Arab Business Club Magazine Issue 10 January 2013 by Arab Business Club

business leaders community JANUARY 2013 VOLUME 2 ISSUE 1

BUSINESS CLUB PROFILES

INTERVIEWS n

INVESTMENT n

MAGAZINE OPPORTUNITIES

RESOURCES Naming Your Business!

How to Survive a Downturn?

Business Forum

Russia – GCC

Angola

The Investors’ Paradise

Morocco A Tale of Two Seas!

January 2013, Vo. 2 Issue 1 ISSN 2304-3989

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INSIDE JANUARY 2013

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EVENTS

IATF12 Arab Business Club Participates in Opening the Pavilion of Taiwan

NEWS

Dubai International Airport opens a new concourse designed specifically to handle the superjumbo Airbus A380 aircraft.

Report

While many positive indicators have emerged in recent months signaling renewed confidence in Dubaiâ&#x20AC;&#x2122;s property market, analysts warn that the sector still faces challenges and caution buyers to avoid over exuberance, reports AMEinfo.com.

REPORT

Since signing the latest peace agreement in early 2002, Angola has experienced a decade of sustained stability and growth that has been critical in establishing the country as one of the fastest growing economies, not only in Africa but world-wide.

ARAB BUSINESS CLUB JANUARY

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ARAB BUSINESS CLUB

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COUNTRY FOCUS

Young and dynamic, Morocco has managed to attract more and more investments since the privatization program started in 1993 and the liberalization of its markets. Foreign investments in Morocco have expanded from the traditional domains of textiles, fishing, and agriculture to those presenting greater added value, such as energy, infrastructure, transport, telecommunications, financial services and others.

best business practice

Keeping scores has played a major part in the human development since the beginning of time. Imagine sports without scores, what indicator of success will measure the winner against the looser? Business on the other hand needs to have a score card for another reason, to manage performance within the organization.

Resources – Entrepreneurship

What’s in a business name? Everything and nothing! The right business name will help distinguish you from a sea of bland competitors, provide your customers with a reason to hire you, and aid in the branding of your company. A business name won’t make up for serious deficiency in your business operations or help you avoid selling. Apply these 10 commandments when choosing a name for your business.

market intelligence

Sharjah-based oil rig maker Lamprell has announced it had successfully negotiated waivers to its banking covenants and was making progress on a wider deal to provide long-term financing, Reuters has reported. The company’s working capital position improved significantly in recent months and ended 2012 with net cash of about $100m, thanks to improved revenue and tighter financial controls, Lamprell said. Last year, the company issued five profit warnings in 2012 and suffered the departure of its chief executive along with two other senior managers.

PLUS

34 Member Profile 52 Resources – Management

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JANUARY 2013 arabbusinessclub.org 7

FOREWORD

2012 has been such a great year for Arab Business Club, It’s hard to believe that, 4 years ago, This club was launched armed with nothing but solid plans and boundless ambition. 4 years and many milestones later, we find ourselves in the unique position of being one of the biggest and most successful business clubs in the region with offices in Dubai and New York, more than 8500 members from 27 countries, and regular activities that proved to be exceptionally effective in bringing together investors and forging solid and fruitful business ties; all over the world. 2013 looks even more promising, with booming regional economies and struggling European markets both transforming the Arab World and GCC region in particular into a magnet for global investments. It surely helps that long established FDA strongholds, such as Dubai, have fully recovered from the turmoil of the Global financial crisis and are bouncing back with growth rates quickly reaching pre-crisis era and Mega developments projects being announced all over the place! Booming economies bring booming and lucrative opportunities of all sizes and in all fields and sectors.

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Our trend-setting networking events have become the benchmark of the industry, allowing our members to share investment opportunities and best practices or find that elusive support service provider or partner they have been looking for. Even more, our constant strive to present our members with as much added value as possible for their membership has seen us introduce more and more unique and exclusive services, well beyond the usual services of traditional business clubs. You can find details about the new services we’ve recently introduced in the “Members’ Exclusive” section of this issue. We are now partners with almost all major business councils in the region and have strong relationships with several service providers and influential decision makers, not to mention the unique media outreach through our, ever more advancing, Arab Business Club Magazine. All this means that today is the perfect time to join Arab Business Club and become a part of this unique, powerful and thriving business community.

Hamdan Mohamed Al Morshedi President and Publisher @HamdanMorshedi

EDITORIAL

The Mayans were Wrong!

BUSINESS CLUB

So were economists... With this issue, Arab Business Club Magazine enters the second year of its journey, a journey that saw it rising from a media carrier to Arab Business Club, with the task of promoting the club activities and services, to a fully-fledged business magazine, and a widely-read and respected one at that! 2013 is here, the world did not come to an end, and the Mayans have been proven wrong! The Mayans, however, were not the only ones to be proven wrong last year! Many economic analysts had to swallow, their pride and dark forecasts, faced with the swift and rather surprising recovery of Dubai’s economy, particularly its fragile real-estate sector. This phenomenon is the subject of a 2-page report in this issue discussing the situation of Dubai’s real estate sector and its future promises. Our cover story for this issue is the Investment atmosphere in Morocco, one of the major Arab countries in North Africa and the one of the most likely candidates to join the ranks of the GCC. The article leaves nothing to the imagination, and tackles all the economic sectors in the country, one by

Basel Aal Bannoud Managing Editor

one and in extreme detail, highlighting the various investment opportunities in each sector and the incentives given to investors by the Moroccan government. When we speak about rapid growth rates and fast development, the first name that comes to mind is China and its neighboring Asian tigers. One surprising name, however, is the West African country of Angola, who has been achieving an astonishing doubledigits figure for the last few years! A 4-page feature in our reports section discusses the investment opportunities in the country and the sectors that are particularly attractive for foreign investors. Our ‘Resources’ section will provide CEOs, business leaders and entrepreneurs with some vital advices in the different aspects of running a business, be it Management, Investment, finance, marketing or Human resources. While the rest of our sections will continue to provide all the useful information, opportunities and advices you used to love and expect from Arab Business Club magazine. Enjoy,

MAGAZINE

President & Publisher

Hamdan Mohamed Al Morshedi hamdan@arabbusinessclub.org

Managing Editor

Basel Aal Bannoud editorial@arabbusinessclub.org

Editorial Assistant

Eman Ahamed editor@arabbusinessclub.org

Contributors

Dr. Sultan Al Shaali Hind Jamjom Noura Al Suwaidi

Art Director

Arab Business Club Design Department design@arabbusinessclub.org

Sales & Marketing

business@arabbusinessclub.org

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Printed By

United Print & Publishing, Abu Dhabi business leaders community NOVEMBER 2012 VOLUME 1 ISSUE 8

BUSINESS CLUB PROFILES

INTERVIEWS

INVESTMENT

MAGAZINE OPPORTUNITIES

Lebanese Economy in 2012

Stable & Bracing

for Regional Turmoil

UNHCR

Private Sector Can Play a Vital Role

Energy Efficiency

the New Focus for UAE’s Oil and Gas industry

Report Setting up a Business in Saudi Arabia

Market

Segmentation

November 2012, Vol. 1 Issue 8 ISSN 2304-3989

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Disclaimer

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All rights reserved. The opinions and views expressed in this publication are not necessarily those of Arab Business Club. Readers are requested to seek specialist advice before acting on information contained in this publication, which is provided for general use and may not be appropriate for the readers' particular circumstances. While every effort is taken to ensure accuracy of the information contained in this publication, the publisher is not liable for any errors and / or omissions contained in this publication.

Events

IATF12

Arab Business Club Participates in Opening the Pavilion of Taiwan The 27th International Autumn Trade Fair (IATF12) is still successfully emerging as a leading buyer-seller meeting ground for the consumer goods segment in the MENA region. The 27th edition of this pioneering fair was inaugurated on 11 December 2012 by HH Sheikh Hasher Al Maktoum, Director General, Dubai Department of Information, and continued until 13 December 2012 at the Dubai International Convention and Exhibition Centre. 12 arabbusinessclub.org JANUARY 2013

ARAB BUSINESS CLUB

his year, the fair hosted the official national pavilions of five countries, occupying 90% of the 8,000-square meters of exhibition space. The national pavilions include 225 exhibitors from China, 35 from Hong Kong, 15 from Korea, 10 from India, 20 from Taiwan. Other countries participating at IATF2012 at individual levels include UAE, Netherlands and Indonesia amongst others. One of the highlights of this yearâ&#x20AC;&#x2122;s edition is Taiwanâ&#x20AC;&#x2122;s presence, which participated for the first time at an official level, after a gap of over 20 years. Featuring 20 exhibitors, Taiwan participation was sponsored by TAITRA (Taiwan External Trade Development Council), the official body responsible for the promotion of export and international trade.

JANUARY 2013 arabbusinessclub.org 13

Events

Since Arab Business Club is a strategic partner to TAITRA, Mr. Hamdan Mohamed Al Morshedi, President and Chairman of the Board, Arab Business Club, was invited to participate in the ceremonial ribbon cutting announcing the opening of the Taiwanese Pavilion in ATF12, which included stands for 20 companies. Mr. Hamdan, also, toured the pavilion and explored the investment opportunities represented by the exhibitors. 14 arabbusinessclub.org JANUARY 2013

“One of the highlights of this year’s edition is Taiwan’s presence, which participated for the first time at an official level, after a gap of over 20 years. Featuring 20 exhibitors, Taiwan participation was sponsored by TAITRA (Taiwan External Trade Development Council), the official body responsible for the promotion of export and international trade.”

ARAB BUSINESS CLUB

DECEMBER 2012 arabbusinessclub.org 15

EVENTS

Business Forum Russia â&#x20AC;&#x201C; GCC Exploring the Possibilities to Facilitate GCC-Russia Trade 16 arabbusinessclub.org JANUARY 2013

ARAB BUSINESS CLUB

Between 17-19 December, 2012, a high profile Russian delegation led by senior government officials and business leaders including a Russian tycoon, gathered in Sharjah to explore enhancing trade and investment opportunities with their counterparts in the GCC. The delegation, including several highranking ministers, senior officials, owners & CEOs of major Russian companies including the Chairman of Russian conglomerate Sistema, participated in the three-day Russia-GCC Business Forum that got under way at Expo Centre Sharjah. The forum was inaugurated by Shaikh Sultan Bin Ahmed Al Qassimi, Chairman - Sharjah Media Corporation and Vice

Chairman of Sharjah Petroleum Council and accompanied by Ahmed Mohammed Al Midfa, Chairman of Sharjah Chamber of Commerce & Industry, and will run until Wednesday, December 19, 2012, at Expo Centre Sharjah. It was attended by Abdulla Al Saleh, Undersecretary of UAE Ministry of Foreign Trade; Saif Mohammed Al Midfa, Director-General, Expo Centre Sharjah; and leading executives and officials from GCC and Russia.

wealth funds from the UAE from taxation is another positive sign for trade and will open up practically unlimited vistas to UAE investors in Russia,” said Ahmed Mohammed Al Midfa. Previously, UAE official investors in Russia had to pay a 20 per cent tax on stock profits, 15 per cent on profits from interest, and 20 per cent on capital gains. The treaty may prove advantageous for private entities too, which can invest through government investment funds, according to experts.

