www.businesslife.net Fitch Upgrades Tunis IsDB Group Private Hassan Ahmed Re's National IFS Sector Action AlEfrangi, New Rating to 'AA(tun)' Response to COVID-19 CEO Ahli Bank

August 2020

Rising Up to the Challenge of Education During Difficult TImes President Rev. Dr. Paul Haidostian addresses economic as well as academic challenges

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CONTENTS

August 2020

COVER INTERVIEW ENERGY 42|GECF and Algeria Hold High- Level Talks 11|Rising to the Educational Mission in Challenging Times INSURANCE MANAGEMENT AND FINANCE 44|The Rising Burden of Medication in KSA - A 22 | Lebanon’s Electricity Sector: Pragmatic Approach to Lebanon in the Dark Minimize It

24 | IsDB Group Private Sector 46 |Fitch Upgrades Tunis Re’s Action Response to COVID-19 National IFS Rating to ‘AA(tun)’; Outlook Stable 26|Al Baraka Islamic Bank Provide Property Financing 48|ICIEC and Uzbekinvest to Beneficiaries of Mazaya Cooperate to Support Trade Housing Program and Investments 28 |Al Baraka Signs Agent Bank Agreement with Eazy Financial Services to Interview: Rev. Dr. Paul Haidostian, President of Haigazian Process Switch Financial University Transactions

30 |Tourism Restarts: 40% of Destinations Have Now Eased Travel Restrictions

32 |Doha Bank Achieves Profit of QR. 501 Million

34 |Hassan Ahmed AlEfrangi, New Chief Executive Officer of Ahli Bank MAIN STORY 36 |Arab Bank Group Reports First 50 |After the Coronavirus and Low Half 2020 Net Profit of $152.1 Oil Prices, Oman’s Future is Million Hello Darkness: Protesters hold up placards in front of the Lebanese More Global electricity company headquarters, in Beirut, Lebanon,Rafael Yaghobzadeh via AP Images

INFORMATION INDUSTRY

58 |The State of the Industry: Mobile Marketing in EMEA 2020

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 Fitch Upgrades Tunis Re’s National IFS Rating to ‘AA(tun)’; Outlook 62 | What’s New? Stable: Lamian Ben Mahmoud, CEO and General Manager

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BUSINESS LIFE AUGUST 2020 w 3 w w BUSINESS LIFE APRIL 2020 23 EDITORIAL Lebanon’s Infallible Banks, Publisher and Editor in Chief Afaf Issa Failing Responsible Manager Lebanese banks have survived the civil war but now, Afaf Issa political and economic instability are bringing them Contributors to their knees Mona Sahli Marwan Hakim

Photographer Raji K.

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On the web: www.businesslife.net A country in crisis: Demonstrators marching in the streets in Beirut (image: Shahen Araboghlian)

istorically, the greatest in- out. It is widely believed that local poli- dustrial achievement of the tics played a role in the bank’s ultimate Lebanese people has been the demise. H production of the world-famous Today, politics is playing a role again. Tyrian purple (1750 BC – 500 BCE). To- Wide-spread corruption and still out- gether with expert shipbuilding, this standing promises of reform have led to lay the groundwork for a trade empire a witch hunt. Currently, Riad Salameh, that spanned the Mediterranean. What the governor of the Central Bank is being the Lebanese have always been good investigated and more finger pointing at is trade and the management of the and accusations are likely to come. In the resulting monetary wealth. It is then not midst of all this, Lebanon has earned the surprising that Lebanon later gained the title of first country in MENA history to reputation of being the Switzerland of the have experienced hyperinflation. Banks Middle East, not only due to its beautiful are now imposing capital controls aimed mountain range but also because of its at avoiding a bank run by limiting with- famous banks. drawals to US$ 300 a week. At the same The collapse of Lebanon’s reputation time banks have been accused of “smug- as the banking hub for the oil-rich middle gling” US$ 6 billion out of the country. started with the fall of Intra Bank in 1966. The fate of the country is tied to the fate of Intra Bank’s collapse was even quoted by the banks and we are yet to see a way out R.T. Taylor in his book Hot Money and form a crisis that started in October 2019. the Politics of Debt as being “‘the world’s greatest bank catastrophe since World War 2.” This quote goes to illustrate the importance of the Lebanese banking sec- Afaf Issa (Malak Issa) Please recycle this magazine tor in the 1950 and 1960s. Intra Bank fell Editor in Chief, due to a classic bank run and reluctance by the Lebanese central bank to bail it ww BUSINESS LIFE AUGUST 2020 w 5 LETTERS

www.businesslife.net Sheikh Abdullah JB Boda Plans Mourning Dr. fcing the impact of Covid-19 in a challeng- life-saving medical care due to the govern- Kamel Apointed for Global Azza Arfeen - New ABG Chairman Growth IFE ing economic atmosphere ment’s failure to provide private and public مياء بن حمود: رفع التسعر حدود معقولة يصب ي مصلحة سوق US relations are seen with alarm in hospitals with the funds it owes them. In Muscat and, while Washington’s plans to addition, a dollar shortage has restricted التأمن التونسي send carrier fleets are less attractive than the import of vital medical equipment and July 2020 sorely needed investments and loans, on- led banks to curtail credit lines. Medical Ziad going engagement is both welcome in the supplies, including gloves and masks, are تصنف وكالة فيتش راتينغ اإعادة التونسية عند 'أأ-' مع جودة ائتمان عالية جدا Alexandre Sultanate and aligned with US geopolitical scarce, compromising Lebanon’s ability to interests. Concessionary financing in the deal with the coronavirus outbreak. وآفاق مستقرة.”تونس ري”، حافظت تونس ري على مكانتها في إفريقيا رغم القيود ,Hayek Citizen recovery phase and supporting technology Lebanon has failed to fulfill its pledge of the World investments could boost the US position in and it has not extended labor law protec- التقى مراسل مجلة بزنس ايف خال مؤتمر .Lebanon between the socio-economic crisis this increasingly contested entrepôt—ex- tions to domestic workers and aspirations for a better future اجتماع سبتمبر والذي عقد مؤخرا في panding the Asia EDGE program west to مونت كارلو بالسيدة لمياء بن محمود رئيسة Oman could be a good start. Maher Abdallah Kuwait, Kuwait مجلس اإدارة والمديرة العامة للشركة التونسية Samir Hitti إعادة التأمين “تونس ري” وتحدث معها عن Beirut, Lebanon واقع سوق التأمين التونسي في العام الحالي وأبرز LETTERS إنجازات “تونس ري” لهذا العام. Lebanese authorities are failing to address the acute economic and political crisis that Please send your e-mails to: Lebanon...... LBP5,000 U.A.E...... Drhm12 Jordan...... JD2 Egypt...... EP5 Algeria...... DZD200 Tunisia...... TND4 تم تعيين السيدة لمياء بن محمود رئيس مدير عام 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 is endangering people’s basic rights, Human للشركة و ذلك خال اجت مجلس اإدارة المنعقد ,Last issue’s main story: Rights Watch said today in submitting a Please include your name, address يوم أوت Egypt: Health Care Workers report to the United Nations Human Rights and phone number. Letters may be Forced to Make Impossible Choice Council in advance of the next periodic edited for clarity and space. في عام ، تم اختيار السيدة لمياء بن محمود Between ‘Death or Jail’ review of its human rights situation. The PAUSE من بين أقوى السيدات العرب. وهي بارزة في country, whose Universal Periodic Review قطاع التأمين وإعادة التأمين باعتبارها واحدة من -In a multi-polar post-COVID-19 world, con- is set to take place in January 2021, has not To include an image in the ‘Pause’ sec أكثر القادة ديناميكية وابتكارا. :tests for influence in countries like Oman made progress on a number of recommen- tion, send an e-mail to will be economic and technological and dations it accepted following its previous [email protected] and ask for more تنتهج الشركة التونسية إعادة التأمين “تونس ,focused on critical infrastructures, with review in 2015. information. If your image is chosen ري” إستراتيجية حذرة لتطويرنشاط الشركة geostrategic rewards. Lebanon’s health sector is struggling to you will be awarded US$50, and a one تحت إشراف مجلس اإدارة ولجنة إدارة المخاطر .It is a pity that countries like Oman is provide patients with urgent and necessary year subscription واللجنة المسيّرة. ترمي اأهداف الرئيسيّة استراتيجية الشركة إلى تدعيم موقع الشركة PAUSE في فضاء انتمائها العربي اإفريقي كمعيد تأمين Prime Minister Hassan Diab heading a Financial Crisis Meeting إقليمي و في إطار سياسة إكتتابية متا ئمة مع لمياء بن محمود الرئيس المدير العام للشركة ،التونسية إعادة التأمين ورضا هيرتيلي ، مدير الصا بة المالية للشركة وقواعد التصرف الحذر بصفة عامة إدارة اأعمال بطريقة ّتمكن من تحقيق نمو مستدام ومردود ية مربحة. آواخر عام وأحياناً ترتفع درجات الحرارة اأخيرة وخاصة في عام وبداية عام بشدة ويحدث عنها جفاف يضر كثيرا بالمحاصيل هناك بوادر تشدد على مستوى التسعير وخاصة ميز نشاط اإعادة التونسية خال الثاثية اأولى من الزراعية وهذا بأكمله من شأنه أن ينعكس على مستوى صناعة إعادة التأمين فقد شهدت خال فترة سنة صناعة التأمين، أن الكوارث الطبيعية هي من ضمن طويلة من الزمن ركود وتراجع باأسعار مع زيادة اإعادة التونسية تحافظ على تصنيفها ) المخاطر التي تؤمنها صناعة التأمين والتي شهدت في حدة الحوادث ونسبة تواترها، يبدو أن التوجه نحو +( جيد مع آفاق مستقرة، على الرغم من تحديات نسق متزايدا فقد ارتفع كم الكوارث الطبيعية بفعل التشدد على مستوى التسعير أصبح مطلوب. الظرف العام من قبل وكالة التصنيف العالمية التغيرات المناخية. بزنس ایف: لماذا التسعیر المتشدد؟ Bet بتاريخ جويلية هذا فضا على لمیاء بن محمود: على إثر الحوادث الكارثية حصولها في فيفري على تصنيف محلي ب بزنس ایف:الیوم في لقائنا لعام 2019 ، كیف المتكررة وبعد فترة طويلة من ركود اأسعاركان ا - من قبل وكالة فيتش. تجدین إعادة التأمین والجو وسوق العمل؟ بد من إعادة التوازن وهذا بالتأكيد جيد لسوق إعادة لمیاء بن محمود: في الحقيقة، يعتبر لقاء مونت بزنس ایف:أرغب في سؤالك بدایة عن حالة التأمين أنه ليس من صالح ا معيدي التأمين وا كارلو من أكبر اللقاءات المهنية في مجال التأمين، شركات التأمين وا حتى المؤمنين أن تضعف قدرة التغییر المناخي التي یتحدثون عنها هذا العام ويستقطب أكثر من ألفين وثاثمئة مشارك من كل شركات اإعادة أن تواصل التدهور في التسعير ، هل تاحظین هذا التغییر في تونس، وهل أنحاء العالم، ومن جميع اأصناف من معيدي تأمين لسنوات طويلة مع تفاقم في الحوادث من شأنه أن يؤثر ومؤمنين وسماسرة وخبراء ووكاات تصنيف، أي یؤثر ذلك على إعادة التأمین في المنطقة؟ على الصابة المالية لمعيدي التأمين، كما أنه يهدد أن كل العاملين والمهتمين بالتأمين ومجاله ا يتخلفون التوازنات المالية الفنية لجميع قطاعات التأمين حتى لمیاء بن محمود: طبعا ، ظاهرة التغيير المناخي عن لقاء مونت كارلو والتي من خالها تتوضح المباشر منها، ولذلك من مصلحة الجميع أن يرتفع اتقتصر على المنطقة بل تشمل جميع بلدان العالم التجديدات المقبلة وتحديدا عام . التسعير لحدود فنية معقولة. وهو محور وحديث الساعة حيث أن جميع الحكومات بزنس ایف: كیف تجدین سوق التأمین في مختلف البلدان يشغلها هذا الموضوع بإعتبارآثاره بزنس ایف: بخصوص” تونس ري”، كیف على تفاقم الكوارث الطبيعية وناحظه بشكل متكرر وإعادة التأمین حالیاً؟ كانت نتائج النصف اأول من هذا العام ؟ خال السنوات ااخيرة في تونس خاصة على مستوى لمیاء بن محمود: حسب المحادثات والنقاشات لمیاء بن محمود: كانت سنة مرضية الفيضانات وآخرها، الفيضانات التي حصلت في وعلى ضوء الكوارث التي حصلت في السنوات 6 wwww BUSINESS LIFE AUGUST 2020 w مياء بن حمود: رفع التسعر حدود معقولة يصب ي مصلحة سوق التأمن التونسي تصنف وكالة فيتش راتينغ اإعادة التونسية عند 'أأ-' مع جودة ائتمان عالية جدا وآفاق مستقرة.”تونس ري”، حافظت تونس ري على مكانتها في إفريقيا رغم القيود

التقى مراسل مجلة بزنس ايف خال مؤتمر اجتماع سبتمبر والذي عقد مؤخرا في مونت كارلو بالسيدة لمياء بن محمود رئيسة مجلس اإدارة والمديرة العامة للشركة التونسية إعادة التأمين “تونس ري” وتحدث معها عن واقع سوق التأمين التونسي في العام الحالي وأبرز إنجازات “تونس ري” لهذا العام. تم تعيين السيدة لمياء بن محمود رئيس مدير عام للشركة و ذلك خال اجت مجلس اإدارة المنعقد يوم أوت في عام ، تم اختيار السيدة لمياء بن محمود من بين أقوى السيدات العرب. وهي بارزة في قطاع التأمين وإعادة التأمين باعتبارها واحدة من أكثر القادة ديناميكية وابتكارا. تنتهج الشركة التونسية إعادة التأمين “تونس ري” إستراتيجية حذرة لتطويرنشاط الشركة تحت إشراف مجلس اإدارة ولجنة إدارة المخاطر واللجنة المسيّرة. ترمي اأهداف الرئيسيّة استراتيجية الشركة إلى تدعيم موقع الشركة في فضاء انتمائها العربي اإفريقي كمعيد تأمين إقليمي و في إطار سياسة إكتتابية متا ئمة مع لمياء بن محمود الرئيس المدير العام للشركة ،التونسية إعادة التأمين ورضا هيرتيلي ، مدير الصا بة المالية للشركة وقواعد التصرف الحذر بصفة عامة إدارة اأعمال بطريقة ّتمكن من تحقيق نمو مستدام ومردود ية مربحة. آواخر عام وأحياناً ترتفع درجات الحرارة اأخيرة وخاصة في عام وبداية عام بشدة ويحدث عنها جفاف يضر كثيرا بالمحاصيل هناك بوادر تشدد على مستوى التسعير وخاصة ميز نشاط اإعادة التونسية خال الثاثية اأولى من الزراعية وهذا بأكمله من شأنه أن ينعكس على مستوى صناعة إعادة التأمين فقد شهدت خال فترة سنة صناعة التأمين، أن الكوارث الطبيعية هي من ضمن طويلة من الزمن ركود وتراجع باأسعار مع زيادة اإعادة التونسية تحافظ على تصنيفها ) المخاطر التي تؤمنها صناعة التأمين والتي شهدت في حدة الحوادث ونسبة تواترها، يبدو أن التوجه نحو +( جيد مع آفاق مستقرة، على الرغم من تحديات نسق متزايدا فقد ارتفع كم الكوارث الطبيعية بفعل التشدد على مستوى التسعير أصبح مطلوب. الظرف العام من قبل وكالة التصنيف العالمية التغيرات المناخية. بزنس ایف: لماذا التسعیر المتشدد؟ Bet بتاريخ جويلية هذا فضا على لمیاء بن محمود: على إثر الحوادث الكارثية حصولها في فيفري على تصنيف محلي ب بزنس ایف:الیوم في لقائنا لعام 2019 ، كیف المتكررة وبعد فترة طويلة من ركود اأسعاركان ا - من قبل وكالة فيتش. تجدین إعادة التأمین والجو وسوق العمل؟ بد من إعادة التوازن وهذا بالتأكيد جيد لسوق إعادة لمیاء بن محمود: في الحقيقة، يعتبر لقاء مونت بزنس ایف:أرغب في سؤالك بدایة عن حالة التأمين أنه ليس من صالح ا معيدي التأمين وا كارلو من أكبر اللقاءات المهنية في مجال التأمين، شركات التأمين وا حتى المؤمنين أن تضعف قدرة التغییر المناخي التي یتحدثون عنها هذا العام ويستقطب أكثر من ألفين وثاثمئة مشارك من كل شركات اإعادة أن تواصل التدهور في التسعير ، هل تاحظین هذا التغییر في تونس، وهل أنحاء العالم، ومن جميع اأصناف من معيدي تأمين لسنوات طويلة مع تفاقم في الحوادث من شأنه أن يؤثر ومؤمنين وسماسرة وخبراء ووكاات تصنيف، أي یؤثر ذلك على إعادة التأمین في المنطقة؟ على الصابة المالية لمعيدي التأمين، كما أنه يهدد أن كل العاملين والمهتمين بالتأمين ومجاله ا يتخلفون التوازنات المالية الفنية لجميع قطاعات التأمين حتى لمیاء بن محمود: طبعا ، ظاهرة التغيير المناخي عن لقاء مونت كارلو والتي من خالها تتوضح المباشر منها، ولذلك من مصلحة الجميع أن يرتفع اتقتصر على المنطقة بل تشمل جميع بلدان العالم التجديدات المقبلة وتحديدا عام . التسعير لحدود فنية معقولة. وهو محور وحديث الساعة حيث أن جميع الحكومات بزنس ایف: كیف تجدین سوق التأمین في مختلف البلدان يشغلها هذا الموضوع بإعتبارآثاره بزنس ایف: بخصوص” تونس ري”، كیف على تفاقم الكوارث الطبيعية وناحظه بشكل متكرر وإعادة التأمین حالیاً؟ كانت نتائج النصف اأول من هذا العام ؟ خال السنوات ااخيرة في تونس خاصة على مستوى لمیاء بن محمود: حسب المحادثات والنقاشات لمیاء بن محمود: كانت سنة مرضية الفيضانات وآخرها، الفيضانات التي حصلت في وعلى ضوء الكوارث التي حصلت في السنوات wwww w MIDDLE EAST SCAN Algeria Spanish police detained two Algerian citizens in Barce- lona g in an anti-terrorism operation, the local Catalan police force said on its Twit- ter account. The two men were preparing a terror attack, Spanish radio station Ca- K A Z A K H S T A N dena Ser reported, quoting unidentified sources close GEORGIA UZBEKISTAN · ARMENIA AZERBAIJAN KYRGYZSTAN to the investigation. Local TURKMENISTAN police didn’t confirm that T U R K E Y TAJIKISTAN information.--REUTERS TUNISIA CYPRUS SYRIA LEBANON IRAQ AFGHANISTAN PALESTINE I R A N Bahrain MOROCCO JORDAN - KUWAIT The Ministry of Health has A L G E R I A PAKISTAN L I B Y A BAHRAIN held more training sessions Western E G Y P T Sahara SAUDI QATAR and workshops that targeted ARABIA U.A.E. health workers and profes- OMAN sionals, including doctors, MAURITANIA nurses, support services, and YEMEN other specialties. S U D A N DJIBOUTI The courses and work- shops are in line with the Health MInistry’s keenness SOMALIA to ensure the safety of pa- tients, visitors and employ- ees, develop its services and strengthen commitment to the precautionary measures taken by the kingdom to limit the spread of the novel coronavirus (COVID-19).

Egypt culture and land, and determinedly pursu- The medical packages tab on the site Egyptian Foreign Minister Sameh Shukry ing their rights despite the odds, six years offers a number of procedures such as held a phone call with his Russian coun- after the atrocities committed by Da’esh. cardiovascular and orthopedic operations, terpart Sergey Lavrov and outlined Cairo’s She urged Baghdad and Erbil to reach as well as kidney transplants, cochlear stance regarding the current develop- agreement to provide this beleaguered implants, sleeve gastrectomy and other ments in Libya. He underlined keenness community with the tools and the right treatments with the price range appearing on Libyans’ support to the Cairo declara- environment to rebuild their lives. She next to each procedure. Patients can also tion, which builds on Berlin process to said she took heart in the determination choose from any one of 20 different hospi- reach a lasting political settlement to of the many Yazidis pursuing freedom tals listed on the site to receive treatment. crisis, achieve security and stability and and justice for their community. Still, Patients and their companions are root out terrorism. she stated, their ordeal is not over, as the required to undergo a coronavirus test people of Sinjar continue to suffer from in- 72 hours before arriving to the Kingdom. Iran security, the absence of adequate services Once they are on hospital grounds, they Iran is now facing a critical decision: and the lack of a unified administration. will be swabbed for a second time, and two whether to respond to the attacks di- more times 7 days and 14 days after ar- rectly or simply take the hit. Iran might Jordan rival. In the event that someone tests posi- choose not to respond in cyberspace but The government announced evening that tive for the virus, they will be transferred could resort to targeting Israeli interests patients from Arab countries can come to to the Prince Hamza Hospital for treat- outside Israel, as it did in retaliation for a the Kingdom for treatment after relaxing ment, it said. The site informs users on the series of assassinations of Iranian nuclear restrictions on travel that were imposed Health Ministry’s quarantine measures, scientists in 2012. This would clearly put to curb the spread of the coronavirus which include a 14-day isolation period both countries on an even more danger- pandemic. Patients from the Arab Gulf, for both patients and their companions ous path of escalation. Palestine, Iraq, Libya, Algeria, Sudan, either at the hospital or their hotel room, Yemen as well as Cyprus can submit their as well as an additional 14-day period at a Iraq requests on the newly-launched website local hotel.--Petra News Agency The UN Special Representative for Iraq, “www.salamtak.gov.jo”, through which Jeanine Hennis-Plasschaert, commended the request might be accepted or denied Kuwait the Yazidis’ resilience in preserving their within 24 hours, according to a statement. Kuwait’s Directorate General of Civil

8 w BUSINESS LIFE AUGUST 2020 w the implementation of taken decisions, Agreement, Security Council resolutions, and reforms demanded by the interna- and the results of the Berlin Conference. tional community. The Prime Minister This came in a statement by the State confirmed continuous work despite all of Qatar, delivered by the Deputy Prime difficulties, and revealed an encouraging Minister and Minister of Foreign Affairs atmosphere from Iraq, Kuwait, and Qatar. Sheikh Mohamed bin Abdulrahman PM Diab: “We have reports of plans to al-Thani to a meeting of the United Na- block the Government’s work from within tions Security Council on the situation in the administration. Some are making Libya, which was held recently via video contacts to persuade the Arab countries conferencing. not to assist Lebanon”. Saudi Arabia Libya Pilgrims were quarantined in the Muslim Italy’s coast guard said recentlyy it had holy city of Mecca ahead of the dramati- rescued nearly 100 migrants on a “half de- cally downsized hajj as Saudi authorities flated” dinghy off the coast of Libya after strive to prevent a coronavirus outbreak authorities in other countries failed to in- during the five-day pilgrimage. tervene. The coast guard said the inflatable Up to 10,000 people already residing boat was spotted by aircraft in the Libyan in the kingdom will participate in the Search and Rescue (SAR) zone, “without annual ritual starting Wednesday, accord- an engine and half deflated.”“The Libyan ing to hajj officials, a tiny fraction of the authority responsible for search and res- 2.5 million international pilgrims that cue activities at sea did not take over the attended last year. Those selected to take coordination of the rescue operations due part in this year’s hajj were subject to tem- to the lack of naval resources,” the coast perature checks and placed in quarantine. guard said in a statement.-AFP Tunis Morocco Tunisian Prime Minister Elyes Fakhfakh Morocco has reported 178 new confirmed has tendered his resignation to President cases of coronavirus (COVID-19), bring- Kais Saied. ing the total to 14,949, Morocco’s Health This came as President Saied received Ministry announced. The ministry also at the Carthage Palace Prime Minis- said that 56 cases have recovered, raising ter Fakhfakh, Speaker of the House of the number of recoveries to 11,372, adding People’s Representatives (HPR) Rached that the number of deaths remained stable Ghannouchi and Secretary-General of the at 242, with no death reported lately. Tunisian General Labor Union (UGTT) Aviation (DGCA) has lately suspended Noureddine Tabboubi. commercial flights from 31 countries as Oman Fakhfakh said that he had resigned to of August 1 due to the Covid-19 outbreak, The Sultanate of Oman announced re- open up to the President of the Republic as instructed by health authorities. cently, that the Sultanate’s governorates “a new path for a way out of the crisis.” The list involves India, Iran, China, will be completely closed from Saturday, The Tunisian Presidency issued a state- Brazil, Columbia, Armenia, Bangladesh, 25 July to 8 August, as part of the precau- ment saying that the audience had fo- Syria, Spain, Singapore, Bosnia and Herze- tionary measures taken by the Sultanate cused on “ways to overcome the current govina, Sri Lanka, Iraq, Mexico, Indonesia, to prevent the outbreak of the Corona discussed ways to overcome the current Chile, Pakistan, Egypt, Lebanon, Hong virus emerging. The Omani News Agency political crisis, while ensuring that Tuni- Kong, Italy, North Macedonia, Moldova, stated that the closure includes the pre- sia’s supreme interest prevails, the Presi- Panama, Peru, Serbia, Montenegro, Do- vention of movement and the closure of dency said in a statement”, according to minican Republic and Kosovo. all public places and shops during the said Agence Tunis Afrique Presse (TAP). The Kuwait International Airport re- period from seven in the evening until six sumed commercial flights early Saturday, in the morning. During the closing period, United Arab Emirates after five months of suspension due to the patrols and checkpoints will be intensi- Reuters reported that United Arab Emir- COVID-19 pandemic. On June 29, the Ku- fied during the day. Today, the Omani ates Vice President, Prime Minister and waiti Cabinet approved a three-stages plan Ministry of Health recorded 1487 new Ruler of Dubai, Sheikh Mohammed bin to resume commercial flights in and out cases of Coronavirus, including 1159 for Rashid Al Maktoum, announced this of Kuwait Airport starting August 1, 2020. Omanis and 328 for non-Omanis, bringing morning, “the success of the country in the total number of cases registered in the operating the first peaceful nuclear energy Lebanon Sultanate to 69887, 337 deaths, and 46608 reactor in the Arab world, at Barakah nu- President Aoun: “Everything said about cases of recovery. clear energy plants in Abu Dhabi.” the economic situation does not alter our conviction and commitment in working Qatar Yemen to achieve the financial and economic Qatar has confirmed that the only way The humanitarian crisis in Yemen has rescue plan, in cooperation with the to solve the Libyan crisis is to support never been worse, with conflict escalating, International Monetary Fund”. the Government of National Accord and famine on the horizon, the economy in . President Aoun called for speeding up commit to implementing the Skhirat w BUSINESS LIFE AUGUST 2020 w 9

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COVER INTERVIEW Rising to the Educational Mission in Challenging Times

President Rev. Dr. Paul Haidostian addresses economic as well as academic challenges

n October 17, 1955 Haigazian University was established in Beirut, Lebanon by the joint O endeavors of the Armenian Missionary Association of America (AMAA) and the Union of the Armenian Evangelical Churches in the Near East (UAECNE). This eastern Mediterranean institution is a liberal arts university which emphasizes a challenging curricu- lum, good teacher-student relations, and empowerment through the free search for truth. The leadership at Haigazian believes that the free exchange of ideas among people from a multiplicity of ethnic and religious backgrounds is one of the best forms education can take; consequently, Haigazian is home campus to students from 20 countries throughout the world. These students enjoy a student-teacher ratio of 14 to 1 which facilitates the university emphasis on a personalized, meaningful education. Haigazian University offers B.A., B.B.A., B.S., M.A. and M.B.A. degrees as well as a teacher’s Normal Diploma. Its units and courses are patterned after the American system of higher education such that students wishing to pursue M.A. and Ph.D. degrees may be attained include: Business Administration (with emphasis on HOM, MIS, ACC, ADC, FIN, LST), Hos- pitality Management, Human Resource Management, Economics, Arabic, Arme- nian, English (with a literature, language of TEFL emphasis), Biology, Computer Science, Mathematics, Medical Labora- tory Sciences, Psychology, Education, Social Work... For a brief period starting 1992, the name was changed to Haigazian University College before the institu- tion adopted the present name in 1996. English is the main language of instruc- tion, although some courses are offered in Armenian and Arabic. All degrees from Haigazian are recognized by the Lebanese Ministry of Higher Education Interview: and the university is a member of the Rev. Dr. Paul Haidostian, President of Haigazian University

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gelical community of Beirut, to complement its high schools and the Teacher Training needs, had established two post-secondary educational programs: the Teacher’s Train- ing Institute, which was housed in the library of the Central High School and operated from 1948–51, and the Armenian Evangelical College, which held a Freshman Arts and Sciences program under the spon- sorship of the First Armenian Evangelical Church of Beirut. These two entities merged in 1951 forming a Freshman Arts and Sci- ences plus a Sophomore Arts program, and they continued to serve the Armenian Community until 1955, when Haigazian College was established and merged all these programs together. Haigazian College was originally de- signed to function as a junior college offer- ing two years of university-level education. However, a demand for upper-division classes encouraged the institution to de- velop four year programs. The university was first located in the Webb Building, a ten-room house converted for college use. Later, a seven-story building was added. This building was called the Mehagian Academic Centre in honor of Mr. and Mrs. A. S. Mehagian, whose financial support made its construction possible. A grant from Stephen P. Mugar enabled the university to acquire a beautiful historic structure, subsequently named the Mugar Building, to honor the donor’s parents. Haigazian operated under its original name of “College” until 1991. On December 28, 1996, the Ministry of Culture and Higher Education of Lebanon issued decree number 9657, which author- ized the institution to change its name to Evolution and diversity: Rev. Dr. Paul Haidostian, President of Haigazian University Haigazian University. Dr. John Markarian, the first president of the University, served until June 1966. During the years 1967 to 1971, Dr. Gilbert Bilezikian held this American Association of International Col- to the United States, but he chose to stay position; then Dr. Markarian returned to leges and Universities, and the Consortium and continue his ministry. Later, he, along the post until his retirement in June 1982. for Global Education. It is supported by the with many Armenian intellectuals, was Subsequently, the presidency was held by Armenian Evangelical community, and was rounded up to be driven into the Syrian Dr. Verne H. Fletcher until February 1985. In initially established to meet the needs of Desert. Dr. Haigazian died on the way in the the absence of a president, Administrative the large Lebanese-Armenian population. prison of Kharpert in 1921 as the New York Dean, Miss Wilma Cholakian, was respon- However, the university, for day one, has Times reported then. Concurrently, eight sible for the operation of the University been open to all students, regardless of race, Armenian colleges were also destroyed in until August 30, 1995. Dr. John Khanjian nationality, or creed, and has professors and Turkey. Although these aspects of educa- served as president from September 1, 1995, student body from all sections of Lebanese tion and service were brought to an end, until August 1, 2002. On September 1, 2002, society and abroad. the dream continued in the minds of Dr. Rev. Dr. Paul Haidostian became president. Haigazian University is named in honor Haigazian’s descendants and others. The When the University opened in 1955, there of Dr. Armenag Haigazian, former headmas- Mehagian family (Mary Mehagian and Flor- were 43 students enrolled. Student enroll- ter of the Jenanian Apostolic Institute of ence Mehagian-Guertmenian) of Phoenix, ment reached 650 before the start of the Konya, Turkey. Dr. Haigazian was a highly Arizona, close relatives of Dr. Haigazian, civil disturbances in Lebanon in 1975. The respected educator who received his Ph.D. donated capital through the AMAA and present enrollment is approximately 600 from Yale University and returned to Turkey worked hand in hand with Stephen Phili- with a faculty and staff of 150. So far, the to serve his Armenian compatriots. When bosian of Philadelphia, PA, to get Haigazian university has granted the Bachelor of Arts, the genocide of the Armenians began, Dr. College started in Beirut. Bachelor of Business Administration, Bach- Haigazian had the opportunity to escape Prior to this date, the Armenian Evan- elor of Science and Master of Arts, Master of

12 w BUSINESS LIFE AUGUST 2020 w Why is there an Academic Revolution in Lebanon? Rev. Dr. Paul Haidostian, President of Haigazian University

