Road ahead looks rosy for the UAE
By Sue Brattle on Friday, February 22 , 2008
A desert country where temperatures touch 50C may not seem the most obvious choice as an international hub for the movement of one of the most delicate commodities in the world. Yet the UAE’s role in the transport of flowers is growing so rapidly that people in the business are calling it the gateway to the region and beyond.
The flower market in Dubai is increasing by about nine per cent a year, and it is estimated that at least 200,000 rose stems are brought into the emirate every week.
And Ali Al Jallaf, Vice-President of the Cargo Unit at Dubai Airports, says the future looks even rosier. “The number of hotels is growing and their flower designers are competing with each other,” he says.
As well as the cut flower market, the industry is being boosted by massive municipal greening programmes across the Middle East, which all require ground cover plants, seeds, grass and trees.
Many of these goods are coming through the Dh1.1 billion purpose-built Dubai Flower Centre – opened less than four years ago but already establishing itself as the only facility that can store flowers and plants for onward transit in the Middle East.
Previously, flower-laden cargo aircraft would fly over Dubai to countries such as Holland, then fly back for redistribution because there was nowhere in the Middle East with facilities to store them.
Dubai Flower Centre has trained staff to get flowers off a plane and into storage in under 15 minutes using temperature-controlled vehicles, and its laboratories have staff and equipment to check whether the plants are healthy. To enhance the industry further Dubai needs to first attract more investors; and secondly, find an international partner to set up a horticultural training college in the emirate.
“We need to educate the investors to invest in this industry,” says Al Jallaf. “It is worth billions and billions of US dollars and investors need to know about such potential,” he adds.
At present the business of actually growing flowers is relatively small in the UAE. “People say: ‘It is too hot to grow flowers in Dubai,’ but with new technological processes you can grow flowers anywhere. There are farms in Abu Dhabi and Al Ain, but as yet the culture is not to grow flowers here,” he says. “However, we know the demand for flowers will increase and we want to encourage people to grow them.
“Five years ago I knew nothing about flowers, but when I studied the business I discovered how difficult the process of producing flowers and getting them to the customer in a good condition is. So many people are involved: the farmer, the technician producing the seeds, the designer, the people who transport them, the sellers. We want the Dubai Flower Centre to be the start of opening up a new market for the region.”
Reflecting this process, the third International Plants Expo Middle East (IPM Dubai) will be held at Airport Expo Dubai next month, with the opening ceremony being performed by Sheikh Ahmed bin Saeed Al Maktoum, the Chairman of Dubai Airports.
The growth of the horticultural business in Dubai has not come about by accident. Al Jallaf, whose favourite flower is the rose, has taken delegations to Asia, China, South Africa, across the GCC, Latin America, India and elsewhere to sell the idea of Dubai as a flower hub. “More and more companies are keen to make their base here, because of our location,” he says.
Sabina Dillen, department manager of German company Messe Essen, which is co-organising the trade fair, agrees. “Dubai offers a fantastic opportunity for flower producers. The industry also covers new technologies, processes for irrigation and so on,” she says.
However big the industry grows, flowers are more than just a commodity. At the business level, Al Jallaf says: “The flower trade is unique because it involves exchange. For example, the orchid comes mainly from Asia but is hard to grow in Europe. Roses, which grow in Europe, are bought by Asia.”
On a personal level, our relationship with flowers is more complex. “We use them to show appreciation, to give thanks, to ask for forgiveness, to make our ladies happy. When you look at flowers, your heart opens. That is why so many people are involved in this business around the world,” he says.
His travels have also given him an insight that may not have occurred to most of us. “When I visit farms, particularly in Africa, it is mainly women who work in this industry. So these are ladies in one country making ladies in another happy,” he says.
It is a lovely, multi-billion dollar thought to hold on to.
International Plants Expo Middle East will take place at Airport Expo Dubai from March 4 to 6. For details log on to www.ipm-dubai.com
Making Dubai Beautiful
The greening of Dubai is moving on schedule, with eight per cent of the urban area of the emirate planned for landscaping. It will be a gradual process: 1.4 per cent was green by last year, which will grow to 3.7 per cent by 2011.
Engineer Hana Al Zarouni of the Public Parks and Horticulture Department, Dubai Municipality, says they are doing all they can to “make Dubai the most attractive city for visitors”. Last year, the department grew 28 million plants from seeds in its nurseries, plus 235,000 indigenous plants. “We are increasing our production by 30 per cent to 40 per cent each year. “We will have many nurseries in the future, and will add a capacity for 70 million more flowers each year,” she said.
Bahrain, Qatar, Oman, Kuwait, Saudi Arabia and the UAE have all seen a recent increase in public works to establish green areas. Dubai Municipality plans to undertake 109 landscape and “beautification” projects worth Dh463 million in 2008.
Green Visitors
Visitors to the annual International Plants Expo Middle East has been growing. Here is a percentage number of visitors country-wise to last year’s event:
70%
UAE
11.4%
GCC, Middle East and Iran
8.2%
Europe
3.2%
Indian Subcontinent
2.8%
Africa
1.8%
South East Asia and Far East
1.3%
Rest of the world
0.8%
The Americas
0.6%
Monday, February 25, 2008
Turkey seeks investment from GCC states in four key sectors
BY LUCIA DORE (Assistant Editor, Business)
24 February 2008
DUBAI — Turkey is seeking increasing investment from the Gulf States in four key sectors — energy, infrastructure, tourism and real estate — Turkey's Minister of Economy, Mehmet Simsek, said in Dubai on Thursday.
He was on a three-country tour of the region, including Qatar and Kuwait, to convince GCC countries to "invest their surplus savings" in Turkey and advocated it as a good place for investors "to diversify their assets". He said here was a "lot of synergy between Turkey and the UAE, Qatar, Oman and Saudi Arabia".
Simsek said that the key message he wanted to convey to public and private investors in the region is that Turkey has "significant potential" and needs stakeholders to take a stake in its fast growing economy. "We want to tell investors the outlook for Turkey and the opportunities," he said, adding: "We are convinced that Turkey can sustain 6 to 7 per cent GDP growth on an annual basis over the next few years."
The fact that Turkey has the sixth largest economy in Europe, strong GDP growth (which averaged 7.4 per cent between 2002 and 2006), high and rising productivity, a stable economy and an effective structural reform process means that investors will get a good return on their investments, he said. "We offer good return on equity," he added.
Moreover, the annual inflation rate —- although still too high, admitted Simsek — had also fallen to 8 per cent in January this year. But if one-off shocks, such as those pertaining to energy and food, are taken into account, the current real rate of inflation is 3.1 per cent, he said. Turkey's target rate of inflation is 4 per cent and Simsek said he was optimistic of achieving that. He also said that Turkey aimed to achieve $10,000 per capita GDP income by 2012, from $7,300 in 2007. However, he added: "We must continue to deliver on structural reforms to ensure economic growth."
Simsek also said he was confident "about moving forward" on a free trade agreement (FTA) without giving any specific timelines. "I will give no date for an FTA but it will happen over the next few years," he said.
And on Turkey's quest for membership of the European Union he said he was "very confident" that Turkey would join Europe. "Europe needs Turkey and Turkey needs Europe," he said, adding: "That it was a win-situation for everyone. Turkey can also use the process to put our house in order."
Simsek's visit comes one week after Turkey's Trade Minister, Kemal Unakitan, visited the UAE. At this time both countries emphasised their commitment to boost economic ties between the two countries and forge a strategic partnership.
The volume of trade between the UAE and Turkey grew by 400 per cent in the past five years, according to figures available at the end of 2007. Turkey now accounts for two per cent of the UAE's total foreign trade, which includes trade through free zones. In the past two years, the volume of mutual investment has touched $2.5 billion.
24 February 2008
DUBAI — Turkey is seeking increasing investment from the Gulf States in four key sectors — energy, infrastructure, tourism and real estate — Turkey's Minister of Economy, Mehmet Simsek, said in Dubai on Thursday.
He was on a three-country tour of the region, including Qatar and Kuwait, to convince GCC countries to "invest their surplus savings" in Turkey and advocated it as a good place for investors "to diversify their assets". He said here was a "lot of synergy between Turkey and the UAE, Qatar, Oman and Saudi Arabia".
Simsek said that the key message he wanted to convey to public and private investors in the region is that Turkey has "significant potential" and needs stakeholders to take a stake in its fast growing economy. "We want to tell investors the outlook for Turkey and the opportunities," he said, adding: "We are convinced that Turkey can sustain 6 to 7 per cent GDP growth on an annual basis over the next few years."
The fact that Turkey has the sixth largest economy in Europe, strong GDP growth (which averaged 7.4 per cent between 2002 and 2006), high and rising productivity, a stable economy and an effective structural reform process means that investors will get a good return on their investments, he said. "We offer good return on equity," he added.
