Arab British Chamber of Commerce Newsletter 13

Arab-British Business Volume 37 Issue 1 January/February 2014 Monthly bulletin of the Arab British Chamber of Commerce

ECONOMY SET TO TURN CORNER THIS YEAR See page 24-26

SHEIKH ZAYED ROAD, DUBAI, UAE

CHAMBER NEWS

NEW MEMBERS

Monthly bulletin of the A-BCC Editorial Team Abdeslam El-Idrissi Cliff Lawrence David Morgan Dr Yasmin Husein Arab-British Chamber of Commerce 43 Upper Grosvenor Street London W1K 2NJ Tel: +44 (0) 20 7235 4363 Fax: +44 (0) 20 7245 6688 d.morgan@abcc.org.uk (English Editorial) y.husein@abcc.org.uk (Arabic Editorial) www.abcc.org.uk

Production & Design Distinctive Publishing Unit 2b Floor B Milburn House Dean Street Newcastle Upon Tyne NE1 1LE Tel: 0845 884 2343 www.distinctivepublishing.co.uk

Advertising Distinctive Publishing Tel: 0845 884 2343 john.neilson@distinctivegroup.co.uk

Golden Cascade Consulting WLL Avenue 50 Business Centre, PO Box 38765 Building 38, Third Floor Suite 216, Road 50, Block 426 Jidhafs BAHRAIN Tel: +973 34 426 055 Email: sarfraz@goldencascade.com Website: www.goldencascade.com Contact Mr Sarfraz Sharief Managing Director Business Activity: Corporate finance advisory, specialising in mergers and acquisitions AIG Europe Limited The AIG Building 58 Fenchurch Street LONDON EC3M 4AB UK Tel: +44(0)20-7651 6061 Email: Rhodri.Williams@aig.com Website: www.aig.com Contact Dr Rhodri Williams Strategic Advisor to the CEO, EMEA Business Activity: All classes of insurance business other than life insurance Al Ajlan Global 23rd Floor, Borj Al Nakheel King Fahad Street Riyadh SAUDI ARABIA Email: ahmed.f@alajlan-global.com Website: www.alajlan-global.com Contact Mr Ahmed Fathy Consultant Business Evaluation Business Activity: Investment in health, construction and other sectors

Tradekey Company Saudi Arabia King Fahd Road Almas Centre, 3rd Floor Riyadh SAUDI ARABIA Tel: +966 11 201 0000 Fax: +966 11 201 3003 Email: wsa@tradekey.com Website: www.tradekey.com Contact Mr Waleed S Abalkhail Chairman & Managing Director Business Activity: E-commerce B2B electronic market place Dr Anna Rogowska Dar Al Hekma College Legal Studies Saeed Al Adawi 6700 Jeddah 22246 SAUDI ARABIA Tel: +966 2 630 3333 Ext 189 Fax: +966 2 631 6270 Email: arogowska@dah.edu.sa; aarogowska@ gmail.com Contact Dr Anna Rogowska Assistant Professor, Legal Studies Program Associate Member Burlington Slate Limited Cavendish House KIRKBY-IN-FURNESS Cumbria LA17 7UN UK Tel: +44(0)122-988 9661 Fax: +44(0)122-988 9466 Email: nick@burlingtonstone.co.uk Website: www.burlingtonstone.co.uk Contact Mr Nick Williams Commercial Director Business Activity: Quarrying and processing of natural stone

CONTENTS New Members Bahrain Business & Project News Saudi Arabia

3 11 13-17 19

Disclaimer

Law

21-23

Distinctive Publishing or Arab-British Chamber of Commerce cannot be held responsible for any inaccuracies that may occur, individual products or services advertised or late entries.

No part of this publication may be reproduced or scanned without prior written permission of the publishers and Arab-British Chamber of Commerce.

Economy

24-26

Reports in Arabic

27-30

ISSN No: ISSN 0958-8116

Iraq Tenders Business Events & Trade Fairs

32 34-36 38

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CHAMBER NEWS

AIG IS FIRST FOREIGN INSURER IN CASABLANCA FINANCE CITY ABCC member American International Group (AIG) has become the first foreign insurance institution to be granted a licence from Morocco’s Casablanca Finance City (CFC).

AIG received approval for the establishment of a servicing office in CFC to support the strategic growth and expansion of its insurance business across the region.

A view of Casablanca

CFC serves as Morocco’s finance centre and a leading African hub for the development of business across the region, with a particular focus on financial services.

Following the granting of its licence, AIG expects to be fully operational in Casablanca Finance City by the third quarter of 2014.

Michael Whitwell, President, MEA, AIG, said: “AIG’s commitment to Africa dates back over 50 years. As we looked to extend our strategic footprint within the continent, we are very pleased with the opportunities that Casablanca Finance City presents as a platform to facilitate our reinsurance and other insurance offerings across North, Central and West Africa. It will also allow AIG to enhance its service to existing clients in the region, as well as raise the company’s profile in these territories.“ Said Ibrahimi, CEO of Casablanca Finance City Authority said: “We are excited at the prospect of having AIG set up their regional hub for North, West and Central Africa in Morocco. These are indeed exciting times for Africa, CFC and multinational corporations which can no longer ignore our continent.”

Casablanca Finance City Authority, formerly Moroccan Financial Board, is a publicprivate partnership dedicated to positioning Casablanca as an international financial centre, and a premier gateway into Africa markets for financial institutions, regional headquarters of multinational corporations, and professional services firms. It oversees the overall management and promotion of CFC. Morocco has numerous inherent assets that strengthen its position in this regard:

l A strong banking sector, influential and

well-established in Africa l The second largest stock market

capitalization in Africa l Significant geographical advantages thanks

to its proximity to African, European, Middle Eastern and American markets l Leading air connectivity both within Africa

and across the globe l World-class infrastructure (including

amongst others: 14 international airports, largest commercial harbour in the Mediterranean (Tangier Med) and extensive motorway and logistics networks) l A strong banking sector, influential and

well-established in Africa

l The second largest stock market

capitalization in Africa l Significant geographical advantages

thanks to its proximity to African, European, Middle Eastern and American markets l Leading air connectivity both within Africa

and across the globe l World-class infrastructure (including

amongst others: 14 international airports, largest commercial harbour in the Mediterranean (Tangier Med) and extensive motorway and logistics networks).

For further information AIG see: www.aig.com Casablanca Finance City: www.casablancafinancecity.com

MEIR eDaily, 22/01/2014

CHAMBER NEWS

NEW BOOK CHARTS ROYAL PRINCES’ INTREPID GLIDING EXPEDITION Wings Over Arabia is the first-hand account of an historic and often dangerous gliding expedition over the wild and desolate deserts, massive dormant volcanoes and ancient outpourings of black lava, the azure Red Sea coast and the mountainous south-western region of the Kingdom of Saudi Arabia.

The journey vividly illustrates the hugely varying topography, geology and character. It banishes forever the idea of a country that is popularly conceived of as simply a sandy desert and reveals the incredibly rich variety of this land.

of the stunning photographs are unique and hitherto unseen. They are accompanied by the entertaining narrative of the author Roger Harrison, writer, photographer and long-time resident of the Kingdom.

The pilots, HRH Prince Sultan bin Salman bin Abdulaziz Al Saud (the first Arab in space), HRH Prince Bandar bin Khaled Al Faisal and British glider pilot instructor John Bally made gliding history by flying in a great circular route across the western and central areas of Saudi Arabia, over some of the harshest and most unforgiving desert terrain in the world.

Wings Over Arabia is the first book to feature extensive aerial photography of Saudi Arabia.

This narrative is interspersed with fascinating illustrated texts that explain in detail the historical importance of some of the sights photographed from the air, including the Hejaz Railway (of Lawrence of Arabia fame) and the mysterious architectural remains of the Nabataean people, builders of Petra and the less well known southern capital Madain Saleh in Saudi Arabia.

With the expedition’s access to flight paths previously not available to civil aviation, many

“What an absolutely fantastic book. Amazing photographs and other illustrations and

clean crisp text,” Sir Sherard Cowper-Coles, former UK Ambassador to Saudi Arabia.

Wings Over Arabia is published by jointly by ABCC member Medina Publishing and Tarah International.

Specifications: 320 x 240 mm Landscape 168 pp Hardback ISBN: KSA 978-6039035466 – UK 9780956417077 Price: SRA199 or GBP45.00 Medina Publishing Guy Cross Tel: + 44 (0) 208 399 7736 Email: guycross@medinapublishing.com

NEW MEMBERS Continued from Page 3 Nabarro LLP Lacon House 84 Theobald’s Road LONDON WC1X 8RW UK Tel: +44(0)20-7524 6000 Fax: +44(0)20-7524 6524 Email: g.stedman@nabarro.com Website: www.nabarro.com Contact Ms Divya Nazran International Business Development Manager Business Activity: Legal services

Panache Fire Protection Limited 58-60 Kensington Church Street LONDON W8 4DB UK Tel: +44(0)20-7368 1615 Email: sales@ panachefireprotection.com Website: www. panachefireprotection.com Contact Miss Kamisha Lala Director Business Activity: Providing complete fire engineering solutions packages in the petrochemical oil and gas sector

Sheikha Bint Hamad Al Thani Limited 1 Lumley Street LONDON W1K 6TT UK Fax: +44(0)20-7402 5989 Email: sheikha.althani@satuc.org; meshkan.tawfik@yahoo.com Website: www.satuc.org Contact Ms Meshkan Tawfiq CEO Business Activity: Charity

Technology Partners Limited 10 Progress Business Centre Whittle Parkway SLOUGH Berkshire SL1 6DQ UK Tel: +44(0)162-855 9339 Fax: +44(0)162-8666 853 Email: zajaib@technologypartners. co.uk Website: www.technologypartners. co.uk Contact Mr Zaff Ajaib Managing Director Business Activity: Leading accounting, ERP, CRM, BI and bespoke development solution providers.

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MEMBER PROFILE

TRADE SERVICES

BRITISH ARAB COMMERCIAL BANK: INNOVATOR IN TRADE FINANCE AND TREASURY With more than 40 years serving exporters and traders to Arab and African markets, BACB is an acknowledged leader in handling all aspects of trade finance in relation to its markets.

BACB’s name and reputation for excellence in the field mean the instruments it confirms and issues are readily accepted worldwide.

The bank’s experienced multilingual staff (including Arabic, French and German speakers) can offer advice and guidance in structuring transactions, complying with regulations, and ensuring that transactions are being conducted prudently and in accordance with local requirements.

BACB’s Head Office is located in the financial district of the City of London. With all the bank’s operations and marketing handled on the same premises, BACB is streamlined to be able to offer exemplary services to its customers. The bank also has representative offices in Algiers, Algeria and Tripoli, Libya who can assist locally.

BACB is backed by three state-owned banks all of which have shown strong support to BACB. Its major shareholder, Libyan Foreign Bank (LFB) with 83.48% shareholding was established in 1972

and is 100% owned by Central Bank of Libya. LFB is the largest bank in Libya with total authorised capital of US$ 8.7billion (total assets of US$ 16billion) and is ranked continuously in the top 10 of Africa’s Top 100 Banks with an important international network of subsidiaries and correspondents.

BACB has been an active member of the London and MEA financial markets for over 40 years specialising in the Middle East and the African continent (including the Maghreb region).

With our active and professionally staffed dealing room, we offer a comprehensive range of products and services to our clients, which today include not only the traditional FX and Money market products, but also a wide range of swaps, repos, derivative structures and custody services.

BACB also provides a wide range of banking services to corporate clients and correspondent banks. Services provided comprise current accounts in a range of currencies, international payments, payrolls, deposits and BACB-e internet banking.

BACB London

From individual commercial settlements to high volume salary or other repetitive payment solutions to Arab markets, Europe, the Americas, Africa, India, China and the Far East, our London-based multilingual service teams are well placed to meet all your

payment needs.

Contacts at BACB Nabil Frik Head of Middle East & Africa Markets Tel: + [44] (0) 207 972 6920 Email: nabil.frik@bacb.co.uk John Penn Head of Structured Trade & Commodity Finance Tel: + [44] (0) 207 972 6918 Email: john.penn@bacb.co.uk Danie Marx Head of Treasury, Structured Investments & Real Estate Finance Tel: + [44] (0) 207 972 6902 Email: danie.marx@bacb.co.uk BACB plc 8-10 Mansion House Place London EC4N 8BJ Tel: +44 (0) 207 648 7777 Fax: +44 (0) 207 600 3318

6

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‫ ‬

‫ ‪CHAMBER NEWS‬‬

‫ ‪ DNO JA OC@ OJK ¥¢ HJNO KJR@MAPG <P?D RJH@I‬‬ ‫ ‪ DNO JA OC@ OJK ¥¢ HJNO KJR@MAPG <P?D RJH@I‬‬ ‫أ‬ ‫أ‬ ‫سعودية‬ ‫ة‬ ‫أ‬ ‫ر‬ ‫ام‬ ‫‪30‬‬ ‫قوى‬ ‫ل‬ ‫ قامئة‬ ‫أ‬ ‫قامئة لقوى ‪ 30‬امر أأة سعودية‬

‫أصدر موقع أريبيان بزنس‪ ،‬في‬ ‫(فبراير)‬ ‫في‬ ‫شباط بزنس‪،‬‬ ‫شهرأريبيان‬ ‫من موقع‬ ‫‪4‬أصدر‬ ‫وأكثر ‪01‬‬ ‫شهرألقوى‬ ‫منقائمة‬ ‫‪،4104‬‬ ‫(فبراير)‬ ‫شباط‬ ‫‪4‬‬ ‫وذلك‪01‬في‬ ‫سعودية تاثير‬ ‫امرأة‬ ‫ألقوىاً‪،‬وأكثر‬ ‫‪ ،4104‬قائمة‬ ‫المتنوعةوذلكالتي‬ ‫مرأة القوائم‬ ‫إطار‬ ‫في‬ ‫سعودية تاثيراً‪،‬‬ ‫ا‬ ‫المتنوعةتصدرت‬ ‫الموقع سنويا ً‪.‬‬ ‫التي‬ ‫يصدرها القوائم‬ ‫إطار‬ ‫ُعيبي القائمة‬ ‫الموقعالش‬ ‫يصدرها أفنان‬ ‫الدكتورة‬ ‫تصدرت‬ ‫سنويا ً‪.‬‬ ‫ُعيبي ‪ 0‬في‬ ‫الرقم‬ ‫الدكتورة على‬ ‫بحيازتها‬ ‫القائمة‬ ‫أفنان الش‬ ‫مقتطفات‪ 0‬من‬ ‫القائمة‪.‬‬ ‫في‬ ‫وهذه الرقم‬ ‫حيازتها على‬ ‫ب‬ ‫المقال‪:‬‬ ‫القائمة‪ .‬وهذه مقتطفات من‬ ‫المقال‪:‬‬ ‫"تعيش المرأة السعودية في‬ ‫في‬ ‫السعودية‬ ‫"تعيش‬ ‫الذهبي لها‬ ‫المرأةالعصر‬ ‫الحاضر‬ ‫الوقت‬ ‫لها‬ ‫العصر‬ ‫الذهبيقبل‬ ‫دعم من‬ ‫الحاضركل ال‬ ‫الوقت وجدت‬ ‫بعد أن‬ ‫قبل‬ ‫وجدت كل الدعم‬ ‫بعد‬ ‫الشريفين منالملك‬ ‫خادم أنالحرمين‬ ‫الملك‬ ‫الحرمين‬ ‫خادم‬ ‫الشريفينسعود‪.‬‬ ‫عبدالعزيز آل‬ ‫عبدهللا بن‬ ‫سعود‪.‬‬ ‫مه ّدبنلهاعبدالعزيز‬ ‫عبدهللا‬ ‫الطريق آلبسياسته‬ ‫فلقد‬ ‫‪Dr Afnan Al Shuaiby‬‬ ‫بسياسته‬ ‫فلقد‬ ‫الطريق المتميزة‬ ‫لها مكانتها‬ ‫الحكيمةمه ّدلتنال‬ ‫‪Dr Afnan Al Shuaiby‬‬ ‫المتميزة‬ ‫مكانتها‬ ‫ومربيةلتنال‬ ‫الحكيمة‬ ‫الفرص التي مكنتها من االنخراط في المجتمع‬ ‫وأوجد‬ ‫أجيال‪،‬‬ ‫كأم‬ ‫المجتمع‬ ‫االنخراط في‬ ‫وفي مكنتها‬ ‫طائرة التي‬ ‫قبطانالفرص‬ ‫وأوجد‬ ‫أجيال‪،‬‬ ‫كطبيبةومربية‬ ‫كأم‬ ‫متعديةً أقرانها‬ ‫من األحيان‬ ‫الكثير من‬ ‫وحتى‬ ‫ومهندسة‬ ‫متعديةً‬ ‫حصلنأقرانها‬ ‫باحثات األحيان‬ ‫الكثير من‬ ‫ومهندسة‬ ‫كطبيبة‬ ‫على‬ ‫سعوديات‬ ‫وفييبحث‬ ‫طائرةمن‬ ‫قبطانوسيجد‬ ‫وحتىمهمة‪.‬‬ ‫قطاعات‬ ‫الرجال في‬ ‫من‬ ‫على‬ ‫حصلن‬ ‫سعوديات‬ ‫باحثات‬ ‫تنصيبهميبحث‬ ‫وسيجد من‬ ‫مهمة‪.‬‬ ‫التقديرفيفيقطاعات‬ ‫أعلىالرجال‬ ‫من‬ ‫الهيئات الدولية‪.‬‬ ‫مهمة في‬ ‫ألدوار‬ ‫كما تم‬ ‫الجامعات‪،‬‬ ‫الدولية‪.‬‬ ‫الهيئات‬ ‫مهمة في‬ ‫مجلسألدوار‬ ‫تنصيبهم‬ ‫الجامعات‪ ،‬كما‬ ‫والمرأةالتقدير في‬ ‫أعلى‬ ‫وهذه أعلى‬ ‫السعودي‬ ‫الشورى‬ ‫عضوتم في‬ ‫السعودية اآلن هي‬ ‫أعلى‬ ‫السعودي كلوهذه‬ ‫الشورى‬ ‫مجلس‬ ‫وتجد في‬ ‫للملك عضو‬ ‫اآلن هي‬ ‫تقدمالسعودية‬ ‫والمرأة‬ ‫هذا لوال‬ ‫كان ليحدث‬ ‫منه‪ .‬وما‬ ‫الدعم‬ ‫االستشارات‬ ‫جهة‬ ‫عبدهللا"‪ .‬وما كان ليحدث كل هذا لوال‬ ‫الملكالدعم منه‪.‬‬ ‫للملكمنوتجد‬ ‫الرؤية تقدم‬ ‫جهة‬ ‫االستشاراتالكبير‬ ‫الحكيمة والدعم‬ ‫الرؤية الحكيمة والدعم الكبير من الملك عبدهللا"‪.‬‬ ‫وتتولى الدكتورة أفنان قيادة غرفة التجارة العربية البريطانية‪ ،‬والتي تقودها‬ ‫تقودها‬ ‫البريطانية‪،‬‬ ‫علىلعربية‬ ‫التجارة ا‬ ‫قيادة‬ ‫الدكتورة‬ ‫وتتولى‬ ‫والتيالتجارية‪،‬‬ ‫الغرف‬ ‫نظيراتها من‬ ‫غرفةمتفوقة‬ ‫وأمان‬ ‫أفنانثقة‬ ‫ُعيبي بكل‬ ‫الدكتورة الش‬ ‫الغرفإلىالتجارية‪،‬‬ ‫مؤسسة من‬ ‫من نظيراتها‬ ‫الغرفة على‬ ‫ُعيبيمتفوقة‬ ‫وأمان‬ ‫ُعيبي بكل‬ ‫وبحكمتها الش‬ ‫الدكتورة‬ ‫منظمة‬ ‫روتينية‬ ‫الدكتورةثقةالش‬ ‫نقلت‬ ‫الغرفة من مؤسسة روتينية إلى منظمة‬ ‫العربيشُعيبي‬ ‫الدكتورة ال‬ ‫على نقلت‬ ‫وبحكمتها‬ ‫والبريطاني‪.‬‬ ‫المستويين‬ ‫فاعلة‬ ‫فاعلة على المستويين العربي والبريطاني‪.‬‬ ‫وللمرة الثانية‪ ،‬تكلف الدكتورة أفنان الشعيبي في منصب األمين العام والرئيس‬ ‫والرئيس‬ ‫المرأةالعام‬ ‫لنجاحاألمين‬ ‫تتويجانصب‬ ‫الشعيبي في م‬ ‫الدكتورة ــأفنان‬ ‫الثانية‪ ،‬تكلف‬ ‫وللمرة‬ ‫عامة‬ ‫العربية‬ ‫البريطانية‪،‬‬ ‫التجارة العربية‬ ‫التنفيذي لغرفة‬ ‫العربية عامة‬ ‫وتأكيداًالمرأة‬ ‫تتويجا لنجاح‬ ‫البريطانية‪،‬‬ ‫العربية ــ‬ ‫التجارة‬ ‫والسعوديةلغرفة‬ ‫التنفيذي‬ ‫واإلدارة‪،‬‬ ‫على القيادة‬ ‫وقدرتها‬ ‫خاصة‪،‬‬ ‫العالم‬ ‫على اهمية‬ ‫خاصة‪ ،‬وقدرتها على القيادة واإلدارة‪ ،‬وتأكيداً على اهمية العالم‬ ‫والسعودية‬ ‫اقتصاديا‪.‬‬ ‫العربي‬ ‫العربي اقتصاديا‪.‬‬ ‫كما أن الغرفة شهدت في ظل قيادة الدكتورة الشُعيبي إطالق الكثير من‬ ‫من‬ ‫إطالق‬ ‫الدكتورةأن الش‬ ‫التي قيادة‬ ‫والثقافية ظل‬ ‫التجاريةشهدت في‬ ‫المبادرات الغرفة‬ ‫كما أن‬ ‫الكثيرلرجال‬ ‫عالمية‬ ‫ُعيبيوجهة‬ ‫تكون‬ ‫أهلت الغرفة‬ ‫لرجال‬ ‫وجهة عالمية‬ ‫إستراتيجيةتكون‬ ‫شراكات الغرفة أن‬ ‫لبناءالتي أهلت‬ ‫والثقافية‬ ‫وثقافية‪ ،‬وذلك‬ ‫اقتصادية‬ ‫التجاريةاألفضل‬ ‫المبادراتوالمكان‬ ‫األعمال‪،‬‬ ‫وذلك‬ ‫وثقافية‪،‬‬ ‫العربيةاقتصادية‬ ‫إستراتيجية‬ ‫شراكات‬ ‫األفضل لبناء‬ ‫فأصبحت‬ ‫والبريطانية‪،‬‬ ‫السوقين‬ ‫باالنفتاح على‬ ‫والمكانالغرفة‬ ‫األعمال‪،‬حرص‬ ‫في إطار‬ ‫على السوقين العربية والبريطانية‪ ،‬فأصبحت‬ ‫باالنفتاح‬ ‫الغرفة‬ ‫حرص‬ ‫الغرفةإطار‬ ‫في‬ ‫جسراً للتواصل بين الجانبين‪.‬‬ ‫الغرفة جسراً للتواصل بين الجانبين‪.‬‬ ‫تأمل الدكتورة الشُعيبي بترسيخ العمل للمنتدى االقتصادي العربي ــ البريطاني‬ ‫البريطاني‬ ‫المعرضبترسيخ‬ ‫وكذلك الشُعيبي‬ ‫السنويلدكتورة‬ ‫تأمل ا‬ ‫من‬ ‫العربيإلىــ العديد‬ ‫االقتصاديإضافة‬ ‫للمنتدى السنوي‪،‬‬ ‫العملاألوروبي‬ ‫الخليجي ــ‬ ‫السنوي وكذلك المعرض الخليجي ــ األوروبي السنوي‪ ،‬إضافة إلى العديد من‬ ‫الفعاليات والمناسبات التي تنظمها من خالل موقعها القيادي في الغرفة‪.‬‬ ‫الفعاليات والمناسبات التي تنظمها من خالل موقعها القيادي في الغرفة‪.‬‬ ‫الدكتورة أفنان الشعيبي حاصلة على بكالوريوس أدب إنجليزي من جامعة‬ ‫الدكتورة أفنان الشعيبي حاصلة على بكالوريوس أدب إنجليزي من جامعة‬ ‫الملك سعود والماجستير وشهادة في العالقات الدولية من الجامعة األمريكية في‬ ‫الملك سعود والماجستير وشهادة في العالقات الدولية من الجامعة األمريكية في‬ ‫واشنطن‪ ،‬والدكتوراه من جامعة جورج واشنطن في الواليات المتحدة‪ ،‬وتتولى‬ ‫واشنطن‪ ،‬والدكتوراه من جامعة جورج واشنطن في الواليات المتحدة‪ ،‬وتتولى‬ ‫الدكتورة الشُعيبي قيادة غرفة التجارة العربية البريطانية من خالل توليها‬ ‫الدكتورة الشُعيبي قيادة غرفة التجارة العربية البريطانية من خالل توليها‬ ‫منصب األمين العام والرئيس التنفيذي للغرفة منذ عام ‪.4112‬‬ ‫منصب األمين العام والرئيس التنفيذي للغرفة منذ عام ‪.4112‬‬

