design teams all around the world who for Vietnam economy grew years have been delivering such excellent work,” said Schreyer. The designer was responsible for creating KIA’s distinctive, multiple-award win- 5.42% in 2013 ning design language, and his ‘Tiger Nose’ - the signature KIA radiator grille - has since become a HANOI: Vietnam’s economy grew 5.42 percent in numbers of bankruptcies. striking brand feature. 2013, picking up speed slightly after its worst per- In May, the central bank cut interest rates for Peter Schreyer trained at the Munich formance in more than a decade the previous the eighth time in little more than a year in an University of Applied Sciences and the London year, according to an official estimate released attempt to spur lending and boost consumption. Royal College of Art, which presented him with yesterday. While growth narrowly missed the gov- The authorities repeatedly raised interest rates in an honorary doctorate in 2007. Prior to joining more than 2.7 million cars. was the new KIA Carens, which also won the ernment’s target of 5.5 percent, the economy is 2011 to cool down the economy and to rein in KIA, Schreyer was responsible for the design of Under Schreyer’s leadership, the KIA Design Golden Steering Wheel 2013 and a 5-star safety “showing signs of recovery” compared with 2012 double-digit inflation, but last year were forced to pioneering models such as the TT, Studios in Korea, the United States and Frankfurt rating by Euro NCAP, Europe’s leading road safe- when gross domestic product came in at 5.25 per- reverse course and resort to stimulus measures. ’s new Beetle and the Volkswagen have created a number of striking cars. These ty organization.TheCarenswas launched in cent, the weakest in 13 years, the General Vietnamese inflation slowed to around 6.04 per- Passat. include the crossover, the KIASportage Kuwait in April 2013 and brings a new visual Statistics Office (GSO) said in a report. cent in 2013, from the previous year’s 6.81 per- At KIA, Schreyer has developed a design phi- compact SUV, the sporty midsize dynamism to the family-oriented MPV segment. Communist Vietnam is struggling with a cent, the GSO said, but warned of “potential risks” losophy that stands for simplicity and clarity, sedan and a series of inspiring concept models. KIA Motors is represented in Kuwait by host of economic woes, including sluggish of a resurgence in consumer prices. Vietnam’s which has made a considerable contribution to The entire KIA model range now features National Agencies Group, a division of the domestic demand, a banking sector weighed authorities said earlier they were aiming for eco- the success of the brand - in the past five years, Schreyer’s design signature. The most recent Abdulaziz Al-Ali Al-Mutawa Group of down with high levels of toxic debt and record nomic growth of 5.8 percent for 2014. —AFP KIA has doubled its global sales and in 2012 sold model to be fully redesigned under Schreyer Companies.

Toyota strikes a chord with Mideast consumers through ‘Akeed’ tagline DUBAI: Marking the start of a new chapter in tagline, Nobuyuki Negishi, Chief Representative sented by the Arabic word “Akeed” was simply across the region also validated this new Toyota’s relationship with Middle East car buy- of Middle East & North Africa Representative the best expression of the way the brand has tagline with car buyers placing a lot of impor- ers, Toyota yesterday announced the launch of Office, Toyota Motor Corporation, said: “Our been perceived in the region ever since its tance on Toyota’s heritage, its commitment to a new brand tagline called “Akeed” which communication objective behind Akeed is to entry into the region so many years ago. In that quality and safety, its constant track record of encompasses the highest level of trust and con- assert that it’s the confidence gained through time, Toyota has become synonymous with innovation in addition to its proven technologi- fidence reposed in the brand by consumers the absolute certainty and reassurance of quality and a sense of reassurance that the cal expertise. throughout the region. This new tagline also Toyota ownership which gives consumers an expression “Akeed” is emblematic of, so much Elaborating on this link with the brand reflects the evolution of Toyota and its new emotional sense of satisfaction and attachment so that selecting Toyota is an easy decision for Negishi said, “An intimate emotional confidence brand direction and commitment to develop to the brand. Toyota tugs at the heart strings of most consumers in the region when buying a has been forged in the brand through the more emotionally compelling products to con- car buyers in the region because it elicits a joy new car or upgrading from an existing one. entire seamless ownership experience along nect with consumers. Toyota’s new advertising of ownership that comes from peace of mind, a With “Akeed”, consumers are making a defini- with the excitement generated from driving a campaign with this new tagline is now engag- legendary track record of fulfilled promises and tive statement to say that Toyota is their car and Toyota. Thus, the rational promptings for buy- ing consumers on a Pan Arab basis with print an exciting range of vehicles which will contin- will continue to be a key part of their lives. ing a Toyota are superbly matched by the emo- advertisements and a brand new television ue to exceed consumer expectations well into Detailing the thought that has gone behind tional satisfaction that is derived from owning commercial. the future.” developing the tagline, Negishi added that the vehicle, leading to a unique bond that the Explaining the concept behind the new According to Toyota, the new tagline repre- results from extensive consumer research region has created over time with Toyota.”