“The forum is being held when bilateral ties between the UAE and the rest of the region and Russia are on an upswing, the latest sign of this being the launch of Air Arabia service to Rostov, the Sharjah carrier’s fifth destination in Russia. The recent decision by Russia to exempt investment bodies and sovereign

The VVIPs attending the forum from the Russian side include Vladimir Evtushenkov, Chairman of Sistema; Valery Shantsev, Governor of Nizhny Novgorod region; Tatiana Gvilava, Director of the Russian-Arab Business Council; and a number of key ministers of Chechen Republic. JANUARY 2013 arabbusinessclub.org 17

EVENTS

Apart from this, deputy ministers, department officials, an official delegation from the city of Moscow, and senior executives representing Russian establishments are also taking part in the forum. From the GCC, the forum has participation by Dr. Ahmed Saif Belhasa, Chairman of Belhasa Group; Fatima Al Jaber, Chairperson of Emirates Businesswomen Council; Saleh Al Aroud, Chairman, Al Aroud Group; and Dr. Azza Ibrahim Almulla, Attorney, Almulla Lawyers & Legal Consultants, Marwan Bin Jassim Al Sarkal, CEO of Shurooq; and Khalid Jassim Al Midfa, Director of SCTDA, among others. Being the Platinum sponsors, several key executives from Crescent Petroleum and Gulftainer, including Badr Jafar, President, Crescent Petroleum, and Peter Richards, Managing Director, Gulftainer Group are also addressing the forum. “We have an impressive Russian participa18 arabbusinessclub.org JANUARY 2013

tion that represents the cross section of its public and private sectors. During the three days of the forum, we expect to get a clear picture of investment & joint venture opportunities and a multitude of other business leads available from both the Russian and GCC sides. I am sure the event will play a key role in boosting the strong bilateral trade and cultural ties,” said Saif Mohammed Al Midfa. In 2011, trade between Russia and the UAE reached US$ 1.5 billion, and in the first half of 2012 exceeded US$ 1 billion, registering a rise of 50 per cent with six more months yet to be accounted for. Forum participants also pointed out that there is a strong possibility of the figure touching the US$ 2 billionmark by the end of the year. “The sessions of the forum covered strategic fields like oil & gas, energy projects, nuclear power prospects, alternative energy sources,

various investment opportunities in the city of Moscow, GCC construction & infrastructure projects, sea ports and logistics, railways, current investment climate in GCC & Russia, Islamic banking, and tourism & hospitality projects,” said Roman Gavrilin, Project Manager, Expo Centre Sharjah. Being one of the largest and most important communities for business leaders in the region, Arab Business Club participated in the event as an exhibitor and as a media partner. Many of the event’s guests showed great interest in the Club’s business model and services and it’s important role in facilitating the process of building business relations, promoting investment opportunities and exchanging services and best practices.

On the Scene

Arab Business Club Magazine had several interviews with some of the major exhibi-

ARAB BUSINESS CLUB tors, organizers and participators in the event. “Russian Business Council was established 2 years ago as a private initiative registered under the umbrella of Dubai Chamber of Commerce to work in Dubai and the northern Emirates. It’s a completely private and none-profit initiative and completely members-based. Our goal is to create a favorable climate for Russian companies and entrepreneurs that want to develop their business in the Middle Eastern market and to realize investment projects in the region. There are some 2000 Russian companies based in the UAE and we serve as a bridge between Russia and the Middle East as the only Russian business association in the Middle East. This makes us the first port of call for Russian companies in the UAE. Our reputation is enhanced because we operate under the umbrella of the Dubai Chamber, and are supported by the Russian Embassy in the UAE.” Says Dr. Igor Egorov, Chairman of Russian Business Council. “Arab Business Club has been our partner since day one, and we are members of each other’s organizations. A large part of this relationship is based on mutual understanding and personal relationship, but the business module is also very fruitful, we are same-minded organizations and working in the same direction.” He continues. Speaking about this particular event, Dr. Igor said: “This is our first event as organizers, the venue itself is great and we are very grateful for Sharjah Expo for hosting this event. We had very good speakers and contributors in the forum. The participating Russian companies have also invested heavily both financially and logistically through their participation in this event. So, there is definitely a good momentum here to build upon and we’ve already discussed some plans for the next event to improve certain things and make it bigger and more comprehensive with much wider participation.” Mr. Vladislav Lutsenko, Director of Arabia Exp, A co-organizer of the event, said: “Our Company’s name is derived from Arabia Expo, an Arabian Expo in Russia that was invented by us, the Russian-Arab Business Council together with the General Union for Chambers of ComJANUARY 2013 arabbusinessclub.org 19

EVENTS

merce, Industry and Agriculture for Arab Countries, back in 2006. This Expo aims to function as a launching ground for Arabic products in the Russian market. Our main activity is to organize Russian exhibitions and conferences in the Arab World and, once every 4 years, we also organize Arabia Expo exhibition in Russia.”

Arab World, while Arab exports to Russia include oil & gas products, fruits and vegetables, Tourism services (mainly to Egypt and Morocco). The volume of Russian trade with the Arab World has exceeded $13 billion in 2011 and is still growing despite the political tensions in some Arab countries.“ Said Mr. Lutsenko, answering a question by Arab Business Club Magazine’s editor.

“We have a Russian expo in Algeria with excellent relations and trusted partner there. We’ve, also, organized several expos in KSA, and Morocco. We have plans to organize events in Iraq and now we are organizing this event in UAE and we hope that this event will become an annual one.” He added.

“This is the first event of its kind, and it did live up to all our expectations, as we saw great political and economic interest from the UAE and GCC side in establishing strong economic ties with Russia, despite the difficult political situation in the Arab World. On the other side, many Russian companies want to enter the UAE market and many of them participated in the Russian delegation to this expo. The most

“Russia exports all kinds of products to the 20 arabbusinessclub.org JANUARY 2013

important thing for us is to establish direct contact with Russian and Emirati businesses. We have cooperated with Arab Business Club in 2010 while we were preparing for the second Arabia expo in Moscow, a cooperation that proved to be highly successful. So, now we have a new agreement with the Club’s president to sign an MOU to exchange services in the media field. We also have plans for an ‘investment Forum’ maybe during Arabia Expo in Saint Petersburg,” he concluded. Saleh Al Aroud, Head of Government Relations Commission, Russian Business Council, said: “This is the first Russian – GCC Forum to be held in the region, and I’m sure that it will reflect favorably on trade relations between Russia and the countries of this region. It has been an extremely successful event with positive feed-

ARAB BUSINESS CLUB

back from all participants and we look forward to an even bigger and more successful event next time.” Mr. Kirill A. Vishensky, CEO, LOGIS Middle East DMC Co, whose stand attracted so many visitors with the monster truck it had on display, said: “Our company is 22 years old, founded in France at the early 90s, however our teams started working here in the Middle East as early as 1971 drilling and exploring the first oilfields in Abu Dhabi, since our president was working in TOTAL back then. We established our division here 2 years ago in the Free Zone, with the aim of extending our business in the country and in the GCC market as well as Iraq. Our main activity is to provide logistic and support services to oil & gas companies, our biggest customers in Russia are Lukoil and Gazprom and as soon as they came here we came with them.” “We provide oil & gas companies with eve-

rything they need for their field operations: accommodations, oilrigs, piping, compressors, refinery parts, concrete, etc. We collect all these materials from all over the world and deliver them to the job site. We also market all terrain trucks like the one on display here, those trucks are of Russian origin that are famous for their performance and reliability. We’ve organized live testing of these trucks in the desert, inviting several key people and businessmen including, Arab Business Club’s President Mr. Hamdan. And everybody was impressed with the performance on display!”

“Arab Business Club has been our partner since day one, and we are members of each other’s organizations. A large part of this relationship is based on mutual understanding and personal relationship, but the business module is also very fruitful, we are same-minded organizations and working in the same direction.” JANUARY 2013 arabbusinessclub.org 21

NEWS

Dubai opens world’s first A380 concourse

Dubai International Airport has opened a new concourse designed specifically to handle the superjumbo Airbus A380 aircraft.

On January the 2nd, the departure of Emirates flight EK003 to London Heathrow marked the start of flights from the facility, known as Concourse A. The new extension to Terminal 3, featuring 20 gates specifically designed to accommodate the long-haul planes, will open gradually, with just four gates operational at the moment, Dubai Airports chief executive Paul Griffiths said in a statement.

and Consumer Commission, Emirates said. “Just as we did with what turned out to be a flawless opening of Terminal 3 and Concourse B in 2008 - which was a much larger and more complex exercise involving the complete transfer of Emirates airline’s operations to the new facility - we are opening Concourse A in stages with more gates coming online in each successive phase.

Operating from a terminal built specifically to handle the A380 will speed up boarding times for travelers and ease congestion in gate rooms not originally built for the high-capacity aircraft, which seats about 500 passengers.

“We believe that this approach of gradual transition will enable us and all our partners to ensure smooth operations and help us to deliver on our customer service commitment.”

The new concourse, which spreads across 11 floors with a total area of 528,000 square meters, will also be available to A380 flights to Europe operated by Australia’s Qantas, as per the global partnership announced recently and awaiting the approval of the Australian Competition 22 arabbusinessclub.org JANUARY 2013

He added that as the world’s first A380 facility Concourse A was a “huge achievement for Dubai Airports and its partners”. Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group and chairman of Dubai

Airports, added: “This is an historic and momentous occasion, marking another world first from Emirates. “We are confident that our customers will find the new concourse to be a remarkable world class facility befitting of our flagship Emirates A380 aircraft.” The government-owned carrier is the largest operator of A380s, with a fleet of 31 and another 59 on order. This week CAPA Centre for Aviation issued a report saying Emirates could become the world’s secondbiggest carrier in terms of capacity if the past year’s growth rates are maintained. CAPA also reported that Dubai International is the fifth largest airport in the world as measured by total seats. Dubai Airports has estimated that 57 million passengers used the airport in 2012, and it has earmarked $7.8bn to further expand the capacity of the international travel hub, with the aim of handling 75 million passengers by 2015 and 98 million by 2020.

NEWS

Qatar saw 59.1% rise in real estate deals in 2012 According to real estate registration data provided by Qatar’s justice ministry, the total value of real estate deals in 2012 jumped 59.1% to QR42bn ($11.5bn), compared with the previous year, the Peninsula has reported. Analysts expect the real estate sector to grow more aggressively in 2013, with a likely influx of an additional over 600,000 foreign workers to engage in the booming building activity in the country. “Land prices already have increased by 50% in 2012, and with a slew of development projects lined up for launch this year, more and more foreign companies are likely to enter the Qatari market,” one analyst was quoted as saying. Currently, housing supplies exceed demand, but the situation might reverse by the year-end, said the analyst.

Roadmap introduced to prevent delays in Saudi projects Saudi Arabia’s anti-corruption body has introduced seven guiding principles that will serve as a ‘roadmap’ for government bodies when awarding tenders, Arab News has reported. The roadmap aims to prevent unnecessary and costly project delays by providing guidance on how project sites should be chosen, the role of consultative and executive bodies, ways to promote competition, and mechanisms to streamline government procurement, said Mohammad Al-Sharif, head of the National Anti-Corruption Commission (NACC). Government bodies must ensure projects are obstacle-free before they are handed over to contractors, Al-Sharif said. 24 arabbusinessclub.org JANUARY 2013

Qatar Exchange to launch QE Al Rayan Islamic Index The Qatar Exchange 20 Index gained Thursday 1.42% to close at 8,569.13 points as shares advanced across the board. Earlier in the day, the bourse said in an e-mailed statement it will launch on Jan. 7 together with Islamic bank Masraf Al Rayan (up 1.95% at QR26.10) the QE Al Rayan Islamic index. The new gauge index is based on QE listed stocks of minimum free float size and liquidity that are Shari’a compliant according to Al Rayan’s Shari’ah Supervisory Board. The index is total return based, reflecting dividend reinvestment and has been calculated back to January 2007. Since inception, the index has provided over 148% return and has returned over 14% in 2012. During the same period last year, the conventional QE 20 Index lost 5.87%.

ARAB BUSINESS CLUB

Bahrain to introduce law against counterfeit medicines Bahrain’s National Health Regulatory Authority (NHRA) is working on new legislation to prevent the use of fake drugs in the kingdom, Gulf Daily News has reported. Around one third of medication sold in the kingdom could be fake, NHRA chief executive, Dr Baha Eldin Fathea, told the daily. Several leading drug companies have already contacted authorities in Bahrain saying they cannot be held responsible for any adverse effects caused by people consuming fake medication, Dr Fathea said. “Around 30% of medications anywhere in the world are considered spurious or counterfeit,” he said. “The same figures stand true for Bahrain as well but the truth is that with the proper legislation and control, the situation in Bahrain can easily be far better.”

