By the Numbers Published from Dubai Media City
Global Islamic Economy The Islamic economy is growing apace. Here’s how the numbers stack up p8
THE BOSS
Global Islamic Economy Q&A with Abdulla Mohammed Al Awar, Chief Executive of Dubai Islamic Economy Development Centre p38
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inside JUNE 2016
JUNE 2016 By the Numbers Published from Dubai Media City
Global Islamic Economy The Islamic economy is growing apace. Here’s how the numbers stack up p8
THE BOSS
Global Islamic Economy Q&A with Abdulla Mohammed Al Awar, Chief Executive of Dubai Islamic Economy Development Centre p38
Motoring Ferrari 488 GTB Roars in the Mountain p50
COvER DESIGn Geri Batara Sonny
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By the Numbers Global Islamic Economy The Islamic economy is growing apace. Here’s how the numbers stack up.
14 Ten Trending Topics in the Islamic Economy 18 How to work in the Islamic Economy Sector 22 Rapid Boom in Sharia Finance Big Dream for Islamic Finance 26 Dubai's Dubai has outlined its aim to become the global
‘Capital of Islamic Economy’, focusing on finance as well as other areas like halal food, tourism and digital media.
Halal Travel Boom 30 The The global Muslim travel market is booming
— and with that, more hotels are going halal-friendly.
34
The Great Eid Getaway Some of the world’s top tourist hotspots are expecting a boom in Muslim travellers during this year’s Eid al-Fitr holiday.
38
THE BOSS A Man with A Vision Q&A with Abdulla Mohammed Al Awar, Chief Executive of Dubai Islamic Economy Development Centre.
44
Ceo & e ditor in C hief Ahmed Essa Al Zedjali
Work Events planner Check out Benchmark’s guide to the biggest global business fixtures over the next few weeks.
C hief e xeCutive e ditor Scott Armstrong C reative d ireCtor : Adonis Durado a rt d ireCtor : Waleed Rabin L ead d esigner : Geri Batara Sonny i nfographiC e ditor : Antonio Farach i LLustrator : Winie Ariany
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Editor's Note
A
nd just like that the Holy month of Ramadan is upon again and so this month Benchmark Middle East focusses on the growing Islamic economy and the opportunities it brings. The ‘Islamic economy’ — the broad term covering everything from Shariacompliant finance to halal food and Muslim-friendly travel — is booming. Not only is the world’s Muslim population growing rapidly, but greater global recognition of the burgeoning sector is also giving it a boost. But there are some challenges ahead — not least around issues of regulation and accreditation. And so Benchmark this month brings you its guide to the top
ten trends in the Islamic economy. And from niche travel operators to “modest fashion” designers and even halal-friendly nail-polish makers, there are ever more businesses specifically targeting Muslim consumers — and that means jobs. Ben Flanagan dives into the recruitment market to see whether your next career step could be in that direction. The staggering potential for the Islamic economy is beautifully detailed in our In Numbers megagraphic (it really is mega), and we look at how Dubai has big plans to become a seriously major player (could it be anything less?) in the industry. Fitting then that in The Boss this month we sit down with Abdulla Mohammed Al Awar, who was appointed chief
executive of the Dubai Islamic Economy Development Centre. Of course, Ramadan and Eid is a time of celebration as well as reflection and so it’s not all serious as we look at the growing Halal tourist trade, and just where will the Gulf be travelling when Eid finally arrives? Adding to the fun we get behind the wheel of Ferrari’s stunning 488 GTB, the much awaited Turbo-charged successor to the 458, we travel to Armenia, and it goes without saying we’ve got the best places to rent or buy in Dubai, as well as a few fashion tips. To cap if off we’ve got some advice on how you can get through the Holy Month if you are fasting. So from all the team at Benchmark Middle East, Ramadan Kareem. Scott Armstrong Chief Executive Editor
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By The Numbers Infographics
Infographics By The Numbers
• by the nu mbers •
Global IslamI ECoNomY
WHAT IS THE GLOBAL ISLAMIC ECONOMY WORTH? FOOD AND LIFESTYLE EXPENDITURE
ISLAMIC BANKING ASSETS (in trillion $)
(in trillion $)
> 2.6
> 2.6
> 1.8 > 1.35
The world is home to 1.7 billion Muslims — a population growing faster than the global average. And with the world’s Muslim-majority countries boasting a combined GDP of a whopping $7 trillion, the Islamic economy is growing apace. here’s how the numbers stack up.
2014
2020 (forecast)
2014
HALAL FOOD MARKET $1.13 trillion
17% of global market
Estimated value by 2020
5.8% Annual growth rate
PHARMACEUTICALS $75 billion
How the halal food market compares globally (2014) (in billion $)
Value in 2014
$1.59 trillion
2020 (forecast)
7%
Value in 2014
Halal food market
1130
China
798
United States
741
Japan
367
India
336
Brazil
238
COSMETICS $54 billion
of global market
$106 billion Estimated value by 2020 8
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7%
Value in 2014
5.9% Annual growth rate
of global market
$80 billion Estimated value by 2020
6.8% Annual growth rate
June 2016 | benchmark middle east
9
By The Numbers Infographics
Infographics By The Numbers
MEDIA & RECREATION $179 billion
TOP 10 COUNTRIES:
FASHION
FOR ISLAMIC FINANCE
$230 billion
5%
Value in 2014
11%
Value in 2014 of global market
A ranking of countries by the health and development of their Islamic Finance ecosystems
of global market 1. Malaysia
$247 billion Estimated value by 2020
$327 billion
5.9%
Estimated value by 2020
Annual growth rate
6% Annual growth rate
2. Bahrain
7
3. United Arab Emirates 4. Saudi Arabia
10
6
2 8 4 3 5
5. Oman
TOP 10 COUNTRIES:
8. Qatar
How different countries measure up according to the health of their Islamic economy, based on indicators such as halal food, Islamic finance and recreation.
9. Indonesia 10. Sudan
1. Malaysia 9
7 3 8 4 2 6
3. Bahrain 4. Saudi Arabia 5.
COMMERCIAL ISLAMIC BANKING 5
Pakistan
10
7. Kuwait
$2.61 trillion
Value in 2014
Estimated value by 2020
ISLAMIC FINANCE SEGMENTS (in billion $)
8. Qatar
9.9% Annual growth rate
of global market
Top Islamic finance markets by commercial banking assets (in billion $)
9. Jordan
Islamic banks 1350 in assets
10. Indonesia
ISLAMIC FINANCE $1.81 trillion
$3.25 trillion
Value in 2014
Estimated value by 2020
benchmark middle east | June 2016
$1.35 trillion
1.3%
1
6. Oman
10
9
7. Kuwait
GLOBAL ISLAMIC ECONOMY INDICATOR
2. United Arab Emirates
1
6. Pakistan
8.7%
Sukuk (bonds) outstanding
295
Islamic funds in assets
56
Takaful (insurance) in assets
Annual growth rate
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33
Iran 328.8 Saudi Arabia 300.3 Malaysia 174.0 UAE 127.3 Kuwait
87.7
Qatar
70.3
Bahrain
51.9
Turkey
44.6
Bangladesh
22.5
Indonesia
21.7
June 2016 | benchmark middle east
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By The Numbers Infographics
Infographics By The Numbers
TOP 10 DESTINATIONS FOR MUSLIM TRAVELLERS:
GULF TOURIST SPENDING IN UK
ISLAMIC COUNTRIES
Shoppers from the UAE, Kuwait, Qatar and Saudi Arabia are among the top-five tax-free spenders in the UK. Here’s how their spending changed in the year to February 2016:
1. Malaysia
2. UAE
3. Turkey
4. Indonesia
5. Qatar
6. Saudi Arabia
7. Oman
8. Morocco
9. Jordan
10. Bahrain
Total spending changes Qatar
Kuwait
UAE
Saudi Arabia
35%
17%
12%
-28%
£583
£1,452
£1,123
Average transaction 3 9 10 5 6 2
8
(in £) 7
£1,346 1
4
Shoppers from the UAE, Kuwait and Qatar are among the top-five tax-free spenders in the so-called London Luxury Quarter (Mayfair, Piccadilly and St James’s). Here’s how their spending changed in the year to January: Total spending changes
TOP 10 DESTINATIONS FOR MUSLIM TRAVELLERS:
NON-ISLAMIC COUNTRIES
UAE
Qatar
Kuwait
94%
38%
1%
£1,783
£1,376
£750
Average transaction (in £)
1. Singapore
2. Thailand
3. United Kingdom
4. South Africa
5. Hong Kong
6. France
7. Taiwan
8. Japan
9. Sri Lanka
10. United States
MUSLIM TRAVEL MARKET
How does the global Muslim travel market compare to the rest of the world?
Muslim visitor travel arrivals
10
3
(in million)
6
117
168
10%
(in billion $)
8 2 9
5
7
2015
1
4
2020 (forecast)
Proportion of entire travel economy
$62 billion
$200 billion
Muslim tourists’ spending on shopping and dining
Estimated Muslim travel spend by 2020
China
160
United States
143
Global Muslims
142
Germany
108
United Kingdom
74
Russia
56
SOURCES: SOURCES:
Global Blue | MasterCard-CrescentRating Global Muslim Travel Index 2016 | MasterCard-CrescentRating Muslim Shopping Travel Index 2015 | State of the Global Islamic Economy Report (2015/2016) - Thomson Reuters
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Islamic finance leads the way Finance is the fastest-growing area within the overall Islamic economy. The Sharia-compliant commercial banking market, worth around $1.35 trillion in 2014, is forecast to be worth $2.61 trillion in 2020 — an annual increase of about 9.92 percent. That is higher than the increase in value of sectors like the halal food market — which is forecast to see a 5.8 percent annual increase — and Muslim travel, which is expected to see an annual 8.6 percent rise and hit expenditure of more than $200 billion by 2020.
Ten Trending Topics in The
islamic economy 3
by ben Flanagan
T
he ‘Islamic economy’ — the broad term covering everything from Sharia-compliant finance to halal food and Muslim-friendly travel — is booming. Not only is the world’s Muslim population growing rapidly, but greater global recognition
of the burgeoning sector is also giving it a boost. But there are some challenges ahead — not least around issues of regulation and accreditation. Here is Benchmark’s guide to the top ten trends in the Islamic economy.
Looking east Malaysia is currently ranked as the top country in terms of the health of its Islamic economy. And there is great future potential in the east, experts say. The first China-UAE Conference on Islamic Banking and Finance, scheduled to be held in late May, was intended as a platform for research in Islamic economics. “Over the last few years, we have noticed a gradual shift in the global economic landscape with investments increasingly moving towards the East in general and China in particular,” said Abdulla Mohammed Al Awar, chief executive of the Dubai Islamic Economy Development Centre, in a statement. “There is little doubt today that China will continue to attract serious stakeholders keen on investing in different sectors of the Islamic economy.”
