Escolar Documentos
Profissional Documentos
Cultura Documentos
DIPLOMATIC FOCUS
H.E. Ghassan M. Husain
Iraqi Ambassador
GLOBAL BRAND
MiNI Turns 50
REAL ESTATE
rental market review
SPECIAL REPORT
GCC Economy
VOL:3
V OL:3 N
NO:6 JUNE 2009
NOW n
le o
AvailabAIR
GULF
AAREF
HEJRES
GETS REAL ON DIYAR AL
MUHARRAQ PROJECT
COLUMN
58 JUNE 2009
COLUMN
JUNE 2009 59
A MAXMEDIA PUBLICATION
EDITORIAL
FEELING
THE HEAT!
T
A business entrepreneurial lifestyle he Bahraini business community’s ongoing resentment over a couple
magazine from the Gulf of LMRA decisions is understandable but hardly appreciable. One
needs to consider the fact that the authority has broken the old shackles
of the labour market and has a mandate to achieve a multitude of
PUBLISHER / EDITOR IN CHIEF goals whose benefits will take some time to be clearly visible. The decisions under
Sameer Uchi hot dispute are the BD10 per expatriate levy and the free movement of labour
from August 2009. The former decision on the levy has been heavily debated in
MANAGING PARTNER / GROUP EDITOR
the parliament and a freeze has been ordered on its collection until next January.
Mohd. A. Kayani
However, the abolishing of the reigning sponsorship system will commendably
GENERAL MANAGER / MANAGING EDITOR instil greater transparency and freedom for the expatriates. It is apparent that the
Paritosh V. Palav authority’s reforms formula is based on market feedback taken from both the
ASST. EDITOR sponsors and expatriates. Unfortunately, the woes of expatriates weigh much
Mahmood Taiseer higher than that of the sponsors hence the awarding of the opportunity to freely
change their jobs should be seen as an acknowledgement of their contribution
CONTRIBUTORS towards building the economy for decades. The grossly abused concept of
Leila Belpaz
Suhail Al Gosaibi
sponsorship will see its demise by August this year thus ushering a pioneering era
for Bahrain. I have heard Qatar is expected to follow suite by implementing labour
PRODUCTION MANAGER
reforms similar to that of our island.
Sachan Chandran Coming back to the monthly expatriate levy the business community for sure
has a lot to reason with. Imagine a construction company with 1000 expatriate
GRAPHIC DESIGNER workers (mainly low wage labourers) paying BD10000 levy every month or a
Haroon Rasheed
Shaji Thomas
whopping BD120000 a year! For many companies this might be a huge portion of
their profits ultimately affecting their income profile in the short term. The present
PHOTOGRAPHER parliamentary freeze on the same is understandable but then what is the solution?
Mani T. Naturally, the authority is trying to make the expatriate labour expensive so as
DISTRIBUTION CONTROLLER to make way for more Bahrainis to be recruited and in the process split the levy
Sandeep Shrivastava between itself and Tamkeen which is undertaking numerous training initiatives
for its citizens. I believe a solution to this chaos will be to put up a levy based on
the class of employment which can be done by segmenting the work profile. For
Please e-mail us any form of business, banking, financing, instance, charging BD10 per month levy for companies employing top to middle
investments or entrepreneurial news........ level executive expatriates and a smaller levy for low wage workers would be more
agreeable to the corporate and industrial sector and probably more reasonable.
email us on: big@maxmediaco.com For sure Bahrain’s labour market reforms are here to stay. It is difficult to shed
years of patterns in just one year. No doubt, enough heat is being generated whilst
SUBSCRIPTION tackling such sensitive issues but one must look at the ultimate picture and work
out methods that could yield enhanced productivity and profitability. For sure,
Annual Subscription to BIG; Bahrain BD10 ($27)
GCC Subscription is BD20 ($55.00) for 1 year
sponsorship still exists in its cruellest form even today but the onus lies on us
or BD35 ($90.00) for 2 years. Foreign Subscription is to participate in this change. Truly, the level entrepreneurship is quite wide in
BD25 ($65.00) for 1 year, or BD40 ($100.00) for 2 years. Bahrain and it is the bogus and old-school-of-thought companies that need to
BIG is published 12 times a year. be awakened fully. Kudos to the Bahraini government for taking up such bold
B.I.G is published monthly and is available in all Supermarkets and book initiatives. Keep it going!
stores across the GCC. If you cannot find our magazine in your area, please
give us a call on Bahrain (973) 17 402-482 and we’ll tell you where you can
get a copy. Remember to always ask for B.I.G.
Licence no: CBIG 712 Copyright: 433\04 B.I.G Magazine all rights
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form without written permission. Every effort has been made to ensure
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MAXMEDIA CO. W.L.L and all its publications cannot accept
legal responsibility for any error or omission.
4 JUNE 2009
CONTENTS
J U N E 2 0 0 9 . V O L 0 3 N U M B E R 0 6
COVER STORY
At a time when the real estate market worldwide
is hit with recession, the Kingdom of Bahrain’s
prestigious Diyar al Muharraq is going strong and is
on schedule. BIG talks to Mr. Aaref Hejres,
Chief Executive Officer, Diyar Al Muharraq on the
development of the project and gets his reflections on
numerous issues including environment
sustainability.
F E AT U R E S
Special Report
BIG scans various reports and finds out how the
GCC region can beat recession on various fronts
provided countries follow strict discipline and chose
not be greedy.
40 Real Estate
BIG meets up with rental companies in the
Kingdom and finds out how the market is shaping up
amidst recession.
Investment
BIG speaks to experts and tries to find out how the
GCC region has been building up its investment
portfolio abroad.
Global Brand
Around 25,000 enthusiasts from more than 40
countries converged on Silverstone to wish MINI
a happy 50th birthday. BIG brings out the historical
perspective of one of the world’s greatest, most
fashionable and desired brand.
Management
4 JUNE 2009
CONTENTS
J U N E 2 0 0 9 . V O L 0 3 N U M B E R 0 6
50
Company History
Contributing effectively to the country’s
diversification programme, Qatar Steel Company
has successfully demonstrated how strategic
thinking can yield consistent results. BIG takes a
look at the company’s history and brings to you the
making of a steel giant.
Car Review
BIG test drives Maserati.
COLUMNS
Leila Belpaz checks out the newly opened
affordable fashion outlet in Bahrain.
PLUS
Appointments
Lifestyle
Last Page
68
JUNE 2009 5
LETTERS TO THE EDITOR
Editor
Dear B.I.G, Dear B.I.G,
Now that the Indian elections came to After the incident of the missing Air
READERS FORUM an end, do you think the outcome of
these elections that took place in such
France Jet, I think the airlines industry
should re-evaluate itself and stop claiming
an important country is going to affect that we are in the age of technology and
the international, or at least the Asian that these accidents are part of history.
e fro m
th e Gu lf
economy?
es ty le m ag az in
s en tre
pren eu ria l lif ATIC FO
CUS
DIPLOM an M. Husain
Ali
bu sin es
ass
H.E. Gh
A bassad
or
Iraqi Am
Kumar
BIG
BRAND
GLOBAL s 50
rn
JUNE 2009
MiNI Tu
ATE
REAL EST rket review
rental ma
Dear Ali,
Qata r:Riy
RT
L REPO
SPECIA nomy
GCC Eco
al 20.00
N
NO:6 JUNE 2009
VOL:3
V
G
of the biggest owing to its long history of hailstorms larger than the size of the tennis
ms 20.00
- Kuwa it:KD
practicing democracy. I believe the people of ball. Also, if you recall the latest report, Air
2 - Saud
India’s confidence in bringing back Congress France has admitted to have ignored their call
i Arab ia:Riy
at the leadership is a testament that they for upgrading electrical systems since 2007. In
al 20.00
- Bahr ain:B
a looking for stability and prosperity in the this age of fierce competition the airline might
D2 VOLUME-3
long run. India has already carved a niche have continued doing business without taking
AAREFS
NO.06
for itself in the Asian economic scenario and these upgrades under consideration. Also,
www.maxm
ediaco.com
its contribution has been quite immense, plus when nature decides your course or date, no
HEJRE AL ON DI
YAR AL
GETS RE AQ PROJECT
the country seems to have not been so much
affected by the global recession. So yes, India
amount of technology can help you to beat it.
MUHARR
PUBLICATI
6 JUNE 2009
GCC NEWS
8 JUNE 2009
GCC NEWS
10 JUNE 2009
GCC NEWS
First steel mill starts production for medical and healthcare enterprises,
a five star resort and four star hotels to
include spas as well as a wellness centre,
BAHRAIN: Bahrain’s first steel reinforce- specifically, and the local economy as a a public promenade including an exten-
ment bar mill has begun production after whole,” he said. sive array of shops and waterfront cafes,
receiving government approval. It is also “Currently the factory is running at serviced apartments with managed care,
looking to increase jobs at the facility to only a portion of its 200,000 tons per an- sports facilities, staff and student ac-
200 in a matter of months. num production capacity, with capability commodation and a high quality public
The Universal Rolling (Unirol), which of covering a huge part of the local de- realm and park.
took four years to build in the Hidd In- mand of the kingdom for this strategically
dustrial Area, has utilised state-of-the-art important product.”
technology in steel rolling and manufactur- “Unirol currently employs 130 people
ing in addition to the latest quality con- and that number is set to increase to 200
trol systems. It has an in-house laboratory within the coming months as production PROTIVITI SETS
in order to guarantee the highest level of is ramped up,” he said.
quality and compliance with British Stan- “We will work in the coming months
UP BFH OFFICE
dard BS 4449:97 grade 460, and American on training Bahrainis in order for them BAHRAIN: Protiviti Member Firm,
Standard ASTM A615 grade 60. to play a bigger role in this new industrial the international business consulting
“The commencement of production entity,” he added. and internal audit firm, has established
at our plant comes after big efforts made He confirmed that the samples taken an office in the West Tower of Bahrain
jointly by our team of Bahrainis and expats from the trial production were tested by the Financial Harbour (BFH). Protiviti is a
in addition to the support received from Works Ministry and conformity to interna- subsidiary of Robert Half Internation-
governmental agencies that made our suc- tionally recognized standards has been con- al, a member of the S&P 500 index.
cess possible,”said Mr. Mazen Almahroos, firmed. Engineers from the Ministry visit- “We are proud that Protiviti has
Unirol Managing Director. ed the facilities of Unirol and issued their decided to operate from BFH,” said
“This new industrial entity will reflect unconditional approval for use of Bahraini Mr. Salwan Uchi, Bahrain Financial
positively on the lives of Bahrainis work- steel produced by Unirol for government Harbour Holding Company (BF-
ing with us, and on the real estate sector and Works Ministry projects. HHC) Marketing Director.
