MEA December 2017

December 2017

Also in this Issue: Mondrian Doha DG BIM Consulting

Putting the Brand in the Spotlight Marcom Arabia is the Comprehensive Marketing Company Ltd. We invited Creative Manager, Anas Hussain to tell us more about the dynamic company.

A Rich Heritage of Brilliance - Greenshield Insurance Brokers LLC

A Strong Team Driving a Leading Company

Outstanding Insurance Solutions - Oman Insurance Company

Total Uprising Solutions

Editor’s Note

, Welcome to the December issue of MEA Markets Magazine, your source for the latest news, deals and developments across the Middle East and Africa region.

In recent news, the global OTT leader for South-Asian entertainment, YuppTV has roped in Rajesh Iyer, Executive Vice President and Business Head, & TV – ZEEL Group as the Chief Operating Officer for APAC and Middle East. Rajesh will take charge of his new role from January 2018 onwards.

In this month’s issue, we discover more about Marcom Arabia, which was established in 1999 to build business to business databases for some international companies such as, Microsoft and Intel, and utilizing these databases in direct marketing activities such as direct mailers, email newsletters and fax campaigns. Taking time to tell us more about the company is Creative Manager, Anas Hussain who explains how both Marcom Arabia and the services have grown, and the types of clients with whom they work with.

Also in this edition, Greenshield Insurance Brokers is a Dubai based insurance broking firm, and is a family run operation, holding values similar to its parent company; integrity, honesty and social responsibility, all of which are central to its mission. We learn more about the business when we sat down with the firm’s Deputy CEO, Rahul Roy who discussed with us the inner workings of Greenshield Insurance Brokers.

Lastly, Oman Insurance Company (OIC) is one of the leading insurance solution providers in the Middle East headquartered in Dubai, UAE. Recently we spoke to Louise O’Donnell who told us more about the region, as she features as Most Trusted Executive Vice President (Head of Internal Audit) for Providing Outstanding Business Services in the United Arab Emirates.

Here at MEA Markets, we hope you thoroughly enjoy reading this edition and look forward to hearing from you.

Jessica Daykin, Editor Phone: +44 (0) 203 725 6842 Email: jessica.daykin@ai-globalmedia.com Website: www.middleeast-markets.com AI Global Media, Ltd. (AI) takes reasonable measures to ensure the quality of the information on this web site. However, AI will not assume any legal liability or responsibility for the accuracy, correctness or completeness of any information that is available through this web site. If errors are brought to our attention, we will try to correct them.

The information available through the website and our partner publications is for your general information and use and is not intended to address any particular finance or investment requirements. In particular, the information does not constitute any form of advice or recommendation by us or any of our partner publications and is not intended to be relied upon by users in making or refraining from making any investment or financial decisions.

Appropriate independent advice should be obtained before making any such decision.

Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.

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Contents

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, 4. News 6.

Putting the Brand in the Spotlight

10. A Rich Heritage of Brilliance 12. A Strong Team Driving a Leading Company 14. Outstanding Insurance Solutions 16. Total Uprising Solutions 18. Mondrian Doha: Offers Pioneering Spa and Unique Dining Experiences 22. ArtMarketGuru Releases African Art Collectors Report 24. Acquisition Expands MRI’s Growing Footprint in EMEA 26. IFAD Reaches New Agreement to Boost Food Security in Madagascar 28. ReShape Lifesciences Announces Stocking Order from Medical Supplier in Dubai 30. WorldRemit Raises $40m and Targets Egypt Expansion

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NEWS

, Bloom Properties to Showcase Extensive Real Estate Portfolio at Dubai Property Roadshow, London A Bloom Holding business specialising in the development of integrated and sustainable communities, Bloom Properties is set to showcase its extensive portfolio of real estate projects at the Dubai Property Roadshow, London.

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NEWS

, Bloom Properties, a Bloom Holding business specialising in the development of integrated and sustainable communities, is set to showcase its extensive portfolio of real estate projects at the Dubai Property Roadshow, London.

Set to run on December 3rd and 4th, 2017 at the Shangri-La, at the Shard, in London, Bloom Properties will highlight a selection of sought-after real estate projects from its wide portfolio ranging from premium properties on Saadiyat in Abu Dhabi to mid-market developments in Jumeirah Village Circle (JVC) to suit diverse investor needs. At this event, potential investors can learn more about Bloom Towers and Bloom Heights in Jumeirah Village Circle (JVC) in Dubai as well as Soho Square and Park View mixed-use developments on Saadiyat in Abu Dhabi.

Organised by the Dubai Land Department, the Dubai Property Roadshow, London will convene some of the most prominent real estate developers in the UAE under one roof and highlight the benefits of investing in the Dubai property market for London’s affluent investors. Some of these benefits include 100% freehold ownership in designated foreign investment areas of Dubai, no rental income tax and capital gain tax and 100% repatriation of funds.

Sameh Muhtadi, CEO of Bloom Holding, said: “The Dubai Property Roadshow, London offers us an ideal platform to meet with highnet worth investors and cater to the increasing demand from British investors for high quality real estate in Dubai. Through its participation in leading property events abroad including Dubai Property Events in Mumbai and now in London, Bloom Properties seeks to attract more investors from high-priority growth markets. In bringing our projects to London, we are confident that we will attract the same level of investor response as we did in Mumbai by offering investors strong rental yields and high capital appreciation potential.”

Located in Jumeirah Village Circle, one of the fastest growing commu-

nities in Dubai and scheduled for completion in Q4 2020, Bloom Towers is a development consisting of three towers offering a total of 944 residential units consisting of contemporary studios and one-bedroom apartments featuring a timeless and elegant design.

Meanwhile, Bloom Heights will feature 686 units ranging from studios to three-bedroom apartments. Slated for completion in Q2 2019, the two-tower high-rise development will provide easy access to all major roads and Dubai’s main business districts and leisure attractions.

Located in the University neighbourhood of Saadiyat in Abu Dhabi, Park View will consist of a residential and a hotel apartment building designed to the highest standards of upscale urban living.

The residential building will offer 207 units ranging from studios to two-bedroom apartments, while the hospitality component includes 217 furnished and serviced hotel apartments comprising studios as well as one- and two-bedroom executive apartments.

Soho Square, another Bloom Properties project in Saadiyat will include 302 upscale residences ranging from studios to three-bedroom apartments, townhouses and a penthouse. Both Park View and Soho Square offer proximity to the New York University Abu Dhabi campus and major tourist attractions including the Louvre Abu Dhabi museum, which is now open to the public.

Bloom Properties specialises in the development of integrated and sustainable communities that offer an enriching lifestyle and enhanced quality of life. In collaboration with best-in-class designers and architects, the company builds a range of residential, commercial and mixed-use projects in prime locations across the MENA region. Bloom Properties also provides customised leasing and property management solutions that exceed the tenants’ expectations.

