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)
Monday, March 24, 2008
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.'
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
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.
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.
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.
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.
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
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.
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.
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