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November 2015
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“The QNV 2030 lays down the roadmap of how to approximate the vision of HH The Father Emir Sheikh Hamad bin Khalifa Al Thani. There is a vision behind all of these nonenergy sector projects which is going to shape the country in the longer term.” – Mohamed A K Al Emadi, CEO of Al Emadi Enterprises. The expected influx of professionals into the region will also drive demand for executive education with employers being put under pressure to acquire and retain top talent and skills.
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With kick-off now only seven years away, questions hang over Qatar’s T h e c o u n t d ow n c o n t i nu e s . . . readiness to host the 2022 World Cup. Is the state on track to host SPECIAL SECTION: world sport’s biggest event? Mark van Dijk asks, and answers, these and other tough questions.
Business Interview: Mohamed Al Emadi, CEO, Al Emadi Enterprises, on architectural excellence
- November 2015
- QATAR’S BUSINESS MAGAZINE - Vol. 7 No. 11 - Issue 73 - November 2015
PLUS:
Commodities supply glut Mobile broadband’s rapid growth Qatar’s outbound real estate investments
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Bringing Italian architectural excellence to Qatar 48
Mohamed A K Al Emadi, CEO of Al Emadi Enterprises, speaks about the business model of his company, focusing in particular on their ambitious and unique Al Hazm project.
Vol. 7 No. 11
Executive Education
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interviews
Building strong partnerships 60
Martin Bennett, regional director, BAE systems, in an exclusive interview with The Edge shares the operational areas that, according to him, have greater potential in Qatar and the region.
special section Executive Education 73
Business leaders have to constantly develop the skills of their workforce to meet the ever-changing demands of the global marketplace. But as each organisation offers its own response to these changing realities, the region’s business schools have also had to go back to school, developing new, customised solutions in executive education. By Mark van Dijk.
sectors Finance and Markets 34
A broad range of commodities has fallen to the lowest level in 16 years. The main trigger for this weakness has been slowing demand excerbated by an increased supply at a time when demand growth has failed to keep up.
Energy & Sustainability 37
Despite the recent threat to Qatar’s historically dominant position in the global liquefied natural gas market, the country is likely capable of maintaining a leading position over the next 20 years.
Tech & Communications
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Mobile broadband penetration in Qatar improved significantly between 2013 and 2014, going up from 76.8 mobile connections per 100 people to 106.3 in 2014. According to a recent report, mobile broadband penetration in Qatar improved significantly between 2013 and 2014. (Image FotoArabia)
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Real Estate & Construction 41 Capital worth USD11.5 billion (QAR42 billion) flowed out of the Middle East into direct real estate purchases globally, driven by large-scale acquisitions by Qatar Investment Authority in the first half of the year.
Qatar’s Constellation Hotels bought a 64 percent stake in Coroin, the holding company, which owns the Maybourne Hotel Group that runs Claridge’s London (pictured here).
Business Insight
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Samer Abdel Kader, head of SEI Investments Middle East, speaks about the company’s business model with special focus on its report on end-of-service benefits, and how that has evolved in the region. Mario Bauer, chief executive officer of Vapiano, shares why they chose to hold the Vapiano International Convention in Qatar, and growth prospects of their brand in this region.
SEI’s annual report on employment trends and managing end-ofservice benefits in the Middle East is based on the results of an annual survey conducted over May and June each year, Samer Abdel Kader, head of SEI Investments Middle East, told The Edge.
regulars From the Editor
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Photo of the Month Business News
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Qatar Perspectives Products 8 | The Edge
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Smartphone and Tablet optimised. Get updates on leading projects shaping Qatar’s booming construction industry. Find out more about upcoming events and tenders, and read expert opinions and articles on architecture, materials, technology, project management, infrastructure, sustainability and more.
www.qatarconstructionnews.com 10 | The Edge
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firefly communications PO Box 11596, Doha , Qatar Tel: +974 44340360 / Fax: +974 44340359 www.firefly-me.com The Edge is printed monthly Š 2015 Firefly Communications. All material strictly copyright and all rights reserved. Reproduction in whole or in part, without the prior written permission of Firefly Communications, is strictly forbidden. All content is believed to be factual at the time of publication. Views expressed by contributors are their own derived opinions and not necessarily endorsed by The Edge or Firefly Communications. No responsibility or liability is accepted by the editorial staff or the publishers for any loss occasioned to any individual or company, legal or physical, acting or refraining from action as a result of any statement, fact, figure, expression of opinion or belief contained in The Edge. The publisher (Firefly Communications) does not officially endorse any advertising or advertorial content for third party products. Photography/image credits and copyright, where not specifically stated, are that of Shutterstock and/or iStock Photo or Firefly Communications.
editor’s letter As the oil price fluctuates between USD45 and USD50 (QAR164 and QR182) per barrel, the imperative for moving Gulf Cooperation Council (GCC) economies away from hydrocarbon dependence is more stark than ever. For Qatar and most of its regional neighbours, most of which share similar diversification and knowledge economy strategies, focused on internal development in the coming decades, information technology (IT) is one sector upon which many hopes are pinned. Indeed, it forms part of Qatar’s National Vision 2030, and not without good reason. A robust and secure IT sector can underpin operations and opportunity and growth in almost every sector. From banking to healthcare and transport and infrastructure, to even oil and gas itself, there is no area of the economy that will not benefit from digital advancement. At the 35th GITEX Technology Week, held recently in Dubai, it was revealed that the IT services markets of Qatar, Oman, Bahrain and Kuwait are set to grow by 61 percent, from USD1.1 billion (QAR4 billion) to USD1.82 billion (QAR6.6 billion). The event itself was also the location of a raft of announcements and deals set to improve the sector immeasurably in the near future. Qatar itself is a leader in sector investment and adopting technological advances, the most important of which is accessible, high-speed, affordable broadband technology. It is also a regional and global frontrunner in the adoption of many forms of technology and related services, from network readiness to e-governance and there are plans already being implemented to make Doha a leading ‘smart city’ of the future. Moreover, Qatar is rapidly developing and unrolling an ambitious strategy geared towards promoting e-commerce, which has resurfaced to prominence of late, thanks to efforts such as the country’s technology custodians ictQATAR, similar entities in the GCC and increased activity in the private sector. With theoretically low barriers to entry and what amounts to a worldwide market in the form of any potential customer with Internet access, this seems only inevitable. In fact, in late
2011 James Caan, British entrepreneur and television personality said that he believed Qatar specifically could become the Silicon Valley of the region. In the following years this quasiprophesy, however, arguably failed to materialise, as prohibitive regulations and costs geared toward traditional forms of business proved major barriers. Naturally, the original Silicon Valley itself extends far beyond e-commerce and includes hardware and software and all manner of technological services such as cloud data storage and social media and technology ‘unicorns’ (a recently coined term referring to start-up companies, mainly digital, in the United States which have raised investment in excess of USD1 billion/QAR3.64 billion). These kinds of firms are all present in Qatar and the region in some shape or form, small and big (though perhaps no unicorns here, yet). But for many, the most visible intersection of technology and business remains in e-commerce, one of, if not the, most accessible ways anyone can potentially earn revenue by technology, as the term itself does not only mean selling finished products online, but can extend to vending all manner of freelance, service and marketing related activities. ictQATAR recognises this and in October the topic was the focus of the 2015 E-commerce Forum, where local, regional and international experts focused on important issues related to the sector. Qatar’s National e-Commerce Roadmap was also discussed and a number of developments and initiatives were revealed, such as the liberalisation of Qatar’s postal system and the launch of a Dubaibased payment system in the country, to name two. These efforts perhaps show, that after a few years of less obvious activity, perhaps Qatar may finally realise the potential Caan foresaw. There is already a small but thriving e-commerce start-up sector here, many entities within it supported by ictQATAR’s Digital Incubation Center. Serious challenges remain, but the country’s regulators seem to be making major efforts to further foster an environment conducive to digital business. Both entrepreneurs looking for new opportunities and traditional businesses should take note, the latter perhaps more so, lest some young digital upstart might come along and disrupt them right out of business.
Qatar is rapidly developing an ambitious strategy geared Miles Masterson towards promoting e-commerce. Managing Editor 12 | The Edge
fall of china 16 | The Edge
photo of the month
A beleaguered Chinese investor looks at prices of shares (red for price rising and green for price falling) at a stock brokerage house in Huaibei city, east China’s Anhui province. China’s stocks fell sharply last month, as a small-caps decline led to the largest stock drop, the most in a month, on heavy volume, led by smaller companies, on Wednesday, October 21, as investors weighed whether an equity rebound had gone too far. The Shanghai Composite Index slid 3.1 percent to 3320.68 at the close. (Image Arabian Eye/Corbis) The Edge | 17
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S&P reaffirms Qatar ratings
main story 18 | The Edge
Given present nervousness around the Gulf – as investors, businesses and governments face the prospect of sustained oil and gas price softening – international ratings agency Standard & Poor’s (S&P) recent reaffirmation of Qatar’s high investment grades came as a welcome vote of confidence for many in Doha, writes Oliver Cornock. While S&P set out reassuring reasons why Qatar was worth the reaffirmation, there is much in S&P’s September report that warrants attention if Qatar is to avoid any future downgrades from the global ratings giants. On September 18, S&P reaffirmed an AA rating for long-term issue bonds from Qatari Diar Finance and SoQ Sukuk. At the same time, it also reissued a ‘A-1+’ rating for Qatar’s foreign and local currency sovereign credit. The agency justified this by referring to the state’s strong economic fundamentals, which give it powerful external and fiscal positions. The policy of diversification was also praised, with the expectation that Qatar’s non-oil sector should remain buoyant, thanks to major public investment and a growing population. This will help counteract any continued weakening of the oil and gas market. The fall in hydrocarbon prices, caused by global factors such as heightened competition from the United States (US) shale oil and increasing liquefied natural gas (LNG) production from other countries, also comes alongside expected falling production in Qatar’s mature oil fields. Yet while this does mean reduced revenue streams for the government, S&P concluded that the state’s commitment to maintaining its public expenditure programme would mean it will still need to come up with the funds – particularly in the run-up to the 2022 World Cup. While this commitment may lead to a deterioration in fiscal and external balances – and a slowing of gross domestic product (GDP) growth from roughly six percent during the last three years, to around four percent between 2015 and 2018 – the existing buffers should be able to absorb the shock. Indeed, in terms of buffers, Qatar has considerable foreign assets, with its net liquid asset position estimated by S&P at around 100 percent of GDP in 2015. This is also likely to be maintained. Meanwhile, steps taken to diversify LNG markets and lock prices into long-term contracts are softening the blow of falling oil and gas revenues. But the report also offers some important words of caution. First of all, if the government’s gross liquid net asset position were to deteriorate significantly – which might occur if oil and gas prices continue to tumble – this would likely cause a rethink in the rating, S&P stated. How likely this is to come about is up for debate, however, with Goldman Sach’s worst-case speculation of a potential USD20 (QAR72.8) a barrel some way short of the US Energy Information Administration’s USD53.57 (QAR195) prediction for 2016.
In terms of buffers, Qatar has considerable foreign assets, with its net liquid asset position estimated by S&P at around 100 percent of GDP in 2015.
Second, S&P also states that if Qatar were to implement significant reforms in transparency and data quality – regarding government assets in particular – this might lead to the grade improving. While the first of the above reservations would represent further working out of an external risk about which Qatar can do relatively little, the latter is something the state can act upon – and indeed, perhaps should act upon, even if the oil price increases sharply in the near future.
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“We fully realise that the future welfare of our people depends on Qatar’s access to competitive markets.”
Real GDP growth forecasts, Q2 2015 % 8 7 6 5 4 3 2
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HE Sheikh Abdullah bin Nasser Al Thani, Qatar’s Prime Minister and Minister of Interior, at the opening ceremony of the World Export Development Forum in Doha in October, which was attended by more than 700 people from 92 countries, and hosted by the Ministry of Economy and Commerce of Qatar through the Qatar Development Bank. Al Thani told the audience that the sustainability of international trade flows must be combined with significant investment efforts, as well as innovative policies and appropriate institutional arrangements. “SMEs represent the vanguard of our exports. It is in this sense that we embrace world markets and welcome discussions on innovation and investment as guiding principles of our public policy that contribute to the development of the private sector, and the SME sector, specifically,” he added.
Sources: IMF, National Statistics Office and CEBR analysis.
While providing more accurate and up-to-date numbers is something Qatar has been working on, with many improvements made, clearly, S&P believes there is still room for improvement. It is not alone in this either, with the International Monetary Fund (IMF) Article IV consultations also continuously stressing this point. The IMF also argues that having accurate numbers available enables more precise planning, allowing developing risks to be spotted early, and effective countermeasures taken. This is a point that many will be hoping does not get lost following the reaffirmation of Qatar’s otherwise excellent ratings. After all, even an A-grade student can still aim higher.
Oliver Cornock is the regional editor, Middle East, Oxford Business Group.
“There has been a lot of interest. I would say there are three, at the moment.” Bernie Ecclestone, chief executive officer of Formula One (F1), addressing rumours that the controlling stake of the world’s largest motor racing franchise would change hands to a handful of potential new owners in the near future. Earlier in 2015, it had been reported that chief among these is the owner of the Miami Dolpins, billionaire United States (US) businessman Stephen Ross, who was in the process of closing a deal as part of a US-Qatar led consortium. This was recently confirmed by a representative of Ross, though no timeline for a final deal, if any, was given. “Our shareholders are in such a position at the moment where they have to lose some of their shares, or all of them, shortly,” Ecclestone added, however. “That’s the way things are set up for them.”
The Edge | 19
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“ The government is planning to take several measures, including opening up the postal service for competition, to boost the e-commerce market.”
Business News in Brief Doha Exhibition and Convention Center ready to be launched
As the Doha Exhibition and Convention Center (DECC) nears its much-awaited opening date in the first week of November, media were treated to an exclusive press preview of the facility in West Bay. Catching the first glimpse into the DECC, local and international media representatives attended a tour of the 47,700 square metre site including the exhibition hall, modular wall system, meeting and conference rooms, VIP hosting suite and an underground parking system.
HE Dr. Hessa Al Jaber, Qatar’s Minister of Information and Communications Technology at Qatar’s E-Commerce Forum held at Ritz-Carlton Hotel in October. Al Jaber explained that the government has put a policy in place to liberalise the postal delivery by making suitable amendments to the Postal Law and opening up the service to other private companies in Qatar’s logistic sector. Other measures to stimulate e-commerce activity in Qatar, Dr. Al Jaber discussed, included enabling merchants, consumers, startups and e-commerce service providers to better service the market, and enforcing an e-transactions law. “We found that a number of inhibitors are impeding the development of a robust e-commerce ecosystem in Qatar. We are working to overcome some of those inhibitors,” continued Dr. Al Jaber. The DECC at West Bay is set to host its first event in November.
“We will find out what is the problem and what it will take to fix [it].” Janos Pasztor, United Nations secretary general Ban Ki-moon’s climate advisor, in a press conference at UN headquarters, discussing issues surrounding the 40 member countries which have not submitted climate plans or ‘intended nationally determined contributions’ (INDCs) ahead of the COP21 UN Climate Change Conference, in December in Paris. Around three quarters of global governments have done so, but 40 have not, including Qatar, Saudi Arabia, the United Arab Emirates and Pakistan. According to Pasztor, the UN will be following up with these nations to find out why they have not submitted their reports yet, and were already offering assistance to this effect to some. “We are trying to urge countries to finish the job as soon as possible,” he added.
