Portfolio | November 2010

Issue 59 n November 2010

PortfolioExclusive to Emirates First Class and Business Class

emirates.com

Travel neTworksConnections That Work

BrisTol CarsExclusive Wheels

3D TvA New Dimension

Richard MilleTimed to Perfection

G T X L

C L A S S I C R A C I N G C O L L E C T I O N

G T X L

C L A S S I C R A C I N G C O L L E C T I O N

PortfolioExclusive to Emirates First Class and Business Class 7

Features

42 Eat Your Vegetables: Old Battle, New TacticsDespite two decades of public health initiatives,

Americans are still refusing to eat their veggies.

That’s opened the door for some innovative

marketing approaches.

46 A Quirky Car, Serving Quirky CustomersFor a certain kind of company, recession may be beside

the point. Unlike many of its luxury-car rivals, Bristol

actually grew during the financial crisis.

50 A Healthy LeadAttitudes towards healthcare and environmental issues are

shifting and Louis Hakim, chairman of Philips Middle East,

wants to make sure he is leading the charge.

56 High AmbitionsMost travel websites offer enough information to leisure

travellers to make their trip a good one. But business

travellers have different needs, so some are now tapping

into alumni and expatriate networks.

30 An Innovator Par Excellence

Cover Story

This issueNovember 2010

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38 Chinese Investors Flock to LondonFor real estate agents in London, Chinese customers

are ideal as they are cash rich and eager to buy. They

purchased less than one per cent of high-end properties last

year, but the figure has grown to five per cent this year.

7-8 Contents.indd 7 10/21/10 5:09:11 PM

11 NotebookWorld business in a nutshell.

19 ObserverSpotting and analysing business trends.

28 Column: Nicholas D. Kristof A Boy and a Bicycle

PortfolioExclusive to Emirates First Class and Business Class

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Departments

Essentials61 Germany’s Hidden Jewel

Tucked away in Brandenburg’s Spreewald is the little town

of Burg, which is quickly gaining fame as the country’s

most relaxed spa resort.

66 Heir Conditioning

An increasing number of financial companies are starting

courses to teach children how to protect their inheritance

and ensure that the money stays in the family.

72 White Elephant to Urban Utopia

This year Brasilia celebrates 50 years of being Brazil’s

capital. Designed by Lucio Costa and Oscar Niemeyer, this

futuristic-looking city is still constantly evolving.

76 A Taste of the Country in Urban Beirut Lauded for its delicious cuisine, Beirut’s culinary culture is

steadily gaining the worldwide attention it deserves.

80 Climate Gauge: Greenland

As it struggles to gain economic independence,

Greenland’s vulnerable geographical position puts it under

global pressure.

84 3D Dance Takes a Great Leap Forward

The 3D revolution is coming to dance. Pioneering

filmmakers, among them Wim Wenders, tell us why the

two were made for each other.

86 Attaining Perfection

The Rolls-Royce Phantom Drophead Coupé was built

to celebrate 100 years of arguably the most famous

automotive brand in the world.

88 Other Business Portfolio takes a light-hearted look at the latest

business news.

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INTERNATIONAL MEDIA REPRESENTATIVESAUSTRALIA Okeeffe Media; Tel +61 89 381 7425, Fax +61 89 382 4850, [email protected] CHINA/HONG KONG Emphasis Media Limited; Tel +85 22 516 1048, Fax +85 22 561 3349, [email protected] CYPRUS Epistle Communications & Media; Tel +35 72 246 6555, Fax +35 72 276 9999, [email protected] FRANCE/SWITZERLAND Intermedia Europe Ltd; Tel +33 15 534 9550, Fax +33 15 534 9549, [email protected] GERMANY IMV International Media Service GmbH; Tel +49 211 887 2310,Fax +49 211 887 2919, [email protected] INDIA Media Star; Tel +91 22 281 5538/39/40, Fax +91 22 283 9619, [email protected] ITALY IMM Italia; Tel +39 023 653 4433, Fax +39 029 998 1376, [email protected] JAPAN Skynet Media Inc.; Tel/Fax +81 43 278 6977, [email protected] TURKEY Media Ltd; Tel +90 212 275 8433, Fax +90 212 275 9228, [email protected] UK Spafax Inflight Media; Tel +44 207 906 2001, Fax +44 207 906 2022, [email protected] USA Redwood Custom Communications Inc.; Tel 212-473-5679 x 313 , Fax 212-260-3509, [email protected]

