The Oryx: 03/01/13

Friday, March 1, 2013

Jack Morton appointed by Qtel Group to launch new brand identity Ooredoo

Global brand experience agency Jack Morton Worldwide was appointed by Qtel Group to launch its new brand identity, Ooredoo, in Barcelona on Monday night (25th February). The evening launch event was attended by the Ooredoo management, guests and members of the telecoms industry.

The launch event was followed by a complete overnight transformation of the brand’s live experience at Mobile World Congress – a feat which is thought to be a first at the world’s premiere mobile industry event. Mobile World Congress is taking place between 25th to the 28th February at Fira Gran Via, Barcelona.

The Ooredoo brand identity will be adopted by each of the group’s operating companies in emerging markets across the Middle East, North Africa and South-East Asia during the course of 2013 and 2014. The companies include brands such as Qtel in Qatar, Indosat in Indonesia, Wataniya in Kuwait, Nawras in Oman, Tunisiana in Tunisia, and Nedjma in Algeria. Ooredoo has been the fastest-growing telecommunications company in the world by revenue since 2006 and has a global customer base of 90 million people.

Qatar-Oman joint tourist visa for 33 countries

Tourists from several countries can soon visit Qatar and Oman on a single visa. Both countries recently signed an agreement to issue a common tourist visa for citizens of 33 countries on arrival at Doha International Airport, according an announcement on the Ministry of Interior (MoI) website.

The visa holder can travel from Qatar to Oman without taking a separate visa, provided that he does not go to a third country during the visit. The visa is valid for one month and can be extended for another. “The State of Qatar has signed an agreement with the Sultanate of Oman to provide joint tourist visa,” the MoI website said yesterday.

Dubai's property market set to witness $1 billion influx

Dubai's real estate market, which is witnessing a resurgence this year, will get another major shot in the arm when the $1-billion Investment Corporation of Dubai (ICD)-Brookfield Dubai Real Estate Fund gets underway.

A move to start the fund was made on Wednesday with ICD and Brookfield Asset Management, the co-promoters of the fund, named Douglas Kirkman, Senior Vice-President of the Brookfield Property Group, as Chief Executive Officer of ICD-Brookfield Management Limited, the firm that will manage the fund.

"The fund, once formed, will pursue opportunities in the Dubai real estate sector with a particular focus on development opportunities," the companies said.

Nomura To Hire In Dubai To Revamp Middle East Operations

Nomura Holdings, Japan’s largest investment bank, plans to revamp its Middle Eastern operations after losing several top executives in the past year, its regional head said.

Nomura has been cutting costs under chief executive Koji Nagai, who took the helm last year in the wake of an insider trading scandal. In August, the company announced plans to chop an additional $1 billion in costs.

Some of its top bankers in Dubai, including the head of its investment banking for Middle East and North Africa (MENA), Scott Ferguson, left as part of the move.

The departures led to rumours in the banking community that the bank was planning to shut down its business in the region.

Project to boost living conditions of workers

Migrant worker housing project, a concept originated at Virginia Commonwealth University–Qatar’s (VCU-Q) biennial design conference, Tasmeem Doha, is ready to share architectural designs with organisations.

The concept is based on cost effectiveness and aims to meet international standards for migrant workers’ living conditions.

The key component is an innovative design and planning of portable modules.

The concept is more about portable buildings which could be built at any place depending on the requirement.

Qatar Airways to feature on FC Barcelona jerseys

The agreement that will see Qatar Airways feature as the main sponsor on FC Barcelona’s jerseys will be unveiled on Monday, the club has announced on its website. Qatar’s flag carrier landed the opportunity to become the first corporate sponsor to appear on Barca’s shirts last year.

The presentation will take place in Barcelona in the presence of the club’s president, Sandro Rosell, and the airline’s CEO, Akbar Al Baker.

In November 2012, FC Barcelona and Qatar Sports Investments (QSI) announced that Qatar Airways would appear on the team’s equipment for the 2013/14 season as the club’s principal global partner.

