31 minute read
BUSINESS DIALOGUE
Prepared And Committed
The fact that Alta banka – as one of the country’s few domestic banks – does not belong to the group of large banks, is something that it uses as its greatest advantage. Its staff know each client well, structures transactions to suit their specific needs and make decisions efficiently
In a climate of low interest rates and profitability that’s not so high, it is essential for banks to strengthen their activities when it comes to increasing the efficiency of processes and fortifying the resilience of their organisation through the active management of risk, while simultaneously adapting to clients’ individual needs.
Digitalisation is one of the words that has marked the period of the pandemic over the past year and a half. What has digitalisation brought to your bank?
Increasing the participation of digital channels in operations reduces crowds and queues, while at the same time eliminating operational activities in branches to a large extent, which changes the role of bank staff from administrative to advisory. Clients received additional benefits, such as, for example, the ability to pay bills from their home via IPS QR technology, in just a few seconds, without the need to visit a branch.
The number of users of digital services at Alta banka has increased by more than 60 per cent since the beginning of 2020, which shows us that we are on the right track to providing our “digitally” ever-more demanding clients with the best user experience. Almost all age categories of clients are now opting for digital services, which is a direct consequence of the “new reality” prompted by the pandemic.
For us, the implementation of digital solutions means full readiness and commitment to adapting the process and organisation of our work, in order for us to provide clients with a competitive service and adapt to their needs. This requires an infinitely agile approach.
How are the current market needs? What do citizens and businesses expect from banks? The Republic of Serbia has, thanks to a comprehensive strategy and measures taken, managed to increase economic activity while maintaining the stability of the monetary system. According to the statistics of the National Bank of Serbia, total bank placements increased by 11% last year, while the share of nonperforming loans in total loans fell below the level it was at prior to the pandemic, reaching a level of 3.5% in July this year. These stats indicate a stable and strong banking sector that responded excellently to the crisis, as well as maintaining a high level of capitalisation, measured by the indicator of a capital adequacy ratio that’s significantly above the minimum prescribed by the regulator, along with additional strengthening of the deposit base. For the economy’s further growth and recovery, alongside the stabilising of the health situation, the support of the banking sector will also be required. Clients expect improved communication with their banks, combinations of digital and traditional channels, and banks must be
ready to fulfil this need promptly in order to remain competitive on the market. When it comes to citizens, they expect security, speed, transparency and simplicity in the use of products and services from banks, i.e., a good user experience. Our clients and their positive experience of doing business with us are our best advertisements, and we grow and develop together with them.
You recently announced the introduction of completely new e-banking platforms. Can we hint at what your clients can expect?
Alta’s new e-banking and m-banking applications, which have been available to our clients since September, bring numerous improvements for users of both Android and iOS platforms. We will offer all the standard functionalities that are provided by the largest banks on the market, but with a personalised design and advanced user experience that I would highlight in particular. The Alta banka team is proud of the successful implementation of innovative applications that provide users with new functionalities and a pleasant, user-friendly interface, along with a higher level of security.
Following the implementation of the aforementioned solutions, in the subsequent phases of the digitalisation project we expect the development of additional functionalities, such as biometric authentication, PMF tools and digital card products linked to m-banking.
How would you assess the consolidating of the banking sector? Will the process continue?
The consolidating of the Serbian banking market is following world trends, i.e., it is in no way specific to our country. This process has been unfolding continuously for 20 years and has additionally accelerated on our market over the past three years. We can already highlight the dominance of foreign banks and the huge competition between them, which gives us – as one of the few remaining domestic banks – an additional motive to distinguish ourselves.
Banks around the world have recognised fintech companies as their biggest competitor in the retail sector and are turning to procuring or cooperating with them. When it comes to clients themselves, consolidation can only bring positive developments, through the race among banks to provide better and cheaper services. This process is expected to
Alta’s new e-banking and m-banking applications bring numerous improvements for users of both Android and iOS platforms
continue, and Alta banka certainly wants to find itself there, as a strong, domestic bank, close to its customers, with a tendency to expand its operations further.
When you were appointed CEO, you noted that you want to distinguish Alta as a bank that provides its clients with a good. What is actually implied by a good service?
