Gulf Insider

The multi-award winning Arabian magazine

Gulf Financial Insider

GulfInsider The Arabian Review

Issue 91

Bahrain

Real Estate Market Overview

Investing in Bahrain

Economic Development Board

Technology

Summer Splash

44

Page

eGovernment

Cars

The Porsche Experience 12

Page

Strategy 2016 CEO Mohammed Ali Al Qaed

Bahrain

Tamkeen Promotes Success Bahrain BD2

KSA SR20

Kuwait KD1.75

Oman RO2

Qatar QR20

UAE DHS20

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PRICES START FROM BD 99 NET INCLUSIVE OF BUFFET BREAKFAST, SERVICE CHARGES & TAXES PROMOTIONAL PRICE APPLIES FROM THE 18TH �24TH OF AUGUST RATES SUBJECT TO AVAILABILITY

TO REACH SOFITEL BAHRAIN, FOLLOW THE DIRECTIONS FOR THE BAHRAIN INTERNATIONAL CIRCUIT

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7/23/12 12:26 PM

Gulf Financial Insider

GulfInsider

August 2012 more inside...

22

Cover Story

eGovernment

Strategy 2016

Contents 12

Tamkeen

Promotes Success

14

Car Finance Do it right

42. Hospitality

Kempinski General Manager

26

Economic Development Board

Attracting investment

28 Retail

GCC strength

16

Bahrain Real Estate

Market overview

44. Cars

The Porsche experience

46. Art

Rendering reality

32

Employees Internet use

48. Technology

Waterproof gadgets

50. Last Word Motivation

“To conquer oneself is the best and noblest victory; to be vanquished by one’s own nature is the worst and most ignoble defeat” - Plato Gulf Financial Insider

GulfInsider Publishers Nicholas & Rebecca Cooksey Editor in Chief Nicholas Cooksey Editor Redia Castillo Assistant Editor Arlene O’Neill

Letter from the Editor...

It is August already, as ever the months are flying by and we are scrambling round to gather together and bring to you the latest news and features from around the Gulf.

We have provided you with a comprehensive review of the real estate market here in Bahrain with the most recent facts and figures for the second quarter – it looks like things a turning a corner. In addition, the Gulf Insider Team met with the Economic Development Board of Bahrain and the CEO of the eGovernment Authority to bring you exclusive features on their targets and achievements. These interviews form the start of what will be a regular Government feature as we endeavour to keep you abreast of the latest developments in Bahrain.

The hospitality section this month features Stephan Kaminski of the Kempinski hotel, outlining his rise from Bell Boy to General Manager, whilst Nick Cooksey takes us through ‘The Porsche Experience’ for all interested petrol heads. Art space features impressive images created by the highly talented Jeffrey Faranial - we found it very difficult to believe that they were not photographs! And finally, the technology and lifestyle pages offer you a few ideas on how to spend your cash and treat yourself with a selection of the latest gadgets and luxury items this month.

We hope you enjoy the selection as much as we have enjoyed putting it together for you, let us know your thoughts at gulfinsider@ArabianMagazines.com.

Editorial Contributors Mohammed Ali al Qaed Vivian Jamal Hassan Ali Ahmed Nidal Abou-Ltaif Stephan Kaminski Jeffrey Faranial Layout Designs Dhanraj S Noel De Juan Admin & Finance Nikesh Pola Business Development Manager Redia Castillo

Printed at Awal Press, Kingdom of Bahrain.

Distribution Bahrain Al Hilal Corporation, Tel. +973 1748 0800 UAE Jashanmals, Tel. +971 4341 9757 Published by:

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

P.O. Box 26810, Kingdom of Bahrain.

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

The multi-award winning Arabian magazine

Gulf Financial Insider

GulfInsider The Arabian Review

Ministry of Information approval no. TFI-431© 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 permission of the publisher. All Rights Reserved. Views expressed in this magazine are not necessarily those of the publisher.

Issue 91

Bahrain

Real Estate Market Overview

Investing in Bahrain

Economic Development Board

Technology

Summer Splash

*Articles by these correspondents are the copyright of

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

44

Page

eGovernment

Cars

The Porsche Experience 12

Page

Strategy 2016 CEO Mohammed Ali Al Qaed

Bahrain

Tamkeen Promotes Success Bahrain BD2

KSA SR20

Kuwait KD1.75

Oman RO2

Qatar QR20

UAE DHS20

Visit...www.gulf-insider.com for more interesting features and news...

For advertising enquiries call Tel: +973 1782 2383, 1782 2368 E-mail: sales@ArabianMagazines.com

Inbox Readers’ Letter

Send your views to gulfinsider@ArabianMagazines.com Money Matters

I was very surprised when reading your interview with the CEO of HSBC, that the Arab Spring has had “little or no effect” on the banking sector. I would have expected CEO of HSBC that the disruption to businesses and reduction in tourism that occurred in this time, would have fed back to the banking sector... Did he back this up with any figures or facts?

Treasure Trove

I like the idea of investing in treasure assets like art and jewellery that you highlighted in a report last month. It may be slightly riskier than other strategies, but I imagine that one can get a lot more enjoyment investing in this manner… With bank accounts, or shares or other types of investments, I often wonder if it actually adds any value to life or if it just becomes numbers on a screen.

Ann P.

Ramee M.

Arty Farty

I’m not sure about your art space last month Gulf Insider- it was definitely unique!

However, I don’t think I would pay money for a picture that featured characters ranging from classic paintings to technical drawings … topped off by animations like Popeye characters! What were you thinking?

Amused!

Appsolutely Great!

Cyber Crime

I appreciate your warning about e-mail hacking last month. But, by pointing out how easy it is, and where to get the information on how to do it, I can’t help but think you might be giving people ideas as well.

Mohammed R.

The business apps section in tech news was really useful, I don’t think I use my smartphone to its full capabilities, but if you continue to point us in the direction of apps like this, I may start. I particularly liked dropbox, I’ve been using it for a couple of weeks now and have all my files in the palm of my hand – it’s so convenient!

Ed- We also advised you on how to avoid being targeted! All you need to do is take the necessary precautions to keep your accounts safe.

Chris T.

Would you like to be a PUBLISHED Photographer?

If your photos of Bahrain and the region are good enough, they could be published in Gulf Insider/Areej/Bahrain Confidential magazines. Each month we publish the most impressive images we receive and give full credit to the photographer.

Images must be at least 1mb and can be e-mailed to submissions@ArabianMagazines.com with the subject ‘PHOTO’.

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Gulf Insider August 2012

Celebrate the Holy Month of Ramadan with us at

Khaymat Al Noor Ramadaan Kareem ! Join us for Iftaar, Gabgaa and Suhour in a very traditional Arabic Ambiance at the Kingdom’s most impressive location set against the shores of the Blue Arabian Bay. Traditional Mesmerising Eastern Oud Music, entertaining games, choice of flavoured Sheesha and daily prizes.

Special Deals for Ghabga ... and Daily Prizes Draw

Business News Aramco to sell marine unit to Bahri for USD1.3bn

Qatar Airways Chief Executive Officer Akbar Al Baker

Qatar Airways Expresses Interest to Launch Airline In Kingdom Of Saudi Arabia Doha, QATAR – Qatar Airways has expressed interest in launching an airline registered in the Kingdom of Saudi Arabia.

Chief Executive Officer Akbar Al Baker held talks with His Royal Highness Prince Fahad bin Abdullah Al Saud to discuss opportunities arising from the Kingdom’s newlylaunched aviation liberalisation policy.

With a market that is underserved and keen for greater domestic air services, Al Baker said the Kingdom represented a key growth area.

However, during the meeting, he expressed particular concern over excessive fuel charges in the Kingdom and the government’s policy of controlling domestic air fares which, he said, were not in the interests of the travelling public nor airline operators.

Al Baker said such factors were detrimental to airlines as fuel represented a major cost of operations.

Capping airfares, he said will never allow any airline to operate commercially in the Kingdom, citing the demise of domestic carrier Sama Airlines due to such measures. He stressed that other airlines operating domestic flights within Saudi Arabia were facing the same problem of rising costs, pointing out these needed to be seriously addressed.

Al Baker said Qatar Airways was keen to invest in the Saudi domestic aviation market, but this was dependent on a fundamental rethink by the government of certain factors which needed to be tackled.

Qatar Airways has seen rapid growth in just 15 years of operation, currently operating a modern fleet of 109 aircraft to 117 key business and leisure destinations across Europe, Middle East, Africa, Asia Pacific, North America and South America from its Doha hub.

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Gulf Insider August 2012

State oil giant Saudi Aramco has signed an agreement to sell its Vela marine unit to Saudi National Shipping Company (Bahri) for USD1.3bn in cash and shares.

The merger of the fleets would make Bahri the world’s fourth largest owner of very large crude carriers, or VLCCs, and it would become the exclusive provider of VLCC crude oil shipping services to Saudi Aramco, under a long-term agreement.

Bahri will pay Vela USD1.3bn in total, made up of USD832.75m in cash and 78.75m new Bahri shares at a price of SAR22.25 (USD5.93). Bahri said it will raise the cash portion through debt financing.

JP Morgan is advising the shipping firm while HSBC’s Saudi arm is acting for Aramco.

The deal “would also expand the ability of Saudi Aramco and the kingdom to meet future maritime transport needs for its expanding downstream businesses while continuing to reliably and efficiently serve the current customers of both companies,” the statement to the Tadawul bourse said.

The merger of ships, staff and business systems would leave Bahri with 77 vessels in its fleet, including 32 VLCCs. “The proposed merger would create a large and more diversified national shipping company,” the statement said.

BP excluded from Abu Dhabi oil field bids BP Plc has been excluded from the pre-qualification bidding process to develop Abu Dhabi’s largest onshore oil fields, the concession for which is set to expire in 2014.

BP, which has been operating in the UAE since 1931, did not receive the three-page letter inviting companies to submit applications to bid for acreage in Abu Dhabi that includes the Bu Hasa, Bab and Asab oil fields, part of the Abu Dhabi onshore Oil Operations (Adco) concession.

It remains unclear why BP was not invited, but the decision will almost certainly have been approved at the highest levels in Abu Dhabi - Whatever the precise reason, it represents a humiliating snub for the UK major.

Oil majors Exxon Mobil Corp, Royal Dutch Shell Plc and Total SA were among companies invited to participate in the prequalification bidding round.

Business News

!

BMI Bank Auto Loan Promotions

Qatari Diar inks deal for Oman tourism projects Qatari Diar, the property arm of Qatar’s sovereign wealth fund has signed a memorandum of understanding (MoU) with Oman’s Ministry of Tourism to develop three mixed-use developments in the sultanate.

The Ras Al Hadd development in the Sur district, which forms part of the latest agreement, will feature a five-star hotel and spa, residential villas, apartments, souks, a marina and villa plots.

The second project will include a five-star luxury resort hotel and spa as well as residential villas and apartments.

The third project will consist of a yacht club and marina, a sports academy, and three boutique hotels, the developer said in a statement. The deal also establishes a partnership of 70/30 between Qatari Diar and Omani Ministry of Tourism on the three projects, it added.

Qatari Diar Group CEO Mohammed bin Ali Al-Hedfa said: “We are extremely thrilled with the signing of this MoU, which signifies our commitment to investing in the tourism sector of the brotherly state of Oman.

Grocer Géant plans 35 new stores in UAE French hypermarket operator Géant has made its debut in Abu Dhabi and is planning a further 35 stores across the UAE. Géant has been operating in the Gulf since 2001 when it opened its first hypermarket in Bahrain before launching hypermarkets in Dubai in 2005 and Kuwait in 2009. Géant has over 115 hypermarkets globally, and is the fifth largest hypermarket group in the world.

“This new store demonstrates Retail Arabia’s commitment to expanding its footprint within UAE, one of our main markets in this region. We feel there is a huge opportunity in Abu Dhabi for both our Géant hypermarket and Géant Easy supermarket brands, as the market is underserved in terms of quality supermarket shopping experiences,” said Mohammad Ashfaq, UAE country head of Retail Arabia.

“As part of our rapid expansion strategy, we plan to open another 35 Géant stores within the next two years. In fact we have already finalised several locations and will be opening hypermarkets in Capital Mall and Yas Mall in Abu Dhabi, Wahat Hili Mall in Al Ain, Dragon Mart in Dubai and Fujairah Mall in Fujairah,” he added.