Business Administration degrees in various which were capable of suborbital flight. launched up to 11,500 m, and the Lebanese fields to more than 4,500 students. To be specific, in November 1960, a Army was responsible for the security of In 1987, due to the Lebanese war, the group of Haigazian College students got the launch. In the summer of 1962, two University moved to the Christian Medical together under the guidance of Manoug more rockets, Cedar ll B and Cedar ll c, Were Center in the Ashrafieh district, and classes Manougian (a Math and Physics instruc- Launched to a distance of 20 km. continued as usual. On March 27, 1996, the tor) to form the Haigazian College Rocket Due to the successes of the HCRS new Board of Managers decided that the Univer- Society (HCRS). members joined and a new group was sity should return to its original campus Aspects of the first single-stage rocket formed in 1962, it was called the Lebanese on Rue Mexique, Kantari. On February 16, were assigned to each student. As a result Rocket Society (LRS). 1997, the renovation of the former campus of the lack of required equipment, the The LRS was directed by a main com- began. On October 6, 1997, classes resumed group was obliged to resort to flight testing mittee of six members: M. Manougian of in the renovated and revitalized Kantari without any fuel tests in the laboratories. Haigazian College (Director), Dr. P. Mourad campus to the delight of students and the After a number of failures, the project was of AUB (advisor), Karamanougian of Haiga- community at large. crowned with success. zian College, J. Sfeir (Electronic engineer), Early in July 2001, began the construc- In April 1961, a single-stage solid pro- E. Kai (Engineer geodesist), and an officer tion of a fourth building on the Mugar pellant rocket was Launched and reached expert in ballistics (granted by the Army). property which has a media center, a board an altitude of about one kilometer. With Further tests were planned on design and room, and faculty offices. This new facility, further improvements of the solid fuel construction of multistage rockets. Hart now called the Aharonian Building, became system, a similar rocket called HCRS-3 was supervised the works of the HCRS while Mr. operational in October 2001. The latest ad- launched all the way up to 2,000 m. Manougian was in the U.S.A. Members of dition, a new six-floor heritage building on The Lebanese President, Fouad Chehab, the HCRS at the College were: Hampartzum May Ziadeh Street started functioning in as a result of these experiments, met with Karaguezian, Hrair Aintablian, Hrair Saha- 2011 serving academic and administrative the members of HCRS and granted financial gian, Jirair Zenian, and Jean Jack Guvlekjian. purposes. assistance for the project (10 thousand LL for On November 21, 1962 Cedar-3, a three- The Lebanese Rocket Society which was 1961 and 15 thousand LL for 1962). stage solid propellant rocket prepared by led by Manoug Manougian and consisted a During the academic year 1961-1962, the Haigazian group was launched. It had small group of students from the Haigazian the society worked on two-stage rockets a length of 6.80 m and weight of 1250 kg. University. The society developed into the with further improvements of the separa- After several other launchings, an wider Lebanese space program and it pro- tion system, solid fuel system, and vehicle accident occurred during the summer of duced the first rockets of the Arab World, design. On May 25, 1962, HCRS-7 Cedar was 1964, which hospitalized 2 students, who w BUSINESS LIFE AUGUST 2020 w 13 COVER INTERVIEW

dent of Haigazian University in 2002. After obtaining his Psychology degree from Haiga- zian, he received his Master in Divinity from the Near East School of Theology in Beirut in 1987, a Master of Theology from Princeton Theological Seminary in 1988, and a Ph.D. in Pastoral Theology in 1994 also from Princeton. Concurrently, he is the Chair of the Central Committee of the Union of the Armenian Evangelical Churches in the Near East. Dr. Haidostian is actively involved in the leadership of numerous international, regional, educational, ecclesiastical and ecumenical organizations and institutions. Dr. Haidostian is a prolific writer and speaker and has penned numerous arti- cles in Armenian, English and Arabic. His unique accomplishments have propelled him to impactful heights of respect, admi- ration, and appreciation by all those who have markedly benefited from his visionary leadership and dedicated service. President Rev. Dr. Paul believes that education never stops. Rev. Dr. Paul Haidostian is the affable president of Haigazian University in Beirut. Rev. Dr. Paul Haidostian, a theologian and pastor, comes from a family of educa- tors over many generations. His father, Rev. Lufti Haidostian, was a renewed school principal, his moth, Nver was a teacher, his uncle, Rev. Dr. Hovannes Aharonian, was president of the Near East School of Theol- ogy, and the list goes on. BUSINESSS LIFE exclusive interview with President Rev. Dr. Haidostian gives an insight into higher education outside of How have academic institutes reacted to the protests and Covid-19? Rev. the United States and life within Lebanon Dr. Paul Haidostian, President of Haigazian University all within the context of the Armenian Diaspora. Rev. Dr. Paul Haidostian, the president of Lebanon’s 65-year-old Haiga- later recovered. However, the launchings tiple identities. zian University, talks about Haigazian’s had ended by 1966. The outcome of these Despite the challenges, Haigazian Uni- role in the first-ever launch of rockets in the experiments was not a Haigazian student versity alumni have found many successes, Middle East, in the early 1960s. Haigazian walking on the moon, but more students holding top positions in major companies University will continue to thrive and grow walking into Haigazian’s admissions office. and many government agencies within with Dr. Haidostian at the helm for many One has to realize that nowadays, after the Lebanon. The accomplishments of a Haiga- years to come. Lebanese civil wars and regional turmoil, zian graduate were even documented in the idea of a rocket may not be very pleas- the movie “The Lebanese Rocket Society,” ing, but back in the 1960s when both the which told the story of math and physics BL: President Haidostian, how was Haigazian Uni- U.S. and the U.S.S.R. were trying to reach Prof. Manoug Manougian, who in the early versity established? What is its mission? the moon, Haigazian College was also on years of the University established the Leba- PRESIDENT REV. DR. PAUL HAIDOSTIAN: Haiga- track and put Lebanon and the Arab world nese Rocket Society (LRS) with his students. zian University was formally started teach- on the map of the space race. The LRS eventually prepared and launched ing as a college in October 1955. Even A reproduction of a 1964 postage stamp a rocket called the Cedar IV, which would though about seven years prior to the formal produced by the Lebanese postal service become the first successful rocket launch founding of Haigazian, there were a number to commemorate the 21st anniversary of in the Arab world. A replica of this historic of teacher training programs in the Ras Bei- Lebanese Independence. Depicted is one of rocket now sits in front of the University’s rut and Achrafieh neighborhoods belonging Haigazian College’s Cedar rockets. administrative building. to the Armenian Evangelical Churches of Today, 43% of Haigazian students are Haigazian University’s importance Beirut. They did teacher training programs Armenian with the rest from very differ- to Lebanon and the Armenian Diaspora for Armenian schools. As these training ent backgrounds and religions. Haigaizian and Dr. Haidostian’s commitment to the programs succeeded, it was felt that a lead- University maintains an atmosphere that University and its students are undeniable. ership and teacher training college had to includes everyone and preserves the mul- Rev. Dr. Haidostian was appointed Presi- be established especially that in the forties,

14 w BUSINESS LIFE AUGUST 2020 w dozens of the Armenian schools needed new ently repeat two points, sometimes one scor- board members who happen to be in the teachers to be prepared. The old generation ing higher than the other. One, the serious majority of cases American Armenians had passed, and teacher training for the new academic standards, and two, the real family and often Protestant Armenians but not generation needed an actual college. Thus, atmosphere on campus where people of var- exclusively so. We also enjoy some local Haigazian was started as a college with a ious communities and belongings feel like Lebanese support and a few foundations permit they had obtained actually in 1939. they are under a unifying and peaceful roof who appreciate our mission. Whether it The founding was realized with the twin- of Haigazian, a reality that they rarely find is through special scholarship donations, ning of two forces together; one was a local it in their communities. Both points give small grants, or formal banquets we raise church, the Armenian Evangelical Church us high satisfaction. Repeatedly, students funds mainly for scholarships. in the Middle East, which was the party have told us that when they get down from that needed the institution, but the vision the taxi or they come to Mexico Street, they BL: President Rev. Dr. Paul, with the present prevail- was shared with the Armenian Missionary already feel that they have left behind all ing economic and political hardships in Lebanon, do Association of America in New York which their prejudices and all their groupings, and you intend to have a branch for Haigazian University provided the funding. A beautiful partner- this is a place where they can freely share in the USA? ship was established between Lebanon who they are and what they have. So, what PRESIDENT REV. DR. PAUL HAIDOSTIAN: As early and the Armenian Evangelicals in the USA, is community? Community is not only the as October 2019, when I was at our Board who found the donors and people who had inner university setting at Haigazian Uni- meeting in Los Angeles, there was some the passion who also searched for the first versity. It is not simply the fact that we have discussion about additional or satellite pro- president in the person of a young profes- diversity in the student body. Being diverse is grams or different types of programs outside sor, Dr. John Markarian. This partnership not necessarily a formula for creating com- Lebanon. At the current stage, there are no at Haigazian was mission-oriented, with munity. The fact is that your background is plans, but the discussion will remain open. the hope of maintaining high standards, not the most important aspect when you are The man question is how better we can following the American system of liberal a student at Haigazian University, but the serve the local and global community. The arts, and obviously the language was Eng- quality of your association with the others, economic and other limitations in Leba- lish. These reasons were sufficient for the what you can share with the others, leav- non lead us to think about ways to secure first year incoming students to be a mixed ing prejudices behind and dwelling on the the sustainability of our mission, but our group of students and not only Armenians. positives. Sharing the positives is the caring commitment to Lebanon and its youth in Why? Because it was an American system aspect, the family aspect, which students unwavering. and the language was accessible to all. So in have repeatedly told us they love at Haiga- the first year, 43 students enrolled, of whom zian University. Throughout the Lebanese BL: Why is Haigazian University seen as a neutral one-third were non-Armenians coming from civil strife, whether when I was a Haigazian place for all people regardless of race, nationality, a number of countries as Palestine, Jordan, student (1981-1984) or the president since or creed? Syria, Iraq, and of course, Lebanon. A few 2002, we have noticed that Haigazian has PRESIDENT REV. DR. PAUL HAIDOSTIAN: Haiga- years after the start of this two-year college given the same message to its students, that zian University comes out of a religious focused mostly on humanities and the social the typical divisive Lebanese politics should theological understanding, which is prot- sciences, it was felt that this would turn into remain out of the campus, and we have been estant. In Protestantism, the main value is a regular college, with other core sciences to criticized about it sometimes. Political par- the dignity of the human being vis-a-vis the be added. Eventually in the sixties, the suc- ties have wished that people who belong to generalized wider picture. There is a value cessful business programs were introduced. their groups would also be vocal represent- system that focuses on the elevated value The initial purpose which was teacher ing their political parties at university, and the human being receives through the work and leadership training, and this has been this is often presented as a value in many of Christ, the incarnation and the salvation maintained all throughout our history, but people’s mind, and this I respect. However, that follows. The dignity of Christ is to be its meaning has expanded and widened. at Haigazian U. we tell them: “Real Lebanese seen in each human being. Our types of Haigazian developed into an Armenian politics should constitute matters of the institutions have a philosophy and theology Evangelical run city university with its economy, the environment, citizenship, and that sustain them. In the name of Christ, American style and fully Lebanese com- the law. Politics on campus means education each human being is valued and dignified. mitment. in curricular and extra-curricular ways. There was Armenian presence in in Lebanon Being active, therefore, is though positive since many centuries, however the larger BL: Is President Markarian still in the USA? activity in clubs or classes, but not in the numbers came around 1920. When the Ar- PRESIDENT REV. DR. PAUL HAIDOSTIAN: President sense of repeating the divisive politics of menians came out of a genocide experience, Markarian just celebrated 103 years of his the country on campus life. To conclude, having learnt from their pain and from their life. He is still in the USA, and our wishes to bring one’s own unique background may loss, the whole attitude of the Armenians for long years to him! May God continue to add something to the campus, but it is bring- was to make sure that they play a role and do bless him and his wife, Inge who reside in ing that uniqueness or identity to fellowship their best in the country where they became Pennsylvania. with the others that should have priority. its citizens and they adopted as their new homeland. This whole Armenian approach BL: Rev. President Paul, what does community life BL: Who is supporting the university nowadays? to the new homeland- to Lebanon was com- mean In relation to academic life? PRESIDENT REV. DR. PAUL HAIDOSTIAN: The ing out of that painful history which was PRESIDENT REV. DR. PAUL HAIDOSTIAN: I think I major supporter of Haigazian University translated into many institutions such as should share with you one of our findings is the Armenian Missionary Association of Haigazian University. Also, by living out a from the exit surveys we do with our gradu- America. Basically, I would say that the ma- peaceful and constructive life. There is a his- ating students every year. When we ask jority of the support we receive is from the tory of pain in universal magnitude, but that “what did you see that was most valued for Association in the USA, the S. Philibosian pain, in the Armenian case, was translated you at Haigazian University?” they consist- and Conte Foundations, and the Haigazian into life, commitment, and coexistence. w BUSINESS LIFE AUGUST 2020 w 15 COVER INTERVIEW

BL: The Armenian Evangelicals had eight colleges Joana Hadjithomas and Khalil Joreige, called the story of the rocket. They said, “Is this in the Ottoman Empire before the genocide, and the “Lebanese Rocket Society” brought really true or someone is exaggerating the 250 high schools. All were destroyed, would you back the forgotten history of a promising story.” I didn’t feel that the government or elaborate? Lebanon. One of the virtues of the Haigazian officials were ready to see the beauty of PRESIDENT REV. DR. PAUL HAIDOSTIAN: From Rocket Story is that very quickly a localized that project in the early 60s and its heritage. the mid 19th century and on and with the small Haigazian project became a unifying Maybe it was too long ago, and in Lebanon, help of the mostly American Protestant pride for Lebanon. That is rare and precious. our memory is highly selective, and it is Congregational and Presbyterian mission- In this beautiful story in a tiny institution highly utilitarian, so people don not see how ary activity, significant educational institu- with a humble budget, within two years it can be politically or economically utilized tions, girls’ schools, colleges, high schools, their secret had become a national project. now. Valuable aspects of past history may or orphanages and theological seminaries Their pride had already become Lebanese. may not be remembered in any significant were established. In most of these institu- In the beginning it was called the “Haigazian way. Some good publicity was made about tions, Armenian evangelicals were on the College Rocket Society” but very quickly it the documentary, but memory is a strange faculty and the staff, and the ministry of shifted into the “Lebanese Rocket Society” power, and in Lebanon, we are highly selec- the Armenian Evangelical Church (founded with the Lebanese Army joining the efforts. tive. In fact, in Lebanon, and now on social in 1846), was identified by its educational That is a remarkable story. We have lessons media, I noticed that we are usually very efforts. With the Armenian genocide, and to learn. eager in being pessimistic about the future the forced deportations, almost all of these and being negative about our past. I believe institutions were lost. Some American BL: How in 1960, five years after its establishment, this is a sign of mass depression. Since the missionaries stayed behind in few of these the rocket project was established in order to par- present is not honoring us, we either mourn institutions, but the majority either closed ticipate in the space race? the past, or bury the future. down or changed their character. With the PRESIDENT REV. DR. PAUL HAIDOSTIAN: Yes, the loss of a major educational heritage, the vision of the teacher who was leading this BL: What is your view on rocketry in the Middle East? Armenian Evangelicals felt they had lost effort was not simply to keep the students PRESIDENT REV. DR. PAUL HAIDOSTIAN: Rock- part of their soul. It is no surprise, therefore, busy. He was dreaming and they were also etry in the Middle East has become such a that the founding of such an institution of dreaming of doing something that would military term, and such a reminder of wars higher learning as Haigazian University, was compete with the advancing world, that is, and lack of peace. If you conduct and on- a recovery of some of the mission and the the space race, of course, between the US- line search for rockets and the Middle East dignity. Haigazian was not to simply add SAR and the USA …. It was the new science, it today, you see everything but science, you to the number of colleges of Lebanon, but was the new thing, it was the future, and the see everything but progress, you earth but to recapture a critical mission that was lost, small group of ambitious people in an ambi- not space. So, the whole issue of rocketry in and an educating soul. tious college, dreamt of joining the bigger the Middle East has been colored with wars. markets, which is very particular. Today, in That is why in the film and in our garden, BL: What about Haigazian University and the Leba- many businesses, people try to evaluate the the replica of the Cedar Rocket is painted in nese Rocket Society? markets and their material resources. That white, or it is a white rocket. It is a peaceful PRESIDENT REV. DR. PAUL HAIDOSTIAN: The most is probably wise. People try to look at their rocket, a rocket of peace. This is what also attractive point for me in this is the fact resources materially, physically, and then what the documentary film wanted to pro- that the Rocket Society story started only try to draw projects. In education, the main mote. By the way, there is a second copy of five years after the founding of Haigazian recourse is the eagerness to learn, to change, this rocket replica was also installed at the University with a very small student body, to initiate, and the eagerness to break new Sharjah Art Foundation in the UAE. with very limited budgets, and with very ground. That is the capital you have in The focus of science has to be peace. few people involved. Professor Manoug education. For example, it is the question We know that science is often used for Manougian was this young physics teacher mark that you focus on in education. You destruction, wars, injustice, unfair competi- who started the Rocket Club at Haigazian in don’t simply focus on all the answers that tion, hegemony and harm. This is also how 1960. He only had a bachelor’s degree when are already there, and these people in the people think about rockets. he started it, with some of the students who Rocket Society wanted to join the world in were not even aware of the level of impor- the space race not with resources, not with BL: Don’t you think that the rocketry subject is an tance of what they were developing. They history, not with the institutional strength, example of how Armenians and other minorities were genuinely excited about it, but they but with the eagerness to reach to the skies, integrated into the fabric of Lebanese life? did not necessarily know where this would to reach to the wider world, and I think that PRESIDENT REV. DR. PAUL HAIDOSTIAN: I believe lead them. The main lesson we learn is that is a very powerful mission of any institution that as early as Armenians had started cre- when you have a vision that makes you of higher learning. ating educational and social institutions work hard your small size, and the lack of in Lebanon, and as early as the Lebanese budgets will not stand in the way. Now, that BL: President Paul, don’t you think that it is high Armenians went into industry, fine arts, is very particular because we are not talking time for Lebanon’s government to recognize the sports, banking, architecture, engineering, about a huge university. It was a couple of efforts of Professor Manoug Manougian by offering medicine, and handcrafts, they already hundreds of students some of whom were him an award? immersed themselves in the major veins from different villages and simple families, PRESIDENT REV. DR. PAUL HAIDOSTIAN: Professor of the diverse Lebanese body. They went but they were put in the right place and they Manougian was here a few years ago; he directly there, and confidently so. And if were given the right encouragement and visited Lebanon for the documentary film someone thinks about society, one should opportunity. Their limitations did not stand launch and there was some media interest say, “How could a community, individuals in the way. And then from 1960 to 1966, the in this topic, but honestly, I did not feel that and families contribute to the positive devel- story developed, and I am very happy to say the interest was high enough, I also received opment of a society and of a country?” The that the documentary that was prepared by phone calls from people who didn’t believe case of the Armenian community has been

16 w BUSINESS LIFE AUGUST 2020 w Transforming the educational system amid Covid-19:Rev. Dr. Paul Haidostian, President of Haigazian University

clear in many domains. So, the Armenians done for a political purpose. It was not like a tional institution which resembles the Lebanese and other minorities who went into these minority saying, “Let us do this. So that one fabric? domains, maintained the strength of Leba- day, we may enjoy some benefits.” No. They PRESIDENT REV. DR. PAUL HAIDOSTIAN: Yes, es- non in the fifties and in the sixties and early did it because of who they are, because of pecially when you look at our student body, seventies. The Lebanese Armenian activity how they do things. And the whole society you notice that young citizens of all belong- was not for any specific agenda. They were benefited, including themselves. I believe ings and regions in Lebanon are all present being themselves, true to Lebanon, and to that there was a major affinity between at Haigazian University. Of course, we are their identity. Throughout the twentieth what Lebanon is and who the Armenian also proud that about 42% come from the century, Lebanon and the Armenians com- are. There was a love story, and this is not different Armenian communities, but that munity developed a very positive story of an exaggeration. Even Armenians who lived is not our only pride. So, yes. Haigazian Uni- participating effectively in the rich culture in other countries with no connection to versity is bringing together all these people and business of the Lebanese fabric and the Lebanon, and who had never stepped a foot who otherwise would remain distant. The society at large. Now, is this something that on Lebanon, they all loved Lebanon. Why? same is true with the faculty and the staff. Armenians in Lebanon did as a minority, Because the Armenian Lebanese story of You notice that it is an educational that or because they are a minority? No. They genuine development was told in a very educates all. But I think, as I said, it is not the did because they were truly genuinely in eloquent way. statistics that I care about. When someone love of their society, their country, and do from any region or any social fabric, or any whatever they did naturally. It was not BL: Is Hagazian University a multicultural educa- economic or any religious beliefs comes w BUSINESS LIFE AUGUST 2020 w 17 COVER INTERVIEW

are doing a tremendous job with refugees and displaced people not only in Lebanon, but also in different countries where they’re serving the global community. When we speak about our graduates, I would not focus on recognizable names in government positions, but on effective people ho humbly serve and efficiently lead. In fact, they may be unknown soldiers, not generals, and not in the high positions. I think serving society in its real needs and in a positive and ethical way; these are the stand- ards. The rest for me is details. And then we have people who have reached prominent positions, and we are proud of them too of they have kept the ethics and the humility to serve as key values.

BL: Haigazian University will continue to thrive and grow with your leadership at the helm for many years to come, would you comment? PRESIDENT REV. DR. PAUL HAIDOSTIAN: I came to Haigazian University in 2002 for an initial three year term, and then I asked the Board of Trustees at a meeting in New Jersey at the interview that I wished for a short term con- tact. “Why only three years?” I was asked. At that point, I was 39 so I said, “I’m too young, I will not want to stay for long years and then not find enough reasons to quit; or the Board may feel like I should leave but not find enough reasons to me to go.” I would have never imagined that I would complete 18 years of this mission. I have sometimes felt that I should move on, and have already seem almost all of the Lebanese universities Educational opportunities: Rev. Dr. Paul Haidostian, President of Haigazian University witness quick changes in the presidential positions so why not in my case as well? I believe that I am a mission-driven person, and also believe in God’s calling, and have to Haigazian University, does he/she feel and teaching professions. Globally speak- stayed and am glad I have done so. respected as a human being? Did they get ing, we have graduated a very high number I am not at Haigazian University because his chance, like valuable human beings, to of prominent educators, professors, and re- I need a career path that satisfies. I am here get a solid higher educational experience? searchers, including writers. Why? Because, because I am thoroughly consumed by the I think that is the most important question. as I said, teacher training was a key strength mission and uniqueness of Haigazian Uni- For me, this question is more important than at Haigazian University, and still is. So, we versity. As long as I can serve, I think as long statistics, and public relations. Yes, we have have school principals, university deans, and as I feel that I can serve the right mission, I’ll everyone, but how is everyone looking at college professors from Haigazian University be interested. And as long as the Board feels this experience, how is the student being who have excelled in many countries. that I am doing what I should do. Of course, enriched, their horizon widened, they heart The second area, which is about half there’s always two sides of this. But I’m very softened, their mind sharpened? I think that the student’s body of Haigazian, is business proud of Haigazian University… I will never is our focus. It should remain to be our focus. and economics. So, managers, bankers, and be satisfied with what we do, of course. I auditors were prepared. And then, we trained think we have many areas where we can BL: Is it true that many Lebanese governmental politi- many in the sciences. I mean those who improve. It is not that Haigazian University cians graduated from Hagazian University? went into Ph.D. programs in the sciences in is doing well because the whole world is PRESIDENT REV. DR. PAUL HAIDOSTIAN: Usually, Lebanon or elsewhere. Some graduates went not doing well, while we did better here and graduates of universities reach their profes- into politics as well. there. No, I think we still have lots of things to sional positions based on the types of major The third domain is also very critical and grow in and to change. I have also learnt that that the university has, the type of back- we are proud of our graduates in that field as in any university setting, you never get there, ground they have, what family they grew well. It is Social Work! We have given to the you are never satisfied. You have to adjust up in, what personality they have, etc. Now, world many social workers…and leaders of every year, you have to change every year, there are a number of domains where Haiga- NGOs. I’m very proud to say that even as we and you have to grow every year. You have zian University graduates were seen more speak, in UN or other NGO institutions, we to realign yourself with the rest of the world than in others. One was in the educational have a large number of our graduates who every year, which is a constant challenge, but

18 w BUSINESS LIFE AUGUST 2020 w you also have to distinguish yourself every impossible. I believe that injustice may have societies, and religion is abused to create hell year. I will never get to a point where I will many responses, mine would be human on earth, and distancing from heaven. I am say, “Well, I worked for so many good years dignity… it may be an unlikely response to sad for these countries… By the way, we still and now let me take it easy and things will injustice. When you commit and injustice have potentials. I am still hopeful because in go smoothly.” They will not go smoothly. to me, and I lose my dignity and I respond our countries and in our societies we have A university is a very dynamic institution; without my dignity, then I am lost in my potentials which would take up the oppor- it follows the ups and downs of the global war. And the world will not take care of me, tunities when we can. Both in Syria and in society. So that will keep us busy. will not pay attention to me. We need to Lebanon, I think we have put potential in This is very demanding. No one should be strong and dignified whoever we are, in the cultures of the people which hopefully envy a university president, by the way. Not each group and in each country… We have will lead to some change whenever there is at least universities of our type, which are to keep our dignity… then people should an opportunity. As educators, we will also not-for-profit. We are not here for material respect this… should listen to our issues… work as if the future is bright, and it will profit; we lose money, we work with deficit Peace is only possible if these types of men- be bright at least in some of the minds and budgets every year, then we try to see how talities are changed. Peace is not simply the lives we will impact. In education, we learn to do well even though the budget has a lack of resolution of past issues… peace is a to be humble. We cannot change the world deficit and so on. So it’s very demanding, but whole program… it is a value system and it wholesale. We work a person at a time, and also very gratifying for the mission aspects is mentalities… I believe there are individual then, there is hope. that heal us. people… for example, who don’t even have peace within themselves, or within their BL: What is your view on Lebanon’s US$ floating BL: Is the Lebanese government making the neces- groups… Why should I expect them to have exchange rate? When will this problem end? How sary contributions towards Lebanon’s educational peace with me? They don’t even have peace is it affecting the educational system in Lebanon? sector? What are your suggestions? within themselves… Therefore, we should PRESIDENT REV. DR. PAUL HAIDOSTIAN: I think PRESIDENT REV. DR. PAUL HAIDOSTIAN: No. start within ourselves… within our groups… there are a number of longstanding eco- Unfortunately, it’s too clear. I think that within our nations… within our countries. nomic and financial problems in Lebanon… there are many missing links between the Only then would peace be possible. There are a number of key problems, not educational institutions of Lebanon, the only in economics. One of the problems… private sector; that is, the school systems, BL: What are your insights into the Lebanese and I will start there… more than the exchange and specially the private higher education, Syrian situation economically and politically? rate problem that I am sad about is the loss non-profit sector, and the official sides… I PRESIDENT REV. DR. PAUL HAIDOSTIAN: First, of trust in the banking system in Lebanon. think there are many gaps. There are many our countries, Lebanon and Syria, are lost That hurt me personally more than other missing links between the successive minis- in the quagmire of the different types of aspects of economic failure. tries of education and these institutions. I’m the charged agenda in the larger world. For Well, the fluctuations in the exchange not saying that institutions should know example, in one discussion in the Eastern rate hurts the economy, the family, the coun- more than the government would know, Mediterranean, there is the petroleum try and the individual. We will be able to but I’d certainly say that private institutions, discussion…In another, it is the fact that the adjust whenever it is possible to find stabil- especially the private higher education in- concepts of governments, the rule of law, ity of the Lebanese Lira. My worry is about stitutions that follow a sense of mission and and the precepts of citizenship are not real- the re-establishing the trust in the banking value have a wealth of experience, a wealth ized in many of our countries in the Middle sector. Now, the exchange rate fluctuations of knowledge about education, about Leba- East… they simply do not. Our societies often created a mess in the university accounting non, about higher education, from which dilute issues and are conflict driven. What system in our payments, in our budgets, the Lebanese government does not benefit. is good governance? What is good citizen- we’re highly concerned and impacted… I ship? What is good independence? What is mean on the one hand, we draft our budgets BL: Is Peace possible in the Middle East? good development? How to put the young in the US dollars but student payments are PRESIDENT REV. DR. PAUL HAIDOSTIAN: Our Middle Eastern potential into productive in the Lebanese Lira. This is a wait and see memory in the Middle East is always work? So for all of these and other reasons, period financially, and we will see what can wounded and remains wounded and we we cultivate our fertile ground for all sorts be adjusted and when? We are trying to have deep wounds in our memory. Why? of old and new conflicts in the Middle East. freeze any changes in our financial numbers Because where injustice is taking place and I think that Syria and Lebanon are dismem- waiting for this issue to settle. We will han- continues to take place against peoples, bered and their societies and economics and dle it, but I think the key is to re-establish against nations, against groups, against in disarray for both internal and external trust with the banking system. The sooner lands… injustices are either denied or they’re reasons. I am against using one part or the the dilemma of the exchange rate is fixed replaced by new injustices. Even the ones other part of the blame game. Some of our the easier it will be for us. The key value is who demand justice in the Middle East, problems are purely internal and some of to keep supporting our students as needed I feel, do not find the right approach, to our problems are external and some are and deserved, and at the same time securing respond to the injustices. They’re lost. I mixed. Imagine in the Middle East and in the welfare of our staff and faculty, thus the think the Middle East is in the hands of the our countries, we even have enormous prob- whole balance. bigger and wider powers of the world. So the lems inside every group. It is not always the people in the Middle East are lost in their other…the other outsider and the other one BL: What are the challenges and problems of injustices and they’re sad and bewildered. in the country. Whether Lebanon or Syria… Lebanon’s educational universities and schools? So, is peace is possible? In theory yes. But even within our own countries we have our PRESIDENT REV. DR. PAUL HAIDOSTIAN: It is the the mechanisms of being bought and sold own issues. So, because of these pressures, fact that universities like ours have foreign by powers, by choosing to follow foreign we are lost in too many agendas in a region currency expenses. Part of our expenses are powers right and left, or isolating ourselves which is charged. On the other hand, natu- in the foreign currency, and abroad. Tuition in small groups, all these make just peace ral resources are used to weaken human will have to be paid by Lebanese people in w BUSINESS LIFE AUGUST 2020 w 19 COVER INTERVIEW

ious and who will be a long time before people will be comfortable with each other. So this is one point. The second point is that when travel is limited, and universities have to do international work, the academia loses. We host conferences and we go and present papers in conferences that will be changing, and some online versions will bring partial solutions. Covid-19 is here to stay, at least l for a while. So, as al of life will change, so will university life.

BL: What are you plans for the year 2021? PRESIDENT REV. DR. PAUL HAIDOSTIAN: The new plans… I think for now, we will try to solidify our grip on online education… training, certifications … we need to be more comfort- able with this. We’re spending the next few months re-visiting this issue. Other than that, I should say that 2020 is our sixty fifth anniversary; so we cancelled the traditional celebratory programs and are replacing them by more creative celebrations, mostly online. Our main plan should be to put our seatbelts on, and drive the educational vehicle very carefully, and patiently.