We don’t want to be a bank that provides our clients with only a good service, but rather an exceptional one. Our bank’s mission is to provide our clients with the kind of quality of products and services that we would like to receive ourselves. The fact that we are not among the largest banks on the market ensures that we have exceptional agility and flexibility to make responsible decisions at the headquarters of our bank. Through the introduction of the latest generation of m-banking and e-banking applications, we have launched the first phase of our digital transformation. Our development plans are extremely ambitious and we see ourselves as drivers of market innovation in the near future, in synergy with other members of the Alta Group. In the domain of traditional banking, our desire is for clients to continue to see us as their good neighbour, to whom they can turn for all of their needs and in all stages of life.
Could you tell us more about the Alta Pay payment institution and the potential synergic effect of the Alta Group?
The fact that Alta Bank is part of the Alta Group is its exceptional strength. Alta Group has existed for more than ten years and, thanks to the vision and strategy of the top man, Davor Macura, it has succeeded in becoming the dominant leader in Serbia in the domain of payment services. For example, Alta Pay, with over 2,300 of its own and representative locations, as well as the range of products and services it provides, is an exceptional pillar of support for Alta banka in its further plans. The Alta Payment Institution is the first institution of its kind to receive a permit to execute payment transactions in which the funds are secured by loans, the first to enable tax refunds at its locations, the first to develop its own product, “Alta Quick Cash”, and numerous other services. We are certain that, together with such a leader in the domain of payment services, we will further develop and operate as a modern financial institution, recognised for its innovations.
LOCAL NEWS
“When we look at the number of investment projects - foreign direct investments in the last 10 years, the largest number are German companies” – MARKO ČADEŽ,
PRESIDENT OF THE SERBIAN CHAMBER OF COMMERCE & INDUSTRY
NALED 2021 TOP MEMBERS FROM THE PRIVATE, PUBLIC AND CIVIL SECTORS ANNOUNCED
Svetoslav Atanasov, General Manager of Coca Cola HBC, Zoran Semenović, Mayor of Šid, and Neven Marinović, Director of SMART Collective, took this year’s titles of NALED Top Members in the competition of over 300 companies, local governments and civil society organizations. As part of NALED’s September gathering, the audience had the opportunity to take part in additional voting, where Zoran Semenović won the most votes. This year’s recognition is awarded for an exceptional contribution to the development of the organization and membership, strengthening the reputation and promotion of common values of NALED, by the decision of the Managing Board, and at the proposal of the Executive Office.
EXPORTS AND FOOD PRICES BOTH ON THE RISE
At the opening of a dialogue on food industry systems, Serbian Minister of Agriculture Branislav Nedimovic said that Serbian food exports in the first six months of this year had been up by 13.9% relative to 2020, which was a record year. This provides Serbia with an additional assurance that there are markets to which the country can export all its agricultural product surpluses. The government also faces the challenge of maintaining those exports “When we look at the structure of that surplus, we also have reason for apprehension,” he added, noting that the situation was good for the time being due to record-high prices of field crops such as wheat and maize. “The challenges are big because we must maintain the exports and increase them constantly, but we can easily boost the value of food exports to $6 billion perhaps as early as next year” the Minister said.
SBERBANK SERBIA CONTINUES WITH ITS SUCCESSFUL OPERATIONS IN 2021
Thanks to excellent business results and significant credit placements in the area of cooperation with private individuals and companies, Sberbank Serbia only during the first seven months of this year made a net profit of over 11.2 million euros and already in July achieved its business and financial targets projected for the entire 2021 year. Speaking about this dynamic growth and achieved results, the president of the Executive Board of Sberbank Serbia Vladimir Boskovic pointed out that 2021 will be “certainly the most successful business year in the bank’s history.” According to him, the value of the loan portfolio in Sberbank Serbia increased by over 46 million euros in July 2021 compared to the beginning of the year, primarily thanks to good placements in the area of cooperation with private individuals.