Published for Emirates by

PO Box 2331, Dubai, UAE. Telephone: (+971 4) 2824060,

fax:(+971 4) 2824436, e-mail: [email protected] Printed by Emirates Printing Press, Dubai, UAE

Editor-in-Chief Obaid Humaid Al Tayer Group Editor & Managing Partner Ian Fairservice Group Senior Editor Gina Johnson Senior Editor Guido Duken Deputy Editor Nick Rice Editorial Assistant Hilda D’Souza Art Director Tarak Parekh Junior Designer Roui Francisco General Manager Production & Circulation S Sasidharan Production Manager C Sudhakar General Manager - Group Sales Anthony Milne Email: [email protected] Business Development Manager Nicola Hudson Advertisement Manager Rameshwar Nepali

Emirates takes care to ensure that all facts published herein are correct. In the event of any inaccuracy, please contact The Editor. Any opinion expressed is the honest belief of the author based on all available facts. Comments and facts should not be relied upon by the reader in taking commercial, legal, financial or other decisions. Articles are by their nature general, and specialist advice should always be consulted before any actions are taken.

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7-8 Contents.indd 8 10/24/10 9:04:28 AM

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November 2010

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NotebookBUSINESS NEWS IN BRIEF

Oman’s $3 Billion Property Project to Speed Up

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N u m b e r s G a m e

In FiguresThe World

$3.6 trillion of hefty investments will be required of China

by 2010 in developing its cities to accommodate

inflows of rural residents adopting urban lifestyles according

to a projection by a Chinese government research group. The

urban population, currently 47 per cent of the total population, is

expected to rise to 65 per cent by 2020.

$100 million

donation from

America’s youngest billionaire

Mark Zuckerberg to Newark

schools in the US, places the

chief executive of Facebook

amongst the top echelons

of American philanthropy.

Zuckerberg is known for

keeping a simple lifestyle

as seen in his choice of an

unremarkable home and his

casual jeans and T-shirt

dress code.

$54 billion net worth

of assets crowns

Bill Gates, the co-founder of

Microsoft Corp., the richest

man in America as per the

annual ranking of Forbes

magazine. Snapping at his

heels is Berkshire Hathaway’s

Warren Buffet with a whopping

$45 billion in assets.

£80,000 was

the

top price paid at an auction in

West Sussex for the rare sports

car once owned by James

Bond creator Ian Fleming. The

dark blue two-

seater with

red leather

interiors, was sold by Bonhams

at the Goodwood Revival racing

festival 2010 and is one of only

six operative Ford-powered

Acecas in the world.

25 years on and Transformer

robots continue to

reign as one of Britain’s most

popular toys according to the

list revealed by Toys ‘R’ Us who

recently celebrated 25 years in

the business. Despite changing

playtime habits the details

released by the store suggest

that youngsters still prefer the

wars between the Autobots and

the Decepticons.

$500 million is the

huge cost for

Peter Jackson’s The Hobbit,

which will make it the most

expensive film ever made. The

Hobbit will be shot in high-

definition and 3D, however it’s

still not clear whether it will be

made in the Lord of the Rings

hobbit town in New Zealand.

$500

Russia and China Sign Energy Agreements

11-16 Notebook.indd 12 10/20/10 4:44:20 PM

Each Lange watch is one-of-a-kind.Just like the people who craft it.

No two SAXONIA ANNUAL CALENDAR watches are one hundred

per cent identical. That’s because this timepiece owes its superior

precision to the dexterity of human hands. Lange’s masters assemble

and finish a watch in their very own personal way. The result is a one-

of-a-kind masterpiece available only from the world’s finest retailers.

There, you can also hear the story of F. A. Lange who, 165 years

ago, moved to Glashütte. With the objective of crafting the world’s

finest timepieces, he actively contributed to the evolution of the

mechanical watch. We take our in-

spiration from his spirit of ingenuity.

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14 Notebook

Blockbuster Files for Bankruptcy

Joint Venture for Qatar’s Largest Mall

11-16 Notebook.indd 14 10/20/10 4:44:27 PM

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16 Notebook

R e s u m é s R e w r i t t e n TEXT: HEBA HASHEM

Kate Moss

WITH HER PETITE, SKINNY FIGURE

and average height, Kate Moss is one

of a few controversial models around.

It was her ‘waif’ look that grabbed the

attention of headhunters and helped the

supermodel get worldwide recognition.