12 JUNE 2009
GCC NEWS
JUNE 2009 13
GCC NEWS
14 JUNE 2009
GCC NEWS
16 JUNE 2009
© H-D 2008. Harley, Harley-Davidson and the Bar and Shield logo are among the trademarks of H-D Michigan, Inc.
GCC NEWS
18 JUNE 2009
TWO THIRDS OF THE WORLD IS COVERED BY WATER
THE OTHER THIRD BY US.
NOW IN BAHRAIN
PROVIDING ALL OF YOUR REAL ESTATE NEEDS WITH OVER
30 YEARS LOCAL EXPERIENCE.
20 JUNE 2009
GCC NEWS
JUNE 2009 21
GCC NEWS
22 JUNE 2009
GCC NEWS
SONY STOPS
Mr. Karim el-Solh at the event
EXPANSION
UAE personal loans fall 11% UAE: Sony Gulf has put a freeze on
expansion but does not plan to cut
jobs, its managing director said in
Outstanding personal loans at UAE comments published recently, after its
banks stood at Dhs201.7 bn (US$54.93 bn) parent company announced plans to
at the end of April, compared with Dhs226.4 slash its workforce by 16,000 as part of
bn on December 31, the central bank said in restructuring to combat mounting losses.
a statement on its website. Sony Corp. said it lost 98.9 bn yen
Loans and advances of Dhs997.7 bn on (US$1 bn) in the fiscal year through
April 30 was up 0.2 per cent from the month March, its first annual net loss in 14
earlier, the data showed. years as consumer demand for goods
Total loans in February had fallen month- slumps amid the economic downturn.
on-month as banks become more cautious “There will be no new staff as there
about new lending during an economic is no plan to expand,” Mr. Osamu
downturn in the country, where the emirate Miura commented. Miura said the
of Dubai is suffering from a sharp downward company would not cut jobs in the
correction in real estate prices. Middle East and Africa.
Deposits at UAE banks rose 4.2 in “We will focus on increasing the
UAE: Personal loans extended by United Arab April from December to Dh961.6 bn, the efficiency of our existing staff. Investment
Emirates banks fell 10.9 per cent in April data showed. The gap between loans and in retailing will be on hold except for
compared with the end of last year, while the deposits was Dhs36.1 billion - down from ‘scrap and build’ project,” he added.Sony
gap between loans and deposits narrowed over Dhs71.2 bn at the end of December, the Gulf employs around 250 staff.
the same period, central bank data showed. data showed.
24 JUNE 2009
GCC NEWS
JUNE 2009 25
GCC NEWS
26 JUNE 2009
SOCIAL RESPONSIBILITY
DRUGS ADDICTION
A SOCIETAL PERIL
Mohammed Sadiq gives quick tips on how to identify
drug addicts and measures to be taken thereof.
Drugs addiction is the spectre that enters reaction time, confusion and disorientation. to tackle them.
homes and destroys the happiness of any 10- For smoked drugs, a persistent cough or 6- Never give money to the drug addict.
family. It is the faster and the shorter way bronchitis, leading to coughing up excessive 7- The family members should understand
to death. Drug addiction is one of the most mucus or blood. the nature of the drug-addiction treatment
serious social problems of our time around 11- Suspected drug paraphernalia such as and how to deal with the addict.
the world and there are many reasons that unexplained pipes, roach clips or syringes. 8- Ex drug-addicts can be very helpful in the
push an individual towards the addiction. 12- Needle marks or bruises on lower arm, treatment.
The most important ones are being distant legs or bottom of feet. 9- Reward the patient and encourage him
from religion, bad companionship, and over- 13- Smell of substance on breath, body or whenever he/she achieves any improve-
spoiling the children or neglecting them clothes. ment.
without keeping close eyes on them. 10- When treated, the patient should be
welcomed and accepted by all of his family.
Here are some of the signs to spot in an indi- 11- It’s very important to follow up and keep
vidual who might be addicted to drugs: an aye on the patient to spot the emergence
1- The person wants to be alone more than of any negative signs or indicators that show
usual. He or she spends inordinate amounts any relapse.
of time isolated from the rest of the fam- In conclusion, I would like call on the
ily. Excessive need for privacy; keeps door international community to appeal to every
locked or closed, won’t let people in. State that is not a member of the Internation-
2- Drop in school or work performance; al Drug Control Conventions to ask them to
skips or is late to school or work. implement its provisions, and to provide a fi-
3- Receiving telephone calls at odd hours nancial assistance to those countries that are
and using some strange and suspicious vo- countries suffering from problems related to
cabulary. drug trafficking across their borders.
4- Neglect of religious duties like prayers. I would also like to appeal to all minis-
5- Increase or decrease in appetite; changes tries, governmental and private bodies to
in eating habits, unexplained weight loss or adopt a vision of an comprehensive and inte-
gain. grated strategy to combat drug addiction and
6- Cycles of excessive sleep. If you find that there a drug addict in your to coordinate to produce films and programs
7- Violent temper or bizarre behaviour. family, try to be calm take the below precau- to address this phenomenon on television,
8- Unexplained need for money; can’t ex- tions: radio and Internet sites. I also wound like to
plain where money goes; stealing. 1- When dealing with a drug addict, we appeal to the clerks to spread the awareness
9- Abnormally slow movements, speech or should act in a very wise and tranquil way of the dangers of drugs among people.
away from cruelty, violence or intimidation. I can not help but pay tribute to and
2- We should be very secretive. thank all the police officers and workers in
3- Choose the appropriate time to speak to the Ministry of the Interior for their great
the addict and give him the chance to ex- effort to address and prevent the entry of
press his feeling, then start advising him. drugs into our beloved kingdom. I would
4- A lot of drug addicts lose their battle also like to express my gratitude to the
against despair, so try your best to renew Anonymous Addicts Community for their
their hopes in life. great efforts in helping the addicts.
5- Search for the reasons behind the addic-
tion wither social or psychological and try Contact: msadiq.70@gmail.com
28 JUNE 2009
YOUTH
30 JUNE 2009
BAHRAIN
Cafe
BIG scans various reports and finds out how the GCC region can beat recession on
various fronts provided countries follow strict discipline and chose not be greedy.
HOPEFUL RECOVERY
by 2009-end
For the GCC, 2009 will be a year of con- these factors should decrease inflation rates.
traction. The combined size of GCC econo- In 2009, M&As will be driven by GCC
mies will increase from US$822.2 bn in 2007 governments initiatives to stabilise the real
to about US$1.04tn in 2008 and it is likely to estate and equity markets and their efforts
fall to about US$923.6bn in 2009. It is esti- to boost market conditions. Furthermore,
mated that in nominal terms, GCC econo- the relatively low valuations will encourage
mies are likely to grow from about 11.3 per SWFs to acquire stakes in local as well as
cent in 2007 to 26.4 per cent in 2008. The international companies. Similarly, low valu-
real growth is estimated to reach about 5.2 ations and the pressure to maintain com-
per cent in 2008 while in 2009, the growth petitive cost base encourage companies to
rate is likely to decline to about 2.4 per cent. expand their business by vertical as well as
Internal factors that include a credit horizontal mergers.
crunch, lower growth in public spending, Earnings growth in 2009 is not expected
and lower growth in rental prices will lower to stand out as being exceptional, standing in
inflation rates in 2009. Besides, imported the vicinity of 6 - 7 per centYoY for the GCC.
inflation will reduce dramatically because of Albeit, unlike 2008, the earnings in 2009 will
lower commodities prices and expected de- not suffer from the substantial investment
flation in the developed countries. All in all, losses borne by the companies (banks, invest-
ment banks in particular and other portfolio-
running companies in general), aggregate
earnings and aggregate earnings growth will
nevertheless be weighed down.
The GCC markets have started on the
worst possible note as investors are wary
over the result of 4Q2008 and 1Q2009,
which is reasonably understandable. Assum-
ing that the multiples maintain status quo
(being conservative), if the markets just fol-
low the earnings growth, we will expect a
modest gain in the market returns in 2009.
We understand that the probability of such
an occurrence in the 2H2009 exceeds by far
the probability of the same happening in
1H2009. Moreover, the magnitude of the
rally will be highly dependant on non-fun-
damental factors such as return of foreign
investors and on the investor sentiment and
confidence as well.
