DOCSLIB.ORG

Generating Revenue Globally: Tapping Into Markets Abroad Generating Revenue Globally: Opportunities in Latin America

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Generating Revenue Globally: Tapping into Markets Abroad Generating Revenue Globally: Opportunities in Latin America Presenter: David Frazee K&L Gates Palo Alto GENERATING REVENUE: TAPPING INTO LATIN AMERICAN MARKETS : Overview and Intro Palo Alto November 1, 2011 David Frazee K&L Gates LLP 630 Hansen Way Palo Alto, CA 650.619.1631 [email protected] Copyright © 2010 by K&L Gates LLP. All rights reserved. Panelists 1. Alejandro Fiuza, K&L Gates 2. Ricardo Berrios, AeroScout 3. Fernando Silis Reyna, Deloitte 3 Setting Up and Doing Business Investing in the region Getting money in, getting money out Syndicates with local investors Exits Partnering with local companies JVs and partners Contracts Doing business directly Subsidiaries, regulatory, labor, and other issues Business model optimization Raising capital locally 5 Taxes Optimization of global structure When to go direct, when not to Treaty networks: the good and the ugly Tax issues in financing subsidiaries Coming into the U.S. from outside Optimization of local taxes Tax credits and incentives Tax reform 6 Other Concerns Intellectual property Employment Trade issues Exits (IPOs and M&A issues) Political changes Cultural differences Differences among countries 7 Generating Revenue Globally: Generating Revenue in Latin America Presenter: Alejandro Fiuza K&L Gates New York GENERATING REVENUE: TAPPING INTO LATIN AMERICAN MARKETS SAN FRANCISCO November 1, 2011 Alejandro D. Fiuza K&L Gates LLP One Lincoln Street Boston, MA 617.261.3100 [email protected] BO #3215727v2 Copyright © 2010 by K&L Gates LLP. All rights reserved. FIRST - LET’S GET PAST TWO ISSUES: Tapping into LATIN AMERICA? Why? For the same reason many of you are looking at China: Because there are opportunities. Where did he say this guy was from? 10 Tapping into Latin America 1. Opportunities in Latin America 2. Overview of Private Equity and Venture Capital industries in LATAM 3. Most usual challenges 11 1. Opportunities Commodities and natural resources (agribusiness, mining, energy related, renewable energy, oil, shale gas) Information technology and biotechnology Raise of middle class: retail, transport and infrastructure, media and entertainment Private equity and VC funds 12 2. Overview of Private Equity and VC industry Players: Global private equity and VC funds Local private equity and VC funds Seed investors and entrepreneurs (Endeavor, Nest) Family offices Multilaterals (Multilateral Investment Fund, CAF) Local Development Institutions (Argentina, Brazil, Mexico etc. Chilean Economic Development Agency, CORFO, Start up Chile.org) 13 2. Overview of Private Equity and VC industry (con’t) Players: Trade Associations: LAVCA, ABVCAP, AMEXCAP, ARCAP – promote investment, regulatory change and transparency LPs: Sovereign funds, institutional investors, local pension funds (Chile, Brazil, Peru, Colombia, Argentina: ANSESS, more active role), wealthy individuals and families. Strategic investors (LATAM – based and China) 14 Usual Challenges – Comparable Benchmark? © ALIZA OLMERT, TIKKUN, DANIEL MAMAN FINE ART 15 MOST USUAL CHALLENGES 1. Cultural differences: One size does not fit all. 2. Less information available for investors and asymmetry of information. Fund level transparency and governance Portfolio company level transparency and governance (know your partner, industry, competitors) 3. Due diligence : Early identify and understand rules for making the investment (approvals and licenses), during the investment and for exiting the investment Rules and how they are enforced Usual suspects: Exchange control rules, labor and union matters, social security, taxes, real estate. Some countries: environmental Others: UK Anti bribery Act and FCPA, US Sanctions and Export Controls, Antitrust, International Trade remedies, customs 16 4. Structuring Your Investment. Adequate tax planning is of the essence (local, US and international treaties). Double taxation treaties and bilateral investment treaties may lead to the use of European based structures (e.g., Spain, the Netherlands) Selecting the appropriate corporate entity , minority rights, # shareholders, local directors etc. Exchange control rules Inflow and outflow of investments, and antitrust analysis. Typical structures vary per country . Sometimes Spain is used as gateway (due to the ETVE regime and the BITs) Greenfield /Acquisition vs. Strategic Alliances. First ones were most common in 90s and this first decade, second decade may be strategic alliance age. 17 “A journey of one thousand miles begins with a single step” Lao Tzu 18 FIRST RIGHT STEP : SELECT ADVISORS WITH EXPERIENCE IN THE REGION 19 Generating Revenue Globally: Generating Revenue