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GCC Education Feb 2019

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Bank of Sharjah’s 45th anniversary

On January 26th 2019, Bank of Sharjah held a cocktail party at Al Jawaher Reception & Convention Centre in Sharjah to celebrate its 45th anniversary and its successes and achievements throughout its journey filled with prestige, loyalty, humility, transparency and a clear vision to build close relations with its clients, and partners.

In a speech delivered on behalf of the Chairman, Mr. Ahmed Abdallah Al Noman, Mr. Varouj Nerguizian, General Manager, praised the vision and leadership of H.H. Dr. Sheikh Sultan Bin Muhammad Al Qasimi, who paved the way for the creation of Bank of Sharjah, which proudly carries the name of Sharjah and has remained a reference for the finance and business sectors in the local market and abroad for more than 4 decades. He affirmed the importance that the bank gives to the values instilled by His Highness to preserve a good reputation, sustainable relations and transparency and to allow the Bank to keep pace with development.

In addition, he extended his deep gratitude to H.H. Sheikh Khalifa bin Zayed Al-Nahyan, President of the UAE, H.H. Sheikh Mohammed bin Rashid Al-Maktoum, Vice President and Prime Minister, Ruler of Dubai, and H.H. Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. He also thanked the Rulers and members of the Federal Supreme Council of the UAE.

On behalf of Mr. Norman, Mr. Nerguizian stressed the importance of working within the society and shed light on the Bank’s commitment to continue to develop Sharjah and to serve the community on different aspects including culture, education, and economy. He also affirmed the strong partnership between the Bank and several, humanitarian and charitable institutions working on providing the necessary services for the citizens of the Emirate.

In his speech, he also conveyed his appreciation to HE. Sheikha Jameela bint Mohammed Al Qasimi who spared no efforts to help humanitarian associations that take care of the differently-abled, in particular the Sharjah City for Humanitarian Services represented by its director Mrs. Mona Abdul Karim Al Yafie.

The ceremony featured talented citizens from the Sharjah City for Humanitarian Services who presented breath-taking performances reflecting the humanitarian, social and cultural values of Sharjah. A section from the venue was dedicated to an exhibition of paintings by members of the Sharjah City for Humanitarian Services to be sold for their fundraising.

The ceremony was attended by Senior Officials of the Emirate and Board Members headed by Mr. Ahmed Abdullah Al Noman, and a large gathering of major shareholders, customers, and members of the economic and financial bodies in the Emirates.

The post Bank of Sharjah’s 45th anniversary appeared first on Bloomberg Businessweek Middle East.

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UAE-India bilateral trade to exceed US$100 billion by 2020

Narendra Modi, Prime Minister of the Republic of India, met with Dr. Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, and Dr. Ahmed Al Banna, UAE Ambassador to India. They explored prospects for further cooperation between the UAE and India, building on the strong existing ties between the two countries, and discussed ways to facilitate cross-pollination of successful experiences.

The meeting took place on the sidelines of the ninth edition of the Vibrant Gujarat Global Summit that drew the participation of a high-level UAE delegation, led by Dr. Al Zeyoudi.

In his keynote address at the Summit’s inauguration ceremony, Dr. Al Zeyoudi said, “The UAE and India enjoy long-standing and cordial relations across multiple fronts. Backed by the political and people-to-people interactions, bilateral trade continued to soar despite global headwinds. Valued at US$180 million per annum in the 1970s, the balance of trade volume between India and the UAE is now worth $57 billion, making India the largest trading partner of the UAE, while the UAE is India’s third largest trading partner – after China and the US. 2018 saw a flurry of investments by UAE companies in India, and the UAE-India relationship has entered a vibrant growth phase with bilateral trade on track to exceed $100 billion by 2020.”

The UAE Minister noted that the UAE hosts one of the largest Indian expatriate community in the world, comprising more than 3.3 million people. Members of the Indian community in the UAE have helped the Indian economy flourish through their hard-earned remittances. The UAE is currently the largest source of remittances to India that amounted to an astounding $13.82 billion in 2017.

He added, “As we look back at our achievements, they energise us and give us the confidence that a lot more can be done together. We aspire to see the trajectory of the UAE-India ties continue to soar, entering new areas of cooperation and dynamism.”

At the Vibrant Gujarat Global Trade Show, held on the sidelines of the summit, Dr. Al Zeyoudi, accompanied by Dr. Al Banna, inaugurated the UAE pavilion and viewed the products on display.

Al Zeyoudi also participated in the UAE Country Seminar, one of the events on the summit’s agenda, where he highlighted the UAE’s appeal as a global business destination.