32 JUNE 2009
SPECIAL REPORT
than US$35 per barrel. This turnaround re- rates of developing countries like China and
sulted in the collapse of five-years of bull-run India, but these countries have also started
in oil prices, which climbed from US$29 a showing signs of a slowdown.
barrel in early 2003 to a peak of US$147 a Therefore, oil prices to remain in our pre-
barrel in July 2008. The collapse of oil prices dicted range for 2009 will also require timely
in the second half of 2008 was the result of a intervention by oil producing countries.
growing realization that the global economy Such a sharp fall in oil prices along with
will face a sharp slowdown in 2009, leading production cuts by OPEC will also have a
to a huge drop in demand for oil. significant impact on economic growth in
Oil prices averaged about US$94 per bar- the year 2009. The cumulative cuts imposed
rel for 2008 and it is forecasted that average by OPEC in 2008 was 4.2 mn barrels a day. “Oil revenues, capital
prices are likely to reach at about US$60 per At the same time, further cuts are not ruled investments and current
barrel for the year 2009. Sharp economic out if oil prices sink further in 2009.
downturns in advanced economies have On the back of this, oil revenues, capital account surpluses in
started spreading their effects on Asian investments and current account surpluses the GCC region are
economies which were previously considered in the GCC region are likely to witness a
recession-proof. On the back of this, world sharp deceleration in 2009, which will have likely to witness a sharp
oil demand is also likely to fall in 2009. At a significant impact on the real economic
the same time much depends on the growth growth of these countries.
deceleration in 2009”
JUNE 2009 33
SPECIAL REPORT
34 JUNE 2009
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is expected to moderate from 27.6 per cent, INFLATIONARY PRESSURES of the local markets.
estimated for 2008, to reach about 18.1 per TO COOLOFF In addition, foreign borrowing was fro-
cent in 2009. It is based on the expectation In the last few months, the world witnessed zen, which required some firms to find al-
that oil prices are likely to average out at a tremendous decline not only in equi- ternative replacements. Locally, the invest-
about US$60 per barrel in 2009, if the prices ties, but also in commodities, as the global ment sector was the most to be hurt from
remain in the sub-$50 range than it could economies witness a recession that is turn- the frozen foreign credit market in which
have an adverse effects on the region’s trade ing out the worst in decades. Falling prices the banking sector was not able to cover the
balance, however, chances of oil to trade in across international economies may lead to huge demand for credit resulting from the
that range are less likely. excessive deflation that could exacerbate the pull-out of foreign lending. Besides, banks
Lower oil prices and reduced oil pro- global economic condition even further. De- were not ready to take the risk of lending,
duction, coupled with a falling demand flation was not in the mind of the investment even though governments and central banks
for goods and services will translate into a world in July of the year 2008 when every- took wild measures, including pumping li-
crash in the region’s export income, trade one’s concern was inflation led by exception- quidity into the system, and loosing-up the
surplus and overall current account surplus. ally unprecedented high oil prices. The GCC lending requirements. The lack of liquidity is
This narrow fiscal as well as trade surplus countries were no different than the rest of expected to continue into most of 2009.
will definitely have some impact on the the world. In the beginning of the year, infla- Apart from the credit crunch, there is
liquidity position of these countries. On tion was a major concern, but rising prices a sharp decline in oil prices. Even though
the back of this, some of the fresh invest- will not be an issue in the new year of 2009. OPEC had been cutting production, the
ment projects are not likely to get material- External and internal factors that had free-fall of oil prices did not stop. Oil price
ized. At the same time projects which are been fuelling inflation in the GCC coun- reached its four year low after breaking an
there in the pipeline could also get delayed. tries are turning around. In terms of internal all-time record in July of 2008, a price tag of
However, accumulated surpluses over the factors, three major factors are putting the US$147 per barrel. Oil prices are not expect-
last several years will provide a cushion to brakes on inflation. First, the global credit ed to be high in 2009. As a consequence, oil
the public spending of GCC economies. crunch translated into a local credit crunch. producing countries, especially in the GCC,
Therefore, liquidity management could be This credit freeze in the GCC was due to the will experience a fall in revenues which will
the key to fund future projects. foreign investors withdrawing their cash out slow their spending capacities. Lower growth
in public spending would decrease growth in
business activities, as public spending in the
Inflation Rates in the GCC GCC plays a big role in the economy. All in
all, most countries will still be able to main-
tain their level of spending in the short term,
even though they may record a budget defi-
cit, thanks to surpluses accumulated during
Source : Global Research the previous years. However, any expansion
plans might be put on hold.
Rental prices are also expected to cool
down in the next year. Weighing heavily on
the price indices for all GCC countries, rent-
al increases will slow down in 2009. Prices
had been skyrocketing in the past few years,
which had been a major cause for higher
consumer prices. For example, apartment
rentals increased by 25 per cent during 2005-
2006, and by 18 per cent during 2006-2007
in Dubai, according to Asteco. However,
rentals prices will see a big drop in 2009 be-
cause supply next year will outpace demand.
According to Colliers, supply for commer-
cial space will be more than triple, reaching
5.6mn sqm in Dubai in the coming year.
External factor is mostly represented
by imported inflation, which is expected
to slow down for two reasons. First, Com-
modities ranging from energy, agricultural,
livestock and metals are declining at a rapid
pace. CRB Reuters, a broad commodity in-
dex, reached its peak in July, recording 481
points. Afterwards, the index declined by
more than 34 per cent at the end of 2008,
reaching 314.7 points.
36 JUNE 2009
SPECIAL REPORT
GCC PROJECTS
Oil revenues in the past five years has fa-
cilitated the GCC accumulating more than
US$1.5tn. The countries used a fraction of
the revenues to spend on projects in order
to develop and diversify the economy. GCC
projects have reached US$2.54tn as of Jan.
05, 2009, a Y-o-Y increase of 57.5 per cent
from US$1.61tn. Most projects are invested
in Real Estate, Oil and Gas, and Power.
Pre-crisis on Sept.1, projects planned or
under way totalled US$2.16tn, Saudi Arabia
and the UAE are the biggest project markets
in GCC, their investments make up 72.6
per cent of total projects in the GCC. De-
spite the fact that being extremely affected
by the financial crisis through their capi-
tal markets and oil prices since Sept.2008,
their project portfolios increased 9.01 per
cent in Saudi Arabia and 27.5 per cent in
the UAE. In the GCC the value of projects
increased 17.1 per cent during the same pe-
riod, of the GCC countries Kuwait posted
a 2.4 per cent growth as opposed to Bah-
rain which increased 36.5 per cent during
Sept.1-Dec.15.
Due to the global crunch many projects
have been delayed in the GCC mostly from
real estate and oil and gas sector which make “General trend in policy changes over the past few
up 81.1 per cent of total projects in the GCC.
According to ProLeads, a research firm,
years suggests an easing of FDI restrictions and
there are 150 projects currently on hold, 88 a more welcoming climate for foreign investment,
are in UAE, 54 in Saudi Arabia and 15 in
Kuwait. Reasons are attributed to increasing especially in non-oil industries”
building materials cost, decreased liquidity
and slowdown in the world economy. Ma-
jor delayed projects include King Abdullah liquidity. Even though GCC policy actions Other sectors have witnessed a minimal
Economic City in Saudi Arabia, Asia Asia are easing interest rates, still private entities hit, including petrochemicals. Kuwait has
Hotel in Dubai, Palm Deira in Dubai, Jaber are announcing new lay-offs and delayed cancelled a US$17.4 bn joint venture with
Al-Ahmad Hospital in Kuwait, Qatar Pet- projects. The major delays could be for the Dow-Chemical. Abu-Dhabi also delayed
rochemical Complex, and Aramco Dam- short term because the efforts made by cen- the Integrated Gas Development due to
mam oil field. tral banks will provide more liquidity in the technical problems. This project will transfer
2009 could be a year of delays and de- system and projects developers will continue more than 700mn cubic feet. PertoRabigh
ferred projects, mostly for the private sec- their stopped track. of Saudi Arabia is delaying a polypropylene
tor because of the lack of funding. For the Prospects for private sector projects in plant that could produce 700,000t/y to the
month of December the OPEC crude price 2009 are cloudy, construction sector unem- end of 1Q2009. Oil prices which took a hit
has averaged US$39.6/bl, while the break- ployment could increase because of lay-offs, last year, could affect the fate of the oil proj-
even oil prices of the GCC is US$47/bl. property prices could go down because of de- ects. OPEC countries have reduced output
If the oil averages at US$50/bl then GCC creased demand and less liquidity will enter to new historic levels, which shift their focus
countries will post a very low budget surplus the sector because of investors backing out, from building to delaying and waiting for
or will face budget deficits which will put a thus reducing the pace of the projects activ- costs to decrease. In Saudi Arabia, Aramco
short term pressure on planning or on the ity. The more the delays, the more it will be has delayed oil projects with France’s Total
execution of projects. Recently, costly on the developers. Companies of big and US Conoco Phillips. Also, Kuwait has a
Saudi Arabia announced the largest bud- real estate companies in GCC have started to risk of cancelling Al-Zour fourth refinery.
get (2009) in its history showing that spend- lay-off workers, delay future expansions, and On the other hand the power sector is
ing by GCC governments will still be strong their stock prices have reached new all-time still announcing new projects, Saudi Elec-
and governments will be the leading entity low including Emmar, Nakheel, ArabTec, tricity is signing a new contract to power
to announce new mega projects. Mazaya and Dar-AlArkan. But delayed proj- western Mecca, it also plans to award con-
The private sector could take a hit in ects also have shifted the demand to newly tracts in the next seven years amounting to
2009 due to the lack of funding and tight completed properties, especially in UAE. SR122 bn. According to MEED, Rabigh
JUNE 2009 37
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38 JUNE 2009
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I am inspired by
DIYAR’S
VISION - Aaref Hejres
40 JUNE 2009
COVER STORY
JUNE 2009 41
COVER STORY
At a time when the real estate market worldwide is hit by recession, the Kingdom
of Bahrain’s prestigious Diyar al Muharraq is going strong and is on schedule.
BIG talks to Mr. Aaref Hejres, Chief Executive Officer, Diyar Al Muharraq
on the development of the project and gets his reflections on numerous issues
including environment sustainability.