Moreover, the annual inflation rate —- although still too high, admitted Simsek — had also fallen to 8 per cent in January this year. But if one-off shocks, such as those pertaining to energy and food, are taken into account, the current real rate of inflation is 3.1 per cent, he said. Turkey's target rate of inflation is 4 per cent and Simsek said he was optimistic of achieving that. He also said that Turkey aimed to achieve $10,000 per capita GDP income by 2012, from $7,300 in 2007. However, he added: "We must continue to deliver on structural reforms to ensure economic growth."
Simsek also said he was confident "about moving forward" on a free trade agreement (FTA) without giving any specific timelines. "I will give no date for an FTA but it will happen over the next few years," he said.
And on Turkey's quest for membership of the European Union he said he was "very confident" that Turkey would join Europe. "Europe needs Turkey and Turkey needs Europe," he said, adding: "That it was a win-situation for everyone. Turkey can also use the process to put our house in order."
Simsek's visit comes one week after Turkey's Trade Minister, Kemal Unakitan, visited the UAE. At this time both countries emphasised their commitment to boost economic ties between the two countries and forge a strategic partnership.
The volume of trade between the UAE and Turkey grew by 400 per cent in the past five years, according to figures available at the end of 2007. Turkey now accounts for two per cent of the UAE's total foreign trade, which includes trade through free zones. In the past two years, the volume of mutual investment has touched $2.5 billion.
HE Eng Hamad Bumaim, Director General, Dubai Chamber of Commerce & Industry, yesterday (Thursday) received an Italian delegation headed by Dr Domenico Arcuri, the CEO of the Italian National Agency for Investments Attraction, "Sviluppo Italia", during a road show held under the patronage of the Italian Embassy in the UAE.
The “Business Opportunities in Italy” event, also attended by HE Paolo Dionisi, Italian Ambassador to the UAE, officials of the Italian Ministry of Foreign Affairs and the Press, presented high profile investment and business opportunities in the fields of tourism, real estate and logistics in Italy. Acquisitions of top hotels and resorts in major touristy locations in Italy as well as financial participation in Italian ports and logistics platforms were put in front of UAE investors and businessmen.
Said Buamim, “We welcome the high profile delegation that is here to present business opportunities available in Italy. This significant visit will definitely help bring the two trading partners’ businessmen closer and also help strengthen the trading ties between Dubai and Italy, and while the delegation is here we would also like them to look at the investment opportunities available in Dubai as the emirate’s open door and free trading policies have a lot to offer to Italian investors and businessmen.”
He pointed out that Dubai’s non-oil foreign trade with Italy reached AED 11.085 billion in 2006. There are 155 Italian companies operating in Dubai and are registered with the Chamber. Dubai also hosts one Italian business council and two trade commission offices that help in indulging the Italian businessmen into Dubai business community and in attracting their investments. Dubai Chamber had also signed four MoUs and agreements of
HE Paolo Dionisi said the event is part of the two countries' strategy in further boosting trade and investments in various sectors. “Italy beckons the UAE investors looking for acquisitions of top hotels and resorts in some of the best locations Advertisement
in the country as well as financial participation in Italian ports and logistics platforms that are the highlights of the presentation at the road show aiming to attract more UAE investors to appropriate incentives and 5-star opportunities, within the framework of the strategic economic partnership between Italy and the UAE.”
The Italian ambassador also urged Italian businessmen and investors to explore investment opportunities in the UAE.
Italy has a diversified industrial economy with roughly the same total and per capita output as France and the UK. This capitalistic economy remains divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with 20% unemployment. Most raw materials needed by industry and more than 75% of energy requirements are imported. Over the past decade, Italy has pursued a tight fiscal policy in order to meet the requirements of the Economic and Monetary Unions and has benefited from lower interest and inflation rates.
The “Business Opportunities in Italy” event, also attended by HE Paolo Dionisi, Italian Ambassador to the UAE, officials of the Italian Ministry of Foreign Affairs and the Press, presented high profile investment and business opportunities in the fields of tourism, real estate and logistics in Italy. Acquisitions of top hotels and resorts in major touristy locations in Italy as well as financial participation in Italian ports and logistics platforms were put in front of UAE investors and businessmen.
Said Buamim, “We welcome the high profile delegation that is here to present business opportunities available in Italy. This significant visit will definitely help bring the two trading partners’ businessmen closer and also help strengthen the trading ties between Dubai and Italy, and while the delegation is here we would also like them to look at the investment opportunities available in Dubai as the emirate’s open door and free trading policies have a lot to offer to Italian investors and businessmen.”
He pointed out that Dubai’s non-oil foreign trade with Italy reached AED 11.085 billion in 2006. There are 155 Italian companies operating in Dubai and are registered with the Chamber. Dubai also hosts one Italian business council and two trade commission offices that help in indulging the Italian businessmen into Dubai business community and in attracting their investments. Dubai Chamber had also signed four MoUs and agreements of
HE Paolo Dionisi said the event is part of the two countries' strategy in further boosting trade and investments in various sectors. “Italy beckons the UAE investors looking for acquisitions of top hotels and resorts in some of the best locations Advertisement
in the country as well as financial participation in Italian ports and logistics platforms that are the highlights of the presentation at the road show aiming to attract more UAE investors to appropriate incentives and 5-star opportunities, within the framework of the strategic economic partnership between Italy and the UAE.”
The Italian ambassador also urged Italian businessmen and investors to explore investment opportunities in the UAE.
Italy has a diversified industrial economy with roughly the same total and per capita output as France and the UK. This capitalistic economy remains divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with 20% unemployment. Most raw materials needed by industry and more than 75% of energy requirements are imported. Over the past decade, Italy has pursued a tight fiscal policy in order to meet the requirements of the Economic and Monetary Unions and has benefited from lower interest and inflation rates.
Abu Dhabi-Beijing flight to boost trade, tourism and investment
MENAFN - Khaleej Times) Trade, tourism and investment between the UAE and China will multiply with the launch of Abu Dhabi - Beijing flight service, by Etihad Airways.
Business opportunities between the UAE and China will be boosted from March 30 when Etihad begins its four-flights-per-week service to the Chinese capital from the UAE's capital, offering a total passenger capacity of more than 2,000 seats every week.
The UAE is now China's second largest trade partner in the Gulf region and the largest market for Chinese exports. The value of Chinese exports to the UAE increased by 50 per cent in 2007 to Dh62.4 billion, with an increase of 7.7 per cent in the amount of UAE goods being exported to China to Dh11 billion.
The UAE is home to nearly 200,000 Chinese people and more than 2,000 Chinese companies. The volume of trade between the UAE and China, acknowledged to be the world's fastest growing economy, reached Dh74.9 billion in 2007, a huge increase of 41.2 per cent on the previous year.
James Hogan, Etihad Airways' chief executive, said: "China and the UAE are both experiencing massive economic expansion and Etihad Airways is extremely excited at the prospect of helping to strengthen trade ties between the two nations."
"There is a huge appetite from business and leisure travellers for flights to Beijing, especially ahead of the 2008 Olympic Games later this year, and our forward bookings are already ahead of our expectations."
Business opportunities between the UAE and China will be boosted from March 30 when Etihad begins its four-flights-per-week service to the Chinese capital from the UAE's capital, offering a total passenger capacity of more than 2,000 seats every week.
The UAE is now China's second largest trade partner in the Gulf region and the largest market for Chinese exports. The value of Chinese exports to the UAE increased by 50 per cent in 2007 to Dh62.4 billion, with an increase of 7.7 per cent in the amount of UAE goods being exported to China to Dh11 billion.
The UAE is home to nearly 200,000 Chinese people and more than 2,000 Chinese companies. The volume of trade between the UAE and China, acknowledged to be the world's fastest growing economy, reached Dh74.9 billion in 2007, a huge increase of 41.2 per cent on the previous year.
James Hogan, Etihad Airways' chief executive, said: "China and the UAE are both experiencing massive economic expansion and Etihad Airways is extremely excited at the prospect of helping to strengthen trade ties between the two nations."
"There is a huge appetite from business and leisure travellers for flights to Beijing, especially ahead of the 2008 Olympic Games later this year, and our forward bookings are already ahead of our expectations."
Saturday, February 23, 2008
Arab sovereign wealth funds: Angels for good?
Arab sovereign wealth funds: Angels for good?
By Yadullah Ijtehadi, Special to Gulf News
Published: February 23, 2008, 01:05
Given the noise surrounding the alleged "evils" of sovereign wealth funds (SWF), it may be almost scandalous to suggest that Arab SWF investments can strive to be a "force for good" in the world.
But there appears to be a unique opportunity, especially for Gulf SWFs, to spread a more positive image of the region. While it is naiveve to say that Gulf investors should invest in western companies purely for altruistic reasons, or not be opportunistic when a good prospect arises, they must strive to generate goodwill, not just good returns.