Addressing UAE and Indian businesspeople at the event, he said, “The UAE has become a global hub for entrepreneurship and investment, thanks to the significant efforts made by the federal government and local departments to create a world class, business-friendly environment, enabling the country to vie with the best.”

He added, “According to the World Bank’s Doing Business Report 2019, the UAE moved up 10 spots to the 11th place globally, out of 190 economies. The report also states that the UAE is the best-performing country in the Middle East and North Africa region. The rise in the UAE’s rank is a result of a package of reforms in the past year that boosted the country’s economic competitiveness.”

Elaborating on foreign direct investments, Al Zeyoudi said, “UAE investments in India are valued at an estimated $8 billion, of which $5.33 billion is in the form of foreign direct investment, while the remaining is portfolio investment, making the UAE the 10th biggest investor in India in terms of foreign direct investment. The UAE’s investments in India span multiple sectors, most notably the services sector, power, construction development, air transport, food, and hotels and tourism.”

He added, “Several prominent private and public sector Indian companies and banks operate in the UAE. In addition, major Indian companies have been able to obtain a significant number of contracts in the UAE. Data released by the UAE Federal Competitiveness and Statistics Authority indicates that the total foreign direct investment from India to the UAE amounted to over $6.5 billion.”

Organised by the government of the Indian state of Gujarat, the Vibrant Gujarat Global Summit 2019 ran from January 17 to 19 in the state capital of Gandhinagar under the theme ‘Shaping a New India’. Narendra Modi inaugurated the event in the presence of thousands of delegates and business leaders from across the globe.

Source: WAM/Rasha Abubaker

The post UAE-India bilateral trade to exceed US$100 billion by 2020 appeared first on Bloomberg Businessweek Middle East.

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Facebook to Face Record Fine on Privacy Violations

A U.S. privacy investigation of Facebook Inc., begun after a major data breach was exposed in March, is likely to result in a record fine against the company, according to a person familiar with the matter.

The Federal Trade Commission, the nation’s chief privacy watchdog, is weighing a penalty against the social-media giant for violating a 2011 settlement with the agency that required the company to take a series of steps to protect users’ personal information, said the person, who asked not to be named because the investigation is confidential. The probe may be months from completion, the person said.

The size of the Facebook fine couldn’t be learned. It’s also not clear whether the agency has settled on how much to seek from the Menlo Park, California-based company or whether it will also require changes to Facebook’s data collection and sharing practices.

Still, the likelihood of the penalty seems to indicate officials have determined there was a violation of the 2011 settlement. The agency opened it’s investigation after the disclosure that political consulting firm Cambridge Analytica gained access to information on about 70 million Facebook users in the U.S. The company has denied the incident was a violation.

FTC Chairman Joe Simons is under growing pressure to come down hard on Facebook after a series of data-privacy scandals at the company. The revelations have galvanized efforts in Washington to pass comprehensive legislation to better protect the personal information collected by the nation’s technology firms. Lawmakers and advocates have criticized the FTC for not doing enough to crack down on privacy violations even with its limited authority.

The agency’s previous record fine in a privacy action came in 2012, when Google paid $22.5 million for misrepresenting to users of the Safari internet browser that it wouldn’t place advertising trackers known as cookies on their computers. The amount was minuscule for Google, which reported net income of $10.7 billion that year.

The FTC and Facebook declined to comment about the investigation. The Washington Post reported earlier on the fine and said the agency’s five commissioners met recently to discuss it.

The former head of the FTC’s consumer protection division has said the fine could reach hundreds of millions of dollars. Bloomberg Intelligence estimates it could reach into the billions. The investigation is just one the social-media giant is facing in the U.S. The attorney general for the District of Columbia sued the company in December while other states have opened investigations. Facebook has said the Securities and Exchange Commission and the FBI are also investigating.

The FTC’s 2011 consent decree with Facebook settled claims that the company deceived consumers by telling them they could keep data private, but allowed it to be shared and made public.

The commission’s complaint included a litany of deceptive practices, such as allowing wider dissemination of profile information like photos, education and place of employment that a user had restricted to “Only Friends” or “Friends of Friends.” Facebook also promised users that it wouldn’t share personal information about them with advertisers when, in fact, the company identified to advertisers the users who clicked on their ads or to whom ads were targeted. Advertisers could then take steps to get detailed information about users, the FTC said.

The post Facebook to Face Record Fine on Privacy Violations appeared first on Bloomberg Businessweek Middle East.

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Tesla to Start Delivering Model 3 in Europe

Tesla Inc. was cleared to begin delivering its Model 3 sedans across Europe, according to Dutch vehicle authority RDW.

