Gulf Insider

The multi-award winning Arabian magazine

Gulf Financial Insider

GulfInsider -The Arabian Review

Issue 76

Bahrain

Travel banned and stuck

Bahrain

A battle for compensation

Dubai

Climbing the Burj Khalifa

Help for Bahrain’s Business Sector As SMEs struggle, the government generates solutions Bahrain BD2

KSA SR20

Kuwait KD1.75

Oman RO2

Qatar QR20

UAE DHS20

Gulf Financial Insider

GulfInsider

Inside this issue...

14. Bahrain Economy

18. Bahrain

22. Bahrain

24. Travel Banned

26. Al Dana Dhow

28. Arabian Travel Market

32. Spiderman

34. Gold

38. Silver

40. Travel

42. Cars

46. Art

The government helps SMEs

Hundreds are stuck in Bahrain with no prospects

An interview with the gutsy urban climber

Escape to Marbella

Property market update

Survivors still waiting on compensation

Forty years of turmoil

An interview with Aston Martin’s Middle East CEO

The information war

This year’s exhibition

Will its price surpass the price of gold?

An impressive artist comes to Bahrain

COMMENT

GulfInsider

r Gulf Financial Inside

The multi-award

magazine winning Arabian

n Review -The Arabia

Bahrain

Travel banned

Bahrain

“A good head and a good heart are always a formidable combination.”

- Nelson Mandela

Issue 76

and stuck pensation

A battle for com

Dubai

Climbing the Burj

Khalifa

Help for Bahrainr’s Business Secto

Front cover photograph credit: Bader Kamal baderkamal.com

tes solutions ernment genera

le, the gov

As SMEs strugg Bahrain BD2

KSA SR20

Kuwait KD1.75

Oman RO2

Qatar QR20

UAE DHS20

Laughter Really Is The Best Medicine ‘Laughter yoga’ has now been incorporated into official studies in five schools in Bahrain following its inclusion in the Central Board of Secondary Education curriculum in India. Students will be taught the scientific effects of laughter on the mind and body and will be expected to pass a test on the subject in end-of-year examinations.

This move was made in order to raise awareness of the benefits of laughter.

The idea that laughter has a positive effect on the body stems from research by American psychologist William James in 1884. He found that a person’s mental state, whether positive or negative, influenced the behaviour

of the body. This connection was developed further by Indian doctor Dr Madan Kataria, who established the first Laughter Club in 1995 and developed breathing and laughter exercises to help members release stress.

The concept behind injecting this type of class into schools is to reduce stress levels among children, particularly those who are forced to excel by ‘pushy parents,’ which is very common. It has been proven that such stress can have a detrimental effect on a child’s performance and so, teachers are hoping that laughter yoga will help boost positivity, as well as grades.

Gulf Financial Insider

GulfInsider

Publishers:

Nicholas & Rebecca Cooksey

Editor in Chief:

Nicholas Cooksey

P.O. Box 26810, Kingdom of Bahrain.

Tel: +973 1782 2388, Fax: +973 1772 1722 www.ArabianMagazines.com

Published by:

Printed at:

Administration:

Admin & Finance Redia Castillo Nikesh Pola

Layout:

Dhanraj S. Noel De Juan

Senior Editorial:

Katy Gillett Jack Taylor Khalid Nasir

Tariq Hussain Wasim Khan

Awal Press, Kingdom of Bahrain.

Ministry of Information approval no.

TFI431© Copyright 2009. Arabian Magazines is a division of CG Arabia WLL. No part of this publication may be reproduced in any manner without the written ermission of the publisher. All Rights Reserved. Views expressed in this magazine are not necessarily those of the publisher. Printed at: Dar Akhbar Al Khaleej, Kingdom of Bahrain.

Guest Correspondents:

A Division of C.G. Arabia W.L.L. 6

Gulf Financial Insider October 2008

Marc Owen Jones Paul Hayward Carol Byers

*Articles by these correspondents are the copyright of

Telegraph Media Group, 111 Buckingham Palace Road, London SW1W 0DT, England.

For advertising enquiries call Tel: +973 1782 2383, 1782 2365 e-mail: sales@ArabianMagazines.com

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GulfInsider info@GulfInsider.ME -The Arabian Review

Issue 76

Bahrain

Travel banned and stuck

Bahrain

A battle for compensation

Dubai

Climbing the Burj Khalifa

I have to say GI team, you have become rather provocative of late. Especially your last cover image! Don’t get me wrong, I think it was and is fantastic but I thought I’d mention it as I was always under the impression that the media was rather restricted over here. Judging by your magazine however, it can’t be too bad!

Help for Bahrain’s Business Sector

William Boss

As SMEs struggle, the government generates solutions Bahrain BD2

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The multi-award winning Arabian magazine

Gulf Financial Insider

GulfInsider -The Arabian Review

Issue 75

Bahrain

Asian workers attacked

Bahrain

Inaccurate media coverage

Dubai

Is it real?

Rebuilding Bahrain KSA SR20

Kuwait KD1.75

Oman RO2

Qatar QR20

The multi-award winning Arabian magazine

Gulf Financial Insider

GulfInsider Bahrain

Upcoming hotels

The Arab World The real tyranny

Abu Dhabi

The truth about property

Your article about and indeed the issue itself of migrant workers being attacked recently absolutely disgusted me. I can’t believe that this happened in such a beautiful, laid back country. It seems after the attacks there was a lot of finger-pointing too. What’s the point in that? How is that going to help the poor families who now have no father, husband or income? Whoever carried out those attacks should be thoroughly ashamed and should just think for one moment how they would feel had it been their father. I truly hope justice prevails.

Disappointing Media

UAE DHS20

Arabian Business, Affairs, Arts and Life

Poor Workers

Jennifer Gray

Time to move forward and overcome sectarian and economic strife Bahrain BD2

Provocative

Issue 74

Bravo for publishing Nigel Goddard’s complaint to the BBC - it was very well said!! I assume you thought so too. The blatant bias and horrendous mistakes that have been in the media about Bahrain was indeed shameful and the BBC has always been a beacon of unbiased and in-depth reporting to most people around the world. What a joke! I’m glad people have finally cottoned on and more people need to know about this. So again, bravo for spreading this message.

Henrich Gurt

Tweet, tweet, tweet

Bahrain Focus

The world is watching Bahrain... and not for the F1!

Bahrain BD2

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Gulf Insider May 2011

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I thought the opinion piece you published on social media last month was very intriguing. It is amazing how social media has seemingly taken over

and although much of the messages are dubious, some are invaluable to finding out the truth. I’m not sure if I agree we are overstating its importance as I think it is gradually becoming more and more significant, as with all technology.

Follower

Dubai is Full That ‘Dubai on Empty’ article you published last month really got to me. I lived in Dubai for five years and I loved every minute of it. The stereotypes that were described in the piece were just that - stereotypes. There are plenty of real people enjoying a very fulfilled life over there and are doing very real things for the progression of the country. I bet if you asked most of the population who actually live there, and didn’t just visit for most likely one day, if they agree with the writer then they wouldn’t. Let’s face it, they certainly know better than him.

Dubai-fuelled

What Should the Travel Banned Do? After reading your article ‘Brits to the Rescue?’ last month I was astounded. I knew about those unfortunate people who have travel bans placed upon them but I guess it never crossed my mind that they wouldn’t be allowed out of the country were there to be a serious crisis. How is it that no one can do anything about this issue?! Presumably the banks are insured against bad debt and so are holding these people-who could have been in dangerhere for profit? That is disgusting. I see HSBC lifted travel bans on a mere 30 of their customers (I’ve heard there’s many more than this) so what are the other banks doing? Anything? I assume they’re keeping schtum on the subject, like anything else that doesn’t directly relate to how great they are.

Hannah Walters

BUSINESS ROUNDUP

Bahrain Ranks 30th Worldwide on INSEAD and World Economic Forum Report INSEAD, a leading international business school, announced the findings of the 2010-2011 Global Information Technology Report, Transformations 2.0, a study which the school has jointly published with the World Economic Forum for the past decade. The Arab countries continue to feature prominently in the rankings, with three in the top 30. The UAE (24th) ranked first, followed by Qatar (25th), Bahrain (30th), Saudi Arabia (33rd) and Oman (41st). This reflects the information technology sector’s increasing prioritisation in national agendas as a crucial instrument for economic diversification, enhanced efficiency and modernisation.

Bahrain consolidates its 30th position, displaying notable competitive strengths in the quality of its market environment and the high degree of preparedness of its citizens to use information and communications technology, an aspect that has already converted to high penetration rates (28th for individual usage). The strong government vision and leadership in ICT diffusion has also resulted in first class e-services (8th), significantly expanding outreach of basic services to citizens (11th), high e-participation (11th), and increased government efficiency (12th).

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Gulf Insider May 2011

7

TELECOMS

A TELECOM GIANT IN THE MAKING

Mr Milan Jovancic, Acting General Manager of NGNS

Offering customers exactly what they need and want is Next Generation Network Solutions’ main priority.

W

ith a business legacy dating back three decades in the region, a subsidiary of Rawabi Holding Group, Next Generation Network Solutions (NGNS) is the leading Voice Over Internet Protocol (VOIP) service provider in the Kingdom of Bahrain since 2007. NGNS holds telecommunications licenses awarded from the Telecommunications Regulatory Authority (TRA) in Bahrain for data, voice, satellite, turnkey and consulting services.

After introducing numerous innovative IT and telecom-based products in the market, the company now has to its name a consumer base worth half of Bahrain’s entire population.

Initially the company offered premium quality internet services to corporate clients and offered prepaid calling cards by the name of ‘NEXT’ for general consumers. ‘NEXT’ soon attained the number one position in the kingdom’s prepaid calling card market. NGNS operates using high-tech equipment with full redundancy for both voice and data services. What makes NGNS even more unique is its customer-oriented way of providing services. Moreover, unlike its competitors, NGNS has developed a highly creative service methodology that lets the end-user decide and design service packages as per their individual requirements.

NGNS has a strong network of influential international partners which

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Gulf Insider May 2011

enables the company to offer a wide range of services not only in Bahrain, but also in the GCC and other international locations. In 2011, NGNS is planning to add new and proven solutions in voice, data, video, and managed services to its portfolio. Here again the company will look to extend its consumer-friendly reputation in the market by letting endusers craft the solutions or services that best fit their requirements.

We consistently go the extra mile for the customer which aligns us with our corporate philosophy.

Mr Milan Jovancic, Acting General Manager of NGNS said: “We capitalised on emerging technology in the VOIP to create products that can improve the communication and enable many with reliable, high quality services. We also extended our reach by providing services to remote and challenging environments such as offshore oil rigs in the Persian Gulf.

“NGNS offers tremendous technical

expertise, but it’s our focus on the customer that sets us apart. By understanding the needs of your business, we keep costs manageable for every company regardless of size and industry or the market they operate in. We consistently go the extra mile for the customer which aligns us with our corporate philosophy. It is the ideal way to do more with less! Efficiency, integrity, reliability, security, service delivery and network uptime are paramount to us in achieving customer satisfaction.”

About Rawabi Holding Company Limited NGNS is a subsidiary of Rawabi Holding Company Limited, Saudi Arabia, which has three decades of experience in providing a diverse range of products and services to the petroleum, petrochemicals, engineering, construction, power, telecom, IT, logistics, consumer products and corrosion and industrial services industries in Saudi Arabia and the Middle East. Rawabi Holding is a leading industrial player with a customer-focused vision to form strategic partnerships and long-term commitments with its strong network of business affiliates and clients. GFI

For more information contact Next Generation Network Solutions on Tel. +973 6600 6467 or visit their offices at Al Moayyed Tower, Seef District.

BUSINESS ROUNDUP

Gulf Air Begins Flights to Milan Gulf Air started its services to the Italian city of Milan. Gulf Air CEO Samer Majali stated, “Milan is one of the EU’s and the world’s major financial and business centres boasting Europe’s fourth highest GDP. From finance to fashion, from designer automobiles to discerning music, from architecture to art, the city of Milan is undeniably one of the most popular destinations in Europe attracting millions of visitors every year.”