20 | The Edge
Global middle class net worth doubled since 2000 to QAR294 trillion
Credit Suisse Research Institute has published the annual Global Wealth Report for 2015. The report reveals that household wealth in the Middle East and North Africa (MENA) region totalled QAR16 trillion in mid-2015, down 2.2 percent since mid2014. Qatar recorded the highest average wealth per adult of QAR571,480 in mid2015, growing 0.8 percent from the same period last year. Qatar occupied the 21st place globally in terms of average wealth, up from 29th place in the year 2000.
Sony announces launch of Sony FotoArabia Picathon Competition
Sony has announced the launch of its Sony FotoArabia Picathon 2015 competition inviting photographers to document an aspect of their country and its people, creating a short story through their lens in order to capture the national pride of their chosen country. The competition is open to residents in the United Arab Emirates,
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Kingdom of Saudi Arabia, Qatar, Oman, Bahrain, Lebanon, Egypt and Jordan. Running from November 1, 2015, until January 31, 2016, photographers have three months to complete their stories.
Mall of Qatar and Salam Studio & Stores unveil a new upscale luxury department store
Mall of Qatar has signed a deal for a new luxury department store with Salam Studio & Stores. The ceremony was held at the site office of the Mall of Qatar in the presence of Shem Krey, managing director, Mall of Qatar, Rony Mourani, general manager, Mall of Qatar, and Abdul Salam Abu Issa, deputy chief operating officer of Salam International Investment Ltd. Salam Studio & Stores, established in 1952, is a leading retailer offering the latest in luxury designer apparel, fashion brands, perfumes, photography equipment and others. Under the deal, Salam Studio & Stores will lease three floors consisting of over 8000 square metres to showcase a wide array of leading international brands that will join Mall of Qatar’s select merchandise mix.
The signing ceremony was held at the site office of the Mall of Qatar in the presence of Shem Krey, managing director, Mall of Qatar, Rony Mourani, general manager, Mall of Qatar, and AbdulSalam Abu-Issa, deputy chief operating officer of Salam International Investment Ltd.
Hyundai marks three million Middle East sales Hyundai Motor Company is celebrating the sale of its three millionth vehicle in the Middle East, 39 years after it began operations in the region. Company officials gathered at the Ulsan Plant in South Korea to mark the occasion and to thank customers. Now firmly established as the second biggest automotive manufacturer across the region, Hyundai arrived in the Middle East in 1976.
22 | The Edge
Panelists representing Qatar’s e-commerce start-ups discussing prospects and challenges of doing business here.
Decoding the complexity of Qatar’s e-commerce industry The growth potential of Qatar’s QAR3.71 billion e-commerce market is well documented but the sector still faces a number of challenges – something that was discussed during Qatar’s E-commerce Forum held in Doha. By Syed Ameen Kader. Qatar’s E-Commerce Forum 2015 held last month was an opportunity to bring together businesses, policy makers and e-commerce service providers to address some of those challenges, and discuss new trends and developments in the global and Qatari e-commerce markets. Organised by ictQATAR, the event saw a large participation from the e-commerce industry, including representatives from Google, PayPal, PayFort, Qatar Development Bank, Doha Bank, Visa, Uber Technologies, Ooredoo, Aramex International and Q-Post. Moayed Siddiq, governance engagement specialist, Digital Industry Development Department, ictQATAR, said, “The e-commerce forum really serves two purposes. First of all, it marks the end of the e-commerce road map project in which ictQATAR has spent several months looking at various issues such as payments, logistics, etcetera. And it is kind of announcing some of the solutions that ictQATAR has come up with and some of the steps that the ministry is taking to help solve these problems with all the other relevant government bodies and private sector entities.” He said it is the beginning of a dialogue between a number of different entities working in e-commerce in Qatar. “A lot of work happening with e-commerce in the country is in isolated silos. So the event is bringing people together to create a community, and moving forward, if we do have any issues, we can work together,” he added.
One of the major announcements that HE Dr. Hessa Al Jaber, minister of information and communications technology, made during the event was the opening up of the postal market in Qatar. Delivery of products bought online is still a major issue that most e-commerce companies face in Qatar today. With the liberalisation of the postal sector, local courier companies can now address some of these issues to a large extent. Another bottleneck Qatar’s e-commerce industry faces in a market where still 80 percent of online transactions are done through a cash-on-delivery model, is the existence of a limited number of e-payment service providers in the country. However, Qatar is addressing this issue by allowing more payment service providers to get into the market. PayFort, for instance, chose this occasion to announce their entry into the Qatari market. The Dubai-based payment service provider will start its operation by the end of this month, the company’s CEO Omar Soudodi told The Edge, on the sidelines of the event. “We are going to issue a formal press release soon, but today we announced our entry into Qatar market.” Soududi said, “There is a lot interest for the Qatari, both from regional and global companies. We have a lot of international brands that we support in the United Arab Emirates, Egypt and Saudi Arabia, and they have all expressed interest into the Qatari market. For us, it makes all sense to come and launch in Qatar.”
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events
Business events calendar November-December 2015 6-9 December International Petroleum Technology Conference
IPTC is expected have participation from ministers and government representatives.
The ninth edition of the International Petroleum Technology Conference (IPTC) is set to return to Doha, with greater focus on technology and relevant industry issues that challenge industry professionals and management around the world. It is an annual event rotating between Asia Pacific and the Middle East. Regional oil ministers, industry leaders and governmental representatives will discuss and share their views on timely industry topics and trends, exchange expertise and experience, present state-of-the-art technology and innovation, and stimulate further research of technical and business activities. There will also be a range of integrated social activities to encourage networking and off-line discussion.
9-10 December Euromoney Qatar
7-8 December Future Drainage & Stormwater Networks Qatar 2015
Following the successful launch conference last year, Future Drainage & Stormwater Networks Qatar 2015 will discuss the latest developments and future opportunities in the construction of sewerage and drainage networks to manage the country’s ground water, foul sewage and treated sewage effluence (TSE) requirements. The conference will also give insight on the practical applications and opportunities for the management and usage of TSE, stormwater and groundwater resources. The event will bring together government authorities, project management consultants, general engineering consultants, contractors, sub-contractors and materials and machinery suppliers. This conference will provide a good opportunity to exchange knowledge, share best practice and most importantly shape future plans and strategies.
November 2-4 November Civil Defence Exhibition and Conference 3-5 November World International Summit for Education (WISE) 5 November Qatar BIM User Day 8-10 November Facilities Innovation Forum Qatar 10-11 November 7th Middle East District Cooling Summit
Ashghal’s Local Roads and Drainage Programme comprises over 200 projects in total, which are scheduled to be executed over the next five to seven years.
The fourth edition of Euromoney Qatar conference, to be held at the Ritz Carlton Hotel, will look at the future of finance globally, but from Qatari prospective, and will cover further critical issues such as governance, regulation, compliance, inclusion and digital distribution. The best minds from the global and regional finance industry will congregate for two days to deliberate upon topics relating to Qatar’s macroeconomic and business environments, discussing topics such as financing SMEs, digital economy and finance, and financial education. Qatar Central Bank governor, HE Sheikh Abdullah bin Saoud Al Thani, is expected to make keynote address during Dignitaries at the Euromoney Conference 2013 that saw the event. participation from central bank governors from several countries. 24 | The Edge
Events Listing
15-18 November Sports Infrastructure Expo 16-22 November Global Entrepreneurship Week, Qatar 23-25 November CSR Qatar 2015
December 6-9 December International Petroleum Technology Conference 9 December Datacenter 360 Roadshow 14-16 December Made in China
Special advertiSement
Selling Rights Issue - Offering Flexibility to Shareholders and a Corporate Financing Tool The selling and trading of rights issue was explicitly permitted under the Qatar Financial Markets Authority (the “QFMA”) rules for the first time in March 2014 regulating the listing and trading of rights issue of Qatari public joint stock companies on the Qatar Exchange. Under the QFMA regulations, a rights issue is an invitation to existing shareholders to buy new shares in a listed company’s capital increase at a discounted price. According to the QFMA, Selling Rights Issue Rules (SRIR), the invitation to existing shareholders is considered a ‘right’. Such right may be issued as ‘securities’ that may be listed and traded on Qatar Exchange until the new shares are purchased. The shareholders may trade the rights on the Qatar Exchange in the same way they would trade ordinary shares. A rights issue is subject to ownership limits determined in the listed company’s Articles of Association and the Foreign Investment Law (Law No. 13 of 2000). The existing limit on foreign shareholding in public joint stock companies is 49%. Therefore, rights may not be sold to foreign shareholders who may, by virtue of holding the right, own more than 49% in the capital of a listed company. According to the QFMA, a company may file an application with the QFMA for the listing of the rights within 10 days from the company’s Extraordinary General Assembly approval on the capital increase. The QFMA will provide its consent on the listing within five days from receiving the listing application of the rights. Two days following the QFMA approval, the rights are listed on the Qatar Exchange in the names of the shareholders to which the rights are allocated. Upon the listing of the rights, they can be traded on the Qatar Exchange for up to 15 days prior to the subscription date in the capital increase shares. The listed Rights are dematerialised and deposited with the Qatar Central Securities Depository following the listing. Setting the prices of the Rights is determined by the Qatar Exchange and is subject to the QFMA’s approval. The rights are offered for sale for 10 days. The rights cannot be sold within the original sale period of the rights, being 10 days from the offering of the rights for sale. The rights cannot be pledged or attachmed and cannot be purchased through margin financing. The listing of the right shall be cancelled at the end of the original sale period, which is considered the expiry date. After this date the rights lapse and have no value, unless they are used in the subscription of the company’s capital increase. The SRIR aim to compensate the shareholders for the decrease in the value of the shares held by those shareholders. A shareholder may have the following options to deal with a rights issue: 1. Allowing the right to expire without exercising it; 2. Subscribing in the shares of the capital increase pursuant to the right; or 3. Sell its rights to a third party investor.
It is important that investors exercise their rights by subscribing in the shares or by selling the rights to a third party investor before expiry of the right to avoid losing the value of the right. There are two types of rights issue, renounceable rights and non-renounceable rights. A non-renounceable right is non-transferable. This means that if the shareholders do not exercise the right during the subscription period, they lose their opportunity to purchase the new shares. If a shareholder receives a renounceable right, the shareholder can either choose to buy the additional shares or sell its right on the Qatar Exchange. Rights are generally a useful financial tool for a company that wishes to raise more funds by issuing additional securities. In addition to rights being a useful tool for companies, the QFMA regulations bring an additional benefit of attracting new investors to a company’s capital increase. It is possible for investors to buy the rights on the market (through a broker licensed with the Qatar Exchange). Rights are a new type of security product available on the Qatari market, thus, numerating the sources of corporate funds.
SaRah El SERaFy Senior Associate – Al Tamimi & Company
Follow us on Twitter @AlTamimiCompany Join us on LinkedIn - Al Tamimi & Company www.tamimi.com
qatar perspectives
Qatar Rail: Creating a new paradigm of public transportation Engineer Abdulla bin Abdulaziz Turki Al Subaie is the managing director of Qatar Railways Company. It is a momentum of unprecedented growth that had long been strategically mapped out, planned and targeted by the very pillars of the Qatar National Vision 2030 (QNV 2030): an era of economic, social, environmental and human development that will mould Qatar into a model of sustainability. Qatar Railways Company (Qatar Rail) was established in 2011 to execute the ambitious mandate of developing an efficient public transportation system in Qatar that includes three interconnected projects – the Doha metro, the Lusail light rail transit project and the long distance rail project. Since its inception, Qatar Rail has been able to record significant milestones in its journey to build one of the most modern railway networks in the world. Contracts worth over QAR70 billion have been signed for the Doha metro, all the 21 tunnel boring machines have reached Doha and 35 km of tunnelling has been completed (out of a total of 113 km), with the rest expected to be completed by the second quarter of 2017. More than 77 million man hours have already been invested in the project, with one of the best safety records in the world. As is the case with any mega infrastructure projects, Qatar Rail Development Programme faces several challenges but the company is trying to find innovative solutions to manage them. The size and complexity of the project requires that the construction is undertaken through several discrete packages, which must be integrated to achieve a single metro network. Doha Metro, Lusail light 28 | The Edge
The Qatari economy is witnessing a new model, fuelled by aggressive diversification into new growth sectors, heavy infrastructural spending, private-public partnerships and, resultantly, a flurry of foreign direct investments, writes Abdulla bin Abdulaziz Turki Al Subaie. rail transit and long distance freight and passenger rail are broadly advancing as scheduled with a firm determination to deliver them on time. Qatar Rail has actively sought to identify and learn from issues causing delays in previous projects, locally, regionally and internationally, and are applying proactive measures to prevent them in its projects. The Doha Metro project stretches far beyond its initial purpose as an alternative, time-efficient transport system for commuters. Ultimately, each strategically located Doha metro station will serve as an economic and residential hub around which numerous community and commercial developments are already underway – and, naturally, paving the way for future investments over the next few years as station works approach completion. Qatar Rail hopes to drive change of the perception of public transport sector in
the country. Few years down the road, the shape of the city will be changed and even accommodation choices will be affected by the existence of the metro as people chose to live, work and do business near to the metro stations. As both milestones and challenges continue to pave the way forward, the company is determined to build an integrated transport system and urban living environment that transforms how people live and work in Qatar. The development of a transport system and infrastructure will alleviate congestion and road traffic, offer a secure alternative to time-consuming means of transport, reduce carbon dioxide emissions and pollution, and boost the economy. It will anchor a new era of societal development within the Qatari community, exemplifying, our greatest hope would be, all four key pillars of the QNV 2030.
The development of a transport system and infrastructure will alleviate congestion and road traffic, offer a secure alternative to timeconsuming means of transport, and reduce carbon dioxide emissions.
qatar perspectives
Qatar, one of the fastest-growing insurance markets The Gulf Cooperation Council (GCC) insurance industry continues to grow at a double-digit compound annual growth rate (CAGR) despite a challenging 2014, backed by increased awareness and favourable regulatory changes in most of the GCC nations. The industry is thus expected to continue to grow in the upcoming period, driven by government spending on infrastructure and a gradual increase in insurance penetration levels in the region, writes Sanjay Bhatia.