Deliveries should start in February and, as happened in the U.S., the first sales in Europe will be for the Model 3 Long Range Battery variant, according to Tesla.

Starting Model 3 deliveries in Europe is a key priority for Chief Executive Officer Elon Musk. He’s pointed to sales of the sedan in Europe and China as a main reason he isn’t concerned about any potential setback caused by the U.S. federal tax credit toward Tesla purchases halving to $3,750 as of Jan. 1.

The company also said in its third-quarter shareholder letter that, “The mid-sized premium sedan market in Europe is more than twice as big as the same segment in the U.S.”

The post Tesla to Start Delivering Model 3 in Europe appeared first on Bloomberg Businessweek Middle East.

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Marriott Announces New Loyalty Program

Marriott International unveiled Marriott Bonvoy, the new loyalty brand replacing the current loyalty brands – Marriott Rewards, The Ritz-Carlton Rewards and Starwood Preferred Guest (SPG) – and reflecting the unmatched benefits, single loyalty portfolio and experiences announced last year.

Marriott Bonvoy is built on the belief that travel enriches us all and has the power to enrich the world. Marriott Bonvoy launches on February 13 when the logo and branding begins rolling out across all consumer touchpoints, including on property, marketing and sales channels, digital, mobile and co-brand credit cards, bolstered by a multimillion-dollar global media campaign starting in late February.

“Marriott Bonvoy marks an evolution in travel because it represents more than a loyalty program,” said Stephanie Linnartz, Global Chief Commercial Officer, Marriott International. “Marriott Bonvoy is a travel program designed to bring to life our extraordinary portfolio of global brands in 129 countries and territories, while also providing endless inspiration for members to keep traveling and pursuing their passions.”

Linnartz continued, “Represented by a simple, bold and modern logo, Marriott Bonvoy is welcoming and optimistic. Our 120 million members have access to the world’s leading hotel portfolio at the best room rates and member benefits, as well our collection of Moments experiences that bring exploration and discovery of the world to the forefront.”

Beginning on February 13, Marriott Rewards Moments and SPG Moments will become Marriott Bonvoy Moments, which together with Marriott Moments will feature approximately 120,000 experiences in 1,000 destinations available for purchase or by redeeming points. In addition. In addition to accessing locally relevant sights and excursions, such as hiking into glacial Patagonia, desert treks on camelback in Morocco or cruising to Vietnam’s timeless floating villages, members can indulge in once-in-a-lifetime experiences like cooking alongside renowned chefs Daniel Boulud and Eric Ripert, or honing football skills in a master class with Hall of Fame wide receiver Jerry Rice.

Throughout 2019, Marriott will bring Marriott Bonvoy to life with a series of experiential events for members taking advantage of the company’s marketing partnerships with iconic brands including the NCAA and the FIA Formula One

World Champions, Mercedes-AMG Petronas Motorsport, as well as through sponsorships such as the Oscars®, Coachella Valley Music and Arts Festival, Dubai Jazz Festival, The Hong Kong Sevens and The PGA Tour World Golf Championships-Mexico Championship.

On August 18, 2018, Marriott launched one loyalty program with unified benefits under its three legacy loyalty brands — Marriott Rewards, The Ritz-Carlton Rewards and SPG. On February 13, the combined program completes its integration under one name, Marriott Bonvoy.

With Marriott Bonvoy, members will have access to Marriott’s portfolio of diverse brands including the largest collection of lifestyle and luxury properties. Whether it is sun-soaked overwater bungalows at The St. Regis Maldives Vommuli Resort, mountain-side resorts nestled against ski slopes like at The Westin Resort and Spa Whistler, beachfront properties hugging pristine sands like at The Ritz-Carlton, Bali, to iconic urban towers offering panoramic views like at the JW Marriott Marquis Hotel Dubai, or former palatial residences like The Gritti Palace, a Luxury Collection Hotel (Venice); Marriott Bonvoy provides members an unparalleled offering of experiences together with the opportunity to earn desirable member benefits.

Since Marriott introduced the unified loyalty benefits under Marriott Rewards, The Ritz-Carlton Rewards and SPG last August, members have been able to seamlessly book stays and earn and redeem points across the entire portfolio and achieve Elite status faster with new Elite tiers. Members now earn on average 20 percent more points per dollar spent.

The launch of Marriott Bonvoy will introduce two new names for previous Elite status tier names:

Marriott Bonvoy Titanium Elite will replace Platinum Premier Elite for members who surpass 75 nights.

Marriott Bonvoy Ambassador Elite will replace Platinum Premier Elite with Ambassador. This top Elite status tier recognizes members who surpass 100 nights and more than $20,000 in spend annually. These members enjoy the highest level of personalization with a dedicated ambassador to help plan their travel and cater to their needs one-on-one.