Oman raises age limit for driving license The Royal Oman Police (ROP) has said the age limit for nationals seeking driving license has been raised from 17 to 18, as part of new measures taken to crack down on traffic rule violators and for making Omani roads safer for motorists, Times of Oman has reported. Apart from raising the age bar, the ROP has also incorporated some strict rules. “Now, applicants will be provided only a temporary license during the first year. They will have to undergo training regularly and their driving skills will be monitored,” the ROP said. In 2012, three million traffic violation tickets were issued across the sultanate, up 22% over the previous year, it said. JANUARY 2013 arabbusinessclub.org 25

NEWS

Lebanon to launch offshore oil, gas licensing round on Feb 1 The Lebanese cabinet has authorized its first offshore oil and natural gas licensing round, as the country aims to catch up with neighbors Israel and Cyprus in developing fuel reserves, Bloomberg has reported. The qualifying round for companies interested in participating will start February 1, social affairs minister, Wael Bou Faour, said at a press conference. A list of qualified explorers will be issued by March 31 and they can place bids starting May 2, he said.

Damac offers penthouse buyers free Audi R8

Damac Properties has launched a new offer, under which penthouse buyers in Burjside Boulevard or the signature collection at Ocean Heights will receive a 2014 Audi R8 worth Dhs500,000, Emirates 24-7 has reported. The 50-storey Burjside Boulevard project is expected to be completed this year. The offer is part of the Dubai Shopping Festival (DSF), said Niall McLoughlin, senior vice president, Damac Properties. â&#x20AC;&#x153;The Audi R8 is one the most luxurious cars we have ever offered, with a retail price tag of almost half a million dirhams,â&#x20AC;? said McLoughlin. 26 arabbusinessclub.org JANUARY 2013

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REPORT

Dubai’s Property Recovery Gains Pace Caution is Advised, Though… While many positive indicators have emerged in recent months signaling renewed confidence in Dubai’s property market, analysts warn that the sector still faces challenges and caution buyers to avoid over exuberance, reports AMEinfo.com. When Dubai property prices bottomed out three years ago and prices were down more than 50% from their peak, few would have predicted that the market would recover so quickly. But there are clear signs that confidence has returned to the market, particularly in prime areas of the emirate, with prices rising to near-peak levels and buyers snapping up off-plan property. Among the positive news emerging from the market of late was Nakheel’s announcement ear28 arabbusinessclub.org JANUARY 2013

lier this week that it had closed land sales worth $114m and that investors had been “clamoring” to purchase plots at its Jumeirah Village Circle project. Combined with the recent success of its Jumeirah Park villa launch, “these events ‘reveal a very clear message: confidence in Nakheel - and Dubai - is back,” said the company’s chairman Ali Rashid Lootah. Also making news this week was Emaar

Properties, the developer of the world’s tallest tower, which revealed plans to sell 253 new villas in the emirate’s Arabian Ranches community. Emaar will be hoping to replicate the success it enjoyed from its previous sales launch in September, when all 542 units released for sale off-plan by the developer at The Address The BVLD serviced residences were sold out on the first day, with customers queuing up to two days in advance to place orders.

ARAB BUSINESS CLUB

Other good news for the sector included data showing that the number of property transactions in the emirate jumped 50% in the first half of 2012 compared with a year earlier. The market can also take heart in knowing that villa prices in prime parts of Dubai have risen 19.9% in the first nine months of this year, which is double the rate of growth seen in prime central London prices over the same period, according to property consultant Knight Frank. Downside risks remain

“We caution against early signs of exuberance, such as the re-emergence of off plan sales and the risks of excessive supply given some of the recently announced projects. Such exuberance could undermine not only the sustainability of the real estate recovery but lead to dislocations in the wider economy as well.”

But although there is much reason for optimism in Dubai’s property market, there are also newly emerging downside risks, according to a recent report by Citi Research. “We caution against early signs of exuberance, such as the re-emergence of off plan sales and the risks of excessive supply given some of the recently announced projects. Such exuberance could undermine not only the sustainability of the real estate recovery but lead to dislocations in the wider economy as well,” the report said. Matthew Green, head of research & consultancy UAE, CBRE Middle East, also advises buyers to be cautious about the return of off-plan sales activity, which he sees as a red flag for the market. “While on the surface there appears to be some renewed interest in off-plan, the majority of real investors remain risk adverse to incomplete assets, particularly for projects that are

still to even break ground,” Green said. “Overall, we would continue to treat the off-plan market with some caution, and a consolidated return to speculative activity would signify a worrying trend.” He points out that while confidence has clearly returned for established communities such as Downtown, Arabian Ranches, Palm Jumeirah and Emirates Living, the recovery remains fragmented, with individual asset classes and locations performing independently from one another as a result of differing supply and demand fundamentals. Just under 50,000 units are expected to be delivered in the emirate over the next three years, which is a fraction of the development pipeline during the peak. “This situation is compounded somewhat by the quality composition of the pipeline which is heavily focused on secondary and tertiary locations,” he said. Green also noted that there will be one inevitable fallout from the likelihood that rents will continue to rise for well-located quality units in the emirate amidst tightening supply levels. “Over the past four years Dubai has become a more affordable environment for conducting business, but any sustained period of excessive growth in the residential sector could start to impact inflation levels, and that would have a negative impact on the emirate’s competitiveness,” he said. JANUARY 2013 arabbusinessclub.org 29

Report

Angolaâ&#x20AC;Ś The Investorsâ&#x20AC;&#x2122; Paradise

he past few years have seen the country embark on an ambitions reconstruction program. Luanda, the capital of Angola, has all the characteristics of a city with a great development potential. The Government of Angola (GoA) views civil construction as the country’s top priority, and, within this new socio-economic context, several buildings and facilities are being built in various points of the capital. Many of the provinces outside of Luanda are also developing through expanding necessary infrastructure to better connect the country. The Kwanza, Angolan’s currency, has recently been gaining strength increasing an appetite for goods and services within the country. Political and economic stability has opened new and excellent opportunities for investment. In brief, all social, economic and political aspects are favorable to progress.

Facts and Assets

Angola is experiencing an unprecedented economic boom. In May 2008, the Organization of Petroleum Exporting countries (OPEC) confirmed Angola’s oil production at 1.9 million barrels per day. The growth in this industry has had substantial spillover effects, spurring investment in the financial services, construction, and agriculture sectors. According to the International Monetary Fund (IMF), Angola’s GDP grew by over 20% in 2007 alone; making it Africa’s fastest growing economy at the time and the fourth fastest in the world. New businesses are registering every day, fostered by an environment of peace and stability in the country and a new private investment law that has expanded incentives for investors. Oil reserves are estimated initially at 10 billion barrels with a daily production of 1.9 million barrels per day. Angola’s underground is also abundant with many other minerals. From 1950s through 1975, iron ores were explored in provinces such as Malange, Bié, Huambo, and Huíla, and average output reached

ARAB BUSINESS CLUB 5.7 million tons per year between 1970 and 1974. The most explored minerals are exported to Japan, Germany, and the United Kingdom, earning Angola $ 50 million a year. In addition to iron ores, Angola has phosphate deposits estimated at 150 million tons, located in the provinces of Cabinda and Zaire. These resources have so far been unexplored. In Southeastern Angola in the provinces of Namibe and Huíla, marble, granite, and quartz reserves abound. Marble is especially consumed at the local market, while black granite is on demand and exported to United States and Japanese markets. Angola also enjoys a considerable agricultural potential having a climate, soil, and topography appropriate for modern and large scale agricultural production of a wide range of crops. Thus, the country’s underground is immensely rich with minerals including oil, diamonds, gold, and iron ores. Furthermore, the country has an important hydropower, forest, and fishery potential. Now, following the advent of peace, the GoA plans to restore Angola to its former position in the global economy. Inflation has been extremely stable in recent years, and continues its downward trend while the exchange rate has stabilized.

Quick Facts:

• Oil is the country’s major product and source of foreign currency. • Oil reserves are estimated initially at 10 billion barrels with a daily production of 1.9 million barrels per day. • Angola is a source of top quality gemstones. • The Lundas region is one of the most important diamond-producing areas in the world. • The country’s subsoil contains 35 of the 45 most important minerals in the world trade. • Angola’s fishing industry is in the process of being re-established. JANUARY 2013 arabbusinessclub.org 31

Report Angola has great hydro electrical potential with its large fast-flowing rivers. Also, thanks to these rivers and to the varied environment, Angola has enormous potential for production of tropical and subtropical crops.

• Thanks to its extensive river systems and varied environment, Angola has enormous potential for production of tropical and subtropical crops. • Angola has great hydro electrical potential with its large fast-flowing rivers. • Certain regions of Angola have ideal climatic conditions for productions of high quality coffee. • The unexploited forests cover 43% of Angolan territory, with particular valuable timber species in Cabinda. The extensive river system facilities transport.

Business & Investment Atmosphere

While much of the world has been preoccupied with the impact of the European debt crisis, Angola has been forging ahead with reforms aimed at helping it recover from its own debt crisis in 2009. Under 32 arabbusinessclub.org JANUARY 2013

the auspices of an IMF standby agreement, Angola’s leaders have improved macroeconomic stability, rebuilt foreign exchange reserves and paid off a substantial pile of overdue debt. The government has also revamped the country’s investment incentive scheme to make it more selective and effective, and established a new public-private partnership system to encourage private investment into much-needed infrastructure development. A long-standing complaint of foreign investors was the challenging business environment—Angola was, in the past, one of the most difficult countries in the world in which to operate. But the government has been making a concerted effort to streamline processes for setting up and running

a business, including establishing a onestop-shop system for companies looking to invest. The reforms had positive results. Helped by high oil prices, Angola’s economy is expanding strongly, with GDP growth having the potential to hit double digits within a year. As part of its effort to diversify the economy away from its heavy reliance on the oil industry—which currently accounts for an estimated 85% of the country’s output— the government is offering incentives to encourage companies to invest in other industries. The key sectors into which the Government hopes to entice foreign investment include agriculture, fishing, transportation infrastructure, energy, water, telecommunications and tourism.

ARAB BUSINESS CLUB Development Zones

With record oil prices and production, the GoA has rightfully seized this opportunity to diversify the country’s economy and promote private investment. The GoA has attempted to accomplish this challenge through policy reforms, particularly, the establishment of development zones. There are early indications that these reforms have had some success in improving the business climate and increasing investor confidence in the country. To this point, Angola has received lines of credit from China, Brazil, Portugal, Germany, Spain, France and the E.U. GoA is offering incentive packages based on development zones. GoA has identifies these development zones as eligible for financial incentives: • Zone A- Province of Luanda, the capital-municipalities of the Provinces of Benguela, Huila, Cabinda and the Municipality of Lobito. • Zone B- Remaining municipalities of the provinces of Benguela, Cabinda and Huila and the Provinces of Kwanza norte, Bengo, Uige, Kwanza Sul, Lunda Norte and Lunda Sul. • Zone C- Provinces of Huambo, Bie, Moxico, Cuando Cubango, Cunene, Namibe, Malanje and Zaire. Development zones offer opportunities for wide range investments. Targeted industry sectors are selected based on the abundant natural and human resources available in each zone. Government incentives vary in accordance with the province in which the investment is made.

INDUSTRIAL TAX EXEMPTION REGIME Government incentives vary in accordance with the province in which the investment is made. • 15 YEARS EXEMPTION - Investors will be free from paying tax on the capital invested, for a period of 15 years, when they invest in the provinces of Huambo, Bié, Moxico, Kuando Kubango, Cunene, Namibe, Malanje and Zaire. • 12 YEARS EXEMPTION - Investors will

Oil is the country›s major product and source of foreign currency. Oil reserves are estimated initially at 10 billion barrels with a daily production of 1.9 million barrels per day.

be free from paying tax on the capital invested, for a period of 12 years, when they invest in the provinces of Kwanza Norte, Kwanza Sul, Bengo, Uíge, Lundas and inland municipalities of Benguela, Cabinda and Huíla. • 8 YEARS EXEMPTION - Investors will be free from paying tax on the capital invested, for a period of eight years, when they invest in the provinces of Benguela, Cabinda and Huíla, and in the municipality of Lobito.