However, the region's past behaviour hardly inspires confidence. Arab-led Opec cannot claim to be the beacon of hope for the global economy and has often looked to safeguard its own interest at the expense of global economic growth. So why should Arab investments be any different?
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Simple - if SWFs don't play nice, western governments will raise the barrier to their entry. Arif Naqvi, chief executive officer of Abraaj Capital, the Middle East's largest private equity player, agrees: "The increasing quantum of money being invested into western assets could not realise their full potential if political and economic relations between the West and the Arab world are not managed in an optimal way. Possible negative repercussions of the current trend could be increased protectionism making foreign investments more difficult."
From his vantage point, Naqvi can see the avalanche of petrodollars flowing into the global economy. According to a McKinsey research, capital outflow of oil-centric econ-omies will reach $1.5 trillion by 2012, if oil hovers around $50 a barrel till that time - that's a daily capital injection of $1 billion into global financial markets for the next four years.
"At $70 a barrel, petrodollar flows into global markets would grow even larger, reaching $628 billion annually by 2012, implying new petro-dollar investments of nearly $2 billion a day," says the McKinsey study. "By 2012 the total stock of petrodollar foreign assets would grow to $6.9 trillion."
Even if oil prices declined to $30 a barrel, petrodollar foreign assets would grow at a robust average rate of six per cent annually, to reach about $4.8 trillion in 2012, when the oil-producing countries would add $147 billion to the global financial system. That figure is larger than petrodollar surpluses throughout the 1990s.
As these monies cascade through the global economy, western governments and companies fear that Arab SWFs will start knocking on their doors more aggressively. The presence of large, opaque shadows hovering over financial markets strike at the very heart of the transparency that these economies pride themselves on.
SWFs also often forego a board seat despite substantial investment (such as Abu Dhabi's Citibank deal), but that may also mean that a large stakeholder is not being accounted for. "The 900-pound gorilla can't be missing in the boardroom!" quips one analyst.
Michael Warren, Investment Director at Thames River Capital, says it is "two-faced" for western institutions to seek SWF investment in some sector and to protect others.
"There is no evidence to support the conjecture that the SWFs' behaviour won't be what you want it to be and that they will not be long-term investors, given the opportunity," says Warren, who is soliciting funds from regional SWFs for the boutique investment house.
Still, not everybody is rolling out the red carpet for SWFs, with two cases sparking an ugly reaction. Qatar acted like a bull in the Sainsbury china shop, while Dubai also learnt a few poignant lessons during its P&O saga. This is where SWFs have to act with more dignity and act like elder statesmen rather than corporate raiders, say analysts.
Best strategy
"I have a lot of respect for the way Dubai conducted itself in the wake of the P&O issue in the US by withdrawing quietly and not being 'Arab/Muslim-conspiracy theorists' about it," says Sultan Al Qasimi, chief executive officer of Al Saud Company. "The day that the SWF/private equity investments are used for political reasons is the day that they will no longer be welcome in any country. The fear is that one day one of the new SWFs will try to do something along these lines and all the SWFs will be tarred with the same brush."
Going forward, generating goodwill will be just as important as generating revenue for Arab investors. Earlier this year, DP World's sister company Jafza invested $600 million in one of the poorest counties in the US - nicknamed the "corridor of shame" on account of its destitute condition. The company aims to set up a manufacturing and logistics hub for North America, no doubt creating jobs and spreading economic prosperity in the area. This may be the classic example of a shrewd business move with a socially beneficial twist.
Shawkat Hammoudeh, a senior professor of Economics at Drexel University, says that sectors like education could be another target area for Arab investors. "They can support named professor positions in universities and can choose the field of the named professor," says Hammoudeh, who follows the ME markets closely.
Can Arab SWFs rise to the dual challenge of positive returns and positive image? Naqvi feels it could have some impact on investing countries, although it is unlikely to stretch to the entire Arab/Muslim community. "If those investments are managed wisely... the SWFs will be actively lauded for their sagacity and wisdom, and the important role they played in propping up jobs and opportunities and the goodwill will act as a tonic for the entire investment climate and bilateral relations. Let's just say, it will have a benign impact and will certainly in the long run create a positive image about the investing countries."
Sounds like a strategy worth pursuing.
- The writer is managing editor of Zawya.com.
By Yadullah Ijtehadi, Special to Gulf News
Published: February 23, 2008, 01:05
Given the noise surrounding the alleged "evils" of sovereign wealth funds (SWF), it may be almost scandalous to suggest that Arab SWF investments can strive to be a "force for good" in the world.
But there appears to be a unique opportunity, especially for Gulf SWFs, to spread a more positive image of the region. While it is naiveve to say that Gulf investors should invest in western companies purely for altruistic reasons, or not be opportunistic when a good prospect arises, they must strive to generate goodwill, not just good returns.
However, the region's past behaviour hardly inspires confidence. Arab-led Opec cannot claim to be the beacon of hope for the global economy and has often looked to safeguard its own interest at the expense of global economic growth. So why should Arab investments be any different?
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Simple - if SWFs don't play nice, western governments will raise the barrier to their entry. Arif Naqvi, chief executive officer of Abraaj Capital, the Middle East's largest private equity player, agrees: "The increasing quantum of money being invested into western assets could not realise their full potential if political and economic relations between the West and the Arab world are not managed in an optimal way. Possible negative repercussions of the current trend could be increased protectionism making foreign investments more difficult."
From his vantage point, Naqvi can see the avalanche of petrodollars flowing into the global economy. According to a McKinsey research, capital outflow of oil-centric econ-omies will reach $1.5 trillion by 2012, if oil hovers around $50 a barrel till that time - that's a daily capital injection of $1 billion into global financial markets for the next four years.
"At $70 a barrel, petrodollar flows into global markets would grow even larger, reaching $628 billion annually by 2012, implying new petro-dollar investments of nearly $2 billion a day," says the McKinsey study. "By 2012 the total stock of petrodollar foreign assets would grow to $6.9 trillion."
Even if oil prices declined to $30 a barrel, petrodollar foreign assets would grow at a robust average rate of six per cent annually, to reach about $4.8 trillion in 2012, when the oil-producing countries would add $147 billion to the global financial system. That figure is larger than petrodollar surpluses throughout the 1990s.
As these monies cascade through the global economy, western governments and companies fear that Arab SWFs will start knocking on their doors more aggressively. The presence of large, opaque shadows hovering over financial markets strike at the very heart of the transparency that these economies pride themselves on.
SWFs also often forego a board seat despite substantial investment (such as Abu Dhabi's Citibank deal), but that may also mean that a large stakeholder is not being accounted for. "The 900-pound gorilla can't be missing in the boardroom!" quips one analyst.
Michael Warren, Investment Director at Thames River Capital, says it is "two-faced" for western institutions to seek SWF investment in some sector and to protect others.
"There is no evidence to support the conjecture that the SWFs' behaviour won't be what you want it to be and that they will not be long-term investors, given the opportunity," says Warren, who is soliciting funds from regional SWFs for the boutique investment house.
Still, not everybody is rolling out the red carpet for SWFs, with two cases sparking an ugly reaction. Qatar acted like a bull in the Sainsbury china shop, while Dubai also learnt a few poignant lessons during its P&O saga. This is where SWFs have to act with more dignity and act like elder statesmen rather than corporate raiders, say analysts.
Best strategy
"I have a lot of respect for the way Dubai conducted itself in the wake of the P&O issue in the US by withdrawing quietly and not being 'Arab/Muslim-conspiracy theorists' about it," says Sultan Al Qasimi, chief executive officer of Al Saud Company. "The day that the SWF/private equity investments are used for political reasons is the day that they will no longer be welcome in any country. The fear is that one day one of the new SWFs will try to do something along these lines and all the SWFs will be tarred with the same brush."
Going forward, generating goodwill will be just as important as generating revenue for Arab investors. Earlier this year, DP World's sister company Jafza invested $600 million in one of the poorest counties in the US - nicknamed the "corridor of shame" on account of its destitute condition. The company aims to set up a manufacturing and logistics hub for North America, no doubt creating jobs and spreading economic prosperity in the area. This may be the classic example of a shrewd business move with a socially beneficial twist.
Shawkat Hammoudeh, a senior professor of Economics at Drexel University, says that sectors like education could be another target area for Arab investors. "They can support named professor positions in universities and can choose the field of the named professor," says Hammoudeh, who follows the ME markets closely.
Can Arab SWFs rise to the dual challenge of positive returns and positive image? Naqvi feels it could have some impact on investing countries, although it is unlikely to stretch to the entire Arab/Muslim community. "If those investments are managed wisely... the SWFs will be actively lauded for their sagacity and wisdom, and the important role they played in propping up jobs and opportunities and the goodwill will act as a tonic for the entire investment climate and bilateral relations. Let's just say, it will have a benign impact and will certainly in the long run create a positive image about the investing countries."
Sounds like a strategy worth pursuing.