The contract between QSI and FC Barcelona stipulated that a new sponsor could be included in the third year of the agreement.

Qatar's Al Meera completes Oman assets deal

Qatari retail group Al Meera has completed a deal to buy the business and assets of Safeer Stores in Oman.

The company said the signing of a sale and purchase agreement, which took effect from the end of January, sees five Safeer hypermarkets and supermarkets being handed over to Al Meera to run.

It added in a statement published by Qatar News Agency that Al Meera has set up two subsidiary companies - Al Meera Oman and Al Meera Markets - to run the business acquired in Oman.

"Effective January 31, the buyer takes complete responsibility of Athaiba (Safeer United), Al Khuwair (Safeer Middle East), Barka and Sohar (Safeer Center International, Al Falaj (Safeer Arabian International)," the statement said.

Most GCC firms cautious on hiring, says poll

Most recruiters in the GCC region are adopting a cautious stance amid the global economic crunch, according to a new survey.

The poll by Naukrigulf.com, which interviewed more than 400 employers in the Gulf region, revealed a minor improvement in hiring sentiment when compared to July last year but is still lower than what it was in the beginning of 2012.

The survey showed that 68 percent of recruiters said that new jobs will be created in 2013 compared to 64 percent last July.

Among the recruiters predicting a positive sentiment, 48 percent said that jobs will be for those with 4-8 years experience while 40 percent said jobs will be for the 1-3 years experience levels.

Sustainability reporting a must for Qatar firms

Qatar has made it mandatory for the industries to undertake sustainability reporting, whose aims will align with the country’s national vision. Expecting 44 companies to participate in sustainable development industry reporting (SDIR) this year; Energy Minister HE Dr Mohamed bin Saleh al-Sada, who is also the chairman and managing director of Qatar Petroleum (QP), said he would expect all companies to undertake the initiative as it would measure and improve their aims and objectives, which will then finally align with the 2030 national vision. The award and certificate winners of SDIR are pictured with the minister.

GCC oil sector growth seen to slow on output decline

Real hydrocarbon sector’s gross domestic product, or GDP, growth in the GCC is expected to decelerate from 4.5 per cent in 2012 to around one per cent in 2013 on the back of an expected slowdown in oil production, the National Bank of Abu Dhabi, or NBAD, said.
.“Any pressure on oil prices will limit gains in heavyweight petrochemical stocks. However, non-oil GDP growth is forecast to remain stable in 2013 at 5.5 per cent, similar to 2012 levels, with the contribution of non-oil GDP expected to increase in the future,” the bank said in its “GCC Economic Developments & Outlook 2013.”

The bank has also predicted that in 2013, GCC’s nominal GDP is forecast to rise to $1.61 trillion while UAE’s nominal GDP is projected at $368 billion.

The Washington-based Institute for International Finance, or IIF, said in a study that the economies of the Gulf and other regional countries could decline in 2013 due to lower oil output after growing by around 5.5 per cent in 2012. “Overall growth is projected to moderate to 3.9 per cent in 2013, as crude oil production will be restrained in Saudi Arabia, Kuwait, and the UAE,” it said.

Pfizer opens new chapter between Saudi-US ties with new plant

The burgeoning Saudi-American trade ties received a big boost with the world’s most famous pharmaceutical industry leader, Pfizer, deciding to set up its new manufacturing plant at the King Abdullah Economic City in Rabigh, about 130 km north of Jeddah.

The groundbreaking and foundation-laying ceremony was attended by Saudi Arabian General Investment Authority (SAGIA) Gov. Abdulatif Al-Othman; Mohannad Hilal, secretary-general of Economic Cities Authority, senior government officials, diplomats and senior global and regional management personnel of Pfizer led by Guy Lallemand, Bulent Atlig, Keith Dennie and Hussein El-Hakim.

The 32,000 square meter plant will be operational in 2015. At the total production capacity of 18 million packs per year, the facility will produce a broad range of Pfizer’s medicines currently supplied to the Kingdom. The development will also facilitate the transfer of Pfizer’s expertise to the local market, ensuring production meets Pfizer’s rigorous and globally recognized quality standards.

