Monday, November 17, 2008

The Winners of the Third Annual Queen Rania National Entrepreneurship Competition (QRNEC)

The Winners of the Third Annual Queen Rania National Entrepreneurship Competition (QRNEC)
10. November 2008 - 10:46 pm | Arab World, Press Release, Startups, VC & Capital, Web 2.0 | Permalink
The announcement of the winners came few days ago, as this year competition was open for Jordanian entrepreneurs only, next year it might be open to all Arab entrepreneurs.

Last Thursday, Princess Sumaya said the Kingdom’s large pool of graduates “represents a tremendous value that Jordan creates every year”.

In her address at a ceremony to honour winners of the third annual Queen Rania National Entrepreneurship Competition (QRNEC), the Princess said that the participants in this year’s competition represent “job makers rather than job seekers”.

The Princess, who was deputising for Her Majesty Queen Rania at yesterday’s award ceremony, added their success is “important to Jordan as role models for the next generation of entrepreneurs whom they will inspire, as future employers and as innovators who are solving valuable problems for society”.



The competition, which aims to encourage a business culture among Jordanian youths, focuses on launching new competitive products and services in various technical sectors, including the environment, information, communications, water desalination, energy and agricultural technologies.
In her address, the Princess stressed that Jordan’s human capital is needed at home to build the country’s economy and advance society.

“If we are to examine the numbers of Jordanians abroad, we learn that more than 500,000 live in the Gulf states alone, and nearly one million worldwide,” she said, adding that if the figures are examined “on how much it costs Jordan to educate these expatriates, Jordan is in fact a donor to the global economy in the form of billions of dollars worth of human capital”.
Mohammad Gawdat, Google’s MENA Emerging Market managing director, also commended the quality of Jordan’s graduates and human capital, describing them as innovative.

He added that the country’s human capital is well-known at Google for their inventiveness and success.
“I am responsible for 112 countries in the world; however, I haven’t seen enthusiasm and creativity more than in Jordan,” Gawdat said in yesterday’s ceremony.
The winners of this year’s award ranged from students to new entrepreneurs.

Hussam Salhab, who won the third prize in the Academia category said his project, “Medical Diagnosis on the Internet”, could never have succeeded without the help of the award organisers.

“I am grateful that I had the opportunity to participate in this competition… It was easy for me to develop the project, but I had no idea on how to work on a business plan without the training offered at the Queen Rania Centre for Entrepreneurship,” Salhab told The Jordan Times.

The QRNEC, which was first initiated in 2005 as the Princess Sumaya National Entrepreneurship Competition, is designed to promote the spirit of creativity and innovation among young people and highlight the significant role citizens play in social and economic development.

This year marked the first-time participation of Google, which awarded a $10,000 prize for the best online business plan, in addition to providing mentorship through online workshops.
The King Abdullah II Design and Development Bureau also offered a prize for the best security and defence business plan.

Starting with $20,000 in award prizes in 2006, the award has now grown to $70,000 in order to help encourage entrepreneurial initiatives in the Kingdom.

Award winners

KADDB Award for the Best Defense and Security Business Plan
YAMAMA: Developing vehicle monitoring systems, that can be used for detecting and reporting various vehicle traffic violations, and for tracking.

Google Award for the Best Online Business Plan

Populace Ads: Ad serving technology for small businesses.


First Prize in the Academia category
Human Heater: from the name, a personal portable heater where users can control the degree of warmth needed.

Second Prize in the Academia category
JUST TEAM: Interactive e-learning e-notebook that replaces paper and pen.

Third in the Academia category

FRIENDS: A medical diagnostic tools for personal health record (PHR) project from Google Health.

First Prize in the Mature Entrepreneurs category
KEENWASH: waterless car washing technology.

Second Prize in the Mature Entrepreneurs category
TALASIM: Arab online comedy community.

Third Prize in the Mature Entrepreneurs category
MIDA: developing and manufacturing interactive non-solid free space displays that give three-dimensional effect, and reduce the complexity of interaction between humans and computers.

Best Financial Plan
Better Care


Best Marketing Plan
Advanced Security and Technical Systems

Mohammad bin Rashid Foundation Signs MOU with Syrian Computer Society's ICT Incubator

16 November 2008
Damascus - Syria -The Mohammad bin Rashid Al Maktoum Foundation today announced it has signed a Memorandum of Understanding (MoU) with the Syrian Computer Society's Information and Communication Technology (ICT) Incubator.

Established to build the information society in Syria and nurture entrepreneurial ideas, the ICT Incubator currently provides a variety of services and training to projects that are commercially viable.

This announcement came during the fourteenth annual Information and Communication Technology exhibit which was held at Exhibition City in the Syrian capital Damascus. The MoU was signed by Sultan Lootah, Vice President of Mohammed bin Rashid Al Maktoum Foundation - Entrepreneurship and Employment sector, and Dr. Rakan Razouk, Chairman of the ICT Incubator, Syrian Computer Society, in the presence of senior Foundation officials and key Syrian officials from the private sector, public sector and academia..


The agreement marks a new milestone in the Foundation's Entrepreneurship and Employment sector, which seeks to develop cooperative programmes to advance the creative talents of Arab entrepreneurs and create new job opportunities, as well as enhance research methodologies and information exchange.

The agreement mandates the creation of an extensive online network for regional incubators to encourage interaction, share experiences, discuss best-practices and exchange information between entrepreneurs and incubators throughout the Arab World.

The Foundation aims to build the Arab incubator network into a framework that fosters fruitful relationships between corporations and academic institutions to ensure that new companies being incubated receive appropriate industry know-how and financial support. The network will also contribute to developing research methodologies and related studies that will be shared with relevant organizations.

Sultan Lootah said the MOU would serve as a pivotal element to achieve the ultimate goals of the Foundation, which seek to spread knowledge, encourage creativity and innovation, and develop human resources.

He said: "The Foundation is inspired by the strategic vision of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which recognizes the importance of empowering Arab entrepreneurs to effectively lead the development process in the region.

"Our research outcomes indicated entrepreneurship is on the rise among the Syrian youth. Based on this, we are confident our cooperation with the Syrian Computer Society will prove highly beneficial and guarantee strong economic growth."

Dr. Rakan Razouk said: "The Syrian Computer Society is committed to cooperating with the Foundation and supporting its efforts to promote entrepreneurship and create more job opportunities in Syria and the Arab world.

"The Society will work to hosting the network's workshops and forums, as well as competitions, while actively sourcing investments for seed ventures. It will also provide the human resources needed to implement best-practices that can compete on a global level, besides working with the Foundation to enhance the online platform for regional incubators."

In its efforts to empower the Arab youth to better contribute to the region's overall growth, the Mohammed bin Rashid Al Maktoum Foundation has, to-date, launched collaborative ventures with Morocco, Lebanon and Bahrain.

Earlier this year, the Foundation today signed an agreement with the Palestine Information and Communications Technology Incubator (PICTI) to initiate joint efforts for encouraging and stimulating entrepreneurial activity within Palestine and across the Arab world.


-Ends-

Tuesday, September 2, 2008

Entrepreneur of the Year 2008 launched in Middle East by Ernst & Young

Entrepreneur of the Year 2008 launched in Middle East by Ernst & Young
Ernst & Young, the world's leading professional services firm, today announced the launch of their Entrepreneur of the Year 2008 awards program throughout the Middle East.

The world's most prestigious business award for entrepreneurs is now in its second edition in the region.

The program has already been successful for over 22 years in 135 cities in over 50 countries and seeks to honor entrepreneurs whose ingenuity and perseverance have created and sustained successful, growing business ventures. It makes a difference by encouraging entrepreneurial activity and recognizes the contribution of people who inspire others with their vision, leadership and achievement.

In 2007, from a competitive pool of 17 finalists across the Middle East, Samih Darwazah, Chairman of Jordan based Hikma Pharmaceuticals was named as the Ernst & Young Middle East Entrepreneur of the Year. This year, the pool of finalists is expected to increase and the competition will intensify.

'At Ernst & Young we're committed to achieving potential. It is how we make a difference for our people, our clients and our wider communities. We seek to foster and encourage the spirit of entrepreneurship in our region and we hope that this program is bringing us closer to that goal. The Ernst & Young Entrepreneur of the Year award is an ideal platform for Arab entrepreneurs to highlight their achievements and to take their place amongst global business leaders,'

said Ahmed Al Aiban, Ernst & Young's Middle East Chairman.

Fouad Alaeddin, Managing Partner of Ernst & Young Middle East added:

'Entrepreneurs are pioneers of change and creativity who constantly move forward with spirit. They are highly competitive and constructive people and will, therefore, be drawn to this awards program. Our region has a wealth of positive and creative minds whose contributions will enrich the future economic development of the Middle East. We hope to see a cross-section of industries represented in our program this year including the emerging green technology companies.'

An independent judging panel will be drawn from business executives, entrepreneurs, ministers and academics to decide the overall winner of the Middle East Entrepreneur of the Year title. The winner will be announced at a gala dinner set to take place at the Philadelphia Hall, King Hussein Bin Talal Convention Centre at the Dead Sea in Jordan in November 2008. All winners become lifetime members of The Entrepreneur of the Year Hall of Fame, which is part of Ernst & Young's Entrepreneur of the Year Academy. In addition, the overall Middle East winner will be invited to participate in the World Entrepreneur of the Year awards, where entrepreneurs from around the globe vie for the title of Ernst & Young's World Entrepreneur of the Year.

To be eligible for consideration, nominees must be owners and managers who are primarily responsible for the recent performance of a privately held business that is at least two years old, or founder shareholders of a listed company who is still active in senior management or is still a 51% owner. Awards are given to entrepreneurs who have demonstrated excellence and extraordinary success in areas such as innovation, financial performance and personal commitment to their businesses and communities.

Self-nominations are encouraged and there is no fee to enter. Application forms can be downloaded from the Middle East Entrepreneur of the Year website or entrants may contact their local Ernst & Young office.

This year, the sole broadcast sponsor for the program is Al Arabiya TV, the sole print media sonsor is Al-Iktissad Wal-Aamal, and the sole online sponsor is Zawya.com.