Mr Majali continued, “By launching services to Milan we are not only opening new doors of trade and tourism opportunities this city offers to the people and businesses of Bahrain and the region, but also bringing new commercial and other opportunities to Bahrain, the gateway of the Arabian Gulf and beyond. With four flights a week arriving and departing in

Milan at convenient timings, we hope the business community as well as leisure passengers from Bahrain will find our service perfect for their needs.”

Following Milan, Gulf Air will be commencing its flights to the Swiss city of Geneva on the 29th of March with three weekly flights.

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Gulf Insider May 2011

9

BUSINESS ROUNDUP

Turkish Airlines’ Net Profit at USD191 Million Turkish Airlines increased its capacity in line with its growth strategy for 2010 and years ahead thus securing passenger growth. In 2010 Available Seat Kilometre (ASK) increased by 15 per cent and Revenue Passenger Kilometre (RPK) increased by 20 per cent. According to the reported 2010 financial statements, Turkish Airlines’ operating profit and net profit stood at USD307 million and USD191 million respectively.

The number of passengers increased by 16 per cent to 29 million, and cargo and mail carried increased by 32 per cent to 314 thousands. As a result, passenger load factor increased by 2.8 points from the previous year to 73.7 per cent. Sales revenue increased by 23 per cent to USD5.6 billion.

Approximately 81 per cent of the airline’s scheduled service revenue was obtained from international lines and 19 per cent was from domestic lines.

Turkish Airlines being an important player in the aviation sector has increased its capacity with the wide-body aircraft which joined the fleet in the last quarter of 2010. It is expected to reach targeted

numbers of passengers and unit revenue with the new Business Class concept “Comfort Class” product in the widebody aircraft and expanding its network by opening new routes.

Considering business prospects and quality performance in the hotel industry, the decision of Al Safir Hotel to get the ISO Certification was a big achievement for a four-star property among the flood of international chains and other five and four-star hotels in the kingdom. Thus, Al Safir has become the first hotel in the kingdom to achieve management system certifications for three international standards at once.

These are ISO 9001:2008 - Quality Management System (QMS), ISO 22000:2005-Food Safety Management System (FSMS) and Occupational Health and Safety Management System BSI OHSAS 18001:2007.

Quality is consistency and ensuring continual improvements in the products and processes. Due to circumstantial hardship among other factors, attaining the quality objectives, to maintain and upgrade standards is crucial and challenging. However, Al Safir has a committed holding company with active involvement of the executive management in implementing and managing ISO-IMS. QMS has been an approach to attain service excellence and assuring returning guests. Apart from QMS, ISO 22000:2005 and BSI OHSAS 18001:2007 Management System Certifications are the valueadded elements for ensuring responsible business ethics at Al Safir.

ADVERTISING FEATURE

Quality Management in Al Safir Hotel The international demand for quality products and services is growing tremendously and quality has been emphasised over quantity for the last few decades. Quality assurance has become a global concern and maximum efforts have been put forward to ensure service excellence. But quality performance does not happen automatically; it has to be created, assured and documented.

Quality procedures and requirements are to be developed, managed and improved to meet the requirements and satisfaction of customers.

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Gulf Insider May 2011

Some of the best chefs in the industry cook up lip smacking delicacies for you in our world class restaurants, but they know the best recipe in the world isn't complete without a personal touch.

Because the best meal in the world isn't complete without your satisfied smile.

ADVERTORIAL

China Sourcing Fairs Opens This Month!

Resuming in Dubai on 31st May to 2nd June, China Sourcing Fairs is set to be even bigger and better than last year.

C

hina Sourcing Fairs provides a one-stop sourcing experience and an ideal platform for buyers in the Middle East and nearby North African markets to meet potential supply partners from Greater China.

Export-ready suppliers from mainland China, Taiwan and Hong Kong will offer an extensive array of stylish fashion accessories, gifts and premiums, home products, electronics, baby and children products and much more to buyers in the Middle East’s trading capital at competitive price points.

Products

With its rapid growth over the past years, China’s electronics industry has made the country the world’s electronics manufacturing powerhouse. Their latest electronic innovations include consumer electronics, computer and networking, telecom products, electronic accessories and home appliances. You can expect this and more at the China Sourcing Fair: Electronics.

Within the gifts and premiums section there will be plenty of options from Christmas and seasonal products to electronic premiums, watches and clocks. The home products section will offer you a wide array of items to choose

12

Gulf Insider May 2011

from including, kitchen and tableware to sports bags and travel goods. While there will also be garments and textiles on offer from ready-to-wear to bridal and even umbrellas!

Any type of hardware or building materials will be available too. This includes general hardware, bathroom and kitchen supplies, plumbing, heating and

Suppliers offer an extensive array of stylish fashion accessories, gifts and premiums, home products, electronics, baby and children products and much more. cooling supplies, tools and accessories and even lawn and garden accessories to name a few.

With regard to baby and children

products - everything a parent would ever need will be offered including but not limited to garments, bedding, furniture, safety products, footwear, travel accessories, toys and puzzles and even masks and costumes!

2010 Summary

China Sourcing Fairs 2010, which was held in Dubai, welcomed 14,020 volume buyers and more than 1,300 booths by over 950 exhibitors (18 per cent more booths compared to 2009).

Exhibitors were thrilled with the results of China Sourcing Fairs 2010 as buyers at the three-day show were up 30 per cent, with both mature and emerging markets showing more active order placing activity due to heightened confidence in the retail market.

The event provided an ideal platform to accentuate local and international flair in their products for buyers from over 118 countries, sourcing innovative items from quality suppliers. Buyers were mainly from the Middle East, including the UAE, Bahrain, Saudi Arabia, Iran, Kuwait, Iraq, Egypt and Lebanon. Exhibitors can effectively promote products and brands to a highly influential regional audience such as Al Fajer Group, Al Jawhara Group, Dubai World, Emaar Group,

ADVERTORIAL

Jacky’ s Electronics and OfficeMart.

In the meantime, exhibitors greeted a number of important international names in related industries including Cavalieri Group, IXOCONCEPT , Topsies, Briggs & Stratton and T&S Appliances. Buyers were wowed by quality global suppliers and the variety of product selection.

An impressive line-up of speakers facilitated the seminars that complemented the exhibition. The seminars provided visitors with insight into product quality and how to gain market intelligence insights on Asia’s supply markets.

Testimonials

“This is our second time here and we are also joining China Sourcing Fairs in Mumbai and South Africa this year. China Sourcing Fairs helped us to expand our sales to different markets and we are looking forward to participating in various international events to get to know more quality buyers around the world.” Paul Chang, Vice President Chang Jiang Communication Technology, China “We got very good sales leads by exhibiting here. Buyers we met here at the show are very professional. We have already booked booths for next year’s Dubai show. We met more than

30 buyers today and most of them are from Europe and the UAE. We are very pleased with the buyer quality.” Dider Leung, Marketing Manager Hong Kong Yingji International Co., Ltd., China “This is my first time and the show is surprisingly good. The show saves us a lot of effort by bringing the Chinese suppliers to the Middle East. We are very

This is our second time ... China Sourcing Fairs helped us to expand our sales to different markets. satisfied with the quality of suppliers, products and the variety of items. I will definitely come back to this show next year.” Bandar M. Abuashi, Head of Protocol & Events, Saudi Arabia “This fair came highly recommended, and I am very pleased that it surpassed my expectations. We met around 30 to 40 potentially good suppliers at the fair and

are very delighted with the high calibre of suppliers. I will definitely be coming back to the fair in Dubai next year.” Scott MacKenzie, Technical Director of Logical Step, United Kingdom

Well-timed Sourcing

The Dubai Fair falls between Asia’s peak sourcing months in April and October, giving you more freedom to visit other trade events in Asia. If you’re a buyer in the Middle East or North Africa, you now have greater access to Greater China’s innovative suppliers right in Dubai.

The Business Capital of the Middle East

Dubai is one of the fastest growing major metropolitan cities in the world.

Over the past several years, Dubai has developed into an ultra-modern and ultra-convenient business centre.

Commonly referred to as the ‘Hong Kong of the Middle East’, Dubai is the undisputed trading capital of the Middle East - and a perfect venue for China Sourcing Fairs! GFI

For Trade Only. No one under 18 admitted.

Learn more and pre-register at: www.chinasourcingfair.com/dubai/ygae

Gulf Insider May 2011

13

BAHRAIN

KEEPING COMPANIES AFLOAT Economically speaking, Bahrain is still dealing with the aftermath of political turmoil. In an attempt to salvage struggling companies from the depths of near bankruptcy, governmental bodies have been coming up with solutions.

S

o far the LMRA have suspended their monthly fees on expatriate workers for half a year, the Economic Development Board (EDB) have announced committed support and the Bahrain Chamber of Commerce and Industry (BCCI) are offering selected members a portion of BD300,000 each but Nabeel Al Mahmood, Senior Manager for Member Services at BCCI, assures us that this is not all that will happen.

“The chairman [of BCCI] was receiving many complaints regarding the situation and the difficulties micro, small and even medium-sized businesses were facing.

So, we have been trying to help them by requesting related bodies to suspend fees such as the LMRA, water and electricity, municipality and GOSI. Some of them have gotten back to us and some have yet to do so.”

Nabeel tells Gulf Insider that they have also asked the Central Bank of Bahrain and other banks to reschedule loans so that businesses do not have the added pressure of debts right now. “At every angle

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Gulf Insider May 2011

we are trying to help out, along with other governmental bodies, and not leave these businesses to go bankrupt.” He also hints towards a new programme that Tamkeen are developing in order to help troubled SMEs. Although he does not go into much detail, as nothing has been finalised yet, he does say it would be announced soon most likely this month.

We can’t just give money to anyone but the criteria are not hard to meet; we are trying to make it easier for people after all.

It has certainly been tough on businesses throughout the past few months, particularly the hospitality and tourism industry as Bahrain was

receiving no guests and tourists at all.

The retail industry also suffered as shops were forced to close between 13th to 19th March because of political clashes.

Many stores in the souq, and in particular within the gold and jewellery industry, have had to pack up and head to Dubai.

In fact, it was reported that the gold industry lost an estimated USD1 million (BD378,000) a day during the week they were closed.

“When everything happened companies were still expected to pay bills, rents and salaries,” Nabeel said.

“It is getting better of course, but we need to help them stand on their own feet now. Some sectors were literally making zero such as hotels who have a lot of outgoings. The situation is much better now but they lost so much back then that they need much help to recover their losses now.”

One business owner who asked to remain anonymous described the ‘nightmare’ her market intelligence company had faced over the past couple of months. “People weren’t coming into

BAHRAIN

work and our entire business is based on up-to-date information; our product sells because of this information and so we are still trying to recover our losses. One of the worst aspects of the situation was that the banks were closed as well.

“I won’t say we didn’t think about leaving but at the end of the day we stuck around for the people and could not abandon Bahrain in its greatest time of need.” She also admitted that while the suspension of LMRA fees certainly helps, the greater burden is the GOSI fee they have to pay.

Regarding BCCI’s ‘extended hand,’ BD300,000 may not sound like much but Nabeel says this is to be shared between selected BCCI members, not the entire private sector. “It may not be a lot but we are trying to help where we can. We’re still in the middle of sorting out the criteria and who should receive aid as we can’t just give money to anyone but the criteria are not hard to meet; we are trying to make it easier for people after all. We have also discarded membership fees for 2011 so

if members have renewed, we have not charged them.”

The suspension of LMRA fees on the other hand will spare employers a total of up to BD24 million - on the basis of BD4 million monthly. His Excellency

We respect the decision to suspend the fees given the current situation in order to give the private sector a chance to reorganise its objectives and targets and continue business.

Jameel Humaidan, Chairman of LMRA and Minister of Labour, announced this figure saying “this is considered as

the government’s contribution to help employers at this stage.”

Mr Humaidan said the construction sector will benefit most from the grace period as, according to latest figures, this sector, which relies heavily on an expatriate workforce, contributes 30 per cent to the LMRA’s revenues. Moreover, the retail and industrial sectors will also benefit greatly, as they contribute 20 per cent and 14 per cent respectively to the levies. “Large companies,” said Mr Humaidan, “would be spared an estimated BD1.5 million in fees.”