BL: Why did you choose the educational sector? Beyond the quest for social and educational sustainability: Rev. Dr. Paul PRESIDENT REV. DR. PAUL HAIDOSTIAN: When I Haidostian, President of Haigazian University was 16, I knew I was interested in theology and I knew I wanted to go to some pastoral the Lebanese Lira which is devaluating, so education brought some strength for some work; I wrote a letter to our church authori- are everything in the economy of each fam- students in ways that the classroom experi- ties and I said; “I want to go into theology ily and institution. Huge financial gaps are ence was not bringing. We are glad we could and Christian Ministry; however, I want to being created on all levels. If we increase move our platforms online and there were be in the educational ring of the church.” tuition fees, students will be tremendously some successes in this way of teaching. Why? Because even then I could not im- disadvantaged; and if we keep the tuition Some people did better online. The same agine myself doing anything but educa- as is in Lebanon today with this currency was true about faculty. But others who pre- tion. In the example of my father, mother, exchange rate and all that, we will not be viously worked well, could not cope with grandparents, aunts, uncles, cousins, most able to meet our financial challenges and the online changes. Online education will were either in education or church work, or make our payments and work on resolving not replace the face-to-face education. We’re medicine or law. I was a people’s person… our issues. So, it is a very confusing reality losing the sense of community; we’re losing I was a communicator always… and all my and we will need external support in some the sense of “we do things together… people family history was education and the ser- way. In our case, I hope that we will be able learn together”. These senses… I believe that vice fields… I felt that this is the only thing to do better so as to survive in a good way. I people learn with all the senses together; that’s there. should mention here that I am not hopeless not with some of the senses. So there is a and we have the resolve to face the chal- loss. Some materials are taught well online BL: What about the evolution of today’s students lenges and meet that needs of our mission. and even better than in other ways. So it is and how can you compare them to the previous It is also a matter of faith for me personally an experimental phase for now. And then generations? to face the multiple crises at the same time. there are ethical matters, cheating increased, PRESIDENT REV. DR. PAUL HAIDOSTIAN: Today’s What do I know about next year? Not much. attention problems increased, online anxi- student is direct, transparent, untraditional, At Haigazian University we have a spiritual, ety increased. But some people felt more widely informed, and well-connected in academic and moral capital and we have a relaxed learning online as well. more ways than any time before. The world good name… I am trusting God of course; of opportunity is before them. But today’s but I am trusting that we have a resource BL: How far did Covid-19 affect the educational student is also anxious, unfocused, lacking and a capital that’s a good name; it’s a good system? Is there any light in the near future? clarity on meaning and value matters. The history… it is s serious history… it’s a quality PRESIDENT REV. DR. PAUL HAIDOSTIAN: The main lack for today’s student is the ground issue… I am basically capitalizing on this for covid-19 issue is that students, faculty and on which they will or may stand. The next year… staff became more anxious about each other ground is shifting, and the risks ae many. and about themselves than before. The uni- Therefore, we have to accompany them BL: What are the limits and advantages of online versity is about bringing people together, patiently and confidently, and provide a education? but the university may be bringing together good example and company. PRESIDENT REV. DR. PAUL HAIDOSTIAN: Online people who are nervous and who are anx-

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www.almashrek.com.lb www MANAGEMENT AND FINANCE LEBANON Lebanon’s Electricity Sector: Lebanon in the Dark Lebanon’s Electricity sector needs an immediate action plan and a new approach based on transparent and efficient governance

idespread electricity blackouts have described how Lebanon has failed lasting up to 22 hours per day to reform its dilapidated electricity sector are crippling Lebanon. The and is now failing to seriously tackle the W blackouts are caused by fuel economic crisis. As a result, basic rights of its shortages. Fuel, like almost everything in residents are being violated on a daily basis. the country, is imported. But supplies were Lebanon’s electricity sector is both a badly disrupted after a shipment of faulty main symptom of our dysfunctional power fuel had to be returned. The economic system and a key contributor to the eco- crisis has also made it difficult to finance nomic, fiscal and financial crisis. Successive additional fuel shipments. governments have failed to properly address Hello Darkness: Protesters hold up placards in frontont of the Lebanese electricity company headquarters, in Beirut, Lebanon,Rafael Y Lebanon’s biggest public hospital and the issue, with the current Government be- main Covid-19 treatment center has had to ing no different; we have not realized any of corruption. close some operating rooms and turn off all change or diversion in the policy-making Solutions exist, but will require an in- air-conditioning in offices and corridors to and governance pathways of the energy dependent government capable of carrying ensure wards and intensive care units can sector to regain part of the Lebanese people’s out the necessary reforms and allowing for be cooled. Fuel shortages at switchboards trust or any concrete proposal that tackles proper oversight and participation. caused cuts to mobile phone coverage last their daily concerns in this regard. The needs of Lebanon’s electricity sec- week, and the national telecommunications As Lebanon faces an increasing down- tor have been extensively studied, but the company, Ogero, warned that internet cover- turn in electricity supply, a decisive two- political will remains the key missing in- age may be disrupted or even cut in some ar- pronged approach is needed: short-term gredient in implementing the most suitable eas. Some streets and homes across the coun- measures that mitigate the impact of the solutions. It has become evident, however, try are pitch black, and local businesses that current financial crisis on citizens’ access that the current political establishment is cannot afford private generators have closed. to electricity services must be enacted, and neither capable of enacting real reforms Lebanese are no strangers to chronic comprehensive proposals that structurally nor willing of managing important files to power cuts that usually last three to six reform the sector. overcome the major economic crisis that hours per day, and the private generator Inefficiencies in the sector over the last Lebanon is facing. A rapid political transi- sector has been filling the gaps in the gov- 20+ years have been very costly at all levels. tion is therefore urgently needed. ernment’s electricity supply. But generator The sector’s annual financial losses were Successfully reforming the country’s owners, now struggling to find fuel them- estimated at $150 million in 1996; back electricity sector will also require the selves, have hiked their prices, making them then, around-the-clock electricity supply highest levels of transparency, access to unaffordable for families already suffering was provided until late 1990s where the information and public engagement. It from the economic crisis. Other operators government decided, prior to Paris I, to is worth noting that the framework for have restricted electricity supplies to house- restrict capital investments due to lack of salvaging the electricity sector will also holds, forcing families to choose between fiscal space. In 2018, annual losses reached require significant financing needs; these operating a fridge or a washing machine. $1.8 billion. Today, Lebanon is facing inad- will become available as part of an over- Others turn off their generators for several equate electricity generation capacity, roll- arching macroeconomic and financial hours – usually at night – making it difficult ing blackouts, and reliance on expensive and stabilization and rescue plan that restores to sleep in the sweltering heat. polluting private diesel generation. confidence and encourages investment. The blackouts have caused a rapid dete- This huge drain on the country’s fi- The future of Lebanon’s electricity sector rioration in living standards. nances is mostly due to: should be rooted on a greener model. The blackouts are not just a nuisance. For high generation costs (primarily due Today, Lebanon has an opportunity to many they are a matter of life or death. The to continuing reliance on temporary gen- immediately leapfrog into the green energy parents of a 9-month-old sick baby who gets eration solutions, such as the power barges, revolution by leveraging its current natural his medication through an electrical device and consuming expensive heavy fuel oil renewable resources (sun, wind and water) took him to an electricity company in north and diesel oil instead of gas for the existing in order to generate sustainable electrical Lebanon asking that staff connect the ma- power plants) power. This will require an immediate ac- chine there, as they had no power at home. the sector’s operational inefficiency tion plan to manage the electricity sector Electricity access is necessary for many (primarily due to high network technical in the coming months and a strategic vision basic human rights, including the right to losses, non-technical losses and billing/ for the next 20 years that opens the door for health, to food, to information, and to an ad- collection challenges) a new energy model, which would have equate standard of living. Numerous reports lack of proper governance and the cost greater reliance on renewable sources than

22 w BUSINESS LIFE AUGUST 2020 w ont of the Lebanese electricity company headquarters, in Beirut, Lebanon,Rafael YYaghobzadeh via AP Images

current projections. investment in its infrastructure. But unless a missed opportunity to do so . This new strategic vision also needs authorities implement a credible macro- It is crucial to immediately apply Law to rethink the future structure of EDL to fiscal-monetary plan, public debt and bank 462/2002 without amendments and prepare provide a more reliable, secure, smarter, restructuring, no external financing will be the required secondary legislation that may competitive and flexible transmission and available for these projects. be needed. This must include the appoint- distribution system required to meet the 2.1 – An intentionally poorly imple- ment of an autonomous and independent challenges of the energy transition. mented regulatory and legal framework Electricity Regulatory Authority. 1 - In the short and medium term, the cri- weakens the ability to efficiently develop the To strengthen the governance of the sec- sis facing Lebanon and severe shortage in US sector, and instead enables special interests. tor, direct negotiations that do not abide by dollar supply are a game changer on all fronts. The electricity sector is governed by Law international public procurement standard Lebanon’s economy is now in a situation 462/2002 that seeks to regulate and enhance procedures must be ended, and all procure- of sudden stop; with a slowdown in private the sector’s productivity. This law has never ment operations should be made through a capital inflows into the economy, and a been implemented. The appointment of an solid procurement framework. Legislations sharp decrease in output, private spending independent Electricity Regulatory Author- that address the renewable energy sector, , and real exchange rate depreciation. As ity was continuously postponed, and the energy efficiency and energy conservation Lebanon faces an accumulation of inter- Council of Ministers was granted by Parlia- must also be adopted. related political, social, economic, financial, ment, upon the proposal of both Ministers 2.2 - Lebanon’s generation is inefficient sovereign default and environmental crises, of Energy and Finance, the authority to grant and does not meet the country’s demands. the energy sector stands to be hit badly. licenses until the appointment of the ERA. Current government propositions are based The drop in dollar liquidity & inability This allowed authorities to avoid proper on costly and outdated plans. of BDL to continue supporting imports for oversight and independence, and insured The World Bank has recently commis- much longer will lead to rationing electricity their dominance over all electricity deci- sioned EDF to conduct a Least-Cost Genera- at the national level, with private generators sions. New amendments to this law were tion Plan (LCGP) for Lebanon. This is the no longer being able to fill the EDL gap due recently submitted to the CoM which trans- first of its kind in 30 years as it evaluates how to a decrease in their access to dollars, and ferred them to a ministerial committee; they Lebanon can optimize its energy production, subsequently, fuel requirements. As such, aim at limiting the role and mandate of the minimize costs and reduce pollution from it has become crucial to manage both fuel ERA and keep it under the Energy Minister. fossil fuels, based on technical, economic imports and the peg policy, within a clear Projects that have been undertaken via and environmental grounds. The study strategy that takes into account dwindling the Ministry in recent years have also been recommended to significantly increase FX reserves and in a manner that does not shrouded in opacity and oftentimes breach investments in green energy projects, and affect vulnerable groups or limit citizens’ transparency legislation or international to rapidly ramp up green energy generation. and business’ access to electricity needs. best practice standards, in ways that rein- 2.3 - The country suffers from a highly As for investments in the electricity sec- force the clientelism and corruption tied to inefficient transmission infrastructure that tor, the crisis means that securing internal the sector. Case to point, on July 7, 2020, the hasn’t been updated in over 20 years, and suf- financing is and will remain out of reach Council of Ministers appointed six out of fers from technical and non-technical losses. in the short term. Financing will be impos- seven members of EDL’s Board of Directors. 2.4 – The distribution of electricity sible to secure for IPPs since investors will At a time when the government should be services suffers from numerous technical be reluctant to invest in such a high-risk focused on restoring confidence and cred- and non-technical losses, stemming from a environment. Lebanon’s options are bilat- ibility to the sector, this long-awaited ap- grid and metering scheme that is in need of eral or multilateral credit lines for public pointment of EDL’s board members proved modernization and enhancement. w BUSINESS LIFE AUGUST 2020 w 23 MANAGEMENT AND FINANCE | KINGDOM OF SAUDI ARABIA IsDB Group Private Sector Action Response to COVID-19 •

• a robust development of their entities. H.E. Bandar Hajjar, President of Is- lamic Development Bank Group (IsDB • Group) stated “The IsDB Group is tire- lessly working to alleviate the impact of COVID-19 on the economies and people of our member countries. The IsDB Group’s response package consists of US$ 2.3 • billion, which includes US$ 700 million from our private sector entities (ICIEC, ICD and ITFC). We aim to mobilize every dollar we can. The collaboration between the IsDB Group private sector entities and UAE Ministry of Economy and AIM • through the online initiatives will sig- nificantly increase the Foreign Direct Investment inflows into our member countries which will definitely help in achieving the SDGs” Inauguration ceremony: Dr Bandar Hajjar, President of IsDB Group; H.E. Nevin Gamea, Honorable keynote speakers such Minister of Trade and Industry, Egypt; Ayman Sejiny, CEO & General Manager of the as H.E. Nevin Gamea, Minister of Trade Islamic Corporation for the Development of the Private Sector (ICD); Oussama Kaissi, and Industry, Egypt; Oussama Kaissi, Chief Executive Officer of ICIEC; Eng. Hani Salem Sonbol, CEO of ITFC, Dr. Abdulwahab the Chief Executive Officer of the Islamic Al-Sadoun, B20 Sherpa and Cornelia Meyer, Chairman & CEO of Meyer Resources Corporation for the Insurance of Invest- ment and Export Credit (ICIEC); Ayman crowd of over 700+ engaged partic- promote and provide a robust platform for Sejiny, the CEO & General Manager of the ipants comprising of exceptional the investment and prosperous trade oppor- Islamic Corporation for the Development entities, seasonal practitioners, tunities in Member Countries. Estimated of the Private Sector (ICD), Eng. Hani Salem AGovernment officials, individual numbers of FDIs attractions in member Sonbol, the Chief Executive Officer of the investors, business associations, entrepre- countries show the annual FDI Inflows and International Islamic Trade Finance Corpo- neurs, Multilateral and financial institu- Outflows in 2019 that help to assess immi- ration (ITFC), Dr. Abdulwahab Al-Sadoun, tions, Chairmen, Presidents & CEOs of nent prospects and growth opportunities. B20 Sherpa and Cornelia Meyer, the Chair- local/international companies, Chambers Amidst the highly enriching webinar, man & CEO of Meyer Resources united of Commerce & Industry and Investment 3 online initiatives were launched by IsDB to impart a plethora of knowledge and promotion agencies, came together to re- Group Private Sector Entities in partner- industry insights about emerging trends. joice in the partaking of ideas at the IsDB ship with UAE Ministry of Economy and Oussama Kaissi, the Chief Executive Group Private Sector Action Response to AIM. The motive behind these unique Officer of The Islamic Corporation for the COVID-19 webinar, Launching New On- initiatives was to help the OIC Member Insurance of Investment and Export Credit line Initiatives by Islamic Development Countries’ economy and support the (ICIEC) and one of the keynote speakers Bank Group (IsDB Group ) Private Sector private sector, trade, exports and FDI in in the webinar, stated: “The effects of the Entities in partnership with UAE Minis- Member Countries. The three resilient coronavirus pandemic on trade and SMEs try of Economy and AIM. The webinar initiatives that aspired to aid keen entities is of particular concern to ICIEC. Harsh was inaugurated by H.E. Eng. Sultan Al avail supreme benefits were: conditions for global trade are exacerbated Mansoori, Minister of Economy, UAE and Digital Country Presentations: To pro- by the tightening of the export credit in- H.E. Dr. Bandar Hajjar, President of Islamic mote and showcase the forthcoming invest- surance market – leaving many member Development Bank Group (IsDB Group). ment and trade opportunities in OIC Mem- country businesses highly exposed. Now A prime objective of the webinar was ber Countries that will provide a global gate- more than ever, international partners to discuss the challenges facing the Pri- way for investors, government agencies, must come together in solidarity to sup- vate Sector and Global Economy during private institutions and Investment Pro- port countries as they face this once in a the COVID-19 outbreak. The IsDB Group motion Agencies. This was accomplished generation crisis. It is essential for ICIEC Private Sector entities also presented through a virtual gathering medium. to provide support in stabilizing the trade immediate joint action response and the Made In Series: An excellent opportu- ecosystem while also planning for recov- future outlook to combat the COVID-19 nity presented for SMEs to showcase their ery across our 47 member countries. The pandemic, whilst incorporating the new local products, projects and services to a Corporation is playing a critical role in reality. The webinar highlighted the pool of international audiences. recovery by addressing market gaps and IsDB Group’s US$2.3 billion Strategic Startups Pitch Competition: An op- targeting immediate needs for priority Preparedness and Response Programme portunity for the startups to participate sectors such as pharmaceuticals, healthcare for COVID-19 under its 3Rs approach “Re- in a local pitch competition, enabling the supplies and agricultural commodities”. spond, Restore and Restart”. winners to present their countries in the ““The COVID-19 pandemic has im- A prime goal behind the initiative is to international startups platform and secure pacted most OIC member countries on the

24 w BUSINESS LIFE AUGUST 2020 w economic, financial, and social fronts, some • We provide the infrastructure date of ICD is to support economic develop- more severe than others. In a bid to extend to enable people to lead better lives and ment and promote the development of the support, shore up demand, and protect achieve their full potential. private sector in its 55-member countries people’s jobs and livelihood, ICD has set up • We bring together 57 member through providing financing facilities and/ a dedicated US$ 250 million respond pack- countries across four continents - touching or investments in viable projects sponsored age to aid SMEs and the private sector in the lives of 1 in 5 of the world’s population. by eligible enterprises in accordance with affected countries. The emergency funding • We are one of the world’s most the principles of Shari’ah. ICD also provides would be mainly in the form of medium to active MDBs, and global leaders in Islamic technical assistance and advisory services to long-term financing instruments to allevi- Finance, with an AAA rating, and operat- member countries and their public and pri- ate the economic burden faced by existing ing assets of more than USD 16 billion and vate enterprises with a view to improving and new clients. subscribed capital of USD 70 billion. the environment for private investment, fa- ” stated Ayman Sejiny, the CEO of the • We are a truly global institution, cilitating the identification and promotion Islamic Corporation for the Development headquartered in Jeddah, Saudi Arabia, with of investment opportunities, privatization of the Private Sector (ICD), and one of the major hubs in Morocco, Malaysia, Kazakh- of public enterprises and the development keynote speakers in the webinar. stan and Senegal, and gateway offices in of the Islamic capital markets. ICD applies Eng. Hani Salem Sonbol, the Chief Ex- Egypt, Turkey, Indonesia, Bangladesh and Fintech to make finance more efficient and ecutive Officer of the International Islamic Nigeria. inclusive. ICD set up a platform built and Trade Finance Corporation (ITFC) and one • We foster collaboration between centered on ICD relationship with 119 of the keynote speakers in the webinar, our members nations in a uniquely non- Financial Institutions. Through them, the stated: “ITFC is moving forward with its political environment, as we focus on the IsDB Group in general and ICD in particular plans to continue supporting member betterment of humanity. leverage access to the country and avail countries in the recovery phase, including Established 26 years ago in 1994 as a financing opportunities. For more informa- the provision of lines of financing to sup- multilateral institution and member of the tion about ICD, visit www.icd-ps.org. port the private sector and SMEs. In the Islamic Development Bank Group, ICIEC The International Islamic Trade Finance recovery phase, ITFC will drive integrated was tasked to promote cross-border trade Corporation (ITFC) is a member of the Is- trade solutions that will combine financ- and foreign direct investments (FDI) in its lamic Development Bank (IsDB) Group. It ing with capacity building and flagship Member Countries. To fulfill its mandate, was established with the primary objective programs to promote regional cooperation ICIEC provides risk mitigation solutions of advancing trade among OIC Member and enhance intra-OIC trade. It is with trade to Member Country exporters. By protect- Countries, which would ultimately contrib- as the engine of economic growth, and ing them from commercial and political ute to the overarching goal of improving close collaboration with partners, ITFC will risks, exporters are enabled to sell their socioeconomic conditions of the people focus on what makes the best impact on the products and services across the world. The across the world. Commencing operations livelihoods in the near-term and long-term multilateral credit insurer also provides in January 2008, ITFC has provided more and provide quality of life for the hundreds risk protection to investors from across than US$51 billion to OIC Member Coun- of millions of people most affected by the the world that seeks to invest in ICIEC’s tries, making it the leading provider of trade pandemic.”This initiative tied with Annual Member Countries. To promote the sustain- solutions for the Member Countries’ needs. Investment Meeting will abet in an upsurge able economic development of its Member With a mission to become a catalyst for in Foreign Direct Investment growth whilst Countries, ICIEC – on a limited basis – can trade development for OIC Member Coun- stimulating trade and investment oppor- also support international exporters selling tries and beyond, the Corporation helps tunities in targeted countries. Affected capital goods or strategic commodities to entities in Member Countries gain better OIC Member Countries’ economies will be ICIEC’s Member Countries. In addition to access to trade finance and provides them supported during this challenging period its core business, ICIEC also offers techni- with the necessary trade-related capacity by seeking a pool of potential partners to cal assistance to Member Countries’ Export building tools, which would enable them to finance trade and infrastructure projects Credit Agencies. ICIEC’s mission is to make successfully compete in the global market. that will lead to a rise in job creation and trade and investment between Member The Islamic Development Bank Group an increase in Gross Domestic Product. Countries and the world more secure Business Forum (THIQAH) is the window In addition, this will support the SMEs to through the Shariah-compliant risk mitiga- of IsDB Group that facilitate contact and thrive and improve the country’s export. tion tool. Its vision is to be recognized as the coordination between entities concerned of Post the COVID 19 period, it will be evi- preferred enabler of trade and investment the IsDB Group and private sector firms and dent that markets are recovering gradually. for sustainable economic development related institutions in IsDB Group member Consequently the IsDB Initiative will cater in Member Countries. ICIEC is the only countries. The main objective of THIQAH to supporting developing countries and multilateral export credit and investment is to establish a unique and innovative economies at that time by generating busi- insurance corporation in the world that platform for dialogue, cooperation and ness growth and co-financing investment provides Shariah-compliant insurance inclusive partnership for business leaders and trade prospects in member countries. and reinsurance solutions. Today, ICIEC committed to partnering in promising in- They also strive to invigorate the cross supports trade and investment flows in 47 vestment opportunities. THIQAH’s vision border investments. Member Countries spanning across Europe, is to position itself as the leading business The Islamic Development Bank is a Asia, Middle East and Africa. Its target cli- platform of the IsDB Group serving the multilateral development bank (MDB), ents are corporates (both exporters and in- private sector and maximizing the achieve- working to improve the lives of those we vestors), banks and financial institutions as ments of successful investment projects. serve by promoting social and economic well as Export Credit Agencies and insurers. Through facilitation and catalyst roles, development in Member countries and ICD is a multilateral development THIQAH will be leveraging IsDB Group’s Muslim communities worldwide, deliver- organization and a member of the Islamic resources to offer necessary services and ing impact at scale. Development Bank (IsDB) Group. The man- confidence to investors. w BUSINESS LIFE AUGUST 2020 w 25 MANAGEMENT AND FINANCE | KINGDOM OF BAHRAIN

Al Baraka Islamic Bank Provide Property Financing to Beneficiaries of Mazaya Housing Program

Al Baraka Islamic Bank launches a property financin g campaign for beneficiaries of the Mazaya Housing Program

Provide property financing: Hamad Oqab, CEO of Al Baraka Achieving the desired housing development: Fatema Bank Bahrain AlAlawi, Head of Retail Banking at Al Baraka Islamic Bank

l Baraka Islamic Bank BSC (c), in tive instant prizes for the executed deals. Housing Program. Our campaign provides cooperation with the Ministry The financing is up to BD120,000 with advantages that are the first in kind in of Housing, launched a promo- maximum finance duration of 25 years. the local market, in order to contribute A tional campaign to provide prop- On the occasion of launching this on our part as a socially responsible Bank erty financing to the beneficiaries of the promotional campaign, Fatema AlAlawi, and in meeting the vital needs of citizens Mazaya Housing Program. Head of Retail Banking at Al Baraka for housing units”. She added: We extend The promotional campaign provides Islamic Bank said, “Stemming from our our sincere thanks and appreciation to the many unique advantages, where profit belief in the necessity of providing the Ministry of Housing and Eskan Bank for rates will be calculated at competitive utmost support and facilities possible giving us a chance to provide financing for prices, no down payments, and zero to our valued customers who wish to the beneficiaries of the Mazaya program, banking fees. The Bank will also cover the have their own housing in such circum- which in return contribute to achieving fees of life insurance for the beneficiaries stances, we are pleased to announce our the desired housing development in the and will provide an fire insurance for the promotional property finance campaign Kingdom of Bahrain in accordance with property. In addition, there will be attrac- for those wishing to benefit from Mazaya the 2030 Vision.

26 w BUSINESS LIFE AUGUST 2020 w Al Baraka Islamic Bank - Bahrain Wins the Best Website 2020 Award

Al Baraka Islamic Bank - Bahrain wins the Best Website 2020 Award from r International Academy of Interactive & Visual Arts, New York

Award Trophy: Al Baraka Islamic Bank BSC (C) as the winner Huge strides of development: Fatema AlAlawi, Head of of the Best Website 2020 Award Retail Banking at Al Baraka Islamic Bank

he International Academy of In- companies and agencies of all sizes, mak- Islamic Bank. Aside, it is a reflection of teractive and Visual Arts in New ing the program one of the largest donor our renewed rigor in the area of achiev- York recognized Al Baraka Islamic programs for global awards in the world. ing our goals in the digital world, towards T Bank BSC (C) as the winner of The Academy of Interactive and Visual customer service excellence. The Bank’s the Best Website 2020 Award as part of Arts, engages with a group of high profile website has become a pioneering online its Communicator Awards Program. The professionals in the fields of media, com- platform that provides all services to cli- Bank won this international award based munications, advertising, creativity and ents quickly, easily and safely and at the on the evaluation of a group of experts marketing. same time, in an interactive and innova- from various disciplines for the design and On this occasion, Fatema AlAlawi, tive manner.” content of the Bank’s website. Head of Retail Banking Department at AlAlawi added, “This is only the begin- The Communicator Awards is a lead- Al Baraka Islamic Bank - Bahrain, said, ning of an exciting journey in leveraging ing international award program that “Winning the Best Website Award in the digitalization wave for the benefit of seeks to explore and appreciate leading the prestigious Communicator Awards our customers. Al Baraka Islamic Bank and innovative ideas in the areas of mar- Program, in an International forum is an Bahrain appreciates this Award and our keting and communications. The program indication of the huge strides of develop- aim is to achieve milestones set in the was founded nearly three decades ago, ment witnessed in the field of electronic ambitious road map we have for reaching and its evaluation includes over 6000 banking services provided by Al Baraka the highest level of customer satisfaction”. w BUSINESS LIFE AUGUST 2020 w 27 MANAGEMENT AND FINANCE | KINGDOM OF BAHRAIN

Al Baraka Signs Agent Bank Agreement with Eazy Financial الرق اتتا Transactions اوسأعما للتأمنFinancial النام تت Switch لغالتدري Processالفاللة to دينار اليية لصاServices ندوق مة ون أعلن مدير عام شركة الشرق اأوس للتأمين المهند ماجد سميرات عن تبرع للعاملن ي التأمن” الشركة بمبل الف دينار لصالح صندوق )همة وطن( في بادرة إلى دعم المجهود الوطني لمكافحة انتشار جائحة كورونا والتبعات الناتجة عن ذلك. إنطاقاً من واجبها الوطني في دعم الجهود المبذولة لمكافحة جائحة كورونا شهاب أحمد جاسم العنبكي خبير تأمين خريج دورة قررت شركة الشرق اأوس للتأمين التبرع بمبل ألف دينار لصندوق )همة زمالة التأمين التي أقامها المركز المالي والمحاسبي وطن( باإضافة إلى المبل الذي تم التبرع به لوزارة الصحة من خال اإتحاد في وزارة المالية العراقية في بغداد ومحاضر معتمد اأردني لشركات التأمين . في عدد كبير من الدورات التدريبية التي نظمها وأوضح سميرات أن الشركة to ااتحادكانت %73 قد اأردني ساهمت increased بدعم لشركات income وزارة التأمين net الصحةخال منGroup •عمله خالفي التبرع الذي قام به ااتحاد اأردني ااردن لشركات ومؤلف التأمين. موسوعة التأمين علما وعما التي ً وأعرب سميرات عن تقديره تتضمن واعتزازه Reinsuranceكتابا بالجهود ومؤلف التي Casualty &تبذلها موسوعة التأمينالحكومة Property •اأردنيةالتطبيقية، بتوجيهات من جالة الملك المعظم، ومؤلف وكذلك لقامو جهود التأمينالقوات المسلحة )انجليزي واأجهزة عربي(، اأمنية.ولديه خبرة تأمينية تتجاوز ال ) ( سنة حيث إلتحق بالعمل ويجدر بالذكر ان شركة الشرقعام ااوس في للتامين شركة وفي التأمينإطار الوطنيةحرصها على العراقية صحةفي عماءها من خطر فايرو preسوق كورونا التأمينتؤكد renewals على Re العراقي P&C ولديهاستمرارها 2020 خبرة بالعمل عن طويله Januaryبعد في• بكافةعدد قنوات التواصل وعن طريق من كافة أسواق الدوائر التأمينالفنية داعمةالعربية مثل لشعار سوق لنضل التأمين بخير وأردننااأردني، بخير .. خليك بالبيت. اليمني، السوري، اضافة الى طبيعة عمله المرتبطة مع (Re شركاتL&H) إعادة التأمين. Reinsurance ثHealth & فLife • Taking AIB to a new stage: Hamad Oqab, CEO of Al أن وباء يف�وس “كورونا” ربما يكون photo الحدث Group اأك� تكلفة :decision ي � التاريــــخ Prudent حيث شارك في البرنامج ) ( مشارك بضمنهم Baraka Bank Bahrain ف . بالنسبة لصناعة يالتأم� موظفو جميع دوائر التأمين في شركات التأمين وإعادة فالتأمين،دائرة التأمين البحري، دائرة رح “جون نيل” مدير USD “لويدز of أوف net loss لندن” � Solutionsحديث له: “ا Corporate شك• فإن التدقيق يالداخلي، دائرة الحريق والحوادث .Bank Part- facilitate financial settlements processed member banks network فIB-Bahrain Signs Agent Financial Switch Eazy Financial Services is an Ancillary الوباءBiometric هو بأك� ™eazyNet تحد byشهدته-Fi العامة، Eazy صناعة with يالتأم� دائرة عى اإAgreementط الصحي، اق، دائرة nershipنحن نواجهتكنولوجيا Agreement shall give the Service Provider focused on providing خسائر thisش بع�ات whereby المليارات إن clear لم المعلومات and تكن Settle التسويق بمئات to وخدمة المليارات Services بالعماءع� وكل nancialالوقتمن .”يهمهم همة .Network ون:and المهند services ماجد سميراتpayment مدير عام Biometricشركة الشرق and settle اأوس للتأمينprivilege to eazyNet™ to secure موضوع financial البرنامج أيضا Biometric مشاركين من ’™EazyNet‘احدى البنوك A the amounts in a seamless secured financial Eazy offers Biometric payment services and العاملة by في ™eazyNet المملكة. Switch• Life Transactions Capital result between impacted Member Banks for local and cross border manner between all eazyNet™ Members innovative solutions to the banking and as currently adapted in the Kingdom of financial services industries by bringing a وتم تعريف المشاركين .transactions بوظيفة اللغة financial في اللغة Biometric -Bahrain and internationally. new era of secured and convenient transac اانجليزية ، ,(AIB-Bahrain) ومقدمة عن Bank تكوين Islamic الجملة في Al Barakaاإنجليزية، .Elaborating on the Bank’s strategy tion and payment experience الجملةBank العينية of an Agent ووظيفتها signing ،المستندات the ااساسية لعقد announced state-of-the-art Biometricسوليدر Through itsاو ,Al Oqab للتأمن Hamad Abdulla تت ,partnership لغ Bank andالتأمين investments Islamic،إستمارة onالف Baraka طلب return Al التأمين، دينارwhereas مذكرة Excellent •التغطية Agreement house the Chief Executive Officer of Al Baraka Payment Network, clients are empoweredالمؤقتة، وثيقة a clearing التأمين، and acts as التظهيرة،المباد operateالفنية لعقد shall on behalf• Board of “eazyNet™”.of Directors to propose a divi Islamic Bank - Bahrain, said: “I am pleased with a unique transaction experience by for cash لصا biometric transactions ندوق with enablingمة partnership ونto announce our new التأمين FinTech وتتضمن Bahraini ومنها مبدأ establishedالخسارة is an العرضية، Eazyمبدأ ,Services Company in order withdrawals plus ATM card PIN numberأعلن عاء Financial عبدالجواد Easy الرئيس الخسارة التنفيذي ,Company المالية، لسوليدرتيمبدأ Network اأولى إنتشار للتأمين الخطر،Payment عن مبدأ تبرع إمكانية الشركةBiometric -advanced service that will in-store payments, in-branch customer ex بمبل this الف provide دينار to لصالح إثباتCEO صندوق وقوعpayment )همة appointed الخسارة، وطن( مبدأBiometric دعماً of تقدير Isherwood المجهود اإحتمااتprovision الوطني the• Jonathan المتوقعة لمكافحةfor to a new stage in provid- perience, identification services, merchant إنتشار Bankوباء يف�the وس to take“كورونا .والمباد ™eazyNet اأساسية لعقد will allowالتأمين مثلthat مبدأ المصلحة settlements ing electronic financial services not for loyalty programs, wherever “Eazy” logo التأمينية، مبدأ transactions منتهى حسن switching النية ،مبدأ Banking السبب intra المباشر، settle but also for the network’s is visible and accepted over its Affiliatedش ال�كة ,only اأوى ي فcustomersللتأم� مبدأ تأسست عام التعوي، .Banks مع برأس Member تطبيقات مال اللغة مقداره ™eazyNet اانجليزية في مليونbetween Moreover, Al Baraka Islamic Bank (AIB- member banks”. He added: “Over the years, Network of banks and POS Machines in ف ش مختلفش أنواع التأمين فمثل التأمين على اأشخا، to بزنس %73 ایف: ما others. increased التحدیا and income التيGroup stores net •تواهها retails بأنthe lead تحدث taken اندماجات has أنه ما Bank من دينار قيمة Islamic يأرد�، مضافة، Barakaمنذ حيث Al با�ت May ااتحاد، inال� كة وهو back أعمالها استمرار ي� earlier لرساء signedمنتصف واعضاء has عام المجالس ،(Bahrain فترة اندمجت اأولى واليرموك بسبب وجود حاجة تأمين السابقين.الممتلكات، تأمين المسؤوليات، كما يتناول in the ركتك 1984 هذ in اأیام؟innovative digital banking With its establishment استطاعت اأوىby providing فللتأم� ومن البداية ”™eazyNet“ أن تخطو by joining خطوات ثابتة agreement نحو an تحقيق2019 Kingdom of Bahrain, Al Baraka Islamic لذلك digital من forقبل كا its strategyالشركتين. services as part of ي البرنامج as a memberتعريف Network المصطلحات التأمينية،Payment مصطلحات Biometric ف أما التأمين مؤتمر العقبة البحري فقد شهد وتأمين اجتماعات المسؤولياتمكثفة والتأمينومواضيع عماد longstanding الحجة:Reinsurance a أنا has استلمتها Casualty منذ &Bahrain – نحو .Property B.S.C سنوات• Bank النتائج يالمم�ة، .”transformationوقفزت -fa إى المراتب customers اأوى their من enable حيث to النتائج ™eazyNet المالية،in -Adding to that, Nayef Tawfiq al Alawi track record of delivering excellence, in جديدة الهندسي، biometric ومتنوعة، عرو secured وأرى أن تأمين،and الكل سعيدوصياغة convenient وراعر تأمين cilitating ونحن نحقق عائد بحوالي إلى كل سنة، بزنس ایف: ما رأیك بمؤتمر العقة ف ف Al Baraka Islamic Bank novation and superior results. The Bank ونسب assigning النمو يsaid � that السوق، كافة ي POS و� والمؤتمر أخطارالعام ناجح.Biometric الممتلكات and تم ااوتأمينس كافة تحواذ withdrawals أخطار Cash وااندماج المقاولين معATM وأكبر ااستاذ ماهر التحديات التي الحسينمدير تواجهنا هي ااتحاد ظروف ااردني المنطقة لشركات التأمين - بدورت والسادة السابعة، المشاركينوما شرأیك بااتحاد اأردني ف ف bank� was prudent decision ranks among the leading providers ofكة يال�Agent موك our يasللتأم� وزيادة والتأمين رأس البحري المال على ليصبح البضائع مليونوتقرير ديناركشف يلدى أرد�.Transactions pre to واأوضاعRe renewals and servicesاأقتصاديه productsP&C وصعوبه 2020 تحصيلJanuary banking •اأقساط.in Islamic لشركا is located التأمین وماServices الذي یجبFinancial أن Eazy یتحسن since بزنس ,Agreementایف: ما هوBank ترتيب the Agentالمتحدة للتأمين؟Through ً مدفوع بالكامل، وتقدم شال�إجراءكة التأمين خدماتها اليوم والتأمين من من خال الحريق ثمانيه شوتقرير ع� كشف فرعا all the Kingdom of Bahrain, where also the its international customers and focusesلدى إجراء and settleالتأمين والتأمين process البحريwill على البضائع.AIB-Bahrain and بزنس ایف: innovative هل أنت developing متائل on بقطا primarilyالتأمین -con فی؟office of Al Baraka is taking into ش فhead عماد الحجة:transactions نحن switch ترتيبنا الخامس financial من حيث شeazyNet™’s ونقطة بيع منت�ة ي� مختلف مناطق المملكة، حيث استطاعت ال�كة sideration that Al Baraka Islamic Bank also distinguished Investment solutions in وفي اأربا، نهاية member والثامن البرنامج من تم affiliatedحيث توزيع اأقساط.شهادات ™eazyNet المشاركة على between اختتمت اأردني؟مساء يوم الثاثاء الموافق عماد التأمين” وذلك الحجة: للفترة حقق من يوم ااتحاد ااحد إنجازات كبيرة في ولغاية ف (foot print and a geographical compliance• Life & Health with IslamicReinsurance Sharia (L&H principles, Reتعزيز large مكانتهاenjoys aومائتها الماليه يon � dailyالمشاركين. السوق، مماboarder دفع cross وكالة and التصنيف locally العالميةbanks أعمال البرنامج التدريبي الذي عقده ااتحاد ااردني يوم الدورة الثاثاء الماضية ونشكر بواقع المهند ) (ماجد ساعة سميرات تدريبية. عماد .positionهمة لشركات ون:الحجة: التأمين نعمfinancial الرئيسبعنوان أعتقد sound أنه “اللغةa التنفيذي by its سيتحسن اانجليزية لسوليدرتي ولكني للعاملين أشكاأولىsupported في -للتأمين a valu عاء addعبد will الجوادin the region which إى منح spread ش ال�toكة تصنيف be ++ assigned للمرةshall السابعه عى AIB-Bahrain التواى.,basis its علىوقد and قام جهوده to eazyبتغطية ومتابعته محاور والنقلة experience البرنامج النوعية التيtrusted المحاضر and أحدثها في ableااستاذ and act on behalf of eazyNet™ to يoperate