BIG: As the CEO of Diyar Al Muharraq, A.H: Diyar Al Muharraq will be a blend
how have you lent your personal knowledge “As an engineer of the traditional and modern. The fully-
and experience to spearhead the project? myself, I am honoured contained city is being built to extremely
Aaref Hejres: As the CEO of one of the largest high specifications, and will feature
mixed-use master-planned developments in to have had inputs into contemporary homes and communities
the Kingdom of Bahrain, the most important the masterplan of the which reflect traditional and cultural tastes
goal for me from the very start has been to and requirements. It will draw on Arabic
steer the project successfully forward. development, and the culture and traditions, blending them with
Our entire team at Diyar Al Muharraq has contemporary international design and
immensely contributed towards achieving
pleasure that comes lifestyle requirements.
every aspect of the landmark development’s from seeing your own During the concept stage, we did
vision, from the initial inception and master extensive research and traveled around the
planning through the design and delivery vision come to life” globe to incorporate the best features from
phase, including the branding of this unique targeted projects, and then incorporated our
venture. On a personal level, I continue to own ideas which were gathered from market
use my past experience, knowledge and All in all, I am inspired by the vision research in Bahrain to make it more suitable
expertise in strategy to add further value to of the project and what it will ultimately for the local market.
the development of Diyar Al Muharraq. mean for the Kingdom, and will continue To start with, we invested a lot of time
This project is also my personal dream to strive for high standards, environmental to develop a detailed masterplan, which was
come true. As an engineer myself, I am consideration and community focus for revised several times in consultation with
honoured to have had inputs into the Diyar Al Muharraq in the future. internationally renowned architects and
masterplan of the development, and the planners until we reached a version, which
pleasure that comes from seeing your own BIG: What kind of initiatives have you taken satisfied all of the lofty criteria necessary to
vision come to life, as a benefit for the to make Diyar a truly international project? achieve our goals. To match the international
people, is indescribable. How are you motivating your team? standards, we partnered with some of the
42 JUNE 2009
COVER STORY
JUNE 2009 43
COVER STORY
44 JUNE 2009
COVER STORY
We also consult with international with, and which covered all of the stringent culture to challenge and seek the best alternative
expert environmental bodies as well as criteria necessary to achieve our goals. solution in all aspects of the development and
our masterplanners; and locally, with the We challenged and justified all the this involves tremendous dedication from
Directorate of Environmental Assessment engineering and development decisions before everyone associated with this project. Our
and Planning (DEAP) and Marine Resources reaching a final consensus. Our international hard work has paid off and our masterplan has
Directorate (MRD), to ensure that the best consultants Scott Wilson were pushed to set new standards in the Kingdom. Diyar Al
options are selected in terms of environmental their limits to put in their best efforts and Muharraq is setting a benchmark in offering
management of the development. perform to their maximum capacity. housing across all the income ranges, without
Broadly, our environmental strategies At Diyar Al Muharraq, we have created a compromising on quality.
include marine habitat enhancement
schemes, which encourage regeneration and BIG: How is Diyar positioned to influence
repopulation, and the participation in long- the mass housing market in Bahrain?
term initiatives to support marine life and A.H: Diyar Al Muharraq is distinctive in
fishing reserves within Bahrain’s waters. that we place social responsibility ahead
These include funding pre-feasibility studies of any other objective. We will offer small,
for mariculture, building a new fishing medium and large plot sizes to ensure
harbour at Ras Rayah, lagoon enhancement, that housing is available across all income
and the placement of artificial reefs. groups. Diyar Al Muharraq will make home
Diyar Al Muharraq will monitor the ownership more achievable, with one third of
progress of the rehabilitation program of the planned housing units in the affordable
the reclamation areas for several years to (or reasonably priced) range.
ensure its effectiveness. It has also developed It will offer a range of housing options
an education and management program from apartments, to townhouses, to family
for use by the DEAP and MRD for villas of varying sizes on a freehold basis.
ongoing monitoring to ensure the Diyar Al All residences will have access to the same
Muharraq’s intervention continues to meet high standard and wide choice of facilities
pre-determined targets. “Diyar Al Muharraq will available for use by the whole community.
There are approximately 30,000 of these
BIG: What was the most challenging make home ownership units planned which will house in excess of
aspect of your job thus far? How did you 120,000 residents, which is roughly 10 per
overcome it? And what were the results?
more achievable, with cent of Bahrain’s current population. The first
A.H: Creating a masterplan that involved one third of the planned elements of the development are expected to
an in-depth understanding of the many be ready for use by 2011.
complex environmental, technical and
housing units in the
regulatory issues was the most challenging affordable (or reasonably BIG: What’s next for Aaref Hejres?
aspect of the project. The masterplan was A.H: Unique projects like Diyar Al
revised several times, as all masterplans are, priced) range” Muharraq produce new challenges and I am
until we reached a version we were satisfied looking forward to meeting them.
JUNE 2009 45
REAL ESTATE
Rentals to
STAY STEADY
BIG meets up with rental companies in the Kingdom and finds out how the market is
shaping up amidst recession.
Considered as the lifeline of the real estate Another factor contributing for the growth where rents do seem to be affected.”
industry in Bahrain, the rental business is far curve to tilt positively is the fact that the is- Giving a more detailed view, Coryn
from showing any signs of being affected due land’s economy is less impacted than neigh- Hellewell, Associate Director - Residential
to recession. In fact, the mid level segment bours such as Kuwait or Dubai. Leasing at Cluttons, cites: “Over the past
of the rental market has displayed buoyancy Observing the trend, Teresa Sheepwash, few months we have seen a slight drop in the
owing to increased influx of expatriate labour General Manager at RE/MAX, says: “The number of clients looking to rent residential
from neighbouring countries, slashed (high rental market is still buoyant and rents are property. With the arrangement in Bahrain
value) housing allowances and relatively low not reducing. The Bahraini market is per- of having to pay three months rental in ad-
out-right purchase of freehold properties. forming better than other GCC countries vance, people who are already resident on the
46 JUNE 2009
REAL ESTATE
JUNE 2009 47
REAL ESTATE
48 JUNE 2009
REAL ESTATE
their peek, maybe 10 per cent, but rents in have properties exclusively in their portfolio
Bahrain have always been below those in and therefore contact a number of agents to
neighboring GCC countries and have there- source them properties.
fore been less affected. Many companies are This of course results in a lot of duplica-
using this period to reassess their require- tion and time wasting for all parties. From
ments with regard to the space they occupy the other side, landlords/ owners are now
and are looking to move so the market is still reluctant to pay a fair rate for agency ser-
pretty active. Also from the point of view of vices which results a number of disputes.
international companies Bahrain has been It is quite easy for “one man band” agents
less affected by the current global recession to accept a lower rate that the standard one
than most and is therefore is an attractive month expectation in the market, but when
market into which to open operations. It you are an International company with busi-
is still a tough market for those looking to ness overheads it is not practical to work with
sell commercial property due to the ongoing owners that do not recognise the professional
scarcity of credit but this means that there services that are being provided, not only at
are good opportunities for those buyers in the time of the rental being completed but
the market with access to equity.” also the after service.”
On a final note, islanders are worried with
MATTER OF SIZE Pranesh Mudaliar, CEO, Conerstone one question these days as to who is going
Brokers Company WLL to buy the numerous freehold properties
One of the most sought-after rental price
bracket in Bahrain is BD250 to 400 range of
apartments, which unfortunately is in short
supply according to agents. However, new
measures are being taken to address the con-
cerns of this bracket and landlords are keen
on developing properties understanding that
the actual value of land and construction is
much lower to erstwhile.
Teresa, further tells us that: “People are
obviously trying to save money and cut costs,
however, in the 5 years we have been in op-
eration there has always been a lot of requests
for this price range and a lack of family
property in the bracket, this is nothing new.
However, a number of very astute owners are
now building apartments in prime residential
locations which are targeted at this lower/
mid range but these are not always suitable
for families of course. We have found that
our client’s expectation of what they will get
for their money has increased, and more and
more landlords are taking these requests on
board when developing new projects. Be-
cause of prices of land and construction over
the past few years, owners have built larger landlord. Also, since usually any property for that are being developed by mega developers
properties to try to gain a healthy return on rent is given out to these individuals the gen- across the island. While most of the projects
their investments, until the land and con- eral issue is of multiple agents showing the were launched during the boom period with
struction prices level out there will never be same property to prospective tenants. high cost of land and construction, developers
enough lower range properties around.” Observes Teresa: “Our particular chal- are seen rescheduling their budgets to fit the
lenges are not necessarily directly related to present market conditions. However, prices
CHALLENGES the properties but more to the attitude of the for the same have not yet dropped alarmingly
One of the major challenges that the rental prospective tenants and landlords, who have as in Dubai or any other place and owners
industry is facing is the profile of the agents. maybe had experiences with unprofessional have shown the tendency to hold on to their
Beyond the conventional and proper agen- agents in the past. Unfortunately because investments until market shows signs of re-
cies there are a host of individuals who also there appears to be little legislation govern- covery. However, an agency did notify us that
operate in the market. Professional agencies ing real estate in general, there is a tendency developers should also look at renting their
cite this as a real problem since these indi- for those that working in the agency side of new properties rather than waiting for sale to
viduals operate on 25 to 50 per cent commis- the business not to be taken seriously as pro- happen as this will at least make more rooms
sion as compared to them who usually charge fessionals. Prospective tenants Bahrain do available and revive the sector until the global
one full month’s rent as commission from the not always understand that very few agents investment situation improves.
JUNE 2009 49
DIPLOMAT OF THE MONTH
Art
is a Great Force to
UNITE MINDS
50 JUNE 2009
DIPLOMAT OF THE MONTH
“I have been in Bahrain for the past five years and have made
every effort to take our relations to the next level by enhancing
the bilateral relations on various fronts”
BIG: Considering the long heritage of BIG: How do you utilise art as your me- tending symposiums and speciality courses
Iraqi-Bahraini relations, how do you in- dium to further relations? in Bahrain on a regular basis.
tend and plan to enhance it further? G.M.H: I believe art is a great healer and Moreover, in terms of humanitarian as-
Ghassan Muhsen Husain: The Iraqi-Bah- plays a big part in uniting minds and ulti- sistance, Bahrain recently gave medical treat-
raini relations date to back to the civilisations mately people. As an artist I often come to- ment to 50 Iraqi children and has always sup-
of Sumer and Dilmun which were existent gether with a host of people from different ported people with chronic medical illness.
thousands of years ago. Hence, it is natural walks of life, which helps me to spread my
for both the countries to feel close to each message of peace and harmony. Recently, I, BIG: Talking about economic develop-
other historically, culturally and economi- along with Bahrain’s renowned artist Abbas ment which are the areas of co-operation
cally. As far as I am concerned, I have been in Musawi and Tunisian artists held an exhibi- you are keenly looking at with Bahrain?
