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| 4 | capitalbusiness.me - (vol 10 - March - 2015)

“Don’t stress too much,” they say. A piece of advice we hear over and over at various occasions from different people; yet we don’t know how to make use of it for our own advantage.

Stress, is more than pressure. It is a feeling that keeps haunting us in our daily life. According to The American Medical Association, stress is the basic cause of more than 60% of all human illness and disease. It comes in different doses, numerous ways and has several aspects. Every single person has been the victim of this strain.

Headaches, anxiety, depressions, insomnias, heart attacks are some of the stress symptoms that not only affect the body but the mind as well. The source of stress is the main key towards fighting this disease. For the majority of businesspersons, work is behind that. Thus, coping with stress at work is fundamental. For that, one should plan his day ahead by keeping some free time for any emergency that might occur and finding a work – life balance by allocating time for meditation or any personal activity. “Stress is responsible for over 70% of workplace accidents, 50% of absenteeism, and over $300 billion in associated costs.” Taking action is a must.

However, we can’t deny that this psychological pressure has some beneficial effects on one’s motivation and performance, especially when it comes to competitions.

Don’t miss out on our forthcoming issues to read more about this concern and the best practices to overcome it.

Till then try to take control of your stress!

By Jenny kassisEditor

EDITOR’S LETTER

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Vol 10 - MARCH - 2015

S fOR STRESS

Jenny [email protected]


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BankIng anD fInancE 16 Netting law in the DIFC 18 Outlook on emerging-market corporate debt BuSInESS PLanET 20 Plan wisely, live happily 24 A different approach to success 26 How to retain your star performers

InfORmaTIOn TEchnOLOgy 34 Beyond 3dimensions 38 Advanced DNS Protection – The need of the

hour for Middle East Telco Operators

BEST PRacTIcES 40 The case with feeling inadequate 42 Are high-conflict people ruining your business? 46 Luck and how to earn it

REaL ESTaTE 48 Capital Gains Tax Changes in the UK for

Non-Residents 50 2015 Most Dynamic Cities

EnERgy REvIEw 52 Sustainability linked to responsible

governance 54 Innovation in sustainable solutions

TRaDE ExchangE 58 Hope amid the chaos 60 Abu Dhabi Ports introduces next generation

of trade 64 Japan: Making strides in the UAE

a mInuTE wITh 68 A minute with Farhan Boota

EDucaTIOn 70 Hyper-customized learning for your

organization 74 Video Labs are the future

hEaLThcaRE 76 Taking the healthcare industry to the next level

cover Story

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EXTENDINGTHE CULTURE OF aRBITRaTIOn


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LIvIng LuxuRyLIvIng LuxuRy ACCESSoRiES GADGETS

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LIvIng LuxuRy 92 Book reviews 94 movers & shakers 95 events 96 Final word

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LIvIng LuxuRy | BuSiNESS TRAVEl

LIvIng LuxuRy | CAR

WATCHESLIvIng LuxuRy 78 Business travel 82 car 86 listings 88 accessories 90 gadgets

88 90

aSTOn maRTIn VaNTaGE GT3

ThE aDDRESS DUbaI MaRINa


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managing directorJad Kamel [email protected]

editorJenny Kassis [email protected]

luXurY editorMarie-Christine [email protected]

Business develoPerImad [email protected]

marketing managerSylvie [email protected]

art directorOliver [email protected]

graPhic designerAbhay [email protected]

oPerations manager Samer El [email protected]

neopromo FZ llc

PuBLIShER cOmmERcIaL PaRTnER

mEDIa REPDanIELfaLLET

DISTRIBuTIOn

STRaTEgIc PaRTnERS

aSSOcIaTE PaRTnER

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The publishers do not accept responsibility for any investment decision taken by readers on the basis of information provided herein. The objective is to keep the readers better informed and help them decide for themselves. The information and advice contained in this publication which are provided for general use may not be appropriate for the reader’s particular circumstances. All rights reserved. No part of this publication may be reproduced by any means without prior written permission from publisher.

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Dubai, United Arab Emirates

aND aVaIL a

10% Off !

contriButorsClint DempseyDenis GiraultKoon ChowSandra SaksenaCherif SleimanRawan AlbinaBill EddyL. Georgi DiStefanoEdward Mainwaring-BurtonPaul PrestonChris HowellsMichael Turnbull

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MRI Head Office, Thailand45/3 Soi Sukhumvit 31Klongtoey Nua WattanaBangkok 10110Stephen Marsh, ManagingDirector, MRI(t) +66 2204 2672 (e) [email protected] [email protected] (w) mediarepint.com

SIgnaTuRE LISTIngS

BaumE & mERcIER cELEBRaTES ThE 25Th SIhh EDITIOn wITh ThE RELaunch Of cLaSSImaThe 25th edition of the SIHH has ended for Baume & Mercier on a successful relaunch of Classima for men and now also for women. This iconic pillar mirrors the aim of the Maison to welcome the young generation in the luxury universe with watches combining high quality and affordability. The Baume & Mercier booth at this 25th edition of the SIHH offered a delightfully cozy environment. Guests in this home-like setting enjoyed a warm welcome and a chance to immerse themselves in the world of the Swiss Maison. The black and white emotional pictures photographed by Peter Lindbergh have magnified the Baume & Mercier booth and the watches displayed in the showcases, have contributed to make visitors feel the celebration dimension which is part of the brand. Eyes were also drawn to the historical Baume & Mercier wall featuring outstanding round pieces that have marked time and the Maison 185 years of history.

SIgnaTuRE LISTIngS

Fans of the Red Bull Air Race can enjoy double the excitement from Breitling this year, with the luxury Swiss watch brand

announcing that it will support two planes in the championship for the first time ever. Defending champion Nigel Lamb will be

joined by French ace François Le Vot in the skies above Abu Dhabi, UAE, this weekend, as the season opener gets underway

at the destination arena on the Corniche on February 13th and 14th. Lamb and Le Vot, who is looking to turn his Aerobatic

skills into air racing success, will battle it out during the thrilling two day, high-action aerial competition, as Breitling joins Red Bull as the only teams supporting more than one competitor in the main master-class. The Swiss brand is also demonstrating

its commitment to developing young flying talent by supporting French pilot, Mika Brageot, in the Challenger Class series,

which is designed to sculpt future world champions.

BREITLIng DEfEnD RED BuLL aIR RacE wORLD chamPIOn TITLE wITh

TwO RacE TEamS

Swiss luxury watch manufacture Ulysse Nardin and its exclusive retail partner in Dubai, Bin Hendi Enterprises marked a new chapter as they officially opened the doors to the brand’s largest boutique in the world at the Dubai Mall. Partners for over two decades, Bin Hendi Enterprises and Ulysse Nardin inaugurated the new boutique in the presence of guests of honor, President of Bin Hendi Enterprises, Mr. Mohi-Din Bin Hendi and CEO of Ulysse Nardin, Mr. Patrik P. Hoffmann who officiated the milestone event. Spanning 240 sq. m, the launch of Ulysse Nardin’s biggest boutique was held subsequent to the brand setting up its office in Dubai. Another highlight heralding the launch was the exhibition held between the 28th and 31st of January at the Dubai Mall wherein Ulysse Nardin’s exceptional musical marvel, the ‘Vivaldi’ watch was showcased in a first preview before it makes its official debut at forthcoming watch fair, Basel World 2015 in March.

uLySSE naRDIn’S LaRgEST BOuTIquE In ThE wORLD In ThE DuBaI maLL maRkS a STunnIng OPEnIng cEREmOny



a cLOSER LOOk | iN THE NEWS

30%increase in Emaar’s annual profit to Dh3.35 billion

SR 148.9 billion value of Saudi property loans in 2014

Jebel Ali Free Zone (Jafza) has posted 13% increase in the number of food and beverage (F&B) companies in the Free Zone in 2014. It expects more than 15% growth in the number of new companies in the sector in the current fiscal. The Free Zone’s growth projection is based on the rapidly growing interest of multinationals in the F&B sector in the wider Middle East region. More than 1700 F&B companies from Europe, Latin America and Asia visited Jafza stand in Gulfood and have shown keen interest in the its facilities to reach and serve several countries.

Commenting on this, Ibrahim Mohamed Aljanahi, Deputy CEO of Jafza and Chief Commercial Officer of Economic Zones World said, “this overwhelming interest in Jafza facilities has reinforced the Free Zone’s status as the business and re-distribution hub for the GCC, Iraq, Iran, Levant, Africa, the CIS and Indian Subcontinent, a thriving market of more than 2 billion people. I invite all the investors in the region to use Jafza’s time-tested facilities to serve the region in the most efficient manner.”

The Emirates Nuclear Energy Corporation (ENEC), the organization responsible for the development and operation of the UAE’s peaceful nuclear energy program, has won a major award in the ‘Building Risk Management Capability’ category at the Institute of Risk Management’s (IRM) 2015 Global Risk Awards. ENEC’s entry, ‘Building Risk Management Capability,’ showcased how the corporation built a rigorous risk management process that is a critical element in the culture of safety that ENEC promotes. This world-class process included identifying and assessing potential strategic risks that could affect the business’ organizational mission. H.E Mohamed Al Hammadi, CEO, Emirates Nuclear Energy Corporation said: "This award is an international recognition to the systematic approach that ENEC has in its risk management processes and procedures. As a nuclear organization, we use the industry’s principle of continuous improvement to implement a proactive approach to risk management. We are proud of this achievement and this win shows our commitment to the highest international standards for safety, quality and risk management.”

Jafza ExPEcTS gROwTh In f&B SEcTOR In ThE fREE zOnE

EnEc wInS maJOR hOnOR fOR ‘BuILDIng RISk managEmEnT caPaBILITy’

iN THE nEwS

3.49million tourists visitedabu Dhabi in 2014

vfS gLOBaL TEam JOInS “waLk fOR EDucaTIOn 2015”A group of 93 associates from VFS Global joined the Walk for Education 2015. Organized by Dubai Cares, the Walk for Education is held every year to raise awareness and funds to help provide education to children in need. Led by Paul John Maliekkal, Regional CEO - Africa, Americas, Australasia, Europe and Middle East, and Ajit Alexander, COO Middle East and Africa, the VFS Global team gathered on Friday, February 6 at Dubai Creek Park next to Al Garhoud Bridge at 8am sharp

for a day of fun and activities. Reiterating VFS Global's commitment to the cause of empowerment through education, Paul John Maliekkal said, "We are delighted to support this CSR initiative. It is a great cause and of immense significance for the entire community. Education is the right of every child and the only way to progress and change lives. Education is the power station of any society that unlocks its real potential.”

| 15 |capitalbusiness.me - (vol 10 - March - 2015)

89%of MENa professionals agree that creative thinking is key to driving social and economic growth

aED 4.5billion worth of TECOM’s investments into innovation driven activities

Saxo Bank has announced the launch of its first ever Stock Market Competition called, ‘The Abu Dhabi University Postgraduate Investment Competition 2015’ in association with The College of Business Administration, Abu Dhabi University (ADU). This initiative will involve postgraduate students from over 40 universities in the UAE and a further 20, and possibly more, from across the GCC to participate in the virtual trading competition. Following their active participation in online trading the students will present their investment strategies to a

panel of expert judges. Fadi Mehdi, Office Manager, Saxo Bank Abu Dhabi, said: “We are delighted to be partnering with ADU to provide this invaluable opportunity for UAE and GCC students to hone their investment strategies." Commenting on the significance of this competition, Basant Mohammed, Competition Manager explained that it represents an opportunity that will enable investment savvy postgraduate students from universities all around the GCC to make the vital connection between theory and practice.

Rockwell Automation updated its popular FactoryTalk ProductionCentre manufacturing execution system (MES) software to improve application performance and scalability, speed deployment, and support mobile and cloud infrastructures. “Manufacturers continue to investigate how to better leverage new technologies, like the cloud, to cut costs,” said Pankaj Shrivastava, Business Leader - Architecture & Software, Rockwell

Automation. “With our latest iteration of the FactoryTalk ProductionCentre system, we have aligned to Java EE 7 and HTML5 standards. The application is now even easier to use and lets customers explore mobile and cloud-based solutions at reduced risk and infrastructure costs. Additional upgrades to the notification service and work flow structure improve process enforcement and reduce re-work.”

SIgnIfIcanT aDvancEmEnTS fOR a mODERn aPPROach TO mES

DiD you knOw?

• Over 50 projectswere launched in the off-plan market across Dubai during 2014

• UAE healthcare expenditure reached an estimated 16.8bn in 2013, and grew more than 16% through 2014

• A fall in exportscaused Lebanon’s trade deficit in 2014 to widen to 83.834% compared to 81.51% in 2013

• Dubai is in the Top20 global cities in terms of dynamism and pace of change

• Professionalnetworking site LinkedIn launches Arabic version

• There will be 8 billion connected devices by 2020

SaxO Bank anD aDu TO InvEST In TRaDERS Of TOmORROw


BankIng & fInancE

nETTIng Law In ThE DIfc



The Dubai International Financial Centre (DIFC) recently undertook a significant development with the enactment of DIFC Law No. 2/2014 (the ‘Netting Law’). The main aim of the legislation is to create legal certainty regarding the enforceability of close-out netting agreements in the case of a party’s insolvency. The law is based on the International Swaps and Derivatives Association’s (ISDA) Model Netting Act 2006, amended to include Shari’a compliant transactions.

cLOSE-OuT nETTIngClose-out netting and set-off (‘close-out netting’) are effective tools that reduce exposure to risk. Upon the default or insolvency of one party to a qualified financial instrument, the non-defaulting party may terminate all transactions. Subsequently, any unperformed obligations on either side are then valued and netted against each other to determine a single net value owed by one party to the other.

hOw ThE Law OPERaTESThe Netting Law gives legislative underpinning to close-out netting provisions in Qualified Financial Instruments (as defined in the Netting Law, which are broad range of instruments, including certain Shari’a compliant contracts), where either the agreement is governed by DIFC law or where one of the parties is registered in the DIFC. The close-out netting process involves a series of steps, which the various provisions of the Netting Law seek to validate, thus ensuring that netting can occur both pre-insolvency to post-insolvency. The first step in the close-out netting process, in which the non-defaulting party calls for the termination of the contract, cannot be prevented by a liquidator’s power to assume or repudiate the contract. That power will apply only after effect has been given to the terms of the netting agreement (Article 10).

Following termination of the contract, the value of unperformed obligations of both parties to the contract is determined. These values are then aggregated and netted against each other to determine a single close-out amount owed by one party to the other. The Netting Law gives specific effect to provisions for the determination of close-out values, as well as for payments or transfers made pursuant to netting agreements. The law also specifically addresses the issue of preferential payments in anticipation of insolvency. Payments or transfers made during the suspect period (the period immediately preceding a company’s insolvency) cannot be set-aside

by a liquidator unless specifically proven to have been fraudulently made or made with intention to deprive other creditors(Article 12).

gamBLIng PROhIBITIOn In ThE uaEThe Netting Law also seeks to address any potential conflicts with gambling and wagering prohibitions under the UAE Penal Code, which might otherwise operate to invalidate such transactions. Gambling is strictly prohibited in the UAE under principles of Shari’a law. As the principle of stare decisis does not exist in the UAE, it always remains uncertain whether a court will void a financial instrument by reason of it having gambling-like characteristics, even if such instrument has been held legally valid in past judgments.

The Netting Law explicitly states that qualified financial instruments shall not be deemed void by reason of having the characteristics of a wager, lottery, gambling or gaming contract (Article 7). Although DIFC law cannot override the UAE Penal Code, the inclusion of Article 7 gives market participates reasonable comfort regarding the validity of such contracts.

REgIOnaL ImPLIcaTIOnSThe Netting Law is an important step forward in the development of the DIFC into a full-service financial center. The DIFC joins forty-five other jurisdictions worldwide that have enacted specific netting legislation, while in a number of other jurisdictions netting exists as a general principle of law. Overall, netting analysis conducted by ISDA has been positive for approximately sixty jurisdictions worldwide. The DIFC was the first jurisdiction in the GCC to enact specific netting legislation, and was closely followed by Bahrain with the passing of Central Bank of Bahrain (CBB) Resolution No. (44) of 2014.

These are very positive developments for the region. Prior to the enactment of these laws, regional lenders and their clients faced a higher price of doing business as a result of the higher risk that was assumed in exposure to third parties. Regional banks have previously conduct netting transactions through off shore jurisdictions, but were at a disadvantage to those banks headquartered in jurisdictions with had adequate netting laws. The Netting Law has now made the DIFC a more attractive place to do business and has set a regional standard that other jurisdictions in the Middle East will hopefully seek to emulate.

About Clint DempseyClint Dempsey is a Principal Associate in the Banking and Finance team in the Dubai office at Eversheds. He deals with all aspects of banking and finance. He acts for a range of lenders, as well as advising borrowers on their loan and security documentation. In 2011, Clint completed a nine-month secondment with Barclays Bank plc in London, working in the Lending and Security team and the Debt Finance team.

Principal associate, banking and Finance, Eversheds

clint dempsey

Sources:www.difc.aewww.difc.comwww.cliffordchance.comwww.thenational.ae


ouTlook oN EmERgIng-maRkET cORPORaTE DEBTUnion Bancaire Privée’s Koon Chow, Macroeconomics and Rates Strategist, and Denis Girault, Head of UBP’s emerging-market bond team, give an overview of the investment areas and bond segments to be favoured over the coming months.

BankIng & fInancE



The fall in the price of crude oil and relatively low global inflation – which itself is affected by China’s manufacturing overcapacity – is changing the deal for emerging markets, which are having to meet the challenge of new growth models. Logically, the drop in the oil price is having a disparate impact on these economies: the main oil-producing countries, such as Venezuela, Russia, Nigeria and Iraq are suffering, as, when the price of a barrel of oil slides by USD 10, their current accounts are negatively impacted to the tune of between 2% and 4%. In contrast to this, there is a positive effect on the current accounts of consumer countries, such as Chile, China and India, as well as those in South-East Asia.

These conditions justify a more selective approach to emerging markets than before. According to UBP’s team, the outlook is very favourable for countries that can implement far-reaching structural reforms. We are very positive on India and Indonesia, where growth forecasts are solid thanks to these countries’ fiscal reforms and new investment laws.

Despite the negative impact of the oil price, Colombia is also benefiting from economic reforms. The public investment in infrastructure development is designed to provide sustained support for Colombia’s economic growth. In terms of issuer profiles, Denis Girault believes that investment-grade corporate debt denominated in strong currencies is currently the most attractive segment in the emerging-market bond universe. The continued rise in the US dollar, buoyed by the US Federal Reserve’s round of monetary normalization, favours debt issued in strong – rather than local – currencies. Corporate bonds should be preferred over government debt, as their risk-adjusted yield prospects are better: the average quality of corporate debt is higher (BBB vs. BBB-), there is greater diversification amongst issuers and the rate risk is considerably lower. Institutional investors – who traditionally tend to approach bond markets via sovereign debt – are increasingly coming out in favour of corporate debt because of these qualities. UBP’s team prefers investment-grade over high-yield issuers. In the long term, inflows from institutional investors will continue to help expand the investment-grade segment, which is less volatile than the high-yield

segment. In comparison with developed markets, investment-grade, credit spreads are more attractive as they offer a higher valuation potential. The less favourable borrowing conditions in certain emerging countries (given rising interest rates coupled with weaker local currencies) will penalize lower-quality lenders, leading to increased caution on the high-yield segment, but it is still an attractive means of diversification for the euro investor.

Head of Emerging Markets Fixed Income, UbP

denis girault

Macroeconomics and Rates Strategist, UbP

koon chow

About Denis GiraultDenis Girault is Head of Emerging Markets Fixed Income at Union Bancaire Privée. He joined UBP in 2007 from Barclays Capital, where he was a director in the debt origination group in Hong Kong. He also worked for Merrill Lynch. He started his career at Moody's Investors Service in New York where he managed various high yield portfolios, and has now 21 years of experience in the financial industry. Denis holds a Master’s degree in business administration from the University de Louvain, Belgium and an undergraduate degree in economics from the University de Strasbourg, France.