Retail Arabia operates nearly 30 supermarkets under various brands in the region and it is in the final stages of negotiations to open several more supermarkets, including a 32,000 sq ft supermarket that is set to open in the last quarter of this year in Paragon Bay on Reem Island in Abu Dhabi.

Bahraini retail and commercial banking institution, BMI Bank announced the launch of a new promotion offering customers who apply for a Salaf auto loan the opportunity to enter a draw to win a brand new Volkswagen Jetta along with an instant prize worth BD100. In addition to a reduced and competitive rate of interest, every Salaf auto loan customer can choose their instant gift which ranges from a BD100 gift voucher from Bahrain City Center and Seef Mall to a BD100 prepaid fuel card. The promotion, which started on the first day of Ramadan, will continue till 31st December 2012.

Through the initiation of this promotion, the bank intends to empower customers to be able to afford quality automobiles of their choice at a competitive financing option.

With a highly competitive Annual Percentage Rate (APR) of just 6.68%, a higher number of customers are able to buy better cars during Ramadan and beyond as the monthly payments will be within their budgets and lifestyles.

In addition to the extended term, applicants can expect a quick response to their applications, lower down payments accompanied by flexible repayment terms and an instant gift.

To apply for a loan, please visit www.bmi.bh.com or call +973 1750 8080

Gulf Insider August 2012

9

News Business

Bahrain’s sovereign wealth fund sees losses widen Bahrain’s USD9 billion sovereign wealth fund Mumtalakat said its full-year consolidated net losses widened due to higher provisions and reduced income from associate companies.

Mumtalakat, which owns stakes in firms such as Gulf Air and Aluminium Bahrain, made a net loss of BD270.6 million (USD 717.68 million) in 2011, it said in a statement on its website.

That compares with a loss of BD234.3 million in 2010.

Losses from struggling national carrier Gulf Air in particular weighed on the fund’s income.

“Several restructuring initiatives were undertaken at Gulf Air to reduce operating losses, achieve cost efficiencies and improve the quality of product offering and customer service,” a statement said.

Consolidated revenue and gross profit in 2011 increased 8.4 per cent and 5.5 per cent respectively, primarily due to the strong performance of Aluminium Bahrain, it said.

The fund, which appointed Mahmood Hashem al-Kooheji as chief executive in March, booked impairment losses of BD316.5 million in 2011 compared with BD191.2 million the previous year.

Mumtalakat said its consolidated operating loss fell almost 88 per cent to BD5.9 million in 2011, from BD48.9 million.

Mumtalakat is one of the smaller sovereign wealth funds in the world’s top oil-exporting region.

Its chief executive said this month the fund may offload a portion of its stakes in firms and reinvest the proceeds in the country’s economy.

Bahrain to expand capacity of Causeway Bahrain has backed plans to expand the capacity of the King Fahd Causeway that links the Gulf state with Saudi Arabia, the Bahrain New Agency has said citing Premier’s Court Chief Sheikh Husam bin Isa Al Khalifa.

Around 39,304 passengers use the 25km causeway every day, according to Badr Al Otaishan, director general of King Fahd Causeway Authority.

Al Otaishan announced a $5m expansion plan to expand the causeway from 10 to 17 departure lanes and the number of arrival lanes from 13 to 18 on both sides in 2010.

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Gulf Insider August 2012

London firm sells Abu Dhabi bank site for USD26.6m The developer of the One Hyde Park apartment complex in London’s affluent Knightsbridge sold the last of three retail spaces in the property for more than GBP17m (USD26.6m).

The 2,982 sq ft space currently occupied by Abu Dhabi Islamic Bank (ADIB), was sold to an undisclosed overseas buyer, developer Project Grande said in a statement today. The company said in February that it sought at least GBP21m.

One Hyde Park was developed by a venture between Christian Candy’s CPC Group and Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber al Thani’s closely held Waterknights. Candy conceived the 86-apartment complex with his brother.

Sales of homes valued at more than GBP1.5bn have been completed there, Project Grande said in February.

The retail space is one of three in the building, which is about 980 ft from Harrods department store Grigory Guselnikov, a Russian entrepreneur, bought the space rented by watchmaker Rolex Group for more than GBP13m in August, broker Savills said.

The space housing a McLaren sports-car dealership sold for more than GBP11m two months later, two people with knowledge of the deal said at the time.

Abu Dhabi Islamic Bank, the UAE’s second- biggest Shariah-compliant bank, has 14 years left on its lease for the site, Project Grande said in February.

The bank leases the real estate for GBP800,000, giving its landlord an initial yield of about 4.4 per cent at a GBP17m purchase price.

The site was the bank’s first branch in the UK, according to the developer.

Business News

Saudi women behind lingerie campaign is third most powerful Arab The Saudi women who campaigned for women to work in lingerie shops in the Kingdom has been voted the world’s third most influential Arab, in the 2012 list of the world’s most powerful Arabs published by Arabian Business on Sunday.

Reem Asaad entered the Power 500 list as the highest ranked women and the highest new entry.

It was four years ago when she first launched a campaign calling for better employment opportunities for women and improved consumer rights. The “Lingerie Campaign” gained international recognition stirring many underlying issues about women in Saudi Arabia. She argued that women should be allowed to work in lingerie shops in the Kingdom. Last July, her campaign paid off when the Saudi Labour Ministry banned men from working in lingerie shops after a directive from King Abdullah – in an instant, creating 44,000 jobs for women.

According to the law, all Saudi-based lingerie stores must now only employ females as sales assistants, while owners of women’s cosmetics and accessories shops have until June 27 to phase out their male staff. The second stage of the law being implemented could see another 30,000 jobs created for Saudi women.

Standard Chartered launches enhanced online banking FX service Standard Chartered has announced the launch of enhanced online banking foreign exchange services through the Bank’s secure online banking platform, Straight2Bank. The service brings a choice of 130 global currencies to the bank’s clients in Bahrain, UAE, Oman and Qatar and is seamlessly accessible to all corporate clients via the bank’s online banking platform.

This allows clients to access international trade currencies at a touch of a button within Straight2Bank – ultimately making currency payments for Middle East-Asia and intra- Middle East trade relationships faster and executed in a currency of choice.

This product innovation saves clients’ unnecessary costs in currency conversions, and avoids the inherent risks associated with fluctuating currency rates – a challenge most traders face when dealing with trade partners outside of their economies.

Corporate clients can now access instantaneous foreign currency quotations, again within their secure corporate online banking portal Straight2Bank. The “RFQ” or “Request for Quote” feature allows customers to avoid the onerous process of calling for currency quotations from a Bank’s local Treasury Desk, in order to trade in a company’s currency of choice. By selecting their currency and volumes for conversion online, clients receive an almost instantaneous quotation, with the option to accept or decline within minutes.

Dubai’s Burj Khalifa is 80% occupied Emaar Properties has said the Burj Khalifa is 80 per cent occupied, despite falling property prices and rental rates at the world’s tallest tower.

The developer, which is 31 per cent owned by the Dubai government, told the Wall Street Journal newspaper that the iconic tower was now home to more than 700 families, just two and half years after it was opened.

The figures come despite claims earlier this year that property prices for luxury apartments in the tower had fallen to as low as AED2,100 (USD571) per square foot.

Unveiled at the height of Dubai’s property boom, the world’s tallest tower was inaugurated in January 2010 with a glittering water and fireworks display.

Developer Emaar sold 90 per cent of the tower’s 900 apartments ahead of its launch.

The 828m-tall Burj Khalifa also includes 144 Armanibranded residences, 37 floors of office space and the 160-room Armani Hotel.

But the luxury tower saw rental prices slump in the wake of a global financial crisis that saw house prices in Dubai more than halve in a matter of months. Nine months after its launch, the cost of renting a studio flat had plunged 40 per cent to AED6,666 (USD1,815) per month, while one-bedroom apartments were on offer at AED10,000. An estimated 825 of the tower’s 900 apartments were vacant.

The cheapest property in the Burj Khalifa currently listed on website, PropertyFinder.ae, is a 519 sq ft apartment for AED1.27m or AED2,456 per sq ft.

Owners of apartments at Burj Khalifa pay an annual service charge of AED55.12 per square foot for chiller charges and maintenance of communal areas compared to AED21.50 in Emaar’s Residences in Downtown Dubai, said Ben Holiday of Dubai-based Brix Property Partners.

Gulf Insider August 2012

11

Government Tamkeen

Tamkeen

Promotes Success Hassan Ali Ahmed of the Arabian East Training Centre Prompted by this success, we are currently thinking about registering to benefit from two more Tamkeen programmes to assist and support us.

T

amkeen was established in August 2006 as part of Bahrain’s national reform initiatives and Bahrain Economic Vision 2030, and is tasked with supporting Bahrain’s private sector and positioning it as the key driver of economic development. Their primary objectives are: 1) Fostering the creation and development of enterprises, and 2) Providing support to enhance the productivity and growth of enterprises and individuals.

Hassan Ali Ahmed, provides an account of how Tamkeen have helped the growth of the Arabian East Training Centre of which he is Managing Director: “When we opened, we relied on a basic accounting system with limited access only one person could access it at a time through one computer. As the institute grew, the need for developing a more cohesive, efficient and cost-effective system that can minimize mistakes and cover all aspects of operation became paramount. As we searched for the right solution, we heard from our circle of acquaintances about Tamkeen and the list of programmes it provides to assist enterprises based in Bahrain.

This proved to be a very sound decision for us. Improved operations and performance, such as rapid completion of progress reports, application procedures, and other administrative tasks, led to higher customer satisfaction. The system also allowed us to export the process to our website, enabling our corporate and individual clients to complete these tasks online and further reducing our operational costs.

Prompted by this success, we are currently thinking about registering to benefit from two more Tamkeen programmes to assist and support us in our plans to further develop the institute.

I personally encourage all business owners and individuals to develop their enterprises and lives by taking advantage of Tamkeen’s pioneering and innovative programmes which cannot found elsewhere.” GFI

The Arabian East Training Centre is widely regarded as a high-class institute among the field of Health and Safety in the Kingdom of Bahrain. Since its establishment in 2000, the institute has received a number of accredited certifications from the UK and the USA. 12

Gulf Insider August 2012

Insights Auto Finance

Buying A Car? Don’t get caught out with car finance….

Advice for Car Buyers Barter

Buying a car is generally the second biggest purchase (after property) a person makes, and when paying cash is not an option, car financing is the easiest means of doing so. But, whose advice do you take, and are you always getting the option that is best for you?

W

hen making a purchase, you want to get the best possible deal, whether it’s a few dinars worth of spices from the market, or tens of thousands of dinars on a property. Similarly, when you purchase a car, you shop around and barter with the salesman to get the best product for you – at the best price. All’s well so far, but what happens when it comes to organising the payment plan for your purchase.

Many of us, after all the effort of sourcing our car of choice, let our guards down at this point. Without the cash to hand, a finance plan is the only option… so we accept the plan that the seller offers.

However, the shopping shouldn’t be over at this point. A payment plan, like any other purchase is a product, and

14

Gulf Insider August 2012

so we should once again be looking to acquire the best product – at the best price. There is a plethora of options available from many different banks and institutions, and so, in the same way you wouldn’t necessarily take the first car a dealer offered to you, why would you take the first payment plan. If you do, you could end up losing the money that you saved haggling for your car.

Why is this?

The first reason is that car salesmen are not financial advisors, and so are not best placed to offer this sort of advice.

Therefore you can assume that the plan they promote to you most strongly, is the one that is easiest for them. Or, more commonly, the payment plan they will receive the greatest benefits for selling – benefits that will be absorbed ultimately

A salesman will not offer you the best deal straight away. Bargain hard and you may make savings

Question

If you are only offered one option, question it. There are multiple available, so ensure you are given the option of at least three

Check

Check rates and information first hand by contacting banks and visiting their websites

Evaluate

Evaluate offers by comparing  Finance rates  Monthly installment amounts  Finance repayment amount (the total amount that needs to be paid back to the bank, including all charges) in the price you, the customer are paying for the loan.