When speaking to Mr Waheed Al Balushi, Corporate Communications Manager of the LMRA, he told Gulf Insider that the LMRA will not be affected by this move. “The LMRA is an executive organisation and not a legislative one. We do not draft the laws but we implement them as well as all the Royal decrees and LMRA Board of Directors’ directives. The monthly fees were instated with regard to the regulation of the labour market, and the initial monthly fee amount was much higher than BD10 per expat

Gulf Insider May 2011

15

BAHRAIN

employee, but was reduced by HRH the Prime Minister in 2008.

“Act number 19 has mandated LMRA to collect those monthly fees and transfer them as follows: 20 per cent to the government’s general ‎account (Ministry of Finance) and 80 per cent to the Labour Fund (Tamkeen) which is a separate organisation.”

In the past, the LMRA has had many problems with business owners of SMEs protesting outside their building because of the burden the fees impose upon them. Waheed has continuously assured us in the past that they are not the body to complain to as they are unable to do anything about the fees.

As stated, Tamkeen use 80 per cent of the monthly BD4 million that is generated through the levies. An official statement from Tamkeen to Gulf Insider said: “Tamkeen’s main objectives are to support Human Capital Development and the private sector, making it the engine of growth of the national economy. We respect the decision to suspend the fees given the current situation in order to give

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Gulf Insider May 2011

the private sector a chance to reorganise its objectives and targets and continue business ... transforming the private sector into a vibrant and prosperous segment of the economy.”

Tamkeen admit that the suspension of fees will impact their projects, however they also state that there is enough accumulated money to continue funding ongoing projects. “The main impact will be on future projects and the volume of new projects that we can issue. These programmes are for the benefit of the private sector itself, as our main target beneficiaries are SMEs and individuals who are interested in training and development to join the private sector.”

On 13th April the EDB’s chief executive, Shaikh Mohammed bin Essa Al Khalifa announced that they would too be supporting the business environment and Bahrain-based companies, as well as working closely with other governmental organisations by executing projects and initiatives in line with the National Economic Strategy 2011-2014. The body, which is the economic arm of

Bahrain, is working on a report which will identify affected sectors and take into consideration the new government budget as well as the strategies Bahrain will follow to maximise the benefits from the allocated fund of USD10 billion by Gulf countries over the next ten years as part of the Gulf Development Programme.

“Over the past weeks, the EDB has been in constant contact with foreign and local companies operating in Bahrain, and as a result it has been noted that the companies confirmed their commitment to maintain their presence in Bahrain,” Shaikh Mohammed said.

With these foreign and local companies pledging allegiance, the King Fahad Causeway reopening and tourists slowly starting to trickle back in to the country, business is definitely looking up again, however there is still a long way to go.

These initiatives are just the start of it, but it seems like SMEs can rest assured that the government is certainly not going to let them sink without a fight. GFI

CUSTOMER SERVICE

FIVE TOP TIPS FOR INTERNATIONAL CUSTOMER SERVICE m2r Ltd has been working with companies of all shapes and sizes across the world for many years and was the first UK company to have a case study written purely on their Bahrain work as well as won multiple business awards for their international work.

H

ere are managing director, Munir Mamujee’s top five tips on how to retain clients that span time zones, languages, culture and of course, distance.

1. Visit regularly

It is too easy to win the client and then resign yourself to emails and phone calls. You have to make the effort to keep developing the relationship. In cultures where friendship comes before business, if you do not want to invest the time or effort to visit these companies, your relationship will be very short-lived. Try to go at least once a quarter, depending on distance.

2. Take an interest in the country where the client is based

If the client thinks you are only after their money, again, no trust will be formed. You are a guest in their country and you need to make a concerted effort to understand the culture, some of the native language, the history and also, get a feel for the place. Don’t spend your time in the hotel or the bar, this will not lend itself to building client relationships.

3. Get them to take an interest in where you are from

Building relationships is a two-way process, so, involve your client by showing them your hometown etc. They will feel that there is a bond and that you want to involve them in more than just a one-dimensional relationship. I am from Wakefield, England and trust me, very few of my Bahraini clients knew of Wakefield before I visited them! Now they know all about the place. It has really helped cement my relationship with them.

4. Get to know your clients as human beings

This is especially prevalent in a culture where family comes first. If the client feels that you are only interested in their business, you may get one order but that will be it; take an interest in their life.

Again, if this does not interest you then maybe international business is not for you.

5. Go the extra mile

Companies want to work overseas, sometimes for the wrong reasons and this leads to cynicism towards your

Munir Mamujee

whole industry. Show your international clients that you are different by delivering exceptional service, maintaining close contact and taking a genuine interest in their business, themselves as individuals and their country. You need to act and appear that you are merely an overseas extension of their current supply chain, not just a person or company that is looking at just the financial reward. This will only lead to very short term gain and open the doors to your competition.

From my experience, using these five tips as a guide will put you head and shoulders above your competition and cement your business relationship with your overseas clients. Don’t forget to deliver what you say and always exceed expectations, but that goes without saying! GFI

Munir Mamujee is the managing director of multi award-winning international recruitment firm m2r. They offer local and international recruitment and recruitment advertising services across the GCC. You can contact him on Tel. +44 1924 888185 or email: munir@m2rglobal.com.

Gulf Insider May 2011

17

Bahrain

Bahrain Property Market Review CBRE Bahrain Market View for the Kingdom of Bahrain.

F

rom being ranked third for “best expatriate experience in the world” in a recent HSBC survey, the Kingdom of Bahrain’s image has swung 180 degrees, with recent political unrest attracting global media coverage.

Despite this, few expatriates have left the Kingdom on a long term basis and emergency flights arranged by the UK FCO in March left virtually empty.

Throughout February and March a number of national reforms were initiated in a bid to appease growing political unrest including a payout of BD1,000 per family, reshuffling of cabinet ministers, the creation of 20,000 new jobs by the Interior Ministry, and the announcement of plans to build 50,000 social housing units over a five-year period at a cost of BD2.5 billion.

Mindful of the need to ease tensions in Bahrain, the GCC, led by Saudi Arabia, also announced a USD10 billion aid package for both Bahrain and Oman, two of the six GCC states currently struggling with turbulent domestic politics.

While details of the GCC aid package remain to be specified, the funds in Bahrain are likely to be allocated to housing and infrastructure initiatives.

However, with Formula One ‘called off’, low levels of visitation by Saudi and Kuwaiti nationals and business travel curtailed, the hospitality and leisure industry has experienced a substantial setback so far this year.

After being ranked second in the region for its tourism and travel

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Gulf Insider May 2011

competitiveness, according to the Travel and Tourism Competitiveness Report released by the World Economic Forum, hotels in Bahrain are currently achieving occupancy rates of between 5 per cent and 10 per cent.

It is hoped that this will be just a temporary setback, but several hotels previously rushing to meet the Formula One opening deadline in March have put back their formal openings until after the summer period.

The government remains confident that Bahrain’s economy is still on target to achieve the 4.5 per cent growth projected for 2011.

Retail malls have also been quiet but activity levels have improved as curfew hours in Seef District have been relaxed and retailers have reported a significant upturn in business.

Moving forward, the Government remains confident that Bahrain’s economy is still on target to achieve the 4.5 per cent growth projected for 2011, despite the recent unrest and is committed to supporting all sectors of the economy to this end.

Banks have been asked to help small and medium enterprises (SMEs) affected by the troubles, and they have been relaxing loan conditions as a result.

The extent of permanent outward movement from Bahrain by staff and businesses has been only very limited to date. However, it is very possible that some foreign companies will be considering their options, although the full extent to which FDI and residential and commercial space demand will be affected is not likely to be fully apparent until after the summer period.

Office Market

• Office market continues to be faced by large quantities of available office space met by limited demand.

• Rental rates continue to decline in order to sustain occupancy rates.

• Fitch and S&P drop Bahrain’s credit ratings by two notches to BBB. • Moodys still rates Bahrain at A3 but with a review for possible downgrade.

While many businesses are contemplating their current and future presence in Bahrain, strategic business decisions are not made overnight, and it will likely be several months before the full impact of the current crisis on the office rental market will be fully understood.

Faced by significant oversupply, the

Bahrain

result of somewhat irrational exuberance in 2007 and 2008 which led to significant numbers of building starts, subsequently unmatched by demand growth, the office market is likely to have high levels of vacancy at least in the short and medium term.

As a consequence, rental rates have fallen by circa 30 per cent since 2008, with the result that Bahrain has become an extremely competitive location from which to do business. Purpose-built prime office accommodation in the kingdom’s CBD is now available at around BD6/sqm/pm, making Bahrain one of the cheapest places in the GCC from which to do business.

Despite the political tensions in the kingdom, the banking sector remains the best regulated in the GCC and is still home to well over 400 financial institutions.

Operating as a banking sector is not just about shiny new office space, the key remains the regulatory environment, an issue which Dubai and Doha in particular, have never fully embraced.

However, the key advantages that Bahrain has always treasured have been

the well regulated financial environment and political stability. With one of these cornerstones of the economy removed, at least in the short term, it remains to be seen what impact recent events will have on FDI and corporate appetite to do business in the kingdom.

The key advantages that Bahrain has always treasured have been the well regulated financial environment and political stability.

Office space rental rates have come under the most severe pressure in the last two years in the CBD (Diplomatic Area), where parking and circulation issues have become so chronic that new business is being drawn to secondary locations such as Seef District and even existing tenants are being lured out of

Diplomatic Area by more convenient accommodation, albeit at higher rates.

With prime office space rental rates in decline, there has been something of a “ripple effect” into the Class B category as office occupiers in Class B have been able to upgrade and consolidate their accommodation requirements by moving to prime space at similar or in some cases lower rents. This is especially true where owners of Class B space and their management have not been quick to spot such potential movement taking place.

Residential Sector

• Popularity of key expatriate residential areas such as Saar, Budaiya and Janabiya likely to be impacted negatively in the short term.

• The Housing Ministry has been allocated a budget of over BD2 billion to build 50,000 ‘social housing’ units over the next five years.

• Subsidised housing loans from the Government have been raised to BD60,000 with repayment terms extended to 30 years.

Gulf Insider May 2011

19

Bahrain Following the strong upward pressure on occupancy and rates that took place up to the end of 2008, rental rates declined across all categories of accommodation in the following two years to the end of 2010.

Rental rates in compounds and private villas appear to have stabilised but the sheer volume of new privately held apartment units that have entered the market in the last two years, continues to exert downward pressure on rental rates in this particular sector especially in central Manama and Juffair.

Historically, the most popular area of Bahrain for upper-income expatriates with families has been in the north-west, in and around numerous Shia dominated villages such as Saar and Budaiya.

Many expatriates, especially those with families, have found the recent problems, which were very audible in this area, to be deeply troubling, and as a result there is likely to be some movement to quieter locations not so visibly or audibly affected by political differences.

These include Riffa Views and Amwaj Islands in particular, both relatively new development areas with no history of trouble and/or disruption. Both areas remained untroubled during the crisis and there has been a noticeable pick-up in rental demand in both locations during the first quarter.

Naturally, the appetite for freehold properties for sale in the current political climate has fallen sharply although this means that rental yields are extremely healthy in the villa sector, less so for apartments. The market is not sufficiently stable at present to be precise regarding the impact that recent events have had on sale prices, rental rates, yields and occupancy by type of accommodation and location, because these all need to be played out over the next three to six months.

Social and Affordable Housing

As ever, the key housing topics in Bahrain remain ‘social’ and ‘affordable’ housing. The Government simply does not have the resources to meet the housing demands of a rapidly growing, relatively low-income population of nationals. The waiting list for social housing now extends to well over 50,000 units and in some cases applicants have been waiting for 17 years.

The biggest problem in this sector

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Gulf Insider May 2011

comes from the Government’s own regulations which prohibit Bahrainis from selling their social housing unit during the repayment term of 25 years. This means that the first unit they move into will be the one in which they will probably spend the rest of their life. Given the propensity of low-income Bahrainis to have large families this is extremely problematic in the apartment sector and understandably is causing significant dissatisfaction amongst this group.