Marriott Bonvoy will usher in a new mobile experience. Members using either the SPG or The Ritz-Carlton Rewards apps are encouraged to download the current Marriott app now which will automatically update to become the Marriott Bonvoy app on February 13. The SPG and The Ritz-Carlton Rewards apps will be deactivated on that date.

The post Marriott Announces New Loyalty Program appeared first on Bloomberg Businessweek Middle East.

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Saudi-UAE Council launches key initiatives in Abu Dhabi

The initiatives and projects launched cover the fields of economy and customs, entrepreneurship, supply security, logistics and infrastructure, aviation and virtual currency.

The Executive Committee of the Saudi-Emirati Coordination Council, the newly-formed body that reflects an era of even closer cooperation between the two Gulf Arab countries in various sectors, discussed and launched a number of initiatives at its first meeting in Abu Dhabi.

The first edition of the Saudi-Emirati Coordination Council manual was approved during the meeting, held under the chairmanship of Saudi Arabia’s Minister of Economy and Planning Mohammed Al-Tuwaijri and the UAE Minister of Cabinet Affairs and the Future Mohammad Al Gergawi, in the presence of 16 ministers and top officials from both sides.

This meeting comes in line with the ‘Strategy of Resolve’ adopted in the minutes of the first meeting of the Saudi-Emirati Coordination Council, signed by the Saudi and UAE governments which stipulated creation of the Executive Committee. The meeting also aimed at achieving the objectives of the Council and its aspirations to deepen bilateral ties in several spheres, most importantly in the economic, human development and knowledge aspects as well as political and security fields.

The Saudi Minister of Economy and Planning, Mohammed Al-Tuwaijri, said in his speech that the Executive Committee’s first meeting is a continuation of the achievements made in the relations between the two countries, and that it’s an important vital breakthrough, a real development, and an effective engine for the work of the Council to apply and follow up the ideas, initiatives and projects.

“The Council was established to create an exceptional model in cooperation relations between the two brotherly countries, and to seek to strengthen the ties of interdependence and develop them, and to support the development opportunities of the two countries economically, in human development and in terms of knowledge and to boost them,” Al-Tuwaijri said.

“This places great tasks upon us, which we are honored to carry out, and we strive to achieve them in the fullest possible manner.

“The role of the Executive Committee is to work to remove any obstacles that stand in the way of achieving joint initiatives and to follow-up on the implementation of the projects focused on achieving the security and prosperity of the two brotherly people,” he added.

The UAE Minister of Cabinet Affairs and the Future Mohammad Al Gergawi, who heads the Executive Committee from the UAE side, said: “The first Committee meeting under the umbrella of the Saudi-Emirati Coordination Council is a continuation of the enhancement of integration in issues of common concern.”

He added: “Our goal is to see Saudi and Emirati citizens see themselves in a single fabric with a common aspiration for a bright future.”

Al Gergawi stressed that the Executive Committee’s work is a “historic task” to provide a successful model for bilateral integration. “We have the unlimited support of our leadership to unite efforts and invest energies for the benefit of our citizens,” he said.

The Committee discussed a number of initiatives, the results of the action progress of each initiative and the desired results. It was agreed to sign the mutual recognition agreement for the approved economic operators’ programme to facilitate the flow of traffic at the customs outlets as soon as the required approvals from both sides are completed. This coincides with the pilot launch of the fast track of the companies of the economic operators’ programme.

In the field of entrepreneurship, a financial awareness initiative for Saudi and Emirati youth was launched to introduce and market the products of small traders between the two countries through the establishment of joint events.

In the field of supply security, a joint cooperation programme was signed between Saudi Arabia and the United Arab Emirates to test the supply chain and security systems in the major sectors of the two countries during a crisis or disaster and to identify the points of improvement and develop an implementation plan to address them.

In the field of logistics and infrastructure, an initiative was reviewed and launched with the aim of unifying the procedures, facilities and legislations for the travel of disabled and special needs persons, in addition to the joint market initiative in aviation. The members of the Executive Committee team were accredited by the two sides to study, evaluate and follow up the project.

In the field of financial services and markets, the virtual currency project was launched on an experimental basis and is restricted to trading between a number of banks in both countries in order to explore and prepare for future technologies.

At the end of the meeting, the Committee thanked the efforts exerted by the two sides, stressing the importance of implementing the agreed ‘Strategy of Resolve’ and the continuation of cooperation between the two countries in a way that strengthens the strong relationship between them.