So question it, ask for other options, speak to the financing houses independently and ensure that the information you have received in sound and correct. And most importantly, make your own decision and don’t let someone else tell you what you should be buying. GFI

Bahrain Real Estate

Bahrain Real Estate Market View Q2 2012

The second quarter of 2012 has been quiet in the real estate sector as the Government continues with its programme of infrastructure and utility upgrades and the private sector reconsiders many of the projects that www.cbre.bh/bh_en/research have been put on ‘hold’ over the past couple of years.

T

here is a general sense that the real estate sector in the Kingdom is close to turning the corner of this economic cycle. Values have been written down to more realistic levels than they were during the recent ‘boom’ years, and it is hoped that the air of realism will bring a more rational approach to the decision-making of developers and investors alike as we enter the next phase.

It is anticipated that activity in the third quarter will continue to be relatively sedate as Bahrain enters the summer months and Ramadan. The Government has finally made public comments regarding the use to which the promised

16

Gulf Insider August 2012

O USD10billion aid package will be put. Consequently, a comprehensive programme which will prioritise housing, education, health, infrastructure and social development projects will head the 2013-2014 budget.

Bahrain has also quietly been improving its position with respect to Foreign Direct Investment (FDI) during 2012, and is now home to three of the world’s top 20 global free zones.

Bahrain International Investment Park (15th), Khalifa Bin Salman Port (16th) and Bahrain International Airport (19th) were all placed in the 2012/13 Global Free Zones Rankings report prepared by Foreign Direct Investment magazine.

Quick Stats Change from Q2 11

Q1 12

Office



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Residential

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Sale Prices

Q2 11

Q1 12

Residential

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Lease Rates

Hot Topics • Fitch Ratings has assigned Bahrain's

Th re as pr up re ha co

Th es tu cy op m ne m

Real Estate Bahrain

OFFICE MARKET

New demand for local Class A office space remains modest although the second quarter is generally a quiet period for activity in this sector. Locationally, new space ranges from prime areas such as Seef to the congested Diplomatic Area, and sub-prime areas such as Sanabis, which at one time was an ‘overspill’ area for the intense demand/supply imbalance being experienced in Seef District.

The new office space in Diplomatic Area in particular is likely to be most problematic given that the area remains unpopular with tenants who are unable to access the area, circulate, or park.

A number of planning solutions are possible in this location and the new highway network which links this area with the rest of Bahrain will likely boost its appeal.

Although the failure of the planning system and in particular the enforcement of built uses, threatens to undermine areas when one market sector or another becomes more remunerative than others, Seef District has managed to continue to develop along broadly ‘sustainable’ lines.

Whether by accident or design, this area now contains a wide range of uses from apartments and offices to shopping malls and hotels, which means that it is an area where people can literally live, work and play. In this context, Seef District offices continue to attract the highest rents and occupancy levels largely because the area functions well.

With sectors such as the oil and gas sector and the Sharia-compliant insurance

Standard 2 Bed Apartment Rental Rates, Juffair – Q2 2008 to Q2 2012 900

800

BD/Unit/pm

700 600

500 400 300

200 100 Q2 2008

Q2 2009

Q2 2010

Q2 2011

Q2 2012 Source: CBRE

Standard 3 Bed Compound Villa Rates – Q1 2008 to Q1 2012 1,400

industry driving demand, they underpin growth in the office sector for now, and the new highway improvements linking Diplomatic Area and Bahrain Bay with all other parts of Bahrain, it is hoped that the Kingdom will begin to emerge from the current relatively weak market conditions in late 2012.

Retail Sector

As the numbers of Saudi and Kuwaiti visitors continue to rise, footfall numbers in the malls have shown some improvement although performance continues to vary widely by mall type and location.

The retail sector typically responds relatively slowly to changes in market circumstances given the length of lease contracts which have historically had three year terms.

The local neighbourhood malls, often anchored by major hypermarkets that have started to spring up around the Kingdom are taking longer to reach full occupancy than might have been anticipated given the need for such facilities. However, they are an awkward size, too big to be a local convenience centre but too small to be a proper leisure and retail destination. Some are equipped with sizeable food courts and leisure areas but retailers are reticent to take space when the way in which these malls is to be used by shoppers remains somewhat unclear.

RESIDENTIAL SECTOR

Although the needs of the lowRESIDENTIAL income sector remainSECTOR at the forefront of Government thinking, there has been Although thebyneeds of the low-income little movement the private sector atthis theissue. forefront ofprices, Government thinking on High land the lack been little movement by the of infrastructure in remote areas andprivate sec issue.

High land prices, theitlack of infr high building costs continue to make remote areas high building costs c difficult to meet theand price-sensitivity of make it difficult meet the the market and as a to result, focus hasprice-sensit market and as a result, focus has turne turned to the middle-income sector. middle-income sector.

The Government will be using a substantial portion of the USD10 billion aid package that it has been promised, The Government will be using a substa to housingbillion and infrastructure ofaddress the US$10 aid package that i issues, simultaneously meeting the and infra promised, to address housing most pressing needs of its people and issues, simultaneously meeting the mos stimulating needs ofthe itseconomy. people and stimulating the In the absence of a permanent housing Bahrainis themselves are often unable relatively expensive mortgage finance t 17 long dem Gulf Insider August currently available and2012 have dislike for apartments as anything mor temporary solution. In the absence of housing solution for Bahrainis at the lo

BD

300

200

Bahrain Real Estate 100 Q2 2008

Q2 2009

Q2 2010

Q2 2011

Q2 2012 Source: CBRE

Standard 3 Bed Compound Villa Rates – Q1 2008 to Q1 2012 1,400 1,200

BD/Unit/pm

1,000 800 600 400 200 Q2 2008

Q2 2009

Q2 2010

Q2 2011

Q2 2012 Source: CBRE

There is a general sense that the real estate sector in the Kingdom is close to turning the corner of this economic cycle.

Industrial/Logistics

Land and pre-built units within the Hidd industrial areas are generally leasing extremely well as Bahrain further establishes itself as a major logistics hub in the region.

The three free zones listed earlier in this MarketView together with Bahrain Logistics Zone, are all benefitting from the proactive efforts of the Economic Development Board and the Bahrain International Investment Park, both of which are actively promoting and encouraging inward investment for businesses to set up in the Kingdom.

18

Rental rates for pre-built light industrial and warehouse units currently range between BD2 and BD4/m²/per month including service charges. Land for construction of bespoke facilities is available at 500 fils/m²/per annum on 30 year leases, and work permit regulations are favourably disposed towards the needs of2012 manufacturing and logistic businesses Gulf Insider August currently being established in these locations.

The Government will be using a substa of the US$10 billion aid package that i promised, to address housing and infra issues, simultaneously meeting the mos needs of its people and stimulating the

Bahrainis themselves are often unable relatively expensive mortgage finance t solution for Bahrainis at the lower end long dem currently available and have of the income spectrum, the rental dislikeforfor apartments as anything mor market relatively small, inexpensive apartments remains strong. In the absence of temporary solution.

The law with respect to rental payment housing solution for Bahrainis at the lo default is somewhat ambiguous which the income the rental marke means that in spectrum, many cases landlords would rather rent property apartments to expatriates remains small, inexpensive

than Bahraini families, which could be addressed by new legislation.

Price-sensitive, middle - income Similar to Saudi Arabia, the law with re housing projects have been initiated to rental payment default is somewhat am address the needs of a largely forgotten which ofmeans that in which manyhas cases landlo section the population been getting with building its own rather rentonproperty to expatriates than homes in recent years on plots of land families. either boughtOf or course, inherited, this and only third serves to party finance. the housing problem for Bahrainis but Masterplanned projects have also addressed by legislation at a stroke. partially revised their schemes to attract this group to the initial phases of their projects as they havehousehold steady incomes, Birth rates and sizes are red access to finance and some mobility Bahrain which will, in time, make apar within the Kingdom.

more palatable for Bahrainis of all age Industrial/Logistics current climate, apartments continue to Land and pre-built units within the only a temporary solution.

Hidd industrial areas are generally

leasing extremely well as Bahrain further establishes itself as a middle-income major logistics hub housing Price-sensitive, in the region. been initiated to address The three free zones together the with needs of a Bahrain Logistics Zone, are all benefitting forgotten section of the population whi from the proactive efforts of the getting on with building its own homes Economic Development Board and the years on plots ofInvestment land either Bahrain International Park,bought or both whichparty are actively promoting andofthird finance.

Masterplanne and encouraging inward investment for have also partially businesses to set up in therevised Kingdom. their scheme Rental rates for pre-built light of their this group to the initial phases industrial and warehouse units currently they have steady incomes, access to fin range between BD2 and BD4/m²/per someincluding mobility within the Kingdom. month service charges.

Land for construction of bespoke facilities is available at BD0.5/m²/per annum on 30 Sales to expatriates investor/specu year leases, and work permitand regulations are favourably disposed towards minimal at the moment but may well b manufacturing and inthetheneeds near offuture by the perception tha logistic businesses currently being Kingdomin has housing needs a established thesepressing locations. GFI

variety of sectors and locations, and cu in the c

Report prepared by the CBRE Bahrain may well represent Research Team.

For full good version value visit www.cbre.eu/portal/pls/portal/res_rep. future movements. show_report?report_id=1899

There are of course, still a number of s that are problematic for buyers who ar receive a home but refinancing and leg are still being sought in difficult market

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Celebrate the Holy Month of Ramadan with us at

Khaymat Al Noor Ramadaan Kareem ! Join us for Iftaar, Gabgaa and Suhour in a very traditional Arabic Ambiance at the Kingdom’s most impressive location set against the shores of the Blue Arabian Bay.

Oriental Entertainment Hotspot at Elite Crystal Traditional Mesmerising Eastern Oud Music, entertaining games, choice of flavoured Sheesha and daily prizes.

Special Deals for Ghabga

S

tarting on the first day of Eid, Elite Crystal Hotel’s muchawaited Awtar venue in Juffair is set bring an authentic oriental atmosphere to Bahrain’s night life.

Awtar features live Arabic music and entertainment complemented with a rich selection of drinks and mouthwatering food.

Awtar endeavours to mesmerize

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Prizes with Drawits authentic oriental your senses atmosphere, inspired by the décor, detailed design, unique live music, the sound and lights, and the authenticity of the food – a complete experience of the Oriental Charm.

With a view for everyone, the stage and dance floor, complete with state-ofthe-art audio and visual enhancements, showcases the true essence of Arabia.

Awtar will host live performances, VIP

seating, and a host of other facilities and amenities including food and beverages.

Starting on the first day of Eid Al-Fitr, Awtar will welcome guests every day from 6pm to 2am. GFI

Bookings may be made through Elite Crystal Hotel, Tel. +973 1736 0360 or with Awtar Guest Relations Manager on +973 3433 3222. Follow them on Twitter and Facebook: AwtarBahrain

Trans Middle East Bahrain Exhibition & Conference

T

rans Middle East is the biggest annual container ports, shipping and logistics trade exhibition and conference in the Middle East.

The 8th Trans Middle East 2012 Exhibition and Conference will take place in the Kingdom of Bahrain generously hosted by the General Organisation of Seaports Bahrain at the Gulf International Convention and Exhibition Centre, Bahrain on Tuesday 20th to Wednesday 21st November 2012 attracting 500 international sea freight conference delegates.

20

Gulf Insider August 2012

Over the two days of the exhibition, more than 80 international companies will provide an ideal marketing platform to promote your products and services to a dedicated target audience of senior executive conference delegates from Europe, the Middle East and Africa (EMEA).

The concurrent two day conference will feature 30 world-class senior executive level speakers highlighting latest issues effecting the development of cargo shipping and transport logistics throughout Europe, the Middle East and Africa as well as latest developments

in cargo shipping; direct connections to main and feeder air and sea ports worldwide and the application of rail and road as part of the intermodal logistics chain.

You are invited to reserve your first choice of exhibition booth and to register a delegation to attend the two day Conference Programme. GFI

For more information visit www.transportevents.com

Government Bahrain eGovernment

National eGovernment Strategy 2016 Gulf Insider interviews CEO Mohammed Ali Al Qaed on the initiative.

T

he eGov 2016 strategy follows a structured and holistic approach to achieve eight strategic objectives that cater to the needs and preferences of various stakeholder groups. Stakeholders include the Government in the form of government entities and employees; Individuals, that is citizens, residents and visitors; and businesses including small, medium and large enterprises and business employees.