The Housing Ministry has recently been allocated a budget of over BD2 billion to address this issue with the stated aim of building 50,000 social housing units over the next five years. However, it should be pointed out that the waiting list is growing by three or four thousand per annum and by the end of the five year period the number of applicants will have

The biggest problem in this sector comes from the Government’s own regulations which prohibit Bahrainis from selling their social housing unit during the repayment term of 25 years. grown by a further 15,000 to 20,000.

With the regulation prohibiting movement within the social housing sector in place, it will still be difficult to satisfy existing applicants if the focus continues to fall on apartments. For obvious reasons this ‘solution’ will still be largely unacceptable.

In the affordable housing sector, which applies mainly to those Bahrainis just above the income bracket that enables them to apply for social housing, there is also a significant mismatch in demand and supply. Properties offered by the private sector to this category of Bahrainis are simply not ‘affordable’ to the majority of potential buyers due to constraints created by the mismatch between unit cost and the availability of subsidised finance.

The private sector has been trying to address the opportunity presented by this mismatch for some time but the problem lies principally with the price of land which moved significantly out of line with economic values as a result of the rampant land speculation that took place in the period up to the end of 2008.

Although the maximum mortgage available under Government subsidised housing loan regulations has been raised from BD40,000 to BD60,000, to be paid in 30 years instead of the current 25 years, there are few developments that can be constructed to meet these requirements at current land prices, and this issue will present a challenge if the private sector is to be harnessed to meet housing needs.

Outlook

Although oil prices have risen sharply as a result of political uprisings across the Middle East, the economic windfall from this will be offset by uncertainty particularly from international businesses.

It will take time for confidence to be fully restored although improved economic circumstances form oil and the GCC handout may help the Government of Bahrain to address financial and social reforms more quickly than might otherwise have been the case.

It remains to be seen how the political situation will play out, and this will be key to the kingdom’s ability to recover and grow in the near term. It was hoped that the real estate sector in particular, might start to turn a corner during 2011, but it is likely that any major recovery will be put on hold as the market adopts a ‘wait and see’ approach.

The number of businesses that leave the kingdom is likely to be small, but nevertheless damaging if it does take place, new investment and growth are likely to be stunted by such uncertainty and in the short term the market is likely to be characterised by low levels of transaction activity, some consolidation activity, falling rental rates in the office sector and retail malls and weaker performance in the hospitality sector than previously hoped. GFI

For more information regarding this Market View, contact: Mike Williams, Senior Director, Middle East Research & Consultancy e: mike.williams@cbre.com

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BAHRAIN

So Many Trolls but so Few Leaders: The Information War in Bahrain

By Marc Owen Jones

T

rying to untangle Bahrain’s crisis is a challenge of epic proportions. As each day passes, the complexity only seems to heighten. Even though Bahrain’s political situation has always been obfuscated by complicated politics and the spectre of foreign bogeyman, it has now reached a point where truth is both a luxury and an irrelevant detail. Fact and fiction are going head to head in an information war that is destructive, counter-productive and tiresome. To make matters worse, it seems that people are confused as to the stance of the country’s leadership. In short, Bahrain has become what some people term a ‘clusterf***’ of opinions, disinformation and rhetoric.

Over the past month or so, there have been numerous accounts of foreign interference in Bahrain. These mainly concerned arguments about how many of the country’s security forces are from outside Bahrain, and about how Iranian influence was responsible for the social unrest. Adding to this are more recent accusations about the involvement of Saudi and even nonArabic pro-government thugs, who are inciting violence and attacking civilians/

22

Gulf Insider May 2011

protesters. The University of Bahrain was overrun by thugs, and if you type University of Bahrain into YouTube, you will find many clips, most of them exactly the same, all with vastly differing titles (one might say it’s ‘Sunni versus Shi’a’, the other might say ‘Shi’a versus Sunni’, another might say ‘pro-gov thugs attack students’, and another might say ‘antigov youths attack students’).

One might be forgiven for thinking that it was simply a game of Chinese whispers gone horribly wrong.

In summation, taking any of these titles literally can be harmful to one’s health. One might be forgiven for thinking that it was simply a game of Chinese whispers gone horribly wrong, yet the truth is sadly far more sinister. The importance of YouTube and Twitter for

disseminating information during times like these has both been a blessing and a curse. The availability of information breaks the monopoly on knowledge, yet it also gives people a more efficient means of spreading their own counterknowledge. Moreover, both sides are probably engaged in the practice of spreading ‘disinformation’ as it is termed.

This disinformation is the deliberate proliferation of information designed to confuse or influence people.

Unfortunately though, if we invert the old maxim ‘information is power,’ we can see that the reverse is also true in ‘disinformation is weakness.’

Those wishing to derail the momentum of Bahrain’s 14th February revolution can do so by diluting the credibility of available information and also distorting its content. This distortion is done in many ways, not limited to but including; renaming videos, the selective editing of videos, posting erroneous photos, spamming etc. While it is often easy to identify such inaccuracies, one cannot dismiss the detrimental impact it has on the role of information in times of crisis.

Just as doubt plays an important role in many religious faiths, its role is much

BAHRAIN

the same in the information war. When information loses its credibility, and when doubt is inserted into people’s minds, the issue of truth is also challenged. After all, what is the point of information if it is not true? Indeed, as the truth vacuum develops, people begin to see what they want to see or believe what they are told to believe.

Twitter itself has seen a huge surge in the number of ‘Trolls’. These trolls are usually engaged in spreading information that is either controversial, offensive, or just plain wrong. While one may easily dismiss this as an irrelevant detail, the presence of such disinformation is very harmful in times of conflict, for it is also a time when people are feeling vulnerable, defensive and afraid. I have even seen Trolls termed ‘e-thugs’ in recent days, perhaps not surprising since the term ‘thug’ has now become an important part of the Middle Eastern protest lexicon. The trolls are exploiting both our need for information, which surely increases in times of crisis, and also the dearth of credible information on the issues. This lack of credible official

information compounds the issue makes the scramble for answers both desperate and blind.

Perhaps the saddest part about this disinformation is that it exacerbates tensions by exploiting our primordial

I have even seen Trolls termed ‘e-thugs’ in recent days, perhaps not surprising since the term ‘thug’ has now become an important part of the Middle Eastern protest lexicon.

irrelevant xenophobia , it also forces us to become self-conscious and self-aware of our own place in this whole situation.

It necessitates a certain defensiveness, for people are prone to taking sides in times of rising social tensions.

Sadly such defensive attitudes are not conducive to dialogue or peace.

Before anything can be done, the deliberate spread of disinformation must be stopped. Regardless of the fact that the government has an agenda, they obviously have an important role in encouraging peace and stability.

Indeed, the Crown Prince talks about the necessity of peace before dialogue, yet he needs to make concerted efforts to stop the dissemination of harmful and divisive disinformation. After all, many countries agree that inciting racial hatred is a punishable offence. Let’s make this the case in Bahrain. GFI

fear about the ‘outsider’ or the ‘other.’

Much of the rhetoric concerns either sectarianism or foreigners. While many of us can dismiss this discourse as

Marc Owen Jones is a PhD student of media and communication and graduate research assistant at the University of Leicester. For more information visit www.marcowenjones.co.uk

Gulf Insider May 2011

23

BAHRAIN

GUILTY UNTIL PROVEN INNOCENT The issue of travel bans is garnering much attention in the local and international media. With such a complicated issue that not everyone truly understands, Gulf Insider thought it would be a good idea to break it down into sections, demonstrating the complexity of what is actually happening.

EMPLOYER:

EMPLOYEE:

INCOMING:

OUTGOING:

INCOMING:

OUTGOING:

Clients

Bank

Bank

NO INCOMING =

Salaries

Salary

Rent

Unable to pay bills

Suppliers

Car loan

NO residency

Rental

Car insurance

NO work permit

LMRA

Credit card

NO CPR

GOSI

School fees

NO Driver’s Licence

CR

Health insurance

NO House

Auditor

Housemaid/Driver

NO Car NO Food

NOT PAYING

Lawyer

Court

TRAVEL BAN

24

Gulf Insider May 2011

How does this system help anyone reclaim monies owed?

NOT PAYING

10% fee for claiming money back

Court

TRAVEL BAN

Lawyer

BAHRAIN

A Word on Travel Bans

By Carol Byers WHO CAN HELP?

UN

Bahrain Human Rights Watch Society

Human Rights Watch

Migrant Workers’ Protection Society

Bank CEO

LMRA CEO

Immigration

Ministry of Foreign Affairs

Immigration Amnesty International British Embassy David Cameron, UK Prime Minister

Ministry of Justice

Ministry of Immigration

Ministry of Interior

Banks

Legal Advisors

All have been approached and still nothing

The truth is that in this part of the world, a travel ban is easy to place on anyone. You simply go to the court with some ‘proof’ of monies owed and the judge will, at a lawyer’s request, place a travel ban on the culprit. The question is how is that proof Crown Prince verified? Or, are you assumed guilty, until you prove yourself innocent?

What if salary was not paid to them for three months or more. Surely the travel ban should be placed on the employer until they pay salaries?

Family of Travel A travel ban is usually placed if there is an Banned assessment that the culprit is likely to flee the country without paying. My question is: how is that verified?

Banks, landlords and other claimants place Members of travel bans on expats, who have lived in this Parliament country for 20 years or more. The banks are using the legal system here to manage their debt collection for them but if they did not have that option, then perhaps they would turn to the Foreign normal credit rating system used by the same Commonwealth international banks in other countries. This is Office based on an applicant’s income, length of stay in the same place, whether they are a home owner or not, their earnings and past credit rating, etc.

Banking professionals, with that information, Parliament should be able to assess whether the person is really suitable for a loan or not.

Yes it would be disappointing to have your application for loan rejected, but in the long term, it might be the best thing for all, bearing in mind the suffering that a travel ban brings.

International banks, are trusted to offer excellent customer service, and automatically attract expatriate workers who place their trust in them.

However, it would appear that in many ways that trust is mistaken. Instead of professional assessments for loans, customers are offered maximum amounts with the banks knowing that they cannot lose – the law is on their side!

This diagram shows the total ‘Catch 22’ which is the consequence of a travel ban in Bahrain, which is more or less a jail sentence anyway. At least in jail you would have a roof over your head and food provided though.

Being held against your will in one place is bad enough, especially when you have a family overseas that you have not seen for years, aging or sickly parents or a dying relative! But when you are held in the country with no means of working, earning a living or paying back the very people who imposed the ban – then, surely, the banks need to think again about their customer service! GFI Look out for a Facebook Group called ‘Banned Travel Support’ which is aimed at supporting people who face this problem. With a bit of luck we will encourage banks to think before placing a travel ban, treat their customers fairly and to understand the devastating consequences of their actions, processes and policies on people’s lives. We have up-to-date feeds with all the latest news on travel bans around the region and even the world. If you’re intrigued then join and see for yourself.

Gulf Insider May 2011

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BAHRAIN

STILL WAITING! Five years on from the tragic Al Dana dhow disaster which caused the deaths of 58 people, the survivors are still waiting for their compensation.

F

ive years ago, on 30th March, 2006 the Al Dana dhow capsized during a party organised by Nass, Murray and Roberts - a South African contracting company - to celebrate the completion of concreting work at the Bahrain World Trade Centre. This was one of Bahrain’s biggest disasters in recent history and everyone who lived on the island at the time remembers.

“I knew people on that boat and I know their relatives,” said one British, longtime expatriate. “It was a harrowing time for those people and it is unbelievable to think that the compensation case is still going on! Have they not been through enough? When will they be able to begin a new chapter in their lives?”

The dhow had been hired from Island Tours, which leased it from the Abdulla Al Kobaisi Company for Travel and Tourism. The dhow’s Bahraini owner, Abdulla Al Kobaisi, and his Indian captain, Mr Ramjibhai, were convicted of manslaughter in a case that followed the incident. The captain, who had reportedly asked not to take the boat out due to safety issues, was jailed for three

26

Gulf Insider May 2011

years, but was released in August 2008 for good behaviour and was deported to his homeland.