Knowledge In The Service Of Testing
Quality House provides software testing services to all companies whose software development teams are facing problems in setting up appropriate test processes and related activities. Quality House is also recognised as a trusted partner when it comes to education in software testing
The mission of increasing professionalism in software testing is very important to Quality House, and we do hope that it will gain even greater momentum. I would personally like to see Quality House becoming synonymous with software testing in the SEE region and (why not?) worldwide as well - explains Quality House Director Predrag Skoković
Quality House (QH) provides testing services in the region of Southeast Europe. Who are your typical clients?
We like seeing ourselves changing along with the industry. That fuels growth and success. So, we plan not only to grow our market, but also our service portfolio
QH has worked with small teams, as in start-ups, but also with big teams in the fin-tech, telecom or automotive industries. The wide range of business domains that we support requires us to adapt quickly and apply adequate practises in order to mitigate the risks anticipated by our clients. To achieve all this, members of the Quality House Team, comprising more than
a hundred software test consultants, have to improve their knowledge, skills and experience constantly. This is followed by the regular acquiring of certificates in software testing (e.g., ISTQB) and related IT activities.
How did the idea for Quality House Serbia emerge?
It was a combination of events, people and circumstances. The story began in 2009, with my second visit to the SEETEST conference, where I met the founder of Quality House. In all the subsequent years, we have worked together to raise awareness of the necessity of having professional engagements in software testing. With each exchanged email, light chat or deep discussion, we moved a step closer to establishing an entity that would help us spread the word about software testing. It was not a ‘Big Bang’ idea, but an evolutionary process that resulted in the founding of Quality House in Serbia.
You mentioned the SEETEST conference. If I’m correct, this year’s event is the 10th SEETEST?
Yes, we are very proud to be co-organising the 10th SEETEST conference in Belgrade. This conference is regional, which means that it is organised in a different country each year. So, we can say that we were very lucky to have this anniversary held in Serbia this year. QH has been playing a co-organiser role from the very beginning of SEETEST (Southeast European Testing Conference), in harmonic collaboration with SEETB (Southeast European Testing Board). Together, we share the mission of spreading the word about the necessity of professionalising software testing. Giving back to the community is one of my personal drivers when it comes to business, and this is reflected very well in my relationship with QH and SEETB.
You have a rich portfolio of accredited testing courses?
Indeed, we have a rich portfolio of courses, accredited by ISTQB (International Software Testing Qualifications Board), with which we have Platinum partnership. We pride ourselves on the knowhow and expertise of our lecturers. Many companies from the SEE region and worldwide have trusted us to train their software testing specialists. This gives us the sense that QH is growing together with them.
When it comes to our courses’ portfolio, I would say that the most popular courses over the last couple of years relate to the following syllabus: ISTQB Foundation Level, ISTQB Agile Tester Extension and ISTQB AL Automation Test Engineer.
Could you describe the work culture and values that drive your company? Tell us something more about that…
Our core values are knowledge and commitment to high quality. We aim to create a
Flexibility and state-of-the-art results are what we’re strive for in every single project we undertake
working culture that enables employees to live these values, through everyday tasks and training. However, we also cherish other aspects of life beyond work itself. This is something that we continuously strive to spread throughout the organisation. Spending quality time with family, friends and relatives, partaking in sports and hobbies, are details that we take care of fully. The pandemic did not influence our way of working, since we have always practised remote work and flexibility, as important aspects of our identity. Our goal is to provide our clients with the best possible software testing support, and our location does not play a significant role in achieving this.
Are your knowledge and continuous learning purpose orientated; do they adapt to the client’s established working processes, including the technologies and tools they use?
Continuous learning is necessary to monitor and keep pace with all the trends in the IT sector. Due to major changes in IT, the shifting of technology and processes is also manifested in other business domains. As such, in addition to the technical and technological, we must very quickly adopt our knowledge to various business areas, in order to add value to the development teams we support with our activities.
The training courses that our software test consultants attend aim not only to increase their technical knowledge and skills, but also to provide them with a set of essential soft skills. This is very important to the way we provide our services, through test consultants with a business background.
Can you tell us something about plans for the future of Quality House?