About Koon ChowKoon Chow is responsible for analyzing the macroeconomic developments in EM fixed income markets at Union Bancaire Privée. He is also in charge of formulating investment allocation recommendations on this analysis. Before UBP, Koon worked as Managing director, head of EM local markets strategy and EMENA economics at Barclays Capital.

BuSInESS PLanET

About Sandra SaksenaSandra Saksena devotes her time and energies to her job in personal financial planning. She leads the first all-female team of financial counsellors at Nexus Insurance Brokers with whom she has maintained a professional relationship since 1996. Sandra heads the division Family Matters at Echelon Advisors and Management Consultants her family firm. Her focus is on financial advice and planning for women and small and medium business owners among others. She is a long time member and serves on various committees of the Million Dollar Round Table USA.

BuSInESS PLanET


While we may all sing along, have we stopped to think of ourselves in old age? I know financial planners and financial institutions

want to sell you products and they use all the hard and soft facts. You look at the facts and stats from independent bodies and decide.

Let’s see, when you woke up this morning. You almost certainly climbed out of bed, walked to the bathroom, used the toilet, had a bath or shower, got dressed and ate breakfast. While we are healthy, it is easy for us to take the above basic daily acts of living for granted. However, when you or a loved one is stricken with a degenerative condition performing these basic functions becomes impossible without the assistance. This could be you, at your late 70’s, after having suffered a stroke. A diabetic for several years with an underlying cardiac condition, you are being looked, taking medicines and having access

to some health care. You are confined to bed most of the day and walking even a few steps to perform daily tasks requires support. There is not much muscle control. Medical history findings include congestive heart failure, diabetes and a depressed mood. You are taking Digoxin daily and Chlorthiazine, aspirin and an assortment of vitamins.

The implications are simple, disability will increase with age, and there will be an urgent need to extend assistance to the elderly, especially the older individuals among the elderly. This costs money!

We underestimate how long we are likely to live! Our grasp of life expectancy is vague at best. After being told that the average 65-year-old has a life expectancy of 85 years, participants in a MetLife survey were asked about the chances that someone at 65 years old would live beyond 85. More than 60 percent put the odds at 25 percent or less. The correct answer: A 65-year-old on average has a 50 percent chance of living beyond 85. The odds are higher for women, and longevity is increasing for men and women alike as advances in medical technology increase our life spans.

Empowerment officer,Nexus Insurance brokers LLC

sandra saksena

“Will you still need me, will you still feed me. When I'm sixty-four?” Those Beatles were a forward thinking bunch!

PlAN WiSEly,LIvEhaPPILy


Our lack of understanding means that many of us don't have a clue when it comes to estimating how long we might have to support ourselves in retirement. Generally, nobody includes health care costs; they underestimate these costs, which are a growing concern as many health insurance companies have a cut off at the age of 65.

According to IMF reports, the challenges faced by industrial countries in the West and Japan with the prospective retirement of the "baby-boom" generation are well recognized. Governments are facing a growing financial burden from pension costs, medical care, and possibly long-term care. This means either sharp increases in taxes or a reneging on the promised level of benefits. A higher EDR (the elderly dependency rate) poses important challenges. Unless the elderly are prepared to work longer, they will need either to have accumulated retirement assets or receive financial support. As the population ages and the birthrate declines, family life will change.

Many Asian countries face their own demographic "time bomb” where it is becoming increasingly relevant, with the gradual weakening of the traditional role of the family as caregivers for multigenerational support. Older people in India are the fastest growing age group in the population. At present, 7 percent of the population (77 million people) is over 60. This number will rise to 176 million by 2026. However, this report also observes that Asian are now getting rich before becoming old. The boom in Asia's economies has positioned it to take advantage of the demographic dividend and tap the region's high levels of savings (the focus here is on Asia's more developed economies outside of Japan: China, Hong Kong SAR, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, and Thailand).

The opportunities afforded by high savings and investment rates relate both to achieving a higher per capita income (PCI) by the time the population becomes aged and to building up a stock of assets, both real and financial (and both internal and external), that can be drawn upon to help finance the consumption needs of an elderly population.Now let’s take this to the local level. Many

of us are planning to make the UAE their retirement home. Some of us may not be in a system or do not qualify for financial assistance from our home countries. So what are we doing about retirement, health and long term care, given that we don’t pay taxes and therefore cannot expect the host country to cough up free medicals, and the like?

What amazes me is this lackadaisical attitude, towards basics as important and imminent as retirement on the one hand and at the willingness of individuals to pay high rates of interest on all sorts of loans. Middle-class salary earners happily pay huge interest on car loans and credit card debt, and interest on housing loans. Many borrow on the unofficial money markets at 2-3 per cent per month (equal to 24-36 per cent per year) to finance expenses like weddings, emergency medical expenses, or foreign education for children.

Is this how you want to survive in retirement? Unfortunately, even theses avenues will be closed to you at old age. Do not assume you have enough and can survive. Find out yourself, check the facts, they never lie. To plan successfully for retirement, you need to start with where you want to be and work backward. In order to know how much you must save during your career and how to invest those savings, you must first have a good idea of how much income you will need in retirement. Your target income in retirement is the basic supposition of your plan, the foundation upon which everything else is built.

Unfortunately, many are not realistic about how much money is really needed. At a recent seminar, I asked people what percentage of their pre-retirement income they would require to support themselves after working their whole life. More than half said they would need 50 percent or less!

Now you debate what the correct benchmark is. If you own your home, remain in excellent health, live in an area where living costs are low and choose low-cost retirement activities, like gardening, then maybe 50 percent is a reasonable target. However, I doubt that will be the case for most retirees. Anyone planning an active 21st-century-style retirement, spend

much more in travel expenses than they anticipate, especially if they have children and grandchildren. I think the right figure is closer to 100 percent of pre-retirement income and some of my clients need more than 100 percent. Other research confirms this tendency to underestimate of what is needed. A MDRT survey on spending in retirement reported, "More households are surprised by how high expenditure needs are in retirement rather than by how low they are."

Make life insurance a part of your retirement plan, this way you will ensure there is money left for your spouse or other dependents if you have exhausted your retirement funds. Include insurances against Critical Illnesses. The financial consequences of suffering a critical illness could be far more significant than the financial consequences of death, because the individual will still incur costs much higher, but earnings are likely to be curtailed. Lifestyle and earnings potential of any career might also be limited.

Add Long-Term Care, this offers the ability to fund the costs of providing care on disability, or the inability to perform certain basic functions, known as activities of daily living. Long Term Care Insurance has been around in one form or another. Today, it has evolved and typically covers a broad range of services including nursing home care, assisted living facilities and adult day care.

Long Term Care services are expensive, depending on the level of service. It is the same type of care that a parent must provide for their new baby. This type of care is chronic (full-time) and therefore becomes very expensive. Like any insurance product, Long Term Care insurance allows the insured to pay an affordable premium to protect an unaffordable catastrophic event.Insurances, be it life, critical illness or disability are a shield to meet the blow that you cannot see coming. Putting these insurances in place will prevent digging and even scraping the bottom of your retirement chest. Now the choice is yours do you want to be the aging baby boomer rocking on the porch, or the biomarker who rocks the world?

BuSInESS PLanET


Since the early beginning of his career Faisal Husain, Co-Founder and CEO, Synechron aimed to become the best in his domain focusing on customer satisfaction and employees fulfilment. In this exclusive interview, Faisal reveals the best way to attain success.

About Faisal HusainFaisal Husain is the Co-Founder and CEO of Synechron. He is responsible for providing the vision, overall leadership and driving sales for the organisation. He started Synechron in 2001 after quitting a prestigious job at Merrill Lynch where he was responsible for setting up their outsourcing practice for the e-commerce and fixed income teams. Armed with 14 years of work experience as a Wall Street technologist and a hands-on approach in IT services delivery, Faisal is regarded as a prodigy in the industry. Faisal holds a Bachelor of Technology degree in Aeronautical Engineering and a Master of Science degree in Computer Science.

About SynechronSynechron, the largest independent pure-play technology consulting and outsourcing provider for the financial services industry is a $285-million firm headquartered in New York. Since inception in 2001, Synechron has been on a steep growth trajectory. With 5,500+ professionals operating in 15 countries across the world, the company is a business aligned technology services provider with proven capabilities in software application development, product development, application management, and systems and technology integration services.


SuccESSA DiFFERENT APPRoACH To

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Co-Founder and CEO, Synechron

Faisal husain

aS a SuccESSfuL BuSInESSPERSOn whO STaRTED hIS fIRST BuSInESS aT ThE agE Of TwEnTy, TELL uS hOw yOu DID IT yOuR Own way.Bitten by the entrepreneurial bug, I left a high-paying job as a senior technologist in the Wall Street at the age of 26. I had a strong vision and a burning desire of establishing my own venture. Fortunately, my two friends Tanveer Saulat and Zia Bhutta shared my vision and decided to quit their secure jobs. We neither had a concrete business plan nor a business background or any sort of financial backing. We decided to embark on this entrepreneurial journey with our own funds and without any bank loan, venture capital or private equity. In 2001, we commenced our business as a garage start-up with a team of seven people. Since inception, we are a profitable and fully self-funded company.

whaT aRE ThE chaRacTERISTIcS Of a STROng LEaDER?A strong leader is generally accessible to his team and a practitioner of open door policy. He/she always believes in fostering a flat organization. A good leader encourages the participation of every member in the management team and strategically delegates the responsibilities. A leader must be agile and adaptive in his/her approach keeping in mind the ultimate objective of customer satisfaction.

whaT aRE ThE SEcRETS Of a SuccESSfuL BuSInESS?A successful business is the one that does not evaluate itself just on the basis of financial metrics. A successful business always strives to become a ‘preferred partner’ rather than merely becoming a product supplier or service provider. No matter how capable and diversified a business is in its own field, it must command market leadership in a niche area. Customer satisfaction should always be given the prime importance.

whaT aRE ThE RISkS ThaT mOST STaRT-uPS In ThE mIDDLE EaST havE TO DEaL wITh? During recent years, the scenario of start-ups in the Middle East region has

witnessed a noteworthy change. Many start-ups have grown to become profit-making organizations. However, there are some challenges, which make it risky for these set-ups to sustain. For funding, complex application processes and delayed disbursement of money lead entrepreneurs to put their personal savings at risk. Due to lack of proper guidance on processes and protocols, start-ups often face legal hurdles in expanding and diversifying their businesses. Investment of high seed capital remains at risk if skilled resources are not available readily.

whaT IS ThE BEST fORmuLa TO DEvELOP a STaRT-uP InTO a SuccESSfuL gLOBaL cOmPany?The best approach for start-ups to grow is aiming to become one of the best companies in their domain and not the biggest. The best brands in the world are not necessarily the biggest ones. Focusing on client satisfaction is the key to achieving success. It is advisable to lay the foundation of a business with your own seed capital. Putting your own investments at risk and backing it up with your passion towards making it work is better than asking someone else to fund your start-up.

cOmPanIES nOwaDayS havE TO DEaL wITh DIvERSITy aT wORkPLacE, whaT acTIOnS ShOuLD BE TakEn TO guaRanTEE ThIS?In today’s fiercely competitive and dynamic business scenario, companies deal with diversity in terms of age, gender, nationality, work experience, education and culture. To operate at a global scale, any business needs to be accommodative in order to hire employees from different nationalities and cultures. Employees should be treated equally in terms of remuneration, promotion, development and other HR policies. If handled appropriately, diversity can actually be a tool that fosters further growth.

why TaLEnT DEvELOPmEnT ShOuLD BE OnE Of ThE PRIORITIES fOR EvERy cOmPany?As business runs on people, human capital should be managed with a well-structured talent management and succession-planning

program in place. Talent development is very critical for meeting current and future business requirements. Aligning and nurturing personal

career growth of employees with organizational goals is also important. It is absolutely essential in the current dynamic environment where attrition rate is comparatively higher and retaining talented human resources for long term is a challenge. In leadership teams, periodic changes are required in order to bring new leadership perspectives and a variety of industry experience to table.

whaT IS yOuR cOmPany DOIng DIffEREnTLy TO kEEP ITS EmPLOyEES SaTISfIED?Human capital is a precious asset, which is the driving force for our business. We care for our employees and always strive to keep them happy in terms of their career growth and overall well-being. The voice of employees matters a lot for us and therefore we have introduced open forums like CEO Town hall meetings and ‘Q&A with CEO’ for employees.

For their personal growth and skill enhancement, we provide monetary support for their higher education and offer training sessions (internal & external) for skill up gradation.

At Synechron, we take healthy living very seriously. We encourage healthy living among our employees by way of in-house Power Yoga sessions, interactive health sessions by doctors, In-house Gym facility, external gym tie-ups, medical check-ups and tie-ups with some renowned hospitals.

Security of female employees is a matter of utmost importance for us. We conduct self-defence workshops for them on a regular basis; moreover, they are provided with secured transportation facilities in case of odd working hours.



The first quarter of the calendar year is the best time to consider employee retention efforts. In fact, everyone is back to the office and work is in full swing. Your employees have had a little time off, and during that time, your best employees – or star performers – have been planning ahead and assessing their job, career, health, and family issues.

Star performers are now thinking whether they should continue to develop their career with your company or look at other career options. So what can you do to keep your best talents engaged and excited about your business?

Here are five ways from experts at Bayt.com, to make sure that you don’t lose your best employees:

1. EncOuRagE EmPLOyEE-wORk-LIfE BaLancEA good work-life balance was identified by respondents in the Bayt.com Employee Motivation in the MENA Workplace survey as the top motivating factor at work. Achieving a good work-life balance for your employees could be as simple as altering your work arrangements by including flexible hours, part-time and telecommuting, in addition to sabbaticals for long-serving personnel and extended leave periods for new parents. In fact, 22.7% of respondents in the Bayt.com ‘Work-Life Balance in the MENA’ poll said a flexitime arrangement with same total hours would be most appealing to them at work, while 10.4% opted for a work-from-home arrangement.

2. Pay cOmPETITIvELy The Bayt.com ‘Employee Retention in the

MENA Workplace’ poll shows that 26.6% of professionals in the MENA region see a competitive salary and benefits package as the most important factor for employee retention. Similarly, 31.6% of professionals in the Bayt.com ‘Work Satisfaction in the MENA’ poll said that what they would most like to change about their current job is their salary. 16.1% of respondents who took part in the Bayt.com ‘Work-Life Balance in the MENA’ poll mentioned poor pay as their primary source of stress.

3. cOmmunIcaTEIt goes without saying, but we will repeat it anyway: good communication is absolutely vital for smooth sailing in a business. As almost a third (30%) of respondents in the Bayt.com ‘Work Satisfaction in the MENA’ poll said that they did not feel communication channels in their company were open, one way for you to create open

HoW To RETAiN youRSTaR PERfORmERS

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communication between employees and management would be by holding regular meetings in which employees can offer ideas and ask questions. Having an open-door policy that encourages employees to speak frankly with their managers without fear of repercussion is also a good way to foster open communication in the workplace. 4. acknOwLEDgE EffORTS 17.7% of respondents in the Bayt.com ‘Employee Retention in the MENA Workplace’ poll mentioned performance recognition as the most important factor for employee retention. The importance of giving regular and constructive feedback to encourage, motivate and guide your employees cannot be overemphasized. Adopt a comprehensive firm-wide performance appraisal system for formal appraisals and complement that with

regular informal face-to-face meetings discussing progress and performance and issues or concerns that hinder them. The purpose of these meetings should not be to criticize but to guide, assist, mentor, and coach the individual to better performance levels. Regular positive feedback for key accomplishments and contributions is a key criterion for raising employee morale. In addition, companies that recognize and reward employee contributions routinely and systematically have already curtailed one of the main reasons for staff turnover.

5. InvEST In TRaInIng anD DEvELOPmEnTEmployees tend to put more effort into their jobs when they feel valuable to their company. In fact, 14.4% of respondents in the Bayt.com ‘Employee Retention in the MENA Workplace’ poll chose training and development opportunities as the most

important factor for employee retention. If you invest in your employees and cater to their professional needs, they are most likely to invest right back in their jobs. Fortunately, 73% of respondents in the Bayt.com ‘Skills and Hiring Trends in the MENA’ poll believe that investment in training will increase in 2015.

In conclusion, far from being a luxury, retaining talent – and especially top talent – is an essential commodity in today’s corporation and a measure of organizational welfare that cannot be ignored. Companies that are attuned to this important measure of corporate wellbeing will be able to benefit from better productivity, reduced turnover, and higher staff loyalty and commitment.

About Bayt.comBayt.com is the number 1 job site in the Middle East with more than 40,000 employers and over 19,250,000 registered job seekers from across the Middle East, North Africa and the globe, representing all industries, nationalities and career levels. Post a job or find jobs on www.bayt.com today and access the leading resource for job seekers and employers in the region.

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“Challenges keep me going. I deliver the best of my abilities when I encounter a challenge.” With this mantra, Dr. Habib Al Mulla, Partner and Chairman, Baker & McKenzie Habib Al Mulla has achieved great success throughout his career and became one of the United Arab Emirates’ most highly respected legal authorities. Having founded the law firm Habib Al Mulla in this country nearly three decades ago, Dr. Habib has over 30 years’ experience in UAE law and has drafted many of the modern legislative structures in place in Dubai.

In an exclusive interview with Capital Business, Dr. Habib affirmed that the UAE is the largest economy in the region after Saudi Arabia, and the modus operandi of doing business in this country are by far superior to any other jurisdictions in the region. “We are following best practices similar to the strategies adopted in New York, London, Singapore. However, many regulations in the UAE require improvements today. Some rules need to be addressed more than others, namely the commercial sector and commercial laws in particular. I feel sorry that the commercial business law has not been updated since its issuance in 1993 based on the Kuwaiti commercial law, issued in 1980. Things have changed since then, and the economy has significantly changed as well. We have been talking about a new commercial companies’ law for years now. Moreover, we do not have an arbitration law yet, nor a foreign direct investment law, or a modern comprehensive insolvency. Therefore, many areas need improvements, and this ought to be a top priority with regard to modernizing the UAE’s legislation.”

When asked about the labor Law, he admitted that although the UAE’s labor law is good, it needs some enhancements. “The first draft was issued in 1980 and amended in 1986, and we haven’t seen dramatic changes since then,” he said.



Dr. Habib is behind the concept of financial free zones in the UAE and was the architect of the legal framework establishing the Dubai International Financial Centre (DIFC), the first financial free zone in the country. Moreover, he has served as legislative committee Chairman of the Dubai Financial Services Authority (DFSA), which supervises regulated companies in DIFC and monitors their compliance with applicable laws, regulations and rules. “When we talk about regulatory aspects in the UAE, we need to differentiate between various sectors and at the same time different jurisdictions,” noted Dr. Habib. “DIFC has proved itself as an excellent regulator for adopting the best practices and providing an efficient and safe platform for businesses and financial institutions. Moreover, the Global Marketplace Abu Dhabi (GMAD) is also having a separate regulator similar to that at DFSA, and I expect it to excel. However, there have

been few improvements in the onshore regulatory authorities and we have now a regulator dedicated to the insurance sector, which has always been needed,” he continued.

The financial sector has been facing many regulatory issues, and Dr. Habib is well aware of this fact. One of the main issues that this sector has been dealing with is that the central bank law is outdated.

“The current law has been in place for many years and does not reflect the developments that the banking and capital markets sectors have witnessed in the last decade. Therefore, the UAE is in need of a modern banking and capital markets law, and the government has been very keen in modernizing this law based on a new model called twin peaks.”

The new legislation is being finalized and waiting to be enacted. It will involve the Central Bank and The Securities and

Commodities Authority (SCA). “There will be two regulators in the state. The first one will be dealing with banks and companies operations and the other with sovereign operations of the banking sector and the monetary aspect of the state,” he noted. In reply to our question about how he measures the regulations adopted by banks in the UAE concerning postdated cheques, the veteran declared, “I have my own opinion in this regard; I believe that it is about time for federal penal code to stop considering issuing bounced cheques as criminal actions. This practice has affected many genuine businesses and is considered inappropriate with a modern insolvency law or whenever a company is filing for insolvency protection. It is also a burden on both the police force and the persecution courts. All these years, this rule has not helped at all in preventing issuing bounced cheques as the issue continues to occur.”