Sanjay Bhatia is the managing director, Alpen Capital Investment Bank (Qatar) LLC.
registering a CAGR of 18.7 percent for the period 2014-2020. The IMF forecasted drop in the GDP of the GCC countries for 2015 and the volatility in oil prices are expected to result in lower growth in premiums for 2015. Between 2015 and 2020, IMF forecasts GDP growth in the region at a CAGR of 6.4 percent. Additionally, population growth is expected at a CAGR of 2.4 percent for the same period. The resulting improvement in insurance penetration and density levels (based on historical regression analysis) is likely to bring about growth in GCC insurance premiums for the period 20142020. The conservative growth scenario, assuming that the GCC countries will average non-life premium growth in line
with their preceding five years, results in the GCC insurance industry reaching a size of USD49 billion (QAR178 billion) by 2020 at a 14.1 percent CAGR. Growing at a CAGR of 20.2 percent between 2014 and 2020, the non-life insurance segment is likely to outperform the life insurance segment (CAGR of 5.9 percent), primarily due to its line of compulsory insurance products and encouraging regulatory reforms. Qatar is one of the fastest growing markets and is expected to grow at a CAGR of 17.8 percent in the period 2014 to 2020. Qatar is likely to remain at the third position after the United Arab Emirates and Saudi Arabia, with a market share forecast of around 10 percent between 2015 and 2020.
The persistent sluggishness in oil prices might put pressure on the gross domestic product (GDP) in the near term, creating challenges for its growth. In light of all these facts, the outlook for the GCC insurance industry is cautiously positive in the near to medium term. Qatar was the fastest growing insurance market in the GCC, displaying a CAGR of 22.4 percent between 2010 and 2014. The country’s insurance industry recorded premiums to the tune of USD2.2 billion (QAR8 billion) in 2014, amounting to approximately 10 percent of the premiums written in the GCC, making it the third largest insurance market in the region. Infrastructure and construction development, driven by the 2022 World Cup and the government’s ongoing investment in the non-oil sectors, is keeping Qatar’s insurance market on a solid growth track. The scale and growth of the insurance industry is strongly correlated with a country’s economy. The GDP of the GCC economies is strongly linked to oil prices. Alpen Capital in its recent industry report on the GCC insurance sector has projected two possible scenarios for the growth of the industry based on the economic growth projection of International Monetary Fund (IMF), growth in population and inflation levels. As per the high growth scenario, the GCC insurance industry is expected to reach USD62.1 billion (QAR226 billion) by 2020, 30 | The Edge
Infrastructure and construction development, driven by the 2022 World Cup and ongoing investment in the non-oil sectors, is ensuring solid growth in Qatar’s insurance market.
finance & markets
With globalisation, the concept of economic insulation has become passÊ. Pictured here is the floor trading at the German Stock Exchange at Frankfurt, Germany on August 25, 2015. Reflecting China’s stock market plunge, European and stock markets surged over 3.5 percent, after staggering losses just the previous day. (Image Arabian Eye/ Corbis)
Many global commodities hit by supply glut A broad range of commodities has fallen to the lowest level in 16 years, wiping out many of the gains that were made during the Chinese boom during the first decade of this millennium. The main trigger for this weakness has not been slowing demand, but increased supply at a time when demand growth has failed to keep up, writes Ole Sloth Hansen.
R
ising production of key commodities from oil to corn and iron ore are currently not finding the demand needed and, as a result, new lower levels are being sought in order for the market to properly balance supply and demand.
Gold
Financial as well as physical investors in gold have increasingly been looking elsewhere 34 | The Edge
for investment opportunities. In July, gold hit a fresh multi-year low as selling from hedge funds and investors using exchange-traded funds intensified. The increased nervousness triggered by the devaluation move in China on August 10 however helped trigger a surge in short covering. In the near-term, gold will continue to struggle amid nervousness about what the United States (US) Federal Open Market Committee will do on interest rates.
Analysts see the risk skewed to the upside as raised market uncertainty and falling emerging market currencies and stocks will increase demand for alternative investments. The end of year forecast remains at USD1275 (QAR4641) an ounce.
Corn
Ample supply from North and South America should help fill up inventories for the coming
finance & markets | sectors
Outlook on commodities in 2015 Gold: QAR4641/g
Copper: QAR20,020/tonne
Silver: QAR426/ounce
Crude oil: QAR200.2/barrel
Source: Saxo Bank
winter, so unless there is a last-minute upset ahead of the harvest, a limited upside remains for corn.
Copper
Global supply has been ramped up in anticipation of continued strong demand growth from emerging market countries, not least China. With that now hitting the brakes a response from producers in terms of slowing production has yet to materialise. On that basis there is a limited potential but will at the same time not rule seeing some additional stimulus measures being applied by China. Copper should recover from current low levels towards USD5500/tonne (QAR20,020/tonne) at year-end.
Any downward revision to oil demand will only increase the supply glut thereby leaving the exposed to further losses before production eventually is reduced. While it is generally believed that crude oil at USD40 (QAR145.6) is unprofitable for many US producers, the question is how soon we will see this impact in terms of lower production. Another concern that has emerged in recent weeks is whether the upbeat forecast for demand growth can be maintained given the current uncertainty related to China, the world’s largest importer of crude. Any downward revision to demand growth will only increase the supply glut thereby leaving the exposed to further losses before production eventually is reduced. By year-end, analysts see West Texas Intermediate crude oil back towards USD55 (QAR200.2), but it could be a very bumpy ride getting there.
CONTRIBUTIONS TO REAL NON-HYDROCARBON GROWTH in qatar in Q2 2015 Percentage point contributions
Financial services
2.7%
Construction
2.4%
Trade, restaurants and hotels
1.6%
Government services
1.3%
Manufacturing
0.8%
Transport and communications
0.4%
Social services
0.2%
Silver
With the outlook for industrial metals being one of a slight recovery before year-end, silver could outperforming gold and the price outlook could be around USD17/ounce (QAR426/ounce).
Crude oil
Oil is suffering from chronic oversupply. In its desperation to generate cash, the Organization of Petroleum Exporting Countries has ramped up production, while the expected reversal in US shale oil production has yet to materialise. During the coming three months, US refinery demand for crude will slow due to seasonal factors and this will lead to another increase in US inventories which currently stand some 100 million barrels above the five-year average.
Ole Sloth Hansen is the head of commodity strategy, Saxo Bank.
Others
- 0.2%
Source: MDPS and QNB Economics
The Edge | 35
energy & sustainability
Qatargas CEO Khalid bin Khalifa Al Thani speaking at the 26th World Gas Conference in Paris, France, earlier this year. Qatar remains the leading liquefied natural gas (LNG) exporter in the world. (Image Arabian Eye/ Reuters)
Qatar still far ahead in global liquefied natural gas exports
Despite the recent threat to Qatar’s historically dominant position in the global liquefied natural gas (LNG) market, the country not only held on to its top position in the world league table last year, with little overall loss to its market share, but is also likely to be able to maintain a leading position over the next 20 years, according to analysts. By Simon Watkins.
A
ccording to a report published last month by the International Gas Union (IGU), Qatar again managed to export around 77 million tonnes (MT) of LNG last year, approximately one-third of global supply, and a huge margin – still – over its nearest competitors, Malaysia and Australia (the world’s second and third largest LNG producers respectively). With some North American shale gas developments having been put on hold due to the drop in oil and gas prices, LNG exports reached an all-time high last year, but the impact on Qatar’s market share from
Australia’s concerted push to gain ground in the global LNG market was extremely muted, with only a 0.4 percent decline on volumes in the previous year (see chart). Indeed, against the Qatar’s 77 MT exported last year, Malaysia exported around 25 MT and Australia about 23MT, albeit with the latter’s figure representing a 1.1 percent increase in the previous 12 months. Overall, LNG trade globally reached around 241 MT in the year, a 4.3 MT increase over the previous period. On the import side, 29 countries imported LNG in 2014, with the Asia Pacific region remaining the dominant buyer, consuming
“Virtually, all growth in demand over the next 20 years will be in the emerging market countries.” Daniel Yergin, IHS. The Edge | 37
sectors | energy & sustainability
2014 LNG Exports by country and incremental change relative to 2013 (in MTPA)
Qatar ups its petrochemicals output in bearish oil market With global oil and gas prices still depressed, many of the smarter hydrocarbon producing countries in the Middle East have moved to increase their output of petrochemicals products.
Qatar, 76.8 (-0.4)
Brunei, 6.2 (-0.8)
Malaysia, 25.1 (+0.4)
United Arab Emirates, 5.8 (+0.4)
Australia, 23.3 (+1.1)
Peru, 4.3 (+0.1)
Nigeria, 19.4 (+2.5)
Equatorial Guinea, 3.7 (-0.2)
Indonesia, 16 (-1.0)
Norway, 3.6 (+0.7)
Trinidad, 14.4 (-0.2)
Papua New Guinea 3.5 (+3.5)
Algeria, 12.8 (+1.7)
Angola 0.3 (0)
Russia, 10.6 (-0.2)
Egypt, 0.3 (-2.5)
Oman, 7.9 (-0.7)
United States, 0.3 (+0.3)
Yemen 6.8 (-0.4)
These command a much higher premium price than oil and gas straight out of the ground. “In the long term,” Richard Mallinson, geopolitical analyst for London-based global energy consultancy Energy Aspects, told The Edge, “investment in the petrochemicals sector provide countries with more employment and generate alpha returns over and above plain hydrocarbons product yields, although in the short term it uses funds from a government’s budget that are declining because of lower oil prices.” Qatar, it appears, is also taking the shrewd, longer-term view, making the necessary adjustment in its output portfolio to hedge the downside of enduring low oil and gas prices. Across the Gulf Cooperation Council (GCC) region as a whole, according to a report just released by the Gulf Petrochemicals and Chemicals Association (GPCA), total petrochemical capacity last year rose by 8.3 percent, exceeding 136.2 million tonnes, with revenues reaching almost USD88 billion (QAR320 billion), and the sector contributing 31 percent of the GCC’s total manufacturing GDP. Unsurprisingly, given that oil is the mainstay of the petchems industry, the world’s largest oil producer – Saudi Arabia – was top of the Middle East’s output list, with its petrochemicals manufacturing portfolio comprising 63 percent of the region’s chemical portfolio, generating sales of USD68.3 billion (QAR249 billion). In the meantime, Qatar earned
Sources: IHS, US Department of Energy and IGU.
60 percent of total LNG production, narrowly outstripping Europe as the second largest LNG market for the first time in the year, with China and India alone importing a combined 34.6 MT, just over 14 percent of global trade. European imports stood slightly lower at 33MT, down nearly 50 percent from a peak of 65.6 MT in 2011 on the back of gas to coal switching in power, higher renewable generation and stagnant economic conditions. Top of the importing league remains Japan, for which LNG imports rose by 1.1 MT over the previous year’s levels, as an ongoing result of the Fukushima nuclear disaster in March 2011. Looking ahead, the most likely scenario for how the global energy market will look in the next few years – including LNG – is that it will not be that different from the way it is now, albeit larger, at least according to Daniel Yergin, who is vice-chairman of global energy consultancy IHS in Houston. “There are two reasons for this: first, in the energy business, given the scale of existing infrastructure and the length of the investment lead times, 20 years is not very long, and, second, virtually, all growth in demand over the next 20 years will be in the emerging market countries, and they will largely tilt toward conventional energy,” said Yergin. 38 | The Edge
Qatar’s Minister of Energy and Industry Dr. Mohammed Saleh Al Sada (right) walks with Saudi Arabia’s Oil Minister Ali Al Naimi as they arrive for a meeting of Gulf states’ oil ministers in Doha, September 10, 2015. According to a report just released by the Gulf Petrochemicals and Chemicals Association, total petrochemical capacity last year rose by 8.3 percent, exceeding 136.2 million tonnes. (Image Arabian Eye/Reuters)
sectors | energy & sustainability
Qatar is making the necessary adjustment in its output portfolio to hedge the downside of low oil and gas prices. nearly USD8 billion (QAR28 billion) from its chemical manufacturing portfolio over the same period, which is a considerable achievement, given that it does not have the vast oil reserves enjoyed by many of its neighbours. Looking ahead, although the slowdown in China’s economy and greater competition from a newly sanctions-free Iran may weigh on petrochemicals pricing in the near-term, the longer-term scenario for the industry is still positive, according to Abdulwahab Al Sadoun, secretary general of the GPCA, in Dubai. “Given that the GCC petrochemicals producers are not pricesetters, it means that Arabian Gulf producers need to be more agile, collaborative and innovative to succeed,” he says, “but the industry has been forecast to grow at six percent per annum over the next five years, with the region producing over 190 million tonnes of petrochemicals annually by 2020.”
USD
8
billion Converted to QAR28 billion, the earnings for Qatar from its chemical manufacturing portfolio in 2014. 40 | The Edge
Qatargas launches USD1 billion Ras Laffan gas recovery plant
The USD1 billion (QAR3.64 billion) landmark Jetty Boil-off Gas Recovery (JBOG) project, designed to eliminate flaring at the liquefied natural gas (LNG) terminals in Ras Laffan City, is the largest of its kind in the world. (Image Qatargas)
The world’s largest gas recovery project - the USD1 billion (QAR3.64 billion) landmark Jetty Boil-off Gas Recovery (JBOG) project, designed to eliminate flaring at the liquefied natural gas (LNG) terminals in Ras Laffan City - is now fully operational in Qatar. This is according to Emerson Process Management, which has provided automation and engineering services for the initiative that aims to reduce greenhouse gas emissions (GHG) by 1.6 million tonnes annually. The project – run by Qatargas, along with Qatar Petroleum, ExxonMobil, Total, ConocoPhillips and Shell – is expected to recover more than 600,000 tonnes of liquefied natural gas per year (equivalent to the energy supply for more than 300,000 homes), by recovering gas that used to be burnt and wasted during LNG ship loading and is now utilised instead in the LNG production plants as fuel. Over a period of 30 years, the JBOG Project will save nearly one trillion cubic feet of gas for Qatar, said Saad Sherida Al Kaabi, managing director of Qatar Petroleum and chairman of Qatargas, in Doha. “This investment [JBOG] will also reduce the carbon footprint of the 77 million tons per annum of LNG production facilities to the minimum practically possible contributing to the environmental development pillar of the Qatar National Vision 2030,” added Al Kaabi. With the original engineering, procurement and construction (EPC) management contract awarded to the
Over a period of 30 years, the JBOG project will save nearly one trillion cubic feet of gas for Qatar, said Saad Sherida Al Kaabi, chairman of Qatargas. US-based Fluor in February 2010, and construction in Ras Laffan City commencing in mid-2011, the project has been notable for its relatively swift completion. Since the original EPC contract award, a significant part of the project has been devoted to upgrading nearly 85 LNG carrier ships – including Qmax, Qflex, conventional Membrane and Moss type ships - to make them ready for recovering the boil-off gas. This is vital to ensuring at least a 90 percent gas recovery rate, with the project design based on the collection of the LNG boil-off gas from the LNG carriers and the transfer of this gas to a Central Compression Area via large diameter stainless steel pipelines. At the Central Compression Area, the gas is compressed and sent to the LNG trains for use as fuel gas or for conversion into LNG.
real estate & construction
Qatar’s Constellation Hotels bought a 64 percent stake in Coroin, the holding company, which owns the Maybourne Hotel Group that runs Claridge’s London (pictured here).
Qatar tops H1 2015 Middle East outbound property investment Capital worth USD11.5 billion (QAR42 billion) flowed out of the Middle East into direct real estate purchases globally, driven by large-scale acquisitions by Qatar Investment Authority in the first half of the year, writes Syed Ameen Kader.