Last June, Crown Prince Mohammed bin Salman of Saudi Arabia and Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, chaired the first meeting of the Saudi-Emirati Coordination Council in Jeddah. The debut meeting served to announce the organisational structure of the Council, formed in May 2016 to strengthen bilateral cooperation in the areas of economy, human development, and political and military security integration, and the well-being of the societies of the two countries.

The post Saudi-UAE Council launches key initiatives in Abu Dhabi appeared first on Bloomberg Businessweek Middle East.

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Teamwork and Well-being: The two roads for better business productivity

By: James Hassett

Businesses all over the world have become increasingly fast-paced, competitive and innovative. With large demand for corporates and workfare in businesses, which has seen a boost in the last few years, teamwork has become one of the most important aspects of the day to day activities in any workplace. All businesses, whether big or small, rely on successful teamwork to reach company goals and objectives.

At the same time, today, fitness and exercise has become an integral part of a person’s lifestyle and overall well-being. People have become increasingly conscious of their physical and mental well-being and more so than ever, people are intentionally investing in their personal health and fitness. Over the years, corporates have also become increasingly active in spreading the awareness about fitness and motivating employees with offices equipped with gyms, arranging yoga classes, mindfulness programs and many other activities to improve physical and mental well-being. It is clear from the research that employees who exercise are less likely to get sick, taking time off work, and more likely to contribute an increase to the overall productivity of the business. Fit employees are also less likely to take an extended leave of absence, require surgery or quit their job because of health reasons. Moreover, an overall sense of well-being contributes to a better and more positive attitude. When people are healthy and exercise, the chemical changes in their body create a better mood. People who are in a good mood make excellent employees because they are more balanced mentally, more engaged in their work and more effective and fulfilling their potential.

Thus, teamwork and exercise play some of the most vital roles in the smooth running of operations in a business and contributes to their annual overall growth. But, given the hectic schedule and work pressure, it is often seen that these two elements go missing. A person is so burdened with work that there is no time to exercise, engage in group discussions and the scope of teamwork is generally restricted to one’s immediate two-three colleagues.

Accordingly, there is, I believe, a need to educate and encourage more participation in employee fitness, team building and well-being events, workshops and activities. One such example is the Bloomberg Square Mile Relay, a pioneering project created in London, England back in 2007 and returning to Dubai for the fourth time next month on 13th February. It is a fully immersive team building experience with fitness, well-being and team bonding central to its purpose. Companies enter teams of 10 employees who all run a race in a unique relay format together, as well as enjoy food, drink and music to celebrate together after. With hundreds of companies regularly participating and competing against each other across 12 cities in 10 different countries in the global race series, the event gets the corporate world moving, educated on the importance of physical activity and implementing team-building through exercise.

Fitness and Teamwork has always been the key for increasing productivity and, I believe, a productive team has individuals that share common goals, a common vision and have some level of interdependence that requires both verbal and physical interaction. Teams come into existence through shared attitudes about a particular subject. They may come together for a number of different reasons, but their goals are the same – to achieve peak performance, fulfill their potential and experience success. The final outcomes may differ but the means by which one gets there is the same – teamwork. Every member of the team is accountable when it comes to teamwork so you are only as strong as your weakest link.

In conclusion, teamwork and fitness is important in an organization because it provides employees with an opportunity to bond with one another, which improves relations among them. Workers who constitute a team working on a project often feel valued upon the successful completion of such tasks as they work together and lead a healthy life. I believe events like the Bloomberg Square Mile Relay offer the perfect platform for businesses across Dubai to take advantage of these benefits.

About the Author

JAMES HASSETT MANAGING DIRECTOR, SQUARE MILE SPORT

James has been driving the global expansion of the Bloomberg Square Mile Relay over the last six years from a London-only event into a 12-race global series including, Singapore, Hong Kong, Shanghai, Dubai, Sydney, New York, San Francisco, Tokyo, Sao Paulo Mumbai and Paris. An immersive team-building and participation series engaging over 10,000 runners from over 600 of the world’s largest financial organisations each year, James has grown a London-based team to oversee and manage the global race series’ exponential growth.

James previously spent four years working for Sodexo on Rugby World Cup 2007 and the London 2012 Olympic and Paralympic Games as Marketing & Brand Manager, as well as 2.5 years’ as Marketing & Talent Manager at Benchmark Sport, six months in sport PR at Shine Communications and a year in Reebok’s European Sports Marketing Team.

James’ core competencies and experience include Marketing, Branding, Talent Management, Team Leadership, Event Management, International Operations and Client Services.

The post Teamwork and Well-being: The two roads for better business productivity appeared first on Bloomberg Businessweek Middle East.