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A growing — and multi-trilliondollar — market The Islamic economy is currently worth a whopping $3.15 trillion – based on numbers for the commercial banking sector, along with spending on halal food and lifestyle – and that is forecast to grow to $5.2 trillion by 2020. This is being boosted in part by growth in the global Muslim population: The world is currently home to around 1.7 billion Muslims, and a 2011 study by the Pew Research Center forecast that this population will grow at about twice the rate of the non-Muslim population over the next two decades. If trends continue, Muslims will make up 26.4 percent of the world’s total projected population by 2030, up from 23.4 percent in 2010, Pew forecasts. 14
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Dubai's bold ambitions Despite Malaysia’s current position, its nearest competitor has some bold ambitions in the sector. In 2013, Dubai outlined its aim to become the global ‘Capital of Islamic Economy’. The Dubai Islamic Economy Development Centre (DIEDC) was founded in the same year, focusing on the seven pillars of finance, the halal industry, tourism, digital infrastructure, art, knowledge and Islamic standards. But Dubai has same way to go: Malaysia scored 116 in the 2015/2016 State of the Global Islamic Economy Report’s ‘Global Islamic Economy Indicator’ (GIE) ranking – compared to the UAE’s 63 points, putting it in a distant second place.
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Issues on the table for halal food sector Despite the healthy growth of the halal food sector globally, there are challenges ahead. “There is a continuing struggle for halal food standards and accreditation, with more education required of such topics,” notes the State of the Global Islamic Economy Report. “The recent ban on halal and kosher slaughter in Denmark along with scare stories about halal food in the media reflect a current attitude prevalent in Europe and increasingly in the United States that is suspicious of Muslim and Islamic customs and rituals in the public square. Engaging and overcoming these challenges will be pivotal to the future success of the halal food sector.”
5
Dubai recognition growing There is increasing awareness globally as to the benefits of the Islamic economy and finance in particular, despite the concentration of activities in Malaysia and Dubai. Mansoor Al Awar, chancellor of the Hamdan bin Mohammed Smart University (HBMSU) in Dubai, pointed to this in a statement issued prior to the China conference. The event “will discuss the many opportunities offered by this rapidly expanding economy to a global market that is becoming increasingly more receptive to the benefits of Islamic finance over conventional financial systems,” he said.
… Move towards global standards Some have called for more international standards for halal goods and services — something that moved a step closer thanks to one recent initiative in Dubai. Ten countries in May signed a memorandum of understanding to establish the International Halal Accreditation Forum in the emirate. The forum will aim to regulate the halal industry, introduce inspection mechanisms, and look to build the credibility and confidence in halalcertified food and non-food products globally, according to an official statement.
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CredIt Dolce & Gabbana
UK, Hong Kong also on the radar The United Kingdom and Hong Kong are two countries outside the Muslim world that have made big waves in Islamic finance. In 2013 the UK Prime Minister David Cameron underlined the opportunity that Islamic finance poses for the country’s financial services industry. “I don’t just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai as one of the great capitals of Islamic finance anywhere in the world,” he told the World Islamic Economic Forum (WIEF) in London. In 2014 the UK Government issued a £200 million sukuk, or Islamic bond, the first such sovereign bond issued by a country outside the Islamic world. A few months later the Hong Kong government raised $1 billion in its inaugural sukuk issuance.
10
‘Modest fashion’, supersize growth Last winter the Italian fashion house Dolce & Gabbana revealed its first-ever range of hijabs and abayas — becoming the latest designer to tap the multibillion-dollar Muslim fashion market. Other labels – including H&M, Tommy Hilfiger, DKNY, Uniqlo and Mango — have also launched ranges inspired by the traditional dress worn by some Muslim women. It’s part of what is loosely labelled “modest fashion”, yet another growth story in the wider Islamic economy. The Muslim fashion market was worth about $230 billion in 2014, and this is set to grow by 6 percent annually to a forecast $327 billion in 2020.
7
Shot in the arm of pharma Vaccines, medicines and cosmetic products are also going ‘halal’. There are plans in Malaysia for a halal vaccines and a special centre to produce the drugs. And the Indonesian company Wardah produces halal cosmetic products, including alcohol-free skincare products, marketing them towards those performing hajj and umrah and Muslim consumers in general. Muslim expenditure on pharmaceuticals was worth an estimated $75 billion in 2014 — a figure forecast to rise by 5.9 percent annually to hit $106 billion by 2020. 16
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How to work in tHe islamic economy sector From niche travel operators to “modest fashion” designers and even halal-friendly nail-polish makers, there are ever more businesses specifically targeting Muslim consumers — and that means jobs. Page 20 >
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by ben Flanagan
O
ne top advisor to “Islamic economy” ventures sees so much potential in the growing sector that he plans a startup “incubator” dedicated to it. Rafi-uddinShikoh, chief executive and managing director of DinarStandard, a research and advisory firm that covers areas like ethical markets, Islamic finance and Muslim tourism, says he plans to launch the incubator by September. “We have been coming across so many companies that are starting up in this space. And we have ourselves a very strong view of which ones, or which category of offerings, have the highest chances of succeeding,” he told Benchmark. “We strongly believe is that this space is a force for good, socially and politically.” Aside from creating jobs in a region that suffers severe youth unemployment, the Islamic economy also holds the potential to address the relative dearth of big consumer brands in the region, Mr Shikoh added. “This is such a big market from a size point of view. But the dilemma is, today we don’t even have one brand you could say is even a regional brand, with these halal aspects in it,” he said. “Why isn’t there a fashion clothing brand? The Islamic world is quite big but there’s not one H&M type of brand, there’s not one restaurant theme brand like KFC.” The New York-headquartered DinarStandard helped produce the landmark ‘State of the Global Islamic Economy Report’, in collaboration with Thomson Reuters. Mr Shikoh — speaking from Dubai, where his company has recently set up an office — described the opportunities and challenges faced by this booming sector. Q&A with Rafi-uddinShikoh, chief executive and managing director of DinarStandard.
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What impact is the growing Islamic economy having on employment? The level of entrepreneurship and investment going into the businesses, and the businesses that are making money [all show there] is significant momentum. There’s a lot of startups, a lot of young people getting excited about this. For example, look at the “modest fashion” ecommerce players from across the world. There’s a lot of young women, from the region here, from Indonesia and Malaysia, from the West. And they’re making money – anywhere from an average of $2 million to $10 million and $15 million a year. And there’s
now probably a good 100 travel agencies that are offering some kind of a Muslimfriendly travel packages. What does DinarStandard do and who are your main clients? We’re a research and advisory consulting firm, like a Bain or a McKinsey, focused on the Islamic and global ethical markets. [Our clients include] investment firms, FMCG firms, companies in the food and agriculture sector who we are advising on the halal processes… and how you communicate, how you engage with this increasingly religious-valuesdriven consumer. June 2016 | benchmark middle east
To me personally, the biggest challenge is just that the business people in this space and the entrepreneurs are not thinking big enough Rafi-uddinShikoh Chief Executive and Managing Director of DinarStandard
benchmark middle east | June 2016
What’s an example of some of your recent work? We’re just finishing up a detailed focus group study in Saudi Arabia and in Indonesia in terms of Muslim women’s habits or expectations around using of nail polishes. For Muslims in general, when you pray you have to do ablution. But for women if you have nail polish on, the ablution is not valid. So this has a huge impact on the usage of nail polishes, especially in markets like Saudi Arabia and Indonesia which are huge markets for multinationals. In this case, a new product has been started by a company called Inglot: a nail polish in which water can go through; so you can keep the nail polish on, it’s water permeable. Now that those nail polishes exist, the work we’re doing is to understand how best to position [them] – how do you make it credible, so that there’s no questions about it from a religious point of view. Because you’re making a religious claim that you can actually pray with the nail polishes on. Tell us about DinarStandard’s new office in Knowledge Village in Dubai. We have been doing a lot of consultancy work in the region, and it was about time we had a formal presence here. The scope is to serve the region — the GCC primarily — and we have client work also in Bahrain, in Saudi Arabia, and certainly in the UAE as well. We have now a staff of three people based here. We set up in November, so it’s taken five or six months. But things are pro-
gressing. One of the big projects in Dubai that we’ve worked on, which was launched [in March], was an initiative called the Mohammed Bin Rashid Global Centre for Endowment. Essentially our firm led the strategy for it. But our core work is in this halal and Muslim lifestyle market space, where we’re also advising companies. What are the biggest challenges you see for the growth of the ‘Islamic economy’ globally? There are tonnes of things. You could start with, for example, Islamophobia — the social-political challenges. And at least in the MENA region you can talk about the effect of the oil crisis. But in some ways the oil-crisis aspect [is mitigated by the Islamic economy]. In fact, there’s more of a boost to this sector – in the GCC, for example, the countries are now looking for diversification. In the Saudi Vision 2030, tourism is a big part of it. And it is going to be around Islamic types of tourism — heritage tourism. But to me personally, the biggest challenge is just that the business people in this space and the entrepreneurs are not thinking big enough. I think if this space just focuses on [thinking such as] “oh, let me just create technically halal products, and label them halal”, and if that’s all it’s about, that to me is the biggest danger in terms of the potential. Because the potential here is a global proposition, for values-based businesses. June 2016 | benchmark middle east
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Rapid Boom in Sharia Finance by ben Flanagan
I
t seems impossible to mention Islamic finance without referring to its multi-billion-dollar size and bumper growth prospects. But as Sharia-compliant
banking becomes more prominent on the global stage, some feel the constant focus on numbers overshadows something equally as important. At a time of heightened public anger directed towards the conventional banking sector in the wake of the global financial crisis, some experts feel that the solid ethical foundation of Islamic finance is just as worthy of mention as its double-digit growth prospects. First, of course, there are the obligatory numbers. Islamic commercial banking assets stood at a respectable $1.35 trillion as of 2014, according to the State of the Global Islamic Economy Report. That figure is expected to grow by almost 10 percent annually to reach $2.6 trillion by 2020. Though undeniably impressive, all this is unlikely to mean much to Joe Bloggs or 22
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John and Jane Doe in the Western world. But what might resonate more is the fundamentally ethical stance of Islamic finance, given that some believe the conventional banking world has lost its moral compass. Key principles of Islamic finance — such as the equitable distribution of wealth, prudence, risk-sharing and the prohibition of speculative behaviour — are, some experts say, a big draw. Dato’ Seri RanjitAjit Singh, the executive chairman of the Securities Commission Malaysia, described this in an address to the Sukuk Summit in London in May. June 2016 | benchmark middle east
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Bringing social finance and Islamic finance together is a very natural thing. And it is happening… The awareness is not there, but absolutely the opportunity is great Rafi-uddinShikoh Chief Executive and Managing Director of DinarStandard
“To focus solely on the size and numbers… is probably to do Islamic finance an injustice. In many ways its strength lies not only in its growth potential but also in its fundamental character, as well as the socially desirable outcomes,” he told delegates. “[There is an opportunity] to leverage on a very strong disenchantment that has occurred with conventional finance, particularly on the back of the excesses that we saw occurring leading up to the crisis of 2007 and 2008.” Other experts in the field echoed this sentiment. Rafi-uddinShikoh — the New York-based chief executive and managing director of DinarStandard, an advisory firm that covers areas like ethical markets, Islamic finance and Muslim tourism — drew the parallel of halal food being linked with the concept of “tayyib”, which means healthy and pure. Similarly, Islamic finance is increasingly being portrayed as not only Shariacompliant, but also ethically sound, he said. And this is something that has “universal” appeal, Mr Shikohadded. “This whole Islamic economy and values… overlap with many global values,” he said. DinarStandard plans to launch a new practice area covering the “Global Ethical Markets” later this year, while other organisations and financial institutions have also been keen to highlight the ethical dimension of Islamic finance. But Mr Shikoh said there was still a general lack of awareness among non-Muslims about Islamic finance’s ethical, rather than purely religious, dimensions. “Bringing social finance and Islamic finance together is a very natural thing. And it is happening… The awareness is not there, but absolutely the opportunity is great,” he said. “It’s really an inclusive global proposition.” 24
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ISLAMIC FINANCE “AT A CROSSROADS”
The Drive for Private-Sector Sukuk
K
haled Al-Aboodi, chief executive of the Islamic Corporation for the Development of the Private Sector (ICD), tells Benchmark about his organisation’s aim to encourage more private sector players to issue sukuk. Does there need to be more uniform global regulations in Islamic finance? Is that a barrier to the sector? In terms of sukuk, yes we need some kind of standardisation for the documentation. If the structure is the same then the documentation should be the same. It would make it easier. Because in the documentation — if it’s 300 or 400 pages, and you have every time a different structure and documentation, you have to go through all this documentation… So I think definitely standardisation of the documentation of the sukuk will help the market.