The world is accelerating at an incredible rate, especially on the IT market, driven by demand and outstanding technology that offers so many possibilities. Quality House is surfing the wave of the IT industry’s expansion. We like to see ourselves developing and adapting along with the industry. It is inspiring to think of how much IT has changed over the last 20 years, and also how those changes have reflected on our company. We would like to see more changes like these, more reasons to become even more specialised. That fuels our growth and success. So, we plan not only to grow our market, but also our service portfolio.
REGIONAL NEWS
“People living in Sarajevo, Skopje, Belgrade and many other cities in the Western Balkans breathe what is considered to be the most polluted air in the world” – MAJA BAKRAN MARCIC, DEPUTY DIRECTOR
GENERAL OF THE SECTOR FOR MOBILITY AND TRANSPORT IN THE EUROPEAN COMMISSION
EBRD ADOPTS NEW COUNTRY STRATEGY FOR MONTENEGRO
The European Bank for Reconstruction and Development (EBRD) has adopted a new country strategy for Montenegro for the period 2021-2026 with three priorities: Strengthen private sector competitiveness The EBRD’s key priority in Montenegro is to help diversify the country’s economy to reduce reliance on seasonal tourism and to improve the business environment. The Bank stands ready to support companies, especially small and medium-sized enterprises (SMEs), with measures that promote strengthened capacity, commercialisation and improved governance. These measures include direct finance, short-term liquidity, tailored advice and policy engagement. The Bank is also leading the effort to support undeserved segments via the promotion of skills-enhancing solutions, greater financial inclusion and equal access to opportunities.
EIB AND SOFIA MUNICIPALITY SIGN €60 MILLION LOAN FOR SUSTAINABLE MOBILITY PROJECTS
The European Investment Bank (EIB) and Sofia Municipality have signed a €60 million framework loan to promote sustainable urban mobility in Bulgaria’s capital. The EIB financing supports Sofia Municipality’s objective to develop an environmentally sustainable transport system that improves the everyday life of its people. In line with the objectives of the General Development Plan of the City of Sofia and the Sustainable Urban Mobility Plan of Sofia 2019-2035, the EIB will finance projects that include the construction and rehabilitation of sections of the road and street network, parts of the tramway, and walking and cycling infrastructure. In addition, public transport projects such as buses and the installation of electric vehicle charging infrastructure can be supported.
Work has started on the construction of a new power substation in Ohrid, a key component of the first electricity interconnector between Albania and North Macedonia, which will range from Bitola in North Macedonia to Elbasan in Albania. The project, financed by the European Union and the European Bank for Reconstruction and Development (EBRD) is part of the EU’s initiative to establish an EastWest electricity transmission corridor between Bulgaria, North Macedonia, Albania, Montenegro and Italy. The project completes the 400kV electricity ring between Albania, North Macedonia and Greece, enhancing crossborder exchanges in electricity and contributing to the development of the regional market.
WHY CUTTING WESTERN BALKANS’ ROAMING PRICES IS GOOD FOR CONSUMERS AND BUSINESSES
The first day of July 2021 saw the end of roaming costs across Western Balkan countries. Citizens in the region can now enjoy traveling without having to either switch off their phones or worry about the costs at the end of the month. The benefits it can bring are illustrated by what we’ve seen in the EU. In a survey conducted by Eurobarometer a year after roaming was introduced, 82% of people who traveled to another EU country felt they had benefitted from the new rules. As noted in a joint statement by the vice-president for the digital single market and commissioner for digital economy and society: “Roam like at home is working and is becoming a habit: customers are appreciating it, consumption is up and the demand for mobile services while traveling in the EU is very high. It benefits consumers and operators alike.”
AFI Europe Serbia Is Launching NEW BUSINESS PARK
One of the most reputable investors on the Belgrade real estate market is launching an exciting new project - AFI City Zmaj
Set to rise from the rubble on the site of the famous former Zmaj factory on the outskirts of the city, this project will ultimately encompass the Zmaj East and Zmaj West developments.
SPIRIT OF THE PROJECTS
Just as dragon (”Zmaj”) is known as a guardian of treasure, all AFI Europe Serbia projects developed to date in Belgrade represent valuable and innovative concepts that have quickly become successful and treasured additions to the offer of the city’s real estate market, and positioned its investor on the highest place in business space.