Mr Al Kobaisi, on the other hand, was sentenced to five years in jail but served no time because of an agreement he

Mr Al Kobaisi was sentenced to five years in jail but served no time because of an agreement he made to compensate the survivors of the tragedy. made to compensate the survivors of the tragedy and any relatives of the victims.

Fast forward five years later and no such agreement has been honoured.

Indian survivor Subramanian Andiappan

has given up hope. “I went three or four times to the courts but I don’t go anymore because they keep changing the date.

My company has given us a lawyer and he is trying his best but there is nothing from the court. I am going to leave as soon as possible. Every year people leave from Bahrain, now there only a few of us left. Perhaps this is what they want - for everyone to leave and then maybe the case will close!”

Female survivor Masooma Askar reiterated this sentiment of giving up hope as she says she is often following up on the case because nobody calls her directly. “Nobody is thinking about us.

Everybody may have forgotten after five years but for us, this is very serious.

“This is between three parties - the lawyers, the owner and the court. Every time it changes. At first we asked for BD10,000 and this time we’re asking for BD2,000 but still Kobaisi says it’s too much. But this is too little for me and some people are asking for even less!

Each time we go and ask, they say it’s too much, so then we have to leave, discuss and reduce again. I have no idea

BAHRAIN

how much longer this is going to take.”

On 8th March, 2011 a group of survivors wrote to the Bahrain authorities demanding an end to this five-year battle. “Despite the recent unrest in Bahrain, we feel that this issue lies at the heart of the world opinion of Bahrain as a safe and fair location to both work and live,” said a spokesman for the survivors. “It would be in the interests of the authorities in Bahrain to close the case expeditiously and show that the legal system protects and serves all parties, not just a privileged few.”

The letter was sent just previous to a court hearing on the same day. It outlined the struggle, giving dates that the case was promised to be completed, and explaining that each time it has been delayed and they were unwilling to stand for it anymore.

“We write to express our extreme disappointment at the way the legal system here has allowed this matter to be delayed,” stated the letter. “We strongly urge the relevant authorities in Bahrain to petition the Ministry of Justice to proceed with this case which would finally bring closure for the large group of

survivors still being constantly reminded of that ill-fated night,” it concluded.

In the letter they also express concern in that the judge has called for the deported Indian captain to return in order to give evidence. As both captain and

Every year, everyone who was affected by the disaster holds some kind of remembrance service for those who died. owner had already been found guilty following thorough investigation into the incident at the time, the letter states, “we fail to see how the captain can add any further insight into the matter.”

The next move is for two survivors to take to the stand on 6th June with the captain no longer to appear. It is

hoped that this hearing might put an end to the lengthy battle but many are still sceptical, believing it has yet to go back and forth for a long time. Yet the 46 survivors who are currently taking this court action still try to retain some normalcy within their lives.

Every year, everyone who was affected by the disaster holds some kind of remembrance service for those who died. One of the survivors, Khalil Mirza, told Gulf Insider that this year they held a memorial at night by praying and lighting candles. “I can only hope that they finish this case so that we can begin to forget.”

Unfortunately for some there is no option of forgetting as many lost fathers, mothers, husbands, wives and children that night. However, while most of these survivors will be haunted by their memories for the rest of their lives, there could be some inkling of justice in receiving the compensation that is rightfully theirs. But if we are to learn anything from the last five years, it is that a quick resolution is certainly not on the cards. GFI

Gulf Insider May 2011

27

TRAVEL MARKET

RAISING THE REGION’S REPUTATION With the Arabian Travel Market exhibition coming up in Dubai on 2nd to 5th May, Gulf Insider spoke to Mark Walsh, Group Exhibition Director of Reed Travel Exhibitions to find out more about the region’s 2011 travel and tourism industry.

W

hat is the aim of ATM 2011?

ATM is considered the most comprehensive industry platform for local and regional tourism professionals. ATM brings together outbound and inbound operators as well as tourism associations and destination management companies, all under one roof.

Through extensive research we have ascertained what both exhibitors and visitors want from ATM. It became clear in 2010 that ATM offers many business opportunities but there was not enough time to fulfill all of their objectives. We have now added an extra business day to the show. We also feel that the consumer element is still an important aspect of the show.

What is different about the exhibition this year?

After extensive industry research across many Reed Travel Exhibitions around the world, we have identified a number of new industry trends that are gathering significant pace, namely medical tourism and cruise tourism.

To support the growth in these sectors we have incorporated into this year’s show dedicated pavilions to accommodate both of these sectors. Luxury is a major focal point for us this year and we are running a luxury initiative with our sister show International Luxury Travel Show. Also, in conjunction with Hotelier Magazine, Millennium Hotel Dubai are running a recruitment project in a similar format to

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Gulf Insider May 2011

BBC’s ‘The Apprentice’. It is a fast track opportunity for candidates looking for a career in the hotel industry at a junior management entry level.

What are you expecting from the exhibition in terms of numbers of exhibitors, visitors, etc.?

We are expecting more than 2,100 exhibitors and stand-sharers, from 65 countries and over 22,000 industry professionals to attend this year’s show.

We have identified a number of new industry trends that are gathering significant pace, namely medical tourism and cruise tourism.

Indeed, despite a fragile global economic recovery and regional unrest, Arabian Travel Market, reflects the resilient nature of the industry. Retention rates have been particularly impressive with a 63.6 per cent average over the last three years, which rises to an average of 72.6 per cent for companies who have participated for two consecutive years or more.

What do you think about the Arabian tourism industry in 2011?

The outlook for 2011 is fairly

unpredictable with regional unrest in certain countries naturally having an adverse effect in the short term.

However, moving forward, the indicators are all positive. According to the UNWTO, the Middle East is the fastest growing region in the world. Currently it receives 36 million visitors annually, a number that is set to increase to 69 million by 2020, an average increase of 6.7 per cent per annum.

There are a number of reasons for this: population growth within the region (roughly half of the population is under 18 years); improved transport infrastructure and increased flights; religious tourism to Saudi Arabia continues to grow; sporting events, concerts and festivals in the UAE attract millions every year; and Qatar’s breakneck economic growth (9.5 per cent GDP growth last year and 19 per cent projected for 2011) attracts hundreds of thousands of corporate visitors. Moreover, Saudi Arabia recently announced plans to invest USD150 billion in infrastructure projects and the GCC has committed USD20 billion to Oman and Bahrain to fund infrastructure and housing projects.

Those trends are very likely to continue unabated and that’s without even considering the 2022 FIFA World Cup in Doha and the catalyst that will provide for regional tourism.

Has the political situation affected the upcoming exhibition in any way?

ATM is becoming increasingly important as a barometer of the region’s

TRAVEL MARKET tourism industry. It is the leading event in the region and will be a major focal point for the industry to discuss plans for the future.

More precisely, in terms of exhibition sales we are five per cent ahead of last year at this point in the marketing cycle and we fully expect to sell all available space. Incidentally, we are welcoming representatives from the Iraqi travel sector to the show for the first time this year. The Iraq Tourism Board/Al Rafidain Company has confirmed 100 square metres of exhibition space and is poised to revive its travel and tourism sector.

During ATM, industry professionals will be negotiating contracts that in some cases will stretch to April 2012. Harold Wilson who was the British Prime Minister in 1974 once famously said, “A week is a long time in politics.� Given that, April 2012 will be a lifetime away from the current situation.

Historically, how has ATM helped the Arabian tourism industry?

ATM has grown significantly over the last 18 years, reflecting the growth in the regional tourism industry. Growing side-byside we have built up a strong relationship with local, regional and international government tourist boards as well as key industry players.

Many positive initiatives have been introduced and implemented at ATM such as top industry launches, a forward-thinking education

According to the UNWTO, the Middle East is the fastest growing region in the world. programme as well as promotions of the latest technological advances. Combining all of these aspects, we feel that ATM has played a significant role in supporting the regional tourism industry and we are looking forward to continuing this important role in the future.

Are there any first time exhibitors this year?

As mentioned above, the Iraq Tourism Board/Al Rafidain Company for travel and tourism are exhibiting for the first time this year. New countries exhibiting this year are Poland, Hungary, Mexico, Slovenia, Aqaba, Ukraine and Chad.

In your opinion, how has the travel industry changed during the years you have been working?

Travel and tourism has changed significantly over the last 15 years with technology and the internet changing the industry landscape beyond recognition. These positive developments have created the industry opportunities and challenges, making the way we book, travel and stay infinitely more comfortable and far more convenient.

Tourism is an essential industry for the vast majority of countries. Customers have become more demanding, expecting more value for their money and the industry as a whole has become much more competitive, thus raising standards.

These are all positive developments and without a doubt the international tourism industry in 2011 is one of the most exciting, creative and dynamic sectors in the world today. GFI

Mark Walsh

For more information visit www.arabiantravelmarket.com

Gulf Insider May 2011

29

dubai

Nature Lights Up the World’s Tallest Building in Dubai The Burj Khalifa, which rises 2,716 feet out of the Dubai desert and is the tallest building in the world, was struck by fork lightning during a storm last month.

W

ith more than 160 levels, the Burj also holds the record for having the highest outdoor observation deck.

The Burj is a natural lightning conductor due to its height and design. To ensure the tower doesn’t twist or break during bad weather, it is built in a Y-shape, with three ‘wings’ evenly distributing the building’s weight.

Its main accommodation – the fashion-accented Armani Hotel – sits on the 39th storey while the world’s highest restaurant Atmosphere is on the 122nd floor and can be accessed via a minute-long lift ride in a private chrome and glass lift.

The Burj was officially opened in January 2010 and took 22 million man hours to complete. The total length of stainless steel used is 293 times the height of the Eiffel Tower.

Last March, 48-year-old Frenchman Alain Robert scaled the free-standing structure in six hours, 14 minutes and 55 seconds.

‘It was a very big moment in my life,’ said Mr Robert, whose penchant for climbing skyscrapers has earned him the nickname Spiderman.

But although he made his very public ascent up the half-mile high tower look easy, it was almost brought to an untimely halt, he revealed. He had climbed up a central column to just 45ft from the top when he was hit by crippling thigh cramps.

Only determination saw him through. ‘I knew that it was nearly done, so there was no way to stop,’ he explained. GFI

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Gulf Insider May 2011

DUBAI

SPIDERMAN SCALES WORLD’S TALLEST TOWER A French skyscraper climber who calls himself ‘Spiderman’ has scaled the side of the world’s tallest tower in Dubai.

F

rench climber Alain Robert, nicknamed ‘Spiderman’, inches his way up the world’s tallest tower, the Burj Khalifa. Before he began his climb up the 2,717 foot-tall Burj Khalifa, Alain Robert said he expected the climb to take about six or seven hours. As night fell, a row of powerful spotlights shone on the side of the Dubai tower as Mr Robert climbed.

He took about six hours to climb the building.

Unlike on many previous climbs, the 48-year-old daredevil is using a rope and harness to comply with organisers’

requirements. An ambulance, with a stretcher at the ready, was parked alongside other emergency vehicles at the Burj’s base.

Mr Robert has climbed more than 70 skyscrapers, including the Empire State Building, Chicago’s Willis Tower and the Petronas Towers in Kuala Lumpur. He conquered Taiwan’s Taipei 101, which before the Burj was the world’s tallest building, in 2004.

The tower’s owner, Emaar Properties, said the half-mile-high Burj Khalifa has 160 habitable stories. An observation deck is located on the 124th floor.

Strapped to a safety harness tethered more than 100 stories up, Mr Robert began his climb up the silvery, glasscovered Burj around 6:00 p.m. He hoisted himself up along a central column, mostly free of decorative rows of pipes that could slow his ascent.

Mr Robert moved methodically and swiftly along the polished metal facade.

He did not appear to use the rope to pull himself up, but instead gripped the glass and narrow metal ridges like a rock climber with his feet and bare hands. GFI

Gulf Insider May 2011

31

PEOPLE

No Restraints Staring death defiantly in the face is a daily occurrence for awardwinning, record-breaking urban climber Alain Robert.