Investment Opportunities

AGRICULTURE • Agricultural equipment • Fertilizers and machinery • Irrigation system • Functioning infrastructure in rural areas • Conservation and storage equipment INFRASTRUCTURE • Construction and restoration of power facilities; • Construction or rehabilitation of the railway; • Rehabilitation of highways, bridges, and dams; • Social infrastructures such as schools, housing and hospital complexes.

• Undertaking investments for production of potable water; • Put in place small systems of potable water supply. TOURISM • Hotels and resorts; • Restaurants; • Safari expeditions; • Sports hunting and fishing; • Water sports; • Tour guides and sightseeing companies; • Time-share condominiums. INDUSTRY- LARGE SCALE PROJECTS • Aluminum smelter 1,200 millions • Gas based industries 300 millions • New crude oil refinery 2,500 millions • Viana Industrial Zone 82 millions • Refrigeration equipment • Machines • Beverages • Petrochemicals

ENERGY AND MINING • Hydroelectric power plants along kwanza river; • Reabillitation of gove dam; • Cambambe hydroelectric power plant; JANUARY 2013 arabbusinessclub.org 33

A Visionary Growth Through Innovation

A Profile on accomplishments and achievements of Mr. Thumbay Moideen Founder President Thumbay Group UAE and Founder President, Board of Governors, Gulf Medical University, Ajman - UAE.

shapes his dreams

Thumbay Moideen Founder President

IntroductIon: A man of vision and dynamism, with a determination to succeed, Thumbay Moideen is recognized in India and beyond, for the various achievements to his credit. Born on 23rd March, 1957, Mangalorean by birth, Mr. Moideen, a third generation entrepreneur was raised in a traditional family with a business background. Today, his name is synonymous with professionalism and positive approach. Taking to business at the tender age of 21 years, he demonstrated his business acumen from the very start. Mr. Moideen handled the mantle of the large business house established by his father Mr. Ahamed Hajee Mohiudeen. His father’s and grandfather Mr. Yenepoya Moideen Kunhi’s inspiration enabled him to grow and expand the business, taking it to new heights within a few years. In the year 1998, Mr. Moideen established the THUMBAY Group, U.A.E. Under his dynamic leadership it went on to achieve tremendous growth, and in the process, provided a means of livelihood to hundreds of families over the last decade. The Thumbay Group has since ventured into Health Education, Healthcare, Medical Research, Diagnostics, Retail Pharmacy, Health Communications, Information Technology, Retail Opticals, Wellness, Hospitality and Real Estate.

AchIevements: Mr. Thumbay Moideen has forayed into Medical Education and Healthcare Services in Ajman-United Arab Emirates, when there was no existing set-up to cater to the needs of the students to pursue higher education in medicine and healthcare sciences in the private sector. Mr. Moideen is the first expatriate to be invited by the Rulers of Ajman to start a medical college in U.A.E. Thus, Gulf Medical College took shape which soon became a destination for medical education not only for local students, but to students from over 67 countries. Today, the institution is a name to reckon with in the region and stands out on par with some of the best medical institutions in the world. The result of Mr. Moideen’s initiatives and vision have taken medical education to a greater level and has resulted in over 400 students graduating and presently working or pursuing Post Graduate Courses in over 20 countries. Graduates of Gulf Medical University (GMU) are placed in leading universities across the world.

hIghlIghts of gulf medIcAl unIversIty: 1. GMU is the first medical university started by an expatriate in U.A.E. recognized by the Ministry of Higher Education & Scientific Research, U.A.E. 2. It is the first institution to accept students of both genders and from all nationalities. 3. It currently has a global composition of the university community made up of an

34 arabbusinessclub.org JANUARY 2013

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6. 7.

international faculty drawn from 22 countries and a student cohort from 67 countries. GMU is also the first institution to have launched a private teaching hospital (GMC Hospital) in the country, enabling the students to pursue their clinical training and thus serving people from over 150 nationalities to get high quality healthcare at affordable costs. Summer Training Program – a unique program which places senior clinical students into reputed hospitals and healthcare institutions around the globe to experience the best of clinical training. Residency programs in Germany The Health Communications Division (HCD) – Founded in 1999 brings out a most acclaimed bi-monthly, bi-lingual health and wellness magazine “HEALTH”. It provides an excellent medium of communication between companies and healthcare professionals in the region. The other activities of HCD include holding conferences, seminars, workshops and symposia consistent with the needs of specific groups and organizations to broaden their professional competencies and to meet with the licence requirements by awarding accredited certificates. Continued Medical Education (CME)/Continued Professional Development (CPD) Programs – one of the youngest institutions to have started CME and CPD programs benefiting over 17500 professionals over the last 14 years.

For more details on GMU & GMC Hospitals please visit www.gmu.ac.ae, www.gmchospital.com

PIoneerIng sPIrIt: The pioneering spirit, vision, sheer conviction, courage and confidence of Mr. Thumbay Moideen soon led to realization of becoming a leader in the field of healthcare.

other BusIness enterPrIses: The Thumbay Group owns : GMC Hospitals – Ajman, Fujairah and Sharjah GMC Hospital, Ajman is a constituent private teaching university hospital with a capacity of 250 beds housed with ultra-modern facilities. GMC hospital has the distinction of handling more than 12 deliveries a day, the Outpatient Department (OPD) up to 1200 patients a day and a total of 230,000 patients a year. GMC Pharmacies – a chain of 24 hours retail pharmacies providing a wide range of medication to cater to the requirement of all medical, surgical specialities in the region. Branches of GMC pharmacies are located in Ajman, Sharjah and Fujairah. GMC Diagnostic Laboratories – a chain of Diagnostic Laboratories to deliver quality reports with utmost precision within a specific time frame to its patients. Branches of GMC Diagnostics are located in Ajman, Sharjah and Fujairah. Body and Soul Health Club & Spas – an International Chain of Health Clubs with branches in Ajman, Sharjah and Dubai – inculcates the spirit of rejuvenation of Body and Mind. Blends and Brews Coffee Shops – an International Chain of Coffee Shoppes with a global presence – provides the best and most satisfying coffee experience to the customers, quality beverages and innovative menus in a stimulating and world class ambience. The Terrace Restaurant, Ajman - a Multi-Cuisine Restaurant Chain which belongs to Leisure & Hospitality Division of Thumbay Group is the destination for authentic multi-culinary experience. It is simply the perfect venue for everyone to rejoice and celebrate the spirit of dining. Zo & Mo Opticals - a chain of optical shops in Ajman and Fujairah offering a wide range of international brands of Opticals and accessories. Nutri Plus Vita, the Energy Store offers counselling and nutritional products under experts’ supervision and guidance. Thumbay Builders – U.AE. - Involved in Pre-Construction, Construction Implementation, Post-Construction, Project Support, Building Construction Thumbay Marketing & Trading Distribution Co., Ajman-U.A.E. For more details on Thumbay Group’s activities please visit www.thumbay.com

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recoGniTions for a Leader: As a true leader Mr. Moideen has infused the values of dedication, discipline, dynamism and hard work at all levels of his organization. He enjoys tremendous respect from all sections of society, evident from the fact that he is invited by various associations and organizations to be on their board as an active office bearer or in an advisory capacity. • • • •

Chief Patron of Ajman Indian Association & Indian Business Council, Ajman Chief Patron of Beary’s Association, Dubai President of Asian Hospital Federation, UAE region Member of International Hospital Federation, Ferney Voltaire, France (Greater Geneva Area) • Recipient of Best Achievement in the field of Medical Education & Healthcare which was awarded by H.H Sheikh Humaid Bin Rashid Al Nuaimi • Recipient of “Mayura Award” for ‘Achievements in the field of Medical Education & Healthcare’ by Karnataka Sangha, Sharjah • Honored at the House of Lords, U.K. for invaluable contributions in the fields of Healthcare and Medical Education • Recipient of ‘CEO of the Year – Education’ Award 2012 by the ITP Publishing Group, UAE. • Recipient of NGI Excellence Award 2012 at the Global Indian Business Meet (GIBM), New York, U.S.A. • Conferred with Honorary Fellowship of International Medical Science Academy (IMSA). Year 2010, 2011 and 2012 - Mr. Moideen has been featured among the top 100 most influential Indians in the Middle East (as per the survey undertaken by The Arabian Business Magazine) Mr. Moideen’s accomplishments were featured as “Cover Story” in the International Indian Magazine in April 2011 issue. Mr. Moideen has been featured (Medicine Man) amongst the influential Indians in the UAE in the Special Report of Gulf News Focus dated August 15, 2012.

mr. moIdeen – As A sought After sPeAker inviTed To deLiver TaLks aT various naTionaL, reGionaL and inTernaTionaL conferences • 3rd National Conference on Healthcare Leadership 2009, Bangalore, India. Title of Talk: Challenges of setting up a private medical university and teaching hospital in a foreign country. • Healthcare Expansion Congress Middle East - Abu Dhabi, U.A.E. • 4th German-Arab Health Forum 2009, Chamber of Commerce – Hamburg, Germany • Bio-Health - Mauritius, 2009. • IFC – World Bank Conference on ‘The Investing in People : Scaling up the Education of Health Professionals in Africa’ - Washington DC, U.S.A. • Middle East Healthcare Innovations Summit - Abu Dhabi, U.A.E. • MENA Healthcare Infrastructure Investment & Finance Summit 2010 - Cairo, Egypt. • 2nd International Temos Conference on “Healthcare Abroad & Health Tourism” - Cologne, Germany. • eHealth - Healthcare Leaders Forum - New Delhi, India. • International Association of University Presidents (IAUP) XVI Triennial Conference, the World Congress of University Presidents, Rectors and ViceChancellors - New York, USA. • 2nd Franchise UAE, an International Franchise, Retail & Business Opportunity Show - Dubai, UAE • Mediconex Cairo Health - Health Finance & Investment Forum - Cairo, Egypt. • ‘Creating Trend Setting Brands’ at the Interactive Seminar on Muslim Business - Best Practices, Growth & Continuity - Durban, South Africa. • 2nd Leaders in Healthcare Conference Nasrec - Johannesburg, South Africa. • Leaders in Healthcare - Hospital Build and Infrastructure Middle East 2012, Exhibition and Congress – Dubai, U.A.E. • ‘The Global Health Economics Forum” - The Hague, Netherlands. • ‘Creating Trend Setting Brands” at the Global Indian Business Meet (GIBM) - New York, USA. • Education Investment, MENA - Dubai. • 13th AUAP-UKM General Conference on “Unlocking the Wealth of Universities: Academic Entrepreneurship” held in Kuala Lumpur, Malaysia from the 4th -7th December, 2012. 36 arabbusinessclub.org JANUARY 2013 36 arabbusinessclub.org JANUARY 2013

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thumBAy grouP strengths • More than 1500 people employed, mainly in the Executive cadre like Professors, Doctors and Technical Staff, and growing at the rate of 25% p.a. and will have around 7000 employees in the next 5 to 7 years. • Leaders in medical education and healthcare in the UAE region. • Unique healthcare model reaches the masses, thanks to emphasis on teaching and training of faculty and personnel.

grouP vIsIon i. To achieve a global presence in Medical Education & Healthcare, including India and other countries in South Asia, Africa and the Middle East. ii. The Group is in the process of building 2 new hospitals in Ajman and Dubai. The Group plans to build three more International campuses in the next five years. iii. Plans to expand the hospital chain to at least 15 in U.A.E and other countries in the next 5 to 7 years. iv. Plans for expansion of specialized GMC Pharmacies, GMC Diagnostics, ZO & MO Opticals, Nutri Plus Vita outlets. v. Increase Thumbay Group’s business value to over USD 2 Billion in the next 5 to 7 years. Thumbay Moideen currently lives in Sharjah, United Arab Emirates. He is married to Mrs. Zohra, an accomplished artist in her own right. They have two sons, Akbar and Akram.