I
slamic finance is on a generally positive growth trajectory — although there have been blips over the last year or so. And experts at the recent Sukuk Summit in London were divided over the future prospects of some aspects of the sector. Professor Datuk Rifaat Ahmed Abdel Karim, chief executive of the International Islamic Liquidity Management Corporation (IILM), told delegates that “Islamic finance is at a crossroads”. Issues that need addressing include liquidity management and structures to allow the transfer of sharia-compliant instruments, he said.
Another major issue is the drop in activity in sukuk, or Islamic bonds. The International Islamic Financial Market (IIFM) said in March that 2015 issuances dropped to $60.6 billion, a 43 percent decline on 2014. Much of this was attributed to the decision by the Central Bank of Malaysia to discontinue issuance of short-term investment sukuk. Mohamed Damak, global head of Islamic finance at Standard & Poor’s Ratings Service, said the outlook for the sukuk market in 2016 “is not rosy”. “In terms of expectation for 2016, we think that the volume of issuance is likely to reach something between $50 billion and $55 billion,” he told delegates. June 2016 | benchmark middle east
Jaseem Ahmed, secretary general of the Islamic Financial Services Board (IFSB), acknowledged that cumulative growth of the Islamic finance sector had taken “a big blow” over the last 12 months. “The biggest hit has been on sukuk,” he said. But he said he was “optimistic” this year, given sukuk issuances of around $30 billion in just the first four months of 2016 — around 50 percent of the total for the whole of last year. “I personally believe it’s too early to draw a strong inference from the evidence of a single year,” said Mr Ahmed. “Here in this wonderful country we have a saying that ‘one swallow does not a summer make’.” benchmark middle east | June 2016
The UK was the first Western country to issue a sovereign sukuk. Do you expect the private sector to show interest as a result? Issuance by the sovereigns help the corporates to issue. Of course, [corporations are] not very familiar — and this is where I [have requested] the government in the UK to educate the private sector to understand what we are talking about… But definitely I think there is big potential for corporates to issue sukuk. In the UK there is a huge need either for new infrastructure projects, or modernisation of existing infrastructure projects, and I think sukuk would be an ideal instrument. One problem with sukuk is the relative high cost of issuance, compared with conventional bonds. Is that a barrier for the private sector? You have to have a critical size of sukuk to be able to absorb the cost. And that’s why we advise to do it in a programme, so you announce that you will be issuing a sukuk — for example a $1 billion sukuk for the next five years — and you say “how about we start with $100 million”. And the cost of this $100 million is for the whole programme, because you are doing this job — the documentation — only once.
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Dubai's big Dream for islamic finance by ben Flanagan
I
slamic finance is becoming a truly global business — despite less than 2 percent of worldwide banking assets being lodged with Sharia-compliant lenders. From London to Kuala Lumpur, Shanghai and Hong Kong, there is growing ac-
tivity in the sector on both the commercial banking side as well as those interested in Islamic bonds — known as sukuk — and insurance, or takaful.
Dubai has outlined its aim to become the global ‘Capital of Islamic Economy’, focusing on finance as well as other areas like halal food, tourism and digital media. But Islamic finance and the “halal” sectors are thriving in cities across the globe. Here is Benchmark’s briefing on five global Islamic economy hubs to watch. THE UNITED KINGDOM The 10th edition of the Sukuk Summit, held in London in May, heard of the UK’s growing interest in Islamic finance. The UK was the first country in the Western world to issue a sukuk, or Islamic bond — and its ambitions do not stop there. Baroness Morris of Bolton — the UK 26
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June 2016 | benchmark middle east
benchmark middle east | June 2016
Prime Minister’s Trade Envoy to Jordan, Kuwait and the Palestinian Territories, deputy speaker at the House of Lords, and chairman of the Centre for Islamic Finance at the University of Bolton — was representing the UK Government at the summit. “The UK is rightly respected as a significant force in Islamic finance. We have a supportive government and regulators. We have world-leading professionals who bring centuries of experience from the UK’s financial services sector to the needs of Islamic finance. And we have I believe the best education offer to Islamic finance professionals,” she told delegates. Baroness Morris pointed to the deci-
sion by the Bank of England, announced in February, to open a consultation on ways to open its cash facilities to Islamic banks, in a move that would be a first among the world’s major central banks. “Is it possible for a non-Muslim-majority country to create a central-bank operated liquid facility? The Bank of England has consulted widely on some ideas for this,” Baroness Morris said. “I’m sure that we will hear more from them.” The UK’s sukuk issuance was “an outstanding success”, Baroness Morris said, but that does not mark the end of the country’s plans in the area. “The United Kingdom is determined to continue to play a leading role in Islamic Finance,” she said. June 2016 | benchmark middle east
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for sukuk from Iran,” Mr Böhler said. “Clearly the Iranian government should issue more sukuks to support the economic growth and transition.” A media report last year said that about 180 companies are considering Islamic bond sales in 2016. Mr Böhler said that was “very encouraging”, but cautioned that this is a “very high number.”
London, UK
MALAYSIA Malaysia ranked top in the 2015/2016 State of the Global Islamic Economy Report’s ‘Global Islamic Economy Indicator’ (GIEI). It scored 116 points, compared with the UAE’s 63 points, placing the latter in a distant second place.The GIEI is based on six indicators — halal food, Islamic finance, halal travel, modest fashion, halal media and recreation, and halal pharmaceuticals and cosmetics — and ranks countries by the quality of the overall Islamic economy ecosystem, rather than its size.The report said Malaysia is by far the “most developed Islamic economy ecosystem” in the world, especially in the areas of halal food, Islamic finance and Muslim-friendly travel. “Malaysia’s Islamic finance global industry leadership with the most mature governance and a high asset-base gives it the biggest margin lead compared to the other five sector categories,” the report noted.
Financial services don’t stop at the boundary of the London Underground Zone 1. More than half of the around two million people employed in financial and professional services in the UK are outside of London
While Baroness Morris was speaking in London, the politician urged those in the Islamic finance industry to look beyond the capital to other parts of the UK, including the so-called “Northern Powerhouse” and cities such as Manchester. “Financial services don’t stop at the boundary of the London Underground Zone 1. More than half of the around two million people employed in financial and professional services in the UK are outside of London,” she said.
Baroness Morris IRAN Iran is home to the biggest Islamic banking sector on the planet, with assets estimated at as much as $482 billion, according to Dubai government data. Torsten Böhler, managing director at the specialist investment banking firm Abacus Emerging Markets, said the Ira28
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BAHRAIN Bahrain ranked third in the Global Islamic Economy Indicator ranking, just behind Malaysia and the UAE. The Gulf state’s score is “mainly driven by its second position in the Islamic finance sector,” the report noted. Local commercial Islamic banks have an estimated $51.9 billion in assets — the seventh highest globally. The quality of governance in Bahrain’s Islamic finance sector is particularly strong, the report noted.
nian economy — the 18th largest globally — had done “tremendously well” despite the historic sanctions on it. Iran’s banking system is 100 percent Sharia-compliant, underpinned by 29 Islamic banks, he pointed out. But while the lifting of sanctions poses further opportunities, the road to Tehran is not necessarily an easy one. “[The lifting of sanctions] has created a lot of excitement, which is obviously very good news. But I think beyond the excitement it has also created some uncertainty and some misconceptions,” Mr Böhler told delegates at the Sukuk Summit. Iran’s banking sector is not without its own problems, with Mr Böhler pointing to the “high share of non-performing loans” on the books. Amid an understandable wariness of banks to lend, there is a clear case for sukuk issuance, he added. “There should be very decent demand June 2016 | benchmark middle east
Bahrain
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SAUDI ARABIA Saudi Arabia placed fourth in the GIEI ranking, with 49 points. The country has the world’s second-highest Islamic commercial banking assets, standing at just over $300 billion. Its Islamic tourism sector is also tipped for growth, with, for example, the “Umrah Plus” programme, which will allow pilgrims to visit tourist sites in the kingdom. June 2016 | benchmark middle east
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The Halal Travel Boom by ben Flanagan
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he global Muslim travel market is booming — and with that, more hotels are going halalfriendly. But that means different things in dif-
ferent places — and won’t necessarily see cocktails being replaced by mocktails, or the shutters going up at your local lobby bar.