‫‪Arabian Business has published a list of the 30 most‬‬ ‫‪Arabian Business‬‬ ‫‪has published‬‬ ‫‪a list ofinthe‬‬ ‫‪most‬‬ ‫‪powerful‬‬ ‫‪and influential‬‬ ‫‪Saudi women,‬‬ ‫‪the30‬‬ ‫‪context‬‬ ‫‪powerful‬‬ ‫‪influential‬‬ ‫‪Saudi‬‬ ‫‪in the context‬‬ ‫‪of‬‬ ‫‪variousand‬‬ ‫‪rankings‬‬ ‫‪issued‬‬ ‫‪by women,‬‬ ‫‪the well-known‬‬ ‫‪news‬‬ ‫‪of various‬‬ ‫‪rankings‬‬ ‫‪issued‬‬ ‫‪byAlthe‬‬ ‫‪well-known‬‬ ‫‪website‬‬ ‫‪each‬‬ ‫‪year. Dr‬‬ ‫‪Afnan‬‬ ‫‪Shuaiby‬‬ ‫‪was atnews‬‬ ‫‪the‬‬ ‫‪website‬‬ ‫‪each‬‬ ‫‪year.‬‬ ‫‪Dr‬‬ ‫‪Afnan‬‬ ‫‪Al‬‬ ‫‪Shuaiby‬‬ ‫‪was‬‬ ‫‪at‬‬ ‫‪the‬‬ ‫‪top of the list holding number 1 position.‬‬ ‫‪top of the list holding number 1 position.‬‬ ‫‪What follows is summary of the article translated‬‬ ‫‪Whatthe‬‬ ‫‪follows‬‬ ‫‪from‬‬ ‫‪Arabic:is summary of the article translated‬‬ ‫‪from‬‬ ‫‪the‬‬ ‫‪Arabic:‬‬ ‫‪Saudi women‬‬ ‫‪are now are living in a golden age,‬‬ ‫‪Saudi‬‬ ‫‪women‬‬ ‫‪are by‬‬ ‫‪living‬‬ ‫‪a golden‬‬ ‫‪having reachedare‬‬ ‫‪thisnow‬‬ ‫‪stage‬‬ ‫‪theinsupport‬‬ ‫‪of age,‬‬ ‫‪the‬‬ ‫‪having reached‬‬ ‫‪stage‬‬ ‫‪by Mosques,‬‬ ‫‪the support‬‬ ‫‪the‬‬ ‫‪Custodian‬‬ ‫‪of thethisTwo‬‬ ‫‪Holy‬‬ ‫‪HMof King‬‬ ‫‪CustodianbinofAbdulaziz‬‬ ‫‪the Two‬‬ ‫‪Holy Mosques, HM King‬‬ ‫‪Abdullah‬‬ ‫‪Al Saud.‬‬ ‫‪Abdullah bin Abdulaziz Al Saud.‬‬ ‫‪Through his wise policy His Majesty has paved the‬‬ ‫‪Through‬‬ ‫‪his wisetopolicy‬‬ ‫‪His Majesty‬‬ ‫‪paved and‬‬ ‫‪the‬‬ ‫‪way‬‬ ‫‪for women‬‬ ‫‪gain their‬‬ ‫‪status ashas‬‬ ‫‪mothers‬‬ ‫‪way for women‬‬ ‫‪to gain‬‬ ‫‪their statusand‬‬ ‫‪as mothers‬‬ ‫‪and‬‬ ‫‪educators‬‬ ‫‪of coming‬‬ ‫‪generations,‬‬ ‫‪has created‬‬ ‫‪educators‬‬ ‫‪of‬‬ ‫‪coming‬‬ ‫‪generations,‬‬ ‫‪and‬‬ ‫‪has‬‬ ‫‪created‬‬ ‫‪opportunities that has enabled Saudi women to‬‬ ‫‪opportunities‬‬ ‫‪thatinvolved‬‬ ‫‪has enabled‬‬ ‫‪women as‬‬ ‫‪to‬‬ ‫‪become‬‬ ‫‪actively‬‬ ‫‪in theSaudi‬‬ ‫‪community‬‬ ‫‪become‬‬ ‫‪actively‬‬ ‫‪involved‬‬ ‫‪in‬‬ ‫‪the‬‬ ‫‪community‬‬ ‫‪as‬‬ ‫‪physicians and engineers and even as a pilot. Saudi‬‬ ‫‪physicians‬‬ ‫‪andareengineers‬‬ ‫‪and‬‬ ‫‪as a pilot. Saudi‬‬ ‫‪women‬‬ ‫‪today‬‬ ‫‪working in‬‬ ‫‪alleven‬‬ ‫‪sectors.‬‬ ‫‪women today are working in all sectors.‬‬ ‫‪A Saudi woman is now a member of the Saudi Shura‬‬ ‫‪A Saudi the‬‬ ‫‪woman‬‬ ‫‪is now‬‬ ‫‪a member‬‬ ‫‪of the‬‬ ‫‪Saudito‬‬ ‫‪Shura‬‬ ‫‪Council,‬‬ ‫‪highest‬‬ ‫‪body‬‬ ‫‪that offers‬‬ ‫‪advice‬‬ ‫‪the‬‬ ‫‪Council,‬‬ ‫‪the‬‬ ‫‪highest‬‬ ‫‪body‬‬ ‫‪that‬‬ ‫‪offers‬‬ ‫‪advice‬‬ ‫‪to‬‬ ‫‪the‬‬ ‫‪king, and is supported by his Majesty.‬‬ ‫‪king, and is supported by his Majesty.‬‬ ‫‪Dr Afnan Al Shuaiby is the Secretary General and‬‬ ‫‪Dr Afnan‬‬ ‫‪Al Shuaiby‬‬ ‫‪is the‬‬ ‫‪General and‬‬ ‫‪Chief‬‬ ‫‪Executive‬‬ ‫‪of the‬‬ ‫‪ArabSecretary‬‬ ‫‪British Chamber‬‬ ‫‪of‬‬ ‫‪Chief‬‬ ‫‪Executive‬‬ ‫‪of‬‬ ‫‪the‬‬ ‫‪Arab‬‬ ‫‪British‬‬ ‫‪Chamber‬‬ ‫‪of‬‬ ‫‪Commerce, a post that she has held since‬‬ ‫‪2007. She‬‬ ‫‪Commerce,‬‬ ‫‪a‬‬ ‫‪post‬‬ ‫‪that‬‬ ‫‪she‬‬ ‫‪has‬‬ ‫‪held‬‬ ‫‪since‬‬ ‫‪2007.‬‬ ‫‪She‬‬ ‫‪was recently reappointed to her position. Under her‬‬ ‫‪was recently‬‬ ‫‪to her position.‬‬ ‫‪Under age‬‬ ‫‪her‬‬ ‫‪leadership,‬‬ ‫‪thereappointed‬‬ ‫‪ABCC is witnessing‬‬ ‫‪its own golden‬‬ ‫‪leadership, the ABCC is witnessing its own golden age‬‬ ‫‪becoming a key point of business, and building‬‬ ‫‪becoming a key point of business, and building‬‬ ‫‪strategic economic and cultural partnerships between‬‬ ‫‪strategic economic and cultural partnerships between‬‬ ‫‪Britain and the Arab World.‬‬ ‫‪Britain and the Arab World.‬‬

‫‪The success of Saudi women in leadership and‬‬ ‫‪The success of Saudi women in leadership and‬‬ ‫‪management is therefore particularly reflected in the‬‬ ‫‪management is therefore particularly reflected in the‬‬ ‫‪work of the ABCC. Dr Al Shuaiby hopes to consolidate‬‬ ‫‪work of the ABCC. Dr Al Shuaiby hopes to consolidate‬‬ ‫ ‪the Arab – British Economic Forum and the GCC‬‬‫ ‪the Arab – British Economic Forum and the GCC‬‬‫‪European exhibition, as well as numerous other‬‬ ‫‪European exhibition, as well as numerous other‬‬ ‫‪activities organised by the Chamber in the near‬‬ ‫‪activities organised by the Chamber in the near‬‬ ‫‪future.‬‬ ‫‪future.‬‬

‫‪The‬‬ ‫‪news was published on 4 February 2014 and the‬‬ ‫‪The news was published on 4 February 2014 and the‬‬ ‫‪full‬‬ ‫‪report‬‬ ‫لمزيد من المعلومات‪ ،‬الرجاء زيارة الموقع‪:‬‬ ‫‪full reportin‬‬ ‫‪inArabic‬‬ ‫‪Arabiccan‬‬ ‫‪can be‬‬ ‫‪be found‬‬ ‫‪found at:‬‬ ‫‪at:‬‬ ‫لمزيد من المعلومات‪ ،‬الرجاء زيارة الموقع‪:‬‬ ‫‪http://arabic.arabianbusiness.com/special‬‬‫‪http://arabic.arabianbusiness.com/special‬‬‫‪http://arabic.arabianbusiness.com/special‬‬‫‪http://arabic.arabianbusiness.com/special‬‬‫‪reports/352831/‬‬ ‫ ‪reports/352831/‬‬ ‫‪reports/352831/‬‬ ‫ ‪reports/352831/‬‬

‫ ‬

8

TRADE SERVICES

ARAB BRITISH CHAMBER OF COMMERCE www.abcc.org.uk

FOREIGN OFFICE SERVICE

PALTRADE

PALESTINE ‘A ROBUST FRONTIER MARKET’ The UK business community is being urged to take a closer look at Palestine where significant opportunities are opening up in an economy that continues to demonstrate notable growth and dynamism.

Key sectors in the local economy were highlighted to investors during a high profile Capital Markets Roadshow that visited London on 16-17 January.

Palestinian people were exceptionally entrepreneurial and there was a very business friendly environment in Palestine which the authorities were seeking to encourage.

These sectors include IT, tourism, infrastructure, power generation, real estate and agriculture.

The prevailing corporate culture and the financial system were efficient and companies tended to be well regulated, Mr Aweidah said.

Led by the Palestine Trade Centre (PalTrade), in partnership with the Palestine Exchange (PEX), the delegation took part in a series of productive meetings with investment funds and financial experts in the UK.

“The Palestine Exchange offers investors who are looking for investments in high performance companies in Palestine a good experience of investing in a robust frontier market with the majority of stocks enjoying free float ratios that are comparable to advanced markets,” he told the conference.

“The roadshow was part of a strategic drive to increase exports of the Palestinian services sector by promoting potential investment opportunities in the Palestinian economy and portraying success stories of listed companies,” Hanan Taha, CEO, PalTrade, stated.

Ahmed Aweidah, CEO, PEX, told a press conference at the Grosvenor House, that “Palestine has been one of the fastest growing economies in the Middle East over the past five years, achieving GDP growth averaging around 8.4% despite the global economic slowdown.”

The expectation was that 2014 was going to be another good year for the Palestinian economy, he said.

Outlining some of the future investment opportunities, Mr Aweidah said Palestine would need to develop its own power generation capacity but needed partners with the expertise of the industry.

Demand for affordable housing was a priority issue as the population increased and the situation stabilised.

The Palestinian agricultural sector had great potential for growth with capacity to supply more high quality produce to international markets.

Certain niche produce such as herbs and spices could already be found on the shelves of certain British supermarkets.

He said that the fundamentals of the economy were good and that Palestinian stocks have historically tended to be undervalued because of the prevailing situation in the region.

The economy was undeveloped and as such there was a great potential for growth and new opportunities for investors.

Members of the delegation comprised senior business executives of leading financial institutions and companies listed including the Palestine Capital Market Authority (PCMA), the Palestine Investment Fund (PIF), Paltel Group, the Bank of Palestine and PADICO Holding.

Palestine had one of the freest economies in the Middle East and the private sector did not face any heavy-handed interference from the authorities, stressed Mr Ammar Aker, CEO, Paltel Group, the leading company listed on the exchange.

Mr Aker said that this year would see a “big push” to develop the economy that would be private sector led and referred to the initiative to create thousands of new jobs for Palestinians.

Paltel had a high penetration rate among users and was confident of capturing future growth in the telecom market.

The company was investing in technology upgrades, and is starting to see improvement in its ability to expand its services to underserviced population centres in Palestine, the Paltel CEO said.

John Davies introduced the S&P Palestine BMI which was launched in December 2013 in response to the growth in the Palestinian market and increased interest from investors.

He described the index as a comprehensive benchmark including all Palestinian companies that meet inclusion thresholds as defined by the S&P Frontier BMI Methodology. The index was currently calculated as a standalone country index and so not included in the S&P Frontier BMI. The speakers were successful in putting across a “good news” message from Palestine that despite the prevailing challenges the local economy was continuing to grow and offering more attractions for investors.

The roadshow formed part of an initiative funded by the European Union to assist the development of the services industry within the Palestinian economy.

A previous Palestine Capital Markets Day in London was hosted by the London Stock Exchange in June 2011.

Contacts Palestine Trade Centre http://www.paltrade.org/en/contact-us/ index.php Palestine Exchange http://www.pex.ps/PSEWebSite/english/ Default.aspx

9

10

MAGHREB

MOROCCO RANKS HIGH IN INTERNET READINESS In an encouraging sign for a country that is moving to position itself as a bridge between West Africa and Europe, a recent report listed Morocco as having one of the more sophisticated information and communications technology (ICT) sectors on the African continent.

Morocco ranked second only to South Africa in terms of “internet readiness”, an indicator of future growth potential, among the 14 countries compared in the report, which was published by the consultancy firm McKinsey & Company in November.

The findings come on the back of a drive under way in Morocco to increase broadband access nationwide by extending fibre-optic networks into more isolated regions of the country and to roll out a 4G network.