Wednesday, June 4, 2008

Myth of the Fearless Entrepreneur - TIME MAGAZINE

Myth of the Fearless Entrepreneur
Thursday, May. 22, 2008 By KEITH MCFARLAND Images.com / CorbisArticle ToolsPrintEmailReprintsSphereAddThisRSSYahoo! Buzz What distinguishes an entrepreneurial leader from the rest of the pack? Most people would tell you it is a tolerance for risk, and most people would be wrong. Having studied 22 years of performance data on more than 7,000 growth companies, I discovered that the idea that entrepreneurs are, by definition, risk takers is a myth. Curiously, many entrepreneurial leaders actually lose their nerve as they become successful. That may sound like a reasonable trade-off, but this tendency can hurt a firm's chances for long-term success and growth.

When calculating the entrepreneurial risk involved, people often get the math wrong. Take starting a business, for example. Some might say Scott Cook, co-founder of Intuit, took a huge risk when he left a successful career at Bain & Co. to help start the company. But Cook figured otherwise. "The worst thing that could happen to me is that I would spend a few years paying off credit-card debt. To me, it looked like a risk-free decision," he said.

Like Cook, most people who start businesses don't take big risks because they don't have a lot to risk when they're getting started. Consider the history of the U.S.'s fastest-growing firms: 73% of them were started with less than $100,000 in capital. That's clearly in Cook's "go back to work, and pay off the credit card" range. And contrary to what most people imagine, most new businesses are not started with risky, new-to-the-world ideas like those of eBay and Google, which promise to transform the way we buy things. Cook reported that when his company launched its Quicken software program, there were already 46 similar products on the market--causing him to joke, "We enjoyed 47th-mover advantage." Columbia University business professor Amar Bhidé found that only 12% of growth-company founders surveyed attribute their success to an "unusual or extraordinary idea"; 88% reported that their success was due mainly to "exceptional execution of an ordinary idea." There's a lower risk in getting the details right.

So if entrepreneurial leaders are not, by definition, big risk takers, just what is the relationship between a willingness to take risks and the long-term success of a business? There is a relationship, but it is not one you would expect. The evidence suggests that as entrepreneurial leaders become more successful, there is a tendency for them to become more risk averse--a concept called "loss aversion" made famous by Israeli psychologists Daniel Kahneman and Amos Tversky, who studied behavioral economics. Kahneman and Tversky found that people don't always behave in the rational manner that the classical economic models predict. When they get ahead in the game, they may begin to get conservative--playing it safe even when the odds say a big wager is likely to pay off.

One of the factors that separate breakthrough companies from their competitors is the tendency to continue to up the ante as the stakes in the game increase. Polaris Industries left the safety of its snowmobile niche to battle the Japanese in the ATV business and later took on the gang at Harley-Davidson in the motorcycle business. The Staubach Co., the commercial real estate broker, pushed to expand nationally before other tenant-rep firms did. Intuit faced down Microsoft twice, in the personal-financial-management-software business and in the small-business-accounting business. In each of these cases, competitors chose to play it safe and consolidate their winnings rather than double down in a market. They learned the hard way that the only safe bet in business is the one in which a firm continues to play aggressively as the stakes of the game increase.

McFarland is the author of The Breakthrough Company: How Everyday Companies Become Extraordinary Performers

Tuesday, May 27, 2008

GCC able to form currency union by 2010: QCB Chief

GCC able to form currency union by 2010: QCB chiefPublished: Monday, 26 May, 2008, 02:01 AM Doha Time


Sheikh Abdullah addressing the 24th meeting of technical committee of the GCC currency forum yesterday
By Santhosh V Perumal
Doha: The head of Qatar’s banking regulator yesterday expressed the hope that GCC countries will be able to implement the common currency by the 2010 deadline.
“I always say there is no delay,” Qatar Central Bank governor Sheikh Abdullah bin Saud al-Thani said on the sidelines of a meeting of the technical committee of the GCC currency forum. The forum is preparing a roadmap for the 46th extraordinary meeting of the GCC central bank governors to be held next month here.
Sheikh Abdullah’s statement comes in the backdrop of reports that the GCC may miss the deadline for the common currency union because of simmering differences over how to tackle inflation and fears of losing control over monetary and exchange rate policies.
In April, GCC central bank governors announced that they would stick to the 2010 deadline for the monetary union. They scheduled a special meeting in June to discuss legal reforms needed to turn the single currency into a reality.
The road to a unified currency - which has the potential to be the second important denomination after the euro since the Gulf bloc controls around 45% of the world’s known oil reserves - hinges on five-point criteria, including the most important aspect of inflation, which should be within 2% of the weighted average for the region.
However prices have been skyrocketing in Qatar with inflation now at near 14% due to various factors, including higher rents and food prices as well as the currency’s peg to the dollar.
An official, who wished not to be identified, said the concerns over inflation have been “misplaced” since rising prices were no longer country-specific but has become a regional as well as global issue.
Last year, inflation across the Gulf reached an average of 7.4%, compared with 4.2% in the preceding five years.
Other criteria for the common currency union include capping budget deficits at 3% of gross domestic product, public debt at 60% of GDP, interest rates not exceeding the average of the lowest three states by more than 2%. GCC members are required to have foreign exchange reserves to cover four to six months of imports to form the currency union.
Global credit rating agency Fitch recently said the GCC region met many of the criteria, which defined an optimum currency area.
Addressing the meeting, Sheikh Abdullah said the technical committee of the GCC currency forum has a very basic and important role to play. Its recommendations are crucial on pivotal issues pertaining to the unification of the currency.
The GCC, which has already formed a common market, will stand to gain from common currency as it would reduce transaction costs and ease price comparisons, according to Fitch.
Sheikh Abdullah said the technical committee should focus on several legal, operational and establishment frameworks for speeding up the formation of the common currency.
On the fears over losing monetary policy independence, Fitch said it would be minimal as states have already surrendered control of monetary policy by pegging their individual currencies to the dollar.
“Indeed, if the eventual common currency were more flexible against other world currencies, it would allow the Gulf more scope to set monetary policy to suit conditions in the region and a more flexible currency would also help the region deal with external shocks,” Fitch added.

China-Arab Cooperation Forum

China-Arab Cooperation Forum


www.chinaview.cn 2008-05-21 15:21:57 Print

MANAMA, May 21 (Xinhua) -- The third ministerial meeting of China-Arab Cooperation Forum opened in Bahraini capital Manama on Wednesday. The following is some background information of the forum.

China has established diplomatic relations with all the 22 members of the Arab League (AL). Since the world entered a new millennium, China and the Arab countries have witnessed an increasing development of cooperation in various fields, making it a need to set up a bilateral mechanism to further push forward their cooperative relations.

After years of preparation and negotiation between the two sides, China-Arab Cooperation Forum was formally established in January 2004 when Chinese President Hu Jintao visited AL headquarters in Cairo.

The forum aims to serve as a platform to exchange views between China and the Arab nations and step up their mutually-beneficial cooperation in the areas of politics, economy and trade, culture, technology and international affairs.

The first ministerial meeting of the forum was held in Cairo-based AL headquarters in September 2004 with a joint declaration and an action plan adopted.

The second ministerial meeting was held in Beijing in 2006. Foreign ministers or representatives of China and 22 Arab countries as well as AL Secretary General Amr Moussa attended the two-day conference.

The two sides signed four documents after the meeting, including a 2006-2008 action plan, a communique, an environmental cooperation plan and a memorandum of understanding for a meeting between Chinese and Arab entrepreneurs.

The forum has also convened five meetings of senior officials from China and Arab countries every year since 2004 to maintain political contact.

Besides, a series of activities have been held based on the framework of the forum since its inauguration, which included Arabart festival in Beijing, China-Arab civilization dialogue seminar, China-Arab friendship conference, and China-Arab entrepreneur conference.




Editor: An Lu

Wednesday, April 30, 2008

Dubai University College Awards Best Women Entrepreneurs Sponsored by Citigroup

Citigroup Inc. (NYSE: C)
Jun 19, 2006

UAE: Dubai University College Awards Best Women Entrepreneurs Sponsored by Citigroup

Dubai – Dubai University College (DUC) the educational arm of the Dubai Chamber of Commerce and Industry (DCCI), today announced the successful completion of the 2006 “Entrepreneurship and Business Plan Development Workshop” sponsored by the Citigroup Foundation. This announcement came during a certificate award ceremony held at the Dubai Chamber of Commerce & Industry to celebrate the best business plans prepared by the 21 participating entrepreneurs.

The Entrepreneurship Workshops is a highly practical exercise designed to equip the potential entrepreneurs with the necessary knowledge and skills to think creatively about new business ideas. Candidates undergo a rigorous 4-month training program on Idea Generation and Business Plan Development at DUC.

Topics include the challenges of entrepreneurship, building the business plan, strategic planning, forms of ownership, marketing, pricing, cash flows, financial planning, putting the plan to work, and looking at ethical and legal concerns as well as the regulatory environment. Those business plans that prove to be feasible become eligible for financial assistance from the Mohammed Bin Rashid Establishment For Young Business Leaders.

The Entrepreneurship and Business Plan Development Workshop initiative is part of the Joint Venture for Finance & Entrepreneurship (JVFE), which was established in January 2005 as a joint venture between DUC and Citigroup through an equal grant from the Citigroup Foundation. In addition to the Entrepreneurship Workshop, JVFE provides scholarships to merit students at DUC specializing in Management, Marketing, Finance & Banking and Accounting.

H.E. Mr. Abdulrahman Al-Mutaiwee, Director General, DCCI, said: “We are happy to see this unique cooperation between DUC and Citigroup, and we thank the bank for its continued support towards enhancing the academic and entrepreneurial qualifications of UAE nationals and residents. We take this opportunity to urge other corporate active in the UAE to engage academic centres in order to help develop our local talents. The Chamber of Commerce is supportive of such initiatives which help develop the entrepreneurial base of our economy.”