28 wwwwww BUSINESS LIFE AUGUST 2020 w

الرق اتتا اوسأعما للتأمن النام تت لغالتدري الفاللة دينار اليية لصا ندوق مة ون أعلن مدير عام شركة الشرق اأوس للتأمين المهند ماجد سميرات عن تبرع للعاملن ي التأمن” الشركة بمبل الف دينار لصالح صندوق )همة وطن( في بادرة إلى دعم المجهود الوطني لمكافحة انتشار جائحة كورونا والتبعات الناتجة عن ذلك. إنطاقاً من واجبها الوطني في دعم الجهود المبذولة لمكافحة جائحة كورونا شهاب أحمد جاسم العنبكي خبير تأمين خريج دورة قررت شركة الشرق اأوس للتأمين التبرع بمبل ألف دينار لصندوق )همة زمالة التأمين التي أقامها المركز المالي والمحاسبي وطن( باإضافة إلى المبل الذي تم التبرع به لوزارة الصحة من خال اإتحاد في وزارة المالية العراقية في بغداد ومحاضر معتمد اأردني لشركات التأمين . في عدد كبير من الدورات التدريبية التي نظمها وأوضح سميرات أن الشركة to ااتحادكانت %73 قد اأردني ساهمت increased بدعم لشركات income وزارة التأمين net الصحةخال منGroup •عمله خالفي التبرع الذي قام به ااتحاد اأردني ااردن لشركات ومؤلف التأمين. موسوعة التأمين علما وعما التي ً وأعرب سميرات عن تقديره تتضمن واعتزازه Reinsuranceكتابا بالجهود ومؤلف التي Casualty &تبذلها موسوعة التأمينالحكومة Property •اأردنيةالتطبيقية، بتوجيهات من جالة الملك المعظم، ومؤلف وكذلك لقامو جهود التأمينالقوات المسلحة )انجليزي واأجهزة عربي(، اأمنية.ولديه خبرة تأمينية تتجاوز ال ) ( سنة حيث إلتحق بالعمل ويجدر بالذكر ان شركة الشرقعام ااوس في للتامين شركة وفي التأمينإطار الوطنيةحرصها على العراقية صحةفي عماءها من خطر فايرو preسوق كورونا التأمينتؤكد renewals على Re العراقي P&C ولديهاستمرارها 2020 خبرة بالعمل عن طويله Januaryبعد في• بكافةعدد قنوات التواصل وعن طريق من كافة أسواق الدوائر التأمينالفنية داعمةالعربية مثل لشعار سوق لنضل التأمين بخير وأردننااأردني، بخير .. خليك بالبيت. اليمني، السوري، اضافة الى طبيعة عمله المرتبطة مع (Re شركاتL&H) إعادة التأمين. Reinsurance ثHealth & فLife • أن وباء يف�وس “كورونا” ربما يكون الحدث اأك� تكلفة ي� التاريــــخ حيث شارك في البرنامج ) ( مشارك بضمنهم ف . بالنسبة لصناعة يالتأم� موظفو جميع دوائر التأمين في شركات التأمين وإعادة فالتأمين،دائرة التأمين البحري، دائرة رح “جون نيل” مدير USD “لويدز of أوف net loss لندن” � Solutionsحديث له: “ا Corporate شك• فإن التدقيق يالداخلي، دائرة الحريق والحوادث ف الوباء هو بأك� تحد شهدته العامة، صناعة يالتأم� دائرة عى اإطالصحي، اق، دائرة نحن نواجهتكنولوجيا خسائر شبع�ات المليارات إن لم المعلومات تكن التسويق بمئات وخدمة المليارات بالعماءع� وكل الوقتمن .”يهمهم همة ون: المهند ماجد سميرات مدير عام شركة الشرق اأوس للتأمين موضوع البرنامج أيضا مشاركين من احدى البنوك the العاملة by في المملكة. Life Capital result impacted • وتم تعريف المشاركين بوظيفة اللغة في اللغة اانجليزية ، ومقدمة عن تكوين الجملة في اإنجليزية، الجملة العينية ووظيفتها ،المستندات ااساسية لعقد سوليدر او للتأمن تت لغ التأمين investments،إستمارة onالف طلب return التأمين، دينار مذكرة Excellent •التغطية المؤقتة، وثيقة التأمين، التظهيرة،المباد الفنية لعقد • Board of Directors to propose a divi لصا ندوق مة ون التأمين وتتضمن ومنها مبدأ الخسارة العرضية، مبدأ أعلن عاء عبدالجواد الرئيس الخسارة التنفيذي المالية، لسوليدرتيمبدأ اأولى إنتشار للتأمين الخطر، عن مبدأ تبرع إمكانية الشركة بمبل الف دينار لصالح إثباتCEO صندوق وقوع )همة appointed الخسارة، وطن( مبدأ دعماً تقدير Isherwood المجهود اإحتماات الوطني Jonathan •المتوقعة لمكافحة إنتشار وباء يف�وس “كورونا.والمباد اأساسية لعقد التأمين مثل مبدأ المصلحة التأمينية، مبدأ منتهى حسن النية ،مبدأ السبب المباشر، شال�كة اأوى ي فللتأم� مبدأ تأسست عام التعوي، مع برأس تطبيقات مال اللغة مقداره اانجليزية في مليون ف ش مختلفش أنواع التأمين فمثل التأمين على اأشخا، to بزنس %73 ایف: ما increased التحدیا income التيGroup net •تواهها بأن تحدث اندماجات أنه ما من دينار قيمة يأرد�، مضافة، منذ حيث با�ت ااتحاد، ال�كة وهو أعمالها استمرار ي� لرساء منتصف واعضاء عام المجالس ، فترة اندمجت اأولى واليرموك بسبب وجود حاجة تأمين السابقين.الممتلكات، تأمين المسؤوليات، كما يتناول ركتك هذ اأیام؟ استطاعت اأوى فللتأم� ومن البداية أن تخطو خطوات ثابتة نحو تحقيق لذلك من قبل كا الشركتين. ي البرنامج تعريف المصطلحات التأمينية، مصطلحات ف أما التأمين مؤتمر العقبة البحري فقد شهد وتأمين اجتماعات المسؤولياتمكثفة والتأمينومواضيع Reinsurance أنا استلمتها Casualty منذ & نحو Property سنوات• النتائج يالمم�ة، وقفزت إى المراتب اأوى من حيث النتائج المالية، عماد الحجة: جديدة الهندسي، ومتنوعة، عرو وأرى أن تأمين، الكل سعيدوصياغة وراعر تأمين ونحن نحقق عائد بحوالي إلى كل سنة، بزنس ایف: ما رأیك بمؤتمر العقة ف ف ونسب النمو ي� السوق، كافة ي و� والمؤتمر أخطارالعام ناجح. الممتلكات تم ااوتأمينس كافة تحواذ أخطار وااندماج المقاولين مع وأكبر ااستاذ ماهر التحديات التي الحسينمدير تواجهنا هي ااتحاد ظروف ااردني المنطقة لشركات التأمين - بدورت والسادة السابعة، المشاركينوما شرأیك بااتحاد اأردني ف ف �كة يال�موك يللتأم� وزيادة والتأمين رأس البحري المال على ليصبح البضائع مليونوتقرير ديناركشف يلدى أرد� pre واأوضاع Re renewalsاأقتصاديه P&C وصعوبه 2020 تحصيل January •اأقساط. لشركا التأمین وما الذي یجب أن یتحسن بزنس ایف: ما هو ترتيب المتحدة للتأمين؟ ً مدفوع بالكامل، وتقدم شال�إجراءكة التأمين خدماتها اليوم والتأمين من من خال الحريق ثمانيه شوتقرير ع� كشف فرعا بزنس ایف: هل أنت متائل بقطا التأمین فی؟ ش ف لدى عماد إجراء الحجة: التأمين نحن والتأمين ترتيبنا البحري الخامس منعلى حيث شالبضائع. ونقطة بيع منت�ة ي� مختلف مناطق المملكة، حيث استطاعت ال�كة وفي اأربا، نهاية والثامن البرنامج من تم حيث توزيع اأقساط.شهادات المشاركة على اختتمت اأردني؟مساء يوم الثاثاء الموافق عماد التأمين” وذلك الحجة: للفترة حقق من يوم ااتحاد ااحد إنجازات كبيرة في ولغاية ف (Life & Health Reinsurance (L&H Re • تعزيز مكانتها ومائتها الماليه ي� المشاركين.السوق، مما دفع وكالة التصنيف العالمية أعمال البرنامج التدريبي الذي عقده ااتحاد ااردني يوم الدورة الثاثاء الماضية ونشكر بواقع المهند ) (ماجد ساعة سميرات تدريبية. عماد همةلشركات ون:الحجة: التأمين نعم الرئيسبعنوان أعتقد أنه “اللغة التنفيذي سيتحسن اانجليزية لسوليدرتي ولكني للعاملين أشكاأولى في للتأمين عاء عبد الجواد إى منح شال�كة تصنيف ++ للمرة السابعه عى التواى. علىوقد قام جهوده بتغطية ومتابعته محاور والنقلة البرنامج النوعية التي المحاضر أحدثها في ااستاذ ي wwwwww BUSINESS LIFE AUGUST 2018 w 43 MANAGEMENT AND FINANCE | LEBANON

تويع اتاية تعاون بن جامعة اللمند ومستى ج لنان Tourism Restarts: 40% of Destinations Have Now Eased Travel Restrictions

Impact of Covid-19 on global tourism made clear asunwto counts the cost of standstill

he responsible restart of tourism ism are more likely to be easing restrictions and US$320 billion lost in international is underway around the world on travel: Of the 87 destinations that have tourism receipts –more than three times as growing numbers of destina- eased restrictions recently, 20 are Small the loss during the Global Economic Crisis لنان تمیز بجسم الطي في مواهة الوباء: كلمة معالي وزير الصحة العامة حمد حسن الطیب ی علم وخرت في تصر المری واحتیاات: دكتورنزيه غاريو .T tions ease COVID-19 related travel Island Developing States (SIDS), many of of 2009 مديرعام مستشفى جبل لبنان، دكتور ايلي غاريو، المدير الطبي للمستشفى، دكتور -restrictions and adapt to the new reality. which depend on tourism as a central pil- Dramatic fall in tourism places mil اليا وراق، رئيس جامعة البلمند، دكتور شرف أبو شرف، نقيب اأطباء، دكتور According to the latest analysis from the lar of employment, economic growth and lions of livelihoods at risk سليمان هارون، نقيب المستشفيات -World Tourism Organization (UNWTO), development. The report also shows that UNWTO Secretary-General Zurab Po 40% of all destinations worldwide have around half (41) of all those destinations lolikashvili said: “This latest data makes now eased the restrictions they placed that have eased restrictions are in Europe, clear the importance of restarting tourism on international tourism in response to confirming the leading role of the region as soon as it is safe to do so. The dramatic COVID-19. for the responsible restart of tourism. fall in international tourism places many The United Nations specialized agency Many destinations still in long-term millions of livelihoods at risk, including for tourism has been monitoring global lockdown in developing countries. Governments in responses to the pandemic from the start Looking at the 115 destinations that every world region have a dual responsibil- of the crisis. This latest outlook, recorded continue to have their borders completely ity: to prioritize public health while also on 19 July, is up from 22% of destinations closed to international tourism, the re- protecting jobs and businesses. They also that had eased restrictions on travel by 15 port finds that a majority (88) have been need to maintain the spirit of cooperation June and the 3% previously observed by completely closed their borders for inter- and solidarity that has defined our re- 15 May. It confirms the trend of a slow but national tourism for more than 12 weeks. sponse to this shared challenge and refrain continuous adaptation and responsible The cost related to the travel restric- from making unilateral decisions that may restart of international tourism. tions introduced in response to COVID-19 undermine the trust and confidence we At the same time, however, of the 87 has historic dimensions. This week, UN- have been working so hard to build.” destinations that have now eased travel WTO released the data on the impact of the Restart underway but confidence low restrictions, just four have completely pandemic on tourism, both in terms of lost At the same time, UNWTO also notes مستشى ل لنان یو اتایة تعاون م امعة اللمند: توقيع ااتفاقية في حرم مستشفى جبل لبنان، بحضور معالي وزير الصحة الدكتور حمد حسن ، المدير العام lifted all restrictions, while 83 have eased tourist arrivals and lost revenues. The data signs of a gradual and cautious change them while keeping some measures such shows that by already by the end of May, in trend, most notably in the Northern لمستشفى جبل لبنان الدكتور نزيه غاريو، المدير الطبي للمستشفى الدكتور ايلي غاريو، رئيس جامعة البلمند الدكتور اليا وراق، نقيب اأطباء الدكتور شرف أبو as the partial closure of borders in place. the pandemic had led to US$320 billion in Hemisphere and particularly following شرف، نقيب المستشفيات الدكتور سليمان هارون، إضافة إلى عدد من اأطباء واإداريين This latest edition of the UNWTO Travel lost revenues, already three times the cost the opening of borders across the Schengen إنطاقاً من ريته بالتحسين و التطوير ّالمستمرين، قام مستشفى جبل لبنان بتوقيع بدوره، قال الدكتور ايلي غاريو في كلمته “ ّإن مستشفى جبل لبنان حائز على .Restrictions Report in addition shows that of the 2009 Global Economic Crisis. Zone of the European Union on 1 July اتفاقية تعاون مع جامعة البلمند ، ليصبح بوجب هذا التعاون، مركزاً طبياً جامعياً . التصنيف من قبل اللجنة العالمية منذ عام و أعيد تصنيفه عام destinations (53% of all destinations The enormous toll of COVID-19 on While tourism is slowly returning in 115 وأضاف ًقائا أنه “كان من الطبيعي أن يصبح مستشفى جبل لبنان جامعيًا”. واستذكر -worldwide) continue to keep their borders international tourism has now become some destinations, the UNWTO Confi وقد ّتم توقيع هذه ااتفاقية في حرم مستشفى جبل لبنان، بحضور معالي وزير الصحة ,completely closed for tourism. clear, with World Tourism Organization dence Index has dropped to record lows ما قال له رئيس بعثة بأن “علينا اانضمام إلى جامعة ذات مستوى ًتتويجا الدكتور حمد حسن ، المدير العام لمستشفى جبل لبنان الدكتور نزيه غاريو، المدير This way, global tourism can gain (UNWTO) data showing the cost up to both for the evaluation of the period لهذا العمل الدوب وضمانة استمرار الجودة”. وختم ًقائا “جامعة البلمند كانت الطبي للمستشفى الدكتور ايلي غاريو، رئيس جامعة البلمند الدكتور اليا وراق، people’s trust and confidence, essential May was already three times that of the January-April 2020, and the prospects أفضل خيار لنا، إذ ليست رقما بين جامعات لبنان، إنما هي وريثة تاريخ عريق.” نقيب اأطباء الدكتور شرف أبو شرف، نقيب المستشفيات الدكتور سليمان هارون، ً foundations as we work together to adapt 2009 Global Economic Crisis. As the situ- for May-August. Most members of the إضافة إلى عدد من اأطباء واإداريين. في كلمته، أشار رئيس جامعة البلمند الدكتور اليا وراق إلى أهمية هذا التعاون افتًا to the new reality we now face. ation continues to evolve, the United Na- UNWTO Panel of Tourism Experts expect Responsible restart is possible tions specialized agency has provided the international tourism to recover by the sec- إلى أن “هذا التعاون بين جامعة البلمند ومستشفى جبل لبنان قد نشأ لتصبح هذه الجامعة تهدف هذه ااتفاقية إلى رفع مستوى الرعاية الصحية اللبنانية، من أجل تطوير -UNWTO Secretary-General Zurab Polo- first comprehensive insight into the impact ond half of 2021, followed by those who ex الرائدة الراعي العلمي والمظلة اأكاديمية لهذا المستشفى المميّز في الحقل الطبي”. البرامج الطبية للتدريب الجامعي. .likashvili said: “The restart of tourism can of the pandemic, both in tourist numbers pect a rebound in the first part of next year كما أشار إلى أن هذا التعاون ينبع من قناعة راسخة لدى الطرفين، بأن تضافر الجهود be undertaken responsibly and in a way and lost revenues, ahead of the upcoming The group of global experts points to وتأتي هذه ااتفاقية انطاقًا من اإلتزام المتبادل بين كل من جامعة البلمند ومستشفى جبل في هذه المرحلة الدقيقة من حياة الوطن إنما يعطي ًأما بمستقبل أفضل. that safeguards public health while also release of up-to-date information on travel a series of downside risks such as travel لبنان، نحو التميّز في الرعاية الصحيّة والتدريب السريري ، ّالمهمة اأساسيّة لكا الشريكين. supporting businesses and livelihoods. As restrictions worldwide. restrictions and border shutdowns still كما تحدّث عميد كلية الطب في جامعة البلمند الدكتور كميل نصار و قال “هدفنا -destinations continue to ease restrictions The latest edition of the UNWTO in place in most destinations, major out ويبقى الهدف تقديم الخدمات الطبية ، حتى غير المتوفر منها في لبنان وتوسيع شريحة اأساسي هو دوما صحة المواطن، الذي يكتمل بالطبيب المتميز الذي يضع علمه on travel, international cooperation is of World Tourism Barometer shows that bound markets such s the United States and المستفدين الى كل طبقات المجتمع اللبناني. كما سيقوم المستشفى بوجب هذا التعاون ً وخبرته في تصرف المري واحتياجاته الطبية”. paramount importance. This way, global the near-complete lockdown imposed in China being at standstill, safety concerns بتوفير برنامج تدريب أكثر من تلميذ طب مقيم موزعين على برنامج طبّي. tourism can gain people’s trust and con- response to the pandemic led to a 98% fall associated with travel, the resurgence of كما ختم الحفل بكلمة لوزير الصحة العامة حمد حسن ، الذي أشارإلى ّأن لبنان تميّز fidence, essential foundations as we work in international tourist numbers in May the virus and risks of new lockdowns or في كلمته، أشاد الدكتور نزيه غاريو بهذه ااتفاقية التي تعكس التزام مستشفى جبل بجسمه الطبي في مواجهة الوباء. together to adapt to the new reality we when compared to 2019. The Barometer curfews. Furthermore, concerns over a lack لبنان بتقديم خدمات الرعاية الصحية المهنية في ّجو من البيئة العلمية و اأكاديمية الفضلى now face.” also shows a 56% year-on-year drop in tour- of reliable information and a deteriorating لتأمين أفضل خدمة للمري. وأضاف ًقائا “رسالتنا هي تحسين صحة المرضى من و ختم قائاً بأن النجا يكمن في الوعي و العقل الراجح ، و العمل التراكمي مع الرية According to the UNWTO report, desti- ist arrivals between January and May. This economic environment are indicated as خال تطوير نماذ عاجية حديثة و فعالة ، مبنية على التعليم ، اابتكار و اأبحاث”. ، من أجل مواجهة التحدّيات . .nations with a higher dependency on tour- translates into a fall of 300 million tourists factors weighing on consumer confidence

30 w BUSINESS LIFE AUGUST 2020 w تويع اتاية تعاون بن جامعة اللمند ومستى ج لنان f

لنان تمیز بجسم الطي في مواهة الوباء: كلمة معالي وزير الصحة العامة حمد حسن الطیب ی علم وخرت في تصر المری واحتیاات: دكتورنزيه غاريو مديرعام مستشفى جبل لبنان، دكتور ايلي غاريو، المدير الطبي للمستشفى، دكتور اليا وراق، رئيس جامعة البلمند، دكتور شرف أبو شرف، نقيب اأطباء، دكتور سليمان هارون، نقيب المستشفيات

مستشى ل لنان یو اتایة تعاون م امعة اللمند: توقيع ااتفاقية في حرم مستشفى جبل لبنان، بحضور معالي وزير الصحة الدكتور حمد حسن ، المدير العام لمستشفى جبل لبنان الدكتور نزيه غاريو، المدير الطبي للمستشفى الدكتور ايلي غاريو، رئيس جامعة البلمند الدكتور اليا وراق، نقيب اأطباء الدكتور شرف أبو شرف، نقيب المستشفيات الدكتور سليمان هارون، إضافة إلى عدد من اأطباء واإداريين إنطاقاً من ريته بالتحسين و التطوير ّالمستمرين، قام مستشفى جبل لبنان بتوقيع بدوره، قال الدكتور ايلي غاريو في كلمته “ ّإن مستشفى جبل لبنان حائز على اتفاقية تعاون مع جامعة البلمند ، ليصبح بوجب هذا التعاون، مركزاً طبياً جامعياً . التصنيف من قبل اللجنة العالمية JCI منذ عام و أعيد تصنيفه عام . وأضاف ًقائا أنه “كان من الطبيعي أن يصبح مستشفى جبل لبنان جامعيًا”. واستذكر وقد ّتم توقيع هذه ااتفاقية في حرم مستشفى جبل لبنان، بحضور معالي وزير الصحة ما قال له رئيس بعثة JCI بأن “علينا اانضمام إلى جامعة ذات مستوى ًتتويجا الدكتور حمد حسن ، المدير العام لمستشفى جبل لبنان الدكتور نزيه غاريو، المدير لهذا العمل الدوب وضمانة استمرار الجودة”. وختم ًقائا “جامعة البلمند كانت الطبي للمستشفى الدكتور ايلي غاريو، رئيس جامعة البلمند الدكتور اليا وراق، أفضل خيار لنا، إذ ليست رقما بين جامعات لبنان، إنما هي وريثة تاريخ عريق.” نقيب اأطباء الدكتور شرف أبو شرف، نقيب المستشفيات الدكتور سليمان هارون، ً إضافة إلى عدد من اأطباء واإداريين. في كلمته، أشار رئيس جامعة البلمند الدكتور اليا وراق إلى أهمية هذا التعاون افتًا إلى أن “هذا التعاون بين جامعة البلمند ومستشفى جبل لبنان قد نشأ لتصبح هذه الجامعة تهدف هذه ااتفاقية إلى رفع مستوى الرعاية الصحية اللبنانية، من أجل تطوير الرائدة الراعي العلمي والمظلة اأكاديمية لهذا المستشفى المميّز في الحقل الطبي”. البرامج الطبية للتدريب الجامعي. كما أشار إلى أن هذا التعاون ينبع من قناعة راسخة لدى الطرفين، بأن تضافر الجهود وتأتي هذه ااتفاقية انطاقًا من اإلتزام المتبادل بين كل من جامعة البلمند ومستشفى جبل في هذه المرحلة الدقيقة من حياة الوطن إنما يعطي ًأما بمستقبل أفضل. لبنان، نحو التميّز في الرعاية الصحيّة والتدريب السريري ، ّالمهمة اأساسيّة لكا الشريكين. كما تحدّث عميد كلية الطب في جامعة البلمند الدكتور كميل نصار و قال “هدفنا ويبقى الهدف تقديم الخدمات الطبية ، حتى غير المتوفر منها في لبنان وتوسيع شريحة اأساسي هو دوما صحة المواطن، الذي يكتمل بالطبيب المتميز الذي يضع علمه المستفدين الى كل طبقات المجتمع اللبناني. كما سيقوم المستشفى بوجب هذا التعاون ً وخبرته في تصرف المري واحتياجاته الطبية”. بتوفير برنامج تدريب أكثر من تلميذ طب مقيم موزعين على برنامج طبّي. كما ختم الحفل بكلمة لوزير الصحة العامة حمد حسن ، الذي أشارإلى ّأن لبنان تميّز في كلمته، أشاد الدكتور نزيه غاريو بهذه ااتفاقية التي تعكس التزام مستشفى جبل بجسمه الطبي في مواجهة الوباء. لبنان بتقديم خدمات الرعاية الصحية المهنية في ّجو من البيئة العلمية و اأكاديمية الفضلى لتأمين أفضل خدمة للمري. وأضاف ًقائا “رسالتنا هي تحسين صحة المرضى من و ختم قائاً بأن النجا يكمن في الوعي و العقل الراجح ، و العمل التراكمي مع الرية خال تطوير نماذ عاجية حديثة و فعالة ، مبنية على التعليم ، اابتكار و اأبحاث”. ، من أجل مواجهة التحدّيات . w BUSINESS LIFE AUGUST 2020 w 31 MANAGEMENT AND FINANCE | QATAR Doha Bank Achieves Profit of QR. 501 Million

Significant progress in improving Continuing to strengthen Doha Making all efforts to have Doha Bank the cost management : Sheikh Fahad Bank’s key capitalization ratios: a main pillar in supporting the plans Bin Mohammad Bin Jabor Al-Thani, Chairman Sheikh Abdul Rehman Bin Mohammad of the State: Dr. R. Seetharaman, CEO of of the Board of Directors of Doha Bank Bin Jabor Al-Thani, M.D, Doha Bank Doha Bank

is Excellency Sheikh Fahad Bin of 2.6%. Customer deposits showed a year banking market, the performance of Doha Mohammad Bin Jabor Al-Thani, on year increase of 0.7% from QAR 55.6 bil- Bank has remained strong and consistent, Chairman of the Board of Direc- lion to QAR 56.0 billion as at 30 June 2020 integrity of its operations and its outstand- H tors of Doha Bank, announced which is evidence of the strong liquidity ing products and services. During the year, Doha Bank’s financial results for the first position of the Bank. H.E also pointed out the bank leveraged on its “5 R’s” strategy half of 2020. He said the bank achieved that the total financial investment portfo- – remedial, revenue, rationalization, re- net profit for the first six months of 2020 lio increased by QAR 1.2 billion, showing structuring and remodeling. at QAR 501 million as compared to QAR a significant growth of 4.6% as compared H. E. Sheikh Fahad said also that un- 519 million for the same period in 2019, to the same period of the last year. der the wise leadership pursued by H.H. and added that the bank has made sig- H.E. Sheikh Abdul Rehman Bin Mo- Sheikh/ Tamim bin Hamad Al Thani, Emir nificant progress in improving the cost hammad Bin Jabor Al-Thani, Managing of the State of Qatar, and his directives to management and efficient utilization of Director of Doha Bank said “The total provide support to all sectors, and as part resources where the operating cost for the shareholder’s equity stood at QAR 13.3 bil- of the collective efforts made by all agen- period decreased by 2.2% as compared to lion as at 30 June 2020 registering a growth cies and institutions in Qatar to help the same period last year thus reducing the of 0.2%. The bank continued to strengthen people of Qatar in handling the current cost to income ratio to 31.4% from 35.5% its key capitalization ratios, where the situation related to COVID-19 pandemic, showing bank’s productive operational total capital adequacy ratio of the bank and based on the instructions issued by Qa- performance. increased to 17.6% as at 30 June 2020 from tar Central Bank in this regard, Doha Bank H.E. Sheikh Fahad added that the 17.4% as compared to the same period has made all efforts to be a main pillar in total assets increased by QAR 7.3 billion, last year. The bank, given the scale of its supporting the plans of the State, QCB and registering a growth of 7.2%, from QAR operations, has achieved a return on the companies, and have been working to ad- 100.8 billion as at 30 June 2019 to QAR 108 average assets of 0.93% as at 30 June 2020”. dress the obstacles faced by all customers. billion as at 30 June 2020. Net loans and ad- His Excellency Sheikh Fahad bin Mo- Furthermore, H.E. Sheikh Fahad expressed vances increased to QAR 62.5 billion as at hammad bin Jabor Al Thani, Chairman of confidence that all customers of the bank 30 June 2020 from QAR 60.9 billion for the the Board of Directors added that, despite will adapt to the digital banking transfor- same period last year, registering a growth the current challenging conditions in the mation adopted by Doha Bank.