Moss was discovered at the age of 14 by

the founder of Storm Model Management

as she landed in New York’s JFK airport.

A decade and a half later, at the age of 30,

Moss was declared the sexiest woman of

all time according to a poll conducted by

men’s magazine Arena to mark its 150th

issue. The English model has appeared

on more than 300 magazine covers, at

least 30 of which were with British Vogue.

Despite her infamous party lifestyle,

Moss has been frequently selected by

major European, British and American

designers to lead their campaigns, just

some of these renowned designers

include Gucci, Dolce & Gabbana, Louis

Vuitton, Versace, Calvin Klein, Chanel,

Dior, Yves Saint Laurent, Burberry,

Stella McCartney and Bvlgari. Today,

36-year old Moss, one of the world’s

highest paid models, is looking at a

slightly different industry – jam making.

It started as a hobby at her Cotswolds

country estate, when Moss found

hoards of damsons in her garden. Soon

the supermodel had perfected her

homemade recipe and was receiving

positive feedback from family and

friends. Moss’s fruit conserving hobby

is now taking a different spin as she

considers launching her own range of

jams, to be named ‘Kate’s Damson

Jam.’ Moss is accepting help from her

seven-year-old daughter Lila Grace

and her friend, billionaire retailer Sir

Philip Green, who has offered advice

on promoting her new jam label and

getting on supermarket shelves. Moss

has also sent samples of her product to

Simon Cowell, creator of the

X Factor TV competition, and is

investing in expensive equipment to

help perfect her recipes. With so much

fruit on her estate’s land, Kate said she

wants to put it to good use. She has

also shown interest in taking cooking

lessons with celebrity chef Jamie

Oliver. It seems Moss might be happy

swapping the catwalk for the kitchen. ■

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The world‘s most exciting hotel

Putting the buzz into business travel

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BUSINESS NEWS IN BRIEF

ObserverSpeeding Up Expense Reports

A manager from EMI Yoshi uses an expense-management app on his smart phone to photograph and upload travel receipts.

The corporate card is changing, not in ways that business travellers will see on the road but that they will notice back home when they fill out their expense forms, reports Martha C. White.

19-20 Observer-Opener.indd 19 10/20/10 4:50:27 PM

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“Since big corporate conferences can easily cost $100,000 or more, being able to consolidate all the expenses onto a single account gives companies a more complete picture of the total cost.”

The process of reporting and filing travel expenses can be significantly streamlined with new expense report apps.

19-20 Observer-Opener.indd 20 10/20/10 4:50:27 PM

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WORLD’S TALLEST RESIDENTIAL TOWERS

Building Height (metres) City

1 Burj Khalifa 828 Dubai

2 Q1 323 Gold Coast City

3 HHHR Tower 317 Dubai

4 Moscow 302 Moscow

5 Eureka Tower 297 Melbourne

6 Emirates Crown 296 Dubai

7 Millenium Tower 285 Dubai

8 21st Century Tower 269 Dubai

9 Triump-Palace 264 Moscow

10 Tower Palace Three, Tower 264 Seoul

WORLD’S TALLEST CONCRETE BUILDINGS


1 CN Tower 553 Toronto

2 Ostankino Tower 540 Moscow

3 Oriental Pearl Tower 468 Shanghai

4 Milad Tower 435 Tehran

5 Menara Kuala Lumpur 420 Kuala Lumpur

6 Tianjin Radio & TV Tower 415 Tianjin

7 Central Radio & TV Tower 387 Beijing

8 Kiev TV Tower 385 Kiev

9 Gerbrandy Tower 375 IJsselstein

10 Tashkent Tower 375 Tashkent

WORLD’S TALLEST STEEL BUILDINGS


1 Willis Tower 442 Chicago

2 Empire State Building 381 New York

3 Aon Centre 346 Chicago

4 The Centre 346 Hong Kong

5 The John Hancock Centre 344 Chicago

6 Minsheng Bank Building 331 Wuhan

7 China World Trade Centre III 330 Beijing

8 The Chrysler Building 319 New York

9 The New York Times Tower 319 New York

10 The US Bank Building 310 Los Angeles

The World

Top 10

SOURCE: CONSTRUCTION WEEKONLINE.COM

Hyundai Recalls Sonata Sedans in U.S.