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BakER & mckEnzIE haBIB aL muLLaSince July 2013, Baker & McKenzie Habib Al Mulla- the first international law firm to fully merge with a UAE firm- has grown to become the UAE’s only full service law firm with global outreach and presence. With 77 offices around the world, the firm provides all areas of legal services from a small litigation claim to cross border highly sophisticated transactional work.

“Our strategy is to attract the best talent in the market as well as maintain it and provide a proper training for UAE nationals. We have recently worked on the largest share acquisition in the UAE market that is worth about $US 2 billion, which the regulator has recently approved. The growth of the market has also helped us and the merging between Habib Al Mulla and Baker & McKenzie came at the right time when the UAE and Dubai in particular were experiencing a recovery.”

Recently, the leading UAE law firm announced that its Chairman, Dr. Habib has been appointed Chairman of the Board of Trustees (the Board) of the Dubai International Arbitration Centre (DIAC) by decree of HH Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai, in December 2014. DIAC, which was established in 1994 as the "Centre for Commercial Conciliation and Arbitration", provides a high caliber of arbitration services and facilities on an international scale.

Commenting on his appointment, Dr. Habib said, “I have been the Vice Chairman of trustees of DIAC for two terms now. I know this organization since its inception. In the last ten years, DIAC has grown to become one of the top five international arbitration centers in the world and is by far the number one arbitration center in the region. However, the dynamics of the market have changed and DIAC needs to

continue its growth path as the leading arbitration center in the region.” In light with the above, he mentioned that DIAC‘s main focus this year is to appoint a new director. “Although the administrative structure of DIAC has allowed it to continue its daily operations without people noticing any kind of deficiency, it is time to have a director that can lead DIAC and take it to the next level. We are working on that. My target is to appoint a new director on board within the first half of the year as well as a commission working on updating the governing rules of DIAC, which were issued a long time ago.”

SETTLEmEnT Of DISPuTES By aRBITRaTIOnDisputes can arise in any environment. The UAE’s economy is much diversified, and as a result, disputes between parties are diversified.


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“The real estate sector, being the main driving factor behind Dubai’s economy and business, plays a major part of disputes between parties. After this sector, comes general corporate and commercial issues related to trading, distribution, joint ventures like structure acquisitions and merging between companies. These are the main areas of disputes that shape the UAE dispute resolution practice.” Elaborating furthermore, he added, “Naturally, when someone gets into business or any kind of commercial activities, it is normal for them to have different opinions from their peers or colleagues with regard to constitutional performance of the contract, which certainly leads to disputes. Conventionally, courts have been the first choice. I believe that with the complication and sophistication of trading activities, it is important to realize that courts are not as expedient as the parties may wish their disputes to be resolved. Courts are overwhelmed with a number

of cases, and it is appropriate for parties to look at other dispute resolution options such as arbitration and meditation. The advantage of mediation is that parties will resolve their dispute in such a way that allows them to keep on practicing their business activity in the future. As for the arbitration, the parties will have the choice of appointing arbitrators that they believe have the necessary skills and expertise in the particular disputes that they need to examine.”

Settling disputes by arbitration has always been faster and less complicated and time-consuming than going to courts. “DIAC has played a significant and critical role in enhancing and spreading the culture of arbitration so that people understand, realize and rely on arbitrations as a choice of dispute resolution,” declared Dr. Habib. Nevertheless, DIAC is not only serving the UAE market, but also the GCC region. “Ten years ago, people were only relying

on courts as a means of settling their disputes, and even if they were to opt for arbitration they would have chosen foreign jurisdictions such as ICC in Paris. Today, I think there is confidence and trust in DIAC, not only in the UAE but also in the wider region. DIAC was very instrumental in spreading this culture and today, we have more than seven arbitration centers in the UAE.”

He continued, “The concrete confidence in the rules and efficiency of DIAC attracted businesspersons in the region to rely on DIAC as their choice of arbitration center. We need to expand this model beyond the immediate region and reach areas like the Subcontinent and North Africa. This is part of DIAC’s mission today to present itself in those regions as a choice of dispute resolution.”

**By Jenny Kassis


BEyoND 3DImEnSIOnSDASSAulT SySTèMES (DS), THE 3DEXPERiENCE CoMPANy, PRoViDES oRGANizATioNS AND iNDiViDuAlS WiTH ViRTuAl uNiVERSES To iMAGiNE SuSTAiNABlE iNNoVATioN. iN A RECENT ViSiT To THE CoMPANy’S PREMiSES iN PARiS, CAPiTAl BuSiNESS MET WiTH THE CoMPANy’S EXECuTiVES AND EXPERiENCED SoME REAl 3D PRojECTS DEMoS THAT DASSAulT SySTèMES HAS BEEN WoRkiNG oN FoR yEARS NoW.

InfORmaTIOn TEchnOLOgy



DaSSauLT SySTèmES aT a gLancE With more than 190,000 enterprise customers across 140 countries, Dassault Systèmes is at the core of the innovation business combining science, technology and art for a sustainable society. The company is considered as one of the most innovative and sustainable companies in the world. DS provides a range of product development software applications, delivered on the 3D experience platform. Just to name a few, the portfolio of applications includes CATIA, the world’s engineering and design leading software for product 3D CAD design excellence, which addresses all manufacturing organizations. It also includes SOLIDWORKS, which leads the global 3D computer-aided design (CAD) industry with easy-to-use 3D software that trains and supports the world's engineering and design teams.

Applying the 3D experience allows DS to meet the consumer’s needs across different industries. Elaborating more on that, Philippe Forestier, EVP Global Affairs & Communities, Dassault Systèmes said, “Now that we are at the age of experience, consumers make decisions. Therefore, we have to prove them that we can provide them with the right experiences. For example, when one wants to buy a car, they look for safety and comfort. Thus, we came up with the 3D experience, which allows consumers to experience the real features of a car. TV commercials for cars are usually virtual. For this reason, we have acquired a company responsible of doing advertisements for cars prior to designing the vehicle, in a way that allows us to review and experience the automobile.”

“We can’t do more of the same thing. The world of tomorrow cannot be the extension of today,” says Bernard Charles, President and CEO Dassault Systèmes. Therefore, DS believes that innovation is necessary, and the 3D experience is highly required to help people create and live their own experiences. Moreover, since the world is becoming digital and in order to keep pace of the technological development, this platform comes to revolutionize and change the way people are working. With the 3D experience platform, DS customers can create “social enterprises”, which

involve their customers in the innovation process. With its online architecture, the 3D experience environment helps businesses test and evaluate the eventual experience they will deliver to their customers.

Pointing to Dassault Systèmes’s expansion and diversification strategies, Philippe Forestier stated that the company is making one acquisition per month in order to grow its portfolio of solutions and has now 3,500 partners. “We primarily look at the key challenges of the humanity. Those challenges range from providing better life as well as improving global health, providing energy and resources for the humanity and guaranteeing a better education system in the world. Our mission is to help stakeholders across different sectors do their job in a better way through our simulation technologies.” In line with these expansion plans, DS has been present in the Middle East since 2009 and is always looking to grow further in this region. Among a number of organizations, the Khalifa University of Science, Technology and Research (KUSTAR) signed a Memorandum of Understanding with DS to develop cutting-edge education and research activities using Product Lifecycle Management (PLM) solution. In addition, CERT has collaborated with DS to develop advanced 3D digital design and manufacturing expertise.

Moreover, in his presentation, “CAPEX and OPEX optimization in the enery industry in the Middle East”, Philippe Audrain, Business Consultant Director, Energy Process and Utilities, DS affirmed that the services DS provides to the energy

sector allow companies to optimize their investments and minimize the cost of their operations. He also mentioned that in order to make the wind a viable energy source in the future, DS minimizes cost, risk and environmental impact as well as maximizes energy capture. “We just need the tools to make it possible. By working together more efficiently, projects can be completed on budget and on schedule more easily, with minimum impact on consumers and the environment.”

Through the 3Dexpericnce, DS solutions help customers plan their new plant. “We specify the plant, design it, test it and build the digital plant referential. Our solutions allow us to see the full plant in 3D and visualize how it works even before it exits. These solutions help our customers win tenders and new projects,” he noted.

PhiliPPe audrain

PhiliPPe Forestier

EVP Global affairs & Communities, DS

business Consultant Director, Energy Process and Utilities, DS


Our visit ended at the DS virtual reality center where Mehdi Tayoubi, Vice President, Global Experimental Strategy, DS and Nicolas Serikoff, Experimental

Strategy Manager, DS took us back in time with some presentations and live demonstrations of many projects including Paris 3D Saga. This digital model of

Paris took us in a tour to relive the main historical moments in the city of lights and explore the construction of many monuments including the Eifel Tour.

On ThE SIDELInES Of ThIS vISIT, wE caughT uP wITh OLIvIER LETEuRTRE, managIng DIREcTOR, DS mIDDLE EaST whO gavE uS an OvERvIEw Of ThEIR PRESEncE In ThE REgIOn anD ThE uaE In PaRTIcuLaR.

why DID yOu DEcIDE TO OPEn a BRanch In ThE uaE?We decided to open an

office in the UAE in order to cover different countries in the Middle East. This country is the perfect place to be as all key players in the software industry are operating in the Middle East through their offices in Dubai.

whO aRE yOuR maIn cuS-TOmERS In ThE uaE anD In whIch InDuSTRIES DO ThEy OPERaTE?Our customers in the Middle East are mainly in the aerospace and defense sector like Mubadala Aerospace as well as the oil and gas industry such as ARAMCO, Qatar Petroleum and RasGas. We also collaborate with universities including KUSTAR and College of the North Atlantic.

PLEaSE TELL uS aBOuT yOuR acTIvITIES In ThE EmIRaTESWe are trying to help the UAE diversify its economy and reduce dependence on oil and gas by focusing on different sectors such as aerospace, in which the government of Abu Dhabi is greatly investing. Additionally, in line with the emiratisation, we are helping the UAE government by collaborating with universities in order to help create the

future of new local engineers. Moreover, we are contributing to the establishment of a digital environment in the country by being at the cutting edge of technology and enhancing people’s work experience. hOw aRE yOu hELPIng BuSInESSES makE BETTER anD mORE accuRaTE DEcISIOnS?Through our solutions, companies can simulate their projects, what they are building and manufacturing. This helps them prevent risks and execute in a better way. It also allows them to make decisions that are more accurate since things are made virtually before being done in the real world. whaT IS yOuR gROwTh RaTE In ThE REgIOn cOmPaRED TO yOuR cOmPETITORS?We are ahead of our competitors worldwide and the only company that provides 3DExperience and PLM in the Middle East. whaT IS ThE PERcEnTagE Of gROwTh In 3D awaREnESS anD In ThE DEmanD Of yOuR SOLuTIOnS amOng BuSInESSES hERE?Industries like construction and aerospace are facing today the same challenges that the transportation industries faced ten years ago. Companies and individuals are not fully aware yet of the importance of 3D and PLM and what these solutions could bring. Therefore, the main challenge that we face

is about educating the market, and we are investing a lot of time and effort in order to educate decision makers in different companies.

hOw DO yOu PLan TO gROw anD STREngThEn yOuR BuSInESS In ThE mIDDLE EaST In ThE cOmIng yEaRS?The Middle East is a strategic region for us and we will keep on investing in this part of the world as we are expecting a lot from this region. We believe there are many ties between DS and the evolution of the economy in the Middle East.

The first one comes from the diversification of economies in different countries like the UAE, Qatar and KSA. DS has made a great breakthrough, which led to a diversification in the industries we are addressing. We developed our operations from three main sectors, aerospace and defense, transportation and mobility and industrial equipment to twelve different industries. Our solutions can help companies in the oil and gas or the nuclear energy sectors or even the EPCs (Engineering, procurement and construction) companies to grow and increase their profitability. We believe that through our diversification and the diversification of the economy, DS can be a key player and grow in this region.

**By Jenny Kassis


olivier leteurtre

Managing Director, DS Middle East


aDvancED DnS PROTEcTIOn THE NEED oF THE HouR FoR MiDDlE EAST TElCo oPERAToRS


The Etisalat website was hacked into on Thursday, 18th December and persons visiting the domain name Etisalat.ae were redirected to a Chinese site. Etisalat’s

payment service - e4me.ae - was showing an error message– Gateway Timeout.What we know for sure is that Etisalat’s Doman Name System (DNS) was compromised. Since Etisalat is the incumbent UAE operator that owns the Etisalat.ae domain, it was definitely an attack on Etisalat’s DNS and not another hub. They have been victimized by a DNS Cache poisoning exploit that basically involves inserting a false address record for an Internet domain into the DNS query. If the DNS server accepts the record, subsequent requests for the address of the domain are answered with the address of a server controlled by the attacker. For as long as the false entry is cached, incoming web requests and emails will go to the attacker’s address. There are many ways to accomplish this. New cache poisoning attacks such as the “birthday paradox” use brute force, flooding DNS responses and queries at the same time hoping to get a match on one of the responses and poison the cache. Cache poisoning is one of 14 attack vectors on DNS infrastructure and perhaps the most dangerous DNS exploit today is the DNS Tunneling and this is a killer exploit as it allows attackers to bypass all security mechanisms an organization has put in place. DNS tunneling involves tunneling another protocol through DNS port 53 – which is allowed if the firewall is configured to carry non-DNS traffic – for the purposes of data exfiltration. A free ISC-licensed tunneling application for forwarding IPv4 traffic through DNS servers is widely used in the kind of attack. Iodine is one of the most popular tools that is easily available and widely used for this attack. Some of our Service Provider customers have seen this being used to evade billing systems.

There are two possible motivations behind these attacks. The first is the pure joy of

proving that a high profile organization (in this case Etisalat) is vulnerable and their systems can be compromised. The second is malicious intent for financial gain. People logging onto a website that has been hacked are redirected to a malicious site that instantaneously downloads malicious code via the browser session in the form of botnets, advanced persistent threats (APTs) and malware into unsuspecting users’ devices – mobile phones, PCs and laptops and steals their data including sensitive information like user names and passwords through techniques like keyboard logging, which tracks the keys struck on the keyboard secretly while the user is making an online banking transaction for example.

The code that is downloaded is perfectly legitimate code (with malicious intent) and as such will pass through all the security measures that have been put in place, undetected. This can be likened to a person (with malicious intent) travelling with a legitimate passport and visa through airport immigration and then causing disruption once he enters the country. There could be no screening at the airport that could have detected the malicious intention.

Attacks like the one on Etisalat could definitely have been prevented. In the past 15 years, we have seen attack vectors move from the Desktop to Network and to the Application layer. In the past 18 months, DNS has become the latest target where DNS has become the second highest attack vector on the Internet slightly behind HTTP attacks. In fact, DNS is projected to surpass HTTP to become the number one attack vector within the next 12 months. In the past year alone, DNS attacks have increased by more than 216 percent. In the same way that today companies cannot build networks without firewalls and intrusion prevention systems, we have entered an era where organizations can no longer build networks without DNS security.

There is currently only ONE effective way to address these DNS threats – directly from within the DNS servers themselves. DNS attacks cannot be handled by any of the traditional security technologies including firewalls, intrusion technologies, etc. Only purpose-built products that provide Advanced DNS Protection (ADP) can address such attacks.

About Cherif Sleiman Cherif Sleiman is the General Manager for Middle East at Infoblox. He has more than 20 years of sales, technical and business experience with some of the world’s leading networking and telecommunications technology companies. He has held key executive roles, including Chief Operating Officer and Chief Technology Officer at Core Communications. He spent more than six years at Cisco in various leadership positions, the last being senior director, leading the enterprise business for Middle East and Africa. He also developed the strategic vision and technology roadmap, and managed all aspects of research and development, for Nortel Networks in his role as CTO, Enterprise Business Unit.

General Manager- Middle East, Infoblox

cherif sleiman


DNS iS PRojECTED To SuRPASS HTTP To BECoME THE NuMBER oNE ATTACk VECToR WiTHiN THE NEXT 12 MoNTHS.

BEST PRacTIcES

InaDEquaTE

THE CASEWiTH FEEliNG

We all felt inadequate- not good enough- at one point or another in our life and tried to compensate for it somehow. Feelings of inadequacy have different roots and can be connected to anything from being neglected as a child to workplace harassment also known as bullying. We tell ourselves stories about how bad we are or how we are going to fail anyway and we start believing them. Society, culture and the power of the media contribute negatively to our feelings of inadequacy. They paint a perfect picture about success, beauty, money, fame and power that is totally unattainable. When we compare ourselves to this image of perfection, we are bound to believe we are a failure and feel inadequate. According to GoodTherapy.org, “People may attempt to mask or hide their feelings

of inadequacy from themselves and from others in a number of ways. Some people may isolate themselves socially or otherwise close themselves off to the advances of others for fear of being truly “seen”. Others may develop compulsions, such as over-spending or overeating, as a way to cope with feelings of inadequacy. And some people project their feelings of incompetence onto others as a way to avoid difficult emotions, or they may attempt to control others or their environment in order to regain a sense of control when inadequacy leaves them feeling powerless. […]People who feel inadequate may also experience:• Anxiety, particularly with regards to performance

• Heightened sensitivity and self-criticism• Reluctance to accept or trust in the affection of others • Low self-worth• Perception of failure• Fear of rejection• The inability to accept praise• Feelings of powerlessness• The inclination to conform or succumb to peer-pressure.”

Does any of the above sound or feel familiar? If it does, this doesn’t mean you need to see a therapist unless you suffer from acute anxiety or chronic depression, but it does mean you need help in understanding where all of this is coming from, what triggers you and what are some of your typical coping behaviors. A change



in perspective and outlook can help you achieve more self-confidence and increase your level of self-worth. A coach can help you do that by facilitating a self-discovery process in which you uncover your key values, strengths and talents and learn how to focus on them in order to get the most out of every situation and reach your highest potential. As long as you allow yourself to fall into the trap of shame, blame and feelings of inadequacy, you are not in control.

I am going to share with you a case where I helped a client overcome inadequacy to illustrate what it would look like from an executive coaching perspective. The name of the client has been changed to protect her confidentiality. Rola came to see me because she was hitting a ceiling in her career and couldn’t overcome her feeling of not being good enough, which haunted her and stopped her from claiming her next promotion. You see inadequacy is an energy that others around you will feel no matter what. If you don’t believe you can do it what will make your boss believe that you can?! So the key was to make Rola believe in herself and see the extent of her own potential. Some people “fake it till they make it”, they may feel that they are not good enough in something but in order to fool others, and often themselves too, they at least believe that they can fake it. They may not know exactly what to do but they will pretend to know until they really learn. Rola was the kind of person who couldn’t even fake it. Her perfectionist nature made her judge herself constantly and red flags kept popping up every time she tried to do something different or get out of her comfort zone. Her fear of failure was too strong. During the discovery session, we found her top five values, the ones that are so essential to who she is that if not honored will contribute to more inadequacy. Among these top 5 were freedom of expression, doing things right and having fun. Next, we looked at her key strengths through the strengths finder assessment. The two that showed up strongly were achiever and ideation. Achievement is Rola’s drive and it is what she lives to see every single day. By the end of the day, she must feel like she has achieved something or she will not be happy! Imagine if she goes for

weeks without feeling that she’s achieved anything, how will this contribute to her feelings of inadequacy in your opinion? Ideation means that she loves to think up new ideas. She is fascinated and energized by them. She loves to make connections through new ideas, go beyond the surface to explain difficult concepts from a simpler yet enlightening perspective. Rola is very creative and gets bored easily if not presented with the right challenges. Her strength lies in coming up with the big ideas that others get to implement. Through the Workplace Big 5 assessment, we learnt more about her personality and

the FIRO B assessment allowed us to explain what her behavior says about her needs in the workplace. Her introversion along with her high perfectionism, high imagination and her medium reserve as per the WPB5 paint a picture of someone who is big on ideas, has high standards for how implementation will look like but has trouble communicating these ideas to the right people at the right time. She wants to be involved in others’ ideas but prefers to work alone and not involve anyone in hers as highlighted by the FiroB. This makes others on her team not trust her intentions because she gives mixed messages and looks like she is hiding something.