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Saudi Arabia Hires Banker as Privatization Unit Head

Saudi Arabia hired HSBC Holdings banker Rayyan Nagadi to set up a privatization unit at the ministry of finance as the kingdom forges ahead with plans to sell state assets, people familiar with the matter said.

Nagadi, previously head of project and export finance at HSBC Saudi Arabia, will advise the ministry on its privatization process and will work closely with the National Center for Privatization, the people said, asking not to be identified as the information hasn’t been made public.

HSBC declined to comment, while the ministry of finance didn’t respond to requests for comment.

Saudi Arabia set up the National Center for Privatization in 2017 and hopes to generate about $11 billion by 2020 through the sale of stakes in utilities, soccer clubs, flour mills and medical facilities. Privatization is key to the country’s efforts to wean the economy off oil, but so far have been dogged by delays — most notably the IPO of oil giant Aramco.

Nagadi is among a growing number of bankers taking on government roles as OPEC’s top producer seeks to reboot its economy. Minister of Economy and Planning Mohammad Al Tuwaijri was previously chief executive officer of HSBC in the Middle East and North Africa until 2016. Fahad Al Saif, head of the debt management office which is responsible for sovereign bond sales, was deputy managing director at SABB, and previously worked at HSBC Saudi Arabia.

The kingdom’s minister of finance Mohammed Al Jadaan was a special adviser to Morgan Stanley’s board in Saudi Arabia and Yasir Al Rumayyan, head of the kingdom’s Public Investment Fund, was the CEO of Saudi Fransi Capital.

The post Saudi Arabia Hires Banker as Privatization Unit Head appeared first on Bloomberg Businessweek Middle East.

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UAE Airline Starts Legal Case Against Abraaj Founder

Air Arabia filed a lawsuit against Abraaj founder Arif Naqvi, becoming the first publicly-traded company to initiate legal proceedings against the Pakistani entrepreneur.

The low-cost carrier said it began legal proceedings “through the filing of a misdemeanor case” in a court in Sharjah, the United Arab Emirates. “Air Arabia Group has investments outstanding with private equity firm Abraaj,” it said in a statement.

The Dubai-listed airline, which has a market value of about $1.3 billion, said in June that it had an exposure of $336 million to funds managed by Abraaj Group, adding that it won’t have a “significant impact” on daily operations or its liquidity status.

Abraaj was one of the most high-profile private equity companies in the Middle East until its dramatic collapse last year. The firm owes banks more than $1 billion and is being restructured after it was found to have borrowed money from some of its own funds to meet operating expenses without investors’ consent, people with knowledge of the matter have said. The buyout firm at one point owned 17 percent of the carrier.

Air Arabia shares fell 1 percent at the close on Wednesday before the announcement.

In Wednesday’s statement, Air Arabia also said:

“Air Arabia’s previously appointed team of experts continue to be fully engaged with the JPL’s, stakeholders and creditors involved in the matter as the court-supervised restructuring of Abraaj continues.”

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Brexit Pushes UK to Brink

The U.K. stands at its most dangerous crossroads in decades after Parliament emphatically rejected Theresa May’s Brexit deal and left her facing an uncomfortable vote to oust her government.

The humiliating defeat on Tuesday evening, the biggest for any government in modern history, leaves May’s divorce agreement with the European Union all but dead and opposition leader Jeremy Corbyn trying to force a general election. While May believes she will survive Wednesday’s no-confidence vote, it’s unclear how long she — or her Brexit strategy — will last.

With the U.K. due to leave the EU in 10 weeks, there is growing alarm among British and European politicians that May will fail to end the impasse in time to avoid the potential economic catastrophe of leaving the EU without a deal. Any alternatives, including calling a second referendum, would likely require the EU to extend the March 29 departure deadline.

The prime minister said she will start cross-party talks this week to try to reach a consensus, but in such a febrile atmosphere they may already be doomed. Corbyn dismissed her offer as too little, too late.

The dramatic, if not unexpected, events in the House of Commons marked another watershed for a country that used to be a pillar of democratic stability and is now at the mercy of the divisions sown by the 2016 referendum to leave Europe’s common market after 46 years of membership.

May lost the vote on approving her Brexit deal by 432 to 202. Giving her reaction afterward, she was barely able to contain her frustration.

“It is clear that the House does not support this deal,” May told the Commons. “But tonight’s vote tells us nothing about what it does support — nothing about how — or even if — it intends to honor the decision the British people took in a referendum Parliament decided to hold.”