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China Allows Banks to Sell Loans on Interbank Market

BlackBerry Unveils Playbook


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O N E 2 W A T C H

The promotion of

chief operating

officer Dick Costolo

to the new CEO

position at Twitter

came quite aptly in

a short message

posted on the

Twitter website

on a Monday

morning, October

4. This brief tweet

came after careful

considerations and

at a time when

the company is

experiencing a

spate of hyper-

growth. The four-year old company has seen rapid expansion

since taking on board over 300 staff and servicing a massive

160 million global subscribers. They company now wants to

capitalise on its success by trying out various revenue ventures.

It is the job of the 46-year-old American, regarded as a champion

of the microblogging service, to navigate the company through

the many new monetisation processes being initiated. For

starters, the company aims to transform the tens of millions of

active users into profit by creating advertising revenue with new

developments like Promoted Tweets, a form of Twitter ads on the

website. Twitter also has in place serious advertising ventures

and new businesses hooked up with Google and Microsoft.

Costolo is well aware of the major challenges Twitter will face in

retaining a massive user base while figuring out how to monetise

and service businesses on Twitter without affecting its basic

function of site, which is to deliver short, timely messages.

Whether the former Google executive and Feedburner CEO,

hired by Twitter in September last year, will be able to provide

the leadership necessary to make this growth and change in

Twitterland happen, will be food for much speculation and will

keep many eyes on the site.

Dick Costolo

TEXT: HILDA D’SOUZA

Floating Solar Islands to Generate Power in RAK


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Bicycles are of great social benefit as they can drastically cut essential travel time.

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Sofitel Paris Le Faubourg Just a short walk from the Faubourg Saint-Honoré, this haven of peace is the ultimate

evocation of the French “Art de vivre” through its new collection of Couture Suites as well as the tasty and artfully presented cuisine of Chef Thierry Vaissière.

Sofitel Paris Le Faubourg – 15 rue Boissy-d’Anglas – 75008 Paris – FranceTel : (+33) 01 44 94 14 14 – Fax : (+33) 01 44 94 14 28 – [email protected]

www.sofitel.com

Paris is Magnifique

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AN INNOVATOR PAR EXCELLENCE

Richard Mille created his own watch brand in 2001 and in less than a decade he has accomplished incredible feats in haute horology. He has challenged preconceptions, smashed convention, pushed boundaries and brought fresh vision into the 450-year-old Swiss watchmaking industry. Nick Rice meets a man passionately consumed by extreme achievement.

November 2010

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WHEN I FIRST

Mille isn’t sure what came first, his love for cars or watches. He now combines both his passions in the watch industry.

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Mille with Felipe Massa. The two started collaborating when Massa had just started his F1 career and the relationship has grown from there.

“A PERFECT EXAMPLE OF RESILIENT PERFORMANCE CAME WHEN MASSA WORE HIS RICHARD MILLE RM 006 IN THE 2004 CANADIAN GRAND PRIX AND RESISTED A G-FORCE OF 113 THROUGH AN EXTREME DECELERATION.”

The Richard Mille Aerodyne Tourbillon watch is intricate in every detail. Exclusivity is the hallmark of this watch brand, and Mille is content to sell between three to four thousand watches annually.


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“IN SIMILAR FASHION, IT IS SAFE TO SAY THAT MILLE TRUSTED HIS INSTINCTS.”

Mille enjoys a close relationship with the stars that represent his brand, and ensures their involvement in the essential elements of the product’s design and function.

Rafael Nadal is also a brand ambassador for Richard Mille. Nadal’s RM 027 weighs less than 20 grammes and has a price tag of $525,000.

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“IN SIMILAR FASHION, IT IS SAFE TO SAY THAT MILLE TRUSTED HIS INSTINCTS.”

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“I SUFFERED FROM ‘ENZO FERRARI SYNDROME,’ WHO WAS, BEFORE LAUNCHING HIS OWN BRAND, MANAGER AT LANCIA.”

The Le Mans Classic is a 24-hour race that features some of the world’s most collectible cars.

Mille’s son took part in the Little Big Le Mans children’s race.


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Chinese Investors Flock to LondonFor real estate agents in London, Chinese customers are ideal: cash rich and eager to buy. And also growing in number, reports Julia Werdigier and Bettina Wassener.

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“The property industry in Britain is adapting to meet the Chinese demand. Brokers are hiring Mandarin speakers, as well as Cantonese speakers to cater to people from Hong Kong.”