in Latin America Presenter: Ricardo Berrios AeroScout Generating Revenue Globally: Generating Revenue in Latin America Presenter: Fernando Silis Reyna Deloitte, Mexico Desk Generating Revenue Globally: Opportunities in Europe Questions & Answers Generating Revenue Globally: Opportunities in the Middle East Presenter: Rem Kinne K&L Gates San Francisco Generating Revenue Globally: Opportunities in the Middle East Presenter: Greg Hartker K&L Gates Orange County Generating Revenue Globally: Tapping into Markets Abroad-Middle East Greg Hartker November 1, 2011 Copyright © 2011 by K&L Gates LLP. All rights reserved. Taxation in the Middle East Constantly changing environment especially in Egypt/North Africa Need to consider both US and non-US regimes Rigid structures may hinder taxpayers down the road 26 Taxation in the Middle East Key Issues to Consider Corporate Tax Rate Withholding Rates Interest Dividends Transfer Pricing Regime Treaty Network 27 Taxation in the Middle East- Dubai/UAE Corporate Tax Rate- None (except for Oil/Banking) Withholding Rates- None Transfer Pricing Regime- None Treaty Network- Extensive Other The UAE has been studying the possible introduction of VAT for some time. However, the GCC member states (UAE, Saudi Arabia, Kuwait, Bahrain, Qatar and Oman) want to roll out VAT simultaneously to replace revenues derived from trade taxes, which are due to be phased out as a number of free trade agreements signed by the GCC, including one with the EU, become effective. It is thought that this won't happen until 2012 at the earliest (and probably later than that). 28 Taxation in the Middle East- Egypt Corporate Tax Rate- 20% flat rate Withholding Rates– None on dividends (although proposal to add) and 20% on interest payments Transfer Pricing Regime- Yes, most sophisticated in the region Tax Treaties- Numerous Other There was some speculation that Egypt might adopt a progressive tax rate scheme. Fundamental changes in the corporate tax scheme occurred in 2005 and given recent activities, the state of the tax system could change dramatically. Has a VAT. 29 Taxation in the Middle East - Qatar Corporate Tax Rate-10% flat rate Withholding- Withholding for certain payments to persons without a PE (or tax card). No withholding for dividends. Withholding on interest is under a moratorium. Transfer Pricing Regime- No Treaty Network - Growing Other New tax law effective January 1, 2010. Certain aspects remain unclear (see e.g., interest withholding). The Ministry is expected to issue regulations to clarify some of the uncertainty. 30 Taxation in the Middle East – Saudi Arabia Corporate Tax Rate- 20% Non Saudi share (Zakat for Saudi shareholders). Withholding Rates – 5% rate on dividends and interest. Transfer Pricing Regime- None although authorities may make adjustments for non arm’s- length payments. Treaty Network- Growing. Other Becoming more aggressive on PE issues. 31 Taxation in the Middle East – Treaty Example UAE has treaties with at least 47 countries (not including the GCC states) including the following MENA countries: Algeria Egypt Lebanon Morocco Syria Tunisia Turkey 32 Taxation in the Middle East – Treaty Example Assume US company plans on doing business in Morocco through a Moroccan subsidiary. Morocco normally imposes withholding taxes on dividend and interest payments made to non-residents at a 10% rate. US-Morocco Treaty limits dividend withholding taxes to 15%. Thus, no benefit under such Treaty. Under the Moroccan-UAE Tax Treaty, Moroccan withholding taxes on dividends distributed by a Morocco corporation to a Dubai corporation holding at least 10% of its capital stock is reduced from the normal rate of 10% to 5% and interest (also normally subject to a 10% withholding tax) "flows free" of any Moroccan withholding tax. 33 Taxation in the Middle East – Treaty Example Establish FTZ Dubai intermediary company* US 0% Dubai/UAE Dividend 5% Morocco * Need to ensure enough presence in Dubai to qualify for benefits under Morocco Treaty yet not taint FTZ qualification. 34 Generating Revenue Globally: Opportunities in the Middle East Presenter: Eric Chan Embee Mobile Company Presentation 1 Embee Mobile Reward users For brand engagement With free mobile airtime and content Embee Mobile: How It Works Users Mobile Operator Mobile Phone Facebook Rewards Brand Engagement 3 Company Snapshot Service Launched Social Media Current Users: 1.5M April 2009 Application (web) 90 Countries, 300 Mobile Operators Focus on the Middle East Traditional Middle East Greater Middle East Bahrain Oman Afghanistan Mauritania Cyprus Palestine* Algeria Morocco Egypt Qatar Armenia Pakistan Iran Saudi Arabia Azerbaijan Somalia Iraq Syria Comoros Sudan Israel Turkey Djibouti Tajikistan Jordan United Arab Emirates Eritrea
Recommended publications
  • Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009

    Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009

    Emerging Markets Private Equity Quarterly Review A Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009 Viewpoint In This Issue The first half of 2009 has been a dismal time for private equity and venture capi- tal firms worldwide, and emerging markets PE fund managers are seeing their FEATURES share of challenges. The recent upswing in the emerging markets stock indices gives hope that the impact of the financial crisis has already hit bottom in these markets, ahead of developed countries. But even if this trend holds—and it is not Plugging the Financing Gap: yet clear it will—private equity and venture capital fund managers in developing Is There a Growing Role for countries are not out of the woods yet. Mezzanine and Debt Funds? 3 Fundraising for EM PE remains very difficult, with Q1 2009 totals down 71% year-on-year, with no clear rebound in sight. LPs retain a positive outlook for new 2009 LP Survey Results: EM PE investment opportunities and expect outperformance from legacy and LPs Still Find Emerging Markets new funds relative to developed market buyouts. However, near-term financing Private Equity Attractive Despite constraints among many Western LPs will limit their ability to commit substantial Global Economic Downturn 8 funds to the asset class this year. In the midst of this crisis, the financing gap for developing market companies is Fundraising and Investment raising its head, as equity and debt availability is constrained. Fund managers and Slows in Q1 2009 11 development finance institutions are looking at innovative ways to fill the gap us- ing debt and mezzanine fund structures and vehicles, but these nascent efforts are not yet off the ground.
  • Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 3, Q3 2009 October 2009

    Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 3, Q3 2009 October 2009

    Emerging Markets Private Equity Quarterly Review A Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 3, Q3 2009 October 2009 Viewpoint In This Issue With consensus growing that we are turning the corner to recovery, now seems an appropriate time to take stock of the impact of the crisis on emerg- FEATURES ing markets private equity. The good news is that most emerging economies weathered the crisis intact, RMB Funds—The Current State and and some are in fact leading the global recovery. The not-so-good news is Way Forward: A Legal and Tax Wish emerging market fund managers’ dependence on the hardest hit Western List (Expert Commentary) 3 institutional investors has made fundraising extremely difficult. As reported in this issue, fundraising through mid-year fell 55% year over year, testament to the internal capital constraints tying the hands of even the most enthusiastic Distressed Private Equity: potential investors for the next few quarters. The 52% year over year drop in Is There an Attractive investments, by contrast, seems to be a temporary side effect of the crisis. Investment Opportunity in Fund managers who have capital were waiting for markets to stabilize and the Emerging Markets? 9 valuations to sink lower. There are already signs of a pick-up in deal activity in the second half of the year. To put the gloomy start to 2009 into perspective, it’s important to note that fundraising and investment totals for the first six Fundraising and Investment Slows months of 2009 still exceed those for all of 2004, and are on pace to match Down Through Mid-Year 16 2006 activity levels.
  • MENA Private Equity and Venture Capital Report

    MENA Private Equity and Venture Capital Report

    MENA Private Equity and Venture Capital Report 2014 2 MENA Private Equity and Venture Capital Report 3 MENA Private Equity and Venture Capital Report Foreword With Gratitude Dear friends and colleagues, and networks, and who benefit from the The MENA Private Equity Association Media Task Force experience of investing through economic I am honoured to introduce the 9th edition We are grateful for the public relations and media cycles and periods of political volatility. Extends its sincere appreciation to Zawya for sharing campaign support from the following: of the “Private Equity & Venture Capital primary data and industry and to our knowledge in the Middle East Report”, a publication Bringing such seasoned professionals partners Deloitte for developing the report analysis. Nahed Ashour, Senior Manager Arabic Content and that has become a leading barometer of together; the MENA Private Equity Media, Capital MSL our industry and, indeed, of the region’s Association gives the industry a strong and economic development. clear collective voice, and acts as a link to similar associations around the world. In the decade since the report began, private Deloitte Sponsors equity has established a strong foothold, Compiling this report is an important part of Declan Hayes, Managing Director, Deloitte Corporate weathered a global economic crisis, and the association’s work, serving to promote Finance Limited Without the support of the following generous emerged stronger. It is clear that although greater transparency in the industry and to sponsors, this report would not have been global perceptions may be clouded by news enhance knowledge of the impact of private Sam Surrey, Director, Deloitte Corporate Finance possible.
  • View Annual Report