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There is no exact definition of what a “halal hotel” is, and some in the travel industry dislike the term altogether, preferring “halal-friendly”. Many such properties typically shun bars and nightclubs, serve 100 percent halal food, and have segregated leisure facilities; some are even by financed and run according to strict Sharia principles. But other hotels catering to the Muslim travel market — especially those in Western countries — might just offer a few halal dishes, and possibly have a prayer room, but still serve alcohol to guests. What’s certain is that the number of hotels looking to cater to Muslim travellers is growing– with some international chains having launched specialised halal-friendly brands. Hotels in Dubai include the alcohol-free Jood Palace Hotel in Deira, and the Rose Rayhaan, which is the flagship property of June 2016 | benchmark middle east
Rotana’s alcohol-free brand, Rayhaan Hotels & Resorts. The increase in halal-friendly properties has come amid a boom in the Muslim travel market as a whole. In 2015, the total number of Muslim visitor arrivals stood at 117 million, representing 10 percent of the entire travel economy, according to the MasterCardCrescentRating Global Muslim Travel Index 2016. This is expected to grow to 168 million travellers in 2020, spending over $200 billion. The Thomson Reuters Global Islamic Economy Report estimates the potential size of the Muslim travel market to be even greater. Muslim travel spending stood at $142 billion (excluding hajj and umrah) in 2014 — or 11 percent of global expenditure. That is forecast to rise to $233 billion by 2020, or 13 percent of the worldwide travel spend, the report found. benchmark middle east | June 2016
Yet some caution against conflating the “Muslim” and “halal” travel markets. Fazal Bahardeen, the chief executive of CrescentRating — an authority on halal-friendly travel — as well as HalalTrip and the Muslim Travel Warehouse, says not all Muslim travellers insist on halal destinations. Around 20 percent of Muslim travellers will only take a trip if they’re comfortable it is a 100 percent halal destination, while 20 percent are not concerned about such facilities at all, said Mr Bahardeen. But the majority, at 60 percent, will always choose halal-friendly breaks if they are given a choice — spelling a lucrative market for some travel operators. Take HalalBooking.com, which was founded in 2009 and is based in Reading in the UK, and which gives information on facilities such as women-only beaches and pools, the availability of halal food and family friendly entertainment. The site, which allows travellers to book directly online, is growing rapidly, having in 2015 launched a $1m series A funding round, which valued HalalBooking.com at $30 million. UfukSeçgin, the chief marketing officer of HalalBooking.com, told Benchmark that the company is currently in negotiations with venture capital companies over a series B funding round — and aims for a $1 billion initial public offering within “three to five years.” “We’re doubling and tripling our turnover every year. It’s a profitable business,” he said. Mr Seçginagrees thatthe overall Muslim expenditure on travel is “huge”, but acknowledges that the halal proportion is “probably significantly less” than the total market. HalalBooking.com attracts hotel bookings worth millions of dollars a year, Mr Seçgin said, although he declined to give exact numbers. “We are very popular for halal-friendly beach resorts in Turkey and the Antalya region, and also we’ve widened our portfolio to city hotels, especially in the UAE and GCC countries,” he said. The website gives information on whether such destinations have womenonly beaches and outdoor pools, family beach areas, are alcohol free and offer halal food. June 2016 | benchmark middle east
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Mr Seçgin said there was ageneral acceptance that there are few completely halal-friendly hotels in non-Muslim countries. But he said there was growing interest in hotels catering for some needs — offering, for instance, a prayer room, or a couple of halal dishes on the menu. “People are not expecting everything to be 100 percent halal and completely alcohol-free in a city hotel in a non-Muslim country. But if there is some additional item that ticks the box, that definitely will be [of preference to] our customers,” he said. HalalBooking.com was launched after its founder had difficulties finding halal-friendly destinations when booking trips — something Mr Seçgin said he too had faced. “It’s very difficult. If you are a halalconscious traveller, and you are expecting certain facilities or services when you’re going on holiday, it is very difficult to find these,” he said. “Every time we wanted to plan our holidays we were spending hours and hours on websites, searching, reading up on chatroom information, what bloggers wrote … And you were still not 100 percent sure if the information is accurate,” he added. “You would then take a leap of faith when you make a booking, and then you arrive and you’re getting disappointed… So we solved that problem.” Mr Seçgin said he sees growth in both HalalBooking.com’s business and the number of halal-friendly hotels opening, with even “some interest” in markets like London, Paris and New York. But in other destinations, it is still difficult to find hotels that cater to the needs of some Muslim travellers, said CrescentRating’sMr Bahardeen. “It’s still a struggle — it depends on the destination. Let’s say you want to go to Japan and Korea, it’s not that straightforward, [or] if you want to go to Latin America, you probably wouldn’t find anything there,” he said. And despite the boom in the Muslim travel, one key challenge is the lack of awareness about this marketin some tourist destinations. Mr Bahardeen said that Muslim travellers are sometimes viewed as “religious” travellers, whereas they should instead be understood more in terms of a market “segment” like the Japanese or Chinese. “[Muslim travellers] are not coming to London for a religious experience — they are coming to London to do shopping, and see attractions,” he said. “But while they do that they don’t want to worry about their basic requirements.” 32
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Countries with the top Muslim tourism expenditure (2014) Travellers from the GCC region have an above-average spending compared to the overall Muslim market. They represent 3 percent of the global Muslim population, but accounted for 37 percent of travel expenditure in 2014, according to the Global Islamic Economy Report. 1 Saudi Arabia $17.8 billion 2 UAE $12.6 billion 3 Kuwait $9.7 billion 4 Qatar $9.5 billion SOURCE Global Islamic Economy Report
MuslimBreak.com
Filling a Gap in the Market
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ntrepreneur Chrisa Chatzisavva saw a “lack of proper representation” online when it came to the Muslim-friendly travel market – and decided to do something about it. She is co-founder of MuslimBreak.com, which launched in early 2014 and offers information about halal tourism. Here Ms Chatzisavva talks us through the opportunities she sees in the booming Muslim travel industry.
fers holiday advice, reviews and bookings for those who want to travel in a halal way. The Muslim travel sector is expected to grow from $142 billion in 2014 to be worth $233bn by 2020, as per the ‘State of the Global Islamic Economy’ report. Do you agree with such figures? I am no economist; however, looking at current overall demand figures in the online market, if anything, I could say that this figure is quite conservative.
Tell us about Muslim Break, why you co-founded it, and where the idea comes from. From an entrepreneurial perspective, halal holidays have emerged as an upand-coming niche and the idea was to build something around that, that would serve a social cause. Muslim Break of-
Is there a sense that, as with the report cited above, lumping Muslimtravellers together is just like categorizing ‘European’ or ‘Christian’ travellers together? Surely this is an extremely diverse category, and not all will seek 100 percent ‘halal’ holidays? Muslim Break does not offer just 100
(2015/2016) — Thomson Reuters
percent halal holiday tips or accommodation. We do include premises that are classified as “Muslim friendly” (halal food provided, praying rooms etcetera). So we offer plenty of options for those who are Muslims, but would, however, want to interact with nonMuslims during their holiday break. Is finding a suitable holiday destination really such a struggle for Muslim travellers? This is really justified by the demand in the market and by the phenomenal growth rate of this industry. Islam is not just a religion but a way of life Muslims chose to follow. For those who travel to Middle Eastern or Mus-
lim countries, going on halal tourism is less of a struggle. But for those who wish to visit non-Muslim destinations, things are a lot harder. Local restaurants, for instance, in Greece or Spain, do not usually offer halal options, or, there is hardly any privacy on the beach. Which is fair enough, as these societies were built under different… principles. But our vision is to bring the world together, without making anyone feeling uncomfortable. How big a market is the ‘Eid getaway’ for Muslim travellers — and what are the most popular destinations for travellers from the Arabian Gulf region? Eid getaways are certainly a big thing for Muslims, and they tend to book way in advance. The most popular destinations are currently Turkey and UAE, but we are seeing a lot of interest emerging around several European destinations like Spain, Greece and Malta which is very promising. European markets should definitely grasp this opportunity and invest in Muslim-friendly tourist infrastructure.
Countries with most potential for halal travel Countries ranked by their relative strengths for the development of the sector. This is based on the number of inbound Muslim tourists based on the countries’ size, the halal-friendly ecosystem, awareness and social factors. The Halal Travel Indicator 1 Malaysia 86 2 UAE 70 3 Singapore 58 4 Thailand 49 5 Jordan 45 6 Maldives 45 7 Turkey 41 8 Bahrain 40 9 Qatar 38 10 Saudi Arabia 36 SOURCE Global Islamic Economy Report (2015/2016) — Thomson Reuters
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The Great Eid Getaway From London’s swanky Knightsbridge district to the beaches of Turkey and malls of the UAE, some of the world’s top tourist hotspots are expecting a boom in Muslim travellers during this year’s Eid al-Fitr holiday, which marks the end of Ramadan.
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benchmark middle east | June 2016
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Fazal Bahardeen, the chief executive of HalalTrip — along with CrescentRating, an authority on halal-friendly travel, and the Muslim Travel Warehouse — said his company has just starting selling dedicated Eid tour packages to 13 destinations. It is a growing market — with Malaysia, the UAE and Turkey among the most popular destinations, he added. “There are more and more people now wanting to take Eid breaks,” said Mr Bahardeen. Prior to Eid al-Fitr, the holy month of Ramadan traditionally sees a lull in Muslimstravelling, other than those undertaking umrah — the Islamic pilgrimage that can be performed at any time of year. But Mr Bahardeen said that even that is changing, with more Muslims travelling during Ramadan itself, as well as during the Eid break. “Traditionally — and ideally, from a more spiritual point of view — the best place to spend your Ramadan is probably home, and then Mecca, Medina and also maybe Jerusalem. Having said that… more and more people also are beginning to travel during Ramadan,” said Mr Bahardeen. Given this slight uptick in travel during Ramadan, Mr Bahardeen’s company has conducted research on how different destinations around the world may become more or less popular, given that the holy month comes forward by 10 to 11 days each year. This is an especial consideration for Muslims during Ramadan, given the obligation to fast during daylight hours, and the varying hours of daylight in different destinations. “The UK may not be ideally suited as a Ramadan travel destination in 2016… You have to fast for 19 hours,” said Mr Bahardeen. “But if you look at 2022, Ramadan in London [will be] more towards winter, so then the time that you fast will be around 12 to 13 hours, or probably less. So that becomes interesting then, as a destination. “In Australia it is winter now, so they try to promote [the destination in] markets like Saudi, saying ‘spend Ramadan here, it’s milder, [the days are] shorter, and we have all the facilities’.”
by ben Flanagan
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n London, the annual influx of visitors from the Arabian Gulf has become so established that this time of year has even been nicknamed the “Ramadan rush” — or “supercar season”, given that many of the wealthier tourists like to fly out their multimilliondollar motors with them. But it was not always so. UfukSeçgin, the chief marketing officer of HalalBooking.com, a travel website geared towards Muslims, said that the Eid getaway market is growing apace — although it remains a relatively recent phenomenon. “Traditionally people would spend Eid with their families and visit each other. But we can see a fast-growing trend where people actually go on holiday during Eid,” said Mr Seçgin. “The rates go up drastically on the first day of Eid compared to Ramadan itself.” He added that beach holidays in Turkey are particularly popular this Eid, based on activity on HalalBooking.com, which helps travellers choose hotels that do not serve alcohol or have features such as women-only swimming areas.
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benchmark middle east | June 2016
June 2016 | benchmark middle east
T
he centre — and Mr Al Awar as its chief — is tasked with making Dubai’s vision to become the capital of the Islamic economy a reality. Here the chief executive tells Benchmark about the challenges and opportunities that poses.