“The JVFE’s objectives are in line with Citigroup and the Citigroup Foundation’s efforts to support financial and entrepreneurial education across the world. Our strategic alliance with DUC will mean that more entrepreneurs and more deserving students will have the chance to succeed and excel,” said Mohammed Al-Shroogi, Citigroup Managing Director for the Middle East. “The success of the JVFE sets a benchmark for a working alliance between academic and business institutions in the UAE.”

Abdul Baset Al Janahi, CEO, Mohammed Bin Rashid Establishment For Young Business Leaders said, “The Mohammed Bin Rashid Establishment For Young Business Leaders recognizes and supports the commitment of both DUC and Citigroup in carrying out this encouraging program for the country’s future workforce. This initiative lays the foundation for the many young entrepreneurs that the Mohammed Bin Rashid Establishment for Young Business Leaders will assist in realizing their business dreams.”

Dr. Omar Hefni, President, DUC said: “JVFE is a unique proposition designed to address UAE’s labor market need for the right talent. The scholarship program as well as the Entrepreneurship workshop have already brought many UAE nationals and residents closer to realizing their post-academic work plans. The continued support of the preeminent financial powerhouse, Citigroup and the Citigroup Foundation, adds value to our objective of linking academia to business world for the full benefit of our students.”

Usha Saraf, Manager, CMPD at Dubai University College, said: “I am proud of each business plan that has been prepared by the participants. Participants as well as instructors put in much hard work, and the result is evident. The internal jurors, who were invited to critique the plans, were impressed by the output. I am glad that in getting this group of women to attend the course we helped their dreams to come true.”

Sandhya Prakash is part of the Citigroup-sponsored Entrepreneurship Program at Dubai University College. A Post-Graduate in Management from Birla Institute of Technology and Science (BITS), Pilani, India, she proposes to set up Melting Pot, a centre that will be a unique concept in a city like Dubai, which thrives on new ideas and is a melting pot of cultures and food habits. The centre is designed for a place like Culture Village.

Sandhya has previously successfully started and run a sole-proprietary firm, Origin International, to market "Made in India” products in the Middle East for five years. Be it in work or organizing events or training Saudi women, she firmly believes in leading by example. Here is what she said about her project and the Citigroup-DUC course:

"My project is called Melting Pot. Melting Pot is a new and unique idea for Dubai and is an ideal concept for a place like Culture Village.

"The course conducted by Dubai University College was ambitious for the three-month timeframe. It aimed at channelizing entrepreneurial ideas. It provided a platform for those launching their own ventures. It taught them to work within a framework and have a business plan in place. In a nutshell, the course aimed at making the entrepreneur check if her project is viable and will succeed. It definitely achieved the above purpose for me. For example, my comfort level with financial planning for a business idea is high after the course. I am sure what I have learnt in the course, will open new doors for me in future."

According to Faye Frigg Peeters Reynaert, who also attended the course, it was "of great interest. It taught us all a lot about the struggles entrepreneurs may face."

Accroding to Madonna Dailey, who attended the course, "The insight and tools this instruction provided has allowed me to put my business and its opportunities into perspective. I'm now encouraged to implement my FoodTech Consultancy business as soon as possible! The steps required to develop and complete a professional business plan gave me the skills required to ensure its success and longevity.

I would like to see an extension of these courses on offer through Dubai University College and the Dubai Chamber of Commerce in the future."

the first Arab Technology Business Plan Competition

Manama, Bahrain 26 February - 2 March, 2006

The winner of the first Arab Technology Business Plan Competition will be known on April 11, 2006. The competition invited young entrepreneurs from the region to submit plans for high potential start-up business projects in the fields of Information Technology, Communications, Life Sciences, Engineering, Nanotechnology, Biotechnology, Pharmaceuticals, Energy Applications and related technology fields. The competition will short list five innovators who will be offered the chance to present their business plans at the 4th International Forum on Investing in Technology in Kuwait on April 10 & 11, 2006. The technology business plan judged as the best will receive a minimum seed investment of $50,000 from the Arab Technology Ventures Seed Capital Fund. Second and third places will be eligible for investment from Arab Technology Ventures Seed Capital Fund.

Applicants had to submit their initial online entries by February 8, 2006. Subsequent submissions had to be entered by March 8, 2006. Private and public presentations will be held on April 9, 2006 concluding with the award ceremony in Kuwait on April 11, 2006. Entrepreneurs from all Arab countries, with new ventures in the seed, start-up or early growth stages were eligible to join the contest, in teams of two to five.

The Investing in Technology Forum has been held every six months since April 2004 by the Arab Science & Technology Foundation (ASTF), a UAE-based independent, non-governmental and non-profit organisation established to promote the development of science, technology and entrepreneurship in the Arab world. The Forum has become the event of choice for those seeking or working in funding technopreneurs. It also plays a pivotal role in the ASTF assistance programme as the projects ASTF supports are presented at the fora. The Investing in Technology Forum is the largest forum of its kind in the Arab world to woo the Arab investor to technology-based projects. The April 2006 Forum is being organized in collaboration with the Islamic Development Bank (IDB); Abdul Latif Jameel Co. Ltd. (ALJ); and National Technology Enterprises Company (NTEC). ASTF is best known for its showcase event, the biennial Symposium on Scientific Research Outlook in the Arab World (SRO), which attracts scientists from across the Arab world and from all over the globe.

The ASTF announced the Arab Technology Business Plan Competition on 20 December, 2005. The competition is being held in collaboration with the Abdul Latif Jameel Company Limited and the Islamic Development Bank and is assisted by organizations in countries throughout the region. UNIDO ITPO Bahrain is the ASTF partner in Bahrain. The other partners are: in Jordan, the Princess Sumaya National Entrepreneurship Competition and Jordan Young Entrepreneurs Association; in Egypt, the Technology Development Fund Business Plan Competition and IDEAVELOPERS; in Syrian, the Syrian Young Entrepreneurs Association, and from Kuwait, the National Technology Enterprises.

As the partner in Bahrain, UNIDO ITPO/ARCEIT (Arab Regional Centre for Entrepreneurship and Investment Training) Bahrain held its first Entrepreneurship Development & Enterprise Creation Programme for Innovators (EDPI) from February 26th to March 2nd, 2006. UNIDO ITPO/ARCEIT Bahrain wanted to hone the skills of the better Arab Technology Business Plan Competition candidates. It invited the candidates to submit their business plans and selected the ones they judged the best. Fifteen from nine countries were accepted in the programme (Bahrain, Egypt, Sudan, Palestine, Jordan, Syria, Kuwait, Tunisia and Saudi Arabia).

The Entrepreneurship Development & Enterprise Creation Programme for Innovators (EDPI) assists budding entrepreneurs with: the development of professional business plans and project profiles as per UNIDO methodology; the commercialization of their products and technologies through the UNIDO ITPO Network and UNIDO exchange; enterprise establishment and strengthening entrepreneurial competencies; skills in managing a small venture; identifying a business opportunity; the promotion of innovative technologies to potential investors; financial analysis and business accounting and guidelines on project implementation. The UNIDO - ITPO / ARCEIT Programme includes a vigorous follow-up mechanism to provide counseling to the entrepreneurs as they take their first steps with their startups.

In this case, the UNIDO-ARCEIT programme enabled the fifteen participants to refine their business plans for submission before the March 8 deadlineof the Arab Technology Business Plan Competition. Regardless of whether these participants are among the winners, ITPO Bahrain will "walking the talk" with these entrepreneurs, as they do with participants in all of their programmes, to maximise the chances of business plans turning into profits. After all, Ms. Huda Janahi doesn't have to be the only former ARCEIT student that wins prizes (see UNIDOScope 26 Feb. - 4 Mar. 2006).

The first Entrepreneurship Development & Enterprise Creation Programme for Innovators (EDPI) received support from ASTF, the Ministry of Industry & Commerce, the Bahrain Development Bank, and the Arab Gulf Programme for United Nations Development Organizations.

Hashim Hussein, Head, Investment and Technology Promotion Office (ITPO) Bahrain, Tel. +973 - 536881, E-mail: itpo.bahrain@unido.org coming events Send your comments to the editor: K.Timmins@unido.org

Sunday, April 27, 2008

Young Arab Leaders and Junior Achievements Sign MOU to Boost Leadership Development and Entrepreneurship

Young Arab Leaders and Junior Achievements Sign MOU to Boost Leadership Development and Entrepreneurship
Initiative Sponsored by Al Ahli Group and Nakheel


Advertising Info
The Young Arab Leaders (YAL) UAE chapter, the foremost development platform for business, public sector and civil society leaders in the Middle East, announced today the signing of a Memorandum of Understanding (MoU) with Junior Achievements Argentina (JAA), a non-profit educational organization aiming to educate and infuse young people with true entrepreneurial spirit.

Under the agreement, 10 Arab youth will travel to Argentina to benefit from the Junior Achievement Company programme. The students will be guided by a role model from the local business community to help them conceptualise and operate an actual business enterprise.

Al Ahli Group, a leading UAE-based multi-disciplined organization, and Nakheel, a Dubai World company and one of the largest and most innovative private real estate developers in the region, are sponsoring the initiative that is set to boost leadership development and entrepreneurship among the Arab youth.

Mohammad Khammas, Vice-Chairman of YAL-UAE Chapter and CEO of Al Ahli Group said: “The Arab region boasts a unique and massive resource that is still untapped – its youth.

While the region has some of the most ancient civilizations in the world, Arabs themselves include the largest number of young people of any region, with the age structure of the population being significantly younger than the global average. Along with the fastest growing labour force, Arab countries possess an enviable ‘demographic gift’. It is absolutely imperative that we leverage this potential for the future of our economic development.

”YAL’s collaboration with Junior Achievement Argentina is a step towards achieving our goal to create a pool of Arab entrepreneurs that will be comparable to the best in the world. I would like to take this opportunity to thank Nakheel for supporting this initiative”
The 10 Arab students selected for the experiential three-phased JAA programme will participate in academic, cultural, social and recreational activities that offer high value on both personal and professional levels.