    View Annual Report

    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20–F ~ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2003 OR ~ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-30070 AUDIOCODES LTD. (Exact name of Registrant as specified in its charter and translation of Registrant’s name into English) ISRAEL (Jurisdiction of incorporation or organization) 1 Hayarden Street, Airport City Lod 70151, Israel (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered None Securities registered or to be registered pursuant to Section 12(g) of the Act: Ordinary Shares, nominal value NIS 0.01 per share (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None (Title of Class) Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. As of December 31, 2003, the Registrant had outstanding 37,785,595 Ordinary Shares, nominal value NIS 0.01 per share. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
  • Technion Nation Technion’S Contribution to Israel and the World

    Technion Nation Technion’S Contribution to Israel and the World

    Technion Nation Technion’s Contribution to Israel and the World Technion Nation Technion’s Contribution to Israel and the World By Amnon Frenkel & Shlomo Maital With Ilana DeBare Technion Nation Technion’s Contribution to Israel and the World By Amnon Frenkel and Shlomo Maital With Ilana DeBare © 2012 Technion-Israel Institute of Technology All rights reserved to Technion – Israel Institute of Technology No reproduction, copy or transmissions of this publication may be made without written permission of Technion – Israel Institute of Technology. Cover Design: CastroNawy Pre-press, printing and binding: Keterpress Enterprises, Jerusalem Printed in Israel in 2012 This book is based on “Technion’s Contribution to Israel’s Economy Through its Graduates”, by Amnon Frenkel and Shlomo Maital, published in 2012 by the Samuel Neaman Institute for Advanced Studies in Science and Technology. This book was made possible by the generosity of The Allen A. Stein Family Foundation. We thank the foundation directors, and their representative Eric Stein, whose vision and goals mirror those of the Technion — to benefit Israel and the world through science, technology, and innovation. Science and technology represent our collective tomorrow. And while poor in natural resources, Israel is rich in human resources that have positioned us at the forefront of global advances in the new scientific era through innovation, foresight, creativeness and daring. The seeds planted today will yield the breakthrough discoveries of tomorrow, making the world a better place. It was lucky the Technion was founded prior to the establishment of the State of Israel, helping us prepare for the future. Shimon Peres President of the State of Israel Table of Contents Preface .................................................................................
  • Sustainable Investment in India 2009

    Sustainable Investment in India 2009

    IFC Sustainable Investment Country Reports: Sustainable Investment in India 2009 Final Report May 2009 www.terieurope.org IFC Sustainable Investment Country Reports: Sustainable Investment in India 2009 FINAL REPORT MAY 2009 Prepared for International Finance Corporation (IFC) A Member of the World Bank Group www.ifc.org IFC Task Manager Brunno Maradei, Program Officer, Environment & Social Development Department Prepared by TERI-Europe www.terieurope.org Written and edited by Ritu Kumar and Dan Siddy Copyright © 2009 International Finance Corporation 2121 Pennsylvania Avenue, NW Washington, DC 20433 All rights reserved. The findings, interpretations, and conclusions expressed in this publication should not be attributed in any manner to the International Finance Corporation, to its affiliated organizations, or to members of its board of Executive Directors or the countries they represent. Neither the International Finance Corporation nor TERI-Europe guarantee the data included in this publication and neither party accepts responsibility for any consequence of their use. The material in this work is protected by copyright. Copying and/or transmitting portions or all of this work may be a violation of applicable law. The International Finance Corporation encourages dissemination of its work and hereby grants permission to the user of this work to copy portions for their personal, noncommercial use, without any right to resell, redistribute, or create derivative works there from. Any other copying or use of this work requires the express
  • Telefónica Ventures