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Growth Through Innovation

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www.thumbay.com - www.gmu.ac.ae - www.gmchospital.com www.bodyandsoulhealthclub.com - www.blendsandbrews.com - www.healthmagazine.ae www.zoandmo.com - www.nutriplusvita.com - www.gmcpharmacy.com DECEMBER 2012 arabbusinessclub.org 37 JANUARY 2013 arabbusinessclub.orgPage 37No: 4

COUNTRY FOCUS

Moroccoâ&#x20AC;Ś

A Tale of Two Seas! Young and dynamic, Morocco has managed to attract more and more investments since the privatization program started in 1993 and the liberalization of its markets. Foreign investments in Morocco have expanded from the traditional domains of textiles, fishing, and agriculture to those presenting greater added value, such as energy, infrastructure, transport, telecommunications, financial services and others. 38 arabbusinessclub.org JANUARY 2013

orocco has, historically, capitalized on its proximity to Europe and relatively low labor costs to build a diverse, open, market-oriented economy. In the 1980s Morocco pursued austerity measures and pro-market reforms, overseen by the IMF. Since taking the throne in 1999, King MOHAMMED VI has presided over a stable economy marked by steady growth, low inflation, and generally declining government debt. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco’s competitiveness. Key sectors of the economy include agriculture, tourism, phosphates, textiles, apparel, and subcomponents. In 2006 Morocco entered into a bilateral Free Trade Agreement with the United States; it remains the only African country to have one. In 2008 Morocco entered into an Advanced Status agreement with the European Union.

The Big Picture, Promises and Challenges The development model adopted these past ten years by Morocco, featuring openness, economic liberalization and the implementation of structural reforms, allowed the economy in 2011 to resist, in a difficult national and international context. In Morocco the Arab Spring and its social and political claims resulted in the adoption of a new constitution and triggered early legislative elections. Despite domestic tensions and a deteriorated economic situation in Europe, which is the country’s main economic partner, Morocco’s real growth in 2011 stood at 4.6%. The effects on the national economy of the slowdown in external demand were offset by a good agricultural season and vibrant domestic demand. The country’s growth rate is expected to confirm its vigor at 4.5% and 4.8% in 2012 and 2013 respectively.

ARAB BUSINESS CLUB This good economic performance notwithstanding, the country is still facing significant social challenges, including persistent inequalities, major social disparities and a dysfunctional labor market, as manifested by a high unemployment rate, especially among young graduates and women. Morocco is confronting a structural unemployment problem among young urban graduates. Although 156 000 jobs have been created per year, the average economic growth rate of the past ten years has not been high enough to absorb the arrival of new graduates on the job market. The government is therefore aiming for stronger economic growth and pursuing proactive public policies to facilitate integrating the unemployed and to stimulate entrepreneurship. Unemployed young people are finding it difficult to enter the job market, mainly because, as a result of an inadequate educational system, the training on offer does not properly match the needs of the job market. Moreover, it is hard for most young graduates to think of their future anywhere outside the civil service. Against this background, the Moroccan authorities have undertaken an ambitious reform of higher education aimed at better adapting the educational options on offer to the needs of the private sector. In the political realm, the protests of the 20 February movement led to a review of the constitution, which was adopted by popular referendum on 1 July 2011 and strengthens the powers of the prime minister and of parliament. On 25 November 2011 the moderate Islamist Justice and Development Party (PJD) prevailed in the legislative elections by winning 107 of the 395 seats to be filled (61 more than in 2007). As stipulated in the new constitution, the king appointed as prime minister the PJD leader, Abdelilah Benkirane, who officially formed his government on 3 January 2012, a coalition comprising the PJD, the independence party Istiqlal, the Mouvement Populaire and the Party of Progress and Socialism (PPS). JANUARY 2013 arabbusinessclub.org 39

COUNTRY FOCUS Abdelilah Benkirane’s government came in with a five-year plan predicting 5.5 percent growth, which it then had to revise downward at the beginning of the year to 4.2 percent. Then at the end of March, the central bank, noting the crisis in Europe and impending drought, cut its own predictions to less than 3 percent. It was a long way from the past several years of around 5 percent growth buoyed by a string of excellent rains. This year, the harvest is dramatically down and sectors like tourism are suffering as well, as European tourists tighten their belts and forgo Moroccan vacations. “The main engines of the Moroccan economy are in the process of running out of steam,” said Najib Akesbi, an economist with the Hassan II Institute of Agronomy in Rabat. Morocco remains reliant on agriculture, which makes up 15 percent of the gross domestic product and is almost entirely rain-fed. In a report from mid-March, the U.S. Embassy estimated that the total cereal harvest would not exceed 3.2 million tons, a sharp drop from 8 million tons in 2011. “The crops this year suffered not just from drought but from freezing conditions — abnormally low temperatures sustained for a long time,” said Hassan Ahmed, the report’s author. “That’s what really hurt the germination and the crop development.” The saying in Morocco is that the make or break limit for the rains to come in time for the harvest is March. This year, the rain didn’t start falling until the final days of the month, long after the damage had been done. “The latest rains might help the vegetables, but for the wheat it’s too late,” said Mohammed Boujellaba, a small farmer along the coast, as a light rain pattered down on to his fields of stunted, calf-high wheat, south of the capital. 40 arabbusinessclub.org JANUARY 2013

ARAB BUSINESS CLUB Retail contributes to 11% of GDP and employs about 1.2 million people or 12.8% of the labor force in Morocco. (The picture shows one of the famous traditional souks in Marrakesh.

“The wheat is now just between 20 and 30 centimeters (a foot) high, it’s abnormal,” he said. “In years where there is plentiful rain, it can reach up to a meter (yard) or more.” Bread is the country’s main source of calories and Moroccans are among the highest per capita consumers of wheat in the world, eating 570 pounds (258 kilograms) a year, according to the U.S. embassy report. With an annual demand of at least 7 million tons, the country now faces a massive import bill. In the debate to pass a budget, Finance Minister Nizar Barakat dismissed the effects of the drought, saying Morocco’s economy had sufficiently diversified into other sectors. Except that the non-agricultural parts of the economy are ailing as well. Tourism, which makes up at least 10 percent of GDP, was down across the

board in 2011 amid the financial crisis in Europe. The number of hotel nights spent by visitors in Marrakech, the country’s main tourist draw, dropped 9 percent, while in the resort city of Agadir they went down 7 percent, according to Tourism Ministry figures. The biggest drops were nights spent by French and Spanish visitors, 16 and 25 percent, respectively, which make up the bulk of Morocco’s tourists. These pale compared to the catastrophic drops experienced by Egypt and Tunisia in the wake of the Arab Spring, but come at a bad time for Morocco. The figures help explain the rage of tour operators when the new Islamist justice minister made a recent dig at non-pious visitors. Speaking at a Quranic school in Marrakech, Mustapha Ramid complimented the sheikh for his work in a city that “people

come from all over the world to spend time sinning in and being far from God,” he was quoted as saying in the press. “It is economic suicide in a time crisis,” stated an angry editorial in the French-language daily Le Matin on Thursday. “We are shooting ourselves in the foot when we attack tourists — it’s irresponsible and dangerous.” Exports to Europe and remittances from Morrocans working abroad have also been hurt by the crisis there. The new budget projects a deficit of 5 percent of GDP, which will have to be covered with further borrowing. While international ratings agencies have given Morocco a stable outlook, the country’s BBB- rating is just above the speculative level and more debt could prompt a lower rating — making international borrowing onerous. JANUARY 2013 arabbusinessclub.org 41

COUNTRY FOCUS With varied and contrasting landscapes (3500 km of coastline, mountains, deserts ...), a rich cultural heritage (imperial cities, old towns, food and crafts), Morocco makes for a unique and diverse touristic experience only 2h30 flight from all major European cities and just off the Spanish coast.

“Morocco’s rating could be downgraded if the current increase in public deficits was not addressed and caused a further substantial increase in public debt ratio,” noted Moody’s Investor Service in a March statement. Amid these grim figures, social unrest is on the rise. Hundreds of unemployed protesters had to be forcibly removed Wednesday from the parliament while the budget was approved, an action typical of the small-scale demonstrations breaking out all over the country. With the economic situation hurting government efforts to address unemployment and the gaps between rich in poor that sparked last year’s pro-democracy protests, more unrest could be on the way. “Nothing, unfortunately, has changed or is on the road to change,” said Akesbi. “The same causes will continue to produce the same effects in the coming year.”

42 arabbusinessclub.org JANUARY 2013

Moroccan Economy sector by sector Agriculture

The agricultural sector contributes with 19% to the national GDP, divided between agriculture (15%) and agro-industry (4%). This sector employs over 4 million people including about 100,000 in agro-industry. The new agricultural strategy, Green Morocco Plan, established by the Ministry of Agriculture and Fishing, aims to consolidate the success achieved and to meet new challenges facing Morocco’s competitiveness and opening of markets. The Green Morocco Plan is designed to promote the development of the entire agricultural and territorial potential. The new Moroccan agricultural sector is meant to be open to all using different strategies depending on the targeted issues. Green Mo-

rocco Plan will contribute to GDP with 174 billion dirhams, creating 1.15 million jobs by 2020 and triple the income of nearly 3 million people in rural areas.

Green Morocco Plan focuses on two pillars:

• The accelerated development of a modern and competitive agriculture, vital for the national economy, through the realization of a thousand new projects with high added value in both productions and agro-food • Support to smallholder agriculture through the implementation or professionalization of 545 projects of small farms in difficult rural areas, thereby promoting greater productivity, greater recovery of production and sustainability of farm income. This second pillar also seeks the conversion of cereal crops with higher value added (or less sensitive to precipitation) and processing of local products.

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To strengthen the projects of these two pillars, the VMS is based on projects consisting of the so-called cross-sector framework redesign and improvement of water policies, land tenure and the This plan revolves around the concept of aggregation for overcoming constraints to the fragmentation of land ownership patterns, while providing access to aggregated holdings of modern production techniques, finance and markets. It is based on the implementation of a new wave of investment around new players with high managerial ability.

for 56% of agricultural and 16% of total exports. For a long time the industry has been an economic pillar for the country. Morocco is also considered the largest fish producer in Africa and the Arab World.

The regional prospect of the Green Morocco Plan aims to build a regional vision and a regionalized agricultural production, eco-balance between the two pillars and to mobilize regional and national funds, credit agencies, and investors as well as other donors wishing to support Morocco in the implementation of this Plan.

This grand strategy of sector development means building the sector and transforming it into a genuine development opportunity in the Kingdom, and is based on three main axes described as projects: Sustainable use of resources and promotion of responsible fishing among fishermen, Development of an efficient and quality fishing industry and Strengthening competitiveness.

Fishing Industry

The fishing industry in Morocco is a leading foreign exchange earner, accounting

The fishing sector in Morocco has developed an integrated, ambitious and comprehensive development plan till 2020 called “Halieutis”. It aims at upgrading and modernizing various sectors of the fishing industry and improving its competitiveness and performance.

Strategy Details:

• Promoting fishing methods that will

help sustaining the Moroccan fish wealth. • Increasing the sector’s contribution to the national economy by nearly tripling the sector’s value-added industries from 8.3 billion dirhams in 2007 to 22 billion dirhams in 2020. • Reducing by half the size of the informal sector, increasing the sector’s turnover by 15%. • Boosting the value of exports of seafood products to more than 3.1 billion dollars in 2020 compared to 1.2 billion dollars in 2007. • Boosting fish production from 1.035 million tons currently to 1.6 million tons with special efforts to develop aquaculture. • Encouraging domestic consumption of fish in order to raise it annually from 10 kg per capita currently to 16 kg per capita in 2020.

Mining

The mining sector occupies an important place in the Moroccan economy. It represents 21% of the value of exports remittances and employs about 39,225 persons. JANUARY 2013 arabbusinessclub.org 43

COUNTRY FOCUS For centuries, Mining has been one of Morocco’s most practiced economic activities by the Moroccan population. Moroccan mining technologies like the copper works and steel manufacturing were exported abroad, to Europe in particular, through Muslim Spain and the south of France.

The fishing industry in Morocco is a leading foreign exchange earner, accounting for 56% of agricultural and 16% of total exports. For a long time the industry has been an economic pillar for the country. Morocco is also considered the largest fish producer in Africa and the Arab World.