These ‘treasures’ include the Airport City Belgrade concept of City within the City, the very special and high-profile Skyline AFI Business Tower and the centrally located Business Garden. As the latest project, AFI City Zmaj will also bring a new concept that differs from those of other projects and
In terms of architecture, its buildings will be modern, but also highly sustainable and efficient, AFI CITY ZMAJ concept would respond to the demands of the targeted client group
aims to fulfil a need that we have identified on the market, while at the same time adhering to the successful methodology and applied knowhow that have ensured the great success of all previous projects.
In terms of architecture, its buildings will be modern, but also highly sustainable and efficient, thus responding to the demands of the targeted client group.
A favourable location at the very entrance to the city ensures excellent access, while the huge surface area provides the possibility to develop a number of facilities that require a large area and plenty of space for parking.
The project will, once again, be entrusted to the domestic companies with which we’ve collaborated successfully for many years, coupled, of course, with the superior knowhow of our parent group and the vast experience of our engineers and architects, who are always ready to apply their expertise.
In terms of the project’s concept, AFI City Zmaj will be highly adaptable to expected future changes regarding modern office space, as well as the needs of young, emerging, highly-efficient international and domestic companies that strive always to be “one step ahead”. We are accustomed to providing our clients with flexibility and adaptable space. Such a concept resulted in the highest rate of occupancy and exceptional client loyalty that sees our tenants stay with us for years, as is the case with those that have been based at Airport City since day one - showing that we know how to create that special “extra ingredient” that guarantees success.
Phase one will be launched before the end of 2021 and is expected to be completed within a year and a half. It will consist of two buildings with a combined surface area of 30,000 sqm. The rendered images here show general idea of the buildings’ future appearance.
We are excitedly looking forward to see how this development will enrich the entrance to the city and how this project will serve to enhance the already positive reputation of AFI Europe Serbia.
They Entered The Pandemic Prepared
MPC Properties is a company that constructs, develops and manages commercial real estate, and which has an extraordinary responsibility from the security aspect. Its corporate security sector has been set up as a separate unit, in contrast to the common market practice that sees it merely form part of an existing sector
Plans defined clearly in advance, prepared strategies and operational continuity and stability had a significant influence on MPC entering the pandemic prepared. Alongside its central Crisis Team, every MPC facility has its own crisis management team that handles the safety of all users.
The issue of corporate security is something that your company has always viewed strategically and as part of your business culture. Has that proven to be a lifesaver during the time of the pandemic?
The corporate security sector is very important part of our company that forms part of every process and project. Our mission is to enable the proper following of procedures and the efficiency of business processes, as well as to provide support and protection to all company departments and employees in their daily work. Crisis management is also one of the areas that we cover, the importance of which was actually confirmed by the pandemic. We succeeded in implementing all preventative and security measures under extremely short deadlines, and all in our very dynamic environment, because it was necessary to coordinate whole networks of associates, from the administering of employees and coordinating of our tenants and their supplies, to the coordinating of all services within our facilities.
Is it accurate to say that if the corporate security system is not covered, that every other system, and the very success of the company itself, is brought into question?
The first association with the corporate security sector is ordinarily the security guard people most often come into contact with, or
some strict investigator who isn’t considered a desirable participant in meetings. In our case, the corporate security sector aims to improve the efficiency of the entire system and is composed of a team of professional people who have international experience. Also testifying to the fact that we are unique and not confined to the market’s standard framework is the inclusion of women in our security sector, which is generally defined as a man’s domain. Alongside the standard areas of physical protection, as well as cyber and information security that we are also responsible for, we are involved in tender process as a control function. Beside this, we have clearly defined anti-corruption and fraud prevention processes within our company, with which we additionally protect the company’s business success and reputation, whilst simultaneously contributing to increasing efficiency and profits. The company recognize importance of this sector, which confirms it through diverse trainings and innovations.
Have you preserved employees’ health and lives, as well as the company’s stability, thanks to your strict rules, clear procedures and strong connectedness between all sectors and managers?