Preparations pay dividends According to the McKinsey report, the internet contributed roughly $2.2bn to the Moroccan economy in 2012, or 2.3% of GDP. In percentage terms, this placed the country behind Senegal (3.3%) and Kenya (2.9%), although in absolute terms it exceeded Senegal’s $470m and Kenya’s $1.1bn.

In calculating the internet’s contribution to GDP, McKinsey took into account private consumption (including revenues from mobile and fixed internet service, smart phone and computer purchases, and e-commerce), public expenditure, private investment and trade balance. Morocco’s score was driven largely by the trade balance factor, thanks to the exports of its business processing outsourcing (BPO) sector, in addition to private consumption.

Along with South Africa, Morocco was identified as having the best growth potential, based on an analysis of five factors: national ICT strategy, physical infrastructure, business environment, financial capital and ICT skills base. Morocco scored especially high in the categories of financial capital and business environment.

Offshore takeoff The report indicated that 40% of the digital economy’s value-added came from the

BPO segment. The offshore industry, which includes call centres and other BPO activities, generates around $1bn in annual revenue, while providing 60,000 jobs, according to McKinsey.

reach 4.43m. 3G users represent the vast majority (84.9%) of the 5.22m Moroccans with an internet subscription. The number of subscribers accessing the internet through ADSL also increased, rising by 21.7% y-o-y.

The sector should continue to expand in the medium term, with offshoring identified as a strategic priority for development under the National Pact for Industrial Emergence. The government aims to bring the total number of jobs available in the sector to 100,000 by 2015.

In 2012 the ANRT launched a 10-year programme to spread broadband access throughout the country, which should further increase internet consumption.

Maroc Telecom, Morocco’s largest telecoms operator by market share, has announced plans to spend $1.2bn on upgrading its infrastructure and extending fibre-optics over the next two years, in preparation for the introduction of 4G service in 2015.

Two major IT outsourcing centres – Casanearshore in Casablanca and Technopolis in Rabat – have already begun operating, while the Moroccan authorities are looking to open three additional hubs.

Fès Shore and the first section of Tetouan Shore were both officially inaugurated in mid-2012, while the initial phase of the Oujda Shore industrial and technology park opened in mid-2013. Located in Morocco’s Oriental region, the Oujda park forms part of a broader bid to decentralise the offshoring industry, creating employment and economic opportunities nationwide.

Supporting private consumption Private consumption is the second major pillar of Morocco’s digital economy. McKinsey estimated that the segment accounted for 34% of value-added from the internet, largely due to a high mobile penetration rate and the widespread take-up of 3G service.

According to the National Agency for Telecommunications Regulation (Agence Nationale de Réglementation des Télécommunications, ANRT), the number of mobile phone subscribers grew by 7.93% year-on-year (y-o-y) to reach 41.32m at endSeptember 2013, representing a penetration rate of 125.8%, one of the highest in Africa.

Over the same period, the number of 3G internet users increased by 37.2% y-o-y to

The high level of internet access in Morocco – 51% of the population had access in 2012 compared to an African average of 16% – should help boost its contribution to valueadded in the future, as services are gradually moved online. However, as the McKinsey report noted, the country will need to inject more trained staff into its workforce if it is to fully realise the benefits of an expansion in digital services.

OBG, 13/01/2014

OPPORTUNITIES IN THE MAGHREB The ABCC is to host a business seminar on Opportunities in the Maghreb on 20th February 2014 which will cover the markets of Algeria, Libya, Morocco and Tunisia.

For more details see: http://www.abcc.org.uk/OpportMaghreb-2014

BAHRAIN

BAHRAIN HOLDS GREAT BRITISH WEEK 2014 Great British Week 2014 has been held in Bahrain in an attempt to emphasise the friendship and strong bilateral relations between the United Kingdom and Bahrain with a series of high profile events that ran from 15 to 22 January.

Embassy officials in Manama launching the Bahrain Great British Week

The initiative was hailed as a ‘week-long extravaganza of British-themed celebrations’ with a programme of promotional activities jointly organised by the British Embassy, the Bahrain British Business Forum and the British Council.

“We are proud of the long history of relations between our two countries, and the significant contribution made by UK companies to the advancement of these key sectors including engineering, aerospace and advanced technologies. Today 7,000 Britons work in Bahrain, making it the largest European community of expatriates, and we hope to welcome even more British companies to Bahrain. We are committed to doing what we can to help them to establish their regional operations in the Kingdom,” commented HE Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of Bahrain Economic Development Board (EDB), one of the lead sponsors of the week.

Many companies from across the Bahrain-British business community as well as international brands saw the GREAT British Week as an opportunity to demonstrate the commercial importance of the UK-Bahrain trade partnership and Bahrain as a solid place to do business.

“The EDB is excited to be sponsoring the Advanced Engineering & Innovation event to showcase Britain and Bahrain’s world-class engineering and technology skills during Great British Week. Bahrain has long been considered the Gulf’s technological pioneer, with its open and forward thinking approach and fast rate of innovation,” the Minister said.

The list of sponsors and partners included the Bahrain EDB, McLaren Automotive, Rolls Royce (Aro) BAE Systems, Atkins, Euro Motors with all their iconic British brands –

Rolls Royce, Mini, Jaguar and Land Rover, URS, Brunel and Ahlia Universities and Ordnance Survey.

The initiative also showcased some formidable British exports such as notably fashion with sponsors including a range of British high street brands operated by Alshaya Trading Co, including Debenhams, Mothercare, River Island, Topshop, Dorothy Perkins, Miss Selfridge, Evans, Wallis, Coast, Oasis, Warehouse and The Body Shop. https://www.gov.uk/government/world/bahrain

TOP UK UNIVERSITIES SHOWCASE THEIR COURSES Top British universities and colleges have been showcasing their courses to students in Bahrain.

A Knowledge Conference, one of the ‘anchor activities’ during the Great British Week, was held at the InterContinental Regency Bahrain and ended on 22 January.

H R H Prime Minister Prince Khalifa bin Salman Al Khalifa delegated Deputy Premier Shaikh Ali bin Khalifa Al Khalifa to attend the opening of the conference. Prince Andrew, the Duke of York, and British Ambassador Iain Lindsay were also present.

The event was organised by the British Embassy in co-operation with the Bahrain

Institute of Banking and Finance and the British Council.

of the private sector and businessmen in spearheading joint investment ventures.

Shaikh Ali affirmed Bahrain’s keenness to further bolster bilateral relations and benefit from international expertise and development strides.

A number of leading universities from the UK highlighted their higher education, scientific and research programmes, alongside key lecturers and designers from top creative firms across the UK.

He also welcomed the hosting of the Great British Week, which reflects solid bilateral relations, describing the event as a catalyst to boost co-operation and bolster joint cooperation.

The Deputy Premier also stressed Bahrain’s keen interest in consolidating economic, investment and educational partnership with the UK, underlining the crucial role

Among the universities taking part were Brunel University, the Huddersfield University, the University of West of England, Bristol, Ulster University, Strathclyde University and Brighton University.

Trade Arabia, 16/01/2014

11

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BUSINESS & PROJECT NEWS

ALGERIA AND UK COOPERATE TO PROMOTE ENGLISH TEACHING A memorandum of understanding and cooperation for the promotion of English teaching in Algeria was signed in Algiers between Algerian Ministry of Higher Education and Scientific Research and the United Kingdom.

Under this agreement, Ministry of Higher Education and Scientific Research commits, for the next five years, to send 100 PhD students to the UK each year with full support, as from the 2014-2015 school year.

The document was signed by Secretary General of Algerian Ministry, Mohamed SalahEddine Seddiki, and FCO Minister of State for the North Africa and Middle East, Hugh Robertson, during a visit to Algeria.

APS, 16/01/2014

BOOST FOR MOROCCO HOUSE BUILDING A leading Moroccan home builder is receiving $50 million from the World Bank to increase the supply of quality affordable housing in the Kingdom.

The investment will help Alliances Group finance its plan to build 110,000 affordable housing units – a crucial project in a country that needs an estimated 840,000 homes.

The construction is expected to create jobs, help develop integrated housing communities, improve related infrastructure and stimulate broader economic development.

The IFC, part of the World Bank Group, will also help Alliances Group enhance its corporate governance and environmental and social standards.

said Mohamed Alami Lazraq, President and CEO of Alliances Group.

Over the last 10 years, rapid economic growth and urbanisation have contributed to a significant increase in the demand for affordable housing in Morocco, a trend expected to continue.

“At a time when governments across the region are facing fiscal constraints, the private sector can help bridge the infrastructure gap,” said Joumana Cobein, head of the Maghreb region for IFC. “Private firms have the expertise and financial wherewithal to deliver projects that will make life better for the people of this region.”

In fiscal year 2013, which ended on June 30, the IFC committed around $272 million in Morocco.

Those investments were designed to bolster the financial sector, allow Moroccan companies to expand into new markets, and provide young people with the skills they need to find jobs.

IFC, 20/12/2003

TOP MIDEAST RETAILERS’ REVENUE GROWS 13.5%

“Morocco urgently needs high-quality and affordable housing for low-income families,”

Middle Eastern retailers on the world’s largest 250 list reached a revenue growth of 13.5% last year, said a report.

BANK SERVICES FOR WOMEN ENTREPRENEURS IN PALESTINE

The 2014 Global Powers of Retailing report from Deloitte pointed out that MENA retailers realised a 7.2% return on assets and strong growth which continued to yield above-average profitability.

The revenues of the top 250 retailers reached $4.3 trillion in the last fiscal year, ended June, where their average size exceeded $17 billion, despite tough economic conditions, said the report.

James Babb, of Deloitte Middle East, said: “The global retail industry got off to a difficult start in the last year.

However, it is encouraging to see that the world’s leading retailers were able to plough on through the difficult period to reap the rewards of increased consumer spend.”

Trade Arabia, 12/02/2014

The Bank of Palestine has joined forces with the IFC to support smaller firms, especially those owned by women, in a bid to drive economic development in the West Bank and Gaza.

The IFC, part of the World Bank Group, signed an agreement with the bank to help develop new products and services to meet the financial needs of small and medium enterprises (SMEs).

The Palestinian private sector accounts for 90% of employment and is dominated by family businesses, but only five percent have access to loans.

“Our long term partnership with IFC has helped us strengthen our banking operations and mitigate potential risks. We focus on supporting female entrepreneurs and further integrating women into the economy, while encouraging the rapidly growing SME sector,” said Hashim Shawa, Chairman and General Manager of Bank of Palestine.

“Although women own nearly a quarter of all businesses in the West Bank and Gaza very few of them have access to finance from banks,” said Luke Haggarty, IFC Head of Advisory Services in the Middle East and North Africa.

“A vibrant private sector that includes more women owned businesses can provide muchneeded employment opportunities, attract investors, and drive economic growth.”

The Bank of Palestine has the largest branch network in the West Bank and Gaza, and over 300,000 customers, accounting for almost 25% of the total Palestinian banking market.

IFC, 08/01/2014

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BUSINESS & PROJECT NEWS

EGYPT BANK SEEKS TO BOOST CROSSBORDER TRADE AlexBank, one of Egypt’s leading private sector banks, has entered into a trade finance agreement with the IFC in an effort to boost cross-border trade, create jobs and spur economic development in the country.

With the support of the IFC, the bank will be able to help clients expand into new markets, allowing them to grow their businesses.

The initiative is part of the IFC’s $5 billion Global Trade Finance Programme, which helps banks extend support in areas where trade can be challenging. It offers global and regional banks guarantees covering payment risks for trade-related transactions. The programme also helps local banks establish partnerships with major international and regional banks within its network.

“Egypt is a key player in the global trade market, and we are very pleased about the prospects of partnering with IFC to help drive the Egyptian economy,” said Roberto Vercelli, Acting CEO of AlexBank.

“We believe that this agreement will help promote business in lucrative new markets, reduce trade-related risks, and generate substantial economic growth.”

Since the inception of the Global Trade Finance Programme in 2007, IFC has provided almost $4 billion in guarantees across the Middle East and North Africa. It has committed over $1 billion in the last fiscal year alone.

“When the right financial services are available, trade will flourish,” said Nada Shousha, IFC Country Manager for Egypt, Libya, and Yemen.

“In such challenging times, extending crucial financial services becomes vital for spurring growth, stimulating the transfer of skills, and creating jobs in Egypt and the wider region.”

Since 2011, IFC, a member of the World Bank Group, has committed almost $1 billion in Egypt, and mobilised $303 million from other investors to support private sector development. Promoting trade is a pillar of the organization’s strategy in the country. The Global Trade Finance Program works with more than 265 partner banks worldwide.

GULF COULD EXTEND RAIL NETWORK TO YEMEN A proposed $10bn rail network that will run the length of the GCC countries could be extended to Yemen as part of an ambitious plan.

Under its initial design, the 2,177 km rail link will run from Kuwait in the north of the Arabian Peninsula down to Oman when completed in 2018.

However, the six-nation bloc has now begun a feasibility study into adding an additional 1,400 km of track that will run through the Sultanate to the Yemeni border.

So far, about 200 km of track has been laid in Saudi Arabia and 120 km in the UAE. Arabian Business, 08/01/2014

IFC, 23/01/2014

GCC BANKS GIVEN THUMBS-UP BY MOODY’S RATINGS AGENCY Moody’s said it expects the credit ratings of banks in the Arabian Gulf to remain stable next year as oil revenue propels public spending while its outlook for lenders in the deteriorating economies of Egypt and Tunisia is negative amid rising delinquencies.

GDP is forecast to grow between 3 and 5% in the GCC as cash-rich governments spend on infrastructure, Moody’s said. As a result, more companies will borrow money from banks and the GCC will probably have an average credit growth of 10% next year, the agency said in its report on regional banks yesterday.

And strong economic growth in Kuwait, Oman, Qatar, Saudi Arabia and the UAE will ensure

that banks have a high capacity to absorb any losses because of a steady flow of cash from governments and individuals, Moody’s said.

“Accordingly, we expect banks’ profitability to decline as a result of higher loan-loss provisions as asset quality deteriorates.”

Elsewhere in the Middle East, chiefly in Egypt, Morocco, Tunisia, Lebanon, Jordan and Bahrain, the economy is expected to grow between 2 and 4%, Moody’s said. That is far below the levels needed to address chronic unemployment in those countries that was made worse by the political upheavals of 2011.

Weakness in the economies of Europe will add a further constraint to credit growth in the economies of Egypt, Tunisia and Morocco because they rely on the European Union as its main trading partner, Moody’s said.

“High unemployment rates and the risk of further political and social unrest in the region will constrain domestic and business confidence,” analysts at Moody’s including Khalid Howladar in Dubai wrote in the report.

The National, 09/12/2013

BUSINESS & PROJECT NEWS

INDUSTRIAL EXPORTS SURGE BY 8% IN 2013 Lebanon’s industrial exports in the first 11 months of 2013 rose by 8.1% to $2.642 billion from $2.444 billion in the same period of 2012, the Industry Ministry said.

The ministry noted that the 2013 results were 4.3% lower than the figures for the first 11 months of 2011.

Total industrial exports (excluding fuel oil) in the month of November alone last year fell by 9.6% to $218.7 million compared to the same month in 2012.

Among the main Lebanese-made products exported in the year were agricultural foodstuffs, garments, chemicals, minerals and precious stones.

Iraq was the top country to import Lebanese food products in the month of

HEALTH SECTOR TO DRIVE SPENDING IN ARABIAN GULF Private and public sector spending in the Arabian Gulf is forecast to surge as more governments put mandatory health insurance in place.

A report from Ernst and Young says spending on health care will rise an average 11.4% this year and next, driven by population growth, higher income levels as well as by the incidence of lifestyle diseases and mandatory health insurance policies.

“With demand linked to age, sector demand will certainly grow over time,” said Hani Ramadan the managing director of principal investments at the Abu Dhabi-based Waha Capital.

“The UAE specifically has a number of peculiar health challenges, in particular high rates of obesity and diabetes, which are running at close to twice the levels as in the West.”

The National, 07/01/2014

November, while Turkey ranked first for mineral imports.

The report said that Arab markets remained the largest buyers of Lebanesemade goods in 2013, a trend which is likely to continue for the next few years.

Lebanon counts heavily on countries in the region to generate revenue through the export of its industrial and agricultural products.

Caretaker Industry Minister Vrej Sabounjian has been pressing Lebanese businessmen to seek new markets abroad such as Africa.

Lebanon has succeeded to some extent in finding alternative avenues to ship goods abroad following the deterioration of security in neighbouring Syria, which was the main outlet of such goods three years ago.

But despite the slight improvement in the industrial exports in the last three years, Lebanon still relies on the European, American and Asian markets to furnish many needed goods.

The Daily Star, 08/01/2014

OMAN CUSTOMS LAUNCH ONE-WINDOW FACILITY Under the auspices of Minister of Commerce and Industry Dr Ali bin Masoud Al Sunaidi, the Royal Oman Police (ROP) launched the Integrated Customs Management System and Single Electronic Window System.

This new facility will help businesses, contribute towards economic development, encourage investments, and protect the society against environment, health, safety and economic risks.

The system comprises three sub-systems, of which the first is the custom management system — an advanced computer system that is in line with international practice.

The project also aims at enhancing the security, health and environment control over goods that are exported, imported or re-exported, besides the transit goods.

The second is the risk management system that identifies the risks and analyses these to take the necessary measures in line with the standards already integrated in the system.

All public and private sector organisations will be connected to the Customs through a single electronic window and the financial and banking operations and procedures will be processed automatically, thus reducing the cost of imports and exports.

The third system is the single window system, which connects all the respective public and private authorities with the Public Authority for Customs through a single platform to provide the best custom service at all official ports.

The project aims at encouraging importers and exporters to use the Omani ports. It provides the business community with electronic services in a record time. It will also provide accurate analysis for international trade, thus enabling investors and business owners to prepare realistic feasibility studies.

The project also aims to combat commercial fraud and limit the import of fake goods. It will also build an electronic database on customs, security, health and environment risks.

Ali Al Sunaidi said in a statement that the launch of the Integrated Customs Management System and Single Electronic Window System at one time is very important. He pointed out that a Singaporean company has been appointed to carry out this project, which would allow more control over the data related to exports and imports.

He also said that the system would enable businesses to clear their goods even before they arrive in the Sultanate which is seen as very important for the transit goods.

Times of Oman, 27/01/2014

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BUSINESS & PROJECT NEWS

UAE GOVERNMENT RANKS FIRST IN TRUST The UAE placing first in government trust by the Edelman Trust Barometer survey is the result of the UAE’s 42 year march that started with the late Sheikh Zayed and late Sheikh Rashid, who were always close to the citizens, said His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

In a statement issued regarding the survey results, Sheikh Mohammad said that Sheikh Zayed and Sheikh Rashid were very close, and always worked to ensure their welfare. He said that this approach is the one being continued

by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, who deservedly is leading the most trusted government in the world.

people work together as one. The government trusts the people, and the people trust the government,” said Sheikh Mohammad.

The UAE, which ranked sixth last year, leaped to first position in 2014, recording the biggest increase in trust. The UAE also ranked first in trust in the economy.

“The international reports are not as important as the fact that we are receiving impartial indexes issued by foreign institutions. It proves that we adopting a correct approach for the welfare and happiness of our people, and their trust in us continues to grow, year after year,” said Sheikh Mohammad.