- The writer is managing editor of Zawya.com.
Content Syndicate Selected for ABAN Investor Event
Content Syndicate selected for ABAN investor event.
Dubai, United Arab Emirates (PRWEB) February 23, 2008 -- Content Syndicate® was recently selected as one amongst five companies by the Arab Business Angels Network (ABAN) from over 150 start-ups at the Dubai International Finance Centre. The five companies which represented a cross-section of verticals pitched their business plans to investors. This prestigious entrepreneurs-meet-investors event was attended by the region's influential high net worth individuals, investors, private equity firms, venture capitalists.
ABAN, backed by Dubai International Capital (DIC) as its founder and lead angel with support from Intel Capital and Dubai Silicon Oasis as corporate angels was set up to provide high potential entrepreneurial ventures with mentorship, networking and capital. This year's plan includes channelling US$10 million seed-capital fund into early-stage ventures and simultaneously creating new angel investor networks.
Speaking on the initiative, Maddy Reddy, Founder & CEO of Content Syndicate said, "ABAN provided us a great opportunity to showcase our unique content platform to the investment community. This further reiterates that with a solid business model that addresses a serious business need, you can be distinctive from the rest."
Content Syndicate has already successfully raised a substantial amount of seed capital from angel investors in US, UK, UAE and India within the first year of operations.
Prior to this, in September 2007, Content Syndicate was the only firm from the Middle East to be selected from over 260 companies across 40 countries for SeedCamp® London- a major initiative of Europe's top angel investors, venture capitalists and technology firms.
Angel investors are affluent individuals offering capital to start-up companies in exchange for ownership equity. Funding costs vary and, in addition to financial investment, angel investors also offer expertise, acumen and business networks. Angel investment is a common second round of financing for high-growth start-ups, and accounts in total for almost as much money invested annually as all venture capital funds combined, as but into more than ten times as many companies
Walid Hanna, CEO of ABAN said, "By building an angel investor network we hope to start to fill the equity gap currently faced by entrepreneurs attempting to launch their ventures. Angel investors would also provide the start-ups they invest in with a guiding hand that would greatly increase their chances of success."
Dubai, United Arab Emirates (PRWEB) February 23, 2008 -- Content Syndicate® was recently selected as one amongst five companies by the Arab Business Angels Network (ABAN) from over 150 start-ups at the Dubai International Finance Centre. The five companies which represented a cross-section of verticals pitched their business plans to investors. This prestigious entrepreneurs-meet-investors event was attended by the region's influential high net worth individuals, investors, private equity firms, venture capitalists.
ABAN, backed by Dubai International Capital (DIC) as its founder and lead angel with support from Intel Capital and Dubai Silicon Oasis as corporate angels was set up to provide high potential entrepreneurial ventures with mentorship, networking and capital. This year's plan includes channelling US$10 million seed-capital fund into early-stage ventures and simultaneously creating new angel investor networks.
Speaking on the initiative, Maddy Reddy, Founder & CEO of Content Syndicate said, "ABAN provided us a great opportunity to showcase our unique content platform to the investment community. This further reiterates that with a solid business model that addresses a serious business need, you can be distinctive from the rest."
Content Syndicate has already successfully raised a substantial amount of seed capital from angel investors in US, UK, UAE and India within the first year of operations.
Prior to this, in September 2007, Content Syndicate was the only firm from the Middle East to be selected from over 260 companies across 40 countries for SeedCamp® London- a major initiative of Europe's top angel investors, venture capitalists and technology firms.
Angel investors are affluent individuals offering capital to start-up companies in exchange for ownership equity. Funding costs vary and, in addition to financial investment, angel investors also offer expertise, acumen and business networks. Angel investment is a common second round of financing for high-growth start-ups, and accounts in total for almost as much money invested annually as all venture capital funds combined, as but into more than ten times as many companies
Walid Hanna, CEO of ABAN said, "By building an angel investor network we hope to start to fill the equity gap currently faced by entrepreneurs attempting to launch their ventures. Angel investors would also provide the start-ups they invest in with a guiding hand that would greatly increase their chances of success."
Monday, February 18, 2008
middle east’s changing coastline creates “new era of opportunity” for marine industry
The changing coastline of the Middle East is creating a new wave of challenges and opportunities for the marine industry, according to organiser of Dubai International Boat Show (DIBS)
Ongoing progress on major waterfront developments across GCC countries – including multi-million dollar projects like Dubai’s Palms and Qatar’s Pearl – are encouraging the creation of new marinas, yacht clubs and marine leisure resorts. This in turn is stimulating the industry in every area, from boat-building through to equipment and supply.
Given this accelerated pace of development, The 4th Gulf Boating Conference, entitled “Dubai as a Gateway to the Middle East Region”, from the 12-13 March provides an important opportunity for professionals to network and understand the changes occurring across the region.
Helal Saeed Al Marri, Director General of Dubai World Trade Centre, organiser of DIBS 2008, said: “A significant number of waterside developments are set to be completed over the next five years, expanding the range of marine attractions available in the Middle East. Given the business opportunities being created by this dynamic climate, this year’s Conference is a must-attend event for industry representatives wanting to understand how best to benefit.”
Held alongside the Dubai International Boat Show (DIBS) 2008, this year’s Conference runs on March 12-13 at the Dubai International Marine Club - Mina Seyahi and welcomes the exclusive support of the International Council of Marine Industry Associations (ICOMIA).
Tony Rice, Secretary General at ICOMIA said: “ICOMIA is very pleased to once again be endorsing the Gulf Boating Conference. This year's theme of ‘Dubai as a Gateway to the Middle East Region’ neatly describes our significant interest in this rapidly emerging market with its very large investment in the necessary infrastructure to support sustained growth."
DIBS’ support for the high-level industry discussion generated by the Conference is one of the many factors that have positioned the exhibition as the leading event in the region and increasingly one of the most important marine leisure exhibitions in the world. With the support of ICOMIA, the voice of the boating industry worldwide, this year’s Conference is set to be a key event for marine professionals visiting DIBS and demonstrates the region’s scope in becoming an international marine hub.
Ongoing progress on major waterfront developments across GCC countries – including multi-million dollar projects like Dubai’s Palms and Qatar’s Pearl – are encouraging the creation of new marinas, yacht clubs and marine leisure resorts. This in turn is stimulating the industry in every area, from boat-building through to equipment and supply.
Given this accelerated pace of development, The 4th Gulf Boating Conference, entitled “Dubai as a Gateway to the Middle East Region”, from the 12-13 March provides an important opportunity for professionals to network and understand the changes occurring across the region.
Helal Saeed Al Marri, Director General of Dubai World Trade Centre, organiser of DIBS 2008, said: “A significant number of waterside developments are set to be completed over the next five years, expanding the range of marine attractions available in the Middle East. Given the business opportunities being created by this dynamic climate, this year’s Conference is a must-attend event for industry representatives wanting to understand how best to benefit.”
Held alongside the Dubai International Boat Show (DIBS) 2008, this year’s Conference runs on March 12-13 at the Dubai International Marine Club - Mina Seyahi and welcomes the exclusive support of the International Council of Marine Industry Associations (ICOMIA).
Tony Rice, Secretary General at ICOMIA said: “ICOMIA is very pleased to once again be endorsing the Gulf Boating Conference. This year's theme of ‘Dubai as a Gateway to the Middle East Region’ neatly describes our significant interest in this rapidly emerging market with its very large investment in the necessary infrastructure to support sustained growth."
DIBS’ support for the high-level industry discussion generated by the Conference is one of the many factors that have positioned the exhibition as the leading event in the region and increasingly one of the most important marine leisure exhibitions in the world. With the support of ICOMIA, the voice of the boating industry worldwide, this year’s Conference is set to be a key event for marine professionals visiting DIBS and demonstrates the region’s scope in becoming an international marine hub.
Bright future forecast for shipping
By Ashaba K Abdul Basti on Sunday, February 17 , 2008
Strong market returns experienced by the shipping industry in the Middle East in 2007 are expected to continue through the coming few years, industry experts have said. And the region’s shipping sector will escape the significant impact of the US sub-prime crisis and subsequent economic slowdown, they said.
Shipping companies based or operating on Middle Eastern routes achieved an average growth of between 25 to 30 per cent in both the dry bulk and VLCC (very large crude carriers) markets last year, said experts who foresee the same trend continuing this year.
“There are clear indications of a brighter market for 2008, we do not foresee a reversal of the 2007 fortunes. The entire shipping industry is witnessing an unprecedented boom,” Sharafuddin Sharaf, president of UAE Ship Owners’ Association, told Emirates Business in an exclusive interview.
The buoyancy expressed by shipping companies in the region stems from the fact that demand for oil and gas worldwide is increasing while prices are also climbing steadily. The Middle East is positioning itself as a hub between Europe, which sees a growing demand for commodities, and the Far East, which currently has the highest demand for energy as it becomes more industrialised.