Bahrain for the past five years and have made tion in Tunisia, which was quite successful. G.M.H: We are working at cooperating
every effort to take our relations to the next It is through art that we celebrate the Unit- with Bahrain within the communication
level by enhancing the bilateral relations on ed Nations Day, help children with special and transport sectors including air, sea and
various fronts. I have always felt the extreme needs and poor families. road transport. Without an effective trans-
warmth and friendliness of Bahrainis right port link there is no business and trade. As
from the time I’ve my foot here and often BIG: What kind of exchange pro- the ongoing economic crisis starts to fade
been welcomes with open arms both for- grammes are being conducted between off, I believe it will be the right time to
mally and informally. Also, Iraq and Bahrain both the countries? strengthen communication and transporta-
are linguistically link as the island’s Arabic G.M.H: Considering the present socio- tion ties. As the oil prices are steadily going
dialect is close to the one spoken in southern economic climate in Iraq we of course need up, Iraq will certainly do better in 2010. Iraq
part of my country. Thus, our relations are training and assistance in various fields and has the largest oil reserves in the world, has
based on a solid foundation and take this op- Bahrain has always been in the forefront of a currency which is quite strong in value and
portunity to thank the country’s leadership, it. Many Iraqi professionals working in the has a declining inflation that has dropped
government and ministries for supporting fields of medicine, nursing, civil defence, from 32 per cent to 15 per cent off late. We
and assisting Iraq in various fields. banking and others have been regularly at- are waiting for the joint ministerial meeting
JUNE 2009 51
DIPLOMAT OF THE MONTH
52 JUNE 2009
DIPLOMAT OF THE MONTH
feel this is a modest figure and will go fur- trained in various aspects of their job in-
ther up in years to come. Bahrain mostly ex- cluding enriching their knowledge, writing
port creams, mineral water, plastic materials reports, improving their language skills, etc.
like hats, vinyl polymers, ships and rowing But this programme is not confined to Bah-
boats and asphalt reels to Iraq; and has been rain only but is a worldwide programme.
JUNE 2009 53
INVESTMENT
GCC INVESTMENTS
ABROAD
BIG speaks to experts conditions of global financial turbulence and
concerns about the scarcity of global capital.
geographical destination or asset class.
Traditionally, the US has been the desti-
and tries to find out how We seek to assess the magnitude and de- nation for the bulk of GCC capital. Indica-
ployment of GCC capital flows abroad, and tions are that interest in the US market has
the GCC region has been take a closer look at how they are evolving in remained strong in recent years, accounting
building up its investment current conditions. for almost half of the foreign assets accumu-
The GCC countries have been running lated during the past five years.
portfolio abroad. large and increasing external current account The share of GCC capital flows destined
surpluses since the onset of the oil boom in to countries other than the US over the past
2003. The counterpart of these surpluses is, five years — some US$450 bn — has found
by definition, invested in real and financial its way into a variety of asset types in other
Over the past five years there has been assets abroad. Over the five years ended June parts of the world. Favoured areas have been
considerable interest in how and where the 2008, the cumulative acquisition of foreign Europe, the Middle East and North Africa,
GCC countries have been investing their assets by the GCC exceeded US$900 bn. and East Asia. FDI into these areas has
“petrodollar” windfall. The issue has at- Because of data limitations, only about 40 shown particularly strong growth.
tracted even greater attention in the recent per cent of these flows can be identified by The onset of the credit crunch in the sec-
54 JUNE 2009
INVESTMENT
ond half of 2007 triggered increased GCC outflows is not revealed (other than, for ex- data on U.S.-resident banking sector assets
demand for US treasury bills and, more sur- ample, “debt” or “other”). Thus, it is necessary and liabilities with foreign institutions, as
prisingly, US corporate securities. The credit to use counterparty data and other interna- well as foreign holdings of U.S. securities.
crunch also reawakened interest in bank de- tional sources in order to sketch out a picture Though comprehensive, one serious weak-
posits in leading capital canters after a long of GCC capital flows. There are three main ness of the TIC data is that it fails to capture
period of decline. international sources: the ultimate owner of a security when it is
The current turmoil is likely to spur in- tɩF QSJODJQBM TPVSDF UP USBDL JOWFTUNFOU purchased via a third country broker-dealer,
terest in the safety of US government debt. flows to the U.S. is the Treasury Interna- or held on behalf of another owner by a third
However, those Gulf funds that emphasise tional Capital System (TIC). TIC provides party custodian.
longer term investment strategies may be
attracted to the comparatively cheap valua-
tions of US and European equities, and are “Indications are that interest in the US market
likely to gradually build up their holdings of
these assets (albeit highly selectively) in the has remained strong in recent years, accounting
period ahead.
In a context of growing global financial
for almost half of the foreign assets accumulated
turbulence, and persistent concerns about during the past five years”
the scarcity of global capital, there is consid-
erable interest in how the GCC’s “petrodol-
lar” windfall has been deployed. We attempt
to track these outflows by geographical
destination and asset type over the past five
years using a variety of data sources. We also
take a closer look at developments in the
months following the onset of the global
credit squeeze, and make some broad obser-
vations about likely GCC investment strat-
egy going forward.
JUNE 2009 55
INVESTMENT
t"TFDPOENBJOTPVSDFJTUIF#BOLGPS*O-
ternational Settlements’ (BIS) Quarterly
Review. This tracks the aggregate assets and
liabilities of its reporting banks against indi-
vidual countries, and includes data for each
of the six GCC states. However, the data do
not reveal the geographical location of indi-
vidual reporting banks, other than the fact
that they are located outside of the US.
tɩFUIJSENBKPSTPVSDFJT#MPPNCFSHTEBUB-
base on mergers and acquisitions. This pro-
vides detailed information on global merg-
ers, acquisitions, and divestitures by acquirer,
type, value (US$) and premium, and is useful
for tracking major equity purchases (i.e. FDI)
made by GCC companies and governments.
UNIDENTIFIED FLOWS
The GCC region has always had preferred The ME project finance market was the largest
geographical locations over the past two
years, reflecting in turn both the stunning in the world in 2007, with regional entities
growth in the investible surplus, and the selling a total of US$23.7 bn of bonds last year,
emergence of newer, more aggressive GCC
Sovereign Wealth Funds. Put another way, up from US$14.6 bn in 2006
once relatively safe and liquid investments
have been made, GCC fund managers have
a considerable excess to invest in more di- Europe remains an important destina- vate GCC capital. Together, these flows may
verse holdings. tion for GCC funds and it is estimate that have constituted around US$200 bn, or 22
One notable impact of this evolving strat- Europe attracted some 55-60 per cent of per cent of GCC outflows in 2003-08.
egy is the growing volume of GCC funds FDI outflows from the Gulf region over the East Asia has been an important destina-
being channelled to other Middle East and period. Notable recent stakes or acquisitions tion for GCC capital over the past three or
North African countries. The MENA re- include the German Industrial Conglom- four years, particularly for debt and FDI. Ma-
gion has witnessed substantial structural erate Mauser Werke, Travelodge hotels of laysia is an important magnet given its pre-
reform progress over the past few years, and the UK, and the London Stock Exchange. eminence in Sukuk origination. Real estate
encouraged by growing privatisation, dereg- Investment in European stocks and bonds and energy projects in China have also been
ulation and improved regional integration, has also continued apace, particularly as attractive, as have Chinese equities. More
the GCC has channelled significant funds currency diversification has moved up the broadly, Asian telecoms and finance firms
into real estate, energy, telecoms, and equity GCC’s agenda. Until the recent downturn in have featured prominently among GCC
markets. Particular countries include Jordan, property values, traditional property centres deals. All told, we believe that GCC invest-
Egypt, Morocco and Lebanon. in the UK, France and Switzerland were also ments in East Asia amounted to US$120 bn
Until recently, substantial project fi- continuing to attract significant flows of pri- or 13 per cent of total flows over the period.
nance deals were also helping the region to
retain capital. The Middle East project fi-
nance market was the largest in the world
in 2007, with regional entities selling a total
of US$23.7 bn of bonds last year, up from
US$14.6 bn in 2006. A growing proportion
of this was on Islamic terms, allowing Gulf
investors to tap fixed income investment
opportunities that did not exist previously.
Nevertheless, the impact of the global credit
squeeze in 2008 on GCC credit and capital
markets has been severe, and bond issuance
has been at a standstill since mid-year.
All told, it is estimated that GCC invest-
ment into the broader MENA region (in-
cluding Turkey) at around US$120 billon,
or 13 per cent of the total. This obviously
excludes intra-GCC flows, which have also
grown rapidly in recent years.
56 JUNE 2009
INVESTMENT
JUNE 2009 57
GLOBAL BRAND
MINI TURNS
58 JUNE 2009
GLOBAL BRAND
JUNE 2009 59
GLOBAL BRAND
and selling at a retail price of £496, the Mini ahead from BMC’s top managers to devel- flying approach is the launch campaign for
was simply perfect for small parking spaces op a small series of 1,000 units of the Mini the new MINI Convertible: Eye-catching,
and low budgets. Through its driving quali- Cooper featuring a modified power unit quick-minded and tongue-in-cheek short
ties and the charming character of its pro- enlarged in size to 1.0 litres and offering films presented in the internet immediately
portions alone, the Mini was however also maximum output of 55 hp. The response to highlighted the open-air driving character of
of great interest to the ambitious motorist this car entering the market in September the MINI Convertible, arousing great public
seeking not only compact dimensions and 1961 was quite simply euphoric, with only response and broad recognition in the film
superior economy, but also sporting perfor- one further request from enthusiasts every- and advertising industry.
mance particularly in bends as well as indi- where: even more power! So Issigonis and MINI was also the world’s first car
vidual style on the road. Cooper enlarged engine capacity to 1,071 maker to use an interactive print ad with
This blend of different qualities re- cc, raising engine output to 70 hp. a virtual 3D model. Applying this innova-
mains as popular today as ever before, tive augmented reality technology, MINI
with a concept likewise younger than ever. SMALL CAR, GREAT SHOW bridges the gap between the real and the
Hence, the current MINI is also more MINI MARKETING digital world, between the two-dimensional
up-to-date and, at the same time, more The MINI always hits the headlines wher- print ad and the three-dimensional product.
fascinating than any of its competitors, ever it appears – even before a new model is Only when the beholder has established an
combining unparalleled efficiency, lasting introduced into the market. Innovative and online connection to the www.mini.de/we-
value of the highest calibre, and incredibly unconventional marketing campaigns always bcam website and receives the print ad on
his computer’s webcam does the new MINI
Convertible appear on his screen as a virtual
model – live and in all three dimensions.