YuppTV Ropes in Rajesh Iyer as COO for APAC and Middle East The global OTT leader for South-Asian entertainment, YuppTV has roped in Rajesh Iyer, Executive Vice President and Business Head, & TV – ZEEL Group as the Chief Operating Officer for APAC and Middle East.

YuppTV, the global OTT leader for SouthAsian entertainment has roped in Rajesh Iyer, Executive Vice President and Business Head, & TV – ZEEL Group as the Chief Operating Officer for APAC and Middle East. A seasoned executive with a proven success record, Rajesh has over 16 years of experience leading functions and business with leading names in the broadcast media domain, including ZEEL, Viacom 18 and Star India. Rajesh will take charge of his new role from January 2018 onwards.

Part of the broadcast leadership team at ZEEL, Rajesh spearheaded the launch of its second GEC ‘& TV’ in 2015. Under his leadership ‘& TV’ was successful in creating a niche for itself in the market, within the first three years of the launch. Prior to this, Rajesh was also part of the launch of Colors, a GEC from Viacom 18, in 2008. Now stepping into the shoes of the COO of YuppTV, Rajesh’s responsibilities will include overlooking the operations in APAC and the Middle East, along with leading the task of content acquisition and spearheading the growth and expansion of YuppTV Originals.

Commenting on the appointment, Uday Reddy, Founder & CEO of YuppTV, said,

“It gives me immense pleasure to welcome Rajesh to YuppTV. He comes with an excellent understanding of the entertainment ecosystem, having previously worked with some of the most renowned names in the industry.

With Rajesh joining us and dedicated teams in each of the territory, we are affirmative for a multi-fold growth in the coming years especially in the new markets of APAC & ME.” YuppTV is a global OTT platform of live, on-demand and catch-up video content for South Asian audience. It offers upwards of 300 live channels, 5000 movies and is widely distributed through multiple devices across US, UK/Europe, APAC, ME and India. More recently, YuppTV has been associating with the veterans from the South Indian film industry to host concepts beyond cinema with cinematic brilliance for YuppTV Originals like Edulika and Manna Mugguru Love Story.

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Putting the Brand in the Spotlight Marcom Arabia is the Comprehensive Marketing Company Ltd. We invited Creative Manager, Anas Hussain to tell us more about the dynamic company.

Established in Riyadh, Saudi Arabia in 1999, Marcom Arabia was set up to build business to business databases for some international companies such as, Microsoft and Intel, and utilizing these databases in direct marketing activities such as direct mailers, email newsletters and fax campaigns. Anas explains how both the company and services have grown, and the types of clients with whom they work with.

“We’ve expanded our business to cover the whole marketing map, where we plan and design marketing campaigns and execute them on behalf of our clients. Here at Marcom Arabia, we are experienced in conducting direct marketing activities, market research studies, strategic planning and analysis, brand activation and experiential marketing, events management, digital marketing and social media, marketing automation solutions, and outsourcing.

“The company started with four young employees and quickly became a professional supplier of direct marketing services, where our services expanded into maintaining databases and running profiling campaigns for more clients, mainly in the IT & Telecommunications industry. As our services portfolio expanded, so did our clients list. This saw us start working with other tech giants like Cisco, HP, Mcafee, Symantec and many others.

Giving the scarcity of events management companies in Saudi Arabia back then, we started offering onsite registration services for our clients. From a laptop and a printer, our story with events management started reaching to the point where we now plan, execute and manage more than 300 events per year.

10% of them are mega events with multiple days, agendas and thousands of attendees.

“Over the years we have been lucky enough to work with many clients from different sectors; IT, Telecom, Medical & Pharmaceutical, Manufacturing, FMCG and Automotive. Our portfolio has more than 5,000 executed events, more than 100 market research studies, thousands of direct marketing campaigns, and more than 200 brand activation projects.

“Overall we have more than 80 employees working Saudi Arabia, UAE and Jordan. Our in-house production facility that provides printing, fabrication, installation, Audio & Visual systems, and registration systems.”

Going into detail about the steps Marcom Arabia take to ensure their clients receive the best possible outcome, Anas also informs us of the company’s overall mission.

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“In order to carry out any marketing effort for any client, we need to understand their background, where they are coming from, what are the challenges they face, then we build our way up. When we meet with the client we ask a lot of questions, about the brand, the products, the processes, the competition, and most importantly about the people.

Then we build our strategy, the mission of the campaign, the core of the project, and then we plan, execute and measure.

“It is important that we make sure that our ideas address the needs of the client, by aligning our minds with theirs, by trusting them and not neglecting their inputs and comments. This is because our goal is to achieve and grow, not only as individuals but also as partners.

“Our team usually start by assessing the current state of the brand or the product. Followed by defining the outlines of the campaign, setting goals, writing the mission, delivering a strategy that can be translated into SMART plans, execute, monitor and learn.

“At Marcom Arabia, we love that we have grown in this market and this area of world. Our mission is to reach out to everyone and be their partner in handling their marketing needs; to be the preferred marketing partner in the Middle East. Therefore,

we are constantly evolving and growing; we add new services, enhance our processes, recruit talents and learn a lot.

“We’ve expanded our operations to cover the GCC and North Africa. Also, we have opened new offices in Jordan and UAE, and are planning to establish our presence in Qatar and Egypt by the end of this year. Here, we will be able to facilitate our clients’ projects in these countries and explore new horizons.”

When giving an overview of the industry Marcom Arabia operates within and the outside influences affecting it, Anas points out that the local market in the GCC is witnessing a shift in the way it perceives branding and marketing. Alongside this, Anas also highlights some of the techniques the company employ to stay ahead of emerging developments.

“It is easy to see the shift from the number of local branding agencies opening every day, and the number of marketing activities executed in the market.

However, the market is still not mature enough to differentiate between agencies as many companies are price-driven when it comes to marketing. The important role of educating the local market on the importance of brands and how to build and maintain them, because brands

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need love and a great deal of attention and care.

“Brands in the Middle East should start looking for agencies that understand brand essence, and can develop plans that would benefit in building and maintaining brands images. Agencies that allow managements to focus more on the true aspects of their mission, like building real relationships with their clients, teaching and educating them on the brand, staying focused on the values that their products or solutions provide rather than the products themselves. In the digital age, especially where brands are exposed and knowledge is available to everyone.

“Technology is evolving in a speed never matched in human history. Companies now are more concerned about the environment and the global changes affecting the human race in general and their markets and so catching up with the trends is never an easy task.

Hence why it is important to pause and think about the heart of things, why to execute a

marketing campaign? Why to invite people to attend a physical event when you can gather them in a video stream? Answering the basic questions leads to solutions that fit the problems, rather than applying all sort of new technologies and techniques whether they are necessary or not.