As demand for oil increases, world oil consumption is projected to reach 93.7million barrels per day (bpd) in 2011 compared to 83.3 million (bpd) in 2005, said experts.
“The demand for Middle East oil will be a big lure for more shipping companies to operate in the region. We expect investments especially in crude carriers to increase tremendously this year as operators seek to tap into the market,” said Sharaf.
With an expected 17 per cent growth in Asia, the continent is expected to have a total throughput of 20 million TEUs (20-feet equivalent units) of dry cargo this year.
Last year, UAE terminals increased container cargo throughput by 19 per cent to 11 million TEUs, with Dubai’s ports of Jebel Ali and Port Rashid growing at 20 per cent to reach 10.7 million TEUs. The growth in UAE ports matched the 19 per cent average set by the Middle East, Europe and Africa.
Jebel Ali Port, one of the largest in the world, is expecting a 27 per cent increase in cargo container throughput from the current 11 million TEUs to 14 million TEUs in February 2009. While some sectors of the Middle East economy have felt tremors from the current US economic crisis, the problem is not likely to dampen the optimism shared by Middle East shipping operators.
“Today, there is a paradigm shift in trade which has lessened dependency on the trans-Atlantic route. New routes such as Asia-Europe and Asia-Middle East are now the busiest of all. So any slowdown in the US economy will have a negligible impact on the Middle East shipping performance,” said Ken Bloch Soersen, President and CEO of United Arab Shipping Company (UASC).
Soersen said UASC was aiming to benefit from the shipping market growth and that it would invest Dh7.3bn in the purchase of new container vessels to raise its current number of vessels from 38 to around 60 by 2012.
In order to tap into the growing tanker market, last year UASC decided to diversify and enter a joint venture with local business people to open United Arab Chemical Carriers (UACC) with an initial investment of Dh5.1bn, a quarter of which was raised in a private placement. Last year, UACC placed orders worth Dh2.1bn for 10 chemical tankers to be delivered in 2012.
Investments in the Middle East shipping industry for 2008 are expected to exceed Dh50bn, according to analysts. Middle Eastern companies that have placed large orders for new VLCCs include: UACC, Qatar Gas Transport Company, Vela, National Shipping Company of Saudi Arabia, National Iranian Tanker Company, Gulf Energy Maritime, Gulf Navigation, Emirates Trading Agency and Emirates Ship Investment Company.
However, new orders will face delays in delivery, as world shipyards are fully booked two years in advance. There are 170 VLCCs and 141 Suezmaxs on order. There are also 1,549 container vessels on order worldwide and the last deliveries for the current orders are expected to be made in 2012.
The International Marine Organisation (IMO) has set a timetable of 2010 to 2015 for the phasing out of all single-hull tankers due to environmental concerns. While shipping operators in the Middle East are catching up with the IMO ruling by making orders for only double-hulls, most of them will be left to ponder on what will become of their existing single-hull fleet as the deadline approaches.
According to the industry analysts, this year will see increased conversion activity as shipping operators seek to convert their single-hulls into either container liners or workboats, something that will put more pressure on shipyards. “Conversion of single-hulls is thought to grow by 10 per cent this year. The reason for this is two-fold; there are market-induced conversions, which include both on-going conversions to offshore, and the recently emerged practice of conversions to bulk carriers. Then there is the mandatory conversion, which is forced by regulations.
“The only market value opportunity here is scrapping,” said Tom Clifton of London’s Capital Shipbrokers.
With deliveries of new double-hulls expected before the complete phasing out of single-hulls, uncertainty remains on the likely impact of a short-term oversupply that is set to affect the demand-supply balance. Some analysts insist the short-term oversupply will have no impact on shipping rates as the demand for single-hulls in the Middle East is already waning in favour for double-hulls. “Companies in the Middle East are increasingly losing their appetite for single-hulls as they strive to be compliant with all environment standards. There is no possibility of a short-term oversupply of vessels this year,” said Clifton.
By the end of 2006, there were 502 VLCCs in active service worldwide, of which 65 per cent were double-hulled. Industry experts said despite a drop in VLCC charter rates for all Gulf outbound crude oil early this year, fluctuation of charter rates would be negligible throughout the year as demand for oil was not about to falter soon. While investments in the shipping industry increase, it appears that existing players will continue to dominate the market as analysts continue to see a reluctance of new players entering the market due to lack of confidence. The lack of self-assurance partly stems from the fact that conventional banks in the Middle East are still hesitant to provide finance for ships.
“The trend is that existing players continue to do well while others shy away from the business. The general mentality in the Middle East is that one cannot make it as a new player, but also the fact that banks are reluctant to provide finance is also another hindrance,” said Mathieu Philippe, General Manager at Dubai’s office for Barry Rogliano Salles (BRS), an international shipbroker.
However, Sharafuddin Sharaf of UAE Ship Owners Association said that for the UAE’s case, there was a growing interest among members of the business community to enter the shipping industry and that these moves are being supported by the government.
He said that among the core objectives of the Ship Owners Association was to provide necessary shipping knowledge to business people with the aim of building their confidence to enable them to invest in the sector.
Strong market returns experienced by the shipping industry in the Middle East in 2007 are expected to continue through the coming few years, industry experts have said. And the region’s shipping sector will escape the significant impact of the US sub-prime crisis and subsequent economic slowdown, they said.
Shipping companies based or operating on Middle Eastern routes achieved an average growth of between 25 to 30 per cent in both the dry bulk and VLCC (very large crude carriers) markets last year, said experts who foresee the same trend continuing this year.
“There are clear indications of a brighter market for 2008, we do not foresee a reversal of the 2007 fortunes. The entire shipping industry is witnessing an unprecedented boom,” Sharafuddin Sharaf, president of UAE Ship Owners’ Association, told Emirates Business in an exclusive interview.
The buoyancy expressed by shipping companies in the region stems from the fact that demand for oil and gas worldwide is increasing while prices are also climbing steadily. The Middle East is positioning itself as a hub between Europe, which sees a growing demand for commodities, and the Far East, which currently has the highest demand for energy as it becomes more industrialised.
As demand for oil increases, world oil consumption is projected to reach 93.7million barrels per day (bpd) in 2011 compared to 83.3 million (bpd) in 2005, said experts.
“The demand for Middle East oil will be a big lure for more shipping companies to operate in the region. We expect investments especially in crude carriers to increase tremendously this year as operators seek to tap into the market,” said Sharaf.
With an expected 17 per cent growth in Asia, the continent is expected to have a total throughput of 20 million TEUs (20-feet equivalent units) of dry cargo this year.
Last year, UAE terminals increased container cargo throughput by 19 per cent to 11 million TEUs, with Dubai’s ports of Jebel Ali and Port Rashid growing at 20 per cent to reach 10.7 million TEUs. The growth in UAE ports matched the 19 per cent average set by the Middle East, Europe and Africa.
Jebel Ali Port, one of the largest in the world, is expecting a 27 per cent increase in cargo container throughput from the current 11 million TEUs to 14 million TEUs in February 2009. While some sectors of the Middle East economy have felt tremors from the current US economic crisis, the problem is not likely to dampen the optimism shared by Middle East shipping operators.
“Today, there is a paradigm shift in trade which has lessened dependency on the trans-Atlantic route. New routes such as Asia-Europe and Asia-Middle East are now the busiest of all. So any slowdown in the US economy will have a negligible impact on the Middle East shipping performance,” said Ken Bloch Soersen, President and CEO of United Arab Shipping Company (UASC).
Soersen said UASC was aiming to benefit from the shipping market growth and that it would invest Dh7.3bn in the purchase of new container vessels to raise its current number of vessels from 38 to around 60 by 2012.
In order to tap into the growing tanker market, last year UASC decided to diversify and enter a joint venture with local business people to open United Arab Chemical Carriers (UACC) with an initial investment of Dh5.1bn, a quarter of which was raised in a private placement. Last year, UACC placed orders worth Dh2.1bn for 10 chemical tankers to be delivered in 2012.
Investments in the Middle East shipping industry for 2008 are expected to exceed Dh50bn, according to analysts. Middle Eastern companies that have placed large orders for new VLCCs include: UACC, Qatar Gas Transport Company, Vela, National Shipping Company of Saudi Arabia, National Iranian Tanker Company, Gulf Energy Maritime, Gulf Navigation, Emirates Trading Agency and Emirates Ship Investment Company.
However, new orders will face delays in delivery, as world shipyards are fully booked two years in advance. There are 170 VLCCs and 141 Suezmaxs on order. There are also 1,549 container vessels on order worldwide and the last deliveries for the current orders are expected to be made in 2012.
The International Marine Organisation (IMO) has set a timetable of 2010 to 2015 for the phasing out of all single-hull tankers due to environmental concerns. While shipping operators in the Middle East are catching up with the IMO ruling by making orders for only double-hulls, most of them will be left to ponder on what will become of their existing single-hull fleet as the deadline approaches.