Opposition to the deal has focused on the backstop designed to keep the Irish border open, which anti-EU members of May’s Tory Party fear would permanently trap the U.K. in the bloc’s customs union. Members of Parliament have also objected to the size of the cash settlement for the EU and the level of access to European markets after the split.

If May loses Wednesday’s no-confidence vote, Britain will be on course for its third general election in four years. Many Conservatives on her side who voted against the Brexit deal said they’d support her leadership. If everyone on her side does turn out, her margin of safety is just 13 votes. On Tuesday night, 118 members of her party voted against her deal.

A loss like that would finish off a prime minister in normal times. But these aren’t normal times.

The mood in Parliament after the vote was surprisingly upbeat. Many members have been waiting months for the chance to vote on Brexit. They were denied their moment in December, when May pulled the vote. Now, they said, May could stop pretending that her deal had a chance of passing and move to discussing more realistic options.

The first sign of this was immediately after the vote, when the prime minister bowed to pressure from Cabinet colleagues and said she would open talks with opposition parties.

But Andrea Leadsom, leader of the House of Commons, made clear on Wednesday that May’s preference is to talk to senior rank-and-file Labour MPs rather than the party’s leadership. Labour’s economy spokesman John McDonnell complained the premier had not reached out to Corbyn.

“What Jeremy Corbyn wants to do is disrupt government and disrupt the nation at a crucial time by seeking a general election,” Leadsom told BBC Radio. “The prime minister will speak with senior parliamentarians across the House and seek to find a way that meets with a majority.” May’s deal is still the “basis” for reaching that consensus, she said.

The question is what that route forward looks like.

For now at least, May is sticking to the principles she’s set out already, while her aides insist that the Withdrawal Agreement she negotiated with the EU over the past two years can’t be allowed to die. While she’s not yet publicly contemplating extending the Brexit deadline, May gave a heavy hint she won’t allow the U.K. to crash out of the bloc.

“I have always believed that the best way forward is to leave in an orderly way with a good deal,” she said.

Some in May’s Conservatives back a no-deal Brexit, and urged her to take that route. Others favor a customs union with the EU. There might be a majority for that — it’s the position the Labour Party supports — but were May to go for it, she would risk angering even more Conservatives.

Realistically, May will have to at least invite Corbyn to talk, though his office said on Tuesday evening that there was no future for anything based on May’s deal.

For now, Labour’s priority is its attempt to trigger a general election by persuading seven of May’s side to rebel and back their motion. If, as expected, that fails, there was little sign from Corbyn’s office that he’s about to move to supporting a second referendum.

Even so, he’ll come under pressure from many in his party to do so after Labour members voted at their conference last year that it should be an option. On Wednesday morning, more than 100 Labour MPs will call for Brexit to go back to the people.

“The time is now to pivot to support a public vote on whether we should accept the deal or remain in the EU,” said Mike Buckley, director of Labour for a People’s Vote. If Labour doesn’t shift its position, pro-EU lawmakers in the party are planning to propose their own amendment to the next Brexit vote.

May’s government is likewise split. Her Cabinet meeting on Tuesday saw Pensions Secretary Amber Rudd arguing that the prime minister should publicly reject the idea of a no-deal Brexit.

The post Brexit Pushes UK to Brink appeared first on Bloomberg Businessweek Middle East.

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#Politics #brexit

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businessweekme · 5 years

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Dubai Benefits From Proactive Policies

Recent developments and plans announced by Dubai’s government highlight the emirate’s promising trajectory towards becoming a “future-proof global business capital” according to ICAEW, an accountancy and finance body.

The plans, which include a geo-economic map for the city, the first virtual commercial city in the region, free economic and creative zones in universities, and Dubai International Financial Center’s (DIFC) expansion plan, aim to accelerate the development of Dubai’s business landscape.

“The UAE economy has been adapting well to a prolonged decline in oil prices since 2014. As we said in our latest Economic Insight report, the non-oil sector – which represents almost 70% of the UAE’s economy – was the key growth driver for the country’s economy in 2018,” said Michael Armstrong FCA, ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA). “Continued improvements in strengthening non-oil revenue, advancing to a competitive knowledge-based economy, instilling business confidence, and facilitating doing business will help achieve the UAE’s 2021 goals.”

Armstrong added that Dubai’s approach to change is “proactive rather than reactive”, which has been a key factor in the emirate’s success. “This will ensure it is fit and ready to compete in a digital world. Changes, driven by a range of factors, but most significantly technology, will transform all aspects of business and society in the coming years. Governments across the globe are heavily involved in digital transformation initiatives aimed at creating economies better suited to a world of rapid digitalization,” Armstrong said.