All this data helped Rola see herself through different lenses. It helped her understand where she needs to focus her efforts and what she needs to change in order to get the most out of her team and peers. They made her realize that in order to vhonor her

value of having fun, she needs to let go of her perfectionist nature and enjoy the journey no matter what the outcome is. She can still do things well and right but they don’t need to be perfect. She is great at thinking up new ideas so this is where her focus needs to be, not on implementation. If she gets out of her cocoon and gathers the courage to present her ideas boldly, her passion will shine through and she will be convincing without much effort. She will get everyone’s buy in and will need to exercise inclusion for her team to trust her. Communication for Rola is key. She needs to work on formulating her ideas well and expressing them openly. Proof of how well this works time and time again will help her see how great she can be, and will soon enough wipe away her feelings of inadequacy. Based on all of these findings, I helped her create an action plan that allowed her to work on all these elements in a timely fashion, working with real examples from the workplace and putting in place key milestones that will allow her to see her achievements every day.

Rola finally got her promotion and was able to overcome her fear of failure, let go of her perfectionist nature and embrace her natural talents. Today, she is a confident leader who knows how to keep her triggers at bay and how to always play her winning cards to beat inadequacy every single time.

Executive and Leadership Coach

rawan albina

A CHANGE iN PERSPECTiVE AND ouTlook CAN HElP you ACHiEVE MoRE SElF-CoNFiDENCE AND iNCREASE youR lEVEl oF SElF-WoRTH.

About Rawan AlbinaRawan Albina is a successful self-made Executive and Leadership Coach who has coached more than 150 individuals from 60 different nationalities all over the Middle East. She is one of the eleven Professional Certified Coaches (PCC) in the Middle East. She also served for 10 years as a manager and leader with multinationals Tetra Pak and Nestlé.Rawan holds a Bachelor’s degree in Business and Economics and is a graduate of the prestigious Coaches Training Institute. Rawan is certified in the FIRO and WPB5 assessment tools. She is a proud member of the International Coach Federation (ICF) and the European Mentoring and Coaching Council (EMCC). W: www.rawanalbina.com L: www.linkedin.com/in/rawanalbina T: @RawanAlbina

BEST PRacTIcES



ARE hIgh-cOnfLIcT PEOPLE RuiNiNG youR BuSInESS?

Are high-conflict people increasing in your workplace? They can be customers who yell at employees and storeowners. Employees who intentionally undercut their colleagues. Supervisors who are so disdainful that employees become depressed, physically sick or quit. They cost businesses millions of dollars each year in lost work, health care costs, low company morale – and the diversion of management time and energy into dealing with them.

High-conflict people (HCPs) are not just difficult people – they are the most difficult people, because they tend to focus on a “target of blame.” They have a lot of “all-or-nothing” thinking, unmanaged emotions and extreme behavior. For them, the issue is not the issue, their personalities are the issue. They act in ways that most people would never act, but they tend to excuse this behavior because of what others did, or because they were tired or had a bad day. You cannot easily give them feedback, as the intensity of their defensiveness will take over. They share many personality traits with those who have personality disorders. Research cited in the 2013 DSM-5 (the manual of mental health professionals), suggests that “approximately 15% of U.S. adults have at least one personality disorder.” This is much higher than the reports of the prior DSM-IV, published in 1994. The traits HCPs share with personality disorders are a lack of self-awareness, a lack of behavior change and seeing their problems as caused by someone or something else.

This makes them difficult employees and managers, but not impossible. In many cases, understanding their common patterns can help others avoid taking their behavior personally and finding effective ways of communicating with them in many cases.

cOmmOn PERSOnaLITy PaTTERnS

Five of the ten personality disorders seem especially likely to show up at work with high-conflict behavior. Not everyone with a personality disorder will become engaged in high-conflict behavior and not everyone with high-conflict behavior has a personality disorder. However, there is a lot of overlap. It is very important not to tell someone that you believe they have this problem, or they will generally act much worse toward you. In many cases, this problem is not obvious at first, or at all, until situations blow up:

About Bill EddyBill Eddy, LCSW, Esq., is a lawyer, therapist, mediator and the President of High Conflict Institute. He is an international expert on managing disputes involving high conflict personalities and personality disorders in court, the workplace and community. Bill is a Certified Family Law Specialist in California and the Senior Family Mediator at the National Conflict Resolution Center in San Diego. Previously, Bill was a Licensed Clinical Social Worker providing therapy in psychiatric hospitals and outpatient clinics. He is on the faculty of the Straus Institute for Dispute Resolution at the Pepperdine University School of Law and the National Judicial College.

About L. Georgi DiStefanoL. Georgi DiStefano, LCSW, received her BA with highest honors from Richmond College, City University of New York, and her Masters in Social Work from State University of New York at Stony Brook. Georgi has served as a clinician, program director, trainer, and consultant throughout her career. She has worked as a trainer for NASW on alcohol/substance dependency and has been invited to speak on her work at international conferences. It's All Your Fault At Work is her third book.

Bill eddyLawyer, Mediator, Therapist & President, High Conflict Institute

l. georgi distefanoTherapist, Employee assistance Professional & workplace trainer in conflict resolution


naRcISSISTIc PERSOnaLITy DISORDER is characterized by an arrogant sense of superiority, a demeaning attitude, a lack of empathy and sense of entitlement. They often “kick down and kiss up,” meaning that they may be bullies and slackers with those below them, but seem charming and hard-working to their higher ups. BORDERLInE PERSOnaLITy DISORDER catches others by surprise, with their sudden and intense anger – totally out of proportion to the situation – combined with a charming disposition the rest of the time. anTISOcIaL PERSOnaLITy DISORDER (also known as sociopath) may steal, lie, manipulate and dominate until they have gotten what they want and moved on. However, they can succeed and seduce those around them for months or years at a time. Many have criminal records – that is, the ones who get caught. A good example of this personality is in the current movie “Big Eyes.”

PaRanOID PERSOnaLITy DISORDER suspects conspiracies against them and may carry grudges for months or years. Histrionic personality disorder increases drama in the workplace, with great stories but little positive benefit. The result is that they have a pattern of high-conflict behavior that increases conflict rather than reducing or resolving it. This pattern usually happens over and over again in many different situations with many different people. The issue that seems in conflict at the time is not what is increasing the conflict. The “issue” is not the issue! With HCPs, the high-conflict pattern of behavior is the issue. Bottom line: “It is all YOUR fault!” they say.

hOw TO SPOT hIgh-cOnfLIcT BEhavIORS

aLL-OR-nOThIng ThInkIng: HCPs tend to see conflicts in terms of one simple solution rather than taking time to analyze the situation, hear different points of view and consider several possible solutions. Compromise and flexibility seem impossible to them, as though they could not survive if things did not turn out absolutely their way. They often predict extreme outcomes if others do not handle things the way that they want. In addition, if friends disagree on a minor issue, they may end their friendships on the spot – an all-or-nothing solution.

unmanagED EmOTIOnS: HCPs tend to become very emotional about their points of view and often catch everyone else by surprise with their intense fear, anger, yelling or disrespect for those nearby or receiving their comments over the Internet – or anywhere. Their emotions are often way out of proportion to the issue being discussed. This often shocks everyone else. They often seem unable to control their own emotions and may regret them afterwards – or defend them as totally appropriate, and insist that you should too. On the other hand, there are some HCPs who don’t lose control of their emotions, but use emotional manipulation to hurt others. They trigger upset feelings in ways that are not obvious (sometimes while they seem very calm). Nevertheless, these emotional manipulations push people away and don’t get them what they want in the long run. They often seem clueless about their devastating and exhausting emotional impact on others.

ExTREmE BEhavIORS: HCPs frequently engage in extreme behavior, whether it is in writing or in person. This may include shoving or hitting, spreading rumors or outright lies, trying to have obsessive contact and keep track of your every move – or refusing to have any contact at all, even though you may be depending on them to respond. Many of their extreme behaviors are related to losing control over their emotions, such as suddenly throwing things or making very mean statements to those they care about the most. Other behaviors are related to an intense drive to control or dominate those closest to them, such as hiding your personal items, keeping you from leaving a conversation, threatening extreme action if you don’t agree, or physically abusing you. BLamIng OThERS: HCPs stand out, because of the intensity of their blame for others – especially for those closest to them or in authority positions over them. For them, it is highly personal and feels like they might not survive if things don’t go their way. Therefore, they focus on attacking and blaming someone else and find fault with everything that person does, even though it may be minor or non-existent compared to the high-conflict behavior of the HCP. In contrast to their blame of others, they can see no fault in themselves and see themselves as free of all responsibility for the problem.

Most employees and managers know someone with this pattern, who insists that someone else is entirely to blame for a large or small (or non-existent) problem. If so,

he or she may be an HCP. However, avoid rushing to tell that person that he or she is an HCP. It will make your life much more difficult if you do. Instead, have a “Private Working Theory” that someone may be an HCP. Don’t tell the person and don’t assume you are right. Simply focus on key methods to help in managing the working relationship, such as paying more attention to the following:

whaT can BE DOnE?

1) cOnnEcT with the person with empathy, attention and/or respect (unless it is not safe and you just need to stay away from the person). Say something friendly from time to time, even though you would prefer not to.

2) anaLyzE your realistic options in dealing with the person (write a list of options, then decide which one makes the most realistic sense in dealing with him or her; sometimes it is best to slowly phase the person out of your life or keep a healthy distance).

3) RESPOnD to hostility or misinformation using responses that are Brief, Informative, Friendly and Firm (B.I.F.F.). Avoid advice, admonishments and apologies – they will use these against you later.

4) SET LImITS on dangerous or bothersome behavior, by deciding when, where and how you meet to discuss issues. Get assistance from Human Resources, Employee Assistance Professionals and others. Avoid harsh statements as an attempt to set limits, as they just increase the HCP’s bad behavior. Instead, focus on the desired behavior for the future, rather than over-emphasizing what was done wrong. Terminate such employees carefully.

It is better to learn about the predictable behavior patterns of HCPs and ways to respond constructively. If you think someone is an HCP, use this information to focus on ways of changing your own behavior, not theirs. Manage your relationship primarily by managing your own anxiety and your own responses.

These and many other tips and examples may be found in the authors’ new book, It’s All Your Fault at Work! Managing Narcissists and Other High-Conflict People (released January 27, 2015).

BEST PRacTIcES

BEST PRacTIcES

Luck anD hOw TO EaRn IT


I have often said that luck is a lazy man’s excuse for failure and a modest man’s excuse for success. I concede, however that this is not the full story.

What I should say is that luck is a feeble explanation of chance - in other words, pure statistics. Frequently in my work, I see different interpretations of luck. From the unexpected win in a prize draw to the sudden collapse of an account-holding bank, people invariably associate their financial well-being (or lack of) to luck. This implies that our actions have no bearing on the outcome. Can this ever be true?

A friend of mine had an accident on his bicycle and hit his head on the road, smashing his cycle helmet. Another friend was heard to say, “It was lucky you were wearing your helmet!” I disagree. It was a very sensible decision to wear that helmet. Protective gear reduces the chance of serious injury in case of an accident. In the same vein, a sensible investor will add protection to reduce their chance of financial loss in a crisis and diversify to increase their chance of growth in various markets.

If I never enter a prize draw, my chance of winning is zero. If I invest all my

money in one asset class, be it real estate, gold or any

other, my chance of losing a

significant

proportion of my savings is very high when, inevitably, the market eventually falls.Diversification is wearing that cycle helmet. Every extra precaution an investor takes will give them a statistical advantage in adverse conditions. Different asset classes, different financial institutions, jurisdictions, timescales, levels of capital protection. These are like wearing knee-pads, sticking to cycle paths, not running red lights and every other ‘just in case’ one can imagine.

So, if avoiding bad luck is just a case of precaution, how do we generate good luck?Naturally, we need to increase our statistical chance of success. The more tickets I buy for prize draws, the more likely it becomes that I will win a prize. Further than that, I could find the competitions with the fewest entries and choose only to enter those ones, thus increasing my chance.

Preparation is key. Background research and professional help is invaluable. You might wish someone good luck when they go to a job interview, but you know very well that the outcome will depend entirely on their experience, qualifications, preparation and performance in the interview. Luck will have no part to play.

In the recent financial crisis, most people lost money. The vast majority of investors suffered when the crash tore through global equity markets. The ‘lucky few’ that benefitted from the crisis made a fortune. The way they generated this luck was by elimination of emotion and understanding that, while people make choices, mathematics gives the result. There is only

one absolute in investing: If things are going up, they will go down. If

things are going down, they will go up. If this pattern

of boom and bust ever stops,

capitalism will

come to an end. The trouble arises because most people will see when others have made a lot of money and choose to follow suit or see others losing and choose to disinvest. By then it is too late. You are stacking the odds against yourself. By following the herd, you are doomed to buy high and sell low. You will never win. It is absolutely necessary to take a chance and trust in the statistics. If you cannot do this, your portfolio manager or financial advisor should be doing it for you. The often-quoted Thomas Jefferson once said, “The harder I work, the luckier I get.” He had a good point, but nobody has time to do the hard work in every single aspect of their life. That is what professional help is for. In every field, from fitness to accounting, professionals exist to charge a fee for increasing your chance of success. Therefore, you can buy luck. The harder they work, the luckier you get.

I do not believe in luck. I believe in statistics and hard work. You might call a positive outcome luck or you might call it a job well done. In any case, precaution, preparation and a little presumption will make you luckier than most in the long run.

burton, Senior Financial Planner, acuma

edward mainwaring

About Edward Mainwaring-BurtonEdward Mainwaring-Burton is Senior Financial Planner at Acuma. With many years’ experience as a top wealth manager in Geneva, the world's leading private financial center, Edward is an expert in individual forward-planning and private portfolio building. He meets clients by introduction only and works with Acuma Dubai as a specialist in pensions and retirement structure to advise individuals on nationality-specific investment solutions and financial security.


REaL ESTaTE

CAPiTAl GAiNS Tax changES In ThE uk FoR NoN-RESiDENTSHow will it affect the market, who does it apply to and what steps should people take?

About Paul Preston Paul Preston is Director and Head of Middle East at IP Global. Before joining IP Global he was CEO at one of the largest Property Brokerage companies in the UAE. Paul has been investing into property since he was 17 and since then he has built up a strong and well-diversified portfolio covering various countries around the globe. As Director and head of the Middle East for IP Global, Paul is currently in various regions around the GCC helping HNI’s to build strong property portfolios as well as building relationships, laying foundations for the business’s expansion.


Back in December 2013, the UK coalition government announced that they will be bringing in capital gains tax for non-resident UK investors in real estate

from the start of the 2015/16 fiscal year. With April just around the corner and with so many people in the Middle East having exposure to UK property we felt that this was the right time to discuss what the implications of this and what actions people needed to take.

In short from April 6, 2015, Capital Gains Tax (CGT) will be imposed on disposals of residential UK property by non-resident individual, trustees, estates and close companies. Off plan properties will also be treated as fully completed for the purposes of tax calculations so even someone ‘flipping’ will be potentially liable to CGT. The only remaining exemption for this tax is to any non-resident institutional investors disposing of shares or units in a collectively held investment scheme. The tax rate for non-resident individuals will be the same as the rates applicable to UK resident individuals. Using today’s tax bandings, for non-resident individuals who have no other UK property, gains under around £32,000 will be liable for 18% charge, any additional gain will attract a charge at 28%.

For company’s non-resident in the UK who dispose of residential UK property, the tax rate will be the same as UK corporation tax, currently set at 20% although companies such as these will benefit from the associated allowances, which come with the corporation tax.Whilst there is no absolutely prescribed way provided by the government yet- with which investors should move forward to manage this new liability-, we

at IP Global (and indeed the consensus generally) are advising our clients to get a RICS ‘Red Book’ valuation conducted on any assets they own within the UK to provide a benchmark from which they can calculate the amount they might owe in the future upon disposal of the asset.

This will then provide the UK government with a trusted figure to use as your ‘base’ amount as of April 2015. Any increase in value that you are able to achieve, would then be taxed at the rates of 18% or 28% depending on how much profit you have made. The question of how all this will affect the market is an interesting one however. Clearly, the most obvious answer is negatively – you might argue that one of the reasons the UK has been so popular with international investors is related to the fact that up until now it has been effectively a tax-free environment. This however, in my opinion and certainly our house view within IPG would be missing the point entirely and also a complete misunderstanding of why UK real estate in the right locations remains an excellent investment opportunity.

Any 15-year-old economics or business studies student can answer the question of what is the single biggest factor that influences price rises in any asset. Whether that be bananas in your local supermarket, more topically oil or indeed real estate. Ultimately, you are looking at a simple scenario – if there is a shortage of a particular product but an overwhelming demand for it then you will see rising prices.

For the most part, particularly the South East led by Greater London, and also many other parts of the country as well, the UK has a dearth in the amount of accommodation on offer. Somewhere like London is on an annual basis tens of thousands units short of where it needs to be simply to keep up with present demand. Factor is that a quarter of all UK jobs are created in London, that immigration remains very strong and ultimately from a

real estate perspective these people need somewhere to live. Thus, you can see a clear argument for sustained and long-term asset value growth.

Moreover, other macro factors such as declining unemployment, or a national economy that is growing at a faster pace than almost all other western mature countries, or good mortgage availability at record low interest rates make the whole thing an extremely attractive package. More recently, we have also seen the Sterling drop in value meaning that for USD based investors, which are also seizing the opportunity to get into the UK seeing yet another spike of investment into what remains a safe haven location. Savvy and risk averse investors who would like to gain access to the sort of low risk but decent return investments that the UK can offer when you access the right investment, realize all the above.

The other argument why things will not be adversely affected with the introduction of this CGT for non-resident investors is that other comparable markets such as the US or Australia and certainly many parts of mainland Europe, all have similar levels of CGT. Investors into Australia will be paying 32.5% CGT, as for the states there is a federal level of 15% capital gains tax, but it quickly increases once the person in question makes more money – without factoring in the additional state capital gains tax that most employ. Odd countries like Germany have a rule that if you hold the investment property for a minimum of 10 years (plus certain other conditions), the CGT will be waived- but this is relatively unusual.

Nevertheless, our advice would be to employ a qualified valuation agent to do a red book assessment on any residential real estate assets you own in the UK by April time, even if you don’t consider selling it. Better to be covered than not, is the gist of our thinking!

Director and Head of Middle East, IP Global.

Paul Preston


JLL, the world's leading real estate investment and advisory firm, released its second annual City Momentum Index (CMI), ranking global

cities on real estate and socio-economic factors. The Index provides a new view into what makes cities dynamic, sustainable for future opportunities and tracks the speed of change of a city’s economic base and its commercial real estate market. London, San Jose, Beijing, Shenzhen and Shanghai lead the 2015 CMI, which also features six new cities in the top 20: Ho Chi Minh City (6) Sydney (11), Bangalore (12), Dublin (14), Nairobi (15), Melbourne (16) and Nanjing (20). The CMI goes beyond traditional static economic rankings by delving into the underlying drivers that keep cities competitive and dynamic, as well as identifying signals for change that will influence their future.

Commenting on the CMI 2015, Craig Plumb, Head of Research, JLL MENA, said: “Dubai remains in the Top 20 global cities in terms of dynamism and pace of change, although its rank has dropped as growth in residential real estate prices moderates to more sustainable levels. We have witnessed some new cities within the broader region, such as Nairobi and Bangalore making their debut to the top 20. Both are experiencing high levels of property construction, its rental markets are buoyant and real estate transparency is improving. ” The list of top 20 cities reveals major trends and changes driving global momentum:

• Dubai remains in the Top 20, although its rank has dropped as growth in commercial real estate prices moderates to more sustainable levels. Momentum is expected to continue with activity bolstered by major project spending relating to Dubai hosting the World Expo 2020.