W
eakening oil prices have had no significant impact on foreign real estate acquisitions by the Middle East sovereign wealth funds (SWF) as the capital outflow reached a record high in the first half of 2015 (H1). According to latest research report by property advisor CBRE, USD11.5 billion (QAR42 billion) of the
capital that flowed out of the Middle East into direct real estate globally includes Qatar Investment Authority’s (QIA) acquisition of USD2.47 billion (QAR9 billion) Maybourne Hotels in London and USD1 billion (QAR3.64 billion) Porta Nuova mixed-use property in Milan. When compared with 2014, this is 83 percent of last year’s entire investments,
83%
The percentage of last year’s entire investment reached by the Middle East investors in H1 2015.
The Edge | 41
sectors | real estate & construction
“Weaker oil prices are a strong contributing factor to the growth of noninstitutional investment from the Middle East.” – Iryna Pylypchuk, director, global research, CBRE. which indicates that the numbers are expected to exceed 2014’s total substantially by the end of 2015. Iryna Pylypchuk, director, global research, CBRE, said, “We expect an average of USD15 billion (QAR55 billion) to be invested by Middle eastern investors per year in the next five years, with 2015 well on target to bypass that by a significant amount – potentially reaching as much as USD20 billion (QAR73 billion).” Regional sovereign funds’ enthusiasm to invest heavily in real estate properties abroad, primarily in Europe and Americas, is not something new, but the current trend once again highlights the deep-pocket buying capacity of some of these resourcerich countries even when the oil prices are low. The sovereign spending stood at USD8.3 billion (QAR30 billion), representing more than 72 percent of total spend in H1. Nick Maclean, managing director, CBRE Middle East, said, “The size of the region’s foreign investment makes the Middle East the third-largest source of cross regional capital globally as Arab investors look for brighter investment prospects internationally. Qatar remains the largest source of outbound capital investing a total of USD9.83 billion (QAR36 billion), while the UAE invested USD6.64 billion (QAR24 billion) in global assets during the 2014 and the first half of 2015 combined.” However, it is not just the sovereign funds, there has been growth in non42 | The Edge
Large international real estate transactions by Middle East investors in H1 2015 Market
Sector
Name / Details
USD million
Buyer
London
Hotel
Maybourne Hotels, portfolio
2470
Constellation Hotels, Qatar
Hong Kong
Hotel
50% stake in Hotel Portfolio
2387
Abu Dhabi Investment Authority
Milan
Mixed-Use
Porta Nuova
999
Qatar Investment Authority
Paris
Office
Ecowest
531
Abu Dhabi Investment Authority
New York
Hotel
Manhattan at Times Square
519
Al Faisal Holding, Qatar
Paris
Hotel
Intercontinental Paris - Le Grand
413
Constellation Hotels, Qatar
Sydney
Office
37.5% stake in International Tower
404
Qatar Investment Authority
Sources: CBRE Research and RCA.
institutional capital flows as well from the Middle East. The CBRE research suggests that private and non-institutional investors that include property firms, high net worth individuals (HNWI), equity and private funds are increasingly becoming major source of outbound capital from the Middle East. “Weaker oil prices are a strong contributing factor to the growth of noninstitutional investment from the Middle East, triggering and accelerating global deployment of capital, with value-add investments in high demand,” said Pylypchuk. CBRE forecasts that global real estate investment by non-institutional capital from the Middle East will range from USD6 billion to USD7 billion (QAR22-25 billion) per annum in the near-term, if not higher, increasing from approximately USD5 billion (QAR18 billion) per year during 2010 to 2013. London continues to be the most attractive destination for the Middle East investors who pumped in close to USD2.8 billion (QAR10 billion) in the H1. Nick Witty, director, Real Estate Advisory at Deloitte Corporate Finance Limited (DCFL), said, “Investment in the United Kingdom (UK) has historically focused
London continues to be the most attractive destination for the Middle East investors who pumped in close to QAR10 billion in H1. on London. However, compared with the past, there has been a noticeable shift to investing in secondary, gateway cities, such as Manchester, Birmingham, Edinburgh and Leeds where higher yields are achievable. Outside of the UK, Brussels has topped the European rankings followed by Dublin, Warsaw, Amsterdam and Frankfurt.”
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Qatar unveils expansion plans for transport projects
1 9/17/15 2:55 PM real estate & construction | sectors
Introducing The Edge magazine’s
WEEKLY PODCAST
Qatar is executing QAR146 billion worth of planned transport projects, and recently unveiled the expansion plans for some of its ongoing projects such as Hamad International Airport (HIA), Hamad Port, Doha Metro and expressways. Peter Daley, project director, New Doha International Airport (NDIA) Steering Committee, recently outlined the procurement timeline along with descriptions of the QAR29 billion expansion of Hamad International Airport (HIA), which includes an expansion of the main terminal building and concourse D and E. Speaking during the MEED’s Qatar Transport Forum, the authorities also revealed for the first time plans for two additional container terminals at Hamad Port that would increase the QAR27 billion project’s handling capacity to six million TEUs by 2020. “The first phase of the megaproject, which involved installing more pre-cast blocks than the pyramids, is due to open at the end of 2016,” informed Tim Verdon, programme director, Aecom. Qatar Rail’s Chief of Service Delivery Andrew Tailor updated the Forum on Qatar’s QAR73 billion integrated transport plan. A world record 21 tunnel boring machines are being used on the Doha Metro project, which so far has completed almost 50 kilometres (km) of tunnels. Work on the Lusail tram scheme is even more advanced, with four of the five at grade stations completed, while the tender for the first phase design and build of the long-distance freight and rail network will be issued to contractors early next year. On the roads side, Eng. Nasser Al Kuwari, manager of Highway Projects department at Ashghal, presented an overview of the QAR40 billion expressway programme. The massive project, which involves 1000 km of new or upgraded roads, 240 major interchanges and 360 bridges, has already seen 43 major contracts awarded. A total of 15 contracts are either in the market or are being prepared, while a further 23 are in the planning stage.
Business news from Qatar and beyond
The Edge now has a business news podcast on the Ginger Camel Media Network, hosted by our Managing Editor Miles Masterson and featuring the editors of The Edge and QCN magazines as well as special guests. The Edge Business News podcast covers current affairs, business news and analysis of the main news stories across all sectors related to the economy and society in Qatar, as well as Arab countries and rest of the world.
subscr ibe now! www.gingercamelmedianetwork.com/edge The Edge | 43
tech & communications Qatar shows marked growth in mobile broadband penetration According to a recent report, mobile broadband penetration in Qatar improved significantly between 2013 and 2014, and Qatar also reclaimed the top spot among developing nations for the percentage of people using the Internet. (Image FotoArabia)
Mobile broadband penetration in Qatar improved significantly between 2013 and 2014, going up from 76.8 mobile connections per 100 people to 106.3 in 2014, according to the 2015 edition of the The State of Broadband report released recently by the Broadband Commission, reports M. Iqbal.
T
his spike of 29.5 points is even more significant considering the fact that the increase from 2012 to 2013 was just 4.7 points and the increase from 2011 to 2012 was 11.1 points. Rank-wise, Qatar’s number slipped from 10 in 2011 to 15 in 2014, but given that the country only has two telecom operators offering mostly similar packages and services across the spectrum to their customers, there is little incentive for people to have more than one mobile broadband connection – this number thus may already be close to its potential saturation level given the current telecommunication setup in the country. Qatar has also reclaimed the top spot among developing nations for the percentage of people using Internet. About 91.5 percent of the people living in Qatar
in 2014 accessed the Internet, according to the report. This puts it ahead of Bahrain at number two and United Arab Emirates at number three. Worldwide, Qatar’s rank for the markers went up from 17 in 2013 to 12 in 2014. The country was number one when the report was first launched, with 86.2 percent of the people in the country in 2011 using Internet and continued with its strong run in 2012 with 88.1 percent of the people accessing the Internet. Its rank had fallen in 2013 as the percentage of people accessing the Internet fell to 85.3 percent. Qatar has also improved its already-good percentage of households with Internet from 96.4 percent to 98 percent (maintaining a rank of number two among developing nations, behind South Korea). Since 2011, the percentage of households with access to
98%
The percentage of households in Qatar with Internet access. the Internet has gone up by 14.4 percentage points, from 83.6 percent. One area where Qatar has failed to show any remarkable improvement since the report first launched is in the Fixed Broadband Penetration. In 2011, the country had 8.7 broadband connections per 100 people. The number fell down to 8.2 in 2012. It went up to 9.9 in 2013 and has stayed steady through 2014. The country’s rank, meanwhile, has slipped from 66 in 2011 to 81 in 2014. In comparison, Saudi Arabia and UAE are The Edge | 45
sectors | technology & communications
rated slightly better, with 10.4 and 11.5 broadband connections per 100 people, respectively. Bahrain is almost twice as good with 21.4 connections per 100 people, which is still a far cry from the world’s best of 46.8 (Monaco). Qatar is actively targeting this area with its National Broadband Plan, which it announced December 2013. The 10-year-plan aims to offer all residents of Qatar a choice of at least two broadband service providers by 2016. The plan also aims to make affordable 100 mbps Internet connections available to 95 percent of households in Qatar, in addition to at least 1 gbps Internet speeds for businesses, schools, hospitals and government institutions. That said, Qatar’s performance on the Fixed Broadband Penetration will continue to remain low, as a large portion of its approximate 2.3 million population comprises transient workers, who live primarily in dormitory compounds with multiple people per room.
Qatar’s Internet performance on four Internet markers identified by the report since it launched 2011 (2012 report)
2012 (2013 report)
2013 (2014 report)
2014 (2015 report)
66 (8.7)
78 (8.2)
75 (9.9)
81 (9.9)
Mobile broadband penetration (global rank; rate /100 pop.)
10 (61)
13 (72.1)
17 (76.8)
15 (106.3)
Percentage of households with Internet (developing nations)
Rank: 3 (83.6%)
Rank: 2 (88.1%)
Rank: 2 (96.4%)
Rank: 2 (98%)
Global Rank: 8 Developing countries rank: 1 (86.2%)
Global Rank: 10 Developing countries rank: 1 (88.1%)
Global Rank: 17 Developing countries rank: 3 (85.3%)
Global Rank: 12 Developing countries rank: 1 (91.5%)
Fixed broadband penetration (global rank; rate /100 pop.)
Percentage of people using Internet
Source: The State of Broadband - The Broadband Commission for Digital Development was launched by the International Telecommunication Union (ITU) and the United Nations Educational, Scientific and Cultural Organization (UNESCO).
46 | The Edge
Organisations in Qatar increasingly mindful about data, services’ availability Organisations in Qatar are increasingly expecting their information technology (IT) services and applications to be ‘always-on’, according to the regional director of a leading backup solution company. Gregg Petersen, regional Director, Middle East and SAARC at Veeam Software, said organisations in Qatar now face the “daunting task of recovering any IT service or application within minutes.” To achieve greater speed and efficient use of existing resources, many organisations in the country have switched to modern data centres that are built on virtualisation, modern storage solutions and cloud-based services. Yet, according to Veeam’s fourth annual Data Centre Availability Report 2014, organisations still experience unplanned application downtime. As the modern data centre typically leverages core technologies including virtualisation, storage and cloud, the next crucial consideration would be ensuring the availability of these modern data centres to ensure ‘always-on’ services. While all of these shifts in the data centre are happening at the same time, one thing has not changed: the application is still what is most important. “In fact, the data centre is nothing without the applications it provides. The availability requirements today extend to the applications and in part due to mobilisation and constant access; but also how businesses truly run today,” said Peterson. The challenge facing data centres today is to ensure that the applications are also available and not just the infrastructure. Minimising downtime and data loss is critical to the overall health of organisations, according to Peterson.
According to Veeam’s fourth annual Data Centre Availability Report 2014, organisations in Qatar still experience unplanned application downtime.
Bringing
Italian architectural
excellence to Qatar
Mohamed A K Al Emadi, CEO of Al Emadi Enterprises, speaks to Aparajita Mukherjee and Syed Ameen Kader about the business model of his company, focusing in particular on their ambitious and unique Al Hazm project.
Mohamed A K Al Emadi, CEO of Al Emadi Enterprises, tells The Edge, “The QNV 2030 lays down the roadmap of how to approximate the vision of HH The Father Emir Sheikh Hamad bin Khalifa Al Thani. There is a vision behind all of these nonenergy sector projects which is going to shape the country in the longer term.� (Image Syed Ameen Kader)
business interview | real estate
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100 percent Qatari company, Al Emadi Enterprises was established 18 years ago as a real estate developer. Talking about the business paradigm of the company, Mohamed A K Al Emadi, CEO of Al Emadi Enterprises, says, “We are one of the companies that pioneered the BuildOwn-Transfer (BOT) business model in Qatar. BOT was something new to the region and to Qatar. Al Emadi Enterprises started this model with prominent areas in Doha.” The company operates in two distinct segments – commercial and residential – in the capacity of property developer and manager in Doha. “We own a number of the buildings in Doha such as the Financial Square, Al Emadi Business Centre,” Al Emadi explains, then adding that the corporate vision of Al Emadi Enterprises revolves around quality of service. Commenting on the corporate values of the company, Al Emadi tells The Edge, “We believe in guarding our reputation, thus our thrust on the quality standards of each of our projects. Qatar is a small country and we believe that the best promotion of what we do lies in the execution standards of our projects, and the quality of our service.” Illustrating Al Emadi Enterprises’ values, he cites Al Hazm, which in the words of Al Emadi, is a purely Qatari investment, right from conceptualisation and design to construction. Al Emadi says, “This project, when delivered, will be one of the highest quality, comprising mainly marble and stone, with no artificial materials being used in the whole project.” Going back to 2006, when it was conceptualised, Al Emadi reveals that the idea dawned on him when he was in Italy. Detailing out, Al Emadi says, “I was at Galleria Vittorio Emanuele in Milan, in one the of the main piazza. While there, I said to myself, ‘I hope we have something like this in Qatar.’“ Describing the project as a dream, Al Emadi tells The Edge that Al Hazm is akin to his fingerprint, his signature, “on my country because I believe, as a
50 | The Edge
private sector operator, we are obliged to deliver projects of superior quality.” Why did Italian historical architecture legacy inspire Al Emadi? “We want to tell the people that Qatar is not only about hydrocarbon and the related wealth – we do have a rich heritage and the Al Hazm project is our way of showing the world that we have knowledge and excellence beyond energy. If we look around the country, we will notice that the nation is undertaking initiatives related to culture and heritage,” reveals Al Emadi. Connecting his dream of bringing architectural excellence to the nation with that of the Qatar National Vision 2030 (QNV 2030), Al Emadi mentions that the theme of diversification of the country beyond energy is well documented in the QNV 2030.
The multi-purpose pyramid at Al Hazm has been built to add a modern touch and offer privacy to VIP guests. It will also be used as auction house and art gallery. (Image Damon McDonald)
real estate | business interview
Without disclosing the total number of retail bookings and the brands that have signed up with Al Hazm so far, Al Emadi tells The Edge, “We have signed almost 8000 square metres of the total retail area and the rest are under negotiation.” (Image Syed Ameen Kader)
“The QNV 2030 lays down the roadmap of how to approximate the vision of HH the father Emir Sheikh Hamad bin Khalifa Al Thani. There is a vision behind all of these nonenergy sector projects which is going to shape the country in the longer term,” he explains.