Synergistic Opportunities Prevail between Qatar and Singapore

Doha Bank hosted a Webinar on 22nd July During the webinar, H.E Mr. Jai Sohan, ful and nimble in response to a rapidly 2020 on the topic “Bilateral and Synergistic Singapore’s Ambassador to Qatar said changing world. The competitiveness of Opportunities between Qatar and Singapore” that Singapore believes in being resource- the Singapore workforce, and Singapore’s

32 w BUSINESS LIFE AUGUST 2020 w Qatar and Hongkong’s Connectivity Could Strengthen Bilateral Partnerships

oha Bank hosted a Webinar on 27nd July 2020 on the topic “Bilateral and Synergistic Op- D portunities between Qatar and Hong Kong” Wenda Ma, Assistant Principal Econo- mist, Hong Kong Trade Development Council spoke on Qatar and Hong Kong: Trade and Investment relationships and opportunities. Alan Lee, Regional Director, Business Development, The Executive Centre spoke on Real estate strategies amidst COVID. Dr. R. Seetharaman, CEO of Doha Bank gave insight on Global economy. Accord- ing to IMF June 2020 ” Global economy growth is projected at –4.9 percent in 2020, Growth in the advanced economy group is projected at –8.0 percent in 2020, Qatar and Hongkong’s Connectivity Could Strengthen Bilateral Partnerships: growth in the group of emerging market Wenda Ma, Assistant Principal Economist, Hong Kong Trade Development Council; Dr. and developing economies is forecast at R. Seetharaman, CEO of Doha Bank; Alan Lee, Regional Director, Business Development –3.0 percent in 2020.” Dr. R. Seetharaman highlighted on bilateral relationships between Qatar and opportunities in various segments. He said Hong Kong economy. He said “According Hong Kong. He said “Hong Kong and Qatar “Issuance of performance bonds, tender to IMF April 2020, Hong Kong economy have Double taxation agreement since bonds for participation of Hong Kong expected contract by 4.8% in 2020. In Feb 2013. In July 2019 Hong Kong & Qatar companies in the infrastructure projects in 2020, The Hong Kong government has sign MOU on Investment Promotion and Qatar. Letters of credit for exports of Crude announced 120 billion Hong Kong dollars Cooperation. At the same time, Multiple Oil and LNG shipments from Qatar to ($15.4 billion) worth of measures. The Memorandum of Understandings have Hong Kong. Incoming Remittances & pay- measures include a cash payout of 10,000 been signed between Hong Kong Special ments for Qatar exports to HongKong.LC Hong Kong dollars to residents age 18 and Administrative Region (HKSAR) Authori- opening in Qatar for imports of Qatar from above, and low-interest loans with gov- ties; InvestHK and the Hong Kong General Hong Kong. Collaboration for Global trade ernment guarantee for small businesses. Chamber of Commerce (HKGCC) and under risk participation: Hong Kong banks In March 2020 the Hong Kong Monetary Qatar Financial Centre Authority (QFC). with Qatari banks.” He highlighted devel- Authority (HKMA) lowered its base rate Qatar – Hong Kong trade was at $0.94 Bil- opments in Lusail Smart City, potential of charged through the overnight discount lion in 2019. No of Qatari visitors to Hong E- Commerce in Qatar, Sustainable Journey window by 50 basis points to 1.5% after Kong exceeded 3000 in 2019.Qatar airways of Doha Bank, fintech networks and Start- the U.S. Federal Reserve delivered a rate has stake in Cathay pacific and QIA has ups in Qatar. The connectivity between cut of the same margin.“ stake in HK electric investments.” Qatar and Hong Kong on above areas Dr. R. Seetharaman gave insight on Dr. R. Seetharaman highlighted on the could strengthen bilateral partnerships.

reputation for a corruption-free, trans- parent and clean government has played an important role in convincing many international companies and investors to engage with the Singapore market. Singapore has always remained open to, and welcoming of international trade, and in line with this, has built up an extensive network of free trade agreements (FTAs) with many countries/regions, including the Gulf Cooperation Council (GCC). Singapore is also a strong advocate of the ASEAN Economic Community (AEC) through which businesses in Singapore can gain access to the combined Southeast Asian market of 660 million people. w BUSINESS LIFE AUGUST 2020 w 33 MANAGEMENT AND FINANCE | QATAR Hassan Ahmed AlEfrangi, New Chief Executive Officer of Ahli Bank

Ahli Bank announces the appointment of Hassan Ahmed AlEfrangi as Chief Executive Officer

Bank’s strategy for sustainable growth: Sheikh Faisal Bin New appointment: Hassan Ahmed AlEfrangi as Chief Executive AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director Officer of Ahlibank of Ahlibank

hli Bank QSC (Ahlibank), a lead- years at the Bank, the last being Ahlibank’s consumer environment and Hassan is ing Qatari owned financial in- Deputy CEO – Retail and Private Banking. well positioned to lead the Bank through stitution, has announced the Sheikh Faisal Bin AbdulAziz Bin Jassem this ambitious digital transformation. On A appointment of Hassan Ahmed Al-Thani, Chairman & Managing Director behalf of the Board of Directors, I would AlEfrangi as Chief Executive Officer. of Ahlibank said: “On behalf of the Board like to thank Mahmoud Malkawi for his Prior to joining Ahlibank, AlEfrangi of Directors, I am delighted to announce contribution and achievements through was the Group CEO of Qatar General Insur- Mr. Hassan Ahmed AlEfrangi as the Bank’s his tenure as Acting CEO.” ance Co; he holds a Bachelor’s degree in new CEO. Hassan is the right person to lead Hassan AlEfrangi, Ahlibank CEO said “I Finance and Banking, and has more than Ahlibank today, as he has an extensive am honoured to be entrusted by the Board 20 years of experience in the banking field. experience after having held many execu- of Directors to become Chief Executive Mr. AlEfrangi started his career with Ahli- tive positions in the financial sector. The Officer of Ahlibank. I am delighted to have bank and worked in various departments appointment of Hassan AlEfrangi goes accepted this new role and to join again the where he played a prominent role in the in line with the Bank’s strategy to rely Ahlibank family and I look forward to the growth of the Bank. Mr. AlEfrangi is an on competent Qatari leaders with distin- challenges ahead and to effectively execute expert in Business Development and has a guished qualifications and rich experience the Bank’s strategy for sustainable growth strong and strategic mindset that is key to to lead the Bank during its next phase of and continue building on strong and solid achieving the vision of the Bank, in addi- growth and development. foundations to provide our customers with tion to his rich experience in Retail Bank- Ahlibank is investing in new technol- the most personal banking experience.” ing and Risk management. Mr. AlEfrangi ogy and digital capabilities to enhance held many senior positions during his customer experience in a fast changing

34 w BUSINESS LIFE AUGUST 2020 w Ahlibank’s Net Profit QR294 Million for the First Half of 2020 f Ahlibank continues to implement a conservative poli cy on loan loss provisioning by increasing the provisions from QR16.6 million in H1 2019 to QR99.5 million in H1 2020

Bank’s strategy for sustainable growth: Sheikh Faisal Bin AbdulAziz Bin Jassem Al-Thani, Chairman and Managing Director of Ahlibank

hli Bank QPSC (ABQK) announced nology and Digitization will be a key focus tive policy on loan loss provisioning by a net profit of QR294 million for area. Attracting key Qatari talents to the increasing the provisions from QR16.6 the Half year ended June 2020. Bank will be one of the most important million in H1 2019 to QR99.5 million in A Commenting on the results, priorities as part of our Qatarization plan H1 2020. The additional provisions were Hassan Ahmed Al AlEfrangi, Ahlibank’s in line with Qatar’s National Vison 2030. taken as a precautionary measure to meet CEO stated that Ahlibank continued to Commenting on the results, Sheikh the COVID-19 pandemic and economic achieve positive results and indicators at Faisal Bin AbdulAziz Bin Jassem Al-Thani, challenges. Provision Coverage Ratio many levels. Mr. AlEfrangi also praised the Chairman and Managing Director of Ahli- increased to 135.8% as at June 2020 from Bank’s effective and positive role in dealing bank stated: “Total Assets went up from 117.6% in December 2019 driven mainly with the COVID-19 pandemic as the Bank’s QR41,909 million to QR43,749 million by ECL (Expected Credit Loss) and Capital services to clients were maintained at high- recording a 4% growth from June 2019 Adequacy remains strong at 17.2%. The est levels and remained uninterrupted 24/7, levels. Loans and Advances went up from Bank continues to enjoy favorable ratings while adopting appropriate health and QR28,238 million to QR31,938 million from the top international credit rating safety measures to clients and employees. recording a 13% growth from June 2019 agencies.” AlEfrangi further commented: “Ahli- levels. Net Interest Income increased by The Chairman added, “I would like to bank will continue to implement strategies 13% from June 2019. Net operating income thank everyone who has contributed to and plans for conservative growth and went up by 6% compared to June 2019. these good results. I also want to thank provide best banking services. Business The Chairman also noted that the the Qatar Central Bank for their leadership development in all fields especially Tech- Bank continues to implement a conserva- and support.” w BUSINESS LIFE AUGUST 2020 w 35 MANAGEMENT AND FINANCE | JORDAN Arab Bank Group Reports First Half 2020 Net Profit of $152.1 Million

rab Bank Group reported net income after tax of $ 152.1 mil- lion for the first half of 2020 as A compared to $453.2 million for the prior period, recording a drop of 66%. The fall in the profits is attributable to the buildup of higher provisions, driven by current and forecasted economic condi- tions, and reflect the deterioration in the macro-economic environment through- out the region and globally, and to lower revenues from interest and fee income because of the impact of the Covid-19 outbreak and lower market interest rates and weakening oil prices. The Bank has entered the crisis from a position of strength. Customer deposits grew by 5% to reach $ 35.9 billion as com- pared to $ 34.1 billion in the previous year, while loans grew by 2% to reach $26.7 bil- lion as compared $ 26.2 billion. The Group Entering the crisis from a position Facing unavoidable regional and maintained its strong and robust capital of strength: Sabih Masri, Chairman of global challenges: Nemeh Sabbagh, base with equity of $9.2 billion and with a the Board of Directors Chief Executive Officer capital adequacy ratio of 16.8% calculated in accordance with Basel III regulations. banking sectors will unavoidably face the profits of the bank’s affiliate in Saudi The Group enjoys high liquidity with challenges as a result of the economic con- Arabia. loan-to-deposit ratio at 74.4%, while credit traction, the higher cost of risk, and lower Sabbagh highlighted that the increased provisions held against non-performing interest rates. He added that growth in the provisions booked across the Group are in loans continue to exceed 100%. GCC countries has declined sharply due to accordance with the guidelines of Inter- Sabih Masri, Chairman of the Board of the plunge in oil prices since the outbreak national Financial Reporting Standard # Directors remarked that the pandemic has of the pandemic. 9, and as per the bank’s internal expected come as a shock for the global economy, Sabbagh commented that the Group credit loss model, and include general pro- which will witness contraction in 2020. He net operating income dropped by 21%, visions built due to the current economic added that the Covid-19 pandemic has had, and the Bank opted to build significantly situation in Lebanon. and continues to have, a material impact more provisions during the first half of Masri concluded by stating that while on businesses around the world and the 2020 against the financial implications the negative impact of the pandemic is economic environments in which they of Covid-19, and that this has resulted in unprecedented, the effect on the Group operate. the drop in the reported net income after will be well cushioned by the bank’s resil- Nemeh Sabbagh, Chief Executive Of- tax. He added that the drop in the Group’s ience, the strength of its franchise, and the ficer, stated that the global and regional profitably is also attributable to the fall in success of its diversified business model. USD 145.7 Billion Sukuk Issued Globally in 2019 IIFM Annual Sukuk Report

he International Islamic Financial prospects as well as country focused re- As of December 2019, around 94% of Market (IIFM) announced today ports on IIFM founding member countries the USD 551.44 billion Sukuk outstanding the launch of the 9th Edition of and major Sukuk issuing jurisdictions. globally are issued from well established T its annual Sukuk Report. The The research finds that the year 2019 markets namely Malaysia, Saudi Arabia, research report provides comprehensive saw the market close with a record Sukuk Indonesia, United Arab Emirates, Turkey information on global Sukuk issuances, primary market issuance amounting to and Bahrain while other countries like types of issuers, Sukuk structures, case USD 145.70 billion resulting in an increase Pakistan, Qatar, Oman and regions such as studies on select landmark issuances, ar- of around 18.32% in Sukuk issuances as Africa in particular are gradually increas- ticles on Sukuk market developments and compared to 2018. ing their market share.

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Iran executes man accused of spying for U.S., Israel al-Bashir in April last year after 30 years in power and set the An Iranian accused of spying for U.S. and Israeli intelligence course for civilian rule. was executed, according to Iran’s official IRIB news agency. Islamists largely stayed on the sidelines of the nationwide Last month, the judiciary said Mahmoud Mousavi-Majd, demonstrations. who was arrested in 2018, had spied on former Revolutionary Under Bashir’s 30-year rule, the country adopted a more radi- Guards commander Qassem Soleimani, adding however that the cal course of Islam, hosting Al-Qaeda founder Osama bin Laden case was not connected to Soleimani’s killing earlier this year. between 1992 and 1996. On Jan. 3, a U.S. drone strike in Iraq killed Soleimani, leader of It also imposed punishments including flogging and sent the Revolutionary Guards’ Quds Force. Washington had accused jihadist volunteers to fight in the country’s civil war with the Soleimani of masterminding attacks by Iran-aligned militias on south Sudanese. U.S. forces in the region. The US blacklisted Sudan as a state sponsor of terrorism, in The execution comes at a time when millions of Iranians a move that decimated the country’s economy. have taken to social media to protest against the death sentences Sudan’s transitional government, installed under a deal awarded to three men accused of participating in anti-govern- between protest leaders and the generals who took charge after ment protests last November. Bashir’s ouster, has been pursuing a string of reforms, seeking Their executions have been suspended, one of their attorneys, to rebuild ties with the US, boost its international standing and Babak Paknia, said lately. rescue its ailing economy. -- AFP Rights activists said the sentences for the three men were aimed at intimidating future protesters. Kuwait Ruler had successful surgery Witnesses said security forces fired tear gas to disperse Kuwait’s 91-year-old ruler Emir Sheikh Sabah al-Ahmad al-Sabah demonstrators in the southwestern city of Behbahan who were underwent successful surgery morning, his office said. protesting against economic problems but also the death sen- Sheikh Sabah, who has ruled Kuwait since 2006, had been tences against the three men. admitted to hospital for medical checks. The Farsi hashtag “Don’t execute” was tweeted millions of His office, in a statement carried by state news agency KUNA, times lately ----Reuters did not specify what kind of surgery he underwent. ---- Reuters

Blast at power plant in Iran’s central Isfahan province Irna Saudi bourse CEO says Coronavirus has not hurt An explosion occurred at a power plant in Iran’s central Isfahan trading activity province but there were no casualties, the official IRNA news The outbreak of the novel coronavirus has not had a significant agency reported. The blast was caused by the wear and tear of effect on trading on the Saudi stock market, with trading volume a transformer at the power plant in Islamabad, the managing higher compared with last year, Tadawul’s CEO Khalid Abdullah director of the Isfahan power company told IRNA. al-Hussan told a news conference. His comments came as the Saudi Power was interrupted for two hours, he said. Stock Exchange earlier announced that its derivatives market There have been several explosions and fires around Iranian would launch on Aug. 30, starting the trading of the kingdom’s first military, nuclear and industrial facilities since late June. --- Reuters exchange-traded derivatives product.--REUTERS

Dozens protest against Sudan reforms UN Approves aid to Syria’s rebel area through 1 crossing Dozens of Sudanese protested in the capital Khartoum against Russia scored a victory for its ally Syria by forcing the Security recent government reforms they consider anti-Islamic, including Council to limit humanitarian aid deliveries to the country’s mainly allowing non-Muslims to drink alcohol, an AFP correspondent rebel-held northwest to just one crossing point from Turkey, a move said. that Western nations say will cut a lifeline for 1.3 million people. Justice Minister Nasredeen Abdulbari said last Saturday that Russia argues that aid should be delivered from within the coun- Muslim-majority Sudan now “allows non-Muslims to consume try across conflict lines, and says only one crossing point is needed. alcohol on the condition it doesn’t disturb the peace and they UN officials and humanitarian groups argued unsuccessfully don’t do so in public”. - along with the vast majority of the UN Security Council - that He also said that converting from Islam to another religion the two crossing points in operation until their mandate expired would be decriminalised. Friday were essential for getting help to millions of needy people The announcements came a day after the country criminal- in Syria’s northwest, especially with the first case of COVID-19 ised female genital mutilation. recently reported in the region. Protesters took to the streets of Khartoum after Muslim The Security Council vote approving a single crossing from Turkey prayers Friday in the east and north of the capital, an AFP cor- was 12-0, with Russia, China and the Dominican Republic abstaining. respondent said. The vote capped a week of high-stakes rivalry pitting Russia and They shouted slogans including, “God’s laws shall not be China against the 13 other council members. An overwhelming replaced” and carried banners reading “No to secularism”. majority voted twice to maintain the two crossings from Turkey, “Hamdok, Khartoum is not New York,” other protesters cried, but Russia and China vetoed both resolutions - the 15th and 16th addressing Prime Minister Abdalla Hamdok, who leads Sudan’s veto by Russia of a Syria resolution since the conflict began in 2011 transitional government. and the ninth and 10th by China. Late last month, Hamdok had pledged to announce decisions Germany and Belgium, which had sponsored the widely sup- that “may have a major impact” in the country. ported resolutions for two crossing points, finally had to back down Security forces blocked streets in central Khartoum and to the threat of another Russian veto. The resolution they put for- bridges connecting the capital with its twin city of Omdurman, ward authorized only a single crossing point from Turkey for a year. the AFP correspondent said. In January, Russia also scored a victory for Syria, using its veto Unprecedented popular protests that kicked off in Sudan in threat to force the Security Council to adopt a resolution reduc- December 2018 led to the ousting of Islamist president Omar ing the number of crossing points for aid deliveries from four to

38 w BUSINESS LIFE AUGUST 2020 w two, from Turkey to the northwest. It also cut in half the yearlong Powerful tribes in eastern Libya loyal to Khalifa Haftar mandate that had been in place since cross-border deliveries began closed export terminals and choked off major pipelines at the in 2014 to six months. start of the year. The move was aimed at pressuring their rivals Before adopting the resolution, the council rejected two amend- in the UN-supported government in the capital, Tripoli, in the ments proposed by Russia, including one suggesting that US and country’s west. European Union sanctions on Syria were impeding humanitar- In a statement late Saturday, Ahmed al-Mosmari, a spokes- ian aid. That contention was vehemently rejected by the Trump man for Haftar’s forces, called for oil revenues to flow into a administration and the EU, which noted their sanctions include bank account in a foreign country with a “clear mechanism” to exemptions for humanitarian deliveries. It also rejected an amend- distribute funds fairly among Libya’s regions. He did not name ment from China. a country to host the account. Russia’s deputy UN ambassador, Dmitry Polyansky, said after He also demanded international guarantees that oil revenues the vote that from the beginning Moscow had proposed one cross- would not to be used to fund “terrorists and mercenaries.” He ing - from Bab al-Hawa to Idlib - and that Saturday’s resolution was apparently referring to the mercenaries, mostly Syrians, could have been adopted weeks ago. He said Russia abstained in that Turkey brought in recent months to fight on the side of the the vote because negotiations over the resolution were marred by Tripoli government, which is backed by an array of local militias “clumsiness, disrespect.” as well as Turkey, Qatar and Italy. Polyansky accused Western nations on the council of “unprec- Haftar’s forces are also backed by a patchwork of armed edented heights” of hypocrisy, saying they were ready to jeopardize groups as well as foreign patrons, including the United Arab cross-border aid over the references to unilateral sanctions. Emirates, Egypt, Russia and France. He said cross-border aid to Syria’s northwest doesn’t comply Al-Mosmari also called for an audit to Libya’s central bank with international law because the UN has no presence in the in Tripoli to review the spending in the past years. region, which he described as being controlled “by international Oil, the lifeline of Libya’s economy, has long been at the terrorists and fighters” that make it impossible to control and center of the civil war, as rival authorities jostle for control of monitor who gets aid. Africa’s largest reserves. The closures have deprived authorities German Ambassador Christoph Heusgen retorted that while of over $6.5 billion. Russia talks about delivery of aid across conflict lines, “in practice Haftar’s supporters say the Libyan Central Bank, which is it doesn’t” happen. based in the capital and collects oil revenue, only uses it for the He said his side fought to maintain multiple crossing points benefit of the Tripoli government. for aid, including the Al-Yaroubiya crossing point from Iraq in the Last month, the tribes offered to end the closure as part of a northeast that was closed in January, because that is what is needed political settlement. They mandated Haftar’s forces to negotiate for efficient delivery of aid to millions in need - and he asked Poly- the opening of the oil facilities. ansky “this is clumsy?” The state-run National Oil Corporation said it has resumed “This is what we tried to do over these past weeks, to get the crude exports, shipping 730,000 barrels to Italy. Al-Mosmari said optimum to the population,” Heusgen said. the shipment, which was contracted before the closures, was US Ambassador Kelly Craft told the council: “Today’s outcome allowed in order to ease the strain on storage facilities. leaves us sickened and outraged at the loss of the Bab al-Salaam and In recent weeks, “regional countries” have been quietly ne- Al Yarubiyah border crossings.” gotiating with the Tripoli-based government over the distribu- “Behind those locked gates are millions of women, children, tion of oil revenues in talks supervised by the UN and the US, and men who believed that the world had heard their pleas. Their according to the state-run oil company. health and welfare are now at great risk,” she said. Haftar’s forces launched an offensive in April last year to try Still, Craft called the authorization of access through Bab to capture Tripoli. The offensive quickly stalled, however, and in al-Hawa for 12 months “a victory” in light of Russia and China’s recent weeks Haftar’s forces have fallen back as the Tripoli-allied “willingness to use their veto to compel a dramatic reduction in militias, with Turkish support, gained the upper hand. --- AP humanitarian assistance.” “This solemn victory must not end our struggle to address the Iran will develop oil industry despite U.S. sanctions mounting human needs in Syria - that fight is far from over,” Craft said. Zanganeh says Belgium and Germany said in a joint statement that 1.3 million Iran is determined to develop its oil industry in spite of U.S. people, including 800 000 displaced Syrians, live in the Aleppo sanctions imposed on the country, Iranian Oil Minister Bijan area, including 500,000 children who received humanitarian aid Zanganeh said in a televised speech recently. through the Bab al-Salam crossing - and now have that aid cut off. “We will not surrender under any circumstances ... We have to “Today is yet another sad day. It is a sad day for this council, but increase our capacity so that when necessary with full strength we mostly, it is a sad day for the Syrian people of that region,” they said. can enter the market and revive our market share,” said Zanganeh. “Both Yarubiyah and Bab al-Salam were vital crossings to deliver, The minister was speaking before the signing of a ê294- in the most efficient way possible, the humanitarian help, those million contract between the National Iranian Oil Company and people deserve.” Persia Oil Gas, an Iranian firm, to develop the Yaran oilfield that In a later statement, they added: “One border crossing is not is shared with neighbouring Iraq’s Majnoon field. enough, but no border crossings would have left the fate of an entire The agreement aims to produce 39.5 million barrels of oil region in question.” AP from the Yaran oilfield in Khuzestan province in southwestern Iran, the Iranian Oil Ministry’s news agency SHANA said. Libyan forces set conditions for lifting oil blockade Hit by reimposed U.S. sanctions since Washington exited Forces loyal to a Libyan commander said they will only allow Iran’s 2015 nuclear deal in 2018, Iran’s oil exports are estimated at the reopening of oil fields and terminals once a mechanism has 100,000 to 200,000 barrels per day, down from more than 2.5 mil- been set up to fairly distribute revenue across the country, which lion bpd that Iran shipped in April 2018. The Islamic Republic’s is split between rival, warring factions. crude production has halved to around 2 million bpd. --- Reuters w BUSINESS LIFE AUGUST 2020 w 39 NEWS FROM AROUND THE WORLD

Vietnam’s Danang to test entire population as out- target humanitarian assistance or hinder our stabilization activities break spreads beyond city in northeast Syria. We will continue our humanitarian assistance Vietnam’s coastal city of Danang plans to test its entire popu- through our international and Syrian partners, even in areas under lation of 1.1 million people for coronavirus infection, the gov- the Assad regime’s control. The United States has contributed more erning authorities said, as 40 new cases linked to the tourist than $11.3 billion in humanitarian assistance since the start of the hot spot were reported across the country, taking total infec- conflict and will continue to do so. tions to 586, with three deaths. There must be accountability and justice for the victims Most of the new cases are linked to hospitals in Danang city, of Hama, Maarat al-Numan, and of the Assad regime’s other war where the first locally transmitted infection in more than three crimes and crimes against humanity. The Assad regime and those months was detected last week. who support it have a simple choice: take irreversible steps toward a The Health Ministry said that up to 800,000 visitors to Dan- lasting political solution to end the Syrian conflict as called for by UN- ang have left for other parts of the country since July 1, adding SCR 2254 or face new tranches of crippling sanctions.”— US Embassy that more than 41,000 people have visited three hospitals in the city since, Reuters reported. --SPA Saudi King, 84, has successful surgery Saudi Arabia’s 84-year-old ruler, King Salman bin Abdulaziz, under- French Minister for Foreign Affairs praises KSA’s efforts went a successful operation to remove his gallbladder, state news to accelerate implementation of Riyadh Agreement agency SPA reported, after he was admitted to hospital recently. French Minister for Europe and Foreign Affairs Jean-Yves Le Drian The king, who has ruled the world’s largest oil exporter and close praised efforts exerted by the Kingdom of Saudi Arabia (KSA) to U.S. ally since 2015, will stay in hospital for some time to receive accelerate the implementation of Riyadh Agreement, between treatment, SPA reported. the Yemeni government and the Southern Transitional Council. King Salman, the custodian of Islam’s holiest sites, was admit- The French Ministry for Europe and Foreign Affairs said in a state- ted to hospital in the capital Riyadh, suffering from inflammation ment announced here today, that Le Drian expressed appreciation of the gallbladder. of the Kingdom of Saudi Arabia for its efforts in implementing the He has since chaired a cabinet meeting via video call from Riyadh Agreement, pointing out that the comprehensive political hospital in the capital Riyadh and could be seen in a video behind option, is the only solution to end the conflict, in Yemen. a desk, reading and leafing through documents. --SPA King Salman was crown prince and deputy premier for over 2-1/2 years from June 2012 before becoming king. He also served as Us Secretary of State Pompeo makes announcement governor of the Riyadh region for more than 50 years. on Syria sanctions designations Saudi Arabia’s de facto ruler and next in line to the throne is the US Secretary of State Mike Pompeo and the Department of the king’s son, Crown Prince Mohammed bin Salman, who is widely Treasury’s Office of Foreign Assets Control (OFAC) made the fol- referred to as MbS and has launched reforms to diversify its oil- lowing announcement on Syria Sanctions Designations: dependent economy. “Today, the State Department and Treasury Department The 34-year-old prince, who is popular among many young continued the United States’ sanctions campaign against the As- Saudis, has won praise at home for easing social restrictions in the sad regime by releasing 14 new designations under the Caesar Syria conservative Muslim kingdom, giving more rights to women and Civilian Protection Act and other authorities. This campaign began pledging to diversify the economy. last month with the first round of Caesar Act designations. To the king’s supporters, this boldness at home and abroad was a We have named today’s tranche of designations the Hama welcome change after decades of caution, stagnation and dithering. and Maarat Al-Numan sanctions. These names are meant to me- But state control of the media and a crackdown on dissent make morialize the victims of two of the Assad regime’s most notorious it difficult to gauge the extent of domestic enthusiasm. atrocities, both of which occurred in this week in 2011 and 2019. The crown prince’s reforms have been accompanied by a purge Nine years ago, Bashar al-Assad’s troops carried out a brutal siege of of top royals and businessmen on charges of corruption, and a costly the city of Hama, killing scores of peaceful protesters in a shocking war in Yemen, which have all unnerved some Western allies and sign of what was to come. One year ago, the Assad regime and its investors. allies bombed a busy marketplace in Maarat Al-Numan, killing 42 His prestige also suffered a blow after the murder of journalist innocent Syrians. Jamal Khashoggi in 2018 at the hands of Saudi security personnel The Assad regime’s military has become a symbol of brutality, seen as close to him. -----Reuters repression, and corruption. They have killed hundreds of thousands of civilians, detained and tortured peaceful protesters, and destroyed First prayers to be held at Hagia Sophia after Turkey schools, hospitals, and markets without regard to human life. We converts it from museum to mosque are designating Zuhair Tawfiq al-Assad and the First Division of Prayers will be held lately at Istanbul’s revered Hagia Sophia for the the Syrian Arab Army pursuant to E.O. 13894 Section 2(a)(i)(A), first time since President Recep Tayyip Erdogan declared it would in addition to Zuhair Tawfiq al Assad’s adult son, Karam al-Assad, be transformed from a museum into a mosque, a decision that under Section 2(a)(ii). Among today’s actions, we are also desig- delighted his pious Muslim supporters even as Christian leaders nating Bashar al-Assad’s adult son Hafez al-Assad pursuant to E.O. warned the conversion could be religiously divisive. 13894 Section 2(a)(ii). We will continue to hold Bashar al-Assad Inaugurated in the Byzantine era, the nearly 1,500-year-old and his regime accountable for their atrocities, while keeping the building overlooking the Bosporus was the largest church in the memory of their victims alive. Christian world for nearly a millennium and an Ottoman mosque It is time for Assad’s needless, brutal war to end. This, above all, for hundreds of years. It was transformed into a museum in 1934 is what our sanctions campaign is meant to bring about. A political by Mustafa Kemal Ataturk, the secularizing founder of the Turkish solution under UNSCR 2254 is the only credible path to the peace republic. the Syrian people deserve. The Caesar Act and other U.S. Syria Earlier this month, Turkey’s top administrative court ruled to sanctions are not intended to harm the Syrian people and do not annul Hagia Sophia’s status as a museum, in a victory for Turkish

40 w BUSINESS LIFE AUGUST 2020 w Islamists and nationalists who had long pushed for the site’s conver- The crisis, as well as the coronavirus pandemic, has deeply hurt sion to a mosque. Some Christian religious leaders, including Pope Qatar Airways, which competes with Abu Dhabi-based Etihad Francis, expressed concern, and the Trump administration said it Airways and Dubai-based Emirates as major East-West carriers.--AP was “disappointed” by Turkey’s decision. Some of the sharpest criticism came from Audrey Azoulay, the “Us responsible for any possible accident to Mahan director-general of UNESCO, who said in a statement earlier this Airliner” - Iran month that she “deeply regrets” the decision to change the status Seyed Abbas Mousavi, referring to the incident for the Mahan of the Hagia Sophia, or “Holy Wisdom” in Greek. plane bound for Beirut, said: “The details of the incident are under “Hagia Sophia is an architectural masterpiece and a unique tes- investigation and after completing the information, the necessary timony to interactions between Europe and Asia over the centuries. political and legal measures will be taken.” Its status as a museum reflects the universal nature of its heritage, He added: “At the same time, Iran’s ambassador and permanent and makes it a powerful symbol for dialogue,” Azoulay said. representative to the United Nations Majid Takht-e Ravanchi, Erdogan said that the mosque, until recently Turkey’s most contacted Guterres, the secretary-general of the organization, and visited museum, would remain open to people from around the explicitly stressed that if any incident occurs on the way back for world and that admission to the mosque would be free. He was the airliner, the Islamic Republic of Iran will hold the United States expected to attend the prayers. responsible.” Photographs released by Erdogan’s office, during a visit by the Mousavi added that the message was also given to the Swiss president and his wife, Emine Erdogan, showed the physical changes ambassador in Tehran. -- Iran press underway as the building was prepared for congregational prayers. Thousands of square feet of turquoise carpeting had been laid on Five killed in Sudan floods: Interior Minister the marble floors and white curtains were stretched over portions At least five people were killed and thousands of homes were of the ceiling containing Christian mosaics, which would remain damaged by heavy floods in Sudan, the interior minister said in a covered during prayer times. -- WashingtonPost statement lately. Nearly 3,500 houses were affected by floods caused by heavy Qatar Airways sues boycotting countries for $5 billion rains on Friday and Saturday, interior minister Eltrafi Elsdik said Long-haul carrier Qatar Airways said it launched international in a statement. Four of the people killed were in the central Jazira arbitration seeking at least $5 billion from four boycotting Arab state, and one in the western Darfur region. countries for blocking its flights from their airspace and their mar- Torrential rains often hit Sudan between June and October, kets, years into a simmering political dispute between the nations. resulting in significant flooding. Last week heavy downpours broke The Doha-based carrier did not elaborate where it initiated a dam in Blue Nile state, destroying more than 600 houses.--AFP international arbitration against Bahrain, Egypt, Saudi Arabia and the United Arab Emirates (UAE), all of whom launched a boycott of Macron clashes with Rutte And Kurz at Eu Summit Qatar in June 2017 that continues today. Calls to the carrier’s offices Tempers flared as the deadlocked EU coronavirus summit rolled rang unanswered, and government officials did not immediately over from Sunday into Monday, with French President Emmanuel respond to questions from The Associated Press. Macron upbraiding his Dutch and Austrian colleagues and threat- In a statement, the airline said the arbitration involved three ening a walk-out. separate agreements Qatar had with the boycotting nations: the Frustration had been building for three days as the 27 lead- Organisation of Islamic Cooperation (OIC) Investment Agreement, ers wrangled over the size and form of an up to 750-billion-euro the Arab Investment Agreement and the bilateral investment treaty ($860-billion) package of loans and grants to lift virus-ravaged between the State of Qatar and Egypt. countries out of recession. “The decision by the blockading states to prevent Qatar Airways An alliance of so-called “frugals”, led by Prime Minister Mark from operating in their countries and flying over their airspace is Rutte of the Netherlands and Chancellor Sebastian Kurz of Austria, a clear breach of civil aviation conventions and several binding has been resisting calls for the bulk of the funds to be doled out as agreements they are signatories to,” Qatar Airways CEO Akbar non-repayable grants. al-Baker said in a statement. Macron, according to witnesses, bashed the table, attacked Kurz “The blockading states must be held accountable for their illegal for leaving the room to make a call and accused Rutte of behav- actions in the aviation sector, which include a failure to comply ing like former British premier David Cameron -- whose strategy with their obligations under bilateral agreements, multilateral “ended badly”. agreements and international law,” he added. Cameron often took a hard line at EU summits seeking conces- Bahrain, Saudi Arabia and the UAE did not immediately respond sions for Britain, but ended up losing a Brexit referendum -- and to requests for comment. Egyptian state media and officials did not his job. immediately acknowledge Qatar Airways’ comments. According to a European source Kurz was offended by Macron’s The arbitration comes after Qatar earlier this month won a behaviour. procedural dispute before the United Nations’ highest court, which A member of the French delegation told AFP that some of the ac- allowed the International Civil Aviation Organization (ICAO) to counts of what had happened has been “a little caricatured” but con- rule in a case Doha brought before it over the boycott. firmed that Macron had “taken a hard line on their inconsistencies”. The four Arab nations cut ties with Qatar in 2017 in a political According to officials, Macron had denounced the two leaders dispute fueled in part over Doha’s support for groups that they view for their insistence that the recovery funds take the form of loans as terrorists. They also launched an economic boycott, stopping with strict conditions attached, rather than as grants -- and had said Qatar Airways flights from using their airspace, closing off the small he would rather walk away than make a bad deal. country’s sole land border with Saudi Arabia and blocking its ships France wants at least 400 billion euros to be available as grants, from using their ports. but the Frugals want to cut that back substantially. ----AFP Efforts to end the crisis, mediated by Kuwait’s now-hospitalized 91-year-old emir, have so far failed to resolve it. w BUSINESS LIFE AUGUST 2020 w 41 ENERGY REGION