Since the beginning of the twentieth century, major manganese, iron, zinc, lead and phosphate fields were discovered... Morocco contains 3/4 of the world’s phosphates reserves. It is the world’s first exporter and third producer of unrefined phosphate. The state, represented by the Cherifian Phosphates Board (CPB) set up in 1920, enjoys monopoly over the exploitation of phosphates. This exploitation is carried out under advantageous conditions, in the open air easy extraction, strong content which allows a treatment involving drying and stones clearing. Concerning the other ores, the state intervenes through the Office of Research and Mining Participations (ORMP) set up by royal decree on December 15, 1928 in order to promote and stimulate the development of the country’s mining resources. It is involved in all studies and research aiming at the valorization of mineral substances, with the exception of phosphates and hydrocarbons. Also, it undertakes any commercial, industrial or financial activity that are compatible with its activities. In addition, there is artisanal mining primarily in the areas of Tafilalet and the High Eastern Atlas, which operate in various small mining of lead, zinc, and barytine. An organization of State: the Central Merchandizing and Development of the area of Tafilalet and Figuig was made up, in 1960 in order to frame, equip, form and assist technically these artisanal exploitations.

Major Mining areas:

• The area located at the center of the country from 60 to 120 km in the

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Atlantic shore and Central Morocco where phosphates, lead, fluorine and antimony are found. • Anti-Atlas which contains fields of copper, manganese, precious metals (gold and silver) and strategic metals (cobalt, tin, titanium, wolfram...) • High Atlas where important fields of lead, zinc, copper, manganese, iron and barytine are found. • The Rif with fields of zinc, antimony, strategic metals, and smectic clays. • The eastern region with lead, zinc and coal.

Tourism

Morocco is a tourist destination with many strengths and clear potentials that allowed it to become a highly popular destination. With varied and contrasting landscapes (3500 km of coastline, mountains, deserts ...), a rich cultural

heritage (imperial cities, old towns, food and crafts), Morocco makes for a unique and diverse touristic experience only 2h30 flight from all major European cities and just off the Spanish coast. Between 2005 and 2010, the number of tourists visiting Morocco has increased from 5.8 to over 9.3 million, and foreign direct investments in this sector mounted to some €30 billion over this period. In addition, in 2009, Morocco was the only Mediterranean country in which tourism grew by more than 6% while the global market shrank by 5%!

Investment Incentives in Tourism Sector:

• Exemption of import duty preference for all capital equipment needed for the promotion and development of the project.

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“The main engines of the Moroccan economy are in the process of running out of steam,” Morocco remains reliant on agriculture, which makes up 15 percent of the gross domestic product and is almost entirely rain-fed.

• VAT exemption for capital goods, machinery and equipment acquired in Morocco for a period of twenty four (24) months from the date of commencement of business. • Exemption from import VAT for a period of thirty six (36) months for capital goods, machinery and equipment acquired on importation. • Total relief of the SI of turnover in foreign exchange business and hotels for a period of 5 years from the year in which the first accommodation was made in foreign currencies and a reduction of 17.5% over this period. • Total exemption from IR on the amount of turnover in foreign currency by hotel companies and for a period of 5 years and a reduction of 50% over this period.

Investment Opportunities Tourism sector:

• Azur 2020 Program: Establishment of a considerable Morocco seaside. • Program Green / Eco / Sustainability: Valuation of natural resources and rural areas with respect to socio-cultural authenticity of host communities. • Heritage and Legacy Program: Promotion of the Moroccan cultural identity through the structuring and valuation of tangible and intangible heritage of

the Kingdom together with the construction of coherent and attractive tourist products. • Tours Program, Sport & Leisure: Creating consistent tours offers, varied and complementary to the basic tourist infrastructure in order to consolidate Moroccan tourism and make it more competitive and attractive to as many tourists as possible. • Niche Program with high added value (or business and Welfare): Strengthening the position of Morocco as a tourist destination for Business, welfare and health. • Biladi Program: Strengthening the tourist offers for natives through a suitable product that takes account of their habits and customs.

Retail

Retail contributes to 11% of GDP and employs about 1.2 million people or 12.8% of the labor force in Morocco. Retail has experienced over the past decade, the emergence of new patterns of trade and especially franchise networks and retail chains. The Department of Trade and Industry has developed the Vision 2020 Rawaj Plan for the development of this sector. Rawaj Plan revolves around four main axes:

• Large and medium volume distribution • Independent and free commerce • Trade chains and the franchises • Public spaces merchants under the responsibility of municipalities (wholesale markets, slaughterhouses and fish markets).

Key Goals and Opportunities:

• Make Morocco an excellence platform for shopping with offers that meet the needs of all consumers • Modernize local shops (labeling, central purchasing, networking traders ...) • Contribute to the emergence of national champions (provide assistance and support for national operators and developers of commercial networks) • Implementing plans to construct 600 supermarkets and hypermarkets by 2020, with more than 50 hypermarkets generating nearly 80,000 jobs • Constructing 15 malls that can accommodate almost 3000 franchise stores and modern trade outlets generating nearly 21,000 jobs • Creation of 15 outlets, discount stores and factory outlets generating 5,000 jobs • Increase the current GDP of trade to 98 billion MAD • Boost the contribution of trade in GDP to 12.5% • Achieve a sector growth level of 8% annually JANUARY 2013 arabbusinessclub.org 45

best business practice

Strategy 106 Keeping Scores Words by: Sultan Al Shaali

ARAB BUSINESS CLUB “Balance Score Cards” represents a strategic planning and management system that links the strategic, operational and development plans with the actual work tasks carried out by the employees or their departments. Despite the criticism it was facing from the education and consultants community, “Balance Score Cards” played a major role in the incentive-based pay balancing the bonuses and incentive paid by the organization and the employee or department performance. For this, the “Balance Score Cards” focuses on the vision, mission and strategy of the organization in the process of achieving the required performance targets, but divides the goals criteria into the following four. To do so, the smart objectives for each perspective are listed with measures and indicators as well as aims or targets and the initiative taken to achieve the required results. Financial perspective depends on the goals and objectives as well as the measures and initiatives taken to reach the

“Financial perspective depends on the goals and objectives as well as the measures and initiatives taken to reach the goals and objectives.”

goals and objectives. This is a necessary aspect of the organization survival and growth that requires balancing all the time in front of the shareholders, banks and auditors. Customer satisfactions score card focuses on achieving the required client satisfaction through measuring the customer perspective of the organization and its products or services. Organization of the internal process aims for excellence at all time, supervising and measuring progress of departments, operations, task list in order to achieve the required goals and objectives. Learning and growth works on continuous improvement and increasing the product or service value, including both employees’ professional development and organization behavior and culture. Preferred reading is from the inventors of this system titles The Balance Scorecard: Translating Strategy into Action by Robert S. Kaplan and David P. Norton.

“Balance Score Cards” represents a strategic planning and management system that links the strategic, operational and development plans with the actual work tasks carried out by the employees or their departments.”

About Dr. Sultan Al Shaali Business Enterprise Executive with experience in all aspects of business administration, human resources, marketing, business development and general management. He has direct experience with Manufacturing, Education, Design and Engineering, Construction, Real Estate, and Industrial Design. Dr. Sultan Al Shaali is currently the CEO of Al Shaali Group Twitter: @SultanAlshaali

JANUARY 2013 arabbusinessclub.org 47

Resources – Entrepreneurship

Naming Your Business!

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1. Take Naming Seriously: Naming your business or products is a serious matter. The name you choose can play an integral part in the marketing of your company, your name projects your image, brand and position in the marketplace. 2. Avoid Word Play Dangers: Taking the word play strategy will add to the difficulty in having customers remember and find you. Being cute can backfire. Funnynames. com lists the following actual “businesses to avoid”: • Ear-Resistible Designs Plus • Dirty Ernies Paragon Hotel • Fireball Oven Co • Mess Graphics Inc • Ralph Rotten’s Nut Pound • X-Ray Sweaters 3. Don’t be an IBM: It’s tempting to abbreviate your business name to make communications and correspondence easier. However, as a small business owner you don’t have the resources and marketing muscle to educate your market on what your acronym means. 4. Be Focused: Forget tagging your business name with the moniker such as global or enterprise. Any start-up founder has big visions for their company. You might one day envision marketing to diverse markets and having a wide range of products. Successful start-ups have limited time and money; it’s more likely your success in the world of commerce will come from being highly focused in one narrow area. A small company is a specialist; it’s why your customer wants you. 5. Stay Out of Court: Don’t use, borrow, or modify an existing famous brand name. In Elizabethtown, Kentucky, Victor Moseley used the name Victor’s Secret when he opened his adult gift and lingerie shop. Victor’s Secret did not remain secret when the legal department of Victoria’s Secret sent a letter to Moseley claiming

“It’s tempting to abbreviate your business name to make communications and correspondence easier. However, as a small business owner you don’t have the resources and marketing muscle to educate your market on what your acronym means.” trademark infringement. In haste, the name was changed to Victor’s Little Secret, but the change was not enough for Victoria’s Secret who then filed a lawsuit. 6. Think Beyond Local: The bulk of small businesses operate in local markets. This doesn’t mean your name should be geographically based. If you are marketing to customers in a local market, they’ll know you operate locally. Adding your town name to your business name just ensures you will be stuck in a long directory list of other local companies with similar names. If you want a local name, add it to your marketing such as “Exclusively Serving the (town) Area.” 7. Avoid ME Inc: It’s a common tendency for a business to be named after the original founder. If you are planning to one day sell your company, a company owner named business is less attractive to a perspective buyer’s than a brand built on a company.

web address names. It’s hard enough to remember a web site address without the hyphens. 10. Check Availability: When you have developed a great business name, spend the time to determine if another business isn’t using it. You can use a similar name for your business if another company uses it in an unrelated market or industry. Once you have your name, protect it by registering the business name with your county or State office. Your business name should be easy to remember and memorable. Apply the 10 commandments when naming your business and in the end you’ll avoid a marketing disaster.

8. Ask Others to Spell it: Put your business name through the spelling test and ask others to spell it. Yourdictionary.com lists experience, intelligence, jewelry, millennium, and personnel as a few of the top 100 most misspelled words. 9. Be Web Friendly: Consumers are bombarded with business names and advertising on a daily basis. Your job as a successful small business is to make customers remember you. Your website web address should be the same as your business name. Avoid the hyphenated

JANUARY 2013 arabbusinessclub.org 49

Resources â&#x20AC;&#x201C; Entrepreneurship

Identifying a Business Opportunity Choosing what kind of business to start can be an immobilizing task when confronted with the multitude of opportunities. Itâ&#x20AC;&#x2122;s important to determine where your passions lie and to understand your personality type. Yet, equally important is what skills you bring to the table and whether you are entering a dying industry or a fast growing emerging business. 50 arabbusinessclub.org JANUARY 2013

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So you think you have found the one business opportunity that will bring you freedom, fame, and plenty of profits? Does it meet the 8 simple rules? Before you run out and cash in your life-savings, stop and separate your emotions from the small business opportunity. Emotion and passion is an essential ingredient to business success, but hold off on that inner fire until your business opportunity can pass the 8 simple rules to see if you have a winner. 8 Simple Rules for Rating A Small Business Opportunity 1. Beta Test it: As any successful software developer knows, a beta test gets your product in the hands of users early for critical feedback. Do not keep your idea secret. Share it with a select group of potential users. Without real-world feedback your business opportunity will quickly hit the wall. 2. Find the Target: Far too many small businesses fail trying to be everything to everybody. Maybe your idea has potential in multiple markets, but start with one target with the greatest need. Your business opportunity should grasp the attention of a specific and reachable market. ‘Female teenagers who read religious books and media’ is much more definitive group than ‘all teenagers who have spiritual interests’.

steal your market share. Protection armor can take the form of exclusive contacts, licensing, patents, or the best location on the block. 4. See What They Want: Ultimately, business comes down to the simple task of providing a product or service people need. Simple; yet often overlooked. Your business opportunity is rated high if it meets a customer’s needs or wants. There may be an open market for a new form of toothpaste, but if consumers do not want another choice of toothpaste, then success will be fleeting. 5. Play The Money Game: Every small business opportunity needs to be evaluated against the cost of building the business. The opportunity can be great, however, if you are not prepared to go out and raise the million required for launch, then this opportunity is not for you. The best business opportunity is one that matches your ability to deal with and raise attainable cash. 6. Bring Your Skills to the Table: A business opportunity can have an incredible upside only if you bring the skills required to succeed. If the business requires you to go way outside your com-

fort zone, it might be better to find something that more closely mirrors your skills. Ten years of retail experience offers much more chance of success than an opportunity based on telemarketing skills. 7. View the Event Horizon: In the near future, what is the likelihood your business can be replaced by technology, impended by government regulations, or made obsolete by social changes? Perform a quick SWOT analysis to see how your small business opportunity will survive. It is not be realistic to start a music store during the peak of digital piracy. 8. Use the People Factor: Many business opportunities will require a motivated and skilled work force. Make sure you’re able to fulfill this equation or it will be the one critical success factor which can make or break you. Remember, good people are hard to find. Ponder how you will gain and retain them. Did your business opportunity meet the 8 simple rules? If not, do not despair. It may just mean you need to tweak the idea into a marketable, viable form. Once your opportunity is set in a firm foundation, you can now apply your passion and fire to lift your business to the height you desire.