The New York based Edelman Foundation confirmed that the plans and strategies launched by the UAE government contributed to boosting confidence in the government and economic performance during the last period.

“The UAE adopts a unique development model through which the Government and

He said that the people’s trust is due to their closeness with the government, which inquires about the needs of the people and responds to them.

“I would like to tell the people of the UAE that we are looking forward, and that our current focus is on the implementation of the recently launched National Agenda. Ahead of us are seven years filled with hard work,

and we have great aspirations that have been included in the agenda, and which will hopefully be achieved before 2021,” added Sheikh Mohammad.

Sheikh Mohammad said that the people’s trust is earned through long years of continuous hard work, and is the result of various achievements that were completed.

He said that in order to maintain this trust, achievements must be doubled, efforts intensified, and exerting capabilities to serve the people by achieving their aspirations and meeting their expectations.

“The UAE will continue to develop, will remain close to its people, and together as one we will achieve only greater heights,”

Gulf News, 24/01/2014

UAE RELEASES 2013 YEARBOOK The National Media Council (NMC), chaired by H H Sheikh Abdullah bin Zayed Al Nahyan, is pleased to announce the release of the UAE Yearbook 2013.

The Yearbook, available in both Arabic and English, is designed to take advantage of the opportunity of digital media to reach a wider range of stakeholders and readers both locally and globally. The range of digital formats includes a custom designed HTML5 e-reader interface for the website uaeyearbook.com, as well as Apple and Android app versions. Both apps can be downloaded free of charge from the App Store and Google Play.

The Yearbook provides an authoritative review of the UAE’s leading achievements in 2012/13 with sections covering everything from the UAE’s history and government, to infrastructural and economic developments, sports, society and culture.

Over the past four decades, the UAE has made great progress in the economic, political, social, scientific, educational, health, cultural, tourism, environmental and other fields. In its 2012 World Happiness Report, the United Nations placed the UAE first among Arab countries and 14th globally in terms of the population’s happiness and satisfaction.

In the business world, the UAE has gained global recognition for its excellence in the fields of economy, finance, tourism, infrastructure, communications, technology, satellites launch and industry, aviation industry and peaceful nuclear energy.

The country takes great pride in pursuing the cause of sustainable and renewable

energy and it hosts the headquarters of the International Agency for Renewable Energy (IRENA) in the capital, Abu Dhabi. It is also a generous donor of humanitarian and development assistance.

The Yearbook is intended as a useful reference tool for local and international stakeholders as well as Foreign Direct Investors researching the UAE as an investment destination.

Details of the Yearbook can be found here: http://www.uaeyearbook.com/

Emirates News Agency, WAM, 23/01/2014

BUSINESS & PROJECT NEWS

MENA TO SEE RECORD LEVEL OF IPO ACTIVITY IN 2014 Initial public offering (IPO) activity in 2014 is expected to touch a record level on the bullish sentiment witnessed in the last quarter of 2013 in the Middle East and North Africa (Mena), according to an industry specialist.

The UAE ranked top in terms of IPO issuance during the fourth quarter of 2013 in the region. Dubai Financial Market benchmark index recorded more than 100 % jump in 2013 compared to 2012 while capitalisation also increased by more than 40% during the same period.

Total seven IPOs recorded a 133% increase in terms of volume and 114% in terms of value compared to the fourth quarter of 2012, according to Ernst & Young quarterly update.

The largest IPO was from the UAE with Damac Real Estate Development listing on the London Stock Exchange and raising $348 million in a global depository receipt (GDR) offering. Two other IPOs from the UAE were

also in the UK, with two in Oman and one each in Saudi Arabia, Morocco and Tunisia.

Saudi Arabia, four in Oman, three in the UAE and one each in Iraq and Morocco.

“The Mena IPO market is rebounding and recovering. The improving macro-economic backdrop driving up stock market valuations and rising investor confidence in key markets saw the IPO year end on a high. The fourth quarter has seen an increase in both volume and value compared to 2012, registering the highest value of IPOs since 2008,” Phil Gandier, Mena Transaction Advisory Services Leader, EY, said in a statement.

Financial services was the leading sector in 2013 by deal volume with seven IPOs, followed by three in the power and utilities sector and two each in transport and the real estate sector

In 2013, 23 Mena IPOs raised $3 billion, a 64% increase in terms of volume and 51% increase in terms of value compared to 2012.

Tunisia led with nine IPOs, followed by five in

The largest IPO during 2013 was Asiacell Communications in Iraq with a capital raise of $1.3 billion. Three IPOs from the UAE (Al Noor Hospital, Damac Real Estate Development Ltd and Action Hotel Plc) raised $740.7 million from foreign listings on the London stock exchange in 2013.

Khaleej Times, 16/01/2014

ABU DHABI RATING SUPPORTED BY VERY STRONG PUBLIC FINANCES AND OIL WEALTH In a recent report, Moody’s Investors Service says that Abu Dhabi’s Aa2 rating with stable outlook is primarily supported by the prudent management of the proceeds from its vast hydrocarbon reserves.

In particular, the rating agency highlights how the proceeds have resulted in structurally large fiscal and external surpluses, a very low level of direct government debt and the sizable accumulation of sovereign wealth fund assets.

The report is an update to the markets and does not constitute a rating action.

Moody’s notes that Abu Dhabi’s other credit strengths include: l A very high per capita income; l A sound policy framework; l Political stability; and l Economic resilience to global

downturns.

Abu Dhabi’s diversification efforts and the outlook for relatively high hydrocarbon prices have also shored up medium-term growth prospects. In addition, the emirate has strong foreign relations with the major global powers, in particular the US. Moody’s says that Abu Dhabi’s dependence on hydrocarbon revenue also imposes a constraint on its Aa2 rating. A prolonged period of low oil prices would adversely affect the country’s fiscal and external positions. In addition, the government has potentially large contingent liabilities residing in the debt of its governmentrelated issuers (GRIs), although these pose little near-term risk.

Other credit constraints are institutional— in that Abu Dhabi’s governance strengths

lag those of other highly rated peers—and heightened geopolitical risks, although both of these features are common to Gulf Cooperation Council sovereigns.

Factors that could exert upward pressure on Abu Dhabi’s rating include further progress in economic diversification, improvements in institutional governance transparency and/or a reduction in regional geopolitical risk, Moody’s says.

Factors that could lead to downward ratings pressure include a deep shock to the global oil market or a prolonged decline in oil prices, or the crystallisation of contingent liabilities, to the extent that the fiscal surplus comes under significant pressure.

Moody’s, 20/01/2014

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BUSINESS & PROJECT NEWS

LIBYA PREPARES TO MODERNISE ICT SECTOR Libya has approached the ITU as it seeks to establish world-class ICT facilities and attain world standards in the country. The Libyan government has set itself a two-year deadline to reach its objectives of modernising the ICT sector.

Heading the Libyan delegation to the ITU , Deputy Minister for Communications and Informatics Mr Mohamad Benrasali asked for ITU’s support in preparing a master plan to modernise its infrastructure to “not only world class level, but to world-leading standards.”

He said, “The Libyan ICT sector poses several opportunities as well as challenges that can potentially result in significant economic growth, job creation, and transformation of government services, among other possible impacts.”

Mr Benrasali said the master plan would focus on establishing a regulatory framework that would encourage investment in developing the ICT sector and rebuilding infrastructure. He also affirmed that capacity building would be an integral part of the plan.

Mr Benrasali noted that Libya was focusing on e-government as a powerful tool for public service delivery and that the ‘e-Libya initiative’ is aimed at revitalising the administration. “The e-Libya initiative is based on smart applications and has a number of strategic objectives that aim to build a knowledge-based economy through ICT,” Mr Benrasali said.

E-Libya initiatives include open government, e-government, e-commerce and e-education.

“I am delighted to see Libya coming back on the world stage, and seeing the enthusiasm of its new leaders who have an impressive depth of knowledge of ICTs, I am confident the country will quickly emerge as a leading player in the ICT sector and bridge the digital divide in the country,” said ITU Secretary-General Hamadoun I. Touré.

“Establishing a regulatory framework will spur growth in ICT development in Libya and ITU will take immediate measures to share best practices and to ensure that steps are taken in the right direction.”

The ITU is to send an assessment mission to Libya. The Director of ITU’s Telecommunication Development Bureau Mr Brahima Sanou said, “It will be a challenge to meet the ambitious goals set by Libya, but I believe it is within our reach.”

The Libyan delegation and ITU officials also discussed broadband development and spectrum management.

ITU, 14/01/2014

SAUDI TO RELAUNCH FLIGHTS FROM MANCHESTER Saudi is to restart services from Manchester to Jeddah. The airline, which last operated services from Manchester in 2007, will operate flights to Jeddah on Tuesdays, Thursdays and Sundays.

Mr Rashid Alajmi, Saudia’s General Manager Passenger Sales and Services for the European Region said “ we are very happy that our plans to return to Manchester have now come to fruition, and that we are now be able to offer our customers a choice of U.K. airports, London Heathrow and Manchester both with non-stop service to the Kingdom of Saudi Arabia.

“Commercial ties between the North of England and Saudi Arabia have traditionally been very strong and this new service will give business customers in the region the opportunity to travel to the Kingdom without having to transfer en-route.

The many Saudi students who chose the North of England to further their studies in one of the region’s many fine educational establishments, will find that using the our service from Manchester Airport will be the easiest and most comfortable way home.”

The North of England’s large Muslim population will also benefit from this new Manchester to Jeddah service when travelling to perform their religious pilgrimages of Hajj and Umrah. The flight is so timed that they can reach the Holy Cities of Mecca and Medinah at the most convenient time.

Initially effective 1st April 2014, there will be three weekly services between Manchester and Jeddah, with a plan to operate daily in the future, with an additional service to Riyadh.

SAUDI ARABIA

SAUDI ARABIA LOOKS TO GROWTH IN PRIVATE SECTOR Saudi Arabia is poised to achieve a better economic growth rate in 2014 compared to 2013, the Kingdom’s Finance Minister H E Ibrahim Al-Assaf has said.

“We expect a healthy economic performance in 2014 and it will be better than that of last year,” he said. Speaking on the sidelines of World Economic Forum in Davos, the minister stated the private sector’s contribution to gross domestic product in 2014 would reach 60%.

The minister, who led the Saudi delegation to the forum, gave a brighter outlook of the global economy.

“The US economy is improving while the European economy is moving forth like that of Japan and China.” Asked about public spending and investment, he said it would focus on infrastructure projects.

State-owned Public Investment Fund, the minister said, had invested in a number of companies. “Most of them are holding companies and its shares will be sold to citizens when they are ready for IPOs.” He said the government was focusing on local investment.

Abdullatif Al-Othman, governor of Saudi Arabian General Investment Authority, said foreign investors in the Kingdom should create addedvalue jobs and ensure transfer of technology.

“Saudi Arabia is experiencing high economic growth, making it among the Top 3 fastest growing countries in the world,” the SAGIA chief said. “There are a lot of investment opportunities in key sectors, especially in transport, health and education, where the government is spending huge money,” Arab News reported him as saying.

Al-Othman described Saudi Arabia as one of the best locations for investment. “The Kingdom is one of the largest markets in the region with a strategic position and a good investment climate,” he said.

The SAGIA position was echoed by other observers. “There is a lot of liquidity looking for a good home in Saudi Arabia. And importantly, the Saudi market has developed comfort with longterm debt issues in Saudi riyals,” said Jamal Al-Kishi, chief executive officer of Deutsche Securities Saudi Arabia.

Meanwhile, profits of Saudi listed companies rose by 7% to hit a new record of SR103 billion by the end of 2013 compared to SR96.6bn in

2012, according to a financial report.

Share of the telecom sector stood at 55% of the overall profit growth of the listed companies. The sector recorded profits of SR14.8bn in 2013 compared to SR11.3bn in 2012, or an increase of 31%, the report, prepared by Al-Eqtesadiah daily, said.

Saudi Telecom Co. (STC) was the main driver of telecom sector’s profits after it had added SR2.7bn to its profits in 2013, the report said.

The construction sector was the second major contributor to the overall profit growth of the listed firms at 20%. The sector realised profits of SR1.2bn in 2013 compared to its losses of SR144 million in 2012, the report said.

The banking sector was the third biggest contributor to the profits growth of the listed companies in 2013 at 18%. Profits of the sector stood at SR29.8bn in 2013 compared to SR28.6bn in 2012, or an increase of 4%, the report said.

Share of the petrochemical industry stood at 14% to the whole profit growth. Profits of the sector grew by 3% to SR34.8bn in 2013 compared to SR33.9bn in 2012, the report said.

Meanwhile, agriculture, energy, industrial investment, and transport sectors contributed to the profit growth of listed companies at varying rates: 8%, 7%, 7%, and 6%, respectively, the report said.

On the other hand, three sectors have negatively contributed to the profit growth of the listed companies. On top of these came the insurance sector which incurred losses worth SR1.3bn in 2013 compared to profits of SR864mn in 2012.

The losses were reportedly blamed on the increased provisions to support their technical reserves.

Likewise, profits of the real estate development sector dropped by 16% to SR1.8bn in 2013 compared to SR2.2bn in 2012. Media and publishing sector endured losses of SR7mn in 2013 compared to its profits of SR232mn in 2012, the report said.

In general, profits of the ten biggest companies made up 68% of the overall profits of the listed companies. Saudi Basic Industries Corp. (SABIC) was the major contributor at SR25.2bn, or 24%

of the total profits, followed by STC at roughly SR10bn (10%), Al-Rajhi Bank at SR7.4bn (7%), Mobily at SR6.7bn (6%), Samba Financial Group (SFG), Riyad Bank, Saudi British Bank (SABB) (4% for each), Saudi Arabian Fertilizer Company (SAFCO), Saudi Electricity Co. (SEC), and Yanbu National Petrochemical Company (Yansab) (3% for each), whereas 32% was the share of the remaining listed companies, the report said.

Saudi Arabia holds 15th position among the world’s leading economies in creditworthiness, according to a survey conducted by S&P Capital IQ. The Kingdom maintained its position among low-risk credit markets on a list of 76 countries published by the international ratings agency.

Saudi economists said the Kingdom’s strong position would help attract more foreign investors.

“Being the most low-risk market in the world, many investors will be interested to put their money in Saudi Arabia,” said one economist.

Sources: Arab News, 26/01/2014; 24/01/2014; 23/01/2014

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OMAN

OMAN AIMS FOR 5% GROWTH Oman is set for continued fast paced economic growth in line with a recently unveiled State Budget for 2014.

Robust growth is projected at five per cent with inflation expected to remain at the last year’s level of 1.4%. The inflation rate, which reached 12.4% in 2008 due to external factors, fell to 3.5% by the end of the seventh plan in 2010 and has continued at around 1.4% since 2013.

Oman’s national economy registered a real growth rate of 3.1% in 2011, 4.8% in 2012 and 5% in 2013. The same 5% growth rate is targeted for 2014, the fourth year of the Eighth Five-Year Development Plan (20112015). This means the current five-year plan is expected to exceed its target of average annual growth rate of 3%. This will be a highly impressive achievement and in line with the past performances.

The main investment aspects of the Ninth Five-Year Plan will be presented during the forthcoming 4th Oman Economic Forum when it meets in Muscat on 18 and 19 March 2014.

The Sultanate has registered average economic growth rate of 24.7% during the First Five-Year Plan (1976-1980), 10.4% during the Second Five-Year Plan (1981-1985), 4.6% during the third plan (1986—1990), 3.4% during the fourth (1991-1995), 7.6% during the fifth (1996—2000), 9.2% during the sixth (2001-2005), and 6.3% during its seventh plan (2006-2010). In other words, the economy is headed for a sustained, steady growth in the short and medium terms and not less than five per cent growth is expected during the eighth plan period.

Preparations for the Ninth Five-Year Plan (2016-2020) as well as for the long-term strategic Vision 2040 are getting under way. His Majesty Sultan Qaboos recently issued orders to set up the main committee for Oman Vision 2040 so as to be used as a basic reference and manual for planning during the next two decades.

The five-year development plans as well as the long-term vision give priorities on continued diversification of revenue streams, generation of employment opportunities for young people, balanced growth, development of human resources and other key sectors of the economy. Despite the recent global economic crises and continued geopolitical

changes in some the Middle East countries, the Sultanate’s economy has been doing well and is on sound footing.

The Omani economy has over the past four decades succeeded in achieving a qualitative and quantitative leap in its performance. It has deployed its resources and human potentials to realise continuous growth.

It has been able to diversify the sources of income to achieve balanced development in two phases. During the first phase (19701995), Oman managed to lay the foundation for building a modern economy, social and economic transformation, which included the establishment of Muscat Security Market.

The second stage from 1996 marks the Sultanate’s takeoff towards the future, through preparing the long-term development strategy (1996-2020) known as Vision 2020. Since then Oman has achieved considerable progress in all sectors in economic diversification, growth in GDP, per capital income, non-oil exports and industrialisation.

Oman also announced its decision to privatise 65 public enterprises. All this reflects a priority to ease unemployment among nationals and ensure that citizens are able to better their economic prospects and participate in the nation’s ongoing development.

It was recently announced that a new container terminal at Sohar port would become fully operational by April-May this year, reported Times of Oman, 27 January 2014.

Speaking at a ceremony to unveil a new brand identity for Port Sohar and Sohar Free Zone, Andre Toet, CEO, Sohar Industrial Port Company, stated that, "The terminal to be set up by Oman International Container Terminal (OCIT) with an investment of over $130 million will be capable of handling container vessels up to 11,000 TEUs (twenty-foot equivalent units). The project will boost the capacity of the terminal from the current 800,000 TEUs to 1.5 million TEUs." Meanwhile, state-owned Oman Power and Water Procurement Company (OPWP) is planning to build a mega gas-fired independent water and power project (IWPP) with an envisaged power generation capacity in the region of 3,000-3,500MW. The proposed project, which will have a capital expenditure of $1.5bn, will also have a desalination component for producing 50 million gallons of water per day, Ahmed Al Jahdhami, CEO, OPWP told journalists on the sidelines of an Oman Construction Summit in Muscat.

Oman's population, which grew to 3.85 million by mid-2013, an increase of 6.4% over the same period of the previous year, is a major factor driving demand for electricity, while industrial consumption and tourism development projects are also accelerating the growth in consumption of power in the northern region.

Sources: Oman Daily Observer, 05/01/2014; Al-Iktissad Wal-Aamal, 20/01/2014; Times of Oman, 28/01/2014

LAW

ROLL OUT OF DUBAI’S COMPULSORY HEALTH INSURANCE SCHEME

BY REBECCA FORD, WAYNE JONES, ALLISON BEIRNE AND ELIZABETH WILLIAMSON, CLYDE & CO

Following in the footsteps of Abu Dhabi, Saudi Arabia and very recently Qatar, Dubai has announced the details of its compulsory health insurance regime.

The Dubai Health Authority announced that the “Health Insurance Law for the Emirate of Dubai (No. 11 of 2013)” (the Law) was signed on 24 November 2013, and has now provided initial details of the roll-out of the scheme.

Under the new Law, health insurance will be compulsory for all residents of, and visitors to, the Emirate of Dubai including all the free zones within the Emirate. The obligation to provide health insurance cover for UAE expatriate residents will fall to employers and sponsors. In addition to its general impact on employers, residents and visitors to the Emirate, the Health Insurance Law will have wide ranging implications for the health insurance market (principally insurers, third party administrators (TPAs) and brokers) and healthcare providers.