According to the industry analysts, this year will see increased conversion activity as shipping operators seek to convert their single-hulls into either container liners or workboats, something that will put more pressure on shipyards. “Conversion of single-hulls is thought to grow by 10 per cent this year. The reason for this is two-fold; there are market-induced conversions, which include both on-going conversions to offshore, and the recently emerged practice of conversions to bulk carriers. Then there is the mandatory conversion, which is forced by regulations.
“The only market value opportunity here is scrapping,” said Tom Clifton of London’s Capital Shipbrokers.
With deliveries of new double-hulls expected before the complete phasing out of single-hulls, uncertainty remains on the likely impact of a short-term oversupply that is set to affect the demand-supply balance. Some analysts insist the short-term oversupply will have no impact on shipping rates as the demand for single-hulls in the Middle East is already waning in favour for double-hulls. “Companies in the Middle East are increasingly losing their appetite for single-hulls as they strive to be compliant with all environment standards. There is no possibility of a short-term oversupply of vessels this year,” said Clifton.
By the end of 2006, there were 502 VLCCs in active service worldwide, of which 65 per cent were double-hulled. Industry experts said despite a drop in VLCC charter rates for all Gulf outbound crude oil early this year, fluctuation of charter rates would be negligible throughout the year as demand for oil was not about to falter soon. While investments in the shipping industry increase, it appears that existing players will continue to dominate the market as analysts continue to see a reluctance of new players entering the market due to lack of confidence. The lack of self-assurance partly stems from the fact that conventional banks in the Middle East are still hesitant to provide finance for ships.
“The trend is that existing players continue to do well while others shy away from the business. The general mentality in the Middle East is that one cannot make it as a new player, but also the fact that banks are reluctant to provide finance is also another hindrance,” said Mathieu Philippe, General Manager at Dubai’s office for Barry Rogliano Salles (BRS), an international shipbroker.
However, Sharafuddin Sharaf of UAE Ship Owners Association said that for the UAE’s case, there was a growing interest among members of the business community to enter the shipping industry and that these moves are being supported by the government.
He said that among the core objectives of the Ship Owners Association was to provide necessary shipping knowledge to business people with the aim of building their confidence to enable them to invest in the sector.
UAE-Kazakhstan to strengthen ties
Agencies on Sunday, February 17 , 2008
General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces discussed yesterday matters of joint investment with Karim Masimov, Prime Minister of Kazakhstan. Present at the meeting were also members of the accompanying delegation.
General Sheikh Mohammed praised the relations between the UAE and Kazakhstan, which see continual growth due to the keenness of both countries to strengthen bilateral relations. He confirmed that the UAE seeks to consolidate co-operation and friendship with every country and Republic of Kazakhstan on the basis of mutual respect and interests to help bolster development, peace, security and stability in the region. During the meeting, there was a review of the co-operation between the two countries in areas of economy, investment and tourism.
There was also discussion on the means of constructive co-operation between Abu Dhabi and Kazakhstan through encouraging private sector establishments and investment authorities in both countries to set up joint investment projects and take advantage of attractive investment opportunities available in both countries.
Karim Masimov lauded the boom seen in the UAE and Abu Dhabi’s economy and business components, which made the capital an attractive destination for international firms. (Wam)
General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces discussed yesterday matters of joint investment with Karim Masimov, Prime Minister of Kazakhstan. Present at the meeting were also members of the accompanying delegation.
General Sheikh Mohammed praised the relations between the UAE and Kazakhstan, which see continual growth due to the keenness of both countries to strengthen bilateral relations. He confirmed that the UAE seeks to consolidate co-operation and friendship with every country and Republic of Kazakhstan on the basis of mutual respect and interests to help bolster development, peace, security and stability in the region. During the meeting, there was a review of the co-operation between the two countries in areas of economy, investment and tourism.
There was also discussion on the means of constructive co-operation between Abu Dhabi and Kazakhstan through encouraging private sector establishments and investment authorities in both countries to set up joint investment projects and take advantage of attractive investment opportunities available in both countries.
Karim Masimov lauded the boom seen in the UAE and Abu Dhabi’s economy and business components, which made the capital an attractive destination for international firms. (Wam)
GCC-Europe economic forum in April
Bahrain Tribune - 16/02/2008
(MENAFN - Bahrain Tribune) A forum on new economic strategies for Central and Eastern Europe and the GCC countries, organised by the Crans Montana Forum Middle East and the GCC Chambers of Commerce and Industry Union, will open in Manama on April 8.
Euro-Chambers of Commerce and Paris Chamber of Commerce and Industry president Pierre Simon will attend the event in his first visit to the region, the Crans Montana Forum announced here yesterday.
Simon's participation is a boost to economic relations that will prompt new investment opportunities within the framework of commercial partnership between the GCC countries and Europe, Crans Montana forum deputy chairman, Osama Al Khaja said. The meeting comes in the wake of the growing economic bonds between Europe and the GCC countries in light of the Free Trade Agreement in its final phases now. He affirmed that the forum would be the first serious step towards stronger commercial ties between both sides.
The Crans Montana Forum Middle East has signed a cooperation agreement with GEOC France to support the European participation in GCC States development strategies. GEOC is the Federation of GCC Chamber Official Delegate to Eurochambres (FGCCC) and the exclusive link in liaising and facilitating communication between Eurochambres' 19 million enterprises and FGCCC's 700,000 companies.
The key sectors to be covered include energy, renewable energy, natural resources, transport, infrastructure, mining, oil and gas, housing, telecommunication, it, tourism, public health, trading, financial services and banking, manufacturing, etc., which will be discussed through plenary sessions, specialised and national sessions, round tables, national and corporate presentations.
This forum will also provide a platform to showcase and promote investment and business development in various economic sectors for potential GCC's financial institutions and high net-worth individuals to develop business opportunities.
(MENAFN - Bahrain Tribune) A forum on new economic strategies for Central and Eastern Europe and the GCC countries, organised by the Crans Montana Forum Middle East and the GCC Chambers of Commerce and Industry Union, will open in Manama on April 8.
Euro-Chambers of Commerce and Paris Chamber of Commerce and Industry president Pierre Simon will attend the event in his first visit to the region, the Crans Montana Forum announced here yesterday.
Simon's participation is a boost to economic relations that will prompt new investment opportunities within the framework of commercial partnership between the GCC countries and Europe, Crans Montana forum deputy chairman, Osama Al Khaja said. The meeting comes in the wake of the growing economic bonds between Europe and the GCC countries in light of the Free Trade Agreement in its final phases now. He affirmed that the forum would be the first serious step towards stronger commercial ties between both sides.
The Crans Montana Forum Middle East has signed a cooperation agreement with GEOC France to support the European participation in GCC States development strategies. GEOC is the Federation of GCC Chamber Official Delegate to Eurochambres (FGCCC) and the exclusive link in liaising and facilitating communication between Eurochambres' 19 million enterprises and FGCCC's 700,000 companies.
The key sectors to be covered include energy, renewable energy, natural resources, transport, infrastructure, mining, oil and gas, housing, telecommunication, it, tourism, public health, trading, financial services and banking, manufacturing, etc., which will be discussed through plenary sessions, specialised and national sessions, round tables, national and corporate presentations.
This forum will also provide a platform to showcase and promote investment and business development in various economic sectors for potential GCC's financial institutions and high net-worth individuals to develop business opportunities.
Sunday, February 17, 2008
INJAZ - Deema Bibi - a Jordanian Woman's Initiatives
One of the social entrepreneurs here is Soraya Salti, a 37-year-old Jordanian woman who is trying to transform the Arab world by teaching entrepreneurship in schools. Her organization, Injaz, is now training 100,000 Arab students each year to find a market niche, construct a business plan and then launch and nurture a business.
The program (www.injaz.org.jo) has spread to 12 Arab countries and is aiming to teach one million students a year. Ms. Salti argues that entrepreneurs can stimulate the economy, give young people a purpose and revitalize the Arab world. Girls in particular have flourished in the program, which has had excellent reviews and is getting support from the U.S. Agency for International Development. My hunch is that Ms. Salti will contribute more to stability and peace in the Middle East than any number of tanks in Iraq, U.N. resolutions or summit meetings
The program (www.injaz.org.jo) has spread to 12 Arab countries and is aiming to teach one million students a year. Ms. Salti argues that entrepreneurs can stimulate the economy, give young people a purpose and revitalize the Arab world. Girls in particular have flourished in the program, which has had excellent reviews and is getting support from the U.S. Agency for International Development. My hunch is that Ms. Salti will contribute more to stability and peace in the Middle East than any number of tanks in Iraq, U.N. resolutions or summit meetings
ABAN to expand base of Angel Investors for projects worth US$ 2 million in MENA
Posted on Monday, 11 February 2008
Industry Sector Finance & Insurance
Country United Arab Emirates
Client(s) Dubai International Capital (DIC)
Press Release Content
The Arab Business Angels Network (ABAN), a subsidiary of Dubai International Capital (DIC), today announced it has started enlisting members to create the first Arab community of Angel Investors in the Middle East and North Africa. During its first matchmaking event held recently at the Dubai International Financial Centre (DIFC) to bring together businessmen and owners of start up enterprises, ABAN provided the opportunity for five start-ups from diverse sectors to present their businesses to investors in order to obtain funding for organic growth.