In the first week, students will mingle with nearly 600 youth from all over the world and gain exposure through lectures, competitions, workshops, group activities and sports. They will also attend the International Forum of Entrepreneurs (FIE) 2008 that will be held at Cordoba Hills in Argentina, where participants will acquire rich lessons on values, attitudes and tools to improve their personal skills as well as shape themselves as key enablers for the sustainable transformation of their communities.

In week two, the Arab students will join 10 Argentinean students and will be trained by specialists in five content areas of strategic planning, marketing, international logistics, production and costs. They will also visit a select number of high performing local companies in Argentina such as dairy farming, agricultural machinery, horticultural gardens, grains and oilseeds, cold storages and motor vehicles parts and body assemblies.

In the final week, participants will begin to apply their acquired learning tools to the design of their own business project. Assisted by specially assigned mentors, the students will provide a brief account of their respective projects to the rest of the students and members of JAA and YAL.

Manal Shaheen, Director of Marketing and Sales at Nakheel said: “Opportunities for practical and sector-specific entrepreneurship training are virtually non-existent or too costly for Arab youth. There are also few initiatives, which match successful business mentors with entrepreneurs in urgent need of specialized guidance and linkages to business networks to succeed as startups or to mature into SMEs.

“Nakheel recognizes the need for such initiatives in the Arab world and is keen on providing the Arab youth with such talent enabling opportunities”, she added.
Capping the value intensive programme, an award ceremony recognizing the best business model will be held in Dubai in October 2008, amidst selected business owners and proponents of youth development.

Monday, April 14, 2008

Liquid wealth in GCC set to rise sharply

Liquid wealth in GCC set to rise sharply
By Eman Al Baik on Tuesday, April 8 , 2008





The Middle East private banking business is growing at more than 25 per cent annually while the asset value of high net worth individuals in the region has grown by over 29 per cent, experts at a conference in Ras Al Khaimah said on Monday.


Oussama El Omari, Director General of Ras Al Khaimah Free Trade Zone (RAK FTZ), said that liquid wealth held by wealthy individuals in the UAE and the GCC is forecast to rise dramatically after 2008.

He was speaking at the two-day International Ras Al Khaimah Family Office and Investment Summit inaugurated yesterday by Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

El Omari said: “Ultra-high net worth family offices in the GCC are not only investing in equities and debt but also commodities, private equity, venture capital, emerging markets, hedge funds and real estate.”

The situation has prompted especially large banks to scale up their private banking divisions, open new offices and recruit bankers who can manage the assets of the wealthy families and the new wealthy class of entrepreneurs in the Gulf, he said. He said the GCC is exhibiting the fastest growth rates since the initial petrodollar bonanza three decades ago, making this a very appropriate time to stage a conference which, among other things, will look at new ways to manage family wealth.

The two-day International Ras-Al-Khaimah Family Office and Investment Summit is organised by the Geneva and London based Financial Events International, and is attended by international line-up of delegates including representatives of leading wealth management specialists, banks, law firms, business consultants and financial advisor.

It has attracted an extremely distinguished international line-up of delegates, including representatives of leading wealth management specialists, banks, law firms, business consultants and financial advisors.

The event is also aims to explore investment opportunities in RAK which is seen by the delegates with its strong investment potential as the future investment destination, said Dr Nabil Charag, Arttorney at Law and President of Financial Events International.

The conference was jointly chaired by Dr. Ludovic Verbist, Managing Director of Swiss-based AAMIL Ltd, a leading provider of international financial services, and Dr Nabil Charaf. The panel of financial experts addressing the summit includes Dr Ariel Sergio Goekmen, Director, Credit Suisse Head Office in Switzerland, Lisa Gray, President and CEO, Graymatter Strategies, US, Dr Hatim Tahir, Head of Training, Dubai International Financial Exchange, Mohamad Bakkar, Attorney at Law, Arab Economy Establishment, Lebanon and Dr Sabahuddin Azmi, of the Emirates Institute for Banking and Financial Studies in Sharjah.

Monday, March 24, 2008

World Leaders, Mavericks, and Top Business Executives Convene in Dubai to Awaken a Culture of Arab Innovation as the Catalyst for Improving Global Co

World Leaders, Mavericks, and Top Business Executives Convene in Dubai to Awaken a Culture of Arab Innovation as the Catalyst for Improving Global Co

Posted: 22-03-2008 , 19:27 GMT


Dialogue with world leaders and innovators and be part of shaping the future of the Arab world with innovation as the key instrument for global competitiveness and peace: this is the mantra of the 2008 World Summit on Innovation and Entrepreneurship (2008 WSIE), the most inspiring gathering of its kind, taking place in Dubai, UAE, 1-3 April 2008.

“The future of the Arab World belongs to the present majority of the youth population under 20 years of age. This Summit seeks to challenge the status quo, dispute facts and figures, and urge world leaders to commit to solutions that empower young arab leaders with the knowledge, the resources and the policy environment needed for their successful future,” said Sam Hamdan, Chairman & Chief Strategist of the Global Leadership Team and Architect of WSIE. “Dubai offers an ideal model for economic cooperation, cultural diversity and policy innovation. Arab leadership across all parts of society must be inspired by the Dubai experience and collaborate to provide the economic, social and policy foundations that provide hope for all youth, women and aspiring entrepreneurs.”


To be held under the Patronage of HH Sheikh Hamdan Bin Mohammed Al Maktoum, Crown Prince of Dubai, President of the Executive Council of Dubai and Chairman of Mohammed Bin Rashid Establishment For Young Business Leaders, the 2008 WSIE is by invitation only. Selected delegates will come together from all walks of life to participate in illuminating experiences that will inspire, excite and entertain them. Sparks of curiosity will unleash their inner-innovators - helping them to see beyond, and act on solutions that will empower and cultivate the Arab leaders of business, government and society that the region and the world will need for sustainable growth and a better future for all.

“The Arab World is teeming with a renewed sense of energy and confidence that if appropriately tapped, will certainly unleash its potential for higher growth across multiple dimensions. WSIE is a unique platform that brings creative minds that constantly challenges the status quo and push the envelope for an improved state of being tomorrow. We are thrilled to be in partnership with such like-minded institutions to further develop and foster the region’s creative energies, particularly among our youths whom will play instrumental roles in leading businesses, governments and communities,” said Abdul Baset Al Janahi, CEO, Mohammed bin Rashid Establishment for Young Business Leaders.

H.H. Sheikha Hissah Al Sabbah, President, Council of the Arab Business Women, agrees with Mr. Al Janahi and stresses the need for change to unleash the innovators in all young Arab female leaders, stating that: “WSIE highlights the need to fully leverage the social and spiritual qualities of women to drive fresh solutions that alter the future of our world,” H.H. Sheikha Hissah Al Sabbah, President, Council of the Arab Business Women.

The 2008 WSIE will offer an inside look into the foresight, make-up, and actions of leading chief executives, policy makers and innovators through 25 innovation theatres and workshops that explore themes ranging from urbanism, to investment, to science, to health, to tourism, to trade, to education, to internet, to media, to environment and to society.

“The Arab world has immense potential to become one of the most competitive regions in the world; and innovation will be the key to harnessing its latent creative energies, talents and financial resources to drive success, achievements and recognition on the global platform,” said Nasser Al-Shaikh, Chairman, Amlak Finance.

The 2008 WSIE urges Arabs to use their past achievements in mathematics, medicine, commerce and science-- as their new way of life to awaken a culture of collaborative innovation and to invent new solutions to solve the most pressing issues facing the Arab society today.

“We are already witnessing the recognition accorded to various players across different sectors in the region. WSIE highlights the achievements of these companies, and demonstrates how they exemplify the future role of leadership in innovation, while highlighting the capabilities of our rapidly developing region,” said Tarek Abdul Aziz Sultan, Chairman of Agility.

The 2008 WSIE is an innovation by itself—expressed through its unique agenda of topics and transformed to life through the most remarkable line-up of speakers representing all parts of society. Minister of Innovation Policy in Ireland, H.E. Michael Ahern agrees: “WSIE offers us an excellent opportunity to interact with and learn from some of the world’s leading innovators.”
Among the few highlights of the 2008 WSIE are the following:
• Innovation for Peace; President of Rwanda, H E Paul Kagame will inspire all attending delegates with his country’s remarkable journey from tragedy toward a knowledge economy.

• Remakable parlimentarians and policy makers H E Michael Ahern of Ireland, H.E. Zakia Hamdani Meghj of Tanzania, H.E. Ina Gudele of Latvia and H.E. Abdullah Al Mojel of Saudi Arabia will explore the growing influence of the Asia-Arab-European Innovation Triangle, and communicate its global impact on the economic competitiveness of the U.S., and the world economy.

• Innovation Diva of Cisco Systems, Padmasree Warrior will discuss how information technology can address the challenges of our warming planet, and the role it plays in redefining the way the world works, lives, plays and learns.

• Award winning photo-artist Edward Burtynsk explores whether China's March to Urbanism is sustainable, and how the Chinese example can offer unique perspectives on implementing inspiring urban strategies.

• Chief Innovation Captain of IBM, Nick Donofrio will share his vision for collaborative nations and companies as the future, where no individual organization, no matter how large and talented, can afford to go it alone in today’s highly competitive and globally integrated marketplace.

• Pioneering CEO Pentadyne Power Corporation, Mark McGough will ignite the imagination of environmentalists and responsible leaders with his vision for building green enterprises.

• Famed Poet Rives and inspiring child prodigy Marc Yu will remind us how innovation must be embedded in the DNA of our society in the spheres of music, laughter, films and motion pictures.

“The Arab World presents remarkable opportunities ahead, but we are confident in the social and spiritual qualities of the new generation of leaders bound by their commitment to invent and co-exist,” said Hamdan. “If we can invent together, we can live together,” he added to sum up the theme of the 2008 WSIE.