Like on a stage, the new MINI Convert-
ible is suddenly parked on the advertising
site, true-to-detail 3D data of the car be-
ing connected with the live picture. Then, as
soon as the ad is moved, the MINI Convert-
ible will also move in parallel, naturally in
real time. This allows the beholder to choose
his perspective as he wishes, interacting
playfully with the model.
Unconventional and unmistakable: MINI
marketing as a genuine happening.
All MINI marketing activities show un-
mistakable style and have a high recall factor. A
further feature is their high standard of artistic
excellence, with renowned artists in the world
agile handling in the modern mega-city good for a surprise and generating great ap-
with unrivalled sportiness and design full peal present both the MINI brand and the
of expression and quite unmistakable. individual models with full impact.
As early as in 1960, BMC added a Mini MINI marketing uses an exceptionally
Van to the classic Mini. Then, proceeding wide range of communication channels to
from this van structure with its closed side establish close contacts with potential tar-
panels, BMC introduced an Estate version get groups. Supplementing classic activities
with glass windows all round as well as two in print media, on the radio and television,
rear doors, like the Van. MINI’s marketing experts developed inno-
A very special variant destined more vative online activities right from the start
than any other to create the legend of the tailored precisely to the modern, trend-
classic Mini made its appearance in the sec- minded and technology-oriented user of the
ond half of the year: the Mini Cooper. John world wide web and taking the options of
Cooper, the famous engineer and manufac- interactive communication with the public
turer of sports cars already a close friend of into account.
Alec Issigonis, had recognised the sporting Applying this philosophy, MINI sets new
potential of this new small car right from benchmarks time and again not only in the
the start, when the first prototypes ap- world of motoring, but also in the world of
peared on the track. So he received the go- marketing. A very good example of this high-
60 JUNE 2009
GLOBAL BRAND
of design and film regularly contributing their in the small car segment, with MINI to be low a unique, consistently recognisable style.
creativity to the MINI and the band. positioned worldwide as a unique and fully Graphic elements, colours, the language of
Unconventional marketing is indeed of independent brand in its own right – a brand pictures and the MINI concept conveyed in
particular significance to MINI within the revolving around the concept of enthusiasm words and pictures are clearly defined. MINI
entire range of communication activities. and thrilling lifestyle. is refreshingly different. Through its open-
Precisely this is why innovative and sur- These principles of brand manage- ness and self-confidence, the brand gains
prising concepts serve time and again when ment remain unchanged to this day, with great acceptance, through its appearance it
introducing new models to reach important the MINI characterised by its outstanding arouses curiosity and appeal.
target groups and generate a powerful public product substance and progressive technol- To arouse the attention of the target
effect with great appeal. ogy, emotional design and agile driving be- group in mind right from the start prior to
Such campaigns often take on the char- haviour as well as almost unlimited options the market launch of the MINI, the respon-
acter of an artistic happening, the most cov- in customising the car. A further significant sible marketing experts have been taking a
eted prizes and awards regularly confirming point is finding and maintaining the right new approach in communication from the
the innovative character and wealth of ideas balance of continuity of a brand now going beginning. The magazine “MINI interna-
borne out in the brand’s campaigns. back 50 years and its innovative capacities. tional”, for example, regularly portrays se-
The Mini marketing experts also kept a Introducing the MINI, customers the lected cities around the globe, focusing on
close eye on the worldwide success of tele- world over for the first time had the opportu- their particularly creative inhabitants.
vision, carefully using this new media also nity to experience premium qualities in a small Apart from classic communication, other
for the Mini. Special TV commercials were car. These outstanding qualities and features innovative forms of communication such
therefore produced for various purposes in the are indeed to be found in every model made as “guerrilla marketing” are also used. And
market, in all cases emphasising selected facets by the brand, at the same time distinguishing right from the start in the year 2000 MINI
of the Mini’s character and naturally consider- MINI clearly from the competition. became the first car brand to use the internet
ing the cultural context of the local public. The same applies to the brand’s appear- not only as an information, but also as a po-
Whether as the perfect solution for con- ance in public, where all marketing tools fol- sitioning media for the product.
gested traffic in downtown Paris or as the
ideal means of transport to the beach in
Australia – the Mini was always presented MINI HIGHLIGHTS
as the right car at the right place. Even in a Cars sold till date Cabrio and the MINI Clubman. In the second
cartoon it proudly presented its superiority, Over 5.3 mn classic Minis and since 2001 half of 2010 BMW Group will launch the
full of humour and again with that famous when BMW Group launched the new MINI, MINI Crossover – the first MINI of the new
tongue-in-cheek style. 1.4 mn MINI cars have been sold. generation models with four doors, a length of
In total, 6,7 mn over four metres and four-wheel drive.
Market Penetration Popular MINI model
MAKING A NEW START WITH Available in 80 markets The classic MINI Hatchback
INNOVATIVE IDEAS. Dealership Network Highest selling country or region
The re-launch of the brand in 2001 also Around 1,300 certified MINI dealers Dubai 190 units per year
marked a new beginning in marketing care- worldwide Abu Dhabi 89 units per year
fully prepared in parallel to the development Versions of Mini Lebanon 60 units per year
of the car as such. The main challenge was to Currently three models in the MINI portfolio: Saudi 55 units per year
establish MINI as the first premium brand The classic MINI Hatchback, The MINI Qatar 54 units per year
JUNE 2009 61
COLUMN
&
frills
foosha
A new name in affordable fashion hits the GCC
62 JUNE 2009
COLUMN
JUNE 2009 63
o u r
MANAGEMENT
Y
or ur
MONEY
o
YLIFE?
BIG takes a cue from
the ongoing economic
crisis and checks
out the inspirational
aspect of life that is
now seen developing
around the world.
64 JUNE 2009
MANAGEMENT
GETTING SERIOUS
That’s where we believe the situation really
gets serious. The day we put money at the
centre of life is the day we stop valuing the
natural wealth stored within the authentic
self - the inner person we are, have been
since birth and will continue to be until
death us do part. That’s the person who is
the source of:
JUNE 2009 65
COLUMN
66 JUNE 2009
COLUMN
JUNE 2009 67
CAR REVIEW
TRIDENT
THRUST
The last time we test-drove a car that turned bad with the touch of just one single button
was the Maserati Gran Turismo. You would have thought that the four-doored model
would be a little more, well behaved for the sake of exuberating panache and poise. But
thankfully that is not the case. The all-new GT S is as shamelessly vocal in its display of
sporting heritage as its GT sibling…and about time too.
68 JUNE 2009
CAR REVIEW
Even before we get into the list of what’s the exterior. The Pininfarina boys who de- manages to break the comparison mould!
been changed and what’s not, we’d like to tell signed this baby knew that they had created So instead of getting the human equiva-
you about the star feature of this drive- the a perfectly sculpted shape that outshone all lent of re-invention, Masareti gave its GT S
“Sport” button - we mentioned about in the their Mercedes, BMW and Audi competi- a new black grille with concave vertical fins
first line of this article. Press it and the GT tors. There was simply no need to perfect, instead of a hair-cut, revised headlights and
S becomes…erm…a GTR?!. Literally in the perfection! What you have here is a sort of a a pair of oval exhaust tips instead of the tat-
bat of an eyelid, the engine, gearbox and ex- David Beckham amongst the likes of say…a toos and 20inch wheels to make up for the
haust get their brains rewired and the exhaust Wayne Rooney, Rio Ferdinand or Michael rings and chains. To be honest the Quattro-
valves open up to give out the throatiest roar Carrick! Its not that the others are bad at porte has now been completely perfected as
ever heard in the sedan kingdom. Not only what they do, it’s just that Becks is the per- the most sinister looking plutocrat sedan
is it loud, but it is so gloriously tuned you’d fectly chiseled one, of the lot. All he needs to on the road.
instantly want to chuck out that audio system do now and again, is re-invent himself, say
and put your windows down to grasp in every by…erm… changing his hair-dos, adding on DESIGNER INTERIOR
last decibel it emits! a few tattoos, a few rings and chains and the On the inside too, the ergonomics have re-
job is done. Although there’s only one thing mained quite the same, although it looks as
SEX APPEAL which he can’t re-invent himself and that’s through Giorgio Armani had something to
Overall the car hasn’t changed much from his voice – which is where the GT S really do with the refurbishment. Everything…
or most things to be precise are upholstered
in leather and suede. Whatever else that re-
mains can be dressed up in Carbon fiber or
something called Titantex. Our car came
splashed in a red and black theme and it was
an absolute stunner. Our only qualm was
with the steering wheel’s suede wrapping,
because past experiences with suede wheels
have shown that long term reliability can be
a bit of a problem as sweaty palms and con-
stant movement over suede can lead to an
eroded surface and color.
The only thing we had a bit of an issue
with was the legroom space. For a six and a
half foot driver the car falls a tad bit short
when compared to its Teutonic rivals. The
trunk space too is a bit congested as much
of the cockpit has been crammed into the
rear shell of the car. You can blame the lay-
out of the car for that, with its V8 engine
significantly behind the centerline of the
front wheels where it intrudes on the cock-
pit, although it does deliver the 49 percent
front/51 percent rear weight distribution
that delivers superior dynamics on the road.