Design details
Commenting on how the design of Al Hazm was done, Al Emadi mentions that, though inspired by Italian architecture, “it is the inhouse design team of 30 architects and designers that delivered it”. He adds that there is a high level of personal involvement from him in the Al Hazm project and he oversees the minute details such as selection of marble, the particular shade that would be suitable for the construction. Talking about the craftsmen on the project, Al Emadi informs The Edge that there are craftsmen from several countries, including India and Turkey, adding, “Given the scale and size of the project, we have a multinational team working in
tandem in various facets and stages of the project.” Right from finding land, to the design of the project, the detailed and intricate interior work has been challenging, Al Emadi tells The Edge. For example, the developer wanted to execute Al Hazm using whole marble. “Durability was the main reason,” Al Emadi furthers, “if you want to construct a project that should last for the coming 40 or 50 years, the only option is to use marble and stone.” Additionally, in the opinion of Al Emadi, with the summer temperatures,
QAR
3
billion
Total project cost of Al Hazm. The Edge | 51
business interview | real estate
The centre of attraction at the Al Hazm project is dome, 40 metres in diameter, which Al Emadi claims is the biggest skylight steel structure in Qatar. (Image Damon McDonald)
marble offers protection and comfort during the season. Regarding the sustainability features of Al Hazm, Al Emadi reveals that on completion, the project will apply for environmental ratings, on the back of their usage of solar energy panels for the power usage in the project and using recyclable and energy-saving resources such as LED bulbs. Discussing what has been the toughest part for the project as a whole, Al Emadi mentions that translating the depth of the carving work in the columns in stone and marble, “which is mainstay of the design, has been a great challenge. To make the carvings and the big columns look authentic, just as one sees them in Europe, is difficult in this part of the world, in a given cost bracket and the time that we have taken to complete the first phase of the project – six years.” Confirming that as part of the corporate plan, the first phase will open in the first quarter of 2016, Al Emadi mentions, “Phase two, which comprises the galleria, will open later in 2016.” 52 | The Edge
“We are one of the companies that pioneered the Build-OwnTransfer (BOT) business model in Qatar.” Major aspects of Al Hazm
Al Hazm has two major components: retail, and food and beverage. Clarifying how he sees the segments within the project, Al Emadi says, “Al Hazm offers a unique combination between food and beverage, and retail. Through Al Hazm, we are trying to bring something which the Qatar market has not seen so far, especially in term of the food. There will be a wide variety of food – the best
real estate | business interview
“Al Hazm is our way of showing the world that we have knowledge and excellence beyond energy.”
AL HAZM PROJECT DETAILS Construction started Early 2009
Expected cost QAR3 billion
Workforce Completion date First phase in Q1 2016
Italian restaurants, Turkish restaurants, French food, and the choicest spread of Qatari food will also be available.” Al Emadi informs that the ambience of the location will stand out, with effort being made towards tasteful landscaping, adding, “We have brought olive trees from Italy which are about 200 years old, that are part of the garden area”. Without disclosing the total number of retail bookings and the brands that have signed up with Al Hazm so far, Al Emadi tells The Edge, “We have signed almost 8000 square metres of the total retail area and the rest are under negotiation.” Al Emadi does confirm, however, that all the brands that will get exposure at Al Hazm will be luxury brands from various European markets such as Italy and France. Pegged at QAR3 billion, the Al Hazm project is likely to have a longer payback period, given the complexities involved in terms of the quality and the diversity of offerings, right from food and retail to the ambience that it will offer. For Al Emadi, Al Hazm is more a complete destination, which gives him the confidence to remain unfazed in the face of competition, moreover when considering if Al Hazm will retain its footfall, even after the 2022 World Cup “We expect Al Hazm to attract people because of its iconic nature for a long time to come,” he closes.
2500 people including 30 architects and designers, and 250 craftsmen from India and Turkey
Architecture Inspired by the Italian architecture (the piazza concept), Al Hazm combines the five classical architectural orders in one place. Islamic architecture represented through human figures and animals.
Materials & marble •
•
•
•
Technology BMS (Building management system) used to reduce the power consumption.
More then 60,000 tonnes of natural stone and marble handcarved in Qatar. 5000 m2 of passages covered using white Thassos marble that can maintain ± 20 degrees centigrade all year long due to its low thermal conductivity. White Thassos marble quarried since ancient times and used for iconic and religious monuments such as Istanbul’s Hagia Sofia and Grand Mosque in Mecca. Jerusalem stone, Greece Mosaic, Italian Calacatta Oro marble, Yellow Sienna marble, and Rosso Levanto marble; 200-year old olive trees from Italy.
Green & cooling system • •
• •
Gazebos with chilled water-cooling system embedded in the raised terraces. Built on a natural hill in Al Markhiya area, the location and shape of the project allow the northern wind circulation inside of the project and give a refreshing breeze. The green side of the project is reflected in the piazza through the green spaces and water feature. Solar panels and recyclable resources used.
The Edge | 53
With kick-off now only seven years away, does doubt hang over Qatar’s readiness to host the 2022 World Cup? Does the country remain on track to host world sport’s biggest event? Mark van Dijk asks, and answers, these and other tough questions.
The countdown continues‌
cover story | 2022 world cup
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fter a closely- and fiercelycontested bidding process, a nation not known for its soccer heritage was selected to host global soccer’s showpiece FIFA World Cup. Immediately the backlash began. Games were scheduled to be played in searing mid-summer temperatures exceeding 35 degree celsius. The national team was not competitive. The task of preparing a tournament of this magnitude was too great. “We can no longer say we’ll do it someday, because we must do it now,” a senior bid official told the media on the day the decision was announced. “Your first feeling is relief. Your next is that it’s a monumental task, a big job.” That was on July 4, 1988, when world soccer’s governing body announced that the United States (US) had been chosen to host the 1994 World Cup. Wind the clock forward to 2015, replace United States with Qatar, and not much has changed. But while the 1994 World Cup held in the US ultimately came to be regarded as a commercial and sporting success, question marks now hang over Qatar 2022 World Cup. Can Qatar deliver a successful World Cup? Will the stadiums
2022 WORLD CUP VENUES Confirmed and approved tournament venues, with expected construction dates:
be ready in time? Will Qatar remain as the host nation? As the questions mount, the countdown to 2022 continues. But for Qatar, time has always been part of the plan. For Qatar, 2022 World Cup is not a one-off event. Rather, it is part of a massive long-term investment. “What distinguishes Qatar from any of the other Gulf states is that it is not opportunistic in its approach,” James M. Dorsey, the influential blogger behind The Turbulent World of Middle East Soccer (mideastsoccer.blogspot.com), tells The Edge. “What I mean is that, if you take the United Arab Emirates (UAE) or Bahrain, they host events – various FIFA events, tennis, Formula 1 – and they get mileage out of that. And on top of that, the United Arab Emirates has been active – although not all that successfully, except in the case of cricket – in trying to persuade associations to headquarter themselves there. What the Qataris are doing is different. Most developed countries have created, organically, over many decades, a sports sector. Not just the athletes and the infrastructure that they need for the sport itself, but also sports medicine, sports security, all the other things that go along
For Qatar, 2022 World Cup is not a oneoff event. Rather, it is part of a massive long-term investment.
Al Wakrah Stadium
Qatar Foundation Stadium
Al Bayt Stadium
Al Rayyan Stadium
Khalifa International Stadium
Lusail Iconic Stadium
Location: Al Wakrah Completion expected: Q1 2018
Location: Al Khor Municipality Completion expected: Q3 2018
Location: Al Rayyan, Doha Completion expected: Q2 2017
Al Bayt Stadium in Al Khor is expected to be completed by Q3 2018.
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with it. The Qataris are hitting that out of the park. You will find, in Qatar, a far more comprehensive sports sector than you will find in any other Gulf state.” If one bears in mind that long-term vision, answers to the 2022 World Cup’s most pressing questions quickly take on a new perspective.
When will the tournament take place?
This question has, of course, already been answered, with FIFA confirming that the tournament will run from November 21 to December 18, 2022. FIFA had in March 2015 approved the date change
Location: Education City, Al Rayyan Completion expected: Q3 2019
Location: Al Rayyan Municipality Completion expected: Q1 2019
Location: Lusail City Completion expected: 2020
Qatar Foundation Stadium in Al Rayyan is expected to be completed by Q3 2019.
2022 world cup | cover story
Though Qatar’s football team (seen here celebrating the only goal in their 1-0 win over China in Doha in October 2015 as part of the FIFA qualifying game) was ranked 109th in the world at the time of writing, football analyst James M. Dorsey says the country is uniquely placed as a sporting destination. “The Qataris are hitting that out of the park. You will find, in Qatar, a far more comprehensive sports sector than you will find in any other Gulf state,” he says. (Image Arabian Eye/Reuters)
to the Qatari winter to avoid the blistering summer heat of June/July. The English football community, which had previously protested the summer schedule, did not react well to the winter switch either. A statement from the English Premier League read: “The 2022 World Cup was bid for and awarded to Qatar as a summer tournament. The prospect of a winter World Cup is neither workable nor desirable for European domestic football.” A winter tournament would, in fact, disrupt as many as 700 domestic league programmes. But the move from summer to winter was inevitable – if only for the sake of player comfort. The 1934 World Cup final between Italy and then Czechoslovakia took place in the middle of an Italian summer heat wave, with temperatures in Rome’s Stadio Nazionale bubbling over 40 degrees. The 2014 World Cup in sweltering Brazil saw the introduction of mid-game
water breaks. And in 1994, many of the games were scheduled around high noon US time, in order to accommodate the European television market. As a result, the players struggled in temperatures regularly exceeding 35 degrees – with the low point being the ridiculous sight of Irish midfielder Ray Houghton scampering down the wing against Norway in New York’s mid-day heat, holding a little plastic packet of cold water. Houghton was yellow carded.
Will the stadiums all be ready?
By 2022? Certainly. At least, that is according to the local organising committee, the Supreme Committee for Delivery and Legacy, whose assistant secretary general Nasser Al Khater told a media briefing in October that everything was on track. “Our progress is very, very good,” he said. “I think we are happy with where we are now, and I believe we are
Speaking at October’s Aspire Academy Global Summit on Football Performance and Science in Berlin, Thomas Tuchel, manager of German football team Borussia Dortmund said, “[Qatar] will have a competitive team which may not win the title, but will be capable of causing some surprises at the 2022 World Cup.” (Image Arabian Eye/Corbis)
The Edge | 57
cover story | 2022 world cup
on schedule to have all of our stadiums completed by the year 2020. Seven years out from the tournament, I’m very comfortable to say we are in a very, very good place.” So far, six locations have been officially announced as World Cup venues, but designs have only been released for five. Work is already under way on the venues in Al Wakrah, Al Khor and Education City, while Al Rayyan is being completely rebuilt. Al Khater expects Khalifa International Stadium to be ready first, in early 2017. The 2022 World Cup bid was made on the basis of 12 venues, but that number is expected to come down, ending closer to FIFA’s minimum requirement of eight venues to be used to host the tournament’s 64 matches. At least one high-profile European football figure is looking forward to a more compact, intimate tournament. Speaking recently, at October’s Aspire Academy Global Summit on Football Performance and Science in Berlin, Thomas Tuchel, manager of German giants Borussia Dortmund, said, “It will be a completely new feeling for a World Cup to have so many stadiums in such a small space in Qatar, so it will be I think a big advantage for the spectators.”
Will the Qatar national team be competitive?
A successful tournament depends, to at least some extent, on a successful performance by the host nation. Indeed, no host nation had ever failed to progress past the first round of FIFA World Cup until South Africa failed to do so in 2010. The Qatari national team has never qualified for a FIFA World Cup – and, despite heavy
Supreme Committee for Delivery and Legacy’s assistant secretary general Nasser Al Khater is confident that all of Qatar’s stadiums will be ready by 2020 and the country is more than prepared to host a successful 2022 World Cup.
Qatar Investment Authority owns Belgian Second Division side KAS Eupen: an ideal nursery for developing young Qatari talent.
Supreme Committee for Delivery and Legacy’s assistant secretary general Nasser Al Khater expects Khalifa International Stadium to be ready first, in early 2017.
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investment in the state-of-the-art Aspire Academy, recent on-field success has been limited. Ranked 54th in the world in 1993, Al-Annabi (The Maroon) are currently ranked 109th. But, by 2022, none of that will really matter, will it? As Tuchel added, “Through this extraordinary concept [at Aspire], they will have a competitive team which may not win the title, but will be capable of causing some surprises at the World Cup. There are still seven years to go and I think those responsible in Qatar know exactly which players from the youth teams will be playing in 2022. Such a focus on the national team can be an advantage.” “The Qataris are not top performers by any stretch of the imagination,” analyst Dorsey tells The Edge. “And although you have soccer powerhouses in the region – Iraq, Saudi Arabia, Iran, Egypt – those countries have a much larger population pool to draw from. Qatar is not a large country, and the citizenry are 12 percent of the population. But they are grooming, worldwide, a next generation of players... It’s a large investment, and these are kids of 13 that they’re grooming – which is also part of the logic behind the Belgian club that they bought.” Indeed, in addition to its high-profile acquisition of French giants Paris SaintGermain FC, the Qatar Investment Authority also owns Belgian Second Division side KAS Eupen: an ideal nursery for developing young talent in the highly competitive European environment.
Will the tournament go ahead?
This is the million-dollar question…or, in fact, the USD200 billion (QAR728 billion) question. According to a study by the Saudi Arabian bank Samba, Qatar will award new infrastructure contracts worth USD30 billion (QAR109 billion) in 2016 as part of the overall World Cup construction project, with a total of USD135 billion (QAR491 billion) expected to be ultimately awarded across Qatar over the next five years, bringing the overall investment to around that USD200 billion mark. A brief background: the 2018 and 2022 World Cup bids, won by Russia and Qatar respectively, were mired in controversy from the start. No sooner had FIFA president Sepp Blatter pulled Russia’s and Qatar’s names out of their envelopes, than accusations of bribery and corruption
2022 world cup | cover story
2022 WORLD CUP BY THE NUMBERS
62 months
28 days
Time remaining until the first match. Michel Platini, the European soccer chief who stands accused of receiving a “disloyal payment” of CHF2 million (QAR7.6 million) from outgoing FIFA president Sepp Blatter, who in late October accused his former colleague of reneging on an alleged back room agreement to award the 2022 FIFA World Cup to the United States of America.
began surfacing. Blatter is currently under investigation by Swiss prosecutors, along with Michel Platini, the European soccer chief who stands accused of receiving a “disloyal payment” of CHF2 million (QAR7.6 million) from Blatter. Both Blatter and Platini were vocal supporters of Qatar’s World Cup bid. FIFA are also currently under investigation by the US Federal Bureau of Investigation (FBI). Allegations made to the Russian media by Blatter shortly before this magazine went to press in late October that both the 2018 and 2022 FIFA World Cups were foregone conclusions to go to Russia and the US even before voting began, and that it went to Qatar ultimately as the latter venue – to his alleged surprise – have further fuelled the controversy. Given his track record thus far, how these latest apparent revelations by Blatter will influence the status of the next two World Cups is immediately unclear. Indeed, earlier in October, Swiss attorney general Michael Lauber admitted in a radio interview that the FIFA investigation could take as long as five years. “Realistically, in all big investigations, longer than five years is bad,” Lauber said. “It always depends on how the parties to the investigations work with the attorney general.” He added that the probe, which began in March, had not yet reached the half-way mark. Five years from now, soccer fans will be opening their 2021 calendars – and the legal, financial and compensatory repercussions of taking the World Cup away from Qatar at that point in time would be unprecedented, and unimaginable. Back in Doha, Nasser Al Khater told a recent media briefing that the Supreme Committee was not concerned about the
14
The number of FIFA Executive Committee votes Qatar won in 2010.