“Everyone experience having epiphanies and ideas every once and a while, but the main challenge is not coming up with ideas, it’s what you do after that?

How you move from ideation to prototyping or execution?

Do you need to follow the hype and do what everyone else is doing? Sometimes the answer to these questions suggests a very simple route, like communicating through SMS’s. There are times that you need to build a full activation experience that works both online and offline, and luckily we have the ones who can ask these questions and put them into action.”

The Middle East is full of potential, talent, and a deep desire to rise and leave a mark on the existence of humanity, Anas explains to us when

Putting the Brand in the Spotlight

discussing what differentiates Marcom Arabia from their competitors.

strategies that assist brands in achieving their goals and living their values.

“Both individuals and brands suffer from the lack of focus on the true essence. Which is why, the role of marketing agencies are here to help identify the core values, focusing on them and nourishing them.

“Knowing that brands need to communicate with their clients, we’ve built a professional database of more than 200k contacts and 100k accounts segmented by industries, job titles, to help our clients reach their target audience. Also, we have expanded into the digital world and we now offer digital marketing services that allow our clients to advertise, promote and engage with their clients.

“Our team understand the nature of the business our industry, they know the fast pace of the life we live, and the tremendous effect marketing has on brands, and we take that to the core of our daily lives. As a marketing company, our role is not merely to execute things, but to put the brand at the center, to shine the light as its values and to drive it to achieve its mission.

“Our employees are equipped, talented and experienced. As for our portfolio, it is comprehensive and covers a wide range of marketing services, however, that’s not everything. Within this field, our knowledge and understanding of the industries and markets we operate in, have allowed us to come up with

“When it comes to the execution part, our in-house facilities contribute to better control the outcomes of every job we take, to name a few: registration systems (online & onsite), audio/ visual systems, creative design, printing and production (indoor & outdoor), Booths fabrication and building, the list goes on.

Our seasoned team not only has the knowledge in locating and sourcing external suppliers, but also in negotiating prices and working within tight time frames, which enables our clients to focus on the more crucial aspects of their projects.”

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It’s no secret that behind every successful company, is a dedicated, hardworking, talented team to help support and make the business what it is. For Marcom Arabia, Anas praises the remarkable staff and describes to use the approach taken when hiring new staff.

“Due to the nature of our business, the high demands and the fast pace of work, our team is required to always stay sharp, focused and motivated to think and execute. Although this may seem impossible, the internal culture of the company enforces this and enables the staff to achieve more in lesser time, and the management considers this as the main pillar of the organization.

“Internal staff meetings, gatherings and outdoor activities help align business goals with the day-to-day work, motivate people and reward them on every achievement they make.

Another important point is setting measurable goals, where people can understand and see where they are going as a team and as individuals. This requires that the company pays attention to the needs of the employees and help them in learning new skills and expanding their knowledge, not only in their field but in every other possible direction they may take.

“One thing that differentiates Marcom from others, is that the employees are given the chance to express themselves outside their job titles, where everyone can participate in any project and campaign and learn new things and even take the lead at some points. This has created a team that possesses diverse knowledge and can perform in any position.

“Our team is constantly encouraged to take new challenges and to embrace uncertainties, to dive into new areas that they are unfamiliar with and to learn from their outcomes, whether it be working with new industries or emerging products.

“Most of our staff have been with us for more than a decade, they’ve grown with us and consider the company to be their second home. Not everyone can fit within certain cultures due to the nature of human beings, so when the time comes to look for new talents, we look for the enthusiastic ones, we look for mental strength and emotional intelligence. This is because everyone can then learn new technical skills but not everyone can adapt to the culture that built the company.

“Our team has members who used to work in banks, local companies and International giants like HP and Cisco. All of them work in synergy to achieve and consider themselves the owners of the company. This mentality allows them to always look for the better sides of things and to challenge themselves constantly to come up with better solutions and innovate outside their comfort zones.”

Reflecting on how economies are in trouble and markets are shaking, Anas firmly believes that there is hope and the future is bright for the region.

“Times like these teach people to focus on the most important things, like delivering value and innovating to live, and the shifting paradigms in human life will allow us to evolve and live more fulfilling lives.

“Taking this belief to heart, our work in Marcom has just started, yet we consider ourselves done.

Now, we are taking large steps now more than ever toward focusing more on innovation.

Not only in the way we do things, but also on the way we think of things. At the moment, we are expanding into new regions, building more agile processes and investing in creativity more and more.’

Looking ahead, Anas highlights how Marcom Arabia will adapt to developments within the industry.

Developments such as, how marketing in the new age is quite different from what is used to be.

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“Brands are now realizing the need to have a 2-way dialogue with their customers. This is a direct result of the internet and the social networks. Both have provided a platform for users and customers to search for information and, to express their needs and opinions about everything in their lives.

“This shift introduced a new world, where brands are no longer passive message senders and clients are no longer passive message receivers. Instead, both need to engage more and listen to each other. This is expected to grow even more with the rise of Artificial Intelligence and Augmented and Virtual Reality.

“With this in mind, we are now investing more in experiential marketing, where the aim is to design and deliver experiences rather than marketing messages.

This goes both online and offline, and that’s why our team has expanded to include members who are great in designing meaningful experiences. Now we offer integrated experiences that start offline and then shifted online, and vice versa.”

Contact Name: Anas Hussein Job Title: Creative Manager Email: anas@marcomarabia.net Mob.: +966541606061 Address: Saudi Arabia, P.O.Box 19103, Riyadh 11435, Al Ghat Street, Exit 6 Phone: +966112002721 UAE, 20th Floor, Office 20C Gold Tower, Jumairah Lake Towers, P.O. Box 336467 Phone: +971 (4) 3607784 Website: www.marcomarabia.com Social Media links: Facebook: www.facebook.com/ marcomarabia LinkedIn: www.linkedin.com/ company/marcom-arabia Twitter: twitter.com/ marcomarabia Google Plus: plus.google. com/104260793521517812154 YouTube: www.youtube.com/c/ marcomarabia Instagram: www.instagram.com/ marcomarabia/

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A Rich Heritage of Brilliance Greenshield Insurance Brokers is a Dubai based insurance broking firm, and is a family run operation, holding values similar to its parent group; integrity, honesty and social responsibility, all of which are central to its mission.

Established in 2000, as a subsidiary of the Habib Group, Greenshield has been able to bring a wealth of knowledge which stems from the group’s involvement in the global insurance and banking sectors since 1941.

The company is focused on four core business segmentsProperty and Casualty, Group Benefits, Specialty Insurance and Individual Life and Medical insurance. Its clients are primarily a combination of individuals and SME’s, whilst the firm also services a few large corporate clients and clients with complex insurance requirements.