By Katy Gillett

S

ome of you may not know what an urban climber is. Well, Alain Robert (aka the Human Spider or the French Spiderman) is most famous for scaling some of the tallest buildings in the world using only his bare hands and climbing shoes! So far he has climbed 85 giant structures around the globe including, the Empire State Building in New York, One Canada Square in London, Shanghai’s Jin Mao Tower, the Golden Gate Bridge in San Francisco, and Robert’s ‘Everest’, the Petronas Towers in Kuala Lumpur, which was, at the time, the tallest building in the world. Now he adds the Burj Khalifa to his list too.

Ever since he was a small boy growing up in his home country, France, Robert has enjoyed climbing. Perhaps he could trace his entire career back to one time he found himself locked out of his parent’s apartment in Valence when he was twelve years old. He knew a window on the seventh floor was often left open and so he scampered up and let himself in. The rest is history.

“When I climb I focus - I’m so concentrated on what I’m doing. Nothing interferes and no mundane questions

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Gulf Insider May 2011

come into my mind. It is a tentative feeling; it’s just me and my body, which is always in motion. You have to be very precise as every situation is a matter of life or death,” Robert said in an interview with Gulf Insider.

This first interview came days after Robert was arrested for climbing Sydney, Australia’s Lumiere building. The problem with Robert’s career is that it is

He knew a window on the seventh floor was often left open and so he scampered up and let himself in. The rest is history. so dangerous he barely gets permission to actually scale the structures, rendering the climbs illegal. Robert has occasionally used some ingenious methods to get around this, including employing an

attractive friend in a miniskirt to distract guards and actually climbing in the dark before dawn! He may use the element of surprise to get up there but more often than not, law enforcement officials will be waiting for him at the top of the building.

This time in Sydney, after climbing the building in around 20 minutes, police took him straight to jail where they actually strip searched him. Robert was surprised because usually legalities are just a matter of formality and he even gets asked for his autograph by the police. “I’m not sure why Sydney had such a problem this time. Perhaps it’s because this is the fourth time they’ve stopped me.” Robert replied.

I certainly cannot claim to know the man after an hour-long telephone conversation but I do believe I can say Alain Robert is a candid, honest and friendly man. He was open to all of my questions and some. I ventured to ask how his wife and three sons feel about his choices in life. “I do not talk to my sons about this but it has always been a part of their life as I was a climber before they were born. My family embrace this because at the end of the day, these are

PEOPLE

Alain climbing the National Bank of Abu Dhabi

my choices.”

The challenges Robert chooses to face are astounding enough, but what is more amazing is the fact that Robert is prone to occasional epileptic episodes, and suffers from vertigo as a result of serious accidents! Robert states he has in fact fallen seven times, his most serious being in 1982. At 20, he fell 15 metres when his rope came undone while abseiling. He was in a coma for five days and fractured both forearms, his elbow, pelvis and nose. His elbow was also dislocated and a nerve was damaged, leaving him partially paralysed. He also suffered cerebral oedema and vertigo.

Then in 1993, he fell eight metres as he kept his hands behind his back on an easy route but lost balance and fell headfirst, shattering both wrists. He went into another coma and spent two months in the hospital.

Robert doesn’t dwell on these accidents though. “I only think about what I can do, not what I can’t do,” he explains. Perhaps this interminable optimism is why notable banks and multi-level marketing companies from all around the world invite Robert to be a motivational speaker. You may have been wondering at this point whether

Robert is just a menace to society, but in fact he is a licensed performer. He has sponsors, and speaking engagements, and supports numerous causes including climate change and the plight of the Native American. Climbing is how he earns his living.

It doesn’t look like he plans to give in anytime soon either. Robert admits

What is more amazing is the fact that Robert is prone to occasional epileptic episodes, and suffers from vertigo as a result of serious accidents! when he is older and his strength and stamina aren’t quite what they used to be he may aim for lesser targets but he isn’t sure if he will ever really stop. “This is an interesting life and it has its many ups and downs. I love travelling and

meeting new people - sometimes I meet the prince and sometimes it’s the police, but it’s all exciting.”

Recently Alain climbed the Burj Khalifa in Dubai, the tallest building in the world.

In this climb, the organisers asked him to use ropes and a safety harness however.

Robert tells me how this sometimes happens and it is often because people are worried for safety reasons. “Every day I have someone contacting me from another country or company asking me to climb. One day it could be Bahrain, the next it could be Berlin.”

Robert has actually been asked two or three times to come to Bahrain to climb a structure (no specifics were mentioned however). But for some reason this didn’t work out. “I would love to come to Bahrain, but is there anything tall enough there?” I can think of a couple...

A criminal or the best solo climber in the world, whichever way you see it, you have to admit, Alain Robert is certainly living life to the max. His self employed motto? “We only have one life so use it as much as you can.” GFI

For more information visit, www.alainrobert.com

Gulf Insider May 2011

33

BUSINESS

Gold: 40 years of turmoil Gold prices hit a new high of over USD1,500 an ounce recently, setting a record for a second-consecutive day on inflation fears and a falling US dollar. Here, we look at the key moments in gold trading over the past 40 years.

August 1971

of gold bullion and mining companies selling gold in forward markets to protect against falling prices

and investors pouring money into commodities on a weak dollar, firm oil prices and geopolitical worries

October 1999

May 12

February 2003

June 14

Most major countries adopt floating exchange rate system

Gold reaches a four-and-a-half year high on safe-haven buying in the run-up to the invasion of Iraq

May 1973

December 2003 to January 2004

November 7, 2007

US President Richard Nixon takes the dollar off the gold standard, which had been in place with minor modifications since the Bretton Woods Agreement of 1944 fixed the conversion rate for one Troy ounce of gold at $35

August 1972

The US devalues the dollar to $38 per ounce of gold

March 1973

US devalues dollar to $42.22 per ounce

January 1980

Gold hits record high of $850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution prompt investors to move into the metal

August 1999

Gold falls to a low of $251.70 on worries about central banks reducing reserves

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Gulf Insider May 2011

Gold reaches a two-year high of $338 after agreement to limit gold sales by 15 European central banks. Market sentiment towards gold begins to turn more positive

Gold breaks above $400, reaching levels last traded in 1988. Investors increasingly buy gold as risk insurance for portfolios

November 2005

Spot gold breaches $500 for the first time since December 1987, when spot hit $502.97

April 11, 2006

Gold prices surpass $600, the highest point since December 1980, with funds

Gold prices peak at $730 an ounce with funds and investors putting money into commodities on a weak dollar, firm oil prices and political tensions over Iran’s nuclear ambitions Gold falls 26pc to $543 from its 26year peak after investors and speculators sell out of commodity positions Spot gold hits a 28-year high of $845.40 an ounce

January 2, 2008

Spot gold breaks above $850

March 13

Benchmark gold contract trades over $1,000 for the first time in US futures market

March 17

Spot gold hits an all-time high of

BUSINESS

$1,030.80 an ounce. US gold futures touch record peak of $1,033.90

September 17

Spot gold rises by nearly $90 an ounce, a record one-day gain, as investors seek safety amid turmoil on the equity markets

January to March 2009

Gold-backed exchange-traded funds report record inflows in the first quarter as financial sector insecurity spurs safe haven buying. Holdings of the largest, the SPDR Gold Trust GLD, rise 45pc to 1,127.44 tonnes

February 20

Gold rises back above $1,000 an ounce to a peak of $1,005.40 as investors buy bullion as a safe store of value as major economies face recession and equity markets tumble

April 24

China announces it has raised its gold reserves by three-quarters since 2003 and now holds 1,054 tonnes of the precious metal, boosting expectations it

may add further to its reserves

fuel safe haven buying

August 7

June 21

European central banks opt to renew their earlier agreement to limit gold sales over a five-year period, setting the sales cap at 400 tonnes a year

September 8

Gold breaks back through $1,000 an ounce for the first time since February 2009 on dollar weakness and concerns over the sustainability of the economic recovery

December 1

Gold climbs above $1,200 an ounce for the first time as the dollar drops

Gold jumps to a new high of $1,264.90 an ounce as underlying fears over financial market stability and sovereign risk combine with dollar weakness to push the metal through resistance at its previous high

September 14

Gold climbs back to record highs, this time at $1,274.75, as global markets reflect renewed uncertainty on the economic outlook

September 16 to 22

Gold hits record high of $1,226.10 an ounce, with dollar weakness and expectations for central banks to diversify reserves into gold driving prices higher

Gold hits record highs for five successive sessions, peaking at $1,296.10, as investors flock to bullion after the Fed signals it may consider further quantitative easing, weakening the dollar and raising fears over future inflation

May 11, 2010

September 27

December 3

Gold reaches fresh record high above $1,230 an ounce as fears over the contagion of debt issues in the eurozone

Spot gold prices touch the $1,300 an ounce mark for the first time

Gulf Insider May 2011

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BUSINESS October 7

Gold rallies to a record high above $1,360 an ounce as the dollar comes under pressure from building expectations for the US Federal Reserve to take extra measures to keep interest rates low and prop up the economy

October 13

Gold jumps to record highs near $1,375 an ounce as the dollar continued to languish, with the US unit coming under pressure after minutes from the Fed’s September meeting signalled the US economy may need further stimulus

November 8

Gold prices break through the $1,400 an ounce mark for the first time as haven buying prompted by renewed budget problems in Ireland more than offset a sharp dollar bounce

December 7

Gold reaches a fresh record high above $1,425 an ounce, driven by fund buying ahead of year-end, jitters over the eurozone debt crisis and speculation for further US monetary easing

January 2011

Gold prices fall more than 6pc in their worst monthly performance in more than a year as a revival in risk appetite diverts investment to higher-yielding assets

March 1

Gold recovers to hit a record high of $1,434.65 an ounce as unrest in Tunisia and Egypt spreads across the Middle East and North Africa, boosting oil prices

March 7

Gold extends record highs to $1,444.40 an ounce as oil prices hit their highest in two-and-a-half years after protests are quashed in Saudi Arabia and violence in Libya rages

March 24

The resignation of Portuguese prime minister Jose Socrates pushes the eurozone debt crisis back to centre stage, lifting gold prices to a record above $1,447 an ounce

April 6

Gold hits a record high of $1,462.93 an ounce, as the dollar slides to 14month lows against the euro ahead of an anticipated rate rise by the European Central Bank, while unrest in the Middle East encourages safe-haven buying

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Gulf Insider May 2011

How to invest in gold Gold coins The premium on gold coins such as sovereigns and Krugerrands is quite wide. This means you have to pay more than their weight in gold to buy these investments.

However, they are portable and easily stored, as well as being a collectable. You are, in effect, buying a piece of history.

However, there will be security issues and insurance costs to consider as well.

Gold bars You can also buy gold bars through bullion dealers. However, storage and insurance is a problem here, too.

There are a number of organisations and mints that run certificate schemes for gold in their vaults.

This means you can invest in the precious metal without having to store the bars yourself. You receive a certificate of deposit showing how much gold has been allocated to you.

Perhaps the most famous is the

Perth Mint Certificate from Australia.

This programme is the only government guaranteed certificate program in the world.

Gold funds Gold exchange traded funds (ETFs) have been around since 2003. It is a way of buying into movements in the gold price without physically storing the metal yourself.

It is preferable that any ETF purchased is backed by physical gold.

Gold shares There are a plethora of gold miners listed on the world’s major stock exchanges – from blue-chips like Randgold Resources and African Barrick Gold to tiddlers listed on Aim. This is perhaps the best way to invest in gold, since the price of the metal can be volatile. It is important to invest in companies that are increasing production in the next few years, as it acts as a hedge against any falls in the metal. GFI

BUSINESS

$5bn a year!

Hedge fund boss’s astonishing pay (that’s $14m a day or $160 for EVERY second)

By Neil Sears

A

hedge fund manager is celebrating possibly the biggest payday in history - after earning more than $5billion in a year.

John Paulson, 54, made the astonishing pile of cash in 2010 by investing in commodities such as gold and oil, and in developing economies rather than Europe and America.

The payout is the equivalent of $550,000 an hour or $160 a second.

Mr Paulson’s clients are delighted at the success of his fund – but the billionaire has his enemies.