1-1.5 million
The estimated number of visitors expected for the 2022 World Cup.
QAR
109 billion
According to a study by the Saudi Arabian bank Samba, Qatar will award new infrastructure contracts worth USD30 billion (QAR109 billion) in 2016 as part of the overall World Cup construction project.
The duration of the event.
109th
Qatar’s current FIFA world ranking.
1st
Qatar will be the first Arab country to host the world’s largest sporting event.
Swiss investigation. “We focus on progress, communicating progress and making sure we engage with the local community for them to understand the benefits of the World Cup,” he said. In that same briefing, Al Khater addressed what might ultimately prove to be Qatar’s biggest challenge ahead of the 2022 World Cup: global public perception following years of bad publicity and negative news reports from international television, newspapers and online outlets. “It’s going to be an uphill battle in terms of improving the public opinion of the World Cup in Qatar, but I think that we are getting there. It’s the biggest challenge for this tournament,” Al Khater said. “We find that a lot of public perception is formed by individuals and organisations that haven’t been to Qatar. If you come here, you will be able to make an informed opinion instead of relying on what you hear and see in the media.” The Edge | 59
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Our strategic focus would be to build strong partnerships Martin Bennett, regional director, BAE systems, has retuned to the Middle East region with greater responsibility to expand their business, but most importantly to build long-term partnership with the governments and local partners. In an exclusive interview with The Edge’s Syed Ameen Kader, he shares the areas of operations that he sees have greater potential in Qatar and the region. You have been closely associated with the operation of BAE Systems in this region in the capacity of regional vice president. Tell us about your new responsibilities. The last time I was in the region, I had a responsibility for the Gulf area. I went off and looked after Europe and the Americas as managing director. I have now come back as managing director, and the responsibility has grown somewhat from the last time I was in the area. It starts from Kazakhstan and then goes through Turkey to the Middle East, and then all the way down south to South Africa. And then from the West, it is Morocco, and then from the East, it is Pakistan. So that is what we now call central region. As you can see, the responsibility has grown somewhat. Just before taking up this assignment, I was managing director for Europe and the Americas. But now you are back in the region again. Yes, I am back once again. I have an office in the region, which currently is in Abu 60 | The Edge
Dhabi, and I have one back in the United Kingdom (UK) as well. So I am based mainly in the region in the United Arab Emirates. What are your priorities in this new responsibility? The mission is, obviously, fundamentally, to grow our business. It goes without saying to some extent. However, the focus has been very much on looking at our partnership strategy. It is, I think, clear to most that as we go forward, the new paradigm in business, in our business particularly, but in business in general, is more about partnerships and industrial level partnerships. So my focus over the past few months and moving particularly towards the end of the year as we set a strategy going forward into next year, is particularly where we are going to set partnerships, and what kind of partnerships, what area of business are we going to have these partnerships in, and obviously with who we are going to have partnerships as well. So that has been my strategic focus so far.
How do you see the overall growth of this region, especially Qatar, in terms of your market share or your business? I think it is fair to say that our business in Qatar has been steady. The important thing is that we are here for the long term. Again, it is about partnership. What we want to do is start to build an enduring and sustainable presence, and to do that we know that we have to invest particularly in time and effort, hence Russell Millar (director Northern Gulf), coming over to our office here. We will see, I think, as we go forward, more focus on building partnerships and taking those partnerships together, build business in different areas. As we said, we have four different sectors and in those different sectors, to be frank, who knows what is going to happen in the future? That is mainly down to our customers and what they want, but to be able to build a position here is the number one priority. Out of these four sectors that you are working on, is there any particular one that has a stronger priority over the others?
(,
Martin Bennett, regional director, BAE systems, says, “I think it is fair to say that our business in Qatar has been steady. The important thing is that we are here for the long term.” (Image Von Wyli Peñaranda)
The Edge | 61
Typhoon aircraft with the Red Arrows in which BAE Systems build along with its other partners flying over the Corniche.
In the region, no. It is reasonably well balanced actually. We have had successes, and we will always hope to have more successes in the future in the air sector – both in terms of military aircraft, which are well documented, and aircraft systems, which are may be not as well documented. So these are systems that go on Original Equipment Manufacturers (OEMs) aircraft and helicopters. Obviously, in the commercial area, we have the Intellicabin (commercial aircraft solutions). So that is obviously for the region and to some extent, even outside of the region. Each set of customers has their own priorities. What are the other areas or verticals that you are focusing on? We would be absolutely delighted to get into the areas of, let’s say, land systems, which would be a great area to get into. Even the naval systems, as an example, the whole indirect fire piece and naval guns is an area in which we have got a lot of capability and we would like to start dialogues in those areas. Security, particularly, is an area which is of great interest and not the least of which because it provides commercial customers as well. As Qatar grows, particularly in financial services and insurance, it provides us a great opportunity to build and grow our market as Qatar grows its marketplace. You mentioned security. Do you think the security market is growing due to the 2022 World Cup? We are obviously very supportive of Qatar’s plans and efforts in these events. We have had successes previously, for instance, in the 2012 Olympics. We have systems 62 | The Edge
In Qatar, it is more about inspiring young people and getting them to think, and within schools, giving them hands-on projects to learn.
But you have a stake in that company. In Eurofighter, absolutely. So we are delighted that Kuwait is looking to purchase Typhoon, it will be super. Obviously, as a supplier to Eurofighter, we feel very happy to be able to build an everincreasing family of Eurofighter users. It has been a difficult phase for the Typhoon project as not many new orders came through in the recent past. Is there any possibility of you scaling down the production of Typhoon by end of this year? When I was a youngster, even then
which have helped in that particular event. Therefore, we believe that they would be very applicable to Qatar, and obviously, we would be delighted to discuss that more with the different customer areas. Are you having any discussions with any customers at the moment? What tends to happen is that we call the strategy and will have business units. We have 85,000 people in the company. So, for instance, Russell will help coordinate the particular areas of expertise to link up with the customer experts as well, and then to have those discussions. You have just won an order to supply 28 Typhoon aircraft to Kuwait. How crucial was this order for you? Actually, the Kuwait deal is Italian-led. It is not BAE systems-led, it is led by Finmeccanica.
BAE System’s STEM workshop at Omar Bin Akhattab Secondary School for Boys in Qatar.
defence & security | business interview
“We are also interested in some of the more traditional areas of our business. The land systems would be one of them.” the precursors of the Eurofighter were starting. These are very, very long-term programmes. If we had a crystal ball that worked maybe we could provide you with a more accurate answer to your question. One could argue that we have not had orders in, only in the last two years actually, because Oman was in December 2012. But the analysts are saying that you may have to cut down on the production to make this project sustainable. There was a speculation about you reviewing it by end of this year. No, we have got a number of years yet. So what I am saying is that it is so far out, one could argue that there is no end in sight, but there is always an end in sight. We will continue to talk to our customers and hopefully have some more success. So that end will be ever increasingly in the future.
Are there any specific areas of business in Qatar that you think have more potential in the future? We have the same priorities. The kind of things that excite us at the moment would definitely be in the cyber area. We really want to look at the commercial side of that. We are also interested in some of the more traditional areas of our business. The land systems would be one of them. We would be very interested in developing our relationships in that space. We have got a great capability there so, again, Russell will be building up our relationships on the land side. And then the training is a good business opportunity as well as just the education side. We have been doing this for many years and we have had a great deal of success in the training areas. So it is a real win-win as far as we see it for our customers. Could you talk about the partnership that you have in the educational sector in Qatar? We are not a university or a college. We do not offer degrees and that kind of thing. So in the UK, we do a lot of work with our apprentices and we have training colleges for our own apprentices. We take them through, right from the basics to all the way through National Vocational Qualifications. So as a company we do not offer degrees but we encourage our employees to go through various programmes and do further study. But in Qatar, as we do with Qatar university, it is more about inspiring young people and getting them to think, and within schools giving them hands-on projects to learn. Can they gain some practical experience by attending BAE System’s training programme? They can. We have a very strong apprenticeship programme and graduate programmes. There is no reason why they cannot apply to our current apprentice or graduate programme in the same way that
“As a company we do not offer degrees but we encourage our employees to go through various programmes and do further study. But in Qatar, as we do with Qatar university, it is more about inspiring young people and getting them to think, and within schools giving them hands on projects to learn,” Bennett tells The Edge. (Image Von Wyli Peñaranda)
anybody can. We do not, at the moment, as we sit here today, have any specific Qatari-related programmes back in the UK, so internship programmes for Qataris specifically, but that’s something we are looking at and you know going forward depending on where we go and what happens, that may change. The Edge | 63
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Abdul Aziz Al Khulaifi, the franchisee of Vapiano in Qatar, along with Florian Schneider, vice president of International Training, talking during the Vapiano International Convention 2015 held in Doha last month.
The Edge | 67
business insight | investment management
EMPLOYEE RETURNS
Integrated solutions to end-of-service-benefits management are needed SEI Investments Middle East is a provider of investment processing, investment management and investment operations solutions that help corporations, financial institutions, financial advisors and ultra-high-net-worth families create and manage wealth. Samer Abdel Kader, head of SEI Investments Middle East, spoke exclusively to The Edge on the company’s business model with special focus about its report on endof-service-benefits (EoSB) and how that has evolved in the region. Tell us about SEI’s business philosophy in the region. SEI is a provider of innovative business solutions. SEI works with a variety of organisations across the region, including sovereign wealth funds, insurance companies, financial institutions and pension funds, to deliver a wide range of bespoke solutions. SEI has been present in the Middle East since 2008. Our philosophy is to help our clients achieve continued success by developing consistently relevant solutions delivered through an outstanding client experience. Many of our solutions are unique; combining 68 | The Edge
“SEI’s annual report on employment trends and managing end-of-service-benefits in the Middle East is now in its third year. The report is based upon the results of an annual survey conducted over May and June each year, to determine how companies are managing their EoSB liabilities in addition to achieving human resource and corporate goals,” Samer Abdel Kader, head of SEI Investments Middle East told The Edge.
investment management | business insight
advice, investments, technology and operations into comprehensive solutions designed to help professional wealth managers improve their business success, institutional investors make a better financial decisions and private clients achieve their life and wealth goals. Talk us through some of your company’s key achievements. SEI has a long-term focus and has been committed to building a business in the region. We spent time in our early stages understanding the market and identifying opportunities, and in 2011 we repositioned our business from a distribution focus to an institutional focus, which has worked well for us. We also have developed new solutions, such as our integrated approach to managing EoSB and employee savings plans, which give us an edge over our competition. We are now one of the leading providers of EoSB management solutions in the region. Tell us about the evolution of EoSB as a concept in the region. SEI’s annual report on employment trends and managing end of service benefits in the Middle East is now in its third year. The report is based upon the results of an annual survey conducted over May and June each year, to determine how companies are managing their EoSB liabilities in addition to achieving human resource and corporate goals. In 2013, the report found that awareness in the region was only just beginning to pick up, with more expatriates looking for job security and the intent to stay in the region longer. Year on year, the findings have showed the impact of the increased cost of living and doing business in the region, putting pressure on employers and employees alike. This year’s report shows that awareness is becoming less of an issue. The interest and need for a well-integrated solution to EoSB management is on the rise. Given the current economic climate, companies in the region will need to reassess their liabilities and exposure to risk, to ensure that all employees are covered in case adverse economic conditions impact their business prospects. Unfortunately, companies are still slow to act, with 46 percent of respondents from Qatar continuing to comingle their EoSB funds with those on the corporate balance sheet. A further 29 percent do not know how EoSBs are being managed.
“By ring-fencing the funds for EoSB within the structure of a trust, employee payouts are secured even in case of economic downturn or corporate insolvency.”
Given the challenging economic climate, how can companies limit the risks associated with increasing headcount? An increase in headcount has a number of implications for companies that need to be taken into account. An increase in the number of employees is concurrent with the increase in liability for companies. This in turn leads to higher risks for companies that do not separate their funds for EoSB payouts from the balance sheet. Longer employee tenures expose companies to larger EoSB pay-outs year on year. By ring-fencing the funds for EoSB within the structure of a trust, employee payouts are secured even in case of economic downturn or corporate insolvency. SEI can help create a trust structure and manage the funds for EoSB as well as the administration and communication that goes hand in hand with an effective EoSB plan. What are the findings of the report in relation to Qatar? For the most part, companies in Qatar were consistent with those in the region. Encouragingly, 61 percent of respondents from Qatar claimed that their business was unaffected by the downturn in the price of oil. Furthermore, 50 percent of respondents from Qatar expect an increase in salaries and headcount by five to 10 percent over the next three years – a higher expectation than their regional counterparts. Talent management features as the key human resources goal for both, Qatar and the region, however attrition rates in Qatar are higher than average, with 32 percent of respondents claiming an attrition rate of five to 10 percent. This may be due to the rising cost of living in the country and is possibly an area of concern given the
current market climate. As mentioned in the report, an enhanced EoSB or savings plan can help lower attrition rates by giving employees a savings goal to reach for that can simultaneously encourage employee participation and performance. How can companies benefit from enhanced EoSB and/or savings plans? Enhanced EoSB and/or savings plans can play a valuable role within the employee benefits space. Unlike traditional methods of reward (such as bonus payouts) which can prove costly and do not necessarily ensure the loyalty of employees, enhanced EoSB or savings plans give employees a savings goal to reach for while encouraging performance and productivity. Savings plans can be matched or topped up by employers and provide employees with a sense of security that basic EoSB plans cannot offer. Plans like these can help boost retention rates as well as lure top talent looking to stay in the region long-term. How can SEI help companies plan their EoSB offerings better? SEI offers a flexible discretionary model that is tailored to the preferences, skills and requirements of employers. This allows employers the ability to cost-effectively customise a solution that will help them meet their talent management and retention goals whilst helping to manage risk and protect against liabilities associated with EoSB payouts. Some of the benefits a wellmanaged EoSB scheme include encouraging employee performance and participation by way of utilising enhanced EoSB and/or savings plans as tools for long term incentive structures as well as supporting finance in improving dollar cost productivity. The Edge | 69
business insight | food & beverage
restaurant
People in the region appreciate freshness and are willing to learn about what is on their plate Mario Bauer, CEO, Vapiano, says, “We have created the Standard Operating Procedures (SOP) for the Middle East. We import all dry items directly from Europe to monitor the consistency worldwide.�
Vapiano, the German fast casual restaurant chain which offers Italian food, recently held its International Convention in Doha, where it celebrated its achievements in the past two years. Mario Bauer, chief executive officer of Vapiano, shares why they chose to hold the convention in Qatar and the growth prospects of their brand in this region. 70 | The Edge
food & beverage | business insight
“We do believe that there is a very good opportunity for our brand to see rapid growth in the GCC region.” You recently held the Vapiano International Convention in Doha for the first time. Tell us about the event. This year’s convention was under the theme of our new vision: “All we do, we do with love to refresh your life”. In the past, we had our international conventions in Europe. This time, we decided to have it outside Europe, so Qatar was at the top of our options list. The reasons for doing it here are many. Qatar became quite famous by attracting a lot of international sport events such as the World Swimming Championship in 2014, the Men’s Handball World Championship in 2015, and it is slated to host the 2022 World Cup. Qatar is one of the safest countries in the world and it offers great opportunities to experience the welcoming and friendly nature of Arab culture. Also, the country has the state-ofthe-art Hamad International Airport, and flagship carrier Qatar Airways that flies around the world. For these reasons, Doha was the city to have our convention this year.
to the existing ones, I think it was a good opportunity for us to share innovative ideas with our partners about how we want to take the next steps together. Our franchisees, business partners, suppliers and the Vapiano team members who are the force behind the brand joined us from more than 32 countries. We had more than 200 participants.