• Technology-rich cities dominate the CMI. Several of the world’s most tech-rich cities maintained a position in the top 20, including London (1), San Jose (2), Boston (7) and San Francisco (9). Newcomers to the top 20, thanks to the technology sector, include Sydney (11), Dublin (14), Melbourne (15), Bangalore (12) and Nairobi (15). • Sub-Saharan Africa makes its debut in

the Top 20, represented by Nairobi. As a regional base for global corporations expanding into Africa and as the continent’s top technology city (‘Silicon Savannah’), Nairobi is witnessing high levels of property construction, its rental markets are buoyant and real estate transparency is improving. The city has also emerged as an important hub for the continent’s rapidly growing air transport network.

• Bangalore (Bengaluru) provides India’s first appearance in the Top 20. Robust demand for commercial space from the technology sector and associated IT-enabled services is boosting office rents. While outside the Top 20, Delhi and Mumbai are beginning to see an increase in momentum as economic growth picks up and demand for prime office space strengthens.

While six new cities entered the 2015 CMI, established tech and creative hubs, such as Austin, Los Angeles and Seattle, dropped to just outside the top 20. Hong Kong and Tokyo fell outside this year’s top 20 due to a temporary loss of impetus, but nonetheless have strong long-term fundamentals. For the first time, cities in India and Sub-Saharan Africa were represented in the CMI due to the robust demand for office space from technology companies (Bangalore, 12) and MNC expansion (Nairobi, 15). The City Momentum Index, the most downloaded report from JLL’s Cities Research Center, assesses 120 cities with a weighted overall score based on 37 short-term and longer term variables.Short-term socio-economic momentum variables (40 percent of the model) include recent and projected changes in GDP and population, air passenger traffic, corporate headquarter presence and recent levels of foreign direct investment as a proportion of a city’s economy.Short-term commercial real estate momentum variables (30 percent of the model) include recent and projected percentage changes in office net absorption, office construction, office rents, shopping mall construction and retail rents, direct commercial real estate investment volumes and real estate transparency.Longer-term variables (30 percent of the model) that are likely to determine future economic strength and real estate momentum include high-value incubator indicators such as university presence and educational infrastructure, innovation capability, international patent applications and presence of technology and venture capital firms.

2015

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Head of Research, JLL MENa

craig Plumb

REaL ESTaTEREaL ESTaTE


EnERgy REvIEw

SuSTAiNABiliTy liNkED To

State of the World 2014 calls for bottom-up pressure and greater government accountability

RESPOnSIBLE gOvERnancE


Citizens who expect their governments to lead on sustainability have been badly disappointed in recent years. From largely ineffectual international climate conferences to the failure to pass meaningful U.S. climate legislation, governments’ progress has often been lackluster. Leadership has come from the bottom up rather than the top down. Action on climate change, species loss, inequity, and other crises is being driven by citizens’, women’s, and grassroots movements around the world, often in opposition to the agendas pursued by governments and big corporations.

State of the World 2014, which marks the Worldwatch Institute’s 40th anniversary, examines what Governing for Sustainability really means. Contributing authors highlight the responsibility of political and economic actors to achieve sustainability, emphasizing the strength of citizens to make significant sustainability changes and showing why effective governance systems need to be inclusive and participatory, allowing members to have a voice in the collective decision-making.

“Governments today cannot consistently control themselves because they are decimated by a plague of corruption that devours the public interest in virtually every political system,” says David Orr, Paul Sears Distinguished Professor of Environmental Studies and Politics at Oberlin College and State of the World 2014 Contributing Author. “Effective government, in its various forms, will require an alert, informed, ecologically literate, thoughtful, and empathic citizenry.”In this edition, contributing authors examine the potential for improving governance by analyzing a variety of trends, such as local and regional climate initiatives, energy democracy, and corporate responsibility.

They argue that sustainability depends on action in both the economic and political spheres. Financial industries need to serve as public stewards again. Unions can help ensure that the transition to sustainability is socially just. Most importantly, citizens must take responsibility and empower themselves.

“Ultimately, it seems to us, all governance begins with individuals in communities. Humans are no more isolated actors in politics than they are the independent molecules of mainstream economic theory,” says Tom Prugh, Co-director, State of the World 2014.

“Pressure to improve governance, at every level, can come only from awakened individuals, acting together, dedicated to making their communities sustainable places,” adds Michael Renner, Co-director, State of the World 2014. “From there, it may be possible to build communities in a way that affords every person on earth a safe and fulfilling place to live, and offers future generations the same prospect.”

State of the World 2014’s findings are being disseminated to a wide range of stakeholders, including government ministries, community networks, business leaders, and the non-governmental environmental and development communities. For more information on the project, visit www.worldwatch.org/state-world-2014-governing-sustainability


All GoVERNANCE BEGiNS WiTH iNDiViDuAlS iN CoMMuNiTiES.

EnERgy REvIEw


InnOvaTIOn In SuSTaInaBLE

SOLuTIOnS His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah has recently inaugurated Air Liquide new Engineering and Construction Manufacturing Center, in Ras Al Khaimah, UAE. This manufacturing center aims to address the expanding markets in the Middle East and beyond by delivering high quality proprietary cryogenics plant equipment,

like cryogenic columns and cold boxes.

aIR LIquIDE In ThE uaE Air Liquide supports the operations and business development for the Middle East and Africa zone from Dubai.

All the activities of Air Liquide Group are represented in the UAE. These include Large Industries for customers of large volumes of industrial gases (oxygen, nitrogen, hydrogen,…) and energy solutions (chemicals, refining, metals, etc.); Industrial Merchant with gases in small and medium quantities for diversified sectors, such as food and pharmaceuticals, materials and energy, technology, and research or craftsmen and distributors. The company also operates an Electronics activity with ultra-pure gases, specialty gases, new molecules for manufacturers of semi-conductors and TFT-LCD screens and in the photovoltaic sector and is developing Healthcare (home healthcare, medical gases, medical hygiene…). Furthermore, Air Liquide‘s Helium Business Unit has been operating from Dubai since July 2014. However, the Group’s main source of helium is in Qatar. The world’s largest helium purification and liquefaction unit, designed and commissioned by Air Liquide in Qatar, uses the Group’s patented technologies to produce helium at very low temperatures (-269°C).

In order to support business development further, Air Liquide decided to invest in a new engineering and construction-manufacturing center in Ras Al Khaimah.

“The center is designed to produce

equipment for very large oxygen plants, both for the Air Liquide group and external customers. This manufacturing center will address the expanding markets in the Middle East and beyond, by delivering high quality proprietary cryogenics plant equipment, like cryogenic columns and cold boxes,” said François Darchis, Senior Vice-President, Member of the Executive

Committee, Air Liquide.

“Ras El Khaimah is a strategic location in the Middle East, which will allow us to offer cost competitive solutions to our customers. Its excellent transport

infrastructure, as well as direct sea access (located on the waterfront with a private and exclusive jetty, allowing direct loading of equipment on barges) and excellent road connectivity are significant advantages,” he added. In reply to a question about the strategy they are adopting in order to strengthen this industry in the Middle East, François affirmed, “We have

Senior Vice-President,Member of the Executive Committee, air Liquide

François darchis


About François DarchisFrançois Darchis is Senior Vice-President, Member of the Executive Committee, Air Liquide since 2007. He joined the group in 1981 and has since then held various roles across different countries.His current responsibilities cover intellectual property, research & development, engineering, construction, and innovation. He also supervises the World Business Line Industrial Merchant.

About Air Liquid GroupWorld leader in gases, technologies and services for Industry and Health, Air Liquide is present in 80 countries with more than 50,000 employees and serves more than 2 million customers and patients. Oxygen, nitrogen and hydrogen have been at the core of the company’s activities since its creation in 1902. Air Liquide’s ambition is to be the leader in its industry, delivering long-term performance and acting responsibly.

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confidence in the economy of the UAE and what it can offer to companies like Air Liquide. This innovative manufacturing center will allow us to attract highly skilled people locally as well as from many other countries and to offer them outstanding careers and development opportunities. In the countries where the Group operates, we bring Technology, Efficiency, and Expertise and we are working closely with the local communities. This new investment is a good illustration of the long-term commitment of the Group in the region.”

SuSTaInaBILITy Sustainability is significant for the growth of urban areas and Air Liquide puts performance and responsibility at the heart of its ambition to achieve this and contribute to the performance of its customers’ quality of life.

Elaborating furthermore, François said, “Air Liquide Group’s ambition is to be the leader in our industry, delivering long-term performance and acting responsibly. Air Liquide is committed to relentlessly innovate in order to bring sustainable and cost-effective solutions to the stakeholders, leveraging partnerships with customers, suppliers, academics and communities.”

The Group’s technologies and services contribute to the challenges of the planet’s energy transition, to better use fossil fuels and renewable energy. “Our solutions that protect the environment represent around 40% of our sales. For example, using hydrogen in refineries to remove sulfur from hydrocarbons, reducing the emissions of sulfur oxide, which contribute to acid rain. Another example is using oxygen in blast furnaces to reduce the consumption of coke whose production and usage is very polluting. We also deliver solutions in water treatment, gases for the photovoltaic industry; we provide medical gases for hospitals and allow patients suffering from chronic diseases to live better at home,” he noted.

• 33,000 square meters of workshop.• Manufacturing process flow in one straight line of 400 meters long and 30 meters wide.• Cold box package section of 10 x 10 meters, 60 meters long and 600 tons.• 29 overhead cranes, with 2 of 150 tonnes capacity.• 62 highly-skilled permanent staff (on-site as of October 2014).• 1,200,000 working hours of construction without any Lost Time or Non-Lost Time Accident.

Rak manufacTuRIng kEy fIguRES:

EnERgy REvIEw

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hOPEamID ThE chaOSWith all the turmoil going on in the Eurozone and with the drop in oil prices, Simon Fasdal, Head of Fixed Income Trading, Saxo Bank expects promising chances for investors as well as Emerging Market economies throughout this year.

About Simon FasdalSimon Fasdal is heading the fixed income trading desk at Saxo Bank. He has 17 years of market and trading experience heading several fixed income teams in Scandinavian banks, one as head of bond trading at the largest mortgage bank in Denmark.Through his career, focus has been on every spectrum of the financial markets. This includes market making in bonds, FX, money markets, and swaps, developing trading desks and Asset Management offerings, as well as large scale proprietary trading in a relative value perspective.


What is the impact of the dramatic drop in oil prices on the global level?The oil drop reduces investment flows to and from energy sector, and it hits vulnerable oil exporting countries: we have seen impact in Russia, Venezuela and Nigeria for instance. Overall, most countries will come out on the positive side, and the lower oil will potentially boost the global growth.

oil prices are likely to stay relatively loW in 2015. hoW Will oil-consuming countries benefit from this on different levels?The most significant impact is to oil importing regions and countries. Asia and Europe set out to be net winners if the oil price stays at a low level for most of the year. Both consumers and corporate will benefit from the lower oil. The oil work as an “inflation dampening tax cut” for these countries.

hoW Will this affect investments in the middle east? As Oil producer and exporter, the ME region will be affected by lower oil price, but not to any critical level. Most Gulf region countries have huge funds backing up the economy to cope with a lower oil price for a long time. The energy sector and energy related investments however will be vulnerable, but economies with huge diversification like the UAE, will be more resilient to the lower oil price. In addition, lower oil prices push other Gulf States investments to consider a diversification of

the economy, which is good in a long-term perspective. Furthermore, a positive growth impact to Asia and Europe, could benefit the UAE’s economy, especially that Dubai excels in the continued evolution of being a global hub for trade, finance, commerce, and tourism.

until demand picks up strongly again, hoW do you expect the global economy to perform?There is good evidence that a huge drop in oil will send global growth towards a positive path. There will be a lag of 3-5 quarters, but the potential is huge, because the drop is so dramatic, and since we have had an average of 100 USD the last 5 years. Asian economies like India and Indonesia could surprise to the upside and potentially give a positive spill over to the UAE, particularly Dubai.

in What Ways Will the global investment landscape change in 2015?I believe that despite the present turmoil with Greece in the Eurozone, European equities and economy will surprise to the upside in 2015. First, the Quantitative easing (QE) bazooka recently launched have shown dramatic effects on equity markets in Japan and the US. Second, the lower Euro improves competitiveness for European exporters. Third, the lower oil price stimulates European consumers, potentially sending growth to a higher path this year.

hoW Will emerging market economies react to this situation?Overall, EM economies will benefit from lower oil. Only a few countries will be affected negatively. There is a positive relationship for the overweight of EM countries to benefit from lower oil.Moreover, the lower oil keeps pushing global inflation lower, which means we have the major central banks on loose policies and Federal Reserve System (FED) on a possible hold for most of the year. This strengthens the backdrop for investing in EM economies, as low yields in bond markets in Europe, Us and Japan, improves the attractiveness for EM bonds.

What are the major points to consider When investing in bonds this year?The other big topic this year would be when FED will hike rates, potentially hurting bond markets. That is what investors fear. My belief is that the fear is exaggerated, and that FED will hike gently, if they will hike at all. Therefore, I think that during 2015, EM bonds will witness quite good performance. Moreover, due to the lack of yield and inflation, they will appear attractive compared to European bonds, for instance.

hoW can investors take advantage from equity investments amid the current situation?The combination of lower oil and the abundant liquidity due to Central Banks’ QE, will underpin global equity markets in 2015. Best guess is that Europe and Asia are set to perform well due to the lower oil and QE for Europe in particular.

With a potential stronger Eurozone, later on this year or next year, investors in USD or Dirham Equities, should consider diversifying their investments into European Equities at one point, as we could see a reverse of the present Euro - USD trend, if the European Central Bank actually accomplishes the mission.

loWER oil Will PoTENTiAlly BooST THE GloBAl GRoWTH.

Head of Fixed Income Trading, Saxo bank

simon Fasdal


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ABu DHABiPoRTS iNTRoDuCESnExT gEnERaTIOn Of TRaDE

NEW PoRT CoMMuNiTy SySTEM “MAQTA GATEWAy” iNTERliNkS All oF THE RElEVANT PARTiES iNVolVED iN ABu DHABi’S TRADE BuSiNESS.

About Abu Dhabi Ports: Established in 2006, Abu Dhabi Ports’ core objective is to facilitate the diversification of the economy by stimulating trade and development. This is done by delivering high quality maritime services, supporting partners’ infrastructure projects and setting up new companies and joint ventures in the ports and logistics sectors. The flagship state-of-the -art Khalifa Port and Khalifa Industrial Zone play a big role, supporting the diversification of the economy. The port’s semi-automated container terminal handles all of Abu Dhabi’s container traffic, after its transfer from Zayed Port, the historic port in the city Centre. Abu Dhabi Ports manages nine commercial, logistics, community and leisure ports, and Khalifa Industrial Zone, which is serving a range of logistics and manufacturing investors. Abu Dhabi Ports is boosting Abu Dhabi’s economic growth and diversification, following Abu Dhabi’s Economic Vision 2030.



Under the patronage of HH Sheikh Hazza bin Zayed Al Nahyan, National Security Advisor and Vice Chairman of the Executive Council of Abu Dhabi, Abu Dhabi Ports recently launched a new port community system that will dramatically transform the Emirate’s way of doing business.

The new system, called “Maqta Gateway”, is an electronic information and operations platform that will interlink all of the relevant parties involved in Abu Dhabi’s growing import and export trade business, while significantly enhancing processing times and communication procedures.“Maqta Gateway” takes its name from Abu Dhabi’s historical Maqta Bridge, which was the first crossing to link the island with the mainland. It was a crucial connection for Abu Dhabi’s trade and development. The “Maqta Gateway” project follows this example by being a crucial “bridge” for establishing the Emirate’s next generation of trade.

“Global supply chains are becoming increasingly complex with faster turnaround times as the demand in goods increases. According to Lloyds Register Global Marine Trends 2030, seaborne trade will increase from 9 billion tons annually to between 19-24 billion tons by 2030,” says Mohamed Juma Al Shamisi, CEO, Abu Dhabi Ports. He continues: “In addition, global trade patterns are shifting from predominantly Asia-Europe to more Intra-Asia, and Asia-Middle East. As a result, the Middle East is growing in importance as a global trade hub. Therefore, it is our responsibility to create state-of-the-art infrastructure that caters for this growth and lays the foundations for the future of trade.”

A big advantage of “Maqta Gateway” is that it feeds into wider global supply chain communication platforms and brings national, regional and international business

partners closer together. By doing so, it offers ports, exporters, importers, shipping lines, customs and government agencies a single point of contact and real time information at any place and time of the day - even via mobile. Whether for customs declarations, container tracking, freight enquiries, berth bookings, lease renewals or truck registrations, “Maqta Gateway” connects people on different levels, allowing for more transparency, visibility and efficiency and thus a better coordination between the different entities. A further advantage is that the system significantly reduces paperwork and administration

times. Consequently, waiting times, for example for container vessels and trucks, are being considerably reduced. This leads to faster yet smooth transport and logistics operations, while saving time and costs. According to the Organization for Economic Co-operations and Development (OECD), every day saved in the trade lane is worth approximately 0.5% of trade value of goods. It is also said that systems like “Maqta

Gateway” reduce trade administration costs by 50% per TEU/ton of cargo.

Abu Dhabi Ports has always been keen on introducing latest technologies to respond to the needs of the 21st century and to further optimize operations and the wide range of service offerings for its customers.In 2013, Abu Dhabi Ports introduced the “e-Pass”, an electronic pass, which significantly reduces processing and waiting times for customers entering and exiting

Abu Dhabi’s ports.

The pass offers customers the opportunity to register and

submit documents online. It also offers different gate pass applications, online status tracking and a dedicated mobile application, adding further long-term value to the ports of Abu Dhabi Ports. Furthermore, Abu Dhabi Ports introduced tags for trucks to make their entry to

and exit from the ports more convenient, while enabling

quicker turnaround times. As a result, the truck turnaround time

at Khalifa Port’s ultra-modern semi-automated container terminal

has now dropped to just twelve minutes, making the terminal the most

efficient in the region.

“A key business strategy of Abu Dhabi Ports is to facilitate development and trade to support the diversification of the Emirate’s economy, which is a main pillar of the Abu Dhabi Economic Vision 2030. The usage of latest technologies is a prerequisite not only to be at the forefront of progress but to face tomorrow’s challenges and turn this vision into reality,” Mohamed says.

CEO, abu Dhabi Ports

capt. mohamed Juma al shamisi


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As cornerstones of the Abu Dhabi Economic Vision 2030, Abu Dhabi Ports’ flagship Khalifa Port and its adjacent Khalifa Industrial Zone represent one of the biggest industrial undertakings in the Emirate and a prime example of advanced infrastructure. Khalifa Port – the first semi-automated container port in the region – is one of the most technologically advanced ports in the world today, featuring nine super-post-Panamax cranes, some of the biggest in the world, as well as 42 cutting edge Automated Stacking Cranes (ASCs) and 20 straddle carriers.

The port offers an unprecedented intermodal transportation network via sea, road, air and soon rail, and provides market access to 4.5 billion people within four time zones. At present, the port is serving 20 shipping lines and has direct links to 52 destination ports around the globe.

“Efficient operations are key in every step of Abu Dhabi’s import and export business and this efficiency depends on the way in which information is shared and exchanged by the organizations involved. ‘Maqta Gateway’ provides an excellent platform for information sharing and invites all of these organizations to work closely together,” says Noura Al Dhaheri, Ports Community System Manager, Abu Dhabi Ports. In December last year, Abu Dhabi Ports signed Memorandum of Understandings (MoUs) with six partner organizations, all of whom will be integral

in developing “Maqta Gateway”. These organizations include the Ministry of Environment and Water (MOEW), Abu Dhabi Airports, the Abu Dhabi Food Control Authority (ADFCA), Abu Dhabi Customs Administration (ADCA), Etihad Rail and Abu Dhabi Terminals (ADT).