Meydan, Arabtec vow to settle racecourse dispute

Meydan Group and Arabtec Construction have announced that they have reached agreement to hold amicable discussions towards reaching a deal on a long-running multi-billion dirham dispute.

The two Dubai-based companies said in a joint statement that they were seeking to reach an out-of-court resolution of all outstanding claims and counter-claims involving the construction of facilities at the Meydan racecourse.

Arbitration proceedings were initiated over four years ago following claims and counter-claims regarding payments between Meydan and the 50-50 Arabtec-WCT joint venture.

Meydan will also host similar discussions with WCT Berhad, a statement said.

Transforming Dubai into hub for sukuk is proper choice: Hamdan

Transforming Dubai into global hub for Islamic sukuks is the right choice and an optimal springboard towards achieving the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the capital of the Islamic economy in the world, said Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

He made the remarks after Shaikh Mohammed had launched a new initiative that aims at transforming Dubai into an international centre for sukuks, one of the initiatives which are planned to be launched within the forthcoming period with the intent to developing the Islamic economy in the emirate in a way that complies with the vision of Shaikh Mohammed.

“Adding the Islamic economic sector to a slew of the essential economic sectors that compose our strong national economy in pursuance of the directives of Shaikh Mohammed represents a logical step under the leading position of the emirate to this sector at the international level,” he said.

Diversify to spur growth

Abu Dhabi’s economic diversification drive will offer further business opportunities, according a top banker.

The emirate is working to expand its non-oil economy to 60 per cent in 2030 from 40 per cent at present, which will offer substantial opportunities to investors, said Michael Tomalin, the group chief executive officer of the National Bank of Abu Dhabi, or NBAD.

He was speaking while outlining the economic strengths and prospects of the UAE for investors at the 2013 Global Financial Markets Forum, or GFMF, which concluded here on Thursday.

The two-day 2013 GFMF attracted 1,300 delegates. It also tackled an analysis of the UAE and global economy. Tomalin said Abu Dhabi Vision 2030 would develop Abu Dhabi to a global financial hub.

“Abu Dhabi is an enormous opportunity for all,” he said. “Abu Dhabi is a city that is open to investors, open to you.”

Dewa raises $1b from sukuk

The Dubai Electricity and Water Authority, or Dewa, returned to global debt markets after an absence of more than two years on Thursday with a $1 billion Islamic bond, or sukuk, which drew very strong demand.

The government-owned utility printed the five-year paper at par at a profit rate of three per cent, a statement from lead arrangers said. The final profit rate was at the tighter end of guidance released earlier in the day, indicating healthy investor appetite.

Order books were reportedly over $5.5 billion before they closed in the Middle East, and traders indicated the deal was already bid higher in the grey market ahead of pricing.

The rarity of a regional utility issuing bonds combined with the Dewa’s investment grade rating of BBB and confidence in Dubai, which has helped bring down yields on existing debt, were all factors boosting demand for the deal.

TAQA seeks firms for UAE's first waste to energy plant

Abu Dhabi National Energy Company, known as TAQA, has invited companies to submit qualifications ahead of tendering the engineering, procurement and construction (EPC) contract for the UAE's first waste-to-energy plant.

The plant will receive approximately 1,000,000 tonnes of municipal solid waste a year and convert it into 100 megawatts of alternative power - enough energy to power more than 20,000 households in Abu Dhabi.

The plant is expected to begin operations in 2016/17.

Waste-to-energy is one of the cleanest sources of energy and one of the most efficient ways to treat municipal solid waste.

Oman fund acquires 41% stake in Onic

Oman Investment Fund, or OIF, a sovereign wealth fund of the Sultanate of Oman, announced that it has acquired a 41.13 per cent holding, representing 71,323,988 shares, in Oman National Investment Corporation Holding, or Onic Holding, from the Dubai Insurance Group, a subsidiary of the Dubai Group, a diversified financial services company.

