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P26 Layout 1 BUSINESS SUNDAY, JUNE 7, 2015 Kuwaiti retail prospects remain strong in long-term Kuwait ranked 27th in world for growing retail footprint as oil crisis takes its toll KUWAIT: A report released by A T Kearney highlights a drop wealthy have proven less vulnerable to economic woes than in Kuwait’s ranking in the Global Retail Development Index the general population.” (GRDI), reflecting the short term effects of lower oil prices The feature includes an analysis of the 15 leading luxury and the impact on the short-term economic outlook of the brands and their presence in the GRDI’s top 30 countries. The country. Although the current prospects have decreased, the analysis shows that emerging markets fall into three tiers of report also points to the strength of the long- luxury development, with different implica- term outlook for the country. Retail sales are tions for brands looking to enter or expand in projected to grow by six percent annually these markets. Kuwait currently hosts 14 of through to 2020 largely driven by ongoing the top 15 brands, indicating a strong local urbanization. demand for luxury brands and an opportunity Luxury brands will also play a role in the for luxury retailers to further penetrate the long-term growth of the Kuwaiti retail sector. market. With a GDP of $44,000 per capita, Kuwait boasts Published since 2001, the GRDI ranks the one of the highest standards of living in the top 30 developing countries for retail invest- world. Underpinned by its high proportion of ment worldwide (see chart below). The Index youth population, as well as its growing expatri- analyzes 25 macroeconomic and retail-specific ate workforce, Kuwait remains a prime destina- variables to help retailers devise successful tion for luxury brands. global strategies to identify emerging market Shamail Siddiqi, Principal of the Consumer investment opportunities. — A T Kearney and Retail Practice, AT Kearney Middle East, Martin Fabel - Partner (www.atkearney.com) is a global team of for- stated: “As a result of the drop in oil prices, the and Global Head of the ward-thinking partners that delivers immedi- past year has seen a more cautious approach to Strategy Practice, A T ate impact and growing advantage for its international expansion into some developing Kearney Middle East. clients. We are passionate problem solvers markets. However, many retailers are taking a who excel in collaborating across borders to longer-term view and look for more targeted co-create and realize elegantly simple, practi- investments in areas of growth. We find that this is precisely cal, and sustainable results. Since 1926, we have been trust- the strategy many retailers are taking in Kuwait, where the ed advisors on the most mission-critical issues to the world’s long-term prospects are still competitive.” leading organizations across all major industries and service The 2015 GRDI includes a special feature on the prospects sectors. A T Kearney has 58 offices located in major business for luxury goods in developing retail markets. Martin Fabel, centers across 40 countries. From our Middle East offices in Partner and Global Head of the Strategy Practice, comment- Abu Dhabi, Dubai, Manama, Doha and Riyadh, AT Kearney ed: “Our work with consumer industries and retail clients supports both private and public sector clients as well as show that retail sales growth is expected to continue. Luxury nations to excel and prosper by combining our regional remains a relatively bright spot in emerging markets, as the expertise and global business insights to achieve results. UNB wins Best Customer Service Award in UAE The 2015 Banker Middle East Industry Awards ABU DHABI: UNB was the proud recipient of the Best received by UNB are an affirmation of the robust policies and Customer Service Award in the UAE at the Banker Middle East principles adopted by the Bank and a reflection of our com- Industry Awards ceremony that was held a few days ago in mitment to the highest quality standards, and in line with the Dubai. This recognition comes after the Bank received four bank’s strategic objectives to deliver superior customer serv- product awards, from Banker Middle East in March, winning ice”. Best Home Finance, Best Customer Service - Retail, Best SME Every year through a combination of reader votes and in- Loan, and Best Deposit Scheme at the 2015 Banker Middle depth analysis of financial statements, Banker Middle East East Product Awards. assesses financial institutions in the region to celebrate the The award was received on behalf of UNB by Ahmed best of the banking sector in the region. More than 200 nomi- Kolthoum, SVP & Regional Head of Corporate Banking, Sharjah nees competed this year, mainly from the United Arab & Northern Emirates at a glittering ceremony held at the Emirates, Qatar, Saudi Arabia, Oman, Kuwait, Bahrain, Jordan Godolphin Ballroom, Emirates Towers Hotel, Dubai on 27th and Lebanon. May, 2015 Established as a Public Joint Stock Company in 1982, UNB Ahmed Kolthoum at UNB commented “This is a great hon- is one of the leading domestic banks in the United Arab our for UNB. Winning the Banker Middle East Industry awards Emirates, headquartered in Abu Dhabi. UNB offers a variety of are a testament to the consistent and quality products being products and services, addressing needs ranging from basic introduced by the bank which are being appreciated and well requirements of individuals to the more complex require- accepted by customers in the market.”The string of awards ments of corporate entities. Medina joins newly launched Air Arabia Jordan network AMMAN: Just weeks after commencing operations, Air Jordan network to serve more of the cities where our cus- Arabia Jordan yesterday announced details of the fifth city tomers want us to fly.” to join its international route network. Starting June 10, Air Arabia Jordan currently operates 14 direct weekly 2015, the airline will fly twice weekly from Amman to flights from Queen Alia International Airport in Amman to Medina in Saudi Arabia. Jeddah and Medina in Saudi; Erbil in Kurdistan Region of Flights to the carrier’s fifth destination, Medina, will oper- Iraq; Sharam El Sheikh in Egypt; and to Kuwait City in Kuwait. ate on Mondays and Thursdays, departing Amman at Air Arabia Jordan is a partnership between Air Arabia, the 00:30AM and arriving at Prince Mohammad bin Abdulaziz region’s first and largest low-cost carrier, and RUM Group, International Airport at 02.10am. Return flights will leave on Jordan based travel and transport group. Its inaugural flight the same days at 02:50AM before arriving back at Queen Alia to Kuwait City took off on May 18, 2015. International Airport at 04:35am. Air Arabia Jordan focuses on offering comfortable, relia- Adel A. Ali, Group Chief Executive Officer said: “We are bility and value for money air travel from and into Jordan. delighted by the progress achieved in a relatively short time. The company offers its passengers a 32” seat pitch, the best In the past month, we have fully established our operations economy configuration in the market. Queen Alia and have grown to serve five destinations, including two in International Airport is Air Arabia’s fifth global fixed-based Saudi Arabia. With the first phase of our launch strategy now operation, following Sharjah and Ras Al-Khaimah in the UAE, complete, our focus turns to expanding the Air Arabia Alexandria in Egypt, and Casablanca in Morocco. Gizan and Jouf join flydubai’s network Gulf Bank announces winners KUWAIT: flydubai continues to expand its Saudi network, “With direct flights to Dubai, passengers can enjoy fly- AED 3,500, and are inclusive of all taxes and 40kg checked- reaching out to two previously underserved points in the dubai’s comfortable onboard services including its in baggage. of Salary and Kingdom. The Dubai-based airline will operate direct Business Class and award-winning In-Flight Entertainment. Gizan to Dubai: Economy Class return tickets start at SR flights to Gizan and Jouf in July 2015. The convenience of our home in Terminal 2, Dubai 1,225, including 7kg hand baggage and 20kg checked-in flydubai operations to Gizan will commence on 10 July International, the frequency of our flights and our Business baggage. Business Class return fares start at SR 3,270, and Red accounts with daily flights. Jouf will follow on 11 July with four Class Lounge give passengers the opportunity to easily are inclusive of all taxes and 40kg checked-in baggage. flights a week. connect onwards to our growing network of 90 destina- KUWAIT: Gulf Bank announced six winners for its sec- Expressing gratitude to Saudi authorities for their coop- tions.” said Sudhir Sreedharan, Senior Vice President, Jouf ond monthly Salary and Red account draw. The draw eration and support, Ghaith Al Ghaith, Chief Executive Commercial (GCC, Subcontinent, Africa) at flydubai. Starting 11 July 2015, flydubai will operate four flights a announcement took place on Wednesday, 27 May 2015 Officer of flydubai, said: “We are honored to have the week between Terminal 2, Dubai International Airport and live at Marina FM, and was held under the supervision of opportunity to further expand our network in Saudi Flight Details: Jouf Airport on Tuesday, Thursday, Saturday and Sunday. a Ministry of Commerce representative. Arabia. We look forward to seeing our flights to these two Gulf Bank congratulates Aaeda Mohammed Hamed major cities further strengthen the strong cultural and Gizan Fares Alenezi (KD 1,500 winner), Maytham Abdulrehman trade ties between our two nations.” Starting 10 July 2015, flydubai will operate daily flights Dubai to Jouf: Economy Class return tickets start at AED Hussein (KD 1,000 winner), Saad Fahad Saad Al Majdi Stretching along the southern Red Sea coast, the Gizan between Terminal 2, Dubai International Airport and 1,400 including 7kg hand baggage and 20kg checked-in (KD 800 winner), Awatef Ali Meteb Mayah (KD 600 win- province includes the Farasan Islands, Saudi Arabia’s first Gizan’s King Abdullah bin Abdulaziz Airport.
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