    Telefónica Ventures

    Global Corporate Venturing Issue 027 August 2012 A power of good Focus on utilities Gaule’s Revolutionary Sleepy month Question Time initiatives for exits News in brief: July For the full articles visit www.globalcorporateventuring.com CyberAgent Ventures opens in Korea McCombs starts venturing fund Japan-based gaming company CyberAgent’s corporate ven- US-based car dealer BJ “Red” McCombs has launched a cor- turing unit has opened an office in Seoul. It is also reportedly porate venturing fund to invest in companies that create new planning a fund for Korea. products and services for automobile manufacturers and sell- Box expands to Europe ers. Fraser McCombs Capital has raised almost $40m ahead Box, an enterprise cloud company backed by strategic inves- of its final closing. tors SAP Ventures, the corporate venturing unit of the Ger- many-based technology company, and Salesforce.com, the Saudi Aramco launches unit US-based software-as-a-service company, has opened an Saudi Arabia-based energy company Saudi Aramco has offi- international headquarters, after more than 50% of traffic cially launched its corporate venturing subsidiary Saudi Ara- among its more than 11 million users was identified as outside mco Energy Ventures, first flagged by Global Corporate Ven- the US. turing in February. UK’s ‘modest’ activity criticised Religare cornerstones Quadria fund The UK’s “modest” levels of corporate venturing activity risks being further eroded due to a failure of policies, according to Religare Global Asset Management, the wealth management a report by the Royal Society for the encouragement of Arts, unit of the eponymous India-based financial services group, is Manufactures and Commerce.
  • Spotlight August 2009

    Spotlight August 2009

    SuperReturn Middle East 2009 3rd Annual Middle East, North Africa, Turkey and South Asia’s Private Equity and Venture Capital Summit 11th-14th October 2009, Grand Hyatt, Dubai http://www.icbi-events.com/KN2215PQEM1 Dear Spotlight Subscriber, Preqin is delighted to have arranged a special invitation and 15% discount for Spotlight readers who would like to attend SuperReturn Middle East 2009 in Dubai on October 11th-14th, 2009. SuperReturn Middle East has an entirely re-invented interactive, dynamic and networking agenda with a host of features and sessions designed to enable you to meet and exchange ideas with LPs and GPs alike – perfect for you to exploit every minute of your time at the event, and make every moment pay. Please contact the SuperReturn Middle East Forum 2009 Team directly: on +44 (0) 207 017 7200 or email [email protected], and be sure to quote the Priority code KN2215PQEM1 to secure your 15% discount. I’ll be chairing a session at the conference, and hope to have an opportunity to connect with you there. Kindest regards, Mark O’Hare Managing Director Preqin For more information contact the SuperReturn Middle East Forum 2009 Team directly: Quote Priority code: KN2215PQEM1 Call: +44 (0) 207 017 7200 Email: [email protected] Web: http://www.icbi-events.com/KN2215PQEM1 Private Equity Spotlight www.preqin.com August 2009 / Volume 5 - Issue 8 Welcome to the latest edition of Private Equity Spotlight, the monthly newsletter from Preqin, providing insights into private equity performance, investors and fundraising. Private Equity Spotlight combines information from our online products Performance Analyst, Investor Intelligence, Fund Manager Profi les & Funds in Market.
  • University of Nottingham the Development of Venture Capital

    University of Nottingham the Development of Venture Capital

    University of Nottingham The Development of Venture Capital and Private Equity in GCC Countries by Abdullah Abdulmuhsen BinHassan 2010 A Management project presented in part consideration for the degree of MBA. i Abstract The rapid economic growth of Gulf Corporation Council (GCC) countries in the last decade, have facilitate the entry of new industries. Private equity industry is no exception, the number of firms and funds grown significantly since 2001. However, the economic recession and the under-developed local corporate governance regulations impacted the flows of international private equity investments, especially, in a region where deal flows and fundraising activities are governed via the local relationships networks, which ultimately resists the investors inflows to the region. Therefore, the study analysis the GCC markets using Wright et al (1992) conceptual framework of private equity development. Doing so will present a well-structured market analysis present the main challenges and drivers of the local market. ii Acknowledgments It is my honor to raise my appreciation to several people helped by their time ad efforts into the success of this study. I would like to acknowledge my academic supervisors, professor. Mike Wright and Dr. Louise Scholes for their helpful guidance, comments and supports throughout the project Moreover, I would like to give special thanks to Mohammed Ibrahim, Richard Clarke, Jeanette Lepper and Sharad Jain for their assistance and patience during the data gathering process. Finally, I would like to express my gratitude to my parents, family and friends for to their support and encouragements. iii INTRODUCTION .................................................................................................................. 1 PRIVATE EQUITY AND VENTURE CAPITAL: OVERVIEW AND CHALLENGES ..........................
  • Annual Report Additional Information