First of all, Rahul tells us how it feels for the company to have been selected in the MEA 2017 Leading Decision Makers as the Most Trusted Deputy CEO for Providing Outstanding Business Services in the United Arab Emirates.

“Being recognised for this award means I am deeply honoured and at the same time proud of our team that helps us make the magic happen every day. A huge thank you to all the mentors, clients, colleagues, family and friends that have supported me along the journey and knowing that I still have a lot more to give over the coming years.”

Following its success, Rahul outlines the firm’s future mission,

and what steps the company plans to take in order to reach its targets, before describing what services the firm offers and how it tailors these services around the needs of its individual clients.

“Placing a firm emphasis on our values, the overall mission of the firm is to find solutions and positive outcomes for our clients that are consistent with values of integrity, honesty and social responsibility.

“Offering a variety of services, we have two types of productsthose that are off the shelf insurance products like motor, travel and some types of medical insurance. Although where we really bring value as a firm is where we have a client that has a bespoke insurance requirement, where we can structure product around their needs.”

With client’s expectations constantly being raised, Greenshield has to work hard to match these requirements, meaning the team must stay ahead of any upcoming developments which affect the industry. Rahul explains how Greenshield ensure that the team are always best placed to meet the clients’ needs.

“Learning about new products and innovation is built into the DNA of the firm. We constantly encourage all our staff to keep learning either through supplier

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product forums, continuing education or internal workshops where we encourage our staff to take ownership over a subject of Subject Matter Expertise.”

Referring back to what has helped the insurance firm achieve what it has, Rahul explains what helps Greenshields stand out amongst its competitors, meaning it can attract the best clients, and garner return business.

“In a commodified business like ours where we have over 150 insurance brokers and 60+ insurance companies in the UAE, we differentiate ourselves with two things; our service and product knowledge. I have been driven my entire career to continually offer our clients with the latest in product innovation.”

Part of Greenshield’s thriving business is the internal culture within the firm, with staff being innovative, creative and working well together. Rahul explains how the team ensure that all employees are working towards achieving the same goals.

“Being a regulated business, we like to make sure that the parameters and ethics of conducting the business are well defined. Once we can define that to all the staff, we like to have people who take ownership and accountability over their work. We try to encourage

our people every day to make decisions and know that the management will always have their back even if things don’t always go as planned. Being a family business, our culture is also family orientated where we always want the best for our people yet expect them to behave and conduct them in a way that is consistent with our values.”

Ultimately, Rahul is looking forward to what the future holds for Greenshield, as he discusses the impact that technology and the internet has had on the industry.

“With the advent of the internet ideas move quicker than ever before. This keeps us on our toes and we are constantly looking at new products and industries to cater to. Cyber and insurance focused on the technology industry will be a big focus for Greenshield in the coming years.”

Company: Greenshield Insurance Brokers LLC Contact: Rahul Roy Contact Email: rahul@greenshield.ae Address: 1504 Boulevard Plaza Tower 1, Burj Khalifa Downtown, Dubai, UAE Phone: +971-4-523-1806 Website: www.greenshield.ae

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Mondrian Doha Offers Pioneering Spa and Unique Dining Experiences

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A Strong Team Driving a Leading Company Pyramedia Group is a unique company that offers a plethora of services ranging from media production and consulting for film and television to marketing and advertising, public relations and events management, making it the only company in the region with such a range of services. We took time to profile the firm to discover more about the diverse selection of services they provide.

Established in 1999, Pyramedia works with a very diverse pool of clients that range from government organisations, to national television channels to private sector companies from a series of sectors. The company has a philosophy of never limiting who it works with, and over the years, they have adopted an extremely flexible business model that allows the company to meet the needs of all clients regardless of their field of business.

Due to the broad spectrum of services offered by Pyramedia, the company has pioneered and produced award winning productions and campaigns that span from cultural programs to morning shows, documentaries, social media videos, public relations campaigns and several marketing initiatives. As clients are extremely important, Pyramedia ensures that it tailors all its work to meet client needs with the highest quality delivery and cost-effective pricing. The company has a very strong core team who are all skilled and specialised, yet flexible

enough to wear different hats and adapt to different roles and keep up with the times. The team members listen very closely to their clients and design all the work around what clients specifically need and demand.

Through diligent collaboration, Pyramedia ensures that it delivers the scope of work they are looking for, while exceeding expectations at the same time.

As Pyramedia is part of an extremely rapid and dynamic industry that is consistently evolving and is always filled with new technological advancements and techniques, the company ensures that it is always researching and implementing all the new industry trends.

When social media became the new mode of outreach, Pyramedia hired a team and integrated as part of its client pool a specialised social media news channel called, “Oloom Abu Dhabi” that brings timely and updated news to the public from the capital of the United Arab Emirates. Pyramedia also works rigorously to learning everything about social media and now offer social media services to its clients, while consequently

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working on building and improving its own social media accounts. This is the approach Pyramedia takes towards anything new in the service industries it offers, the company researches, hires a team, adapts to the latest trends and uses the latest technology and solutions to offer the best service possible.

It works with the philosophy of if you don’t keep up with the times, you will become a dinosaur and die.

While Pyramedia is part of a very competitive industry and living in an exceedingly competitive era, what allows the company to lead is its variety of services and profound experience. Through years of work in the field, team members are able to briskly assess, consult and understand all client briefs and are able to implement the experience gathered over the years to enhance its services. Pyramedia clients know that they will get best-in-class service that is of the highest quality, creative as well as affordable. These variable is what allows the company to shine in any competitive environment. Clients approach Pyramedia due to its reputation,

and due to their knowledge of the former award winning projects the company has worked on before that are associated with its name.

The strength of Pyramedia lies in its team and the company has a diverse, professional and highly skilled team that knows how, when and what to deliver which has always been the key to their success. Pyramedia is very pleased to have won the Most Trusted Executive Director for Providing Outstanding Business Services in the United Arab Emirates as part of the MEA 2017 Leading Decision Makers Award and views this award as a reminder that the company has the highest calibre of people onboard and serves as motivational force to continue doing what they do.

Pyramedia promotes a culture of variation, creativity, skill and independence. There is consistent empowerment of its team and guiding them towards treading new waters and taking full ownerships of projects. Pyramedia believes in reward, mentorship and respect for everyone’s opinion

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and encourages a culture of brainstorming and crossfunctional roles so that everyone is always learning something new. The loyalty of the team and an open door policy of transparent communication, allows the team at Pyramedia Group to always be aligned with the over arching goals and objectives of the company.

The future ahead for Pyramedia Group, is one filled with large amounts of potential due to its diversity of services. The company is gearing up for projects in media production, public relations, social media and event management and keen to continue delivering great service to all its clients and partners.