“We believe the OIF is right partner to support the group in its next phase of growth in Oman and other GCC countries. This is a strategic decision for the DIG and is part of our stated plan to sell down assets in order to support our broader ongoing restructuring process,” Dubai Group acting chief executive officer Fadel Al Ali said.

“This investment demonstrates the OIF’s focus on strong businesses in the Omani market in which we will seek to actively participate with fellow shareholders to assist in their further development,” OIF chief executive officer Hassan Al Nabhani said.

Dubai's Abraaj said to sell Turkish firm stake

Abraaj Capital, the Middle East's largest private equity firm, plans to sell its 50 percent stake in Turkish health insurer Acibadem Sigorta, three sources familiar with the matter have said.

Acibadem Sigorta is a 50:50 joint venture between a holding company owned by Dubai-based Abraaj and Mehmet Ali Aydinlar, founder of Turkey's Acibadem health group, and ranks third in the sector with a market share of just over 10 percent.

Turkey's economy, the fastest growing in Europe in 2011, expanded by less than 3 percent last year but its young and growing population of 75 million is regarded as under-insured, with total premium income rising 12 percent to 19.8 billion Turkish liras ($11bn).

Health insurance premiums were up 11.9 percent at 2.24 billion liras last year, with Acbadem Sigorta's premium income jumping 35.5 percent to 230.3 million liras, according to official data.

UAE should have active bond and Sukuk market, central bank governor says

Abu Dhabi: The UAE should have active bond market to face any financial crisis and that bonds market had proved it is a very good instrument to alleviate the repercussions of any economic and financial hardships, Sultan Bin Nasser Al Suwaidi, UAE Governor of the Central Bank, told Gulf News.

Al Suwaidi said: “An active bond market is very fundamental to deal with any future financial crisis and to alleviate the pressures on banks’ liquidity through the creation of a high degree of liquidity in the economy which would assist in addressing the negative impact in a crisis situation.”

He added that the Central Bank had encouraged financing through issuing bonds and sukuk rather than taking loans or borrowing from banks.

“We encourage issuing bonds as this will help meet up the challenges and finance any project in a way that does not harm our banking sector which had driven us to act in 2008 following the flow of massive funds out of the country which led to liquidity crisis and lack of confidence in the economy,” continued Al Suwaidi.

Emaar sees 'phenomenal' demand for new Dubai project

Emaar Properties has said it has seen "phenomenal" inital interest from investors for its newly launched The Address Residence Sky View project in Downtown Dubai.

The Dubai developer said it closed online registration for the project in less than one hour following huge investor interest for the residences and serviced apartments.

Emaar.com recorded visitor traffic from more than 75 countries, with the sale in Dubai open only to those who have registered online on March 2.

The investor interest for The Address Residence Sky View follows sell-out response to other recent Emaar project launches including The Address The BLVD and The Address Residence Fountain Views I & II.

Flydubai Cargo starts operations in Russia

Flydubai, Dubai’s innovative airline, has announced the launch of flydubai Cargo in Russia, providing an affordable and convenient outbound cargo service to complement the existing inbound service.

Flydubai operates regular flights from four Russian cities: Kazan, Samara, Ufa and Yekaterinburg, to the UAE. Goods are shipped on its fleet of brand new Boeing 737-800 aircraft.

Ghaith Al Ghaith, CEO of flydubai, said: “Russia is an important market for flydubai and the start of our cargo operations reinforces our commitment to providing a wider range of affordable services. We are confident that through enabling regional businesses to ship their goods directly to Dubai, and further afield, it will assist in developing new trade links between our countries and allowing a greater range of goods, including perishable items, to be transported.”

US car giant plans expansion in Oman

US car giant General Motors is planning to upgrade its services in Oman this year through its dealership partners.

Partners Moosa and OTE Group have announced plans to build seven new customer sales and service facilities in the sultanate.

OTE Group, General Motor's dedicated Chevrolet and Cadillac dealer in Oman, will operate the seven new builds which will be located in Al Wattayah, Seeb, Jalan Bu Ali, Bidaya, Ibra, Barka and Nizwa.

The new facilities will replace old sales and service centres, a statement said.

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