COVID-19 Measure: Read Full Magazine Here
Total Page:16
File Type:pdf, Size:1020Kb
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 Lebanon.........LBP5,000 U.A.E................Drhm12 Jordan.....................JD2 Egypt......................EP5 Algeria................DZD200 Tunisia.....................TND4 Saudi Arabia.........SR12 Bahrain..................BD1 Oman.....................OR1 Europe.................Euro4 Libya..........................L.D4 Yemen......................YR10 Kuwait...................KD1 Qatar...................QR12 Cyprus...................C£1 U.S. & Canada..........$4 Morocco...............MAD33 Syria.....................SYP150 BackedBacked by by our our solid solid inancial inancial position, position, strong strong and and minimumminimum ratedrated reinsurance reinsurance securities, securities, DAMANA DAMANA helpshelps you you aim aim for for success, success, overcome overcome hurdles hurdles and and achieveachieve your your business business aspirations. aspirations. DAMANADAMANA is is a a registered registered trademark trademark for for Saudi Saudi Arabian Arabian Insurance Insurance Company Company B.S.C. B.S.C. (c) (c) With our one card regional solution, in-house 24-hour administration and customer service, SAICOHEALTH provides your business with a comprehensive health insurance coverage. BackedBacked by by our our solid solid inancial inancial position, position, strong strong and and minimumminimum ratedrated reinsurance reinsurance securities, securities, DAMANA DAMANA helpshelps you you aim aim for for success, success, overcome overcome hurdles hurdles and and achieveachieve your your business business aspirations. aspirations. damana.com/saicohealth DAMANADAMANA is is a a registered registered trademark trademark for for Saudi Saudi Arabian Arabian Insurance Insurance Company Company B.S.C. B.S.C. (c) (c) DAMANA is a registered trademark for Saudi Arabian Insurance Company B.S.C. (c) 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 Business Life (ISSN 1606-0067) published in Lebanon, by Business Life. Editorial, Executive, Circulation, and Advertising Offices: Gharios Bldg., Shoukri Ghanem Street, Beirut, Lebanon. Company and regional subscriber rate $50/year. Lebanon subscriber rate for individuals only $50/year. Rest of the world $200/year. Send address changes by e-mail to [email protected]. All rights reserved. Reproduction in whole or in part without written permission is prohibited. BUSINESS LIFE 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. To put your ads contact us at: Tel / Fax: (961-1) 370074 e-mail: [email protected] To subscribe contact us at: Tel / Fax: (961-1) 370074 Email: [email protected] For your opinions e-mail: [email protected] 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