A Strong Team Driving a Leading Company

Contact: Reham Barakat Contact Email: reham.barakat@pyramedia.biz Company: PO BOX 127662 Abu Dhabi UAE Company Address: TwoFour54 Park Rotana Bldg.Rm: 6011-6012, Salam St. Abu Dhabi, UAE Contact Number: 02-449-70-44 Web Address: www.pyramedia.biz

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Outstanding Insurance Solutions Oman Insurance Company (OIC) is one of the leading insurance solution providers in the Middle East headquartered in Dubai, UAE. Louise O’Donnell tells us more about the region, as she features as Most Trusted Executive Vice President (Head of Internal Audit) for Providing Outstanding Business Services in the United Arab Emirates.

Established in 1975, OIC is a public stock company, listed on the Dubai Financial Market stock exchange. With GWP at AED 3.56 billion in 2016, OIC is the leading insurer in the UAE. Louise explains what type of work the firm does, as well as discussing a little bit about her own role within the company.

“Here at OIC, we possess strong operations across all Emirates in the UAE through an intensive distribution network of branches, brokers, bancassurance partners, agencies and call centres. Additionally, our geographic footprint also extends to Oman and Qatar, with a subsidiary in Turkey.

“As the Head of Internal Audit, my role focuses extensively on providing assurance to the Executive Management teams and the Board Audit Committee on the overall effectiveness of internal risk management controls and compliance processes. Often, this involves a close examination and evaluation of policies and procedures across all corporate functions working towards business objectives. This helps us to guarantee adherence as per defined corporate governance standards and government regulations.”

Regarding her clients, Louise works mainly with internal stakeholders, including the Board Audit Committee, Executive Management team, Operating Management teams and the employees that work for OIC. Furthermore, Louise and her team work with External Auditors and Regulators when required, and she tells us what she feels are the most rewarding aspects of her role.

“One of the most rewarding aspects of my role, heading Internal Audit, is the opportunity to interact with various functions across the company and understand the business trends and challenges from very specific perspectives. This presents an insider’s view of the business routine of various departments, from the heart of underwriting, to the complexities of claims and the day-to-day demands at our operations and also our call centre desk.”

It is now recognized as an independent function within OIC with qualified auditors, with insurance backgrounds. This has been integral to the successes achieved by our team in the past few years, now recognized by internal customers as a team of reliable in-house auditors, practicing and adding immense value to the various business functions, in accordance with

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global standards. As a testament to this success, the department has recently completed a quality assessment, led by the UAE Internal Auditors Association and was given the rating of ‘Generally Conforms’. OIC is the first insurer in the UAE to receive this accreditation.

Working with a variety of people both internally and externally has led to Louise being recognised worldwide, and she describes how it feels to have been selected in the MEA 2017 Leading Decision Makers as the Most Trusted Executive Vice President (Head of Internal Audit) for Providing Outstanding Business Services - United Arab Emirates.

“This is really fantastic and I am truly honoured to have been chosen as a trusted EVP, particularly the Head of Internal Audit. Every Head of Internal Audit aspires to be a trusted adviser to their business partners and audit committees.

This recognition is also a strong validation of the team that I lead, whilst providing outstanding services to our organisation.”

Differentiating the business from similar firms, OIC is able to distinguish itself from other competitors and ensure clients know that they are the best option, thanks to its versatility and adaptability.

“OIC has always been able to differentiate itself due to the wide-ranging insurance covers offered, our core expert and experienced insurance professionals, and refined operations and claims processes.

Most importantly, we constantly review and assess our strengths and weaknesses to maintain strong market relevance and drive continuous improvements.”

In her concluding comments, Louise signs off by outlining the overall mission of OIC, and what clients and staff can look forward to in the future. Outperforming competitors, delivering new and innovative solutions and placing a firm emphasis on the customer are all integral aspects of OIC’s success.

“Fundamentally, at OIC we look to constantly outperform, delivering new or enhanced solutions that are aligned to market developments and demands. However, we also look to move business boundaries from protection to prevention, helping our clients by not only absorbing their risk, but raising awareness on their industry specific risk and how to avert them.”

“More importantly, over the past few years we have shifted to a customer centric business approach, delivering products and services that empower our

g Outstanding Insurance Solutions

customers, whether it be online eCommerce platforms or mobile apps that make insurance more convenient and easy for our customers to access. We are constantly making sure that we offer products that are a superior proposition for our customer.

“Ultimately, the Internal Audit team has also had to engage with the philosophy of providing value added audits and advice to management. These are delivered faster, year on year and the team assist management in constantly improving the vision to be recognised as a company which leads through service.”

Company: Oman Insurance Company P. S. C. Contact: Louise O’Donnell Contact Email: louise.odonnell@tameen.ae Address: Injaz Building 1, 2nd Floor, Dubai Outsource Zone, Dubai, UAE Phone: 00971 4 233 7777 Website: www.tameen.ae

MEA MARKETS / December 2017 15

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1711ME04

Total Uprising Solutions Elevator Engineering Enterprises (EEE) is the only comprehensive vertical transportation solutions provider who is committed to constantly advancing technology in elevator and escalator products and services. We invited Khalid Al-Qaqa to tell us more about the firm and the UAE region.

EEE brands itself as “Total Uprising Solutions”, supplying a spectrum of Elevators for high and low-rise buildings, Customized Elevators, Escalators, Elevator and Escalator Maintenance, Building Maintenance Units, Parts and more products and services to come in the near future. EEE always sets its goals in terms of positioning products and services towards the growing market needs, technology development with superior quality. Khalid is featured as Vice PresidentPurchasing of the Year 2017 in Dubai – Deira, as a 2017 UAE Leading Decision Maker. He explains a bit more about the products, both those that are in production and those that are being readied to be released.

“Regarding our products which are set for release in the near future, all of these will come at an extremely competitive price.

We aim not just to be the leading provider in the market, but committed to fully satisfying our customers’ demands, plus we aim for the top, placing a focus on excellence.”

Currently, within UAE, there are many challenges facing EEE, and Khalid explains what particular challenges are facing the company itself. Within Dubai, Khalid touches on the fact that

some of the firm’s systems and standards have been implemented in neighbouring countries.

“Essentially, we have taken our unique location in the vibrant UAE market to develop our systems and standards so they can be implemented in neighbouring countries, and today we operate in most of the MENA markets. It is all run and managed from our Dubai HQ, but political problems are always seen as challenges in our region, especially where we had to quit some markets and refocus on other markets. Our latest experience was in ErbilIraq where we had to pull out our teams from projects there, after years of developing that market we had to stop due to the situation over there, but on all cases operating from Dubai always gave us an opportunity to easily switch to other markets and compensate whatever was lost.”

Following on from discussing the challenges of being based in UAE, Khalid then tells us about the advantages of being based in the region, and what opportunities will open up in the future.