How was the Doha edition different from your previous event in Vienna? Each Vapiano convention has its unique theme. In Vienna, the theme was all about freshness and why we are considered as the ‘Home of Freshness’ amongst all other fresh casual restaurants. The content was more about the projects’ highlights for 2014 and 2015. In Doha, we wanted to celebrate our achievements of the past two years, which include the Free Stander opening, our first location in China, and many more. As we grow our presence internationally with the opening of new stores and adding space
What is unique about your brand? The USP of our brand is the uncompromised freshness of our food and the great hospitality that we provide to every guest. From fresh raw pasta, which is prepared twice a day in the Manifattura, to food that is prepared from highest quality fresh ingredients immediately in front of our guests, our guest can benefit from the unique ship card system. This gives them the comfort and flexibility for a great dining experience in 164 outlets globally.
Tell us about your presence in Qatar and in this region. In Qatar, we currently have presence in one location but we will open our second restaurant in March 2016. We do believe that there is a very good opportunity for our brand to see rapid growth in the Gulf Cooperation Council (GCC) region. Currently, Vapiano serves guests in the Kingdom of Saudi Arabia, Qatar, Kuwait, Bahrain and the United Arab Emirates, through nine restaurants. We plan to open a new restaurant in Oman soon. Our target is to double the number of locations every three years, regionally.
What has been the response to your brand in this region?
It has been wonderful. In this region, people appreciate the freshness and they are willing to learn more about what is on their plate. The Vapiano concept helps the diners to watch their food prepared in front of them. In other words, it is like having your own chef cooking for you what you like to have in each dish. How does your franchise model work? What are the key things you look at when selecting your partners? We have divided the markets into three different business models: Core market, where we invest and operate by ourselves; Joint Venture, where we invest together with our business partners who take care of the business and the brand locally; and the third model is through granting franchise rights for territories. It is the core of our business to pick the right partner. Thus, we have developed a sophisticated process to make sure that we do it right. We believe in having partners locally because they are the ones who know the local market better. What are the new adaptions you had to make to attract local customers? To be honest, for GCC, we have not had to change a lot of things when it comes to food. Maybe the only difference is that our meat products are 100 percent halal certified. Therefore, we have created the Standard Operating Procedures (SOP) for the Middle East. We import all dry items directly from Europe to monitor the consistency worldwide. Don’t be surprised, we get our basil in pots (living plants) twice a week shipped by air from Europe to this region.
It is the core of our business to pick the right partner. Thus, we have developed a sophisticated process to make sure that we do it right. The Edge | 71
Special section: Executive education
Learning Curve Business leaders have to constantly develop the skills of their workforce to meet the ever-changing demands of the global marketplace. But as each organisation offers its own response to these changing realities, the region’s business schools have also had to go back to school, developing new, customised solutions in executive education. By Mark van Dijk.
A
s the world changes, economies and markets change with it. For businesses and business professionals across the world, the quest is to keep pace with those changes. It is a huge challenge – as the PricewaterhouseCoopers (PwC) 2014 Middle East chief executive officer (CEO) survey suggests. In that report, the region’s CEOs put a premium on developing skills and talent in the workforce. “Seventy percent expressed concern about the current availability of key skills and 72 percent put developing a skilled workforce as the top priority for the
next three years,” says Amanda Line, partner at the company’s education business, PwC’s Academy. “This includes investment in recruitment and development of talent, and providing behavioural and ‘soft skills’ to the employees along with traditional academic skills,” she adds. Based on those findings, Line believes that the executive education sector will likely be a key growth area in Middle East in the coming years – and she is not alone in her assessment. Across the region, executive education – that is, academic programmes offered by graduate-level
business schools for executives, business leaders and functional managers – is emerging as both a market demand and a business imperative. Dr. Abdulaziz Al Horr, chief executive officer at the Qatar Finance and Business Academy (QFBA) agrees. “The Middle East economy is rapidly evolving and diversifying, laying immense importance on vocational, executive and business education,” he says. “These play a vital role in ensuring continued access to a highly trained workforce and in maintaining competitive, world-class skills as the region
The expected influx of professionals into the region will also drive demand for executive education with employers being put under pressure to acquire and retain top talent and skills.
The Edge | 73
special section | executive education
find that students are often promoted or acquire greater responsibilities from their employers very quickly after starting the programme. The MBA programme makes an immediate impact on their confidence and competence, which is quickly recognised and rewarded,” she adds.
NEW LEADERSHIP CHALLENGES
Nine universities including HEC Paris Qatar last month organised an education fair at the Hamad bin Khalifa University (HBKU) Student Center to talk about various courses for graduates, undergraduates and working professionals. (Image HBKU)
grows and continues to diversify. The expected influx of professionals into the region will also drive demand for postexperience education, with employers being put under pressure to acquire and retain top talent and skills.”
FLEXIBILITY FOR STUDENTS
“The evidence from our own experience in the region is that the demand for world-class business education is strong and sustained,” confirms Randa Bessiso, director – Middle East at the Manchester Business School. She says they add around 200 new students each year to their Global Part-time MBA programme, and there is also increasing interest in the Talent Management Partnership (TMP) programmes that the Manchester Business School offers to organisations. “The Middle East offers exceptional opportunities and experiences, and access to world class education supports the attractiveness of the region as a destination to build a serious longterm career for talented professionals,” she adds. 74 | The Edge
That Global Part-time MBA programme, which the Manchester Business School offers its Middle Eastern students, is a good example of two clear trends in executive education in the region. It is a 30-month programme, designed to offer students a choice of four learning pathways and range of electives to enable a more tailored experience. It blends self-study, group projects and face-to-face workshops, providing what Bessiso describes as “the flexibility to allow students to adjust their studies to accommodate their work and other life commitments”. This blended learning model has become increasingly popular around the world and across the region. “We are very pleased to have enrolled over 150 Qatar-based students onto the Global Part-time MBA programme since we launched the MBS Middle East Centre in Dubai in 2006,” says Bessiso, adding that students generally study an MBA to accelerate their careers, switch roles or become entrepreneurs. “The vast majority of our students are self-funded, but we
William McDonald is director of outreach, Executive Education at the Graduate Institute of International and Development Studies in Geneva. Speaking to The Edge, McDonald explains the shift in focus between early-career education and executive education. “Training and early career professional development in most sectors is linear. One must gain an understanding of the functional areas of his/her role and their sector. However, moving up into leadership requires a broader understanding of other sectors,” he says. According to McDonald, government leaders from ministries need to engage people in private sector; private sector leaders need to understand public policy and government affairs as they move up into international positions in their industry; and those leading in the nonprofit sector often engage with senior leaders from these other sectors. “True leadership that addresses today’s multidimensional, global problems – from migration to economic integration to human rights – requires cross-sector leadership. This is one aspect that spans all of our programmes,” he explains. The Graduate Institute, Geneva, offers several modular-designed short courses, Executive Certificates and Executive Masters that target mid-career working professionals. While these are accessible to executives based in Qatar, the courses themselves are delivered in Geneva. “They are designed as ‘multi-stakeholder’ trainings, so we have members of government, business professionals from private sector and international non-profit organisations joining the courses,” says McDonald. McDonald adds that he has noticed a growing demand for courses which instruct students at “the crossroads between business and international affairs” – by which he means trade, investment, human rights and public policy.
executive education | special section
BY THE NUMBERS: PART-TIME MBA COURSES
BESPOKE BUSINESS OPTIONS
PwC’s Academy tailors its programmes in the Middle East to address the region’s focus development areas. “We recently launched two programmes in Qatar,” says PwC’s Line. “[Our] Mini MBA is aimed at developing business and management skills in executives; and PwC’s Effective Board Member is a leadership programme for corporate governance practitioners.” Line points out that PwC’s Mini MBA programme offers the knowledge, tools, and skills sets delivered in a traditional MBA programme in an accessible threemonth session. On the other hand, PwC’s Effective Board Member is a certificate programme designed for those people who want to learn more about corporate governance and raise their profile to ensure they stand out when applying for board positions. “It covers the skills, knowledge and behaviour needed to improve competence in governance. Through a blend of classroom learning, role play and an interactive board spread over five days, the programme is delivered as an in-house customised training for our corporate clients,” she adds. Across the region, there is a clear demand for customised training, designed specifically for individual companies. QFBA, for instance, designs and delivers bespoke programmes for companies and business organisations. Says Al Horr,“We work with our corporate clients to design a learning process around current and future critical business issues facing the organisation; and we then work with the client to translate this into a training solution using innovative and relevant learning methodologies.” He mentions that their Open Programmes are designed for working professionals, and are parttime or short-term courses – some of which are even scheduled after office hours. “Most of our training delivery, however, is in face-to-face classroom training,” Al Horr adds. Elsewhere, HEC Paris has produced more alumni in CEO positions within Fortune Global 500 companies than any other European business school, according to The Times Higher Education Alma Mater Index 2013 (See interview, page 76). Laoucine Kerbache, dean and CEO of HEC Paris Qatar, says, “With our long and proven experience in sound academic
HEC Paris Qatar’s
Executive MBA Programme covers
15
modules with a choice of
8
Randa Bessiso, director, Middle East, Manchester Business School, says, “We are very pleased to have enrolled over 150 Qatar-based students onto the Global Part-time MBA programme, since we launched the Middle East Centre, in 2006.”
content and management practices, along with our in-depth understanding of the dynamics at work in the region, we have tailor-designed our programmes to the needs and requirements of this market.” As evidence of this, HEC Paris Qatar recently introduced bespoke executive management programmes for Family Owned Businesses (FOBs). “These programmes are specifically tailored for key decision-makers, from board level to middle management,” Kerbache explains. “In respecting the overarching aspect of family privacy, these programmes strike a delicate balance between preserving deeply-rooted family values and traditions with contemporary models of management, innovation and market dynamics.” These FOB programmes also demonstrate – simply through their existence – the changing nature of executive education in the Middle East. As the world changes, the skills requirements of businesses and business leaders change too. By offering flexible academic solutions, designed and customised to meet specific needs, the region’s business schools are helping to ease its CEOs’ skills shortage concerns.
majors, and can be completed in
16 months.
Next intake: February 2016 www.exed.hec.edu/hec-qatar
The Manchester Business School’s
Global Part-time MBA programme covers
4
learning pathways covering
11
core courses (plus elective courses) and can be completed in
30 months.
Next intake: January 2016 www.mbs.ac.uk/mba The Edge | 75
special section | executive education
A Growing market According to the Times Higher Education Alma Mater Index 2013, HEC Paris has produced more alumni in chief executive officer (CEO) positions within Fortune Global 500 companies than any other European business school. In an exclusive interview, Laoucine Kerbache, dean and CEO of HEC Paris Qatar, speaks about the growth of the executive education sector in the Gulf Cooperation Council (GCC), and explains what the school has to offer executives and working professionals in the region. I s the executive education sector growing in the Middle East? The development of executive education in Qatar and in other Middle East countries has been pushing ahead quite rapidly. The region’s focus towards economic diversification and away from a strong reliance on oil and gas revenues has created a steadily increasing demand for executive management education – and this can certainly help to further educate local business leaders. A growing number of companies are entering into partnerships with reputable executive management schools for custom-made programmes for their staff. Since the launch of the HEC Executive MBA, we have seen a steady increase in the number of participants. For our February 2015 intake, we witnessed a 17.5 percent increase in participants over that of 2013. Our Specialised Master’s Degree in Strategic Business Unit Management has also enjoyed strong popularity among Qatari nationals. Of the 197 participants since the launch of the programme in Qatar, 78 percent have been Qatari nationals and 46 percent female. So far, HEC Paris has trained 800 executives throughout the GCC region with more than 40 programmes. What types of courses or programmes does HEC Paris Qatar offer? We currently offer an Executive MBA, a Specialised Master’s Degree in Strategic Business Unit Management, open-enrolment 76 | The Edge
programmes for managers and executives, and custom-designed programmes for companies. Both the HEC Executive MBA (16 months) and the Specialised Master’s Degree in Strategic Business Unit Management (18 months) are part-time programmes. The open-enrolment programmes are full-time programmes that are usually delivered as blocked modules of two to three days, while the custom-designed programmes are designed in coordination with clients. What options do you offer for prospective participants from other countries in the region, where do you NOt have a campus? While HEC Paris chose Qatar for its location in the Middle East, we proudly claim a wide regional scope. Participants in our programmes include a steadily growing number of Qatari nationals and residents as well as other nationalities from the Gulf Cooperation Council (GCC), Middle East and other countries in the region. All of them have realised the importance of advanced and high quality executive education in tackling the challenges of a highly globalised business and economic environment. Our custom-designed programmes are also conducted across the GCC. The customdesigned programme for Etisalat, which saw the participation of 83 senior leaders, was conducted and delivered in the United Arab Emirates; while the Keep The Lead custom-designed management training programme for the King Faisal Specialist Hospital and Research Centre (KFSH&RC)
“Participants in our programmes realise the importance of advanced and high quality executive education in tackling the challenges of a highly globalised business and economic environment,” says Laoucine Kerbache, dean and CEO of HEC Paris Qatar.
was run in Saudi Arabia. Therefore, not only are our programmes aimed at contributing to the development of a knowledgebased economy in Qatar, but also towards strengthening the global competitiveness of enterprises based across the region. Do you offer any customised courses for companies’ group staff? HEC Paris has created and delivered corporate training programmes to some major companies in the region, including Commercial Bank, Etisalat, Ooredoo and the KFSH&RC. We offer tailor-made Custom Programmes that address the major challenges organisations face, utilising a tried and tested four-step methodology: Diagnosis, Co-creation, Delivery and Continuous Evaluation. With every company being different, no two programmes are alike.