Held under theme, “Our Future. Inspired by Innovation,” the 2008 WSIE is organized by Global Leadership Team (GLT), in partnership with the Mohammed bin Rashid Establishment for Young Business Leaders, presented by Nakheel and sponsored by Sorouh, HP, Agility, Nokia Siemens, Geopost with CNBC Arabiya as the official broadcaster and Emirates Airlines as the official carrier.
Registration is by invite only for the 2008 WSIE. For registration and additional information, please visit www.wsie.org or call + 1.248.593.9344 (US), +961.1.804.774 (outside the US).
About WSIE:

The World Summit on Innovation & Entrepreneurship (WSIE) is a non-profit initiative that weaves together the brilliant thoughts of the most remarkable people for the purpose of using innovation as the catalyst for competitiveness and peace. The WSIE focuses primarily on developing the future pipeline of responsible entrepreneurs and innovators by spurring collaborative insights, inspiring actions and unlimited possibilities for innovation across all parts of business, society and government.

About Global Leadership Team:

Global Leadership Team (GLT) is the world’s most distinctive innovation management firm with networks in major media, culture, business, and knowledge capitals around the world. GLT’s far-reaching net of more than 5000 relations in 100 countries, the firm continues to be the global architect for change by connecting extraordinary people to solve the most pressing challenges facing corporations and emerging governments. The firm focuses primarily on emerging markets, and specializes in innovation strategies, leadership relations, policy counseling and program management. To learn more, please visit www.gltweb.com.




© 2008 Al Bawaba (www.albawaba.com)

Tuesday, March 18, 2008

Australian marine industry makes gains in UAE market

Australian marine industry makes gains in UAE market
Australian marine companies reported sales and exciting opportunities in the United Arab Emirates market on Saturday, the closing day of the Dubai International Boat Show.
United Arab Emirates: Sunday, March 16 - 2008 at 13:28 PRESS RELEASE

A group of 31 Australian marine exporters with peak industry group AIMEX (the Australian International Marine Export Group) attended the Show from March 11-15, 2008 at Mina Seyhai in Dubai.

AIMEX Chief Executive Mary Anne Edwards said all companies at the Australia pavilion reported direct sales and good leads.

Bellingham Marine Australia's John Spragg reported continued growth in the UAE market and is expecting to generate $200,000 to $300,000 this year. The Bellingham brand is well established in Dubai under licence to Septec.

Superior Jetties received orders of more than $A120,000 in the first two days of the Show.

'Australian companies noted that a key factor for success was the acceptance of the Australian brand by the UAE nationals,' said AIMEX's Mary Anne Edwards.

'They like doing business with Australian companies and appear to feel at ease with the Australian style of doing business. ' There was widespread and specific interest in the Gold Coast region and Sanctuary Cove International Boat Show.

Companies noted the advantage of attending a trade mission early March before the Show, funded by the Victorian Government.

'The participants spent three days ahead of the Show, visiting key marine projects in Abu Dhabi, Dubai and Ras Al Khaimah with market briefings by Knotika Marine, ' said Ms Edwards. 'This experience proved an asset to those companies as they understood more about their customers and regional issues.'

In other comments, Seahawk Australia's Ben Hawke said the timing was impeccable to establish a presence in the market while materials company, Multipanel, again won orders from the Show.

Steve Vincent from Austral Propellers and VEEM Propellers said the market potential was excellent.

'The Austral brand is well known in the global arena and this credibility, built over 60 years, has proven advantageous. The VEEM product again attracted interest in its cutting edge propeller technology.'

The Australian group received regional support with Austrade Commercial Consul in Dubai, James Wyndham at the show daily plus government representatives from Western Australia, Queensland and the Victorian government supporting businesses from their respective Australian states.

Ms Edwards said numerous Australian companies now use agents and distributors in the region such as Al Masood, a trading company based in Abu Dhabi.


'AIMEX members such as Aqualuma, Acoola Marine and Fixtech on the Al Masood stand commented their technical expertise was enhanced by the trading company's market knowledge, administration and business relationship support. They noted this was critical to achieve increased market share in UAE,'



she said.

Australian companies attending Dubai International Boat Show were: Acoola Marine, Aqualuma Underwater Lighting, Ark Corporation Pty Ltd, Austral Propellers and VEEM Propellers, Bellingham Marine Australia, Central Coast Marine Installation, Club Marine Mandurah Boat Show, Dynamic Products, Evrsafe Marine Technologies Pty Ltd, Fixtech, Gold Coast City Council, GME, Gravity International Pty Ltd, Kinetic Technology International Pty Ltd, Maritimo, Multipanel, Mustang Marine, Patriot Marine, Poly Flex Group Ltd, PowerDive, Pyrotek Soundguard Pty Ltd, Riviera Marine (Int) Pty Ltd, Ronstan International, Sanctuary Cove International Boat Show, Seahawk Australia Pty Ltd, Sealite Pty Ltd, Stebercraft Pty Ltd, Sunrunner Cruisers Pty Ltd, Superior Jetties and media magazines Boating Business and Ocean Magazine.

Ms Edwards said the opportunities in the UAE market continue to grow and there is now real interest in Kuwait which now has established a boat show to encourage marine manufacturers to the area.

'AIMEX will be reviewing the opportunities for members in this market with a view to take a presence at this Show next year.'

Second Annual Young Arab Leaders Forum Launches Multifaceted Program to Promote Arab-American Dialogue

Young Arab Leaders
Category : PressRelease

NEW YORK, March 15 /PRNewswire-USNewswire/ -- Young Arab Leaders (YAL), a progressive non-profit organization of private and public sector leaders in the Middle East dedicated to cultivating the region's young people, today launched three international initiatives designed to foster innovation and build bridges with Americans.
According to an announcement by YAL Board Chairman Dr. Omar Bin Sulaiman, who is also the Governor of the Dubai International Financial Centre, the new YAL programs include:
-- The YAL Arab-American Global Action Institute (GAI). The GAI, supported
by the Dow Chemical Company Foundation, will act as an international
organization dedicated to strengthening relationships and deepening
understanding between the Middle East and the United States. The
Institute will reach out to global leaders through its office in New
York City. Operating as a non-profit, non-partisan organization, the
institute will provide a platform for building awareness and promotion
of dialogue and co-operation between the Arab world and U.S. leaders
from business, politics, and civil society.

-- Innovation & Entrepreneurship Program (IEP). Also supported by the Dow
Chemical Company Foundation, this program will focus on
-- Policy reform issues in relation to the culture of entrepreneurship
in the region and the design of concrete activities to promote
policy dialogue, training and awareness building for the promotion
of innovation and entrepreneurship in the region.
-- Creation of direct networks to stimulate targeted partnerships
between regional entrepreneurs and businesses.
-- Technology transfer to spread applied knowledge, expertise and
awareness through tailor made training and educational activities.

-- The Arab and American Business Fellowship Program (AABFP). The
AABFP is an exchange program whereby YAL chapters host rising young
American professional and leaders and offer them insights and learning
opportunities about life and culture in the Middle East. In addition,
the program runs in parallel in partnership with key American
organizations that host young Arab professionals and leaders on highly
focused fellowship programs to learn about US politics, business and
culture. Such partnerships are currently implemented in partnership
with the Business for Diplomatic Action, Aspen Institute, Counsel on
Foreign Relations, and Centre for Strategic Studies.



Dr. Bin Sulaiman said, "Innovation and entrepreneurship are key issues and must be integrated as fundamental components of business education. An entrepreneur needs to know how to utilize the technical elite responsible for such efforts and tap the financial resources available to meet the challenges of knowledge-based businesses."
Mike Gambrell, Executive Vice President, The Dow Chemical Company, USA., says that his company shares YAL's vision to enable young people to build bridges between Arab and American cultures.
"Dow has always believed in strongly supporting the aspirations of the local communities in which it operates and in contributing to sustainable global economic development. Through our YAL alliance, we aim to increase mutual understanding and respect between two diverse regions - the Middle East and North America. Dow is honored to form this partnership with YAL"
More than 200 Arabs and Americans attended the YAL Global Action Forum at the Jumeirha Essex House in New York from 14 March to 15 March.
About Young Arab Leaders:
The Young Arab Leaders is a network of Arab men and women who have seen the power of action in their own lives, reached unprecedented levels of success for their age, are positive and can see beyond today's difficulties to that vision of a prosperous Arab future. These leaders are currently in prominent positions of responsibility and are destined for extraordinary achievement, and they believe that their efforts today can have an impact on their communities, countries and the region as a whole. For more information please visit: http://www.yaleaders.org/
About Dow:
With annual sales of $54 billion and 46,000 employees worldwide, Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at http://www.dow.com/
About The Dow Chemical Company Foundation
Established in 1979, The Dow Chemical Company Foundation serves Dow's philanthropic needs by providing charitable gifts to eligible non-profit organizations in the communities where Dow operates that contribute to community success, support sustainability, foster science in society and stimulate innovation.
For further information on YAL, please contact:
Aimee Steel
Levick Strategic Communications
t +001-202-973-1330
e-mail asteel@levick.com

For further information on DOW, please contact:
Hani Wassim
The Dow Chemical Company
t +971.4.332.8866
HWassim@dow.com

Upasna Swain/ Gayathri Subramaniam
GolinHarris
t +971.4.332.3308
f +971.4.331.6733
uswain@golinharris.com/ gsubramaniam@golinharris.com

Young Arab Leaders

DEDC and Dubai Consultancy join forces to support Dubai manufacturers exhibit at Ghana Trade and Investment Exhibition

DEDC and Dubai Consultancy join forces to support Dubai manufacturers exhibit at Ghana Trade and Investment Exhibition
Posted on Sunday, 16 March 2008

Industry Sector Government
Country United Arab Emirates



Press Release Content

Association to boost local investments in West Africa.



Dubai Export Development Corporation (DEDC), the Dubai government body charged with promoting exports from the emirate, and Dubai Consultancy, the group focusing on creating highly targeted business networks, have joined forces to support several Dubai-based manufacturers to participate in the Ghana Trade and Investment Exhibition 2008 from May 22 to 24.

DEDC unveiled its strategic partnership with Dubai Consultancy at an official dinner hosted for Ghana's Vice President His Excellency Alhaji Aliu Mahama. The association shall help UAE companies tap growing opportunities in developing nations such as Ghana to promote their products and expand operations significantly.