Mr Al Qaed, outlines three main ways in which stakeholders will benefit from the initiative, the first being through training and enablement. â&#x20AC;&#x153;We are forecasting that human capital and eLiteracy will be improved in the Kingdom through measures to annually train 5,000 nationals in IT and eGovernment foundational topics along with 150 employees in eGovernment specialized disciplinesâ&#x20AC;? he explained. For individuals, Mr Al Qaed cited time saving as a significant benefit, as a result of more online facilities and ease of operation reducing the need for physical trips to the ministries. Thirdly, across all stakeholders, increased transparency will be a significant benefit of the improved systems, reducing the incidence of human error and increasing equality in treatment.

To make the service as useful and efficient as possible, customer engagement and eParticipation is crucial and given particular focus in the strategies. Clients will participate in shaping eServices and will be allowed to voice their opinions and preferences. Further, services will proactively cater to the needs of customers and

22

Gulf Insider August 2012

Building on a strong foundation from the previous period 2007-2010, the new eGovernment strategy 2016 aims for an ambitious yet achievable target.

A set of key strategic objectives have been developed targeting various stakeholder groups and catering their needs and preferences.

Bahrain eGovernment Government

businesses. Looking to the future, it is planned that 40 new eServices will be deployed annually, and all government service information will be made available online and via 10 new mobile applications every year.

In line with the Economic Vision 2030, the Authority’s strategic objectives comprise many aspects from creating the best-of-class ICT platforms, to upgrading the skills of human capital, stimulating interest in the delivery of eServices among the public-sector service (called Owners), and generating demand for the eServices. In addition, the eGov Authority is jointly working with private-sector entities to finance and support initiatives which promote economic prosperity and create high-quality jobs. Plus, “we support the private sector by co-organizing and bringing major international ICT events to the country, and organise local as well as regional events” Mr Al Qaed pointed out.

One of the key factors in the success of the initiative, is that the objectives should be clear to everyone in the country.

Each objective has Key Performance Indicators, and these are published in the strategy booklet, available to all. Mr Al Qaed stresses the importance of setting such indicators at the 

Strategic Objectives

 Increase Society Participation and Engagement  Increase Partnerships and Private Sector ICT Readiness  Improve National eLiteracy and Government IT Skills  Heightened Protection of Information and User Rights  Higher Performing, Collaborative, Integrated, and Efficient Government  Comprehensive and Effectively Managed Quality Service Offering  Enhance eGov Channels and User Experience with Increased Service Uptake  Greater Innovation and Entrepreneurship Gulf Insider August 2012

23

Government Bahrain eGovernment

eGOVERNMENT KEY PERFORMANCE INDICATORS Each strategic objective is broken down into a set of Key Performance Indicators (KPI) with a projected target realisation period for each. Below are the KPIs for key objectives to be achieved by 2014

eGovernment Key Performance Indicators Objective

KPI

Framework Dimension

eGov program awareness increased to 90% Increased Society 50% of government entities interacting with Participation and clients on a weekly basis through social networks Engagement (twitter, facebook page, blog, etc.)

E

Increased Partnerships and Private Sector ICT Readiness

2 new eGov partnerships in place

E

2 new initiatives triggered annually from international partnerships

E

Improved National eLiteracy and Government IT Skills

150 Government employees trained on eGov specialised disciplines annually

R

5000 nationals trained on IT / eGov foundational topics annually

R

Heightened Protection of Information and User Rights

Information and privacy protection policies implemented at 10 Government entities

R

National authentication framework fully implemented

R

2 Government-wide systems implemented

R

3 eGov related toolkits developed

R

1 Consolidated services factbook in place

U

All Government services information available online

U

40 eServices deployed annually

U

10 new mobile apps developed for top three mobile application stores annually

U

3 eGov channels significantly upgraded and integrated

U

10% of all transaction services (payment and two way interaction) to have an uptake of 100%

U

All transaction services (payment and two way interaction) to have a growth of at least 10% in uptake on an annual basis

U

20 additional services delivered through the National Contact Centre annually

U

Customer satisfaction index levels maintained over 80%

E

3 eGov related projects seed funded at BHD20,000 per project annually

E

5 Apps developed based on open data

U

Higher Performing, Collaborative, Integrated, and Efficient Government

Comprehensive and Effectively Managed Quality Service Offering

Enhanced eGov Channels and User Experience with Increased Service Uptake

Greater Innovation and Entrepreneurship

E

KPIs for Key Objectives Presented Across the ERU (Environment, Readiness, Usage) Framework KPIs for KeyDimensions Objectives Presented Across the ERU Framework Dimensions 24

Gulf Insider August 2012

right level, “each has to be challenging, but achievable, and with 8 objectives and 21 KPIs, that was a challenging job.

The list we have come up with is very comprehensive,” he said.

The UN are the main international body who regulate and provide a benchmark, and in the recent UN eGov readiness report Bahrain was ranked 7th worldwide in eServices delivery one up on the 2010 placement of 8th.

Regional benchmarking is also important Mr Al Qaed said, “Within the GCC countries, all country governments have their strengths and their weaknesseswe can learn from the strengths of each country.”

Reflecting on the achievements of the eGov initiative so far, Mr Al Qaed is most proud of the successful engagement of all stakeholders. He further comments that, “Instead of dictating or imposing, we are enablers of ministries. We listen to them and have gained their respect,” and this is something he sees as a great strength of the program. GFI

Developing Public-PrivatePartnerships in the ICT field Public Private Partnerships (PPPs) are a cornerstone of our new vision.

We see great benefits for the citizens, businesses and the public sector.

We intend to follow a systematic approach of identifying potential eGovernment project opportunities for PPPs, analyse and structure such projects to become viable PPPs, followed by the regulated procurement cycle of the Tender Board.

For instance, eGA had signed an agreement with Merchants company in order to establish Silah Gulf, which provides comprehensive services for our National Contact Center that accommodates all ministries, governmental entities and private sectors on local and regional levels, on a 24-hour basis. eGA has also signed an agreement with (LGCNS) a Korean company to execute a project developing commercial license issuance, (eInvestor).

Western Pessimism Arab Spring

Western Pessimism Over Arab Spring’s Impact Increasing

W

estern opinion influencers are less optimistic than they were a year ago about the political and economic impact of current events in the Arab world, according to the findings of a tracking poll conducted by APCO Insight®, the global opinion research group of consulting firm APCO Worldwide.

Those surveyed agree that the events known as the Arab Spring continue to affect the region. In fact, 80 per cent continue to regard the Arab Spring as a Pan-Arab movement rather than the result of isolated circumstances in individual countries. But the tracking poll shows a shift on how events in the region are being assessed in the West.

“Our survey in 2011 indicated that the success of the Arab Spring would be measured by government progress on democratic values,” said Mamoon Sbeih, managing director of APCO Worldwide in the Arab region. “New findings show that opinion in the United States and Europe is changing and that confidence in the Arab world is now largely influenced by the reactions of citizens to their new governments.”

U n fo r tu n a t e l y, s u s t a i n e d violence and strife, coupled

with a partial transition to democracy, is creating pessimism among Western opinion influencers, a perception that may adversely affect the region’s investment climate. Compared to 2011, this year’s tracking poll found that more Western opinion leaders believe the Arab Spring will affect the investment climate, with a majority believing the financial impact of regional transformation will be negative.

“Westerners are now looking at investment scenarios, wondering if the turmoil is going to continue,” said Sbeih.

“While there are a few bright spots in the region, overall impressions are bleaker than they were at the height of the unrest. This increased negativity can be linked to broader political concerns about what types of government will emerge and whether or not they will welcome Western investment.”

Arab media outlets continue to help define the Arab Spring for Westerners, reaching more opinion leaders today than in 2011. However, perceptions of Arab media coverage have shifted – the number of opinion leaders in the West who believe that the Arab media will be less open and free has nearly doubled – increasing from 17 per cent to 31 per cent in 2012.

The media’s portrayal of Arab citizens

also experienced a downward trend since 2011. Sixty-eight per cent of opinion leaders in 2011 believed that citizens were portrayed positively during events of the Arab Spring; 51 per cent consider the portrayal positive in 2012.

In the aftermath of the Arab Spring, Western opinion influencers have lowered expectations for Arab society.

In 2011, nearly all of the opinion leaders surveyed held views of Arab society that were more favorable or neutral.

The most recent results show that 16 per cent of opinion leaders now have a less favorable view of Arab society.

“This pessimism may influence concerns about how future governments will deal with Arab media and their citizens,” said Sbeih. GFI

Western opinion leaders believe the Arab Spring will affect the investment climate.

Gulf Insider August 2012

25

Government Economic Development Board

Last year EDB brought in more than BD300 million in investments.

Investing in Bahrain Bahrain Economic Development Board The Bahrain EDB is a dynamic public agency with overall responsibility for attracting inward investment into Bahrain and supporting initiatives that help enhance the investment climate in the country.

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Gulf Insider August 2012

Vivian Jamal, Business Development Director

Economic Development Board Government

V

ivian Jamal, Director of Business Development at the Bahrain Economic Development Board explains how the organisation has ensured that prospective investors are aware of the kingdom’s unique attributes in a competitive FDI marketplace.

A core function of the EDB is to directly attract new businesses to the region by promoting Bahrain. This is achieved in a number of ways; through road shows, seminars and networking events to engage with businesses and business chambers, and through direct sales pitches. Vivian explains that sales pitches are targeted at specific companies in certain markets, outlining the reasons it would be beneficial for them to come to the Middle East, and more specifically to Bahrain, “To get to the point of giving a pitch we have generally gone through a number of phases - compiling information and talking to the right people beforehand to ensure that we understand their needs and can clearly show how Bahrain can meet them.”

This research allows the EDB’s business development team to maximize every opportunity, identifying targets that are not only of high value, but who are also likely to be receptive to the approach and attributes Bahrain offers. “Once we ‘get in the door’ and have that conversation, the clients are usually quite interested.

At this stage, we organise a site visit, and by this point, between 70 and 80% decide to invest in Bahrain” she said.

Providing an upbeat assessment, Ms Jamal recognizes that economically 2011 was a challenging period for Bahrain, but points out that the economy continued to grow, while events in Bahrain have not eclipsed the extensive advantages of doing business in the kingdom.

As she explains, “the economy has demonstrated its resilience and its fundamentals continue to make the

The economy has demonstrated its resilience and its fundamentals continue to make the kingdom an attractive destination for investors. kingdom an attractive destination for investors.”

In the context of unrest, Vivian is keen to stress that last year no companies pulled out of negotiations. In fact, during this time, EDB brought in more than USD300 million in investments, she highlighted, with 20 new companies establishing operations, including BASF, Swiss asset managers Notz Stucki; Canara Bank and JBF Industries from India, and global law firm DLA Piper.

Ms Jamal emphasised that Bahrain EDBs investor-facilitation service benefits first-time investors who are interested in the region and retains those who arrive. This service acts as the first point of contact to the Kingdom.

By understanding the objectives of investors it provides them with information regarding the relevant procedures for setting up business, and helping them form a network of contacts in Bahrain. For companies investing here, this removes the hassle of issues and problems in dealing with paperwork, commercial registration and the physical aspects (such as facilities resources) that are necessary for a company to set up, including supporting employees moving to the country and working with partners such as Tamkeen (Bahrain’s labour fund) to support the hiring of Bahraini nationals.

Once companies are established, the EDB strives to ensure that relevant processes run smoothly and it periodically meets with international companies in different sectors to discuss any concerns

and or perceived impediments to growth.

These are then fed back into the system to be addressed where applicable, thereby supporting the ongoing process of economic reform in Bahrain and keeping the kingdom at the forefront of FDI in the GCC.

Benefits of locating business in Bahrain:

• Bahrain is the most established

of the GCC’s business hubs, with a tried and trusted regulatory system – it is ranked the most liberal business environment in the Middle East • It serves as a great launch pad for other markets in the region, particularly Saudi Arabia.

• Unlike other markets in the Gulf that can be ‘discretionary’, in Bahrain, you can retain 100% foreign ownership and benefit from the region’s lowest taxes in addition to freely repatriating capital, profits and dividends.

• Taxation is transparent and clear, set on an equivalent level to local companies with no discrimination • Bahrain has a highly skilled workforce. Of the 14,000 people employed in the kingdom’s financial sector, two thirds are Bahraini GFI

Gulf Insider August 2012

27

GCC Retail Sector

Global Retail Development

Strength in GCC Retail The GCC is firmly established as attractive target for retailers in global index after securing four spots in the top 20 rankings.