“UAE has always been unique, it’s a place designed to make establishing and running a business an easy process. The

16 MEA MARKETS / December 2017

accessibility from and to the country is great, as you can get anywhere in the region by direct flights, plus. the infrastructure in the city makes it easy to host businesses events or exhibition to include decision makers from across the region.

Additionally, the existence of free zone concepts, 100% foreign ownership, free capital and profit transfers are again unique in this market compared to the other markets in the region.”

Finally, the company operated under different names, and is now focusing on its new brand EEE. Khalid signs off by predicting what the future holds for the company, commenting on what the company wants to be known for, as well as boasting about its excellent customer service, which will surely continue to see many returning clients.

Moving forward as EEE, we want to be known as the yes company when it comes to vertical transportation solutions, meeting the requirements of whatever the

client needs or whatever is the problem. EEE will always have the solution, and we have just completed our new HQ building in Dubai south, which includes our company management, MENA operations management, show room, warehouse and local company operations, plus a 24/7 call centre. Lastly, the firm has also invested about AED 25 million, which is a message we send to the market, and our customers that we are investing in the future of UAE and the region. Basically, we are here to last and we have got a long term vision for our activities in the region.”

Company: Elevator Engineering Enterprise LLC Contact: Khalid Al-Qaqa Contact Email: khalid.alqaqa@eeegroup.me Address: EEE House, No WA-47, logistics City, Dubai South, UAE Phone: 00971 4 8703999 Web Address: www.eeegroup.me

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Total Uprising Solutions

MEA MARKETS / December 2017 17

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Mondrian Doha: Offers Pioneering Spa and Unique Dining Experiences

Mondrian Doha is an innovative new hotel based in Doha, Qatar, and offering guests a unique glimpse into the luxury world of this glorious city.

Featuring 211 bedrooms and 59 suites over 24 floors, the region’s very first ESPA, and a spectacular 2000 square metre ballroom with its own 24K gold elevator, Mondrian Doha redefines lifestyle in the thriving hub that is Doha city.

Mondrian Doha is always at the heart of the most exciting cultural scenes in the world serving up innovation and creativity for everyone. As such, the establishment provides a playful framework so that guests and locals alike can immerse themselves in the culture of each city it inhabits.

Designed by Marcel Wanders, this stunning hotel perfectly combines timeless style with local flourishes to create a

unique take on the Arabian Nights. The designs and concept of Mondrian Doha take guests on a One Thousand and One Nights experience, an ancient story of fables where the limits of escapism is only in the imagination. Visitors can suspend belief, revel in wonderment and get carried away turning the pages of a new story.

As a pioneer in Doha’s thriving hotel space, Mondrain Doha boasts the largest spa in the region, and for the first time couples are allowed to enjoy a massage together. ESPA at Mondrian Doha delivers an unforgettable wellness experience hidden in a “Secret Garden”. Shimmering mosaic walls lead guests to the 12 treatment rooms, a heated experience garden, relaxation rooms and a traditional Turkish Hammam.

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To provide guests with a truly relaxing and rejuvenating experience, ESPA has over 3,500 highly trained therapists administering over three million treatments per year. They pride themselves on getting to know their customer’s skin and body in order to learn what will work best to express their natural beauty. ESPA create all of their own products using only the very purest extracts for instant, lasting results, every day.

Alongside the region’s first couple’s spa room, there are also separate male and female saps, for those seeking solitude in their pampering. Featuring five treatment rooms and one VIP treatment suite with two treatment rooms, the female spa is a haven of peace and purity.

Beautiful white and pink mosaic walls create the perfect feminine energy and guide ladies through their journey of rejuvenation.

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Mondrian Doha Offers Pioneering Spa and Unique Dining Experiences

Name: Mondrian Doha Web Address: www.mondriandoha.com

MEA MARKETS / December 2017 19

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Guests can enjoy princess-like treatment as they relish the crystal rain showers, the Finnish sauna made from Scandinavian wood, steam rooms and relaxation rooms that feature individual daybeds. To finish the day of pampering in style, they can even stop by the beauty box for a manicure and pedicure, or the hair salon for a new look.

Meanwhile, the male spa, which is bedecked in dark blue, grey, white and black combines these bold colours to create a bold, masculine environment in the male spa. Four treatment rooms, one VIP treatment suite with two treatment rooms, wet and dry steam rooms, shimmering showers and individual heated daybeds are all designed to relax, rejuvenate and energize guests.

Alongside the gendered spa spaces, Mondrain Doha also boasts a traditional Hammam.

As a truly focal and traditional element of Turkish culture, the Hammam signifies the elegance of the cultural villages. Indulge in a majestic environment covered in an ornate shimmering crystal canopy, featuring a central bathing area complete with heated table slab and two treatment rooms offering a full body scrub and massages.

This colossal spa is a must for anyone visiting the city, thanks to the vast array of treatments it provides. With thoughtfully designed, effective treatments inspired by the landscape of Doha – where ultra-contemporary meets ancient and traditional – the treatment menu reflects the desire to reconnect and become more present, coupled with the latest scientific advances and ground-breaking developments to offer results-driven treatments that really work. The immense and sumptuous menu includes journeys through the Hammam, facials, hair rituals and a selection specially complied packages designed to offer the perfect pampering experience.

For the gastronomes among the guests who are looking to indulge in more than just a massage, there is an array of some of the finest restaurants in the region to choose from at Mondrain Doha.

Chef Masaharu Morimoto brings his world renowned modern Japanese cuisine to Doha for the first time. Continuing the traditions that have earned the brand critical acclaim, Morimoto Doha serves signature omakase and the finest sushi along with Japanese Wagyu beef.

Additionally, CUT by Wolfgang Puck also makes its debut in Qatar, bringing the finest quality beef and an extensive menu with both Californian and Mediterranean culinary influences.

Alongside this, Walima boasts the very best in Qatari and Middle-Eastern cuisine, while guests can enjoy New Yorkstyle burgers in Hudson Tavern.

The hotel’s very own Magnolia Bakery can satisfy any sweet tooth with signature offerings such as Banana Pudding.

Overall, thanks to the vast array of facilities, including the pioneering and entirely unique ESP spa, guests will never tire of visiting the Mondrain Doha, which offers the ideal gateway into Qatar’s vibrant capital city.

To find out more or book your trip to this stunning oasis, visit their website at www.mondriandoha. com

20 MEA MARKETS / December 2017

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Mondrian Doha Offers Pioneering Spa and Unique Dining Experiences

MEA MARKETS / December 2017 21

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ArtMarketGuru Releases African Art Collectors Report A new report, gathering the latest data on the top African Art collectors, has been released by ArtMarketGuru, featuring a comprehensive list and data of the top collectors operating in the region.

Over the last ten years, interest in African art and its market has been steadily growing, fuelled in part by the emergence of major art fairs dedicated to the region and a surge in interest from international auction houses.