The Ghana Trade and Investment Exhibition, to be held under the patronage of the Ghanaian President, His Excellency John Agyekum Kufuor and organised by Dubai Consultancy aims to create business opportunities for the Middle East and Asia in West Africa through Ghana as a centre of investment in the continent. Among the thriving industries in Ghana are mining and manufacturing, oil and gas, agriculture, timber and wood processing, agro-processing, leather and textiles and metal processing industries.

"The growth in exports between Dubai and Ghana from 2005 to 2006 increased to 62.5 per cent. The mineral products are one of the highest amongst Dubai's exports to Ghana," Engineer Saed Al Awadi, DEDC Chief Executive Officer said. "Other exports aside from mineral products are textile, stone, cement, ceramic and glass products, furniture and toy sports requisites."

DEDC has booked space for various UAE industries across the manufacturing and retails sectors including processed foods, precious metal and stones, Iron and steel, ceramics, plastics, printing and paper, furniture and electrical machinery to be displayed at the event.

"Ghana together with Ivory Coast, Senegal and the Gambia, are regarded as potential markets with political stability and relatively easy entry. The export opportunities to Ghana are significantly high and this exhibition will open doors for bilateral trade and will increase exports from Dubai and the UAE as a whole," Walid Hareb, Dubai Consultancy CEO said.

Dubai Consultancy is committed to providing service quality focusing on creating high profile, high targeted business networks where potential buyers can meet the suppliers and their products on a common ground. Apart from the Ghana Trade and Investment Exhibition, the company has successfully staged the UAE-France Partnership Forum 2007 and the UAE-Singapore Business Forum 2006.

Participating in international exhibitions is one of the facilities available among DEDC's value-added support services to assist manufacturers exploring other markets. The corporation's other tools designed for the industry are an exporters' directory, e-trading facility, participation in seminars and forums including the recent Dubai Industrial Investment and Partnership Forum that promoted industrial investment, subcontracting and partnership with special focus on the small-to-medium sector. The Ghana Trade and Investment Exhibition 2008 will be held at the Ghana International Trade Fair Centre.

Qatari woman entrepreneur recounts tale of success

Qatari woman entrepreneur recounts tale of success
Web posted at: 3/11/2008 1:25:51
Source ::: The Peninsula
Al Sulaiti broke traditional barriers to emerge successful.
DOHA • She had dreamt of becoming an entrepreneur when she was a child but having been born into a conservative Qatari family she was married off at 13.

But marriage and children couldn't stop Mona Al Sulaiti from pursuing her dream. Fighting all odds, she continued attending school and eventually graduated with a business administration degree.

She wanted to set up a fashion design business but didn't have the means to start off on her own. Determined, she took up a job at the Virginia Commonwealth University Qatar (VCUQ) as an assistant

to the dean.

Al Sulaiti gradually succeeded in convincing students and staff of VCUQ of the immense scope of the business concept she had in mind ever since she was a child.

Sulaiti soon resigned and plunged into the world of business headlong and success is hers today.

But the ambitious lady doesn't think she is successful. "The moment I think I have achieved what I wanted to, I would cease to grow," she told an audience at a seminar on entrepreneurship held by the British Council here at the Four Seasons Hotel

yesterday.

"You can do whatever you wish to provided you believe in yourself and think positively," said Al Sulaiti.

She said she wrote her business plan on a piece of paper and put it in a drawer in her house while she was a child. Pursuing the plan remained her passion all through. As a grown-up, she got an opportunity to discuss the plan with people who were experts in the field. But they didn't believe it would work.

But she didn't give up and continued to dream of the venture. A group of local investors eventually agreed to put in money and set up a private shareholding company with Al Sulaiti as general manager. The venture is known as 'YD09' and its products are gradually gaining in popularity.

Asked by The Peninsula, how she managed to become an entrepreneur in a society which is known for being traditional, conservative and male-dominated, she said: "Women in Qatar are highly intelligent and educated. They have freedom but are scared of breaking social barriers."

Even while following her religion and social customs and wearing the traditional Qatari dress, she said she didn't ever hesitate to travel alone for business.

Nor did she hesitate to speak to men. "What's wrong in being independent," she said.

Capital Trust launches EuroMena II, a new 200-250 million dollar fund

Capital Trust launches EuroMena II, a new 200-250 million dollar fund
Posted on Monday, 17 March 2008

Industry Sector Finance & Insurance
Country United Arab Emirates



Press Release Content

Following the success of EuroMena I, a 63 million dollar Beirut managed fund that has closed 7 investments throughout the MENA region in its first 19 months of operation, Capital Trust announces plans to launch a 200 to 250 million dollars fund, Euro Mena II, as of June 2008. This fund will be the third generation fund for Capital Trust after Menavest and EuroMena I.



EuroMena II will continue EuroMena I's strategy to invest in high growth companies in the MENA region. The fund will operate with the same management team led by Mr. Romen Mathieu and Gilles De Clerck. As in EuroMena I, the fund will help its portfolio companies expand to become large regional groups and market leaders in their sectors and will assist them in setting solid strategies and expansion plans through its active participation on the board of directors and in establishing loyalty programs to retain their key employees.

The fund will also assist them to obtain financing when needed, and will utilize its network relations to the benefit of its portfolio companies. The fund will actively contribute in developing the managerial, financial, governance, and legal structure of the investments to conform to International Standards for potential listing on regional markets.

Through its investments covering various sectors and geographies, EuroMena I succeeded in its diversification strategy; EuroMena I invested in Egypt, Lebanon, Jordan, The Palestinian Territories, Morocco, and Algeria in industries extending to banking (IBL - Intercontinental Bank of Lebanon), financial services (Palestine Securities Exchange), food production (Siniora), packaging and printing (Wataniya), construction materials (Sodamco), pharmaceuticals (AMPC - Arab Manufacturing Pharmaceutical Company), and technology (ITWorx). All EuroMena I investments are meeting the expected growth potential, with most exceeding it.

Through its acquisitions, EuroMena I fruitfully partnered with exceptional investors, both financial and strategic, including Materis (the painting and construction materials European Leader), Proparco (French government investment arm), VC Bank (Bahrain based Islamic investment bank), Jordinvest and Amwal (Jordan based private equity funds), and Egypt's Grandview Investment Holding (a subsidiary of Citadel Capital), that in addition to co-investment with some of its limited partners. Similar partnerships will also be sought in EuroMena II.

The General Partner of the Fund will be Capital Trust Group represented by Mr. Bassam Aburdene and John Oswald who have also been GPs for the first two funds. Mr. Bassam Abudene, CEO of the Capital Trust Group says EuroMena II will continue the previous funds' strategy in developing and consolidating promising sectors and industries in the MENA region. He continues: "We are among the first private equity houses that have tapped this important and growing part of the world and have the necessary local, regional and international experience to succeed".

Mr. Romen Mathieu, Managing Director of the Fund, emphasizes that "the current economic environment within the MENA region is supportive, and the growing sophistication of investors and investment opportunities is creating a demand for professional well-managed and highly experienced funds within this large region. The EuroMena I's model is the best example, and EuroMena II will give us the means to reach larger companies in the mid-market segment".

The primary investors and sponsors of the EuroMena Fund besides Capital Trust Group are European and Arab institutions and high net worth individuals, including the European Investment Bank - EIB.

EuroMena I's current portfolio companies

1. National Printing Company ("Wataniya")

EuroMena participated in the capital increase of Wataniya/ Shorouk for Printing and Packaging (Egypt) owned by Citadel Capital/ Grandview Investment Holding for the acquisition of Baddar, another complementary company in Egypt. The capital increase aimed at expanding the Company's activities in the MENA and for further acquisition purposes. The Company will capitalize on synergies with its new acquired targets in terms of cross selling, savings on production costs in addition to improved efficiency and geographical diversification.

Gilles De Clerck, Senior manger of EuroMena declared: "This company will be soon a preferred target for an international player as we succeeded in creating a leader in Egypt and soon in the MENA region".

2. SODAMCO

In July 2007, EuroMena arranged and sponsored the acquisition of 30% of Sodamco Holding shares by ER Holding S.A.L (51% owned by EuroMena). ER Holding is contributing actively along side Sodamco's main shareholders to the regional expansion of the company in the MENA region.

Sodamco is specialized in construction chemical materials (mortars and admixtures) and owns several manufacturing entities in Lebanon, Qatar, UAE, Kuwait, Saudi Arabia, Jordan, and soon in Algeria.

EuroMena's investment officer Mr. Karim Burhani said: "Sodamco's management and owners have created a success story by increasing the company's turnover five folds in few years and making it one of the most profitable ones in this specialized sector".

EuroMena is currently negotiating a refinancing operation for ER Holding with Lebanese Banks, the first transaction of its type in Lebanon.

3. IT WORX

In Egypt, EuroMena arranged a majority stake (79%) acquisition in ITWorx through partnership with Proparco, an affiliate of the French Development Agency (governmental) and Venture Capital Bank, an Islamic investment bank headquartered in Bahrain.

ITWorx, is one of the largest Arab software development companies. It has around 700 employees specialized in developing electronic gates and software, education application, financial services, communication and e-government. Its clients include governments, education sectors, banks and communication committees.

IT WORX has offices in Egypt, the United States, Saudi Arabia, Qatar and Dubai. It is seeking to expand its activities in the Middle East within a plan for the coming five years in order to enter the oil and gas sectors. Mr. Rachid Hanna, investment officer at EuroMena declared, "With the participation of high profile and very active investors and excellent management, we expect to achieve above average growth in ITWorx for the coming five years".

4. IBL (Intercontinental Bank of Lebanon)

In January 2008, EuroMena invested USD 6 million in the fast growing banking sector in Lebanon by taking a stake in IBL (Intercontinental Bank of Lebanon) through its participation in the bank's USD 20 million capital increase operation. This investment was announced on Monday in Beirut.