The Islamic economy is worth trillions of dollars — and Dubai is on a bold mission to become its global “capital”. But that is easier said than done, with Malaysia already having established a strong lead in key areas like Sharia-compliant finance, halal food and the Muslim-friendly travel industry, according to the ‘State of the Islamic Economy’ rankings. Step forward Abdulla Mohammed Al Awar, who was appointed chief executive of the Dubai Islamic Economy Development Centre in 2013, the same year in which the emirate outlined its ambitious plans in the sector. 38
by ben Flanagan
Q&A with Abdulla Mohammed Al Awar, chief executive of the Dubai Islamic Economy Development Centre The key aim of the Dubai Islamic Economy Development Centre (DIEDC) is to establish Dubai as the ‘capital of Islamic Economy’. Tell us about that vision and why it is important. The ‘Dubai: Capital of Islamic Economy vision’ is one that was conceived well ahead of its time. Since the launch of the initiative in 2013, the interest in Islamic economy has increased manifold across the world — mainly in non-Muslim countries. Following the global financial crisis, the need for a resilient economic ecosystem became imperative — driving experts and decision makers to rethink existing investments and financial tools. The Islamic economy initiative has offered solutions to issues that prevent most countries from enjoying a healthy and stable financial environment through presenting a just and balanced ecosystem based on sharia principles that seamlessly factors in the well-being of all human beings and encourages the judicious use of wealth to ensure a better world for future generations. Unfortunately, it took the global financial crisis of 2008 for the world to truly understand the potential that lies within the Islamic economy ecosystem. benchmark middle east | June 2016
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DIEDC was set up in December 2013. What have been its main achievements over the last twoand-a-half years? The Dubai Islamic Economy Development Centre is mandated to build the framework necessary to create an enabling environment that will allow the Islamic economy sector to develop into a fast growing and sustainable contributor to the nation’s GDP. To date, DIEDC has succeeded in establishing and growing a seven-pillared strategy that focuses on a broad spectrum of Islamic economy sectors such as: Islamic finance, halal products, family friendly tourism, the digital economy, design and the arts, knowledge and research, as well as standards and certification. Working closely with our strategic partners we were able to implement various programmes and initiatives to drive the 40
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growth of each pillar of the strategy. The major challenge was to reach a consensus on globally acceptable regulations. We were confident that Islamic finance has great potential to fulfil the world’s need for a better, more ethical system of banking. Therefore, harmonisation of standards was a top priority on the agenda of Dubai and the wider UAE. Today I am proud to share that we are closer than at any time before, to achieving this goal following the latest announcement of the UAE government regarding the establishment of a higher Sharia Authority that will oversee the Islamic finance sector, approve financial products and set rules and procedures for banking transactions in accordance with the Islamic jurisprudence on finance. Another milestone for DIEDC was achieved in the halal sector with the Halal National Mark. The Dubai MunicipalJune 2016 | benchmark middle east
benchmark middle east | June 2016
ity in collaboration with the Emirates Standardisation and Metrology Authority (ESMA) have set requirements for granting the ‘Halal National Mark’ to food producers in the country as part of the UAE’s scheme to continually regulate and certify food products within the halal industry. Furthermore, a memorandum of understanding was signed recently among 10 countries to establish the International Halal Accreditation Forum (IHAF) in Dubai. These initiatives effectively position the UAE as a global reference in halal product certification and enabling legislation. According to the ‘State of the Islamic Economy’, the UAE is second after Malaysia in the ‘Global Islamic Economy Indicator’ (GIE) ranking. Is it your mission to make it number one — and if so do you have a target date? June 2016 | benchmark middle east
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Islamic finance is changing the way we do business today and is going increasingly mainstream. The key challenge is a change in the culture of investment that will eventually shape investment trends and the overall business landscape AbdullA MohAMMed Al AwAr Chief Executive, Dubai Islamic Economy Development Centre
In 2015 Dubai became the world’s leading hub for sukuk — ahead of Malaysia, Ireland and the UK. Nevertheless, each country will remain number one in a particular sector. The market abounds with opportunities for growth and excellence. At DIEDC we consider competition only within the scope of achieving the globalisation of the Islamic economy ecosystem — rather than of trying to excel in one sector or another. Our mission is to promote the ethics and values of Islamic economy that has offered solutions to the world’s rising unemployment problems and growing inequality in the distribution of wealth and incomes. If we can contribute to achieving a cultural shift in the industry and shaping ethical and responsible economic practices, we will be better placed to achieve our strategy of building a more sustainable economy. Islamic finance currently accounts for 1 to 2 percent of the global market. Given its niche status on the world stage, can it ever truly compete with a non-sharia-compliant banking system? Inherently, Islamic finance can compete effectively against the conventional banking and finance sector as it prioritises the real value of money and holds the potential to lead all other economic sectors towards sustainable growth. Islamic finance’s sense of fairness and shared risk, as well as zero tolerance for speculation are factors that are influencing its high uptake despite its current niche status. Islamic finance is changing the way we do business today and is going increasingly mainstream. The key challenge is a change in the culture of investment that will eventually shape investment trends and the overall business landscape. 42
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June 2016 | benchmark middle east
benchmark middle east | June 2016
Some point to a need for a global and universal sharia advisory board for the Islamic finance sector. What is your stance on that? A universal sharia advisory board for Islamic finance articulates Dubai’s vision to achieve the globalisation of Islamic economy. This entity will enable us to achieve a more stable economy through incorporating sustainability measures among more financial entities. You attended the first China-UAE Conference on Islamic Banking and Finance, in Beijing, in late May. What kind of interest do you see from China in this sector? China and the UAE share long-standing synergies that can help incubate the Islamic economy’s next stage of growth. Our countries have also demonstrated a resilience and emerged stronger following the global financial crisis. China’s Muslim population exceeds 100 million. Muslim populations demand halal products ranging from food and clothing to education and healthcare practices that conform to their religious beliefs. Given its status as an industrial nation, Islamic economy offers China a unique opportunity to export halal products — especially to Islamic markets around the world — that are considered the most active consumers of Chinese products. All this requires strengthening the value of Islamic funding in Chinese financial institutions. Today I believe there is a clear awareness among economic and political decisionmakers in China that are keen to leverage this opportunity. This is the right time for China and other potential stakeholder countries to invest more in social development through banks and financial institutions that rely on a long-term sustainable and comprehensive development vision. June 2016 | benchmark middle east
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Work Events Planner The UAE conference season is well and truly behind us, with little on the agenda until after the long hot summer. But any execs missing their fix of seminars, networking and cold buffets can rest assured that there is a raft of international events open to them. Check out Benchmark’s guide to the biggest global business fixtures over the next few weeks. International Festival for Business WHEN June 13 – July 1 WHERE Exhibition Centre Liverpool, UK More than 30,000 delegates from around the world are set to descend on the UK city of Liverpool for the three-week International Festival for Business 2016. The event — in the city’s vast new Exhibition Centre– is billed as “a global marketplace for making connections and doing deals”. The first edition,in 2014,resulted in £280 million of deals, the organiser says. It’s a truly global event, with more than 320 overseas businesses and 54 international delegations expected. The event coincides with the June 23 referendum on Britain’s EU membership — which will doubtless be one of the key talking points. WEBSITE www.ifb2016.com PRICE Free
World Trade Symposium 2016 WHEN June 7-8 WHERE Royal Garden Hotel, London
You can’t have missed the hype around the so-called ‘sharing economy’ — and nor the backlash and regulatory questions over services such as Uber and Airbnb. This one-day event in London, also organised by the FT, aims to tackle the tricky question of how such services can achieve stability amid growing regulation. Speakers on the agenda include: Benedikt Franke, co-founder of home-cleaning service portal Helpling; James McClure, the general manager for the UK and Ireland at Airbnb; and Micha Kaufman, the CEO and Founder of Fiverr.
A debate on the pros and cons of a ‘Brexit’ will mark the start of this trade event in London. ‘Against’ panellists will include Lucy Thomas, deputy director of Britain Stronger In Europe, while the ‘for’ speakers will include Liam Fox MP, member of the Vote Leave Campaign Committee and former cabinet minister. The rest of the two-day event is about broader trade and globalisation issues, with high-profile speakers including Roberto Azevêdo, director-general of the World Trade Organisation, and Mark Elborne, the head of GE in the UK and Ireland.
WHEN June 29 – July 1 WHERE Suntec Singapore Gifts, trinkets, and souvenirs of all varieties will be on show at this event geared towards trade buyers. More than 9000 local and international buyers and corporate visitors — including purchasers, corporate and marketing professionals — are set to attend the three-day event, according to the organiser. The event is open to trade visitors only. WEBSITE www.singaporegiftsshow.com PRICE Free, registration required
Archidex 2016
Everyone likes that reassuring clink of coins in their pocket. But it’s an increasingly rare sound as our money moves more and more into the digital world. This one-day event, run by the technology magazine Wired, will offer a glimpse of how our increasingly “virtual” wallets may look in the future. More than 20 speakers — from young start-ups to incumbents of the banking and finance worlds — will take the stage to explain how digital technologies are reshaping money as we know it. They include speakers on bitcoin technology, innovative money transfer services, as well as executives of established lenders such as Deutsche Bank. WEBSITE www.wiredevent.co.uk PRICE £999 (regular price)
WHEN July 20-23 WHERE Kuala Lumpur Convention Centre, Malaysia
Small Business Expo WHEN June 9 WHERE Jacob K. Javits Convention Centre, New York Small business in the Big Apple is the focus of this event in early June. In many countries the SME sector accounts for the bulk of the economy — but somehow doesn’t attract the attention that both cool tech startups and big business attracts. This event will help to redress the balance, with resources available as to how entrepreneurs can make the jump and become their own boss. Small business experts will lead 35 tailored workshops, seminars and presentations. The expo has over 10,000 registrants and 150 exhibitors, according to the organiser.
WEBSITE live.ft.com PRICE £299 (standard price)
WEBSITE worldtradesymposium.com PRICE Invitation only
WHEN June 23 WHERE The British Museum, London UK
benchmark middle east | June 2016
FT Sharing Economy Summit Europe WHEN July 5 WHERE Space39, One Canada Square, London
Wired Money
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Singapore Gifts Show
World Tea Expo 2016
WEBSITE thesmallbusinessexpo.com PRICE Free
WHEN June 13-17 WHERE Las Vegas Convention Center
The Public Sector Show
The more familiar, but no less complex banking system will come under the microscope at this Financial Times event in Singapore. The FT Asia Banking Forum will bring together industry professionals from all corners of the banking ecosystem — from the C-suite to compliance heads – to discuss the challengesthe industry faces in this volatile macroeconomic environment. The event is being held at The Westin hotel in the heart of Singapore’s financial district.
There’s no shortage of exhibitions about the UAE’s bold real estate projects — but the spaces in between the country’s gleaming towers don’t always get as much attention. But that’s partly the focus of the Outdoor Design &Build Show, which is for professionals specialising in urban development and infrastructure. Run by the organisers of The Big 5 exhibition, the region’s largest construction event, the show is about private and public spaces including parks and transportation hubs. The show — which last year attracted over 86 exhibitors and 4,000 attendees — is co-located with several other business events, including Middle East Waste & Recycling.
The copious consumption of tea is not what most people associate with a trip to Las Vegas. Not so for the delegates at this upcoming event. The global tea industry is set to descend on the city for five days of education sessions, workshops and briefs on new tea products. Hot topics on the agenda, according to the organiser, include “why are there so few chain tea shops?” and “stop losing your beverage sales to water!” The main three-day expo spans June 15-17, while there are pre-conference programmes running on June 13-14.
WHEN June 28 WHERE ExCeL in London
WEBSITE live.ft.com PRICE $795 (standard price)
WEBSITE www.archidex.com.my PRICE Free, registration required
WEBSITE www.worldteaexpo.com PRICE From $75
WEBSITE www.psshow.co.uk PRICE Free, registration required
FT Asia Banking Forum WHEN June 22 WHERE Singapore
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benchmark middle east | June 2016
Though focused on the UK — with several senior government officials in attendance — this show will offer nuggets of interest for public-sector officials from the Gulf region. With big public-sector reforms going on in the region – notably in the UAE, which is launching a bold ‘smart city’ drive – topics of interest such as the use of digital innovation and ‘big data’ will certainly chime with overseas visitors.
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Play Travel
Travel Play
Amazing Armenia I have a date with George Clooney — in what turns out to be a suitably gorgeous setting. Arranging a meeting with the Hollywood star is no mean feat — and nor is reaching our rendezvous: The ancient city of Yerevan in Armenia.
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by ben Flanagan
T
here are surprisingly few flights to this small landlocked country — you can’t get there direct from the UK, for instance — reflecting, perhaps, its rather limited inbound tourism. George doesn’t tell me how he’s travelling — he’s mysterious like that. But I’ve seen him in Up in the Air, so I’m sure he’ll work it out. Luckily, UAE residents have more varied choices than most when travelling to Armenia, which is nestled — somewhat uncomfortably — between Turkey, Azerbaijan, Georgia and Iran. Flydubai operates four services a benchmark middle east | June 2016
week, while fellow low-cost operator Air Arabia flies direct from Sharjah. I figure that the lure of Gorgeous George means the three-hour journey will be worth it, and head out with Flydubai (which is offering return flights to Yerevan starting at Dh755 in June). It is no fantasy to say I have a meeting scheduled with Clooney on my April visit to Yerevan, although I should probably add that we’ll have company — lots of it. The actor and activist is in town to present the inaugural Aurora Prize — a humanitarian award for which he sits on the selection committee — and is scheduled for a media question-and-answer session afterwards.