The new port community system will be developed in stages throughout 2015, including vessel management facilities, and basic import and export processing functionality. Further releases will be deployed through 2016 and 2017. Abu Dhabi Ports has set up a dedicated team

to drive and manage “Maqta Gateway”. The recent launch of the system will be followed up by the formation of steering groups and technical committees, which will include representatives from all key parties involved. “’Maqta Gateway’ is an ongoing project as we will continue to add improvements and additional functionality over the years to anticipate our customers’ requirements and ensure that we are offering comprehensive solutions to support their supply chain and logistics planning,” explains Noura.

“Shippers and shipping lines will find Khalifa Port even more attractive when its state-of-the-art technology and equipment is completed with the new port community system, as Abu Dhabi will be seen as more efficient and much easier to do business with. This will enable us to attract more volume, making the port a first choice for importers and exporters,” Mohamed adds.As a result of the introduction of the “Maqta Gateway” project, Abu Dhabi Ports is the first organization in the GCC region to become a member of the International Port Community Systems Association (IPCSA), a global body which promotes the highest possible standards in international port community system operators. This membership offers opportunities to share best practices and to keep ahead of the most up-to-date industry technology.

MAQTA GATEWAy FEEDS iNTo WiDER GloBAl SuPPly CHAiN CoMMuNiCATioN PlATFoRMS AND BRiNGS NATioNAl, REGioNAl AND iNTERNATioNAl BuSiNESS PARTNERS ToGETHER.

JaPan: makIng STRIDES In ThE uaEThe United Arab Emirates has been Japan’s strategic trading partner for years. Talking about the growing ties between the two countries, Shogo Ishida, Director, Japan Trade Center, DWC sheds light on robust bilateral trade activities that these economies enjoy and the role of Japan Trade Centre (JTC), a private-sector business-to-business platform, recently established in Dubai.

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ThE uaE haS BEEn STREngThEnIng ITS TIES wITh JaPan SIncE ThE 1960s, hOw DID BILaTERaL TRaDE RELaTIOnS EvOLvE SIncE ThEn?Japan had experienced tremendously rapid development from the remnant of World War II. In its unprecedented development for 20 years from the middle of 1950s, Japan’s GDP economic growth was accelerated to double digits on average. High economic growth created energy demands and such demands for comparatively inexpensive oil from foreign countries were expanded at an accelerating pace. Although in 1970, Japan’s dependency on oil import from the UAE (Abu Dhabi) was 5.7% in its total oil import, it grew to 14.7% in 1980, 21.4% in 1990, and 23.2% nowadays.

On the other hand, UAE’s import volume from Japan has surged with its recent economic growth, which rose more than 3 times as much as ones in 15 years ago. Thus, trade between the two countries continuously depicts a healthy upswing.

whIch SEcTORS aRE DRamaTIcaLLy ShaPIng TRaDE ExchangE BETwEEn ThE TwO cOunTRIES?Japan’s exports to the UAE amounted USD 8.54 billion in 2013, while imports amounted USD 42.85 billion. In Japan’s exports to the UAE, motor vehicle remains a dominant component, which made the UAE the fifth largest export destination of Japanese passenger motor vehicles in the world. Among motor vehicles exported to the UAE, 67.2% comes from Japan.

Other than motor vehicles, general machinery, electrical machinery and rubber products are major products exported from Japan to the UAE. In the meantime, mineral fuels dominate Japan’s imports from the UAE covering 98.6% of the total imports while the rest mainly goes to aluminum. Moreover, the UAE remains the second largest supplier of crude oils (23.2% of Japan’s total imports of crude oil) next to Saudi Arabia (32.8%).

In fact, Japan heavily relies on countries in the Middle East in its crude oil imports, with over 80% being imported from this part of the world.

aRE ThERE any BILaTERaL TRaDE OR fDI agREEmEnTS BETwEEn ThE cOunTRIES?Bilateral agreements between Japan and the UAE are numerous. They include the Air Services agreement form March 1998, as well as the agreement related to the avoidance of double taxation on income in respect of the operation of ships or aircraft in international traffic, which was signed in June 2004. Moreover, in July 2014, the two countries have signed an Agreement for Cooperation in the Peaceful Uses of Nuclear Energy.

whaT waS ThE OvERaLL TRaDE vaLuE BETwEEn JaPan anD ThE uaE In ThE LaST TwO yEaRS?According to figures released by Japan External Trade Organization (JETRO), overall bilateral trade volumes between Japan and the UAE in the past two years are as follows: Japan’s exports to the UAE valued USD 8.96 billion in 2012 and USD 8.5 billion in 2013. Additionally, Japan’s imports from the UAE amounted USD 43.98 billion in 2012 and USD 42.52 in 2013.

PLEaSE gIvE uS an OvERvIEw On JaPan TRaDE cEnTER. Japan Trade Centre, a private-sector business-to-business platform dedicated

Director, Japan Trade Center, DWC

shogo ishida

About Shogo IshidaShogo Ishida is the Director of JTC DWC LLC since February 2014. Prior to that, he has worked for United Nations High Commissioner for Refugees (UNHCR), the Consulate General of Japan in Dubai, and as Legislative Staff for Foreign Minister of Japan and Deputy Prime Minister of Japan. Shogo holds a Bachelor’s degree in Political Science from CSUSB and a Master’s degree in International Politics and Economy from Aoyama Gakuin University.


to promoting Japan’s small and medium enterprises through Dubai to global markets, is the first country specified business platform in Dubai World Central (DWC). It has commenced operations on January 11, 2015 at the Business Park of DWC.Registered as a free zone entity in March 2014, JTC DWC LLC, management body of Japan Trade Centre, serves a growing body of Japanese SMEs in the UAE, spanning many industries such as machinery, construction materials, electronics, confectionaries, food and beverage, textiles and jewelry. Currently, JTC has over 2,000 Japanese business partners that include manufacturers and traders of 30,000 various products.

why DID yOu chOOSE DuBaI wORLD cEnTRaL TO ESTaBLISh yOuR OffIcES?DWC has embarked to be the comprehensive economic aerotropolis centered around Al Maktoum International Airport. It has been estimated that USD 32 billion will be invested in the next six to eight years enabling the airport to become the largest in the world. In addition, Dubai will be hosting Expo 2020 in DWC, and the latter is expected to account for 60% of Dubai’s total GDP by 2023. Hence, in the coming decade, DWC will play a quintessential role for Dubai’s further expansion, and we would like to be a part of it.

hOw wILL JTc EnhancE BILaTERaL TRaDE RELaTIOnS BETwEEn ThE TwO EcOnOmIES?Bilateral trade relations between Japan and the UAE have been reinforced by recent high-level visits. Shinzō Abe, Prime Minister of Japan visited the UAE in May 2013 and His Highness Sheikh Mohammed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces visited Japan in February 2014.

Among such circumstances, I believe there are mainly two roles that JTC could play

to contribute to trade expansion. Currently, around 270 Japanese companies are present in the UAE. However, with 4 million Japanese companies active in Japan, the number is relatively low. This is related to the fact that 99.7% of Japanese companies are SMEs and encounter difficulties to go abroad due to financial reasons and lack in human resources. Therefore, by providing a platform and environment for Japanese SMEs to tackle these difficulties, JTC will contribute in enhancing bilateral trade relations between the two countries. Secondly, JTC will arrange for new business opportunities between companies in Japan and the UAE. Everywhere in the UAE, we see motor vehicles branded with Japanese manufacturers like Toyota and Honda. We watch TVs produced by Sharp and enjoy playing video games with SONY’s PlayStations. We are proud of the Japanese presence through the tremendous efforts of these huge enterprises. On the other hand, we barely see any commodities and products from Japan in the supermarkets and shopping malls. There are many other splendid products and services to be integrated in the UAE market, and JTC will play a vital role in this regard.

hOw DO yOu ExPEcT JaPanESE SmES TO gROw In LInE wITh ThE REcEnT IncEPTIOn Of JTc In DuBaI?Globalization is not a new phenomenon and distance of world economies has shrunk dramatically. However, fairly to say, the number of Japanese companies in the Middle East remains low. The UAE is the gateway for the Middle East, Africa, Europe and South Asia, and the entrance to the huge MENASA market consisting of 1.8 billion people. For Japanese SMEs, the Middle East is an unknown destination. However, through JTC, unknown foreign countries could become practical markets. It is not merely a chance for SMEs to increase their profit, but also to improve their original products by getting different queries and training global human resources.

whaT IS yOuR aDvIcE TO JaPanESE BuSInESSES wILLIng TO InvEST In ThE uaE?According to Global Competitiveness Report 2014 – 2015, the UAE is the 12th most competitive nation in 2014, and Japan ranks 6th. Moreover, Dubai Strategic Plan 2015 is to increase the GDP of the UAE to USD 44,000, and this endorses the UAE’s recent economic prosperity. Safety environment and high living standards attract businesses to the country. Moreover, the UAE remains the major aviation and logistic hub worldwide with Dubai International Airport being considered as a key location for international passenger traffic and Jebel Ali Port as one of the world's largest ports. People from 200 countries live in Dubai, and language barrier is no longer an issue with English being the preferred language for communication. Therefore, the UAE can be recognized as one of the best destinations for Japanese companies to do business.However, culture and customs are different from these in Japan. In addition, Japanese businesses should be aware of the expensive rent surging from high demands and cost of living. They must also know that Japanese products are expensive in this market due to their quality, which makes it harder for them to sell these products easily.

hOw DO yOu PLan TO gROw yOuR PRESEncE In ThE uaE In ThE cOmIng yEaRS?We would like to increase the number of Japanese companies in the UAE, which is currently 270. Thus, with the growing number of Japanese companies and people, both expats and nationals in the UAE will experience the Japanese culture. Through Japan Trade Centre, not only we would like to serve as a business-to-business platform, but also as a place, that promotes the Japanese culture and this will certainly open doors for a new era of bilateral relations between Japan and the UAE.

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a mInuTE wITh

whaT aRE ThE kEy REaSOnS fOR yOuR SuccESSfuL cfO caREER?I started my career in finance with CSC, which at the time was the second

biggest global IT services company. My journey continued with IBM, which still is the biggest global IT company, serving clients from all industries. I enjoyed rapid progression to national as well as international leadership roles in Copenhagen, Paris and London. With my Executive MBA degree from Oxford

University and 18 years of CFO and finance leadership experience, I offer a fine blend of practical experience in successfully enabling finance and accounting systems, reporting, compliance, processes and people to allow companies to overcome internal and business challenges.

A MiNuTE WiTH faRhan BOOTa

About Farhan BootaFarhan Boota is Director of Get Smarter Consulting. Farhan Boota has previously held CFO and Finance leadership roles with CSC and IBM in Europe. Farhan has an Executive MBA from Saïd Business School, University of Oxford, a Master’s of Science in Economics, a Bachelor’s degree in Economics from the University of Copenhagen and CIMA, Advanced Diploma in Management Accounting. He also holds IBM PMP, IBM Leadership, IBM Negotiation & Influencing and IBM Consulting Competencies Certificates.

Farhan can be contacted at:E: [email protected]: @Farhan_BootaL: uk.linkedin.com/pub/farhan-boota/1/a89/8b3/


As a CFO, I have worked with harnessing people, technology and processes to drive change programs and business transformations, and beyond that, deliver long-term sustainable competitive advantage and profit increase in excess of industry norms. I utilize my strengths to provide management solutions, improved business processes and increased efficiency by embedding the operational infrastructure within a robust and quality driven commercial framework that delivers consistently best in class performance.

I am particularly adept at providing clarity of the key drivers holistically across multi-platform processes and disparate stakeholders. This is often within challenging political environments in order to create a common goal approach to client delivery, supported with reduced costs and increased customer focus, satisfaction and revenue. Honest and frank conversations are vital to create trusted business partnerships. Moreover, along with strong leadership skills and awareness, they are essential to enable internal and client teams to work together and succeed.

I have been a forerunner of the trend of transforming finance and back office functions to create value added business partnerships. Finance should not only deliver statutory reports, analysis, planning and control, it should be the hub for strategic initiatives. Finance along with all back office functions need to have a deep understanding of business drivers and challenges so they can actively participate in solving these through their competencies and analytical knowhow. It is my belief that the modern back office employee must excel not only in their functional roles but also in project management, strategic analysis and leadership skills and actively support business development.

hOw havE yOu cREaTED vaLuE fOR BuSInESSES?Being a top performer throughout my career, I have moved into new business areas and quickly established clarity and solutions based upon key business drivers and challenges. I am able to assess issues

quickly, identify the key business drivers via a collaborative but challenging dialogue and then create innovate solutions that are embedded within a quality led framework. I have architected and led ground-breaking solutions to business challenges and delivered game changing innovations in environments where change has not previously been thought possible. My success is based upon deep understanding of client issues as well as strategic and operational drivers. which allow solutions that deliver tangible and sustainable benefits. My belief is that this tailored approach delivers longevity and better margins as it is enshrined upon needs and values. It creates a valuable partnership between the company and clients, which again will open up for new business opportunities.

A few examples on my achievements are:- Restructuring of Danish IT outsourcing business turning previously losses into 45% profit increase.- Deployment of innovative European resource model to allow long term analytical strategic planning and driving transfer of 50.000 plus FTE’s off shore and profit increase. - Successfully leading finance integration projects of biggest IBM acquisition of USD 4 billion and 3.500 Headcounts.

It is crucial to use the context of your business in order to develop the strategies, operations, back office including finance and accounting operations and behaviours needed for success in today's market driven climate.

I have enjoyed working with various start-ups helping them with a wide range of projects from strategic plans, market research, product launch plans, financial plans, IT and data security to investor presentations. It has been a refreshing experience to work with start-up companies on a smaller scale and learn at close hand about their challenges and device successful solutions.

During my Executive MBA, I innovated a new technologically advanced Business Process Outsourcing service, and I had the honour to present it to, at the time Accenture chairman of the board, Bill Green.

accORDIng TO yOu, whaT aRE ThE kEy chaLLEngES fOR gSc?GSC is undergoing exciting economic development and there are many initiatives at macro and company levels to boost regional long-term investment, intellectual capacity and capability. Globally, GSC is one of the most exciting business regions with regard to growth potential.

In my opinion, key long-term challenges to secure long-term sustainable growth are related to continued efforts in order to build up local knowhow and talent, especially talent management that can lead GSC companies successfully to outperform international competition. I have ambitions to work with CFOs, Executives and Boards to build up management capacity and ability and enable GSC companies to create durable international success. After all, who is better to advise Executives other than an experienced and accomplished Executive?

whaT chaRITIES DO yOu SuPPORT?I am very passionate about supporting charities and especially orphans herein DM Aid, and ‘The Humanitarian Water and Food Awards’. I think it is important to support charities, like DM Aid, working on a voluntary basis to help orphans, refugees, disaster stricken people and to invest in water, education and health projects at global scale.

I have a voluntary role as CFO with ‘The Humanitarian Water and Food Awards’. It is a charity of the future with a very important charter; ensuring nutritious food and clean water initiatives are successfully implemented and scaled to facilitate a more sustainable global future. Moreover, I am involved in preparing their participation in Expo 2015 in Milan.

whaT IS yOuR favOuRITE BOOk?I believe that a good book should leave a lasting impression. For me such a book is ‘The Evolution of New Markets’ by Paul Geroski.


EDucaTIOn

lEARNiNG FoR youR oRGANizATioN

hyPER-cuSTOmIzED

About Chris HowellsChris Howells is the Editor of INSEAD Knowledge, the expert opinion and management insights portal of INSEAD, the Business School for the World. He is a former business journalist and public relations consultant. He has a degree in Historical and English Studies from the University of Southampton.

Phil Parker is an INSEAD Professor of Marketing and the Chaired Professor of Management Science.


OnE-SIzE-fITS-aLL EDucaTIOn mIghT SOOn BE a ThIng Of ThE PaST.Most high school students can’t stand physics. The subject’s complexities and theories are difficult to understand and difficult for most to apply. This is normal according to Phil Parker, INSEAD Chaired Professor of Management Science. Around 80 percent of 12-year-olds who take physics, just don’t stay with it, he says.

However, it is an essential discipline. It is central to our understanding of engineering, computers, cars, radio waves and much more. Understanding the laws of physics helps businesses to innovate. How could this important discipline become interesting to all of us? The biggest challenge in its current form is that it can’t be “seen”. It’s all formula, which is lost on more literal or visual individuals. But what if it could be customized to something you care about or are interested in? For the average 12-year-old, this could mean a sport, such as surfing or football or ballet. Phil has been working on just such an innovation, customized learning platforms that can apply subjects to your individual situation. He calls it “hyperstrat”, but that’s just the project code name. It’s more aptly described as hyper-customization.

fOR yOu anD yOu aLOnEWith funding from the Bill & Melinda Gates Foundation, Phil has already been creating learning materials and 3D games that consolidate enormous amounts of highly localized data to help agricultural workers in some of the world’s poorest places to plant and cultivate their crops more efficiently.

Editor, INSEaD Knowledge

chris howells


Phil’s games can identify everything from weather right down to soil quality to fit with even the most remote geographic location.His computer algorithms have also been writing textbooks in barely known languages to help boost literacy in isolated places. Amazon also has 800,000 books on sale from his company. “If you go to an American book store,” says Phil, “there is a massive self-help section, and there is many books there. If you go to a bookstore in France, there is the same section but it is much smaller. You might think Americans need lots of help and the French are more centered but the truth is there are simply less people who speak French, therefore the economics of publishing in the French language are simply not good.

You go to even smaller languages and there is simply no material available.”This has massive implications for literacy levels in developing countries and goes a long way to explaining why there remains such a massive shortfall in childhood education in poor places. This is what he has been working to fix and now he is applying the same principles to executive education.“The idea is that the materials we hand out in class should not only increase the interest of the participant in the subject being delivered but it increases their performance in the area they care most about. We hand out one case study and it’s the same to all participants. We have one lecture and it’s for them to extrapolate to themselves. Well we don’t need to. We could just simply have the materials customized to their level in the organization, their company, competitors and geography,” he adds.

BIg DaTa In cLaSSIn the classroom, this takes the form of an online dashboard, where each participant can modify the content of the course to their particular situation. A HR person working in the pharmaceutical industry in South Africa would learn the same strategic planning methodologies as an oil executive from Canada, but would immediately be able to absorb it into their work and their unique situation.“This is something we don’t currently do in business schools,” says Phil. He has already put this platform to work with three different executive education program clients at INSEAD and is offering it to future participants. So far, the feedback has been good. He says for the first time his material ratings were as high as his teaching scores. He and his team have taken all course materials available and put them into the dashboard, which can summarize around 250 textbooks on key business subjects.

The data available can go to deep levels of very specific industries. The platform’s algorithms can also help participants do deep searches to find information on their companies, competitors and markets, beyond what Google can offer. The machine can even write summaries of what it is found for an easy digest. Phil also demonstrates customized templates, which participants can use for portfolio planning, lifecycle modelling, perceptual modelling, value mapping and resource allocation modelling, which enable high-speed creation of presentation materials for participants to study or take straight back to the office to apply. “You can change it to any industry you want,” he says.

In ThE PIPELInEAnd it doesn’t end there. Phil is busy with other similar innovations such as virtual onboarding. Demonstrating a 3D interactive game, where the user tours an office, he says, “when a lot of people come to an organization, they say, ‘here’s your office, here’s your desk, you should meet these people’ and there it is. You could instead give them virtual onboarding, where they enter a 3D space that’s actually identical to your office layout; you can walk through and actually meet people, then talk about what you have learned.”His rectangular office, with whiteboards ceiling high on all walls is hot from the many computers sucking up cool air as they crunch data. It looks more like a lab squeezed into a small meeting room. His tech whizzes run in and out, tweaking code and software.

On top of it all, Phil is also developing an application that allows a high visibility of organizational learning, with HR able to see how people are learning and what’s being done, almost like a command center view of corporate education. “It’s an organization wishing to know in real time what kind of learning is taking place and what adjustments need to happen,” says Phil.

Phil has a strong foundation for the next phase of his work, with funding from the Bill & Melinda Gates Foundation and many ongoing projects with corporate and global institutions; he is excited about applying his already successful projects to the classrooms at INSEAD.