Appointing HE Attar as the People’s Democratic Republic of Algeria’s Minister of Energy on 23rd of June:GECFF and Algeria holding high-level talks GECF and Algeria Hold High-Level Talks Throughout 2020, Algeria is fulfilling the responsi bility of the rotating Presidency of the GECF Ministerial Meeting

meeting was held between the Gas Attar and the President of the GECF Ministe- Democratic Republic of Algeria’s Minis- Exporting Countries Forum (GECF) rial Meeting on the Forum’s development and ter of Energy on 23rd of June. He boasts a and the newly-appointed Algerian other strategic matters. distinguished ministerial and industrial A Minister of Energy HE Abdelmadjid HE Attar was appointed as the People’s background, including as a former CEO of 42 w BUSINESS LIFE AUGUST 2020 w Exporting Countries Forum (GECF).” provision. Since then the gas market has dra- Addressing HE Attar, Secretary General matically evolved. There is more diversity of Sentyurin said: “Algeria is one of the found- exporters. LNG trade has expanded, linking ing Member Countries and a pillar of the together regional gas markets, and there is GECF family. It’s a tall order to name the a multiplicity of contractual arrangements ways and means Algeria has contributed from oil index based to hybrid contracts,” to the Forum’s development. Now, we are he observed. looking forward to navigating the changes The esteemed Minister of Energy also in market realities, and look beyond current provided the Secretariat with valuable in- moment under your able leadership as the structions based on his vision of the future GECF Ministerial Meeting President,” while of the natural gas industry. adding that HE Attar’s prudence guidance Both parties discussed the preparatory is what Algeria and all the natural gas pro- work for the forthcoming 22nd Ministe- ducing community requires in these testing rial Meeting, to be hosted by Algeria on 12 times of economic downturn, volatility, and November 2020. uncertainty. Meanwhile, Algeria will be the host of The President of the Ministerial Meeting the 7th GECF Summit of Heads of State and received a detailed overview on the Forum’s Government in 2023, as announced at the work, including its insights and findings, 5th GECF Summit in Equatorial Guinea. current membership expansion drive, Gas Exporting Countries Forum is an regular and special events, and its delivera- international governmental organisation bles in light of the Decisions on Statements of 20 Member Countries – Algeria, Bolivia, adopted at the GECF Summits, Ministerial Egypt, Equatorial Guinea, Iran, Libya, Ni- Meeting Resolutions, Executive Board Sum- geria, Qatar, Russia, Trinidad and Tobago, mary of Decisions, Long-Term Strategy, and Venezuela, Angola, Azerbaijan, Iraq, Kazakh- the 5-Year Working Plan. Comprehensive stan, Malaysia, Norway, Oman, Peru, and the discussions also took place on the action United Arab Emirates, which jointly control plan as regards to the implementation of 72% of the proven gas reserves, 46% of its the Gas Research Institute, which is set to marketed production, 55% of pipeline, and be located in Algeria. 61% of LNG exports across the globe. It is Further, the GECF Head of Gas Market headquartered in Doha, Qatar. Analysis Department Ms Mahdjouba Being a foremost energy association, Belaifa and Head of Energy Economics officially established in 2008, the GECF has and Forecasting Department Mr Dmitry recorded notable milestones in its evolution Sokolov presented a concise introduction to and remains committed to supporting its the Algerian delegation of Short-Term and Member Countries in the pursuit of global Long-Term Gas Market reviews, respectively. energy security and meeting the world’s Thanking HE Sentyurin and the staff growing energy demand, while proving of his Secretariat, HE Attar stated that the to be reliable suppliers of natural gas – a meeting was a great opportunity for him to prominent contributor in the global pursuit discuss matters of paramount significance, towards net-zero emissions energy systems made all the more important, given that and attainment of the 2030 Sustainable Algeria is entrusted with the Presidency Development Goals. of the GECF Ministerial Meeting this year. The Forum provides granular, scientifi- “The current pandemic has had a dra- cally based insights into the state of natural matic effect on lives, the economy, and gas based on the diverse variety of the instru- energy markets. For gas, difficulties have ments and deliverables such as the GECF accumulated since more than two years Global Gas Model – now with elements of with over-investment in LNG facilities. The artificial intelligence and digital technolo- pandemic has exacerbated the crisis and the gies, Global Gas Outlook 2050, Annual Short F and Algeria holding high-level talks prices are now at a level that is no longer Term Gas Market Report, Special Envoys on sustainable. I strongly believe that the GECF Data and Statistics, Data Exchange Mecha- should take this crisis as an opportunity to nism, the Short-, Medium and Long Term state-owned Sonatrach. Throughout 2020, change and to become more useful for the Gas Market Reviews, Monthly, Quarterly Algeria is fulfilling the responsibility of the interest of its members,” urged H.E. Abdel- and Annual Statistical Bulletins. rotating Presidency of the GECF Ministerial madjid Attar. GECF increasingly engages with UN g Meeting. “I remember when I was the CEO of agencies, the G20 Ministerial Meeting on In his opening address, the GECF Sec- Sonatrach, the same question kept coming Energy Transitions and Global Environment retary General HE Yury Sentyurin thanked back: why are gas exporting countries not for Sustainable growth, ASEAN, EEC, OPEC, HE Abdelmadjid Attar for inviting the cooperating like oil exporting countries. OAPEC, APPO, IEF, IEA, IRENA, OLADE, s- Secretariat to the meeting within the first Well, part of the answer then was that most IGU, other peers, and regional entities, as e boasts a month of assuming office, an act he termed of the gas outside of the US was sold under well as maintains strategic multifaceted distinguished ministerial and industrial “another evidence of Algeria’s unwavering long-term contracts with price indexed to dialogue amongst natural gas producers und, including as a former CEO of support and high priority given to the Gas oil, and destination clauses, and take-or-pay and consumers. w BUSINESS LIFE AUGUST 2020 w 43 INSURANCE & REINSURANCE REGION The Rising Burden of Medication in KSA - A Pragmatic Approach to Minimize It Implementation of generic medicine framework in KSA can save SR10 bn annually

new report released by Bupa Arabia that the global spending on pharmaceuticals for Cooperative Insurance says reached a staggering $1.2 trillion in 2018 and the implementation of a generic is expected to exceed $1.5 trillion by 2023. A medicine framework (legislation) In the Middle East and Africa, the study in Saudi Arabia can result in an estimated pointed to an increase in pharmaceutical decrease of 35%-40%, equivalent to SR10 expenditure by 9%, amounting to $25 bil- billion, in medication spending annually. lion, of which $8 billion came from Saudi The whitepaper is considered to be the Arabia alone. first-of-its-kind to explore generic medicine Based on Bupa Arabia’s report, Saudi legislations in the Kingdom.Dr. Ayman Al- Arabia is the largest spender on healthcare Sulaimani, Medical Director at Bupa Arabia, across the Middle East, with over $37 billion said there’s an existing policy in favor of (SR139 billion) spent on private and semi- generic medicine in Saudi Arabia, however, government sectors, the Ministry of Health Generic medicine framework in KSA can save SR10 bn annually: it lacks enforcement due to the non-availa- and out-of-pocket expenditures. bility of generic medicine at the desired level Furthermore, one of the objectives of sectors, the Ministry of Health, and out of of quality and price even though healthcare the National Transformation Program is pocket expenditures. continues to be a top priority for the govern- increasing private healthcare expenditure The global spending on healthcare (ex- ment in the Kingdom of Saudi Arabia who from 25% to 35% by 2020. The Ministry of cluding the US) is $677 per capita, whereas announced several initiatives to improve Health (MoH) plans to spend more than SAR healthcare spending in Saudi Arabia is over healthcare services as part of Vision 2030. 23 billion on new initiatives over the next $1,120 per capita; that is 66% higher than “Today, only 30% of pharmaceuticals five years. MoH is expected to spend over global spending. In KSA, higher prevalence are manufactured locally,” added Dr. Al- SAR 70 billion. of lifestyle-related diseases is one of the Sulaimani. “Introducing a generic medicine Implementing a generic medicine major causes behind the higher spending framework (legislation) can boost local framework can help save SAR 10 billion on healthcare. manufacturing of drugs, which not only annually on medication costs which can According to a study conducted by the provides employment opportunities for be redirected to other healthcare initiatives. IQVIA Institute for Human Data Science, Saudis but also reduces the medication cost Note that the idea of generic medicine is to the global spending on pharmaceuticals burden in the country. provide the same quality with the ability to reached to a staggering amount of US$1.2 ”The World Health Organization (WHO) provide savings in order to treat more people trillion in 2018 and is expected to exceed defines a ‘generic drug’ or ‘generic medicine’ for the same amount.” US$1.5 trillion by 2023. as: A pharmaceutical product usually in- Vision 2030 highly emphasizes the im- In a different study specific to the Middle tended to be interchangeable with the origi- portance of healthcare and improving the East & Africa (MEA), IQVIA notes that the nator brand product, manufactured without lifestyle and well-being of Saudis. Digitiza- value of the pharmaceutical market in MEA a licence from the originator manufacturer tion / e-health, privatization, and corporati- has reached US$25 billion in 2018. and marketed after the expiry of patent or zation are among Vision 2030’s main pillars, With approximately $8.2 billion (~SAR other exclusivity rights. and as a private health insurance company, 31 billion), up from US$7.5 billion in 2017 Generic medicine contains the same we aim to contribute to the Saudi Vision. For (9% increase)4. The estimates for the Saudi active ingredients as their original coun- this reason, we have identified an initiative pharmaceutical expenditures is close to terparts, as they have the same qualitative, worth over SAR 10+ billion. US$8 billion. Implementing a generic medi- quantitative and pharmaceutical com- Adopting a generic medicine framework cine framework, which promotes dispensing position of the original medical product, will not only bring savings to SAR 10+ bil- generic medicines when available, could and their biological equivalence with the lion annually, it can also augment manufac- increase savings to over US$2.67 billion original medical product is proven through turing of pharmaceutical products locally, (~SAR 10+billion) in Saudi Arabia. appropriate bio-equivalence studies. They thus boosting Saudi employment level. The Kingdom has one of the highest are less costly than their original brand coun- Global healthcare expenditure in 2017 prevalence rates of lifestyle diseases in the terpart because manufacturers do not have was estimated at $ 7.7 trillion1. It is expected world. 18.5% of the population over the age to conduct clinical trials that are required to grow at an annual rate of 5.4% between of 20 have diabesity, 35% have obesity and from brand-name medicines to demonstrate 2017–2022. over 23% suffer from hypertension. safety and effectiveness, which often costs Saudi Arabia is the largest spender on Non-communicable diseases accounted millions of dollars. healthcare across the Middle East with over for 68% of deaths in Saudi in 2018. Cardio- A study conducted by the IQVIA Insti- $37 billion (~SAR 139 billion) in spending vascular diseases, diabetes, urogenital, blood tute for Human Data Science concluded between the private and semi-government and endocrine system diseases and cancer

44 w BUSINESS LIFE AUGUST 2020 w Generic medicine framework in KSA can save SR10 bn annually:Photo by Scott Graham are currently the leading causes of death in mance characteristics and intended use”. preserve incentives for innovation, includ- Saudi Arabia. The European Medicines Agency (EMA), ing the creation of a procedure for patient Medication utilization is affected by the main regulatory body for pharmaceuti- litigation involving generic pharmaceuti- the prevalence of many diseases especially cal products in the European Union (EU), cals. The Hatch-Waxman Act established the chronic conditions. In addition to the spread defines a generic medicinal product as a legal and economic foundation for today’s of chronic diseases, the increase in the “product which has the same qualitative generic pharmaceutical industry”. numbers of lifestyle diseases in Saudi Arabia and quantitative composition in active sub- Why Generics are cheaper than their poses a major threat as it puts pressure on stances and the same pharmaceutical form equivalent brands? the healthcare system by increasing phar- as the reference medicinal product, and Generic medicines tend to cost less than maceutical expenditures and medication whose bio-equivalence with the reference their brand-name counterparts because costs. Public spending on the healthcare medicinal product has been demonstrated they do not have to repeat the animal and sector is largely channeled towards new ini- by appropriate bio-availability studies”. A clinical (human) studies that were required tiatives, such as increasing life expectancy, generic medicine works in the same way from brand-name medicines to demonstrate reducing obesity and localizing pharma- and provides the same clinical benefit as safety and effectiveness, which often costs ceutical manufacturing. Generic medicines, its brand-name counterpart; as the active millions of dollars. A survey administered which have similar therapeutic effects as ingredients are the same and the excipients in the US in 2014 among 1,442 patients their brand-name equivalents, have been (inactive ingredients) may differ. This only- revealed that most respondents considered used in most developed countries to counter makes a difference in rare cases where the generic medicines to be as effective (87 %) the increase in healthcare expenditures and patient is allergic or sensitive to one of the and safe (88 %) as their brand-name coun- medication burden. excipients. The product may also be slightly terparts, and that they have the same side Abu Dhabi took a giant leap last year different in color, shape, or markings. effects (80 %) and active ingredients (84 %). through a regulatory route by implement- In order to get the FDA’s stamp of ap- This shows that awareness campaigns and ing a generic medicine framework as a quick proval, a generic medicine must be “bio- usage in the US has transformed the percep- win to bring on an estimated saving of 60% equivalent” to its brand-name counterpart. tion into a positive one, which in fact is the on medication expenditure by 2020. As per FDA’s limitations, manufacturers are reality of generic medicines. The term ‘generic drug’ or ‘generic medi- allowed 20% variation in the active ingredi- Abu Dhabi took a giant leap last year cine’, as defined by the World Health Organi- ents from that original formula. However, through a regulatory route by implement- zation (WHO) is “a pharmaceutical product, the observed variation is much smaller with ing a generic medicine framework; which, as usually intended to be interchangeable with less than 4%. per the Ministry of Health, will bring more an innovator product, that is manufactured The Hatch Waxman Act, introduced in than 60% savings on medicine spending without a license from the innovator com- the US in 1984, provided the legal structure annually by 2020. National demand for pany and marketed after the expiry date of for producing generic medicine around the pharmaceuticals was around $2.6 billion the patent or other exclusive rights”. world. It states: “The Drug Price Competi- in 2016, which is estimated to increase to In the USA, the Food and Drug Admin- tion and Patent Term Restoration Act - bet- $5.9 billion by 2025. In order to meet such istration (FDA) states that, “A generic drug ter known as the Hatch-Waxman Act, is a high demand, the Health Authority - Abu isidentical—or bio-equivalent—to a brand comprehensive legal framework enacted by Dhabi (HAAD) introduced a new policy name drug in dosage form, safety, strength, Congress in 1984 to streamline the process in September 2018 encouraging the use of route of administration, quality, perfor- for generic pharmaceutical approvals and generic drugs to reduce healthcare costs. w BUSINESS LIFE AUGUST 2020 w 45 INSURANCE & REINSURANCE | TUNIS AND JORDAN

اللجنة التنظيمية لمؤتمر العقبة 0202 " تعلن أسماء المتحدثين في المؤتمر الدولي الثامن للتأمين Fitch Upgrades Tunis Re’s National IFS Rating

أعلن المهندس ماجد سميرات رئيس اللجنة التنظيمة لمؤتمر العقبة للتأمين ورئيس ااتحاد ااردني لشركات التأمين عن أسماء to ‘AA(tun)’; Outlook Stable المتحدثين في المؤتمر الدولي الثامن للتأمين "مؤتمر العقبة 0202" والذي سيعقد للفترة 02 -5/ /6/0 0202 في منطقة العقبة ااقتصادية الخاصة والذي ن تم اختيارهم من ممثلي كبرى شركات إعادة التامين العالمية وبيوت الخبرة الدولية والعربية والمحلية في مواضيع المؤتمر، حيث سيكون البرنامج العلمي كما يلي: (Fitch Ratings has upgraded Societe Tunisienne de Reassurance’s (Tunis Re الثاثاء 2 حزيران )يونيو( National Insurer Financial Strength (National IFS)Rating to ‘AA(tun)’ from 0202 الموضوع ااول: " توقف العمل الناتج عن ااوبئة/الجوائح ومدى إستجابة شركات التأمين وإعادة التأمين للخسائر الناتجة عن هذا الخطر" AA-(tun)’. The Outlook is Stable‘ المحاضر: السيد باسم حدادين مستشار تأمين

شركة أبكس لوساطة واستشارات التأمين واعادة التأمين/ ااردن الموضوع الثاني: تأمين اأخطاء المهنية للمدراء والتنفيذيين في ظل ااوبئة/الجوائح .risk-based regulatory requirements The National IFS Rating reflects المحاضر: السيدة كرستينا شاليتا the leading position of Tunis Re in the نائب الرئيس- مدير اعادة التأمين ااختياري Tunisian reinsurance market, as well شركة ناسكو لوساطة إعادة التأمين- فرنسا as its strategic role within the Tunisian الموضوع الثالث: تقارب /تضارب المصالح في العاقة بين شركات التأمين /اعادة التأمين economy, underpinned by its strong ties with its cedants, retrocessionaires and the Tunisian State. Our assessment of the company’s business profile is المحاضر: الدكتور مازن أبو شقرة المدير التنفيذي – لبنان -constrained by increasing diversifica الموضوع الرابع: تأثير تخفيض التصنيفات السيادية واائتمانية للدول على صناعة التأمين tion into high-risk geographies, with limited potential for expansion into المحاضر: السيد فاسيليس كاتسيبس المدير العام / اامارات العربية المتحدة .sound-quality international business Tunis Re is highly exposed to sys- ااربعاء 0 حزيران )يونيو( temic risk as most of its assets are domes- 0202 tic. However, investment risks are in line الموضوع الخامس : "إستراتيجيات تطبيق التحول الرقمي في قطاع التأمين: الفرص والتحديات" with Tunis Re’s credit profile, and most of its domestic investments are liquid. Tunis Re is exposed to currency risk, المحاضر: الدكتور ابراهيم الطراونة خبير ومدير تنفيـــذي شركــة / ااردن through its business operations which are increasingly skewed towards interna- الموضوع السادس : خطط التعافي من الكوارث والطرق الحديثة لحفظ البيانات tional markets, high use of international retrocession, and an unhedged currency mismatch between assets and liabilities. المحاضر: السيد فهد الجاسم الرئيس التنفيذي Tunis Re scored ‘Strong’ under Fitch’s Prism factor-based capital model at end- شركة زين – ااردن similarly to 2018, which supports ,2019 the rating. We do not expect capitalisa- الموضوع السابع: أتمتة التأمين الصحي والفوائد المترتبة على أصحاب العاقة مع عرض التجربة اأردنية -tion to significantly deteriorate as a re sult of the economic downturn caused المحاضر: السيد غسان اللحام المؤسس والرئيس التنفيذي by the pandemic. We expect regulatory capital to remain at a comfortable level, although regulatory oversight in Tunisia is somewhat under-developed. شركة الحوسبة الصحية الدولية/ااردن Fitch believes Tunis Re’s earnings الموضوع الثامن: كيف يؤثر سلوك المستهلك على شراء التأمين؟ :Continued improvements in Enterprise Risk Management (ERM) framework Lamia Ben Mahmoud, Chief Executive Officer and General Manager of Tunis Re are strong for the rating, with a five-year weighted average reported combined المحاضر: السيد سمير محمود عبد المحسن رئيس تطوير ااعمال والتسويق ratio slightly below 100% and a five-year average return on equity (ROE) of around he upgrade of Tunis Re reflects profile locally, strong profitability and 8% in 2015 to 2019. Fitch expects some continued improvements in its moderate asset risk. The company’s risk- slight deterioration in 2020, but without Enterprise Risk Management based internal capital model was reviewed impairing the company’s overall credit شركة قناة السويس للتأمين- جمهورية مصر العربية T (ERM) framework compared with by a leading international audit firm in profile. Tunis Re’s earnings were adversely ويجدر بالذكر أنه من المتوقع أن يستقطب هذا المؤتمر ما بين 652 الى 052 مشارك من الشركات العالمية والعربية والمحلية، local market practices. It also takes into ac- 2020, which we view positively as it brings impacted by foreign-exchange movements حيث سيتم اطاق الموقع االكتروني للمؤتمر قريباً جدا ً , الذي يتضمن معلومات عن المؤتمر من حيث الشركاء الداعمون وااعاميون count its robust credit fundamentals rela- the company’s risk management practices in 2019, reflecting increasing vulnerability لهذا المؤتمر وفرص الرعاية وتفاصيل البرنامج العلمي للمؤتمر والمتحدثين فيه مع السير الذاتية لهم وخبراتهم والخيارات المتاحة tive to Tunisian peers’ amid the COVID-19 somewhat closer to EU Solvency 2 stand- to currency risk, despite a benign year for pandemic, with a very strong business ards in our view, in the absence of local claims.

46 w BUSINESS LIFE AUGUST 2020 w اللجنة التنظيمية لمؤتمر العقبة 0202 " تعلن أسماء المتحدثين في المؤتمر الدولي الثامن للتأمين

أعلن المهندس ماجد سميرات رئيس اللجنة التنظيمة لمؤتمر العقبة للتأمين ورئيس ااتحاد ااردني لشركات التأمين عن أسماء المتحدثين في المؤتمر الدولي الثامن للتأمين "مؤتمر العقبة 0202" والذي سيعقد للفترة 02 -5/ /6/0 0202 في منطقة العقبة ااقتصادية الخاصة والذي ن تم اختيارهم من ممثلي كبرى شركات إعادة التامين العالمية وبيوت الخبرة الدولية والعربية والمحلية في مواضيع المؤتمر، حيث سيكون البرنامج العلمي كما يلي:

الثاثاء 2 حزيران )يونيو( 0202

الموضوع ااول : " توقف العمل الناتج عن ااوبئة/الجوائح ومدى إستجابة شركات التأمين وإعادة التأمين للخسائر الناتجة عن هذا الخطر"

المحاضر : السيد باسم حدادين: مستشار تأمين

شركة أبكس لوساطة واستشارات التأمين واعادة التأمين/ ااردن الموضوع الثاني : تأمين اأخطاء المهنية للمدراء والتنفيذيين في ظل ااوبئة/الجوائح

المحاضر: السيدة كرستينا شاليتا نائب الرئيس - مدير اعادة التأمين ااختياري شركة ناسكو لوساطة إعادة التأمين - فرنسا الموضوع الثالث: تقارب /تضارب المصالح في العاقة بين شركات التأمين /اعادة التأمين

المحاضر : الدكتور مازن أبو شقرة :المدير التنفيذي Gen Re – لبنان الموضوع الرابع: تأثير تخفيض التصنيفات السيادية واائتمانية للدول على صناعة التأمين

المحاضر: السيد فاسيليس كاتسيبس : المدير العام AM Best / اامارات العربية المتحدة ااربعاء 0 حزيران )يونيو( 0202

الموضوع الخامس : "إستراتيجيات تطبيق التحول الرقمي في قطاع التأمين: الفرص والتحديات"

المحاضر: الدكتور ابراهيم الطراونة :خبير ومدير تنفيـــذي شركــة PI Square / ااردن

الموضوع السادس : خطط التعافي من الكوارث والطرق الحديثة لحفظ البيانات

المحاضر: السيد فهد الجاسم -الرئيس التنفيذي

شركة زين – ااردن

الموضوع السابع: أتمتة التأمين الصحي والفوائد المترتبة على أصحاب العاقة مع عرض التجربة اأردنية.

المحاضر: السيد غسان اللحام: المؤسس والرئيس التنفيذي

شركة الحوسبة الصحية الدولية/ااردن الموضوع الثامن: كيف يؤثر سلوك المستهلك على شراء التأمين؟

المحاضر: السيد سمير محمود عبد المحسن: رئيس تطوير ااعمال والتسويق

شركة قناة السويس للتأمين - جمهورية مصر العربية ويجدر بالذكر أنه من المتوقع أن يستقطب هذا المؤتمر ما بين 652 الى 052 مشارك من الشركات العالمية والعربية والمحلية، حيث سيتم اطاق الموقع االكتروني للمؤتمر قريباً جدا ً , الذي يتضمن معلومات عن المؤتمر من حيث الشركاء الداعمون وااعاميون لهذا المؤتمر وفرص الرعاية وتفاصيل البرنامج العلمي للمؤتمر والمتحدثين فيه مع السير الذاتية لهم وخبراتهم والخيارات المتاحة w BUSINESS LIFE AUGUST 2020 w 47 INSURANCE & REINSURANCE | KINGDOM OF SAUDI ARABIA ICIEC and Uzbekinvest Cooperate to Support Trade and Investments

n June 30th, 2020, a Memoran- growing labour force, and a strategic dum of Understanding was geographic position between China signed between the Islamic and Europe. O Corporation for the Insurance “This partnership is a key building and Investment of Export Credit (ICIEC) block to support export development and Uzbekistan National Export-Import and Foreign Direct Investment in Insurance Company (Uzbekinvest). Uzbekistan,” says ICIEC CEO, Ous- The partnership advances both par- sama KAISSI, “We look forward to a ties’ respective operational mandates of fruitful partnership with Uzbekinvest providing insurance support for trade as we advance sustainable economic and investments. Uzbekistan is one development in the country.” of ICIEC’s 47 member countries and The partnership between ICIEC partnering with local ECAs allows both and Uzbekinvest follows the signing entities to extend the capacity of their of a Partnership Strategy for 2018-2021 insurance coverage, creating opportunity between the Government of Uzbeki- for larger trade transactions and develop- stan and IsDB in 2018 – this strategy ment projects. is focused on supporting sustainable Uzbekistan is the geographic and socio-economic development in Uz- population center of Central Asia. The bekistan through several bilateral and country has a diverse economy and a regional initiatives. The new MoU will young population which totals over 30 create opportunities for joint strategic million. In recent years’ Uzbekistan has projects between the two insurance undertaken wide ranging market reforms entities in addition to other forms of aimed at increasing jobs and prosperity. Supporting trade and investments: cooperation such as technical assis- The country benefits from abundant Oussama Kaissi-CEO of ICIEC tance, training, and capacity building. natural resources, low public debt, a ICIEC and ICDT Hosted a Joint Webinar on July 13th, 2020 امصري للتأمن: توعا باجع اسا بسب كورونا كشفت نشرة صادرة عن ااتحاد المصري للتأمين عن أن انتشار فيرو كورونا تسبب ولفتت الدراسة الى انه ينبغي أن تساهم الزيادة المتوقعة لقبال على طلب على التأمين he Islamic Corporation for the with the insurance sector response to the tasked to promote cross-border trade and Insurance of Investment and COVID-19 pandemic, while highlighting foreign direct investments (FDI) in its في فى حدوث أعمق ركود وقع منذ منذ الثاثينات فى القرن الماضى، ومن المتوقع فى دعم اأربا على المدى الطويل، عاوة على ذلك، فإن التجربة التى تعرضت Export Credit (ICIEC) and the Is- the importance of the investment and Member Countries. To fulfill its mandate, أن يتضاءل الناتج المحلي اإجمالي العالمي ) ( بنحو في عام لها منظومة الصحة واأزمات ااقتصادية التى وقعت هذا العام، ستزيد من الوعي lamic Centre for Development of export credit insurance sector in covering ICIEC provides risk mitigation solutions بالمخاطر، مما سيؤثر بدوره على زيادة الطلب على التأمين عبر العديد من خطوط T و أوضحت النشرة أن ذلك سيؤدي إلى انخفا الطلب على التأمين هذا العام، -Trade (ICDT) jointly organized a Webinar risks for countries, local companies, and to Member Country exporters. By protect اأعمال التجارية، بما في ذلك طلب المنتجات التى تقدم حلول لثار الناتجة عن تلك وبخاصة التأمين على الحياة حيث أنه المتوقع أن يتقل حجم اأقساط بنسبة on the “Impact of COVID-19 on the Insur- international trade partnerships. ing them from commercial and political الجائحة )والتي بدورها قد تتطلب شكا من أشكال دعم الحكومة نظرا للطبيعة الغير ance of Investment and Export Credit “ICIEC is pleased to take part in this risks, exporters are enabled to sell their لتأمينات الحياة وبنسبة لتأمينات الممتلكات،وعلى الرغم من ذلك، فإنه من تقليدية لمثل هذا الخطر(، ومن المرجح أن تؤدي الصدمة الناتجة عن كوفيد إلى .for Strengthening Intra-OIC Trade and webinar with ICDT,” said Kaissi. “It’s products and services across the world المتوقع أن تتعافى هذه الصناعة من ذلك الركود، الذى من المفتر أن يكون تسريع إلى محاولة اإسراع بتطوير نماذ اأعمال اأخرى ًأيضا ، مثل إعادة -Investment”, on Monday July 13th 2020. critical that institutions with the man- The multilateral credit insurer also pro قصير اأجل، وأن تبدأ أقساط التأمين فى النمو من جديد و يدخل اإقتصاد فى مرحلة هيكلة ساسل التوريد العالمية للتخفيف من مخاطر تعطل اأعمال في المستقبل،مما This Event, which was hosted by Dr. date and means to support the response vides risk protection to investors from من اانتعا طويل اأجل. ومن المتوقع أن تكون تأمينات الممتلكات والحوادث هى Oussama Abdel-Rahman Kaissi - CEO of to COVID-19, are active in their efforts to across the world that seeks to invest in سيؤدى إلى ظهور مجمعات جديدة فيما يتعلق بتأمينات الممتلكات والتأمينات الهندسية. المحرك الرئيسي إنتعا التأمين مرة أخرى، وسيكون النصيب اأكبر من هذا ICIEC and s Latifa Elbouabdellaoui - Direc- do so as trade tensions are only worsened ICIEC’s Member Countries. To promote اإنتعا لسواق الناشئة، وخاصة الصين. وباإضافة إلى ذلك سيكون هناك دعم وتعزيز لاتجاه نحو التحول الرقمى في الحياة tor General of ICDT, witnessed the partici- when credit insurance becomes more con- the sustainable economic development الشخصية والحياة العملية على حد سواء، وكذلك سيكوون هناك تحفيز على اإسراع pation of Tarig Khalil Osman (Chairman strained. Credit insurance was designed of its Member Countries, ICIEC – on a وأشارت النشرة إلى أنه في الوقت الحاضر ، ستتسبب أزمة كوفيد فى تراجع -of United Insurance Company of Sudan), to be a risk mitigation tool during times limited basis – can also support interna بتطوير منتجات وخدمات تأمينية جديدة. وبعد عام ، سيشهد نمو أقساط التأمين نمو أقساط التأمين )الحياة وغير الحياة( بنحو عن من فترة ما قبل الركود،غير Enis Gultekin (DG of Turk Eximbank), of economic uncertainty. ICIEC stands in tional exporters selling capital goods or على مستوى العالم )الحياة وغير الحياة( حالة من الركود على مدار عامي و أنه من المتوقع أن يصل مجموع اأقساط المكتتبة لكل من تأمينات الحياة والممتلكات Sheikh Khalil Al Harthy (CEO of ECGA of solidarity with its partners and member strategic commodities to ICIEC’s Member ، وستتقل أقساط التأمين على الحياة في اأسواق المتقدمة بشكل حاد، بينما إلى أعلى من مستوى حجم اأقساط فى وقت الجائحة وذلك خال عام ,Oman),and Massimo Falcioni, CEO of Eti- countries - focusing immediate efforts on Countries. In addition to its core business سيكون قطاع تأمينات غير الحياة أقل تأثراً بأزمة كوفيد وسيشهد هذا القطاع ، ويعد هذا اارتفاع قوياً إذا ما قورن بشدة مستوى الركود لهذا العام. had Credit Insurance (ECI of United Arab supporting their needs”. The Event ended ICIEC also offers technical assistance to Emirates) as the Moderator of the Webinar. with the concluding remarks of Latifa El- Member Countries’ Export Credit Agen- تحسناً فى معدات نمو اأقساط. وستتفوق اأسواق الناشئة فى اأداء في كا كشفت دراسة صادرة عن ااتحاد المصري للتأمين عن أن اأزمة الخاصة بكوفيد During this high-level virtual forum, bouabdellaoui, Director General of ICDT. cies. ICIEC’s mission is to make trade and القطاعين.سيؤدى كوفيد إلى إبطاء نمو سوق التأمين بما يقرب من نقاط بدأت في الوقت الذى تشهد فيه تأمينات غير الحياة تشدد فى اأسعار ، ومن المتوقع أن يستمر participants discussed the role and ex- Established in 1994 as a multilateral investment between Member Countries مئوية. إن حجم إنخفا معدل نمو إجمالى أقساط التأمين في عام بسبب هذا ااتجاه في الخطوط التجارية على وجه الخصو، مع وجود ندرة فى رأ المال. periences of insurance and export credit institution and member of the Islamic and the world more secure through the جائحة كوفيد ،. .agencies (ECAs) in OIC countries along Development Bank Group, ICIEC was Shariah-compliant risk mitigation tool