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Nick Vestey, a sales executive with Knight Frank, outside a five-bedroom house he sold to a Chinese investor for more than $26 million, in the Knightsbridge district of London. Investors from mainland China and Hong Kong are more active than ever in the London real estate market.


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Eat Your Vegetables: Old Battle, New Tactics

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The baby-carrot industry has recently tried to reposition its product as junk food, starting a $25 million advertising campaign whose defining characteristics include heavy metal music, a phone app and a young man in a grocery cart dodging baby-carrot bullets fired by a woman in tight jeans, reports Kim Severson.

The Sotheby’s auction room before an auction of vegetables, and vegetable-themed items, at “The Art of Farming” event in New York.

Reclining Eggplant, a painting by P. Allen Smith, on the block during ‘The Art of Farming’ event at Sotheby’s, where vegetables and vegetable-themed items were auctioned, in New York.

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Reclining Eggplant, a painting by P. Allen Smith, on the block during ‘The Art of Farming’ event at Sotheby’s, where vegetables and vegetable-themed items were auctioned, in New York.

42-44 Health.indd 43 10/20/10 5:57:49 PM

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“Health officials now concede that convincing a nation that shuns vegetables means making vegetables more affordable and more available.”

Students eat a bag of baby carrots during their lunch period at Fayetteville-Manlius High School in Manlius, N.Y.

42-44 Health.indd 44 10/20/10 5:57:51 PM

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Portfolio_Emirates in-flight_HUROUF_Nov 08/10/2010 13:23 Page 1

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For a certain kind of company, recessions may be beside the point. Unlike many of its luxury-car rivals, Bristol is also not the kind of company to have been much affected by the financial crisis, reports Julia Werdigier.±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±

A Quirky Car Company, Serving Quirky Customers

From left: Bristol’s Syd Lovesy, longtime employee, Toby Silverton, owner of the British luxury carmaker and Sir George White IV, of Bristol’s founding family, next to the company’s latest model ‘The Fighter’ at the 64th birthday celebration show of several hundred cars at Bristol Filton Airport, in Bristol, England, 2010.

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“Reclining Eggplant,” a painting by P. Allen Smith, on the block during “The Art of Farming” event at Sotheby’s, where vegetables and vegetable-themed items were auctioned, in New York.


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Sir George White IV, whose grandfather founded the British luxury carmaker Bristol, sits in a Bristol 404 at the 64th birthday celebration show in Bristol, England.

Visitors look at cars on display at the 64th birthday celebration show.

Bristol, one of the world’s last independent car makers, builds hand-assembled cars in England, and despite the global downturn its sales are up.


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A Healthy LeadAttitudes towards healthcare and environmental issues are shifting and Louis Hakim, chairman of Philips Middle East, wants to make sure he is leading this wave of change, reports Ruth Clegg.

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“When it comes to Healthcare, Hakim realises

the best and least expensive

way to take on the challenges of the future is by simply

changing the way people think.”


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“If all the lighting in the world was switched to energy efficient lighting (EEL) solutions, then over $180 billion and a massive 630 million tonnes of CO2 could be saved.”

Hakim believes that Philips has an important role to play in Middle East healthcare. At exhibitions they give free health checks.

Hakim stresses that public private partnership is essential to deal with global issues such as global warming, healthcare, and economic success.

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“Hakim insists green solutions are a triple win for the user, the owner and the environment.”

Her Royal Highness Princess Haya visited Hakim and other executives at the Philips stand.

Philips has combined MRI scanning with a lighting system called Ambient Experience that empowers the patient and reduces stress.


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HIGHAMBITIONSMost travel websites offer enough information to leisure travellers to make their trip a good one. But business travellers often have different needs. So some are now tapping into alumni and expatriate associations to make personal connections based on shared language, culture and experiences, reports Michael T. Luongo.


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Trevor Doerksen, chief of MoboVivo, left, and Ron Piovesan, a mentor with a Canadian expatriate group, in Sunnyvale, California. Rather than relying on travel websites, business travellers are making personal connections based on shared language, culture and experiences.

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“The recommendations, led not only to something more affordable and gave me all the amenities I needed, but put me in the centre of things, and I made new contacts.”


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“Alumni networks can provide a similar toehold, but they seem underused, even among major business schools.”

Many websites, LinkedIn being a popular example, are used as networking tools to find and use contacts.

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CEO, Gulf FinanceSteve joined Gulf

Finance in 2008 with a mandate to transform the 10-year-old firm into a boutique finance company focused on small and medium sized enterprises.