A

.T. Kearney’s 2012 index of top ranked emerging markets for global retail expansion confirms continued strength of the retail sector in the GCC, now with another top ten entry. In the twelth Global Retail Development Index (GRDI), four GCC countries rank in the top 20 - U.A.E. (#7), new entrant Oman (#8), Kuwait (#12), and Saudi Arabia (#14).

Globally Brazil retains the #1 position for the second year in a row and as Chile (#2) and China (#3) climb, India (#5) drops down one place, according to A.T. Kearney, a global management consultancy.

“We are seeing GCC retailers grow exponentially. Some have reached their 100th store opening milestone in a third of the time compared to developed markets and some are experiencing growth rates 3-4 times faster than their mature peers − we call it hyperspeed evolution,” said Dr. Martin Fabel, Partner and head of Consumer Industry and Retail Practice, A. T. Kearney Middle East.

UAE

The UAE’s upward move on the index, from #8 to #7, reflects strong consumer confidence and increasing retail sales of over 5 per cent. Tourism has always been an important retail growth factor for the UAE and while the Arab Spring and global economic slowdown is taking its toll on some markets, the country has enjoyed

28

Gulf Insider August 2012

strong visitor number levels, along with its reputation as a safe and welcoming nation, accepted by both tourists and investors alike.

Dubai Mall is the world’s most-visited shopping and leisure destination. With over 54 million visitors (up 15 per cent from 2010) and a 35 per cent increase in average sales, the one-million square foot expansion plan reflects growing interest by international retailers. Similarly, Mall of the Emirates, the country’s second largest Mall, had its best performance in 2011 since its founding in 1992. While the big-format is still dominant, convenience formats are becoming more popular in the UAE. Nevertheless, the report says that while convenience formats present growth paths for retailers looking to expand their local footprint, large hypermarkets continue to announce plans for neighborhood store expansion across the Gulf region.

Oman

Oman, makes it first time appearance in the GRDI ranking in the top ten.

Highlighted in the global study as a “small gem”, Oman represents an attractive destination for global retailers, particularly for specialty and luxury players. Although small in terms of total retail market size its strong fundamentals and concentrated wealth represent appeal to retailers seeking first mover advantage in fast-growing markets.

The high-level entry ranking reflects its

Dubai Mall is the world’s mostvisited shopping and leisure destination. With over 54 million visitors and a 35 per cent increase in average sales.

Retail Sector GCC

Dubai Mall growing mass grocery, electronic and luxury goods segments.

kuwait

Kuwait’s concentrated urbanization– 98 per cent of citizens living in cities–demonstrates a strong loyal luxury fashion consumer set. The country’s projected retail sales increase of USD4 billion from 2011 to 2015 is indicative of the growing interest by new international brands.

The Avenues Mall is Kuwait’s largest shopping centre featuring the largest number of international brands in the country with two new malls in the pipeline including; 360 Kuwait with over 800,000 square feet of retail space, and Mall of Kuwait with over 1.6 million square feet. Hypermarket

activity is also increasing, with a 7.5 per cent increase in sales in the past year, backed by increasing youth spend on consumer electronics.

saudi arabia

Saudi Arabia’s strong fundamentals of rising GDP, population growth and increased government spending solidifies its position in the top 20 maintaining its standing as among the largest and most attractive markets in the Middle East. Several international brands have announced expansion plans to capture the anticipated increase in Saudi consumer spend in parallel with the government stimulus plan to inject about USD110 billion into the economy over the next five years.

According to the study, retailers

across the Middle East region are turning to private labels as they increase focus on bottom-line growth.

Today private labels account for ten per cent of sales, up from three per cent three years ago. The region is also witnessing a spread and increased uptake of e-commerce as trust in on-line payment increases and competency in logistics channels improve. The growth of discount voucher websites signifies retailers leveraging the sentiment change in on-line spending behaviour.

This mirrors the global trend of overall e-commerce growth outpacing physical retail in many markets providing retailers a great tool to test the market, learn about consumers and brand build without significant capital investment. GFI Gulf Insider August 2012

29

London Real Estate

LONDON: foreigners buying up

â&#x20AC;&#x2DC;Primeâ&#x20AC;&#x2122; Real Estate

A

new World in London report from international real estate adviser, Savills examines the importance of international buyers in both the resale and new development markets of this global city.

London, where 35 per cent of residents were born overseas, continues

30

Gulf Insider August 2012

evolve as its population becomes ever more diverse. The value of prime London residential stock rose by GBP21 billion in the year to the end of June 2012, although at a slower rate than in previous quarters, as international home buyer and safe haven investor confidence in the UK capital continued.

Homes â&#x20AC;&#x201C; not just safe deposits

Latest estimates from Savills research put the net inflow of international cash into prime London at over GBP18 billion since 2007. In the past 18 months international buyers have increased their

Real Estate London

Russians, Italians and French are the top three net investors, while Chinese buyers stand out as a growing group.

Prime London buyer activity by global region 2011/12 REGION

Market share Av spend Market share Av spend (volume) prime resale market prime London new build London resale new homes

UK 66%

£1.7m

41% £1.7m

W Europe (incl Nordic) 15%

£2.3m

20% £2.4m

E Europe and the CIS

5%

£5.7m

15% £7.2m

N Africa & Middle East

2%

£4.4m

7% £1.6m

Africa

2%

£3.3m

1% £3.4m

China & Pacific Asia

5%

£3.1m

5% £5.1m

S Asian sub-continent

2%

£1.6m

6% £1.5m

N America

2%

£3.7m

4% £0.9m

Latin America

1%

£2.7m

1% £0.9m

Source Savills Global Research, 5 years to June 2012

• International buyers account for 34% of all sales in prime London, up from 27% in 2007 • T wo-thirds of new development buyers are international •A sian buyers are a significant buying group in the new build sector with 31% market share vs 5% in the resales market • Eastern Europeans are top spenders; average GBP5.7m in resale market, GBP7.2m in new build • International buyers outnumber sellers by 2:1 • UK owners are now the biggest net sellers

spending, accounting for 34 per cent of sales in volume terms and 49 per cent by value, up from 24 per cent and 37 per cent respectively in 2007.

“There are perceptions that international buyers have turned swathes of prime London into dormitory areas, but our research explodes this myth,” says Yolande Barnes, head of Savills residential research. “The majority of overseas buyers are seeking homes rather than pure investments. Two-thirds of international buyers in the resales market live and work in London and are acquiring their primary residence. In prime central London the figure is just under half (46%), in prime south west London 83 per cent and prime north London 79 per cent.”

Overseas buyers are especially important to the (relatively small) new development market. They now account for 65 per cent of new build sales across prime London, rising to 70 per cent in prime central locations and 78 per cent for new build properties over GBP5 million.

“This buying provides much-needed certainty on funding for new schemes and often supplies new rental stock in all price brackets as 53 per cent of buyers are landlords. In short, this means that the majority of properties acquired are occupied full time by tenants,” says Barnes.

International owners are buying more than they sell

The result is that international buyers have become net investors, with international buyers outnumbering international sellers by a factor of nearly two to one. Russians, Italians and French are the top three net investors, while Chinese buyers stand out as a growing group, now the 4th largest net purchasing group but almost entirely concentrated in new build properties.

UK buyers were the largest net sellers by volume, with 1.2 UK sellers for every UK buyer in the past 18 months, while Irish, Swedish and North American owners are the top international net sellers. This in part reflects the maturity of these national groups in the London market, and occupiers from these countries are well established and regularly sell as well as buy.

“The globalisation of London is not a new phenomenon,” says Yolande Barnes, head of Savills residential research. “We expect the proportion of prime overseas buyers to continue to fluctuate between 25 per cent and 40 per cent according to market, currency and global conditions, but they will without any doubt remain an important market force.” GFI

Gulf Insider August 2012

31

Internet Personal Usage

The increasing use of nonbusiness related applications, accounts for significant percentage of bandwidth utilisation.

Employee Personal Internet Activity Key to Low Bandwidth and Poor Internet Performance 32

Gulf Insider August 2012

Personal Usage Internet

T

he widespread usage of corporate internet facilities for the non-business related purposes is fast becoming a major concern for organisations in the Middle East. Nicolai Solling, Director of Technology Services at help AG, referencing a recent internet usage behaviour report from Palo Alto, the next-generation security and vendor partner of help AG, has stressed the need for enterprises to gain visibility into their employees’ online activities as nearly one-third of every dollar spent on bandwidth is supporting either streaming media or filesharing when viewed in terms of budget dollars.

“Because organisations do not have the right infrastructure and policies in place to control how their employees use the corporate internet, they have exposed themselves not only to the loss of productivity but also to a myriad of online threats. At a time when we do in fact have the technologies available to grant a very high level of visibility and control over the usage behaviour, organisations cannot choose to simply turn a blind eye. The business impact of such unregulated usage is far too severe to be left unaddressed,” said Solling.

Palo Alto Networks bi-annual Application Usage and Risk Report assessed the raw application traffic from 2,036 organisations worldwide between November 2011 and May

2012 and focused on three primary findings:

• Streaming video bandwidth consumption increases by more than 300 per cent. (covering the April to November 2011 time period).

Total bandwidth consumed by streaming video tripled to 13 per cent and now represents a more significant infrastructure challenge to organisations. Furthermore, an average of 34 different streaming media applications were found on 97 per cent of participating organisations’ networks. This included an increase in the use of streaming video services such as YouTube and Netflix in North America, as well as an increase in the use of P2P video streaming network PPStream in the Asia-Pacific region.

• P2P filesharing bandwidth consumption skyrockets.

P2P filesharing bandwidth consumption jumped 700 per cent to represent 14 per cent of overall bandwidth observed, growing more than any other application category. Overall, an average of seven different P2P filesharing applications were found on 89 per cent of networks worldwide. While not as bandwidth-intensive as P2P, browser-based filesharing applications were more common. An average of 13 browser-based filesharing variants

Organisations in the region tend to address the problem of poor network performance through the purchase of additional bandwidth. were detected on 89 per cent of the participating organisations’ networks.

Despite the takedown of popular filesharing site MegaUpload in January 2012, browser-based filesharing held steady at roughly one per cent of overall bandwidth at organisations worldwide.

• Social networking continues to define itself and newer players see growth. Tumblr and Pinterest both were notable over the last six-month period for gaining traction in terms of frequency and volume of use, despite the continued dominance that both Facebook and Twitter exhibit. At least one social networking application was detected on 97 per cent of the participating organisations, with an average of 29 different social networking applications found in each participating organisation.

Nicolai Solling insists that enterprises need to address the true cause of their network problems. “Organisations in the region tend to address the problem of poor network performance through the purchase of additional bandwidth.

However as the report clearly highlights, it is not the network capacity but the manner in which it is being utilized that the real problem which needs to be addressed. The sooner IT departments define policies around acceptable internet usage the sooner they will be able to regain control of their network infrastructure,” he concluded. GFI The Application Usage and Risk Report (Spring 2012) is available for download at http://www.paloaltonetworks.com/ aur. More information about help AG is available at http://www.helpag.com Gulf Insider August 2012

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Feature Mobile Banking

Mobile Banking

For the Future

By Nidal Abou-Ltaif VP of Emerging Regions, Avaya

A

side from the woeful economic climate, the financial services sector is facing some of its toughest trading conditions ever. It would appear that customers have become simultaneously less loyal and more demanding. Independent research from Avaya and BT conducted in early 2012 shows that one in two consumers believe loyalty to banks is a thing of the past, while at the same time they want seamless customer service through a range of ever-changing channels. According to the research, the average consumer uses nearly three different channels just to buy one financial product.

One of the fastest growing channels that customers are keen to use when dealing with financial services companies is mobile: Avaya and BT’s research shows that more than half of EMEA consumers use a smartphone and nearly a quarter of them have already tried mobile banking. What’s more, an astounding 60 per cent want to receive smart, proactive, messages from their bank.

These figures suggest that with more mobile phones than people on the planet, the demand for mobile banking and, by extension, mobile customer service, is only set to increase.

So, whatever an organisation’s strategy for keeping and satisfying customers, mobile needs to play a big part.