That still counts as a first date, doesn’t it? As the Flydubai plane touches down, the old control tower of Yemen’s Zvartnots International Airport looms into view. Its brutal modernist architecture is a reminder of Armenia’s past as former Soviet republic. And history is everywhere in Yerevan. Having been founded in 782 BC — some 29 years earlier than Rome — it stands as one of the oldest continuously inhabited cities in the world. Many say the Armenians were the first to adopt Christianity as their national religion. The majestic Mount Ararat — the biblical resting place of Noah’s Ark — looms June 2016 | benchmark middle east
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Play Travel
large on the horizon; you can see why the snow-capped volcano is considered by Armenians as both a “holy mountain” and their national symbol. But, for some, it is also a symbol of the ongoing animosity between Armenia and Turkey. Mount Ararat, despite its eternal place in Armenians’ hearts, is actually on Turkish soil, and has been since 1921. The border with Turkey has been closed since 1993, making Mount Ararat difficult for Armenians to access. Although the Armenian government has not formally claimed any territory from Turkey, Mount Ararat is considered by some as part of the “lost lands” – the vast areas to the West of the country’s current borders that had thriving Armenian populations before the Armenian Genocide. And the atrocities that began in 1915 are, of course, another key topic of con48
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Travel Play
tention with Turkey. Armenians say up to 1.5 million people were killed by Ottoman Empire forces during World War I, a claim supported by many historians. Turkey however fiercely rejects the ‘genocide’ label, estimating that between 300,000 and 500,000 Armenians died. To complicate the matter further, Armenia is also in dispute with Turkey’s allies in Baku over Nagorno-Karabakh — a mostly Armenian area nestled inside Azerbaijan — which in April saw four days of intense fighting between the two sides. None of this really adds to Armenia’s appeal as a tourist hotspot. The country attracted about 1.2 million visitors in 2014, according to the UN World Tourism Organisation. Although that represents “healthy growth” of 11 percent on the previous year, according to the organisation, it’s still just 0.2 percent of the total num-
ber of tourists who visited Europe in 2014. Even most Armenians don’t actually live in Armenia: The country’s population is three million — compared with the vast Armenian diaspora estimated at between seven and ten million (and which included Kim Kardashian’s late father, Robert). But Armenia certainly deserves to have a stronger standing on global tourism trail — as I discover ahead of my “date”. After the Flydubai flight touches down on this sunny April day, the taxi from the airport whizzes me past some of Yerevan’s most popular sights. There’s the Yerevan Brandy Company, which has made its legendary alcoholic tipple — branded, patriotically enough, ‘Ararat’ — since 1887. It is open to visitors for tours of the production facilities — including the big wooden barrels in which the brandy is stored — with talks on the history of the place June 2016 | benchmark middle east
and the all-important tasting sessions. Zipping through the pleasant, broad and tree-lined boulevards of Yerevan, it is not long before you arrive at the large central Republic Square. It’s known for its colourful dancing fountains – although nothing to the scale as those by Dubai Mall – as well as the vast National Gallery and the History Museum buildings. You’ll find all walks of life in this bustling heart of the city, with business people visiting the upmarket Marriott Hotel, to visitors waiting to take a sip from the water fountains dotted around the square, to people scurrying home clutching bulky bags of folded “lavash” – Armenian flatbread – as well as the occasional beggar. If history is all around you in Yerevan, so is art. There are historic statues and street installations wherever you look; there’s a large, and surprisingly young benchmark middle east | June 2016
crowd outside the Yerevan Opera Theatre; and the city’s giant stone stairway, known as the Cascade, is home to both the Cafesjian Museum of Art, and lots of canoodling couples at dusk. Yerevan’s number-one tourist attraction, according to Tripadvisor, is the Mesrop Mashtots Institute of Ancient Manuscripts, better known as the Matenadaran. Set in an imposing building with views across the city and mountains in the distance, it houses some 23,000 manuscripts, including medieval Armenian miniature paintings and Quran manuscripts dating back hundreds of years. The Matenadaran is named after Mesrop Mashtots, who, fittingly, is known for developing the Armenian alphabet back in 5th Century. Another popular, though sombre place to visit is the Armenian Genocide Museum, which sits on a hillside close to Yerevan’s memorial to the victims of the mass killings. George Clooney joins a ceremony to mark the 101st anniversary of the mass atrocities – with the actor calling for it to be recognised as a ‘genocide’, a term still disputed by some. It’s the next day, and I’m watching Clooney present the inaugural Aurora Prize, which was set up on behalf of the survivors of the Armenian genocide, and in gratitude to those who helped the refugees 101 years ago. Marguerite Barankitse from Maison Shalom and the REMA Hospital in Burundi, who has helped save the lives of 30,000 children, was named as the inaugural prize laureate. She was personally given $100,000 and awarded a $1m grant to donate to charities. Somewhat humbled by the Aurora Prize proceedings, the assembled journalists are ushered into the press conference room, where I take my front-row seat for the long-awaited “date” with Clooney. There are so many questions. What does he think of President Obama’s refusal to call the Armenian Genocide a ‘genocide’? Surely he must have a view on the latest rants from Donald Trump? And does Clooney himself harbour ambitions for a seat in US politics? There’s a hush as the press conference begins and the speakers take to the stage. But a certain American actor is conspicuous by his absence. My date with Clooney – along with those promised to scores of other journalists in the room – is off. But if George Clooney is going to stand you up, he could certainly pick worse places to do it than the charming – and complex – Armenian capital. June 2016 | benchmark middle east
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Play Motoring
Motoring Play
Play Motoring
FeRRaRi 488 GtB
RoaRS in the mountain
Play Motoring
Endless column inches have been devoted in magazines, websites and newspapers to the concept of ‘first love’ and how many people never quite move on. By Scott aRmStRonG
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Play Motoring
Motoring Play
Tech SpecS ’ve never been much of a subscriber to that, not to cheapen the heady rush of emotions one felt back then, or indeed to denigrate the girl in question for whom fondness and a tinge of gratitude remain, I simply feel that looking to the future rather than pining for the past is my thing. But for every rule there is, as they say, an exception, and on my ‘first love’ rule of course it is Ferrari that has come along to break it. Ferrari, for goodness sake. It’s sort of like being the stable boy and falling in love with the Queen (#princessbride), but after years of driving cars I finally have been well and truly smitten. 52
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Why oh why Cupid did you have point your arrow at the Italian supercar maker’s 488 GTB, could you literally have picked anything more unattainable? That’s because after a weekend behind the wheel of this astonishing piece of machinery, I’m not sure there is any point in driving anymore. In my time I’ve been impressed by the uber-luxury of some of my test-drives, I’ve been utterly enthusiastic about the speed and the performance of others, but while I enjoyed the experience behind their wheels, the 488 captured my heart in way none that have gone before ever did (including its awesome stable mate the FF). June 2016 | benchmark middle east
Why? Do you have all day? Perhaps it’s because the 488 Gran Turismo Berlinetta is not totally perfect that made it stand out for me, often it’s the idiosyncrasies that play on the emotions. The sheer comedy of trying to haul my 100kg plus carcass into the somewhat tight confines (for me at least) of the turbo-charged beauty from standing height to virtually horizontal will linger long in the memory. However just learning to get in and out of the thing added to the joy, and having made the effort to climb down and inside, just sitting there in the plush Italian leather bucket seats, gripbenchmark middle east | June 2016
ping the wheel with its F1-style paddle gear-changers, sends a tingle down one’s spine. That tingle becomes a waterfall of emotions when you actually push the START button and the V8 (turbocharged not naturally aspirated) roars into to life. It is physically impossible to restrain the wide schoolboyesque grin from cracking your face wide open. And then you depress the accelerator and just listen to this work of art, capable of 100kph in just three seconds, sing up and down through the octaves. Ferrari have for all purposes crammed Pavarotti inside the engine.
Maximum Speed 330 km/h (205 mph) 0-100 km/h ............ 3,0 s 0-200 km/h ............ 8,3 s 0-400m ............... 10,45 s 0-1000m ............... 18, 7 s Weight / Power Ratio 2,04 kg/cv (6,13 lb/kW)
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Play Motoring
Motoring Play
As you drive this perfectly sculptured creature over time you begin to develop a relationship with that operatic baritone. In the lower ranges it burbles along almost having a conversation with you, but as you put the pedal to the metal it leaps into joyous song. If you are in sport mode and manual you begin to understand just from the pitch when to change gears (via the seven-gear F1 dual-clutch paddle system), though helpfully the Knightriderstyle red LED lights on the steering wheel also count up to maximum power to assist in gear changing. The sheer acceleration of the 488 astounds, but the controlled Turbo-charged engine, combined with evenly weighted steering, takes a touch of the chaos out of being strapped inside a missile. What increases that sense of control is the braking system, which has perhaps impressed me more than any car I’ve ever driven. In fact in very few does the braking actually merit more than a passing mention but in the 488 GTB it is every bit as exciting as the acceleration (well almost). The new Brembo Extreme Design braking system, taken from the concept LaFerrari car, delivers breathtaking stopping distances. It’s seems almost weird to enjoy
The Ferrari 488GTB was courtesy of Alfardan Motors L.L.C. They are based in the Alfardan Building, Meydan Al Azaiba, Muscat. Call +968 24523014 for more details.
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the sensation of killing the speed so much, but the kinetics of the de-acceleration control the descent as the needle drops down through the KPH so efficiently you never feel like you are ever going to be in trouble. Of course, that also combines with Ferrari’s much-loved Side Slip Control System which one Top Gear writer once branded the ‘helping idiots drive supercars’ system. No surprise that Top Gear Magazine this year voted the machine its Supercar of the Year. The end-result is a car that is perhaps not quite as ferocious as its predecessor, the 458, with some calling it more ‘sensible’. Harsh in the extreme, I feel, to call as car with a top speed of 330kph sensible, rather it’s more sophisticated, like dating Sophia Loren rather than some Instagram-yearning wannabe from a reality television show. While the experience might be different from the 458 it is no less exciting, engaging or astonishing for it. And so this love letter must come to an end, I simply know that my days roaring through the mountains of Oman behind the wheel of the GTB will stay with me for a long, long time. So much so that when I see one driving past a pang of jealousy stabs the heart. ‘That’s my girl’ my heart says…sigh. June 2016 | benchmark middle east
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Play Property
Property Play
Top Five Properties For sale
Dh5.5million Oceana Atlantic three bedroom apartment with sea view and study
luxhabitat, Dubai’s only high-end real estate brokerage, gives us the rundown on the top five choices for sale in the emirate The essenTials City Dubai area Palm Jumeirah
For more details on all these properties,
Development
and more, visit: luxhabitat, Dubai's only
Oceana Residences
high-end real estate brokerage and interior
sub-development Atlantic
design company, at www.luxhabitat.ae
Type Apartment
or scan the QR code with your smart phone
availability Ready lifestyle Luxury Penthouses Bedrooms 3 bedrooms Bathrooms 4 (1 ensuite) Built up area 2,440 sq ft Pool Infinity, community pool
Price on application A huge, luxurious six bedroom and 11 bathroom villa in Al Barari, Dubai
The essenTials City Dubai area Al Barari Development Bromellia Type Villa availability Ready lifestyle Private Communities Bedrooms 6 bedrooms Bathrooms 11 (6 ensuite) Built up area 20,000 sq ft Plot size 14,726 sq ft Pool Infinity private pool
This magnificent six bed Bromellia is located in the exclusive Al Barari development and represents a new level of luxury living in Dubai. The entire villas has undergone a complete rebuild which boasts one of the most comprehensive home control system in the UAE with a fully integrated state of the art home automation and centralised audio visual solution. This stunning home boasts a state-of-the-art six seater home theatre in the basemen with integrated 4DX to really become part of the action as your seat vibrates with the movie action. Each seat has an integrated cooler to keep your favourite drink at its perfect temperature.
