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AA-Postscript.Qxp:Layout 1 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 KIA 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.
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