We have great responsibility, primarily to employees, then to our tenants and partners, and ultimately to those who visit our facilities. That level of security certainly also implies clear rules and procedures, which are regularly implemented, but also advanced. We strive to always go a step further, to monitor and apply world standards and practices, which is why we regularly implement evacuation drills at facilities. The latest example of an advancement to our operations is the equipping of facilities with defibrillators, with the aim of saving lives.
The process of certifying the WELL Health & Safety standard of our retail and office facilities is underway. It implies the existence and implementation of policies, protocols and plans encompassing 22 areas, first and foremost in the areas of safety, air quality in facilities and cleaning and sanitation, which will bring us international confirmation that our objects are world class when it comes to security.
Kadarka Wines Conquering The World
The Tonković Winery, based in the village of Bački Vinogradi, is commemorating the first 15 years of its successful operations. Testifying to the claim that this is a unique wine house and an unusual, visionary endeavour – rather than a mere business undertaking – is the fact that it has planted only one grape variety on all nine hectares of its vineyards
Considering that the world is seeking new varieties that are insufficiently utilised and that this quest has become a global trend, exports are rising constantly, despite the pandemic. Our wines are sold in Switzerland, France, Croatia, Ireland, Montenegro, Japan and
America - notes Tonković Winery Sales
Director Mladen Ćirić with pride.
Every winery has its own unique story. How did it happen that you ended up growing only one variety of grape; and not just any variety, but rather Kadarka, which is an old, autochthonous variety?
Serbian winemaking has been developing very rapidly in recent years, with the number of wineries growing and, with that, the number of high-quality wines. And along with that, naturally, comes increased demand for wines made from autochthonous varieties. With a deep belief that wines made from local varieties have a future, among both foreign and domestic consumers, we decided back in 2006 to do something a little different. We planted an entire nine-hectare vineyard exclusively with only the Kadarka variety. Kadarka is an old Serbian autochthonous grape variety, which – due to its demanding nature, low yields and the style of wine itself – has almost disappeared from Serbia. With an awareness of the fact that Kadarka wines were known throughout history as noble wines, we decided to attempt to restore the former glory of these wines.
Which different wines can be made from this one variety? Which of your Kadarka wines is experiencing the highest demand on the market? Is it also the most awarded?
We use Kadarka to make a rosé wine and two red wines, and – as of this year, for the first time – we also make a blanc de noir (white wine made from red grapes). The
white wine has really attracted attention since we launched it, because it is specific and many consumers didn’t even know that it was possible to make white wine from red grapes. It has been really nicely accepted so far.
Our most renowned wine is Fantasy [Fantazija], which is the basic wine made from Kadarka. It is a wine that satisfies almost all criteria. It has a lighter body, a very fruity aroma and a medium-long finish. It can even be slightly chilled and consumed with or without food. It is a truly appreciative wine.
Apart from that, it has also achieved greatest success. Fantasy is the only Serbian wine that can be found in the largest wine museum in Bordeaux, selected by Andreas Larsson, the world’s best sommelier.
It also received an award as the world’s best Kadarka wine last year, in competition among 113 wines of the same variety, and since 2010 it has been traditionally drunk in the Vatican for the annual feast of the holiday of St. Urban.
Would Kadarka wines make an ideal corporate gift or present for diplomats, directors of foreign companies etc.?
We consider wine as being a really nice present for various occasions. The New Year and Christmas holidays are ideal occasions for such gifts. And this is a segment that’s growing. That’s because many domestic companies are increasingly cooperating with foreign firms and want to show what we, as a country, can offer when it comes to wine, especially wines made from local varieties. We have adapted to these requirements, which is why we also create personalised labels for various companies that want to send a message or express gratitude to their important customers and associates.
We are able to organise wine tastings and gatherings for all interested companies. Contact us at office@vinarijatonkovic.com
WORLD NEWS
“Inflation to me, it looks like there’s part that’s transitory and there’s part that’s not — that’s not a disaster” – JAMIE DIMON, CEO OF
JPMORGAN CHASE
UK ENERGY SUPPLIER GREEN TO CEASE TRADING AS THE LATEST CASUALTY OF ENERGY CRISIS
Energy supplier Green has become the latest victim of the crisis engulfing the sector as it collapsed, blaming “unprecedented market conditions and regulatory failings”. Green, which has more than 250,000 customers and 185 staff, confirmed that it would cease trading a day after Sky News revealed that it had lined up advisers to oversee a potential insolvency. The announcement came as the head of regulator Ofgem told MPs more suppliers could go bust in coming months after a surge in wholesale gas and electricity prices. Meanwhile, Sky News revealed that Igloo, another small player in the sector, was close to being added to the list of casualties as it called in advisers - and has stopped taking on new customers. Green said it was “exiting the market due to the government failing to provide any support to smaller energy suppliers”.