With the launch of the inaugural 1:54 Contemporary Art Fair in Marrakech set for February 2018, this list provides extensive data on the most influential forces driving the African art market.

Following a wealth boom in the continent, particularly noticeable from countries such as Nigeria, Egypt and South Africa, the contemporary art scene emerging from Africa has steadily increased alongside this rise in relative prosperity. In a recent interview with the Guardian newspaper, auctioneer Simon de Pury stated that “the art market has become truly global” with a number of “African collectors of importance”.

Key to sustaining this growth is a list of wealthy collectors supporting the continued development and interest in African artists. Stretching across continents, much of the rise in Africa’s art market is due to an increased hunger overseas, as major auction houses and international art fairs display

regional artists, bringing focus to wide audience of hungry dealers, and thus engaging the flow of wealth back to the local art scene from which these artists emerge, and ultimately where the top collectors operate within.

The top collectors report represents the most influential forces in the African art market, from major economy figures to more discreet collectors; a concise list providing extensive knowledge of the scene. With a selection of top players, including biographical details, past and current art world involvement and affiliations, this report provides an overview of the current African art scene.

Frédéric de Senarclens has led successful modern and contemporary art galleries and exhibitions in Geneva and Singapore, with artists including Bernar Venet, Fabienne Verdier, Thukral and Tagra, Chun Kwang Young, Pablo Reinoso, Jedd Novatt. Passionate about public art, he has contributed to the installation of major public works, including a monumental sculpture

by American artist Jedd Novatt at the UOB Building, Singapore, an eight meters long mural painting

by British artist Ian Davenport at the HANA Building, Singapore and a light installation by French

22 MEA MARKETS / December 2017

artist Pascal Dombis - Irrationnal Geometrics in Perth, Australia.

With expertise in the field of art publishing, Senarclens has contributed to the publication of reference books on Tribal Art L’âme de l’Afrique : Masques et sculptures and contemporary art Art Plural: Voices of Contemporary Art. He was also committed to the discovery of young contemporary artists, creating exhibition programs such as the Art Plural Young Emerging Artist Program and lectures in the field.

Now a digital entrepreneur in the art world, Senarclens recently launched ArtAndCollect, a platform for collectors to engage directly with a global network of buyers and artists. As Founder of ArtMarketGuru, Frederic comments on the report and how this will affect collectors and the market as a whole.

“The African art market is booming.

With a surge of interest from major international players, this market is undergoing developments that have had vast impact on the art world. The next generation of art collectors is beginning to emerge from more emerging wealth regions in Africa and I believe that we are on the cusp of a wealth boom in this market.”

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MEA MARKETS / December 2017 23

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Acquisition Expands MRI’s Growing Footprint in EMEA MRI Software acquires MDA Property Systems, a leader in real estate software for the African market MRI Software, a global leader in real estate software solutions, has recently announced the acquisition of MDA Property Systems, a property management and accounting software company based in Cape Town, South Africa.

Founded in 1990, MDA Property Systems dominates the South African real estate market, with approximately 5,000 users and 70 percent of South Africa’s listed real estate investment trusts (REITs) using the company’s software.

With commercial and residential clients throughout Africa and the Middle East, MDA further expands MRI’s fast-growing presence in the EMEA region.

MRI Software is a leading provider of innovative real estate software applications and hosted solutions.

MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses—from propertylevel management and accounting to investment modelling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry,

MRI develops lasting client relationships based on nearly five decades of expertise and insight.

Through leading solutions and a rich partner ecosystem, MRI liberates real estate companies to elevate their business and gain a competitive edge.

“Africa and the Middle East represent important growth markets for global investors and, therefore, are key to MRI Software’s rapid worldwide expansion,” said Patrick Ghilani, Chief Executive Officer of MRI Software. “MDA Property Systems has a stellar reputation in these markets, and they’ve built an extremely loyal following for their innovative and intuitive solutions.

MRI also has a rich legacy in the region, having served the African market for more than two decades.

Uniting the strengths of both companies, we are well positioned to bring a comprehensive set of real estate software solutions to the region.”

MDA clients will benefit from increased investment and innovation into the company’s core solutions. Additionally, MRI Software’s broad solution

24 MEA MARKETS / December 2017

set – including the company’s Investment Suite, Fixed Asset Accounting and Facilities Management solutions – provides key capabilities for MDA clients managing both domestic and global portfolios. MRI’s multinational clients can leverage MDA’s capabilities to work more effectively in the Southern African market.

After developing and delivering property management solutions for nearly three decades, MDA Property Systems is the acknowledged leader in Africa.

MDA Property Manager©, their core cloud-based application, provides comprehensive software for property and facility managers, with integrated accounting and real-time financial reporting. It is designed around industry-best practices and business processes, and is used every day by leading property owners and managers.

MDA’s relentless approach to customer service shines through from initial engagement, through day-to-day support, and on an ongoing technical level.

“Combining with MRI Software gives us a global channel for our

solutions and a wealth of resources to continue developing our property management software, to both add new capabilities and build integrations with complementary MRI offerings,” said Mark Fairweather, managing director of MDA Property Systems. “We are exceptionally excited to join the MRI family and provide international backing to the continued development of our product set for the benefit of our loyal client base. I look forward to joining the MRI team and continuing to lead MDA into the future.”

MDA Property Systems is MRI Software’s third acquisition this year in the EMEA region. The company acquired UK-based Real Asset Management in September and Qube Global Software in October. With nearly 2,000 clients and 400 employees in the region, MRI is now the largest real estate software provider in EMEA. MDA will continue to serve its clients without interruption while near-term integration activities will focus on providing expanded offerings to all clients.

g Acquisition Expands MRI’s Growing Footprint in EMEA

MEA MARKETS / December 2017 25

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IFAD Reaches New Agreement to Boost Food Security in Madagascar Madagascar signs a US$ 53 million financing agreement with IFAD to boost food and nutritional security and strengthen resilience to climate change in rural areas.

A new financial agreement, signed today between the International Fund for Agricultural Development (IFAD) and Madagascar, will sustainably improve incomes and food and nutrition security for 320,000 Malagasy rural households in eight regions located in the southern part of the country.

The agreement for the Inclusive Agricultural Value Chains Development Programme (DEFIS) was signed in Rome by Gilbert F. Houngbo, President of IFAD, and Harison Edmond Randriarimanana, Minister for Agriculture and Livestock of Madagascar.

The total cost of the programme is US$250 million, including a $26.5 million loan and $26.5 million grant from IFAD. The programme will be cofinanced by the Government of Madagascar ($33.7 million), the African Development Bank ($50 million), the OPEC Fund for International Development ($20 million), the Green Climate Fund ($15 million) and by the beneficiaries themselves ($14.3 million). A financing gap of $64 million could be covered

by subsequent IFAD resource allocation processes or by other financial partners to be determined during the implementation of DEFIS. The programme will be implemented over a period of 10 years in order to provide stable and predictable financing to producers.