POWER LUST
Many people keep asking if the power plant
is a Ferrari V8 and our answer to that riddle
is; the GT S employs a version of the 4,691cc
V8 featured in the Quattroporte S and Gran
Turismo S coupe which is Maserati’s ver-
sion of the same V8 engineered by Ferrari
for use by Alfa Romeo, Ferrari and Maserati.
This means that Ferrari had come up with
the tehcnology but Maserati is building its
own units now! Tweaks to the engine man-
agement system and a new exhaust have
helped liberate an extra 9 horsepower, so
the total output is now rated at 434 hp at
7,100 rpm and 361 pound-feet of torque at
4,750 rpm. When you engage the exhaust
system’s Sport mode, the V8 is extraordi-
JUNE 2009 69
CAR REVIEW
“
parently Ivan Capelli, the ex-Ferrari F1 driver
now employed as a Maserati test driver, once
Maserati is happy to admit that the Sport had a huge accident when a BMW automatic
transmission shifted up a gear, so he insisted
GT S is a clear step beyond the Quattroporte on full manual control for the Maserati trans-
and the Quattroporte S and will only appeal mission. In manual mode, the gearbox will
neither kick down nor change, even when the
”
to its more enthusiastic customers engine is on the rev limiter. It feels better for
it, and the way the system automatically blips
the throttle for quicker downshifts is nothing
short of brilliant
70 JUNE 2009
CAR REVIEW
Maserati is happy to admit that the Sport on the new launch control system and this overall it is evident that Maserati is coming
GT S is a clear step beyond the Quattro- car will scurry to 100 km/h (62 mph) from on to its own and has finally stepped out of
porte and the Quattroporte S and will only a standstill in 5.1 seconds, which is 0.3 sec- the Ferrari shadow.
appeal to its more enthusiastic customers. ond quicker than the Quattroporte S. Top Having said that the Quattroporte Sport
The ride is predictably firm, but it never speed climbs 3 mph to 177 mph. GT S is more like a Ferrari than previous
felt truly harsh, even on the city streets and versions of the sedan, being a little more
back roads of Manama. Instead, you get a THE TRIDENT REVIVED! focused on performance its predeces-
remarkable level of control. Quit honestly In terms of sales Maserati broke its all time sors. Among all the premium sedans that
no other 4,387-pound sedan feels this re- sales record last year when the company you might spend something more than
sponsive to the helm or disguises its mass raked in a cool $93 million dollars in profit BD50,000 upon, the new GT S remains the
with such grace. At times, it feels more like selling 8,586 cars. Now the turn-over won’t eccentric choice, but while your rational be-
an M3 then an M5. Fact is, this not a sport- raise too many eye-brows in the car indus- ing will lean towards a BMW or Mercedes,
ier version of a luxury car; but it’s a genuine try – Chrysler apparently loses more money your creative brain and masculine side will
sport sedan. And it is genuinely fast. Lean then that during coffee breaks annually. But ache for the Maserati.
JUNE 2009 71
COMPANY HISTORY
Nerves
of Steel
Formed in 1974 as the first integrated steel mately 1,250 comprises 12 different nation- most leader in the steel industry, extending
plant in the Arabian Gulf, Qatar Steel Com- alities. With the exception of the office staff, its pioneering commitment from an ex-
pany (QSC) commenced commercial pro- the mill is run on a 3 shift system. pansive mill site located in the heart of the
duction in 1978 only to later become a wholly Qatar Steel Company gained a reputation progressive Mesaieed Industrial City - 45
owned subsidiary of government of Qatar. as a manufacturer of first class products. Its kilometers south of Doha. The company also
The plant consists primarily of four units: product quality is tailored in accordance with operates a UAE based subsidiary - Qatar
1) Direct Reduction 2) Electric Arc Fur- International standards. The product is sup- Steel Company FZE.
nace 3) Continuous Casting & 4) Rolling ported by an effective and reliable delivery Inspired to meet the growing demand
Mill. With its latest production technology and after sales service. Its proximity to the for steel in Qatar as well as the region, QSC
and equipment, the plant generates an an- GCC countries enables it to supply a size- has embarked upon a series of initiatives
nual production of 1.2 mn tons of molten able portion of the regions' requirements, as aimed at increasing its production capacity.
steel and a rolling mill capacity of 740,000 well as Qatar's own domestic need.. Today, The ongoing modernisation and technically
tons per year. The total workforce of approxi- the company is widely recognised as a fore- advanced expansion projects are designed
72 JUNE 2009
COMPANY HISTORY
pare for all our future endeavours. Through products within the GCC as well as in in-
the promise of making steel matter, Qatar ternational markets.
Steel will continue to strive not only to The company operates two primary fa-
maintain but enhance its reputation by a cilities at its 60,000 Sq. meter Jebel Ali Free
process of continuous improvement in ev- Zone site: An upgraded Wire Rod Mill
ery area of its operations.” with an installed capacity of 240,000 metric
tonnes [MT] per annum and the present Re-
FACILITIES IN DUBAI bar Mill with an annual capacity of 50,000
Qatar Steel Company FZE was estab- MT. The latter is soon to be replaced by a
lished in August 2003 to meet the grow- modern new Bar Mill from VAI–POMINI
ing demand for high-quality steel wire-rod with a 300,000 MT capacity.
JUNE 2009 73
COMPANY HISTORY
MILESTONES
1974 Qatar Steel was established as a
joint venture between Qatar
Government (70%) and two
Japanese Companies – Kobe Steel
(20%) and Tokyo Boeki.
1981 Qatar Steel achieves one million
tonnes production for DR, EF,
CC & RM.
1985 Qatar Steel acquired 1SO9002
Certification.
1997 Qatar Steel was fully owned by
Government of Qatar.
1999 Qatar Steel achieved ISO 14001
Environment Management
Certification.
2001 Qatar Steel achieved GCC
Environmental Award for best Sh. Nasser Bin Hamad Al Thani, Director &
GM at QSC exchanging agreements
company among GCC for
implementing Environment
ENVIRONMENT ronmental contribution is centred on diffus-
Standards and Measurement.
MANAGEMENT ing dust emissions, which to a large degree
2002 Qatar Steel won accreditation to
Unlike scrap based steel plants facing prob- are the results of technology utilised in the
ISO 14001 Environment
lem of emissions of heavy metal and toxic 1970s. The revamping of its dust collection
Management Programme.
chemical, environmentally QSC has big ad- system in the existing facilities is within the
2003 Qatar steel achieved 15 million
vantages compared to many other plants in scope of these projects.
tonnes production of molten steel
this business. The most significant advantage As a part of waste management, QSC
and billets.
is that Qatar Steel’s production is based on continues to study various options to re-
2008 Qatar Steel marks 30th
DRI which uses clean raw material. An Ex- using / re-cycling its production waste.
Anniversary.
ternal accredited laboratory has confirmed Palletising DR product dust and EF dust,
Qatar Steel’s very low levels of heavy metals recycling of Refractory bricks and extract-
and dioxin emission. ing iron from slag are some of the pro-
In addition to spearheading our environ- grams under progress. The utilisation of
ment friendly expansion plans, the com- used tyres as a carbon source in the steel
pany’s Environment Section coordinates melting process is an achievement in the
various projects with internal departments right direction. This project may be able to
under an Environment Management Pro- contribute to solving or reducing a major
gram. The company’s most significant envi- community waste problem.
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
2001 2002 2003 2004 2005 2006 2007
EXPORT 572,604 552,552 526,657 442,432 221,921 488,606 556,123
DOMESTIC 144,839 188,501 230,842 339,100 603,925 751,833 914,768
74 JUNE 2009
COLUMN
PERSONALITY
IN MARKETING
Hardcore, unadulterated, grassroots marketing and business advice
from Bahrain’s most outspoken entrepreneur.
Suhail G. Algosaibi, MBA, MCMI, AP
I’d like to remind you of the Radical En- sales and profits and to make you happy!” tures industrial fans. Their name is Big Ass
trepreneur’s secret to effective marketing. Most businesses try way too hard to sound Fans (www.bigassfans.com) - really, I’m not
Quite simply, it’s relationships. People pre- intelligent, you can stand out by speaking kidding. Their logo is a donkey (ass). One of
fer to buy from someone they know, like plain English (or Arabic for that matter). the tabs on their website reads “we may be a
and trust. So our job as entrepreneurs is to Trust me, not only will you stand out, but little silly but we are serious about fans.” An-
develop a relationship with our customers. your customers will love you for it. other tabs says “Genius Not at Work.” This is
And it’s hard to develop a relationship with an extremely successful company by the way.
our customers without revealing what we’re SHOW YOURSELF!
really like. Basically, we have to show them Look, no one likes a faceless, emotionless GIVE OUT FREE INFORMATION
our personality. corporation, so why are you trying to act like AND EDUCATIONAL TIPS
Using personality in marketing can even one? Show your picture in your marketing In my newsletters I’ll often share self-
be viewed as a competitive advantage. Think and talk directly to your customers and pros- defence and fitness tips (my main areas of
about it. Most businesses use dry, stodgy, pects. Don’t be a bore, be like the aforemen- business). I’ll relate that to a specific story I
brand advertising with just one or two catch tioned Victor Kiam. may have heard in the media, or an incident
phrases, right? Their basically all just copy- that happened to me, and when appropri-
ing each other. There’s an opportunity for USE “I” INSTEAD OF “WE” ate I’ll link this to my businesses. Your cus-
you to stand out using some personality in Don’t say “we offer high quality products/ tomers and prospects will appreciate and
your marketing. services that meet the highest international respect you for it.