This capital increase operation aims at supporting the bank's strategy to develop its activity in the region. Following its significant growth in the past couple of years, IBL ranked 11th among Lebanese Banks, and is currently one of the most profitable ones. It is worth noting that the Bank has 13 branches in Lebanon in addition to its presence in Iraq and Cyprus and a representation office in Brazil. The bank plans to launch soon its activities in the very promising market of Syria.

5. Siniora Food Industries

In March 2007, EuroMena participated in Siniora Food Industries' capital increase for a total participation of 16.34% in Siniora Food Industries. The transaction aimed to increase the Company's production capacity, introduction of new business lines, in addition to expanding to new markets.

Siniora's main activities are the production, distribution, and sale of meat and meat products (Beef, Turkey, Chicken, Roast Products, Salami and Sausages, cold cuts). The Company has production facilities in Jordan and Palestine and exports its products to Lebanon, Syria, Saudi Arabia and other GCC countries and soon in Algeria.

6. Palestine Securities Exchange

In June 2007, EuroMena invested for a minority stake in the Palestine Securities Exchange (PSE). EuroMena considers this investment as a "strategic one", betting on large possibilities of growth upon achieving political and security stability in the Palestinian territories.

7. APMC (Arab Pharmaceuticals Manufacturing Company)

In December 2006, EuroMena joined a consortium of prominent financial players in the acquisition of a major stake in the Arab Pharmaceutical Manufacturing Company (APMC), the first pharmaceutical company in Jordan established in 1962. EuroMena exited its investment in December 2007 to Hikma Pharmaceuticals, a London stock exchange listed Company, following its take over bid that was approved by APMC's shareholders.

8. ENAP (Entreprise Nationale des Peintures) - Acquisition under process

In partnership with the European leader in the construction materials and paint production, Materis, EuroMena has got the exclusivity on the privatization process of ENAP (Entreprise Nationale des Peintures), the Algerian leader in production of paints. EuroMena and Materis are currently finalizing the legal structuring with the Algerian government that will keep 34% of the fund. It is to be noted that EuroMena is the first private equity fund to succeed in participation in a privatization in Algeria.

Hereafter is an outline related to the general partner and fund management team of EuroMena:

General Partner representatives

Bassam F. Aburdene. Bassam F. Aburdene is a director of Capital Trust S.A., and CEO and a director of Capital Trust Limited. Mr. Aburdene has around 30 years experience of investing in and managing companies in MENA. Prior to CT's formation, Mr. Aburdene was General Manager of the Aggad Investment Company in Riyadh. He was responsible for managing the company's investments, which included mergers and acquisitions, corporate finance, and principal investment activities. From 1974-1979, Mr. Aburdene was an investment manager with the Industrial Bank of Kuwait.

He has served on board of directors of companies in Jordan, Syria, Lebanon, Morocco and Saudi Arabia, as well as the USA and Europe, including Foreign & Colonial's Middle East Emerging Market Fund Inc., which is listed on the New York Stock Exchange (ticker symbol « EME »). He received an M.A. from Johns Hopkins University and a B.A. from the University of Connecticut.

John P. Oswald. John P. Oswald is a Director of Capital Trust S.A. and a Managing Director of C.T. Capital International, Inc. Mr. Oswald manages CT's U.S. operations and provides advisory services for cross-border transactions. He is currently managing the $100 million U.S. private equity fund, Bridge East Capital. Mr. Oswald has also acted as the CEO of several of the portfolio companies held by CT.

Furthermore, Mr. Oswald was a partner at the international law firm Lord, Day & Lord. His practice was involved in mergers and acquisition transactions, cross-border financing, tax and real estate matters. Mr. Oswald began his career as a Certified Public Accountant with Arthur Andersen & Co., where he specialized in real estate matters. He is a graduate of the New York University School of Law (L.L.M.) and Brooklyn Law School (J.D.).

Georges Mallat: Georges Mallat is a board member and legal advisor for EuroMena. He is a Director of Capital Trust S.A.. He is a partner of Hyam G. Mallat Law Firm since 1997, where he has acted, in his capacity as attorney at law and member of the Beirut Bar Association for the clients of the firm, and has increased its franchise. He has a work experience at the legal department of the Central Bank of Lebanon.

Mr Mallat holds a J.D. in Law from Saint Joseph University in Beirut - Lebanon, a B.S. in Business Management from the Lebanese American University - Lebanon, a Degree in Law and Computers from Montpellier I University - France, a Degree in International Environmental Law from Limoges University - France and a Degree in US Laws and International Business from George Washington University / ILI.

EuroMena Fund Management team

Romen Mathieu is the Managing Director of EuroMena since 2004. He has more than 15 years experience in corporate transactions and advising family owned businesses, covering Europe and the MENA region. He headed Ernst &Young's MENA desk in France and was a Partner of Ernst &Young Corporate Finance (EYCF) and M&A in France. Prior to EYCF's formation, Mr Mathieu worked with Lazard frères, in the M&A and financial affairs team.

From 1996 to 1998, he headed the credit department of Banque Saradar in Lebanon and was a member of the bank's credit committee. He began his career with Arthur Andersen, in its corporate restructuring and corporate finance division in France. Mr. Mathieu holds two post-graduate degrees in Finance (DESS and Magistère) and a Master's degree in Management from the Sorbonne University.

Gilles de Clerck is a Senior Manager of EuroMena. He has more than 15 years experience in strategy and finance, of which more than 6 years were spent in the MENA region with Booz Allen & Hamilton in the restructuring and privatisation programs. He worked in France as a Senior Manager with Vertone, a strategy & management consulting firm. Prior to joining Booz Allen, he worked with L'Oreal in the UAE as an Area Manager and with Price Waterhouse as an auditor. Mr de Clerck holds a graduate degree from the ESSEC School of Management (Paris) and a Bachelor degree in Commerce from the McGill University (Canada).

Olga Aburdene is a Director of Capital Trust Limited. Ms Aburdene is co-Fund Manager of the Group's European private equity and mezzanine debt funds and a member of the EuroMena fund management team. She also assists in the execution and follow up of the Group's US investments. Her role includes deal sourcing, analysis and execution.

Prior to joining the Group in 2002, Ms Aburdene worked at Barclays Capital as a corporate finance analyst on the "Balance Sheet Advisory" team, providing corporate finance and strategic advice to European banks and insurance companies. Previously, she had worked at Linnco Europe, a financial brokerage firm. Ms Aburdene holds a B.Sc. in Management from King's College London.

Karim Burhani is an Investment Officer at EuroMena. Prior to joining the fund, he worked in the Kingdom of Saudi Arabia as a Financial Analyst at Horwath International. Mr. Burhani holds a B.Sc in Banking and Finance and he is a CFA Charter holder.

Rachid Hanna is an Investment Officer at EuroMena. Prior to joining the Group in 2007, Mr. Hanna was a strategy and management consultant within the Deloitte Middle East practice. Previously, he held the position of financial analyst at ECE Consultants. Mr. Hanna holds a Master's degree in economics from Concordia University (Canada) and a Bachelor's degree in economics from the American University of Beirut.

Rita Mahfouz is an investment officer at EuroMena. She is a graduate from the American University of Beirut (Bachelor of Business Administration, with certificate for outstanding achievement for graduating class of 2006 in recognition of academic merit and excellence of character, leadership and dedication to service). She is currently in the process of finishing her master's degree in financial economics.

Tuesday, March 11, 2008

$500m private equity fund targeting Saudi Arabia by DIC

Dubai International Capital (DIC), the investment arm of the Dubai government, is launching a $500m private equity fund targeting Saudi Arabia.

Angels in Arabia

Angels in Arabia
by ArabianBusiness.com staff writer on Tuesday, 04 March 2008
zoomABAN aims to promote entrepreneurship and fill the region's current gap between start-up and venture capital funding.
Business angels are the saviour of many start-ups in the US and Europe, but now Arab investors are looking at early stage private equity investment, with the launch of a new network aiming to match regional capital with regional entrepreneurs.

Multi-million dollar management buyouts may attract most of the attention in the Middle East's private equity sector, but the biggest rates of return come from early stage investing.

I have to be blunt with you: this is money that you might lose.However, until now it has been difficult for entrepreneurs to tap funding from the region's investors, and for individual investors to source early stage deals.

This is what the Arab Business Angels Network (ABAN) aims to address. The network was conceived by the Young Arab Leaders during the Clinton Global Initiative in September 2005, with Dubai International Capital (DIC), the private equity investment arm of Dubai Holding, its founder and lead institutional investor.

DIC made its first foray into angel investing last year through its US$2.6 million Pan Arab Business Plan.

It invested in an ostrich farm in Jordan and paper producer in Egypt, both of which have successfully expanded following the capital injection.

ABAN will bring together individual and corporate investors who want to access early stage opportunities, with membership by invitation only.

The target value for each investment is between $100,000 and $1 million.


Walid Hanna, CEO of ABAN, said: "ABAN's goal is to promote entrepreneurship and try to fill this equity gap that entrepreneurs are facing."

He was joined at the launch by Anthony Clarke, president of the European Business Angel Network (EBAN), chairman of the British Business Angel Association (BBAA), and managing director of GLE Growth Capital in the UK.

Clarke told potential angels: "I have to be blunt with you: this is money that you might lose, and will be locked up for a long, long time."

He pointed out that investing at such an early stage was an extremely hit-and-miss game, but that the rate of return in successful transactions could be far higher than in later stage private equity or other asset classes.

Figures from the UK showed that 40% of business angel investments delivered a negative internal rate of return (IRR), but 10% delivered an IRR of more than 100%, usually over a five to seven year period.

In the US, angel investors account for around $25 billion of investment, while in the UK the figure is around $2 billion.

No figure has been estimated for the Middle East, but the large number of wealthy individuals should mean there are plenty of potential angels.

The selection of business owners pitching at the ABAN launch, in sectors ranging from healthcare finance to technology, also suggests that, contrary to popular opinion, there is no shortage of budding entrepreneurs in the Middle East.

With support and funding, one of these could become the next Body Shop, Microsoft or Ford Motors, all of which relied on angel investors in their early days.