The American came under fire after it emerged he had amassed $4.5billion in 2007 by successfully predicting the credit crunch, and making huge financial bets on it happening.

Criticism grew when it last year emerged that Mr Paulson - nicknamed ‘the undertaker’ - had helped Goldman Sachs design investments in mortgages for the low-paid that he personally believed were doomed to lose money.

Supporters counter that Mr Paulson simply spots opportunities and makes the most of them.

Certainly his firm, Paulson & Co, delivered huge profits last year. Its

John Paulson, Hedge Fund Manager $32billion investment portfolio reported growth of more than 10 per cent, earning him personally a ‘performance fee’ of more than $1 billion.

But he also has huge sums of his

Paulson & Co, delivered huge profits last year.

Its $32billion investment portfolio reported growth of more than 10 per cent, earning him personally a ‘performance fee’ of more than $1 billion. own money invested in the fund, and his personal stake grew by another $4.5billion, giving him his total earnings for the year of over $5 billion, according to a report in the Wall Street Journal.

In practice, Mr Paulson is likely to have only a small percentage of his earnings paid into his bank account, with most being rolled back into his investment fund in the hope of earning even more.

The married father of two already owns a $25million mansion in New York and has one of the finest homes in the costly Hamptons oceanside resort.

He is, however, said to take the subway and bus to work and regularly eats lunch at his desk.

Mr Paulson, whose total fortune is around $25billion, realised in 2005 that the property boom was unsustainable and searched for a way to profit from the coming slump. He bought huge volumes of insurance which would pay out if householders defaulted on mortgages.

Mr Paulson grew up in New York’s working-class borough of Queens. He launched himself in business at the age of six by splitting up packets of sweets and selling them individually at a profit.

He is said to have lived a ‘playboy lifestyle’ until his 40s when he decided to look for a ‘cheerful wife’ and realised the ideal candidate was his PA, Jenny. GFI

Gulf Insider May 2011

37

gold and silver

Who’s the Big Fish Now? Is it possible that the price of silver will eventually catch up to - or surpass - the price of gold?

T

he physical ratio of silver to gold in the earth’s crust is 16 to 1. During the inflationary 1970s, the ratio between gold and silver prices was at exactly 16 to 1 … mirroring the proportions in which the two metals occur in nature. For the past 2000 years, the average gold/silver ratio has been about 12 to 1, or in other words 12 ounces of silver had the same value as one ounce of gold.

Since the 1960s, a time when every government on the planet had significant silver reserves and used silver as coinage, and a time when the US controlled 3.5 billion ounces (the single largest silver stockpile in history), all governments have been selling off their silver inventories. This extra supply has had the effect of artificially depressing the price. Today governments around the world are effectively out of silver.

Silver because of its inherent properties is a critical component in many of the world’s consumer goods: electronics, medical devices, microwave ovens, appliances, automobiles and building construction, to name a few. With the boom in alternative energy sources, silver’s use in photovoltaic (solar) panels is a new and growing source of demand.

Modern life as we know it cannot exist without silver.

Inflation and wage increases in developing nations such as China and India, with their huge populations, also is increasing demand for manufactured goods, most of which require silver in one form or another.

Silver has long been known as the ‘poor man’s gold,’ and a lot of people are flocking to silver as an alternative investment because it is more affordable.

It’s only now beginning to hit the mainstream.

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Gold and silver spot prices in Mumbai, India’s largest bullion market, have risen to all-time highs as investment demand remained firm and turmoil in the Middle East continues.

India’s food grain production is expected to rise 7.2 per cent to 234 million metric tons this crop year through June due to higher planting.

In India, the world’s largest bullion consumer and importer, most of the farmers aren’t exposed to other forms of asset classes, and investment in gold is the only option available to them, Angel Commodities said. The current wedding season in India is also bullish for the yellow metal, the brokerage added.

Gold continues to be the ‘big fish’ in terms of price, silver is climbing much faster and has the potential to rise much higher before it is back to even its historical value against gold.

If all the gold and silver on Earth were melted down, you’d end up with about five times more silver than gold. But for the first time in history, the amount of investment-grade gold is greater - about five times greater - than the amount of investment-grade silver. Investmentgrade silver means .999 fine silver bullion or coins.

One reason for its scarcity is that most of the silver used in manufacturing and

industry is disposed of, thus taking it out of the world’s silver supply. Of all the uses for silver, only jewellery and silverware result in saving the silver used.

In 1980 there were 2.5 billion ounces of silver that investors could buy, and by 1990 it stood at 2.1 billion ounces. Today, stockpiles are almost nonexistent. We have gone from a world in which every country used silver as money, and also held large stockpiles of silver in reserve, to a world that is just about out of silver.

Contributing to the scarcity of silver is the fact that futures contracts, silver leases, silver certificates and exchange traded funds (ETFs) are all trading in and profiting from a supply of silver that exists only on paper. In each of these instruments, the investor is promised future delivery of his or her silver in exchange for an investment.

Futures contracts are basically IOUs promising to deliver a certain quantity of an item at a future date for a certain price.

The problem is that there appears to be no relationship between the amount of silver traded in futures contracts and the amount of silver actually available for investment or in production.

As silver expert Michael Maloney wrote of futures in his 2008 Guide to Investing in Gold and Silver “It seems that certain entities have been using the New York Commodities and Mercantile Exchange (COMEX) to manipulate the silver price by unloading a lot, and I mean a lot, of silver onto the market. The big problem is that the silver that is being sold doesn’t exist. It’s bought and sold in futures contracts, papers that promise to deliver silver someday down the road. How much is a lot, you might ask? Well, commodities traders on the COMEX have made bets in which they have promised to deliver more than

gold and silver

double all the silver known to exist. If the longs (the traders who bought these futures contracts) demanded delivery from the shorts (the traders who sold these contracts), the rest of the world would have to go without silver for more than a year. That means no new cell phones or computers, Sony’s or Panasonics, for more than a year. There is no other commodity that has such a large short position. For instance, the amount of gold sold in futures contracts amounts to only 2.5 per cent of known inventory. By contrast, the amount of silver sold in futures contracts amounts to more than 200 percent of all known inventory. That’s a short position that is eighty times greater than gold’s.”

With silver certificates, the investor pays currency to a bank or financial institution in exchange for a piece of paper certifying the investor has rights to a quantity of silver held by the bank.

The only problem is that many of the institutions issuing these certificates don’t actually have the silver on-hand.

Morgan Stanley has been sued for charging storage fees on physical silver it did not really have. And believe it or not,

under current financial regulations, the practice is perfectly legal.

ETFs are also suspected of trading in silver that exists only in cyberspace.

Investigators such as James Turk of the Gold Anti-Trust Action Committee (GATA) believe that many ETFs don’t actually hold the silver and gold they are trading - and nothing in the fine print of their investor agreements guarantees that they must redeem shares in actual physical metals.

As Mike Maloney wrote in his 2008 book, paper silver has long been setting the price of silver, and due to the artificially inflated, “ghost” silver supplies created by this type of instrument, has been instrumental in keeping silver prices low.

Today that trend is turning.

Since this artificial paper silver market dwarfs the physical silver market, the paper market is setting the price of silver.

All this paper silver that has been sold has depressed the price of silver even further.

In other words, silver is a lot cheaper than it should be, and that means you can still buy it cheap - but not for long. There will come a day when most of our physical silver holdings are gone, and no matter how much paper silver is sold into the

market, physical silver will once again begin to set the price as short sellers are unable to deliver on their contracts and silver shortages develop. Then watch out, the shorts will be caught in a short squeeze that will ignite silver prices.

As Matt Whitaker reported on 1st March for the Wall Street Journal, “Investors are scrambling for a refuge as clashes between rebels and troops loyal to Col. Gadhafi continued in Libya, and as unrest in Iran grabbed headlines….

The Mideast turmoil has sparked worries that the value of regional stocks will plummet and that the surge in oil prices could become a drag on the economic recovery. The so-called safe-haven buying built on earlier gains sparked by inflation worries, as both gold and silver are considered stores of value in times of rising consumer and producer prices.”

While gold continues to be the ‘big fish’ in terms of price, silver is climbing much faster and has the potential to rise much higher before it is back to even its historical value against gold. If current trends continue, the ‘poor man’s gold’ may yet turn out to be the real shark in the guppy bowl. GFI

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TRAVEL

GREAT ESCAPES WITH TURKISH AIRLINES With the new Malaga route that was introduced to the Turkish Airlines network on 27th April, we thought we’d bring you a great guide for visiting one of the world’s most popular tourist destinations: Marbella.

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classier place to holiday, Marbella is popular among tourists all over the world and particularly with Middle Eastern travellers. Located in the Spanish town of Andalusia, by the Mediterranean Sea, this cosmopolitan town is perfect for people just looking to relax.

Modernity and tradition intertwine here to make Marbella fascinating for the most discerning holidaymaker.

From luxury cruise ships and mega yachts docked in its harbour and streets filled with bars, boutiques and nightclubs to ancient heritage sites and absorbing museums.

The Costa del Sol or the Sun Coast, on which Marbella lies, welcomes millions of people annually through Malaga airport.

The coastline, dotted with luxurious resorts, stretches from Manilva in the west to Nerja in the east. Alongside the city of Malaga and town of Marbella, you also have many other stunning and diverse towns to visit such as Torremolinos, Benalmadena, Fuengirola, Mijas and Nerja - to name a few. Travelling around the area and heading inland will take you from stretches of white sandy

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coasts to brilliant green mountain ranges and wonderfully pungent orange groves.

You can truly enjoy a diverse experience here. Journey to the beautiful caverns of Nerja or take in a bird’s-eye view of Andalusia with a flightseeing trip. You could even head over to the Ascari race track in Ronda for an adrenaline injection

From luxury cruise ships and mega yachts docked in its harbour to ancient heritage sites and absorbing museums. of drift racing, caterham driving or motorbike riding. If nature is more your thing then Lobo Park or Wolf Park is an attractive 40 acres of protected land in Antequera where a family day out is a must. Over in Benalmadena you could

TRAVEL

hop into a cable car and climb to an altitude of 800 metres and enjoy spectacular views of the coast. There are water parks and theme parks, thousands of delicious dining options, casinos, fabulous shopping spots and nature at its best all around you.

Since the 27th April, Turkish Airlines goes from Bahrain to Ataturk Airport in Istanbul, yet another fascinating city that in itself is definitely worth visiting. With a short stop at this modern, facility-filled airport you will then find yourself on your way to Malaga Airport - a mere four and a half hours away.

Top Travel Tips: Marbella Modern Puerto Banus is best known for its luxurious marina which has berths for 915 boats including those of the King of Saudi Arabia along with many other extremely wealthy individuals. Here you can enjoy unobstructed views of La Concha mountain and meander your way through lanes of glamorous nightclubs, exquisite eateries and fashionable boutiques.

Traditional One of the town’s most significant historic constructions is Alcazaba or “al Kasbah” in Arabic dating back to the 9th century. The Arabic fortress was initially purely military in nature and the castle was later remodelled with a wall built around the medina (city).

Recreational Marbella is well-known for being a golfing centre with 14 golf courses there. There are also many options in neighbouring towns. Resorts incorporate golf courses into their facilities and you can play at your leisure or even book lessons. Discount golfing trips and special offers for golf fanatics are rife so don’t forget to do your research on these before heading over.

What You Need To Know Ticket prices: Starting from BD180 for a one month fare during summer.

Flight timings: Bahrain - Istanbul runs daily leaving Bahrain at 02.25. Return flights depart Istanbul at 21.40 (local times).

Istanbul - Malaga runs three times a week on Wednesday, Friday and Sunday, returning on the same days.

Flying time: Bahrain to Istanbul = 4 hours and 20 minutes Istanbul to Malaga = 4 hours and 30 minutes Optimum stay period: Two weeks Car hire: Cheapest fares from BD5.5 a day Hotel prices: Five-star accommodation in May costs on average between BD90 to BD180 per night. During the summer it goes up to between BD120 to BD250 per night.

Four-star accommodation in May costs on average between BD30 to BD90 per night.