CHINA’S XI COMMITS TO STOP BUILDING COAL PLANTS ABROAD
Chinese President Xi Jinping said Beijing would stop building coalfired power plants abroad, in a public commitment to redirect the country’s huge engineering industry away from adding to a source of global pollution. Beijing has faced pressure from the U.S., the European Union and environmental groups for having continued to finance and build coalfired power plants in many developing countries, even as it said it would cut greenhouse emissions at home.
UAE REAL ESTATE SHOWS SIGNS OF RECOVERY AS ALDAR PREDICTS SALES SURGE
Abu Dhabi’s property market is showing signs of steady growth, as the oil rich capital of the United Arab Emirates recovers from the deep blows of the coronavirus pandemic. “Business in Abu Dhabi and the real estate sector is actually very buoyant,” Aldar Properties Chief Financial and Sustainability Officer Greg Fewer told CNBC’s “Capital Connection” on Wednesday. “We’ve just come off a strong second quarter where we announced growth across all our major business lines,” Fewer said. “We’re on pace to exceed 5 billion dirhams ($1.36 billion) in sales this year, driven by new launches that we’re going to be bringing in the third and fourth quarters.” The latest comments signal a further improvement in the UAE’s economy and its often crisis fraught real estate sector. Pandemic related job losses forced nearly 10% of the UAE’s expat population to leave, hitting property prices and increasing vacancies last year.
“Cryptos are highly speculative assets that claim their fame as currency, possibly, but they’re not” – CHRISTINE LAGARDE, PRESIDENT OF THE EUROPEAN
CENTRAL BANK
ROBINHOOD TO LAUNCH CRYPTOCURRENCY WALLETS
Robinhood is testing “crypto wallets” with select clients next month to allow investors to send, receive and move cryptocurrencies in and out of the Robinhood app. In recent months, some users have taken to social media to complain that by using Robinhood, they had exposure to crypto prices but not actual ownership of the coins themselves. The move comes as cryptocurrency makes up an increasingly large part of Robinhood’s revenue. Bitcoin and other cryptocurrencies have seen sharp volatility since bitcoin’s all-time high in April amid more concerns about regulation.
ALL-ELECTRIC AIRCRAFT FROM ROLLS-ROYCE COMPLETES MAIDEN FLIGHT IN BRITAIN
The last few years have seen a number of firms develop plans and concepts related to low and zero-emission aviation. Rolls-Royce’s aircraft is the result of a program called ACCEL, or Accelerating the Electrification of Flight. In a statement, the company said the aircraft’s trip marked “the beginning of an intense flight-testing phase” that would involve the collection of performance data on its electrical power and propulsion system. According to Rolls-Royce, the airplane — dubbed the “Spirit of Innovation” — utilized a 400 kilowatt electric powertrain “with the most power-dense battery pack ever assembled for an aircraft.” Eventually, the firm wants the aircraft’s speed to exceed 300 miles per hour.
AMSTERDAM’S COFFEESHOPS HIT BY COVID FEAR A CLAMPDOWN ON TOURISTS
Dutch capital Amsterdam has long been a draw for millions of tourists from Europe and beyond but tourism has been hit by Covid-19 and travel restrictions. Tourists are attracted to the city for its canals and culture as well as its coffeeshops and sex industry. Coffeeshops are plentiful in Amsterdam and where the Dutch authorities tolerate the sale of cannabis products. There could be a clampdown on foreign tourists visiting coffeeshops. In the second quarter of 2021, turnover in accommodation and food services was 52.6% up on the same quarter of 2020 (a period covering the first lockdown). However, it was over 35% smaller relative to the second quarter of 2019.