While this is a huge opportunity for financial institutions to engage with customers anytime, anywhere, any place, it is also a big ‘break’ for the IT channel – a chance to strengthen and expand relationships with financial services organisations.

Where mobile is concerned, not only are resellers critical in terms of supplying the necessary infrastructure that supports the mobile phenomenon but also in integrating new mobile technologies into existing IT and customer service environments.

An important consideration for a financial services company looking to embrace all that mobility has to offer, is the highly competitive and strictly regulated marketplace in which it operates. Consequently, any channel partner that has the expertise to be able to recommend solutions that will 34

Gulf Insider August 2012

Mobile banking creates both time and cost savings for customers and banks.

Mobile Banking Feature

boost customer service and satisfaction, and drive competitive advantage, within these constraints, will immediately be sought out.

Mobile technology

Another key consideration for financial services companies is that new mobile technologies come with social as well as technical guidelines. This means that financial institutions will seek out partners that can show they have proven capabilities in delivering a mobile strategy that meets both technological and human requirements. After all, as with any highly competitive marketplace, intense competition creates a fickle consumer base. It is these customers – particularly those from Generation Y who will only increase their spend and therefore their share of revenue – that are pushing for anytime, anywhere, any place mobile access. Yet, it is these very same customers that are more likely to leave if mobile interactions are not pitched correctly.

Additionally, mobile technology is helping savvy resellers gain direct access to the boardroom. Since it’s a technology that customers are clamouring for, senior executives are ready to listen to the business case for mobile. Leading channel partners are using this opportunity to explain the value that their technology solutions – both mobile and beyond – can bring to the C-suite in the language, they as bankers, understand. By this I don’t just mean non-technical, jargon-free language but also clear positioning of the business benefits of mobile technology, like improved customer satisfaction and lower transaction costs. Used correctly, the C-level consultative approach that mobile affords is a great foundation upon which to build discussion around future technologies long after today’s trends have become mainstream.

integration and service

Of course, along with the ability to understand the customer’s vertical landscape, and provide a consultative led approach, resellers must also ‘deliver the goods’. Banks know they cannot afford to be on the back foot when it comes to mobile, yet the speed of consumer

adoption is far faster than most businesses can contemplate.

Organisations need not only to select and purchase the technology, but also to integrate it so they can provide a comprehensive, integrated and consistent service to the consumer.

This is backed up by the Avaya and BT research results showing the average consumer uses nearly three different channels just to buy one financial product. Financial organisations are looking for resellers that can deliver both the immediate benefits of mobile and the long term integration that quality customer relationship management requires. Offering technologies that are based on open standards, such as Session Initiation Protocol (SIP), is one way to achieve this since it can help achieve immediate mobile goals whilst still enabling integration with existing customer service channels and in a time frame that is much more palatable than a bespoke, proprietary integration would require.

mitigating the risk

Mitigating the risk and knock-on costs associated with upgrading to mobile customer service is another crucial concern in the financial services industry. While financial institutions are keen to keep pace with changing consumer demands, large, multi-channel organisations generally do not have the appetite or the budget to overhaul their legacy infrastructure to achieve this goal.

Again, open standards technology can help customers breathe new life into their legacy systems with cutting edge mobile systems, delivering immediate, short term business advantages with steady evolution towards a more costly infrastructure upgrade later on.

Increasingly, financial organisations are looking to their technology partners to provide this type of roadmap for change.

We are also living in the era of big data, and mobile interactions can provide a rich seam of information. Most financial institutions are already aware of the massive potential for consumer data from the mobile channel to enable a much more tailored customer experience.

However, this requires expert back-end integration with business intelligence

applications, so that the data can actually become meaningful and valuable. Savvy channel partners who are already dealing with a customer’s mobile strategy will see this as a natural evolution in their customer engagement programme.

When organisations offer mobility to customers they are, in essence, putting a greater strain – both in terms of traffic and security – on their networks and IT departments. Adequate network monitoring is a key part of any mobile strategy that sometimes financial institutions haven’t thought through fully.

Once again we see resellers collaborating with their vendor partners and stepping up, offering monitoring solutions that as well as being efficacious are easy, perhaps offering IT staff a single view for all monitoring.

One of the fastest growing channels that customers are keen to use when dealing with financial services companies is mobile.

With the current economic uncertainty, banks and other financial institutions are forced to prioritise investments that deliver to the bottom line. Mobile banking creates both time and cost savings for customers and banks alike. Investing in it can make a tangible difference to their business and hence it represents an important opportunity for resellers who can demonstrate they are advisors, not just technology providers. We are still at the beginning of the financial services mobile revolution but we know that each small step is incrementally taking us closer to significant change: it is only a matter of time before mobile phones replace ATMs and credit cards. Channel partners that are able to maximise this opportunity now are likely to gain a key foothold in the market for many years to come. GFI

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WORLD News Summaries of news published by international media Saudi man dies after chase by religious police for loud car radio From Reuters

‘Sharia Harassment’ Plagues Egyptian Women - From Al Monitor Several areas in Egypt are currently witnessing a rise in the phenomenon some are calling “Sharia harassment.” Veiled women, and often men as well, intimidate unveiled women and girls for not wearing clothing in line with the rules of Sharia law.

El-Badil newspaper quoted women and girls who confirmed that they had been harassed and intimidated after the Muslim Brotherhood’s Mohammed Morsi won the presidential elections. …

The newspaper monitored the areas of Saida Zeinab, Saad Zaghloul and Nasiriyah, interviewing veiled and unveiled women.

The newspaper pointed out that veiled women are criticizing other women and young girls for their clothing. Statements such as: “You will end up at home,” “Here’s someone who can make you wear the veil” and “Forget about pants, get ready for the veil,” are common expressions being used against the non-veiled. These girls are also subject to insults and verbal abuse.

Aya Mohammed, a housewife, said that she has heard veiled women tell girls on the metro, “We’ll see if Morsi will let you wear pants again.” For her part, Rania Sayed, a student living in Heliopolis, said that a man intercepted her as she was traveling to Mansoura to see her parents.

“Get ready to wear the niqab. You better pay attention to the street before you are forced to stay at home,” he said.

Nibal Naji, a pharmacist, said that women are most often exposed to harassment in working-class areas….

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JEDDAH, SAUDI ARABIA—A Saudi man was killed and his wife and two children were injured when their car crashed off a bridge while being pursued by religious police in the conservative Islamic kingdom, a spokesman for the religious police said on Monday.

In Saudi Arabia, a monarchy that follows a strict version of Sunni Islam, the religious police patrol the streets to enforce gender segregation and ensure the public behave in accordance with their strict Islamic teachings.

Formally known as the Commission for the Promotion of Virtue and the Prevention of Vice (CPVPV), religious police officers arrest those who do not comply with their rules. In March the commission’s head banned car pursuits, which had led to several fatal accidents.

Family members told Saudi Arabia’s al-Watan newspaper that the chase began when a CPVPV officer confronted Abdulrahman Ahmed al-Ghamdi, 35, and his family while he was returning home from an amusement park in the southern province of al-Baha. They said the loud volume of Ghamdi’s car radio prompted the confrontation.

The car sped off, police in pursuit, and crashed over a bridge, killing Ghamdi. His 9-year-old son is in a coma and his wife had her arm amputated as a result of the accident, al-Watan reported. His younger daughter, 4, was in stable condition in hospital.

Nasser al-Zahrani, a spokesman for the CPVPV in al-Baha confirmed the report.

“There is a committee set up and an investigation ongoing to look into the incident,” he said....

The religious police have been trying to soften their image after gaining the reputation of being aggressive following several fatal accidents, prompting criticism at home and abroad. The decision to ban car chases was not widely accepted by all members of the religious police....

Iran shuts down coffee shops in morality crackdown - From Reuters Iranian police shut down dozens of restaurants and coffee shops over the weekend, Iranian media reported, in a renewed crackdown on what the state sees as immoral and un-Islamic behaviour.

Regular officers and members of the “morality police” raided 87 cafes and restaurants in a single district of the capital Tehran on Saturday and arrested women for flouting the Islamic dress code, according to the Iranian Students’ News Agency ISNA. “These places were shut for not following Islamic values, providing hookah to women, and lacking proper licenses,” said Tehran police official Alireza Mehrabi, according to ISNA. Women are not allowed to smoke hookah, water pipes, in public.

Coffee shop culture has flourished in Iran in recent years, offering wireless Internet, snacks, hot drinks, and a place to hang out for Iranian youth in a country where there are no bars or Western chain restaurants or cafes…

Feature World News

Iranian VP says drought part of “soft war” by West - From NOW Lebanon

Muslim street cleric wants to protect Canadian women from sex assault by forcing them to cover up From the Toronto Sun Canadian laws should be changed to require women to “cover themselves” to prevent sexual assaults, says an Islamic street preacher in Toronto.

Al-Haashim Kamena Atangana, a 33year-old Islamic convert, called for legal change in response to recent sex attacks at York University.

Atangana is connected with a group called Muslim Support Network and is one of a number of street-corner clerics commonly seen at the Yonge and Dundas Sts. Atangana, who plans to distribute his views on paper in the coming weeks, went on to state that “the reason ... a woman gets raped is because of the way she (dresses),” and suggests that “Toronto (become) the first city in North America to introduce laws that would make it illegal for women to dress provocatively.”

If Toronto did this, Atangana said in an interview, other Canadian cities would follow suit.

According to a 2008 report from the Egyptian Center for Women’s Rights, 83% of Egyptian women had experienced some form of sexual harassment or assault at some point. And well, over half of those surveyed around 70% wore veils of some kind, particularly head scarves.

“These results disprove the belief that sexual harassment is linked to the way women dress,” the report states. “This confirms that the stereotypical ideas of a patriarchal culture that blames women even if they are victims, is opposite to reality.”

But Alia Hogben of the Canadian Council of Muslim Women sees things differently: Atangana’s opinions are not as much to do with Islam as much as they reflect a general patriarchal desire among some men to control women…

The drought in southern Iran is part of a “soft war” launched against the Islamic republic by the West, the Fars news agency quoted an Iranian vice president as saying on Monday.

“I am suspicious about the drought in the southern part of the country,” Hassan Mousavi, who also heads Iran’s cultural heritage and tourism organization, said at a ceremony to introduce the nation’s new chief of meteorological department.

“The world arrogance and colonist [term used by Iranian authorities to label the West] are influencing Iran’s climate conditions using technology... The drought is an acute issue and soft war is completely evident...

This level of drought is not normal.”

Iran has experienced several droughts in recent years, especially in the south where it was hit in recent weeks by violent sand storms that engulfed several cities.

Last year, Iranian President Mahmoud Ahmadinejad accused Western countries of devising plans to “cause drought” in Iran, adding that “European countries are using special equipment to force clouds to dump” their water on their continent....

Turkey: Erdogan’s party wants to limit press freedom - From ANSAmed The nationalist Islamic Justice and Development Party (AKP) of Turkish Prime Minister Recep Tayyp Erdogan has presented to Parliament a measure to limit freedom of the press protected under article 28 of the constitution, local media in Ankara reported.

Article 28 presently states that ‘’the press is free and must not be censored’’.

There are however limitations in the name of national security, public order and the republic’s fundamental principles, the Milliyet newspaper noted.

Under the new article proposed by

the AKP to the commission drafting a constitutional reform, freedom of the press can be limited on a number of other accounts including ‘public morality’.

According to Milliyet, the proposal states that ‘freedom of the press can be limited to protect national security, public order, public morality, other individual rights, privacy, to prevent crimes, safeguard impartiality and freedom of the judicial system, to prevent pro-war propaganda, discriminations and hate’.

According to international media associations, some 100 journalists are currently detained in Turkey....

Abu Dhabi bars single men from beach after complaints from families - From the Daily Mail Unaccompanied men are barred from sitting in certain areas of the beach in Abu Dhabi due to protests from beach users.

The decision was taken by Abu Dhabi Municipality after receiving complaints from families and women that men stared, took photographs and bothered people using the beach.

Arif Al Tamimi, a supervisor in the municipality’s community-services division told The National they were also not allowed to sit along the footpath behind it.

However they are allowed in the area’s two free beaches and at the paid Al Sahil beach, as long as they wear proper swimming attire.

Ayesha Mohamed, 21, a Zayed University student, told the newspaper that she did not feel comfortable going to the Abu Dhabi Corniche.