48 w BUSINESS LIFE AUGUST 2020 w

امصري للتأمن: توعا باجع اسا بسب كورونا كشفت نشرة صادرة عن ااتحاد المصري للتأمين عن أن انتشار فيرو كورونا تسبب ولفتت الدراسة الى انه ينبغي أن تساهم الزيادة المتوقعة لقبال على طلب على التأمين في فى حدوث أعمق ركود وقع منذ منذ الثاثينات فى القرن الماضى، ومن المتوقع فى دعم اأربا على المدى الطويل، عاوة على ذلك، فإن التجربة التى تعرضت أن يتضاءل الناتج المحلي اإجمالي العالمي )GDP( بنحو %4 في عام 2020. لها منظومة الصحة واأزمات ااقتصادية التى وقعت هذا العام، ستزيد من الوعي بالمخاطر، مما سيؤثر بدوره على زيادة الطلب على التأمين عبر العديد من خطوط و أوضحت النشرة أن ذلك سيؤدي إلى انخفا الطلب على التأمين هذا العام، اأعمال التجارية، بما في ذلك طلب المنتجات التى تقدم حلول لثار الناتجة عن تلك وبخاصة التأمين على الحياة حيث أنه المتوقع أن يتقل حجم اأقساط بنسبة 6% الجائحة )والتي بدورها قد تتطلب شكا من أشكال دعم الحكومة نظرا للطبيعة الغير لتأمينات الحياة وبنسبة%0.1 لتأمينات الممتلكات،وعلى الرغم من ذلك، فإنه من تقليدية لمثل هذا الخطر(، ومن المرجح أن تؤدي الصدمة الناتجة عن كوفيد إلى المتوقع أن تتعافى هذه الصناعة من ذلك الركود، الذى من المفتر أن يكون تسريع 19 إلى محاولة اإسراع بتطوير نماذ اأعمال اأخرى ًأيضا ، مثل إعادة قصير اأجل، وأن تبدأ أقساط التأمين فى النمو من جديد و يدخل اإقتصاد فى مرحلة هيكلة ساسل التوريد العالمية للتخفيف من مخاطر تعطل اأعمال في المستقبل،مما من اانتعا طويل اأجل. ومن المتوقع أن تكون تأمينات الممتلكات والحوادث هى سيؤدى إلى ظهور مجمعات جديدة فيما يتعلق بتأمينات الممتلكات والتأمينات الهندسية. المحرك الرئيسي إنتعا التأمين مرة أخرى، وسيكون النصيب اأكبر من هذا اإنتعا لسواق الناشئة، وخاصة الصين. وباإضافة إلى ذلك سيكون هناك دعم وتعزيز لاتجاه نحو التحول الرقمى في الحياة الشخصية والحياة العملية على حد سواء، وكذلك سيكوون هناك تحفيز على اإسراع وأشارت النشرة إلى أنه في الوقت الحاضر ، ستتسبب أزمة كوفيد 19 فى تراجع بتطوير منتجات وخدمات تأمينية جديدة. وبعد عام 2019، سيشهد نمو أقساط التأمين نمو أقساط التأمين )الحياة وغير الحياة( بنحو %3 عن من فترة ما قبل الركود،غير على مستوى العالم )الحياة وغير الحياة( حالة من الركود على مدار عامي 2020 و أنه من المتوقع أن يصل مجموع اأقساط المكتتبة لكل من تأمينات الحياة والممتلكات 2021، وستتقل أقساط التأمين على الحياة في اأسواق المتقدمة بشكل حاد، بينما إلى %3 أعلى من مستوى حجم اأقساط فى وقت الجائحة وذلك خال عام 2021 سيكون قطاع تأمينات غير الحياة أقل تأثراً بأزمة كوفيد 19 وسيشهد هذا القطاع ، ويعد هذا اارتفاع قوياً إذا ما قورن بشدة مستوى الركود لهذا العام. تحسناً فى معدات نمو اأقساط. وستتفوق اأسواق الناشئة فى اأداء في كا كشفت دراسة صادرة عن ااتحاد المصري للتأمين عن أن اأزمة الخاصة بكوفيد 19 القطاعين.سيؤدى كوفيد 19 إلى إبطاء نمو سوق التأمين بما يقرب من 3 نقاط بدأت في الوقت الذى تشهد فيه تأمينات غير الحياة تشدد فى اأسعار ، ومن المتوقع أن يستمر مئوية. إن حجم إنخفا معدل نمو إجمالى أقساط التأمين في عام 2020 بسبب هذا ااتجاه في الخطوط التجارية على وجه الخصو، مع وجود ندرة فى رأ المال. جائحة كوفيد 19،. w BUSINESS LIFE AUGUST 2020 w 49 MAIN STORY

As the pandemic takes its toll, the strength of Oman’s infrastructure investment – physical and social – is being put to the test

50 w BUSINESS LIFE AUGUST 2020 w After the Coronavirus and Low Oil Prices, Oman’s Future is More Global Sultan Haitham bin Tariq Al Said makes a strong start by addressing economic challenges

t has been a busy year for the new and the collapse of world oil prices, which partner and the two countries are bound sultan of Oman. the Omani government depends upon for by many ties of marriage, history, and com- Sultan Haitham bin Tariq Al Said most of its revenue. As described in an merce. But, in recent years, tensions over I succeeded his iconic cousin, Sultan earlier piece, Haitham responded by estab- the war in Yemen and Oman’s insistence Qaboos bin Said Al Said, as sultan of Oman lishing an inter-ministerial committee to on the importance of maintaining chan- on January 11. Sultan Haitham’s ascension lead the country’s response. Much of Oman nels to Iran—along with reported Emirati to the throne took place amid an outpour- has been locked down since March 16, attempts to meddle in Oman’s internal ing of domestic and international grief with guidance to the public to stay home affairs—created frictions. Sultan Haitham and condolences for the passing of Sultan as much as possible and observe social recently reached out to the emirs of Qatar Qaboos and a strong showing of Omani distancing and appropriate sanitary meas- and Kuwait and the king of Bahrain. It re- unity in support of the new sultan. I had ures. Government staffing resumed at 50 mains to be seen how his relations with the the privilege of attending the first day of percent levels on May 31 and restrictions crown princes of the UAE and Saudi Arabia official condolences to the new sultan in on internal travel have now been lifted, will develop. Meanwhile, Sultan Haitham a private capacity and was immediately but Oman’s international airports remain can count on the goodwill of Oman’s tradi- struck by the diversity of the throngs of limited to air freight and periodic charter tional partners, the United States and the Omani mourners. Senior officials mingled flights to allow foreign workers to return United Kingdom, as well as increasingly with business leaders, who were joined by home and to repatriate Omanis stranded close ties to India. In this new era of un- tribal sheikhs from Oman’s interior and a abroad. A 10% cut across the board to the certainty and fear, the United States has a few foreign residents. Official foreign dig- budgets of government ministries signaled huge stake in Oman’s continued stability nitaries such as former French President the new sultan’s intent to reduce spending and prosperity. Sultan Haitham is making Nicolas Sarkozy and Qatari Emir Tamim and introduce greater fiscal discipline. a strong start in dealing with the economic arrived as I was leaving. In the follow- Sultan Haitham established a Private challenges his country faces. Yet, with ing days, many leading Omani business Office (Al Maktab Al Khass) to oversee the onset of COVID-19 and an economic executives expressed to me their relief at the operations of the civil ministries, re- crisis that is bound to accelerate history, the smooth transition of power and their porting directly to the sultan. The Private Oman’s commitment to steady progress expectation that Oman’s economy would Office will be headed by Hamad bin Saeed and political neutrality will face new tests grow rapidly as a result of Sultan Haitham’s Al Awfi, the Minister of Agriculture and and leverage the country’s wider global commitment to private sector-led growth. Fisheries and, significantly, also the for- relationships. The regional approach that The business community clearly looked mer chairman of the National Priorities earned Qaboos such international stand- forward to an investment-friendly envi- and Alignment Strategies committee for ing—notably during the Barack Obama ronment that would propel rapid growth Vision 2040. The sultan also established a administration—was underpinned by and urgently needed job creation while new Investment Authority to oversee and generous domestic infrastructure and dealing with the heavy load of debt Oman coordinate the operations of all of Oman’s human capital investments that drove had assumed over the past four years. fifty-plus state-owned companies, with growth and maintained stability during a The private sector’s high expectations the notable exception of the partly state- decade of high oil prices. But, since 2014, of Sultan Haitham were partly based on his owned Petroleum Development Oman. softer prices have weighed on the budget role overseeing the Omani government’s The Investment Authority will also direct and it was soon clear across the region that Vision 2040 economic reform program. the operations of Oman’s sovereign wealth oil’s weakness is now structural. Some speculated that Sultan Qaboos as- funds, reportedly, with instructions to Yet, with the onset of COVID-19 and an signed then-Minister of Culture and Her- refocus the majority of their investments economic crisis that is bound to accelerate itage Sayyid Haitham to head the Vision toward projects in Oman rather than history, Oman’s commitment to steady 2040 project in order to help him prepare abroad, as was previously the case. progress and political neutrality will face for the succession and the inevitable need The establishment of these new institu- new tests and leverage the country’s wider to tackle Oman’s economic challenges. In tions followed Sultan Haitham’s May 28 global relationships. his address to the nation on February 23, instructions to all government agencies by The regional approach that earned after paying respects to his predecessor’s the end of this year to: end the contracts Qaboos such international standing—no- achievements in building the modern Om- of at least 70 percent of all foreign experts tably during the Barack Obama adminis- ani state, Sultan Haitham pledged to “take and advisors; retire at least 70 percent of tration—was underpinned by generous the necessary measures to restructure the Omani experts and advisors with twenty- domestic infrastructure and human capital state’s administrative apparatus” in order five years or more in their positions; and to investments that drove growth and main- to “achieve good governance, performance, retire at least 70 percent of Omani govern- tained stability during a decade of high oil integrity and accountability.” ment employees with thirty years or more prices. But, since 2014, softer prices have Sultan Haitham and his government in their jobs. Good relations with neigh- weighed on the budget and it was soon had to contend with the dual impact of boring Gulf states will be important. The clear across the region that oil’s weakness the arrival of the coronavirus pandemic UAE, for example, is Oman’s top trading is now structural; hence, the Vision 2040 w BUSINESS LIFE AUGUST 2020 w 51 MAIN STORY transformation program to diversify the administration’s tempered interest in provide a market for Omani LNG, with its economy and kick-start non-oil growth. Oman’s role as a regional facilitator, its pre-COVID-19 demand rising faster than Oil revenues are now set to plunge strategic location is valuable as tensions China’s. Currently, only about 10 percent further in 2020 after the pandemic set off a flare with Iran. Last March, the Pentagon of exported Omani gas goes to India, but massive wave of declining global demand. secured access to Duqm for its warships. when Oman’s primary contract with Ko- Oman’s budget breaks even at almost $87 •The coronavirus pandemic and 2020 rean KOGAS expires in less than five years, per barrel, so sub-$30 oil, coupled with a economic depression puts Oman un- India will be a willing buyer. lower production quota under the April der even more pressure to transition The Omani-Indian relationship is a OPEC+ deal, will imply a gaping budget its economy and court foreign capital. long-standing one and the two have long deficit of almost 17 percent in 2020. S&P expects that Oman’s external debt discussed various interconnection and Oman already entered the crisis in a will• rise to 67 percent—from about 20 trade plans. Historic ties, an established In- weaker fiscal position than its richer Gulf percent in 2018—of current account dian business community in Oman—with Cooperation Council (GCC) neighbors, receipts in 2023. Faced with rising costs access to capital and markets on the sub- who• have more room to maneuver in the of debt and borrowing, spending is being continent—and Prime Minister Narendra short term with cash reserves and access reined• in by over 10 percent with cuts to Modi’s strategic imperatives in a post- to capital markets. Only Bahrain is worse infrastructure and future investments. coronavirus multi-polar region are likely off—and it benefits from Saudi and Emir- But capex counts for only a small slice of to bring these two countries even closer. ati aid. Oman’s credit rating limits its room the budget—services, salaries, and social Finally, European countries see Oman to borrow and, unlike Bahrain, it has studi- programs may be next. Sultan Haitham as a natural partner in the region and have ously avoided political subservience to Ri- has already announced plans to streamline been actively cultivating the relationship. yadh or Abu Dhabi despite pressure to take government administration (starting with The effort is especially necessary after sides in the region. That pressure has been cutting down on expensive advisors), but Brexit—Oman has kept close ties to the building since the middle of the decade. he will be conscious of Oman’s societal United Kingdom, which provides the bulk With the rise of Saudi Arabia’s Mo- vulnerabilities• in the face of deteriorating of foreign development finance and holds hammed bin Salman, the UAE’s Moham- economic conditions at home and will be a unique place in the hearts of the Omani med• bin Zayed, and US President Donald looking for cash. Previous plans to further elite (both Qaboos and Haitham spent Trump, Oman was subject to the activist divest from semi-state owned Petroleum their formative years among the British foreign policies of the two crown princes Development Oman (PDO) are back on establishment). Continental Europeans and a cooler reception in Washington dur- the front burner, which may improve the are now playing catch-up, drawn to Oman ing Qaboos’ final years. Relations with the country’s credit ratings and ease borrow- by similar diplomatic priorities and a com- UAE are particularly sensitive in Oman, ing on international capital markets. mon distaste for the recent approaches and efforts to triangulate between Riyadh •But, whether loans come from regional from Riyadh, Abu Dhabi, and Washington. and Abu Dhabi are limited by the princes’ neighbors or the International Monetary Europe appreciates Oman’s resiliency in aggressive• style and an Omani desire to Fund, they come with strings. China, with the face of regional polarization and the mediate rather than participate in regional cash on hand and an established invest- European Union is already the largest conflicts, such as Yemen and the GCC feud ment program to allocate it, may find great contributor of foreign direct investment with Qatar. deals on distressed Omani assets. Existing into the country. Oman’s strategic position as a logistics debt coming due in 2021-2022 includes European investment might also cul- hub is both a cornerstone of Vision 2040 $3.5 billion in Chinese loans. Any leni- tivate a unique green energy partnership. and• an attractive asset for China’s Belt and ence will be wrapped up in China’s wider In March, Belgian firm DEME announced Road Initiative (BRI) infrastructure mega- approach to debt relief along the Belt and plans to build up to 500 MW of solar and plan. The port of Duqm emerged in 2016 Road,• giving Beijing additional leverage. wind-powered green hydrogen capacity as a flagship hub. Buoyed by a $265m loan The Omani government is conscious of at Duqm despite the ongoing pandemic. from the Beijing-based Asian Infrastruc- overreliance on China and the US navy With green spending and hydrogen at ture Investment Bank (AIIB) to expand might provide a counterweight at Duqm, the heart of Europe’s large post-COVID-19 the •port, Oman Wanfang, a consortium of but the power grid sale shows that critical stimulus packages, Oman could pro- Chinese investment firms, signed a $10.7 infrastructure• is available for the right vide a unique investment destination billion deal to construct an industrial price. Oman will face a delicate balancing to strengthen green energy imports and park in the Duqm Special Economic Zone act as decoupling accelerates between the bolster the weak European presence in designated by the Omani government. two global powers. the Gulf post-Brexit. In the midst of eco- Progress• on the twelve thousand square- Other regional powers, like India, also nomic crisis, Oman stands out among its meter Chinese site has fallen far short of sense opportunities. In December 2019, GCC neighbors. The country no longer expectations, but the project is still a sign New• Delhi signed a maritime transport enjoys the regional clout and economic of China’s commitment to Oman as a BRI agreement with Oman, the first with comfort it felt only a few years ago, and gateway• to Arabia. In December 2019, any Gulf country. The pact helps India those trends have pushed it to diversify China’s State Grid bought 49 percent of to advance its Indo-Pacific strategy and its relationships and cultivate new invest- Oman’s power grid, followed by a major reinforces Oman’s role as a hub for Indian ments. The COVID-19 economic crisis will deal for Saudi Arabian smart meters, and shipping. The Indian navy also acquired accelerate that process. Advanced energy the •AIIB’s first financing of renewable en- access to Duqm and Indian companies projects and connectivity already play ergy in the GCC for Oman’s Ibri II project. have been investing in its special eco- an important part in Oman’s expanding The United States has noticed Duqm nomic zone, where a joint consortium global relationships. They can also provide as well, not as an economic opportunity, is undertaking a $1.2 billion project to an investment pathway to mitigate the but as a military base capable of support- build a large sebacic acid bio-refinery economic crisis, underpin a more robust ing •aircraft carriers. Despite the Trump plant. In the medium term, India can also recovery, and drive energy sector.

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إلتزامات الدولة التي ستستحق في العام تراكم الدين كما حصل في السابق. وبالحديث عن of South Korea met Qatar Deputy Prime ة تصر الديون ست لس بع امصار وتدرجه تحت بند الخسائرّ مؤسسة كهرباء لبنان مثاً، فإن قيمة العجز تتصاعد استق نقيب الصحافة اللنانية استا عو -Minister and Minister of Foreign Af ااة هيدا لتصية أوا، ولكن وف أي حيث يتوقع أن تصل الى مليار دوار في العام الكعكي رئيس امرك القاي اسمي الدكتور fairs in August 2018. Highness the Amir سعر ر لماذا لم تحتسب الحكومة قيمة الضمانات وجي فانو ، في حين كان عجزها ا يتجاوز عتبة ال Sheikh Tamim bin Hamad Al-Thani’s قدرت الحكومة اللبنانية في خطتها “اإنقاذية” حجم التي تغطي القرو الممنوحة الى عماء المصارف ّ مليار دوار فق في العام أي بعد انتهاء visited South Korea in Jan 2019. During الخسائر المالية التي مني بها لبنان بحوالي الخاصة في تقديرها لحجم خسائر المصارف وما ee e eee الحرب اأهلية. ألف مليار ليرة، فيما لم تتعد تقديرات هذه الخسائر الهدف من إدرا كل هذه القرو بوصفها ديوناً Qatar and South Korean governments and عتبة المئة ألف مليار ليرة في أسوأ حالتها وفقاً معدومة وبالتالي خسائر، ما يضعف المكانة المالية إن مثل هذه الممارسات في شطب الديون سيضع e ee e e e لكل من لجنة المال النيابية ومصرف لبنان وجمعية للمصارف على غير ما هي عليه فعلياً، حيث أن القطاع المصرفي اللبناني في مهب الريح. ونضرب “. Dr. R. Seetharaman highlighted on الضمانات المصرفية كفيلة بتخفي قيمة التعثر. مثال على ذلك بأن دولة آسيوية قد قامت فق بتحويل المصارف. والسؤال الذي يطر نفسه هنا هو .Qatar – South Korea trade relationships المغزى من تضخيم رقم الخسائر في خطة الحكومة ودائع مواطنيها بالدوارالى عملتها الوطنية منذ هل يعقل أن يحتسب موجودات المصرف -He said “Qatar – South Korea trade ex عام ، ما ّهشل المودعين وا يزال قطاعها ومن منطلق اقتصادي ومالي ومحاسبي، هناك المركزي وفق سعر صرف ليرة -ceeded $13bn in 2019. Kogas has a stand بع التساات التقنية التي ينبغي الوقوف عندها المصرفي يعاني من هذه الخطوة حتى يومنا هذا أي Supporting trade and investments: eee - لماذا اإصرار على شطب الديون أو بعد مرور عاماً. Oussama Kaissi-CEO of ICIEC tons a year until 2024-2026, increased to ّ هل طبقت الحكومة المعيار الدولي تصفيرها بالكامل في الخطة الحكومية هل هناك بلد million tons based on agreement entered 9 التاسع إعداد التقارير المالية في وتفقد هكذا خطوات الثقة التي هي أسا أي عاقة استقل نقیب الصحافة اللنانیة ااستاذ عوني في العالم خال من الديون Synergistic Opportunities are in 2012. In June 2020 Qatar has signed a العي رئیس المركز القافي ااسامي الدكتور تقديرها لحجم الخسائر المالية للمصارف والذي بين المصارف والمودعين، في وقت كان القطاع -Emerging between Qatar and South e e هل هناك نية الى التصفية الذاتية من وی فانو: وقدم اليه كتاب “اصالة ومعاصرة يضمن الخسائر المتوقعة للمصارف جراء المصرفي يحافظ على معدات نمو ايجابية لكل Korea e ee القرو المتعثرة من خال الضمانات التي يقدمها قبل بع المصارف الخاصة المتعثرة وإن كان Co., Hyundai Heavy Industries Co. and الفترة الماضية فيما ضاقت مصادر التمويل أمام استقبل نقيب الصحافة اللبنانية ااستاذ عوني الكعكي المستفيد من القر هذا بإعتبار أن المصارف الجواب نعم، وفق أي سعر صرف . .“. Doha Bank hosted a Webinar on 15th e e الدولة اللبنانية، وارتفعت مخاطرها في كل القطاعات رئيس المركز الثقافي ااسامي الدكتور وجيه -July 2020 in the topic “Bilateral and Syn- Seetharaman highlighted on the opportuni التجارية اللبنانية ملتزمة في تطبيق هذا المعيار ثمة أخطاء محاسبية كبيرة في الخطة الحكومية، باستثناء هذا القطاع المنتج. فانو ، يرافقه ااستاذ سليم سربيه، وقدم اليه كتاب ergistic Opportunities between Qatar and ties in various segments. He said “Qatar and في ما يتعلق بالتصنيف والقيا لدوات المالية حيث اختلفت المقاربات واتسمت الخطة بخلل بنيوي South Korea”HH Mohammed Ahmad South Korea can explore Co-operation in وتنظر الخطة الحكومية الى المودعين على أنهم “اصالة ومعاصرة في الثقافة ااسامية الوطنية”، لناحية توقع الخسائر ونموذ انخفا القيمة وفي من خال استنداها الى آليات ومفاهيم غير واضحة، -Al- Hayki, Qatar’s Ambassador to South various fields relating to the fourth indus الحلقة اأضعف، حيث تحرق أية جسور ثقة معهم وهو الكتاب الثالث عشر للمركز 2019 – 2020 آلية ااحتساب للموجودات والمطلوبات المالية اضافة الى مفارقة القيمة الفعلية للخسائر وكيفية Korea highlighted South Korea is second trial revolution, smart agriculture in South مستقباً وتغفل عن حقيقة أنهم المصدر المستدام لسد في البيانات المالية أضف الى كيفية تصنيف تسجيلها ونسبة توزيعها على كل طرف معني يتضمن الكتاب خمسة اقسام most important trading partner of Qatar Korea, e-learning and the applications of عجز ميزان المدفوعات منذ ستينات القرن الماضي. smart cities in Korea. Qatar is an important الموجودات المالية وغيرها. بالخسائر، فبدل مفاوضة حاملي ااسهم والدائنين and highlighted the importance of Doha وما من جهة ستعيد ترميم ااقتصاد اللبناني غير القسم ااول محاضرات المركز الثقافي ااسامي Bank in Qatar – South Korea Bilateral Engineering, Procurement and Construction اعادة هيكلية الدين، نر الحكومة اللبنانية تخط الى 2019 . لماذا لم تقدم المصارف اللبنانية المغتربين ومع ذلك هناك اصرار غير مبرر على في سنة relationships. He highlighted the role of )( e e. e الخاصة بعد نتائجها المالية للعام عماً تصفير الدين السيادي -دون اعان افا-، اأمر construction companies have participated هدر حقوقهم لرية اقتصادية ا تؤمن بااقتصاد القسم الثاني تحية خاصة الى الوزير الراحل ميشال اده. Qatar in its LNG expansion. He also lauded الذي يخالف القوانين العالمية والمعايير المحاسبية. in various infrastructure projects such as بالقواعد المصرفية المعروفة، كما جرت العادة الحر والملكية الفكرية. وتجدر اإشارة الى انه قد the efforts of South Korea in handling ً COVID-19. South Korean companies have e e في السنوات السابقة وذلك تعزيزا لمبدأ الشفافية وتشير خطة اإنقاذ الحكومي عن خسائر تكبّدها بقي في مصرف لبنان حتى منتصف العام القسم الثالث من ذاكرة المركز الثقافي ااسامي. والحوكمة وما هو سعر الصرف الذي تعتمده في .presence in Qatar and will participate in Hyundai Engineering and Construction مصرف لبنان جراء إقرا الدولة لتغطية قرابة مليار دوار أميركي يصنفه المركزي القسم الرابع ملف خا عن الراحل الدكتورعمر مسيكة . تقييم أصولها راهناً Qatar’s infrastructure development. Issuance of performance bonds, tender مصاريفها، في حين ّأن حاكمية المصرف تختلف باإحتياط النقدي بالعملة الصعبة، فيما هو في واقع -Byung Chil, KIM, The General Direc- bonds for participation of Korean compa القسم الخامس من نشاطات المركز الثقافي ااسامي، لقد أرست لجنة “بازل” معداً موحداً بمنظورها المحاسبي للخسائر وتدرجها تحت بند الحال بقايا أموال المودعين في المصارف اللبنانية. .tor of International Affairs Department, nies in the infrastructure projects in Qatar وحفل تكريم في ذكرى مرور سنتين على وفاة النقيب لكفاية رأ المال في المصارف من خال رب تكاليف يمكن تغطيها احقاً في عمليات مصرفية والبنك المركزي اليوم مطالب -كما درجت العادة- Financial Supervisory Service highlighted ee e )e المرحوم محمد البعلبكي، وزيارات رئيس الهيئة تقييم ماءة البنوك في مجال المعامات الدولية مستقبلية متسلحة بالمعايير المحاسبية العالمية التي من الدولة اللبنانية بتسديد نفقاتها الشهرية ) the agreements signed by South Korea and discounting) for exports of Crude Oil and اادارية في المركز واعضائها الى مسؤولين لبنانيين .Qatar in recent times. South Korea can LNG shipments from Qatar to S. Korea بمدى استيفائها لحدود معيار “بازل”. هل تعتمدها على غرار كل البنوك المركزية في العالم. مليار ليرة لنفقات الرواتب وااجور في القطاع العام participate in Qatar’s FIFA related develop- -مقارنة بقيمة سنوية لم تتخ ال مليار ليرة في ,ee e Khalid Hamad, Chairman of IIFM said المصارف اللبنانية ممتثلة لهذا المعيار ماذا عن وتكمن ّلب المشكلة في كيفية عا اأزمة المالية في ments. They can explore relationships in Qatar exports to S. Korea. LC opening in العام ( وفاتورتها الشرائية السنوية من القمح The French translated versions of“ ادارة المخاطر في هذه المصارف، هل التزمت لبنان حقيقة أننا أمام حكومة تريد تصفير ديونها ولو )fintech and financial innovation. )e . e مليون دوار سنوياً( والدواء )مليار دوار(، بشروط “بازل” لاقرا و بالمائة من أصولها دفترياً لتقليل نسبة دينها تجاه الناتج المحلي ااجمالي Dr. R. Seetharaman, CEO of Doha Bank e e e e والوقود والمحروقات الخاصة بتشغيل قطاع الكهرباء المصرفية ) ( ذهبت الى لتحظى بموافقة صندوق النقد الدولي على إقراضها gave insight on Global economy. According S. Korea. Collaboration for Global trade eee te )حوالي مليار دوار(. وقد يسعف اانخفا - e “ e e . e جهة مدينة واحدة هي المصرف المركزي ومصرف مركزي يصر بأن جزء كبير من هذه e العالمي لسعر النف المالية العامة بتحقيق وفورات ee . ee . e ee tions globa lly including jurisdictions لماذا تسابق الحكومة الزمن وتفتر الخسائر هي عمليات ممكن تعويضها مستقبلياً. بقيمة مليار ونصف في حال ظلّت اأسعار العالمية -in the advanced economy group is projected South Korean companies in the Qatar North ee e e e e أن المصرف المركزي سوف يتعثّر في سداد field gas expansion project. Synergistic وبدل من التركيز على اإصا المالي وااقتصادي في مسارها المنخف واتخذت الحكومة اللبنانية ee e e e ee - e . إلتزامات الدولة التي ستستحق في العام of emerging market and developing econo- e e ee eee وسد قنوات الهدر والفساد، تضع الحكومة اللبنانية القرار بشراء الوقود للعام المقبل وتخزينه. e e . ee .“ and South Korea. t e. e وتدرجه تحت بند الخسائرّ جهوداً كبيرة لتصفير ديونها ولو محاسبياً من Board of Directors and Members, I يأتي هذا في وقت يستهلك لبنان أكثر من ضعف ما Dr. R. Seetharaman highlighted on لماذا لم تحتسب الحكومة قيمة خال عملية اإقتطاع المالي عبر اقتراحها ممارسات IIFM releases French t versions e e -ee ينتج ) مليار دوار إستهاك مقابل ناتج محلي South Korean economy. He said “According الضمانات التي تغطي القرو الممنوحة الى غريبة على المشهد المصرفي اللبناني وحتى العالمي. )to IMF June 2020, South Korean economy ..“ e B )B إجمالي وصل الى مليار دوار في العام ( عماء المصارف الخاصة في تقديرها لحجم فالحكومة تتطلع في خطتها الى المودعين اللبنانيين -expected to contract by 2.1% in 2020. In The International Islamic Financial Mar ويعيد تحويل الى الخار حوالي بالمائة ما يستقبله ا -Ijlal Alvi, CE of IIFM said, “Standard خسائر المصارف وما الهدف من إدرا كل هذه وفق نظام الشرائح أو ما يعرف ب May 2020 South Korea’s central bank cut ket (IIFM), a global standard-setting body ، te مليار دوار قيمة تحويات المغتربين مقابل t e ee القرو بوصفها ديوناً معدومة وبالتالي خسائر، حيث أنها ّترفع نسبة ااقتطاع مع ارتفاع قيمة الوديعة. -its policy interest rate cut the benchmark based in Bahrain announced today the re مليار دوار قيمة ما أرسلته اليد العاملة اأجنبية الى - interest rate a quarter of a percentage point lease of French translated versions of six of e t ما يضعف المكانة المالية للمصارف على غير ونرى بأن الخطة اإقتصادية الجديدة تطلب أموااً عائاتها خار لبنان(. وهنا اللبنانيين، لسوء الحظ، to 0.5%. In June 2020 South Korea unveils its Standards relating to Islamic Liquidity e ee e e ما هي عليه فعلياً، حيث أن الضمانات المصرفية لقطاعات ااتصاات والكهرباء وإنشاء السدود سيكونون مدعوين في فترة ليست ببعيدة الى المفاضلة US$29 billion stimulus budget as part of its Management and Risk Mitigation as part e e t e كفيلة بتخفي قيمة التعثر. بعشرات مليارات الدوارات، وهو اأمر الذي لن بين القمح والدواء من جهة أو الكهرباء، حيث سيتعذر ee e.“ of its Strategic Plan (2017-2020) to expand e e ee ee Dr. R. Seetharaman gave insight on هل يعقل أن يحتسب موجودات يخدم في تحويل طبيعة ااقتصاد اللبناني من اقتصاد على المصرف المركزي تأمين اعتمادات لهذه النفقات IIFM’s Islamic financial documentation users of IIFM Standards particularly in ريعي الى اقتصاد منتج، بل على العكس سيزيد من e e eee standardization initiatives and other ser- .French speaking المصرف المركزي وفق سعر صرف ليرة الثاثة مجتمعة. .South Korea. He said “The Prime Minister vices to new segments and areas