In this update, we consider the implications

of the new regime, which is intended to be rolled out in phases between 2014 and 2016 on employers and on the insurance market in Dubai.

healthcare financing.

Dubai’s admirable vision for the new regime is, on the one hand, to achieve universal access to quality health care services and, on the other, to develop through its open market approach, a vibrant dynamic health insurance system, by attracting quality market players and investment in the sector.

The introduction of compulsory health insurance is also very much in keeping with a trend across the GCC region to reform

The new Law is not yet publically available, although the DHA has promised that it will soon be available through their website.

Although the Law was signed on 24 November, it has yet to be published in the Official Gazette; it will not come into effect until after it has been published. Based on information provided by the DHA, the following is a summary of key aspects of the new regime:

Summary of the Law

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l Employers will be responsible for

the provision of health insurance for their employees, sponsors for their dependants.

l The government of Dubai will be

responsible for UAE nationals resident in Dubai.

l Complying with the health insurance

requirements will be a pre-requisite to an individual obtaining a residency or visit visa.

l There will be mandated minimum

coverage, in the form of a basic health plan, which will differ for UAE nationals, expats and visitors; it will be permissible to provide enhanced cover over and above the mandated essential package.

l Insurers, TPAs, brokers and healthcare

providers will require an annual DHA permit in order to carry on their medical business in Dubai.

l Only DHA “Participating Insurers” will

be permitted to provide the mandated minimum health insurance coverage.

l The DHA will publish an approved price

list for medical services and healthcare providers will be required to adhere to the approved pricing.

l DHA approval will be required to offer

insurance plans and for associated premium charges.

The implementation of the Law will be carried out in phases; the roll out will commence in 2014 and is expected to be complete by the end of 2016 in three phases.

The basic health plan The DHA has indicated that the scheme will comprise a mandated minimum coverage, in the form of a basic health plan, which will differ for UAE nationals, expats and visitors (the Basic Health Plan). It will also be permissible for insurers to provide enhanced cover over and above the Basic Health Plan.

Only “Participating Insurers”, discussed in more detail below, will be permitted to provide the Basic Health Plan.

The DHA has indicated, the health services that will be covered under the Basic Health Plan will include the following: l In-patient: tests, diagnosis, treatment and

surgery; and emergency treatment; and

l Maternity: out-patient ante-natal; in-

patient maternity; and new born cover; and

l Out-patient: examination, diagnostics

and treatment by general practitioners, specialists and consultants; laboratory testing; radiology diagnostic services; physiotherapy; medicines; vaccines and immunizations; diabetes screening (every

3 years from 30 years or from 18 years for high risk patients); diagnostics and treatment for dental and gum treatment; hearing and visions aids; corrective laser and surgical treatment for vision.

Under the new regime, insurers will not be permitted to deny individuals coverage under the Basic Health Plan due to preexisting conditions, although treatment for chronic and pre-existing conditions may initially be excluded for the first 6 months of cover. The annual upper aggregate claims limit (excluding any coinsurance and / or deductibles) will be AED 150,000. There will be a coinsurance payable by the insured of between 10% - 20% with specific caps and conditions imposed by the DHA for different classes of benefits. A referral procedure will be implemented requiring the insured to first consult with a GP before consulting with specialists / consultants.

The DHA will expect insurers to set an index rate in respect of premiums charged for the Basic Health Plan. The DHA will expect the index rate to be between AED 500 to AED 700 per month / per year. Premiums will only be allowed to vary by +/ - AED 25 from the index rate. The index rate will need to be approved by the DHA prior to a health plan being launched and sold in the market. It will only be possible for an insurer to apply for adjustments to its approved index rate each November. The DHA has also indicated that there will be additional safeguards in place to protect low income workers (earning less than AED 4,000 / USD 1,100 per month).

Employers’ responsibilities Under the new regime, all employers will be required to enroll their employees into, and bear the cost of, the mandatory health insurance scheme. In contrast to the position in Abu Dhabi, employers will not, however, be responsible for an employee’s dependants.

Where an employee sponsors dependants, the employee will be required to enroll such dependants in the health insurance scheme.

Notably, employers will not be able to simply provide an allowance and require employees to obtain private cover. The employer must put in place direct cover for all employees.

The Law also prohibits employers from deducting the cost of the insurance from the employee’s salary. As mentioned above, employees may be required to pay a “coinsurance” or “deductible” (ie an amount payable by the employee directly to the medical services provider at the time of the visit), as is permitted under the regime in Abu Dhabi.

Employers will be required to submit evidence of health insurance coverage when applying for, or renewing, an employee’s residence visa and will also be responsible for ensuring the validity of the health

insurance coverage for their employees throughout the period of their employment.

In the event that valid health insurance cover is not in place, the employer will be liable to meet full cost of any healthcare services provided to their employees, including the cost of the emergency services. Financial penalties may also be imposed on employers who do not comply with their obligations under the Law. Once the new Law is published in the Official Gazette and the precise obligations regarding level of cover becomes clear, employers should review any existing health insurance policies to determine whether the benefits currently provided are sufficient. Employers should also begin to undertake an analysis of the cost to the business of complying with the new regime and the products available in the market, which will ensure they meet their new obligations.

Health insurance market As noted above, we expect that in the coming months the Law and implementing regulations will shed more light on the new regime and its requirements. However, we are already seeing some insurance market participants reevaluate their business models in order to ensure that they can continue to participate in the Dubai health insurance market.

Reform of health financing systems and the introduction of compulsory health insurance has long been a priority for GCC governments. Regional implementation has assumed different formats. In some cases, for example, in KSA, an open market approach has been adopted, allowing private insurers to participate and compete in the health insurance market. At the other end of the spectrum, as we are seeing in Qatar, the basic health package will be provided by a national health insurance company, thereby closing off the ‘basic cover’ portion of the market from the private sector. Abu Dhabi introduced its compulsory health insurance scheme in 2006, with the launch of a stateowned insurance company which provided the bulk of a subsidised basic benefits package for low-income workers.

Dubai appears to have chosen to follow an open market route and allow private insurers (subject to complying with local requirements) to provide both the essential and enhanced plans. This is good news for the private health insurance sector in Dubai and should allow for plenty of opportunities in the market in the coming years.

Compliance with the compulsory health insurance requirements is intended to be linked to the Emirate’s immigration and trade licensing processes, which will require employers and employees to provide suitable evidence that they have local health insurance in place in order to obtain trade licenses and residency visas. This will

LAW

have knock on effects for companies with global health insurance plans in place, and how these are arranged and delivered to employees in Dubai.

The new regime will also increase the regulatory burden for insurers issuing health plans for residents of Dubai. This will impact on all who are managing health plans in Dubai. Going forward health plans will need to comply with mandatory requirements for essential cover. In addition, health insurance plans will also need to be approved, not only by the UAE Insurance Authority, but also by the DHA.

DHA permits: payers & participating insurers Ahead of launching the Health Insurance law, the DHA has imposed requirements that all payers (ie insurers, TPAs or brokers) register with and obtain a DHA permit by 1 January 2014, in order to continue to deal with DHA registered healthcare providers. In order to apply for the permit, it will be necessary to ensure that insurers, TPAs and brokers to comply with DHA and UAE Insurance Authority requirements. In the case of TPAs,

this requires a UAE presence (not in a free zone) and authorization by the UAE Insurance Authority. What the new permit system means in practice is that it will become increasing difficult, if not impossible, to pay claims to medical providers in Dubai if the payer (insurer, TPA or broker) does not have the required DHA permit. In other words, failure to hold a DHA permit (or to have satisfied the DHA that it is under process) from 1 January 2014 is likely to have an adverse impact on the ability of insurers, TPAs and brokers to service their business in Dubai.

Under the new DHA regime, insurers will need to apply to become what the DHA refer to as a “Participating Insurer”. This will involve insurers completing an application process in order to demonstrate that they comply with specific DHA requirements.

Applicants will need to demonstrate their ability to meet certain general and technical requirements including in relation to their capacity; complaints handling procedures; data security; financial reporting; policy wordings / benefits schedules; staffing; training and competence; reinsurance and minimum retention (30%) requirements; complaints ratios; underwriting performance

etc. Although all insurers will be permitted to provide health insurance in Dubai, only “Participating Insurers” will be permitted to provide the Basic Health Plans. Insurers are required to submit, an “Expression of Interest” in becoming a Participating Insurer online via the eClaimlink by 31 January 2014.

The key for market participants now is to assess how Dubai’s new health insurance regime will affect them, and the implications for their business, in order to enable them to take action to ensure that they are ready to take hold of the opportunities that Dubai’s new regime will present.

Clyde & Co is currently advising all sectors of the insurance market and employers in Dubai on requirements to comply with the new compulsory health insurance regime.

For more advice contact Clyde & Co at: http://www.clydeco.com/people/waynejones

IP PROTECTION IN DJIBOUTI Djibouti experienced a stable economic growth during the last few years.

From 2003 to 2005, the annual GDP growth averaged 3.1 % due to good performance in the services sector. Inflation has been kept low.

In parallel to this economic growth, establishing a solid intellectual property (IP) protection framework becomes crucial. It has become more and more important for IP owners to become familiar with the requirements that are specific to this country, both the legal as well as the regulatory approaches. Needless to say, owners should seek sound advice before they decide on the best route to pursue.

Djibouti has adopted the 8th edition of the Nice International Classification. Trademarks are registered for a period of 10 years from filing date, renewable for like periods. There is a grace period of six months. A single application can include several classes. It is worth noting that there are provisions for the registration of collective marks and certification marks. Examination on relative grounds is not performed.

Based on the regulations implementing Industrial Property Law no. 50/

AN/09/6ème which came into force in Djibouti on November 25, 2011, Decree No. 2011-079, it is now possible to file patents and industrial designs applications.

l Maintenance fees are payable for

The main features of the country’s Patents and Industrial Designs protection framework are as follows:

l A single industrial design application

l Patents may be granted with respect to

products and processes, as well as new applications or combinations of known means to arrive at new results.

l Inventions must satisfy the criteria of

novelty, inventive step and industrial applicability.

l Exclusions from patentability include

methods of diagnosis, therapy and surgery for the treatment of persons or animals.

l Patents will be granted for 20 years

from the filing date.

consecutive periods of 5 years from the date of filing. There is a grace period of six months. may contain up to 100 models or designs, as long as these are intended to be incorporated in objects grouped in the same class of the Locarno classification system.

l Industrial designs will be registered

for an initial period of 5 years from the filing date, renewable for a further two consecutive periods of 5 years upon the payment of renewal fees. There is a grace period of six months.

For more detail see http://www.sabaip.com/NewsArtDetails. aspx?ID=1149

SABA IP Bulletin, January 2014

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ECONOMY

ECONOMY SET TO TURN A CORNER THIS YEAR The world economy is projected to strengthen this year, with growth picking up in developing countries and high-income economies appearing to be finally turning the corner five years after the global financial crisis, says the World Bank.

Growth in developing countries is being bolstered by acceleration in high-income countries and continued strong growth in China, the Bank says in its Global Economic Prospects (GEP) report.

However, growth prospects remain vulnerable to headwinds from rising global interest rates and potential volatility in capital flows, as the United States Federal Reserve Bank begins withdrawing its massive monetary stimulus.

“Growth appears to be strengthening in both high-income and developing countries, but downside risks continue to threaten the global economic recovery,” said World Bank Group President Jim Yong Kim. “The performance of advanced economies is gaining momentum, and this should support stronger growth in developing countries in the months ahead. Still, to accelerate poverty reduction, developing nations will need to adopt structural reforms that promote job creation, strengthen financial systems, and shore up social safety nets.”

Global GDP growth is projected to firm from 2.4% in 2013 to 3.2% this year, stabilizing at 3.4% and 3.5% in 2015 and 2016, respectively, with much of the initial acceleration reflecting stronger growth in high-income economies.

Growth in developing countries will pick up from 4.8% in 2013 to a slower than previously expected 5.3% this year, 5.5% in 2015 and 5.7% in 2016. While the pace is about 2.2 percentage points lower than during the boom period of 2003-07, the slower growth is not a cause for concern.

Almost all of the difference reflects a cooling off of the unsustainable turbo-charged precrisis growth, with very little due to an easing of growth potential in developing countries.

Moreover, even this slower growth represents a substantial (60%) improvement compared with growth in the 1980s and early 1990s.

For high-income countries, the drag on growth from fiscal consolidation and policy uncertainty will ease, helping to boost economic growth from 1.3% in 2013 to 2.2% this year, stabilizing at 2.4% for each of 2015 and 2016. Among high-income economies,

the recovery is most advanced in the US, with GDP expanding for 10 quarters now.

Developing countries face counterbalancing forces from high-income countries. The strengthening in high-income countries will boost demand for developing country exports, on the one hand, while rising interest rates will dampen capital flows, on the other. The report projects global trade to grow from an estimated 3.1% in 2013 to 4.6% this year and 5.1% in each of 2015 and 2016.

However, weaker commodity prices will continue to temper trade revenues. Between their early-2011 peaks and recent lows in November 2013, the real prices of energy and food have declined by 9 and 13%, respectively, while those of metals and minerals have fallen by 30%. These downward pressures on commodity prices are expected to persist, in part reflecting additional supply.

“The strengthening recovery in high-income countries is very welcome, but it brings with it risks of disruption as monetary policy tightens.

To date, the gradual withdrawal of quantitative easing has gone smoothly. However, if interest rates rise too rapidly, capital flows to developing countries could fall by 50% or more for several months – potentially provoking a crisis in some of the more vulnerable economies,” said Andrew Burns, Acting Director of the Development Prospects Group and lead author of the report.

Private capital inflows to developing countries remain sensitive to global financial conditions.

As high-income monetary policy normalizes in response to stronger growth, global interest rates are projected to slowly rise.

The impact of an orderly tightening of financial conditions on developing-country investment and growth is expected to be modest, with capital flows to developing countries projected to ease from about 4.6% of developing country GDP in 2013 to 4.1% in 2016.

However, should the adjustment be disorderly, as it was in response to speculation about when a taper might begin during the spring and summer of 2013, interest rates could rise much more quickly. Depending on the

severity of the market reaction, capital flows to developing countries could be cut by 50% or more for several months.

In such a scenario, countries that have large current account deficits, large proportions of external debt and those that have had big credit expansions in recent years would be among the most vulnerable.

The report points out that, although the main tail risks that have preoccupied the global economy over the past five years have subsided, the underlying challenges remain. Moreover, while developing countries responded to the global financial crisis by deploying fiscal and monetary stimuli, the scope for such actions has declined, with government budgets and current account balances in the red in most countries.

Growth in developing Europe & Central Asia strengthened in 2013 to an estimated 3.4%, bolstered by improved exports to highincome Europe and continued strength in energy-exporting Central Asian countries.

With strong trade and financial links with high-income Europe, the Central and Eastern European economies will benefit most from the recovery but the growth impetus from stronger exports will be partly offset by weaker domestic demand due to ongoing banking sector restructuring, tighter international financial conditions, and ongoing or planned fiscal consolidation in several countries.

The mix will keep growth stable at 3.5% in 2014, gradually lifting to 3.7 and 3.8% in 2015 and 2016, respectively. Risks include a return to weakness in the Euro Area or Russia, disorderly adjustment to tighter global financial conditions, and further sharp declines in commodity prices.

In the developing economies of the Middle East & North Africa growth, which contracted by 0.1% in 2013, is expected to remain weak with the outlook shrouded in uncertainty, the World Bank says. Aggregate growth for the region is projected at 2.8% in 2014, firming to 3.3 in 2015 and 3.6% in 2016, which is well below the region’s potential.

The full report can be found at www.worldbank.org/globaloutlook

ECONOMY

PROSPECTS FOR THE GLOBAL ECONOMY IN 2014 The IMF has set out its forecasts for the global economy in the coming year.

2014 will be a milestone in many respects.

Not only is it the 70th anniversary of the Bretton Woods conference that gave birth to the IMF, the year will also mark the 7th anniversary of the financial market jitters that led to the greatest global economic calamity since the Great Depression.

But with optimism now in the air, the IMF forecasts a further strengthening of the global economy in 2014.

The main trends in the economic outlook are as follows: l Momentum that strengthened in the latter

half of 2013 should strengthen further in 2014—largely due to improvements in the advanced economies. l Yet, global growth remains below its

potential of around 4%. This means that the world could create more jobs before we would need to worry about the global inflation genie coming out of its bottle. l Even for the advanced economies, the outlook

is still subject to significant risks. With inflation running below many central banks’ targets, the IMF sees rising risks of deflation, which could prove disastrous for the recovery. l Together with the developing countries,

emerging markets accounted for threequarters of global growth over the past half a decade. However, a growing number of emerging markets are slowing down as the economic cycle turns. l Risks may also arise from financial

market turbulence and the volatility of capital flows. l Overall, the direction is positive, but

global growth is still too low, too fragile, and too uneven. l Also the benefits of growth are being

enjoyed by far too few people. For example, in the United States, 95% of income gains since 2009 have gone to the top 1%, which is neither a recipe for stability nor sustainability.

This all points to one thing: the need to stay focused on the policies needed for sustainable growth and rewarding jobs.

Now that the global economy looks more stable, the big priority for policymakers in 2014 is to fortify the feeble global recovery and make it sustainable. This means that central banks should return to more conventional monetary policies only when robust growth is firmly rooted. At the same time, countries need to use the room created by unconventional monetary policies to put in place the reforms needed to jumpstart growth and jobs. l Growth is certainly picking up in the United

States, driven by private demand, and to be helped by the loosening of the fiscal corset in the recent budget deal. Still, it will be critical to avoid premature withdrawal of monetary support and to return to an orderly budget process, including by promptly removing the debt ceiling threat. l The Euro Area is turning the corner from

recession to recovery, but growth is still unbalanced, and unemployment is still worryingly high. Some countries are doing well, but others are still burdened by high debt and credit constraints. Monetary policy is helping, but could still do more— targeted lending, for example, could help reduce financial fragmentation. l What about the emerging markets?

The challenge here is to navigate any bumpiness and stay strong. Policymakers must be wary of any signs of financial excess, especially in the form of asset bubbles or rising debt. Financial regulation needs to be strengthened and

implemented in order to better manage credit cycles. And yes, many countries also could do more on the structural front to unlock their growth potential— including by tackling infrastructure bottlenecks or regulatory obstacles. l What about the low-income countries?

Here, the news is generally good. These countries have really become a bright spot.

Now is the time to lock in these gains and build stronger defences against either direct or consequential external shocks, including by raising more revenue. In addition, countries should keep spending selectively on important social programs and infrastructure projects.

l As for the Arab countries in transition: as

these countries grapple with the reforms needed to unleash the dynamism of the private sector and create more jobs for their young people, they need the firm support of the international community.

There are many common problems that require a common resolve: the legacy of public and private debt, and fiscal and current account imbalances; the reforms needed to make the financial system safer and bring it more into the service of the real economy; rising inequality, environmental degradation, and the long-term challenges of climate change.

These are not abstract challenges. It is only by addressing them that the global economy can ensure future prosperity for all and meet the rising aspirations of citizens—for jobs, security, opportunity and dignity. http://www.imf.org/external/np/ speeches/2014/011514.htm

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ECONOMY

SOUTH-SOUTH TRADE CONTINUES TO INCREASE Exports among developing countries remain centred in Asia, while African participation is growing, according to the latest global trade figures contained in the UNCTAD Handbook of Statistics 2013, which was published 17 December 2013.