An angel investor is an affluent individual who provides capital for a business start-up, usually in exchange for ownership equity. Unlike venture capital financing, angel investors typically invest in companies that are too small or young to qualify for bank loans, or other traditional means of financing. Although the term ‘angels' implies individuals, the actual entity that provides the funding could be a trust, business, or investment fund.
The first of its kind in the Arab World, aims to bridge the equity gap faced by entrepreneurs looking to set up and grow their business. The five start-ups included Joga, a health food and beverage chain; Hayati, a consumer finance company for the healthcare industry; Kindisoft, a Jordan-based software development firm for IP protection; Content Syndicate, a publishing and content clearing house; and I-Level, a shopper marketing company.
Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital, the founding company of ABAN and Lead Angel investor, said: "Angel Investor networks like ABAN will support entrepreneurs in the MENA region by facilitating the flow of capital into ventures with high growth potential and will contribute positively to the economic development objectives of the Arab world. By providing the core platform to fill this equity gap and by helping start-ups build substantial businesses, ABAN has a significant role to play in the development of this unique asset class in the region. Through ABAN, DIC is committed to drive economic development of the highest standards while allowing us to give something back to our community."
ABAN's future plans include holding similar matchmaking activities in four focus countries - the UAE, Egypt, Jordan and Saudi Arabia - to develop the early-stage asset class through the establishment of two DIC-seeded funds, namely a US$10 million Seed Capital Fund and a US$5 million Fund for Women-Led Ventures. Local partners in each market will be sought to support the initiative.
Walid Hanna, CEO of ABAN, said: "ABAN offers exciting opportunities for the region's aspiring entrepreneurs. We are confident that ABAN will help reshape the economic landscape of the Arab World. By acting as a springboard for emerging businesses to achieve significant success in the future, new and much-needed job opportunities will be created in the region."
In its efforts to motivate emerging businesses in the Arab World, ABAN launched its first Arab Business Challenge in 2006, a region-wide business plan competition, offering funding for the two winners. Jordan Ostriches, a start-up business based in the Kingdom of Jordan designed to meet the local and regional demand for ostrich products including meat, feathers and leather was selected as a winner in addition to Palm Paper, an Egypt based industrial business that will use waste leaves from palm trees to manufacture industrial grade paper products. Dubai International Capital pledged investment funds of US$2.6 million for the two winning teams.
Notes and contacts
About ABAN
The Arab Business Angels Network (ABAN) was conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005, with Dubai International Capital as its founder and lead Angel.
As a Business Angels Network, ABAN is the link between entrepreneurs and Angel Investors. It acts as a vehicle to promote entrepreneurship and to build a community of Angel Investors across the Arab world.
Based in Dubai, ABAN aims to build a network of angel investors across the region, particularly in Saudi Arabia, Jordan, Egypt and the UAE. It will complement the economic development objectives of the Arab world by facilitating the development of creative and productive entrepreneurial ventures.
Additional information about the Arab Business Angels Network LLC is available at: www.aban.ae
About Dubai International Capital LLC
Established in 2004, DIC is an international investment company focused on both private equity and public equity. A wholly-owned subsidiary of Dubai Holding, DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments. Assets under management total over US$12 billion.
DIC Private Equity invests mainly in secondary buyouts in developed markets and has acquired businesses in a range of sectors in Europe and North America. Acquisitions include the UK leisure company Tussauds Group for £800m (later merged with Merlin Entertainments; DIC retains a 20% stake), the UK engineering company Doncasters for £700m, the US engineering company FastenTech for $492m, the UK hotel chain Travelodge for £675m, the German industrial packaging manufacturer Mauser for €850m, the UK healthcare company Alliance Medical for £600m, and the German producer of specialty alumina Almatis.
DIC Global Equities makes structured investments in large-cap, global equities, either directly or via DIC's US$2 billion Global Strategic Equities Fund (GSEF). The GSEF has acquired substantial stakes in HSBC, EADS, and Sony Corporation. DIC has directly invested in a 2.87% stake in the Indian financial services firm ICICI Bank.
DIC has also taken a strategic 9.9% stake in Och-Ziff, an alternative asset management firm based in New York.
DIC Emerging Markets invests in a range of asset classes in emerging markets. Private equity investments include a significant stake in the UAE-based luxury retailer Rivoli Group. DIC has also established sector or country-specific investment funds such as Ishraq, a US$150 million investment company bringing the Holiday Inn Express brand to the Middle East; the US$500 million MENA Infrastructure Fund, which invests in infrastructure projects in the Middle East and North Africa, and Jordan Dubai Capital, a US$300 million investment company that targets private equity opportunities in Jordan. DIC is a founding shareholder of Dubai Aerospace Enterprise and has a joint venture with CBRE that provides real estate asset management services.
DIC Asset Management (DICAM) arranges and promotes the investment funds. DICAM is regulated by the Financial Services Authority and holds a Category 4 license.
Information about Dubai International Capital LLC is available at: www.dubaiic.com.
Industry Sector Finance & Insurance
Country United Arab Emirates
Client(s) Dubai International Capital (DIC)
Press Release Content
The Arab Business Angels Network (ABAN), a subsidiary of Dubai International Capital (DIC), today announced it has started enlisting members to create the first Arab community of Angel Investors in the Middle East and North Africa. During its first matchmaking event held recently at the Dubai International Financial Centre (DIFC) to bring together businessmen and owners of start up enterprises, ABAN provided the opportunity for five start-ups from diverse sectors to present their businesses to investors in order to obtain funding for organic growth.
An angel investor is an affluent individual who provides capital for a business start-up, usually in exchange for ownership equity. Unlike venture capital financing, angel investors typically invest in companies that are too small or young to qualify for bank loans, or other traditional means of financing. Although the term ‘angels' implies individuals, the actual entity that provides the funding could be a trust, business, or investment fund.
The first of its kind in the Arab World, aims to bridge the equity gap faced by entrepreneurs looking to set up and grow their business. The five start-ups included Joga, a health food and beverage chain; Hayati, a consumer finance company for the healthcare industry; Kindisoft, a Jordan-based software development firm for IP protection; Content Syndicate, a publishing and content clearing house; and I-Level, a shopper marketing company.
Sameer Al Ansari, Executive Chairman and CEO of Dubai International Capital, the founding company of ABAN and Lead Angel investor, said: "Angel Investor networks like ABAN will support entrepreneurs in the MENA region by facilitating the flow of capital into ventures with high growth potential and will contribute positively to the economic development objectives of the Arab world. By providing the core platform to fill this equity gap and by helping start-ups build substantial businesses, ABAN has a significant role to play in the development of this unique asset class in the region. Through ABAN, DIC is committed to drive economic development of the highest standards while allowing us to give something back to our community."
ABAN's future plans include holding similar matchmaking activities in four focus countries - the UAE, Egypt, Jordan and Saudi Arabia - to develop the early-stage asset class through the establishment of two DIC-seeded funds, namely a US$10 million Seed Capital Fund and a US$5 million Fund for Women-Led Ventures. Local partners in each market will be sought to support the initiative.
Walid Hanna, CEO of ABAN, said: "ABAN offers exciting opportunities for the region's aspiring entrepreneurs. We are confident that ABAN will help reshape the economic landscape of the Arab World. By acting as a springboard for emerging businesses to achieve significant success in the future, new and much-needed job opportunities will be created in the region."
In its efforts to motivate emerging businesses in the Arab World, ABAN launched its first Arab Business Challenge in 2006, a region-wide business plan competition, offering funding for the two winners. Jordan Ostriches, a start-up business based in the Kingdom of Jordan designed to meet the local and regional demand for ostrich products including meat, feathers and leather was selected as a winner in addition to Palm Paper, an Egypt based industrial business that will use waste leaves from palm trees to manufacture industrial grade paper products. Dubai International Capital pledged investment funds of US$2.6 million for the two winning teams.
Notes and contacts
About ABAN
The Arab Business Angels Network (ABAN) was conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005, with Dubai International Capital as its founder and lead Angel.
As a Business Angels Network, ABAN is the link between entrepreneurs and Angel Investors. It acts as a vehicle to promote entrepreneurship and to build a community of Angel Investors across the Arab world.