** Courtesy of INSEAD Knowledge


EDucaTIOn


vIDEO LaBS aRE ThE fuTuRE

About Michael TurnbullMichael Turnbull is the General Manager of Technica Learning Resources. He strongly believes in the power of education and skills development. Having studied at the University of Witwatersrand (WITS) in Johannesburg and at Oxford Brookes University in London, his vast knowledge is instrumental in ensuring the success of Technica around the world. Technica operates on a Know-See-Do-Prove principle and offers 1041 courses, with subscriptions that are valid for 12 months, and with access to all courses at any time. Michael can be contacted at:[email protected]

EDucaTIOn


As the online world and consumerization of software continues to boom, it brings with it endless opportunities. Access to information is becoming quicker, easier and more accessible than it ever was before. Information is knowledge and knowledge is power which means education and access to education is one of the most significant benefactors of the technology explosion.

This comes in the form of e-learning, something which is changing the lives of millions of people. The rapidly expanding

industry is currently worth $56.2 billion in the United States, a figure that is set to double in the year 2015.

“Online degrees are enriching the lives of

millions,” says Michael

Turnbull, General Manager, Technica

Learning Resources, an interactive

multimedia-training program seeking to

redefine the vocational skills training landscape in

the Middle East, which officially launched in Dubai last year.

E-learning began back in 1999 and has rapidly expanded since. As computer usage and internet access has increased, so has e-learning. However, as with all modern technologies, it is an industry that cannot afford to stagnate. Just like computers have continued to evolve, so has the tools and delivery methods of e-learning.

It means that individuals who would have otherwise been limited by either time, geography or both now have new opportunities to expand their knowledge.

“Add to this faster internet speeds and the resultant growth of multimedia and, together with the proliferation of mobile and smartphone technology, it is safe to

assume we are entering a world where the opportunity for education will literally be at everyone’s fingertips,” adds Michael.While e-learning is a fantastic opportunity, it does not mean it comes without its challenges. The one thing that e-learning does not have is a single physical classroom where students can converge.

Despite the cost and the limitations, though, there is still much to be said and gained from the physical class room. It is a great tool for the practical application of knowledge. The classroom also fosters a social community between students and teachers. It also helps with “bouncing off ideas” as students share their thoughts and experiences with others in the room. Physical classrooms is equally important when it comes to demonstrating practical application of certain subjects. While e-learning courses are very good at getting facts across, true interaction and practical application of knowledge remains an integral part of the learning process.

“You understand something when you know how to do it,” says Chris Dede, simulations for education, Harvard. How does this translate into the world of online education, then? Does it mean that certain essentials are being sacrificed or missed out on because of the mass of easily accessible education? Michael doesn’t believe that this has to be the case.

Because of the way technology is constantly evolving, e-learning institutions can now go as far as offering problem-solving and practical application through their online courses. This is where virtual labs come in.“A virtual lab creates a classroom environment to enhance the learning experience, by giving the student real-life problems,” continues Michael. The birth of the virtual lab has taken e-learning education to the next level. Whether learners need help planning an experiment or even analyzing data, the virtual lab can help. It can even assist in participating in team discussions and a myriad of other social interactions critical to the learning experience.

“The advantages of virtual labs are endless,” adds Michael. “Apart from offering the student a ‘real-life’ classroom environment, the cost-effectiveness of virtual labs enables

education providers to offer consistent training to many more students, thereby making education and the ability to up skill

within everyone’s reach.” It provides a complete learning experience. Virtual labs enable students to conduct experiments and in so doing, learn basic and advanced concepts. They can make use of various tools available for learning from additional web resources, video lectures, animated demonstrations and even self-evaluation. Most critically, it also remains a cost-effective solution. The room needed for a lecturer does not have to be anything grand since it does not have to house hundreds of students at any given time.

“It also enables the sharing of expensive equipment and resources, which would otherwise only be available to a limited few,” adds Michael.

The future looks even more exciting. The possibility of virtual internships is closer to reality. A few experiments into the practically have already been done. Most notably, a program conducted at the Universities of Pennsylvania and Pittsburgh with undergraduate engineering students, pre- and post-internship assessments verified the success of this program, highlighting how it facilitated students’ confidence and enthusiasm.

Work is now being done to evolve the virtual internship platform to support internships across all disciplines.“We are beginning to think about education in a whole new way,” says Michael. “Who knows where this increasing access to learning and knowledge will take the world; and the effect it will have on mankind, let alone the lives of individuals.

General Manager, Technica Learning Resources

michael turnbull

About Moritz HartmannMoritz Hartmann is the General Manager of Roche Diagnostics Middle East. As of April 2014, he became a member of the Roche Operating Committee for Europe, Middle East, Africa and Latin America. With more than a decade of international experience in the pharmaceutical industry, his key responsibilities include expanding the business and maintaining Roche’s position as the trusted partner in in vitro diagnostics. Moritz started his career with Boehringer Ingelheim in Ridgefield, USA and then joined the Roche Corporate Headquarters in Basel, Switzerland.He holds a Diploma in Business Administration and an Executive MBA from Kellogg-School of Management.

ThE nExT LEvELTAkiNG THE HEAlTHCARE iNDuSTRy To

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With the Middle East healthcare sector continuing to enjoy an increasing growth, Moritz Hartmann, General Manager, Roche Diagnostics Middle East sheds light on the prominence of diagnostics and the trends affecting the current regional healthcare industry.



whaT IS ThE vaLuE Of DIagnOSTIc TESTIng anD hOw DOES ROchE cOnTRIBuTE TO ThIS?Diagnostics is important from a clinical standpoint because nowadays we understand diseases on an individual basis- that is what personalized healthcare is about. Diagnostics helps to identify the specific conditions and the specific sub-types of a disease. This then allows us to choose the most effective treatment, both from a quality of life perspective for the patient, as well as a cost perspective. Thus, overall, diagnostics is a win-win for both the patients and the healthcare system because it is a relatively low expense, which allows us to optimize both the patients’ well-being and the economics of the healthcare system to a large scale. The important figure to keep in mind here is that 60% of clinical decision-making is based on in-vitro diagnostics test results, even though it only accounts for 2% of total healthcare spend. Roche Diagnostics is the global leader in in-vitro diagnostics and together with our pharmaceuticals division we have the capability to take a deep dive into the science of a disease, to really understand the entire mechanisms. This allows us to be the leader of personalized healthcare today. aRE REgIOnaL DIagnOSTIc cLInIcS uP TO ThE TaSk?I think that regional diagnostic clinics have come a long way in recent years. We have seen a tremendous improvement in the quality of their services and in general, the diagnostic clinics are now up to the task. They are equipped with the latest technology and have now the expertise to ultimately provide everything that a patient would receive elsewhere around the world. You will still find one or two institutions that look on a more short-term basis, and therefore do not deliver a sustainable service level. However, you also have a number of policies that the government has put into place, such as the mandatory accreditation

of laboratory services. This means we can now be sure that the standards of quality are increasing and everyone has to comply with these regulations. Everyone who wants to be in the diagnostics industry is working at or beyond those quality standards. I think the high-quality providers of diagnostic tests may be a little underestimated. If we touch on the topic of medical tourism, we are still seeing people leaving the UAE and the wider region for diagnosis and treatment, but I believe this is not necessary. We have the right technologies and the right skills in the country and region, and the leading institutions are absolutely up to the task.

whaT IS ThE vaLuE Of mEDIcaL EDucaTIOn In ThE mIDDLE EaST, anD hOw DOES ROchE DIagnOSTIcS hELP cOnTRIBuTE TO ThIS?Medical education is extremely important in a region where we continue to see a shortage of staff in the healthcare sector, as well as high turnover. As a result, education becomes an extremely important tool to make sure that healthcare professionals actually develop as innovations come to the market, and that they continually understand what can be done, and how the services can be improved. Roche Diagnostics Middle East has dedicated an entire department to the education of healthcare professionals. We started our training initiative last year and we have trained over 1,300 healthcare professionals across the Middle East region in the last 12 months because the demand for high-quality education is very high, and we see it as a key pillar in our mission to deliver improvements in the healthcare system. whaT aRE SOmE Of ThE hEaLThcaRE chaLLEngES In ThIS REgIOn, anD hOw IS ROchE wORkIng TO OvERcOmE ThIS?The main challenge is certainly the staff, as well as attracting and retaining talented and well-educated healthcare professionals. Other challenges are minor I think, in comparison to this. There is great investment and willingness among investors to fund projects in the healthcare sector. Moreover, as the sector continues to rapidly develop, the demand for people is ever increasing. At Roche Diagnostics, we make sure that we encourage this and

we hold intensive training programs both for our customers and our employees. Moving forward we would also like to see more nationals start to build careers in the healthcare industry. There is currently a high dependence on expatriates, with some figures quoting them as high as 80% of the total industry workforce.

aRE ThERE any InDuSTRy TREnDS ThaT yOu may SEE mOvIng fORwaRD?There are three trends that we are seeing right now: 1. The mandatory upgrade of quality that is coming through as a result of increased accreditation. Laboratories are increasingly being required to meet international standards.2. Consolidation is another trend. Because of these new standards, smaller providers are having issues providing their services efficiently and within their allocated budgets, which means we are starting to see laboratories coming together in order to be more efficient.3. Specialization is a third trend. We now have a variety of specialized hospitals. This presents a set of new challenges because a specialized hospital requires a deeper understanding of the subject than a general hospital or clinic would have. For us, as providers to healthcare professionals, it is an important task that we are taking very seriously.

can yOu cOmmEnT On ThE gROwIng hEaLThcaRE DEmanD REgIOnaLLy?One of the macroeconomic factors is always going to be the number of hospital beds per capita, and here we are seeing a huge number of projects that are now coming to realization. We have been hearing about them for years, but they are now nearing completion, and it is going to create huge demand for companies like ours to supply and help in building this infrastructure. In the UAE, this is actually an urgent need, as the United Nations has predicted an annual population growth of 23%, which will lead to 7.9 million living in the UAE by 2020. These figures enunciate the need for additional healthcare institutions to cater to the burgeoning population. For patients, this is good news because it increases quality levels, and brings more specialization; the patient is ultimately the winner in this move towards.

General Manager, Roche Diagnostics Middle East

moritz hartmann



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Opened in October 2009 by Emaar Hospitality Group under the umbrella of The Address Hotels + Resorts, The Address Dubai Marina overlooks one of the largest marinas in the region, and is set in a prime location in Dubai Marina, a popular lifestyle district by Emaar Properties. The hotel is a modern business and leisure destination with access to the entertainment and other lifestyle components of Dubai Marina.

Easily accessible from Dubai International Airport, Al Maktoum International Airport, and Abu Dhabi International Airport, the hotel is within close distance of Dubai Media City, Dubai Internet City, Knowledge Village and Jebel Ali Free Zone, some of the largest business hubs of the region. It is also conveniently located within close proximity of the Dubai Metro station and the Dubai Tram. Dubai Marina Mall, linked to the hotel, offers 140 outlets, ranging from fashion and general retail to international food and beverage options.

accOmmODaTIOnThe hotel features 200 rooms including 28 suites and a Presidential Suite, all offering sweeping views of the Dubai Marina. All rooms and suites have a private balcony and are equipped with flat screen TVs, complimentary wireless Internet access, iPod docking stations, gourmet coffee and tea machines and several contemporary lifestyle amenities. In addition, The Address Dubai Marina offers 442 serviced apartments. All guests staying in Club Suites and Club Rooms have access to the exclusive Club Lounge with complimentary food and beverage served throughout the day. In addition, guests enjoy the innovative and convenient privilege of a complete 24-hour stay.

RESTauRanTS & LOungESThe Address Dubai Marina features five restaurants and lounges. The all-day dining restaurant Mazina offers a friendly and comfortable environment where guests can enjoy breakfast, lunch and dinner and also features an outdoor terrace for al fresco dining. Kambaa, with direct access to Dubai Marina Mall, is the chic lobby lounge offering light refreshments. Daily afternoon

tea is served comprising traditional sweets and savouries, complemented with exquisite tea and coffee from around the world. Shades, located on the 4th floor, is an outdoor dining restaurant with a terrace. Casual al fresco meals are available day and night by the infinity pool overlooking the stunning Dubai Marina.

Blends Mixed Company is The Address Dubai Marina’s nightspot. Hosting three concepts in one, Blends has a dedicated cigar room with individual in-built humidors, a cocktail area and a cosy lounge, all overlooking Dubai Marina. Ruth’s Chris Steak House at The Address Dubai Marina, offers delectable steaks in a warm and inviting environment.

RELaxaTIOnThe 3rd floor features The Spa at The Address with an assortment of treatments to ensure total relaxation of the body and mind. There are 12 treatment rooms, including two for couples, all featuring in-suite showers. Separate relaxation rooms for ladies and gentlemen, sauna and steam room facilities are also provided. On the same level, a modern fitness facility is available and open 24-hours. In addition to the vast array of services at The Address Dubai Marina, hotel guests can enjoy the elevated infinity pool on the 4th floor. For children there is a dedicated club called Qix Kids’ Club.

mEETIng & EvEnTSThe Address Dubai Marina offers some of the most extensive conference facilities in the city. The 900 square metre Constellation Ballroom with floor-to-ceiling windows benefits from extensive natural light and can accommodate up to 1,000 guests in reception style. It is the largest ballroom in Dubai Marina.

The facilities include 22 meeting rooms, spread across three floors, all of which are equipped with the latest technological AV and set-up equipment. Each meeting room, named after a different traditional star, offers stunning views of Dubai Marina, serving as the perfect backdrop to inspire guests.



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The hotel’s facilities can now accommodate between 2 to 70 people at any given time. All the rooms are complemented with highly skilled and dedicated staff. A spacious pre-function ballroom foyer provides an outdoor terrace for guests to enjoy the views. A Conference Concierge and state-of-the-art Business Lounge are available to host a flawless event.

awaRDS• Won the title of ‘Best Luxury Wellness Spa’ in the United Arab Emirates at the 2014 World Luxury Spa Awards• Awarded ‘Best Luxury Hotel Spa’ at 2012 World Luxury Spa awards• Received the award for ‘Best Outdoor Area’ Award for Shades Lounge at Middle East Hotel Awards 2012• Awarded Middle East ‘Best Spa Marketing’ Award at Middle East Spa Awards 2012• Runner-up for 'Best Fitness & Leisure Facilities within a hotel' at Middle East Hotel Awards 2012• Runner-up for ‘Best Hotel Reception / Lobby’ at Middle East Hotel Awards 2012• Blends won What’s On ‘Best Ladies Nights’ award 2012• Blends ‘Highly Commended’ in the Best Ladies Night category at the Ahlan Hotel 100 2012• Runner-up for Best Spa Design Award - Middle East Spa Awards in 2011• Dubai’s Leading Meetings & Conference Hotel - World Travel Awards in 2011

1.TELL uS aBOuT yOuRSELf anD yOuR hOSPITaLITy ExPERIEncE In ThE REgIOn.Although I am fairly new to The Address Dubai Marina, my experience in the hospitality industry spans over 25 years with a number of renowned hotel chains in France, Mauritius, UK and India. This eclectic background underlines my expertise and passion in learning about different cultures and the hospitality industry.

At The Address Dubai Marina, my main responsibility is overlooking the operations of the entire hotel. With help from the team, we develop and plan cutting edge strategies to drive business ensuring that our visitors get the best out of their stay. In my leisure time I enjoy golfing and traveling as well as spending time with my family.

2. whaT IS ThE aDDED vaLuE ThaT yOu aRE BRIngIng TO ThE aDDRESS DuBaI maRIna?The continuous introduction of innovative ideas and fresh concepts coupled with quality service will consistently add value to The Address Dubai Marina. Whether we launch a new dinner concept at one of the most popular restaurants in Dubai, Mazina, or add state-of-the-art fitness equipment to the Fitness Centre we aim to provide impeccable experiences throughout.

The newly refurbished Fitness Centre is the first of its kind in Dubai that offers

equipment by Techno Gym including, Cardio Line, strength line equipment and the latest Kinesis Stations Equipment which will ensure a high-end fitness experience like no other in the city.

3. whaT aRE yOu fuTuRE PLanS fOR ThE hOTEL?We are currently in the process of upgrading our digital technology offering to our guests. Guests will be provided digital access through a personalized IPad which will enable them to carry out a variety of activities at the touch of a button, such as controlling the light in their room – this is just one of many to look forward to. We will also be shortly introducing advanced technology through our conferencing facilities. Available throughout the hotel, the upgrade will offer guests an unparalleled experience – whether for business or leisure.

4. aRE yOu a TEam-ORIEnTED managER?In order to achieve the best results, a robust team is an absolute essential. In fact, most of my time is spent with the hotel operational team who consistently offer valuable insights and creative ideas. We then take such knowledge and turn insights and ideas into real time action. It is through hard work and dedication that we will continue to excel in the hospitality industry.

5. any mESSagE TO ThE hOTEL managERS?Don’t lose passion and keep learning every day!

Interview with Pascal Dupuis, General Manager, The Address Dubai Marina.*Interview conducted by Marie-Christine Tayah

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Aston Martin recently revealed the first details of its most potent and

uncompromising Vantage to date: the track-inspired Vantage GT3 special

edition. With production strictly limited to just 100 examples,

the new model combines all


special edition

of Aston Martin’s learning from its years of sports car competition around the globe to produce its most performance focused road-going Vantage. Equipped with a new iteration of the brand’s 6.0-litre V12 engine which is capable of generating up to 600 PS1, the car weighs in at 100kg less than a

standard V12 Vantage S. Comprehensively re-engineered, as well as significantly restyled, the GT3-inspired special edition is lower and wider than any of its siblings in the Vantage family. A broader track – front and rear – brings even more composed cornering thanks to a reduction in lateral

load transfer, while the use of Michelin Pilot Super Sport tyres provides even more assured handling. Thoroughly equipped with cutting edge motorsport-inspired features, from the extensive use of carbon fibre inside and out to the track-focused aerodynamics pack – which includes a prominent rear



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wing and pronounced front splitter – the race-derived new Vantage brings more focused and uncompromising capability and styling to a road-going Aston Martin.The aerodynamics package in particular has a profound effect, producing significant downforce to provide even greater levels of grip and stability at higher speeds.Inspired by Aston Martin Racing’s successful campaigns, this new GT3-derived Vantage has been designed and engineered exclusively at Aston Martin’s Gaydon Headquarters in Warwickshire, England, to be the most overt expression of everything that defines Vantage: an inspirational sports model offering supreme driveability on the road, and uncompromising dynamic performance on track.

New flared carbon fibre front wings, carbon fibre bonnet, a lithium ion race-derived battery, carbon-fibre door casings, optional carbon fibre roof, optional weight-saving

polycarbonate rear window and rear quarter windows are just a few of the measures which illustrate the engineers’ determination to eliminate mass wherever possible. That determination has paid off, too, as the new car weighs in at only 1,565 kg2.Under the skin lie a number of bespoke engineering upgrades, aside from the new 600 PS1 V12 engine. Magnesium inlet manifolds with revised geometry, a lightweight magnesium torque tube and a full titanium exhaust system with centre outlets are just a few of the features that underline the rigorous re-engineering of this exclusive new Vantage.

The car’s interior is comprehensively reworked, too, with a full carbon fibre centre stack and touch-sensitive control array; race-derived carbon fibre sports seats; Alcantara trim and the option of numerous bespoke features courtesy of the brand’s popular personalisation service: Q by

Aston Martin.Announcing the arrival of the Vantage GT3 special edition, Aston Martin CEO Dr Andy Palmer said: “Motorsport is in our blood at Aston Martin. The Vantage is the car we campaign in top level sports car racing around the world and so it seems only fitting that we offer an exclusive, limited edition Vantage that expertly fuses our motorsport know-how with our road car prowess.”He added: “The Vantage GT3 special edition is an uncompromising example of our design and engineering expertise and I’m sure the 100 owners who secure one of these cars will savour every second behind the wheel; whether on the road or on the track.” The Vantage GT3 special edition will make its public debut on 3 March at the 85th Geneva International Motor Show (Hall 5, Stand 5253), with first customer deliveries beginning in the third quarter of 2015.