With more than two decades’ of leadership and hands-on experience in business banking, branch banking, customer segmentation, product development and customer treatment strategies, Steve knows his industry and his clients.

Active in the Dubai based British Business Group, Steve is a former Director of Business Development for the association. He also is a Director for a Dubai-based venture capital firm and recently studied finance and accounting at the Executive Education department of the Stanford Graduate School of Business in California.

SME ADVICEConsider it done

Welcome to our latest advice column for small and medium sized businesses, brought to you by Steve Williams, CEO at Gulf Finance. Throughout his columns, Steve talks about the challenges faced by many SMEs and shares his thoughts and advice on how to deal with

these challenges and come out stronger on the other side. Gulf Finance is an ambitious, progressive finance company operating in the commercial and consumer markets. Gulf Finance offers a variety of straightforward lending and deposit based products and believe in providing their clients with exceptional execution service delivered through a team of highly experienced, deeply motivated financial professionals.

STEVE WILLIAMS

CEO, Gulf Fi-nance

ADVERTISEMENT FEATURE

GULF FINANCEwww.gulf-finance.ae | +971 4 405 0000 | [email protected]

Consider it done.

GULF FINANCE

If all of your suppliers gave you 30 days to pay, would you use every single one of those days, essentially using up all of the time allotted to make

your payment? How about 60 days? 90? You can be absolutely certain that the vast majority of your debtors would. Unfortunately, this liberty can have a detrimental impact on your cash flow. Worst case scenario, your business could get into a situation where the time between paying your creditors and being paid by your debtors simply does not tally meaning that your ability to trade is dramatically impeded. Dealing with cash flow is a major factor for any business, large or small, and by taking control of it you will not only avoid putting your business in a very precarious situation but you will empower your business’ ability to trade efficiently and effectively by making sure time and money are both on your side.

Many businesses cower at the mention of cash flow; however quite on the contrary, controlling your cash flow can be more manageable than you may think. As you would expect, it involves a combination of discipline, endeavour and resilience to make sure every aspect is delivered and controlled consistently. Managing this task can begin with the age-old art of conversation. Simply talking to your customers and suppliers, with the appropriate levels of friendliness or force, to explain that their time to pay has arrived, or that you yourself require a larger credit account limit or more time to pay will prove invaluable to any business. This basic level of communication with debtors and creditors will improve a business’ cash flow almost instantly.

In those cases where this approach is not an option, or when every approach of this nature has been explored, Invoice Financing provides an attractive and immediate resolution to your cash flow problems by freeing up capital from your debtors that would typically be unavailable to you. By working with Invoice Financing specialists, like our experts at Gulf

Finance, you are given the option to borrow money against your outstanding invoices. This approach to improving cash flow is a very real and reliable option that allows businesses to enhance their liquidity.

At Gulf Finance, we have seen a tremendous shift in the demand for Invoice Financing. One of our more recent clients, a facilities management company, came to us seeking a working capital solution when his clients began to request more time to pay. By implementing an effective Invoice Finance facility, this company has been able to ensure they have remained supplied with the tools they need to enable them to service their clients with continuity – a picture that could have been painted entirely differently if the client had not acted as he did to correct his cash flow problems, before they snowballed out of control.

When it comes to managing your business’ cash flow issues, time is of the essence; it is fundamental that you have a suitable contingency plan in place ready to combat any potential cash flow problems that will inevitably arise in the future. If your business is one of the many that are experiencing cash flow problems then you need to act immediately and give your business the best chance possible to trade efficiently. If you are one of the lucky few businesses that do not have these issues then it is equally as vital that you consider what the future may hold. Make sure you are prepared to take advantage of the opportunities that present themselves and have strong control over your cash flow to ensure you avoid the potential threats. Look at prioritising your payments and be sure to have a suitable credit control system in place to guarantee your debtors pay on time. If your customers aren’t paying on time then stricter terms may be needed and if you think your suppliers could offer you a better deal then why not ask them for one? Taking control of both your debtors and your creditors, is a proven way of staying in control of your cash, so that your cash isn’t in control of you.

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Spas

Germany’s Hidden JewelsUnderneath the beautiful Spreewald in eastern Germany lies a hot spring with salt and minerals levels that rival the Dead Sea. This treasure has transformed the small town of Burg into a word of mouth spa getaway, reports Kimberley Bradley.