ICAEW pointed out that Dubai is investing in innovations, such as the planned transformation of public and private universities into free zones that allow students to carry out business and creative activities, and the establishment of the first virtual commercial city in the region. “This makes it clear Dubai is embracing digital transformation. These measures, alongside the development of DIFC 2.0, a move that further supports growth for the regional financial services landscape, will definitely facilitate Dubai’s journey towards unparalleled achievement and success,” Armstrong added.

The post Dubai Benefits From Proactive Policies appeared first on Bloomberg Businessweek Middle East.

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#Business #Dubai

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Dubai Frame Receives One Million Visitors in 2018

Dubai Frame the 150m structure that opened in January 2018 has welcomed more than one million visitors.

The structure, designed to resemble a ‘frame’, offers views of Dubai’s old and modern city. Located in Zabeel Park, it opened to the public in January after work began in 2013. It was originally due to open in 2015.

Ticket prices to access a ground floor museum, the attraction’s observation deck, with grand views of Dubai, are Dhs50 for adults and Dhs30 for children.

Having such a huge number of visitors in its first year is a “remarkable achievement for Dubai”, said Dawoud Al Hajri, director-general of Dubai Municipality.

In February, the opening hours were also extended with the attraction now open from 9am to 9pm.

The post Dubai Frame Receives One Million Visitors in 2018 appeared first on Bloomberg Businessweek Middle East.

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#Travel & Tourism #Dubai

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Saudi’s $500bn NEOM Bay Project Begins in 2019

Saudi’s NEOM Bay, an urban project, will be completed in 2020.

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz, the chairman of the NEOM board, approved the strategic concept of the masterplan for NEOM Bay, the Saudi Press Agency (SPA) reported.

Construction of NEOM Bay, the first urban area within the $500bn mega NEOM development in Saudi Arabia will begin in the first quarter of this year, officials announced on Wednesday.

A number of key facilities will be completed by the end of this year including the current airport at Sharma, which will be upgraded to become a commercial airport operating regular flights between Riyadh and NEOM. The work on the first phase of NEOM Bay will be completed in 2020, the report added. NEOM was first unveiled by Prince Mohamed at a Public Investment Fund (PIF) conference in October 2017.

Spanning 26,500sqm, it will act as a technology hub, job creator and centre for foreign investment and is key component of the kingdom’s Vision 2030 agenda to diversify away from oil.

It is also designed to be an eco-friendly project, with energy set to be generated from renewable sources. “The unique environmental characteristics of the region will be preserved, and the unique ecosystem will be protected and improved,” the report said.

The post Saudi’s $500bn NEOM Bay Project Begins in 2019 appeared first on Bloomberg Businessweek Middle East.

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#Real Estate #neom #Saudi Arabia

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Emirates NBD Boosts 2018 Profit 20%, Beats Estimates

Emirates NBD reported a better-than-expected increase in full-year profit as lending rose and loan loss charges fell at Dubai’s biggest bank. The state-controlled lender recommended a dividend of 40 fils a share, unchanged from a year ago

“Margins widened 35 bps in 2018 as rate rises flowed through to the loan book which more than offset a rise in funding costs,” Group Chief Executive Officer Shayne Nelson said. “The group’s balance sheet remains healthy with a further strengthening in capital coupled with strong liquidity and stable credit quality.”

Emirates NBD is the United Arab Emirates’ second-biggest bank with assets of $136 billion; top lender is First Abu Dhabi Bank. The bank agreed to buy Turkey’s Denizbank AS last year, for which it is now seeking regulatory approval. It is said to have held off from selling a dollar bond in November as interest rates climbed The bank is rated A3 at Moody’s; A+ at Fitch. All have stable outlooks.

Emirates NBD is the third big regional lender to report results after Qatar National Bank and Bank Muscat, both of which beat estimates for full-year earnings.

Emirates NBD shares dropped 2.1 percent at close in Dubai on Tuesday Stock advanced 8.4 percent in the past 52 weeks. The Dubai Stock Index lost 29 percent. The shares are down 1 percent in the past 5 days and rose 1.1 percent in the past 30 days.

Emirates NBD trades at 5.2 times its estimated earnings per share for the coming year. The company’s dividend yield is 4.4 percent on a trailing 12-month basis and 4.4 percent based on Bloomberg Dividend Forecasts for the next 12 months.

The analyst consensus one-year price target for the company is AED14.78, for a potential return of 64 percent. Analysts raised the target by 6.7 percent in the past three months.

The post Emirates NBD Boosts 2018 Profit 20%, Beats Estimates appeared first on Bloomberg Businessweek Middle East.

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#Banking & Finance #banking

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Emirates Insolaire showcases solar tech