‘There are many teenage boys mocking and provoking everyone, including girls.’

He said security explain the rules to those violating them, but some men ignore them or pretend not to understand.

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News World

26 Indian workers suicide in Bahrain this year - From ITP.com

Mali Islamists destroy tombs at famous Timbuktu mosque From Reuters BAMAKO (Reuters) - Islamist militants destroyed two tombs on Tuesday at the famous 14th century Djingareyber mosque in Timbuktu, classified by UNESCO as a world heritage site, residents said.

About a dozen militants arrived in an armoured four-wheel drive truck, armed with pickaxes and hoes. They fired in the air to intimidate people and started smashing the tombs, said Ibrahim Cisse, who witnessed the scene.

“They blocked the two main roads leading to the mausoleums. When they saw people gathering for a ceremony nearby, they began firing shots in the air,” said another resident, Mahamad ould Ibrahim.

The new destruction comes after attacks last week on other historic and religious landmarks in Timbuktu that UNESCO called “wanton destruction”.

Islamists of the Ansar Dine group say the centuries-old shrines of the local Sufi version of Islam are idolatrous.

Ansar Dine and well-armed allies, including al Qaeda splinter group MUJWA, have hijacked a separatist uprising by local Tuareg MNLA rebels and now control two-thirds of Mali’s desert north, territory that includes the regions of Gao, Kidal and Timbuktu.

They have destroyed at least eight of 16 listed mausoleums in the city, together with a number of tombs and a sacred door at Sidi Yahya mosque, in their campaign to erase traces of what they regard as un-Islamic idolatry....

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Nakheel demands retrial as judge falls asleep - From ITP.com Nakheel, the developer behind the Palm Jumeirah, yesterday demanded a retrial in a USD15.5m (AED 57m) case in the Dubai World Tribunal as it accused one of the judges of falling asleep during legal proceedings, The National reports.

Chief Justice Michael Hwang was accused yesterday by Clifford Chance, the international law firm acting for Nakheel, of nodding off for six minutes at a hearing on May 9th in a dispute between the developer and Shokat Mohammad Dalal, an investor in The World project.

David Thomas QC, barrister for Clifford Chance, argued at the tribunal that anything short of a retrial of the case would “damage” public confidence in the judicial system in Dubai and would be “unfair” to all parties.

Clifford Chance also asserted that the judge had been drowsy for about 40 minutes leading up to the period he was asleep.

Sir Anthony Evans, Chief Justice of the Dubai International Financial Centre Courts and chairman of the Dubai World Tribunal, conceded that there had been a “breach of duty” and that Judge Hwang had been asleep. […] The case involves a dispute over the deposit for a purchase of three islands on The World project.

Dalal paid USD15.5m (AED 57m) to Nakheel to reserve the islands, but claims the developer did not put in place the promised infrastructure, such as sewerage, desalination facilities, utilities and workmen’s access to the island, and is therefore asking for his money back.

Nakheel, on the other hand, claims that a deal had been made and Dalal is required to continue a payment plan for the islands as they have been reserved and taken off the market.

A judgment on this case still has to be made by the tribunal, but a date was not set yesterday for a judgment hearing.

Pasupathi Mariappan, 33, originally from Tamil Nadu in South India, became the twenty-sixth Indian expat to commit suicide in Bahrain this year, according to the International Business Times.

The blacksmith who worked at Manamabased construction giant Nass Contracting Company, a subsidiary of the Nass Corporation, a wealthy Bahraini company, was found by police three days after he hung himself with a rope from a palm tree in a public garden in Hamad town last month.

More than 100 Indian workers at Nass Corporation have been prevented from returning home because of an unresolved travel ban imposed on them in 2006 over a wage dispute.

“He [Mariappan] was one of many workers stranded in Bahrain after the Nass Group imposed a travel ban on them in 2006,” said a spokesman for the Indian Embassy, which has received complaints from 128 Nass employees.

The workers say that they had to take extra jobs to make ends meet because they were paid just USD119 a month rather than the promised USD265.

Nass also lodged a grievance against them for not showing up at work, and a court then ordered the employees to pay fines ranging from USD1,061 to USD1,591 for heaping losses on the firm by violating their contracts.

Disgruntled, many of the workers left the company and only realized that they were impeded by a travel ban when they attempted to leave Bahrain in 2010, during an amnesty for illegal workers.

Feature World News

previously confirmed. Commercial security researchers reported last week that Flame contained some of the same code as Stuxnet. Experts described the overlap as DNA-like evidence that the two sets of malware were parallel projects run by the same entity....

Saudi Arabia considers law against insulting Islam - From Reuters

U.S., Israel developed Flame computer virus to slow Iranian nuclear efforts, officials say - From the Washington Post The United States and Israel jointly developed a sophisticated computer virus nicknamed Flame that collected intelligence in preparation for cyber-sabotage aimed at slowing Iran’s ability to develop a nuclear weapon, according to Western officials with knowledge of the effort.

The massive piece of malware secretly mapped and monitored Iran’s computer networks, sending back a steady stream of intelligence to prepare for a cyber¬warfare campaign, according to the officials.

The effort, involving the National Security Agency, the CIA and Israel’s military, has included the use of destructive software such as the Stuxnet virus to cause malfunctions in Iran’s nuclear-enrichment equipment.

The emerging details about Flame provide new clues to what is thought to be the first sustained campaign of cyber-sabotage against an adversary of the United States.

“This is about preparing the battlefield for another type of covert action,” said one former high-ranking U.S. intelligence official, who added that Flame and Stuxnet were elements of a broader assault that continues today. “Cyber-collection against the Iranian program is way further down the road than this.”

Flame came to light last month after Iran detected a series of cyberattacks on its oil industry. The disruption was directed

by Israel in a unilateral operation that apparently caught its American partners off guard, according to several U.S. and Western officials who spoke on the condition of anonymity.

There has been speculation that Washington had a role in developing Flame, but the collaboration on the virus between the United States and Israel has not been

(Reuters) - Saudi Arabia is studying new regulations to criminalise insulting Islam, including in social media, and the law could carry heavy penalties, a Saudi paper said on Sunday.

The potential regulations come five months after a Saudi blogger and columnist Hamza Kashgari, 23, was arrested for tweeting comments deemed as insulting the Prophet Mohammad. Kashgari said there were things he liked and disliked about him.

“Within the next two months the Shura Council will reveal the outcome of study on the regulations to combat the criticism of the basic tenets of Islamic sharia,” unnamed sources with knowledge of the matter told al-Watan, adding that there could be “severe punishments” for violators.

A spokesman from the Shura Council, the governments all-appointed consultative body, did not respond to calls for comment.

Kuwaiti defies hotel security to kiss wife - From Emirates 247 A Kuwaiti man defied an army of security men at a five-star hotel in the oilrich Gulf emirate to finish a long kissing session with his wife in the main hall.

A visitor to the hotel in Kuwait City shouted to the security men when he saw the man was engaged in an “obscene act” with his wife in the hotel lobby, the Kuwaiti Arabic language daily Alanba said.

“Many security men came to the Kuwaiti and asked him to stop the kiss and leave the hotel,” the paper said.

“The man got mad and screamed at them, saying ‘this is my wife.. My pleasure,” he then continued kissing before leaving the hotel,” the report stated.

The paper said the hotel management reported the man to the police and provided them with his car number.

TunisAir suspends serving alcohol on flights during Ramadan - By Monzer Beldiafi for Al Arabiya In the first initiative of its kind, the Tunisian flag carrier Tunis Air decided to ban offering alcohol in its flights during the Muslim holy month of Ramadan, stirring anger of liberal activists who accused the government of Islamizing the country by force.

The decision was slammed by several Tunis Air senior employees as well as owners of hotels and travel agencies who complain of the negative impact the ban is bound to have on their businesses, especially that Tunisia is frequented by large number of European tourists.

Those working in the tourism sector expressed their concerns over potential future losses in the number of tourists especially that the country was experiencing a boom before Ramadan.

“Hotel occupancy reached 100 per cent in June in Hammamet, Sousse, and the island of Djerba,” al-Habib Ammar, general manager of the Tunisian National Tourist Office, told Al Arabiya.

Ammar added that tourism in Tunisia was regaining its strength following the revolution that toppled the regime of former president Zein al-Abedine bin Ali. “We had expected that tourism will be better this year than before the revolution.”

The ban also infuriated liberal activists who viewed it as an attempt towards the “forced Islamization of the country.”

Through a campaign they launched on social networking websites, those activists also slammed other similar decisions like the closure of restaurants and coffee shops during the day in Ramadan in what they saw as a flagrant violation of personal freedoms.

In the same vein, several restaurants and coffee shops close during Ramadan based on a decision issued by the Ministry of Interior, which was not the case during bin Ali’s secular rule....

Gulf Insider August 2012

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Summer Holiday Professionals

The death of the

Summer Holiday Professionals unable to banish work on vacation, finds recent survey.

W

ho’s sneaking off behind the villa for a secret session with the blackberry? Over half of Middle Eastern workers (57%) will not be relaxing properly this summer holiday, but trying to fit in up to three hours work each day instead of relaxing by the pool or spending time with their families and friends. Amongst these persistent professionals who just can’t switch off, are a hard-core minority of serious workaholics. 24% will work over three hours each day on holiday, neglecting loved ones to feed their work addiction.

These are some of the worrying results of the latest Regus survey canvassing over 16,000 respondents in more than 80 countries.

Not only are Middle Eastern workers taking too much work on holiday, but far too many will be glued to their smartphones and netbooks with 50% declaring that they will still be operating

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Gulf Insider August 2012

on a slightly reduced ‘business as usual’ from the sunbed. So instead of enjoying some free time with their nearest and dearest, they will try to juggle all the stress of work alongside disgruntled partners and disappointed children.

Taking time off from work is not only essential to strengthen bonds and relax, but it can also make the difference between a healthy or a burnt-out frazzled worker. With reports showing that a stressed mind is the perfect breeding ground for more unhealthy anxiety, it’s important that professionals let their hair down once in a while and truly break off from the office.

Joanne Bushell, VP for Middle East and Africa, Regus comments: “Developments in technology mean that workers are always connected and the temptation to check emails and complete any tasks that follow

on from them is easy to succumb to. With smartphones, netbooks and internet connections everywhere it has become very difficult to really switch off, but taking a break and devoting time to rest, family and friends is vital to remain healthy.

“Burning the midnight oil in a usually unsuccessful attempt to work and take an active part in the family holiday can only bring workers ones step closer to burnout and spoils the fun for everyone. Businesses need to urgently look at ways of increasing efficiency and productivity to save their staff from carrying work over into their personal time if they want to ensure that staff remains happy, healthy and productive.

By introducing more flexibility and allowing workers to reduce commute time and work closer to home, businesses can become more efficient leaving workers free to really switch off when they are on holiday.” GFI

Hospitality Hotels

Stephan Kaminski has worked his way from Bell Boy to General Manager. In an interview with Gulf Insider, he outlines his route to the top and tells us what makes Kempinski so great.

reaching the TOP

Kempinski Grand & Ixir Hotel

S

Interview with General Manager Stephan Kaminski 42

Gulf Insider August 2012

tephan has been with Kempinski since 1975, when he started out as a Bell Boy. The subsequent years have seen him rise through the ranks to Demi chef de partie, Restaurant Manager, Food and Beverage Trainee and then Food and Beverage Manager, later becoming Convention and Banquet Manager, Executive Assistant Manager, all the way to General Manager – a position he held in various countries worldwide before taking up his current post here in Bahrain.

As General Manager, Stephan explains “I feel empowered to do the job to the best of my ability and I have freedom to explore entrepreneurial challenges.

What could be better? There is a great deal of trust and mutual respect on both sides.” This is in fact one of the features

of the Kempinski brand that has attracted him for so long and something he has experienced at every tier in the staff hierarchy.

Looking back over his career progression, he pin-points his first job as probably the most enjoyable. “As Bell Boy, I had so much fun, met so many different people, and always had enough cash from the tips in my pocket, to enjoy a good life” he explains. Similarly, the opportunity of living and working in many different countries has also been life enhancing. “Each country has brought me different experiences at different phases of my life and some are defined for personal as well as for professional reasons” he explains. Russia stands out particularly in his memory, “Russia was fascinating, I was there during the spirit

Feature Hotels Hospitality

“The crew are the vital element that allows the hotel to offer such remarkable hospitality” of political change from 1995 until 1998 and it was so motivating for my team and for myself to be there during this landmark in time.” It was also in Russia that he had the opportunity of a private breakfast with Bill Clinton in Kempinski, a definite career high point.