    Annual Report Additional Information

    2015 ANNUAL REPORT ADDITIONAL INF orMAtIoN Annual Report 2015 – Additional Information I. Tables of returns 1. Auditor’s Report on Compliance ............................................................................. 5 2. Independent Auditor’s Report .................................................................................. 6 3. General Notes ...................................................................................................... 8 4. Bonds ................................................................................................................ 10 5. Real Estate Debt ................................................................................................ 12 6. Short Term Investments ....................................................................................... 14 7. Long Term Bonds ................................................................................................ 15 8. Real Estate ........................................................................................................ 17 9. Infrastructure ..................................................................................................... 19 10. Real Return Bonds .............................................................................................. 21 11. Global Quality Equity ........................................................................................... 22 12. Canadian Equity .................................................................................................. 23 13. Emerging
  • Private Equity in the MENA Region

    Private Equity in the MENA Region

    Foreword Dear Friends of the MENA Private Equity Association and Colleagues, I am much honored to introduce the 8th edition of the “Private Equity & Venture Capital in the MENA Region” annual report. Since 2006, this report has presented the state of our industries and overall economic development in the region. Those of you who have been part of the region’s private equity and venture capital landscapes would likely agree that this period of time represents an eventful part of our professional lives. We witnessed extraordinary economic development with the cyclical ups and downs of which we are all aware, as well as a crippling financial crisis that deeply impacted both investors and the region’s growth and development opportunities. Such challenging circumstances have profoundly impacted the stakeholders in our investment community, including regulatory bodies, the general public, fund managers, and entrepreneurs. In particular, these groups have developed a sophisticated view of what actually drives economic value and the role private investors can play to foster and accelerate the development and growth of companies and industries to build a sustainable and internationally competitive regional economy. This has led to a fundamental shift in the relationship between private equity investors and managers. Investors have become more knowledgeable, and therefore more selective and vocal, and managers have generally adjusted to accommodate the needs of these more sophisticated investors. As a result, we are continuously gaining more trust from all of our stakeholders – and this is actually the key factor for the long-term success of our industry. The MENA Private Equity Association is not only the platform through which we can collaborate and communicate our efforts, but also the collective voice that conveys the impact of our investment activities on the regional economy and supports our relationships with other private equity and venture capital associations around the world.
  • KN2215SRME IN09:0 6/8/09 11:16 Page 2

    KN2215SRME IN09:0 6/8/09 11:16 Page 2

    KN2215R09.COVER :0 6/8/09 10:59 Page 1 THE SUPERRETURN GLOBAL SERIES Book Before 11 Sept 2009 50% discount SAVE up to 800+ for 4th & £500 subsequent Attendees in 2008 delegates www.superreturnme.com The Middle East, North Africa, Turkey & South Asia Private Equity & Venture Capital Summit Winning Strategies For Securing Funding, Creating Value & Maximising Returns In Transforming Markets 110+ Confirmed Speakers Regional Investors & Global Thought-Leaders “SuperReturn Middle East is the Including 25 LPs premier event for the regional Abu Dhabi LGT Capital private equity market.” Commercial Bank Partners Zulfi Hydari, Managing Director, AIG Investments LODH Private HBG HOLDINGS Al Touq Company Equity Allianz Capital MAF Trust HE Abdallah Ammar AlKhudairy Charles Baillie Steven Costabile Al-Mouallimi Board Member, Chief Global Co-Head Alternative Managing Director, “A ‘must-attend’ gathering for Partners Group Mazrui Holdings Chairman Executive Officer & Investments and Manager Head of Private Equity Capital Dynamics Morgan Stanley HBG HOLDINGS Managing Director Selection (AIMS) Funds Group the entire MENA region.” AMWAL ALKHALEEJ GOLDMAN SACHS AIG INVESTMENTS Clearsight Morgan Stanley Hisham El-Khazindar Managing Director & Co-Founder Investments AIP Private Equity CITADEL CAPITAL Dubai International Pantheon Ventures Capital Partners Group Goldman Sachs PCGI “High calibre speakers, Hamilton Lane RHO Fund investors and GPs.” IFC Investors Ambassador Ford Fraker Guy Hands Ahmed Heikal Alan Jones Jarir Group Siguler Guff