Dh6.5 million Ocean Atlantic three bedroom apartment with full sea view and study in Dubai
The essenTials City Dubai area Palm Jumeirah Development Oceana Residences sub-development Atlantic Type Apartment availability Ready lifestyle Luxury Penthouses Bedrooms 3 bedrooms Bathrooms 4 (3 ensuite) Built up area 2,280 sq ft Pool Infinity, community pool
Dh5.7 million Amazing and rare apartment in Anantarta, Palm Jumeriah
The essenTials City Dubai area Palm Jumeirah Development Anantara Residences sub-development Anantara Residences North Type Apartment availability Ready lifestyle Sea-Front Properties Bedrooms 2 bedrooms Bathrooms 3 (2 ensuite) Built up area 1,823 sq ft Pool Community pool
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This stunning three bedroom apartment with study area is available for sale in the luxurious Oceana complex. The apartment has been upgraded to a very high standard, with an open plan kitchen with Miele appliances throughout. The standard marble floors have been replaced with hard wooden floors. The ceilings have been raised and fitted with Led lights to maximise the light that flows through the apartment. Balcony and Floor to length windows have full Atlantis and Palm views from the living area and Master bedroom. Two en-suite bedrooms have full views of the Marina skyline.
Dh3.7 million
This extremely rare modern, fully furnished two bedroom apartment is located at the stunning Anantara Residences on the Palm Jumeirah and is fitted with everything you might need: beautiful, high quality five-star furniture, kitchen appliances and every day housekeeping. Very functional layout features spacious living room, two en-suite bedrooms, open kitchen and a huge balcony featuring stunning views across the resort and an incredible marina skyline, Palm Jumeirah, the legendary Atlantis The Palm and the mesmerising sunset, Anantara The Palm is the ultimate retreat within a busy megapolis. Anantara Dubai Palm Jumeirah Resort & Spa is a luxurious five-star resort and residences, located on the outer crescent of the iconic Palm Jumeirah. June 2016 | benchmark middle east
This beautifully kept open plan three bedroom apartment with study area is available for sale in Dubai’s popular Palm Jumeirah. The apartment has been maintained to the highest standard with floor to ceiling windows throughout. Living and dining area has a large balcony and the white kitchen is almost untouched. Master bedroom is exceptionally big and spacious with large walk in wardrobe area and en-suite bathroom with port hole window. The two double bedrooms both have private bathroom, built in wardrobes and views of the Dubai Marina from both of the bedrooms.
Upgraded two bedroom duplex loft with sea view in Sadaf/Jumeriah Beach Residences
The essenTials City Dubai area Jumeirah Beach Residence Development Sadaf Type Duplex availability Ready lifestyle Marina Living Bedrooms 2 bedrooms Bathrooms 3 (2 ensuite) Built up area 2,120 sq ft Pool Community pool
benchmark middle east | June 2016
This unique luxury property has just hit the market. It is one of a kind in the whole of Jumeriah Beach Residences. Everything what you see and touch in this Loft is custom made. This stylish and chic loft apartment, is characterised by it's club elements, like soundproof flooring and obviously the breathtaking views over the palm and sea view. Architectural details and sizeable windows dressed with sheer wood on the floor compliment the neutral creams and warm shades with metropolitan feel. The floors are american oak, being real wood as opposed to a wood laminate, the open kitchen adds another space to the beautiful living area. June 2016 | benchmark middle east
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Play Property
Property Play
Top Five Properties For Rent
Dh550,000 per year
We’ve teamed up with luxhabitat, Dubai’s only high-end real estate brokerage and interior design company, to bring you our top five choices to rent
Full upgrade modern shoreline penthouse in Palm Jumeirah, Dubai
The essenTials City Dubai area Palm Jumeirah
For more details on all these properties,
Development
and more, visit: luxhabitat, Dubai's only
Shoreline Apartments
high-end real estate brokerage and interior
sub-development Al Hallawi
design company, at www.luxhabitat.ae
Type Penthouse
or scan the QR code with your smart phone
availability Ready lifestyle Luxury Penthouses Bedrooms 5 bedrooms Bathrooms 6 (5 ensuite) Built up area 6,398 sq ft Pool Overflow, community pool
Dh350,000 per year Custom high-end duplex penthouse loft in Jumeirah Beach Residence, Dubai
The essenTials City Dubai area Jumeirah Beach Residence Development Bahar sub-development Bahar 1 Type Duplex availability Ready lifestyle Luxury Penthouses Bedrooms 2 bedrooms Bathrooms 2 (0 ensuite) Built up area 1,900 sq ft Pool Community pool
This is a completely custom, duplex penthouse loft on the top-floor of Bahar 1 in JBR. No detail was overlooked nor expense spared in creating the ultimate duplex loft in Dubai. Looking onto the sea and soon-to-be-completed Dubai Eye; this apartment features two bedrooms spread over two floors, double-volume ceilings in the living room and smart home technology throughout. The custom Poggenpohl kitchen comes fully equipped with built-in appliances including double wine refrigerators along with a custom-built wooden dining table featuring a self-draining ice trough to keep all your bottles cool while entertaining. All dining ware, glasses and cutlery are included as the apartment is move-in ready.
Dh425,000 per year Lake view five bedroom Murcia Villa in Lime Tree Valley, Dubai The essenTials City Dubai area Jumeirah Golf Estates Development Lime Tree Valley Type Villa availability Ready lifestyle Golf Retreats Bedrooms 5 bedrooms Bathrooms 6 (5 ensuite) Built up area 5,700 sq ft Plot size 9,756 sq ft Pool Community pool infinity, cooled private pool
Dh250,000 per year Three bedroom apartment with pool view, Dubai Marina
The essenTials City Dubai area Dubai Marina Development Bayside Residence Type Apartment availability Ready lifestyle Marina Living Bedrooms 3 bedrooms Bathrooms 4 (3 ensuite) Built up area 2,200 sq ft Pool Infinity, heated and cooled community pool
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This lovely Murcia Villa is available for rent in Lime Tree Valley, Jumeirah Golf Estates. This sought after floor plan will suit a family moving to Dubai from the UK or Europe best. The property is ideally located and offers serene views of the lake, desert and other luxury villas within the environs of the World Championship Earth Course. The Murcia features a large, double volume entrance foyer with direct views through the villa to the rear garden area, swimming pool and lake, very open plan living space, a large SieMatic Kitchen and breakfast room, an en-suite guest bedroom and additional power room.
Dh360,000 per year Four bedroom villa in Jumeriah Golf Estates
This is a three-bedroom apartment with pool views in Trident Bayside available June 20. The apartment has been significantly modified to create a chic, modern marina living space. Entering the home you arrive in the formal front hall with the living room immediately to your side. The room features wall-to-wall windows with a full water views and a large balcony overlooking the pool and landscaped podium below. Off the living room is also a corner dining room with double exposures of the Marina. The kitchen has been fully updated and modernized featuring white cabinets and countertops with a glass backsplash. All appliances including washer and dryer are included and staying in the apartment. June 2016 | benchmark middle east
This is a stunning, one-of-a-kind, upgraded and completely remodelled penthouse located in the Shoreline Apartments on the Palm Jumeirah available for rent immediately. The penthouse has been expanded with an extra 800 sq.ft of living area and an additional guest bedroom /study on the lower floor along with a custom built German Allmilmo kitchen with built-in Miele appliances including double fridge/freezers, extra large oven and built-in espresso machine. The kitchen also features fully automated drawers and a computerized LED lighting system which can be controlled by remote control.
The essenTials City Dubai area Jumeirah Golf Estates Development Lime Tree Valley Type Villa availability Ready lifestyle Golf Retreats Bedrooms 4 bedrooms Bathrooms 5 (4 ensuite) Built up area 4,790 sq ft Pool Community pool
benchmark middle east | June 2016
This beautifully presented four bedroom Almeria Villa in Lime Tree Valley, Jumeirah Golf Estates is available immediately for rent. This floor plan is the largest of the four bedroom villas in Lime Tree Valley and the only one that offers a light filled internal courtyard with a very open plan living space layout. A very quiet villa with your neighbours already settled in, the Spanish tiles throughout will appeal to those loving the Mediterranean feel or those with beautiful rugs to cover if you don't. It has a lovely feel and perfect for the right eye for interior design touches that make a beautiful golf home. The ground floor has a good size guest bedroom with wooden floorboards. June 2016 | benchmark middle east
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Play Fashion for Her LK Bennett
accessories that are vacation-inspired. Grab yourself a classic accessory from LK Bennet
A nipped-waist off-white cardigan is the perfect accessory to toss over any summer outfit just in case the warmer months ahead brings a tropical breeze. Pair with the romper above and sandals for laid-back glamour.
and Bally in a neutral shade and your holiday wardrobe is sorted.
Dh890
Summer is here and we are dreaming of glamorous getaways that conjure up images of sun-soaked beaches and turquoise waters. Get yourself in the mood with Kate Spade’s new colourful collection which feature cerulean ocean blues, accented by prints and
kate spade kate spade kate spade No vacation? no problem. These pretty beach-inspired drop earring from Kate Spade’s new under the sea collection-which features golden seashells and starfish alongside from stones in watery hues — brings a touch of the ocean to any ensemble.
Dh440
Made in easy, breezy flowing fabric covered with Kate Spade’s new "island stamp" print, this easy romper is eminently adaptable. Team with sunglasses and a pair of sandals for an easy daytime style. Switch to heels and add a few sparkling gems to create an evening-out ensemble.
Every discerning woman knows that the start of every great outfit begins with the perfect handbag. The cedar street maize bag is a goanywhere, carry-everything leather must-have that seamlessly transitions from work to weekend and back again thanks to its classic clean-lined shape and easy elegance. Its bright hue gives us anything but the blues.
Dh1,460
Dh1,310
kate spade This cheery tote is sure to brighten your spirits as much as any holiday (and, as a bonus, is the perfect way to convey books, magazines, sunscreen and more both in the city and when you do make it to the beach).
Dh890
Bally This elegant and refined white patent pump will help transitions any summer outfit from day to night. A chic choice for any occasion.
Dh2,490
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Play Fashion for Him Brooks Brothers
Whether on land, sea or traveling in between, we have rounded up the best summer
Minimal white sneakers is your fashion fallback. Wear with a crisp white t-shirt and navy blue blazer to set you apart from the rank and file.
essentials for stylish, effortless cool. Because having the right clothes makes for a happier, fashionable season ahead.