2 BUSINESS SCHOOL WORLDWIDE FOR EXECUTIVE EDUCATION FINANCIAL TIMES 2015 RANKING
Move your career upward with HEC Paris’ unique range of international Degree Programs (Executive MBA and Specialized Master in Strategic Business Unit Management), Open-Enrolment and Custom Programs for executives and companies in Qatar and the region. Contact: info@hec-q.qf.org.qa +974 4454 0161 www.exed.hec.edu/hec-qatar
special section | executive education
building competencies In an exclusive interview with The Edge, Geetu Ahuja, head of Gulf Cooperation Council (GCC), Chartered Institute of Management Accountants (CIMA), says employers are now seeking qualified professionals, who can start adding value from early on in their career and across a wider scope.
What courses or programmes does CIMA offer? We offer a number of entry and senior levels certificate and diploma courses in business accounting, Islamic finance, and global business services. CIMA’s Professional Qualification is developed on four levels, which are tailored to develop competencies from fresh graduates, operational, management and strategic roles. Once completed, students will become a Chartered Global Management Accountant (CGMA). This designation is powered by two of the world’s leading accounting bodies, the American Institute of Certified Public Accountants (AICPA) and CIMA. CIMA’s study and robust assessment methods ensure real life skills and competencies. The syllabus is strong on the core accounting skill and also includes ‘Big Data’, sustainability, integrated reporting, performance, finance function transformation, risk costing, and cost management. Is there greater demand for any particular course? Our CIMA Professional Qualification is one of our most popular courses and preferred by employers worldwide due to its relevance to business and the current times. But we have also seen a high demand for our Islamic Finance course as the sector continues to grow stronger in the region. What options do you offer for people who cannot attend your campus? CIMAStudy is an online resource designed specifically for the purpose of supporting students who both do not have access to a centre and need to work around busy 78 | The Edge
schedules. It is the only online learning resource written and reviewed by the CIMA faculty, delivered in partnership with Kaplan. Have you introduced any new course recently? Since launching our first certificate for global business services employees, CIMA has been working with The Hackett Group to develop a comprehensive talent management and professional development qualification programme specifically tailored for global business services (GBS) and shared services (SS) professionals. Our Global Business Services Programme helps those working outside the GBS/ SS sector to understand the role and contribution of global business services to organisations and for aspiring chief financial officers (CFOs) and existing CGMAs to add a valuable qualification that equips them for further career success. The programme comprises three levels with just one module on each, qualification, aligned to job role, and underpinned by continuous professional development. It has been developed with the same academic rigour as our Professional Qualification in Management Accounting.
are constantly looking for and that pave the way for senior management positions are core accounting technical skills, business acumen, people skills, leadership skills, underpinned with ethics, integrity and professionalism. The CIMA competency framework is designed around building these abilities aligned with the needs of this dynamic role.
What is the growth prospect of executive education sector in the Middle East? The executive education sector is growing at quite an accelerated pace. Employers are now seeking qualified professionals, who can start adding value from early on in their career and across a wider scope. Employers appreciate competencies that are cross departmental and cross countries, which is what CIMA’s Professional Qualification is based on. Competencies that employers
What kinds of industry participation do you have with companies? CIMA works with varied industries that include finance and accountancy firms, retail, aviation, technology, oil and gas Telecoms as well as the public sector. CIMA qualified professionals are employed by all the top 100 global brands, demonstrating competencies across finance and nonfinance units, all the way up to chief executive and board positions.
“We have also seen a high demand for our Islamic finance course as the sector continues to grow stronger in the region,” says Geetu Ahuja, head of GCC, CIMA.
special section | executive education
Improving competitiveness Arvind Rampal, managing director, Qatar Skills Academy, speaks exclusively with The Edge to share their core focus behind offering various courses and trainings programmes for working professionals and executives. Tell us about the courses you offer for working professionals? The Qatar Skills Academy (QSA) is a locally accredited training centre that offers professional certification courses that are accredited by international bodies for the purpose of professional development of both individuals and corporate entities in Qatar. We also offer bespoke non-certified training programmes designed in conjunction with our clients to address their requirements and deliver these through recognised and experienced industry experts. Are these courses regular or part time? Our training centre provides a variety of flexible options for both full-time and parttime students. For those who are remotely based we also have online distance-based learning solutions that would be ideal for such a requirement. Have you launched any new courses recently? With the recent market conditions in the gulf along with downsizing exercises and all-round market turbulence, professionals are under highly pressurised environment to ensure their competitiveness, both from an organisational and personal professional development perspective. We offer the Principles of Management & Leadership in Organisation training course, which is a Business and Technician Education Council (BTEC) diploma programme accredited from EdExcel in the United Kingdom (UK). It provides insights into some of the international best practices for leadership when applied into a local Qatari and gulf context. The course is proving to be very popular with part time students, mostly middle and junior managers, who attend outside working hours to hone their skills and seek growth opportunities in the workplace. 80 | The Edge
How can these courses help executives excel in their respective career fields? The core focus of our programmes is vocational, and hence highly practical. It is centred on the premises of value creation in the workplace and focuses on how you as a junior professional can drive the growth strategy and can contribute to the organisation’s bottom line. By adopting such an approach, young professionals without a high level of education can differentiate themselves in the workplace and become a highly valued asset to the organisation. Regardless of your current role, the course offers you an opportunity to cultivate your skillset, and help you better communicate your competencies to both current and future employers – something that constitutes your competitiveness in your field. How do you see the growth prospects of executive education sector in this region? Executive education as a sector is growing for numerous reasons. The recent contraction in the economy is one factor that has led to many executives looking to reskill themselves through professional courses. However, there is new growth in non-conventional routes to education due to a shift from traditional academic education to a more skill-based requirement from the industry. Current skills shortage results in companies struggling to fill up urgent positions with good talents and graduates with practical hands-on experience. This industry gap is what is addressed through vocational trainings that provide students the ability to hit the ground running when they enter the workforce. Do you also offer any customised courses for companies? Absolutely, QSA offers bespoke corporate
“The recent contraction in the economy is one factor that has led to many executives looking to reskill themselves through professional courses,” says Arvind Rampal, managing director, Qatar Skills Academy.
training programmes that are tailored to meet organisation’s specific needs. We have four stages of a detailed customisation process that ensures that relevant content is delivered to participants. The biggest challenge most companies face is about justifying their training spend. How can they ensure their return on investment? This is where most training providers and consultants lack. In answer to this, we have developed a holistic training system that covers the entire gamut of a learner’s journey in competency development. Could you highlight some of the forthcoming courses? We will be conducting an international certification programme in warehousing and inventory management in conjunction with the Institute of Supply Chain Management, UK, which explores how organisations can reap significant profit by optimising inventory levels and ensuring more effective warehouse operations. In 2016, we will be launching programmes into other areas of supply chain such as procurement, logistics and lean supply chain management. We will also be welcoming fresh intakes for the Principles of Management & Leadership in Organisations BTEC diploma.
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The Qatar Skills Academy is one of the most established providers for work-force training solutions in Qatar. We have developed an enhanced range of programs and courses in conjunction with established internationally recognized awarding bodies such as the Business and Technology Education Council (BTEC), the International Air Transport Association (IATA), INTESOL Worldwide, and the Institute of Supply Chain Management (IoSCM). With over thirty years of combined professional experience we bring a global standard of training locally to Qatar in guided by the Qatar National Vision 2030. ENQUIRE at info@qatarskillsacademy.com or call 4416 1622 www.qatarskillsacademy.com
products & reviews
Reviews All-new Audi Q7 launched in Qatar Q
-Auto, the official dealer for Audi in Qatar, has launched new Audi Q7 model for the Qatari market. With a curb weight of 1970 kilograms (kg), the new Audi Q7 is up to 325 kg lighter than the previous model, making it one of the lightest in the premium SUV segment. The seven-seater Q7 also boasts a spacious interior, offering more head, shoulder and knee room, thanks to the adjustable seatbacks for the second row of seat units. It has large and useful cargo compartment of 890 litres and an even greater capacity of 2075 litres if the second row seatbacks are folded down.
One of the new features of the Audi Q7 is the range of driver assistance systems, for which the SUV has been awarded five stars for safety by the European Euro NCAP consortium. The SUV features rear parking assistance, cruise control, an adjustable speed limiter, rest recommendation and a new Audi pre-sense city feature. This safety system has been uniquely designed to sense impending collisions, thereby initiating heavy braking in an emergency. The Audi Q7 comes with the secondgeneration modular infotainment platform as well as the Audi virtual cockpit. The vehicle offers superior
in-car experience through a range of technology features such as Audi connect, Audi tablet for the rear seat passengers and the optional Bose or Bang & Olufsen 3D surround sound system entertainment features. The Audi Q7 exterior design sports striking horizontal lines that extend above the wheels. The single frame grille extends to the headlights, and features either LED or Matrix LED-driven headlights. The V6 3.0 TFSI engine yields 333 hp and 440 Nm of torque, producing acceleration from 0 to 100 km/h in just 6.3 seconds and reaches a top speed of 250 km/h.
The Edge | 83
products & reviews
Read it:
How Google Works The title of this book has double meaning, inasmuch as it is about two things. On a simplified level, inside you will find out more about How Google Works in terms of what it does as a company, originally as an Internet search engine – and countless spin-off opportunities that have since emerged, such as Google Ads or Gmail to name but two – from its rise to the lofty stature as cultural icon and Oxford English Dictionary noun and verb in the postmodern, digital world, much like Xerox did in a previous analogue age. “Just google it,” is a phrase you may well hear at least once a day, even if you are sweating over a tablet in a dung hut in Zululand or shivering with an iPhone in an Inuit igloo. But How Google Works is also about the inner machinations of the company itself. How does it work? How does its management run such a complex, enormous beast of a billion dollar organisation, one that extends its tentacles into every facet of modern online life? The story that leads to the answer of this complicated question starts in the early years of the company, the true genesis of the period when founders Sergey Brin and Larry Page, and then-chief executive officer (CEO) Eric Schmidt and other senior managers, were scaling the company from an upstart Silicon Valley start-up to the digital behemoth we see today. It follows their trials and tribulations in terms of whether or not to adopt a more business school-like attitude to running their company, or a more avant garde and laissez-faire approach, such as putting half a dozen engineers and coders in the CEO’s office to save space. How Google Works follows their challenges through recruitment – their approach and effectiveness lauded here as one of, if not of the most important factors in the firm’s success and a subject that takes up a large portion of the book – and provides insights into their approach towards strategy and adapting their operations to an ever-evolving market. A fascinating peek into an iconic company of the information age.
Available at Virgin Megastore in Doha.
Read it:
Alibaba’s World
How a Remarkable Chinese Company is Changing the Face of Global Business is written by Porter Erisman, who being a former employee of Alibaba where he worked between 2000 and 2008, gives his firsthand account of the company’s growth from a small apartment into the behemoth it is today. The author tries to chronicle both the successes and missteps the company made on the road to riches. Much of the book’s content is generated through 200 hours of video archives that he gathered while preparing his documentary, Crocodile in the Yangtze, which was about Alibaba’s success story. In Alibaba’s World, the author shows how Jack Ma, a Chinese schoolteacher who twice failed his college entrance exams, rose from obscurity to found Alibaba and lead it from struggling start-up to the world’s most dominant e-commerce player. Over 24 short chapters, Erisman shares candid stories of weathering the dotcom crash, facing down eBay and Google, negotiating with the unpredictable Chinese government, and enduring the misguided advice of foreign experts, all to build the behemoth that’s poised to sweep the e-commerce world today. And he analyses Alibaba’s role as a harbinger of the new global business landscape – with its focus on the East rather than the West, emerging markets over developed ones, and the nimble entrepreneur over the industry titan. In the end, he boils down what he learned from his experience at the company and shares 40 lessons from the Alibaba story. Although it is about the entrepreneurial spirit of a Chinese businessman, many budding entrepreneurs and others chasing dreams can read the book to learn from Alibaba’s successes and mistakes. 84 | The Edge
Available at Virgin Megastore in Doha.
UNDER THE PATRONAGE OF HIS HIGHNESS SHEIKH TAMIM BIN HAMAD AL THANI, THE EMIR OF THE STATE OF QATAR
Conference: 6–9 December 2015 Exhibition: 7–9 December 2015
Qatar National Convention Centre Doha, Qatar
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products & reviews
Epson printer
App Reviews
Epson Middle East has launched the WorkForce Pro RIPS series of multi-function printers, which can deliver up to 75,000 printed pages in both black and colour before the ink needs to be replaced. These printing solutions allow customers to print high impact colour documents with low operating costs and minimal maintenance. RIPS printers are also up to 23 percent quieter, use up to 95 percent less energy and produce up to 99 percent less waste than lasers and copiers.
Honeywell mobile computer Targeting the frontline workers who requires an easy-to-use device, Honeywell has unveiled the Dolphin CT50 mobile computer, the latest in a series of advanced mobile workforce solutions. The CT50 streamlines operations and maximises worker efficiencies in transport and logistics, field service, direct store delivery and warehouse environments. Featuring a modern all-touch interface, the Dolphin CT50 enables workers to maximise efficiencies in critical activities, including improving route efficiency, ensuring more accurate delivery windows, offering realtime scheduling and more effectively responding to customer requests and requirements.
Sony Android TV Sony has announced the launch of a new range of television series, which supports Google’s latest Android TV operating system, making it easy to stream video, function as a gaming device and provide enhanced features like Google Cast and Voice Search. The latest line-up of Bravia 4K Android TV and full HD TV Series from Sony, including the flagship X9400C series Android model, will further enhance the viewing experience. The new range is now available at all Fifty One East outlets in Doha.
Microsoft Surface Book Microsoft has unveiled the new Surface Book – a high-performance laptop with accurate and responsive pen and touch support. Surface Book combines the sixth generation Intel Core i5 and Core i7 processors with up to 12 hours of battery life. The 13.5-inch optically bonded PixelSense Display delivers a high-contrast 267 dpi display with improved latency and parallax. The screen also detaches, so it can be used like a clipboard to sketch, take notes and benefit from Windows programmes like Microsoft Edge.
86 | The Edge
Fleksy
By M. Iqbal
(Android, iOS) With the claim of holding the world record in typing speed, Fleksy does everything that you would expect of a modern third-party keyboard, plus a few things of its own. You can swipe left to delete the word you just wrote, swipe up to undo, swipe right to add a comma or swipe down to cycle through text auto-correct predictions.
Howlak (iOS) This Qatari app promises to help simplify your search for a restaurant on the go. The app uses the iPhone’s GPS to tell users about restaurants in their vicinity. Currently, it has about 1500 Dohabased restaurants in its database and another 7000 restaurants in Dubai, Abu Dhabi and Sharjah. The app simply arranges the restaurants according to their distance from you and gives you a snapshot of the ratings that the users have given them, along with their phone numbers. Tapping on a restaurant will give you further details as well as allow you to simply review the restaurant good or bad.
Mirrativ (Android)
Mirrativ bills itself as a live streaming app that lets you broadcast any content on your screen. It also lets you broadcast the image from your front camera and voice from your phone’s microphone. So people tuning into your stream can listen to you and watch you react to anything that happens on the screen – you can also interact with them live via comment and chats. One catch is that the broadcasting feature is restricted to smartphones running Android 5.0 or later.
UNDER THE PATRONAGE OF THE MINISTRY OF ECONOMY AND COMMERCE
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