World merchandise exports have more than tripled over the last two decades to reach $18 trillion (in current prices) in 2012, with a quarter of that trade comprising exports among developing countries â&#x20AC;&#x201C; so-called â&#x20AC;&#x153;South-Southâ&#x20AC;? trade - which reached a record $4.7trn, reports the handbook.

Total developing economies' exports now account for 45 per cent of the world total, with half of the increase in global exports between 1995 and 2012 accounted for by developing countries.

The share of South-South trade in total world exports has doubled over the last 20 years, to over 25 per cent. Fuels and manufactured goods now account for roughly 25 per cent and 58 per cent of South-South trade, respectively.

The handbook documents that the South-South trend has been led by developing Asia, followed by developing America. Intra-regional trade within developing Asia amounted to $3.5trn in 2012.

The handbook also reports that the growth of the South-South commerce was higher in developing Africa between 1995 and 2012 than in the developing regions of Asia and America.

Moreover, South-South trade from least developed countries (LDCs) in Africa climbed significantly in value over the figure for 1995.

African LDCs have increasingly benefited from

commercial exchanges with developing Asia.

China's exports to other developing countries, recorded at $1trn last year, alone represent more than 20 per cent of developing countries' intra-trade.

In construction and travel exports, developing economies now hold over 40 per cent of the global market. Their importance is also growing in transport and in computer services trade.

Apart from China and major petroleum and gas exporters, Vietnam, Egypt, India, Turkey, Peru, Colombia, Brazil, Mexico, and Chile are among the economies that have expanded the most in the South-South trade during last two decades.

However, developing and transition countries do not account for much of global trade in financial services or in trade related to intellectual property (royalties and license fees).

Manufactured goods classified chiefly by material and miscellaneous manufactured articles hold the second highest share, 19 per cent of total South-South trade, after fuels (25 per cent), followed by parts and components for electrical and electronic goods, which accounts for 15 per cent.

Along with providing detailed statistics on international merchandise and services trade, the updated handbook covers investment, commodity prices, maritime transport, and other economic and social data, for all individual economies for which data are available.

Developing economies have also been gaining market share in international trade in services, Handbook figures show. The share of exports from developing countries grew from 22 per cent of the world total in 1995 to 30 per cent in 2012.

In addition, it includes figures for geographical regions, various economic groupings, and world totals. The handbook aims each year to provide data for the analysis and evaluation of world trade, investment, international financial flows, and development. To the extent possible, UNCTAD provides estimates to fill in data gaps in order to furnish the most complete datasets.

Service sector exports from these countries increased by almost 8 per cent in 2012, while they expanded by 6 per cent in the transition economies.

At the same time, practically no growth was observed in services exports from developed countries last year.

The handbook is available in printed form and on DVD while data underlying the findings are available online at UNCTADstat (http://unctadstat.unctad.org).

‫‪27‬‬

‫ ‪ARABIC SECTION‬‬

‫الإسرتجاع الول‪ :‬‬

‫اإلسترجاع األول ألموال الضريبة هي أحدى المناطق التي تعاني منها‬ ‫إدارة مكتب ضريبة ‪ .ATED‬وعادة‪ ،‬إن على دافعي الضرائب فتح ملف‬ ‫استرجاع ضريبة ‪ ATED‬في ‪ 21‬من شهر نيسان (أبريل) من العام‪،‬‬ ‫وعلى كل وحدة من العقارات المشمولة بهذه الضريبة‪ ،‬وكذلك تسديد‬ ‫الضريبة للمكتب في نفس الوقت‪ .‬وللسنة األولى (‪ )51-2152‬من غاية‬ ‫إقرار قانون ضريبة ‪ ،ATED‬أدخلت بعض القواعد للفترة األولى من‬ ‫تطبيق هذه الضريبة والتي تتطلب أن يتم تسديد أول دفعة من ضريبة‬ ‫‪ ATED‬بحلول األول من شهر (‪ )5‬تشرين األول (أكتوبر) للفترة من‬ ‫غاية األول من شهر نيسان (أبريل) عام ‪ 2152‬وحتى ‪ 25‬من شهر أذار‬ ‫(مارس) للعام ‪ ،2151‬وكذلك أية ضريبة مستحقة للدفع من المقرر‬ ‫تسديدها قبل حلول ‪ 25‬من شهر أكتوبر ‪ .2152‬ومن أجل إجراء عملية‬ ‫الدفع وتسديد الضريبة‪ ،‬يتوجب على دافعي الضرائب أو وكالئهم‬ ‫الحصول على رقم مرجعي (‪ )reference number‬متكون من ‪51‬‬ ‫رقم‪ ،‬والذي تصدرة دائرة جمع الضرائب والتعرفة الجمركية في المملكة‬ ‫المتحدة‪ .‬ويستخدم الرقم المرجعي لمتابعة وحساب األموال الضريبية‬ ‫بشكل صحيح‪.‬‬ ‫ومع ذلك‪ ،‬فإننا ندرك أنه بحاالت قليلة لم يتم إصدار األرقام المرجعية‬ ‫لتسديد الضريبة بأخر موعد للتاريخ المحدد‪ .‬وفي مثل هذه الحاالت‪،‬‬ ‫تقوم دائرة جمع الضرائب والتعرفة الجمركية (‪ )HMRC‬بإصدار أرقام‬ ‫مرجعية لتسديد ضريبة ‪ ATED‬في مستهل شهر تشرين الثاني‬ ‫(نوفمبر)‪ ،‬كموعد آخر لدفع وتسديد الضريبة‪ .‬ومن الواضح‪ ،‬أنه‬ ‫سيكون من غير العدل في مثل هذه الحاالت‪ ،‬حيث يتسبب عدم إصدار‬ ‫أرقام مرجعية من دائرة تجميع الضرائب‪ ،‬أن تفرض فائدة على مبلغ‬ ‫الضريبة أو رسوم تأخير تسديدها‪ .‬وقد اشعرنا (شركة كاليد آند كو‬ ‫(‪ )Clyde & Co‬دائرة جمع الضرائب والتعرفة الجمركية بأن يتم‬ ‫تسوية هذا األمر دون فرض عقوبات على كاهل دافعي الضرائب‪.‬‬

‫ ‬

‫السؤال هنا‪ :‬هل سيشمل هذا النوع من العقارات تحت خاصية كونه‬ ‫سكنياً‪ ،‬وهل سيستجوب عليه دفع ضريبة "أنوال تاكس أون اينفيلوبت‬ ‫دولينك – ‪"ATED‬؟ الجواب‪ :‬بأن "ذلك يعتمد!" على حسابات تقنية‬ ‫تخص حالة المبنى واحتياجه للترميم وإعادة البناء‪ .‬ولكن لكي نعطي‬ ‫مؤشراً على األعمال التي يجب أن يتم تنفيذها في المبنى‪ ،‬يرجى‬ ‫الرجوع إلى "خانة رقم ‪ "5‬والتي تتضمن عددا من األمثلة العملية التي‬ ‫واجهتها الشركة (كاليد آند كو (‪ ))Clyde & Co‬من خالل عملها‬ ‫وتجربتها‪.‬‬ ‫تسديد ضريبة "أنوال تاكس أون اينفيلوبت دولينك – ‪"ATED‬‬ ‫أن هذه الضريبة (‪ )ATED‬هي مسؤولية سنوية‪ ،‬تدفع بالكامل في‬ ‫بداية كل فترة زمنية ‪ .ATED‬ولتوضيح أكثر على أهمية هذا‬ ‫الموضوع‪ ،‬سيكون التاريخ المقبل لتسديد الضريبة ‪ ATED‬هو يوم‬ ‫‪ 21‬نيسان (أبريل) ‪ .2151‬ولكن ماذا لو أن في يوم ‪ 22‬نيسان قد علم‬ ‫السؤول عن دفع الضرائب أنه سيكون هناك تبادل للعقود ونهاية عملية‬ ‫بيع مبنى (مثال‪ :‬بقيمة ‪ 22‬مليون جنيه إسترليني) في يوم ‪ 25‬آيار‬ ‫(مايو) عام ‪ .2151‬وبالتالي‪ ،‬أنه سوف لم يعد يملك العقار للفترة‬ ‫المشمولة بضريبة ‪ ،ATED‬أوالقسم األكبر من الفترة؟ ففي حين أن‬ ‫المسؤول عن دفع الضريبة سوف يكون قادرا على المطالبة بالسماح‬ ‫الضريبي للفترة من غاية ‪ 5‬من شهر حزيران (يونيو) عام ‪2151‬‬ ‫وحتى يوم ‪ 25‬من شهر أذار (مارس) عام ‪ ،2151‬سيكون موجبا ً عليه‬ ‫تسديد مبلغ ‪ 511‬ألف جنيه إسترليني أوالً‪ ،‬ومن ثم تقديم طلب استرجاع‬ ‫المبلغ كامالً‪ .‬هذا‪ ،‬وسيعقب ذلك إصدار تعديل السترجاع الضريبة من‬ ‫قبل دائرة تجميع الضرائب ‪.HMRC‬‬

‫خامتة ‬

‫فرضت الحكومة البريطانية ضريبة جديدة تدعى بـ "أنوال تاكس أون‬ ‫اينفيلوبت دولينك – ‪ ،"ATED‬وهي تتضمن عدد من الخصائص‬ ‫عندما تكون العقارات "السكنية" ليست بـ "مسكن"؟‬ ‫الفريدة من نوعها‪ ،‬وكذلك عدد من المطبات المحتملة للغافلين أن يقعوا‬ ‫يتردد سؤال واحد في خصوص هذه الضريبة فحواه‪ ،‬ما إذا كانت فيها‪ .‬ويذكر هذا المقال بعض من هذه القضايا‪.‬‬ ‫العقارات التي تشمل بضريبة "أنوال تاكس أون اينفيلوبت دولينك ‪-‬‬ ‫‪ "ATED‬ليست مخصصة ألن تكون بمسكن‪ ،‬أو ليست مبنى سكني‪ .‬إال أن هناك العديد من المسائل الصعبة األخرى أيضا‪ ،‬مثل‪ :‬كيفية تقييم‬ ‫ويعتبر هذا األمر مهماً‪ ،‬حيث ممكن أن يفترض دافعي الضرائب أن حالة المبنى‪ ،‬وما مديات التحسينات والترمميمات المتوجب إجرائها في‬ ‫المبنى المعني لم يعد مسكناً‪ ،‬أو هو ليس بمسكن‪ ،‬وقد يفاجئوا باعتبار المبنى أو العقارات المستحوذة حديثا‪ ،‬وكيفية تطبيق مختلف اإلعفاءات‬ ‫ذلك المبنى سكنيا‪ ،‬أو أنه يقع بالفعل ضمن التعريف القانوني كون والسماحات الضريبية الجديدة‪ .‬وبالنظر إلى حالة عدم اليقين وفي مواقع‬ ‫المبنى مسكنا‪ ،‬وبالتالي فإنه قد يشمل بهذا النوع من الضريبة‪ .‬والمثال عدة خالل تطبيق هذه الضريبة‪ ،‬وحقيقة أن دائرة تجميع الضرائب‬ ‫النموذج على هذا النوع من المشاكل‪ ،‬كون المبنى المعني غير صالح والتعرفة الجمركية – ‪ HMRC‬التزال تنظر في تطوير عملها في هذا‬ ‫للسكن‪ ،‬أو أنه في حالة تضرر كبيرة‪ ،‬وإن مالكه ينتظر إعادة تطويره أو المجال‪ ،‬توصي شركة كاليد آند كو (‪ )Clyde & Co‬دافعي الضرائب‬ ‫بيعه‪ ،‬أو أن العقار في حالة غير جيدة حين االستحواذ عليه‪ ،‬خاصة إذا بأخذ المشورة المهنية على كيفية تطبيق القواعد الخاصة بهذا النوع‬ ‫ما كان االستحواذ على المبنى مقصود منه وضع العقار كاستثمار طويل الجديد من الضريبة‪ ،‬وإن الشركة مستعدة لتقديم النصائح بهذا‬ ‫الخصوص‪.‬‬ ‫األجل‪.‬‬

‫‪ARABIC SECTION‬‬

‫الاس تعانة بوكيل ‬

‫بعض املسائل العملية ‬

‫كثير ما يرغب دافعي الضرائب باالستعانة بوكالء متخصصيين (مثل‬ ‫محاميين أو محاسبين قانونيين) الستكمال عملية دفع متعلقات ضريبة‬ ‫‪ ATED‬نيابة عنهم‪ ،‬وخاصة إذا لم يكن دافعي الضرائب مقيميين في‬ ‫المملكة المتحدة‪ ،‬أو إذا لم يكن النظام الضريبي في المملكة المتحدة‬ ‫مألوفا ً لديهم‪.‬‬

‫أن الجدول الزمني لدخول ضريبة ‪ ATED‬حيز التنفيذ كان سريعا ً‬ ‫ودون تعقيدات‪ .‬وهذا لم يكن أمراً مستغربا السيما وإن هذه الضريبة هي‬ ‫جزء من تشريعات مهمة لمكافحة التهرب الضريبي والتي ت ّم تمريرها‬ ‫من خالل البرلمان البريطاني بسرعة‪ ،‬من أجل إغالق الثغرة القانونية‬ ‫التي كانت موجودة سابقا ً‪.‬‬

‫ولمعظم بقية الضرائب يمكن تعيين وكيالً عن طريق تقديم كتابة (تعبئة)‬ ‫"نموذج ‪ ،"2-41‬وهو "نموذج توكيل بالنيابة"ما يخص متعلقات‬ ‫دائرة تجميع الضرائب والرسوم الجمركية (‪ ،)HMRC‬ويحتوي‬ ‫النموذج تفاصيل عن الوكيل والضرائب التي أريد لها أن تمنح السلطة‬ ‫للوكيل بمتابعتها‪ ،‬مثل ضريبة الشركات (‪،)Cooperative Tax‬‬ ‫وضريبة القيمة المضافة (‪ ،)VAT‬والضرائب المفروضة على الرواتب‬ ‫والدخل (‪.)Income Tax‬‬

‫بالتالي‪ ،‬فإن دائرة جمع الضرائب والرسوم الجمركية في المملكة‬ ‫المتحدة (‪ )HMRC‬كان عليها اإلستعداد للقيام بالمهمة الجديدة في‬ ‫إدارة ضريبة جديدة تماما ً وخالل فترة قصيرة‪ .‬وقد أدى ذلك إلى بعض‬ ‫المشاكل السيما عدم وجود األدوات الالزمة للمتابعة والرصد‪ .‬فعلى‬ ‫الرغم من قيام دائرة جمع الضرائب والرسوم الجمركية في المملكة‬ ‫المتحدة (‪ )HMRC‬من نشر بعض التوجيهات بشأن ضريبة ‪،ATED‬‬ ‫لكون هذه الضريبة واإلجراءات المتعلقة بها ال تزال جديدة‪ ،‬وهي قيد‬ ‫التطوير والتوجيه‪ .‬وتبقى هناك العديد من المسائل اإلجرائية والتقنية‬ ‫التي ال يمكن أن تغطيها الئحة التوجيهات‪ .‬ولهذا‪ ،‬ففي كثير من األحيان‬ ‫تكون من الضرورة االتصال بدائرة جمع الضرائب والرسوم الجمركية‬ ‫في المملكة المتحدة ‪ HMRC‬ألخذ المزيد من التوجيهات الرسمية‬ ‫بشأن القضايا المعلقة بهذه الضريبة‪ .‬حاليا ً يتحمل "مكتب الدمغة‬ ‫(‪ ")Stamp Office‬ضمن دائرة جمع الضرائب والرسوم الجمركية‬ ‫في المملكة المتحدة ‪ ،HMRC‬مسؤولية إجراءات ضريبة ‪.ATED‬‬ ‫وعلى الرغم من أن ضريبة ‪ ATED‬ليس مقتصرة على ضريبة الدمغة‪.‬‬ ‫بل تستند قواعد ضريبة ‪ ATED‬الجديدة بشكل كبير على نسبة جديدة‬ ‫وأعلى (‪ )%51‬لضريبة الدمغة على األرض ‪Stamp Duty Land‬‬ ‫)"‪ ،)Tax "SDLT‬وهي تخص العقارات السكنية التي تقع قيمتها من‬ ‫‪ 2‬مليون جنيه إسترليني فما فوق‪ .‬ولذا فمن المنطقي أن يتحمل "مكتب‬ ‫الدمغة (‪ ")Stamp Office‬مسؤولة ضريبة ‪ ATED‬أيضا‪.‬‬

‫ولكن يجب التذكير بأن ضريبة "أنوال تاكس أون اينفيلوبت دولينك ‪-‬‬ ‫(‪ )ATED‬ال يغطيها نموذج ‪ .2-41‬وأن دائرة جمع الضرائب والرسوم‬ ‫الجمركية في المملكة المتحدة أن يتم توكيل الوكيل من خالل رسالة‬ ‫مكتوبة‪ ،‬ويجب أن تحتوي الرسالة على‬

‫ما ييل‪ ~:‬‬ ‫• أن تنص الرسالة تحديدا على أن الشخص "‪ "X‬مخ ّول بالتصرف‬ ‫كوكيل فيما يتعلق بضريبة ‪ ATED‬ومتعلقاتها‪ ،‬وأية مراسالت تتصل‬ ‫بها؛‬ ‫• أن تنص الرسالة على أن السلطة الممنوحة للوكيل فيما يتعلق‬ ‫بضريبة ‪ ATED‬باإلضافة إلى أية سلطات سابقة التي ربما قد تكون‬ ‫منحت للوكيل ‪ X‬سابقا ً‪ .‬فعلى سبيل المثال‪ ،‬يمكن للوكيل أيضا ً أن يتولى‬ ‫ح ّل موضوع ضريبة القيمة المضافة لموكله؛‬ ‫• أن تتضمن الرسالة تفاصيل معلومات االتصال الخاصة بالوكيل لدائرة‬ ‫جمع الضرائب والرسوم الجمركية‪ ،‬بما في ذلك رقم مرجعي‬ ‫(‪ )Reference Number‬وأرقام االتصال بالوكيل؛ و‬ ‫• يتم توقيع الرسالة من قبل المخولين بالموضوع من جهة دافعي‬ ‫الضرائب‪ ،‬وطباعتها على الورق الخاص بالشركة‪.‬‬

‫ومع ذلك‪ ،‬من خالل مناقشات ومراسالت جرت مؤخراً بيننا (شركة كاليد‬ ‫آند كو (‪ )Clyde & Co‬وبين "مكتب الدمغة (‪")Stamp Office‬‬ ‫ضمن دائرة جمع الضرائب والرسوم الجمركية السيما فيما يتعلق بعدد‬ ‫من القضايا التي تخص ضريبة ‪ ،ATED‬حيث توضح لنا بأنه ال يزال‬ ‫هناك نقصا ً في عدد الموظفين التقنيين الخاصيين والذين ت ّم تدريبهم‬ ‫على قواعد ضريبة ‪ ATED‬الجديدة ضمن "مكتب الدمغة"‪ ،‬وأنهم‬ ‫يسابقون الزمن من أجل اللحاق باألعداد الكبيرة من القضايا الخاصة‬ ‫بعوائد الضريبة واالستفسارات ذات الصلة‪ .‬ولذلك فمن المهم أن‬ ‫تحتفض كل الجهات المعنية بعالقات جيدة مع جهات االتصال الرئيسية‬ ‫داخل مكتب الدمغة ضمن دائرة جمع الضرائب والرسوم الجمركية‪،‬‬ ‫السيما المسؤولة عن إجراءات ضريبة ‪.ATED‬‬