3. Apply Protection Armor: A new business opportunity is a delicate thing. In order to protect and nurture your business you will need to apply some form of protection armor. This armor will provide assurance that no companies invade and

“Do not keep your idea secret. Share it with a select group of potential users. Without real-world feedback your business opportunity will quickly hit the wall.” JANUARY 2013 arabbusinessclub.org 51

Resources – Management

How to Survive a Downturn?

Recession, economic downturn, dishonest partnership, or industry shakeout are all events that can put your business abilities to the test. Surviving in hard times requires a steel determination and never-say-quit attitude. But in today’s swift and merciless marketplace, more is needed than a winner’s attitude. Here are 6 small business hard time strategies to help steer the chopping waters of commerce.

Cut with Precision:

The typical cost-cutting approach by corporations in hard times is to employ a wide sweeping cost reduction policy. For small business, cost-cutting needs to be implemented with the precision of a surgeon’s scalpel. Cut too deep and your business will never recover. Cut too shallow and cash flow problems could force you to the back of the unemployment line. Exercise care and judgment in determining what and where to cut and by how much.

Look Outside:

It’s typical for the vast majority of small businesses to be local not only in location but in marketing focus. In hard times, however, looking beyond the regular boundaries of your business is good business. One such opportunity is international trade. During times of the U.S. dollar being devalued in markets around the globe, smart business owners have realized the growing demand for American goods and services.

52 arabbusinessclub.org JANUARY 2013

ARAB BUSINESS CLUB

“In good times, business comes easy. Your sales presentation or marketing may be less effective but will get results. Surviving hard times, however, requires going back full circle to the fundamental principles of business.” Use Low Budget Marketing: When recessions and other difficult times hit, the marketing function of a business is the first to get cut. With less advertising and marketing, the funnel of incoming prospects is reduced creating even more revenue decreases and setting up a vicious cycle. The key to salvage any business in hard times isn’t to reduce your marketing activities but to replace them with lowbudget marketing. Low-budget marketing included tactics such as PR, networking, public speaking, and more.

Connect With Peers:

Hard times in the form of recessions or industry shakeouts impact more than just your business. Entire sectors of the market place can feel the heat. One useful approach to survive is applying the wisdom of crowds. A term coined by James Surowiecki in his bestselling book “The Wisdom of Crowds”, asserts that group wisdom is greater than the individual. Using the crowd wisdom philosophy your business can connect with industry trade groups or professional peer groups to extract the knowledge and best practices applied during a business slump.

Fundamental Focus:

In good times, business comes easy. Your sales presentation or marketing may be less effective but will get results. Surviving hard times, however, requires going back full circle to the fundamental principles of business. Doing regular financial checks, providing sales training, managing your customer relationships are some of the

fundamentals that need to be re-learned and re-visited.

Process Don’t Replay:

It’s easy to fall into the trap of replaying the situation that got you here today. If you had a failed partnership, replaying your mistakes is a mistake. Research published in the “Journal of Personality and Social Psychology” by Lyubomirsky, Sousa, et al

reveals analysis occurring during talking or writing is beneficial in difficult times while replaying negative events is detrimental. Learn from mistakes and move on. Surviving difficult times whether personal or events such as a recession requires a healthy outlook as well as good strategy. Remember: Bad times don’t last forever. JANUARY 2013 arabbusinessclub.org 53

market intelligence

Lamprell on track to reach financing deal Sharjah-based oil rig maker Lamprell has announced it had successfully negotiated waivers to its banking covenants and was making progress on a wider deal to provide long-term financing, Reuters has reported. The companyâ&#x20AC;&#x2122;s working capital position improved significantly in recent months and ended 2012 with net cash of about $100m, thanks to improved revenue and tighter financial controls, Lamprell said. Last year, the company issued five profit warnings in 2012 and suffered the departure of its chief executive along with two other senior managers.

Al Jazeera buys Current TV Al Jazeera has announced the acquisition of US-based Current TV, as the Dohabased broadcaster seeks to gain access to more US viewers, Bloomberg has reported. The move lets Al Jazeera expand its US footprint beyond the nine pay-television providers that carry its programming. Current TV, a news and opinion channel founded in 2005 by former US vice president Al Gore, reaches almost 60 million US homes. 54 arabbusinessclub.org JANUARY 2013

Aramco awards Petrofac $1.4bn Jazan refinery contracts

Saudi Aramco has selected UK-based Petrofac for two engineering, procurement and construction (EPC) contracts, worth a total of some $1.4bn, for the companyâ&#x20AC;&#x2122;s Jazan refinery and terminal project, Saudi Gazette has reported. The refinery is designed to produce around 400,000 barrels of oil per day and have associated terminal facilities on the Red Sea near Jazan. Both contracts are scheduled to be completed within three years.

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Qtel increases Tunisiana stake by 15% Qtel has said it has signed an agreement with the Tunisian government to acquire a further 15% share in Tunisiana for a total of $360m, the Peninsula has reported. Wataniya, a 92.1% subsidiary of Qtel, has a direct holding of 75% in Tunisiana. Following completion of the transaction, Qtel and its subsidiaries’ total holding in Tunisiana will increase to 90%, the firm said. “We also look forward to continuing our partnership with the Tunisian authorities as Tunisiana enters into a new phase of its development with the continuing expansion of 3G services and the launch of fixed line services in 2013,” said the chairman of Qtel Group, Sheikh Abdullah bin Mohamed bin Saud Al Thani.

Egypt to have fourth mobile operator Egypt’s telecoms regulator has announced Telecom Egypt is to be granted a license by mid-next year to provide mobile telephone services and will later let mobile companies offer fixed-lined services using Telecom Egypt infrastructure, Reuters has reported. Telecom Egypt, 80% owned by the state, has been relying on its data business to boost revenue. Egypt has three mobile operators: Vodafone Egypt, MobiNil, which is controlled by France Telecom, and Dubai-based Etisalat.

Taqa acquires share in Kurdistan oil block

Abu Dhabi National Energy Co (Taqa) has acquired a 53.2% operating interest in Iraqi Kurdistan’s Atrush oil block for $600m from General Exploration Partners (GEP), Reuters has reported. The acquisition marks the first time the Abu Dhabi-based company has operated an oil and gas project in the Middle East. GEP is a venture between privately-held Aspect Energy, which owns

a 66.5% interest, with the remainder held by a subsidiary of Canadian group ShaMaran Petroleum. “It’s part of our strategy to expand in the Middle East and North Africa (Mena) region,” a spokesman for Taqa said. Production is expected to start in 2013 and the acquisition would be funded “from corporate resources,” the spokesman said.

market intelligence

Saudi Arabia to start construction of 70,833 housing units in Makkah Several new residential projects have been put into motion in Saudi Arabia, Arab News has reported. The kingdom is slated to receive 70,833 units under the program with Jeddah due to build 15,980 residential units split over two separate projects. Sultan Al Dosari, spokesman for the Makkah region, said, â&#x20AC;&#x153;Housing projects are a positive step towards radically solving the problem of growing demand on houses.â&#x20AC;? The two projects in Jed-

56 arabbusinessclub.org JANUARY 2013

dah include the Prince Fawaz neighborhood project of 10,838 residential units with associated community facilities and an airport scheme with 5,142 residential units and the affiliated amenities. In total the pair of schemes will see the realization of 18 mosques, 32 kindergartens and 30 schools. Two housing projects are also planned for Makkah with 593 residential units destined to rise in Al Qunfudah and 260 units in Al Kharma.

JANUARY 2013 arabbusinessclub.org 57

OPPORTUNITIES Tourism

Tourism

Reference code: abc128

Reference code: abc129

Dubai: Partner for a tourism company

Abu Dhabi: Partner for a tourism company

Description Leading and established tourism company in Dubai with its own compound is looking for a partner.

Description Leading and established tourism company in Dubai with its own desert compound and contracts with leading airlines for sale.

The offer Cost: US$ 1-2m Contact: hamdan@imail.ae Mobile: +97150 886 4116

Supplier

The offer Cost: US$ 12m Contact: hamdan@imail.ae Mobile: +97150 886 4116

Supplier

Reference code: abc130

Reference code: abc131

UAE: Importer for livestock from Angola

UAE: Importer for Timber from Angola

Description We need an importer for livestock from Angola

Description We need an importer for Timber from Angola

The offer Cost: US$ 12m

Contact: hamdan@imail.ae Mobile: +97150 886 4116

Support Services

TOURISM

Reference code: abc132

Reference code: abc136

Angola: Marines Service and Maintenance

UAE: Tourism Company for Sale in Dubai

Description We need an investor for a service facility for yachts and fishing boat engines in Angola.

Description Tourism Company for Sale in Dubai: 100 Tourist Visa, 10 Transit Visa, No Office only License, Expiry Date for Trade License is at Feb 2013.

The offer Cost: US$ 12m Contact: hamdan@imail.ae Mobile: +97150 886 4116

58 arabbusinessclub.org JANUARY 2013

The offer: Cost: 575.000 AED, 275,000 AED Deposit Contact: hamdan@imail.ae Mobile: 00971 508864116

ARAB BUSINESS CLUB DISTRIBUTION Reference code: abc115 UAE: Magazine distribution service Description: We cover distribution services of magazines to Governments, companies, Embassies & consulates, hotels, Airport lounges, etc, in UAE; we also handle distribution to Bookstores, Fuel stations, and other places that sell magazine. We also use distribution of magazine via Emirates post. We can send to our list, or you can provide us with your list. We can handle the National media council approvals for international magazines for distribution as well.

Financial Services

SERVICES

Reference code: abc135

Reference code: abc117

UAE: Money Exchange License for Sale in Dubai

UAE: Business setup service

Description Money exchange license for sale in Dubai. It’s a new approval from central bank.

Complete solution for setting up your company in UAE, including company formation service sponsor/service agent, PRO service, market research, etc.

The offer: Cost: 2.700.000 AED No deposit

Please contact us at hm@wt.ae Mobile: +97155 968 7177

Contact: hamdan@imail.ae Mobile: 00971 508864116

Contact: hamdan@imail.ae Mobile: +97150 886 4116

Energy

Supplier

Manufacturing

Reference code: abc123

Reference code: abc134

Reference code: abc125

UAE: J.V in Renewable Energy, Bio Diesel Plant in Al Qouz Description: an oppertiniouty to invest and become a partner in 100 MT PD Bio Diesel Plant. We use used cooking oil from various Kitchens n convert it in to Bio Diesel This is a Biodegradable substance used to run Diesel engine Truck or Generators. Also used as Recycled Base Lube in Automobile engine oil for blending. Plant is fully paid up n Urgent Require cash flow for Working Capital,100% production sold. The offer US$ 555.000

Oman: Importer for Riot Police Gear to Oman

UAE: Labels and Sticker factory for sales

Description We need a supplier for Riot Police Gear to Oman

Description: Factory for stickers and labels cards with its equipment and machinery and valid trade license in Quz 4 area. Size is 2000 sq.ft, the income is between 300 to 500 thousand AED.