Based in Dubai, ABAN aims to build a network of angel investors across the region, particularly in Saudi Arabia, Jordan, Egypt and the UAE. It will complement the economic development objectives of the Arab world by facilitating the development of creative and productive entrepreneurial ventures.
Additional information about the Arab Business Angels Network LLC is available at: www.aban.ae
About Dubai International Capital LLC
Established in 2004, DIC is an international investment company focused on both private equity and public equity. A wholly-owned subsidiary of Dubai Holding, DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments. Assets under management total over US$12 billion.
DIC Private Equity invests mainly in secondary buyouts in developed markets and has acquired businesses in a range of sectors in Europe and North America. Acquisitions include the UK leisure company Tussauds Group for £800m (later merged with Merlin Entertainments; DIC retains a 20% stake), the UK engineering company Doncasters for £700m, the US engineering company FastenTech for $492m, the UK hotel chain Travelodge for £675m, the German industrial packaging manufacturer Mauser for €850m, the UK healthcare company Alliance Medical for £600m, and the German producer of specialty alumina Almatis.
DIC Global Equities makes structured investments in large-cap, global equities, either directly or via DIC's US$2 billion Global Strategic Equities Fund (GSEF). The GSEF has acquired substantial stakes in HSBC, EADS, and Sony Corporation. DIC has directly invested in a 2.87% stake in the Indian financial services firm ICICI Bank.
DIC has also taken a strategic 9.9% stake in Och-Ziff, an alternative asset management firm based in New York.
DIC Emerging Markets invests in a range of asset classes in emerging markets. Private equity investments include a significant stake in the UAE-based luxury retailer Rivoli Group. DIC has also established sector or country-specific investment funds such as Ishraq, a US$150 million investment company bringing the Holiday Inn Express brand to the Middle East; the US$500 million MENA Infrastructure Fund, which invests in infrastructure projects in the Middle East and North Africa, and Jordan Dubai Capital, a US$300 million investment company that targets private equity opportunities in Jordan. DIC is a founding shareholder of Dubai Aerospace Enterprise and has a joint venture with CBRE that provides real estate asset management services.
DIC Asset Management (DICAM) arranges and promotes the investment funds. DICAM is regulated by the Financial Services Authority and holds a Category 4 license.
Information about Dubai International Capital LLC is available at: www.dubaiic.com.
Content Syndicate Selected for The Arab Business Angels Network Investor Event
NewswireToday - /newswire/ - Dubai, UAE, United Arab Emirates, 02/14/2008 - ABAN - a subsidiary of Dubai International Capital selects Content Syndicate from over 150 companies at the region’s biggest angel investor event.
Content Syndicate® was recently selected as one amongst five companies by the Arab Business Angels Network (ABAN) from over 150 start-ups at the Dubai International Finance Centre. The five companies which represented a cross-section of verticals pitched their business plans to investors. This prestigious entrepreneurs-meet-investors event was attended by the region’s influential high net worth individuals, investors, private equity firms, venture capitalists.
ABAN, backed by Dubai International Capital (DIC) as its founder and lead angel with support from Intel Capital and Dubai Silicon Oasis as corporate angels was set up to provide high potential entrepreneurial ventures with mentorship, networking and capital. This year’s plan includes channelling US$10 million seed-capital fund into early-stage ventures and simultaneously creating new angel investor networks.
Speaking on the initiative, Maddy Reddy, Founder & CEO of Content Syndicate said, “ABAN provided us a great opportunity to showcase our unique content platform to the investment community. This further reiterates that with a solid business model that addresses a serious business need, you can be distinctive from the rest.”
Content Syndicate has already successfully raised a substantial amount of seed capital from angel investors in US, UK, UAE and India within the first year of operations.
Prior to this, in September 2007, Content Syndicate was the only firm from the Middle East to be selected from over 260 companies across 40 countries for SeedCamp® London- a major initiative of Europe’s top angel investors, venture capitalists and technology firms.
Angel investors are affluent individuals offering capital to start-up companies in exchange for ownership equity. Funding costs vary and, in addition to financial investment, angel investors also offer expertise, acumen and business networks. Angel investment is a common second round of financing for high-growth start-ups, and accounts in total for almost as much money invested annually as all venture capital funds combined, as but into more than ten times as many companies.
Walid Hanna, CEO of ABAN said, “By building an angel investor network we hope to start to fill the equity gap currently faced by entrepreneurs attempting to launch their ventures. Angel investors would also provide the start-ups they invest in with a guiding hand that would greatly increase their chances of success.”
About ABAN
The Arab Business Angels Network (ABAN) was conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005, with Dubai International Capital as its founder and lead Angel. ABAN acts as a link between entrepreneurs and Angel Investors to foster high potential new ventures and to build a community of Angel Investors across the Arab world.
Established in 2004, DIC is an international investment company focused on both private equity and public equity. A wholly-owned subsidiary of Dubai Holding, DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments. Assets under management total over US$12 billion.
About Content Syndicate
Content Syndicate’s innovative Words on Demand® platform helps corporates and publishers from across the world to commission, distribute, buy and sell content that’s exclusive, customised for their unique requirements in over 200 languages.
Content Syndicate is working on its vision to offer content services across platforms, media and languages. Founded in late 2006, CS is incorporated as independent entities in the US, UK, UAE and India.
#Content Syndicate, Words on Demand, its design, logo, moniker are trademarks of Content Syndicate in the United States and/or other countries. Other trademarks are the property of their respective owners.
For more information/media enquiries please contact:
Dennis M. Alphonsus
Vice President – Operations
Content Syndicate: Words on Demand®
E: dennis[.]contentsyndicate.com
M: +971-50-4947012
T: (+971-4) 335 9267
F: (+9714) 335 9268
Content Syndicate® was recently selected as one amongst five companies by the Arab Business Angels Network (ABAN) from over 150 start-ups at the Dubai International Finance Centre. The five companies which represented a cross-section of verticals pitched their business plans to investors. This prestigious entrepreneurs-meet-investors event was attended by the region’s influential high net worth individuals, investors, private equity firms, venture capitalists.
ABAN, backed by Dubai International Capital (DIC) as its founder and lead angel with support from Intel Capital and Dubai Silicon Oasis as corporate angels was set up to provide high potential entrepreneurial ventures with mentorship, networking and capital. This year’s plan includes channelling US$10 million seed-capital fund into early-stage ventures and simultaneously creating new angel investor networks.
Speaking on the initiative, Maddy Reddy, Founder & CEO of Content Syndicate said, “ABAN provided us a great opportunity to showcase our unique content platform to the investment community. This further reiterates that with a solid business model that addresses a serious business need, you can be distinctive from the rest.”
Content Syndicate has already successfully raised a substantial amount of seed capital from angel investors in US, UK, UAE and India within the first year of operations.
Prior to this, in September 2007, Content Syndicate was the only firm from the Middle East to be selected from over 260 companies across 40 countries for SeedCamp® London- a major initiative of Europe’s top angel investors, venture capitalists and technology firms.
Angel investors are affluent individuals offering capital to start-up companies in exchange for ownership equity. Funding costs vary and, in addition to financial investment, angel investors also offer expertise, acumen and business networks. Angel investment is a common second round of financing for high-growth start-ups, and accounts in total for almost as much money invested annually as all venture capital funds combined, as but into more than ten times as many companies.
Walid Hanna, CEO of ABAN said, “By building an angel investor network we hope to start to fill the equity gap currently faced by entrepreneurs attempting to launch their ventures. Angel investors would also provide the start-ups they invest in with a guiding hand that would greatly increase their chances of success.”
About ABAN
The Arab Business Angels Network (ABAN) was conceived by the Young Arab Leaders and Dubai Holding during the Clinton Initiative in September 2005, with Dubai International Capital as its founder and lead Angel. ABAN acts as a link between entrepreneurs and Angel Investors to foster high potential new ventures and to build a community of Angel Investors across the Arab world.
Established in 2004, DIC is an international investment company focused on both private equity and public equity. A wholly-owned subsidiary of Dubai Holding, DIC manages an international portfolio of diverse assets that provide its stakeholders with value growth, diversification, and strategic investments. Assets under management total over US$12 billion.
About Content Syndicate
Content Syndicate’s innovative Words on Demand® platform helps corporates and publishers from across the world to commission, distribute, buy and sell content that’s exclusive, customised for their unique requirements in over 200 languages.
Content Syndicate is working on its vision to offer content services across platforms, media and languages. Founded in late 2006, CS is incorporated as independent entities in the US, UK, UAE and India.
#Content Syndicate, Words on Demand, its design, logo, moniker are trademarks of Content Syndicate in the United States and/or other countries. Other trademarks are the property of their respective owners.
For more information/media enquiries please contact:
Dennis M. Alphonsus
Vice President – Operations
Content Syndicate: Words on Demand®
E: dennis[.]contentsyndicate.com
M: +971-50-4947012
T: (+971-4) 335 9267
F: (+9714) 335 9268
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