‫‪28‬‬

‫‪29‬‬

‫ ‪ARABIC SECTION‬‬

‫ ‬ ‫حملة تعريفية عن رضيبة "أنوال اتكس أون اينفيلوبت دولينك " " ‬ ‫قبل النظر في بعض المسائل العملية الجديدة المتعلقة بهذا النوع من‬ ‫الضريبة‪ ،‬يجدر تعريف ضريبة ‪ ATED‬بشكل موجز‪ ،‬وماهي األسباب‬ ‫التي استدعت فرض هذه الضريبة‪ .‬في السابق كان يطلق على هذا النوع‬ ‫من الضرائب بـ "ضريبة األمالك العقارية السنوية" ‪Annual ( -‬‬ ‫"‪ .)Residential Property Tax (or "ARPT‬واستقدمت‬ ‫الحكومة البريطانية ضريبة ‪ ATED‬بموجب قانون المالية لعام ‪2152‬‬ ‫كجزء من "المحاور الثالث" لغرض الهجوم على التهرب الضريبي‬ ‫(الح ّد من التهرب في دفع الضرائب) المذكورة أعاله‪ .‬وسيتم تطبيق‬ ‫التحديثات ضريبة الدمغة على األرض ‪Stamp Duty Land Tax‬‬ ‫)"‪ )"SDLT‬على ما يتعلق باقتناء العقارات الجديدة بينما ستنفذ‬ ‫التغييرات في ضريبة األرباح الرأسمالية على بيع العقارات بالشكل‬ ‫النهائي‪ .‬وتفرض ضريبة ‪ ATED‬سنويا ً وبشكل مستمر‪ ،‬ما دامت‬ ‫ملكية العقارات المعنية مستمرة‪.‬‬ ‫وتخص ضريبة ‪ ATED‬العقارات التي تبلغ قيمتها ‪ 2‬مليون جنيه‬ ‫إسترليني فما فوق‪ .‬وتخص هذه الضريبة العقارات "المتغلفة الملكية"‪،‬‬ ‫أو ما يسمى ملكية عقارية ليس ألشخاص بعينهم أو لشخص بعينه‪ ،‬بل‬ ‫ملكية تحت (خيمة) أو هياكل شركات تجارية‪ .‬والمثال النموذج لمثل‬ ‫هكذا نوع من الملكية هي ملكية العقار باسم شركة ال باسم شخص‬ ‫بصفته الفردية أو مجموعة أشخاص بصفتهم الشخصية‪.‬‬

‫ ‬

‫ومن ثم بيع هذه العقارات على شكل أسهم في الشركة‪ ،‬بدالً من بيع‬ ‫العقارات مباشرة من قبل مالكها‪ ،‬بصفته الشخصية إلى المشتري‬ ‫الجديد‪ .‬يذكر أنه بشكل عام ال يفرض القانون البريطاني رسوم الدمغة‬ ‫على شراء أسهم شركة في الخارج (الشركة التي تحمل صك الملكية)‪،‬‬ ‫في حين إذا كان المشتري قد اشترى المبنى مباشرة لكان لزاما ً عليه‬ ‫دفع ضريبة الدمغة على األرض ‪Stamp Duty Land Tax‬‬ ‫)"‪ )"SDLT‬وبنسبة ‪ %7‬وذلك حسب مقتضى القانون الساري‬ ‫المفعول منذ ‪ 22‬مارس ‪ .2152‬أما ضريبة ‪ ،ATED‬فهي ضريبة‬ ‫سنوية ثابتة بالرجوع إلى قيمة العقارات المعنية‪ .‬الجدول أدناه يوضح‬ ‫معدالت هذه الضريبة‪-:‬‬

‫ضريبة "أنوال تاكس أون‬ ‫اينفيلوبت دولينك أو‬ ‫(‪ )ATED‬للعام ‪51/2152‬‬ ‫‪£15,000‬‬ ‫‪£35,000‬‬ ‫‪£70,000‬‬ ‫‪£140,000‬‬

‫سعر المبنى‬ ‫‪£2,000,001‬‬ ‫‪ £5,000,000‬إلى‬ ‫‪£5,000,001‬‬ ‫‪ £10,000,000‬إلى‬ ‫‪£10,000,001‬‬ ‫‪ £20,000,000‬إلى‬ ‫فما فوق‬ ‫ا‬ ‫‪£20,000,001‬‬

‫أن المقصود من التغييرات األخيرة هي كما ذكر أعاله‪ ،‬الح ّد من التهرب إجرائيا ً‪ ،‬هناك عنصران لضريبة "أنوال تاكس أون اينفيلوبت دولينك ‪-‬‬ ‫من دفع ضريبة الدمغة على األرض ‪ ،)ATED( Stamp Duty Land Tax‬وهما‪ :‬األول‪ ،‬كتابة تقرير استرجاع الضرائب ( ‪Tax‬‬ ‫)"‪ ،)"SDLT‬والذي غالبا ً ما كان يت ّم من خالل بيع العقارات "بشكل ‪ )Return‬وارساله إلى دائرة تجميع الضرائب والرسوم الجمركية‬ ‫غير مباشر"‪ ،‬من خالل "تغليف" ملكيتها من قبل شركة في الخارج‬ ‫(‪ ،)HMRC‬والثاني‪ ،‬دفع الضرائب ذات الصلة‪.‬‬

‫‪ARABIC SECTION‬‬

‫األحدث بخصوص الضرائب على العقارات السكنية‬ ‫معلومات عن الضريبة السنوية المفروضة على العقارات‬ ‫السكنية في المملكة المتحدة‬ ‫ ‪"UK Residential Property Tax Update‬‬‫"‪Pushing the Envelope‬‬ ‫بقلم السيد كريس كونورز والسيد راي سميث – شركة كاليد آند كو (‪ )Clyde & Co‬للمحاماة‬

‫في العدد األخير من المجلة الفصلية "أضواء على العالقات العربية –‬ ‫البريطانية" التي تصدرها غرفة التجارة العربية البريطانية‪ ،‬قدمت‬ ‫شركة كاليد آند كو (‪ )Clyde & Co‬عبر مقالتين أهم التغييرات التي‬ ‫احدثتها الحكومة البريطانية على قوانين وقواعد الهجرة واإلقامة‬ ‫والضرائب على العقارات السكنية التي فرضتها الحكومة البريطانية‬ ‫السيما العقارات التي تبلغ قيمتها ‪ 2‬مليون جنيه إسترليني فما فوق‪.‬‬ ‫وأوضحت أحدى المقالتين آخر التغييرات التي طرأت على الضريبة‪،‬‬ ‫السيما النهج ثالثي المحاور الذي سنته الحكومة البريطانية مؤخراً من‬ ‫أجل الح ّد من عملية التهرب الضريبي خاصة ما يطلق‬ ‫علية بمصطلح"‪ "enveloping‬أو "التغليف‪ ،‬أي "امتالك" العقارات‬ ‫السكنية تحت (خيمة) أو هياكل شركات تجارية"‪.‬‬ ‫وتشمل التغييرات األخيرة فرض نسبة ‪ %51‬ضريبة الدمغة على‬ ‫األرض أو ما يطلق علية باإلنجليزية ‪Stamp Duty Land Tax‬‬ ‫)"‪ )"SDLT‬على‬

‫بعض صفقات بيع وشراء العقارات‪ ،‬إضافة إلى فرض رسوم ضريبية‬ ‫بنسبة ‪ %22‬على األرباح الرأسمالية (على المكاسب) التي يحققهها‬ ‫التصرف في بعض العقارات‪ .‬أما هذه المقالة فهي تركز بالتحديد على‬ ‫شرح البعد الثالث من هذه التغييرات‪ ،‬التي استجدت على ضرائب‬ ‫العقارات السكنية في المملكة المتحدة‪ ،‬آال وهو إدخال ضريبة جديدة‬ ‫تماماً‪ ،‬وهي الضريبة السنوية الجديدة التي يطلق عليها باإلنجليزية‬ ‫(أنوال تاكس أون اينفيلوبت دولينك أو " ‪.)" ATED‬‬ ‫يذكر أن المقالة السابقة قد تطرقت أيضا‪ ،‬بشكل موجز‪ ،‬إلى هذا النوع‬ ‫من الضريبة‪ ،‬بينما تقدم هذه المقالة تحديثا ً وتفاصيل أكثر على‬ ‫‪ ،ATED‬وتناقش بعض المسائل العملية التي حدثت بعيد صدور‬ ‫المعلومات األولية على الضريبة العقارية‪ ،‬كما تتطرق هذه المقالة إلى‬ ‫ذكر بعض المحاذير التي يجب أخذها بنظر االعتبار لتفادي الوقوع في‬ ‫الخطأ إذا لم يتم االنتباه للتفاصيل‪.‬‬

‫‪30‬‬

e

LIBYA VISA SERVICE

ARAB BRITISH CHAMBER OF COMMERCE

LIBYA Business Visa Service

For visa enquiries please email Therese on t.bebawi@abcc.org.uk or call 0 20 7659 4861

y

1

We are pleased to announce that the Arab British Chamber of Commerce has now reinstated the BUSINESS VISA SERVICE to

LIBYA

If you are traveling on business or taking a trade delegation to the Arab world and need your visa secured quickly and efficiently, the Arab British Chamber of Chamber's Visa Section is the ideal point of contact.

This service is available only to companies based, or with offices, in the UK. The Arab British Chamber of Commerce, 43 Upper Grosvenor Street, London W1K 2NJ

founded in 1975, is a membership organisation that exists to promote trade and economic activity between the United Kingdom and the 22 member states of the Arab League. Over the past four decades the Chamber, building on its experience, has developed a range of services which are proved invaluable to Arab and British companies. With the assistance and expertise of our organization, British companies are now able to achieve their international business aspiration.

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32

IRAQ

IRAQ EXCHANGE LOOKS TO MORE COMPANY LISTINGS The head of the Iraq Stock Exchange [ISX] has said that he is targeting 25 companies to make an initial public offering, a year after the bourse listed the largest Middle East IPO since 2008.

Taha Ahmed Al Rubaye, CEO, stated that he was in discussions with senior executives of companies that were close to meeting the listing requirements – such as 100 shareholders and publishing financial data for the past year - as part of his goal to boost the still infant exchange.

have the request to transfer the company from limited to shareholder,” Al Rubaye said.

“I have a list of about 25 non-listed companies; we are encouraging them to come to our stock exchange,” Al Rubaye said on the sidelines of the Iraq Finance 2014 conference in Dubai.

Al Rubaye said he has also had had talks with “several” banks that were close to meeting listing requirements but needed to increase their shareholder count to 100.

“We are discussing that with their boards and their CEOs but it depends on them... if they match [the requirements] then we’d be happy to have them on the stock exchange.

“There are thousands of limited companies; we’re encouraging them too to move to a shareholders’ company [and then to launch an IPO].”

The ISX, established in 2004, is still relatively small in size, and today boasts 83 listed companies with a market capitalisation of $9 billion.

Still not fully digitalised – it is expected to go online later this year – the exchange rose to prominence in 2013 with the Middle East’s largest listing since 2008 – telecommunications provider Asiacell.

The float raised 1.49 trillion Iraqi dinars ($1.3bn) and the stock price rose the maximum 10% in the first day of trading on February 4.

The country’s other two phone networks also are supposed to be listing under their licensing contracts but only Zain Iraq has publicly declared its intention to go public.

“Under their contract they [should have] listed two years ago, but we are waiting to

“We are waiting to have their request. I believe, if the general assembly at their meetings this year decide to list, they’ll be ready in June or July.”

Arabian Business, 28/01/2014

Zain Iraq Prepares to List Mobile telecom firm Zain Iraq is expected to list its shares on the ISX later this year, but is at least several months off from being able to do so, the bourse’s chief executive said.

The company, which is 76% owned by Kuwait’s Zain and is Iraq’s biggest mobile operator by market share, must first publish its financial results for 2013 and hold a shareholders’ meeting to approve the listing plan.

And then there are other steps that need to be taken, Taha Al Rubaye said.

“I don’t think they will (complete) all the requirements before two or three months or maybe four, it may be more,” said Al Rubaye.

“I believe they will do it this year, but I don’t know when.”

Zain Iraq, and its two competitors in the Iraqi market, Asiacell and Orange affiliate Korek, all missed a 2011 deadline to float a quarter of their shares on the ISX under the terms of their $1.25bn network licences.

Asiacell, majority-owned by Qatar’s Ooredoo, subsequently joined the ISX in February 2013 after raising $1.27bn in a public share sale.

But Zain Iraq put back its sale from the first quarter of last year to the end of 2013 and most recently said it would list in the first half of 2014, with the initial public share offer expected to raise more than $1bn.

Last year Zain set up a joint stock company, Al Khatem, to hold its Iraqi business, a prerequisite to listing on the ISX, and says that the preparatory steps for the flotation were “progressing well”.

“We are confident of listing Al Khatem during the course of 2014,” the company said.

Gulf Daily News, 29/01/2014

Foreign Banks Await Go Ahead Meanwhile, Abdul Bassit Turki, the governor of the Central Bank of Iraq and chairman of the Federal Board of Supreme Audit, indicated that two foreign banks were about to be granted licences to operate in the country.

“We are going to give approval for two [foreign banks], they are from the region but not the Gulf. One of them will immediately open seven branches,” he was quoted by The National as saying.

The country is looking to open its doors for foreign players to operate in the country by modernising infrastructure, increasing services and consolidating the banking sector, which comprises mostly private banks.

The National, 28/01/2014 Iraq Stock Exchange http://www.isx-iq.net/isxportal/portal/ homePage.html

For more details call 0203 288 3101

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TENDERS

TENDERS

DESIGN, CONSTRUCTION, MANAGEMENT, OPERATION, MAINTENANCE AND REHANDING OVER OF CONTAINERS TERMINAL (CT2) AT EAST PORT SAID PORT Scope of Work

IMPLEMENTATION OF ORACLE E-BUSINESS SUITE HUMAN CAPITAL MANAGEMENT SYSTEM

Request for best offers and proposals from International & Egyptian specialized companies in fields of building and operation of containers terminal regarding the design, construction, management, operation, maintenance and rehanding over of Containers Terminal (CT2) at East Port Said port on 540,000 m2 area with a 1,200 m long sea view at Port Said port on BOT basis.

Tender No: BAC/88/2013 Bid Bond: BD1000 Document Cost: BD25 Contact Bahrain Tender Board Tel: (+973) 1756 6666 Fax: (+973) 1758 7855 www.tenderboard.gov.bh Deadline: 26/02/2014

Document Cost: $5,000 Bid Bond: $2,000,000 Contact Port Said Port Authority, the Stores Department Crossing of Azmi St. & Mostafa Kamel St., Port Said Tel: 066 - 348269/ 348270 Deadline: 24/03/2014

BAHRAIN

LEGAL APPRENTICESHIP SCHEME SET-UP Tender No: LF-132 Bid Bond: BD500 Document Cost: BD15 Contact Bahrain Tender Board Tel: (+973) 1756 6666 Fax: (+973) 1758 7855 www.tenderboard.gov.bh Deadline: 19/02/2014

EGYPT REQUEST OF INTERNATIONAL OFFERS FROM ELIGIBLE BIDDERS REGARDING THE SERVICE & CIRCULATING WATER PUMPS AND DRIVES PACKAGES PERTAINING TO SOUTH HELWAN SUPER-CRITICAL POWER PLANT 3 X 650 MW UNDER FINANCE FROM OPEC FUND FOR INTERNATIONAL DEVELOPMENT Document Cost: $1,500 Bid Bond: $300,000 Contact Upper Egypt Electricity Production Co. (UEEPC) c/o Kureimat Power Station, Atfeeh, Giza Tel: 02 - 38462393/ 33357086/ 29210733 Fax: 02 - 38462865/ 37610578 Deadline: 16/03/2014

LICENSE FOR THE EXPLOITATION, MINERALS SEPARATION, PROCESSING AND INDUSTRIAL MANUFACTURING OF BLACK SAND AT EL BOROLLOS COAST ON THE MEDITERRANEAN Scope of Work A comprehensive feasibility study was undertaken by an international specialist firm (Mineral Technologies, Australia) has proved that this project is highly economical and attractive according to international mining standards. The feasibility study confirmed the availability of proven mineralsâ&#x20AC;&#x2122; reserves estimated at 285 million tons of black sand with an average of 3.28 % of heavy minerals in addition to future extensions of the ores. Terms of reference can be obtained in Arabic with a summary of the feasibility study attached against $5,000 or equivalent either from the Authority or from the Headquarters of Kafr El Sheikh Governorate.

Bid Bond will be raised to LE 2 billion when the bidder is prequalified.

Contact Ministry of Electricity & Energy, Nuclear Materials Authority, Maadi/ Qattameyya Road, PO Box 530 Maadi, Cairo, Tel: 02 - 23526212/ 23526352/ 23526139 Fax: 02 - 2352 6212 Deadline: 20/03/2014

REQUEST OF OFFERS FROM ELIGIBLE & FIRST CLASS CONTRACTING COMPANIES TO IMPLEMENT AN INTEGRATED SANITARY/ INDUSTRIAL WASTE DRAINAGE PROJECT AT PORT SAID FREE ZONE FINANCED BY GAFI Document Cost: LE1,500 Bid Bond: LE600,000 Contact National Org. for potable water & Sanitary Drainage (NOPWASD), 96 Ahmed Orabi St., Mohandesin, Giza Tel: 02 - 33023038/ 3302 3042/ 3355 8408 Fax: 02 - 3302 3037 Deadline: 11/03/2014

OMAN DUALIZATION OF BARKA - NAKHAL ROAD (GOVERNORATE OF SOUTH AL BATINAH) Tender No: 3/2014 Document Cost: RO3000 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 10/03/2014

DUALIZATION OF NIZWA BAHLA ROAD (MARFA DARIS JIBREEN) Tender No: 2/2014 Document Cost: RO3000 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 24/02/2014

DEVELOPMENT OF QURIYAT FISHERY HARBOUR Tender No: 1/2014 Document Cost: RO3000 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 24/02/2014

TENDERS

ADMINISTRATION BUILDING IN SULTAN QABOOS UNIVERSITY HOSPITAL COMPLEX

MAINTENANCE OF LIGHTING INSTALLATIONS ON CALL-OFF BASIS IN DUKHAN FIELDS

Tender No: 136/2013 Document Cost: RO3000 Contact Oman Tender Board Muscat Oman PO Box 787/133 Al Khuwair Tel: +968 24602652 Tenderom@Omantel.net.om http://www.tenderboard.gov.om/eng/ Deadline: 17/02/2014

Tender No: GT14101600

QATAR FEED FOR NITROGEN STORAGE AND DISTRIBUTION FACILITY Tender No: GT14101500 Scope of Work The objective of this project (Part 1) is to provide a Front End Engineering Design (FEED) and EPIC tender package to enable QP to install a liquid nitrogen storage and distribution system of low and high pressure nitrogen required for Dukhan Operational Area and RG Plant based on continuous, intermittent and peak consumptions. A high pressure gaseous nitrogen cylinder filling facility shall also be provided to cater to the requirement for nitrogen in Dukhan operational areas.

Part 2 HP Cylinder Filling Facility: The objective of Part 2 is to carry out front end engineering design (FEED) services and prepare an EPIC tender package to install a Nitrogen Cylinder Filling facility to meet requirements of continuous, intermittent and peak consumptions in Dukhan. A liquid nitrogen storage and distribution facility shall also be installed that will cater to the requirement for Nitrogen in RG Plant and Dukhan operational areas.