54 w BUSINESS LIFE AUGUST 2020 w إلتزامات الدولة التي ستستحق في العام 2040 تراكم الدين كما حصل في السابق. وبالحديث عن ة تصر الديون ست لس بع امصار وتدرجه تحت بند الخسائرّ مؤسسة كهرباء لبنان مثاً، فإن قيمة العجز تتصاعد استق نقيب الصحافة اللنانية استا عو ااة هيدا لتصية أوا، ولكن وف أي حيث يتوقع أن تصل الى 40 مليار دوار في العام الكعكي رئيس امرك القاي اسمي الدكتور سعر ر -5 لماذا لم تحتسب الحكومة قيمة الضمانات وجي فانو 2020، في حين كان عجزها ا يتجاوز عتبة ال قدرت الحكومة اللبنانية في خطتها “اإنقاذية” حجم التي تغطي القرو الممنوحة الى عماء المصارف ّ 1.2 مليار دوار فق في العام 1990 أي بعد انتهاء الخسائر المالية التي مني بها لبنان بحوالي 241 الخاصة في تقديرها لحجم خسائر المصارف وما ee e eee الحرب اأهلية. ألف مليار ليرة، فيما لم تتعد تقديرات هذه الخسائر الهدف من إدرا كل هذه القرو بوصفها ديوناً عتبة المئة ألف مليار ليرة في أسوأ حالتها وفقاً معدومة وبالتالي خسائر، ما يضعف المكانة المالية إن مثل هذه الممارسات في شطب الديون سيضع e ee e e e لكل من لجنة المال النيابية ومصرف لبنان وجمعية للمصارف على غير ما هي عليه فعلياً، حيث أن القطاع المصرفي اللبناني في مهب الريح. ونضرب “. المصارف. والسؤال الذي يطر نفسه هنا هو الضمانات المصرفية كفيلة بتخفي قيمة التعثر. مثال على ذلك بأن دولة آسيوية قد قامت فق بتحويل المغزى من تضخيم رقم الخسائر في خطة الحكومة ودائع مواطنيها بالدوارالى عملتها الوطنية منذ -6هل يعقل أن يحتسب موجودات المصرف عام 1998، ما ّهشل المودعين وا يزال قطاعها ومن منطلق اقتصادي ومالي ومحاسبي، هناك المركزي وفق سعر صرف 1515 ليرة بع التساات التقنية التي ينبغي الوقوف عندها المصرفي يعاني من هذه الخطوة حتى يومنا هذا أي eee - لماذا اإصرار على شطب الديون أو بعد مرور 22 عاماً. 1- ّ هل طبقت الحكومة المعيار الدولي تصفيرها بالكامل في الخطة الحكومية هل هناك بلد IFRS9 وتفقد هكذا خطوات الثقة التي هي أسا أي عاقة استقل نقیب الصحافة اللنانیة ااستاذ عوني التاسع إعداد التقارير المالية في في العالم خال من الديون العي رئیس المركز القافي ااسامي الدكتور تقديرها لحجم الخسائر المالية للمصارف والذي بين المصارف والمودعين، في وقت كان القطاع e e -8 هل هناك نية الى التصفية الذاتية من وی فانو: وقدم اليه كتاب “اصالة ومعاصرة يضمن الخسائر المتوقعة للمصارف جراء المصرفي يحافظ على معدات نمو ايجابية لكل e ee القرو المتعثرة من خال الضمانات التي يقدمها قبل بع المصارف الخاصة المتعثرة وإن كان الفترة الماضية فيما ضاقت مصادر التمويل أمام استقبل نقيب الصحافة اللبنانية ااستاذ عوني الكعكي المستفيد من القر هذا بإعتبار أن المصارف الجواب نعم، وفق أي سعر صرف . .“. e e الدولة اللبنانية، وارتفعت مخاطرها في كل القطاعات رئيس المركز الثقافي ااسامي الدكتور وجيه التجارية اللبنانية ملتزمة في تطبيق هذا المعيار ثمة أخطاء محاسبية كبيرة في الخطة الحكومية، باستثناء هذا القطاع المنتج. فانو ، يرافقه ااستاذ سليم سربيه، وقدم اليه كتاب في ما يتعلق بالتصنيف والقيا لدوات المالية حيث اختلفت المقاربات واتسمت الخطة بخلل بنيوي وتنظر الخطة الحكومية الى المودعين على أنهم “اصالة ومعاصرة في الثقافة ااسامية الوطنية”، لناحية توقع الخسائر ونموذ انخفا القيمة وفي من خال استنداها الى آليات ومفاهيم غير واضحة، الحلقة اأضعف، حيث تحرق أية جسور ثقة معهم وهو الكتاب الثالث عشر للمركز آلية ااحتساب للموجودات والمطلوبات المالية اضافة الى مفارقة القيمة الفعلية للخسائر وكيفية مستقباً وتغفل عن حقيقة أنهم المصدر المستدام لسد في البيانات المالية أضف الى كيفية تصنيف تسجيلها ونسبة توزيعها على كل طرف معني يتضمن الكتاب خمسة اقسام عجز ميزان المدفوعات منذ ستينات القرن الماضي. الموجودات المالية وغيرها. بالخسائر، فبدل مفاوضة حاملي ااسهم والدائنين وما من جهة ستعيد ترميم ااقتصاد اللبناني غير القسم ااول محاضرات المركز الثقافي ااسامي -2 اعادة هيكلية الدين، نر الحكومة اللبنانية تخط الى لماذا لم تقدم المصارف اللبنانية المغتربين ومع ذلك هناك اصرار غير مبرر على في سنة e e. e )( 2019 ً تصفير الدين السيادي -دون اعان افا-، اأمر الخاصة بعد نتائجها المالية للعام عما هدر حقوقهم لرية اقتصادية ا تؤمن بااقتصاد الذي يخالف القوانين العالمية والمعايير المحاسبية. القسم الثاني تحية خاصة الى الوزير الراحل ميشال اده. بالقواعد المصرفية المعروفة، كما جرت العادة الحر والملكية الفكرية. وتجدر اإشارة الى انه قد ً e e في السنوات السابقة وذلك تعزيزا لمبدأ الشفافية وتشير خطة اإنقاذ الحكومي عن خسائر تكبّدها بقي في مصرف لبنان حتى منتصف العام 2020 القسم الثالث من ذاكرة المركز الثقافي ااسامي. والحوكمة وما هو سعر الصرف الذي تعتمده في مصرف لبنان جراء إقرا الدولة لتغطية قرابة 20 مليار دوار أميركي يصنفه المركزي القسم الرابع ملف خا عن الراحل الدكتورعمر مسيكة . ً تقييم أصولها راهنا مصاريفها، في حين ّأن حاكمية المصرف تختلف باإحتياط النقدي بالعملة الصعبة، فيما هو في واقع القسم الخامس من نشاطات المركز الثقافي ااسامي، -3 لقد أرست لجنة “بازل” معداً موحداً بمنظورها المحاسبي للخسائر وتدرجها تحت بند الحال بقايا أموال المودعين في المصارف اللبنانية. وحفل تكريم في ذكرى مرور سنتين على وفاة النقيب لكفاية رأ المال في المصارف من خال رب تكاليف يمكن تغطيها احقاً في عمليات مصرفية والبنك المركزي اليوم مطالب -كما درجت العادة- ee e )e المرحوم محمد البعلبكي، وزيارات رئيس الهيئة تقييم ماءة البنوك في مجال المعامات الدولية مستقبلية متسلحة بالمعايير المحاسبية العالمية التي من الدولة اللبنانية بتسديد نفقاتها الشهرية )1200 اادارية في المركز واعضائها الى مسؤولين لبنانيين بمدى استيفائها لحدود معيار “بازل”. هل تعتمدها على غرار كل البنوك المركزية في العالم. مليار ليرة لنفقات الرواتب وااجور في القطاع العام -مقارنة بقيمة سنوية لم تتخ ال 3150 مليار ليرة في ee e المصارف اللبنانية ممتثلة لهذا المعيار ماذا عن وتكمن ّلب المشكلة في كيفية عا اأزمة المالية في العام -1999( وفاتورتها الشرائية السنوية من القمح ادارة المخاطر في هذه المصارف، هل التزمت لبنان حقيقة أننا أمام حكومة تريد تصفير ديونها ولو )e . e( ( 150 مليون دوار سنوياً( والدواء )مليار دوار(، بشروط “بازل” لاقرا و بالمائة من أصولها دفترياً لتقليل نسبة دينها تجاه الناتج المحلي ااجمالي e e e e Centric Expos ure والوقود والمحروقات الخاصة بتشغيل قطاع الكهرباء المصرفية ) ( ذهبت الى لتحظى بموافقة صندوق النقد الدولي على إقراضها eee te )حوالي 4.4 مليار دوار(. وقد يسعف اانخفا e “ e e . e جهة مدينة واحدة هي المصرف المركزي ومصرف مركزي يصر بأن جزء كبير من هذه e العالمي لسعر النف المالية العامة بتحقيق وفورات ee . ee . e ee -4لماذا تسابق الحكومة الزمن وتفتر الخسائر هي عمليات ممكن تعويضها مستقبلياً. بقيمة مليار ونصف في حال ظلّت اأسعار العالمية ee e e e e أن المصرف المركزي سوف ريتعثّ في سداد وبدل من التركيز على اإصا المالي وااقتصادي في مسارها المنخف واتخذت الحكومة اللبنانية ee e e e ee e . إلتزامات الدولة التي ستستحق في العام e e ee eee 2040 وسد قنوات الهدر والفساد، تضع الحكومة اللبنانية القرار بشراء الوقود للعام المقبل وتخزينه. e e . ee .“ t e. e وتدرجه تحت بند الخسائرّ جهوداً كبيرة لتصفير ديونها ولو محاسبياً من يأتي هذا في وقت يستهلك لبنان أكثر من ضعف ما -5 لماذا لم تحتسب الحكومة قيمة خال عملية اإقتطاع المالي عبر اقتراحها ممارسات e e ee ينتج ) 58 مليار دوار إستهاك مقابل ناتج محلي الضمانات التي تغطي القرو الممنوحة الى غريبة على المشهد المصرفي اللبناني وحتى العالمي. )e B )B إجمالي وصل الى 56 مليار دوار في العام 2018( عماء المصارف الخاصة في تقديرها لحجم فالحكومة تتطلع في خطتها الى المودعين اللبنانيين ويعيد تحويل الى الخار حوالي 65 بالمائة ما يستقبله ا خسائر المصارف وما الهدف من إدرا كل هذه وفق نظام الشرائح أو ما يعرف ب te ، (3.5 مليار دوار قيمة تحويات المغتربين مقابل t e ee 1.9 القرو بوصفها ديوناً معدومة وبالتالي خسائر، حيث أنها ّترفع نسبة ااقتطاع مع ارتفاع قيمة الوديعة. مليار دوار قيمة ما أرسلته اليد العاملة اأجنبية الى e t ما يضعف المكانة المالية للمصارف على غير ونرى بأن الخطة اإقتصادية الجديدة تطلب أموااً عائاتها خار لبنان(. وهنا اللبنانيين، لسوء الحظ، e ee e e ما هي عليه فعلياً، حيث أن الضمانات المصرفية لقطاعات ااتصاات والكهرباء وإنشاء السدود سيكونون مدعوين في فترة ليست ببعيدة الى المفاضلة e e t e كفيلة بتخفي قيمة التعثر. بعشرات مليارات الدوارات، وهو اأمر الذي لن بين القمح والدواء من جهة أو الكهرباء، حيث سيتعذر ee e.“ e e ee ee -6 هل يعقل أن يحتسب موجودات يخدم في تحويل طبيعة ااقتصاد اللبناني من اقتصاد على المصرف المركزي تأمين اعتمادات لهذه النفقات e e eee المصرف المركزي وفق سعر صرف 1515 ليرة ريعي الى اقتصاد منتج، بل على العكس سيزيد من الثاثة مجتمعة. w BUSINESS LIFE AUGUST 2020 w 55 FIRST LOOK ON LEBANON

Discussing US$ rate: Prime Minister Hassan Diab meets a delegation from Exchange Syndicate

Dollar exchange rate: buying “Lazar” and “Cleary Gottlieb”, in the pres- Lebanon, and there are many indications price at lbp 3850 selling price ence of PM’s Advisor, Georges Chalhoub. and lessons, especially in light of these at lbp 3900 The interlocutors took stock at the delicate and exceptional circumstances The Money Changers Syndicate an- results of the meetings held by advisors that our country is going through, which nounced, in a statement addressed to and experts.--PM Press Office require us to return to the essence of Leba- money changing companies and insti- Aoun meets with army leadership non’s resurrection and its emergence, so tutions, Monday’s USD exchange rate delegation on occasion of army day as to draw from it what strengthens our against the Lebanese pound as follows: President of the Republic, General Michel association and faith in it.” Buying price at a minimum of LBP 3,850 Aoun, met recently at Baabda Palace “Your Excellency, ever since the found- Selling price at a maximum of LBP 3,900 with Army Chief, General Joseph Aoun, ing of the Lebanese army in 1945 until the heading an Army leadership delega- present day, its foundation constants have DIAB chairs financial meeting tion, including members of the Military remained deeply rooted in it. No wars or Prime Minister, Dr. Hassan Diab, chaired Council, Deputy Chiefs of Staff, Director policies were able to undermine it, and a financial meeting which was attended of Orientation, Head of the Army Com- you have had the honor of leading it in by Deputy Prime Minister and Minister mander’s Office, and Secretary of the one of its most delicate stages,” the Army of Defense Zeina Akar, and Ministers Military Council. Chief added, drawing similarities between of Environment and Administrative In his word before the President on the critical past period and today, “with Development Demianos Kattar, Finance behalf of the delegation, the Army Com- the tension currently witnessed in the Ghazi Wazni, and Information Manal- mander congratulated President Aoun nation being on the rise.” Abdel Samad, in addition to Central Bank on the occasion of the 75th Army Day, “However, hope remains pinned on Governor Riad Salameh, Central Bank’s saying: “Seventy-five years of honor, sac- your Excellency, because wisdom is your vice governors Wassim Mansouri, Bachir rifice and loyalty, a march crowned with advantage, and we are inspired by this Yakzan, Salim Chahine and Alexander achievements and sacrifices...a march led wisdom in how to manage crises and Mouradian, Head of the Banking Control by hero soldiers, believing in the sanctity confront them in a manner that preserves Commission Maya Dabbagh, and a delega- of defending the nation, in its land and the dignity of the citizen and the stability tion of the Association of Banks, which people, and for its sake gave their blood of the country,” the Army Commander included Makram Sader, TanalSabbah and and souls. Our Diamond Jubilee this year underlined. Roger Dagher, as well as delegations from coincides with the centenary of Greater He continued to assert that “ever since

56 w BUSINESS LIFE AUGUST 2020 played by the military institution, in its of- ing the pharmaceutical industry in France. ficers, clerks and individuals, in maintain- ing security and stability in the country, Abdel Samad meets makers of especially during the current prevailing marketing video on tourism in circumstances,” vowing to “continue to Lebanon work to bring the country to safety shore Minister of Information, Manal Abdel by finding appropriate solutions to the Samad, met at her ministry office with the pending crises.” makers of a marketing video encouraging on tourism in Lebanon. Wazni meets Toufeili over cus- The visiting delegation included Ralph toms’ affairs Nassif, Steven Char, Roudy Doumit and Minister of Finance, Dr. Ghazi Wazni, wel- Romy Mnassa. comed in his office Head of the Supreme Abdel Samad hailed the footage, high- Council of Customs, General Assaad Tou- lighting her support for similar projects. feili, with whom he discussed customs’ related affairs. Fadlallah: Ensuring sufficient oil and diesel supply is the energy Lebanese company Benta ex- ministry’s responsibility pands globally by acquiring Famar Member of the “Loyalty to the Resistance” Lyon in France Parliamentary Bloc, MP Hassan Fadlallah, Lebanese pharmaceutical company Benta considered in a statement, that providing (BPI) has acquired the famous pharmaceu- oil and diesel supply to the local market in tical factory Famar in Lyon, France, as part a sufficient and continuous manner is the of its strategic plan of global expansion, ac- responsibility of the Ministry of Energy, in cording to a statement from the company. cooperation with the Central Bank. This factory, located in Saint-Genis- He added that “the pursuit of mo- Laval region in Lyon, in the biggest in- nopolists and those manipulating oil and dustrial zone in France outside Paris (Ile diesel prices who have caused the crisis, de France). especially in the South region, is the Founded in 1982, by Rhône-Poulenc responsibility of the Economy Ministry, before being owned by Sanofi-Aventis un- the security apparatuses and the judiciary. til 2004 and is affiliated to the Greek group Hence, these official bodies that possess Famar, who owns twelve sites worldwide. ample data on those involved are required The factory comprises nine buildings total- to set a clear mechanism to deter and take ing 55 000 m2 over an area of 160 000 m2. the most severe measures against them.” The Famar factory in Lyon produces doz- The MP stressed that no political or the outbreak of protest movements last ens of therapeutic drugs: cardiovascular, regional considerations or justifications October and the economic crisis and the antidiabetic, neuroleptic… in accordance must cover the actions of these manipula- spread of the Corona epidemic, the army with subcontracts with global companies tors, adding that no one can protect them has spared no effort to maintain security such as Merck, Sanofi, Abbott, Mylan, from the rule of law and people’s anger, and stability and endure strenuous tasks Astellas, Pfizer, and P&G, and others. for the only affiliation of such individu- with honor and pride, because what we Bernard Tannoury, CEO of BPI, said als is greed and reaping huge profits and do is a duty towards our homeland and that this acquisition of the French fac- gains at the expense of people’s sufferings. our people.” tory “will offer a global perspective for “Since our supervisory role is to hold Meanwhile, the Army Chief empha- the Lebanese pharmaceutical industry ministries accountable for their failures, sized that the military institution has been and will provide us with big production and hold them accountable in parliament, immune against all accusations, charges capacities and will allow us to enter new our main preoccupation throughout and attempts to undermine its strong will markets globally”. this period has been to seek remedies and determination in fulfilling its duty According to the statement, Benta’s that would ease the burdens shouldered and mission towards the nation. aim is to develop the Famar factory, by citizens, and we will spare no effort General Aoun concluded his word increase its production, and add some in this respect to secure the basic needs by stressing that “regardless of all inter- drugs it produces in its factories in Leba- of our people, especially in these dire pretations, accusations of treachery, and non in order to reach global markets. It economic conditions the country is go- accusations of negligence to discredit it, underlined that this acquisition would ing through,” Fadlallah underscored. our army will remain the guarantee and contribute to the development of Benta’s the main pillar for building the nation... technical and productive capacities Long live the army, long live Lebanon!” thanks to its exposure to the French phar- Two enemy drones fly over Hou- In turn, the President of the Republic maceutical industry. la’s Al Abbad locality congratulated the military delegation Tannoury is thankful to the French Two Israeli enemy drones conducted on the Army Day occasion, thanking government’s support for this acquisition low-altitude flights over the locality of Al- Army Chief Aoun and his accompany- through Business France and the Métro- Abbad in the outlying areas of the town ing delegation for their wishes on this pole de Lyon, given that the Benta Pharma of Houla, violating the Lebanese airspace, honorable day. project aims to strengthen Famar’s pres- NNA Correspondent reported lately. The President commended “the role ence in France and in Europe while promot- w INFORMATION INDUSTRY

The State of the Industry: Mobile Marketing in EMEA 2020 Mobile remains the fastest growing channel despite budgets being impacted by COVID-19 crisis

obile budgets are being im- marketing for 2020. The rise of apps like COVID-19, mobile marketing remains the pacted by the COVID-19 out- TikTok and Quibi will be substantial over fastest growing channel providing oppor- break, but mobile remains the next 12 months. tunities, such as mobile video, e-commerce M the fastest growing channel, • Marketers are creating mobile- and gaming, for brands to effectively with nearly all marketing professionals specific content to drive engagement engage with consumers.” (94%) considering mobile advertising as Three quarters of respondents are con- Chris Babayode, Managing Director, effective. sidering ad length and design when creat- MMA EMEA, commented: “This is our fifth These are some of the findings in- ing content for mobile, and the growth of year in publishing this report that is de- cluded in the State of the Industry: Mobile e-commerce has driven developments in signed to give comprehensive insights and Marketing in EMEA 2020, an annual mobile-based branded content and shop- guidance for marketers, agencies, and me- report released today, providing a current pable ads. dia owners alike with data to benchmark snapshot into how brands, agencies, media Advertising via mobile gaming is also their clients and peers, gain guidance on owners and tech vendors see the impact expected to grow as 5G advances present marketing and mobile trends, and identify of mobile – its use as a tool for advertis- a leap in performance. future challenges and opportunities, espe- ing effectively, as well as opportunities By 2025, 48% of marketing profession- cially based on this most unusual year.” and concerns, particularly following the als expect mobile-based branded content WARC is part of Ascential: the path-to- disruption of the COVID-19 pandemic. to be their main focus. purchase company that combines intelli- The report is based on a survey of 596 • Programmatic trade drives mo- gence, data and insights to drive growth in marketing professionals across 26 markets bile display advertising strength the digital economy. We do this by deliver- in EMEA, carried out in April and May 2020 Mobile display advertising is used in ing an integrated set of business-critical by WARC, the global authority on market- a quarter of campaigns and is the biggest products in the key areas of product design, ing effectiveness, on behalf of the Mobile 2020 focus for 47% of marketing profes- marketing and sales. Marketing Association (MMA), the world’s sionals. For over 30 years WARC has been pow- leading global non-profit trade association. These results reflect the growth in ering the marketing segment by providing The report highlights the following mobile display advertising that has been rigorous and unbiased evidence, expertise key insights in EMEA: fuelled by the boom in programmatic and guidance to make marketers more • Mobile budgets are impacted trade. Paid search and mobile display now effective. WARC services include 18,000+ by the COVID-19 outbreak, but mobile account for almost all of the global mobile case studies, 90,000+ best practice guides, remains the fastest growing channel ad investment, and respondents to this research papers, special reports and adver- Half (49%) of marketing profession- survey said they were using mobile display tising trend data, webinars, awards, events als, up from 40% in 2019, are allocating in a quarter of all their campaigns. and advisory services; has 1,200+ client more than 25% of their budget to mobile. • Nearly all marketers (94%) see companies, 21,500+ active users in 100+ WARC adspend data show it is the fastest mobile devices as effective countries; collaborates with 50+ industry growing media and the biggest driver of Overall, mobile marketing has consist- partners; has offices in the UK, US, China internet growth. ently been seen as effective over the past and Singapore. However, COVID-19 has inevitably five years, with the increasing investment Mobile Marketing Association (MMA) had an impact on budgets. Prior to the out- in the channel reflecting this confidence. The MMA is the world’s leading global break, 66% were expecting their mobile And though the COVID-19 outbreak non-profit trade association composed of budgets to rise over the next year. Now, has reduced budgets, the initial signs more than 800 member companies, from only 39% feel the same. are that mobile advertising has been less nearly fifty countries around the world. • Mobile video will be key for 2020 affected than desktop advertising, with Our members hail from every faction of and beyond marketers seeing higher levels of effective- the mobile marketing ecosystem includ- On average, 50% of mobile budgets are ness on mobile due to increasing usage. ing brand marketers, agencies, mobile being allocated to mobile video, which will 73% of respondents use engagement technology platforms, media companies, be a key focus for the largest proportion of metrics to measure mobile effectiveness. operators and others. The MMA’s mission marketing professionals. Summing up, Amy Rodgers, Managing is to accelerate the transformation and The growth in consumption of mobile Editor Research & Rankings, WARC, said: innovation of marketing through mobile, video is seen by respondents as the most “The findings of this year’s survey reveal driving business growth with closer and significant consumer behaviour impacting that despite reduced budgets bought on by stronger consumer engagement.

58 w BUSINESS LIFE AUGUST 2020 Ride-Hailing App Bolt Pilots its Service in Beirut Mobile remains the fastest growing channel despite budgets being impacted by COVID-19 crisis

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• APP Bolt services in Beirut

olt, the leading on-demand trans- mission for using the platform and offers payment is made in cash. • portation platform in Europe fares 20% lower than other competitors Bolt strongly advises all drivers and and Africa announces the pilot on the market. passengers on the platform to follow the B of its service in Beirut, Lebanon Bolt is easy to use: passengers down- instructions of WHO and the local health starting July 7th, with hundreds of drivers load the secure and free Bolt app from authorities and take the necessary health ready to start accepting rides. Apple App Store or Google Play Store and measures. Bolt is a free mobile application that set up a user profile. When passengers Bolt is the leading European on-de- connects drivers and passengers. Bolt al- are ready to ride, they simply open the mand transportation platform that’s lows passengers to conveniently request app, set their location and their intended focused on making urban travel easier, a driver to collect them wherever they are destination. The app then gives an upfront quicker and more reliable. • and take them where they want to go in a cost estimate for the trip. Once passengers Founded by Markus Villig, Bolt quick, reliable and affordable way. Drivers accept the cost estimate, the app alerts launched in 2013. It’s one of the fastest- registered to the platform can earn money drivers nearby who accept the ride. growing transportation platforms in by accepting rides through the application. Once a driver has accepted the ride, Europe and Africa with investors includ- The company has been built around of- passengers are able to see their driver’s ing Daimler, Didi Chuxing and Korelya fering the lowest commissions for drivers details and can track the driver in real- Capital. and the lowest ride prices for passengers. time — making it easy to be sure that they Bolt has 30 million customers in over For a minimum of 6 months, Bolt in Leba- get safely into the correct vehicle with the 35 countries globally. non commits to charging drivers no com- correct driver. When the ride is complete, w 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 AUGUST 2020 w 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 w BUSINESS LIFE AUGUST 2020 w 61 WHAT’S NEW

2021 AUDI A7 55: LARGE-2021-AUDI-A7-TFSI-E--EUROPEAN-MODEL-SHOWN--7447

2021 AUDI A7 55 up to 362 horsepower and 369 lb-ft of torque TFSI® engine coupled with an electric motor that sits between its engine and TFSI E PLUG-IN HY- • A7 55 TFSI e can accelerate from 7-speed S-tronic dual-clutch automatic 0-60 mph in 5.7 seconds or can drive in transmission. It produces a total combined BRID CAPTIVATES nearly silent all-electric mode system output of 362* horsepower and 369* • Standard S line® exterior design lb-ft of torque, sending the power through WITH ELECTRIFIED Its ability to accelerate from 0-60 mph quattro® all-wheel drive with ultra® in 5.7 seconds places the A7 55 TFSI e close technology. POWER AND SLEEK to that of its A7 V6 TFSI sibling, with added Drivers have the option to adjust engine benefits such as a nearly silent all-electric and battery usage with three capable modes SPORTBACK DESIGN driving mode as well as potential customer specific to the plug-in vehicle. Hybrid mode eligibility for a federal tax credit anticipated is activated automatically using route guid- up to $6,712 and access to HOV lane driving ance in the MMI navigation system to opti- THE 2021 AUDI A7 55 TFSI E PLUG-IN in some states. mize battery power over the route to help hybrid electric vehicle (PHEV) captivates Expected to go on sale in the U.S. this reduce fuel consumption based on a variety with a broad stance and sleek, sportback fall, the A7 55 TFSI e is the third plug-in of data points including speed limits, types design, confident driving dynamics and a hybrid in Audi’s U.S. lineup, joining the of roads and the latest data from onboard suite of standard and available technologies. Audi Q5 55 TFSI e SUV and A8 60 TFSI e sensors. The A7 TFSI e automatically starts But, what sets the PHEV model apart is the flagship sedan. The addition of this latest in EV mode, where it exclusively uses its strength of powertrain, routing a net 362* model brings the Audi brand ever closer to battery as long as the driver does not press horsepower and 369* lb-ft of nearly instan- its U.S. goal of electrifying one third of its the accelerator past a variable, perceptible taneous torque to the ground with quattro® portfolio by 2025. pressure point. In Battery Hold mode, the all-wheel drive with ultra® technology. Technology-packed plug-in hybrid battery capacity is kept at the current level • Electric motor combined with The Audi A7 55 TFSI e comes equipped – this is useful if the driver anticipates need TFSI® turbocharged 2.0-liter engine nets with a turbocharged 2.0-liter four-cylinder for all-electric power later in a route.

62 w BUSINESS LIFE AUGUST 2020 w performance is engineered to be repeatable, In A7 55 TFSI e Premium Plus models, whether the vehicle is fully charged or not. the available Executive Package comes with The lithium-ion battery pack is com- ventilated front seats, heated rear seats, prised of 104 pouch cells and stores 14.1 adaptive cruise control, Audi active lane kWh of energy with a voltage of 381 volts. assist with Emergency assist and adaptive To help bolster efficiency, the climate cruise assist. control system uses a heat pump that The A7 55 TFSI e Prestige includes pools the waste heat from the high-voltage available features from Premium Plus components and instead uses it to heat the models and adds a head-up display, power vehicle’s cabin. soft-closing doors, Pre conditioning plus, Predictive efficiency assist dual-pane acoustic glass as well as features Standard predictive efficiency assist included in the Executive Package. adjusts the vehicle’s behavior to help ensure The Prestige trim level can also be had customers benefit from the vehicle’s electric with the Luxury Package, which contains range and lower gasoline consumption. De- the extended Leather package and indi- tectable haptic feedback from the accelera- vidual front contour seats with massaging tor pedal and a visual signal in the MMI and functions, upholstered in Valcona and head-up display indicate the proper time to Milano leather. let off the accelerator to use as much kinetic energy as possible. Available on both Premium Plus and Symbols in the Audi virtual cockpit Prestige models, the optional Black-optic indicate any speed reductions, including package features high-gloss black accents, for speed limits, town signs, curves and a sport suspension that sits 20 mm lower downhill slopes, traffic circles, intersections and Audi Sport 20-inch 5-twin-arm wheels and highway exits. finished in matte titanium, equipped with Charging and the myAudi app all-season tires. The Audi A7 55 TFSI e comes standard MSRP Pricing details: with a compact charging system and can be Model year 2021 A7 55 TFSI e starting charged at any SAE J1772 charging station. manufacturer suggested retail prices: The included compact charging system can Premium Premium also be used at home or on the go. Plus Prestige Much like the fully electric Audi e-tron A7 55 TFSI e $74,900 SUV, the Audi A7 55 TFSI e benefits from $80,250 plug-in-specific applications in the myAudi A7 55 TFSI $69,200 $74,350 app, including showing the user how long $78,350 the vehicle has until it is fully charged and S7 $84,400 $90,300 allowing for available preconditioning Additionally, Audi anticipates that functions that can help achieve optimal customers purchasing the 2021 Audi A7 55 efficiency. Additionally, with the collabora- TFSI e will be eligible for a federal tax credit In electric-only mode, the A7 TFSI e is tion Audi established with Amazon Home of up to $6,712. Additional state incentives able to travel in near silence, using a lithium- Services for home charger installation, A7 may also be available. Please check with • ion battery housed under the rear cargo area 55 TFSI e owners are able to take advantage your tax advisor for detailed information, as for power. This mode can be selected for of using Amazon to both purchase a charger incentives may not apply to every customer. driving scenarios when an engine might not and schedule an electrician install it with *Starting MSRP of $74,900 for a 2021 • be needed or event-prohibited, while other just a few clicks. Audi A7 55 TFSI e quattro® with automatic available modes that balance efficiency Design, equipment and options transmission. All prices listed exclude des- between the powertrains when selected. The 2021 Audi A7 55 TFSI e comes stand- tination charge, taxes, title, other options Final EPA-estimated all-electric range and ef- ard with the S line® exterior package, which and dealer charges. Dealer sets actual price. ficiency numbers will be announced closer includes S line-specific front and rear fascia to on-sale timing. designs, fender badges and illuminated ABOUT AUDI OF AMERICA Audi developed the blended powertrain doorsill inlays. Additional standard features Audi of America, Inc. and its U.S. deal- of the A7 TFSI e to provide the driver with include HD Matrix-design LED headlights ers offer a full line of German-engineered a versatile driving experience. The elec- with high-beam assist, four-zone automatic luxury vehicles. AUDI AG is among the tric motor assists the combustion engine air conditioning, Audi advanced key, Audi most successful luxury automotive brands, through the boost function to achieve a virtual cockpit, PHEV-specific displays and delivering about 1.845 million vehicles glob- higher horsepower and torque output than 20-inch, Audi Sport 5-twin-arm wheels with ally in 2019. In the U.S., Audi of America the gasoline engine alone. When the driver all-season tires. sold just over 224,000 vehicles in 2019 and is not depressing the accelerator, the TFSI® Other standard features include an launched the brand’s first fully electric engine can deactivate and coast using the audible low-speed exterior e Sound, a top vehicle, the Audi e-tron – one of four fully battery. The combustion engine responds view camera with Virtual 360 view, Inte- electric models coming to the U.S. market in quickly to acceleration if needed and is able grated Toll Module and Audi’s latest MIB 3 the next two years. Globally, the brand aims to restart nearly undetectably. As the A7 infotainment and connectivity experience to be CO2 neutral by 2050. Visit audiusa.com • TFSI e is designed to keep a reserve of power as well as heated front seats and leather seat- or media.audiusa.com for more information in the vehicle’s battery pack, acceleration ing surfaces for all five passengers. regarding Audi vehicles and business topics. w BUSINESS LIFE AUGUST 2020 w 63 Backed by our solid inancial position, strong and minimum rated reinsurance securities, DAMANA helps you aim for success, overcome hurdles and achieve your business aspirations.

DAMANA is a registered trademark for Saudi Arabian Insurance Company B.S.C. (c) Backed by our solid inancial position, strong and minimum rated reinsurance securities, DAMANA helps you aim for success, overcome hurdles and achieve your business aspirations.

Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an with the principles of the Islamic Shari’a. The authorized Islamic wholesale bank by the Central Bank of Bahrain capital of ABG is US$ 2.5 billion. and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing The Group has a wide geographical presence in the its unique services in countries with a population form of subsidiary banking units and representative totaling around one billion. It is rated BBB+ (long offices in 17 countries, which in turn provide their term) / A3 (short term) by Islamic International Rating services through over 695 branches. Al Baraka Banking Agency and BB (long term) / B (short term) by Standard Group has operations in Jordan, Egypt, Tunis, Bahrain, & Poor’s. Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany in addition ABG and its Units offer retail, corporate, treasury and to one branch in Iraq and two representative offices in investment banking services, strictly in accordance Indonesia and Libya.

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