Dh1,000
Columbia For the indigo aficionados, a classic blue t-shirt is a failsafe hero. Team with jeans, but keep things suitably refined and team a navy jacket and a brown loafer.
Brooks Brothers Whether you're after a casual or sporting look, a grey polo shirt is a ground basic for your look and free from unnecessary bells and whistles. With a pair of dark-coloured chinos and laid-back loafers and you cant go wrong.
Dh139
Vans A checkerboard sneaker is the a perfect casual weekend look that'll turn some heads, but in a good way. Throw on some jeans and a polo-shirt and you are good to go.
Dh310 Brooks Brothers One thing everyone can agree on for a summer staple is a sport shirt. Trends come and go but a gingham red shirt is here to stay. Team with a pair of classic aviators and jeans. Easygoing and uncomplicated, while the vivid pattern on the shirt offers a little extra visual interest. Timberland
Dh249
Dh310
One of the biggest names in fashion footwear has done it again. Ticking the boxes of both a sleek sneaker and a fashionable shoe in a split denim-washed blue, white and tan color combination, this classically versatile sneaker is perfect with colourful chinos and a ightweight blazer.
Bally A classic leather sandal is a wardrobe essential, especially when temperatures are high. Wear on summer weekends and pair with chino trousers or shorts and a classic white-t-shirt.
Dh479
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Modhesh World 2016
Play Events Planner
WHEN June 27 – August 27 WHERE Dubai World Trade Centre
Ramadan, which begins in early June, is marked in the UAE with a host of activities, most of which are open to residents and tourists alike. People of all different faiths are invited to experience iftar and suhoor meals after sundown, while a series of events inspired by Islamic traditions give a flavour of the true meaning of the holy month. Here’s our guide to the top entertainment events during Ramadan and the Eid break.
Modhesh — Dubai’s yellow, ever-grinning, worm-likemascot — is set to crawl back into our collective consciousness this summer. This family entertainment event, held at the World Trade Centre, typically attracts about 500,000 people over its two-month run. Last year’s Modhesh Worldincluded games, rides, interactive experiences, an indoor GoKarting track, and mirror maze. Expect more of the same this year.
Gabriel Iglesias WHEN June 3 WHERE Dubai World Trade Centre
Ramadan and Eid Show 2016
The larger-than-life American comedian Gabriel Iglesias hits Dubai for a one-off show as part of his ‘Fluffy Breaks Even’ world tour. The name of the tour refers to Iglesias’ long-running joke about his weight: “I’m not fat…I’m fluffy”. The standup comedian – who has also done voice overs for the hit TV show Family Guy – is known for his animated mix of storytelling, parodiesand sound effects that bring his personal experiences to life.
WHEN June 6 – July 5 WHERE Abu Dhabi National Exhibition Centre The Abu Dhabi National Exhibition Centre will host the Ramadan and Eid Festival 2015 (until July 5), which features traditional celebrations, shopping, Arabic food, and games. The same venue will also be host to the Eid Al Adha Consumer Fair (August 20 – September 9), which is set to be a showcase of family-friendly consumer goods and unique gift items, as well as celebrating cultural traditions.
WEBSITE www.visitdubai.com PRICE TBC
WEBSITE www.117live.com PRICE From Dh250
WHEN June 6-July 5 (subject to moon sighting) WHERE Countrywide
WHEN June 23 – July 2 WHERE Dubai World Trade Centre
In Abu Dhabi, the majestic Sheikh Zayed Grand Mosque is openfor tours over Ramadan, from 9am to 2pm Saturday to Thursday (last admission at 1.30pm). The main prayer hall is dominated by one of the world’s largest chandeliers –10 metres in diameter, 15 metres in height and weighing twelve tonnes.In Dubai, visitors to ‘The Majlis’ at the World Trade Centre will find a true taste of Arabian cuisine. You will find daily iftar (7pm-9pm) and suhoor (9pm-3am, or 4am at weekends), with an admission cost of Dh140 per person (from June 6 to July 7). WEBSITE visitdubai.com / visitabudhabi.ae PRICE n/a 64
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Dubai Sports World 2016
They certainly mean it when they call this a ‘night market’ – it’s open until 2am daily. The annual event returns this year to the Dubai World Trade Centre, offering visitors 10 days of entertainment and offers in what’s billed as the “biggest shopping bazaar in the region”. The street-style market will feature local products and brands in categories spanning clothing and cuisine to travel and toys. The Ramadan Night Market will also have a kids’ play area with face painting, bouncy castles and wall climbing.
WHEN June 2 – August 27 WHERE Dubai World Trade Centre
WEBSITE www.ramadannightmarket.com PRICE Dh5 entry (under 5s free)
WEBSITE www.dubaisportsworld.ae PRICE Varies according to activity — check website
The hot Dubai summerand outdoor sport are not a particularly great mix. But you can escape the soaring temperatures by visiting this massive indoor sports arena, which is set to include a vast array of sports – from basketball to table tennis and running. Visitors can book a court with their friends or join in with other players. Dubai Sports World was open until 1am daily last year.
June 2016 | benchmark middle east
CREDIt visitabudhabi.ae
Ramadan Night Market
WHEN July 7-9 WHERE Across Abu Dhabi We still haven’t quite got over the fact that Hello Kitty is not a cat but, apparently, an English girl from the suburbs of London. With whiskers. Such details are probably less perplexing to the target audience of this live show, which is set to come Abu Dhabi this summer. It follows the adventures of the fictional Japanese character, her family and friends in what’s billed as a “truly interactive experience… for all ages to enjoy”. The Hello Kitty show is to be held in the city itself, Al Ain and the Western Region, with exact venues to be confirmed soon, according to Visit Abu Dhabi. WEBSITE www.visitabudhabi.ae PRICE TBC
WEBSITE www.adnec.ae PRICE TBC
Ramadan in the UAE
Hello Kitty Live Fashion and Friends
Eid Concert: Myriam Fares WHEN July 8 WHERE Abu Dhabi, venue TBC Myriam Fares is set to perform at the July 8 ‘Eid Concert’, as part of the Abu Dhabi Summer Season, which runs emiratewide from July 7 to September 11. The Lebanese superstar will headline the bill, which is also expected to include other Arab music stars. The wider Abu Dhabi Summer Season includes a programme of theatre shows, comedy acts, concerts, circus performances and other shows at venues across the emirate. WEBSITE www.abudhabisummerseason.ae PRICE TBC benchmark middle east | June 2016
Jamie Raven Dinosaur Zoo Live WHEN July 7-9 WHERE Abu Dhabi, venue TBC
WHEN July 8-9 WHERE Emirates Palace, Abu Dhabi
Summer in the UAE can be slow for kids — but this show, 65 million years in the making, will undoubtedly liven things up. Dinosaur Zoo Live is coming to the UAE capital this summer, according to Visit Abu Dhabi, the emirate’s official event guide. Children can interact with life-like dinosaurs, while a theatrical performance is set to wow even the bigger kids among us. The prehistoric creatures recreated for the event range from baby dinos to some of the largest carnivores and herbivores that have ever walked the planet.
The British illusionist Jamie Raven – known for his appearances on last year’s Britain’s Got Talent – is set to wow audiences in Abu Dhabi this summer. The close-up magician is known for his clever visual illusions and card tricks, as well as his humble style. When he rose to fame during the broadcast of the popular TV show, several eagle-eyed viewers spotted flaws in his performances – suggesting how he pulls off his illusions – much to the delight of the UK tabloid press. But regardless of whether you’re ready to be enthralled by the ‘magic’, or just looking for slip-ups to see how the tricks are done, Abu Dhabi audiences are in for a treat.
WEBSITE www.visitabudhabi.ae PRICE TBC
WEBSITE www.thinkflash.ae PRICE TBC June 2016 | benchmark middle east
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Have a healthy Ramadan Handy hints to help you get through fasting workdays By Sudeshna Ghosh
Protect yourself Various studies have proven that looking at pictures of food stimulates parts of our brain associated with taste, to cause feelings of hunger. So it might be a good idea around now to stay away from that foodie friend’s 66
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Be a busy-bee It may seem counter-intuitive, but it’s true. Keep yourself preoccupied with work, and it will take your mind off any hunger pangs you might be experiencing. Take on more work – within reason, of course – and power through it during that lunch break which you’re not taking, and you may just find your shorter working day yielding a lot more productivity than a regular one. Be smart about how you schedule your day as well, keeping the more demanding jobs, projects and meetings for the morning — when you’re still fuelled by your Suhour — and reserving the more mundane tasks for the afternoons when it’s natural for energy levels to flag. After-hours activities Tempting as it may be to indulge in late night get-togethers with friends and family, going out for sheesha, or participating in the various nighttime Ramadan activities going on this month, remember, for office workers, weeknights still remain school nights. Stick to your routine and ensure you get a good night’s sleep, and leave the late nights as special treats for the weekends. Digestion due diligence The unusual eating patterns are bound to take a toll on your digestive system, and un-
less you manage it carefully, that in turn will lead you to feeling sluggish and unwell during working hours. Gastric acidity can be a common consequence of long hours of fasting, so combat it with a diet rich in alkaline foods to maintain your body’s ideal PH levels. These include most fruits and vegetables and nuts. Dehydration is also a frequent phenomenon — which can lead to other symptoms such as headaches and muscle cramps. To prevent this, it is essential to get your eight glasses a day of water intake within those few hours that you’re eating and drinking. Be conscious of whatever you’re consuming through all your meals, including Iftar, to ensure you get a balanced amount of nutrition, and aren’t putting your digestive system through undue strain with lots of rich, fried foods, refined sugars, and red meats. Break your fast with dates and water to gently restore your body’s normal sugar levels. It’s true, most traditional Iftar dishes involve rich food, but again, leave those for weekend treats.
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Suhour strategy This is the most important meal of the day, and what you eat now can set you up for the rest of the fasting period. While you shouldn’t be eating a heavy meal, eat one that is filling and nutritionally powerful. Make sure to include complex carbohydrates, proteins and foods rich in minerals and vitamins. Slow-release carbohydrates such as whole grains, seeds, oats, semolina, beans, lentils, brown rice and wheat take more time to digest, keep you feeling full for longer, and maintain blood sugar levels while gradually converting into energy, and as such, are ideal to include in your Suhour meal. Eggs with wholegrain toast; fruits; oats are all good options.
Instagram account, or your lunchtime practice of trawling through your favourite food websites, to avoid feeling any hungrier than you already are.
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urviving a working day while fasting is probably the hardest part of the Holy Month — especially in the first few days, while the body is yet to acclimatise to the change in eating habits. So, anyone who manages to have a productive day at the office in spite of the drastic dietary change should first give themselves a pat on the back. And then, try these tips to help make the process a bit easier and more healthful.
Exercise for energy Exercise is essential for boosting blood circulation, metabolism, and strengthening heart function, thereby reducing fatigue and improving energy levels throughout the day. Make sure to get some light exercise in the evenings after eating — just 20 minutes or so of walking is enough, steer away from the hard core gym sessions when fasting. Even in the office, resist the urge to stay slumped at your desk and walk around often. June 2016 | benchmark middle east
MILLE MIGLIA GTS POWER CONTROL (168566-3001). MOUVEMENT CHOPARD, CALIBRE 01.08-C
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