Bid Bond: QR250,000 Document Cost: QR500= Contact Qatar Petroleum PO Box 3212 Doha, Qatar Tel: (974) 4440 2000 Fax: (974) 4483 1125 www.qp.com.qa Deadline: 23/02/2014

PROVISION OF FINANCE PROFESSIONAL SERVICES Tender No: GT14101300 Bid Bond: QR 1,000,000 Contact Qatar Petroleum PO Box 3212 Doha, Qatar Tel: (974) 4440 2000 Fax: (974) 4483 1125 www.qp.com.qa Deadline: 23/02/2014

Attention: Contracts Section Tel: (013) 341-4127/4163 Fax: (013) 341-2201 Deadline: 27/03/2014

Scope of Work The project involves maintenance services, trouble shooting, relocation, supply and installation of indoor/street /high mast/ lay-by/ stadium/ garden/ parking/ outdoor area lighting installations, LCP, LFP and related cabling, termination, jointing and pole foundation works within Dukhan Fields, including supply of all material, tools and equipment on a Call-Off basis for a duration of 5 years.

Bid Bond: QR500,000 Document Cost: QR500 Contact Qatar Petroleum PO Box 3212 Doha, Qatar Tel: (974) 4440 2000 Fax: (974) 4483 1125 www.qp.com.qa Deadline: 02/03/2014

CALL-OFF FOR PURCHASE, M&S FOR PVTSIM SOFTWARE Tender No: GT14101100 Bid Bond: QR323750 Documents Cost: QR500 Contact Qatar Petroleum PO Box 3212 Doha, Qatar Tel: (974) 4440 2000 Fax: (974) 4483 1125 www.qp.com.qa Deadline: 02/03/2014

SAUDI ARABIA SITE DEVELOPMENT OF CITY INFRASTRUCTURE SUPPORT SERVICES AREA Tender No: 083-C01 Scope of Work The project includes development of approximately 365 hectares at the city infrastructure support services Area-North in Ras Al-Khair Industrial City. The land is intended for use by infrastructure services, such as potable water, storage and pumping, seawater cooling intake and pumping, RC Operation and Maintenance facilities. The work consists of Site Preparation and Earthwork, Road Network, Storm Drainage Collection Network, Potable and Fire-Water Supply and Distribution System, sanitary Wastewater Collection Network, Power Distribution Network, Telecommunication Distribution Network, Street Lighting System, Traffic Control System (Traffic Lights) and Instrumentation and Controls.

Contact Royal Commission in Jubail Supply Management Department

MAINTENANCE OF RC BUILDINGS IN PERMANENT AREA Tender No: 840-S63 Scope of Work Contract covers the provision of all labour, equipment, tools and materials for the maintenance of designated Royal Commission owned public, institutional, commercial and residential buildings located in Permanent Community Area of Jubail Industrial City. Contract period is five years.

Contact Royal Commission in Jubail Supply Management Department Attention: Contracts Section Tel: (013) 341-4127/4163 Fax: (013) 341-2201 Deadline: 16/02/2014

UAE SUPPLY, INSTALLATION, TESTING COMMISSIONING AND 2 YEAR OPERATION & MAINTENANCE FOR HYBRIDISATION OF AL YASSAT ISLAND DIESEL POWER STATION WITH 800KW PHOTOVOLTAIC POWER PLANT Tender No: 2131300072 Documents Cost: AED 1000 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 26/02/2014

SUPPLY, INSTALLATION, TESTING AND COMMISSIONING OF FIBRE OPTIC NETWORK MAINTENANCE SYSTEM Tender No: 2131400001 Document Cost: AED500 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 13/02/2014

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36

TENDERS

SUPPLY, INSTALLATION, TESTING AND COMMISSIONING OF BULK WATER METER TEST BENCH Tender No: 2131300074 Document Cost: AED1000 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 19/02/2014

SUPPLY OF CABLE PROTECTION TAPES Tender No: 2051400004 Document Cost: AED200 Contact Dubai Electricity & Water Authority Office of the Contracts Manager, Zabeel East, PO Box 564, Dubai Tel: + 971 4 3244444 Fax: + 971 4 3248111 Email: contracts@dewa.gov.ae www.dewa.gov.ae Deadline: 26/02/2014

IRAQ MIDLAND REFINERIES CO SEEKS TO PURCHASE THE FOLLOWING MATERIALS Supply of 2,750kg Compound 7E Tender No: 1610/2014 Scope of Work Compound 7E to be shipped in 15 imperial gallons drums. A sample should be submitted before the closing date for a complete laboratory evaluation test.

Bid Bond: 1% Contact Saad Noori Mohammed General Manager Midland Refineries Co Info@mrc.oil.gov.iq; purchase@mrc.oil.gov.iq www.oil.gov.iq; www.mrc.oil.gov.iq Deadline: 24/02/2014

SUPPLY OF 1220 X 1.00MM THICK LITRE COIL ENDS (750 TON); AND 1.00 X 910MM THICK 200 LITRE COIL SIDE (1,500 TON) Tender No: 1609/2014 Scope of Work Cold rolled carbon steel coil commercial quality; skin-rolled dull finish and oil per mills standards according to BS 1449-Part-1-1972 CR4 or JIS G3141 SPCC-SD or ASTM A 366-72 Edges of the coil should be sprayed or brushed heavily with oil; wrapped in waterproof paper then completely wrapped with two lawyers of metallic waster sheets; coil should be strapped by 6 steel bands through coil bore and 3 bands around circumference; shipped with bore horizontal; and not bear any welding joint along the whole length of the coil.

Bid Bond: 1% Contact Saad Noori Mohammed General Manager Midland Refineries Co Info@mrc.oil.gov.iq; purchase@mrc.oil.gov.iq www.oil.gov.iq; www.mrc.oil.gov.iq Deadline: 24/02/2014

SUPPLY OF ENGINEERING INSPECTION DEVICES Tender No: 5/2/18/1114S Document Cost: ID175,000 Bid Bond: 1% Contact General Directorate of Electrical Energy Production Basrah Email: gdeep_comm_dept@yaho.com; trading@ gdeepbasra.com www.moelc.gov.iq Deadline: 16/03/2014

SUPPLY OF AIR FILTERS FOR MS 9171E FOR KHOR AL-ZUBAIR POWER STATION Tender No: 5/2/23/1175S Document Cost: ID225,000 Bid Bond: 1% Contact General Directorate of Electrical Energy Production Basrah Email: gdeep_comm_dept@yaho.com; trading@ gdeepbasra.com www.moelc.gov.iq Deadline: 16/03/2014

SUPPLY OF INNER COVER DS & NS FOR KHOR AL-ZUBAIR POWER STATION Tender No: 5/2/23/1170S Document Cost: ID200,000 Bid Bond: 1% Contact General Directorate of Electrical Energy Production Basrah Email: gdeep_comm_dept@yaho.com; trading@ gdeepbasra.com www.moelc.gov.iq Deadline: 16/03/2014

SUPPLY OF SPARE PARTS FOR AIR COOLING SYSTEM FOR BURNER FOR KHOR AL-ZUBAIR POWER STATION Tender No: 5/2/23/1172S Document Cost: ID200,000 Bid Bond: 1% Contact General Directorate of Electrical Energy Production Basrah Email: gdeep_comm_dept@yaho.com; trading@ gdeepbasra.com www.moelc.gov.iq Deadline: 16/03/2014

SUPPLY OF TK MOTOR & BEARING & GREASE FOR KHOR AL-ZUBAIR POWER STATION Tender No: 5/2/23/1174S Document Cost: ID125,000 Bid Bond: 1% Contact General Directorate of Electrical Energy Production Basrah Email: gdeep_comm_dept@yaho.com; trading@ gdeepbasra.com www.moelc.gov.iq Deadline: 16/03/2014

SUPPLY OF CATHODIC PROTECTION MATERIALS FOR 48’’ CRUDE P/L FRO9M PSI TO A1-FAO DEPOT Tender No: 5462/ER-K01/2014 Documents Cost: ID150,000 Contact Purchasing Department Oil Projects Company Tel: 00 964 8857323/324 Email: pur.cus@scop.gov.iq www.scop.gov.iq Deadline: 16/03/2014

UAE

UAE HOME TO WORLD’S TALLEST TOWERS OF 2013 Three of the world’s five tallest buildings completed in 2013 are located in the UAE, according to the Council on Tall Buildings and Urban Habitat (CTBUH) report.

The three are led by JW Marriott Marquis Hotel Dubai Tower 2 with the other two towers making it to the list being the 328-metre Al Yaqoub Tower, also in Dubai and the 324-metre The Landmark which is in Abu Dhabi.

The council stated that the UAE remained a dominant player in completion of 200-metre plus tower in 2013, with the number rising from five to 10, putting it second only to China.

Construction in Dubai and Abu Dhabi continued apace in 2013, each completing five 200-metre-plus buildings.

Dubai has been in the top five cities for tallbuilding completion since 2008 (when it was number one, a feat it repeated in 2010). Abu Dhabi has only once jumped Dubai’s rank, rising to number three in 2011 when the latter slipped to fifth place.

Last year, Dubai also laid claim to the title of the “world’s tallest twisting tower” with the 307-metre Cayan Tower.

In coming years, state-owned Dubai Multi Commodities Centre (DMCC) is to build Burj 2020, the world’s tallest commercial tower, plans for which have been unveiled.

Abu Dhabi completed The Gate, the four towers connected by a sky bridge, which was selected as a finalist in the Best Tall Buildings Middle East category by the CTBUH Awards Jury.

The year 2013, CTBUH said, was the secondmost successful year ever, in terms of 200-metre-plus building completion, with 73 buildings of 200 metres or greater height completed.

From 2000 to 2013, the total number of 200-metre-plus buildings in existence increased from 261 to 830 – an astounding 318%.

spread across 22 cities.

“From this point of view, we can more confidently estimate that the slight slowdown of 2012, which recorded 69 completions after 2011’s record 81 – was a “blip,” and that 2013 was more representative of the general upward trend.”

No megatall (600-plus metres) were completed, but nine supertall (300-plusmetres) buildings were finished in 2013, (against one megatall and nine supertalls in 2012).

For the fourth year running, nine supertalls were again completed in 2013. These 36 supertalls, built over the last four years, comprise nearly half the total number of supertalls that now exist (77).

The sum of all the 200 plus metre buildings completed in 2013 was 17,662 metres, the second-tallest year in history, after 2011.

China, for the sixth year in a row, completed the most 200m+ buildings of any country in the world; the 37 buildings in China were

Europe saw completion of two of the 10 tallest buildings for the first time since 1953.

The CTBUH is an international not-for-profit organisation founded in 1969 and supported by professionals in architecture, engineering, planning, development and construction.

The CTBUH is the world’s leading body in the field of tall buildings and a recognised source of informed information on tall buildings internationally.

For more about the CTBUH see http://www.ctbuh.org/

Emirates 24│7, 23/01/2014

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BUSINESS EVENTS

BUSINESS EVENTS, TRADE FAIRS AND CONFERENCES ME-TECH 2014 Middle East Technology Forum Madinat Jumeirah, Dubai, UAE 18-19 February 2014 Contact Euro Petroleum Consultants Ltd [EPC] 44 Oxford Drive Bermondsey Street London SE1 2FB Tel: +44 (0) 20 7357 8394 Fax: +44 (0) 20 7357 8395 Email: enquiries@EuroPetro.com www.europetro.com OFFSHORE ARABIA 2014 Conference and Exhibition for Marine and Environmental Sustainability Dubai International Convention and Exhibition Centre, Dubai, UAE 3-5 March 2014 Contact Siddarth Nanthur Project Manager Dubai Headquarter Office INDEX Conferences & Exhibitions Organisation Est. Tel: +971 4 362 4717 Ext 603 Fax: +971 4 362 4718 Email: siddarth.nanthur@index.ae http://www.index.ae/contactus.aspx WASTE MANAGEMENT OMAN SUMMIT 2014 11 - 12 March 2014 Grand Hyatt, Muscat, Oman Contact Mohita Bhimsaria - Marketing Manager Tel: +91 7259237314 Nispana Innovative Platforms www.nispana.com/ wastemanagementoman ARAB LAB 2014 Dubai International Convention and Exhibition Centre, Dubai, UAE 17-20 March 2014 Contact ARABLAB Group Scientific International Exhibitions Ltd PO Box 125303 Dubai Email: info@arablab.com Tel: + 971 4 397 5418 Fax: + 971 4 397 5419 ARAB OIL AND GAS International trade exhibition for onshore and offshore oil, gas and petrochemical industries Dubai International Convention and Exhibition Centre - Dubai World Trade Centre, UAE 17-19 March 2014 Contact International Conferences & Exhibitions LLC PO Box 29884 Dubai Tel: +971 4 335 5001 Fax: +971 4 335 5141 Email: info@icedxb.com

TRADE MISSION TO THE UAE: DUBAI AND ABU DHABI LCCI, together with Marylebone Cricket Club (MCC), are taking a select group of companies interested in exploring business opportunities in Dubai and Abu Dhabi Supported by the ABCC, along with UKTI and HSBC 18 - 24 March 2014 Contact Vanessa Vlotides Head of International Business Team London Chamber of Commerce and Industry Email: vvlotides@londonchamber.co.uk Tel: +44 (0)20 7203 1838 4TH OMAN ECONOMIC FORUM International business event organised

by Oman Ministry of Commerce and Industry and Al-Iktissad Wal-Aamal Group in cooperation with the Capital Markets Authority, Muscat Securities Market, the Central Bank of Oman and Oman Chamber of Commerce and Industry 18-19 March 2014 Al Bustan Palace, Ritz Carlton, Muscat, Oman Contact Al-Iktissad Wal-Aamal Group Tel: +961 1 740173/4 Fax: + 961 1 354952 www.iktissadevents.com/about/contact OIL AND GAS TELECOMMUNICATIONS Marriott Regent’s Park Hotel, London 19-20 March 2014 Contact Alia Malick Tel: +44 (0) 20 7827 6168 Email amalick@smi-online.co.uk www.smi-online.co.uk 2ND SWISS-ARAB FINANCIAL FORUM ‘Creating a new financial management model for a new world’ 3 April 2014 Grand Hotel Kempinski, Geneva, Switzerland Contact Mario Kanaan PO Box 113-6194 Hamra, Beirut 1103 2100 Lebanon Tel: +961 1 780200 Fax: +961 1 780206 Email: Mario.kanaan@iktissad.com http://www.iktissadevents.com/events/ SAF/2 SAUDI HIGHER EDUCATION 15 - 18 April 2014 Riyadh, Kingdom of Saudi Arabia Contact Riyadh Exhibitions Company (REC) PO Box 56010 Riyadh 11554 Tel: +966 1 2295604 Fax: +966 1 2295612 Email: esales@recexpo.com; info@ recexpo.com www.recexpo.com

ARABIAN TRAVEL MARKET 2014 Dubai International Convention and Exhibition Centre, Dubai, UAE 5-8 May 2014 Contact Reed Exhibitions Ltd Tel: +44 208 271 2158 Fax: +44 208 334 0740 Email: arabian.helpline@reedexpo.co.uk www.arabiantravelmarket.com/Contactus/ 3RD EDITION POWER & DESALINATION SUMMIT Building partnerships and fostering innovation in the field of power and water Doha, Qatar 12 - 13 May 2014 Contact Sobia Jameel Marketing – Utilities Fleming Gulf Email: sobia.jameel@fleminggulf.com Tel: +91 - 9164 989 507 MIDDLE EAST PETROTECH 2014 Conference & Exhibition Bahrain International Exhibition & Conference Centre, Manama, Bahrain 18-21 May 2014 Contact Alex Pout Overseas Exhibition Services London Tel: +44 (0) 20 7840 2137 Fax: +44 (0) 20 7840 2119 Email: apout@oesallworld.com www.mepetrotech.com BEAUTYWORLD MIDDLE EAST Dubai International Convention Centre, UAE 27-29 May 2014 Contact Elaine O’Connell Senior Show Manager Tel: +971 4 38 94 500 Fax: +971 4 35 85 522 Email: elaine.oconnell@uae. messefrankfurt.com www.beautyworldme.com/frankfurt/51/ for-exhibitors/welcome.aspx 47ND EDITION OF THE ALGIERS INTERNATIONAL FAIR A key business gathering for SMEs in search of new markets 28 May -2 June 2014 Palais des Expositions SAFEX pins Maritimes, Algiers, Algeria Contact SAFEX Algerie Palais des expositions Pins Maritimes Alger 16000 Algeria Email: contact@safex.dz Tel: +21321210123/30 Fax: +21321210630 / 21210540 www.safex.dz

HOSPITAL BUILD & INFRASTRUCTURE MIDDLE EAST 2014 EXHIBITION & CONGRESS Dubai International Convention and Exhibition Centre - Dubai World Trade Centre, UAE 2-4 June 2014 Contact Informa Life Sciences Exhibitions PO Box 9428 Dubai, UAE Tel: +971 4 4072707 Fax: +971 4 3364021 Email: hospitalbuild@informa.com http://www.hospitalbuild-me.com/en/ ContactUs/ PROJECT LEBANON 19th International Construction Trade Exhibition for Lebanon and the Middle East 3-6 June 2014 BIEL, Beirut, Lebanon Contact IFP Group PO Box 55576 Beirut, Lebanon Tel: +961 5 959111 Fax: +961 5 959888 Email: info@ifpexpo.com www.projectlebanon.com ENERGY LEBANON 3-6 June 2014 BIEL, Beirut, Lebanon Contact IFP Group PO Box 55576 Beirut, Lebanon Tel: +961 5 959111 Fax: +961 5 959888 Email: info@ifpexpo.com www.ifpexpo.com GLOBAL TRADE - A TRADE SYSTEM FOR THE 21ST CENTURY 9-10 June 2014 Chatham House, London Contact Zara Berry Chatham House Tel: +44 (0)20 7957 5756 Email: zberry@chathamhouse.org www.chathamhouse.org INTERNATIONAL BUSINESS TRAINING: EXPORT DOCUMENTS One-day course explaining all the key documentation requirements when shipping products globally At London Chamber of Commerce, 33 Queen Street, London EC4R 1AP 9am - 4pm, 24 June 2014 Contact Marta Zanfrini International Business Executive Email: mzanfrini@londonchamber.co.uk Tel: +44 (0)20 7203 1822 www.londonchamber.co.uk ABCC EVENTS For details of all forthcoming ABCC events please see the website: http://www.abcc.org.uk/Events

ARCHITECTURE

trinéire

INTERIOR DESIGN

Trinéire is a London based Architects and Interior Designers practice established in 1992 providing an all encompassing professional service in the UK and overseas. From initial design to full completion, we at Trinéire ensure all areas of a project meet the highest standards. Trinéire manage all aspects of a project from foundations to furniture and remove the worry and stress often associated with getting that dream property. We guide our clients every step of the way through the course of a project with our personal service, be it refurbishing and extending old buildings or constructing new contemporary or traditional properties to the highest level of bespoke design. Working on UK properties while clients reside overseas, we provide the professional link and peace of mind. Contact us to find out more.

(Members of the Royal Institute of British Architects and the British Institute of Interior Design)

384 Lee High Road, London SE12 8RW

t:+44(0)20 82974144/8728 e: info@trineire.com w: www.trineire.com

architects & interior designers