Stephan is very proud of his role in Kempinski Bahrain – it is the largest and newest hotel on the island, featuring two separate hotel towers, both very individual, with stylish and cool interiors.

He feels that this, together with the ability to operate high quality and unique food and beverage outlets with the highest levels of customer service, makes it an excellent destination, and workplace. He believes that the most important aspect of any hotel is the staff, and Kempinski as a brand is all about its people. “The crew are the vital element that allows the hotel to offer such remarkable hospitality” he says.

Kempinski Hotels

The Kempinski collection consists of

73 distinguished hotels, and is currently expanding in the MENA region with 15 new hotels in the pipeline.

The Grand & Ixir Hotel adjoins Bahrain City Centre, the island’s largest entertainment and leisure complex.

This unique location with direct access to over 340 retail outlets, Wahooo!

Waterpark, a 20 screen multi-plex and kids entertainment area, makes it a perfect travel destination for all ages and inclinations.

The hotel itself has a lot to offer to entertain and relax guests too. It unveiled the Pure Spa in March 2012, a beautifully designed spa featuring ten treatment rooms, a large Turkish Hammam, wet rooms, fitness centre, and Elie & Jean Hairstylists.

For dining, their culinary portfolio includes restaurants and lounges with a wide range of memorable dining experiences to suit every palette: The Mezzanine Lounge features private ‘pods’ with Wi-Fi, live music and iPad ordering; The Boudoir lounge features a silver domed ceiling with a French Renaissance feel for an intimate and cool cuisine and beverage experience; The T-Spoon boutique café features a tea library from around the world, fine coffees and delicacies; Saveur offers a Gourmet Buffet Lunch offering and an a la carte menu; and Nasmat’s Mediterraneanstyle alfresco restaurant and lounge is poolside and a wonderful place to eat or to enjoy a drink after work or over the weekend.

Business Facilities With a dedicated level of meeting rooms in each of the two hotel towers, the Kempinski in Bahrain is extremely well situated and equipped for MICE (meetings, incentives, conferencing, exhibitions) facilities.

The hotel encompasses ultra-hightech function spaces which include 14 multi-purpose rooms outfitted with top tier amenities, a bright city view and complimentary Wi-Fi throughout.

The hotel offers two Executive Lounges with exclusive access for guests staying in the suites, which include butler service, selected reading materials, light bites, beverages, a business centre and upscale amenities. Additionally, state of the art and very stylish meeting facilities are always available to guests whether staying in house or not - proving to be very popular throughout Bahrain.

Location is everything and the Kempinski Grand and Ixir Hotel Bahrain City Centre is situated just a few minutes from the Bahrain International Exhibitions Centre and a 15 minute drive from Bahrain International Airport. Further, it is just a one hour drive from the Kingdom of Saudi Arabia, 25 minute flight from Qatar or a 50 minute flight from Dubai, making the Kempinski Grand & Ixir Hotel Bahrain City Centre amazingly accessible for business travellers in the Middle East. GFI Gulf Insider August 2012

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Cars Porsche

The Porsche Experience Want to know how to REALLY drive a Porsche?

I

have driven many sports cars in my time, and would safely class myself as a capable driver behind even the most powerful of these. But never one to rest on my laurels, when the opportunity came up to test my skills and learn from professional drivers at the international Porsche driving school in the UK, there was no need to ask me twice. In fact, I jumped on a plane the following week.

My destination was the Porsche Experience Centre, situated by the Silverstone Circuit – the very home of British motorsport

Nick Cooksey with the Porsche GT2

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Gulf Insider August 2012

By Nick Cooksey

I noticed a dramatic improvement, especially on hand to throttle interaction and cornering. and the British Formula 1 Grand Prix. The modern, purpose built centre – which by the way has an excellent restaurant serving delicious nouveau cuisine - was six years in development and opened in 2008 having finally met with the high standards set

by Porsche.

The Centre is dedicated to driver excellence, which Porsche have rightly recognised as a fundamental aspect to getting the most out of their exemplary sports cars and engineering. As such, with the purchase of any new Porsche, you are entitled to a free half day training session at the circuit, and for those serious about their driving, an intensive three-day master course is available to bump you up from supercar enthusiast to driving pro… and they have all models of Porsche available, ensuring that you get to train in your preferred model.

Their 3.1km specially designed track, offers a variety of configurations and road surfaces making it possible to receive instruction on a variety of different situations in wet and dry conditions, as well as simulating ice and snow driving with the

Porsche Cars

use of specially constructed surface. It incorporates five elements; Handling, Kick Plate, Ice Hill, Low Friction and OffRoad circuits.

The design reflects the usefulness of the course - instead of racecircuit conditions, which aren’t going to contribute much to daily driving, the course simulates real and everyday road conditions, including varying cambers and blind corners, much like what you would find on a challenging country road.

The expert driving instructors were most friendly and were trained to bring out the best in their students. It was clear that in passing on their knowledge and driving skills, it was not just their

job, but their passion, making the whole experience all the more enjoyable. As already mentioned, I class myself as a pretty good driver (though I suppose everybody does), but in half a day I noticed a dramatic improvement, especially on hand to throttle interaction and cornering.

Half a day of training may not sound like much, but hitting high speeds, circuit after circuit for an entire morning with an instructor sitting next to you pointing out what you’re doing right, what you’re doing wrong, revealing techniques and having you practice them over and over - is intense and conducive to developing radically improved driving habits.

I highly recommend the Porsche experience, not only to those who already own a Porsche, but for those who just want to get a feel for it and to get a chance to spend some time with the professional drivers there. Bearing in mind you are having one-on-one tuition by a professional instructor on a private circuit in a state of the art super car, the fees charged are amazingly reasonable, so here’s your chance to treat yourself and become the best driver you can possibly be! GFI

For more information visit www.porsche.com/silverstone

The course simulates real and everyday road conditions, including varying cambers and blind corners.

Gulf Insider August 2012

45

Art 3D Visualisation

Rendering Reality es are These Imag graphs o not phot er t but compu generated s. n visualisatio

Jeffrey Faranial has a background in architecture and visualisation. It is only when you tell your brain that his images are not photographs but computer generated representations of reality, that you can even begin to appreciate the skill involvedâ&#x20AC;Ś 46

Gulf Insider August 2012

Visualisation Art

J

effrey was born and raised in Philippines and currently lives in Bahrain. He works as a Visualisation Manager in an architectural and interior design firm which is how he has developed his passion and niche skill in computer generated (CG) visualisation. This outlet provides the perfect platform for him to indulge his interests of design, architecture, and travel.

The process for creating CG images is laborious requiring immense skill, patience and a desire for perfection if the images are to appear believable.

The process begins with a basic drawing using CAD software, which is then transported to Autodesk 3DStudio Max. This is where 90 per cent of the work takes place as he applies modelling, animation, texturing, lighting, and manipulates the camera angles. To finalise the images, composite software like Adobe Photoshop is used.

The whole process of 3D imaging in this manner is unpredictable, particularly when it comes to the manhours necessary to complete it. He explains that it is very much case-by-case basis depending on factors such as design intricacy and amount of detail needing to be shown in the final ‘images’.

In terms of interior design, imaging in this manner is very important for potential clients to get a clear indication of the finished product. Jeffrey goes so far as to call it a “necessity” in client presentation, as “more often than not it always gives the full picture of the design and how can they expect the actual output”.

what it takes...

The above library image is an award winning piece of work

by Jeffrey, submitted to a competition for 3D visualizations of modular furniture systems. The criteria was for artists to create three dimensional rooms containing shelving systems, and images were assessed on the renderings’ quality level, the use of light in the pieces of artwork, the ideas behind them, and the artists’ way of presenting the furniture as well as their love of detail.

For this image 800 books were physically scanned to place in shelf units for a real life effect. To make the image even more realistic, Jeffrey included indications of use like dog-eared corners, and placed books in a believable fashion some lying scattered and crossways. A sketch-pad with a pencil is placed in the picture’s foreground as if the owner had just left it there, with some postits adding to the effect. The installed neon tubes, loudspeakers, electric cables, supply lines, upholstering, walls and the ceiling show signs of wear and tear and the technical details such as computers and cables are not the latest models to digitally complete the real-looking picture. The judges commented “the only detail missing in the room is the dust”.

The library image took around 80 hours to complete, including late nights of research, scanning book covers, test renders and revisions after revisions. The full 3D scene consisted of 12 million polygons, 10-12 hours rendering time for each high resolution image, and about 50 test renders with the use of 12GB Random Access Memory and plugins.

The software used included Autodesk 3Ds Max, Chaosgroup Vray, some free randomizer script, Adobe Photoshop, Adobe After Effects, Adobe Lightroom, NIK Color efex, DOF PRO

by Richard Rosenman, 55mm tools, and Red Giant Knoll Light Factory. GFI

Gulf Insider August 2012

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Technology Waterproof

Tech picKs With summer temperatures rising, taking to the water is one way to keep cool. Hereâ&#x20AC;&#x2122;s how to keep your favourite gadgets safe and dryâ&#x20AC;Ś

Summer Splash

Provides protection and functionality in a light and streamlined armband. Designed for high performance and comfort in the water or out, the Amphibx Fit line of armbands are perfect for multisport athletes, or anyone looking for wearable, 100% waterproof protection for their phone or MP3 player

Engineered to be a part of the adventure capturing images and Full HD (1080p) video in a robust and sporty body.

The PowerShot D20 is waterproof, shockproof, freezeproof and dustproof.

Surge 2G Waterproof Sport Headphones The latest technology sleek aerodynamic design provide rich sound and a comfortable fit in and out of the water for the best waterproof music experience

SwiMP3.2G

This music player sounds best when submerged and is made for serious swimmers. It clips to your goggle straps; but rather than buds inside your ears, sits on your cheekbones to provide 8 hours plus of music, in a sleek and tangle free fashion.

Moxiware iPad tank case The Toughest case you can get, it exceeds US Military Standards for material performance and durability for shock, drop, rain, vibration, sand and dust resistance. It offers access to all ports and buttons and camera.

Gulf Insider August 2012

The water rocker stereo speaker floats in the water receiving music from up to 100 feet away where your music player is connected to a wireless transmitter. It can also stream music simultaneously to up to nine other speakers.

Amphibx Fit Smartphone case:

Canon PowerShot D20

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Water Rocker Speaker

Feature Lifestyle Luxury

Lifestyle

MontBlanc: Nicolas Rieussec Chronograph Automatic

What is life without a bit of luxury! Indulge yourself with our top picks…

Omega: Steel on Steel Watch, Olympic Collection London 2012

MontBlanc: Starwalker Fountiain Pen in Midnight Black

For Him… Emporio Armani: Cosmetics Case

Cartier: Pasha de Cartier Cufflinks

Coach: Bleeker Legacy, Leather Courier Bag Cartier: Travel Clock

For Her…

Cartier: Pasha C Watch

Amouage: Interlude for Men

MontBlanc: Princesse Grace de Monaco Collection Special Edition

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Last Word

Motivation

2 1

The Key To Success

E

mployee motivation boosts the performance of any team, big or small and is important for the growth of both the team and the enterprise. So how do you foster highly motivated individuals in your business? Here are five ideasâ&#x20AC;Ś

Welcome new thoughts and ideas

maintain a platform for employees to express their ideas. This will make them feel respected and valued.

It encourages and motivates them to contribute to the success of the organisation.

Expectations and achievements

Let people know what you expect, and reward achievements.

Communication

Build effective communication channels between team members and to management. Lack of team support and coordination is disastrous for employee motivation and causes a great deal of stress.

Communication will overcomes obstacles and helps to hold the team together during tough times.

Promote growth and development

By supporting your employees they not only get to advance professionally, but you get the most out of your workforce. This can range from regular feedback meetings to the provision of external learning opportunities and promotions. It is also beneficial to have a clear career progression plan for staff at all levels.

Have fun!

Engage your employees outside of work, have regular social activities. To encourage teamwork and increase communication this could take the form of structured teambuilding exercises such as outdoor pursuits and problem solving activities. GFI 50

Gulf Insider August 2012

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