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Carl F. Bucherer positions the successful Patravi ScubaTec diver's watch in a new dimension: the sporty, eye-catching case is now available in gleaming rose gold, a combination that radiates

style and dynamism.

At Baselworld 2015, the Lucerne-based Carl F. Bucherer brand presents the latest Patravi ScubaTec model. The case in pure rose gold imbues the timepiece with an irresistible attraction. The black and blue ceramic inlays on the unidirectional rotating bezel create striking highlights

that harmonize perfectly with rose gold. Equally impressive is the black dial, which has a gleaming scale-like structure that creates myriad reflections similar to the effect of light striking

the surface of the sea.

caRL f. BuchERER : PaTRaVI SCUbaTEC.

The new Montblanc Nicolas Rieussec Rising Hours comes in three different materials, each with its own dial; red gold and limited platinum with a beautiful silver-colored dial. For this

review I got to wear the stainless steel version, which features a bold anthracite/grey dial. The dial features a gorgeous Grain d`Orges (barleycorn) guilloche that adds a lot of detail when

observed closely. The case measure 43 mm in diameter and 15.30 mm in height. Because of the sloping lugs, it sits more then comfortable on my average-sized wrist (18 cm).

mOnTBLanc: RiSiNG HouRS WATCH

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Silhouettes are pared down and reduced to their essence, with a focus on precision, balance and proportion. Great mastery was employed to create a seamless flow, a minimalist elegance and a harmonious design. Sharp edges were eliminated. The bezel is gently rounded, the horns smoothly tapered. All of which evoke an intangible perfection. “Clé” means “key” in French and the crown’s resemblance to one is unmistakable. The act of resetting the time and date introduces a new gesture to the world of watchmaking, one that recalls the traditional turning of a key to wind up a clock. Elongated and pure, it is adorned with a sapphire that is not set in a classical manner. Instead, it is ingeniously inserted to remain flush with the metal surrounding it. Combining cutting-edge technology and in-depth expertise, the new movement was developed, produced and assembled by the craftsmen of the Cartier Manufacture in Switzerland. Its name -1847 MC- pays homage to the year the Maison was founded. The incorporation of a particularly rapid barrel provides it with tremendous chronometric stability. The dual-direction winding automatic mechanism provides great durability via a specially designed lever system.

caRTIER: Clé DE CARTiER



In tribute to the legendary explorer Christopher Columbus, Manufacture Zenith presents one of its most fascinating watch creations, clothed in truly stunning attire. The unique nature of the complex mechanism is matched by an exceptional exterior and decoration. Delicate expressions of top-flight craftsmanship, engraving and micro-painting showcase the full measure of Zenith’s virtuosity in creating horological works combining technical refinement with magnificent artistry . Issued in an entirely hand-finished 10-piece limited edition, the impressive Academy Christophe Colomb Hurricane Grand Voyage thus pursues its flamboyant evocation of the adventures of the Italian seaman – which it undertook in 2013 with the first Grand Voyage version featuring a unique and splendid decor. On a technical level, this creation sets the stage for three major breakthroughs in watchmaking history: a patented Gravity Control system, fusée-chain transmission, and an exceptional frequency of 36,000 vibrations/hour.

zEnITh:

Elements that define 007's life and legacy enhance the watch's striking design. In anticipation of Spectre, the 24th James Bond film scheduled to debut in 2015, OMEGA has created a limited

edition Seamaster Aqua Terra 150M model inspired by the Bond family coat of arms. The symbol is repeatedly interlocked to create a dynamic pattern on the watch’s blue dial. The coat of arms is

also found near the tip of the yellow central seconds hand. The color of the dial matches that of the watch James Bond wore in his last film, SKYFALL. Among the most striking elements of this 41.5 mm stainless steel timepiece is the oscillating weight of the movement visible through the sapphire

crystal caseback. This component has been cut and shaped to resemble a gun barrel, a design feature that is associated with James Bond’s adventurous spirit. The limited edition number of the timepiece

is engraved on the caseback (XXXXX/15’007), as is the proclamation of its magnetic resistance (> 15’ ). Powered by the completely new OMEGA Master Co-Axial calibre 8507, this timepiece

is resistant to magnetic fields greater than 15,007 gauss – a nod to Bond's famous "license to kill" number. The timepiece is presented on a stainless steel bracelet and will be produced in an edition

limited to 15,007 pieces. It is delivered with a full four-year warranty.

ThE OmEga SEAMASTER FAMily

ACADEMy CHRiSToPHE ColoMB HuRRiCANE GRAND VoyAGE ii

The most fascinating element of the P.2005/S calibre, both technically and visually, is the tourbillon cage which makes two rotations per minute on an axis at right angles to that of the balance, providing the best possible compensation for errors of rate caused by gravity.

A small disc covered with ecru Super-LumiNova® displays the rotation of the tourbillon on the dial side, making two revolutions per minute within the small seconds dial. The calibre

consists of 277 components and has three barrels, providing a power reserve of a good six days. This power reserve is indicated on the back of the movement. For the first time,

the P.2005/S calibre is housed in a Luminor 1950 case with a diameter of 48 mm, made of black ceramic based on zirconium oxide, a technically very advanced material which

provides lightness, toughness and corrosion resistance. In line with the history of Panerai, a brand associated with the sea since its origins, Lo Scienziato – Luminor 1950 Tourbillon GMT Ceramica is water-resistant and it is tested to withstand a pressure of 10 atmospheres

(about 100 metres). Lo Scienziato – Luminor 1950 Tourbillon GMT Ceramica (PAM00528) is supplied with a strap of natural, untreated leather, fastened by an adjustable buckle in

blackened steel.

PanERaI:lo SCiENziATo luMiNoR 1950 TouRBilloN GMT CERAMiCA – 48MM



LIvIng LuxuRy | ACCESSoRiESac

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Being a fashion forward jetsetter, Lanvin is the perfect brand for men that speak classic yet modern practicality when travelling.

This season, Lanvin Men has launched their adventures collection that includes essentials like a weekend multifunctional backpack,

trekking sneakers and double-sided wallets.

LanvIn mEn aDvEnTuRES

Daily adventures can be drawn, sketched or written on all major touch-screen devices with pen-like precision, with the Montblanc Star Walker Extreme ScreenWriter. Crafted in stainless steel with PVD-plated inlays with its silicon disc, and interchangeable function with Fineliner and Rollerball refills, the ScreenWriter provides an unforgettable writing experience.

Formed from the finest Italian full-grain cowhide, the Montblanc Soft Grain Document Case features fittings of polished stainless steel and a hint of blue, while its jacquard-lined interior offers pockets for three writing instruments and a padded laptop compartment.

mOnTBLanc STaR waLkER ExTREmE ScREEnwRITER

An eau de toilette fragrance that adds spice to your life. A fresh, spicy and woody theme that takes an unprecedented step in perfumery by introducing pepper. A trigger of emotion. A perfume of conquest.

caRTIER: DécLaRaTIOn D’un SOIR


LIvIng LuxuRy | GADGETS

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Canon Middle East recently unveiled seven new additions to its PowerShot and IXUS camera ranges. Designed to provide the perfect

solution whatever you’re shooting, whether it’s close up or from a distance with the three new superzoom PowerShots, on a night out

with one of three new compact IXUS cameras, or being creative with the new PowerShot N2.

canOn: nEw POwERShOT anD IxuS RangES

ALCATEL ONETOUCH recently introduced the HERO 2 smartphone, the newest arrival to the HERO family to revolutionize digital creativity. Equipped with an LTE octa-core processor, this powerful device also acts as a hub for an array of companion devices, allowing users to express their creativity with ease. The svelte HERO 2, at 175 g, is one of the lightest 6-inch smartphones on the market, its slim, stylish aluminum body fitting ergonomically in users’ hands, with every detail crafted to provide a pleasing tactile experience. The perfect compromise between a standard smartphone and a tablet, the HERO 2’s Full-HD screen features true-to-life colors, with the display filling 90 percent of the surface. This edge-to-edge display presents optimal viewing for work or play. What’s more, the phone offers ample power for users’ multimedia needs, boasting a generous 3100 mAh battery.

aLcaTEL OnETOuch: hERO 2

Epson showcased its latest range of ITS printers at an event held in UAE today. Epson’s high-capacity ink tank enables users to keep

their printing costs low, increase productivity and reduce downtime. The purpose-built ink tank is fully integrated into the printer so users

can enjoy reliable colour printing without the mess or hassle often associated with non-genuine refills and third-party ink tank systems.

EPSOn LaTEST Ink Tank SySTEm PRInTERS In ThE uaE

BOOk REvIEw

muST

BOOkSREAD

John Maxwell, New York Times best-selling author and leadership expert, provides practical insight into learning how to lead the person who matters most—yourself. The path to leadership begins with a question only few of us ask: How do I lead myself? John presents twenty-six insights, not just for those who aspire to positions of leadership but also for veteran leaders who aim to build and improve upon the steps that led them to the front of the line. Sound leadership will influence any endeavor, but sound leaders are prepared for risk—and importantly, failure—just as they point the way toward achievement. With application exercises and a “Mentoring Moment” to accompany each chapter, The Leadership Handbook presents a road map for a path many may cross but few choose to follow.

By john C. Maxwell

the leadership handbook: 26 critical lessons every leader needs

Daniel Kahneman was awarded for his Nobel for his seminal work in psychology that challenged the rational model of judgment and decision-making. In this book, Daniel describes the "machinery of the mind," the two mental systems, one fast and the other slow, that determine our choices and shape our impressions. System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical.Engaging the reader in a lively conversation about how we think, Daniel reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our business and our personal lives—and how we can use different techniques to guard against the mental glitches that often get us into trouble.

By Daniel kahnemanthinking, Fast and slow

Everything Connects is a kaleidoscopic view of the way humans—by being able to think out of the box—have been able to achieve greatness for themselves, their organizations, and the world at large. It is a step-by-step guide for working with yourself and others—for meaningful success.Using real-life practical experiences, serial entrepreneur and thought leader Faisal Hoque teams up with journalist Drake Baer to provide a personal and professional playbook that shows how to holistically connect the “when” and “what” with who you are, inspire and lead inside and outside of your organization as well as generate ideas, grounded decisions, and long-term value. Part philosophy, part business, and part history, Everything Connects offers the wisdom of 2,500-year-old Eastern philosophies and the interconnected insights of Leonardo da Vinci

By Faisal Hoque and Drake Baereverything connects



mOvERS & ShakERSa cLOSER LOOk | MoVERS & SHAkERS

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kEITh muRRay TO LEaD ThuRaya’S maRITImE PRODucT managEmEnT

Thuraya Telecommunications, a leading Mobile Satellite Services (MSS) operator has further strengthened its maritime team with the appointment of Keith Murray as Maritime Product Manager, based in Dubai. Keith’s key tasks will be to increase the penetration of the Orion IP maritime broadband

terminal in the market and oversee the commercial roll-out of the new Atlas IP broadband terminal in the first quarter of 2015. Welcoming the appointment, Randy Roberts, Vice President, Innovation, Thuraya, said: “By putting in place an experienced maritime team in Dubai as well as in Singapore,

Thuraya is well positioned to execute on our unique maritime strategy and value proposition. Our investment in the people we need, like Keith, to support that strategy demonstrates to the market that we are committed to supporting them for the long term.”

FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, has named David Ross President of its new Middle East, Indian Subcontinent and Africa Region (MEIA) region. In his new role, Ross is responsible for the leadership and strategic direction of this

newly-formed region, headquartered in Dubai, United Arab Emirates. “David Ross has a deep understanding of international trade and logistics in the Middle East, India and Africa and he knows what our customers in this region need to be able to grow their businesses,” said David J. Bronczek,

President and CEO, FedEx Express. “His knowledge and expertise will be extremely valuable as we continue to enhance our capabilities and expand our product offerings in this important part of the world.”

fEDEx ExPRESS namES DavID ROSS PRESIDEnT Of nEw mEIa REgIOn

JLL, the world's leading real estate investment and advisory firm, has announced the appointment of Michael Heitmann as its new Head of Strategic Consulting team for the Middle East and North Africa. Michael has over 17 years of experience in the real estate industry having worked extensively in the GCC, Levant, North Africa and

Sub-Saharan Africa. He joined JLL in 2007 to develop its advisory business in the MENA region. Commenting on his appointment, Alan Robertson, CEO, JLL MENA, said, “Michael has exemplified excellent leadership during his tenure at JLL, and I am confident in his ability in his new role. He will be responsible for providing

strategic advisory services to private and institutional investors, developers, financiers, owners and occupiers. Michael’s expertise will be invaluable for both domestic and international clients, and he will be overseeing several high profile and complex developments across the region.”

JLL aPPOInTS nEw hEaD Of STRaTEgIc cOnSuLTIng fOR mEna

SuDhESh gIRIyan namED cOO Of xPRESS mOnEy

Xpress Money, the world’s most dependable money transfer brand, has announced a strategic development within its senior management team. Sudhesh Giriyan, who was previously the Vice President and Business Head of the business, has now been elevated to a larger role of Chief Operating

Officer of Xpress Money. Sudhesh has been a part of the Xpress Money family for over a decade and is responsible for the overall strategy, operations and profitability of Xpress Money, in the diverse international markets that the brand operates in. Commenting on this development, Y. Sudhir Kumar Shetty,

President, UAE Exchange Group, said, “Sudhesh’s elevation to Chief Operating Officer reflects his impressive leadership and in-depth business acumen. I am glad to have him take on this larger role; a strategic decision taken by the management, in line with our business objectives.”


EvEnTS

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10Th mIDDLE EaST RETaIL BankIng fORum & ExPO

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In celebrating its 10th anniversary, the Middle East Retail Banking Forum & Expo has expanded, offering more opportunities, to include a dedicated exhibition to run alongside the extremely successful conference. Focusing on all aspects of core retail banking and financial payment technologies, this is your opportunity to showcase new solutions and services to senior decision makers from the Middle East’s leading banking and financial services sectors. The event will feature unlimited networking opportunities and more than 20 seminars sessions conducted by industry pioneers who will be discussing the future of the mobile wallet, new payment technologies for acquirers and retailers in the Middle East and much more.

In its 11th year, WEPower gathers international public and private organizations together to meet the huge growth in demand for water, electricity and power in the Kingdom of Saudi Arabia. This unique Water, Electricity & Power Generation Forum delivers a strategic conference alongside a worldwide exhibition. WEPower delivers a platform for local and international suppliers and technology providers to discuss major projects, which will deliver water and power to one of the largest economies in the world: Saudi Arabia.

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aPRcITyScaPE JEDDah 2015

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Cityscape Jeddah 2015, the Jeddah Urban Development and Real Estate Investment Event, will give you the best view into the region’s largest real estate market, as well as provide you with an unrivalled opportunity to network with the largest gathering of real estate stakeholders in Saudi Arabia and beyond. Cityscape Jeddah will include a number of features; the largest Real Estate Exhibition in Saudi Arabia; the Jeddah Real Estate Workshops, involving discussions on strategies for real estate growth and investment in Jeddah; and the Cityscape Awards for Real Estate in Saudi Arabia, celebrating those companies that have excelled in the Saudi Real Estate sector.

ALUMINIUM MIDDLE EAST is the biggest gathering for aluminium professionals and the leading exhibition for aluminium products, technologies and investments in the Middle East.Launched in 2009, the event brings together international industry front-runners including producers, manufacturers and processors of raw materials and end products made with aluminium components, as well as suppliers of technologies and accessories for aluminium production, processing and refinement. In its 4th edition, ALUMINIUM Middle East gathers 180 exhibitors from 25 countries and over 3,000 industry professionals from 70 countries. The event will highlight the Middle East’s future role as the world’s powerhouse in aluminium production and facilitate discussions on uplifting the downstream sectors to support this phenomenal growth in upstream industries.

aLumInIum mIDDLE EaST 2015

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Every year, around February, the global automotive industry engages in a five-day festival with a region that is renowned for its passion for cars and its love for speed. The fifth edition of the Qatar Motor Show was held between February 6 and 10, at the Qatar National Convention Centre and true to its promise, delivered a veritable feast for automobile aficionados and motor sports enthusiasts.

Held under the patronage of H.E. Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani, Prime Minister and Minister of Interior of the State of Qatar, the Qatar Motor Show 2015 was the best one yet. The show was inaugurated on February 5 by H.E. Mr. Jassem Bin Saif Ahmed Al Sulaiti, Minister of Transport of the State of Qatar and H.E. Mr. Issa Bin Mohammad Al Mohannadi, Chairman of Qatar Tourism Authority. Hosted by Qatar Tourism Authority (QTA), and co-organized by q.media Events and Fira de Barcelona, the show covered an area of 15,000sqm where some of the most prominent international carmakers displayed their latest models, technology and auto trends.

Commercial Bank of Qatar, the exclusive Marriott Marquis City Center Doha Hotel as well as Qatar Insurance Company (QIC) were present as the official retail bank partner, the official hospitality partner and the official insurance partner at the show. The exhibition hosted over 35 notable and international car and motorcycle brands that showcased their latest luxury, sport, mid-size and SUV segments. Highly esteemed brands that participated included: Bugatti, Volkswagen, Porsche, Bentley, Renault, Lamborghini, Audi, Mercedes-Benz,

Infinity, Nissan, Toyota, Lexus, Chevrolet, Cadillac, BMW, Mini Cooper, Maserati and Jeep. Apart from premier launches, people were entertained with auto-related activities carried out by exhibitors on all days. Various interactive games and exciting contests were conducted on different social media platforms like Facebook, Twitter and Instagram, where participants bagged some attractive prizes. Moreover, viewers were regularly updated on the latest happenings during the event through interesting pictures and videos posted on the official Facebook page of Qatar Motor Show 2015. A huge hit at the show was the ‘One Second Campaign’, organized by the Ministry of Interior and conducted by the Traffic Department where visitors above 16 years old enjoyed driving a 3D simulator in compliance with the Qatari traffic rules and regulations.

Furthermore, two major attractions this year were the launch of a new automobile brand GAC in Qatar and the vintage car collection from Mawater. Stars from yesteryears dating from the 70’s like Trans AM with a corvette engine, Limited Edition Audi Aztec, Muscle cars that included Nissan GTR, BMW M Power, Chevrolet Camaro and Corvette, as well as twenty Wrangler Jeeps, wowed with their retro appeal. A treat in vintage was the BMW Isetta 300, a limited classic collection model from 1957.

During the event, DOMASCO introduced the GAC Motor brand where three models were launched for the first time in Qatar. The cars included the GA3, the GA5- a mid-sized sedan and the snow-leopard-inspired GS5 – an urban SUV.

Brett Soso, Regional Director, Rolls-Royce Motor Cars for the Middle East, Africa and South America, declared at the show that Qatar is one of the strongest markets in the world for Rolls-Royce. “The Middle East region is now the second largest market for Rolls-Royce globally, achieving 20% growth in 2014.” Qatar has continued to play a key part in the region’s success over the last few years and has achieved another outstanding year with a sales increase of 17% in 2014. Also present at the exhibition, Nimrod showcased three models- the Avanti Rosso, the Zero and the Katyusha whilst Lamborghini showcased the Lamborghini Huracán LP 610-4. The legendary French automotive luxury brand, Bugatti, presented the iconic Veyron 16.4 Super Sport – the world’s fastest production car at this year’s exhibition. Nasser Bin Khaled Automobiles (NBK), the exclusive dealer of Mercedes-Benz in Qatar, displayed four of its wide range of cars including Maybach S Class, AMG GT S, CLA 250 and GLA 45 AMG. They also unveiled the new Harley-Davidson Street™ 750, a new line to the 2015 assembly and announced a partnership with Husqvarna Motorcycle, the renowned Sweden motorcycle manufacturer, at the exhibition.

With the five-day high-octane show dropping its curtains on the 5th edition, it is clear that this is marching forward as one of the most anticipated motor shows in the region. Apart from delighting visitors and providing the most engaging platform for car makers, Qatar Motor Show demonstrates to the world of MICE that Doha is definitely a preferred destination for world-class events.

qaTaR mOTOR ShOw HiTTiNG THE RoADS

fInaL wORD


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