Legendary American entrepreneur Victor standards”, instead you could say for exam- That’s all for today my friend. Now go
Kiam is a great example of using personality ple “I stand by my product/service! In fact ahead and implement these X tips and see
in marketing. In 1979 he bought the Reming- I’m so confident that you’re going to love it your sales soar! If you’re nervous about it
ton Electric Shavers company, and a couple of that you can try it FREE for 30 days! And start slowly, and over time do more as you
years later featured himself in all it’s television if you’re not totally and completely satisfied, get more confident.
advertising. He famously told viewers: “I liked just bring it back with no questions asked!”
the shaver so much, I bought the company.” Which of those two statement do you think
The ads were so simple and low budget - they will get more attention?
were filmed in his office bathroom - yet ex-
tremely effective, they doubled the company’s OPEN UP AND SHARE YOUR LIFE
market share in just a few years. In your frequent communication with your
customers (through newsletters, emails,
So How do you develop personality in your blogs and other social media) share your
marketing? Just follow these seven tips: personal stories with them. Don’t just talk
about your company and products, but talk
KEEP THE GOAL IN MIND DON’T about your kids, pets, interests and other in-
BE OVERLY ENTERTAINING teresting things that happen to you.
Look, the overall goal is to increase sales of
your product or service, not to entertain them. PROFESSIONALISM IS
OVERRATED Suhail Algosaibi owns several businesses including
So use humour wisely and don’t over do it. Radical Marketing Consultancy, a marketing
Look, I think every business should be ex- consultancy specialising in small and medium
tremely professional in what they do, but sized businesses. For more information visit www.
AVOID BUSINESS SPEAK RadicalMarketing.com. This site offers you a
For example don’t say “we provide integrat- don’t confuse being professional with being FREE marketing email course and a FREE 9-page
boring. Lighten up! There’s a business-to- marketing report entitled “The Top Ten Marketing
ed marketing solutions to our client base”, and Advertising Mistakes Business Owners in The
instead say “we work hard to increase your business company in the US that manufac- Gulf Make – And How to Avoid Them.”
MAY 2009 75
Check out the
Lifestyle
latest gadgets
and a host of
other things
for fast moving
executives
1 2
3 4
The new Samsung SMX and Bored of grave blacks in Rolex reveals the Rolex Datejust Apple will add cameras to its
SMX-C14-C10 Camcorder the name of laptops? Nikita 36mm. The simple steel watches next-generation iPod and iPod
bright red, slickly curved accents Buyanov has designed concepts with white gold bezel carry a Touch like iPhone. Moreover the
in their cases has been released. of laptops with innovation fine elegance that is as simplistic future iPhone models will retain
Recently announced two and style that floors – for as it is elegant. Also available the handset’s existing shape and
hypertext image stabilisation, Intel/Hewlett Packard. In the with yellow gold bezels, the size. Apple’s new line of iPod
2.7-inch flip-out display concepts developed mainly in Datejust 36mm is named so touch and iPod nano players
230,000 pixels, Samsung 3ds max (VRay) with some because of the 36mm case that will be launched in September
and Active Angle Lens, for a photoshop corrections, she has has a background in lush soft this year and will with video
“choice”-angle Shooting. proved her point. pink, silently declaring ‘lady’. recording capabilities.
76 JUNE 2009
LIFESTYLE
5 6
7 8
This sequined eccentricity has The case of the chronograph Portuguese designer Nuno As the newest flagship edition to
18 karats gold details. Cesare measures 43 mm in diameter. Teixeira has designed an the Ultra range, UltraTOUCH
Paciotti’s “Beckham shoe” is The captivating visual innovative cooler that lets even is a truly beautiful full-touch
a strong lace-up shoe, made characteristics of the model the most demanding user work mobile, boasting revolutionary
of hand stitched paillettes and are coupled with supreme on laptop without interruption. touch screen technology,
with 18 karate gold details. functionality. The standard “Turbillion,” the cooling system sophisticated design packed with
It is a perfect combination chronograph functions are comes with three powerful multimedia features. Centre
between classical and eccentric, clearly displayed in red gold on yet silent fans that keeps your stage is the 2.8” AMOLED
with a British style to translate the black dial protected by the laptop protected from high anti-scratch full touch screen,
Beckham personality. domed sapphire crystal. internal temperatures. which offers vivid colours.
JUNE 2009 77
A OINTMENTS
Manara Developments appoints Iomega hires Regional Sales Manager Dell ME appoints new GM
Managing Director UAE: Iomega International SA, UAE: Dell has announced
BAHRAIN: Manara an EMC company and a global the appointment of Mr. Dave
Developments, a leader in data protection, recently Brooke as General Manager
Bahrain-based real estate announced that Mr. Cizar Nazeeh for Dell Middle East,
development company, Abughazaleh has been appointed demonstrating its continued
has recently appointed Dr. as Regional Sales Manager, commitment to the region.
Hasan Al Bastaki as its Middle East, Africa and Turkey.
Managing Director, in line
with the company’s business
vision and growth plans. Tecom Investments names new CEO
Lenovo expands Middle East team
UAE: Tecom Investments, a
UAE: Lenovo, a worldwide leading developer of knowledge-
specialist in the PC market, based business clusters and a
recently announced the member of Dubai Holding,
appointment of Mr. Ali Al announced the appointment
Amine as the company’s the of Mr. Yasser Zeineldin as the
new Regional Transactional Chief Executive Officer of
Batelco announces Business Director. eHosting DataFort (eHDF).
new Bahraini
appointments
McLaren Automotive appoints first Vacheron Constantin appoints new
regional chief Brand Manager
BAHRAIN: Bahrain Telecommunications Company UAE: McLaren Automotive UAE: Vacheron Constantin,
(Batelco) has announced a number of recent executive has taken the first step in the world’s oldest Swiss
management appointments. The 6 Bahrainis who have developing its global business watchmaker in continuous
been promoted are Ms. Muna Al Hashemi to the post by appointing Mr. Ian operations, has recently
of GM Consumer Division, Mr. Adel Daylami - GM Gorsuch as Regional Director announced the appointment of
Products & Services, Mr. Hamza Ali - GM Product of Middle East and Africa. Mr. Yassin Tag as new Brand
Development & Strategy, Dr. Abdulla Al Thawadi - GM
Manager for Middle East and
Enterprise & Government Business, Mr. Mohammed
Indian Subcontinent.
Bubshait - GM Fixed Network and Abdulhamid Chehab
- GM Mobile Services. Sheraton AD appoints Rejana Muci
UAE: The Sheraton
Abu Dhabi Hotel and MEADCC appoints Director
RCSI Bahrain appoints new dean Resort has announced
of Residences
the appointment of Ms.
Rejana Muci as Complex QATAR: Ms. Brenda Julia Le
Director of Six Sigma. Moine has been appointed as
Director of Residences for the
pre-opening of the Marriott
Executive Apartments Doha
Barclays appoints CEO City Center in Qatar.
UAE: Barclays PLC (Barclays)
recently announced the
BAHRAIN: The Royal College of Surgeons in Ireland appointment of Mr. John Vitalo
- Medical University of Bahrain announced the as Chief Executive Officer Holiday Inn Dubai
appointment of Professor Sameer Otoom as Dean of
RCSI Bahrain.
of Investment Banking and appoints GM
Investment Management (IBIM)
for the Middle East. UAE: Holiday Inn Dubai, Al
Barsha has appointed Mr. Reda
Circle Oil Plc appoints Moukthar as General Manager
Ramadan Aburawi to drive the property forward
Dana Gas announces new CEO and to make use of his vast
UAE: Circle Oil Plc, the international oil and gas UAE: Dana Gas PJSC, the Middle East’s first and experience in the hospitality
exploration, development and production company largest private-sector gas company, has announced field to cement the reputation
appointed Mr. Ramadan Aburawi to its Board as a non- the appointment of Mr. Ahmed Al-Arbeed as Chief of the brand’s fantastic new
executive director with immediate effect. Executive Officer (CEO) of the Company. property in Dubai.
Sales Manager
Hunt heads Al-
UAE: The flagship 5-star Tanmiyat Group Futtaim Automotive
Sheraton property in Dubai,
Sheraton Dubai Creek Hotel appoints CEO
and Towers recently has recently UAE: Tanmiyat Group, a
appointed Mr.Susan Nisbet as Middle East developer and
its new Sales Manager. investment company, has Mr. Len Hunt, a veteran auto industry executive has been
appointed Dr. Marwan Ibrahim appointed Group Director, Automotive, Al-Futtaim and
Alahmadi as the new Chief charged with leading the Dubai-based family owned
Executive Officer of the Group. business into an era of heightened expectations in the
Global Investment region’s auto industry.
House appoints
new partner
Equate President
EGYPT: Global Investment and CEO retained AD Media Company
House announced recently the appoints CFO
appointment of Mr. Mohamed KUWAIT: Equate President
Abdelsalam to head its private and CEO Hamad Al-Terkait UAE: Abu Dhabi Media
equity funds business in Egypt. was retained for a second Company, one of the fastest
term as the Vice Chairman growing, multi-platform, media
of Gulf Petrochemicals and organisations in the region, has
Chemicals Association’s appointed Mr. Frank Mooty as
Board of Directors. its Chief Financial Officer.
United Gulf Bank announces
AGM promotions
KUWAIT: UGB has
announced two senior executive Dana Gas announces appointments OBG appoints
management promotions to
UAE: Dana Gas PJSC has
Country Director
Assistant General Manager:
announced the appointment QATAR: Oxford Business
Mr. Amine Fehmi, Head
of three new members to its Group (OBG), the highly
of Financial Institutions &
Board of Directors, Sheikha acclaimed global publishing,
Marketing and Mr. Hussain
Hanadi Nasser Bin Khaled research and consultancy firm,
Lalani, Chief Financial Officer.
Al Thani, Mr. Abdullah Ali has recently appointed Ms.
Almajdouie and Mr. Nasser Marjan Okhowat as Qatar
Mohammed Al Nowais. Country Director.
Tabreed appoints
new CEO
UAE: National Central
El Chiaty appointed GolinHarris Jeddah
Cooling Company PJSC in Tourism Council appoints new MD
‘Tabreed’, the Abu-Dhabi
based utility company EGYPT: Mr. Hamed El KSA: GolinHarris Public
announced that it has Chiaty, Chairman and CEO Relations has recently
appointed Mr. Sujit S. Parhar Travco Group, was appointed appointed Mr.John Badenhorst
to the position of Chief as a member of the supreme as its new Managing Director
Executive Officer. Council for Tourism. at their Jeddah office.
80 JUNE 2009
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