During the summer it goes up to between BD60 to BD120 per night. GFI

For more information call Turkish Airlines on +973 1751 6100, visit www.thy.com or go to their office in the lobby of The Diplomat Radisson Blu Hotel.

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CARS

ASTON MARTIN: CHANGING WITH THE MARKET With the launch of Aston Martin’s latest addition, the Cygnet, Gulf Insider decided to question the CEO of Aston Martin, Middle-East and North Africa, Mr Adham Charanoglu about the industry, the region and going green.

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hy is the Middle East market so important to Aston Martin?

In many areas of the Middle East markets are still emerging.

Equally the more mature parts of the Middle East have a huge demand and interest in luxury brands, motorsport and automotive heritage - all of these facets are a part of the Aston Martin brand.

The Middle East market, with a high ratio of cars per-household and increasing number of vehicles on the road, is a fastgrowing automotive market. Luxury exclusive automotive companies across the globe are introducing models of cars and customers in the region keep pace with the latest automotive technologies and designs. Moreover, along with the high demand for luxury in the Middle East, this makes it one of the most important region’s to our marque.

the industry faces in the region and wider world?

Within the region nowadays, for all businesses, the biggest challenge comes with the current political unrest and turmoil. This will naturally create a challenge for all business heads to be adaptable, as the region faces up to its ever-changing structure.

The automotive industry has been through more changes in the last ten years than the previous 50 and

What plans do you have for 2011, particularly within the Middle East?

A successful 2010 has given us a great platform to continue to grow.

With the already successful Rapide, and the introduction of the excusive limited editions, 2011 will see new introductions with V8 Vantage S, New Virage V12 and One - 77 to support our luxury product line up. We also have business development and expansion plans across the Middle East region, North Africa, India and very soon in Kazakhstan.

this change, along with the pace of change, is the greatest challenge. Our responsibilities toward the environment dictate the future of our engineering and design with alternative fuels, smaller cars, lightweight construction and recyclable components.

What are the biggest challenges

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The automotive industry has been through more changes in the last ten years than the previous 50.

What is the biggest opportunity for Aston Martin within the region?

Our ‘biggest opportunity’ can be defined in many ways. If we take Aston Martin awareness, we need to face the challenges that we have in the emerging markets and engage with

Mr Adham Charanoglu

preferred partners but only at the time when it is right and viable to do so – this strategy in turn will then be our biggest opportunity.

What was the concept behind the Cygnet?

All manufacturers have an environmental responsibility and here at Aston Martin we have created luxury ‘works of art’ for many years that step back through generations. However, the world is changing and we have a responsibility to develop a car that still maintains the world renowned craftsmanship and individuality associated with our luxury sports cars whilst recognising the needs of the environment. Hence, the Cygnet was created.

Due to our constantly moving and changing world, along with the growth of concern to car manufacturers on the corporate social responsibility towards the environment, Aston Martin planned and tailor-fit Cygnet for this cause, thus making it the car for the city.

Cygnet, with its elegance, significance and practicality is a luxury solution to urban mobility nowadays. It has continued to achieve the luxury and elegance of Aston Martin and has not compromised the brand’s reputation for excellence of materials, high quality experience and exclusive craftsmanship. GFI

For more information on Aston Martin contact Montana Motors on +973 1766 9999.

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CARS

STRADDLING THE MOTOR INDUSTRY Gulf Insider checks out the brand new addition to the Maserati family. The special edition GranTurismo MC Stradale is available in Bahrain now.

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aserati may err on the side of caution when choosing between luxury and speed, but eventually the speedloving fanatics have had no choice but to reveal their road-gripping, fire-breathing side. Sadly, we now have evidence of Maserati’s wild side, which now we are always going to look for. Just a couple of weeks before the Italian luxury brand was set to unveil their new special edition Gran Turismo at the Paris Auto Show, the company jumped the gun and released the details of the fastest, lightest, and most powerful Maserati in the line-up. We hope everyone is just as intrigued as we were because this is a side of Maserati that should come out more often.

It is powered by a 4.7 litre V8 engine that delivers 450 hp - an improvement over the standard 405 hp - while still offering the same fuel consumption as a standard Gran Turismo. It also comes with an improved aerodynamic down force and will break the 300 km/h barrier.

Inspired by the Trofeo GranTurismo MC and the race-winning GT4 motorsport models, the Stradale special edition has been tweaked and modified as a direct result of the lessons learned from Maserati’s three racing programs. But what makes this vehicle even better is that it’s road legal.

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Maserati has taken 110kg out of the Maserati Gran Turismo S to create the racing-inspired MC Stradale.

It deserves full marks for street credit alone. Just look at the matte black 20inch alloys, ground-hugging bad boy front splitter, go-faster flares and bulges, additional air intakes and massive decals - including an optional stylised trident that covers almost the entire roof.

It also earns top score for cabin ambience, thanks to lightweight bodyshaping bucket seats, a four point shoulder harness, a partial roll cage dislodging the rear seats, wall-to-wall Alcantara and carbonfibre trim.

One could even award a bonus point for the soundtrack. Listen to the dense V8 hum in standard mode, the impatient rasp in Sport mode, and the howland-roar in Race, all the way from idle speed grumble to a game-over yell at 7500 rpm.

British racing driver Johnny Herbert was one of the first people to climb upon the straddle. Through Barcelona, the big coupé catered primarily for eyes and ears.

Eyes because the modified shape turns even more heads thanks to fender flares, sill extensions, and a bootlid spoiler. Ears because the two large-diameter tailpipes play a spine-tingling tune above 4000 rpm in Sport and throughout the entire rev range in Race.

Johnny expresses, “I was surprised at how nice it was inside, especially when you think about some other trackstyle cars. All the surfaces felt good and the comfort surprised me for how it looks. When I started it up, it had that marvellous engine note that all Maseratis have, but with a big slice of something raw in it; something blisteringly aggressive that doesn’t take away any of the smoothness.” He continued to say that, “It’s by far the best car I have driven out of Modena.” GFI

For more information please contact Euro Motors on Tel. +973 17 750 750.

decision making

Got a tough decision to make?

Research suggests you’re best off just sleeping on it.

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acing a tough decision? Just forget about it for a while and you’ll come up with the right answer.

Research suggests that the best way to solve a complicated problem is to not think about it.

Distracting yourself for a few minutes with something else or sleeping on it overnight helps the brain come up with the ideal solution.

Putting your mind at rest: Research suggests that sleeping on a problem will help you reach the best decision Those who consciously struggle with a difficult question are more likely to get the wrong answer, compared with those who put it on the mental backburner, experiments show.

Students were asked to choose the best models from four imaginary makes of car.

Each had 12 different features but

two had better road holding and fuel economy. After reading about each car, one group of students was asked to make an instant choice.

Another group carried out a second test which was designed to occupy their

Research suggests that sleeping on a problem will help you reach the best decision. minds for five minutes before making their decision.

Volunteers in the second group were more likely to select the best car, the results showed.

Experts believe this is because their

subconscious minds were given the time to weigh up all the pros and cons.

Psychologist Maarten Bos, who led the research at Radboud University in the Netherlands, said: ‘Unconscious thought produces better decisions than when people decide immediately.

‘Although in our current experiments participants did not actually sleep on their decision, the benefit of a period of rest is clear.

‘It allows us to differentiate between the vital and the irrelevant aspects.

When your grandparents advised you to sleep on a decision first, they may have intuitively sensed the benefits of letting it rest to get a clear grasp of one’s priorities.’

The study will be published in a forthcoming edition of the Journal of Consumer Psychology. GFI

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ART

SCULPTING SENSES Albareh Art Gallery showcases the works of painter, sculptor and moulder Fadi Yazigi; his works have travelled the world from the Middle East to Europe and the USA, and paintings sold at international auction houses - Christie’s and Sotheby’s.

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rt is a tool to show creativity and an instrument that gives us the freedom to express visually the social and political issues of our times. It is the responsibility of an artist to faithfully reflect and convey his emotions, ideas and dreams throughout his works. Yazigi’s artworks reflect his nostalgia of all experiences and relationships that have left a major impact on him.

Experimenting with various techniques and media, Yazigi escapes from monotony.

“Whether painting on canvas, cardboard, textiles or newspapers using acrylics, oil and ink I depict people and human emotions,” Yazigi says. “I paint, sculpt and mould as I observe the world. Based on my knowledge, associations and feelings my paintings,

ART

sculptures and reliefs document my understanding about the ordinary people that I encounter daily. I try to read the unasked questions on the faces of people that surround me. My paintings are about life in its innumerable shades�.

He continues to explore new materials for his work; experimenting with a variety of methods and forms using paint, clay, colour, and layers to reach the final outcome that pleases him. Each new material gives a particular feeling and each new image, whether on a blank canvas, cloth, paper bag, Arabic bread or sculpted from a piece of clay, comes from the same inspiration and current of creativity.

Fadi Yazigi was born in Syria, 1966, and studied sculpture in the Faculty of Fine Arts in Damascus. Yazigi uses different techniques in his works; he paints on canvas or newspapers, or makes clay reliefs. As a professional sculptor, Yazigi’s bronze sculptures are formed in a very exquisite way that is inspired by

I paint, sculpt and mould as I observe the world. Based on my knowledge, associations and feelings, my paintings, sculptures and reliefs document my understanding about the ordinary people that I encounter daily.

the creatures present in his black and white paintings.

The exhibition opened on 12th April and will run until 7th May at Albareh Art Gallery in Adliya. Albareh Art Gallery is open Saturday to Thursday, from 9am to 1pm and from 4pm to 8pm. GFI

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Fashion

Glasses

Paul Smith

Mens Fashion

Jumpers Reiss CH Carolina Herrera

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FASHION

Bags

TAG Heuer

Shoes Paul Smith

Tods

Tods

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AJ’s essential rules

Can you have it all?

By AJ

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here are 24 hours in every day, 168 hours a week - it’s the same for everyone, no exceptions.

No matter how your time is used, the maximum time available remains constant. Your waking hours are customarily divided between your business and your personal life. There is no right time to stop thinking about your business life, any more than there is right time to attempt to forget your personal life. There is no mental switch that causes you to shut off your thoughts about business activities and plans. In fact, it is when you’re away from work that you may come up with your greatest business-related ideas.

There is, however, one important separation that must be made between your business life and your personal life: Don’t drag worry and stress from your work into your personal life, and vice versa, no man on his deathbed ever said, “I wish I’d spent more time at the office.”

Yet, business-time priorities often seem to take precedence over personal-time priorities. One reason you work hard is to have the money to do the personal things you’ve always wanted to do, such as spend enjoyable, uninterrupted time with your family. Your personal time is just as important as, if not more important than, your business time.

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Don’t allow business activities to cancel, interrupt, or control your personal activities. If you treat everything that goes wrong as an emergency in your job or business, you will end up spending your life handling emergencies rather than spending quality time with those you really care about. If you and your spouse make a date to go out to dinner/movie once a week, or if you’ve scheduled

Working hard has little to do with success; working with maximum effectiveness does. time to take your son or daughter somewhere, or if you plan to attend one of their activities, write down the times and dates in your diary as a priority. If you have important business appointments the same week, schedule them around your personal activities. The world won’t come to an end. You’ll just end up with greater control over your time with none of the guilt or self-criticism that occurs when your break personal commitments.

I’ve lived my life that way for thirty years and have still managed to find time to attain every business goal I’ve ever set.

If you’re a person with a demanding, high-stress job, it’s even more important to schedule time for yourself and for those you love. It is very likely that your performance in your job will be measured, at least in part, by how well you handle the conflicting demands on your time. A person who sacrifices his personal life for a job or cause often ends up lacking real happiness and a real sense of accomplishment. A balance between your job and your personal life is the key to success.

The big mistake that many people make with personal time is to say to themselves, “Well when I get all the business done, then I’ll spend some time with my family.” Business is never done. Your mind has been telling you that to succeed you must work harder and longer hours. That’s nonsense.

When your personal and business times are balanced, there is less conflict and stress. You then become more effective and get more done in less time. Working hard has little to do with success; working with maximum effectiveness does. Can you have it all? Yes, you can! GFI

AJ’ is a very successful self-made businessman living in Bahrain. His fee for writing this article was donated to charity.

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