Contact: hamdan@imail.ae Mobile: +97150 886 4116

The Offer: US$ 365.000 (Negotiable) Contact: hamdan@imail.ae Mobile: +97150 886 4116

Contact: hamdan@imail.ae Mobile: +97150 886 4116

CONSTRUCTION

MANUFACTURING

Reference code: abc120

Reference code: abc121

UAE: Contracting Company for sale A contracting company (G+1 Grade, already finished meeting requirements to upgrade To G+4) with clean record and big government projects under construction.

UAE: Furniture factory for sale Description Furniture factory for sale with valid commercial trade license, 15 staff , accommodation: 6 rooms attached to factory, carpentry area, upholstery area , curtain area, painting area. The factory manufacture the following: doors, dressing rooms, sofas, wooden décor, curtains and all related furniture types. Area of the factory is 1500 square meters and it is located in Umm al-Quwain.

Offer: Cost: US$ 838,000 Negotiable Contact: hamdan@imail.ae Mobile: +97150 886 4116

Offer Cost: US$ 190,500

List your ad here so it can be seen by thousands of investors and business men all over the world. Contact: ads@arabbusinessclub.org

Contact: hamdan@imail.ae Mobile: +97150 886 4116

To list your classified ad, contact: ads@arabbusinessclub.org, Rate: $100 per listing JANUARY 2013 arabbusinessclub.org 59

Membersâ&#x20AC;&#x2122; Exclusive 30 Days Tourist Visa to the UAE Arab Business Club is now providing its members with the unique service of securing a 30 days tourist visa to the UAE, hassle free and for a special rate of US 220$ only. For more information, please send your inquiries to visa@arabbusinessclub.org

Special Rates on Hotel Reservations Arab Business Club is now providing its members with the unique service of offering special rates on hotel booking and reservations. We provide reservation in 5 and 4 star hotels and luxury hotel apartments, throughout the UAE. Options for short, long or permanent stay are available. For more information, please send your inquiries to hotels@arabbusinessclub.org

Airport Pick-up / Limousine Service Arab Business Club is now providing its members with unique transportation services that include: - Airport Pick-up. - Limousine service with driver. - Car rental services. We provide only the latest and most luxurious car and limousine brands, giving you an unmatched list of premium options to choose from. For more information, please send your inquiries to car@arabbusinessclub.org

60 arabbusinessclub.org JANUARY 2013

ARAB BUSINESS CLUB Business Set-up and Counseling Services Arab Business Club, the premier global business leaders’ community, is proud to provide its members with comprehensive and custom-tailored business set-up and counseling services that include: - Helping with license documents and requirements. - Providing influential and trust-worthy local partners. - Business counseling services (Business ideas, investment opportunities, business buying/selling, feasibility studies, market research, etc.) - Hiring and employment services. For more information, please send your inquiries to setup@arabbusinessclub.org

Special Rates on Tours and Safaris

Arab Business Club is proud to provide its members with special rates on some of the UAE’s most attractive and sought after tour and safari programs. The offer includes plenty of unique and carefully planned activities: - Desert Safaris (different programs available) - Shopping Tours - Tours of all UAE cities - Adventures (several programs available) - Cruise ship Tours For more information, please send your inquiries to tours@arabbusinessclub.org.

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Membersâ&#x20AC;&#x2122; LIST

ABC Latest Member List NAME

COMPANY

DESIGNATION

LOCATION

INDUSTRY

Twofour54

Executive Director

U.A.E.

Media

Thumbay Moideen

Thumbay Group

Founder President

U.A.E.

Conglomerate

Abdulla Al Shakra

Al Hanoo Real Estate

Chairman

U.A.E.

Real Estate

Akbar Moideen Thumbay

Thumbay Group

Director Operations, Healthcare and Retail Division

U.A.E.

Conglomerate

Fahid Abdullah Al Shakra

Al Hanoo Real Estate

Vice Chairman

U.A.E.

Real Estate

Akram Moideen Thumbay

Thumbay Group

Director Operations & Finance - Construction and Real Estate Division

U.A.E.

Conglomerate

Al Hanoo Real Estate

General Manager

U.A.E.

Real Estate

Farhad C.

Thumbay Group

Director - Hospitality Division

U.A.E.

Conglomerate

Vignesh S. Unadkat

Thumbay Group

Director - IT & Promotions

U.A.E.

Conglomerate

Nader Atout

Dr. Omar A. Mashabi

62 arabbusinessclub.org JANUARY 2013

BUSINESS CLUB In a glance Arab Business Club is an international business platform built for the World’s business elites; particularly those who are interested in building trustworthy and beneficial business relationswith the Arab World. We break through the barriers of culture, Geography and language and bring together elite Businessmen and women, investors, C-level management personnel and decision makersenabling fruitful business ties to be forged quickly and efficiently. • Arab Business Club was established since August 2008. • The Club has more then 8500 Members from 27 countries including Key business players, top management professionals, decision makers and high-ranking diplomats. • Promoting investment opportunities worldwide. • Promoting our members’ services, products and investments. • Business & investment matchmaking through our wide connections and regular events. • Facilitating relations and communication with Arab governments and authorities. Bringing together investors and investment opportunities owners. • Hosting and organizing exclusive and trend-setting business and networking events. • Leading and supporting investors & business delegations to/from the Arab World. • Supporting business setup and establishment in the region through providing advice, feasibility studies, consultancy, local partnerships and helping with licensing process. • Providing Legal support and advice to our members. • Hosting and organizing specialized events: Healthcare, Oil & Gas, Tourism, etc.a

OUR PARTNERS

MALAYSIAN BUSINESS COUNCIL. UAE

OUR MEMBERS marine Boats&Yachts

JANUARY 2013 arabbusinessclub.org 63

resources - contacts

Arab Chambers of Commerce & Industry ALGIERS CHAMBER OF COMMERCE Chambre de Commerce Palais Consulaire B.P. 100 - Alger Ier Novembre 6, Bd Amilcar Cabral, Bab-El Oued. Algiers, Algeria Phone: (213) 2-574444 Fax: (213) 2-629991 BAHRAIN CHAMBER OF COMMERCE & INDUSTRY PO Box 248, King Faisal Highway Manama, Bahrain Phone: (973) 229 555 Fax: (973) 224 985 DJIBOUTI CHAMBER OF COMMERCE Place de LaGuarde PO Box 84 Djibouti, Djibouti FEDERATION OF EGYPTIAN CHAMBERS OF COMMERCE 4, Midan El Falaki Street Cairo, Egypt Phone: (202) 3551164 Fax: (202) 3557940 FEDERATION OF IRAQI CHAMBERS OF COMMERCE P.O. Box 11348 Mustansir Street Baghdad , Iraq Phone: (964) 1-8888850 Fax: (964)1-8882305 FEDERATION OF JORDANIAN CHAMBERS OF COMMERCE PO Box 7029 Amman, Jordan Phone: (962) 6-665492/674-495 Fax: (962) 6-685997 KUWAITI CHAMBER OF COMMERCE & INDUSTRY Chamber’s Building Ali Al Salem Street. PO Box 775 13800 Safat, 13091 Kuwait Phone: (965) 2439155/2468934 Fax: (965) 2452080 64 arabbusinessclub.org JANUARY 2013

BEIRUT CHAMBER OF COMMERCE & INDUSTRY PO Box 11801, Samayah 2100, Justinian Street Beirut, Lebanon Phone: (961) 1-353390 Fax: (961) 1-866802 GENERAL UNION OF ARAB CHAMBERS OF COMMERCE, INDUSTRY & AGRICULTURE P.O. Box 2837-11 Beirut, Lebanon Phone: (961) 1-814269 FEDERATION OF CHAMBERS OF COMMERCE, INDUSTRY & AGRICULTURE P.O. Box 2321 Tripoli, Libya Phone: (218) 21-33755

MAURITANIA CHAMBER OF COMMERCE & INDUSTRY PO Box 215 Avenue de la Republique Mauritania, Mauritania Phone: (222) 2-52214 Fax: (222) 2-53895 FEDERATION OF MOROCCAN CHAMBERS OF COMMERCE 6 Rue Erfoud PO Box 218 Rabat, Morocco Phone: (212) 7-767051 Fax: (212) 7-767076 OMAN CHAMBER OF COMMERCE AND INDUSTRY PO Box 4400 Ruwi, Muscat, Oman Phone: (968) 707674/684/694 Fax: (968) 708497 QATAR CHAMBER OF COMMERCE & INDUSTRY PO Box 402 Doha, Qatar Phone: (974) 324347/326366 Fax: (974) 324338

COUNCIL OF SAUDI CHAMBERS OF COMMERCE & INDUSTRY PO Box 16683, Riyadh, 11474 Saudi Arabia Phone: (966) 1-4053200 Fax: (966) 1 4024747 MOGADISHU CHAMBER OF COMMERCE INDUSTRY & AGRICULTURE P.O.Box 27 Via Asha Mogadishu Somalia Phone: (252) 3209 SUDAN CHAMBER OF COMMERCE PO Box 1701 Khartoum, Sudan Tel: 249-1172345 FEDERATION OF SYRIAN CHAMBERS OF COMMERCE Damascus - Mousa Ben Nousair St. P.O. Box 5909 Phone No. 0096311 3311504 / 3337344 Fax No. 0096311 3331127 TUNISIAN UNION OF INDUSTRY, COMMERCE & HANDICRAFTS 103 Avenue De La Liberte Tunis, Tunisia Phone: (216) 1-780366 Fax: (216) 1-782143 FEDERATION OF THE U.A.E CHAMBER OF COMMERCE & INDUSTRY. PO Box 3014, Abu Dhabi United Arab Emirates Phone: (971) 2-214144 Fax: (971) 2- 339210 FEDERATION OF YEMEN CHAMBERS OF COMMERCE & INDUSTRYPO box 16990, Hasaba, Airport Road Sana’a Phone: (967) 1-223539 Fax: (967) 1-251551

BUSINESS CLUB

Visit our website Register and use all the info and services we provide online. Get all the information you need About Arab Business Clubâ&#x20AC;&#x2122;s membership, activities and services.

Follow the clubâ&#x20AC;&#x2122;s latest announcements and updates. Contact other members and share with them your ideas and opportunities.

business leaders

community

www.arabbusinessclub.org

BUSINESS CLUB MAGAZINE

Arab Business Club Magazine is a monthly, market intelligence publication dedicated to members of the Arab Business Club and the international business & investment community. The magazine has a print run of 25,000 copies. With distribution in:



Royality and Sheikh’s Palaces

 Onboard TAAG Airlines flights

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Top Government Offices



International Corporations



First Class and Diplomatic Airport Lounges



Top Arab Business Leaders



Onboard Etihad Airlines flights



International Events



Embassies



ABC Members World Wide



Investment Agencies



Magazine Subscribers



5-Star Rated Hotels



Media Agencies



Business Councils



Corporate Events

ABC Magazine provides its classy readers with news updates, trend setting market intelligence, expert analyses, sector reviews, corporate investment opportunities, launches, event updates and many more. This one-stop resource provides an end-to-end marketing, linking between industry analysts, corporates, government officials and decision makers. It is the only publication where internationl advertises can reach the Arab decision maker and vice versa.

DISTRIBUTION SOUTH AMERICA

AFRICA

RUSSIA & CIS

MENA

ASIA

NORTH AMERICA

EUROPE

READERSHIP With a print run of more than 25,000 copies per month, the Arab Business Club Magazine is read by elite decision makers in all industries and sectors including: Company Owners, CEO’s, Top Level Executives, Government Officials.

FOR ADVERTISING ENQUIRIES CONTACT Arab Business Club

Northern Star Publishing & Distributions

Tel: + 971 4 3583000; Mob: +971 50 703 6116 Email: ads@arabbusinessclub.org ; Web: www.arabbusinessclub.org

P.O. Box : 2188, Dubai - UAE. Tel: + 971 4 3583000; Mob: +971 50 1598118 Email: abc@northernstar.ae Web: www.northernstar.ae

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