There are also likely to be benefits to people other than the angel investors and entrepreneurs themselves.

Business angel investment has a history of creating jobs - something that is crucial to the continued development of the Middle East economy - and should also create deal flow for venture capital and private equity firms as the businesses mature and are ready for later stages of funding.

Sunday, March 2, 2008

International investors seek GCC exposure

By Mohammed Aly Sergie on Monday, March 3 , 2008

Over the past two months, foreign investors have been net sellers of the big stocks such as Emaar and Dubai Financial Market, but they were net buyers on Dubai’s exchange last week, purchasing $98.15 million (Dh360m).

International institutional investors controlling more than $1.1 trillion dropped by Dubai last week to listen to 30 senior managers of top firms in the GCC at a Shuaa Capital conference. Asset managers from the United States, Europe and Asia met CEOs and CFOs of companies such as Arabtec, Kuwait Projects (Kipco) and Salama.

Rami Sidani, vice-president of the asset management division of Shuaa Capital, believes the rise of crude over the past five years to $100 per barrel is a clear signal for international institutional investors to look for exposure to the GCC. Making a play in listed companies in some of the “the largest oil producers in the world is not surprising because these markets and economies are expected to experience higher growth compared to other emerging markets”, he told Emirates Business.

Selling these stocks is a major part of Sidani’s job, but he claimed it is not a tough sell. “Valuations are very attractive. The region’s markets are trading at about a 25 per cent discount to other emerging markets and about a 30 per cent discount to historical averages,” he said.

In addition to the attractive valuations, Sidani said, firms in the GCC enjoy lower costs of capital and a higher return on equity, so the fundamentals dictate that the region should be trading at a premium compared to other emerging markets. “This explains the huge inflow of foreign money into the Gulf over the past year.”

Officials from Dubai, Abu Dhabi and Qatar have been actively marketing their capital markets after the 2006 crash, as they try to attract more international institutions to the region’s markets. Last year, the Abu Dhabi and Dubai exchanges embarked in separate road shows to London and New York, and also took senior executives from the UAE’s top-listed firms to tell their stories.

These road shows were hailed as a success, but foreign investors are still hesitant about one major deficiency in the Gulf’s nascent corporate culture. Transparency ranks as a top issue for foreign investors, Sidani noted. “International investors only invest in transparent companies that have good communication with the market, which has added pressure on regional firms to open up,” he said. But corporate disclosure has improved significantly over the past few years, he added.

Valuations, high oil prices, and improved transparency have undoubtedly given regional markets a boost, and have fuelled curiosity among the world’s investor class.

Udo Schaeberle, Head of Private Clients in the Gulf for German-based BHF Bank, a private bank catering to wealthy European families, moved to Abu Dhabi two years ago mainly to attract investors from this region to invest in Germany and Europe. While countless private equity firms and hedge funds have successfully implemented this business model in the past, Schaeberle was surprised by a different demand. “Suddenly all our German clients saw that we have an office in Abu Dhabi and asked how can we invest in this booming region,” he said on the sidelines of the Shuaa conference.

In order to accommodate the demand of his existing clients in Europe, BHF Bank started looking at the available investment options available, but according to Schaeberle, they did not meet their requirements. “We usually use third-party products, funds from the big names such as HSBC and JP Morgan, but in the case of the GCC we did not like their products because the market is not 100 per cent efficient, so we decided to set up our own product,” he explained.

The main problem with the investment vehicles in the Gulf for the German investors is that most of the funds in the region do not allow daily redemptions.

“Our clients love to be able to exit if they need, which they don’t do often, but they want to have the possibility to exit on a daily base, so we offer them daily liquidity if they like,” said Schaeberle.

The bank launched its first fund in September 2007 with just $15m in assets under management. Today, BHF is managing more than $300m, and according to Schaeberle, the fund is up 25 per cent since its launch. This fantastic growth is due in part to investor interest, and also due to the higher profile GCC stocks are enjoying with investment professionals. “We have started advising our clients to put two to three per cent of their portfolios in the GCC.”

But Schaeberle also noted that there are limitations to how much capital can be deployed in the region. The markets are nowhere near as deep as Western or Asian markets, and many stocks have foreign ownership restrictions. In the case of Saudi Arabia, global investors have no access to the markets. Given these limits, BHF Bank predicts that it will control up to $750m in the GCC. Schaeberle explained the bank (and its clients) are conservative, and do not wish to grow too quickly in any market, especially as the opportunities are limited due to ownership restrictions. The fund only invests in listed equities that are open to foreigners, with one caveat. “Obviously we cannot invest directly in Saudi Arabia, so we go for the Saudi Gateway Fund [from Shuaa] because we can’t buy into the stocks independently.”

Another concern that affects European investors is the fall in the dollar – which corresponds with a fall in the Gulf’s dollar-pegged currencies. Schaeberle hedges the currency risk, but he believes the currency risk in the region is lopsided. “We sell the dollar forward, and what we keep is the upside potential of the Gulf currencies against the dollar, which is what our clients want to keep. We believe that someday the revaluation of GCC currencies will have to come.”
Last year’s bull run also saw a rise in investment from the US. David Halpert, Managing Director of New York-based Prince Street Capital Management, has been investing in the Middle East since 1996, but only recently forayed into GCC markets.

Halpert’s rationale for giving the region’s companies more weight in his portfolios (Prince Street is directly responsible for investing $270m) is by now a familiar story. The Middle East is “is important for us in terms of diversification, because historically these markets have a low correlation with other markets around the world”, he said, adding that the region has many exciting opportunities. But one reason why he has allocated 25 per cent of Prince Street portfolio to the region is because “most American institutional investors don’t know much about the region, which gives me an opportunity as an independent investor to make money here”.

Prince Street is a boutique firm that deploys its clients’ (mainly American and European) capital into some of the world’s riskier markets. “We are not a normal company – we are very aggressive,” Halpert explained.

The Middle East is part of this aggressive strategy, but the firm also has exposure to markets in Central Asia such as Uzbekistan. “We made quite a nice return there last year,” he said, but added that “liquidity, transparency and disclosure in Uzbekistan is not up to the standards of Saudi Arabia and Jordan, so we didn’t have as much money invested there as here. But on a long term basis it is very interesting”.

Just like BHF, Halpert is managing and investing foreign money in the GCC without extracting capital from local investors. “We have no clients in the Middle East and we haven’t even thought about raising money here.”

Halpert has witnessed the transformation in transparency and disclosure of regional companies and believes the information available to investors has improved over the years. “While we do our own research and invest directly in the market, we do business with Shuaa and EFG-Hermes, and I have found that local Arab brokers have better research than the international banks,” he said.

This focus on quality from local brokers and investment banks makes Halpert believe Dubai “is going to be a major global financial centre on a par with Hong Kong, Tokyo and London”.

The numbers

$1.1trn
Funds controlled by global investors who visited Dubai to look at opportunities


$98.1m
The total purchases made on the Dubai Financial Market by foreign investors last week

Dubai plans to set up tech institute

By Shakir Husain, Staff Reporter
Published: March 03, 2008, 00:47

Dubai: Dubai is setting up a technology institute in TechnoPark, an industrial area under Dubai World Economic Zones World, to work on research and development (R&D) projects focused on commercial applications.

The Dubai Institute of Technology (DIT) aims to develop programmes in line with the emirate's aim of becoming a knowledge-based society, Salma Hareb, chief executive officer of Jafza and Economic Zones World, told Gulf News.

"The objective is to bring knowledge and technologies to Dubai. This was the original idea behind TechnoPark," Hareb said.

"We will not be doing research for the sake of research. We want R&D to result in technologies for practical use," she added.

DIT will operate as the technology arm of TechnoPark and enter into agreements with private investors and other institutes involved in scientific activities. "It is our contribution towards establishing Dubai and the region as a hub for science, technology and innovation," Hareb added.

One of its initial plans is to develop Nanotech Valley, an exclusive free zone for nanotech business. It will be developed on area of more than 200,000 square metres. DIT expects the project to attract $500 million in direct investments and have 100 companies in the first three years. Another plan is to launch an international business school.

TechnoPark, which focuses on areas like water technologies, energy and environment, is developing a special area where companies involved in R&D will be based.

DIT also plans to set up a fund with a South Korean partner and enter into partnerships with other investment funds in the technology sector.

"We are negotiating with Korea Technology Investment Corporation, a 25-year private equity management company based in Seoul, to establish the $300 million Asia Gulf Horizons Fund. This fund will be the largest private equity initiative designed to support technology development and commercialisation in the GCC," Hareb said.

Helping hand

Hareb said these funds will fill a financing gap faced by technology start-ups in the Arab region. DIT will offer services to help start-ups and to support small and medium sized enterprises.

"The main objective of this initiative is to bridge the gap between those who generate technology and those who generate businesses and investments. Such linkages will consequently support further technology research and development," she said.

The planned funds will operate in line DIT projects, which will be focused on the requirements of the UAE and the wider region.

DIT will pay particular attention to research in areas such as life sciences, sustainable industrial development, information and communication technologies, sustainable management of environment, energy and water, the Economic Zones World chief said.

DIT has reached an agreement with Boston University to launch a research centre on clean energy and sustainable development. Another DIT initiative is the Renaissance Venture Fund, created by a group of Arab scientists.

Hareb said the scientists were "convinced by the appropriate model adopted by the DIT" and decided to establish their fund and relocate their companies in its premises.

DIT also has an agreement with Cosmo Caixa, the science museum of Barcelona for a joint project for the creation of a museum of science.

The institute's partner in the Science, Technology and Innovation initiative is Fraunhofer Middle East, which represents German contract research organisation Fraunhofer-Gesellschaft.

Planned initiatives of DIT include Dubai World Grant for Research Projects. It will support scientific research in areas covered by Dubai World's activities.

DIT expects to attract "world-class scientists and senior researchers" to Dubai through its research programmes.

Hareb said the institute will have its independent board of directors responsible for strategic decisions and for evaluating it activities. Eminent people from leading global companies and academic institutes will be on the board.

There will also be an advisory committee of external experts.