In Madagascar, despite rich biodiversity and diverse agricultural products, 76 per cent of the population fall below the minimum dietary energy requirements of 2,133 kcals per day. The prevalence of chronic malnutrition among children under five years of age is among the highest in the world while the prevalence of poverty in rural areas is above 80 per cent. Limited investment in agriculture and in rural areas are among the chief causes of poverty and food and nutrition insecurity in Madagascar.

By supporting the national systems for agricultural development (Fonds de dÊveloppement agricole, Chambre d’agriculture, Centre de services agricoles, etc.), DEFIS will contribute toward achieving the Sustainable Development Goals (SDGs) by scaling up successful country programmes which have been financed by

26 MEA MARKETS / December 2017

IFAD and its development partners in Madagascar. This includes results obtained by concentrating investments in selected production hubs to facilitate agricultural services provision, products aggregation and access to market; strengthening and supporting farmers’ national institutions in charge of agricultural services provision; and promoting the establishment of partnerships and contractual arrangements between farmers and private sector firms.

To improve the productivity of smallholder family farms and better link them to markets, the new programme will concentrate its investments in eight priority value chains: rice, maize, cassava, groundnut, coffee, onion, small ruminants and honey, with three priority crops selected in each region. In addition, DEFIS will invest in the promotion of sorghum in order to build the resilience of production systems for family farms in semi-arid zones in the extreme southern regions, which are highly vulnerable to the adverse effects of climate change. DEFIS is expected, among other things, to rehabilitate 20,000 hectares of existing irrigation develop 8,000 hectares of new irrigated schemes

and install micro-improvements on 7,000 hectares. In addition, it will support the construction of 300 water points, 50 underground water catchment reservoirs for small ruminants.

Furthermore, DEFIS will build the capacity of financial service providers operating in the programme area to develop and scale-up financial products and services which are adapted to the needs of small-scale family farms. It will also develop post-harvest and market-access infrastructure. This will include 490 storage warehouses, 45 collection centres, 50 local markets, as well as 800 km of rehabilitated rural roads. The programme will also contribute to the mitigation of climate and environmental risks by ensuring that investments and new infrastructure comply with environmental standards.

Since 1979, IFAD has financed 16 rural development programmes and projects in Madagascar representing an IFAD investment of $329.5 million or $885.4 million when co-financing is included.

These projects and programmes have directly benefited more than 1 million rural households.

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IFAD Reaches New Agreement to Boost Food Security in Madagascar

MEA MARKETS / December 2017 27

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ReShape Lifesciences Announces Stocking Order from Medical Supplier in Dubai Obesity Rate in UAE is Estimated to be Twice the Worldwide Rate.

ReShape Lifesciences is a medical device company focused on technology to treat obesity and metabolic diseases. vBloc® Neurometabolic Therapy, delivered by an FDAapproved pacemaker-like device called the vBloc System, is designed to help patients with a Body Mass Index (BMI) of 40-45, or 35-39.9 with a minimum of one related comorbid condition, feel full, eat less and lose weight by intermittently blocking hunger signals on the vagus nerve.

The FDA-approved ReShape® Integrated Dual Balloon System involves a non-surgical weight loss procedure that uses advanced interconnected balloon technology designed to take up room in the stomach to help people with a 30-40 BMI, and at least one co-morbidity, lose weight. The Gastric Vest™ System is an investigational, minimally invasive, laparoscopically implanted medical device that wraps around the stomach, emulating the gastric volume reduction effect of conventional weight-loss surgery, and is intended to enable rapid weight loss in obese and

morbidly obese patients without permanently changing patient anatomy.

ReShape Lifesciences Inc., as a developer of minimally invasive medical devices to treat obesity and metabolic diseases announced today that it has received a significant order for its ReShape® Integrated Dual Balloon System from Al Zahrawi Medical, a healthcare focused company specializing in medical, surgical, diagnostic and analytical lab and nuclear medicine supplies with presence throughout the United Arab Emirates (UAE) and Qatar. This order, the second since Al Zawhari’s initial stocking order in August 2017, is to support increased demand for the Reshape Integrated Dual Balloon System from a leading hospital customer’s growing bariatric program in Dubai.

Obesity in the UAE has been estimated to be twice the worldwide rate. While close to 30% of the global population is estimated to be obese, according to a University of Washington’s Institute for Health Metrics and Evaluation report from 2013, more

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than 66% of men and 60% of women in the UAE were estimated to be obese. Over 5,000 weight loss surgeries were performed in the UAE in 2015, an increase

of more than 30% from 2014, as reported by the Emirates Obesity Association under the Emirates Medical Association.

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WorldRemit Raises $40m and Targets Egypt Expansion Series C funding round brings the total amount raised to $220m.

Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of global growth, including an expansion of its Egypt operation.

WorldRemit handles a growing share of the $600 billion remittance market. Within that market, Egypt is a key target for the company.

Egyptians living overseas transfer billions of dollars’ worth of remittances back home and earlier this year, the Central Bank of Egypt said that remittances had surged following the floatation of the currency.

WorldRemit’s mobile-first, digital model allows migrants to send money in a few taps directly from their phones or online instead of going to a bricks and mortar agent.

Currently sending from over 50 countries to 148 destinations, the new funding will be used to expand the company’s partnership network in Egypt as well as appoint a country manager and Head of North Africa to lead the growth of the business. Globally, the company intends to reach 10 million customers by 2020.

Andrew Stewart, Regional Director of Africa and the Middle East,

discusses the move and how it will affect the MEA region.

“Across the Middle East, customers are seeing the benefits of WorldRemit’s lower-cost, fast digital service. This new funding will allow us to expand our network and service in Egypt and help us drive our growth even faster.”

Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner. Earlier in 2017 it announced a global integration with Android Pay. The Series C round was led

by LeapFrog Investments - a dedicated equity investor in emerging markets, supporting fast-growth firms that deliver social impact alongside commercial returns. The round also had significant participation from existing investors Accel and TCV. It follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 - then one of the largest ever Series A rounds in Europe.

Since inception the firm has enjoyed strong growth and exciting

30 MEA MARKETS / December 2017

developments. WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. Personal experience of using money transfer agents convinced Ismail that technology could improve the sending process, enhance compliance and reduce costs to the customer.

In November 2017 WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games. In June 2017 WorldRemit added Android

Pay to its service, offering a new way for WorldRemit’s Android Pay users to safely and securely send money to 130 million mobile money accounts accessible via its network.

WorldRemit has secured $220 million in funding backed by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack - and LeapFrog.

WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.

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