EssentialsTHE BEST OF LEISURE AND LIFESTYLE

Burg has turned into a spa attraction thanks to the underground hot spring that has high levels of salts and minerals.

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The Spree Forest is famous for its meandering waterways that are part of a UNESCO biosphere reserve. A tranquil boat ride is just one of the soothing things on offer in the small town of Burg.


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Spas

In summer the fields in the Spree Forest are covered in wildflowers. Besides tourism, the region’s main income is from agriculture.

Guests swim in an outdoor pool at the Zur Bleiche Resort & Spa. The buildings date from 1750 when King Frederick the Great had his soldiers’ uniform shirts produced and bleached here.


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64 EssentialsSpas

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The New York Times

“Outdoor and indoor pools beckon everywhere. Even in summer, a fireplace crackles invitingly in a room whose soaring ceiling reveals its origin as a barn.”

The Spreewaldtherme is the huge central spa of Burg. It has nine pools plus saunas and offers numerous treatments.


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Women in a relaxation room at the Zur Bleiche Resort and Spa.

The fireplace is always burning at Zur Bleiche. The resort also offers a Michelin-starred restaurant.


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66 EssentialsFinance

Heir ConditioningAn increasing number of financial companies are starting courses to teach children how to protect their inheritance. Andy Round looks at the 21st-century dilemma facing billionaires who want to keep it in the family.

Teaching children the value of money is an important part of parental responsibility. But for the very wealthy this is a daunting task.

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Credit Suisse estimates that $41 trillion will be passed to sons and daughters by 2053.

“While parents want their children to focus on savings and investments, the students are normally more interested in learning about philanthropy and entrepreneurship.”

‘Billionaire boot camps’ aim at educating the heirs of the wealthy on how to manage their inheritance wisely. Many of these courses are being offered by banks.

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Harry Potter actress Emma Watson was given access to her $20 million fortune when she turned 18, but first she had to attend a Coutts wealth management course.

“Wealthbridge Partners in Washington offers children as young as seven the opportunity to spend a couple of days at the local zoo to learn how everything works from a business perspective.”

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Although the wealthy may be financially sophisticated, their children are not. Philanthropy is seen as a low-risk method of acclimatising children to practical aspects of finance.

“Helping the children of wealthy people cope with their good fortune is undeniably a rapidly growing trend for parents, their offspring and, inevitably, the banks that are selling their expertise”

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Warren Buffet, who is one of the world’s richest men, is leaving most of his money to philanthropic organisations. He has stated numerous times that he’s leaving his children enough money for them to do anything, but not enough for them to do nothing.

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72 EssentialsArchitecture

White Elephant to Urban Utopia

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In 2010 Brasilia celebrates 50 years of being the capital of Brazil. The young city was once a white elephant that

was the brainchild of former president Juscelino Kubitschek. Designed by Lucio Costa and Oscar Niemeyer and built by

Roberto Burle Marx, today it remains a bizarre Utopia able to surprise, confuse and fascinate in equal measure. With the beauty of

its futuristic buildings, the harmony of its urban spaces and the creativity of its artists, Brasilia is still evolving constantly. Andrea Forlani investigates

the past, present and future of a unique metropolis.

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The inside of the Museu Nacional Honestino Guimarães consists of a 14,500 square metre exhibit area, two 780-seat auditoriums and a laboratory.

The Juscelino Kubitschek Bridge, also known as the JK Bridge, was opened in 2002 and immediately became a Brazilian landmark.

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The Three Powers Square is named after the three governmental powers of Brazil: the Executive, represented by the presidential office; the Legislative, represented by the National Congress; and the Judiciary.

The National Congress building was also designed by Niemeyer. The building is listed as a UNESCO World Heritage Site.

The Museu Nacional Honestino Guimarães was designed by the Pritzker Prize winning Brazilian architect Oscar Niemeyer, and inaugurated at the opening of Brasília in 1960.

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The striking lobby of the Brasilia Alvorada Hotel, which is part of a tourist complex.

Nemm Soares is one of Brazil’s most famous artists who lives in Brasilia.

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Street dancers show off their skills for the camera.There’s art on the streets as well. Onio is one of Brasilia’s best known street artists.

Brasilia was originally divided into separate sectors, ranging from accommodation through to government buildings. Most high-rises are on the edge of the city.

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76 EssentialsCuisine

A Taste of the Country in Urban BeirutLauded for it’s delicious cuisine, Beirut’s culinary culture is steadily gaining the worldwide attention it deserves, reports Indrani Sen.

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“The New York Times recently proclaimed Lebanese “the Middle East’s most ingenious, flavourful cuisine.”

Souk el Tayeb is a non-profit organisation that runs markets specialising in fresh, rural produce across Lebanon.

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Tawlet is a restaurant that invites a number of rural producers to cook their wares. Diners accept the menu of the day and can learn about specific types of food and their preparation.

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Tawlet only serves lunch but has been incredibly popular since it was launched. A range of traditional dishes greets hungry diners in Tawlet.

Kamal Mouzawak is an entrepreneur, TV presenter and designer who has been lauded for his recent farmers advocacy work.

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80 EssentialsEnvironment

Climate Gauge: Greenland

As it struggles to gain economic independence, Greenland’s vulnerable geographical position puts it under

global pressure, reports Heba Hashem.

Greenland’s ice sheet covers 80 per cent of the country. The debate is ongoing what effect global warming is having and will have on the ice mass.

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Environment

“As this year’s summer ended, the USGS confirmed that under 15 per cent of the ice remaining in the Arctic was more than two years old, compared to 50-60 per cent during the 1980s.”

Fishing is a major source of income for Greenland.

Greenland’s ice sheet is the subject of intense scientific study as it contains climate data going back 100,000 years.

Ten per cent of the world’s fresh water is in Greenland. The government is busy issuing export licenses for this commodity.

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82 EssentialsEnvironment

“Results of a new study were also revealed at last year’s conference, suggesting that it would take an average global temperature rise of 6°C to push Greenland into ‘irreversible melting.’”

Greenland has a population of around 57,000 people. Nearly all Greenlanders live along the fjords in the south-west of the main island, which has a relatively mild climate.

Tourism, although small, has been growing steadily. Here a group of tourists walk on an ice cap in Kangerlussuaq.


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Tourism, although small, has been growing steadily. Here a group of tourists walk on an ice cap in Kangerlussuaq.


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3D Dance Takes a Great Leap ForwardThe 3D revolution is coming to dance. Pioneering filmmakers, among them Wim Wenders, tell us why the two were made for each other, reports Judith Mackrell.

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German choreographer Pina Bausch gestures after being awarded the Goethe prize in Frankfurt am Main in 2008. Wenders always wanted to work with her but he felt he couldn’t do justice to the dancing in 2D.

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Dancers perform a scene of the play Wiesenland (Terre verte) by Bausch’s Tanztheater Wuppertal. 3D gives a sense of space, which is crucial for filming choreography.

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86 EssentialsTest Drive

Attaining PerfectionThe Rolls-Royce Phantom Drophead Coupé was built to celebrate 100 years of arguably the most famous automotive brand in the world. Nick Rice experiences the compelling combination of exceptional engineering, outstanding technology and quintessential design.

The two-door, four-seat convertible Phantom Drophead Coupé, with raked front end, sweeping rear and the signature dynamic line descending along its flanks.

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The Spirit of Ecstasy mascot has been recently remodelled using advanced computer software. She now has a more lifelike appearance, with clear definition of her features.

Handcrafted from the finest materials, the interiors can be personally tailored through the renowned Rolls-Royce bespoke service.

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88 EssentialsOther Business

Sleep Less and You Will Eat MoreA study by the University of Chicago has shown that sleep-deprived people tend to feel hungrier than those who sleep for longer periods. The research, which randomly assigned dieters to different sleeping patterns, found that participants who were allowed only five and a half hours of sleep at night lost less fat than those who slept for eight and a half hours or more. Although the total amount of weight loss did not differ – both groups lost about three kilogrammes over two weeks. The study also found that participants who slept less felt hungrier than the others, and had higher levels of ghrelin, a hormone that increases appetite. “The bottom line is that if people are trying to diet and lose weight for health reasons, it makes sense to get a sufficient amount of sleep,” said Dr. Plamen D. Penev, an assistant professor of medicine at the University of Chicago and the senior author of the study.

“If they’re not getting enough sleep as they diet, they may have higher levels of hunger and be struggling to adhere to the regimen.” The small-scale study included 10 adults, who lived in a clinical research centre for weeks at a time so that their exercise, food consumption and sleeping schedules could be closely monitored.

Lehman Bros Art Makes $12 Million

One Million Dollars from Gates to Clean Cairo

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